0001378872 ietft2:C000086473Member 2019-09-01 2024-08-31 0001378872 ietft2:SAndPSmallCap600LowVolatilityHighDividendIndexMember 2019-08-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Brian Hartigan, President
3500 Lacey Road
Downers Grove, IL 60515
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Reports to Stockholders
(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
Invesco California AMT-Free Municipal Bond ETF
PWZ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco California AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco California AMT-Free Municipal Bond ETF | $29 | 0.28% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade California municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in California municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA California Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 6.14%, differed from the return of the Index, 6.81%, primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | California bonds.
Positions | California (State of), Series 2023, 5.00% coupon, due 9/1/2043, followed by California (State of) Health Facilities Financing Authority, 4.00% coupon, due 3/1/2043.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | Regents of the University of California Medical Center, 3.50% coupon, due 5/15/2054, followed by Irvine Facilities Financing Authority, 4.00% coupon, due 9/1/2058.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco California AMT-Free Municipal Bond ETF — NAV Return | 6.14% | 0.49% | 2.56% |
| Invesco California AMT-Free Municipal Bond ETF — Market Price Return | 5.79% | 0.49% | 2.49% |
| ICE BofA California Long-Term Core Plus Municipal Securities Index | 6.81% | 0.91% | 2.81% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.43% |
| Bloomberg Municipal Bond 20 Year Index | 7.22% | 1.12% | 3.01% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $641,297,367 |
| Total number of portfolio holdings | 559 |
| Total advisory fees paid | $2,250,916 |
| Portfolio turnover rate | 4% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 5.00%, 11/01/2047 | 1.14% |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 4.00%, 11/01/2044 | 1.07% |
| Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | 0.88% |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB, 5.00%, 05/01/2049 | 0.83% |
| Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB, 5.00%, 10/01/2047 | 0.80% |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 4.00%, 07/01/2044 | 0.79% |
| San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds, 4.00%, 07/01/2049 | 0.71% |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | 0.68% |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB, 5.00%, 08/15/2050 | 0.67% |
| Lodi Unified School District (Election of 2016), Series 2020, GO Bonds, 3.00%, 08/01/2043 | 0.67% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco CEF Income Composite ETF
PCEF | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco CEF Income Composite ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco CEF Income Composite ETF | $55 | 0.50% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market and high yield corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads, while equity the options market benefited from strong economic activity. The Fund benefited from this market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index. The Fund is a “fund of funds,” meaning that it invests its assets in the common shares of funds included in the Index rather than in individual securities (each, an “Underlying Fund” and collectively, the “Underlying Funds”).
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.43%, differed from the return of the Index, 18.73%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Asset Class Allocations | Taxable options, followed by taxable investment grade fixed-income securities and taxable high yield fixed-income securities, respectively.
Positions | Eaton Vance Tax-Managed Global Diversified Equity Income Fund, followed by the BlackRock ESG Capital Allocation Term Trust and Eaton Vance Tax-Managed Diversified Equity Income Fund, respectively.
What detracted from performance?
Asset Class Allocations | No asset classes detracted from the Fund's performance during the period.
Positions | Highland Opportunities and Income Fund, followed by the Nuveen Preferred & Income Opportunities Fund and the Flaherty & Crumrine Preferred & Income Securities Fund, Inc., respectively
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco CEF Income Composite ETF — NAV Return | 18.43% | 5.65% | 5.58% |
| Invesco CEF Income Composite ETF — Market Price Return | 18.17% | 5.63% | 5.56% |
| S-Network Composite Closed-End Fund Index℠ | 18.73% | 5.78% | 5.88% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $798,621,140 |
| Total number of portfolio holdings | 115 |
| Total advisory fees paid | $3,589,413 |
| Portfolio turnover rate | 24% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 4.28% |
| Nuveen Preferred & Income Opportunities Fund | 3.94% |
| BlackRock Innovation and Growth Term Trust | 3.18% |
| BlackRock Health Sciences Term Trust | 3.14% |
| BlackRock Science & Technology Term Trust | 2.71% |
| BlackRock Enhanced Equity Dividend Trust | 2.63% |
| BlackRock Capital Allocation Trust | 2.62% |
| BlackRock ESG Capital Allocation Term Trust | 2.60% |
| Eaton Vance Tax-Managed Diversified Equity Income Fund | 2.57% |
| Nuveen S&P 500 Buy-Write Income Fund | 2.31% |
| * Excluding money market fund holdings, if any. | |
Asset allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Dorsey Wright SmallCap Momentum ETF
DWAS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Dorsey Wright SmallCap Momentum ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Dorsey Wright SmallCap Momentum ETF | $65 | 0.60% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.55%, differed from the return of the Index, 17.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Industrials sector, followed by the financials and consumer discretionary sectors, respectively.
Positions | Modine Manufacturing Co., a consumer discretionary company and ADMA Biologics, Inc., a healthcare company.
What detracted from performance?
Sector Allocations | Information technology sector, followed by the energy sector.
Positions | Immunome, Inc., a healthcare company (no longer held at fiscal year-end) and Hallador Energy Co., an energy company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Dorsey Wright SmallCap Momentum ETF — NAV Return | 16.55% | 12.28% | 9.61% |
| Invesco Dorsey Wright SmallCap Momentum ETF — Market Price Return | 16.49% | 12.26% | 9.61% |
| Dorsey Wright® SmallCap Technical Leaders Index | 17.16% | 12.82% | 10.19% |
| Russell 3000® Index | 26.14% | 15.19% | 12.36% |
| Russell 2000® Index | 18.47% | 9.68% | 8.03% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Dorsey Wright® SmallCap Technical Leaders Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $965,398,683 |
| Total number of portfolio holdings | 202 |
| Total advisory fees paid | $4,918,308 |
| Portfolio turnover rate | 178% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| ADMA Biologics, Inc. | 2.19% |
| Modine Manufacturing Co. | 1.93% |
| AST SpaceMobile, Inc. | 1.71% |
| Leonardo DRS, Inc. | 1.64% |
| Limbach Holdings, Inc. | 1.40% |
| UFP Technologies, Inc. | 1.35% |
| SPX Technologies, Inc. | 1.30% |
| Sterling Infrastructure, Inc. | 1.27% |
| Mr. Cooper Group, Inc. | 1.16% |
| Transcat, Inc. | 1.15% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Equal Weight 0-30 Year Treasury ETF
GOVI | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Equal Weight 0-30 Year Treasury ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Equal Weight 0-30 Year Treasury ETF | $15 | 0.15% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the U.S. Treasury bond market benefited from relatively lower longer-term interest rates. As a Fund tracking U.S. Treasury bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE 1-30 Year Laddered Maturity US Treasury Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.46%, differed from the return of the Index, 5.58%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Duration Allocations | Bonds with maturities of 12 years, followed by bonds with maturities of 10 years.
Positions | U.S. Treasury Bond, 4.50% coupon, due 2/15/2036, followed by U.S. Treasury Note, 4.00% coupon, due 2/15/2034.
What detracted from performance?
Duration Allocations | No duration of maturities detracted from the Fund's performance during the period.
Positions | U.S. Treasury Note, 3.88% coupon, due 8/15/2033 (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Equal Weight 0-30 Year Treasury ETF — NAV Return | 5.46% | (2.64)% | 0.97% |
| Invesco Equal Weight 0-30 Year Treasury ETF — Market Price Return | 5.38% | (2.66)% | 0.96% |
| Blended - Invesco Equal Weight 0-30 Year Treasury Benchmark | 5.58% | (2.43)% | 1.20% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| Bloomberg U.S. Treasury Index | 6.02% | (0.61)% | 1.17% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended-Invesco Equal Weight 0-30 Year Treasury Benchmark performance is comprised of the performance of the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index, the former underlying index, through August 25, 2023, followed by the performance of the Index thereafter.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $830,388,874 |
| Total number of portfolio holdings | 33 |
| Total advisory fees paid | $1,065,684 |
| Portfolio turnover rate | 19% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| U.S. Treasury Notes, 1.88%, 02/15/2032 | 3.39% |
| U.S. Treasury Notes, 1.50%, 02/15/2030 | 3.39% |
| U.S. Treasury Bonds, 3.13%, 02/15/2042 | 3.39% |
| U.S. Treasury Bonds, 2.50%, 02/15/2045 | 3.38% |
| U.S. Treasury Bonds, 4.75%, 02/15/2041 | 3.38% |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 3.37% |
| U.S. Treasury Bonds, 2.50%, 02/15/2046 | 3.37% |
| U.S. Treasury Bonds, 3.13%, 02/15/2043 | 3.37% |
| U.S. Treasury Bonds, 4.63%, 02/15/2040 | 3.36% |
| U.S. Treasury Bonds, 3.63%, 02/15/2044 | 3.36% |
| * Excluding money market fund holdings, if any. | |
Duration allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in the Fund's investment advisory agreement which became effective on June 26, 2023.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco ESG NASDAQ 100 ETF
QQMG | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG NASDAQ 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco ESG NASDAQ 100 ETF | $23 | 0.20% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund slightly outperformed the broader markets due to its focus on information technology securities, which were some of the best performers in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq-100® ESG Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.00%, differed from the return of the Index, 28.27%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the communication services and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations | Real estate sector, followed by the utilities sector.
Positions | Tesla, Inc., a consumer discretionary company, and Cisco Systems, Inc., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(10/27/21) |
| Invesco ESG NASDAQ 100 ETF — NAV Return | 28.00% | 10.53% |
| Invesco ESG NASDAQ 100 ETF — Market Price Return | 27.82% | 10.42% |
| Nasdaq-100® ESG Index | 28.27% | 10.74% |
| NASDAQ® Composite Index | 27.15% | 6.30% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $51,002,137 |
| Total number of portfolio holdings | 95 |
| Total advisory fees paid | $67,888 |
| Portfolio turnover rate | 17% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Apple, Inc. | 10.89% |
| NVIDIA Corp. | 10.39% |
| Microsoft Corp. | 10.17% |
| Broadcom, Inc. | 5.41% |
| Netflix, Inc. | 2.49% |
| Amazon.com, Inc. | 2.45% |
| Linde PLC | 2.27% |
| Adobe, Inc. | 2.22% |
| Tesla, Inc. | 2.07% |
| Advanced Micro Devices, Inc. | 2.07% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco ESG NASDAQ Next Gen 100 ETF
QQJG | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG NASDAQ Next Gen 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco ESG NASDAQ Next Gen 100 ETF | $21 | 0.20% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Despite focusing on information technology securities, the Fund underperformed due to its lack of exposure to some large-cap information technology and communication services securities that drove a large portion of market returns in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Next Generation 100 ESG Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.67%, differed from the return of the Index, 14.85%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the health care and industrials sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations | Consumer discretionary sector.
Positions | Hasbro, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Rivian Automotive, Inc., Class A, a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(10/27/21) |
| Invesco ESG NASDAQ Next Gen 100 ETF — NAV Return | 14.67% | (1.97)% |
| Invesco ESG NASDAQ Next Gen 100 ETF — Market Price Return | 14.56% | (2.01)% |
| Nasdaq Next Generation 100 ESG Index® | 14.85% | (1.79)% |
| NASDAQ® Composite Index | 27.15% | 6.30% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $5,691,617 |
| Total number of portfolio holdings | 92 |
| Total advisory fees paid | $9,249 |
| Portfolio turnover rate | 30% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Monolithic Power Systems, Inc. | 3.51% |
| Tractor Supply Co. | 2.70% |
| eBay, Inc. | 2.46% |
| Western Digital Corp. | 2.27% |
| NetApp, Inc. | 2.25% |
| ICON PLC | 2.23% |
| Seagate Technology Holdings PLC | 2.11% |
| First Solar, Inc. | 2.01% |
| AppLovin Corp., Class A | 1.97% |
| Zebra Technologies Corp., Class A | 1.92% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco ESG S&P 500 Equal Weight ETF
RSPE | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco ESG S&P 500 Equal Weight ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco ESG S&P 500 Equal Weight ETF | $22 | 0.20% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Mega caps outperformed smaller stocks and growth outpaced value. The Fund's equal weighting methodology leads to lower exposure to mega cap stocks within the S&P 500 which created a performance headwind compared to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500 Equal Weight ESG Leaders Select Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.43%, differed from the return of the Index, 19.68%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the information technology and industrials sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Allstate Corp. (The), a financials company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Albermarle Corp., a materials company (no longer held at fiscal year-end), and Walgreens Boots Alliance, Inc., a consumer staples company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(11/17/21) |
| Invesco ESG S&P 500 Equal Weight ETF — NAV Return | 19.43% | 4.72% |
| Invesco ESG S&P 500 Equal Weight ETF — Market Price Return | 19.38% | 4.70% |
| S&P 500 Equal Weight ESG Leaders Select Index | 19.68% | 4.93% |
| S&P 500® Index | 27.14% | 8.60% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $12,128,329 |
| Total number of portfolio holdings | 186 |
| Total advisory fees paid | $18,824 |
| Portfolio turnover rate | 33% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Kellanova | 0.71% |
| D.R. Horton, Inc. | 0.68% |
| Newmont Corp. | 0.67% |
| Globe Life, Inc. | 0.67% |
| CBRE Group, Inc., Class A | 0.67% |
| BXP, Inc. | 0.65% |
| Kimco Realty Corp. | 0.65% |
| Ventas, Inc. | 0.64% |
| Aflac, Inc. | 0.64% |
| Adobe, Inc. | 0.64% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Floating Rate Municipal Income ETF
PVI | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Floating Rate Municipal Income ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Floating Rate Municipal Income ETF | $25 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the non-taxable variable rate demand obligation market benefited from relatively elevated short-term interest rates in recent history. Because the Fund holds the vast majority of its portfolio in non-taxable variable rate demand obligations, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE US Municipal AMT-Free VRDO Constrained Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 2.94%, differed from the return of the Index, 3.38%, primarily due to fees and expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
What contributed to performance?
State Allocations | Minnesota bonds, followed by New York bonds.
Positions | Hennepin (County of), MN, 2.85% coupon, due 12/1/2038, followed by Chelan County Public Utility District No. 1, 2.80% coupon, due 7/1/2032.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Floating Rate Municipal Income ETF — NAV Return | 2.94% | 1.21% | 0.85% |
| Invesco Floating Rate Municipal Income ETF — Market Price Return | 2.82% | 1.18% | 0.85% |
| Blended - ICE US Municipal AMT-Free VRDO Constrained Index | 3.38% | 1.48% | 1.09% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.43% |
| Bloomberg Municipal 1-Year Bond Index | 4.21% | 1.39% | 1.26% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal 1-Year Bond Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE US Municipal AMT-Free VRDO Constrained Index performance is comprised of the performance of the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index, the former underlying index, through March 24, 2021, followed by the performance of the Index thereafter.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $37,241,813 |
| Total number of portfolio holdings | 30 |
| Total advisory fees paid | $96,805 |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB, 2.80%, 07/01/2032 | 5.37% |
| Raleigh & Durham (Cities of), NC Airport Authority, Series 2008 C, Ref. VRD RB, 2.80%, 05/01/2036 | 5.10% |
| San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, 2.15%, 04/01/2039 | 4.83% |
| West Palm Beach (City of), FL, Series 2008 C, VRD RB, 2.50%, 10/01/2038 | 4.03% |
| Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB, 2.00%, 07/01/2034 | 4.03% |
| Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, 3.10%, 12/01/2028 | 3.76% |
| New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB, 2.80%, 06/15/2046 | 3.69% |
| Texas (State of), Series 2015 B, VRD GO Bonds, 2.45%, 06/01/2046 | 3.25% |
| Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, 2.85%, 09/01/2035 | 3.22% |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB, 2.70%, 07/01/2039 | 3.22% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Fundamental High Yield® Corporate Bond ETF
PHB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Fundamental High Yield® Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Fundamental High Yield® Corporate Bond ETF | $53 | 0.50% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the high yield corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in high yield corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. High Yield 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.63%, differed from the return of the Index, 12.08%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Consumer finance industry, followed by the broadline retail industry.
Positions | QVC, Inc., 4.38% coupon, due 9/1/2028, a broadline retail company (no longer held at fiscal year-end), followed by Synchrony Financial, 7.25% coupon, due 2/2/2033, a consumer finance company.
What detracted from performance?
Industry Allocations | Diversified telecommunication industry, followed by the media industry.
Positions | Hughes Satellite Systems Corp., 6.63% coupon, due 8/1/2026, a communications equipment company (no longer held at fiscal year-end), followed by Walgreens Boots Alliance, Inc., 3.20% coupon, due 4/15/2030, a consumer staples distribution & retail company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Fundamental High Yield® Corporate Bond ETF — NAV Return | 11.63% | 3.53% | 3.75% |
| Invesco Fundamental High Yield® Corporate Bond ETF — Market Price Return | 11.61% | 3.55% | 3.78% |
| RAFI® Bonds U.S. High Yield 1-10 Index | 12.08% | 4.20% | 4.54% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| Bloomberg U.S. Corporate High Yield Index | 12.55% | 4.46% | 4.65% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $566,956,667 |
| Total number of portfolio holdings | 244 |
| Total advisory fees paid | $3,042,064 |
| Portfolio turnover rate | 75% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Synchrony Financial, 7.25%, 02/02/2033 | 1.22% |
| United AirLines, Inc., 4.63%, 04/15/2029 | 1.13% |
| Windsor Holdings III LLC, 8.50%, 06/15/2030 | 1.05% |
| Ford Motor Co., 3.25%, 02/12/2032 | 1.04% |
| Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 | 1.01% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030 | 0.97% |
| PG&E Corp., 5.25%, 07/01/2030 | 0.93% |
| Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 | 0.86% |
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 0.86% |
| DPL, Inc., 4.13%, 07/01/2025 | 0.82% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Fundamental Investment Grade Corporate Bond ETF
PFIG | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Fundamental Investment Grade Corporate Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Fundamental Investment Grade Corporate Bond ETF | $23 | 0.22% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade corporate bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade corporate bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. Investment Grade 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.20%, differed from the return of the Index, 8.42%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Specialty retail industry, followed by the consumer staples distribution & retail industry.
Positions | JPMorgan Chase & Co., 2.95% coupon, due 10/1/2026, a banks company, followed by Bank of America Corp. 3.25% coupon, due 10/21/27, a banks company.
What detracted from performance?
Industry Allocations | Banks industry, followed by the electric utilities industry.
Positions | Verizon Communication, Inc., 4.13% coupon, due 3/16/2027, a diversified telecommunication services company (no longer held at fiscal year-end), followed by Intuit, Inc., 1.65% coupon, due 7/15/2030, a software company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Fundamental Investment Grade Corporate Bond ETF — NAV Return | 8.20% | 1.27% | 2.27% |
| Invesco Fundamental Investment Grade Corporate Bond ETF — Market Price Return | 8.52% | 1.34% | 2.29% |
| RAFI® Bonds U.S. Investment Grade 1-10 Index | 8.42% | 1.50% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| Bloomberg U.S. Corporate Index | 9.29% | 0.67% | 2.60% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg U.S. Corporate Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $66,991,292 |
| Total number of portfolio holdings | 772 |
| Total advisory fees paid | $105,911 |
| Portfolio turnover rate | 23% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| JPMorgan Chase & Co., 2.95%, 10/01/2026 | 1.00% |
| Bank of America Corp., 3.25%, 10/21/2027 | 0.80% |
| Wells Fargo & Co., 4.15%, 01/24/2029 | 0.72% |
| Apple, Inc., 3.25%, 02/23/2026 | 0.46% |
| Apple, Inc., 1.65%, 02/08/2031 | 0.46% |
| Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 0.45% |
| Microsoft Corp., 3.50%, 02/12/2035 | 0.42% |
| Exxon Mobil Corp., 3.04%, 03/01/2026 | 0.41% |
| Capital One Financial Corp., 3.80%, 01/31/2028 | 0.41% |
| Microsoft Corp., 3.30%, 02/06/2027 | 0.40% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco KBW Bank ETF
KBWB | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Bank ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco KBW Bank ETF | $43 | 0.35% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, bank industry securities benefited from normalizing net-interest income, a steeper treasury curve, and strong economic activity. Because the Fund holds a large proportion of bank securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq BankTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 46.89%, differed from the return of the Index, 47.46%, primarily due to the daily compounding of fees and the drag of cash positions during a period of high returns.
What contributed to performance?
Sub-Industry Allocations | Diversified banks sub-industry, followed by the regional banks sub-industry.
Positions | Goldman Sachs Group, Inc. (The), an investment banking & brokerage company and JPMorgan Chase & Co., a diversified banks company.
What detracted from performance?
Sub-Industry Allocations | No sub-industries detracted from the Fund's performance during the period.
Positions | No positions detracted from the Fund's performance during the period.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco KBW Bank ETF — NAV Return | 46.89% | 7.63% | 7.54% |
| Invesco KBW Bank ETF — Market Price Return | 46.83% | 7.60% | 7.54% |
| KBW Nasdaq BankTM Index | 47.46% | 7.98% | 7.91% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
| S&P 500® Financials Index | 35.39% | 13.55% | 11.47% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Financials Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,745,891,975 |
| Total number of portfolio holdings | 26 |
| Total advisory fees paid | $5,288,057 |
| Portfolio turnover rate | 11% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Goldman Sachs Group, Inc. (The) | 8.09% |
| JPMorgan Chase & Co. | 8.03% |
| Morgan Stanley | 7.66% |
| Bank of America Corp. | 7.37% |
| Wells Fargo & Co. | 7.06% |
| Truist Financial Corp. | 4.26% |
| PNC Financial Services Group, Inc. (The) | 4.25% |
| U.S. Bancorp | 4.21% |
| State Street Corp. | 4.16% |
| Bank of New York Mellon Corp. (The) | 4.14% |
| * Excluding money market fund holdings, if any. | |
Sub-industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco KBW High Dividend Yield Financial ETF
KBWD | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW High Dividend Yield Financial ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco KBW High Dividend Yield Financial ETF | $37 | 0.35% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. While the Fund invests in financial sector securities, because it is a high dividend yield strategy, its more value-oriented investments did not keep up with the broader financial sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Financial Sector Dividend YieldTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.68%, differed from the return of the Index, 7.37%, primarily due to income earned from the securities lending program in which the Fund participates partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sub-Industry Allocations | Asset management & custody banks sub-industry, followed by the mortgage REITs sub-industry.
Positions | Jackson Financial, Inc., Class A, a diversified financial services company and TPG RE Finance Trust, Inc., a mortgage REITs company.
What detracted from performance?
Sub-Industry Allocations | Investment banking & brokerage sub-industry, followed by the regional banks sub-industry.
Positions | B. Riley Financial, Inc., an investment banking & brokerage company and New York Community Bancorp, Inc., a regional banks company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURN |
1 Year |
5 Years |
10 Years |
| Invesco KBW High Dividend Yield Financial ETF — NAV Return | 8.68% | 5.47% | 4.28% |
| Invesco KBW High Dividend Yield Financial ETF — Market Price Return | 8.75% | 5.49% | 4.28% |
| KBW Nasdaq Financial Sector Dividend YieldTM Index | 7.37% | 5.33% | 4.26% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
| S&P 500® Financials Index | 35.39% | 13.55% | 11.47% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Financials Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $395,405,547 |
| Total number of portfolio holdings | 43 |
| Total advisory fees paid | $1,292,284 |
| Portfolio turnover rate | 71% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| AGNC Investment Corp. | 3.85% |
| ARMOUR Residential REIT, Inc. | 3.79% |
| Two Harbors Investment Corp. | 3.71% |
| MFA Financial, Inc. | 3.68% |
| New York Mortgage Trust, Inc. | 3.63% |
| Ares Commercial Real Estate Corp. | 3.51% |
| Apollo Commercial Real Estate Finance, Inc. | 3.50% |
| Ready Capital Corp. | 3.47% |
| Ellington Financial, Inc. | 3.36% |
| Annaly Capital Management, Inc. | 3.25% |
| * Excluding money market fund holdings, if any. | |
Sub-industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco KBW Premium Yield Equity REIT ETF
KBWY | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Premium Yield Equity REIT ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco KBW Premium Yield Equity REIT ETF | $38 | 0.35% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. While the Fund invests in financial sector securities, because it is a high yield real estate strategy, its more value-oriented investments did not keep up with the broader financial sector.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Premium Yield Equity REITTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.18%, differed from the return of the Index, 16.67%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sub-Industry Allocations | Other specialized REITs sub-industry, followed by the health care REITs sub-industry.
Positions | Outfront Media, Inc., an other specialized REITs company, and SL Green Realty Corp., an office REITs company.
What detracted from performance?
Sub-Industry Allocations | Hotel & resort REITs sub-industry, followed by the office REITs sub-industry.
Positions | Office Properties Income Trust, an office REITs company, and Service Properties Trust, a hotel & resort REITs company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco KBW Premium Yield Equity REIT ETF — NAV Return | 16.18% | 0.81% | 2.39% |
| Invesco KBW Premium Yield Equity REIT ETF — Market Price Return | 16.24% | 0.80% | 2.37% |
| KBW Nasdaq Premium Yield Equity REITTM Index | 16.67% | 0.85% | 2.57% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
| Dow Jones U.S. Real Estate Index | 20.50% | 4.57% | 6.76% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Dow Jones U.S. Real Estate Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $234,520,991 |
| Total number of portfolio holdings | 32 |
| Total advisory fees paid | $723,137 |
| Portfolio turnover rate | 86% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Uniti Group, Inc. | 9.54% |
| Global Net Lease, Inc. | 6.51% |
| Service Properties Trust | 4.98% |
| Omega Healthcare Investors, Inc. | 3.90% |
| Easterly Government Properties, Inc. | 3.82% |
| Outfront Media, Inc. | 3.77% |
| EPR Properties | 3.70% |
| Sabra Health Care REIT, Inc. | 3.70% |
| Highwoods Properties, Inc. | 3.67% |
| Piedmont Office Realty Trust, Inc., Class A | 3.53% |
| * Excluding money market fund holdings, if any. | |
Sub-industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco KBW Property & Casualty Insurance ETF
KBWP | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Property & Casualty Insurance ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco KBW Property & Casualty Insurance ETF | $42 | 0.35% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, financial sector securities benefited from falling interest rates and strong economic activity. Because the Fund holds a large proportion of property & casualty insurance companies within the financial sector, it benefited from this broad market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Property & CasualtyTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 41.85%, differed from the return of the Index, 42.40%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sub-Industry Allocations | Property & casualty insurance sub-industry, followed by the multi-line insurance sub-industry.
Positions | Progressive Corp. (The), a property & casualty insurance company, and Allstate Corp. (The), a property & casualty insurance company.
What detracted from performance?
Sub-Industry Allocations | No sub-industries detracted from the Fund's performance during the period.
Positions | ProAssurance Corp., a property & casualty insurance company, and James River Group Holdings Ltd., a property & casualty insurance company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco KBW Property & Casualty Insurance ETF — NAV Return | 41.85% | 12.78% | 13.70% |
| Invesco KBW Property & Casualty Insurance ETF — Market Price Return | 41.76% | 12.75% | 13.70% |
| KBW Nasdaq Property & CasualtyTM Index | 42.40% | 13.13% | 14.08% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
| S&P 500® Property & Casualty Index | 60.39% | 18.45% | 17.05% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Property & Casualty Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $336,146,067 |
| Total number of portfolio holdings | 27 |
| Total advisory fees paid | $849,605 |
| Portfolio turnover rate | 14% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Progressive Corp. (The) | 8.82% |
| Allstate Corp. (The) | 8.33% |
| Travelers Cos., Inc. (The) | 7.81% |
| Chubb Ltd. | 7.75% |
| American International Group, Inc. | 7.22% |
| Cincinnati Financial Corp. | 4.31% |
| Assurant, Inc. | 4.18% |
| Hartford Financial Services Group, Inc. (The) | 4.15% |
| RenaissanceRe Holdings Ltd. | 4.13% |
| Hanover Insurance Group, Inc. (The) | 4.12% |
| * Excluding money market fund holdings, if any. | |
Sub-industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco KBW Regional Banking ETF
KBWR | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco KBW Regional Banking ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco KBW Regional Banking ETF | $40 | 0.35% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, bank industry securities benefited from normalizing net-interest income, a steeper treasury curve, and strong economic activity. Because the Fund holds a large proportion of bank securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Regional BankingTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.18%, differed from the return of the Index, 28.63%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sub-Industry Allocations | Regional banks sub-industry.
Positions | Commerce Bancshares, Inc., a regional banks company, and Popular, Inc., a regional banks company.
What detracted from performance?
Sub-Industry Allocations | No sub-industries detracted from the Fund's performance during the period.
Positions | New York Community Bancorp, Inc., a regional banks company, and PacWest Bancorp, a regional banks company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco KBW Regional Banking ETF — NAV Return | 28.18% | 7.23% | 7.06% |
| Invesco KBW Regional Banking ETF — Market Price Return | 28.42% | 7.26% | 7.08% |
| KBW Nasdaq Regional BankingTM Index | 28.63% | 7.56% | 7.42% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
| S&P Composite 1500® Commercial Banks Index | 48.56% | 10.14% | 9.54% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Commercial Banks Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $54,582,002 |
| Total number of portfolio holdings | 53 |
| Total advisory fees paid | $194,237 |
| Portfolio turnover rate | 17% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Commerce Bancshares, Inc. | 3.78% |
| Webster Financial Corp. | 3.59% |
| Pinnacle Financial Partners, Inc. | 3.51% |
| Popular, Inc. | 3.38% |
| Cullen/Frost Bankers, Inc. | 3.29% |
| New York Community Bancorp, Inc. | 2.36% |
| Eastern Bankshares, Inc. | 2.30% |
| Columbia Banking System, Inc. | 2.19% |
| Glacier Bancorp, Inc. | 2.12% |
| UMB Financial Corp. | 2.11% |
| * Excluding money market fund holdings, if any. | |
Sub-industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco MSCI USA ETF
PBUS | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco MSCI USA ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco MSCI USA ETF | $5 | 0.04% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's market-like exposure allowed the fund to capture the broader secular trends driving market performance and benefit from the mega cap leadership.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 27.06%, differed from the return of the Index, 27.10%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the financials and communication services sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Tesla, Inc., a consumer discretionary company, and Pfizer, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(09/22/17) |
| Invesco MSCI USA ETF — NAV Return | 27.06% | 15.81% | 14.25% |
| Invesco MSCI USA ETF — Market Price Return | 27.02% | 15.80% | 14.26% |
| MSCI USA Index | 27.10% | 15.85% | 14.34% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $5,192,859,372 |
| Total number of portfolio holdings | 595 |
| Total advisory fees paid | $1,660,014 |
| Portfolio turnover rate | 3% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Apple, Inc. | 6.77% |
| Microsoft Corp. | 5.97% |
| NVIDIA Corp. | 5.96% |
| Amazon.com, Inc. | 3.39% |
| Meta Platforms, Inc., Class A | 2.32% |
| Alphabet, Inc., Class A | 1.95% |
| Alphabet, Inc., Class C | 1.69% |
| Eli Lilly and Co. | 1.57% |
| Broadcom, Inc. | 1.46% |
| JPMorgan Chase & Co. | 1.31% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco NASDAQ 100 ETF
QQQM | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco NASDAQ 100 ETF | $17 | 0.15% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund slightly outperformed the broader markets due to its focus on information technology securities, which were some of the best performers in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ-100 Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 27.14%, differed from the return of the Index, 27.30%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the communication services and consumer discretionary sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations | Real estate sector.
Positions | Tesla, Inc., a consumer discretionary company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(10/13/20) |
| Invesco NASDAQ 100 ETF — NAV Return | 27.14% | 13.99% |
| Invesco NASDAQ 100 ETF — Market Price Return | 27.07% | 13.95% |
| Nasdaq-100® Index | 27.30% | 14.15% |
| NASDAQ® Composite Index | 27.15% | 11.73% |
| Russell 3000® Index | 26.14% | 13.77% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $31,895,391,676 |
| Total number of portfolio holdings | 104 |
| Total advisory fees paid | $32,824,515 |
| Portfolio turnover rate | 8% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Apple, Inc. | 9.16% |
| Microsoft Corp. | 8.08% |
| NVIDIA Corp. | 7.66% |
| Broadcom, Inc. | 5.08% |
| Amazon.com, Inc. | 4.84% |
| Meta Platforms, Inc., Class A | 4.74% |
| Tesla, Inc. | 2.70% |
| Costco Wholesale Corp. | 2.67% |
| Alphabet, Inc., Class A | 2.50% |
| Alphabet, Inc., Class C | 2.42% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund modified its principal investment strategies to reflect changes made to the Index methodology.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Nasdaq Biotechnology ETF
IBBQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Nasdaq Biotechnology ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Nasdaq Biotechnology ETF | $21 | 0.19% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, biotechnology securities benefited from an environment of falling interest rates and stabilizing economic growth. The biotechnology industry outperformed the healthcare sector, but underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Biotechnology Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.56%, differed from the return of the Index, 19.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Biotechnology industry, followed by the pharmaceuticals industry.
Positions | Vertex Pharmaceuticals, Inc., a biotechnology company and Regeneron Pharmaceuticals, Inc., a biotechnology company.
What detracted from performance?
Industry Allocations | Life sciences tools & services industry, followed by the health care providers & services and health care equipment & supplies industries, respectively.
Positions | Moderna, Inc., a biotechnology company and Biogen, Inc. a biotechnology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(06/11/21) |
| Invesco Nasdaq Biotechnology ETF — NAV Return | 19.56% | (0.58)% |
| Invesco Nasdaq Biotechnology ETF — Market Price Return | 19.50% | (0.58)% |
| Nasdaq Biotechnology Index® | 19.62% | (0.50)% |
| NASDAQ® Composite Index | 27.15% | 8.26% |
| S&P Composite 1500® Biotechnology Index | 27.37% | 10.82% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Biotechnology Index to the NASDAQ® Composite Index to reflect that the NASDAQ® Composite Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $38,386,208 |
| Total number of portfolio holdings | 219 |
| Total advisory fees paid | $49,152 |
| Portfolio turnover rate | 19% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Gilead Sciences, Inc. | 8.88% |
| Regeneron Pharmaceuticals, Inc. | 8.73% |
| Amgen, Inc. | 7.89% |
| Vertex Pharmaceuticals, Inc. | 7.87% |
| AstraZeneca PLC, ADR | 4.06% |
| Alnylam Pharmaceuticals, Inc. | 3.24% |
| Biogen, Inc. | 2.91% |
| Moderna, Inc. | 2.85% |
| Illumina, Inc. | 2.04% |
| BioMarin Pharmaceutical, Inc. | 1.69% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Nasdaq Free Cash Flow Achievers ETF
QOWZ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Nasdaq Free Cash Flow Achievers ETF (the “Fund”) for the period December 4, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco Nasdaq Free Cash Flow Achievers ETF | $33 | 0.39% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund outperformed the broader market due to its overweight allocation to information technology holdings, as the information technology sector was the best-performing sector in the benchmark during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq US Free Cash Flow AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 33.20%, differed from the return of the Index, 33.44%, primarily due to fees and expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.
What contributed to performance?
Industry Allocations | Semiconductors & semiconductor equipment industry, followed by the software and commercial services & supplies industries, respectively.
Positions | NVIDIA Corp., a semiconductors & semiconductor equipment company and Broadcom, Inc., a semiconductors & semiconductor equipment company.
What detracted from performance?
Industry Allocations | Entertainment industry, followed by the IT services and specialty retail industries, respectively.
Positions | Warner Bros. Discovery, Inc., an entertainment company, and Ulta Beauty Inc., a specialty retail company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(12/06/23) |
| Invesco Nasdaq Free Cash Flow Achievers ETF — NAV Return | 33.20% |
| Invesco Nasdaq Free Cash Flow Achievers ETF — Market Price Return | 33.09% |
| Nasdaq US Free Cash Flow AchieversTM Index | 33.44% |
| Russell 3000® Index | 24.58% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $7,570,050 |
| Total number of portfolio holdings | 53 |
| Total advisory fees paid | $11,022 |
| Portfolio turnover rate | 31% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| NVIDIA Corp. | 9.91% |
| Meta Platforms, Inc., Class A | 6.75% |
| Broadcom, Inc. | 5.99% |
| UnitedHealth Group, Inc. | 5.13% |
| Mastercard, Inc., Class A | 4.46% |
| Adobe, Inc. | 3.92% |
| Salesforce, Inc. | 3.46% |
| Thermo Fisher Scientific, Inc. | 3.40% |
| ServiceNow, Inc. | 3.35% |
| Intuit, Inc. | 3.02% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco NASDAQ Future Gen 200 ETF
QQQS | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ Future Gen 200 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco NASDAQ Future Gen 200 ETF | $20 | 0.20% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund underperformed the broader market due to its underweight exposure to information technology securities and large overweight allocation to health care securities in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Innovators Completion Cap IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 4.20%, differed from the return of the Index, 4.15%, primarily due to income from securities lending in which the Fund participates, partially offset by trading commissions and brokerage fees, as well as fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Health care sector, followed by the materials sector.
Positions | Altimmune, Inc., a health care company, and G1 Therapeutics, Inc., a health care company.
What detracted from performance?
Sector Allocations | Consumer discretionary sector, followed by the information technology and energy sectors, respectively.
Positions | Aclaris Therapeutics, Inc., a health care company (no longer held at fiscal year-end), and bluebird bio, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(10/13/22) |
| Invesco NASDAQ Future Gen 200 ETF — NAV Return | 4.20% | 4.41% |
| Invesco NASDAQ Future Gen 200 ETF — Market Price Return | 4.16% | 4.35% |
| Nasdaq Innovators Completion Cap IndexTM | 4.15% | 4.39% |
| NASDAQ® Composite Index | 27.15% | 32.14% |
| Russell 2000® Index | 18.47% | 15.91% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $8,711,293 |
| Total number of portfolio holdings | 205 |
| Total advisory fees paid | $14,445 |
| Portfolio turnover rate | 72% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| CommScope Holding Co., Inc. | 1.30% |
| ClearPoint Neuro, Inc. | 1.16% |
| Revance Therapeutics, Inc. | 1.12% |
| G1 Therapeutics, Inc. | 1.04% |
| Axogen, Inc. | 0.93% |
| iHeartMedia, Inc., Class A | 0.82% |
| Pulse Biosciences, Inc. | 0.78% |
| Aquestive Therapeutics, Inc. | 0.76% |
| Delcath Systems, Inc. | 0.75% |
| ICU Medical, Inc. | 0.75% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco NASDAQ Next Gen 100 ETF
QQQJ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco NASDAQ Next Gen 100 ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco NASDAQ Next Gen 100 ETF | $16 | 0.15% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund underperformed the broader market due to its lack of exposure to large-cap information technology and communication services securities that drove a large portion of market returns in the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Next Generation 100 Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 12.04%, differed from the return of the Index, 12.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the health care and industrials sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations | Consumer discretionary sector, followed by the communication services and energy sectors, respectively.
Positions | Baidu, Inc., ADR, a communication services company, and Rivian Automotive, Inc., Class A, a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(10/13/20) |
| Invesco NASDAQ Next Gen 100 ETF — NAV Return | 12.04% | 2.99% |
| Invesco NASDAQ Next Gen 100 ETF — Market Price Return | 12.04% | 2.92% |
| Nasdaq Next Generation 100 Index® | 12.14% | 3.13% |
| NASDAQ Composite® Index | 27.15% | 11.73% |
| Russell 3000® Index | 26.14% | 13.77% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $657,622,706 |
| Total number of portfolio holdings | 105 |
| Total advisory fees paid | $999,110 |
| Portfolio turnover rate | 30% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Monolithic Power Systems, Inc. | 3.09% |
| Alnylam Pharmaceuticals, Inc. | 2.26% |
| eBay, Inc. | 2.02% |
| Tractor Supply Co. | 1.96% |
| Axon Enterprise, Inc. | 1.87% |
| ICON PLC | 1.81% |
| AppLovin Corp., Class A | 1.73% |
| NetApp, Inc. | 1.69% |
| First Solar, Inc. | 1.65% |
| Check Point Software Technologies Ltd. | 1.48% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco National AMT-Free Municipal Bond ETF
PZA | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco National AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco National AMT-Free Municipal Bond ETF | $29 | 0.28% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in investment grade national municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.11%, differed from the return of the Index, 7.45%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds, followed by California bonds.
Positions | Pennsylvania (commonwealth of) Economic Development Financing Authority, 3.00% coupon, due 10/15/2046, followed by Colorado (State of) Health Facilities Authority (Advent Health Obligated Group), 4.00% coupon, due 11/15/2050.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | San Antonio (City of), TX, 5.00% coupon, due 2/1/2044, followed by Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), 4.00% coupon, due 2/1/2051.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco National AMT-Free Municipal Bond ETF — NAV Return | 7.11% | 0.48% | 2.59% |
| Invesco National AMT-Free Municipal Bond ETF — Market Price Return | 6.75% | 0.37% | 2.50% |
| ICE BofA National Long-Term Core Plus Municipal Securities Index | 7.45% | 0.95% | 2.90% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.43% |
| Bloomberg Municipal Bond 20 Year Index | 7.22% | 1.12% | 3.01% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,906,784,790 |
| Total number of portfolio holdings | 2,283 |
| Total advisory fees paid | $7,405,940 |
| Portfolio turnover rate | 4% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds, 5.00%, 11/01/2048 | 0.65% |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 4.00%, 11/15/2050 | 0.50% |
| San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds, 4.00%, 07/01/2050 | 0.49% |
| California (State of), Series 2023, Ref. GO Bonds, 5.00%, 09/01/2043 | 0.39% |
| Licking Heights Local School District, Series 2022, GO Bonds, 5.50%, 10/01/2059 | 0.37% |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB, 5.00%, 10/01/2043 | 0.36% |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB, 5.00%, 11/15/2042 | 0.35% |
| Jurupa Unified School District, Series 2017 B, GO Bonds, 4.00%, 08/01/2041 | 0.35% |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB, 5.00%, 06/15/2044 | 0.34% |
| Baltimore (City of), MD (Water), Series 2017 A, RB, 5.00%, 07/01/2046 | 0.34% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco New York AMT-Free Municipal Bond ETF
PZT | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco New York AMT-Free Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco New York AMT-Free Municipal Bond ETF | $29 | 0.28% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the investment grade New York municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in New York municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA New York Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 7.14%, differed from the return of the Index, 7.35%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | New York bonds.
Positions | New York (State of) Power Authority (Green Transmission), 4.00% coupon, due 11/15/2052, followed by New York (State of) Dormitory Authority, 4.00% coupon, due 7/1/2050.
What detracted from performance?
State Allocations | No states detracted from the Fund's performance during the period.
Positions | New York (State of) Thruway Authority (Group 5), 4.00% coupon, due 3/15/2057, followed by Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), 5.25% coupon, due 5/15/2062.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco New York AMT-Free Municipal Bond ETF — NAV Return | 7.14% | 0.62% | 2.56% |
| Invesco New York AMT-Free Municipal Bond ETF — Market Price Return | 7.48% | 0.62% | 2.60% |
| ICE BofA New York Long-Term Core Plus Municipal Securities Index | 7.35% | 0.80% | 2.76% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.43% |
| Bloomberg Municipal Bond 20 Year Index | 7.22% | 1.12% | 3.01% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Bloomberg Municipal Bond 20 Year Index to the Bloomberg Municipal Bond Index to reflect that the Bloomberg Municipal Bond Index can be considered more broadly representative of the overall applicable securities market.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $128,135,515 |
| Total number of portfolio holdings | 387 |
| Total advisory fees paid | $280,815 |
| Portfolio turnover rate | 6% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, 4.00%, 11/15/2052 | 3.07% |
| Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB, 5.00%, 11/01/2049 | 2.09% |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 | 2.08% |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB, 4.00%, 02/15/2044 | 1.93% |
| New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2039 | 1.68% |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 5.00%, 06/15/2048 | 1.67% |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB, 5.00%, 09/01/2041 | 1.61% |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2045 | 1.57% |
| New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB, 4.00%, 03/15/2044 | 1.55% |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB, 4.13%, 06/15/2047 | 1.55% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco PHLX Semiconductor ETF
SOXQ | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco PHLX Semiconductor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco PHLX Semiconductor ETF | $23 | 0.19% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. semiconductor equities benefited from the global demand for semiconductors, driven by themes like artificial intelligence, cybersecurity & cloud computing. The semiconductor industry outperformed the information technology sector and the broader market, which contributed to the Fund's strong returns.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the PHLX Semiconductor Sector Index® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 41.58%, differed from the return of the Index, 41.95%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Semiconductors & semiconductor equipment industry, followed by the electronic equipment instruments & components industry.
Positions | NVIDIA Corp., a semiconductors & semiconductor equipment company and Broadcom, Inc., a semiconductors & semiconductor equipment company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | ON Semiconductor Corp., a semiconductors & semiconductor equipment company and Lattice Semiconductor Corp., a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(06/11/21) |
| Invesco PHLX Semiconductor ETF — NAV Return | 41.58% | 17.11% |
| Invesco PHLX Semiconductor ETF — Market Price Return | 41.57% | 17.15% |
| PHLX Semiconductor Sector Index® | 41.95% | 17.32% |
| NASDAQ® Composite Index | 27.15% | 8.26% |
| S&P Composite 1500® Semiconductor Index | 84.96% | 38.71% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P Composite 1500® Semiconductor Index to the NASDAQ® Composite Index to reflect that the NASDAQ® Composite Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $511,392,437 |
| Total number of portfolio holdings | 33 |
| Total advisory fees paid | $564,355 |
| Portfolio turnover rate | 22% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| NVIDIA Corp. | 13.01% |
| Broadcom, Inc. | 12.20% |
| Advanced Micro Devices, Inc. | 7.09% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4.52% |
| Marvell Technology, Inc. | 4.41% |
| Texas Instruments, Inc. | 4.38% |
| KLA Corp. | 4.30% |
| Analog Devices, Inc. | 3.99% |
| Monolithic Power Systems, Inc. | 3.98% |
| ASML Holding N.V., New York Shares | 3.75% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Preferred ETF
PGX | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Preferred ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Preferred ETF | $53 | 0.50% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the preferred stock market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in preferred stocks, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.65%, differed from the return of the Index, 13.98%, primarily due to fees and expenses that the Fund incurred during the period, which were partially offset by positive effects of the sampling approach employed by the portfolio management team, as well as income received from the securities lending program in which the Fund participates.
What contributed to performance?
Industry Allocations | Insurance industry, followed by the electric utilities industry.
Positions | Wells Fargo & Co., Series Z, Pfd., 4.75%, a banks company, followed by JPMorgan Chase & Co., Series LL, Pfd. 4.63%, a banks company.
What detracted from performance?
Industry Allocations | Banks industry, followed by the financial services industry.
Positions | New York Community Bancorp, Inc. Series A, Pfd., 6.38%, a banks company, followed by Regions Financial Corp., Series B, Pfd., 6.38%, a banks company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Preferred ETF — NAV Return | 13.65% | 1.16% | 3.74% |
| Invesco Preferred ETF — Market Price Return | 13.85% | 1.13% | 3.72% |
| ICE BofA Core Plus Fixed Rate Preferred Securities Index | 13.98% | 1.40% | 4.00% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| S&P U.S. Preferred Stock Index | 14.00% | 3.23% | 4.29% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P U.S. Preferred Stock Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $4,376,200,704 |
| Total number of portfolio holdings | 267 |
| Total advisory fees paid | $21,950,310 |
| Portfolio turnover rate | 7% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| JPMorgan Chase & Co., Series EE, Pfd., 6.00% | 1.71% |
| JPMorgan Chase & Co., Series DD, Pfd., 5.75% | 1.55% |
| Wells Fargo & Co., Series Z, Pfd., 4.75% | 1.53% |
| JPMorgan Chase & Co., Series LL, Pfd., 4.63% | 1.50% |
| JPMorgan Chase & Co., Series MM, Pfd., 4.20% | 1.48% |
| AT&T, Inc., Series C, Pfd., 4.75% | 1.33% |
| Bank of America Corp., Series KK, Pfd., 5.38% | 1.29% |
| Bank of America Corp., Series GG, Pfd., 6.00% | 1.25% |
| JPMorgan Chase & Co., Series JJ, Pfd., 4.55% | 1.18% |
| AT&T, Inc., Pfd., 5.35%11/01/2066 | 1.16% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Russell 1000 Equal Weight ETF
EQAL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Russell 1000 Equal Weight ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Russell 1000 Equal Weight ETF | $21 | 0.20% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Mega caps outperformed smaller stocks and growth outpaced value. The Fund's equal weighting methodology leads to lower mega cap exposure and higher value exposure which created a performance headwind compared to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.89%, differed from the return of the Index, 15.04%, primarily due to fees and expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.
What contributed to performance?
Sector Allocations | Financials sector, followed by the information technology and real estate sectors, respectively.
Positions | Frontier Communications Parent, Inc., a communication services company, and Arista Networks, Inc., an information technology company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | ViaSat, Inc., an information technology company (no longer held at fiscal year-end) and ChargePoint Holdings, Inc., an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(12/22/14) |
| Invesco Russell 1000 Equal Weight ETF — NAV Return | 14.89% | 10.68% | 8.59% |
| Invesco Russell 1000 Equal Weight ETF — Market Price Return | 14.80% | 10.67% | 8.58% |
| Russell 1000® Equal Weight Index | 15.04% | 10.79% | 8.74% |
| Russell 3000® Index | 26.14% | 15.19% | 12.33% |
| Russell 1000® Index | 26.60% | 15.55% | 12.63% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Russell 1000® Index to the Russell 3000® Index to reflect that the Russell 3000® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $607,869,237 |
| Total number of portfolio holdings | 998 |
| Total advisory fees paid | $1,193,765 |
| Portfolio turnover rate | 30% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Ubiquiti, Inc. | 0.69% |
| Roku, Inc., Class A | 0.63% |
| Ciena Corp. | 0.62% |
| Liberty Broadband Corp., Class C | 0.62% |
| Charter Communications, Inc., Class A | 0.61% |
| Lumentum Holdings, Inc. | 0.60% |
| Frontier Communications Parent, Inc. | 0.58% |
| Motorola Solutions, Inc. | 0.58% |
| T-Mobile US, Inc. | 0.57% |
| Liberty Global Ltd., Class C | 0.56% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® Enhanced Value ETF
SPVU | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Enhanced Value ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® Enhanced Value ETF | $15 | 0.13% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's overweight allocation to energy and underweight allocation to technology contributed to the Fund slightly lagging its benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Enhanced Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 26.01%, differed from the return of the Index, 26.22%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the consumer discretionary and health care sectors, respectively.
Positions | JPMorgan Chase & Co., a financials company, and Bank of America Corp., a financials company.
What detracted from performance?
Sector Allocations | Consumer staples sector.
Positions | Chevron Corp., an energy company, and Archer-Daniels-Midland Co., a consumer staples company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(10/09/15) |
| Invesco S&P 500® Enhanced Value ETF — NAV Return | 26.01% | 11.70% | 10.69% |
| Invesco S&P 500® Enhanced Value ETF — Market Price Return | 25.95% | 11.68% | 10.67% |
| S&P 500® Enhanced Value Index | 26.22% | 11.81% | 10.85% |
| S&P 500® Index | 27.14% | 15.92% | 14.34% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Enhanced Value Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $106,257,754 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $130,836 |
| Portfolio turnover rate | 31% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| JPMorgan Chase & Co. | 5.51% |
| Berkshire Hathaway, Inc., Class B | 5.46% |
| Exxon Mobil Corp. | 4.99% |
| Bank of America Corp. | 4.84% |
| Chevron Corp. | 4.31% |
| Wells Fargo & Co. | 4.12% |
| AT&T, Inc. | 3.65% |
| Comcast Corp., Class A | 3.21% |
| Verizon Communications, Inc. | 3.03% |
| CVS Health Corp. | 2.66% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
XRLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | $27 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Strong market performance and muted volatility throughout the period caused the Fund to lag the broad S&P 500 Index.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility Rate Response Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.40%, differed from the return of the Index, 18.73%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the utilities and consumer staples sectors, respectively.
Positions | Colgate-Palmolive Co., a consumer staples company, and Republic Services, Inc., an industrials company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end), and Hormel Foods Corp., a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(04/09/15) |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF — NAV Return | 18.40% | 8.92% | 10.44% |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF — Market Price Return | 18.34% | 8.89% | 10.42% |
| S&P 500® Low Volatility Rate Response Index | 18.73% | 9.20% | 10.73% |
| S&P 500® Index | 27.14% | 15.92% | 13.21% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility Rate Response Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $40,901,664 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $105,584 |
| Portfolio turnover rate | 66% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Berkshire Hathaway, Inc., Class B | 1.47% |
| Coca-Cola Co. (The) | 1.34% |
| T-Mobile US, Inc. | 1.25% |
| Loews Corp. | 1.24% |
| Republic Services, Inc. | 1.24% |
| Visa, Inc., Class A | 1.22% |
| Colgate-Palmolive Co. | 1.20% |
| Marsh & McLennan Cos., Inc. | 1.19% |
| Procter & Gamble Co. (The) | 1.16% |
| Linde PLC | 1.13% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® High Beta ETF
SPHB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® High Beta ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® High Beta ETF | $27 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's exposure to higher beta stocks and more volatile stocks underperformed the broader market during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Beta Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.92%, differed from the return of the Index, 14.20%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the financials and industrials sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Monolithic Power Systems, Inc., an information technology company.
What detracted from performance?
Sector Allocations | Health care sector, followed by the materials and consumer staples sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company, and Albemarle Corp., a materials company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P 500® High Beta ETF — NAV Return | 13.92% | 17.85% | 11.18% |
| Invesco S&P 500® High Beta ETF — Market Price Return | 13.90% | 17.83% | 11.18% |
| S&P 500® High Beta Index | 14.20% | 18.14% | 11.47% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® High Beta Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $450,461,382 |
| Total number of portfolio holdings | 103 |
| Total advisory fees paid | $1,366,188 |
| Portfolio turnover rate | 91% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Super Micro Computer, Inc. | 2.02% |
| Monolithic Power Systems, Inc. | 1.82% |
| NVIDIA Corp. | 1.73% |
| Advanced Micro Devices, Inc. | 1.66% |
| Teradyne, Inc. | 1.55% |
| Broadcom, Inc. | 1.53% |
| KLA Corp. | 1.42% |
| Albemarle Corp. | 1.37% |
| ON Semiconductor Corp. | 1.37% |
| Builders FirstSource, Inc. | 1.36% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500 High Dividend Growers ETF
DIVG | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 High Dividend Growers ETF (the “Fund”) for the period December 4, 2023 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco S&P 500 High Dividend Growers ETF | $35 | 0.41% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividend growth characteristics that benefited from a falling interest rate environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® High Dividend Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.22%, differed from the return of the Index, 23.72%, primarily due to benefits to the Fund related to dividend tax treatment relative to the Index and income from securities lending in which the Fund participated, partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the utilities and real estate sectors, respectively.
Positions | Altria Group, Inc., a consumer staples company, and NRG Energy, Inc., a utilities company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Crown Castle, Inc., a real estate company (no longer held at fiscal year-end), and CVS Health Corp., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(12/06/23) |
| Invesco S&P 500 High Dividend Growers ETF — NAV Return | 25.22% |
| Invesco S&P 500 High Dividend Growers ETF — Market Price Return | 25.06% |
| S&P 500® High Dividend Growth Index | 23.72% |
| S&P Composite 1500® Index | 24.99% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,817,358 |
| Total number of portfolio holdings | 101 |
| Total advisory fees paid | $7,903 |
| Portfolio turnover rate | 40% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Altria Group, Inc. | 3.18% |
| Philip Morris International, Inc. | 2.11% |
| VICI Properties, Inc. | 1.88% |
| Pfizer, Inc. | 1.82% |
| KeyCorp | 1.65% |
| Regions Financial Corp. | 1.58% |
| ONEOK, Inc. | 1.55% |
| Williams Cos., Inc. (The) | 1.54% |
| Mid-America Apartment Communities, Inc. | 1.51% |
| Evergy, Inc. | 1.51% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® High Dividend Low Volatility ETF
SPHD | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® High Dividend Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® High Dividend Low Volatility ETF | $34 | 0.30% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividend and low volatility characteristics that benefited from a falling interest rate environment.
• The Fund seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.52%, differed from the return of the Index, 25.94%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Utilities sector, followed by the energy and real estate sectors, respectively.
Positions | Simon Property Group, Inc., a real estate company, and AT&T, Inc., a communication services company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Organon & Co., a health care company (no longer held at fiscal year-end), and Whirlpool Corp., a consumer discretionary company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P 500® High Dividend Low Volatility ETF — NAV Return | 25.52% | 8.65% | 9.02% |
| Invesco S&P 500® High Dividend Low Volatility ETF — Market Price Return | 25.58% | 8.64% | 9.02% |
| S&P 500® Low Volatility High Dividend Index | 25.94% | 8.99% | 9.36% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility High Dividend Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $3,765,477,824 |
| Total number of portfolio holdings | 52 |
| Total advisory fees paid | $8,940,821 |
| Portfolio turnover rate | 49% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Altria Group, Inc. | 3.03% |
| Crown Castle, Inc. | 2.76% |
| Verizon Communications, Inc. | 2.74% |
| VICI Properties, Inc. | 2.60% |
| Bristol-Myers Squibb Co. | 2.55% |
| AT&T, Inc. | 2.44% |
| Kinder Morgan, Inc. | 2.37% |
| Dominion Energy, Inc. | 2.37% |
| Realty Income Corp. | 2.35% |
| Amcor PLC | 2.34% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® Low Volatility ETF
SPLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® Low Volatility ETF | $27 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Strong market performance and muted volatility throughout the period caused the Fund to lag the broad S&P 500 Index.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.81%, differed from the return of the Index, 19.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the consumer staples and industrials sectors, respectively.
Positions | Costco Wholesale Corp., a consumer staples company, and Colgate-Palmolive Co., a consumer staples company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end), and Hormel Foods Corp., a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P 500® Low Volatility ETF — NAV Return | 18.81% | 6.88% | 9.60% |
| Invesco S&P 500® Low Volatility ETF — Market Price Return | 18.86% | 6.88% | 9.61% |
| S&P 500® Low Volatility Index | 19.14% | 7.17% | 9.89% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Low Volatility Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $7,515,084,298 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $19,212,816 |
| Portfolio turnover rate | 68% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Berkshire Hathaway, Inc., Class B | 1.47% |
| Coca-Cola Co. (The) | 1.34% |
| T-Mobile US, Inc. | 1.25% |
| Loews Corp. | 1.24% |
| Republic Services, Inc. | 1.23% |
| Visa, Inc., Class A | 1.21% |
| Colgate-Palmolive Co. | 1.19% |
| Marsh & McLennan Cos., Inc. | 1.19% |
| Procter & Gamble Co. (The) | 1.16% |
| Linde PLC | 1.13% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500 Minimum Variance ETF
SPMV | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 Minimum Variance ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500 Minimum Variance ETF | $11 | 0.10% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's lower exposure to the momentum factor provided a headwind as momentum was the best performing factor over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Minimum Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 24.35%, differed from the return of the Index, 24.49%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the financials and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Progressive Corp. (The), a financials company.
What detracted from performance?
Sector Allocations | Consumer staples sector.
Positions | Tesla, Inc., a consumer discretionary company (no longer held at fiscal year-end), and Pfizer, Inc., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(07/13/17) |
| Invesco S&P 500 Minimum Variance ETF — NAV Return | 24.35% | 11.23% | 11.60% |
| Invesco S&P 500 Minimum Variance ETF — Market Price Return | 24.41% | 11.21% | 11.59% |
| S&P 500® Minimum Volatility Index | 24.49% | 11.34% | 11.77% |
| S&P 500® Index | 27.14% | 15.92% | 14.40% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Minimum Volatility Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $5,082,821 |
| Total number of portfolio holdings | 82 |
| Total advisory fees paid | $9,931 |
| Portfolio turnover rate | 79% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| NextEra Energy, Inc. | 3.94% |
| Progressive Corp. (The) | 3.50% |
| NVIDIA Corp. | 3.25% |
| Berkshire Hathaway, Inc., Class B | 3.20% |
| Marsh & McLennan Cos., Inc. | 3.04% |
| Procter & Gamble Co. (The) | 2.92% |
| Eli Lilly and Co. | 2.91% |
| Oracle Corp. | 2.86% |
| Microsoft Corp. | 2.82% |
| Chubb Ltd. | 2.82% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500® Momentum ETF
SPMO | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500® Momentum ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500® Momentum ETF | $17 | 0.13% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund was able to pick up on secular trends driving market performance which proved to be a tailwind for the fund.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 54.58%, differed from the return of the Index, 54.85%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the communication services and health care sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Meta Platforms, Inc., Class A, a communication services company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Advanced Micro Devices, Inc., an information technology company, and Intel Corp., an information technology company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(10/9/15) |
| Invesco S&P 500® Momentum ETF — NAV Return | 54.58% | 18.68% | 16.82% |
| Invesco S&P 500® Momentum ETF — Market Price Return | 54.41% | 18.66% | 16.81% |
| S&P 500® Momentum Index | 54.85% | 18.84% | 17.02% |
| S&P 500® Index | 27.14% | 15.92% | 14.34% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,350,986,891 |
| Total number of portfolio holdings | 102 |
| Total advisory fees paid | $1,179,305 |
| Portfolio turnover rate | 72% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| NVIDIA Corp. | 11.96% |
| Apple, Inc. | 10.04% |
| Meta Platforms, Inc., Class A | 8.43% |
| Microsoft Corp. | 8.00% |
| Amazon.com, Inc. | 6.91% |
| Eli Lilly and Co. | 4.93% |
| Broadcom, Inc. | 4.92% |
| Berkshire Hathaway, Inc., Class B | 3.88% |
| JPMorgan Chase & Co. | 2.49% |
| Costco Wholesale Corp. | 2.23% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500 QVM Multi-factor ETF
QVML | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500 QVM Multi-factor ETF | $13 | 0.11% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund's exposure to the quality and momentum factor provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.61%, differed from the return of the Index, 28.77%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Information technology sector, followed by the financials and communication services sectors, respectively.
Positions | NVIDIA Corp., an information technology company, and Microsoft Corp., an information technology company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Pfizer, Inc., a health care company (no longer held at fiscal year-end), and Bristol-Myers Squibb Co., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(06/30/21) |
| Invesco S&P 500 QVM Multi-factor ETF — NAV Return | 28.61% | 11.16% |
| Invesco S&P 500 QVM Multi-factor ETF — Market Price Return | 28.56% | 11.15% |
| S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index | 28.77% | 11.29% |
| S&P 500® Index | 27.14% | 10.72% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,034,181,654 |
| Total number of portfolio holdings | 453 |
| Total advisory fees paid | $1,003,744 |
| Portfolio turnover rate | 15% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Apple, Inc. | 6.95% |
| Microsoft Corp. | 6.76% |
| NVIDIA Corp. | 5.99% |
| Alphabet, Inc., Class C | 4.00% |
| Amazon.com, Inc. | 3.57% |
| Meta Platforms, Inc., Class A | 2.44% |
| Berkshire Hathaway, Inc., Class B | 2.03% |
| Eli Lilly and Co. | 1.68% |
| JPMorgan Chase & Co. | 1.59% |
| Broadcom, Inc. | 1.47% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P 500 Revenue ETF
RWL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P 500 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P 500 Revenue ETF | $43 | 0.39% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. Growth outperformed value providing some performance headwind. The Fund's higher value exposure created some performance drag relative to the Fund's benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 22.81%, differed from the return of the Index, 23.34%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the health care and information technology sectors, respectively.
Positions | Walmart Inc., a consumer staples company and Amazon.com, a consumer discretionary company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | Walgreens Boots Alliance, Inc., a consumer staples company and CVS Health Corp., a health care company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P 500 Revenue ETF — NAV Return | 22.81% | 15.14% | 11.44% |
| Invesco S&P 500 Revenue ETF — Market Price Return | 22.75% | 15.13% | 11.44% |
| S&P 500® Revenue-Weighted Index | 23.34% | 15.57% | 11.85% |
| S&P 500® Index | 27.14% | 15.92% | 12.98% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 500® Revenue-Weighted Index to the S&P 500® Index to reflect that the S&P 500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P 500 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P 500 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $3,685,013,361 |
| Total number of portfolio holdings | 505 |
| Total advisory fees paid | $10,676,439 |
| Portfolio turnover rate | 15% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Walmart, Inc. | 4.20% |
| Amazon.com, Inc. | 3.18% |
| UnitedHealth Group, Inc. | 2.50% |
| Berkshire Hathaway, Inc., Class B | 2.40% |
| Apple, Inc. | 2.28% |
| Exxon Mobil Corp. | 1.99% |
| CVS Health Corp. | 1.91% |
| McKesson Corp. | 1.63% |
| JPMorgan Chase & Co. | 1.63% |
| Cencora, Inc. | 1.58% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P MidCap 400 QVM Multi-factor ETF
QVMM | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap 400 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | $16 | 0.15% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund's exposure to the quality and momentum factor provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.89%, differed from the return of the Index, 19.03%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the industrials and consumer discretionary sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end), and Vistra Corp., a utilities company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | Energy sector.
Positions | Lattice Semiconductor Corp., an information technology company, and New York Community Bancorp, Inc., a financials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(06/30/21) |
| Invesco S&P MidCap 400 QVM Multi-factor ETF — NAV Return | 18.89% | 5.88% |
| Invesco S&P MidCap 400 QVM Multi-factor ETF — Market Price Return | 18.97% | 5.86% |
| S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index | 19.03% | 5.99% |
| S&P Composite 1500® Index | 26.42% | 10.24% |
| S&P MidCap 400® Index | 18.75% | 6.08% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $320,898,080 |
| Total number of portfolio holdings | 361 |
| Total advisory fees paid | $426,837 |
| Portfolio turnover rate | 30% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Carlisle Cos., Inc. | 0.81% |
| EMCOR Group, Inc. | 0.74% |
| Lennox International, Inc. | 0.70% |
| Reliance, Inc. | 0.69% |
| United Therapeutics Corp. | 0.65% |
| Williams-Sonoma, Inc. | 0.64% |
| Tenet Healthcare Corp. | 0.64% |
| Fidelity National Financial, Inc. | 0.61% |
| Manhattan Associates, Inc. | 0.61% |
| Toll Brothers, Inc. | 0.60% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P MidCap 400 Revenue ETF
RWK | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap 400 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P MidCap 400 Revenue ETF | $43 | 0.39% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund outperformed primarily due to security selection as stocks of high revenue producing companies within the S&P MidCap 400 were more rewarded than stocks of lower revenue producing companies.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.00%, differed from the return of the Index, 19.47%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Consumer discretionary sector, followed by the financials and consumer staples sectors, respectively.
Positions | Super Micro Computer, Inc., an information technology company (no longer held at fiscal year-end) and Vistra Corp., a utilities company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | Energy sector.
Positions | Hertz Global Holdings Inc., an industrials company (no longer held at fiscal year-end) and Avis Budget Group, Inc., an industrials company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P MidCap 400 Revenue ETF — NAV Return | 19.00% | 16.84% | 10.42% |
| Invesco S&P MidCap 400 Revenue ETF — Market Price Return | 19.00% | 16.86% | 10.42% |
| S&P MidCap 400® Revenue-Weighted Index | 19.47% | 17.23% | 10.84% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P MidCap 400® Index | 18.75% | 12.20% | 9.68% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Revenue-Weighted Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P MidCap 400 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P MidCap 400 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $879,549,253 |
| Total number of portfolio holdings | 401 |
| Total advisory fees paid | $2,656,947 |
| Portfolio turnover rate | 30% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Performance Food Group Co. | 2.82% |
| TD SYNNEX Corp. | 2.33% |
| US Foods Holding Corp. | 1.82% |
| Lithia Motors, Inc., Class A | 1.73% |
| Penske Automotive Group, Inc. | 1.54% |
| Arrow Electronics, Inc. | 1.45% |
| HF Sinclair Corp. | 1.31% |
| AutoNation, Inc. | 1.30% |
| PBF Energy, Inc., Class A | 1.29% |
| Jones Lang LaSalle, Inc. | 1.17% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P MidCap Low Volatility ETF
XMLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P MidCap Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P MidCap Low Volatility ETF | $27 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. While large-cap outpaced mid-cap and small-cap, broader market themes did apply. The Fund's exposure the low volatility factor as well as security selection within the energy sector proved to be beneficial.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.83%, differed from the return of the Index, 20.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the real estate and industrials sectors, respectively.
Positions | Texas Roadhouse, Inc., a consumer discretionary company, and Murphy USA, Inc., a consumer discretionary company.
What detracted from performance?
Sector Allocations | No sectors detracted from the Fund's performance during the period.
Positions | MSC Industrial Direct Co., Inc., Class A, an industrials company (no longer held at fiscal year-end), and Toro Co. (The), an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P MidCap Low Volatility ETF — NAV Return | 19.83% | 5.28% | 9.04% |
| Invesco S&P MidCap Low Volatility ETF — Market Price Return | 19.73% | 5.26% | 9.02% |
| S&P MidCap 400® Low Volatility Index | 20.16% | 5.53% | 9.32% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P MidCap 400® Index | 18.75% | 12.20% | 9.68% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P MidCap 400® Low Volatility Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $849,855,818 |
| Total number of portfolio holdings | 83 |
| Total advisory fees paid | $2,059,873 |
| Portfolio turnover rate | 70% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| AptarGroup, Inc. | 1.64% |
| Curtiss-Wright Corp. | 1.62% |
| SEI Investments Co. | 1.54% |
| DT Midstream, Inc. | 1.53% |
| Old Republic International Corp. | 1.43% |
| CACI International, Inc., Class A | 1.43% |
| Reinsurance Group of America, Inc. | 1.42% |
| Sonoco Products Co. | 1.42% |
| Ingredion, Inc. | 1.39% |
| Donaldson Co., Inc. | 1.38% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap 600® GARP ETF
GRPZ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600® GARP ETF (the “Fund”) for the period March 25, 2024 (commencement of operations) to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment* | Costs paid as a percentage
of a $10,000 investment** |
| Invesco S&P SmallCap 600® GARP ETF | $16 | 0.35% |
| * | | | The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher. |
| ** | | | Annualized. |
How Did The Fund Perform During The Period?
• During the fiscal period ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund holds stocks with growth characteristics that are trading at more reasonable valuation levels. Overweight exposure towards more cyclical sectors created some drag during the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® GARP Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal period ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.03%, matched the return of the Index, 5.03%, primarily due to benefits to the Fund related to dividend tax treatment relative to the Index, offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the information technology sector and the health care sectors, respectively.
Positions | Boot Barn Holdings, Inc., a consumer discretionary company, and Bancorp, Inc. (The), a financials company.
What detracted from performance?
Sector Allocations | Energy sector, followed by the industrials and materials sectors, respectively.
Positions | Myers Industries, Inc., a materials company (no longer held at fiscal year-end), and Alpha Metallurgical Resources, Inc., a materials company.
How Has The Fund Historically Performed?
AVERAGE ANNUAL TOTAL RETURNS | Since
Inception
(03/27/24) |
| Invesco S&P SmallCap 600® GARP ETF — NAV Return | 5.03% |
| Invesco S&P SmallCap 600® GARP ETF — Market Price Return | 4.99% |
| S&P SmallCap 600® GARP Index | 5.03% |
| S&P Composite 1500® Index | 7.87% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $2,109,973 |
| Total number of portfolio holdings | 90 |
| Total advisory fees paid | $3,443 |
| Portfolio turnover rate | 66% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Cal-Maine Foods, Inc. | 2.02% |
| Catalyst Pharmaceuticals, Inc. | 1.79% |
| Palomar Holdings, Inc. | 1.75% |
| S&T Bancorp, Inc. | 1.69% |
| Amphastar Pharmaceuticals, Inc. | 1.66% |
| CONSOL Energy, Inc. | 1.65% |
| Cogent Communications Holdings, Inc. | 1.60% |
| Monarch Casino & Resort, Inc. | 1.59% |
| Cross Country Healthcare, Inc. | 1.56% |
| Green Brick Partners, Inc. | 1.54% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap 600 QVM Multi-factor ETF
QVMS | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600 QVM Multi-factor ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | $16 | 0.15% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's exposure to the quality and momentum factors provided a tailwind as momentum and quality were the two best performing factors over the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi- Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 18.62%, differed from the return of the Index, 18.75%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the industrials and consumer discretionary sectors, respectively.
Positions | Abercrombie & Fitch Co., Class A, a consumer discretionary company (no longer held at fiscal year-end), and Mueller Industries, Inc., an industrials company.
What detracted from performance?
Sector Allocations | Energy sector.
Positions | Axcelis Technologies, Inc., an information technology company, and Extreme Networks, Inc., an information technology company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year | Since
Inception
(06/30/21) |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF — NAV Return | 18.62% | 4.20% |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF — Market Price Return | 18.46% | 4.13% |
| S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index | 18.75% | 4.34% |
| S&P Composite 1500® Index | 26.42% | 10.24% |
| S&P SmallCap 600® Index | 17.31% | 2.56% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $198,617,670 |
| Total number of portfolio holdings | 539 |
| Total advisory fees paid | $294,137 |
| Portfolio turnover rate | 38% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Fabrinet | 0.75% |
| Mueller Industries, Inc. | 0.74% |
| Ensign Group, Inc. (The) | 0.72% |
| ATI, Inc. | 0.72% |
| Carpenter Technology Corp. | 0.63% |
| Meritage Homes Corp. | 0.63% |
| SPX Technologies, Inc. | 0.63% |
| SPS Commerce, Inc. | 0.62% |
| Jackson Financial, Inc., Class A | 0.56% |
| Glaukos Corp. | 0.55% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund's classification changed from non-diversified to diversified, and therefore the Fund is now required to meet certain diversification requirements under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap 600 Revenue ETF
RWJ | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap 600 Revenue ETF | $42 | 0.39% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's underweight exposure towards financials created slight underperformance to the benchmark.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.62%, differed from the return of the Index, 17.02%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the communication services and consumer discretionary sectors, respectively.
Positions | Lumen Technologies, Inc., a communication services company and World Kinect Corp., an energy company.
What detracted from performance?
Sector Allocations | Consumer staples sector.
Positions | United Natural Foods, Inc., a consumer staples company and Kohl's Corp., a consumer discretionary company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap 600 Revenue ETF — NAV Return | 16.62% | 19.37% | 10.38% |
| Invesco S&P SmallCap 600 Revenue ETF — Market Price Return | 16.51% | 19.36% | 10.38% |
| S&P SmallCap 600® Revenue-Weighted Index | 17.02% | 19.61% | 10.71% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Revenue-Weighted Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P SmallCap 600 Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P SmallCap 600 Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,600,643,605 |
| Total number of portfolio holdings | 602 |
| Total advisory fees paid | $5,585,381 |
| Portfolio turnover rate | 46% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Lumen Technologies, Inc. | 4.42% |
| World Kinect Corp. | 3.51% |
| United Natural Foods, Inc. | 2.34% |
| Group 1 Automotive, Inc. | 1.52% |
| EchoStar Corp., Class A | 1.47% |
| Lincoln National Corp. | 1.19% |
| Asbury Automotive Group, Inc. | 1.11% |
| DXC Technology Co. | 1.07% |
| Sonic Automotive, Inc., Class A | 1.07% |
| Kohl's Corp. | 1.05% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Consumer Discretionary ETF
PSCD | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Consumer Discretionary ETF | $32 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the consumer discretionary sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 17.66%, differed from the return of the Index, 17.98%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Specialty retail industry, followed by the household durables and diversified consumer services industries, respectively.
Positions | Abercrombie & Fitch Co., Class A, a specialty retail company (no longer held at fiscal year-end) and Meritage Homes Corp., a household durables company.
What detracted from performance?
Industry Allocations | Hotels restaurants & leisure industry, followed by the automobile components and leisure products industries, respectively.
Positions | Advance Auto Parts, Inc., a specialty retail company, and Newell Brands, Inc., a household durables company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Consumer Discretionary ETF — NAV Return | 17.66% | 14.56% | 9.86% |
| Invesco S&P SmallCap Consumer Discretionary ETF — Market Price Return | 17.51% | 14.53% | 9.85% |
| S&P SmallCap 600® Capped Consumer Discretionary Index | 17.98% | 14.67% | 10.01% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $25,684,982 |
| Total number of portfolio holdings | 86 |
| Total advisory fees paid | $93,131 |
| Portfolio turnover rate | 22% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Meritage Homes Corp. | 4.14% |
| V.F. Corp. | 3.46% |
| Installed Building Products, Inc. | 3.00% |
| Group 1 Automotive, Inc. | 2.86% |
| Asbury Automotive Group, Inc. | 2.85% |
| M/I Homes, Inc. | 2.54% |
| Tri Pointe Homes, Inc. | 2.42% |
| Academy Sports & Outdoors, Inc. | 2.35% |
| Boot Barn Holdings, Inc. | 2.34% |
| Six Flags Entertainment Corp. | 2.34% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Consumer Staples ETF
PSCC | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Consumer Staples ETF | $30 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the consumer staples sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 3.47%, differed from the return of the Index, 3.62%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Food products industry, followed by the tobacco and household products industries, respectively.
Positions | Cal-Maine Foods, Inc., a food products company, and e.l.f. Beauty, Inc., a personal care products company (no longer held at fiscal year-end).
What detracted from performance?
Industry Allocations | Personal care products industry, followed by the beverages industry.
Positions | Nu Skin Enterprises, Inc., Class A, a personal care products company, and Medifast, Inc., a personal care products company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Consumer Staples ETF — NAV Return | 3.47% | 11.42% | 10.03% |
| Invesco S&P SmallCap Consumer Staples ETF — Market Price Return | 3.48% | 11.47% | 10.03% |
| S&P SmallCap 600® Capped Consumer Staples Index | 3.62% | 11.64% | 10.31% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $55,017,748 |
| Total number of portfolio holdings | 32 |
| Total advisory fees paid | $222,680 |
| Portfolio turnover rate | 26% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| WD-40 Co. | 8.16% |
| Cal-Maine Foods, Inc. | 6.71% |
| Simply Good Foods Co. (The) | 6.58% |
| J&J Snack Foods Corp. | 6.04% |
| PriceSmart, Inc. | 5.16% |
| Inter Parfums, Inc. | 4.87% |
| Energizer Holdings, Inc. | 4.75% |
| Vector Group Ltd. | 4.68% |
| TreeHouse Foods, Inc. | 4.59% |
| Edgewell Personal Care Co. | 4.34% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Energy ETF
PSCE | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Energy ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Energy ETF | $28 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the energy sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (4.60)%, differed from the return of the Index, (4.31)%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Metals & mining industry.
Positions | Archrock Inc., an energy equipment & services company, and SM Energy Co., an oil, gas & consumable fuels company.
What detracted from performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the energy equipment & services industry.
Positions | Patterson-UTI Energy, Inc., an energy equipment & services company and Green Plains Inc., an oil, gas & consumable fuels company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Energy ETF — NAV Return | (4.60)% | 10.12% | (13.65)% |
| Invesco S&P SmallCap Energy ETF — Market Price Return | (4.61)% | 10.07% | (13.66)% |
| S&P SmallCap 600® Capped Energy Index | (4.31)% | 10.40% | (13.44)% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $94,249,707 |
| Total number of portfolio holdings | 31 |
| Total advisory fees paid | $610,974 |
| Portfolio turnover rate | 62% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| SM Energy Co. | 8.54% |
| Magnolia Oil & Gas Corp., Class A | 7.54% |
| Tidewater, Inc. | 7.01% |
| Cactus, Inc., Class A | 6.36% |
| Northern Oil and Gas, Inc. | 5.93% |
| Helmerich & Payne, Inc. | 5.24% |
| Archrock, Inc. | 5.11% |
| California Resources Corp. | 4.74% |
| Oceaneering International, Inc. | 4.64% |
| CONSOL Energy, Inc. | 4.59% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Financials ETF
PSCF | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Financials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Financials ETF | $33 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the financials sector, which outperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 28.61%, differed from the return of the Index, 28.80%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Banks industry, followed by the financial services and insurance industries, respectively.
Positions | Jackson Financial Inc., Class A, a financial services company, and Mr. Cooper Group, Inc., a financial services company.
What detracted from performance?
Industry Allocations | Real estate management & development industry, followed by the mortgage REITs industry.
Positions | B. Riley Financial, Inc., a capital markets company, and eXp World Holdings, Inc., a real estate management & development company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Financials ETF — NAV Return | 28.61% | 4.57% | 6.84% |
| Invesco S&P SmallCap Financials ETF — Market Price Return | 28.62% | 4.59% | 6.83% |
| S&P SmallCap 600® Capped Financials & Real Estate Index | 28.80% | 4.77% | 7.07% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $20,526,739 |
| Total number of portfolio holdings | 173 |
| Total advisory fees paid | $55,928 |
| Portfolio turnover rate | 21% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Comerica, Inc. | 2.13% |
| Jackson Financial, Inc., Class A | 1.72% |
| Mr. Cooper Group, Inc. | 1.71% |
| Essential Properties Realty Trust, Inc. | 1.57% |
| Lincoln National Corp. | 1.54% |
| Radian Group, Inc. | 1.53% |
| Moelis & Co., Class A | 1.32% |
| Phillips Edison & Co., Inc. | 1.27% |
| SL Green Realty Corp. | 1.22% |
| Piper Sandler Cos. | 1.19% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Health Care ETF
PSCH | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Health Care ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Health Care ETF | $31 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the health care sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 14.19%, differed from the return of the Index, 14.41%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Health care equipment & supplies industry, followed by the health care providers & services and biotechnology industries, respectively.
Positions | Cytokinetics, Inc., a biotechnology company (no longer held at fiscal year-end), and Ensign Group, Inc., a health care providers & services company.
What detracted from performance?
Industry Allocations | Health care technology industry, followed by the life sciences tools & services industry.
Positions | AMN Healthcare Services, Inc., a health care providers & services company, and CONMED Corp., a health care equipment & supplies company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Health Care ETF — NAV Return | 14.19% | 4.31% | 9.85% |
| Invesco S&P SmallCap Health Care ETF — Market Price Return | 14.22% | 4.30% | 9.84% |
| S&P SmallCap 600® Capped Health Care Index | 14.41% | 4.51% | 10.10% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $205,095,249 |
| Total number of portfolio holdings | 73 |
| Total advisory fees paid | $617,681 |
| Portfolio turnover rate | 32% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Ensign Group, Inc. (The) | 6.06% |
| Glaukos Corp. | 4.78% |
| Organon & Co. | 4.08% |
| Merit Medical Systems, Inc. | 3.98% |
| Krystal Biotech, Inc. | 3.44% |
| Alkermes PLC | 3.41% |
| RadNet, Inc. | 3.12% |
| Integer Holdings Corp. | 3.09% |
| Select Medical Holdings Corp. | 2.73% |
| Prestige Consumer Healthcare, Inc. | 2.64% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap High Dividend Low Volatility ETF
XSHD | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap High Dividend Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | $31 | 0.30% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment. The Fund's higher exposure to cyclicals contributed to the fund's underperformance against the benchmark for the period.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.39%, differed from the return of the Index, 5.77%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Real estate sector, followed by the utilities and health care sectors, respectively.
Positions | Highwoods Properties, Inc., a real estate company, and Cal-Maine Foods, Inc., a consumer staples company.
What detracted from performance?
Sector Allocations | Consumer discretionary sector, followed by the consumer staples and information technology sectors, respectively.
Positions | Medifast, Inc., a consumer staples company (no longer held at fiscal year-end) and Nu Skin Enterprises, Inc., Class A, a consumer staples company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(12/01/16) |
| Invesco S&P SmallCap High Dividend Low Volatility ETF — NAV Return | 5.39% | (1.07)% | (0.22)% |
| Invesco S&P SmallCap High Dividend Low Volatility ETF — Market Price Return | 5.38% | (1.02)% | (0.22)% |
| S&P SmallCap 600® Low Volatility High Dividend Index | 5.77% | (0.79)% | 0.09% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 14.55% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.13% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Low Volatility High Dividend Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $42,914,374 |
| Total number of portfolio holdings | 62 |
| Total advisory fees paid | $80,274 |
| Portfolio turnover rate | 79% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Blackstone Mortgage Trust, Inc., Class A | 3.14% |
| KKR Real Estate Finance Trust, Inc. | 3.13% |
| Two Harbors Investment Corp. | 3.09% |
| Vector Group Ltd. | 3.08% |
| Ellington Financial, Inc. | 3.06% |
| New York Mortgage Trust, Inc. | 3.04% |
| Kennedy-Wilson Holdings, Inc. | 3.04% |
| Apollo Commercial Real Estate Finance, Inc. | 2.96% |
| Global Net Lease, Inc. | 2.94% |
| ARMOUR Residential REIT, Inc. | 2.91% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Industrials ETF
PSCI | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Industrials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Industrials ETF | $33 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the industrials sector, which outperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 25.86%, differed from the return of the Index, 26.22%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Machinery industry, followed by the aerospace & defense and building products industries, respectively.
Positions | SPX Technologies, Inc., a machinery company, and Mueller Industries, Inc., a machinery company.
What detracted from performance?
Industry Allocations | Air freight & logistics industry.
Positions | Forward Air Corp., an air freight & logistics company, and Hillenbrand, Inc., a machinery company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Industrials ETF — NAV Return | 25.86% | 16.03% | 12.28% |
| Invesco S&P SmallCap Industrials ETF — Market Price Return | 25.83% | 16.00% | 12.29% |
| S&P SmallCap 600® Capped Industrials Index | 26.22% | 16.35% | 12.58% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $195,922,867 |
| Total number of portfolio holdings | 96 |
| Total advisory fees paid | $484,880 |
| Portfolio turnover rate | 29% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Mueller Industries, Inc. | 3.68% |
| SPX Technologies, Inc. | 3.36% |
| Robert Half, Inc. | 2.89% |
| Federal Signal Corp. | 2.57% |
| AeroVironment, Inc. | 2.54% |
| Moog, Inc., Class A | 2.53% |
| Armstrong World Industries, Inc. | 2.47% |
| Boise Cascade Co. | 2.38% |
| Dycom Industries, Inc. | 2.28% |
| Air Lease Corp., Class A | 2.14% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Information Technology ETF
PSCT | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Information Technology ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Information Technology ETF | $29 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the information technology sector, which underperformed the broader market within small-caps.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (0.10)%, differed from the return of the Index, 0.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Electronic manufacturing services industry, followed by the technology distributors and electronic equipment & instruments industries, respectively.
Positions | Fabrinet, an electronic equipment instruments & components company, and ACI Worldwide, Inc., a software company.
What detracted from performance?
Industry Allocations | Semiconductor materials & equipment industry, followed by the communications equipment and technology hardware storage & peripherals industries, respectively.
Positions | SolarEdge Technologies Inc., a semiconductors & semiconductor equipment company, and Axcelis Technologies, Inc., a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Information Technology ETF — NAV Return | (0.10)% | 11.64% | 12.01% |
| Invesco S&P SmallCap Information Technology ETF — Market Price Return | (0.19)% | 11.65% | 11.99% |
| S&P SmallCap 600® Capped Information Technology Index | 0.16% | 11.92% | 12.29% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $322,973,996 |
| Total number of portfolio holdings | 67 |
| Total advisory fees paid | $918,337 |
| Portfolio turnover rate | 34% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Fabrinet | 5.59% |
| SPS Commerce, Inc. | 4.70% |
| Badger Meter, Inc. | 3.86% |
| Insight Enterprises, Inc. | 3.82% |
| ACI Worldwide, Inc. | 3.37% |
| Box, Inc., Class A | 2.99% |
| Itron, Inc. | 2.98% |
| Marathon Digital Holdings, Inc. | 2.90% |
| Advanced Energy Industries, Inc. | 2.52% |
| Sanmina Corp. | 2.44% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Low Volatility ETF
XSLV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Low Volatility ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Low Volatility ETF | $27 | 0.25% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 19.11%, differed from the return of the Index, 19.45%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Financials sector, followed by the real estate and industrials sectors, respectively.
Positions | CareTrust REIT, Inc., a real estate company, and Benchmark Electronics, Inc., an information technology company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | Communication services sector, followed by the energy sector.
Positions | Community Healthcare Trust, Inc., a real estate company (no longer held at fiscal year-end), and Barnes Group Inc., an industrials company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Low Volatility ETF — NAV Return | 19.11% | 2.72% | 6.79% |
| Invesco S&P SmallCap Low Volatility ETF — Market Price Return | 18.91% | 2.69% | 6.78% |
| S&P SmallCap 600® Low Volatility Index | 19.45% | 2.99% | 7.07% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Low Volatility Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $348,332,951 |
| Total number of portfolio holdings | 122 |
| Total advisory fees paid | $895,964 |
| Portfolio turnover rate | 76% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| CareTrust REIT, Inc. | 1.11% |
| LTC Properties, Inc. | 1.08% |
| Employers Holdings, Inc. | 1.06% |
| Essential Properties Realty Trust, Inc. | 1.04% |
| Safety Insurance Group, Inc. | 1.01% |
| Phillips Edison & Co., Inc. | 1.00% |
| Getty Realty Corp. | 1.00% |
| Ensign Group, Inc. (The) | 1.00% |
| Four Corners Property Trust, Inc. | 0.98% |
| Franklin Electric Co., Inc. | 0.98% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Materials ETF
PSCM | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Materials ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Materials ETF | $31 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the materials sector, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 16.01%, differed from the return of the Index, 16.34%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Metals & mining industry, followed by the chemicals and paper & forest products industries, respectively.
Positions | Carpenter Technology Corp., a metals & mining company, and ATI, Inc., a metals & mining company.
What detracted from performance?
Industry Allocations | Containers & packaging industry.
Positions | O-I Glass, Inc., a containers & packaging company, and Livent Corp. (no longer held at fiscal year-end), a chemicals company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Materials ETF — NAV Return | 16.01% | 15.34% | 6.31% |
| Invesco S&P SmallCap Materials ETF — Market Price Return | 15.94% | 15.33% | 6.30% |
| S&P SmallCap 600® Capped Materials Index | 16.34% | 15.54% | 6.54% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $18,131,157 |
| Total number of portfolio holdings | 35 |
| Total advisory fees paid | $47,343 |
| Portfolio turnover rate | 36% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| ATI, Inc. | 10.95% |
| Carpenter Technology Corp. | 9.89% |
| Balchem Corp. | 7.90% |
| Sealed Air Corp. | 7.01% |
| H.B. Fuller Co. | 6.43% |
| Sensient Technologies Corp. | 4.39% |
| Warrior Met Coal, Inc. | 4.07% |
| Innospec, Inc. | 3.99% |
| Sylvamo Corp. | 3.85% |
| Alpha Metallurgical Resources, Inc. | 3.81% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Quality ETF
XSHQ | Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Quality ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Quality ETF | $31 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. Because the Fund holds a large proportion of small-cap securities, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 15.78%, differed from the return of the Index, 16.14%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Sector Allocations | Industrials sector, followed by the financials and consumer discretionary sectors, respectively.
Positions | Mueller Industries, Inc., an industrials company, and Encore Wire Corp., an industrials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | Energy sector, followed by the communication services and health care sectors, respectively.
Positions | Extreme Networks, Inc., an information technology company (no longer held at fiscal year-end) and AMN Healthcare Services, Inc., a health care company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(04/06/17) |
| Invesco S&P SmallCap Quality ETF — NAV Return | 15.78% | 11.60% | 9.20% |
| Invesco S&P SmallCap Quality ETF — Market Price Return | 15.63% | 11.60% | 9.21% |
| S&P SmallCap 600® Quality Index | 16.14% | 11.93% | 9.57% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 14.09% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.16% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Quality Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $319,851,398 |
| Total number of portfolio holdings | 120 |
| Total advisory fees paid | $397,015 |
| Portfolio turnover rate | 86% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Mueller Industries, Inc. | 3.69% |
| Jackson Financial, Inc., Class A | 2.88% |
| Armstrong World Industries, Inc. | 2.31% |
| Alkermes PLC | 2.04% |
| Installed Building Products, Inc. | 2.03% |
| Badger Meter, Inc. | 1.99% |
| Artisan Partners Asset Management, Inc., Class A | 1.99% |
| Kontoor Brands, Inc. | 1.93% |
| Federal Signal Corp. | 1.78% |
| Lincoln National Corp. | 1.70% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P SmallCap Utilities & Communication Services ETF
PSCU | The Nasdaq Stock Market LLC
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P SmallCap Utilities & Communication Services ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P SmallCap Utilities & Communication Services ETF | $31 | 0.29% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, small-cap securities benefited from an environment of falling interest rates and stabilizing economic growth. While the Fund holds small-cap securities, it also focuses on the utilities and communication services sectors, which underperformed the broader market.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600® Capped Utilities & Communication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 11.65%, differed from the return of the Index, 11.96%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Diversified telecommunication services industry, followed by the entertainment and multi-utilities industries, respectively.
Positions | Lumen Technologies, Inc., a diversified telecommunication services company, and Cinemark Holdings, Inc., an entertainment company.
What detracted from performance?
Industry Allocations | Media industry, followed by the water utilities and wireless telecommunication services industries, respectively.
Positions | Yelp, Inc., an interactive media & services company, and Shenandoah Telecommunications Co., a diversified telecommunication services company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P SmallCap Utilities & Communication Services ETF — NAV Return | 11.65% | 3.72% | 7.59% |
| Invesco S&P SmallCap Utilities & Communication Services ETF — Market Price Return | 11.71% | 3.75% | 7.59% |
| S&P SmallCap 600® Capped Utilities & Communication Services Index | 11.96% | 4.01% | 7.85% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P SmallCap 600® Index | 17.31% | 10.75% | 9.35% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P SmallCap 600® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $19,157,349 |
| Total number of portfolio holdings | 36 |
| Total advisory fees paid | $46,195 |
| Portfolio turnover rate | 32% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Lumen Technologies, Inc. | 7.95% |
| IAC, Inc. | 5.50% |
| Otter Tail Corp. | 5.27% |
| Madison Square Garden Sports Corp., Class A | 5.21% |
| California Water Service Group | 4.77% |
| MGE Energy, Inc. | 4.68% |
| American States Water Co. | 4.52% |
| Avista Corp. | 4.51% |
| Cogent Communications Holdings, Inc. | 4.40% |
| Cinemark Holdings, Inc. | 4.36% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco S&P Ultra Dividend Revenue ETF
RDIV | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco S&P Ultra Dividend Revenue ETF | $45 | 0.39% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, U.S. large-cap equities benefited from investment themes levered to artificial intelligence technology and investor anticipation that slowing inflation would cause the Federal Reserve to ease monetary policy. The Fund holds stocks with high dividends and characteristics that benefited from a falling interest rate environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 900® Dividend Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 31.66%, differed from the return of the Index, 32.26%, primarily due to fees and expenses that the Fund incurred during the period, the effect of which was compounded during a period of high returns.
What contributed to performance?
Sector Allocations | Financials sector, followed by the utilities and consumer discretionary sectors, respectively.
Positions | PNC Financial Services Group, Inc., a financials company, and Citigroup Inc., a financials company (no longer held at fiscal year-end).
What detracted from performance?
Sector Allocations | Industrials sector.
Positions | 3M Co., an industrials company (no longer held at fiscal year-end) and Whirlpool Corp., a consumer discretionary company (no longer held at fiscal year-end).
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco S&P Ultra Dividend Revenue ETF — NAV Return | 31.66% | 11.77% | 10.08% |
| Invesco S&P Ultra Dividend Revenue ETF — Market Price Return | 31.60% | 11.75% | 10.08% |
| S&P 900® Dividend Revenue-Weighted Index | 32.26% | 12.09% | 10.55% |
| S&P Composite 1500® Index | 26.42% | 15.58% | 12.68% |
| S&P 900® Index | 26.65% | 15.70% | 12.77% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P 900® Index to the S&P Composite 1500® Index to reflect that the S&P Composite 1500® Index can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 24, 2019, Oppenheimer S&P Ultra Dividend Revenue ETF was reorganized into the Fund. Fund returns shown are blended returns of Oppenheimer S&P Ultra Dividend Revenue ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $823,939,496 |
| Total number of portfolio holdings | 62 |
| Total advisory fees paid | $2,879,691 |
| Portfolio turnover rate | 101% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Best Buy Co., Inc. | 5.43% |
| Bristol-Myers Squibb Co. | 5.31% |
| Philip Morris International, Inc. | 5.25% |
| U.S. Bancorp | 5.01% |
| Duke Energy Corp. | 4.98% |
| PNC Financial Services Group, Inc. (The) | 4.95% |
| LyondellBasell Industries N.V., Class A | 4.92% |
| Kraft Heinz Co. (The) | 4.80% |
| Prudential Financial, Inc. | 4.66% |
| Ford Motor Co. | 3.89% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Senior Loan ETF
BKLN | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Senior Loan ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Senior Loan ETF | $66 | 0.63%† |
| † | | | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the senior loan market benefited from a continuation of the historically elevated base rates, along with a relatively low credit default environment. Because the Fund holds the vast majority of its portfolio in senior loans, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.99%, differed from the return of the Index, 9.71%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Electronics & electrical industry, followed by the business equipment & services and food service industries, respectively.
Positions | Whatabrands LLC, Term Loan B, due 8/3/2028, a food service company, followed by Zayo Group Holdings, Inc., Term Loan, due 3/9/2027, a telecommunications company.
What detracted from performance?
Industry Allocations | No industries detracted from the Fund's performance during the period.
Positions | McAfee LLC, Term Loan B, due 3/1/2029, an electronics & electrical company, followed by SFR-Numericable (YPSO, Altice France), Term Loan B-14, due 8/15/28, a cable & satellite television company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Senior Loan ETF — NAV Return | 8.99% | 4.17% | 3.30% |
| Invesco Senior Loan ETF — Market Price Return | 8.94% | 4.19% | 3.32% |
| Morningstar LSTA US Leveraged Loan 100 Index (USD) | 9.71% | 5.37% | 4.30% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| Morningstar LSTA US Leveraged Loan Index (USD) | 9.86% | 5.69% | 4.72% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the Morningstar LSTA US Leveraged Loan Index (USD) to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $6,766,935,643 |
| Total number of portfolio holdings | 154 |
| Total advisory fees paid | $40,784,931 |
| Portfolio turnover rate | 199% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Ultimate Software Group, Inc., Term Loan B, 8.55%, 02/10/2031 | 1.86% |
| athenahealth Group, Inc., Term Loan, 8.50%, 02/15/2029 | 1.81% |
| Peraton Corp., First Lien Term Loan B, 9.10%, 02/01/2028 | 1.72% |
| Cloud Software Group, Inc., Term Loan B, 9.33%, 03/30/2029 | 1.67% |
| McAfee LLC, Term Loan B, 8.59%, 03/01/2029 | 1.57% |
| AssuredPartners, Inc., Term Loan, 8.75%, 02/14/2031 | 1.51% |
| Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B, 8.00%, 10/23/2028 | 1.43% |
| Micro Holding L.P., Term Loan, 9.50%, 05/03/2028 | 1.37% |
| AI Aqua Merger Sub, Inc., Term Loan B, 8.84%, 07/31/2028 | 1.36% |
| Bass Pro Group LLC, Term Loan B-2, 9.11%, 03/06/2028 | 1.36% |
| * Excluding money market fund holdings, if any. | |
Credit quality rating breakdown**
(% of net assets)
| Baa2 | 0.7% |
| Baa3 | 1.3% |
| Ba1 | 8.5% |
| Ba2 | 3.5% |
| Ba3 | 12.6% |
| B1 | 15.7% |
| B2 | 38.3% |
| B3 | 8.3% |
| Caa1 | 2.4% |
| Caa2 | 0.1% |
| NR | 3.2% |
| Money Market Funds Plus Other Assets Less Liabilities | 5.4% |
| ** Source: Moody's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to changes without notices. "NR" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody's rating methodology, please visit moodys.com and select "Methodologies & Frameworks" under "Ratings & Assessments" on the homepage. | |
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Short Term Treasury ETF
TBLL | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Short Term Treasury ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Short Term Treasury ETF | $8 | 0.08% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the U.S. Treasury bond market benefited from relatively lower short-term interest rates. As a Fund tracking U.S. Treasury bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 5.46%, differed from the return of the Index, 5.55%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Duration Allocations | Bonds with maturities of 1-2 months, followed by bonds with maturities of 3-4 months.
Positions | U.S. Treasury Bill, due 8/8/2024 (no longer held at fiscal year-end), followed by U.S. Treasury Note, 0.38% coupon, due 7/15/2024 (no longer held at fiscal year-end).
What detracted from performance?
Duration Allocations | Bonds with maturities of 11-12 months.
Positions | U.S. Treasury Note, 2.00% coupon, due 8/15/2025, followed by U.S. Treasury Note, 2.75% coupon, due 5/15/2025.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years | Since
Inception
(01/12/17) |
| Invesco Short Term Treasury ETF — NAV Return | 5.46% | 2.21% | 2.00% |
| Invesco Short Term Treasury ETF — Market Price Return | 5.42% | 2.21% | 2.00% |
| ICE U.S. Treasury Short Bond Index | 5.55% | 2.26% | 2.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.52% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the ICE U.S. Treasury Short Bond Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,807,700,315 |
| Total number of portfolio holdings | 72 |
| Total advisory fees paid | $1,271,786 |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| U.S. Treasury Bills, 4.56%-5.15%, 11/29/2024 | 3.05% |
| U.S. Treasury Bills, 5.01%-5.17%, 11/07/2024 | 2.79% |
| U.S. Treasury Bills, 4.67%-5.19%, 10/03/2024 | 2.62% |
| U.S. Treasury Bills, 4.76%-5.12%, 12/19/2024 | 2.40% |
| U.S. Treasury Bills, 4.94%-5.17%, 11/21/2024 | 2.34% |
| U.S. Treasury Bills, 4.95%-5.17%, 11/14/2024 | 2.32% |
| U.S. Treasury Bills, 4.30%-4.93%, 05/15/2025 | 2.27% |
| U.S. Treasury Bills, 4.61%-5.17%, 10/31/2024 | 2.23% |
| U.S. Treasury Bills, 5.04%-5.21%, 10/22/2024 | 2.13% |
| U.S. Treasury Bills, 4.70%-4.95%, 01/02/2025 | 1.98% |
| * Excluding money market fund holdings, if any. | |
Security type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Solar ETF
TAN | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Solar ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
This report describes changes to the Fund that occurred during the reporting period.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Solar ETF | $66 | 0.77% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, global solar energy companies struggled due to prolonged head winds from inflation and ongoing tariffs on Chinese solar companies. Additionally, global solar energy companies have been hampered by oversupply issues and headwinds from residential solar.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, (28.80)%, differed from the return of the Index, (28.41)%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Independent power and renewable electricity producers industry, followed by the financial services and construction & engineering industries, respectively.
Positions | First Solar, Inc., a semiconductors & semiconductor equipment company and Sunrun, Inc., an electrical equipment company.
What detracted from performance?
Industry Allocations | Semiconductors & semiconductor equipment industry, followed by the electrical equipment and chemicals industries, respectively.
Positions | SolarEdge Technologies, Inc., a semiconductors & semiconductor equipment company and Meyer Burger Technology AG, a semiconductors & semiconductor equipment company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Solar ETF — NAV Return | (28.80)% | 6.30% | 0.62% |
| Invesco Solar ETF — Market Price Return | (28.97)% | 6.35% | 0.65% |
| MAC Global Solar Energy Index (Net) | (28.41)% | 6.35% | (0.76)% |
| MSCI ACWI (Net) | 23.44% | 12.14% | 8.78% |
| MSCI World Growth Index (Net) | 27.21% | 15.58% | 12.18% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Growth Index (Net) to the MSCI ACWI (Net) to reflect that the MSCI ACWI (Net) can be considered more broadly representative of the overall applicable securities market.
- Effective after the close of business on May 18, 2018, Guggenheim Solar ETF was reorganized into the Fund. Fund returns shown are blended returns of Guggenheim Solar ETF and the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,013,270,503 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid | $6,262,123 |
| Portfolio turnover rate | 43% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Enphase Energy, Inc. | 10.82% |
| First Solar, Inc. | 9.26% |
| Sunrun, Inc. | 8.46% |
| Nextracker, Inc., Class A | 6.47% |
| GCL Technology Holdings Ltd. | 5.39% |
| Encavis AG | 4.35% |
| HA Sustainable Infrastructure Capital, Inc. | 3.74% |
| Xinyi Solar Holdings Ltd. | 3.73% |
| Neoen S.A. | 3.51% |
| Sunnova Energy International, Inc. | 3.16% |
| * Excluding money market fund holdings, if any. | |
Industry allocation
(% of net assets)
How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 983-0903.
The Fund added ESG investing strategy risk to its principal risks to reflect factors that were added to the Index's eligibility criteria.
The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Taxable Municipal Bond ETF
BAB | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Taxable Municipal Bond ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Taxable Municipal Bond ETF | $29 | 0.28% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the taxable municipal bond market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in taxable municipal bonds, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Taxable Municipal Securities Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 8.64%, differed from the return of the Index, 8.45%, primarily due to positive effects of the sampling approach employed by the portfolio management team, which were partially offset by fees and expenses that the Fund incurred during the period.
What contributed to performance?
State Allocations | California bonds, followed by New York bonds.
Positions | California (State of), 7.55% coupon, due 4/1/2039, followed by Golden State Tobacco Securitization Corp., 3.12% coupon, due 6/1/2038.
What detracted from performance?
State Allocations | Virgin Islands bonds.
Positions | New York (State of) Dormitory Authority, 3.19% coupon, due 2/15/2043, followed by Fulton (County of), GA Development Authority (Georgia Tech Foundation), 3.13% coupon, due 11/1/2049.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Taxable Municipal Bond ETF — NAV Return | 8.64% | (0.43)% | 2.86% |
| Invesco Taxable Municipal Bond ETF — Market Price Return | 8.80% | (0.47)% | 2.85% |
| Blended - ICE BofA US Taxable Municipal Securities Plus Index | 8.45% | 0.05% | 3.06% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| ICE BofA U.S. Corporate Master Index | 9.48% | 0.84% | 2.66% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the ICE BofA U.S. Corporate Master Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE BofA US Taxable Municipal Securities Plus Index performance is comprised of the performance of the ICE BofA Build America Bond Index, the former underlying index, through May 31, 2017, followed by the performance of the Index thereafter.
- Prior to July 1, 2022, Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, Index returns reflect no deduction for taxes, but include transaction costs (as determined and calculated by the index provider), which may be higher or lower than the actual costs incurred by the Fund.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,192,615,279 |
| Total number of portfolio holdings | 636 |
| Total advisory fees paid | $3,871,637 |
| Portfolio turnover rate | 4% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings
(% of net assets)
| California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 | 1.75% |
| Illinois (State of), Series 2010 2, GO Bonds, 6.90%, 03/01/2035 | 0.85% |
| California (State of), Series 2009, GO Bonds, 7.35%, 11/01/2039 | 0.84% |
| Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB, 4.64%, 08/15/2030 | 0.84% |
| University of California, Series 2019 BD, RB, 3.35%, 07/01/2029 | 0.81% |
| Metro, Series 2019, GO Bonds, 3.25%, 06/01/2028 | 0.81% |
| New York (City of), NY, Subseries 2019 A-2, GO Bonds, 2.63%, 08/01/2028 | 0.79% |
| California (State of), Series 2010, GO Bonds, 7.60%, 11/01/2040 | 0.77% |
| Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB, 3.60%, 12/01/2035 | 0.76% |
| New York (City of), NY, Series 2010 G-1, GO Bonds, 5.97%, 03/01/2036 | 0.75% |
Revenue type allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Invesco Variable Rate Preferred ETF
VRP | NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT | August 31, 2024
This annual shareholder report contains important information about Invesco Variable Rate Preferred ETF (the “Fund”) for the period September 1, 2023 to August 31, 2024. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.
What Were The Fund Costs For The Last Year?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| Invesco Variable Rate Preferred ETF | $53 | 0.50% |
How Did The Fund Perform During The Period?
• During the fiscal year ended August 31, 2024, the preferred stock market benefited from relatively lower longer-term interest rates and tightening credit spreads. Because the Fund holds the vast majority of its portfolio in preferred stocks, it benefited from this broader market environment.
• The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Variable Rate Preferred & Hybrid Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index, as well as American depositary receipts ("ADRs") that represent securities in the Index.
• For the fiscal year ended August 31, 2024, the Fund's performance, on a net asset value ("NAV") basis, 13.79%, differed from the return of the Index, 14.16%, primarily due to fees and expenses that the Fund incurred during the period.
What contributed to performance?
Industry Allocations | Oil, gas & consumable fuels industry, followed by the electric utilities industry.
Positions | Wells Fargo & Co., Series BB, 3.90%, a banks company, followed by Charles Schwab Corp. (The), Series I, 4.00%, a capital markets company.
What detracted from performance?
Industry Allocations | Insurance industry, followed by the financial services industry.
Positions | New York Community Bancorp, Inc., Series A, Pfd., 6.38%, a banks company, followed by Enstar Group Ltd., Series D, Pfd., 7.00%, an insurance company.
How Has The Fund Historically Performed?
Growth of $10,000 Investment
AVERAGE ANNUAL TOTAL RETURNS |
1 Year |
5 Years |
10 Years |
| Invesco Variable Rate Preferred ETF — NAV Return | 13.79% | 4.37% | 4.77% |
| Invesco Variable Rate Preferred ETF — Market Price Return | 14.11% | 4.39% | 4.79% |
| Blended - ICE Variable Rate Preferred & Hybrid Securities Index | 14.16% | 4.67% | 5.05% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.04)% | 1.64% |
| S&P U.S. Preferred Stock Index | 14.00% | 3.23% | 4.29% |
The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ETFs for more recent performance information.
Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.
Notes Regarding Indexes and Fund Performance History:
- Effective August 31, 2024, the Fund changed its broad-based securities market benchmark from the S&P U.S. Preferred Stock Index to the Bloomberg U.S. Aggregate Bond Index to reflect that the Bloomberg U.S. Aggregate Bond Index can be considered more broadly representative of the overall applicable securities market.
- The Blended—ICE Variable Rate Preferred & Hybrid Securities Index performance is comprised of the performance of the WeIls Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index, the former underlying index, through June 30, 2021, followed by the performance of the Index thereafter.
What Are Key Statistics About The Fund?
(as of August 31, 2024)
| Fund net assets | $1,740,628,215 |
| Total number of portfolio holdings | 310 |
| Total advisory fees paid | $7,840,316 |
| Portfolio turnover rate | 16% |
What Comprised The Fund's Holdings?
(as of August 31, 2024)
Top ten holdings*
(% of net assets)
| Wells Fargo & Co., Series BB, 3.90% | 1.50% |
| JPMorgan Chase & Co., Series HH, 4.60% | 1.31% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.17% |
| Citigroup Capital XIII, Pfd., 11.89% | 1.17% |
| BP Capital Markets PLC, 4.88% | 1.08% |
| Charles Schwab Corp. (The), Series G, 5.38% | 1.07% |
| Goldman Sachs Group, Inc. (The), Series X, 7.50% | 1.04% |
| Bank of America Corp., Series FF, 5.88% | 0.99% |
| Citigroup, Inc., Series X, 3.88% | 0.97% |
| Vodafone Group PLC, 7.00%, 04/04/2079 | 0.92% |
| * Excluding money market fund holdings, if any. | |
Sector allocation
(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
Item 2. Code of Ethics
The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. Administration of the Code was transferred from the Chief Legal Officer to the Chief Compliance Officer during the reporting period. There were no waivers for the fiscal year ended August 31, 2024.
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 Act) 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.
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
| | | |
| Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2024 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2023 |
Audit Fees | $ 978,270 | $ 876,390 |
Audit-Related Fees(1) | $ 0 | $ 11,000 |
Tax Fees(2) | $ 723,600 | $ 763,800 |
All Other Fees | $ 0 | $ 0 |
Total Fees | $ 1,701,870 | $ 1,651,190 |
(1) | Audit-Related Fees for the fiscal year ended August 31, 2023 includes fees billed for reviewing regulatory filings. |
(2) | Tax Fees for the fiscal years ended August 31, 2024 and 2023 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. |
Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.
| Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2024 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non-Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee |
Audit-Related Fees(1) | $ 1,121,000 | $ 957,000 |
Tax Fees | $ 0 | $ 0 |
All Other Fees | $ 0 | $ 0 |
Total Fees | $ 1,121,000 | $ 957,000 |
(1) | Audit-Related Fees for the fiscal years ended 2024 and 2023 include fees billed related to reviewing controls at a service organization. |
(e)(1)Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-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 and Non-Audit Services |
Relevant Law and Other Sources | Sarbanes-Oxley Act of 2002; Regulation S-X. |
Last Reviewed by Compliance for Accuracy | June 15, 2018 |
Effective Date | June 26, 2009 |
Amended Dates | March 12, 2015 and June 15, 2018 |
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 Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-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 for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-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 previously pre-approved services.
The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-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 general pre-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 specific pre-approval for non-prohibited services. All such delegated pre-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 specific pre-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 specific pre-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 specific pre-approval of any non-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 Committee pre-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 may pre-approve non-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 specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-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 and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-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 general pre-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 general pre-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 the pre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specific pre-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 section 2-01(f)(14) of Regulation S-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.
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-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, or contribution-in-kind reports |
| • | | Actuarial services |
| • | | Internal audit outsourcing services |
Categorically Prohibited Non-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 were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,608,000 for the fiscal year ended August 31, 2024 and $ 6,721,000 for the fiscal year ended August 31, 2023 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,452,600 for the fiscal year ended August 31, 2024 and $8,441,800 for the fiscal year ended August 31, 2023. |
(h) | With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-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 by Rule 2-01(f)(14) of Regulation S-X, of approximately $34 million and non-audit services of approximately $26 million for the fiscal year ended 2024. The Audit Committee considered this information in evaluating PwC’s independence. |
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. Investments.
(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Annual Financial Statements and Other Information
August 31, 2024
| PWZ | Invesco California AMT-Free Municipal Bond ETF |
| PCEF | Invesco CEF Income Composite ETF |
| GOVI | Invesco Equal Weight 0-30 Year Treasury ETF |
| PVI | Invesco Floating Rate Municipal Income ETF |
| PHB | Invesco Fundamental High Yield® Corporate Bond ETF |
| PFIG | Invesco Fundamental Investment Grade Corporate Bond ETF |
| PZA | Invesco National AMT-Free Municipal Bond ETF |
| PZT | Invesco New York AMT-Free Municipal Bond ETF |
| PGX | Invesco Preferred ETF |
| TBLL | Invesco Short Term Treasury ETF |
| BAB | Invesco Taxable Municipal Bond ETF |
| VRP | Invesco Variable Rate Preferred ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 15 |
| 18 |
| 20 |
| 22 |
| 28 |
| 41 |
| 92 |
| 100 |
| 105 |
| 106 |
| 122 |
| 128 |
| 130 |
| 132 |
| 136 |
| 145 |
| 160 |
| 161 |
| 162 |
| 169 |
Invesco California AMT-Free Municipal Bond ETF (PWZ)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.20% | | | | | | | | |
| California-98.20% | | | | | | | | |
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2052 | | $ | 1,000 | | $ 1,078,097 |
Alameda (County of), CA Transportation Commission, Series 2022, RB
| 5.00% | | 03/01/2045 | | | 750 | | 834,648 |
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
| 5.00% | | 08/01/2049 | | | 55 | | 61,613 |
Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds
| 4.00% | | 08/01/2052 | | | 225 | | 222,298 |
Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)(a)
| 5.00% | | 08/01/2052 | | | 1,500 | | 1,669,237 |
Bay Area Toll Authority, Series 2024 F-2, RB
| 5.00% | | 04/01/2043 | | | 5 | | 5,551 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
| 4.00% | | 04/01/2042 | | | 1,000 | | 1,003,698 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB
| 4.00% | | 04/01/2047 | | | 1,300 | | 1,291,068 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB
| 2.60% | | 04/01/2056 | | | 3,600 | | 2,471,187 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2054 | | | 1,000 | | 1,098,395 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.25% | | 04/01/2054 | | | 500 | | 560,285 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-2, RB
| 4.13% | | 04/01/2054 | | | 1,200 | | 1,203,053 |
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2049 | | | 220 | | 227,450 |
Burbank (City of), CA, Series 2023, RB
| 5.00% | | 06/01/2048 | | | 520 | | 564,978 |
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
| 4.00% | | 07/01/2054 | | | 830 | | 808,349 |
California (State of), Series 2013, GO Bonds
| 4.00% | | 04/01/2043 | | | 105 | | 103,280 |
California (State of), Series 2014, GO Bonds(b)(c)
| 5.00% | | 12/04/2024 | | | 305 | | 305,537 |
California (State of), Series 2014, GO Bonds(b)
| 5.00% | | 10/01/2044 | | | 2,030 | | 2,031,834 |
California (State of), Series 2014, Ref. GO Bonds
| 4.00% | | 11/01/2044 | | | 1,500 | | 1,474,180 |
California (State of), Series 2015, GO Bonds
| 4.00% | | 03/01/2045 | | | 195 | | 191,503 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 03/01/2045 | | | 2,000 | | 2,018,926 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 08/01/2045 | | | 2,100 | | 2,136,010 |
California (State of), Series 2016, GO Bonds
| 4.00% | | 09/01/2045 | | | 1,250 | | 1,228,960 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2045 | | | 1,100 | | 1,134,078 |
California (State of), Series 2016, GO Bonds
| 3.00% | | 09/01/2046 | | | 530 | | 442,004 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2046 | | | 900 | | 927,184 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 08/01/2046 | | | 1,000 | | 1,028,954 |
California (State of), Series 2017, GO Bonds
| 5.00% | | 11/01/2047 | | | 2,370 | | 2,468,334 |
California (State of), Series 2018, GO Bonds
| 4.00% | | 10/01/2039 | | | 70 | | 69,643 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2047 | | | 1,720 | | 1,760,871 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 04/01/2049 | | | 1,200 | | 1,270,667 |
California (State of), Series 2019, Ref. GO Bonds
| 4.00% | | 10/01/2039 | | | 1,000 | | 1,024,209 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 11/01/2039 | | | 1,100 | | 1,175,401 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 11/01/2041 | | | 140 | | 122,983 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2041 | | | 1,000 | | 985,105 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2045 | | | 175 | | 171,790 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2046 | | | 1,400 | | 1,168,214 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2046 | | | 1,260 | | 1,266,776 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2046 | | | 165 | | 165,887 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2050 | | | 400 | | 325,683 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2050 | | | 2,890 | | 2,353,059 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2050 | | | 25 | | 25,020 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 11/01/2050 | | | 1,050 | | 852,726 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2040 | | | 1,000 | | 1,023,566 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 11/01/2040 | | | 175 | | 179,566 |
California (State of), Series 2021, GO Bonds
| 4.00% | | 10/01/2039 | | | 990 | | 1,023,821 |
California (State of), Series 2021, GO Bonds
| 2.38% | | 12/01/2043 | | | 500 | | 367,660 |
California (State of), Series 2021, GO Bonds
| 3.00% | | 12/01/2043 | | | 400 | | 342,658 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2043 | | | 1,200 | | 1,308,771 |
California (State of), Series 2021, GO Bonds
| 3.00% | | 12/01/2046 | | | 750 | | 623,733 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2046 | | | 500 | | 541,999 |
California (State of), Series 2021, GO Bonds
| 2.50% | | 12/01/2049 | | | 550 | | 378,461 |
California (State of), Series 2021, GO Bonds
| 3.00% | | 12/01/2049 | | | 225 | | 183,736 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2041 | | | 2,445 | | 2,712,134 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2021, Ref. GO Bonds
| 4.00% | | 10/01/2041 | | $ | 1,500 | | $ 1,535,575 |
California (State of), Series 2022 CU, GO Bonds
| 4.75% | | 12/01/2042 | | | 3,000 | | 3,140,450 |
California (State of), Series 2022 CU, GO Bonds
| 4.85% | | 12/01/2046 | | | 700 | | 738,757 |
California (State of), Series 2022 CU, GO Bonds
| 5.50% | | 12/01/2052 | | | 865 | | 950,596 |
California (State of), Series 2022, GO Bonds
| 5.00% | | 04/01/2047 | | | 1,100 | | 1,206,816 |
California (State of), Series 2022, GO Bonds
| 5.25% | | 09/01/2047 | | | 1,350 | | 1,515,709 |
California (State of), Series 2022, GO Bonds
| 4.00% | | 04/01/2049 | | | 1,900 | | 1,903,315 |
California (State of), Series 2022, GO Bonds
| 3.00% | | 04/01/2052 | | | 2,245 | | 1,814,967 |
California (State of), Series 2022, Ref. GO Bonds
| 4.00% | | 04/01/2042 | | | 1,700 | | 1,736,567 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2042 | | | 2,320 | | 2,432,952 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2042 | | | 1,045 | | 1,163,083 |
California (State of), Series 2022, Ref. GO Bonds
| 4.00% | | 09/01/2042 | | | 2,600 | | 2,658,636 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2042 | | | 3,000 | | 3,355,384 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2042 | | | 300 | | 315,670 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2042 | | | 125 | | 140,072 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2045 | | | 1,600 | | 1,782,676 |
California (State of), Series 2023, GO Bonds
| 5.25% | | 10/01/2045 | | | 2,100 | | 2,386,803 |
California (State of), Series 2023, GO Bonds
| 4.00% | | 10/01/2050 | | | 1,900 | | 1,902,227 |
California (State of), Series 2023, GO Bonds
| 5.25% | | 10/01/2050 | | | 1,600 | | 1,797,896 |
California (State of), Series 2023, GO Bonds
| 5.25% | | 09/01/2053 | | | 3,200 | | 3,596,441 |
California (State of), Series 2023, Ref. GO Bonds
| 4.00% | | 10/01/2042 | | | 2,500 | | 2,559,834 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2042 | | | 1,200 | | 1,283,782 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2042 | | | 2,065 | | 2,325,038 |
California (State of), Series 2023, Ref. GO Bonds
| 4.00% | | 09/01/2043 | | | 3,615 | | 3,684,310 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2043 | | | 2,000 | | 2,249,998 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2044 | | | 510 | | 576,347 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2044 | | | 2,000 | | 2,260,185 |
California (State of), Series 2024, GO Bonds
| 4.00% | | 09/01/2047 | | | 600 | | 604,343 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2048 | | | 2,625 | | 2,926,147 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2053 | | | 1,095 | | 1,210,529 |
California (State of), Series 2024, GO Bonds(d)
| 5.25% | | 08/01/2054 | | | 100 | | 113,258 |
California (State of), Series 2024, Ref. GO Bonds
| 5.00% | | 09/01/2043 | | | 2,620 | | 2,962,969 |
California (State of) Educational Facilities Authority (Art Center College of Design), Series 2018 A, Ref. RB
| 5.00% | | 12/01/2044 | | | 1,000 | | 1,028,147 |
California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB
| 5.00% | | 06/01/2043 | | | 3,000 | | 3,724,369 |
California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB
| 5.00% | | 05/01/2045 | | | 3,200 | | 3,976,828 |
California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB
| 5.00% | | 06/01/2046 | | | 1,900 | | 2,364,365 |
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
| 5.00% | | 05/01/2049 | | | 4,300 | | 5,340,880 |
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
| 5.00% | | 04/01/2051 | | | 2,000 | | 2,483,042 |
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB
| 2.25% | | 04/01/2051 | | | 400 | | 261,437 |
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB
| 5.00% | | 10/01/2053 | | | 1,000 | | 1,036,732 |
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
| 5.25% | | 11/01/2049 | | | 800 | | 907,619 |
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
| 5.25% | | 11/01/2054 | | | 1,250 | | 1,406,808 |
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB
| 5.50% | | 11/01/2059 | | | 1,400 | | 1,604,964 |
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB
| 4.00% | | 03/01/2043 | | | 230 | | 216,026 |
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB
| 5.00% | | 08/15/2041 | | | 1,000 | | 1,104,896 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2040 | | | 715 | | 734,207 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2051 | | | 1,515 | | 1,631,580 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB
| 3.00% | | 08/15/2051 | | | 1,920 | | 1,536,329 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 3.25% | | 08/15/2039 | | $ | 1,000 | | $ 950,758 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 4.00% | | 08/15/2039 | | | 1,825 | | 1,832,043 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2048 | | | 4,330 | | 4,331,401 |
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB
| 5.00% | | 08/15/2042 | | | 700 | | 720,423 |
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
| 5.00% | | 11/15/2049 | | | 1,900 | | 1,930,425 |
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
| 4.00% | | 04/01/2044 | | | 1,000 | | 969,562 |
California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB
| 4.00% | | 04/01/2049 | | | 1,100 | | 1,055,115 |
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
| 4.00% | | 02/01/2042 | | | 25 | | 25,176 |
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
| 5.00% | | 02/01/2047 | | | 525 | | 540,758 |
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
| 4.00% | | 11/01/2044 | | | 6,965 | | 6,888,263 |
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
| 5.00% | | 11/01/2047 | | | 6,000 | | 7,282,054 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB
| 5.00% | | 08/15/2055 | | | 1,000 | | 1,014,188 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB
| 5.00% | | 11/15/2056 | | | 145 | | 149,865 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022, Ref. RB
| 4.00% | | 05/15/2051 | | | 1,700 | | 1,679,765 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. RB
| 4.00% | | 05/15/2046 | | | 500 | | 495,144 |
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
| 3.00% | | 06/01/2047 | | | 1,000 | | 834,181 |
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
| 4.00% | | 06/01/2050 | | | 1,000 | | 945,583 |
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB
| 5.00% | | 10/01/2044 | | | 1,200 | | 1,200,160 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 3.00% | | 10/01/2047 | | | 3,130 | | 2,554,001 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2047 | | | 335 | | 323,255 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016, Ref. RB
| 3.00% | | 10/01/2041 | | | 355 | | 312,307 |
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
| 5.00% | | 11/15/2041 | | | 1,000 | | 1,138,018 |
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
| 5.00% | | 11/15/2043 | | | 1,000 | | 1,126,548 |
California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB
| 5.00% | | 11/15/2044 | | | 1,005 | | 1,128,011 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 4.00% | | 11/15/2040 | | | 1,910 | | 1,918,420 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
| 4.00% | | 08/15/2050 | | | 1,100 | | 1,083,730 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
| 4.00% | | 11/15/2041 | | | 1,995 | | 1,966,101 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 4.00% | | 11/15/2048 | | | 1,175 | | 1,136,565 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB
| 5.00% | | 11/15/2048 | | | 40 | | 41,347 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 4.00% | | 11/15/2042 | | | 1,170 | | 1,163,432 |
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB
| 4.00% | | 11/01/2045 | | | 1,395 | | 1,371,343 |
California (State of) Infrastructure & Economic Development Bank (Adventist Health System), Series 2024 A, RB
| 5.25% | | 07/01/2054 | | | 955 | | 1,026,628 |
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
| 5.00% | | 08/01/2044 | | | 495 | | 529,072 |
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
| 5.00% | | 08/01/2049 | | | 1,250 | | 1,324,555 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
| 4.00% | | 10/01/2040 | | | 150 | | 158,111 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
| 4.00% | | 10/01/2047 | | $ | 500 | | $ 501,661 |
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
| 5.00% | | 10/01/2043 | | | 50 | | 52,480 |
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
| 3.00% | | 07/01/2050 | | | 2,000 | | 1,586,613 |
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
| 4.00% | | 07/01/2050 | | | 250 | | 240,881 |
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
| 5.00% | | 05/15/2042 | | | 60 | | 63,290 |
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
| 5.00% | | 05/15/2047 | | | 1,000 | | 1,047,792 |
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB
| 5.00% | | 05/15/2052 | | | 1,000 | | 1,044,588 |
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB
| 5.00% | | 05/15/2043 | | | 1,000 | | 1,035,634 |
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB
| 4.00% | | 03/01/2050 | | | 3,085 | | 2,575,564 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 4.00% | | 02/01/2042 | | | 1,000 | | 952,338 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 02/01/2047 | | | 1,000 | | 1,008,719 |
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,014,883 |
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
| 4.00% | | 05/15/2046 | | | 500 | | 492,814 |
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
| 3.00% | | 05/15/2051 | | | 1,000 | | 775,624 |
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)(a)
| 3.00% | | 05/15/2054 | | | 1,000 | | 755,111 |
California (State of) Municipal Finance Authority (Humangood - California Obligated Group), Series 2021, RB
| 4.00% | | 10/01/2049 | | | 1,000 | | 931,995 |
California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates), Series 2019, RB, (INS - Cal-Mortgage)(a)
| 5.00% | | 01/01/2049 | | | 685 | | 717,426 |
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
| 5.25% | | 11/01/2041 | | | 610 | | 611,910 |
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
| 5.00% | | 11/01/2047 | | | 1,000 | | 1,000,987 |
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
| 5.25% | | 11/01/2047 | | | 500 | | 500,185 |
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
| 5.00% | | 06/01/2042 | | | 1,000 | | 1,033,785 |
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)(a)
| 5.25% | | 11/01/2052 | | | 1,900 | | 2,033,291 |
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB
| 5.00% | | 05/15/2049 | | | 1,000 | | 1,032,117 |
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB
| 5.00% | | 05/15/2052 | | | 1,000 | | 1,029,713 |
California (State of) Pollution Control Financing Authority (San Diego County Water Authority), Series 2019, Ref. RB(e)
| 5.00% | | 11/21/2045 | | | 1,000 | | 1,034,501 |
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
| 5.00% | | 07/15/2046 | | | 500 | | 550,249 |
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
| 4.00% | | 07/15/2051 | | | 1,000 | | 985,053 |
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2047 | | | 1,010 | | 988,329 |
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
| 5.00% | | 08/01/2047 | | | 55 | | 57,368 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 4.00% | | 11/01/2046 | | | 535 | | 538,615 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2046 | | | 850 | | 929,525 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
| 5.00% | | 04/01/2041 | | | 15 | | 17,103 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
| 5.00% | | 04/01/2042 | | | 155 | | 175,913 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
| 5.00% | | 04/01/2043 | | | 5 | | 5,651 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB
| 5.00% | | 04/01/2044 | | | 5 | | 5,629 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
| 5.00% | | 04/01/2045 | | | 1,000 | | 1,122,831 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
| 5.00% | | 04/01/2049 | | | 30 | | 33,344 |
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
| 4.00% | | 05/01/2046 | | | 950 | | 956,024 |
California (State of) Public Works Board (Various Correctional Facilities), Series 2014 A, RB
| 5.00% | | 09/01/2039 | | | 1,250 | | 1,252,552 |
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
| 4.00% | | 04/01/2045 | | | 1,000 | | 983,364 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
| 3.00% | | 04/01/2050 | | $ | 1,000 | | $ 791,144 |
California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGM)(a)
| 5.25% | | 08/15/2052 | | | 1,000 | | 1,082,693 |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB
| 5.00% | | 04/01/2047 | | | 300 | | 304,492 |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
| 3.00% | | 04/01/2046 | | | 1,250 | | 1,019,855 |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
| 4.00% | | 04/01/2051 | | | 300 | | 277,171 |
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB
| 4.00% | | 07/01/2048 | | | 1,000 | | 980,030 |
California (State of) Statewide Communities Development Authority (Jewish Home of San Francisco), Series 2016, RB, (INS - Cal-Mortgage)(a)
| 4.00% | | 11/01/2046 | | | 600 | | 597,789 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2046 | | | 650 | | 636,956 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2051 | | | 490 | | 470,995 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
| 5.00% | | 08/15/2051 | | | 1,000 | | 1,016,823 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
| 4.00% | | 12/01/2057 | | | 705 | | 667,368 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
| 5.00% | | 12/01/2057 | | | 275 | | 282,236 |
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB
| 4.00% | | 08/01/2045 | | | 1,000 | | 908,581 |
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
| 5.00% | | 01/01/2048 | | | 475 | | 494,521 |
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB
| 5.00% | | 05/15/2040 | | | 1,000 | | 1,015,652 |
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB
| 5.00% | | 05/15/2047 | | | 500 | | 507,679 |
California State University, Series 2015 A, Ref. RB
| 4.00% | | 11/01/2043 | | | 25 | | 25,012 |
California State University, Series 2015 A, Ref. RB
| 5.00% | | 11/01/2047 | | | 1,600 | | 1,623,604 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2041 | | | 1,610 | | 1,655,350 |
California State University, Series 2016 A, Ref. RB
| 4.00% | | 11/01/2045 | | | 1,000 | | 996,574 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2045 | | | 700 | | 716,894 |
California State University, Series 2018 A, Ref. RB
| 5.00% | | 11/01/2048 | | | 1,000 | | 1,057,252 |
California State University, Series 2019 A, RB
| 5.00% | | 11/01/2049 | | | 1,000 | | 1,064,571 |
California State University, Series 2020 C, RB
| 4.00% | | 11/01/2045 | | | 1,720 | | 1,725,936 |
California State University, Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 800 | | 911,908 |
California State University, Series 2023 A, RB
| 5.25% | | 11/01/2053 | | | 750 | | 848,080 |
Cerritos Community College District (Election of 2012), Series 2014 A, GO Bonds
| 4.00% | | 08/01/2044 | | | 100 | | 99,412 |
Cerritos Community College District (Election of 2012), Series 2019 C, GO Bonds
| 3.00% | | 08/01/2044 | | | 65 | | 55,422 |
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 1,090 | | 1,077,746 |
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
| 4.00% | | 06/01/2043 | | | 165 | | 167,021 |
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
| 5.00% | | 06/01/2048 | | | 1,000 | | 1,052,851 |
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds
| 5.00% | | 08/01/2044 | | | 2,000 | | 2,013,174 |
Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds
| 4.00% | | 08/01/2052 | | | 175 | | 172,898 |
Chino Valley Unified School District, Series 2020 B, GO Bonds
| 5.00% | | 08/01/2055 | | | 1,000 | | 1,067,162 |
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds
| 4.00% | | 08/01/2055 | | | 2,835 | | 2,823,414 |
Coachella Valley Unified School District (Election of 2005), Series 2016 E, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2045 | | | 1,500 | | 1,498,144 |
College of the Sequoias Visalia Area Improvement District No. 2, Series 2024, GO Bonds
| 5.00% | | 08/01/2054 | | | 1,000 | | 1,104,123 |
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
| 4.00% | | 06/01/2049 | | | 115 | | 114,131 |
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds
| 4.00% | | 08/01/2039 | | | 100 | | 99,999 |
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
| 4.00% | | 08/01/2049 | | | 1,450 | | 1,442,869 |
Desert Community College District, Series 2017, Ref. GO Bonds
| 4.00% | | 08/01/2039 | | | 940 | | 945,704 |
Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds
| 4.00% | | 08/01/2051 | | | 500 | | 493,295 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Desert Community College District (Election of 2016), Series 2024, GO Bonds
| 4.00% | | 08/01/2051 | | $ | 1,000 | | $ 989,815 |
Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds
| 4.13% | | 08/01/2049 | | | 1,000 | | 1,006,928 |
East Bay Municipal Utility District, Series 2024 A, RB
| 5.00% | | 06/01/2049 | | | 1,000 | | 1,118,280 |
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
| 5.00% | | 06/01/2042 | | | 500 | | 523,785 |
East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB
| 5.00% | | 06/01/2045 | | | 1,000 | | 1,043,949 |
East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB
| 5.00% | | 06/01/2049 | | | 5 | | 5,319 |
Eastern Municipal Water District Financing Authority, Series 2017 D, RB
| 5.00% | | 07/01/2047 | | | 1,000 | | 1,043,793 |
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
| 3.13% | | 02/01/2040 | | | 120 | | 106,701 |
Elk Grove Unified School District, Series 2023, RB, (INS - AGM)(a)
| 4.00% | | 12/01/2042 | | | 100 | | 102,217 |
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
| 4.00% | | 10/01/2044 | | | 975 | | 975,006 |
Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds
| 4.00% | | 10/01/2043 | | | 475 | | 473,085 |
Foothill-De Anza Community College District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2040 | | | 2,000 | | 2,001,896 |
Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB
| 4.00% | | 01/15/2046 | | | 1,500 | | 1,459,902 |
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
| 4.00% | | 01/15/2043 | | | 1,336 | | 1,319,351 |
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
| 3.95% | | 01/15/2053 | | | 2,000 | | 1,862,976 |
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-2, Ref. RB
| 3.50% | | 01/15/2053 | | | 1,500 | | 1,285,957 |
Fremont Union High School District, Series 2015, GO Bonds
| 4.00% | | 08/01/2044 | | | 1,000 | | 994,116 |
Fremont Union High School District, Series 2019 A, GO Bonds
| 4.00% | | 08/01/2046 | | | 3,110 | | 3,097,718 |
Fresno Unified School District, Series 2022 B, GO Bonds
| 4.00% | | 08/01/2052 | | | 2,000 | | 1,972,692 |
Fresno Unified School District, Series 2022 B, GO Bonds
| 4.00% | | 08/01/2055 | | | 500 | | 495,334 |
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
| 4.00% | | 04/01/2054 | | | 1,000 | | 979,708 |
Glendale Community College District, Series 2020 B, GO Bonds
| 3.00% | | 08/01/2047 | | | 300 | | 246,780 |
Glendale Community College District, Series 2020 B, GO Bonds
| 4.00% | | 08/01/2050 | | | 2,400 | | 2,376,024 |
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
| 5.00% | | 08/01/2044 | | | 1,000 | | 1,059,522 |
Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 120 | | 119,181 |
Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds
| 4.00% | | 08/01/2046 | | | 1,295 | | 1,289,886 |
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2050 | | | 1,000 | | 993,182 |
Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, (INS - AGM)(a)
| 5.00% | | 08/01/2054 | | | 300 | | 331,761 |
Imperial Irrigation District, Series 2016 B-1, RB
| 5.00% | | 11/01/2046 | | | 1,200 | | 1,234,908 |
Inland Valley Development Agency, Series 2014 A, Ref. RB
| 5.00% | | 09/01/2044 | | | 1,000 | | 1,003,600 |
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2044 | | | 1,000 | | 1,003,638 |
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), Series 2023, RB, (INS - BAM)(a)
| 5.25% | | 09/01/2053 | | | 370 | | 412,531 |
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), Series 2023, RB, (INS - BAM)(a)
| 4.00% | | 09/01/2058 | | | 550 | | 552,766 |
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
| 4.25% | | 05/01/2053 | | | 3,500 | | 3,506,487 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
| 5.25% | | 09/01/2053 | | | 500 | | 559,500 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
| 4.00% | | 09/01/2058 | | | 1,900 | | 1,860,857 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)(a)
| 5.00% | | 09/01/2048 | | | 1,000 | | 1,108,781 |
Jurupa Unified School District, Series 2017 B, GO Bonds
| 4.00% | | 08/01/2041 | | | 2,000 | | 2,010,029 |
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
| 4.00% | | 08/01/2046 | | | 20 | | 19,916 |
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
| 4.00% | | 08/01/2047 | | | 200 | | 199,228 |
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds
| 3.00% | | 08/01/2043 | | | 5,000 | | 4,285,361 |
Long Beach (City of), CA, Series 2017 C, Ref. RB
| 5.00% | | 05/15/2047 | | | 420 | | 433,262 |
Long Beach (City of), CA, Series 2019 A, RB
| 7.15% | | 05/15/2044 | | | 600 | | 641,563 |
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
| 5.00% | | 05/15/2040 | | | 500 | | 501,690 |
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB
| 5.00% | | 05/15/2045 | | | 500 | | 500,882 |
Long Beach (City of), CA Bond Finance Authority, Series 2023, RB
| 4.00% | | 08/01/2053 | | | 300 | | 294,755 |
Long Beach Community College District, Series 2019 C, GO Bonds
| 4.00% | | 08/01/2049 | | | 1,500 | | 1,476,386 |
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
| 3.00% | | 08/01/2050 | | | 100 | | 80,543 |
Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds
| 4.00% | | 08/01/2050 | | | 2,000 | | 1,986,364 |
Los Angeles (City of), CA, Series 2013 A, RB
| 5.00% | | 06/01/2043 | | | 1,860 | | 1,860,550 |
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
| 5.00% | | 06/01/2045 | | | 700 | | 707,369 |
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
| 5.25% | | 06/01/2047 | | | 700 | | 732,524 |
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
| 5.00% | | 06/01/2047 | | | 1,000 | | 1,101,917 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB
| 5.00% | | 05/15/2048 | | $ | 20 | | $ 21,231 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
| 5.00% | | 05/15/2044 | | | 610 | | 648,699 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB
| 5.00% | | 05/15/2049 | | | 1,000 | | 1,051,967 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB
| 5.00% | | 05/15/2040 | | | 1,185 | | 1,293,235 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB
| 4.00% | | 05/15/2040 | | | 645 | | 663,376 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/15/2045 | | | 925 | | 1,014,676 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/15/2048 | | | 600 | | 653,868 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
| 4.00% | | 05/15/2048 | | | 1,000 | | 994,642 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds), Series 2022 I, RB
| 5.00% | | 05/15/2048 | | | 600 | | 659,416 |
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB(b)(c)
| 5.00% | | 09/25/2024 | | | 30 | | 30,032 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,000 | | 1,022,722 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 2,200 | | 2,241,475 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 2,500 | | 2,546,478 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB
| 5.00% | | 07/01/2042 | | | 1,500 | | 1,531,579 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 2,700 | | 2,799,953 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,037,710 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 1,205 | | 1,247,299 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB
| 4.00% | | 07/01/2047 | | | 1,075 | | 1,064,149 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB
| 5.00% | | 07/01/2048 | | | 2,000 | | 2,085,381 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,285 | | 1,357,824 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2048 | | | 1,000 | | 1,048,682 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,000 | | 1,056,673 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2048 | | | 680 | | 713,104 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
| 5.00% | | 07/01/2042 | | | 40 | | 43,062 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB
| 5.00% | | 07/01/2049 | | | 1,000 | | 1,060,452 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2044 | | | 350 | | 375,106 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2049 | | | 2,235 | | 2,370,110 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 40 | | 43,907 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,210 | | 1,335,436 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2051 | | | 1,100 | | 1,186,839 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,000 | | 1,104,790 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,097,665 |
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
| 5.00% | | 07/01/2045 | | | 750 | | 822,510 |
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB
| 5.00% | | 07/01/2051 | | | 1,250 | | 1,355,575 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2046 | | | 560 | | 612,365 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2047 | | | 1,000 | | 1,102,748 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2052 | | | 1,000 | | 1,092,297 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2047 | | | 1,000 | | 1,098,338 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 4.00% | | 07/01/2049 | | | 965 | | 952,574 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 500 | | 559,338 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2042 | | | 500 | | 556,561 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,500 | | 1,676,019 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,000 | | 1,109,335 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2047 | | | 1,100 | | 1,214,609 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2052 | | | 1,200 | | 1,312,467 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.25% | | 07/01/2053 | | | 1,235 | | 1,389,503 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB
| 5.25% | | 07/01/2053 | | | 10 | | 11,175 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
| 5.00% | | 07/01/2053 | | | 750 | | 825,573 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 20 | | 22,613 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
| 5.00% | | 07/01/2044 | | | 20 | | 22,613 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
| 5.00% | | 07/01/2046 | | $ | 550 | | $ 617,460 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB
| 5.00% | | 07/01/2049 | | | 500 | | 557,004 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 1,030 | | 1,076,849 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2040 | | | 85 | | 89,172 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 07/01/2041 | | | 415 | | 434,579 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 1,200 | | 1,270,677 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)(c)
| 5.00% | | 12/01/2024 | | | 2,000 | | 2,006,704 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 4.00% | | 12/01/2040 | | | 585 | | 585,085 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 5.00% | | 12/01/2045 | | | 850 | | 863,135 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
| 5.00% | | 12/01/2044 | | | 200 | | 213,608 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB
| 5.00% | | 12/01/2049 | | | 1,095 | | 1,157,529 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
| 4.00% | | 12/01/2043 | | | 400 | | 405,517 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 12/01/2045 | | | 350 | | 380,212 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
| 3.00% | | 12/01/2050 | | | 585 | | 475,629 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
| 4.00% | | 12/01/2046 | | | 100 | | 100,575 |
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds
| 4.00% | | 08/01/2041 | | | 250 | | 252,284 |
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
| 3.00% | | 08/01/2039 | | | 3,800 | | 3,523,564 |
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
| 4.00% | | 08/01/2039 | | | 100 | | 100,494 |
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
| 5.00% | | 12/01/2043 | | | 1,000 | | 1,059,469 |
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, RB
| 4.00% | | 12/01/2048 | | | 1,025 | | 1,017,162 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2040 | | | 1,000 | | 1,022,943 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2044 | | | 100 | | 100,981 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 3.00% | | 07/01/2045 | | | 1,000 | | 844,814 |
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds
| 4.00% | | 07/01/2044 | | | 5,005 | | 5,054,117 |
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
| 5.25% | | 07/01/2040 | | | 10 | | 11,788 |
Los Angeles Unified School District, Series 2023 QRR, GO Bonds
| 5.25% | | 07/01/2048 | | | 1,030 | | 1,176,305 |
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
| 5.00% | | 07/01/2040 | | | 905 | | 916,198 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.25% | | 07/01/2042 | | | 965 | | 1,023,214 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.25% | | 07/01/2047 | | | 1,100 | | 1,245,780 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
| 5.00% | | 07/01/2041 | | | 15 | | 17,225 |
Los Rios Community College District, Series 2019 D, GO Bonds
| 3.00% | | 08/01/2044 | | | 100 | | 84,801 |
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
| 4.00% | | 08/01/2046 | | | 3,000 | | 2,965,919 |
Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds
| 5.25% | | 08/01/2053 | | | 300 | | 334,687 |
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds
| 4.00% | | 08/01/2040 | | | 190 | | 189,134 |
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 880 | | 914,115 |
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 150 | | 148,977 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 1,000 | | 1,075,797 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2049 | | | 45 | | 48,148 |
Metropolitan Water District of Southern California, Series 2020 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,205 | | 1,336,709 |
Metropolitan Water District of Southern California, Series 2021 A, RB
| 5.00% | | 10/01/2046 | | | 1,000 | | 1,099,737 |
Metropolitan Water District of Southern California, Series 2021 A, RB
| 5.00% | | 10/01/2051 | | | 1,000 | | 1,086,618 |
Metropolitan Water District of Southern California, Series 2023 A, RB
| 5.00% | | 04/01/2048 | | | 15 | | 16,755 |
Modesto High School District (Election of 2022), Series 2022 A, GO Bonds
| 4.00% | | 08/01/2052 | | | 300 | | 296,397 |
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
| 4.00% | | 08/01/2046 | | | 60 | | 59,311 |
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
| 3.00% | | 08/01/2050 | | | 400 | | 328,353 |
Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGM)(a)
| 5.25% | | 08/01/2052 | | | 80 | | 88,542 |
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 3,000 | | 2,979,535 |
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 08/01/2048 | | | 200 | | 209,427 |
M-S-R Energy Authority, Series 2009 A, RB
| 6.50% | | 11/01/2039 | | | 1,100 | | 1,427,124 |
M-S-R Energy Authority, Series 2009 B, RB
| 6.50% | | 11/01/2039 | | | 1,800 | | 2,335,294 |
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
| 4.00% | | 08/01/2049 | | | 2,400 | | 2,380,735 |
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 70 | | 74,919 |
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2043 | | | 795 | | 799,750 |
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2044 | | | 1,245 | | 1,241,051 |
Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2042 | | | 1,000 | | 1,000,770 |
Norwalk-La Mirada Unified School District (Election of 2014), Series 2021 E, GO Bonds
| 3.00% | | 08/01/2050 | | | 45 | | 36,940 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds
| 4.00% | | 08/01/2049 | | $ | 2,700 | | $ 2,678,327 |
Oakland (City of), CA, Series 2020 B-1, GO Bonds
| 3.00% | | 01/15/2050 | | | 300 | | 245,439 |
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
| 5.25% | | 08/01/2048 | | | 1,000 | | 1,125,444 |
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2046 | | | 1,000 | | 993,054 |
Ohlone Community College District, Series 2016 C, GO Bonds
| 4.00% | | 08/01/2045 | | | 500 | | 491,038 |
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022 A, RB, (INS - AGM)(a)
| 5.00% | | 11/01/2052 | | | 2,500 | | 2,705,855 |
Orange (County of), CA Local Transportation Authority, Series 2019, RB
| 5.00% | | 02/15/2041 | | | 300 | | 321,650 |
Orange (County of), CA Water District, Series 2017 A, Ref. RB
| 4.00% | | 08/15/2041 | | | 500 | | 503,609 |
Oxnard Union High School District, Series 2020 B, GO Bonds
| 5.00% | | 08/01/2045 | | | 480 | | 505,412 |
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
| 4.00% | | 08/01/2047 | | | 3,000 | | 3,003,712 |
Palo Alto Unified School District, Series 2022, GO Bonds
| 3.25% | | 08/01/2042 | | | 710 | | 667,126 |
Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds
| 5.25% | | 08/01/2045 | | | 2,000 | | 2,096,698 |
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
| 5.00% | | 08/01/2048 | | | 2,000 | | 2,212,673 |
Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds
| 4.00% | | 08/01/2052 | | | 400 | | 395,196 |
Peralta Community College District, Series 2016 A, Ref. GO Bonds
| 4.00% | | 08/01/2039 | | | 50 | | 49,999 |
Peralta Community College District, Series 2022 B, GO Bonds
| 5.50% | | 08/01/2052 | | | 1,000 | | 1,132,596 |
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds
| 4.00% | | 08/01/2039 | | | 830 | | 829,981 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2041 | | | 1,300 | | 1,336,571 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2047 | | | 2,605 | | 2,661,151 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2041 | | | 1,000 | | 1,119,101 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2042 | | | 1,000 | | 1,114,608 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2047 | | | 5,150 | | 5,632,964 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 4.00% | | 05/15/2053 | | | 1,300 | | 1,294,720 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 3.50% | | 05/15/2054 | | | 1,400 | | 1,292,595 |
River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2042 | | | 500 | | 544,240 |
Riverside (City of), CA, Series 2024 A, Ref. RB
| 5.00% | | 10/01/2049 | | | 2,000 | | 2,241,549 |
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
| 4.00% | | 06/01/2040 | | | 750 | | 757,727 |
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
| 4.00% | | 06/01/2046 | | | 1,630 | | 1,611,167 |
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
| 3.00% | | 06/01/2049 | | | 2,000 | | 1,577,061 |
Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds
| 4.00% | | 08/01/2042 | | | 225 | | 225,933 |
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 2,700 | | 2,791,126 |
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
| 5.00% | | 10/01/2047 | | | 5,000 | | 5,141,616 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2040 | | | 5 | | 5,421 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB
| 5.00% | | 08/15/2050 | | | 4,000 | | 4,325,820 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2048 | | | 500 | | 559,844 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2053 | | | 500 | | 555,423 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
| 5.00% | | 11/15/2049 | | | 1,000 | | 1,125,693 |
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2054 | | | 1,500 | | 1,473,654 |
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)
| 5.50% | | 08/01/2047 | | | 1,500 | | 1,655,946 |
Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)
| 5.50% | | 08/01/2052 | | | 1,000 | | 1,097,964 |
Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2049 | | | 1,000 | | 990,423 |
Sacramento (County of), CA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,021,094 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2050 | | | 1,000 | | 1,080,031 |
Salinas Union High School District, Series 2022 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 500 | | 493,645 |
San Bernardino City Unified School District, Series 2020 F, GO Bonds, (INS - AGM)(a)
| 3.00% | | 08/01/2044 | | | 355 | | 300,350 |
San Bernardino Community College District (Election of 2008), Series 2023 E, GO Bonds
| 4.13% | | 08/01/2049 | | | 50 | | 50,279 |
San Diego (City of), CA, Series 2023, COP
| 5.00% | | 10/01/2053 | | | 10 | | 10,999 |
San Diego (City of), CA Association of Governments, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 400 | | 415,524 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
| 5.00% | | 08/01/2043 | | | 1,000 | | 1,058,011 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
| 5.25% | | 08/01/2047 | | | 520 | | 552,489 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB
| 4.00% | | 08/01/2045 | | | 300 | | 300,013 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
| 5.00% | | 05/15/2052 | | | 1,050 | | 1,152,850 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
| 5.00% | | 05/15/2049 | | | 1,000 | | 1,123,063 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB
| 5.00% | | 05/15/2054 | | $ | 1,000 | | $ 1,117,795 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB
| 5.00% | | 10/15/2044 | | | 1,000 | | 1,016,544 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 5.00% | | 10/15/2046 | | | 535 | | 577,102 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 4.00% | | 10/15/2050 | | | 400 | | 397,124 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. RB
| 5.00% | | 10/15/2049 | | | 1,000 | | 1,113,061 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. RB
| 5.00% | | 10/15/2054 | | | 1,000 | | 1,108,565 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 1,500 | | 1,603,459 |
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2049 | | | 1,000 | | 1,059,088 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 4.00% | | 07/01/2046 | | | 500 | | 497,073 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 5.00% | | 07/01/2046 | | | 750 | | 815,375 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 4.00% | | 07/01/2051 | | | 1,000 | | 980,073 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 4.00% | | 07/01/2056 | | | 1,000 | | 973,061 |
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
| 5.00% | | 04/01/2048 | | | 1,000 | | 1,023,981 |
San Diego (County of), CA Water Authority, Series 2022 A, RB
| 5.00% | | 05/01/2047 | | | 500 | | 557,264 |
San Diego Unified School District, Series 2020 M-2, GO Bonds
| 3.00% | | 07/01/2050 | | | 1,500 | | 1,227,541 |
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds
| 4.00% | | 07/01/2045 | | | 115 | | 114,567 |
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
| 3.13% | | 07/01/2042 | | | 50 | | 44,665 |
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
| 4.00% | | 07/01/2047 | | | 2,770 | | 2,771,091 |
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds
| 4.00% | | 07/01/2049 | | | 4,560 | | 4,545,690 |
San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds
| 4.00% | | 07/01/2046 | | | 1,200 | | 1,213,152 |
San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds
| 3.25% | | 07/01/2048 | | | 60 | | 52,221 |
San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds
| 4.00% | | 07/01/2050 | | | 1,000 | | 1,000,903 |
San Diego Unified School District (Election of 2018), Series 2023, GO Bonds
| 4.00% | | 07/01/2053 | | | 2,700 | | 2,689,033 |
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
| 5.00% | | 07/01/2048 | | | 130 | | 144,954 |
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
| 4.00% | | 07/01/2053 | | | 1,700 | | 1,693,095 |
San Dieguito Union High School District (Election of 2012), Series 2016 C-2, GO Bonds
| 3.00% | | 02/01/2041 | | | 15 | | 13,151 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB
| 5.00% | | 05/01/2046 | | | 1,570 | | 1,600,726 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB
| 5.00% | | 05/01/2047 | | | 2,735 | | 2,831,350 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB
| 5.00% | | 05/01/2048 | | | 1,625 | | 1,700,317 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB
| 5.00% | | 05/01/2050 | | | 1,040 | | 1,099,017 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB
| 5.00% | | 05/01/2049 | | | 900 | | 951,890 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 4.00% | | 11/01/2039 | | | 1,200 | | 1,203,228 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2024 D, RB
| 5.00% | | 10/01/2054 | | | 1,000 | | 1,107,344 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
| 4.00% | | 10/01/2043 | | | 950 | | 952,796 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB
| 5.00% | | 11/01/2050 | | | 1,000 | | 1,074,787 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 5.00% | | 10/01/2045 | | | 110 | | 120,475 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 4.00% | | 10/01/2050 | | | 950 | | 941,731 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB
| 4.00% | | 11/01/2041 | | | 1,200 | | 1,248,051 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
| 5.00% | | 10/01/2049 | | | 1,000 | | 1,116,286 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB
| 5.00% | | 10/01/2054 | | | 1,000 | | 1,107,344 |
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB
| 3.00% | | 11/01/2050 | | | 500 | | 406,713 |
San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB
| 4.00% | | 11/01/2050 | | | 385 | | 381,586 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 1,100 | | 1,246,482 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.25% | | 11/01/2052 | | | 2,000 | | 2,251,508 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, RB
| 5.00% | | 11/01/2050 | | | 500 | | 520,057 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB
| 4.00% | | 03/01/2046 | | | 520 | | 515,518 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
| 4.00% | | 03/01/2051 | | | 1,000 | | 992,191 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2047 | | $ | 100 | | $ 103,710 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2020 C-1, GO Bonds
| 3.00% | | 08/01/2050 | | | 2,500 | | 2,052,523 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
| 3.00% | | 08/01/2042 | | | 1,000 | | 896,267 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
| 4.00% | | 08/01/2047 | | | 1,500 | | 1,500,438 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
| 4.25% | | 08/01/2052 | | | 3,000 | | 3,031,813 |
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds
| 4.00% | | 08/01/2044 | | | 15 | | 14,954 |
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
| 4.00% | | 06/15/2045 | | | 3,000 | | 3,002,074 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB
| 4.00% | | 01/15/2050 | | | 2,700 | | 2,668,745 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
| 5.25% | | 01/15/2044 | | | 1,600 | | 1,607,848 |
San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB
| 5.25% | | 01/15/2049 | | | 2,600 | | 2,612,882 |
San Jose (City of), CA, Series 2017 B, Ref. RB
| 5.00% | | 03/01/2042 | | | 500 | | 518,227 |
San Jose (City of), CA Financing Authority (Green Bonds), Series 2022 B, RB
| 5.00% | | 11/01/2052 | | | 1,100 | | 1,223,034 |
San Juan Unified School District (Election of 2016), Series 2024, GO Bonds
| 4.00% | | 08/01/2049 | | | 2,000 | | 1,977,754 |
San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds
| 5.25% | | 08/01/2048 | | | 1,000 | | 1,108,904 |
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds
| 4.00% | | 08/01/2043 | | | 300 | | 303,424 |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
| 4.00% | | 08/01/2044 | | | 1,000 | | 1,004,709 |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
| 5.00% | | 08/01/2049 | | | 500 | | 533,993 |
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
| 5.00% | | 07/15/2043 | | | 495 | | 523,816 |
San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds
| 5.00% | | 09/01/2045 | | | 1,655 | | 1,756,897 |
San Mateo Foster City School District, Series 2021 A, GO Bonds
| 2.50% | | 08/01/2046 | | | 1,000 | | 718,341 |
San Mateo Foster City School District, Series 2021 A, GO Bonds
| 2.50% | | 08/01/2051 | | | 1,000 | | 674,104 |
San Mateo Union High School District, Series 2021 B, GO Bonds
| 2.00% | | 09/01/2045 | | | 1,000 | | 648,084 |
San Mateo Union High School District, Series 2021 B, GO Bonds
| 2.13% | | 09/01/2048 | | | 300 | | 189,827 |
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 1,000 | | 997,625 |
Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds
| 3.25% | | 08/01/2039 | | | 50 | | 48,001 |
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
| 3.13% | | 05/01/2047 | | | 200 | | 167,313 |
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
| 3.50% | | 07/01/2042 | | | 50 | | 47,816 |
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
| 3.25% | | 07/01/2044 | | | 1,000 | | 890,626 |
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds
| 4.00% | | 07/01/2048 | | | 100 | | 98,625 |
Santa Clara Valley Water District, Series 2016 A, Ref. RB
| 5.00% | | 06/01/2046 | | | 390 | | 397,482 |
Santa Clarita Community College District, Series 2019, GO Bonds
| 3.00% | | 08/01/2049 | | | 5 | | 4,097 |
Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 15 | | 15,961 |
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2046 | | | 1,000 | | 994,377 |
South San Francisco Unified School District, Series 2023, GO Bonds
| 4.00% | | 09/01/2052 | | | 550 | | 543,247 |
South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds
| 4.00% | | 09/01/2048 | | | 125 | | 124,711 |
Southern California Public Power Authority, Series 2023-1A, RB
| 5.00% | | 07/01/2048 | | | 1,905 | | 2,124,137 |
Southern California Public Power Authority, Series 2023-1A, RB
| 5.25% | | 07/01/2053 | | | 2,200 | | 2,478,777 |
Southern California Public Power Authority, Series 2024, RB
| 5.00% | | 07/01/2049 | | | 20 | | 22,453 |
Southern California Public Power Authority, Series 2024, RB
| 5.00% | | 07/01/2053 | | | 1,600 | | 1,782,046 |
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 1,300 | | 1,291,132 |
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
| 4.00% | | 04/01/2045 | | | 2,000 | | 2,005,856 |
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2042 | | | 1,000 | | 991,200 |
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 10/01/2049 | | | 1,200 | | 1,230,293 |
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2039 | | | 2,000 | | 2,038,259 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2041 | | | 700 | | 720,395 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2046 | | | 1,135 | | 1,163,259 |
University of California, Series 2017 AV, RB
| 5.25% | | 05/15/2042 | | | 1,000 | | 1,046,977 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2043 | | | 1,915 | | 2,024,216 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2048 | | | 1,500 | | 1,574,449 |
University of California, Series 2018 AZ, Ref. RB
| 5.25% | | 05/15/2058 | | | 1,000 | | 1,054,036 |
University of California, Series 2019 BB, Ref. RB
| 5.00% | | 05/15/2049 | | | 1,705 | | 1,815,811 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2047 | | $ | 1,750 | | $ 1,765,923 |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2050 | | | 2,000 | | 2,010,013 |
University of California, Series 2021 BH, Ref. RB
| 4.00% | | 05/15/2046 | | | 1,000 | | 1,011,589 |
University of California, Series 2021 BH, Ref. RB
| 4.00% | | 05/15/2051 | | | 355 | | 356,012 |
University of California, Series 2022 BK, RB
| 5.00% | | 05/15/2052 | | | 2,980 | | 3,246,958 |
University of California, Series 2023 BN, Ref. RB
| 5.50% | | 05/15/2040 | | | 1,000 | | 1,183,040 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2041 | | | 1,000 | | 1,139,650 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2041 | | | 1,000 | | 1,153,406 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2042 | | | 1,000 | | 1,148,870 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2044 | | | 1,150 | | 1,308,409 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2041 | | | 500 | | 576,703 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2042 | | | 500 | | 574,435 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2044 | | | 1,000 | | 1,137,747 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2045 | | | 1,000 | | 1,132,933 |
University of California, Series 2024 BW, Ref. RB
| 5.00% | | 05/15/2054 | | | 1,000 | | 1,103,971 |
University of California (Limited), Series 2016 K, RB
| 4.00% | | 05/15/2046 | | | 1,650 | | 1,634,655 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2042 | | | 2,225 | | 2,311,216 |
University of California (Limited), Series 2017 M, RB
| 4.00% | | 05/15/2047 | | | 125 | | 124,073 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2048 | | | 3,000 | | 3,145,714 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2058 | | | 1,500 | | 1,567,138 |
University of California (Limited), Series 2021 Q, Ref. RB
| 5.00% | | 05/15/2046 | | | 2,000 | | 2,183,895 |
University of California (Limited), Series 2021 Q, Ref. RB
| 3.00% | | 05/15/2051 | | | 2,000 | | 1,634,653 |
University of California (Limited), Series 2021 Q, Ref. RB
| 4.00% | | 05/15/2051 | | | 1,250 | | 1,221,754 |
Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP
| 5.00% | | 01/01/2047 | | | 400 | | 408,100 |
Vacaville Unified School District, Series 2020 D, GO Bonds
| 4.00% | | 08/01/2045 | | | 1,000 | | 998,762 |
Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds
| 4.00% | | 08/01/2052 | | | 415 | | 407,297 |
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
| 5.25% | | 08/01/2048 | | | 1,500 | | 1,681,961 |
Washington Township Health Care District, Series 2015 B, GO Bonds
| 4.00% | | 08/01/2045 | | | 10 | | 9,792 |
Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds
| 5.00% | | 08/01/2043 | | | 20 | | 20,000 |
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
| 4.00% | | 08/01/2040 | | | 1,225 | | 1,225,764 |
TOTAL INVESTMENTS IN SECURITIES(f)-98.20%
(Cost $631,947,581)
| | 629,737,799 |
OTHER ASSETS LESS LIABILITIES-1.80%
| | 11,559,568 |
NET ASSETS-100.00%
| | $641,297,367 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| COP | -Certificates of Participation |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (d) | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| (e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (f) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco CEF Income Composite ETF (PCEF)
August 31, 2024
| | Shares | | Value |
| Closed-End Funds-99.79% |
| Bonds-30.73% |
Aberdeen Asia-Pacific Income Fund, Inc.(a)
| | 3,235,606 | | $ 9,156,765 |
BlackRock Core Bond Trust(a)
| | 370,753 | | 4,319,272 |
BlackRock Credit Allocation Income Trust
| | 1,073,352 | | 11,817,606 |
BlackRock Limited Duration Income Trust(a)
| | 283,578 | | 4,097,702 |
BlackRock Multi-Sector Income Trust
| | 259,652 | | 3,899,973 |
BlackRock Taxable Municipal Bond Trust(a)
| | 727,295 | | 12,924,032 |
Blackstone Long-Short Credit Income Fund(a)
| | 145,118 | | 1,883,632 |
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)
| | 338,190 | | 6,888,930 |
Cohen & Steers Select Preferred and Income Fund, Inc.
| | 139,307 | | 2,850,221 |
DoubleLine Income Solutions Fund
| | 720,819 | | 9,327,398 |
DoubleLine Opportunistic Credit Fund(a)
| | 138,983 | | 2,194,542 |
Eaton Vance Limited Duration Income Fund(a)
| | 1,354,711 | | 13,858,694 |
Eaton Vance Short Duration Diversified Income Fund(a)
| | 120,747 | | 1,341,499 |
First Trust Intermediate Duration Preferred & Income Fund
| | 691,527 | | 13,000,708 |
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)
| | 270,851 | | 5,530,777 |
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)
| | 637,163 | | 10,086,290 |
Flaherty & Crumrine Total Return Fund, Inc.(a)
| | 152,717 | | 2,559,537 |
Franklin Limited Duration Income Trust(a)
| | 529,138 | | 3,555,807 |
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)
| | 166,407 | | 2,975,357 |
Invesco Bond Fund(a)(b)
| | 89,556 | | 1,494,690 |
Invesco Senior Income Trust(a)(b)
| | 979,251 | | 4,210,779 |
John Hancock Preferred Income Fund(a)
| | 176,153 | | 3,087,962 |
John Hancock Preferred Income Fund II(a)
| | 139,233 | | 2,378,100 |
John Hancock Preferred Income Fund III(a)
| | 200,958 | | 3,289,682 |
John Hancock Premium Dividend Fund(a)
| | 576,120 | | 7,558,694 |
MFS Charter Income Trust
| | 491,436 | | 3,145,190 |
MFS Intermediate Income Trust
| | 1,310,250 | | 3,609,739 |
MFS Multimarket Income Trust(a)
| | 665,861 | | 3,222,767 |
Nuveen Credit Strategies Income Fund(a)
| | 1,250,648 | | 7,228,745 |
Nuveen Floating Rate Income Fund(a)
| | 1,236,978 | | 10,947,255 |
Nuveen Global High Income Fund(a)
| | 210,887 | | 2,749,967 |
Nuveen Preferred & Income Opportunities Fund(a)
| | 4,004,767 | | 31,477,469 |
Nuveen Taxable Municipal Income Fund(a)
| | 341,917 | | 5,675,822 |
PIMCO Dynamic Income Opportunities Fund(a)
| | 747,526 | | 10,278,483 |
PIMCO Income Strategy Fund(a)
| | 263,818 | | 2,205,518 |
PIMCO Income Strategy Fund II(a)
| | 576,256 | | 4,241,244 |
Pioneer Floating Rate Fund, Inc.(a)
| | 113,987 | | 1,123,912 |
Putnam Premier Income Trust
| | 1,103,314 | | 4,071,229 |
Saba Capital Income & Opportunities Fund II
| | 401,601 | | 3,425,657 |
Western Asset Inflation-Linked Opportunities & Income Fund(a)
| | 896,903 | | 7,731,304 |
| | | | | 245,422,950 |
| Bonds/High Yield-16.80% |
AllianceBernstein Global High Income Fund, Inc.(a)
| | 794,971 | | 8,887,776 |
| | Shares | | Value |
| Bonds/High Yield-(continued) |
Allspring Income Opportunities Fund(a)
| | 756,441 | | $ 5,295,087 |
Allspring Multi-Sector Income Fund
| | 332,627 | | 3,116,715 |
Barings Global Short Duration High Yield Fund(a)
| | 233,702 | | 3,531,237 |
BlackRock Corporate High Yield Fund, Inc.(a)
| | 970,707 | | 9,648,828 |
BlackRock Debt Strategies Fund, Inc.(a)
| | 315,585 | | 3,424,097 |
BlackRock Floating Rate Income Strategies Fund, Inc.(a)
| | 273,636 | | 3,570,950 |
BlackRock Floating Rate Income Trust(a)
| | 152,070 | | 1,929,768 |
BNY Mellon High Yield Strategies Fund(a)
| | 949,463 | | 2,449,615 |
Credit Suisse Asset Management Income Fund, Inc.
| | 417,223 | | 1,295,477 |
Credit Suisse High Yield Bond Fund
| | 957,019 | | 2,048,021 |
Eaton Vance Floating-Rate Income Trust(a)
| | 175,492 | | 2,304,210 |
Eaton Vance Senior Floating-Rate Trust(a)
| | 195,813 | | 2,500,532 |
First Trust Senior Floating Rate Income Fund II(a)
| | 245,990 | | 2,573,055 |
High Income Securities Fund(a)
| | 231,124 | | 1,541,597 |
Highland Opportunities and Income Fund(a)
| | 1,862,510 | | 11,081,934 |
Morgan Stanley Emerging Markets Debt Fund, Inc.(a)
| | 226,623 | | 1,738,198 |
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a)
| | 925,566 | | 4,590,807 |
Neuberger Berman High Yield Strategies Fund, Inc.(a)
| | 174,859 | | 1,444,335 |
New America High Income Fund, Inc. (The)
| | 158,815 | | 1,310,224 |
Nuveen NASDAQ 100 Dynamic Overwrite Fund
| | 639,405 | | 15,812,486 |
PGIM Global High Yield Fund, Inc.(a)
| | 474,455 | | 6,006,600 |
PGIM High Yield Bond Fund, Inc.(a)
| | 382,969 | | 5,304,121 |
PGIM Short Duration High Yield Opportunities Fund(a)
| | 331,923 | | 5,362,216 |
PIMCO High Income Fund(a)
| | 1,021,675 | | 4,955,124 |
Pioneer High Income Fund, Inc.
| | 342,152 | | 2,696,158 |
Templeton Emerging Markets Income Fund(a)
| | 606,255 | | 3,485,966 |
Western Asset Emerging Markets Debt Fund, Inc.(a)
| | 750,963 | | 7,404,495 |
Western Asset Global High Income Fund, Inc.(a)
| | 178,239 | | 1,263,715 |
Western Asset High Income Fund II, Inc.(a)
| | 713,612 | | 3,139,893 |
Western Asset High Income Opportunity Fund, Inc.(a)
| | 1,116,612 | | 4,444,116 |
| | | | | 134,157,353 |
| Domestic Equity-3.49% |
John Hancock Tax-Advantaged Dividend Income Fund
| | 461,139 | | 9,983,659 |
Virtus Dividend, Interest & Premium Strategy Fund(a)
| | 1,386,045 | | 17,907,702 |
| | | | | 27,891,361 |
| Equities-9.46% |
BlackRock Capital Allocation Trust(a)
| | 1,262,828 | | 20,950,317 |
BlackRock Health Sciences Term Trust(a)
| | 1,561,258 | | 25,073,803 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco CEF Income Composite ETF (PCEF)—(continued)
August 31, 2024
| | Shares | | Value |
| Equities-(continued) |
BlackRock Innovation and Growth Term Trust(a)
| | 3,375,637 | | $ 25,351,034 |
BlackRock Utilities, Infrastructure & Power Opportunities Trust
| | 178,086 | | 4,161,870 |
| | | | | 75,537,024 |
| Fixed Income-7.91% |
Barings Corporate Investors(a)
| | 137,671 | | 2,486,338 |
BlackRock ESG Capital Allocation Term Trust(a)
| | 1,187,492 | | 20,781,110 |
BlackRock Income Trust, Inc.(a)
| | 190,728 | | 2,353,583 |
BlackRock Science & Technology Term Trust
| | 1,118,210 | | 21,659,728 |
Nuveen Variable Rate Preferred & Income Fund(a)
| | 314,634 | | 5,968,607 |
PIMCO Corporate & Income Strategy Fund(a)
| | 339,743 | | 4,572,941 |
Saba Capital Income & Opportunities Fund
| | 500,607 | | 3,704,492 |
TCW Strategic Income Fund, Inc.(a)
| | 324,818 | | 1,663,068 |
| | | | | 63,189,867 |
| Foreign Equity-0.39% |
Allspring Global Dividend Opportunity Fund
| | 627,369 | | 3,099,203 |
| Option Income-31.01% |
BlackRock Energy and Resources Trust
| | 396,347 | | 5,231,741 |
BlackRock Enhanced Capital and Income Fund, Inc.
| | 506,902 | | 9,935,279 |
BlackRock Enhanced Equity Dividend Trust(a)
| | 2,438,476 | | 21,044,048 |
BlackRock Enhanced Global Dividend Trust(a)
| | 902,896 | | 10,049,233 |
BlackRock Enhanced International Dividend Trust
| | 1,464,142 | | 8,521,306 |
BlackRock Health Sciences Trust
| | 165,180 | | 7,005,119 |
BlackRock Resources & Commodities Strategy Trust
| | 1,218,848 | | 11,310,909 |
BlackRock Science & Technology Trust(a)
| | 286,592 | | 10,090,904 |
Columbia Seligman Premium Technology Growth Fund, Inc.(a)
| | 110,116 | | 3,622,816 |
Eaton Vance Enhanced Equity Income Fund
| | 321,177 | | 6,189,081 |
Eaton Vance Enhanced Equity Income Fund II(a)
| | 479,498 | | 10,285,232 |
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)
| | 777,960 | | 7,048,318 |
Eaton Vance Tax-Managed Buy-Write Income Fund(a)
| | 340,361 | | 4,822,915 |
Eaton Vance Tax-Managed Buy-Write Opportunities Fund
| | 1,337,834 | | 18,221,299 |
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)
| | 1,442,726 | | 20,529,991 |
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund(a)
| | 1,580,066 | | 13,225,152 |
| | Shares | | Value |
| Option Income-(continued) |
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
| | 4,013,932 | | $ 34,158,561 |
First Trust Enhanced Equity Income Fund(a)
| | 182,985 | | 3,698,127 |
John Hancock Hedged Equity & Income Fund(a)
| | 176,163 | | 1,928,985 |
Madison Covered Call & Equity Strategy Fund(a)
| | 136,999 | | 1,002,833 |
Nuveen Dow 30sm Dynamic Overwrite Fund(a)
| | 531,231 | | 7,787,847 |
Nuveen S&P 500 Buy-Write Income Fund
| | 1,363,528 | | 18,448,534 |
Nuveen S&P 500 Dynamic Overwrite Fund(a)
| | 210,570 | | 3,516,519 |
Voya Global Advantage and Premium Opportunity Fund(a)
| | 199,745 | | 1,895,580 |
Voya Global Equity Dividend and Premium Opportunity Fund(a)
| | 1,051,335 | | 5,929,529 |
Voya Infrastructure Industrials and Materials Fund(a)
| | 196,227 | | 2,131,025 |
| | | | | 247,630,883 |
Total Closed-End Funds
(Cost $758,106,649)
| | 796,928,641 |
| Money Market Funds-0.08% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)
(Cost $669,620)
| | 669,620 | | 669,620 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $758,776,269)
| | 797,598,261 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-2.30% |
Invesco Private Government Fund, 5.28%(b)(c)(d)
| | 5,109,502 | | 5,109,502 |
Invesco Private Prime Fund, 5.46%(b)(c)(d)
| | 13,271,394 | | 13,276,703 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $18,385,417)
| | 18,386,205 |
TOTAL INVESTMENTS IN SECURITIES-102.17%
(Cost $777,161,686)
| | 815,984,466 |
OTHER ASSETS LESS LIABILITIES-(2.17)%
| | (17,363,326) |
NET ASSETS-100.00%
| | $798,621,140 |
| Notes to Schedule of Investments: |
| (a) | All or a portion of this security was out on loan at August 31, 2024. |
| (b) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Bond Fund | $1,512,275 | | $553,596 | | $(777,752) | | $345,916 | | $(139,345) | | $1,494,690 | | $92,472 |
| Invesco Senior Income Trust | 6,565,748 | | 950,449 | | (3,924,471) | | 239,912 | | 379,141 | | 4,210,779 | | 641,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco CEF Income Composite ETF (PCEF)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $29,461,898 | | $(28,792,278) | | $- | | $- | | $669,620 | | $21,210 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 5,215,197 | | 83,702,240 | | (83,807,935) | | - | | - | | 5,109,502 | | 297,726* |
| Invesco Private Prime Fund | 13,410,509 | | 196,304,553 | | (196,444,559) | | 1,012 | | 5,188 | | 13,276,703 | | 798,845* |
| Total | $26,703,729 | | $310,972,736 | | $(313,746,995) | | $586,840 | | $244,984 | | $24,761,294 | | $1,851,993 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (c) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)
August 31, 2024
| | Principal
Amount | | Value |
| U.S. Treasury Securities-99.81% |
| U.S. Treasury Bonds-79.65% |
7.63%, 02/15/2025
| $ | 26,275,500 | | $ 26,637,674 |
6.00%, 02/15/2026
| | 26,331,700 | | 27,116,508 |
6.63%, 02/15/2027
| | 25,428,300 | | 27,189,408 |
5.25%, 02/15/2029
| | 25,888,800 | | 27,578,651 |
5.38%, 02/15/2031
| | 25,255,700 | | 27,620,462 |
4.50%, 02/15/2036(a)
| | 21,783,500 | | 23,092,212 |
4.75%, 02/15/2037
| | 25,603,700 | | 27,666,998 |
4.38%, 02/15/2038
| | 26,732,700 | | 27,826,026 |
3.50%, 02/15/2039
| | 29,733,300 | | 28,010,859 |
4.63%, 02/15/2040
| | 26,328,100 | | 27,933,497 |
4.75%, 02/15/2041
| | 26,078,300 | | 28,043,341 |
3.13%, 02/15/2042
| | 32,624,600 | | 28,111,955 |
3.13%, 02/15/2043
| | 32,966,000 | | 27,979,893 |
3.63%, 02/15/2044
| | 30,775,200 | | 27,927,292 |
2.50%, 02/15/2045
| | 37,327,600 | | 28,045,276 |
2.50%, 02/15/2046
| | 37,694,700 | | 27,998,622 |
3.00%, 02/15/2047
| | 34,631,300 | | 27,918,780 |
3.00%, 02/15/2048
| | 34,822,900 | | 27,854,239 |
3.00%, 02/15/2049
| | 34,920,200 | | 27,790,204 |
2.00%, 02/15/2050
| | 43,470,700 | | 27,845,021 |
1.88%, 02/15/2051
| | 45,205,800 | | 27,892,508 |
2.25%, 02/15/2052
| | 41,364,600 | | 27,841,123 |
3.63%, 02/15/2053
| | 30,944,500 | | 27,767,854 |
4.25%, 02/15/2054
| | 27,570,300 | | 27,684,458 |
| | | | | 661,372,861 |
| U.S. Treasury Notes-20.16% |
2.75%, 02/15/2028
| | 28,707,600 | | 27,749,932 |
1.50%, 02/15/2030
| | 31,650,300 | | 28,134,768 |
1.88%, 02/15/2032
| | 32,238,600 | | 28,169,106 |
3.50%, 02/15/2033
| | 28,681,400 | | 27,906,666 |
4.00%, 02/15/2034
| | 27,578,800 | | 27,757,632 |
3.88%, 08/15/2034
| | 27,830,000 | | 27,732,160 |
| | | | | 167,450,264 |
Total U.S. Treasury Securities
(Cost $902,132,239)
| | 828,823,125 |
| | Shares | | Value |
| Money Market Funds-1.97% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)
(Cost $16,348,308)
| | 16,348,308 | | $ 16,348,308 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-101.78%
(Cost $918,480,547)
| | 845,171,433 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.23% |
Invesco Private Government Fund, 5.28%(b)(c)(d)
| | 477,789 | | 477,789 |
Invesco Private Prime Fund, 5.46%(b)(c)(d)
| | 1,398,258 | | 1,398,817 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,876,606)
| | 1,876,606 |
TOTAL INVESTMENTS IN SECURITIES-102.01%
(Cost $920,357,153)
| | 847,048,039 |
OTHER ASSETS LESS LIABILITIES-(2.01)%
| | (16,659,165) |
NET ASSETS-100.00%
| | $830,388,874 |
| Notes to Schedule of Investments: |
| (a) | All or a portion of this security was out on loan at August 31, 2024. |
| (b) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $12,918,811 | | $82,370,030 | | $(78,940,533) | | $- | | $- | | $16,348,308 | | $144,131 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $- | | $761,903,965 | | $(761,426,176) | | $- | | $- | | $477,789 | | $401,200* |
| Invesco Private Prime Fund | - | | 832,150,096 | | (830,755,626) | | - | | 4,347 | | 1,398,817 | | 695,611* |
| Total | $12,918,811 | | $1,676,424,091 | | $(1,671,122,335) | | $- | | $4,347 | | $18,224,914 | | $1,240,942 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (c) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Floating Rate Municipal Income ETF (PVI)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-90.18% | | | | | | | | |
| California-13.96% | | | | | | | | |
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-5, Ref. VRD RB(a)
| 2.00% | | 07/01/2034 | | $ | 1,500 | | $ 1,500,000 |
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)(a)(b)
| 2.15% | | 09/01/2033 | | | 900 | | 900,000 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2018 B, VRD RB, (LOC - Barclays Bank PLC)(a)(b)
| 1.95% | | 05/01/2058 | | | 1,000 | | 1,000,000 |
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b)
| 2.15% | | 04/01/2039 | | | 1,800 | | 1,800,000 |
| | | | | | | | | 5,200,000 |
| Connecticut-3.22% | | | | | | | | |
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a)
| 2.65% | | 11/15/2050 | | | 1,200 | | 1,200,000 |
| District of Columbia-2.69% | | | | | | | | |
District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)
| 2.87% | | 08/15/2038 | | | 1,000 | | 1,000,000 |
| Florida-13.16% | | | | | | | | |
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
| 2.85% | | 09/01/2035 | | | 1,200 | | 1,200,000 |
Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
| 2.80% | | 06/01/2048 | | | 500 | | 500,000 |
JEA Electric System, Series 2008 3C-2, VRD RB(a)
| 2.70% | | 10/01/2034 | | | 500 | | 500,000 |
Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB(a)
| 3.02% | | 10/01/2039 | | | 1,200 | | 1,200,000 |
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)
| 2.50% | | 10/01/2038 | | | 1,500 | | 1,500,000 |
| | | | | | | | | 4,900,000 |
| Illinois-3.22% | | | | | | | | |
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 F, Ref. VRD RB(a)
| 2.60% | | 08/15/2057 | | | 1,200 | | 1,200,000 |
| Louisiana-2.15% | | | | | | | | |
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
| 2.50% | | 09/01/2033 | | | 800 | | 800,000 |
| Minnesota-3.22% | | | | | | | | |
Hennepin (County of), MN, Series 2018 B, Ref. VRD GO Bonds(a)
| 2.85% | | 12/01/2038 | | | 1,200 | | 1,200,000 |
| Missouri-0.54% | | | | | | | | |
Kansas City (City of), MO (H Roe Bartle Convention Center), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)
| 3.11% | | 04/15/2025 | | | 200 | | 200,000 |
| New York-24.10% | | | | | | | | |
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)
| 2.70% | | 11/01/2038 | | | 800 | | 800,000 |
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)
| 2.77% | | 11/01/2026 | | | 1,200 | | 1,200,000 |
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a)
| 2.40% | | 08/01/2044 | | | 1,000 | | 1,000,000 |
New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB(a)
| 2.80% | | 06/15/2046 | | | 1,375 | | 1,375,000 |
New York (City of), NY Transitional Finance Authority, Subseries 2012 C-4, VRD RB(a)
| 2.40% | | 11/01/2036 | | | 1,200 | | 1,200,000 |
New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB(a)
| 2.70% | | 07/01/2039 | | | 1,200 | | 1,200,000 |
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)(a)(b)
| 3.00% | | 11/01/2044 | | | 1,000 | | 1,000,000 |
New York City Housing Development Corp., Series 2006 A, VRD RB, (LOC - Fannie Mae)(a)(b)
| 2.91% | | 10/15/2041 | | | 1,200 | | 1,200,000 |
| | | | | | | | | 8,975,000 |
| North Carolina-5.10% | | | | | | | | |
Raleigh & Durham (Cities of), NC Airport Authority, Series 2008 C, Ref. VRD RB, (LOC - TD Bank N.A.)(a)(b)
| 2.80% | | 05/01/2036 | | | 1,900 | | 1,900,000 |
| Pennsylvania-3.76% | | | | | | | | |
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c)
| 3.10% | | 12/01/2028 | | | 1,400 | | 1,400,000 |
| Texas-5.93% | | | | | | | | |
Board of Regents of the University of Texas System, Series 2008 B, VRD RB(a)
| 2.80% | | 08/01/2039 | | | 1,000 | | 1,000,000 |
Texas (State of), Series 2015 B, VRD GO Bonds(a)
| 3.40% | | 06/01/2046 | | | 1,210 | | 1,210,000 |
| | | | | | | | | 2,210,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Floating Rate Municipal Income ETF (PVI)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-5.37% | | | | | | | | |
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(a)
| 2.93% | | 07/01/2032 | | $ | 2,000 | | $ 2,000,000 |
| Wisconsin-3.76% | | | | | | | | |
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)
| 2.93% | | 08/15/2034 | | | 200 | | 200,000 |
Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB(a)
| 2.87% | | 03/01/2031 | | | 1,200 | | 1,200,000 |
| | | | | | | | | 1,400,000 |
TOTAL INVESTMENTS IN SECURITIES-90.18%
(Cost $33,585,000)
| | 33,585,000 |
OTHER ASSETS LESS LIABILITIES-9.82%
| | 3,656,813 |
NET ASSETS-100.00%
| | $37,241,813 |
| Investment Abbreviations: |
| AGC | -Assured Guaranty Corp. |
| AGM | -Assured Guaranty Municipal Corp. |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |
| Notes to Schedule of Investments: |
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2024. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (d) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage |
TD Bank, N.A
| 12.8% |
Wells Fargo Bank, N.A
| 5.4% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-98.31% |
| Aerospace & Defense-1.44% |
Hexcel Corp., 4.20%, 02/15/2027
| $ | 1,592,000 | | $ 1,555,370 |
Spirit AeroSystems, Inc., 9.75%, 11/15/2030(b)
| | 1,744,000 | | 1,953,965 |
| TransDigm, Inc. | | | | |
5.50%, 11/15/2027
| | 2,293,000 | | 2,281,077 |
6.63%, 03/01/2032(b)(c)
| | 2,252,000 | | 2,344,828 |
| | | | | 8,135,240 |
| Air Freight & Logistics-0.69% |
GN Bondco LLC, 9.50%, 10/15/2031(b)(c)
| | 1,192,000 | | 1,214,359 |
| GXO Logistics, Inc. | | | | |
1.65%, 07/15/2026
| | 1,422,000 | | 1,341,626 |
2.65%, 07/15/2031
| | 1,592,000 | | 1,339,516 |
| | | | | 3,895,501 |
| Automobile Components-2.78% |
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031(b)(c)
| | 4,564,000 | | 4,542,165 |
| Dana, Inc. | | | | |
5.63%, 06/15/2028(c)
| | 1,317,000 | | 1,299,225 |
4.25%, 09/01/2030(c)
| | 1,488,000 | | 1,341,810 |
| Goodyear Tire & Rubber Co. (The) | | | | |
5.00%, 07/15/2029(c)
| | 1,993,000 | | 1,852,722 |
5.25%, 07/15/2031(c)
| | 2,007,000 | | 1,822,159 |
| United Rentals (North America), Inc. | | | | |
4.88%, 01/15/2028(c)
| | 2,449,000 | | 2,417,580 |
3.88%, 02/15/2031(c)
| | 2,680,000 | | 2,476,296 |
| | | | | 15,751,957 |
| Automobiles-2.05% |
Ford Motor Co., 3.25%, 02/12/2032(c)
| | 6,905,000 | | 5,883,991 |
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025
| | 5,889,000 | | 5,755,003 |
| | | | | 11,638,994 |
| Broadline Retail-2.08% |
| Kohl’s Corp. | | | | |
4.25%, 07/17/2025(c)
| | 2,090,000 | | 2,072,293 |
4.63%, 05/01/2031(c)
| | 2,478,000 | | 2,050,221 |
Macy’s Retail Holdings LLC, 6.13%, 03/15/2032(b)(c)
| | 4,501,000 | | 4,309,450 |
| Nordstrom, Inc. | | | | |
4.00%, 03/15/2027
| | 1,762,000 | | 1,702,868 |
4.38%, 04/01/2030
| | 1,812,000 | | 1,670,703 |
| | | | | 11,805,535 |
| Building Products-0.94% |
Builders FirstSource, Inc., 4.25%, 02/01/2032(b)(c)
| | 4,335,000 | | 3,964,257 |
Griffon Corp., 5.75%, 03/01/2028(c)
| | 1,400,000 | | 1,373,853 |
| | | | | 5,338,110 |
| Capital Markets-1.03% |
Coinbase Global, Inc., 3.63%, 10/01/2031(b)
| | 4,602,000 | | 3,795,944 |
StoneX Group, Inc., 7.88%, 03/01/2031(b)
| | 1,956,000 | | 2,058,403 |
| | | | | 5,854,347 |
| | Principal
Amount | | Value |
| Chemicals-2.19% |
Ashland, Inc., 3.38%, 09/01/2031(b)
| $ | 2,116,000 | | $ 1,855,587 |
Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031(b)(c)
| | 2,308,000 | | 2,447,105 |
Chemours Co. (The), 5.38%, 05/15/2027(c)
| | 2,834,000 | | 2,756,196 |
Olin Corp., 5.63%, 08/01/2029(c)
| | 3,014,000 | | 3,007,755 |
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(c)
| | 2,646,000 | | 2,373,166 |
| | | | | 12,439,809 |
| Commercial Services & Supplies-1.97% |
| ADT Security Corp. (The) | | | | |
4.13%, 08/01/2029(b)(c)
| | 1,893,000 | | 1,799,493 |
4.88%, 07/15/2032(b)(c)
| | 1,934,000 | | 1,840,170 |
Brink’s Co. (The), 6.75%, 06/15/2032(b)
| | 1,974,000 | | 2,054,981 |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026
| | 1,707,000 | | 1,677,593 |
GEO Group, Inc. (The), 10.25%, 04/15/2031
| | 1,965,000 | | 2,077,874 |
Steelcase, Inc., 5.13%, 01/18/2029
| | 1,769,000 | | 1,734,287 |
| | | | | 11,184,398 |
| Construction & Engineering-1.29% |
AECOM, 5.13%, 03/15/2027
| | 3,604,000 | | 3,610,895 |
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031(b)
| | 841,000 | | 880,671 |
Fluor Corp., 4.25%, 09/15/2028
| | 2,910,000 | | 2,825,024 |
| | | | | 7,316,590 |
| Consumer Finance-4.45% |
| Ally Financial, Inc. | | | | |
5.75%, 11/20/2025(c)
| | 3,070,000 | | 3,079,143 |
6.70%, 02/14/2033(c)
| | 3,074,000 | | 3,167,087 |
FirstCash, Inc., 6.88%, 03/01/2032(b)
| | 1,659,000 | | 1,706,386 |
| Navient Corp. | | | | |
5.50%, 03/15/2029(c)
| | 1,918,000 | | 1,823,186 |
5.63%, 08/01/2033
| | 2,137,000 | | 1,845,157 |
| OneMain Finance Corp. | | | | |
7.13%, 03/15/2026
| | 1,902,000 | | 1,939,656 |
4.00%, 09/15/2030(c)
| | 2,284,000 | | 2,023,287 |
SLM Corp., 4.20%, 10/29/2025(c)
| | 2,736,000 | | 2,712,696 |
Synchrony Financial, 7.25%, 02/02/2033(c)
| | 6,705,000 | | 6,918,804 |
| | | | | 25,215,402 |
| Consumer Staples Distribution & Retail-1.99% |
Ingles Markets, Inc., 4.00%, 06/15/2031(b)
| | 2,074,000 | | 1,869,360 |
| Walgreens Boots Alliance, Inc. | | | | |
3.45%, 06/01/2026(c)
| | 5,121,000 | | 4,877,060 |
3.20%, 04/15/2030(c)
| | 5,597,000 | | 4,510,381 |
| | | | | 11,256,801 |
| Containers & Packaging-3.42% |
Ball Corp., 2.88%, 08/15/2030
| | 4,452,000 | | 3,938,404 |
| Berry Global, Inc. | | | | |
1.57%, 01/15/2026
| | 1,788,000 | | 1,710,153 |
5.65%, 01/15/2034(b)(c)
| | 1,683,000 | | 1,713,527 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Containers & Packaging-(continued) |
Crown Americas LLC, 5.25%, 04/01/2030
| $ | 1,702,000 | | $ 1,702,408 |
| Graphic Packaging International LLC | | | | |
3.50%, 03/15/2028(b)
| | 1,516,000 | | 1,434,623 |
6.38%, 07/15/2032(b)(c)
| | 1,406,000 | | 1,439,293 |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b)(c)
| | 2,471,000 | | 2,503,429 |
| Sealed Air Corp. | | | | |
4.00%, 12/01/2027(b)
| | 1,345,000 | | 1,298,153 |
6.88%, 07/15/2033(b)(c)
| | 1,222,000 | | 1,309,053 |
Silgan Holdings, Inc., 4.13%, 02/01/2028(c)
| | 2,429,000 | | 2,348,748 |
| | | | | 19,397,791 |
| Distributors-1.05% |
Windsor Holdings III LLC, 8.50%, 06/15/2030(b)(c)
| | 5,550,000 | | 5,951,914 |
| Diversified Consumer Services-0.49% |
Service Corp. International, 5.13%, 06/01/2029(c)
| | 2,805,000 | | 2,778,923 |
| Diversified REITs-1.98% |
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P., 3.75%, 12/15/2027(b)(c)
| | 1,731,000 | | 1,579,489 |
| Hudson Pacific Properties L.P. | | | | |
3.95%, 11/01/2027
| | 1,160,000 | | 1,031,784 |
3.25%, 01/15/2030
| | 1,325,000 | | 980,402 |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032(b)(c)
| | 4,378,000 | | 4,169,538 |
| VICI Properties L.P. | | | | |
4.75%, 02/15/2028
| | 1,727,000 | | 1,721,819 |
5.13%, 05/15/2032
| | 1,739,000 | | 1,720,092 |
| | | | | 11,203,124 |
| Diversified Telecommunication Services-1.12% |
| Level 3 Financing, Inc. | | | | |
10.50%, 04/15/2029(b)
| | 2,905,000 | | 3,128,598 |
10.50%, 05/15/2030(b)
| | 2,989,000 | | 3,217,569 |
| | | | | 6,346,167 |
| Electric Utilities-3.22% |
DPL, Inc., 4.13%, 07/01/2025
| | 4,738,000 | | 4,665,836 |
NRG Energy, Inc., 6.63%, 01/15/2027(c)
| | 4,318,000 | | 4,334,685 |
PG&E Corp., 5.25%, 07/01/2030
| | 5,372,000 | | 5,262,994 |
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b)
| | 3,770,000 | | 4,014,126 |
| | | | | 18,277,641 |
| Electrical Equipment-1.40% |
Atkore, Inc., 4.25%, 06/01/2031(b)(c)
| | 2,193,000 | | 1,992,301 |
| Regal Rexnord Corp. | | | | |
6.05%, 02/15/2026
| | 1,163,000 | | 1,177,894 |
6.40%, 04/15/2033(c)
| | 1,113,000 | | 1,181,933 |
WESCO Distribution, Inc., 6.63%, 03/15/2032(b)(c)
| | 3,492,000 | | 3,601,803 |
| | | | | 7,953,931 |
| Electronic Equipment, Instruments & Components-1.70% |
Insight Enterprises, Inc., 6.63%, 05/15/2032(b)
| | 2,586,000 | | 2,678,783 |
| | Principal
Amount | | Value |
| Electronic Equipment, Instruments & Components-(continued) |
Sensata Technologies, Inc., 6.63%, 07/15/2032(b)
| $ | 2,130,000 | | $ 2,205,279 |
| Vontier Corp. | | | | |
1.80%, 04/01/2026
| | 1,116,000 | | 1,062,338 |
2.95%, 04/01/2031
| | 1,239,000 | | 1,072,823 |
Zebra Technologies Corp., 6.50%, 06/01/2032(b)
| | 2,554,000 | | 2,641,224 |
| | | | | 9,660,447 |
| Energy Equipment & Services-0.67% |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/2030(b)
| | 772,000 | | 815,070 |
Permian Resources Operating LLC, 7.00%, 01/15/2032(b)(c)
| | 1,787,000 | | 1,876,093 |
Valaris Ltd., 8.38%, 04/30/2030(b)
| | 1,065,000 | | 1,111,965 |
| | | | | 3,803,128 |
| Entertainment-0.71% |
Cinemark USA, Inc., 7.00%, 08/01/2032(b)
| | 1,749,000 | | 1,816,574 |
Light and Wonder International, Inc., 7.50%, 09/01/2031(b)(c)
| | 2,075,000 | | 2,186,314 |
| | | | | 4,002,888 |
| Financial Services-2.77% |
Adient Global Holdings Ltd., 8.25%, 04/15/2031(b)(c)
| | 2,625,000 | | 2,792,559 |
| Block, Inc. | | | | |
2.75%, 06/01/2026(c)
| | 1,692,000 | | 1,626,617 |
3.50%, 06/01/2031(c)
| | 1,828,000 | | 1,651,659 |
| HAT Holdings I LLC/HAT Holdings II LLC | | | | |
8.00%, 06/15/2027(b)(c)
| | 541,000 | | 567,528 |
3.75%, 09/15/2030(b)
| | 686,000 | | 610,662 |
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)(c)
| | 2,366,000 | | 2,453,090 |
PennyMac Financial Services, Inc., 5.75%, 09/15/2031(b)(c)
| | 2,628,000 | | 2,536,406 |
Radian Group, Inc., 4.50%, 10/01/2024
| | 420 | | 420 |
| Vornado Realty L.P. | | | | |
2.15%, 06/01/2026
| | 1,783,000 | | 1,687,665 |
3.40%, 06/01/2031
| | 2,082,000 | | 1,769,407 |
| | | | | 15,696,013 |
| Food Products-1.53% |
| Lamb Weston Holdings, Inc. | | | | |
4.88%, 05/15/2028(b)(c)
| | 1,250,000 | | 1,231,383 |
4.38%, 01/31/2032(b)
| | 1,369,000 | | 1,261,912 |
Pilgrim’s Pride Corp., 3.50%, 03/01/2032
| | 4,112,000 | | 3,639,337 |
Post Holdings, Inc., 4.50%, 09/15/2031(b)(c)
| | 2,738,000 | | 2,549,484 |
| | | | | 8,682,116 |
| Gas Utilities-0.62% |
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026
| | 3,551,000 | | 3,514,691 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Ground Transportation-1.13% |
Hertz Corp. (The), 12.63%, 07/15/2029(b)(c)
| $ | 3,849,000 | | $ 4,103,188 |
XPO, Inc., 7.13%, 02/01/2032(b)(c)
| | 2,216,000 | | 2,319,904 |
| | | | | 6,423,092 |
| Health Care Equipment & Supplies-0.56% |
Neogen Food Safety Corp., 8.63%, 07/20/2030(b)(c)
| | 1,008,000 | | 1,100,804 |
Teleflex, Inc., 4.63%, 11/15/2027(c)
| | 2,131,000 | | 2,092,200 |
| | | | | 3,193,004 |
| Health Care Providers & Services-4.03% |
| Centene Corp. | | | | |
2.45%, 07/15/2028
| | 5,036,000 | | 4,611,716 |
4.63%, 12/15/2029
| | 4,653,000 | | 4,529,985 |
DaVita, Inc., 6.88%, 09/01/2032(b)
| | 2,000,000 | | 2,047,396 |
Encompass Health Corp., 4.75%, 02/01/2030(c)
| | 2,400,000 | | 2,328,590 |
Molina Healthcare, Inc., 3.88%, 05/15/2032(b)(c)
| | 4,976,000 | | 4,468,867 |
Tenet Healthcare Corp., 6.13%, 06/15/2030
| | 4,773,000 | | 4,851,478 |
| | | | | 22,838,032 |
| Health Care REITs-0.87% |
| MPT Operating Partnership L.P./MPT Finance Corp. | | | | |
5.00%, 10/15/2027
| | 1,719,000 | | 1,460,528 |
3.50%, 03/15/2031(c)
| | 2,139,000 | | 1,463,168 |
| Sabra Health Care L.P. | | | | |
5.13%, 08/15/2026
| | 997,000 | | 999,681 |
3.20%, 12/01/2031
| | 1,192,000 | | 1,034,473 |
| | | | | 4,957,850 |
| Hotel & Resort REITs-0.68% |
| RHP Hotel Properties L.P./RHP Finance Corp. | | | | |
4.75%, 10/15/2027
| | 840,000 | | 823,464 |
6.50%, 04/01/2032(b)
| | 813,000 | | 837,913 |
| Service Properties Trust | | | | |
5.50%, 12/15/2027
| | 1,172,000 | | 1,103,664 |
8.63%, 11/15/2031(b)(c)
| | 1,044,000 | | 1,117,699 |
| | | | | 3,882,740 |
| Hotels, Restaurants & Leisure-7.69% |
Boyd Gaming Corp., 4.75%, 06/15/2031(b)(c)
| | 2,213,000 | | 2,083,686 |
Brinker International, Inc., 8.25%, 07/15/2030(b)
| | 1,614,000 | | 1,716,894 |
Caesars Entertainment, Inc., 6.50%, 02/15/2032(b)(c)
| | 3,442,000 | | 3,539,257 |
Carnival Corp., 5.75%, 03/01/2027(b)
| | 4,069,000 | | 4,085,020 |
| Churchill Downs, Inc. | | | | |
5.50%, 04/01/2027(b)
| | 748,000 | | 746,458 |
6.75%, 05/01/2031(b)
| | 729,000 | | 750,046 |
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(c)
| | 3,231,000 | | 3,172,556 |
International Game Technology PLC, 6.25%, 01/15/2027(b)
| | 2,500,000 | | 2,542,870 |
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-(continued) |
| Las Vegas Sands Corp. | | | | |
3.90%, 08/08/2029(c)
| $ | 2,688,000 | | $2,524,541 |
6.20%, 08/15/2034
| | 2,410,000 | | 2,470,215 |
| MGM Resorts International | | | | |
4.75%, 10/15/2028(c)
| | 2,249,000 | | 2,190,739 |
6.50%, 04/15/2032(c)
| | 2,164,000 | | 2,181,039 |
| Royal Caribbean Cruises Ltd. | | | | |
5.50%, 04/01/2028(b)(c)
| | 1,559,000 | | 1,572,015 |
6.25%, 03/15/2032(b)(c)
| | 1,565,000 | | 1,617,182 |
Six Flags Entertainment Corp., 7.25%, 05/15/2031(b)(c)
| | 1,721,000 | | 1,785,992 |
Station Casinos LLC, 6.63%, 03/15/2032(b)
| | 1,787,000 | | 1,823,989 |
Travel + Leisure Co., Series J, 6.00%, 04/01/2027
| | 2,295,000 | | 2,302,663 |
Vail Resorts, Inc., 6.50%, 05/15/2032(b)(c)
| | 2,290,000 | | 2,381,886 |
Yum! Brands, Inc., 3.63%, 03/15/2031(c)
| | 4,471,000 | | 4,107,024 |
| | | | | 43,594,072 |
| Household Durables-3.61% |
Century Communities, Inc., 6.75%, 06/01/2027
| | 1,662,000 | | 1,678,081 |
KB Home, 4.00%, 06/15/2031(c)
| | 2,448,000 | | 2,263,706 |
M/I Homes, Inc., 4.95%, 02/01/2028
| | 1,964,000 | | 1,931,188 |
MDC Holdings, Inc., 2.50%, 01/15/2031(c)
| | 2,601,000 | | 2,286,486 |
| Newell Brands, Inc. | | | | |
5.70%, 04/01/2026(c)
| | 1,620,000 | | 1,615,986 |
6.63%, 09/15/2029(c)
| | 1,677,000 | | 1,677,567 |
| Taylor Morrison Communities, Inc. | | | | |
5.88%, 06/15/2027(b)
| | 1,321,000 | | 1,338,036 |
5.13%, 08/01/2030(b)(c)
| | 1,396,000 | | 1,380,797 |
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)(c)
| | 2,339,000 | | 2,059,368 |
TopBuild Corp., 4.13%, 02/15/2032(b)
| | 2,306,000 | | 2,100,329 |
Tri Pointe Homes, Inc., 5.70%, 06/15/2028
| | 2,097,000 | | 2,120,486 |
| | | | | 20,452,030 |
| Independent Power and Renewable Electricity Producers-0.25% |
Sunnova Energy Corp., 11.75%, 10/01/2028(b)
| | 1,497,000 | | 1,391,297 |
| IT Services-0.51% |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032(b)
| | 1,105,000 | | 1,140,724 |
Twilio, Inc., 3.63%, 03/15/2029
| | 1,864,000 | | 1,723,548 |
| | | | | 2,864,272 |
| Life Sciences Tools & Services-0.88% |
Fortrea Holdings, Inc., 7.50%, 07/01/2030(b)(c)
| | 704,000 | | 718,634 |
IQVIA, Inc., 6.50%, 05/15/2030(b)(c)
| | 4,084,000 | | 4,248,630 |
| | | | | 4,967,264 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Machinery-0.29% |
| Hillenbrand, Inc. | | | | |
5.00%, 09/15/2026
| $ | 832,000 | | $829,570 |
3.75%, 03/01/2031(c)
| | 940,000 | | 835,791 |
| | | | | 1,665,361 |
| Media-4.57% |
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(b)(c)
| | 6,019,000 | | 5,491,999 |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025
| | 2,085,000 | | 2,078,627 |
| Lamar Media Corp. | | | | |
3.75%, 02/15/2028
| | 1,515,000 | | 1,452,962 |
3.63%, 01/15/2031
| | 1,607,000 | | 1,456,424 |
News Corp., 5.13%, 02/15/2032(b)(c)
| | 3,221,000 | | 3,134,117 |
Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031(b)(c)
| | 1,776,000 | | 1,890,398 |
| Paramount Global | | | | |
2.90%, 01/15/2027(c)
| | 3,334,000 | | 3,163,765 |
4.95%, 01/15/2031(c)
| | 3,451,000 | | 3,207,334 |
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)(c)
| | 4,705,000 | | 4,041,905 |
| | | | | 25,917,531 |
| Metals & Mining-2.74% |
Alcoa Nederland Holding B.V., 7.13%, 03/15/2031(b)
| | 3,534,000 | | 3,719,189 |
| ATI, Inc. | | | | |
5.88%, 12/01/2027(c)
| | 869,000 | | 871,508 |
5.13%, 10/01/2031
| | 917,000 | | 882,840 |
Carpenter Technology Corp., 6.38%, 07/15/2028
| | 1,415,000 | | 1,417,671 |
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027
| | 760 | | 761 |
Cleveland-Cliffs, Inc., 6.75%, 04/15/2030(b)(c)
| | 3,284,000 | | 3,333,529 |
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)(c)
| | 1,619,000 | | 1,456,541 |
United States Steel Corp., 6.88%, 03/01/2029
| | 3,807,000 | | 3,842,622 |
| | | | | 15,524,661 |
| Mortgage REITs-1.01% |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 07/15/2031(b)
| | 1,611,000 | | 1,676,157 |
Starwood Property Trust, Inc., 4.75%, 03/15/2025(c)
| | 4,088,000 | | 4,070,268 |
| | | | | 5,746,425 |
| Oil, Gas & Consumable Fuels-7.96% |
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b)
| | 1,983,000 | | 2,044,917 |
Apache Corp., 4.25%, 01/15/2030(c)
| | 3,917,000 | | 3,742,409 |
Civitas Resources, Inc., 8.75%, 07/01/2031(b)
| | 1,833,000 | | 1,980,423 |
CNX Resources Corp., 7.25%, 03/01/2032(b)
| | 1,853,000 | | 1,941,501 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| EQM Midstream Partners L.P. | | | | |
5.50%, 07/15/2028
| $ | 1,276,000 | | $1,285,543 |
4.75%, 01/15/2031(b)(c)
| | 1,355,000 | | 1,302,827 |
Matador Resources Co., 6.50%, 04/15/2032(b)
| | 1,773,000 | | 1,800,774 |
Murphy Oil Corp., 5.88%, 12/01/2027(c)
| | 2,374,000 | | 2,386,148 |
Murphy Oil USA, Inc., 4.75%, 09/15/2029(c)
| | 3,128,000 | | 3,037,675 |
Northern Oil and Gas, Inc., 8.75%, 06/15/2031(b)
| | 1,139,000 | | 1,218,016 |
| Occidental Petroleum Corp. | | | | |
5.55%, 03/15/2026
| | 3,687,000 | | 3,720,349 |
6.63%, 09/01/2030(c)
| | 3,453,000 | | 3,722,058 |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/2030(b)(c)
| | 4,073,000 | | 4,238,702 |
Range Resources Corp., 4.88%, 05/15/2025
| | 1,531,000 | | 1,523,782 |
| SM Energy Co. | | | | |
6.50%, 07/15/2028
| | 1,004,000 | | 1,010,401 |
7.00%, 08/01/2032(b)
| | 980,000 | | 1,004,668 |
| Southwestern Energy Co. | | | | |
5.70%, 01/23/2025
| | 1,786,000 | | 1,783,610 |
5.38%, 03/15/2030
| | 1,864,000 | | 1,848,942 |
Talos Production, Inc., 9.38%, 02/01/2031(b)
| | 1,569,000 | | 1,676,822 |
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031(b)
| | 2,274,000 | | 2,363,056 |
Vital Energy, Inc., 7.88%, 04/15/2032(b)(c)
| | 1,478,000 | | 1,514,292 |
| | | | | 45,146,915 |
| Passenger Airlines-2.81% |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)(c)
| | 3,551,333 | | 3,535,765 |
| Delta Air Lines, Inc. | | | | |
7.38%, 01/15/2026(c)
| | 2,873,000 | | 2,942,998 |
3.75%, 10/28/2029(c)
| | 3,276,000 | | 3,060,271 |
United AirLines, Inc., 4.63%, 04/15/2029(b)(c)
| | 6,721,000 | | 6,402,296 |
| | | | | 15,941,330 |
| Personal Care Products-0.82% |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/2030(b)(c)
| | 2,465,000 | | 2,555,399 |
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032(c)
| | 2,049,000 | | 2,092,084 |
| | | | | 4,647,483 |
| Pharmaceuticals-1.08% |
Elanco Animal Health, Inc., 6.65%, 08/28/2028(c)
| | 2,308,000 | | 2,395,759 |
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031(b)(c)
| | 4,003,000 | | 3,752,447 |
| | | | | 6,148,206 |
| Professional Services-0.37% |
TriNet Group, Inc., 7.13%, 08/15/2031(b)
| | 2,016,000 | | 2,092,412 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Real Estate Management & Development-1.49% |
CoStar Group, Inc., 2.80%, 07/15/2030(b)
| $ | 2,228,000 | | $ 1,960,175 |
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031(b)(c)
| | 2,632,000 | | 2,852,580 |
| Kennedy-Wilson, Inc. | | | | |
4.75%, 03/01/2029
| | 1,101,000 | | 995,039 |
5.00%, 03/01/2031(c)
| | 1,168,000 | | 1,017,045 |
Newmark Group, Inc., 7.50%, 01/12/2029
| | 1,525,000 | | 1,623,522 |
| | | | | 8,448,361 |
| Semiconductors & Semiconductor Equipment-1.84% |
Amkor Technology, Inc., 6.63%, 09/15/2027(b)
| | 2,397,000 | | 2,412,545 |
Entegris, Inc., 4.75%, 04/15/2029(b)
| | 2,075,000 | | 2,037,955 |
Qorvo, Inc., 4.38%, 10/15/2029(c)
| | 2,678,000 | | 2,581,362 |
| Skyworks Solutions, Inc. | | | | |
1.80%, 06/01/2026
| | 1,764,000 | | 1,673,922 |
3.00%, 06/01/2031(c)
| | 1,947,000 | | 1,701,590 |
| | | | | 10,407,374 |
| Software-0.93% |
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029
| | 1,260,000 | | 1,155,689 |
RingCentral, Inc., 8.50%, 08/15/2030(b)(c)
| | 955,000 | | 1,021,164 |
SS&C Technologies, Inc., 6.50%, 06/01/2032(b)
| | 2,982,000 | | 3,080,327 |
| | | | | 5,257,180 |
| Specialized REITs-0.97% |
| GLP Capital L.P./GLP Financing II, Inc. | | | | |
5.30%, 01/15/2029
| | 1,381,000 | | 1,393,574 |
3.25%, 01/15/2032
| | 1,623,000 | | 1,417,923 |
SBA Communications Corp., 3.88%, 02/15/2027(c)
| | 2,752,000 | | 2,665,491 |
| | | | | 5,476,988 |
| Specialty Retail-3.85% |
| Advance Auto Parts, Inc. | | | | |
1.75%, 10/01/2027(c)
| | 1,772,000 | | 1,585,979 |
3.90%, 04/15/2030(c)
| | 1,693,000 | | 1,556,786 |
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(c)
| | 3,210,000 | | 3,070,975 |
Bath & Body Works, Inc., 5.25%, 02/01/2028
| | 3,282,000 | | 3,238,066 |
Gap, Inc. (The), 3.88%, 10/01/2031(b)(c)
| | 4,274,000 | | 3,696,075 |
Penske Automotive Group, Inc., 3.75%, 06/15/2029(c)
| | 4,471,000 | | 4,165,102 |
Sonic Automotive, Inc., 4.88%, 11/15/2031(b)(c)
| | 2,898,000 | | 2,655,956 |
Valvoline, Inc., 3.63%, 06/15/2031(b)
| | 2,083,000 | | 1,861,243 |
| | | | | 21,830,182 |
| | Principal
Amount | | Value |
| Technology Hardware, Storage & Peripherals-2.12% |
| Seagate HDD Cayman | | | | |
4.75%, 01/01/2025
| $ | 2,200,000 | | $2,193,224 |
9.63%, 12/01/2032
| | 1,884,168 | | 2,174,064 |
| Western Digital Corp. | | | | |
4.75%, 02/15/2026
| | 2,400,000 | | 2,379,850 |
3.10%, 02/01/2032(c)
| | 2,970,000 | | 2,501,254 |
Xerox Holdings Corp., 5.50%, 08/15/2028(b)(c)
| | 3,208,000 | | 2,749,653 |
| | | | | 11,998,045 |
| Textiles, Apparel & Luxury Goods-0.71% |
Crocs, Inc., 4.13%, 08/15/2031(b)
| | 2,033,000 | | 1,834,593 |
Under Armour, Inc., 3.25%, 06/15/2026(c)
| | 2,235,000 | | 2,167,775 |
| | | | | 4,002,368 |
| Trading Companies & Distributors-0.46% |
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030(b)(c)
| | 2,520,000 | | 2,590,361 |
| Wireless Telecommunication Services-0.50% |
United States Cellular Corp., 6.70%, 12/15/2033(c)
| | 2,578,000 | | 2,842,810 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $553,439,802)
| | 557,349,104 |
| | Shares | | |
| Money Market Funds-0.21% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $1,209,436)
| | 1,209,436 | | 1,209,436 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.52%
(Cost $554,649,238)
| | 558,558,540 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-32.82% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 50,797,037 | | 50,797,037 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 135,235,588 | | 135,289,682 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $186,084,201)
| | 186,086,719 |
TOTAL INVESTMENTS IN SECURITIES-131.34%
(Cost $740,733,439)
| | 744,645,259 |
OTHER ASSETS LESS LIABILITIES-(31.34)%
| | (177,688,592) |
NET ASSETS-100.00%
| | $566,956,667 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)—(continued)
August 31, 2024
| 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) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $253,264,526, which represented 44.67% of the Fund’s Net Assets. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $7,839,414 | | $81,093,893 | | $(87,723,871) | | $- | | $- | | $1,209,436 | | $145,988 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 48,562,324 | | 188,277,754 | | (186,043,041) | | - | | - | | 50,797,037 | | 2,805,176* |
| Invesco Private Prime Fund | 124,868,654 | | 333,447,702 | | (323,073,610) | | 1,192 | | 45,744 | | 135,289,682 | | 7,568,305* |
| Total | $181,270,392 | | $602,819,349 | | $(596,840,522) | | $1,192 | | $45,744 | | $187,296,155 | | $10,519,469 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-99.01% |
| Aerospace & Defense-2.48% |
| Boeing Co. (The) | | | | |
4.88%, 05/01/2025
| $ | 95,000 | | $94,623 |
5.15%, 05/01/2030
| | 130,000 | | 129,715 |
| General Dynamics Corp. | | | | |
3.75%, 05/15/2028
| | 91,000 | | 89,735 |
3.63%, 04/01/2030
| | 110,000 | | 106,607 |
General Electric Co., 6.75%, 03/15/2032
| | 170,000 | | 192,430 |
Howmet Aerospace, Inc., 3.00%, 01/15/2029
| | 60,000 | | 56,412 |
| Huntington Ingalls Industries, Inc. | | | | |
3.48%, 12/01/2027
| | 45,000 | | 43,461 |
4.20%, 05/01/2030
| | 40,000 | | 38,771 |
| L3Harris Technologies, Inc. | | | | |
4.40%, 06/15/2028
| | 63,000 | | 62,752 |
5.40%, 07/31/2033
| | 50,000 | | 51,571 |
| Lockheed Martin Corp. | | | | |
3.55%, 01/15/2026
| | 112,000 | | 110,687 |
3.90%, 06/15/2032
| | 147,000 | | 142,288 |
| Northrop Grumman Corp. | | | | |
3.25%, 01/15/2028
| | 76,000 | | 73,349 |
4.40%, 05/01/2030
| | 85,000 | | 84,774 |
| RTX Corp. | | | | |
4.13%, 11/16/2028
| | 168,000 | | 165,912 |
6.10%, 03/15/2034
| | 115,000 | | 125,261 |
Textron, Inc., 3.00%, 06/01/2030
| | 105,000 | | 96,044 |
| | | | | 1,664,392 |
| Air Freight & Logistics-0.88% |
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028
| | 85,000 | | 84,152 |
| FedEx Corp. | | | | |
3.10%, 08/05/2029
| | 108,000 | | 101,599 |
2.40%, 05/15/2031
| | 130,000 | | 114,275 |
| United Parcel Service, Inc. | | | | |
3.05%, 11/15/2027
| | 144,000 | | 138,959 |
4.45%, 04/01/2030
| | 150,000 | | 151,540 |
| | | | | 590,525 |
| Automobile Components-0.26% |
| BorgWarner, Inc. | | | | |
2.65%, 07/01/2027
| | 25,000 | | 23,823 |
5.40%, 08/15/2034
| | 40,000 | | 40,211 |
Lear Corp., 3.80%, 09/15/2027
| | 110,000 | | 107,083 |
| | | | | 171,117 |
| Automobiles-0.45% |
General Motors Co., 6.13%, 10/01/2025
| | 150,000 | | 151,633 |
PACCAR Financial Corp., 3.55%, 08/11/2025
| | 150,000 | | 148,674 |
| | | | | 300,307 |
| Banks-6.22% |
Bank of America Corp., 3.25%, 10/21/2027(b)
| | 555,000 | | 538,245 |
| Citigroup, Inc. | | | | |
4.45%, 09/29/2027
| | 270,000 | | 268,774 |
6.63%, 06/15/2032
| | 240,000 | | 263,341 |
Citizens Bank N.A., 3.75%, 02/18/2026
| | 70,000 | | 68,739 |
Citizens Financial Group, Inc., 3.25%, 04/30/2030
| | 90,000 | | 82,631 |
| | Principal
Amount | | Value |
| Banks-(continued) |
Comerica, Inc., 4.00%, 02/01/2029
| $ | 143,000 | | $ 136,427 |
Fifth Third Bancorp, 2.55%, 05/05/2027
| | 190,000 | | 180,352 |
Huntington Bancshares, Inc., 2.55%, 02/04/2030
| | 177,000 | | 157,695 |
JPMorgan Chase & Co., 2.95%, 10/01/2026(b)
| | 686,000 | | 667,231 |
KeyBank N.A., 4.15%, 08/08/2025
| | 91,000 | | 90,165 |
KeyCorp, 2.55%, 10/01/2029
| | 80,000 | | 71,662 |
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026
| | 170,000 | | 169,007 |
PNC Bank N.A., 4.05%, 07/26/2028
| | 130,000 | | 127,951 |
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030
| | 155,000 | | 140,893 |
Regions Financial Corp., 1.80%, 08/12/2028
| | 190,000 | | 169,961 |
Truist Bank, 3.63%, 09/16/2025
| | 126,000 | | 124,154 |
Truist Financial Corp., 1.95%, 06/05/2030
| | 160,000 | | 138,201 |
| U.S. Bancorp | | | | |
1.38%, 07/22/2030
| | 160,000 | | 134,736 |
Series V, 2.38%, 07/22/2026
| | 156,000 | | 150,727 |
Wells Fargo & Co., 4.15%, 01/24/2029(b)
| | 490,000 | | 484,581 |
| | | | | 4,165,473 |
| Beverages-1.51% |
| Coca-Cola Co. (The) | | | | |
1.45%, 06/01/2027
| | 140,000 | | 130,841 |
2.25%, 01/05/2032(b)
| | 190,000 | | 166,404 |
| Coca-Cola Consolidated, Inc. | | | | |
5.25%, 06/01/2029
| | 30,000 | | 30,985 |
5.45%, 06/01/2034
| | 25,000 | | 26,022 |
| Constellation Brands, Inc. | | | | |
4.35%, 05/09/2027
| | 40,000 | | 39,861 |
2.25%, 08/01/2031
| | 90,000 | | 76,750 |
| Keurig Dr Pepper, Inc. | | | | |
4.60%, 05/25/2028
| | 71,000 | | 71,343 |
4.05%, 04/15/2032
| | 60,000 | | 57,742 |
Molson Coors Beverage Co., 3.00%, 07/15/2026
| | 98,000 | | 95,359 |
| PepsiCo, Inc. | | | | |
3.00%, 10/15/2027
| | 164,000 | | 159,051 |
2.75%, 03/19/2030
| | 170,000 | | 157,522 |
| | | | | 1,011,880 |
| Biotechnology-1.74% |
| AbbVie, Inc. | | | | |
2.60%, 11/21/2024
| | 160,000 | | 159,038 |
3.20%, 11/21/2029
| | 189,000 | | 179,138 |
| Amgen, Inc. | | | | |
5.15%, 03/02/2028
| | 165,000 | | 168,569 |
5.25%, 03/02/2033
| | 130,000 | | 133,656 |
| Biogen, Inc. | | | | |
4.05%, 09/15/2025
| | 87,000 | | 86,291 |
2.25%, 05/01/2030
| | 90,000 | | 79,472 |
| Gilead Sciences, Inc. | | | | |
3.65%, 03/01/2026
| | 98,000 | | 96,722 |
1.65%, 10/01/2030
| | 145,000 | | 123,492 |
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030
| | 160,000 | | 136,825 |
| | | | | 1,163,203 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Broadline Retail-0.93% |
| Amazon.com, Inc. | | | | |
3.15%, 08/22/2027(b)
| $ | 275,000 | | $268,361 |
2.10%, 05/12/2031(b)
| | 305,000 | | 266,558 |
| eBay, Inc. | | | | |
3.60%, 06/05/2027
| | 45,000 | | 44,095 |
2.70%, 03/11/2030
| | 50,000 | | 45,742 |
| | | | | 624,756 |
| Building Products-0.85% |
| Carlisle Cos., Inc. | | | | |
3.75%, 12/01/2027
| | 40,000 | | 39,044 |
2.75%, 03/01/2030
| | 40,000 | | 36,377 |
| Carrier Global Corp. | | | | |
2.24%, 02/15/2025
| | 50,000 | | 49,272 |
2.72%, 02/15/2030
| | 60,000 | | 54,937 |
Fortune Brands Innovations, Inc., 3.25%, 09/15/2029
| | 63,000 | | 58,842 |
| Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A. | | | | |
5.50%, 04/19/2029
| | 80,000 | | 83,221 |
1.75%, 09/15/2030
| | 70,000 | | 60,174 |
Lennox International, Inc., 5.50%, 09/15/2028
| | 40,000 | | 41,313 |
| Masco Corp. | | | | |
1.50%, 02/15/2028
| | 45,000 | | 40,576 |
2.00%, 02/15/2031
| | 50,000 | | 42,417 |
| Owens Corning | | | | |
5.50%, 06/15/2027
| | 30,000 | | 30,756 |
5.70%, 06/15/2034
| | 30,000 | | 31,327 |
| | | | | 568,256 |
| Capital Markets-3.94% |
| Ameriprise Financial, Inc. | | | | |
2.88%, 09/15/2026
| | 75,000 | | 72,778 |
4.50%, 05/13/2032
| | 70,000 | | 69,428 |
| Bank of New York Mellon Corp. (The) | | | | |
3.30%, 08/23/2029
| | 136,000 | | 128,456 |
1.80%, 07/28/2031
| | 130,000 | | 108,959 |
| BlackRock, Inc. | | | | |
3.20%, 03/15/2027
| | 90,000 | | 88,103 |
1.90%, 01/28/2031
| | 135,000 | | 116,473 |
| Charles Schwab Corp. (The) | | | | |
2.00%, 03/20/2028
| | 130,000 | | 119,813 |
2.90%, 03/03/2032
| | 165,000 | | 146,032 |
| CME Group, Inc. | | | | |
3.00%, 03/15/2025
| | 131,000 | | 129,727 |
2.65%, 03/15/2032
| | 85,000 | | 75,827 |
Franklin Resources, Inc., 1.60%, 10/30/2030
| | 140,000 | | 117,282 |
| Goldman Sachs Group, Inc. (The) | | | | |
3.50%, 04/01/2025
| | 175,000 | | 173,335 |
3.80%, 03/15/2030(b)
| | 210,000 | | 202,524 |
| Jefferies Financial Group, Inc. | | | | |
4.85%, 01/15/2027
| | 50,000 | | 50,115 |
4.15%, 01/23/2030
| | 55,000 | | 52,918 |
| Morgan Stanley | | | | |
3.63%, 01/20/2027
| | 187,000 | | 184,146 |
7.25%, 04/01/2032
| | 160,000 | | 187,780 |
MSCI, Inc., 3.25%, 08/15/2033(c)
| | 95,000 | | 82,485 |
| Nasdaq, Inc. | | | | |
3.85%, 06/30/2026
| | 80,000 | | 79,176 |
1.65%, 01/15/2031
| | 50,000 | | 41,975 |
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
| Northern Trust Corp. | | | | |
4.00%, 05/10/2027
| $ | 60,000 | | $59,769 |
1.95%, 05/01/2030
| | 75,000 | | 66,211 |
Raymond James Financial, Inc., 4.65%, 04/01/2030
| | 110,000 | | 111,474 |
| State Street Corp. | | | | |
3.55%, 08/18/2025
| | 101,000 | | 99,991 |
2.40%, 01/24/2030
| | 85,000 | | 77,558 |
| | | | | 2,642,335 |
| Chemicals-3.09% |
| Air Products and Chemicals, Inc. | | | | |
1.50%, 10/15/2025
| | 70,000 | | 67,738 |
2.05%, 05/15/2030
| | 69,000 | | 61,327 |
| Albemarle Corp. | | | | |
4.65%, 06/01/2027
| | 30,000 | | 29,930 |
5.05%, 06/01/2032
| | 30,000 | | 29,668 |
| Celanese US Holdings LLC | | | | |
6.17%, 07/15/2027
| | 30,000 | | 30,967 |
6.38%, 07/15/2032
| | 45,000 | | 47,601 |
| CF Industries, Inc. | | | | |
4.50%, 12/01/2026(c)
| | 40,000 | | 39,742 |
5.15%, 03/15/2034
| | 40,000 | | 39,907 |
| Dow Chemical Co. (The) | | | | |
4.80%, 11/30/2028
| | 105,000 | | 106,501 |
2.10%, 11/15/2030
| | 110,000 | | 96,497 |
DuPont de Nemours, Inc., 4.73%, 11/15/2028
| | 145,000 | | 147,145 |
| Eastman Chemical Co. | | | | |
4.50%, 12/01/2028
| | 60,000 | | 59,907 |
5.75%, 03/08/2033
| | 40,000 | | 41,751 |
| Ecolab, Inc. | | | | |
2.70%, 11/01/2026
| | 50,000 | | 48,329 |
4.80%, 03/24/2030
| | 45,000 | | 46,052 |
| EIDP, Inc. | | | | |
1.70%, 07/15/2025
| | 50,000 | | 48,679 |
2.30%, 07/15/2030
| | 65,000 | | 58,196 |
| FMC Corp. | | | | |
3.20%, 10/01/2026
| | 48,000 | | 46,568 |
3.45%, 10/01/2029
| | 22,000 | | 20,612 |
Huntsman International LLC, 4.50%, 05/01/2029
| | 80,000 | | 77,947 |
| International Flavors & Fragrances, Inc. | | | | |
1.83%, 10/15/2027(c)
| | 40,000 | | 36,707 |
2.30%, 11/01/2030(c)
| | 40,000 | | 34,704 |
| Linde, Inc. | | | | |
3.20%, 01/30/2026
| | 97,000 | | 95,393 |
1.10%, 08/10/2030
| | 145,000 | | 122,119 |
LYB International Finance II B.V., 3.50%, 03/02/2027
| | 110,000 | | 107,310 |
LYB International Finance III LLC, 2.25%, 10/01/2030
| | 105,000 | | 91,968 |
| Mosaic Co. (The) | | | | |
4.05%, 11/15/2027
| | 55,000 | | 54,059 |
5.45%, 11/15/2033
| | 55,000 | | 56,176 |
PPG Industries, Inc., 3.75%, 03/15/2028
| | 96,000 | | 93,950 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Chemicals-(continued) |
| Sherwin-Williams Co. (The) | | | | |
2.95%, 08/15/2029
| $ | 80,000 | | $74,518 |
2.20%, 03/15/2032
| | 60,000 | | 50,920 |
Westlake Corp., 3.60%, 08/15/2026
| | 109,000 | | 106,873 |
| | | | | 2,069,761 |
| Commercial Services & Supplies-0.65% |
| Cintas Corp. No. 2 | | | | |
3.70%, 04/01/2027
| | 28,000 | | 27,608 |
4.00%, 05/01/2032
| | 55,000 | | 53,270 |
| Republic Services, Inc. | | | | |
3.95%, 05/15/2028
| | 79,000 | | 78,014 |
1.75%, 02/15/2032
| | 70,000 | | 57,713 |
| Veralto Corp. | | | | |
5.35%, 09/18/2028(c)
| | 55,000 | | 56,719 |
5.45%, 09/18/2033(c)
| | 20,000 | | 20,681 |
| Waste Management, Inc. | | | | |
3.15%, 11/15/2027
| | 60,000 | | 58,091 |
1.50%, 03/15/2031
| | 100,000 | | 83,408 |
| | | | | 435,504 |
| Communications Equipment-0.77% |
| Cisco Systems, Inc. | | | | |
2.50%, 09/20/2026
| | 170,000 | | 164,662 |
5.05%, 02/26/2034
| | 160,000 | | 165,825 |
Juniper Networks, Inc., 3.75%, 08/15/2029
| | 113,000 | | 108,376 |
| Motorola Solutions, Inc. | | | | |
4.60%, 05/23/2029
| | 33,000 | | 33,099 |
5.40%, 04/15/2034
| | 40,000 | | 41,283 |
| | | | | 513,245 |
| Construction & Engineering-0.32% |
MasTec, Inc., 5.90%, 06/15/2029
| | 90,000 | | 93,150 |
| Quanta Services, Inc. | | | | |
4.75%, 08/09/2027
| | 50,000 | | 50,237 |
2.90%, 10/01/2030
| | 80,000 | | 72,687 |
| | | | | 216,074 |
| Construction Materials-0.27% |
Eagle Materials, Inc., 2.50%, 07/01/2031
| | 60,000 | | 52,178 |
Martin Marietta Materials, Inc., 2.40%, 07/15/2031
| | 70,000 | | 60,252 |
Vulcan Materials Co., 3.50%, 06/01/2030
| | 75,000 | | 71,039 |
| | | | | 183,469 |
| Consumer Finance-1.47% |
| Ally Financial, Inc. | | | | |
2.20%, 11/02/2028
| | 105,000 | | 94,209 |
8.00%, 11/01/2031
| | 60,000 | | 68,518 |
American Express Co., 4.05%, 05/03/2029(b)
| | 210,000 | | 209,146 |
Capital One Financial Corp., 3.80%, 01/31/2028(b)
| | 280,000 | | 271,742 |
Discover Bank, 4.65%, 09/13/2028
| | 80,000 | | 79,755 |
Discover Financial Services, 6.70%, 11/29/2032
| | 75,000 | | 81,772 |
General Motors Financial Co., Inc., 3.10%, 01/12/2032
| | 210,000 | | 183,098 |
| | | | | 988,240 |
| | Principal
Amount | | Value |
| Consumer Staples Distribution & Retail-2.55% |
| Costco Wholesale Corp. | | | | |
1.38%, 06/20/2027
| $ | 155,000 | | $144,263 |
1.60%, 04/20/2030
| | 180,000 | | 157,010 |
| Dollar General Corp. | | | | |
3.88%, 04/15/2027
| | 55,000 | | 53,755 |
3.50%, 04/03/2030
| | 60,000 | | 55,457 |
| Dollar Tree, Inc. | | | | |
4.20%, 05/15/2028
| | 67,000 | | 65,780 |
2.65%, 12/01/2031
| | 60,000 | | 51,222 |
| Kroger Co. (The) | | | | |
4.50%, 01/15/2029
| | 105,000 | | 105,372 |
1.70%, 01/15/2031
| | 125,000 | | 104,428 |
| Sysco Corp. | | | | |
3.30%, 07/15/2026
| | 125,000 | | 122,307 |
5.95%, 04/01/2030
| | 60,000 | | 64,062 |
| Target Corp. | | | | |
3.38%, 04/15/2029
| | 140,000 | | 136,001 |
4.50%, 09/15/2032
| | 130,000 | | 130,823 |
| Walmart, Inc. | | | | |
3.90%, 09/09/2025
| | 260,000 | | 258,759 |
1.80%, 09/22/2031(b)
| | 305,000 | | 261,853 |
| | | | | 1,711,092 |
| Containers & Packaging-0.53% |
Amcor Finance (USA), Inc., 3.63%, 04/28/2026
| | 40,000 | | 39,220 |
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031
| | 50,000 | | 43,604 |
| Avery Dennison Corp. | | | | |
4.88%, 12/06/2028
| | 31,000 | | 31,389 |
2.25%, 02/15/2032
| | 55,000 | | 46,085 |
| Packaging Corp. of America | | | | |
3.40%, 12/15/2027
| | 40,000 | | 38,698 |
3.00%, 12/15/2029
| | 40,000 | | 37,221 |
Sealed Air Corp., 1.57%, 10/15/2026(c)
| | 60,000 | | 55,800 |
Sonoco Products Co., 3.13%, 05/01/2030
| | 70,000 | | 64,815 |
| | | | | 356,832 |
| Distributors-0.28% |
| Genuine Parts Co. | | | | |
4.95%, 08/15/2029
| | 50,000 | | 50,323 |
1.88%, 11/01/2030
| | 60,000 | | 50,788 |
| LKQ Corp. | | | | |
5.75%, 06/15/2028
| | 40,000 | | 41,207 |
6.25%, 06/15/2033
| | 40,000 | | 42,038 |
| | | | | 184,356 |
| Diversified REITs-0.50% |
American Assets Trust L.P., 3.38%, 02/01/2031
| | 30,000 | | 25,528 |
COPT Defense Properties L.P., 2.75%, 04/15/2031
| | 55,000 | | 47,208 |
| CubeSmart L.P. | | | | |
2.25%, 12/15/2028
| | 40,000 | | 36,343 |
2.50%, 02/15/2032
| | 30,000 | | 25,615 |
Digital Realty Trust L.P., 3.60%, 07/01/2029
| | 140,000 | | 133,899 |
W.P. Carey, Inc., 2.40%, 02/01/2031
| | 80,000 | | 68,787 |
| | | | | 337,380 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Diversified Telecommunication Services-1.32% |
| AT&T, Inc. | | | | |
4.35%, 03/01/2029
| $ | 225,000 | | $224,265 |
4.30%, 02/15/2030
| | 206,000 | | 203,961 |
| Verizon Communications, Inc. | | | | |
4.33%, 09/21/2028
| | 235,000 | | 234,552 |
2.36%, 03/15/2032(b)
| | 260,000 | | 220,997 |
| | | | | 883,775 |
| Electric Utilities-4.92% |
AEP Texas, Inc., Series I, 2.10%, 07/01/2030
| | 90,000 | | 78,253 |
Alexander Funding Trust II, 7.47%, 07/31/2028(c)
| | 35,000 | | 37,614 |
American Electric Power Co., Inc., 3.20%, 11/13/2027
| | 81,000 | | 77,734 |
American Transmission Systems, Inc., 2.65%, 01/15/2032(c)
| | 75,000 | | 64,953 |
Avangrid, Inc., 3.80%, 06/01/2029
| | 58,000 | | 55,891 |
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030
| | 280,000 | | 269,680 |
| Consolidated Edison Co. of New York, Inc. | | | | |
2.40%, 06/15/2031
| | 70,000 | | 61,534 |
Series D, 4.00%, 12/01/2028
| | 100,000 | | 99,197 |
| Constellation Energy Generation LLC | | | | |
5.60%, 03/01/2028
| | 70,000 | | 72,568 |
5.80%, 03/01/2033
| | 55,000 | | 57,790 |
| Duke Energy Corp. | | | | |
2.65%, 09/01/2026
| | 116,000 | | 111,927 |
2.55%, 06/15/2031
| | 155,000 | | 134,594 |
Entergy Corp., 1.90%, 06/15/2028
| | 75,000 | | 68,188 |
Entergy Louisiana LLC, 4.00%, 03/15/2033
| | 80,000 | | 74,946 |
Evergy, Inc., 2.90%, 09/15/2029
| | 105,000 | | 96,515 |
Eversource Energy, 3.38%, 03/01/2032
| | 80,000 | | 71,567 |
| Exelon Corp. | | | | |
3.95%, 06/15/2025
| | 100,000 | | 99,212 |
4.05%, 04/15/2030
| | 100,000 | | 97,515 |
Interstate Power and Light Co., 4.10%, 09/26/2028
| | 53,000 | | 52,269 |
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/2028(c)
| | 80,000 | | 78,950 |
New York State Electric & Gas Corp., 5.30%, 08/15/2034(c)
| | 50,000 | | 50,501 |
| NextEra Energy Capital Holdings, Inc. | | | | |
3.55%, 05/01/2027
| | 110,000 | | 107,472 |
2.25%, 06/01/2030
| | 106,000 | | 93,635 |
NRG Energy, Inc., 7.00%, 03/15/2033(c)
| | 50,000 | | 55,046 |
| Pacific Gas and Electric Co. | | | | |
3.15%, 01/01/2026
| | 70,000 | | 68,363 |
4.55%, 07/01/2030
| | 65,000 | | 63,594 |
Pinnacle West Capital Corp., 1.30%, 06/15/2025
| | 35,000 | | 33,959 |
PPL Capital Funding, Inc., 3.10%, 05/15/2026
| | 60,000 | | 58,440 |
PPL Electric Utilities Corp., 5.00%, 05/15/2033
| | 55,000 | | 55,848 |
Public Service Co. of Colorado, 1.88%, 06/15/2031
| | 70,000 | | 58,576 |
San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030
| | 100,000 | | 85,453 |
| | Principal
Amount | | Value |
| Electric Utilities-(continued) |
| Southern California Edison Co. | | | | |
5.95%, 11/01/2032
| $ | 90,000 | | $96,468 |
Series E, 3.70%, 08/01/2025
| | 80,000 | | 79,173 |
| Southern Co. (The) | | | | |
3.25%, 07/01/2026
| | 128,000 | | 124,991 |
Series A, 3.70%, 04/30/2030
| | 147,000 | | 140,469 |
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027
| | 100,000 | | 97,979 |
| Vistra Operations Co. LLC | | | | |
3.70%, 01/30/2027(c)
| | 40,000 | | 38,937 |
6.95%, 10/15/2033(c)
| | 60,000 | | 66,698 |
Wisconsin Electric Power Co., 4.75%, 09/30/2032
| | 50,000 | | 50,824 |
Wisconsin Power and Light Co., 3.95%, 09/01/2032
| | 40,000 | | 37,731 |
Xcel Energy, Inc., 4.00%, 06/15/2028
| | 70,000 | | 68,594 |
| | | | | 3,293,648 |
| Electrical Equipment-0.30% |
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030
| | 55,000 | | 47,251 |
| Emerson Electric Co. | | | | |
0.88%, 10/15/2026
| | 85,000 | | 79,271 |
2.20%, 12/21/2031
| | 90,000 | | 77,846 |
| | | | | 204,368 |
| Electronic Equipment, Instruments & Components-1.66% |
| Amphenol Corp. | | | | |
4.35%, 06/01/2029
| | 40,000 | | 40,006 |
2.80%, 02/15/2030
| | 50,000 | | 45,963 |
| Arrow Electronics, Inc. | | | | |
3.88%, 01/12/2028
| | 58,000 | | 56,262 |
2.95%, 02/15/2032
| | 80,000 | | 69,424 |
Avnet, Inc., 4.63%, 04/15/2026
| | 83,000 | | 82,539 |
| CDW LLC/CDW Finance Corp. | | | | |
2.67%, 12/01/2026
| | 40,000 | | 38,190 |
3.57%, 12/01/2031
| | 50,000 | | 45,091 |
| Eaton Corp. | | | | |
3.10%, 09/15/2027
| | 59,000 | | 57,204 |
4.00%, 11/02/2032
| | 85,000 | | 82,129 |
| Flex Ltd. | | | | |
4.88%, 06/15/2029
| | 40,000 | | 39,865 |
5.25%, 01/15/2032
| | 50,000 | | 50,032 |
| Jabil, Inc. | | | | |
3.95%, 01/12/2028
| | 53,000 | | 51,517 |
3.00%, 01/15/2031
| | 50,000 | | 44,030 |
| Keysight Technologies, Inc. | | | | |
4.60%, 04/06/2027
| | 18,000 | | 17,982 |
3.00%, 10/30/2029
| | 40,000 | | 37,301 |
| TD SYNNEX Corp. | | | | |
1.75%, 08/09/2026
| | 40,000 | | 37,698 |
6.10%, 04/12/2034
| | 40,000 | | 41,615 |
| Teledyne Technologies, Inc. | | | | |
2.25%, 04/01/2028
| | 40,000 | | 37,002 |
2.75%, 04/01/2031
| | 40,000 | | 35,430 |
| Trimble, Inc. | | | | |
4.90%, 06/15/2028
| | 30,000 | | 30,193 |
6.10%, 03/15/2033
| | 40,000 | | 42,774 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Electronic Equipment, Instruments & Components-(continued) |
| Tyco Electronics Group S.A. | | | | |
4.50%, 02/13/2026
| $ | 70,000 | | $70,152 |
2.50%, 02/04/2032
| | 65,000 | | 57,071 |
| | | | | 1,109,470 |
| Energy Equipment & Services-0.58% |
Halliburton Co., 2.92%, 03/01/2030
| | 140,000 | | 128,635 |
Helmerich & Payne, Inc., 2.90%, 09/29/2031
| | 80,000 | | 68,885 |
NOV, Inc., 3.60%, 12/01/2029
| | 63,000 | | 59,787 |
| Schlumberger Investment S.A. | | | | |
4.50%, 05/15/2028
| | 60,000 | | 60,311 |
2.65%, 06/26/2030
| | 75,000 | | 68,441 |
| | | | | 386,059 |
| Entertainment-1.08% |
Electronic Arts, Inc., 1.85%, 02/15/2031
| | 115,000 | | 97,525 |
| Netflix, Inc. | | | | |
4.88%, 04/15/2028
| | 90,000 | | 91,810 |
4.88%, 06/15/2030(c)
| | 95,000 | | 97,199 |
| Take-Two Interactive Software, Inc. | | | | |
3.55%, 04/14/2025
| | 35,000 | | 34,645 |
4.00%, 04/14/2032
| | 30,000 | | 28,487 |
| Walt Disney Co. (The) | | | | |
2.20%, 01/13/2028
| | 125,000 | | 117,388 |
2.65%, 01/13/2031
| | 120,000 | | 108,149 |
| Warnermedia Holdings, Inc. | | | | |
3.76%, 03/15/2027
| | 90,000 | | 86,241 |
4.28%, 03/15/2032
| | 70,000 | | 61,220 |
| | | | | 722,664 |
| Financial Services-3.22% |
Apollo Global Management, Inc., 6.38%, 11/15/2033
| | 140,000 | | 154,193 |
Berkshire Hathaway, Inc., 3.13%, 03/15/2026
| | 303,000 | | 298,822 |
| Block Financial LLC | | | | |
2.50%, 07/15/2028
| | 30,000 | | 27,574 |
3.88%, 08/15/2030
| | 40,000 | | 37,964 |
| Corebridge Financial, Inc. | | | | |
3.65%, 04/05/2027
| | 90,000 | | 88,148 |
3.90%, 04/05/2032
| | 150,000 | | 138,950 |
Enact Holdings, Inc., 6.25%, 05/28/2029
| | 50,000 | | 51,590 |
| Equitable Holdings, Inc. | | | | |
4.35%, 04/20/2028
| | 91,000 | | 89,894 |
5.59%, 01/11/2033
| | 60,000 | | 62,086 |
Essent Group Ltd., 6.25%, 07/01/2029
| | 25,000 | | 25,912 |
| Fidelity National Information Services, Inc. | | | | |
1.15%, 03/01/2026
| | 50,000 | | 47,463 |
2.25%, 03/01/2031
| | 65,000 | | 56,273 |
| Fiserv, Inc. | | | | |
3.50%, 07/01/2029
| | 108,000 | | 103,451 |
5.63%, 08/21/2033
| | 55,000 | | 57,579 |
| Global Payments, Inc. | | | | |
3.20%, 08/15/2029
| | 63,000 | | 58,452 |
5.40%, 08/15/2032
| | 50,000 | | 51,019 |
| LPL Holdings, Inc. | | | | |
6.75%, 11/17/2028
| | 25,000 | | 26,672 |
6.00%, 05/20/2034
| | 30,000 | | 30,852 |
| Mastercard, Inc. | | | | |
3.30%, 03/26/2027
| | 100,000 | | 98,054 |
3.35%, 03/26/2030
| | 85,000 | | 81,410 |
| | Principal
Amount | | Value |
| Financial Services-(continued) |
| PayPal Holdings, Inc. | | | | |
3.90%, 06/01/2027
| $ | 80,000 | | $79,384 |
2.85%, 10/01/2029
| | 95,000 | | 88,480 |
Radian Group, Inc., 6.20%, 05/15/2029
| | 40,000 | | 41,679 |
TPG Operating Group II, L.P., 5.88%, 03/05/2034
| | 60,000 | | 63,122 |
| Visa, Inc. | | | | |
3.15%, 12/14/2025
| | 131,000 | | 129,005 |
2.05%, 04/15/2030
| | 115,000 | | 103,113 |
Western Union Co. (The), 1.35%, 03/15/2026
| | 70,000 | | 66,374 |
| | | | | 2,157,515 |
| Food Products-2.52% |
| Archer-Daniels-Midland Co. | | | | |
2.50%, 08/11/2026
| | 90,000 | | 86,897 |
3.25%, 03/27/2030
| | 95,000 | | 89,762 |
| Bunge Ltd. Finance Corp. | | | | |
1.63%, 08/17/2025
| | 90,000 | | 87,184 |
2.75%, 05/14/2031
| | 70,000 | | 62,016 |
| Campbell Soup Co. | | | | |
4.15%, 03/15/2028
| | 33,000 | | 32,722 |
2.38%, 04/24/2030
| | 40,000 | | 35,785 |
Conagra Brands, Inc., 4.85%, 11/01/2028
| | 80,000 | | 80,669 |
Flowers Foods, Inc., 2.40%, 03/15/2031
| | 80,000 | | 68,936 |
| General Mills, Inc. | | | | |
4.20%, 04/17/2028
| | 76,000 | | 75,564 |
4.95%, 03/29/2033
| | 75,000 | | 75,676 |
Hershey Co. (The), 2.30%, 08/15/2026
| | 88,000 | | 84,829 |
| Hormel Foods Corp. | | | | |
1.70%, 06/03/2028
| | 50,000 | | 45,722 |
1.80%, 06/11/2030
| | 50,000 | | 43,684 |
| Ingredion, Inc. | | | | |
3.20%, 10/01/2026
| | 28,000 | | 27,261 |
2.90%, 06/01/2030
| | 40,000 | | 36,794 |
| JM Smucker Co. (The) | | | | |
3.50%, 03/15/2025
| | 33,000 | | 32,699 |
2.38%, 03/15/2030
| | 40,000 | | 35,742 |
| Kraft Heinz Foods Co. (The) | | | | |
3.00%, 06/01/2026
| | 105,000 | | 102,289 |
3.75%, 04/01/2030
| | 85,000 | | 81,836 |
| McCormick & Co., Inc. | | | | |
3.40%, 08/15/2027
| | 48,000 | | 46,795 |
1.85%, 02/15/2031
| | 70,000 | | 59,248 |
| Mondelez International, Inc. | | | | |
1.50%, 05/04/2025
| | 100,000 | | 97,685 |
2.75%, 04/13/2030
| | 95,000 | | 87,156 |
| Tyson Foods, Inc. | | | | |
4.35%, 03/01/2029
| | 115,000 | | 113,723 |
4.88%, 08/15/2034
| | 100,000 | | 99,125 |
| | | | | 1,689,799 |
| Gas Utilities-0.27% |
| Atmos Energy Corp. | | | | |
3.00%, 06/15/2027
| | 51,000 | | 49,338 |
1.50%, 01/15/2031
| | 45,000 | | 37,549 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Gas Utilities-(continued) |
| National Fuel Gas Co. | | | | |
5.50%, 01/15/2026
| $ | 20,000 | | $20,134 |
2.95%, 03/01/2031
| | 20,000 | | 17,435 |
Southwest Gas Corp., 4.05%, 03/15/2032
| | 60,000 | | 56,334 |
| | | | | 180,790 |
| Ground Transportation-1.10% |
| CSX Corp. | | | | |
4.25%, 03/15/2029
| | 70,000 | | 69,904 |
4.10%, 11/15/2032
| | 90,000 | | 87,237 |
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026
| | 90,000 | | 88,922 |
| Norfolk Southern Corp. | | | | |
3.80%, 08/01/2028
| | 60,000 | | 59,062 |
5.05%, 08/01/2030
| | 95,000 | | 98,011 |
| Ryder System, Inc. | | | | |
5.25%, 06/01/2028
| | 70,000 | | 71,479 |
6.60%, 12/01/2033
| | 30,000 | | 33,168 |
| Union Pacific Corp. | | | | |
3.95%, 09/10/2028
| | 124,000 | | 123,048 |
2.80%, 02/14/2032
| | 115,000 | | 103,111 |
| | | | | 733,942 |
| Health Care Equipment & Supplies-1.92% |
| Abbott Laboratories | | | | |
3.75%, 11/30/2026
| | 117,000 | | 115,993 |
1.40%, 06/30/2030
| | 120,000 | | 103,944 |
| Baxter International, Inc. | | | | |
1.92%, 02/01/2027
| | 110,000 | | 103,288 |
2.54%, 02/01/2032
| | 50,000 | | 42,718 |
| Becton, Dickinson and Co. | | | | |
3.70%, 06/06/2027
| | 90,000 | | 88,208 |
1.96%, 02/11/2031
| | 80,000 | | 68,003 |
Boston Scientific Corp., 2.65%, 06/01/2030
| | 140,000 | | 127,596 |
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030
| | 55,000 | | 50,002 |
| DH Europe Finance II S.a.r.l. | | | | |
2.20%, 11/15/2024
| | 68,000 | | 67,570 |
2.60%, 11/15/2029
| | 76,000 | | 70,106 |
Edwards Lifesciences Corp., 4.30%, 06/15/2028
| | 57,000 | | 56,345 |
| GE HealthCare Technologies, Inc. | | | | |
5.65%, 11/15/2027
| | 65,000 | | 67,135 |
5.91%, 11/22/2032
| | 70,000 | | 74,618 |
STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031
| | 60,000 | | 52,640 |
| Stryker Corp. | | | | |
3.50%, 03/15/2026
| | 74,000 | | 72,792 |
1.95%, 06/15/2030
| | 70,000 | | 61,144 |
| Zimmer Biomet Holdings, Inc. | | | | |
3.55%, 04/01/2025
| | 35,000 | | 34,661 |
2.60%, 11/24/2031
| | 35,000 | | 30,345 |
| | | | | 1,287,108 |
| Health Care Providers & Services-4.00% |
| Cardinal Health, Inc. | | | | |
3.41%, 06/15/2027
| | 124,000 | | 120,661 |
5.45%, 02/15/2034
| | 120,000 | | 124,066 |
| Cencora, Inc. | | | | |
3.45%, 12/15/2027
| | 164,000 | | 159,028 |
2.70%, 03/15/2031
| | 135,000 | | 119,730 |
| | Principal
Amount | | Value |
| Health Care Providers & Services-(continued) |
| Cigna Group (The) | | | | |
4.38%, 10/15/2028
| $ | 144,000 | | $143,243 |
2.38%, 03/15/2031
| | 145,000 | | 126,104 |
| CVS Health Corp. | | | | |
4.30%, 03/25/2028
| | 180,000 | | 177,881 |
5.25%, 02/21/2033
| | 190,000 | | 191,218 |
| Elevance Health, Inc. | | | | |
3.65%, 12/01/2027
| | 115,000 | | 112,537 |
2.25%, 05/15/2030
| | 125,000 | | 110,876 |
| HCA, Inc. | | | | |
5.38%, 02/01/2025
| | 95,000 | | 94,883 |
3.50%, 09/01/2030
| | 135,000 | | 125,919 |
| Humana, Inc. | | | | |
1.35%, 02/03/2027
| | 110,000 | | 101,915 |
2.15%, 02/03/2032
| | 95,000 | | 78,820 |
| Laboratory Corp. of America Holdings | | | | |
3.60%, 02/01/2025
| | 43,000 | | 42,714 |
2.95%, 12/01/2029
| | 40,000 | | 36,862 |
| McKesson Corp. | | | | |
1.30%, 08/15/2026
| | 150,000 | | 141,188 |
5.10%, 07/15/2033
| | 135,000 | | 138,705 |
| Quest Diagnostics, Inc. | | | | |
3.50%, 03/30/2025
| | 70,000 | | 69,371 |
2.95%, 06/30/2030
| | 35,000 | | 32,108 |
| UnitedHealth Group, Inc. | | | | |
3.75%, 07/15/2025
| | 169,000 | | 168,015 |
5.35%, 02/15/2033
| | 185,000 | | 193,700 |
| Universal Health Services, Inc. | | | | |
1.65%, 09/01/2026
| | 40,000 | | 37,575 |
2.65%, 10/15/2030
| | 35,000 | | 30,942 |
| | | | | 2,678,061 |
| Health Care REITs-0.86% |
| Alexandria Real Estate Equities, Inc. | | | | |
3.45%, 04/30/2025
| | 53,000 | | 52,487 |
2.00%, 05/18/2032
| | 75,000 | | 60,968 |
| Healthcare Realty Holdings L.P. | | | | |
3.50%, 08/01/2026
| | 66,000 | | 64,534 |
2.00%, 03/15/2031
| | 20,000 | | 16,454 |
| Healthpeak OP LLC | | | | |
3.25%, 07/15/2026
| | 50,000 | | 48,818 |
5.25%, 12/15/2032
| | 40,000 | | 40,711 |
| Omega Healthcare Investors, Inc. | | | | |
5.25%, 01/15/2026
| | 18,000 | | 18,007 |
3.38%, 02/01/2031
| | 30,000 | | 26,758 |
| Ventas Realty L.P. | | | | |
4.40%, 01/15/2029
| | 44,000 | | 43,568 |
2.50%, 09/01/2031
| | 65,000 | | 55,577 |
| Welltower OP LLC | | | | |
4.00%, 06/01/2025
| | 76,000 | | 75,342 |
3.10%, 01/15/2030
| | 80,000 | | 74,115 |
| | | | | 577,339 |
| Hotel & Resort REITs-0.10% |
| Host Hotels & Resorts L.P. | | | | |
Series E, 4.00%, 06/15/2025
| | 30,000 | | 29,716 |
Series H, 3.38%, 12/15/2029
| | 39,000 | | 35,938 |
| | | | | 65,654 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Hotels, Restaurants & Leisure-1.54% |
| Booking Holdings, Inc. | | | | |
3.60%, 06/01/2026
| $ | 55,000 | | $54,290 |
4.63%, 04/13/2030
| | 80,000 | | 80,890 |
Choice Hotels International, Inc., 5.85%, 08/01/2034
| | 40,000 | | 40,907 |
| Darden Restaurants, Inc. | | | | |
3.85%, 05/01/2027
| | 64,000 | | 62,833 |
6.30%, 10/10/2033
| | 60,000 | | 64,351 |
Expedia Group, Inc., 3.80%, 02/15/2028
| | 68,000 | | 66,173 |
Harley-Davidson Financial Services, Inc., 6.50%, 03/10/2028(c)
| | 50,000 | | 52,027 |
Hyatt Hotels Corp., 5.75%, 01/30/2027
| | 60,000 | | 61,195 |
| Marriott International, Inc. | | | | |
5.00%, 10/15/2027
| | 75,000 | | 76,188 |
Series FF, 4.63%, 06/15/2030
| | 40,000 | | 40,064 |
| McDonald’s Corp. | | | | |
3.80%, 04/01/2028
| | 125,000 | | 123,078 |
3.60%, 07/01/2030
| | 130,000 | | 124,797 |
| Starbucks Corp. | | | | |
3.80%, 08/15/2025
| | 106,000 | | 104,954 |
2.55%, 11/15/2030
| | 90,000 | | 80,670 |
| | | | | 1,032,417 |
| Household Durables-0.83% |
| D.R. Horton, Inc. | | | | |
1.40%, 10/15/2027
| | 70,000 | | 64,013 |
5.00%, 10/15/2034
| | 70,000 | | 69,881 |
Leggett & Platt, Inc., 4.40%, 03/15/2029
| | 60,000 | | 57,047 |
Lennar Corp., 4.75%, 11/29/2027
| | 115,000 | | 116,050 |
| Mohawk Industries, Inc. | | | | |
5.85%, 09/18/2028
| | 30,000 | | 31,403 |
3.63%, 05/15/2030
| | 45,000 | | 42,748 |
NVR, Inc., 3.00%, 05/15/2030
| | 80,000 | | 73,414 |
Whirlpool Corp., 4.75%, 02/26/2029
| | 99,000 | | 99,645 |
| | | | | 554,201 |
| Household Products-1.24% |
Church & Dwight Co., Inc., 5.60%, 11/15/2032
| | 90,000 | | 95,859 |
| Clorox Co. (The) | | | | |
3.90%, 05/15/2028
| | 35,000 | | 34,306 |
4.60%, 05/01/2032
| | 40,000 | | 39,890 |
| Colgate-Palmolive Co. | | | | |
4.80%, 03/02/2026
| | 60,000 | | 60,554 |
3.25%, 08/15/2032
| | 105,000 | | 97,590 |
| Kimberly-Clark Corp. | | | | |
3.20%, 04/25/2029
| | 67,000 | | 64,406 |
2.00%, 11/02/2031
| | 100,000 | | 86,323 |
| Procter & Gamble Co. (The) | | | | |
1.90%, 02/01/2027
| | 165,000 | | 156,872 |
3.00%, 03/25/2030(b)
| | 205,000 | | 194,532 |
| | | | | 830,332 |
| Independent Power and Renewable Electricity Producers-0.33% |
| AES Corp. (The) | | | | |
1.38%, 01/15/2026
| | 55,000 | | 52,406 |
2.45%, 01/15/2031
| | 100,000 | | 85,338 |
NSTAR Electric Co., 3.20%, 05/15/2027
| | 83,000 | | 80,519 |
| | | | | 218,263 |
| | Principal
Amount | | Value |
| Industrial Conglomerates-0.66% |
3M Co., 2.38%, 08/26/2029
| $ | 265,000 | | $ 240,212 |
| Honeywell International, Inc. | | | | |
2.50%, 11/01/2026
| | 103,000 | | 99,449 |
1.75%, 09/01/2031
| | 125,000 | | 105,589 |
| | | | | 445,250 |
| Industrial REITs-0.23% |
| Prologis L.P. | | | | |
2.13%, 04/15/2027
| | 75,000 | | 71,017 |
2.25%, 04/15/2030
| | 92,000 | | 82,294 |
| | | | | 153,311 |
| Insurance-6.04% |
Aflac, Inc., 3.60%, 04/01/2030
| | 185,000 | | 176,763 |
| Allstate Corp. (The) | | | | |
3.28%, 12/15/2026
| | 76,000 | | 74,142 |
1.45%, 12/15/2030
| | 130,000 | | 107,833 |
American International Group, Inc., 5.13%, 03/27/2033(b)
| | 260,000 | | 265,310 |
Aon Corp., 2.80%, 05/15/2030
| | 60,000 | | 54,698 |
Aon Global Ltd., 3.88%, 12/15/2025
| | 95,000 | | 94,230 |
Arthur J. Gallagher & Co., 5.45%, 07/15/2034
| | 110,000 | | 113,125 |
| Brighthouse Financial, Inc. | | | | |
3.70%, 06/22/2027
| | 97,000 | | 93,863 |
5.63%, 05/15/2030(b)
| | 75,000 | | 76,581 |
Brown & Brown, Inc., 2.38%, 03/15/2031
| | 30,000 | | 25,601 |
| Chubb INA Holdings LLC | | | | |
3.35%, 05/03/2026
| | 95,000 | | 93,343 |
1.38%, 09/15/2030
| | 120,000 | | 101,886 |
| CNA Financial Corp. | | | | |
3.90%, 05/01/2029
| | 93,000 | | 90,555 |
5.13%, 02/15/2034
| | 50,000 | | 50,471 |
| CNO Financial Group, Inc. | | | | |
5.25%, 05/30/2029
| | 43,000 | | 43,177 |
6.45%, 06/15/2034
| | 40,000 | | 41,760 |
Fidelity National Financial, Inc., 3.40%, 06/15/2030
| | 160,000 | | 147,269 |
First American Financial Corp., 2.40%, 08/15/2031
| | 110,000 | | 91,382 |
Five Corners Funding Trust II, 2.85%, 05/15/2030(c)
| | 160,000 | | 146,145 |
Globe Life, Inc., 4.55%, 09/15/2028
| | 106,000 | | 104,754 |
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029
| | 174,000 | | 160,272 |
Jackson National Life Global Funding, 3.05%, 04/29/2026(c)
| | 180,000 | | 174,995 |
| Lincoln National Corp. | | | | |
3.80%, 03/01/2028
| | 76,000 | | 73,950 |
3.40%, 01/15/2031
| | 80,000 | | 73,054 |
| Loews Corp. | | | | |
3.75%, 04/01/2026
| | 38,000 | | 37,582 |
3.20%, 05/15/2030
| | 60,000 | | 56,120 |
| Marsh & McLennan Cos., Inc. | | | | |
4.38%, 03/15/2029
| | 68,000 | | 68,288 |
2.25%, 11/15/2030
| | 110,000 | | 97,389 |
MetLife, Inc., 4.55%, 03/23/2030
| | 125,000 | | 126,830 |
Metropolitan Life Global Funding I, 3.45%, 12/18/2026(c)
| | 160,000 | | 156,873 |
Old Republic International Corp., 3.88%, 08/26/2026
| | 94,000 | | 92,469 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Insurance-(continued) |
Primerica, Inc., 2.80%, 11/19/2031
| $ | 55,000 | | $ 47,544 |
| Principal Financial Group, Inc. | | | | |
3.70%, 05/15/2029
| | 82,000 | | 79,270 |
2.13%, 06/15/2030
| | 120,000 | | 104,445 |
| Progressive Corp. (The) | | | | |
4.00%, 03/01/2029
| | 75,000 | | 74,309 |
3.00%, 03/15/2032
| | 105,000 | | 95,281 |
Prudential Financial, Inc., 1.50%, 03/10/2026
| | 130,000 | | 124,627 |
Reinsurance Group of America, Inc., 3.90%, 05/15/2029
| | 49,000 | | 47,467 |
RGA Global Funding, 5.50%, 01/11/2031(c)
| | 40,000 | | 41,373 |
Travelers Property Casualty Corp., 6.38%, 03/15/2033
| | 195,000 | | 219,803 |
| Willis North America, Inc. | | | | |
4.65%, 06/15/2027
| | 55,000 | | 55,107 |
2.95%, 09/15/2029
| | 50,000 | | 46,232 |
| | | | | 4,046,168 |
| Interactive Media & Services-1.30% |
| Alphabet, Inc. | | | | |
2.00%, 08/15/2026(b)
| | 252,000 | | 242,491 |
1.10%, 08/15/2030(b)
| | 310,000 | | 262,713 |
| Meta Platforms, Inc. | | | | |
3.50%, 08/15/2027
| | 170,000 | | 167,501 |
3.85%, 08/15/2032
| | 210,000 | | 201,255 |
| | | | | 873,960 |
| IT Services-0.65% |
Amdocs Ltd., 2.54%, 06/15/2030
| | 75,000 | | 66,224 |
DXC Technology Co., 2.38%, 09/15/2028
| | 93,000 | | 83,465 |
International Business Machines Corp., 3.50%, 05/15/2029
| | 135,000 | | 130,204 |
| Kyndryl Holdings, Inc. | | | | |
2.05%, 10/15/2026
| | 85,000 | | 79,876 |
3.15%, 10/15/2031
| | 55,000 | | 47,673 |
| VeriSign, Inc. | | | | |
5.25%, 04/01/2025
| | 10,000 | | 9,998 |
2.70%, 06/15/2031
| | 20,000 | | 17,361 |
| | | | | 434,801 |
| Leisure Products-0.31% |
Brunswick Corp., 2.40%, 08/18/2031
| | 80,000 | | 66,233 |
| Hasbro, Inc. | | | | |
3.55%, 11/19/2026
| | 30,000 | | 29,190 |
3.90%, 11/19/2029
| | 28,000 | | 26,777 |
Polaris, Inc., 6.95%, 03/15/2029
| | 80,000 | | 85,834 |
| | | | | 208,034 |
| Life Sciences Tools & Services-0.83% |
Agilent Technologies, Inc., 2.30%, 03/12/2031
| | 110,000 | | 95,422 |
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032
| | 55,000 | | 50,445 |
| Illumina, Inc. | | | | |
5.75%, 12/13/2027
| | 30,000 | | 30,934 |
2.55%, 03/23/2031(b)
| | 20,000 | | 17,138 |
IQVIA, Inc., 6.25%, 02/01/2029
| | 120,000 | | 126,864 |
| Revvity, Inc. | | | | |
1.90%, 09/15/2028
| | 25,000 | | 22,509 |
3.30%, 09/15/2029
| | 33,000 | | 30,901 |
| | Principal
Amount | | Value |
| Life Sciences Tools & Services-(continued) |
| Thermo Fisher Scientific, Inc. | | | | |
4.80%, 11/21/2027
| $ | 75,000 | | $76,390 |
2.00%, 10/15/2031(b)
| | 125,000 | | 106,835 |
| | | | | 557,438 |
| Machinery-2.47% |
AGCO Corp., 5.80%, 03/21/2034
| | 70,000 | | 72,043 |
Caterpillar Financial Services Corp., 3.40%, 05/13/2025
| | 125,000 | | 123,928 |
Caterpillar, Inc., 2.60%, 04/09/2030
| | 115,000 | | 105,704 |
| Cummins, Inc. | | | | |
4.90%, 02/20/2029
| | 80,000 | | 81,996 |
1.50%, 09/01/2030
| | 80,000 | | 68,462 |
Flowserve Corp., 3.50%, 10/01/2030
| | 75,000 | | 69,323 |
Fortive Corp., 3.15%, 06/15/2026
| | 78,000 | | 75,941 |
IDEX Corp., 3.00%, 05/01/2030
| | 50,000 | | 45,878 |
Illinois Tool Works, Inc., 2.65%, 11/15/2026
| | 153,000 | | 148,408 |
| Ingersoll Rand, Inc. | | | | |
5.40%, 08/14/2028
| | 30,000 | | 30,925 |
5.70%, 08/14/2033
| | 30,000 | | 31,661 |
| John Deere Capital Corp. | | | | |
4.95%, 07/14/2028
| | 100,000 | | 102,618 |
5.10%, 04/11/2034
| | 110,000 | | 113,724 |
Nordson Corp., 5.80%, 09/15/2033
| | 50,000 | | 53,331 |
| Otis Worldwide Corp. | | | | |
2.06%, 04/05/2025
| | 85,000 | | 83,518 |
2.57%, 02/15/2030
| | 40,000 | | 36,137 |
| Parker-Hannifin Corp. | | | | |
3.25%, 06/14/2029
| | 77,000 | | 73,099 |
4.20%, 11/21/2034
| | 50,000 | | 47,791 |
| Stanley Black & Decker, Inc. | | | | |
3.40%, 03/01/2026
| | 60,000 | | 58,890 |
2.30%, 03/15/2030
| | 55,000 | | 48,556 |
| Wabtec Corp. | | | | |
3.45%, 11/15/2026
| | 30,000 | | 29,268 |
5.61%, 03/11/2034
| | 40,000 | | 41,678 |
| Xylem, Inc. | | | | |
3.25%, 11/01/2026
| | 45,000 | | 43,797 |
2.25%, 01/30/2031
| | 75,000 | | 65,376 |
| | | | | 1,652,052 |
| Marine Transportation-0.05% |
Kirby Corp., 4.20%, 03/01/2028
| | 33,000 | | 32,437 |
| Media-1.04% |
| Comcast Corp. | | | | |
4.15%, 10/15/2028
| | 166,000 | | 164,840 |
1.50%, 02/15/2031(b)
| | 250,000 | | 207,941 |
| Fox Corp. | | | | |
4.71%, 01/25/2029
| | 55,000 | | 55,400 |
6.50%, 10/13/2033
| | 45,000 | | 48,774 |
| Interpublic Group of Cos., Inc. (The) | | | | |
4.65%, 10/01/2028
| | 40,000 | | 40,129 |
4.75%, 03/30/2030
| | 80,000 | | 80,523 |
Omnicom Group, Inc., 2.60%, 08/01/2031
| | 60,000 | | 52,328 |
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026
| | 48,000 | | 47,163 |
| | | | | 697,098 |
| Metals & Mining-1.09% |
Freeport-McMoRan, Inc., 5.40%, 11/14/2034
| | 175,000 | | 178,561 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Metals & Mining-(continued) |
Newmont Corp., 2.25%, 10/01/2030
| $ | 196,000 | | $ 173,926 |
| Nucor Corp. | | | | |
3.95%, 05/01/2028
| | 69,000 | | 68,231 |
3.13%, 04/01/2032
| | 110,000 | | 99,335 |
Reliance, Inc., 2.15%, 08/15/2030
| | 100,000 | | 87,189 |
Steel Dynamics, Inc., 3.45%, 04/15/2030
| | 131,000 | | 122,489 |
| | | | | 729,731 |
| Multi-Utilities-1.44% |
| Ameren Corp. | | | | |
1.95%, 03/15/2027
| | 60,000 | | 56,250 |
3.50%, 01/15/2031
| | 55,000 | | 51,157 |
Arizona Public Service Co., 5.55%, 08/01/2033
| | 40,000 | | 41,153 |
| CenterPoint Energy, Inc. | | | | |
1.45%, 06/01/2026
| | 55,000 | | 51,957 |
2.65%, 06/01/2031
| | 60,000 | | 52,473 |
| Consumers Energy Co. | | | | |
4.90%, 02/15/2029
| | 40,000 | | 40,961 |
4.63%, 05/15/2033
| | 50,000 | | 49,710 |
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030
| | 115,000 | | 107,703 |
DTE Electric Co., Series C, 2.63%, 03/01/2031
| | 75,000 | | 67,023 |
DTE Energy Co., Series F, 1.05%, 06/01/2025
| | 60,000 | | 58,246 |
| NiSource, Inc. | | | | |
0.95%, 08/15/2025
| | 50,000 | | 48,155 |
3.60%, 05/01/2030
| | 40,000 | | 37,944 |
| Public Service Enterprise Group, Inc. | | | | |
5.20%, 04/01/2029
| | 55,000 | | 56,469 |
2.45%, 11/15/2031
| | 100,000 | | 85,873 |
Sempra, 3.40%, 02/01/2028
| | 81,000 | | 78,118 |
WEC Energy Group, Inc., 4.75%, 01/09/2026
| | 80,000 | | 80,056 |
| | | | | 963,248 |
| Office REITs-0.26% |
| Boston Properties L.P. | | | | |
3.65%, 02/01/2026
| | 60,000 | | 58,702 |
3.25%, 01/30/2031
| | 75,000 | | 66,062 |
Kilroy Realty L.P., 3.05%, 02/15/2030
| | 58,000 | | 50,847 |
| | | | | 175,611 |
| Oil, Gas & Consumable Fuels-5.49% |
| Cheniere Corpus Christi Holdings LLC | | | | |
5.13%, 06/30/2027
| | 55,000 | | 55,566 |
3.70%, 11/15/2029(b)
| | 50,000 | | 47,608 |
| Chevron Corp. | | | | |
2.95%, 05/16/2026
| | 232,000 | | 227,212 |
2.24%, 05/11/2030(b)
| | 270,000 | | 242,315 |
| ConocoPhillips Co. | | | | |
6.95%, 04/15/2029
| | 110,000 | | 122,178 |
5.05%, 09/15/2033
| | 110,000 | | 112,874 |
| Coterra Energy, Inc. | | | | |
3.90%, 05/15/2027
| | 50,000 | | 49,019 |
5.60%, 03/15/2034
| | 40,000 | | 40,970 |
Devon Energy Corp., 7.88%, 09/30/2031
| | 110,000 | | 127,657 |
| Diamondback Energy, Inc. | | | | |
3.25%, 12/01/2026
| | 40,000 | | 38,932 |
3.50%, 12/01/2029
| | 55,000 | | 52,002 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| EOG Resources, Inc. | | | | |
4.15%, 01/15/2026
| $ | 90,000 | | $89,785 |
4.38%, 04/15/2030
| | 80,000 | | 80,153 |
| EQT Corp. | | | | |
3.90%, 10/01/2027
| | 40,000 | | 39,110 |
7.00%, 02/01/2030
| | 30,000 | | 32,703 |
| Exxon Mobil Corp. | | | | |
3.04%, 03/01/2026
| | 281,000 | | 276,099 |
2.61%, 10/15/2030(b)
| | 265,000 | | 241,874 |
| Hess Corp. | | | | |
4.30%, 04/01/2027
| | 50,000 | | 49,670 |
7.30%, 08/15/2031
| | 70,000 | | 79,914 |
HF Sinclair Corp., 5.88%, 04/01/2026
| | 120,000 | | 121,290 |
| Kinder Morgan, Inc. | | | | |
4.30%, 03/01/2028
| | 105,000 | | 104,481 |
5.20%, 06/01/2033
| | 100,000 | | 100,285 |
| Marathon Oil Corp. | | | | |
4.40%, 07/15/2027
| | 58,000 | | 57,795 |
6.80%, 03/15/2032
| | 35,000 | | 39,085 |
Marathon Petroleum Corp., 4.70%, 05/01/2025
| | 235,000 | | 234,126 |
| ONEOK, Inc. | | | | |
4.55%, 07/15/2028
| | 61,000 | | 60,908 |
3.10%, 03/15/2030
| | 110,000 | | 101,572 |
| Ovintiv, Inc. | | | | |
5.65%, 05/15/2028
| | 40,000 | | 41,178 |
7.38%, 11/01/2031
| | 30,000 | | 33,579 |
| Phillips 66 | | | | |
3.90%, 03/15/2028
| | 109,000 | | 106,903 |
2.15%, 12/15/2030
| | 155,000 | | 134,855 |
Targa Resources Corp., 5.20%, 07/01/2027
| | 60,000 | | 60,900 |
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030
| | 60,000 | | 60,863 |
| Valero Energy Corp. | | | | |
2.15%, 09/15/2027
| | 140,000 | | 131,096 |
7.50%, 04/15/2032
| | 115,000 | | 133,480 |
| Williams Cos., Inc. (The) | | | | |
3.75%, 06/15/2027
| | 85,000 | | 83,262 |
2.60%, 03/15/2031
| | 75,000 | | 65,591 |
| | | | | 3,676,890 |
| Passenger Airlines-0.19% |
| Southwest Airlines Co. | | | | |
5.13%, 06/15/2027
| | 70,000 | | 70,610 |
2.63%, 02/10/2030
| | 60,000 | | 53,696 |
| | | | | 124,306 |
| Personal Care Products-0.40% |
| Estee Lauder Cos., Inc. (The) | | | | |
2.00%, 12/01/2024
| | 80,000 | | 79,345 |
2.38%, 12/01/2029
| | 93,000 | | 84,546 |
| Kenvue, Inc. | | | | |
5.05%, 03/22/2028
| | 50,000 | | 51,398 |
4.90%, 03/22/2033
| | 50,000 | | 51,183 |
| | | | | 266,472 |
| Pharmaceuticals-2.68% |
| Bristol-Myers Squibb Co. | | | | |
3.40%, 07/26/2029
| | 119,000 | | 114,387 |
5.20%, 02/22/2034
| | 120,000 | | 124,516 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Pharmaceuticals-(continued) |
| Eli Lilly and Co. | | | | |
3.38%, 03/15/2029
| $ | 96,000 | | $93,305 |
4.70%, 02/09/2034
| | 90,000 | | 91,187 |
| Johnson & Johnson | | | | |
2.45%, 03/01/2026
| | 183,000 | | 178,586 |
1.30%, 09/01/2030(b)
| | 265,000 | | 227,385 |
| Merck & Co., Inc. | | | | |
3.40%, 03/07/2029
| | 140,000 | | 135,486 |
2.15%, 12/10/2031
| | 165,000 | | 142,113 |
| Pfizer Investment Enterprises Pte. Ltd. | | | | |
4.45%, 05/19/2028
| | 180,000 | | 180,929 |
4.75%, 05/19/2033
| | 165,000 | | 165,966 |
| Royalty Pharma PLC | | | | |
1.20%, 09/02/2025
| | 30,000 | | 28,918 |
2.20%, 09/02/2030
| | 40,000 | | 34,667 |
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026
| | 98,000 | | 96,646 |
Viatris, Inc., 2.70%, 06/22/2030
| | 80,000 | | 70,452 |
| Zoetis, Inc. | | | | |
3.00%, 09/12/2027
| | 45,000 | | 43,212 |
2.00%, 05/15/2030
| | 75,000 | | 65,488 |
| | | | | 1,793,243 |
| Professional Services-0.72% |
| Automatic Data Processing, Inc. | | | | |
3.38%, 09/15/2025
| | 76,000 | | 75,136 |
1.25%, 09/01/2030
| | 100,000 | | 84,932 |
| Broadridge Financial Solutions, Inc. | | | | |
3.40%, 06/27/2026
| | 25,000 | | 24,450 |
2.60%, 05/01/2031
| | 30,000 | | 26,078 |
| Concentrix Corp. | | | | |
6.60%, 08/02/2028
| | 30,000 | | 31,464 |
6.85%, 08/02/2033
| | 30,000 | | 31,357 |
| Equifax, Inc. | | | | |
2.60%, 12/01/2024
| | 43,000 | | 42,699 |
2.35%, 09/15/2031
| | 50,000 | | 42,796 |
Jacobs Engineering Group, Inc., 6.35%, 08/18/2028
| | 70,000 | | 74,049 |
| Verisk Analytics, Inc. | | | | |
4.13%, 03/15/2029
| | 20,000 | | 19,749 |
5.75%, 04/01/2033
| | 30,000 | | 31,876 |
| | | | | 484,586 |
| Real Estate Management & Development-0.17% |
| CBRE Services, Inc. | | | | |
4.88%, 03/01/2026
| | 65,000 | | 65,096 |
2.50%, 04/01/2031
| | 60,000 | | 51,741 |
| | | | | 116,837 |
| Residential REITs-1.11% |
| American Homes 4 Rent L.P. | | | | |
4.25%, 02/15/2028
| | 28,000 | | 27,530 |
3.63%, 04/15/2032
| | 50,000 | | 45,494 |
| AvalonBay Communities, Inc. | | | | |
3.45%, 06/01/2025
| | 40,000 | | 39,553 |
2.30%, 03/01/2030
| | 60,000 | | 53,796 |
| Camden Property Trust | | | | |
5.85%, 11/03/2026
| | 30,000 | | 30,950 |
2.80%, 05/15/2030
| | 30,000 | | 27,478 |
| | Principal
Amount | | Value |
| Residential REITs-(continued) |
| ERP Operating L.P. | | | | |
2.85%, 11/01/2026
| $ | 68,000 | | $65,872 |
2.50%, 02/15/2030
| | 80,000 | | 72,509 |
| Essex Portfolio L.P. | | | | |
3.50%, 04/01/2025
| | 40,000 | | 39,638 |
3.00%, 01/15/2030
| | 30,000 | | 27,640 |
| Invitation Homes Operating Partnership L.P. | | | | |
2.30%, 11/15/2028
| | 30,000 | | 27,253 |
2.00%, 08/15/2031
| | 45,000 | | 37,174 |
Mid-America Apartments L.P., 3.95%, 03/15/2029
| | 75,000 | | 73,547 |
| Sun Communities Operating L.P. | | | | |
5.50%, 01/15/2029
| | 50,000 | | 51,125 |
2.70%, 07/15/2031
| | 55,000 | | 47,128 |
UDR, Inc., 3.20%, 01/15/2030
| | 82,000 | | 76,184 |
| | | | | 742,871 |
| Retail REITs-0.70% |
| Brixmor Operating Partnership L.P. | | | | |
4.13%, 05/15/2029
| | 50,000 | | 48,527 |
4.05%, 07/01/2030
| | 30,000 | | 28,750 |
| Kimco Realty OP LLC | | | | |
2.80%, 10/01/2026
| | 30,000 | | 28,920 |
4.60%, 02/01/2033
| | 30,000 | | 29,339 |
NNN REIT, Inc., 5.60%, 10/15/2033
| | 40,000 | | 41,154 |
| Realty Income Corp. | | | | |
4.13%, 10/15/2026
| | 55,000 | | 54,551 |
3.25%, 01/15/2031
| | 40,000 | | 36,759 |
| Regency Centers L.P. | | | | |
3.60%, 02/01/2027
| | 22,000 | | 21,523 |
3.70%, 06/15/2030
| | 40,000 | | 38,129 |
| Simon Property Group L.P. | | | | |
1.75%, 02/01/2028
| | 80,000 | | 73,370 |
2.45%, 09/13/2029
| | 76,000 | | 69,161 |
| | | | | 470,183 |
| Semiconductors & Semiconductor Equipment-3.12% |
| Analog Devices, Inc. | | | | |
3.50%, 12/05/2026
| | 50,000 | | 49,200 |
2.10%, 10/01/2031
| | 60,000 | | 51,578 |
| Applied Materials, Inc. | | | | |
3.30%, 04/01/2027
| | 65,000 | | 63,552 |
1.75%, 06/01/2030
| | 100,000 | | 87,014 |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027
| | 133,000 | | 131,193 |
Broadcom, Inc., 2.45%, 02/15/2031(c)
| | 150,000 | | 130,938 |
| Intel Corp. | | | | |
3.70%, 07/29/2025
| | 185,000 | | 182,539 |
2.45%, 11/15/2029
| | 222,000 | | 196,891 |
| KLA Corp. | | | | |
4.65%, 11/01/2024
| | 43,000 | | 42,945 |
4.65%, 07/15/2032
| | 55,000 | | 55,566 |
| Lam Research Corp. | | | | |
4.00%, 03/15/2029
| | 68,000 | | 67,234 |
1.90%, 06/15/2030
| | 60,000 | | 52,474 |
| Marvell Technology, Inc. | | | | |
1.65%, 04/15/2026
| | 45,000 | | 42,875 |
2.95%, 04/15/2031
| | 45,000 | | 40,224 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Semiconductors & Semiconductor Equipment-(continued) |
| Micron Technology, Inc. | | | | |
4.19%, 02/15/2027
| $ | 101,000 | | $100,015 |
4.66%, 02/15/2030
| | 120,000 | | 119,824 |
| NVIDIA Corp. | | | | |
3.20%, 09/16/2026
| | 62,000 | | 60,931 |
2.85%, 04/01/2030
| | 67,000 | | 62,848 |
| QUALCOMM, Inc. | | | | |
3.25%, 05/20/2027
| | 108,000 | | 105,365 |
1.65%, 05/20/2032
| | 180,000 | | 147,515 |
| Texas Instruments, Inc. | | | | |
1.38%, 03/12/2025
| | 95,000 | | 93,263 |
2.25%, 09/04/2029
| | 96,000 | | 87,906 |
Xilinx, Inc., 2.38%, 06/01/2030
| | 130,000 | | 116,737 |
| | | | | 2,088,627 |
| Software-2.39% |
| Adobe, Inc. | | | | |
3.25%, 02/01/2025
| | 63,000 | | 62,579 |
2.30%, 02/01/2030
| | 60,000 | | 54,538 |
| Autodesk, Inc. | | | | |
3.50%, 06/15/2027
| | 23,000 | | 22,456 |
2.85%, 01/15/2030
| | 30,000 | | 27,672 |
| Fortinet, Inc. | | | | |
1.00%, 03/15/2026
| | 56,000 | | 53,006 |
2.20%, 03/15/2031
| | 16,000 | | 13,719 |
| Intuit, Inc. | | | | |
0.95%, 07/15/2025
| | 80,000 | | 77,442 |
5.20%, 09/15/2033
| | 55,000 | | 57,335 |
| Microsoft Corp. | | | | |
3.30%, 02/06/2027
| | 275,000 | | 270,787 |
3.50%, 02/12/2035
| | 300,000 | | 282,869 |
| Oracle Corp. | | | | |
2.50%, 04/01/2025
| | 180,000 | | 177,267 |
2.88%, 03/25/2031
| | 150,000 | | 134,287 |
| Roper Technologies, Inc. | | | | |
1.00%, 09/15/2025
| | 55,000 | | 52,930 |
1.75%, 02/15/2031
| | 60,000 | | 50,062 |
| Salesforce, Inc. | | | | |
3.70%, 04/11/2028
| | 72,000 | | 70,940 |
1.95%, 07/15/2031
| | 124,000 | | 105,936 |
ServiceNow, Inc., 1.40%, 09/01/2030
| | 55,000 | | 46,759 |
| Workday, Inc. | | | | |
3.50%, 04/01/2027
| | 20,000 | | 19,571 |
3.80%, 04/01/2032
| | 20,000 | | 18,772 |
| | | | | 1,598,927 |
| Specialized REITs-1.19% |
| American Tower Corp. | | | | |
3.80%, 08/15/2029
| | 103,000 | | 98,904 |
5.55%, 07/15/2033
| | 80,000 | | 82,973 |
| Crown Castle, Inc. | | | | |
3.65%, 09/01/2027
| | 86,000 | | 83,633 |
2.25%, 01/15/2031
| | 80,000 | | 68,332 |
EPR Properties, 3.75%, 08/15/2029
| | 40,000 | | 37,091 |
| Equinix, Inc. | | | | |
2.63%, 11/18/2024
| | 60,000 | | 59,621 |
3.20%, 11/18/2029
| | 60,000 | | 56,040 |
| Extra Space Storage L.P. | | | | |
5.70%, 04/01/2028
| | 30,000 | | 30,985 |
2.35%, 03/15/2032
| | 35,000 | | 29,042 |
| | Principal
Amount | | Value |
| Specialized REITs-(continued) |
| Public Storage Operating Co. | | | | |
1.85%, 05/01/2028
| $ | 70,000 | | $63,944 |
2.30%, 05/01/2031
| | 60,000 | | 52,517 |
| Weyerhaeuser Co. | | | | |
4.75%, 05/15/2026
| | 90,000 | | 90,131 |
7.38%, 03/15/2032
| | 40,000 | | 46,008 |
| | | | | 799,221 |
| Specialty Retail-2.86% |
AutoNation, Inc., 3.85%, 03/01/2032
| | 110,000 | | 100,634 |
| AutoZone, Inc. | | | | |
3.75%, 06/01/2027
| | 50,000 | | 49,087 |
4.00%, 04/15/2030
| | 60,000 | | 58,306 |
| Best Buy Co., Inc. | | | | |
4.45%, 10/01/2028
| | 75,000 | | 74,980 |
1.95%, 10/01/2030
| | 130,000 | | 112,454 |
Booz Allen Hamilton, Inc., 5.95%, 08/04/2033
| | 50,000 | | 52,992 |
| Dell International LLC/EMC Corp. | | | | |
6.02%, 06/15/2026
| | 103,000 | | 105,240 |
5.30%, 10/01/2029
| | 95,000 | | 98,123 |
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032
| | 95,000 | | 84,074 |
| Home Depot, Inc. (The) | | | | |
2.95%, 06/15/2029
| | 168,000 | | 158,923 |
4.50%, 09/15/2032
| | 165,000 | | 166,100 |
| Leidos, Inc. | | | | |
3.63%, 05/15/2025
| | 30,000 | | 29,654 |
2.30%, 02/15/2031
| | 85,000 | | 72,732 |
| Lowe’s Cos., Inc. | | | | |
2.50%, 04/15/2026
| | 139,000 | | 134,746 |
2.63%, 04/01/2031
| | 140,000 | | 124,156 |
| O’Reilly Automotive, Inc. | | | | |
3.60%, 09/01/2027
| | 59,000 | | 57,641 |
4.70%, 06/15/2032
| | 70,000 | | 69,851 |
| Ross Stores, Inc. | | | | |
4.60%, 04/15/2025
| | 37,000 | | 36,865 |
1.88%, 04/15/2031
| | 65,000 | | 54,584 |
| TJX Cos., Inc. (The) | | | | |
2.25%, 09/15/2026
| | 100,000 | | 96,107 |
1.60%, 05/15/2031
| | 100,000 | | 83,622 |
Tractor Supply Co., 1.75%, 11/01/2030
| | 115,000 | | 97,530 |
| | | | | 1,918,401 |
| Technology Hardware, Storage & Peripherals-1.82% |
| Apple, Inc. | | | | |
3.25%, 02/23/2026(b)
| | 315,000 | | 310,802 |
1.65%, 02/08/2031(b)
| | 355,000 | | 305,982 |
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025
| | 138,000 | | 137,945 |
| HP, Inc. | | | | |
3.00%, 06/17/2027
| | 130,000 | | 124,823 |
4.20%, 04/15/2032
| | 100,000 | | 95,391 |
IBM International Capital Pte. Ltd., 4.90%, 02/05/2034
| | 160,000 | | 161,309 |
| NetApp, Inc. | | | | |
1.88%, 06/22/2025
| | 35,000 | | 34,099 |
2.70%, 06/22/2030
| | 55,000 | | 49,435 |
| | | | | 1,219,786 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Textiles, Apparel & Luxury Goods-0.67% |
| NIKE, Inc. | | | | |
2.40%, 03/27/2025
| $ | 95,000 | | $93,824 |
2.85%, 03/27/2030
| | 80,000 | | 74,544 |
Ralph Lauren Corp., 2.95%, 06/15/2030
| | 85,000 | | 78,755 |
| Tapestry, Inc. | | | | |
7.35%, 11/27/2028
| | 30,000 | | 31,484 |
7.85%, 11/27/2033
| | 30,000 | | 32,122 |
| VF Corp. | | | | |
2.40%, 04/23/2025
| | 65,000 | | 63,709 |
2.95%, 04/23/2030
| | 85,000 | | 73,418 |
| | | | | 447,856 |
| Tobacco-0.89% |
| Altria Group, Inc. | | | | |
4.80%, 02/14/2029
| | 160,000 | | 160,997 |
2.45%, 02/04/2032
| | 150,000 | | 126,253 |
| Philip Morris International, Inc. | | | | |
5.13%, 11/17/2027
| | 155,000 | | 158,500 |
5.75%, 11/17/2032
| | 140,000 | | 148,202 |
| | | | | 593,952 |
| Trading Companies & Distributors-0.13% |
WW Grainger, Inc., 1.85%, 02/15/2025
| | 92,000 | | 90,538 |
| Water Utilities-0.25% |
| American Water Capital Corp. | | | | |
3.40%, 03/01/2025
| | 62,000 | | 61,474 |
4.45%, 06/01/2032
| | 40,000 | | 39,676 |
Essential Utilities, Inc., 2.70%, 04/15/2030
| | 70,000 | | 63,261 |
| | | | | 164,411 |
| Wireless Telecommunication Services-0.38% |
| T-Mobile USA, Inc. | | | | |
3.75%, 04/15/2027
| | 145,000 | | 142,390 |
3.88%, 04/15/2030
| | 120,000 | | 115,482 |
| | | | | 257,872 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $66,653,802)
| | 66,327,720 |
| | Shares | | Value |
| Money Market Funds-0.27% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $182,485)
| | 182,485 | | $ 182,485 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.28%
(Cost $66,836,287)
| | 66,510,205 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-7.37% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 1,368,978 | | 1,368,978 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 3,564,678 | | 3,566,104 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,935,006)
| | 4,935,082 |
TOTAL INVESTMENTS IN SECURITIES-106.65%
(Cost $71,771,293)
| | 71,445,287 |
OTHER ASSETS LESS LIABILITIES-(6.65)%
| | (4,453,995) |
NET ASSETS-100.00%
| | $66,991,292 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $1,519,087, which represented 2.27% of the Fund’s Net Assets. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $87,574 | | $3,590,020 | | $(3,495,109) | | $- | | $- | | $182,485 | | $5,373 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $757,492 | | $11,291,701 | | $(10,680,215) | | $- | | $- | | $1,368,978 | | $48,328* |
| Invesco Private Prime Fund | 1,947,839 | | 25,144,346 | | (23,526,339) | | 130 | | 128 | | 3,566,104 | | 130,041* |
| Total | $2,792,905 | | $40,026,067 | | $(37,701,663) | | $130 | | $128 | | $5,117,567 | | $183,742 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.81% | | | | | | | | |
| Alabama-0.75% | | | | | | | | |
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
| 5.25% | | 07/01/2047 | | $ | 3,000 | | $ 3,262,766 |
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB
| 5.25% | | 07/01/2052 | | | 3,000 | | 3,236,365 |
Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB
| 4.00% | | 11/01/2040 | | | 540 | | 542,485 |
Alhambra Unified School District, Series 2016 B, RB
| 4.00% | | 10/01/2043 | | | 500 | | 493,395 |
Auburn University, Series 2018 A, RB
| 5.00% | | 06/01/2048 | | | 500 | | 520,715 |
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB
| 5.00% | | 07/01/2048 | | | 3,000 | | 3,092,973 |
Huntsville (City of), AL Health Care Authority, Series 2020 B-1, RB, (INS - AGM)(a)
| 3.00% | | 06/01/2050 | | | 110 | | 88,035 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.25% | | 10/01/2044 | | | 55 | | 60,161 |
Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.
| 5.25% | | 10/01/2049 | | | 65 | | 70,244 |
Lower Alabama Gas District (The), Series 2016 A, RB
| 5.00% | | 09/01/2046 | | | 2,000 | | 2,200,774 |
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB
| 4.00% | | 02/01/2046 | | | 5,000 | | 4,502,636 |
Montgomery (City of), AL, Series 2023, RB
| 5.00% | | 09/01/2048 | | | 1,000 | | 1,092,873 |
Pike Road (Town of), AL, Series 2023, GO Wts.
| 5.00% | | 03/01/2052 | | | 1,175 | | 1,262,075 |
University of Alabama (The), Series 2012 A, Ref. RB
| 3.50% | | 07/01/2042 | | | 160 | | 147,716 |
University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)(a)
| 5.25% | | 04/01/2054 | | | 1,000 | | 1,094,865 |
| | | | | | | | | 21,668,078 |
| Alaska-0.01% | | | | | | | | |
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.), Series 2019, RB
| 4.00% | | 10/01/2049 | | | 200 | | 185,541 |
Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene), Series 2019, RB
| 4.00% | | 10/01/2044 | | | 30 | | 28,532 |
| | | | | | | | | 214,073 |
| Arizona-1.60% | | | | | | | | |
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB(b)
| 5.00% | | 12/01/2024 | | | 65 | | 65,292 |
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A, RB
| 3.00% | | 02/01/2045 | | | 2,000 | | 1,648,880 |
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020 A, RB
| 4.00% | | 02/01/2050 | | | 1,000 | | 957,900 |
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB
| 4.00% | | 11/01/2050 | | | 2,000 | | 1,914,290 |
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB
| 4.00% | | 07/15/2047 | | | 750 | | 745,151 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB
| 4.00% | | 01/01/2041 | | | 2,000 | | 1,985,601 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB
| 3.00% | | 01/01/2049 | | | 3,355 | | 2,674,423 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB
| 3.00% | | 01/01/2049 | | | 2,000 | | 1,594,291 |
Maricopa (County of), AZ Industrial Development Authority (Banner Health), Series 2019 E, RB
| 4.00% | | 01/01/2045 | | | 1,000 | | 980,243 |
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
| 3.00% | | 09/01/2051 | | | 4,250 | | 3,313,558 |
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB
| 4.00% | | 09/01/2051 | | | 2,625 | | 2,462,738 |
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,021,505 |
Phoenix Civic Improvement Corp., Series 2015 A, RB
| 5.00% | | 07/01/2045 | | | 2,000 | | 2,014,219 |
Phoenix Civic Improvement Corp., Series 2019 A, RB
| 5.00% | | 07/01/2045 | | | 5,000 | | 5,234,050 |
Phoenix Civic Improvement Corp., Series 2019, RB
| 5.00% | | 07/01/2049 | | | 4,000 | | 4,211,011 |
Phoenix Civic Improvement Corp., Series 2021 A, RB
| 5.00% | | 07/01/2045 | | | 750 | | 816,182 |
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB
| 5.00% | | 07/01/2044 | | | 5,000 | | 5,335,933 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(b)
| 5.00% | | 12/01/2041 | | | 5 | | 5,082 |
Salt River Project Agricultural Improvement & Power District, Series 2015 A, Ref. RB(b)
| 5.00% | | 12/01/2045 | | | 5 | | 5,082 |
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
| 5.00% | | 01/01/2043 | | | 1,000 | | 1,121,248 |
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
| 5.00% | | 01/01/2044 | | | 1,000 | | 1,112,871 |
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
| 5.00% | | 01/01/2048 | | | 1,000 | | 1,099,639 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Arizona-(continued) | | | | | | | | |
Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB
| 5.25% | | 01/01/2053 | | $ | 2,000 | | $ 2,226,926 |
University of Arizona (The) (Stimulus Plan for Economic and Educational Development), Series 2020, Ref. RB
| 4.00% | | 08/01/2044 | | | 4,000 | | 3,987,313 |
| | | | | | | | | 46,533,428 |
| Arkansas-0.19% | | | | | | | | |
Fayetteville School District No. 1, Series 2020, Ref. GO Bonds
| 2.75% | | 06/01/2046 | | | 100 | | 75,425 |
University of Arkansas, Series 2021 A, RB
| 5.00% | | 12/01/2045 | | | 5,000 | | 5,332,101 |
| | | | | | | | | 5,407,526 |
| California-16.11% | | | | | | | | |
Antelope Valley Healthcare District, Series 2016 A, Ref. RB
| 5.00% | | 03/01/2041 | | | 1,000 | | 996,487 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB
| 4.00% | | 04/01/2056 | | | 5,000 | | 4,926,542 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB
| 4.00% | | 04/01/2042 | | | 2,590 | | 2,599,577 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB
| 5.00% | | 04/01/2054 | | | 2,000 | | 2,196,789 |
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2049 | | | 1,000 | | 1,033,863 |
Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGM)(a)
| 4.00% | | 07/01/2054 | | | 575 | | 560,001 |
California (State of), Series 2014, GO Bonds(b)
| 5.00% | | 12/04/2024 | | | 5,000 | | 5,008,801 |
California (State of), Series 2015, GO Bonds
| 5.00% | | 08/01/2045 | | | 2,200 | | 2,237,724 |
California (State of), Series 2016, GO Bonds
| 4.00% | | 09/01/2046 | | | 200 | | 196,257 |
California (State of), Series 2016, GO Bonds
| 5.00% | | 09/01/2046 | | | 3,000 | | 3,090,613 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2039 | | | 1,000 | | 1,025,819 |
California (State of), Series 2018, GO Bonds
| 3.63% | | 10/01/2047 | | | 195 | | 184,382 |
California (State of), Series 2018, GO Bonds
| 5.00% | | 10/01/2047 | | | 3,400 | | 3,480,791 |
California (State of), Series 2019, GO Bonds
| 4.00% | | 10/01/2044 | | | 185 | | 186,636 |
California (State of), Series 2019, GO Bonds
| 3.25% | | 04/01/2045 | | | 325 | | 287,735 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 04/01/2045 | | | 4,000 | | 4,255,040 |
California (State of), Series 2019, GO Bonds
| 5.00% | | 04/01/2049 | | | 1,000 | | 1,058,889 |
California (State of), Series 2019, Ref. GO Bonds
| 4.00% | | 10/01/2039 | | | 1,390 | | 1,423,650 |
California (State of), Series 2019, Ref. GO Bonds
| 5.00% | | 10/01/2039 | | | 4,500 | | 4,884,354 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2041 | | | 55 | | 54,181 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 11/01/2045 | | | 1,100 | | 1,079,821 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2046 | | | 1,000 | | 1,005,378 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2046 | | | 1,000 | | 1,005,378 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 03/01/2050 | | | 10 | | 8,142 |
California (State of), Series 2020, GO Bonds
| 4.00% | | 03/01/2050 | | | 40 | | 40,032 |
California (State of), Series 2020, GO Bonds
| 3.00% | | 11/01/2050 | | | 40 | | 32,485 |
California (State of), Series 2020, Ref. GO Bonds
| 4.00% | | 03/01/2040 | | | 1,145 | | 1,171,983 |
California (State of), Series 2021, GO Bonds
| 5.00% | | 12/01/2043 | | | 15 | | 16,360 |
California (State of), Series 2021, GO Bonds
| 3.00% | | 12/01/2049 | | | 50 | | 40,830 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 09/01/2041 | | | 2,055 | | 2,279,524 |
California (State of), Series 2021, Ref. GO Bonds
| 4.00% | | 10/01/2041 | | | 520 | | 532,333 |
California (State of), Series 2021, Ref. GO Bonds
| 5.00% | | 10/01/2041 | | | 5,555 | | 6,129,331 |
California (State of), Series 2022, GO Bonds
| 3.00% | | 04/01/2052 | | | 1,400 | | 1,131,828 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 04/01/2042 | | | 1,555 | | 1,730,712 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 09/01/2042 | | | 10 | | 11,185 |
California (State of), Series 2022, Ref. GO Bonds
| 5.00% | | 11/01/2042 | | | 1,170 | | 1,311,071 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2039 | | | 65 | | 74,053 |
California (State of), Series 2023, GO Bonds
| 5.00% | | 10/01/2045 | | | 1,025 | | 1,142,027 |
California (State of), Series 2023, GO Bonds
| 5.25% | | 10/01/2045 | | | 1,035 | | 1,176,353 |
California (State of), Series 2023, GO Bonds
| 4.00% | | 10/01/2050 | | | 1,355 | | 1,356,588 |
California (State of), Series 2023, Ref. GO Bonds
| 4.00% | | 10/01/2042 | | | 1,200 | | 1,228,720 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 10/01/2042 | | | 15 | | 16,889 |
California (State of), Series 2023, Ref. GO Bonds
| 4.00% | | 09/01/2043 | | | 7,500 | | 7,643,797 |
California (State of), Series 2023, Ref. GO Bonds
| 5.00% | | 09/01/2043 | | | 10,020 | | 11,272,489 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2041 | | | 430 | | 491,369 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2044 | | | 2,005 | | 2,265,836 |
California (State of), Series 2024, GO Bonds
| 4.00% | | 09/01/2047 | | | 110 | | 110,796 |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2048 | | | 2,000 | | 2,229,445 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of), Series 2024, GO Bonds
| 5.00% | | 09/01/2053 | | $ | 1,000 | | $ 1,105,506 |
California (State of), Series 2024, GO Bonds(c)
| 4.00% | | 08/01/2054 | | | 1,000 | | 1,001,346 |
California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB
| 4.00% | | 04/01/2047 | | | 50 | | 48,706 |
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB
| 5.00% | | 05/01/2049 | | | 4,000 | | 4,968,260 |
California (State of) Educational Facilities Authority (Stanford University), Series 2021 V-2, Ref. RB
| 5.00% | | 04/01/2051 | | | 1,100 | | 1,365,673 |
California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB
| 4.00% | | 03/01/2043 | | | 345 | | 324,039 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2040 | | | 400 | | 410,745 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, Ref. RB
| 3.00% | | 08/15/2051 | | | 215 | | 172,037 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB
| 3.25% | | 08/15/2039 | | | 100 | | 95,076 |
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2048 | | | 3,200 | | 3,201,035 |
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange), Series 2021, Ref. RB
| 2.13% | | 11/01/2041 | | | 5,000 | | 3,551,123 |
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange), Series 2024, RB
| 5.00% | | 11/01/2054 | | | 750 | | 825,801 |
California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB
| 4.00% | | 11/15/2045 | | | 360 | | 347,361 |
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
| 4.00% | | 02/01/2042 | | | 3,000 | | 3,021,115 |
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB
| 5.00% | | 02/01/2042 | | | 2,250 | | 2,337,525 |
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
| 4.00% | | 11/01/2044 | | | 4,600 | | 4,549,319 |
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB
| 5.00% | | 11/01/2047 | | | 3,500 | | 4,247,865 |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB
| 5.00% | | 11/15/2056 | | | 800 | | 826,844 |
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB
| 4.00% | | 06/01/2050 | | | 3,860 | | 3,649,951 |
California (State of) Health Facilities Financing Authority (Providence Health & Services), Series 2014 B, RB
| 5.00% | | 10/01/2044 | | | 1,100 | | 1,100,147 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB
| 3.00% | | 10/01/2047 | | | 145 | | 118,316 |
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016, Ref. RB
| 3.00% | | 10/01/2041 | | | 140 | | 123,163 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB
| 4.00% | | 11/15/2040 | | | 3,000 | | 3,013,225 |
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB
| 4.00% | | 08/15/2050 | | | 7,360 | | 7,251,137 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
| 4.00% | | 11/15/2041 | | | 175 | | 172,465 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB
| 5.00% | | 11/15/2046 | | | 1,185 | | 1,216,033 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB
| 4.00% | | 11/15/2042 | | | 500 | | 497,193 |
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB
| 4.00% | | 11/01/2045 | | | 965 | | 948,635 |
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB
| 5.00% | | 08/01/2044 | | | 2,740 | | 2,928,602 |
California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund), Series 2023, RB
| 4.00% | | 10/01/2042 | | | 750 | | 781,533 |
California (State of) Infrastructure & Economic Development Bank (Green Bonds), Series 2018, RB
| 5.00% | | 10/01/2043 | | | 1,000 | | 1,049,592 |
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB
| 4.00% | | 07/01/2050 | | | 1,000 | | 963,526 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 4.00% | | 02/01/2042 | | | 4,000 | | 3,809,354 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 02/01/2042 | | | 1,715 | | 1,741,262 |
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB
| 5.00% | | 02/01/2047 | | | 2,500 | | 2,521,797 |
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB
| 5.25% | | 11/01/2041 | | | 1,000 | | 1,003,132 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB
| 5.00% | | 06/01/2042 | | $ | 6,000 | | $ 6,202,709 |
California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGM)(a)
| 5.25% | | 11/01/2052 | | | 2,000 | | 2,140,306 |
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB
| 5.00% | | 06/01/2043 | | | 1,750 | | 1,798,763 |
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB
| 4.00% | | 07/15/2051 | | | 1,000 | | 985,053 |
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2047 | | | 215 | | 210,387 |
California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB
| 5.00% | | 08/01/2047 | | | 1,000 | | 1,043,063 |
California (State of) Public Works Board, Series 2014 B, RB
| 5.00% | | 10/01/2039 | | | 1,500 | | 1,501,843 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 4.00% | | 11/01/2046 | | | 45 | | 45,304 |
California (State of) Public Works Board (Green Bonds), Series 2021, RB
| 5.00% | | 11/01/2046 | | | 555 | | 606,925 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
| 5.00% | | 04/01/2045 | | | 1,000 | | 1,122,831 |
California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB
| 5.00% | | 04/01/2049 | | | 1,000 | | 1,111,451 |
California (State of) Public Works Board (Various Capital), Series 2021 B, RB
| 4.00% | | 05/01/2046 | | | 185 | | 186,173 |
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
| 4.00% | | 04/01/2045 | | | 25 | | 24,584 |
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB
| 3.00% | | 04/01/2050 | | | 1,000 | | 791,144 |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2017 A, Ref. RB
| 5.00% | | 04/01/2047 | | | 1,100 | | 1,116,469 |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB
| 2.50% | | 04/01/2051 | | | 100 | | 69,256 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB
| 4.00% | | 08/15/2046 | | | 130 | | 127,391 |
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB
| 4.00% | | 12/01/2057 | | | 500 | | 473,311 |
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB
| 4.25% | | 01/01/2043 | | | 115 | | 116,358 |
California State University, Series 2016 A, Ref. RB
| 5.00% | | 11/01/2041 | | | 10 | | 10,282 |
California State University, Series 2016 A, Ref. RB
| 4.00% | | 11/01/2045 | | | 400 | | 398,630 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2042 | | | 6,080 | | 6,364,524 |
California State University, Series 2017 A, Ref. RB
| 5.00% | | 11/01/2047 | | | 2,310 | | 2,406,113 |
California State University, Series 2018 A, Ref. RB
| 5.00% | | 11/01/2043 | | | 30 | | 31,936 |
California State University, Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 275 | | 313,468 |
California State University, Series 2023 A, RB
| 5.25% | | 11/01/2053 | | | 245 | | 277,040 |
Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2050 | | | 125 | | 122,588 |
Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds
| 5.25% | | 08/01/2048 | | | 20 | | 22,700 |
Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds
| 4.00% | | 06/01/2043 | | | 335 | | 339,103 |
Chino Valley Unified School District, Series 2020 B, GO Bonds
| 4.00% | | 08/01/2045 | | | 2,500 | | 2,527,688 |
Chino Valley Unified School District, Series 2020 B, GO Bonds
| 3.38% | | 08/01/2050 | | | 7,500 | | 6,605,332 |
Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds
| 5.00% | | 08/01/2047 | | | 10 | | 10,797 |
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)
| 4.00% | | 06/01/2049 | | | 100 | | 99,244 |
Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds
| 4.00% | | 08/01/2049 | | | 60 | | 59,705 |
Desert Sands Unified School District (Election Of 2014), Series 2019, GO Bonds
| 4.00% | | 08/01/2044 | | | 500 | | 502,401 |
East Bay Municipal Utility District, Series 2015 B, RB
| 4.00% | | 06/01/2045 | | | 1,020 | | 1,018,227 |
East Bay Municipal Utility District, Series 2019 A, RB
| 5.00% | | 06/01/2044 | | | 735 | | 788,368 |
East Bay Municipal Utility District, Series 2024 A, RB
| 5.00% | | 06/01/2049 | | | 500 | | 559,140 |
East Bay Municipal Utility District, Series 2024 A, RB
| 5.00% | | 06/01/2054 | | | 1,100 | | 1,222,171 |
El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)(a)
| 5.75% | | 08/01/2048 | | | 1,500 | | 1,774,961 |
Elk Grove Unified School District, Series 2016, Ref. COP, (INS - BAM)(a)
| 3.13% | | 02/01/2040 | | | 195 | | 173,389 |
Elk Grove Unified School District, Series 2023, RB, (INS - AGM)(a)
| 4.00% | | 12/01/2042 | | | 110 | | 112,438 |
Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGM)(a)
| 4.00% | | 10/01/2044 | | | 1,000 | | 1,000,007 |
Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB
| 4.00% | | 01/15/2043 | | | 640 | | 632,024 |
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB
| 3.95% | | 01/15/2053 | | | 3,090 | | 2,878,299 |
Fresno Unified School District, Series 2022 B, GO Bonds
| 4.00% | | 08/01/2052 | | | 135 | | 133,157 |
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
| 5.00% | | 04/01/2049 | | | 10 | | 11,175 |
Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)(a)
| 4.00% | | 04/01/2054 | | | 1,000 | | 979,708 |
Grossmont Healthcare District, Series 2015 D, Ref. GO Bonds
| 4.00% | | 07/15/2040 | | | 500 | | 497,892 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
| 4.00% | | 08/01/2042 | | $ | 60 | | $ 60,035 |
Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds
| 3.00% | | 08/01/2045 | | | 100 | | 82,109 |
Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds
| 5.00% | | 08/01/2047 | | | 425 | | 462,349 |
Hayward Unified School District, Series 2017, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2042 | | | 30 | | 30,018 |
Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)(a)
| 5.00% | | 08/01/2044 | | | 5 | | 5,269 |
Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2043 | | | 2,090 | | 2,097,961 |
Hayward Unified School District, Series 2020, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2050 | | | 20 | | 19,927 |
Hayward Unified School District (Election of 2018), Series 2019 A, GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2048 | | | 475 | | 474,722 |
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 09/01/2044 | | | 1,000 | | 1,003,638 |
Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB
| 5.25% | | 05/01/2048 | | | 2,200 | | 2,249,359 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
| 5.25% | | 09/01/2053 | | | 600 | | 671,401 |
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)(a)
| 4.00% | | 09/01/2058 | | | 1,615 | | 1,581,728 |
Irvine Ranch Water District, Series 2016, RB
| 5.25% | | 02/01/2046 | | | 750 | | 773,232 |
Jurupa Unified School District, Series 2017 B, GO Bonds
| 4.00% | | 08/01/2041 | | | 10,000 | | 10,050,146 |
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds
| 4.00% | | 08/01/2046 | | | 7,000 | | 6,970,729 |
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds
| 4.00% | | 08/01/2047 | | | 3,000 | | 2,988,419 |
Long Beach (City of), CA, Series 2019 A, RB
| 7.15% | | 05/15/2044 | | | 1,000 | | 1,069,271 |
Long Beach (City of), CA, Series 2019 A, RB
| 5.00% | | 05/15/2049 | | | 120 | | 127,853 |
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds
| 3.00% | | 08/01/2050 | | | 1,270 | | 1,022,892 |
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB
| 5.00% | | 06/01/2044 | | | 750 | | 758,105 |
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB
| 5.00% | | 06/01/2045 | | | 400 | | 404,211 |
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB
| 5.25% | | 06/01/2047 | | | 1,500 | | 1,569,693 |
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
| 5.00% | | 06/01/2047 | | | 75 | | 82,644 |
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB
| 4.00% | | 06/01/2052 | | | 5,000 | | 4,942,867 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB
| 5.00% | | 05/15/2045 | | | 1,260 | | 1,382,154 |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 B, RB
| 4.00% | | 05/15/2048 | | | 5,000 | | 4,973,208 |
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,100 | | 1,120,737 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2042 | | | 140 | | 145,183 |
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB
| 5.00% | | 07/01/2047 | | | 1,100 | | 1,135,082 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB
| 5.00% | | 07/01/2043 | | | 480 | | 507,203 |
Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB
| 5.00% | | 07/01/2043 | | | 135 | | 142,651 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB
| 5.25% | | 07/01/2049 | | | 80 | | 85,365 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB
| 5.00% | | 07/01/2044 | | | 2,360 | | 2,529,287 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 45 | | 49,716 |
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB
| 5.00% | | 07/01/2040 | | | 25 | | 27,592 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,000 | | 1,087,374 |
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB
| 5.00% | | 07/01/2040 | | | 95 | | 104,955 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2046 | | | 4,000 | | 4,374,034 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB
| 5.00% | | 07/01/2047 | | | 2,120 | | 2,337,827 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB
| 5.00% | | 07/01/2042 | | | 45 | | 50,153 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2041 | | | 95 | | 106,274 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2042 | | | 50 | | 56,069 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB
| 5.00% | | 07/01/2043 | | | 10 | | 11,093 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2047 | | | 25 | | 27,605 |
Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB
| 5.00% | | 07/01/2052 | | | 1,065 | | 1,164,814 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB
| 5.25% | | 07/01/2053 | | | 270 | | 303,778 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2041 | | | 10 | | 11,398 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2042 | | | 10 | | 11,332 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB
| 5.00% | | 07/01/2043 | | | 10 | | 11,287 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
| 5.00% | | 07/01/2048 | | | 20 | | 22,220 |
Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB
| 5.00% | | 07/01/2053 | | | 500 | | 550,382 |
Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 330 | | 373,120 |
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 70 | | 74,123 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)
| 5.00% | | 12/01/2024 | | $ | 750 | | $ 752,514 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB(b)
| 5.00% | | 12/01/2024 | | | 2,250 | | 2,259,094 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 4.00% | | 12/01/2040 | | | 200 | | 200,029 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB
| 5.00% | | 12/01/2045 | | | 1,400 | | 1,421,633 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 12/01/2045 | | | 40 | | 43,453 |
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB
| 4.00% | | 12/01/2046 | | | 15 | | 15,086 |
Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2042 | | | 700 | | 699,467 |
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds
| 3.00% | | 08/01/2039 | | | 800 | | 741,803 |
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB
| 5.00% | | 12/01/2051 | | | 2,680 | | 2,811,413 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2040 | | | 1,015 | | 1,038,287 |
Los Angeles Unified School District, Series 2020 C, GO Bonds
| 4.00% | | 07/01/2044 | | | 1,000 | | 1,009,814 |
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
| 4.00% | | 07/01/2040 | | | 20 | | 20,002 |
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds
| 5.00% | | 07/01/2040 | | | 2,195 | | 2,222,160 |
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds
| 5.25% | | 07/01/2042 | | | 150 | | 159,049 |
Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds
| 5.25% | | 07/01/2047 | | | 15 | | 16,988 |
Los Angeles Unified School District (Sustainability Bonds), Series 2023, GO Bonds
| 5.00% | | 07/01/2043 | | | 15 | | 17,075 |
Madera Unified School District (Election of 2014), Series 2017, GO Bonds
| 4.00% | | 08/01/2046 | | | 5,055 | | 4,997,573 |
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds
| 4.00% | | 09/01/2045 | | | 5,635 | | 5,700,749 |
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 3,000 | | 2,979,535 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 1,080 | | 1,161,861 |
Metropolitan Water District of Southern California, Series 2020 A, RB
| 5.00% | | 10/01/2049 | | | 1,050 | | 1,123,444 |
Modesto Irrigation District, Series 2023 A, RB
| 5.25% | | 10/01/2048 | | | 50 | | 56,605 |
Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds
| 4.00% | | 08/01/2046 | | | 150 | | 148,279 |
Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds
| 4.00% | | 08/01/2051 | | | 1,000 | | 989,815 |
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)
| 3.00% | | 08/01/2050 | | | 35 | | 28,731 |
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds
| 4.00% | | 08/01/2047 | | | 2,000 | | 1,986,357 |
Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), Series 2022 B, GO Bonds
| 4.25% | | 09/01/2045 | | | 5,750 | | 5,946,555 |
Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds
| 4.00% | | 08/01/2049 | | | 540 | | 535,665 |
Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 270 | | 288,973 |
Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds
| 4.00% | | 08/01/2043 | | | 175 | | 176,046 |
Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2044 | | | 3,000 | | 2,990,485 |
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2049 | | | 3,885 | | 3,847,795 |
North Orange County Community College District, Series 2022 C, GO Bonds
| 4.00% | | 08/01/2047 | | | 2,500 | | 2,497,782 |
Oak Grove School District, Series 2023 A-2, GO Bonds
| 5.00% | | 08/01/2052 | | | 3,500 | | 3,833,171 |
Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGM)(a)
| 5.25% | | 08/01/2048 | | | 500 | | 562,722 |
Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)(a)
| 4.00% | | 08/01/2046 | | | 50 | | 49,653 |
Ohlone Community College District, Series 2016 C, GO Bonds
| 4.00% | | 08/01/2041 | | | 20 | | 19,930 |
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(a)
| 5.00% | | 08/01/2045 | | | 5,000 | | 5,203,213 |
Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds
| 4.00% | | 08/01/2047 | | | 845 | | 846,045 |
Palo Alto Unified School District, Series 2022, GO Bonds
| 3.25% | | 08/01/2042 | | | 1,000 | | 939,614 |
Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB
| 5.00% | | 06/01/2051 | | | 1,230 | | 1,331,601 |
Peralta Community College District (Election of 2006), Series 2016 D, GO Bonds
| 4.00% | | 08/01/2039 | | | 55 | | 54,999 |
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(a)
| 4.00% | | 09/01/2048 | | | 7,500 | | 7,437,012 |
Regents of the University of California Medical Center, Series 2016 L, Ref. RB
| 5.00% | | 05/15/2041 | | | 40 | | 41,125 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2041 | | | 1,000 | | 1,119,101 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2042 | | | 1,015 | | 1,131,327 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 4.00% | | 05/15/2043 | | | 1,000 | | 1,008,670 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 5.00% | | 05/15/2047 | | | 5,000 | | 5,468,897 |
Regents of the University of California Medical Center, Series 2022 P, RB
| 3.50% | | 05/15/2054 | | | 1,110 | | 1,024,843 |
Riverside (City of), CA, Series 2024 A, Ref. RB
| 5.00% | | 10/01/2049 | | | 1,000 | | 1,120,775 |
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB
| 3.00% | | 06/01/2049 | | | 70 | | 55,197 |
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB
| 5.00% | | 06/01/2043 | | | 1,100 | | 1,145,475 |
Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB
| 5.00% | | 10/01/2047 | | | 5,000 | | 5,141,616 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2039 | | | 75 | | 81,594 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB
| 5.00% | | 08/15/2040 | | $ | 5 | | $ 5,421 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2048 | | | 50 | | 55,984 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB
| 5.00% | | 08/15/2053 | | | 2,300 | | 2,554,947 |
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB
| 5.00% | | 11/15/2054 | | | 205 | | 228,970 |
Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 08/01/2054 | | | 500 | | 491,218 |
Sacramento (County of), CA, Series 2016 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 2,400 | | 2,459,593 |
Sacramento (County of), CA, Series 2016 B, Ref. RB
| 5.00% | | 07/01/2041 | | | 2,250 | | 2,297,461 |
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2050 | | | 2,400 | | 2,592,076 |
San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds
| 5.00% | | 08/01/2049 | | | 275 | | 299,583 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB
| 5.25% | | 08/01/2047 | | | 40 | | 42,499 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
| 5.00% | | 05/15/2047 | | | 125 | | 138,139 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB
| 5.00% | | 05/15/2052 | | | 550 | | 603,874 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 5.00% | | 10/15/2046 | | | 1,010 | | 1,089,483 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB
| 4.00% | | 10/15/2050 | | | 150 | | 148,921 |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A, RB
| 5.25% | | 10/15/2052 | | | 1,135 | | 1,269,613 |
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB
| 4.00% | | 07/01/2056 | | | 1,000 | | 973,061 |
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB
| 5.00% | | 04/01/2048 | | | 6,620 | | 6,778,757 |
San Diego (County of), CA Water Authority, Series 2022 A, RB
| 5.00% | | 05/01/2047 | | | 20 | | 22,291 |
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds
| 4.00% | | 07/01/2047 | | | 5,000 | | 5,001,970 |
San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds
| 4.00% | | 07/01/2050 | | | 14,300 | | 14,312,910 |
San Diego Unified School District (Election of 2022), Series 2023, GO Bonds
| 5.00% | | 07/01/2048 | | | 2,010 | | 2,241,215 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB
| 5.00% | | 05/01/2043 | | | 5,000 | | 5,620,797 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB
| 5.25% | | 05/01/2048 | | | 2,750 | | 3,094,729 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2013 B, RB
| 4.00% | | 10/01/2042 | | | 355 | | 349,959 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB
| 4.00% | | 11/01/2039 | | | 1,000 | | 1,002,690 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB
| 4.00% | | 10/01/2043 | | | 610 | | 611,795 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 5.00% | | 10/01/2044 | | | 115 | | 126,818 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 4.00% | | 10/01/2050 | | | 920 | | 911,992 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB
| 4.00% | | 10/01/2051 | | | 1,000 | | 989,366 |
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB
| 4.00% | | 11/01/2040 | | | 1,000 | | 1,051,612 |
San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB
| 3.00% | | 11/01/2050 | | | 710 | | 577,532 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.25% | | 11/01/2048 | | | 50 | | 56,658 |
San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB
| 5.25% | | 11/01/2052 | | | 25 | | 28,144 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 C, RB
| 4.00% | | 03/01/2051 | | | 250 | | 248,048 |
San Francisco Bay Area Rapid Transit District, Series 2019 A, RB
| 3.00% | | 07/01/2044 | | | 270 | | 229,070 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds
| 5.00% | | 08/01/2047 | | | 2,000 | | 2,074,193 |
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, GO Bonds
| 3.00% | | 08/01/2041 | | | 3,000 | | 2,736,368 |
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds
| 4.00% | | 06/15/2045 | | | 150 | | 150,104 |
San Jose (City of), CA, Series 2017 B, Ref. RB
| 5.00% | | 03/01/2042 | | | 1,300 | | 1,347,390 |
San Jose (City of), CA, Series 2017 B, Ref. RB
| 5.00% | | 03/01/2047 | | | 1,500 | | 1,545,406 |
San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB
| 5.00% | | 11/01/2047 | | | 1,035 | | 1,159,606 |
San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds
| 4.00% | | 08/01/2042 | | | 100 | | 101,242 |
San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO Bonds
| 4.00% | | 08/01/2043 | | | 60 | | 60,685 |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB
| 4.00% | | 08/01/2044 | | | 15 | | 15,071 |
San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB
| 5.00% | | 07/15/2043 | | | 665 | | 703,713 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB
| 3.00% | | 06/15/2046 | | $ | 1,500 | | $ 1,260,296 |
San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds
| 4.00% | | 09/01/2043 | | | 760 | | 783,052 |
San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds
| 4.00% | | 08/01/2053 | | | 1,500 | | 1,488,855 |
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB
| 3.13% | | 05/01/2047 | | | 35 | | 29,280 |
Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds
| 3.50% | | 07/01/2042 | | | 685 | | 655,078 |
Santa Clarita Community College District, Series 2019, GO Bonds
| 3.00% | | 08/01/2049 | | | 30 | | 24,583 |
Santa Clarita Community College District (Elecion of 2016), Series 2022, GO Bonds
| 5.25% | | 08/01/2048 | | | 1,005 | | 1,124,702 |
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2046 | | | 4,000 | | 3,977,509 |
South San Francisco Unified School District, Series 2023, GO Bonds
| 4.00% | | 09/01/2052 | | | 90 | | 88,895 |
Southern California Public Power Authority, Series 2023-1A, RB
| 5.00% | | 07/01/2048 | | | 1,150 | | 1,282,287 |
Southern California Public Power Authority, Series 2024, RB
| 5.00% | | 07/01/2053 | | | 450 | | 501,200 |
Southern California Water Replenishment District, Series 2015, Ref. RB
| 5.00% | | 08/01/2041 | | | 80 | | 81,305 |
Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds
| 4.00% | | 08/01/2047 | | | 100 | | 99,318 |
Sunnyvale Financing Authority (Green Bonds), Series 2020, RB
| 4.00% | | 04/01/2045 | | | 70 | | 70,205 |
Sweetwater Union High School District, Series 2016, Ref. GO Bonds
| 4.00% | | 08/01/2042 | | | 230 | | 227,976 |
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 10/01/2045 | | | 2,000 | | 2,065,649 |
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB
| 5.00% | | 10/01/2049 | | | 1,000 | | 1,025,244 |
University of California, Series 2016 AR, Ref. RB
| 5.00% | | 05/15/2046 | | | 9,500 | | 9,736,532 |
University of California, Series 2018 AZ, Ref. RB
| 5.00% | | 05/15/2043 | | | 1,200 | | 1,268,438 |
University of California, Series 2020 BE, Ref. RB
| 4.00% | | 05/15/2047 | | | 70 | | 70,637 |
University of California, Series 2021 BH, Ref. RB
| 4.00% | | 05/15/2046 | | | 40 | | 40,464 |
University of California, Series 2021 BH, Ref. RB
| 4.00% | | 05/15/2051 | | | 1,000 | | 1,002,851 |
University of California, Series 2022 BK, RB
| 5.00% | | 05/15/2052 | | | 4,525 | | 4,930,364 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2041 | | | 2,000 | | 2,279,300 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2042 | | | 2,010 | | 2,282,458 |
University of California, Series 2023 BN, Ref. RB
| 5.00% | | 05/15/2043 | | | 2,075 | | 2,345,329 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2040 | | | 440 | | 510,176 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2042 | | | 135 | | 155,097 |
University of California, Series 2024 BS, Ref. RB
| 5.00% | | 05/15/2044 | | | 220 | | 250,304 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2040 | | | 35 | | 40,582 |
University of California, Series 2024 BV, Ref. RB
| 5.00% | | 05/15/2044 | | | 60 | | 68,265 |
University of California (Limited), Series 2015 I, Ref. RB
| 5.00% | | 05/15/2040 | | | 825 | | 834,862 |
University of California (Limited), Series 2016 K, RB
| 4.00% | | 05/15/2046 | | | 590 | | 584,513 |
University of California (Limited), Series 2017 M, RB
| 5.00% | | 05/15/2042 | | | 1,325 | | 1,376,342 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2043 | | | 1,575 | | 1,663,139 |
University of California (Limited), Series 2018 O, Ref. RB
| 4.00% | | 05/15/2048 | | | 115 | | 115,151 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.00% | | 05/15/2058 | | | 700 | | 731,331 |
University of California (Limited), Series 2018 O, Ref. RB
| 5.50% | | 05/15/2058 | | | 750 | | 796,423 |
University of California (Limited), Series 2021 Q, Ref. RB
| 4.00% | | 05/15/2051 | | | 1,000 | | 977,404 |
Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB
| 4.00% | | 08/01/2050 | | | 200 | | 198,662 |
Vacaville Unified School District, Series 2020 D, GO Bonds
| 4.00% | | 08/01/2045 | | | 575 | | 574,288 |
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)
| 5.25% | | 08/01/2048 | | | 20 | | 22,426 |
West Valley-Mission Community College District, Series 2019 A, GO Bonds
| 4.00% | | 08/01/2044 | | | 25 | | 25,085 |
West Valley-Mission Community College District (Election of 2012), Series 2015 B, GO Bonds
| 4.00% | | 08/01/2040 | | | 345 | | 345,215 |
| | | | | | | | | 468,244,490 |
| Colorado-2.40% | | | | | | | | |
Adams & Weld Counties School District No. 27J Brighton, Series 2015, GO Bonds
| 5.00% | | 12/01/2040 | | | 40 | | 40,848 |
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB
| 5.00% | | 03/01/2047 | | | 2,000 | | 2,047,543 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
| 4.00% | | 11/15/2046 | | | 4,570 | | 4,493,016 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
| 4.00% | | 11/15/2050 | | | 15,000 | | 14,489,605 |
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB
| 3.00% | | 11/15/2051 | | | 9,000 | | 6,979,584 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 3.25% | | 08/01/2049 | | | 360 | | 286,413 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB
| 4.00% | | 08/01/2049 | | | 105 | | 97,894 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Colorado-(continued) | | | | | | | | |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
| 5.50% | | 11/01/2047 | | $ | 1,500 | | $ 1,671,557 |
Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB
| 5.25% | | 11/01/2052 | | | 900 | | 975,850 |
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
| 2.00% | | 11/01/2041 | | | 1,000 | | 706,200 |
Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB
| 2.25% | | 11/01/2045 | | | 1,000 | | 682,332 |
Denver (City & County of), CO, Series 2016 A, Ref. RB
| 5.00% | | 08/01/2042 | | | 1,000 | | 1,028,394 |
Denver (City & County of), CO, Series 2016 A, Ref. RB
| 5.00% | | 08/01/2044 | | | 770 | | 789,565 |
Denver (City & County of), CO, Series 2021 A, RB
| 4.00% | | 08/01/2051 | | | 1,050 | | 1,017,558 |
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB
| 5.00% | | 09/15/2047 | | | 5,000 | | 5,221,379 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 3.00% | | 12/01/2043 | | | 3,970 | | 3,354,220 |
Denver City & County School District No. 1, Series 2021, GO Bonds
| 4.00% | | 12/01/2045 | | | 2,000 | | 2,004,502 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2042 | | | 1,000 | | 1,101,766 |
Denver City & County School District No. 1, Series 2022 A, GO Bonds
| 5.00% | | 12/01/2045 | | | 700 | | 763,677 |
E-470 Public Highway Authority, Series 2020 A, Ref. RB(b)
| 5.00% | | 09/01/2024 | | | 2,725 | | 2,725,000 |
Ebert Metropolitan District, Series 2018 A-1, GO Bonds, (INS - BAM)(a)
| 5.00% | | 12/01/2043 | | | 5 | | 5,229 |
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB
| 5.00% | | 12/01/2044 | | | 5,000 | | 5,239,870 |
Weld County School District No. 6 Greeley, Series 2021, GO Bonds
| 4.00% | | 12/01/2045 | | | 750 | | 748,039 |
Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds
| 5.00% | | 12/01/2044 | | | 3,550 | | 3,775,816 |
Weld County School District No. RE-4, Series 2023, GO Bonds
| 5.25% | | 12/01/2047 | | | 5,000 | | 5,550,824 |
Weld County School District No. RE-5J, Series 2021, GO Bonds
| 4.00% | | 12/01/2045 | | | 4,000 | | 3,983,874 |
| | | | | | | | | 69,780,555 |
| Connecticut-0.44% | | | | | | | | |
Connecticut (State of), Series 2020 A, GO Bonds
| 5.00% | | 01/15/2040 | | | 3,000 | | 3,243,561 |
Connecticut (State of), Series 2020 A, RB
| 3.13% | | 05/01/2040 | | | 1,000 | | 898,487 |
Connecticut (State of), Series 2020, RB
| 5.00% | | 05/01/2040 | | | 70 | | 75,966 |
Connecticut (State of), Series 2021 A, RB
| 4.00% | | 05/01/2040 | | | 600 | | 607,389 |
Connecticut (State of), Series 2021 A, RB
| 5.00% | | 05/01/2041 | | | 1,000 | | 1,092,362 |
Connecticut (State of), Series 2021 D, RB
| 4.00% | | 11/01/2039 | | | 1,200 | | 1,226,681 |
Connecticut (State of), Series 2021 D, RB
| 4.00% | | 11/01/2040 | | | 750 | | 759,724 |
Connecticut (State of), Series 2021 D, RB
| 5.00% | | 11/01/2041 | | | 250 | | 275,332 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.25% | | 07/01/2040 | | | 750 | | 859,553 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.00% | | 07/01/2041 | | | 770 | | 860,348 |
Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB
| 5.25% | | 07/01/2042 | | | 600 | | 680,266 |
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
| 4.13% | | 07/01/2041 | | | 5 | | 5,003 |
Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB
| 5.00% | | 07/01/2045 | | | 10 | | 10,063 |
Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB
| 4.00% | | 07/01/2052 | | | 10 | | 9,358 |
Connecticut (State of) Health & Educational Facilities Authority (Connecticut Children’s Medical Center), Series 2023, RB
| 4.25% | | 07/15/2053 | | | 500 | | 498,952 |
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University), Series 2017 R, Ref. RB
| 4.00% | | 07/01/2042 | | | 100 | | 99,697 |
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2021 A, RB
| 4.00% | | 07/01/2051 | | | 5 | | 4,618 |
Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB
| 5.00% | | 12/01/2045 | | | 25 | | 25,318 |
University of Connecticut, Series 2018 A, RB
| 5.00% | | 11/15/2043 | | | 1,450 | | 1,521,053 |
| | | | | | | | | 12,753,731 |
| Delaware-0.09% | | | | | | | | |
Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB
| 4.00% | | 07/01/2043 | | | 500 | | 489,635 |
Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB
| 4.00% | | 10/01/2049 | | | 1,050 | | 1,021,793 |
Delaware (State of) Transportation Authority, Series 2015, RB
| 5.00% | | 06/01/2055 | | | 1,000 | | 1,009,027 |
| | | | | | | | | 2,520,455 |
| District of Columbia-1.64% | | | | | | | | |
District of Columbia, Series 2015 A, GO Bonds
| 4.00% | | 06/01/2040 | | | 500 | | 500,230 |
District of Columbia, Series 2016 A, GO Bonds
| 5.00% | | 06/01/2041 | | | 1,000 | | 1,025,866 |
District of Columbia, Series 2017 D, GO Bonds
| 5.00% | | 06/01/2042 | | | 1,100 | | 1,134,480 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| District of Columbia-(continued) | | | | | | | | |
District of Columbia, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2043 | | $ | 3,810 | | $ 3,982,403 |
District of Columbia, Series 2019 A, GO Bonds
| 5.00% | | 10/15/2044 | | | 45 | | 47,593 |
District of Columbia, Series 2019 A, RB
| 4.00% | | 03/01/2040 | | | 250 | | 251,743 |
District of Columbia, Series 2019 A, RB
| 4.00% | | 03/01/2044 | | | 1,100 | | 1,096,791 |
District of Columbia, Series 2020 A, RB
| 2.63% | | 03/01/2045 | | | 1,000 | | 746,299 |
District of Columbia, Series 2020 A, RB
| 4.00% | | 03/01/2045 | | | 500 | | 497,678 |
District of Columbia, Series 2020 C, RB
| 4.00% | | 05/01/2045 | | | 1,200 | | 1,195,063 |
District of Columbia, Series 2020 C, RB
| 5.00% | | 05/01/2045 | | | 1,000 | | 1,065,491 |
District of Columbia, Series 2021 D, GO Bonds
| 4.00% | | 02/01/2046 | | | 1,000 | | 984,209 |
District of Columbia, Series 2021 D, GO Bonds
| 5.00% | | 02/01/2046 | | | 1,000 | | 1,079,055 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2040 | | | 1,035 | | 1,159,139 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2041 | | | 1,025 | | 1,143,384 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2042 | | | 1,065 | | 1,181,819 |
District of Columbia, Series 2022 A, RB
| 5.00% | | 07/01/2047 | | | 605 | | 659,209 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2040 | | | 15 | | 16,911 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2042 | | | 25 | | 27,818 |
District of Columbia, Series 2023 A, GO Bonds
| 5.00% | | 01/01/2043 | | | 20 | | 22,180 |
District of Columbia, Series 2023 A, GO Bonds
| 5.25% | | 01/01/2048 | | | 185 | | 206,357 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2040 | | | 10 | | 11,300 |
District of Columbia, Series 2023 A, RB
| 5.00% | | 05/01/2042 | | | 15 | | 16,749 |
District of Columbia, Series 2023 A, RB
| 5.25% | | 05/01/2048 | | | 2,535 | | 2,832,740 |
District of Columbia Water & Sewer Authority, Series 2018 B, RB
| 5.00% | | 10/01/2049 | | | 1,800 | | 1,867,632 |
District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB
| 5.00% | | 10/01/2044 | | | 35 | | 37,172 |
District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB
| 4.00% | | 10/01/2051 | | | 320 | | 312,994 |
Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB
| 5.00% | | 10/01/2044 | | | 1,515 | | 1,579,008 |
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
| 4.00% | | 10/01/2044 | | | 1,000 | | 966,924 |
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB
| 4.00% | | 10/01/2049 | | | 1,025 | | 968,627 |
Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, (INS - AGM)(a)
| 3.00% | | 10/01/2050 | | | 5,755 | | 4,430,022 |
Metropolitan Washington Airports Authority, Series 2019, Ref. RB
| 5.00% | | 10/01/2047 | | | 515 | | 533,219 |
Metropolitan Washington Airports Authority, Series 2022, Ref. RB, (INS - AGM)(a)
| 4.00% | | 10/01/2052 | | | 3,100 | | 2,942,401 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 4.00% | | 07/15/2045 | | | 475 | | 469,181 |
Washington Metropolitan Area Transit Authority, Series 2020 A, RB
| 5.00% | | 07/15/2045 | | | 3,035 | | 3,231,954 |
Washington Metropolitan Area Transit Authority, Series 2024 A, RB
| 4.38% | | 07/15/2056 | | | 1,500 | | 1,492,759 |
Washington Metropolitan Area Transit Authority, Series 2024 A, RB
| 4.38% | | 07/15/2059 | | | 1,000 | | 994,978 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 3.00% | | 07/15/2040 | | | 250 | | 220,605 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2041 | | | 1,600 | | 1,743,056 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 3.00% | | 07/15/2043 | | | 200 | | 168,479 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 4.00% | | 07/15/2043 | | | 510 | | 507,380 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 4.00% | | 07/15/2046 | | | 1,970 | | 1,912,094 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB
| 5.00% | | 07/15/2046 | | | 1,275 | | 1,366,224 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 4.13% | | 07/15/2047 | | | 1,000 | | 982,747 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.00% | | 07/15/2048 | | | 20 | | 21,689 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.50% | | 07/15/2051 | | | 40 | | 44,810 |
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB
| 5.25% | | 07/15/2053 | | | 10 | | 10,969 |
| | | | | | | | | 47,689,431 |
| Florida-4.48% | | | | | | | | |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2014 A, RB
| 4.00% | | 12/01/2044 | | | 185 | | 176,817 |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
| 3.00% | | 12/01/2046 | | | 285 | | 225,726 |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), Series 2019, RB
| 4.00% | | 12/01/2049 | | | 1,300 | | 1,228,174 |
Bay County School Board, Series 2022 A, COP, (INS - AGM)(a)
| 4.25% | | 07/01/2047 | | | 300 | | 302,703 |
Broward (County of), FL, Series 2012 Q-1, RB
| 4.00% | | 10/01/2042 | | | 390 | | 383,973 |
Broward (County of), FL, Series 2019 A, RB
| 5.00% | | 10/01/2039 | | | 10 | | 10,782 |
Broward (County of), FL, Series 2019 A, RB
| 4.00% | | 10/01/2042 | | | 215 | | 218,197 |
Broward (County of), FL, Series 2019 A, RB
| 4.00% | | 10/01/2043 | | | 95 | | 96,041 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Broward (County of), FL (Convention Center Expansion), Series 2021, RB
| 4.00% | | 09/01/2047 | | $ | 1,000 | | $ 970,971 |
Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)(a)
| 5.60% | | 03/01/2048 | | | 765 | | 863,281 |
Central Florida Expressway Authority, Series 2016 B, Ref. RB
| 4.00% | | 07/01/2040 | | | 120 | | 120,072 |
Central Florida Expressway Authority, Series 2017, Ref. RB
| 4.00% | | 07/01/2041 | | | 30 | | 29,712 |
Central Florida Expressway Authority, Series 2017, Ref. RB
| 5.00% | | 07/01/2042 | | | 25 | | 25,861 |
Central Florida Expressway Authority, Series 2018, RB
| 5.00% | | 07/01/2048 | | | 1,030 | | 1,069,046 |
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.50% | | 07/01/2040 | | | 1,500 | | 1,171,531 |
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB
| 5.00% | | 04/01/2048 | | | 2,150 | | 2,211,997 |
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 08/15/2050 | | | 5,000 | | 3,811,829 |
Florida (State of) Department of Transportation, Series 2019 B, RB
| 3.00% | | 07/01/2049 | | | 50 | | 39,787 |
Florida (State of) Department of Transportation, Series 2021 C, RB
| 3.00% | | 07/01/2046 | | | 100 | | 82,214 |
Florida (State of) Department of Transportation, Series 2021 C, RB
| 3.00% | | 07/01/2051 | | | 20 | | 15,686 |
Florida (State of) Department of Transportation, Series 2022, RB
| 5.00% | | 07/01/2047 | | | 25 | | 27,190 |
Florida (State of) Department of Transportation, Series 2024 B, RB
| 4.00% | | 07/01/2051 | | | 465 | | 457,337 |
Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2020, Ref. RB
| 3.00% | | 12/01/2048 | | | 370 | | 284,952 |
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
| 4.00% | | 02/01/2046 | | | 2,500 | | 2,421,854 |
Fort Lauderdale (City of), FL, Series 2023 A, RB
| 5.50% | | 09/01/2048 | | | 4,000 | | 4,551,520 |
Fort Lauderdale (City of), FL, Series 2023 A, RB
| 5.50% | | 09/01/2053 | | | 2,000 | | 2,256,392 |
Fort Lauderdale (City of), FL, Series 2023, RB
| 5.50% | | 09/01/2048 | | | 1,500 | | 1,706,820 |
Fort Lauderdale (City of), FL, Series 2023, RB
| 5.50% | | 09/01/2053 | | | 800 | | 902,557 |
Fort Myers (City of), FL, Series 2019 A, Ref. RB
| 4.00% | | 10/01/2044 | | | 250 | | 248,003 |
Fort Myers (City of), FL, Series 2023, Ref. RB
| 5.50% | | 10/01/2049 | | | 1,000 | | 1,130,876 |
Fort Myers (City of), FL, Series 2023, Ref. RB
| 5.25% | | 10/01/2053 | | | 1,000 | | 1,102,856 |
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 10/01/2052 | | | 2,500 | | 2,349,643 |
Halifax Hospital Medical Center, Series 2016, Ref. RB
| 3.75% | | 06/01/2041 | | | 200 | | 182,359 |
Halifax Hospital Medical Center, Series 2016, Ref. RB
| 4.00% | | 06/01/2046 | | | 380 | | 358,950 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015 A, RB
| 5.00% | | 10/01/2044 | | | 150 | | 150,051 |
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB
| 5.00% | | 10/01/2048 | | | 1,745 | | 1,815,665 |
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020 A, RB
| 4.00% | | 08/01/2045 | | | 200 | | 189,377 |
Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), Series 2020 A, RB
| 3.50% | | 08/01/2055 | | | 90 | | 72,823 |
Jacksonville (City of), FL, Series 2023 A, Ref. RB
| 5.25% | | 10/01/2048 | | | 3,000 | | 3,317,899 |
JEA Water & Sewer System, Series 2024 A, Ref. RB
| 5.25% | | 10/01/2049 | | | 1,020 | | 1,126,630 |
JEA Water & Sewer System, Series 2024 A, Ref. RB
| 5.50% | | 10/01/2054 | | | 1,100 | | 1,234,945 |
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(b)
| 5.00% | | 11/15/2024 | | | 1,050 | | 1,053,869 |
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB(b)
| 5.00% | | 11/15/2024 | | | 500 | | 501,842 |
Manatee (County of), FL, Series 2023, RB
| 5.25% | | 10/01/2048 | | | 300 | | 337,415 |
Martin (County of), FL Health Facilities Authority, Series 2019, Ref. RB
| 4.00% | | 01/01/2046 | | | 1,265 | | 1,231,757 |
Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB
| 4.00% | | 08/01/2047 | | | 645 | | 602,093 |
Miami (City of) & Dade (County of), FL School Board, Series 2022 A, GO Bonds, (INS - BAM)(a)
| 5.00% | | 03/15/2052 | | | 315 | | 336,580 |
Miami (City of), FL, Series 2023 A, RB
| 5.00% | | 03/01/2048 | | | 2,000 | | 2,181,182 |
Miami (City of), FL, Series 2023 A, RB
| 5.25% | | 03/01/2053 | | | 1,000 | | 1,100,339 |
Miami Beach (City of), FL, Series 2015, RB
| 5.00% | | 09/01/2040 | | | 3,515 | | 3,563,636 |
Miami Beach (City of), FL, Series 2015, RB
| 5.00% | | 09/01/2045 | | | 2,000 | | 2,014,039 |
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds
| 4.00% | | 05/01/2049 | | | 6,000 | | 5,846,359 |
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
| 4.00% | | 11/15/2046 | | | 2,190 | | 2,056,484 |
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB
| 4.00% | | 11/15/2051 | | | 2,045 | | 1,883,753 |
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(a)
| 5.00% | | 02/01/2040 | | | 4,000 | | 4,002,689 |
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
| 3.75% | | 07/01/2042 | | | 210 | | 201,007 |
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
| 4.00% | | 07/01/2042 | | | 370 | | 369,499 |
Miami-Dade (County of), FL, Series 2014 A, GO Bonds
| 5.00% | | 07/01/2043 | | | 75 | | 77,012 |
Miami-Dade (County of), FL, Series 2016 A, GO Bonds
| 4.00% | | 07/01/2042 | | | 335 | | 335,906 |
Miami-Dade (County of), FL, Series 2016, Ref. RB
| 4.00% | | 10/01/2040 | | | 45 | | 44,896 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 4.00% | | 10/01/2044 | | | 1,180 | | 1,164,191 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Miami-Dade (County of), FL, Series 2017 A, RB
| 3.38% | | 10/01/2047 | | $ | 5,000 | | $ 4,263,261 |
Miami-Dade (County of), FL, Series 2017 A, RB
| 4.00% | | 10/01/2047 | | | 50 | | 48,969 |
Miami-Dade (County of), FL, Series 2017 B, Ref. RB
| 3.13% | | 10/01/2039 | | | 65 | | 59,167 |
Miami-Dade (County of), FL, Series 2019 B, RB
| 4.00% | | 10/01/2044 | | | 1,105 | | 1,090,196 |
Miami-Dade (County of), FL, Series 2019 B, RB
| 4.00% | | 10/01/2049 | | | 2,500 | | 2,421,494 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2039 | | | 150 | | 152,473 |
Miami-Dade (County of), FL, Series 2021, RB
| 3.00% | | 10/01/2040 | | | 175 | | 154,016 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2041 | | | 200 | | 199,073 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2042 | | | 200 | | 199,294 |
Miami-Dade (County of), FL, Series 2021, RB
| 3.00% | | 10/01/2043 | | | 250 | | 208,560 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2044 | | | 175 | | 171,950 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2046 | | | 530 | | 519,114 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2048 | | | 250 | | 245,945 |
Miami-Dade (County of), FL, Series 2021, RB
| 4.00% | | 10/01/2051 | | | 300 | | 288,698 |
Miami-Dade (County of), FL, Series 2024 A, RB
| 4.13% | | 10/01/2050 | | | 245 | | 241,173 |
Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGM)(a)
| 3.00% | | 10/01/2050 | | | 780 | | 616,866 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, Ref. RB
| 5.00% | | 04/01/2040 | | | 1,000 | | 1,006,240 |
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, RB
| 4.00% | | 04/01/2053 | | | 30 | | 29,008 |
Miami-Dade (County of), FL Transit System, Series 2018, RB
| 4.00% | | 07/01/2045 | | | 20 | | 19,981 |
Miami-Dade (County of), FL Transit System, Series 2022, RB
| 5.00% | | 07/01/2049 | | | 15 | | 16,231 |
Mid-Bay Bridge Authority, Series 2015 A, Ref. RB
| 5.00% | | 10/01/2040 | | | 125 | | 126,059 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB
| 5.00% | | 10/01/2047 | | | 50 | | 52,049 |
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB
| 5.00% | | 10/01/2053 | | | 1,000 | | 1,064,108 |
Orlando (City of), FL, Series 2018 B, RB
| 5.00% | | 10/01/2048 | | | 5,685 | | 5,947,610 |
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
| 5.00% | | 11/01/2047 | | | 1,250 | | 1,284,654 |
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB
| 5.00% | | 11/01/2052 | | | 1,500 | | 1,535,847 |
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB
| 5.00% | | 05/15/2053 | | | 1,000 | | 963,064 |
Palm Beach County School District, Series 2023 A, COP
| 5.00% | | 08/01/2040 | | | 15 | | 16,924 |
Pasco (City of), FL, Series 2014 B, RB
| 4.00% | | 10/01/2044 | | | 1,000 | | 986,603 |
Pasco (City of), FL, Series 2023, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2048 | | | 300 | | 318,647 |
Pompano Beach (City of), FL (John Knox Village), Series 2021 A, RB
| 4.00% | | 09/01/2056 | | | 85 | | 71,859 |
Port St. Lucie (City of), FL, Series 2016, Ref. RB
| 3.25% | | 07/01/2045 | | | 165 | | 140,784 |
Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 B, Ref. PCR
| 5.00% | | 03/15/2042 | | | 725 | | 747,459 |
Putnam County School District, Series 2023, GO Bonds, (INS - AGM)(a)
| 4.25% | | 07/01/2052 | | | 55 | | 55,116 |
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB
| 4.00% | | 07/01/2048 | | | 350 | | 333,811 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 4.00% | | 08/15/2042 | | | 1,000 | | 962,791 |
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB
| 4.00% | | 08/15/2047 | | | 1,000 | | 944,369 |
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
| 5.00% | | 07/01/2048 | | | 4,855 | | 5,218,449 |
St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGM)(a)
| 5.25% | | 07/01/2053 | | | 5,000 | | 5,455,427 |
St. Petersburg (City of), FL, Series 2016 B, Ref. RB
| 3.00% | | 10/01/2039 | | | 355 | | 313,275 |
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB
| 5.00% | | 12/01/2055 | | | 280 | | 277,657 |
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB
| 4.00% | | 07/01/2042 | | | 800 | | 777,710 |
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB
| 5.00% | | 07/01/2048 | | | 2,000 | | 2,070,181 |
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB
| 5.00% | | 07/01/2047 | | | 5,000 | | 5,118,474 |
Tampa (City of), FL, Series 2016 A, RB
| 5.00% | | 11/15/2046 | | | 1,750 | | 1,774,692 |
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
| 5.00% | | 10/01/2047 | | | 1,500 | | 1,646,995 |
Tampa (City of), FL (Green Bonds), Series 2022 A, RB
| 5.00% | | 10/01/2052 | | | 1,000 | | 1,090,349 |
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
| 4.00% | | 07/01/2045 | | | 2,500 | | 2,388,553 |
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB
| 5.00% | | 07/01/2050 | | | 3,250 | | 3,384,411 |
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
| 5.25% | | 10/01/2047 | | | 1,400 | | 1,540,924 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Florida-(continued) | | | | | | | | |
Tampa Bay (City of), FL Water (Sustainability Bonds), Series 2022, RB
| 5.00% | | 10/01/2052 | | $ | 1,500 | | $ 1,610,684 |
Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)(a)
| 5.00% | | 10/01/2052 | | | 2,010 | | 2,111,936 |
| | | | | | | | | 130,130,827 |
| Georgia-2.04% | | | | | | | | |
Atlanta (City of), GA, Series 2015, Ref. RB
| 5.00% | | 11/01/2040 | | | 2,800 | | 2,822,422 |
Atlanta (City of), GA, Series 2018 B, RB
| 5.00% | | 11/01/2047 | | | 5,000 | | 5,183,223 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2039 | | | 1,000 | | 1,136,834 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2040 | | | 1,000 | | 1,129,142 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2041 | | | 1,000 | | 1,123,967 |
Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds
| 5.00% | | 12/01/2042 | | | 1,000 | | 1,119,342 |
Atlanta Development Authority (The), Series 2015 A-1, RB
| 5.25% | | 07/01/2040 | | | 415 | | 420,397 |
Augusta (City of), GA, Series 2012, Ref. RB, (INS - AGM)(a)
| 3.50% | | 10/01/2042 | | | 165 | | 149,634 |
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.), Series 2019 A, RB
| 3.00% | | 07/01/2046 | | | 15 | | 12,136 |
Burke (County of), GA Development Authority (Georgia Transmission Corporation Vogtle), Series 2012, Ref. RB
| 2.75% | | 01/01/2052 | | | 2,000 | | 1,375,247 |
Burke (County of), GA Development Authority (Oglethorpe Power Corp.), Series 2017, Ref. RB
| 4.13% | | 11/01/2045 | | | 70 | | 66,986 |
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB
| 5.00% | | 04/01/2050 | | | 850 | | 885,664 |
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RAC
| 4.00% | | 04/01/2052 | | | 1,000 | | 951,869 |
Coweta County Water & Sewage Authority, Series 2024, RB
| 4.25% | | 06/01/2057 | | | 450 | | 451,293 |
Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System), Series 2017, RB
| 4.00% | | 08/15/2048 | | | 410 | | 393,829 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2040 | | | 1,000 | | 1,126,875 |
DeKalb (County of), GA, Series 2022, Ref. RB
| 5.00% | | 10/01/2041 | | | 1,050 | | 1,177,889 |
Fulton (County of), GA, Series 2020 A, RB
| 2.25% | | 01/01/2042 | | | 500 | | 367,278 |
Fulton (County of), GA, Series 2020 A, RB
| 2.25% | | 01/01/2043 | | | 115 | | 82,919 |
Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center), Series 2019, Ref. RB
| 5.00% | | 03/15/2044 | | | 10 | | 10,395 |
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB
| 4.00% | | 04/01/2050 | | | 1,000 | | 957,733 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB
| 5.50% | | 02/15/2042 | | | 2,000 | | 2,105,621 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
| 2.50% | | 02/15/2051 | | | 1,000 | | 658,242 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
| 3.00% | | 02/15/2051 | | | 1,000 | | 757,464 |
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB
| 4.00% | | 02/15/2051 | | | 4,000 | | 3,767,226 |
George L Smith II Congress Center Authority (Convention Center Hotel), Series 2021, RB
| 4.00% | | 01/01/2054 | | | 1,100 | | 985,621 |
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB
| 5.00% | | 01/01/2044 | | | 750 | | 780,513 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2062 | | | 2,305 | | 2,391,739 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 01/01/2062 | | | 4,500 | | 4,669,338 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
| 4.50% | | 07/01/2063 | | | 3,000 | | 3,018,916 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)
| 5.00% | | 07/01/2055 | | | 2,000 | | 2,118,115 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGM)(a)
| 5.00% | | 07/01/2064 | | | 5,000 | | 5,277,265 |
Georgia (State of) Ports Authority, Series 2021, RB
| 4.00% | | 07/01/2051 | | | 1,000 | | 973,733 |
Georgia (State of) Ports Authority, Series 2022, RB
| 4.00% | | 07/01/2047 | | | 1,000 | | 991,376 |
Georgia (State of) Ports Authority, Series 2022, RB
| 4.00% | | 07/01/2052 | | | 1,410 | | 1,369,796 |
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC
| 5.00% | | 08/01/2047 | | | 3,000 | | 3,000,027 |
Griffin-Spalding County Hospital Authority, Series 2017, RAC
| 4.00% | | 04/01/2042 | | | 55 | | 54,307 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Griffin-Spalding County Hospital Authority, Series 2017, RAC
| 3.75% | | 04/01/2047 | | $ | 1,135 | | $ 1,036,671 |
Gwinnett County School District, Series 2019, GO Bonds
| 5.00% | | 02/01/2040 | | | 50 | | 53,707 |
Main Street Natural Gas, Inc., Series 2019 A, RB
| 5.00% | | 05/15/2043 | | | 800 | | 827,788 |
Main Street Natural Gas, Inc., Series 2019 A, RB
| 5.00% | | 05/15/2049 | | | 1,965 | | 2,148,404 |
Private Colleges & Universities Authority (Emory University), Series 2013 A, RB
| 5.00% | | 10/01/2043 | | | 15 | | 15,028 |
Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2046 | | | 525 | | 520,219 |
Private Colleges & Universities Authority (Mercer University), Series 2015, RB
| 5.00% | | 10/01/2045 | | | 25 | | 25,186 |
Private Colleges & Universities Authority (Mercer University), Series 2021, Ref. RB
| 4.00% | | 10/01/2050 | | | 20 | | 19,390 |
Private Colleges & Universities Authority (The Savannah College of Art and Design), Series 2021, RB
| 4.00% | | 04/01/2044 | | | 695 | | 677,838 |
| | | | | | | | | 59,188,604 |
| Hawaii-0.17% | | | | | | | | |
Honolulu (City & County of), HI, Series 2018 A, RB
| 5.00% | | 07/01/2047 | | | 500 | | 518,694 |
Honolulu (City & County of), HI, Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 1,500 | | 1,578,649 |
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB
| 4.13% | | 07/01/2047 | | | 3,000 | | 2,996,133 |
| | | | | | | | | 5,093,476 |
| Idaho-0.13% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2022, RB
| 5.00% | | 08/15/2047 | | | 2,860 | | 3,104,553 |
Idaho (State of) Housing & Finance Association, Series 2023 A, RB
| 5.25% | | 08/15/2048 | | | 15 | | 16,727 |
Idaho (State of) Housing & Finance Association, Series 2024, RB
| 5.00% | | 08/15/2048 | | | 65 | | 71,553 |
Idaho (State of) Housing & Finance Association, Series 2024, RB
| 4.00% | | 08/15/2049 | | | 525 | | 515,905 |
| | | | | | | | | 3,708,738 |
| Illinois-4.08% | | | | | | | | |
Chicago (City of), IL, Series 2014, RB
| 5.00% | | 11/01/2039 | | | 200 | | 200,240 |
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
| 5.25% | | 01/01/2042 | | | 2,500 | | 2,578,101 |
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2052 | | | 7,000 | | 6,696,381 |
Chicago (City of), IL, Series 2019 A, GO Bonds
| 5.00% | | 01/01/2044 | | | 2,000 | | 2,058,723 |
Chicago (City of), IL, Series 2019 A, GO Bonds
| 5.50% | | 01/01/2049 | | | 1,500 | | 1,562,022 |
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 01/01/2048 | | | 1,000 | | 1,086,014 |
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 11/01/2048 | | | 1,000 | | 1,101,067 |
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 01/01/2053 | | | 1,500 | | 1,631,976 |
Chicago (City of), IL, Series 2023 A, RB, (INS - AGM)(a)
| 5.50% | | 11/01/2062 | | | 200 | | 220,642 |
Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.00% | | 11/01/2039 | | | 250 | | 276,081 |
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
| 5.50% | | 01/01/2040 | | | 200 | | 219,725 |
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
| 5.50% | | 01/01/2041 | | | 225 | | 240,967 |
Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds
| 5.50% | | 01/01/2043 | | | 250 | | 266,299 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB
| 4.13% | | 01/01/2040 | | | 170 | | 167,344 |
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB
| 5.00% | | 01/01/2046 | | | 1,250 | | 1,252,677 |
Chicago (City of), IL (O’Hare International Airport), Series 2016 B, Ref. RB
| 5.00% | | 01/01/2041 | | | 1,000 | | 1,012,731 |
Chicago (City of), IL (O’Hare International Airport), Series 2017 D, RB
| 5.00% | | 01/01/2047 | | | 55 | | 56,149 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2048 | | | 1,030 | | 1,074,038 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB
| 5.00% | | 01/01/2053 | | | 185 | | 191,134 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2053 | | | 6,610 | | 6,420,050 |
Chicago (City of), IL Board of Education, Series 2016, RB
| 6.00% | | 04/01/2046 | | | 2,000 | | 2,090,983 |
Chicago (City of), IL Board of Education, Series 2023, RB
| 5.00% | | 04/01/2045 | | | 100 | | 106,450 |
Chicago (City of), IL Board of Education, Series 2023, RB
| 5.75% | | 04/01/2048 | | | 1,000 | | 1,113,687 |
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB
| 5.00% | | 01/01/2046 | | | 20 | | 20,185 |
Chicago (City of), IL Transit Authority, Series 2014, RB
| 5.00% | | 12/01/2044 | | | 5,000 | | 5,008,416 |
Chicago (City of), IL Transit Authority, Series 2014, RB
| 5.25% | | 12/01/2049 | | | 5,560 | | 5,569,026 |
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(a)
| 5.00% | | 12/01/2051 | | | 1,000 | | 1,017,472 |
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
| 4.00% | | 12/01/2049 | | | 575 | | 543,018 |
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
| 5.00% | | 12/01/2052 | | | 600 | | 632,499 |
Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB
| 5.00% | | 12/01/2057 | | | 815 | | 851,010 |
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB
| 3.00% | | 05/15/2047 | | | 2,850 | | 2,288,503 |
Illinois (State of), Series 2021 A, GO Bonds
| 4.00% | | 03/01/2040 | | | 965 | | 947,161 |
Illinois (State of), Series 2021 A, GO Bonds
| 5.00% | | 03/01/2046 | | | 1,000 | | 1,056,461 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Illinois (State of), Series 2022 A, GO Bonds
| 5.50% | | 03/01/2042 | | $ | 2,050 | | $ 2,282,425 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.50% | | 03/01/2047 | | | 1,500 | | 1,645,133 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.25% | | 05/01/2040 | | | 250 | | 275,716 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.25% | | 05/01/2041 | | | 300 | | 329,370 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.25% | | 05/01/2042 | | | 250 | | 273,350 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.25% | | 05/01/2043 | | | 200 | | 217,875 |
Illinois (State of), Series 2023 B, GO Bonds
| 5.50% | | 05/01/2047 | | | 1,000 | | 1,098,104 |
Illinois (State of), Series 2024 B, GO Bonds
| 5.00% | | 05/01/2040 | | | 15 | | 16,577 |
Illinois (State of), Series 2024 B, GO Bonds
| 5.25% | | 05/01/2047 | | | 110 | | 120,372 |
Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds
| 4.00% | | 11/01/2039 | | | 10 | | 9,822 |
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB
| 5.00% | | 02/15/2041 | | | 1,000 | | 1,028,612 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2039 | | | 2,250 | | 2,263,502 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2040 | | | 1,350 | | 1,350,786 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2041 | | | 1,350 | | 1,337,242 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 3.00% | | 08/15/2048 | | | 1,015 | | 792,700 |
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB
| 4.00% | | 08/15/2048 | | | 1,400 | | 1,342,752 |
Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB
| 5.00% | | 12/01/2046 | | | 100 | | 100,844 |
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB
| 5.00% | | 07/15/2042 | | | 1,000 | | 1,035,560 |
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2047 | | | 35 | | 37,250 |
Illinois (State of) Finance Authority (Northshore Edward), Series 2022 A, Ref. RB
| 5.00% | | 08/15/2051 | | | 340 | | 359,336 |
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB
| 4.00% | | 07/15/2047 | | | 1,600 | | 1,547,580 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2045 | | | 245 | | 246,614 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
| 3.00% | | 05/15/2050 | | | 4,165 | | 3,298,210 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB
| 4.00% | | 05/15/2050 | | | 4,575 | | 4,169,694 |
Illinois (State of) Finance Authority (Presence Health Network), Series 2016, RB(b)
| 4.00% | | 02/15/2041 | | | 1,570 | | 1,562,166 |
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical), Series 2015, Ref. RB
| 5.00% | | 08/15/2044 | | | 125 | | 125,635 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
| 5.25% | | 05/15/2048 | | | 3,040 | | 3,372,096 |
Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB
| 5.25% | | 05/15/2054 | | | 10 | | 10,985 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2016 B, Ref. RB
| 4.00% | | 08/15/2041 | | | 250 | | 249,382 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
| 5.00% | | 08/15/2047 | | | 145 | | 153,210 |
Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB
| 5.00% | | 08/15/2052 | | | 110 | | 114,440 |
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
| 4.00% | | 10/01/2050 | | | 1,500 | | 1,384,780 |
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB
| 4.00% | | 10/01/2055 | | | 1,450 | | 1,319,541 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
| 5.00% | | 06/15/2042 | | | 1,000 | | 1,060,040 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
| 4.00% | | 06/15/2050 | | | 60 | | 56,288 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB
| 5.00% | | 06/15/2050 | | | 125 | | 129,546 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB
| 4.00% | | 12/15/2042 | | | 1,000 | | 988,203 |
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB
| 4.00% | | 12/15/2047 | | | 1,000 | | 953,541 |
Illinois (State of) Regional Transportation Authority, Series 2016 A, RB
| 4.00% | | 06/01/2046 | | | 130 | | 126,574 |
Illinois (State of) Toll Highway Authority, Series 2015 B, RB
| 5.00% | | 01/01/2040 | | | 200 | | 203,471 |
Illinois (State of) Toll Highway Authority, Series 2017 A, RB
| 5.00% | | 01/01/2042 | | | 5,315 | | 5,531,141 |
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
| 5.00% | | 01/01/2041 | | | 4,080 | | 4,426,812 |
Illinois (State of) Toll Highway Authority, Series 2020 A, RB
| 5.00% | | 01/01/2045 | | | 2,690 | | 2,849,548 |
Illinois (State of) Toll Highway Authority, Series 2021 A, RB
| 5.00% | | 01/01/2046 | | | 1,045 | | 1,124,919 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.00% | | 01/01/2042 | | | 1,500 | | 1,676,555 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.25% | | 01/01/2043 | | | 1,500 | | 1,692,101 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.00% | | 01/01/2044 | | | 1,000 | | 1,102,935 |
Illinois (State of) Toll Highway Authority, Series 2023 A, RB
| 5.25% | | 01/01/2045 | | | 2,000 | | 2,236,252 |
Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB
| 4.00% | | 12/01/2041 | | | 310 | | 305,077 |
Sales Tax Securitization Corp., Series 2018 A, Ref. RB
| 5.00% | | 01/01/2040 | | | 5,200 | | 5,382,462 |
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(a)
| 4.00% | | 01/01/2040 | | | 2,000 | | 2,020,542 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Sangamon (County of), IL School District No. 186 (Springfield), Series 2023, GO Bonds, (INS - AGM)(a)
| 4.50% | | 06/01/2063 | | $ | 750 | | $ 753,021 |
Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB
| 4.00% | | 10/15/2040 | | | 85 | | 83,297 |
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(a)
| 5.00% | | 03/01/2040 | | | 3,000 | | 3,016,708 |
| | | | | | | | | 118,747,926 |
| Indiana-0.90% | | | | | | | | |
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
| 5.63% | | 07/15/2053 | | | 1,000 | | 1,131,398 |
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
| 5.75% | | 07/15/2058 | | | 2,000 | | 2,282,319 |
Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)(a)
| 5.75% | | 01/15/2063 | | | 2,000 | | 2,319,721 |
Indiana (State of) Finance Authority (CWA Authority), Series 2012 A, RB
| 4.00% | | 10/01/2042 | | | 15 | | 15,000 |
Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB
| 4.00% | | 11/01/2051 | | | 1,475 | | 1,400,640 |
Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB
| 5.25% | | 10/01/2047 | | | 1,500 | | 1,617,747 |
Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB
| 4.00% | | 12/01/2049 | | | 1,000 | | 972,740 |
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB
| 5.00% | | 11/15/2046 | | | 3,000 | | 3,056,811 |
Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB
| 5.00% | | 01/01/2042 | | | 60 | | 61,456 |
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
| 5.00% | | 02/01/2044 | | | 5,000 | | 5,243,968 |
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB
| 5.00% | | 02/01/2049 | | | 6,500 | | 6,788,997 |
Northern Indiana Commuter Transportation District, Series 2016, RB
| 5.00% | | 07/01/2041 | | | 1,250 | | 1,276,636 |
| | | | | | | | | 26,167,433 |
| Iowa-0.27% | | | | | | | | |
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022 B, RB
| 3.00% | | 09/01/2056 | | | 125 | | 96,661 |
Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB
| 4.75% | | 08/01/2042 | | | 2,000 | | 2,004,656 |
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(b)
| 5.00% | | 12/01/2032 | | | 1,700 | | 1,977,146 |
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB(b)(d)
| 5.00% | | 12/01/2032 | | | 2,900 | | 3,372,779 |
Iowa (State of) Finance Authority (Lifespace Communities, Inc.), Series 2018 A, RB
| 5.00% | | 05/15/2048 | | | 30 | | 29,386 |
Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB
| 5.00% | | 12/01/2046 | | | 500 | | 516,076 |
| | | | | | | | | 7,996,704 |
| Kansas-0.19% | | | | | | | | |
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
| 5.00% | | 09/01/2042 | | | 1,515 | | 1,635,197 |
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(a)
| 5.00% | | 09/01/2047 | | | 1,250 | | 1,329,679 |
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
| 5.00% | | 09/01/2040 | | | 1,000 | | 1,014,913 |
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB
| 5.00% | | 09/01/2045 | | | 1,500 | | 1,518,261 |
| | | | | | | | | 5,498,050 |
| Kentucky-0.31% | | | | | | | | |
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB
| 5.00% | | 08/15/2041 | | | 1,000 | | 1,022,535 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 12/01/2045 | | | 1,000 | | 1,033,914 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
| 5.00% | | 12/01/2047 | | | 470 | | 470,122 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017, Ref. RB, (INS - AGM)(a)
| 4.00% | | 12/01/2041 | | | 250 | | 247,320 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
| 5.00% | | 07/01/2040 | | | 810 | | 812,707 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway), Series 2015 A, RB
| 5.00% | | 01/01/2045 | | | 1,000 | | 1,001,674 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB
| 5.25% | | 06/01/2041 | | | 1,000 | | 1,020,342 |
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 06/01/2045 | | | 65 | | 62,471 |
Kentucky (Commonwealth of) Municipal Power Agency, Series 2015 A, Ref. RB, (INS - NATL)(a)
| 4.00% | | 09/01/2039 | | | 250 | | 246,790 |
Kentucky Bond Development Corp., Series 2018, RB
| 4.00% | | 09/01/2048 | | | 795 | | 758,940 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Kentucky-(continued) | | | | | | | | |
Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)(a)
| 5.00% | | 09/01/2049 | | $ | 200 | | $ 210,253 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), Series 2022 A, RB, (INS - AGM)(a)
| 5.00% | | 05/15/2047 | | | 1,015 | | 1,066,242 |
Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB
| 5.00% | | 05/15/2053 | | | 500 | | 541,198 |
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, RB
| 3.13% | | 06/01/2041 | | | 300 | | 259,679 |
Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, RB, (INS - AGM)(a)
| 3.13% | | 06/01/2046 | | | 405 | | 332,751 |
University of Kentucky, Series 2014 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 4.00% | | 04/01/2044 | | | 5 | | 4,896 |
| | | | | | | | | 9,091,834 |
| Louisiana-0.88% | | | | | | | | |
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(a)
| 5.00% | | 11/01/2047 | | | 2,000 | | 2,025,479 |
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(a)
| 5.00% | | 12/01/2042 | | | 2,750 | | 2,837,313 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(a)
| 5.00% | | 10/01/2048 | | | 3,500 | | 3,558,198 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB
| 5.00% | | 10/01/2041 | | | 3,285 | | 3,358,512 |
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB
| 5.00% | | 07/01/2047 | | | 1,000 | | 1,020,480 |
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)
| 3.00% | | 06/01/2050 | | | 6,550 | | 5,198,474 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
| 3.00% | | 05/15/2047 | | | 2,790 | | 2,236,159 |
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB
| 4.00% | | 05/15/2049 | | | 1,235 | | 1,164,450 |
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB
| 5.00% | | 10/15/2048 | | | 1,000 | | 1,084,116 |
Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB
| 5.25% | | 07/01/2053 | | | 705 | | 774,893 |
New Orleans (City of), LA, Series 2021 A, GO Bonds
| 5.00% | | 12/01/2046 | | | 1,000 | | 1,066,247 |
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 12/01/2049 | | | 1,250 | | 1,184,140 |
| | | | | | | | | 25,508,461 |
| Maine-0.22% | | | | | | | | |
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
| 4.00% | | 07/01/2045 | | | 2,000 | | 1,908,197 |
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 4,500 | | 4,201,700 |
Maine (State of) Turnpike Authority, Series 2020, RB
| 4.00% | | 07/01/2045 | | | 300 | | 300,504 |
| | | | | | | | | 6,410,401 |
| Maryland-0.88% | | | | | | | | |
Baltimore (City of), MD (Water), Series 2017 A, RB
| 5.00% | | 07/01/2046 | | | 9,510 | | 9,750,714 |
Baltimore (City of), MD (Water), Series 2020 A, RB
| 5.00% | | 07/01/2050 | | | 600 | | 635,252 |
Baltimore (County of), MD (Riderwood Village, Inc.), Series 2020, Ref. RB
| 4.00% | | 01/01/2045 | | | 1,000 | | 955,572 |
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), Series 2015, Ref. RB
| 4.13% | | 07/01/2047 | | | 25 | | 24,852 |
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), Series 2015, Ref. RB
| 5.00% | | 07/01/2047 | | | 1,000 | | 1,005,950 |
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2015, Ref. RB
| 5.00% | | 08/15/2042 | | | 1,000 | | 1,004,600 |
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
| 5.00% | | 05/15/2042 | | | 2,000 | | 2,056,924 |
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
| 5.00% | | 05/15/2045 | | | 1,100 | | 1,126,957 |
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB
| 3.75% | | 05/15/2047 | | | 195 | | 181,420 |
Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Health), Series 2020, RB
| 4.00% | | 07/01/2048 | | | 50 | | 46,489 |
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017, RB
| 4.00% | | 07/01/2048 | | | 1,000 | | 962,402 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Maryland-(continued) | | | | | | | | |
Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 05/01/2042 | | $ | 1,050 | | $ 1,090,382 |
Maryland (State of) Stadium Authority, Series 2022 A, RB
| 4.00% | | 06/01/2047 | | | 1,175 | | 1,159,725 |
Maryland (State of) Stadium Authority, Series 2022 A, RB
| 4.00% | | 06/01/2052 | | | 1,000 | | 968,330 |
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB
| 4.00% | | 06/01/2046 | | | 300 | | 297,817 |
Maryland (State of) Transportation Authority, Series 2020, RB
| 4.00% | | 07/01/2045 | | | 500 | | 495,749 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,000 | | 1,074,613 |
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB
| 5.00% | | 07/01/2051 | | | 1,000 | | 1,065,749 |
Montgomery (County of), MD (Trinity Health Credit Group), Series 2015, RB
| 5.00% | | 12/01/2044 | | | 1,650 | | 1,658,144 |
| | | | | | | | | 25,561,641 |
| Massachusetts-4.38% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2015 C, GO Bonds
| 5.00% | | 07/01/2040 | | | 1,000 | | 1,011,395 |
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
| 3.25% | | 09/01/2040 | | | 30 | | 27,634 |
Massachusetts (Commonwealth of), Series 2015 E, GO Bonds
| 4.00% | | 09/01/2042 | | | 1,100 | | 1,091,368 |
Massachusetts (Commonwealth of), Series 2015, GO Bonds
| 4.00% | | 05/01/2045 | | | 1,600 | | 1,582,055 |
Massachusetts (Commonwealth of), Series 2016 B, RB
| 4.00% | | 06/01/2046 | | | 800 | | 779,488 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 3.00% | | 04/01/2041 | | | 460 | | 402,519 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 4.00% | | 04/01/2042 | | | 300 | | 297,676 |
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds
| 4.00% | | 04/01/2046 | | | 1,000 | | 982,886 |
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds
| 4.00% | | 09/01/2042 | | | 1,725 | | 1,722,388 |
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds
| 4.00% | | 12/01/2044 | | | 2,900 | | 2,865,627 |
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds
| 5.00% | | 04/01/2042 | | | 4,210 | | 4,352,496 |
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB
| 5.00% | | 06/01/2043 | | | 5,000 | | 5,209,641 |
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
| 3.50% | | 02/01/2040 | | | 500 | | 482,928 |
Massachusetts (Commonwealth of), Series 2017 D, GO Bonds
| 4.00% | | 02/01/2044 | | | 300 | | 297,341 |
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds
| 5.00% | | 11/01/2041 | | | 8,000 | | 8,343,220 |
Massachusetts (Commonwealth of), Series 2018 E, GO Bonds
| 5.25% | | 09/01/2043 | | | 10 | | 10,660 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.25% | | 01/01/2044 | | | 1,675 | | 1,790,559 |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds
| 5.00% | | 01/01/2049 | | | 5,000 | | 5,236,554 |
Massachusetts (Commonwealth of), Series 2019 C, GO Bonds
| 5.00% | | 05/01/2044 | | | 120 | | 127,111 |
Massachusetts (Commonwealth of), Series 2020 C, GO Bonds
| 3.00% | | 03/01/2049 | | | 135 | | 109,340 |
Massachusetts (Commonwealth of), Series 2020 D, GO Bonds
| 5.00% | | 07/01/2045 | | | 1,000 | | 1,070,216 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2045 | | | 2,500 | | 2,690,230 |
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds
| 5.00% | | 11/01/2050 | | | 3,500 | | 3,723,981 |
Massachusetts (Commonwealth of), Series 2021 A, GO Bonds
| 2.00% | | 03/01/2040 | | | 70 | | 52,412 |
Massachusetts (Commonwealth of), Series 2021 A, Ref. RB
| 5.00% | | 06/01/2042 | | | 750 | | 821,181 |
Massachusetts (Commonwealth of), Series 2021 D, GO Bonds
| 5.00% | | 09/01/2051 | | | 1,000 | | 1,070,360 |
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
| 4.00% | | 02/01/2042 | | | 1,000 | | 1,008,801 |
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds
| 3.00% | | 02/01/2043 | | | 50 | | 43,213 |
Massachusetts (Commonwealth of), Series 2022 E, GO Bonds
| 5.00% | | 11/01/2048 | | | 17,345 | | 18,888,140 |
Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds
| 5.00% | | 08/01/2042 | | | 60 | | 67,562 |
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
| 5.00% | | 10/01/2052 | | | 1,025 | | 1,117,516 |
Massachusetts (Commonwealth of), Series 2023 D, GO Bonds
| 5.00% | | 10/01/2053 | | | 1,100 | | 1,197,549 |
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
| 5.00% | | 01/01/2049 | | | 2,170 | | 2,383,042 |
Massachusetts (Commonwealth of), Series 2024 A, GO Bonds
| 5.00% | | 01/01/2054 | | | 2,500 | | 2,722,760 |
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB
| 5.25% | | 06/01/2043 | | | 5,000 | | 5,301,258 |
Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2015 A, RB
| 5.00% | | 06/01/2045 | | | 3,000 | | 3,025,331 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2015 A, RB
| 5.00% | | 07/01/2045 | | | 460 | | 464,280 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB
| 5.00% | | 07/01/2050 | | | 5,580 | | 5,801,360 |
Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB
| 4.00% | | 07/01/2053 | | | 1,000 | | 969,367 |
Massachusetts (Commonwealth of) Bay Transportation Authority (Sustainability Bonds), Series 2022 A, Ref. RB
| 5.00% | | 07/01/2052 | | | 730 | | 787,570 |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2015 F, Ref. RB
| 5.00% | | 08/15/2040 | | | 330 | | 333,404 |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, Ref. RB
| 4.00% | | 04/01/2041 | | | 165 | | 163,032 |
Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 1,035 | | 1,038,671 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 1999 P, RB
| 5.45% | | 05/15/2059 | | $ | 280 | | $ 309,835 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2021, RB
| 4.00% | | 06/01/2056 | | | 590 | | 493,043 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2023, Ref. RB
| 5.25% | | 07/01/2048 | | | 1,000 | | 1,097,994 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
| 5.00% | | 07/01/2044 | | | 130 | | 130,466 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds), Series 2015, RB
| 4.00% | | 07/01/2045 | | | 115 | | 110,885 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Sustainability Bopnds), Series 2023, Ref. RB
| 5.25% | | 07/01/2052 | | | 1,500 | | 1,636,595 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB
| 4.00% | | 10/01/2046 | | | 145 | | 142,640 |
Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB
| 5.00% | | 10/01/2046 | | | 4,500 | | 4,651,056 |
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
| 5.00% | | 12/01/2041 | | | 2,665 | | 2,725,858 |
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB
| 5.00% | | 12/01/2046 | | | 2,000 | | 2,035,205 |
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2016 A, RB
| 5.00% | | 01/01/2047 | | | 150 | | 151,406 |
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2043 | | | 125 | | 125,835 |
Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 A, Ref. RB
| 4.00% | | 10/01/2046 | | | 200 | | 176,113 |
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB
| 5.00% | | 10/01/2044 | | | 1,605 | | 1,779,134 |
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB
| 5.00% | | 07/01/2041 | | | 45 | | 45,982 |
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2013, RB
| 4.00% | | 07/01/2043 | | | 355 | | 344,597 |
Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 I, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,015 | | 1,023,541 |
Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System Obligated Group), Series 2021 G, Ref. RB
| 5.00% | | 07/01/2050 | | | 1,050 | | 1,092,185 |
Massachusetts (Commonwealth of) Development Finance Agency (SpringField College), Series 2021 B, Ref. RB
| 4.00% | | 06/01/2050 | | | 500 | | 430,389 |
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)
| 3.00% | | 10/01/2045 | | | 3,500 | | 2,752,088 |
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(a)
| 4.00% | | 10/01/2045 | | | 1,500 | | 1,445,432 |
Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017 S, RB
| 4.00% | | 07/01/2046 | | | 145 | | 145,043 |
Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB
| 5.00% | | 11/15/2046 | | | 3,075 | | 3,147,413 |
Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB
| 4.00% | | 02/15/2043 | | | 140 | | 139,691 |
Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB
| 5.25% | | 02/15/2048 | | | 1,000 | | 1,052,565 |
Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB
| 5.00% | | 08/01/2043 | | | 3,155 | | 3,319,776 |
University of Massachusetts Building Authority, Series 2020 1, RB
| 5.00% | | 11/01/2050 | | | 5,000 | | 5,284,131 |
| | | | | | | | | 127,253,020 |
| Michigan-1.95% | | | | | | | | |
Eastern Michigan University, Series 2018 A, RB
| 4.00% | | 03/01/2047 | | | 15 | | 14,253 |
Great Lakes Water Authority, Series 2023 C, RB
| 5.25% | | 07/01/2053 | | | 500 | | 550,538 |
Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2014 A, RB
| 5.00% | | 11/01/2043 | | | 120 | | 120,309 |
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB
| 5.00% | | 07/01/2044 | | | 25 | | 26,426 |
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB
| 5.00% | | 07/01/2051 | | | 750 | | 798,999 |
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2049 | | | 1,000 | | 1,093,075 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Michigan-(continued) | | | | | | | | |
Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB
| 5.00% | | 07/01/2054 | | $ | 1,000 | | $ 1,083,675 |
Michigan (State of), Series 2020 B, RB
| 4.00% | | 11/15/2045 | | | 1,300 | | 1,278,595 |
Michigan (State of), Series 2020, RB
| 4.00% | | 11/15/2040 | | | 300 | | 303,522 |
Michigan (State of), Series 2020, RB
| 5.00% | | 11/15/2045 | | | 120 | | 129,262 |
Michigan (State of), Series 2021 A, RB
| 4.00% | | 11/15/2044 | | | 1,000 | | 990,185 |
Michigan (State of), Series 2021, RB
| 4.00% | | 11/15/2041 | | | 1,045 | | 1,052,998 |
Michigan (State of), Series 2021, RB
| 4.00% | | 11/15/2046 | | | 2,390 | | 2,336,117 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2040 | | | 100 | | 114,033 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2042 | | | 1,000 | | 1,125,287 |
Michigan (State of), Series 2023, RB
| 5.50% | | 11/15/2044 | | | 1,000 | | 1,154,719 |
Michigan (State of), Series 2023, RB
| 5.00% | | 11/15/2046 | | | 640 | | 709,594 |
Michigan (State of), Series 2023, RB
| 5.25% | | 11/15/2049 | | | 1,020 | | 1,142,047 |
Michigan (State of), Series 2023, RB
| 5.50% | | 11/15/2049 | | | 1,100 | | 1,252,892 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 10/15/2045 | | | 800 | | 808,208 |
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB
| 5.00% | | 10/15/2050 | | | 600 | | 605,199 |
Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB
| 5.00% | | 04/15/2041 | | | 750 | | 770,314 |
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
| 5.00% | | 10/15/2047 | | | 1,000 | | 1,077,834 |
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB
| 4.00% | | 10/15/2052 | | | 1,000 | | 963,325 |
Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB
| 4.00% | | 10/15/2047 | | | 750 | | 732,247 |
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB
| 5.00% | | 12/01/2041 | | | 150 | | 157,372 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
| 5.00% | | 11/01/2044 | | | 1,000 | | 1,008,178 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB
| 4.00% | | 11/01/2046 | | | 365 | | 347,181 |
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB
| 5.00% | | 11/01/2043 | | | 155 | | 160,968 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 5.00% | | 11/15/2041 | | | 1,000 | | 1,019,699 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB
| 4.00% | | 11/15/2046 | | | 1,410 | | 1,329,750 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB
| 4.00% | | 11/15/2050 | | | 1,175 | | 1,072,329 |
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2024, RB
| 4.38% | | 02/28/2054 | | | 870 | | 866,654 |
Michigan (State of) Finance Authority (Local Government Loan Program), Series 2014, RB
| 5.00% | | 07/01/2044 | | | 500 | | 500,210 |
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
| 4.00% | | 02/15/2044 | | | 1,000 | | 979,427 |
Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB
| 4.00% | | 02/15/2047 | | | 115 | | 110,727 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, RB
| 4.00% | | 12/01/2040 | | | 25 | | 25,029 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016, Ref. RB
| 5.00% | | 12/01/2045 | | | 1,000 | | 1,012,701 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB
| 5.00% | | 12/01/2042 | | | 1,500 | | 1,545,320 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 4.00% | | 12/01/2040 | | | 1,510 | | 1,511,113 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB
| 4.00% | | 12/01/2046 | | | 540 | | 523,903 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
| 3.00% | | 12/01/2049 | | | 2,610 | | 2,080,782 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB
| 4.00% | | 12/01/2049 | | | 540 | | 513,138 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB
| 4.00% | | 12/01/2048 | | | 2,500 | | 2,395,085 |
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB
| 4.00% | | 12/01/2047 | | | 1,100 | | 1,059,220 |
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB
| 5.00% | | 11/15/2047 | | | 3,000 | | 3,148,018 |
Michigan (State of) Strategic Fund (Michigan Senate Offices), Series 2015 A, RB
| 4.00% | | 10/15/2047 | | | 335 | | 321,714 |
Michigan State University Board of Trustees, Series 2019 B, RB
| 5.00% | | 02/15/2044 | | | 1,250 | | 1,316,100 |
Michigan State University Board of Trustees, Series 2019 B, RB
| 5.00% | | 02/15/2048 | | | 250 | | 261,797 |
Michigan State University Board of Trustees, Series 2024 A, RB
| 5.25% | | 08/15/2054 | | | 1,000 | | 1,105,818 |
Pontiac School District, Series 2020, GO Bonds
| 4.00% | | 05/01/2050 | | | 200 | | 194,670 |
Troy School District, Series 2023, GO Bonds
| 5.00% | | 05/01/2047 | | | 5,000 | | 5,428,277 |
University of Michigan, Series 2018 A, RB
| 5.00% | | 04/01/2048 | | | 1,005 | | 1,051,879 |
Walled Lake Consolidated School District, Series 2020, GO Bonds
| 5.00% | | 05/01/2050 | | | 2,500 | | 2,628,431 |
Wayne (County of), MI Airport Authority, Series 2015 D, RB
| 5.00% | | 12/01/2045 | | | 1,000 | | 1,010,015 |
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB
| 5.00% | | 12/01/2046 | | | 220 | | 237,577 |
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB
| 5.00% | | 12/01/2040 | | | 500 | | 506,683 |
Wayne State University, Series 2018 A, RB
| 4.00% | | 11/15/2048 | | | 1,200 | | 1,151,574 |
| | | | | | | | | 56,814,992 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Minnesota-0.30% | | | | | | | | |
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
| 5.25% | | 02/15/2053 | | $ | 1,190 | | $ 1,222,849 |
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB
| 5.25% | | 02/15/2058 | | | 1,000 | | 1,026,810 |
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018, Ref. RB
| 4.25% | | 02/15/2048 | | | 25 | | 23,939 |
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB
| 5.25% | | 06/15/2047 | | | 2,000 | | 2,175,685 |
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB
| 5.25% | | 06/15/2052 | | | 1,000 | | 1,081,612 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
| 5.00% | | 01/01/2041 | | | 1,000 | | 1,031,360 |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB
| 5.00% | | 01/01/2046 | | | 15 | | 15,373 |
Minneapolis (City of), MN (Fairview Health Services), Series 2015 A, Ref. RB
| 5.00% | | 11/15/2044 | | | 100 | | 100,089 |
Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB
| 4.00% | | 11/15/2048 | | | 55 | | 50,023 |
Minnesota (State of), Series 2023, COP
| 5.00% | | 11/01/2042 | | | 505 | | 566,354 |
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas), Series 2024 A, RB
| 4.13% | | 10/01/2053 | | | 75 | | 73,890 |
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB
| 5.25% | | 01/01/2047 | | | 10 | | 11,039 |
Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB
| 5.25% | | 01/01/2054 | | | 55 | | 60,126 |
Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB
| 5.00% | | 11/15/2057 | | | 50 | | 53,742 |
St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB
| 5.00% | | 05/01/2048 | | | 1,070 | | 1,111,524 |
Western Minnesota Municipal Power Agency (Red Rock Hydroelectric), Series 2018, RB
| 5.00% | | 01/01/2049 | | | 10 | | 10,329 |
| | | | | | | | | 8,614,744 |
| Mississippi-0.06% | | | | | | | | |
Medical Center Educational Building Corp., Series 2017, Ref. RB
| 4.00% | | 06/01/2047 | | | 340 | | 325,220 |
Mississippi (State of) Development Bank, Series 2015, Ref. RB, (INS - AGM)(a)
| 4.00% | | 03/01/2041 | | | 295 | | 291,434 |
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB
| 5.00% | | 09/01/2041 | | | 1,000 | | 1,008,455 |
| | | | | | | | | 1,625,109 |
| Missouri-0.84% | | | | | | | | |
Kansas (City of), MO, Series 2024 A, RB
| 5.00% | | 12/01/2048 | | | 200 | | 218,795 |
Kansas (City of), MO, Series 2024 A, RB
| 4.00% | | 01/01/2049 | | | 250 | | 244,243 |
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB
| 5.00% | | 04/01/2040 | | | 2,190 | | 2,199,312 |
Metropolitan St. Louis Sewer District, Series 2015 B, Ref. RB(b)
| 5.00% | | 05/01/2045 | | | 35 | | 35,376 |
Metropolitan St. Louis Sewer District, Series 2016 C, RB(b)
| 5.00% | | 05/01/2046 | | | 1,025 | | 1,061,636 |
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB
| 5.00% | | 05/01/2047 | | | 750 | | 769,054 |
Missouri (State of) Health & Educational Facilities Authority, Series 2020, RB
| 3.00% | | 06/01/2053 | | | 640 | | 478,529 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2013 C, RB(d)
| 4.00% | | 01/01/2046 | | | 50 | | 48,532 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, RB
| 4.00% | | 01/01/2045 | | | 550 | | 533,978 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2017 D, RB(d)
| 4.00% | | 01/01/2048 | | | 60 | | 58,024 |
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB
| 3.00% | | 07/01/2051 | | | 2,500 | | 1,931,629 |
Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2019, RB
| 4.00% | | 11/15/2049 | | | 20 | | 18,984 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2012, RB
| 4.00% | | 11/15/2042 | | | 1,910 | | 1,858,819 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
| 4.00% | | 11/15/2045 | | | 730 | | 695,534 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB
| 4.25% | | 11/15/2048 | | | 140 | | 139,434 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
| 3.63% | | 11/15/2047 | | | 65 | | 59,548 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
| 4.00% | | 11/15/2047 | | | 1,500 | | 1,419,173 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB
| 4.00% | | 11/15/2049 | | | 40 | | 37,444 |
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB
| 5.00% | | 12/01/2052 | | | 500 | | 539,942 |
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB
| 4.00% | | 02/15/2044 | | | 925 | | 905,970 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Missouri-(continued) | | | | | | | | |
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB
| 4.00% | | 02/15/2049 | | $ | 5,065 | | $ 4,867,120 |
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB
| 4.00% | | 06/01/2052 | | | 5,000 | | 4,749,293 |
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, RB
| 4.00% | | 10/01/2042 | | | 20 | | 19,983 |
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.), Series 2016, Ref. RB
| 4.00% | | 11/15/2042 | | | 115 | | 114,092 |
Missouri (State of) Health & Educational Facilities Authority (The Children’s Mercy Hospital), Series 2017 A, RB
| 4.00% | | 05/15/2048 | | | 1,500 | | 1,434,062 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB
| 5.00% | | 12/01/2040 | | | 40 | | 40,862 |
| | | | | | | | | 24,479,368 |
| Montana-0.09% | | | | | | | | |
Missoula (City of), MT, Series 2019 A, RB
| 4.00% | | 07/01/2044 | | | 2,400 | | 2,377,242 |
Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2021, Ref. RB
| 3.00% | | 06/01/2050 | | | 390 | | 315,543 |
| | | | | | | | | 2,692,785 |
| Nebraska-0.52% | | | | | | | | |
Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2042 | | | 1,300 | | 1,435,295 |
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(a)
| 4.00% | | 12/15/2047 | | | 750 | | 726,409 |
Gretna Public Schools, Series 2022, GO Bonds
| 4.00% | | 12/15/2047 | | | 10 | | 9,831 |
Omaha (City of), NE Public Power District, Series 2015 C, Ref. RB
| 5.00% | | 02/01/2043 | | | 150 | | 150,951 |
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB
| 5.00% | | 02/01/2042 | | | 600 | | 624,068 |
Omaha (City of), NE Public Power District, Series 2021 A, RB
| 5.00% | | 02/01/2046 | | | 700 | | 744,120 |
Omaha (City of), NE Public Power District, Series 2022 A, RB
| 4.25% | | 02/01/2047 | | | 1,805 | | 1,823,027 |
Omaha (City of), NE Public Power District, Series 2022 A, RB
| 5.00% | | 02/01/2047 | | | 1,250 | | 1,349,380 |
Omaha (City of), NE Public Power District, Series 2023 A, RB
| 5.25% | | 02/01/2048 | | | 2,000 | | 2,215,620 |
Omaha (City of), NE Public Power District, Series 2023 A, RB
| 5.25% | | 02/01/2053 | | | 2,000 | | 2,199,792 |
Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB
| 5.25% | | 02/01/2053 | | | 2,000 | | 2,199,792 |
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
| 3.00% | | 05/15/2046 | | | 40 | | 30,907 |
Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB
| 4.00% | | 05/15/2051 | | | 75 | | 70,340 |
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
| 4.00% | | 07/15/2059 | | | 500 | | 484,157 |
University of Nebraska Facilities Corp. (The), Series 2021 A, RB
| 4.00% | | 07/15/2062 | | | 1,000 | | 963,484 |
| | | | | | | | | 15,027,173 |
| Nevada-0.40% | | | | | | | | |
Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB
| 5.00% | | 09/01/2047 | | | 130 | | 132,063 |
Clark (County of), NV, Series 2018 A, GO Bonds
| 5.00% | | 06/01/2043 | | | 1,100 | | 1,152,773 |
Clark (County of), NV, Series 2022, RB, (INS - AGM)(a)
| 4.00% | | 07/01/2040 | | | 475 | | 484,052 |
Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds
| 5.00% | | 05/01/2048 | | | 1,400 | | 1,459,283 |
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,035 | | 1,074,016 |
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
| 5.00% | | 07/01/2043 | | | 1,725 | | 1,800,014 |
Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB
| 4.00% | | 07/01/2049 | | | 2,250 | | 2,147,567 |
Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB
| 5.00% | | 07/01/2049 | | | 930 | | 1,001,939 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2041 | | | 1,000 | | 1,026,849 |
Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds
| 5.00% | | 06/01/2046 | | | 155 | | 158,501 |
Las Vegas Valley Water District, Series 2022 A, GO Bonds
| 4.00% | | 06/01/2046 | | | 1,000 | | 993,776 |
Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB
| 5.00% | | 02/01/2042 | | | 75 | | 79,260 |
| | | | | | | | | 11,510,093 |
| New Hampshire-0.11% | | | | | | | | |
New Hampshire (State of) Business Finance Authority, Series 2021 A, RB
| 4.00% | | 07/01/2051 | | | 1,000 | | 959,920 |
New Hampshire (State of) Business Finance Authority (NCCD - Unr Properties LLC - University of Nevada, Reno Project), Series 2023 A, RB, (INS - BAM)(a)
| 5.25% | | 06/01/2051 | | | 300 | | 326,656 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Hampshire-(continued) | | | | | | | | |
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)
| 3.00% | | 08/15/2046 | | $ | 2,210 | | $ 1,796,483 |
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(a)
| 3.00% | | 08/15/2051 | | | 200 | | 161,696 |
| | | | | | | | | 3,244,755 |
| New Jersey-3.01% | | | | | | | | |
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB
| 5.00% | | 08/15/2053 | | | 1,200 | | 1,316,608 |
New Brunswick Parking Authority, Series 2016 A, Ref. RB, (INS - BAM)(a)
| 5.00% | | 09/01/2039 | | | 185 | | 189,886 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
| 5.25% | | 11/01/2047 | | | 5,000 | | 5,434,434 |
New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB
| 5.00% | | 11/01/2052 | | | 2,500 | | 2,654,529 |
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
| 4.00% | | 06/15/2046 | | | 500 | | 488,026 |
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB
| 4.00% | | 06/15/2050 | | | 500 | | 481,105 |
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB
| 5.00% | | 06/15/2043 | | | 750 | | 780,225 |
New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB
| 4.00% | | 11/01/2044 | | | 60 | | 58,729 |
New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB
| 5.00% | | 03/01/2043 | | | 250 | | 284,468 |
New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB
| 5.00% | | 03/01/2044 | | | 90 | | 102,099 |
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
| 4.63% | | 09/01/2048 | | | 1,500 | | 1,546,771 |
New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB
| 5.25% | | 09/01/2053 | | | 750 | | 821,837 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
| 4.00% | | 03/01/2053 | | | 1,610 | | 1,604,891 |
New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB
| 5.25% | | 03/01/2054 | | | 2,200 | | 2,483,496 |
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB
| 3.00% | | 07/01/2050 | | | 1,000 | | 764,192 |
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 2,800 | | 2,602,129 |
New Jersey (State of) Health Care Facilities Financing Authority, Series 2016, Ref. RB
| 4.00% | | 07/01/2048 | | | 1,200 | | 1,098,815 |
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, RB
| 4.25% | | 07/01/2054 | | | 500 | | 503,515 |
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB
| 3.00% | | 07/01/2046 | | | 730 | | 588,822 |
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB
| 3.00% | | 07/01/2051 | | | 225 | | 175,030 |
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2016, Ref. RB
| 4.00% | | 07/01/2041 | | | 420 | | 415,304 |
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,028,221 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,400 | | 1,429,166 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
| 4.00% | | 07/01/2045 | | | 360 | | 356,639 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
| 3.00% | | 07/01/2051 | | | 1,000 | | 781,888 |
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2021, RB
| 4.00% | | 07/01/2051 | | | 610 | | 598,973 |
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(a)
| 5.00% | | 07/01/2046 | | | 3,000 | | 3,015,747 |
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group), Series 2019, RB
| 3.00% | | 07/01/2049 | | | 45 | | 35,813 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 4.25% | | 06/15/2044 | | | 1,420 | | 1,419,946 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB
| 5.00% | | 06/15/2044 | | | 830 | | 830,367 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2015 AA, RB
| 5.25% | | 06/15/2041 | | | 1,000 | | 1,009,709 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 4.00% | | 06/15/2044 | | | 1,200 | | 1,172,076 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 5.00% | | 06/15/2044 | | | 1,500 | | 1,555,218 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 3.50% | | 06/15/2046 | | | 500 | | 438,100 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB
| 4.00% | | 06/15/2050 | | | 1,300 | | 1,250,873 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 4.00% | | 12/15/2039 | | | 25 | | 25,118 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2040 | | | 1,000 | | 1,003,115 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2040 | | $ | 1,050 | | $ 1,133,011 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2045 | | | 2,200 | | 2,142,736 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2045 | | | 1,000 | | 1,058,523 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 3.00% | | 06/15/2050 | | | 1,000 | | 783,788 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 4.00% | | 06/15/2050 | | | 3,200 | | 3,079,072 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB
| 5.00% | | 06/15/2050 | | | 1,000 | | 1,051,420 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
| 4.00% | | 06/15/2040 | | | 215 | | 215,809 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB
| 4.00% | | 06/15/2042 | | | 710 | | 701,694 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB
| 4.00% | | 06/15/2046 | | | 1,325 | | 1,280,367 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 4.00% | | 06/15/2040 | | | 1,475 | | 1,480,236 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 4.00% | | 06/15/2041 | | | 1,250 | | 1,246,811 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 4.00% | | 06/15/2042 | | | 1,000 | | 988,302 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2042 | | | 435 | | 475,237 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.25% | | 06/15/2043 | | | 520 | | 576,391 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2044 | | | 500 | | 540,929 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.25% | | 06/15/2046 | | | 285 | | 312,248 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB
| 5.00% | | 06/15/2048 | | | 340 | | 363,381 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
| 4.25% | | 06/15/2040 | | | 250 | | 257,518 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
| 5.25% | | 06/15/2041 | | | 1,000 | | 1,125,603 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB
| 5.25% | | 06/15/2042 | | | 70 | | 78,388 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB
| 5.00% | | 06/15/2040 | | | 20 | | 22,182 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2043 | | | 115 | | 126,016 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.00% | | 06/15/2046 | | | 80 | | 86,533 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB
| 5.25% | | 06/15/2050 | | | 2,100 | | 2,299,695 |
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB
| 5.00% | | 01/01/2040 | | | 600 | | 627,334 |
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
| 4.00% | | 01/01/2042 | | | 5,000 | | 5,034,504 |
New Jersey (State of) Turnpike Authority, Series 2021 A, RB
| 4.00% | | 01/01/2051 | | | 5,450 | | 5,313,867 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 5.00% | | 01/01/2042 | | | 1,500 | | 1,662,945 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 4.25% | | 01/01/2043 | | | 1,500 | | 1,539,065 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 5.00% | | 01/01/2046 | | | 5,400 | | 5,933,873 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 4.50% | | 01/01/2048 | | | 1,795 | | 1,856,184 |
New Jersey (State of) Turnpike Authority, Series 2022 B, RB
| 5.25% | | 01/01/2052 | | | 3,500 | | 3,887,299 |
| | | | | | | | | 87,626,841 |
| New Mexico-0.03% | | | | | | | | |
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB
| 4.00% | | 08/01/2046 | | | 1,000 | | 967,505 |
| New York-21.98% | | | | | | | | |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2048 | | | 90 | | 99,791 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2053 | | | 2,000 | | 2,198,144 |
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 04/01/2045 | | | 3,000 | | 2,355,394 |
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 04/01/2050 | | | 8,750 | | 6,512,399 |
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
| 4.00% | | 04/01/2050 | | | 3,000 | | 2,888,641 |
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds), Series 2023, RB
| 5.25% | | 07/01/2052 | | | 45 | | 46,950 |
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,001,692 |
Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2051 | | | 1,000 | | 1,016,951 |
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
| 4.00% | | 07/01/2041 | | | 195 | | 192,367 |
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
| 5.00% | | 07/01/2042 | | | 1,500 | | 1,548,617 |
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB
| 4.00% | | 07/01/2046 | | | 130 | | 128,555 |
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A, Ref. RB
| 5.25% | | 12/01/2052 | | | 800 | | 835,068 |
Hempstead Town Local Development Corp., Series 2017, Ref. RB
| 5.00% | | 07/01/2047 | | | 285 | | 292,059 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 5,000 | | 5,164,807 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 4.00% | | 02/15/2044 | | | 1,075 | | 1,065,634 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 02/15/2047 | | | 2,500 | | 2,451,562 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(b)
| 4.00% | | 11/19/2024 | | $ | 165 | | $ 165,303 |
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB(b)
| 5.00% | | 11/19/2024 | | | 1,350 | | 1,355,282 |
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2041 | | | 155 | | 159,679 |
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2046 | | | 25 | | 25,667 |
Long Island (City of), NY Power Authority, Series 2017, RB
| 5.00% | | 09/01/2042 | | | 1,300 | | 1,357,165 |
Long Island (City of), NY Power Authority, Series 2017, RB
| 5.00% | | 09/01/2047 | | | 600 | | 623,159 |
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
| 5.00% | | 09/01/2049 | | | 2,000 | | 2,201,050 |
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
| 5.00% | | 09/01/2054 | | | 2,000 | | 2,188,787 |
Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB
| 5.25% | | 09/01/2054 | | | 1,000 | | 1,117,609 |
Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGM)(a)
| 5.00% | | 09/01/2053 | | | 2,500 | | 2,730,007 |
Metropolitan Transportation Authority, Series 2013 B, RB
| 4.00% | | 11/15/2043 | | | 575 | | 560,351 |
Metropolitan Transportation Authority, Series 2015 B, RB
| 5.00% | | 11/15/2040 | | | 45 | | 45,364 |
Metropolitan Transportation Authority, Series 2016 A-1, RB
| 3.50% | | 11/15/2041 | | | 320 | | 279,851 |
Metropolitan Transportation Authority, Series 2016 C-1, RB
| 4.00% | | 11/15/2041 | | | 605 | | 599,882 |
Metropolitan Transportation Authority, Series 2016 C-1, RB
| 4.00% | | 11/15/2046 | | | 25 | | 24,089 |
Metropolitan Transportation Authority, Series 2017 A-1, RB
| 4.00% | | 11/15/2043 | | | 50 | | 49,059 |
Metropolitan Transportation Authority, Series 2017 B-1, RB
| 5.00% | | 11/15/2047 | | | 1,000 | | 1,033,812 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 4.00% | | 11/15/2042 | | | 2,280 | | 2,251,104 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 4.00% | | 11/15/2046 | | | 80 | | 77,414 |
Metropolitan Transportation Authority, Series 2019 C, RB
| 5.00% | | 11/15/2039 | | | 80 | | 85,185 |
Metropolitan Transportation Authority, Series 2019 C, RB
| 5.00% | | 11/15/2042 | | | 55 | | 58,108 |
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2047 | | | 370 | | 362,776 |
Metropolitan Transportation Authority, Series 2020 A-1, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2044 | | | 25 | | 24,771 |
Metropolitan Transportation Authority, Series 2021 A-2, RB
| 4.00% | | 11/15/2042 | | | 65 | | 64,423 |
Metropolitan Transportation Authority, Series 2021 A-2, RB
| 4.00% | | 11/15/2043 | | | 225 | | 221,630 |
Metropolitan Transportation Authority, Series 2024 A, RB
| 4.00% | | 11/15/2051 | | | 515 | | 502,989 |
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
| 5.00% | | 11/15/2043 | | | 25 | | 27,345 |
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
| 5.00% | | 11/15/2039 | | | 325 | | 325,736 |
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
| 5.25% | | 11/15/2044 | | | 1,050 | | 1,052,892 |
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
| 5.00% | | 11/15/2040 | | | 1,295 | | 1,305,489 |
Metropolitan Transportation Authority, Subseries 2015 A-1, RB
| 5.00% | | 11/15/2045 | | | 320 | | 322,058 |
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
| 4.00% | | 11/15/2045 | | | 500 | | 487,001 |
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
| 4.00% | | 11/15/2051 | | | 1,380 | | 1,347,814 |
Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB
| 4.00% | | 11/15/2052 | | | 1,000 | | 974,258 |
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
| 5.25% | | 11/15/2056 | | | 1,040 | | 1,055,189 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 11/15/2047 | | | 1,300 | | 1,336,630 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB
| 5.25% | | 11/15/2057 | | | 750 | | 775,167 |
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB
| 5.00% | | 11/15/2052 | | | 3,525 | | 3,636,646 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB
| 4.00% | | 11/15/2051 | | | 2,900 | | 2,769,949 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2041 | | | 500 | | 501,373 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2050 | | | 5,000 | | 4,876,734 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 4.75% | | 11/15/2045 | | | 1,000 | | 1,025,738 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 5.25% | | 11/15/2055 | | | 6,000 | | 6,309,816 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB
| 5.00% | | 11/15/2044 | | | 95 | | 100,765 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
| 4.00% | | 11/15/2045 | | | 1,005 | | 978,573 |
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB
| 5.00% | | 11/15/2046 | | | 2,355 | | 2,412,442 |
Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB
| 5.00% | | 12/01/2046 | | | 65 | | 65,543 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB
| 4.00% | | 07/01/2043 | | | 480 | | 480,876 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB
| 4.00% | | 07/01/2043 | | | 100 | | 100,183 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 2,060 | | 2,007,512 |
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB
| 5.00% | | 11/15/2051 | | | 1,700 | | 1,702,310 |
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(a)
| 5.00% | | 04/01/2049 | | | 5,000 | | 5,329,228 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
| 5.00% | | 09/01/2039 | | | 1,500 | | 1,502,046 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Nineth Series 2015, Ref. RB
| 5.00% | | 05/01/2045 | | | 3,500 | | 3,533,367 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Ninth Series 2015, Ref. RB
| 5.00% | | 05/01/2040 | | | 1,000 | | 1,011,172 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.00% | | 10/15/2041 | | | 250 | | 254,551 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 4.00% | | 10/15/2045 | | $ | 425 | | $ 425,247 |
New York & New Jersey (States of) Port Authority, Series 2019 217, RB
| 4.00% | | 11/01/2049 | | | 1,000 | | 1,000,210 |
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB
| 4.00% | | 07/15/2040 | | | 2,070 | | 2,079,235 |
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
| 5.00% | | 07/15/2049 | | | 1,050 | | 1,158,942 |
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
| 5.00% | | 07/15/2054 | | | 1,000 | | 1,097,662 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 5.00% | | 09/01/2048 | | | 5,590 | | 5,829,046 |
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
| 5.00% | | 07/15/2048 | | | 1,000 | | 1,097,859 |
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
| 5.00% | | 07/15/2053 | | | 1,000 | | 1,090,071 |
New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB
| 5.00% | | 07/15/2043 | | | 85 | | 95,215 |
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
| 4.00% | | 09/01/2049 | | | 20 | | 20,006 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB
| 4.00% | | 07/15/2061 | | | 500 | | 489,300 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2040 | | | 100 | | 100,828 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2041 | | | 100 | | 100,417 |
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB
| 5.25% | | 10/15/2057 | | | 2,400 | | 2,490,465 |
New York (City of), NY, Series 2016 B-1, GO Bonds
| 5.00% | | 12/01/2041 | | | 4,955 | | 5,109,708 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 4.00% | | 10/01/2041 | | | 950 | | 946,299 |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 4.00% | | 10/01/2039 | | | 500 | | 505,596 |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 5.00% | | 10/01/2043 | | | 90 | | 95,682 |
New York (City of), NY, Series 2020 C, GO Bonds
| 4.00% | | 08/01/2039 | | | 1,000 | | 1,013,365 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2043 | | | 35 | | 37,535 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2047 | | | 3,700 | | 3,958,706 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 3.00% | | 03/01/2041 | | | 100 | | 86,106 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2042 | | | 15 | | 16,223 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 5 | | 5,592 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 30 | | 33,415 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2046 | | | 40 | | 43,629 |
New York (City of), NY, Series 2024 A, GO Bonds
| 4.13% | | 08/01/2053 | | | 3,100 | | 3,059,339 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2042 | | | 115 | | 128,028 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2044 | | | 25 | | 27,590 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.25% | | 03/01/2049 | | | 15 | | 16,616 |
New York (City of), NY, Series 2024 C, GO Bonds
| 4.13% | | 03/01/2054 | | | 230 | | 225,835 |
New York (City of), NY, Series 2024 D, GO Bonds
| 5.00% | | 04/01/2043 | | | 75 | | 83,268 |
New York (City of), NY, Series 2024 D, GO Bonds
| 4.00% | | 04/01/2045 | | | 230 | | 227,115 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2039 | | | 560 | | 595,441 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2040 | | | 125 | | 132,560 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2044 | | | 10 | | 10,523 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2045 | | | 10 | | 10,431 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 3.50% | | 04/01/2046 | | | 100 | | 89,299 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 4.00% | | 08/01/2040 | | | 55 | | 55,329 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 4.00% | | 08/01/2042 | | | 1,000 | | 1,000,330 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2043 | | | 460 | | 488,166 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 4.00% | | 08/01/2044 | | | 50 | | 49,348 |
New York (City of), NY, Subseries 2020 B-1, GO Bonds
| 3.00% | | 10/01/2044 | | | 55 | | 45,143 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2039 | | | 500 | | 568,805 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2040 | | | 500 | | 564,301 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2041 | | | 500 | | 562,156 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2042 | | | 520 | | 581,909 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2043 | | | 285 | | 317,554 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2047 | | | 2,250 | | 2,473,723 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2043 | | | 1,605 | | 1,798,032 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2044 | | | 3,080 | | 3,436,144 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2047 | | | 1,590 | | 1,756,393 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 4.00% | | 04/01/2050 | | | 1,575 | | 1,539,549 |
New York (City of), NY Educational Construction Fund, Series 2021 B, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 04/01/2052 | | | 2,000 | | 2,118,024 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.00% | | 01/01/2040 | | $ | 1,750 | | $ 1,544,632 |
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.00% | | 01/01/2046 | | | 5,000 | | 4,074,010 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 03/01/2049 | | | 5,000 | | 3,891,221 |
New York (City of), NY Municipal Water Finance Authority, Series 2012, RB
| 4.00% | | 06/15/2047 | | | 1,520 | | 1,480,411 |
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB
| 4.25% | | 06/15/2047 | | | 305 | | 303,309 |
New York (City of), NY Municipal Water Finance Authority, Series 2014 CC, RB
| 4.00% | | 06/15/2045 | | | 1,500 | | 1,468,683 |
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
| 4.00% | | 06/15/2046 | | | 10 | | 9,976 |
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
| 3.00% | | 06/15/2046 | | | 435 | | 354,684 |
New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB
| 4.00% | | 06/15/2046 | | | 200 | | 200,003 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 BB, RB
| 3.38% | | 06/15/2045 | | | 380 | | 345,762 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 CC-1, RB
| 4.00% | | 06/15/2048 | | | 140 | | 137,014 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB
| 3.63% | | 06/15/2048 | | | 410 | | 378,517 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2040 | | | 1,315 | | 1,389,702 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
| 5.00% | | 06/15/2044 | | | 5,000 | | 5,342,167 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-2, Ref. RB
| 4.00% | | 06/15/2041 | | | 25 | | 25,039 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB
| 5.00% | | 06/15/2049 | | | 1,000 | | 1,044,045 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
| 5.00% | | 06/15/2040 | | | 855 | | 923,419 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
| 4.00% | | 06/15/2042 | | | 700 | | 701,610 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
| 3.00% | | 06/15/2050 | | | 1,000 | | 792,266 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
| 4.00% | | 06/15/2050 | | | 2,000 | | 1,964,754 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
| 5.00% | | 06/15/2050 | | | 1,000 | | 1,065,114 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
| 4.00% | | 06/15/2042 | | | 1,455 | | 1,458,346 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-3, Ref. RB
| 4.00% | | 06/15/2042 | | | 55 | | 55,140 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
| 4.00% | | 06/15/2042 | | | 55 | | 55,140 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
| 5.00% | | 06/15/2048 | | | 3,000 | | 3,215,655 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
| 4.00% | | 06/15/2051 | | | 5,000 | | 4,902,039 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
| 5.00% | | 06/15/2044 | | | 9,150 | | 9,979,695 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
| 4.00% | | 06/15/2051 | | | 1,000 | | 980,408 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
| 5.00% | | 06/15/2047 | | | 1,010 | | 1,100,027 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB
| 5.00% | | 06/15/2052 | | | 2,395 | | 2,570,300 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
| 4.13% | | 06/15/2046 | | | 5,000 | | 4,980,416 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
| 5.00% | | 06/15/2047 | | | 5,000 | | 5,468,467 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
| 5.25% | | 06/15/2047 | | | 2,500 | | 2,786,600 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE, Ref. RB
| 4.00% | | 06/15/2040 | | | 50 | | 50,179 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
| 4.00% | | 06/15/2049 | | | 2,500 | | 2,446,306 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB
| 5.00% | | 06/15/2049 | | | 6,165 | | 6,510,557 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB
| 4.00% | | 06/15/2041 | | | 1,000 | | 1,001,433 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
| 5.00% | | 06/15/2043 | | | 1,000 | | 1,117,386 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
| 5.25% | | 06/15/2048 | | | 1,500 | | 1,675,558 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
| 5.00% | | 06/15/2053 | | | 1,500 | | 1,633,049 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
| 5.25% | | 06/15/2053 | | | 1,000 | | 1,111,352 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB
| 5.25% | | 06/15/2054 | | | 2,200 | | 2,454,097 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB
| 5.00% | | 06/15/2046 | | | 475 | | 525,262 |
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
| 5.00% | | 02/01/2041 | | | 1,050 | | 1,056,226 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
| 5.00% | | 07/15/2040 | | | 1,000 | | 1,006,222 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
| 5.00% | | 07/15/2043 | | | 105 | | 105,596 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 4.00% | | 07/15/2040 | | | 225 | | 225,419 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 4.00% | | 08/01/2042 | | | 105 | | 104,515 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 3.25% | | 05/01/2043 | | | 1,065 | | 954,427 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 5.00% | | 07/15/2045 | | | 40 | | 41,876 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB
| 3.50% | | 07/15/2047 | | | 425 | | 377,924 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 3.63% | | 07/15/2047 | | | 335 | | 304,857 |
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
| 4.00% | | 05/01/2041 | | | 315 | | 316,370 |
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
| 4.00% | | 05/01/2042 | | | 1,000 | | 1,001,280 |
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
| 4.00% | | 11/01/2045 | | | 435 | | 427,217 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
| 3.00% | | 11/01/2047 | | $ | 100 | | $ 81,436 |
New York (City of), NY Transitional Finance Authority, Series 2019, RB
| 4.00% | | 11/01/2040 | | | 5,000 | | 5,034,168 |
New York (City of), NY Transitional Finance Authority, Series 2019, RB
| 4.00% | | 11/01/2042 | | | 90 | | 90,105 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2045 | | | 1,690 | | 1,679,112 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2040 | | | 50 | | 50,584 |
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB
| 3.00% | | 11/01/2039 | | | 4,000 | | 3,641,619 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 3.00% | | 08/01/2040 | | | 50 | | 44,976 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 3.00% | | 08/01/2041 | | | 65 | | 57,417 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2040 | | | 750 | | 759,497 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2041 | | | 200 | | 201,465 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2042 | | | 1,580 | | 1,586,736 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2043 | | | 1,000 | | 1,000,996 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2046 | | | 930 | | 921,855 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2049 | | | 2,000 | | 1,967,262 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 2.25% | | 02/01/2051 | | | 300 | | 186,517 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 3.00% | | 02/01/2051 | | | 635 | | 495,117 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2039 | | | 1,185 | | 1,325,510 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2041 | | | 30 | | 33,279 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.25% | | 08/01/2042 | | | 750 | | 842,091 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2044 | | | 785 | | 859,131 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 4.00% | | 08/01/2048 | | | 1,250 | | 1,236,286 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2043 | | | 630 | | 688,837 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2044 | | | 15 | | 16,337 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2047 | | | 155 | | 166,951 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2040 | | | 3,000 | | 3,043,146 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2041 | | | 3,000 | | 3,024,957 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2042 | | | 3,000 | | 3,014,524 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2044 | | | 2,230 | | 2,428,765 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2047 | | | 3,000 | | 2,970,925 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2047 | | | 3,000 | | 3,231,310 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2040 | | | 230 | | 258,786 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2041 | | | 1,000 | | 1,118,202 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2042 | | | 1,720 | | 1,912,358 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2043 | | | 300 | | 332,014 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2044 | | | 740 | | 815,525 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2045 | | | 200 | | 219,565 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2046 | | | 545 | | 596,210 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2047 | | | 300 | | 326,389 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2048 | | | 300 | | 325,765 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 4.00% | | 05/01/2053 | | | 1,600 | | 1,557,190 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2053 | | | 2,010 | | 2,170,530 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2040 | | | 5,000 | | 5,617,783 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2041 | | | 5,000 | | 5,591,011 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2041 | | | 2,000 | | 2,231,026 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2042 | | | 2,000 | | 2,218,140 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2043 | | | 1,275 | | 1,407,705 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2044 | | | 2,000 | | 2,199,105 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2045 | | | 2,000 | | 2,190,858 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.25% | | 02/01/2047 | | | 2,385 | | 2,638,032 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2048 | | | 355 | | 394,637 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2050 | | | 215 | | 238,507 |
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
| 4.38% | | 05/01/2053 | | | 5,000 | | 5,080,795 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2039 | | | 105 | | 119,796 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2040 | | | 520 | | 590,550 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2041 | | | 235 | | 265,493 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2040 | | | 80 | | 90,754 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2041 | | | 80 | | 90,154 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2043 | | | 330 | | 367,795 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2046 | | $ | 500 | | $ 550,398 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2047 | | | 315 | | 344,716 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2049 | | | 500 | | 544,907 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.25% | | 02/01/2053 | | | 3,720 | | 4,120,455 |
New York (City of), NY Transitional Finance Authority, Subseries 2013 F-1, RB
| 4.00% | | 02/01/2040 | | | 20 | | 19,876 |
New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB(b)
| 5.00% | | 10/28/2024 | | | 655 | | 656,904 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 4.00% | | 08/01/2041 | | | 1,850 | | 1,846,484 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 3.00% | | 08/01/2042 | | | 35 | | 30,142 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB
| 3.25% | | 02/01/2042 | | | 70 | | 63,234 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2042 | | | 20 | | 20,985 |
New York (City of), NY Transitional Finance Authority, Subseries 2018, RB
| 4.00% | | 08/01/2039 | | | 15 | | 15,147 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2039 | | | 1,035 | | 1,181,076 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2040 | | | 400 | | 454,946 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2041 | | | 1,005 | | 1,137,898 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2042 | | | 1,000 | | 1,126,136 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2043 | | | 1,000 | | 1,121,225 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.50% | | 11/01/2045 | | | 1,000 | | 1,132,479 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.00% | | 11/01/2046 | | | 1,000 | | 1,089,313 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2048 | | | 1,400 | | 1,541,741 |
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB
| 5.00% | | 02/15/2044 | | | 140 | | 140,783 |
New York (State of) Dormitory Authority, Series 2015 B, RB
| 5.00% | | 02/15/2042 | | | 370 | | 372,492 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2040 | | | 1,000 | | 1,034,467 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 4.00% | | 03/15/2046 | | | 1,000 | | 984,189 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 4.00% | | 02/15/2046 | | | 645 | | 634,911 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 1,000 | | 1,055,812 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 400 | | 397,595 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 4.00% | | 03/15/2048 | | | 120 | | 117,891 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2048 | | | 1,200 | | 1,256,334 |
New York (State of) Dormitory Authority, Series 2019 A, RB
| 4.00% | | 07/01/2045 | | | 1,505 | | 1,493,038 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 1,000 | | 1,059,706 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2042 | | | 665 | | 702,610 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2043 | | | 1,215 | | 1,280,258 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2047 | | | 1,000 | | 1,046,950 |
New York (State of) Dormitory Authority, Series 2020 A, RB
| 3.00% | | 07/01/2048 | | | 4,000 | | 3,229,062 |
New York (State of) Dormitory Authority, Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 1,315 | | 1,277,104 |
New York (State of) Dormitory Authority, Series 2020 A, RB
| 4.00% | | 07/01/2053 | | | 4,000 | | 3,878,507 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2041 | | | 1,050 | | 911,625 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2042 | | | 75 | | 64,449 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 1,015 | | 1,010,133 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2049 | | | 40 | | 31,622 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2040 | | | 1,305 | | 1,319,221 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2041 | | | 265 | | 285,359 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2047 | | | 3,475 | | 3,422,677 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2049 | | | 500 | | 491,353 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2041 | | | 65 | | 65,381 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2042 | | | 540 | | 540,925 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 5.00% | | 03/15/2044 | | | 50 | | 54,024 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 4.00% | | 03/15/2044 | | | 1,680 | | 1,665,644 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 4.00% | | 03/15/2048 | | | 230 | | 226,640 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 2,175 | | 2,398,225 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2042 | | | 230 | | 230,446 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 1,055 | | 1,144,418 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 3.50% | | 03/15/2052 | | | 755 | | 665,084 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 5.00% | | 05/01/2052 | | | 1,750 | | 1,867,527 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2042 | | | 10 | | 11,083 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 4.00% | | 03/15/2049 | | | 1,000 | | 976,341 |
New York (State of) Dormitory Authority, Series 2024 A, RB
| 5.50% | | 05/01/2049 | | | 100 | | 110,041 |
New York (State of) Dormitory Authority, Series 2024 A, RB
| 5.50% | | 05/01/2056 | | | 100 | | 109,457 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2041 | | $ | 250 | | $ 281,433 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2042 | | | 175 | | 195,942 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2043 | | | 460 | | 512,875 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 30 | | 33,209 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 25 | | 27,590 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.25% | | 03/15/2052 | | | 3,700 | | 4,108,808 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 4.00% | | 03/15/2054 | | | 1,305 | | 1,269,941 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.50% | | 07/01/2054 | | | 2,000 | | 2,290,155 |
New York (State of) Dormitory Authority, Series 2024, RB
| 5.25% | | 07/01/2054 | | | 375 | | 403,503 |
New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 25 | | 26,577 |
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB
| 4.00% | | 03/15/2048 | | | 500 | | 490,473 |
New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB
| 3.00% | | 03/15/2050 | | | 5,100 | | 4,005,228 |
New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB
| 5.00% | | 03/15/2040 | | | 275 | | 291,190 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB
| 5.00% | | 03/15/2040 | | | 45 | | 47,357 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
| 3.00% | | 03/15/2041 | | | 25 | | 21,905 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
| 5.00% | | 03/15/2044 | | | 1,010 | | 1,055,272 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB
| 4.00% | | 03/15/2047 | | | 1,635 | | 1,607,455 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
| 4.00% | | 03/15/2042 | | | 1,500 | | 1,502,911 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB
| 4.00% | | 03/15/2046 | | | 225 | | 222,857 |
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB
| 5.00% | | 10/01/2046 | | | 500 | | 512,231 |
New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB
| 5.00% | | 10/01/2047 | | | 625 | | 762,689 |
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2050 | | | 6,500 | | 6,923,791 |
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 750 | | 765,945 |
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
| 4.00% | | 07/01/2046 | | | 1,040 | | 1,017,887 |
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
| 4.00% | | 07/01/2050 | | | 2,000 | | 1,933,157 |
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
| 5.00% | | 02/15/2048 | | | 5,300 | | 5,617,014 |
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
| 4.00% | | 07/01/2040 | | | 90 | | 84,896 |
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,000 | | 1,003,194 |
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
| 3.00% | | 02/01/2050 | | | 2,000 | | 1,555,760 |
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB
| 5.00% | | 07/01/2042 | | | 40 | | 41,558 |
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB
| 4.00% | | 09/01/2050 | | | 30 | | 27,230 |
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, (INS - AGM)(a)
| 3.00% | | 09/01/2050 | | | 40 | | 31,152 |
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
| 4.00% | | 07/01/2043 | | | 1,420 | | 1,410,734 |
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,000 | | 1,016,241 |
New York (State of) Dormitory Authority (New York University), Series 2016 A, RB
| 4.00% | | 07/01/2043 | | | 125 | | 123,561 |
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB
| 5.00% | | 07/01/2042 | | | 2,510 | | 2,678,233 |
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
| 3.00% | | 07/01/2041 | | | 225 | | 198,451 |
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
| 4.00% | | 07/01/2046 | | | 1,775 | | 1,745,596 |
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB
| 5.00% | | 07/01/2051 | | | 5,000 | | 5,329,746 |
New York (State of) Dormitory Authority (North Shore-Long Island Jewish Obligated Group), Series 2015 A, Ref. RB
| 4.13% | | 05/01/2042 | | | 5 | | 4,952 |
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB
| 4.25% | | 05/01/2052 | | | 6,000 | | 5,922,394 |
New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB
| 4.00% | | 07/01/2042 | | | 190 | | 191,386 |
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB
| 4.00% | | 07/01/2048 | | | 1,750 | | 1,671,979 |
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB
| 4.00% | | 07/01/2049 | | | 1,000 | | 972,338 |
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB
| 5.00% | | 07/01/2057 | | | 2,000 | | 1,945,462 |
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
| 5.00% | | 07/15/2042 | | | 2,500 | | 2,586,620 |
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB
| 5.00% | | 07/15/2050 | | | 3,000 | | 3,051,859 |
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
| 4.00% | | 11/15/2050 | | | 1,220 | | 1,197,487 |
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
| 4.00% | | 11/15/2055 | | | 2,500 | | 2,463,435 |
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB
| 3.25% | | 11/15/2060 | | | 3,620 | | 2,808,033 |
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2047 | | | 1,500 | | 1,488,361 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGM)(a)
| 5.13% | | 11/15/2058 | | $ | 1,200 | | $ 1,330,959 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2046 | | | 1,000 | | 1,016,539 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 4.00% | | 01/01/2056 | | | 165 | | 156,706 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.25% | | 01/01/2056 | | | 4,000 | | 4,072,739 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 4.00% | | 01/01/2045 | | | 1,000 | | 977,553 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 3.00% | | 01/01/2046 | | | 550 | | 443,679 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 3.00% | | 01/01/2053 | | | 410 | | 309,347 |
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2040 | | | 5,000 | | 5,024,756 |
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2045 | | | 1,325 | | 1,316,835 |
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 01/01/2050 | | | 1,000 | | 984,864 |
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(a)
| 3.00% | | 01/01/2053 | | | 290 | | 220,756 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 3.00% | | 01/01/2049 | | | 3,400 | | 2,665,094 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 3.00% | | 01/01/2050 | | | 215 | | 166,537 |
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
| 3.00% | | 03/15/2049 | | | 8,315 | | 6,577,637 |
New York (State of) Thruway Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2050 | | | 375 | | 366,276 |
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
| 5.00% | | 01/01/2049 | | | 225 | | 248,678 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 4.00% | | 03/15/2049 | | | 60 | | 58,761 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
| 5.00% | | 03/15/2040 | | | 1,010 | | 1,132,221 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 5.00% | | 03/15/2053 | | | 925 | | 995,666 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 4.13% | | 03/15/2057 | | | 475 | | 465,972 |
New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB
| 4.00% | | 01/01/2042 | | | 700 | | 694,910 |
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB
| 4.13% | | 03/15/2056 | | | 240 | | 235,916 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2041 | | | 130 | | 144,982 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2042 | | | 50 | | 55,427 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 1,130 | | 1,229,606 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 1,025 | | 1,108,347 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2045 | | | 385 | | 380,241 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2058 | | | 3,000 | | 2,896,188 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2059 | | | 495 | | 476,766 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2022 A, Ref. RB
| 4.00% | | 03/15/2051 | | | 1,000 | | 974,629 |
New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB
| 4.00% | | 01/01/2041 | | | 25 | | 25,028 |
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2044 | | | 5 | | 4,951 |
New York (State of) Utility Debt Securitization Authority, Series 2017, RB
| 5.00% | | 12/15/2039 | | | 1,000 | | 1,051,315 |
New York (State of) Utility Debt Securitization Authority, Series 2022 TE-1, Ref. RB
| 5.00% | | 12/15/2039 | | | 75 | | 86,132 |
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
| 5.00% | | 12/15/2050 | | | 1,000 | | 1,110,753 |
New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB
| 5.00% | | 06/15/2053 | | | 1,000 | | 1,106,393 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2040 | | | 2,000 | | 2,022,468 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 4.00% | | 11/15/2045 | | | 65 | | 62,895 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2045 | | | 3,000 | | 3,025,000 |
New York Liberty Development Corp., Series 2021 1, Ref. RB
| 3.00% | | 02/15/2042 | | | 2,000 | | 1,701,477 |
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB
| 2.75% | | 02/15/2044 | | | 1,000 | | 765,990 |
New York Liberty Development Corp., Series 2021-1, Ref. RB
| 4.00% | | 02/15/2043 | | | 2,000 | | 1,978,652 |
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB
| 2.80% | | 09/15/2069 | | | 1,500 | | 1,381,608 |
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
| 2.75% | | 11/15/2041 | | | 2,000 | | 1,581,383 |
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
| 2.88% | | 11/15/2046 | | | 5,000 | | 3,748,064 |
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB
| 3.00% | | 11/15/2051 | | | 1,000 | | 744,892 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB
| 4.00% | | 06/15/2045 | | | 2,000 | | 2,002,192 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, Ref. RB
| 4.00% | | 06/15/2049 | | | 5,500 | | 5,476,569 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
| 4.00% | | 06/15/2047 | | | 5,000 | | 5,022,955 |
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB
| 5.00% | | 06/15/2051 | | | 5,000 | | 5,443,201 |
New York State Urban Development Corp., Series 2017 C, Ref. RB
| 4.00% | | 03/15/2045 | | | 1,055 | | 1,041,960 |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2042 | | | 20 | | 20,977 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Urban Development Corp., Series 2019 A, RB
| 5.00% | | 03/15/2043 | | $ | 40 | | $ 41,883 |
New York State Urban Development Corp., Series 2019 A, RB
| 4.00% | | 03/15/2048 | | | 750 | | 736,819 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2040 | | | 20 | | 21,551 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 625 | | 622,857 |
New York State Urban Development Corp., Series 2019, RB
| 4.00% | | 03/15/2046 | | | 700 | | 688,933 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2041 | | | 1,000 | | 1,088,219 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2042 | | | 110 | | 119,265 |
New York State Urban Development Corp., Series 2020 A, RB
| 4.00% | | 03/15/2045 | | | 1,900 | | 1,884,342 |
New York State Urban Development Corp., Series 2020 A, RB
| 4.00% | | 03/15/2049 | | | 2,300 | | 2,259,488 |
New York State Urban Development Corp., Series 2020 A, RB
| 3.00% | | 03/15/2050 | | | 2,000 | | 1,585,460 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 4.00% | | 03/15/2041 | | | 3,010 | | 3,028,209 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 5.00% | | 03/15/2047 | | | 1,000 | | 1,067,034 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 4.00% | | 03/15/2049 | | | 1,000 | | 980,870 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 3.00% | | 03/15/2050 | | | 50 | | 39,637 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 3.00% | | 03/15/2040 | | | 1,060 | | 948,807 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2044 | | | 1,055 | | 1,135,260 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 3.00% | | 03/15/2048 | | | 150 | | 121,004 |
New York State Urban Development Corp., Series 2022, Ref. RB
| 5.00% | | 03/15/2041 | | | 1,000 | | 1,113,753 |
New York State Urban Development Corp., Series 2023, Ref. RB
| 5.00% | | 03/15/2063 | | | 1,000 | | 1,077,294 |
New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB
| 3.00% | | 03/15/2040 | | | 900 | | 807,915 |
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
| 4.00% | | 03/15/2044 | | | 300 | | 298,455 |
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
| 4.00% | | 03/15/2045 | | | 730 | | 720,977 |
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
| 4.00% | | 03/15/2046 | | | 1,500 | | 1,476,284 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 445 | | 444,001 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
| 4.00% | | 03/15/2045 | | | 1,000 | | 990,384 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
| 4.00% | | 03/15/2044 | | | 1,000 | | 995,461 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
| 4.00% | | 03/15/2046 | | | 1,000 | | 986,239 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB
| 4.00% | | 03/15/2047 | | | 1,000 | | 983,153 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 4.00% | | 03/15/2041 | | | 1,000 | | 1,005,599 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 4.00% | | 03/15/2046 | | | 1,000 | | 988,416 |
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
| 3.00% | | 03/15/2050 | | | 1,000 | | 799,539 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 25 | | 27,069 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2050 | | | 55 | | 59,400 |
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
| 5.00% | | 03/15/2052 | | | 280 | | 304,504 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 4.00% | | 12/01/2039 | | | 2,500 | | 2,506,004 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 4.00% | | 12/01/2040 | | | 4,550 | | 4,531,233 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 4.00% | | 12/01/2041 | | | 1,000 | | 991,144 |
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)(a)
| 3.00% | | 12/01/2044 | | | 1,555 | | 1,197,350 |
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
| 4.00% | | 12/01/2047 | | | 775 | | 766,593 |
Suffolk (County of), NY Water Authority, Series 2018 A, RB
| 3.25% | | 06/01/2043 | | | 565 | | 512,944 |
Suffolk (County of), NY Water Authority, Series 2020 B, RB
| 3.00% | | 06/01/2044 | | | 500 | | 428,894 |
Suffolk (County of), NY Water Authority, Series 2020 B, RB
| 3.00% | | 06/01/2045 | | | 200 | | 169,331 |
Triborough Bridge & Tunnel Authority, Series 2014 A, RB(b)
| 5.00% | | 11/19/2024 | | | 25 | | 25,098 |
Triborough Bridge & Tunnel Authority, Series 2015 A, RB
| 5.00% | | 11/15/2040 | | | 225 | | 227,285 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2041 | | | 4,000 | | 4,102,769 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2046 | | | 3,000 | | 3,068,591 |
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
| 5.00% | | 05/15/2051 | | | 3,000 | | 3,196,867 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.00% | | 05/15/2042 | | | 5,000 | | 5,501,624 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.25% | | 05/15/2052 | | | 2,560 | | 2,790,484 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.00% | | 05/15/2049 | | | 2,000 | | 2,194,329 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 4.00% | | 05/15/2054 | | | 2,000 | | 1,958,893 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.25% | | 05/15/2059 | | | 2,000 | | 2,208,884 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 4.13% | | 05/15/2064 | | | 2,000 | | 1,954,758 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.25% | | 05/15/2064 | | | 2,000 | | 2,200,414 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB
| 5.00% | | 05/15/2056 | | $ | 5,000 | | $ 5,159,137 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB
| 5.00% | | 11/15/2042 | | | 9,675 | | 10,073,947 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB
| 4.00% | | 11/15/2048 | | | 2,500 | | 2,462,211 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB
| 5.00% | | 11/15/2054 | | | 1,250 | | 1,324,087 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 4.00% | | 11/15/2056 | | | 1,500 | | 1,449,016 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 5.00% | | 11/15/2056 | | | 1,500 | | 1,593,375 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB
| 5.00% | | 05/15/2051 | | | 3,000 | | 3,209,638 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 4.00% | | 05/15/2052 | | | 5,775 | | 5,662,839 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 5.25% | | 05/15/2052 | | | 175 | | 192,544 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2043 | | | 1,000 | | 1,097,111 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2044 | | | 1,000 | | 1,092,928 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2047 | | | 500 | | 541,508 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
| 5.00% | | 05/15/2047 | | | 1,000 | | 1,083,283 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 4.00% | | 05/15/2057 | | | 10,000 | | 9,727,073 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 5.00% | | 05/15/2048 | | | 1,375 | | 1,500,977 |
Westchester County Local Development Corp., Series 2014 A, RB(b)
| 5.50% | | 11/25/2024 | | | 1,000 | | 1,005,347 |
| | | | | | | | | 638,869,657 |
| North Carolina-0.82% | | | | | | | | |
Brunswick (City of), NC, Series 2020, RB
| 3.00% | | 04/01/2046 | | | 500 | | 408,338 |
Charlotte (City of), NC, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2045 | | | 2,000 | | 2,209,455 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB
| 5.00% | | 07/01/2047 | | | 2,000 | | 2,061,612 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB
| 5.00% | | 07/01/2049 | | | 1,750 | | 1,842,317 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
| 3.00% | | 07/01/2046 | | | 500 | | 407,827 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB
| 4.00% | | 07/01/2051 | | | 750 | | 724,414 |
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB
| 4.00% | | 07/01/2052 | | | 3,500 | | 3,366,731 |
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP
| 3.00% | | 06/01/2048 | | | 1,000 | | 812,145 |
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB
| 4.00% | | 01/15/2043 | | | 10 | | 9,979 |
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. RB
| 4.00% | | 01/15/2045 | | | 155 | | 150,254 |
Fayetteville (City of), NC, Series 2023, RB
| 4.50% | | 03/01/2049 | | | 750 | | 782,122 |
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, Ref. RB
| 4.00% | | 11/01/2046 | | | 1,265 | | 1,239,363 |
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019 A, RB
| 4.00% | | 11/01/2049 | | | 1,200 | | 1,169,345 |
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019, RB
| 4.00% | | 11/01/2052 | | | 1,000 | | 963,288 |
North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB
| 3.00% | | 07/01/2045 | | | 1,000 | | 819,074 |
North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB
| 5.00% | | 06/01/2045 | | | 500 | | 502,378 |
North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB
| 5.00% | | 07/01/2047 | | | 2,500 | | 2,536,539 |
North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGM)(a)
| 4.00% | | 01/01/2041 | | | 50 | | 49,339 |
North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, (INS - AGM)(a)
| 5.00% | | 01/01/2058 | | | 2,000 | | 2,129,779 |
North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGM)(a)
| 5.00% | | 01/01/2049 | | | 1,075 | | 1,123,299 |
University of North Carolina at Chapel Hill, Series 2019, RB
| 5.00% | | 02/01/2049 | | | 430 | | 500,838 |
| | | | | | | | | 23,808,436 |
| North Dakota-0.17% | | | | | | | | |
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
| 4.00% | | 12/01/2046 | | | 45 | | 39,325 |
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB
| 4.00% | | 12/01/2051 | | | 90 | | 76,882 |
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
| 3.00% | | 12/01/2046 | | | 1,515 | | 1,221,491 |
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(a)
| 3.00% | | 12/01/2051 | | | 500 | | 384,647 |
University of North Dakota, Series 2021 A, COP, (INS - AGM)(a)
| 3.00% | | 06/01/2061 | | | 4,500 | | 3,175,761 |
| | | | | | | | | 4,898,106 |
| Ohio-1.94% | | | | | | | | |
Allen (County of), OH, Series 2017 A, Ref. RB
| 4.00% | | 08/01/2047 | | | 110 | | 106,834 |
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
| 5.00% | | 11/01/2043 | | | 35 | | 35,048 |
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
| 4.00% | | 11/01/2044 | | | 1,365 | | 1,350,275 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Ohio-(continued) | | | | | | | | |
Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB
| 4.25% | | 11/01/2045 | | $ | 85 | | $ 84,994 |
Allen (County of), OH (Mercy Health), Series 2020, Ref. RB
| 4.00% | | 12/01/2040 | | | 370 | | 370,284 |
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
| 5.00% | | 02/15/2041 | | | 2,000 | | 2,041,896 |
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB
| 5.00% | | 02/15/2046 | | | 2,000 | | 2,037,635 |
Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)(a)
| 5.50% | | 12/01/2060 | | | 175 | | 190,554 |
Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB
| 4.00% | | 12/01/2042 | | | 1,015 | | 937,246 |
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
| 5.00% | | 02/15/2042 | | | 25 | | 25,424 |
Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB
| 5.00% | | 02/15/2057 | | | 1,000 | | 1,008,381 |
Dublin City School District (Construction and Improvement), Series 2019, GO Bonds
| 3.63% | | 12/01/2048 | | | 45 | | 40,930 |
Franklin (County of), OH, Series 2018 A, RB
| 4.00% | | 05/15/2047 | | | 990 | | 951,347 |
Franklin (County of), OH, Series 2018, RB
| 5.00% | | 06/01/2048 | | | 505 | | 526,639 |
Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB
| 4.00% | | 12/01/2046 | | | 115 | | 111,572 |
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB
| 5.00% | | 12/01/2051 | | | 750 | | 751,204 |
Greater Cincinnati (Port of), OH Development Authority, Series 2024, Ref. RB, (INS - AGM)(a)
| 4.25% | | 12/01/2048 | | | 1,000 | | 989,565 |
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB
| 5.00% | | 11/15/2049 | | | 5,900 | | 6,932,184 |
Hamilton (County of), OH (Trihealth, Inc. Obligated), Series 2020, Ref. RB
| 3.75% | | 08/15/2050 | | | 175 | | 157,166 |
Licking Heights Local School District, Series 2022, GO Bonds
| 5.50% | | 10/01/2059 | | | 10,000 | | 10,805,611 |
Miami University, Series 2020 A, Ref. RB
| 4.00% | | 09/01/2045 | | | 3,500 | | 3,470,218 |
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
| 4.00% | | 08/01/2046 | | | 300 | | 287,732 |
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB
| 4.00% | | 08/01/2051 | | | 1,000 | | 961,169 |
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
| 3.00% | | 08/01/2051 | | | 2,070 | | 1,587,416 |
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB
| 4.00% | | 08/01/2051 | | | 2,280 | | 2,122,200 |
North Ridgeville City School District, Series 2024, GO Bonds
| 4.50% | | 12/01/2061 | | | 2,000 | | 1,988,037 |
North Royalton City School District, Series 2017, GO Bonds
| 5.00% | | 12/01/2047 | | | 5,000 | | 5,052,489 |
Northeast Ohio Regional Sewer District, Series 2017, Ref. RB
| 4.00% | | 11/15/2043 | | | 100 | | 99,396 |
Northeast Ohio Regional Sewer District, Series 2019, Ref. RB
| 3.00% | | 11/15/2040 | | | 20 | | 17,516 |
Ohio (State of), Series 2014 A, Ref. RB
| 4.00% | | 01/15/2044 | | | 55 | | 53,254 |
Ohio (State of), Series 2019, RB
| 4.00% | | 01/01/2041 | | | 95 | | 95,144 |
Ohio (State of), Series 2019, RB
| 4.00% | | 01/01/2043 | | | 200 | | 198,271 |
Ohio (State of), Series 2020 A, Ref. RB
| 3.00% | | 01/15/2045 | | | 105 | | 83,905 |
Ohio (State of), Series 2020 A, Ref. RB
| 5.00% | | 01/15/2050 | | | 5 | | 5,191 |
Ohio (State of) (University Hospitals Health System, Inc.), Series 2016, Ref. RB
| 4.00% | | 01/15/2046 | | | 175 | | 167,132 |
Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB
| 4.00% | | 01/15/2050 | | | 2,250 | | 2,089,453 |
Ohio (State of) (University Hospitals Health System, Inc.), Series 2021 A, Ref. RB
| 3.00% | | 01/15/2046 | | | 35 | | 27,384 |
Ohio (State of) Higher Educational Facility Commission (John Carroll University 2022), Series 2022, Ref. RB
| 4.00% | | 10/01/2052 | | | 35 | | 31,789 |
Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2016, Ref. RB
| 4.00% | | 07/01/2044 | | | 500 | | 484,657 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
| 5.00% | | 02/15/2046 | | | 500 | | 537,312 |
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB
| 5.00% | | 02/15/2051 | | | 1,000 | | 1,063,198 |
Ohio (State of) Water Development Authority, Series 2021, RB
| 5.00% | | 06/01/2046 | | | 1,000 | | 1,086,499 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB
| 5.00% | | 12/01/2044 | | | 1,000 | | 1,065,944 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2021 A, RB
| 5.00% | | 12/01/2046 | | | 250 | | 271,635 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
| 5.00% | | 12/01/2039 | | | 10 | | 11,400 |
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 B, RB
| 5.00% | | 12/01/2040 | | | 75 | | 85,012 |
Ohio State University (The), Series 2023, RB
| 5.25% | | 12/01/2046 | | | 825 | | 928,253 |
Ohio State University (The) (Green Bonds), Series 2021 A, RB
| 4.00% | | 12/01/2048 | | | 460 | | 449,527 |
Worthington City School District, Series 2023, GO Bonds
| 5.00% | | 12/01/2048 | | | 2,540 | | 2,760,979 |
| | | | | | | | | 56,536,901 |
| Oklahoma-0.44% | | | | | | | | |
Creek (County of), OK Educational Facilities Authority (Sapulpa Public Schools), Series 2024, RB, (INS - BAM)(a)
| 4.00% | | 09/01/2044 | | | 420 | | 419,067 |
Grand River Dam Authority, Series 2024 A, Ref. RB
| 5.00% | | 06/01/2042 | | | 1,000 | | 1,123,608 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Oklahoma-(continued) | | | | | | | | |
Oklahoma (State of) Municipal Power Authority, Series 2016 A, Ref. RB, (INS - AGM)(a)
| 3.13% | | 01/01/2041 | | $ | 225 | | $ 199,334 |
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
| 4.00% | | 01/01/2042 | | | 15 | | 15,047 |
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB
| 5.00% | | 01/01/2047 | | | 1,690 | | 1,740,656 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 5.00% | | 01/01/2042 | | | 1,000 | | 1,019,973 |
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB
| 4.00% | | 01/01/2047 | | | 370 | | 359,872 |
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
| 5.00% | | 01/01/2043 | | | 2,000 | | 2,071,228 |
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB
| 4.00% | | 01/01/2048 | | | 1,030 | | 1,030,701 |
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB
| 4.00% | | 04/01/2048 | | | 1,000 | | 993,976 |
Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2024, RB
| 5.00% | | 04/01/2049 | | | 1,000 | | 1,100,391 |
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(a)
| 5.00% | | 07/01/2046 | | | 2,520 | | 2,693,386 |
University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)(a)
| 5.00% | | 07/01/2049 | | | 20 | | 21,915 |
| | | | | | | | | 12,789,154 |
| Oregon-1.20% | | | | | | | | |
Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB
| 5.00% | | 01/01/2048 | | | 2,265 | | 2,279,673 |
Deschutes County Hospital Facilities Authority, Series 2020, RB
| 3.00% | | 01/01/2051 | | | 25 | | 19,929 |
Deschutes Public Library District, Series 2021, GO Bonds
| 3.00% | | 12/01/2041 | | | 10 | | 8,646 |
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 08/15/2045 | | | 7,000 | | 6,816,015 |
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(a)
| 3.00% | | 08/15/2050 | | | 5,000 | | 3,901,994 |
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds
| 5.00% | | 08/01/2042 | | | 5,000 | | 5,237,035 |
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds
| 5.00% | | 05/01/2042 | | | 2,500 | | 2,609,506 |
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB
| 5.00% | | 06/01/2052 | | | 2,500 | | 2,650,183 |
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB
| 4.00% | | 10/01/2051 | | | 2,000 | | 1,733,463 |
Salem Hospital Facility Authority, Series 2019, Ref. RB
| 3.00% | | 05/15/2049 | | | 40 | | 31,752 |
University of Oregon, Series 2015 A, RB
| 5.00% | | 04/01/2045 | | | 7,515 | | 7,567,494 |
University of Oregon, Series 2020 A, RB
| 5.00% | | 04/01/2050 | | | 2,000 | | 2,109,798 |
| | | | | | | | | 34,965,488 |
| Pennsylvania-3.89% | | | | | | | | |
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
| 4.00% | | 11/01/2045 | | | 3,875 | | 3,769,209 |
Allegheny (County of), PA, Series 2020 C-78, GO Bonds
| 4.00% | | 11/01/2049 | | | 5,000 | | 4,745,068 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 4.00% | | 04/01/2044 | | | 2,110 | | 1,991,994 |
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB
| 5.00% | | 04/01/2047 | | | 2,780 | | 2,840,806 |
Allegheny (County of), PA Sanitary Authority, Series 2022, RB
| 5.75% | | 06/01/2047 | | | 2,000 | | 2,290,254 |
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB
| 3.00% | | 08/15/2053 | | | 1,110 | | 824,094 |
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB
| 4.00% | | 09/01/2050 | | | 5,000 | | 4,660,234 |
Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB
| 4.00% | | 11/01/2049 | | | 150 | | 141,730 |
Delaware (State of) River Port Authority, Series 2013, RB
| 5.00% | | 01/01/2040 | | | 2,200 | | 2,202,507 |
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,037,446 |
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB
| 4.00% | | 07/15/2048 | | | 240 | | 211,239 |
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB
| 4.00% | | 02/15/2047 | | | 2,000 | | 1,938,461 |
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
| 4.00% | | 04/01/2050 | | | 1,130 | | 1,079,551 |
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB
| 5.00% | | 04/01/2050 | | | 2,500 | | 2,607,946 |
Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGM)(a)
| 5.00% | | 03/15/2048 | | | 1,000 | | 1,071,995 |
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
| 5.00% | | 11/01/2046 | | | 2,000 | | 2,087,899 |
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB
| 5.00% | | 11/01/2051 | | | 2,000 | | 2,068,120 |
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB
| 5.00% | | 08/15/2046 | | | 1,500 | | 1,522,819 |
Lancaster School District, Series 2023, GO Bonds, (INS - BAM)(a)
| 4.00% | | 04/01/2040 | | | 2,880 | | 2,935,149 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB
| 4.00% | | 07/01/2043 | | | 10 | | 9,669 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
| 4.13% | | 07/01/2040 | | | 485 | | 482,293 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB
| 4.25% | | 07/01/2045 | | | 70 | | 69,440 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 25 | | 25,887 |
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB
| 4.00% | | 07/01/2049 | | | 1,000 | | 933,953 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018 A, Ref. RB
| 4.00% | | 09/01/2049 | | | 165 | | 154,040 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
| 4.00% | | 09/01/2044 | | $ | 1,000 | | $ 957,915 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB
| 4.00% | | 09/01/2049 | | | 1,000 | | 932,146 |
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB
| 5.00% | | 05/01/2057 | | | 1,000 | | 1,044,355 |
Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB
| 5.00% | | 11/01/2047 | | | 850 | | 875,447 |
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP
| 5.00% | | 07/01/2043 | | | 250 | | 258,786 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB
| 4.00% | | 11/15/2042 | | | 50 | | 48,962 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB
| 3.50% | | 04/15/2050 | | | 10 | | 8,625 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB
| 3.00% | | 10/15/2046 | | | 10,090 | | 8,264,311 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB
| 4.00% | | 10/15/2051 | | | 8,555 | | 8,074,713 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB
| 4.00% | | 02/15/2042 | | | 3,500 | | 3,454,503 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), Series 2024, RB
| 5.00% | | 08/01/2049 | | | 900 | | 996,096 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), Series 2024, RB
| 4.00% | | 08/01/2054 | | | 500 | | 487,011 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2016 AT-1, RB
| 3.00% | | 06/15/2045 | | | 30 | | 23,810 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015 A, Ref. RB
| 5.00% | | 09/01/2045 | | | 955 | | 958,367 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB
| 5.25% | | 09/01/2050 | | | 1,000 | | 1,003,410 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB
| 5.00% | | 08/15/2046 | | | 2,000 | | 2,057,098 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
| 4.00% | | 02/15/2043 | | | 300 | | 300,064 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB
| 5.00% | | 02/15/2048 | | | 1,160 | | 1,204,747 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB
| 5.00% | | 08/15/2040 | | | 90 | | 91,264 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB
| 4.00% | | 08/15/2042 | | | 470 | | 464,683 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB
| 4.00% | | 08/15/2041 | | | 140 | | 140,549 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB
| 5.00% | | 08/15/2049 | | | 1,435 | | 1,493,473 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB
| 5.00% | | 08/15/2044 | | | 1,000 | | 1,086,422 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB
| 5.00% | | 12/01/2044 | | | 1,375 | | 1,378,530 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB
| 5.00% | | 12/01/2044 | | | 1,200 | | 1,203,081 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 5.00% | | 12/01/2040 | | | 1,000 | | 1,008,144 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB
| 4.00% | | 12/01/2041 | | | 870 | | 871,223 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
| 5.00% | | 12/01/2040 | | | 370 | | 373,713 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
| 5.00% | | 12/01/2040 | | | 270 | | 273,651 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 B, RB
| 5.00% | | 12/01/2045 | | | 25 | | 25,301 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2041 | | | 85 | | 86,922 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB
| 5.00% | | 12/01/2046 | | | 10 | | 10,114 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB
| 5.00% | | 12/01/2040 | | | 255 | | 264,568 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
| 5.00% | | 12/01/2043 | | | 115 | | 121,004 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB
| 5.00% | | 12/01/2048 | | | 1,465 | | 1,527,421 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB
| 5.25% | | 12/01/2048 | | | 5,000 | | 5,243,538 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 5.00% | | 12/01/2044 | | | 10 | | 10,524 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB
| 4.00% | | 12/01/2049 | | | 670 | | 632,982 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB, (INS - AGM)(a)
| 4.00% | | 12/01/2049 | | | 90 | | 87,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Pennsylvania-(continued) | | | | | | | | |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB
| 5.00% | | 12/01/2045 | | $ | 30 | | $ 32,189 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 3.00% | | 12/01/2042 | | | 15 | | 12,928 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2043 | | | 100 | | 98,289 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2044 | | | 100 | | 97,520 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2045 | | | 100 | | 96,887 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2046 | | | 100 | | 96,076 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB
| 4.00% | | 12/01/2050 | | | 185 | | 174,272 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
| 5.00% | | 12/01/2047 | | | 1,055 | | 1,131,757 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
| 4.00% | | 12/01/2051 | | | 1,000 | | 958,515 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB
| 4.00% | | 12/01/2051 | | | 445 | | 426,539 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB
| 4.00% | | 12/01/2046 | | | 1,120 | | 1,076,047 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2046 | | | 435 | | 466,131 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
| 5.00% | | 12/01/2046 | | | 60 | | 64,865 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB
| 4.00% | | 12/01/2051 | | | 935 | | 896,212 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
| 5.25% | | 12/01/2047 | | | 500 | | 549,116 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB
| 5.25% | | 12/01/2052 | | | 500 | | 543,994 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
| 5.00% | | 12/01/2048 | | | 1,000 | | 1,083,419 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB
| 5.25% | | 12/01/2053 | | | 445 | | 489,280 |
Pennsylvania State University (The), Series 2023, RB
| 5.25% | | 09/01/2048 | | | 500 | | 557,418 |
Pennsylvania State University (The), Series 2023, RB
| 5.25% | | 09/01/2053 | | | 500 | | 554,652 |
Philadelphia (City of), PA, Series 2020 A, RB
| 5.00% | | 11/01/2045 | | | 1,500 | | 1,605,152 |
Philadelphia (City of), PA, Series 2020 A, RB
| 5.00% | | 11/01/2050 | | | 2,400 | | 2,537,162 |
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 4.50% | | 09/01/2048 | | | 2,000 | | 2,042,290 |
Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGM)(a)
| 5.50% | | 09/01/2053 | | | 2,000 | | 2,280,910 |
Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGM)(a)
| 4.00% | | 08/01/2045 | | | 210 | | 208,271 |
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2042 | | | 1,950 | | 1,984,171 |
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
| 4.00% | | 09/01/2047 | | | 10 | | 9,428 |
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB
| 5.00% | | 09/01/2047 | | | 1,500 | | 1,517,222 |
Philadelphia School District, Series 2018 B, GO Bonds, (INS - AGM)(a)
| 4.00% | | 09/01/2043 | | | 130 | | 129,879 |
Philadelphia School District (The), Series 2021 A, GO Bonds
| 4.00% | | 09/01/2046 | | | 190 | | 181,154 |
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2015 A, RB
| 4.00% | | 08/15/2045 | | | 1,350 | | 1,267,755 |
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, Ref. RB
| 5.00% | | 06/01/2049 | | | 750 | | 772,321 |
| | | | | | | | | 112,988,507 |
| Rhode Island-0.10% | | | | | | | | |
Rhode Island Health & Educational Building Corp., Series 2017 A, RB
| 4.00% | | 09/15/2047 | | | 945 | | 897,337 |
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB
| 5.00% | | 11/01/2047 | | | 2,000 | | 2,032,508 |
| | | | | | | | | 2,929,845 |
| South Carolina-1.07% | | | | | | | | |
Charleston (City of), SC, Series 2022, RB
| 5.00% | | 01/01/2047 | | | 1,000 | | 1,100,590 |
Greenville (City of), SC Health System, Series 2014 B, RB
| 4.00% | | 05/01/2044 | | | 35 | | 33,541 |
Rock Hill (City of), SC, Series 2024 A, RB
| 5.00% | | 01/01/2064 | | | 500 | | 535,642 |
South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2020, Ref. RB
| 4.00% | | 12/01/2044 | | | 920 | | 900,881 |
South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2022 A, RB
| 4.00% | | 04/01/2052 | | | 275 | | 265,646 |
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB
| 5.00% | | 11/01/2043 | | | 1,000 | | 1,032,821 |
South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. RB
| 4.25% | | 11/01/2054 | | | 1,000 | | 986,043 |
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB
| 4.50% | | 11/01/2054 | | | 1,595 | | 1,605,727 |
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB
| 5.00% | | 05/01/2043 | | | 1,000 | | 1,025,169 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| South Carolina-(continued) | | | | | | | | |
South Carolina (State of) Jobs-Economic Development Authority (Anmed Health), Series 2023, RB
| 4.25% | | 02/01/2048 | | $ | 1,405 | | $ 1,409,382 |
South Carolina (State of) Public Service Authority, Series 2013 E, Ref. RB(b)
| 5.00% | | 10/23/2024 | | | 4,660 | | 4,671,584 |
South Carolina (State of) Public Service Authority, Series 2014 A, RB(b)
| 5.50% | | 10/23/2024 | | | 1,000 | | 1,003,169 |
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB
| 4.00% | | 12/01/2045 | | | 15 | | 14,538 |
South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB
| 5.00% | | 12/01/2050 | | | 25 | | 25,056 |
South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB
| 5.25% | | 12/01/2055 | | | 2,500 | | 2,512,548 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 4.00% | | 12/01/2040 | | | 500 | | 492,661 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 3.00% | | 12/01/2041 | | | 1,095 | | 908,655 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 4.00% | | 12/01/2042 | | | 500 | | 491,583 |
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB
| 5.00% | | 12/01/2043 | | | 500 | | 526,033 |
South Carolina (State of) Public Service Authority, Series 2021 B, RB
| 5.00% | | 12/01/2043 | | | 120 | | 127,577 |
South Carolina (State of) Public Service Authority, Series 2021 B, RB
| 5.00% | | 12/01/2051 | | | 1,250 | | 1,306,804 |
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
| 5.00% | | 12/01/2044 | | | 2,000 | | 2,139,336 |
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB
| 4.00% | | 12/01/2047 | | | 6,600 | | 6,340,516 |
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB
| 5.25% | | 12/01/2054 | | | 100 | | 108,376 |
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
| 4.00% | | 04/15/2043 | | | 200 | | 192,448 |
Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB
| 5.00% | | 04/15/2048 | | | 300 | | 307,912 |
University of South Carolina (Campus Village), Series 2021 A, RB
| 5.00% | | 05/01/2046 | | | 1,000 | | 1,074,420 |
| | | | | | | | | 31,138,658 |
| South Dakota-0.13% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB
| 5.00% | | 07/01/2046 | | | 1,500 | | 1,527,706 |
South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2020 A, Ref. RB
| 3.00% | | 09/01/2045 | | | 100 | | 79,989 |
South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB
| 5.00% | | 09/01/2040 | | | 1,300 | | 1,340,987 |
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), Series 2015, Ref. RB
| 4.00% | | 11/01/2040 | | | 980 | | 960,044 |
| | | | | | | | | 3,908,726 |
| Tennessee-0.93% | | | | | | | | |
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-1, Ref. RB
| 4.00% | | 08/01/2044 | | | 85 | | 80,810 |
Clarksville (City of), TN, Series 2021 A, RB
| 5.00% | | 02/01/2045 | | | 1,550 | | 1,673,150 |
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB
| 5.00% | | 07/01/2045 | | | 1,500 | | 1,510,055 |
Metropolitan Nashville Airport Authority (The), Series 2022 A, RB
| 5.00% | | 07/01/2052 | | | 770 | | 823,198 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB
| 5.00% | | 05/15/2046 | | | 1,000 | | 1,076,448 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB
| 5.25% | | 05/15/2049 | | | 1,000 | | 1,125,073 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB
| 5.00% | | 10/01/2045 | | | 130 | | 130,783 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2040 | | | 3,000 | | 3,046,305 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB
| 5.00% | | 07/01/2046 | | | 2,750 | | 2,776,242 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
| 4.00% | | 07/01/2047 | | | 1,000 | | 940,628 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB
| 5.00% | | 07/01/2048 | | | 2,000 | | 2,034,622 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB
| 4.00% | | 10/01/2054 | | | 1,000 | | 970,477 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 07/01/2048 | | | 2,000 | | 2,200,285 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 07/01/2053 | | | 500 | | 545,643 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 07/01/2056 | | | 2,000 | | 2,174,567 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Tennessee-(continued) | | | | | | | | |
Tennessee (State of) School Bond Authority, Series 2017 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2047 | | $ | 3,000 | | $ 3,088,915 |
Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.00% | | 11/01/2047 | | | 2,500 | | 2,722,556 |
| | | | | | | | | 26,919,757 |
| Texas-11.76% | | | | | | | | |
Aldine Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 175 | | 171,073 |
Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 370 | | 354,656 |
Alvin Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 25 | | 24,439 |
Arlington (City of), TX, Series 2018 A, RB, (INS - AGM)(a)
| 5.00% | | 02/15/2048 | | | 1,000 | | 1,029,766 |
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2049 | | | 100 | | 96,251 |
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 500 | | 475,232 |
Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2044 | | | 1,025 | | 1,016,038 |
Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, (CEP - Texas Permanent School Fund)
| 4.50% | | 08/15/2053 | | | 10 | | 10,330 |
Austin (City of), TX, Series 2016, Ref. RB
| 5.00% | | 11/15/2045 | | | 1,000 | | 1,020,356 |
Austin (City of), TX, Series 2017 A, RB
| 5.00% | | 11/15/2041 | | | 2,320 | | 2,370,637 |
Austin (City of), TX, Series 2019 B, RB
| 5.00% | | 11/15/2044 | | | 25 | | 26,434 |
Austin (City of), TX, Series 2020 A, Ref. RB
| 5.00% | | 11/15/2045 | | | 515 | | 547,977 |
Austin (City of), TX, Series 2020 A, Ref. RB
| 5.00% | | 11/15/2050 | | | 730 | | 768,972 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.00% | | 11/15/2048 | | | 35 | | 37,852 |
Austin (City of), TX, Series 2023, Ref. RB
| 5.25% | | 11/15/2053 | | | 1,000 | | 1,094,266 |
Austin (City of), TX, Series 2024, Ref. RB
| 5.00% | | 11/15/2053 | | | 600 | | 652,772 |
Austin Community College District, Series 2015, GO Bonds
| 4.00% | | 08/01/2040 | | | 1,030 | | 1,018,152 |
Austin Community College District, Series 2023, GO Bonds
| 5.00% | | 08/01/2048 | | | 40 | | 43,646 |
Austin Community College District, Series 2023, GO Bonds
| 5.25% | | 08/01/2053 | | | 65 | | 71,840 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2043 | | | 2,000 | | 2,210,374 |
Austin Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/01/2048 | | | 1,540 | | 1,626,287 |
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2040 | | | 40 | | 44,746 |
Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2043 | | | 105 | | 106,464 |
Azle Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 285 | | 272,258 |
Barbers Hill Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2041 | | | 40 | | 41,317 |
Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 1,100 | | 1,188,588 |
Belton Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2052 | | | 125 | | 120,695 |
Bexar (County of), TX, Series 2016, Ctfs. Of Obligation
| 3.00% | | 06/15/2041 | | | 55 | | 47,842 |
Bexar (County of), TX, Series 2018, Ctfs. of Obligations
| 4.00% | | 06/15/2045 | | | 25 | | 24,366 |
Bexar (County of), TX, Series 2019, Ctfs. of Obligations
| 4.00% | | 06/15/2046 | | | 70 | | 67,990 |
Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligation
| 4.00% | | 02/15/2043 | | | 25 | | 24,307 |
Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations
| 5.00% | | 02/15/2047 | | | 10 | | 10,330 |
Board of Regents of Stephen F. Austin State University, Series 2019 A, RB
| 4.00% | | 10/15/2048 | | | 20 | | 19,583 |
Board of Regents of the University of Texas System, Series 2019 B, RB
| 5.00% | | 08/15/2049 | | | 5,550 | | 6,614,628 |
Board of Regents of the University of Texas System, Series 2023 A, RB
| 5.00% | | 08/15/2043 | | | 25 | | 27,647 |
Board of Regents of the University of Texas System, Series 2024 A, Ref. RB
| 4.13% | | 08/15/2054 | | | 500 | | 488,408 |
Brazoria (County of), TX, Series 2021, Ctfs. Of Obligation
| 4.00% | | 03/01/2046 | | | 35 | | 34,698 |
Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 185 | | 175,692 |
Cedar Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2050 | | | 1,000 | | 976,904 |
Central Texas Regional Mobility Authority, Series 2016, Ref. RB
| 3.38% | | 01/01/2041 | | | 105 | | 94,469 |
Central Texas Regional Mobility Authority, Series 2020 E, RB
| 5.00% | | 01/01/2045 | | | 1,000 | | 1,049,433 |
Central Texas Regional Mobility Authority, Series 2020 E, RB
| 4.00% | | 01/01/2050 | | | 1,295 | | 1,242,421 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Central Texas Regional Mobility Authority, Series 2021 B, RB
| 5.00% | | 01/01/2046 | | $ | 1,010 | | $ 1,069,954 |
Central Texas Regional Mobility Authority, Series 2021 B, RB
| 4.00% | | 01/01/2051 | | | 1,055 | | 1,008,052 |
Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 3,000 | | 2,877,571 |
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2042 | | | 7,000 | | 7,003,924 |
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2018, RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2043 | | | 500 | | 499,682 |
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2049 | | | 450 | | 438,695 |
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2054 | | | 570 | | 551,319 |
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2022, RB, (CEP - Texas Permanent School Fund)
| 4.25% | | 08/15/2052 | | | 5 | | 4,957 |
Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2024, Ref. RB, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2044 | | | 35 | | 34,466 |
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 1,500 | | 1,480,745 |
Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2049 | | | 1,000 | | 969,915 |
Corpus Christi (City of), TX, Series 2015 A, RB
| 5.00% | | 07/15/2045 | | | 10 | | 10,081 |
Corpus Christi (City of), TX, Series 2015, RB
| 4.13% | | 07/15/2045 | | | 105 | | 102,799 |
Corpus Christi (City of), TX, Series 2024, Ref. RB
| 4.25% | | 07/15/2054 | | | 645 | | 640,322 |
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2048 | | | 340 | | 367,512 |
Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/01/2053 | | | 3,000 | | 2,971,552 |
Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 02/15/2041 | | | 110 | | 97,274 |
Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2043 | | | 775 | | 786,326 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB
| 4.00% | | 11/01/2045 | | | 2,000 | | 1,955,022 |
Dallas (City of), TX, Series 2016 A, Ref. RB
| 4.00% | | 10/01/2041 | | | 500 | | 488,623 |
Dallas (City of), TX, Series 2017, RB
| 5.00% | | 10/01/2046 | | | 1,000 | | 1,031,160 |
Dallas (City of), TX, Series 2018 C, RB
| 4.00% | | 10/01/2043 | | | 685 | | 685,208 |
Dallas (City of), TX, Series 2021 C, RB
| 3.00% | | 10/01/2046 | | | 165 | | 134,822 |
Dallas (City of), TX, Series 2023 A, RB
| 5.00% | | 10/01/2047 | | | 6,000 | | 6,578,188 |
Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB
| 5.00% | | 12/01/2047 | | | 1,700 | | 1,810,669 |
Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 3,500 | | 3,804,502 |
Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 200 | | 193,010 |
Del Valle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 06/15/2047 | | | 1,000 | | 979,393 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2041 | | | 500 | | 562,035 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2042 | | | 750 | | 839,345 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2043 | | | 1,350 | | 1,503,665 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2048 | | | 600 | | 654,895 |
Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2053 | | | 1,070 | | 1,158,718 |
Eagle Mountain & Saginaw Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2052 | | | 20 | | 19,400 |
El Paso (City of), TX, Series 2022, RB
| 5.00% | | 03/01/2046 | | | 5,000 | | 5,327,466 |
El Paso (County of), TX Hospital District, Series 2013, Ctfs. Of Obligation(b)
| 5.00% | | 11/26/2024 | | | 470 | | 471,945 |
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2045 | | | 1,300 | | 1,304,664 |
El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2048 | | | 25 | | 24,456 |
Elgin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2049 | | | 1,000 | | 960,222 |
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2047 | | | 1,000 | | 982,794 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Forney Independent School District, Series 2022 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2052 | | $ | 1,000 | | $ 961,998 |
Fort Bend County Industrial Development Corp. (NRG Energy, Inc.), Series 2012 B, RB
| 4.75% | | 11/01/2042 | | | 10 | | 10,002 |
Fort Worth (City of), TX, Series 2023, RB
| 4.25% | | 02/15/2053 | | | 50 | | 49,479 |
Fort Worth Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2049 | | | 25 | | 24,548 |
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)
| 2.00% | | 02/15/2051 | | | 1,000 | | 576,410 |
Frisco Independent School District, Series 2012 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 08/15/2042 | | | 425 | | 363,860 |
Frisco Independent School District, Series 2014, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2044 | | | 945 | | 921,533 |
Garland (City of), TX, Series 2019, Ref. RB
| 5.00% | | 03/01/2044 | | | 395 | | 413,472 |
Garland (City of), TX, Series 2019, Ref. RB
| 4.00% | | 03/01/2049 | | | 590 | | 563,451 |
Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 1,360 | | 1,471,366 |
Georgetown (City of), TX, Series 2022, RB, (INS - AGM)(a)
| 5.00% | | 08/15/2042 | | | 15 | | 16,205 |
Georgetown Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2054 | | | 1,000 | | 987,065 |
Grand Parkway Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 10/01/2045 | | | 35 | | 34,115 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2043 | | | 10,000 | | 10,414,198 |
Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB
| 5.00% | | 10/01/2048 | | | 95 | | 98,788 |
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
| 5.25% | | 06/01/2049 | | | 490 | | 521,376 |
Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB
| 5.25% | | 06/01/2054 | | | 305 | | 323,035 |
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB
| 5.00% | | 11/15/2053 | | | 3,950 | | 3,951,132 |
Harris (County of), TX, Series 2023 A, GO Bonds
| 4.25% | | 09/15/2048 | | | 4,500 | | 4,504,545 |
Harris (County of), TX, Series 2024, Ctfs. of Obligations
| 4.00% | | 09/15/2049 | | | 1,000 | | 959,727 |
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds
| 4.00% | | 10/01/2045 | | | 1,030 | | 1,000,790 |
Harris (County of), TX Flood Control District, Series 2022 A, GO Bonds
| 4.25% | | 10/01/2047 | | | 235 | | 237,539 |
Harris (County of), TX Flood Control District, Series 2023 A, GO Bonds
| 4.00% | | 09/15/2048 | | | 910 | | 893,943 |
Harris (County of), TX Port Authority of Houston, Series 2021, RB
| 5.00% | | 10/01/2051 | | | 30 | | 32,033 |
Harris (County of), TX Port Authority of Houston, Series 2023, RB
| 5.00% | | 10/01/2048 | | | 1,765 | | 1,914,281 |
Harris (County of), TX Port Authority of Houston, Series 2023, RB
| 5.00% | | 10/01/2053 | | | 2,000 | | 2,159,845 |
Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB
| 4.00% | | 08/15/2048 | | | 800 | | 769,610 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 4.00% | | 08/15/2045 | | | 1,350 | | 1,325,609 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 3.00% | | 08/15/2050 | | | 1,000 | | 793,034 |
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB
| 4.00% | | 08/15/2050 | | | 1,000 | | 960,461 |
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
| 5.25% | | 08/15/2049 | | | 1,010 | | 1,127,475 |
Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB
| 5.25% | | 08/15/2054 | | | 1,000 | | 1,111,035 |
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB
| 4.13% | | 07/01/2052 | | | 8,100 | | 7,793,825 |
Hidalgo (County of), TX, Series 2018 A, Ctfs. of Obligation
| 4.00% | | 08/15/2043 | | | 215 | | 212,320 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 11/15/2043 | | | 3,500 | | 3,464,036 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 5.00% | | 11/15/2045 | | | 3,500 | | 3,738,053 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 4.00% | | 11/15/2049 | | | 3,000 | | 2,886,796 |
Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2040 | | | 25 | | 25,024 |
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 2,565 | | 2,766,866 |
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2052 | | | 2,000 | | 1,934,276 |
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2041 | | | 1,200 | | 1,237,061 |
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2042 | | | 870 | | 889,550 |
Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2050 | | | 800 | | 780,661 |
Hutto (City of), TX, Series 2017, Ctfs. Of Obligation, (INS - AGM)(a)
| 5.00% | | 08/01/2057 | | | 5,000 | | 5,127,222 |
Hutto (City of), TX, Series 2024, Ctfs. of Obligations, (INS - BAM)(a)
| 4.13% | | 08/01/2049 | | | 1,000 | | 974,675 |
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2048 | | | 1,500 | | 1,628,441 |
Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/01/2053 | | | 1,500 | | 1,614,534 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2043 | | $ | 55 | | $ 60,611 |
Judson Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/01/2041 | | | 1,235 | | 1,222,239 |
Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/01/2053 | | | 1,000 | | 956,095 |
Katy Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | | 30 | | 30,912 |
Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 25 | | 24,100 |
Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2044 | | | 205 | | 204,454 |
Klein Independent School District, Series 2015 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/01/2040 | | | 1,000 | | 1,001,334 |
Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 08/15/2054 | | | 1,000 | | 989,498 |
Lake Travis Independent School District, Series 2023, GO Bonds
| 4.00% | | 02/15/2048 | | | 700 | | 684,768 |
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2043 | | | 5,000 | | 5,171,276 |
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 1,000 | | 977,760 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 3,000 | | 2,926,251 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 3,000 | | 3,239,360 |
Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2058 | | | 2,000 | | 2,155,092 |
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 1,000 | | 958,530 |
Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2059 | | | 1,000 | | 986,953 |
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2045 | | | 1,000 | | 1,002,654 |
Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2039 | | | 195 | | 220,258 |
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.38% | | 02/01/2047 | | | 1,000 | | 1,010,625 |
Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2052 | | | 5,000 | | 5,370,222 |
Little Elm Independent School District, Series 2023, GO Bonds
| 4.25% | | 08/15/2053 | | | 25 | | 24,738 |
Lower Colorado River Authority, Series 2015, Ref. RB
| 5.00% | | 05/15/2040 | | | 570 | | 575,157 |
Lower Colorado River Authority, Series 2015, Ref. RB
| 5.00% | | 05/15/2045 | | | 560 | | 564,022 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
| 5.00% | | 05/15/2043 | | | 105 | | 108,788 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB
| 5.00% | | 05/15/2048 | | | 25 | | 25,740 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB
| 5.00% | | 05/15/2044 | | | 2,025 | | 2,077,534 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB
| 5.00% | | 05/15/2046 | | | 70 | | 74,831 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2046 | | | 1,250 | | 1,317,718 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB
| 5.00% | | 05/15/2051 | | | 1,250 | | 1,311,755 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB
| 5.00% | | 05/15/2047 | | | 35 | | 37,377 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB
| 5.25% | | 05/15/2048 | | | 30 | | 33,038 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.50% | | 05/15/2048 | | | 30 | | 33,282 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.25% | | 05/15/2053 | | | 25 | | 27,461 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGM)(a)
| 5.50% | | 05/15/2053 | | | 50 | | 55,236 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGC)(a)
| 5.00% | | 05/15/2049 | | | 1,000 | | 1,091,225 |
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGC)(a)
| 5.00% | | 05/15/2054 | | | 1,000 | | 1,086,135 |
Lubbock (City of), TX, Series 2021, RB
| 4.00% | | 04/15/2046 | | | 1,445 | | 1,392,869 |
Lubbock Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2050 | | | 10 | | 9,769 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Mansfield Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | $ | 500 | | $ 478,855 |
Melissa Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2052 | | | 310 | | 333,625 |
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2048 | | | 5,000 | | 5,128,716 |
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2045 | | | 2,000 | | 2,000,928 |
Midland (City of), TX, Series 2022 B, Ref. GO Bonds
| 5.00% | | 03/01/2047 | | | 2,500 | | 2,700,103 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2042 | | | 820 | | 835,199 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 90 | | 97,552 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2050 | | | 500 | | 518,018 |
Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 2,000 | | 1,905,731 |
Midlothian Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 02/15/2045 | | | 150 | | 123,816 |
Montgomery (County of), TX, Series 2018, RB
| 5.00% | | 09/15/2048 | | | 1,000 | | 1,006,432 |
Montgomery Independent School District, Series 2015, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2045 | | | 1,375 | | 1,353,783 |
Montgomery Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2047 | | | 25 | | 24,463 |
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 150 | | 146,752 |
Montgomery Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 75 | | 72,059 |
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 1,000 | | 1,091,492 |
New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 1,000 | | 1,082,914 |
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)(a)
| 5.00% | | 04/01/2046 | | | 1,250 | | 1,250,078 |
Newark High Education Finance Corp. (Abilene Christian University Project), Series 2022, Ref. RB
| 4.00% | | 04/01/2057 | | | 1,000 | | 886,653 |
North East Texas Regional Mobility Authority, Series 2016, RB
| 5.00% | | 01/01/2046 | | | 85 | | 86,007 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 4.00% | | 01/01/2043 | | | 1,000 | | 968,715 |
North Texas Tollway Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2043 | | | 85 | | 88,074 |
North Texas Tollway Authority, Series 2018, Ref. RB
| 5.00% | | 01/01/2048 | | | 5,000 | | 5,152,960 |
North Texas Tollway Authority, Series 2019 A, Ref. RB
| 4.00% | | 01/01/2044 | | | 155 | | 149,125 |
North Texas Tollway Authority, Series 2021 B, RB
| 3.00% | | 01/01/2046 | | | 360 | | 285,344 |
North Texas Tollway Authority, Series 2022 A, Ref. RB
| 4.13% | | 01/01/2040 | | | 1,000 | | 1,007,067 |
Northside Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2049 | | | 1,215 | | 1,186,531 |
Northside Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.13% | | 08/15/2054 | | | 1,000 | | 985,142 |
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 1,000 | | 984,250 |
Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 1,015 | | 1,088,930 |
Permanent University Fund - University of Texas System, Series 2022 A, RB
| 5.00% | | 07/01/2042 | | | 375 | | 416,951 |
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2040 | | | 30 | | 34,013 |
Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB
| 5.00% | | 07/01/2041 | | | 55 | | 62,056 |
Pflugerville (City of), TX, Series 2023, Ctfs. of Obligation
| 5.00% | | 08/01/2053 | | | 235 | | 250,256 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2041 | | | 2,750 | | 3,054,021 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2042 | | | 4,000 | | 4,425,008 |
Plano Independent School District, Series 2023, GO Bonds
| 5.00% | | 02/15/2043 | | | 1,500 | | 1,654,132 |
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2047 | | | 1,000 | | 1,023,852 |
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2049 | | | 2,000 | | 2,081,753 |
Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2052 | | | 40 | | 38,496 |
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2048 | | | 40 | | 38,958 |
Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 155 | | 149,170 |
Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2054 | | | 1,150 | | 1,100,446 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2042 | | $ | 2,285 | | $ 2,329,097 |
Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 115 | | 123,913 |
Sabine-Neches Navigation District, Series 2022, GO Bonds
| 4.63% | | 02/15/2047 | | | 40 | | 40,967 |
Salado Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2054 | | | 1,000 | | 1,014,182 |
San Antonio (City of), TX, Series 2017, RB
| 5.00% | | 02/01/2047 | | | 5,000 | | 5,139,248 |
San Antonio (City of), TX, Series 2020, RB
| 5.00% | | 02/01/2049 | | | 4,000 | | 4,210,167 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2046 | | | 1,500 | | 1,595,617 |
San Antonio (City of), TX, Series 2021 A, RB
| 5.00% | | 02/01/2049 | | | 500 | | 528,979 |
San Antonio (City of), TX, Series 2024 B, Ref. RB
| 5.00% | | 02/01/2054 | | | 1,000 | | 1,080,868 |
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB
| 5.00% | | 05/15/2043 | | | 2,500 | | 2,598,918 |
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB
| 5.00% | | 05/15/2050 | | | 3,000 | | 3,162,741 |
San Antonio (City of), TX Water System, Series 2020 C, RB
| 5.00% | | 05/15/2046 | | | 5,000 | | 5,298,168 |
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
| 4.00% | | 04/01/2046 | | | 750 | | 640,998 |
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB
| 4.00% | | 04/01/2051 | | | 750 | | 618,015 |
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2047 | | | 1,060 | | 1,154,409 |
San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2052 | | | 85 | | 91,499 |
San Antonio Municipal Facilities Corp. (City Tower Renovation), Series 2021, RB
| 4.00% | | 08/01/2048 | | | 25 | | 24,273 |
San Antonio Public Facilities Corp., Series 2012, Ref. RB
| 4.00% | | 09/15/2042 | | | 1,495 | | 1,447,889 |
San Jacinto Community College District, Series 2016 A, GO Bonds
| 4.00% | | 02/15/2041 | | | 80 | | 78,750 |
San Jacinto Community College District, Series 2019 A, GO Bonds
| 5.00% | | 02/15/2049 | | | 2,025 | | 2,105,651 |
Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2053 | | | 1,000 | | 1,079,039 |
Smith (County of), TX, Series 2023, GO Bonds
| 5.00% | | 08/15/2043 | | | 130 | | 141,133 |
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2044 | | | 1,000 | | 995,319 |
Southwest Higher Education Authority, Inc. (Southern Methodist University), Series 2013 A, RB
| 4.00% | | 10/01/2042 | | | 60 | | 59,999 |
Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/01/2046 | | | 505 | | 549,340 |
Splendora Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.10% | | 02/15/2048 | | | 30 | | 29,576 |
Spring Branch Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 02/01/2043 | | | 40 | | 34,075 |
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2042 | | | 2,000 | | 2,058,311 |
Spring Independent School District, Series 2023, GO Bonds
| 5.00% | | 08/15/2047 | | | 5,000 | | 5,452,312 |
Tarrant (County of), TX, Series 2022, GO Bonds
| 4.00% | | 07/15/2047 | | | 515 | | 503,394 |
Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB
| 4.00% | | 03/01/2054 | | | 500 | | 479,659 |
Tarrant County College District, Series 2022, GO Bonds
| 5.00% | | 08/15/2040 | | | 65 | | 72,280 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
| 4.00% | | 11/15/2042 | | | 75 | | 73,819 |
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB
| 5.00% | | 11/15/2045 | | | 750 | | 759,440 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB
| 5.00% | | 07/01/2043 | | | 10 | | 10,398 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB
| 4.00% | | 07/01/2053 | | | 1,600 | | 1,512,526 |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
| 4.00% | | 10/01/2042 | | | 330 | | 324,256 |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
| 4.00% | | 10/01/2047 | | | 335 | | 322,777 |
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB
| 4.00% | | 10/01/2052 | | | 425 | | 406,731 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB
| 5.00% | | 02/15/2041 | | | 1,000 | | 1,022,980 |
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB
| 4.00% | | 02/15/2047 | | | 275 | | 264,220 |
Temple College, Series 2021, GO Bonds
| 3.00% | | 07/01/2046 | | | 10 | | 8,036 |
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
| 5.00% | | 08/01/2039 | | | 2,000 | | 2,029,110 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
| 5.00% | | 08/01/2040 | | $ | 2,000 | | $ 2,027,130 |
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds
| 5.00% | | 08/01/2041 | | | 2,000 | | 2,026,051 |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB(b)
| 5.00% | | 11/04/2024 | | | 2,500 | | 2,507,576 |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB
| 3.00% | | 08/15/2040 | | | 395 | | 349,045 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 4.00% | | 10/15/2040 | | | 1,200 | | 1,190,914 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 5.00% | | 10/15/2040 | | | 500 | | 508,435 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 4.00% | | 10/15/2045 | | | 305 | | 295,855 |
Texas (State of) Water Development Board, Series 2015 A, RB
| 5.00% | | 10/15/2045 | | | 3,910 | | 3,964,361 |
Texas (State of) Water Development Board, Series 2016, RB
| 4.00% | | 10/15/2041 | | | 405 | | 401,492 |
Texas (State of) Water Development Board, Series 2016, RB
| 5.00% | | 10/15/2046 | | | 1,000 | | 1,032,512 |
Texas (State of) Water Development Board, Series 2017 A, RB
| 5.00% | | 10/15/2047 | | | 5,065 | | 5,229,790 |
Texas (State of) Water Development Board, Series 2018 A, RB
| 5.00% | | 10/15/2043 | | | 550 | | 574,839 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 4.00% | | 10/15/2043 | | | 1,205 | | 1,194,910 |
Texas (State of) Water Development Board, Series 2018 B, RB
| 5.00% | | 04/15/2049 | | | 4,000 | | 4,183,897 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 3.00% | | 10/15/2039 | | | 70 | | 62,698 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 4.00% | | 10/15/2044 | | | 50 | | 49,045 |
Texas (State of) Water Development Board, Series 2019 A, RB
| 4.00% | | 10/15/2049 | | | 195 | | 188,269 |
Texas (State of) Water Development Board, Series 2020, RB
| 4.00% | | 10/15/2045 | | | 1,135 | | 1,121,106 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.65% | | 10/15/2040 | | | 500 | | 538,311 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.70% | | 10/15/2041 | | | 60 | | 64,382 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.75% | | 10/15/2042 | | | 1,065 | | 1,141,830 |
Texas (State of) Water Development Board, Series 2022, RB
| 4.80% | | 10/15/2052 | | | 25 | | 26,384 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 4.88% | | 10/15/2048 | | | 1,000 | | 1,072,176 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 5.25% | | 10/15/2051 | | | 1,000 | | 1,107,292 |
Texas (State of) Water Development Board, Series 2023 A, RB
| 5.00% | | 10/15/2058 | | | 1,000 | | 1,076,273 |
Texas City Industrial Development Corp. (NRG Energy), Series 2012, RB
| 4.13% | | 12/01/2045 | | | 160 | | 147,296 |
Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB
| 4.00% | | 06/30/2040 | | | 60 | | 59,827 |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB
| 4.00% | | 12/31/2039 | | | 1,000 | | 1,003,037 |
Texas State Technical College, Series 2022, RB, (INS - AGM)(a)
| 5.50% | | 08/01/2042 | | | 2,160 | | 2,450,425 |
Texas State University Board of Regents, Series 2024, Ref. RB
| 4.00% | | 03/15/2049 | | | 450 | | 438,677 |
Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 02/15/2048 | | | 5,000 | | 5,428,171 |
University of Houston, Series 2022 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 85 | | 92,400 |
Waco Educational Finance Corp. (Baylor University), Series 2021, RB
| 4.00% | | 03/01/2051 | | | 500 | | 468,648 |
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2047 | | | 15 | | 14,676 |
Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 3.00% | | 08/15/2052 | | | 150 | | 118,135 |
Waller Consolidated Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2046 | | | 20 | | 19,413 |
Waller Consolidated Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2044 | | | 60 | | 60,409 |
Waxahachie Independent School District, Series 2015, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2045 | | | 260 | | 253,180 |
Waxahachie Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 02/15/2053 | | | 1,000 | | 998,600 |
Waxahachie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2053 | | | 5 | | 4,748 |
Weslaco Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.13% | | 02/15/2049 | | | 250 | | 243,495 |
White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2052 | | | 10 | | 9,620 |
Willis Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2045 | | | 20 | | 19,691 |
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 02/15/2049 | | | 1,350 | | 1,315,434 |
Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.25% | | 08/15/2049 | | | 605 | | 672,827 |
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2047 | | | 15 | | 14,611 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)
| 5.00% | | 08/15/2047 | | $ | 2,500 | | $ 2,558,646 |
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)
| 4.25% | | 08/15/2056 | | | 1,500 | | 1,493,973 |
| | | | | | | | | 341,972,468 |
| Utah-0.64% | | | | | | | | |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,087,163 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2043 | | | 1,000 | | 1,084,268 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2044 | | | 1,000 | | 1,081,105 |
Intermountain Power Agency, Series 2022 A, Ref. RB
| 5.00% | | 07/01/2045 | | | 625 | | 674,250 |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,107,736 |
Intermountain Power Agency, Series 2023 A, RB
| 5.00% | | 07/01/2042 | | | 1,000 | | 1,100,420 |
Intermountain Power Agency, Series 2023 A, RB
| 5.25% | | 07/01/2043 | | | 1,155 | | 1,290,095 |
Intermountain Power Agency, Series 2023 A, RB
| 5.25% | | 07/01/2044 | | | 750 | | 835,538 |
Intermountain Power Agency, Series 2023 A, RB
| 5.25% | | 07/01/2045 | | | 1,000 | | 1,110,678 |
Salt Lake City (City of), UT, Series 2017 B, RB
| 5.00% | | 07/01/2042 | | | 2,000 | | 2,060,319 |
Salt Lake City (City of), UT, Series 2017 B, RB
| 5.00% | | 07/01/2047 | | | 300 | | 307,623 |
Salt Lake City (City of), UT, Series 2018 B, RB
| 5.00% | | 07/01/2048 | | | 3,000 | | 3,109,106 |
University of Utah (The), Series 2023 B, RB
| 5.25% | | 08/01/2053 | | | 40 | | 44,305 |
University of Utah (The) (Green Bonds), Series 2022 A, RB
| 5.00% | | 08/01/2046 | | | 1,135 | | 1,232,356 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2039 | | | 80 | | 89,946 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2040 | | | 45 | | 50,360 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2041 | | | 1,000 | | 1,114,149 |
University of Utah (The) (Green Bonds), Series 2022 B, RB
| 5.00% | | 08/01/2042 | | | 130 | | 144,259 |
University of Utah (The) (Green Bonds), Series 2023 B, RB
| 5.25% | | 08/01/2048 | | | 325 | | 363,849 |
Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB
| 3.00% | | 05/15/2047 | | | 290 | | 234,085 |
Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB
| 5.00% | | 05/15/2041 | | | 400 | | 408,987 |
| | | | | | | | | 18,530,597 |
| Vermont-0.05% | | | | | | | | |
University of Vermont and State Agricultural College, Series 2015, Ref. RB
| 4.00% | | 10/01/2040 | | | 1,215 | | 1,215,253 |
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016, RB
| 4.00% | | 12/01/2042 | | | 230 | | 221,233 |
| | | | | | | | | 1,436,486 |
| Virginia-1.04% | | | | | | | | |
Arlington (County of), VA Industrial Development Authority (Virginia Hospital Center), Series 2020, Ref. RB
| 3.75% | | 07/01/2050 | | | 10 | | 8,941 |
Chesapeake (City of), VA Expressway, Series 2024, Ref. RB, (INS - AGM)(a)
| 4.00% | | 07/15/2047 | | | 250 | | 242,210 |
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB
| 5.00% | | 07/01/2051 | | | 3,395 | | 3,416,958 |
Fairfax (County of), VA, Series 2024 A, RB
| 5.00% | | 07/15/2049 | | | 1,525 | | 1,688,536 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB
| 4.00% | | 05/15/2042 | | | 3,000 | | 3,019,358 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB
| 5.00% | | 07/01/2048 | | | 1,000 | | 1,035,792 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 4.00% | | 07/01/2045 | | | 110 | | 110,071 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 4.00% | | 07/01/2055 | | | 580 | | 566,592 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 4.00% | | 07/01/2060 | | | 1,000 | | 969,736 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB
| 5.00% | | 07/01/2060 | | | 1,000 | | 1,057,167 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
| 4.00% | | 07/01/2052 | | | 1,200 | | 1,170,301 |
Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB
| 4.00% | | 07/01/2057 | | | 1,250 | | 1,213,642 |
Isle Wight (County of) VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGM)(a)
| 4.75% | | 07/01/2053 | | | 300 | | 316,343 |
Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical Institute, Inc), Series 2022, Ref. RB
| 4.00% | | 10/01/2052 | | | 1,000 | | 1,005,141 |
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB
| 5.00% | | 01/01/2047 | | | 1,000 | | 1,010,695 |
Lynchburg Economic Development Authority, Series 2021, Ref. RB
| 3.00% | | 01/01/2051 | | | 105 | | 81,341 |
Norfolk (City of), VA Economic Development Authority, Series 2018 B, Ref. RB
| 4.00% | | 11/01/2048 | | | 820 | | 801,555 |
Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB
| 5.00% | | 06/01/2052 | | | 1,000 | | 1,081,449 |
Richmond (City of), VA, Series 2024 C, GO Bonds
| 4.00% | | 03/01/2054 | | | 500 | | 496,710 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Virginia-(continued) | | | | | | | | |
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2047 | | $ | 505 | | $ 581,094 |
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB
| 3.00% | | 07/01/2045 | | | 1,930 | | 1,616,096 |
Rockingham (County of), VA Economic Development Authority (Sentara RHM Medical Center), Series 2021, Ref. RB
| 3.00% | | 11/01/2046 | | | 60 | | 49,426 |
University of Virginia, Series 2015 A-1, RB
| 4.00% | | 04/01/2045 | | | 1,440 | | 1,424,745 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
| 5.00% | | 02/01/2040 | | | 1,015 | | 1,126,290 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB
| 5.00% | | 02/01/2042 | | | 1,005 | | 1,104,622 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB
| 5.00% | | 02/01/2040 | | | 10 | | 11,283 |
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2024, RB
| 4.00% | | 02/01/2043 | | | 500 | | 502,523 |
Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB
| 4.00% | | 08/01/2042 | | | 1,000 | | 1,013,787 |
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
| 4.00% | | 11/01/2039 | | | 125 | | 127,624 |
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), Series 2020, Ref. RB
| 4.00% | | 01/01/2045 | | | 1,025 | | 963,593 |
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB
| 4.00% | | 12/01/2049 | | | 540 | | 522,211 |
Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2022, RB
| 5.00% | | 10/01/2041 | | | 1,000 | | 1,094,651 |
Virginia Commonwealth University Health System Authority, Series 2024 A, RB
| 4.00% | | 07/01/2054 | | | 725 | | 693,124 |
Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGM)(a)
| 4.13% | | 07/01/2058 | | | 250 | | 246,482 |
| | | | | | | | | 30,370,089 |
| Washington-1.96% | | | | | | | | |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
| 5.00% | | 11/01/2041 | | | 4,500 | | 4,644,412 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB
| 5.00% | | 11/01/2046 | | | 3,000 | | 3,560,736 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 4.00% | | 11/01/2040 | | | 50 | | 51,306 |
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB
| 5.00% | | 11/01/2043 | | | 2,000 | | 2,186,460 |
Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.25% | | 12/01/2040 | | | 100 | | 113,088 |
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
| 5.00% | | 07/01/2040 | | | 1,050 | | 1,155,482 |
Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,025 | | 1,122,895 |
King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2039 | | | 120 | | 135,274 |
King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)
| 5.00% | | 12/01/2041 | | | 50 | | 56,579 |
King (County of), WA, Series 2015, Ref. RB
| 4.00% | | 07/01/2045 | | | 55 | | 54,258 |
King (County of), WA, Series 2016 A, Ref. RB
| 4.00% | | 07/01/2040 | | | 500 | | 500,278 |
King (County of), WA, Series 2016 A, Ref. RB
| 4.00% | | 07/01/2041 | | | 500 | | 500,007 |
King (County of), WA, Series 2024 A, Ref. RB
| 5.25% | | 01/01/2055 | | | 1,000 | | 1,111,605 |
Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)
| 4.00% | | 12/01/2041 | | | 1,000 | | 1,013,372 |
Seattle (City of), WA, Series 2015 A, RB
| 4.00% | | 05/01/2045 | | | 500 | | 493,569 |
Seattle (City of), WA, Series 2017 C, Ref. RB
| 4.00% | | 09/01/2047 | | | 100 | | 98,402 |
Seattle (City of), WA, Series 2021 A, Ref. RB
| 4.00% | | 07/01/2043 | | | 135 | | 133,825 |
Seattle (City of), WA, Series 2023 A, Ref. RB
| 5.00% | | 03/01/2053 | | | 15 | | 16,140 |
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB
| 5.00% | | 12/01/2040 | | | 1,000 | | 1,019,974 |
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB
| 5.00% | | 12/01/2051 | | | 1,000 | | 1,064,174 |
Tacoma (City of), WA, Series 2024 A, Ref. RB
| 5.00% | | 01/01/2049 | | | 250 | | 272,283 |
Tacoma (City of), WA, Series 2024 A, Ref. RB
| 5.00% | | 01/01/2054 | | | 150 | | 162,022 |
Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB
| 5.00% | | 01/01/2046 | | | 1,150 | | 1,235,546 |
University of Washington, Series 2012 C, Ref. RB
| 3.13% | | 07/01/2042 | | | 975 | | 838,657 |
Washington (State of), Series 2015 A-1, GO Bonds
| 5.00% | | 08/01/2040 | | | 500 | | 506,513 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of), Series 2017 D, GO Bonds
| 5.00% | | 02/01/2041 | | $ | 4,905 | | $ 5,086,381 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 500 | | 525,753 |
Washington (State of), Series 2018 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 105 | | 110,227 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2040 | | | 305 | | 319,954 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 500 | | 523,464 |
Washington (State of), Series 2018 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 185 | | 193,353 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2039 | | | 75 | | 80,811 |
Washington (State of), Series 2019 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 500 | | 531,666 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 30 | | 32,143 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 35 | | 38,000 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 10 | | 10,825 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 80 | | 86,372 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 10 | | 10,765 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 60 | | 63,825 |
Washington (State of), Series 2020 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 20 | | 21,477 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 200 | | 215,210 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 40 | | 42,931 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2043 | | | 35 | | 37,469 |
Washington (State of), Series 2020 C, GO Bonds
| 5.00% | | 02/01/2044 | | | 10 | | 10,682 |
Washington (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2040 | | | 1,030 | | 1,116,272 |
Washington (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 06/01/2041 | | | 45 | | 48,623 |
Washington (State of), Series 2021 C, GO Bonds
| 5.00% | | 02/01/2045 | | | 1,055 | | 1,137,926 |
Washington (State of), Series R-2024C, Ref. GO Bonds
| 5.00% | | 08/01/2039 | | | 20 | | 23,027 |
Washington (State of), Series R-2024C, Ref. GO Bonds
| 5.00% | | 08/01/2040 | | | 10 | | 11,441 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2040 | | | 60 | | 66,107 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 835 | | 913,578 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 1,000 | | 1,087,359 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2045 | | | 1,455 | | 1,577,961 |
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2046 | | | 1,000 | | 1,078,791 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2039 | | | 1,010 | | 1,135,447 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2040 | | | 290 | | 323,259 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2041 | | | 200 | | 222,072 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2042 | | | 1,210 | | 1,338,227 |
Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds
| 5.00% | | 08/01/2043 | | | 1,080 | | 1,190,093 |
Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2041 | | | 185 | | 204,263 |
Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2040 | | | 1,000 | | 1,124,061 |
Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds
| 5.00% | | 08/01/2044 | | | 85 | | 94,231 |
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 65 | | 73,248 |
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
| 5.00% | | 02/01/2043 | | | 705 | | 788,136 |
Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds
| 5.00% | | 02/01/2047 | | | 205 | | 225,361 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2044 | | | 155 | | 170,241 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2045 | | | 290 | | 317,580 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2046 | | | 65 | | 70,761 |
Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds
| 5.00% | | 08/01/2047 | | | 500 | | 542,963 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2040 | | | 1,035 | | 1,147,049 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2042 | | | 100 | | 110,010 |
Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds
| 5.00% | | 02/01/2044 | | | 1,020 | | 1,114,381 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2043 | | | 55 | | 60,901 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2044 | | | 35 | | 38,614 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2045 | | | 10 | | 11,004 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2046 | | | 125 | | 136,676 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2047 | | | 65 | | 70,881 |
Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds
| 5.00% | | 02/01/2048 | | | 45 | | 48,945 |
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2041 | | | 80 | | 87,838 |
Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds
| 5.00% | | 08/01/2043 | | | 70 | | 76,338 |
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
| 5.00% | | 07/01/2048 | | | 170 | | 173,457 |
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
| 3.00% | | 07/01/2058 | | | 75 | | 53,276 |
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
| 4.00% | | 07/01/2058 | | | 105 | | 94,854 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Washington-(continued) | | | | | | | | |
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
| 4.00% | | 07/01/2058 | | $ | 45 | | $ 39,667 |
Washington (State of) Convention Center Public Facilities District, Series 2018, RB
| 5.00% | | 07/01/2058 | | | 1,250 | | 1,263,656 |
Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A-1, Ref. RB
| 4.00% | | 08/01/2044 | | | 305 | | 292,711 |
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, Ref. RB
| 4.13% | | 08/15/2043 | | | 180 | | 172,669 |
Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. RB
| 4.00% | | 08/15/2041 | | | 1,000 | | 960,822 |
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB
| 4.25% | | 10/01/2040 | | | 85 | | 81,044 |
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB
| 5.00% | | 10/01/2042 | | | 275 | | 275,002 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
| 4.00% | | 09/01/2045 | | | 20 | | 18,727 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB
| 5.00% | | 09/01/2055 | | | 3,000 | | 3,123,911 |
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB
| 4.00% | | 08/15/2042 | | | 1,000 | | 908,729 |
Washington (State of) Higher Education Facilities Authority (Gonzaga University), Series 2019 A, RB
| 3.00% | | 04/01/2049 | | | 310 | | 246,188 |
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB
| 4.00% | | 05/01/2050 | | | 1,200 | | 1,099,049 |
Washington Biomedical Research Properties 3.2, Series 2015 A, RB
| 4.00% | | 01/01/2048 | | | 480 | | 464,603 |
Washington State University, Series 2015, Ref. RB
| 5.00% | | 04/01/2040 | | | 25 | | 25,202 |
| | | | | | | | | 57,065,397 |
| West Virginia-0.13% | | | | | | | | |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 4.00% | | 12/01/2042 | | | 740 | | 735,860 |
West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds
| 4.00% | | 06/01/2043 | | | 15 | | 14,871 |
West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds
| 5.00% | | 12/01/2043 | | | 10 | | 10,565 |
West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB
| 6.00% | | 09/01/2048 | | | 125 | | 143,070 |
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), Series 2018, Ref. RB
| 5.00% | | 01/01/2043 | | | 1,000 | | 1,016,771 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2017 A, RB
| 4.25% | | 06/01/2047 | | | 5 | | 4,876 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2017, RB
| 5.00% | | 06/01/2042 | | | 480 | | 490,832 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
| 4.25% | | 06/01/2047 | | | 360 | | 356,682 |
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB
| 4.38% | | 06/01/2053 | | | 70 | | 68,912 |
West Virginia (State of) Parkways Authority, Series 2018, RB
| 5.00% | | 06/01/2043 | | | 200 | | 208,268 |
West Virginia (State of) Parkways Authority, Series 2018, RB
| 4.00% | | 06/01/2047 | | | 80 | | 78,343 |
West Virginia (State of) Parkways Authority, Series 2021, RB
| 5.00% | | 06/01/2047 | | | 70 | | 74,625 |
West Virginia (State of) Parkways Authority, Series 2021, RB
| 4.00% | | 06/01/2051 | | | 605 | | 582,739 |
| | | | | | | | | 3,786,414 |
| Wisconsin-0.97% | | | | | | | | |
University of Wisconsin Hospitals & Clinics, Series 2021, Ref. RB
| 4.00% | | 04/01/2046 | | | 50 | | 47,985 |
University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB
| 4.00% | | 04/01/2051 | | | 25 | | 23,975 |
Wisconsin (State of) Health & Educational Facilities Authority (Covenant Communities, Inc.), Series 2018 A, RB
| 4.00% | | 07/01/2048 | | | 170 | | 138,494 |
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016, RB
| 3.50% | | 02/15/2046 | | | 165 | | 127,024 |
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2017, Ref. RB
| 4.00% | | 02/15/2042 | | | 495 | | 452,832 |
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2017, Ref. RB
| 5.00% | | 02/15/2047 | | | 1,000 | | 1,002,301 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 4.50% | | 11/15/2039 | | | 500 | | 500,863 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Wisconsin-(continued) | | | | | | | | |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB
| 4.00% | | 11/15/2046 | | $ | 430 | | $ 410,687 |
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB
| 4.00% | | 11/15/2039 | | | 1,000 | | 1,001,258 |
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB
| 4.00% | | 08/15/2046 | | | 1,075 | | 1,052,033 |
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB
| 3.00% | | 08/15/2051 | | | 500 | | 384,679 |
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB
| 4.00% | | 08/15/2047 | | | 3,210 | | 3,085,363 |
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), Series 2016 B, RB
| 5.00% | | 02/15/2042 | | | 70 | | 70,346 |
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB
| 4.00% | | 12/01/2046 | | | 1,360 | | 1,319,460 |
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB
| 4.00% | | 12/01/2051 | | | 2,500 | | 2,369,244 |
Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB
| 4.13% | | 04/01/2046 | | | 275 | | 267,880 |
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group), Series 2015, Ref. RB(b)
| 5.00% | | 11/12/2024 | | | 1,500 | | 1,505,294 |
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref. RB
| 3.13% | | 12/15/2049 | | | 55 | | 43,556 |
Wisconsin (State of) Health & Educational Facilities Authority (ThedaCare, Inc.), Series 2015, Ref. RB
| 5.00% | | 12/15/2044 | | | 500 | | 500,329 |
Wisconsin (State of) Public Finance Authority, Series 2023 A, RB(e)
| 5.75% | | 07/01/2063 | | | 800 | | 864,685 |
Wisconsin (State of) Public Finance Authority, Series 2023, RB
| 5.75% | | 07/01/2062 | | | 354 | | 379,862 |
Wisconsin (State of) Public Finance Authority (Bayhealth Medical Center Project), Series 2021 A, RB
| 3.00% | | 07/01/2050 | | | 1,000 | | 747,017 |
Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020 A, Ref. RB
| 3.00% | | 01/01/2050 | | | 275 | | 212,569 |
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB
| 4.00% | | 10/01/2052 | | | 1,010 | | 955,507 |
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)(a)
| 5.50% | | 07/01/2052 | | | 800 | | 870,729 |
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
| 5.00% | | 03/01/2041 | | | 5,000 | | 5,123,969 |
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB
| 5.00% | | 03/01/2046 | | | 20 | | 20,449 |
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB
| 4.25% | | 06/01/2041 | | | 1,215 | | 1,191,033 |
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB
| 4.00% | | 06/01/2045 | | | 1,000 | | 927,294 |
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 06/01/2045 | | | 3,100 | | 2,533,837 |
| | | | | | | | | 28,130,554 |
| Wyoming-0.12% | | | | | | | | |
University of Wyoming, Series 2021 C, RB, (INS - AGM)(a)
| 4.00% | | 06/01/2051 | | | 3,600 | | 3,467,541 |
TOTAL INVESTMENTS IN SECURITIES-98.81%
(Cost $2,960,334,694)
| | 2,872,285,028 |
OTHER ASSETS LESS LIABILITIES-1.19%
| | 34,499,762 |
NET ASSETS-100.00%
| | $2,906,784,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)
August 31, 2024
| Investment Abbreviations: |
| AGC | -Assured Guaranty Corp. |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| PCR | -Pollution Control Revenue Bonds |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Wts. | -Warrants |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (c) | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| (d) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| Entities | Percentage |
Assured Guaranty Municipal Corp
| 7.83% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.77% | | | | | | | | |
| Guam-0.16% | | | | | | | | |
Guam (Territory of) Waterworks Authority, Series 2020 A, RB
| 5.00% | | 01/01/2050 | | $ | 200 | | $ 206,790 |
| New York-98.61% | | | | | | | | |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
| 4.00% | | 11/01/2044 | | | 1,000 | | 995,559 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019 A, RB
| 5.00% | | 11/01/2049 | | | 2,500 | | 2,674,002 |
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2023 A, RB
| 5.00% | | 11/01/2048 | | | 500 | | 554,396 |
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 04/01/2045 | | | 1,000 | | 785,131 |
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB
| 5.00% | | 07/01/2041 | | | 1,000 | | 1,001,692 |
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB
| 5.00% | | 07/01/2046 | | | 500 | | 503,433 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 5.00% | | 02/15/2042 | | | 450 | | 464,833 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB
| 4.00% | | 02/15/2044 | | | 500 | | 495,644 |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGM)(a)
| 4.00% | | 02/15/2047 | | | 20 | | 19,613 |
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB
| 5.00% | | 09/01/2041 | | | 2,000 | | 2,060,374 |
Metropolitan Transportation Authority, Series 2013 B, RB
| 4.00% | | 11/15/2043 | | | 65 | | 63,344 |
Metropolitan Transportation Authority, Series 2016 C-1, RB
| 4.00% | | 11/15/2041 | | | 50 | | 49,577 |
Metropolitan Transportation Authority, Series 2016 C-1, RB
| 4.00% | | 11/15/2046 | | | 50 | | 48,178 |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB
| 4.00% | | 11/15/2046 | | | 30 | | 29,030 |
Metropolitan Transportation Authority, Series 2020 A-1, RB
| 4.00% | | 11/15/2040 | | | 5 | | 5,009 |
Metropolitan Transportation Authority, Series 2020 A-1, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2054 | | | 110 | | 106,297 |
Metropolitan Transportation Authority, Series 2020 D-1, RB
| 5.00% | | 11/15/2043 | | | 55 | | 58,512 |
Metropolitan Transportation Authority, Series 2020 D-2, RB
| 4.00% | | 11/15/2048 | | | 65 | | 62,643 |
Metropolitan Transportation Authority, Series 2021 A-2, RB
| 4.00% | | 11/15/2041 | | | 100 | | 99,761 |
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
| 5.00% | | 11/15/2044 | | | 80 | | 87,127 |
Metropolitan Transportation Authority, Series 2024 A, Ref. RB
| 5.00% | | 11/15/2047 | | | 100 | | 107,767 |
Metropolitan Transportation Authority, Series 2024 A, Ref. RB, (INS - BAM)(a)
| 4.00% | | 11/15/2048 | | | 200 | | 195,886 |
Metropolitan Transportation Authority, Subseries 2014 D-1, RB
| 5.00% | | 11/15/2039 | | | 100 | | 100,226 |
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
| 4.00% | | 11/15/2045 | | | 25 | | 24,350 |
Metropolitan Transportation Authority (Bidding Group 1), Series 2021 A-1, RB
| 4.00% | | 11/15/2046 | | | 100 | | 97,049 |
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB
| 5.25% | | 11/15/2056 | | | 1,000 | | 1,014,605 |
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB
| 5.00% | | 11/15/2047 | | | 25 | | 25,704 |
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(a)
| 5.00% | | 11/15/2044 | | | 800 | | 842,357 |
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2049 | | | 500 | | 487,088 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2043 | | | 50 | | 49,811 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 4.75% | | 11/15/2045 | | | 400 | | 410,295 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB
| 5.25% | | 11/15/2055 | | | 1,000 | | 1,051,636 |
Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB
| 4.00% | | 11/15/2045 | | | 20 | | 19,474 |
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 500 | | 487,260 |
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB
| 5.00% | | 11/15/2051 | | | 1,240 | | 1,241,685 |
New York & New Jersey (States of) Port Authority, One Hundred Eighty Fourth Series 2014, RB
| 5.00% | | 09/01/2039 | | | 100 | | 100,136 |
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB
| 5.25% | | 10/15/2055 | | | 1,000 | | 1,019,817 |
New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB
| 3.25% | | 12/01/2042 | | | 30 | | 25,715 |
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
| 5.00% | | 07/15/2049 | | | 25 | | 27,594 |
New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB
| 5.00% | | 07/15/2054 | | | 200 | | 219,532 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 4.00% | | 09/01/2043 | | | 115 | | 114,137 |
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB
| 5.00% | | 09/01/2048 | | | 5 | | 5,214 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB
| 5.00% | | 11/15/2047 | | | 1,000 | | 1,037,676 |
New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB
| 5.00% | | 07/15/2053 | | | 100 | | 109,007 |
New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB
| 5.00% | | 07/15/2042 | | | 40 | | 45,606 |
New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB
| 4.00% | | 09/01/2049 | | | 100 | | 100,032 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2040 | | | 500 | | 504,140 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB
| 4.00% | | 07/15/2041 | | | 750 | | 753,124 |
New York (City of), NY, Series 2017 B-1, GO Bonds
| 3.25% | | 10/01/2042 | | | 100 | | 88,205 |
New York (City of), NY, Series 2018 E-1, GO Bonds
| 3.63% | | 03/01/2045 | | | 55 | | 50,521 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 5.00% | | 10/01/2039 | | $ | 2,000 | | $ 2,151,380 |
New York (City of), NY, Series 2019 B-1, GO Bonds
| 3.00% | | 10/01/2041 | | | 20 | | 17,139 |
New York (City of), NY, Series 2020 C, GO Bonds
| 4.00% | | 08/01/2041 | | | 100 | | 100,250 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2042 | | | 20 | | 21,498 |
New York (City of), NY, Series 2020 C, GO Bonds
| 5.00% | | 08/01/2043 | | | 1,000 | | 1,072,434 |
New York (City of), NY, Series 2020 D-1, GO Bonds
| 3.00% | | 03/01/2045 | | | 90 | | 73,279 |
New York (City of), NY, Series 2020 D-1, GO Bonds
| 4.00% | | 03/01/2050 | | | 400 | | 391,023 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 5.00% | | 08/01/2047 | | | 85 | | 90,943 |
New York (City of), NY, Series 2021 A-1, GO Bonds
| 4.00% | | 08/01/2050 | | | 105 | | 102,619 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 3.00% | | 03/01/2041 | | | 30 | | 25,832 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 5.00% | | 03/01/2044 | | | 75 | | 80,600 |
New York (City of), NY, Series 2021 F-1, GO Bonds
| 4.00% | | 03/01/2047 | | | 175 | | 171,738 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 5.25% | | 09/01/2043 | | | 45 | | 50,096 |
New York (City of), NY, Series 2022 A-1, GO Bonds
| 4.00% | | 09/01/2046 | | | 200 | | 197,111 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2042 | | | 45 | | 49,830 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2047 | | | 15 | | 16,304 |
New York (City of), NY, Series 2023 A, GO Bonds
| 5.00% | | 08/01/2048 | | | 15 | | 16,249 |
New York (City of), NY, Series 2024 A, GO Bonds
| 5.00% | | 08/01/2051 | | | 1,000 | | 1,079,506 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2042 | | | 80 | | 89,063 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2043 | | | 50 | | 55,473 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2044 | | | 35 | | 38,626 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.00% | | 03/01/2045 | | | 100 | | 109,987 |
New York (City of), NY, Series 2024 C, GO Bonds
| 4.00% | | 03/01/2046 | | | 100 | | 98,576 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.25% | | 03/01/2047 | | | 100 | | 111,399 |
New York (City of), NY, Series 2024 C, GO Bonds
| 5.25% | | 03/01/2053 | | | 280 | | 309,202 |
New York (City of), NY, Series 2024 D, GO Bonds
| 5.50% | | 04/01/2048 | | | 100 | | 113,667 |
New York (City of), NY, Series 2024 D, GO Bonds
| 5.25% | | 04/01/2054 | | | 300 | | 331,267 |
New York (City of), NY, Subseries 2016 A-1, GO Bonds
| 4.00% | | 08/01/2039 | | | 50 | | 50,030 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2040 | | | 100 | | 106,048 |
New York (City of), NY, Subseries 2018 D-1, GO Bonds
| 5.00% | | 12/01/2042 | | | 1,000 | | 1,056,133 |
New York (City of), NY, Subseries 2018 F-1, GO Bonds
| 5.00% | | 04/01/2043 | | | 210 | | 219,660 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 5.00% | | 08/01/2039 | | | 25 | | 26,835 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 4.00% | | 08/01/2040 | | | 5 | | 5,030 |
New York (City of), NY, Subseries 2019 A-1, GO Bonds
| 3.00% | | 08/01/2045 | | | 35 | | 28,384 |
New York (City of), NY, Subseries 2020 B-1, GO Bonds
| 3.00% | | 10/01/2044 | | | 15 | | 12,312 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2039 | | | 500 | | 568,805 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2040 | | | 50 | | 56,430 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2041 | | | 190 | | 213,619 |
New York (City of), NY, Subseries 2022 B-1, GO Bonds
| 5.25% | | 10/01/2042 | | | 30 | | 33,572 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.25% | | 05/01/2042 | | | 10 | | 11,137 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.25% | | 05/01/2043 | | | 20 | | 22,182 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.50% | | 05/01/2045 | | | 55 | | 61,703 |
New York (City of), NY, Subseries 2022 D-1, GO Bonds
| 5.50% | | 05/01/2046 | | | 125 | | 139,881 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.00% | | 04/01/2040 | | | 10 | | 11,147 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2043 | | | 100 | | 112,027 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 5.25% | | 04/01/2047 | | | 200 | | 220,930 |
New York (City of), NY, Subseries 2023 E-1, GO Bonds
| 4.00% | | 04/01/2050 | | | 500 | | 488,746 |
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.00% | | 01/01/2046 | | | 100 | | 81,480 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.00% | | 03/01/2049 | | | 2,000 | | 1,556,488 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB
| 5.25% | | 06/15/2052 | | | 100 | | 110,187 |
New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB
| 4.00% | | 06/15/2046 | | | 200 | | 199,522 |
New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB
| 3.00% | | 06/15/2046 | | | 200 | | 163,073 |
New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB
| 5.00% | | 06/15/2048 | | | 5 | | 5,163 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
| 3.50% | | 06/15/2040 | | | 25 | | 24,294 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB
| 5.00% | | 06/15/2040 | | | 100 | | 104,912 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB
| 5.00% | | 06/15/2040 | | | 200 | | 209,824 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2039 | | $ | 10 | | $ 10,608 |
New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB
| 5.00% | | 06/15/2040 | | | 200 | | 211,362 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB
| 4.00% | | 06/15/2049 | | | 1,000 | | 978,523 |
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB
| 4.00% | | 06/15/2049 | | | 100 | | 97,852 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB
| 5.00% | | 06/15/2040 | | | 20 | | 21,600 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB
| 4.00% | | 06/15/2043 | | | 200 | | 200,392 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
| 3.00% | | 06/15/2050 | | | 1,000 | | 792,266 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB
| 4.00% | | 06/15/2050 | | | 1,000 | | 982,377 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB
| 4.00% | | 06/15/2042 | | | 75 | | 75,173 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB
| 4.00% | | 06/15/2042 | | | 65 | | 65,165 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB
| 5.00% | | 06/15/2041 | | | 100 | | 108,651 |
New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB
| 5.00% | | 06/15/2050 | | | 1,000 | | 1,060,476 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB
| 5.00% | | 06/15/2048 | | | 2,000 | | 2,143,770 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB
| 3.00% | | 06/15/2044 | | | 5 | | 4,252 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
| 4.00% | | 06/15/2051 | | | 1,000 | | 980,408 |
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB
| 5.00% | | 06/15/2051 | | | 1,000 | | 1,069,310 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB
| 5.00% | | 06/15/2047 | | | 60 | | 65,348 |
New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB
| 5.00% | | 06/15/2045 | | | 50 | | 54,565 |
New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB
| 4.13% | | 06/15/2047 | | | 2,000 | | 1,989,584 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB
| 5.00% | | 06/15/2040 | | | 115 | | 123,442 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
| 5.00% | | 06/15/2043 | | | 100 | | 111,739 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB
| 5.25% | | 06/15/2048 | | | 10 | | 11,170 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB
| 5.25% | | 06/15/2053 | | | 200 | | 222,270 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB
| 5.25% | | 06/15/2054 | | | 300 | | 333,172 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.00% | | 06/15/2044 | | | 100 | | 111,158 |
New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB
| 5.25% | | 06/15/2047 | | | 310 | | 347,238 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB(b)(c)
| 5.00% | | 10/28/2024 | | | 200 | | 200,581 |
New York (City of), NY Transitional Finance Authority, Series 2015 E-1, RB
| 5.00% | | 02/01/2041 | | | 300 | | 301,779 |
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB
| 5.00% | | 07/15/2040 | | | 100 | | 100,622 |
New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB
| 5.00% | | 05/01/2040 | | | 200 | | 205,070 |
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB
| 5.00% | | 07/15/2043 | | | 1,000 | | 1,017,596 |
New York (City of), NY Transitional Finance Authority, Series 2016, RB
| 4.00% | | 05/01/2042 | | | 35 | | 34,654 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB
| 5.00% | | 08/01/2039 | | | 15 | | 15,674 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
| 5.00% | | 08/01/2040 | | | 5 | | 5,214 |
New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB
| 4.00% | | 08/01/2042 | | | 100 | | 99,538 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 4.00% | | 08/01/2042 | | | 300 | | 298,615 |
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB
| 5.00% | | 08/01/2045 | | | 1,000 | | 1,035,239 |
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB
| 5.00% | | 02/01/2043 | | | 1,500 | | 1,547,094 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 5.00% | | 05/01/2042 | | | 230 | | 238,257 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 3.25% | | 05/01/2043 | | | 45 | | 40,328 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB
| 5.00% | | 05/01/2043 | | | 25 | | 25,862 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB
| 5.00% | | 02/01/2040 | | | 15 | | 15,528 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB
| 4.00% | | 05/01/2044 | | | 75 | | 74,492 |
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB
| 4.00% | | 07/15/2046 | | | 1,000 | | 985,916 |
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
| 4.00% | | 05/01/2043 | | | 100 | | 99,492 |
New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB
| 3.00% | | 05/01/2045 | | | 50 | | 41,432 |
New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB
| 3.00% | | 11/01/2047 | | | 2,000 | | 1,628,720 |
New York (City of), NY Transitional Finance Authority, Series 2019, RB
| 4.00% | | 11/01/2040 | | | 50 | | 50,342 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2039 | | | 25 | | 25,449 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2040 | | | 50 | | 50,584 |
New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB
| 4.00% | | 05/01/2045 | | | 10 | | 9,936 |
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
| 4.00% | | 11/01/2040 | | | 50 | | 50,563 |
New York (City of), NY Transitional Finance Authority, Series 2020 D, RB
| 4.00% | | 11/01/2042 | | | 35 | | 35,135 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2040 | | | 100 | | 101,167 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 5.00% | | 05/01/2041 | | | 25 | | 27,189 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2045 | | | 25 | | 24,839 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 3.00% | | 05/01/2046 | | | 90 | | 74,165 |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 4.00% | | 05/01/2046 | | | 10 | | 9,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2020, RB
| 3.00% | | 05/01/2048 | | $ | 1,000 | | $ 801,004 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 3.00% | | 08/01/2040 | | | 40 | | 35,981 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 4.00% | | 08/01/2045 | | | 5 | | 4,962 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 5.00% | | 08/01/2045 | | | 95 | | 102,666 |
New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB
| 4.00% | | 08/01/2048 | | | 5 | | 4,945 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2046 | | | 190 | | 188,336 |
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB
| 4.00% | | 02/01/2049 | | | 145 | | 142,626 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2041 | | | 20 | | 22,186 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2043 | | | 55 | | 60,430 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2044 | | | 20 | | 21,889 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 5.00% | | 08/01/2045 | | | 100 | | 109,053 |
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB
| 4.00% | | 08/01/2048 | | | 75 | | 74,177 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2042 | | | 20 | | 21,947 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2043 | | | 35 | | 38,269 |
New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB
| 5.00% | | 02/01/2044 | | | 65 | | 70,794 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2040 | | | 15 | | 15,216 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 4.00% | | 02/01/2041 | | | 125 | | 126,040 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2044 | | | 100 | | 108,913 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2047 | | | 390 | | 420,070 |
New York (City of), NY Transitional Finance Authority, Series 2022, RB
| 5.00% | | 02/01/2051 | | | 15 | | 16,071 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2044 | | | 30 | | 33,062 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2046 | | | 100 | | 109,396 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2047 | | | 10 | | 10,880 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2048 | | | 100 | | 108,588 |
New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB
| 5.00% | | 05/01/2053 | | | 250 | | 269,966 |
New York (City of), NY Transitional Finance Authority, Series 2023 C, RB
| 5.50% | | 05/01/2053 | | | 200 | | 225,367 |
New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB
| 5.00% | | 11/01/2041 | | | 40 | | 44,728 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.25% | | 02/01/2040 | | | 45 | | 51,368 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2042 | | | 70 | | 77,635 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2043 | | | 40 | | 44,163 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.00% | | 02/01/2045 | | | 100 | | 109,543 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 5.25% | | 02/01/2047 | | | 145 | | 160,383 |
New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB
| 4.00% | | 02/01/2051 | | | 400 | | 390,939 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.50% | | 05/01/2041 | | | 90 | | 105,140 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.00% | | 05/01/2042 | | | 30 | | 33,520 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.50% | | 05/01/2044 | | | 100 | | 114,994 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2048 | | | 180 | | 200,097 |
New York (City of), NY Transitional Finance Authority, Series 2023, RB
| 5.25% | | 05/01/2050 | | | 200 | | 221,867 |
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
| 5.00% | | 05/01/2046 | | | 100 | | 109,853 |
New York (City of), NY Transitional Finance Authority, Series 2024 B, RB
| 4.38% | | 05/01/2053 | | | 200 | | 203,232 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2039 | | | 100 | | 114,092 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2040 | | | 30 | | 34,070 |
New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB
| 5.00% | | 11/01/2041 | | | 1,000 | | 1,129,756 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2040 | | | 35 | | 39,705 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2041 | | | 25 | | 28,173 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2042 | | | 50 | | 56,003 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2043 | | | 100 | | 111,453 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2044 | | | 25 | | 27,738 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2046 | | | 60 | | 66,048 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2047 | | | 100 | | 109,434 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2048 | | | 80 | | 87,368 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.00% | | 02/01/2049 | | | 1,050 | | 1,144,304 |
New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB
| 5.25% | | 02/01/2053 | | | 300 | | 332,295 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2042 | | | 500 | | 561,362 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2043 | | | 5 | | 5,585 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2044 | | | 20 | | 22,239 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2046 | | | 15 | | 16,545 |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.00% | | 05/01/2047 | | | 100 | | 109,640 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB
| 5.25% | | 05/01/2048 | | $ | 100 | | $ 111,671 |
New York (City of), NY Transitional Finance Authority, Series 2024, RB
| 5.00% | | 05/01/2045 | | | 150 | | 166,090 |
New York (City of), NY Transitional Finance Authority, Series 2024, RB
| 5.25% | | 05/01/2049 | | | 100 | | 111,519 |
New York (City of), NY Transitional Finance Authority, Series 2024, RB
| 5.25% | | 05/01/2051 | | | 200 | | 222,689 |
New York (City of), NY Transitional Finance Authority, Series 2024, RB
| 5.00% | | 05/01/2052 | | | 100 | | 108,830 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 5.00% | | 08/01/2040 | | | 20 | | 20,579 |
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB
| 3.00% | | 08/01/2042 | | | 20 | | 17,224 |
New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB
| 5.00% | | 08/01/2040 | | | 10 | | 10,545 |
New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB
| 4.00% | | 05/01/2044 | | | 65 | | 64,299 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2040 | | | 30 | | 34,121 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.25% | | 11/01/2041 | | | 20 | | 22,645 |
New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB
| 5.50% | | 11/01/2045 | | | 300 | | 339,744 |
New York (State of) Dormitory Authority, Series 2017 A, RB
| 5.00% | | 03/15/2042 | | | 190 | | 196,002 |
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB
| 5.00% | | 02/15/2043 | | | 5 | | 5,226 |
New York (State of) Dormitory Authority, Series 2018 A, RB
| 5.00% | | 03/15/2043 | | | 10 | | 10,463 |
New York (State of) Dormitory Authority, Series 2018 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 10 | | 10,428 |
New York (State of) Dormitory Authority, Series 2018 E, Ref. RB
| 5.00% | | 03/15/2048 | | | 200 | | 209,389 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 20 | | 21,194 |
New York (State of) Dormitory Authority, Series 2020 A, RB
| 4.00% | | 07/01/2050 | | | 2,000 | | 1,942,363 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2041 | | | 85 | | 73,798 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2042 | | | 35 | | 30,076 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2045 | | | 20 | | 19,808 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2046 | | | 30 | | 29,695 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 4.00% | | 03/15/2048 | | | 85 | | 83,758 |
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB
| 3.00% | | 03/15/2049 | | | 1,000 | | 790,545 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 5.00% | | 02/15/2041 | | | 100 | | 107,683 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2047 | | | 600 | | 590,966 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 3.00% | | 02/15/2049 | | | 100 | | 79,222 |
New York (State of) Dormitory Authority, Series 2020 D, Ref. RB
| 4.00% | | 02/15/2049 | | | 100 | | 98,271 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2040 | | | 500 | | 505,022 |
New York (State of) Dormitory Authority, Series 2021 A, Ref. RB
| 4.00% | | 03/15/2047 | | | 100 | | 98,460 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 4.00% | | 03/15/2044 | | | 100 | | 99,145 |
New York (State of) Dormitory Authority, Series 2021 E, Ref. RB
| 4.00% | | 03/15/2047 | | | 100 | | 98,460 |
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(a)
| 4.25% | | 10/01/2051 | | | 500 | | 498,790 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2042 | | | 200 | | 200,388 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 40 | | 39,858 |
New York (State of) Dormitory Authority, Series 2022 A, Ref. RB
| 4.00% | | 03/15/2049 | | | 20 | | 19,709 |
New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGM)(a)
| 5.25% | | 10/01/2050 | | | 1,000 | | 1,084,368 |
New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB
| 5.00% | | 03/15/2053 | | | 100 | | 107,849 |
New York (State of) Dormitory Authority, Series 2024 A, RB
| 5.00% | | 03/15/2051 | | | 1,000 | | 1,092,929 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 80 | | 90,059 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2042 | | | 5 | | 5,598 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2043 | | | 105 | | 117,069 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2044 | | | 25 | | 27,790 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 100 | | 110,696 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 115 | | 126,914 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 4.00% | | 03/15/2047 | | | 100 | | 98,526 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.25% | | 03/15/2048 | | | 100 | | 111,801 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.25% | | 03/15/2049 | | | 100 | | 111,481 |
New York (State of) Dormitory Authority, Series 2024 A, Ref. RB
| 5.25% | | 03/15/2052 | | | 355 | | 394,223 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB
| 4.00% | | 02/15/2044 | | | 2,500 | | 2,471,590 |
New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB
| 3.00% | | 03/15/2041 | | | 75 | | 65,714 |
New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB
| 5.00% | | 03/15/2043 | | | 1,000 | | 1,046,327 |
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB
| 4.00% | | 07/01/2045 | | | 500 | | 406,047 |
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB
| 5.00% | | 07/01/2050 | | | 1,000 | | 1,065,199 |
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB
| 4.00% | | 07/01/2050 | | | 500 | | 483,289 |
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB
| 5.00% | | 02/15/2048 | | | 15 | | 15,897 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority (Group 4), Series 2020 A, Ref. RB
| 4.00% | | 03/15/2044 | | $ | 10 | | $ 9,922 |
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)
| 3.00% | | 02/01/2050 | | | 1,110 | | 863,447 |
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB
| 4.00% | | 07/01/2047 | | | 2,000 | | 1,966,522 |
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB
| 5.00% | | 07/01/2046 | | | 500 | | 508,120 |
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)
| 5.50% | | 07/01/2040 | | | 500 | | 594,395 |
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB
| 5.00% | | 07/01/2050 | | | 500 | | 525,762 |
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB
| 4.00% | | 07/01/2049 | | | 1,785 | | 1,735,623 |
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2052 | | | 4,000 | | 3,930,777 |
New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, (INS - AGM)(a)
| 4.00% | | 11/15/2061 | | | 1,490 | | 1,441,431 |
New York (State of) Thruway Authority, Series 2016 A, RB
| 5.00% | | 01/01/2046 | | | 1,000 | | 1,016,539 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 4.00% | | 01/01/2041 | | | 100 | | 99,991 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 3.00% | | 01/01/2046 | | | 130 | | 104,869 |
New York (State of) Thruway Authority, Series 2019 B, RB
| 4.00% | | 01/01/2050 | | | 250 | | 242,887 |
New York (State of) Thruway Authority, Series 2020 N, RB
| 3.00% | | 01/01/2049 | | | 2,000 | | 1,567,703 |
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB
| 3.00% | | 03/15/2049 | | | 1,000 | | 791,057 |
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
| 5.00% | | 01/01/2049 | | | 500 | | 552,617 |
New York (State of) Thruway Authority, Series 2024 P, Ref. RB
| 5.25% | | 01/01/2054 | | | 250 | | 280,736 |
New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2056 | | | 100 | | 96,639 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB
| 4.00% | | 03/15/2049 | | | 20 | | 19,587 |
New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB
| 5.00% | | 03/15/2040 | | | 35 | | 39,235 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 5.00% | | 03/15/2053 | | | 65 | | 69,966 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 5.00% | | 03/15/2055 | | | 200 | | 215,001 |
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB
| 4.13% | | 03/15/2057 | | | 100 | | 98,099 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2041 | | | 15 | | 16,729 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 5.00% | | 03/15/2042 | | | 100 | | 110,853 |
New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB
| 4.00% | | 03/15/2043 | | | 10 | | 9,965 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2055 | | | 100 | | 96,859 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2045 | | | 45 | | 49,129 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2046 | | | 95 | | 103,374 |
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 205 | | 221,669 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2045 | | | 55 | | 54,320 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 3.00% | | 03/15/2048 | | | 100 | | 80,007 |
New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2058 | | | 150 | | 144,809 |
New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2044 | | | 20 | | 19,802 |
New York (State of) Thruway Authority (Group 5), Series 2021 A-1, Ref. RB
| 4.00% | | 03/15/2057 | | | 1,000 | | 965,881 |
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
| 5.00% | | 12/15/2040 | | | 25 | | 29,086 |
New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB
| 5.00% | | 12/15/2041 | | | 10 | | 11,554 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2040 | | | 1,885 | | 1,906,176 |
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB
| 5.00% | | 11/15/2045 | | | 2,000 | | 2,016,667 |
New York Liberty Development Corp., Series 2021 1, Ref. RB
| 3.00% | | 02/15/2042 | | | 1,075 | | 914,544 |
New York Liberty Development Corp., Series 2021-1, Ref. RB
| 4.00% | | 02/15/2043 | | | 1,000 | | 989,326 |
New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB
| 3.00% | | 09/15/2043 | | | 445 | | 373,274 |
New York State Environmental Facilities Corp., Series 2024, Ref. RB
| 5.00% | | 06/15/2049 | | | 1,000 | | 1,109,941 |
New York State Environmental Facilities Corp., Series 2024, Ref. RB
| 5.25% | | 06/15/2053 | | | 1,000 | | 1,125,886 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 5.00% | | 03/15/2041 | | | 100 | | 107,384 |
New York State Urban Development Corp., Series 2019 A, Ref. RB
| 3.00% | | 03/15/2049 | | | 10 | | 8,065 |
New York State Urban Development Corp., Series 2020 A, RB
| 5.00% | | 03/15/2041 | | | 1,000 | | 1,088,219 |
New York State Urban Development Corp., Series 2020 A, RB
| 4.00% | | 03/15/2045 | | | 250 | | 247,940 |
New York State Urban Development Corp., Series 2020 A, RB
| 4.00% | | 03/15/2049 | | | 565 | | 555,048 |
New York State Urban Development Corp., Series 2020 C, Ref. RB
| 4.00% | | 03/15/2045 | | | 20 | | 19,835 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 3.00% | | 03/15/2047 | | | 100 | | 81,431 |
New York State Urban Development Corp., Series 2020 E, Ref. RB
| 3.00% | | 03/15/2049 | | | 10 | | 8,020 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 3.00% | | 03/15/2040 | | | 50 | | 44,755 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2043 | | | 100 | | 107,998 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York State Urban Development Corp., Series 2020, Ref. RB
| 5.00% | | 03/15/2044 | | $ | 10 | | $ 10,761 |
New York State Urban Development Corp., Series 2020, Ref. RB
| 3.00% | | 03/15/2048 | | | 145 | | 116,970 |
New York State Urban Development Corp., Series 2023, Ref. RB
| 5.00% | | 03/15/2063 | | | 200 | | 215,459 |
New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB
| 5.00% | | 03/15/2043 | | | 85 | | 94,892 |
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB
| 4.00% | | 03/15/2044 | | | 2,000 | | 1,989,699 |
New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB
| 4.00% | | 03/15/2043 | | | 100 | | 99,776 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2045 | | | 50 | | 54,991 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2046 | | | 75 | | 82,234 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2047 | | | 75 | | 81,969 |
New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB
| 5.00% | | 03/15/2048 | | | 25 | | 27,239 |
New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB
| 4.00% | | 03/15/2046 | | | 15 | | 14,826 |
New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB
| 3.00% | | 03/15/2050 | | | 1,000 | | 799,539 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2048 | | | 15 | | 16,241 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2049 | | | 20 | | 21,615 |
New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB
| 5.00% | | 03/15/2050 | | | 15 | | 16,200 |
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
| 5.00% | | 03/15/2049 | | | 45 | | 49,086 |
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
| 5.00% | | 03/15/2050 | | | 25 | | 27,249 |
New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB
| 5.00% | | 03/15/2052 | | | 30 | | 32,625 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 4.00% | | 12/01/2039 | | | 500 | | 501,201 |
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB
| 4.00% | | 12/01/2042 | | | 1,000 | | 989,488 |
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB
| 5.00% | | 12/01/2043 | | | 500 | | 532,678 |
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB
| 5.00% | | 11/15/2046 | | | 1,470 | | 1,503,610 |
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB
| 4.00% | | 05/15/2046 | | | 1,000 | | 991,114 |
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
| 3.00% | | 05/15/2051 | | | 40 | | 31,396 |
Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB
| 4.00% | | 05/15/2051 | | | 100 | | 98,376 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.00% | | 05/15/2040 | | | 60 | | 66,747 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.25% | | 05/15/2041 | | | 10 | | 11,244 |
Triborough Bridge & Tunnel Authority, Series 2022 C, RB
| 5.25% | | 05/15/2052 | | | 1,000 | | 1,090,033 |
Triborough Bridge & Tunnel Authority, Series 2022 D-2, RB
| 4.50% | | 05/15/2047 | | | 10 | | 10,264 |
Triborough Bridge & Tunnel Authority, Series 2023 A, RB
| 5.00% | | 05/15/2053 | | | 35 | | 37,940 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2041 | | | 5 | | 5,627 |
Triborough Bridge & Tunnel Authority, Series 2023 C, RB
| 5.00% | | 11/15/2043 | | | 5 | | 5,566 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.00% | | 05/15/2049 | | | 100 | | 109,716 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.00% | | 05/15/2054 | | | 1,000 | | 1,091,196 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 4.13% | | 05/15/2064 | | | 425 | | 415,386 |
Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB
| 5.25% | | 05/15/2064 | | | 500 | | 550,104 |
Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB
| 5.25% | | 05/15/2054 | | | 300 | | 332,865 |
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
| 5.00% | | 11/15/2048 | | | 500 | | 545,175 |
Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB
| 5.25% | | 11/15/2053 | | | 1,000 | | 1,104,797 |
Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB
| 5.00% | | 11/15/2039 | | | 5 | | 5,631 |
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, RB
| 5.50% | | 05/15/2052 | | | 200 | | 222,946 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 5.00% | | 11/15/2051 | | | 2,500 | | 2,663,183 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB
| 5.00% | | 11/15/2056 | | | 15 | | 15,934 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB
| 5.25% | | 05/15/2052 | | | 90 | | 99,023 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB
| 5.00% | | 05/15/2047 | | | 30 | | 32,490 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB
| 5.00% | | 05/15/2047 | | | 35 | | 37,915 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 4.00% | | 05/15/2057 | | | 100 | | 97,271 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB
| 5.25% | | 05/15/2062 | | | 200 | | 217,712 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 4.00% | | 05/15/2048 | | | 100 | | 98,487 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 5.00% | | 05/15/2048 | | | 20 | | 21,832 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB
| 4.50% | | 05/15/2063 | | | 300 | | 305,323 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB
| 5.25% | | 05/15/2064 | | $ | 100 | | $ 109,156 |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-3 RB
| 5.25% | | 05/15/2064 | | | 100 | | 108,710 |
| | | | | | | | | 126,356,425 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.77%
(Cost $131,680,683)
| | 126,563,215 |
OTHER ASSETS LESS LIABILITIES-1.23%
| | 1,572,300 |
NET ASSETS-100.00%
| | $128,135,515 |
| Investment Abbreviations: |
| AGM | -Assured Guaranty Municipal Corp. |
| AMBAC | -American Municipal Bond Assurance Corp. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (d) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage |
Assured Guaranty Municipal Corp
| 8.21% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred ETF (PGX)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Preferred Stocks-99.87% |
| Automobiles-1.99% |
| Ford Motor Co. | | | | |
Pfd., 6.00%
| | 1,284,784 | | $ 32,170,992 |
Pfd., 6.20%
| | 1,208,796 | | 30,437,483 |
Pfd., 6.50%(b)
| | 968,126 | | 24,687,213 |
| | | | | 87,295,688 |
| Banks-32.98% |
| Associated Banc-Corp | | | | |
Series F, Pfd., 5.63%(b)
| | 170,587 | | 3,739,267 |
Series E, Pfd., 5.88%(b)
| | 154,293 | | 3,524,052 |
Pfd., 6.63%(b)(c)
| | 494,430 | | 11,772,378 |
| Bank of America Corp. | | | | |
Series PP, Pfd., 4.13%(b)
| | 1,572,467 | | 30,144,192 |
Series QQ, Pfd., 4.25%(b)
| | 2,094,107 | | 41,170,144 |
Series NN, Pfd., 4.38%(b)
| | 1,759,761 | | 35,617,563 |
Series SS, Pfd., 4.75%
| | 1,090,286 | | 23,659,206 |
Series LL, Pfd., 5.00%(b)
| | 2,121,474 | | 47,945,312 |
Series KK, Pfd., 5.38%(b)
| | 2,363,576 | | 56,418,559 |
Series HH, Pfd., 5.88%
| | 1,394,997 | | 34,847,025 |
Series GG, Pfd., 6.00%(b)
| | 2,170,090 | | 54,664,567 |
Series K, Pfd., 6.45%(b)
| | 1,348,966 | | 34,816,812 |
| Bank of Hawaii Corp. | | | | |
Series A, Pfd., 4.38%(b)
| | 293,691 | | 5,210,078 |
Pfd., 8.00%
| | 260,961 | | 6,818,911 |
Bank OZK, Series A, Pfd., 4.63%(b)
| | 564,704 | | 9,808,909 |
Cadence Bank, Series A, Pfd., 5.50%(b)
| | 297,352 | | 6,360,359 |
| Citizens Financial Group, Inc. | | | | |
Series E, Pfd., 5.00%
| | 727,723 | | 15,602,381 |
Pfd., 7.38%(b)
| | 638,396 | | 16,879,190 |
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b)
| | 232,071 | | 4,859,567 |
| Fifth Third Bancorp | | | | |
Series K, Pfd., 4.95%(b)
| | 401,010 | | 8,461,311 |
Series A, Pfd., 6.00%(b)
| | 318,743 | | 8,029,136 |
| First Citizens BancShares, Inc. | | | | |
Series A, Pfd., 5.38%(b)
| | 580,626 | | 12,982,797 |
Series C, Pfd., 5.63%(b)
| | 308,468 | | 7,107,103 |
| First Horizon Corp. | | | | |
Series F, Pfd., 4.70%
| | 231,978 | | 4,479,495 |
Series E, Pfd., 6.50%(b)
| | 246,129 | | 6,099,077 |
Fulton Financial Corp., Series A, Pfd., 5.13%(b)
| | 314,359 | | 5,821,929 |
Hancock Whitney Corp., Pfd., 6.25%(b)
| | 278,365 | | 6,833,861 |
| Huntington Bancshares, Inc. | | | | |
Series H, Pfd., 4.50%(b)
| | 794,367 | | 14,910,269 |
Series C, Pfd., 5.70%(b)
| | 294,993 | | 7,038,533 |
Series J, Pfd., 6.88%(b)(c)
| | 527,937 | | 13,383,203 |
| JPMorgan Chase & Co. | | | | |
Series MM, Pfd., 4.20%(b)
| | 3,194,748 | | 64,789,489 |
Series JJ, Pfd., 4.55%(b)
| | 2,394,734 | | 51,558,623 |
Series LL, Pfd., 4.63%(b)
| | 2,969,638 | | 65,718,089 |
Series GG, Pfd., 4.75%(b)
| | 1,438,180 | | 32,718,595 |
Series DD, Pfd., 5.75%
| | 2,724,407 | | 68,028,443 |
Series EE, Pfd., 6.00%
| | 2,971,226 | | 74,934,320 |
| | Shares | | Value |
| Banks-(continued) |
| KeyCorp | | | | |
Series G, Pfd., 5.63%
| | 722,119 | | $ 16,204,350 |
Series F, Pfd., 5.65%(b)
| | 684,430 | | 15,550,250 |
Series E, Pfd., 6.13%(b)(c)
| | 810,078 | | 20,008,927 |
Pfd., 6.20%(b)(c)
| | 959,048 | | 23,266,505 |
| M&T Bank Corp. | | | | |
Series H, Pfd., 5.63%(b)(c)
| | 413,237 | | 10,463,161 |
Series J, Pfd., 7.50%(b)
| | 1,209,907 | | 32,776,381 |
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(b)(c)
| | 81,174 | | 1,647,832 |
| Old National Bancorp | | | | |
Series A, Pfd., 7.00%(b)
| | 177,842 | | 4,465,613 |
Series C, Pfd., 7.00%
| | 192,853 | | 4,825,182 |
Popular Capital Trust II, Pfd., 6.13%
| | 51,491 | | 1,302,722 |
| Regions Financial Corp. | | | | |
Series E, Pfd., 4.45%
| | 641,806 | | 11,892,665 |
Series C, Pfd., 5.70%(c)
| | 802,389 | | 19,080,810 |
Pfd., 6.95%(c)
| | 605,839 | | 15,436,778 |
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%
| | 488,839 | | 10,094,525 |
| Truist Financial Corp. | | | | |
Series R, Pfd., 4.75%(b)
| | 1,491,111 | | 31,641,375 |
Series O, Pfd., 5.25%(b)
| | 924,520 | | 21,772,446 |
| U.S. Bancorp | | | | |
Series L, Pfd., 3.75%(b)
| | 808,635 | | 14,207,717 |
Series M, Pfd., 4.00%(b)
| | 1,238,845 | | 23,228,344 |
Series O, Pfd., 4.50%(b)
| | 672,853 | | 14,264,484 |
Series K, Pfd., 5.50%
| | 948,989 | | 23,487,478 |
Valley National Bancorp, Series C, Pfd., 8.25%(c)
| | 48,606 | | 1,243,342 |
WaFd, Inc., Series A, Pfd., 4.88%(b)
| | 470,563 | | 8,178,385 |
Webster Financial Corp., Series F, Pfd., 5.25%(b)
| | 244,833 | | 5,173,321 |
| Wells Fargo & Co. | | | | |
Series DD, Pfd., 4.25%(b)
| | 2,013,721 | | 39,287,697 |
Series CC, Pfd., 4.38%(b)
| | 1,693,735 | | 33,739,201 |
Series AA, Pfd., 4.70%(b)
| | 1,875,638 | | 39,444,667 |
Series Z, Pfd., 4.75%(b)
| | 3,218,366 | | 67,070,747 |
Series Y, Pfd., 5.63%
| | 1,113,000 | | 26,567,310 |
Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)
| | 486,896 | | 9,806,085 |
Wintrust Financial Corp., Series E, Pfd., 6.88%(b)(c)
| | 19,020 | | 475,500 |
| | | | | 1,443,356,545 |
| Broadline Retail-0.33% |
| QVC, Inc. | | | | |
Pfd., 6.25%
| | 797,504 | | 9,897,025 |
Pfd., 6.38%(b)
| | 351,990 | | 4,424,514 |
| | | | | 14,321,539 |
| Capital Markets-11.08% |
| Affiliated Managers Group, Inc. | | | | |
Pfd., 4.20%(b)
| | 326,188 | | 5,652,838 |
Pfd., 4.75%
| | 450,131 | | 8,818,066 |
Pfd., 5.88%(b)
| | 485,235 | | 11,495,217 |
Pfd., 6.75%(b)
| | 727,174 | | 18,622,926 |
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)
| | 372,658 | | 6,092,958 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
| | Shares | | Value |
| Capital Markets-(continued) |
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)(b)
| | 625,854 | | $ 11,265,372 |
| Brookfield Oaktree Holdings LLC | | | | |
Series B, Pfd., 6.55%
| | 375,259 | | 8,424,565 |
Series A, Pfd., 6.63%
| | 300,930 | | 6,963,520 |
| Charles Schwab Corp. (The) | | | | |
Series J, Pfd., 4.45%(b)
| | 963,897 | | 20,579,201 |
Series D, Pfd., 5.95%(b)
| | 1,220,139 | | 30,637,690 |
| Morgan Stanley | | | | |
Series O, Pfd., 4.25%(b)
| | 2,102,416 | | 40,997,112 |
Series L, Pfd., 4.88%(b)
| | 869,104 | | 19,580,913 |
Series K, Pfd., 5.85% (3 mo. USD LIBOR + 3.49%)(b)(d)
| | 1,809,771 | | 44,846,125 |
Series I, Pfd., 6.38% (3 mo. USD LIBOR + 3.71%)(b)(d)
| | 1,756,229 | | 44,151,597 |
Series P, Pfd., 6.50%(b)
| | 1,614,748 | | 41,547,466 |
Series Q, Pfd., 6.63%(b)
| | 1,075,189 | | 28,761,306 |
Series F, Pfd., 6.88%(b)
| | 1,316,866 | | 33,329,879 |
Series E, Pfd., 7.13%(b)
| | 1,070,670 | | 27,109,365 |
New Mountain Finance Corp., Pfd., 8.25%(b)
| | 185,094 | | 4,693,984 |
Northern Trust Corp., Series E, Pfd., 4.70%(b)
| | 650,958 | | 14,184,375 |
Prospect Capital Corp., Series A, Pfd., 5.35%(b)
| | 231,597 | | 4,198,854 |
State Street Corp., Series G, Pfd., 5.35% (3 mo. Term SOFR + 3.97%)(b)(d)
| | 805,343 | | 19,932,239 |
| Stifel Financial Corp. | | | | |
Series D, Pfd., 4.50%
| | 514,057 | | 9,869,894 |
Pfd., 5.20%(b)
| | 366,362 | | 8,514,253 |
Series C, Pfd., 6.13%(b)
| | 357,502 | | 8,962,575 |
Series B, Pfd., 6.25%(b)
| | 226,459 | | 5,643,358 |
| | | | | 484,875,648 |
| Chemicals-0.12% |
EIDP, Inc., Series B, Pfd., 4.50%(b)
| | 71,134 | | 5,381,287 |
| Commercial Services & Supplies-0.30% |
Pitney Bowes, Inc., Pfd., 6.70%(b)
| | 695,561 | | 13,201,748 |
| Consumer Finance-4.18% |
| Capital One Financial Corp. | | | | |
Series N, Pfd., 4.25%
| | 682,407 | | 12,481,224 |
Series L, Pfd., 4.38%(b)
| | 1,085,425 | | 20,481,970 |
Series K, Pfd., 4.63%(b)
| | 203,934 | | 4,099,073 |
Series J, Pfd., 4.80%(b)
| | 2,018,152 | | 40,443,766 |
Series I, Pfd., 5.00%
| | 2,402,018 | | 50,442,378 |
Navient Corp., Pfd., 6.00%(b)
| | 514,548 | | 10,146,887 |
| Synchrony Financial | | | | |
Series A, Pfd., 5.63%
| | 1,201,554 | | 23,610,536 |
Series B, Pfd., 8.25%(c)
| | 813,895 | | 21,031,047 |
| | | | | 182,736,881 |
| Diversified REITs-0.25% |
| Global Net Lease, Inc. | | | | |
Series B, Pfd., 6.88%
| | 218,268 | | 4,858,646 |
Series A, Pfd., 7.25%(b)
| | 275,598 | | 6,123,787 |
| | | | | 10,982,433 |
| | Shares | | Value |
| Diversified Telecommunication Services-5.08% |
| AT&T, Inc. | | | | |
Series C, Pfd., 4.75%(b)
| | 2,809,457 | | $ 58,352,422 |
Series A, Pfd., 5.00%(b)
| | 1,940,482 | | 42,418,936 |
Pfd., 5.35%(b)
| | 2,116,979 | | 50,701,647 |
Pfd., 5.63%(b)
| | 1,325,862 | | 33,053,740 |
| Qwest Corp. | | | | |
Pfd., 6.50%
| | 1,596,112 | | 22,425,374 |
Pfd., 6.75%
| | 1,053,648 | | 15,404,334 |
| | | | | 222,356,453 |
| Electric Utilities-7.41% |
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)(b)
| | 479,675 | | 8,921,955 |
| Brookfield Infrastructure Finance ULC | | | | |
Pfd., 5.00% (Canada)(b)
| | 402,807 | | 7,339,144 |
Pfd., 7.25% (Canada)(b)
| | 251,761 | | 6,356,965 |
| Duke Energy Corp. | | | | |
Pfd., 5.63%(b)
| | 798,949 | | 19,973,725 |
Series A, Pfd., 5.75%(b)
| | 1,604,005 | | 40,164,285 |
Entergy Arkansas LLC, Pfd., 4.88%(b)
| | 469,393 | | 10,575,424 |
Entergy Louisiana LLC, Pfd., 4.88%(b)
| | 428,544 | | 9,607,956 |
Entergy Mississippi LLC, Pfd., 4.90%(b)
| | 424,279 | | 9,783,874 |
Entergy New Orleans LLC, Pfd., 5.50%(b)
| | 378,354 | | 9,175,084 |
Georgia Power Co., Series 2017-A, Pfd., 5.00%(b)
| | 437,481 | | 10,783,907 |
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b)
| | 400,343 | | 9,928,506 |
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65%(b)
| | 1,111,565 | | 27,466,771 |
Pacific Gas and Electric Co., Series A, Pfd., 6.00%(b)
| | 168,488 | | 3,998,220 |
SCE Trust II, Pfd., 5.10%
| | 256,643 | | 5,286,846 |
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)
| | 522,202 | | 12,506,738 |
SCE Trust V, Series K, Pfd., 5.45%(b)(c)
| | 515,732 | | 12,723,108 |
SCE Trust VI, Pfd., 5.00%(b)
| | 792,937 | | 15,985,610 |
SCE Trust VII, Series M, Pfd., 7.50%(b)
| | 897,703 | | 23,690,382 |
| Southern Co. (The) | | | | |
Series C, Pfd., 4.20%(b)
| | 1,211,954 | | 25,305,600 |
Series 2020, Pfd., 4.95%(b)
| | 1,607,119 | | 37,092,307 |
Pfd., 5.25%(b)
| | 724,322 | | 17,499,620 |
| | | | | 324,166,027 |
| Financial Services-4.23% |
Apollo Global Management, Inc., Pfd., 7.63%(b)(c)
| | 964,933 | | 25,464,582 |
| Brookfield BRP Holdings (Canada), Inc. | | | | |
Pfd., 4.63% (Canada)
| | 566,493 | | 9,216,841 |
Pfd., 4.88% (Canada)
| | 434,506 | | 7,551,714 |
Pfd., 7.25% (Canada)(b)
| | 240,256 | | 6,068,867 |
Carlyle Finance LLC, Pfd., 4.63%(b)
| | 811,217 | | 16,021,536 |
| Equitable Holdings, Inc. | | | | |
Series C, Pfd., 4.30%(b)
| | 496,581 | | 9,832,304 |
Series A, Pfd., 5.25%(b)
| | 1,290,201 | | 29,700,427 |
Jackson Financial, Inc., Pfd., 8.00%(b)(c)
| | 887,888 | | 23,440,243 |
KKR Group Finance Co. IX LLC, Pfd., 4.63%(b)
| | 800,924 | | 16,394,914 |
| Merchants Bancorp | | | | |
Series C, Pfd., 6.00%(b)
| | 315,082 | | 6,667,135 |
Pfd., 8.25%(b)(c)
| | 224,376 | | 5,768,707 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
| | Shares | | Value |
| Financial Services-(continued) |
TPG Operating Group II L.P., Pfd., 6.95%(b)
| | 643,720 | | $ 16,588,664 |
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)
| | 482,620 | | 12,427,465 |
| | | | | 185,143,399 |
| Gas Utilities-0.34% |
South Jersey Industries, Inc., Pfd., 5.63%
| | 336,923 | | 4,841,873 |
Spire, Inc., Series A, Pfd., 5.90%(b)
| | 405,482 | | 9,918,090 |
| | | | | 14,759,963 |
| Independent Power and Renewable Electricity Producers-0.15% |
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)
| | 312,569 | | 6,370,156 |
| Insurance-17.86% |
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)(b)
| | 1,503,754 | | 33,127,701 |
| Allstate Corp. (The) | | | | |
Series I, Pfd., 4.75%
| | 493,465 | | 10,954,923 |
Series H, Pfd., 5.10%(b)
| | 1,857,091 | | 43,511,642 |
Series J, Pfd., 7.38%(b)
| | 954,878 | | 25,829,450 |
| American Financial Group, Inc. | | | | |
Pfd., 4.50%(b)
| | 337,732 | | 6,879,601 |
Pfd., 5.13%(b)
| | 330,751 | | 7,233,524 |
Pfd., 5.63%
| | 241,756 | | 5,722,364 |
Pfd., 5.88%(b)
| | 203,360 | | 5,108,403 |
American National Group, Inc., Series B, Pfd., 6.63%(c)
| | 482,064 | | 11,882,878 |
| Arch Capital Group Ltd. | | | | |
Series G, Pfd., 4.55%
| | 806,320 | | 16,279,601 |
Series F, Pfd., 5.45%
| | 534,607 | | 12,402,882 |
Argo Group International Holdings, Inc., Pfd., 7.00%(b)(c)
| | 239,824 | | 5,892,476 |
Argo Group US, Inc., Pfd., 6.50%
| | 229,700 | | 5,000,569 |
| Aspen Insurance Holdings Ltd. | | | | |
Pfd., 5.63% (Bermuda)(b)
| | 400,642 | | 8,417,488 |
Pfd., 5.63% (Bermuda)
| | 403,644 | | 8,250,483 |
Assurant, Inc., Pfd., 5.25%(b)
| | 405,119 | | 8,892,362 |
| Athene Holding Ltd. | | | | |
Series D, Pfd., 4.88%(b)
| | 933,146 | | 17,916,403 |
Series B, Pfd., 5.63%(b)
| | 552,759 | | 12,387,329 |
Series A, Pfd., 6.35%(b)(c)
| | 1,393,643 | | 34,632,029 |
Series C, Pfd., 6.38%(c)
| | 970,360 | | 24,394,850 |
Pfd., 7.25%(c)
| | 928,985 | | 23,484,741 |
Series E, Pfd., 7.75%(c)
| | 810,229 | | 21,292,818 |
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%
| | 888,390 | | 19,642,303 |
| Brighthouse Financial, Inc. | | | | |
Series D, Pfd., 4.63%(b)
| | 561,205 | | 9,400,184 |
Series C, Pfd., 5.38%(b)
| | 924,400 | | 17,563,600 |
Pfd., 6.25%(b)
| | 601,676 | | 14,349,973 |
Series A, Pfd., 6.60%(b)
| | 693,128 | | 16,759,835 |
Series B, Pfd., 6.75%
| | 643,819 | | 16,172,733 |
CNO Financial Group, Inc., Pfd., 5.13%(b)
| | 251,761 | | 5,417,897 |
| Enstar Group Ltd. | | | | |
Series D, Pfd., 7.00%(c)
| | 657,419 | | 13,437,644 |
Series E, Pfd., 7.00%
| | 163,323 | | 3,356,288 |
F&G Annuities & Life, Inc., Pfd., 7.95%(b)
| | 552,173 | | 14,301,281 |
Globe Life, Inc., Pfd., 4.25%
| | 526,143 | | 8,965,477 |
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)
| | 558,894 | | 13,922,049 |
| | Shares | | Value |
| Insurance-(continued) |
Kemper Corp., Pfd., 5.88%(b)(c)
| | 241,323 | | $ 5,417,701 |
Lincoln National Corp., Series D, Pfd., 9.00%(b)
| | 821,387 | | 22,497,790 |
| MetLife, Inc. | | | | |
Series F, Pfd., 4.75%(b)
| | 1,628,062 | | 35,345,226 |
Series E, Pfd., 5.63%(b)
| | 1,275,686 | | 31,458,417 |
| Prudential Financial, Inc. | | | | |
Pfd., 4.13%(b)
| | 806,726 | | 16,190,991 |
Pfd., 5.63%(b)
| | 915,436 | | 22,666,195 |
Pfd., 5.95%(b)
| | 494,856 | | 12,915,742 |
| Reinsurance Group of America, Inc. | | | | |
Pfd., 5.75%(b)(c)
| | 630,558 | | 15,593,699 |
Pfd., 7.13%(b)(c)
| | 1,142,062 | | 29,762,136 |
| RenaissanceRe Holdings Ltd. | | | | |
Series G, Pfd., 4.20% (Bermuda)
| | 817,630 | | 14,929,924 |
Series F, Pfd., 5.75% (Bermuda)
| | 401,710 | | 9,882,066 |
Selective Insurance Group, Inc., Series B, Pfd., 4.60%(b)
| | 322,217 | | 5,954,570 |
SiriusPoint Ltd., Series B, Pfd., 8.00% (Sweden)(b)(c)
| | 324,637 | | 8,154,881 |
Unum Group, Pfd., 6.25%(b)
| | 486,991 | | 12,116,336 |
| W.R. Berkley Corp. | | | | |
Pfd., 4.13%(b)
| | 489,178 | | 9,367,759 |
Pfd., 4.25%(b)
| | 399,699 | | 8,033,950 |
Pfd., 5.10%(b)
| | 482,624 | | 10,912,129 |
Pfd., 5.70%(b)
| | 297,745 | | 7,393,008 |
| | | | | 781,376,301 |
| Leisure Products-0.49% |
| Brunswick Corp. | | | | |
Pfd., 6.38%(b)
| | 375,770 | | 9,149,999 |
Pfd., 6.50%(b)
| | 298,098 | | 7,312,344 |
Pfd., 6.63%(b)
| | 200,869 | | 4,951,421 |
| | | | | 21,413,764 |
| Multi-Utilities-2.87% |
| Brookfield Infrastructure Partners L.P. | | | | |
Series 14, Pfd., 5.00% (Canada)
| | 338,304 | | 5,947,384 |
Series 13, Pfd., 5.13% (Canada)
| | 313,424 | | 5,986,398 |
| CMS Energy Corp. | | | | |
Series C, Pfd., 4.20%(b)
| | 375,161 | | 7,199,340 |
Pfd., 5.63%(b)
| | 327,349 | | 8,170,631 |
Pfd., 5.88%(b)
| | 459,482 | | 11,317,042 |
Pfd., 5.88%
| | 997,218 | | 24,591,396 |
| DTE Energy Co. | | | | |
Pfd., 4.38%(b)
| | 450,600 | | 9,223,782 |
Series G, Pfd., 4.38%
| | 369,531 | | 7,556,909 |
Series E, Investment Units, 5.25%(b)
| | 646,427 | | 15,359,106 |
Sempra, Pfd., 5.75%
| | 1,214,176 | | 30,378,683 |
| | | | | 125,730,671 |
| Office REITs-1.17% |
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%(b)
| | 678,990 | | 8,623,173 |
SL Green Realty Corp., Series I, Pfd., 6.50%
| | 372,085 | | 8,595,164 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
| | Shares | | Value |
| Office REITs-(continued) |
| Vornado Realty Trust | | | | |
Series O, Pfd., 4.45%(b)
| | 557,092 | | $ 8,495,653 |
Series M, Pfd., 5.25%
| | 539,790 | | 9,305,980 |
Series N, Pfd., 5.25%
| | 483,204 | | 8,388,421 |
Series L, Pfd., 5.40%(b)
| | 422,005 | | 7,591,870 |
| | | | | 51,000,261 |
| Oil, Gas & Consumable Fuels-0.34% |
SCE Trust VIII, Series N, Pfd., 6.95%
| | 577,415 | | 15,064,757 |
| Real Estate Management & Development-0.76% |
| Brookfield Property Partners L.P. | | | | |
Series A, Pfd., 5.75%
| | 468,182 | | 6,062,957 |
Series A-2, Pfd., 6.38%
| | 412,781 | | 5,655,099 |
Series A-1, Pfd., 6.50%
| | 306,618 | | 4,645,263 |
Brookfield Property Preferred L.P., Pfd., 6.25%
| | 1,080,110 | | 17,065,738 |
| | | | | 33,429,057 |
| Residential REITs-0.20% |
| American Homes 4 Rent | | | | |
Series G, Pfd., 5.88%(b)
| | 191,353 | | 4,521,671 |
Series H, Pfd., 6.25%
| | 176,799 | | 4,416,439 |
| | | | | 8,938,110 |
| Retail REITs-0.97% |
Agree Realty Corp., Series A, Pfd., 4.25%(b)
| | 278,243 | | 5,587,120 |
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)
| | 241,143 | | 5,290,677 |
| Kimco Realty Corp. | | | | |
Series L, Pfd., 5.13%(b)
| | 350,033 | | 7,809,236 |
Series M, Pfd., 5.25%(b)
| | 422,678 | | 9,666,646 |
Realty Income Corp., Series A, Pfd., 6.00%
| | 285,074 | | 7,215,223 |
SITE Centers Corp., Series A, Pfd., 6.38%(b)
| | 284,704 | | 6,719,014 |
| | | | | 42,287,916 |
| Specialized REITs-4.12% |
| Digital Realty Trust, Inc. | | | | |
Series L, Pfd., 5.20%(b)
| | 542,252 | | 12,520,599 |
Series J, Pfd., 5.25%(b)
| | 359,608 | | 8,465,172 |
Series K, Pfd., 5.85%(b)
| | 322,189 | | 8,028,950 |
EPR Properties, Series G, Pfd., 5.75%(b)
| | 266,975 | | 6,143,095 |
| Public Storage | | | | |
Series N, Pfd., 3.88%(b)
| | 455,913 | | 8,183,638 |
Series O, Pfd., 3.90%(b)
| | 299,833 | | 5,370,009 |
Series Q, Pfd., 3.95%(b)
| | 232,040 | | 4,213,846 |
Series P, Pfd., 4.00%(b)
| | 987,725 | | 18,569,230 |
Series R, Pfd., 4.00%(b)
| | 696,348 | | 12,979,927 |
Series S, Pfd., 4.10%(b)
| | 588,556 | | 11,253,191 |
Series M, Pfd., 4.13%(b)
| | 360,076 | | 6,935,064 |
Series L, Pfd., 4.63%(b)
| | 922,510 | | 19,953,891 |
Series J, Pfd., 4.70%(b)
| | 236,665 | | 5,116,697 |
Series K, Pfd., 4.75%
| | 305,841 | | 6,676,509 |
Series I, Pfd., 4.88%(b)
| | 379,510 | | 8,633,853 |
Series G, Pfd., 5.05%(b)
| | 669,135 | | 15,778,203 |
Series F, Pfd., 5.15%(b)
| | 449,148 | | 10,891,839 |
Series H, Pfd., 5.60%(b)
| | 420,007 | | 10,474,975 |
| | | | | 180,188,688 |
| | Shares | | Value |
| Trading Companies & Distributors-0.67% |
FTAI Aviation Ltd., Series C, Pfd., 8.25%(b)(c)
| | 160,046 | | $ 4,117,984 |
| Triton International Ltd. | | | | |
Series E, Pfd., 5.75% (Bermuda)(b)
| | 296,002 | | 6,325,563 |
Pfd., 6.88% (Bermuda)
| | 227,389 | | 5,634,699 |
Pfd., 7.38% (Bermuda)(b)
| | 283,012 | | 7,174,354 |
Pfd., 8.00% (Bermuda)(b)
| | 235,410 | | 5,960,581 |
| | | | | 29,213,181 |
| Wireless Telecommunication Services-1.98% |
| Telephone and Data Systems, Inc. | | | | |
Series VV, Pfd., 6.00%
| | 1,097,250 | | 20,375,933 |
Series UU, Pfd., 6.63%(b)
| | 684,641 | | 14,308,997 |
| United States Cellular Corp. | | | | |
Pfd., 5.50%(b)
| | 813,255 | | 17,078,355 |
Pfd., 5.50%(b)
| | 803,260 | | 16,868,460 |
Pfd., 6.25%(b)
| | 796,690 | | 17,997,227 |
| | | | | 86,628,972 |
Total Preferred Stocks
(Cost $5,074,071,976)
| | 4,370,219,445 |
|
| Money Market Funds-0.02% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $897,929)
| | 897,929 | | 897,929 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.89%
(Cost $5,074,969,905)
| | 4,371,117,374 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-1.72% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 20,894,430 | | 20,894,430 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 54,495,441 | | 54,517,239 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $75,407,292)
| | 75,411,669 |
TOTAL INVESTMENTS IN SECURITIES-101.61%
(Cost $5,150,377,197)
| | 4,446,529,043 |
OTHER ASSETS LESS LIABILITIES-(1.61)%
| | (70,328,339) |
NET ASSETS-100.00%
| | $4,376,200,704 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred ETF (PGX)—(continued)
August 31, 2024
| Investment Abbreviations: |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| USD | -U.S. Dollar |
| 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, 2024. |
| (c) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $345,426,593 | | $(344,528,664) | | $- | | $- | | $897,929 | | $575,259 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 27,945,644 | | 170,480,346 | | (177,531,560) | | - | | - | | 20,894,430 | | 1,510,662* |
| Invesco Private Prime Fund | 71,785,655 | | 369,639,089 | | (386,936,988) | | 1,787 | | 27,696 | | 54,517,239 | | 4,055,831* |
| Total | $99,731,299 | | $885,546,028 | | $(908,997,212) | | $1,787 | | $27,696 | | $76,309,598 | | $6,141,752 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Short Term Treasury ETF (TBLL)
August 31, 2024
| | Principal
Amount | | Value |
| U.S. Treasury Securities-99.99% |
| U.S. Treasury Bills-63.15%(a) |
5.22%–5.25%, 09/03/2024
| $ | 3,243,600 | | $ 3,243,600 |
5.15%–5.21%, 10/01/2024
| | 19,858,400 | | 19,778,528 |
4.67%–5.19%, 10/03/2024
| | 47,556,200 | | 47,352,501 |
5.12%–5.21%, 10/08/2024
| | 19,858,400 | | 19,759,549 |
5.11%–5.22%, 10/10/2024
| | 31,397,600 | | 31,232,056 |
5.08%–5.21%, 10/15/2024
| | 27,176,400 | | 27,014,542 |
5.07%–5.21%, 10/17/2024
| | 22,166,200 | | 22,028,302 |
5.04%–5.21%, 10/22/2024
| | 38,813,400 | | 38,543,310 |
5.04%–5.21%, 10/24/2024
| | 22,166,200 | | 22,005,840 |
4.61%–5.17%, 10/31/2024
| | 40,575,400 | | 40,244,620 |
5.01%–5.13%, 11/05/2024
| | 28,569,200 | | 28,318,220 |
5.01%–5.17%, 11/07/2024
| | 50,939,300 | | 50,478,167 |
4.99%–5.11%, 11/12/2024
| | 31,205,700 | | 30,903,221 |
4.95%–5.17%, 11/14/2024
| | 42,397,600 | | 41,974,472 |
4.96%–5.11%, 11/19/2024
| | 31,205,700 | | 30,873,307 |
4.94%–5.17%, 11/21/2024
| | 42,768,000 | | 42,300,148 |
4.93%–5.10%, 11/26/2024
| | 31,205,700 | | 30,844,409 |
4.56%–5.15%, 11/29/2024
| | 55,903,400 | | 55,232,629 |
4.93%, 12/03/2024
| | 17,000,000 | | 16,788,577 |
4.91%, 12/10/2024
| | 17,000,000 | | 16,773,007 |
4.81%–5.12%, 12/12/2024
| | 21,948,400 | | 21,653,316 |
4.92%, 12/17/2024
| | 18,000,000 | | 17,742,127 |
4.76%–5.12%, 12/19/2024
| | 43,896,800 | | 43,303,145 |
4.90%, 12/24/2024
| | 23,270,000 | | 22,915,171 |
4.56%–5.11%, 12/26/2024
| | 25,118,000 | | 24,732,309 |
4.70%–4.95%, 01/02/2025
| | 36,407,100 | | 35,822,791 |
4.69%–4.94%, 01/09/2025
| | 36,407,100 | | 35,792,645 |
4.69%–4.93%, 01/16/2025
| | 31,205,700 | | 30,650,434 |
4.43%–4.96%, 01/23/2025
| | 30,733,700 | | 30,159,688 |
4.66%–4.92%, 01/30/2025
| | 31,205,700 | | 30,595,272 |
4.72%, 02/06/2025
| | 20,000,000 | | 19,590,717 |
4.71%, 02/13/2025
| | 10,000,000 | | 9,786,968 |
4.59%–5.01%, 02/20/2025
| | 28,383,900 | | 27,754,605 |
4.68%, 02/27/2025
| | 10,000,000 | | 9,769,777 |
4.39%–5.00%, 03/20/2025
| | 34,042,000 | | 33,231,173 |
4.34%–4.99%, 04/17/2025
| | 22,166,200 | | 21,556,703 |
4.30%–4.93%, 05/15/2025
| | 42,384,300 | | 41,089,436 |
| | Principal
Amount | | Value |
| U.S. Treasury Bills-(continued) |
4.22%–4.61%, 06/12/2025
| $ | 31,205,700 | | $ 30,152,510 |
4.17%–4.57%, 07/10/2025
| | 31,205,700 | | 30,057,410 |
4.23%, 08/07/2025
| | 10,000,000 | | 9,603,476 |
| | | | | 1,141,648,678 |
| U.S. Treasury Notes-36.84% |
0.63%, 10/15/2024
| | 30,791,100 | | 30,626,794 |
1.50% - 4.38%, 10/31/2024
| | 56,700,300 | | 56,473,954 |
0.75% - 2.25%, 11/15/2024
| | 58,099,300 | | 57,684,204 |
1.50% - 4.50%, 11/30/2024
| | 87,026,100 | | 86,556,247 |
1.00%, 12/15/2024
| | 30,659,400 | | 30,329,765 |
1.75% - 4.25%, 12/31/2024
| | 30,201,600 | | 30,000,503 |
1.13%, 01/15/2025
| | 27,326,400 | | 26,958,948 |
1.38% - 4.13%, 01/31/2025
| | 54,257,000 | | 53,737,228 |
1.50% - 2.00%, 02/15/2025
| | 53,145,600 | | 52,423,493 |
2.75% - 4.63%, 02/28/2025
| | 38,022,900 | | 37,844,681 |
1.75%, 03/15/2025
| | 22,166,200 | | 21,830,945 |
0.50% - 3.88%, 03/31/2025
| | 93,617,100 | | 92,381,121 |
2.88%, 04/30/2025
| | 31,205,700 | | 30,847,840 |
2.13% - 2.75%, 05/15/2025
| | 23,306,000 | | 22,952,315 |
2.00%, 08/15/2025
| | 16,000,000 | | 15,643,070 |
0.25% - 5.00%, 08/31/2025
| | 20,000,000 | | 19,659,552 |
| | | | | 665,950,660 |
Total U.S. Treasury Securities
(Cost $1,805,733,738)
| | 1,807,599,338 |
| | Shares | | |
| Money Market Funds-0.00% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(b)(c)
(Cost $6,884)
| | 6,884 | | 6,884 |
TOTAL INVESTMENTS IN SECURITIES-99.99%
(Cost $1,805,740,622)
| | 1,807,606,222 |
OTHER ASSETS LESS LIABILITIES-0.01%
| | 94,093 |
NET ASSETS-100.00%
| | $1,807,700,315 |
| Notes to Schedule of Investments: |
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $357,133 | | $32,345,166 | | $(32,695,415) | | $- | | $- | | $6,884 | | $11,276 |
| (c) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Municipal Obligations-98.10% | | | | | | | | |
| Alabama-0.65% | | | | | | | | |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB
| 1.27% | | 09/01/2026 | | $ | 1,000 | | $ 945,934 |
Auburn University, Series 2020 C, RB
| 2.53% | | 06/01/2040 | | | 2,400 | | 1,869,479 |
Auburn University, Series 2020 C, RB
| 2.68% | | 06/01/2050 | | | 5,000 | | 3,438,741 |
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
| 2.61% | | 01/01/2037 | | | 1,000 | | 816,076 |
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB
| 2.71% | | 01/01/2038 | | | 900 | | 728,094 |
| | | | | | | | | 7,798,324 |
| Arizona-1.19% | | | | | | | | |
Arizona (State of) Department of Transportation, Series 2020, Ref. RB
| 2.46% | | 07/01/2030 | | | 2,560 | | 2,337,141 |
Chandler (City of), AZ, Series 2021, Ref. GO Bonds
| 1.75% | | 07/01/2028 | | | 3,000 | | 2,765,585 |
Flagstaff (City of), AZ, Series 2020 A, COP
| 3.01% | | 05/01/2040 | | | 950 | | 764,454 |
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB
| 2.97% | | 07/01/2044 | | | 105 | | 80,038 |
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB
| 1.23% | | 07/01/2028 | | | 250 | | 226,308 |
Tempe (City of), AZ, Series 2021, COP
| 2.59% | | 07/01/2037 | | | 2,950 | | 2,325,020 |
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
| 1.31% | | 07/01/2027 | | | 850 | | 782,278 |
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
| 1.70% | | 07/01/2029 | | | 450 | | 399,477 |
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)
| 2.86% | | 07/01/2047 | | | 1,750 | | 1,284,844 |
Yuma (City of), AZ, Series 2021, RB
| 2.63% | | 07/15/2038 | | | 4,000 | | 3,269,280 |
| | | | | | | | | 14,234,425 |
| Arkansas-0.01% | | | | | | | | |
University of Arkansas, Series 2021 B, RB
| 3.10% | | 12/01/2041 | | | 150 | | 122,136 |
| California-22.81% | | | | | | | | |
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a)
| 5.40% | | 10/01/2046 | | | 2,450 | | 2,458,518 |
Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds
| 4.55% | | 08/01/2042 | | | 2,250 | | 2,181,352 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB
| 7.04% | | 04/01/2050 | | | 3,455 | | 4,303,033 |
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB
| 6.91% | | 10/01/2050 | | | 2,925 | | 3,626,300 |
California (State of), Series 2009, GO Bonds
| 7.50% | | 04/01/2034 | | | 7,410 | | 8,864,130 |
California (State of), Series 2009, GO Bonds
| 7.55% | | 04/01/2039 | | | 16,760 | | 20,910,230 |
California (State of), Series 2009, GO Bonds
| 7.30% | | 10/01/2039 | | | 6,060 | | 7,273,369 |
California (State of), Series 2009, GO Bonds
| 7.35% | | 11/01/2039 | | | 8,355 | | 10,048,765 |
California (State of), Series 2010, GO Bonds
| 7.63% | | 03/01/2040 | | | 4,400 | | 5,461,159 |
California (State of), Series 2010, GO Bonds
| 7.60% | | 11/01/2040 | | | 7,350 | | 9,220,863 |
California (State of), Series 2018, Ref. GO Bonds
| 4.50% | | 04/01/2033 | | | 4,700 | | 4,678,143 |
California (State of), Series 2023, GO Bonds
| 5.10% | | 03/01/2029 | | | 7,995 | | 8,290,039 |
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
| 1.77% | | 12/01/2034 | | | 1,310 | | 1,021,754 |
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB
| 1.79% | | 12/01/2035 | | | 5,275 | | 4,011,501 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
| 1.24% | | 10/01/2027 | | | 1,000 | | 920,143 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
| 1.47% | | 10/01/2028 | | | 1,000 | | 905,988 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
| 1.60% | | 10/01/2029 | | | 1,000 | | 889,539 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
| 1.69% | | 10/01/2030 | | | 1,000 | | 872,047 |
California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2020 A, Ref. RB
| 2.72% | | 10/01/2040 | | | 950 | | 750,937 |
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB
| 6.49% | | 05/15/2049 | | | 950 | | 1,064,903 |
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB
| 2.52% | | 10/01/2035 | | | 4,640 | | 3,529,279 |
California (State of) Public Works Board (California State University), Series 2010 B-2, RB
| 7.80% | | 03/01/2035 | | | 750 | | 870,524 |
California (State of) Statewide Communities Development Authority (California Independent System Operator Corp.) (Green Bonds), Series 2021, Ref. RB
| 2.68% | | 02/01/2039 | | | 1,850 | | 1,460,996 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB
| 4.82% | | 08/01/2045 | | $ | 2,000 | | $ 1,693,741 |
California State University, Series 2010 B, RB
| 6.48% | | 11/01/2041 | | | 850 | | 947,022 |
California State University, Series 2020 B, Ref. RB
| 2.98% | | 11/01/2051 | | | 2,900 | | 2,158,964 |
California State University, Series 2021 B, Ref. RB
| 2.80% | | 11/01/2041 | | | 3,450 | | 2,611,934 |
California State University, Series 2021 B, Ref. RB
| 2.72% | | 11/01/2052 | | | 1,150 | | 784,105 |
California State University, Series 2023 B, RB
| 5.18% | | 11/01/2053 | | | 2,000 | | 2,021,036 |
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB
| 3.70% | | 01/15/2044 | | | 2,950 | | 2,404,839 |
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)
| 2.81% | | 06/01/2045 | | | 1,000 | | 710,424 |
Coast Community College District, Series 2022, Ref. GO Bonds
| 2.98% | | 08/01/2039 | | | 1,000 | | 819,117 |
Downey (City of), CA, Series 2021, RB
| 2.85% | | 06/01/2040 | | | 750 | | 579,887 |
Downey (City of), CA, Series 2021, RB
| 3.00% | | 06/01/2044 | | | 550 | | 400,472 |
East Bay Municipal Utility District, Series 2010, RB
| 5.03% | | 06/01/2032 | | | 1,000 | | 1,011,578 |
East Bay Municipal Utility District, Series 2010, RB
| 5.87% | | 06/01/2040 | | | 2,900 | | 3,136,139 |
El Segundo (City of), CA, Series 2021, RB
| 3.06% | | 07/01/2040 | | | 1,350 | | 1,075,236 |
Fresno (City of), CA, Series 2010 A-2, Ref. RB
| 6.50% | | 06/01/2030 | | | 1,950 | | 2,052,787 |
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
| 3.49% | | 06/01/2036 | | | 850 | | 726,691 |
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB
| 3.71% | | 06/01/2041 | | | 1,380 | | 1,125,170 |
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB
| 3.12% | | 06/01/2038 | | | 6,400 | | 5,377,719 |
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)
| 2.87% | | 08/01/2040 | | | 3,950 | | 3,148,822 |
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)
| 3.92% | | 09/01/2050 | | | 4,000 | | 3,185,102 |
Inglewood (City of), CA, Series 2023, RB, (INS - AGM)(a)
| 6.40% | | 09/01/2053 | | | 1,000 | | 1,074,447 |
Jurupa Community Services District, Series 2010 B, COP
| 6.50% | | 09/01/2026 | | | 1,070 | | 1,102,683 |
Jurupa Community Services District, Series 2010 B, COP
| 6.60% | | 09/01/2027 | | | 1,125 | | 1,181,968 |
Jurupa Community Services District, Series 2010 B, COP
| 6.70% | | 09/01/2028 | | | 120 | | 128,528 |
Jurupa Community Services District, Series 2010 B, COP
| 7.19% | | 09/01/2040 | | | 100 | | 119,098 |
Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB
| 6.60% | | 07/01/2050 | | | 1,415 | | 1,669,668 |
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB
| 6.57% | | 07/01/2045 | | | 6,000 | | 6,984,990 |
Los Angeles Community College District, Series 2010, GO Bonds
| 6.60% | | 08/01/2042 | | | 2,950 | | 3,402,104 |
Los Angeles Unified School District, Series 2010 J-05, GO Bonds
| 5.98% | | 05/01/2027 | | | 450 | | 463,112 |
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)
| 4.06% | | 06/01/2039 | | | 6,000 | | 5,450,290 |
Monterey Park (City of), CA, Series 2021 A, RB
| 3.02% | | 06/01/2043 | | | 2,500 | | 1,898,373 |
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB
| 0.95% | | 11/01/2025 | | | 1,000 | | 958,009 |
Napa Valley Unified School District, Series 2010 B, GO Bonds
| 6.51% | | 08/01/2043 | | | 2,950 | | 3,373,746 |
Northern California Power Agency, Series 2010 B, RB
| 7.31% | | 06/01/2040 | | | 1,000 | | 1,165,312 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 1.52% | | 05/01/2026 | | | 505 | | 479,507 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 1.67% | | 05/01/2027 | | | 842 | | 783,362 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 1.95% | | 05/01/2028 | | | 584 | | 535,459 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 2.05% | | 05/01/2029 | | | 972 | | 876,001 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 2.10% | | 05/01/2030 | | | 486 | | 429,107 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 2.20% | | 05/01/2031 | | | 368 | | 319,168 |
Oakland (Port of), CA, Series 2020 R, Ref. RB
| 2.30% | | 05/01/2032 | | | 819 | | 698,685 |
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)
| 2.63% | | 08/01/2041 | | | 6,340 | | 4,873,969 |
Pasadena (City of), CA, Series 2020 A, Ref. RB
| 3.24% | | 05/01/2045 | | | 5,000 | | 3,799,688 |
Pomona (City of), CA, Series 2020 BJ, RB
| 3.72% | | 08/01/2040 | | | 3,250 | | 2,800,314 |
Pomona (City of), CA, Series 2020 BJ, RB
| 3.82% | | 08/01/2046 | | | 1,500 | | 1,235,079 |
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds
| 0.96% | | 09/01/2026 | | | 5,450 | | 5,117,972 |
Regents of the University of California Medical Center, Series 2009 F, RB
| 6.46% | | 05/15/2029 | | | 370 | | 386,007 |
Regents of the University of California Medical Center, Series 2009 F, RB
| 6.58% | | 05/15/2049 | | | 4,335 | | 4,929,631 |
Regents of the University of California Medical Center, Series 2020 N, RB
| 3.71% | | 05/15/2120 | | | 850 | | 594,715 |
Richmond (City of), CA, Series 2022, Ref. RB
| 5.79% | | 01/15/2044 | | | 4,950 | | 5,022,634 |
Riverside (City of), CA, Series 2009 B, RB
| 6.35% | | 10/01/2039 | | | 500 | | 566,332 |
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB
| 3.86% | | 06/01/2045 | | | 2,000 | | 1,773,591 |
San Bernardino Community College District, Series 2021, Ref. GO Bonds
| 2.69% | | 08/01/2041 | | | 1,000 | | 750,539 |
San Bernardino Community College District, Series 2021, Ref. GO Bonds
| 2.86% | | 08/01/2049 | | | 300 | | 205,475 |
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB
| 4.23% | | 10/15/2038 | | | 2,000 | | 1,889,002 |
San Francisco (City & County of), CA, Series 2010 C, GO Bonds
| 6.26% | | 06/15/2030 | | | 1,450 | | 1,562,777 |
San Francisco (City & County of), CA, Series 2010 D, GO Bonds
| 6.26% | | 06/15/2030 | | | 3,800 | | 4,095,553 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| California-(continued) | | | | | | | | |
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
| 2.83% | | 06/15/2050 | | $ | 125 | | $ 89,448 |
San Francisco (City & County of), CA, Series 2020 C, GO Bonds
| 3.08% | | 06/15/2060 | | | 1,000 | | 704,724 |
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP
| 6.49% | | 11/01/2041 | | | 500 | | 556,344 |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB
| 3.35% | | 05/01/2051 | | | 800 | | 607,835 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 B, RB
| 6.00% | | 11/01/2040 | | | 1,245 | | 1,326,696 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
| 5.70% | | 11/01/2027 | | | 2,900 | | 2,996,462 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2010 E, RB
| 6.00% | | 11/01/2040 | | | 980 | | 1,042,492 |
San Francisco (City & County of), CA Public Utilities Commission, Series 2010, RB
| 6.95% | | 11/01/2050 | | | 1,600 | | 1,893,434 |
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB
| 2.80% | | 03/01/2044 | | | 450 | | 341,139 |
San Francisco Community College District, Series 2020 A-1, GO Bonds
| 3.17% | | 06/15/2041 | | | 4,000 | | 3,236,219 |
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
| 4.76% | | 05/01/2042 | | | 1,000 | | 962,025 |
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB
| 4.86% | | 05/01/2052 | | | 1,000 | | 946,116 |
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB
| 3.42% | | 06/01/2041 | | | 3,750 | | 3,194,683 |
San Jose Unified School District, Series 2021, Ref. GO Bonds
| 2.31% | | 08/01/2039 | | | 7,000 | | 5,354,816 |
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)
| 3.74% | | 09/01/2050 | | | 200 | | 164,432 |
Santa Ana (City of), CA, Series 2021 A, RB
| 3.10% | | 08/01/2044 | | | 1,350 | | 1,079,572 |
Santa Clara Valley Water District, Series 2016 B, Ref. RB
| 4.35% | | 06/01/2046 | | | 3,000 | | 2,709,508 |
Santa Monica Community College District, Series 2020, Ref. GO Bonds
| 2.70% | | 08/01/2040 | | | 1,180 | | 917,037 |
Tulare (County of), CA, Series 2018, RB
| 4.45% | | 06/01/2037 | | | 2,000 | | 1,930,963 |
University of California, Series 2015 AQ, RB
| 4.77% | | 05/15/2115 | | | 1,477 | | 1,336,777 |
University of California, Series 2016 AS, Ref. RB
| 3.55% | | 05/15/2039 | | | 500 | | 439,333 |
University of California, Series 2019 BD, RB
| 3.35% | | 07/01/2029 | | | 10,000 | | 9,694,250 |
University of California, Series 2020 BG, RB
| 1.32% | | 05/15/2027 | | | 4,910 | | 4,564,592 |
University of California, Series 2020 BG, RB
| 1.61% | | 05/15/2030 | | | 7,500 | | 6,560,251 |
University of California, Series 2021 BI, Ref. RB
| 0.87% | | 05/15/2026 | | | 1,000 | | 945,041 |
University of California, Series 2021 BI, Ref. RB
| 1.27% | | 05/15/2027 | | | 1,000 | | 929,508 |
University of California, Series 2021 BI, Ref. RB
| 1.37% | | 05/15/2028 | | | 100 | | 91,059 |
University of California, Series 2021 BI, Ref. RB
| 1.70% | | 05/15/2029 | | | 450 | | 405,850 |
University of California, Series 2021 BI, Ref. RB
| 1.90% | | 05/15/2030 | | | 1,000 | | 888,010 |
University of California, Series 2021 BI, Ref. RB
| 2.00% | | 05/15/2031 | | | 1,000 | | 871,753 |
University of California, Series 2021 BI, Ref. RB
| 2.05% | | 05/15/2032 | | | 950 | | 809,982 |
University of California, Series 2021 BI, Ref. RB
| 2.15% | | 05/15/2033 | | | 1,000 | | 837,980 |
University of California, Series 2021 BI, Ref. RB
| 2.25% | | 05/15/2034 | | | 250 | | 206,149 |
University of California, Series 2021 BI, Ref. RB
| 2.35% | | 05/15/2035 | | | 150 | | 122,068 |
University of California, Series 2021 BI, Ref. RB
| 2.45% | | 05/15/2036 | | | 200 | | 160,837 |
University of California, Series 2021 BJ, RB
| 3.07% | | 05/15/2051 | | | 160 | | 115,488 |
University of California, Series 2024 B, RB
| 4.93% | | 05/15/2034 | | | 700 | | 723,626 |
| | | | | | | | | 272,037,691 |
| Colorado-1.53% | | | | | | | | |
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB
| 2.72% | | 08/01/2046 | | | 175 | | 128,800 |
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.96% | | 03/01/2033 | | | 950 | | 996,506 |
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB
| 3.70% | | 11/01/2039 | | | 1,100 | | 966,688 |
Colorado (State of) Regional Transportation District, Series 2010 B, RB
| 5.84% | | 11/01/2050 | | | 4,025 | | 4,364,314 |
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
| 5.54% | | 11/01/2038 | | | 1,000 | | 1,015,751 |
Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA)
| 6.50% | | 11/01/2053 | | | 2,000 | | 2,113,978 |
Colorado Housing and Finance Authority, Series 2023 Q-1, RB, (CEP - GNMA)
| 6.07% | | 11/01/2038 | | | 1,500 | | 1,572,245 |
Colorado Mesa University, Series 2009 B, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.80% | | 05/15/2040 | | | 1,215 | | 1,300,060 |
Denver (City & County of), CO, Series 2016 B, Ref. RB
| 3.82% | | 08/01/2032 | | | 950 | | 913,440 |
Denver (City & County of), CO, Series 2020 C, Ref. RB
| 2.52% | | 11/15/2032 | | | 2,000 | | 1,752,252 |
Denver (City & County of), CO, Series 2020 C, Ref. RB
| 2.62% | | 11/15/2033 | | | 1,450 | | 1,254,809 |
Denver City & County School District No. 1, Series 2009 C, GO Bonds
| 5.66% | | 12/01/2033 | | | 450 | | 470,097 |
Denver City & County School District No. 1, Series 2011, Ref. COP
| 7.02% | | 12/15/2037 | | | 1,220 | | 1,421,850 |
| | | | | | | | | 18,270,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Connecticut-1.51% | | | | | | | | |
Connecticut (State of), Series 2019 A, GO Bonds
| 3.48% | | 04/15/2029 | | $ | 450 | | $ 437,939 |
Connecticut (State of), Series 2021 A, GO Bonds
| 1.12% | | 06/01/2026 | | | 400 | | 378,524 |
Connecticut (State of), Series 2021 A, GO Bonds
| 1.50% | | 06/01/2027 | | | 200 | | 186,260 |
Connecticut (State of), Series 2021 A, GO Bonds
| 1.65% | | 06/01/2028 | | | 350 | | 320,295 |
Connecticut (State of), Series 2021 A, GO Bonds
| 1.89% | | 06/01/2029 | | | 440 | | 397,934 |
Connecticut (State of), Series 2021 A, GO Bonds
| 1.99% | | 06/01/2030 | | | 650 | | 577,834 |
Connecticut (State of), Series 2021 A, GO Bonds
| 2.09% | | 06/01/2031 | | | 850 | | 743,462 |
Connecticut (State of) (Transportation Infrastructure), Series 2010, RB
| 5.46% | | 11/01/2030 | | | 1,000 | | 1,020,604 |
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB
| 3.54% | | 07/01/2051 | | | 2,610 | | 1,876,040 |
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB
| 2.56% | | 04/01/2039 | | | 950 | | 750,943 |
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)
| 4.35% | | 03/01/2039 | | | 4,765 | | 4,527,169 |
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)
| 3.25% | | 09/01/2042 | | | 4,000 | | 3,200,232 |
South Central Connecticut Regional Water Authority, Series 2010 A, RB
| 6.24% | | 08/01/2030 | | | 1,750 | | 1,830,846 |
South Central Connecticut Regional Water Authority, Series 2010 A, RB
| 6.39% | | 08/01/2040 | | | 1,595 | | 1,785,858 |
| | | | | | | | | 18,033,940 |
| Delaware-0.05% | | | | | | | | |
University of Delaware, Series 2018, RB
| 4.07% | | 11/01/2050 | | | 720 | | 645,359 |
| District of Columbia-0.78% | | | | | | | | |
District of Columbia, Series 2009 E, RB
| 5.59% | | 12/01/2034 | | | 2,200 | | 2,283,976 |
District of Columbia, Series 2010 F, RB
| 5.58% | | 12/01/2035 | | | 1,300 | | 1,351,377 |
District of Columbia, Series 2023 B, Ref. RB
| 5.20% | | 05/01/2032 | | | 1,200 | | 1,270,527 |
District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB
| 4.81% | | 10/01/2114 | | | 1,450 | | 1,388,144 |
Metropolitan Washington Airports Authority, Series 2009 D, RB
| 7.46% | | 10/01/2046 | | | 2,430 | | 3,038,576 |
| | | | | | | | | 9,332,600 |
| Florida-3.63% | | | | | | | | |
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a)
| 2.84% | | 10/01/2050 | | | 3,000 | | 2,097,916 |
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB, (INS - AGM)(a)
| 3.61% | | 08/15/2040 | | | 5,750 | | 4,732,888 |
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)
| 3.22% | | 02/01/2032 | | | 950 | | 819,526 |
Gainesville (City of), FL, Series 2003 B, RB, (INS - NATL)(a)
| 5.42% | | 10/01/2033 | | | 1,000 | | 1,035,350 |
Gainesville (City of), FL, Series 2020, RB
| 3.05% | | 10/01/2040 | | | 6,000 | | 4,795,852 |
JEA Electric System, Series 2009 F, RB
| 6.41% | | 10/01/2034 | | | 450 | | 483,706 |
JEA Water & Sewer System, Series 2010 A, RB
| 6.21% | | 10/01/2033 | | | 1,100 | | 1,176,235 |
Lee Memorial Health System, Series 2010 A, RB
| 7.28% | | 04/01/2027 | | | 2,450 | | 2,562,373 |
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
| 3.14% | | 10/01/2027 | | | 950 | | 920,588 |
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
| 3.18% | | 10/01/2028 | | | 3,550 | | 3,414,195 |
Miami-Dade (County of), FL, Series 2019 B, Ref. RB
| 3.28% | | 10/01/2029 | | | 2,650 | | 2,531,207 |
Miami-Dade (County of), FL, Series 2020 B, Ref. RB
| 3.27% | | 10/01/2041 | | | 2,250 | | 1,820,389 |
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
| 2.29% | | 10/01/2031 | | | 500 | | 433,573 |
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
| 2.44% | | 10/01/2032 | | | 450 | | 385,640 |
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
| 2.54% | | 10/01/2033 | | | 450 | | 380,496 |
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
| 2.74% | | 10/01/2036 | | | 1,000 | | 805,344 |
Miami-Dade (County of), FL, Series 2021 B, Ref. RB
| 2.79% | | 10/01/2037 | | | 450 | | 356,964 |
Miami-Dade (County of), FL Transit System, Series 2010 B, RB
| 5.53% | | 07/01/2032 | | | 2,450 | | 2,539,610 |
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB
| 2.60% | | 07/01/2042 | | | 1,050 | | 802,910 |
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds
| 2.73% | | 06/01/2038 | | | 2,350 | | 1,908,523 |
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)(a)
| 2.54% | | 10/01/2030 | | | 1,800 | | 1,576,679 |
State Board of Administration Finance Corp., Series 2020 A, RB
| 1.71% | | 07/01/2027 | | | 4,505 | | 4,189,884 |
State Board of Administration Finance Corp., Series 2020 A, RB
| 2.15% | | 07/01/2030 | | | 3,950 | | 3,485,267 |
| | | | | | | | | 43,255,115 |
| Georgia-1.74% | | | | | | | | |
Atlanta (City of), GA, Series 2020, Ref. RB
| 2.26% | | 11/01/2035 | | | 900 | | 740,769 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Georgia-(continued) | | | | | | | | |
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2019, Ref. RB
| 3.24% | | 10/01/2049 | | $ | 1,080 | | $ 806,614 |
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB
| 3.47% | | 10/01/2042 | | | 4,950 | | 4,148,287 |
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB
| 3.13% | | 11/01/2049 | | | 100 | | 75,581 |
Georgia (State of), Series 2010, GO Bonds
| 4.31% | | 10/01/2026 | | | 950 | | 947,007 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB
| 6.66% | | 04/01/2057 | | | 4,214 | | 4,762,662 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB
| 7.06% | | 04/01/2057 | | | 1,380 | | 1,615,087 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB
| 6.47% | | 07/01/2045 | | | 5,000 | | 5,460,874 |
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB
| 6.70% | | 07/01/2056 | | | 1,900 | | 2,157,499 |
| | | | | | | | | 20,714,380 |
| Hawaii-1.71% | | | | | | | | |
Hawaii (State of), Series 2010 DX, GO Bonds
| 5.53% | | 02/01/2030 | | | 950 | | 1,001,937 |
Hawaii (State of), Series 2017 A, RB
| 3.89% | | 07/01/2037 | | | 1,200 | | 1,111,707 |
Hawaii (State of), Series 2020 E, Ref. RB
| 2.23% | | 07/01/2029 | | | 2,200 | | 2,018,254 |
Hawaii (State of), Series 2020 FZ, GO Bonds
| 0.89% | | 08/01/2026 | | | 1,000 | | 941,196 |
Hawaii (State of), Series 2020 FZ, GO Bonds
| 2.00% | | 08/01/2027 | | | 4,850 | | 4,589,536 |
Hawaii (State of), Series 2020 FZ, GO Bonds
| 1.70% | | 08/01/2032 | | | 5,000 | | 4,148,294 |
Hawaii (State of), Series 2020 FZ, GO Bonds
| 1.87% | | 08/01/2033 | | | 1,000 | | 818,900 |
Hawaii (State of), Series 2020 FZ, GO Bonds
| 2.29% | | 08/01/2040 | | | 900 | | 653,307 |
Hawaii (State of), Series 2023 GM, GO Bonds
| 5.32% | | 10/01/2038 | | | 400 | | 418,879 |
Hawaii (State of), Series 2023 GM, GO Bonds
| 5.30% | | 10/01/2039 | | | 800 | | 833,798 |
Hawaii (State of), Series 2023 GM, GO Bonds
| 5.40% | | 10/01/2041 | | | 500 | | 520,709 |
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
| 1.47% | | 07/01/2030 | | | 500 | | 431,827 |
Honolulu (City & County of), HI, Series 2020 A, Ref. RB
| 1.62% | | 07/01/2031 | | | 1,000 | | 848,838 |
Kauai (County of), HI, Series 2010 A, GO Bonds
| 5.76% | | 08/01/2033 | | | 1,850 | | 2,028,902 |
| | | | | | | | | 20,366,084 |
| Idaho-0.67% | | | | | | | | |
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
| 5.36% | | 01/01/2043 | | | 2,310 | | 2,263,987 |
Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA)
| 5.45% | | 01/01/2048 | | | 2,265 | | 2,192,991 |
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
| 5.37% | | 01/01/2039 | | | 1,000 | | 996,017 |
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
| 5.51% | | 01/01/2044 | | | 1,000 | | 979,474 |
Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA)
| 5.55% | | 07/01/2049 | | | 1,000 | | 970,743 |
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB
| 6.35% | | 07/15/2028 | | | 540 | | 569,626 |
| | | | | | | | | 7,972,838 |
| Illinois-7.53% | | | | | | | | |
Chicago (City of), IL, Series 2010 B, GO Bonds
| 7.52% | | 01/01/2040 | | | 2,000 | | 2,303,802 |
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds
| 6.21% | | 01/01/2032 | | | 4,515 | | 4,750,863 |
Chicago (City of), IL, Series 2010 C, GO Bonds
| 6.21% | | 01/01/2036 | | | 240 | | 251,144 |
Chicago (City of), IL, Series 2010 D, GO Bonds
| 6.26% | | 01/01/2040 | | | 2,000 | | 2,071,291 |
Chicago (City of), IL, Series 2011 C-1, GO Bonds
| 7.78% | | 01/01/2035 | | | 1,665 | | 1,935,280 |
Chicago (City of), IL, Series 2015 B, GO Bonds
| 7.38% | | 01/01/2033 | | | 2,049 | | 2,281,726 |
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB
| 6.40% | | 01/01/2040 | | | 1,200 | | 1,359,066 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
| 4.47% | | 01/01/2049 | | | 4,950 | | 4,621,837 |
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB
| 4.57% | | 01/01/2054 | | | 4,580 | | 4,334,752 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
| 1.70% | | 01/01/2026 | | | 4,815 | | 4,635,350 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
| 2.35% | | 01/01/2030 | | | 2,950 | | 2,681,257 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
| 2.45% | | 01/01/2031 | | | 2,000 | | 1,791,648 |
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB
| 2.55% | | 01/01/2032 | | | 2,000 | | 1,768,970 |
Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 E, Ref. GO Bonds
| 1.82% | | 12/01/2027 | | | 950 | | 883,849 |
Chicago (City of), IL Transit Authority, Series 2010 B, RB
| 6.20% | | 12/01/2040 | | | 1,000 | | 1,075,569 |
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
| 3.60% | | 12/01/2035 | | | 9,950 | | 9,019,164 |
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB
| 3.91% | | 12/01/2040 | | | 3,000 | | 2,644,054 |
Du Page (County of), IL, Series 2010, GO Bonds
| 5.70% | | 01/01/2029 | | | 500 | | 515,541 |
Illinois (State of), Series 2003, GO Bonds
| 5.10% | | 06/01/2033 | | | 3,812 | | 3,837,100 |
Illinois (State of), Series 2010 2, GO Bonds
| 6.90% | | 03/01/2035 | | | 9,250 | | 10,181,719 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Illinois-(continued) | | | | | | | | |
Illinois (State of), Series 2010, GO Bonds
| 6.75% | | 03/01/2028 | | $ | 1,815 | | $ 1,936,200 |
Illinois (State of), Series 2010, GO Bonds
| 6.63% | | 02/01/2035 | | | 1,692 | | 1,793,834 |
Illinois (State of), Series 2010-3, GO Bonds
| 6.73% | | 04/01/2035 | | | 846 | | 899,782 |
Illinois (State of), Series 2022 A, GO Bonds
| 5.50% | | 10/01/2025 | | | 950 | | 955,512 |
Illinois (State of), Series 2023 A, GO Bonds
| 5.21% | | 05/01/2026 | | | 1,000 | | 1,007,783 |
Illinois (State of), Series 2023 A, GO Bonds
| 5.11% | | 05/01/2027 | | | 950 | | 963,920 |
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref. RB
| 3.94% | | 08/15/2047 | | | 900 | | 744,512 |
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB
| 3.51% | | 05/15/2041 | | | 4,000 | | 3,264,686 |
Illinois (State of) Housing Development Authority, Series 2023 I, Ref. RB, (CEP - FNMA)
| 5.76% | | 10/01/2053 | | | 1,000 | | 994,396 |
Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 O, RB, (CEP - FNMA)
| 6.28% | | 10/01/2049 | | | 1,000 | | 1,031,533 |
Illinois (State of) Municipal Electric Agency, Series 2009, RB
| 6.83% | | 02/01/2035 | | | 845 | | 919,566 |
Illinois (State of) Regional Transportation Authority, Series 2010, RB
| 6.00% | | 07/01/2035 | | | 500 | | 534,829 |
Northern Illinois Municipal Power Agency, Series 2010 A, RB
| 7.62% | | 01/01/2030 | | | 145 | | 156,665 |
Sales Tax Securitization Corp., Series 2017 B, Ref. RB
| 3.59% | | 01/01/2043 | | | 850 | | 736,595 |
Sales Tax Securitization Corp., Series 2019 A, Ref. RB
| 4.79% | | 01/01/2048 | | | 250 | | 240,814 |
Sales Tax Securitization Corp., Series 2020 B, Ref. RB
| 2.96% | | 01/01/2032 | | | 2,500 | | 2,274,873 |
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)
| 3.41% | | 01/01/2043 | | | 6,000 | | 4,902,275 |
Sales Tax Securitization Corp., Series 2021 B, Ref. RB
| 3.24% | | 01/01/2042 | | | 1,995 | | 1,625,377 |
Sales Tax Securitization Corp., Series 2023 B, Ref. RB
| 4.87% | | 01/01/2032 | | | 500 | | 514,215 |
Sales Tax Securitization Corp. (Sustainable Bonds), Series 2023 B, RB
| 5.29% | | 01/01/2041 | | | 1,350 | | 1,372,697 |
| | | | | | | | | 89,814,046 |
| Indiana-0.75% | | | | | | | | |
Indiana (State of) Finance Authority, Series 2009 B, RB
| 6.60% | | 02/01/2039 | | | 1,200 | | 1,377,605 |
Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing), Series 2021, RB
| 3.05% | | 01/01/2051 | | | 450 | | 346,071 |
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 B-3, RB, (CEP - GNMA)
| 5.43% | | 07/01/2048 | | | 1,300 | | 1,260,549 |
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)
| 5.55% | | 07/01/2043 | | | 1,000 | | 1,001,276 |
Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, RB, (CEP - GNMA)
| 5.60% | | 07/01/2047 | | | 1,000 | | 992,885 |
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB
| 5.85% | | 01/15/2030 | | | 830 | | 856,656 |
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB
| 5.97% | | 01/15/2030 | | | 2,970 | | 3,061,827 |
| | | | | | | | | 8,896,869 |
| Iowa-0.31% | | | | | | | | |
Coralville (City of), IA, Series 2023 A, Ref. GO Bonds, (INS - AGM)(a)
| 6.22% | | 05/01/2043 | | | 3,000 | | 3,117,048 |
Iowa Student Loan Liquidity Corp., Series 2022 A, RB
| 5.08% | | 12/01/2039 | | | 615 | | 604,134 |
| | | | | | | | | 3,721,182 |
| Kansas-0.37% | | | | | | | | |
Kansas (State of) Development Finance Authority, Series 2015 H, RB
| 4.73% | | 04/15/2037 | | | 1,400 | | 1,397,058 |
Kansas (State of) Development Finance Authority, Series 2015 H, RB
| 4.93% | | 04/15/2045 | | | 1,900 | | 1,900,313 |
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a)
| 2.77% | | 05/01/2051 | | | 1,500 | | 1,088,368 |
| | | | | | | | | 4,385,739 |
| Kentucky-0.33% | | | | | | | | |
Kenton (County of), KY Airport Board, Series 2019, RB
| 4.69% | | 01/01/2049 | | | 1,000 | | 913,929 |
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.12% | | 07/01/2049 | | | 2,000 | | 1,436,690 |
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.22% | | 07/01/2053 | | | 1,950 | | 1,396,900 |
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds
| 5.45% | | 11/15/2027 | | | 150 | | 155,531 |
| | | | | | | | | 3,903,050 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Louisiana-2.10% | | | | | | | | |
Lafayette (Parish of), LA School Board, Series 2020, Ref. RB
| 2.83% | | 04/01/2048 | | $ | 1,965 | | $ 1,413,151 |
Louisiana (State of), Series 2020 A-2, Ref. RB
| 2.23% | | 05/01/2036 | | | 2,000 | | 1,577,282 |
Louisiana (State of), Series 2020 A-2, Ref. RB
| 2.53% | | 05/01/2041 | | | 2,800 | | 2,095,838 |
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds
| 1.86% | | 06/01/2032 | | | 3,000 | | 2,542,450 |
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.17% | | 06/01/2040 | | | 1,450 | | 1,140,555 |
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)
| 3.25% | | 06/01/2044 | | | 1,000 | | 740,164 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2022, RB
| 5.20% | | 09/01/2039 | | | 957 | | 982,213 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
| 2.59% | | 02/01/2043 | | | 3,225 | | 2,314,463 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2020, Ref. RB, (INS - AGM)(a)
| 2.64% | | 02/01/2048 | | | 950 | | 631,601 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corp./ELL), Series 2022, RB
| 4.48% | | 08/01/2039 | | | 3,540 | | 3,458,467 |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Utilities Restoration Corp./ELL), Series 2023, RB
| 5.05% | | 12/01/2034 | | | 1,250 | | 1,287,804 |
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)
| 2.28% | | 06/01/2030 | | | 4,850 | | 4,324,576 |
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB
| 3.08% | | 08/15/2043 | | | 100 | | 77,520 |
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.84% | | 06/01/2041 | | | 1,400 | | 1,048,337 |
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.89% | | 12/01/2041 | | | 1,500 | | 1,186,708 |
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.94% | | 06/01/2045 | | | 170 | | 118,972 |
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.99% | | 12/01/2045 | | | 150 | | 113,722 |
| | | | | | | | | 25,053,823 |
| Maine-0.06% | | | | | | | | |
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)
| 3.12% | | 07/01/2043 | | | 1,000 | | 776,775 |
| Maryland-1.41% | | | | | | | | |
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
| 1.14% | | 07/01/2026 | | | 410 | | 387,591 |
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
| 1.34% | | 07/01/2027 | | | 1,000 | | 926,431 |
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
| 1.58% | | 07/01/2028 | | | 555 | | 506,364 |
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
| 2.81% | | 07/01/2040 | | | 1,000 | | 798,634 |
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB
| 2.86% | | 07/01/2043 | | | 145 | | 109,024 |
Baltimore (County of), MD, Series 2010 C, GO Bonds
| 4.45% | | 11/01/2026 | | | 1,000 | | 996,521 |
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
| 0.91% | | 08/01/2026 | | | 715 | | 670,653 |
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
| 1.25% | | 08/01/2027 | | | 950 | | 874,257 |
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
| 1.30% | | 08/01/2028 | | | 1,000 | | 898,622 |
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
| 1.64% | | 08/01/2029 | | | 1,000 | | 889,044 |
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB
| 1.69% | | 08/01/2030 | | | 450 | | 390,630 |
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB
| 4.67% | | 07/01/2036 | | | 1,000 | | 992,533 |
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
| 5.36% | | 09/01/2038 | | | 1,000 | | 1,005,011 |
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
| 5.48% | | 09/01/2043 | | | 500 | | 493,224 |
Maryland Community Development Administration, Series 2023 D, RB, (CEP - GNMA)
| 5.53% | | 03/01/2047 | | | 460 | | 447,930 |
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)
| 6.15% | | 09/01/2038 | | | 1,000 | | 1,056,075 |
Maryland Community Development Administration, Series 2023 F, RB, (CEP - GNMA)
| 6.23% | | 09/01/2043 | | | 1,000 | | 1,040,111 |
Maryland Economic Development Corp., Series 2024, RB
| 5.43% | | 05/31/2056 | | | 2,000 | | 2,038,810 |
Maryland Economic Development Corp., Series 2024, RB
| 5.94% | | 05/31/2057 | | | 1,000 | | 1,026,884 |
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB
| 4.75% | | 06/01/2042 | | | 1,400 | | 1,275,162 |
| | | | | | | | | 16,823,511 |
| Massachusetts-3.35% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds
| 4.91% | | 05/01/2029 | | | 7,715 | | 7,792,054 |
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds
| 4.50% | | 08/01/2031 | | | 1,650 | | 1,635,438 |
Massachusetts (Commonwealth of), Series 2010, GO Bonds
| 4.68% | | 05/01/2026 | | | 2,400 | | 2,391,325 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Massachusetts-(continued) | | | | | | | | |
Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds
| 2.81% | | 09/01/2043 | | $ | 650 | | $ 498,999 |
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
| 0.70% | | 11/01/2025 | | | 2,000 | | 1,917,475 |
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
| 0.99% | | 11/01/2026 | | | 1,000 | | 937,136 |
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
| 1.14% | | 11/01/2027 | | | 3,000 | | 2,750,898 |
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
| 1.37% | | 11/01/2028 | | | 2,500 | | 2,256,542 |
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds
| 1.87% | | 11/01/2033 | | | 1,850 | | 1,517,615 |
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds
| 3.28% | | 06/01/2046 | | | 1,500 | | 1,246,899 |
Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB
| 5.19% | | 08/01/2040 | | | 730 | | 736,840 |
Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB, (CEP - Colorado Higher Education Intercept Program)
| 5.83% | | 05/01/2030 | | | 4,950 | | 5,159,357 |
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
| 5.84% | | 12/01/2042 | | | 1,500 | | 1,503,185 |
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
| 5.92% | | 12/01/2047 | | | 750 | | 752,381 |
Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, RB, (CEP - GNMA)
| 5.56% | | 12/01/2052 | | | 920 | | 939,731 |
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
| 2.72% | | 07/01/2042 | | | 1,200 | | 914,496 |
Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB
| 2.87% | | 07/01/2051 | | | 525 | | 367,316 |
Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB
| 5.72% | | 08/15/2039 | | | 350 | | 370,244 |
Massachusetts (Commonwealth of) School Building Authority, Series 2019 B, Ref. RB
| 3.40% | | 10/15/2040 | | | 550 | | 469,388 |
Massachusetts (Commonwealth of) School Building Authority, Series 2020 C, Ref. RB
| 2.95% | | 05/15/2043 | | | 800 | | 629,578 |
Massachusetts (Commonwealth of) School Building Authority, Series 2021 A, Ref. RB
| 2.40% | | 02/15/2036 | | | 675 | | 549,453 |
University of Massachusetts Building Authority, Series 2010 2, RB
| 4.55% | | 11/01/2025 | | | 1,450 | | 1,446,874 |
University of Massachusetts Building Authority, Series 2021 2, Ref. RB
| 2.65% | | 11/01/2036 | | | 3,805 | | 3,123,083 |
| | | | | | | | | 39,906,307 |
| Michigan-2.10% | | | | | | | | |
Gerald R Ford International Airport Authority, Series 2023 A, RB
| 5.50% | | 01/01/2053 | | | 1,300 | | 1,343,315 |
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)
| 2.62% | | 07/01/2036 | | | 1,800 | | 1,518,496 |
Macomb (County of), MI, Series 2020, Ref. GO Bonds
| 1.67% | | 11/01/2029 | | | 2,850 | | 2,540,718 |
Michigan (State of) Finance Authority (Detroit Distributable State Aid Fifth Lien and LTGO Financial Recovery Refunding), Series 2018 D, RB
| 5.02% | | 11/01/2043 | | | 1,774 | | 1,701,001 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C, Ref. RB
| 3.61% | | 11/01/2032 | | | 500 | | 473,361 |
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C-1, Ref. RB
| 3.59% | | 11/01/2035 | | | 1,000 | | 898,956 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 1.27% | | 09/01/2026 | | | 500 | | 471,563 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 1.53% | | 09/01/2027 | | | 500 | | 463,247 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 1.68% | | 09/01/2028 | | | 1,000 | | 910,698 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 1.88% | | 09/01/2029 | | | 500 | | 449,072 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 2.03% | | 09/01/2030 | | | 950 | | 835,191 |
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB
| 3.23% | | 09/01/2047 | | | 2,000 | | 1,593,948 |
Michigan State University Board of Trustees, Series 2010, RB
| 6.17% | | 02/15/2050 | | | 955 | | 1,001,791 |
University of Michigan, Series 2010 A, RB
| 5.51% | | 04/01/2030 | | | 250 | | 256,559 |
University of Michigan, Series 2020 B, RB
| 1.67% | | 04/01/2030 | | | 1,050 | | 922,108 |
University of Michigan, Series 2022 A, RB
| 3.50% | | 04/01/2052 | | | 1,800 | | 1,449,913 |
University of Michigan, Series 2022 A, RB
| 4.45% | | 04/01/2122 | | | 3,450 | | 3,026,979 |
University of Michigan, Series 2022 C, Ref. RB
| 3.60% | | 04/01/2047 | | | 4,950 | | 4,304,167 |
University of Michigan (Green Bonds), Series 2022 B, RB
| 3.50% | | 04/01/2052 | | | 1,033 | | 832,089 |
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)
| 2.88% | | 11/15/2043 | | | 100 | | 77,684 |
| | | | | | | | | 25,070,856 |
| Minnesota-0.32% | | | | | | | | |
Minnesota (State of) Housing Finance Agency, Series 2023 S, RB, (CEP - GNMA)
| 6.33% | | 07/01/2049 | | | 1,000 | | 1,043,708 |
Minnesota (State of) Housing Finance Agency, Series 2024 M, RB, (CEP - GNMA)
| 5.97% | | 07/01/2049 | | | 1,000 | | 1,020,070 |
University of Minnesota, Series 2022, RB
| 4.05% | | 04/01/2052 | | | 1,950 | | 1,728,558 |
| | | | | | | | | 3,792,336 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Mississippi-1.49% | | | | | | | | |
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB
| 2.92% | | 06/01/2041 | | $ | 500 | | $ 393,734 |
Mississippi (State of), Series 2009 D, GO Bonds
| 5.54% | | 10/01/2029 | | | 2,460 | | 2,541,056 |
Mississippi (State of), Series 2010 F, GO Bonds
| 5.25% | | 11/01/2034 | | | 950 | | 967,886 |
Mississippi (State of), Series 2020 A, Ref. GO Bonds
| 0.94% | | 11/01/2026 | | | 4,500 | | 4,203,846 |
Mississippi (State of), Series 2020 A, Ref. GO Bonds
| 1.04% | | 11/01/2027 | | | 5,000 | | 4,556,468 |
Mississippi (State of), Series 2020 A, Ref. GO Bonds
| 1.63% | | 11/01/2031 | | | 500 | | 421,987 |
Mississippi (State of), Series 2020 A, Ref. GO Bonds
| 1.73% | | 11/01/2032 | | | 3,750 | | 3,103,639 |
Mississippi (State of), Series 2020 A, Ref. GO Bonds
| 1.78% | | 11/01/2033 | | | 1,900 | | 1,535,924 |
| | | | | | | | | 17,724,540 |
| Missouri-1.01% | | | | | | | | |
Curators of the University of Missouri (The), Series 2020, Ref. RB
| 2.01% | | 11/01/2027 | | | 1,260 | | 1,181,789 |
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB
| 4.20% | | 10/01/2049 | | | 4,900 | | 4,265,068 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB
| 6.89% | | 01/01/2042 | | | 4,950 | | 5,663,172 |
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB
| 7.60% | | 01/01/2032 | | | 835 | | 922,611 |
| | | | | | | | | 12,032,640 |
| Montana-0.04% | | | | | | | | |
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB
| 3.25% | | 08/15/2051 | | | 250 | | 189,329 |
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB
| 3.00% | | 08/15/2051 | | | 400 | | 275,383 |
| | | | | | | | | 464,712 |
| Nebraska-0.20% | | | | | | | | |
Omaha Public Facilities Corp., Series 2017, RB
| 4.35% | | 02/01/2047 | | | 1,735 | | 1,525,689 |
University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB
| 3.04% | | 10/01/2049 | | | 1,100 | | 833,812 |
| | | | | | | | | 2,359,501 |
| Nevada-0.56% | | | | | | | | |
Clark (County of), NV, Series 2010 A, GO Bonds
| 6.55% | | 07/01/2030 | | | 1,130 | | 1,190,911 |
Clark (County of), NV, Series 2010 A, GO Bonds
| 6.75% | | 07/01/2038 | | | 1,620 | | 1,843,646 |
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB
| 7.45% | | 02/01/2040 | | | 3,000 | | 3,623,699 |
| | | | | | | | | 6,658,256 |
| New Hampshire-0.61% | | | | | | | | |
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB
| 3.78% | | 01/01/2036 | | | 1,200 | | 1,014,669 |
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB
| 3.28% | | 10/01/2037 | | | 2,860 | | 2,147,074 |
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB
| 3.30% | | 04/01/2032 | | | 2,900 | | 2,384,256 |
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB
| 3.18% | | 01/01/2036 | | | 1,910 | | 1,484,462 |
New Hampshire (State of) Turnpike System, Series 2009 A, RB
| 6.01% | | 11/01/2039 | | | 200 | | 216,774 |
| | | | | | | | | 7,247,235 |
| New Jersey-3.25% | | | | | | | | |
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB
| 6.18% | | 01/15/2027 | | | 185 | | 189,069 |
New Jersey (State of) Economic Development Authority, Series 2007 A-2, RB, (INS - AGC)(a)
| 6.31% | | 07/01/2026 | | | 65 | | 65,601 |
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)(a)
| 4.43% | | 07/01/2051 | | | 1,950 | | 1,662,870 |
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)
| 3.96% | | 07/01/2048 | | | 1,400 | | 1,172,913 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB
| 6.56% | | 12/15/2040 | | | 1,405 | | 1,582,758 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB
| 5.75% | | 12/15/2028 | | | 1,940 | | 1,973,759 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB
| 4.13% | | 06/15/2042 | | | 1,000 | | 874,036 |
New Jersey (State of) Turnpike Authority, Series 2009 F, RB
| 7.41% | | 01/01/2040 | | | 5,000 | | 6,111,772 |
New Jersey (State of) Turnpike Authority, Series 2010 A, RB
| 7.10% | | 01/01/2041 | | | 900 | | 1,068,976 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.05% | | 01/01/2026 | | | 7,675 | | 7,331,278 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New Jersey-(continued) | | | | | | | | |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.28% | | 01/01/2027 | | $ | 350 | | $ 326,805 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.48% | | 01/01/2028 | | | 80 | | 73,268 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.71% | | 01/01/2029 | | | 200 | | 180,462 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.81% | | 01/01/2030 | | | 500 | | 442,481 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 1.86% | | 01/01/2031 | | | 500 | | 432,851 |
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB
| 2.78% | | 01/01/2040 | | | 1,000 | | 774,356 |
New Jersey Institute of Technology, Series 2020 B, Ref. RB
| 3.42% | | 07/01/2042 | | | 4,000 | | 3,313,371 |
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
| 7.57% | | 12/15/2029 | | | 500 | | 542,912 |
Passaic (County of), NJ Valley Water Commission, Series 2009, RB
| 7.82% | | 12/15/2039 | | | 450 | | 554,092 |
Rutgers The State University of New Jersey, Series 2010 H, RB
| 5.55% | | 05/01/2029 | | | 685 | | 699,350 |
Rutgers The State University of New Jersey, Series 2019 P, RB
| 3.92% | | 05/01/2119 | | | 1,100 | | 811,206 |
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB
| 3.27% | | 05/01/2043 | | | 3,500 | | 2,917,023 |
South Jersey Port Corp., Series 2009, RB
| 7.37% | | 01/01/2040 | | | 4,950 | | 5,690,949 |
| | | | | | | | | 38,792,158 |
| New York-12.68% | | | | | | | | |
Metropolitan Transportation Authority, Series 2009, RB
| 7.34% | | 11/15/2039 | | | 1,725 | | 2,101,824 |
Metropolitan Transportation Authority, Series 2010 E, RB
| 6.81% | | 11/15/2040 | | | 6,375 | | 7,148,542 |
Metropolitan Transportation Authority, Series 2010, RB
| 6.65% | | 11/15/2039 | | | 1,750 | | 1,932,822 |
Metropolitan Transportation Authority, Series 2010, RB
| 6.67% | | 11/15/2039 | | | 2,250 | | 2,516,128 |
Metropolitan Transportation Authority, Series 2010, RB
| 6.69% | | 11/15/2040 | | | 3,745 | | 4,168,841 |
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eighth Series 2011, RB
| 4.93% | | 10/01/2051 | | | 5,385 | | 5,405,577 |
New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth Series 2012, RB
| 4.46% | | 10/01/2062 | | | 1,025 | | 931,678 |
New York & New Jersey (States of) Port Authority, Series 2021, RB
| 3.14% | | 02/15/2051 | | | 2,000 | | 1,538,656 |
New York & New Jersey (States of) Port Authority, Two Hundred First Series 2017, RB
| 4.23% | | 10/15/2057 | | | 2,675 | | 2,364,298 |
New York & New Jersey (States of) Port Authority, Two Hundred Thirty Ninth Series 2023, Ref. RB
| 5.07% | | 07/15/2053 | | | 5,500 | | 5,611,629 |
New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fifth Series 2021, RB
| 3.18% | | 07/15/2060 | | | 800 | | 556,195 |
New York (City of), NY, Series 2009 D-1, GO Bonds
| 5.99% | | 12/01/2036 | | | 1,400 | | 1,485,049 |
New York (City of), NY, Series 2009, GO Bonds
| 5.21% | | 10/01/2031 | | | 6,000 | | 6,102,515 |
New York (City of), NY, Series 2010 F-1, GO Bonds
| 6.27% | | 12/01/2037 | | | 1,870 | | 2,066,814 |
New York (City of), NY, Series 2010 G-1, GO Bonds
| 5.97% | | 03/01/2036 | | | 8,395 | | 8,994,888 |
New York (City of), NY, Series 2010 H-1, GO Bonds
| 5.65% | | 06/01/2027 | | | 705 | | 715,731 |
New York (City of), NY, Series 2010 H-1, GO Bonds
| 5.85% | | 06/01/2040 | | | 4,850 | | 5,165,861 |
New York (City of), NY, Series 2020 D-3, GO Bonds
| 2.22% | | 03/01/2035 | | | 930 | | 740,396 |
New York (City of), NY, Series 2023 B-1, GO Bonds
| 5.83% | | 10/01/2053 | | | 2,000 | | 2,251,790 |
New York (City of), NY, Subseries 2019 A-2, GO Bonds
| 2.63% | | 08/01/2028 | | | 10,000 | | 9,474,683 |
New York (City of), NY (Social Bonds), Series 2022, GO Bonds
| 5.26% | | 10/01/2052 | | | 1,550 | | 1,629,934 |
New York (City of), NY Educational Construction Fund, Series 2010 A, RB
| 6.00% | | 04/01/2035 | | | 1,950 | | 2,114,238 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 2.68% | | 03/01/2033 | | | 2,000 | | 1,726,021 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 2.73% | | 03/01/2034 | | | 3,000 | | 2,543,647 |
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)
| 2.78% | | 03/01/2035 | | | 3,000 | | 2,502,149 |
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB
| 5.72% | | 06/15/2042 | | | 4,460 | | 4,722,773 |
New York (City of), NY Transitional Finance Authority, Series 2010 G-3, RB
| 5.27% | | 05/01/2027 | | | 4,000 | | 4,083,082 |
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB
| 6.83% | | 07/15/2040 | | | 3,480 | | 3,869,760 |
New York (City of), NY Transitional Finance Authority, Series 2010, RB
| 5.51% | | 08/01/2037 | | | 1,525 | | 1,590,556 |
New York (City of), NY Transitional Finance Authority, Subseries 2017 A-3, RB
| 2.45% | | 05/01/2027 | | | 1,000 | | 957,352 |
New York (State of) Dormitory Authority, Series 2010 D, RB
| 5.50% | | 03/15/2030 | | | 2,760 | | 2,807,665 |
New York (State of) Dormitory Authority, Series 2010 H, RB
| 5.29% | | 03/15/2033 | | | 1,345 | | 1,369,428 |
New York (State of) Dormitory Authority, Series 2010 H, RB
| 5.39% | | 03/15/2040 | | | 1,800 | | 1,853,437 |
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB
| 3.14% | | 07/01/2043 | | | 900 | | 754,704 |
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB(b)
| 1.26% | | 03/15/2026 | | | 2,000 | | 1,912,779 |
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
| 1.19% | | 03/15/2026 | | | 1,000 | | 955,145 |
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
| 1.54% | | 03/15/2027 | | | 1,000 | | 939,019 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| New York-(continued) | | | | | | | | |
New York (State of) Dormitory Authority, Series 2021 C, RB(b)
| 1.75% | | 03/15/2028 | | $ | 1,000 | | $ 928,162 |
New York (State of) Dormitory Authority, Series 2021 C, RB
| 1.95% | | 03/15/2029 | | | 900 | | 816,154 |
New York (State of) Dormitory Authority, Series 2021 C, RB
| 2.05% | | 03/15/2030 | | | 1,000 | | 891,210 |
New York (State of) Dormitory Authority, Series 2021 C, RB
| 2.15% | | 03/15/2031 | | | 1,000 | | 874,947 |
New York (State of) Dormitory Authority, Series 2021 C, RB
| 2.25% | | 03/15/2032 | | | 900 | | 776,441 |
New York (State of) Dormitory Authority, Series 2021 C, RB
| 2.20% | | 03/15/2034 | | | 900 | | 742,865 |
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB
| 5.97% | | 07/01/2042 | | | 3,000 | | 3,087,061 |
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB
| 4.85% | | 07/01/2048 | | | 4,950 | | 4,777,659 |
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2, RB
| 4.01% | | 07/01/2049 | | | 3,000 | | 2,540,252 |
New York (State of) Thruway Authority, Series 2019 M, Ref. RB
| 2.90% | | 01/01/2035 | | | 4,950 | | 4,341,410 |
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB
| 2.95% | | 11/01/2041 | | | 4,850 | | 3,617,835 |
New York State Urban Development Corp., Series 2010 B, RB
| 5.84% | | 03/15/2040 | | | 1,900 | | 1,990,666 |
New York State Urban Development Corp., Series 2020 F, Ref. RB
| 1.80% | | 03/15/2031 | | | 5,000 | | 4,273,076 |
New York State Urban Development Corp., Series 2020 F, Ref. RB
| 1.90% | | 03/15/2032 | | | 4,350 | | 3,645,572 |
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB
| 3.47% | | 07/01/2028 | | | 2,950 | | 2,853,984 |
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB
| 3.57% | | 07/01/2029 | | | 1,950 | | 1,873,971 |
Triborough Bridge & Tunnel Authority, Series 2009 B, RB
| 5.50% | | 11/15/2039 | | | 2,715 | | 2,769,233 |
Triborough Bridge & Tunnel Authority, Series 2010, RB(b)
| 5.45% | | 09/23/2024 | | | 2,230 | | 2,303,355 |
Western Nassau County Water Authority, Series 2010 B, RB
| 6.70% | | 04/01/2040 | | | 500 | | 564,019 |
| | | | | | | | | 151,273,478 |
| North Carolina-0.06% | | | | | | | | |
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB
| 3.33% | | 12/01/2036 | | | 760 | | 693,141 |
| Ohio-2.54% | | | | | | | | |
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB
| 8.08% | | 02/15/2050 | | | 5,880 | | 7,970,883 |
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB
| 7.50% | | 02/15/2050 | | | 3,245 | | 4,004,046 |
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB
| 6.27% | | 02/15/2050 | | | 1,905 | | 2,080,723 |
American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB
| 6.45% | | 02/15/2044 | | | 1,950 | | 2,176,803 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB
| 6.05% | | 02/15/2043 | | | 1,005 | | 1,095,944 |
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB
| 5.94% | | 02/15/2047 | | | 1,000 | | 1,076,421 |
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB
| 1.95% | | 06/01/2026 | | | 950 | | 907,242 |
Columbus (City of), OH Regional Airport Authority, Series 2019, RB
| 4.20% | | 12/15/2048 | | | 1,000 | | 865,025 |
Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB
| 8.22% | | 02/15/2040 | | | 950 | | 1,090,659 |
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB
| 6.39% | | 12/01/2030 | | | 1,000 | | 1,065,342 |
Franklin (County of), OH Convention Facilities Authority, Series 2010 B, RB
| 6.54% | | 12/01/2036 | | | 1,070 | | 1,193,717 |
JobsOhio Beverage System, Series 2020 A, Ref. RB
| 2.83% | | 01/01/2038 | | | 1,850 | | 1,527,346 |
JobsOhio Beverage System, Series 2023, RB
| 4.43% | | 01/01/2033 | | | 2,655 | | 2,659,871 |
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB
| 3.70% | | 01/01/2043 | | | 1,000 | | 871,355 |
Ohio State University (The), Series 2014, RB
| 5.59% | | 12/01/2114 | | | 950 | | 947,958 |
Ohio State University (The), Series 2016 A, RB
| 3.80% | | 12/01/2046 | | | 950 | | 814,283 |
| | | | | | | | | 30,347,618 |
| Oklahoma-0.91% | | | | | | | | |
Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB
| 4.64% | | 07/01/2042 | | | 950 | | 919,027 |
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
| 4.38% | | 11/01/2045 | | | 3,350 | | 3,185,907 |
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB
| 4.71% | | 05/01/2052 | | | 2,000 | | 1,943,307 |
Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahama), Series 2022, RB
| 4.62% | | 06/01/2044 | | | 4,900 | | 4,801,239 |
| | | | | | | | | 10,849,480 |
| Oregon-1.71% | | | | | | | | |
Hillsboro Economic Development Council, Series 2024, RB, (INS - AGM)(a)
| 5.94% | | 06/01/2043 | | | 400 | | 415,921 |
Metro, Series 2019, GO Bonds
| 3.25% | | 06/01/2028 | | | 9,950 | | 9,684,629 |
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB
| 2.99% | | 09/01/2036 | | | 1,850 | | 1,594,231 |
Oregon (State of), Series 2003, GO Bonds
| 5.89% | | 06/01/2027 | | | 1,497 | | 1,532,666 |
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB
| 1.66% | | 11/15/2031 | | | 4,000 | | 3,356,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Oregon-(continued) | | | | | | | | |
Oregon (State of) Housing & Community Services Department (Single Family Mortgage), Series 2023, Ref. RB
| 6.25% | | 07/01/2053 | | $ | 990 | | $ 1,038,365 |
Oregon State University, Series 2020, RB, (INS - BAM)(a)
| 3.42% | | 03/01/2060 | | | 2,620 | | 2,031,531 |
Portland (Port of), OR (Portland International Airport), Series 2019, RB
| 4.24% | | 07/01/2049 | | | 950 | | 804,670 |
| | | | | | | | | 20,458,833 |
| Pennsylvania-3.06% | | | | | | | | |
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds
| 2.09% | | 11/01/2033 | | | 900 | | 737,801 |
Commonwealth Financing Authority, Series 2010 C-2, RB
| 5.59% | | 06/01/2030 | | | 2,000 | | 2,062,680 |
Commonwealth Financing Authority, Series 2019 A, RB
| 3.81% | | 06/01/2041 | | | 4,950 | | 4,360,023 |
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)
| 3.66% | | 06/01/2038 | | | 1,400 | | 1,269,781 |
Commonwealth Financing Authority, Series 2020 C, Ref. RB
| 3.53% | | 06/01/2042 | | | 900 | | 764,249 |
Commonwealth Financing Authority, Series 2021 A, RB
| 2.99% | | 06/01/2042 | | | 900 | | 701,709 |
Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGM)(a)
| 3.46% | | 06/01/2060 | | | 3,140 | | 2,381,210 |
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
| 3.23% | | 12/01/2050 | | | 600 | | 433,897 |
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
| 3.48% | | 12/01/2055 | | | 1,000 | | 746,380 |
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)
| 3.63% | | 12/01/2059 | | | 2,450 | | 1,850,422 |
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds
| 4.65% | | 02/15/2026 | | | 2,135 | | 2,135,192 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB
| 2.85% | | 06/15/2036 | | | 1,000 | | 836,665 |
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB
| 3.14% | | 06/15/2042 | | | 900 | | 727,811 |
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB
| 6.14% | | 04/01/2030 | | | 950 | | 993,064 |
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB
| 3.44% | | 12/01/2043 | | | 2,900 | | 2,371,439 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB
| 6.11% | | 12/01/2039 | | | 1,393 | | 1,530,406 |
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB
| 3.42% | | 12/01/2041 | | | 4,950 | | 4,147,895 |
Philadelphia School District (The), Series 2010 B, GO Bonds
| 6.62% | | 06/01/2030 | | | 950 | | 1,007,259 |
Pittsburgh (City of), PA, Series 2020 B, Ref. GO Bonds
| 1.19% | | 09/01/2026 | | | 4,000 | | 3,765,214 |
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB
| 5.05% | | 08/15/2049 | | | 1,500 | | 1,422,818 |
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB
| 3.01% | | 09/15/2041 | | | 2,750 | | 2,231,760 |
| | | | | | | | | 36,477,675 |
| South Carolina-0.38% | | | | | | | | |
Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref. RB
| 1.42% | | 12/01/2027 | | | 1,000 | | 916,808 |
Columbia (City of), SC, Series 2021 B, Ref. RB
| 3.01% | | 02/01/2049 | | | 245 | | 188,897 |
Greenville-Spartanburg Airport District, Series 2024 B, RB
| 5.59% | | 07/01/2048 | | | 100 | | 100,762 |
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), Series 2020, RB, (INS - AGM)(a)
| 2.73% | | 07/01/2030 | | | 400 | | 355,877 |
South Carolina (State of) Public Service Authority, Series 2010 C, RB
| 6.45% | | 01/01/2050 | | | 1,750 | | 1,950,538 |
Spartanburg Stadium Facilities Corp., Series 2024, RB
| 6.11% | | 11/01/2054 | | | 1,000 | | 1,043,064 |
| | | | | | | | | 4,555,946 |
| South Dakota-0.01% | | | | | | | | |
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB
| 3.69% | | 07/01/2042 | | | 150 | | 125,375 |
| Tennessee-0.74% | | | | | | | | |
Memphis (City of), TN, Series 2010, GO Bonds
| 6.04% | | 07/01/2034 | | | 1,000 | | 1,103,630 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
| 1.39% | | 07/01/2030 | | | 100 | | 86,202 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
| 1.49% | | 07/01/2031 | | | 100 | | 84,399 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
| 1.59% | | 07/01/2032 | | | 125 | | 103,341 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds
| 1.79% | | 07/01/2034 | | | 200 | | 158,931 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Tennessee-(continued) | | | | | | | | |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 B, RB
| 4.05% | | 07/01/2026 | | $ | 1,000 | | $ 991,442 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB
| 3.44% | | 10/01/2046 | | | 950 | | 798,180 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB
| 3.24% | | 07/01/2052 | | | 2,450 | | 1,695,892 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2010 B, RB
| 6.73% | | 07/01/2043 | | | 1,000 | | 1,117,371 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB
| 5.45% | | 07/01/2043 | | | 1,000 | | 1,064,030 |
Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 D, RB
| 5.60% | | 07/01/2056 | | | 1,500 | | 1,589,741 |
| | | | | | | | | 8,793,159 |
| Texas-10.35% | | | | | | | | |
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)
| 2.86% | | 11/15/2042 | | | 2,485 | | 1,879,115 |
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB
| 4.64% | | 08/15/2030 | | | 10,000 | | 9,999,038 |
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 C, RB
| 4.79% | | 08/15/2046 | | | 1,000 | | 995,343 |
Board of Regents of the University of Texas System (Build America Bonds), Series 2010 D, RB
| 5.13% | | 08/15/2042 | | | 850 | | 882,964 |
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a)
| 4.88% | | 10/01/2047 | | | 950 | | 909,843 |
Corpus Christi (City of), TX, Series 2020, Ref. RB
| 2.81% | | 07/15/2040 | | | 230 | | 178,668 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB
| 1.65% | | 11/01/2026 | | | 2,200 | | 2,082,864 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB
| 2.92% | | 11/01/2050 | | | 900 | | 660,877 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 1.30% | | 11/01/2025 | | | 950 | | 915,033 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 1.53% | | 11/01/2026 | | | 1,000 | | 944,223 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 1.73% | | 11/01/2027 | | | 1,000 | | 928,377 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 1.93% | | 11/01/2028 | | | 750 | | 686,542 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 2.04% | | 11/01/2029 | | | 2,000 | | 1,801,254 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 2.14% | | 11/01/2030 | | | 2,000 | | 1,770,671 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 2.74% | | 11/01/2035 | | | 2,000 | | 1,669,653 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 2.87% | | 11/01/2037 | | | 1,500 | | 1,221,614 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB
| 2.84% | | 11/01/2046 | | | 2,500 | | 1,878,271 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
| 4.09% | | 11/01/2051 | | | 1,500 | | 1,304,951 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB
| 4.51% | | 11/01/2051 | | | 2,400 | | 2,230,050 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB
| 5.00% | | 11/01/2042 | | | 800 | | 810,339 |
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. RB
| 5.05% | | 11/01/2047 | | | 200 | | 199,090 |
Dallas (City of), TX Area Rapid Transit, Series 2009 B, RB
| 6.00% | | 12/01/2044 | | | 2,000 | | 2,157,669 |
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB
| 2.61% | | 12/01/2048 | | | 850 | | 605,154 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2026 | | | 900 | | 898,350 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2027 | | | 250 | | 250,288 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2028 | | | 950 | | 952,902 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 4.00% | | 08/15/2029 | | $ | 400 | | $ 400,942 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 1.94% | | 08/15/2030 | | | 1,000 | | 890,810 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 2.01% | | 08/15/2031 | | | 1,000 | | 875,860 |
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 2.09% | | 08/15/2032 | | | 250 | | 214,476 |
Dallas Convention Center Hotel Development Corp., Series 2009, RB
| 7.09% | | 01/01/2042 | | | 2,730 | | 3,131,753 |
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)
| 2.74% | | 08/01/2041 | | | 5,500 | | 4,293,752 |
Fort Worth (City of), TX, Series 2017 B, RB
| 4.09% | | 03/01/2037 | | | 1,035 | | 974,784 |
Grand Parkway Transportation Corp., Series 2020, Ref. RB
| 3.22% | | 10/01/2049 | | | 740 | | 564,329 |
Grand Parkway Transportation Corp., Series 2020, Ref. RB
| 3.24% | | 10/01/2052 | | | 1,000 | | 756,334 |
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)
| 3.71% | | 11/15/2056 | | | 4,000 | | 3,058,262 |
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a)
| 3.86% | | 11/15/2040 | | | 2,155 | | 1,876,612 |
Houston (City of), TX, Series 2014 B, RB
| 3.83% | | 05/15/2028 | | | 1,200 | | 1,190,638 |
Houston (City of), TX, Series 2017, GO Bonds
| 3.96% | | 03/01/2047 | | | 850 | | 746,463 |
Houston (City of), TX, Series 2020 C, Ref. RB
| 1.82% | | 07/01/2027 | | | 1,000 | | 935,015 |
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
| 4.52% | | 03/01/2042 | | | 3,000 | | 2,931,058 |
Midland (City of), TX, Series 2022 A, Ref. GO Bonds
| 4.67% | | 03/01/2050 | | | 2,950 | | 2,861,947 |
North Texas Tollway Authority, Series 2009 B, RB
| 6.72% | | 01/01/2049 | | | 1,700 | | 2,007,438 |
North Texas Tollway Authority, Series 2020, Ref. RB
| 3.08% | | 01/01/2042 | | | 500 | | 392,618 |
North Texas Tollway Authority, Series 2021, Ref. RB
| 3.01% | | 01/01/2043 | | | 850 | | 678,142 |
Permanent University Fund - University of Texas System, Series 2009, RB
| 5.26% | | 07/01/2039 | | | 300 | | 308,541 |
San Antonio (City of), TX, Series 2016, Ctfs. Of Obligation
| 2.93% | | 02/01/2046 | | | 1,345 | | 1,020,251 |
San Antonio (City of), TX, Series 2022, GO Bonds
| 4.53% | | 02/01/2042 | | | 2,000 | | 1,901,065 |
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)
| 3.29% | | 09/01/2040 | | | 500 | | 407,734 |
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)
| 3.42% | | 09/01/2050 | | | 900 | | 672,488 |
Texas (State of), Series 2009, GO Bonds
| 5.52% | | 04/01/2039 | | | 2,580 | | 2,760,821 |
Texas (State of), Series 2019, Ref. GO Bonds
| 3.21% | | 04/01/2044 | | | 1,000 | | 830,896 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 700 | | 703,606 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 1,450 | | 1,476,882 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 3,175 | | 3,271,640 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 3,250 | | 3,382,658 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 4.00% | | 10/01/2029 | | | 1,790 | | 1,794,510 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 1.84% | | 10/01/2030 | | | 1,780 | | 1,573,442 |
Texas (State of), Series 2021 A, Ref. GO Bonds
| 1.94% | | 10/01/2031 | | | 1,345 | | 1,170,026 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 10/01/2025 | | | 1,000 | | 1,005,152 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 10/01/2026 | | | 1,570 | | 1,599,107 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 10/01/2027 | | | 2,730 | | 2,813,095 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 5.00% | | 10/01/2028 | | | 1,585 | | 1,649,696 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 3.00% | | 10/01/2029 | | | 3,655 | | 3,497,523 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 1.84% | | 10/01/2030 | | | 200 | | 176,791 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 1.94% | | 10/01/2031 | | | 850 | | 739,421 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 2.04% | | 10/01/2032 | | | 1,570 | | 1,344,369 |
Texas (State of), Series 2021 B, Ref. GO Bonds
| 2.14% | | 10/01/2033 | | | 1,000 | | 843,425 |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB
| 3.03% | | 08/15/2041 | | | 1,950 | | 1,526,399 |
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
| 5.03% | | 04/01/2026 | | | 1,030 | | 1,030,276 |
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB
| 5.18% | | 04/01/2030 | | | 3,765 | | 3,832,195 |
Texas A&M University, Series 2019 A, RB
| 4.20% | | 05/15/2048 | | | 2,450 | | 2,170,736 |
Texas A&M University, Series 2019 B, Ref. RB
| 2.62% | | 05/15/2029 | | | 2,950 | | 2,778,614 |
Texas A&M University, Series 2021 B, RB
| 2.81% | | 05/15/2041 | | | 1,000 | | 766,688 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Texas-(continued) | | | | | | | | |
Texas Natural Gas Securitization Finance Corp., Series 2023 A-1, RB
| 5.10% | | 04/01/2035 | | $ | 873 | | $ 897,293 |
Texas Natural Gas Securitization Finance Corp., Series 2023 A-2, RB
| 5.17% | | 04/01/2041 | | | 3,000 | | 3,101,503 |
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)
| 3.46% | | 09/01/2040 | | | 1,160 | | 927,931 |
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB
| 2.84% | | 03/01/2040 | | | 4,900 | | 3,856,476 |
| | | | | | | | | 123,425,626 |
| Utah-0.73% | | | | | | | | |
Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB
| 5.82% | | 12/01/2029 | | | 400 | | 413,554 |
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
| 1.72% | | 12/15/2027 | | | 4,000 | | 3,713,606 |
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
| 1.82% | | 12/15/2028 | | | 150 | | 136,944 |
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB
| 1.94% | | 12/15/2029 | | | 4,900 | | 4,402,437 |
| | | | | | | | | 8,666,541 |
| Virgin Islands-0.07% | | | | | | | | |
Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB, (INS - AGM)(a)
| 6.85% | | 07/01/2035 | | | 745 | | 804,831 |
| Virginia-0.55% | | | | | | | | |
University of Virginia, Series 2017 C, RB
| 4.18% | | 09/01/2117 | | | 1,000 | | 845,621 |
University of Virginia, Series 2019 A, RB
| 3.23% | | 09/01/2119 | | | 1,200 | | 778,133 |
Virginia (Commonwealth of) Housing Development Authority, Series 2019 A, RB
| 2.95% | | 10/25/2049 | | | 1,574 | | 1,423,545 |
Virginia (Commonwealth of) Housing Development Authority, Series 2020 B, RB
| 2.75% | | 10/25/2046 | | | 1,105 | | 960,044 |
Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB
| 3.83% | | 04/01/2055 | | | 1,600 | | 1,180,478 |
Virginia (Commonwealth of) Housing Development Authority, Series 2020 F, RB
| 3.28% | | 07/01/2050 | | | 1,990 | | 1,368,761 |
| | | | | | | | | 6,556,582 |
| Washington-1.29% | | | | | | | | |
Benton (County of), WA Public Utility District No. 1, Series 2010, RB
| 6.55% | | 11/01/2030 | | | 650 | | 699,873 |
Central Puget Sound Regional Transit Authority (Build America Bonds), Series 2009 S-2T, RB
| 5.49% | | 11/01/2039 | | | 1,805 | | 1,891,653 |
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB
| 6.88% | | 09/01/2032 | | | 450 | | 492,791 |
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB
| 5.25% | | 09/01/2030 | | | 1,380 | | 1,399,202 |
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB(b)
| 5.73% | | 09/04/2024 | | | 2,450 | | 2,515,571 |
Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 L, Ref. RB(b)
| 5.83% | | 09/04/2024 | | | 2,750 | | 2,897,090 |
Seattle (Port of), WA, Series 2017, Ref. RB
| 3.76% | | 05/01/2036 | | | 500 | | 460,028 |
Tacoma (City of), WA, Series 2010 B, RB
| 5.37% | | 12/01/2030 | | | 1,000 | | 1,033,382 |
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)
| 5.79% | | 01/01/2032 | | | 2,570 | | 2,721,556 |
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB
| 6.42% | | 07/01/2030 | | | 1,260 | | 1,315,987 |
| | | | | | | | | 15,427,133 |
| West Virginia-0.24% | | | | | | | | |
Ohio (County of), WV, Series 2019 A, Ref. RB
| 4.00% | | 03/01/2040 | | | 1,800 | | 1,439,609 |
Tobacco Settlement Finance Authority, Series 2020, Ref. RB
| 4.31% | | 06/01/2049 | | | 1,650 | | 1,395,163 |
| | | | | | | | | 2,834,772 |
| Wisconsin-0.71% | | | | | | | | |
Wisconsin (State of), Series 2016 B, Ref. RB
| 3.29% | | 05/01/2037 | | | 1,000 | | 884,387 |
Wisconsin (State of), Series 2017 A, Ref. RB
| 3.95% | | 05/01/2036 | | | 2,950 | | 2,843,267 |
Wisconsin (State of), Series 2020 A, Ref. RB
| 2.50% | | 05/01/2032 | | | 1,900 | | 1,686,209 |
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)
| 4.17% | | 12/15/2050 | | | 1,950 | | 1,616,207 |
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a)
| 3.09% | | 06/01/2050 | | | 2,000 | | 1,421,961 |
| | | | | | | | | 8,452,031 |
Total Municipal Obligations
(Cost $1,291,434,711)
| | 1,169,949,439 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Taxable Municipal Bond ETF (BAB)—(continued)
August 31, 2024
| | | | Shares | | Value |
| Money Market Funds-0.89% | | | | | | |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $10,657,047)
| $ | 10,657,047 | | $ 10,657,047 |
TOTAL INVESTMENTS IN SECURITIES(e)-98.99%
(Cost $1,302,091,758)
| | 1,180,606,486 |
OTHER ASSETS LESS LIABILITIES-1.01%
| | 12,008,793 |
NET ASSETS-100.00%
| | $1,192,615,279 |
| Investment Abbreviations: |
| AGC | -Assured Guaranty Corp. |
| AGM | -Assured Guaranty Municipal Corp. |
| BAM | -Build America Mutual Assurance Co. |
| BHAC | -Berkshire Hathaway Assurance Corp. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| FNMA | -Federal National Mortgage Association |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| Notes to Schedule of Investments: |
| (a) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $11,750,804 | | $119,217,280 | | $(120,311,037) | | $- | | $- | | $10,657,047 | | $500,081 |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
| Entities | Percentage |
Assured Guaranty Municipal Corp
| 6.58% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)
August 31, 2024
Schedule of Investments(a)
| | Principal
Amount | | Value |
| U.S. Dollar Denominated Bonds & Notes-77.19% |
| Banks-30.05% |
BAC Capital Trust XIV, Series G, 6.00% (3 mo. Term SOFR + 0.66%)(b)(c)
| $ | 3,764,000 | | $ 3,212,286 |
| Bank of America Corp. | | | | |
Series AA, 6.10%(b)(d)
| | 14,531,000 | | 14,547,934 |
Series DD, 6.30%(b)(d)(e)
| | 7,651,000 | | 7,739,856 |
Series FF, 5.88%(b)(d)(e)
| | 17,355,000 | | 17,256,367 |
Series MM, 4.30%(b)(d)(e)
| | 5,881,000 | | 5,818,446 |
Series RR, 4.38%(b)(d)(e)
| | 12,758,000 | | 12,327,271 |
Series TT, 6.13%(b)(d)(e)
| | 15,296,000 | | 15,487,934 |
Series X, 6.25%(b)(d)
| | 15,258,000 | | 15,275,780 |
Bank of Montreal (Canada), 4.80%(b)(d)
| | 3,820,000 | | 3,783,647 |
| Bank of Nova Scotia (The) (Canada) | | | | |
4.90%(b)(d)
| | 9,558,000 | | 9,432,950 |
8.21% (3 mo. Term SOFR + 2.91%)(b)(c)
| | 9,563,000 | | 9,405,359 |
| Citigroup, Inc. | | | | |
Series AA, 7.63%(b)(d)
| | 11,476,000 | | 12,196,245 |
Series BB, 7.20%(b)(d)(e)
| | 4,236,000 | | 4,438,557 |
Series CC, 7.13%(b)(d)
| | 13,386,000 | | 13,726,071 |
Series DD, 7.00%(b)(d)
| | 11,510,000 | | 12,057,531 |
Series P, 5.95%(b)(d)
| | 15,299,000 | | 15,309,783 |
Series V, 4.70%(b)(d)
| | 11,483,000 | | 11,415,181 |
Series X, 3.88%(b)(d)
| | 17,576,000 | | 16,933,066 |
Series Y, 4.15%(b)(d)(e)
| | 7,662,000 | | 7,257,361 |
Series Z, 7.38%(b)(d)(e)
| | 9,593,000 | | 10,069,532 |
Citizens Financial Group, Inc., Series F, 5.65%(b)(d)
| | 3,150,000 | | 3,108,548 |
| CoBank, ACB | | | | |
Series J, 4.25%(b)(d)
| | 3,150,000 | | 2,909,588 |
Series K, 6.45%(b)(d)
| | 3,172,000 | | 3,170,955 |
Comerica, Inc., 5.63%(b)(d)
| | 3,155,000 | | 3,112,640 |
| Fifth Third Bancorp | | | | |
Series H, 8.63% (3 mo. Term SOFR + 3.29%)(b)(c)
| | 4,525,000 | | 4,503,942 |
Series L, 4.50%(b)(d)
| | 2,760,000 | | 2,711,343 |
| Huntington Bancshares, Inc. | | | | |
Series E, 8.44% (3 mo. Term SOFR + 3.14%)(b)(c)
| | 3,222,000 | | 3,205,620 |
Series F, 5.63%(b)(d)
| | 3,821,000 | | 3,802,147 |
Series G, 4.45%(b)(d)
| | 3,765,000 | | 3,586,032 |
| JPMorgan Chase & Co. | | | | |
Series CC, 8.09% (3 mo. Term SOFR + 2.84%)(b)(c)(e)
| | 9,553,000 | | 9,649,543 |
Series HH, 4.60%(b)(d)
| | 22,943,000 | | 22,878,816 |
Series II, 4.00%(b)(d)
| | 11,470,000 | | 11,296,841 |
Series KK, 3.65%(b)(d)(e)
| | 15,296,000 | | 14,734,706 |
Series NN, 6.88%(b)(d)(e)
| | 19,128,000 | | 20,320,918 |
Series W, 6.38% (3 mo. Term SOFR + 1.26%), 05/15/2047(c)
| | 2,774,000 | | 2,528,742 |
Series X, 6.10%(b)(d)(e)
| | 12,277,000 | | 12,282,590 |
KeyCorp, Series D, 5.00%(b)(d)
| | 4,017,000 | | 3,830,534 |
| M&T Bank Corp. | | | | |
3.50%(b)(d)
| | 3,820,000 | | 3,321,945 |
Series F, 5.13%(b)(d)(e)
| | 3,827,000 | | 3,731,914 |
Series G, 7.01%(b)(d)
| | 3,057,000 | | 3,053,158 |
| | Principal
Amount | | Value |
| Banks-(continued) |
| PNC Financial Services Group, Inc. (The) | | | | |
Series R, 8.32% (3 mo. Term SOFR + 3.30%)(b)(c)
| $ | 3,825,000 | | $3,845,602 |
Series S, 5.00%(b)(d)(e)
| | 4,014,000 | | 3,948,055 |
Series T, 3.40%(b)(d)
| | 11,477,000 | | 10,144,972 |
Series U, 6.00%(b)(d)
| | 7,641,000 | | 7,657,586 |
Series V, 6.20%(b)(d)
| | 9,556,000 | | 9,621,401 |
Series W, 6.25%(b)(d)
| | 11,468,000 | | 11,442,548 |
Regions Financial Corp., Series D, 5.75%(b)(d)(e)
| | 2,675,000 | | 2,668,138 |
| Truist Financial Corp. | | | | |
Series A, 6.05% (3 mo. Term SOFR + 0.93%), 05/15/2027(c)
| | 2,777,000 | | 2,714,943 |
Series L, 8.70% (3 mo. Term SOFR + 3.36%)(b)(c)(e)
| | 5,735,000 | | 5,776,108 |
Series M, 5.13%(b)(d)(e)
| | 3,820,000 | | 3,693,466 |
Series N, 6.67%(b)(d)
| | 13,005,000 | | 12,873,422 |
Series P, 4.95%(b)(d)
| | 7,650,000 | | 7,554,432 |
Series Q, 5.10%(b)(d)
| | 7,651,000 | | 7,464,511 |
| U.S. Bancorp | | | | |
3.70%(b)(d)
| | 11,473,000 | | 10,171,161 |
Series J, 5.30%(b)(d)(e)
| | 7,651,000 | | 7,486,341 |
USB Capital IX, 6.58% (3 mo. Term SOFR + 1.28%)(b)(c)
| | 5,169,000 | | 4,396,837 |
| Wells Fargo & Co. | | | | |
6.85%(b)(d)
| | 15,300,000 | | 15,742,568 |
7.63%(b)(d)(e)
| | 13,196,000 | | 14,216,064 |
Series BB, 3.90%(b)(d)
| | 26,843,000 | | 26,123,015 |
| | | | | 522,972,849 |
| Capital Markets-9.38% |
| Bank of New York Mellon Corp. (The) | | | | |
Series F, 4.63%(b)(d)(e)
| | 7,646,000 | | 7,473,023 |
Series H, 3.70%(b)(d)
| | 4,456,000 | | 4,305,610 |
Series I, 3.75%(b)(d)
| | 9,946,000 | | 9,201,537 |
| Charles Schwab Corp. (The) | | | | |
Series F, 5.00%(b)(d)(e)
| | 3,737,000 | | 3,499,495 |
Series G, 5.38%(b)(d)
| | 18,794,000 | | 18,694,572 |
Series I, 4.00%(b)(d)
| | 15,729,000 | | 14,815,582 |
Series K, 5.00%(b)(d)(e)
| | 5,740,000 | | 5,547,098 |
Goldman Sachs Capital II, 6.05% (3 mo. Term SOFR + 1.03%)(b)(c)(e)
| | 5,869,000 | | 4,977,005 |
| Goldman Sachs Group, Inc. (The) | | | | |
Series O, 5.30%(b)(d)(e)
| | 4,968,000 | | 4,978,695 |
Series Q, 7.38%(b)(d)
| | 3,828,000 | | 3,847,584 |
Series R, 4.95%(b)(d)
| | 4,594,000 | | 4,568,483 |
Series S, 4.40%(b)(d)
| | 2,665,000 | | 2,632,924 |
Series T, 3.80%(b)(d)(e)
| | 5,162,000 | | 4,940,161 |
Series U, 3.65%(b)(d)(e)
| | 5,737,000 | | 5,403,483 |
Series V, 4.13%(b)(d)
| | 5,737,000 | | 5,446,214 |
Series W, 7.50%(b)(d)
| | 11,472,000 | | 12,246,509 |
Series X, 7.50%(b)(d)
| | 17,206,000 | | 18,093,675 |
Mellon Capital IV, Series 1, 6.17% (3 mo. Term SOFR + 0.83%)(b)(c)
| | 3,826,000 | | 3,300,784 |
Northern Trust Corp., Series D, 4.60%(b)(d)(e)
| | 3,825,000 | | 3,737,601 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Capital Markets-(continued) |
| State Street Corp. | | | | |
6.60% (3 mo. Term SOFR + 1.26%), 06/15/2047(c)
| $ | 3,953,000 | | $3,367,301 |
Series H, 8.14% (3 mo. Term SOFR + 2.80%)(b)(c)(e)
| | 3,775,000 | | 3,779,855 |
Series I, 6.70%(b)(d)
| | 11,475,000 | | 11,777,137 |
Series J, 6.70%(b)(d)
| | 6,500,000 | | 6,687,447 |
| | | | | 163,321,775 |
| Consumer Finance-3.28% |
| Ally Financial, Inc. | | | | |
Series B, 4.70%(b)(d)
| | 10,329,000 | | 9,419,379 |
Series C, 4.70%(b)(d)(e)
| | 7,647,000 | | 6,385,587 |
American Express Co., 3.55%(b)(d)
| | 12,233,000 | | 11,481,035 |
Capital One Financial Corp., Series M, 3.95%(b)(d)(e)
| | 7,650,000 | | 7,105,857 |
| Discover Financial Services | | | | |
Series C, 5.50%(b)(d)(e)
| | 4,359,000 | | 4,084,841 |
Series D, 6.13%(b)(d)
| | 3,825,000 | | 3,815,218 |
| General Motors Financial Co., Inc. | | | | |
Series A, 5.75%(b)(d)
| | 7,645,000 | | 7,286,887 |
Series B, 6.50%(b)(d)(e)
| | 3,828,000 | | 3,778,686 |
Series C, 5.70%(b)(d)(e)
| | 3,824,000 | | 3,680,719 |
| | | | | 57,038,209 |
| Electric Utilities-7.27% |
| American Electric Power Co., Inc. | | | | |
6.95%, 12/15/2054(d)
| | 4,590,000 | | 4,797,688 |
7.05%, 12/15/2054(d)(e)
| | 3,060,000 | | 3,151,980 |
3.88%, 02/15/2062(d)
| | 5,740,000 | | 5,351,212 |
| Duke Energy Corp. | | | | |
6.45%, 09/01/2054(d)
| | 7,750,000 | | 7,943,672 |
3.25%, 01/15/2082(d)
| | 3,822,000 | | 3,439,985 |
4.88%(b)(d)
| | 7,571,000 | | 7,572,164 |
| Edison International | | | | |
8.13%, 06/15/2053(d)
| | 3,825,000 | | 4,025,671 |
7.88%, 06/15/2054(d)
| | 3,442,000 | | 3,620,475 |
Series A, 5.38%(b)(d)
| | 8,867,000 | | 8,709,045 |
Series B, 5.00%(b)(d)(e)
| | 3,848,000 | | 3,731,959 |
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076(d)
| | 9,178,000 | | 9,242,521 |
Entergy Corp., 7.13%, 12/01/2054(d)
| | 9,182,000 | | 9,372,710 |
| National Rural Utilities Cooperative Finance Corp. | | | | |
5.25%, 04/20/2046(d)
| | 2,682,000 | | 2,673,669 |
7.13%, 09/15/2053(d)
| | 3,060,000 | | 3,185,552 |
| NextEra Energy Capital Holdings, Inc. | | | | |
6.75%, 06/15/2054(d)
| | 9,175,000 | | 9,616,336 |
6.70%, 09/01/2054(d)
| | 7,644,000 | | 7,795,420 |
4.80%, 12/01/2077(d)
| | 4,284,000 | | 3,992,941 |
5.65%, 05/01/2079(d)
| | 3,822,000 | | 3,728,035 |
3.80%, 03/15/2082(d)
| | 4,586,000 | | 4,273,611 |
PPL Capital Funding, Inc., Series A, 8.26% (3 mo. Term SOFR + 2.93%), 03/30/2067(c)
| | 3,672,000 | | 3,575,979 |
| Southern Co. (The) | | | | |
Series 21-A, 3.75%, 09/15/2051(d)
| | 7,645,000 | | 7,297,440 |
Series B, 4.00%, 01/15/2051(d)
| | 9,542,000 | | 9,347,728 |
| | | | | 126,445,793 |
| | Principal
Amount | | Value |
| Financial Services-0.79% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.95%, 03/10/2055(d)
| $ | 5,800,000 | | $ 5,987,532 |
Corebridge Financial, Inc., 6.88%, 12/15/2052(d)
| | 7,650,000 | | 7,819,958 |
| | | | | 13,807,490 |
| Independent Power and Renewable Electricity Producers-0.61% |
AES Corp. (The), 7.60%, 01/15/2055(d)
| | 7,262,000 | | 7,486,121 |
| Tennessee Valley Authority | | | | |
Series A, 2.22% (30 yr. U.S. Treasury Yield Curve Rate + 0.84%), 05/01/2025(c)(e)(f)
| | 62,782 | | 1,410,712 |
Series D, 2.13% (30 yr. U.S. Treasury Yield Curve Rate + 0.94%), 06/01/2025(c)(e)(f)
| | 76,494 | | 1,753,242 |
| | | | | 10,650,075 |
| Insurance-6.39% |
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(d)
| | 6,050,000 | | 5,991,086 |
| Allstate Corp. (The) | | | | |
6.50%, 05/15/2057(d)
| | 3,824,000 | | 3,978,643 |
Series B, 8.32% (3 mo. Term SOFR + 3.20%), 08/15/2053(c)
| | 6,029,000 | | 6,051,609 |
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(d)
| | 5,732,000 | | 5,694,694 |
Assurant, Inc., 7.00%, 03/27/2048(d)
| | 3,003,000 | | 3,054,375 |
| Enstar Finance LLC | | | | |
5.75%, 09/01/2040(d)
| | 2,679,000 | | 2,628,402 |
5.50%, 01/15/2042(d)
| | 3,911,000 | | 3,603,443 |
| Lincoln National Corp. | | | | |
7.72% (3 mo. Term SOFR + 2.62%), 05/17/2066(c)
| | 4,300,000 | | 3,378,373 |
7.58% (3 mo. Term SOFR + 2.30%), 04/20/2067(c)
| | 3,310,000 | | 2,519,068 |
Series C, 9.25%(b)(d)(e)
| | 3,823,000 | | 4,182,362 |
Markel Group, Inc., 6.00%(b)(d)
| | 4,587,000 | | 4,576,417 |
MetLife, Inc., Series D, 5.88%(b)(d)(e)
| | 3,770,000 | | 3,780,041 |
Nationwide Financial Services, Inc., 6.75%, 05/15/2037
| | 3,163,000 | | 3,218,353 |
PartnerRe Finance B LLC, 4.50%, 10/01/2050(d)
| | 3,820,000 | | 3,519,757 |
| Prudential Financial, Inc. | | | | |
5.38%, 05/15/2045(d)
| | 7,643,000 | | 7,602,283 |
4.50%, 09/15/2047(d)
| | 5,735,000 | | 5,495,713 |
5.70%, 09/15/2048(d)
| | 7,645,000 | | 7,618,955 |
3.70%, 10/01/2050(d)
| | 6,118,000 | | 5,489,353 |
5.13%, 03/01/2052(d)
| | 7,647,000 | | 7,461,826 |
6.00%, 09/01/2052(d)
| | 9,176,000 | | 9,426,340 |
6.75%, 03/01/2053(d)
| | 3,827,000 | | 4,072,100 |
6.50%, 03/15/2054(d)
| | 7,646,000 | | 7,926,616 |
| | | | | 111,269,809 |
| Machinery-0.31% |
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(d)
| | 5,736,000 | | 5,365,733 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
| | Principal
Amount | | Value |
| Media-0.65% |
| Paramount Global | | | | |
6.25%, 02/28/2057(d)
| $ | 4,968,000 | | $4,293,388 |
6.38%, 03/30/2062(d)
| | 7,650,000 | | 7,000,168 |
| | | | | 11,293,556 |
| Multi-Utilities-4.39% |
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(d)
| | 5,735,000 | | 5,336,626 |
| CenterPoint Energy, Inc. | | | | |
Series A, 7.00%, 02/15/2055(d)(e)
| | 3,100,000 | | 3,129,276 |
Series B, 6.85%, 02/15/2055(d)
| | 3,100,000 | | 3,119,710 |
| CMS Energy Corp. | | | | |
4.75%, 06/01/2050(d)
| | 3,820,000 | | 3,617,480 |
3.75%, 12/01/2050(d)(e)
| | 3,141,000 | | 2,697,024 |
| Dominion Energy, Inc. | | | | |
Series A, 5.75%, 10/01/2054(d)
| | 5,191,000 | | 5,216,950 |
Series A, 6.88%, 02/01/2055(d)
| | 7,653,000 | | 7,976,355 |
Series B, 7.00%, 06/01/2054(d)
| | 7,652,000 | | 8,158,823 |
Series B, 4.65%(b)(d)(e)
| | 2,740,000 | | 2,723,567 |
Series C, 4.35%(b)(d)
| | 5,732,000 | | 5,506,635 |
NiSource, Inc., 6.95%, 11/30/2054(d)
| | 3,821,000 | | 3,880,806 |
| Sempra | | | | |
4.13%, 04/01/2052(d)
| | 7,650,000 | | 7,154,914 |
6.88%, 10/01/2054(d)
| | 8,415,000 | | 8,520,760 |
4.88%(b)(d)
| | 6,883,000 | | 6,760,018 |
WEC Energy Group, Inc., 7.49% (3 mo. Term SOFR + 2.37%), 05/15/2067(c)
| | 2,723,000 | | 2,652,384 |
| | | | | 76,451,328 |
| Oil, Gas & Consumable Fuels-11.89% |
| BP Capital Markets PLC | | | | |
4.38%(b)(d)
| | 9,179,000 | | 9,052,751 |
4.88%(b)(d)
| | 19,123,000 | | 18,792,958 |
6.45%(b)(d)(e)
| | 9,943,000 | | 10,368,710 |
| Enbridge, Inc. (Canada) | | | | |
7.20%, 06/27/2054(d)
| | 5,350,000 | | 5,528,268 |
7.38%, 03/15/2055(d)
| | 3,820,000 | | 3,920,833 |
5.50%, 07/15/2077(d)
| | 7,651,000 | | 7,385,840 |
6.25%, 03/01/2078(d)
| | 6,520,000 | | 6,393,761 |
7.38%, 01/15/2083(d)
| | 3,933,000 | | 3,985,061 |
7.63%, 01/15/2083(d)
| | 4,589,000 | | 4,810,851 |
8.50%, 01/15/2084(d)
| | 9,561,000 | | 10,502,854 |
Series 16-A, 6.00%, 01/15/2077(d)
| | 5,745,000 | | 5,623,863 |
Series 20-A, Conv., 5.75%, 07/15/2080(d)
| | 7,652,000 | | 7,326,994 |
Series NC5, 8.25%, 01/15/2084(d)
| | 5,739,000 | | 6,018,920 |
| Energy Transfer L.P. | | | | |
8.00%, 05/15/2054(d)
| | 6,116,000 | | 6,510,959 |
7.13%, 10/01/2054(d)(e)
| | 3,060,000 | | 3,101,108 |
8.53% (3 mo. Term SOFR + 3.28%), 11/01/2066(c)(e)
| | 4,168,000 | | 3,949,513 |
Series B, 6.63%(b)(d)
| | 4,209,000 | | 4,109,276 |
Series F, 6.75%(b)(d)
| | 3,821,000 | | 3,814,749 |
Series G, 7.13%(b)(d)
| | 8,416,000 | | 8,438,488 |
Series H, 6.50%(b)(d)
| | 6,888,000 | | 6,850,967 |
EnLink Midstream Partners L.P., Series C, 9.72% (3 mo. Term SOFR + 4.37%)(b)(c)
| | 2,895,000 | | 2,889,875 |
| | Principal
Amount | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
| Enterprise Products Operating LLC | | | | |
5.38%, 02/15/2078(d)
| $ | 5,356,000 | | $5,043,189 |
Series D, 8.34% (3 mo. Term SOFR + 3.25%), 08/16/2077(c)
| | 2,741,000 | | 2,711,182 |
Series E, 5.25%, 08/16/2077(d)
| | 7,649,000 | | 7,476,212 |
Plains All American Pipeline L.P., Series B, 9.49% (3 mo. Term SOFR + 4.37%)(b)(c)
| | 6,121,000 | | 6,120,987 |
TransCanada PipeLines Ltd. (Canada), 7.59% (3 mo. Term SOFR + 2.47%), 05/15/2067(c)(e)
| | 7,643,000 | | 6,745,254 |
| Transcanada Trust (Canada) | | | | |
5.63%, 05/20/2075(d)
| | 5,739,000 | | 5,664,216 |
5.30%, 03/15/2077(d)
| | 11,476,000 | | 11,039,729 |
5.50%, 09/15/2079(d)
| | 8,410,000 | | 7,919,895 |
5.60%, 03/07/2082(d)
| | 6,122,000 | | 5,839,083 |
Series 16-A, 5.88%, 08/15/2076(d)
| | 9,178,000 | | 9,050,173 |
| | | | | 206,986,519 |
| Trading Companies & Distributors-0.33% |
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(d)(e)
| | 5,760,000 | | 5,756,209 |
| Wireless Telecommunication Services-1.85% |
| Vodafone Group PLC (United Kingdom) | | | | |
7.00%, 04/04/2079(d)
| | 15,301,000 | | 16,040,023 |
3.25%, 06/04/2081(d)
| | 3,820,000 | | 3,658,644 |
4.13%, 06/04/2081(d)
| | 7,653,000 | | 6,890,481 |
5.13%, 06/04/2081(d)
| | 7,190,000 | | 5,653,975 |
| | | | | 32,243,123 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,364,618,849)
| | 1,343,602,468 |
| | Shares | | |
| Preferred Stocks-21.50% |
| Banks-7.29% |
Associated Banc-Corp, Pfd., 6.63%(d)
| | 89,494 | | 2,130,852 |
Banc of California, Inc., Series F, Pfd., 7.75%(d)(e)
| | 160,220 | | 3,813,236 |
| Bank of America Corp. | | | | |
Series E, Pfd., 5.73% (3 mo. Term SOFR + 0.61%)(c)(e)
| | 92,980 | | 2,216,643 |
Series 5, Pfd., 5.89% (3 mo. Term SOFR + 0.76%)(c)(e)
| | 126,834 | | 2,866,448 |
Series 2, Pfd., 5.97% (3 mo. Term SOFR + 0.91%)(c)(e)
| | 91,442 | | 2,016,296 |
Series 4, Pfd., 6.07% (3 mo. Term SOFR + 1.01%)(c)(e)
| | 63,450 | | 1,447,295 |
Series K, Pfd., 6.45%
| | 326,184 | | 8,418,809 |
Series Z, Pfd., 6.50%(d)(e)
| | 10,713,000 | | 10,732,964 |
| Citigroup, Inc. | | | | |
Series W, Pfd., 4.00%(d)
| | 11,479,000 | | 11,188,291 |
Series U, Pfd., 5.00%(d)
| | 11,454,000 | | 11,435,920 |
Series T, Pfd., 6.25%(d)
| | 11,477,000 | | 11,604,544 |
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%(d)(e)
| | 34,313 | | 699,985 |
Fifth Third Bancorp, Series I, Pfd., 9.30%(d)(e)
| | 138,751 | | 3,557,576 |
Heartland Financial USA, Inc., Series E, Pfd., 7.00%(d)(e)
| | 34,362 | | 869,702 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
| | Shares | | Value |
| Banks-(continued) |
Huntington Bancshares, Inc., Series J, Pfd., 6.88%(d)
| | 98,651 | | $ 2,500,803 |
| KeyCorp | | | | |
Series E, Pfd., 6.13%(d)
| | 153,294 | | 3,786,362 |
Pfd., 6.20%(d)
| | 181,096 | | 4,393,389 |
M&T Bank Corp., Series H, Pfd., 5.63%(d)
| | 76,719 | | 1,942,525 |
Midland States Bancorp, Inc., Pfd., 7.75%(d)(e)
| | 33,746 | | 845,000 |
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(d)
| | 154,008 | | 3,126,362 |
| Regions Financial Corp. | | | | |
Series C, Pfd., 5.70%(d)
| | 152,363 | | 3,623,192 |
Series B, Pfd., 6.38%(d)
| | 155,170 | | 3,935,111 |
Pfd., 6.95%(d)
| | 155,000 | | 3,949,400 |
| Synovus Financial Corp. | | | | |
Series E, Pfd., 8.40%(d)(e)
| | 107,433 | | 2,735,244 |
Series D, Pfd., 8.96% (3 mo. Term SOFR + 3.61%)(c)(e)
| | 59,673 | | 1,514,501 |
Truist Financial Corp., Series I, Pfd., 5.79% (3 mo. Term SOFR + 0.79%)(c)(e)
| | 53,236 | | 1,259,031 |
| U.S. Bancorp | | | | |
Series B, Pfd., 6.16% (3 mo. Term SOFR + 0.86%)(c)(e)
| | 306,486 | | 6,623,163 |
Series A, Pfd., 6.58% (3 mo. Term SOFR + 1.28%)(c)
| | 4,307 | | 3,648,072 |
| Valley National Bancorp | | | | |
Series A, Pfd., 6.25%(d)(e)
| | 34,315 | | 813,609 |
Series C, Pfd., 8.25%(d)
| | 49,600 | | 1,268,768 |
Series B, Pfd., 8.83% (3 mo. USD LIBOR + 3.58%)(c)(e)
| | 30,243 | | 760,611 |
WesBanco, Inc., Series A, Pfd., 6.75%(d)(e)
| | 45,274 | | 1,120,532 |
Western Alliance Bancorporation, Series A, Pfd., 4.25%(d)
| | 89,866 | | 1,809,901 |
| Wintrust Financial Corp. | | | | |
Series D, Pfd., 6.50%(d)(e)
| | 37,285 | | 924,668 |
Series E, Pfd., 6.88%(d)
| | 87,094 | | 2,177,350 |
Zions Bancorporation N.A., Series G, Pfd., 9.84% (3 mo. USD LIBOR + 4.24%)(c)(e)
| | 42,915 | | 1,099,053 |
| | | | | 126,855,208 |
| Capital Markets-3.30% |
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(d)
| | 7,651,000 | | 7,560,802 |
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(d)
| | 17,033,000 | | 14,845,668 |
| Goldman Sachs Group, Inc. (The) | | | | |
Series D, Pfd., 6.03% (3 mo. Term SOFR + 0.93%)(c)(e)
| | 414,591 | | 9,448,529 |
Series A, Pfd., 6.11% (3 mo. Term SOFR + 1.01%)(c)(e)
| | 228,330 | | 5,235,607 |
Series C, Pfd., 6.11% (3 mo. Term SOFR + 1.01%)(c)(e)
| | 61,225 | | 1,425,318 |
Series P, Pfd., 8.24% (3 mo. Term SOFR + 3.14%)(c)
| | 11,471,000 | | 11,501,226 |
Morgan Stanley, Series A, Pfd., 6.26% (3 mo. Term SOFR + 0.96%)(c)(e)
| | 336,682 | | 7,477,707 |
| | | | | 57,494,857 |
| | Shares | | Value |
| Consumer Finance-0.23% |
Synchrony Financial, Series B, Pfd., 8.25%(d)
| | 153,448 | | $ 3,965,096 |
| Electric Utilities-0.38% |
SCE Trust III, Series H, Pfd., 8.59% (3 mo. Term SOFR + 3.25%)(c)(e)
| | 83,234 | | 2,120,802 |
SCE Trust IV, Series J, Pfd., 5.38%(d)
| | 97,840 | | 2,343,268 |
SCE Trust V, Series K, Pfd., 5.45%(d)
| | 89,500 | | 2,207,965 |
| | | | | 6,672,035 |
| Financial Services-2.23% |
Apollo Global Management, Inc., Pfd., 7.63%(d)
| | 187,739 | | 4,954,432 |
Citigroup Capital XIII, Pfd., 11.89% (3 mo. Term SOFR + 6.63%)(c)
| | 686,174 | | 20,358,783 |
Compass Diversified Holdings, Series B, Pfd., 7.88%(d)
| | 29,831 | | 738,317 |
Equitable Holdings, Inc., Series B, Pfd., 4.95%(d)(e)
| | 3,822,000 | | 3,772,397 |
Jackson Financial, Inc., Pfd., 8.00%(d)
| | 171,016 | | 4,514,822 |
| Merchants Bancorp | | | | |
Series B, Pfd., 6.00%(d)
| | 38,717 | | 969,861 |
Pfd., 8.25%(d)
| | 43,433 | | 1,116,662 |
Voya Financial, Inc., Series B, Pfd., 5.35%(d)
| | 91,872 | | 2,365,704 |
| | | | | 38,790,978 |
| Food Products-0.41% |
| CHS, Inc. | | | | |
Series 3, Pfd., 6.75% (3 mo. USD LIBOR + 4.16%)(c)(e)
| | 150,416 | | 3,820,566 |
Series 2, Pfd., 7.10% (3 mo. USD LIBOR + 4.30%)(c)(e)
| | 127,101 | | 3,255,057 |
| | | | | 7,075,623 |
| Insurance-3.32% |
Allstate Corp. (The), Pfd., 8.42% (3 mo. Term SOFR + 3.43%)(c)
| | 153,502 | | 3,954,211 |
| American National Group, Inc. | | | | |
Series A, Pfd., 5.95%(d)
| | 120,515 | | 2,961,054 |
Series B, Pfd., 6.63%(d)
| | 90,653 | | 2,234,596 |
Argo Group International Holdings, Inc., Pfd., 7.00%(d)
| | 44,767 | | 1,099,925 |
Aspen Insurance Holdings Ltd., Pfd., 9.65% (3 mo. USD LIBOR + 4.06%), (Bermuda)(c)(e)
| | 83,852 | | 2,222,916 |
| Athene Holding Ltd. | | | | |
Series A, Pfd., 6.35%(d)
| | 265,421 | | 6,595,712 |
Series C, Pfd., 6.38%(d)
| | 183,991 | | 4,625,534 |
Pfd., 7.25%(d)
| | 170,093 | | 4,299,951 |
Series E, Pfd., 7.75%(d)
| | 153,494 | | 4,033,822 |
Enstar Group Ltd., Series D, Pfd., 7.00%(d)
| | 122,368 | | 2,501,202 |
Kemper Corp., Pfd., 5.88%(d)
| | 45,802 | | 1,028,255 |
| MetLife, Inc. | | | | |
Series G, Pfd., 3.85%(d)(e)
| | 7,650,000 | | 7,502,858 |
Series A, Pfd., 6.60% (3 mo. Term SOFR + 1.26%)(c)(e)
| | 187,785 | | 4,518,107 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
| | Shares | | Value |
| Insurance-(continued) |
| Reinsurance Group of America, Inc. | | | | |
Pfd., 5.75%(d)
| | 126,672 | | $ 3,132,599 |
Pfd., 7.13%(d)
| | 217,611 | | 5,670,943 |
SiriusPoint Ltd., Series B, Pfd., 8.00% (Sweden)(d)
| | 59,671 | | 1,498,936 |
| | | | | 57,880,621 |
| Mortgage REITs-3.28% |
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%(d)
| | 36,441 | | 907,381 |
| AGNC Investment Corp. | | | | |
Series F, Pfd., 6.13%(d)
| | 174,010 | | 4,200,601 |
Series E, Pfd., 6.50%(d)(e)
| | 123,304 | | 3,071,503 |
Series G, Pfd., 7.75%(d)(e)
| | 45,571 | | 1,095,983 |
Series D, Pfd., 9.90% (3 mo. Term SOFR + 4.59%)(c)(e)
| | 71,613 | | 1,801,067 |
Series C, Pfd., 10.67% (3 mo. Term SOFR + 5.37%)(c)(e)
| | 98,392 | | 2,510,964 |
| Annaly Capital Management, Inc. | | | | |
Series G, Pfd., 9.43% (3 mo. Term SOFR + 4.43%)(c)(e)
| | 130,558 | | 3,265,256 |
Series I, Pfd., 10.58%(d)(e)
| | 137,208 | | 3,453,525 |
Series F, Pfd., 10.59% (3 mo. Term SOFR + 5.25%)(c)(e)
| | 225,009 | | 5,685,977 |
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%(d)(e)
| | 85,120 | | 1,576,422 |
| Chimera Investment Corp. | | | | |
Series C, Pfd., 7.75%(d)(e)
| | 77,589 | | 1,792,306 |
Series D, Pfd., 10.93% (3 mo. Term SOFR + 5.60%)(c)
| | 59,668 | | 1,485,733 |
Series B, Pfd., 11.38% (3 mo. Term SOFR + 6.05%)(c)
| | 96,955 | | 2,424,845 |
Dynex Capital, Inc., Series C, Pfd., 6.90%(d)(e)
| | 33,212 | | 825,982 |
| Ellington Financial, Inc. | | | | |
Series B, Pfd., 6.25%(d)(e)
| | 36,927 | | 804,639 |
Pfd., 6.75%(d)(e)
| | 34,586 | | 874,334 |
Series C, Pfd., 8.63%(d)(e)
| | 30,975 | | 792,650 |
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%(d)(e)
| | 62,609 | | 1,001,744 |
MFA Financial, Inc., Series C, Pfd., 6.50%(d)(e)
| | 81,885 | | 1,913,653 |
| New York Mortgage Trust, Inc. | | | | |
Series F, Pfd., 6.88%(d)(e)
| | 43,578 | | 900,757 |
Series E, Pfd., 7.88%(d)(e)
| | 55,211 | | 1,337,210 |
Series D, Pfd., 8.00%(d)(e)
| | 46,543 | | 1,039,305 |
| Rithm Capital Corp. | | | | |
Series C, Pfd., 6.38%(d)(e)
| | 118,629 | | 2,817,439 |
Series D, Pfd., 7.00%(d)
| | 139,211 | | 3,279,811 |
Series B, Pfd., 11.02% (3 mo. USD LIBOR + 5.64%)(c)
| | 85,857 | | 2,150,718 |
Series A, Pfd., 11.18% (3 mo. USD LIBOR + 5.80%)(c)(e)
| | 46,645 | | 1,173,122 |
| Two Harbors Investment Corp. | | | | |
Series C, Pfd., 7.25%(d)(e)
| | 82,577 | | 2,018,182 |
Series B, Pfd., 7.63%(d)(e)
| | 80,499 | | 1,947,271 |
Series A, Pfd., 8.13%(d)(e)
| | 39,961 | | 980,643 |
| | | | | 57,129,023 |
| | Shares | | Value |
| Multi-Utilities-0.16% |
Algonquin Power & Utilities Corp., Series 19-A, Pfd., 9.60% (3 mo. USD LIBOR + 4.01%), (Canada)(c)
| | 106,282 | | $ 2,710,191 |
| Oil, Gas & Consumable Fuels-0.39% |
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)(d)
| | 39,853 | | 1,012,732 |
NGL Energy Partners L.P., Series B, Pfd., 12.78% (3 mo. Term SOFR + 7.47%)(c)
| | 94,622 | | 2,204,693 |
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)(d)
| | 50,715 | | 1,285,118 |
| Tsakos Energy Navigation Ltd. | | | | |
Series E, Pfd., 9.25% (Greece)(d)
| | 36,558 | | 951,605 |
Series F, Pfd., 9.50% (Greece)(d)
| | 51,620 | | 1,376,189 |
| | | | | 6,830,337 |
| Trading Companies & Distributors-0.51% |
Air Lease Corp., Series A, Pfd., 9.24%(d)(e)
| | 78,150 | | 1,951,405 |
| FTAI Aviation Ltd. | | | | |
Series B, Pfd., 8.00%(d)(e)
| | 37,598 | | 958,749 |
Series A, Pfd., 8.25%(d)(e)
| | 32,271 | | 823,879 |
Series C, Pfd., 8.25%(d)
| | 32,338 | | 832,057 |
WESCO International, Inc., Series A, Pfd., 10.63%(d)(e)
| | 164,124 | | 4,300,049 |
| | | | | 8,866,139 |
Total Preferred Stocks
(Cost $387,000,182)
| | 374,270,108 |
|
| Money Market Funds-1.25% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)
(Cost $21,712,174)
| | 21,712,174 | | 21,712,174 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $1,773,331,205)
| | 1,739,584,750 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-9.79% |
Invesco Private Government Fund, 5.28%(g)(h)(i)
| | 47,189,112 | | 47,189,112 |
Invesco Private Prime Fund, 5.46%(g)(h)(i)
| | 123,220,666 | | 123,269,954 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $170,451,458)
| | 170,459,066 |
TOTAL INVESTMENTS IN SECURITIES-109.73%
(Cost $1,943,782,663)
| | 1,910,043,816 |
OTHER ASSETS LESS LIABILITIES-(9.73)%
| | (169,415,601) |
NET ASSETS-100.00%
| | $1,740,628,215 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Variable Rate Preferred ETF (VRP)—(continued)
August 31, 2024
| Investment Abbreviations: |
| Conv. | -Convertible |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| USD | -U.S. Dollar |
| 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) | Perpetual bond with no specified maturity date. |
| (c) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2024. |
| (d) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| (e) | All or a portion of this security was out on loan at August 31, 2024. |
| (f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (g) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $337,388,228 | | $(315,676,054) | | $- | | $- | | $21,712,174 | | $701,059 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 35,396,501 | | 244,654,780 | | (232,862,169) | | - | | - | | 47,189,112 | | 1,986,510* |
| Invesco Private Prime Fund | 98,157,459 | | 372,505,159 | | (347,423,273) | | 7,354 | | 23,255 | | 123,269,954 | | 5,397,842* |
| Total | $133,553,960 | | $954,548,167 | | $(895,961,496) | | $7,354 | | $23,255 | | $192,171,240 | | $8,085,411 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (h) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (i) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco
California
AMT-Free
Municipal
Bond ETF
(PWZ) | | Invesco
CEF Income
Composite
ETF (PCEF) | | Invesco
Equal Weight
0-30 Treasury
ETF (GOVI) | | Invesco
Floating Rate
Municipal Income
ETF (PVI) | | Invesco
Fundamental
High Yield®
Corporate Bond
ETF (PHB) |
| Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $629,737,799 | | $791,223,172 | | $828,823,125 | | $33,585,000 | | $557,349,104 |
Affiliated investments in securities, at value
| - | | 24,761,294 | | 18,224,914 | | - | | 187,296,155 |
Cash
| 4,855,860 | | - | | 1,282 | | 3,350,601 | | - |
| Deposits with brokers: | | | | | | | | | |
Cash segregated as collateral
| - | | - | | - | | - | | - |
| Receivable for: | | | | | | | | | |
Dividends and interest
| 6,986,387 | | 1,147,801 | | 1,480,846 | | 114,011 | | 8,568,558 |
Securities lending
| - | | 234,321 | | 1,302 | | - | | 58,051 |
Investments sold
| - | | - | | 30,205,951 | | 200,000 | | 11,254 |
Fund shares sold
| - | | - | | - | | - | | - |
Foreign tax reclaims
| - | | - | | - | | - | | - |
Other assets
| - | | - | | - | | - | | - |
Total assets
| 641,580,046 | | 817,366,588 | | 878,737,420 | | 37,249,612 | | 753,283,122 |
| Liabilities: | | | | | | | | | |
Due to custodian
| - | | 34,705 | | - | | - | | 1,663 |
| Payable for: | | | | | | | | | |
Investments purchased
| 112,930 | | - | | 46,368,569 | | - | | - |
Collateral upon return of securities loaned
| - | | 18,385,417 | | 1,876,606 | | - | | 186,084,201 |
Collateral upon receipt of securities in-kind
| - | | - | | - | | - | | - |
Fund shares repurchased
| - | | - | | - | | - | | - |
Accrued unitary management fees
| 169,749 | | 325,326 | | 103,371 | | 7,884 | | 238,511 |
Accrued expenses
| - | | - | | - | | - | | 643 |
Accrued tax expenses
| - | | - | | - | | (85) | | 1,437 |
Other payables
| - | | - | | - | | - | | - |
Total liabilities
| 282,679 | | 18,745,448 | | 48,348,546 | | 7,799 | | 186,326,455 |
Net Assets
| $641,297,367 | | $798,621,140 | | $830,388,874 | | $37,241,813 | | $566,956,667 |
| Net assets consist of: | | | | | | | | | |
Shares of beneficial interest
| $645,610,225 | | $880,097,606 | | $924,660,146 | | $37,241,813 | | $639,056,574 |
Distributable earnings (loss)
| (4,312,858) | | (81,476,466) | | (94,271,272) | | - | | (72,099,907) |
Net Assets
| $641,297,367 | | $798,621,140 | | $830,388,874 | | $37,241,813 | | $566,956,667 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 25,800,000 | | 41,330,000 | | 28,920,000 | | 1,500,000 | | 30,800,000 |
Net asset value
| $24.86 | | $19.32 | | $28.71 | | $24.83 | | $18.41 |
Market price
| $24.84 | | $19.30 | | $28.72 | | $24.83 | | $18.42 |
Unaffiliated investments in securities, at cost
| $631,947,581 | | $753,111,672 | | $902,132,239 | | $33,585,000 | | $553,439,802 |
Affiliated investments in securities, at cost
| $- | | $24,050,014 | | $18,224,914 | | $- | | $187,293,637 |
(a)Includes securities on loan with an aggregate value of:
| $- | | $17,903,269 | | $1,826,885 | | $- | | $179,825,924 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
Fundamental
Investment
Grade Corporate
Bond ETF (PFIG) | | Invesco
National
AMT-Free
Municipal Bond
ETF (PZA) | | Invesco
New York
AMT-Free
Municipal Bond
ETF (PZT) | | Invesco
Preferred
ETF (PGX) | | Invesco
Short Term
Treasury
ETF (TBLL) | | Invesco
Taxable
Municipal
Bond ETF
(BAB) | | Invesco
Variable Rate
Preferred
ETF (VRP) |
| | | | | | | | | | | | | |
| $66,327,720 | | $2,872,285,028 | | $126,563,215 | | $4,370,219,445 | | $1,807,599,338 | | $1,169,949,439 | | $1,717,872,576 |
| 5,117,567 | | - | | - | | 76,309,598 | | 6,884 | | 10,657,047 | | 192,171,240 |
| 140 | | 4,152,601 | | 76,895 | | 93,832 | | 731,217 | | - | | 123,039 |
| | | | | | | | | | | | | |
| - | | - | | - | | 6,639 | | - | | - | | 228,702 |
| | | | | | | | | | | | | |
| 671,954 | | 31,978,879 | | 1,525,371 | | 25,519,310 | | 3,453,260 | | 14,350,468 | | 21,600,611 |
| 344 | | - | | - | | 231,678 | | - | | - | | 174,576 |
| 1,386,468 | | 3,673,890 | | - | | 5,315,968 | | 260,350,876 | | - | | - |
| - | | - | | - | | 2,396,305 | | - | | 1,364,364 | | 217,838 |
| - | | - | | - | | 19,781 | | - | | - | | - |
| - | | - | | - | | 375 | | - | | - | | - |
| 73,504,193 | | 2,912,090,398 | | 128,165,481 | | 4,480,112,931 | | 2,072,141,575 | | 1,196,321,318 | | 1,932,388,582 |
| | | | | | | | | | | | | |
| - | | - | | - | | - | | - | | 33,369 | | - |
| | | | | | | | | | | | | |
| 1,567,240 | | 996,500 | | - | | 26,652,795 | | 264,319,558 | | 3,389,430 | | 20,347,920 |
| 4,935,006 | | - | | - | | 75,407,292 | | - | | - | | 170,451,458 |
| - | | - | | - | | 6,639 | | - | | - | | 228,702 |
| - | | 3,593,087 | | - | | - | | - | | - | | - |
| 10,655 | | 694,070 | | 29,966 | | 1,845,501 | | 121,702 | | 283,240 | | 729,249 |
| - | | - | | - | | - | | - | | - | | 3,038 |
| - | | - | | - | | - | | - | | - | | - |
| - | | 21,951 | | - | | - | | - | | - | | - |
| 6,512,901 | | 5,305,608 | | 29,966 | | 103,912,227 | | 264,441,260 | | 3,706,039 | | 191,760,367 |
| $66,991,292 | | $2,906,784,790 | | $128,135,515 | | $4,376,200,704 | | $1,807,700,315 | | $1,192,615,279 | | $1,740,628,215 |
| | | | | | | | | | | | | |
| $68,418,861 | | $3,011,844,972 | | $133,848,377 | | $5,709,829,214 | | $1,806,467,962 | | $1,331,875,152 | | $1,880,091,588 |
| (1,427,569) | | (105,060,182) | | (5,712,862) | | (1,333,628,510) | | 1,232,353 | | (139,259,873) | | (139,463,373) |
| $66,991,292 | | $2,906,784,790 | | $128,135,515 | | $4,376,200,704 | | $1,807,700,315 | | $1,192,615,279 | | $1,740,628,215 |
| 2,800,000 | | 121,350,000 | | 5,550,000 | | 365,250,000 | | 17,120,001 | | 43,700,000 | | 72,100,000 |
| $23.93 | | $23.95 | | $23.09 | | $11.98 | | $105.59 | | $27.29 | | $24.14 |
| $23.99 | | $23.85 | | $23.10 | | $11.99 | | $105.61 | | $27.33 | | $24.20 |
| $66,653,802 | | $2,960,334,694 | | $131,680,683 | | $5,074,071,976 | | $1,805,733,738 | | $1,291,434,711 | | $1,751,619,031 |
| $5,117,491 | | $- | | $- | | $76,305,221 | | $6,884 | | $10,657,047 | | $192,163,632 |
| $4,767,619 | | $- | | $- | | $73,192,088 | | $- | | $- | | $164,777,695 |
Statements of Operations
For the year ended August 31, 2024
| | Invesco
California
AMT-Free
Municipal
Bond ETF
(PWZ) | | Invesco
CEF Income
Composite
ETF (PCEF) | | Invesco
Equal Weight
0-30 Treasury
ETF (GOVI) | | Invesco
Floating Rate
Municipal Income
ETF (PVI) | | Invesco
Fundamental
High Yield®
Corporate Bond
ETF (PHB) |
| Investment income: | | | | | | | | | |
Unaffiliated interest income
| $28,001,192 | | $- | | $24,851,475 | | $1,215,365 | | $33,448,731 |
Unaffiliated dividend income
| - | | 41,647,962 | | - | | - | | - |
Affiliated dividend income
| - | | 755,422 | | 144,131 | | - | | 145,988 |
Securities lending income, net
| - | | 2,054,984 | | 63,120 | | - | | 949,841 |
Foreign withholding tax
| - | | - | | - | | - | | - |
Total investment income
| 28,001,192 | | 44,458,368 | | 25,058,726 | | 1,215,365 | | 34,544,560 |
| Expenses: | | | | | | | | | |
Unitary management fees
| 2,250,916 | | 3,589,796 | | 1,068,473 | | 96,805 | | 3,044,829 |
Tax expenses
| - | | - | | - | | - | | 650 |
Total expenses
| 2,250,916 | | 3,589,796 | | 1,068,473 | | 96,805 | | 3,045,479 |
Less: Waivers
| - | | (383) | | (2,789) | | - | | (2,765) |
Net expenses
| 2,250,916 | | 3,589,413 | | 1,065,684 | | 96,805 | | 3,042,714 |
Net investment income
| 25,750,276 | | 40,868,955 | | 23,993,042 | | 1,118,560 | | 31,501,846 |
| Realized and unrealized gain (loss) from: | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | |
Unaffiliated investment securities
| (1,604,929) | | (27,215,635) | | (15,136,246) | | - | | (13,089,474) |
Affiliated investment securities
| - | | 201,239 | | 4,347 | | - | | 45,744 |
Unaffiliated in-kind redemptions
| (10,195,808) | | 5,189,843 | | 1,344,290 | | - | | 1,679,312 |
Affiliated in-kind redemptions
| - | | 43,745 | | - | | - | | - |
Distributions of underlying fund shares
| - | | 279,104 | | - | | - | | - |
Net realized gain (loss)
| (11,800,737) | | (21,501,704) | | (13,787,609) | | - | | (11,364,418) |
| Change in net unrealized appreciation of: | | | | | | | | | |
Unaffiliated investment securities
| 38,997,597 | | 104,818,766 | | 29,670,039 | | - | | 44,590,846 |
Affiliated investment securities
| - | | 586,840 | | - | | - | | 1,192 |
Change in net unrealized appreciation
| 38,997,597 | | 105,405,606 | | 29,670,039 | | - | | 44,592,038 |
Net realized and unrealized gain
| 27,196,860 | | 83,903,902 | | 15,882,430 | | - | | 33,227,620 |
Net increase in net assets resulting from operations
| $52,947,136 | | $124,772,857 | | $39,875,472 | | $1,118,560 | | $64,729,466 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
Fundamental
Investment
Grade Corporate
Bond ETF (PFIG) | | Invesco
National
AMT-Free
Municipal Bond
ETF (PZA) | | Invesco
New York
AMT-Free
Municipal Bond
ETF (PZT) | | Invesco
Preferred
ETF (PGX) | | Invesco
Short Term
Treasury
ETF (TBLL) | | Invesco
Taxable
Municipal
Bond ETF
(BAB) | | Invesco
Variable Rate
Preferred
ETF (VRP) |
| | | | | | | | | | | | | |
| $2,017,093 | | $91,364,755 | | $3,273,481 | | $- | | $82,524,049 | | $56,732,060 | | $69,713,264 |
| - | | - | | - | | 270,267,270 | | - | | - | | 22,665,430 |
| 5,373 | | - | | - | | 575,259 | | 11,276 | | 500,081 | | 701,059 |
| 5,171 | | - | | - | | 5,709,874 | | - | | - | | 2,406,350 |
| - | | - | | - | | (315,867) | | - | | - | | - |
| 2,027,637 | | 91,364,755 | | 3,273,481 | | 276,236,536 | | 82,535,325 | | 57,232,141 | | 95,486,103 |
| | | | | | | | | | | | | |
| 106,010 | | 7,405,940 | | 280,815 | | 21,960,868 | | 1,271,975 | | 3,880,766 | | 7,852,756 |
| - | | - | | - | | - | | - | | - | | 650 |
| 106,010 | | 7,405,940 | | 280,815 | | 21,960,868 | | 1,271,975 | | 3,880,766 | | 7,853,406 |
| (99) | | - | | - | | (10,558) | | (189) | | (9,129) | | (12,440) |
| 105,911 | | 7,405,940 | | 280,815 | | 21,950,310 | | 1,271,786 | | 3,871,637 | | 7,840,966 |
| 1,921,726 | | 83,958,815 | | 2,992,666 | | 254,286,226 | | 81,263,539 | | 53,360,504 | | 87,645,137 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (463,444) | | (5,587,747) | | (111,682) | | (47,802,450) | | 403,470 | | (3,615,703) | | (6,170,047) |
| 128 | | - | | - | | 27,696 | | - | | - | | 23,255 |
| (156,513) | | (10,949,974) | | - | | (32,534,889) | | - | | (54,795,813) | | 1,215,624 |
| - | | - | | - | | - | | - | | - | | - |
| - | | - | | - | | - | | - | | - | | - |
| (619,829) | | (16,537,721) | | (111,682) | | (80,309,643) | | 403,470 | | (58,411,516) | | (4,931,168) |
| | | | | | | | | | | | | |
| 2,420,116 | | 119,171,127 | | 4,063,975 | | 388,242,967 | | 2,849,337 | | 113,782,067 | | 117,325,855 |
| 130 | | - | | - | | 1,787 | | - | | - | | 7,354 |
| 2,420,246 | | 119,171,127 | | 4,063,975 | | 388,244,754 | | 2,849,337 | | 113,782,067 | | 117,333,209 |
| 1,800,417 | | 102,633,406 | | 3,952,293 | | 307,935,111 | | 3,252,807 | | 55,370,551 | | 112,402,041 |
| $3,722,143 | | $186,592,221 | | $6,944,959 | | $562,221,337 | | $84,516,346 | | $108,731,055 | | $200,047,178 |
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco California AMT-Free
Municipal Bond ETF (PWZ) | | Invesco CEF Income Composite
ETF (PCEF) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $25,750,276 | | $16,110,528 | | $40,868,955 | | $45,080,854 |
Net realized gain (loss)
| (11,800,737) | | (4,252,621) | | (21,501,704) | | (43,322,100) |
Change in net unrealized appreciation (depreciation)
| 38,997,597 | | 1,646,959 | | 105,405,606 | | (982,509) |
Net increase (decrease) in net assets resulting from operations
| 52,947,136 | | 13,504,866 | | 124,772,857 | | 776,245 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (25,554,449) | | (16,284,639) | | (42,849,699) | | (59,586,125) |
Return of capital
| - | | - | | (23,474,004) | | (6,893,411) |
Total distributions to shareholders
| (25,554,449) | | (16,284,639) | | (66,323,703) | | (66,479,536) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 383,615,750 | | 179,426,529 | | 117,552,245 | | 83,555,227 |
Value of shares repurchased
| (429,859,188) | | (83,590,164) | | (38,578,444) | | (84,512,777) |
Transaction fees
| 9,049 | | 425,964 | | - | | - |
Net increase (decrease) in net assets resulting from share transactions
| (46,234,389) | | 96,262,329 | | 78,973,801 | | (957,550) |
Net increase (decrease) in net assets
| (18,841,702) | | 93,482,556 | | 137,422,955 | | (66,660,841) |
| Net assets: | | | | | | | |
Beginning of year
| 660,139,069 | | 566,656,513 | | 661,198,185 | | 727,859,026 |
End of year
| $641,297,367 | | $660,139,069 | | $798,621,140 | | $661,198,185 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 16,100,000 | | 7,500,000 | | 6,500,000 | | 4,510,000 |
Shares repurchased
| (17,600,000) | | (3,500,000) | | (2,130,000) | | (4,610,000) |
Shares outstanding, beginning of year
| 27,300,000 | | 23,300,000 | | 36,960,000 | | 37,060,000 |
Shares outstanding, end of year
| 25,800,000 | | 27,300,000 | | 41,330,000 | | 36,960,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Equal Weight
0-30 Treasury ETF (GOVI) | | Invesco Floating Rate
Municipal Income ETF (PVI) | | Invesco Fundamental High Yield®
Corporate Bond (PHB) | | Invesco Fundamental Investment Grade
Corporate Bond ETF (PFIG) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $23,993,042 | | $14,730,166 | | $1,118,560 | | $1,530,443 | | $31,501,846 | | $28,594,928 | | $1,921,726 | | $1,270,104 |
| (13,787,609) | | (16,998,261) | | - | | - | | (11,364,418) | | (32,534,021) | | (619,829) | | (725,725) |
| 29,670,039 | | (33,566,759) | | - | | - | | 44,592,038 | | 41,235,389 | | 2,420,246 | | (63,447) |
| 39,875,472 | | (35,834,854) | | 1,118,560 | | 1,530,443 | | 64,729,466 | | 37,296,296 | | 3,722,143 | | 480,932 |
| | | | | | | | | | | | | | | |
| (24,669,103) | | (14,136,883) | | (1,132,916) | | (1,548,995) | | (34,198,767) | | (26,774,161) | | (1,938,366) | | (1,254,740) |
| - | | - | | - | | - | | - | | - | | - | | - |
| (24,669,103) | | (14,136,883) | | (1,132,916) | | (1,548,995) | | (34,198,767) | | (26,774,161) | | (1,938,366) | | (1,254,740) |
| | | | | | | | | | | | | | | |
| 420,800,792 | | 298,877,088 | | 12,418,845 | | 19,925,844 | | 174,743,827 | | 80,931,815 | | 30,689,392 | | 37,168,025 |
| (265,942,447) | | (113,567,760) | | (14,895,577) | | (43,643,574) | | (182,735,865) | | (289,516,428) | | (10,373,056) | | (20,872,110) |
| - | | - | | - | | - | | - | | - | | - | | - |
| 154,858,345 | | 185,309,328 | | (2,476,732) | | (23,717,730) | | (7,992,038) | | (208,584,613) | | 20,316,336 | | 16,295,915 |
| 170,064,714 | | 135,337,591 | | (2,491,088) | | (23,736,282) | | 22,538,661 | | (198,062,478) | | 22,100,113 | | 15,522,107 |
| | | | | | | | | | | | | | | |
| 660,324,160 | | 524,986,569 | | 39,732,901 | | 63,469,183 | | 544,418,006 | | 742,480,484 | | 44,891,179 | | 29,369,072 |
| $830,388,874 | | $660,324,160 | | $37,241,813 | | $39,732,901 | | $566,956,667 | | $544,418,006 | | $66,991,292 | | $44,891,179 |
| | | | | | | | | | | | | | | |
| 15,200,000 | | 10,230,000 | | 500,000 | | 800,000 | | 9,800,000 | | 4,700,000 | | 1,300,000 | | 1,600,000 |
| (9,700,000) | | (3,880,000) | | (600,000) | | (1,750,000) | | (10,200,000) | | (16,800,000) | | (450,000) | | (900,000) |
| 23,420,000 | | 17,070,000 | | 1,600,000 | | 2,550,000 | | 31,200,000 | | 43,300,000 | | 1,950,000 | | 1,250,000 |
| 28,920,000 | | 23,420,000 | | 1,500,000 | | 1,600,000 | | 30,800,000 | | 31,200,000 | | 2,800,000 | | 1,950,000 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco National AMT-Free
Municipal Bond ETF (PZA) | | Invesco New York AMT-Free
Municipal Bond ETF (PZT) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $83,958,815 | | $61,227,240 | | $2,992,666 | | $2,589,734 |
Net realized gain (loss)
| (16,537,721) | | (19,317,339) | | (111,682) | | (2,290,832) |
Change in net unrealized appreciation (depreciation)
| 119,171,127 | | (4,698,574) | | 4,063,975 | | 1,426,211 |
Net increase (decrease) in net assets resulting from operations
| 186,592,221 | | 37,211,327 | | 6,944,959 | | 1,725,113 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (84,176,275) | | (62,219,731) | | (2,983,770) | | (2,613,885) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 679,552,475 | | 560,353,606 | | 35,388,839 | | - |
Value of shares repurchased
| (185,288,286) | | (210,179,980) | | - | | (25,464,373) |
Transaction fees
| 37,792 | | 975,482 | | - | | - |
Net increase (decrease) in net assets resulting from share transactions
| 494,301,981 | | 351,149,108 | | 35,388,839 | | (25,464,373) |
Net increase (decrease) in net assets
| 596,717,927 | | 326,140,704 | | 39,350,028 | | (26,353,145) |
| Net assets: | | | | | | | |
Beginning of year
| 2,310,066,863 | | 1,983,926,159 | | 88,785,487 | | 115,138,632 |
End of year
| $2,906,784,790 | | $2,310,066,863 | | $128,135,515 | | $88,785,487 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 29,200,000 | | 24,100,000 | | 1,550,000 | | - |
Shares repurchased
| (7,950,000) | | (9,150,000) | | - | | (1,150,000) |
Shares outstanding, beginning of year
| 100,100,000 | | 85,150,000 | | 4,000,000 | | 5,150,000 |
Shares outstanding, end of year
| 121,350,000 | | 100,100,000 | | 5,550,000 | | 4,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Preferred
ETF (PGX) | | Invesco Short Term
Treasury ETF (TBLL) | | Invesco Taxable Municipal Bond
ETF (BAB) | | Invesco Variable Rate Preferred
ETF (VRP) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $254,286,226 | | $287,608,631 | | $81,263,539 | | $46,251,465 | | $53,360,504 | | $55,628,135 | | $87,645,137 | | $89,032,652 |
| (80,309,643) | | (411,193,374) | | 403,470 | | (595,206) | | (58,411,516) | | (58,270,516) | | (4,931,168) | | (65,379,463) |
| 388,244,754 | | (70,068,988) | | 2,849,337 | | 226,424 | | 113,782,067 | | (21,088,846) | | 117,333,209 | | 44,975,586 |
| 562,221,337 | | (193,653,731) | | 84,516,346 | | 45,882,683 | | 108,731,055 | | (23,731,227) | | 200,047,178 | | 68,628,775 |
| | | | | | | | | | | | | | | |
| (270,122,596) | | (300,697,738) | | (82,099,833) | | (46,034,156) | | (53,884,418) | | (55,177,900) | | (98,166,534) | | (97,311,997) |
| | | | | | | | | | | | | | | |
| 352,702,335 | | 694,326,613 | | 974,189,169 | | 885,649,046 | | 35,501,530 | | 69,175,867 | | 325,646,372 | | 60,346,521 |
| (853,277,404) | | (1,042,915,111) | | (579,722,648) | | (299,542,591) | | (414,293,908) | | (310,464,455) | | (178,181,393) | | (431,589,853) |
| - | | - | | - | | - | | 9,666 | | 83,015 | | - | | - |
| (500,575,069) | | (348,588,498) | | 394,466,521 | | 586,106,455 | | (378,782,712) | | (241,205,573) | | 147,464,979 | | (371,243,332) |
| (208,476,328) | | (842,939,967) | | 396,883,034 | | 585,954,982 | | (323,936,075) | | (320,114,700) | | 249,345,623 | | (399,926,554) |
| | | | | | | | | | | | | | | |
| 4,584,677,032 | | 5,427,616,999 | | 1,410,817,281 | | 824,862,299 | | 1,516,551,354 | | 1,836,666,054 | | 1,491,282,592 | | 1,891,209,146 |
| $4,376,200,704 | | $4,584,677,032 | | $1,807,700,315 | | $1,410,817,281 | | $1,192,615,279 | | $1,516,551,354 | | $1,740,628,215 | | $1,491,282,592 |
| | | | | | | | | | | | | | | |
| 31,100,000 | | 59,800,000 | | 9,230,000 | | 8,400,000 | | 1,350,000 | | 2,600,000 | | 13,800,000 | | 2,700,000 |
| (74,700,000) | | (89,750,000) | | (5,490,000) | | (2,840,000) | | (15,700,000) | | (11,900,000) | | (7,700,000) | | (19,300,000) |
| 408,850,000 | | 438,800,000 | | 13,380,001 | | 7,820,001 | | 58,050,000 | | 67,350,000 | | 66,000,000 | | 82,600,000 |
| 365,250,000 | | 408,850,000 | | 17,120,001 | | 13,380,001 | | 43,700,000 | | 58,050,000 | | 72,100,000 | | 66,000,000 |
Invesco California AMT-Free Municipal Bond ETF (PWZ)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $24.18 | | $24.32 | | $28.03 | | $27.64 | | $27.62 |
Net investment income(a)
| 0.78 | | 0.67 | | 0.59 | | 0.64 | | 0.67 |
Net realized and unrealized gain (loss) on investments
| 0.68 | | (0.14) | | (3.72) | | 0.40 | | 0.02 |
Total from investment operations
| 1.46 | | 0.53 | | (3.13) | | 1.04 | | 0.69 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.78) | | (0.69) | | (0.59) | | (0.65) | | (0.67) |
Transaction fees(a)
| 0.00(b) | | 0.02 | | 0.01 | | - | | 0.00(b) |
Net asset value at end of year
| $24.86 | | $24.18 | | $24.32 | | $28.03 | | $27.64 |
Market price at end of year(c)
| $24.84 | | $24.24 | | $24.23 | | $28.05 | | $27.58 |
Net Asset Value Total Return(d)
| 6.14% | | 2.27% | | (11.28)% | | 3.80% | | 2.56% |
Market Price Total Return(d)
| 5.79% | | 2.91% | | (11.66)% | | 4.10% | | 2.34% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $641,297 | | $660,139 | | $566,657 | | $520,028 | | $451,918 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.28% | | 0.28% | | 0.28% | | 0.28% | | 0.28% |
Net investment income
| 3.20% | | 2.78% | | 2.25% | | 2.31% | | 2.46% |
Portfolio turnover rate(e)
| 4% | | 5% | | 3% | | 7% | | 12% |
| (a) | Based on average shares outstanding. |
| (b) | Amount represents less than $0.005. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco CEF Income Composite ETF (PCEF)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $17.89 | | $19.64 | | $24.61 | | $20.92 | | $22.35 |
Net investment income(a)(b)
| 1.03 | | 1.21 | | 1.11 | | 0.98 | | 1.35 |
Net realized and unrealized gain (loss) on investments
| 2.07 | | (1.17) | | (4.48) | | 4.33 | | (1.05) |
Total from investment operations
| 3.10 | | 0.04 | | (3.37) | | 5.31 | | 0.30 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.08) | | (1.60) | | (1.60) | | (1.62) | | (1.73) |
Return of capital
| (0.59) | | (0.19) | | - | | - | | - |
Total distributions
| (1.67) | | (1.79) | | (1.60) | | (1.62) | | (1.73) |
Net asset value at end of year
| $19.32 | | $17.89 | | $19.64 | | $24.61 | | $20.92 |
Market price at end of year(c)
| $19.30 | | $17.91 | | $19.63 | | $24.64 | | $20.91 |
Net Asset Value Total Return(d)
| 18.43% | | 0.49% | | (14.04)% | | 26.36% | | 1.84% |
Market Price Total Return(d)
| 18.17% | | 0.65% | | (14.18)% | | 26.58% | | 1.80% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $798,621 | | $661,198 | | $727,859 | | $955,554 | | $756,106 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses(e)
| 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
Net investment income(b)
| 5.69% | | 6.62% | | 5.03% | | 4.30% | | 6.36% |
Portfolio turnover rate(f)
| 24% | | 30% | | 21% | | 25% | | 21% |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
| (f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $28.19 | | $30.75 | | $37.04 | | $39.21 | | $36.19 |
Net investment income(a)
| 0.93 | | 0.75 | | 0.53 | | 0.41 | | 0.47 |
Net realized and unrealized gain (loss) on investments
| 0.56 | | (2.60) | | (6.31) | | (2.21) | | 3.04 |
Total from investment operations
| 1.49 | | (1.85) | | (5.78) | | (1.80) | | 3.51 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.97) | | (0.71) | | (0.51) | | (0.37) | | (0.49) |
Net asset value at end of year
| $28.71 | | $28.19 | | $30.75 | | $37.04 | | $39.21 |
Market price at end of year(b)
| $28.72 | | $28.22 | | $30.65 | | $37.04 | | $39.14 |
Net Asset Value Total Return(c)
| 5.46% | | (6.07)% | | (15.71)% | | (4.60)% | | 9.82% |
Market Price Total Return(c)
| 5.38% | | (5.66)% | | (15.99)% | | (4.43)% | | 9.50% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $830,389 | | $660,324 | | $524,987 | | $414,835 | | $203,903 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.15% | | 0.23% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 3.37% | | 2.56% | | 1.57% | | 1.12% | | 1.25% |
Portfolio turnover rate(d)
| 19% | | 19% | | 5% | | 3% | | 9% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
Invesco Floating Rate Municipal Income ETF (PVI)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $24.83 | | $24.89 | | $24.88 | | $24.93 | | $24.93 |
Net investment income (loss)(a)
| 0.72 | | 0.59 | | 0.05 | | (0.05) | | 0.17 |
Net realized and unrealized gain (loss) on investments
| - | | 0.01 | | (0.01)(b) | | 0.00(c) | | (0.00)(c) |
Total from investment operations
| 0.72 | | 0.60 | | 0.04 | | (0.05) | | 0.17 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.72) | | (0.66) | | (0.03) | | (0.00)(c) | | (0.17) |
Net asset value at end of year
| $24.83 | | $24.83 | | $24.89 | | $24.88 | | $24.93 |
Market price at end of year(d)
| $24.83 | | $24.86 | | $24.89 | | $24.88 | | $24.93 |
Net Asset Value Total Return(e)
| 2.94% | | 2.45% | | 0.17% | | (0.20)% | | 0.69% |
Market Price Total Return(e)
| 2.82% | | 2.57% | | 0.17% | | (0.20)% | | 0.58% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $37,242 | | $39,733 | | $63,469 | | $48,518 | | $49,855 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income (loss)
| 2.89% | | 2.38% | | 0.22% | | (0.19)% | | 0.70% |
| (a) | Based on average shares outstanding. |
| (b) | Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
| (c) | Amount represents less than $0.005. |
| (d) | The mean between the last bid and ask prices. |
| (e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $17.45 | | $17.15 | | $19.59 | | $18.90 | | $19.06 |
Net investment income(a)
| 0.92 | | 0.76 | | 0.61 | | 0.68 | | 0.76 |
Net realized and unrealized gain (loss) on investments
| 1.05 | | 0.26 | | (2.45) | | 0.71 | | (0.15) |
Total from investment operations
| 1.97 | | 1.02 | | (1.84) | | 1.39 | | 0.61 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.01) | | (0.72) | | (0.60) | | (0.70) | | (0.77) |
Net asset value at end of year
| $18.41 | | $17.45 | | $17.15 | | $19.59 | | $18.90 |
Market price at end of year(b)
| $18.42 | | $17.46 | | $17.07 | | $19.61 | | $18.89 |
Net Asset Value Total Return(c)
| 11.63% | | 6.09% | | (9.55)% | | 7.49% | | 3.38% |
Market Price Total Return(c)
| 11.61% | | 6.64% | | (10.06)% | | 7.66% | | 3.28% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $566,957 | | $544,418 | | $742,480 | | $834,635 | | $757,811 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
Net investment income
| 5.17% | | 4.40% | | 3.29% | | 3.55% | | 4.09% |
Portfolio turnover rate(d)
| 75% | | 31% | | 44% | | 32% | | 35% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $23.02 | | $23.50 | | $27.03 | | $27.40 | | $26.33 |
Net investment income(a)
| 0.93 | | 0.78 | | 0.57 | | 0.60 | | 0.71 |
Net realized and unrealized gain (loss) on investments
| 0.91 | | (0.51) | | (3.25) | | (0.26) | | 1.07 |
Total from investment operations
| 1.84 | | 0.27 | | (2.68) | | 0.34 | | 1.78 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.93) | | (0.75) | | (0.56) | | (0.61) | | (0.71) |
Net realized gains
| - | | - | | (0.29) | | (0.10) | | - |
Total distributions
| (0.93) | | (0.75) | | (0.85) | | (0.71) | | (0.71) |
Net asset value at end of year
| $23.93 | | $23.02 | | $23.50 | | $27.03 | | $27.40 |
Market price at end of year(b)
| $23.99 | | $23.01 | | $23.43 | | $27.04 | | $27.39 |
Net Asset Value Total Return(c)
| 8.20% | | 1.20% | | (10.10)% | | 1.25% | | 6.91% |
Market Price Total Return(c)
| 8.52% | | 1.46% | | (10.39)% | | 1.34% | | 6.95% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $66,991 | | $44,891 | | $29,369 | | $52,706 | | $63,030 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.22% | | 0.22% | | 0.22% | | 0.22% | | 0.22% |
Net investment income
| 3.99% | | 3.38% | | 2.23% | | 2.21% | | 2.68% |
Portfolio turnover rate(d)
| 23% | | 20% | | 30% | | 34% | | 36% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco National AMT-Free Municipal Bond ETF (PZA)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $23.08 | | $23.30 | | $27.19 | | $26.74 | | $26.76 |
Net investment income(a)
| 0.75 | | 0.67 | | 0.62 | | 0.63 | | 0.68 |
Net realized and unrealized gain (loss) on investments
| 0.86 | | (0.22) | | (3.90) | | 0.46 | | (0.02) |
Total from investment operations
| 1.61 | | 0.45 | | (3.28) | | 1.09 | | 0.66 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.74) | | (0.68) | | (0.61) | | (0.64) | | (0.69) |
Transaction fees(a)
| 0.00(b) | | 0.01 | | 0.00(b) | | 0.00(b) | | 0.01 |
Net asset value at end of year
| $23.95 | | $23.08 | | $23.30 | | $27.19 | | $26.74 |
Market price at end of year(c)
| $23.85 | | $23.06 | | $23.26 | | $27.21 | | $26.73 |
Net Asset Value Total Return(d)
| 7.11% | | 2.00% | | (12.21)% | | 4.11% | | 2.60% |
Market Price Total Return(d)
| 6.75% | | 2.08% | | (12.42)% | | 4.23% | | 2.42% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $2,906,785 | | $2,310,067 | | $1,983,926 | | $2,470,368 | | $2,677,153 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.28% | | 0.28% | | 0.28% | | 0.28% | | 0.28% |
Net investment income
| 3.17% | | 2.89% | | 2.42% | | 2.32% | | 2.59% |
Portfolio turnover rate(e)
| 4% | | 3% | | 4% | | 10% | | 15% |
| (a) | Based on average shares outstanding. |
| (b) | Amount represents less than $0.005. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco New York AMT-Free Municipal Bond ETF (PZT)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $22.20 | | $22.36 | | $26.31 | | $25.67 | | $25.68 |
Net investment income(a)
| 0.67 | | 0.62 | | 0.58 | | 0.61 | | 0.67 |
Net realized and unrealized gain (loss) on investments
| 0.89 | | (0.14) | | (3.83) | | 0.66 | | (0.01) |
Total from investment operations
| 1.56 | | 0.48 | | (3.25) | | 1.27 | | 0.66 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.67) | | (0.64) | | (0.58) | | (0.63) | | (0.67) |
Net realized gains
| - | | - | | (0.12) | | - | | - |
Total distributions
| (0.67) | | (0.64) | | (0.70) | | (0.63) | | (0.67) |
Net asset value at end of year
| $23.09 | | $22.20 | | $22.36 | | $26.31 | | $25.67 |
Market price at end of year(b)
| $23.10 | | $22.14 | | $22.36 | | $26.29 | | $25.73 |
Net Asset Value Total Return(c)
| 7.14% | | 2.15% | | (12.55)% | | 5.00% | | 2.66% |
Market Price Total Return(c)
| 7.48% | | 1.88% | | (12.49)% | | 4.66% | | 2.83% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $128,136 | | $88,785 | | $115,139 | | $121,015 | | $98,829 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.28% | | 0.28% | | 0.28% | | 0.28% | | 0.28% |
Net investment income
| 2.98% | | 2.78% | | 2.37% | | 2.35% | | 2.64% |
Portfolio turnover rate(d)
| 6% | | 10% | | 6% | | 15% | | 12% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Preferred ETF (PGX)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $11.21 | | $12.37 | | $15.11 | | $14.86 | | $14.93 |
Net investment income(a)
| 0.66 | | 0.70 | | 0.69 | | 0.73 | | 0.75 |
Net realized and unrealized gain (loss) on investments
| 0.81 | | (1.13) | | (2.74) | | 0.26 | | (0.06) |
Total from investment operations
| 1.47 | | (0.43) | | (2.05) | | 0.99 | | 0.69 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.70) | | (0.73) | | (0.69) | | (0.74) | | (0.76) |
Net asset value at end of year
| $11.98 | | $11.21 | | $12.37 | | $15.11 | | $14.86 |
Market price at end of year(b)
| $11.99 | | $11.20 | | $12.37 | | $15.12 | | $14.91 |
Net Asset Value Total Return(c)
| 13.65% | | (3.48)% | | (13.85)% | | 6.81% | | 4.98% |
Market Price Total Return(c)
| 13.85% | | (3.56)% | | (13.91)% | | 6.52% | | 5.04% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $4,376,201 | | $4,584,677 | | $5,427,617 | | $7,459,245 | | $6,260,956 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.50% | | 0.50% | | 0.50%(d) | | 0.50%(d) | | 0.50%(d) |
Net investment income
| 5.79% | | 5.98% | | 5.01%(d) | | 4.89%(d) | | 5.20%(d) |
Portfolio turnover rate(e)
| 7% | | 15% | | 11% | | 25% | | 18% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Short Term Treasury ETF (TBLL)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $105.44 | | $105.48 | | $105.67 | | $105.77 | | $105.60 |
Net investment income(a)
| 5.39 | | 4.29 | | 0.50 | | 0.09 | | 1.27 |
Net realized and unrealized gain (loss) on investments
| 0.21 | | (0.18) | | (0.33) | | (0.06) | | 0.37 |
Total from investment operations
| 5.60 | | 4.11 | | 0.17 | | 0.03 | | 1.64 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (5.45) | | (4.15) | | (0.34) | | (0.09) | | (1.45) |
Net realized gains
| - | | - | | (0.02) | | (0.04) | | (0.02) |
Total distributions
| (5.45) | | (4.15) | | (0.36) | | (0.13) | | (1.47) |
Net asset value at end of year
| $105.59 | | $105.44 | | $105.48 | | $105.67 | | $105.77 |
Market price at end of year(b)
| $105.61 | | $105.51 | | $105.51 | | $105.68 | | $105.78 |
Net Asset Value Total Return(c)
| 5.46% | | 3.98% | | 0.15% | | 0.03% | | 1.56% |
Market Price Total Return(c)
| 5.42% | | 4.03% | | 0.18% | | 0.04% | | 1.55% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,807,700 | | $1,410,817 | | $824,862 | | $667,805 | | $938,170 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.08% | | 0.08% | | 0.08% | | 0.08% | | 0.08% |
Net investment income
| 5.11% | | 4.08% | | 0.48% | | 0.09% | | 1.20% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Taxable Municipal Bond ETF (BAB)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $26.12 | | $27.27 | | $33.55 | | $33.40 | | $32.83 |
Net investment income(a)
| 1.01 | | 0.95 | | 0.85 | | 0.85 | | 1.07 |
Net realized and unrealized gain (loss) on investments
| 1.18 | | (1.15) | | (6.28) | | 0.16 | | 0.58 |
Total from investment operations
| 2.19 | | (0.20) | | (5.43) | | 1.01 | | 1.65 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.02) | | (0.95) | | (0.86) | | (0.86) | | (1.10) |
Transaction fees(a)
| 0.00(b) | | 0.00(b) | | 0.01 | | - | | 0.02 |
Net asset value at end of year
| $27.29 | | $26.12 | | $27.27 | | $33.55 | | $33.40 |
Market price at end of year(c)
| $27.33 | | $26.12 | | $27.24 | | $33.46 | | $33.41 |
Net Asset Value Total Return(d)
| 8.64% | | (0.70)% | | (16.38)% | | 3.08% | | 5.28% |
Market Price Total Return(d)
| 8.80% | | (0.59)% | | (16.23)% | | 2.78% | | 4.88% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,192,615 | | $1,516,551 | | $1,836,666 | | $2,365,476 | | $2,005,861 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses, after Waivers
| 0.28% | | 0.28% | | 0.28% | | 0.28%(e) | | 0.27% |
Expenses, prior to Waivers
| 0.28% | | 0.28% | | 0.28% | | 0.28%(e) | | 0.28% |
Net investment income
| 3.85% | | 3.61% | | 2.78% | | 2.58%(e) | | 3.32% |
Portfolio turnover rate(f)
| 4% | | 4% | | 3% | | 5% | | 18% |
| (a) | Based on average shares outstanding. |
| (b) | Amount represents less than $0.005. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
| (f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Variable Rate Preferred ETF (VRP)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $22.60 | | $22.90 | | $26.30 | | $24.96 | | $25.28 |
Net investment income(a)
| 1.30 | | 1.20 | | 1.03 | | 1.07 | | 1.13 |
Net realized and unrealized gain (loss) on investments
| 1.71 | | (0.18) | | (3.26) | | 1.38 | | (0.31) |
Total from investment operations
| 3.01 | | 1.02 | | (2.23) | | 2.45 | | 0.82 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.47) | | (1.32) | | (1.17) | | (1.11) | | (1.14) |
Net asset value at end of year
| $24.14 | | $22.60 | | $22.90 | | $26.30 | | $24.96 |
Market price at end of year(b)
| $24.20 | | $22.59 | | $22.86 | | $26.38 | | $25.01 |
Net Asset Value Total Return(c)
| 13.79% | | 4.68% | | (8.63)% | | 10.00% | | 3.48% |
Market Price Total Return(c)
| 14.11% | | 4.83% | | (9.06)% | | 10.11% | | 3.51% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,740,628 | | $1,491,283 | | $1,891,209 | | $1,930,424 | | $1,472,807 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
Net investment income
| 5.58% | | 5.32% | | 4.21% | | 4.14% | | 4.61% |
Portfolio turnover rate(d)
| 16% | | 14% | | 9% | | 15% | | 22% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco California AMT-Free Municipal Bond ETF (PWZ) | | "California AMT-Free Municipal Bond ETF" |
| Invesco CEF Income Composite ETF (PCEF) | | "CEF Income Composite ETF" |
| Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) | | "Equal Weight 0-30 Year Treasury ETF" |
| Invesco Floating Rate Municipal Income ETF (PVI) | | "Floating Rate Municipal Income ETF" |
| Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | | "Fundamental High Yield® Corporate Bond ETF" |
| Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | | "Fundamental Investment Grade Corporate Bond ETF" |
| Invesco National AMT-Free Municipal Bond ETF (PZA) | | "National AMT-Free Municipal Bond ETF" |
| Invesco New York AMT-Free Municipal Bond ETF (PZT) | | "New York AMT-Free Municipal Bond ETF" |
| Invesco Preferred ETF (PGX) | | "Preferred ETF" |
| Invesco Short Term Treasury ETF (TBLL) | | "Short Term Treasury ETF" |
| Invesco Taxable Municipal Bond ETF (BAB) | | "Taxable Municipal Bond ETF" |
| Invesco Variable Rate Preferred ETF (VRP) | | "Variable Rate Preferred ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of Equal Weight 0-30 Year Treasury ETF, which are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Creation Units of California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF are issued and redeemed principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Creation Units of Short Term Treasury ETF are issued principally in exchange for Deposit Securities and redeemed principally in exchange for cash, though it also reserves the right to issue Creation Units in exchange for cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
To provide enhanced daily liquidity, Short Term Treasury ETF determines its NAV twice each day, at 12:00 p.m. ET and at the regularly scheduled close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. ET). The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.
CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| California AMT-Free Municipal Bond ETF | | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| CEF Income Composite ETF | | S-Network Composite Closed-End Fund IndexSM |
| Equal Weight 0-30 Year Treasury ETF | | ICE 1-30 Year Laddered Matuirty US Treasury Index |
| Floating Rate Municipal Income ETF | | ICE US Municipal AMT-Free VRDO Constrained Index |
| Fundamental High Yield® Corporate Bond ETF | | RAFI® Bonds U.S. High Yield 1-10 Index |
| Fundamental Investment Grade Corporate Bond ETF | | RAFI® Bonds U.S. Investment Grade 1-10 Index |
| National AMT-Free Municipal Bond ETF | | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| New York AMT-Free Municipal Bond ETF | | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| Preferred ETF | | ICE BofA Core Plus Fixed Rate Preferred Securities Index |
| Short Term Treasury ETF | | ICE U.S. Treasury Short Bond Index |
| Taxable Municipal Bond ETF | | ICE BofA US Taxable Municipal Securities Plus Index |
| Variable Rate Preferred ETF | | ICE Variable Rate Preferred & Hybrid Securities Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting
the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the
Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Short Term Treasury ETF and, for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:
| | Amount |
| CEF Income Composite ETF | $204,808 |
| Preferred ETF | 520,150 |
| Variable Rate Preferred ETF | 133,931 |
ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds. An investment in the Fund is subject to the risks associated with the Underlying Funds. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already will pay to the Adviser.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be
lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Transition Risk. Certain Funds may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts.
The UK Financial Conduct Authority ("FCA"), the regulator that oversees LIBOR, has ceased publishing the majority of LIBOR rates. In April 2023, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts, but any such rates are considered non-representative of the underlying market. Regulators and financial industry working groups have worked to identify alternative reference rates ("ARRs") to replace LIBOR and to assist with the transition to the new ARRs. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on the Secured Overnight Financing Rate (“SOFR”) have replaced LIBOR in certain financial contracts. SOFR is a broad measure of the cost of overnight borrowing of cash through repurchase agreements collateralized by U.S. Treasury securities.
While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks relating to converting certain longer-term securities and transactions to a new ARR. There can be no assurance that the composition or characteristics of any ARRs or financial instruments in which a Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some legacy USD LIBOR instruments may provide for an alternative or fallback rate-setting methodology, there may be significant uncertainty regarding the effectiveness of such methodologies to replicate USD LIBOR; other legacy USD LIBOR instruments may not include such fallback rate-setting provisions at all or may not be able to rely on the statutory fallback mechanism, the effectiveness of which is also uncertain. While it is expected that the market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; the Adviser cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact a Fund. Certain Funds may have instruments linked to other interbank offered rates that may also cease to be published in the future. All of the foregoing may adversely affect a Fund’s performance or NAV.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.
Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration
premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.
Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Not a Money Market Fund. Short Term Treasury ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.
Sampling Risk. Certain Funds’ use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable
to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services, and for Short Term Treasury ETF, the oversight of the Sub-Adviser.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| California AMT-Free Municipal Bond ETF | 0.28% |
| CEF Income Composite ETF | 0.50% |
| Equal Weight 0-30 Year Treasury ETF | 0.15% |
| Floating Rate Municipal Income ETF | 0.25% |
| Fundamental High Yield® Corporate Bond ETF | 0.50% |
| Fundamental Investment Grade Corporate Bond ETF | 0.22% |
| National AMT-Free Municipal Bond ETF | 0.28% |
| New York AMT-Free Municipal Bond ETF | 0.28% |
| Preferred ETF | 0.50% |
| Short Term Treasury ETF | 0.08% |
| Taxable Municipal Bond ETF | 0.28% |
| Variable Rate Preferred ETF | 0.50% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| California AMT-Free Municipal Bond ETF | $- |
| CEF Income Composite ETF | 383 |
| Equal Weight 0-30 Year Treasury ETF | 2,789 |
| Floating Rate Municipal Income ETF | - |
| Fundamental High Yield® Corporate Bond ETF | 2,765 |
| Fundamental Investment Grade Corporate Bond ETF | 99 |
| National AMT-Free Municipal Bond ETF | - |
| New York AMT-Free Municipal Bond ETF | - |
| Preferred ETF | 10,558 |
| Short Term Treasury ETF | 189 |
| Taxable Municipal Bond ETF | 9,129 |
| Variable Rate Preferred ETF | 12,440 |
For Short Term Treasury ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| California AMT-Free Municipal Bond ETF | | ICE Data Indices, LLC |
| CEF Income Composite ETF | | S-Network Global Indexes, LLC |
| Equal Weight 0-30 Year Treasury ETF | | Nasdaq, Inc. |
| Floating Rate Municipal Income ETF | | ICE Data Indices, LLC |
| Fundamental High Yield® Corporate Bond ETF | | Research Affiliates® |
| Fundamental Investment Grade Corporate Bond ETF | | Research Affiliates® |
| National AMT-Free Municipal Bond ETF | | ICE Data Indices, LLC |
| New York AMT-Free Municipal Bond ETF | | ICE Data Indices, LLC |
| Preferred ETF | | ICE Data Indices, LLC |
| Short Term Treasury ETF | | ICE Data Indices, LLC |
| Taxable Municipal Bond ETF | | ICE Data Indices, LLC |
| Variable Rate Preferred ETF | | ICE Data Indices, LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
| CEF Income Composite ETF | $9,120 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024, for each Fund (except for California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF). As of August 31, 2024, all of the securities in California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF and New York AMT-Free Municipal Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| CEF Income Composite ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Closed-End Funds | $796,928,641 | | $- | | $- | | $796,928,641 |
| Money Market Funds | 669,620 | | 18,386,205 | | - | | 19,055,825 |
| Total Investments | $797,598,261 | | $18,386,205 | | $- | | $815,984,466 |
| Equal Weight 0-30 Year Treasury ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Treasury Securities | $- | | $828,823,125 | | $- | | $828,823,125 |
| Money Market Funds | 16,348,308 | | 1,876,606 | | - | | 18,224,914 |
| Total Investments | $16,348,308 | | $830,699,731 | | $- | | $847,048,039 |
| Fundamental High Yield® Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $557,349,104 | | $- | | $557,349,104 |
| Money Market Funds | 1,209,436 | | 186,086,719 | | - | | 187,296,155 |
| Total Investments | $1,209,436 | | $743,435,823 | | $- | | $744,645,259 |
| Fundamental Investment Grade Corporate Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $- | | $66,327,720 | | $- | | $66,327,720 |
| Money Market Funds | 182,485 | | 4,935,082 | | - | | 5,117,567 |
| Total Investments | $182,485 | | $71,262,802 | | $- | | $71,445,287 |
| Preferred ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Preferred Stocks | $4,365,377,572 | | $4,841,873 | | $- | | $4,370,219,445 |
| Money Market Funds | 897,929 | | 75,411,669 | | - | | 76,309,598 |
| Total Investments | $4,366,275,501 | | $80,253,542 | | $- | | $4,446,529,043 |
| Short Term Treasury ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Treasury Securities | $- | | $1,807,599,338 | | $- | | $1,807,599,338 |
| Money Market Funds | 6,884 | | - | | - | | 6,884 |
| Total Investments | $6,884 | | $1,807,599,338 | | $- | | $1,807,606,222 |
| Taxable Municipal Bond ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Municipal Obligations | $- | | $1,169,949,439 | | $- | | $1,169,949,439 |
| Money Market Funds | 10,657,047 | | - | | - | | 10,657,047 |
| Total Investments | $10,657,047 | | $1,169,949,439 | | $- | | $1,180,606,486 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Variable Rate Preferred ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| U.S. Dollar Denominated Bonds & Notes | $3,163,954 | | $1,340,438,514 | | $- | | $1,343,602,468 |
| Preferred Stocks | 284,125,438 | | 90,144,670 | | - | | 374,270,108 |
| Money Market Funds | 21,712,174 | | 170,459,066 | | - | | 192,171,240 |
| Total Investments | $309,001,566 | | $1,601,042,250 | | $- | | $1,910,043,816 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income-Tax-
Exempt | | Return of
Capital | | Ordinary
Income* | | Ordinary
Income-Tax-
Exempt | | Return of
Capital |
| California AMT-Free Municipal Bond ETF | $176,877 | | $25,377,572 | | $- | | $22,284 | | $16,262,355 | | $- |
| CEF Income Composite ETF | 42,849,699 | | - | | 23,474,004 | | 59,586,125 | | - | | 6,893,411 |
| Equal Weight 0-30 Year Treasury ETF | 24,669,103 | | - | | - | | 14,136,883 | | - | | - |
| Floating Rate Municipal Income ETF | - | | 1,132,916 | | - | | - | | 1,548,995 | | - |
| Fundamental High Yield® Corporate Bond ETF | 34,198,767 | | - | | - | | 26,774,161 | | - | | - |
| Fundamental Investment Grade Corporate Bond ETF | 1,938,366 | | - | | - | | 1,254,740 | | - | | - |
| National AMT-Free Municipal Bond ETF | 623,892 | | 83,552,383 | | - | | 96,024 | | 62,123,707 | | - |
| New York AMT-Free Municipal Bond ETF | 23,741 | | 2,960,029 | | - | | 4,356 | | 2,609,529 | | - |
| Preferred ETF | 270,122,596 | | - | | - | | 300,697,738 | | - | | - |
| Short Term Treasury ETF | 82,099,833 | | - | | - | | 46,034,156 | | - | | - |
| Taxable Municipal Bond ETF | 53,884,418 | | - | | - | | 55,177,900 | | - | | - |
| Variable Rate Preferred ETF | 98,166,534 | | - | | - | | 97,311,997 | | - | | - |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Undistributed
Tax-Exempt
Income | | Temporary
Book/Tax
Differences | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| California AMT-Free Municipal Bond ETF | $- | | $195,827 | | $- | | $(2,209,782) | | $(2,298,903) | | $645,610,225 | | $641,297,367 |
| CEF Income Composite ETF | - | | - | | - | | 18,839,032 | | (100,315,498) | | 880,097,606 | | 798,621,140 |
| Equal Weight 0-30 Year Treasury ETF | 166,177 | | - | | - | | (84,616,124) | | (9,821,325) | | 924,660,146 | | 830,388,874 |
| Floating Rate Municipal Income ETF | - | | - | | - | | - | | - | | 37,241,813 | | 37,241,813 |
| Fundamental High Yield® Corporate Bond ETF | - | | - | | - | | 2,122,171 | | (74,222,078) | | 639,056,574 | | 566,956,667 |
| Fundamental Investment Grade Corporate Bond ETF | 6,273 | | - | | - | | (496,302) | | (937,540) | | 68,418,861 | | 66,991,292 |
| National AMT-Free Municipal Bond ETF | - | | - | | - | | (88,049,666) | | (17,010,516) | | 3,011,844,972 | | 2,906,784,790 |
| New York AMT-Free Municipal Bond ETF | - | | 8,896 | | - | | (5,117,468) | | (604,290) | | 133,848,377 | | 128,135,515 |
| Preferred ETF | - | | - | | (431,546) | | (720,776,245) | | (612,420,719) | | 5,709,829,214 | | 4,376,200,704 |
| Short Term Treasury ETF | 73,516 | | - | | - | | 1,865,600 | | (706,763) | | 1,806,467,962 | | 1,807,700,315 |
| Taxable Municipal Bond ETF | - | | - | | - | | (121,485,272) | | (17,774,601) | | 1,331,875,152 | | 1,192,615,279 |
| Variable Rate Preferred ETF | 6,668,214 | | - | | (997,597) | | (52,931,159) | | (92,202,831) | | 1,880,091,588 | | 1,740,628,215 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| California AMT-Free Municipal Bond ETF | $91,221 | | $2,207,682 | | $2,298,903 |
| CEF Income Composite ETF | 17,729,269 | | 82,586,229 | | 100,315,498 |
| Equal Weight 0-30 Year Treasury ETF | 947,011 | | 8,874,314 | | 9,821,325 |
| Floating Rate Municipal Income ETF | - | | - | | - |
| Fundamental High Yield® Corporate Bond ETF | 17,711,150 | | 56,510,928 | | 74,222,078 |
| Fundamental Investment Grade Corporate Bond ETF | 165,502 | | 772,038 | | 937,540 |
| National AMT-Free Municipal Bond ETF | 9,272,663 | | 7,737,853 | | 17,010,516 |
| New York AMT-Free Municipal Bond ETF | 106,794 | | 497,496 | | 604,290 |
| Preferred ETF | 46,156,653 | | 566,264,066 | | 612,420,719 |
| Short Term Treasury ETF | 706,763 | | - | | 706,763 |
| Taxable Municipal Bond ETF | 3,765,398 | | 14,009,203 | | 17,774,601 |
| Variable Rate Preferred ETF | 8,432,725 | | 83,770,106 | | 92,202,831 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| California AMT-Free Municipal Bond ETF | $46,224,749 | | $29,870,975 |
| CEF Income Composite ETF | 171,032,077 | | 172,674,614 |
| Equal Weight 0-30 Year Treasury ETF | - | | 4,061 |
| Floating Rate Municipal Income ETF | - | | - |
| Fundamental High Yield® Corporate Bond ETF | 449,731,763 | | 447,514,592 |
| Fundamental Investment Grade Corporate Bond ETF | 12,549,572 | | 11,011,857 |
| National AMT-Free Municipal Bond ETF | 164,728,197 | | 110,029,625 |
| New York AMT-Free Municipal Bond ETF | 6,992,717 | | 5,939,976 |
| Preferred ETF | 315,329,670 | | 310,353,439 |
| Short Term Treasury ETF | - | | - |
| Taxable Municipal Bond ETF | 50,225,235 | | 63,978,710 |
| Variable Rate Preferred ETF | 276,961,384 | | 256,299,544 |
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:
| | Purchases | | Sales |
| Equal Weight 0-30 Year Treasury ETF | $150,325,204 | | $134,069,096 |
| Short Term Treasury ETF | - | | - |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| California AMT-Free Municipal Bond ETF | $367,080,625 | | $417,013,410 |
| CEF Income Composite ETF | 117,348,625 | | 38,541,565 |
| Equal Weight 0-30 Year Treasury ETF | 401,677,466 | | 259,552,900 |
| Floating Rate Municipal Income ETF | - | | - |
| Fundamental High Yield® Corporate Bond ETF | 161,843,367 | | 177,220,479 |
| Fundamental Investment Grade Corporate Bond ETF | 28,111,000 | | 10,052,110 |
| National AMT-Free Municipal Bond ETF | 645,615,543 | | 187,319,446 |
| New York AMT-Free Municipal Bond ETF | 34,953,957 | | - |
| Preferred ETF | 339,644,224 | | 839,032,568 |
| | In-kind
Purchases | | In-kind
Sales |
| Short Term Treasury ETF | $- | | $- |
| Taxable Municipal Bond ETF | 30,784,527 | | 384,980,944 |
| Variable Rate Preferred ETF | 276,327,312 | | 165,813,110 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| California AMT-Free Municipal Bond ETF | $13,947,031 | | $(16,156,813) | | $(2,209,782) | | $631,947,581 |
| CEF Income Composite ETF | 57,602,311 | | (38,763,279) | | 18,839,032 | | 797,145,434 |
| Equal Weight 0-30 Year Treasury ETF | 1,340,277 | | (85,956,401) | | (84,616,124) | | 931,664,163 |
| Floating Rate Municipal Income ETF | - | | - | | - | | 33,585,000 |
| Fundamental High Yield® Corporate Bond ETF | 10,466,073 | | (8,343,902) | | 2,122,171 | | 742,523,088 |
| Fundamental Investment Grade Corporate Bond ETF | 571,585 | | (1,067,887) | | (496,302) | | 71,941,589 |
| National AMT-Free Municipal Bond ETF | 38,427,762 | | (126,477,428) | | (88,049,666) | | 2,960,334,694 |
| New York AMT-Free Municipal Bond ETF | 782,151 | | (5,899,619) | | (5,117,468) | | 131,680,683 |
| Preferred ETF | 13,915,204 | | (734,691,449) | | (720,776,245) | | 5,167,305,288 |
| Short Term Treasury ETF | 1,875,426 | | (9,826) | | 1,865,600 | | 1,805,740,622 |
| Taxable Municipal Bond ETF | 11,628,726 | | (133,113,998) | | (121,485,272) | | 1,302,091,758 |
| Variable Rate Preferred ETF | 18,665,850 | | (71,597,009) | | (52,931,159) | | 1,962,974,975 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, registered investment company adjustments, taxable overdistributions, partnerships, hybrid securities and return of capital distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| California AMT-Free Municipal Bond ETF | $- | | $10,279,575 | | $(10,279,575) |
| CEF Income Composite ETF | 1,980,744 | | (1,876,908) | | (103,836) |
| Equal Weight 0-30 Year Treasury ETF | - | | 8,369,063 | | (8,369,063) |
| Floating Rate Municipal Income ETF | 102 | | - | | (102) |
| Fundamental High Yield® Corporate Bond ETF | 212,993 | | (460,596) | | 247,603 |
| Fundamental Investment Grade Corporate Bond ETF | - | | 162,734 | | (162,734) |
| National AMT-Free Municipal Bond ETF | 378,572 | | 10,949,891 | | (11,328,463) |
| New York AMT-Free Municipal Bond ETF | - | | - | | - |
| Preferred ETF | 13,886,073 | | 36,976,725 | | (50,862,798) |
| Short Term Treasury ETF | - | | (-) | | - |
| Taxable Municipal Bond ETF | 60,710 | | 54,762,124 | | (54,822,834) |
| Variable Rate Preferred ETF | 10,612,352 | | (10,031,335) | | (581,017) |
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. For CEF Income Composite ETF, Equal Weight 0-30 Year Treasury ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Taxable Municipal Bond ETF, such transactions are principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. For Short Term Treasury ETF, Creation Units are issued principally in exchange for Deposit Securities and redeemed principally in exchange for cash, though it also reserves the right to issue Creation Units in exchange for cash.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Equal Weight 0-30 Year Treasury ETF, Invesco Floating Rate Municipal Income ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Short Term Treasury ETF, Invesco Taxable Municipal Bond ETF and Invesco Variable Rate Preferred ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Equal Weight 0-30 Year Treasury ETF, Invesco Floating Rate Municipal Income ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Short Term Treasury ETF, Invesco Taxable Municipal Bond ETF and Invesco Variable Rate Preferred ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* | | Qualified
Interest
Income* | | Tax-Exempt
Income* |
| Invesco California AMT-Free Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 99% |
| Invesco CEF Income Composite ETF | 0% | | 8% | | 0% | | 0% | | 0% | | 0% | | 0% |
| Invesco Equal Weight 0-30 Year Treasury ETF | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | 0% |
| Invesco Floating Rate Municipal Income ETF | 0% | | 0% | | 0% | | 0% | | 0% | | 0% | | 100% |
| Invesco Fundamental High Yield® Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 96% | | 94% | | 0% |
| Invesco Fundamental Investment Grade Corporate Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 98% | | 0% |
| Invesco National AMT-Free Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 99% |
| Invesco New York AMT-Free Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 99% |
| Invesco Preferred ETF | 0% | | 62% | | 58% | | 0% | | 26% | | 26% | | 0% |
| Invesco Short Term Treasury ETF | 0% | | 0% | | 0% | | 100% | | 100% | | 100% | | 0% |
| Invesco Taxable Municipal Bond ETF | 0% | | 0% | | 0% | | 0% | | 100% | | 100% | | 0% |
| Invesco Variable Rate Preferred ETF | 0% | | 60% | | 53% | | 0% | | 24% | | 19% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-FIA-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| RSPE | Invesco ESG S&P 500 Equal Weight ETF |
| PBUS | Invesco MSCI USA ETF |
| EQAL | Invesco Russell 1000 Equal Weight ETF |
| SPVU | Invesco S&P 500® Enhanced Value ETF |
| XRLV | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF |
| SPHB | Invesco S&P 500® High Beta ETF |
| DIVG | Invesco S&P 500 High Dividend Growers ETF |
| SPHD | Invesco S&P 500® High Dividend Low Volatility ETF |
| SPLV | Invesco S&P 500® Low Volatility ETF |
| SPMV | Invesco S&P 500 Minimum Variance ETF |
| SPMO | Invesco S&P 500® Momentum ETF |
| QVML | Invesco S&P 500 QVM Multi-factor ETF |
| QVMM | Invesco S&P MidCap 400 QVM Multi-factor ETF |
| XMLV | Invesco S&P MidCap Low Volatility ETF |
| QVMS | Invesco S&P SmallCap 600 QVM Multi-factor ETF |
| GRPZ | Invesco S&P SmallCap 600® GARP ETF |
| XSHD | Invesco S&P SmallCap High Dividend Low Volatility ETF |
| XSLV | Invesco S&P SmallCap Low Volatility ETF |
| XSHQ | Invesco S&P SmallCap Quality ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 6 |
| 13 |
| 23 |
| 25 |
| 27 |
| 29 |
| 31 |
| 33 |
| 35 |
| 37 |
| 39 |
| 44 |
| 49 |
| 51 |
| 57 |
| 59 |
| 61 |
| 64 |
| 68 |
| 72 |
| 76 |
| 83 |
| 97 |
| 113 |
| 115 |
| 116 |
| 125 |
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.87% |
| Communication Services-3.62% |
Alphabet, Inc., Class A
| | 190 | | $ 31,042 |
Alphabet, Inc., Class C
| | 159 | | 26,253 |
AT&T, Inc.
| | 3,543 | | 70,506 |
Comcast Corp., Class A
| | 1,647 | | 65,172 |
Interpublic Group of Cos., Inc. (The)
| | 2,061 | | 67,209 |
News Corp., Class A
| | 1,729 | | 48,983 |
News Corp., Class B
| | 522 | | 15,362 |
Paramount Global, Class B
| | 5,609 | | 58,726 |
Walt Disney Co. (The)
| | 619 | | 55,945 |
| | | | | 439,198 |
| Consumer Discretionary-11.22% |
Aptiv PLC(b)(c)
| | 830 | | 59,370 |
Best Buy Co., Inc.
| | 724 | | 72,690 |
Carnival Corp.(b)
| | 3,727 | | 61,495 |
D.R. Horton, Inc.
| | 434 | | 81,922 |
Deckers Outdoor Corp.(b)
| | 60 | | 57,557 |
eBay, Inc.
| | 1,176 | | 69,502 |
Etsy, Inc.(b)
| | 989 | | 54,484 |
General Motors Co.
| | 1,276 | | 63,519 |
Hasbro, Inc.
| | 1,069 | | 72,863 |
Hilton Worldwide Holdings, Inc.
| | 296 | | 65,013 |
Home Depot, Inc. (The)
| | 181 | | 66,698 |
Lowe’s Cos., Inc.
| | 277 | | 68,834 |
Marriott International, Inc., Class A
| | 265 | | 62,193 |
NIKE, Inc., Class B
| | 665 | | 55,408 |
Norwegian Cruise Line Holdings Ltd.(b)
| | 3,466 | | 62,007 |
Ralph Lauren Corp.
| | 335 | | 57,372 |
Royal Caribbean Cruises Ltd.(b)
| | 396 | | 65,190 |
Starbucks Corp.
| | 788 | | 74,521 |
TJX Cos., Inc. (The)
| | 584 | | 68,486 |
Tractor Supply Co.
| | 223 | | 59,664 |
Yum! Brands, Inc.
| | 456 | | 61,524 |
| | | | | 1,360,312 |
| Consumer Staples-8.16% |
Archer-Daniels-Midland Co.
| | 1,034 | | 63,064 |
Campbell Soup Co.
| | 1,461 | | 72,641 |
Colgate-Palmolive Co.
| | 671 | | 71,461 |
Estee Lauder Cos., Inc. (The), Class A
| | 547 | | 50,138 |
General Mills, Inc.(c)
| | 958 | | 69,254 |
Hershey Co. (The)
| | 333 | | 64,289 |
Kellanova
| | 1,061 | | 85,527 |
Kraft Heinz Co. (The)
| | 1,893 | | 67,069 |
McCormick & Co., Inc.
| | 905 | | 72,427 |
Mondelez International, Inc., Class A
| | 943 | | 67,717 |
PepsiCo, Inc.
| | 382 | | 66,040 |
Procter & Gamble Co. (The)
| | 378 | | 64,842 |
Target Corp.
| | 426 | | 65,442 |
Walgreens Boots Alliance, Inc.(c)
| | 4,016 | | 37,148 |
Walmart, Inc.
| | 943 | | 72,828 |
| | | | | 989,887 |
| Financials-17.11% |
Aflac, Inc.(c)
| | 708 | | 78,135 |
Allstate Corp. (The)
| | 390 | | 73,687 |
American International Group, Inc.
| | 837 | | 64,491 |
Assurant, Inc.
| | 371 | | 72,846 |
| | Shares | | Value |
| Financials-(continued) |
Bank of America Corp.
| | 1,582 | | $ 64,466 |
Bank of New York Mellon Corp. (The)
| | 1,067 | | 72,791 |
Cboe Global Markets, Inc.
| | 368 | | 75,587 |
Citigroup, Inc.
| | 1,038 | | 65,020 |
Fidelity National Information Services, Inc.
| | 810 | | 66,784 |
Fifth Third Bancorp
| | 1,729 | | 73,811 |
Globe Life, Inc.
| | 771 | | 80,994 |
Hartford Financial Services Group, Inc. (The)
| | 629 | | 73,027 |
Huntington Bancshares, Inc.
| | 5,015 | | 75,075 |
Intercontinental Exchange, Inc.
| | 460 | | 74,313 |
M&T Bank Corp.
| | 434 | | 74,696 |
Mastercard, Inc., Class A
| | 141 | | 68,151 |
MetLife, Inc.
| | 903 | | 69,964 |
Moody’s Corp.
| | 152 | | 74,136 |
Morgan Stanley
| | 654 | | 67,761 |
MSCI, Inc.
| | 128 | | 74,316 |
Nasdaq, Inc.
| | 1,050 | | 75,684 |
Northern Trust Corp.
| | 746 | | 68,043 |
PayPal Holdings, Inc.(b)
| | 986 | | 71,416 |
Principal Financial Group, Inc.
| | 796 | | 64,810 |
Prudential Financial, Inc.
| | 542 | | 65,669 |
Regions Financial Corp.
| | 3,334 | | 78,082 |
S&P Global, Inc.
| | 142 | | 72,880 |
State Street Corp.
| | 864 | | 75,254 |
Visa, Inc., Class A
| | 231 | | 63,841 |
| | | | | 2,075,730 |
| Health Care-12.90% |
Abbott Laboratories
| | 599 | | 67,849 |
AbbVie, Inc.
| | 376 | | 73,813 |
Agilent Technologies, Inc.
| | 470 | | 67,172 |
Amgen, Inc.
| | 207 | | 69,103 |
Baxter International, Inc.
| | 1,871 | | 70,986 |
Becton, Dickinson and Co.
| | 267 | | 64,723 |
Biogen, Inc.(b)(c)
| | 270 | | 55,285 |
Boston Scientific Corp.(b)
| | 805 | | 65,841 |
Centene Corp.(b)
| | 923 | | 72,760 |
Cigna Group (The)
| | 186 | | 67,297 |
CVS Health Corp.
| | 1,043 | | 59,701 |
Danaher Corp.
| | 237 | | 63,826 |
DaVita, Inc.(b)(c)
| | 438 | | 66,103 |
Edwards Lifesciences Corp.(b)
| | 710 | | 49,672 |
Elevance Health, Inc.
| | 117 | | 65,156 |
Gilead Sciences, Inc.
| | 969 | | 76,551 |
Humana, Inc.
| | 177 | | 62,741 |
Medtronic PLC
| | 758 | | 67,144 |
Merck & Co., Inc.
| | 480 | | 56,856 |
Moderna, Inc.(b)(c)
| | 422 | | 32,663 |
Quest Diagnostics, Inc.
| | 449 | | 70,480 |
Regeneron Pharmaceuticals, Inc.(b)
| | 61 | | 72,266 |
UnitedHealth Group, Inc.
| | 126 | | 74,365 |
Waters Corp.(b)(c)
| | 207 | | 71,694 |
| | | | | 1,564,047 |
| Industrials-16.46% |
American Airlines Group, Inc.(b)(c)
| | 5,427 | | 57,635 |
Automatic Data Processing, Inc.
| | 253 | | 69,805 |
C.H. Robinson Worldwide, Inc.
| | 737 | | 76,287 |
Carrier Global Corp.(c)
| | 971 | | 70,669 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Caterpillar, Inc.(c)
| | 190 | | $ 67,659 |
CSX Corp.
| | 1,902 | | 65,182 |
Cummins, Inc.
| | 229 | | 71,643 |
Dayforce, Inc.(b)(c)
| | 1,195 | | 68,318 |
Deere & Co.
| | 169 | | 65,190 |
Dover Corp.
| | 343 | | 63,808 |
Emerson Electric Co.
| | 575 | | 60,599 |
Hubbell, Inc.
| | 163 | | 65,187 |
Illinois Tool Works, Inc.
| | 260 | | 65,827 |
Ingersoll Rand, Inc.
| | 658 | | 60,174 |
J.B. Hunt Transport Services, Inc.
| | 389 | | 67,375 |
Johnson Controls International PLC
| | 879 | | 64,035 |
Norfolk Southern Corp.
| | 278 | | 71,213 |
Otis Worldwide Corp.
| | 641 | | 60,696 |
PACCAR, Inc.
| | 584 | | 56,169 |
Pentair PLC
| | 781 | | 69,267 |
Republic Services, Inc.
| | 333 | | 69,334 |
Rockwell Automation, Inc.
| | 239 | | 65,015 |
Stanley Black & Decker, Inc.
| | 717 | | 73,392 |
Trane Technologies PLC
| | 188 | | 67,992 |
Union Pacific Corp.
| | 276 | | 70,681 |
United Rentals, Inc.
| | 100 | | 74,126 |
Verisk Analytics, Inc.
| | 238 | | 64,931 |
W.W. Grainger, Inc.
| | 69 | | 67,960 |
Waste Management, Inc.
| | 310 | | 65,732 |
Xylem, Inc.
| | 443 | | 60,926 |
| | | | | 1,996,827 |
| Information Technology-13.61% |
Accenture PLC, Class A (Ireland)
| | 218 | | 74,545 |
Adobe, Inc.(b)
| | 136 | | 78,120 |
Akamai Technologies, Inc.(b)
| | 707 | | 72,001 |
Apple, Inc.
| | 294 | | 67,326 |
Applied Materials, Inc.
| | 262 | | 51,682 |
Autodesk, Inc.(b)
| | 280 | | 72,352 |
Cisco Systems, Inc.
| | 1,366 | | 69,038 |
Cognizant Technology Solutions Corp., Class A
| | 943 | | 73,337 |
Hewlett Packard Enterprise Co.
| | 2,985 | | 57,819 |
HP, Inc.
| | 1,717 | | 62,121 |
Intel Corp.
| | 2,026 | | 44,653 |
International Business Machines Corp.(c)
| | 369 | | 74,586 |
Juniper Networks, Inc.
| | 1,754 | | 68,196 |
Keysight Technologies, Inc.(b)
| | 451 | | 69,508 |
KLA Corp.
| | 75 | | 61,457 |
Lam Research Corp.
| | 60 | | 49,261 |
Micron Technology, Inc.
| | 443 | | 42,634 |
Microsoft Corp.
| | 142 | | 59,234 |
NVIDIA Corp.
| | 499 | | 59,566 |
ON Semiconductor Corp.(b)
| | 818 | | 63,698 |
Palo Alto Networks, Inc.(b)
| | 195 | | 70,730 |
QUALCOMM, Inc.
| | 291 | | 51,012 |
Salesforce, Inc.
| | 266 | | 67,271 |
ServiceNow, Inc.(b)
| | 87 | | 74,385 |
TE Connectivity Ltd.
| | 415 | | 63,744 |
Western Digital Corp.(b)
| | 790 | | 51,816 |
| | | | | 1,650,092 |
| Materials-5.70% |
Air Products and Chemicals, Inc.(c)
| | 220 | | 61,347 |
| | Shares | | Value |
| Materials-(continued) |
Albemarle Corp.(c)
| | 555 | | $ 50,089 |
Ball Corp.
| | 930 | | 59,343 |
Dow, Inc.
| | 1,108 | | 59,367 |
Ecolab, Inc.
| | 258 | | 65,320 |
Freeport-McMoRan, Inc.
| | 1,267 | | 56,103 |
Linde PLC
| | 144 | | 68,868 |
LyondellBasell Industries N.V., Class A
| | 650 | | 64,155 |
Mosaic Co. (The)
| | 2,220 | | 63,425 |
Newmont Corp.
| | 1,525 | | 81,420 |
PPG Industries, Inc.
| | 478 | | 62,011 |
| | | | | 691,448 |
| Real Estate-7.62% |
Alexandria Real Estate Equities, Inc.
| | 541 | | 64,687 |
BXP, Inc.
| | 1,043 | | 78,455 |
CBRE Group, Inc., Class A(b)
| | 701 | | 80,713 |
Digital Realty Trust, Inc.
| | 417 | | 63,221 |
Equinix, Inc.
| | 82 | | 68,418 |
Federal Realty Investment Trust
| | 620 | | 71,300 |
Healthpeak Properties, Inc.
| | 3,215 | | 71,630 |
Host Hotels & Resorts, Inc.(c)
| | 3,404 | | 60,251 |
Kimco Realty Corp.
| | 3,367 | | 78,316 |
Prologis, Inc.
| | 554 | | 70,812 |
Ventas, Inc.
| | 1,259 | | 78,197 |
Welltower, Inc.(c)
| | 607 | | 73,253 |
Weyerhaeuser Co.
| | 2,133 | | 65,035 |
| | | | | 924,288 |
| Utilities-3.47% |
American Water Works Co., Inc.(c)
| | 488 | | 69,843 |
Consolidated Edison, Inc.
| | 684 | | 69,467 |
Edison International
| | 850 | | 73,976 |
Eversource Energy
| | 1,061 | | 71,649 |
Exelon Corp.
| | 1,793 | | 68,295 |
Sempra
| | 826 | | 67,881 |
| | | | | 421,111 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $10,835,190)
| | 12,112,940 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-7.96% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 257,617 | | 257,617 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 707,069 | | 707,352 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $964,926)
| | 964,969 |
TOTAL INVESTMENTS IN SECURITIES-107.83%
(Cost $11,800,116)
| | 13,077,909 |
OTHER ASSETS LESS LIABILITIES-(7.83)%
| | (949,580) |
NET ASSETS-100.00%
| | $12,128,329 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
August 31, 2024
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $60,719 | | $13,797 | | $(66,435) | | $12,444 | | $(20,525) | | $- | | $1,224 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 197,796 | | (197,796) | | - | | - | | - | | 180 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 217,712 | | 4,368,614 | | (4,328,709) | | - | | - | | 257,617 | | 9,566* |
| Invesco Private Prime Fund | 704,912 | | 8,209,369 | | (8,207,164) | | 43 | | 192 | | 707,352 | | 25,700* |
| Total | $983,343 | | $12,789,576 | | $(12,800,104) | | $12,487 | | $(20,333) | | $964,969 | | $36,670 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.92% |
| Communication Services-8.74% |
Alphabet, Inc., Class A
| | 618,822 | | $ 101,103,138 |
Alphabet, Inc., Class C
| | 532,581 | | 87,934,449 |
AT&T, Inc.
| | 755,371 | | 15,031,883 |
Charter Communications, Inc., Class A(b)(c)
| | 9,921 | | 3,447,944 |
Comcast Corp., Class A
| | 412,358 | | 16,317,006 |
Electronic Arts, Inc.
| | 26,707 | | 4,054,657 |
Fox Corp., Class A
| | 25,137 | | 1,039,918 |
Fox Corp., Class B
| | 14,736 | | 566,304 |
Interpublic Group of Cos., Inc. (The)(c)
| | 40,164 | | 1,309,748 |
Liberty Media Corp.-Liberty Formula One(b)(c)
| | 21,909 | | 1,709,997 |
Live Nation Entertainment, Inc.(b)
| | 16,953 | | 1,655,800 |
Match Group, Inc.(b)
| | 28,496 | | 1,060,336 |
Meta Platforms, Inc., Class A
| | 230,874 | | 120,356,925 |
Netflix, Inc.(b)
| | 45,388 | | 31,832,874 |
News Corp., Class A
| | 39,765 | | 1,126,542 |
Omnicom Group, Inc.(c)
| | 20,613 | | 2,070,164 |
Paramount Global, Class B
| | 62,651 | | 655,956 |
Pinterest, Inc., Class A(b)
| | 62,534 | | 2,003,589 |
Roblox Corp., Class A(b)(c)
| | 49,614 | | 2,182,520 |
Roku, Inc., Class A(b)(c)
| | 13,200 | | 894,564 |
Snap, Inc., Class A(b)
| | 109,626 | | 1,023,907 |
Take-Two Interactive Software, Inc.(b)
| | 17,520 | | 2,833,159 |
T-Mobile US, Inc.
| | 56,065 | | 11,141,237 |
Trade Desk, Inc. (The), Class A(b)
| | 46,724 | | 4,884,060 |
Verizon Communications, Inc.
| | 443,642 | | 18,535,363 |
Walt Disney Co. (The)
| | 192,054 | | 17,357,841 |
Warner Bros. Discovery, Inc.(b)
| | 241,861 | | 1,896,190 |
| | | | | 454,026,071 |
| Consumer Discretionary-9.81% |
Airbnb, Inc., Class A(b)
| | 46,507 | | 5,455,736 |
Amazon.com, Inc.(b)
| | 986,701 | | 176,126,128 |
Aptiv PLC(b)(c)
| | 28,688 | | 2,052,053 |
AutoZone, Inc.(b)
| | 1,789 | | 5,691,668 |
Bath & Body Works, Inc.
| | 22,356 | | 687,671 |
Best Buy Co., Inc.
| | 21,592 | | 2,167,837 |
Booking Holdings, Inc.
| | 3,590 | | 14,034,136 |
Burlington Stores, Inc.(b)
| | 6,785 | | 1,820,008 |
CarMax, Inc.(b)
| | 16,302 | | 1,378,334 |
Carnival Corp.(b)
| | 105,392 | | 1,738,968 |
Chipotle Mexican Grill, Inc.(b)
| | 144,795 | | 8,120,104 |
D.R. Horton, Inc.
| | 31,390 | | 5,925,176 |
Darden Restaurants, Inc.(c)
| | 12,488 | | 1,974,977 |
Deckers Outdoor Corp.(b)
| | 2,739 | | 2,627,495 |
Dick’s Sporting Goods, Inc.
| | 6,155 | | 1,458,489 |
Domino’s Pizza, Inc.
| | 3,640 | | 1,507,724 |
DoorDash, Inc., Class A(b)
| | 32,174 | | 4,141,116 |
DraftKings, Inc., Class A(b)
| | 46,405 | | 1,600,973 |
eBay, Inc.
| | 52,878 | | 3,125,090 |
Expedia Group, Inc.(b)
| | 13,763 | | 1,914,296 |
Flutter Entertainment PLC (United Kingdom)(b)
| | 18,717 | | 3,975,678 |
Ford Motor Co.
| | 413,997 | | 4,632,626 |
Garmin Ltd.
| | 16,013 | | 2,935,023 |
General Motors Co.
| | 121,293 | | 6,037,966 |
Genuine Parts Co.
| | 14,623 | | 2,094,891 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Hilton Worldwide Holdings, Inc.
| | 26,374 | | $ 5,792,785 |
Home Depot, Inc. (The)
| | 104,458 | | 38,492,773 |
Hyatt Hotels Corp., Class A
| | 4,636 | | 704,301 |
Las Vegas Sands Corp.
| | 39,148 | | 1,526,381 |
Lennar Corp., Class A
| | 25,744 | | 4,686,953 |
LKQ Corp.
| | 28,183 | | 1,172,131 |
Lowe’s Cos., Inc.
| | 60,050 | | 14,922,425 |
lululemon athletica, inc.(b)
| | 12,032 | | 3,121,943 |
Marriott International, Inc., Class A
| | 25,847 | | 6,066,032 |
McDonald’s Corp.
| | 75,932 | | 21,918,531 |
MercadoLibre, Inc. (Brazil)(b)
| | 4,793 | | 9,881,536 |
MGM Resorts International(b)(c)
| | 25,019 | | 940,464 |
NIKE, Inc., Class B
| | 127,797 | | 10,648,046 |
NVR, Inc.(b)
| | 328 | | 3,008,567 |
O’Reilly Automotive, Inc.(b)
| | 6,255 | | 7,067,962 |
Pool Corp.
| | 4,020 | | 1,413,512 |
PulteGroup, Inc.
| | 22,250 | | 2,929,212 |
Rivian Automotive, Inc., Class A(b)(c)
| | 76,447 | | 1,080,196 |
Ross Stores, Inc.
| | 35,252 | | 5,309,304 |
Royal Caribbean Cruises Ltd.(b)(c)
| | 25,623 | | 4,218,058 |
Starbucks Corp.
| | 119,362 | | 11,288,064 |
Tesla, Inc.(b)
| | 302,380 | | 64,742,582 |
TJX Cos., Inc. (The)
| | 118,965 | | 13,951,026 |
Tractor Supply Co.
| | 11,340 | | 3,034,017 |
Ulta Beauty, Inc.(b)
| | 5,041 | | 1,778,666 |
Williams-Sonoma, Inc.(c)
| | 13,556 | | 1,820,977 |
Wynn Resorts Ltd.
| | 10,603 | | 815,159 |
Yum! Brands, Inc.
| | 29,792 | | 4,019,537 |
| | | | | 509,575,303 |
| Consumer Staples-5.86% |
Albertson’s Cos., Inc., Class A(c)
| | 39,659 | | 778,110 |
Altria Group, Inc.
| | 180,447 | | 9,702,635 |
Archer-Daniels-Midland Co.
| | 52,654 | | 3,211,367 |
Brown-Forman Corp., Class B(c)
| | 19,089 | | 870,268 |
Bunge Global S.A.
| | 15,036 | | 1,524,350 |
Campbell Soup Co.
| | 20,084 | | 998,576 |
Celsius Holdings, Inc.(b)(c)
| | 15,855 | | 602,966 |
Church & Dwight Co., Inc.
| | 25,691 | | 2,617,399 |
Clorox Co. (The)
| | 13,125 | | 2,077,819 |
Coca-Cola Co. (The)
| | 431,226 | | 31,250,948 |
Colgate-Palmolive Co.
| | 81,979 | | 8,730,763 |
Conagra Brands, Inc.
| | 50,115 | | 1,563,588 |
Constellation Brands, Inc., Class A
| | 17,312 | | 4,167,172 |
Costco Wholesale Corp.
| | 46,712 | | 41,684,855 |
Dollar General Corp.(c)
| | 23,001 | | 1,908,393 |
Dollar Tree, Inc.(b)
| | 21,654 | | 1,829,546 |
Estee Lauder Cos., Inc. (The), Class A
| | 24,375 | | 2,234,212 |
General Mills, Inc.
| | 59,225 | | 4,281,375 |
Hershey Co. (The)
| | 15,692 | | 3,029,498 |
Hormel Foods Corp.
| | 31,616 | | 1,029,101 |
J.M. Smucker Co. (The)
| | 11,069 | | 1,269,393 |
Kellanova
| | 28,770 | | 2,319,150 |
Kenvue, Inc.
| | 201,210 | | 4,416,559 |
Keurig Dr Pepper, Inc.
| | 113,567 | | 4,157,688 |
Kimberly-Clark Corp.
| | 35,490 | | 5,133,983 |
Kraft Heinz Co. (The)
| | 95,591 | | 3,386,789 |
Kroger Co. (The)
| | 72,005 | | 3,831,386 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Staples-(continued) |
Lamb Weston Holdings, Inc.
| | 15,057 | | $ 932,329 |
McCormick & Co., Inc.
| | 26,351 | | 2,108,871 |
Molson Coors Beverage Co., Class B
| | 19,614 | | 1,058,568 |
Mondelez International, Inc., Class A
| | 141,378 | | 10,152,354 |
Monster Beverage Corp.(b)
| | 77,434 | | 3,649,464 |
PepsiCo, Inc.
| | 144,699 | | 25,015,563 |
Philip Morris International, Inc.
| | 163,762 | | 20,190,217 |
Procter & Gamble Co. (The)
| | 248,666 | | 42,656,166 |
Sysco Corp.
| | 52,209 | | 4,070,736 |
Target Corp.
| | 48,776 | | 7,492,969 |
Tyson Foods, Inc., Class A
| | 30,031 | | 1,931,294 |
Walgreens Boots Alliance, Inc.
| | 76,397 | | 706,672 |
Walmart, Inc.
| | 465,762 | | 35,970,799 |
| | | | | 304,543,891 |
| Energy-3.60% |
APA Corp.
| | 38,937 | | 1,109,315 |
Baker Hughes Co., Class A
| | 105,464 | | 3,709,169 |
Cheniere Energy, Inc.
| | 24,312 | | 4,504,041 |
Chesapeake Energy Corp.(c)
| | 11,738 | | 874,364 |
Chevron Corp.
| | 184,492 | | 27,295,591 |
Chord Energy Corp.
| | 6,570 | | 975,185 |
ConocoPhillips
| | 122,653 | | 13,956,685 |
Coterra Energy, Inc.
| | 78,950 | | 1,920,854 |
Devon Energy Corp.
| | 66,616 | | 2,983,064 |
Diamondback Energy, Inc.
| | 18,786 | | 3,665,336 |
EOG Resources, Inc.
| | 60,911 | | 7,846,555 |
EQT Corp.
| | 58,579 | | 1,962,982 |
Exxon Mobil Corp.
| | 472,583 | | 55,736,439 |
Halliburton Co.
| | 93,669 | | 2,912,169 |
Hess Corp.
| | 29,032 | | 4,008,158 |
HF Sinclair Corp.
| | 16,759 | | 823,537 |
Kinder Morgan, Inc.
| | 209,438 | | 4,517,578 |
Marathon Oil Corp.
| | 60,495 | | 1,733,182 |
Marathon Petroleum Corp.
| | 37,116 | | 6,573,986 |
Occidental Petroleum Corp.
| | 69,853 | | 3,980,224 |
ONEOK, Inc.
| | 61,630 | | 5,692,147 |
Ovintiv, Inc.
| | 28,317 | | 1,212,817 |
Phillips 66
| | 44,907 | | 6,300,901 |
Schlumberger N.V.
| | 150,582 | | 6,624,102 |
Targa Resources Corp.
| | 22,164 | | 3,255,892 |
Texas Pacific Land Corp.
| | 2,138 | | 1,857,687 |
Valero Energy Corp.
| | 34,536 | | 5,067,467 |
Williams Cos., Inc. (The)
| | 128,831 | | 5,896,595 |
| | | | | 186,996,022 |
| Financials-13.02% |
Aflac, Inc.
| | 57,483 | | 6,343,824 |
Allstate Corp. (The)
| | 27,799 | | 5,252,343 |
Ally Financial, Inc.(c)
| | 28,598 | | 1,235,148 |
American Express Co.
| | 60,726 | | 15,706,780 |
American Financial Group, Inc.(c)
| | 7,449 | | 995,335 |
American International Group, Inc.
| | 70,768 | | 5,452,674 |
Ameriprise Financial, Inc.
| | 10,535 | | 4,734,850 |
Annaly Capital Management, Inc.(c)
| | 51,980 | | 1,047,917 |
Aon PLC, Class A
| | 20,624 | | 7,088,881 |
Apollo Global Management, Inc.
| | 42,089 | | 4,870,960 |
Arch Capital Group Ltd.(b)
| | 39,468 | | 4,463,436 |
Ares Management Corp., Class A
| | 19,579 | | 2,866,366 |
Arthur J. Gallagher & Co.
| | 23,014 | | 6,733,206 |
Assurant, Inc.
| | 5,378 | | 1,055,970 |
| | Shares | | Value |
| Financials-(continued) |
Bank of America Corp.
| | 741,478 | | $ 30,215,228 |
Bank of New York Mellon Corp. (The)
| | 77,741 | | 5,303,491 |
Berkshire Hathaway, Inc., Class B(b)
| | 139,527 | | 66,403,690 |
BlackRock, Inc.
| | 15,651 | | 14,114,228 |
Blackstone, Inc., Class A
| | 75,361 | | 10,728,392 |
Block, Inc., Class A(b)
| | 58,891 | | 3,891,517 |
Brown & Brown, Inc.
| | 25,503 | | 2,681,130 |
Capital One Financial Corp.
| | 40,111 | | 5,893,509 |
Carlyle Group, Inc. (The)(c)
| | 24,706 | | 991,452 |
Cboe Global Markets, Inc.
| | 11,096 | | 2,279,118 |
Charles Schwab Corp. (The)
| | 159,146 | | 10,360,405 |
Chubb Ltd.
| | 40,639 | | 11,548,791 |
Cincinnati Financial Corp.
| | 16,400 | | 2,247,292 |
Citigroup, Inc.
| | 201,280 | | 12,608,179 |
Citizens Financial Group, Inc.
| | 48,090 | | 2,070,275 |
CME Group, Inc., Class A
| | 38,000 | | 8,198,120 |
Coinbase Global, Inc., Class A(b)(c)
| | 20,002 | | 3,667,567 |
Corebridge Financial, Inc.
| | 28,848 | | 852,747 |
Corpay, Inc.(b)
| | 7,181 | | 2,265,965 |
Discover Financial Services
| | 26,185 | | 3,632,121 |
Equitable Holdings, Inc.
| | 34,353 | | 1,460,690 |
Erie Indemnity Co., Class A(c)
| | 2,706 | | 1,375,270 |
Everest Group Ltd.
| | 4,520 | | 1,772,925 |
FactSet Research Systems, Inc.
| | 3,993 | | 1,688,400 |
Fidelity National Financial, Inc.(c)
| | 27,083 | | 1,596,814 |
Fidelity National Information Services, Inc.
| | 58,603 | | 4,831,817 |
Fifth Third Bancorp
| | 71,474 | | 3,051,225 |
First Citizens BancShares, Inc., Class A
| | 1,063 | | 2,158,634 |
Fiserv, Inc.(b)
| | 62,055 | | 10,834,803 |
Franklin Resources, Inc.
| | 30,816 | | 623,716 |
Global Payments, Inc.
| | 27,017 | | 2,999,157 |
Goldman Sachs Group, Inc. (The)
| | 33,967 | | 17,331,662 |
Hartford Financial Services Group, Inc. (The)
| | 31,127 | | 3,613,845 |
Huntington Bancshares, Inc.
| | 151,944 | | 2,274,602 |
Intercontinental Exchange, Inc.
| | 60,418 | | 9,760,528 |
Jack Henry & Associates, Inc.
| | 7,633 | | 1,320,738 |
JPMorgan Chase & Co.
| | 302,526 | | 68,007,845 |
KeyCorp
| | 97,917 | | 1,670,464 |
KKR & Co., Inc., Class A
| | 65,551 | | 8,113,247 |
Loews Corp.
| | 19,899 | | 1,630,524 |
LPL Financial Holdings, Inc.
| | 7,794 | | 1,748,506 |
M&T Bank Corp.
| | 17,551 | | 3,020,703 |
Markel Group, Inc.(b)
| | 1,373 | | 2,197,734 |
MarketAxess Holdings, Inc.
| | 3,897 | | 944,594 |
Marsh & McLennan Cos., Inc.
| | 51,991 | | 11,828,472 |
Mastercard, Inc., Class A
| | 87,570 | | 42,326,084 |
MetLife, Inc.
| | 64,631 | | 5,007,610 |
Moody’s Corp.
| | 17,289 | | 8,432,537 |
Morgan Stanley
| | 128,699 | | 13,334,503 |
MSCI, Inc.
| | 8,354 | | 4,850,249 |
Nasdaq, Inc.
| | 45,292 | | 3,264,647 |
Northern Trust Corp.
| | 21,436 | | 1,955,178 |
PayPal Holdings, Inc.(b)
| | 105,125 | | 7,614,204 |
PNC Financial Services Group, Inc. (The)
| | 41,989 | | 7,771,744 |
Principal Financial Group, Inc.
| | 24,720 | | 2,012,702 |
Progressive Corp. (The)
| | 61,708 | | 15,562,758 |
Prudential Financial, Inc.
| | 37,734 | | 4,571,851 |
Raymond James Financial, Inc.
| | 20,900 | | 2,499,013 |
Regions Financial Corp.
| | 96,932 | | 2,270,147 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Robinhood Markets, Inc., Class A(b)(c)
| | 55,145 | | $ 1,109,517 |
S&P Global, Inc.
| | 33,719 | | 17,305,940 |
SEI Investments Co.
| | 11,509 | | 778,354 |
State Street Corp.
| | 31,794 | | 2,769,257 |
Synchrony Financial
| | 42,731 | | 2,147,660 |
T. Rowe Price Group, Inc.
| | 23,438 | | 2,485,366 |
Toast, Inc., Class A(b)(c)
| | 38,171 | | 948,931 |
Tradeweb Markets, Inc., Class A
| | 12,121 | | 1,433,187 |
Travelers Cos., Inc. (The)
| | 24,145 | | 5,506,750 |
Truist Financial Corp.
| | 141,106 | | 6,273,573 |
U.S. Bancorp
| | 164,602 | | 7,774,152 |
Visa, Inc., Class A
| | 165,835 | | 45,831,819 |
W.R. Berkley Corp.
| | 32,598 | | 1,946,101 |
Wells Fargo & Co.
| | 367,287 | | 21,475,271 |
Willis Towers Watson PLC
| | 10,766 | | 3,144,856 |
| | | | | 676,061,783 |
| Health Care-12.11% |
Abbott Laboratories
| | 183,274 | | 20,759,446 |
AbbVie, Inc.
| | 186,011 | | 36,515,819 |
Agilent Technologies, Inc.
| | 30,702 | | 4,387,930 |
Align Technology, Inc.(b)
| | 7,498 | | 1,778,676 |
Alnylam Pharmaceuticals, Inc.(b)
| | 13,212 | | 3,470,660 |
Amgen, Inc.
| | 56,506 | | 18,863,398 |
Avantor, Inc.(b)(c)
| | 70,950 | | 1,833,348 |
Baxter International, Inc.
| | 53,596 | | 2,033,432 |
Becton, Dickinson and Co.
| | 30,487 | | 7,390,354 |
Biogen, Inc.(b)
| | 15,189 | | 3,110,100 |
BioMarin Pharmaceutical, Inc.(b)
| | 19,751 | | 1,801,489 |
Bio-Rad Laboratories, Inc., Class A(b)
| | 2,155 | | 726,925 |
Bio-Techne Corp.
| | 16,325 | | 1,207,887 |
Boston Scientific Corp.(b)
| | 155,050 | | 12,681,539 |
Bristol-Myers Squibb Co.
| | 213,709 | | 10,674,764 |
Cardinal Health, Inc.
| | 25,533 | | 2,878,080 |
Catalent, Inc.(b)
| | 18,785 | | 1,145,134 |
Cencora, Inc.
| | 18,838 | | 4,513,020 |
Centene Corp.(b)
| | 56,035 | | 4,417,239 |
Charles River Laboratories International, Inc.(b)
| | 5,317 | | 1,051,437 |
Cigna Group (The)
| | 29,928 | | 10,828,250 |
Cooper Cos., Inc. (The)(b)
| | 20,843 | | 2,203,730 |
CVS Health Corp.
| | 132,226 | | 7,568,616 |
Danaher Corp.
| | 70,226 | | 18,912,564 |
DaVita, Inc.(b)(c)
| | 5,701 | | 860,395 |
DexCom, Inc.(b)
| | 41,888 | | 2,904,514 |
Edwards Lifesciences Corp.(b)
| | 63,141 | | 4,417,344 |
Elevance Health, Inc.
| | 24,471 | | 13,627,655 |
Eli Lilly and Co.
| | 85,104 | | 81,701,542 |
Exact Sciences Corp.(b)(c)
| | 19,434 | | 1,198,883 |
GE HealthCare Technologies, Inc.
| | 45,382 | | 3,849,301 |
Gilead Sciences, Inc.
| | 131,549 | | 10,392,371 |
HCA Healthcare, Inc.
| | 20,702 | | 8,189,504 |
Henry Schein, Inc.(b)
| | 13,597 | | 959,268 |
Hologic, Inc.(b)
| | 24,678 | | 2,004,841 |
Humana, Inc.
| | 12,726 | | 4,510,985 |
IDEXX Laboratories, Inc.(b)
| | 8,767 | | 4,219,820 |
Illumina, Inc.(b)
| | 16,791 | | 2,206,337 |
Incyte Corp.(b)
| | 17,214 | | 1,130,271 |
Insulet Corp.(b)
| | 7,262 | | 1,472,516 |
Intuitive Surgical, Inc.(b)
| | 37,385 | | 18,416,972 |
| | Shares | | Value |
| Health Care-(continued) |
IQVIA Holdings, Inc.(b)
| | 19,125 | | $ 4,810,894 |
Johnson & Johnson
| | 253,579 | | 42,058,613 |
Labcorp Holdings, Inc.
| | 8,764 | | 2,014,756 |
McKesson Corp.
| | 13,671 | | 7,670,525 |
Medtronic PLC
| | 135,093 | | 11,966,538 |
Merck & Co., Inc.
| | 266,841 | | 31,607,316 |
Mettler-Toledo International, Inc.(b)
| | 2,304 | | 3,315,640 |
Moderna, Inc.(b)(c)
| | 34,622 | | 2,679,743 |
Molina Healthcare, Inc.(b)
| | 6,168 | | 2,157,505 |
Neurocrine Biosciences, Inc.(b)
| | 10,349 | | 1,314,944 |
Pfizer, Inc.
| | 596,971 | | 17,318,129 |
Quest Diagnostics, Inc.
| | 11,593 | | 1,819,753 |
Regeneron Pharmaceuticals, Inc.(b)
| | 11,414 | | 13,522,052 |
ResMed, Inc.(c)
| | 15,410 | | 3,775,758 |
Revvity, Inc.
| | 13,114 | | 1,606,990 |
Royalty Pharma PLC, Class A
| | 39,604 | | 1,149,704 |
Solventum Corp.(b)
| | 15,242 | | 977,165 |
STERIS PLC
| | 10,361 | | 2,498,037 |
Stryker Corp.
| | 36,124 | | 13,019,812 |
Teleflex, Inc.
| | 4,883 | | 1,197,165 |
Thermo Fisher Scientific, Inc.
| | 40,237 | | 24,748,572 |
United Therapeutics Corp.(b)
| | 4,436 | | 1,612,708 |
UnitedHealth Group, Inc.
| | 96,966 | | 57,229,333 |
Universal Health Services, Inc., Class B
| | 6,337 | | 1,508,016 |
Veeva Systems, Inc., Class A(b)
| | 16,232 | | 3,513,254 |
Vertex Pharmaceuticals, Inc.(b)
| | 27,156 | | 13,466,389 |
Viatris, Inc.
| | 124,291 | | 1,501,435 |
Waters Corp.(b)
| | 6,242 | | 2,161,917 |
West Pharmaceutical Services, Inc.
| | 7,668 | | 2,404,915 |
Zimmer Biomet Holdings, Inc.
| | 21,574 | | 2,490,934 |
Zoetis, Inc.
| | 48,037 | | 8,814,309 |
| | | | | 628,749,177 |
| Industrials-8.78% |
3M Co.
| | 58,006 | | 7,812,828 |
A.O. Smith Corp.
| | 12,637 | | 1,057,970 |
AECOM
| | 14,290 | | 1,431,001 |
Allegion PLC
| | 9,338 | | 1,296,488 |
AMETEK, Inc.
| | 24,233 | | 4,145,055 |
Automatic Data Processing, Inc.
| | 43,149 | | 11,905,241 |
Axon Enterprise, Inc.(b)
| | 7,580 | | 2,766,473 |
Boeing Co. (The)(b)
| | 61,604 | | 10,703,079 |
Booz Allen Hamilton Holding Corp.
| | 13,703 | | 2,175,762 |
Broadridge Financial Solutions, Inc.
| | 12,297 | | 2,617,539 |
Builders FirstSource, Inc.(b)
| | 12,674 | | 2,205,276 |
C.H. Robinson Worldwide, Inc.
| | 12,196 | | 1,262,408 |
Carlisle Cos., Inc.
| | 4,953 | | 2,099,081 |
Carrier Global Corp.
| | 85,532 | | 6,225,019 |
Caterpillar, Inc.
| | 51,522 | | 18,346,984 |
Cintas Corp.
| | 9,643 | | 7,763,772 |
CNH Industrial N.V.
| | 91,607 | | 947,216 |
Copart, Inc.(b)
| | 90,757 | | 4,806,491 |
CSX Corp.
| | 205,840 | | 7,054,137 |
Cummins, Inc.
| | 14,386 | | 4,500,660 |
Dayforce, Inc.(b)(c)
| | 16,645 | | 951,595 |
Deere & Co.
| | 27,569 | | 10,634,466 |
Delta Air Lines, Inc.
| | 17,143 | | 728,406 |
Dover Corp.
| | 14,448 | | 2,687,761 |
Eaton Corp. PLC
| | 42,110 | | 12,924,822 |
EMCOR Group, Inc.
| | 4,880 | | 1,918,133 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Emerson Electric Co.
| | 60,424 | | $ 6,368,085 |
Equifax, Inc.
| | 13,137 | | 4,034,767 |
Expeditors International of Washington, Inc.
| | 15,084 | | 1,861,516 |
Fastenal Co.
| | 59,932 | | 4,092,157 |
FedEx Corp.
| | 24,642 | | 7,362,290 |
Ferguson Enterprises, Inc.
| | 21,317 | | 4,385,120 |
Fortive Corp.
| | 36,927 | | 2,747,369 |
Fortune Brands Innovations, Inc.(c)
| | 13,273 | | 1,054,009 |
GE Vernova, Inc.(b)
| | 28,829 | | 5,794,629 |
General Dynamics Corp.
| | 24,533 | | 7,344,199 |
General Electric Co.
| | 115,310 | | 20,135,432 |
Graco, Inc.
| | 17,769 | | 1,481,046 |
HEICO Corp.(c)
| | 4,572 | | 1,172,992 |
HEICO Corp., Class A
| | 7,773 | | 1,555,300 |
Honeywell International, Inc.
| | 68,497 | | 14,241,211 |
Howmet Aerospace, Inc.
| | 40,701 | | 3,934,159 |
Hubbell, Inc.
| | 5,696 | | 2,277,944 |
Huntington Ingalls Industries, Inc.
| | 4,150 | | 1,173,495 |
IDEX Corp.
| | 7,923 | | 1,635,941 |
Illinois Tool Works, Inc.
| | 31,427 | | 7,956,688 |
Ingersoll Rand, Inc.
| | 42,552 | | 3,891,380 |
J.B. Hunt Transport Services, Inc.
| | 8,610 | | 1,491,252 |
Jacobs Solutions, Inc.
| | 13,315 | | 2,008,967 |
Johnson Controls International PLC
| | 71,383 | | 5,200,251 |
Knight-Swift Transportation Holdings, Inc.
| | 17,125 | | 897,007 |
L3Harris Technologies, Inc.
| | 20,056 | | 4,746,653 |
Leidos Holdings, Inc.
| | 13,523 | | 2,143,531 |
Lennox International, Inc.
| | 3,374 | | 1,991,301 |
Lockheed Martin Corp.
| | 22,706 | | 12,899,279 |
Masco Corp.
| | 23,020 | | 1,831,471 |
Nordson Corp.
| | 5,751 | | 1,475,477 |
Norfolk Southern Corp.
| | 23,699 | | 6,070,736 |
Northrop Grumman Corp.
| | 14,782 | | 7,734,090 |
Old Dominion Freight Line, Inc.
| | 20,672 | | 3,985,562 |
Otis Worldwide Corp.
| | 42,613 | | 4,035,025 |
Owens Corning
| | 9,053 | | 1,527,513 |
PACCAR, Inc.
| | 55,454 | | 5,333,566 |
Parker-Hannifin Corp.
| | 13,526 | | 8,118,305 |
Paychex, Inc.
| | 33,979 | | 4,458,045 |
Paycom Software, Inc.
| | 5,324 | | 866,641 |
Pentair PLC
| | 17,289 | | 1,533,361 |
Quanta Services, Inc.
| | 15,345 | | 4,221,870 |
Republic Services, Inc.
| | 23,100 | | 4,809,651 |
Rockwell Automation, Inc.
| | 11,988 | | 3,261,096 |
Rollins, Inc.
| | 30,238 | | 1,517,343 |
RTX Corp.
| | 140,159 | | 17,287,211 |
Snap-on, Inc.
| | 5,632 | | 1,598,024 |
Southwest Airlines Co.
| | 15,003 | | 433,887 |
SS&C Technologies Holdings, Inc.
| | 23,139 | | 1,737,507 |
Stanley Black & Decker, Inc.
| | 16,061 | | 1,644,004 |
Textron, Inc.
| | 20,111 | | 1,834,123 |
Toro Co. (The)(c)
| | 10,883 | | 1,007,766 |
Trane Technologies PLC
| | 23,913 | | 8,648,376 |
TransDigm Group, Inc.
| | 5,898 | | 8,099,193 |
TransUnion
| | 20,611 | | 1,995,351 |
Uber Technologies, Inc.(b)
| | 198,121 | | 14,488,589 |
U-Haul Holding Co., Series N(c)
| | 10,133 | | 692,591 |
Union Pacific Corp.
| | 64,267 | | 16,458,136 |
United Parcel Service, Inc., Class B
| | 76,903 | | 9,885,881 |
| | Shares | | Value |
| Industrials-(continued) |
United Rentals, Inc.
| | 7,063 | | $ 5,235,519 |
Veralto Corp.
| | 25,894 | | 2,911,262 |
Verisk Analytics, Inc.
| | 14,983 | | 4,087,662 |
Vertiv Holdings Co., Class A
| | 37,985 | | 3,153,895 |
W.W. Grainger, Inc.
| | 4,626 | | 4,556,240 |
Wabtec Corp.
| | 18,569 | | 3,148,745 |
Waste Connections, Inc.
| | 27,261 | | 5,084,176 |
Waste Management, Inc.
| | 42,342 | | 8,978,198 |
Watsco, Inc.(c)
| | 3,661 | | 1,740,513 |
Xylem, Inc.
| | 25,321 | | 3,482,397 |
| | | | | 455,814,631 |
| Information Technology-30.87% |
Accenture PLC, Class A (Ireland)
| | 66,139 | | 22,616,231 |
Adobe, Inc.(b)
| | 46,720 | | 26,836,435 |
Advanced Micro Devices, Inc.(b)
| | 170,273 | | 25,295,757 |
Akamai Technologies, Inc.(b)
| | 16,173 | | 1,647,058 |
Amphenol Corp., Class A
| | 126,336 | | 8,521,363 |
Analog Devices, Inc.
| | 52,272 | | 12,275,557 |
ANSYS, Inc.(b)
| | 9,084 | | 2,919,779 |
Apple, Inc.
| | 1,534,672 | | 351,439,888 |
Applied Materials, Inc.
| | 87,236 | | 17,208,173 |
AppLovin Corp., Class A(b)(c)
| | 21,524 | | 1,998,934 |
Arista Networks, Inc.(b)
| | 28,093 | | 9,927,504 |
Aspen Technology, Inc.(b)(c)
| | 3,031 | | 709,678 |
Atlassian Corp., Class A(b)
| | 16,790 | | 2,780,424 |
Autodesk, Inc.(b)
| | 22,700 | | 5,865,680 |
Bentley Systems, Inc., Class B(c)
| | 16,753 | | 862,277 |
Broadcom, Inc.
| | 465,881 | | 75,854,744 |
Cadence Design Systems, Inc.(b)
| | 28,681 | | 7,713,181 |
CDW Corp.
| | 14,063 | | 3,173,175 |
Cisco Systems, Inc.
| | 425,833 | | 21,521,600 |
Cloudflare, Inc., Class A(b)(c)
| | 31,728 | | 2,606,138 |
Cognizant Technology Solutions Corp., Class A
| | 52,210 | | 4,060,372 |
Corning, Inc.
| | 85,787 | | 3,590,186 |
CrowdStrike Holdings, Inc., Class A(b)
| | 24,332 | | 6,746,777 |
Datadog, Inc., Class A(b)
| | 29,382 | | 3,415,951 |
Dell Technologies, Inc., Class C
| | 29,646 | | 3,425,299 |
DocuSign, Inc.(b)
| | 21,376 | | 1,265,673 |
Dynatrace, Inc.(b)
| | 29,844 | | 1,510,703 |
Enphase Energy, Inc.(b)
| | 14,378 | | 1,740,313 |
Entegris, Inc.
| | 15,720 | | 1,821,476 |
EPAM Systems, Inc.(b)
| | 6,107 | | 1,226,041 |
F5, Inc.(b)
| | 6,220 | | 1,263,593 |
Fair Isaac Corp.(b)
| | 2,652 | | 4,588,676 |
First Solar, Inc.(b)
| | 10,649 | | 2,421,263 |
Fortinet, Inc.(b)
| | 68,653 | | 5,266,372 |
Gartner, Inc.(b)
| | 8,149 | | 4,008,982 |
Gen Digital, Inc.
| | 60,514 | | 1,601,201 |
GoDaddy, Inc., Class A(b)
| | 14,847 | | 2,485,536 |
Hewlett Packard Enterprise Co.
| | 136,397 | | 2,642,010 |
HP, Inc.
| | 102,812 | | 3,719,738 |
HubSpot, Inc.(b)
| | 5,067 | | 2,528,788 |
Intel Corp.
| | 448,961 | | 9,895,101 |
International Business Machines Corp.
| | 96,768 | | 19,559,716 |
Intuit, Inc.
| | 29,459 | | 18,566,829 |
Jabil, Inc.
| | 12,586 | | 1,375,398 |
Juniper Networks, Inc.
| | 34,030 | | 1,323,086 |
Keysight Technologies, Inc.(b)
| | 18,414 | | 2,837,966 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
KLA Corp.
| | 14,212 | | $ 11,645,739 |
Lam Research Corp.
| | 13,797 | | 11,327,475 |
Manhattan Associates, Inc.(b)
| | 6,497 | | 1,718,002 |
Marvell Technology, Inc.
| | 90,919 | | 6,931,665 |
Microchip Technology, Inc.
| | 56,586 | | 4,649,106 |
Micron Technology, Inc.
| | 116,822 | | 11,242,949 |
Microsoft Corp.
| | 743,841 | | 310,285,835 |
MicroStrategy, Inc., Class A(b)(c)
| | 16,531 | | 2,189,035 |
MongoDB, Inc.(b)
| | 7,746 | | 2,252,459 |
Monolithic Power Systems, Inc.
| | 5,127 | | 4,792,104 |
Motorola Solutions, Inc.
| | 17,550 | | 7,757,802 |
NetApp, Inc.
| | 21,642 | | 2,612,622 |
NVIDIA Corp.
| | 2,591,604 | | 309,359,770 |
NXP Semiconductors N.V. (China)
| | 26,847 | | 6,882,497 |
Okta, Inc.(b)
| | 16,902 | | 1,330,695 |
ON Semiconductor Corp.(b)
| | 45,455 | | 3,539,581 |
Oracle Corp.
| | 174,378 | | 24,637,868 |
Palantir Technologies, Inc., Class A(b)(c)
| | 213,345 | | 6,716,101 |
Palo Alto Networks, Inc.(b)
| | 34,107 | | 12,371,291 |
PTC, Inc.(b)(c)
| | 12,477 | | 2,234,506 |
Pure Storage, Inc., Class A(b)
| | 32,464 | | 1,665,079 |
Qorvo, Inc.(b)
| | 10,233 | | 1,185,902 |
QUALCOMM, Inc.
| | 117,430 | | 20,585,479 |
Roper Technologies, Inc.
| | 11,296 | | 6,262,615 |
Salesforce, Inc.
| | 102,029 | | 25,803,134 |
Samsara, Inc., Class A(b)(c)
| | 21,327 | | 875,900 |
Seagate Technology Holdings PLC
| | 20,815 | | 2,072,133 |
ServiceNow, Inc.(b)
| | 21,599 | | 18,467,145 |
Skyworks Solutions, Inc.
| | 16,884 | | 1,850,318 |
Snowflake, Inc., Class A(b)(c)
| | 31,678 | | 3,618,578 |
Super Micro Computer, Inc.(b)
| | 5,536 | | 2,423,107 |
Synopsys, Inc.(b)
| | 16,141 | | 8,386,541 |
TE Connectivity Ltd.
| | 32,497 | | 4,991,539 |
Teledyne Technologies, Inc.(b)
| | 5,020 | | 2,172,656 |
Teradyne, Inc.
| | 16,437 | | 2,247,431 |
Texas Instruments, Inc.
| | 95,992 | | 20,574,925 |
Trimble, Inc.(b)
| | 25,631 | | 1,453,021 |
Twilio, Inc., Class A(b)
| | 17,986 | | 1,128,801 |
Tyler Technologies, Inc.(b)
| | 4,477 | | 2,631,894 |
VeriSign, Inc.(b)
| | 9,592 | | 1,763,969 |
Western Digital Corp.(b)
| | 34,016 | | 2,231,110 |
Workday, Inc., Class A(b)
| | 22,353 | | 5,883,086 |
Zebra Technologies Corp., Class A(b)
| | 5,324 | | 1,838,803 |
Zoom Video Communications, Inc., Class A(b)
| | 26,450 | | 1,827,166 |
Zscaler, Inc.(b)(c)
| | 9,528 | | 1,905,410 |
| | | | | 1,602,983,466 |
| Materials-2.38% |
Air Products and Chemicals, Inc.
| | 23,457 | | 6,540,984 |
Albemarle Corp.
| | 12,267 | | 1,107,097 |
Amcor PLC
| | 152,025 | | 1,739,166 |
Avery Dennison Corp.
| | 8,410 | | 1,865,759 |
Ball Corp.
| | 33,095 | | 2,111,792 |
Celanese Corp.
| | 11,686 | | 1,526,192 |
CF Industries Holdings, Inc.
| | 19,645 | | 1,632,303 |
Corteva, Inc.
| | 73,347 | | 4,202,783 |
CRH PLC
| | 72,258 | | 6,558,859 |
Crown Holdings, Inc.
| | 12,626 | | 1,141,517 |
Dow, Inc.
| | 73,871 | | 3,958,008 |
| | Shares | | Value |
| Materials-(continued) |
DuPont de Nemours, Inc.
| | 43,935 | | $ 3,701,524 |
Eastman Chemical Co.
| | 12,389 | | 1,268,262 |
Ecolab, Inc.
| | 27,121 | | 6,866,495 |
Freeport-McMoRan, Inc.
| | 151,680 | | 6,716,390 |
International Flavors & Fragrances, Inc.
| | 26,773 | | 2,784,124 |
International Paper Co.(c)
| | 34,210 | | 1,656,448 |
Linde PLC
| | 50,615 | | 24,206,624 |
LyondellBasell Industries N.V., Class A
| | 27,178 | | 2,682,469 |
Martin Marietta Materials, Inc.
| | 6,512 | | 3,478,450 |
Mosaic Co. (The)
| | 33,729 | | 963,638 |
Newmont Corp.
| | 121,003 | | 6,460,350 |
Nucor Corp.
| | 25,317 | | 3,845,905 |
Packaging Corp. of America
| | 9,471 | | 1,984,553 |
PPG Industries, Inc.
| | 24,741 | | 3,209,650 |
Reliance, Inc.(c)
| | 6,084 | | 1,743,979 |
RPM International, Inc.(c)
| | 13,533 | | 1,573,211 |
Sherwin-Williams Co. (The)
| | 25,348 | | 9,362,791 |
Smurfit WestRock PLC
| | 55,041 | | 2,610,044 |
Steel Dynamics, Inc.
| | 15,730 | | 1,879,892 |
Vulcan Materials Co.
| | 13,950 | | 3,420,679 |
Westlake Corp.
| | 4,032 | | 586,414 |
| | | | | 123,386,352 |
| Real Estate-2.41% |
Alexandria Real Estate Equities, Inc.
| | 16,470 | | 1,969,318 |
American Homes 4 Rent, Class A
| | 34,155 | | 1,358,344 |
American Tower Corp.
| | 49,290 | | 11,043,917 |
AvalonBay Communities, Inc.
| | 14,898 | | 3,362,926 |
BXP, Inc.
| | 15,612 | | 1,174,335 |
Camden Property Trust
| | 11,053 | | 1,383,836 |
CBRE Group, Inc., Class A(b)
| | 32,469 | | 3,738,481 |
CoStar Group, Inc.(b)
| | 42,852 | | 3,312,460 |
Crown Castle, Inc.
| | 45,914 | | 5,143,286 |
Digital Realty Trust, Inc.
| | 34,180 | | 5,182,030 |
Equinix, Inc.
| | 10,004 | | 8,346,938 |
Equity LifeStyle Properties, Inc.(c)
| | 18,359 | | 1,334,883 |
Equity Residential
| | 35,880 | | 2,686,694 |
Essex Property Trust, Inc.
| | 6,751 | | 2,037,384 |
Extra Space Storage, Inc.
| | 22,172 | | 3,924,444 |
Gaming and Leisure Properties, Inc.
| | 28,081 | | 1,460,774 |
Healthpeak Properties, Inc.
| | 74,280 | | 1,654,958 |
Host Hotels & Resorts, Inc.
| | 73,714 | | 1,304,738 |
Invitation Homes, Inc.
| | 63,707 | | 2,346,966 |
Iron Mountain, Inc.
| | 30,600 | | 3,465,756 |
Kimco Realty Corp.
| | 70,717 | | 1,644,877 |
Mid-America Apartment Communities, Inc.
| | 12,219 | | 1,983,999 |
Prologis, Inc.
| | 97,631 | | 12,479,194 |
Public Storage
| | 16,704 | | 5,741,499 |
Realty Income Corp.
| | 91,738 | | 5,697,847 |
Regency Centers Corp.
| | 18,404 | | 1,337,787 |
SBA Communications Corp., Class A
| | 11,274 | | 2,555,365 |
Simon Property Group, Inc.
| | 34,198 | | 5,723,035 |
Sun Communities, Inc.
| | 13,107 | | 1,772,591 |
UDR, Inc.
| | 32,690 | | 1,455,032 |
Ventas, Inc.
| | 42,540 | | 2,642,159 |
VICI Properties, Inc.(c)
| | 110,358 | | 3,694,786 |
W.P. Carey, Inc.(c)
| | 22,917 | | 1,375,478 |
Welltower, Inc.
| | 62,988 | | 7,601,392 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
Weyerhaeuser Co.
| | 76,366 | | $ 2,328,399 |
Zillow Group, Inc., Class C(b)(c)
| | 16,178 | | 894,643 |
| | | | | 125,160,551 |
| Utilities-2.34% |
AES Corp. (The)
| | 74,622 | | 1,278,275 |
Alliant Energy Corp.
| | 26,805 | | 1,561,927 |
Ameren Corp.
| | 27,884 | | 2,300,709 |
American Electric Power Co., Inc.
| | 55,693 | | 5,584,894 |
American Water Works Co., Inc.
| | 20,500 | | 2,933,960 |
Atmos Energy Corp.
| | 15,788 | | 2,064,123 |
CenterPoint Energy, Inc.
| | 66,263 | | 1,808,980 |
CMS Energy Corp.
| | 31,463 | | 2,135,079 |
Consolidated Edison, Inc.
| | 36,202 | | 3,676,675 |
Constellation Energy Corp.
| | 33,107 | | 6,512,147 |
Dominion Energy, Inc.
| | 87,848 | | 4,910,703 |
DTE Energy Co.
| | 21,610 | | 2,701,682 |
Duke Energy Corp.
| | 81,349 | | 9,269,719 |
Edison International
| | 40,307 | | 3,507,918 |
Entergy Corp.
| | 22,386 | | 2,701,766 |
Essential Utilities, Inc.
| | 27,193 | | 1,060,255 |
Evergy, Inc.
| | 24,176 | | 1,429,769 |
Eversource Energy
| | 36,674 | | 2,476,595 |
Exelon Corp.
| | 105,795 | | 4,029,732 |
FirstEnergy Corp.
| | 57,266 | | 2,515,123 |
NextEra Energy, Inc.
| | 216,562 | | 17,435,407 |
NiSource, Inc.
| | 46,984 | | 1,553,291 |
NRG Energy, Inc.
| | 22,535 | | 1,915,700 |
PG&E Corp.
| | 212,903 | | 4,194,189 |
PPL Corp.
| | 77,385 | | 2,469,355 |
| | Shares | | Value |
| Utilities-(continued) |
Public Service Enterprise Group, Inc.
| | 52,292 | | $ 4,222,579 |
Sempra
| | 66,405 | | 5,457,163 |
Southern Co. (The)
| | 115,186 | | 9,952,070 |
Vistra Corp.
| | 36,562 | | 3,123,492 |
WEC Energy Group, Inc.(c)
| | 33,138 | | 3,082,828 |
Xcel Energy, Inc.
| | 58,385 | | 3,574,914 |
| | | | | 121,441,019 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $4,266,992,467)
| | 5,188,738,266 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-1.32% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 19,682,463 | | 19,682,463 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 48,886,607 | | 48,906,162 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $68,586,033)
| | 68,588,625 |
TOTAL INVESTMENTS IN SECURITIES-101.24%
(Cost $4,335,578,500)
| | 5,257,326,891 |
OTHER ASSETS LESS LIABILITIES-(1.24)%
| | (64,467,519) |
NET ASSETS-100.00%
| | $5,192,859,372 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $413,411 | | $73,659 | | $(445,933) | | $201,434 | | $(242,571) | | $- | | $5,830 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | 1,972,697 | | 72,991,992 | | (74,964,689) | | - | | - | | - | | 56,845 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco MSCI USA ETF (PBUS)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $21,463,283 | | $300,773,736 | | $(302,554,556) | | $- | | $- | | $19,682,463 | | $1,429,642* |
| Invesco Private Prime Fund | 55,553,547 | | 663,377,785 | | (670,067,263) | | 3,314 | | 38,779 | | 48,906,162 | | 3,866,976* |
| Total | $79,402,938 | | $1,037,217,172 | | $(1,048,032,441) | | $204,748 | | $(203,792) | | $68,588,625 | | $5,359,293 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Communication Services-7.39% |
Alphabet, Inc., Class A
| | 2,101 | | $ 343,261 |
AT&T, Inc.
| | 168,458 | | 3,352,314 |
Charter Communications, Inc., Class A(b)(c)
| | 10,739 | | 3,732,232 |
Comcast Corp., Class A
| | 80,494 | | 3,185,148 |
Electronic Arts, Inc.
| | 2,238 | | 339,773 |
Fox Corp., Class A
| | 8,968 | | 371,006 |
Frontier Communications Parent, Inc.(b)(c)
| | 122,461 | | 3,526,877 |
IAC, Inc.(b)(c)
| | 7,945 | | 419,337 |
Interpublic Group of Cos., Inc. (The)
| | 10,510 | | 342,731 |
Iridium Communications, Inc.(c)
| | 121,423 | | 3,132,713 |
Liberty Broadband Corp.(b)(d)
| | 22,093 | | 0 |
Liberty Broadband Corp., Class C(b)
| | 59,952 | | 3,739,806 |
Liberty Global Ltd., Class C (Belgium)(b)(c)
| | 173,551 | | 3,413,748 |
Liberty Media Corp.-Liberty Formula One(b)(c)
| | 4,259 | | 332,415 |
Liberty Media Corp.-Liberty Live, Series C(b)
| | 8,522 | | 344,033 |
Liberty Media Corp.-Liberty SiriusXM, Series C(b)(c)
| | 13,976 | | 333,048 |
Live Nation Entertainment, Inc.(b)
| | 3,336 | | 325,827 |
Madison Square Garden Sports Corp., Class A(b)
| | 1,645 | | 343,887 |
Match Group, Inc.(b)
| | 12,221 | | 454,743 |
Meta Platforms, Inc., Class A
| | 741 | | 386,291 |
Netflix, Inc.(b)
| | 453 | | 317,712 |
New York Times Co. (The), Class A
| | 6,149 | | 337,765 |
News Corp., Class A
| | 11,457 | | 324,577 |
Nexstar Media Group, Inc., Class A(c)
| | 1,982 | | 338,684 |
Omnicom Group, Inc.(c)
| | 3,432 | | 344,676 |
Paramount Global, Class B
| | 30,629 | | 320,686 |
Pinterest, Inc., Class A(b)
| | 8,411 | | 269,488 |
Playtika Holding Corp.(c)
| | 38,037 | | 287,940 |
Roblox Corp., Class A(b)
| | 8,591 | | 377,918 |
Roku, Inc., Class A(b)
| | 56,793 | | 3,848,862 |
Sirius XM Holdings, Inc.(c)
| | 106,248 | | 349,556 |
Spotify Technology S.A. (Sweden)(b)
| | 981 | | 336,365 |
Take-Two Interactive Software, Inc.(b)
| | 1,987 | | 321,318 |
TKO Group Holdings, Inc.(c)
| | 2,923 | | 345,586 |
T-Mobile US, Inc.
| | 17,293 | | 3,436,465 |
Trade Desk, Inc. (The), Class A(b)
| | 3,169 | | 331,256 |
TripAdvisor, Inc.(b)(c)
| | 17,173 | | 249,180 |
Trump Media & Technology Group Corp.(b)(c)
| | 13,840 | | 269,880 |
Verizon Communications, Inc.
| | 75,820 | | 3,167,760 |
Walt Disney Co. (The)
| | 3,025 | | 273,400 |
Warner Bros. Discovery, Inc.(b)
| | 43,766 | | 343,125 |
ZoomInfo Technologies, Inc., Class A(b)(c)
| | 30,671 | | 303,336 |
| | | | | 44,914,725 |
| Consumer Discretionary-6.86% |
ADT, Inc.(c)
| | 37,921 | | 276,444 |
Advance Auto Parts, Inc.(c)
| | 4,659 | | 211,099 |
Airbnb, Inc., Class A(b)
| | 2,084 | | 244,474 |
Amazon.com, Inc.(b)
| | 1,657 | | 295,775 |
Amer Sports, Inc. (Finland)(b)(c)
| | 21,742 | | 296,778 |
Aptiv PLC(b)(c)
| | 4,208 | | 300,998 |
Aramark
| | 9,151 | | 335,201 |
AutoNation, Inc.(b)
| | 1,903 | | 338,696 |
AutoZone, Inc.(b)
| | 104 | | 330,874 |
Bath & Body Works, Inc.
| | 7,286 | | 224,117 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Best Buy Co., Inc.
| | 3,333 | | $ 334,633 |
Birkenstock Holding PLC (Luxembourg)(b)(c)
| | 5,039 | | 251,446 |
Booking Holdings, Inc.
| | 78 | | 304,920 |
BorgWarner, Inc.
| | 9,302 | | 316,919 |
Boyd Gaming Corp.
| | 5,852 | | 351,237 |
Bright Horizons Family Solutions, Inc.(b)
| | 3,056 | | 430,040 |
Brunswick Corp.(c)
| | 3,696 | | 292,169 |
Burlington Stores, Inc.(b)
| | 1,294 | | 347,103 |
Caesars Entertainment, Inc.(b)(c)
| | 7,939 | | 298,824 |
Capri Holdings Ltd.(b)
| | 9,953 | | 355,521 |
CarMax, Inc.(b)
| | 4,321 | | 365,341 |
Carnival Corp.(b)
| | 19,183 | | 316,520 |
Carter’s, Inc.(c)
| | 4,766 | | 314,079 |
Carvana Co.(b)(c)
| | 2,805 | | 422,489 |
Cava Group, Inc.(b)
| | 3,338 | | 380,666 |
Chipotle Mexican Grill, Inc.(b)
| | 4,795 | | 268,904 |
Choice Hotels International, Inc.(c)
| | 2,771 | | 353,552 |
Churchill Downs, Inc.
| | 2,237 | | 310,876 |
Columbia Sportswear Co.(c)
| | 3,759 | | 303,464 |
Coupang, Inc. (South Korea)(b)
| | 14,657 | | 324,653 |
Crocs, Inc.(b)(c)
| | 1,951 | | 285,178 |
D.R. Horton, Inc.
| | 2,185 | | 412,441 |
Darden Restaurants, Inc.
| | 1,997 | | 315,826 |
Deckers Outdoor Corp.(b)
| | 309 | | 296,421 |
Dick’s Sporting Goods, Inc.
| | 1,340 | | 317,526 |
Dillard’s, Inc., Class A(c)
| | 723 | | 245,075 |
Domino’s Pizza, Inc.
| | 588 | | 243,555 |
DoorDash, Inc., Class A(b)
| | 3,357 | | 432,079 |
DraftKings, Inc., Class A(b)
| | 7,166 | | 247,227 |
Duolingo, Inc.(b)(c)
| | 1,548 | | 329,058 |
Dutch Bros, Inc., Class A(b)(c)
| | 8,003 | | 248,093 |
eBay, Inc.
| | 5,724 | | 338,288 |
Etsy, Inc.(b)
| | 5,296 | | 291,757 |
Expedia Group, Inc.(b)
| | 2,454 | | 341,327 |
Five Below, Inc.(b)(c)
| | 2,740 | | 206,678 |
Floor & Decor Holdings, Inc., Class A(b)(c)
| | 2,623 | | 294,930 |
Ford Motor Co.
| | 25,803 | | 288,736 |
GameStop Corp., Class A(b)
| | 12,038 | | 281,930 |
Gap, Inc. (The)
| | 12,227 | | 274,252 |
Garmin Ltd.
| | 1,925 | | 352,833 |
General Motors Co.
| | 6,448 | | 320,981 |
Gentex Corp.(c)
| | 9,143 | | 286,450 |
Genuine Parts Co.
| | 2,180 | | 312,307 |
Grand Canyon Education, Inc.(b)
| | 2,317 | | 335,988 |
H&R Block, Inc.
| | 5,816 | | 368,211 |
Harley-Davidson, Inc.
| | 9,268 | | 346,994 |
Hasbro, Inc.
| | 5,083 | | 346,457 |
Hilton Worldwide Holdings, Inc.
| | 1,413 | | 310,351 |
Home Depot, Inc. (The)
| | 870 | | 320,595 |
Hyatt Hotels Corp., Class A
| | 2,054 | | 312,044 |
Kohl’s Corp.(c)
| | 13,837 | | 268,299 |
Las Vegas Sands Corp.
| | 6,904 | | 269,187 |
Lear Corp.
| | 2,691 | | 313,905 |
Leggett & Platt, Inc.
| | 25,957 | | 328,097 |
Lennar Corp., Class A
| | 2,064 | | 375,772 |
Light & Wonder, Inc.(b)
| | 3,101 | | 340,552 |
Lithia Motors, Inc., Class A(c)
| | 1,243 | | 374,242 |
LKQ Corp.
| | 7,424 | | 308,764 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Lowe’s Cos., Inc.
| | 1,352 | | $ 335,972 |
Lucid Group, Inc.(b)(c)
| | 121,307 | | 487,654 |
lululemon athletica, inc.(b)
| | 991 | | 257,135 |
Macy’s, Inc.
| | 16,809 | | 261,716 |
Marriott International, Inc., Class A
| | 1,272 | | 298,526 |
Marriott Vacations Worldwide Corp.(c)
| | 3,637 | | 269,138 |
Mattel, Inc.(b)(c)
| | 18,010 | | 341,830 |
McDonald’s Corp.
| | 1,216 | | 351,011 |
MGM Resorts International(b)(c)
| | 7,389 | | 277,753 |
Mohawk Industries, Inc.(b)
| | 2,444 | | 379,162 |
Murphy USA, Inc.
| | 642 | | 333,602 |
Newell Brands, Inc.
| | 47,183 | | 334,527 |
NIKE, Inc., Class B
| | 3,463 | | 288,537 |
Nordstrom, Inc.
| | 14,534 | | 324,690 |
Norwegian Cruise Line Holdings Ltd.(b)(c)
| | 17,936 | | 320,875 |
NVR, Inc.(b)
| | 41 | | 376,071 |
Ollie’s Bargain Outlet Holdings, Inc.(b)
| | 3,154 | | 282,472 |
O’Reilly Automotive, Inc.(b)
| | 283 | | 319,782 |
PENN Entertainment, Inc.(b)(c)
| | 15,376 | | 286,301 |
Penske Automotive Group, Inc.
| | 2,042 | | 347,344 |
Planet Fitness, Inc., Class A(b)(c)
| | 4,221 | | 342,787 |
Polaris, Inc.
| | 3,981 | | 336,992 |
Pool Corp.
| | 923 | | 324,545 |
PulteGroup, Inc.
| | 2,985 | | 392,975 |
PVH Corp.
| | 2,755 | | 271,891 |
QuantumScape Corp.(b)(c)
| | 62,625 | | 363,851 |
Ralph Lauren Corp.
| | 1,671 | | 286,175 |
RH(b)(c)
| | 1,413 | | 358,478 |
Rivian Automotive, Inc., Class A(b)(c)
| | 29,828 | | 421,470 |
Ross Stores, Inc.
| | 2,091 | | 314,926 |
Royal Caribbean Cruises Ltd.(b)
| | 2,051 | | 337,636 |
Service Corp. International
| | 4,281 | | 335,074 |
SharkNinja, Inc.
| | 3,963 | | 379,735 |
Skechers U.S.A., Inc., Class A(b)
| | 4,218 | | 288,849 |
Starbucks Corp.
| | 3,862 | | 365,229 |
Tapestry, Inc.
| | 7,457 | | 305,513 |
Tempur Sealy International, Inc.(c)
| | 6,380 | | 334,503 |
Tesla, Inc.(b)
| | 1,699 | | 363,773 |
Texas Roadhouse, Inc.
| | 1,817 | | 306,619 |
Thor Industries, Inc.(c)
| | 3,396 | | 364,255 |
TJX Cos., Inc. (The)
| | 2,794 | | 327,652 |
Toll Brothers, Inc.
| | 2,665 | | 383,947 |
TopBuild Corp.(b)
| | 704 | | 276,686 |
Tractor Supply Co.
| | 1,100 | | 294,305 |
Travel + Leisure Co.
| | 6,947 | | 307,474 |
Ulta Beauty, Inc.(b)
| | 812 | | 286,506 |
Under Armour, Inc., Class A(b)(c)
| | 44,080 | | 338,975 |
V.F. Corp.
| | 22,154 | | 403,424 |
Vail Resorts, Inc.(c)
| | 1,715 | | 311,616 |
Valvoline, Inc.(b)
| | 34,022 | | 1,435,728 |
Wayfair, Inc., Class A(b)(c)
| | 5,889 | | 250,577 |
Wendy’s Co. (The)
| | 18,764 | | 317,487 |
Whirlpool Corp.
| | 3,437 | | 344,697 |
Williams-Sonoma, Inc.
| | 2,028 | | 272,421 |
Wingstop, Inc.
| | 757 | | 292,285 |
Wyndham Hotels & Resorts, Inc.
| | 4,218 | | 331,957 |
Wynn Resorts Ltd.
| | 3,433 | | 263,929 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
YETI Holdings, Inc.(b)(c)
| | 7,514 | | $ 302,965 |
Yum! Brands, Inc.
| | 2,295 | | 309,641 |
| | | | | 41,701,864 |
| Consumer Staples-8.79% |
Albertson’s Cos., Inc., Class A
| | 48,221 | | 946,096 |
Altria Group, Inc.
| | 20,976 | | 1,127,879 |
Archer-Daniels-Midland Co.
| | 15,616 | | 952,420 |
BellRing Brands, Inc.(b)
| | 16,830 | | 941,302 |
BJ’s Wholesale Club Holdings, Inc.(b)
| | 3,478 | | 278,101 |
Boston Beer Co., Inc. (The), Class A(b)
| | 3,315 | | 900,752 |
Brown-Forman Corp., Class B
| | 22,003 | | 1,003,117 |
Bunge Global S.A.
| | 9,222 | | 934,926 |
Campbell Soup Co.
| | 21,292 | | 1,058,638 |
Casey’s General Stores, Inc.
| | 2,587 | | 937,296 |
Celsius Holdings, Inc.(b)(c)
| | 15,395 | | 585,472 |
Church & Dwight Co., Inc.
| | 8,750 | | 891,450 |
Clorox Co. (The)
| | 7,019 | | 1,111,178 |
Coca-Cola Co. (The)
| | 15,325 | | 1,110,603 |
Coca-Cola Consolidated, Inc.
| | 985 | | 1,322,264 |
Colgate-Palmolive Co.
| | 9,830 | | 1,046,895 |
Conagra Brands, Inc.
| | 33,432 | | 1,043,078 |
Constellation Brands, Inc., Class A
| | 3,626 | | 872,814 |
Costco Wholesale Corp.
| | 355 | | 316,795 |
Coty, Inc., Class A(b)
| | 31,219 | | 292,834 |
Darling Ingredients, Inc.(b)(c)
| | 27,530 | | 1,148,827 |
Dollar General Corp.(c)
| | 2,415 | | 200,373 |
Dollar Tree, Inc.(b)
| | 2,862 | | 241,810 |
e.l.f. Beauty, Inc.(b)
| | 1,472 | | 220,491 |
Estee Lauder Cos., Inc. (The), Class A
| | 2,736 | | 250,782 |
Flowers Foods, Inc.
| | 42,523 | | 988,235 |
Freshpet, Inc.(b)
| | 7,421 | | 1,009,256 |
General Mills, Inc.
| | 14,288 | | 1,032,880 |
Grocery Outlet Holding Corp.(b)(c)
| | 45,551 | | 862,736 |
Hershey Co. (The)
| | 5,237 | | 1,011,055 |
Hormel Foods Corp.
| | 31,265 | | 1,017,676 |
Ingredion, Inc.
| | 8,344 | | 1,120,683 |
J.M. Smucker Co. (The)
| | 8,687 | | 996,225 |
Kellanova
| | 16,730 | | 1,348,605 |
Kenvue, Inc.
| | 50,579 | | 1,110,209 |
Keurig Dr Pepper, Inc.
| | 27,852 | | 1,019,662 |
Kimberly-Clark Corp.
| | 6,803 | | 984,122 |
Kraft Heinz Co. (The)
| | 29,195 | | 1,034,379 |
Kroger Co. (The)
| | 18,953 | | 1,008,489 |
Lamb Weston Holdings, Inc.
| | 11,550 | | 715,176 |
Maplebear, Inc.(b)
| | 11,190 | | 401,609 |
McCormick & Co., Inc.
| | 13,900 | | 1,112,417 |
Molson Coors Beverage Co., Class B
| | 18,820 | | 1,015,715 |
Mondelez International, Inc., Class A
| | 14,426 | | 1,035,931 |
Monster Beverage Corp.(b)
| | 19,577 | | 922,664 |
PepsiCo, Inc.
| | 5,718 | | 988,528 |
Performance Food Group Co.(b)
| | 14,162 | | 1,057,052 |
Philip Morris International, Inc.
| | 9,419 | | 1,161,268 |
Pilgrim’s Pride Corp.(b)(c)
| | 26,365 | | 1,228,082 |
Post Holdings, Inc.(b)
| | 9,318 | | 1,078,745 |
Procter & Gamble Co. (The)
| | 5,684 | | 975,033 |
Reynolds Consumer Products, Inc.(c)
| | 33,432 | | 1,053,108 |
Seaboard Corp.
| | 321 | | 998,429 |
Spectrum Brands Holdings, Inc.
| | 10,580 | | 997,906 |
Sysco Corp.
| | 13,096 | | 1,021,095 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Staples-(continued) |
Target Corp.
| | 2,150 | | $ 330,283 |
Tyson Foods, Inc., Class A
| | 16,981 | | 1,092,048 |
US Foods Holding Corp.(b)
| | 17,991 | | 1,065,247 |
Walgreens Boots Alliance, Inc.
| | 60,042 | | 555,388 |
Walmart, Inc.
| | 4,530 | | 349,852 |
| | | | | 53,435,981 |
| Energy-8.01% |
Antero Midstream Corp.
| | 82,300 | | 1,223,801 |
Antero Resources Corp.(b)
| | 36,856 | | 994,743 |
APA Corp.
| | 42,886 | | 1,221,822 |
Baker Hughes Co., Class A
| | 36,801 | | 1,294,291 |
Cheniere Energy, Inc.
| | 7,396 | | 1,370,183 |
Chesapeake Energy Corp.(c)
| | 14,255 | | 1,061,855 |
Chevron Corp.
| | 7,639 | | 1,130,190 |
Chord Energy Corp.
| | 7,173 | | 1,064,688 |
Civitas Resources, Inc.
| | 17,740 | | 1,087,994 |
ConocoPhillips
| | 10,749 | | 1,223,129 |
Coterra Energy, Inc.
| | 44,504 | | 1,082,782 |
Devon Energy Corp.
| | 26,020 | | 1,165,176 |
Diamondback Energy, Inc.
| | 6,210 | | 1,211,633 |
DT Midstream, Inc.
| | 17,469 | | 1,372,889 |
EOG Resources, Inc.
| | 9,947 | | 1,281,372 |
EQT Corp.
| | 31,692 | | 1,061,999 |
Exxon Mobil Corp.
| | 10,859 | | 1,280,710 |
Halliburton Co.
| | 35,906 | | 1,116,318 |
Hess Corp.
| | 8,132 | | 1,122,704 |
HF Sinclair Corp.
| | 22,464 | | 1,103,881 |
Kinder Morgan, Inc.
| | 61,275 | | 1,321,702 |
Marathon Oil Corp.
| | 43,001 | | 1,231,979 |
Marathon Petroleum Corp.
| | 6,969 | | 1,234,349 |
Matador Resources Co.
| | 20,759 | | 1,177,450 |
New Fortress Energy, Inc.(c)
| | 55,275 | | 680,988 |
NOV, Inc.
| | 65,897 | | 1,170,990 |
Occidental Petroleum Corp.
| | 19,162 | | 1,091,851 |
ONEOK, Inc.
| | 14,969 | | 1,382,537 |
Ovintiv, Inc.
| | 25,676 | | 1,099,703 |
Permian Resources Corp.
| | 77,203 | | 1,099,371 |
Phillips 66
| | 8,698 | | 1,220,416 |
Range Resources Corp.
| | 35,133 | | 1,049,774 |
Schlumberger N.V.
| | 26,321 | | 1,157,861 |
Southwestern Energy Co.(b)
| | 176,757 | | 1,127,710 |
Targa Resources Corp.
| | 9,576 | | 1,406,714 |
TechnipFMC PLC (United Kingdom)
| | 49,086 | | 1,317,468 |
Texas Pacific Land Corp.
| | 1,563 | | 1,358,075 |
Valero Energy Corp.
| | 7,851 | | 1,151,977 |
Viper Energy, Inc.
| | 32,786 | | 1,560,614 |
Weatherford International PLC
| | 10,299 | | 1,080,777 |
Williams Cos., Inc. (The)
| | 28,628 | | 1,310,304 |
| | | | | 48,704,770 |
| Financials-10.38% |
Affiliated Managers Group, Inc.
| | 2,401 | | 417,366 |
Affirm Holdings, Inc.(b)(c)
| | 9,031 | | 397,454 |
Aflac, Inc.
| | 4,155 | | 458,546 |
AGNC Investment Corp.
| | 38,085 | | 388,848 |
Allstate Corp. (The)
| | 2,293 | | 433,239 |
Ally Financial, Inc.
| | 9,326 | | 402,790 |
American Express Co.
| | 1,185 | | 306,500 |
American Financial Group, Inc.
| | 2,912 | | 389,101 |
American International Group, Inc.
| | 5,013 | | 386,252 |
| | Shares | | Value |
| Financials-(continued) |
Ameriprise Financial, Inc.
| | 841 | | $ 377,979 |
Annaly Capital Management, Inc.
| | 18,698 | | 376,952 |
Aon PLC, Class A
| | 1,260 | | 433,087 |
Apollo Global Management, Inc.
| | 3,149 | | 364,434 |
Arch Capital Group Ltd.(b)
| | 3,640 | | 411,648 |
Ares Management Corp., Class A
| | 2,773 | | 405,967 |
Arthur J. Gallagher & Co.
| | 1,407 | | 411,646 |
Assurant, Inc.
| | 2,200 | | 431,970 |
Assured Guaranty Ltd.
| | 4,750 | | 380,380 |
AXIS Capital Holdings Ltd.
| | 5,206 | | 415,855 |
Bank of America Corp.
| | 9,326 | | 380,035 |
Bank of New York Mellon Corp. (The)
| | 6,340 | | 432,515 |
Bank OZK
| | 9,557 | | 414,296 |
Berkshire Hathaway, Inc., Class B(b)
| | 910 | | 433,087 |
BlackRock, Inc.
| | 476 | | 429,262 |
Blackstone, Inc., Class A
| | 3,001 | | 427,222 |
Block, Inc., Class A(b)
| | 4,336 | | 286,523 |
Blue Owl Capital, Inc.(c)
| | 20,996 | | 370,369 |
BOK Financial Corp.
| | 4,183 | | 439,006 |
Brighthouse Financial, Inc.(b)
| | 8,659 | | 397,448 |
Brown & Brown, Inc.
| | 4,013 | | 421,887 |
Capital One Financial Corp.
| | 1,970 | | 289,452 |
Carlyle Group, Inc. (The)(c)
| | 9,093 | | 364,902 |
Cboe Global Markets, Inc.
| | 2,165 | | 444,691 |
Charles Schwab Corp. (The)
| | 5,129 | | 333,898 |
Chubb Ltd.
| | 1,398 | | 397,284 |
Cincinnati Financial Corp.
| | 3,373 | | 462,202 |
Citigroup, Inc.
| | 6,151 | | 385,299 |
Citizens Financial Group, Inc.
| | 10,752 | | 462,874 |
CME Group, Inc., Class A
| | 1,877 | | 404,944 |
CNA Financial Corp.(c)
| | 8,359 | | 433,999 |
Coinbase Global, Inc., Class A(b)(c)
| | 1,587 | | 290,992 |
Columbia Banking System, Inc.
| | 20,174 | | 507,981 |
Comerica, Inc.
| | 7,884 | | 450,255 |
Commerce Bancshares, Inc.
| | 6,974 | | 446,057 |
Corebridge Financial, Inc.
| | 12,552 | | 371,037 |
Corpay, Inc.(b)
| | 1,038 | | 327,541 |
Credit Acceptance Corp.(b)(c)
| | 766 | | 357,362 |
Cullen/Frost Bankers, Inc.
| | 3,792 | | 425,576 |
Discover Financial Services
| | 2,916 | | 404,478 |
East West Bancorp, Inc.
| | 5,244 | | 440,863 |
Equitable Holdings, Inc.
| | 9,082 | | 386,167 |
Euronet Worldwide, Inc.(b)(c)
| | 2,537 | | 273,768 |
Evercore, Inc., Class A
| | 1,850 | | 454,619 |
Everest Group Ltd.
| | 980 | | 384,395 |
F.N.B. Corp.
| | 28,706 | | 430,016 |
FactSet Research Systems, Inc.
| | 912 | | 385,630 |
Fidelity National Financial, Inc.
| | 7,567 | | 446,150 |
Fidelity National Information Services, Inc.
| | 3,560 | | 293,522 |
Fifth Third Bancorp
| | 10,836 | | 462,589 |
First American Financial Corp.
| | 6,911 | | 440,922 |
First Citizens BancShares, Inc., Class A
| | 228 | | 463,000 |
First Hawaiian, Inc.
| | 18,506 | | 450,251 |
First Horizon Corp.
| | 25,522 | | 423,410 |
Fiserv, Inc.(b)
| | 1,813 | | 316,550 |
Franklin Resources, Inc.
| | 16,501 | | 333,980 |
Global Payments, Inc.
| | 2,883 | | 320,042 |
Globe Life, Inc.
| | 4,515 | | 474,301 |
Goldman Sachs Group, Inc. (The)
| | 812 | | 414,323 |
Hanover Insurance Group, Inc. (The)
| | 3,004 | | 441,558 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Hartford Financial Services Group, Inc. (The)
| | 3,596 | | $ 417,496 |
Houlihan Lokey, Inc.
| | 2,805 | | 439,319 |
Huntington Bancshares, Inc.
| | 29,785 | | 445,882 |
Interactive Brokers Group, Inc., Class A
| | 3,101 | | 399,688 |
Intercontinental Exchange, Inc.
| | 2,840 | | 458,802 |
Invesco Ltd.(e)
| | 24,941 | | 426,242 |
Jack Henry & Associates, Inc.
| | 1,642 | | 284,115 |
Janus Henderson Group PLC
| | 11,026 | | 414,688 |
Jefferies Financial Group, Inc.
| | 8,125 | | 487,094 |
JPMorgan Chase & Co.
| | 1,875 | | 421,500 |
Kemper Corp.
| | 6,324 | | 395,313 |
KeyCorp
| | 27,334 | | 466,318 |
Kinsale Capital Group, Inc.
| | 942 | | 462,607 |
KKR & Co., Inc., Class A
| | 3,386 | | 419,085 |
Lazard, Inc.(c)
| | 9,890 | | 495,588 |
Lincoln National Corp.
| | 11,692 | | 375,313 |
Loews Corp.
| | 4,875 | | 399,458 |
LPL Financial Holdings, Inc.
| | 1,288 | | 288,950 |
M&T Bank Corp.
| | 2,522 | | 434,061 |
Markel Group, Inc.(b)
| | 240 | | 384,163 |
MarketAxess Holdings, Inc.
| | 1,871 | | 453,512 |
Marsh & McLennan Cos., Inc.
| | 1,737 | | 395,185 |
Mastercard, Inc., Class A
| | 612 | | 295,804 |
MetLife, Inc.
| | 5,257 | | 407,312 |
MGIC Investment Corp.
| | 17,499 | | 445,000 |
Moody’s Corp.
| | 880 | | 429,211 |
Morgan Stanley
| | 3,825 | | 396,308 |
Morningstar, Inc.
| | 1,290 | | 404,763 |
MSCI, Inc.
| | 769 | | 446,474 |
Nasdaq, Inc.
| | 6,346 | | 457,420 |
Northern Trust Corp.
| | 4,538 | | 413,911 |
NU Holdings Ltd., Class A (Brazil)(b)
| | 30,864 | | 462,034 |
Old Republic International Corp.
| | 12,189 | | 437,219 |
OneMain Holdings, Inc.
| | 7,617 | | 376,356 |
PayPal Holdings, Inc.(b)
| | 4,552 | | 329,701 |
Pinnacle Financial Partners, Inc.
| | 4,842 | | 482,118 |
PNC Financial Services Group, Inc. (The)
| | 2,433 | | 450,324 |
Popular, Inc.
| | 4,381 | | 449,053 |
Primerica, Inc.
| | 1,549 | | 407,743 |
Principal Financial Group, Inc.
| | 4,708 | | 383,325 |
Progressive Corp. (The)
| | 1,771 | | 446,646 |
Prosperity Bancshares, Inc.
| | 6,319 | | 464,952 |
Prudential Financial, Inc.
| | 3,187 | | 386,137 |
Raymond James Financial, Inc.
| | 3,309 | | 395,657 |
Regions Financial Corp.
| | 19,716 | | 461,749 |
Reinsurance Group of America, Inc.
| | 1,793 | | 395,823 |
RenaissanceRe Holdings Ltd. (Bermuda)
| | 1,646 | | 419,384 |
Rithm Capital Corp.
| | 33,530 | | 400,348 |
RLI Corp.
| | 2,619 | | 403,588 |
Robinhood Markets, Inc., Class A(b)
| | 17,157 | | 345,199 |
Rocket Cos., Inc., Class A(b)(c)
| | 26,882 | | 528,231 |
Ryan Specialty Holdings, Inc., Class A
| | 6,737 | | 435,412 |
S&P Global, Inc.
| | 848 | | 435,228 |
SEI Investments Co.
| | 5,665 | | 383,124 |
Shift4 Payments, Inc., Class A(b)(c)
| | 3,853 | | 320,184 |
SLM Corp.
| | 19,015 | | 419,471 |
SoFi Technologies, Inc.(b)(c)
| | 58,997 | | 471,386 |
Starwood Property Trust, Inc.(c)
| | 19,279 | | 401,774 |
State Street Corp.
| | 5,190 | | 452,049 |
Stifel Financial Corp.
| | 4,580 | | 403,681 |
| | Shares | | Value |
| Financials-(continued) |
Synchrony Financial
| | 6,059 | | $ 304,525 |
Synovus Financial Corp.
| | 10,098 | | 465,720 |
T. Rowe Price Group, Inc.
| | 3,156 | | 334,662 |
TFS Financial Corp.(c)
| | 30,169 | | 409,695 |
Toast, Inc., Class A(b)(c)
| | 14,508 | | 360,669 |
TPG, Inc.
| | 8,956 | | 451,830 |
Tradeweb Markets, Inc., Class A
| | 3,522 | | 416,441 |
Travelers Cos., Inc. (The)
| | 1,762 | | 401,859 |
Truist Financial Corp.
| | 10,150 | | 451,269 |
U.S. Bancorp
| | 9,490 | | 448,213 |
Unum Group
| | 7,790 | | 432,267 |
UWM Holdings Corp.(c)
| | 53,418 | | 502,129 |
Virtu Financial, Inc., Class A
| | 16,147 | | 495,874 |
Visa, Inc., Class A
| | 983 | | 271,672 |
Voya Financial, Inc.
| | 5,115 | | 362,295 |
W.R. Berkley Corp.
| | 6,946 | | 414,676 |
Webster Financial Corp.
| | 9,114 | | 432,277 |
Wells Fargo & Co.
| | 6,327 | | 369,940 |
Western Alliance Bancorporation
| | 6,251 | | 510,582 |
Western Union Co. (The)
| | 22,315 | | 272,243 |
WEX, Inc.(b)(c)
| | 1,603 | | 306,205 |
White Mountains Insurance Group Ltd.(c)
| | 205 | | 378,069 |
Willis Towers Watson PLC
| | 1,433 | | 418,594 |
Wintrust Financial Corp.
| | 3,977 | | 432,698 |
XP, Inc., Class A (Brazil)
| | 20,736 | | 381,750 |
Zions Bancorporation N.A.
| | 9,021 | | 447,081 |
| | | | | 63,100,257 |
| Health Care-9.70% |
10X Genomics, Inc., Class A(b)(c)
| | 24,095 | | 562,618 |
Abbott Laboratories
| | 4,512 | | 511,074 |
AbbVie, Inc.
| | 2,797 | | 549,079 |
Acadia Healthcare Co., Inc.(b)
| | 7,114 | | 582,850 |
Agilent Technologies, Inc.
| | 3,624 | | 517,942 |
Align Technology, Inc.(b)
| | 1,982 | | 470,170 |
Alnylam Pharmaceuticals, Inc.(b)
| | 3,055 | | 802,518 |
Amedisys, Inc.(b)(c)
| | 5,252 | | 514,749 |
Amgen, Inc.
| | 1,552 | | 518,104 |
Apellis Pharmaceuticals, Inc.(b)(c)
| | 12,103 | | 470,807 |
Avantor, Inc.(b)
| | 22,314 | | 576,594 |
Azenta, Inc.(b)(c)
| | 8,475 | | 419,682 |
Baxter International, Inc.
| | 14,143 | | 536,585 |
Becton, Dickinson and Co.
| | 2,017 | | 488,941 |
Biogen, Inc.(b)
| | 2,220 | | 454,567 |
BioMarin Pharmaceutical, Inc.(b)
| | 5,678 | | 517,890 |
Bio-Rad Laboratories, Inc., Class A(b)
| | 1,685 | | 568,384 |
Bio-Techne Corp.
| | 6,450 | | 477,236 |
Boston Scientific Corp.(b)
| | 6,247 | | 510,942 |
Bristol-Myers Squibb Co.
| | 11,718 | | 585,314 |
Bristol-Myers Squibb Co., Rts., expiring 01/23/2031(b)(c)
| | 7,730 | | 5,411 |
Bruker Corp.
| | 7,228 | | 485,649 |
Cardinal Health, Inc.
| | 4,608 | | 519,414 |
Catalent, Inc.(b)
| | 8,774 | | 534,863 |
Cencora, Inc.
| | 4,043 | | 968,582 |
Centene Corp.(b)
| | 7,126 | | 561,743 |
Certara, Inc.(b)(c)
| | 35,702 | | 437,350 |
Charles River Laboratories International, Inc.(b)
| | 2,294 | | 453,639 |
Chemed Corp.
| | 900 | | 527,553 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
Cigna Group (The)
| | 1,422 | | $ 514,494 |
Cooper Cos., Inc. (The)(b)
| | 5,244 | | 554,448 |
CVS Health Corp.
| | 15,619 | | 894,032 |
Danaher Corp.
| | 1,934 | | 520,846 |
DaVita, Inc.(b)
| | 3,460 | | 522,183 |
DENTSPLY SIRONA, Inc.
| | 18,896 | | 477,880 |
DexCom, Inc.(b)
| | 4,144 | | 287,345 |
Doximity, Inc., Class A(b)(c)
| | 17,711 | | 651,411 |
Edwards Lifesciences Corp.(b)
| | 5,411 | | 378,554 |
Elanco Animal Health, Inc.(b)
| | 26,422 | | 408,748 |
Elevance Health, Inc.
| | 898 | | 500,087 |
Eli Lilly and Co.
| | 543 | | 521,291 |
Encompass Health Corp.
| | 5,693 | | 529,734 |
Enovis Corp.(b)(c)
| | 10,793 | | 502,954 |
Envista Holdings Corp.(b)(c)
| | 27,958 | | 510,513 |
Exact Sciences Corp.(b)(c)
| | 10,932 | | 674,395 |
Exelixis, Inc.(b)
| | 22,133 | | 576,122 |
Fortrea Holdings, Inc.(b)(c)
| | 20,098 | | 463,460 |
GE HealthCare Technologies, Inc.
| | 6,053 | | 513,415 |
Gilead Sciences, Inc.
| | 7,020 | | 554,580 |
Globus Medical, Inc., Class A(b)(c)
| | 7,178 | | 521,841 |
GRAIL, Inc.(b)(c)
| | 23,670 | | 333,984 |
HCA Healthcare, Inc.
| | 1,427 | | 564,507 |
Henry Schein, Inc.(b)
| | 7,227 | | 509,865 |
Hologic, Inc.(b)
| | 6,660 | | 541,058 |
Humana, Inc.
| | 1,343 | | 476,053 |
IDEXX Laboratories, Inc.(b)
| | 969 | | 466,409 |
Illumina, Inc.(b)
| | 4,563 | | 599,578 |
Incyte Corp.(b)
| | 7,712 | | 506,370 |
Inspire Medical Systems, Inc.(b)(c)
| | 2,865 | | 515,184 |
Insulet Corp.(b)
| | 2,411 | | 488,878 |
Intra-Cellular Therapies, Inc.(b)
| | 6,368 | | 466,647 |
Intuitive Surgical, Inc.(b)
| | 1,113 | | 548,297 |
Ionis Pharmaceuticals, Inc.(b)
| | 11,784 | | 561,861 |
IQVIA Holdings, Inc.(b)
| | 2,248 | | 565,484 |
Jazz Pharmaceuticals PLC(b)
| | 4,478 | | 519,358 |
Johnson & Johnson
| | 3,256 | | 540,040 |
Labcorp Holdings, Inc.
| | 2,316 | | 532,425 |
Masimo Corp.(b)(c)
| | 3,690 | | 433,649 |
McKesson Corp.
| | 1,580 | | 886,506 |
Medpace Holdings, Inc.(b)
| | 1,203 | | 427,390 |
Medtronic PLC
| | 5,997 | | 531,214 |
Merck & Co., Inc.
| | 3,710 | | 439,450 |
Mettler-Toledo International, Inc.(b)
| | 189 | | 271,986 |
Moderna, Inc.(b)(c)
| | 3,578 | | 276,937 |
Molina Healthcare, Inc.(b)
| | 1,563 | | 546,722 |
Natera, Inc.(b)
| | 4,485 | | 530,396 |
Neurocrine Biosciences, Inc.(b)
| | 3,587 | | 455,764 |
Organon & Co.
| | 23,517 | | 525,605 |
Penumbra, Inc.(b)(c)
| | 2,743 | | 554,964 |
Perrigo Co. PLC
| | 18,777 | | 546,411 |
Pfizer, Inc.
| | 17,347 | | 503,236 |
Premier, Inc., Class A
| | 26,334 | | 536,424 |
Qiagen N.V.(b)
| | 11,477 | | 524,614 |
Quest Diagnostics, Inc.
| | 3,479 | | 546,099 |
QuidelOrtho Corp.(b)
| | 13,803 | | 583,177 |
R1 RCM, Inc.(b)(c)
| | 38,074 | | 537,224 |
Regeneron Pharmaceuticals, Inc.(b)
| | 460 | | 544,957 |
Repligen Corp.(b)(c)
| | 4,007 | | 604,777 |
ResMed, Inc.
| | 2,257 | | 553,010 |
| | Shares | | Value |
| Health Care-(continued) |
Revvity, Inc.
| | 4,472 | | $ 547,999 |
Roivant Sciences Ltd.(b)(c)
| | 44,530 | | 544,602 |
Royalty Pharma PLC, Class A
| | 18,061 | | 524,311 |
Sarepta Therapeutics, Inc.(b)
| | 3,892 | | 528,456 |
Solventum Corp.(b)
| | 8,936 | | 572,887 |
Sotera Health Co.(b)(c)
| | 41,528 | | 641,192 |
STERIS PLC
| | 2,195 | | 529,214 |
Stryker Corp.
| | 1,407 | | 507,111 |
Teleflex, Inc.
| | 2,378 | | 583,014 |
Tenet Healthcare Corp.(b)
| | 3,556 | | 589,727 |
Thermo Fisher Scientific, Inc.
| | 861 | | 529,575 |
Ultragenyx Pharmaceutical, Inc.(b)
| | 12,647 | | 718,097 |
United Therapeutics Corp.(b)
| | 1,557 | | 566,047 |
UnitedHealth Group, Inc.
| | 992 | | 585,478 |
Universal Health Services, Inc., Class B
| | 2,549 | | 606,586 |
Veeva Systems, Inc., Class A(b)
| | 2,617 | | 566,423 |
Vertex Pharmaceuticals, Inc.(b)
| | 1,020 | | 505,808 |
Viatris, Inc.
| | 46,871 | | 566,202 |
Viking Therapeutics, Inc.(b)(c)
| | 9,534 | | 611,320 |
Waters Corp.(b)
| | 938 | | 324,876 |
West Pharmaceutical Services, Inc.
| | 1,462 | | 458,527 |
Zimmer Biomet Holdings, Inc.
| | 4,525 | | 522,456 |
Zoetis, Inc.
| | 2,857 | | 524,231 |
| | | | | 58,959,232 |
| Industrials-9.73% |
3M Co.
| | 2,680 | | 360,969 |
A.O. Smith Corp.
| | 3,293 | | 275,690 |
AAON, Inc.
| | 3,391 | | 323,874 |
Acuity Brands, Inc.
| | 1,111 | | 282,972 |
Advanced Drainage Systems, Inc.
| | 1,605 | | 251,600 |
AECOM
| | 3,062 | | 306,629 |
AGCO Corp.
| | 2,699 | | 245,717 |
Air Lease Corp., Class A
| | 5,866 | | 271,420 |
Alaska Air Group, Inc.(b)
| | 7,451 | | 269,056 |
Allegion PLC
| | 2,350 | | 326,274 |
Allison Transmission Holdings, Inc.
| | 3,645 | | 338,074 |
American Airlines Group, Inc.(b)(c)
| | 27,412 | | 291,115 |
AMETEK, Inc.
| | 1,617 | | 276,588 |
API Group Corp.(b)
| | 7,104 | | 252,547 |
Armstrong World Industries, Inc.
| | 2,384 | | 302,196 |
Automatic Data Processing, Inc.
| | 1,107 | | 305,432 |
Avis Budget Group, Inc.(c)
| | 2,759 | | 226,210 |
Axon Enterprise, Inc.(b)
| | 928 | | 338,692 |
AZEK Co., Inc. (The)(b)
| | 5,774 | | 246,146 |
Boeing Co. (The)(b)
| | 1,544 | | 268,255 |
Booz Allen Hamilton Holding Corp.
| | 1,765 | | 280,247 |
Broadridge Financial Solutions, Inc.
| | 1,863 | | 396,558 |
Builders FirstSource, Inc.(b)
| | 1,879 | | 326,946 |
BWX Technologies, Inc.
| | 2,942 | | 303,026 |
C.H. Robinson Worldwide, Inc.
| | 3,112 | | 322,123 |
CACI International, Inc., Class A(b)
| | 858 | | 418,807 |
Carlisle Cos., Inc.
| | 650 | | 275,470 |
Carrier Global Corp.
| | 4,241 | | 308,660 |
Caterpillar, Inc.
| | 830 | | 295,563 |
Cintas Corp.
| | 384 | | 309,166 |
Clarivate PLC(b)(c)
| | 67,675 | | 464,250 |
Clean Harbors, Inc.(b)
| | 5,305 | | 1,304,499 |
CNH Industrial N.V.
| | 26,747 | | 276,564 |
Comfort Systems USA, Inc.
| | 842 | | 297,664 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Concentrix Corp.(c)
| | 6,123 | | $ 460,633 |
Copart, Inc.(b)
| | 6,058 | | 320,832 |
Core & Main, Inc., Class A(b)
| | 5,326 | | 255,808 |
Crane Co.
| | 1,907 | | 302,031 |
CSX Corp.
| | 8,174 | | 280,123 |
Cummins, Inc.
| | 978 | | 305,967 |
Curtiss-Wright Corp.
| | 985 | | 311,122 |
Dayforce, Inc.(b)(c)
| | 7,422 | | 424,316 |
Deere & Co.
| | 716 | | 276,190 |
Delta Air Lines, Inc.
| | 6,212 | | 263,948 |
Donaldson Co., Inc.
| | 3,788 | | 275,501 |
Dover Corp.
| | 1,485 | | 276,255 |
Dun & Bradstreet Holdings, Inc.
| | 40,371 | | 484,452 |
Eaton Corp. PLC
| | 840 | | 257,821 |
EMCOR Group, Inc.
| | 708 | | 278,286 |
Emerson Electric Co.
| | 2,517 | | 265,267 |
Equifax, Inc.
| | 1,137 | | 349,207 |
ESAB Corp.
| | 2,839 | | 298,010 |
Expeditors International of Washington, Inc.
| | 2,158 | | 266,319 |
Fastenal Co.
| | 21,667 | | 1,479,423 |
FedEx Corp.
| | 1,079 | | 322,373 |
Ferguson Enterprises, Inc.
| | 1,402 | | 288,405 |
Flowserve Corp.
| | 5,660 | | 282,321 |
Fortive Corp.
| | 3,733 | | 277,735 |
Fortune Brands Innovations, Inc.
| | 4,025 | | 319,625 |
FTI Consulting, Inc.(b)(c)
| | 1,313 | | 299,771 |
Gates Industrial Corp. PLC(b)
| | 16,774 | | 304,616 |
GE Vernova, Inc.(b)
| | 1,537 | | 308,937 |
Generac Holdings, Inc.(b)
| | 1,978 | | 309,616 |
General Dynamics Corp.
| | 907 | | 271,519 |
General Electric Co.
| | 1,651 | | 288,298 |
Genpact Ltd.
| | 8,601 | | 337,417 |
Graco, Inc.
| | 3,429 | | 285,807 |
GXO Logistics, Inc.(b)(c)
| | 5,715 | | 286,036 |
Hayward Holdings, Inc.(b)(c)
| | 20,670 | | 306,743 |
HEICO Corp.(c)
| | 1,204 | | 308,898 |
Hexcel Corp.(c)
| | 21,798 | | 1,379,595 |
Honeywell International, Inc.
| | 1,274 | | 264,877 |
Howmet Aerospace, Inc.
| | 3,422 | | 330,770 |
Hubbell, Inc.
| | 732 | | 292,741 |
Huntington Ingalls Industries, Inc.
| | 1,102 | | 311,613 |
IDEX Corp.
| | 1,338 | | 276,270 |
Illinois Tool Works, Inc.
| | 1,120 | | 283,562 |
Ingersoll Rand, Inc.
| | 2,920 | | 267,034 |
ITT, Inc.
| | 2,096 | | 291,805 |
J.B. Hunt Transport Services, Inc.
| | 1,755 | | 303,966 |
Jacobs Solutions, Inc.
| | 2,057 | | 310,360 |
Johnson Controls International PLC
| | 3,992 | | 290,817 |
KBR, Inc.
| | 5,777 | | 400,693 |
Kirby Corp.(b)(c)
| | 2,296 | | 275,336 |
Knight-Swift Transportation Holdings, Inc.
| | 5,749 | | 301,133 |
L3Harris Technologies, Inc.
| | 1,217 | | 288,027 |
Landstar System, Inc.
| | 1,515 | | 276,578 |
Leidos Holdings, Inc.
| | 2,535 | | 401,823 |
Lennox International, Inc.
| | 501 | | 295,685 |
Lincoln Electric Holdings, Inc.
| | 1,459 | | 282,477 |
Loar Holdings, Inc.(b)(c)
| | 4,664 | | 345,882 |
Lockheed Martin Corp.
| | 585 | | 332,338 |
Lyft, Inc., Class A(b)
| | 22,408 | | 261,501 |
ManpowerGroup, Inc.
| | 3,801 | | 280,970 |
| | Shares | | Value |
| Industrials-(continued) |
Masco Corp.
| | 3,989 | | $ 317,365 |
MasTec, Inc.(b)
| | 2,493 | | 282,033 |
MDU Resources Group, Inc.
| | 10,805 | | 277,580 |
Middleby Corp. (The)(b)(c)
| | 2,164 | | 304,302 |
MSA Safety, Inc.
| | 1,457 | | 266,092 |
MSC Industrial Direct Co., Inc., Class A(c)
| | 3,452 | | 283,892 |
Nordson Corp.
| | 1,176 | | 301,715 |
Norfolk Southern Corp.
| | 1,215 | | 311,234 |
Northrop Grumman Corp.
| | 628 | | 328,576 |
nVent Electric PLC
| | 3,475 | | 236,161 |
Old Dominion Freight Line, Inc.
| | 1,559 | | 300,575 |
Oshkosh Corp.
| | 2,736 | | 295,242 |
Otis Worldwide Corp.
| | 2,816 | | 266,647 |
Owens Corning
| | 1,550 | | 261,531 |
PACCAR, Inc.
| | 2,737 | | 263,245 |
Parker-Hannifin Corp.
| | 578 | | 346,916 |
Parsons Corp.(b)
| | 4,709 | | 449,521 |
Paychex, Inc.
| | 2,178 | | 285,754 |
Paycom Software, Inc.
| | 2,541 | | 413,624 |
Paycor HCM, Inc.(b)(c)
| | 31,558 | | 446,861 |
Paylocity Holding Corp.(b)
| | 2,004 | | 323,446 |
Pentair PLC
| | 3,488 | | 309,351 |
Quanta Services, Inc.
| | 993 | | 273,204 |
RB Global, Inc. (Canada)
| | 3,939 | | 339,266 |
RBC Bearings, Inc.(b)(c)
| | 5,123 | | 1,525,886 |
Regal Rexnord Corp.
| | 1,938 | | 325,216 |
Republic Services, Inc.
| | 6,327 | | 1,317,345 |
Robert Half, Inc.
| | 4,277 | | 268,040 |
Rockwell Automation, Inc.
| | 1,045 | | 284,271 |
Rollins, Inc.
| | 6,245 | | 313,374 |
RTX Corp.
| | 2,592 | | 319,697 |
Ryder System, Inc.
| | 2,254 | | 327,371 |
Saia, Inc.(b)(c)
| | 593 | | 222,867 |
Schneider National, Inc., Class B
| | 12,293 | | 333,263 |
Science Applications International Corp.
| | 3,193 | | 416,974 |
Sensata Technologies Holding PLC
| | 7,089 | | 273,281 |
Simpson Manufacturing Co., Inc.
| | 1,594 | | 291,798 |
SiteOne Landscape Supply, Inc.(b)(c)
| | 2,344 | | 332,520 |
Snap-on, Inc.
| | 1,013 | | 287,429 |
Southwest Airlines Co.
| | 10,978 | | 317,484 |
Spirit AeroSystems Holdings, Inc., Class A(b)(c)
| | 8,598 | | 302,736 |
SS&C Technologies Holdings, Inc.
| | 5,954 | | 447,086 |
Stanley Black & Decker, Inc.
| | 3,241 | | 331,749 |
Stericycle, Inc.(b)
| | 21,022 | | 1,245,764 |
Tetra Tech, Inc.
| | 1,299 | | 308,824 |
Textron, Inc.
| | 3,155 | | 287,736 |
Timken Co. (The)
| | 17,211 | | 1,454,846 |
Toro Co. (The)
| | 2,841 | | 263,077 |
Trane Technologies PLC
| | 808 | | 292,221 |
TransDigm Group, Inc.
| | 207 | | 284,254 |
TransUnion
| | 3,710 | | 359,165 |
Trex Co., Inc.(b)
| | 3,242 | | 206,645 |
Uber Technologies, Inc.(b)
| | 4,380 | | 320,309 |
U-Haul Holding Co., Series N(c)
| | 5,179 | | 353,985 |
Union Pacific Corp.
| | 1,211 | | 310,125 |
United Airlines Holdings, Inc.(b)
| | 6,303 | | 277,584 |
United Parcel Service, Inc., Class B
| | 1,989 | | 255,686 |
United Rentals, Inc.
| | 456 | | 338,015 |
Valmont Industries, Inc.
| | 1,004 | | 286,903 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Veralto Corp.
| | 2,717 | | $ 305,472 |
Verisk Analytics, Inc.
| | 1,015 | | 276,912 |
Vertiv Holdings Co., Class A
| | 4,091 | | 339,676 |
Vestis Corp.
| | 23,015 | | 323,821 |
W.W. Grainger, Inc.
| | 295 | | 290,551 |
Wabtec Corp.
| | 1,687 | | 286,065 |
Waste Management, Inc.
| | 5,733 | | 1,215,625 |
Watsco, Inc.(c)
| | 566 | | 269,088 |
WESCO International, Inc.
| | 1,661 | | 274,696 |
WillScot Holdings Corp.(b)
| | 6,948 | | 267,776 |
Woodward, Inc.
| | 1,477 | | 246,142 |
XPO, Inc.(b)
| | 2,592 | | 297,095 |
Xylem, Inc.
| | 1,954 | | 268,734 |
| | | | | 59,143,792 |
| Information Technology-12.17% |
Accenture PLC, Class A (Ireland)
| | 888 | | 303,652 |
Adobe, Inc.(b)
| | 717 | | 411,852 |
Advanced Micro Devices, Inc.(b)
| | 2,291 | | 340,351 |
Akamai Technologies, Inc.(b)
| | 4,143 | | 421,923 |
Allegro MicroSystems, Inc. (Japan)(b)(c)
| | 13,278 | | 325,709 |
Amdocs Ltd.
| | 4,748 | | 412,934 |
Amkor Technology, Inc.
| | 9,403 | | 309,359 |
Amphenol Corp., Class A
| | 5,407 | | 364,702 |
Analog Devices, Inc.
| | 1,614 | | 379,032 |
ANSYS, Inc.(b)
| | 1,138 | | 365,776 |
AppFolio, Inc., Class A(b)
| | 1,597 | | 370,488 |
Apple, Inc.
| | 1,768 | | 404,872 |
Applied Materials, Inc.
| | 1,543 | | 304,372 |
AppLovin Corp., Class A(b)
| | 4,799 | | 445,683 |
Arista Networks, Inc.(b)
| | 8,964 | | 3,167,698 |
Arrow Electronics, Inc.(b)
| | 2,926 | | 395,244 |
Aspen Technology, Inc.(b)(c)
| | 2,009 | | 470,387 |
Astera Labs, Inc.(b)(c)
| | 5,861 | | 252,375 |
Atlassian Corp., Class A(b)
| | 2,348 | | 388,829 |
Autodesk, Inc.(b)
| | 1,520 | | 392,768 |
Avnet, Inc.
| | 7,076 | | 390,454 |
Bentley Systems, Inc., Class B(c)
| | 7,204 | | 370,790 |
BILL Holdings, Inc.(b)(c)
| | 5,739 | | 313,120 |
Broadcom, Inc.
| | 2,148 | | 349,737 |
Cadence Design Systems, Inc.(b)
| | 1,164 | | 313,035 |
CCC Intelligent Solutions Holdings, Inc.(b)(c)
| | 34,661 | | 373,646 |
CDW Corp.
| | 1,591 | | 358,993 |
Ciena Corp.(b)
| | 64,884 | | 3,740,563 |
Cirrus Logic, Inc.(b)
| | 2,964 | | 431,825 |
Cisco Systems, Inc.
| | 65,216 | | 3,296,017 |
Cloudflare, Inc., Class A(b)
| | 4,720 | | 387,701 |
Cognex Corp.(c)
| | 5,765 | | 232,791 |
Cognizant Technology Solutions Corp., Class A
| | 5,431 | | 422,369 |
Coherent Corp.(b)
| | 5,216 | | 406,587 |
Confluent, Inc., Class A(b)(c)
| | 13,751 | | 291,796 |
Corning, Inc.
| | 9,291 | | 388,828 |
Crane NXT Co.
| | 4,270 | | 250,863 |
CrowdStrike Holdings, Inc., Class A(b)
| | 968 | | 268,407 |
Datadog, Inc., Class A(b)
| | 3,217 | | 374,008 |
Dell Technologies, Inc., Class C
| | 2,492 | | 287,926 |
DocuSign, Inc.(b)
| | 7,091 | | 419,858 |
Dolby Laboratories, Inc., Class A
| | 4,677 | | 333,751 |
DoubleVerify Holdings, Inc.(b)
| | 19,600 | | 386,120 |
| | Shares | | Value |
| Information Technology-(continued) |
Dropbox, Inc., Class A(b)
| | 17,660 | | $ 443,972 |
DXC Technology Co.(b)
| | 20,111 | | 415,694 |
Dynatrace, Inc.(b)
| | 8,966 | | 453,859 |
Elastic N.V.(b)
| | 3,395 | | 258,665 |
Enphase Energy, Inc.(b)
| | 11,151 | | 1,349,717 |
Entegris, Inc.
| | 2,779 | | 322,003 |
EPAM Systems, Inc.(b)
| | 2,036 | | 408,747 |
F5, Inc.(b)
| | 2,183 | | 443,476 |
Fair Isaac Corp.(b)
| | 195 | | 337,403 |
First Solar, Inc.(b)
| | 4,601 | | 1,046,129 |
Five9, Inc.(b)(c)
| | 9,189 | | 296,345 |
Fortinet, Inc.(b)
| | 6,386 | | 489,870 |
Gartner, Inc.(b)
| | 819 | | 402,915 |
Gen Digital, Inc.
| | 15,578 | | 412,194 |
GitLab, Inc., Class A(b)
| | 8,629 | | 409,015 |
GLOBALFOUNDRIES, Inc.(b)(c)
| | 7,343 | | 342,771 |
Globant S.A.(b)
| | 2,202 | | 445,332 |
GoDaddy, Inc., Class A(b)
| | 2,686 | | 449,663 |
Guidewire Software, Inc.(b)
| | 2,732 | | 406,440 |
HashiCorp, Inc., Class A(b)(c)
| | 11,122 | | 377,481 |
Hewlett Packard Enterprise Co.
| | 17,233 | | 333,803 |
HP, Inc.
| | 10,215 | | 369,579 |
HubSpot, Inc.(b)
| | 666 | | 332,381 |
Informatica, Inc., Class A(b)(c)
| | 12,293 | | 306,219 |
Intel Corp.
| | 12,088 | | 266,420 |
International Business Machines Corp.
| | 2,130 | | 430,537 |
Intuit, Inc.
| | 602 | | 379,417 |
IPG Photonics Corp.(b)
| | 4,537 | | 310,195 |
Jabil, Inc.
| | 3,314 | | 362,154 |
Juniper Networks, Inc.
| | 86,110 | | 3,347,957 |
Keysight Technologies, Inc.(b)
| | 2,010 | | 309,781 |
KLA Corp.
| | 445 | | 364,646 |
Kyndryl Holdings, Inc.(b)
| | 14,474 | | 342,889 |
Lam Research Corp.
| | 347 | | 284,890 |
Lattice Semiconductor Corp.(b)(c)
| | 6,196 | | 293,443 |
Littelfuse, Inc.
| | 1,038 | | 282,544 |
Lumentum Holdings, Inc.(b)(c)
| | 63,557 | | 3,661,519 |
MACOM Technology Solutions Holdings, Inc.(b)
| | 3,525 | | 385,036 |
Manhattan Associates, Inc.(b)
| | 1,589 | | 420,179 |
Marvell Technology, Inc.
| | 5,054 | | 385,317 |
Microchip Technology, Inc.
| | 4,159 | | 341,703 |
Micron Technology, Inc.
| | 2,568 | | 247,144 |
Microsoft Corp.
| | 828 | | 345,392 |
MicroStrategy, Inc., Class A(b)(c)
| | 2,560 | | 338,995 |
MKS Instruments, Inc.
| | 2,063 | | 245,971 |
MongoDB, Inc.(b)
| | 1,681 | | 488,818 |
Monolithic Power Systems, Inc.
| | 448 | | 418,737 |
Motorola Solutions, Inc.
| | 7,936 | | 3,508,029 |
nCino, Inc.(b)(c)
| | 11,828 | | 354,367 |
NetApp, Inc.
| | 2,902 | | 350,329 |
Nutanix, Inc., Class A(b)
| | 7,064 | | 446,374 |
NVIDIA Corp.
| | 2,828 | | 337,578 |
Okta, Inc.(b)
| | 4,281 | | 337,043 |
ON Semiconductor Corp.(b)
| | 5,472 | | 426,105 |
Onto Innovation, Inc.(b)
| | 1,671 | | 356,291 |
Oracle Corp.
| | 2,591 | | 366,082 |
Palantir Technologies, Inc., Class A(b)
| | 14,486 | | 456,019 |
Palo Alto Networks, Inc.(b)
| | 1,192 | | 432,362 |
Pegasystems, Inc.(c)
| | 6,427 | | 455,546 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
Procore Technologies, Inc.(b)(c)
| | 5,827 | | $ 345,366 |
PTC, Inc.(b)
| | 2,121 | | 379,850 |
Pure Storage, Inc., Class A(b)
| | 5,612 | | 287,839 |
Qorvo, Inc.(b)
| | 3,317 | | 384,407 |
QUALCOMM, Inc.
| | 1,720 | | 301,516 |
RingCentral, Inc., Class A(b)(c)
| | 13,375 | | 445,789 |
Roper Technologies, Inc.
| | 664 | | 368,128 |
Salesforce, Inc.
| | 1,531 | | 387,190 |
SentinelOne, Inc., Class A(b)(c)
| | 20,614 | | 485,666 |
ServiceNow, Inc.(b)
| | 504 | | 430,920 |
Skyworks Solutions, Inc.
| | 3,498 | | 383,346 |
Smartsheet, Inc., Class A(b)
| | 8,974 | | 437,931 |
Snowflake, Inc., Class A(b)
| | 2,922 | | 333,780 |
Super Micro Computer, Inc.(b)
| | 402 | | 175,955 |
Synopsys, Inc.(b)
| | 608 | | 315,905 |
TD SYNNEX Corp.
| | 2,821 | | 342,526 |
Teledyne Technologies, Inc.(b)
| | 707 | | 305,990 |
Teradata Corp.(b)
| | 10,972 | | 309,849 |
Teradyne, Inc.
| | 2,502 | | 342,098 |
Texas Instruments, Inc.
| | 1,919 | | 411,318 |
Trimble, Inc.(b)
| | 4,881 | | 276,704 |
Twilio, Inc., Class A(b)
| | 6,925 | | 434,613 |
Tyler Technologies, Inc.(b)
| | 770 | | 452,660 |
Ubiquiti, Inc.
| | 21,746 | | 4,208,286 |
UiPath, Inc., Class A(b)(c)
| | 32,557 | | 419,334 |
Unity Software, Inc.(b)(c)
| | 23,835 | | 390,179 |
Universal Display Corp.
| | 1,785 | | 345,790 |
VeriSign, Inc.(b)
| | 2,049 | | 376,811 |
Vontier Corp.
| | 6,945 | | 243,283 |
Western Digital Corp.(b)
| | 4,849 | | 318,046 |
Wolfspeed, Inc.(b)(c)
| | 15,578 | | 151,886 |
Workday, Inc., Class A(b)
| | 1,727 | | 454,529 |
Zebra Technologies Corp., Class A(b)
| | 917 | | 316,713 |
Zoom Video Communications, Inc., Class A(b)
| | 6,351 | | 438,727 |
Zscaler, Inc.(b)(c)
| | 2,073 | | 414,559 |
| | | | | 73,968,162 |
| Materials-8.69% |
Air Products and Chemicals, Inc.
| | 5,163 | | 1,439,703 |
Albemarle Corp.
| | 14,828 | | 1,338,227 |
Alcoa Corp.
| | 35,677 | | 1,145,232 |
Amcor PLC
| | 27,556 | | 315,241 |
AptarGroup, Inc.
| | 1,865 | | 285,699 |
Ardagh Group S.A., Class A(b)(d)
| | 13,287 | | 56,038 |
Ashland, Inc.
| | 14,412 | | 1,289,874 |
ATI, Inc.(b)(c)
| | 4,997 | | 319,208 |
Avery Dennison Corp.
| | 6,238 | | 1,383,900 |
Axalta Coating Systems Ltd.(b)
| | 7,921 | | 289,117 |
Ball Corp.
| | 4,504 | | 287,400 |
Berry Global Group, Inc.
| | 4,472 | | 307,942 |
Celanese Corp.
| | 10,190 | | 1,330,814 |
CF Industries Holdings, Inc.
| | 19,044 | | 1,582,366 |
Chemours Co. (The)
| | 60,436 | | 1,174,876 |
Cleveland-Cliffs, Inc.(b)
| | 94,799 | | 1,238,075 |
Corteva, Inc.
| | 18,193 | | 1,042,459 |
CRH PLC
| | 3,584 | | 325,320 |
Crown Holdings, Inc.
| | 3,524 | | 318,605 |
Dow, Inc.
| | 5,021 | | 269,025 |
DuPont de Nemours, Inc.
| | 3,407 | | 287,040 |
Eagle Materials, Inc.
| | 1,258 | | 324,249 |
| | Shares | | Value |
| Materials-(continued) |
Eastman Chemical Co.
| | 14,393 | | $ 1,473,411 |
Ecolab, Inc.
| | 5,763 | | 1,459,076 |
Element Solutions, Inc.
| | 51,549 | | 1,378,420 |
FMC Corp.
| | 25,911 | | 1,673,332 |
Freeport-McMoRan, Inc.
| | 28,176 | | 1,247,633 |
Graphic Packaging Holding Co.(c)
| | 9,944 | | 297,624 |
Huntsman Corp.
| | 60,666 | | 1,337,685 |
International Flavors & Fragrances, Inc.
| | 14,610 | | 1,519,294 |
International Paper Co.
| | 30,191 | | 1,461,848 |
Linde PLC
| | 3,175 | | 1,518,444 |
Louisiana-Pacific Corp.
| | 3,144 | | 305,125 |
LyondellBasell Industries N.V., Class A
| | 14,849 | | 1,465,596 |
Martin Marietta Materials, Inc.
| | 504 | | 269,217 |
Mosaic Co. (The)
| | 50,694 | | 1,448,328 |
MP Materials Corp.(b)(c)
| | 103,168 | | 1,330,867 |
NewMarket Corp.
| | 2,721 | | 1,561,228 |
Newmont Corp.
| | 32,909 | | 1,757,012 |
Nucor Corp.
| | 8,991 | | 1,365,823 |
Olin Corp.
| | 28,252 | | 1,233,765 |
Packaging Corp. of America
| | 1,467 | | 307,395 |
PPG Industries, Inc.
| | 2,120 | | 275,028 |
Reliance, Inc.
| | 5,000 | | 1,433,250 |
Royal Gold, Inc.(c)
| | 11,307 | | 1,584,902 |
RPM International, Inc.(c)
| | 2,454 | | 285,278 |
Scotts Miracle-Gro Co. (The)(c)
| | 21,889 | | 1,553,681 |
Sealed Air Corp.
| | 7,572 | | 264,641 |
Sherwin-Williams Co. (The)
| | 902 | | 333,172 |
Silgan Holdings, Inc.
| | 6,155 | | 321,722 |
Sonoco Products Co.
| | 4,825 | | 272,950 |
Southern Copper Corp. (Mexico)(c)
| | 12,792 | | 1,301,202 |
Steel Dynamics, Inc.
| | 11,182 | | 1,336,361 |
United States Steel Corp.(c)
| | 38,088 | | 1,443,916 |
Vulcan Materials Co.
| | 1,106 | | 271,202 |
Westlake Corp.
| | 9,322 | | 1,355,792 |
| | | | | 52,794,630 |
| Real Estate-9.69% |
Agree Realty Corp.
| | 14,011 | | 1,022,943 |
Alexandria Real Estate Equities, Inc.
| | 7,433 | | 888,764 |
American Homes 4 Rent, Class A
| | 23,801 | | 946,566 |
American Tower Corp.
| | 4,415 | | 989,225 |
Americold Realty Trust, Inc.
| | 33,806 | | 980,374 |
AvalonBay Communities, Inc.
| | 4,249 | | 959,127 |
Brixmor Property Group, Inc.
| | 38,131 | | 1,044,408 |
BXP, Inc.
| | 13,968 | | 1,050,673 |
Camden Property Trust
| | 7,844 | | 982,069 |
CBRE Group, Inc., Class A(b)
| | 9,508 | | 1,094,751 |
CoStar Group, Inc.(b)
| | 11,737 | | 907,270 |
Cousins Properties, Inc.
| | 37,027 | | 1,055,640 |
Crown Castle, Inc.
| | 8,898 | | 996,754 |
CubeSmart
| | 18,991 | | 984,304 |
Digital Realty Trust, Inc.
| | 5,801 | | 879,490 |
EastGroup Properties, Inc.
| | 5,168 | | 963,315 |
EPR Properties
| | 20,917 | | 992,930 |
Equinix, Inc.
| | 1,124 | | 937,821 |
Equity LifeStyle Properties, Inc.
| | 13,570 | | 986,675 |
Equity Residential
| | 12,638 | | 946,333 |
Essex Property Trust, Inc.
| | 3,062 | | 924,081 |
Extra Space Storage, Inc.
| | 5,426 | | 960,402 |
Federal Realty Investment Trust
| | 8,489 | | 976,235 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
First Industrial Realty Trust, Inc.
| | 18,222 | | $ 1,033,734 |
Gaming and Leisure Properties, Inc.
| | 19,519 | | 1,015,378 |
Healthcare Realty Trust, Inc.
| | 53,365 | | 949,897 |
Healthpeak Properties, Inc.
| | 44,251 | | 985,912 |
Highwoods Properties, Inc.
| | 32,983 | | 1,062,712 |
Host Hotels & Resorts, Inc.
| | 47,487 | | 840,520 |
Howard Hughes Holdings, Inc.(b)(c)
| | 13,191 | | 992,227 |
Invitation Homes, Inc.
| | 24,098 | | 887,770 |
Iron Mountain, Inc.
| | 9,654 | | 1,093,412 |
Jones Lang LaSalle, Inc.(b)
| | 4,087 | | 1,043,125 |
Kilroy Realty Corp.
| | 27,089 | | 982,518 |
Kimco Realty Corp.
| | 45,400 | | 1,056,004 |
Lamar Advertising Co., Class A
| | 7,456 | | 937,816 |
Medical Properties Trust, Inc.(c)
| | 178,294 | | 802,323 |
Mid-America Apartment Communities, Inc.
| | 6,117 | | 993,217 |
National Storage Affiliates Trust
| | 20,395 | | 953,262 |
NNN REIT, Inc.
| | 20,375 | | 957,421 |
Omega Healthcare Investors, Inc.
| | 26,229 | | 1,037,095 |
Park Hotels & Resorts, Inc.(c)
| | 58,023 | | 886,591 |
Prologis, Inc.
| | 7,859 | | 1,004,537 |
Public Storage
| | 2,936 | | 1,009,162 |
Rayonier, Inc.(c)
| | 28,752 | | 885,849 |
Realty Income Corp.
| | 16,505 | | 1,025,126 |
Regency Centers Corp.
| | 13,908 | | 1,010,972 |
Rexford Industrial Realty, Inc.
| | 19,359 | | 985,760 |
SBA Communications Corp., Class A
| | 4,494 | | 1,018,610 |
Seaport Entertainment Group, Inc.(b)(c)
| | 1,465 | | 45,093 |
Simon Property Group, Inc.
| | 5,864 | | 981,340 |
STAG Industrial, Inc.
| | 24,258 | | 984,390 |
Sun Communities, Inc.
| | 7,417 | | 1,003,075 |
UDR, Inc.
| | 21,136 | | 940,763 |
Ventas, Inc.
| | 17,126 | | 1,063,696 |
VICI Properties, Inc.
| | 30,541 | | 1,022,513 |
Vornado Realty Trust(c)
| | 33,346 | | 1,146,102 |
W.P. Carey, Inc.(c)
| | 15,415 | | 925,208 |
Welltower, Inc.
| | 8,326 | | 1,004,782 |
Weyerhaeuser Co.
| | 29,943 | | 912,962 |
Zillow Group, Inc., Class C(b)(c)
| | 17,566 | | 971,400 |
| | | | | 58,922,424 |
| Utilities-8.49% |
AES Corp. (The)
| | 63,449 | | 1,086,881 |
Alliant Energy Corp.
| | 23,720 | | 1,382,164 |
Ameren Corp.
| | 17,017 | | 1,404,073 |
American Electric Power Co., Inc.
| | 13,820 | | 1,385,870 |
American Water Works Co., Inc.
| | 9,285 | | 1,328,869 |
Atmos Energy Corp.
| | 10,352 | | 1,353,420 |
Avangrid, Inc.
| | 33,916 | | 1,210,462 |
Brookfield Renewable Corp., Class A
| | 40,856 | | 1,163,987 |
CenterPoint Energy, Inc.
| | 38,256 | | 1,044,389 |
Clearway Energy, Inc., Class C
| | 46,561 | | 1,348,407 |
CMS Energy Corp.
| | 20,338 | | 1,380,137 |
| | Shares | | Value |
| Utilities-(continued) |
Consolidated Edison, Inc.
| | 13,359 | | $ 1,356,740 |
Constellation Energy Corp.
| | 5,380 | | 1,058,246 |
Dominion Energy, Inc.
| | 24,104 | | 1,347,414 |
DTE Energy Co.
| | 10,916 | | 1,364,718 |
Duke Energy Corp.
| | 12,121 | | 1,381,188 |
Edison International
| | 16,901 | | 1,470,894 |
Entergy Corp.
| | 11,407 | | 1,376,711 |
Essential Utilities, Inc.
| | 32,783 | | 1,278,209 |
Evergy, Inc.
| | 22,720 | | 1,343,661 |
Eversource Energy
| | 20,944 | | 1,414,348 |
Exelon Corp.
| | 34,722 | | 1,322,561 |
FirstEnergy Corp.
| | 31,701 | | 1,392,308 |
IDACORP, Inc.
| | 13,103 | | 1,335,327 |
National Fuel Gas Co.
| | 22,221 | | 1,327,927 |
NextEra Energy, Inc.
| | 16,744 | | 1,348,059 |
NiSource, Inc.
| | 42,681 | | 1,411,034 |
NRG Energy, Inc.
| | 14,825 | | 1,260,273 |
OGE Energy Corp.
| | 34,264 | | 1,355,484 |
PG&E Corp.
| | 68,077 | | 1,341,117 |
Pinnacle West Capital Corp.(c)
| | 16,040 | | 1,403,821 |
PPL Corp.
| | 43,121 | | 1,375,991 |
Public Service Enterprise Group, Inc.
| | 16,466 | | 1,329,629 |
Sempra
| | 16,075 | | 1,321,043 |
Southern Co. (The)
| | 15,334 | | 1,324,858 |
UGI Corp.
| | 53,103 | | 1,322,796 |
Vistra Corp.
| | 13,567 | | 1,159,029 |
WEC Energy Group, Inc.
| | 15,327 | | 1,425,872 |
Xcel Energy, Inc.
| | 22,598 | | 1,383,675 |
| | | | | 51,621,592 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.90%
(Cost $539,777,795)
| | 607,267,429 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-11.26% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 18,859,177 | | 18,859,177 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 49,538,456 | | 49,558,271 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $68,412,293)
| | 68,417,448 |
TOTAL INVESTMENTS IN SECURITIES-111.16%
(Cost $608,190,088)
| | 675,684,877 |
OTHER ASSETS LESS LIABILITIES-(11.16)%
| | (67,815,640) |
NET ASSETS-100.00%
| | $607,869,237 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Rts. | -Rights |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
August 31, 2024
| 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, 2024. |
| (d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $406,995 | | $85,962 | | $(94,370) | | $29,556 | | $(1,901) | | $426,242 | | $20,636 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 14,244,984 | | (14,244,984) | | - | | - | | - | | 10,019 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 23,600,718 | | 153,031,367 | | (157,772,908) | | - | | - | | 18,859,177 | | 1,233,281* |
| Invesco Private Prime Fund | 60,687,562 | | 311,573,537 | | (322,732,152) | | 3,862 | | 25,462 | | 49,558,271 | | 3,325,350* |
| Total | $84,695,275 | | $478,935,850 | | $(494,844,414) | | $33,418 | | $23,561 | | $68,843,690 | | $4,589,286 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Enhanced Value ETF (SPVU)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.81% |
| Communication Services-11.33% |
AT&T, Inc.
| | 194,700 | | $ 3,874,530 |
Charter Communications, Inc., Class A(b)(c)
| | 2,287 | | 794,824 |
Comcast Corp., Class A
| | 86,153 | | 3,409,074 |
Fox Corp., Class A
| | 5,548 | | 229,521 |
Paramount Global, Class B
| | 14,216 | | 148,841 |
Verizon Communications, Inc.
| | 77,046 | | 3,218,982 |
Warner Bros. Discovery, Inc.(b)
| | 46,938 | | 367,994 |
| | | | | 12,043,766 |
| Consumer Discretionary-8.21% |
Aptiv PLC(b)
| | 7,542 | | 539,479 |
Best Buy Co., Inc.
| | 4,220 | | 423,688 |
BorgWarner, Inc.
| | 6,448 | | 219,684 |
Caesars Entertainment, Inc.(b)(c)
| | 5,285 | | 198,928 |
CarMax, Inc.(b)(c)
| | 4,035 | | 341,159 |
D.R. Horton, Inc.
| | 6,328 | | 1,194,473 |
Ford Motor Co.
| | 142,180 | | 1,590,994 |
General Motors Co.
| | 45,888 | | 2,284,305 |
Lennar Corp., Class A
| | 5,397 | | 982,578 |
LKQ Corp.
| | 5,814 | | 241,804 |
Mohawk Industries, Inc.(b)
| | 901 | | 139,781 |
PulteGroup, Inc.
| | 4,323 | | 569,123 |
| | | | | 8,725,996 |
| Consumer Staples-4.36% |
Archer-Daniels-Midland Co.
| | 19,630 | | 1,197,234 |
Bunge Global S.A.
| | 5,590 | | 566,714 |
Conagra Brands, Inc.
| | 9,734 | | 303,701 |
Kraft Heinz Co. (The)
| | 19,620 | | 695,137 |
Kroger Co. (The)
| | 17,920 | | 953,523 |
Molson Coors Beverage Co., Class B
| | 5,618 | | 303,203 |
Tyson Foods, Inc., Class A
| | 6,873 | | 442,003 |
Walgreens Boots Alliance, Inc.
| | 17,982 | | 166,333 |
| | | | | 4,627,848 |
| Energy-16.29% |
APA Corp.
| | 8,102 | | 230,826 |
Chevron Corp.
| | 30,980 | | 4,583,491 |
Devon Energy Corp.
| | 12,350 | | 553,033 |
Diamondback Energy, Inc.
| | 2,955 | | 576,550 |
Exxon Mobil Corp.
| | 44,955 | | 5,301,993 |
Marathon Oil Corp.
| | 11,480 | | 328,902 |
Marathon Petroleum Corp.
| | 11,347 | | 2,009,781 |
Phillips 66
| | 13,446 | | 1,886,608 |
Valero Energy Corp.
| | 12,503 | | 1,834,565 |
| | | | | 17,305,749 |
| Financials-37.46% |
American International Group, Inc.
| | 17,976 | | 1,385,051 |
Arch Capital Group Ltd.(b)
| | 8,036 | | 908,791 |
Assurant, Inc.
| | 1,187 | | 233,067 |
Bank of America Corp.
| | 126,293 | | 5,146,440 |
Bank of New York Mellon Corp. (The)
| | 14,713 | | 1,003,721 |
Berkshire Hathaway, Inc., Class B(b)
| | 12,198 | | 5,805,272 |
Capital One Financial Corp.
| | 9,687 | | 1,423,311 |
Cincinnati Financial Corp.
| | 4,095 | | 561,138 |
Citigroup, Inc.
| | 42,725 | | 2,676,294 |
Citizens Financial Group, Inc.
| | 10,900 | | 469,245 |
| | Shares | | Value |
| Financials-(continued) |
Everest Group Ltd.
| | 1,315 | | $ 515,796 |
Fifth Third Bancorp
| | 13,055 | | 557,318 |
Franklin Resources, Inc.
| | 7,602 | | 153,864 |
Globe Life, Inc.
| | 2,218 | | 233,001 |
Hartford Financial Services Group, Inc. (The)
| | 6,011 | | 697,877 |
Huntington Bancshares, Inc.
| | 33,235 | | 497,528 |
JPMorgan Chase & Co.
| | 26,034 | | 5,852,443 |
KeyCorp
| | 18,590 | | 317,145 |
Loews Corp.
| | 4,983 | | 408,307 |
M&T Bank Corp.
| | 4,327 | | 744,720 |
PNC Financial Services Group, Inc. (The)
| | 7,561 | | 1,399,466 |
Principal Financial Group, Inc.
| | 4,160 | | 338,707 |
Prudential Financial, Inc.
| | 7,913 | | 958,739 |
Regions Financial Corp.
| | 21,936 | | 513,741 |
State Street Corp.
| | 7,071 | | 615,884 |
Synchrony Financial
| | 10,641 | | 534,817 |
U.S. Bancorp
| | 31,247 | | 1,475,796 |
Wells Fargo & Co.
| | 74,845 | | 4,376,187 |
| | | | | 39,803,666 |
| Health Care-10.75% |
Baxter International, Inc.
| | 12,480 | | 473,491 |
Cencora, Inc.
| | 3,314 | | 793,935 |
Centene Corp.(b)
| | 18,520 | | 1,459,932 |
Cigna Group (The)
| | 6,188 | | 2,238,880 |
CVS Health Corp.
| | 49,437 | | 2,829,774 |
Humana, Inc.
| | 2,958 | | 1,048,522 |
McKesson Corp.
| | 2,499 | | 1,402,139 |
Molina Healthcare, Inc.(b)
| | 1,195 | | 417,999 |
Solventum Corp.(b)
| | 3,262 | | 209,127 |
Universal Health Services, Inc., Class B
| | 1,162 | | 276,521 |
Viatris, Inc.
| | 22,493 | | 271,716 |
| | | | | 11,422,036 |
| Industrials-4.29% |
American Airlines Group, Inc.(b)(c)
| | 14,166 | | 150,443 |
Delta Air Lines, Inc.
| | 18,227 | | 774,465 |
Emerson Electric Co.
| | 10,865 | | 1,145,062 |
FedEx Corp.
| | 4,755 | | 1,420,651 |
Huntington Ingalls Industries, Inc.
| | 778 | | 219,995 |
Southwest Airlines Co.
| | 11,191 | | 323,644 |
United Airlines Holdings, Inc.(b)
| | 11,991 | | 528,084 |
| | | | | 4,562,344 |
| Information Technology-1.38% |
Hewlett Packard Enterprise Co.
| | 30,228 | | 585,516 |
HP, Inc.
| | 15,032 | | 543,858 |
Jabil, Inc.
| | 3,058 | | 334,178 |
| | | | | 1,463,552 |
| Materials-3.27% |
Ball Corp.
| | 6,791 | | 433,334 |
Celanese Corp.
| | 2,218 | | 289,671 |
Eastman Chemical Co.
| | 2,025 | | 207,299 |
FMC Corp.
| | 3,077 | | 198,713 |
LyondellBasell Industries N.V., Class A
| | 5,004 | | 493,895 |
Mosaic Co. (The)
| | 10,116 | | 289,014 |
Nucor Corp.
| | 5,769 | | 876,369 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Enhanced Value ETF (SPVU)—(continued)
August 31, 2024
| | Shares | | Value |
| Materials-(continued) |
Smurfit WestRock PLC
| | 5,379 | | $ 255,072 |
Steel Dynamics, Inc.
| | 3,622 | | 432,865 |
| | | | | 3,476,232 |
| Real Estate-0.67% |
VICI Properties, Inc.(c)
| | 21,165 | | 708,604 |
| Utilities-1.80% |
Consolidated Edison, Inc.
| | 5,771 | | 586,103 |
Entergy Corp.
| | 4,293 | | 518,122 |
Evergy, Inc.
| | 4,154 | | 245,668 |
NRG Energy, Inc.
| | 4,535 | | 385,520 |
Pinnacle West Capital Corp.(c)
| | 2,010 | | 175,915 |
| | | | | 1,911,328 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.81%
(Cost $97,660,038)
| | 106,051,121 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-1.86% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 547,149 | | $ 547,149 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 1,429,384 | | 1,429,956 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,977,024)
| | 1,977,105 |
TOTAL INVESTMENTS IN SECURITIES-101.67%
(Cost $99,637,062)
| | 108,028,226 |
OTHER ASSETS LESS LIABILITIES-(1.67)%
| | (1,770,472) |
NET ASSETS-100.00%
| | $106,257,754 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $189,002 | | $54,203 | | $(229,904) | | $91,785 | | $(105,086) | | $- | | $7,248 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 2,876,412 | | (2,876,412) | | - | | - | | - | | 2,854 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 97,092 | | 46,539,903 | | (46,089,846) | | - | | - | | 547,149 | | 95,697* |
| Invesco Private Prime Fund | 249,665 | | 109,146,895 | | (107,960,209) | | 81 | | (6,476) | | 1,429,956 | | 253,431* |
| Total | $535,759 | | $158,617,413 | | $(157,156,371) | | $91,866 | | $(111,562) | | $1,977,105 | | $359,230 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.96% |
| Communication Services-3.14% |
Electronic Arts, Inc.
| | 2,530 | | $ 384,105 |
Omnicom Group, Inc.(b)
| | 3,845 | | 386,153 |
T-Mobile US, Inc.
| | 2,581 | | 512,896 |
| | | | | 1,283,154 |
| Consumer Discretionary-5.09% |
Darden Restaurants, Inc.(b)
| | 2,448 | | 387,151 |
Hilton Worldwide Holdings, Inc.
| | 1,710 | | 375,584 |
McDonald’s Corp.
| | 1,515 | | 437,320 |
TJX Cos., Inc. (The)
| | 3,947 | | 462,865 |
Yum! Brands, Inc.
| | 3,093 | | 417,308 |
| | | | | 2,080,228 |
| Consumer Staples-14.40% |
Altria Group, Inc.
| | 7,246 | | 389,617 |
Church & Dwight Co., Inc.
| | 3,805 | | 387,653 |
Coca-Cola Co. (The)
| | 7,578 | | 549,178 |
Colgate-Palmolive Co.
| | 4,602 | | 490,113 |
Constellation Brands, Inc., Class A
| | 1,540 | | 370,693 |
General Mills, Inc.
| | 5,137 | | 371,354 |
Keurig Dr Pepper, Inc.
| | 10,707 | | 391,983 |
Kimberly-Clark Corp.
| | 2,748 | | 397,526 |
Mondelez International, Inc., Class A
| | 5,637 | | 404,793 |
PepsiCo, Inc.
| | 2,331 | | 402,983 |
Philip Morris International, Inc.
| | 3,527 | | 434,844 |
Procter & Gamble Co. (The)
| | 2,774 | | 475,852 |
Sysco Corp.
| | 4,670 | | 364,120 |
Walmart, Inc.
| | 5,930 | | 457,974 |
| | | | | 5,888,683 |
| Energy-3.04% |
Kinder Morgan, Inc.
| | 19,603 | | 422,837 |
ONEOK, Inc.
| | 4,404 | | 406,753 |
Williams Cos., Inc. (The)
| | 9,004 | | 412,113 |
| | | | | 1,241,703 |
| Financials-22.17% |
Aflac, Inc.
| | 3,587 | | 395,861 |
American International Group, Inc.
| | 5,295 | | 407,980 |
Ameriprise Financial, Inc.
| | 940 | | 422,474 |
Arthur J. Gallagher & Co.
| | 1,347 | | 394,092 |
Bank of New York Mellon Corp. (The)
| | 6,174 | | 421,190 |
Berkshire Hathaway, Inc., Class B(c)
| | 1,266 | | 602,515 |
Brown & Brown, Inc.
| | 3,691 | | 388,035 |
Cboe Global Markets, Inc.
| | 1,729 | | 355,137 |
Chubb Ltd.
| | 1,508 | | 428,543 |
CME Group, Inc., Class A
| | 1,965 | | 423,929 |
Fiserv, Inc.(c)
| | 2,576 | | 449,770 |
Hartford Financial Services Group, Inc. (The)
| | 3,635 | | 422,023 |
Jack Henry & Associates, Inc.
| | 2,073 | | 358,691 |
JPMorgan Chase & Co.
| | 1,921 | | 431,841 |
Loews Corp.
| | 6,195 | | 507,618 |
Marsh & McLennan Cos., Inc.
| | 2,141 | | 487,099 |
Mastercard, Inc., Class A
| | 950 | | 459,173 |
MetLife, Inc.
| | 5,287 | | 409,637 |
Principal Financial Group, Inc.
| | 4,801 | | 390,897 |
| | Shares | | Value |
| Financials-(continued) |
Prudential Financial, Inc.
| | 3,414 | | $ 413,640 |
Visa, Inc., Class A
| | 1,806 | | 499,124 |
| | | | | 9,069,269 |
| Health Care-11.29% |
Abbott Laboratories
| | 3,306 | | 374,471 |
AbbVie, Inc.
| | 1,921 | | 377,112 |
Becton, Dickinson and Co.
| | 1,486 | | 360,221 |
Cencora, Inc.
| | 1,705 | | 408,467 |
Elevance Health, Inc.
| | 671 | | 373,673 |
Hologic, Inc.(c)
| | 4,521 | | 367,286 |
Johnson & Johnson
| | 2,731 | | 452,964 |
Labcorp Holdings, Inc.
| | 1,628 | | 374,261 |
McKesson Corp.
| | 610 | | 342,259 |
Medtronic PLC
| | 4,366 | | 386,740 |
Quest Diagnostics, Inc.
| | 2,395 | | 375,943 |
Regeneron Pharmaceuticals, Inc.(c)
| | 360 | | 426,488 |
| | | | | 4,619,885 |
| Industrials-14.99% |
AMETEK, Inc.
| | 2,397 | | 410,007 |
Automatic Data Processing, Inc.
| | 1,467 | | 404,760 |
Broadridge Financial Solutions, Inc.
| | 1,726 | | 367,397 |
Cintas Corp.
| | 485 | | 390,483 |
CSX Corp.
| | 11,371 | | 389,684 |
General Dynamics Corp.
| | 1,347 | | 403,238 |
Honeywell International, Inc.
| | 2,152 | | 447,422 |
IDEX Corp.
| | 1,959 | | 404,494 |
Illinois Tool Works, Inc.
| | 1,746 | | 442,052 |
Lockheed Martin Corp.
| | 703 | | 399,374 |
Paychex, Inc.
| | 2,868 | | 376,282 |
Republic Services, Inc.
| | 2,435 | | 506,991 |
Union Pacific Corp.
| | 1,671 | | 427,927 |
Verisk Analytics, Inc.
| | 1,332 | | 363,396 |
Waste Management, Inc.
| | 1,885 | | 399,696 |
| | | | | 6,133,203 |
| Information Technology-4.10% |
Cisco Systems, Inc.
| | 8,098 | | 409,273 |
Motorola Solutions, Inc.
| | 964 | | 426,127 |
Roper Technologies, Inc.
| | 800 | | 443,528 |
VeriSign, Inc.(c)
| | 2,160 | | 397,224 |
| | | | | 1,676,152 |
| Materials-6.83% |
Avery Dennison Corp.
| | 1,946 | | 431,720 |
Dow, Inc.
| | 6,757 | | 362,040 |
Ecolab, Inc.
| | 1,506 | | 381,289 |
Linde PLC
| | 968 | | 462,946 |
LyondellBasell Industries N.V., Class A
| | 3,842 | | 379,205 |
Packaging Corp. of America
| | 1,859 | | 389,535 |
PPG Industries, Inc.
| | 2,967 | | 384,909 |
| | | | | 2,791,644 |
| Real Estate-1.82% |
AvalonBay Communities, Inc.
| | 1,683 | | 379,904 |
Welltower, Inc.
| | 3,038 | | 366,626 |
| | | | | 746,530 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-13.09% |
Alliant Energy Corp.
| | 6,479 | | $ 377,531 |
Atmos Energy Corp.
| | 3,225 | | 421,636 |
CMS Energy Corp.
| | 5,584 | | 378,930 |
Consolidated Edison, Inc.
| | 3,771 | | 382,983 |
Duke Energy Corp.
| | 3,591 | | 409,194 |
Entergy Corp.
| | 3,111 | | 375,467 |
Evergy, Inc.
| | 5,925 | | 350,405 |
FirstEnergy Corp.
| | 8,749 | | 384,256 |
NiSource, Inc.
| | 11,108 | | 367,230 |
PPL Corp.
| | 12,426 | | 396,514 |
Public Service Enterprise Group, Inc.
| | 4,643 | | 374,922 |
Sempra
| | 4,665 | | 383,370 |
Southern Co. (The)
| | 4,430 | | 382,752 |
WEC Energy Group, Inc.(b)
| | 3,954 | | 367,841 |
| | | | | 5,353,031 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $34,897,583)
| | 40,883,482 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-2.79% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 317,405 | | $ 317,405 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 823,903 | | 824,233 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,141,583)
| | 1,141,638 |
TOTAL INVESTMENTS IN SECURITIES-102.75%
(Cost $36,039,166)
| | 42,025,120 |
OTHER ASSETS LESS LIABILITIES-(2.75)%
| | (1,123,456) |
NET ASSETS-100.00%
| | $40,901,664 |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $547,255 | | $(547,255) | | $- | | $- | | $- | | $765 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 31,992 | | 11,415,708 | | (11,130,295) | | - | | - | | 317,405 | | 17,332* |
| Invesco Private Prime Fund | 84,005 | | 23,855,890 | | (23,116,356) | | 63 | | 631 | | 824,233 | | 45,797* |
| Total | $115,997 | | $35,818,853 | | $(34,793,906) | | $63 | | $631 | | $1,141,638 | | $63,894 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® High Beta ETF (SPHB)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Communication Services-2.64% |
Alphabet, Inc., Class C
| | 21,929 | | $ 3,620,697 |
Meta Platforms, Inc., Class A
| | 9,687 | | 5,049,930 |
Warner Bros. Discovery, Inc.(b)
| | 410,459 | | 3,217,999 |
| | | | | 11,888,626 |
| Consumer Discretionary-17.35% |
Airbnb, Inc., Class A(b)
| | 35,037 | | 4,110,191 |
Amazon.com, Inc.(b)
| | 23,843 | | 4,255,976 |
Aptiv PLC(b)(c)
| | 49,357 | | 3,530,506 |
Bath & Body Works, Inc.
| | 105,132 | | 3,233,860 |
Booking Holdings, Inc.
| | 931 | | 3,639,493 |
Caesars Entertainment, Inc.(b)(c)
| | 148,153 | | 5,576,479 |
CarMax, Inc.(b)
| | 46,500 | | 3,931,575 |
Carnival Corp.(b)
| | 310,055 | | 5,115,908 |
D.R. Horton, Inc.
| | 20,037 | | 3,782,184 |
Deckers Outdoor Corp.(b)
| | 3,984 | | 3,821,811 |
Etsy, Inc.(b)(c)
| | 62,015 | | 3,416,406 |
Lennar Corp., Class A
| | 20,405 | | 3,714,934 |
lululemon athletica, inc.(b)
| | 13,387 | | 3,473,525 |
MGM Resorts International(b)(c)
| | 92,352 | | 3,471,512 |
Mohawk Industries, Inc.(b)
| | 24,926 | | 3,867,020 |
Norwegian Cruise Line Holdings Ltd.(b)(c)
| | 282,272 | | 5,049,846 |
PulteGroup, Inc.
| | 30,139 | | 3,967,799 |
Royal Caribbean Cruises Ltd.(b)
| | 24,765 | | 4,076,814 |
Tesla, Inc.(b)
| | 28,547 | | 6,112,198 |
| | | | | 78,148,037 |
| Consumer Staples-0.78% |
Lamb Weston Holdings, Inc.
| | 56,780 | | 3,515,817 |
| Financials-5.26% |
Blackstone, Inc., Class A
| | 31,103 | | 4,427,823 |
Invesco Ltd.(d)
| | 208,633 | | 3,565,538 |
KeyCorp
| | 221,813 | | 3,784,130 |
KKR & Co., Inc., Class A
| | 35,774 | | 4,427,748 |
PayPal Holdings, Inc.(b)
| | 57,600 | | 4,171,968 |
T. Rowe Price Group, Inc.
| | 31,395 | | 3,329,126 |
| | | | | 23,706,333 |
| Health Care-5.98% |
Align Technology, Inc.(b)
| | 21,519 | | 5,104,737 |
Charles River Laboratories International, Inc.(b)
| | 18,102 | | 3,579,671 |
IDEXX Laboratories, Inc.(b)
| | 7,475 | | 3,597,942 |
Insulet Corp.(b)
| | 18,082 | | 3,666,487 |
Intuitive Surgical, Inc.(b)
| | 7,626 | | 3,756,796 |
IQVIA Holdings, Inc.(b)
| | 14,084 | | 3,542,830 |
ResMed, Inc.
| | 15,105 | | 3,701,027 |
| | | | | 26,949,490 |
| Industrials-15.12% |
American Airlines Group, Inc.(b)(c)
| | 382,015 | | 4,056,999 |
Builders FirstSource, Inc.(b)
| | 35,333 | | 6,147,942 |
Carrier Global Corp.
| | 58,717 | | 4,273,423 |
Copart, Inc.(b)
| | 63,286 | | 3,351,627 |
Dayforce, Inc.(b)(c)
| | 69,708 | | 3,985,206 |
Eaton Corp. PLC
| | 13,634 | | 4,184,684 |
Equifax, Inc.
| | 12,799 | | 3,930,957 |
Generac Holdings, Inc.(b)
| | 33,864 | | 5,300,732 |
| | Shares | | Value |
| Industrials-(continued) |
General Electric Co.
| | 20,102 | | $ 3,510,211 |
Hubbell, Inc.
| | 10,205 | | 4,081,184 |
Parker-Hannifin Corp.
| | 6,532 | | 3,920,506 |
Quanta Services, Inc.
| | 16,515 | | 4,543,772 |
Rockwell Automation, Inc.
| | 13,920 | | 3,786,658 |
Uber Technologies, Inc.(b)
| | 61,407 | | 4,490,694 |
United Airlines Holdings, Inc.(b)
| | 79,538 | | 3,502,853 |
United Rentals, Inc.
| | 6,811 | | 5,048,722 |
| | | | | 68,116,170 |
| Information Technology-45.50% |
Adobe, Inc.(b)
| | 6,977 | | 4,007,659 |
Advanced Micro Devices, Inc.(b)
| | 50,433 | | 7,492,326 |
Amphenol Corp., Class A
| | 53,773 | | 3,626,989 |
Analog Devices, Inc.
| | 18,453 | | 4,333,503 |
ANSYS, Inc.(b)
| | 11,318 | | 3,637,832 |
Applied Materials, Inc.
| | 30,187 | | 5,954,688 |
Arista Networks, Inc.(b)
| | 16,219 | | 5,731,470 |
Autodesk, Inc.(b)
| | 15,878 | | 4,102,875 |
Broadcom, Inc.
| | 42,246 | | 6,878,494 |
Cadence Design Systems, Inc.(b)
| | 18,012 | | 4,843,967 |
CrowdStrike Holdings, Inc., Class A(b)
| | 21,462 | | 5,950,983 |
Enphase Energy, Inc.(b)(c)
| | 49,899 | | 6,039,775 |
EPAM Systems, Inc.(b)
| | 15,092 | | 3,029,870 |
Fair Isaac Corp.(b)
| | 1,965 | | 3,399,981 |
First Solar, Inc.(b)
| | 19,572 | | 4,450,086 |
Intel Corp.
| | 182,980 | | 4,032,879 |
Intuit, Inc.
| | 6,039 | | 3,806,140 |
Jabil, Inc.
| | 39,115 | | 4,274,487 |
Keysight Technologies, Inc.(b)
| | 27,511 | | 4,239,995 |
KLA Corp.
| | 7,779 | | 6,374,346 |
Lam Research Corp.
| | 7,486 | | 6,146,081 |
Microchip Technology, Inc.
| | 65,347 | | 5,368,910 |
Micron Technology, Inc.
| | 56,009 | | 5,390,306 |
Monolithic Power Systems, Inc.
| | 8,786 | | 8,212,098 |
NVIDIA Corp.
| | 65,401 | | 7,806,917 |
NXP Semiconductors N.V. (China)
| | 20,224 | | 5,184,625 |
ON Semiconductor Corp.(b)
| | 79,168 | | 6,164,812 |
Oracle Corp.
| | 28,751 | | 4,062,229 |
Palo Alto Networks, Inc.(b)
| | 12,152 | | 4,407,773 |
Qorvo, Inc.(b)
| | 38,729 | | 4,488,304 |
QUALCOMM, Inc.
| | 30,098 | | 5,276,179 |
Salesforce, Inc.
| | 15,369 | | 3,886,820 |
ServiceNow, Inc.(b)
| | 4,990 | | 4,266,450 |
Skyworks Solutions, Inc.
| | 41,779 | | 4,578,561 |
Super Micro Computer, Inc.(b)
| | 20,781 | | 9,095,844 |
Synopsys, Inc.(b)
| | 9,387 | | 4,877,297 |
Teradyne, Inc.
| | 51,139 | | 6,992,235 |
Texas Instruments, Inc.
| | 17,089 | | 3,662,856 |
Western Digital Corp.(b)(c)
| | 75,478 | | 4,950,602 |
Zebra Technologies Corp., Class A(b)
| | 11,326 | | 3,911,774 |
| | | | | 204,939,018 |
| Materials-2.90% |
Albemarle Corp.
| | 68,399 | | 6,173,010 |
Freeport-McMoRan, Inc.
| | 86,373 | | 3,824,596 |
Martin Marietta Materials, Inc.
| | 5,766 | | 3,079,967 |
| | | | | 13,077,573 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® High Beta ETF (SPHB)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-1.82% |
Alexandria Real Estate Equities, Inc.
| | 31,806 | | $ 3,803,044 |
BXP, Inc.(c)
| | 58,288 | | 4,384,423 |
| | | | | 8,187,467 |
| Utilities-2.56% |
AES Corp. (The)
| | 201,481 | | 3,451,369 |
Constellation Energy Corp.
| | 20,634 | | 4,058,708 |
Vistra Corp.
| | 46,778 | | 3,996,245 |
| | | | | 11,506,322 |
Total Common Stocks & Other Equity Interests
(Cost $484,899,359)
| | 450,034,853 |
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $135,155)
| | 135,155 | | 135,155 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $485,034,514)
| | 450,170,008 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-5.19% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 6,461,373 | | $ 6,461,373 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 16,932,494 | | 16,939,267 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $23,400,073)
| | 23,400,640 |
TOTAL INVESTMENTS IN SECURITIES-105.13%
(Cost $508,434,587)
| | 473,570,648 |
OTHER ASSETS LESS LIABILITIES-(5.13)%
| | (23,109,266) |
NET ASSETS-100.00%
| | $450,461,382 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $6,037,819 | | $8,088,296 | | $(10,938,073) | | $1,170,857 | | $(793,361) | | $3,565,538 | | $270,732 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 7,558,792 | | (7,423,637) | | - | | - | | 135,155 | | 10,699 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 20,162,089 | | 233,965,705 | | (247,666,421) | | - | | - | | 6,461,373 | | 690,813* |
| Invesco Private Prime Fund | 51,845,373 | | 445,547,510 | | (480,472,953) | | 567 | | 18,770 | | 16,939,267 | | 1,854,692* |
| Total | $78,045,281 | | $695,160,303 | | $(746,501,084) | | $1,171,424 | | $(774,591) | | $27,101,333 | | $2,826,936 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 High Dividend Growers ETF (DIVG)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.96% |
| Communication Services-2.82% |
Comcast Corp., Class A
| | 549 | | $ 21,724 |
Interpublic Group of Cos., Inc. (The)
| | 1,001 | | 32,642 |
Omnicom Group, Inc.(b)
| | 251 | | 25,208 |
| | | | | 79,574 |
| Consumer Discretionary-1.90% |
Domino’s Pizza, Inc.
| | 18 | | 7,456 |
Lennar Corp., Class A
| | 56 | | 10,195 |
Starbucks Corp.
| | 227 | | 21,467 |
Yum! Brands, Inc.
| | 106 | | 14,302 |
| | | | | 53,420 |
| Consumer Staples-12.45% |
Altria Group, Inc.
| | 1,667 | | 89,635 |
Archer-Daniels-Midland Co.
| | 384 | | 23,420 |
Conagra Brands, Inc.
| | 1,206 | | 37,627 |
Hershey Co. (The)
| | 114 | | 22,009 |
Keurig Dr Pepper, Inc.
| | 723 | | 26,469 |
Kroger Co. (The)
| | 296 | | 15,750 |
Lamb Weston Holdings, Inc.
| | 138 | | 8,545 |
Mondelez International, Inc., Class A
| | 302 | | 21,687 |
PepsiCo, Inc.
| | 138 | | 23,857 |
Philip Morris International, Inc.
| | 483 | | 59,549 |
Procter & Gamble Co. (The)
| | 129 | | 22,129 |
| | | | | 350,677 |
| Energy-6.67% |
Baker Hughes Co., Class A
| | 571 | | 20,082 |
Chevron Corp.
| | 192 | | 28,406 |
ConocoPhillips
| | 107 | | 12,176 |
Coterra Energy, Inc.
| | 822 | | 19,999 |
EOG Resources, Inc.
| | 158 | | 20,354 |
ONEOK, Inc.
| | 472 | | 43,594 |
Williams Cos., Inc. (The)
| | 949 | | 43,436 |
| | | | | 188,047 |
| Financials-18.72% |
Aflac, Inc.
| | 218 | | 24,058 |
American Express Co.
| | 44 | | 11,381 |
Bank of America Corp.
| | 551 | | 22,453 |
Bank of New York Mellon Corp. (The)
| | 403 | | 27,493 |
BlackRock, Inc.
| | 24 | | 21,643 |
Cincinnati Financial Corp.
| | 163 | | 22,336 |
Fifth Third Bancorp
| | 846 | | 36,116 |
Goldman Sachs Group, Inc. (The)
| | 52 | | 26,533 |
Huntington Bancshares, Inc.
| | 2,555 | | 38,248 |
JPMorgan Chase & Co.
| | 89 | | 20,007 |
KeyCorp
| | 2,729 | | 46,557 |
Morgan Stanley
| | 301 | | 31,187 |
Northern Trust Corp.
| | 311 | | 28,366 |
PNC Financial Services Group, Inc. (The)
| | 195 | | 36,093 |
Prudential Financial, Inc.
| | 297 | | 35,984 |
Regions Financial Corp.
| | 1,899 | | 44,475 |
State Street Corp.
| | 369 | | 32,140 |
Synchrony Financial
| | 444 | | 22,315 |
| | | | | 527,385 |
| Health Care-7.91% |
AbbVie, Inc.
| | 155 | | 30,428 |
| | Shares | | Value |
| Health Care-(continued) |
Amgen, Inc.
| | 93 | | $ 31,046 |
Bristol-Myers Squibb Co.
| | 699 | | 34,915 |
CVS Health Corp.
| | 361 | | 20,664 |
Medtronic PLC
| | 314 | | 27,814 |
Pfizer, Inc.
| | 1,768 | | 51,290 |
UnitedHealth Group, Inc.
| | 29 | | 17,116 |
Zoetis, Inc.
| | 52 | | 9,541 |
| | | | | 222,814 |
| Industrials-4.29% |
Automatic Data Processing, Inc.
| | 71 | | 19,589 |
Deere & Co.
| | 28 | | 10,801 |
Fastenal Co.
| | 206 | | 14,066 |
FedEx Corp.
| | 53 | | 15,835 |
General Dynamics Corp.
| | 53 | | 15,866 |
Paychex, Inc.
| | 194 | | 25,453 |
Snap-on, Inc.
| | 68 | | 19,294 |
| | | | | 120,904 |
| Information Technology-6.09% |
Accenture PLC, Class A (Ireland)
| | 37 | | 12,652 |
Analog Devices, Inc.
| | 73 | | 17,143 |
Broadcom, Inc.
| | 96 | | 15,631 |
Hewlett Packard Enterprise Co.
| | 1,270 | | 24,600 |
HP, Inc.
| | 986 | | 35,673 |
Microchip Technology, Inc.
| | 185 | | 15,200 |
Skyworks Solutions, Inc.
| | 196 | | 21,480 |
Texas Instruments, Inc.
| | 136 | | 29,150 |
| | | | | 171,529 |
| Materials-1.71% |
CF Industries Holdings, Inc.
| | 221 | | 18,363 |
FMC Corp.
| | 462 | | 29,836 |
| | | | | 48,199 |
| Real Estate-13.87% |
Alexandria Real Estate Equities, Inc.
| | 250 | | 29,892 |
Equinix, Inc.
| | 21 | | 17,522 |
Equity Residential
| | 522 | | 39,087 |
Essex Property Trust, Inc.
| | 124 | | 37,422 |
Extra Space Storage, Inc.
| | 234 | | 41,418 |
Invitation Homes, Inc.
| | 701 | | 25,825 |
Iron Mountain, Inc.
| | 333 | | 37,716 |
Mid-America Apartment Communities, Inc.
| | 262 | | 42,541 |
Prologis, Inc.
| | 188 | | 24,030 |
UDR, Inc.
| | 954 | | 42,463 |
VICI Properties, Inc.
| | 1,580 | | 52,898 |
| | | | | 390,814 |
| Utilities-23.53% |
AES Corp. (The)
| | 1,710 | | 29,292 |
Alliant Energy Corp.
| | 593 | | 34,554 |
Ameren Corp.
| | 380 | | 31,354 |
American Water Works Co., Inc.
| | 158 | | 22,613 |
Atmos Energy Corp.
| | 183 | | 23,925 |
CMS Energy Corp.
| | 443 | | 30,062 |
DTE Energy Co.
| | 265 | | 33,130 |
Edison International
| | 488 | | 42,471 |
Entergy Corp.
| | 313 | | 37,776 |
Evergy, Inc.
| | 719 | | 42,522 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 High Dividend Growers ETF (DIVG)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-(continued) |
Eversource Energy
| | 612 | | $ 41,328 |
Exelon Corp.
| | 828 | | 31,539 |
FirstEnergy Corp.
| | 880 | | 38,650 |
NextEra Energy, Inc.
| | 387 | | 31,157 |
NiSource, Inc.
| | 1,075 | | 35,539 |
NRG Energy, Inc.
| | 252 | | 21,423 |
Public Service Enterprise Group, Inc.
| | 410 | | 33,107 |
Sempra
| | 378 | | 31,064 |
WEC Energy Group, Inc.(b)
| | 387 | | 36,003 |
Xcel Energy, Inc.
| | 578 | | 35,391 |
| | | | | 662,900 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $2,459,819)
| | 2,816,263 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-2.17% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 17,630 | | $ 17,630 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 43,579 | | 43,596 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $61,222)
| | 61,226 |
TOTAL INVESTMENTS IN SECURITIES-102.13%
(Cost $2,521,041)
| | 2,877,489 |
OTHER ASSETS LESS LIABILITIES-(2.13)%
| | (60,131) |
NET ASSETS-100.00%
| | $2,817,358 |
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $112,063 | | $(112,063) | | $- | | $- | | $- | | $78 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 322,809 | | (305,179) | | - | | - | | 17,630 | | 509* |
| Invesco Private Prime Fund | - | | 140,739,697 | | (140,696,110) | | 4 | | 5 | | 43,596 | | 21,579* |
| Total | $- | | $141,174,569 | | $(141,113,352) | | $4 | | $5 | | $61,226 | | $22,166 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.78% |
| Communication Services-8.55% |
AT&T, Inc.
| | 4,627,407 | | $ 92,085,399 |
Interpublic Group of Cos., Inc. (The)(b)
| | 2,271,414 | | 74,070,811 |
Omnicom Group, Inc.
| | 524,963 | | 52,722,034 |
Verizon Communications, Inc.
| | 2,470,097 | | 103,200,653 |
| | | | | 322,078,897 |
| Consumer Discretionary-1.59% |
Darden Restaurants, Inc.(b)
| | 379,178 | | 59,967,001 |
| Consumer Staples-18.74% |
Altria Group, Inc.
| | 2,122,854 | | 114,145,859 |
Conagra Brands, Inc.
| | 2,517,863 | | 78,557,326 |
General Mills, Inc.(b)
| | 868,952 | | 62,816,540 |
Hormel Foods Corp.
| | 1,771,389 | | 57,658,712 |
J.M. Smucker Co. (The)
| | 508,338 | | 58,296,202 |
Kellanova
| | 1,054,469 | | 85,000,746 |
Kenvue, Inc.
| | 3,696,299 | | 81,133,763 |
Kraft Heinz Co. (The)
| | 2,293,597 | | 81,262,142 |
Philip Morris International, Inc.
| | 702,716 | | 86,637,856 |
| | | | | 705,509,146 |
| Energy-9.36% |
Chevron Corp.
| | 395,187 | | 58,467,917 |
Exxon Mobil Corp.
| | 434,245 | | 51,214,855 |
Kinder Morgan, Inc.
| | 4,142,099 | | 89,345,075 |
ONEOK, Inc.
| | 886,486 | | 81,875,847 |
Williams Cos., Inc. (The)
| | 1,559,883 | | 71,395,845 |
| | | | | 352,299,539 |
| Financials-1.74% |
Prudential Financial, Inc.
| | 539,538 | | 65,370,424 |
| Health Care-13.29% |
AbbVie, Inc.
| | 306,201 | | 60,110,318 |
Bristol-Myers Squibb Co.
| | 1,925,442 | | 96,175,828 |
Gilead Sciences, Inc.
| | 920,098 | | 72,687,742 |
Johnson & Johnson
| | 321,201 | | 53,274,398 |
Medtronic PLC
| | 671,424 | | 59,474,738 |
Pfizer, Inc.
| | 3,020,241 | | 87,617,191 |
Viatris, Inc.
| | 5,890,826 | | 71,161,178 |
| | | | | 500,501,393 |
| Industrials-1.92% |
United Parcel Service, Inc., Class B
| | 563,895 | | 72,488,702 |
| Information Technology-3.16% |
Cisco Systems, Inc.
| | 1,076,883 | | 54,425,667 |
International Business Machines Corp.
| | 318,957 | | 64,470,778 |
| | | | | 118,896,445 |
| Materials-8.14% |
Amcor PLC
| | 7,702,497 | | 88,116,566 |
| | Shares | | Value |
| Materials-(continued) |
Dow, Inc.
| | 1,511,071 | | $ 80,963,184 |
Eastman Chemical Co.
| | 520,152 | | 53,247,960 |
LyondellBasell Industries N.V., Class A
| | 852,286 | | 84,120,628 |
| | | | | 306,448,338 |
| Real Estate-13.71% |
Crown Castle, Inc.
| | 927,274 | | 103,873,234 |
Federal Realty Investment Trust
| | 614,655 | | 70,685,325 |
Host Hotels & Resorts, Inc.(b)
| | 3,854,167 | | 68,218,756 |
Realty Income Corp.
| | 1,426,010 | | 88,569,481 |
Simon Property Group, Inc.
| | 519,592 | | 86,953,721 |
VICI Properties, Inc.(b)
| | 2,928,252 | | 98,037,877 |
| | | | | 516,338,394 |
| Utilities-19.58% |
Dominion Energy, Inc.
| | 1,595,521 | | 89,189,624 |
Duke Energy Corp.
| | 575,665 | | 65,597,027 |
Edison International
| | 849,982 | | 73,973,933 |
Entergy Corp.
| | 570,220 | | 68,819,852 |
Evergy, Inc.
| | 1,301,662 | | 76,980,291 |
Eversource Energy
| | 1,186,980 | | 80,156,759 |
Exelon Corp.
| | 1,789,352 | | 68,156,418 |
FirstEnergy Corp.
| | 1,613,402 | | 70,860,616 |
Pinnacle West Capital Corp.(b)
| | 840,370 | | 73,549,182 |
WEC Energy Group, Inc.(b)
| | 752,037 | | 69,962,002 |
| | | | | 737,245,704 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.78%
(Cost $3,509,860,986)
| | 3,757,143,983 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-4.28% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 44,722,072 | | 44,722,072 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 116,570,628 | | 116,617,256 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $161,334,577)
| | 161,339,328 |
TOTAL INVESTMENTS IN SECURITIES-104.06%
(Cost $3,671,195,563)
| | 3,918,483,311 |
OTHER ASSETS LESS LIABILITIES-(4.06)%
| | (153,005,487) |
NET ASSETS-100.00%
| | $3,765,477,824 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $51,919,530 | | $(51,919,530) | | $- | | $- | | $- | | $45,161 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 28,958,085 | | 579,235,134 | | (563,471,147) | | - | | - | | 44,722,072 | | 1,391,145* |
| Invesco Private Prime Fund | 74,463,646 | | 1,167,046,504 | | (1,124,897,150) | | 7,107 | | (2,851) | | 116,617,256 | | 3,747,873* |
| Total | $103,421,731 | | $1,798,201,168 | | $(1,740,287,827) | | $7,107 | | $(2,851) | | $161,339,328 | | $5,184,179 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Low Volatility ETF (SPLV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.93% |
| Communication Services-3.12% |
Electronic Arts, Inc.(b)
| | 462,529 | | $ 70,221,153 |
Omnicom Group, Inc.(b)
| | 703,332 | | 70,635,633 |
T-Mobile US, Inc.
| | 472,010 | | 93,797,827 |
| | | | | 234,654,613 |
| Consumer Discretionary-5.06% |
Darden Restaurants, Inc.(b)
| | 447,484 | | 70,769,595 |
Hilton Worldwide Holdings, Inc.
| | 312,845 | | 68,713,276 |
McDonald’s Corp.
| | 277,012 | | 79,962,284 |
TJX Cos., Inc. (The)
| | 721,830 | | 84,649,004 |
Yum! Brands, Inc.(b)
| | 565,683 | | 76,321,950 |
| | | | | 380,416,109 |
| Consumer Staples-15.29% |
Altria Group, Inc.
| | 1,324,899 | | 71,239,819 |
Church & Dwight Co., Inc.(b)
| | 695,759 | | 70,883,927 |
Coca-Cola Co. (The)
| | 1,385,750 | | 100,425,302 |
Colgate-Palmolive Co.
| | 841,783 | | 89,649,890 |
Constellation Brands, Inc., Class A
| | 281,437 | | 67,744,700 |
Costco Wholesale Corp.
| | 81,377 | | 72,619,207 |
General Mills, Inc.(b)
| | 939,435 | | 67,911,756 |
Keurig Dr Pepper, Inc.
| | 1,958,023 | | 71,683,222 |
Kimberly-Clark Corp.
| | 502,368 | | 72,672,555 |
Mondelez International, Inc., Class A
| | 1,030,791 | | 74,021,102 |
PepsiCo, Inc.
| | 426,301 | | 73,698,917 |
Philip Morris International, Inc.
| | 644,836 | | 79,501,830 |
Procter & Gamble Co. (The)
| | 507,022 | | 86,974,554 |
Sysco Corp.(b)
| | 853,769 | | 66,568,369 |
Walmart, Inc.
| | 1,084,399 | | 83,748,135 |
| | | | | 1,149,343,285 |
| Energy-3.02% |
Kinder Morgan, Inc.
| | 3,584,746 | | 77,322,971 |
ONEOK, Inc.
| | 805,394 | | 74,386,190 |
Williams Cos., Inc. (The)
| | 1,646,418 | | 75,356,552 |
| | | | | 227,065,713 |
| Financials-23.25% |
Aflac, Inc.
| | 655,928 | | 72,388,214 |
American International Group, Inc.
| | 968,292 | | 74,606,899 |
Ameriprise Financial, Inc.
| | 171,714 | | 77,175,140 |
Arthur J. Gallagher & Co.
| | 246,405 | | 72,090,711 |
Bank of New York Mellon Corp. (The)
| | 1,128,939 | | 77,016,219 |
Berkshire Hathaway, Inc., Class B(c)
| | 231,569 | | 110,208,318 |
Brown & Brown, Inc.
| | 675,092 | | 70,972,422 |
Cboe Global Markets, Inc.
| | 316,242 | | 64,956,107 |
Chubb Ltd.
| | 275,847 | | 78,390,200 |
CME Group, Inc., Class A
| | 359,372 | | 77,530,915 |
Fiserv, Inc.(c)
| | 471,145 | | 82,261,917 |
Hartford Financial Services Group, Inc. (The)
| | 664,686 | | 77,170,045 |
Intercontinental Exchange, Inc.
| | 496,832 | | 80,263,210 |
JPMorgan Chase & Co.
| | 351,127 | | 78,933,350 |
Loews Corp.
| | 1,133,045 | | 92,841,707 |
Marsh & McLennan Cos., Inc.
| | 391,522 | | 89,075,170 |
Mastercard, Inc., Class A
| | 173,522 | | 83,870,123 |
MetLife, Inc.
| | 967,027 | | 74,925,252 |
Principal Financial Group, Inc.
| | 877,869 | | 71,476,094 |
| | Shares | | Value |
| Financials-(continued) |
Prudential Financial, Inc.(b)
| | 624,260 | | $ 75,635,342 |
S&P Global, Inc.
| | 145,038 | | 74,439,303 |
Visa, Inc., Class A
| | 330,255 | | 91,272,574 |
| | | | | 1,747,499,232 |
| Health Care-10.37% |
Abbott Laboratories
| | 604,709 | | 68,495,388 |
AbbVie, Inc.
| | 351,210 | | 68,946,035 |
Cencora, Inc.(b)
| | 311,613 | | 74,653,126 |
Elevance Health, Inc.
| | 122,791 | | 68,381,080 |
Hologic, Inc.(c)
| | 826,517 | | 67,146,241 |
Johnson & Johnson
| | 499,387 | | 82,828,328 |
Labcorp Holdings, Inc.
| | 297,544 | | 68,402,390 |
McKesson Corp.
| | 111,561 | | 62,594,646 |
Medtronic PLC
| | 798,275 | | 70,711,200 |
Quest Diagnostics, Inc.(b)
| | 437,782 | | 68,718,641 |
Regeneron Pharmaceuticals, Inc.(c)
| | 65,871 | | 78,036,715 |
| | | | | 778,913,790 |
| Industrials-15.00% |
AMETEK, Inc.
| | 438,515 | | 75,007,991 |
Automatic Data Processing, Inc.
| | 268,148 | | 73,984,715 |
Broadridge Financial Solutions, Inc.
| | 315,671 | | 67,193,729 |
Cintas Corp.
| | 88,564 | | 71,304,648 |
CSX Corp.
| | 2,079,490 | | 71,264,122 |
General Dynamics Corp.
| | 246,474 | | 73,784,457 |
Honeywell International, Inc.
| | 393,373 | | 81,786,180 |
IDEX Corp.(b)
| | 358,288 | | 73,979,306 |
Illinois Tool Works, Inc.(b)
| | 319,311 | | 80,843,159 |
Lockheed Martin Corp.
| | 128,535 | | 73,020,733 |
Otis Worldwide Corp.
| | 759,108 | | 71,879,937 |
Paychex, Inc.(b)
| | 524,589 | | 68,826,077 |
Republic Services, Inc.
| | 445,183 | | 92,691,552 |
Union Pacific Corp.
| | 305,481 | | 78,230,629 |
Waste Management, Inc.
| | 344,699 | | 73,089,976 |
| | | | | 1,126,887,211 |
| Information Technology-4.08% |
Cisco Systems, Inc.
| | 1,481,046 | | 74,852,065 |
Motorola Solutions, Inc.
| | 176,362 | | 77,959,058 |
Roper Technologies, Inc.
| | 146,385 | | 81,157,308 |
VeriSign, Inc.(c)
| | 394,783 | | 72,600,594 |
| | | | | 306,569,025 |
| Materials-6.79% |
Avery Dennison Corp.
| | 356,051 | | 78,989,914 |
Dow, Inc.
| | 1,235,595 | | 66,203,180 |
Ecolab, Inc.
| | 275,389 | | 69,722,987 |
Linde PLC
| | 177,130 | | 84,712,423 |
LyondellBasell Industries N.V., Class A
| | 702,729 | | 69,359,352 |
Packaging Corp. of America
| | 339,787 | | 71,198,968 |
PPG Industries, Inc.
| | 542,448 | | 70,371,779 |
| | | | | 510,558,603 |
| Real Estate-1.82% |
AvalonBay Communities, Inc.
| | 307,684 | | 69,453,509 |
Welltower, Inc.(b)
| | 555,580 | | 67,047,395 |
| | | | | 136,500,904 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Low Volatility ETF (SPLV)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-12.13% |
Alliant Energy Corp.(b)
| | 1,184,686 | | $ 69,031,653 |
Atmos Energy Corp.(b)
| | 589,576 | | 77,081,166 |
CMS Energy Corp.(b)
| | 1,020,993 | | 69,284,585 |
Consolidated Edison, Inc.(b)
| | 689,766 | | 70,052,635 |
Duke Energy Corp.
| | 656,621 | | 74,821,963 |
Entergy Corp.(b)
| | 568,831 | | 68,652,213 |
Evergy, Inc.(b)
| | 1,083,425 | | 64,073,755 |
FirstEnergy Corp.
| | 1,599,877 | | 70,266,598 |
PPL Corp.
| | 2,272,468 | | 72,514,454 |
Public Service Enterprise Group, Inc.
| | 848,946 | | 68,552,389 |
Sempra(b)
| | 852,860 | | 70,088,035 |
Southern Co. (The)
| | 810,043 | | 69,987,715 |
WEC Energy Group, Inc.(b)
| | 723,022 | | 67,262,737 |
| | | | | 911,669,898 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $6,654,115,721)
| | 7,510,078,383 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-1.93% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 40,111,345 | | $ 40,111,345 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 104,397,899 | | 104,439,658 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $144,548,042)
| | 144,551,003 |
TOTAL INVESTMENTS IN SECURITIES-101.86%
(Cost $6,798,663,763)
| | 7,654,629,386 |
OTHER ASSETS LESS LIABILITIES-(1.86)%
| | (139,545,088) |
NET ASSETS-100.00%
| | $7,515,084,298 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $101,932,497 | | $(101,932,497) | | $- | | $- | | $- | | $86,604 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 62,523,071 | | 608,499,436 | | (630,911,162) | | - | | - | | 40,111,345 | | 2,156,285* |
| Invesco Private Prime Fund | 160,773,612 | | 1,461,562,226 | | (1,517,959,641) | | 3,750 | | 59,711 | | 104,439,658 | | 5,806,415* |
| Total | $223,296,683 | | $2,171,994,159 | | $(2,250,803,300) | | $3,750 | | $59,711 | | $144,551,003 | | $8,049,304 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Minimum Variance ETF (SPMV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.81% |
| Communication Services-5.94% |
Alphabet, Inc., Class C
| | 158 | | $ 26,088 |
AT&T, Inc.
| | 1,209 | | 24,059 |
Meta Platforms, Inc., Class A
| | 65 | | 33,885 |
T-Mobile US, Inc.
| | 576 | | 114,463 |
Verizon Communications, Inc.
| | 2,476 | | 103,447 |
| | | | | 301,942 |
| Consumer Discretionary-5.22% |
Amazon.com, Inc.(b)
| | 796 | | 142,086 |
Home Depot, Inc. (The)
| | 335 | | 123,447 |
| | | | | 265,533 |
| Consumer Staples-12.68% |
Archer-Daniels-Midland Co.
| | 999 | | 60,929 |
Conagra Brands, Inc.
| | 193 | | 6,022 |
Estee Lauder Cos., Inc. (The), Class A
| | 217 | | 19,890 |
General Mills, Inc.(c)
| | 1,231 | | 88,989 |
Hershey Co. (The)(c)
| | 314 | | 60,621 |
Hormel Foods Corp.
| | 643 | | 20,930 |
J.M. Smucker Co. (The)
| | 130 | | 14,908 |
Kellanova
| | 167 | | 13,462 |
Kraft Heinz Co. (The)
| | 786 | | 27,848 |
McCormick & Co., Inc.
| | 546 | | 43,696 |
Mondelez International, Inc., Class A
| | 1,929 | | 138,521 |
Procter & Gamble Co. (The)
| | 866 | | 148,554 |
| | | | | 644,370 |
| Energy-0.32% |
Exxon Mobil Corp.
| | 136 | | 16,040 |
| Financials-21.55% |
Allstate Corp. (The)
| | 325 | | 61,405 |
American International Group, Inc.
| | 572 | | 44,073 |
Aon PLC, Class A
| | 276 | | 94,867 |
Arch Capital Group Ltd.(b)
| | 354 | | 40,034 |
Arthur J. Gallagher & Co.
| | 368 | | 107,666 |
Berkshire Hathaway, Inc., Class B(b)
| | 342 | | 162,765 |
Chubb Ltd.
| | 504 | | 143,228 |
JPMorgan Chase & Co.
| | 124 | | 27,875 |
Marsh & McLennan Cos., Inc.
| | 679 | | 154,479 |
Progressive Corp. (The)
| | 706 | | 178,053 |
Travelers Cos., Inc. (The)
| | 88 | | 20,070 |
Truist Financial Corp.
| | 503 | | 22,363 |
W.R. Berkley Corp.
| | 648 | | 38,686 |
| | | | | 1,095,564 |
| Health Care-18.86% |
Abbott Laboratories
| | 983 | | 111,344 |
Amgen, Inc.
| | 102 | | 34,051 |
Becton, Dickinson and Co.
| | 30 | | 7,272 |
Bristol-Myers Squibb Co.
| | 454 | | 22,677 |
Elevance Health, Inc.
| | 177 | | 98,570 |
Eli Lilly and Co.
| | 154 | | 147,843 |
IDEXX Laboratories, Inc.(b)
| | 74 | | 35,618 |
Insulet Corp.(b)
| | 9 | | 1,825 |
Intuitive Surgical, Inc.(b)
| | 74 | | 36,455 |
Johnson & Johnson
| | 17 | | 2,820 |
Medtronic PLC
| | 456 | | 40,393 |
Merck & Co., Inc.
| | 895 | | 106,013 |
| | Shares | | Value |
| Health Care-(continued) |
Mettler-Toledo International, Inc.(b)
| | 4 | | $ 5,756 |
Moderna, Inc.(b)(c)
| | 328 | | 25,387 |
Pfizer, Inc.
| | 3,324 | | 96,429 |
Regeneron Pharmaceuticals, Inc.(b)
| | 44 | | 52,126 |
ResMed, Inc.(c)
| | 141 | | 34,548 |
Vertex Pharmaceuticals, Inc.(b)
| | 194 | | 96,203 |
Zoetis, Inc.
| | 17 | | 3,119 |
| | | | | 958,449 |
| Industrials-1.35% |
Republic Services, Inc.
| | 202 | | 42,058 |
Rollins, Inc.
| | 58 | | 2,911 |
RTX Corp.
| | 192 | | 23,681 |
| | | | | 68,650 |
| Information Technology-22.74% |
Accenture PLC, Class A (Ireland)
| | 46 | | 15,730 |
Adobe, Inc.(b)
| | 194 | | 111,435 |
Apple, Inc.
| | 511 | | 117,019 |
Broadcom, Inc.
| | 295 | | 48,032 |
Cadence Design Systems, Inc.(b)
| | 10 | | 2,689 |
Cisco Systems, Inc.
| | 588 | | 29,717 |
Intuit, Inc.
| | 149 | | 93,909 |
Microsoft Corp.
| | 344 | | 143,496 |
NVIDIA Corp.
| | 1,383 | | 165,089 |
Oracle Corp.
| | 1,030 | | 145,529 |
QUALCOMM, Inc.
| | 560 | | 98,168 |
Salesforce, Inc.
| | 291 | | 73,594 |
ServiceNow, Inc.(b)
| | 63 | | 53,865 |
Synopsys, Inc.(b)
| | 111 | | 57,673 |
| | | | | 1,155,945 |
| Real Estate-1.39% |
Crown Castle, Inc.
| | 631 | | 70,685 |
| Utilities-9.76% |
AES Corp. (The)
| | 1,343 | | 23,005 |
American Electric Power Co., Inc.
| | 910 | | 91,255 |
Constellation Energy Corp.
| | 347 | | 68,255 |
Dominion Energy, Inc.
| | 371 | | 20,739 |
Duke Energy Corp.
| | 44 | | 5,014 |
Eversource Energy
| | 217 | | 14,654 |
NextEra Energy, Inc.
| | 2,490 | | 200,470 |
Sempra
| | 867 | | 71,250 |
Xcel Energy, Inc.
| | 24 | | 1,469 |
| | | | | 496,111 |
Total Common Stocks & Other Equity Interests
(Cost $4,496,166)
| | 5,073,289 |
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $1,778)
| | 1,778 | | 1,778 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.84%
(Cost $4,497,944)
| | 5,075,067 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Minimum Variance ETF (SPMV)—(continued)
August 31, 2024
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-4.13% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 58,373 | | $ 58,373 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 151,330 | | 151,391 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $209,764)
| | 209,764 |
TOTAL INVESTMENTS IN SECURITIES-103.97%
(Cost $4,707,708)
| | 5,284,831 |
OTHER ASSETS LESS LIABILITIES-(3.97)%
| | (202,010) |
NET ASSETS-100.00%
| | $5,082,821 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $307,586 | | $(305,808) | | $- | | $- | | $1,778 | | $194 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 2,353,676 | | (2,295,303) | | - | | - | | 58,373 | | 3,171* |
| Invesco Private Prime Fund | - | | 5,039,148 | | (4,887,673) | | - | | (84) | | 151,391 | | 8,435* |
| Total | $- | | $7,700,410 | | $(7,488,784) | | $- | | $(84) | | $211,542 | | $11,800 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Momentum ETF (SPMO)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-98.89% |
| Communication Services-9.82% |
Meta Platforms, Inc., Class A
| | 380,220 | | $ 198,212,488 |
Netflix, Inc.(b)
| | 42,858 | | 30,058,458 |
Take-Two Interactive Software, Inc.(b)
| | 15,925 | | 2,575,232 |
| | | | | 230,846,178 |
| Consumer Discretionary-10.25% |
Amazon.com, Inc.(b)
| | 910,229 | | 162,475,876 |
Booking Holdings, Inc.
| | 3,734 | | 14,597,065 |
Carnival Corp.(b)
| | 76,439 | | 1,261,243 |
Chipotle Mexican Grill, Inc.(b)
| | 152,548 | | 8,554,892 |
D.R. Horton, Inc.
| | 29,183 | | 5,508,583 |
Hilton Worldwide Holdings, Inc.
| | 23,796 | | 5,226,553 |
Lennar Corp., Class A
| | 26,229 | | 4,775,252 |
lululemon athletica, inc.(b)
| | 11,060 | | 2,869,738 |
Marriott International, Inc., Class A
| | 25,804 | | 6,055,941 |
NVR, Inc.(b)
| | 289 | | 2,650,841 |
O’Reilly Automotive, Inc.(b)
| | 5,507 | | 6,222,745 |
PulteGroup, Inc.
| | 34,012 | | 4,477,680 |
Royal Caribbean Cruises Ltd.(b)(c)
| | 35,314 | | 5,813,391 |
TJX Cos., Inc. (The)
| | 89,529 | | 10,499,066 |
| | | | | 240,988,866 |
| Consumer Staples-3.62% |
Costco Wholesale Corp.
| | 58,825 | | 52,494,253 |
Mondelez International, Inc., Class A
| | 99,608 | | 7,152,851 |
Walmart, Inc.
| | 329,581 | | 25,453,541 |
| | | | | 85,100,645 |
| Energy-0.49% |
Marathon Petroleum Corp.
| | 27,595 | | 4,887,626 |
Phillips 66
| | 47,102 | | 6,608,882 |
| | | | | 11,496,508 |
| Financials-7.50% |
Arch Capital Group Ltd.(b)
| | 28,808 | | 3,257,897 |
Arthur J. Gallagher & Co.
| | 16,086 | | 4,706,281 |
Berkshire Hathaway, Inc., Class B(b)
| | 191,707 | | 91,237,195 |
Brown & Brown, Inc.
| | 23,932 | | 2,515,970 |
Cboe Global Markets, Inc.
| | 16,283 | | 3,344,528 |
Corpay, Inc.(b)
| | 6,796 | | 2,144,478 |
Fiserv, Inc.(b)
| | 60,023 | | 10,480,016 |
JPMorgan Chase & Co.
| | 260,666 | | 58,597,717 |
| | | | | 176,284,082 |
| Health Care-9.14% |
Amgen, Inc.
| | 48,374 | | 16,148,692 |
Boston Scientific Corp.(b)
| | 163,124 | | 13,341,912 |
Cardinal Health, Inc.
| | 31,073 | | 3,502,549 |
Cencora, Inc.
| | 21,571 | | 5,167,765 |
Eli Lilly and Co.
| | 120,721 | | 115,894,575 |
Intuitive Surgical, Inc.(b)
| | 38,865 | | 19,146,065 |
McKesson Corp.
| | 13,338 | | 7,483,685 |
Regeneron Pharmaceuticals, Inc.(b)
| | 7,980 | | 9,453,826 |
Stryker Corp.
| | 31,241 | | 11,259,881 |
Vertex Pharmaceuticals, Inc.(b)
| | 23,080 | | 11,445,141 |
West Pharmaceutical Services, Inc.
| | 6,824 | | 2,140,211 |
| | | | | 214,984,302 |
| | Shares | | Value |
| Industrials-7.34% |
Broadridge Financial Solutions, Inc.
| | 13,648 | | $ 2,905,113 |
Builders FirstSource, Inc.(b)
| | 18,696 | | 3,253,104 |
Cintas Corp.
| | 10,426 | | 8,394,181 |
Copart, Inc.(b)
| | 105,309 | | 5,577,165 |
Eaton Corp. PLC
| | 49,537 | | 15,204,391 |
Fastenal Co.
| | 63,907 | | 4,363,570 |
General Electric Co.
| | 171,448 | | 29,938,250 |
Howmet Aerospace, Inc.
| | 41,680 | | 4,028,789 |
Hubbell, Inc.
| | 5,498 | | 2,198,760 |
Ingersoll Rand, Inc.
| | 44,254 | | 4,047,028 |
PACCAR, Inc.
| | 62,909 | | 6,050,588 |
Parker-Hannifin Corp.
| | 13,233 | | 7,942,447 |
Pentair PLC
| | 15,085 | | 1,337,889 |
Quanta Services, Inc.
| | 10,556 | | 2,904,272 |
Republic Services, Inc.
| | 30,420 | | 6,333,748 |
Trane Technologies PLC
| | 23,494 | | 8,496,840 |
TransDigm Group, Inc.
| | 7,976 | | 10,952,723 |
Uber Technologies, Inc.(b)
| | 344,738 | | 25,210,690 |
United Rentals, Inc.
| | 5,252 | | 3,893,097 |
Verisk Analytics, Inc.
| | 15,612 | | 4,259,266 |
W.W. Grainger, Inc.
| | 5,399 | | 5,317,583 |
Wabtec Corp.
| | 15,709 | | 2,663,775 |
Waste Management, Inc.
| | 34,000 | | 7,209,360 |
| | | | | 172,482,629 |
| Information Technology-48.52% |
Accenture PLC, Class A (Ireland)
| | 60,569 | | 20,711,570 |
Adobe, Inc.(b)
| | 55,800 | | 32,052,078 |
Advanced Micro Devices, Inc.(b)
| | 234,515 | | 34,839,548 |
Akamai Technologies, Inc.(b)
| | 15,514 | | 1,579,946 |
Amphenol Corp., Class A
| | 115,260 | | 7,774,287 |
Apple, Inc.
| | 1,031,035 | | 236,107,015 |
Applied Materials, Inc.
| | 77,601 | | 15,307,573 |
Arista Networks, Inc.(b)
| | 33,802 | | 11,944,951 |
Broadcom, Inc.
| | 710,435 | | 115,673,027 |
Cadence Design Systems, Inc.(b)
| | 33,213 | | 8,931,972 |
Fair Isaac Corp.(b)
| | 4,192 | | 7,253,292 |
Gartner, Inc.(b)
| | 7,036 | | 3,461,431 |
Intel Corp.
| | 387,026 | | 8,530,053 |
International Business Machines Corp.
| | 124,108 | | 25,085,950 |
Intuit, Inc.
| | 30,422 | | 19,173,770 |
Jabil, Inc.
| | 13,112 | | 1,432,879 |
KLA Corp.
| | 13,309 | | 10,905,794 |
Lam Research Corp.
| | 14,920 | | 12,249,469 |
Microsoft Corp.
| | 450,679 | | 187,996,238 |
Motorola Solutions, Inc.
| | 15,391 | | 6,803,438 |
NVIDIA Corp.
| | 2,356,377 | | 281,280,722 |
Palo Alto Networks, Inc.(b)
| | 50,927 | | 18,472,241 |
PTC, Inc.(b)(c)
| | 12,734 | | 2,280,532 |
Roper Technologies, Inc.
| | 11,261 | | 6,243,211 |
Salesforce, Inc.
| | 130,611 | | 33,031,522 |
ServiceNow, Inc.(b)
| | 26,903 | | 23,002,065 |
Synopsys, Inc.(b)
| | 16,506 | | 8,576,187 |
| | | | | 1,140,700,761 |
| Materials-1.70% |
Ecolab, Inc.
| | 24,090 | | 6,099,106 |
Linde PLC
| | 41,930 | | 20,053,023 |
Martin Marietta Materials, Inc.
| | 6,393 | | 3,414,885 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Momentum ETF (SPMO)—(continued)
August 31, 2024
| | Shares | | Value |
| Materials-(continued) |
Sherwin-Williams Co. (The)
| | 21,376 | | $ 7,895,653 |
Vulcan Materials Co.
| | 10,290 | | 2,523,211 |
| | | | | 39,985,878 |
| Real Estate-0.12% |
Iron Mountain, Inc.
| | 26,071 | | 2,952,801 |
| Utilities-0.39% |
Constellation Energy Corp.
| | 33,518 | | 6,592,991 |
NRG Energy, Inc.
| | 29,089 | | 2,472,856 |
| | | | | 9,065,847 |
Total Common Stocks & Other Equity Interests
(Cost $2,257,284,033)
| | 2,324,888,497 |
| Money Market Funds-0.07% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $1,656,178)
| | 1,656,178 | | 1,656,178 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.96%
(Cost $2,258,940,211)
| | 2,326,544,675 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-0.15% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 943,439 | | $ 943,439 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 2,460,892 | | 2,461,876 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,405,090)
| | 3,405,315 |
TOTAL INVESTMENTS IN SECURITIES-99.11%
(Cost $2,262,345,301)
| | 2,329,949,990 |
OTHER ASSETS LESS LIABILITIES-0.89%
| | 21,036,901 |
NET ASSETS-100.00%
| | $2,350,986,891 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $23,119,324 | | $(21,463,146) | | $- | | $- | | $1,656,178 | | $22,444 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 94,947,824 | | (94,004,385) | | - | | - | | 943,439 | | 126,523* |
| Invesco Private Prime Fund | - | | 207,752,895 | | (205,287,240) | | 225 | | (4,004) | | 2,461,876 | | 335,171* |
| Total | $- | | $325,820,043 | | $(320,754,771) | | $225 | | $(4,004) | | $5,061,493 | | $484,138 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 QVM Multi-factor ETF (QVML)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.89% |
| Communication Services-9.32% |
Alphabet, Inc., Class C
| | 250,335 | | $ 41,332,813 |
AT&T, Inc.
| | 177,102 | | 3,524,330 |
Charter Communications, Inc., Class A(b)
| | 2,539 | | 882,404 |
Comcast Corp., Class A
| | 100,374 | | 3,971,799 |
Electronic Arts, Inc.(c)
| | 5,705 | | 866,133 |
Fox Corp., Class A
| | 9,411 | | 389,333 |
Interpublic Group of Cos., Inc. (The)
| | 9,250 | | 301,642 |
Live Nation Entertainment, Inc.(b)(c)
| | 3,404 | | 332,469 |
Meta Platforms, Inc., Class A
| | 48,421 | | 25,242,352 |
Netflix, Inc.(b)
| | 10,228 | | 7,173,408 |
News Corp., Class A
| | 12,333 | | 349,394 |
Omnicom Group, Inc.(c)
| | 5,305 | | 532,781 |
Paramount Global, Class B
| | 12,255 | | 128,310 |
T-Mobile US, Inc.
| | 12,584 | | 2,500,692 |
Verizon Communications, Inc.
| | 104,145 | | 4,351,178 |
Walt Disney Co. (The)
| | 45,267 | | 4,091,231 |
Warner Bros. Discovery, Inc.(b)
| | 56,052 | | 439,448 |
| | | | | 96,409,717 |
| Consumer Discretionary-7.73% |
Airbnb, Inc., Class A(b)
| | 10,119 | | 1,187,060 |
Amazon.com, Inc.(b)
| | 206,938 | | 36,938,433 |
Aptiv PLC(b)(c)
| | 7,389 | | 528,535 |
Bath & Body Works, Inc.
| | 6,427 | | 197,695 |
Best Buy Co., Inc.
| | 4,515 | | 453,306 |
Booking Holdings, Inc.
| | 812 | | 3,174,295 |
BorgWarner, Inc.
| | 5,623 | | 191,576 |
Caesars Entertainment, Inc.(b)(c)
| | 5,382 | | 202,578 |
CarMax, Inc.(b)
| | 3,642 | | 307,931 |
Carnival Corp.(b)
| | 21,382 | | 352,803 |
Chipotle Mexican Grill, Inc.(b)
| | 32,815 | | 1,840,265 |
D.R. Horton, Inc.
| | 7,352 | | 1,387,764 |
Darden Restaurants, Inc.(c)
| | 2,864 | | 452,942 |
Deckers Outdoor Corp.(b)
| | 646 | | 619,701 |
Domino’s Pizza, Inc.
| | 798 | | 330,540 |
eBay, Inc.
| | 12,663 | | 748,383 |
Expedia Group, Inc.(b)
| | 2,839 | | 394,876 |
Ford Motor Co.
| | 92,982 | | 1,040,469 |
Garmin Ltd.
| | 3,689 | | 676,157 |
General Motors Co.
| | 25,447 | | 1,266,752 |
Genuine Parts Co.
| | 3,358 | | 481,067 |
Home Depot, Inc. (The)
| | 23,187 | | 8,544,409 |
Las Vegas Sands Corp.
| | 9,000 | | 350,910 |
Lennar Corp., Class A
| | 6,122 | | 1,114,571 |
LKQ Corp.
| | 6,322 | | 262,932 |
Lowe’s Cos., Inc.
| | 13,656 | | 3,393,516 |
lululemon athletica, inc.(b)
| | 2,755 | | 714,840 |
Marriott International, Inc., Class A
| | 5,770 | | 1,354,161 |
MGM Resorts International(b)(c)
| | 6,903 | | 259,484 |
Mohawk Industries, Inc.(b)
| | 1,343 | | 208,353 |
NIKE, Inc., Class B
| | 29,567 | | 2,463,522 |
Norwegian Cruise Line Holdings Ltd.(b)
| | 9,392 | | 168,023 |
NVR, Inc.(b)
| | 76 | | 697,107 |
Pool Corp.
| | 973 | | 342,126 |
PulteGroup, Inc.
| | 5,146 | | 677,471 |
Ralph Lauren Corp.
| | 1,023 | | 175,199 |
Ross Stores, Inc.
| | 7,803 | | 1,175,210 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Royal Caribbean Cruises Ltd.(b)
| | 5,354 | | $ 881,375 |
Tapestry, Inc.
| | 5,631 | | 230,702 |
TJX Cos., Inc. (The)
| | 26,270 | | 3,080,683 |
Tractor Supply Co.
| | 2,595 | | 694,292 |
Ulta Beauty, Inc.(b)
| | 1,178 | | 415,646 |
| | | | | 79,977,660 |
| Consumer Staples-6.15% |
Altria Group, Inc.
| | 42,568 | | 2,288,881 |
Archer-Daniels-Midland Co.
| | 13,183 | | 804,031 |
Bunge Global S.A.
| | 3,663 | | 371,355 |
Campbell Soup Co.
| | 5,624 | | 279,625 |
Church & Dwight Co., Inc.
| | 5,904 | | 601,500 |
Clorox Co. (The)
| | 3,006 | | 475,880 |
Coca-Cola Co. (The)
| | 93,034 | | 6,742,174 |
Colgate-Palmolive Co.
| | 19,655 | | 2,093,258 |
Conagra Brands, Inc.
| | 11,340 | | 353,808 |
Constellation Brands, Inc., Class A
| | 3,844 | | 925,289 |
Costco Wholesale Corp.
| | 10,146 | | 9,054,087 |
Dollar General Corp.(c)
| | 5,757 | | 477,658 |
Dollar Tree, Inc.(b)(c)
| | 5,370 | | 453,711 |
General Mills, Inc.(c)
| | 14,315 | | 1,034,831 |
Hershey Co. (The)
| | 3,791 | | 731,890 |
Hormel Foods Corp.
| | 6,855 | | 223,130 |
J.M. Smucker Co. (The)(c)
| | 2,439 | | 279,705 |
Kellanova
| | 6,548 | | 527,834 |
Kenvue, Inc.
| | 49,262 | | 1,081,301 |
Keurig Dr Pepper, Inc.
| | 25,408 | | 930,187 |
Kimberly-Clark Corp.
| | 7,953 | | 1,150,481 |
Kraft Heinz Co. (The)
| | 20,506 | | 726,528 |
Kroger Co. (The)
| | 16,541 | | 880,147 |
Lamb Weston Holdings, Inc.(c)
| | 3,559 | | 220,373 |
McCormick & Co., Inc.
| | 6,294 | | 503,709 |
Molson Coors Beverage Co., Class B
| | 4,517 | | 243,783 |
Mondelez International, Inc., Class A
| | 33,419 | | 2,399,818 |
Monster Beverage Corp.(b)
| | 18,449 | | 869,501 |
PepsiCo, Inc.
| | 34,724 | | 6,003,085 |
Procter & Gamble Co. (The)
| | 56,144 | | 9,630,942 |
Sysco Corp.
| | 12,286 | | 957,939 |
Target Corp.
| | 11,758 | | 1,806,264 |
Tyson Foods, Inc., Class A
| | 7,173 | | 461,296 |
Walgreens Boots Alliance, Inc.(c)
| | 17,886 | | 165,446 |
Walmart, Inc.
| | 101,626 | | 7,848,576 |
| | | | | 63,598,023 |
| Energy-4.06% |
APA Corp.
| | 9,003 | | 256,496 |
Baker Hughes Co., Class A
| | 24,881 | | 875,065 |
Chevron Corp.
| | 43,700 | | 6,465,415 |
ConocoPhillips
| | 29,280 | | 3,331,771 |
Coterra Energy, Inc.
| | 18,074 | | 439,741 |
Devon Energy Corp.
| | 16,068 | | 719,525 |
Diamondback Energy, Inc.
| | 4,512 | | 880,336 |
EOG Resources, Inc.(c)
| | 14,377 | | 1,852,045 |
EQT Corp.
| | 9,653 | | 323,472 |
Exxon Mobil Corp.
| | 114,227 | | 13,471,932 |
Halliburton Co.
| | 22,630 | | 703,567 |
Hess Corp.
| | 6,959 | | 960,760 |
Kinder Morgan, Inc.
| | 44,780 | | 965,905 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
| | Shares | | Value |
| Energy-(continued) |
Marathon Oil Corp.
| | 14,182 | | $ 406,314 |
Marathon Petroleum Corp.
| | 9,220 | | 1,633,046 |
Occidental Petroleum Corp.
| | 16,330 | | 930,483 |
ONEOK, Inc.
| | 14,088 | | 1,301,168 |
Phillips 66
| | 10,754 | | 1,508,894 |
Schlumberger N.V.
| | 35,075 | | 1,542,949 |
Targa Resources Corp.
| | 5,154 | | 757,123 |
Valero Energy Corp.
| | 8,632 | | 1,266,573 |
Williams Cos., Inc. (The)
| | 29,095 | | 1,331,678 |
| | | | | 41,924,258 |
| Financials-14.44% |
Aflac, Inc.
| | 12,844 | | 1,417,464 |
Allstate Corp. (The)
| | 6,556 | | 1,238,691 |
American Express Co.
| | 14,667 | | 3,793,619 |
American International Group, Inc.
| | 17,740 | | 1,366,867 |
Ameriprise Financial, Inc.
| | 2,445 | | 1,098,881 |
Arch Capital Group Ltd.(b)
| | 9,193 | | 1,039,636 |
Arthur J. Gallagher & Co.
| | 5,038 | | 1,473,968 |
Assurant, Inc.
| | 1,305 | | 256,237 |
Bank of America Corp.
| | 167,253 | | 6,815,560 |
Bank of New York Mellon Corp. (The)
| | 18,361 | | 1,252,587 |
Berkshire Hathaway, Inc., Class B(b)
| | 44,155 | | 21,014,248 |
BlackRock, Inc.
| | 3,354 | | 3,024,671 |
Blackstone, Inc., Class A
| | 16,812 | | 2,393,356 |
Brown & Brown, Inc.
| | 5,732 | | 602,605 |
Capital One Financial Corp.
| | 9,175 | | 1,348,083 |
Cboe Global Markets, Inc.
| | 2,654 | | 545,132 |
Charles Schwab Corp. (The)
| | 35,490 | | 2,310,399 |
Chubb Ltd.
| | 9,988 | | 2,838,390 |
Cincinnati Financial Corp.
| | 4,151 | | 568,811 |
Citigroup, Inc.
| | 47,309 | | 2,963,436 |
Citizens Financial Group, Inc.
| | 11,202 | | 482,246 |
CME Group, Inc., Class A
| | 8,935 | | 1,927,637 |
Corpay, Inc.(b)
| | 1,937 | | 611,220 |
Discover Financial Services
| | 5,939 | | 823,799 |
Everest Group Ltd.
| | 1,071 | | 420,089 |
FactSet Research Systems, Inc.
| | 913 | | 386,053 |
Fifth Third Bancorp
| | 16,924 | | 722,485 |
Fiserv, Inc.(b)
| | 14,540 | | 2,538,684 |
Franklin Resources, Inc.
| | 6,818 | | 137,996 |
Global Payments, Inc.
| | 6,654 | | 738,660 |
Globe Life, Inc.
| | 2,078 | | 218,294 |
Goldman Sachs Group, Inc. (The)
| | 7,944 | | 4,053,426 |
Hartford Financial Services Group, Inc. (The)
| | 7,437 | | 863,436 |
Huntington Bancshares, Inc.
| | 38,799 | | 580,821 |
Intercontinental Exchange, Inc.
| | 13,485 | | 2,178,502 |
Invesco Ltd.(d)
| | 10,727 | | 183,324 |
Jack Henry & Associates, Inc.
| | 1,727 | | 298,823 |
JPMorgan Chase & Co.
| | 73,219 | | 16,459,631 |
KeyCorp
| | 23,467 | | 400,347 |
Loews Corp.
| | 4,462 | | 365,616 |
M&T Bank Corp.
| | 4,199 | | 722,690 |
MarketAxess Holdings, Inc.
| | 844 | | 204,577 |
Marsh & McLennan Cos., Inc.
| | 11,620 | | 2,643,666 |
Mastercard, Inc., Class A
| | 19,963 | | 9,648,916 |
MetLife, Inc.
| | 15,410 | | 1,193,967 |
Moody’s Corp.
| | 3,667 | | 1,788,543 |
Morgan Stanley
| | 30,680 | | 3,178,755 |
Nasdaq, Inc.
| | 9,020 | | 650,162 |
| | Shares | | Value |
| Financials-(continued) |
Northern Trust Corp.
| | 5,137 | | $ 468,546 |
PayPal Holdings, Inc.(b)
| | 25,478 | | 1,845,371 |
PNC Financial Services Group, Inc. (The)
| | 9,826 | | 1,818,694 |
Principal Financial Group, Inc.
| | 5,374 | | 437,551 |
Progressive Corp. (The)
| | 14,619 | | 3,686,912 |
Prudential Financial, Inc.
| | 9,049 | | 1,096,377 |
Raymond James Financial, Inc.
| | 4,563 | | 545,598 |
Regions Financial Corp.
| | 24,541 | | 574,750 |
S&P Global, Inc.
| | 7,469 | | 3,833,389 |
State Street Corp.
| | 7,763 | | 676,157 |
Synchrony Financial
| | 9,714 | | 488,226 |
T. Rowe Price Group, Inc.
| | 5,337 | | 565,935 |
Travelers Cos., Inc. (The)
| | 5,685 | | 1,296,578 |
Truist Financial Corp.
| | 32,745 | | 1,455,843 |
U.S. Bancorp
| | 38,479 | | 1,817,363 |
Visa, Inc., Class A
| | 38,164 | | 10,547,385 |
W.R. Berkley Corp.
| | 7,420 | | 442,974 |
Wells Fargo & Co.
| | 90,097 | | 5,267,972 |
Willis Towers Watson PLC
| | 2,453 | | 716,546 |
| | | | | 149,367,173 |
| Health Care-11.53% |
Abbott Laboratories
| | 40,945 | | 4,637,840 |
AbbVie, Inc.
| | 41,160 | | 8,080,120 |
Agilent Technologies, Inc.
| | 6,870 | | 981,860 |
Align Technology, Inc.(b)
| | 1,739 | | 412,526 |
Baxter International, Inc.
| | 13,347 | | 506,385 |
Becton, Dickinson and Co.
| | 6,888 | | 1,669,720 |
Bio-Rad Laboratories, Inc., Class A(b)
| | 523 | | 176,418 |
Boston Scientific Corp.(b)
| | 34,106 | | 2,789,530 |
Cardinal Health, Inc.
| | 5,837 | | 657,947 |
Cencora, Inc.
| | 3,972 | | 951,572 |
Centene Corp.(b)
| | 13,529 | | 1,066,491 |
Charles River Laboratories International, Inc.(b)
| | 1,219 | | 241,057 |
Cigna Group (The)
| | 7,183 | | 2,598,881 |
Cooper Cos., Inc. (The)(b)
| | 4,734 | | 500,526 |
CVS Health Corp.
| | 30,327 | | 1,735,918 |
Danaher Corp.
| | 15,281 | | 4,115,326 |
DaVita, Inc.(b)(c)
| | 1,272 | | 191,970 |
Edwards Lifesciences Corp.(b)
| | 14,373 | | 1,005,535 |
Elevance Health, Inc.
| | 5,707 | | 3,178,171 |
Eli Lilly and Co.
| | 18,055 | | 17,333,161 |
GE HealthCare Technologies, Inc.
| | 10,410 | | 882,976 |
HCA Healthcare, Inc.
| | 4,729 | | 1,870,745 |
Henry Schein, Inc.(b)
| | 3,042 | | 214,613 |
Hologic, Inc.(b)
| | 5,900 | | 479,316 |
Humana, Inc.
| | 3,023 | | 1,071,563 |
IDEXX Laboratories, Inc.(b)
| | 1,921 | | 924,635 |
Incyte Corp.(b)
| | 4,352 | | 285,752 |
Intuitive Surgical, Inc.(b)
| | 7,924 | | 3,903,600 |
IQVIA Holdings, Inc.(b)
| | 4,401 | | 1,107,072 |
Johnson & Johnson
| | 58,129 | | 9,641,276 |
Labcorp Holdings, Inc.
| | 1,992 | | 457,941 |
McKesson Corp.
| | 3,064 | | 1,719,149 |
Medtronic PLC
| | 31,499 | | 2,790,182 |
Merck & Co., Inc.
| | 58,495 | | 6,928,733 |
Moderna, Inc.(b)(c)
| | 7,661 | | 592,961 |
Molina Healthcare, Inc.(b)
| | 1,411 | | 493,554 |
Quest Diagnostics, Inc.
| | 2,621 | | 411,418 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
Regeneron Pharmaceuticals, Inc.(b)
| | 2,413 | | $ 2,858,657 |
Revvity, Inc.
| | 2,982 | | 365,414 |
Solventum Corp.(b)
| | 3,497 | | 224,193 |
STERIS PLC
| | 2,336 | | 563,210 |
Stryker Corp.
| | 7,971 | | 2,872,908 |
Teleflex, Inc.
| | 1,161 | | 284,642 |
Thermo Fisher Scientific, Inc.
| | 9,127 | | 5,613,744 |
UnitedHealth Group, Inc.
| | 22,246 | | 13,129,589 |
Universal Health Services, Inc., Class B
| | 1,427 | | 339,583 |
Vertex Pharmaceuticals, Inc.(b)
| | 5,906 | | 2,928,726 |
Viatris, Inc.
| | 29,544 | | 356,892 |
West Pharmaceutical Services, Inc.
| | 1,818 | | 570,179 |
Zimmer Biomet Holdings, Inc.
| | 5,363 | | 619,212 |
Zoetis, Inc.
| | 10,597 | | 1,944,444 |
| | | | | 119,277,833 |
| Industrials-8.70% |
A.O. Smith Corp.
| | 2,977 | | 249,234 |
Allegion PLC
| | 2,104 | | 292,119 |
American Airlines Group, Inc.(b)(c)
| | 14,848 | | 157,686 |
AMETEK, Inc.
| | 5,500 | | 940,775 |
Automatic Data Processing, Inc.
| | 9,787 | | 2,700,331 |
Axon Enterprise, Inc.(b)
| | 1,608 | | 586,872 |
Broadridge Financial Solutions, Inc.
| | 2,916 | | 620,700 |
Builders FirstSource, Inc.(b)
| | 3,141 | | 546,534 |
C.H. Robinson Worldwide, Inc.
| | 2,745 | | 284,135 |
Carrier Global Corp.
| | 19,633 | | 1,428,890 |
Caterpillar, Inc.
| | 12,549 | | 4,468,699 |
Cintas Corp.
| | 2,018 | | 1,624,732 |
Copart, Inc.(b)
| | 20,599 | | 1,090,923 |
CSX Corp.
| | 48,739 | | 1,670,286 |
Cummins, Inc.
| | 3,500 | | 1,094,975 |
Dayforce, Inc.(b)(c)
| | 3,831 | | 219,018 |
Deere & Co.
| | 6,329 | | 2,441,349 |
Delta Air Lines, Inc.
| | 15,018 | | 638,115 |
Dover Corp.
| | 3,312 | | 616,131 |
Eaton Corp. PLC
| | 9,727 | | 2,985,508 |
Emerson Electric Co.
| | 14,149 | | 1,491,163 |
Equifax, Inc.
| | 2,805 | | 861,500 |
Expeditors International of Washington, Inc.
| | 3,513 | | 433,539 |
Fastenal Co.
| | 14,009 | | 956,535 |
FedEx Corp.
| | 5,710 | | 1,705,977 |
Fortive Corp.
| | 8,644 | | 643,114 |
GE Vernova, Inc.(b)
| | 6,452 | | 1,296,852 |
Generac Holdings, Inc.(b)
| | 1,453 | | 227,438 |
General Dynamics Corp.
| | 5,536 | | 1,657,257 |
General Electric Co.
| | 26,715 | | 4,664,973 |
Honeywell International, Inc.
| | 15,306 | | 3,182,271 |
Howmet Aerospace, Inc.
| | 9,839 | | 951,038 |
Hubbell, Inc.
| | 1,305 | | 521,896 |
Huntington Ingalls Industries, Inc.
| | 987 | | 279,094 |
IDEX Corp.
| | 1,836 | | 379,097 |
Illinois Tool Works, Inc.
| | 6,539 | | 1,655,544 |
Ingersoll Rand, Inc.
| | 9,723 | | 889,168 |
J.B. Hunt Transport Services, Inc.
| | 1,978 | | 342,590 |
Jacobs Solutions, Inc.
| | 3,095 | | 466,974 |
Johnson Controls International PLC
| | 16,486 | | 1,201,005 |
L3Harris Technologies, Inc.
| | 4,661 | | 1,103,119 |
Leidos Holdings, Inc.
| | 3,320 | | 526,253 |
Lockheed Martin Corp.
| | 5,277 | | 2,997,864 |
| | Shares | | Value |
| Industrials-(continued) |
Masco Corp.
| | 5,286 | | $ 420,554 |
Nordson Corp.
| | 1,313 | | 336,863 |
Norfolk Southern Corp.
| | 5,573 | | 1,427,580 |
Northrop Grumman Corp.
| | 3,564 | | 1,864,720 |
Old Dominion Freight Line, Inc.
| | 4,333 | | 835,402 |
PACCAR, Inc.
| | 12,612 | | 1,213,022 |
Parker-Hannifin Corp.
| | 3,078 | | 1,847,416 |
Paychex, Inc.
| | 7,500 | | 984,000 |
Paycom Software, Inc.
| | 1,135 | | 184,755 |
Pentair PLC
| | 3,915 | | 347,221 |
Quanta Services, Inc.
| | 3,438 | | 945,897 |
Republic Services, Inc.
| | 4,859 | | 1,011,692 |
Rockwell Automation, Inc.
| | 2,660 | | 723,600 |
Rollins, Inc.
| | 6,774 | | 339,919 |
RTX Corp.
| | 32,074 | | 3,956,007 |
Snap-on, Inc.
| | 1,256 | | 356,377 |
Southwest Airlines Co.
| | 13,416 | | 387,991 |
Stanley Black & Decker, Inc.
| | 3,702 | | 378,937 |
Textron, Inc.
| | 4,724 | | 430,829 |
Trane Technologies PLC
| | 5,330 | | 1,927,648 |
Uber Technologies, Inc.(b)
| | 43,478 | | 3,179,546 |
Union Pacific Corp.
| | 15,006 | | 3,842,887 |
United Airlines Holdings, Inc.(b)
| | 8,061 | | 355,006 |
United Parcel Service, Inc., Class B
| | 17,634 | | 2,266,851 |
United Rentals, Inc.
| | 1,724 | | 1,277,932 |
Veralto Corp.
| | 5,217 | | 586,547 |
Verisk Analytics, Inc.
| | 3,327 | | 907,672 |
W.W. Grainger, Inc.
| | 1,064 | | 1,047,955 |
Wabtec Corp.
| | 4,300 | | 729,151 |
Waste Management, Inc.
| | 9,206 | | 1,952,040 |
Xylem, Inc.
| | 5,876 | | 808,126 |
| | | | | 89,965,416 |
| Information Technology-31.08% |
Accenture PLC, Class A (Ireland)
| | 14,829 | | 5,070,777 |
Adobe, Inc.(b)
| | 10,466 | | 6,011,775 |
Advanced Micro Devices, Inc.(b)
| | 40,289 | | 5,985,334 |
Akamai Technologies, Inc.(b)
| | 3,742 | | 381,085 |
Amphenol Corp., Class A
| | 28,097 | | 1,895,143 |
Analog Devices, Inc.
| | 11,674 | | 2,741,522 |
ANSYS, Inc.(b)
| | 2,057 | | 661,161 |
Apple, Inc.
| | 313,955 | | 71,895,695 |
Applied Materials, Inc.
| | 18,027 | | 3,556,006 |
Arista Networks, Inc.(b)
| | 5,842 | | 2,064,446 |
Autodesk, Inc.(b)
| | 4,627 | | 1,195,617 |
Broadcom, Inc.
| | 93,590 | | 15,238,324 |
Cadence Design Systems, Inc.(b)
| | 5,984 | | 1,609,277 |
CDW Corp.
| | 3,245 | | 732,202 |
Cisco Systems, Inc.
| | 99,154 | | 5,011,243 |
Cognizant Technology Solutions Corp., Class A
| | 11,894 | | 924,996 |
Corning, Inc.
| | 17,902 | | 749,199 |
EPAM Systems, Inc.(b)
| | 1,391 | | 279,257 |
F5, Inc.(b)
| | 1,433 | | 291,114 |
First Solar, Inc.(b)
| | 2,313 | | 525,907 |
Gartner, Inc.(b)
| | 1,843 | | 906,682 |
Gen Digital, Inc.
| | 13,393 | | 354,379 |
Hewlett Packard Enterprise Co.
| | 25,502 | | 493,974 |
HP, Inc.
| | 20,991 | | 759,454 |
Intel Corp.
| | 101,513 | | 2,237,347 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
International Business Machines Corp.
| | 21,627 | | $ 4,371,466 |
Intuit, Inc.
| | 6,525 | | 4,112,446 |
Jabil, Inc.
| | 2,844 | | 310,792 |
Juniper Networks, Inc.
| | 7,737 | | 300,815 |
Keysight Technologies, Inc.(b)
| | 4,296 | | 662,100 |
KLA Corp.
| | 2,971 | | 2,434,527 |
Lam Research Corp.
| | 2,839 | | 2,330,847 |
Microchip Technology, Inc.
| | 13,310 | | 1,093,550 |
Micron Technology, Inc.
| | 23,475 | | 2,259,234 |
Microsoft Corp.
| | 167,657 | | 69,936,441 |
Monolithic Power Systems, Inc.
| | 1,039 | | 971,133 |
Motorola Solutions, Inc.
| | 3,860 | | 1,706,274 |
NetApp, Inc.
| | 4,726 | | 570,523 |
NVIDIA Corp.
| | 518,546 | | 61,898,836 |
NXP Semiconductors N.V. (China)
| | 5,935 | | 1,521,497 |
ON Semiconductor Corp.(b)
| | 9,804 | | 763,437 |
Oracle Corp.
| | 31,867 | | 4,502,488 |
Palo Alto Networks, Inc.(b)
| | 6,960 | | 2,524,531 |
PTC, Inc.(b)(c)
| | 2,876 | | 515,063 |
Qorvo, Inc.(b)
| | 2,296 | | 266,083 |
QUALCOMM, Inc.
| | 25,311 | | 4,437,018 |
Roper Technologies, Inc.
| | 2,441 | | 1,353,315 |
Salesforce, Inc.
| | 23,039 | | 5,826,563 |
ServiceNow, Inc.(b)
| | 4,467 | | 3,819,285 |
Skyworks Solutions, Inc.
| | 3,465 | | 379,729 |
Super Micro Computer, Inc.(b)
| | 1,221 | | 534,432 |
Synopsys, Inc.(b)
| | 3,467 | | 1,801,384 |
TE Connectivity Ltd.
| | 7,499 | | 1,151,846 |
Teledyne Technologies, Inc.(b)
| | 1,173 | | 507,674 |
Teradyne, Inc.
| | 3,507 | | 479,512 |
Texas Instruments, Inc.
| | 21,336 | | 4,573,158 |
Trimble, Inc.(b)
| | 5,960 | | 337,872 |
Tyler Technologies, Inc.(b)
| | 1,054 | | 619,615 |
Western Digital Corp.(b)
| | 7,380 | | 484,054 |
Zebra Technologies Corp., Class A(b)
| | 1,261 | | 435,524 |
| | | | | 321,364,980 |
| Materials-2.23% |
Albemarle Corp.
| | 2,973 | | 268,313 |
Amcor PLC
| | 33,749 | | 386,089 |
Avery Dennison Corp.
| | 1,924 | | 426,839 |
Ball Corp.
| | 8,367 | | 533,898 |
Celanese Corp.
| | 2,788 | | 364,113 |
CF Industries Holdings, Inc.
| | 5,305 | | 440,792 |
Corteva, Inc.
| | 18,093 | | 1,036,729 |
Dow, Inc.
| | 17,226 | | 922,969 |
DuPont de Nemours, Inc.
| | 10,505 | | 885,046 |
Eastman Chemical Co.
| | 2,860 | | 292,778 |
Ecolab, Inc.
| | 5,835 | | 1,477,305 |
FMC Corp.
| | 3,175 | | 205,042 |
Freeport-McMoRan, Inc.
| | 36,795 | | 1,629,283 |
International Flavors & Fragrances, Inc.
| | 6,147 | | 639,227 |
International Paper Co.(c)
| | 8,314 | | 402,564 |
Linde PLC
| | 11,645 | | 5,569,221 |
LyondellBasell Industries N.V., Class A
| | 6,313 | | 623,093 |
Martin Marietta Materials, Inc.
| | 1,518 | | 810,855 |
Mosaic Co. (The)
| | 8,619 | | 246,245 |
Nucor Corp.
| | 6,432 | | 977,085 |
Packaging Corp. of America
| | 2,170 | | 454,702 |
PPG Industries, Inc.
| | 5,768 | | 748,283 |
| | Shares | | Value |
| Materials-(continued) |
Sherwin-Williams Co. (The)
| | 5,721 | | $ 2,113,166 |
Smurfit WestRock PLC
| | 6,685 | | 317,003 |
Steel Dynamics, Inc.
| | 4,038 | | 482,581 |
Vulcan Materials Co.
| | 3,264 | | 800,365 |
| | | | | 23,053,586 |
| Real Estate-1.96% |
Alexandria Real Estate Equities, Inc.
| | 3,875 | | 463,334 |
AvalonBay Communities, Inc.
| | 3,351 | | 756,421 |
BXP, Inc.
| | 3,990 | | 300,128 |
Camden Property Trust
| | 2,443 | | 305,864 |
CBRE Group, Inc., Class A(b)
| | 7,195 | | 828,432 |
CoStar Group, Inc.(b)
| | 9,819 | | 759,009 |
Digital Realty Trust, Inc.
| | 7,510 | | 1,138,591 |
Equity Residential
| | 8,152 | | 610,422 |
Essex Property Trust, Inc.(c)
| | 1,490 | | 449,667 |
Extra Space Storage, Inc.
| | 4,916 | | 870,132 |
Federal Realty Investment Trust
| | 1,796 | | 206,540 |
Healthpeak Properties, Inc.
| | 17,384 | | 387,316 |
Host Hotels & Resorts, Inc.
| | 17,137 | | 303,325 |
Invitation Homes, Inc.
| | 13,729 | | 505,776 |
Iron Mountain, Inc.
| | 6,459 | | 731,546 |
Kimco Realty Corp.
| | 16,662 | | 387,558 |
Mid-America Apartment Communities, Inc.
| | 2,671 | | 433,690 |
Prologis, Inc.
| | 21,665 | | 2,769,220 |
Public Storage
| | 3,741 | | 1,285,856 |
Realty Income Corp.
| | 20,637 | | 1,281,764 |
Regency Centers Corp.
| | 4,467 | | 324,706 |
Simon Property Group, Inc.
| | 7,706 | | 1,289,599 |
UDR, Inc.
| | 7,070 | | 314,686 |
Ventas, Inc.
| | 9,597 | | 596,070 |
VICI Properties, Inc.(c)
| | 24,631 | | 824,646 |
Welltower, Inc.
| | 13,576 | | 1,638,352 |
Weyerhaeuser Co.
| | 17,808 | | 542,966 |
| | | | | 20,305,616 |
| Utilities-2.69% |
Alliant Energy Corp.
| | 6,085 | | 354,573 |
Ameren Corp.
| | 6,587 | | 543,493 |
American Electric Power Co., Inc.
| | 12,918 | | 1,295,417 |
Atmos Energy Corp.
| | 3,576 | | 467,526 |
CenterPoint Energy, Inc.
| | 15,018 | | 409,991 |
CMS Energy Corp.
| | 7,417 | | 503,318 |
Consolidated Edison, Inc.
| | 8,574 | | 870,775 |
Constellation Energy Corp.
| | 7,614 | | 1,497,674 |
Dominion Energy, Inc.
| | 21,261 | | 1,188,490 |
DTE Energy Co.
| | 5,112 | | 639,102 |
Duke Energy Corp.
| | 18,870 | | 2,150,236 |
Edison International
| | 10,027 | | 872,650 |
Entergy Corp.
| | 5,307 | | 640,502 |
Evergy, Inc.
| | 5,514 | | 326,098 |
Eversource Energy
| | 8,583 | | 579,610 |
Exelon Corp.
| | 25,753 | | 980,932 |
FirstEnergy Corp.
| | 13,650 | | 599,508 |
NextEra Energy, Inc.
| | 54,392 | | 4,379,100 |
NiSource, Inc.
| | 9,810 | | 324,319 |
NRG Energy, Inc.
| | 5,453 | | 463,560 |
PG&E Corp.
| | 51,328 | | 1,011,162 |
Pinnacle West Capital Corp.(c)
| | 2,720 | | 238,054 |
PPL Corp.
| | 19,516 | | 622,756 |
Public Service Enterprise Group, Inc.
| | 12,374 | | 999,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-(continued) |
Sempra
| | 15,342 | | $ 1,260,806 |
Southern Co. (The)
| | 26,674 | | 2,304,634 |
Vistra Corp.
| | 8,802 | | 751,955 |
WEC Energy Group, Inc.(c)
| | 7,713 | | 717,540 |
Xcel Energy, Inc.
| | 13,376 | | 819,012 |
| | | | | 27,811,993 |
Total Common Stocks & Other Equity Interests
(Cost $774,424,871)
| | 1,033,056,255 |
| Money Market Funds-0.00% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $12,957)
| | 12,957 | | 12,957 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.89%
(Cost $774,437,828)
| | 1,033,069,212 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-1.01% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 2,884,175 | | $ 2,884,175 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 7,507,963 | | 7,510,966 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,394,642)
| | 10,395,141 |
TOTAL INVESTMENTS IN SECURITIES-100.90%
(Cost $784,832,470)
| | 1,043,464,353 |
OTHER ASSETS LESS LIABILITIES-(0.90)%
| | (9,282,699) |
NET ASSETS-100.00%
| | $1,034,181,654 |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $165,664 | | $13,987 | | $(10,437) | | $14,667 | | $(557) | | $183,324 | | $8,347 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 16,687,293 | | (16,674,336) | | - | | - | | 12,957 | | 19,727 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 4,093,256 | | 52,586,764 | | (53,795,845) | | - | | - | | 2,884,175 | | 211,706* |
| Invesco Private Prime Fund | 10,525,517 | | 110,759,138 | | (113,779,157) | | 499 | | 4,969 | | 7,510,966 | | 573,647* |
| Total | $14,784,437 | | $180,047,182 | | $(184,259,775) | | $15,166 | | $4,412 | | $10,591,422 | | $813,427 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.85% |
| Communication Services-1.16% |
Frontier Communications Parent, Inc.(b)(c)
| | 28,703 | | $ 826,647 |
New York Times Co. (The), Class A
| | 20,695 | | 1,136,776 |
Nexstar Media Group, Inc., Class A(c)
| | 4,272 | | 729,999 |
TEGNA, Inc.
| | 27,027 | | 375,135 |
Ziff Davis, Inc.(b)(c)
| | 6,083 | | 297,276 |
ZoomInfo Technologies, Inc., Class A(b)(c)
| | 35,532 | | 351,412 |
| | | | | 3,717,245 |
| Consumer Discretionary-13.22% |
Adient PLC(b)
| | 11,841 | | 267,843 |
Aramark
| | 31,059 | | 1,137,691 |
Autoliv, Inc. (Sweden)
| | 10,264 | | 1,051,752 |
AutoNation, Inc.(b)
| | 3,250 | | 578,435 |
Boyd Gaming Corp.
| | 8,487 | | 509,390 |
Brunswick Corp.(c)
| | 9,287 | | 734,137 |
Capri Holdings Ltd.(b)(c)
| | 15,386 | | 549,588 |
Carter’s, Inc.
| | 5,014 | | 330,423 |
Columbia Sportswear Co.(c)
| | 4,630 | | 373,780 |
Crocs, Inc.(b)(c)
| | 7,466 | | 1,091,305 |
Dick’s Sporting Goods, Inc.
| | 7,536 | | 1,785,731 |
Duolingo, Inc.(b)(c)
| | 4,250 | | 903,422 |
Floor & Decor Holdings, Inc., Class A(b)(c)
| | 12,726 | | 1,430,911 |
Gap, Inc. (The)
| | 29,344 | | 658,186 |
Gentex Corp.(c)
| | 29,484 | | 923,734 |
Goodyear Tire & Rubber Co. (The)(b)(c)
| | 36,302 | | 320,184 |
Graham Holdings Co., Class B
| | 480 | | 381,691 |
Grand Canyon Education, Inc.(b)
| | 3,750 | | 543,787 |
H&R Block, Inc.
| | 16,922 | | 1,071,332 |
Harley-Davidson, Inc.(c)
| | 16,869 | | 631,575 |
Helen of Troy Ltd.(b)(c)
| | 3,131 | | 167,133 |
Hilton Grand Vacations, Inc.(b)(c)
| | 8,984 | | 346,603 |
Hyatt Hotels Corp., Class A
| | 5,430 | | 824,926 |
KB Home
| | 9,324 | | 780,512 |
Lear Corp.
| | 7,338 | | 855,978 |
Light & Wonder, Inc.(b)(c)
| | 11,418 | | 1,253,925 |
Lithia Motors, Inc., Class A
| | 3,295 | | 992,059 |
Macy’s, Inc.
| | 34,547 | | 537,897 |
Marriott Vacations Worldwide Corp.(c)
| | 4,196 | | 310,504 |
Mattel, Inc.(b)(c)
| | 45,208 | | 858,048 |
Murphy USA, Inc.
| | 2,188 | | 1,136,950 |
Nordstrom, Inc.
| | 12,457 | | 278,289 |
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
| | 7,462 | | 668,297 |
Penske Automotive Group, Inc.
| | 2,520 | | 428,652 |
Polaris, Inc.
| | 6,919 | | 585,693 |
PVH Corp.
| | 7,700 | | 759,913 |
Service Corp. International
| | 18,571 | | 1,453,552 |
Skechers U.S.A., Inc., Class A(b)
| | 15,956 | | 1,092,667 |
Taylor Morrison Home Corp., Class A(b)
| | 13,675 | | 920,738 |
Tempur Sealy International, Inc.(c)
| | 22,027 | | 1,154,876 |
Texas Roadhouse, Inc.
| | 8,489 | | 1,432,519 |
Thor Industries, Inc.(c)
| | 6,773 | | 726,472 |
Toll Brothers, Inc.
| | 13,321 | | 1,919,156 |
TopBuild Corp.(b)
| | 3,975 | | 1,562,254 |
Travel + Leisure Co.
| | 8,675 | | 383,956 |
Under Armour, Inc., Class A(b)
| | 49,362 | | 379,594 |
Valvoline, Inc.(b)
| | 15,722 | | 663,468 |
Visteon Corp.(b)
| | 3,692 | | 373,741 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Wendy’s Co. (The)
| | 22,484 | | $ 380,429 |
Whirlpool Corp.
| | 6,779 | | 679,866 |
Williams-Sonoma, Inc.
| | 15,215 | | 2,043,831 |
Wyndham Hotels & Resorts, Inc.
| | 10,047 | | 790,699 |
YETI Holdings, Inc.(b)(c)
| | 10,319 | | 416,062 |
| | | | | 42,434,156 |
| Consumer Staples-4.92% |
BellRing Brands, Inc.(b)
| | 16,817 | | 940,575 |
BJ’s Wholesale Club Holdings, Inc.(b)
| | 16,880 | | 1,349,725 |
Boston Beer Co., Inc. (The), Class A(b)
| | 1,262 | | 342,911 |
Casey’s General Stores, Inc.
| | 4,085 | | 1,480,036 |
Celsius Holdings, Inc.(b)(c)
| | 23,950 | | 910,818 |
Coca-Cola Consolidated, Inc.
| | 552 | | 741,005 |
Coty, Inc., Class A(b)
| | 48,895 | | 458,635 |
Darling Ingredients, Inc.(b)(c)
| | 21,933 | | 915,264 |
e.l.f. Beauty, Inc.(b)
| | 6,554 | | 981,724 |
Flowers Foods, Inc.
| | 25,010 | | 581,232 |
Ingredion, Inc.
| | 8,306 | | 1,115,579 |
Lancaster Colony Corp.
| | 2,523 | | 430,827 |
Performance Food Group Co.(b)
| | 19,672 | | 1,468,318 |
Pilgrim’s Pride Corp.(b)
| | 5,205 | | 242,449 |
Post Holdings, Inc.(b)
| | 6,580 | | 761,767 |
Sprouts Farmers Market, Inc.(b)
| | 13,462 | | 1,400,721 |
US Foods Holding Corp.(b)
| | 28,346 | | 1,678,367 |
| | | | | 15,799,953 |
| Energy-5.18% |
Antero Midstream Corp.
| | 42,561 | | 632,882 |
Antero Resources Corp.(b)
| | 35,982 | | 971,154 |
ChampionX Corp.
| | 24,546 | | 764,117 |
Chesapeake Energy Corp.(c)
| | 14,454 | | 1,076,678 |
Chord Energy Corp.
| | 8,446 | | 1,253,640 |
Civitas Resources, Inc.
| | 12,600 | | 772,758 |
CNX Resources Corp.(b)(c)
| | 19,104 | | 528,608 |
DT Midstream, Inc.
| | 11,669 | | 917,067 |
HF Sinclair Corp.
| | 20,919 | | 1,027,960 |
Matador Resources Co.
| | 14,793 | | 839,059 |
Murphy Oil Corp.
| | 19,416 | | 723,828 |
NOV, Inc.
| | 51,984 | | 923,756 |
Ovintiv, Inc.
| | 34,008 | | 1,456,563 |
PBF Energy, Inc., Class A
| | 14,433 | | 491,588 |
Permian Resources Corp.
| | 67,149 | | 956,202 |
Range Resources Corp.
| | 29,969 | | 895,474 |
Southwestern Energy Co.(b)
| | 145,283 | | 926,905 |
Valaris Ltd.(b)(c)
| | 7,916 | | 483,351 |
Weatherford International PLC
| | 9,391 | | 985,491 |
| | | | | 16,627,081 |
| Financials-18.63% |
Affiliated Managers Group, Inc.
| | 4,502 | | 782,583 |
Ally Financial, Inc.
| | 33,485 | | 1,446,217 |
American Financial Group, Inc.
| | 8,429 | | 1,126,283 |
Associated Banc-Corp
| | 19,479 | | 445,680 |
Bank OZK
| | 14,572 | | 631,696 |
Brighthouse Financial, Inc.(b)
| | 8,799 | | 403,874 |
Cadence Bank
| | 23,198 | | 748,831 |
Carlyle Group, Inc. (The)
| | 28,872 | | 1,158,633 |
CNO Financial Group, Inc.
| | 14,414 | | 503,337 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Columbia Banking System, Inc.
| | 26,836 | | $ 675,731 |
Commerce Bancshares, Inc.
| | 15,390 | | 984,344 |
Cullen/Frost Bankers, Inc.
| | 8,417 | | 944,640 |
East West Bancorp, Inc.
| | 18,413 | | 1,547,981 |
Equitable Holdings, Inc.
| | 39,916 | | 1,697,228 |
Erie Indemnity Co., Class A
| | 3,190 | | 1,621,254 |
Essent Group Ltd.
| | 13,316 | | 856,086 |
Euronet Worldwide, Inc.(b)
| | 5,890 | | 635,590 |
Evercore, Inc., Class A
| | 4,512 | | 1,108,779 |
F.N.B. Corp.
| | 47,433 | | 710,546 |
Federated Hermes, Inc., Class B
| | 10,401 | | 356,754 |
Fidelity National Financial, Inc.
| | 33,142 | | 1,954,052 |
First American Financial Corp.
| | 13,567 | | 865,575 |
First Financial Bankshares, Inc.(c)
| | 17,184 | | 628,419 |
First Horizon Corp.
| | 73,538 | | 1,219,995 |
FirstCash Holdings, Inc.
| | 4,822 | | 579,074 |
Glacier Bancorp, Inc.(c)
| | 14,350 | | 678,755 |
Hancock Whitney Corp.
| | 11,100 | | 596,403 |
Hanover Insurance Group, Inc. (The)
| | 4,831 | | 710,109 |
Home BancShares, Inc.
| | 24,168 | | 672,837 |
Houlihan Lokey, Inc.
| | 6,791 | | 1,063,606 |
Interactive Brokers Group, Inc., Class A
| | 13,934 | | 1,795,953 |
International Bancshares Corp.
| | 7,056 | | 445,798 |
Janus Henderson Group PLC
| | 16,730 | | 629,215 |
Jefferies Financial Group, Inc.
| | 22,476 | | 1,347,436 |
Kemper Corp.
| | 7,735 | | 483,515 |
Kinsale Capital Group, Inc.
| | 2,766 | | 1,358,355 |
MGIC Investment Corp.
| | 33,953 | | 863,425 |
Morningstar, Inc.
| | 3,228 | | 1,012,850 |
Old National Bancorp
| | 41,407 | | 821,929 |
Old Republic International Corp.
| | 34,392 | | 1,233,641 |
Pinnacle Financial Partners, Inc.
| | 9,874 | | 983,154 |
Primerica, Inc.
| | 4,417 | | 1,162,687 |
Prosperity Bancshares, Inc.
| | 12,504 | | 920,044 |
Reinsurance Group of America, Inc.
| | 8,380 | | 1,849,969 |
RenaissanceRe Holdings Ltd. (Bermuda)
| | 6,832 | | 1,740,725 |
RLI Corp.
| | 5,207 | | 802,399 |
SEI Investments Co.
| | 12,904 | | 872,698 |
Selective Insurance Group, Inc.
| | 8,136 | | 740,213 |
SLM Corp.
| | 28,401 | | 626,526 |
SouthState Corp.
| | 10,003 | | 971,191 |
Starwood Property Trust, Inc.(c)
| | 37,747 | | 786,648 |
Stifel Financial Corp.
| | 12,788 | | 1,127,134 |
Synovus Financial Corp.
| | 19,270 | | 888,732 |
Texas Capital Bancshares, Inc.(b)
| | 6,264 | | 421,066 |
UMB Financial Corp.
| | 5,589 | | 578,965 |
United Bankshares, Inc.
| | 17,061 | | 663,161 |
Unum Group
| | 24,586 | | 1,364,277 |
Valley National Bancorp
| | 55,160 | | 478,789 |
Voya Financial, Inc.
| | 13,433 | | 951,459 |
Webster Financial Corp.
| | 22,918 | | 1,087,001 |
Western Union Co. (The)
| | 44,121 | | 538,276 |
WEX, Inc.(b)(c)
| | 5,625 | | 1,074,488 |
Wintrust Financial Corp.
| | 8,075 | | 878,560 |
Zions Bancorporation N.A.
| | 18,796 | | 931,530 |
| | | | | 59,786,701 |
| Health Care-6.91% |
Acadia Healthcare Co., Inc.(b)(c)
| | 11,668 | | 955,959 |
Azenta, Inc.(b)(c)
| | 6,251 | | 309,549 |
| | Shares | | Value |
| Health Care-(continued) |
Bruker Corp.
| | 11,431 | | $ 768,049 |
Chemed Corp.
| | 1,927 | | 1,129,550 |
DENTSPLY SIRONA, Inc.
| | 27,332 | | 691,226 |
Doximity, Inc., Class A(b)(c)
| | 14,242 | | 523,821 |
Encompass Health Corp.
| | 12,635 | | 1,175,687 |
Enovis Corp.(b)(c)
| | 6,891 | | 321,121 |
Envista Holdings Corp.(b)(c)
| | 23,487 | | 428,873 |
Exelixis, Inc.(b)
| | 37,147 | | 966,936 |
Haemonetics Corp.(b)(c)
| | 6,289 | | 475,323 |
Halozyme Therapeutics, Inc.(b)(c)
| | 14,680 | | 937,318 |
HealthEquity, Inc.(b)
| | 10,508 | | 836,016 |
Jazz Pharmaceuticals PLC(b)
| | 7,443 | | 863,239 |
Lantheus Holdings, Inc.(b)
| | 8,685 | | 924,692 |
LivaNova PLC(b)
| | 7,764 | | 391,228 |
Masimo Corp.(b)(c)
| | 5,199 | | 610,986 |
Medpace Holdings, Inc.(b)
| | 2,830 | | 1,005,414 |
Neurocrine Biosciences, Inc.(b)
| | 12,608 | | 1,601,972 |
Option Care Health, Inc.(b)(c)
| | 23,890 | | 764,958 |
Perrigo Co. PLC
| | 16,639 | | 484,195 |
R1 RCM, Inc.(b)(c)
| | 25,454 | | 359,156 |
Repligen Corp.(b)(c)
| | 6,778 | | 1,023,004 |
Roivant Sciences Ltd.(b)
| | 40,252 | | 492,282 |
Tenet Healthcare Corp.(b)
| | 12,309 | | 2,041,325 |
United Therapeutics Corp.(b)
| | 5,775 | | 2,099,501 |
| | | | | 22,181,380 |
| Industrials-23.36% |
AAON, Inc.
| | 8,514 | | 813,172 |
Acuity Brands, Inc.
| | 3,836 | | 977,029 |
Advanced Drainage Systems, Inc.
| | 8,812 | | 1,381,369 |
AECOM
| | 17,062 | | 1,708,589 |
AGCO Corp.
| | 8,066 | | 734,329 |
Applied Industrial Technologies, Inc.
| | 4,877 | | 1,000,370 |
Brink’s Co. (The)
| | 5,814 | | 644,947 |
BWX Technologies, Inc.
| | 11,731 | | 1,208,293 |
CACI International, Inc., Class A(b)
| | 2,806 | | 1,369,665 |
Carlisle Cos., Inc.
| | 6,131 | | 2,598,318 |
Clean Harbors, Inc.(b)
| | 6,215 | | 1,528,268 |
Comfort Systems USA, Inc.
| | 4,572 | | 1,616,293 |
Concentrix Corp.(c)
| | 5,859 | | 440,773 |
Core & Main, Inc., Class A(b)
| | 24,178 | | 1,161,269 |
Crane Co.
| | 6,342 | | 1,004,446 |
Curtiss-Wright Corp.
| | 5,048 | | 1,594,461 |
Donaldson Co., Inc.
| | 14,844 | | 1,079,604 |
EMCOR Group, Inc.
| | 6,000 | | 2,358,360 |
EnerSys
| | 4,950 | | 501,583 |
ESAB Corp.
| | 7,416 | | 778,458 |
ExlService Holdings, Inc.(b)
| | 20,936 | | 765,001 |
Exponent, Inc.
| | 6,300 | | 682,101 |
Flowserve Corp.
| | 16,797 | | 837,834 |
Fluor Corp.(b)
| | 20,428 | | 1,022,830 |
Fortune Brands Innovations, Inc.
| | 16,214 | | 1,287,554 |
FTI Consulting, Inc.(b)(c)
| | 4,419 | | 1,008,902 |
GATX Corp.
| | 4,679 | | 660,207 |
Genpact Ltd.
| | 20,983 | | 823,163 |
Graco, Inc.
| | 21,199 | | 1,766,937 |
GXO Logistics, Inc.(b)(c)
| | 14,806 | | 741,040 |
Hexcel Corp.
| | 11,204 | | 709,101 |
Insperity, Inc.
| | 4,413 | | 414,778 |
ITT, Inc.
| | 10,598 | | 1,475,454 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
KBR, Inc.
| | 17,235 | | $ 1,195,420 |
Kirby Corp.(b)
| | 7,667 | | 919,427 |
Knight-Swift Transportation Holdings, Inc.
| | 19,883 | | 1,041,472 |
Landstar System, Inc.
| | 4,459 | | 814,035 |
Lennox International, Inc.
| | 3,794 | | 2,239,181 |
Lincoln Electric Holdings, Inc.
| | 7,488 | | 1,449,752 |
ManpowerGroup, Inc.
| | 6,184 | | 457,121 |
MasTec, Inc.(b)
| | 7,689 | | 869,857 |
Maximus, Inc.
| | 7,458 | | 688,075 |
MDU Resources Group, Inc.
| | 25,602 | | 657,715 |
Middleby Corp. (The)(b)(c)
| | 6,706 | | 942,998 |
MSA Safety, Inc.
| | 4,685 | | 855,622 |
MSC Industrial Direct Co., Inc., Class A(c)
| | 5,738 | | 471,893 |
nVent Electric PLC
| | 20,970 | | 1,425,121 |
Oshkosh Corp.
| | 8,567 | | 924,465 |
Owens Corning
| | 11,171 | | 1,884,883 |
Paylocity Holding Corp.(b)
| | 5,494 | | 886,732 |
RBC Bearings, Inc.(b)(c)
| | 3,839 | | 1,143,446 |
Regal Rexnord Corp.
| | 8,497 | | 1,425,882 |
Ryder System, Inc.
| | 5,565 | | 808,261 |
Saia, Inc.(b)(c)
| | 2,938 | | 1,104,189 |
Science Applications International Corp.
| | 7,488 | | 977,858 |
Sensata Technologies Holding PLC
| | 19,888 | | 766,682 |
Simpson Manufacturing Co., Inc.
| | 5,343 | | 978,090 |
Stericycle, Inc.(b)
| | 10,178 | | 603,148 |
Terex Corp.
| | 9,255 | | 525,406 |
Tetra Tech, Inc.
| | 6,589 | | 1,566,469 |
Timken Co. (The)
| | 8,434 | | 712,926 |
Toro Co. (The)
| | 11,004 | | 1,018,970 |
Trex Co., Inc.(b)
| | 13,639 | | 869,350 |
UFP Industries, Inc.
| | 7,830 | | 952,676 |
Valmont Industries, Inc.
| | 2,423 | | 692,396 |
Watsco, Inc.(c)
| | 3,862 | | 1,836,072 |
Watts Water Technologies, Inc., Class A
| | 3,582 | | 704,579 |
WESCO International, Inc.
| | 5,569 | | 921,001 |
Woodward, Inc.
| | 7,573 | | 1,262,040 |
XPO, Inc.(b)(c)
| | 14,623 | | 1,676,088 |
| | | | | 74,963,796 |
| Information Technology-9.05% |
Allegro MicroSystems, Inc. (Japan)(b)(c)
| | 9,438 | | 231,514 |
Amkor Technology, Inc.
| | 11,796 | | 388,088 |
AppFolio, Inc., Class A(b)
| | 2,421 | | 561,648 |
Arrow Electronics, Inc.(b)
| | 6,599 | | 891,393 |
ASGN, Inc.(b)(c)
| | 6,147 | | 591,096 |
Aspen Technology, Inc.(b)(c)
| | 3,585 | | 839,392 |
Avnet, Inc.
| | 11,436 | | 631,039 |
Belden, Inc.
| | 5,134 | | 550,776 |
Blackbaud, Inc.(b)(c)
| | 5,403 | | 451,691 |
Ciena Corp.(b)
| | 17,857 | | 1,029,456 |
Cirrus Logic, Inc.(b)
| | 6,237 | | 908,669 |
Cognex Corp.
| | 22,072 | | 891,267 |
Coherent Corp.(b)
| | 13,336 | | 1,039,541 |
Commvault Systems, Inc.(b)
| | 5,022 | | 780,419 |
Crane NXT Co.
| | 6,469 | | 380,054 |
Dolby Laboratories, Inc., Class A
| | 7,604 | | 542,621 |
Dropbox, Inc., Class A(b)
| | 33,152 | | 833,441 |
Dynatrace, Inc.(b)
| | 29,047 | | 1,470,359 |
IPG Photonics Corp.(b)
| | 3,685 | | 251,943 |
Kyndryl Holdings, Inc.(b)
| | 29,423 | | 697,031 |
| | Shares | | Value |
| Information Technology-(continued) |
Lattice Semiconductor Corp.(b)(c)
| | 20,249 | | $ 958,993 |
Littelfuse, Inc.
| | 3,064 | | 834,021 |
MACOM Technology Solutions Holdings, Inc.(b)
| | 6,560 | | 716,549 |
Manhattan Associates, Inc.(b)
| | 7,389 | | 1,953,873 |
MKS Instruments, Inc.
| | 7,293 | | 869,544 |
Novanta, Inc.(b)
| | 4,393 | | 805,149 |
Onto Innovation, Inc.(b)
| | 5,893 | | 1,256,505 |
Power Integrations, Inc.
| | 7,082 | | 475,202 |
Pure Storage, Inc., Class A(b)
| | 33,702 | | 1,728,576 |
Qualys, Inc.(b)
| | 4,587 | | 574,155 |
Rambus, Inc.(b)
| | 12,739 | | 569,688 |
Silicon Laboratories, Inc.(b)(c)
| | 4,122 | | 487,921 |
Synaptics, Inc.(b)(c)
| | 4,798 | | 390,653 |
TD SYNNEX Corp.
| | 9,763 | | 1,185,423 |
Teradata Corp.(b)
| | 11,797 | | 333,147 |
Universal Display Corp.(c)
| | 4,704 | | 911,259 |
Vishay Intertechnology, Inc.
| | 16,505 | | 332,576 |
Vontier Corp.
| | 19,781 | | 692,928 |
| | | | | 29,037,600 |
| Materials-7.20% |
Alcoa Corp.
| | 24,793 | | 795,855 |
AptarGroup, Inc.
| | 8,374 | | 1,282,813 |
Arcadium Lithium PLC (Argentina)(b)(c)
| | 149,631 | | 405,500 |
Ashland, Inc.
| | 6,252 | | 559,554 |
Avient Corp.(c)
| | 11,336 | | 556,938 |
Axalta Coating Systems Ltd.(b)
| | 27,022 | | 986,303 |
Berry Global Group, Inc.
| | 14,545 | | 1,001,569 |
Cabot Corp.
| | 7,052 | | 741,236 |
Cleveland-Cliffs, Inc.(b)(c)
| | 71,209 | | 929,990 |
Commercial Metals Co.
| | 16,193 | | 867,783 |
Crown Holdings, Inc.
| | 15,700 | | 1,419,437 |
Eagle Materials, Inc.
| | 4,354 | | 1,122,243 |
Graphic Packaging Holding Co.(c)
| | 38,434 | | 1,150,330 |
Greif, Inc., Class A
| | 3,338 | | 208,692 |
Knife River Corp.(b)
| | 7,097 | | 559,740 |
Louisiana-Pacific Corp.
| | 7,833 | | 760,193 |
MP Materials Corp.(b)(c)
| | 19,890 | | 256,581 |
NewMarket Corp.
| | 863 | | 495,163 |
Olin Corp.
| | 16,043 | | 700,598 |
Reliance, Inc.
| | 7,735 | | 2,217,238 |
Royal Gold, Inc.(c)
| | 8,591 | | 1,204,200 |
RPM International, Inc.(c)
| | 16,212 | | 1,884,645 |
Silgan Holdings, Inc.
| | 10,515 | | 549,619 |
Sonoco Products Co.
| | 12,902 | | 729,866 |
United States Steel Corp.(c)
| | 28,717 | | 1,088,661 |
Westlake Corp.
| | 4,286 | | 623,356 |
| | | | | 23,098,103 |
| Real Estate-7.55% |
Agree Realty Corp.
| | 12,659 | | 924,234 |
American Homes 4 Rent, Class A
| | 41,045 | | 1,632,360 |
Brixmor Property Group, Inc.
| | 37,866 | | 1,037,150 |
COPT Defense Properties
| | 14,212 | | 423,376 |
Cousins Properties, Inc.
| | 19,064 | | 543,515 |
CubeSmart
| | 27,611 | | 1,431,078 |
EastGroup Properties, Inc.
| | 5,913 | | 1,102,183 |
EPR Properties
| | 9,932 | | 471,472 |
First Industrial Realty Trust, Inc.
| | 16,355 | | 927,819 |
Gaming and Leisure Properties, Inc.
| | 34,558 | | 1,797,707 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
Independence Realty Trust, Inc.(c)
| | 26,262 | | $ 545,724 |
Jones Lang LaSalle, Inc.(b)
| | 5,948 | | 1,518,108 |
Kilroy Realty Corp.
| | 13,986 | | 507,272 |
Kite Realty Group Trust
| | 27,174 | | 708,698 |
Lamar Advertising Co., Class A
| | 11,048 | | 1,389,617 |
National Storage Affiliates Trust
| | 8,753 | | 409,115 |
NNN REIT, Inc.
| | 22,676 | | 1,065,545 |
Omega Healthcare Investors, Inc.
| | 31,089 | | 1,229,259 |
Park Hotels & Resorts, Inc.(c)
| | 27,564 | | 421,178 |
PotlatchDeltic Corp.
| | 10,718 | | 465,804 |
Rayonier, Inc.(c)
| | 16,936 | | 521,798 |
Rexford Industrial Realty, Inc.(c)
| | 26,589 | | 1,353,912 |
Sabra Health Care REIT, Inc.
| | 30,065 | | 512,308 |
STAG Industrial, Inc.
| | 22,516 | | 913,699 |
Vornado Realty Trust(c)
| | 19,806 | | 680,732 |
W.P. Carey, Inc.(c)
| | 27,946 | | 1,677,319 |
| | | | | 24,210,982 |
| Utilities-2.67% |
ALLETE, Inc.
| | 7,163 | | 455,209 |
Black Hills Corp.
| | 9,081 | | 536,869 |
Essential Utilities, Inc.
| | 31,993 | | 1,247,407 |
IDACORP, Inc.
| | 6,635 | | 676,173 |
National Fuel Gas Co.
| | 12,112 | | 723,813 |
New Jersey Resources Corp.
| | 12,522 | | 579,894 |
NorthWestern Energy Group, Inc.
| | 8,151 | | 443,333 |
OGE Energy Corp.
| | 25,540 | | 1,010,362 |
ONE Gas, Inc.
| | 7,113 | | 490,370 |
Portland General Electric Co.
| | 13,175 | | 633,849 |
Southwest Gas Holdings, Inc.
| | 7,903 | | 574,706 |
Spire, Inc.
| | 7,154 | | 471,949 |
UGI Corp.
| | 29,249 | | 728,593 |
| | | | | 8,572,527 |
Total Common Stocks & Other Equity Interests
(Cost $259,255,211)
| | 320,429,524 |
| | Shares | | Value |
| Money Market Funds-0.08% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $269,035)
| | 269,035 | | $ 269,035 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $259,524,246)
| | 320,698,559 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-11.98% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 11,496,566 | | 11,496,566 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 26,922,642 | | 26,933,411 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $38,427,917)
| | 38,429,977 |
TOTAL INVESTMENTS IN SECURITIES-111.91%
(Cost $297,952,163)
| | 359,128,536 |
OTHER ASSETS LESS LIABILITIES-(11.91)%
| | (38,230,456) |
NET ASSETS-100.00%
| | $320,898,080 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $96,110 | | $6,080,372 | | $(5,907,447) | | $- | | $- | | $269,035 | | $5,215 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $9,701,199 | | $103,446,095 | | $(101,650,728) | | $- | | $- | | $11,496,566 | | $535,571* |
| Invesco Private Prime Fund | 24,945,939 | | 178,940,586 | | (176,964,581) | | 2,060 | | 9,407 | | 26,933,411 | | 1,433,964* |
| Total | $34,743,248 | | $288,467,053 | | $(284,522,756) | | $2,060 | | $9,407 | | $38,699,012 | | $1,974,750 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap Low Volatility ETF (XMLV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Communication Services-1.08% |
New York Times Co. (The), Class A
| | 167,282 | | $ 9,188,800 |
| Consumer Discretionary-3.49% |
Gentex Corp.(b)
| | 354,298 | | 11,100,156 |
Murphy USA, Inc.(b)
| | 17,829 | | 9,264,483 |
Texas Roadhouse, Inc.
| | 55,142 | | 9,305,213 |
| | | | | 29,669,852 |
| Consumer Staples-6.33% |
Flowers Foods, Inc.
| | 449,546 | | 10,447,449 |
Ingredion, Inc.
| | 88,005 | | 11,819,952 |
Pilgrim’s Pride Corp.(b)(c)
| | 212,831 | | 9,913,668 |
Post Holdings, Inc.(b)(c)
| | 97,502 | | 11,287,806 |
US Foods Holding Corp.(c)
| | 174,660 | | 10,341,619 |
| | | | | 53,810,494 |
| Energy-3.92% |
Antero Midstream Corp.
| | 786,213 | | 11,690,988 |
Chord Energy Corp.
| | 58,242 | | 8,644,860 |
DT Midstream, Inc.(b)
| | 165,027 | | 12,969,472 |
| | | | | 33,305,320 |
| Financials-23.24% |
Affiliated Managers Group, Inc.(b)
| | 60,267 | | 10,476,213 |
American Financial Group, Inc.
| | 81,534 | | 10,894,573 |
Essent Group Ltd.
| | 172,362 | | 11,081,153 |
Federated Hermes, Inc., Class B
| | 324,128 | | 11,117,590 |
Hanover Insurance Group, Inc. (The)
| | 78,807 | | 11,583,841 |
Houlihan Lokey, Inc.
| | 69,064 | | 10,816,804 |
Interactive Brokers Group, Inc., Class A
| | 79,602 | | 10,259,902 |
Janus Henderson Group PLC(b)
| | 266,892 | | 10,037,808 |
Jefferies Financial Group, Inc.
| | 168,540 | | 10,103,973 |
MGIC Investment Corp.(b)
| | 404,647 | | 10,290,173 |
Old Republic International Corp.
| | 338,399 | | 12,138,372 |
Primerica, Inc.
| | 39,514 | | 10,401,270 |
Reinsurance Group of America, Inc.
| | 54,692 | | 12,073,806 |
RLI Corp.
| | 70,629 | | 10,883,929 |
SEI Investments Co.
| | 193,807 | | 13,107,167 |
Stifel Financial Corp.
| | 121,981 | | 10,751,405 |
Unum Group
| | 177,658 | | 9,858,243 |
Voya Financial, Inc.(b)
| | 164,017 | | 11,617,324 |
| | | | | 197,493,546 |
| Health Care-2.63% |
Chemed Corp.
| | 18,341 | | 10,750,944 |
Encompass Health Corp.
| | 124,851 | | 11,617,386 |
| | | | | 22,368,330 |
| Industrials-17.53% |
AECOM
| | 104,560 | | 10,470,638 |
CACI International, Inc., Class A(b)(c)
| | 24,851 | | 12,130,270 |
Curtiss-Wright Corp.
| | 43,487 | | 13,735,804 |
Donaldson Co., Inc.
| | 161,053 | | 11,713,385 |
Flowserve Corp.
| | 207,118 | | 10,331,046 |
GATX Corp.(b)
| | 67,310 | | 9,497,441 |
Genpact Ltd.
| | 274,288 | | 10,760,318 |
Graco, Inc.
| | 130,311 | | 10,861,422 |
KBR, Inc.(b)
| | 144,890 | | 10,049,570 |
Landstar System, Inc.(b)
| | 52,904 | | 9,658,154 |
| | Shares | | Value |
| Industrials-(continued) |
ManpowerGroup, Inc.
| | 127,458 | | $ 9,421,695 |
Maximus, Inc.
| | 105,798 | | 9,760,924 |
MDU Resources Group, Inc.
| | 410,405 | | 10,543,305 |
MSA Safety, Inc.
| | 54,756 | | 10,000,088 |
| | | | | 148,934,060 |
| Information Technology-3.39% |
Avnet, Inc.
| | 179,719 | | 9,916,894 |
Dolby Laboratories, Inc., Class A(b)
| | 121,349 | | 8,659,465 |
TD SYNNEX Corp.
| | 84,522 | | 10,262,661 |
| | | | | 28,839,020 |
| Materials-7.68% |
AptarGroup, Inc.
| | 90,768 | | 13,904,750 |
Greif, Inc., Class A
| | 157,002 | | 9,815,765 |
NewMarket Corp.
| | 16,797 | | 9,637,615 |
RPM International, Inc.(b)
| | 85,153 | | 9,899,036 |
Silgan Holdings, Inc.
| | 189,898 | | 9,925,968 |
Sonoco Products Co.
| | 212,912 | | 12,044,432 |
| | | | | 65,227,566 |
| Real Estate-16.05% |
Agree Realty Corp.
| | 150,337 | | 10,976,104 |
American Homes 4 Rent, Class A
| | 279,334 | | 11,109,113 |
Brixmor Property Group, Inc.
| | 360,017 | | 9,860,866 |
COPT Defense Properties(b)
| | 315,657 | | 9,403,422 |
EastGroup Properties, Inc.(b)
| | 56,006 | | 10,439,519 |
EPR Properties
| | 235,673 | | 11,187,397 |
Equity LifeStyle Properties, Inc.(b)
| | 147,256 | | 10,706,984 |
First Industrial Realty Trust, Inc.
| | 178,774 | | 10,141,849 |
Gaming and Leisure Properties, Inc.
| | 222,814 | | 11,590,784 |
NNN REIT, Inc.
| | 230,167 | | 10,815,547 |
Omega Healthcare Investors, Inc.(b)
| | 267,681 | | 10,584,107 |
Sabra Health Care REIT, Inc.(b)
| | 545,607 | | 9,297,143 |
STAG Industrial, Inc.
| | 253,487 | | 10,286,503 |
| | | | | 136,399,338 |
| Utilities-14.56% |
ALLETE, Inc.
| | 157,138 | | 9,986,120 |
Black Hills Corp.
| | 158,347 | | 9,361,474 |
Essential Utilities, Inc.
| | 225,234 | | 8,781,874 |
IDACORP, Inc.
| | 110,524 | | 11,263,501 |
National Fuel Gas Co.(b)
| | 168,426 | | 10,065,138 |
New Jersey Resources Corp.
| | 238,591 | | 11,049,149 |
NorthWestern Energy Group, Inc.
| | 195,920 | | 10,656,089 |
OGE Energy Corp.(b)
| | 282,861 | | 11,189,981 |
ONE Gas, Inc.(b)
| | 134,627 | | 9,281,185 |
Portland General Electric Co.
| | 210,555 | | 10,129,801 |
Spire, Inc.
| | 162,202 | | 10,700,466 |
TXNM Energy, Inc.(b)
| | 275,914 | | 11,306,956 |
| | | | | 123,771,734 |
Total Common Stocks & Other Equity Interests
(Cost $748,660,264)
| | 849,008,060 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap Low Volatility ETF (XMLV)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $67,904)
| | 67,904 | | $ 67,904 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $748,728,168)
| | 849,075,964 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-5.69% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 13,390,433 | | 13,390,433 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 34,958,844 | | $ 34,972,828 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $48,362,035)
| | 48,363,261 |
TOTAL INVESTMENTS IN SECURITIES-105.60%
(Cost $797,090,203)
| | 897,439,225 |
OTHER ASSETS LESS LIABILITIES-(5.60)%
| | (47,583,407) |
NET ASSETS-100.00%
| | $849,855,818 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $19,613,502 | | $(19,545,598) | | $- | | $- | | $67,904 | | $17,828 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 24,241,901 | | 225,726,250 | | (236,577,718) | | - | | - | | 13,390,433 | | 866,359* |
| Invesco Private Prime Fund | 62,336,320 | | 484,142,989 | | (511,529,116) | | 1,615 | | 21,020 | | 34,972,828 | | 2,303,296* |
| Total | $86,578,221 | | $729,482,741 | | $(767,652,432) | | $1,615 | | $21,020 | | $48,431,165 | | $3,187,483 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.92% |
| Communication Services-2.99% |
AMC Networks, Inc., Class A(b)
| | 5,526 | | $ 54,431 |
Cable One, Inc.(c)
| | 821 | | 289,583 |
CarGurus, Inc.(b)
| | 13,089 | | 379,319 |
Cars.com, Inc.(b)
| | 10,001 | | 178,418 |
Cinemark Holdings, Inc.(b)(c)
| | 17,226 | | 471,648 |
Cogent Communications Holdings, Inc.
| | 7,656 | | 535,767 |
EchoStar Corp., Class A(b)(c)
| | 20,786 | | 385,372 |
IAC, Inc.(b)(c)
| | 11,766 | | 621,010 |
John Wiley & Sons, Inc., Class A
| | 7,120 | | 343,967 |
Lumen Technologies, Inc.(b)
| | 177,436 | | 931,539 |
QuinStreet, Inc.(b)
| | 9,067 | | 173,270 |
Scholastic Corp.
| | 4,564 | | 145,500 |
Shenandoah Telecommunications Co.(c)
| | 9,444 | | 142,793 |
Shutterstock, Inc.
| | 4,051 | | 145,350 |
Telephone and Data Systems, Inc.
| | 16,242 | | 383,636 |
Thryv Holdings, Inc.(b)(c)
| | 5,548 | | 101,085 |
TripAdvisor, Inc.(b)
| | 17,623 | | 255,710 |
Yelp, Inc.(b)
| | 11,331 | | 395,792 |
| | | | | 5,934,190 |
| Consumer Discretionary-13.25% |
Academy Sports & Outdoors, Inc.(c)
| | 13,613 | | 755,249 |
Adtalem Global Education, Inc.(b)(c)
| | 6,526 | | 494,083 |
Advance Auto Parts, Inc.(c)
| | 10,830 | | 490,707 |
American Axle & Manufacturing Holdings, Inc.(b)
| | 19,871 | | 127,771 |
American Eagle Outfitters, Inc.
| | 32,853 | | 676,115 |
Asbury Automotive Group, Inc.(b)(c)
| | 3,466 | | 851,388 |
BJ’s Restaurants, Inc.(b)(c)
| | 3,821 | | 117,037 |
Bloomin’ Brands, Inc.(c)
| | 16,471 | | 288,243 |
Boot Barn Holdings, Inc.(b)
| | 4,648 | | 623,622 |
Brinker International, Inc.(b)
| | 7,736 | | 553,279 |
Buckle, Inc. (The)(c)
| | 5,134 | | 215,115 |
Caleres, Inc.
| | 5,639 | | 237,571 |
Cavco Industries, Inc.(b)
| | 1,295 | | 535,249 |
Century Communities, Inc.
| | 4,837 | | 484,039 |
Cheesecake Factory, Inc. (The)
| | 7,550 | | 296,791 |
Chuy’s Holdings, Inc.(b)
| | 2,834 | | 105,425 |
Cracker Barrel Old Country Store, Inc.(c)
| | 3,771 | | 149,256 |
Dana, Inc.
| | 22,366 | | 252,512 |
Dave & Buster’s Entertainment, Inc.(b)(c)
| | 5,420 | | 169,863 |
Designer Brands, Inc., Class A(c)
| | 9,791 | | 65,012 |
Dorman Products, Inc.(b)(c)
| | 4,805 | | 544,983 |
Ethan Allen Interiors, Inc.
| | 3,908 | | 123,024 |
Foot Locker, Inc.
| | 14,951 | | 465,574 |
Frontdoor, Inc.(b)
| | 13,449 | | 646,628 |
Gentherm, Inc.(b)
| | 5,552 | | 280,598 |
G-III Apparel Group Ltd.(b)
| | 7,819 | | 206,969 |
Golden Entertainment, Inc.(c)
| | 3,601 | | 116,636 |
Green Brick Partners, Inc.(b)
| | 4,068 | | 320,477 |
Group 1 Automotive, Inc.
| | 2,229 | | 839,798 |
Guess?, Inc.(c)
| | 4,720 | | 97,798 |
Hanesbrands, Inc.(b)(c)
| | 59,567 | | 378,250 |
Haverty Furniture Cos., Inc., (Acquired 12/03/2021 - 07/19/2024; Cost $70,165)(c)(d)
| | 2,413 | | 66,116 |
Installed Building Products, Inc.
| | 3,786 | | 841,666 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Kohl’s Corp.
| | 18,501 | | $ 358,734 |
Kontoor Brands, Inc.
| | 8,835 | | 661,300 |
La-Z-Boy, Inc.
| | 7,763 | | 314,945 |
LCI Industries
| | 4,460 | | 525,566 |
LGI Homes, Inc.(b)(c)
| | 3,450 | | 372,186 |
M/I Homes, Inc.(b)
| | 4,672 | | 744,577 |
MarineMax, Inc.(b)
| | 2,814 | | 89,260 |
Meritage Homes Corp.
| | 6,338 | | 1,255,368 |
Mister Car Wash, Inc.(b)(c)
| | 15,334 | | 99,824 |
Monarch Casino & Resort, Inc.
| | 2,221 | | 168,618 |
Monro, Inc.(c)
| | 4,745 | | 128,542 |
Movado Group, Inc.
| | 2,760 | | 65,854 |
National Vision Holdings, Inc.(b)(c)
| | 13,734 | | 145,031 |
Newell Brands, Inc.
| | 67,086 | | 475,640 |
ODP Corp. (The)(b)
| | 5,615 | | 173,223 |
Oxford Industries, Inc.(c)
| | 2,677 | | 232,845 |
Patrick Industries, Inc.
| | 3,744 | | 483,800 |
Perdoceo Education Corp.
| | 11,401 | | 255,838 |
Phinia, Inc.(c)
| | 8,427 | | 404,159 |
Sally Beauty Holdings, Inc.(b)(c)
| | 18,775 | | 245,014 |
Shake Shack, Inc., Class A(b)
| | 6,476 | | 643,779 |
Shoe Carnival, Inc.(c)
| | 3,011 | | 121,765 |
Signet Jewelers Ltd.(c)
| | 7,536 | | 633,778 |
Sonic Automotive, Inc., Class A
| | 2,391 | | 149,055 |
Sonos, Inc.(b)(c)
| | 20,390 | | 249,370 |
Standard Motor Products, Inc.
| | 3,271 | | 105,686 |
Steven Madden Ltd.
| | 12,105 | | 545,935 |
Strategic Education, Inc.
| | 3,731 | | 360,041 |
Stride, Inc.(b)(c)
| | 6,694 | | 551,184 |
Sturm, Ruger & Co., Inc.
| | 3,048 | | 128,382 |
Topgolf Callaway Brands Corp.(b)(c)
| | 23,683 | | 238,251 |
Tri Pointe Homes, Inc.(b)
| | 16,597 | | 737,571 |
Upbound Group, Inc.
| | 7,381 | | 245,787 |
Urban Outfitters, Inc.(b)
| | 9,074 | | 329,568 |
Victoria’s Secret & Co.(b)
| | 16,706 | | 391,923 |
Vista Outdoor, Inc.(b)
| | 9,373 | | 375,295 |
Winnebago Industries, Inc.
| | 5,257 | | 313,633 |
Wolverine World Wide, Inc.(c)
| | 13,534 | | 185,551 |
Worthington Enterprises, Inc.
| | 5,509 | | 252,312 |
XPEL, Inc.(b)(c)(e)
| | 3,391 | | 146,796 |
| | | | | 26,322,830 |
| Consumer Staples-3.44% |
Andersons, Inc. (The)
| | 5,517 | | 281,202 |
B&G Foods, Inc.(c)
| | 13,375 | | 113,286 |
Calavo Growers, Inc.(c)
| | 3,033 | | 69,820 |
Cal-Maine Foods, Inc.
| | 7,174 | | 516,815 |
Central Garden & Pet Co., Class A(b)
| | 11,835 | | 404,757 |
Chefs’ Warehouse, Inc. (The)(b)(c)
| | 5,947 | | 254,710 |
Edgewell Personal Care Co.
| | 8,478 | | 340,985 |
Energizer Holdings, Inc.
| | 11,288 | | 365,731 |
Fresh Del Monte Produce, Inc.
| | 5,821 | | 170,206 |
Hain Celestial Group, Inc. (The)(b)(c)
| | 15,729 | | 125,832 |
Inter Parfums, Inc.
| | 3,150 | | 405,846 |
J&J Snack Foods Corp.
| | 2,521 | | 429,049 |
John B. Sanfilippo & Son, Inc.
| | 1,562 | | 148,187 |
MGP Ingredients, Inc.(c)
| | 2,692 | | 241,176 |
National Beverage Corp.(c)
| | 3,783 | | 170,840 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Staples-(continued) |
Nu Skin Enterprises, Inc., Class A
| | 8,386 | | $ 74,887 |
PriceSmart, Inc.
| | 4,296 | | 384,836 |
Simply Good Foods Co. (The)(b)
| | 16,051 | | 507,051 |
SpartanNash Co.
| | 5,770 | | 127,459 |
Tootsie Roll Industries, Inc.
| | 3,006 | | 89,338 |
TreeHouse Foods, Inc.(b)
| | 8,711 | | 357,935 |
United Natural Foods, Inc.(b)
| | 8,588 | | 129,937 |
Universal Corp.
| | 4,171 | | 226,485 |
USANA Health Sciences, Inc.(b)
| | 1,904 | | 77,721 |
WD-40 Co.(c)
| | 2,321 | | 610,052 |
WK Kellogg Co.(c)
| | 11,563 | | 198,537 |
| | | | | 6,822,680 |
| Energy-4.74% |
Archrock, Inc.
| | 24,391 | | 493,430 |
Bristow Group, Inc.(b)(c)
| | 4,257 | | 169,471 |
California Resources Corp.
| | 10,565 | | 554,346 |
Comstock Resources, Inc.(c)
| | 15,012 | | 159,578 |
CONSOL Energy, Inc.
| | 4,722 | | 482,966 |
Core Laboratories, Inc.(c)
| | 7,847 | | 153,487 |
CVR Energy, Inc.(c)
| | 5,025 | | 127,736 |
Dorian LPG Ltd.
| | 6,612 | | 257,802 |
Dril-Quip, Inc.(b)(c)
| | 5,939 | | 96,865 |
Green Plains, Inc.(b)(c)
| | 11,332 | | 160,574 |
Helix Energy Solutions Group, Inc.(b)
| | 24,661 | | 276,696 |
Helmerich & Payne, Inc.(c)
| | 17,979 | | 586,655 |
Liberty Energy, Inc., Class A
| | 27,458 | | 565,360 |
Magnolia Oil & Gas Corp., Class A(c)
| | 32,465 | | 831,429 |
Nabors Industries Ltd.(b)(c)
| | 1,631 | | 122,928 |
Northern Oil and Gas, Inc.(c)
| | 16,541 | | 658,001 |
Oceaneering International, Inc.(b)
| | 18,115 | | 488,924 |
Par Pacific Holdings, Inc.(b)
| | 10,024 | | 224,939 |
Patterson-UTI Energy, Inc.
| | 57,208 | | 526,886 |
Peabody Energy Corp.
| | 19,885 | | 465,508 |
ProPetro Holding Corp.(b)
| | 14,834 | | 117,782 |
REX American Resources Corp.(b)
| | 2,720 | | 123,352 |
RPC, Inc.(c)
| | 14,834 | | 95,234 |
SM Energy Co.(c)
| | 20,024 | | 913,695 |
Talos Energy, Inc.(b)
| | 25,745 | | 295,295 |
Vital Energy, Inc.(b)(c)
| | 4,560 | | 163,658 |
World Kinect Corp.
| | 10,243 | | 294,896 |
| | | | | 9,407,493 |
| Financials-20.48% |
Ambac Financial Group, Inc.(b)
| | 10,208 | | 119,434 |
Ameris Bancorp
| | 11,206 | | 690,626 |
AMERISAFE, Inc.
| | 3,286 | | 164,694 |
Apollo Commercial Real Estate Finance, Inc.
| | 21,945 | | 232,398 |
Arbor Realty Trust, Inc.(c)
| | 31,648 | | 430,413 |
Artisan Partners Asset Management, Inc., Class A
| | 12,327 | | 512,680 |
Assured Guaranty Ltd.
| | 9,424 | | 754,674 |
Atlantic Union Bankshares Corp.
| | 15,497 | | 614,921 |
Axos Financial, Inc.(b)
| | 8,553 | | 593,835 |
BancFirst Corp.
| | 2,467 | | 262,489 |
Bancorp, Inc. (The)(b)(c)
| | 9,086 | | 476,106 |
Bank of Hawaii Corp.
| | 6,740 | | 447,334 |
BankUnited, Inc.
| | 12,599 | | 484,180 |
Banner Corp.
| | 5,744 | | 342,170 |
Berkshire Hills Bancorp, Inc.(c)
| | 7,322 | | 201,648 |
BGC Group, Inc., Class A
| | 68,965 | | 681,374 |
| | Shares | | Value |
| Financials-(continued) |
Blackstone Mortgage Trust, Inc., Class A(c)
| | 29,447 | | $ 543,592 |
Bread Financial Holdings, Inc.
| | 8,598 | | 500,146 |
Brookline Bancorp, Inc.
| | 15,211 | | 155,609 |
Capitol Federal Financial, Inc.
| | 20,035 | | 120,410 |
Cathay General Bancorp
| | 12,399 | | 545,432 |
Central Pacific Financial Corp.
| | 4,485 | | 123,382 |
City Holding Co.(c)
| | 2,497 | | 296,494 |
Cohen & Steers, Inc.(c)
| | 4,224 | | 377,457 |
Community Financial System, Inc.
| | 9,156 | | 559,981 |
Customers Bancorp, Inc.(b)
| | 4,717 | | 244,435 |
CVB Financial Corp.(c)
| | 22,230 | | 409,477 |
Dime Community Bancshares, Inc.
| | 5,685 | | 147,867 |
Donnelley Financial Solutions, Inc.(b)
| | 4,342 | | 289,438 |
Eagle Bancorp, Inc.
| | 5,259 | | 114,488 |
Ellington Financial, Inc.
| | 13,208 | | 173,685 |
Employers Holdings, Inc.
| | 4,343 | | 208,247 |
Enova International, Inc.(b)
| | 4,996 | | 428,307 |
EVERTEC, Inc.
| | 11,301 | | 387,059 |
EZCORP, Inc., Class A(b)(c)
| | 8,833 | | 107,939 |
FB Financial Corp.(c)
| | 5,941 | | 286,475 |
First Bancorp
| | 28,820 | | 616,172 |
First Bancorp/Southern Pines NC
| | 7,118 | | 302,373 |
First Commonwealth Financial Corp.(c)
| | 17,595 | | 302,986 |
First Financial Bancorp
| | 16,711 | | 442,340 |
First Hawaiian, Inc.
| | 21,482 | | 522,657 |
Franklin BSP Realty Trust, Inc.
| | 13,611 | | 185,382 |
Fulton Financial Corp.(c)
| | 31,538 | | 610,260 |
Genworth Financial, Inc., Class A(b)
| | 78,002 | | 544,454 |
Goosehead Insurance, Inc., Class A(b)(c)
| | 4,553 | | 384,000 |
Green Dot Corp., Class A, (Acquired 06/17/2022 - 07/17/2024; Cost $131,112)(b)(c)(d)
| | 7,299 | | 81,530 |
HA Sustainable Infrastructure Capital, Inc.(c)
| | 19,560 | | 633,353 |
Hanmi Financial Corp.
| | 5,041 | | 99,862 |
HCI Group, Inc.(c)
| | 1,129 | | 108,192 |
Heritage Financial Corp.
| | 6,068 | | 138,593 |
Hilltop Holdings, Inc.
| | 7,807 | | 256,460 |
Hope Bancorp, Inc.
| | 20,671 | | 264,382 |
Horace Mann Educators Corp.
| | 6,830 | | 243,216 |
Independent Bank Corp.
| | 7,498 | | 474,698 |
Independent Bank Group, Inc.
| | 6,381 | | 371,502 |
Jackson Financial, Inc., Class A
| | 12,306 | | 1,107,171 |
KKR Real Estate Finance Trust, Inc.
| | 9,894 | | 118,035 |
Lakeland Financial Corp.(c)
| | 4,253 | | 289,842 |
Lincoln National Corp.(c)
| | 29,710 | | 953,691 |
Mercury General Corp.
| | 4,797 | | 317,705 |
Moelis & Co., Class A
| | 11,993 | | 801,012 |
Mr. Cooper Group, Inc.(b)
| | 10,851 | | 1,017,932 |
National Bank Holdings Corp., Class A
| | 6,223 | | 272,630 |
Navient Corp.
| | 14,206 | | 240,508 |
NBT Bancorp, Inc.
| | 8,121 | | 397,604 |
NMI Holdings, Inc., Class A(b)
| | 13,868 | | 569,559 |
Northwest Bancshares, Inc.
| | 21,687 | | 300,365 |
OFG Bancorp
| | 8,017 | | 368,702 |
Pacific Premier Bancorp, Inc.
| | 16,601 | | 426,646 |
Palomar Holdings, Inc.(b)(c)
| | 4,129 | | 409,679 |
Park National Corp.(c)
| | 2,420 | | 425,412 |
Pathward Financial, Inc.
| | 4,129 | | 284,158 |
Payoneer Global, Inc.(b)
| | 46,232 | | 343,504 |
PennyMac Mortgage Investment Trust(c)
| | 14,357 | | 204,013 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Piper Sandler Cos.
| | 2,611 | | $ 712,020 |
PJT Partners, Inc., Class A
| | 3,848 | | 475,228 |
PRA Group, Inc.(b)(c)
| | 6,891 | | 160,698 |
Preferred Bank(c)
| | 2,109 | | 174,731 |
ProAssurance Corp.(b)
| | 9,423 | | 126,268 |
PROG Holdings, Inc.
| | 7,894 | | 369,123 |
Provident Financial Services, Inc.
| | 22,989 | | 438,400 |
Radian Group, Inc.
| | 26,197 | | 947,022 |
Ready Capital Corp.(c)
| | 26,194 | | 217,148 |
Redwood Trust, Inc.(c)
| | 21,383 | | 161,869 |
Renasant Corp.(c)
| | 9,789 | | 342,615 |
S&T Bancorp, Inc.(c)
| | 6,548 | | 281,368 |
Safety Insurance Group, Inc.
| | 2,516 | | 222,792 |
Seacoast Banking Corp. of Florida(c)
| | 14,474 | | 396,009 |
ServisFirst Bancshares, Inc.(c)
| | 8,369 | | 678,391 |
Simmons First National Corp., Class A
| | 21,650 | | 463,743 |
SiriusPoint Ltd. (Sweden)(b)
| | 15,707 | | 235,448 |
Southside Bancshares, Inc.
| | 4,898 | | 167,659 |
Stellar Bancorp, Inc.(c)
| | 7,904 | | 215,542 |
Stewart Information Services Corp.
| | 4,750 | | 351,072 |
StoneX Group, Inc.(b)
| | 4,755 | | 393,999 |
Tompkins Financial Corp.(c)
| | 2,148 | | 131,758 |
Triumph Financial, Inc.(b)(c)
| | 3,635 | | 305,267 |
Trupanion, Inc.(b)
| | 6,451 | | 295,004 |
TrustCo Bank Corp.
| | 3,192 | | 111,209 |
Trustmark Corp.
| | 10,551 | | 351,454 |
Two Harbors Investment Corp.
| | 17,046 | | 241,371 |
United Community Banks, Inc.
| | 20,593 | | 627,469 |
United Fire Group, Inc., (Acquired 06/28/2021 - 07/17/2024; Cost $101,825)(d)
| | 3,690 | | 75,534 |
Veritex Holdings, Inc.(c)
| | 9,150 | | 230,488 |
Virtus Investment Partners, Inc.
| | 1,175 | | 248,700 |
WaFd, Inc.
| | 11,810 | | 433,073 |
Walker & Dunlop, Inc.(c)
| | 5,562 | | 595,468 |
Westamerica Bancorporation
| | 4,588 | | 237,612 |
WisdomTree, Inc.(c)
| | 18,574 | | 188,340 |
World Acceptance Corp.(b)(c)
| | 566 | | 66,703 |
WSFS Financial Corp.
| | 10,024 | | 548,714 |
| | | | | 40,678,785 |
| Health Care-10.19% |
AdaptHealth Corp.(b)
| | 11,191 | | 122,989 |
Addus HomeCare Corp.(b)
| | 2,620 | | 348,486 |
Alkermes PLC(b)(c)
| | 26,481 | | 753,384 |
AMN Healthcare Services, Inc.(b)(c)
| | 6,628 | | 351,483 |
Amphastar Pharmaceuticals, Inc.(b)(c)
| | 6,612 | | 322,269 |
ANI Pharmaceuticals, Inc.(b)
| | 2,530 | | 161,288 |
Arcus Biosciences, Inc.(b)(c)
| | 8,565 | | 146,633 |
Artivion, Inc.(b)
| | 6,488 | | 176,084 |
Astrana Health, Inc.(b)(c)
| | 7,324 | | 350,014 |
Avanos Medical, Inc.(b)
| | 7,611 | | 184,338 |
BioLife Solutions, Inc.(b)
| | 5,836 | | 151,036 |
Catalyst Pharmaceuticals, Inc.(b)
| | 19,782 | | 400,586 |
Certara, Inc.(b)(c)
| | 19,400 | | 237,650 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 5,636 | | 216,761 |
CONMED Corp.
| | 5,389 | | 394,583 |
Corcept Therapeutics, Inc.(b)(c)
| | 14,046 | | 495,824 |
CorVel Corp.(b)(c)
| | 1,514 | | 485,585 |
Cross Country Healthcare, Inc.(b)
| | 5,735 | | 85,566 |
| | Shares | | Value |
| Health Care-(continued) |
Dynavax Technologies Corp.(b)(c)
| | 21,288 | | $ 238,851 |
Enhabit, Inc.(b)
| | 8,145 | | 68,744 |
Ensign Group, Inc. (The)
| | 9,506 | | 1,438,828 |
Fortrea Holdings, Inc.(b)(c)
| | 15,253 | | 351,734 |
Fulgent Genetics, Inc.(b)(c)
| | 3,482 | | 78,554 |
Glaukos Corp.(b)
| | 8,127 | | 1,088,124 |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 5,440 | | 195,731 |
HealthStream, Inc.
| | 3,856 | | 111,978 |
ICU Medical, Inc.(b)
| | 3,122 | | 516,160 |
Innoviva, Inc.(b)(c)
| | 9,310 | | 180,428 |
Integer Holdings Corp.(b)(c)
| | 5,764 | | 749,723 |
LeMaitre Vascular, Inc.
| | 3,348 | | 302,291 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 2,941 | | 311,158 |
Merit Medical Systems, Inc.(b)(c)
| | 9,455 | | 914,109 |
Mesa Laboratories, Inc.
| | 853 | | 114,038 |
Myriad Genetics, Inc.(b)
| | 14,361 | | 406,847 |
National HealthCare Corp.
| | 2,328 | | 319,239 |
NeoGenomics, Inc.(b)(c)
| | 20,908 | | 345,400 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)
| | 762 | | 0 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)
| | 762 | | 0 |
Omnicell, Inc.(b)
| | 8,641 | | 384,352 |
Organon & Co.(c)
| | 43,904 | | 981,254 |
Owens & Minor, Inc.(b)(c)
| | 13,106 | | 203,667 |
Pacira BioSciences, Inc.(b)(c)
| | 8,161 | | 126,985 |
Patterson Cos., Inc.
| | 14,907 | | 335,258 |
Pediatrix Medical Group, Inc.(b)
| | 14,172 | | 153,908 |
Phibro Animal Health Corp., Class A
| | 3,354 | | 70,434 |
Premier, Inc., Class A
| | 20,441 | | 416,383 |
Prestige Consumer Healthcare, Inc.(b)
| | 8,143 | | 607,794 |
Privia Health Group, Inc.(b)(c)
| | 17,150 | | 345,401 |
RadNet, Inc.(b)
| | 10,434 | | 691,670 |
REGENXBIO, Inc.(b)(c)
| | 7,340 | | 89,695 |
Select Medical Holdings Corp.
| | 18,084 | | 652,290 |
Simulations Plus, Inc.(c)
| | 2,602 | | 94,323 |
STAAR Surgical Co., (Acquired 06/21/2024 - 08/08/2024; Cost $341,221)(b)(d)
| | 8,363 | | 276,732 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 9,244 | | 325,019 |
U.S. Physical Therapy, Inc.
| | 2,689 | | 230,178 |
UFP Technologies, Inc.(b)
| | 1,203 | | 410,500 |
Varex Imaging Corp.(b)(c)
| | 6,717 | | 83,828 |
Vericel Corp.(b)
| | 8,773 | | 453,125 |
Xencor, Inc.(b)
| | 10,918 | | 190,956 |
| | | | | 20,240,248 |
| Industrials-17.55% |
AAR Corp.(b)
| | 5,900 | | 388,102 |
ABM Industries, Inc.
| | 9,804 | | 560,299 |
AeroVironment, Inc.(b)
| | 4,373 | | 891,042 |
Air Lease Corp., Class A
| | 17,907 | | 828,557 |
Alamo Group, Inc.
| | 1,815 | | 336,501 |
Alaska Air Group, Inc.(b)
| | 21,429 | | 773,801 |
Albany International Corp., Class A
| | 5,343 | | 503,097 |
Allegiant Travel Co.(c)
| | 2,372 | | 99,814 |
American Woodmark Corp.(b)
| | 2,793 | | 250,281 |
Apogee Enterprises, Inc.
| | 3,786 | | 252,829 |
ArcBest Corp.
| | 3,778 | | 401,601 |
Arcosa, Inc.
| | 8,493 | | 777,025 |
Armstrong World Industries, Inc.
| | 7,484 | | 948,672 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Astec Industries, Inc.(c)
| | 3,881 | | $ 131,294 |
AZZ, Inc.
| | 5,167 | | 429,739 |
Barnes Group, Inc.
| | 8,543 | | 342,062 |
Boise Cascade Co.
| | 6,931 | | 939,982 |
Brady Corp., Class A
| | 7,763 | | 574,772 |
CoreCivic, Inc.(b)
| | 26,863 | | 370,172 |
CSG Systems International, Inc.
| | 4,950 | | 240,174 |
Deluxe Corp.
| | 7,340 | | 151,131 |
DNOW, Inc.(b)
| | 18,741 | | 244,008 |
DXP Enterprises, Inc.(b)
| | 2,241 | | 123,255 |
Dycom Industries, Inc.(b)
| | 4,859 | | 854,990 |
Enerpac Tool Group Corp.
| | 9,259 | | 381,841 |
Enpro, Inc.
| | 3,633 | | 584,295 |
Enviri Corp.(b)
| | 14,163 | | 169,248 |
ESCO Technologies, Inc.
| | 4,371 | | 524,127 |
Federal Signal Corp.
| | 10,920 | | 1,031,831 |
Forward Air Corp.(c)
| | 4,097 | | 130,162 |
Franklin Electric Co., Inc.
| | 6,769 | | 703,028 |
GEO Group, Inc. (The)(b)(c)
| | 23,437 | | 325,071 |
Gibraltar Industries, Inc.(b)
| | 5,413 | | 377,124 |
GMS, Inc.(b)
| | 6,807 | | 590,779 |
Granite Construction, Inc.(c)
| | 7,343 | | 551,900 |
Greenbrier Cos., Inc. (The)(c)
| | 5,597 | | 271,175 |
Griffon Corp.
| | 6,519 | | 431,493 |
Hayward Holdings, Inc.(b)(c)
| | 22,843 | | 338,990 |
Healthcare Services Group, Inc.(b)
| | 12,576 | | 136,953 |
Heartland Express, Inc.(c)
| | 7,322 | | 90,646 |
Heidrick & Struggles International, Inc.
| | 3,376 | | 130,314 |
Hillenbrand, Inc.
| | 12,571 | | 414,340 |
HNI Corp.
| | 8,129 | | 437,747 |
Hub Group, Inc., Class A
| | 10,467 | | 493,310 |
Insteel Industries, Inc.
| | 3,448 | | 118,611 |
Interface, Inc.
| | 10,468 | | 197,636 |
JetBlue Airways Corp.(b)(c)
| | 54,652 | | 277,632 |
John Bean Technologies Corp.
| | 5,311 | | 477,140 |
Kelly Services, Inc., Class A
| | 5,396 | | 113,910 |
Kennametal, Inc.
| | 13,815 | | 357,394 |
Korn Ferry
| | 9,210 | | 672,790 |
Lindsay Corp.
| | 1,819 | | 225,647 |
Liquidity Services, Inc.(b)(c)
| | 3,710 | | 80,767 |
Marten Transport Ltd.
| | 9,499 | | 165,757 |
MasterBrand, Inc.(b)
| | 22,158 | | 355,414 |
Matson, Inc.
| | 6,154 | | 851,098 |
Matthews International Corp., Class A
| | 5,300 | | 134,249 |
Mercury Systems, Inc.(b)(c)
| | 9,030 | | 342,237 |
MillerKnoll, Inc.
| | 13,102 | | 385,854 |
Moog, Inc., Class A
| | 4,871 | | 961,535 |
Mueller Industries, Inc.
| | 20,140 | | 1,464,379 |
MYR Group, Inc.(b)
| | 2,966 | | 298,973 |
National Presto Industries, Inc.
| | 875 | | 68,504 |
NV5 Global, Inc.(b)
| | 2,136 | | 205,334 |
OPENLANE, Inc.(b)
| | 18,507 | | 320,726 |
Powell Industries, Inc.(c)
| | 1,621 | | 271,420 |
Proto Labs, Inc.(b)
| | 4,182 | | 127,885 |
Quanex Building Products Corp.(c)
| | 6,119 | | 169,068 |
Resideo Technologies, Inc.(b)
| | 26,212 | | 528,434 |
Rush Enterprises, Inc., Class A
| | 10,694 | | 563,574 |
RXO, Inc.(b)
| | 18,944 | | 539,146 |
SkyWest, Inc.(b)
| | 6,503 | | 504,243 |
SPX Technologies, Inc.(b)
| | 7,639 | | 1,246,226 |
| | Shares | | Value |
| Industrials-(continued) |
Standex International Corp.
| | 1,991 | | $ 355,692 |
Sun Country Airlines Holdings, Inc.(b)(c)
| | 6,509 | | 71,469 |
Tennant Co.
| | 3,218 | | 314,302 |
Titan International, Inc.(b)(c)
| | 9,389 | | 78,210 |
Trinity Industries, Inc.
| | 14,778 | | 487,822 |
UniFirst Corp.
| | 2,580 | | 489,400 |
Verra Mobility Corp., Class A(b)
| | 28,113 | | 776,200 |
Vestis Corp.
| | 22,384 | | 314,943 |
Viad Corp.(b)
| | 3,477 | | 119,644 |
Vicor Corp.(b)(c)
| | 3,758 | | 144,683 |
Wabash National Corp.(c)
| | 8,319 | | 161,888 |
| | | | | 34,867,410 |
| Information Technology-11.61% |
A10 Networks, Inc.
| | 12,482 | | 171,877 |
ACI Worldwide, Inc.(b)
| | 18,675 | | 940,473 |
Adeia, Inc.
| | 18,308 | | 230,681 |
Advanced Energy Industries, Inc.
| | 6,152 | | 652,666 |
Agilysys, Inc.(b)
| | 3,526 | | 398,791 |
Alarm.com Holdings, Inc.(b)(c)
| | 8,721 | | 519,248 |
Alpha & Omega Semiconductor Ltd.(b)
| | 3,638 | | 152,105 |
Arlo Technologies, Inc.(b)
| | 16,419 | | 192,759 |
Axcelis Technologies, Inc.(b)
| | 4,534 | | 495,702 |
Badger Meter, Inc.
| | 5,024 | | 1,039,667 |
Benchmark Electronics, Inc.
| | 6,312 | | 268,323 |
BlackLine, Inc.(b)
| | 8,844 | | 438,220 |
CEVA, Inc.(b)(c)
| | 3,683 | | 88,171 |
Cohu, Inc.(b)
| | 7,858 | | 211,459 |
Corsair Gaming, Inc.(b)(c)
| | 7,258 | | 50,588 |
CTS Corp.(c)
| | 5,248 | | 258,464 |
Digi International, Inc.(b)(c)
| | 6,445 | | 189,870 |
Diodes, Inc.(b)
| | 7,653 | | 533,338 |
DoubleVerify Holdings, Inc.(b)
| | 22,784 | | 448,845 |
DXC Technology Co.(b)
| | 25,185 | | 520,574 |
Envestnet, Inc.(b)
| | 9,046 | | 567,636 |
ePlus, Inc.(b)(c)
| | 4,489 | | 430,764 |
Fabrinet (Thailand)(b)
| | 6,135 | | 1,494,793 |
FormFactor, Inc.(b)
| | 12,489 | | 609,088 |
Harmonic, Inc.(b)
| | 20,429 | | 295,199 |
Ichor Holdings Ltd.(b)
| | 4,780 | | 148,180 |
Insight Enterprises, Inc.(b)(c)
| | 4,594 | | 997,220 |
InterDigital, Inc.(c)
| | 4,157 | | 575,994 |
Itron, Inc.(b)
| | 7,599 | | 776,770 |
Knowles Corp.(b)
| | 14,430 | | 266,233 |
Kulicke & Soffa Industries, Inc. (Singapore)
| | 9,334 | | 408,923 |
LiveRamp Holdings, Inc.(b)
| | 11,203 | | 290,382 |
Marathon Digital Holdings, Inc.(b)(c)
| | 35,950 | | 600,365 |
MaxLinear, Inc.(b)
| | 12,127 | | 184,088 |
N-able, Inc.(b)
| | 10,661 | | 137,100 |
NetScout Systems, Inc.(b)
| | 13,039 | | 280,078 |
OSI Systems, Inc.(b)
| | 2,717 | | 407,197 |
PC Connection, Inc.
| | 1,958 | | 143,091 |
Perficient, Inc.(b)
| | 5,817 | | 437,264 |
Photronics, Inc.(b)
| | 10,716 | | 277,116 |
Plexus Corp.(b)
| | 4,938 | | 632,607 |
Progress Software Corp.
| | 7,378 | | 429,031 |
Rogers Corp.(b)
| | 2,771 | | 297,217 |
Sanmina Corp.(b)
| | 9,522 | | 660,636 |
ScanSource, Inc.(b)
| | 4,365 | | 222,353 |
SiTime Corp.(b)
| | 2,790 | | 403,601 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
SMART Global Holdings, Inc.(b)(c)
| | 7,944 | | $ 164,600 |
Sprinklr, Inc., Class A(b)(c)
| | 24,344 | | 218,366 |
SPS Commerce, Inc.(b)
| | 6,175 | | 1,233,394 |
TTM Technologies, Inc.(b)
| | 17,088 | | 332,362 |
Ultra Clean Holdings, Inc.(b)
| | 7,027 | | 264,918 |
Veeco Instruments, Inc.(b)
| | 8,456 | | 300,103 |
Viasat, Inc.(b)(c)
| | 15,057 | | 236,395 |
Viavi Solutions, Inc.(b)
| | 37,494 | | 322,823 |
Xerox Holdings Corp.(c)
| | 18,528 | | 209,922 |
| | | | | 23,057,630 |
| Materials-5.78% |
AdvanSix, Inc.
| | 4,323 | | 127,788 |
Alpha Metallurgical Resources, Inc.
| | 2,106 | | 503,650 |
Arch Resources, Inc.
| | 3,400 | | 463,862 |
ATI, Inc.(b)(c)
| | 22,514 | | 1,438,194 |
Balchem Corp.
| | 5,423 | | 960,034 |
Carpenter Technology Corp.
| | 8,684 | | 1,257,183 |
Century Aluminum Co.(b)(c)
| | 10,250 | | 147,190 |
Clearwater Paper Corp.(b)
| | 2,819 | | 93,788 |
H.B. Fuller Co.
| | 9,243 | | 791,755 |
Hawkins, Inc.
| | 3,165 | | 400,911 |
Haynes International, Inc.
| | 2,114 | | 127,136 |
Innospec, Inc.
| | 4,313 | | 497,116 |
Kaiser Aluminum Corp.(c)
| | 2,790 | | 207,995 |
Koppers Holdings, Inc.
| | 3,737 | | 147,910 |
Materion Corp.
| | 3,611 | | 419,020 |
Mativ Holdings, Inc., Class A(c)
| | 9,077 | | 172,100 |
Mercer International, Inc. (Germany)(c)
| | 8,045 | | 48,270 |
Metallus, Inc.(b)(c)
| | 7,065 | | 114,877 |
Minerals Technologies, Inc.
| | 5,605 | | 432,145 |
Myers Industries, Inc.
| | 6,329 | | 96,770 |
O-I Glass, Inc.(b)
| | 27,751 | | 352,160 |
Olympic Steel, Inc.
| | 1,786 | | 71,619 |
Quaker Chemical Corp.
| | 2,388 | | 404,217 |
Sensient Technologies Corp.
| | 7,183 | | 559,125 |
Stepan Co.
| | 3,585 | | 278,304 |
SunCoke Energy, Inc.
| | 15,267 | | 136,792 |
Sylvamo Corp.
| | 6,022 | | 476,280 |
Warrior Met Coal, Inc.
| | 9,259 | | 567,669 |
Worthington Steel, Inc.
| | 5,414 | | 191,656 |
| | | | | 11,485,516 |
| Real Estate-7.60% |
Acadia Realty Trust(c)
| | 17,365 | | 390,886 |
Alexander & Baldwin, Inc.
| | 12,239 | | 242,210 |
American Assets Trust, Inc.
| | 8,290 | | 225,903 |
Apple Hospitality REIT, Inc.
| | 35,361 | | 510,613 |
Armada Hoffler Properties, Inc.
| | 11,477 | | 141,282 |
Brandywine Realty Trust(c)
| | 29,046 | | 151,911 |
CareTrust REIT, Inc.
| | 22,300 | | 666,324 |
Centerspace(c)
| | 2,547 | | 190,516 |
Community Healthcare Trust, Inc.
| | 4,004 | | 74,995 |
Cushman & Wakefield PLC(b)
| | 34,267 | | 445,471 |
DiamondRock Hospitality Co.
| | 35,875 | | 315,341 |
Douglas Emmett, Inc.(c)
| | 29,280 | | 468,480 |
Easterly Government Properties, Inc.(c)
| | 15,662 | | 205,485 |
Elme Communities
| | 14,524 | | 256,494 |
Essential Properties Realty Trust, Inc.(c)
| | 25,508 | | 813,960 |
eXp World Holdings, Inc.(c)
| | 12,578 | | 147,917 |
Four Corners Property Trust, Inc.
| | 15,281 | | 433,216 |
| | Shares | | Value |
| Real Estate-(continued) |
Getty Realty Corp.(c)
| | 8,475 | | $ 269,336 |
Highwoods Properties, Inc.
| | 18,090 | | 582,860 |
Hudson Pacific Properties, Inc.(c)
| | 21,489 | | 110,668 |
Innovative Industrial Properties, Inc.(c)
| | 4,767 | | 592,443 |
JBG SMITH Properties, (Acquired 06/16/2023 - 07/19/2024; Cost $220,360)(c)(d)
| | 14,357 | | 249,812 |
LTC Properties, Inc.
| | 7,013 | | 257,587 |
LXP Industrial Trust
| | 47,406 | | 491,126 |
Macerich Co. (The)
| | 37,230 | | 594,563 |
Marcus & Millichap, Inc.(c)
| | 4,120 | | 163,440 |
Medical Properties Trust, Inc.(c)
| | 111,045 | | 499,702 |
NexPoint Residential Trust, Inc.
| | 3,740 | | 176,902 |
Pebblebrook Hotel Trust
| | 20,273 | | 269,631 |
Phillips Edison & Co., Inc.
| | 20,569 | | 760,230 |
Retail Opportunity Investments Corp.(c)
| | 21,475 | | 328,353 |
Safehold, Inc.(c)
| | 7,589 | | 190,180 |
Saul Centers, Inc.
| | 2,133 | | 87,069 |
Service Properties Trust
| | 29,409 | | 137,928 |
SITE Centers Corp.(c)
| | 7,443 | | 449,185 |
SL Green Realty Corp.
| | 10,408 | | 693,589 |
St. Joe Co. (The)
| | 6,135 | | 364,235 |
Summit Hotel Properties, Inc.
| | 18,421 | | 125,079 |
Sunstone Hotel Investors, Inc.
| | 35,022 | | 365,279 |
Tanger, Inc.
| | 17,958 | | 546,642 |
Universal Health Realty Income Trust
| | 2,050 | | 92,045 |
Urban Edge Properties
| | 19,758 | | 417,882 |
Veris Residential, Inc.
| | 13,587 | | 238,316 |
Whitestone REIT
| | 7,807 | | 104,770 |
Xenia Hotels & Resorts, Inc.(c)
| | 17,438 | | 248,317 |
| | | | | 15,088,173 |
| Utilities-2.29% |
American States Water Co.
| | 6,476 | | 527,276 |
Avista Corp.
| | 13,799 | | 533,193 |
California Water Service Group
| | 10,092 | | 558,390 |
Chesapeake Utilities Corp.
| | 3,894 | | 461,128 |
Clearway Energy, Inc., Class C
| | 19,815 | | 573,843 |
MGE Energy, Inc.
| | 6,347 | | 550,317 |
Northwest Natural Holding Co.
| | 6,414 | | 257,971 |
Otter Tail Corp.(c)
| | 7,226 | | 610,958 |
SJW Group
| | 5,160 | | 304,388 |
Unitil Corp.
| | 2,816 | | 169,805 |
| | | | | 4,547,269 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92%
(Cost $160,434,600)
| | 198,452,224 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-18.19% |
Invesco Private Government Fund, 5.28%(g)(h)(i)
| | 9,631,261 | | 9,631,261 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(g)(h)(i)
| | 26,497,940 | | $ 26,508,539 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $36,137,448)
| | 36,139,800 |
TOTAL INVESTMENTS IN SECURITIES-118.11%
(Cost $196,572,048)
| | 234,592,024 |
OTHER ASSETS LESS LIABILITIES-(18.11)%
| | (35,974,354) |
NET ASSETS-100.00%
| | $198,617,670 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Rts. | -Rights |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Restricted security. The aggregate value of these securities at August 31, 2024 was $749,724, which represented less than 1% of the Fund’s Net Assets. |
| (e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (f) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| (g) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $6,880,536 | | $(6,880,536) | | $- | | $- | | $- | | $3,942 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 11,755,881 | | 82,160,733 | | (84,285,353) | | - | | - | | 9,631,261 | | 613,086* |
| Invesco Private Prime Fund | 31,259,276 | | 174,540,717 | | (179,302,882) | | 1,178 | | 10,250 | | 26,508,539 | | 1,646,821* |
| Total | $43,015,157 | | $263,581,986 | | $(270,468,771) | | $1,178 | | $10,250 | | $36,139,800 | | $2,263,849 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (h) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (i) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600® GARP ETF (GRPZ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Communication Services-1.60% |
Cogent Communications Holdings, Inc.(b)
| | 482 | | $ 33,730 |
| Consumer Discretionary-20.48% |
Asbury Automotive Group, Inc.(b)(c)
| | 91 | | 22,353 |
Boot Barn Holdings, Inc.(c)
| | 156 | | 20,930 |
Caleres, Inc.
| | 474 | | 19,970 |
Cavco Industries, Inc.(c)
| | 55 | | 22,733 |
Ethan Allen Interiors, Inc.
| | 762 | | 23,988 |
G-III Apparel Group Ltd.(c)
| | 856 | | 22,658 |
Golden Entertainment, Inc.
| | 602 | | 19,499 |
Green Brick Partners, Inc.(c)
| | 413 | | 32,536 |
Group 1 Automotive, Inc.
| | 81 | | 30,518 |
Guess?, Inc.
| | 995 | | 20,616 |
Installed Building Products, Inc.
| | 92 | | 20,453 |
La-Z-Boy, Inc.
| | 462 | | 18,743 |
Monarch Casino & Resort, Inc.
| | 441 | | 33,481 |
Signet Jewelers Ltd.(b)
| | 245 | | 20,604 |
Steven Madden Ltd.
| | 608 | | 27,421 |
Stride, Inc.(b)(c)
| | 309 | | 25,443 |
Worthington Enterprises, Inc.
| | 421 | | 19,282 |
XPEL, Inc.(c)(d)
| | 714 | | 30,909 |
| | | | | 432,137 |
| Consumer Staples-3.55% |
Cal-Maine Foods, Inc.
| | 592 | | 42,648 |
Inter Parfums, Inc.
| | 250 | | 32,210 |
| | | | | 74,858 |
| Energy-12.42% |
CONSOL Energy, Inc.
| | 340 | | 34,775 |
CVR Energy, Inc.(b)
| | 1,076 | | 27,352 |
Dorian LPG Ltd.
| | 609 | | 23,745 |
Helmerich & Payne, Inc.
| | 568 | | 18,534 |
Liberty Energy, Inc., Class A
| | 1,268 | | 26,108 |
Magnolia Oil & Gas Corp., Class A(b)
| | 912 | | 23,356 |
Northern Oil and Gas, Inc.
| | 797 | | 31,705 |
Par Pacific Holdings, Inc.(c)
| | 1,100 | | 24,684 |
RPC, Inc.
| | 4,638 | | 29,776 |
SM Energy Co.
| | 484 | | 22,085 |
| | | | | 262,120 |
| Financials-20.03% |
Axos Financial, Inc.(c)
| | 333 | | 23,120 |
BancFirst Corp.
| | 206 | | 21,918 |
Bancorp, Inc. (The)(c)
| | 596 | | 31,230 |
Bread Financial Holdings, Inc.
| | 423 | | 24,606 |
Cathay General Bancorp
| | 473 | | 20,807 |
Customers Bancorp, Inc.(c)
| | 413 | | 21,402 |
First Bancorp
| | 1,372 | | 29,333 |
HCI Group, Inc.
| | 206 | | 19,741 |
OFG Bancorp
| | 502 | | 23,087 |
Palomar Holdings, Inc.(c)
| | 373 | | 37,009 |
Pathward Financial, Inc.
| | 392 | | 26,978 |
Preferred Bank
| | 299 | | 24,772 |
PROG Holdings, Inc.
| | 510 | | 23,848 |
S&T Bancorp, Inc.(b)
| | 828 | | 35,579 |
SiriusPoint Ltd. (Sweden)(c)
| | 1,429 | | 21,421 |
| | Shares | | Value |
| Financials-(continued) |
Westamerica Bancorporation
| | 372 | | $ 19,266 |
WisdomTree, Inc.
| | 1,835 | | 18,607 |
| | | | | 422,724 |
| Health Care-10.39% |
Alkermes PLC(c)
| | 793 | | 22,561 |
AMN Healthcare Services, Inc.(c)
| | 432 | | 22,909 |
Amphastar Pharmaceuticals, Inc.(c)
| | 719 | | 35,044 |
Catalyst Pharmaceuticals, Inc.(c)
| | 1,862 | | 37,706 |
Collegium Pharmaceutical, Inc.(c)
| | 637 | | 24,499 |
CorVel Corp.(c)
| | 66 | | 21,168 |
Cross Country Healthcare, Inc.(c)
| | 2,203 | | 32,869 |
Harmony Biosciences Holdings, Inc.(c)
| | 624 | | 22,451 |
| | | | | 219,207 |
| Industrials-14.69% |
Apogee Enterprises, Inc.
| | 306 | | 20,435 |
Armstrong World Industries, Inc.
| | 162 | | 20,535 |
DNOW, Inc.(c)
| | 1,199 | | 15,611 |
Dycom Industries, Inc.(c)
| | 106 | | 18,652 |
Enerpac Tool Group Corp.
| | 583 | | 24,043 |
GMS, Inc.(b)(c)
| | 279 | | 24,214 |
Heidrick & Struggles International, Inc.
| | 562 | | 21,693 |
Liquidity Services, Inc.(c)
| | 1,174 | | 25,558 |
Matson, Inc.
| | 141 | | 19,500 |
Mueller Industries, Inc.
| | 319 | | 23,194 |
MYR Group, Inc.(c)
| | 117 | | 11,794 |
Rush Enterprises, Inc., Class A
| | 461 | | 24,295 |
Standex International Corp.
| | 106 | | 18,937 |
Titan International, Inc.(c)
| | 2,229 | | 18,568 |
Wabash National Corp.
| | 1,181 | | 22,982 |
| | | | | 310,011 |
| Information Technology-10.37% |
Agilysys, Inc.(c)
| | 223 | | 25,221 |
Axcelis Technologies, Inc.(c)
| | 216 | | 23,615 |
Badger Meter, Inc.
| | 94 | | 19,452 |
Diodes, Inc.(c)
| | 228 | | 15,889 |
Fabrinet (Thailand)(c)
| | 77 | | 18,761 |
Harmonic, Inc.(c)
| | 1,531 | | 22,123 |
InterDigital, Inc.
| | 192 | | 26,604 |
Marathon Digital Holdings, Inc.(c)
| | 1,821 | | 30,411 |
Photronics, Inc.(c)
| | 718 | | 18,568 |
Sanmina Corp.(c)
| | 261 | | 18,108 |
| | | | | 218,752 |
| Materials-5.58% |
Alpha Metallurgical Resources, Inc.
| | 111 | | 26,546 |
Arch Resources, Inc.
| | 131 | | 17,872 |
Hawkins, Inc.
| | 189 | | 23,941 |
Sylvamo Corp.
| | 246 | | 19,456 |
Warrior Met Coal, Inc.
| | 487 | | 29,858 |
| | | | | 117,673 |
| Utilities-0.79% |
Otter Tail Corp.
| | 196 | | 16,572 |
Total Common Stocks & Other Equity Interests
(Cost $1,972,432)
| | 2,107,784 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600® GARP ETF (GRPZ)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-0.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $1,091)
| | 1,091 | | $ 1,091 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $1,973,523)
| | 2,108,875 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-15.52% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 90,879 | | 90,879 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 236,546 | | $ 236,641 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $327,504)
| | 327,520 |
TOTAL INVESTMENTS IN SECURITIES-115.47%
(Cost $2,301,027)
| | 2,436,395 |
OTHER ASSETS LESS LIABILITIES-(15.47)%
| | (326,422) |
NET ASSETS-100.00%
| | $2,109,973 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented 1.46% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $73,293 | | $(72,202) | | $- | | $- | | $1,091 | | $30 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 262,112 | | (171,233) | | - | | - | | 90,879 | | 514* |
| Invesco Private Prime Fund | - | | 582,459 | | (345,834) | | 16 | | - | | 236,641 | | 1,361* |
| Total | $- | | $917,864 | | $(589,269) | | $16 | | $- | | $328,611 | | $1,905 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.80% |
| Communication Services-5.49% |
Cable One, Inc.(b)
| | 1,376 | | $ 485,343 |
Cogent Communications Holdings, Inc.(b)
| | 14,853 | | 1,039,413 |
John Wiley & Sons, Inc., Class A
| | 10,391 | | 501,989 |
Scholastic Corp.
| | 10,392 | | 331,297 |
| | | | | 2,358,042 |
| Consumer Discretionary-10.10% |
Bloomin’ Brands, Inc.(b)
| | 37,347 | | 653,572 |
Dine Brands Global, Inc.(b)
| | 23,812 | | 752,935 |
Ethan Allen Interiors, Inc.
| | 25,764 | | 811,051 |
Haverty Furniture Cos., Inc., (Acquired 07/31/2024 - 08/27/2024; Cost $757,840)(b)(c)
| | 25,997 | | 712,318 |
Movado Group, Inc.
| | 31,824 | | 759,321 |
Upbound Group, Inc.
| | 19,413 | | 646,453 |
| | | | | 4,335,650 |
| Consumer Staples-11.92% |
Cal-Maine Foods, Inc.(b)
| | 6,479 | | 466,747 |
Energizer Holdings, Inc.
| | 18,707 | | 606,107 |
Fresh Del Monte Produce, Inc.
| | 24,659 | | 721,029 |
Inter Parfums, Inc.
| | 2,476 | | 319,008 |
SpartanNash Co.
| | 32,293 | | 713,352 |
Universal Corp.(b)
| | 17,831 | | 968,223 |
Vector Group Ltd.
| | 88,065 | | 1,319,214 |
| | | | | 5,113,680 |
| Energy-6.53% |
Archrock, Inc.
| | 20,635 | | 417,446 |
California Resources Corp.
| | 6,452 | | 338,536 |
CVR Energy, Inc.(b)
| | 41,564 | | 1,056,557 |
Northern Oil and Gas, Inc.(b)
| | 15,680 | | 623,750 |
World Kinect Corp.(b)
| | 12,716 | | 366,094 |
| | | | | 2,802,383 |
| Financials-24.04% |
Apollo Commercial Real Estate Finance, Inc.(b)
| | 119,958 | | 1,270,355 |
ARMOUR Residential REIT, Inc.(b)
| | 61,127 | | 1,250,047 |
Blackstone Mortgage Trust, Inc., Class A(b)
| | 72,863 | | 1,345,051 |
Ellington Financial, Inc.
| | 99,717 | | 1,311,279 |
KKR Real Estate Finance Trust, Inc.(b)
| | 112,688 | | 1,344,368 |
New York Mortgage Trust, Inc.(b)
| | 195,712 | | 1,305,399 |
Ready Capital Corp.(b)
| | 140,462 | | 1,164,430 |
Two Harbors Investment Corp.(b)
| | 93,722 | | 1,327,103 |
| | | | | 10,318,032 |
| Health Care-3.52% |
National HealthCare Corp.
| | 2,398 | | 328,838 |
Patterson Cos., Inc.
| | 24,147 | | 543,066 |
Premier, Inc., Class A
| | 31,369 | | 638,986 |
| | | | | 1,510,890 |
| Industrials-8.11% |
CSG Systems International, Inc.(b)
| | 8,833 | | 428,577 |
Deluxe Corp.(b)
| | 31,499 | | 648,564 |
HNI Corp.
| | 8,279 | | 445,824 |
| | Shares | | Value |
| Industrials-(continued) |
Kennametal, Inc.(b)
| | 19,616 | | $ 507,466 |
Matthews International Corp., Class A
| | 19,602 | | 496,519 |
Robert Half, Inc.
| | 6,883 | | 431,358 |
Trinity Industries, Inc.
| | 15,757 | | 520,139 |
| | | | | 3,478,447 |
| Materials-5.00% |
AdvanSix, Inc.
| | 15,107 | | 446,563 |
Myers Industries, Inc.
| | 39,555 | | 604,796 |
Sealed Air Corp.
| | 9,068 | | 316,927 |
Sensient Technologies Corp.
| | 3,861 | | 300,540 |
SunCoke Energy, Inc.(b)
| | 53,399 | | 478,455 |
| | | | | 2,147,281 |
| Real Estate-13.30% |
Community Healthcare Trust, Inc.
| | 42,141 | | 789,301 |
Easterly Government Properties, Inc.(b)
| | 88,741 | | 1,164,282 |
Global Net Lease, Inc.(b)
| | 146,296 | | 1,261,071 |
Highwoods Properties, Inc.(b)
| | 36,826 | | 1,186,534 |
Kennedy-Wilson Holdings, Inc.(b)
| | 117,282 | | 1,304,176 |
| | | | | 5,705,364 |
| Utilities-11.79% |
American States Water Co.
| | 4,142 | | 337,242 |
Avista Corp.
| | 19,621 | | 758,155 |
California Water Service Group
| | 6,024 | | 333,308 |
Chesapeake Utilities Corp.
| | 2,711 | | 321,037 |
Clearway Energy, Inc., Class C
| | 34,969 | | 1,012,702 |
MGE Energy, Inc.
| | 3,799 | | 329,392 |
Middlesex Water Co.
| | 5,387 | | 339,435 |
Northwest Natural Holding Co.
| | 19,014 | | 764,743 |
SJW Group
| | 6,877 | | 405,674 |
Unitil Corp.
| | 7,609 | | 458,823 |
| | | | | 5,060,511 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.80%
(Cost $42,955,940)
| | 42,830,280 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-31.34% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 3,635,080 | | 3,635,080 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 9,809,963 | | 9,813,887 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $13,448,521)
| | 13,448,967 |
TOTAL INVESTMENTS IN SECURITIES-131.14%
(Cost $56,404,461)
| | 56,279,247 |
OTHER ASSETS LESS LIABILITIES-(31.14)%
| | (13,364,873) |
NET ASSETS-100.00%
| | $42,914,374 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Restricted security. The value of this security at August 31, 2024 represented 1.66% of the Fund’s Net Assets. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $1,606,671 | | $(1,606,671) | | $- | | $- | | $- | | $1,038 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 1,724,212 | | 26,781,381 | | (24,870,513) | | - | | - | | 3,635,080 | | 100,787* |
| Invesco Private Prime Fund | 4,433,688 | | 61,279,349 | | (55,901,091) | | 345 | | 1,596 | | 9,813,887 | | 269,339* |
| Total | $6,157,900 | | $89,667,401 | | $(82,378,275) | | $345 | | $1,596 | | $13,448,967 | | $371,164 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Low Volatility ETF (XSLV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.88% |
| Communication Services-0.95% |
Madison Square Garden Sports Corp., Class A(b)
| | 15,886 | | $ 3,320,968 |
| Consumer Discretionary-2.46% |
Monarch Casino & Resort, Inc.
| | 42,386 | | 3,217,945 |
Steven Madden Ltd.
| | 62,062 | | 2,798,996 |
Sturm, Ruger & Co., Inc.
| | 60,932 | | 2,566,456 |
| | | | | 8,583,397 |
| Consumer Staples-6.27% |
Edgewell Personal Care Co.
| | 76,700 | | 3,084,874 |
Fresh Del Monte Produce, Inc.
| | 87,268 | | 2,551,716 |
J&J Snack Foods Corp.(c)
| | 14,919 | | 2,539,065 |
John B. Sanfilippo & Son, Inc.
| | 26,782 | | 2,540,808 |
PriceSmart, Inc.(c)
| | 32,877 | | 2,945,122 |
Simply Good Foods Co. (The)(b)
| | 73,641 | | 2,326,319 |
SpartanNash Co.
| | 126,614 | | 2,796,903 |
Tootsie Roll Industries, Inc.(c)
| | 102,920 | | 3,058,783 |
| | | | | 21,843,590 |
| Energy-0.80% |
Magnolia Oil & Gas Corp., Class A(c)
| | 108,531 | | 2,779,479 |
| Financials-25.79% |
AMERISAFE, Inc.
| | 66,020 | | 3,308,922 |
Assured Guaranty Ltd.
| | 37,669 | | 3,016,533 |
BrightSphere Investment Group, Inc.
| | 110,987 | | 2,706,973 |
Central Pacific Financial Corp.
| | 98,990 | | 2,723,215 |
City Holding Co.(c)
| | 26,354 | | 3,129,274 |
Donnelley Financial Solutions, Inc.(b)
| | 40,660 | | 2,710,396 |
Ellington Financial, Inc.
| | 239,981 | | 3,155,750 |
Employers Holdings, Inc.
| | 77,379 | | 3,710,323 |
EVERTEC, Inc.
| | 75,707 | | 2,592,965 |
EZCORP, Inc., Class A(b)(c)
| | 214,933 | | 2,626,481 |
First Bancorp
| | 129,302 | | 2,764,477 |
First Hawaiian, Inc.(c)
| | 108,685 | | 2,644,306 |
Franklin BSP Realty Trust, Inc.(c)
| | 211,434 | | 2,879,731 |
Genworth Financial, Inc., Class A(b)
| | 386,356 | | 2,696,765 |
Hilltop Holdings, Inc.(c)
| | 84,421 | | 2,773,230 |
Horace Mann Educators Corp.
| | 86,820 | | 3,091,660 |
Mr. Cooper Group, Inc.(b)
| | 32,812 | | 3,078,094 |
National Bank Holdings Corp., Class A
| | 61,709 | | 2,703,471 |
Navient Corp.
| | 176,477 | | 2,987,756 |
NMI Holdings, Inc., Class A(b)(c)
| | 81,397 | | 3,342,975 |
Northwest Bancshares, Inc.(c)
| | 198,779 | | 2,753,089 |
OFG Bancorp
| | 61,501 | | 2,828,431 |
Pathward Financial, Inc.
| | 43,269 | | 2,977,773 |
Piper Sandler Cos.
| | 10,412 | | 2,839,352 |
PJT Partners, Inc., Class A
| | 21,979 | | 2,714,406 |
Radian Group, Inc.(c)
| | 84,500 | | 3,054,675 |
Safety Insurance Group, Inc.
| | 39,813 | | 3,525,441 |
SiriusPoint Ltd. (Sweden)(b)
| | 169,248 | | 2,537,028 |
StoneX Group, Inc.(b)
| | 32,602 | | 2,701,402 |
Westamerica Bancorporation(c)
| | 52,084 | | 2,697,430 |
WisdomTree, Inc.(c)
| | 252,836 | | 2,563,757 |
| | | | | 89,836,081 |
| Health Care-7.44% |
Addus HomeCare Corp.(b)
| | 19,625 | | 2,610,321 |
| | Shares | | Value |
| Health Care-(continued) |
Ensign Group, Inc. (The)(c)
| | 22,941 | | $ 3,472,350 |
HealthStream, Inc.
| | 91,459 | | 2,655,969 |
Innoviva, Inc.(b)(c)
| | 172,373 | | 3,340,589 |
Merit Medical Systems, Inc.(b)(c)
| | 27,606 | | 2,668,948 |
National HealthCare Corp.(c)
| | 20,616 | | 2,827,072 |
Premier, Inc., Class A
| | 140,744 | | 2,866,955 |
Prestige Consumer Healthcare, Inc.(b)(c)
| | 42,602 | | 3,179,813 |
U.S. Physical Therapy, Inc.
| | 26,949 | | 2,306,835 |
| | | | | 25,928,852 |
| Industrials-21.50% |
Air Lease Corp., Class A
| | 60,660 | | 2,806,738 |
Albany International Corp., Class A
| | 27,905 | | 2,627,535 |
Apogee Enterprises, Inc.
| | 40,829 | | 2,726,561 |
Arcosa, Inc.(c)
| | 30,187 | | 2,761,809 |
Armstrong World Industries, Inc.
| | 21,888 | | 2,774,523 |
Brady Corp., Class A
| | 41,961 | | 3,106,792 |
Enerpac Tool Group Corp.(c)
| | 62,645 | | 2,583,480 |
ESCO Technologies, Inc.
| | 23,551 | | 2,824,000 |
Federal Signal Corp.
| | 26,909 | | 2,542,631 |
Franklin Electric Co., Inc.
| | 32,917 | | 3,418,760 |
Gates Industrial Corp. PLC(b)
| | 148,585 | | 2,698,304 |
Hub Group, Inc., Class A
| | 62,315 | | 2,936,906 |
Kelly Services, Inc., Class A
| | 128,261 | | 2,707,590 |
Kennametal, Inc.(c)
| | 102,328 | | 2,647,225 |
Korn Ferry
| | 39,675 | | 2,898,259 |
Marten Transport Ltd.
| | 151,035 | | 2,635,561 |
Moog, Inc., Class A
| | 14,018 | | 2,767,153 |
Mueller Industries, Inc.
| | 37,295 | | 2,711,719 |
National Presto Industries, Inc.
| | 41,814 | | 3,273,618 |
NV5 Global, Inc.(b)
| | 26,175 | | 2,516,203 |
OPENLANE, Inc.(b)(c)
| | 152,401 | | 2,641,109 |
Robert Half, Inc.(c)
| | 49,474 | | 3,100,536 |
Schneider National, Inc., Class B
| | 90,123 | | 2,443,234 |
Tennant Co.
| | 28,418 | | 2,775,586 |
UniFirst Corp.
| | 13,419 | | 2,545,450 |
Verra Mobility Corp., Class A(b)(c)
| | 96,666 | | 2,668,948 |
Werner Enterprises, Inc.(c)
| | 74,478 | | 2,752,707 |
| | | | | 74,892,937 |
| Information Technology-4.77% |
Insight Enterprises, Inc.(b)(c)
| | 14,818 | | 3,216,543 |
InterDigital, Inc.(c)
| | 19,786 | | 2,741,548 |
N-able, Inc.(b)
| | 184,744 | | 2,375,808 |
PC Connection, Inc.
| | 37,281 | | 2,724,495 |
Plexus Corp.(b)
| | 20,436 | | 2,618,056 |
Progress Software Corp.
| | 50,230 | | 2,920,875 |
| | | | | 16,597,325 |
| Materials-4.39% |
Balchem Corp.(c)
| | 17,735 | | 3,139,627 |
H.B. Fuller Co.
| | 38,637 | | 3,309,646 |
Innospec, Inc.
| | 27,928 | | 3,218,981 |
Minerals Technologies, Inc.
| | 36,269 | | 2,796,340 |
Sensient Technologies Corp.
| | 36,211 | | 2,818,664 |
| | | | | 15,283,258 |
| Real Estate-19.60% |
Acadia Realty Trust(c)
| | 126,869 | | 2,855,821 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
Alexander & Baldwin, Inc.(c)
| | 159,885 | | $ 3,164,124 |
Apple Hospitality REIT, Inc.
| | 211,030 | | 3,047,273 |
Armada Hoffler Properties, Inc.
| | 231,070 | | 2,844,472 |
CareTrust REIT, Inc.
| | 129,116 | | 3,857,986 |
Centerspace(c)
| | 34,931 | | 2,612,839 |
DiamondRock Hospitality Co.(c)
| | 328,348 | | 2,886,179 |
Elme Communities
| | 151,259 | | 2,671,234 |
Essential Properties Realty Trust, Inc.(c)
| | 113,958 | | 3,636,400 |
Four Corners Property Trust, Inc.(c)
| | 120,741 | | 3,423,007 |
Getty Realty Corp.(c)
| | 109,316 | | 3,474,062 |
LTC Properties, Inc.(c)
| | 102,251 | | 3,755,679 |
LXP Industrial Trust(c)
| | 294,817 | | 3,054,304 |
Phillips Edison & Co., Inc.(c)
| | 94,141 | | 3,479,451 |
Saul Centers, Inc.
| | 75,550 | | 3,083,951 |
SITE Centers Corp.(c)
| | 48,697 | | 2,938,864 |
Sunstone Hotel Investors, Inc.
| | 326,318 | | 3,403,497 |
Tanger, Inc.(c)
| | 99,118 | | 3,017,152 |
Universal Health Realty Income Trust(c)
| | 58,144 | | 2,610,666 |
Urban Edge Properties
| | 140,318 | | 2,967,726 |
Veris Residential, Inc.(c)
| | 153,977 | | 2,700,757 |
Whitestone REIT
| | 208,415 | | 2,796,929 |
| | | | | 68,282,373 |
| Utilities-5.91% |
American States Water Co.
| | 38,899 | | 3,167,157 |
Avista Corp.
| | 75,577 | | 2,920,295 |
California Water Service Group
| | 53,128 | | 2,939,572 |
| | Shares | | Value |
| Utilities-(continued) |
Chesapeake Utilities Corp.
| | 23,926 | | $ 2,833,317 |
Northwest Natural Holding Co.
| | 70,005 | | 2,815,601 |
SJW Group
| | 50,015 | | 2,950,385 |
Unitil Corp.
| | 48,885 | | 2,947,766 |
| | | | | 20,574,093 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $316,336,248)
| | 347,922,353 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-13.35% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 12,645,679 | | 12,645,679 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 33,838,100 | | 33,851,635 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $46,494,729)
| | 46,497,314 |
TOTAL INVESTMENTS IN SECURITIES-113.23%
(Cost $362,830,977)
| | 394,419,667 |
OTHER ASSETS LESS LIABILITIES-(13.23)%
| | (46,086,716) |
NET ASSETS-100.00%
| | $348,332,951 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $13,405,336 | | $(13,405,336) | | $- | | $- | | $- | | $9,814 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 13,093,200 | | 113,049,202 | | (113,496,723) | | - | | - | | 12,645,679 | | 711,482* |
| Invesco Private Prime Fund | 41,909,242 | | 228,557,466 | | (236,630,963) | | 3,273 | | 12,617 | | 33,851,635 | | 1,910,421* |
| Total | $55,002,442 | | $355,012,004 | | $(363,533,022) | | $3,273 | | $12,617 | | $46,497,314 | | $2,631,717 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
August 31, 2024
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Quality ETF (XSHQ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.88% |
| Communication Services-0.73% |
Yelp, Inc.(b)
| | 66,520 | | $ 2,323,543 |
| Consumer Discretionary-19.02% |
Academy Sports & Outdoors, Inc.(c)
| | 80,962 | | 4,491,772 |
American Eagle Outfitters, Inc.(c)
| | 185,135 | | 3,810,078 |
Buckle, Inc. (The)(c)
| | 50,249 | | 2,105,433 |
Caleres, Inc.(c)
| | 39,271 | | 1,654,487 |
Dorman Products, Inc.(b)
| | 25,924 | | 2,940,300 |
Frontdoor, Inc.(b)
| | 97,145 | | 4,670,732 |
G-III Apparel Group Ltd.(b)(c)
| | 55,759 | | 1,475,941 |
Golden Entertainment, Inc.(c)
| | 40,104 | | 1,298,969 |
Green Brick Partners, Inc.(b)
| | 23,526 | | 1,853,378 |
Guess?, Inc.(c)
| | 25,093 | | 519,927 |
Installed Building Products, Inc.(c)
| | 29,150 | | 6,480,336 |
Kontoor Brands, Inc.
| | 82,296 | | 6,159,856 |
LCI Industries
| | 25,589 | | 3,015,408 |
M/I Homes, Inc.(b)
| | 29,565 | | 4,711,774 |
Monarch Casino & Resort, Inc.
| | 14,806 | | 1,124,071 |
Monro, Inc.(c)
| | 26,834 | | 726,933 |
Oxford Industries, Inc.(c)
| | 15,790 | | 1,373,414 |
Patrick Industries, Inc.
| | 20,686 | | 2,673,045 |
Signet Jewelers Ltd.(c)
| | 53,709 | | 4,516,927 |
Steven Madden Ltd.
| | 65,852 | | 2,969,925 |
Worthington Enterprises, Inc.(c)
| | 49,405 | | 2,262,749 |
| | | | | 60,835,455 |
| Consumer Staples-4.99% |
Andersons, Inc. (The)
| | 40,632 | | 2,071,013 |
Central Garden & Pet Co., Class A(b)
| | 56,909 | | 1,946,288 |
Inter Parfums, Inc.
| | 16,680 | | 2,149,051 |
John B. Sanfilippo & Son, Inc.
| | 11,882 | | 1,127,245 |
National Beverage Corp.(c)
| | 31,842 | | 1,437,985 |
USANA Health Sciences, Inc.(b)
| | 9,797 | | 399,914 |
WD-40 Co.(c)
| | 19,235 | | 5,055,727 |
WK Kellogg Co.
| | 104,318 | | 1,791,140 |
| | | | | 15,978,363 |
| Energy-4.97% |
CONSOL Energy, Inc.
| | 38,925 | | 3,981,249 |
CVR Energy, Inc.(c)
| | 33,509 | | 851,799 |
Dorian LPG Ltd.
| | 39,438 | | 1,537,688 |
Helmerich & Payne, Inc.(c)
| | 97,548 | | 3,182,991 |
REX American Resources Corp.(b)(c)
| | 20,382 | | 924,324 |
RPC, Inc.(c)
| | 75,387 | | 483,984 |
SM Energy Co.
| | 108,030 | | 4,929,409 |
| | | | | 15,891,444 |
| Financials-26.54% |
AMERISAFE, Inc.
| | 24,093 | | 1,207,541 |
Artisan Partners Asset Management, Inc., Class A
| | 152,723 | | 6,351,750 |
Assured Guaranty Ltd.
| | 47,229 | | 3,782,098 |
Axos Financial, Inc.(b)
| | 56,135 | | 3,897,453 |
BancFirst Corp.
| | 14,413 | | 1,533,543 |
Bancorp, Inc. (The)(b)(c)
| | 67,655 | | 3,545,122 |
Cathay General Bancorp
| | 65,542 | | 2,883,193 |
City Holding Co.(c)
| | 14,130 | | 1,677,796 |
Cohen & Steers, Inc.(c)
| | 41,431 | | 3,702,274 |
Donnelley Financial Solutions, Inc.(b)
| | 31,345 | | 2,089,458 |
| | Shares | | Value |
| Financials-(continued) |
Employers Holdings, Inc.
| | 23,502 | | $ 1,126,921 |
First Bancorp
| | 185,508 | | 3,966,161 |
HCI Group, Inc.(c)
| | 9,523 | | 912,589 |
Jackson Financial, Inc., Class A
| | 102,514 | | 9,223,185 |
Lakeland Financial Corp.(c)
| | 24,128 | | 1,644,323 |
Lincoln National Corp.
| | 169,644 | | 5,445,572 |
Mercury General Corp.
| | 25,433 | | 1,684,428 |
NMI Holdings, Inc., Class A(b)(c)
| | 85,273 | | 3,502,162 |
OFG Bancorp
| | 47,648 | | 2,191,332 |
Palomar Holdings, Inc.(b)(c)
| | 27,000 | | 2,678,940 |
Pathward Financial, Inc.
| | 31,563 | | 2,172,166 |
Payoneer Global, Inc.(b)
| | 281,595 | | 2,092,251 |
PJT Partners, Inc., Class A
| | 42,061 | | 5,194,533 |
Preferred Bank(c)
| | 14,720 | | 1,219,552 |
PROG Holdings, Inc.
| | 42,095 | | 1,968,362 |
Radian Group, Inc.
| | 134,288 | | 4,854,511 |
Virtus Investment Partners, Inc.
| | 6,325 | | 1,338,750 |
Westamerica Bancorporation
| | 31,398 | | 1,626,102 |
WisdomTree, Inc.(c)
| | 135,321 | | 1,372,155 |
| | | | | 84,884,223 |
| Health Care-8.32% |
Alkermes PLC(b)(c)
| | 229,074 | | 6,517,155 |
Astrana Health, Inc.(b)(c)
| | 41,607 | | 1,988,398 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 43,760 | | 1,683,010 |
Corcept Therapeutics, Inc.(b)(c)
| | 118,139 | | 4,170,307 |
CorVel Corp.(b)
| | 12,071 | | 3,871,532 |
Cross Country Healthcare, Inc.(b)
| | 44,610 | | 665,581 |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 38,416 | | 1,382,208 |
National HealthCare Corp.(c)
| | 12,975 | | 1,779,262 |
Pacira BioSciences, Inc.(b)(c)
| | 46,200 | | 718,872 |
Patterson Cos., Inc.(c)
| | 75,696 | | 1,702,403 |
Simulations Plus, Inc.(c)
| | 15,344 | | 556,220 |
STAAR Surgical Co., (Acquired 06/21/2024 - 08/28/2024; Cost $2,030,922)(b)(c)(d)
| | 47,781 | | 1,581,073 |
| | | | | 26,616,021 |
| Industrials-22.24% |
American Woodmark Corp.(b)
| | 16,318 | | 1,462,256 |
Apogee Enterprises, Inc.
| | 28,822 | | 1,924,733 |
Armstrong World Industries, Inc.
| | 58,232 | | 7,381,488 |
Boise Cascade Co.
| | 40,142 | | 5,444,058 |
Brady Corp., Class A
| | 49,186 | | 3,641,731 |
CSG Systems International, Inc.(c)
| | 27,712 | | 1,344,586 |
DNOW, Inc.(b)
| | 101,070 | | 1,315,931 |
Enerpac Tool Group Corp.
| | 60,598 | | 2,499,062 |
Federal Signal Corp.
| | 60,437 | | 5,710,692 |
Franklin Electric Co., Inc.
| | 40,353 | | 4,191,063 |
Gibraltar Industries, Inc.(b)(c)
| | 33,940 | | 2,364,600 |
GMS, Inc.(b)
| | 37,534 | | 3,257,576 |
Insteel Industries, Inc.
| | 25,895 | | 890,788 |
Interface, Inc.
| | 57,363 | | 1,083,013 |
John Bean Technologies Corp.(c)
| | 51,889 | | 4,661,708 |
Lindsay Corp.
| | 10,275 | | 1,274,614 |
Liquidity Services, Inc.(b)(c)
| | 22,488 | | 489,564 |
MasterBrand, Inc.(b)
| | 137,678 | | 2,208,355 |
Mueller Industries, Inc.
| | 162,500 | | 11,815,375 |
National Presto Industries, Inc.
| | 4,884 | | 382,368 |
Powell Industries, Inc.(c)
| | 15,792 | | 2,644,213 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Standex International Corp.
| | 10,263 | | $ 1,833,485 |
Tennant Co.
| | 21,225 | | 2,073,046 |
Wabash National Corp.(c)
| | 63,665 | | 1,238,921 |
| | | | | 71,133,226 |
| Information Technology-5.08% |
A10 Networks, Inc.
| | 89,467 | | 1,231,960 |
Agilysys, Inc.(b)
| | 31,667 | | 3,581,538 |
Badger Meter, Inc.
| | 30,836 | | 6,381,202 |
InterDigital, Inc.(c)
| | 25,160 | | 3,486,170 |
Photronics, Inc.(b)
| | 60,679 | | 1,569,159 |
| | | | | 16,250,029 |
| Materials-6.17% |
Alpha Metallurgical Resources, Inc.
| | 15,480 | | 3,702,042 |
Arch Resources, Inc.
| | 22,017 | | 3,003,779 |
Balchem Corp.
| | 28,692 | | 5,079,345 |
Century Aluminum Co.(b)(c)
| | 98,153 | | 1,409,477 |
Clearwater Paper Corp.(b)
| | 14,828 | | 493,327 |
Hawkins, Inc.
| | 16,077 | | 2,036,474 |
Innospec, Inc.
| | 21,983 | | 2,533,761 |
Worthington Steel, Inc.
| | 41,952 | | 1,485,101 |
| | | | | 19,743,306 |
| Real Estate-0.81% |
Urban Edge Properties
| | 121,925 | | 2,578,714 |
| Utilities-1.01% |
Otter Tail Corp.(c)
| | 38,419 | | 3,248,326 |
Total Common Stocks & Other Equity Interests
(Cost $295,287,560)
| | 319,482,650 |
| | Shares | | Value |
| Money Market Funds-0.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $168,991)
| | 168,991 | | $ 168,991 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $295,456,551)
| | 319,651,641 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-18.51% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 14,909,742 | | 14,909,742 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 44,267,237 | | 44,284,944 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $59,190,730)
| | 59,194,686 |
TOTAL INVESTMENTS IN SECURITIES-118.44%
(Cost $354,647,281)
| | 378,846,327 |
OTHER ASSETS LESS LIABILITIES-(18.44)%
| | (58,994,929) |
NET ASSETS-100.00%
| | $319,851,398 |
| 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, 2024. |
| (d) | Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $2,381,697 | | $(2,212,706) | | $- | | $- | | $168,991 | | $2,243 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 3,117,246 | | 115,008,024 | | (103,215,528) | | - | | - | | 14,909,742 | | 450,929* |
| Invesco Private Prime Fund | 8,015,776 | | 209,500,021 | | (173,234,910) | | 3,956 | | 101 | | 44,284,944 | | 1,210,661* |
| Total | $11,133,022 | | $326,889,742 | | $(278,663,144) | | $3,956 | | $101 | | $59,363,677 | | $1,663,833 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
August 31, 2024
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
August 31, 2024
| | Invesco ESG
S&P 500
Equal Weight
ETF (RSPE) | | Invesco
MSCI USA ETF
(PBUS) | | Invesco Russell
1000 Equal
Weight ETF
(EQAL) | | Invesco S&P
500® Enhanced
Value ETF
(SPVU) | | Invesco S&P
500® ex-Rate
Sensitive Low
Volatility
ETF (XRLV) |
| Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $12,112,940 | | $5,188,738,266 | | $606,841,187 | | $106,051,121 | | $40,883,482 |
Affiliated investments in securities, at value
| 964,969 | | 68,588,625 | | 68,843,690 | | 1,977,105 | | 1,141,638 |
Cash
| - | | - | | - | | - | | - |
| Receivable for: | | | | | | | | | |
Dividends and interest
| 18,920 | | 5,797,266 | | 811,158 | | 272,966 | | 71,352 |
Securities lending
| 60 | | 5,287 | | 57,222 | | 163 | | 31 |
Investments sold
| - | | 17,171,603 | | - | | 503,205 | | - |
Fund shares sold
| - | | 29,609,063 | | - | | - | | - |
Foreign tax reclaims
| - | | 3,161 | | 1,262 | | 760 | | - |
Total assets
| 13,096,889 | | 5,309,913,271 | | 676,554,519 | | 108,805,320 | | 42,096,503 |
| Liabilities: | | | | | | | | | |
Due to custodian
| 1,738 | | 1,349,096 | | 172,731 | | 55,621 | | 44,694 |
| Payable for: | | | | | | | | | |
Investments purchased
| - | | 46,949,150 | | - | | - | | - |
Collateral upon return of securities loaned
| 964,926 | | 68,586,033 | | 68,412,293 | | 1,977,024 | | 1,141,583 |
Fund shares repurchased
| - | | - | | - | | 503,592 | | - |
Accrued unitary management fees
| 1,896 | | 169,620 | | 100,258 | | 11,329 | | 8,562 |
Total liabilities
| 968,560 | | 117,053,899 | | 68,685,282 | | 2,547,566 | | 1,194,839 |
Net Assets
| $12,128,329 | | $5,192,859,372 | | $607,869,237 | | $106,257,754 | | $40,901,664 |
| Net assets consist of: | | | | | | | | | |
Shares of beneficial interest
| $11,784,206 | | $4,331,322,393 | | $699,003,931 | | $116,896,587 | | $62,440,109 |
Distributable earnings (loss)
| 344,123 | | 861,536,979 | | (91,134,694) | | (10,638,833) | | (21,538,445) |
Net Assets
| $12,128,329 | | $5,192,859,372 | | $607,869,237 | | $106,257,754 | | $40,901,664 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 450,001 | | 92,075,001 | | 12,750,001 | | 2,110,001 | | 760,001 |
Net asset value
| $26.95 | | $56.40 | | $47.68 | | $50.36 | | $53.82 |
Market price
| $26.95 | | $56.38 | | $47.65 | | $50.35 | | $53.78 |
Unaffiliated investments in securities, at cost
| $10,835,190 | | $4,266,992,467 | | $539,259,995 | | $97,660,038 | | $34,897,583 |
Affiliated investments in securities, at cost
| $964,926 | | $68,586,033 | | $68,930,093 | | $1,977,024 | | $1,141,583 |
(a)Includes securities on loan with an aggregate value of:
| $948,564 | | $62,892,323 | | $66,143,013 | | $1,941,741 | | $1,129,460 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P
500® High
Beta
ETF (SPHB) | | Invesco S&P
500 High
Dividend Growers
ETF (DIVG) | | Invesco S&P
500® High
Dividend Low
Volatility
ETF (SPHD) | | Invesco S&P
500® Low
Volatility
ETF (SPLV) | | Invesco
S&P 500
Minimum
Variance
ETF (SPMV) | | Invesco S&P
500®
Momentum
ETF (SPMO) | | Invesco S&P
500 QVM
Multi-factor
ETF (QVML) | | Invesco S&P
MidCap 400
QVM Multi-factor
ETF (QVMM) |
| | | | | | | | | | | | | | | |
| $446,469,315 | | $2,816,263 | | $3,757,143,983 | | $7,510,078,383 | | $5,073,289 | | $2,324,888,497 | | $1,032,872,931 | | $320,429,524 |
| 27,101,333 | | 61,226 | | 161,339,328 | | 144,551,003 | | 211,542 | | 5,061,493 | | 10,591,422 | | 38,699,012 |
| 2 | | - | | - | | - | | - | | - | | - | | 2,233 |
| | | | | | | | | | | | | | | |
| 386,599 | | 5,842 | | 14,618,928 | | 13,295,975 | | 8,164 | | 803,069 | | 1,204,373 | | 231,946 |
| 2,404 | | 5 | | 11,400 | | 6,818 | | 7 | | 340 | | 458 | | 2,723 |
| 859,004 | | - | | - | | 47,613,339 | | - | | 27,398,909 | | - | | - |
| - | | - | | 2,972,375 | | 19,913,288 | | - | | 1,784,436 | | - | | - |
| - | | - | | - | | - | | - | | - | | 498 | | - |
| 474,818,657 | | 2,883,336 | | 3,936,086,014 | | 7,735,458,806 | | 5,293,002 | | 2,359,936,744 | | 1,044,669,682 | | 359,365,438 |
| | | | | | | | | | | | | | | |
| - | | 3,856 | | 5,437,365 | | 6,740,722 | | - | | 1,499 | | 58 | | - |
| | | | | | | | | | | | | | | |
| - | | - | | 2,964,419 | | 19,898,112 | | - | | 1,777,698 | | - | | - |
| 23,400,073 | | 61,222 | | 161,334,577 | | 144,548,042 | | 209,764 | | 3,405,090 | | 10,394,642 | | 38,427,917 |
| 858,026 | | - | | - | | 47,649,654 | | - | | 3,568,873 | | - | | - |
| 99,176 | | 900 | | 871,829 | | 1,537,978 | | 417 | | 196,693 | | 93,328 | | 39,441 |
| 24,357,275 | | 65,978 | | 170,608,190 | | 220,374,508 | | 210,181 | | 8,949,853 | | 10,488,028 | | 38,467,358 |
| $450,461,382 | | $2,817,358 | | $3,765,477,824 | | $7,515,084,298 | | $5,082,821 | | $2,350,986,891 | | $1,034,181,654 | | $320,898,080 |
| | | | | | | | | | | | | | | |
| $716,855,860 | | $2,458,498 | | $4,434,242,184 | | $9,566,835,863 | | $6,288,565 | | $2,316,517,989 | | $831,152,900 | | $284,824,662 |
| (266,394,478) | | 358,860 | | (668,764,360) | | (2,051,751,565) | | (1,205,744) | | 34,468,902 | | 203,028,754 | | 36,073,418 |
| $450,461,382 | | $2,817,358 | | $3,765,477,824 | | $7,515,084,298 | | $5,082,821 | | $2,350,986,891 | | $1,034,181,654 | | $320,898,080 |
| 5,250,000 | | 90,001 | | 76,010,000 | | 105,670,000 | | 110,001 | | 26,350,001 | | 30,900,001 | | 11,200,001 |
| $85.80 | | $31.30 | | $49.54 | | $71.12 | | $46.21 | | $89.22 | | $33.47 | | $28.65 |
| $85.78 | | $31.26 | | $49.55 | | $71.14 | | $46.21 | | $89.20 | | $33.47 | | $28.67 |
| $480,445,403 | | $2,459,819 | | $3,509,860,986 | | $6,654,115,721 | | $4,496,166 | | $2,257,284,033 | | $774,179,419 | | $259,255,211 |
| $27,989,184 | | $61,222 | | $161,334,577 | | $144,548,042 | | $211,542 | | $5,061,268 | | $10,653,051 | | $38,696,952 |
| $23,017,698 | | $60,537 | | $158,528,401 | | $142,683,577 | | $207,034 | | $3,343,754 | | $10,211,425 | | $37,836,118 |
Statements of Assets and Liabilities—(continued)
August 31, 2024
| | Invesco S&P
MidCap Low
Volatility
ETF (XMLV) | | Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS) | | Invesco S&P
SmallCap 600®
GARP ETF (GRPZ) | | Invesco S&P
SmallCap High
Dividend Low
Volatility ETF
(XSHD) | | Invesco S&P
SmallCap Low
Volatility
ETF (XSLV) |
| Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $849,008,060 | | $198,452,224 | | $2,107,784 | | $42,830,280 | | $347,922,353 |
Affiliated investments in securities, at value
| 48,431,165 | | 36,139,800 | | 328,611 | | 13,448,967 | | 46,497,314 |
Cash
| 31,803 | | - | | - | | - | | - |
| Receivable for: | | | | | | | | | |
Dividends and interest
| 916,328 | | 213,601 | | 1,913 | | 141,324 | | 487,740 |
Securities lending
| 2,749 | | 6,178 | | 24 | | 1,308 | | 3,057 |
Investments sold
| 1,206,981 | | - | | - | | - | | 482,020 |
Fund shares sold
| 6,035,940 | | - | | - | | - | | - |
Total assets
| 905,633,026 | | 234,811,803 | | 2,438,332 | | 56,421,879 | | 395,392,484 |
| Liabilities: | | | | | | | | | |
Due to custodian
| - | | 32,264 | | 247 | | 49,413 | | 10,465 |
| Payable for: | | | | | | | | | |
Investments purchased
| 6,034,904 | | - | | - | | - | | - |
Collateral upon return of securities loaned
| 48,362,035 | | 36,137,448 | | 327,504 | | 13,448,521 | | 46,494,729 |
Fund shares repurchased
| 1,207,188 | | - | | - | | - | | 482,455 |
Accrued unitary management fees
| 173,081 | | 24,421 | | 608 | | 9,571 | | 71,884 |
Total liabilities
| 55,777,208 | | 36,194,133 | | 328,359 | | 13,507,505 | | 47,059,533 |
Net Assets
| $849,855,818 | | $198,617,670 | | $2,109,973 | | $42,914,374 | | $348,332,951 |
| Net assets consist of: | | | | | | | | | |
Shares of beneficial interest
| $1,441,908,612 | | $171,263,174 | | $2,004,480 | | $56,770,821 | | $1,034,278,769 |
Distributable earnings (loss)
| (592,052,794) | | 27,354,496 | | 105,493 | | (13,856,447) | | (685,945,818) |
Net Assets
| $849,855,818 | | $198,617,670 | | $2,109,973 | | $42,914,374 | | $348,332,951 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 14,080,000 | | 7,300,001 | | 80,001 | | 2,750,001 | | 7,220,000 |
Net asset value
| $60.36 | | $27.21 | | $26.37 | | $15.61 | | $48.25 |
Market price
| $60.30 | | $27.21 | | $26.37 | | $15.61 | | $48.19 |
Unaffiliated investments in securities, at cost
| $748,660,264 | | $160,434,600 | | $1,972,432 | | $42,955,940 | | $316,336,248 |
Affiliated investments in securities, at cost
| $48,429,939 | | $36,137,448 | | $328,595 | | $13,448,521 | | $46,494,729 |
(a)Includes securities on loan with an aggregate value of:
| $47,799,408 | | $35,293,781 | | $207,730 | | $13,126,932 | | $45,642,203 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P
SmallCap
Quality
ETF (XSHQ) |
| |
| $319,482,650 |
| 59,363,677 |
| 1,595 |
| |
| 264,182 |
| 5,003 |
| - |
| - |
| 379,117,107 |
| |
| - |
| |
| - |
| 59,190,730 |
| - |
| 74,979 |
| 59,265,709 |
| $319,851,398 |
| |
| $311,802,649 |
| 8,048,749 |
| $319,851,398 |
| 7,540,001 |
| $42.42 |
| $42.41 |
| $295,287,560 |
| $59,359,721 |
| $58,383,412 |
Statements of Operations
For the year ended August 31, 2024
| | Invesco ESG
S&P 500
Equal Weight
ETF (RSPE) | | Invesco
MSCI USA ETF
(PBUS) | | Invesco Russell
1000 Equal
Weight ETF
(EQAL) | | Invesco S&P
500® Enhanced
Value ETF
(SPVU) | | Invesco S&P
500® ex-Rate
Sensitive Low
Volatility
ETF (XRLV) |
| Investment income: | | | | | | | | | |
Unaffiliated dividend income
| $187,753 | | $59,047,365 | | $11,701,353 | | $2,964,059 | | $981,856 |
Affiliated dividend income
| 1,404 | | 62,675 | | 30,655 | | 10,102 | | 765 |
Securities lending income, net
| 934 | | 828,012 | | 514,779 | | 9,387 | | 1,528 |
Foreign withholding tax
| - | | (20,248) | | (18,686) | | (570) | | - |
Total investment income
| 190,091 | | 59,917,804 | | 12,228,101 | | 2,982,978 | | 984,149 |
| Expenses: | | | | | | | | | |
Unitary management fees
| 18,828 | | 1,661,080 | | 1,193,965 | | 130,891 | | 105,598 |
Tax expenses
| - | | - | | - | | - | | - |
Total expenses
| 18,828 | | 1,661,080 | | 1,193,965 | | 130,891 | | 105,598 |
Less: Waivers
| (4) | | (1,066) | | (200) | | (55) | | (14) |
Net expenses
| 18,824 | | 1,660,014 | | 1,193,765 | | 130,836 | | 105,584 |
Net investment income
| 171,267 | | 58,257,790 | | 11,034,336 | | 2,852,142 | | 878,565 |
| Realized and unrealized gain (loss) from: | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | |
Unaffiliated investment securities
| (261,232) | | (27,898,672) | | (23,141,812) | | (1,042,554) | | (644,546) |
Affiliated investment securities
| (16,588) | | (203,918) | | 25,462 | | (106,972) | | 631 |
Unaffiliated in-kind redemptions
| 334,258 | | 246,760,550 | | 27,558,780 | | 4,355,521 | | 1,189,741 |
Affiliated in-kind redemptions
| (3,745) | | 126 | | (1,901) | | (4,590) | | - |
Net realized gain
| 52,693 | | 218,658,086 | | 4,440,529 | | 3,201,405 | | 545,826 |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | |
Unaffiliated investment securities
| 1,343,313 | | 768,139,659 | | 63,633,351 | | 16,671,885 | | 5,534,375 |
Affiliated investment securities
| 12,487 | | 204,748 | | 33,418 | | 91,866 | | 63 |
Change in net unrealized appreciation (depreciation)
| 1,355,800 | | 768,344,407 | | 63,666,769 | | 16,763,751 | | 5,534,438 |
Net realized and unrealized gain
| 1,408,493 | | 987,002,493 | | 68,107,298 | | 19,965,156 | | 6,080,264 |
Net increase in net assets resulting from operations
| $1,579,760 | | $1,045,260,283 | | $79,141,634 | | $22,817,298 | | $6,958,829 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P
500® High
Beta
ETF (SPHB) | | Invesco S&P
500 High
Dividend Growers
ETF (DIVG)(a) | | Invesco S&P
500® High
Dividend Low
Volatility
ETF (SPHD) | | Invesco S&P
500® Low
Volatility
ETF (SPLV) | | Invesco
S&P 500
Minimum
Variance
ETF (SPMV) | | Invesco S&P
500®
Momentum
ETF (SPMO) | | Invesco S&P
500 QVM
Multi-factor
ETF (QVML) | | Invesco S&P
MidCap 400
QVM Multi-factor
ETF (QVMM) |
| | | | | | | | | | | | | | | |
| $6,631,868 | | $72,825 | | $133,934,809 | | $176,676,427 | | $193,798 | | $6,319,510 | | $12,929,018 | | $4,326,094 |
| 281,431 | | 78 | | 45,161 | | 86,604 | | 194 | | 22,444 | | 28,074 | | 5,215 |
| 63,888 | | 21,379 | | 118,431 | | 197,698 | | 225 | | 16,027 | | 21,906 | | 56,223 |
| (16,167) | | (49) | | - | | - | | - | | - | | (4,010) | | - |
| 6,961,020 | | 94,233 | | 134,098,401 | | 176,960,729 | | 194,217 | | 6,357,981 | | 12,974,988 | | 4,387,532 |
| | | | | | | | | | | | | | | |
| 1,366,387 | | 7,904 | | 8,941,719 | | 19,214,473 | | 9,935 | | 1,179,701 | | 1,004,111 | | 426,936 |
| - | | 405 | | - | | - | | - | | - | | - | | - |
| 1,366,387 | | 8,309 | | 8,941,719 | | 19,214,473 | | 9,935 | | 1,179,701 | | 1,004,111 | | 426,936 |
| (199) | | (1) | | (898) | | (1,657) | | (4) | | (396) | | (367) | | (99) |
| 1,366,188 | | 8,308 | | 8,940,821 | | 19,212,816 | | 9,931 | | 1,179,305 | | 1,003,744 | | 426,837 |
| 5,594,832 | | 85,925 | | 125,157,580 | | 157,747,913 | | 184,286 | | 5,178,676 | | 11,971,244 | | 3,960,695 |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| (39,909,665) | | (12,465) | | (89,127,568) | | (237,792,848) | | (959,388) | | (10,736,769) | | (10,795,888) | | (4,406,485) |
| (888,675) | | 5 | | (2,851) | | 59,711 | | (84) | | (4,004) | | 4,969 | | 9,407 |
| 82,191,278 | | 167,616 | | 114,870,267 | | 298,164,244 | | 2,705,729 | | 176,185,661 | | 33,411,210 | | 9,065,377 |
| 114,084 | | - | | - | | - | | - | | - | | (557) | | - |
| 41,507,022 | | 155,156 | | 25,739,848 | | 60,431,107 | | 1,746,257 | | 165,444,888 | | 22,619,734 | | 4,668,299 |
| | | | | | | | | | | | | | | |
| 2,478,565 | | 356,444 | | 541,496,851 | | 1,057,569,173 | | (437,087) | | 56,111,986 | | 196,526,954 | | 41,551,341 |
| 1,171,424 | | 4 | | 7,107 | | 3,750 | | - | | 225 | | 15,166 | | 2,060 |
| 3,649,989 | | 356,448 | | 541,503,958 | | 1,057,572,923 | | (437,087) | | 56,112,211 | | 196,542,120 | | 41,553,401 |
| 45,157,011 | | 511,604 | | 567,243,806 | | 1,118,004,030 | | 1,309,170 | | 221,557,099 | | 219,161,854 | | 46,221,700 |
| $50,751,843 | | $597,529 | | $692,401,386 | | $1,275,751,943 | | $1,493,456 | | $226,735,775 | | $231,133,098 | | $50,182,395 |
Statements of Operations—(continued)
For the year ended August 31, 2024
| | Invesco S&P
MidCap Low
Volatility
ETF (XMLV) | | Invesco S&P
SmallCap 600
QVM Multi-factor
ETF (QVMS) | | Invesco S&P
SmallCap 600®
GARP ETF (GRPZ)(b) | | Invesco S&P
SmallCap High
Dividend Low
Volatility ETF
(XSHD) | | Invesco S&P
SmallCap Low
Volatility
ETF (XSLV) |
| Investment income: | | | | | | | | | |
Unaffiliated dividend income
| $20,574,675 | | $3,165,800 | | $14,570 | | $1,428,206 | | $8,654,792 |
Affiliated dividend income
| 17,828 | | 3,942 | | 30 | | 1,038 | | 9,814 |
Securities lending income, net
| 83,304 | | 91,137 | | 45 | | 13,348 | | 62,891 |
Foreign withholding tax
| - | | (3,320) | | (101) | | - | | (5,937) |
Total investment income
| 20,675,807 | | 3,257,559 | | 14,544 | | 1,442,592 | | 8,721,560 |
| Expenses: | | | | | | | | | |
Unitary management fees
| 2,060,225 | | 294,211 | | 3,443 | | 80,293 | | 896,154 |
Less: Waivers
| (352) | | (74) | | - | | (19) | | (190) |
Net expenses
| 2,059,873 | | 294,137 | | 3,443 | | 80,274 | | 895,964 |
Net investment income
| 18,615,934 | | 2,963,422 | | 11,101 | | 1,362,318 | | 7,825,596 |
| Realized and unrealized gain (loss) from: | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | |
Unaffiliated investment securities
| 17,604,224 | | (1,576,611) | | (35,050) | | (2,229,984) | | 977,394 |
Affiliated investment securities
| 21,020 | | 10,250 | | - | | 1,596 | | 12,617 |
In-kind redemptions
| 21,002,050 | | 11,320,953 | | 5,339 | | 199,569 | | 9,902,033 |
Net realized gain (loss)
| 38,627,294 | | 9,754,592 | | (29,711) | | (2,028,819) | | 10,892,044 |
| Change in net unrealized appreciation of: | | | | | | | | | |
Unaffiliated investment securities
| 90,223,230 | | 21,357,690 | | 135,352 | | 2,716,264 | | 43,098,319 |
Affiliated investment securities
| 1,615 | | 1,178 | | 16 | | 345 | | 3,273 |
Change in net unrealized appreciation
| 90,224,845 | | 21,358,868 | | 135,368 | | 2,716,609 | | 43,101,592 |
Net realized and unrealized gain
| 128,852,139 | | 31,113,460 | | 105,657 | | 687,790 | | 53,993,636 |
Net increase in net assets resulting from operations
| $147,468,073 | | $34,076,882 | | $116,758 | | $2,050,108 | | $61,819,232 |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P
SmallCap
Quality
ETF (XSHQ) |
| |
| $2,258,197 |
| 2,243 |
| 37,569 |
| (10,245) |
| 2,287,764 |
| |
| 397,055 |
| (40) |
| 397,015 |
| 1,890,749 |
| |
| |
| (8,343,797) |
| 101 |
| 9,074,221 |
| 730,525 |
| |
| 20,136,418 |
| 3,956 |
| 20,140,374 |
| 20,870,899 |
| $22,761,648 |
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco ESG S&P 500
Equal Weight ETF (RSPE) | | Invesco MSCI USA
ETF (PBUS) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $171,267 | | $209,429 | | $58,257,790 | | $37,499,968 |
Net realized gain (loss)
| 52,693 | | (197,390) | | 218,658,086 | | 12,818,460 |
Change in net unrealized appreciation (depreciation)
| 1,355,800 | | 833,672 | | 768,344,407 | | 294,217,722 |
Net increase in net assets resulting from operations
| 1,579,760 | | 845,711 | | 1,045,260,283 | | 344,536,150 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (175,106) | | (202,615) | | (54,314,562) | | (37,261,216) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 3,779,376 | | 4,541,830 | | 1,929,374,317 | | 746,359,472 |
Value of shares repurchased
| (4,546,268) | | (3,262,900) | | (763,082,131) | | (299,058,051) |
Net increase (decrease) in net assets resulting from share transactions
| (766,892) | | 1,278,930 | | 1,166,292,186 | | 447,301,421 |
Net increase (decrease) in net assets
| 637,762 | | 1,922,026 | | 2,157,237,907 | | 754,576,355 |
| Net assets: | | | | | | | |
Beginning of year
| 11,490,567 | | 9,568,541 | | 3,035,621,465 | | 2,281,045,110 |
End of year
| $12,128,329 | | $11,490,567 | | $5,192,859,372 | | $3,035,621,465 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 150,000 | | 200,000 | | 39,525,000 | | 16,925,000 |
Shares repurchased
| (200,000) | | (150,000) | | (14,925,000) | | (7,175,000) |
Shares outstanding, beginning of year
| 500,001 | | 450,001 | | 67,475,001 | | 57,725,001 |
Shares outstanding, end of year
| 450,001 | | 500,001 | | 92,075,001 | | 67,475,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000 Equal
Weight ETF (EQAL) | | Invesco S&P 500®
Enhanced Value ETF (SPVU) | | Invesco S&P 500® ex-Rate Sensitive
Low Volatility ETF (XRLV) | | Invesco S&P 500® High Beta
ETF (SPHB) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $11,034,336 | | $11,519,903 | | $2,852,142 | | $3,636,378 | | $878,565 | | $1,206,888 | | $5,594,832 | | $3,618,192 |
| 4,440,529 | | (25,354,929) | | 3,201,405 | | (6,490,551) | | 545,826 | | 418,945 | | 41,507,022 | | (49,361,473) |
| 63,666,769 | | 35,731,685 | | 16,763,751 | | 3,696,712 | | 5,534,438 | | (1,333,424) | | 3,649,989 | | 99,839,961 |
| 79,141,634 | | 21,896,659 | | 22,817,298 | | 842,539 | | 6,958,829 | | 292,409 | | 50,751,843 | | 54,096,680 |
| | | | | | | | | | | | | | | |
| (11,297,572) | | (11,211,391) | | (2,939,353) | | (3,745,870) | | (1,012,244) | | (1,214,873) | | (5,679,266) | | (3,617,061) |
| | | | | | | | | | | | | | | |
| 24,903,808 | | 125,436,020 | | 31,871,021 | | 75,497,290 | | - | | 10,985,778 | | 727,126,481 | | 821,389,561 |
| (144,286,154) | | (94,181,729) | | (36,495,509) | | (126,224,423) | | (11,582,697) | | (17,615,459) | | (908,189,190) | | (813,101,879) |
| (119,382,346) | | 31,254,291 | | (4,624,488) | | (50,727,133) | | (11,582,697) | | (6,629,681) | | (181,062,709) | | 8,287,682 |
| (51,538,284) | | 41,939,559 | | 15,253,457 | | (53,630,464) | | (5,636,112) | | (7,552,145) | | (135,990,132) | | 58,767,301 |
| | | | | | | | | | | | | | | |
| 659,407,521 | | 617,467,962 | | 91,004,297 | | 144,634,761 | | 46,537,776 | | 54,089,921 | | 586,451,514 | | 527,684,213 |
| $607,869,237 | | $659,407,521 | | $106,257,754 | | $91,004,297 | | $40,901,664 | | $46,537,776 | | $450,461,382 | | $586,451,514 |
| | | | | | | | | | | | | | | |
| 600,000 | | 3,075,000 | | 700,000 | | 1,830,000 | | - | | 230,000 | | 9,050,000 | | 11,680,000 |
| (3,450,000) | | (2,350,000) | | (800,000) | | (3,180,000) | | (240,000) | | (370,000) | | (11,510,000) | | (12,150,000) |
| 15,600,001 | | 14,875,001 | | 2,210,001 | | 3,560,001 | | 1,000,001 | | 1,140,001 | | 7,710,000 | | 8,180,000 |
| 12,750,001 | | 15,600,001 | | 2,110,001 | | 2,210,001 | | 760,001 | | 1,000,001 | | 5,250,000 | | 7,710,000 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco S&P 500 High Dividend
Growers ETF (DIVG) | | Invesco S&P 500® High Dividend
Low Volatility ETF (SPHD) |
| | 2024(a) | | 2024 | | 2023 |
| Operations: | | | | | |
Net investment income
| $85,925 | | $125,157,580 | | $151,894,238 |
Net realized gain (loss)
| 155,156 | | 25,739,848 | | (70,956,259) |
Change in net unrealized appreciation (depreciation)
| 356,448 | | 541,503,958 | | (174,943,861) |
Net increase (decrease) in net assets resulting from operations
| 597,529 | | 692,401,386 | | (94,005,882) |
| Distributions to Shareholders from: | | | | | |
Distributable earnings
| (72,511) | | (125,736,697) | | (149,959,572) |
| Shareholder Transactions: | | | | | |
Proceeds from shares sold
| 3,975,227 | | 1,515,951,252 | | 1,158,655,819 |
Value of shares repurchased
| (1,682,887) | | (1,442,482,942) | | (1,597,329,380) |
Net increase (decrease) in net assets resulting from share transactions
| 2,292,340 | | 73,468,310 | | (438,673,561) |
Net increase (decrease) in net assets
| 2,817,358 | | 640,132,999 | | (682,639,015) |
| Net assets: | | | | | |
Beginning of year
| - | | 3,125,344,825 | | 3,807,983,840 |
End of year
| $2,817,358 | | $3,765,477,824 | | $3,125,344,825 |
| Changes in Shares Outstanding: | | | | | |
Shares sold
| 150,001 | | 32,830,000 | | 26,430,000 |
Shares repurchased
| (60,000) | | (32,740,000) | | (37,230,000) |
Shares outstanding, beginning of year
| - | | 75,920,000 | | 86,720,000 |
Shares outstanding, end of year
| 90,001 | | 76,010,000 | | 75,920,000 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500® Low Volatility
ETF (SPLV) | | Invesco S&P 500 Minimum
Variance ETF (SPMV) | | Invesco S&P 500® Momentum
ETF (SPMO) | | Invesco S&P 500 QVM
Multi-factor ETF (QVML) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | | | |
| $157,747,913 | | $232,765,306 | | $184,286 | | $434,432 | | $5,178,676 | | $4,159,344 | | $11,971,244 | | $14,252,213 |
| 60,431,107 | | (315,078,468) | | 1,746,257 | | 90,240 | | 165,444,888 | | (12,985,832) | | 22,619,734 | | 5,635,464 |
| 1,057,572,923 | | (38,059,952) | | (437,087) | | 699,937 | | 56,112,211 | | 20,271,754 | | 196,542,120 | | 94,618,869 |
| 1,275,751,943 | | (120,373,114) | | 1,493,456 | | 1,224,609 | | 226,735,775 | | 11,445,266 | | 231,133,098 | | 114,506,546 |
| | | | | | | | | | | | | | | |
| (178,561,681) | | (227,021,350) | | (238,019) | | (418,555) | | (4,816,948) | | (3,947,923) | | (11,976,935) | | (14,198,526) |
| | | | | | | | | | | | | | | |
| 2,198,385,874 | | 3,109,749,035 | | 4,554,728 | | 6,156,009 | | 3,200,018,988 | | 184,709,966 | | 87,031,036 | | 274,360,733 |
| (4,496,507,472) | | (5,019,323,675) | | (23,502,735) | | (5,764,893) | | (1,268,523,036) | | (108,608,457) | | (121,207,986) | | (249,520,869) |
| (2,298,121,598) | | (1,909,574,640) | | (18,948,007) | | 391,116 | | 1,931,495,952 | | 76,101,509 | | (34,176,950) | | 24,839,864 |
| (1,200,931,336) | | (2,256,969,104) | | (17,692,570) | | 1,197,170 | | 2,153,414,779 | | 83,598,852 | | 184,979,213 | | 125,147,884 |
| | | | | | | | | | | | | | | |
| 8,716,015,634 | | 10,972,984,738 | | 22,775,391 | | 21,578,221 | | 197,572,112 | | 113,973,260 | | 849,202,441 | | 724,054,557 |
| $7,515,084,298 | | $8,716,015,634 | | $5,082,821 | | $22,775,391 | | $2,350,986,891 | | $197,572,112 | | $1,034,181,654 | | $849,202,441 |
| | | | | | | | | | | | | | | |
| 34,470,000 | | 49,610,000 | | 120,000 | | 170,000 | | 39,050,000 | | 3,280,000 | | 2,750,000 | | 11,750,000 |
| (71,090,000) | | (80,970,000) | | (610,000) | | (160,000) | | (16,090,000) | | (1,990,000) | | (4,050,000) | | (10,250,000) |
| 142,290,000 | | 173,650,000 | | 600,001 | | 590,001 | | 3,390,001 | | 2,100,001 | | 32,200,001 | | 30,700,001 |
| 105,670,000 | | 142,290,000 | | 110,001 | | 600,001 | | 26,350,001 | | 3,390,001 | | 30,900,001 | | 32,200,001 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco S&P MidCap 400
QVM Multi-factor ETF (QVMM) | | Invesco S&P MidCap Low Volatility
ETF (XMLV) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $3,960,695 | | $3,848,775 | | $18,615,934 | | $25,537,526 |
Net realized gain (loss)
| 4,668,299 | | (9,671,108) | | 38,627,294 | | (24,991,155) |
Change in net unrealized appreciation
| 41,553,401 | | 31,244,799 | | 90,224,845 | | 9,419,336 |
Net increase (decrease) in net assets resulting from operations
| 50,182,395 | | 25,422,466 | | 147,468,073 | | 9,965,707 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (3,760,526) | | (3,932,590) | | (18,618,680) | | (25,580,808) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 21,215,072 | | 13,190,356 | | 34,737,495 | | 307,556,578 |
Value of shares repurchased
| (14,406,982) | | (11,374,029) | | (212,635,704) | | (556,086,436) |
Net increase (decrease) in net assets resulting from share transactions
| 6,808,090 | | 1,816,327 | | (177,898,209) | | (248,529,858) |
Net increase (decrease) in net assets
| 53,229,959 | | 23,306,203 | | (49,048,816) | | (264,144,959) |
| Net assets: | | | | | | | |
Beginning of year
| 267,668,121 | | 244,361,918 | | 898,904,634 | | 1,163,049,593 |
End of year
| $320,898,080 | | $267,668,121 | | $849,855,818 | | $898,904,634 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 770,000 | | 600,000 | | 620,000 | | 5,610,000 |
Shares repurchased
| (530,000) | | (510,000) | | (3,990,000) | | (10,300,000) |
Shares outstanding, beginning of year
| 10,960,001 | | 10,870,001 | | 17,450,000 | | 22,140,000 |
Shares outstanding, end of year
| 11,200,001 | | 10,960,001 | | 14,080,000 | | 17,450,000 |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600
QVM Multi-factor ETF (QVMS) | | Invesco S&P SmallCap 600® GARP ETF (GRPZ) | | Invesco S&P SmallCap High Dividend
Low Volatility ETF (XSHD) | | Invesco S&P SmallCap Low Volatility
ETF (XSLV) |
| 2024 | | 2023 | | 2024(b) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | | | |
| $2,963,422 | | $2,324,845 | | $11,101 | | $1,362,318 | | $1,063,013 | | $7,825,596 | | $15,200,784 |
| 9,754,592 | | (7,346,457) | | (29,711) | | (2,028,819) | | (4,665,336) | | 10,892,044 | | (98,175,351) |
| 21,358,868 | | 18,839,236 | | 135,368 | | 2,716,609 | | 535,562 | | 43,101,592 | | 39,106,315 |
| 34,076,882 | | 13,817,624 | | 116,758 | | 2,050,108 | | (3,066,761) | | 61,819,232 | | (43,868,252) |
| | | | | | | | | | | | | |
| (2,894,937) | | (2,116,823) | | (6,030) | | (1,977,924) | | (1,539,401) | | (7,875,630) | | (17,648,492) |
| | | | | | | | | | | | | |
| 5,761,446 | | 94,043,570 | | 2,955,370 | | 25,094,686 | | 9,918,697 | | 7,586,585 | | 53,944,271 |
| (41,263,449) | | (1,117,471) | | (956,125) | | (1,389,147) | | (11,052,463) | | (121,222,881) | | (310,766,146) |
| (35,502,003) | | 92,926,099 | | 1,999,245 | | 23,705,539 | | (1,133,766) | | (113,636,296) | | (256,821,875) |
| (4,320,058) | | 104,626,900 | | 2,109,973 | | 23,777,723 | | (5,739,928) | | (59,692,694) | | (318,338,619) |
| | | | | | | | | | | | | |
| 202,937,728 | | 98,310,828 | | - | | 19,136,651 | | 24,876,579 | | 408,025,645 | | 726,364,264 |
| $198,617,670 | | $202,937,728 | | $2,109,973 | | $42,914,374 | | $19,136,651 | | $348,332,951 | | $408,025,645 |
| | | | | | | | | | | | | |
| 230,000 | | 4,330,000 | | 120,001 | | 1,640,000 | | 550,000 | | 170,000 | | 1,220,000 |
| (1,650,000) | | (50,000) | | (40,000) | | (90,000) | | (660,000) | | (2,810,000) | | (7,480,000) |
| 8,720,001 | | 4,440,001 | | - | | 1,200,001 | | 1,310,001 | | 9,860,000 | | 16,120,000 |
| 7,300,001 | | 8,720,001 | | 80,001 | | 2,750,001 | | 1,200,001 | | 7,220,000 | | 9,860,000 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco S&P SmallCap Quality
ETF (XSHQ) |
| | 2024 | | 2023 |
| Operations: | | | |
Net investment income
| $1,890,749 | | $492,578 |
Net realized gain (loss)
| 730,525 | | (1,505,923) |
Change in net unrealized appreciation
| 20,140,374 | | 5,352,855 |
Net increase in net assets resulting from operations
| 22,761,648 | | 4,339,510 |
| Distributions to Shareholders from: | | | |
Distributable earnings
| (1,265,852) | | (507,211) |
| Shareholder Transactions: | | | |
Proceeds from shares sold
| 321,526,616 | | 34,367,485 |
Value of shares repurchased
| (71,350,466) | | (18,703,064) |
Net increase in net assets resulting from share transactions
| 250,176,150 | | 15,664,421 |
Net increase in net assets
| 271,671,946 | | 19,496,720 |
| Net assets: | | | |
Beginning of year
| 48,179,452 | | 28,682,732 |
End of year
| $319,851,398 | | $48,179,452 |
| Changes in Shares Outstanding: | | | |
Shares sold
| 8,070,000 | | 980,000 |
Shares repurchased
| (1,830,000) | | (550,000) |
Shares outstanding, beginning of year
| 1,300,001 | | 870,001 |
Shares outstanding, end of year
| 7,540,001 | | 1,300,001 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
| | Years Ended August 31, | | For the Period
November 15, 2021(a)
Through
August 31,
2022 |
| | 2024 | | 2023 | |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $22.98 | | $21.26 | | $25.00 |
Net investment income(b)
| 0.44 | | 0.43 | | 0.34 |
Net realized and unrealized gain (loss) on investments
| 3.97 | | 1.71 | | (3.81) |
Total from investment operations
| 4.41 | | 2.14 | | (3.47) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.44) | | (0.42) | | (0.27) |
Net asset value at end of period
| $26.95 | | $22.98 | | $21.26 |
Market price at end of period(c)
| $26.95 | | $22.99 | | $21.28 |
Net Asset Value Total Return(d)
| 19.43% | | 10.21% | | (13.93)%(e) |
Market Price Total Return(d)
| 19.38% | | 10.15% | | (13.85)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $12,128 | | $11,491 | | $9,569 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.20% | | 0.20% | | 0.20%(f) |
Net investment income
| 1.82% | | 1.93% | | 1.85%(f) |
Portfolio turnover rate(g)
| 33% | | 33% | | 45% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco MSCI USA ETF (PBUS)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $44.99 | | $39.52 | | $46.14 | | $35.42 | | $29.16 |
Net investment income(a)
| 0.70 | | 0.65 | | 0.63 | | 0.57 | | 0.56 |
Net realized and unrealized gain (loss) on investments
| 11.38 | | 5.47 | | (6.63) | | 10.58 | | 6.21 |
Total from investment operations
| 12.08 | | 6.12 | | (6.00) | | 11.15 | | 6.77 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.67) | | (0.65) | | (0.61) | | (0.43) | | (0.51) |
Net realized gains
| - | | - | | (0.01) | | - | | - |
Total distributions
| (0.67) | | (0.65) | | (0.62) | | (0.43) | | (0.51) |
Net asset value at end of year
| $56.40 | | $44.99 | | $39.52 | | $46.14 | | $35.42 |
Market price at end of year(b)
| $56.38 | | $44.99 | | $39.55 | | $46.14 | | $35.61 |
Net Asset Value Total Return(c)
| 27.06% | | 15.72% | | (13.10)% | | 31.79% | | 23.71% |
Market Price Total Return(c)
| 27.02% | | 15.63% | | (13.03)% | | 31.07% | | 24.36% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $5,192,859 | | $3,035,621 | | $2,281,045 | | $2,174,202 | | $8,855 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.04% | | 0.04% | | 0.04% | | 0.04% | | 0.04% |
Net investment income
| 1.40% | | 1.61% | | 1.44% | | 1.32% | | 1.82% |
Portfolio turnover rate(d)
| 3% | | 3% | | 3% | | 6% | | 5% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Russell 1000 Equal Weight ETF (EQAL)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $42.27 | | $41.51 | | $46.30 | | $33.47 | | $31.51 |
Net investment income(a)
| 0.80 | | 0.78 | | 0.73 | | 0.61 | | 0.61 |
Net realized and unrealized gain (loss) on investments
| 5.41 | | 0.75 | | (4.86) | | 12.90 | | 2.01 |
Total from investment operations
| 6.21 | | 1.53 | | (4.13) | | 13.51 | | 2.62 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.80) | | (0.77) | | (0.66) | | (0.68) | | (0.66) |
Net asset value at end of year
| $47.68 | | $42.27 | | $41.51 | | $46.30 | | $33.47 |
Market price at end of year(b)
| $47.65 | | $42.28 | | $41.54 | | $46.28 | | $33.52 |
Net Asset Value Total Return(c)
| 14.89% | | 3.80% | | (8.96)% | | 40.74% | | 8.71% |
Market Price Total Return(c)
| 14.80% | | 3.75% | | (8.86)% | | 40.46% | | 8.87% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $607,869 | | $659,408 | | $617,468 | | $673,641 | | $475,339 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.20% | | 0.20% | | 0.20% | | 0.20% | | 0.20% |
Net investment income
| 1.85% | | 1.90% | | 1.64% | | 1.49% | | 1.95% |
Portfolio turnover rate(d)
| 30% | | 27% | | 27% | | 40% | | 29% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500® Enhanced Value ETF (SPVU)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $41.18 | | $40.63 | | $42.47 | | $28.77 | | $33.42 |
Net investment income(a)
| 1.29 | | 1.23 | | 1.02 | | 0.96 | | 0.99 |
Net realized and unrealized gain (loss) on investments
| 9.24 | | 0.47(b) | | (1.78) | | 13.63 | | (4.69) |
Total from investment operations
| 10.53 | | 1.70 | | (0.76) | | 14.59 | | (3.70) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.35) | | (1.15) | | (1.08) | | (0.89) | | (0.95) |
Net asset value at end of year
| $50.36 | | $41.18 | | $40.63 | | $42.47 | | $28.77 |
Market price at end of year(c)
| $50.35 | | $41.19 | | $40.65 | | $42.44 | | $28.82 |
Net Asset Value Total Return(d)
| 26.01% | | 4.33% | | (1.85)% | | 51.49% | | (11.04)% |
Market Price Total Return(d)
| 25.95% | | 4.31% | | (1.72)% | | 51.13% | | (10.97)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $106,258 | | $91,004 | | $144,635 | | $145,243 | | $69,042 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.13% | | 0.13% | | 0.13% | | 0.13% | | 0.13% |
Net investment income
| 2.83% | | 3.00% | | 2.36% | | 2.53% | | 3.14% |
Portfolio turnover rate(e)
| 31% | | 39% | | 32% | | 36% | | 39% |
| (a) | Based on average shares outstanding. |
| (b) | Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $46.54 | | $47.45 | | $49.30 | | $39.43 | | $38.76 |
Net investment income(a)
| 1.00 | | 1.10 | | 0.94 | | 0.57 | | 0.72 |
Net realized and unrealized gain (loss) on investments
| 7.41 | | (0.90) | | (1.94) | | 9.88 | | 0.71 |
Total from investment operations
| 8.41 | | 0.20 | | (1.00) | | 10.45 | | 1.43 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.13) | | (1.11) | | (0.85) | | (0.58) | | (0.76) |
Net asset value at end of year
| $53.82 | | $46.54 | | $47.45 | | $49.30 | | $39.43 |
Market price at end of year(b)
| $53.78 | | $46.53 | | $47.49 | | $49.27 | | $39.49 |
Net Asset Value Total Return(c)
| 18.40% | | 0.39% | | (2.04)% | | 26.73% | | 3.86% |
Market Price Total Return(c)
| 18.34% | | 0.29% | | (1.90)% | | 26.46% | | 3.99% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $40,902 | | $46,538 | | $54,090 | | $52,256 | | $69,002 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 2.08% | | 2.31% | | 1.94% | | 1.33% | | 1.87% |
Portfolio turnover rate(d)
| 66% | | 60% | | 77% | | 64% | | 84% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500® High Beta ETF (SPHB)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $76.06 | | $64.51 | | $74.74 | | $43.73 | | $40.44 |
Net investment income(a)
| 0.82 | | 0.45 | | 0.51 | | 0.89 | | 0.99(b) |
Net realized and unrealized gain (loss) on investments
| 9.71 | | 11.54 | | (10.12) | | 30.93 | | 3.25 |
Total from investment operations
| 10.53 | | 11.99 | | (9.61) | | 31.82 | | 4.24 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.79) | | (0.44) | | (0.62) | | (0.81) | | (0.95) |
Net asset value at end of year
| $85.80 | | $76.06 | | $64.51 | | $74.74 | | $43.73 |
Market price at end of year(c)
| $85.78 | | $76.05 | | $64.58 | | $74.75 | | $43.83 |
Net Asset Value Total Return(d)
| 13.92% | | 18.68% | | (12.92)% | | 73.38% | | 11.38% |
Market Price Total Return(d)
| 13.90% | | 18.54% | | (12.84)% | | 73.01% | | 11.59% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $450,461 | | $586,452 | | $527,684 | | $1,679,341 | | $131,175 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 1.02% | | 0.65% | | 0.69% | | 1.30% | | 2.39%(b) |
Portfolio turnover rate(e)
| 91% | | 66% | | 76% | | 103% | | 113% |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.79 and 1.91%, respectively. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500 High Dividend Growers ETF (DIVG)
| | For the Period
December 4, 2023(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 0.88 |
Net realized and unrealized gain on investments
| 6.16 |
Total from investment operations
| 7.04 |
| Distributions to shareholders from: | |
Net investment income
| (0.74) |
Net asset value at end of period
| $31.30 |
Market price at end of period(c)
| $31.26 |
Net Asset Value Total Return(d)
| 28.48%(e) |
Market Price Total Return(d)
| 28.31%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $2,817 |
| Ratio to average net assets of: | |
Expenses
| 0.41%(f) |
Net investment income
| 4.24%(f) |
Portfolio turnover rate(g)
| 40% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 25.22%. The market price total return from Fund Inception to August 31, 2024 was 25.06%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $41.17 | | $43.91 | | $44.24 | | $34.10 | | $40.52 |
Net investment income(a)
| 1.80 | | 1.80 | | 1.60 | | 1.57 | | 1.53 |
Net realized and unrealized gain (loss) on investments
| 8.37 | | (2.76) | | (0.27) | | 10.21 | | (6.10) |
Total from investment operations
| 10.17 | | (0.96) | | 1.33 | | 11.78 | | (4.57) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.80) | | (1.78) | | (1.66) | | (1.64) | | (1.85) |
Net asset value at end of year
| $49.54 | | $41.17 | | $43.91 | | $44.24 | | $34.10 |
Market price at end of year(b)
| $49.55 | | $41.16 | | $43.96 | | $44.23 | | $34.16 |
Net Asset Value Total Return(c)
| 25.52% | | (2.20)% | | 3.02% | | 35.25% | | (11.46)% |
Market Price Total Return(c)
| 25.58% | | (2.34)% | | 3.15% | | 34.98% | | (11.37)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $3,765,478 | | $3,125,345 | | $3,807,984 | | $3,034,476 | | $2,446,739 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income
| 4.20% | | 4.24% | | 3.56% | | 3.90% | | 4.02% |
Portfolio turnover rate(d)
| 49% | | 67% | | 60% | | 45% | | 76% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P 500® Low Volatility ETF (SPLV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $61.26 | | $63.19 | | $64.07 | | $54.69 | | $56.75 |
Net investment income(a)
| 1.30 | | 1.46 | | 1.35 | | 0.91 | | 1.27 |
Net realized and unrealized gain (loss) on investments
| 10.02 | | (1.95) | | (0.96) | | 9.42 | | (2.01) |
Total from investment operations
| 11.32 | | (0.49) | | 0.39 | | 10.33 | | (0.74) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.46) | | (1.44) | | (1.27) | | (0.95) | | (1.32) |
Net asset value at end of year
| $71.12 | | $61.26 | | $63.19 | | $64.07 | | $54.69 |
Market price at end of year(b)
| $71.14 | | $61.25 | | $63.25 | | $64.05 | | $54.77 |
Net Asset Value Total Return(c)
| 18.81% | | (0.80)% | | 0.60% | | 19.09% | | (1.19)% |
Market Price Total Return(c)
| 18.86% | | (0.91)% | | 0.73% | | 18.87% | | (1.08)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $7,515,084 | | $8,716,016 | | $10,972,985 | | $8,217,477 | | $9,233,967 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 2.05% | | 2.35% | | 2.10% | | 1.58% | | 2.33% |
Portfolio turnover rate(d)
| 68% | | 55% | | 70% | | 64% | | 86% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500 Minimum Variance ETF (SPMV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $37.96 | | $36.57 | | $39.16 | | $32.31 | | $30.22 |
Net investment income(a)
| 0.73 | | 0.71 | | 0.63 | | 0.60 | | 0.63 |
Net realized and unrealized gain (loss) on investments
| 8.37 | | 1.37 | | (2.60) | | 6.70 | | 2.57 |
Total from investment operations
| 9.10 | | 2.08 | | (1.97) | | 7.30 | | 3.20 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.85) | | (0.69) | | (0.62) | | (0.45) | | (0.58) |
Net realized gains
| - | | - | | - | | - | | (0.53) |
Total distributions
| (0.85) | | (0.69) | | (0.62) | | (0.45) | | (1.11) |
Net asset value at end of year
| $46.21 | | $37.96 | | $36.57 | | $39.16 | | $32.31 |
Market price at end of year(b)
| $46.21 | | $37.94 | | $36.60 | | $39.22 | | $32.39 |
Net Asset Value Total Return(c)
| 24.35% | | 5.78% | | (5.08)% | | 22.82% | | 11.02% |
Market Price Total Return(c)
| 24.41% | | 5.63% | | (5.14)% | | 22.71% | | 11.22% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $5,083 | | $22,775 | | $21,578 | | $24,277 | | $4,847 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.10% | | 0.10% | | 0.10% | | 0.10% | | 0.10% |
Net investment income
| 1.86% | | 1.92% | | 1.62% | | 1.67% | | 2.11% |
Portfolio turnover rate(d)
| 79% | | 24% | | 20% | | 22% | | 20% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P 500® Momentum ETF (SPMO)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $58.28 | | $54.27 | | $63.43 | | $50.95 | | $40.57 |
Net investment income(a)
| 0.45 | | 1.27 | | 0.75 | | 0.38 | | 0.62 |
Net realized and unrealized gain (loss) on investments
| 31.13 | | 3.94 | | (9.34) | | 12.58 | | 10.42 |
Total from investment operations
| 31.58 | | 5.21 | | (8.59) | | 12.96 | | 11.04 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.64) | | (1.20) | | (0.57) | | (0.48) | | (0.66) |
Net asset value at end of year
| $89.22 | | $58.28 | | $54.27 | | $63.43 | | $50.95 |
Market price at end of year(b)
| $89.20 | | $58.33 | | $54.36 | | $63.41 | | $51.10 |
Net Asset Value Total Return(c)
| 54.58% | | 9.79% | | (13.60)% | | 25.65% | | 27.77% |
Market Price Total Return(c)
| 54.41% | | 9.71% | | (13.43)% | | 25.24% | | 28.08% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $2,350,987 | | $197,572 | | $113,973 | | $88,166 | | $73,872 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.13% | | 0.13% | | 0.13% | | 0.13% | | 0.13% |
Net investment income
| 0.57% | | 2.29% | | 1.25% | | 0.70% | | 1.48% |
Portfolio turnover rate(d)
| 72% | | 81% | | 124% | | 70% | | 90% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P 500 QVM Multi-factor ETF (QVML)
| | Years Ended August 31, | | For the Period
June 28, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $26.37 | | $23.58 | | $26.43 | | $25.00 |
Net investment income(b)
| 0.38 | | 0.41 | | 0.38 | | 0.06 |
Net realized and unrealized gain (loss) on investments
| 7.10 | | 2.79 | | (2.86) | | 1.37 |
Total from investment operations
| 7.48 | | 3.20 | | (2.48) | | 1.43 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.38) | | (0.41) | | (0.37) | | - |
Net asset value at end of period
| $33.47 | | $26.37 | | $23.58 | | $26.43 |
Market price at end of period(c)
| $33.47 | | $26.38 | | $23.62 | | $26.44 |
Net Asset Value Total Return(d)
| 28.61% | | 13.76% | | (9.47)% | | 5.72%(e) |
Market Price Total Return(d)
| 28.56% | | 13.61% | | (9.36)% | | 5.76%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $1,034,182 | | $849,202 | | $724,055 | | $792,855 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.11% | | 0.11% | | 0.11% | | 0.11%(f) |
Net investment income
| 1.31% | | 1.71% | | 1.47% | | 1.34%(f) |
Portfolio turnover rate(g)
| 15% | | 20% | | 18% | | 1% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
| | Years Ended August 31, | | For the Period
June 28, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $24.42 | | $22.48 | | $25.53 | | $25.00 |
Net investment income(b)
| 0.36 | | 0.35 | | 0.33 | | 0.04 |
Net realized and unrealized gain (loss) on investments
| 4.21 | | 1.95 | | (3.05) | | 0.49 |
Total from investment operations
| 4.57 | | 2.30 | | (2.72) | | 0.53 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.34) | | (0.36) | | (0.33) | | - |
Net asset value at end of period
| $28.65 | | $24.42 | | $22.48 | | $25.53 |
Market price at end of period(c)
| $28.67 | | $24.42 | | $22.50 | | $25.53 |
Net Asset Value Total Return(d)
| 18.89% | | 10.37% | | (10.69)% | | 2.12%(e) |
Market Price Total Return(d)
| 18.97% | | 10.27% | | (10.62)% | | 2.12%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $320,898 | | $267,668 | | $244,362 | | $206,549 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.15% | | 0.15% | | 0.15% | | 0.15%(f) |
Net investment income
| 1.39% | | 1.51% | | 1.38% | | 0.98%(f) |
Portfolio turnover rate(g)
| 30% | | 32% | | 27% | | 5% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P MidCap Low Volatility ETF (XMLV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $51.51 | | $52.53 | | $55.29 | | $43.65 | | $51.87 |
Net investment income(a)
| 1.21 | | 1.26 | | 0.97 | | 0.62 | | 1.02 |
Net realized and unrealized gain (loss) on investments
| 8.84 | | (1.02) | | (2.84) | | 11.59 | | (7.93) |
Total from investment operations
| 10.05 | | 0.24 | | (1.87) | | 12.21 | | (6.91) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.20) | | (1.26) | | (0.89) | | (0.57) | | (1.31) |
Net asset value at end of year
| $60.36 | | $51.51 | | $52.53 | | $55.29 | | $43.65 |
Market price at end of year(b)
| $60.30 | | $51.50 | | $52.56 | | $55.26 | | $43.70 |
Net Asset Value Total Return(c)
| 19.83% | | 0.46% | | (3.38)% | | 28.21% | | (13.26)% |
Market Price Total Return(c)
| 19.73% | | 0.38% | | (3.27)% | | 27.99% | | (13.17)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $849,856 | | $898,905 | | $1,163,050 | | $1,453,542 | | $2,042,702 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 2.26% | | 2.40% | | 1.78% | | 1.26% | | 2.13% |
Portfolio turnover rate(d)
| 70% | | 76% | | 61% | | 57% | | 84% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
| | Years Ended August 31, | | For the Period
June 28, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $23.27 | | $22.14 | | $25.05 | | $25.00 |
Net investment income(b)
| 0.36 | | 0.37 | | 0.30 | | 0.06 |
Net realized and unrealized gain (loss) on investments
| 3.92 | | 1.14 | | (2.87) | | (0.01) |
Total from investment operations
| 4.28 | | 1.51 | | (2.57) | | 0.05 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.34) | | (0.38) | | (0.34) | | - |
Net asset value at end of period
| $27.21 | | $23.27 | | $22.14 | | $25.05 |
Market price at end of period(c)
| $27.21 | | $23.30 | | $22.18 | | $25.05 |
Net Asset Value Total Return(d)
| 18.62% | | 6.92% | | (10.33)% | | 0.20%(e) |
Market Price Total Return(d)
| 18.46% | | 6.86% | | (10.17)% | | 0.20%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $198,618 | | $202,938 | | $98,311 | | $51,106 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.15% | | 0.15% | | 0.15% | | 0.15%(f) |
Net investment income
| 1.51% | | 1.65% | | 1.27% | | 1.51%(f) |
Portfolio turnover rate(g)
| 38% | | 27% | | 28% | | 4% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap 600® GARP ETF (GRPZ)
| | For the Period
March 25, 2024(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 0.12 |
Net realized and unrealized gain on investments
| 1.31 |
Total from investment operations
| 1.43 |
| Distributions to shareholders from: | |
Net investment income
| (0.06) |
Net asset value at end of period
| $26.37 |
Market price at end of period(c)
| $26.37 |
Net Asset Value Total Return(d)
| 5.75%(e) |
Market Price Total Return(d)
| 5.75%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $2,110 |
| Ratio to average net assets of: | |
Expenses
| 0.35%(f) |
Net investment income
| 1.12% |
Portfolio turnover rate(g)
| 66% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (March 27, 2024, the first day of trading on the exchange) to August 31, 2024 was 5.03%. The market price total return from Fund Inception to August 31, 2024 was 4.99%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $15.95 | | $18.99 | | $23.07 | | $16.66 | | $22.42 |
Net investment income(a)
| 0.77 | | 0.87 | | 0.92 | | 0.86 | | 0.82 |
Net realized and unrealized gain (loss) on investments
| 0.01 | | (2.64) | | (3.92) | | 6.36 | | (5.31) |
Total from investment operations
| 0.78 | | (1.77) | | (3.00) | | 7.22 | | (4.49) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.12) | | (1.27) | | (1.08) | | (0.81) | | (1.27) |
Net asset value at end of year
| $15.61 | | $15.95 | | $18.99 | | $23.07 | | $16.66 |
Market price at end of year(b)
| $15.61 | | $15.95 | | $19.02 | | $23.06 | | $16.69 |
Net Asset Value Total Return(c)
| 5.39% | | (9.48)% | | (13.36)% | | 43.97% | | (20.41)% |
Market Price Total Return(c)
| 5.38% | | (9.63)% | | (13.19)% | | 43.65% | | (20.01)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $42,914 | | $19,137 | | $24,877 | | $21,690 | | $20,827 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income
| 5.09% | | 5.10% | | 4.30% | | 4.13% | | 4.15% |
Portfolio turnover rate(d)
| 79% | | 68% | | 67% | | 72% | | 83% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Low Volatility ETF (XSLV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $41.38 | | $45.06 | | $48.74 | | $35.24 | | $47.57 |
Net investment income(a)
| 0.93 | | 1.11 | | 1.01 | | 0.65 | | 1.08 |
Net realized and unrealized gain (loss) on investments
| 6.85 | | (3.61) | | (3.83) | | 13.52 | | (12.05) |
Total from investment operations
| 7.78 | | (2.50) | | (2.82) | | 14.17 | | (10.97) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.91) | | (1.18) | | (0.86) | | (0.67) | | (1.36) |
Net asset value at end of year
| $48.25 | | $41.38 | | $45.06 | | $48.74 | | $35.24 |
Market price at end of year(b)
| $48.19 | | $41.40 | | $45.09 | | $48.73 | | $35.30 |
Net Asset Value Total Return(c)
| 19.11% | | (5.62)% | | (5.81)% | | 40.64% | | (23.22)% |
Market Price Total Return(c)
| 18.91% | | (5.63)% | | (5.72)% | | 40.38% | | (23.12)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $348,333 | | $408,026 | | $726,364 | | $1,155,186 | | $1,614,105 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income
| 2.18% | | 2.54% | | 2.09% | | 1.55% | | 2.55% |
Portfolio turnover rate(d)
| 76% | | 77% | | 66% | | 68% | | 103% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap Quality ETF (XSHQ)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $37.06 | | $32.97 | | $37.41 | | $26.95 | | $26.40 |
Net investment income(a)
| 0.54 | | 0.53 | | 0.62 | | 0.38 | | 0.36 |
Net realized and unrealized gain (loss) on investments
| 5.26 | | 4.14 | | (4.37) | | 10.42 | | 0.54 |
Total from investment operations
| 5.80 | | 4.67 | | (3.75) | | 10.80 | | 0.90 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.44) | | (0.58) | | (0.69) | | (0.34) | | (0.35) |
Net asset value at end of year
| $42.42 | | $37.06 | | $32.97 | | $37.41 | | $26.95 |
Market price at end of year(b)
| $42.41 | | $37.10 | | $32.99 | | $37.43 | | $26.99 |
Net Asset Value Total Return(c)
| 15.78% | | 14.39% | | (10.13)% | | 40.38% | | 3.61% |
Market Price Total Return(c)
| 15.63% | | 14.44% | | (10.12)% | | 40.25% | | 3.80% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $319,851 | | $48,179 | | $28,683 | | $40,030 | | $4,043 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.30% | | 0.29% | | 0.29% |
Net investment income
| 1.38% | | 1.55% | | 1.71% | | 1.07% | | 1.37% |
Portfolio turnover rate(d)
| 86% | | 84% | | 60% | | 90% | | 107% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco ESG S&P 500 Equal Weight ETF (RSPE) | | "ESG S&P 500 Equal Weight ETF" |
| Invesco MSCI USA ETF (PBUS) | | "MSCI USA ETF" |
| Invesco Russell 1000 Equal Weight ETF (EQAL) | | "Russell 1000 Equal Weight ETF" |
| Invesco S&P 500® Enhanced Value ETF (SPVU) | | "S&P 500® Enhanced Value ETF" |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) | | "S&P 500® ex-Rate Sensitive Low Volatility ETF" |
| Invesco S&P 500® High Beta ETF (SPHB) | | "S&P 500® High Beta ETF" |
| Invesco S&P 500 High Dividend Growers ETF (DIVG) | | "S&P 500 High Dividend Growers ETF" |
| Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) | | "S&P 500® High Dividend Low Volatility ETF" |
| Invesco S&P 500® Low Volatility ETF (SPLV) | | "S&P 500® Low Volatility ETF" |
| Invesco S&P 500 Minimum Variance ETF (SPMV) | | "S&P 500 Minimum Variance ETF" |
| Invesco S&P 500® Momentum ETF (SPMO) | | "S&P 500® Momentum ETF" |
| Invesco S&P 500 QVM Multi-factor ETF (QVML) | | "S&P 500 QVM Multi-factor ETF" |
| Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) | | "S&P MidCap 400 QVM Multi-factor ETF" |
| Invesco S&P MidCap Low Volatility ETF (XMLV) | | "S&P MidCap Low Volatility ETF" |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) | | "S&P SmallCap 600 QVM Multi-factor ETF" |
| Invesco S&P SmallCap 600® GARP ETF (GRPZ) | | "S&P SmallCap 600® GARP ETF" |
| Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | | "S&P SmallCap High Dividend Low Volatility ETF" |
| Invesco S&P SmallCap Low Volatility ETF (XSLV) | | "S&P SmallCap Low Volatility ETF" |
| Invesco S&P SmallCap Quality ETF (XSHQ) | | "S&P SmallCap Quality ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of MSCI USA ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| ESG S&P 500 Equal Weight ETF | | S&P 500 Equal Weight ESG Leaders Select Index |
| MSCI USA ETF | | MSCI USA Index |
| Russell 1000 Equal Weight ETF | | Russell 1000® Equal Weight Index |
| S&P 500® Enhanced Value ETF | | S&P 500 Enhanced Value Index |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | | S&P 500 Low Volatility Rate Response Index |
| S&P 500® High Beta ETF | | S&P 500® High Beta Index |
| S&P 500 High Dividend Growers ETF | | S&P 500® High Dividend Growth Index |
| S&P 500® High Dividend Low Volatility ETF | | S&P 500® Low Volatility High Dividend Index |
| S&P 500® Low Volatility ETF | | S&P 500® Low Volatility Index |
| S&P 500 Minimum Variance ETF | | S&P 500® Minimum Volatility Index |
| S&P 500® Momentum ETF | | S&P 500 Momentum Index |
| S&P 500 QVM Multi-factor ETF | | S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P MidCap 400 QVM Multi-factor ETF | | S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P MidCap Low Volatility ETF | | S&P MidCap 400® Low Volatility Index |
| S&P SmallCap 600 QVM Multi-factor ETF | | S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P SmallCap 600® GARP ETF | | S&P SmallCap 600® GARP Index |
| S&P SmallCap High Dividend Low Volatility ETF | | S&P SmallCap 600® Low Volatility High Dividend Index |
| S&P SmallCap Low Volatility ETF | | S&P SmallCap 600® Low Volatility Index |
| S&P SmallCap Quality ETF | | S&P SmallCap 600® Quality Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for
certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of |
| | capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund (except for S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500 High Dividend Growers ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not
readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| ESG S&P 500® Equal Weight ETF | $98 |
| MSCI USA ETF | 16,847 |
| Russell 1000 Equal Weight ETF | 35,729 |
| S&P 500® Enhanced Value ETF | 1,014 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 163 |
| S&P 500® High Beta ETF | 5,273 |
| S&P 500® High Dividend Growers ETF(a) | 16 |
| | Amount |
| S&P 500® High Dividend Low Volatility ETF | 7,408 |
| S&P 500® Low Volatility ETF | 9,354 |
| S&P 500 Minimum Variance ETF | 25 |
| S&P 500® Momentum ETF | 1,607 |
| S&P 500 QVM Multi-factor ETF | 1,921 |
| S&P MidCap 400 QVM Multi-factor ETF | 5,038 |
| S&P MidCap Low Volatility ETF | 5,906 |
| S&P SmallCap 600 QVM Multi-factor ETF | 8,443 |
| S&P SmallCap 600® GARP ETF(b) | 4 |
| S&P SmallCap High Dividend Low Volatility ETF | 1,224 |
| S&P SmallCap Low Volatility ETF | 5,039 |
| S&P SmallCap Quality ETF | 3,583 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Growth Investing Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each
Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Multifactor Investing Risk. For certain Funds, the Underlying Index seeks to emphasize certain factor exposures to securities within the eligible index universe, in accordance with the Underlying Index’s methodology. There is no assurance that targeting exposure to such factors will enhance an Underlying Index’s or a Fund’s performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is also no guarantee an Underlying Index will achieve the specific factor exposures.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because ESG S&P 500 Equal Weight ETF, S&P 500 High Dividend Growers ETF, S&P 500® Momentum ETF and S&P SmallCap 600® GARP ETF are non-diversified, and to the extent MSCI USA ETF, S&P 500® Enhanced Value ETF, S&P 500® ex-Rate Sensitivity Low Volatility ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Quality Investing Risk. For certain Funds, the quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Value Investing Risk. For certain Funds, value securities are subject to the risk that the valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of a Fund’s investments will vary and at times may be lower than that of other types of investments.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| ESG S&P 500 Equal Weight ETF | 0.20% |
| MSCI USA ETF | 0.04% |
| Russell 1000 Equal Weight ETF | 0.20% |
| S&P 500® Enhanced Value ETF | 0.13% |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 0.25% |
| S&P 500® High Beta ETF | 0.25% |
| S&P 500 High Dividend Growers ETF | 0.41% |
| S&P 500® High Dividend Low Volatility ETF | 0.30% |
| S&P 500® Low Volatility ETF | 0.25% |
| S&P 500 Minimum Variance ETF | 0.10% |
| S&P 500® Momentum ETF | 0.13% |
| S&P 500 QVM Multi-factor ETF | 0.11% |
| S&P MidCap 400 QVM Multi-factor ETF | 0.15% |
| S&P MidCap Low Volatility ETF | 0.25% |
| S&P SmallCap 600 QVM Multi-factor ETF | 0.15% |
| S&P SmallCap 600® GARP ETF | 0.35% |
| S&P SmallCap High Dividend Low Volatility ETF | 0.30% |
| S&P SmallCap Low Volatility ETF | 0.25% |
| S&P SmallCap Quality ETF | 0.29% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| ESG S&P 500 Equal Weight ETF | $4 |
| MSCI USA ETF | 1,066 |
| Russell 1000 Equal Weight ETF | 200 |
| S&P 500® Enhanced Value ETF | 55 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 14 |
| S&P 500® High Beta ETF | 199 |
| S&P 500 High Dividend Growers ETF(a) | 1 |
| S&P 500® High Dividend Low Volatility ETF | 898 |
| S&P 500® Low Volatility ETF | 1,657 |
| S&P 500 Minimum Variance ETF | 4 |
| S&P 500® Momentum ETF | 396 |
| S&P 500 QVM Multi-factor ETF | 367 |
| S&P MidCap 400 QVM Multi-factor ETF | 99 |
| S&P MidCap Low Volatility ETF | 352 |
| S&P SmallCap 600 QVM Multi-factor ETF | 74 |
| S&P SmallCap 600® GARP ETF(b) | $- |
| S&P SmallCap High Dividend Low Volatility ETF | 19 |
| S&P SmallCap Low Volatility ETF | 190 |
| S&P SmallCap Quality ETF | 40 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| ESG S&P 500 Equal Weight ETF | | S&P Dow Jones Indices LLC |
| MSCI USA ETF | | MSCI Inc. |
| Russell 1000 Equal Weight ETF | | Frank Russell Company |
| S&P 500® Enhanced Value ETF | | S&P Dow Jones Indices LLC |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P 500® High Beta ETF | | S&P Dow Jones Indices LLC |
| S&P 500 High Dividend Growers ETF | | NYSE Arca, Inc. |
| S&P 500® High Dividend Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P 500® Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P 500 Minimum Variance ETF | | S&P Dow Jones Indices LLC |
| S&P 500® Momentum ETF | | S&P Dow Jones Indices LLC |
| S&P 500 QVM Multi-factor ETF | | S&P Dow Jones Indices LLC |
| S&P MidCap 400 QVM Multi-factor ETF | | S&P Dow Jones Indices LLC |
| S&P MidCap Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P SmallCap 600 QVM Multi-factor ETF | | S&P Dow Jones Indices LLC |
| S&P SmallCap 600® GARP ETF | | S&P Dow Jones Indices LLC |
| S&P SmallCap High Dividend Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P SmallCap Low Volatility ETF | | S&P Dow Jones Indices LLC |
| S&P SmallCap Quality ETF | | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| ESG S&P 500 Equal Weight ETF | $594 |
| MSCI USA ETF | 19,338 |
| Russell 1000 Equal Weight ETF | 78,922 |
| S&P 500® Enhanced Value ETF | 6,993 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 2,140 |
| S&P 500® High Beta ETF | 91,870 |
| S&P 500 High Dividend Growers ETF(a) | 36 |
| S&P 500® High Dividend Low Volatility ETF | 164,345 |
| S&P 500® Low Volatility ETF | 188,512 |
| S&P 500 Minimum Variance ETF | 1,137 |
| S&P 500® Momentum ETF | 49,097 |
| S&P 500 QVM Multi-factor ETF | 15,501 |
| S&P MidCap 400 QVM Multi-factor ETF | 23,276 |
| S&P MidCap Low Volatility ETF | 49,946 |
| S&P SmallCap 600 QVM Multi-factor ETF | 34,104 |
| S&P SmallCap 600® GARP ETF(b) | $372 |
| S&P SmallCap High Dividend Low Volatility ETF | 12,018 |
| S&P SmallCap Low Volatility ETF | 39,095 |
| S&P SmallCap Quality ETF | 12,768 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
| | Securities Purchases | | Securities Sales | | Net Realized Gains (Losses)* |
| S&P 500® Enhanced Value ETF | $- | | $16,349 | | $(7,335) |
| S&P 500® High Dividend Low Volatility ETF | - | | 15,410,723 | | (8,387,114) |
| S&P 500® Momentum ETF | - | | 3,448,340 | | 189,411 |
| S&P 500 QVM Multi-factor ETF | - | | 859,226 | | 417,243 |
| S&P MidCap 400 QVM Multi-factor ETF | - | | 5,388,744 | | 2,199,335 |
| S&P SmallCap 600 QVM Multi-factor ETF | - | | 104,863 | | 20,613 |
| S&P SmallCap Quality ETF | - | | 130,544 | | 1,334 |
| * | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| ESG S&P 500 Equal Weight ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $12,112,940 | | $- | | $- | | $12,112,940 |
| Money Market Funds | - | | 964,969 | | - | | 964,969 |
| Total Investments | $12,112,940 | | $964,969 | | $- | | $13,077,909 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| MSCI USA ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $5,188,738,266 | | $- | | $- | | $5,188,738,266 |
| Money Market Funds | - | | 68,588,625 | | - | | 68,588,625 |
| Total Investments | $5,188,738,266 | | $68,588,625 | | $- | | $5,257,326,891 |
| Russell 1000 Equal Weight ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $607,205,980 | | $5,411 | | $56,038 | | $607,267,429 |
| Money Market Funds | - | | 68,417,448 | | - | | 68,417,448 |
| Total Investments | $607,205,980 | | $68,422,859 | | $56,038 | | $675,684,877 |
| S&P 500® Enhanced Value ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $106,051,121 | | $- | | $- | | $106,051,121 |
| Money Market Funds | - | | 1,977,105 | | - | | 1,977,105 |
| Total Investments | $106,051,121 | | $1,977,105 | | $- | | $108,028,226 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $40,883,482 | | $- | | $- | | $40,883,482 |
| Money Market Funds | - | | 1,141,638 | | - | | 1,141,638 |
| Total Investments | $40,883,482 | | $1,141,638 | | $- | | $42,025,120 |
| S&P 500® High Beta ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $450,034,853 | | $- | | $- | | $450,034,853 |
| Money Market Funds | 135,155 | | 23,400,640 | | - | | 23,535,795 |
| Total Investments | $450,170,008 | | $23,400,640 | | $- | | $473,570,648 |
| S&P 500 High Dividend Growers ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $2,816,263 | | $- | | $- | | $2,816,263 |
| Money Market Funds | - | | 61,226 | | - | | 61,226 |
| Total Investments | $2,816,263 | | $61,226 | | $- | | $2,877,489 |
| S&P 500® High Dividend Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $3,757,143,983 | | $- | | $- | | $3,757,143,983 |
| Money Market Funds | - | | 161,339,328 | | - | | 161,339,328 |
| Total Investments | $3,757,143,983 | | $161,339,328 | | $- | | $3,918,483,311 |
| S&P 500® Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $7,510,078,383 | | $- | | $- | | $7,510,078,383 |
| Money Market Funds | - | | 144,551,003 | | - | | 144,551,003 |
| Total Investments | $7,510,078,383 | | $144,551,003 | | $- | | $7,654,629,386 |
| S&P 500 Minimum Variance ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $5,073,289 | | $- | | $- | | $5,073,289 |
| Money Market Funds | 1,778 | | 209,764 | | - | | 211,542 |
| Total Investments | $5,075,067 | | $209,764 | | $- | | $5,284,831 |
| S&P 500® Momentum ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $2,324,888,497 | | $- | | $- | | $2,324,888,497 |
| Money Market Funds | 1,656,178 | | 3,405,315 | | - | | 5,061,493 |
| Total Investments | $2,326,544,675 | | $3,405,315 | | $- | | $2,329,949,990 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| S&P 500 QVM Multi-factor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $1,033,056,255 | | $- | | $- | | $1,033,056,255 |
| Money Market Funds | 12,957 | | 10,395,141 | | - | | 10,408,098 |
| Total Investments | $1,033,069,212 | | $10,395,141 | | $- | | $1,043,464,353 |
| S&P MidCap 400 QVM Multi-factor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $320,429,524 | | $- | | $- | | $320,429,524 |
| Money Market Funds | 269,035 | | 38,429,977 | | - | | 38,699,012 |
| Total Investments | $320,698,559 | | $38,429,977 | | $- | | $359,128,536 |
| S&P MidCap Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $849,008,060 | | $- | | $- | | $849,008,060 |
| Money Market Funds | 67,904 | | 48,363,261 | | - | | 48,431,165 |
| Total Investments | $849,075,964 | | $48,363,261 | | $- | | $897,439,225 |
| S&P SmallCap 600 QVM Multi-factor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $198,452,224 | | $- | | $0 | | $198,452,224 |
| Money Market Funds | - | | 36,139,800 | | - | | 36,139,800 |
| Total Investments | $198,452,224 | | $36,139,800 | | $0 | | $234,592,024 |
| S&P SmallCap 600® GARP ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $2,107,784 | | $- | | $- | | $2,107,784 |
| Money Market Funds | 1,091 | | 327,520 | | - | | 328,611 |
| Total Investments | $2,108,875 | | $327,520 | | $- | | $2,436,395 |
| S&P SmallCap High Dividend Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $42,830,280 | | $- | | $- | | $42,830,280 |
| Money Market Funds | - | | 13,448,967 | | - | | 13,448,967 |
| Total Investments | $42,830,280 | | $13,448,967 | | $- | | $56,279,247 |
| S&P SmallCap Low Volatility ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $347,922,353 | | $- | | $- | | $347,922,353 |
| Money Market Funds | - | | 46,497,314 | | - | | 46,497,314 |
| Total Investments | $347,922,353 | | $46,497,314 | | $- | | $394,419,667 |
| S&P SmallCap Quality ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $319,482,650 | | $- | | $- | | $319,482,650 |
| Money Market Funds | 168,991 | | 59,194,686 | | - | | 59,363,677 |
| Total Investments | $319,651,641 | | $59,194,686 | | $- | | $378,846,327 |
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| ESG S&P 500 Equal Weight ETF | $175,106 | | $202,615 |
| MSCI USA ETF | 54,314,562 | | 37,261,216 |
| Russell 1000 Equal Weight ETF | 11,297,572 | | 11,211,391 |
| S&P 500® Enhanced Value ETF | 2,939,353 | | 3,745,870 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 1,012,244 | | 1,214,873 |
| S&P 500® High Beta ETF | 5,679,266 | | 3,617,061 |
| S&P 500 High Dividend Growers ETF | 72,511 | | - |
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| S&P 500® High Dividend Low Volatility ETF | $125,736,697 | | $149,959,572 |
| S&P 500® Low Volatility ETF | 178,561,681 | | 227,021,350 |
| S&P 500 Minimum Variance ETF | 238,019 | | 418,555 |
| S&P 500® Momentum ETF | 4,816,948 | | 3,947,923 |
| S&P 500 QVM Multi-factor ETF | 11,976,935 | | 14,198,526 |
| S&P MidCap 400 QVM Multi-factor ETF | 3,760,526 | | 3,932,590 |
| S&P MidCap Low Volatility ETF | 18,618,680 | | 25,580,808 |
| S&P SmallCap 600 QVM Multi-factor ETF | 2,894,937 | | 2,116,823 |
| S&P SmallCap 600® GARP ETF | 6,030 | | - |
| S&P SmallCap High Dividend Low Volatility ETF | 1,977,924 | | 1,539,401 |
| S&P SmallCap Low Volatility ETF | 7,875,630 | | 17,648,492 |
| S&P SmallCap Quality ETF | 1,265,852 | | 507,211 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| ESG S&P 500 Equal Weight ETF | $25,044 | | $1,258,077 | | $(938,998) | | $11,784,206 | | $12,128,329 |
| MSCI USA ETF | 10,458,738 | | 902,504,611 | | (51,426,370) | | 4,331,322,393 | | 5,192,859,372 |
| Russell 1000 Equal Weight ETF | 1,688,829 | | 56,413,960 | | (149,237,483) | | 699,003,931 | | 607,869,237 |
| S&P 500® Enhanced Value ETF | 598,871 | | 7,242,909 | | (18,480,613) | | 116,896,587 | | 106,257,754 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | - | | 5,933,671 | | (27,472,116) | | 62,440,109 | | 40,901,664 |
| S&P 500® High Beta ETF | 527,312 | | (45,554,035) | | (221,367,755) | | 716,855,860 | | 450,461,382 |
| S&P 500 High Dividend Growers ETF | 13,820 | | 355,377 | | (10,337) | | 2,458,498 | | 2,817,358 |
| S&P 500® High Dividend Low Volatility ETF | 307,642 | | 177,055,173 | | (846,127,175) | | 4,434,242,184 | | 3,765,477,824 |
| S&P 500® Low Volatility ETF | - | | 837,009,500 | | (2,888,761,065) | | 9,566,835,863 | | 7,515,084,298 |
| S&P 500 Minimum Variance ETF | 15,747 | | 549,835 | | (1,771,326) | | 6,288,565 | | 5,082,821 |
| S&P 500® Momentum ETF | 978,782 | | 64,129,199 | | (30,639,079) | | 2,316,517,989 | | 2,350,986,891 |
| S&P 500 QVM Multi-factor ETF | 2,130,048 | | 257,960,720 | | (57,062,014) | | 831,152,900 | | 1,034,181,654 |
| S&P MidCap 400 QVM Multi-factor ETF | 613,946 | | 60,174,156 | | (24,714,684) | | 284,824,662 | | 320,898,080 |
| S&P MidCap Low Volatility ETF | 2,698,286 | | 97,213,212 | | (691,964,292) | | 1,441,908,612 | | 849,855,818 |
| S&P SmallCap 600 QVM Multi-factor ETF | 454,425 | | 37,203,079 | | (10,303,008) | | 171,263,174 | | 198,617,670 |
| S&P SmallCap 600® GARP ETF | 5,071 | | 134,221 | | (33,799) | | 2,004,480 | | 2,109,973 |
| S&P SmallCap High Dividend Low Volatility ETF | - | | (789,062) | | (13,067,385) | | 56,770,821 | | 42,914,374 |
| S&P SmallCap Low Volatility ETF | 1,152,679 | | 30,725,828 | | (717,824,325) | | 1,034,278,769 | | 348,332,951 |
| S&P SmallCap Quality ETF | 689,487 | | 20,363,586 | | (13,004,324) | | 311,802,649 | | 319,851,398 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| ESG S&P 500 Equal Weight ETF | $380,118 | | $558,880 | | $938,998 |
| MSCI USA ETF | 9,200,450 | | 42,225,920 | | 51,426,370 |
| Russell 1000 Equal Weight ETF | 25,192,565 | | 124,044,918 | | 149,237,483 |
| S&P 500® Enhanced Value ETF | 9,873,575 | | 8,607,038 | | 18,480,613 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 20,529,670 | | 6,942,446 | | 27,472,116 |
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| S&P 500® High Beta ETF | $137,945,892 | | $83,421,863 | | $221,367,755 |
| S&P 500 High Dividend Growers ETF | 10,337 | | - | | 10,337 |
| S&P 500® High Dividend Low Volatility ETF | 350,065,438 | | 496,061,737 | | 846,127,175 |
| S&P 500® Low Volatility ETF | 2,079,057,541 | | 809,703,524 | | 2,888,761,065 |
| S&P 500 Minimum Variance ETF | 559,745 | | 1,211,581 | | 1,771,326 |
| S&P 500® Momentum ETF | 30,162,255 | | 476,824 | | 30,639,079 |
| S&P 500 QVM Multi-factor ETF | 26,069,720 | | 30,992,294 | | 57,062,014 |
| S&P MidCap 400 QVM Multi-factor ETF | 10,118,936 | | 14,595,748 | | 24,714,684 |
| S&P MidCap Low Volatility ETF | 432,984,009 | | 258,980,283 | | 691,964,292 |
| S&P SmallCap 600 QVM Multi-factor ETF | 5,123,323 | | 5,179,685 | | 10,303,008 |
| S&P SmallCap 600® GARP ETF | 33,799 | | - | | 33,799 |
| S&P SmallCap High Dividend Low Volatility ETF | 6,162,568 | | 6,904,817 | | 13,067,385 |
| S&P SmallCap Low Volatility ETF | 380,946,873 | | 336,877,452 | | 717,824,325 |
| S&P SmallCap Quality ETF | 10,627,072 | | 2,377,252 | | 13,004,324 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| ESG S&P 500 Equal Weight ETF | $3,149,067 | | $3,422,095 |
| MSCI USA ETF | 151,725,242 | | 142,209,401 |
| Russell 1000 Equal Weight ETF | 178,581,346 | | 179,390,109 |
| S&P 500® Enhanced Value ETF | 32,645,486 | | 31,612,700 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 27,678,209 | | 27,740,195 |
| S&P 500® High Beta ETF | 493,778,199 | | 494,435,007 |
| S&P 500 High Dividend Growers ETF(a) | 1,153,418 | | 1,108,464 |
| S&P 500® High Dividend Low Volatility ETF | 1,517,856,236 | | 1,511,936,021 |
| S&P 500® Low Volatility ETF | 5,218,984,625 | | 5,227,853,053 |
| S&P 500 Minimum Variance ETF | 8,019,725 | | 8,128,185 |
| S&P 500® Momentum ETF | 687,387,712 | | 699,201,836 |
| S&P 500 QVM Multi-factor ETF | 140,773,189 | | 140,393,808 |
| S&P MidCap 400 QVM Multi-factor ETF | 86,940,750 | | 87,233,352 |
| S&P MidCap Low Volatility ETF | 581,690,325 | | 579,698,210 |
| S&P SmallCap 600 QVM Multi-factor ETF | 74,838,504 | | 74,247,571 |
| S&P SmallCap 600® GARP ETF(b) | 1,284,970 | | 1,282,019 |
| S&P SmallCap High Dividend Low Volatility ETF | 21,484,952 | | 21,509,362 |
| S&P SmallCap Low Volatility ETF | 273,988,232 | | 272,421,881 |
| S&P SmallCap Quality ETF | 122,906,730 | | 123,032,921 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| ESG S&P 500 Equal Weight ETF | $3,777,282 | | $4,267,274 |
| MSCI USA ETF | 1,921,187,090 | | 760,466,552 |
| Russell 1000 Equal Weight ETF | 24,582,072 | | 142,168,742 |
| S&P 500® Enhanced Value ETF | 30,635,350 | | 36,425,103 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | - | | 11,585,399 |
| S&P 500® High Beta ETF | 726,390,242 | | 907,445,051 |
| | In-kind
Purchases | | In-kind
Sales |
| S&P 500 High Dividend Growers ETF(a) | $3,971,159 | | $1,710,061 |
| S&P 500® High Dividend Low Volatility ETF | 1,514,627,965 | | 1,440,930,651 |
| S&P 500® Low Volatility ETF | 2,196,116,226 | | 4,491,504,019 |
| S&P 500 Minimum Variance ETF | 4,542,306 | | 23,419,380 |
| S&P 500® Momentum ETF | 3,186,132,499 | | 1,268,476,055 |
| S&P 500 QVM Multi-factor ETF | 86,384,153 | | 120,710,293 |
| S&P MidCap 400 QVM Multi-factor ETF | 21,224,142 | | 13,824,510 |
| S&P MidCap Low Volatility ETF | 34,706,800 | | 212,466,220 |
| S&P SmallCap 600 QVM Multi-factor ETF | 5,759,782 | | 41,476,817 |
| S&P SmallCap 600® GARP ETF(b) | 2,954,754 | | 955,535 |
| S&P SmallCap High Dividend Low Volatility ETF | 25,052,457 | | 1,386,045 |
| S&P SmallCap Low Volatility ETF | 7,574,426 | | 121,056,437 |
| S&P SmallCap Quality ETF | 321,317,809 | | 70,730,837 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
| (b) | For the period March 25, 2024 (commencement of investment operations) through August 31, 2024. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| ESG S&P 500 Equal Weight ETF | $1,667,016 | | $(408,939) | | $1,258,077 | | $11,819,832 |
| MSCI USA ETF | 1,102,200,721 | | (199,696,110) | | 902,504,611 | | 4,354,822,280 |
| Russell 1000 Equal Weight ETF | 111,535,452 | | (55,121,492) | | 56,413,960 | | 619,270,917 |
| S&P 500® Enhanced Value ETF | 12,991,003 | | (5,748,094) | | 7,242,909 | | 100,785,317 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 6,171,093 | | (237,422) | | 5,933,671 | | 36,091,449 |
| S&P 500® High Beta ETF | 23,834,756 | | (69,388,791) | | (45,554,035) | | 519,124,683 |
| S&P 500 High Dividend Growers ETF | 373,170 | | (17,793) | | 355,377 | | 2,522,112 |
| S&P 500® High Dividend Low Volatility ETF | 307,021,695 | | (129,966,522) | | 177,055,173 | | 3,741,428,138 |
| S&P 500® Low Volatility ETF | 892,279,317 | | (55,269,817) | | 837,009,500 | | 6,817,619,886 |
| S&P 500 Minimum Variance ETF | 789,056 | | (239,221) | | 549,835 | | 4,734,996 |
| S&P 500® Momentum ETF | 100,526,504 | | (36,397,305) | | 64,129,199 | | 2,265,820,791 |
| S&P 500 QVM Multi-factor ETF | 280,349,082 | | (22,388,362) | | 257,960,720 | | 785,503,633 |
| S&P MidCap 400 QVM Multi-factor ETF | 72,652,615 | | (12,478,459) | | 60,174,156 | | 298,954,380 |
| S&P MidCap Low Volatility ETF | 110,122,222 | | (12,909,010) | | 97,213,212 | | 800,226,013 |
| S&P SmallCap 600 QVM Multi-factor ETF | 47,951,052 | | (10,747,973) | | 37,203,079 | | 197,388,945 |
| S&P SmallCap 600® GARP ETF | 233,056 | | (98,835) | | 134,221 | | 2,302,174 |
| S&P SmallCap High Dividend Low Volatility ETF | 2,268,290 | | (3,057,352) | | (789,062) | | 57,068,309 |
| S&P SmallCap Low Volatility ETF | 39,060,769 | | (8,334,941) | | 30,725,828 | | 363,693,839 |
| S&P SmallCap Quality ETF | 30,495,253 | | (10,131,667) | | 20,363,586 | | 358,482,741 |
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and REITs, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| ESG S&P 500 Equal Weight ETF | $- | | $(322,455) | | $322,455 |
| MSCI USA ETF | - | | (244,146,185) | | 244,146,185 |
| Russell 1000 Equal Weight ETF | 18,850 | | (25,077,784) | | 25,058,934 |
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| S&P 500® Enhanced Value ETF | $- | | $(3,525,599) | | $3,525,599 |
| S&P 500® ex-Rate Sensitive Low Volatility ETF | 34,861 | | (1,151,456) | | 1,116,595 |
| S&P 500® High Beta ETF | (3) | | (57,392,660) | | 57,392,663 |
| S&P 500 High Dividend Growers ETF | 405 | | (166,563) | | 166,158 |
| S&P 500® High Dividend Low Volatility ETF | 886,760 | | (90,761,976) | | 89,875,216 |
| S&P 500® Low Volatility ETF | 4,710,594 | | (263,373,799) | | 258,663,205 |
| S&P 500 Minimum Variance ETF | - | | (2,389,387) | | 2,389,387 |
| S&P 500® Momentum ETF | - | | (170,259,578) | | 170,259,578 |
| S&P 500 QVM Multi-factor ETF | - | | (33,244,654) | | 33,244,654 |
| S&P MidCap 400 QVM Multi-factor ETF | - | | (8,968,227) | | 8,968,227 |
| S&P MidCap Low Volatility ETF | - | | (18,753,956) | | 18,753,956 |
| S&P SmallCap 600 QVM Multi-factor ETF | 1 | | (10,823,659) | | 10,823,658 |
| S&P SmallCap 600® GARP ETF | - | | (5,235) | | 5,235 |
| S&P SmallCap High Dividend Low Volatility ETF | 615,606 | | (163,378) | | (452,228) |
| S&P SmallCap Low Volatility ETF | - | | (8,852,222) | | 8,852,222 |
| S&P SmallCap Quality ETF | - | | (8,404,933) | | 8,404,933 |
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the nineteen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nineteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
| Fund Name |
| Invesco ESG S&P 500 Equal Weight ETF (1) |
| Invesco MSCI USA ETF (1) |
| Invesco Russell 1000 Equal Weight ETF (1) |
| Invesco S&P 500® Enhanced Value ETF (1) |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (1) |
| Invesco S&P 500® High Beta ETF (1) |
| Invesco S&P 500 High Dividend Growers ETF (2) |
| Invesco S&P 500® High Dividend Low Volatility ETF (1) |
| Invesco S&P 500® Low Volatility ETF (1) |
| Invesco S&P 500 Minimum Variance ETF (1) |
| Invesco S&P 500® Momentum ETF (1) |
| Invesco S&P 500 QVM Multi-factor ETF (1) |
| Invesco S&P MidCap 400 QVM Multi-factor ETF (1) |
| Invesco S&P MidCap Low Volatility ETF (1) |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF (1) |
| Invesco S&P SmallCap 600® GARP ETF (3) |
| Invesco S&P SmallCap High Dividend Low Volatility ETF (1) |
| Invesco S&P SmallCap Low Volatility ETF (1) |
| Invesco S&P SmallCap Quality ETF (1) |
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations and statement of changes in net assets for the period December 4, 2023 (commencement of investment operations) through August 31, 2024
(3) Statement of operations and statement of changes in net assets for the period March 25, 2024 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Report of Independent Registered Public Accounting Firm —(continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco ESG S&P 500 Equal Weight ETF | 4% | | 96% | | 90% | | 0% | | 0% |
| Invesco MSCI USA ETF | 0% | | 94% | | 91% | | 0% | | 0% |
| Invesco Russell 1000 Equal Weight ETF | 15% | | 85% | | 82% | | 0% | | 0% |
| Invesco S&P 500® Enhanced Value ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P 500® High Beta ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P 500 High Dividend Growers ETF | 10% | | 72% | | 70% | | 0% | | 0% |
| Invesco S&P 500® High Dividend Low Volatility ETF | 14% | | 84% | | 80% | | 0% | | 0% |
| Invesco S&P 500® Low Volatility ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P 500 Minimum Variance ETF | 0% | | 98% | | 92% | | 0% | | 0% |
| Invesco S&P 500® Momentum ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P 500 QVM Multi-factor ETF | 0% | | 100% | | 99% | | 0% | | 0% |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | 13% | | 87% | | 85% | | 0% | | 0% |
| Invesco S&P MidCap Low Volatility ETF | 20% | | 80% | | 79% | | 0% | | 0% |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | 18% | | 81% | | 80% | | 0% | | 0% |
| Invesco S&P SmallCap 600® GARP ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | 30% | | 35% | | 33% | | 0% | | 0% |
| Invesco S&P SmallCap Low Volatility ETF | 33% | | 67% | | 66% | | 0% | | 0% |
| Invesco S&P SmallCap Quality ETF | 0% | | 95% | | 100% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on March 14, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco S&P SmallCap 600® GARP ETF (the “Fund”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of the Fund. The Trustees also noted other information the Board received and considered in connection with its March 14, 2024 meeting describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed matters related to the Adviser’s portfolio transaction policies and procedures. Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.
The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and that was expected to be provided for the Fund.
Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:
| Invesco Fund | | Passive
ETF Peer
Group
(Number of
Peers) | | Open-End
Index Fund
Peer Group
(Number of
Peers) | | Open-End Active
Fund Peer Group
(Number of Peers) | | Select Peer Group
(Number of Peers) |
| Invesco S&P SmallCap 600® GARP ETF | | Higher than
median (60) | | Higher than
median (33) | | Lower than
median (236) | | Lower than
median (4) |
Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the indices, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 14, 2024 meeting regarding the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund’s securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, will serve as the Fund’s distributor and will be paid a distribution fee by the Adviser. The Board concluded that the Fund’s proposed unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-HBLVA-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| KBWB | Invesco KBW Bank ETF |
| KBWD | Invesco KBW High Dividend Yield Financial ETF |
| KBWY | Invesco KBW Premium Yield Equity REIT ETF |
| KBWP | Invesco KBW Property & Casualty Insurance ETF |
| KBWR | Invesco KBW Regional Banking ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 5 |
| 7 |
| 9 |
| 11 |
| 13 |
| 14 |
| 16 |
| 18 |
| 21 |
| 32 |
| 33 |
| 34 |
| 41 |
Invesco KBW Bank ETF (KBWB)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.86% |
| Asset Management & Custody Banks-11.57% |
Bank of New York Mellon Corp. (The)
| | 1,059,352 | | $ 72,268,993 |
Northern Trust Corp.
| | 625,789 | | 57,078,215 |
State Street Corp.
| | 835,187 | | 72,744,788 |
| | | | | 202,091,996 |
| Consumer Finance-3.86% |
Capital One Financial Corp.
| | 458,842 | | 67,417,655 |
| Diversified Banks-42.83% |
Bank of America Corp.
| | 3,158,866 | | 128,723,790 |
Citigroup, Inc.
| | 1,013,174 | | 63,465,219 |
Comerica, Inc.
| | 405,174 | | 23,139,487 |
Fifth Third Bancorp
| | 1,687,540 | | 72,041,083 |
JPMorgan Chase & Co.
| | 623,345 | | 140,127,956 |
KeyCorp
| | 2,883,644 | | 49,194,967 |
PNC Financial Services Group, Inc. (The)
| | 401,246 | | 74,266,622 |
U.S. Bancorp
| | 1,557,223 | | 73,547,642 |
Wells Fargo & Co.
| | 2,108,000 | | 123,254,760 |
| | | | | 747,761,526 |
| Investment Banking & Brokerage-15.75% |
Goldman Sachs Group, Inc. (The)
| | 276,661 | | 141,166,275 |
Morgan Stanley
| | 1,291,035 | | 133,764,137 |
| | | | | 274,930,412 |
| Regional Banks-25.85% |
Citizens Financial Group, Inc.
| | 1,391,974 | | 59,924,481 |
East West Bancorp, Inc.(b)
| | 425,760 | | 35,793,643 |
First Horizon Corp.
| | 1,671,190 | | 27,725,042 |
| | Shares | | Value |
| Regional Banks-(continued) |
Huntington Bancshares, Inc.
| | 4,433,390 | | $ 66,367,848 |
M&T Bank Corp.
| | 416,435 | | 71,672,628 |
Regions Financial Corp.
| | 2,801,403 | | 65,608,858 |
Truist Financial Corp.
| | 1,672,899 | | 74,377,089 |
Western Alliance Bancorporation
| | 336,676 | | 27,499,696 |
Zions Bancorporation N.A.(b)
| | 451,296 | | 22,366,230 |
| | | | | 451,335,515 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $1,726,038,742)
| | 1,743,537,104 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.95% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 4,559,871 | | 4,559,871 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 11,966,577 | | 11,971,364 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $16,530,236)
| | 16,531,235 |
TOTAL INVESTMENTS IN SECURITIES-100.81%
(Cost $1,742,568,978)
| | 1,760,068,339 |
OTHER ASSETS LESS LIABILITIES-(0.81)%
| | (14,176,364) |
NET ASSETS-100.00%
| | $1,745,891,975 |
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $55,698,856 | | $(55,698,856) | | $- | | $- | | $- | | $33,568 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 9,165,896 | | 107,842,560 | | (112,448,585) | | - | | - | | 4,559,871 | | 156,476* |
| Invesco Private Prime Fund | 23,569,447 | | 242,539,926 | | (254,139,243) | | 1,140 | | 94 | | 11,971,364 | | 408,922* |
| Total | $32,735,343 | | $406,081,342 | | $(422,286,684) | | $1,140 | | $94 | | $16,531,235 | | $598,966 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Bank ETF (KBWB)—(continued)
August 31, 2024
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW High Dividend Yield Financial ETF (KBWD)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-71.30% |
| Asset Management & Custody Banks-5.68% |
Artisan Partners Asset Management, Inc., Class A(b)
| | 120,104 | | $ 4,995,125 |
Janus Henderson Group PLC
| | 132,655 | | 4,989,155 |
Runway Growth Finance Corp.(b)
| | 1,179,209 | | 12,487,823 |
| | | | | 22,472,103 |
| Consumer Finance-2.05% |
OneMain Holdings, Inc.
| | 164,020 | | 8,104,228 |
| Diversified Banks-1.63% |
KeyCorp
| | 377,749 | | 6,444,398 |
| Diversified Financial Services-1.05% |
Jackson Financial, Inc., Class A
| | 46,281 | | 4,163,902 |
| Investment Banking & Brokerage-1.91% |
B. Riley Financial, Inc.(b)
| | 335,486 | | 1,648,914 |
Lazard, Inc.(b)
| | 117,560 | | 5,890,931 |
| | | | | 7,539,845 |
| Life & Health Insurance-2.33% |
Lincoln National Corp.(b)
| | 157,821 | | 5,066,054 |
Prudential Financial, Inc.
| | 34,274 | | 4,152,638 |
| | | | | 9,218,692 |
| Mortgage REITs-44.95% |
AGNC Investment Corp.(b)
| | 1,489,502 | | 15,207,816 |
Annaly Capital Management, Inc.
| | 637,334 | | 12,848,654 |
Apollo Commercial Real Estate Finance, Inc.(b)
| | 1,305,599 | | 13,826,293 |
Ares Commercial Real Estate Corp.(b)
| | 1,963,832 | | 13,864,654 |
ARMOUR Residential REIT, Inc.(b)
| | 732,489 | | 14,979,400 |
Dynex Capital, Inc.(b)
| | 988,947 | | 12,460,732 |
Ellington Financial, Inc.
| | 1,010,266 | | 13,284,998 |
KKR Real Estate Finance Trust, Inc.(b)
| | 1,063,011 | | 12,681,721 |
MFA Financial, Inc.(b)
| | 1,163,268 | | 14,564,115 |
New York Mortgage Trust, Inc.(b)
| | 2,149,694 | | 14,338,459 |
Ready Capital Corp.(b)
| | 1,657,090 | | 13,737,276 |
TPG RE Finance Trust, Inc.
| | 1,240,550 | | 11,239,383 |
Two Harbors Investment Corp.(b)
| | 1,037,026 | | 14,684,288 |
| | | | | 177,717,789 |
| Regional Banks-10.01% |
Eagle Bancorp, Inc.(b)
| | 526,760 | | 11,467,565 |
First Interstate BancSystem, Inc., Class A
| | 253,903 | | 7,883,688 |
New York Community Bancorp, Inc.
| | 119,611 | | 1,296,583 |
Northwest Bancshares, Inc.(b)
| | 634,724 | | 8,790,928 |
Washington Trust Bancorp, Inc.(b)
| | 309,257 | | 10,143,630 |
| | | | | 39,582,394 |
| Transaction & Payment Processing Services-1.69% |
Western Union Co. (The)
| | 545,789 | | 6,658,626 |
Total Common Stocks & Other Equity Interests
(Cost $282,073,020)
| | 281,901,977 |
| | Shares | | Value |
|
| Closed-End Funds-28.43% |
Barings BDC, Inc.
| | 979,533 | | $ 9,844,307 |
BlackRock TCP Capital Corp.(b)
| | 1,053,845 | | 9,663,759 |
Capital Southwest Corp., BDC(b)
| | 331,466 | | 8,396,034 |
Fidus Investment Corp.(b)
| | 561,268 | | 11,298,325 |
FS KKR Capital Corp., BDC(b)
| | 579,493 | | 11,723,143 |
Goldman Sachs BDC, Inc., BDC(b)
| | 723,915 | | 10,228,919 |
MidCap Financial Investment Corp., BDC(b)
| | 557,136 | | 7,760,904 |
PennantPark Investment Corp., BDC(b)
| | 1,627,890 | | 11,476,624 |
Prospect Capital Corp., BDC(b)
| | 2,168,592 | | 11,341,736 |
Trinity Capital, Inc., BDC(b)
| | 872,970 | | 12,256,499 |
TriplePoint Venture Growth BDC Corp., BDC(b)
| | 1,118,675 | | 8,423,623 |
| | | | | 112,413,873 |
Total Closed-End Funds
(Cost $113,241,505)
| | 112,413,873 |
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $127,294)
| | 127,294 | | 127,294 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.76%
(Cost $395,441,819)
| | 394,443,144 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-24.43% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 22,629,495 | | 22,629,495 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 73,951,220 | | 73,980,800 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $96,603,226)
| | 96,610,295 |
TOTAL INVESTMENTS IN SECURITIES-124.19%
(Cost $492,045,045)
| | 491,053,439 |
OTHER ASSETS LESS LIABILITIES-(24.19)%
| | (95,647,892) |
NET ASSETS-100.00%
| | $395,405,547 |
| Investment Abbreviations: |
| BDC | -Business Development Company |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW High Dividend Yield Financial ETF (KBWD)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $20,510,902 | | $(20,383,608) | | $- | | $- | | $127,294 | | $15,274 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 28,150,755 | | 266,724,497 | | (272,245,757) | | - | | - | | 22,629,495 | | 1,419,587* |
| Invesco Private Prime Fund | 72,387,657 | | 524,280,166 | | (522,713,799) | | 7,678 | | 19,098 | | 73,980,800 | | 3,850,390* |
| Total | $100,538,412 | | $811,515,565 | | $(815,343,164) | | $7,678 | | $19,098 | | $96,737,589 | | $5,285,251 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.87% |
| Diversified REITs-21.86% |
American Assets Trust, Inc.
| | 254,887 | | $ 6,945,671 |
Armada Hoffler Properties, Inc.
| | 573,771 | | 7,063,121 |
Broadstone Net Lease, Inc.(b)
| | 443,913 | | 8,123,608 |
Gladstone Commercial Corp.
| | 522,579 | | 7,990,233 |
Global Net Lease, Inc.(b)
| | 1,771,926 | | 15,274,002 |
W.P. Carey, Inc.(b)
| | 97,874 | | 5,874,397 |
| | | | | 51,271,032 |
| Health Care REITs-17.02% |
Global Medical REIT, Inc.(b)
| | 877,604 | | 8,170,493 |
Healthcare Realty Trust, Inc.
| | 424,542 | | 7,556,848 |
LTC Properties, Inc.(b)
| | 173,373 | | 6,367,990 |
Omega Healthcare Investors, Inc.
| | 231,193 | | 9,141,371 |
Sabra Health Care REIT, Inc.
| | 508,977 | | 8,672,968 |
| | | | | 39,909,670 |
| Hotel & Resort REITs-7.53% |
Apple Hospitality REIT, Inc.
| | 414,289 | | 5,982,333 |
Service Properties Trust(b)
| | 2,491,388 | | 11,684,610 |
| | | | | 17,666,943 |
| Industrial REITs-5.85% |
Innovative Industrial Properties, Inc.(b)
| | 56,477 | | 7,018,962 |
LXP Industrial Trust(b)
| | 647,626 | | 6,709,405 |
| | | | | 13,728,367 |
| Multi-Family Residential REITs-2.50% |
NexPoint Residential Trust, Inc.
| | 123,779 | | 5,854,747 |
| Office REITs-14.40% |
Easterly Government Properties, Inc.(b)
| | 681,774 | | 8,944,875 |
Highwoods Properties, Inc.(b)
| | 267,363 | | 8,614,436 |
Office Properties Income Trust(b)(c)
| | 686,336 | | 1,509,939 |
Piedmont Office Realty Trust, Inc., Class A(b)
| | 848,374 | | 8,280,130 |
SL Green Realty Corp.
| | 96,215 | | 6,411,768 |
| | | | | 33,761,148 |
| Other Specialized REITs-22.54% |
EPR Properties
| | 183,066 | | 8,690,143 |
Four Corners Property Trust, Inc.(b)
| | 208,394 | | 5,907,970 |
Gaming and Leisure Properties, Inc.
| | 135,686 | | 7,058,386 |
| | Shares | | Value |
| Other Specialized REITs-(continued) |
Outfront Media, Inc.
| | 518,146 | | $ 8,834,389 |
Uniti Group, Inc.(b)
| | 5,132,510 | | 22,377,743 |
| | | | | 52,868,631 |
| Retail REITs-5.17% |
Getty Realty Corp.(b)
| | 212,472 | | 6,752,360 |
Kimco Realty Corp.
| | 230,480 | | 5,360,965 |
| | | | | 12,113,325 |
| Self-Storage REITs-3.00% |
National Storage Affiliates Trust(b)
| | 150,632 | | 7,040,540 |
Total Common Stocks & Other Equity Interests
(Cost $204,636,634)
| | 234,214,403 |
| Money Market Funds-0.00% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)
(Cost $2,689)
| | 2,689 | | 2,689 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $204,639,323)
| | 234,217,092 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-24.34% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 16,064,934 | | 16,064,934 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 41,006,450 | | 41,022,853 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $57,087,433)
| | 57,087,787 |
TOTAL INVESTMENTS IN SECURITIES-124.21%
(Cost $261,726,756)
| | 291,304,879 |
OTHER ASSETS LESS LIABILITIES-(24.21)%
| | (56,783,888) |
NET ASSETS-100.00%
| | $234,520,991 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $180,342 | | $17,372,004 | | $(17,549,657) | | $- | | $- | | $2,689 | | $15,473 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 19,180,714 | | 149,993,834 | | (153,109,614) | | - | | - | | 16,064,934 | | 658,800* |
| Invesco Private Prime Fund | 49,321,834 | | 332,943,286 | | (341,255,071) | | (391) | | 13,195 | | 41,022,853 | | 1,759,174* |
| Investments in Other Affiliates: | | | | | | | | | | | | | |
| Office Properties Income Trust, **,*** | 8,336,588 | | 12,103,439 | | (7,348,084) | | 9,633,927 | | (21,215,931) | | 1,509,939 | | - |
| Total | $77,019,478 | | $512,412,563 | | $(519,262,426) | | $9,633,536 | | $(21,202,736) | | $58,600,415 | | $2,433,447 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| ** | As of August 31, 2024, this security was not considered as an affiliate of the Fund. |
| *** | As of August 31, 2023, this security was not considered as an affiliate of the Fund. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Property & Casualty Insurance ETF (KBWP)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Multi-line Insurance-8.55% |
American International Group, Inc.
| | 315,058 | | $ 24,275,219 |
Horace Mann Educators Corp.(b)
| | 125,271 | | 4,460,900 |
| | | | | 28,736,119 |
| Property & Casualty Insurance-81.19% |
Allstate Corp. (The)
| | 148,241 | | 28,008,655 |
American Financial Group, Inc.
| | 95,581 | | 12,771,533 |
Arch Capital Group Ltd.(c)
| | 120,981 | | 13,681,741 |
Assurant, Inc.
| | 71,577 | | 14,054,144 |
AXIS Capital Holdings Ltd.
| | 168,061 | | 13,424,713 |
Chubb Ltd.
| | 91,697 | | 26,058,453 |
Cincinnati Financial Corp.
| | 105,600 | | 14,470,368 |
Hanover Insurance Group, Inc. (The)(b)
| | 94,117 | | 13,834,258 |
Hartford Financial Services Group, Inc. (The)
| | 120,027 | | 13,935,135 |
James River Group Holdings Ltd.
| | 115,677 | | 856,010 |
Kemper Corp.(b)
| | 196,866 | | 12,306,094 |
Mercury General Corp.
| | 169,332 | | 11,214,858 |
ProAssurance Corp.(b)(c)
| | 156,002 | | 2,090,427 |
Progressive Corp. (The)
| | 117,592 | | 29,656,702 |
RLI Corp.
| | 85,058 | | 13,107,438 |
Selective Insurance Group, Inc.(b)
| | 127,206 | | 11,573,202 |
Travelers Cos., Inc. (The)
| | 115,125 | | 26,256,559 |
Universal Insurance Holdings, Inc.
| | 87,950 | | 1,881,250 |
W.R. Berkley Corp.
| | 229,843 | | 13,721,627 |
| | | | | 272,903,167 |
| Reinsurance-10.16% |
Everest Group Ltd.
| | 31,763 | | 12,458,719 |
RenaissanceRe Holdings Ltd. (Bermuda)
| | 54,494 | | 13,884,526 |
SiriusPoint Ltd. (Sweden)(b)(c)
| | 521,355 | | 7,815,112 |
| | | | | 34,158,357 |
Total Common Stocks & Other Equity Interests
(Cost $284,485,471)
| | 335,797,643 |
| | Shares | | Value |
| Money Market Funds-0.05% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $175,420)
| | 175,420 | | $ 175,420 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $284,660,891)
| | 335,973,063 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.17% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 156,972 | | 156,972 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 409,021 | | 409,185 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $566,133)
| | 566,157 |
TOTAL INVESTMENTS IN SECURITIES-100.12%
(Cost $285,227,024)
| | 336,539,220 |
OTHER ASSETS LESS LIABILITIES-(0.12)%
| | (393,153) |
NET ASSETS-100.00%
| | $336,146,067 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $66,778 | | $3,019,139 | | $(2,910,497) | | $- | | $- | | $175,420 | | $5,731 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Property & Casualty Insurance ETF (KBWP)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $1,817,266 | | $13,812,928 | | $(15,473,222) | | $- | | $- | | $156,972 | | $33,332* |
| Invesco Private Prime Fund | 4,672,971 | | 34,119,382 | | (38,383,752) | | 24 | | 560 | | 409,185 | | 89,224* |
| Total | $6,557,015 | | $50,951,449 | | $(56,767,471) | | $24 | | $560 | | $741,577 | | $128,287 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Regional Banking ETF (KBWR)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.83% |
| Regional Banks-99.83% |
Ameris Bancorp
| | 18,309 | | $ 1,128,384 |
Associated Banc-Corp
| | 42,631 | | 975,397 |
Atlantic Union Bankshares Corp.(b)
| | 28,025 | | 1,112,032 |
Banc of California, Inc.(b)
| | 53,911 | | 766,614 |
Bank of Hawaii Corp.
| | 13,568 | | 900,508 |
Bank OZK(b)
| | 21,805 | | 945,247 |
BankUnited, Inc.
| | 25,580 | | 983,039 |
BOK Financial Corp.
| | 10,078 | | 1,057,686 |
Brookline Bancorp, Inc.
| | 30,398 | | 310,972 |
Cadence Bank
| | 32,024 | | 1,033,735 |
Cathay General Bancorp
| | 24,814 | | 1,091,568 |
Columbia Banking System, Inc.
| | 47,413 | | 1,193,859 |
Commerce Bancshares, Inc.
| | 32,245 | | 2,062,390 |
Community Financial System, Inc.(b)
| | 18,068 | | 1,105,039 |
Cullen/Frost Bankers, Inc.
| | 15,997 | | 1,795,343 |
CVB Financial Corp.(b)
| | 47,724 | | 879,076 |
Eastern Bankshares, Inc.
| | 73,888 | | 1,253,879 |
F.N.B. Corp.
| | 66,318 | | 993,444 |
First Bancorp
| | 51,562 | | 1,102,396 |
First Commonwealth Financial Corp.
| | 35,012 | | 602,907 |
First Financial Bancorp
| | 32,626 | | 863,610 |
First Financial Bankshares, Inc.(b)
| | 30,494 | | 1,115,166 |
First Hawaiian, Inc.
| | 43,742 | | 1,064,243 |
First Interstate BancSystem, Inc., Class A
| | 34,455 | | 1,069,828 |
Fulton Financial Corp.
| | 54,306 | | 1,050,821 |
Glacier Bancorp, Inc.(b)
| | 24,457 | | 1,156,816 |
Hancock Whitney Corp.
| | 19,565 | | 1,051,227 |
Home BancShares, Inc.
| | 38,881 | | 1,082,447 |
Hope Bancorp, Inc.
| | 41,317 | | 528,444 |
Independent Bank Corp.
| | 14,515 | | 918,945 |
New York Community Bancorp, Inc.
| | 118,993 | | 1,289,884 |
Old National Bancorp
| | 53,437 | | 1,060,724 |
Pacific Premier Bancorp, Inc.
| | 32,956 | | 846,969 |
Pinnacle Financial Partners, Inc.
| | 19,226 | | 1,914,333 |
Popular, Inc.
| | 17,993 | | 1,844,283 |
Prosperity Bancshares, Inc.
| | 14,686 | | 1,080,596 |
Provident Financial Services, Inc.
| | 44,553 | | 849,626 |
Simmons First National Corp., Class A
| | 42,888 | | 918,661 |
SouthState Corp.
| | 11,832 | | 1,148,769 |
Synovus Financial Corp.(b)
| | 23,041 | | 1,062,651 |
| | Shares | | Value |
| Regional Banks-(continued) |
Texas Capital Bancshares, Inc.(c)
| | 15,169 | | $ 1,019,660 |
Trustmark Corp.
| | 20,911 | | 696,545 |
UMB Financial Corp.
| | 11,096 | | 1,149,435 |
United Bankshares, Inc.
| | 28,183 | | 1,095,473 |
United Community Banks, Inc.
| | 35,636 | | 1,085,829 |
Valley National Bancorp
| | 128,213 | | 1,112,889 |
WaFd, Inc.
| | 27,858 | | 1,021,553 |
Webster Financial Corp.
| | 41,347 | | 1,961,088 |
Wintrust Financial Corp.
| | 9,274 | | 1,009,011 |
WSFS Financial Corp.(b)
| | 20,562 | | 1,125,564 |
| | | | | 54,488,605 |
Total Common Stocks & Other Equity Interests
(Cost $57,262,962)
| | 54,488,605 |
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $22,846)
| | 22,846 | | 22,846 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.87%
(Cost $57,285,808)
| | 54,511,451 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-7.23% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 1,027,084 | | 1,027,084 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 2,919,398 | | 2,920,566 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,947,549)
| | 3,947,650 |
TOTAL INVESTMENTS IN SECURITIES-107.10%
(Cost $61,233,357)
| | 58,459,101 |
OTHER ASSETS LESS LIABILITIES-(7.10)%
| | (3,877,099) |
NET ASSETS-100.00%
| | $54,582,002 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Regional Banking ETF (KBWR)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $1,939,226 | | $(1,916,380) | | $- | | $- | | $22,846 | | $2,156 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 4,669,170 | | 51,740,682 | | (55,382,768) | | - | | - | | 1,027,084 | | 161,501* |
| Invesco Private Prime Fund | 12,006,441 | | 104,821,909 | | (113,911,518) | | (38) | | 3,772 | | 2,920,566 | | 430,358* |
| Total | $16,675,611 | | $158,501,817 | | $(171,210,666) | | $(38) | | $3,772 | | $3,970,496 | | $594,015 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco KBW
Bank ETF
(KBWB) | | Invesco KBW High
Dividend Yield
Financial ETF
(KBWD) | | Invesco KBW
Premium Yield
Equity REIT ETF
(KBWY) | | Invesco KBW
Property &
Casualty
Insurance ETF
(KBWP) | | Invesco KBW
Regional Banking
ETF (KBWR) |
| Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $1,743,537,104 | | $394,315,850 | | $234,214,403 | | $335,797,643 | | $54,488,605 |
Affiliated investments in securities, at value
| 16,531,235 | | 96,737,589 | | 57,090,476 | | 741,577 | | 3,970,496 |
Cash
| - | | 24,657 | | - | | - | | - |
| Receivable for: | | | | | | | | | |
Dividends
| 3,070,704 | | 823,004 | | 365,305 | | 266,906 | | 85,489 |
Securities lending
| 384 | | 245,404 | | 4,367 | | 112 | | 697 |
Total assets
| 1,763,139,427 | | 492,146,504 | | 291,674,551 | | 336,806,238 | | 58,545,287 |
| Liabilities: | | | | | | | | | |
Due to custodian
| 236,440 | | - | | - | | - | | - |
| Payable for: | | | | | | | | | |
Investments purchased
| - | | 24,656 | | - | | - | | - |
Collateral upon return of securities loaned
| 16,530,236 | | 96,603,226 | | 57,087,433 | | 566,133 | | 3,947,549 |
Accrued unitary management fees
| 480,776 | | 113,075 | | 66,127 | | 94,038 | | 15,736 |
Total liabilities
| 17,247,452 | | 96,740,957 | | 57,153,560 | | 660,171 | | 3,963,285 |
Net Assets
| $1,745,891,975 | | $395,405,547 | | $234,520,991 | | $336,146,067 | | $54,582,002 |
| Net assets consist of: | | | | | | | | | |
Shares of beneficial interest
| $2,141,721,066 | | $615,054,797 | | $422,354,147 | | $298,990,242 | | $72,480,764 |
Distributable earnings (loss)
| (395,829,091) | | (219,649,250) | | (187,833,156) | | 37,155,825 | | (17,898,762) |
Net Assets
| $1,745,891,975 | | $395,405,547 | | $234,520,991 | | $336,146,067 | | $54,582,002 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 29,280,000 | | 25,620,000 | | 11,490,000 | | 2,910,000 | | 940,000 |
Net asset value
| $59.63 | | $15.43 | | $20.41 | | $115.51 | | $58.07 |
Market price
| $59.62 | | $15.44 | | $20.41 | | $115.44 | | $58.13 |
Unaffiliated investments in securities, at cost
| $1,726,038,742 | | $395,314,525 | | $204,636,634 | | $284,485,471 | | $57,262,962 |
Affiliated investments in securities, at cost
| $16,530,236 | | $96,730,520 | | $57,090,122 | | $741,553 | | $3,970,395 |
(a)Includes securities on loan with an aggregate value of:
| $16,346,792 | | $94,411,920 | | $55,316,971 | | $551,656 | | $3,882,332 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco KBW
Bank ETF
(KBWB) | | Invesco KBW High
Dividend Yield
Financial ETF
(KBWD) | | Invesco KBW
Premium Yield
Equity REIT ETF
(KBWY) | | Invesco KBW
Property &
Casualty
Insurance ETF
(KBWP) | | Invesco KBW
Regional Banking
ETF (KBWR) |
| Investment income: | | | | | | | | | |
Unaffiliated dividend income
| $53,734,254 | | $38,583,874 | | $7,348,554 | | $4,449,624 | | $1,912,526 |
Affiliated dividend income
| 33,568 | | 15,274 | | 15,473 | | 5,731 | | 2,156 |
Securities lending income, net
| 13,910 | | 5,110,064 | | 62,507 | | 2,964 | | 18,195 |
Foreign withholding tax
| - | | - | | - | | - | | (9,026) |
Total investment income
| 53,781,732 | | 43,709,212 | | 7,426,534 | | 4,458,319 | | 1,923,851 |
| Expenses: | | | | | | | | | |
Unitary management fees
| 5,288,743 | | 1,292,563 | | 723,424 | | 849,708 | | 194,278 |
Less: Waivers
| (686) | | (279) | | (287) | | (103) | | (41) |
Net expenses
| 5,288,057 | | 1,292,284 | | 723,137 | | 849,605 | | 194,237 |
Net investment income
| 48,493,675 | | 42,416,928 | | 6,703,397 | | 3,608,714 | | 1,729,614 |
| Realized and unrealized gain (loss) from: | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | |
Unaffiliated investment securities
| (45,739,928) | | (12,415,737) | | (34,983,525) | | (4,211,904) | | (3,806,942) |
Affiliated investment securities
| 94 | | 19,098 | | 13,195 | | 560 | | 3,772 |
In-kind redemptions
| 55,432,812 | | 670,926 | | 857,715 | | 12,073,179 | | 815,096 |
Net realized gain (loss)
| 9,692,978 | | (11,725,713) | | (34,112,615) | | 7,861,835 | | (2,988,074) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | |
Unaffiliated investment securities
| 478,842,331 | | (84,260) | | 56,653,917 | | 66,619,044 | | 14,049,728 |
Affiliated investment securities
| 1,140 | | 7,678 | | (391) | | 24 | | (38) |
Change in net unrealized appreciation (depreciation)
| 478,843,471 | | (76,582) | | 56,653,526 | | 66,619,068 | | 14,049,690 |
Net realized and unrealized gain (loss)
| 488,536,449 | | (11,802,295) | | 22,540,911 | | 74,480,903 | | 11,061,616 |
Net increase in net assets resulting from operations
| $537,030,124 | | $30,614,633 | | $29,244,308 | | $78,089,617 | | $12,791,230 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco KBW Bank ETF (KBWB) | | Invesco KBW High Dividend Yield
Financial ETF (KBWD) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $48,493,675 | | $59,486,711 | | $42,416,928 | | $36,582,723 |
Net realized gain (loss)
| 9,692,978 | | (700,651,544) | | (11,725,713) | | (39,138,883) |
Change in net unrealized appreciation (depreciation)
| 478,843,471 | | 107,613,792 | | (76,582) | | 12,139,937 |
Net increase (decrease) in net assets resulting from operations
| 537,030,124 | | (533,551,041) | | 30,614,633 | | 9,583,777 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (53,070,953) | | (54,916,451) | | (43,957,579) | | (42,766,013) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 1,590,982,017 | | 2,842,086,612 | | 34,062,544 | | 35,165,759 |
Value of shares repurchased
| (2,088,376,676) | | (2,463,492,686) | | (8,019,762) | | (42,129,665) |
Net increase (decrease) in net assets resulting from share transactions
| (497,394,659) | | 378,593,926 | | 26,042,782 | | (6,963,906) |
Net increase (decrease) in net assets
| (13,435,488) | | (209,873,566) | | 12,699,836 | | (40,146,142) |
| Net assets: | | | | | | | |
Beginning of period
| 1,759,327,463 | | 1,969,201,029 | | 382,705,711 | | 422,851,853 |
End of period
| $1,745,891,975 | | $1,759,327,463 | | $395,405,547 | | $382,705,711 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 31,760,000 | | 57,730,000 | | 2,240,000 | | 2,240,000 |
Shares repurchased
| (44,390,000) | | (52,000,000) | | (550,000) | | (2,900,000) |
Shares outstanding, beginning of period
| 41,910,000 | | 36,180,000 | | 23,930,000 | | 24,590,000 |
Shares outstanding, end of period
| 29,280,000 | | 41,910,000 | | 25,620,000 | | 23,930,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco KBW Premium Yield
Equity REIT ETF (KBWY) | | Invesco KBW Property & Casualty
Insurance ETF (KBWP) | | Invesco KBW Regional
Banking ETF (KBWR) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | |
| $6,703,397 | | $8,639,122 | | $3,608,714 | | $6,259,865 | | $1,729,614 | | $2,013,171 |
| (34,112,615) | | (26,603,542) | | 7,861,835 | | 21,556,161 | | (2,988,074) | | (1,752,758) |
| 56,653,526 | | (2,102,830) | | 66,619,068 | | (6,856,258) | | 14,049,690 | | (10,380,998) |
| 29,244,308 | | (20,067,250) | | 78,089,617 | | 20,959,768 | | 12,791,230 | | (10,120,585) |
| | | | | | | | | | | |
| (17,743,599) | | (19,585,361) | | (3,541,507) | | (6,394,173) | | (1,857,864) | | (1,965,805) |
| | | | | | | | | | | |
| 29,653,258 | | 40,036,438 | | 175,118,510 | | 218,674,466 | | 9,826,703 | | 30,743,662 |
| (33,930,268) | | (61,506,195) | | (62,487,194) | | (290,961,981) | | (25,191,945) | | (34,911,417) |
| (4,277,010) | | (21,469,757) | | 112,631,316 | | (72,287,515) | | (15,365,242) | | (4,167,755) |
| 7,223,699 | | (61,122,368) | | 187,179,426 | | (57,721,920) | | (4,431,876) | | (16,254,145) |
| | | | | | | | | | | |
| 227,297,292 | | 288,419,660 | | 148,966,641 | | 206,688,561 | | 59,013,878 | | 75,268,023 |
| $234,520,991 | | $227,297,292 | | $336,146,067 | | $148,966,641 | | $54,582,002 | | $59,013,878 |
| | | | | | | | | | | |
| 1,550,000 | | 2,050,000 | | 1,740,000 | | 2,620,000 | | 190,000 | | 640,000 |
| (1,930,000) | | (3,250,000) | | (630,000) | | (3,520,000) | | (510,000) | | (680,000) |
| 11,870,000 | | 13,070,000 | | 1,800,000 | | 2,700,000 | | 1,260,000 | | 1,300,000 |
| 11,490,000 | | 11,870,000 | | 2,910,000 | | 1,800,000 | | 940,000 | | 1,260,000 |
Invesco KBW Bank ETF (KBWB)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $41.98 | | $54.43 | | $66.21 | | $39.58 | | $48.15 |
Net investment income(a)
| 1.56 | | 1.64 | | 1.49 | | 1.31 | | 1.40 |
Net realized and unrealized gain (loss) on investments
| 17.71 | | (12.52) | | (11.66) | | 26.56 | | (8.45) |
Total from investment operations
| 19.27 | | (10.88) | | (10.17) | | 27.87 | | (7.05) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.62) | | (1.57) | | (1.61) | | (1.24) | | (1.52) |
Net asset value at end of period
| $59.63 | | $41.98 | | $54.43 | | $66.21 | | $39.58 |
Market price at end of period(b)
| $59.62 | | $41.99 | | $54.52 | | $66.11 | | $39.68 |
Net Asset Value Total Return(c)
| 46.89% | | (20.21)% | | (15.59)% | | 71.42% | | (14.81)% |
Market Price Total Return(c)
| 46.83% | | (20.32)% | | (15.33)% | | 70.75% | | (14.72)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $1,745,892 | | $1,759,327 | | $1,969,201 | | $2,978,303 | | $763,963 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.35% | | 0.35% | | 0.35% | | 0.35% | | 0.35% |
Net investment income
| 3.21% | | 3.39% | | 2.30% | | 2.25% | | 3.07% |
Portfolio turnover rate(d)
| 11% | | 35% | | 23% | | 22% | | 18% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco KBW High Dividend Yield Financial ETF (KBWD)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $15.99 | | $17.20 | | $20.68 | | $13.75 | | $19.81 |
Net investment income(a)
| 1.74 | | 1.55 | | 1.25 | | 1.19 | | 1.39 |
Net realized and unrealized gain (loss) on investments
| (0.50) | | (0.95) | | (3.08) | | 7.14 | | (5.66) |
Total from investment operations
| 1.24 | | 0.60 | | (1.83) | | 8.33 | | (4.27) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.80) | | (1.81) | | (1.65) | | (1.40) | | (1.79) |
Net asset value at end of period
| $15.43 | | $15.99 | | $17.20 | | $20.68 | | $13.75 |
Market price at end of period(b)
| $15.44 | | $15.99 | | $17.21 | | $20.69 | | $13.77 |
Net Asset Value Total Return(c)
| 8.68% | | 4.56% | | (9.15)% | | 62.77% | | (22.34)% |
Market Price Total Return(c)
| 8.75% | | 4.49% | | (9.15)% | | 62.61% | | (22.18)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $395,406 | | $382,706 | | $422,852 | | $465,497 | | $229,636 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses(d)
| 0.35% | | 0.35% | | 0.35% | | 0.35% | | 0.35% |
Net investment income
| 11.49% | | 10.03% | | 6.54% | | 6.55% | | 8.08% |
Portfolio turnover rate(e)
| 71% | | 68% | | 76% | | 59% | | 77% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $19.15 | | $22.07 | | $23.91 | | $18.71 | | $29.25 |
Net investment income(a)
| 0.59 | | 0.70 | | 0.74 | | 0.69 | | 1.36 |
Net realized and unrealized gain (loss) on investments
| 2.24 | | (2.04) | | (1.23) | | 5.94 | | (9.62) |
Total from investment operations
| 2.83 | | (1.34) | | (0.49) | | 6.63 | | (8.26) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.57) | | (1.58) | | (1.35) | | (1.43) | | (2.28) |
Net asset value at end of period
| $20.41 | | $19.15 | | $22.07 | | $23.91 | | $18.71 |
Market price at end of period(b)
| $20.41 | | $19.14 | | $22.09 | | $23.89 | | $18.74 |
Net Asset Value Total Return(c)
| 16.18% | | (5.72)% | | (2.23)% | | 36.86% | | (28.96)% |
Market Price Total Return(c)
| 16.24% | | (5.85)% | | (2.06)% | | 36.52% | | (28.87)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $234,521 | | $227,297 | | $288,420 | | $350,063 | | $173,025 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.35% | | 0.35% | | 0.35% | | 0.35% | | 0.35% |
Net investment income
| 3.24% | | 3.61% | | 3.09% | | 3.16% | | 5.45% |
Portfolio turnover rate(d)
| 86% | | 73% | | 77% | | 72% | | 100% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco KBW Property & Casualty Insurance ETF (KBWP)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $82.76 | | $76.55 | | $80.54 | | $60.03 | | $70.73 |
Net investment income(a)
| 1.48 | | 1.64 | | 1.68 | | 1.94(b) | | 1.28 |
Net realized and unrealized gain (loss) on investments
| 32.82 | | 6.10 | | (3.26) | | 20.09 | | (10.63) |
Total from investment operations
| 34.30 | | 7.74 | | (1.58) | | 22.03 | | (9.35) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.55) | | (1.53) | | (2.41) | | (1.52) | | (1.35) |
Net asset value at end of period
| $115.51 | | $82.76 | | $76.55 | | $80.54 | | $60.03 |
Market price at end of period(c)
| $115.44 | | $82.76 | | $76.65 | | $80.48 | | $60.13 |
Net Asset Value Total Return(d)
| 41.85% | | 10.15% | | (1.98)% | | 37.10% | | (13.11)% |
Market Price Total Return(d)
| 41.76% | | 10.00% | | (1.79)% | | 36.78% | | (13.03)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $336,146 | | $148,967 | | $206,689 | | $88,593 | | $183,104 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.35% | | 0.35% | | 0.35% | | 0.35% | | 0.35% |
Net investment income
| 1.49% | | 1.96% | | 2.11% | | 2.82%(b) | | 2.04% |
Portfolio turnover rate(e)
| 14% | | 12% | | 8% | | 16% | | 16% |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.54 and 2.23%, respectively. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco KBW Regional Banking ETF (KBWR)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $46.84 | | $57.90 | | $59.78 | | $35.41 | | $47.62 |
Net investment income(a)
| 1.54 | | 1.58 | | 1.38 | | 1.32 | | 1.32 |
Net realized and unrealized gain (loss) on investments
| 11.31 | | (11.12) | | (1.87) | | 24.29 | | (12.07) |
Total from investment operations
| 12.85 | | (9.54) | | (0.49) | | 25.61 | | (10.75) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.62) | | (1.52) | | (1.39) | | (1.24) | | (1.46) |
Net asset value at end of period
| $58.07 | | $46.84 | | $57.90 | | $59.78 | | $35.41 |
Market price at end of period(b)
| $58.13 | | $46.80 | | $57.95 | | $59.66 | | $35.44 |
Net Asset Value Total Return(c)
| 28.18% | | (16.65)% | | (0.79)% | | 73.45% | | (22.87)% |
Market Price Total Return(c)
| 28.42% | | (16.79)% | | (0.49)% | | 72.96% | | (22.80)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $54,582 | | $59,014 | | $75,268 | | $73,528 | | $28,325 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.35% | | 0.35% | | 0.35% | | 0.35% | | 0.35% |
Net investment income
| 3.12% | | 3.02% | | 2.28% | | 2.41% | | 2.96% |
Portfolio turnover rate(d)
| 17% | | 19% | | 27% | | 20% | | 21% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco KBW Bank ETF (KBWB) | | "KBW Bank ETF" |
| Invesco KBW High Dividend Yield Financial ETF (KBWD) | | "KBW High Dividend Yield Financial ETF" |
| Invesco KBW Premium Yield Equity REIT ETF (KBWY) | | "KBW Premium Yield Equity REIT ETF" |
| Invesco KBW Property & Casualty Insurance ETF (KBWP) | | "KBW Property & Casualty Insurance ETF" |
| Invesco KBW Regional Banking ETF (KBWR) | | "KBW Regional Banking ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| KBW Bank ETF | | KBW Nasdaq BankTM Index |
| KBW High Dividend Yield Financial ETF | | KBW Nasdaq Financial Sector Dividend YieldTM Index |
| KBW Premium Yield Equity REIT ETF | | KBW Nasdaq Premium Yield Equity REITTM Index |
| KBW Property & Casualty Insurance ETF | | KBW Nasdaq Property & CasualtyTM Index |
| KBW Regional Banking ETF | | KBW Nasdaq Regional BankingTM Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related
to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees
paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| KBW Bank ETF | $726 |
| KBW High Dividend Yield Financial ETF | 366,063 |
| KBW Premium Yield Equity REIT ETF | 4,885 |
| KBW Property & Casualty Insurance ETF | 265 |
| KBW Regional Banking ETF | 1,765 |
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Investments in Business Development Companies (“BDCs”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively
managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Regional, Small and Medium Bank Risk. Investing in securities of small and medium banks involves greater risk than customarily is associated with investing in larger, more established banks. Small and medium banks’ securities may be more volatile and less liquid than those of more established banks. These securities may have returns that vary, sometimes significantly, from the overall securities market. These banks also may be subject to extensive federal and state regulations and to severe price competition. Credit losses resulting from financial difficulties of borrowers can negatively impact these banks. The regional banking industry in which small and medium banks typically compete is highly competitive and failure to maintain or increase market share may result in the loss of market value. The marketing and expansion strategies of many regional banks may place a significant strain on their risk management, financial controls, operations systems, personnel and other resources. There can be no assurance that these banks will complete the necessary improvements to their systems, procedures and controls necessary to support their future operations or rapid growth. The performance of small and medium banks may be impacted by a number of factors, such as adverse economic or regulatory occurrences affecting small and medium banks, economic conditions of the region or depositor base that the bank serves, negative public perception and decreased liquidity in credit markets. To the extent that certain regulatory requirements are relaxed for small and medium banks, such banks could increase their overall risk profile, which may also result in greater overall risk in the banking industry and the financials sector in general.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| KBW Bank ETF | 0.35% |
| KBW High Dividend Yield Financial ETF | 0.35% |
| KBW Premium Yield Equity REIT ETF | 0.35% |
| KBW Property & Casualty Insurance ETF | 0.35% |
| KBW Regional Banking ETF | 0.35% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| KBW Bank ETF | $686 |
| KBW High Dividend Yield Financial ETF | 279 |
| KBW Premium Yield Equity REIT ETF | 287 |
| KBW Property & Casualty Insurance ETF | 103 |
| KBW Regional Banking ETF | 41 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with Keefe, Bruyette & Woods, Inc. (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| KBW Bank ETF | $43,036 |
| KBW High Dividend Yield Financial ETF | 41,394 |
| KBW Premium Yield Equity REIT ETF | 66,686 |
| KBW Property & Casualty Insurance ETF | 4,907 |
| KBW Regional Banking ETF | 4,843 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| KBW Bank ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $1,743,537,104 | | $- | | $- | | $1,743,537,104 |
| Money Market Funds | - | | 16,531,235 | | - | | 16,531,235 |
| Total Investments | $1,743,537,104 | | $16,531,235 | | $- | | $1,760,068,339 |
| KBW High Dividend Yield Financial ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $281,901,977 | | $- | | $- | | $281,901,977 |
| Closed-End Funds | 112,413,873 | | - | | - | | 112,413,873 |
| Money Market Funds | 127,294 | | 96,610,295 | | - | | 96,737,589 |
| Total Investments | $394,443,144 | | $96,610,295 | | $- | | $491,053,439 |
| KBW Premium Yield Equity REIT ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $234,214,403 | | $- | | $- | | $234,214,403 |
| Money Market Funds | 2,689 | | 57,087,787 | | - | | 57,090,476 |
| Total Investments | $234,217,092 | | $57,087,787 | | $- | | $291,304,879 |
| KBW Property & Casualty Insurance ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $335,797,643 | | $- | | $- | | $335,797,643 |
| Money Market Funds | 175,420 | | 566,157 | | - | | 741,577 |
| Total Investments | $335,973,063 | | $566,157 | | $- | | $336,539,220 |
| KBW Regional Banking ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $54,488,605 | | $- | | $- | | $54,488,605 |
| Money Market Funds | 22,846 | | 3,947,650 | | - | | 3,970,496 |
| Total Investments | $54,511,451 | | $3,947,650 | | $- | | $58,459,101 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| KBW Bank ETF | $53,070,953 | | $54,916,451 |
| KBW High Dividend Yield Financial ETF | 43,957,579 | | 42,766,013 |
| KBW Premium Yield Equity REIT ETF | 17,743,599 | | 19,585,361 |
| KBW Property & Casualty Insurance ETF | 3,541,507 | | 6,394,173 |
| KBW Regional Banking ETF | 1,857,864 | | 1,965,805 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| KBW Bank ETF | $7,737,532 | | $6,195,192 | | $(409,761,815) | | $2,141,721,066 | | $1,745,891,975 |
| KBW High Dividend Yield Financial ETF | - | | (9,419,495) | | (210,229,755) | | 615,054,797 | | 395,405,547 |
| KBW Premium Yield Equity REIT ETF | - | | 25,026,070 | | (212,859,226) | | 422,354,147 | | 234,520,991 |
| KBW Property & Casualty Insurance ETF | 292,365 | | 48,095,616 | | (11,232,156) | | 298,990,242 | | 336,146,067 |
| KBW Regional Banking ETF | 229,000 | | (3,628,402) | | (14,499,360) | | 72,480,764 | | 54,582,002 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| KBW Bank ETF | $81,834,384 | | $327,927,431 | | $409,761,815 |
| KBW High Dividend Yield Financial ETF | 55,294,516 | | 154,935,239 | | 210,229,755 |
| KBW Premium Yield Equity REIT ETF | 64,129,173 | | 148,730,053 | | 212,859,226 |
| KBW Property & Casualty Insurance ETF | 3,702,214 | | 7,529,942 | | 11,232,156 |
| KBW Regional Banking ETF | 2,969,907 | | 11,529,453 | | 14,499,360 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| KBW Bank ETF | $162,619,592 | | $177,508,531 |
| KBW High Dividend Yield Financial ETF | 269,150,855 | | 263,397,948 |
| KBW Premium Yield Equity REIT ETF | 178,217,006 | | 178,172,880 |
| KBW Property & Casualty Insurance ETF | 33,796,320 | | 33,992,857 |
| KBW Regional Banking ETF | 9,664,898 | | 9,805,647 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| KBW Bank ETF | $1,567,292,810 | | $2,053,027,971 |
| KBW High Dividend Yield Financial ETF | 32,168,447 | | 7,623,373 |
| KBW Premium Yield Equity REIT ETF | 25,214,467 | | 30,461,344 |
| KBW Property & Casualty Insurance ETF | 175,028,639 | | 62,413,758 |
| KBW Regional Banking ETF | 9,816,373 | | 25,163,269 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| KBW Bank ETF | $107,473,961 | | $(101,278,769) | | $6,195,192 | | $1,753,873,147 |
| KBW High Dividend Yield Financial ETF | 32,513,101 | | (41,932,596) | | (9,419,495) | | 500,472,934 |
| KBW Premium Yield Equity REIT ETF | 36,182,966 | | (11,156,896) | | 25,026,070 | | 266,278,809 |
| KBW Property & Casualty Insurance ETF | 55,542,048 | | (7,446,432) | | 48,095,616 | | 288,443,604 |
| KBW Regional Banking ETF | 3,386,458 | | (7,014,860) | | (3,628,402) | | 62,087,503 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and real estate investment trust distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| KBW Bank ETF | $- | | $4,889,360 | | $(4,889,360) |
| KBW High Dividend Yield Financial ETF | 1,540,651 | | 437,824 | | (1,978,475) |
| KBW Premium Yield Equity REIT ETF | 11,040,202 | | 513,219 | | (11,553,421) |
| KBW Property & Casualty Insurance ETF | - | | (11,491,353) | | 11,491,353 |
| KBW Regional Banking ETF | - | | 632,952 | | (632,952) |
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received
in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco KBW Bank ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco KBW High Dividend Yield Financial ETF | 31% | | 12% | | 10% | | 0% | | 0% |
| Invesco KBW Premium Yield Equity REIT ETF | 45% | | 0% | | 0% | | 0% | | 0% |
| Invesco KBW Property & Casualty Insurance ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco KBW Regional Banking ETF | 0% | | 100% | | 100% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-KBW-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| RWL | Invesco S&P 500 Revenue ETF |
| RWK | Invesco S&P MidCap 400 Revenue ETF |
| RWJ | Invesco S&P SmallCap 600 Revenue ETF |
| RDIV | Invesco S&P Ultra Dividend Revenue ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 9 |
| 14 |
| 21 |
| 23 |
| 24 |
| 26 |
| 28 |
| 30 |
| 40 |
| 41 |
| 42 |
| 49 |
Invesco S&P 500 Revenue ETF (RWL)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Communication Services-7.20% |
Alphabet, Inc., Class A
| | 183,790 | | $ 30,027,610 |
Alphabet, Inc., Class C
| | 182,215 | | 30,085,519 |
AT&T, Inc.
| | 1,416,240 | | 28,183,176 |
Charter Communications, Inc., Class A(b)(c)
| | 40,419 | | 14,047,219 |
Comcast Corp., Class A
| | 665,250 | | 26,323,942 |
Electronic Arts, Inc.
| | 11,208 | | 1,701,599 |
Fox Corp., Class A
| | 42,732 | | 1,767,823 |
Fox Corp., Class B
| | 45,823 | | 1,760,978 |
Interpublic Group of Cos., Inc. (The)
| | 75,299 | | 2,455,500 |
Live Nation Entertainment, Inc.(b)(c)
| | 53,838 | | 5,258,357 |
Match Group, Inc.(b)(c)
| | 22,238 | | 827,476 |
Meta Platforms, Inc., Class A
| | 57,861 | | 30,163,518 |
Netflix, Inc.(b)
| | 10,676 | | 7,487,613 |
News Corp., Class A
| | 37,442 | | 1,060,732 |
News Corp., Class B
| | 36,597 | | 1,077,050 |
Omnicom Group, Inc.(c)
| | 34,339 | | 3,448,666 |
Paramount Global, Class B
| | 602,708 | | 6,310,353 |
Take-Two Interactive Software, Inc.(b)
| | 6,907 | | 1,116,931 |
T-Mobile US, Inc.
| | 91,170 | | 18,117,302 |
Verizon Communications, Inc.
| | 690,891 | | 28,865,426 |
Walt Disney Co. (The)
| | 181,496 | | 16,403,608 |
Warner Bros. Discovery, Inc.(b)
| | 1,146,020 | | 8,984,797 |
| | | | | 265,475,195 |
| Consumer Discretionary-11.76% |
Airbnb, Inc., Class A(b)
| | 14,256 | | 1,672,371 |
Amazon.com, Inc.(b)
| | 657,366 | | 117,339,831 |
Aptiv PLC(b)(c)
| | 58,421 | | 4,178,854 |
AutoZone, Inc.(b)
| | 1,307 | | 4,158,194 |
Bath & Body Works, Inc.(c)
| | 34,939 | | 1,074,724 |
Best Buy Co., Inc.
| | 100,398 | | 10,079,959 |
Booking Holdings, Inc.
| | 1,182 | | 4,620,710 |
BorgWarner, Inc.
| | 96,165 | | 3,276,342 |
Caesars Entertainment, Inc.(b)(c)
| | 64,744 | | 2,436,964 |
CarMax, Inc.(b)(c)
| | 77,358 | | 6,540,619 |
Carnival Corp.(b)(c)
| | 299,868 | | 4,947,822 |
Chipotle Mexican Grill, Inc.(b)
| | 31,803 | | 1,783,512 |
D.R. Horton, Inc.
| | 53,059 | | 10,015,417 |
Darden Restaurants, Inc.(c)
| | 15,333 | | 2,424,914 |
Deckers Outdoor Corp.(b)
| | 898 | | 861,442 |
Domino’s Pizza, Inc.
| | 1,695 | | 702,086 |
eBay, Inc.
| | 39,633 | | 2,342,310 |
Etsy, Inc.(b)(c)
| | 9,504 | | 523,575 |
Expedia Group, Inc.(b)(c)
| | 21,356 | | 2,970,406 |
Ford Motor Co.
| | 3,099,121 | | 34,679,164 |
Garmin Ltd.
| | 7,018 | | 1,286,329 |
General Motors Co.
| | 764,447 | | 38,054,172 |
Genuine Parts Co.
| | 34,482 | | 4,939,891 |
Hasbro, Inc.(c)
| | 15,733 | | 1,072,361 |
Hilton Worldwide Holdings, Inc.
| | 10,217 | | 2,244,062 |
Home Depot, Inc. (The)
| | 89,513 | | 32,985,540 |
Las Vegas Sands Corp.
| | 52,846 | | 2,060,466 |
Lennar Corp., Class A(c)
| | 46,239 | | 8,418,272 |
LKQ Corp.
| | 71,988 | | 2,993,981 |
Lowe’s Cos., Inc.
| | 78,089 | | 19,405,117 |
lululemon athletica, inc.(b)
| | 6,514 | | 1,690,188 |
Marriott International, Inc., Class A
| | 20,540 | | 4,820,533 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
McDonald’s Corp.
| | 20,742 | | $ 5,987,386 |
MGM Resorts International(b)(c)
| | 85,258 | | 3,204,848 |
Mohawk Industries, Inc.(b)
| | 20,007 | | 3,103,886 |
NIKE, Inc., Class B
| | 112,845 | | 9,402,245 |
Norwegian Cruise Line Holdings Ltd.(b)
| | 109,831 | | 1,964,877 |
NVR, Inc.(b)
| | 254 | | 2,329,805 |
O’Reilly Automotive, Inc.(b)
| | 3,262 | | 3,685,962 |
Pool Corp.(c)
| | 3,243 | | 1,140,304 |
PulteGroup, Inc.
| | 29,323 | | 3,860,373 |
Ralph Lauren Corp.
| | 7,526 | | 1,288,903 |
Ross Stores, Inc.
| | 28,956 | | 4,361,063 |
Royal Caribbean Cruises Ltd.(b)(c)
| | 20,226 | | 3,329,604 |
Starbucks Corp.
| | 93,442 | | 8,836,810 |
Tapestry, Inc.
| | 32,704 | | 1,339,883 |
Tesla, Inc.(b)
| | 108,748 | | 23,284,034 |
TJX Cos., Inc. (The)
| | 103,417 | | 12,127,712 |
Tractor Supply Co.(c)
| | 10,677 | | 2,856,631 |
Ulta Beauty, Inc.(b)
| | 5,904 | | 2,083,167 |
Wynn Resorts Ltd.(c)
| | 16,045 | | 1,233,540 |
Yum! Brands, Inc.
| | 10,482 | | 1,414,231 |
| | | | | 433,435,392 |
| Consumer Staples-13.07% |
Altria Group, Inc.
| | 94,064 | | 5,057,821 |
Archer-Daniels-Midland Co.
| | 315,142 | | 19,220,511 |
Brown-Forman Corp., Class B
| | 19,473 | | 887,774 |
Bunge Global S.A.
| | 114,453 | | 11,603,245 |
Campbell Soup Co.
| | 43,626 | | 2,169,085 |
Church & Dwight Co., Inc.(c)
| | 11,202 | | 1,141,260 |
Clorox Co. (The)(c)
| | 10,964 | | 1,735,711 |
Coca-Cola Co. (The)
| | 150,706 | | 10,921,664 |
Colgate-Palmolive Co.
| | 42,550 | | 4,531,575 |
Conagra Brands, Inc.
| | 87,202 | | 2,720,702 |
Constellation Brands, Inc., Class A
| | 7,981 | | 1,921,107 |
Costco Wholesale Corp.
| | 60,616 | | 54,092,506 |
Dollar General Corp.(c)
| | 63,619 | | 5,278,468 |
Dollar Tree, Inc.(b)(c)
| | 59,401 | | 5,018,790 |
Estee Lauder Cos., Inc. (The), Class A
| | 27,385 | | 2,510,109 |
General Mills, Inc.
| | 62,734 | | 4,535,041 |
Hershey Co. (The)(c)
| | 12,437 | | 2,401,087 |
Hormel Foods Corp.
| | 80,533 | | 2,621,349 |
J.M. Smucker Co. (The)
| | 14,954 | | 1,714,925 |
Kellanova
| | 50,906 | | 4,103,533 |
Kenvue, Inc.
| | 174,648 | | 3,833,524 |
Keurig Dr Pepper, Inc.
| | 89,390 | | 3,272,568 |
Kimberly-Clark Corp.
| | 29,860 | | 4,319,548 |
Kraft Heinz Co. (The)
| | 167,262 | | 5,926,093 |
Kroger Co. (The)
| | 609,000 | | 32,404,890 |
Lamb Weston Holdings, Inc.(c)
| | 15,373 | | 951,896 |
McCormick & Co., Inc.
| | 20,113 | | 1,609,643 |
Molson Coors Beverage Co., Class B
| | 49,238 | | 2,657,375 |
Mondelez International, Inc., Class A
| | 111,878 | | 8,033,959 |
Monster Beverage Corp.(b)
| | 31,193 | | 1,470,126 |
PepsiCo, Inc.
| | 114,663 | | 19,822,939 |
Philip Morris International, Inc.
| | 71,483 | | 8,813,139 |
Procter & Gamble Co. (The)
| | 103,041 | | 17,675,653 |
Sysco Corp.
| | 225,657 | | 17,594,476 |
Target Corp.
| | 154,341 | | 23,709,864 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Staples-(continued) |
Tyson Foods, Inc., Class A
| | 200,131 | | $ 12,870,425 |
Walgreens Boots Alliance, Inc.(c)
| | 1,899,998 | | 17,574,982 |
Walmart, Inc.
| | 2,004,428 | | 154,801,974 |
| | | | | 481,529,337 |
| Energy-7.28% |
APA Corp.(c)
| | 60,262 | | 1,716,864 |
Baker Hughes Co., Class A
| | 171,880 | | 6,045,020 |
Chevron Corp.
| | 261,215 | | 38,646,759 |
ConocoPhillips
| | 102,858 | | 11,704,212 |
Coterra Energy, Inc.
| | 40,759 | | 991,666 |
Devon Energy Corp.
| | 67,577 | | 3,026,098 |
Diamondback Energy, Inc.
| | 9,520 | | 1,857,447 |
EOG Resources, Inc.(c)
| | 40,590 | | 5,228,804 |
EQT Corp.(c)
| | 23,567 | | 789,730 |
Exxon Mobil Corp.
| | 621,808 | | 73,336,035 |
Halliburton Co.
| | 143,341 | | 4,456,472 |
Hess Corp.
| | 16,447 | | 2,270,673 |
Kinder Morgan, Inc.
| | 157,525 | | 3,397,814 |
Marathon Oil Corp.
| | 47,578 | | 1,363,110 |
Marathon Petroleum Corp.
| | 176,093 | | 31,189,592 |
Occidental Petroleum Corp.
| | 93,449 | | 5,324,724 |
ONEOK, Inc.
| | 46,387 | | 4,284,303 |
Phillips 66
| | 222,618 | | 31,235,532 |
Schlumberger N.V.
| | 161,705 | | 7,113,403 |
Targa Resources Corp.
| | 27,294 | | 4,009,489 |
Valero Energy Corp.
| | 190,922 | | 28,013,985 |
Williams Cos., Inc. (The)
| | 50,309 | | 2,302,643 |
| | | | | 268,304,375 |
| Financials-16.44% |
Aflac, Inc.
| | 45,290 | | 4,998,204 |
Allstate Corp. (The)
| | 76,124 | | 14,382,869 |
American Express Co.
| | 63,129 | | 16,328,316 |
American International Group, Inc.
| | 136,289 | | 10,501,067 |
Ameriprise Financial, Inc.
| | 8,020 | | 3,604,509 |
Aon PLC, Class A
| | 9,410 | | 3,234,405 |
Arch Capital Group Ltd.(b)
| | 29,555 | | 3,342,375 |
Arthur J. Gallagher & Co.
| | 8,220 | | 2,404,925 |
Assurant, Inc.
| | 13,974 | | 2,743,795 |
Bank of America Corp.
| | 954,895 | | 38,911,971 |
Bank of New York Mellon Corp. (The)
| | 127,164 | | 8,675,128 |
Berkshire Hathaway, Inc., Class B(b)
| | 185,938 | | 88,491,613 |
BlackRock, Inc.
| | 5,096 | | 4,595,624 |
Blackstone, Inc., Class A
| | 17,348 | | 2,469,661 |
Brown & Brown, Inc.
| | 9,997 | | 1,050,985 |
Capital One Financial Corp.
| | 77,845 | | 11,437,766 |
Cboe Global Markets, Inc.
| | 4,551 | | 934,775 |
Charles Schwab Corp. (The)
| | 71,249 | | 4,638,310 |
Chubb Ltd.
| | 40,750 | | 11,580,335 |
Cincinnati Financial Corp.
| | 19,455 | | 2,665,919 |
Citigroup, Inc.
| | 564,298 | | 35,347,627 |
Citizens Financial Group, Inc.
| | 74,635 | | 3,213,037 |
CME Group, Inc., Class A
| | 5,832 | | 1,258,196 |
Corpay, Inc.(b)
| | 3,091 | | 975,365 |
Discover Financial Services
| | 36,089 | | 5,005,905 |
Everest Group Ltd.
| | 8,594 | | 3,370,911 |
FactSet Research Systems, Inc.
| | 1,121 | | 474,004 |
Fidelity National Information Services, Inc.
| | 29,875 | | 2,463,194 |
Fifth Third Bancorp
| | 74,969 | | 3,200,427 |
Fiserv, Inc.(b)
| | 26,633 | | 4,650,122 |
| | Shares | | Value |
| Financials-(continued) |
Franklin Resources, Inc.(c)
| | 75,911 | | $ 1,536,439 |
Global Payments, Inc.
| | 21,175 | | 2,350,637 |
Globe Life, Inc.
| | 14,546 | | 1,528,057 |
Goldman Sachs Group, Inc. (The)
| | 53,439 | | 27,267,250 |
Hartford Financial Services Group, Inc. (The)
| | 51,314 | | 5,957,555 |
Huntington Bancshares, Inc.
| | 183,061 | | 2,740,423 |
Intercontinental Exchange, Inc.
| | 15,015 | | 2,425,673 |
Invesco Ltd.(d)
| | 80,825 | | 1,381,299 |
Jack Henry & Associates, Inc.
| | 2,778 | | 480,677 |
JPMorgan Chase & Co.
| | 266,806 | | 59,977,989 |
KeyCorp
| | 161,341 | | 2,752,477 |
KKR & Co., Inc., Class A
| | 42,407 | | 5,248,714 |
Loews Corp.
| | 45,059 | | 3,692,134 |
M&T Bank Corp.
| | 18,687 | | 3,216,220 |
MarketAxess Holdings, Inc.
| | 822 | | 199,245 |
Marsh & McLennan Cos., Inc.
| | 22,725 | | 5,170,165 |
Mastercard, Inc., Class A
| | 11,814 | | 5,710,179 |
MetLife, Inc.
| | 201,306 | | 15,597,189 |
Moody’s Corp.
| | 3,107 | | 1,515,408 |
Morgan Stanley
| | 213,589 | | 22,129,956 |
MSCI, Inc.
| | 1,137 | | 660,131 |
Nasdaq, Inc.
| | 21,561 | | 1,554,117 |
Northern Trust Corp.
| | 31,932 | | 2,912,518 |
PayPal Holdings, Inc.(b)
| | 102,352 | | 7,413,355 |
PNC Financial Services Group, Inc. (The)
| | 43,760 | | 8,099,538 |
Principal Financial Group, Inc.
| | 39,601 | | 3,224,313 |
Progressive Corp. (The)
| | 65,108 | | 16,420,238 |
Prudential Financial, Inc.
| | 106,367 | | 12,887,426 |
Raymond James Financial, Inc.(c)
| | 24,572 | | 2,938,074 |
Regions Financial Corp.
| | 101,006 | | 2,365,560 |
S&P Global, Inc.
| | 6,022 | | 3,090,731 |
State Street Corp.
| | 53,848 | | 4,690,161 |
Synchrony Financial
| | 94,725 | | 4,760,878 |
T. Rowe Price Group, Inc.
| | 11,856 | | 1,257,210 |
Travelers Cos., Inc. (The)
| | 42,580 | | 9,711,221 |
Truist Financial Corp.(c)
| | 190,906 | | 8,487,681 |
U.S. Bancorp
| | 216,640 | | 10,231,907 |
Visa, Inc., Class A
| | 25,713 | | 7,106,302 |
W.R. Berkley Corp.
| | 48,925 | | 2,920,822 |
Wells Fargo & Co.
| | 427,538 | | 24,998,147 |
Willis Towers Watson PLC
| | 7,644 | | 2,232,889 |
| | | | | 605,792,245 |
| Health Care-18.68% |
Abbott Laboratories
| | 79,488 | | 9,003,606 |
AbbVie, Inc.
| | 66,004 | | 12,957,245 |
Agilent Technologies, Inc.
| | 10,363 | | 1,481,080 |
Align Technology, Inc.(b)
| | 3,112 | | 738,229 |
Amgen, Inc.
| | 20,091 | | 6,706,979 |
Baxter International, Inc.
| | 89,827 | | 3,408,036 |
Becton, Dickinson and Co.
| | 17,158 | | 4,159,271 |
Biogen, Inc.(b)
| | 8,130 | | 1,664,699 |
Bio-Rad Laboratories, Inc., Class A(b)
| | 1,857 | | 626,403 |
Bio-Techne Corp.
| | 3,096 | | 229,073 |
Boston Scientific Corp.(b)
| | 39,119 | | 3,199,543 |
Bristol-Myers Squibb Co.
| | 225,806 | | 11,279,010 |
Cardinal Health, Inc.
| | 449,750 | | 50,695,820 |
Catalent, Inc.(b)
| | 15,233 | | 928,604 |
Cencora, Inc.
| | 243,097 | | 58,238,748 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
Centene Corp.(b)
| | 460,951 | | $ 36,336,767 |
Charles River Laboratories International, Inc.(b)
| | 4,037 | | 798,317 |
Cigna Group (The)
| | 125,222 | | 45,306,572 |
Cooper Cos., Inc. (The)(b)
| | 8,100 | | 856,413 |
CVS Health Corp.
| | 1,226,567 | | 70,208,695 |
Danaher Corp.
| | 20,994 | | 5,653,894 |
DaVita, Inc.(b)(c)
| | 17,839 | | 2,692,262 |
DexCom, Inc.(b)
| | 6,642 | | 460,556 |
Edwards Lifesciences Corp.(b)
| | 14,301 | | 1,000,498 |
Elevance Health, Inc.
| | 65,639 | | 36,553,703 |
Eli Lilly and Co.
| | 8,356 | | 8,021,927 |
GE HealthCare Technologies, Inc.
| | 51,919 | | 4,403,770 |
Gilead Sciences, Inc.
| | 85,923 | | 6,787,917 |
HCA Healthcare, Inc.
| | 40,404 | | 15,983,418 |
Henry Schein, Inc.(b)
| | 38,525 | | 2,717,939 |
Hologic, Inc.(b)
| | 11,202 | | 910,050 |
Humana, Inc.
| | 62,173 | | 22,038,463 |
IDEXX Laboratories, Inc.(b)
| | 1,507 | | 725,364 |
Incyte Corp.(b)
| | 12,348 | | 810,770 |
Insulet Corp.(b)
| | 1,791 | | 363,161 |
Intuitive Surgical, Inc.(b)
| | 3,472 | | 1,710,411 |
IQVIA Holdings, Inc.(b)
| | 14,483 | | 3,643,199 |
Johnson & Johnson
| | 125,905 | | 20,882,603 |
Labcorp Holdings, Inc.
| | 12,515 | | 2,877,073 |
McKesson Corp.
| | 107,040 | | 60,058,003 |
Medtronic PLC
| | 81,425 | | 7,212,626 |
Merck & Co., Inc.
| | 96,445 | | 11,423,910 |
Mettler-Toledo International, Inc.(b)
| | 531 | | 764,151 |
Moderna, Inc.(b)(c)
| | 7,497 | | 580,268 |
Molina Healthcare, Inc.(b)
| | 23,830 | | 8,335,496 |
Pfizer, Inc.
| | 408,866 | | 11,861,203 |
Quest Diagnostics, Inc.
| | 13,725 | | 2,154,413 |
Regeneron Pharmaceuticals, Inc.(b)
| | 2,611 | | 3,093,226 |
ResMed, Inc.(c)
| | 4,422 | | 1,083,478 |
Revvity, Inc.(c)
| | 5,076 | | 622,013 |
Solventum Corp.(b)(c)
| | 30,391 | | 1,948,367 |
STERIS PLC
| | 5,046 | | 1,216,591 |
Stryker Corp.
| | 12,368 | | 4,457,675 |
Teleflex, Inc.(c)
| | 2,943 | | 721,535 |
Thermo Fisher Scientific, Inc.
| | 15,182 | | 9,337,993 |
UnitedHealth Group, Inc.
| | 156,043 | | 92,096,579 |
Universal Health Services, Inc., Class B
| | 15,954 | | 3,796,573 |
Vertex Pharmaceuticals, Inc.(b)
| | 4,320 | | 2,142,245 |
Viatris, Inc.
| | 307,036 | | 3,708,995 |
Waters Corp.(b)(c)
| | 1,977 | | 684,734 |
West Pharmaceutical Services, Inc.
| | 1,773 | | 556,066 |
Zimmer Biomet Holdings, Inc.
| | 14,135 | | 1,632,027 |
Zoetis, Inc.
| | 10,449 | | 1,917,287 |
| | | | | 688,465,542 |
| Industrials-9.97% |
3M Co.
| | 49,554 | | 6,674,428 |
A.O. Smith Corp.
| | 9,523 | | 797,266 |
Allegion PLC(c)
| | 6,325 | | 878,163 |
American Airlines Group, Inc.(b)(c)
| | 963,348 | | 10,230,756 |
AMETEK, Inc.
| | 8,178 | | 1,398,847 |
Automatic Data Processing, Inc.
| | 15,939 | | 4,397,730 |
Axon Enterprise, Inc.(b)
| | 1,195 | | 436,139 |
Boeing Co. (The)(b)(c)
| | 88,172 | | 15,319,003 |
| | Shares | | Value |
| Industrials-(continued) |
Broadridge Financial Solutions, Inc.
| | 6,645 | | $ 1,414,455 |
Builders FirstSource, Inc.(b)
| | 23,274 | | 4,049,676 |
C.H. Robinson Worldwide, Inc.
| | 42,415 | | 4,390,377 |
Carrier Global Corp.
| | 72,862 | | 5,302,896 |
Caterpillar, Inc.
| | 42,548 | | 15,151,343 |
Cintas Corp.
| | 2,775 | | 2,234,208 |
Copart, Inc.(b)
| | 16,002 | | 847,466 |
CSX Corp.
| | 92,661 | | 3,175,492 |
Cummins, Inc.
| | 26,077 | | 8,158,189 |
Dayforce, Inc.(b)(c)
| | 6,337 | | 362,286 |
Deere & Co.
| | 31,688 | | 12,223,329 |
Delta Air Lines, Inc.(c)
| | 247,632 | | 10,521,884 |
Dover Corp.
| | 9,679 | | 1,800,584 |
Eaton Corp. PLC
| | 15,116 | | 4,639,554 |
Emerson Electric Co.
| | 31,658 | | 3,336,437 |
Equifax, Inc.
| | 4,517 | | 1,387,306 |
Expeditors International of Washington, Inc.
| | 14,753 | | 1,820,668 |
Fastenal Co.(c)
| | 23,891 | | 1,631,277 |
FedEx Corp.
| | 72,576 | | 21,683,532 |
Fortive Corp.
| | 17,143 | | 1,275,439 |
GE Vernova, Inc.(b)(c)
| | 33,217 | | 6,676,617 |
Generac Holdings, Inc.(b)
| | 6,076 | | 951,076 |
General Dynamics Corp.
| | 30,134 | | 9,020,914 |
General Electric Co.
| | 54,808 | | 9,570,573 |
Honeywell International, Inc.
| | 36,075 | | 7,500,353 |
Howmet Aerospace, Inc.
| | 17,770 | | 1,717,648 |
Hubbell, Inc.
| | 2,987 | | 1,194,561 |
Huntington Ingalls Industries, Inc.
| | 9,949 | | 2,813,279 |
IDEX Corp.
| | 3,301 | | 681,590 |
Illinois Tool Works, Inc.
| | 13,901 | | 3,519,455 |
Ingersoll Rand, Inc.
| | 15,397 | | 1,408,056 |
J.B. Hunt Transport Services, Inc.
| | 16,285 | | 2,820,562 |
Jacobs Solutions, Inc.
| | 24,873 | | 3,752,838 |
Johnson Controls International PLC
| | 78,780 | | 5,739,123 |
L3Harris Technologies, Inc.
| | 18,974 | | 4,490,577 |
Leidos Holdings, Inc.
| | 22,339 | | 3,540,955 |
Lockheed Martin Corp.
| | 31,073 | | 17,652,571 |
Masco Corp.
| | 23,290 | | 1,852,952 |
Nordson Corp.
| | 2,407 | | 617,540 |
Norfolk Southern Corp.(c)
| | 11,113 | | 2,846,706 |
Northrop Grumman Corp.
| | 19,310 | | 10,103,185 |
Old Dominion Freight Line, Inc.
| | 6,985 | | 1,346,708 |
Otis Worldwide Corp.
| | 30,027 | | 2,843,257 |
PACCAR, Inc.
| | 67,684 | | 6,509,847 |
Parker-Hannifin Corp.
| | 8,048 | | 4,830,410 |
Paychex, Inc.
| | 8,735 | | 1,146,032 |
Paycom Software, Inc.
| | 2,522 | | 410,531 |
Pentair PLC
| | 10,776 | | 955,723 |
Quanta Services, Inc.(c)
| | 16,089 | | 4,426,567 |
Republic Services, Inc.
| | 16,485 | | 3,432,342 |
Rockwell Automation, Inc.
| | 7,216 | | 1,962,968 |
Rollins, Inc.
| | 13,317 | | 668,247 |
RTX Corp.
| | 139,146 | | 17,162,268 |
Snap-on, Inc.(c)
| | 4,013 | | 1,138,649 |
Southwest Airlines Co.
| | 191,885 | | 5,549,314 |
Stanley Black & Decker, Inc.
| | 38,315 | | 3,921,923 |
Textron, Inc.
| | 33,003 | | 3,009,874 |
Trane Technologies PLC
| | 11,281 | | 4,079,886 |
TransDigm Group, Inc.
| | 1,163 | | 1,597,043 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Uber Technologies, Inc.(b)
| | 112,257 | | $ 8,209,354 |
Union Pacific Corp.
| | 22,152 | | 5,672,906 |
United Airlines Holdings, Inc.(b)(c)
| | 225,556 | | 9,933,486 |
United Parcel Service, Inc., Class B
| | 134,967 | | 17,350,008 |
United Rentals, Inc.
| | 4,825 | | 3,576,580 |
Veralto Corp.
| | 10,227 | | 1,149,822 |
Verisk Analytics, Inc.
| | 2,069 | | 564,465 |
W.W. Grainger, Inc.
| | 3,746 | | 3,689,510 |
Wabtec Corp.
| | 12,650 | | 2,145,061 |
Waste Management, Inc.
| | 20,744 | | 4,398,558 |
Xylem, Inc.
| | 11,764 | | 1,617,903 |
| | | | | 367,309,103 |
| Information Technology-9.28% |
Accenture PLC, Class A (Ireland)
| | 46,034 | | 15,741,326 |
Adobe, Inc.(b)
| | 7,946 | | 4,564,262 |
Advanced Micro Devices, Inc.(b)
| | 29,090 | | 4,321,610 |
Akamai Technologies, Inc.(b)
| | 8,898 | | 906,172 |
Amphenol Corp., Class A
| | 38,300 | | 2,583,335 |
Analog Devices, Inc.
| | 9,262 | | 2,175,088 |
ANSYS, Inc.(b)
| | 1,412 | | 453,845 |
Apple, Inc.
| | 367,139 | | 84,074,831 |
Applied Materials, Inc.
| | 22,785 | | 4,494,569 |
Arista Networks, Inc.(b)
| | 3,846 | | 1,359,100 |
Autodesk, Inc.(b)
| | 5,022 | | 1,297,685 |
Broadcom, Inc.
| | 50,163 | | 8,167,540 |
Cadence Design Systems, Inc.(b)
| | 2,687 | | 722,615 |
CDW Corp.
| | 19,336 | | 4,362,975 |
Cisco Systems, Inc.
| | 247,557 | | 12,511,531 |
Cognizant Technology Solutions Corp., Class A
| | 61,181 | | 4,758,046 |
Corning, Inc.
| | 67,797 | | 2,837,304 |
CrowdStrike Holdings, Inc., Class A(b)
| | 1,722 | | 477,476 |
Enphase Energy, Inc.(b)
| | 2,993 | | 362,273 |
EPAM Systems, Inc.(b)
| | 5,380 | | 1,080,089 |
F5, Inc.(b)
| | 3,362 | | 682,990 |
Fair Isaac Corp.(b)
| | 235 | | 406,613 |
First Solar, Inc.(b)(c)
| | 2,703 | | 614,581 |
Fortinet, Inc.(b)
| | 18,100 | | 1,388,451 |
Gartner, Inc.(b)
| | 2,830 | | 1,392,247 |
Gen Digital, Inc.(c)
| | 31,853 | | 842,830 |
GoDaddy, Inc., Class A(b)
| | 6,371 | | 1,066,569 |
Hewlett Packard Enterprise Co.
| | 266,724 | | 5,166,444 |
HP, Inc.
| | 303,823 | | 10,992,316 |
Intel Corp.
| | 369,733 | | 8,148,915 |
International Business Machines Corp.
| | 75,006 | | 15,160,963 |
Intuit, Inc.
| | 5,453 | | 3,436,808 |
Jabil, Inc.
| | 54,724 | | 5,980,239 |
Juniper Networks, Inc.
| | 30,676 | | 1,192,683 |
Keysight Technologies, Inc.(b)
| | 7,735 | | 1,192,118 |
KLA Corp.
| | 2,378 | | 1,948,605 |
Lam Research Corp.
| | 2,792 | | 2,292,260 |
Microchip Technology, Inc.
| | 17,010 | | 1,397,542 |
Micron Technology, Inc.
| | 26,396 | | 2,540,351 |
Microsoft Corp.
| | 109,270 | | 45,580,888 |
Monolithic Power Systems, Inc.
| | 459 | | 429,018 |
Motorola Solutions, Inc.
| | 5,545 | | 2,451,112 |
NetApp, Inc.
| | 10,188 | | 1,229,895 |
NVIDIA Corp.
| | 123,680 | | 14,763,682 |
NXP Semiconductors N.V. (China)
| | 10,104 | | 2,590,261 |
| | Shares | | Value |
| Information Technology-(continued) |
ON Semiconductor Corp.(b)
| | 23,073 | | $ 1,796,695 |
Oracle Corp.
| | 78,205 | | 11,049,584 |
Palo Alto Networks, Inc.(b)(c)
| | 4,974 | | 1,804,169 |
PTC, Inc.(b)(c)
| | 2,660 | | 476,379 |
Qorvo, Inc.(b)
| | 6,885 | | 797,903 |
QUALCOMM, Inc.
| | 34,494 | | 6,046,798 |
Roper Technologies, Inc.
| | 2,414 | | 1,338,346 |
Salesforce, Inc.
| | 31,436 | | 7,950,164 |
Seagate Technology Holdings PLC
| | 12,286 | | 1,223,071 |
ServiceNow, Inc.(b)
| | 2,676 | | 2,287,980 |
Skyworks Solutions, Inc.(c)
| | 8,876 | | 972,721 |
Super Micro Computer, Inc.(b)
| | 2,864 | | 1,253,573 |
Synopsys, Inc.(b)
| | 2,074 | | 1,077,609 |
TE Connectivity Ltd.
| | 21,856 | | 3,357,082 |
Teledyne Technologies, Inc.(b)
| | 2,941 | | 1,272,865 |
Teradyne, Inc.
| | 3,694 | | 505,081 |
Texas Instruments, Inc.
| | 17,715 | | 3,797,033 |
Trimble, Inc.(b)
| | 14,225 | | 806,415 |
Tyler Technologies, Inc.(b)
| | 904 | | 531,435 |
VeriSign, Inc.(b)
| | 1,697 | | 312,078 |
Western Digital Corp.(b)(c)
| | 31,136 | | 2,042,210 |
Zebra Technologies Corp., Class A(b)(c)
| | 2,957 | | 1,021,289 |
| | | | | 341,860,533 |
| Materials-2.67% |
Air Products and Chemicals, Inc.(c)
| | 9,008 | | 2,511,881 |
Albemarle Corp.
| | 16,544 | | 1,493,096 |
Amcor PLC
| | 281,944 | | 3,225,439 |
Avery Dennison Corp.
| | 7,602 | | 1,686,504 |
Ball Corp.
| | 41,385 | | 2,640,777 |
Celanese Corp.
| | 15,610 | | 2,038,666 |
CF Industries Holdings, Inc.
| | 16,922 | | 1,406,049 |
Corteva, Inc.
| | 67,015 | | 3,839,959 |
Dow, Inc.
| | 161,333 | | 8,644,222 |
DuPont de Nemours, Inc.
| | 30,657 | | 2,582,852 |
Eastman Chemical Co.
| | 18,607 | | 1,904,799 |
Ecolab, Inc.
| | 13,192 | | 3,339,951 |
FMC Corp.(c)
| | 15,108 | | 975,675 |
Freeport-McMoRan, Inc.
| | 100,910 | | 4,468,295 |
International Flavors & Fragrances, Inc.
| | 24,457 | | 2,543,283 |
International Paper Co.(c)
| | 84,120 | | 4,073,090 |
Linde PLC
| | 15,329 | | 7,331,094 |
LyondellBasell Industries N.V., Class A
| | 88,622 | | 8,746,991 |
Martin Marietta Materials, Inc.
| | 2,441 | | 1,303,885 |
Mosaic Co. (The)
| | 95,817 | | 2,737,492 |
Newmont Corp.
| | 65,481 | | 3,496,031 |
Nucor Corp.
| | 45,015 | | 6,838,229 |
Packaging Corp. of America
| | 8,734 | | 1,830,122 |
PPG Industries, Inc.
| | 29,078 | | 3,772,289 |
Sherwin-Williams Co. (The)
| | 15,800 | | 5,836,046 |
Smurfit WestRock PLC
| | 79,883 | | 3,788,052 |
Steel Dynamics, Inc.
| | 31,432 | | 3,756,438 |
Vulcan Materials Co.(c)
| | 6,186 | | 1,516,869 |
| | | | | 98,328,076 |
| Real Estate-1.02% |
Alexandria Real Estate Equities, Inc.
| | 5,134 | | 613,872 |
American Tower Corp.
| | 11,632 | | 2,606,266 |
AvalonBay Communities, Inc.
| | 2,873 | | 648,522 |
BXP, Inc.(c)
| | 10,922 | | 821,553 |
Camden Property Trust
| | 2,935 | | 367,462 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
CBRE Group, Inc., Class A(b)
| | 76,367 | | $ 8,792,897 |
CoStar Group, Inc.(b)(c)
| | 7,007 | | 541,641 |
Crown Castle, Inc.
| | 14,057 | | 1,574,665 |
Digital Realty Trust, Inc.
| | 7,445 | | 1,128,737 |
Equinix, Inc.
| | 2,228 | | 1,858,954 |
Equity Residential
| | 8,822 | | 660,591 |
Essex Property Trust, Inc.
| | 1,251 | | 377,539 |
Extra Space Storage, Inc.
| | 3,673 | | 650,121 |
Federal Realty Investment Trust
| | 2,364 | | 271,860 |
Healthpeak Properties, Inc.
| | 23,513 | | 523,870 |
Host Hotels & Resorts, Inc.(c)
| | 61,798 | | 1,093,825 |
Invitation Homes, Inc.
| | 14,705 | | 541,732 |
Iron Mountain, Inc.
| | 13,104 | | 1,484,159 |
Kimco Realty Corp.
| | 20,165 | | 469,038 |
Mid-America Apartment Communities, Inc.
| | 3,156 | | 512,440 |
Prologis, Inc.
| | 14,921 | | 1,907,202 |
Public Storage
| | 3,279 | | 1,127,058 |
Realty Income Corp.
| | 16,865 | | 1,047,485 |
Regency Centers Corp.
| | 4,527 | | 329,068 |
SBA Communications Corp., Class A
| | 2,817 | | 638,501 |
Simon Property Group, Inc.
| | 7,854 | | 1,314,367 |
UDR, Inc.(c)
| | 8,261 | | 367,697 |
Ventas, Inc.(c)
| | 18,757 | | 1,164,997 |
VICI Properties, Inc.(c)
| | 26,602 | | 890,635 |
Welltower, Inc.(c)
| | 13,585 | | 1,639,438 |
Weyerhaeuser Co.
| | 53,317 | | 1,625,635 |
| | | | | 37,591,827 |
| Utilities-2.54% |
AES Corp. (The)
| | 131,959 | | 2,260,458 |
Alliant Energy Corp.
| | 16,306 | | 950,151 |
Ameren Corp.
| | 21,094 | | 1,740,466 |
American Electric Power Co., Inc.
| | 45,473 | | 4,560,032 |
American Water Works Co., Inc.(c)
| | 6,744 | | 965,201 |
Atmos Energy Corp.
| | 7,148 | | 934,530 |
CenterPoint Energy, Inc.(c)
| | 56,379 | | 1,539,147 |
CMS Energy Corp.
| | 25,170 | | 1,708,036 |
Consolidated Edison, Inc.
| | 32,652 | | 3,316,137 |
Constellation Energy Corp.
| | 20,931 | | 4,117,128 |
Dominion Energy, Inc.
| | 58,093 | | 3,247,399 |
DTE Energy Co.
| | 21,735 | | 2,717,310 |
Duke Energy Corp.
| | 58,680 | | 6,686,586 |
| | Shares | | Value |
| Utilities-(continued) |
Edison International
| | 45,775 | | $ 3,983,798 |
Entergy Corp.
| | 22,776 | | 2,748,835 |
Evergy, Inc.
| | 21,427 | | 1,267,193 |
Eversource Energy
| | 39,530 | | 2,669,461 |
Exelon Corp.
| | 127,364 | | 4,851,295 |
FirstEnergy Corp.
| | 67,969 | | 2,985,198 |
NextEra Energy, Inc.
| | 66,909 | | 5,386,844 |
NiSource, Inc.(c)
| | 37,949 | | 1,254,594 |
NRG Energy, Inc.
| | 73,851 | | 6,278,073 |
PG&E Corp.
| | 268,980 | | 5,298,906 |
Pinnacle West Capital Corp.(c)
| | 12,504 | | 1,094,350 |
PPL Corp.
| | 59,501 | | 1,898,677 |
Public Service Enterprise Group, Inc.
| | 27,328 | | 2,206,736 |
Sempra
| | 36,469 | | 2,997,022 |
Southern Co. (The)
| | 65,935 | | 5,696,784 |
Vistra Corp.
| | 33,889 | | 2,895,137 |
WEC Energy Group, Inc.(c)
| | 22,466 | | 2,090,012 |
Xcel Energy, Inc.
| | 52,322 | | 3,203,676 |
| | | | | 93,549,172 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $3,002,008,684)
| | 3,681,640,797 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-3.54% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 36,153,465 | | 36,153,465 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 94,304,071 | | 94,341,793 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $130,489,743)
| | 130,495,258 |
TOTAL INVESTMENTS IN SECURITIES-103.45%
(Cost $3,132,498,427)
| | 3,812,136,055 |
OTHER ASSETS LESS LIABILITIES-(3.45)%
| | (127,122,694) |
NET ASSETS-100.00%
| | $3,685,013,361 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $695,991 | | $598,585 | | $(23,281) | | $114,371 | | $(4,367) | | $1,381,299 | | $51,456 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P 500 Revenue ETF (RWL)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $55,720,301 | | $(55,720,301) | | $- | | $- | | $- | | $48,932 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 16,906,620 | | 313,203,026 | | (293,956,181) | | - | | - | | 36,153,465 | | 940,062* |
| Invesco Private Prime Fund | 43,474,166 | | 785,901,532 | | (735,060,731) | | 5,775 | | 21,051 | | 94,341,793 | | 2,543,759* |
| Total | $61,076,777 | | $1,155,423,444 | | $(1,084,760,494) | | $120,146 | | $16,684 | | $131,876,557 | | $3,584,209 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 Revenue ETF (RWK)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.92% |
| Communication Services-1.29% |
Frontier Communications Parent, Inc.(b)(c)
| | 89,470 | | $ 2,576,736 |
Iridium Communications, Inc.(c)
| | 11,551 | | 298,016 |
New York Times Co. (The), Class A
| | 19,163 | | 1,052,625 |
Nexstar Media Group, Inc., Class A(c)
| | 12,791 | | 2,185,726 |
TEGNA, Inc.
| | 86,885 | | 1,205,964 |
TKO Group Holdings, Inc.(c)
| | 7,738 | | 914,864 |
Warner Music Group Corp., Class A(c)
| | 78,854 | | 2,256,013 |
Ziff Davis, Inc.(b)
| | 9,573 | | 467,832 |
ZoomInfo Technologies, Inc., Class A(b)(c)
| | 39,062 | | 386,323 |
| | | | | 11,344,099 |
| Consumer Discretionary-22.92% |
Adient PLC(b)(c)
| | 234,612 | | 5,306,923 |
Aramark(c)
| | 215,337 | | 7,887,794 |
Autoliv, Inc. (Sweden)
| | 37,768 | | 3,870,087 |
AutoNation, Inc.(b)
| | 64,117 | | 11,411,544 |
Boyd Gaming Corp.
| | 27,022 | | 1,621,860 |
Brunswick Corp.(c)
| | 31,389 | | 2,481,300 |
Burlington Stores, Inc.(b)
| | 16,961 | | 4,549,619 |
Capri Holdings Ltd.(b)
| | 63,311 | | 2,261,469 |
Carter’s, Inc.(c)
| | 17,600 | | 1,159,840 |
Choice Hotels International, Inc.(c)
| | 5,191 | | 662,320 |
Churchill Downs, Inc.
| | 7,085 | | 984,602 |
Columbia Sportswear Co.(c)
| | 16,526 | | 1,334,144 |
Crocs, Inc.(b)(c)
| | 9,933 | | 1,451,907 |
Dick’s Sporting Goods, Inc.(c)
| | 23,645 | | 5,602,919 |
Duolingo, Inc.(b)(c)
| | 1,200 | | 255,084 |
Five Below, Inc.(b)(c)
| | 12,530 | | 945,138 |
Floor & Decor Holdings, Inc., Class A(b)(c)
| | 14,416 | | 1,620,935 |
GameStop Corp., Class A(b)
| | 66,523 | | 1,557,969 |
Gap, Inc. (The)(c)
| | 233,251 | | 5,231,820 |
Gentex Corp.(c)
| | 26,657 | | 835,164 |
Goodyear Tire & Rubber Co. (The)(b)(c)
| | 665,901 | | 5,873,247 |
Graham Holdings Co., Class B
| | 2,505 | | 1,991,951 |
Grand Canyon Education, Inc.(b)
| | 2,790 | | 404,578 |
H&R Block, Inc.
| | 27,593 | | 1,746,913 |
Harley-Davidson, Inc.(c)
| | 68,971 | | 2,582,274 |
Helen of Troy Ltd.(b)(c)
| | 7,877 | | 420,474 |
Hilton Grand Vacations, Inc.(b)(c)
| | 40,829 | | 1,575,183 |
Hyatt Hotels Corp., Class A
| | 18,944 | | 2,877,973 |
KB Home
| | 37,030 | | 3,099,781 |
Lear Corp.
| | 79,376 | | 9,259,210 |
Light & Wonder, Inc.(b)(c)
| | 12,488 | | 1,371,432 |
Lithia Motors, Inc., Class A(c)
| | 50,440 | | 15,186,475 |
Macy’s, Inc.
| | 502,084 | | 7,817,448 |
Marriott Vacations Worldwide Corp.(c)
| | 21,677 | | 1,604,098 |
Mattel, Inc.(b)(c)
| | 122,481 | | 2,324,689 |
Murphy USA, Inc.
| | 17,596 | | 9,143,410 |
Nordstrom, Inc.
| | 274,841 | | 6,139,948 |
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
| | 9,527 | | 853,238 |
Penske Automotive Group, Inc.(c)
| | 79,579 | | 13,536,388 |
Planet Fitness, Inc., Class A(b)(c)
| | 5,979 | | 485,555 |
Polaris, Inc.
| | 42,965 | | 3,636,987 |
PVH Corp.
| | 30,893 | | 3,048,830 |
RH(b)(c)
| | 5,100 | | 1,293,870 |
Service Corp. International
| | 22,057 | | 1,726,401 |
Skechers U.S.A., Inc., Class A(b)
| | 44,601 | | 3,054,277 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Taylor Morrison Home Corp., Class A(b)
| | 52,384 | | $ 3,527,015 |
Tempur Sealy International, Inc.(c)
| | 39,415 | | 2,066,528 |
Texas Roadhouse, Inc.
| | 11,075 | | 1,868,906 |
Thor Industries, Inc.(c)
| | 43,625 | | 4,679,218 |
Toll Brothers, Inc.
| | 34,256 | | 4,935,262 |
TopBuild Corp.(b)
| | 4,901 | | 1,926,191 |
Travel + Leisure Co.
| | 33,630 | | 1,488,464 |
Under Armour, Inc., Class A(b)
| | 165,469 | | 1,272,457 |
Under Armour, Inc., Class C(b)(c)
| | 168,889 | | 1,259,912 |
Vail Resorts, Inc.(c)
| | 6,372 | | 1,157,792 |
Valvoline, Inc.(b)
| | 14,370 | | 606,414 |
Visteon Corp.(b)
| | 14,636 | | 1,481,602 |
Wendy’s Co. (The)
| | 50,809 | | 859,688 |
Whirlpool Corp.
| | 82,673 | | 8,291,275 |
Williams-Sonoma, Inc.(c)
| | 19,708 | | 2,647,376 |
Wingstop, Inc.
| | 499 | | 192,669 |
Wyndham Hotels & Resorts, Inc.
| | 7,501 | | 590,329 |
YETI Holdings, Inc.(b)(c)
| | 16,422 | | 662,135 |
| | | | | 201,600,301 |
| Consumer Staples-9.92% |
BellRing Brands, Inc.(b)
| | 12,936 | | 723,510 |
BJ’s Wholesale Club Holdings, Inc.(b)
| | 90,426 | | 7,230,463 |
Boston Beer Co., Inc. (The), Class A(b)(c)
| | 2,769 | | 752,393 |
Casey’s General Stores, Inc.
| | 15,556 | | 5,636,094 |
Celsius Holdings, Inc.(b)(c)
| | 9,133 | | 347,328 |
Coca-Cola Consolidated, Inc.
| | 2,592 | | 3,479,501 |
Coty, Inc., Class A(b)(c)
| | 240,665 | | 2,257,438 |
Darling Ingredients, Inc.(b)(c)
| | 69,726 | | 2,909,666 |
e.l.f. Beauty, Inc.(b)(c)
| | 2,072 | | 310,365 |
Flowers Foods, Inc.
| | 89,237 | | 2,073,868 |
Ingredion, Inc.
| | 27,073 | | 3,636,175 |
Lancaster Colony Corp.
| | 3,885 | | 663,402 |
Performance Food Group Co.(b)
| | 332,658 | | 24,829,593 |
Pilgrim’s Pride Corp.(b)(c)
| | 196,393 | | 9,147,986 |
Post Holdings, Inc.(b)
| | 29,995 | | 3,472,521 |
Sprouts Farmers Market, Inc.(b)
| | 36,049 | | 3,750,898 |
US Foods Holding Corp.(b)
| | 270,123 | | 15,993,983 |
| | | | | 87,215,184 |
| Energy-5.53% |
Antero Midstream Corp.
| | 30,469 | | 453,074 |
Antero Resources Corp.(b)
| | 50,781 | | 1,370,579 |
ChampionX Corp.
| | 47,989 | | 1,493,897 |
Chesapeake Energy Corp.(c)
| | 21,330 | | 1,588,872 |
Chord Energy Corp.
| | 9,751 | | 1,447,341 |
Civitas Resources, Inc.
| | 24,866 | | 1,525,032 |
CNX Resources Corp.(b)(c)
| | 21,567 | | 596,759 |
DT Midstream, Inc.
| | 5,359 | | 421,164 |
HF Sinclair Corp.
| | 233,978 | | 11,497,679 |
Matador Resources Co.
| | 21,088 | | 1,196,111 |
Murphy Oil Corp.
| | 34,496 | | 1,286,011 |
NOV, Inc.
| | 195,247 | | 3,469,539 |
Ovintiv, Inc.
| | 90,354 | | 3,869,862 |
PBF Energy, Inc., Class A
| | 333,200 | | 11,348,792 |
Permian Resources Corp.
| | 96,731 | | 1,377,449 |
Range Resources Corp.
| | 24,939 | | 745,177 |
Southwestern Energy Co.(b)
| | 325,152 | | 2,074,470 |
Texas Pacific Land Corp.
| | 346 | | 300,636 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
| | Shares | | Value |
| Energy-(continued) |
Valaris Ltd.(b)(c)
| | 10,077 | | $ 615,302 |
Weatherford International PLC
| | 18,465 | | 1,937,717 |
| | | | | 48,615,463 |
| Financials-14.67% |
Affiliated Managers Group, Inc.
| | 5,686 | | 988,397 |
Ally Financial, Inc.
| | 162,812 | | 7,031,850 |
American Financial Group, Inc.
| | 24,803 | | 3,314,177 |
Annaly Capital Management, Inc.(c)
| | 115,265 | | 2,323,742 |
Associated Banc-Corp
| | 40,916 | | 936,158 |
Bank OZK
| | 24,981 | | 1,082,926 |
Brighthouse Financial, Inc.(b)
| | 27,453 | | 1,260,093 |
Cadence Bank
| | 35,237 | | 1,137,450 |
Carlyle Group, Inc. (The)
| | 31,028 | | 1,245,154 |
CNO Financial Group, Inc.
| | 63,462 | | 2,216,093 |
Columbia Banking System, Inc.(c)
| | 62,412 | | 1,571,534 |
Commerce Bancshares, Inc.
| | 14,606 | | 934,200 |
Cullen/Frost Bankers, Inc.
| | 10,997 | | 1,234,193 |
East West Bancorp, Inc.
| | 23,037 | | 1,936,721 |
Equitable Holdings, Inc.
| | 130,512 | | 5,549,370 |
Erie Indemnity Co., Class A
| | 3,759 | | 1,910,437 |
Essent Group Ltd.
| | 8,018 | | 515,477 |
Euronet Worldwide, Inc.(b)(c)
| | 13,637 | | 1,471,569 |
Evercore, Inc., Class A
| | 4,821 | | 1,184,713 |
F.N.B. Corp.
| | 71,626 | | 1,072,957 |
Federated Hermes, Inc., Class B
| | 19,885 | | 682,055 |
Fidelity National Financial, Inc.
| | 101,499 | | 5,984,381 |
First American Financial Corp.
| | 43,764 | | 2,792,143 |
First Financial Bankshares, Inc.(c)
| | 9,245 | | 338,090 |
First Horizon Corp.
| | 134,769 | | 2,235,818 |
FirstCash Holdings, Inc.
| | 11,575 | | 1,390,042 |
Glacier Bancorp, Inc.(c)
| | 13,008 | | 615,278 |
Hancock Whitney Corp.
| | 17,500 | | 940,275 |
Hanover Insurance Group, Inc. (The)
| | 19,602 | | 2,881,298 |
Home BancShares, Inc.
| | 23,302 | | 648,728 |
Houlihan Lokey, Inc.
| | 5,779 | | 905,107 |
Interactive Brokers Group, Inc., Class A
| | 26,949 | | 3,473,457 |
International Bancshares Corp.
| | 7,143 | | 451,295 |
Janus Henderson Group PLC
| | 26,143 | | 983,238 |
Jefferies Financial Group, Inc.
| | 73,935 | | 4,432,403 |
Kemper Corp.
| | 32,509 | | 2,032,138 |
Kinsale Capital Group, Inc.
| | 1,359 | | 667,391 |
MGIC Investment Corp.(c)
| | 22,075 | | 561,367 |
Morningstar, Inc.
| | 2,901 | | 910,247 |
New York Community Bancorp, Inc.(c)
| | 284,916 | | 3,088,489 |
Old National Bancorp
| | 64,933 | | 1,288,920 |
Old Republic International Corp.
| | 98,806 | | 3,544,171 |
Pinnacle Financial Partners, Inc.
| | 14,365 | | 1,430,323 |
Primerica, Inc.
| | 5,159 | | 1,358,004 |
Prosperity Bancshares, Inc.
| | 11,145 | | 820,049 |
Reinsurance Group of America, Inc.
| | 39,880 | | 8,803,909 |
RenaissanceRe Holdings Ltd. (Bermuda)
| | 16,940 | | 4,316,143 |
RLI Corp.
| | 4,410 | | 679,581 |
SEI Investments Co.
| | 11,833 | | 800,266 |
Selective Insurance Group, Inc.
| | 18,876 | | 1,717,338 |
SLM Corp.
| | 59,327 | | 1,308,754 |
SouthState Corp.
| | 12,516 | | 1,215,178 |
Starwood Property Trust, Inc.(c)
| | 43,986 | | 916,668 |
Stifel Financial Corp.
| | 26,269 | | 2,315,350 |
Synovus Financial Corp.(c)
| | 36,828 | | 1,698,507 |
| | Shares | | Value |
| Financials-(continued) |
Texas Capital Bancshares, Inc.(b)(c)
| | 12,362 | | $ 830,974 |
UMB Financial Corp.
| | 12,162 | | 1,259,862 |
United Bankshares, Inc.
| | 19,234 | | 747,626 |
Unum Group
| | 100,738 | | 5,589,952 |
Valley National Bancorp(c)
| | 206,702 | | 1,794,173 |
Voya Financial, Inc.
| | 41,526 | | 2,941,287 |
Webster Financial Corp.
| | 40,036 | | 1,898,907 |
Western Union Co. (The)
| | 140,439 | | 1,713,356 |
WEX, Inc.(b)(c)
| | 5,926 | | 1,131,984 |
Wintrust Financial Corp.
| | 15,885 | | 1,728,288 |
Zions Bancorporation N.A.
| | 45,295 | | 2,244,820 |
| | | | | 129,024,841 |
| Health Care-4.54% |
Acadia Healthcare Co., Inc.(b)(c)
| | 17,759 | | 1,454,995 |
Amedisys, Inc.(b)(c)
| | 9,524 | | 933,447 |
Arrowhead Pharmaceuticals, Inc.(b)(c)
| | 2,742 | | 65,342 |
Azenta, Inc.(b)(c)
| | 4,676 | | 231,556 |
BioMarin Pharmaceutical, Inc.(b)
| | 11,482 | | 1,047,273 |
Bruker Corp.
| | 18,027 | | 1,211,234 |
Chemed Corp.
| | 1,651 | | 967,767 |
Cytokinetics, Inc.(b)(c)
| | 25 | | 1,427 |
DENTSPLY SIRONA, Inc.
| | 58,580 | | 1,481,488 |
Doximity, Inc., Class A(b)(c)
| | 6,163 | | 226,675 |
Encompass Health Corp.
| | 22,827 | | 2,124,052 |
Enovis Corp.(b)(c)
| | 15,714 | | 732,272 |
Envista Holdings Corp.(b)
| | 56,188 | | 1,025,993 |
Exelixis, Inc.(b)
| | 32,891 | | 856,153 |
Globus Medical, Inc., Class A(b)(c)
| | 11,219 | | 815,621 |
Haemonetics Corp.(b)(c)
| | 5,995 | | 453,102 |
Halozyme Therapeutics, Inc.(b)(c)
| | 6,758 | | 431,498 |
HealthEquity, Inc.(b)(c)
| | 4,878 | | 388,094 |
Illumina, Inc.(b)
| | 16,051 | | 2,109,101 |
Jazz Pharmaceuticals PLC(b)
| | 13,210 | | 1,532,096 |
Lantheus Holdings, Inc.(b)
| | 6,684 | | 711,645 |
LivaNova PLC(b)
| | 8,667 | | 436,730 |
Masimo Corp.(b)(c)
| | 5,623 | | 660,815 |
Medpace Holdings, Inc.(b)
| | 1,950 | | 692,777 |
Neogen Corp.(b)(c)
| | 21,168 | | 365,148 |
Neurocrine Biosciences, Inc.(b)
| | 5,675 | | 721,065 |
Option Care Health, Inc.(b)(c)
| | 61,740 | | 1,976,915 |
Penumbra, Inc.(b)(c)
| | 2,262 | | 457,648 |
Perrigo Co. PLC
| | 65,877 | | 1,917,021 |
Progyny, Inc.(b)(c)
| | 15,915 | | 373,843 |
R1 RCM, Inc.(b)(c)
| | 71,435 | | 1,007,948 |
Repligen Corp.(b)(c)
| | 1,853 | | 279,673 |
Roivant Sciences Ltd.(b)
| | 4,524 | | 55,329 |
Sarepta Therapeutics, Inc.(b)
| | 4,433 | | 601,913 |
Sotera Health Co.(b)(c)
| | 35,979 | | 555,516 |
Tenet Healthcare Corp.(b)
| | 58,882 | | 9,764,991 |
United Therapeutics Corp.(b)
| | 3,363 | | 1,222,619 |
| | | | | 39,890,782 |
| Industrials-19.49% |
AAON, Inc.
| | 5,947 | | 567,998 |
Acuity Brands, Inc.
| | 5,921 | | 1,508,079 |
Advanced Drainage Systems, Inc.
| | 6,536 | | 1,024,583 |
AECOM
| | 69,069 | | 6,916,570 |
AGCO Corp.
| | 52,494 | | 4,779,054 |
Applied Industrial Technologies, Inc.
| | 9,436 | | 1,935,512 |
Avis Budget Group, Inc.(c)
| | 44,319 | | 3,633,715 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Brink’s Co. (The)(c)
| | 19,512 | | $ 2,164,466 |
BWX Technologies, Inc.
| | 10,987 | | 1,131,661 |
CACI International, Inc., Class A(b)
| | 6,710 | | 3,275,285 |
Carlisle Cos., Inc.
| | 4,823 | | 2,043,987 |
Chart Industries, Inc.(b)(c)
| | 10,403 | | 1,273,327 |
Clean Harbors, Inc.(b)
| | 9,620 | | 2,365,558 |
Comfort Systems USA, Inc.
| | 6,888 | | 2,435,046 |
Concentrix Corp.(c)
| | 52,744 | | 3,967,931 |
Core & Main, Inc., Class A(b)
| | 53,830 | | 2,585,455 |
Crane Co.
| | 5,937 | | 940,302 |
Curtiss-Wright Corp.
| | 4,277 | | 1,350,933 |
Donaldson Co., Inc.
| | 19,114 | | 1,390,161 |
EMCOR Group, Inc.
| | 13,549 | | 5,325,570 |
EnerSys
| | 13,461 | | 1,364,003 |
ESAB Corp.
| | 11,728 | | 1,231,088 |
ExlService Holdings, Inc.(b)(c)
| | 22,112 | | 807,973 |
Exponent, Inc.
| | 2,208 | | 239,060 |
Flowserve Corp.
| | 36,899 | | 1,840,522 |
Fluor Corp.(b)
| | 134,867 | | 6,752,791 |
Fortune Brands Innovations, Inc.
| | 27,079 | | 2,150,343 |
FTI Consulting, Inc.(b)(c)
| | 6,755 | | 1,542,234 |
GATX Corp.
| | 4,351 | | 613,926 |
Genpact Ltd.
| | 56,673 | | 2,223,282 |
Graco, Inc.
| | 10,549 | | 879,259 |
GXO Logistics, Inc.(b)(c)
| | 80,534 | | 4,030,727 |
Hexcel Corp.(c)
| | 11,198 | | 708,721 |
Insperity, Inc.
| | 27,249 | | 2,561,134 |
ITT, Inc.
| | 10,387 | | 1,446,078 |
KBR, Inc.
| | 43,351 | | 3,006,825 |
Kirby Corp.(b)
| | 10,514 | | 1,260,839 |
Knight-Swift Transportation Holdings, Inc.
| | 61,083 | | 3,199,528 |
Landstar System, Inc.
| | 10,935 | | 1,996,294 |
Lennox International, Inc.
| | 3,623 | | 2,138,258 |
Lincoln Electric Holdings, Inc.
| | 8,795 | | 1,702,800 |
ManpowerGroup, Inc.
| | 100,484 | | 7,427,777 |
MasTec, Inc.(b)
| | 43,648 | | 4,937,898 |
Maximus, Inc.
| | 23,038 | | 2,125,486 |
MDU Resources Group, Inc.
| | 70,432 | | 1,809,398 |
Middleby Corp. (The)(b)(c)
| | 12,405 | | 1,744,391 |
MSA Safety, Inc.
| | 3,916 | | 715,179 |
MSC Industrial Direct Co., Inc., Class A(c)
| | 20,336 | | 1,672,433 |
Nextracker, Inc., Class A(b)(c)
| | 16,365 | | 665,565 |
nVent Electric PLC
| | 16,753 | | 1,138,534 |
Oshkosh Corp.
| | 36,668 | | 3,956,844 |
Owens Corning
| | 21,292 | | 3,592,599 |
Paylocity Holding Corp.(b)
| | 3,768 | | 608,155 |
RB Global, Inc. (Canada)
| | 20,536 | | 1,768,766 |
RBC Bearings, Inc.(b)(c)
| | 2,223 | | 662,121 |
Regal Rexnord Corp.
| | 18,545 | | 3,112,037 |
Ryder System, Inc.
| | 38,971 | | 5,660,148 |
Saia, Inc.(b)(c)
| | 2,548 | | 957,615 |
Science Applications International Corp.
| | 24,846 | | 3,244,639 |
Sensata Technologies Holding PLC
| | 41,454 | | 1,598,052 |
Simpson Manufacturing Co., Inc.
| | 5,271 | | 964,909 |
Stericycle, Inc.(b)
| | 17,577 | | 1,041,613 |
Terex Corp.(c)
| | 38,225 | | 2,170,033 |
Tetra Tech, Inc.
| | 9,209 | | 2,189,348 |
Timken Co. (The)
| | 22,610 | | 1,911,223 |
Toro Co. (The)
| | 17,718 | | 1,640,687 |
Trex Co., Inc.(b)
| | 5,621 | | 358,283 |
| | Shares | | Value |
| Industrials-(continued) |
UFP Industries, Inc.
| | 23,975 | | $ 2,917,038 |
Valmont Industries, Inc.
| | 5,829 | | 1,665,695 |
Watsco, Inc.(c)
| | 5,965 | | 2,835,880 |
Watts Water Technologies, Inc., Class A
| | 4,466 | | 878,462 |
WESCO International, Inc.
| | 51,863 | | 8,577,103 |
Woodward, Inc.
| | 6,880 | | 1,146,552 |
XPO, Inc.(b)
| | 29,728 | | 3,407,423 |
| | | | | 171,412,764 |
| Information Technology-8.47% |
Allegro MicroSystems, Inc. (Japan)(b)(c)
| | 14,503 | | 355,759 |
Altair Engineering, Inc., Class A(b)(c)
| | 2,473 | | 223,460 |
Amkor Technology, Inc.
| | 71,242 | | 2,343,862 |
AppFolio, Inc., Class A(b)
| | 1,122 | | 260,293 |
Arrow Electronics, Inc.(b)
| | 94,441 | | 12,757,090 |
ASGN, Inc.(b)(c)
| | 19,262 | | 1,852,234 |
Aspen Technology, Inc.(b)(c)
| | 2,172 | | 508,552 |
Avnet, Inc.
| | 184,425 | | 10,176,571 |
Belden, Inc.
| | 9,843 | | 1,055,957 |
Blackbaud, Inc.(b)(c)
| | 5,730 | | 479,028 |
Ciena Corp.(b)(c)
| | 34,461 | | 1,986,677 |
Cirrus Logic, Inc.(b)
| | 5,661 | | 824,751 |
Cognex Corp.(c)
| | 7,182 | | 290,009 |
Coherent Corp.(b)
| | 24,883 | | 1,939,630 |
Commvault Systems, Inc.(b)
| | 2,804 | | 435,742 |
Crane NXT Co.
| | 8,844 | | 519,585 |
Dolby Laboratories, Inc., Class A
| | 6,272 | | 447,570 |
Dropbox, Inc., Class A(b)
| | 46,033 | | 1,157,270 |
Dynatrace, Inc.(b)
| | 12,075 | | 611,236 |
IPG Photonics Corp.(b)
| | 5,436 | | 371,659 |
Kyndryl Holdings, Inc.(b)
| | 244,799 | | 5,799,288 |
Lattice Semiconductor Corp.(b)(c)
| | 4,468 | | 211,604 |
Littelfuse, Inc.
| | 3,514 | | 956,511 |
Lumentum Holdings, Inc.(b)(c)
| | 11,634 | | 670,235 |
MACOM Technology Solutions Holdings, Inc.(b)
| | 2,363 | | 258,110 |
Manhattan Associates, Inc.(b)
| | 1,623 | | 429,170 |
MKS Instruments, Inc.
| | 10,725 | | 1,278,742 |
Novanta, Inc.(b)
| | 2,154 | | 394,785 |
Onto Innovation, Inc.(b)
| | 1,494 | | 318,551 |
Power Integrations, Inc.
| | 2,259 | | 151,579 |
Pure Storage, Inc., Class A(b)
| | 16,793 | | 861,313 |
Qualys, Inc.(b)
| | 1,604 | | 200,773 |
Rambus, Inc.(b)
| | 3,157 | | 141,181 |
Silicon Laboratories, Inc.(b)(c)
| | 2,126 | | 251,655 |
Synaptics, Inc.(b)(c)
| | 3,948 | | 321,446 |
TD SYNNEX Corp.
| | 168,836 | | 20,500,067 |
Teradata Corp.(b)
| | 21,116 | | 596,316 |
Universal Display Corp.(c)
| | 1,195 | | 231,495 |
Vishay Intertechnology, Inc.
| | 56,957 | | 1,147,684 |
Vontier Corp.
| | 31,231 | | 1,094,022 |
Wolfspeed, Inc.(b)(c)
| | 12,026 | | 117,253 |
| | | | | 74,528,715 |
| Materials-8.55% |
Alcoa Corp.
| | 109,386 | | 3,511,291 |
AptarGroup, Inc.
| | 9,496 | | 1,454,692 |
Arcadium Lithium PLC (Argentina)(b)(c)
| | 112,084 | | 303,748 |
Ashland, Inc.
| | 8,517 | | 762,271 |
Avient Corp.
| | 28,306 | | 1,390,674 |
Axalta Coating Systems Ltd.(b)
| | 58,432 | | 2,132,768 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
| | Shares | | Value |
| Materials-(continued) |
Berry Global Group, Inc.
| | 80,488 | | $ 5,542,404 |
Cabot Corp.
| | 15,634 | | 1,643,290 |
Chemours Co. (The)(c)
| | 93,005 | | 1,808,017 |
Cleveland-Cliffs, Inc.(b)(c)
| | 571,338 | | 7,461,674 |
Commercial Metals Co.
| | 65,027 | | 3,484,797 |
Crown Holdings, Inc.
| | 58,733 | | 5,310,050 |
Eagle Materials, Inc.
| | 3,859 | | 994,657 |
Graphic Packaging Holding Co.(c)
| | 132,207 | | 3,956,955 |
Greif, Inc., Class A
| | 33,342 | | 2,084,542 |
Knife River Corp.(b)(c)
| | 16,015 | | 1,263,103 |
Louisiana-Pacific Corp.
| | 11,438 | | 1,110,058 |
MP Materials Corp.(b)(c)
| | 5,875 | | 75,787 |
NewMarket Corp.
| | 2,008 | | 1,152,130 |
Olin Corp.
| | 51,465 | | 2,247,477 |
Reliance, Inc.
| | 20,318 | | 5,824,155 |
Royal Gold, Inc.(c)
| | 1,841 | | 258,053 |
RPM International, Inc.(c)
| | 25,619 | | 2,978,209 |
Scotts Miracle-Gro Co. (The)(c)
| | 20,049 | | 1,423,078 |
Silgan Holdings, Inc.
| | 51,798 | | 2,707,481 |
Sonoco Products Co.
| | 45,270 | | 2,560,924 |
United States Steel Corp.(c)
| | 189,968 | | 7,201,687 |
Westlake Corp.
| | 31,584 | | 4,593,577 |
| | | | | 75,237,549 |
| Real Estate-2.69% |
Agree Realty Corp.
| | 3,557 | | 259,696 |
American Homes 4 Rent, Class A
| | 18,227 | | 724,888 |
Brixmor Property Group, Inc.
| | 21,813 | | 597,458 |
COPT Defense Properties(c)
| | 11,299 | | 336,597 |
Cousins Properties, Inc.
| | 13,584 | | 387,280 |
CubeSmart
| | 9,235 | | 478,650 |
EastGroup Properties, Inc.
| | 1,390 | | 259,096 |
EPR Properties
| | 6,740 | | 319,948 |
Equity LifeStyle Properties, Inc.(c)
| | 9,405 | | 683,837 |
First Industrial Realty Trust, Inc.
| | 5,125 | | 290,741 |
Gaming and Leisure Properties, Inc.
| | 13,032 | | 677,925 |
Healthcare Realty Trust, Inc.
| | 31,390 | | 558,742 |
Independence Realty Trust, Inc.(c)
| | 14,272 | | 296,572 |
Jones Lang LaSalle, Inc.(b)
| | 40,273 | | 10,278,878 |
Kilroy Realty Corp.
| | 13,585 | | 492,728 |
Kite Realty Group Trust
| | 14,588 | | 380,455 |
Lamar Advertising Co., Class A
| | 7,247 | | 911,528 |
National Storage Affiliates Trust
| | 8,043 | | 375,930 |
NNN REIT, Inc.
| | 7,713 | | 362,434 |
Omega Healthcare Investors, Inc.
| | 11,844 | | 468,312 |
Park Hotels & Resorts, Inc.(c)
| | 70,942 | | 1,083,994 |
PotlatchDeltic Corp.
| | 9,580 | | 416,347 |
Rayonier, Inc.(c)
| | 13,511 | | 416,274 |
Rexford Industrial Realty, Inc.(c)
| | 7,098 | | 361,430 |
Sabra Health Care REIT, Inc.
| | 17,978 | | 306,345 |
STAG Industrial, Inc.
| | 8,019 | | 325,411 |
| | Shares | | Value |
| Real Estate-(continued) |
Vornado Realty Trust(c)
| | 27,439 | | $ 943,078 |
W.P. Carey, Inc.(c)
| | 11,745 | | 704,935 |
| | | | | 23,699,509 |
| Utilities-1.85% |
ALLETE, Inc.
| | 10,569 | | 671,660 |
Black Hills Corp.
| | 15,764 | | 931,968 |
Essential Utilities, Inc.
| | 20,250 | | 789,547 |
IDACORP, Inc.
| | 7,590 | | 773,497 |
National Fuel Gas Co.
| | 12,703 | | 759,131 |
New Jersey Resources Corp.
| | 15,613 | | 723,038 |
NorthWestern Energy Group, Inc.
| | 11,274 | | 613,193 |
OGE Energy Corp.
| | 29,821 | | 1,179,719 |
ONE Gas, Inc.
| | 13,388 | | 922,969 |
Ormat Technologies, Inc.(c)
| | 4,552 | | 339,260 |
Portland General Electric Co.
| | 26,000 | | 1,250,860 |
Southwest Gas Holdings, Inc.
| | 29,150 | | 2,119,788 |
Spire, Inc.
| | 17,327 | | 1,143,062 |
TXNM Energy, Inc.(c)
| | 18,900 | | 774,522 |
UGI Corp.
| | 131,754 | | 3,281,992 |
| | | | | 16,274,206 |
Total Common Stocks & Other Equity Interests
(Cost $745,456,641)
| | 878,843,413 |
| Money Market Funds-0.02% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $128,678)
| | 128,678 | | 128,678 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $745,585,319)
| | 878,972,091 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-11.64% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 28,740,449 | | 28,740,449 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 73,628,433 | | 73,657,884 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $102,392,140)
| | 102,398,333 |
TOTAL INVESTMENTS IN SECURITIES-111.58%
(Cost $847,977,459)
| | 981,370,424 |
OTHER ASSETS LESS LIABILITIES-(11.58)%
| | (101,821,171) |
NET ASSETS-100.00%
| | $879,549,253 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)
August 31, 2024
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $256,285 | | $11,765,673 | | $(11,893,280) | | $- | | $- | | $128,678 | | $15,545 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 19,813,137 | | 260,116,711 | | (251,189,399) | | - | | - | | 28,740,449 | | 1,437,226* |
| Invesco Private Prime Fund | 50,948,068 | | 513,185,119 | | (490,507,707) | | 7,839 | | 24,565 | | 73,657,884 | | 3,833,183* |
| Total | $71,017,490 | | $785,067,503 | | $(753,590,386) | | $7,839 | | $24,565 | | $102,527,011 | | $5,285,954 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.89% |
| Communication Services-8.15% |
AMC Networks, Inc., Class A(b)(c)
| | 176,780 | | $ 1,741,283 |
Cable One, Inc.(c)
| | 5,071 | | 1,788,643 |
CarGurus, Inc.(b)
| | 37,881 | | 1,097,791 |
Cars.com, Inc.(b)
| | 37,878 | | 675,744 |
Cinemark Holdings, Inc.(b)(c)
| | 178,894 | | 4,898,118 |
Cogent Communications Holdings, Inc.
| | 21,642 | | 1,514,507 |
Consolidated Communications Holdings, Inc.(b)(c)
| | 272,585 | | 1,245,714 |
EchoStar Corp., Class A(b)(c)
| | 1,273,319 | | 23,607,334 |
Gogo, Inc.(b)(c)
| | 47,092 | | 375,323 |
IAC, Inc.(b)
| | 95,501 | | 5,040,543 |
John Wiley & Sons, Inc., Class A
| | 50,033 | | 2,417,094 |
Lumen Technologies, Inc.(b)(c)
| | 13,480,225 | | 70,771,181 |
Madison Square Garden Sports Corp., Class A(b)
| | 5,465 | | 1,142,458 |
QuinStreet, Inc.(b)(c)
| | 36,499 | | 697,496 |
Scholastic Corp.
| | 51,420 | | 1,639,270 |
Shenandoah Telecommunications Co.(c)
| | 19,216 | | 290,546 |
Shutterstock, Inc.(c)
| | 23,086 | | 828,326 |
TechTarget, Inc.(b)(c)
| | 7,774 | | 207,177 |
Telephone and Data Systems, Inc.
| | 281,631 | | 6,652,124 |
Thryv Holdings, Inc.(b)(c)
| | 50,924 | | 927,835 |
TripAdvisor, Inc.(b)(c)
| | 107,200 | | 1,555,472 |
Yelp, Inc.(b)
| | 40,114 | | 1,401,182 |
| | | | | 130,515,161 |
| Consumer Discretionary-22.51% |
Academy Sports & Outdoors, Inc.(c)
| | 128,097 | | 7,106,822 |
Adtalem Global Education, Inc.(b)
| | 26,175 | | 1,981,709 |
Advance Auto Parts, Inc.(c)
| | 191,805 | | 8,690,685 |
American Axle & Manufacturing Holdings, Inc.(b)
| | 968,341 | | 6,226,433 |
American Eagle Outfitters, Inc.(c)
| | 280,502 | | 5,772,731 |
Asbury Automotive Group, Inc.(b)(c)
| | 72,439 | | 17,793,916 |
BJ’s Restaurants, Inc.(b)(c)
| | 40,776 | | 1,248,969 |
Bloomin’ Brands, Inc.(c)
| | 265,896 | | 4,653,180 |
Boot Barn Holdings, Inc.(b)
| | 14,134 | | 1,896,359 |
Brinker International, Inc.(b)
| | 68,843 | | 4,923,651 |
Buckle, Inc. (The)(c)
| | 37,442 | | 1,568,820 |
Caleres, Inc.(c)
| | 88,832 | | 3,742,492 |
Cavco Industries, Inc.(b)(c)
| | 5,403 | | 2,233,168 |
Century Communities, Inc.
| | 51,239 | | 5,127,487 |
Cheesecake Factory, Inc. (The)(c)
| | 94,899 | | 3,730,480 |
Chuy’s Holdings, Inc.(b)
| | 18,930 | | 704,196 |
Cracker Barrel Old Country Store, Inc.(c)
| | 83,369 | | 3,299,745 |
Dana, Inc.
| | 926,788 | | 10,463,436 |
Dave & Buster’s Entertainment, Inc.(b)(c)
| | 53,788 | | 1,685,716 |
Designer Brands, Inc., Class A(c)
| | 465,040 | | 3,087,866 |
Dine Brands Global, Inc.(c)
| | 23,777 | | 751,829 |
Dorman Products, Inc.(b)
| | 23,280 | | 2,640,418 |
Ethan Allen Interiors, Inc.(c)
| | 25,973 | | 817,630 |
Foot Locker, Inc.(c)
| | 363,395 | | 11,316,120 |
Fox Factory Holding Corp.(b)
| | 32,335 | | 1,308,921 |
Frontdoor, Inc.(b)
| | 56,191 | | 2,701,663 |
Gentherm, Inc.(b)(c)
| | 31,301 | | 1,581,953 |
G-III Apparel Group Ltd.(b)
| | 126,416 | | 3,346,231 |
Golden Entertainment, Inc.(c)
| | 34,486 | | 1,117,002 |
| | Shares | | Value |
| Consumer Discretionary-(continued) |
Green Brick Partners, Inc.(b)(c)
| | 34,020 | | $ 2,680,096 |
Group 1 Automotive, Inc.(c)
| | 64,757 | | 24,397,847 |
Guess?, Inc.(c)
| | 143,776 | | 2,979,039 |
Hanesbrands, Inc.(b)(c)
| | 1,170,689 | | 7,433,875 |
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 08/05/2024; Cost $895,090)(c)(d)
| | 32,406 | | 887,924 |
Installed Building Products, Inc.(c)
| | 14,165 | | 3,149,021 |
Jack in the Box, Inc.
| | 31,842 | | 1,571,721 |
Kohl’s Corp.(c)
| | 865,296 | | 16,778,089 |
Kontoor Brands, Inc.
| | 41,460 | | 3,103,281 |
La-Z-Boy, Inc.
| | 66,509 | | 2,698,270 |
LCI Industries
| | 40,705 | | 4,796,677 |
Leggett & Platt, Inc.(c)
| | 450,829 | | 5,698,479 |
Leslie’s, Inc.(b)(c)
| | 329,777 | | 995,927 |
LGI Homes, Inc.(b)(c)
| | 26,251 | | 2,831,958 |
M/I Homes, Inc.(b)(c)
| | 35,847 | | 5,712,936 |
MarineMax, Inc.(b)(c)
| | 82,539 | | 2,618,137 |
Meritage Homes Corp.
| | 41,966 | | 8,312,206 |
Mister Car Wash, Inc.(b)(c)
| | 139,418 | | 907,611 |
Monarch Casino & Resort, Inc.
| | 8,083 | | 613,661 |
Monro, Inc.(c)
| | 56,516 | | 1,531,018 |
Movado Group, Inc.(c)
| | 28,421 | | 678,125 |
National Vision Holdings, Inc.(b)(c)
| | 168,152 | | 1,775,685 |
Newell Brands, Inc.
| | 1,237,905 | | 8,776,746 |
ODP Corp. (The)(b)
| | 213,946 | | 6,600,234 |
Oxford Industries, Inc.(c)
| | 16,715 | | 1,453,871 |
Papa John’s International, Inc.(c)
| | 48,752 | | 2,309,382 |
Patrick Industries, Inc.
| | 36,504 | | 4,717,047 |
PENN Entertainment, Inc.(b)(c)
| | 391,635 | | 7,292,244 |
Perdoceo Education Corp.
| | 35,288 | | 791,863 |
Phinia, Inc.(c)
| | 93,238 | | 4,471,694 |
Sabre Corp.(b)(c)
| | 1,224,292 | | 3,734,091 |
Sally Beauty Holdings, Inc.(b)(c)
| | 386,088 | | 5,038,448 |
Shake Shack, Inc., Class A(b)
| | 13,552 | | 1,347,204 |
Shoe Carnival, Inc.(c)
| | 35,122 | | 1,420,334 |
Signet Jewelers Ltd.(c)
| | 86,690 | | 7,290,629 |
Six Flags Entertainment Corp.
| | 30,449 | | 1,333,057 |
Sonic Automotive, Inc., Class A
| | 274,487 | | 17,111,520 |
Sonos, Inc.(b)(c)
| | 109,166 | | 1,335,100 |
Standard Motor Products, Inc.(c)
| | 52,739 | | 1,703,997 |
Steven Madden Ltd.
| | 50,766 | | 2,289,547 |
Strategic Education, Inc.
| | 11,558 | | 1,115,347 |
Stride, Inc.(b)(c)
| | 32,161 | | 2,648,137 |
Sturm, Ruger & Co., Inc.
| | 13,459 | | 566,893 |
Topgolf Callaway Brands Corp.(b)(c)
| | 307,442 | | 3,092,867 |
Tri Pointe Homes, Inc.(b)
| | 111,866 | | 4,971,325 |
Upbound Group, Inc.
| | 141,297 | | 4,705,190 |
Urban Outfitters, Inc.(b)(c)
| | 132,247 | | 4,803,211 |
V.F. Corp.
| | 828,592 | | 15,088,660 |
Victoria’s Secret & Co.(b)
| | 373,981 | | 8,773,594 |
Vista Outdoor, Inc.(b)
| | 82,693 | | 3,311,028 |
Winnebago Industries, Inc.
| | 61,570 | | 3,673,266 |
Wolverine World Wide, Inc.(c)
| | 174,260 | | 2,389,105 |
Worthington Enterprises, Inc.
| | 42,003 | | 1,923,737 |
XPEL, Inc.(b)(c)(e)
| | 11,377 | | 492,510 |
| | | | | 360,243,089 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Consumer Staples-8.03% |
Andersons, Inc. (The)
| | 304,521 | | $ 15,521,435 |
B&G Foods, Inc.(c)
| | 258,815 | | 2,192,163 |
Calavo Growers, Inc.(c)
| | 34,566 | | 795,709 |
Cal-Maine Foods, Inc.
| | 44,127 | | 3,178,909 |
Central Garden & Pet Co.(b)(c)
| | 46,967 | | 1,853,788 |
Central Garden & Pet Co., Class A(b)
| | 54,435 | | 1,861,677 |
Chefs’ Warehouse, Inc. (The)(b)(c)
| | 100,301 | | 4,295,892 |
Edgewell Personal Care Co.
| | 64,858 | | 2,608,589 |
Energizer Holdings, Inc.
| | 110,609 | | 3,583,732 |
Fresh Del Monte Produce, Inc.
| | 212,955 | | 6,226,804 |
Grocery Outlet Holding Corp.(b)(c)
| | 212,298 | | 4,020,924 |
Hain Celestial Group, Inc. (The)(b)(c)
| | 273,851 | | 2,190,808 |
Inter Parfums, Inc.(c)
| | 13,012 | | 1,676,466 |
J&J Snack Foods Corp.(c)
| | 10,292 | | 1,751,596 |
John B. Sanfilippo & Son, Inc.
| | 11,361 | | 1,077,818 |
MGP Ingredients, Inc.(c)
| | 11,591 | | 1,038,438 |
National Beverage Corp.(c)
| | 26,342 | | 1,189,605 |
Nu Skin Enterprises, Inc., Class A
| | 164,423 | | 1,468,297 |
PriceSmart, Inc.
| | 64,222 | | 5,753,007 |
Simply Good Foods Co. (The)(b)
| | 37,258 | | 1,176,980 |
SpartanNash Co.
| | 561,001 | | 12,392,512 |
Tootsie Roll Industries, Inc.(c)
| | 27,903 | | 829,277 |
TreeHouse Foods, Inc.(b)(c)
| | 105,326 | | 4,327,845 |
United Natural Foods, Inc.(b)(c)
| | 2,470,183 | | 37,373,869 |
Universal Corp.
| | 64,006 | | 3,475,526 |
USANA Health Sciences, Inc.(b)
| | 21,470 | | 876,405 |
Vector Group Ltd.
| | 143,880 | | 2,155,322 |
WD-40 Co.(c)
| | 2,719 | | 714,662 |
WK Kellogg Co.
| | 168,413 | | 2,891,651 |
| | | | | 128,499,706 |
| Energy-8.23% |
Archrock, Inc.
| | 59,632 | | 1,206,355 |
Bristow Group, Inc.(b)
| | 44,546 | | 1,773,376 |
Cactus, Inc., Class A(c)
| | 24,570 | | 1,462,406 |
California Resources Corp.
| | 52,881 | | 2,774,666 |
Comstock Resources, Inc.(c)
| | 135,296 | | 1,438,197 |
CONSOL Energy, Inc.
| | 27,200 | | 2,782,016 |
Core Laboratories, Inc.(c)
| | 30,599 | | 598,516 |
CVR Energy, Inc.(c)
| | 357,964 | | 9,099,445 |
Dorian LPG Ltd.
| | 14,784 | | 576,428 |
Dril-Quip, Inc.(b)(c)
| | 27,067 | | 441,463 |
Green Plains, Inc.(b)(c)
| | 218,757 | | 3,099,787 |
Helix Energy Solutions Group, Inc.(b)
| | 141,073 | | 1,582,839 |
Helmerich & Payne, Inc.(c)
| | 90,756 | | 2,961,368 |
Liberty Energy, Inc., Class A(c)
| | 240,298 | | 4,947,736 |
Magnolia Oil & Gas Corp., Class A(c)
| | 55,678 | | 1,425,914 |
Nabors Industries Ltd.(b)(c)
| | 52,777 | | 3,977,803 |
Northern Oil and Gas, Inc.(c)
| | 51,430 | | 2,045,885 |
Oceaneering International, Inc.(b)(c)
| | 127,213 | | 3,433,479 |
Par Pacific Holdings, Inc.(b)
| | 375,437 | | 8,424,806 |
Patterson-UTI Energy, Inc.
| | 535,681 | | 4,933,622 |
Peabody Energy Corp.
| | 215,391 | | 5,042,303 |
ProPetro Holding Corp.(b)
| | 210,063 | | 1,667,900 |
REX American Resources Corp.(b)(c)
| | 18,302 | | 829,996 |
RPC, Inc.(c)
| | 267,324 | | 1,716,220 |
SM Energy Co.
| | 56,430 | | 2,574,901 |
Talos Energy, Inc.(b)(c)
| | 163,864 | | 1,879,520 |
Tidewater, Inc.(b)
| | 12,588 | | 1,116,556 |
| | Shares | | Value |
| Energy-(continued) |
Vital Energy, Inc.(b)(c)
| | 43,539 | | $ 1,562,615 |
World Kinect Corp.(c)
| | 1,954,171 | | 56,260,583 |
| | | | | 131,636,701 |
| Financials-12.96% |
Ambac Financial Group, Inc.(b)
| | 26,870 | | 314,379 |
Ameris Bancorp
| | 34,018 | | 2,096,529 |
AMERISAFE, Inc.
| | 7,821 | | 391,989 |
Apollo Commercial Real Estate Finance, Inc.(c)
| | 83,511 | | 884,381 |
Arbor Realty Trust, Inc.(c)
| | 125,618 | | 1,708,405 |
ARMOUR Residential REIT, Inc.(c)
| | 1,743 | | 35,644 |
Artisan Partners Asset Management, Inc., Class A(c)
| | 29,587 | | 1,230,523 |
Assured Guaranty Ltd.
| | 12,284 | | 983,703 |
Atlantic Union Bankshares Corp.(c)
| | 38,331 | | 1,520,974 |
Axos Financial, Inc.(b)(c)
| | 34,460 | | 2,392,558 |
B. Riley Financial, Inc.(c)
| | 74,160 | | 364,496 |
Banc of California, Inc.
| | 68,649 | | 976,189 |
BancFirst Corp.
| | 10,556 | | 1,123,158 |
Bancorp, Inc. (The)(b)(c)
| | 20,885 | | 1,094,374 |
Bank of Hawaii Corp.
| | 19,325 | | 1,282,600 |
BankUnited, Inc.
| | 80,348 | | 3,087,774 |
Banner Corp.(c)
| | 18,113 | | 1,078,991 |
Berkshire Hills Bancorp, Inc.
| | 30,128 | | 829,725 |
BGC Group, Inc., Class A
| | 285,396 | | 2,819,712 |
Blackstone Mortgage Trust, Inc., Class A(c)
| | 123,830 | | 2,285,902 |
Bread Financial Holdings, Inc.
| | 134,764 | | 7,839,222 |
BrightSphere Investment Group, Inc.
| | 21,502 | | 524,434 |
Brookline Bancorp, Inc.
| | 82,015 | | 839,013 |
Capitol Federal Financial, Inc.
| | 79,252 | | 476,305 |
Cathay General Bancorp
| | 41,073 | | 1,806,801 |
Central Pacific Financial Corp.
| | 18,007 | | 495,373 |
City Holding Co.(c)
| | 3,735 | | 443,494 |
Cohen & Steers, Inc.(c)
| | 7,325 | | 654,562 |
Comerica, Inc.
| | 121,215 | | 6,922,589 |
Community Financial System, Inc.
| | 20,863 | | 1,275,981 |
Customers Bancorp, Inc.(b)
| | 35,456 | | 1,837,330 |
CVB Financial Corp.(c)
| | 45,437 | | 836,950 |
Dime Community Bancshares, Inc.
| | 39,551 | | 1,028,722 |
Donnelley Financial Solutions, Inc.(b)
| | 14,948 | | 996,434 |
Eagle Bancorp, Inc.
| | 44,494 | | 968,634 |
Ellington Financial, Inc.
| | 37,101 | | 487,878 |
Employers Holdings, Inc.
| | 22,620 | | 1,084,629 |
Encore Capital Group, Inc.(b)(c)
| | 32,336 | | 1,619,387 |
Enova International, Inc.(b)
| | 41,493 | | 3,557,195 |
EVERTEC, Inc.
| | 24,037 | | 823,267 |
EZCORP, Inc., Class A(b)(c)
| | 118,836 | | 1,452,176 |
FB Financial Corp.
| | 22,586 | | 1,089,097 |
First Bancorp
| | 73,981 | | 1,581,714 |
First Bancorp/Southern Pines NC
| | 19,826 | | 842,208 |
First Commonwealth Financial Corp.
| | 54,739 | | 942,606 |
First Financial Bancorp
| | 58,381 | | 1,545,345 |
First Hawaiian, Inc.
| | 63,550 | | 1,546,171 |
Franklin BSP Realty Trust, Inc.(c)
| | 48,294 | | 657,764 |
Fulton Financial Corp.(c)
| | 105,336 | | 2,038,252 |
Genworth Financial, Inc., Class A(b)
| | 1,261,640 | | 8,806,247 |
Goosehead Insurance, Inc., Class A(b)(c)
| | 4,927 | | 415,543 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Financials-(continued) |
Green Dot Corp., Class A, (Acquired 03/02/2022 - 08/05/2024; Cost $2,540,050)(b)(c)(d)
| | 182,256 | | $ 2,035,800 |
HA Sustainable Infrastructure Capital, Inc.(c)
| | 12,154 | | 393,547 |
Hanmi Financial Corp.
| | 28,916 | | 572,826 |
HCI Group, Inc.(c)
| | 7,158 | | 685,951 |
Heritage Financial Corp.
| | 19,251 | | 439,693 |
Hilltop Holdings, Inc.
| | 55,125 | | 1,810,856 |
Hope Bancorp, Inc.
| | 119,906 | | 1,533,598 |
Horace Mann Educators Corp.
| | 49,840 | | 1,774,802 |
Independent Bank Corp.
| | 21,732 | | 1,375,853 |
Independent Bank Group, Inc.
| | 24,446 | | 1,423,246 |
Jackson Financial, Inc., Class A
| | 56,215 | | 5,057,664 |
KKR Real Estate Finance Trust, Inc.(c)
| | 76,279 | | 910,008 |
Lakeland Financial Corp.(c)
| | 7,278 | | 495,996 |
Lincoln National Corp.
| | 594,738 | | 19,091,090 |
Mercury General Corp.
| | 102,357 | | 6,779,104 |
Moelis & Co., Class A
| | 18,089 | | 1,208,164 |
Mr. Cooper Group, Inc.(b)
| | 26,871 | | 2,520,769 |
National Bank Holdings Corp., Class A
| | 17,338 | | 759,578 |
Navient Corp.
| | 375,666 | | 6,360,025 |
NBT Bancorp, Inc.
| | 21,521 | | 1,053,668 |
NCR Atleos Corp.(b)(c)
| | 162,269 | | 4,642,516 |
New York Mortgage Trust, Inc.(c)
| | 72,082 | | 480,787 |
NMI Holdings, Inc., Class A(b)
| | 20,201 | | 829,655 |
Northwest Bancshares, Inc.
| | 73,157 | | 1,013,224 |
OFG Bancorp
| | 24,152 | | 1,110,750 |
Pacific Premier Bancorp, Inc.(c)
| | 21,617 | | 555,557 |
Palomar Holdings, Inc.(b)
| | 5,431 | | 538,864 |
Park National Corp.(c)
| | 4,640 | | 815,666 |
Pathward Financial, Inc.
| | 15,492 | | 1,066,159 |
Payoneer Global, Inc.(b)(c)
| | 169,950 | | 1,262,728 |
PennyMac Mortgage Investment Trust(c)
| | 118,956 | | 1,690,365 |
Piper Sandler Cos.
| | 7,336 | | 2,000,527 |
PJT Partners, Inc., Class A
| | 13,594 | | 1,678,859 |
PRA Group, Inc.(b)
| | 50,746 | | 1,183,397 |
Preferred Bank(c)
| | 7,389 | | 612,179 |
ProAssurance Corp.(b)
| | 98,724 | | 1,322,902 |
PROG Holdings, Inc.
| | 75,158 | | 3,514,388 |
Provident Financial Services, Inc.
| | 57,282 | | 1,092,368 |
Radian Group, Inc.
| | 44,782 | | 1,618,869 |
Ready Capital Corp.(c)
| | 155,919 | | 1,292,569 |
Redwood Trust, Inc.(c)
| | 131,544 | | 995,788 |
Renasant Corp.(c)
| | 36,559 | | 1,279,565 |
S&T Bancorp, Inc.(c)
| | 19,690 | | 846,079 |
Safety Insurance Group, Inc.
| | 13,965 | | 1,236,601 |
Seacoast Banking Corp. of Florida
| | 37,564 | | 1,027,751 |
ServisFirst Bancshares, Inc.(c)
| | 16,116 | | 1,306,363 |
Simmons First National Corp., Class A
| | 92,723 | | 1,986,127 |
SiriusPoint Ltd. (Sweden)(b)
| | 251,572 | | 3,771,064 |
Southside Bancshares, Inc.(c)
| | 17,438 | | 596,903 |
Stellar Bancorp, Inc.(c)
| | 31,058 | | 846,952 |
StepStone Group, Inc., Class A
| | 17,882 | | 978,145 |
Stewart Information Services Corp.
| | 40,582 | | 2,999,416 |
StoneX Group, Inc.(b)
| | 27,720 | | 2,296,879 |
Tompkins Financial Corp.(c)
| | 7,868 | | 482,623 |
Triumph Financial, Inc.(b)(c)
| | 7,297 | | 612,802 |
Trupanion, Inc.(b)(c)
| | 46,805 | | 2,140,393 |
TrustCo Bank Corp.
| | 10,069 | | 350,804 |
| | Shares | | Value |
| Financials-(continued) |
Trustmark Corp.
| | 43,673 | | $ 1,454,748 |
Two Harbors Investment Corp.(c)
| | 77,436 | | 1,096,494 |
United Community Banks, Inc.(c)
| | 60,943 | | 1,856,933 |
United Fire Group, Inc., (Acquired 06/19/2020 - 08/05/2024; Cost $1,401,641)(d)
| | 58,585 | | 1,199,235 |
Veritex Holdings, Inc.
| | 43,110 | | 1,085,941 |
Virtu Financial, Inc., Class A
| | 102,951 | | 3,161,625 |
Virtus Investment Partners, Inc.
| | 4,398 | | 930,881 |
WaFd, Inc.
| | 49,514 | | 1,815,678 |
Walker & Dunlop, Inc.(c)
| | 11,980 | | 1,282,579 |
Westamerica Bancorporation
| | 7,606 | | 393,915 |
WisdomTree, Inc.(c)
| | 41,325 | | 419,035 |
World Acceptance Corp.(b)(c)
| | 5,137 | | 605,395 |
WSFS Financial Corp.(c)
| | 32,926 | | 1,802,369 |
| | | | | 207,400,979 |
| Health Care-6.32% |
AdaptHealth Corp.(b)(c)
| | 309,874 | | 3,405,515 |
Addus HomeCare Corp.(b)(c)
| | 10,020 | | 1,332,760 |
Alkermes PLC(b)
| | 75,527 | | 2,148,743 |
AMN Healthcare Services, Inc.(b)(c)
| | 68,005 | | 3,606,305 |
Amphastar Pharmaceuticals, Inc.(b)(c)
| | 17,903 | | 872,592 |
ANI Pharmaceuticals, Inc.(b)(c)
| | 8,849 | | 564,124 |
Arcus Biosciences, Inc.(b)(c)
| | 14,968 | | 256,252 |
Artivion, Inc.(b)
| | 17,077 | | 463,470 |
Astrana Health, Inc.(b)(c)
| | 39,463 | | 1,885,937 |
Avanos Medical, Inc.(b)
| | 37,901 | | 917,962 |
BioLife Solutions, Inc.(b)(c)
| | 7,285 | | 188,536 |
Catalyst Pharmaceuticals, Inc.(b)
| | 29,277 | | 592,859 |
Certara, Inc.(b)(c)
| | 25,962 | | 318,035 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 19,128 | | 735,663 |
CONMED Corp.(c)
| | 18,954 | | 1,387,812 |
Corcept Therapeutics, Inc.(b)(c)
| | 19,364 | | 683,549 |
CorVel Corp.(b)(c)
| | 3,477 | | 1,115,178 |
Cross Country Healthcare, Inc.(b)(c)
| | 126,509 | | 1,887,514 |
Cytek Biosciences, Inc.(b)(c)
| | 38,305 | | 219,871 |
Dynavax Technologies Corp.(b)(c)
| | 21,915 | | 245,886 |
Embecta Corp.
| | 94,831 | | 1,549,539 |
Enhabit, Inc.(b)
| | 127,113 | | 1,072,834 |
Ensign Group, Inc. (The)
| | 34,524 | | 5,225,553 |
Fortrea Holdings, Inc.(b)(c)
| | 135,637 | | 3,127,789 |
Fulgent Genetics, Inc.(b)(c)
| | 16,115 | | 363,554 |
Glaukos Corp.(b)
| | 3,110 | | 416,398 |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 22,780 | | 819,624 |
HealthStream, Inc.
| | 10,950 | | 317,988 |
ICU Medical, Inc.(b)(c)
| | 21,659 | | 3,580,883 |
Inari Medical, Inc.(b)(c)
| | 12,312 | | 532,248 |
Innoviva, Inc.(b)(c)
| | 21,922 | | 424,848 |
Integer Holdings Corp.(b)(c)
| | 15,058 | | 1,958,594 |
Integra LifeSciences Holdings Corp.(b)(c)
| | 56,065 | | 1,140,362 |
Ironwood Pharmaceuticals, Inc.(b)
| | 76,037 | | 384,747 |
Krystal Biotech, Inc.(b)(c)
| | 767 | | 149,657 |
LeMaitre Vascular, Inc.
| | 2,681 | | 242,068 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 1,575 | | 166,635 |
Merit Medical Systems, Inc.(b)
| | 16,783 | | 1,622,581 |
Mesa Laboratories, Inc.
| | 2,536 | | 339,038 |
Myriad Genetics, Inc.(b)
| | 35,773 | | 1,013,449 |
National HealthCare Corp.(c)
| | 11,878 | | 1,628,830 |
NeoGenomics, Inc.(b)(c)
| | 49,671 | | 820,565 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)
| | 785 | | $ 0 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)
| | 785 | | 0 |
Omnicell, Inc.(b)
| | 42,354 | | 1,883,906 |
Organon & Co.
| | 336,074 | | 7,511,254 |
Owens & Minor, Inc.(b)(c)
| | 673,922 | | 10,472,748 |
Pacira BioSciences, Inc.(b)(c)
| | 25,975 | | 404,171 |
Patterson Cos., Inc.(c)
| | 312,689 | | 7,032,376 |
Pediatrix Medical Group, Inc.(b)(c)
| | 301,383 | | 3,273,019 |
Phibro Animal Health Corp., Class A
| | 62,218 | | 1,306,578 |
Premier, Inc., Class A
| | 77,952 | | 1,587,882 |
Prestige Consumer Healthcare, Inc.(b)
| | 18,771 | | 1,401,067 |
Privia Health Group, Inc.(b)(c)
| | 103,501 | | 2,084,510 |
RadNet, Inc.(b)(c)
| | 30,379 | | 2,013,824 |
REGENXBIO, Inc.(b)(c)
| | 7,490 | | 91,528 |
Schrodinger, Inc.(b)(c)
| | 9,799 | | 206,073 |
Select Medical Holdings Corp.
| | 216,147 | | 7,796,422 |
Simulations Plus, Inc.(c)
| | 1,477 | | 53,541 |
STAAR Surgical Co., (Acquired 09/15/2023 - 08/05/2024; Cost $341,136)(b)(d)
| | 8,477 | | 280,504 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 24,643 | | 866,448 |
Tandem Diabetes Care, Inc.(b)(c)
| | 18,208 | | 792,048 |
U.S. Physical Therapy, Inc.
| | 6,945 | | 594,492 |
UFP Technologies, Inc.(b)(c)
| | 1,725 | | 588,622 |
Varex Imaging Corp.(b)(c)
| | 60,917 | | 760,244 |
Vericel Corp.(b)
| | 5,257 | | 271,524 |
Vir Biotechnology, Inc.(b)
| | 8,743 | | 72,217 |
Xencor, Inc.(b)(c)
| | 8,441 | | 147,633 |
| | | | | 101,218,978 |
| Industrials-16.72% |
3D Systems Corp.(b)(c)
| | 149,068 | | 319,006 |
AAR Corp.(b)
| | 35,453 | | 2,332,098 |
ABM Industries, Inc.
| | 180,688 | | 10,326,319 |
AeroVironment, Inc.(b)
| | 3,515 | | 716,216 |
Air Lease Corp., Class A
| | 61,898 | | 2,864,021 |
Alamo Group, Inc.
| | 10,434 | | 1,934,464 |
Alaska Air Group, Inc.(b)(c)
| | 279,902 | | 10,107,261 |
Albany International Corp., Class A
| | 15,338 | | 1,444,226 |
Allegiant Travel Co.(c)
| | 53,540 | | 2,252,963 |
American Woodmark Corp.(b)
| | 24,587 | | 2,203,241 |
Apogee Enterprises, Inc.
| | 24,581 | | 1,641,519 |
ArcBest Corp.
| | 44,722 | | 4,753,949 |
Arcosa, Inc.
| | 30,798 | | 2,817,709 |
Armstrong World Industries, Inc.
| | 12,438 | | 1,576,641 |
Astec Industries, Inc.(c)
| | 45,963 | | 1,554,928 |
AZZ, Inc.(c)
| | 21,096 | | 1,754,554 |
Barnes Group, Inc.(c)
| | 42,640 | | 1,707,306 |
Boise Cascade Co.
| | 59,155 | | 8,022,601 |
Brady Corp., Class A
| | 22,025 | | 1,630,731 |
CoreCivic, Inc.(b)
| | 179,063 | | 2,467,488 |
CSG Systems International, Inc.(c)
| | 30,876 | | 1,498,104 |
Deluxe Corp.
| | 108,680 | | 2,237,721 |
DNOW, Inc.(b)
| | 192,059 | | 2,500,608 |
DXP Enterprises, Inc.(b)(c)
| | 38,206 | | 2,101,330 |
Dycom Industries, Inc.(b)
| | 26,113 | | 4,594,843 |
Enerpac Tool Group Corp.
| | 16,904 | | 697,121 |
Enpro, Inc.
| | 7,658 | | 1,231,636 |
| | Shares | | Value |
| Industrials-(continued) |
Enviri Corp.(b)
| | 292,208 | | $ 3,491,886 |
ESCO Technologies, Inc.
| | 10,191 | | 1,222,003 |
Federal Signal Corp.
| | 22,535 | | 2,129,332 |
Forward Air Corp.(c)
| | 89,006 | | 2,827,721 |
Franklin Electric Co., Inc.
| | 23,304 | | 2,420,353 |
GEO Group, Inc. (The)(b)(c)
| | 199,959 | | 2,773,431 |
Gibraltar Industries, Inc.(b)
| | 20,950 | | 1,459,587 |
GMS, Inc.(b)
| | 65,457 | | 5,681,013 |
Granite Construction, Inc.(c)
| | 62,786 | | 4,718,996 |
Greenbrier Cos., Inc. (The)
| | 82,650 | | 4,004,393 |
Griffon Corp.
| | 44,818 | | 2,966,503 |
Hayward Holdings, Inc.(b)(c)
| | 80,926 | | 1,200,942 |
Healthcare Services Group, Inc.(b)
| | 175,791 | | 1,914,364 |
Heartland Express, Inc.(c)
| | 105,336 | | 1,304,060 |
Heidrick & Struggles International, Inc.
| | 33,983 | | 1,311,744 |
Hertz Global Holdings, Inc.(b)(c)
| | 3,109,357 | | 9,452,445 |
Hillenbrand, Inc.(c)
| | 78,349 | | 2,582,383 |
HNI Corp.
| | 63,462 | | 3,417,429 |
Hub Group, Inc., Class A
| | 104,419 | | 4,921,268 |
Insteel Industries, Inc.
| | 19,840 | | 682,496 |
Interface, Inc.
| | 91,997 | | 1,736,903 |
JetBlue Airways Corp.(b)(c)
| | 1,883,776 | | 9,569,582 |
John Bean Technologies Corp.(c)
| | 18,455 | | 1,657,997 |
Kelly Services, Inc., Class A
| | 236,421 | | 4,990,847 |
Kennametal, Inc.(c)
| | 94,765 | | 2,451,571 |
Korn Ferry
| | 45,337 | | 3,311,868 |
Lindsay Corp.
| | 5,863 | | 727,305 |
Liquidity Services, Inc.(b)(c)
| | 18,052 | | 392,992 |
Marten Transport Ltd.
| | 66,965 | | 1,168,539 |
MasterBrand, Inc.(b)
| | 185,743 | | 2,979,318 |
Matson, Inc.
| | 28,279 | | 3,910,986 |
Matthews International Corp., Class A
| | 75,918 | | 1,923,003 |
Mercury Systems, Inc.(b)(c)
| | 31,389 | | 1,189,643 |
MillerKnoll, Inc.
| | 159,805 | | 4,706,257 |
Moog, Inc., Class A
| | 23,869 | | 4,711,741 |
Mueller Industries, Inc.
| | 64,864 | | 4,716,261 |
MYR Group, Inc.(b)
| | 28,332 | | 2,855,866 |
National Presto Industries, Inc.
| | 4,862 | | 380,646 |
NV5 Global, Inc.(b)
| | 10,604 | | 1,019,363 |
OPENLANE, Inc.(b)
| | 108,038 | | 1,872,299 |
Pitney Bowes, Inc.
| | 727,435 | | 5,142,965 |
Powell Industries, Inc.(c)
| | 5,517 | | 923,767 |
Proto Labs, Inc.(b)
| | 17,776 | | 543,590 |
Quanex Building Products Corp.(c)
| | 41,062 | | 1,134,543 |
Resideo Technologies, Inc.(b)(c)
| | 342,005 | | 6,894,821 |
Robert Half, Inc.
| | 102,557 | | 6,427,247 |
Rush Enterprises, Inc., Class A(c)
| | 202,002 | | 10,645,505 |
RXO, Inc.(b)(c)
| | 206,488 | | 5,876,649 |
SkyWest, Inc.(b)
| | 42,895 | | 3,326,078 |
SPX Technologies, Inc.(b)(c)
| | 14,338 | | 2,339,101 |
Standex International Corp.
| | 4,785 | �� | 854,840 |
Sun Country Airlines Holdings, Inc.(b)(c)
| | 115,991 | | 1,273,581 |
Sunrun, Inc.(b)(c)
| | 175,145 | | 3,593,975 |
Tennant Co.
| | 13,908 | | 1,358,394 |
Titan International, Inc.(b)(c)
| | 262,434 | | 2,186,075 |
Trinity Industries, Inc.
| | 121,111 | | 3,997,874 |
Triumph Group, Inc.(b)(c)
| | 101,214 | | 1,409,911 |
UniFirst Corp.
| | 16,560 | | 3,141,266 |
Verra Mobility Corp., Class A(b)(c)
| | 35,003 | | 966,433 |
Vestis Corp.
| | 263,400 | | 3,706,038 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Industrials-(continued) |
Viad Corp.(b)
| | 39,044 | | $ 1,343,504 |
Vicor Corp.(b)(c)
| | 12,326 | | 474,551 |
Wabash National Corp.(c)
| | 128,540 | | 2,501,388 |
Werner Enterprises, Inc.(c)
| | 96,778 | | 3,576,915 |
| | | | | 267,682,951 |
| Information Technology-7.77% |
A10 Networks, Inc.
| | 20,083 | | 276,543 |
ACI Worldwide, Inc.(b)
| | 44,289 | | 2,230,394 |
Adeia, Inc.
| | 34,780 | | 438,228 |
Advanced Energy Industries, Inc.
| | 15,642 | | 1,659,460 |
Agilysys, Inc.(b)
| | 2,800 | | 316,680 |
Alarm.com Holdings, Inc.(b)(c)
| | 15,512 | | 923,584 |
Alpha & Omega Semiconductor Ltd.(b)
| | 23,402 | | 978,438 |
Arlo Technologies, Inc.(b)(c)
| | 42,179 | | 495,181 |
Axcelis Technologies, Inc.(b)
| | 8,715 | | 952,811 |
Badger Meter, Inc.
| | 4,255 | | 880,530 |
Benchmark Electronics, Inc.
| | 76,556 | | 3,254,396 |
BlackLine, Inc.(b)(c)
| | 14,329 | | 710,002 |
Box, Inc., Class A(b)(c)
| | 43,228 | | 1,409,233 |
Calix, Inc.(b)(c)
| | 30,634 | | 1,140,810 |
CEVA, Inc.(b)(c)
| | 5,116 | | 122,477 |
Cohu, Inc.(b)
| | 19,297 | | 519,282 |
Corsair Gaming, Inc.(b)(c)
| | 142,069 | | 990,221 |
CTS Corp.(c)
| | 11,268 | | 554,949 |
Digi International, Inc.(b)(c)
| | 21,029 | | 619,514 |
DigitalOcean Holdings, Inc.(b)(c)
| | 21,802 | | 816,049 |
Diodes, Inc.(b)(c)
| | 22,403 | | 1,561,265 |
DoubleVerify Holdings, Inc.(b)
| | 33,855 | | 666,944 |
DXC Technology Co.(b)
| | 828,018 | | 17,115,132 |
Envestnet, Inc.(b)
| | 22,739 | | 1,426,872 |
ePlus, Inc.(b)
| | 33,109 | | 3,177,140 |
Extreme Networks, Inc.(b)
| | 107,853 | | 1,698,685 |
Fabrinet (Thailand)(b)
| | 12,642 | | 3,080,223 |
FormFactor, Inc.(b)(c)
| | 12,392 | | 604,358 |
Harmonic, Inc.(b)
| | 54,482 | | 787,265 |
Ichor Holdings Ltd.(b)
| | 22,650 | | 702,150 |
Insight Enterprises, Inc.(b)(c)
| | 50,569 | | 10,977,013 |
InterDigital, Inc.(c)
| | 5,621 | | 778,846 |
Itron, Inc.(b)
| | 23,615 | | 2,413,925 |
Knowles Corp.(b)
| | 46,563 | | 859,087 |
Kulicke & Soffa Industries, Inc. (Singapore)(c)
| | 17,325 | | 759,008 |
LiveRamp Holdings, Inc.(b)(c)
| | 24,230 | | 628,042 |
Marathon Digital Holdings, Inc.(b)(c)
| | 27,622 | | 461,287 |
MaxLinear, Inc.(b)
| | 31,884 | | 483,999 |
N-able, Inc.(b)
| | 33,175 | | 426,631 |
NCR Voyix Corp.(b)(c)
| | 321,992 | | 4,343,672 |
NetScout Systems, Inc.(b)
| | 50,376 | | 1,082,076 |
OSI Systems, Inc.(b)
| | 11,701 | | 1,753,629 |
PC Connection, Inc.
| | 47,230 | | 3,451,568 |
PDF Solutions, Inc.(b)
| | 5,294 | | 167,026 |
Perficient, Inc.(b)
| | 12,847 | | 965,709 |
Photronics, Inc.(b)
| | 38,586 | | 997,834 |
Plexus Corp.(b)
| | 42,396 | | 5,431,352 |
Progress Software Corp.
| | 15,466 | | 899,348 |
Rogers Corp.(b)
| | 7,894 | | 846,710 |
Sanmina Corp.(b)
| | 130,462 | | 9,051,454 |
ScanSource, Inc.(b)
| | 84,928 | | 4,326,232 |
Semtech Corp.(b)
| | 30,418 | | 1,332,917 |
| | Shares | | Value |
| Information Technology-(continued) |
SiTime Corp.(b)
| | 1,199 | | $ 173,447 |
SMART Global Holdings, Inc.(b)(c)
| | 60,392 | | 1,251,322 |
SolarEdge Technologies, Inc.(b)(c)
| | 60,166 | | 1,463,839 |
Sprinklr, Inc., Class A(b)(c)
| | 91,869 | | 824,065 |
SPS Commerce, Inc.(b)
| | 3,266 | | 652,351 |
TTM Technologies, Inc.(b)
| | 136,505 | | 2,655,022 |
Ultra Clean Holdings, Inc.(b)(c)
| | 39,679 | | 1,495,898 |
Veeco Instruments, Inc.(b)(c)
| | 16,061 | | 570,005 |
Viasat, Inc.(b)(c)
| | 345,879 | | 5,430,300 |
Viavi Solutions, Inc.(b)(c)
| | 146,210 | | 1,258,868 |
Xerox Holdings Corp.(c)
| | 528,754 | | 5,990,783 |
| | | | | 124,312,081 |
| Materials-5.16% |
AdvanSix, Inc.
| | 68,774 | | 2,032,959 |
Alpha Metallurgical Resources, Inc.
| | 12,576 | | 3,007,550 |
Arch Resources, Inc.
| | 20,460 | | 2,791,358 |
ATI, Inc.(b)(c)
| | 84,890 | | 5,422,773 |
Balchem Corp.
| | 6,616 | | 1,171,231 |
Carpenter Technology Corp.
| | 30,228 | | 4,376,108 |
Century Aluminum Co.(b)(c)
| | 149,304 | | 2,144,005 |
Clearwater Paper Corp.(b)
| | 43,393 | | 1,443,685 |
Compass Minerals International, Inc.(c)
| | 106,820 | | 943,221 |
H.B. Fuller Co.
| | 49,018 | | 4,198,882 |
Hawkins, Inc.(c)
| | 11,389 | | 1,442,645 |
Haynes International, Inc.
| | 11,140 | | 669,960 |
Ingevity Corp.(b)(c)
| | 39,150 | | 1,547,600 |
Innospec, Inc.
| | 16,920 | | 1,950,199 |
Kaiser Aluminum Corp.
| | 36,629 | | 2,730,692 |
Koppers Holdings, Inc.
| | 58,575 | | 2,318,399 |
Materion Corp.
| | 15,909 | | 1,846,080 |
Mativ Holdings, Inc., Class A(c)
| | 140,921 | | 2,671,862 |
Mercer International, Inc. (Germany)(c)
| | 257,762 | | 1,546,572 |
Metallus, Inc.(b)(c)
| | 70,193 | | 1,141,338 |
Minerals Technologies, Inc.
| | 28,055 | | 2,163,041 |
Myers Industries, Inc.
| | 58,418 | | 893,211 |
O-I Glass, Inc.(b)(c)
| | 631,760 | | 8,017,034 |
Olympic Steel, Inc.
| | 49,143 | | 1,970,634 |
Quaker Chemical Corp.(c)
| | 12,117 | | 2,051,045 |
Sealed Air Corp.
| | 161,654 | | 5,649,807 |
Sensient Technologies Corp.
| | 20,930 | | 1,629,191 |
Stepan Co.
| | 28,376 | | 2,202,829 |
SunCoke Energy, Inc.
| | 234,347 | | 2,099,749 |
Sylvamo Corp.
| | 57,442 | | 4,543,088 |
Warrior Met Coal, Inc.
| | 27,969 | | 1,714,779 |
Worthington Steel, Inc.
| | 120,855 | | 4,278,267 |
| | | | | 82,609,794 |
| Real Estate-3.28% |
Acadia Realty Trust(c)
| | 22,501 | | 506,498 |
Alexander & Baldwin, Inc.(c)
| | 14,265 | | 282,304 |
American Assets Trust, Inc.
| | 21,987 | | 599,146 |
Apple Hospitality REIT, Inc.
| | 101,096 | | 1,459,826 |
Armada Hoffler Properties, Inc.
| | 69,605 | | 856,838 |
Brandywine Realty Trust(c)
| | 119,802 | | 626,564 |
CareTrust REIT, Inc.
| | 9,811 | | 293,153 |
Centerspace(c)
| | 4,250 | | 317,900 |
Community Healthcare Trust, Inc.
| | 5,266 | | 98,632 |
Cushman & Wakefield PLC(b)
| | 974,128 | | 12,663,664 |
DiamondRock Hospitality Co.(c)
| | 142,034 | | 1,248,479 |
Douglas Emmett, Inc.(c)
| | 81,657 | | 1,306,512 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Real Estate-(continued) |
Easterly Government Properties, Inc.(c)
| | 25,437 | | $ 333,733 |
Elme Communities
| | 15,887 | | 280,564 |
Essential Properties Realty Trust, Inc.(c)
| | 14,756 | | 470,864 |
eXp World Holdings, Inc.(c)
| | 444,062 | | 5,222,169 |
Four Corners Property Trust, Inc.(c)
| | 11,303 | | 320,440 |
Getty Realty Corp.(c)
| | 7,677 | | 243,975 |
Global Net Lease, Inc.(c)
| | 93,190 | | 803,298 |
Highwoods Properties, Inc.
| | 34,859 | | 1,123,157 |
Hudson Pacific Properties, Inc.(c)
| | 197,358 | | 1,016,394 |
Innovative Industrial Properties, Inc.(c)
| | 3,108 | | 386,262 |
JBG SMITH Properties, (Acquired 03/17/2023 - 08/05/2024; Cost $625,764)(c)(d)
| | 43,491 | | 756,743 |
Kennedy-Wilson Holdings, Inc.(c)
| | 62,164 | | 691,264 |
LTC Properties, Inc.
| | 6,372 | | 234,044 |
LXP Industrial Trust
| | 41,630 | | 431,287 |
Macerich Co. (The)
| | 65,089 | | 1,039,471 |
Marcus & Millichap, Inc.(c)
| | 21,622 | | 857,745 |
Medical Properties Trust, Inc.(c)
| | 175,255 | | 788,648 |
NexPoint Residential Trust, Inc.(c)
| | 7,971 | | 377,028 |
Outfront Media, Inc.
| | 144,705 | | 2,467,220 |
Pebblebrook Hotel Trust(c)
| | 110,236 | | 1,466,139 |
Phillips Edison & Co., Inc.
| | 20,788 | | 768,325 |
Retail Opportunity Investments Corp.(c)
| | 29,063 | | 444,373 |
Safehold, Inc.(c)
| | 21,307 | | 533,953 |
Saul Centers, Inc.(c)
| | 7,637 | | 311,742 |
Service Properties Trust(c)
| | 408,978 | | 1,918,107 |
SITE Centers Corp.
| | 9,130 | | 550,996 |
SL Green Realty Corp.
| | 15,891 | | 1,058,976 |
St. Joe Co. (The)
| | 8,017 | | 475,969 |
Summit Hotel Properties, Inc.
| | 136,879 | | 929,408 |
Sunstone Hotel Investors, Inc.
| | 103,349 | | 1,077,930 |
Tanger, Inc.
| | 18,968 | | 577,386 |
Uniti Group, Inc.(c)
| | 473,700 | | 2,065,332 |
Universal Health Realty Income Trust
| | 2,705 | | 121,455 |
Urban Edge Properties
| | 25,533 | | 540,023 |
Veris Residential, Inc.
| | 19,907 | | 349,169 |
Whitestone REIT
| | 11,972 | | 160,664 |
Xenia Hotels & Resorts, Inc.(c)
| | 77,068 | | 1,097,448 |
| | | | | 52,551,217 |
| Utilities-0.76% |
American States Water Co.
| | 8,681 | | 706,807 |
| | Shares | | Value |
| Utilities-(continued) |
Avista Corp.
| | 60,489 | | $ 2,337,295 |
California Water Service Group
| | 21,052 | | 1,164,807 |
Chesapeake Utilities Corp.(c)
| | 7,095 | | 840,190 |
Clearway Energy, Inc., Class A
| | 33,061 | | 888,349 |
Clearway Energy, Inc., Class C
| | 30,136 | | 872,739 |
MGE Energy, Inc.
| | 9,356 | | 811,212 |
Middlesex Water Co.
| | 3,528 | | 222,299 |
Northwest Natural Holding Co.
| | 35,368 | | 1,422,501 |
Otter Tail Corp.(c)
| | 16,870 | | 1,426,358 |
SJW Group
| | 14,073 | | 830,166 |
Unitil Corp.
| | 11,186 | | 674,516 |
| | | | | 12,197,239 |
Total Common Stocks & Other Equity Interests
(Cost $1,344,032,120)
| | 1,598,867,896 |
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(g)(h)
(Cost $719,245)
| | 719,245 | | 719,245 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $1,344,751,365)
| | 1,599,587,141 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-23.59% |
Invesco Private Government Fund, 5.28%(g)(h)(i)
| | 103,441,240 | | 103,441,240 |
Invesco Private Prime Fund, 5.46%(g)(h)(i)
| | 273,964,190 | | 274,073,776 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $377,490,360)
| | 377,515,016 |
TOTAL INVESTMENTS IN SECURITIES-123.52%
(Cost $1,722,241,725)
| | 1,977,102,157 |
OTHER ASSETS LESS LIABILITIES-(23.52)%
| | (376,458,552) |
NET ASSETS-100.00%
| | $1,600,643,605 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Rts. | -Rights |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)
August 31, 2024
| 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, 2024. |
| (d) | Restricted security. The aggregate value of these securities at August 31, 2024 was $5,160,206, which represented less than 1% of the Fund’s Net Assets. |
| (e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (f) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| (g) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Mortgage Capital, Inc. | $- | | $102,504 | | $(85,584) | | $- | | $(16,920) | | $- | | $3,670 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | 171,572 | | 45,326,581 | | (44,778,908) | | - | | - | | 719,245 | | 36,852 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 93,020,521 | | 576,052,600 | | (565,631,881) | | - | | - | | 103,441,240 | | 5,501,153* |
| Invesco Private Prime Fund | 242,598,879 | | 1,196,404,076 | | (1,165,021,019) | | 24,571 | | 67,269 | | 274,073,776 | | 14,777,606* |
| Total | $335,790,972 | | $1,817,885,761 | | $(1,775,517,392) | | $24,571 | | $50,349 | | $378,234,261 | | $20,319,281 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (h) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (i) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.57% |
| Communication Services-2.02% |
Interpublic Group of Cos., Inc. (The)
| | 510,238 | | $ 16,638,861 |
| Consumer Discretionary-14.07% |
Best Buy Co., Inc.
| | 445,823 | | 44,760,629 |
Carter’s, Inc.
| | 68,196 | | 4,494,117 |
Ford Motor Co.
| | 2,861,173 | | 32,016,526 |
Hasbro, Inc.
| | 111,232 | | 7,581,573 |
Nordstrom, Inc.
| | 977,195 | | 21,830,536 |
Travel + Leisure Co.
| | 118,070 | | 5,225,778 |
| | | | | 115,909,159 |
| Consumer Staples-12.17% |
Conagra Brands, Inc.
| | 560,468 | | 17,486,601 |
Kraft Heinz Co. (The)
| | 1,116,135 | | 39,544,663 |
Philip Morris International, Inc.
| | 350,975 | | 43,271,708 |
| | | | | 100,302,972 |
| Energy-2.01% |
DT Midstream, Inc.(b)
| | 17,519 | | 1,376,818 |
Williams Cos., Inc. (The)
| | 331,937 | | 15,192,757 |
| | | | | 16,569,575 |
| Financials-28.11% |
Citizens Financial Group, Inc.
| | 411,065 | | 17,696,348 |
Fifth Third Bancorp
| | 448,612 | | 19,151,246 |
First Horizon Corp.
| | 428,603 | | 7,110,524 |
Franklin Resources, Inc.
| | 493,566 | | 9,989,776 |
Huntington Bancshares, Inc.
| | 1,062,051 | | 15,898,903 |
Invesco Ltd.(c)
| | 483,820 | | 8,268,484 |
Janus Henderson Group PLC(b)
| | 86,287 | | 3,245,254 |
PNC Financial Services Group, Inc. (The)
| | 220,474 | | 40,807,533 |
Prudential Financial, Inc.
| | 317,000 | | 38,407,720 |
Regions Financial Corp.
| | 581,635 | | 13,621,892 |
T. Rowe Price Group, Inc.
| | 81,026 | | 8,591,997 |
U.S. Bancorp
| | 873,622 | | 41,261,167 |
United Bankshares, Inc.(b)
| | 57,995 | | 2,254,266 |
Valley National Bancorp(b)
| | 615,723 | | 5,344,476 |
| | | | | 231,649,586 |
| Health Care-7.98% |
Bristol-Myers Squibb Co.
| | 875,779 | | 43,745,161 |
Viatris, Inc.
| | 1,818,225 | | 21,964,158 |
| | | | | 65,709,319 |
| Materials-8.17% |
Amcor PLC
| | 1,898,247 | | 21,715,945 |
LyondellBasell Industries N.V., Class A
| | 410,504 | | 40,516,745 |
Scotts Miracle-Gro Co. (The)(b)
| | 71,466 | | 5,072,657 |
| | | | | 67,305,347 |
| Real Estate-5.84% |
Agree Realty Corp.
| | 11,468 | | 837,279 |
Brixmor Property Group, Inc.(b)
| | 72,069 | | 1,973,970 |
COPT Defense Properties(b)
| | 36,249 | | 1,079,858 |
| | Shares | | Value |
| Real Estate-(continued) |
CubeSmart(b)
| | 31,118 | | $ 1,612,846 |
Equity Residential
| | 57,152 | | 4,279,542 |
Extra Space Storage, Inc.
| | 24,508 | | 4,337,916 |
Federal Realty Investment Trust
| | 14,897 | | 1,713,155 |
Kimco Realty Corp.
| | 123,465 | | 2,871,796 |
Kite Realty Group Trust(b)
| | 48,687 | | 1,269,757 |
Lamar Advertising Co., Class A
| | 25,135 | | 3,161,480 |
Mid-America Apartment Communities, Inc.
| | 20,942 | | 3,400,352 |
Park Hotels & Resorts, Inc.(b)
| | 258,254 | | 3,946,121 |
Public Storage
| | 21,525 | | 7,398,573 |
Regency Centers Corp.
| | 29,396 | | 2,136,795 |
UDR, Inc.
| | 54,940 | | 2,445,379 |
VICI Properties, Inc.(b)
| | 169,437 | | 5,672,751 |
| | | | | 48,137,570 |
| Utilities-19.20% |
ALLETE, Inc.
| | 37,034 | | 2,353,511 |
American Electric Power Co., Inc.
| | 286,965 | | 28,776,850 |
Black Hills Corp.
| | 50,796 | | 3,003,059 |
Duke Energy Corp.
| | 360,146 | | 41,038,637 |
Entergy Corp.
| | 148,501 | | 17,922,586 |
Evergy, Inc.
| | 137,062 | | 8,105,847 |
Eversource Energy
| | 252,233 | | 17,033,294 |
FirstEnergy Corp.
| | 444,112 | | 19,505,399 |
NorthWestern Energy Group, Inc.
| | 38,041 | | 2,069,050 |
OGE Energy Corp.(b)
| | 99,834 | | 3,949,433 |
Pinnacle West Capital Corp.(b)
| | 78,198 | | 6,843,889 |
Portland General Electric Co.
| | 83,425 | | 4,013,577 |
Spire, Inc.
| | 54,452 | | 3,592,198 |
| | | | | 158,207,330 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.57%
(Cost $720,311,186)
| | 820,429,719 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-3.16% |
Invesco Private Government Fund, 5.28%(c)(d)(e)
| | 7,109,402 | | 7,109,402 |
Invesco Private Prime Fund, 5.46%(c)(d)(e)
| | 18,919,390 | | 18,926,958 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $26,036,042)
| | 26,036,360 |
TOTAL INVESTMENTS IN SECURITIES-102.73%
(Cost $746,347,228)
| | 846,466,079 |
OTHER ASSETS LESS LIABILITIES-(2.73)%
| | (22,526,583) |
NET ASSETS-100.00%
| | $823,939,496 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P Ultra Dividend Revenue ETF (RDIV)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Ltd. | $6,066,969 | | $5,518,099 | | $(4,440,173) | | $937,777 | | $185,812 | | $8,268,484 | | $387,308 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 29,641,193 | | (29,641,193) | | - | | - | | - | | 23,719 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 10,872,441 | | 222,453,342 | | (226,216,381) | | - | | - | | 7,109,402 | | 601,044* |
| Invesco Private Prime Fund | 27,957,710 | | 426,097,523 | | (435,140,927) | | 439 | | 12,213 | | 18,926,958 | | 1,598,078* |
| Total | $44,897,120 | | $683,710,157 | | $(695,438,674) | | $938,216 | | $198,025 | | $34,304,844 | | $2,610,149 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (d) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco S&P 500
Revenue ETF (RWL) | | Invesco S&P
MidCap 400
Revenue
ETF (RWK) | | Invesco S&P
SmallCap 600
Revenue ETF (RWJ) | | Invesco S&P
Ultra Dividend
Revenue ETF (RDIV) |
| Assets: | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $3,680,259,498 | | $878,843,413 | | $1,598,867,896 | | $812,161,235 |
Affiliated investments in securities, at value
| 131,876,557 | | 102,527,011 | | 378,234,261 | | 34,304,844 |
Cash
| - | | 6,259 | | 850 | | - |
| Receivable for: | | | | | | | |
Dividends and interest
| 7,299,926 | | 841,490 | | 1,453,109 | | 4,157,495 |
Securities lending
| 5,661 | | 10,355 | | 91,824 | | 2,207 |
Investments sold
| - | | 5,777,528 | | - | | - |
Fund shares sold
| 4,870,999 | | - | | - | | - |
Foreign tax reclaims
| 15,405 | | - | | - | | - |
Total assets
| 3,824,328,046 | | 988,006,056 | | 1,978,647,940 | | 850,625,781 |
| Liabilities: | | | | | | | |
Due to custodian
| 2,795,384 | | - | | - | | 387,079 |
| Payable for: | | | | | | | |
Investments purchased
| 4,866,736 | | - | | - | | - |
Collateral upon return of securities loaned
| 130,489,743 | | 102,392,140 | | 377,490,360 | | 26,036,042 |
Fund shares repurchased
| - | | 5,785,463 | | - | | - |
Accrued unitary management fees
| 1,162,822 | | 279,200 | | 513,975 | | 263,164 |
Total liabilities
| 139,314,685 | | 108,456,803 | | 378,004,335 | | 26,686,285 |
Net Assets
| $3,685,013,361 | | $879,549,253 | | $1,600,643,605 | | $823,939,496 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $3,178,840,885 | | $825,652,503 | | $1,603,440,632 | | $1,317,334,734 |
Distributable earnings (loss)
| 506,172,476 | | 53,896,750 | | (2,797,027) | | (493,395,238) |
Net Assets
| $3,685,013,361 | | $879,549,253 | | $1,600,643,605 | | $823,939,496 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 37,826,400 | | 7,601,400 | | 35,864,200 | | 16,460,000 |
Net asset value
| $97.42 | | $115.71 | | $44.63 | | $50.06 |
Market price
| $97.39 | | $115.76 | | $44.61 | | $50.05 |
Unaffiliated investments in securities, at cost
| $3,000,668,421 | | $745,456,641 | | $1,344,032,120 | | $713,205,704 |
Affiliated investments in securities, at cost
| $131,830,006 | | $102,520,818 | | $378,209,605 | | $33,141,524 |
(a)Includes securities on loan with an aggregate value of:
| $128,285,041 | | $100,358,036 | | $367,476,075 | | $25,634,972 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco S&P 500
Revenue ETF (RWL) | | Invesco S&P
MidCap 400
Revenue
ETF (RWK) | | Invesco S&P
SmallCap 600
Revenue ETF (RWJ) | | Invesco S&P
Ultra Dividend
Revenue ETF (RDIV) |
| Investment income: | | | | | | | |
Unaffiliated dividend income
| $55,926,183 | | $10,611,765 | | $23,752,505 | | $33,289,580 |
Affiliated dividend income
| 100,388 | | 15,545 | | 40,522 | | 411,027 |
Securities lending income, net
| 97,039 | | 156,563 | | 1,043,897 | | 63,908 |
Foreign withholding tax
| (17,118) | | (899) | | (8,401) | | - |
Total investment income
| 56,106,492 | | 10,782,974 | | 24,828,523 | | 33,764,515 |
| Expenses: | | | | | | | |
Unitary management fees
| 10,677,368 | | 2,657,222 | | 5,586,064 | | 2,880,167 |
Less: Waivers
| (929) | | (275) | | (683) | | (476) |
Net expenses
| 10,676,439 | | 2,656,947 | | 5,585,381 | | 2,879,691 |
Net investment income
| 45,430,053 | | 8,126,027 | | 19,243,142 | | 30,884,824 |
| Realized and unrealized gain (loss) from: | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
Unaffiliated investment securities
| (36,774,760) | | (13,916,321) | | (25,968,044) | | (48,142,647) |
Affiliated investment securities
| 14,225 | | 24,565 | | 50,294 | | 80,430 |
Unaffiliated in-kind redemptions
| 177,873,926 | | 51,026,844 | | 64,536,093 | | 50,805,629 |
Affiliated in-kind redemptions
| 2,459 | | - | | 55 | | 117,595 |
Net realized gain
| 141,115,850 | | 37,135,088 | | 38,618,398 | | 2,861,007 |
| Change in net unrealized appreciation of: | | | | | | | |
Unaffiliated investment securities
| 396,311,394 | | 80,187,965 | | 170,792,990 | | 171,058,463 |
Affiliated investment securities
| 120,146 | | 7,839 | | 24,571 | | 938,216 |
Change in net unrealized appreciation
| 396,431,540 | | 80,195,804 | | 170,817,561 | | 171,996,679 |
Net realized and unrealized gain
| 537,547,390 | | 117,330,892 | | 209,435,959 | | 174,857,686 |
Net increase in net assets resulting from operations
| $582,977,443 | | $125,456,919 | | $228,679,101 | | $205,742,510 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco S&P 500
Revenue ETF (RWL) | | Invesco S&P
MidCap 400
Revenue ETF (RWK) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $45,430,053 | | $30,039,910 | | $8,126,027 | | $4,863,319 |
Net realized gain (loss)
| 141,115,850 | | (439,890) | | 37,135,088 | | 3,613,026 |
Change in net unrealized appreciation (depreciation)
| 396,431,540 | | 150,838,972 | | 80,195,804 | | 58,101,476 |
Net increase (decrease) in net assets resulting from operations
| 582,977,443 | | 180,438,992 | | 125,456,919 | | 66,577,821 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (41,741,640) | | (27,786,570) | | (7,586,056) | | (4,917,719) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 1,445,780,835 | | 539,755,341 | | 356,455,975 | | 164,996,491 |
Value of shares repurchased
| (338,952,437) | | (110,311,229) | | (117,000,943) | | (64,867,240) |
Net increase (decrease) in net assets resulting from share transactions
| 1,106,828,398 | | 429,444,112 | | 239,455,032 | | 100,129,251 |
Net increase (decrease) in net assets
| 1,648,064,201 | | 582,096,534 | | 357,325,895 | | 161,789,353 |
| Net assets: | | | | | | | |
Beginning of period
| 2,036,949,160 | | 1,454,852,626 | | 522,223,358 | | 360,434,005 |
End of period
| $3,685,013,361 | | $2,036,949,160 | | $879,549,253 | | $522,223,358 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 16,375,000 | | 7,025,000 | | 3,390,000 | | 1,790,000 |
Shares repurchased
| (3,825,000) | | (1,450,000) | | (1,100,000) | | (770,000) |
Shares outstanding, beginning of period
| 25,276,400 | | 19,701,400 | | 5,311,400 | | 4,291,400 |
Shares outstanding, end of period
| 37,826,400 | | 25,276,400 | | 7,601,400 | | 5,311,400 |
| (a) | Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P
SmallCap 600
Revenue ETF (RWJ) | | Invesco S&P
Ultra Dividend
Revenue ETF (RDIV) |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| $19,243,142 | | $15,282,086 | | $30,884,824 | | $34,430,738 |
| 38,618,398 | | (69,010,180) | | 2,861,007 | | 18,973,839 |
| 170,817,561 | | 125,599,113 | | 171,996,679 | | (73,455,639) |
| 228,679,101 | | 71,871,019 | | 205,742,510 | | (20,051,062) |
| | | | | | | |
| (19,739,108) | | (14,018,588) | | (31,995,434) | | (34,290,905) |
| | | | | | | |
| 208,998,112 | | 543,347,453 | | 368,868,046 | | 736,508,673 |
| (187,152,151) | | (63,687,019) | | (461,816,274) | | (741,643,571) |
| 21,845,961 | | 479,660,434 | | (92,948,228) | | (5,134,898) |
| 230,785,954 | | 537,512,865 | | 80,798,848 | | (59,476,865) |
| | | | | | | |
| 1,369,857,651 | | 832,344,786 | | 743,140,648 | | 802,617,513 |
| $1,600,643,605 | | $1,369,857,651 | | $823,939,496 | | $743,140,648 |
| | | | | | | |
| 5,210,000 | | 14,300,000(a) | | 8,120,000 | | 16,740,000 |
| (4,650,000) | | (1,770,000)(a) | | (10,380,000) | | (17,220,000) |
| 35,304,200 | | 22,774,200(a) | | 18,720,000 | | 19,200,000 |
| 35,864,200 | | 35,304,200(a) | | 16,460,000 | | 18,720,000 |
Invesco S&P 500 Revenue ETF (RWL)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $80.59 | | $73.85 | | $75.74 | | $56.06 | | $52.61 |
Net investment income(a)
| 1.46 | | 1.34 | | 1.22 | | 1.06 | | 1.08 |
Net realized and unrealized gain (loss) on investments
| 16.76 | | 6.66 | | (1.96) | | 19.68 | | 3.53 |
Total from investment operations
| 18.22 | | 8.00 | | (0.74) | | 20.74 | | 4.61 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.39) | | (1.26) | | (1.15) | | (1.06) | | (1.16) |
Net asset value at end of period
| $97.42 | | $80.59 | | $73.85 | | $75.74 | | $56.06 |
Market price at end of period(b)
| $97.39 | | $80.60 | | $73.92 | | $75.74 | | $56.16 |
Net Asset Value Total Return(c)
| 22.81% | | 10.99% | | (0.97)% | | 37.38% | | 9.09% |
Market Price Total Return(c)
| 22.75% | | 10.91% | | (0.89)% | | 37.13% | | 9.26% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $3,685,013 | | $2,036,949 | | $1,454,853 | | $1,049,098 | | $782,083 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.39% | | 0.39% | | 0.39% | | 0.39% | | 0.39% |
Net investment income
| 1.66% | | 1.76% | | 1.60% | | 1.60% | | 2.01% |
Portfolio turnover rate(d)
| 15% | | 20% | | 17% | | 17% | | 14% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
Invesco S&P MidCap 400 Revenue ETF (RWK)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $98.32 | | $83.99 | | $91.13 | | $56.56 | | $56.44 |
Net investment income(a)
| 1.26 | | 1.05 | | 1.03 | | 0.69 | | 0.74 |
Net realized and unrealized gain (loss) on investments
| 17.32 | | 14.34 | | (7.18) | | 34.51 | | 0.21 |
Total from investment operations
| 18.58 | | 15.39 | | (6.15) | | 35.20 | | 0.95 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.19) | | (1.06) | | (0.99) | | (0.63) | | (0.83) |
Net asset value at end of period
| $115.71 | | $98.32 | | $83.99 | | $91.13 | | $56.56 |
Market price at end of period(b)
| $115.76 | | $98.36 | | $84.06 | | $91.10 | | $56.62 |
Net Asset Value Total Return(c)
| 19.00% | | 18.51% | | (6.75)% | | 62.54% | | 1.89% |
Market Price Total Return(c)
| 19.00% | | 18.46% | | (6.66)% | | 62.32% | | 2.03% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $879,549 | | $522,223 | | $360,434 | | $393,817 | | $209,365 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.39% | | 0.39% | | 0.39% | | 0.39% | | 0.39% |
Net investment income
| 1.19% | | 1.17% | | 1.16% | | 0.88% | | 1.30% |
Portfolio turnover rate(d)
| 30% | | 37% | | 31% | | 34% | | 33% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
| | Years Ended August 31, |
| | 2024 | | 2023(a) | | 2022(a) | | 2021(a) | | 2020(a) |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $38.80 | | $36.55 | | $39.47 | | $21.05 | | $19.57 |
Net investment income(b)
| 0.54 | | 0.52 | | 0.33 | | 0.22 | | 0.30 |
Net realized and unrealized gain (loss) on investments
| 5.84 | | 2.21 | | (2.95) | | 18.39 | | 1.52 |
Total from investment operations
| 6.38 | | 2.73 | | (2.62) | | 18.61 | | 1.82 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.55) | | (0.48) | | (0.30) | | (0.19) | | (0.34) |
Net asset value at end of period
| $44.63 | | $38.80 | | $36.55 | | $39.47 | | $21.05 |
Market price at end of period(c)
| $44.61 | | $38.81 | | $36.57 | | $39.42 | | $21.06 |
Net Asset Value Total Return(d)
| 16.62% | | 7.58% | | (6.63)% | | 88.75% | | 9.63% |
Market Price Total Return(d)
| 16.51% | | 7.53% | | (6.46)% | | 88.42% | | 9.70% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $1,600,644 | | $1,369,858 | | $832,345 | | $643,110 | | $227,425 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.39% | | 0.39% | | 0.39% | | 0.39% | | 0.39% |
Net investment income
| 1.34% | | 1.39% | | 0.85% | | 0.65% | | 1.50% |
Portfolio turnover rate(e)
| 46% | | 46% | | 41% | | 40% | | 49% |
| (a) | Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
| (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) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period
| $39.70 | | $41.80 | | $41.18 | | $28.58 | | $35.65 |
Net investment income(a)
| 1.79 | | 1.64 | | 1.50 | | 1.23 | | 1.62 |
Net realized and unrealized gain (loss) on investments
| 10.41 | | (2.12) | | 0.51 | | 13.29 | | (7.33) |
Total from investment operations
| 12.20 | | (0.48) | | 2.01 | | 14.52 | | (5.71) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.84) | | (1.62) | | (1.39) | | (1.92) | | (1.36) |
Net asset value at end of period
| $50.06 | | $39.70 | | $41.80 | | $41.18 | | $28.58 |
Market price at end of period(b)
| $50.05 | | $39.71 | | $41.83 | | $41.16 | | $28.63 |
Net Asset Value Total Return(c)
| 31.66% | | (1.17)% | | 5.06% | | 52.38% | | (16.26)% |
Market Price Total Return(c)
| 31.60% | | (1.22)% | | 5.18% | | 52.06% | | (16.17)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000’s omitted)
| $823,939 | | $743,141 | | $802,618 | | $740,071 | | $604,502 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.39% | | 0.39% | | 0.39% | | 0.39% | | 0.39% |
Net investment income
| 4.18% | | 3.94% | | 3.58% | | 3.37% | | 4.77% |
Portfolio turnover rate(d)
| 101% | | 127% | | 110% | | 97% | | 98% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco S&P 500 Revenue ETF (RWL) | | "S&P 500 Revenue ETF" |
| Invesco S&P MidCap 400 Revenue ETF (RWK) | | "S&P MidCap 400 Revenue ETF" |
| Invesco S&P SmallCap 600 Revenue ETF (RWJ) | | "S&P SmallCap 600 Revenue ETF" |
| Invesco S&P Ultra Dividend Revenue ETF (RDIV) | | "S&P Ultra Dividend Revenue ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):
| Fund | | Underlying Index |
| S&P 500 Revenue ETF | | S&P 500® Revenue-Weighted Index |
| S&P MidCap 400 Revenue ETF | | S&P MidCap 400® Revenue-Weighted Index |
| S&P SmallCap 600 Revenue ETF | | S&P SmallCap 600® Revenue-Weighted Index |
| S&P Ultra Dividend Revenue ETF | | S&P 900® Dividend Revenue-Weighted Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations
assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in |
| | the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects
of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| S&P 500 Revenue ETF | $5,416 |
| S&P MidCap 400 Revenue ETF | 11,820 |
| S&P SmallCap 600 Revenue ETF | 76,234 |
| S&P Ultra Dividend Revenue ETF | 4,255 |
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are
unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because S&P Ultra Dividend Revenue ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. S&P Ultra Dividend Revenue ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| S&P 500 Revenue ETF | 0.39% |
| S&P MidCap 400 Revenue ETF | 0.39% |
| S&P SmallCap 600 Revenue ETF | 0.39% |
| S&P Ultra Dividend Revenue ETF | 0.39% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| S&P 500 Revenue ETF | $929 |
| S&P MidCap 400 Revenue ETF | 275 |
| S&P SmallCap 600 Revenue ETF | 683 |
| S&P Ultra Dividend Revenue ETF | 476 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| S&P 500 Revenue ETF | $60,135 |
| S&P MidCap 400 Revenue ETF | 65,490 |
| S&P SmallCap 600 Revenue ETF | 239,935 |
| S&P Ultra Dividend Revenue ETF | 217,058 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the Funds engaged in transactions with affiliates as listed below:
| | Securities Purchases | | Securities Sales | | Net Realized Gains (Losses)* |
| S&P 500 Revenue ETF | $- | | $244,600 | | $(144,099) |
| S&P MidCap 400 Revenue ETF | - | | 11,217,754 | | 2,316,810 |
| S&P SmallCap 600 Revenue ETF | - | | 413,114 | | 100,490 |
| S&P Ultra Dividend Revenue ETF | - | | 372,892 | | (185,913) |
| * | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| S&P 500 Revenue ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $3,681,640,797 | | $- | | $- | | $3,681,640,797 |
| Money Market Funds | - | | 130,495,258 | | - | | 130,495,258 |
| Total Investments | $3,681,640,797 | | $130,495,258 | | $- | | $3,812,136,055 |
| S&P MidCap 400 Revenue ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $878,843,413 | | $- | | $- | | $878,843,413 |
| Money Market Funds | 128,678 | | 102,398,333 | | - | | 102,527,011 |
| Total Investments | $878,972,091 | | $102,398,333 | | $- | | $981,370,424 |
| S&P SmallCap 600 Revenue ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $1,598,867,896 | | $- | | $0 | | $1,598,867,896 |
| Money Market Funds | 719,245 | | 377,515,016 | | - | | 378,234,261 |
| Total Investments | $1,599,587,141 | | $377,515,016 | | $0 | | $1,977,102,157 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| S&P Ultra Dividend Revenue ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $820,429,719 | | $- | | $- | | $820,429,719 |
| Money Market Funds | - | | 26,036,360 | | - | | 26,036,360 |
| Total Investments | $820,429,719 | | $26,036,360 | | $- | | $846,466,079 |
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| S&P 500 Revenue ETF | $41,741,640 | | $27,786,570 |
| S&P MidCap 400 Revenue ETF | 7,586,056 | | 4,917,719 |
| S&P SmallCap 600 Revenue ETF | 19,739,108 | | 14,018,588 |
| S&P Ultra Dividend Revenue ETF | 31,995,434 | | 34,290,905 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| S&P 500 Revenue ETF | $10,361,280 | | $675,971,071 | | $(180,159,875) | | $3,178,840,885 | | $3,685,013,361 |
| S&P MidCap 400 Revenue ETF | 1,236,122 | | 131,634,261 | | (78,973,633) | | 825,652,503 | | 879,549,253 |
| S&P SmallCap 600 Revenue ETF | 2,047,124 | | 243,444,664 | | (248,288,815) | | 1,603,440,632 | | 1,600,643,605 |
| S&P Ultra Dividend Revenue ETF | 4,824,624 | | 99,916,920 | | (598,136,782) | | 1,317,334,734 | | 823,939,496 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| S&P 500 Revenue ETF | $40,605,228 | | $139,554,647 | | $180,159,875 |
| S&P MidCap 400 Revenue ETF | 23,842,183 | | 55,131,450 | | 78,973,633 |
| S&P SmallCap 600 Revenue ETF | 67,994,934 | | 180,293,881 | | 248,288,815 |
| S&P Ultra Dividend Revenue ETF | 454,300,907 | | 143,835,875 | | 598,136,782 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| S&P 500 Revenue ETF | $425,975,210 | | $421,518,313 |
| S&P MidCap 400 Revenue ETF | 205,605,220 | | 206,326,928 |
| S&P SmallCap 600 Revenue ETF | 662,154,724 | | 659,477,565 |
| S&P Ultra Dividend Revenue ETF | 774,276,727 | | 780,794,171 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| S&P 500 Revenue ETF | $1,440,464,288 | | $334,843,799 |
| S&P MidCap 400 Revenue ETF | 355,911,171 | | 115,284,601 |
| S&P SmallCap 600 Revenue ETF | 208,429,379 | | 188,148,697 |
| S&P Ultra Dividend Revenue ETF | 368,391,983 | | 458,392,860 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation | | Cost |
| S&P 500 Revenue ETF | $772,633,216 | | $(96,662,145) | | $675,971,071 | | $3,136,164,984 |
| S&P MidCap 400 Revenue ETF | 162,431,263 | | (30,797,002) | | 131,634,261 | | 849,736,163 |
| S&P SmallCap 600 Revenue ETF | 367,518,479 | | (124,073,815) | | 243,444,664 | | 1,733,657,493 |
| S&P Ultra Dividend Revenue ETF | 104,083,167 | | (4,166,247) | | 99,916,920 | | 746,549,159 |
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| S&P 500 Revenue ETF | $- | | $(176,792,890) | | $176,792,890 |
| S&P MidCap 400 Revenue ETF | - | | (50,698,493) | | 50,698,493 |
| S&P SmallCap 600 Revenue ETF | 1 | | (63,271,298) | | 63,271,297 |
| S&P Ultra Dividend Revenue ETF | - | | (50,144,799) | | 50,144,799 |
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco S&P 500 Revenue ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P MidCap 400 Revenue ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P SmallCap 600 Revenue ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco S&P Ultra Dividend Revenue ETF | 0% | | 96% | | 91% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-RW-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| DWAS | Invesco Dorsey Wright SmallCap Momentum ETF |
| PSCD | Invesco S&P SmallCap Consumer Discretionary ETF |
| PSCC | Invesco S&P SmallCap Consumer Staples ETF |
| PSCE | Invesco S&P SmallCap Energy ETF |
| PSCF | Invesco S&P SmallCap Financials ETF |
| PSCH | Invesco S&P SmallCap Health Care ETF |
| PSCI | Invesco S&P SmallCap Industrials ETF |
| PSCT | Invesco S&P SmallCap Information Technology ETF |
| PSCM | Invesco S&P SmallCap Materials ETF |
| PSCU | Invesco S&P SmallCap Utilities & Communication Services ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 6 |
| 8 |
| 10 |
| 12 |
| 15 |
| 17 |
| 19 |
| 21 |
| 23 |
| 26 |
| 28 |
| 30 |
| 34 |
| 39 |
| 51 |
| 52 |
| 53 |
| 60 |
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-100.01% |
| Communication Services-2.82% |
AST SpaceMobile, Inc.(b)(c)
| | 568,469 | | $ 16,508,340 |
Cars.com, Inc.(b)
| | 168,235 | | 3,001,312 |
Telephone and Data Systems, Inc.
| | 173,058 | | 4,087,630 |
United States Cellular Corp.(b)
| | 64,879 | | 3,608,570 |
| | | | | 27,205,852 |
| Consumer Discretionary-11.18% |
Abercrombie & Fitch Co., Class A(b)
| | 71,141 | | 10,498,277 |
Acushnet Holdings Corp.(c)
| | 51,364 | | 3,440,874 |
American Public Education, Inc.(b)(c)
| | 233,654 | | 3,906,695 |
Arhaus, Inc.(c)
| | 193,011 | | 2,375,965 |
Boot Barn Holdings, Inc.(b)
| | 25,314 | | 3,396,379 |
Brinker International, Inc.(b)
| | 48,297 | | 3,454,201 |
Cava Group, Inc.(b)
| | 35,352 | | 4,031,542 |
Garrett Motion, Inc. (Switzerland)(b)(c)
| | 528,827 | | 4,415,706 |
Green Brick Partners, Inc.(b)
| | 108,881 | | 8,577,645 |
J Jill, Inc.
| | 96,637 | | 3,143,602 |
KB Home
| | 47,476 | | 3,974,216 |
Kontoor Brands, Inc.
| | 50,116 | | 3,751,183 |
M/I Homes, Inc.(b)
| | 26,962 | | 4,296,934 |
Modine Manufacturing Co.(b)(c)
| | 153,524 | | 18,660,842 |
Ollie’s Bargain Outlet Holdings, Inc.(b)
| | 34,412 | | 3,081,939 |
Perdoceo Education Corp.
| | 160,250 | | 3,596,010 |
Rocky Brands, Inc.
| | 87,403 | | 2,817,873 |
Rush Street Interactive, Inc.(b)
| | 342,050 | | 3,205,009 |
Strategic Education, Inc.
| | 30,128 | | 2,907,352 |
Superior Group of Cos., Inc.
| | 170,165 | | 2,463,989 |
Sweetgreen, Inc., Class A(b)(c)
| | 141,229 | | 4,464,249 |
Universal Technical Institute, Inc.(b)
| | 240,272 | | 4,192,746 |
Valvoline, Inc.(b)
| | 78,629 | | 3,318,144 |
| | | | | 107,971,372 |
| Consumer Staples-1.75% |
Freshpet, Inc.(b)(c)
| | 26,052 | | 3,543,072 |
Natural Grocers by Vitamin Cottage, Inc.
| | 158,269 | | 4,213,121 |
Sprouts Farmers Market, Inc.(b)
| | 58,846 | | 6,122,926 |
Vital Farms, Inc.(b)
| | 96,807 | | 3,044,580 |
| | | | | 16,923,699 |
| Energy-6.58% |
Archrock, Inc.
| | 234,029 | | 4,734,407 |
CNX Resources Corp.(b)
| | 137,302 | | 3,799,146 |
Gulfport Energy Corp.(b)
| | 21,490 | | 3,117,339 |
Helix Energy Solutions Group, Inc.(b)
| | 340,014 | | 3,814,957 |
Kinetik Holdings, Inc., Class A(c)
| | 187,067 | | 8,275,844 |
Liberty Energy, Inc., Class A
| | 160,771 | | 3,310,275 |
Newpark Resources, Inc.(b)
| | 430,884 | | 3,546,175 |
Northern Oil and Gas, Inc.(c)
| | 274,629 | | 10,924,742 |
Oceaneering International, Inc.(b)
| | 154,531 | | 4,170,792 |
SEACOR Marine Holdings, Inc.(b)
| | 336,429 | | 3,852,112 |
Tidewater, Inc.(b)(c)
| | 122,501 | | 10,865,839 |
Valaris Ltd.(b)(c)
| | 51,058 | | 3,117,601 |
| | | | | 63,529,229 |
| Financials-12.04% |
BGC Group, Inc., Class A
| | 413,860 | | 4,088,937 |
BrightSphere Investment Group, Inc.
| | 153,259 | | 3,737,987 |
Donnelley Financial Solutions, Inc.(b)
| | 150,437 | | 10,028,130 |
| | Shares | | Value |
| Financials-(continued) |
Enova International, Inc.(b)
| | 58,657 | | $ 5,028,665 |
EZCORP, Inc., Class A(b)(c)
| | 323,270 | | 3,950,359 |
Federal Agricultural Mortgage Corp., Class C
| | 18,966 | | 3,745,216 |
First Bancorp
| | 190,530 | | 4,073,531 |
Jackson Financial, Inc., Class A
| | 47,742 | | 4,295,348 |
LendingTree, Inc.(b)
| | 82,492 | | 4,778,762 |
Merchants Bancorp
| | 84,261 | | 3,863,367 |
MGIC Investment Corp.
| | 158,193 | | 4,022,848 |
MoneyLion, Inc.(b)(c)
| | 115,489 | | 5,360,999 |
Mr. Cooper Group, Inc.(b)
| | 119,520 | | 11,212,171 |
Northeast Bank
| | 71,263 | | 5,060,386 |
OFG Bancorp
| | 102,870 | | 4,730,991 |
Oscar Health, Inc., Class A(b)
| | 475,777 | | 8,706,719 |
Pathward Financial, Inc.
| | 61,502 | | 4,232,568 |
Piper Sandler Cos.
| | 15,951 | | 4,349,838 |
Ryan Specialty Holdings, Inc., Class A
| | 61,878 | | 3,999,175 |
SiriusPoint Ltd. (Sweden)(b)(c)
| | 271,524 | | 4,070,145 |
StoneX Group, Inc.(b)
| | 45,959 | | 3,808,163 |
Victory Capital Holdings, Inc., Class A
| | 101,292 | | 5,527,504 |
WisdomTree, Inc.(c)
| | 349,238 | | 3,541,273 |
| | | | | 116,213,082 |
| Health Care-17.28% |
ADMA Biologics, Inc.(b)
| | 1,219,159 | | 21,103,642 |
Agenus, Inc.(b)(c)
| | 232,441 | | 1,197,071 |
Amneal Pharmaceuticals, Inc.(b)
| | 698,167 | | 6,046,126 |
ANI Pharmaceuticals, Inc.(b)
| | 53,416 | | 3,405,270 |
ARS Pharmaceuticals, Inc.(b)(c)
| | 392,989 | | 5,100,997 |
Avidity Biosciences, Inc.(b)
| | 182,866 | | 8,046,104 |
Black Diamond Therapeutics, Inc.(b)(c)
| | 678,590 | | 4,139,399 |
Blueprint Medicines Corp.(b)
| | 31,822 | | 3,040,274 |
Brookdale Senior Living, Inc.(b)(c)
| | 500,222 | | 3,556,578 |
CorVel Corp.(b)
| | 13,589 | | 4,358,400 |
Crinetics Pharmaceuticals, Inc.(b)(c)
| | 74,055 | | 3,929,358 |
Dyne Therapeutics, Inc.(b)(c)
| | 125,462 | | 5,782,544 |
Glaukos Corp.(b)
| | 30,005 | | 4,017,370 |
Hims & Hers Health, Inc.(b)(c)
| | 148,548 | | 2,188,112 |
Insmed, Inc.(b)(c)
| | 54,441 | | 4,163,103 |
Krystal Biotech, Inc.(b)(c)
| | 30,558 | | 5,962,477 |
Kura Oncology, Inc.(b)(c)
| | 159,495 | | 3,358,965 |
Larimar Therapeutics, Inc.(b)
| | 418,051 | | 3,306,783 |
LeMaitre Vascular, Inc.
| | 40,613 | | 3,666,948 |
Merus N.V. (Netherlands)(b)
| | 65,835 | | 3,356,927 |
Neurogene, Inc.(b)(c)
| | 125,868 | | 4,709,981 |
Nurix Therapeutics, Inc.(b)(c)
| | 218,916 | | 5,516,683 |
PepGen, Inc.(b)(c)
| | 220,641 | | 2,124,773 |
PetIQ, Inc.(b)(c)
| | 150,580 | | 4,600,219 |
RadNet, Inc.(b)
| | 59,667 | | 3,955,325 |
Rhythm Pharmaceuticals, Inc.(b)(c)
| | 80,367 | | 3,800,555 |
RxSight, Inc.(b)
| | 136,644 | | 7,705,355 |
Silk Road Medical, Inc.(b)
| | 153,964 | | 4,173,964 |
Stoke Therapeutics, Inc.(b)(c)
| | 251,372 | | 3,657,463 |
Third Harmonic Bio, Inc.(b)(c)
| | 259,304 | | 2,994,961 |
TransMedics Group, Inc.(b)(c)
| | 23,855 | | 4,009,071 |
TScan Therapeutics, Inc.(b)(c)
| | 470,493 | | 2,648,876 |
Twist Bioscience Corp.(b)(c)
| | 74,559 | | 3,223,931 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
UFP Technologies, Inc.(b)
| | 38,088 | | $ 12,996,768 |
Verrica Pharmaceuticals, Inc.(b)(c)
| | 404,667 | | 950,968 |
| | | | | 166,795,341 |
| Industrials-29.59% |
ACV Auctions, Inc., Class A(b)(c)
| | 184,931 | | 3,460,059 |
AeroVironment, Inc.(b)(c)
| | 18,889 | | 3,848,823 |
Allison Transmission Holdings, Inc.
| | 44,925 | | 4,166,794 |
American Superconductor Corp.(b)(c)
| | 315,383 | | 6,377,044 |
Apogee Enterprises, Inc.
| | 53,197 | | 3,552,496 |
Argan, Inc.
| | 42,156 | | 3,343,392 |
Astronics Corp.(b)
| | 181,106 | | 4,060,396 |
Barrett Business Services, Inc.
| | 97,814 | | 3,571,189 |
Beacon Roofing Supply, Inc.(b)
| | 42,411 | | 3,842,437 |
Blue Bird Corp.(b)
| | 59,331 | | 3,036,561 |
Boise Cascade Co.
| | 35,072 | | 4,756,465 |
CBIZ, Inc.(b)
| | 90,100 | | 6,631,360 |
CECO Environmental Corp.(b)(c)
| | 247,281 | | 7,158,785 |
Cimpress PLC (Ireland)(b)
| | 45,490 | | 4,498,051 |
Construction Partners, Inc., Class A(b)(c)
| | 57,314 | | 3,781,578 |
CRA International, Inc.
| | 22,954 | | 3,870,044 |
CSW Industrials, Inc.
| | 23,282 | | 7,860,702 |
DXP Enterprises, Inc.(b)
| | 70,798 | | 3,893,890 |
Dycom Industries, Inc.(b)
| | 19,504 | | 3,431,924 |
Enpro, Inc.
| | 22,381 | | 3,599,536 |
ESAB Corp.
| | 35,142 | | 3,688,856 |
Federal Signal Corp.
| | 50,995 | | 4,818,518 |
Franklin Electric Co., Inc.
| | 34,111 | | 3,542,768 |
FTAI Aviation Ltd.
| | 64,694 | | 8,268,540 |
FTAI Infrastructure, Inc.
| | 421,601 | | 4,190,714 |
GMS, Inc.(b)
| | 52,303 | | 4,539,377 |
Granite Construction, Inc.(c)
| | 56,163 | | 4,221,211 |
Griffon Corp.
| | 54,759 | | 3,624,498 |
Hyster-Yale, Inc.
| | 46,098 | | 2,902,330 |
ICF International, Inc.
| | 24,119 | | 3,997,965 |
Innodata, Inc.(b)(c)
| | 218,595 | | 3,777,322 |
Kirby Corp.(b)
| | 27,925 | | 3,348,766 |
LB Foster Co., Class A(b)(c)
| | 137,890 | | 2,768,831 |
Leonardo DRS, Inc.(b)
| | 554,304 | | 15,819,836 |
Limbach Holdings, Inc.(b)(c)
| | 208,979 | | 13,506,313 |
Matson, Inc.
| | 27,973 | | 3,868,666 |
Mayville Engineering Co., Inc.(b)
| | 194,590 | | 3,757,533 |
Miller Industries, Inc.
| | 56,988 | | 3,459,741 |
Moog, Inc., Class A
| | 20,409 | | 4,028,737 |
MRC Global, Inc.(b)
| | 267,679 | | 3,522,656 |
Mueller Industries, Inc.
| | 65,619 | | 4,771,157 |
NuScale Power Corp.(b)(c)
| | 492,946 | | 4,056,946 |
Orion Group Holdings, Inc.(b)(c)
| | 502,030 | | 3,795,347 |
Primoris Services Corp.
| | 61,678 | | 3,481,106 |
Redwire Corp.(b)(c)
| | 566,902 | | 3,826,588 |
REV Group, Inc.
| | 121,410 | | 3,865,694 |
Rush Enterprises, Inc., Class A
| | 79,328 | | 4,180,586 |
SkyWest, Inc.(b)
| | 60,608 | | 4,699,544 |
SPX Technologies, Inc.(b)
| | 76,707 | | 12,513,980 |
Standex International Corp.
| | 20,240 | | 3,615,876 |
Sterling Infrastructure, Inc.(b)
| | 102,788 | | 12,286,250 |
Thermon Group Holdings, Inc.(b)
| | 113,097 | | 3,554,639 |
Transcat, Inc.(b)(c)
| | 89,933 | | 11,103,128 |
Tutor Perini Corp.(b)
| | 183,333 | | 4,394,492 |
Universal Logistics Holdings, Inc.
| | 82,821 | | 3,500,844 |
| | Shares | | Value |
| Industrials-(continued) |
Virco Mfg. Corp.(c)
| | 504,309 | | $ 7,831,919 |
VSE Corp.(c)
| | 40,811 | | 3,796,647 |
| | | | | 285,669,447 |
| Information Technology-11.15% |
Agilysys, Inc.(b)
| | 35,155 | | 3,976,030 |
Alkami Technology, Inc.(b)
| | 128,552 | | 4,285,924 |
Altair Engineering, Inc., Class A(b)(c)
| | 33,460 | | 3,023,446 |
AppFolio, Inc., Class A(b)
| | 14,335 | | 3,325,577 |
Arlo Technologies, Inc.(b)
| | 279,271 | | 3,278,642 |
AvePoint, Inc.(b)(c)
| | 342,998 | | 3,961,627 |
Axcelis Technologies, Inc.(b)
| | 60,823 | | 6,649,779 |
Badger Meter, Inc.
| | 28,161 | | 5,827,637 |
Bel Fuse, Inc., Class B
| | 106,070 | | 7,194,728 |
Belden, Inc.
| | 34,284 | | 3,677,988 |
CleanSpark, Inc.(b)(c)
| | 271,419 | | 2,901,469 |
Commvault Systems, Inc.(b)
| | 27,890 | | 4,334,106 |
Crane NXT Co.
| | 54,666 | | 3,211,628 |
Credo Technology Group Holding Ltd.(b)
| | 120,623 | | 4,210,949 |
Daktronics, Inc.(b)(c)
| | 595,654 | | 8,607,200 |
FormFactor, Inc.(b)
| | 56,911 | | 2,775,549 |
Impinj, Inc.(b)(c)
| | 21,926 | | 3,685,761 |
InterDigital, Inc.(c)
| | 28,172 | | 3,903,512 |
Kyndryl Holdings, Inc.(b)
| | 131,241 | | 3,109,099 |
Napco Security Technologies, Inc.
| | 62,274 | | 2,888,268 |
Ouster, Inc.(b)(c)
| | 302,561 | | 2,145,157 |
Q2 Holdings, Inc.(b)
| | 56,995 | | 4,229,599 |
ReposiTrak, Inc.(c)
| | 230,534 | | 4,483,886 |
Veeco Instruments, Inc.(b)(c)
| | 72,900 | | 2,587,221 |
Vertex, Inc., Class A(b)(c)
| | 96,102 | | 3,718,186 |
Zeta Global Holdings Corp., Class A(b)
| | 213,619 | | 5,641,678 |
| | | | | 107,634,646 |
| Materials-6.44% |
Aspen Aerogels, Inc.(b)
| | 191,974 | | 5,507,734 |
ATI, Inc.(b)(c)
| | 110,315 | | 7,046,922 |
Cabot Corp.
| | 34,047 | | 3,578,680 |
Carpenter Technology Corp.
| | 54,619 | | 7,907,193 |
Coeur Mining, Inc.(b)
| | 600,222 | | 3,685,363 |
Element Solutions, Inc.
| | 121,825 | | 3,257,601 |
Gatos Silver, Inc.(b)
| | 313,102 | | 3,938,823 |
Hawkins, Inc.
| | 42,735 | | 5,413,242 |
Louisiana-Pacific Corp.
| | 38,872 | | 3,772,528 |
PureCycle Technologies, Inc.(b)(c)
| | 552,242 | | 3,368,676 |
Sylvamo Corp.
| | 49,715 | | 3,931,959 |
United States Lime & Minerals, Inc.
| | 49,839 | | 4,073,342 |
Universal Stainless & Alloy Products, Inc.(b)
| | 159,458 | | 6,716,371 |
| | | | | 62,198,434 |
| Real Estate-1.18% |
Forestar Group, Inc.(b)(c)
| | 103,999 | | 3,217,729 |
SL Green Realty Corp.
| | 57,994 | | 3,864,720 |
Tanger, Inc.
| | 142,249 | | 4,330,060 |
| | | | | 11,412,509 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01%
(Cost $787,049,274)
| | 965,553,611 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)
August 31, 2024
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-17.81% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 46,283,175 | | $ 46,283,175 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 125,566,437 | | 125,616,664 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $171,888,954)
| | 171,899,839 |
TOTAL INVESTMENTS IN SECURITIES-117.82%
(Cost $958,938,228)
| | 1,137,453,450 |
OTHER ASSETS LESS LIABILITIES-(17.82)%
| | (172,054,767) |
NET ASSETS-100.00%
| | $965,398,683 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $500,813 | | $19,500,121 | | $(20,000,934) | | $- | | $- | | $- | | $17,568 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 45,686,296 | | 393,534,603 | | (392,937,724) | | - | | - | | 46,283,175 | | 2,825,123* |
| Invesco Private Prime Fund | 118,020,339 | | 857,812,594 | | (850,253,016) | | 9,625 | | 27,122 | | 125,616,664 | | 7,598,122* |
| Total | $164,207,448 | | $1,270,847,318 | | $(1,263,191,674) | | $9,625 | | $27,122 | | $171,899,839 | | $10,440,813 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.84% |
| Automobile Components-10.40% |
American Axle & Manufacturing Holdings, Inc.(b)(c)
| | 17,352 | | $ 111,573 |
Dana, Inc.
| | 19,045 | | 215,018 |
Dorman Products, Inc.(b)
| | 4,118 | | 467,063 |
Fox Factory Holding Corp.(b)(c)
| | 6,143 | | 248,669 |
Gentherm, Inc.(b)
| | 4,668 | | 235,921 |
LCI Industries
| | 3,757 | | 442,725 |
Patrick Industries, Inc.
| | 3,109 | | 401,745 |
Phinia, Inc.(c)
| | 6,745 | | 323,490 |
Standard Motor Products, Inc.(c)
| | 2,770 | | 89,499 |
XPEL, Inc.(b)(c)(d)
| | 3,140 | | 135,931 |
| | | | | 2,671,634 |
| Automobiles-1.00% |
Winnebago Industries, Inc.
| | 4,320 | | 257,731 |
| Broadline Retail-1.24% |
Kohl’s Corp.(c)
| | 16,372 | | 317,453 |
| Diversified Consumer Services-8.08% |
Adtalem Global Education, Inc.(b)(c)
| | 5,552 | | 420,342 |
Frontdoor, Inc.(b)
| | 11,485 | | 552,199 |
Mister Car Wash, Inc.(b)(c)
| | 13,677 | | 89,037 |
Perdoceo Education Corp.
| | 9,685 | | 217,331 |
Strategic Education, Inc.
| | 3,236 | | 312,274 |
Stride, Inc.(b)(c)
| | 5,896 | | 485,477 |
| | | | | 2,076,660 |
| Hotels, Restaurants & Leisure-15.09% |
BJ’s Restaurants, Inc.(b)(c)
| | 3,451 | | 105,704 |
Bloomin’ Brands, Inc.(c)
| | 12,765 | | 223,388 |
Brinker International, Inc.(b)(c)
| | 6,566 | | 469,600 |
Cheesecake Factory, Inc. (The)(c)
| | 6,923 | | 272,143 |
Chuy’s Holdings, Inc.(b)
| | 2,543 | | 94,600 |
Cracker Barrel Old Country Store, Inc.(c)
| | 3,277 | | 129,704 |
Dave & Buster’s Entertainment, Inc.(b)(c)
| | 4,759 | | 149,147 |
Dine Brands Global, Inc.(c)
| | 2,273 | | 71,872 |
Golden Entertainment, Inc.(c)
| | 3,205 | | 103,810 |
Jack in the Box, Inc.
| | 2,862 | | 141,268 |
Monarch Casino & Resort, Inc.
| | 1,935 | | 146,905 |
Papa John’s International, Inc.(c)
| | 4,865 | | 230,455 |
PENN Entertainment, Inc.(b)(c)
| | 22,058 | | 410,720 |
Sabre Corp.(b)(c)
| | 56,373 | | 171,938 |
Shake Shack, Inc., Class A(b)(c)
| | 5,556 | | 552,322 |
Six Flags Entertainment Corp.(c)
| | 13,744 | | 601,712 |
| | | | | 3,875,288 |
| Household Durables-23.58% |
Cavco Industries, Inc.(b)(c)
| | 1,145 | | 473,252 |
Century Communities, Inc.
| | 4,176 | | 417,892 |
Ethan Allen Interiors, Inc.
| | 3,375 | | 106,245 |
Green Brick Partners, Inc.(b)
| | 3,712 | | 292,431 |
Installed Building Products, Inc.(c)
| | 3,466 | | 770,527 |
La-Z-Boy, Inc.
| | 6,295 | | 255,388 |
Leggett & Platt, Inc.
| | 19,785 | | 250,082 |
LGI Homes, Inc.(b)(c)
| | 3,026 | | 326,445 |
M/I Homes, Inc.(b)(c)
| | 4,095 | | 652,620 |
Meritage Homes Corp.(c)
| | 5,362 | | 1,062,051 |
Newell Brands, Inc.
| | 56,382 | | 399,748 |
| | Shares | | Value |
| Household Durables-(continued) |
Sonos, Inc.(b)(c)
| | 18,141 | | $ 221,865 |
Tri Pointe Homes, Inc.(b)(c)
| | 14,004 | | 622,338 |
Worthington Enterprises, Inc.(c)
| | 4,515 | | 206,787 |
| | | | | 6,057,671 |
| Leisure Products-2.58% |
Sturm, Ruger & Co., Inc.
| | 2,568 | | 108,164 |
Topgolf Callaway Brands Corp.(b)(c)
| | 20,864 | | 209,892 |
Vista Outdoor, Inc.(b)
| | 8,592 | | 344,024 |
| | | | | 662,080 |
| Specialty Retail-27.01% |
Academy Sports & Outdoors, Inc.(c)
| | 10,893 | | 604,344 |
Advance Auto Parts, Inc.(c)
| | 8,799 | | 398,683 |
American Eagle Outfitters, Inc.
| | 27,298 | | 561,793 |
Asbury Automotive Group, Inc.(b)(c)
| | 2,977 | | 731,270 |
Boot Barn Holdings, Inc.(b)
| | 4,486 | | 601,887 |
Buckle, Inc. (The)(c)
| | 4,365 | | 182,893 |
Caleres, Inc.(c)
| | 4,881 | | 205,636 |
Designer Brands, Inc., Class A(c)
| | 6,426 | | 42,669 |
Foot Locker, Inc.
| | 12,134 | | 377,853 |
Group 1 Automotive, Inc.
| | 1,951 | | 735,059 |
Guess?, Inc.(c)
| | 4,024 | | 83,377 |
Haverty Furniture Cos., Inc., (Acquired 12/21/2020 - 04/19/2024; Cost $63,424)(c)(e)
| | 1,965 | | 53,841 |
Leslie’s, Inc.(b)(c)
| | 27,269 | | 82,352 |
MarineMax, Inc.(b)(c)
| | 2,995 | | 95,001 |
Monro, Inc.(c)
| | 4,414 | | 119,575 |
National Vision Holdings, Inc.(b)(c)
| | 11,598 | | 122,475 |
ODP Corp. (The)(b)
| | 4,716 | | 145,489 |
Sally Beauty Holdings, Inc.(b)(c)
| | 15,279 | | 199,391 |
Shoe Carnival, Inc.(c)
| | 2,643 | | 106,883 |
Signet Jewelers Ltd.(c)
| | 6,592 | | 554,387 |
Sonic Automotive, Inc., Class A
| | 2,196 | | 136,899 |
Upbound Group, Inc.(c)
| | 6,612 | | 220,179 |
Urban Outfitters, Inc.(b)(c)
| | 8,372 | | 304,071 |
Victoria’s Secret & Co.(b)
| | 11,556 | | 271,104 |
| | | | | 6,937,111 |
| Textiles, Apparel & Luxury Goods-10.86% |
G-III Apparel Group Ltd.(b)(c)
| | 5,909 | | 156,411 |
Hanesbrands, Inc.(b)(c)
| | 51,893 | | 329,520 |
Kontoor Brands, Inc.
| | 7,335 | | 549,025 |
Movado Group, Inc.
| | 2,310 | | 55,117 |
Oxford Industries, Inc.(c)
| | 2,171 | | 188,834 |
Steven Madden Ltd.
| | 10,183 | | 459,253 |
V.F. Corp.
| | 48,781 | | 888,302 |
Wolverine World Wide, Inc.(c)
| | 11,797 | | 161,737 |
| | | | | 2,788,199 |
Total Common Stocks & Other Equity Interests
(Cost $26,711,283)
| | 25,643,827 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)
August 31, 2024
| | Shares | | Value |
|
| Money Market Funds-0.02% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g)
(Cost $5,786)
| | 5,786 | | $ 5,786 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $26,717,069)
| | 25,649,613 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-31.48% |
Invesco Private Government Fund, 5.28%(f)(g)(h)
| | 2,187,096 | | 2,187,096 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(f)(g)(h)
| | 5,894,305 | | $ 5,896,663 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $8,083,685)
| | 8,083,759 |
TOTAL INVESTMENTS IN SECURITIES-131.34%
(Cost $34,800,754)
| | 33,733,372 |
OTHER ASSETS LESS LIABILITIES-(31.34)%
| | (8,048,390) |
NET ASSETS-100.00%
| | $25,684,982 |
| 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, 2024. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (e) | Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (f) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation
(Depreciation) | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $16,834 | | $1,329,830 | | $(1,340,878) | | $- | | $- | | $5,786 | | $772 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 2,264,482 | | 14,074,756 | | (14,152,142) | | - | | - | | 2,187,096 | | 150,970* |
| Invesco Private Prime Fund | 5,822,958 | | 23,070,282 | | (22,998,582) | | (155) | | 2,160 | | 5,896,663 | | 404,210* |
| Total | $8,104,274 | | $38,474,868 | | $(38,491,602) | | $(155) | | $2,160 | | $8,089,545 | | $555,952 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (g) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.81% |
| Beverages-5.74% |
MGP Ingredients, Inc.(b)
| | 20,077 | | $ 1,798,698 |
National Beverage Corp.(b)
| | 30,037 | | 1,356,471 |
| | | | | 3,155,169 |
| Consumer Staples Distribution & Retail-20.69% |
Andersons, Inc. (The)
| | 40,812 | | 2,080,188 |
Chefs’ Warehouse, Inc. (The)(b)(c)
| | 45,463 | | 1,947,180 |
Grocery Outlet Holding Corp.(b)(c)
| | 125,818 | | 2,382,993 |
PriceSmart, Inc.
| | 31,698 | | 2,839,507 |
SpartanNash Co.
| | 44,267 | | 977,858 |
United Natural Foods, Inc.(c)
| | 76,344 | | 1,155,085 |
| | | | | 11,382,811 |
| Food Products-36.29% |
B&G Foods, Inc.(b)
| | 101,432 | | 859,129 |
Calavo Growers, Inc.(b)
| | 22,831 | | 525,570 |
Cal-Maine Foods, Inc.
| | 51,278 | | 3,694,067 |
Fresh Del Monte Produce, Inc.(b)
| | 43,064 | | 1,259,191 |
Hain Celestial Group, Inc. (The)(b)(c)
| | 115,354 | | 922,832 |
J&J Snack Foods Corp.(b)
| | 19,540 | | 3,325,513 |
John B. Sanfilippo & Son, Inc.
| | 11,568 | | 1,097,456 |
Simply Good Foods Co. (The)(b)(c)
| | 114,639 | | 3,621,446 |
Tootsie Roll Industries, Inc.(b)
| | 22,760 | | 676,427 |
TreeHouse Foods, Inc.(b)(c)
| | 61,478 | | 2,526,131 |
WK Kellogg Co.
| | 84,932 | | 1,458,283 |
| | | | | 19,966,045 |
| Household Products-18.01% |
Central Garden & Pet Co.(b)(c)
| | 11,987 | | 473,127 |
Central Garden & Pet Co., Class A(c)
| | 68,257 | | 2,334,389 |
Energizer Holdings, Inc.
| | 80,620 | | 2,612,088 |
WD-40 Co.(b)
| | 17,075 | | 4,487,993 |
| | | | | 9,907,597 |
| Personal Care Products-11.29% |
Edgewell Personal Care Co.
| | 59,347 | | 2,386,936 |
Inter Parfums, Inc.(b)
| | 20,782 | | 2,677,553 |
| | Shares | | Value |
| Personal Care Products-(continued) |
Nu Skin Enterprises, Inc., Class A
| | 63,793 | | $ 569,672 |
USANA Health Sciences, Inc.(c)
| | 14,172 | | 578,501 |
| | | | | 6,212,662 |
| Tobacco-7.79% |
Universal Corp.(b)
| | 31,562 | | 1,713,816 |
Vector Group Ltd.
| | 171,861 | | 2,574,478 |
| | | | | 4,288,294 |
Total Common Stocks & Other Equity Interests
(Cost $61,447,638)
| | 54,912,578 |
|
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $5,124)
| | 5,124 | | 5,124 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.82%
(Cost $61,452,762)
| | 54,917,702 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-25.66% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 3,910,929 | | 3,910,929 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 10,201,769 | | 10,205,850 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $14,116,084)
| | 14,116,779 |
TOTAL INVESTMENTS IN SECURITIES-125.48%
(Cost $75,568,846)
| | 69,034,481 |
OTHER ASSETS LESS LIABILITIES-(25.48)%
| | (14,016,733) |
NET ASSETS-100.00%
| | $55,017,748 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $1,418,349 | | $(1,413,225) | | $- | | $- | | $5,124 | | $1,184 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $5,444,712 | | $54,592,454 | | $(56,126,237) | | $- | | $- | | $3,910,929 | | $264,792* |
| Invesco Private Prime Fund | 14,000,690 | | 128,991,846 | | (132,790,306) | | 695 | | 2,925 | | 10,205,850 | | 716,854* |
| Total | $19,445,402 | | $185,002,649 | | $(190,329,768) | | $695 | | $2,925 | | $14,121,903 | | $982,830 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Energy ETF (PSCE)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.98% |
| Energy Equipment & Services-46.93% |
Archrock, Inc.
| | 238,249 | | $ 4,819,777 |
Bristow Group, Inc.(b)(c)
| | 38,529 | | 1,533,839 |
Cactus, Inc., Class A(c)
| | 100,704 | | 5,993,902 |
Core Laboratories, Inc.(c)
| | 74,748 | | 1,462,071 |
Dril-Quip, Inc.(b)(c)
| | 54,863 | | 894,816 |
Helix Energy Solutions Group, Inc.(b)(c)
| | 229,284 | | 2,572,566 |
Helmerich & Payne, Inc.(c)
| | 151,368 | | 4,939,138 |
Liberty Energy, Inc., Class A
| | 202,088 | | 4,160,992 |
Nabors Industries Ltd.(b)(c)
| | 14,260 | | 1,074,776 |
Oceaneering International, Inc.(b)(c)
| | 162,244 | | 4,378,966 |
Patterson-UTI Energy, Inc.
| | 422,281 | | 3,889,208 |
ProPetro Holding Corp.(b)(c)
| | 131,456 | | 1,043,761 |
RPC, Inc.(c)
| | 134,640 | | 864,389 |
Tidewater, Inc.(b)(c)
| | 74,462 | | 6,604,779 |
| | | | | 44,232,980 |
| Oil, Gas & Consumable Fuels-53.05% |
California Resources Corp.
| | 85,224 | | 4,471,703 |
Comstock Resources, Inc.(c)
| | 153,730 | | 1,634,150 |
CONSOL Energy, Inc.
| | 42,308 | | 4,327,262 |
CVR Energy, Inc.(c)
| | 46,494 | | 1,181,878 |
Dorian LPG Ltd.(c)
| | 54,573 | | 2,127,801 |
Green Plains, Inc.(b)(c)
| | 103,062 | | 1,460,389 |
Magnolia Oil & Gas Corp., Class A(c)
| | 277,364 | | 7,103,292 |
Northern Oil and Gas, Inc.(c)
| | 140,373 | | 5,584,038 |
Par Pacific Holdings, Inc.(b)
| | 85,259 | | 1,913,212 |
Peabody Energy Corp.
| | 169,040 | | 3,957,226 |
| | Shares | | Value |
| Oil, Gas & Consumable Fuels-(continued) |
REX American Resources Corp.(b)(c)
| | 24,311 | | $ 1,102,504 |
SM Energy Co.(c)
| | 176,335 | | 8,046,166 |
Talos Energy, Inc.(b)(c)
| | 250,163 | | 2,869,370 |
Vital Energy, Inc.(b)(c)
| | 40,657 | | 1,459,180 |
World Kinect Corp.(c)
| | 95,855 | | 2,759,665 |
| | | | | 49,997,836 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.98%
(Cost $96,041,798)
| | 94,230,816 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-33.44% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 8,734,027 | | 8,734,027 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 22,775,931 | | 22,785,041 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $31,518,096)
| | 31,519,068 |
TOTAL INVESTMENTS IN SECURITIES-133.42%
(Cost $127,559,894)
| | 125,749,884 |
OTHER ASSETS LESS LIABILITIES-(33.42)%
| | (31,500,177) |
NET ASSETS-100.00%
| | $94,249,707 |
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $5,746,009 | | $(5,746,009) | | $- | | $- | | $- | | $4,042 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 18,527,942 | | 179,589,563 | | (189,383,478) | | - | | - | | 8,734,027 | | 894,131* |
| Invesco Private Prime Fund | 47,643,280 | | 321,589,294 | | (346,450,800) | | 412 | | 2,855 | | 22,785,041 | | 2,403,278* |
| Total | $66,171,222 | | $506,924,866 | | $(541,580,287) | | $412 | | $2,855 | | $31,519,068 | | $3,301,451 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Energy ETF (PSCE)—(continued)
August 31, 2024
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Financials ETF (PSCF)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.80% |
| Banks-36.36% |
Ameris Bancorp
| | 3,736 | | $ 230,250 |
Atlantic Union Bankshares Corp.(b)
| | 5,182 | | 205,622 |
Axos Financial, Inc.(c)
| | 2,933 | | 203,638 |
Banc of California, Inc.
| | 8,002 | | 113,788 |
BancFirst Corp.(b)
| | 837 | | 89,057 |
Bancorp, Inc. (The)(b)(c)
| | 2,998 | | 157,095 |
Bank of Hawaii Corp.
| | 2,299 | | 152,585 |
BankUnited, Inc.(b)
| | 4,330 | | 166,402 |
Banner Corp.(b)
| | 1,986 | | 118,306 |
Berkshire Hills Bancorp, Inc.
| | 2,450 | | 67,473 |
Brookline Bancorp, Inc.
| | 5,124 | | 52,418 |
Capitol Federal Financial, Inc.
| | 7,116 | | 42,767 |
Cathay General Bancorp
| | 4,215 | | 185,418 |
Central Pacific Financial Corp.
| | 1,559 | | 42,888 |
City Holding Co.(b)
| | 851 | | 101,048 |
Comerica, Inc.
| | 7,654 | | 437,120 |
Community Financial System, Inc.
| | 3,055 | | 186,844 |
Customers Bancorp, Inc.(c)
| | 1,642 | | 85,088 |
CVB Financial Corp.(b)
| | 7,687 | | 141,595 |
Dime Community Bancshares, Inc.
| | 2,022 | | 52,592 |
Eagle Bancorp, Inc.
| | 1,740 | | 37,880 |
FB Financial Corp.
| | 2,031 | | 97,935 |
First Bancorp (Puerto Rico)
| | 9,549 | | 204,158 |
First Bancorp/Southern Pines NC(b)
| | 2,373 | | 100,805 |
First Commonwealth Financial Corp.
| | 5,878 | | 101,219 |
First Financial Bancorp
| | 5,531 | | 146,406 |
First Hawaiian, Inc.
| | 7,400 | | 180,042 |
Fulton Financial Corp.(b)
| | 10,493 | | 203,040 |
Hanmi Financial Corp.
| | 1,740 | | 34,469 |
Heritage Financial Corp.
| | 2,000 | | 45,680 |
Hilltop Holdings, Inc.
| | 2,671 | | 87,742 |
Hope Bancorp, Inc.
| | 6,953 | | 88,929 |
Independent Bank Corp.
| | 2,460 | | 155,743 |
Independent Bank Group, Inc.
| | 2,075 | | 120,806 |
Lakeland Financial Corp.(b)
| | 1,470 | | 100,180 |
National Bank Holdings Corp., Class A
| | 2,180 | | 95,506 |
NBT Bancorp, Inc.
| | 2,718 | | 133,073 |
Northwest Bancshares, Inc.
| | 7,336 | | 101,604 |
OFG Bancorp (Puerto Rico)
| | 2,725 | | 125,323 |
Pacific Premier Bancorp, Inc.
| | 5,587 | | 143,586 |
Park National Corp.(b)
| | 829 | | 145,730 |
Pathward Financial, Inc.
| | 1,457 | | 100,271 |
Preferred Bank(b)
| | 710 | | 58,823 |
Provident Financial Services, Inc.
| | 7,562 | | 144,207 |
Renasant Corp.(b)
| | 3,613 | | 126,455 |
S&T Bancorp, Inc.(b)
| | 2,204 | | 94,706 |
Seacoast Banking Corp. of Florida(b)
| | 4,879 | | 133,489 |
ServisFirst Bancshares, Inc.(b)
| | 2,832 | | 229,562 |
Simmons First National Corp., Class A
| | 7,268 | | 155,681 |
Southside Bancshares, Inc.
| | 1,658 | | 56,753 |
Stellar Bancorp, Inc.
| | 2,718 | | 74,120 |
Tompkins Financial Corp.
| | 722 | | 44,287 |
Triumph Financial, Inc.(b)(c)
| | 1,244 | | 104,471 |
TrustCo Bank Corp.
| | 1,097 | | 38,219 |
Trustmark Corp.
| | 3,528 | | 117,518 |
United Community Banks, Inc.
| | 6,892 | | 209,999 |
Veritex Holdings, Inc.
| | 3,143 | | 79,172 |
| | Shares | | Value |
| Banks-(continued) |
WaFd, Inc.
| | 3,915 | | $ 143,563 |
Westamerica Bancorporation
| | 1,538 | | 79,653 |
WSFS Financial Corp.
| | 3,478 | | 190,386 |
| | | | | 7,463,185 |
| Capital Markets-9.45% |
Artisan Partners Asset Management, Inc., Class A
| | 4,047 | | 168,315 |
B. Riley Financial, Inc.(b)
| | 943 | | 4,635 |
BGC Group, Inc., Class A
| | 22,156 | | 218,901 |
BrightSphere Investment Group, Inc.
| | 1,698 | | 41,414 |
Cohen & Steers, Inc.(b)
| | 1,523 | | 136,095 |
Donnelley Financial Solutions, Inc.(c)
| | 1,436 | | 95,724 |
Moelis & Co., Class A
| | 4,060 | | 271,167 |
Piper Sandler Cos.
| | 900 | | 245,430 |
PJT Partners, Inc., Class A
| | 1,278 | | 157,833 |
StepStone Group, Inc., Class A
| | 3,013 | | 164,811 |
StoneX Group, Inc.(c)
| | 1,581 | | 131,002 |
Virtu Financial, Inc., Class A
| | 5,122 | | 157,297 |
Virtus Investment Partners, Inc.
| | 386 | | 81,701 |
WisdomTree, Inc.(b)
| | 6,435 | | 65,251 |
| | | | | 1,939,576 |
| Consumer Finance-3.44% |
Bread Financial Holdings, Inc.
| | 2,870 | | 166,948 |
Encore Capital Group, Inc.(b)(c)
| | 1,365 | | 68,359 |
Enova International, Inc.(c)
| | 1,572 | | 134,768 |
EZCORP, Inc., Class A(b)(c)
| | 2,996 | | 36,611 |
Green Dot Corp., Class A, (Acquired 02/05/2020 - 07/30/2024; Cost $98,514)(c)(d)
| | 2,638 | | 29,466 |
Navient Corp.
| | 4,641 | | 78,572 |
PRA Group, Inc.(c)
| | 2,268 | | 52,890 |
PROG Holdings, Inc.
| | 2,489 | | 116,386 |
World Acceptance Corp.(b)(c)
| | 194 | | 22,863 |
| | | | | 706,863 |
| Diversified REITs-3.05% |
Alexander & Baldwin, Inc.(b)
| | 4,184 | | 82,801 |
American Assets Trust, Inc.
| | 2,808 | | 76,518 |
Armada Hoffler Properties, Inc.
| | 3,866 | | 47,591 |
Essential Properties Realty Trust, Inc.(b)
| | 10,119 | | 322,897 |
Global Net Lease, Inc.
| | 11,263 | | 97,087 |
| | | | | 626,894 |
| Financial Services-9.64% |
EVERTEC, Inc. (Puerto Rico)
| | 3,734 | | 127,890 |
HA Sustainable Infrastructure Capital, Inc.(b)
| | 6,563 | | 212,510 |
Jackson Financial, Inc., Class A
| | 3,918 | | 352,502 |
Mr. Cooper Group, Inc.(c)
| | 3,736 | | 350,474 |
NCR Atleos Corp.(b)(c)
| | 3,949 | | 112,981 |
NMI Holdings, Inc., Class A(c)
| | 4,648 | | 190,893 |
Payoneer Global, Inc.(c)
| | 14,602 | | 108,493 |
Radian Group, Inc.
| | 8,692 | | 314,216 |
Walker & Dunlop, Inc.(b)
| | 1,951 | | 208,874 |
| | | | | 1,978,833 |
| Health Care REITs-2.69% |
CareTrust REIT, Inc.
| | 8,199 | | 244,986 |
Community Healthcare Trust, Inc.
| | 1,411 | | 26,428 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care REITs-(continued) |
LTC Properties, Inc.
| | 2,506 | | $ 92,045 |
Medical Properties Trust, Inc.
| | 34,755 | | 156,398 |
Universal Health Realty Income Trust
| | 733 | | 32,912 |
| | | | | 552,769 |
| Hotel & Resort REITs-3.31% |
Apple Hospitality REIT, Inc.
| | 13,012 | | 187,893 |
DiamondRock Hospitality Co.
| | 12,109 | | 106,438 |
Pebblebrook Hotel Trust(b)
| | 6,946 | | 92,382 |
Service Properties Trust(b)
| | 9,555 | | 44,813 |
Summit Hotel Properties, Inc.
| | 6,237 | | 42,349 |
Sunstone Hotel Investors, Inc.
| | 11,740 | | 122,448 |
Xenia Hotels & Resorts, Inc.(b)
| | 5,878 | | 83,703 |
| | | | | 680,026 |
| Industrial REITs-1.85% |
Innovative Industrial Properties, Inc.(b)
| | 1,635 | | 203,198 |
LXP Industrial Trust
| | 17,031 | | 176,441 |
| | | | | 379,639 |
| Insurance-8.82% |
Ambac Financial Group, Inc.(c)
| | 2,607 | | 30,502 |
AMERISAFE, Inc.
| | 1,102 | | 55,232 |
Assured Guaranty Ltd.
| | 2,985 | | 239,039 |
Employers Holdings, Inc.
| | 1,461 | | 70,055 |
Genworth Financial, Inc., Class A(c)
| | 25,342 | | 176,887 |
Goosehead Insurance, Inc., Class A(b)(c)
| | 1,455 | | 122,715 |
HCI Group, Inc.(b)
| | 423 | | 40,536 |
Horace Mann Educators Corp.
| | 2,361 | | 84,075 |
Lincoln National Corp.
| | 9,813 | | 314,997 |
Mercury General Corp.
| | 1,532 | | 101,464 |
Palomar Holdings, Inc.(b)(c)
| | 1,437 | | 142,579 |
ProAssurance Corp.(c)
| | 2,941 | | 39,410 |
Safety Insurance Group, Inc.
| | 855 | | 75,710 |
SiriusPoint Ltd. (Sweden)(c)
| | 5,307 | | 79,552 |
Stewart Information Services Corp.(b)
| | 1,590 | | 117,517 |
Trupanion, Inc.(c)
| | 2,083 | | 95,256 |
United Fire Group, Inc., (Acquired 06/13/2017 - 07/30/2024; Cost $55,036)(d)
| | 1,225 | | 25,076 |
| | | | | 1,810,602 |
| Mortgage REITs-4.69% |
Apollo Commercial Real Estate Finance, Inc.
| | 7,539 | | 79,838 |
Arbor Realty Trust, Inc.(b)
| | 10,916 | | 148,458 |
ARMOUR Residential REIT, Inc.
| | 2,810 | | 57,464 |
Blackstone Mortgage Trust, Inc., Class A(b)
| | 10,021 | | 184,988 |
Ellington Financial, Inc.
| | 4,902 | | 64,461 |
Franklin BSP Realty Trust, Inc.
| | 4,719 | | 64,273 |
KKR Real Estate Finance Trust, Inc.
| | 3,356 | | 40,037 |
New York Mortgage Trust, Inc.(b)
| | 5,259 | | 35,078 |
PennyMac Mortgage Investment Trust(b)
| | 5,006 | | 71,135 |
Ready Capital Corp.(b)
| | 8,956 | | 74,245 |
Redwood Trust, Inc.(b)
| | 7,618 | | 57,668 |
Two Harbors Investment Corp.
| | 5,966 | | 84,479 |
| | | | | 962,124 |
| Office REITs-4.16% |
Brandywine Realty Trust(b)
| | 9,930 | | 51,934 |
Douglas Emmett, Inc.(b)
| | 9,693 | | 155,088 |
Easterly Government Properties, Inc.(b)
| | 5,937 | | 77,893 |
Highwoods Properties, Inc.
| | 6,136 | | 197,702 |
Hudson Pacific Properties, Inc.(b)
| | 7,313 | | 37,662 |
| | Shares | | Value |
| Office REITs-(continued) |
JBG SMITH Properties, (Acquired 03/17/2023 - 07/30/2024; Cost $69,440)(d)
| | 4,821 | | $ 83,885 |
SL Green Realty Corp.
| | 3,740 | | 249,234 |
| | | | | 853,398 |
| Real Estate Management & Development-2.21% |
Cushman & Wakefield PLC(c)
| | 11,409 | | 148,317 |
eXp World Holdings, Inc.(b)
| | 4,463 | | 52,485 |
Kennedy-Wilson Holdings, Inc.(b)
| | 6,738 | | 74,926 |
Marcus & Millichap, Inc.(b)
| | 1,382 | | 54,824 |
St. Joe Co. (The)
| | 2,065 | | 122,599 |
| | | | | 453,151 |
| Residential REITs-1.45% |
Centerspace(b)
| | 860 | | 64,328 |
Elme Communities
| | 5,073 | | 89,589 |
NexPoint Residential Trust, Inc.
| | 1,317 | | 62,294 |
Veris Residential, Inc.
| | 4,640 | | 81,386 |
| | | | | 297,597 |
| Retail REITs-6.63% |
Acadia Realty Trust(b)
| | 5,979 | | 134,587 |
Getty Realty Corp.(b)
| | 2,831 | | 89,969 |
Macerich Co. (The)
| | 12,456 | | 198,922 |
Phillips Edison & Co., Inc.
| | 7,082 | | 261,751 |
Retail Opportunity Investments Corp.
| | 7,347 | | 112,336 |
Saul Centers, Inc.(b)
| | 746 | | 30,452 |
SITE Centers Corp.
| | 2,607 | | 157,333 |
Tanger, Inc.
| | 6,330 | | 192,685 |
Urban Edge Properties
| | 6,883 | | 145,575 |
Whitestone REIT
| | 2,736 | | 36,717 |
| | | | | 1,360,327 |
| Specialized REITs-2.05% |
Four Corners Property Trust, Inc.(b)
| | 5,329 | | 151,077 |
Outfront Media, Inc.
| | 8,459 | | 144,226 |
Safehold, Inc.(b)
| | 2,594 | | 65,005 |
Uniti Group, Inc.(b)
| | 13,849 | | 60,382 |
| | | | | 420,690 |
Total Common Stocks & Other Equity Interests
(Cost $19,352,875)
| | 20,485,674 |
|
| Money Market Funds-0.06% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $13,041)
| | 13,041 | | 13,041 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $19,365,916)
| | 20,498,715 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-22.66% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 1,246,920 | | 1,246,920 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Financials ETF (PSCF)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 3,402,116 | | $ 3,403,477 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,650,146)
| | 4,650,397 |
TOTAL INVESTMENTS IN SECURITIES-122.52%
(Cost $24,016,062)
| | 25,149,112 |
OTHER ASSETS LESS LIABILITIES-(22.52)%
| | (4,622,373) |
NET ASSETS-100.00%
| | $20,526,739 |
| Investment Abbreviations: |
| REIT | -Real Estate Investment Trust |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | All or a portion of this security was out on loan at August 31, 2024. |
| (c) | Non-income producing security. |
| (d) | Restricted security. The aggregate value of these securities at August 31, 2024 was $138,427, which represented less than 1% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Invesco Mortgage Capital, Inc. | $41,726 | | $217 | | $(35,220) | | $241,216 | | $(247,939) | | $- | | $3,579 |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | - | | 690,964 | | (677,923) | | - | | - | | 13,041 | | 424 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 2,018,928 | | 9,867,929 | | (10,639,937) | | - | | - | | 1,246,920 | | 86,321* |
| Invesco Private Prime Fund | 5,191,532 | | 17,187,557 | | (18,977,509) | | 145 | | 1,752 | | 3,403,477 | | 231,858* |
| Total | $7,252,186 | | $27,746,667 | | $(30,330,589) | | $241,361 | | $(246,187) | | $4,663,438 | | $322,182 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Health Care ETF (PSCH)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.92% |
| Biotechnology-17.72% |
Alkermes PLC(b)(c)
| | 246,081 | | $ 7,001,005 |
Arcus Biosciences, Inc.(b)(c)
| | 79,361 | | 1,358,660 |
Catalyst Pharmaceuticals, Inc.(b)
| | 163,176 | | 3,304,314 |
Dynavax Technologies Corp.(b)(c)
| | 190,341 | | 2,135,626 |
Ironwood Pharmaceuticals, Inc.(b)(c)
| | 203,415 | | 1,029,280 |
Krystal Biotech, Inc.(b)(c)
| | 36,131 | | 7,049,881 |
Myriad Genetics, Inc.(b)(c)
| | 131,615 | | 3,728,653 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
| | 20,053 | | 0 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
| | 20,053 | | 0 |
Protagonist Therapeutics, Inc.(b)(c)
| | 85,293 | | 3,658,217 |
REGENXBIO, Inc.(b)(c)
| | 65,901 | | 805,310 |
Vericel Corp.(b)(c)
| | 70,680 | | 3,650,622 |
Vir Biotechnology, Inc.(b)(c)
| | 126,630 | | 1,045,964 |
Xencor, Inc.(b)(c)
| | 89,672 | | 1,568,363 |
| | | | | 36,335,895 |
| Health Care Equipment & Supplies-30.07% |
Artivion, Inc.(b)(c)
| | 57,653 | | 1,564,702 |
Avanos Medical, Inc.(b)
| | 66,757 | | 1,616,855 |
CONMED Corp.(c)
| | 44,791 | | 3,279,597 |
Embecta Corp.(c)
| | 83,863 | | 1,370,321 |
Glaukos Corp.(b)(c)
| | 73,248 | | 9,807,175 |
ICU Medical, Inc.(b)(c)
| | 29,766 | | 4,921,213 |
Inari Medical, Inc.(b)(c)
| | 75,245 | | 3,252,841 |
Integer Holdings Corp.(b)(c)
| | 48,722 | | 6,337,270 |
Integra LifeSciences Holdings Corp.(b)(c)
| | 99,696 | | 2,027,817 |
LeMaitre Vascular, Inc.
| | 29,049 | | 2,622,834 |
Merit Medical Systems, Inc.(b)
| | 84,500 | | 8,169,460 |
Omnicell, Inc.(b)(c)
| | 66,779 | | 2,970,330 |
QuidelOrtho Corp.(b)
| | 72,067 | | 3,044,831 |
STAAR Surgical Co., (Acquired 08/21/2023; Cost $3,015,651)(b)(c)(e)
| | 71,433 | | 2,363,718 |
Tandem Diabetes Care, Inc.(b)(c)
| | 93,927 | | 4,085,824 |
UFP Technologies, Inc.(b)(c)
| | 10,259 | | 3,500,679 |
Varex Imaging Corp.(b)(c)
| | 59,475 | | 742,248 |
| | | | | 61,677,715 |
| Health Care Providers & Services-29.52% |
AdaptHealth Corp.(b)(c)
| | 113,604 | | 1,248,508 |
Addus HomeCare Corp.(b)(c)
| | 25,695 | | 3,417,692 |
AMN Healthcare Services, Inc.(b)(c)
| | 55,256 | | 2,930,226 |
Astrana Health, Inc.(b)(c)
| | 61,547 | | 2,941,331 |
CorVel Corp.(b)(c)
| | 13,177 | | 4,226,259 |
Cross Country Healthcare, Inc.(b)(c)
| | 47,536 | | 709,237 |
Enhabit, Inc.(b)(c)
| | 72,934 | | 615,563 |
Ensign Group, Inc. (The)(c)
| | 82,110 | | 12,428,170 |
Fulgent Genetics, Inc.(b)(c)
| | 29,591 | | 667,573 |
National HealthCare Corp.(c)
| | 19,709 | | 2,702,695 |
NeoGenomics, Inc.(b)(c)
| | 185,719 | | 3,068,078 |
Owens & Minor, Inc.(b)(c)
| | 106,591 | | 1,656,424 |
Patterson Cos., Inc.(c)
| | 115,951 | | 2,607,738 |
Pediatrix Medical Group, Inc.(b)(c)
| | 120,392 | | 1,307,457 |
Premier, Inc., Class A
| | 152,432 | | 3,105,040 |
Privia Health Group, Inc.(b)(c)
| | 150,956 | | 3,040,254 |
RadNet, Inc.(b)
| | 96,695 | | 6,409,912 |
| | Shares | | Value |
| Health Care Providers & Services-(continued) |
Select Medical Holdings Corp.
| | 155,059 | | $ 5,592,978 |
U.S. Physical Therapy, Inc.
| | 21,914 | | 1,875,838 |
| | | | | 60,550,973 |
| Health Care Technology-2.67% |
Certara, Inc.(b)(c)
| | 156,712 | | 1,919,722 |
HealthStream, Inc.(c)
| | 34,924 | | 1,014,193 |
Schrodinger, Inc.(b)(c)
| | 80,355 | | 1,689,866 |
Simulations Plus, Inc.(c)
| | 23,253 | | 842,920 |
| | | | | 5,466,701 |
| Life Sciences Tools & Services-3.01% |
BioLife Solutions, Inc.(b)(c)
| | 52,879 | | 1,368,508 |
Cytek Biosciences, Inc.(b)(c)
| | 139,358 | | 799,915 |
Fortrea Holdings, Inc.(b)(c)
| | 130,005 | | 2,997,915 |
Mesa Laboratories, Inc.
| | 7,453 | | 996,392 |
| | | | | 6,162,730 |
| Pharmaceuticals-16.93% |
Amphastar Pharmaceuticals, Inc.(b)(c)
| | 55,466 | | 2,703,413 |
ANI Pharmaceuticals, Inc.(b)(c)
| | 22,299 | | 1,421,561 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 47,577 | | 1,829,812 |
Corcept Therapeutics, Inc.(b)(c)
| | 133,234 | | 4,703,160 |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 46,251 | | 1,664,111 |
Innoviva, Inc.(b)(c)
| | 79,909 | | 1,548,636 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 24,559 | | 2,598,342 |
Organon & Co.(c)
| | 373,978 | | 8,358,408 |
Pacira BioSciences, Inc.(b)(c)
| | 67,685 | | 1,053,179 |
Phibro Animal Health Corp., Class A
| | 29,576 | | 621,096 |
Prestige Consumer Healthcare, Inc.(b)(c)
| | 72,586 | | 5,417,819 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 79,942 | | 2,810,761 |
| | | | | 34,730,298 |
Total Common Stocks & Other Equity Interests
(Cost $195,556,819)
| | 204,924,312 |
|
| Money Market Funds-0.02% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g)
(Cost $50,692)
| | 50,692 | | 50,692 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $195,607,511)
| | 204,975,004 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-32.98% |
Invesco Private Government Fund, 5.28%(f)(g)(h)
| | 19,787,300 | | 19,787,300 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(f)(g)(h)
| | 47,841,231 | | $ 47,860,367 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $67,643,436)
| | 67,647,667 |
TOTAL INVESTMENTS IN SECURITIES-132.92%
(Cost $263,250,947)
| | 272,622,671 |
OTHER ASSETS LESS LIABILITIES-(32.92)%
| | (67,527,422) |
NET ASSETS-100.00%
| | $205,095,249 |
| Investment Abbreviations: |
| Rts. | -Rights |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| (e) | Restricted security. The value of this security at August 31, 2024 represented 1.15% of the Fund’s Net Assets. |
| (f) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $93,363 | | $4,645,754 | | $(4,688,425) | | $- | | $- | | $50,692 | | $4,131 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 21,876,344 | | 82,781,727 | | (84,870,771) | | - | | - | | 19,787,300 | | 996,574* |
| Invesco Private Prime Fund | 56,253,459 | | 152,641,103 | | (161,056,755) | | 3,155 | | 19,405 | | 47,860,367 | | 2,670,385* |
| Total | $78,223,166 | | $240,068,584 | | $(250,615,951) | | $3,155 | | $19,405 | | $67,698,359 | | $3,671,090 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (g) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Industrials ETF (PSCI)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.92% |
| Aerospace & Defense-7.58% |
AAR Corp.(b)(c)
| | 28,895 | | $ 1,900,713 |
AeroVironment, Inc.(b)(c)
| | 24,390 | | 4,969,706 |
Mercury Systems, Inc.(b)(c)
| | 45,574 | | 1,727,254 |
Moog, Inc., Class A
| | 25,097 | | 4,954,148 |
National Presto Industries, Inc.
| | 4,599 | | 360,056 |
Triumph Group, Inc.(b)(c)
| | 67,077 | | 934,383 |
| | | | | 14,846,260 |
| Air Freight & Logistics-1.74% |
Forward Air Corp.(c)
| | 27,552 | | 875,327 |
Hub Group, Inc., Class A
| | 53,878 | | 2,539,270 |
| | | | | 3,414,597 |
| Building Products-10.81% |
American Woodmark Corp.(b)
| | 13,827 | | 1,239,038 |
Apogee Enterprises, Inc.
| | 19,312 | | 1,289,655 |
Armstrong World Industries, Inc.
| | 38,199 | | 4,842,105 |
AZZ, Inc.
| | 25,920 | | 2,155,767 |
Gibraltar Industries, Inc.(b)(c)
| | 26,589 | | 1,852,456 |
Griffon Corp.
| | 32,432 | | 2,146,674 |
Hayward Holdings, Inc.(b)(c)
| | 110,623 | | 1,641,645 |
Insteel Industries, Inc.
| | 16,995 | | 584,628 |
MasterBrand, Inc.(b)
| | 110,829 | | 1,777,697 |
Quanex Building Products Corp.(c)
| | 38,756 | | 1,070,828 |
Resideo Technologies, Inc.(b)
| | 127,422 | | 2,568,828 |
| | | | | 21,169,321 |
| Commercial Services & Supplies-12.66% |
ABM Industries, Inc.
| | 55,219 | | 3,155,766 |
Brady Corp., Class A
| | 39,066 | | 2,892,447 |
CoreCivic, Inc.(b)
| | 97,089 | | 1,337,886 |
Deluxe Corp.
| | 38,437 | | 791,418 |
Enviri Corp.(b)
| | 69,902 | | 835,329 |
GEO Group, Inc. (The)(b)
| | 116,315 | | 1,613,289 |
Healthcare Services Group, Inc.(b)
| | 64,267 | | 699,867 |
HNI Corp.
| | 41,274 | | 2,222,605 |
Interface, Inc.
| | 50,826 | | 959,595 |
Liquidity Services, Inc.(b)(c)
| | 19,483 | | 424,145 |
Matthews International Corp., Class A
| | 26,799 | | 678,819 |
MillerKnoll, Inc.
| | 62,516 | | 1,841,096 |
OPENLANE, Inc.(b)(c)
| | 94,510 | | 1,637,858 |
Pitney Bowes, Inc.
| | 135,803 | | 960,127 |
UniFirst Corp.
| | 13,149 | | 2,494,234 |
Vestis Corp.
| | 114,711 | | 1,613,984 |
Viad Corp.(b)
| | 18,437 | | 634,417 |
| | | | | 24,792,882 |
| Construction & Engineering-6.49% |
Arcosa, Inc.(c)
| | 42,409 | | 3,879,999 |
Dycom Industries, Inc.(b)
| | 25,388 | | 4,467,273 |
Granite Construction, Inc.(c)
| | 38,529 | | 2,895,840 |
MYR Group, Inc.(b)
| | 14,630 | | 1,474,704 |
| | | | | 12,717,816 |
| Electrical Equipment-3.10% |
Powell Industries, Inc.(c)
| | 8,055 | | 1,348,729 |
| | Shares | | Value |
| Electrical Equipment-(continued) |
Sunrun, Inc.(b)(c)
| | 193,434 | | $ 3,969,266 |
Vicor Corp.(b)(c)
| | 19,755 | | 760,567 |
| | | | | 6,078,562 |
| Ground Transportation-4.97% |
ArcBest Corp.
| | 20,448 | | 2,173,622 |
Heartland Express, Inc.(c)
| | 40,011 | | 495,336 |
Hertz Global Holdings, Inc.(b)(c)
| | 115,133 | | 350,004 |
Marten Transport Ltd.
| | 50,411 | | 879,672 |
RXO, Inc.(b)(c)
| | 102,558 | | 2,918,801 |
Schneider National, Inc., Class B
| | 32,194 | | 872,779 |
Werner Enterprises, Inc.(c)
| | 55,338 | | 2,045,293 |
| | | | | 9,735,507 |
| Machinery-28.91% |
3D Systems Corp.(b)(c)
| | 116,827 | | 250,010 |
Alamo Group, Inc.
| | 9,046 | | 1,677,128 |
Albany International Corp., Class A
| | 27,227 | | 2,563,694 |
Astec Industries, Inc.
| | 19,866 | | 672,067 |
Barnes Group, Inc.(c)
| | 44,245 | | 1,771,570 |
Enerpac Tool Group Corp.
| | 47,344 | | 1,952,467 |
Enpro, Inc.
| | 18,275 | | 2,939,168 |
ESCO Technologies, Inc.
| | 22,471 | | 2,694,498 |
Federal Signal Corp.
| | 53,320 | | 5,038,207 |
Franklin Electric Co., Inc.
| | 34,590 | | 3,592,517 |
Gates Industrial Corp. PLC(b)(c)
| | 179,428 | | 3,258,412 |
Greenbrier Cos., Inc. (The)
| | 27,166 | | 1,316,193 |
Hillenbrand, Inc.
| | 61,256 | | 2,018,998 |
John Bean Technologies Corp.
| | 27,778 | | 2,495,575 |
Kennametal, Inc.
| | 68,648 | | 1,775,924 |
Lindsay Corp.
| | 9,632 | | 1,194,850 |
Mueller Industries, Inc.
| | 99,131 | | 7,207,815 |
Proto Labs, Inc.(b)
| | 22,092 | | 675,573 |
SPX Technologies, Inc.(b)
| | 40,344 | | 6,581,720 |
Standex International Corp.
| | 10,343 | | 1,847,777 |
Tennant Co.
| | 16,586 | | 1,619,955 |
Titan International, Inc.(b)(c)
| | 44,661 | | 372,026 |
Trinity Industries, Inc.
| | 71,414 | | 2,357,376 |
Wabash National Corp.(c)
| | 39,289 | | 764,564 |
| | | | | 56,638,084 |
| Marine Transportation-2.10% |
Matson, Inc.
| | 29,806 | | 4,122,170 |
| Passenger Airlines-4.66% |
Alaska Air Group, Inc.(b)(c)
| | 110,691 | | 3,997,052 |
Allegiant Travel Co.(c)
| | 12,612 | | 530,713 |
JetBlue Airways Corp.(b)(c)
| | 298,799 | | 1,517,899 |
SkyWest, Inc.(b)
| | 35,132 | | 2,724,135 |
Sun Country Airlines Holdings, Inc.(b)(c)
| | 33,196 | | 364,492 |
| | | | | 9,134,291 |
| Professional Services-8.45% |
CSG Systems International, Inc.(c)
| | 24,817 | | 1,204,121 |
Heidrick & Struggles International, Inc.
| | 17,670 | | 682,062 |
Kelly Services, Inc., Class A
| | 28,100 | | 593,191 |
Korn Ferry
| | 45,534 | | 3,326,259 |
NV5 Global, Inc.(b)
| | 11,272 | | 1,083,577 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)
August 31, 2024
| | Shares | | Value |
| Professional Services-(continued) |
Robert Half, Inc.
| | 90,210 | | $ 5,653,461 |
Verra Mobility Corp., Class A(b)(c)
| | 145,309 | | 4,011,981 |
| | | | | 16,554,652 |
| Trading Companies & Distributors-8.45% |
Air Lease Corp., Class A
| | 90,415 | | 4,183,502 |
Boise Cascade Co.
| | 34,454 | | 4,672,652 |
DNOW, Inc.(b)
| | 93,202 | | 1,213,490 |
DXP Enterprises, Inc.(b)(c)
| | 11,398 | | 626,890 |
GMS, Inc.(b)
| | 34,756 | | 3,016,473 |
Rush Enterprises, Inc., Class A
| | 53,987 | | 2,845,115 |
| | | | | 16,558,122 |
Total Common Stocks & Other Equity Interests
(Cost $161,113,893)
| | 195,762,264 |
|
| Money Market Funds-0.03% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $66,721)
| | 66,721 | | 66,721 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $161,180,614)
| | 195,828,985 |
| | Shares | | Value |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-12.28% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 6,467,736 | | $ 6,467,736 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 17,583,050 | | 17,590,083 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $24,056,954)
| | 24,057,819 |
TOTAL INVESTMENTS IN SECURITIES-112.23%
(Cost $185,237,568)
| | 219,886,804 |
OTHER ASSETS LESS LIABILITIES-(12.23)%
| | (23,963,937) |
NET ASSETS-100.00%
| | $195,922,867 |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $6,891 | | $9,910,827 | | $(9,850,997) | | $- | | $- | | $66,721 | | $5,541 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 3,283,215 | | 84,914,495 | | (81,729,974) | | - | | - | | 6,467,736 | | 322,398* |
| Invesco Private Prime Fund | 9,438,856 | | 182,136,661 | | (173,987,511) | | 865 | | 1,212 | | 17,590,083 | | 880,372* |
| Total | $12,728,962 | | $276,961,983 | | $(265,568,482) | | $865 | | $1,212 | | $24,124,540 | | $1,208,311 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Information Technology ETF (PSCT)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.99% |
| Communications Equipment-7.37% |
Calix, Inc.(b)
| | 119,602 | | $ 4,453,978 |
Digi International, Inc.(b)(c)
| | 74,596 | | 2,197,598 |
Extreme Networks, Inc.(b)(c)
| | 266,503 | | 4,197,422 |
Harmonic, Inc.(b)
| | 239,004 | | 3,453,608 |
NetScout Systems, Inc.(b)(c)
| | 146,464 | | 3,146,047 |
Viasat, Inc.(b)(c)
| | 154,204 | | 2,421,003 |
Viavi Solutions, Inc.(b)(c)
| | 457,824 | | 3,941,865 |
| | | | | 23,811,521 |
| Electronic Equipment, Instruments & Components-33.99% |
Advanced Energy Industries, Inc.(c)
| | 76,788 | | 8,146,439 |
Arlo Technologies, Inc.(b)(c)
| | 200,116 | | 2,349,362 |
Badger Meter, Inc.
| | 60,285 | | 12,475,378 |
Benchmark Electronics, Inc.
| | 73,921 | | 3,142,382 |
CTS Corp.(c)
| | 62,694 | | 3,087,679 |
ePlus, Inc.(b)(c)
| | 54,643 | | 5,243,542 |
Fabrinet (Thailand)(b)
| | 74,127 | | 18,061,044 |
Insight Enterprises, Inc.(b)(c)
| | 56,753 | | 12,319,374 |
Itron, Inc.(b)
| | 94,066 | | 9,615,426 |
Knowles Corp.(b)
| | 184,050 | | 3,395,722 |
OSI Systems, Inc.(b)(c)
| | 32,165 | | 4,820,569 |
PC Connection, Inc.
| | 23,255 | | 1,699,475 |
Plexus Corp.(b)
| | 56,171 | | 7,196,067 |
Rogers Corp.(b)
| | 34,437 | | 3,693,713 |
Sanmina Corp.(b)(c)
| | 113,724 | | 7,890,171 |
ScanSource, Inc.(b)(c)
| | 50,675 | | 2,581,384 |
TTM Technologies, Inc.(b)(c)
| | 208,722 | | 4,059,643 |
| | | | | 109,777,370 |
| IT Services-5.30% |
DigitalOcean Holdings, Inc.(b)(c)
| | 110,215 | | 4,125,347 |
DXC Technology Co.(b)
| | 366,922 | | 7,584,278 |
Perficient, Inc.(b)
| | 72,107 | | 5,420,283 |
| | | | | 17,129,908 |
| Semiconductors & Semiconductor Equipment-20.39% |
Alpha & Omega Semiconductor Ltd.(b)(c)
| | 47,677 | | 1,993,375 |
Axcelis Technologies, Inc.(b)(c)
| | 66,717 | | 7,294,170 |
CEVA, Inc.(b)(c)
| | 48,361 | | 1,157,762 |
Cohu, Inc.(b)(c)
| | 96,567 | | 2,598,618 |
Diodes, Inc.(b)(c)
| | 94,593 | | 6,592,186 |
FormFactor, Inc.(b)
| | 158,260 | | 7,718,340 |
Ichor Holdings Ltd.(b)
| | 68,650 | | 2,128,150 |
Kulicke & Soffa Industries, Inc. (Singapore)(c)
| | 113,745 | | 4,983,169 |
MaxLinear, Inc.(b)
| | 155,005 | | 2,352,976 |
PDF Solutions, Inc.(b)(c)
| | 63,012 | | 1,988,029 |
Photronics, Inc.(b)(c)
| | 129,926 | | 3,359,886 |
Semtech Corp.(b)(c)
| | 132,411 | | 5,802,250 |
SiTime Corp.(b)(c)
| | 36,115 | | 5,224,396 |
SMART Global Holdings, Inc.(b)(c)
| | 107,253 | | 2,222,282 |
SolarEdge Technologies, Inc.(b)(c)
| | 117,513 | | 2,859,091 |
Ultra Clean Holdings, Inc.(b)(c)
| | 92,091 | | 3,471,831 |
Veeco Instruments, Inc.(b)(c)
| | 116,157 | | 4,122,412 |
| | | | | 65,868,923 |
| | Shares | | Value |
| Software-31.92% |
A10 Networks, Inc.(c)
| | 143,532 | | $ 1,976,436 |
ACI Worldwide, Inc.(b)
| | 216,237 | | 10,889,695 |
Adeia, Inc.
| | 222,530 | | 2,803,878 |
Agilysys, Inc.(b)
| | 41,414 | | 4,683,923 |
Alarm.com Holdings, Inc.(b)(c)
| | 102,926 | | 6,128,214 |
BlackLine, Inc.(b)(c)
| | 105,225 | | 5,213,899 |
Box, Inc., Class A(b)(c)
| | 296,044 | | 9,651,034 |
DoubleVerify Holdings, Inc.(b)
| | 288,902 | | 5,691,369 |
Envestnet, Inc.(b)
| | 102,844 | | 6,453,461 |
InterDigital, Inc.(c)
| | 51,751 | | 7,170,619 |
LiveRamp Holdings, Inc.(b)(c)
| | 135,735 | | 3,518,251 |
Marathon Digital Holdings, Inc.(b)(c)
| | 559,781 | | 9,348,343 |
N-able, Inc.(b)
| | 143,985 | | 1,851,647 |
NCR Voyix Corp.(b)(c)
| | 282,531 | | 3,811,343 |
Progress Software Corp.
| | 88,635 | | 5,154,125 |
SolarWinds Corp.(c)
| | 106,926 | | 1,367,584 |
Sprinklr, Inc., Class A(b)(c)
| | 245,713 | | 2,204,046 |
SPS Commerce, Inc.(b)
| | 75,943 | | 15,168,855 |
| | | | | 103,086,722 |
| Technology Hardware, Storage & Peripherals-1.02% |
Corsair Gaming, Inc.(b)(c)
| | 89,497 | | 623,794 |
Xerox Holdings Corp.(c)
| | 234,329 | | 2,654,948 |
| | | | | 3,278,742 |
Total Common Stocks & Other Equity Interests
(Cost $260,112,260)
| | 322,953,186 |
|
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $24,012)
| | 24,012 | | 24,012 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $260,136,272)
| | 322,977,198 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-21.46% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 19,293,727 | | 19,293,727 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 49,990,788 | | 50,010,784 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $69,300,167)
| | 69,304,511 |
TOTAL INVESTMENTS IN SECURITIES-121.46%
(Cost $329,436,439)
| | 392,281,709 |
OTHER ASSETS LESS LIABILITIES-(21.46)%
| | (69,307,713) |
NET ASSETS-100.00%
| | $322,973,996 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)
August 31, 2024
| 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, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $12,479 | | $3,265,999 | | $(3,254,466) | | $- | | $- | | $24,012 | | $5,159 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 22,373,280 | | 146,109,840 | | (149,189,393) | | - | | - | | 19,293,727 | | 1,027,128* |
| Invesco Private Prime Fund | 57,531,290 | | 343,704,773 | | (351,234,827) | | 5,007 | | 4,541 | | 50,010,784 | | 2,735,212* |
| Total | $79,917,049 | | $493,080,612 | | $(503,678,686) | | $5,007 | | $4,541 | | $69,328,523 | | $3,767,499 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Materials ETF (PSCM)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.89% |
| Chemicals-40.67% |
AdvanSix, Inc.
| | 6,769 | | $ 200,092 |
Balchem Corp.
| | 8,094 | | 1,432,881 |
H.B. Fuller Co.(b)
| | 13,604 | | 1,165,319 |
Hawkins, Inc.
| | 4,806 | | 608,776 |
Ingevity Corp.(b)(c)
| | 8,533 | | 337,310 |
Innospec, Inc.
| | 6,273 | | 723,026 |
Koppers Holdings, Inc.
| | 5,354 | | 211,911 |
Mativ Holdings, Inc., Class A
| | 13,721 | | 260,150 |
Minerals Technologies, Inc.
| | 8,144 | | 627,902 |
Quaker Chemical Corp.(b)
| | 3,498 | | 592,106 |
Sensient Technologies Corp.
| | 10,223 | | 795,758 |
Stepan Co.
| | 5,393 | | 418,659 |
| | | | | 7,373,890 |
| Containers & Packaging-10.55% |
Myers Industries, Inc.
| | 9,391 | | 143,588 |
O-I Glass, Inc.(c)
| | 39,327 | | 499,060 |
Sealed Air Corp.
| | 36,351 | | 1,270,467 |
| | | | | 1,913,115 |
| Metals & Mining-43.68% |
Alpha Metallurgical Resources, Inc.
| | 2,890 | | 691,144 |
Arch Resources, Inc.
| | 4,575 | | 624,167 |
ATI, Inc.(b)(c)
| | 31,066 | | 1,984,496 |
Carpenter Technology Corp.
| | 12,385 | | 1,792,976 |
Century Aluminum Co.(c)
| | 13,110 | | 188,260 |
Compass Minerals International, Inc.(b)
| | 8,560 | | 75,585 |
Haynes International, Inc.
| | 3,207 | | 192,869 |
Kaiser Aluminum Corp.
| | 4,021 | | 299,766 |
Materion Corp.
| | 5,235 | | 607,469 |
Metallus, Inc.(b)(c)
| | 9,858 | | 160,291 |
Olympic Steel, Inc.
| | 2,474 | | 99,207 |
SunCoke Energy, Inc.
| | 21,233 | | 190,248 |
Warrior Met Coal, Inc.
| | 12,032 | | 737,682 |
Worthington Steel, Inc.
| | 7,762 | | 274,775 |
| | | | | 7,918,935 |
| | Shares | | Value |
| Paper & Forest Products-4.99% |
Clearwater Paper Corp.(c)
| | 4,212 | | $ 140,133 |
Mercer International, Inc. (Germany)
| | 11,134 | | 66,804 |
Sylvamo Corp.
| | 8,829 | | 698,286 |
| | | | | 905,223 |
Total Common Stocks & Other Equity Interests
(Cost $16,017,785)
| | 18,111,163 |
|
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $7,205)
| | 7,205 | | 7,205 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $16,024,990)
| | 18,118,368 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-16.25% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 816,311 | | 816,311 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 2,128,910 | | 2,129,762 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,946,005)
| | 2,946,073 |
TOTAL INVESTMENTS IN SECURITIES-116.18%
(Cost $18,970,995)
| | 21,064,441 |
OTHER ASSETS LESS LIABILITIES-(16.18)%
| | (2,933,284) |
NET ASSETS-100.00%
| | $18,131,157 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $251,811 | | $(244,606) | | $- | | $- | | $7,205 | | $282 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Materials ETF (PSCM)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $1,352,773 | | $11,576,679 | | $(12,113,141) | | $- | | $- | | $816,311 | | $36,994* |
| Invesco Private Prime Fund | 3,478,560 | | 23,541,189 | | (24,890,417) | | 148 | | 282 | | 2,129,762 | | 98,058* |
| Total | $4,831,333 | | $35,369,679 | | $(37,248,164) | | $148 | | $282 | | $2,953,278 | | $135,334 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.86% |
| Diversified Telecommunication Services-14.00% |
Cogent Communications Holdings, Inc.(b)
| | 12,059 | | $ 843,889 |
Consolidated Communications Holdings, Inc.(b)(c)
| | 21,619 | | 98,799 |
Lumen Technologies, Inc.(b)(c)
| | 290,048 | | 1,522,752 |
Shenandoah Telecommunications Co.(b)
| | 14,318 | | 216,488 |
| | | | | 2,681,928 |
| Electric Utilities-9.95% |
MGE Energy, Inc.
| | 10,341 | | 896,616 |
Otter Tail Corp.(b)
| | 11,950 | | 1,010,373 |
| | | | | 1,906,989 |
| Entertainment-9.57% |
Cinemark Holdings, Inc.(b)(c)
| | 30,492 | | 834,871 |
Madison Square Garden Sports Corp., Class A(c)
| | 4,775 | | 998,214 |
| | | | | 1,833,085 |
| Gas Utilities-6.21% |
Chesapeake Utilities Corp.(b)
| | 6,368 | | 754,098 |
Northwest Natural Holding Co.
| | 10,848 | | 436,307 |
| | | | | 1,190,405 |
| Independent Power and Renewable Electricity Producers-4.95% |
Clearway Energy, Inc., Class A
| | 9,872 | | 265,261 |
Clearway Energy, Inc., Class C
| | 23,573 | | 682,674 |
| | | | | 947,935 |
| Interactive Media & Services-19.17% |
CarGurus, Inc.(b)(c)
| | 22,431 | | 650,050 |
Cars.com, Inc.(c)
| | 17,547 | | 313,038 |
IAC, Inc.(b)(c)
| | 19,969 | | 1,053,964 |
QuinStreet, Inc.(b)(c)
| | 14,979 | | 286,249 |
Shutterstock, Inc.
| | 6,852 | | 245,850 |
TripAdvisor, Inc.(c)
| | 31,025 | | 450,173 |
Yelp, Inc.(c)
| | 19,286 | | 673,660 |
| | | | | 3,672,984 |
| Media-12.30% |
AMC Networks, Inc., Class A(c)
| | 8,821 | | 86,887 |
Cable One, Inc.(b)
| | 1,297 | | 457,478 |
EchoStar Corp., Class A(b)(c)
| | 34,466 | | 639,000 |
John Wiley & Sons, Inc., Class A(b)
| | 12,020 | | 580,686 |
Scholastic Corp.
| | 7,262 | | 231,512 |
| | Shares | | Value |
| Media-(continued) |
TechTarget, Inc.(b)(c)
| | 7,413 | | $ 197,556 |
Thryv Holdings, Inc.(b)(c)
| | 8,996 | | 163,907 |
| | | | | 2,357,026 |
| Multi-Utilities-5.96% |
Avista Corp.
| | 22,349 | | 863,565 |
Unitil Corp.(b)
| | 4,613 | | 278,164 |
| | | | | 1,141,729 |
| Water Utilities-13.55% |
American States Water Co.
| | 10,637 | | 866,064 |
California Water Service Group
| | 16,508 | | 913,388 |
Middlesex Water Co.
| | 5,085 | | 320,406 |
SJW Group
| | 8,390 | | 494,926 |
| | | | | 2,594,784 |
| Wireless Telecommunication Services-4.20% |
Gogo, Inc.(b)(c)
| | 17,401 | | 138,686 |
Telephone and Data Systems, Inc.(b)
| | 28,173 | | 665,446 |
| | | | | 804,132 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $18,199,318)
| | 19,130,997 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-27.31% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 1,451,434 | | 1,451,434 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 3,778,835 | | 3,780,347 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,231,623)
| | 5,231,781 |
TOTAL INVESTMENTS IN SECURITIES-127.17%
(Cost $23,430,941)
| | 24,362,778 |
OTHER ASSETS LESS LIABILITIES-(27.17)%
| | (5,205,429) |
NET ASSETS-100.00%
| | $19,157,349 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $290,895 | | $(290,895) | | $- | | $- | | $- | | $281 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 1,207,866 | | 14,338,531 | | (14,094,963) | | - | | - | | 1,451,434 | | 71,038* |
| Invesco Private Prime Fund | 4,528,601 | | 24,764,111 | | (25,513,742) | | 163 | | 1,214 | | 3,780,347 | | 192,364* |
| Total | $5,736,467 | | $39,393,537 | | $(39,899,600) | | $163 | | $1,214 | | $5,231,781 | | $263,683 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
August 31, 2024
| | Invesco
Dorsey Wright
SmallCap Momentum
ETF (DWAS) | | Invesco
S&P SmallCap
Consumer
Discretionary
ETF (PSCD) | | Invesco
S&P SmallCap
Consumer
Staples
ETF (PSCC) | | Invesco
S&P SmallCap
Energy
ETF (PSCE) |
| Assets: | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $965,553,611 | | $25,643,827 | | $54,912,578 | | $94,230,816 |
Affiliated investments in securities, at value
| 171,899,839 | | 8,089,545 | | 14,121,903 | | 31,519,068 |
Cash
| - | | 20,913 | | - | | - |
| Receivable for: | | | | | | | |
Dividends
| 213,378 | | 23,964 | | 111,418 | | 145,536 |
Securities lending
| 118,818 | | 766 | | 1,195 | | 3,136 |
Investments sold
| - | | 2,136,844 | | - | | 525,197 |
Total assets
| 1,137,785,646 | | 35,915,859 | | 69,147,094 | | 126,423,753 |
| Liabilities: | | | | | | | |
Due to custodian
| 31,795 | | - | | - | | 99,976 |
| Payable for: | | | | | | | |
Collateral upon return of securities loaned
| 171,888,954 | | 8,083,685 | | 14,116,084 | | 31,518,096 |
Fund shares repurchased
| - | | 2,140,426 | | - | | 525,368 |
Accrued unitary management fees
| 466,214 | | 6,766 | | 13,262 | | 30,606 |
Total liabilities
| 172,386,963 | | 10,230,877 | | 14,129,346 | | 32,174,046 |
Net Assets
| $965,398,683 | | $25,684,982 | | $55,017,748 | | $94,249,707 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $1,299,902,094 | | $43,892,451 | | $75,653,729 | | $166,762,086 |
Distributable earnings (loss)
| (334,503,411) | | (18,207,469) | | (20,635,981) | | (72,512,379) |
Net Assets
| $965,398,683 | | $25,684,982 | | $55,017,748 | | $94,249,707 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 10,460,000 | | 240,000 | | 1,450,000 | | 1,793,970 |
Net asset value
| $92.29 | | $107.02 | | $37.94 | | $52.54 |
Market price
| $92.24 | | $106.85 | | $37.92 | | $52.51 |
Unaffiliated investments in securities, at cost
| $787,049,274 | | $26,711,283 | | $61,447,638 | | $96,041,798 |
Affiliated investments in securities, at cost
| $171,888,954 | | $8,089,471 | | $14,121,208 | | $31,518,096 |
(a)Includes securities on loan with an aggregate value of:
| $168,480,371 | | $7,922,090 | | $13,911,965 | | $30,381,863 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
S&P SmallCap
Financials
ETF (PSCF) | | Invesco
S&P SmallCap
Health Care
ETF (PSCH) | | Invesco
S&P SmallCap
Industrials
ETF (PSCI) | | Invesco
S&P SmallCap
Information
Technology
ETF (PSCT) | | Invesco
S&P SmallCap
Materials
ETF (PSCM) | | Invesco
S&P SmallCap
Utilities &
Communication
Services
ETF (PSCU) |
| | | | | | | | | | | |
| $20,485,674 | | $204,924,312 | | $195,762,264 | | $322,953,186 | | $18,111,163 | | $19,130,997 |
| 4,663,438 | | 67,698,359 | | 24,124,540 | | 69,328,523 | | 2,953,278 | | 5,231,781 |
| - | | - | | - | | - | | - | | - |
| | | | | | | | | | | |
| 30,942 | | 160,755 | | 135,512 | | 63,714 | | 16,745 | | 43,137 |
| 1,671 | | 4,812 | | 4,135 | | 5,688 | | 307 | | 372 |
| - | | 470,844 | | - | | - | | - | | - |
| 25,181,725 | | 273,259,082 | | 220,026,451 | | 392,351,111 | | 21,081,493 | | 24,406,287 |
| | | | | | | | | | | |
| - | | - | | - | | - | | - | | 13,416 |
| | | | | | | | | | | |
| 4,650,146 | | 67,643,436 | | 24,056,954 | | 69,300,167 | | 2,946,005 | | 5,231,623 |
| - | | 471,477 | | - | | - | | - | | - |
| 4,840 | | 48,920 | | 46,630 | | 76,948 | | 4,331 | | 3,899 |
| 4,654,986 | | 68,163,833 | | 24,103,584 | | 69,377,115 | | 2,950,336 | | 5,248,938 |
| $20,526,739 | | $205,095,249 | | $195,922,867 | | $322,973,996 | | $18,131,157 | | $19,157,349 |
| | | | | | | | | | | |
| $29,514,728 | | $378,326,179 | | $166,963,370 | | $318,455,049 | | $21,600,186 | | $30,222,663 |
| (8,987,989) | | (173,230,930) | | 28,959,497 | | 4,518,947 | | (3,469,029) | | (11,065,314) |
| $20,526,739 | | $205,095,249 | | $195,922,867 | | $322,973,996 | | $18,131,157 | | $19,157,349 |
| 370,000 | | 4,350,000 | | 1,510,000 | | 6,740,000 | | 230,000 | | 330,000 |
| $55.48 | | $47.15 | | $129.75 | | $47.92 | | $78.83 | | $58.05 |
| $55.45 | | $47.11 | | $129.71 | | $47.90 | | $78.77 | | $58.07 |
| $19,352,875 | | $195,556,819 | | $161,113,893 | | $260,112,260 | | $16,017,785 | | $18,199,318 |
| $4,663,187 | | $67,694,128 | | $24,123,675 | | $69,324,179 | | $2,953,210 | | $5,231,623 |
| $4,553,773 | | $66,215,687 | | $23,668,993 | | $67,717,717 | | $2,858,599 | | $5,114,474 |
Statements of Operations
For the year ended August 31, 2024
| | Invesco
Dorsey Wright
SmallCap Momentum
ETF (DWAS) | | Invesco
S&P SmallCap
Consumer
Discretionary
ETF (PSCD) | | Invesco
S&P SmallCap
Consumer
Staples
ETF (PSCC) | | Invesco
S&P SmallCap
Energy
ETF (PSCE) |
| Investment income: | | | | | | | |
Unaffiliated dividend income
| $4,633,548 | | $515,389 | | $1,506,076 | | $4,307,823 |
Affiliated dividend income
| 17,568 | | 772 | | 1,184 | | 4,042 |
Securities lending income, net
| 1,975,635 | | 13,952 | | 22,500 | | 78,049 |
Foreign withholding tax
| (21,067) | | - | | - | | - |
Total investment income
| 6,605,684 | | 530,113 | | 1,529,760 | | 4,389,914 |
| Expenses: | | | | | | | |
Unitary management fees
| 4,918,638 | | 93,145 | | 222,704 | | 611,053 |
Less: Waivers
| (330) | | (14) | | (24) | | (79) |
Net expenses
| 4,918,308 | | 93,131 | | 222,680 | | 610,974 |
Net investment income
| 1,687,376 | | 436,982 | | 1,307,080 | | 3,778,940 |
| Realized and unrealized gain (loss) from: | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
Unaffiliated investment securities
| (28,726,278) | | (2,398,079) | | (2,699,719) | | (8,932,908) |
Affiliated investment securities
| 27,122 | | 2,160 | | 2,925 | | 2,855 |
Unaffiliated in-kind redemptions
| 78,464,664 | | 4,070,958 | | 11,725,523 | | 18,168,288 |
Affiliated in-kind redemptions
| - | | - | | - | | - |
Net realized gain (loss)
| 49,765,508 | | 1,675,039 | | 9,028,729 | | 9,238,235 |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | |
Unaffiliated investment securities
| 78,370,377 | | 3,067,688 | | (9,973,807) | | (27,015,644) |
Affiliated investment securities
| 9,625 | | (155) | | 695 | | 412 |
Change in net unrealized appreciation (depreciation)
| 78,380,002 | | 3,067,533 | | (9,973,112) | | (27,015,232) |
Net realized and unrealized gain (loss)
| 128,145,510 | | 4,742,572 | | (944,383) | | (17,776,997) |
Net increase (decrease) in net assets resulting from operations
| $129,832,886 | | $5,179,554 | | $362,697 | | $(13,998,057) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco
S&P SmallCap
Financials
ETF (PSCF) | | Invesco
S&P SmallCap
Health Care
ETF (PSCH) | | Invesco
S&P SmallCap
Industrials
ETF (PSCI) | | Invesco
S&P SmallCap
Information
Technology
ETF (PSCT) | | Invesco
S&P SmallCap
Materials
ETF (PSCM) | | Invesco
S&P SmallCap
Utilities &
Communication
Services
ETF (PSCU) |
| | | | | | | | | | | |
| $614,190 | | $1,181,664 | | $1,595,694 | | $827,737 | | $179,157 | | $236,697 |
| 4,003 | | 4,131 | | 5,541 | | 5,159 | | 282 | | 281 |
| 26,104 | | 85,540 | | 36,102 | | 95,349 | | 3,706 | | 6,236 |
| (1,132) | | - | | - | | - | | - | | - |
| 643,165 | | 1,271,335 | | 1,637,337 | | 928,245 | | 183,145 | | 243,214 |
| | | | | | | | | | | |
| 55,937 | | 617,757 | | 484,971 | | 918,437 | | 47,348 | | 46,201 |
| (9) | | (76) | | (91) | | (100) | | (5) | | (6) |
| 55,928 | | 617,681 | | 484,880 | | 918,337 | | 47,343 | | 46,195 |
| 587,237 | | 653,654 | | 1,152,457 | | 9,908 | | 135,802 | | 197,019 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| (1,210,762) | | (37,989,406) | | (1,888,178) | | (22,511,012) | | (1,755,318) | | (1,057,702) |
| (238,400) | | 19,405 | | 1,212 | | 4,541 | | 282 | | 1,214 |
| 69,644 | | 13,641,958 | | 11,715,922 | | 26,016,094 | | 1,023,997 | | (137,223) |
| (7,787) | | - | | - | | - | | - | | - |
| (1,387,305) | | (24,328,043) | | 9,828,956 | | 3,509,623 | | (731,039) | | (1,193,711) |
| | | | | | | | | | | |
| 5,233,643 | | 48,253,431 | | 27,176,536 | | (4,658,499) | | 2,670,321 | | 2,488,686 |
| 238,132 | | 3,155 | | 865 | | 5,007 | | 148 | | 163 |
| 5,471,775 | | 48,256,586 | | 27,177,401 | | (4,653,492) | | 2,670,469 | | 2,488,849 |
| 4,084,470 | | 23,928,543 | | 37,006,357 | | (1,143,869) | | 1,939,430 | | 1,295,138 |
| $4,671,707 | | $24,582,197 | | $38,158,814 | | $(1,133,961) | | $2,075,232 | | $1,492,157 |
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco Dorsey Wright SmallCap
Momentum ETF (DWAS) | | Invesco S&P SmallCap
Consumer Discretionary ETF (PSCD) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $1,687,376 | | $3,759,013 | | $436,982 | | $351,540 |
Net realized gain (loss)
| 49,765,508 | | (30,888,701) | | 1,675,039 | | (4,360,581) |
Change in net unrealized appreciation (depreciation)
| 78,380,002 | | 73,783,144 | | 3,067,533 | | 7,454,145 |
Net increase (decrease) in net assets resulting from operations
| 129,832,886 | | 46,653,456 | | 5,179,554 | | 3,445,104 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (9,945,867) | | (4,016,319) | | (416,140) | | (355,217) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 498,976,454 | | 361,148,219 | | 13,648,566 | | 6,353,723 |
Value of shares repurchased
| (370,047,645) | | (77,282,607) | | (19,447,787) | | (7,793,396) |
Net increase (decrease) in net assets resulting from share transactions
| 128,928,809 | | 283,865,612 | | (5,799,221) | | (1,439,673) |
Net increase (decrease) in net assets
| 248,815,828 | | 326,502,749 | | (1,035,807) | | 1,650,214 |
| Net assets: | | | | | | | |
Beginning of year
| 716,582,855 | | 390,080,106 | | 26,720,789 | | 25,070,575 |
End of year
| $965,398,683 | | $716,582,855 | | $25,684,982 | | $26,720,789 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 5,710,000 | | 4,840,000 | | 140,000 | | 70,000 |
Shares repurchased
| (4,180,000) | | (1,030,000) | | (190,000) | | (90,000) |
Shares outstanding, beginning of year
| 8,930,000 | | 5,120,000 | | 290,000 | | 310,000 |
Shares outstanding, end of year
| 10,460,000 | | 8,930,000 | | 240,000 | | 290,000 |
| (a) | Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
| (b) | Changes in shares outstanding have been restated to reflect a one-for-five reverse stock split effective at the open of business on July 17, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap
Consumer Staples ETF (PSCC) | | Invesco S&P SmallCap
Energy ETF (PSCE) | | Invesco S&P SmallCap
Financials ETF (PSCF) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | |
| $1,307,080 | | $1,177,425 | | $3,778,940 | | $4,308,566 | | $587,237 | | $896,077 |
| 9,028,729 | | 953,383 | | 9,238,235 | | 1,142,197 | | (1,387,305) | | (3,875,367) |
| (9,973,112) | | 4,874,879 | | (27,015,232) | | 27,330,988 | | 5,471,775 | | 151,603 |
| 362,697 | | 7,005,687 | | (13,998,057) | | 32,781,751 | | 4,671,707 | | (2,827,687) |
| | | | | | | | | | | |
| (1,220,835) | | (1,068,839) | | (4,298,739) | | (3,855,664) | | (573,846) | | (863,592) |
| | | | | | | | | | | |
| 32,849,166 | | 37,458,040 | | 44,162,487 | | 135,620,537 | | 1,529,206 | | - |
| (65,656,116) | | (16,159,554) | | (178,274,710) | | (56,080,636) | | (7,293,723) | | (11,890,566) |
| (32,806,950) | | 21,298,486 | | (134,112,223) | | 79,539,901 | | (5,764,517) | | (11,890,566) |
| (33,665,088) | | 27,235,334 | | (152,409,019) | | 108,465,988 | | (1,666,656) | | (15,581,845) |
| | | | | | | | | | | |
| 88,682,836 | | 61,447,502 | | 246,658,726 | | 138,192,738 | | 22,193,395 | | 37,775,240 |
| $55,017,748 | | $88,682,836 | | $94,249,707 | | $246,658,726 | | $20,526,739 | | $22,193,395 |
| | | | | | | | | | | |
| 860,000 | | 1,040,000(a) | | 820,000 | | 2,738,000(b) | | 30,000 | | - |
| (1,790,000) | | (460,000)(a) | | (3,420,000) | | (1,136,030)(b) | | (160,000) | | (250,000) |
| 2,380,000 | | 1,800,000(a) | | 4,393,970 | | 2,792,000(b) | | 500,000 | | 750,000 |
| 1,450,000 | | 2,380,000(a) | | 1,793,970 | | 4,393,970(b) | | 370,000 | | 500,000 |
Statements of Changes in Net Assets—(continued)
For the years ended August 31, 2024 and 2023
| | Invesco S&P SmallCap
Health Care ETF (PSCH) | | Invesco S&P SmallCap
Industrials ETF (PSCI) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income (loss)
| $653,654 | | $(202,474) | | $1,152,457 | | $771,516 |
Net realized gain (loss)
| (24,328,043) | | (29,418,638) | | 9,828,956 | | (364,005) |
Change in net unrealized appreciation (depreciation)
| 48,256,586 | | (7,837,878) | | 27,177,401 | | 17,820,923 |
Net increase (decrease) in net assets resulting from operations
| 24,582,197 | | (37,458,990) | | 38,158,814 | | 18,228,434 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (514,396) | | - | | (1,125,992) | | (759,212) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 18,857,809 | | 30,844,398 | | 61,348,821 | | 62,505,718 |
Value of shares repurchased
| (94,067,044) | | (73,649,551) | | (36,381,572) | | (14,659,615) |
Net increase (decrease) in net assets resulting from share transactions
| (75,209,235) | | (42,805,153) | | 24,967,249 | | 47,846,103 |
Net increase (decrease) in net assets
| (51,141,434) | | (80,264,143) | | 62,000,071 | | 65,315,325 |
| Net assets: | | | | | | | |
Beginning of year
| 256,236,683 | | 336,500,826 | | 133,922,796 | | 68,607,471 |
End of year
| $205,095,249 | | $256,236,683 | | $195,922,867 | | $133,922,796 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 440,000 | | 690,000(a) | | 530,000 | | 660,000 |
Shares repurchased
| (2,280,000) | | (1,670,000)(a) | | (310,000) | | (160,000) |
Shares outstanding, beginning of year
| 6,190,000 | | 7,170,000(a) | | 1,290,000 | | 790,000 |
Shares outstanding, end of year
| 4,350,000 | | 6,190,000(a) | | 1,510,000 | | 1,290,000 |
| (a) | Changes in shares outstanding have been restated to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco S&P SmallCap
Information Technology ETF (PSCT) | | Invesco S&P SmallCap
Materials ETF (PSCM) | | Invesco S&P SmallCap
Utilities & Communication
Services ETF (PSCU) |
| 2024 | | 2023 | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | | | | |
| $9,908 | | $55,657 | | $135,802 | | $166,747 | | $197,019 | | $321,832 |
| 3,509,623 | | 348,047 | | (731,039) | | 765,275 | | (1,193,711) | | (1,078,723) |
| (4,653,492) | | 43,971,065 | | 2,670,469 | | 522,172 | | 2,488,849 | | (862,156) |
| (1,133,961) | | 44,374,769 | | 2,075,232 | | 1,454,194 | | 1,492,157 | | (1,619,047) |
| | | | | | | | | | | |
| (117,050) | | - | | (139,444) | | (192,225) | | (262,405) | | (278,048) |
| | | | | | | | | | | |
| 42,587,435 | | 21,780,815 | | 3,882,290 | | 9,323,883 | | 3,466,566 | | 2,297,924 |
| (56,658,567) | | (111,063,711) | | (6,186,019) | | (11,013,303) | | (4,544,381) | | (4,048,302) |
| (14,071,132) | | (89,282,896) | | (2,303,729) | | (1,689,420) | | (1,077,815) | | (1,750,378) |
| (15,322,143) | | (44,908,127) | | (367,941) | | (427,451) | | 151,937 | | (3,647,473) |
| | | | | | | | | | | |
| 338,296,139 | | 383,204,266 | | 18,499,098 | | 18,926,549 | | 19,005,412 | | 22,652,885 |
| $322,973,996 | | $338,296,139 | | $18,131,157 | | $18,499,098 | | $19,157,349 | | $19,005,412 |
| | | | | | | | | | | |
| 910,000 | | 560,000(a) | | 50,000 | | 140,000 | | 60,000 | | 40,000 |
| (1,220,000) | | (2,900,000)(a) | | (90,000) | | (170,000) | | (90,000) | | (70,000) |
| 7,050,000 | | 9,390,000(a) | | 270,000 | | 300,000 | | 360,000 | | 390,000 |
| 6,740,000 | | 7,050,000(a) | | 230,000 | | 270,000 | | 330,000 | | 360,000 |
Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $80.24 | | $76.19 | | $87.15 | | $59.33 | | $53.34 |
Net investment income(a)
| 0.17 | | 0.57 | | 0.53 | | 0.03 | | 0.20 |
Net realized and unrealized gain (loss) on investments
| 12.97 | | 4.11 | | (11.20) | | 27.88 | | 5.97 |
Total from investment operations
| 13.14 | | 4.68 | | (10.67) | | 27.91 | | 6.17 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.09) | | (0.63) | | (0.29) | | (0.09) | | (0.18) |
Net asset value at end of year
| $92.29 | | $80.24 | | $76.19 | | $87.15 | | $59.33 |
Market price at end of year(b)
| $92.24 | | $80.24 | | $76.21 | | $87.07 | | $59.39 |
Net Asset Value Total Return(c)
| 16.55% | | 6.21% | | (12.25)% | | 47.07% | | 11.65% |
Market Price Total Return(c)
| 16.49% | | 6.19% | | (12.15)% | | 46.79% | | 11.77% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $965,399 | | $716,583 | | $390,080 | | $455,814 | | $234,373 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.60% | | 0.60% | | 0.60% | | 0.60% | | 0.60% |
Net investment income
| 0.21% | | 0.75% | | 0.63% | | 0.03% | | 0.39% |
Portfolio turnover rate(d)
| 178% | | 181% | | 175% | | 198% | | 185% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $92.14 | | $80.87 | | $113.63 | | $64.90 | | $57.37 |
Net investment income(a)
| 1.34 | | 1.19 | | 1.04 | | 0.47 | | 0.61 |
Net realized and unrealized gain (loss) on investments
| 14.81 | | 11.25(b) | | (32.74) | | 48.59 | | 7.57 |
Total from investment operations
| 16.15 | | 12.44 | | (31.70) | | 49.06 | | 8.18 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.27) | | (1.17) | | (1.06) | | (0.33) | | (0.65) |
Net asset value at end of year
| $107.02 | | $92.14 | | $80.87 | | $113.63 | | $64.90 |
Market price at end of year(c)
| $106.85 | | $92.11 | | $80.85 | | $113.46 | | $64.92 |
Net Asset Value Total Return(d)
| 17.66% | | 15.57%(b) | | (28.01)% | | 75.74% | | 14.68% |
Market Price Total Return(d)
| 17.51% | | 15.56%(b) | | (27.91)% | | 75.42% | | 14.74% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $25,685 | | $26,721 | | $25,071 | | $65,907 | | $19,470 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.30% | | 0.29% | | 0.29% |
Net investment income
| 1.36% | | 1.38% | | 1.04% | | 0.44% | | 1.08% |
Portfolio turnover rate(e)
| 22% | | 19% | | 24% | | 33% | | 27% |
| (a) | Based on average shares outstanding. |
| (b) | Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $10.76. Total returns would have been lower. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022(a) | | 2021(a) | | 2020(a) |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $37.26 | | $34.14 | | $34.05 | | $26.12 | | $23.96 |
Net investment income(b)
| 0.62 | | 0.62 | | 0.42 | | 0.52 | | 0.40 |
Net realized and unrealized gain on investments
| 0.64(c) | | 3.08 | | 0.07(c) | | 7.95 | | 2.20 |
Total from investment operations
| 1.26 | | 3.70 | | 0.49 | | 8.47 | | 2.60 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.58) | | (0.58) | | (0.40) | | (0.54) | | (0.44) |
Net asset value at end of year
| $37.94 | | $37.26 | | $34.14 | | $34.05 | | $26.12 |
Market price at end of year(d)
| $37.92 | | $37.24 | | $34.14 | | $34.01 | | $26.19 |
Net Asset Value Total Return(e)
| 3.47% | | 10.98% | | 1.48% | | 32.77% | | 10.97% |
Market Price Total Return(e)
| 3.48% | | 10.89% | | 1.62% | | 32.27% | | 11.60% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $55,018 | | $88,683 | | $61,448 | | $46,982 | | $39,182 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 1.70% | | 1.75% | | 1.21% | | 1.64% | | 1.66% |
Portfolio turnover rate(f)
| 26% | | 10% | | 20% | | 30% | | 40% |
| (a) | Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
| (b) | Based on average shares outstanding. |
| (c) | Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
| (d) | The mean between the last bid and ask prices. |
| (e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Energy ETF (PSCE)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022(a) | | 2021(a) | | 2020(a) |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $56.14 | | $49.50 | | $32.55 | | $17.50 | | $34.85 |
Net investment income(b)
| 0.96 | | 1.31 | | 0.45 | | 0.15 | | 0.25 |
Net realized and unrealized gain (loss) on investments
| (3.52) | | 6.62 | | 16.85 | | 15.00 | | (17.45) |
Total from investment operations
| (2.56) | | 7.93 | | 17.30 | | 15.15 | | (17.20) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.04) | | (1.29) | | (0.35) | | (0.10) | | (0.15) |
Net asset value at end of year
| $52.54 | | $56.14 | | $49.50 | | $32.55 | | $17.50 |
Market price at end of year(c)
| $52.51 | | $56.11 | | $49.50 | | $32.60 | | $17.60 |
Net Asset Value Total Return(d)
| (4.60)% | | 16.63% | | 53.42% | | 87.13% | | (49.31)% |
Market Price Total Return(d)
| (4.61)% | | 16.57% | | 53.18% | | 86.35% | | (49.09)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $94,250 | | $246,659 | | $138,193 | | $105,589 | | $14,713 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 1.79% | | 2.67% | | 1.04% | | 0.43% | | 1.01% |
Portfolio turnover rate(e)
| 62% | | 48% | | 58% | | 26% | | 74% |
| (a) | Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective at the open of business on July 17, 2023. |
| (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) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap Financials ETF (PSCF)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $44.39 | | $50.37 | | $58.47 | | $40.46 | | $52.62 |
Net investment income(a)
| 1.41 | | 1.51 | | 1.32 | | 1.06 | | 1.45 |
Net realized and unrealized gain (loss) on investments
| 10.98 | | (6.10) | | (8.16) | | 18.07 | | (10.89) |
Total from investment operations
| 12.39 | | (4.59) | | (6.84) | | 19.13 | | (9.44) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.30) | | (1.39) | | (1.26) | | (1.12) | | (2.23) |
Net realized gains
| - | | - | | - | | - | | (0.49) |
Total distributions
| (1.30) | | (1.39) | | (1.26) | | (1.12) | | (2.72) |
Net asset value at end of year
| $55.48 | | $44.39 | | $50.37 | | $58.47 | | $40.46 |
Market price at end of year(b)
| $55.45 | | $44.36 | | $50.38 | | $58.39 | | $40.54 |
Net Asset Value Total Return(c)
| 28.61% | | (9.13)% | | (11.81)% | | 47.97% | | (18.02)% |
Market Price Total Return(c)
| 28.62% | | (9.21)% | | (11.67)% | | 47.48% | | (17.72)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $20,527 | | $22,193 | | $37,775 | | $50,288 | | $26,297 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 3.04% | | 3.24% | | 2.33% | | 2.01% | | 2.83% |
Portfolio turnover rate(d)
| 21% | | 31% | | 19% | | 19% | | 31% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Health Care ETF (PSCH)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022(a) | | 2021(a) | | 2020(a) |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $41.40 | | $46.93 | | $63.77 | | $44.25 | | $38.28 |
Net investment income (loss)(b)
| 0.13 | | (0.03) | | (0.08) | | (0.09) | | (0.07) |
Net realized and unrealized gain (loss) on investments
| 5.73 | | (5.50) | | (16.76) | | 19.61 | | 6.04 |
Total from investment operations
| 5.86 | | (5.53) | | (16.84) | | 19.52 | | 5.97 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.11) | | - | | - | | - | | - |
Net asset value at end of year
| $47.15 | | $41.40 | | $46.93 | | $63.77 | | $44.25 |
Market price at end of year(c)
| $47.11 | | $41.35 | | $46.94 | | $63.64 | | $44.28 |
Net Asset Value Total Return(d)
| 14.19% | | (11.79)% | | (26.40)% | | 44.13% | | 15.58% |
Market Price Total Return(d)
| 14.22% | | (11.91)% | | (26.24)% | | 43.72% | | 15.69% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $205,095 | | $256,237 | | $336,501 | | $526,104 | | $384,957 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 0.31% | | (0.07)% | | (0.15)% | | (0.16)% | | (0.18)% |
Portfolio turnover rate(e)
| 32% | | 29% | | 31% | | 30% | | 19% |
| (a) | Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
| (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) | Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap Industrials ETF (PSCI)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $103.82 | | $86.84 | | $94.57 | | $65.95 | | $64.17 |
Net investment income(a)
| 0.80 | | 0.85 | | 0.69 | | 0.64 | | 0.47 |
Net realized and unrealized gain (loss) on investments
| 25.92 | | 16.98 | | (7.78) | | 28.53 | | 1.81 |
Total from investment operations
| 26.72 | | 17.83 | | (7.09) | | 29.17 | | 2.28 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.79) | | (0.85) | | (0.64) | | (0.55) | | (0.50) |
Net asset value at end of year
| $129.75 | | $103.82 | | $86.84 | | $94.57 | | $65.95 |
Market price at end of year(b)
| $129.71 | | $103.81 | | $86.84 | | $94.49 | | $66.05 |
Net Asset Value Total Return(c)
| 25.86% | | 20.67% | | (7.52)% | | 44.37% | | 3.68% |
Market Price Total Return(c)
| 25.83% | | 20.66% | | (7.43)% | | 44.03% | | 3.76% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $195,923 | | $133,923 | | $68,607 | | $124,836 | | $46,168 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 0.69% | | 0.89% | | 0.75% | | 0.74% | | 0.74% |
Portfolio turnover rate(d)
| 29% | | 21% | | 15% | | 9% | | 10% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Information Technology ETF (PSCT)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022(a) | | 2021(a) | | 2020(a) |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $47.99 | | $40.81 | | $49.09 | | $30.19 | | $27.71 |
Net investment income (loss)(b)
| 0.00(c) | | 0.01 | | (0.00)(d) | | 0.01 | | 0.04 |
Net realized and unrealized gain (loss) on investments
| (0.05) | | 7.17 | | (8.28) | | 18.91 | | 2.48 |
Total from investment operations
| (0.05) | | 7.18 | | (8.28) | | 18.92 | | 2.52 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.02) | | - | | - | | (0.02) | | (0.04) |
Net asset value at end of year
| $47.92 | | $47.99 | | $40.81 | | $49.09 | | $30.19 |
Market price at end of year(e)
| $47.90 | | $48.01 | | $40.85 | | $49.09 | | $30.22 |
Net Asset Value Total Return(f)
| (0.10)% | | 17.59% | | (16.87)% | | 62.70% | | 9.12% |
Market Price Total Return(f)
| (0.19)% | | 17.53% | | (16.79)% | | 62.54% | | 9.35% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $322,974 | | $338,296 | | $383,204 | | $477,157 | | $244,541 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 0.00%(g) | | 0.02% | | (0.00)% | | 0.03% | | 0.13% |
Portfolio turnover rate(h)
| 34% | | 20% | | 18% | | 16% | | 19% |
| (a) | Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023. |
| (b) | Based on average shares outstanding. |
| (c) | Amount represents less than $0.005. |
| (d) | Amount represents less than $(0.005) per share. |
| (e) | The mean between the last bid and ask prices. |
| (f) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (g) | Amount represents less than 0.005%. |
| (h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco S&P SmallCap Materials ETF (PSCM)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $68.52 | | $63.09 | | $65.98 | | $42.14 | | $40.93 |
Net investment income(a)
| 0.60 | | 0.57 | | 0.51 | | 0.61 | | 0.66 |
Net realized and unrealized gain (loss) on investments
| 10.31 | | 5.49 | | (2.94) | | 23.97 | | 1.27 |
Total from investment operations
| 10.91 | | 6.06 | | (2.43) | | 24.58 | | 1.93 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.60) | | (0.63) | | (0.46) | | (0.74) | | (0.72) |
Net asset value at end of year
| $78.83 | | $68.52 | | $63.09 | | $65.98 | | $42.14 |
Market price at end of year(b)
| $78.77 | | $68.51 | | $63.05 | | $65.88 | | $41.99 |
Net Asset Value Total Return(c)
| 16.01% | | 9.69% | | (3.69)% | | 58.70% | | 4.91% |
Market Price Total Return(c)
| 15.94% | | 9.74% | | (3.60)% | | 59.03% | | 4.59% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $18,131 | | $18,499 | | $18,927 | | $27,711 | | $8,429 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 0.83% | | 0.86% | | 0.78% | | 1.00% | | 1.58% |
Portfolio turnover rate(d)
| 36% | | 18% | | 21% | | 25% | | 25% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $52.79 | | $58.08 | | $67.58 | | $48.85 | | $53.08 |
Net investment income(a)
| 0.64 | | 0.87 | | 0.88 | | 1.75(b) | | 0.91 |
Net realized and unrealized gain (loss) on investments
| 5.41 | | (5.42) | | (8.44) | | 17.63 | | (4.03) |
Total from investment operations
| 6.05 | | (4.55) | | (7.56) | | 19.38 | | (3.12) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.79) | | (0.74) | | (1.94) | | (0.65) | | (1.11) |
Net asset value at end of year
| $58.05 | | $52.79 | | $58.08 | | $67.58 | | $48.85 |
Market price at end of year(c)
| $58.07 | | $52.78 | | $58.08 | | $67.44 | | $48.91 |
Net Asset Value Total Return(d)
| 11.65% | | (7.87)% | | (11.42)% | | 40.03% | | (5.94)% |
Market Price Total Return(d)
| 11.71% | | (7.88)% | | (11.23)% | | 39.57% | | (5.70)% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $19,157 | | $19,005 | | $22,653 | | $27,034 | | $21,985 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income
| 1.24% | | 1.57% | | 1.38% | | 2.98%(b) | | 1.78% |
Portfolio turnover rate(e)
| 32% | | 53% | | 40% | | 70% | | 64% |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.69 and 1.17%, respectively. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco Dorsey Wright SmallCap Momentum ETF (DWAS) | | "Dorsey Wright SmallCap Momentum ETF" |
| Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | | "S&P SmallCap Consumer Discretionary ETF" |
| Invesco S&P SmallCap Consumer Staples ETF (PSCC) | | "S&P SmallCap Consumer Staples ETF" |
| Invesco S&P SmallCap Energy ETF (PSCE) | | "S&P SmallCap Energy ETF" |
| Invesco S&P SmallCap Financials ETF (PSCF) | | "S&P SmallCap Financials ETF" |
| Invesco S&P SmallCap Health Care ETF (PSCH) | | "S&P SmallCap Health Care ETF" |
| Invesco S&P SmallCap Industrials ETF (PSCI) | | "S&P SmallCap Industrials ETF" |
| Invesco S&P SmallCap Information Technology ETF (PSCT) | | "S&P SmallCap Information Technology ETF" |
| Invesco S&P SmallCap Materials ETF (PSCM) | | "S&P SmallCap Materials ETF" |
| Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | | "S&P SmallCap Utilities & Communication Services ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| Dorsey Wright SmallCap Momentum ETF | | Dorsey Wright® SmallCap Technical LeadersTM Index |
| S&P SmallCap Consumer Discretionary ETF | | S&P SmallCap 600® Capped Consumer Discretionary Index |
| S&P SmallCap Consumer Staples ETF | | S&P SmallCap 600® Capped Consumer Staples Index |
| S&P SmallCap Energy ETF | | S&P SmallCap 600® Capped Energy Index |
| S&P SmallCap Financials ETF | | S&P SmallCap 600® Capped Financials & Real Estate Index |
| S&P SmallCap Health Care ETF | | S&P SmallCap 600® Capped Health Care Index |
| S&P SmallCap Industrials ETF | | S&P SmallCap 600® Capped Industrials Index |
| S&P SmallCap Information Technology ETF | | S&P SmallCap 600® Capped Information Technology Index |
| S&P SmallCap Materials ETF | | S&P SmallCap 600® Capped Materials Index |
| S&P SmallCap Utilities & Communication Services ETF | | S&P SmallCap 600® Capped Utilities & Communication Services Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily
settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market
liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may
act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| Dorsey Wright SmallCap Momentum ETF | $161,743 |
| S&P SmallCap Consumer Discretionary ETF | 1,230 |
| S&P SmallCap Consumer Staples ETF | 1,905 |
| S&P SmallCap Energy ETF | 7,089 |
| S&P SmallCap Financials ETF | 2,480 |
| S&P SmallCap Health Care ETF | 6,914 |
| S&P SmallCap Industrials ETF | 3,633 |
| S&P SmallCap Information Technology ETF | 7,897 |
| S&P SmallCap Materials ETF | 384 |
| S&P SmallCap Utilities & Communication Services ETF | 643 |
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry
groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and to the extent Dorsey Wright SmallCap Momentum ETF becomes non-diversified, and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Dorsey Wright SmallCap Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Small-Capitalization Company Risk. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| Dorsey Wright SmallCap Momentum ETF | 0.60% |
| S&P SmallCap Consumer Discretionary ETF | 0.29% |
| S&P SmallCap Consumer Staples ETF | 0.29% |
| S&P SmallCap Energy ETF | 0.29% |
| S&P SmallCap Financials ETF | 0.29% |
| S&P SmallCap Health Care ETF | 0.29% |
| S&P SmallCap Industrials ETF | 0.29% |
| S&P SmallCap Information Technology ETF | 0.29% |
| S&P SmallCap Materials ETF | 0.29% |
| S&P SmallCap Utilities & Communication Services ETF | 0.29% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| Dorsey Wright SmallCap Momentum ETF | $330 |
| S&P SmallCap Consumer Discretionary ETF | 14 |
| S&P SmallCap Consumer Staples ETF | 24 |
| S&P SmallCap Energy ETF | 79 |
| S&P SmallCap Financials ETF | 9 |
| S&P SmallCap Health Care ETF | 76 |
| S&P SmallCap Industrials ETF | 91 |
| S&P SmallCap Information Technology ETF | 100 |
| S&P SmallCap Materials ETF | 5 |
| S&P SmallCap Utilities & Communication Services ETF | 6 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| Dorsey Wright SmallCap Momentum ETF | | Dorsey, Wright & Associates, LLC |
| S&P SmallCap Consumer Discretionary ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Consumer Staples ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Energy ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Financials ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Health Care ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Industrials ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Information Technology ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Materials ETF | | S&P Dow Jones Indices, LLC |
| S&P SmallCap Utilities & Communication Services ETF | | S&P Dow Jones Indices, LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| Dorsey Wright SmallCap Momentum ETF | $215,969 |
| S&P SmallCap Consumer Discretionary ETF | 2,830 |
| S&P SmallCap Consumer Staples ETF | 4,237 |
| S&P SmallCap Energy ETF | 46,040 |
| S&P SmallCap Financials ETF | 2,351 |
| S&P SmallCap Health Care ETF | 23,310 |
| S&P SmallCap Industrials ETF | 11,312 |
| S&P SmallCap Information Technology ETF | 40,417 |
| S&P SmallCap Materials ETF | 1,598 |
| S&P SmallCap Utilities & Communication Services ETF | 2,361 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s "current market price", as provided for in these procedures and Rule 17a-7.
For the fiscal year ended August 31, 2024, the following Funds engaged in transactions with affiliates as listed below:
| | Securities Purchases | | Securities Sales | | Net Realized Gains (Losses)* |
| S&P SmallCap Consumer Discretionary ETF | $768,660 | | $- | | $- |
| S&P SmallCap Energy ETF | - | | 3,805,685 | | (45,964) |
| S&P SmallCap Financials ETF | 104,758 | | - | | - |
| S&P SmallCap Health Care ETF | 12,539,716 | | - | | - |
| S&P SmallCap Information Technology ETF | 10,261,557 | | - | | - |
| S&P SmallCap Materials ETF | - | | 289,807 | | (9,519) |
| * | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Dorsey Wright SmallCap Momentum ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $965,553,611 | | $- | | $- | | $965,553,611 |
| Money Market Funds | - | | 171,899,839 | | - | | 171,899,839 |
| Total Investments | $965,553,611 | | $171,899,839 | | $- | | $1,137,453,450 |
| S&P SmallCap Consumer Discretionary ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $25,643,827 | | $- | | $- | | $25,643,827 |
| Money Market Funds | 5,786 | | 8,083,759 | | - | | 8,089,545 |
| Total Investments | $25,649,613 | | $8,083,759 | | $- | | $33,733,372 |
| S&P SmallCap Consumer Staples ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $54,912,578 | | $- | | $- | | $54,912,578 |
| Money Market Funds | 5,124 | | 14,116,779 | | - | | 14,121,903 |
| Total Investments | $54,917,702 | | $14,116,779 | | $- | | $69,034,481 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| S&P SmallCap Energy ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $94,230,816 | | $- | | $- | | $94,230,816 |
| Money Market Funds | - | | 31,519,068 | | - | | 31,519,068 |
| Total Investments | $94,230,816 | | $31,519,068 | | $- | | $125,749,884 |
| S&P SmallCap Financials ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $20,485,674 | | $- | | $- | | $20,485,674 |
| Money Market Funds | 13,041 | | 4,650,397 | | - | | 4,663,438 |
| Total Investments | $20,498,715 | | $4,650,397 | | $- | | $25,149,112 |
| S&P SmallCap Health Care ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $204,924,312 | | $- | | $0 | | $204,924,312 |
| Money Market Funds | 50,692 | | 67,647,667 | | - | | 67,698,359 |
| Total Investments | $204,975,004 | | $67,647,667 | | $0 | | $272,622,671 |
| S&P SmallCap Industrials ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $195,762,264 | | $- | | $- | | $195,762,264 |
| Money Market Funds | 66,721 | | 24,057,819 | | - | | 24,124,540 |
| Total Investments | $195,828,985 | | $24,057,819 | | $- | | $219,886,804 |
| S&P SmallCap Information Technology ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $322,953,186 | | $- | | $- | | $322,953,186 |
| Money Market Funds | 24,012 | | 69,304,511 | | - | | 69,328,523 |
| Total Investments | $322,977,198 | | $69,304,511 | | $- | | $392,281,709 |
| S&P SmallCap Materials ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $18,111,163 | | $- | | $- | | $18,111,163 |
| Money Market Funds | 7,205 | | 2,946,073 | | - | | 2,953,278 |
| Total Investments | $18,118,368 | | $2,946,073 | | $- | | $21,064,441 |
| S&P SmallCap Utilities & Communication Services ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $19,130,997 | | $- | | $- | | $19,130,997 |
| Money Market Funds | - | | 5,231,781 | | - | | 5,231,781 |
| Total Investments | $19,130,997 | | $5,231,781 | | $- | | $24,362,778 |
NOTE 6—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| Dorsey Wright SmallCap Momentum ETF | $9,945,867 | | $4,016,319 |
| S&P SmallCap Consumer Discretionary ETF | 416,140 | | 355,217 |
| S&P SmallCap Consumer Staples ETF | 1,220,835 | | 1,068,839 |
| S&P SmallCap Energy ETF | 4,298,739 | | 3,855,664 |
| S&P SmallCap Financials ETF | 573,846 | | 863,592 |
| S&P SmallCap Health Care ETF | 514,396 | | - |
| S&P SmallCap Industrials ETF | 1,125,992 | | 759,212 |
| S&P SmallCap Information Technology ETF | 117,050 | | - |
| S&P SmallCap Materials ETF | 139,444 | | 192,225 |
| S&P SmallCap Utilities & Communication Services ETF | 262,405 | | 278,048 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-end:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Capital Loss
Carryforwards | | Late-Year
Ordinary
Loss
Deferral | | Shares of
Beneficial
Interest | | Total
Net Assets |
| Dorsey Wright SmallCap Momentum ETF | $5,009,483 | | $172,687,985 | | $(512,200,879) | | $- | | $1,299,902,094 | | $965,398,683 |
| S&P SmallCap Consumer Discretionary ETF | 76,964 | | (1,320,357) | | (16,964,076) | | - | | 43,892,451 | | 25,684,982 |
| S&P SmallCap Consumer Staples ETF | 310,069 | | (7,124,575) | | (13,821,475) | | - | | 75,653,729 | | 55,017,748 |
| S&P SmallCap Energy ETF | 403,943 | | (3,772,925) | | (69,143,397) | | - | | 166,762,086 | | 94,249,707 |
| S&P SmallCap Financials ETF | 79,969 | | 756,294 | | (9,824,252) | | - | | 29,514,728 | | 20,526,739 |
| S&P SmallCap Health Care ETF | 9,658 | | 7,523,579 | | (180,764,167) | | - | | 378,326,179 | | 205,095,249 |
| S&P SmallCap Industrials ETF | 389,539 | | 28,569,958 | | - | | - | | 166,963,370 | | 195,922,867 |
| S&P SmallCap Information Technology ETF | - | | 53,873,242 | | (49,298,654) | | (55,641) | | 318,455,049 | | 322,973,996 |
| S&P SmallCap Materials ETF | 19,644 | | 1,803,273 | | (5,291,946) | | - | | 21,600,186 | | 18,131,157 |
| S&P SmallCap Utilities & Communication Services ETF | 49,292 | | 657,262 | | (11,771,868) | | - | | 30,222,663 | | 19,157,349 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| Dorsey Wright SmallCap Momentum ETF | $512,200,879 | | $- | | $512,200,879 |
| S&P SmallCap Consumer Discretionary ETF | 1,987,250 | | 14,976,826 | | 16,964,076 |
| S&P SmallCap Consumer Staples ETF | 4,621,066 | | 9,200,409 | | 13,821,475 |
| S&P SmallCap Energy ETF | 9,728,016 | | 59,415,381 | | 69,143,397 |
| S&P SmallCap Financials ETF | 757,853 | | 9,066,399 | | 9,824,252 |
| S&P SmallCap Health Care ETF | 29,515,629 | | 151,248,538 | | 180,764,167 |
| S&P SmallCap Industrials ETF | - | | - | | - |
| S&P SmallCap Information Technology ETF | 4,646,925 | | 44,651,729 | | 49,298,654 |
| S&P SmallCap Materials ETF | 53,132 | | 5,238,814 | | 5,291,946 |
| S&P SmallCap Utilities & Communication Services ETF | 3,071,115 | | 8,700,753 | | 11,771,868 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| Dorsey Wright SmallCap Momentum ETF | $1,495,278,870 | | $1,507,845,747 |
| S&P SmallCap Consumer Discretionary ETF | 7,368,298 | | 7,086,722 |
| S&P SmallCap Consumer Staples ETF | 19,518,051 | | 19,745,299 |
| S&P SmallCap Energy ETF | 131,025,390 | | 130,686,433 |
| S&P SmallCap Financials ETF | 4,350,292 | | 4,178,518 |
| S&P SmallCap Health Care ETF | 70,028,162 | | 69,112,835 |
| S&P SmallCap Industrials ETF | 48,962,728 | | 49,016,010 |
| S&P SmallCap Information Technology ETF | 108,143,300 | | 108,810,009 |
| S&P SmallCap Materials ETF | 5,957,880 | | 5,917,271 |
| S&P SmallCap Utilities & Communication Services ETF | 5,214,283 | | 5,180,650 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| Dorsey Wright SmallCap Momentum ETF | $498,100,023 | | $363,594,333 |
| S&P SmallCap Consumer Discretionary ETF | 13,640,431 | | 19,707,930 |
| S&P SmallCap Consumer Staples ETF | 32,835,751 | | 65,330,433 |
| S&P SmallCap Energy ETF | 44,149,222 | | 178,128,187 |
| S&P SmallCap Financials ETF | 1,528,721 | | 7,287,698 |
| S&P SmallCap Health Care ETF | 18,852,379 | | 94,849,370 |
| S&P SmallCap Industrials ETF | 61,317,658 | | 36,330,976 |
| S&P SmallCap Information Technology ETF | 42,579,365 | | 56,062,351 |
| S&P SmallCap Materials ETF | 3,878,726 | | 6,184,583 |
| S&P SmallCap Utilities & Communication Services ETF | 3,462,070 | | 4,542,563 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| Dorsey Wright SmallCap Momentum ETF | $209,967,476 | | $(37,279,491) | | $172,687,985 | | $964,765,465 |
| S&P SmallCap Consumer Discretionary ETF | 3,952,679 | | (5,273,036) | | (1,320,357) | | 35,053,729 |
| S&P SmallCap Consumer Staples ETF | 3,254,202 | | (10,378,777) | | (7,124,575) | | 76,159,056 |
| S&P SmallCap Energy ETF | 10,542,205 | | (14,315,130) | | (3,772,925) | | 129,522,809 |
| S&P SmallCap Financials ETF | 3,758,567 | | (3,002,273) | | 756,294 | | 24,392,818 |
| S&P SmallCap Health Care ETF | 51,929,465 | | (44,405,886) | | 7,523,579 | | 265,099,092 |
| S&P SmallCap Industrials ETF | 43,263,326 | | (14,693,368) | | 28,569,958 | | 191,316,846 |
| S&P SmallCap Information Technology ETF | 94,103,317 | | (40,230,075) | | 53,873,242 | | 338,408,467 |
| S&P SmallCap Materials ETF | 3,865,952 | | (2,062,679) | | 1,803,273 | | 19,261,168 |
| S&P SmallCap Utilities & Communication Services ETF | 2,177,894 | | (1,520,632) | | 657,262 | | 23,705,516 |
NOTE 8—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of redemption in-kind, REITs, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| Dorsey Wright SmallCap Momentum ETF | $7,194,139 | | $(78,782,233) | | $71,588,094 |
| S&P SmallCap Consumer Discretionary ETF | - | | (2,705,071) | | 2,705,071 |
| S&P SmallCap Consumer Staples ETF | (1) | | (10,868,584) | | 10,868,585 |
| S&P SmallCap Energy ETF | - | | (10,843,547) | | 10,843,547 |
| S&P SmallCap Financials ETF | - | | 299,619 | | (299,619) |
| S&P SmallCap Health Care ETF | - | | (4,341,052) | | 4,341,052 |
| S&P SmallCap Industrials ETF | 170,169 | | (10,477,124) | | 10,306,955 |
| S&P SmallCap Information Technology ETF | - | | (22,086,925) | | 22,086,925 |
| S&P SmallCap Materials ETF | - | | (689,106) | | 689,106 |
| S&P SmallCap Utilities & Communication Services ETF | - | | 315,535 | | (315,535) |
NOTE 9—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral
Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Dorsey Wright SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S& P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dorsey Wright SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* | | Qualified
Short
Term
Gains |
| Invesco Dorsey Wright SmallCap Momentum ETF | 0% | | 34% | | 34% | | 0% | | 0% | | $- |
| Invesco S&P SmallCap Consumer Discretionary ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Consumer Staples ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Energy ETF | 0% | | 95% | | 96% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Financials ETF | 38% | | 54% | | 52% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Health Care ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Industrials ETF | 0% | | 100% | | 100% | | 0% | | 0% | | 170,169 |
| Invesco S&P SmallCap Information Technology ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Materials ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
| Invesco S&P SmallCap Utilities & Communication Services ETF | 0% | | 100% | | 100% | | 0% | | 0% | | - |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-SPSCS-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| BKLN | Invesco Senior Loan ETF |
Invesco Senior Loan ETF (BKLN)
August 31, 2024
Schedule of Investments
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Variable Rate Senior Loan Interests-90.48%(a)(b) | | | | | | | | |
| Aerospace & Defense-2.90% | | | | | | | | |
Amentum Government Services Holdings LLC, Term Loan B(c)
| - | | 07/31/2031 | | $ | 16,539 | | $ 16,528,358 |
Peraton Corp., First Lien Term Loan B (1 mo. SOFR + 3.85%)
| 9.10% | | 02/01/2028 | | | 118,406 | | 116,136,745 |
TransDigm, Inc., Term Loan J (3 mo. SOFR + 2.50%)
| 7.84% | | 02/28/2031 | | | 63,666 | | 63,809,533 |
| | | | | | | | | 196,474,636 |
| Air Transport-1.33% | | | | | | | | |
AAdvantage Loyality IP Ltd. (American Airlines, Inc.), Term Loan (3 mo. SOFR + 5.01%)
| 10.29% | | 04/20/2028 | | | 45,463 | | 47,099,565 |
United AirLines, Inc., Term Loan B (3 mo. SOFR + 2.75%)
| 8.03% | | 02/22/2031 | | | 42,945 | | 43,145,987 |
| | | | | | | | | 90,245,552 |
| Automotive-2.16% | | | | | | | | |
Mavis Tire Express Services TopCo Corp., Term Loan (1 mo. SOFR + 3.50%)
| 8.75% | | 05/04/2028 | | | 47,175 | | 47,287,660 |
Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL), Term Loan B (Canada) (1 mo. SOFR + 2.50%)
| 7.75% | | 05/06/2030 | | | 52,219 | | 52,442,321 |
Wand Newco 3, Inc., First Lien Term Loan (1 mo. SOFR + 3.25%)
| 8.50% | | 01/30/2031 | | | 46,531 | | 46,652,504 |
| | | | | | | | | 146,382,485 |
| Beverage & Tobacco-2.13% | | | | | | | | |
AI Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 3.50%)
| 8.84% | | 07/31/2028 | | | 91,787 | | 91,999,054 |
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 3.51%)
| 8.85% | | 03/31/2028 | | | 52,337 | | 52,396,061 |
| | | | | | | | | 144,395,115 |
| Building & Development-1.81% | | | | | | | | |
Cornerstone Building Brands, Inc., Term Loan B (1 mo. SOFR + 3.35%)
| 8.69% | | 04/12/2028 | | | 33,965 | | 33,065,189 |
Quikrete Holdings, Inc., Term Loan B (1 mo. SOFR + 2.50%)
| 7.75% | | 04/14/2031 | | | 32,306 | | 32,410,465 |
White Cap Buyer LLC, Term Loan (1 mo. SOFR + 3.25%)
| 8.50% | | 10/19/2029 | | | 57,397 | | 57,132,398 |
| | | | | | | | | 122,608,052 |
| Business Equipment & Services-9.72% | | | | | | | | |
Allied Universal Holdco LLC (USAGM Holdco LLC/UNSEAM), Term Loan (1 mo. SOFR + 3.85%)
| 9.10% | | 05/12/2028 | | | 89,199 | | 88,775,640 |
| Asurion LLC | | | | | | | | |
Second Lien Term Loan B-4 (1 mo. SOFR + 5.36%)
| 10.61% | | 01/20/2029 | | | 51,997 | | 48,227,047 |
Term Loan B-8 (1 mo. SOFR + 3.36%)
| 8.61% | | 12/23/2026 | | | 61,984 | | 61,783,210 |
Boost Newco Borrower LLC (WorldPay), Term Loan B (2 mo. SOFR + 2.50%)
| 7.75% | | 01/31/2031 | | | 83,587 | | 83,922,764 |
Cloud Software Group, Inc., Term Loan B (3 mo. SOFR + 4.00%)
| 9.33% | | 03/30/2029 | | | 112,563 | | 112,670,582 |
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2 (1 mo. Term SOFR + 2.75%)
| 8.03% | | 01/18/2029 | | | 60,919 | | 61,090,323 |
Mitchell International, Inc., Term Loan (1 mo. SOFR + 3.25%)
| 8.50% | | 06/17/2031 | | | 52,000 | | 51,614,940 |
Neon Maple Purchaser, Inc., Term Loan B(c)
| - | | 07/18/2031 | | | 55,769 | | 55,664,399 |
Solera (Polaris Newco LLC), First Lien Term Loan (3 mo. SOFR + 4.26%)
| 9.51% | | 06/02/2028 | | | 71,727 | | 71,292,788 |
Tempo Acquisition LLC, Term Loan B-1 (1 mo. SOFR + 2.25%)
| 7.50% | | 08/31/2028 | | | 22,726 | | 22,817,310 |
| | | | | | | | | 657,859,003 |
| Cable & Satellite Television-3.88% | | | | | | | | |
Charter Communications Operating LLC, Term Loan B-2 (3 mo. SOFR + 1.75%)
| 7.08% | | 02/01/2027 | | | 58,275 | | 58,301,521 |
CSC Holdings LLC, Term Loan (1 mo. Term SOFR + 2.60%)
| 7.95% | | 04/15/2027 | | | 54,087 | | 45,730,888 |
SFR-Numericable (YPSO, Altice France), Term Loan B-14 (France) (3 mo. SOFR + 5.50%)
| 10.80% | | 08/15/2028 | | | 83,026 | | 63,376,868 |
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. SOFR + 2.61%)
| 7.95% | | 01/31/2028 | | | 55,280 | | 53,521,542 |
Vodafone Ziggo - LG, Term Loan I (1 mo. SOFR + 2.61%)
| 7.95% | | 04/30/2028 | | | 42,435 | | 41,913,894 |
| | | | | | | | | 262,844,713 |
| Chemicals & Plastics-2.39% | | | | | | | | |
AkzoNoble Chemicals, Term Loan B (3 mo. SOFR + 3.50%)
| 8.63% | | 04/03/2028 | | | 62,436 | | 62,787,187 |
Proampac PG Borrower LLC, Term Loan B (3 mo. SOFR + 4.00%)
| 9.12% | | 09/15/2028 | | | 44,971 | | 45,176,928 |
Univar, Inc., Term Loan B (1 mo. SOFR + 4.00%)
| 9.31% | | 08/01/2030 | | | 53,389 | | 53,747,398 |
| | | | | | | | | 161,711,513 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Clothing & Textiles-0.98% | | | | | | | | |
| ABG Intermediate Holdings 2 LLC | | | | | | | | |
Delayed Draw Term Loan(c)
| - | | 12/21/2028 | | $ | 2,820 | | $ 2,836,319 |
Term Loan (1 mo. SOFR + 2.75%)
| 8.00% | | 12/21/2028 | | | 63,084 | | 63,347,222 |
| | | | | | | | | 66,183,541 |
| Containers & Glass Products-0.57% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc., Term Loan B (1 mo. SOFR + 3.18%)
| 8.42% | | 04/13/2029 | | | 38,750 | | 38,748,056 |
| Cosmetics & Toiletries-0.65% | | | | | | | | |
Bausch and Lomb, Inc., Term Loan (1 mo. SOFR + 3.35%)
| 8.66% | | 05/10/2027 | | | 44,452 | | 43,924,216 |
| Drugs-1.53% | | | | | | | | |
Jazz Pharmaceuticals, Inc., Term Loan B-2 (1 mo. SOFR + 2.25%)
| 7.50% | | 05/05/2028 | | | 52,913 | | 53,017,993 |
Phoenix Guarantor, Inc. (BrightSpring Health Services), Term Loan B-4 (1 mo. SOFR + 3.25%)
| 8.50% | | 02/21/2031 | | | 50,214 | | 50,346,377 |
| | | | | | | | | 103,364,370 |
| Electronics & Electrical-16.25% | | | | | | | | |
Applied Systems, Inc., Term Loan B-1 (1 mo. SOFR + 3.00%)
| 8.29% | | 02/24/2031 | | | 46,148 | | 46,413,351 |
Boxer Parent Co., Inc., Term Loan (3 mo. SOFR + 3.75%)
| 9.01% | | 07/30/2031 | | | 85,348 | | 85,259,330 |
Central Parent LLC, Term Loan (3 mo. SOFR + 3.25%)
| 8.58% | | 07/06/2029 | | | 68,836 | | 68,345,733 |
CommScope, Inc., Term Loan (1 mo. Term SOFR + 3.36%)
| 8.61% | | 04/06/2026 | | | 58,525 | | 55,818,364 |
CoreLogic, Inc., First Lien Term Loan (1 mo. SOFR + 3.61%)
| 8.86% | | 06/02/2028 | | | 67,342 | | 66,705,096 |
| Epicor Software Corp. | | | | | | | | |
Delayed Draw Term Loan B(c)
| - | | 05/30/2031 | | | 5,756 | | 5,785,879 |
Term Loan B(c)
| - | | 05/30/2031 | | | 49,061 | | 49,313,494 |
| Gen Digital, Inc. | | | | | | | | |
Term Loan A (1 mo. SOFR + 1.60%)
| 6.85% | | 09/10/2027 | | | 68,374 | | 68,408,462 |
Term Loan B (1 mo. SOFR + 1.75%)
| 7.00% | | 09/12/2029 | | | 54,153 | | 54,152,886 |
McAfee LLC, Term Loan B (1 mo. SOFR + 3.25%)
| 8.59% | | 03/01/2029 | | | 106,681 | | 106,530,833 |
Modena Buyer LLC (End User Computing), Term Loan (3 mo. SOFR + 4.50%)
| 9.83% | | 07/01/2031 | | | 46,559 | | 44,803,523 |
Project Alpha Intermediate Holding, Inc., Term Loan (3 mo. SOFR + 3.75%)
| 9.00% | | 10/28/2030 | | | 44,376 | | 44,653,171 |
Proofpoint, Inc., Term Loan (1 mo. SOFR + 3.00%)
| 8.25% | | 08/31/2028 | | | 64,348 | | 64,483,591 |
Quest Software US Holdings, Inc., First Lien Term Loan (3 mo. SOFR + 4.40%), (Acquired 03/15/2022 - 08/08/2024; Cost $44,533,868)(d)
| 9.65% | | 02/01/2029 | | | 55,306 | | 40,931,890 |
RealPage, Inc., First Lien Term Loan (1 mo. SOFR + 3.11%)
| 8.36% | | 04/24/2028 | | | 61,697 | | 59,293,519 |
SS&C Technologies Holdings, Inc., Term Loan B-8 (1 mo. SOFR + 2.00%)
| 7.25% | | 05/09/2031 | | | 67,288 | | 67,539,985 |
Syncsort, Inc., First Lien Term Loan (3 mo. SOFR + 4.26%)
| 9.51% | | 04/24/2028 | | | 46,067 | | 45,235,817 |
Ultimate Software Group, Inc., Term Loan B (3 mo. SOFR + 3.25%)
| 8.55% | | 02/10/2031 | | | 125,291 | | 125,724,957 |
| | | | | | | | | 1,099,399,881 |
| Financial Intermediaries-5.46% | | | | | | | | |
Aretec Group, Inc., Term Loan B-2 (1 mo. SOFR + 4.00%)
| 9.25% | | 08/09/2030 | | | 46,952 | | 46,088,478 |
AssuredPartners, Inc., Term Loan (1 mo. SOFR + 3.50%)
| 8.75% | | 02/14/2031 | | | 101,563 | | 101,861,468 |
Broadstreet Partners, Inc., Term Loan B (1 mo. SOFR + 3.25%)
| 8.50% | | 06/13/2031 | | | 68,346 | | 68,408,625 |
Citadel Securities L.P., Term Loan B (1 mo. SOFR + 2.25%)
| 7.50% | | 07/29/2030 | | | 77,634 | | 77,895,748 |
Focus Financial Partners LLC, Term Loan B-7(c)
| - | | 06/30/2028 | | | 33,165 | | 33,192,726 |
Jane Street Group LLC, Term Loan (1 mo. Term SOFR + 2.61%)
| 7.86% | | 01/26/2028 | | | 42,017 | | 42,100,744 |
| | | | | | | | | 369,547,789 |
| Food Products-0.73% | | | | | | | | |
Froneri International PLC, First Lien Term Loan B-2 (United Kingdom) (1 mo. SOFR + 2.25%)
| 7.60% | | 01/29/2027 | | | 48,989 | | 49,125,899 |
| Food Service-3.44% | | | | | | | | |
BCPE Empire Holdings, Inc. (ImperialDade), Term Loan(c)
| - | | 12/11/2028 | | | 22,378 | | 22,426,815 |
IRB Holding Corp., Term Loan B (1 mo. Term SOFR + 2.85%)
| 8.10% | | 12/15/2027 | | | 83,594 | | 83,772,114 |
New Red Finance, Inc., Term Loan B-6 (1 mo. SOFR + 1.75%)
| 7.00% | | 09/20/2030 | | | 71,912 | | 71,479,013 |
Whatabrands LLC, Term Loan B (1 mo. SOFR + 2.75%)
| 8.00% | | 08/03/2028 | | | 54,745 | | 54,844,874 |
| | | | | | | | | 232,522,816 |
| Health Care-8.05% | | | | | | | | |
athenahealth Group, Inc., Term Loan (1 mo. SOFR + 3.25%)
| 8.50% | | 02/15/2029 | | | 122,825 | | 122,254,688 |
Elanco Animal Health, Inc., Term Loan (1 mo. SOFR + 1.85%)
| 7.19% | | 08/01/2027 | | | 51,725 | | 54,008,541 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Health Care-(continued) | | | | | | | | |
Gainwell Acquisition Corp., Term Loan B (3 mo. SOFR + 4.10%)
| 9.43% | | 10/01/2027 | | $ | 81,296 | | $ 74,182,988 |
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B (1 mo. Term SOFR + 2.75%)
| 8.00% | | 10/23/2028 | | | 96,510 | | 96,859,004 |
PAREXEL International Corp., Term Loan B (1 mo. SOFR + 3.00%)
| 8.25% | | 11/15/2028 | | | 61,370 | | 61,683,537 |
Star Parent, Inc., Term Loan B (3 mo. Term SOFR + 3.75%)
| 9.08% | | 09/27/2030 | | | 50,934 | | 50,728,512 |
Verscend Holding Corp., Term Loan B (1 mo. SOFR + 3.25%)
| 8.59% | | 05/01/2031 | | | 84,810 | | 84,969,019 |
| | | | | | | | | 544,686,289 |
| Home Furnishings-1.00% | | | | | | | | |
Hunter Douglas Holding B.V., Term Loan B-1 (3 mo. SOFR + 3.50%)
| 8.57% | | 02/26/2029 | | | 67,549 | | 67,337,656 |
| Industrial Equipment-2.32% | | | | | | | | |
Madison IAQ LLC, Term Loan (6 mo. SOFR + 2.75%)
| 7.89% | | 06/21/2028 | | | 44,951 | | 45,068,292 |
MKS Instruments, Inc., Term Loan B (1 mo. SOFR + 2.25%)
| 7.56% | | 08/17/2029 | | | 50,961 | | 51,171,346 |
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B-2 (Germany) (6 mo. SOFR + 3.50%)
| 8.59% | | 04/30/2030 | | | 60,122 | | 60,400,845 |
| | | | | | | | | 156,640,483 |
| Insurance-6.90% | | | | | | | | |
Acrisure LLC, Term Loan B-6 (3 mo. SOFR + 3.25%)
| 8.59% | | 11/06/2030 | | | 75,698 | | 75,345,995 |
AmWINS Group LLC, Term Loan (1 mo. SOFR + 2.36%)
| 7.61% | | 02/19/2028 | | | 66,346 | | 66,540,651 |
Hub International Ltd., Term Loan (3 mo. SOFR + 3.00%)
| 8.26% | | 06/20/2030 | | | 84,246 | | 84,393,793 |
Hyperion Insurance Group Ltd., Term Loan (United Kingdom) (1 mo. SOFR + 3.50%)
| 8.75% | | 02/15/2031 | | | 56,930 | | 57,065,845 |
Sedgwick Claims Management Services, Inc., Term Loan (3 mo. SOFR + 3.00%)
| 8.25% | | 07/31/2031 | | | 86,351 | | 86,566,773 |
Truist Insurance Holdings, Term Loan B (3 mo. SOFR + 3.25%)
| 8.58% | | 05/06/2031 | | | 48,920 | | 49,047,136 |
USI, Inc., Term Loan B (3 mo. SOFR + 2.75%)
| 8.08% | | 11/22/2029 | | | 47,512 | | 47,580,073 |
| | | | | | | | | 466,540,266 |
| Leisure Goods, Activities & Movies-0.76% | | | | | | | | |
UFC Holdings LLC, Term Loan B-3 (3 mo. SOFR + 3.01%)
| 8.29% | | 04/29/2026 | | | 51,508 | | 51,726,640 |
| Lodging & Casinos-4.48% | | | | | | | | |
| Caesars Entertainment, Inc. | | | | | | | | |
Incremental Term Loan B (1 mo. SOFR + 2.75%)
| 8.00% | | 02/06/2030 | | | 46,428 | | 46,547,680 |
Term Loan (1 mo. SOFR + 2.75%)
| 8.00% | | 02/06/2031 | | | 56,611 | | 56,737,078 |
Fertitta Entertainment LLC (Golden Nugget), Term Loan B (1 mo. SOFR + 3.75%)
| 9.09% | | 01/27/2029 | | | 72,890 | | 72,870,846 |
Hilton Worldwide Finance LLC, Term Loan B-4 (1 mo. SOFR + 1.75%)
| 7.03% | | 11/08/2030 | | | 48,752 | | 48,895,807 |
Stars Group (US) Co-Borrower LLC, Term Loan B (3 mo. SOFR + 2.25%)
| 7.58% | | 11/25/2030 | | | 77,618 | | 77,812,443 |
| | | | | | | | | 302,863,854 |
| Nonferrous Metals & Minerals-0.45% | | | | | | | | |
Prince Mineral Holding Corp., Term Loan (3 mo. SOFR + 4.25%)
| 9.70% | | 04/23/2029 | | | 31,163 | | 30,679,166 |
| Publishing-2.25% | | | | | | | | |
Micro Holding L.P., Term Loan (1 mo. SOFR + 4.25%)
| 9.50% | | 05/03/2028 | | | 92,918 | | 92,796,322 |
Nielsen Finance LLC, First Lien Term Loan B (3 mo. SOFR + 5.10%)
| 10.40% | | 04/11/2029 | | | 61,973 | | 59,494,027 |
| | | | | | | | | 152,290,349 |
| Rail Industries-0.74% | | | | | | | | |
Genesee & Wyoming, Inc., Term Loan (3 mo. SOFR + 2.00%)
| 7.33% | | 04/10/2031 | | | 50,127 | | 50,176,487 |
| Retailers (except Food & Drug)-2.14% | | | | | | | | |
Bass Pro Group LLC, Term Loan B-2 (1 mo. SOFR + 3.86%)
| 9.11% | | 03/06/2028 | | | 91,684 | | 91,855,628 |
Harbor Freight Tools USA, Inc., Term Loan (1 mo. SOFR + 2.50%)
| 7.75% | | 06/11/2031 | | | 53,687 | | 53,030,805 |
| | | | | | | | | 144,886,433 |
| Telecommunications-3.83% | | | | | | | | |
CCI Buyer, Inc. (Consumer Cellular), First Lien Term Loan (3 mo. SOFR + 4.00%)
| 9.33% | | 12/17/2027 | | | 43,908 | | 44,045,377 |
Genesys Cloud Services Holdings I LLC, Term Loan B (1 mo. SOFR + 3.50%)
| 8.75% | | 12/01/2027 | | | 49,228 | | 49,497,885 |
II-VI, Inc., Term Loan B-1 (1 mo. SOFR + 2.50%)
| 7.75% | | 07/02/2029 | | | 34,276 | | 34,447,877 |
Radiate Holdco LLC, Term Loan B (1 mo. SOFR + 3.36%)
| 8.61% | | 09/25/2026 | | | 63,853 | | 51,497,137 |
Zayo Group Holdings, Inc., Term Loan (1 mo. SOFR + 3.00%)
| 8.36% | | 03/09/2027 | | | 86,369 | | 79,959,027 |
| | | | | | | | | 259,447,303 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Utilities-1.63% | | | | | | | | |
Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.75%)
| 8.00% | | 01/27/2031 | | $ | 70,271 | | $ 70,408,827 |
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. SOFR + 2.00%)
| 7.25% | | 12/20/2030 | | | 39,712 | | 39,867,027 |
| | | | | | | | | 110,275,854 |
Total Variable Rate Senior Loan Interests
(Cost $6,083,100,065)
| | 6,122,888,417 |
| U.S. Dollar Denominated Bonds & Notes-4.11% | | | | | | | | |
| Aerospace & Defense-0.12% | | | | | | | | |
TransDigm, Inc.(e)
| 6.75% | | 08/15/2028 | | | 5,000 | | 5,146,990 |
TransDigm, Inc.(e)
| 6.88% | | 12/15/2030 | | | 3,000 | | 3,135,741 |
| | | | | | | | | 8,282,731 |
| Building Products-0.07% | | | | | | | | |
Cornerstone Building Brands, Inc.(e)
| 9.50% | | 08/15/2029 | | | 5,000 | | 4,954,391 |
| Capital Markets-0.31% | | | | | | | | |
Aretec Group, Inc.(e)
| 10.00% | | 08/15/2030 | | | 2,000 | | 2,161,536 |
Boost Newco Borrower LLC(e)
| 7.50% | | 01/15/2031 | | | 17,718 | | 18,908,384 |
| | | | | | | | | 21,069,920 |
| Commercial Services & Supplies-0.37% | | | | | | | | |
Allied Universal Holdco LLC(e)
| 7.88% | | 02/15/2031 | | | 17,597 | | 17,880,990 |
Madison IAQ LLC(e)
| 4.13% | | 06/30/2028 | | | 2,000 | | 1,904,690 |
Neptune Bidco US, Inc.(e)
| 9.29% | | 04/15/2029 | | | 5,000 | | 4,996,600 |
| | | | | | | | | 24,782,280 |
| Construction Materials-0.06% | | | | | | | | |
Camelot Return Merger Sub, Inc.(e)
| 8.75% | | 08/01/2028 | | | 4,000 | | 3,972,661 |
| Containers & Packaging-0.08% | | | | | | | | |
Clydesdale Acquisition Holdings, Inc.(e)
| 6.88% | | 01/15/2030 | | | 5,000 | | 5,024,682 |
| Diversified Telecommunication Services-0.06% | | | | | | | | |
Altice France S.A. (France)(e)
| 5.50% | | 10/15/2029 | | | 2,600 | | 1,807,040 |
Radiate Holdco LLC/Radiate Finance, Inc.(e)
| 4.50% | | 09/15/2026 | | | 685 | | 543,489 |
Zayo Group Holdings, Inc.(e)
| 4.00% | | 03/01/2027 | | | 2,000 | | 1,747,918 |
| | | | | | | | | 4,098,447 |
| Electric Utilities-0.03% | | | | | | | | |
Vistra Operations Co. LLC(e)
| 4.30% | | 07/15/2029 | | | 2,000 | | 1,942,304 |
| Financial Services-0.23% | | | | | | | | |
Jane Street Group/JSG Finance, Inc.(e)
| 7.13% | | 04/30/2031 | | | 15,000 | | 15,765,825 |
| Ground Transportation-0.08% | | | | | | | | |
Genesee & Wyoming, Inc.(e)
| 6.25% | | 04/15/2032 | | | 5,000 | | 5,116,596 |
| Health Care Equipment & Supplies-0.43% | | | | | | | | |
Bausch & Lomb Corp.(e)
| 8.38% | | 10/01/2028 | | | 2,000 | | 2,102,930 |
Medline Borrower L.P.(e)
| 3.88% | | 04/01/2029 | | | 19,000 | | 17,962,091 |
Medline Borrower L.P./Medline Co-Issuer, Inc.(e)
| 6.25% | | 04/01/2029 | | | 9,000 | | 9,288,675 |
| | | | | | | | | 29,353,696 |
| Health Care Providers & Services-0.02% | | | | | | | | |
Star Parent, Inc.(e)
| 9.00% | | 10/01/2030 | | | 1,000 | | 1,068,777 |
| Hotels, Restaurants & Leisure-0.40% | | | | | | | | |
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
| 3.88% | | 01/15/2028 | | | 15,000 | | 14,339,217 |
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
| 3.50% | | 02/15/2029 | | | 1,000 | | 933,585 |
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
| 6.13% | | 06/15/2029 | | | 7,000 | | 7,154,175 |
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)
| 4.00% | | 10/15/2030 | | | 2,000 | | 1,833,603 |
Caesars Entertainment, Inc.(e)
| 7.00% | | 02/15/2030 | | | 2,000 | | 2,072,656 |
Caesars Entertainment, Inc.(e)
| 6.50% | | 02/15/2032 | | | 859 | | 883,272 |
| | | | | | | | | 27,216,508 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
| | Interest
Rate | | Maturity
Date | | Principal
Amount
(000) | | Value |
| Independent Power and Renewable Electricity Producers-0.12% | | | | | | | | |
Vistra Operations Co. LLC(e)
| 5.13% | | 05/13/2025 | | $ | 8,030 | | $ 8,003,060 |
| Insurance-0.65% | | | | | | | | |
Acrisure LLC/Acrisure Finance, Inc.(e)
| 4.25% | | 02/15/2029 | | | 3,282 | | 3,077,275 |
Acrisure LLC/Acrisure Finance, Inc.(e)
| 7.50% | | 11/06/2030 | | | 11,433 | | 11,744,172 |
AmWINS Group, Inc.(e)
| 6.38% | | 02/15/2029 | | | 1,080 | | 1,108,023 |
HUB International Ltd.(e)
| 7.25% | | 06/15/2030 | | | 15,000 | | 15,677,430 |
Panther Escrow Issuer LLC(e)
| 7.13% | | 06/01/2031 | | | 12,044 | | 12,554,689 |
| | | | | | | | | 44,161,589 |
| Machinery-0.16% | | | | | | | | |
TK Elevator U.S. Newco, Inc. (Germany)(e)
| 5.25% | | 07/15/2027 | | | 11,000 | | 10,837,310 |
| Media-0.33% | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
| 4.91% | | 07/23/2025 | | | 1,000 | | 996,943 |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.
| 6.48% | | 10/23/2045 | | | 475 | | 454,321 |
CSC Holdings LLC(e)
| 6.50% | | 02/01/2029 | | | 2,000 | | 1,511,562 |
Virgin Media Secured Finance PLC (United Kingdom)(e)
| 5.50% | | 05/15/2029 | | | 1,500 | | 1,423,003 |
Virgin Media Secured Finance PLC (United Kingdom)(e)
| 4.50% | | 08/15/2030 | | | 11,000 | | 9,723,692 |
VZ Secured Financing B.V. (Netherlands)(e)
| 5.00% | | 01/15/2032 | | | 6,190 | | 5,612,669 |
Ziggo B.V. (Netherlands)(e)
| 4.88% | | 01/15/2030 | | | 3,000 | | 2,800,777 |
| | | | | | | | | 22,522,967 |
| Passenger Airlines-0.18% | | | | | | | | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
| 5.50% | | 04/20/2026 | | | 1,923 | | 1,914,238 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)
| 5.75% | | 04/20/2029 | | | 5,128 | | 5,031,438 |
United AirLines, Inc.(e)
| 4.38% | | 04/15/2026 | | | 895 | | 874,297 |
United AirLines, Inc.(e)
| 4.63% | | 04/15/2029 | | | 4,478 | | 4,265,657 |
| | | | | | | | | 12,085,630 |
| Professional Services-0.06% | | | | | | | | |
CoreLogic, Inc.(e)
| 4.50% | | 05/01/2028 | | | 4,000 | | 3,746,964 |
| Software-0.27% | | | | | | | | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.(e)
| 8.00% | | 06/15/2029 | | | 1,000 | | 1,033,286 |
Cloud Software Group, Inc.(e)
| 9.00% | | 09/30/2029 | | | 7,750 | | 7,806,668 |
Cloud Software Group, Inc.(e)
| 8.25% | | 06/30/2032 | | | 3,658 | | 3,832,333 |
SS&C Technologies, Inc.(e)
| 6.50% | | 06/01/2032 | | | 5,500 | | 5,681,353 |
| | | | | | | | | 18,353,640 |
| Specialty Retail-0.08% | | | | | | | | |
Wand NewCo 3, Inc.(e)
| 7.63% | | 01/30/2032 | | | 5,331 | | 5,589,580 |
Total U.S. Dollar Denominated Bonds & Notes
(Cost $276,399,805)
| | 277,949,558 |
| | | | | | Shares | | |
| Money Market Funds-5.96% | | | | | | | | |
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.16%(f)(g)
(Cost $403,365,070)
| | | | | | 403,365,070 | | 403,365,070 |
TOTAL INVESTMENTS IN SECURITIES-100.55%
(Cost $6,762,864,940)
| | 6,804,203,045 |
OTHER ASSETS LESS LIABILITIES-(0.55)%
| | (37,267,402) |
NET ASSETS-100.00%
| | $6,766,935,643 |
| Investment Abbreviations: |
| SOFR | -Secured Overnight Financing Rate |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)—(continued)
August 31, 2024
| Notes to Schedule of Investments: |
| (a) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
| (b) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the “1933 Act”) and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
| (c) | This variable rate interest will settle after August 31, 2024, at which time the interest rate will be determined. |
| (d) | Restricted security. The value of this security at August 31, 2024 represented less than 1% of the Fund’s Net Assets. |
| (e) | Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $276,498,294, which represented 4.09% of the Fund’s Net Assets. |
| (f) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class | $384,904,842 | | $11,288,781,757 | | $(11,270,321,529) | | $- | | $- | | $403,365,070 | | $46,230,996 |
| (g) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Assets and Liabilities
August 31, 2024
| | Invesco Senior
Loan ETF
(BKLN) |
| Assets: | |
Unaffiliated investments in securities, at value
| $6,400,837,975 |
Affiliated investments in securities, at value
| 403,365,070 |
Cash
| 17,526,672 |
Due from broker
| 3,069 |
Foreign currencies, at value
| 1,561 |
| Receivable for: | |
Dividends and interest
| 39,454,188 |
Investments sold
| 591,647,583 |
Fund shares sold
| 4,211,357 |
Expenses absorbed
| 51,401 |
Total assets
| 7,457,098,876 |
| Liabilities: | |
Due to broker
| 98,501 |
| Payable for: | |
Investments purchased
| 686,109,944 |
Accrued unitary management fees
| 3,952,841 |
Accrued tax expenses
| 1,947 |
Total liabilities
| 690,163,233 |
Net Assets
| $6,766,935,643 |
| Net assets consist of: | |
Shares of beneficial interest
| $7,947,707,941 |
Distributable earnings (loss)
| (1,180,772,298) |
Net Assets
| $6,766,935,643 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 321,300,000 |
Net asset value
| $21.06 |
Market price
| $21.08 |
Unaffiliated investments in securities, at cost
| $6,359,499,870 |
Affiliated investments in securities, at cost
| $403,365,070 |
Foreign currencies, at cost
| $1,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Operations
For the year ended August 31, 2024
| | Invesco Senior
Loan ETF
(BKLN) |
| Investment income: | |
Interest income
| $564,647,844 |
Affiliated dividend income
| 46,230,996 |
Total investment income
| 610,878,840 |
| Expenses: | |
Unitary management fees
| 42,373,350 |
Tax expenses
| 650 |
Other expenses
| (2,864) |
Total expenses
| 42,371,136 |
Less: Waivers
| (1,588,419) |
Net expenses
| 40,782,717 |
Net investment income
| 570,096,123 |
| Realized and unrealized gain (loss) from: | |
| Net realized gain (loss) from: | |
Unaffiliated investment securities
| (67,871,822) |
Foreign currencies
| (16) |
Net realized gain (loss)
| (67,871,838) |
| Change in net unrealized appreciation of: | |
Unaffiliated investment securities
| 30,256,682 |
Foreign currencies
| 61 |
Change in net unrealized appreciation
| 30,256,743 |
Net realized and unrealized gain (loss)
| (37,615,095) |
Net increase in net assets resulting from operations
| $532,481,028 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco Senior Loan ETF (BKLN) |
| | 2024 | | 2023 |
| Operations: | | | |
Net investment income
| $570,096,123 | | $314,658,408 |
Net realized gain (loss)
| (67,871,838) | | (122,316,603) |
Change in net unrealized appreciation
| 30,256,743 | | 110,895,680 |
Net increase in net assets resulting from operations
| 532,481,028 | | 303,237,485 |
| Distributions to Shareholders from: | | | |
Distributable earnings
| (556,447,768) | | (320,198,854) |
| Shareholder Transactions: | | | |
Proceeds from shares sold
| 6,416,672,532 | | 2,967,223,577 |
Value of shares repurchased
| (3,712,606,874) | | (2,995,220,298) |
Transaction fees
| 10,116,012 | | 11,837,894 |
Net increase (decrease) in net assets resulting from share transactions
| 2,714,181,670 | | (16,158,827) |
Net increase (decrease) in net assets
| 2,690,214,930 | | (33,120,196) |
| Net assets: | | | |
Beginning of year
| 4,076,720,713 | | 4,109,840,909 |
End of year
| $6,766,935,643 | | $4,076,720,713 |
| Changes in Shares Outstanding: | | | |
Shares sold
| 304,200,000 | | 142,300,000 |
Shares repurchased
| (176,500,000) | | (143,700,000) |
Shares outstanding, beginning of year
| 193,600,000 | | 195,000,000 |
Shares outstanding, end of year
| 321,300,000 | | 193,600,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Senior Loan ETF (BKLN)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $21.06 | | $21.08 | | $22.13 | | $21.82 | | $22.57 |
Net investment income(a)
| 1.84 | | 1.68 | | 0.77 | | 0.68 | | 0.93 |
Net realized and unrealized gain (loss) on investments
| (0.05) | | (0.07) | | (1.18) | | 0.31 | | (0.88) |
Total from investment operations
| 1.79 | | 1.61 | | (0.41) | | 0.99 | | 0.05 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.82) | | (1.69) | | (0.73) | | (0.69) | | (0.91) |
Return of capital
| - | | - | | - | | (0.02) | | - |
Total distributions
| (1.82) | | (1.69) | | (0.73) | | (0.71) | | (0.91) |
Transaction fees(a)
| 0.03 | | 0.06 | | 0.09 | | 0.03 | | 0.11 |
Net asset value at end of year
| $21.06 | | $21.06 | | $21.08 | | $22.13 | | $21.82 |
Market price at end of year(b)
| $21.08 | | $21.09 | | $20.98 | | $22.15 | | $21.91 |
Net Asset Value Total Return(c)
| 8.99% | | 8.34% | | (1.44)% | | 4.72% | | 0.80% |
Market Price Total Return(c)
| 8.94% | | 9.04% | | (1.99)% | | 4.38% | | 1.05% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $6,766,936 | | $4,076,721 | | $4,109,841 | | $6,289,247 | | $4,499,824 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses, after Waivers(d)
| 0.63% | | 0.63% | | 0.65% | | 0.64% | | 0.63% |
Expenses, prior to Waivers(d)
| 0.65% | | 0.65% | | 0.65% | | 0.65% | | 0.65% |
Net investment income
| 8.75% | | 8.02% | | 3.53% | | 3.08% | | 4.22% |
Portfolio turnover rate(e)
| 199% | | 129% | | 106% | | 109% | | 107% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
| (e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolio:
| Full Name | | Short Name |
| Invesco Senior Loan ETF (BKLN) | | "Senior Loan ETF" |
The portfolio (the “Fund”) represents a separate series of the Trust. The shares of the Fund are referred to herein as “Shares” or “Fund’s Shares.” The Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.
The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Morningstar® LSTA® US Leveraged Loan 100 IndexTM (the “Underlying Index”).
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the
“Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedule 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 the 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, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - The 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 Fund 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. |
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.
To the extent the Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date. |
| 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 the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement 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 the 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. |
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s
investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.
Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Index Risk. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, the Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s NAV.
Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and
selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek recovery.
Portfolio Turnover Risk. The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund may seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.
Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency laws and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.
Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
Sampling Risk. The Fund’s use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.
Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.
There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations. Newly originated loans (including reissuances and restructured loans) may possess lower levels of credit document protections than has historically been the case. Accordingly, in the event of default, the Fund may experience lower levels of recoveries than has historically been the norm.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services, and oversight of the Sub-Adviser.
Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees of $1,588,419.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of the Fund with Morningstar, Inc. (the “Licensor”).
The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market
prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Investments in Securities | | | | | | | |
| Variable Rate Senior Loan Interests | $- | | $6,122,888,417 | | $- | | $6,122,888,417 |
| U.S. Dollar Denominated Bonds & Notes | - | | 277,949,558 | | - | | 277,949,558 |
| Money Market Funds | 403,365,070 | | - | | - | | 403,365,070 |
| Total Investments | $403,365,070 | | $6,400,837,975 | | $- | | $6,804,203,045 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| Ordinary income* | $556,447,768 | | $320,198,854 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| Undistributed ordinary income | $20,749,353 |
| Net unrealized appreciation (depreciation) — investments | (14,844,083) |
| Net unrealized appreciation — foreign currencies and foreign taxes | 61 |
| Capital loss carryforward | (1,186,677,629) |
| Shares of beneficial interest | 7,947,707,941 |
| Total net assets | $6,766,935,643 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund has a capital loss carryforward as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| | $308,428,401 | | $878,249,228 | | $1,186,677,629 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $14,760,404,248 and $12,213,864,122, respectively.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| Aggregate unrealized appreciation of investments | $75,422,114 |
| Aggregate unrealized (depreciation) of investments | (90,266,197) |
| Net unrealized appreciation (depreciation) of investments | $(14,844,083) |
Cost of investments for tax purposes is $6,819,047,128.
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of foreign currency transactions and rounding, undistributed net investment income (loss) was increased by $16, undistributed net realized gain (loss) was increased by $13 and Shares of beneficial interest were increased by $3. These reclassifications had no effect on the net assets of the Fund.
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of the Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.
NOTE 9—Borrowing
The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 8, 2025. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.
During the fiscal year ended August 31, 2024, there were no borrowings from the line of credit.
NOTE 10—Senior Loan Participation Commitments
The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.
During the fiscal year ended August 31, 2024, there were no interests in senior loans purchased by the Fund on a participation basis.
NOTE 11—Capital
Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for Deposit Securities.
To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.
Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Senior Loan ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan ETF (one of the funds constituting Invesco Exchange-Traded Fund Trust II, referred to hereafter as the "Fund") as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024, and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, agent banks, and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| Qualified Business Income* | 0% |
| Qualified Dividend Income* | 0% |
| Corporate Dividends Received Deduction* | 0% |
| U.S. Treasury Obligations* | 0% |
| Business Interest Income* | 98% |
| Qualified Interest Income* | 91% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-SL-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| IBBQ | Invesco Nasdaq Biotechnology ETF |
| QOWZ | Invesco Nasdaq Free Cash Flow Achievers ETF |
| SOXQ | Invesco PHLX Semiconductor ETF |
| TAN | Invesco Solar ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 6 |
| 8 |
| 10 |
| 12 |
| 13 |
| 14 |
| 16 |
| 20 |
| 32 |
| 33 |
| 34 |
| 44 |
Invesco Nasdaq Biotechnology ETF (IBBQ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Biotechnology-81.85% |
4D Molecular Therapeutics, Inc.(b)
| | 1,922 | | $ 28,849 |
89bio, Inc.(b)(c)
| | 3,660 | | 34,770 |
AC Immune S.A. (Switzerland)(b)
| | 3,678 | | 11,880 |
Acadia Pharmaceuticals, Inc.(b)
| | 6,150 | | 101,967 |
ACELYRIN, Inc.(b)(c)
| | 3,682 | | 17,600 |
ADMA Biologics, Inc.(b)
| | 8,631 | | 149,403 |
Agios Pharmaceuticals, Inc.(b)(c)
| | 2,109 | | 96,824 |
Akero Therapeutics, Inc.(b)(c)
| | 2,571 | | 69,931 |
Alector, Inc.(b)(c)
| | 3,590 | | 18,955 |
Alkermes PLC(b)(c)
| | 6,299 | | 179,207 |
Allogene Therapeutics, Inc.(b)(c)
| | 7,778 | | 20,456 |
Alnylam Pharmaceuticals, Inc.(b)
| | 4,730 | | 1,242,524 |
ALX Oncology Holdings, Inc.(b)(c)
| | 1,936 | | 4,492 |
Amarin Corp. PLC, ADR (Ireland)(b)
| | 14,886 | | 9,311 |
Amgen, Inc.
| | 9,070 | | 3,027,838 |
Amicus Therapeutics, Inc.(b)
| | 11,026 | | 128,012 |
AnaptysBio, Inc.(b)(c)
| | 1,012 | | 38,547 |
Anavex Life Sciences Corp.(b)(c)
| | 3,151 | | 18,969 |
Apellis Pharmaceuticals, Inc.(b)(c)
| | 4,521 | | 175,867 |
Apogee Therapeutics, Inc.(b)(c)
| | 1,678 | | 85,863 |
Arbutus Biopharma Corp.(b)
| | 7,029 | | 27,202 |
Arcellx, Inc.(b)(c)
| | 1,995 | | 137,136 |
Arcturus Therapeutics Holdings, Inc.(b)(c)
| | 999 | | 21,079 |
Arcutis Biotherapeutics, Inc.(b)(c)
| | 4,306 | | 46,849 |
Ardelyx, Inc.(b)(c)
| | 8,707 | | 53,809 |
argenx SE, ADR (Netherlands)(b)
| | 1,200 | | 620,784 |
Arrowhead Pharmaceuticals, Inc.(b)(c)
| | 4,620 | | 110,095 |
ARS Pharmaceuticals, Inc.(b)(c)
| | 3,608 | | 46,832 |
Ascendis Pharma A/S, ADR (Denmark)(b)
| | 2,159 | | 298,914 |
Aurinia Pharmaceuticals, Inc. (Canada)(b)
| | 5,326 | | 36,270 |
Autolus Therapeutics PLC, ADR (United Kingdom)(b)(c)
| | 7,424 | | 29,176 |
Avidity Biosciences, Inc.(b)(c)
| | 3,564 | | 156,816 |
Beam Therapeutics, Inc.(b)(c)
| | 3,069 | | 81,881 |
BeiGene Ltd., ADR (China)(b)(c)
| | 1,602 | | 307,232 |
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)(c)
| | 1,342 | | 28,853 |
BioCryst Pharmaceuticals, Inc.(b)
| | 7,684 | | 66,774 |
Biogen, Inc.(b)
| | 5,447 | | 1,115,328 |
BioMarin Pharmaceutical, Inc.(b)
| | 7,106 | | 648,138 |
Biomea Fusion, Inc.(b)(c)
| | 1,343 | | 9,844 |
BioNTech SE, ADR (Germany)(b)
| | 3,674 | | 324,120 |
bluebird bio, Inc.(b)(c)
| | 7,086 | | 3,979 |
Blueprint Medicines Corp.(b)(c)
| | 2,333 | | 222,895 |
BridgeBio Pharma, Inc.(b)(c)
| | 6,963 | | 193,920 |
Cabaletta Bio, Inc.(b)(c)
| | 1,793 | | 10,095 |
Caribou Biosciences, Inc.(b)(c)
| | 3,359 | | 7,255 |
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024(b)(d)
| | 2,633 | | 474 |
Centessa Pharmaceuticals PLC, ADR(b)
| | 2,160 | | 29,160 |
Cogent Biosciences, Inc.(b)(c)
| | 3,563 | | 38,267 |
Coherus BioSciences, Inc.(b)(c)
| | 4,269 | | 5,934 |
Crinetics Pharmaceuticals, Inc.(b)(c)
| | 2,939 | | 155,943 |
CRISPR Therapeutics AG (Switzerland)(b)(c)
| | 3,160 | | 150,795 |
Cullinan Therapeutics, Inc.(b)(c)
| | 2,149 | | 42,120 |
CureVac N.V. (Germany)(b)(c)
| | 8,349 | | 26,216 |
Cytokinetics, Inc.(b)(c)
| | 4,267 | | 243,560 |
| | Shares | | Value |
| Biotechnology-(continued) |
Day One Biopharmaceuticals, Inc.(b)(c)
| | 3,256 | | $ 45,063 |
Denali Therapeutics, Inc.(b)(c)
| | 5,311 | | 129,801 |
Disc Medicine, Inc.(b)(c)
| | 922 | | 46,856 |
Dynavax Technologies Corp.(b)(c)
| | 4,873 | | 54,675 |
Dyne Therapeutics, Inc.(b)(c)
| | 3,642 | | 167,860 |
Editas Medicine, Inc.(b)(c)
| | 3,067 | | 11,471 |
Erasca, Inc.(b)(c)
| | 9,678 | | 27,969 |
Exelixis, Inc.(b)
| | 10,845 | | 282,295 |
Exscientia PLC, ADR (United Kingdom)(b)(c)
| | 1,828 | | 10,164 |
Galapagos N.V., ADR (Belgium)(b)
| | 759 | | 22,102 |
Genmab A/S, ADR (Denmark)(b)
| | 1,562 | | 43,424 |
Geron Corp.(b)(c)
| | 22,087 | | 104,913 |
Gilead Sciences, Inc.
| | 43,158 | | 3,409,482 |
GRAIL, Inc.(b)(c)
| | 985 | | 13,898 |
Grifols S.A., ADR (Spain)(b)(c)
| | 4,543 | | 42,432 |
Halozyme Therapeutics, Inc.(b)(c)
| | 4,771 | | 304,628 |
Humacyte, Inc.(b)(c)
| | 4,431 | | 26,808 |
Ideaya Biosciences, Inc.(b)(c)
| | 2,818 | | 111,311 |
ImmunityBio, Inc.(b)(c)
| | 25,749 | | 101,709 |
Immunocore Holdings PLC, ADR (United Kingdom)(b)(c)
| | 1,390 | | 49,873 |
Immunovant, Inc.(b)(c)
| | 5,442 | | 168,158 |
Incyte Corp.(b)
| | 8,421 | | 552,923 |
Insmed, Inc.(b)(c)
| | 6,041 | | 461,955 |
Intellia Therapeutics, Inc.(b)(c)
| | 3,593 | | 80,627 |
Ionis Pharmaceuticals, Inc.(b)
| | 5,438 | | 259,284 |
Iovance Biotherapeutics, Inc.(b)(c)
| | 10,415 | | 121,439 |
Ironwood Pharmaceuticals, Inc.(b)(c)
| | 5,921 | | 29,960 |
iTeos Therapeutics, Inc.(b)
| | 1,389 | | 23,405 |
Janux Therapeutics, Inc.(b)
| | 1,928 | | 90,577 |
KalVista Pharmaceuticals, Inc.(b)(c)
| | 1,571 | | 21,036 |
Keros Therapeutics, Inc.(b)(c)
| | 1,348 | | 61,132 |
Kiniksa Pharmaceuticals International PLC(b)(c)
| | 1,505 | | 40,244 |
Krystal Biotech, Inc.(b)(c)
| | 1,066 | | 207,998 |
Kura Oncology, Inc.(b)(c)
| | 2,836 | | 59,726 |
Kymera Therapeutics, Inc.(b)(c)
| | 2,289 | | 110,696 |
Legend Biotech Corp., ADR(b)(c)
| | 3,038 | | 174,837 |
Lexicon Pharmaceuticals, Inc.(b)
| | 13,462 | | 23,289 |
Lyell Immunopharma, Inc.(b)(c)
| | 9,487 | | 13,756 |
MacroGenics, Inc.(b)(c)
| | 2,333 | | 8,189 |
Madrigal Pharmaceuticals, Inc.(b)(c)
| | 793 | | 195,974 |
MannKind Corp.(b)(c)
| | 10,143 | | 63,495 |
MeiraGTx Holdings PLC(b)
| | 2,392 | | 9,735 |
Merus N.V. (Netherlands)(b)
| | 2,469 | | 125,894 |
Mineralys Therapeutics, Inc.(b)
| | 1,851 | | 22,971 |
Mirum Pharmaceuticals, Inc.(b)(c)
| | 1,753 | | 75,572 |
Moderna, Inc.(b)(c)
| | 14,127 | | 1,093,430 |
Myriad Genetics, Inc.(b)(c)
| | 3,365 | | 95,330 |
Neurocrine Biosciences, Inc.(b)
| | 3,768 | | 478,762 |
Novavax, Inc.(b)(c)
| | 5,225 | | 64,685 |
Nurix Therapeutics, Inc.(b)(c)
| | 2,208 | | 55,642 |
Nuvalent, Inc., Class A(b)(c)
| | 2,201 | | 187,371 |
Olema Pharmaceuticals, Inc.(b)(c)
| | 2,080 | | 24,544 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
| | 125 | | 0 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
| | 125 | | 0 |
ORIC Pharmaceuticals, Inc.(b)
| | 2,510 | | 26,029 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
August 31, 2024
| | Shares | | Value |
| Biotechnology-(continued) |
Ovid therapeutics, Inc.(b)
| | 2,643 | | $ 2,987 |
Precigen, Inc.(b)(c)
| | 9,400 | | 10,340 |
Prime Medicine, Inc.(b)(c)
| | 4,464 | | 19,106 |
Protagonist Therapeutics, Inc.(b)
| | 2,185 | | 93,715 |
Prothena Corp. PLC (Ireland)(b)(c)
| | 2,005 | | 44,651 |
PTC Therapeutics, Inc.(b)(c)
| | 2,854 | | 100,803 |
RAPT Therapeutics, Inc.(b)
| | 1,297 | | 2,665 |
Recursion Pharmaceuticals, Inc., Class A(b)(c)
| | 8,578 | | 62,448 |
Regeneron Pharmaceuticals, Inc.(b)
| | 2,830 | | 3,352,673 |
REGENXBIO, Inc.(b)(c)
| | 1,837 | | 22,448 |
Relay Therapeutics, Inc.(b)
| | 4,937 | | 33,522 |
Reneo Pharmaceuticals, Inc.(b)
| | 1,245 | | 1,843 |
Replimune Group, Inc.(b)
| | 2,291 | | 23,299 |
REVOLUTION Medicines, Inc.(b)(c)
| | 6,142 | | 261,833 |
Rhythm Pharmaceuticals, Inc.(b)(c)
| | 2,266 | | 107,159 |
Rocket Pharmaceuticals, Inc.(b)(c)
| | 3,385 | | 63,807 |
Roivant Sciences Ltd.(b)(c)
| | 27,705 | | 338,832 |
Sage Therapeutics, Inc.(b)(c)
| | 2,238 | | 18,866 |
Sana Biotechnology, Inc.(b)(c)
| | 8,252 | | 49,925 |
Sarepta Therapeutics, Inc.(b)(c)
| | 3,542 | | 480,933 |
Savara, Inc.(b)
| | 5,147 | | 21,978 |
Scholar Rock Holding Corp.(b)(c)
| | 2,970 | | 27,621 |
SpringWorks Therapeutics, Inc.(b)(c)
| | 2,763 | | 115,245 |
Summit Therapeutics, Inc.(b)(c)
| | 26,333 | | 341,802 |
Syndax Pharmaceuticals, Inc.(b)
| | 3,163 | | 65,000 |
Tango Therapeutics, Inc.(b)(c)
| | 3,975 | | 47,024 |
Taysha Gene Therapies, Inc.(b)
| | 6,960 | | 15,590 |
Tourmaline Bio, Inc.
| | 954 | | 16,075 |
Travere Therapeutics, Inc.(b)(c)
| | 2,834 | | 26,838 |
Twist Bioscience Corp.(b)(c)
| | 2,170 | | 93,831 |
Ultragenyx Pharmaceutical, Inc.(b)
| | 3,098 | | 175,904 |
uniQure N.V. (Netherlands)(b)
| | 1,812 | | 10,600 |
United Therapeutics Corp.(b)
| | 1,663 | | 604,584 |
UroGen Pharma Ltd.(b)
| | 1,350 | | 18,778 |
Vanda Pharmaceuticals, Inc.(b)(c)
| | 2,169 | | 11,474 |
Vaxcyte, Inc.(b)(c)
| | 4,053 | | 327,320 |
Vera Therapeutics, Inc.(b)
| | 2,037 | | 77,039 |
Veracyte, Inc.(b)(c)
| | 2,845 | | 89,760 |
Vericel Corp.(b)(c)
| | 1,814 | | 93,693 |
Vertex Pharmaceuticals, Inc.(b)
| | 6,093 | | 3,021,458 |
Verve Therapeutics, Inc.(b)(c)
| | 3,127 | | 20,951 |
Vir Biotechnology, Inc.(b)
| | 5,063 | | 41,820 |
Voyager Therapeutics, Inc.(b)(c)
| | 2,026 | | 13,291 |
Xencor, Inc.(b)
| | 2,300 | | 40,227 |
Xenon Pharmaceuticals, Inc. (Canada)(b)
| | 2,811 | | 113,396 |
Y-mAbs Therapeutics, Inc.(b)(c)
| | 1,630 | | 23,325 |
Zai Lab Ltd., ADR (China)(b)(c)
| | 1,914 | | 38,165 |
Zentalis Pharmaceuticals, Inc.(b)(c)
| | 2,646 | | 9,182 |
Zymeworks, Inc.(b)
| | 2,635 | | 30,909 |
| | | | | 31,419,144 |
| Health Care Equipment & Supplies-0.20% |
Novocure Ltd.(b)(c)
| | 4,011 | | 77,974 |
| Health Care Providers & Services-0.48% |
23andMe Holding Co., Class A(b)
| | 12,049 | | 3,794 |
Castle Biosciences, Inc.(b)
| | 1,032 | | 30,619 |
Guardant Health, Inc.(b)(c)
| | 4,556 | | 116,543 |
PetIQ, Inc.(b)(c)
| | 1,099 | | 33,575 |
| | | | | 184,531 |
| | Shares | | Value |
| Life Sciences Tools & Services-3.73% |
AbCellera Biologics, Inc. (Canada)(b)
| | 10,951 | | $ 28,035 |
Adaptive Biotechnologies Corp.(b)(c)
| | 5,487 | | 25,789 |
Fortrea Holdings, Inc.(b)(c)
| | 3,327 | | 76,721 |
Illumina, Inc.(b)
| | 5,960 | | 783,144 |
Maravai LifeSciences Holdings, Inc., Class A(b)(c)
| | 4,951 | | 44,806 |
MaxCyte, Inc.(b)(c)
| | 3,895 | | 16,826 |
Medpace Holdings, Inc.(b)(c)
| | 1,159 | | 411,758 |
Nautilus Biotechnology, Inc.(b)
| | 4,667 | | 12,134 |
OmniAb, Inc.(b)(c)
| | 4,380 | | 18,352 |
Pacific Biosciences of California, Inc.(b)(c)
| | 10,145 | | 13,899 |
| | | | | 1,431,464 |
| Pharmaceuticals-13.65% |
Aclaris Therapeutics, Inc.(b)
| | 2,654 | | 3,132 |
Amphastar Pharmaceuticals, Inc.(b)(c)
| | 1,825 | | 88,951 |
Amylyx Pharmaceuticals, Inc.(b)(c)
| | 2,531 | | 5,619 |
ANI Pharmaceuticals, Inc.(b)(c)
| | 781 | | 49,789 |
Arvinas, Inc.(b)
| | 2,546 | | 66,603 |
AstraZeneca PLC, ADR (United Kingdom)
| | 17,783 | | 1,558,146 |
ATAI Life Sciences N.V. (Germany)(b)(c)
| | 6,236 | | 8,107 |
Atea Pharmaceuticals, Inc.(b)(c)
| | 3,136 | | 12,074 |
Avadel Pharmaceuticals PLC(b)(c)
| | 3,581 | | 54,324 |
Axsome Therapeutics, Inc.(b)(c)
| | 1,766 | | 156,927 |
Collegium Pharmaceutical, Inc.(b)(c)
| | 1,220 | | 46,921 |
Edgewise Therapeutics, Inc.(b)(c)
| | 3,476 | | 65,175 |
Enliven Therapeutics, Inc.(b)
| | 1,750 | | 38,290 |
Evolus, Inc.(b)
| | 2,333 | | 37,071 |
EyePoint Pharmaceuticals, Inc.(b)(c)
| | 1,972 | | 17,649 |
Fulcrum Therapeutics, Inc.(b)(c)
| | 2,317 | | 19,810 |
Harmony Biosciences Holdings, Inc.(b)(c)
| | 2,110 | | 75,918 |
Harrow, Inc.(b)
| | 1,313 | | 53,124 |
Hutchmed (China) Ltd., ADR (China)(b)(c)
| | 1,151 | | 20,085 |
Innoviva, Inc.(b)(c)
| | 2,327 | | 45,097 |
Intra-Cellular Therapies, Inc.(b)
| | 3,960 | | 290,189 |
Jazz Pharmaceuticals PLC(b)
| | 2,348 | | 272,321 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 666 | | 70,463 |
Marinus Pharmaceuticals, Inc.(b)(c)
| | 2,045 | | 2,863 |
Ocular Therapeutix, Inc.(b)(c)
| | 5,770 | | 50,891 |
Pacira BioSciences, Inc.(b)(c)
| | 1,733 | | 26,965 |
Phathom Pharmaceuticals, Inc.(b)(c)
| | 2,181 | | 36,030 |
Phibro Animal Health Corp., Class A
| | 759 | | 15,939 |
Pliant Therapeutics, Inc.(b)(c)
| | 2,243 | | 29,809 |
Revance Therapeutics, Inc.(b)
| | 3,891 | | 25,564 |
Royalty Pharma PLC, Class A
| | 16,905 | | 490,752 |
Sanofi S.A., ADR
| | 10,545 | | 593,262 |
SIGA Technologies, Inc.(c)
| | 2,649 | | 23,920 |
Structure Therapeutics, Inc., ADR(b)(c)
| | 1,827 | | 69,664 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 2,046 | | 71,937 |
Tarsus Pharmaceuticals, Inc.(b)(c)
| | 1,407 | | 38,144 |
Terns Pharmaceuticals, Inc.(b)
| | 2,405 | | 18,326 |
Theravance Biopharma, Inc.(b)
| | 1,815 | | 14,974 |
Third Harmonic Bio, Inc.(b)
| | 1,528 | | 17,648 |
Ventyx Biosciences, Inc.(b)
| | 2,586 | | 5,767 |
Verona Pharma PLC, ADR (United Kingdom)(b)(c)
| | 2,600 | | 71,448 |
Viatris, Inc.
| | 44,593 | | 538,683 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)
August 31, 2024
| | Shares | | Value |
| Pharmaceuticals-(continued) |
WaVe Life Sciences Ltd.(b)
| | 4,559 | | $ 26,169 |
Xeris Biopharma Holdings, Inc.(b)
| | 5,518 | | 15,506 |
| | | | | 5,240,046 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $38,443,647)
| | 38,353,159 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-26.68% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 2,870,230 | | 2,870,230 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 7,368,239 | | $ 7,371,186 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $10,240,932)
| | 10,241,416 |
TOTAL INVESTMENTS IN SECURITIES-126.59%
(Cost $48,684,579)
| | 48,594,575 |
OTHER ASSETS LESS LIABILITIES-(26.59)%
| | (10,208,367) |
NET ASSETS-100.00%
| | $38,386,208 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Rts. | -Rights |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $1,041,144 | | $(1,041,144) | | $- | | $- | | $- | | $622 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 856,499 | | 18,320,780 | | (16,307,049) | | - | | - | | 2,870,230 | | 93,985* |
| Invesco Private Prime Fund | 2,202,426 | | 36,268,864 | | (31,100,997) | | 484 | | 409 | | 7,371,186 | | 250,869* |
| Total | $3,058,925 | | $55,630,788 | | $(48,449,190) | | $484 | | $409 | | $10,241,416 | | $345,476 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Automobiles-0.71% |
Thor Industries, Inc.(b)
| | 502 | | $ 53,845 |
| Building Products-0.97% |
Owens Corning
| | 434 | | 73,229 |
| Commercial Services & Supplies-5.65% |
Cintas Corp.
| | 216 | | 173,906 |
Republic Services, Inc.
| | 740 | | 154,075 |
Rollins, Inc.
| | 1,990 | | 99,858 |
| | | | | 427,839 |
| Consumer Finance-1.85% |
Capital One Financial Corp.
| | 951 | | 139,730 |
| Distributors-0.95% |
Pool Corp.
| | 205 | | 72,082 |
| Electrical Equipment-0.77% |
Acuity Brands, Inc.
| | 228 | | 58,072 |
| Electronic Equipment, Instruments & Components-4.07% |
Amphenol Corp., Class A
| | 2,355 | | 158,845 |
Littelfuse, Inc.
| | 209 | | 56,890 |
Teledyne Technologies, Inc.(c)
| | 214 | | 92,619 |
| | | | | 308,354 |
| Entertainment-1.10% |
Warner Bros. Discovery, Inc.(c)
| | 10,617 | | 83,237 |
| Financial Services-4.46% |
Mastercard, Inc., Class A
| | 698 | | 337,371 |
| Food Products-1.23% |
McCormick & Co., Inc.
| | 1,160 | | 92,835 |
| Health Care Providers & Services-5.13% |
UnitedHealth Group, Inc.
| | 658 | | 388,352 |
| Health Care Technology-0.24% |
Simulations Plus, Inc.
| | 503 | | 18,234 |
| Hotels, Restaurants & Leisure-1.93% |
Marriott International, Inc., Class A
| | 624 | | 146,447 |
| Household Durables-2.05% |
Cavco Industries, Inc.(c)
| | 109 | | 45,052 |
NVR, Inc.(c)
| | 12 | | 110,069 |
| | | | | 155,121 |
| Interactive Media & Services-6.76% |
Meta Platforms, Inc., Class A
| | 981 | | 511,405 |
| IT Services-1.14% |
VeriSign, Inc.(c)
| | 470 | | 86,433 |
| Life Sciences Tools & Services-5.98% |
Mettler-Toledo International, Inc.(c)
| | 73 | | 105,053 |
Thermo Fisher Scientific, Inc.
| | 419 | | 257,714 |
West Pharmaceutical Services, Inc.
| | 286 | | 89,698 |
| | | | | 452,465 |
| Machinery-0.66% |
Watts Water Technologies, Inc., Class A
| | 253 | | 49,765 |
| Media-0.27% |
TechTarget, Inc.(c)
| | 766 | | 20,414 |
| Metals & Mining-0.21% |
Radius Recycling, Inc., Class A(b)
| | 1,053 | | 15,942 |
| | Shares | | Value |
| Oil, Gas & Consumable Fuels-1.76% |
Kinder Morgan, Inc.
| | 6,190 | | $ 133,518 |
| Professional Services-4.44% |
Automatic Data Processing, Inc.
| | 701 | | 193,413 |
DLH Holdings Corp.(c)
| | 1,001 | | 10,891 |
Paychex, Inc.
| | 1,005 | | 131,856 |
| | | | | 336,160 |
| Semiconductors & Semiconductor Equipment-20.38% |
Broadcom, Inc.
| | 2,784 | | 453,291 |
KLA Corp.
| | 228 | | 186,830 |
Microchip Technology, Inc.
| | 1,343 | | 110,341 |
NVIDIA Corp.
| | 6,284 | | 750,121 |
Rambus, Inc.(c)
| | 946 | | 42,305 |
| | | | | 1,542,888 |
| Software-24.99% |
Adobe, Inc.(c)
| | 516 | | 296,396 |
Cadence Design Systems, Inc.(c)
| | 540 | | 145,222 |
Fair Isaac Corp.(c)
| | 83 | | 143,612 |
Fortinet, Inc.(c)
| | 2,074 | | 159,097 |
Intuit, Inc.
| | 363 | | 228,784 |
Manhattan Associates, Inc.(c)
| | 336 | | 88,849 |
Progress Software Corp.
| | 676 | | 39,309 |
PTC, Inc.(c)
| | 505 | | 90,440 |
Qualys, Inc.(c)
| | 350 | | 43,810 |
Roper Technologies, Inc.
| | 254 | | 140,820 |
Salesforce, Inc.
| | 1,035 | | 261,752 |
ServiceNow, Inc.(c)
| | 297 | | 253,935 |
| | | | | 1,892,026 |
| Trading Companies & Distributors-2.21% |
Beacon Roofing Supply, Inc.(c)
| | 548 | | 49,649 |
Fastenal Co.
| | 1,727 | | 117,919 |
| | | | | 167,568 |
Total Common Stocks & Other Equity Interests
(Cost $6,874,086)
| | 7,563,332 |
|
| Money Market Funds-0.09% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $6,725)
| | 6,725 | | 6,725 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.00%
(Cost $6,880,811)
| | 7,570,057 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-0.93% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 19,183 | | 19,183 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 50,868 | | $ 50,888 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $70,068)
| | 70,071 |
TOTAL INVESTMENTS IN SECURITIES-100.93%
(Cost $6,950,879)
| | 7,640,128 |
OTHER ASSETS LESS LIABILITIES-(0.93)%
| | (70,078) |
NET ASSETS-100.00%
| | $7,570,050 |
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $88,927 | | $(82,203) | | $- | | $1 | | $6,725 | | $146 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | - | | 355,975 | | (336,792) | | - | | - | | 19,183 | | 267* |
| Invesco Private Prime Fund | - | | 61,876,974 | | (61,826,089) | | 3 | | - | | 50,888 | | 9,495* |
| Total | $- | | $62,321,876 | | $(62,245,084) | | $3 | | $1 | | $76,796 | | $9,908 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco PHLX Semiconductor ETF (SOXQ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Electronic Equipment, Instruments & Components-1.04% |
Coherent Corp.(b)(c)
| | 68,309 | | $ 5,324,687 |
| Semiconductors & Semiconductor Equipment-98.87% |
Advanced Micro Devices, Inc.(b)
| | 244,019 | | 36,251,463 |
Allegro MicroSystems, Inc. (Japan)(b)(c)
| | 86,758 | | 2,128,174 |
Amkor Technology, Inc.
| | 110,207 | | 3,625,810 |
Analog Devices, Inc.
| | 86,839 | | 20,393,271 |
Applied Materials, Inc.
| | 94,741 | | 18,688,610 |
ASML Holding N.V., New York Shares (Netherlands)
| | 21,235 | | 19,193,679 |
Axcelis Technologies, Inc.(b)(c)
| | 14,552 | | 1,590,970 |
Broadcom, Inc.
| | 383,271 | | 62,404,184 |
Entegris, Inc.
| | 67,491 | | 7,820,182 |
GLOBALFOUNDRIES, Inc.(b)(c)
| | 247,004 | | 11,530,147 |
Intel Corp.
| | 660,086 | | 14,548,295 |
KLA Corp.
| | 26,835 | | 21,989,404 |
Lam Research Corp.
| | 21,858 | | 17,945,637 |
Lattice Semiconductor Corp.(b)(c)
| | 61,595 | | 2,917,139 |
Marvell Technology, Inc.
| | 296,026 | | 22,569,022 |
Microchip Technology, Inc.
| | 209,421 | | 17,206,029 |
Micron Technology, Inc.
| | 162,956 | | 15,682,885 |
Monolithic Power Systems, Inc.
| | 21,769 | | 20,347,049 |
NVIDIA Corp.
| | 557,463 | | 66,544,358 |
NXP Semiconductors N.V. (China)
| | 74,846 | | 19,187,521 |
ON Semiconductor Corp.(b)
| | 192,019 | | 14,952,520 |
Qorvo, Inc.(b)
| | 42,811 | | 4,961,367 |
QUALCOMM, Inc.
| | 99,851 | | 17,503,880 |
Rambus, Inc.(b)
| | 48,285 | | 2,159,305 |
Skyworks Solutions, Inc.
| | 71,826 | | 7,871,411 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)
| | 134,761 | | 23,138,464 |
Teradyne, Inc.
| | 69,887 | | 9,555,650 |
| | Shares | | Value |
| Semiconductors & Semiconductor Equipment-(continued) |
Texas Instruments, Inc.
| | 104,428 | | $ 22,383,098 |
Wolfspeed, Inc.(b)(c)
| | 56,390 | | 549,802 |
| | | | | 505,639,326 |
Total Common Stocks & Other Equity Interests
(Cost $458,225,910)
| | 510,964,013 |
|
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $205,395)
| | 205,395 | | 205,395 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $458,431,305)
| | 511,169,408 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-3.52% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 7,025,751 | | 7,025,751 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 10,952,918 | | 10,957,299 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $17,982,864)
| | 17,983,050 |
TOTAL INVESTMENTS IN SECURITIES-103.47%
(Cost $476,414,169)
| | 529,152,458 |
OTHER ASSETS LESS LIABILITIES-(3.47)%
| | (17,760,021) |
NET ASSETS-100.00%
| | $511,392,437 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $3,276,779 | | $(3,071,384) | | $- | | $- | | $205,395 | | $5,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco PHLX Semiconductor ETF (SOXQ)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain
(Loss) | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $1,040,517 | | $98,085,234 | | $(92,100,000) | | $- | | $- | | $7,025,751 | | $170,869* |
| Invesco Private Prime Fund | 2,675,615 | | 206,060,087 | | (197,771,940) | | 350 | | (6,813) | | 10,957,299 | | 450,492* |
| Total | $3,716,132 | | $307,422,100 | | $(292,943,324) | | $350 | | $(6,813) | | $18,188,445 | | $627,269 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Solar ETF (TAN)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.74% |
| Chemicals-2.36% |
Hanwha Solutions Corp. (South Korea)
| | 1,237,112 | | $ 23,893,019 |
| Construction & Engineering-1.28% |
West Holdings Corp. (Japan)(b)
| | 697,300 | | 12,982,935 |
| Electrical Equipment-19.18% |
Array Technologies, Inc.(b)(c)
| | 3,100,628 | | 20,805,214 |
Nextracker, Inc., Class A(b)(c)
| | 1,611,895 | | 65,555,770 |
Shoals Technologies Group, Inc., Class A(b)(c)
| | 4,129,215 | | 22,256,469 |
Sunrun, Inc.(b)(c)
| | 4,176,551 | | 85,702,826 |
| | | | | 194,320,279 |
| Financial Services-3.74% |
HA Sustainable Infrastructure Capital, Inc.(b)
| | 1,169,128 | | 37,856,365 |
| Independent Power and Renewable Electricity Producers-28.76% |
Altus Power, Inc.(b)(c)
| | 1,804,322 | | 5,629,485 |
Atlantica Sustainable Infrastructure PLC (Spain)
| | 830,050 | | 18,103,390 |
Clearway Energy, Inc., Class C
| | 953,414 | | 27,610,869 |
Doral Group Renewable Energy Resources Ltd. (Israel)(b)(c)
| | 3,013,139 | | 10,324,829 |
Encavis AG (Germany)(b)(c)
| | 2,342,380 | | 44,077,290 |
Energix-Renewable Energies Ltd. (Israel)
| | 3,811,074 | | 13,636,868 |
Enlight Renewable Energy Ltd. (Israel)(b)(c)
| | 1,412,110 | | 23,337,290 |
Grenergy Renovables S.A. (Spain)(b)(c)
| | 410,247 | | 15,076,208 |
Neoen S.A. (France)(d)
| | 829,179 | | 35,537,941 |
OY Nofar Energy Ltd. (Israel)(b)(c)
| | 494,549 | | 12,087,309 |
ReNew Energy Global PLC, Class A (India)(b)(c)
| | 1,275,985 | | 7,171,036 |
RENOVA, Inc. (Japan)(b)(c)
| | 816,899 | | 5,812,351 |
Scatec ASA (South Africa)(c)(d)
| | 1,634,945 | | 12,502,648 |
Solaria Energia y Medio Ambiente S.A. (Spain)(b)(c)
| | 1,809,593 | | 22,534,195 |
Sunnova Energy International, Inc.(b)(c)
| | 2,883,816 | | 32,039,196 |
Xinyi Energy Holdings Ltd. (China)(b)
| | 61,550,937 | | 5,996,963 |
| | | | | 291,477,868 |
| Semiconductors & Semiconductor Equipment-44.42% |
Canadian Solar, Inc. (Canada)(b)(c)
| | 1,359,810 | | 17,174,400 |
Daqo New Energy Corp., ADR (China)(b)(c)
| | 1,448,516 | | 21,336,641 |
Enphase Energy, Inc.(b)(c)
| | 905,823 | | 109,640,816 |
First Solar, Inc.(b)(c)
| | 412,527 | | 93,796,264 |
Flat Glass Group Co. Ltd., H Shares (China)(b)
| | 10,929,713 | | 14,852,438 |
| | Shares | | Value |
| Semiconductors & Semiconductor Equipment-(continued) |
GCL Technology Holdings Ltd. (China)(b)(c)
| | 367,034,725 | | $ 54,581,853 |
JinkoSolar Holding Co. Ltd., ADR (China)(b)
| | 1,093,247 | | 20,924,748 |
Meyer Burger Technology AG (Switzerland)(b)(c)
| | 1,197,930 | | 2,612,023 |
Motech Industries, Inc. (Taiwan)
| | 11,884,000 | | 9,955,961 |
SMA Solar Technology AG (Germany)(b)
| | 467,829 | | 10,864,287 |
SolarEdge Technologies, Inc.(b)(c)
| | 1,239,431 | | 30,155,356 |
TSEC Corp. (Taiwan)
| | 14,881,000 | | 11,373,568 |
United Renewable Energy Co. Ltd. (Taiwan)(c)
| | 40,028,458 | | 15,015,364 |
Xinyi Solar Holdings Ltd. (China)
| | 96,757,152 | | 37,832,587 |
| | | | | 450,116,306 |
Total Common Stocks & Other Equity Interests
(Cost $1,724,672,711)
| | 1,010,646,772 |
|
| Money Market Funds-0.01% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)
(Cost $120,097)
| | 120,097 | | 120,097 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.75%
(Cost $1,724,792,808)
| | 1,010,766,869 |
Investments Purchased with Cash Collateral
from Securities on Loan |
| Money Market Funds-30.35% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 84,758,203 | | 84,758,203 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 222,629,432 | | 222,718,484 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $307,457,604)
| | 307,476,687 |
TOTAL INVESTMENTS IN SECURITIES-130.10%
(Cost $2,032,250,412)
| | 1,318,243,556 |
OTHER ASSETS LESS LIABILITIES-(30.10)%
| | (304,973,053) |
NET ASSETS-100.00%
| | $1,013,270,503 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| REIT | -Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Solar ETF (TAN)—(continued)
August 31, 2024
| 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, 2024. |
| (c) | Non-income producing security. |
| (d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2024 was $48,040,589, which represented 4.74% of the Fund’s Net Assets. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $71,271,550 | | $(71,151,453) | | $- | | $- | | $120,097 | | $10,691 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 130,829,433 | | 518,796,747 | | (564,867,977) | | - | | - | | 84,758,203 | | 5,216,592* |
| Invesco Private Prime Fund | 335,608,224 | | 1,172,958,226 | | (1,285,969,440) | | 11,014 | | 110,460 | | 222,718,484 | | 14,046,500* |
| Total | $466,437,657 | | $1,763,026,523 | | $(1,921,988,870) | | $11,014 | | $110,460 | | $307,596,784 | | $19,273,783 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
| This Fund has holdings greater than 10% of net assets in the following country: | |
| China | 15.35% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco Nasdaq
Biotechnology
ETF (IBBQ) | | Invesco Nasdaq
Free Cash Flow
Achievers
ETF (QOWZ) | | Invesco PHLX
Semiconductor
ETF (SOXQ) | | Invesco Solar
ETF (TAN) |
| Assets: | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $38,353,159 | | $7,563,332 | | $510,964,013 | | $1,010,646,772 |
Affiliated investments in securities, at value
| 10,241,416 | | 76,796 | | 18,188,445 | | 307,596,784 |
Foreign currencies, at value
| - | | - | | - | | 973,538 |
| Deposits with brokers: | | | | | | | |
Cash segregated as collateral
| - | | - | | - | | 3,446,582 |
| Receivable for: | | | | | | | |
Dividends
| 37,567 | | 2,365 | | 299,877 | | 2,319,381 |
Securities lending
| 2,270 | | 2 | | 2,603 | | 248,501 |
Investments sold
| 432 | | - | | 813,349 | | 3,301,589 |
Fund shares sold
| - | | - | | - | | 38,720 |
Expenses absorbed
| - | | - | | - | | 818 |
Foreign tax reclaims
| 537 | | - | | - | | 203,438 |
Other assets
| - | | - | | - | | 1,327 |
Total assets
| 48,635,381 | | 7,642,495 | | 530,268,287 | | 1,328,777,450 |
| Liabilities: | | | | | | | |
Due to custodian
| 1,858 | | - | | 2,518 | | - |
| Payable for: | | | | | | | |
Collateral upon return of securities loaned
| 10,240,932 | | 70,068 | | 17,982,864 | | 307,457,604 |
Collateral upon receipt of securities in-kind
| - | | - | | - | | 3,446,582 |
Fund shares repurchased
| 432 | | - | | 813,028 | | 3,310,270 |
Accrued unitary management fees
| 5,951 | | 2,377 | | 77,440 | | - |
Accrued advisory fees
| - | | - | | - | | 421,472 |
Accrued trustees’ and officer’s fees
| - | | - | | - | | 27,169 |
Accrued expenses
| - | | - | | - | | 835,961 |
Accrued tax expenses
| - | | - | | - | | 7,889 |
Total liabilities
| 10,249,173 | | 72,445 | | 18,875,850 | | 315,506,947 |
Net Assets
| $38,386,208 | | $7,570,050 | | $511,392,437 | | $1,013,270,503 |
| Net assets consist of: | | | | | | | |
Shares of beneficial interest
| $40,903,084 | | $6,851,779 | | $471,782,656 | | $2,945,210,409 |
Distributable earnings (loss)
| (2,516,876) | | 718,271 | | 39,609,781 | | (1,931,939,906) |
Net Assets
| $38,386,208 | | $7,570,050 | | $511,392,437 | | $1,013,270,503 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 1,570,001 | | 240,001 | | 12,580,001 | | 24,488,000 |
Net asset value
| $24.45 | | $31.54 | | $40.65 | | $41.38 |
Market price
| $24.45 | | $31.54 | | $40.66 | | $41.35 |
Unaffiliated investments in securities, at cost
| $38,443,647 | | $6,874,086 | | $458,225,910 | | $1,724,672,711 |
Affiliated investments in securities, at cost
| $10,240,932 | | $76,793 | | $18,188,259 | | $307,577,701 |
Foreign currencies, at cost
| $- | | $- | | $- | | $939,684 |
(a)Includes securities on loan with an aggregate value of:
| $10,048,842 | | $68,977 | | $17,720,998 | | $292,688,447 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco Nasdaq
Biotechnology
ETF (IBBQ) | | Invesco Nasdaq
Free Cash Flow
Achievers
ETF (QOWZ)(a) | | Invesco PHLX
Semiconductor
ETF (SOXQ) | | Invesco Solar
ETF (TAN) |
| Investment income: | | | | | | | |
Unaffiliated dividend income
| $217,032 | | $22,495 | | $2,772,379 | | $11,823,909 |
Affiliated dividend income
| 622 | | 146 | | 5,908 | | 10,691 |
Securities lending income, net
| 38,939 | | 9,372 | | 42,077 | | 2,257,503 |
Foreign withholding tax
| (2,288) | | (133) | | (79,808) | | (405,648) |
Total investment income
| 254,305 | | 31,880 | | 2,740,556 | | 13,686,455 |
| Expenses: | | | | | | | |
Unitary management fees
| 49,164 | | 11,024 | | 564,463 | | - |
Advisory fees
| - | | - | | - | | 6,263,126 |
Sub-licensing fees
| - | | - | | - | | 2,599,111 |
Accounting & administration fees
| - | | - | | - | | 99,636 |
Custodian & transfer agent fees
| - | | - | | - | | 391,210 |
Trustees’ and officer’s fees
| - | | - | | - | | 28,777 |
Tax expenses
| - | | 45 | | - | | - |
Other expenses
| - | | - | | - | | 236,801 |
Total expenses
| 49,164 | | 11,069 | | 564,463 | | 9,618,661 |
Less: Waivers
| (12) | | (2) | | (108) | | (1,003) |
Net expenses
| 49,152 | | 11,067 | | 564,355 | | 9,617,658 |
Net investment income
| 205,153 | | 20,813 | | 2,176,201 | | 4,068,797 |
| Realized and unrealized gain (loss) from: | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
Unaffiliated investment securities
| (794,580) | | 16,336 | | (6,546,706) | | (557,451,854) |
Affiliated investment securities
| 409 | | 1 | | (6,813) | | 110,460 |
In-kind redemptions
| 977,163 | | 303,844 | | 42,447,060 | | (17,065,194) |
Foreign currencies
| - | | - | | - | | (178,743) |
Net realized gain (loss)
| 182,992 | | 320,181 | | 35,893,541 | | (574,585,331) |
| Change in net unrealized appreciation of: | | | | | | | |
Unaffiliated investment securities
| 4,754,651 | | 689,246 | | 40,146,649 | | 58,200,097 |
Affiliated investment securities
| 484 | | 3 | | 350 | | 11,014 |
Foreign currencies
| - | | - | | - | | 34,817 |
Change in net unrealized appreciation
| 4,755,135 | | 689,249 | | 40,146,999 | | 58,245,928 |
Net realized and unrealized gain (loss)
| 4,938,127 | | 1,009,430 | | 76,040,540 | | (516,339,403) |
Net increase (decrease) in net assets resulting from operations
| $5,143,280 | | $1,030,243 | | $78,216,741 | | $(512,270,606) |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco Nasdaq
Biotechnology ETF (IBBQ) | | Invesco Nasdaq
Free Cash Flow
Achievers ETF (QOWZ) |
| | 2024 | | 2023 | | 2024(a) |
| Operations: | | | | | |
Net investment income (loss)
| $205,153 | | $134,746 | | $20,813 |
Net realized gain (loss)
| 182,992 | | (895,909) | | 320,181 |
Change in net unrealized appreciation (depreciation)
| 4,755,135 | | 2,157,822 | | 689,249 |
Net increase (decrease) in net assets resulting from operations
| 5,143,280 | | 1,396,659 | | 1,030,243 |
| Distributions to Shareholders from: | | | | | |
Distributable earnings
| (213,126) | | (148,259) | | (8,203) |
| Shareholder Transactions: | | | | | |
Proceeds from shares sold
| 18,951,420 | | 7,006,691 | | 7,724,000 |
Value of shares repurchased
| (2,826,308) | | (11,277,859) | | (1,175,990) |
Net increase (decrease) in net assets resulting from share transactions
| 16,125,112 | | (4,271,168) | | 6,548,010 |
Net increase (decrease) in net assets
| 21,055,266 | | (3,022,768) | | 7,570,050 |
| Net assets: | | | | | |
Beginning of year
| 17,330,942 | | 20,353,710 | | - |
End of year
| $38,386,208 | | $17,330,942 | | $7,570,050 |
| Changes in Shares Outstanding: | | | | | |
Shares sold
| 850,000 | | 350,000 | | 280,001 |
Shares repurchased
| (120,000) | | (560,000) | | (40,000) |
Shares outstanding, beginning of year
| 840,001 | | 1,050,001 | | - |
Shares outstanding, end of year
| 1,570,001 | | 840,001 | | 240,001 |
| (a) | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco PHLX
Semiconductor ETF (SOXQ) | | Invesco Solar
ETF (TAN) |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| $2,176,201 | | $1,162,560 | | $4,068,797 | | $(2,932,413) |
| 35,893,541 | | 9,425,748 | | (574,585,331) | | (168,529,448) |
| 40,146,999 | | 27,785,933 | | 58,245,928 | | (690,043,850) |
| 78,216,741 | | 38,374,241 | | (512,270,606) | | (861,505,711) |
| | | | | | | |
| (2,025,155) | | (1,111,712) | | (1,500,861) | | - |
| | | | | | | |
| 371,452,587 | | 103,779,581 | | 561,423,965 | | 429,927,609 |
| (85,576,081) | | (52,103,417) | | (668,269,180) | | (910,017,213) |
| 285,876,506 | | 51,676,164 | | (106,845,215) | | (480,089,604) |
| 362,068,092 | | 88,938,693 | | (620,616,682) | | (1,341,595,315) |
| | | | | | | |
| 149,324,345 | | 60,385,652 | | 1,633,887,185 | | 2,975,482,500 |
| $511,392,437 | | $149,324,345 | | $1,013,270,503 | | $1,633,887,185 |
| | | | | | | |
| 9,540,000 | | 4,340,000 | | 11,840,000 | | 5,440,000 |
| (2,120,000) | | (2,040,000) | | (15,440,000) | | (12,640,000) |
| 5,160,001 | | 2,860,001 | | 28,088,000 | | 35,288,000 |
| 12,580,001 | | 5,160,001 | | 24,488,000 | | 28,088,000 |
Invesco Nasdaq Biotechnology ETF (IBBQ)
| | Years Ended August 31, | | For the Period
June 9, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $20.63 | | $19.38 | | $26.91 | | $25.34 |
Net investment income(b)
| 0.17 | | 0.14 | | 0.17 | | 0.04 |
Net realized and unrealized gain (loss) on investments
| 3.84 | | 1.27 | | (7.47) | | 1.53 |
Total from investment operations
| 4.01 | | 1.41 | | (7.30) | | 1.57 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.19) | | (0.16) | | (0.23) | | - |
Net asset value at end of period
| $24.45 | | $20.63 | | $19.38 | | $26.91 |
Market price at end of period(c)
| $24.45 | | $20.64 | | $19.40 | | $26.87 |
Net Asset Value Total Return(d)
| 19.56% | | 7.30% | | (27.24)% | | 6.19%(e) |
Market Price Total Return(d)
| 19.50% | | 7.24% | | (27.06)% | | 6.04%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $38,386 | | $17,331 | | $20,354 | | $51,669 |
| Ratio to average net assets of: | | | | | | | |
Expenses, after Waivers
| 0.19% | | 0.19% | | 0.11% | | -%(f) |
Expenses, prior to Waivers
| 0.19% | | 0.19% | | 0.19% | | 0.19%(f) |
Net investment income
| 0.79% | | 0.69% | | 0.76% | | 0.65%(f) |
Portfolio turnover rate(g)
| 19% | | 13% | | 22% | | 8% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)
| | For the Period
December 4, 2023(a)
Through
August 31,
2024 |
| Per Share Operating Performance: | |
Net asset value at beginning of period
| $25.00 |
Net investment income(b)
| 0.16 |
Net realized and unrealized gain on investments
| 6.44 |
Total from investment operations
| 6.60 |
| Distributions to shareholders from: | |
Net investment income
| (0.06) |
Net asset value at end of period
| $31.54 |
Market price at end of period(c)
| $31.54 |
Net Asset Value Total Return(d)
| 26.43%(e) |
Market Price Total Return(d)
| 26.43%(e) |
| Ratios/Supplemental Data: | |
Net assets at end of period (000’s omitted)
| $7,570 |
| Ratio to average net assets of: | |
Expenses
| 0.39%(f) |
Net investment income
| 0.74%(f) |
Portfolio turnover rate(g)
| 31% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 33.20%. The market price total return from Fund Inception to August 31, 2024 was 33.09%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco PHLX Semiconductor ETF (SOXQ)
| | Years Ended August 31, | | For the Period
June 9, 2021(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $28.94 | | $21.11 | | $26.99 | | $24.88 |
Net investment income(b)
| 0.27 | | 0.28 | | 0.31 | | 0.06 |
Net realized and unrealized gain (loss) on investments
| 11.71 | | 7.83 | | (5.83) | | 2.05 |
Total from investment operations
| 11.98 | | 8.11 | | (5.52) | | 2.11 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.27) | | (0.28) | | (0.36) | | - |
Net asset value at end of period
| $40.65 | | $28.94 | | $21.11 | | $26.99 |
Market price at end of period(c)
| $40.66 | | $28.95 | | $21.15 | | $27.06 |
Net Asset Value Total Return(d)
| 41.58% | | 38.78% | | (20.70)% | | 8.48%(e) |
Market Price Total Return(d)
| 41.57% | | 38.56% | | (20.76)% | | 8.76%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $511,392 | | $149,324 | | $60,386 | | $63,163 |
| Ratio to average net assets of: | | | | | | | |
Expenses, after Waivers
| 0.19% | | 0.19% | | 0.13% | | -%(f) |
Expenses, prior to Waivers
| 0.19% | | 0.19% | | 0.19% | | 0.19%(f) |
Net investment income
| 0.73% | | 1.18% | | 1.22% | | 1.09%(f) |
Portfolio turnover rate(g)
| 22% | | 24% | | 19% | | 4% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco Solar ETF (TAN)
| | Years Ended August 31, |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
| Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of year
| $58.17 | | $84.32 | | $86.14 | | $56.75 | | $30.63 |
Net investment income (loss)(a)
| 0.15 | | (0.09) | | (0.19) | | (0.05) | | 0.17 |
Net realized and unrealized gain (loss) on investments
| (16.89) | | (26.06) | | (1.63) | | 29.53 | | 26.04 |
Total from investment operations
| (16.74) | | (26.15) | | (1.82) | | 29.48 | | 26.21 |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.05) | | - | | - | | (0.09) | | (0.09) |
Net asset value at end of year
| $41.38 | | $58.17 | | $84.32 | | $86.14 | | $56.75 |
Market price at end of year(b)
| $41.35 | | $58.27 | | $84.34 | | $85.59 | | $56.84 |
Net Asset Value Total Return(c)
| (28.80)% | | (31.01)% | | (2.11)% | | 51.93% | | 85.82% |
Market Price Total Return(c)
| (28.97)% | | (30.91)% | | (1.46)% | | 50.72% | | 86.67% |
| Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of year (000’s omitted)
| $1,013,271 | | $1,633,887 | | $2,975,483 | | $3,218,748 | | $1,335,274 |
| Ratio to average net assets of: | | | | | | | | | |
Expenses
| 0.77% | | 0.67% | | 0.69% | | 0.65% | | 0.69% |
Net investment income (loss)
| 0.32% | | (0.13)% | | (0.24)% | | (0.05)% | | 0.49% |
Portfolio turnover rate(d)
| 43% | | 34% | | 38% | | 55% | | 28% |
| (a) | Based on average shares outstanding. |
| (b) | The mean between the last bid and ask prices. |
| (c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco Nasdaq Biotechnology ETF (IBBQ) | | "Nasdaq Biotechnology ETF" |
| Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) | | "Nasdaq Free Cash Flow Achievers ETF" |
| Invesco PHLX Semiconductor ETF (SOXQ) | | "PHLX Semiconductor ETF" |
| Invesco Solar ETF (TAN) | | "Solar ETF" |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC, except for Shares of Solar ETF, which are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
| Fund | | Underlying Index |
| Nasdaq Biotechnology ETF | | Nasdaq Biotechnology Index® |
| Nasdaq Free Cash Flow Achievers ETF | | Nasdaq US Free Cash Flow AchieversTM Index |
| PHLX Semiconductor ETF | | PHLX Semiconductor Sector Index® |
| Solar ETF | | MAC Global Solar Energy Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a
demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and |
| | accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund (except for Solar ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Solar ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund (except for Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Solar ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in
the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees
paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| Nasdaq Biotechnology ETF | $2,362 |
| Nasdaq Free Cash Flow Achievers ETF | 7 |
| PHLX Semiconductor ETF | 4,193 |
| Solar ETF | 64,046 |
| 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 the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Free Cash Flow Investing Risk. Generally speaking, free cash flow is the cash a company generates after accounting for operating expenses and capital expenditures. While free cash flow yield can be a useful metric for evaluating a company, there is no guarantee that companies with high free cash flow yields will continue to maintain high free cash flow yields in the future, or that these companies will outperform companies with lower free cash flow yields. Investing in companies with high free cash flows may lead to underperformance during periods when such investments are unpopular, and/or when fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize a company’s ability to generate free cash flow.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited
product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
NOTE 3—Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement"), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2026 (the "Expense Cap"). Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2026. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.
Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| Nasdaq Biotechnology ETF | 0.19% |
| Nasdaq Free Cash Flow Achievers ETF | 0.39% |
| PHLX Semiconductor ETF | 0.19% |
Further, through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This waiver is not subject to recapture by the Adviser.
For the fiscal year ended August 31, 2024, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
| Nasdaq Biotechnology ETF | $12 |
| Nasdaq Free Cash Flow Achievers ETF* | 2 |
| PHLX Semiconductor ETF | 108 |
| Solar ETF | 1,003 |
| * | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Fund, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of August 31, 2024 are as follows:
| | Total
Potential
Recapture
Amounts | | Potential Recapture Amounts Expiring |
| | 8/31/25 | | 8/31/26 | | 8/31/27 |
| Solar ETF | $818 | | $- | | $- | | $818 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):
| Fund | | Licensor |
| Nasdaq Biotechnology ETF | | Nasdaq, Inc. |
| Nasdaq Free Cash Flow Achievers ETF | | Nasdaq, Inc. |
| PHLX Semiconductor ETF | | Nasdaq, Inc. |
| Solar ETF | | MAC Indexing LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| Nasdaq Biotechnology ETF | $1,822 |
| Nasdaq Free Cash Flow Achievers ETF* | 5 |
| PHLX Semiconductor ETF | 5,930 |
| Solar ETF | 59,804 |
| * | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When significant events due to market movements occur, foreign securities held by certain Funds may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| Nasdaq Biotechnology ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $38,352,685 | | $- | | $474 | | $38,353,159 |
| Money Market Funds | - | | 10,241,416 | | - | | 10,241,416 |
| Total Investments | $38,352,685 | | $10,241,416 | | $474 | | $48,594,575 |
| Nasdaq Free Cash Flow Achievers ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $7,563,332 | | $- | | $- | | $7,563,332 |
| Money Market Funds | 6,725 | | 70,071 | | - | | 76,796 |
| Total Investments | $7,570,057 | | $70,071 | | $- | | $7,640,128 |
| PHLX Semiconductor ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $510,964,013 | | $- | | $- | | $510,964,013 |
| Money Market Funds | 205,395 | | 17,983,050 | | - | | 18,188,445 |
| Total Investments | $511,169,408 | | $17,983,050 | | $- | | $529,152,458 |
| Solar ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $1,010,646,772 | | $- | | $- | | $1,010,646,772 |
| Money Market Funds | 120,097 | | 307,476,687 | | - | | 307,596,784 |
| Total Investments | $1,010,766,869 | | $307,476,687 | | $- | | $1,318,243,556 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| Nasdaq Biotechnology ETF | $213,126 | | $148,259 |
| Nasdaq Free Cash Flow Achievers ETF | 8,203 | | - |
| PHLX Semiconductor ETF | 2,025,155 | | 1,111,712 |
| Solar ETF | 1,500,861 | | - |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Temporary
Book/Tax
Differences | | Net
Unrealized
Appreciation
(Depreciation)-
Investments | | Net
Unrealized
Appreciation-
Foreign
Currencies | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| Nasdaq Biotechnology ETF | $110,864 | | $- | | $(328,490) | | $- | | $(2,299,250) | | $40,903,084 | | $38,386,208 |
| Nasdaq Free Cash Flow Achievers ETF | 34,755 | | - | | 683,516 | | - | | - | | 6,851,779 | | 7,570,050 |
| PHLX Semiconductor ETF | 333,547 | | - | | 52,559,481 | | - | | (13,283,247) | | 471,782,656 | | 511,392,437 |
| Solar ETF | 3,630,471 | | (25,276) | | (849,913,172) | | 20,918 | | (1,085,652,847) | | 2,945,210,409 | | 1,013,270,503 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| Nasdaq Biotechnology ETF | $588,211 | | $1,711,039 | | $2,299,250 |
| PHLX Semiconductor ETF | 9,497,875 | | 3,785,372 | | 13,283,247 |
| Solar ETF | 227,672,482 | | 857,980,365 | | 1,085,652,847 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| Nasdaq Biotechnology ETF | $4,871,461 | | $4,993,149 |
| Nasdaq Free Cash Flow Achievers ETF* | 1,396,051 | | 1,132,440 |
| PHLX Semiconductor ETF | 64,979,174 | | 66,352,387 |
| Solar ETF | 538,467,158 | | 536,779,199 |
| * | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| Nasdaq Biotechnology ETF | $18,967,984 | | $2,757,027 |
| Nasdaq Free Cash Flow Achievers ETF* | 7,629,007 | | 1,338,714 |
| PHLX Semiconductor ETF | 371,565,341 | | 84,532,994 |
| Solar ETF | 487,760,846 | | 591,080,370 |
| * | For the period December 4, 2023 (commencement of investment operations) through August 31, 2024. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation
(Depreciation) | | Cost |
| Nasdaq Biotechnology ETF | $5,989,035 | | $(6,317,525) | | $(328,490) | | $48,923,065 |
| Nasdaq Free Cash Flow Achievers ETF | 748,367 | | (64,851) | | 683,516 | | 6,956,612 |
| PHLX Semiconductor ETF | 70,115,930 | | (17,556,449) | | 52,559,481 | | 476,592,977 |
| Solar ETF | 59,618,299 | | (909,531,471) | | (849,913,172) | | 2,168,156,728 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income (Loss) | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| Nasdaq Biotechnology ETF | $40,099 | | $(999,492) | | $959,393 |
| Nasdaq Free Cash Flow Achievers ETF | 45 | | (303,814) | | 303,769 |
| PHLX Semiconductor ETF | - | | (42,422,460) | | 42,422,460 |
| Solar ETF | (178,743) | | 164,752,669 | | (164,573,926) |
NOTE 8—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF, Nasdaq Free Cash Flow Achievers ETF and PHLX Semiconductor ETF. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Nasdaq Biotechnology ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
| Fund Name |
| Invesco Nasdaq Biotechnology ETF (1) |
| Invesco Nasdaq Free Cash Flow Achievers ETF (2) |
| Invesco PHLX Semiconductor ETF (1) |
| Invesco Solar ETF (1) |
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations and statement of changes in net assets for the period December 4, 2023 (commencement of investment operations) through August 31, 2024
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25, 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco Nasdaq Biotechnology ETF | 0% | | 77% | | 63% | | 0% | | 0% |
| Invesco Nasdaq Free Cash Flow Achievers ETF | 0% | | 48% | | 48% | | 0% | | 0% |
| Invesco PHLX Semiconductor ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco Solar ETF | 0% | | 100% | | 32% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Approval of Investment Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2026, as set forth below:
| • | 0.55% for Invesco MSCI Global Timber ETF; |
| • | 0.63% for Invesco S&P Global Water Index ETF; and |
| • | 0.65% for Invesco Solar ETF. |
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as illustrated in the table
Approval of Investment Advisory Contracts—(continued)
below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer
Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco MSCI Global Timber ETF | | | | | | X |
| Invesco S&P Global Water Index ETF | | X | | X | | X |
| Invesco Solar ETF | | | | X | | X |
The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their open-end index and open-end actively managed peer funds, as illustrated in the table below. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.
| Invesco Fund | | Equal
to/Lower
than ETF
Peer
Median | | Equal to/Lower
than Open-End
Index Fund
Peer Median | | Lower than
Open-End
Active Fund
Peer Median |
| Invesco MSCI Global Timber ETF | | | | | | |
| Invesco S&P Global Water Index ETF | | | | X | | X |
| Invesco Solar ETF | | | | X | | X |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco MSCI Global Timber ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust
Approval of Investment Advisory Contracts—(continued)
provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-TII-NCSR | invesco.com/ETFs |
Annual Financial Statements and Other Information
August 31, 2024
| QQMG | Invesco ESG NASDAQ 100 ETF |
| QQJG | Invesco ESG NASDAQ Next Gen 100 ETF |
| QQQM | Invesco NASDAQ 100 ETF |
| QQQS | Invesco NASDAQ Future Gen 200 ETF |
| QQQJ | Invesco NASDAQ Next Gen 100 ETF |
Table of Contents
| Schedules of Investments | |
| 3 |
| 5 |
| 7 |
| 10 |
| 13 |
| 16 |
| 17 |
| 18 |
| 20 |
| 25 |
| 35 |
| 36 |
| 37 |
| 44 |
Invesco ESG NASDAQ 100 ETF (QQMG)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.85% |
| Communication Services-11.42% |
Alphabet, Inc., Class A
| | 6,305 | | $ 1,030,111 |
Alphabet, Inc., Class C
| | 6,033 | | 996,109 |
Charter Communications, Inc., Class A(b)(c)
| | 404 | | 140,406 |
Comcast Corp., Class A
| | 12,493 | | 494,348 |
Electronic Arts, Inc.
| | 1,243 | | 188,712 |
Meta Platforms, Inc., Class A
| | 1,446 | | 753,814 |
Netflix, Inc.(b)
| | 1,810 | | 1,269,443 |
Take-Two Interactive Software, Inc.(b)
| | 735 | | 118,857 |
T-Mobile US, Inc.
| | 3,137 | | 623,385 |
Trade Desk, Inc. (The), Class A(b)
| | 1,376 | | 143,833 |
Warner Bros. Discovery, Inc.(b)
| | 8,619 | | 67,573 |
| | | | | 5,826,591 |
| Consumer Discretionary-9.26% |
Airbnb, Inc., Class A(b)
| | 1,216 | | 142,649 |
Amazon.com, Inc.(b)
| | 7,004 | | 1,250,214 |
Booking Holdings, Inc.
| | 124 | | 484,745 |
DoorDash, Inc., Class A(b)
| | 1,208 | | 155,482 |
lululemon athletica, inc.(b)
| | 525 | | 136,222 |
Marriott International, Inc., Class A
| | 931 | | 218,496 |
MercadoLibre, Inc. (Brazil)(b)
| | 155 | | 319,557 |
O’Reilly Automotive, Inc.(b)
| | 286 | | 323,171 |
PDD Holdings, Inc., ADR (China)(b)
| | 1,298 | | 124,751 |
Ross Stores, Inc.
| | 1,320 | | 198,805 |
Starbucks Corp.
| | 3,287 | | 310,852 |
Tesla, Inc.(b)
| | 4,928 | | 1,055,134 |
| | | | | 4,720,078 |
| Consumer Staples-4.81% |
Coca-Cola Europacific Partners PLC (United Kingdom)
| | 1,931 | | 155,426 |
Costco Wholesale Corp.
| | 1,048 | | 935,214 |
Dollar Tree, Inc.(b)
| | 757 | | 63,959 |
Keurig Dr Pepper, Inc.
| | 3,680 | | 134,725 |
Kraft Heinz Co. (The)
| | 1,274 | | 45,138 |
Mondelez International, Inc., Class A
| | 4,079 | | 292,913 |
Monster Beverage Corp.(b)
| | 1,279 | | 60,279 |
PepsiCo, Inc.
| | 4,428 | | 765,513 |
| | | | | 2,453,167 |
| Financials-0.58% |
PayPal Holdings, Inc.(b)
| | 4,087 | | 296,021 |
| Health Care-6.06% |
Amgen, Inc.
| | 1,526 | | 509,425 |
AstraZeneca PLC, ADR (United Kingdom)
| | 1,835 | | 160,783 |
Biogen, Inc.(b)
| | 490 | | 100,332 |
DexCom, Inc.(b)
| | 1,213 | | 84,109 |
GE HealthCare Technologies, Inc.
| | 714 | | 60,561 |
Gilead Sciences, Inc.
| | 3,837 | | 303,123 |
IDEXX Laboratories, Inc.(b)
| | 321 | | 154,507 |
Illumina, Inc.(b)
| | 538 | | 70,693 |
Intuitive Surgical, Inc.(b)
| | 1,214 | | 598,053 |
Moderna, Inc.(b)(c)
| | 1,240 | | 95,976 |
Regeneron Pharmaceuticals, Inc.(b)
| | 432 | | 511,786 |
Vertex Pharmaceuticals, Inc.(b)
| | 891 | | 441,838 |
| | | | | 3,091,186 |
| | Shares | | Value |
| Industrials-3.98% |
Automatic Data Processing, Inc.
| | 1,881 | | $ 518,987 |
Cintas Corp.
| | 407 | | 327,684 |
Copart, Inc.(b)
| | 4,051 | | 214,541 |
CSX Corp.
| | 6,176 | | 211,651 |
Fastenal Co.
| | 1,521 | | 103,854 |
Old Dominion Freight Line, Inc.
| | 895 | | 172,556 |
PACCAR, Inc.
| | 1,377 | | 132,440 |
Paychex, Inc.
| | 1,468 | | 192,601 |
Verisk Analytics, Inc.
| | 567 | | 154,689 |
| | | | | 2,029,003 |
| Information Technology-61.02% |
Adobe, Inc.(b)
| | 1,973 | | 1,133,311 |
Advanced Micro Devices, Inc.(b)
| | 7,089 | | 1,053,142 |
ANSYS, Inc.(b)
| | 370 | | 118,925 |
Apple, Inc.
| | 24,254 | | 5,554,166 |
Applied Materials, Inc.
| | 3,956 | | 780,361 |
ASML Holding N.V., New York Shares (Netherlands)
| | 476 | | 430,242 |
Atlassian Corp., Class A(b)
| | 651 | | 107,806 |
Autodesk, Inc.(b)
| | 894 | | 231,010 |
Broadcom, Inc.
| | 16,954 | | 2,760,450 |
Cadence Design Systems, Inc.(b)
| | 1,336 | | 359,291 |
CDW Corp.
| | 748 | | 168,779 |
Cisco Systems, Inc.
| | 19,089 | | 964,758 |
Cognizant Technology Solutions Corp., Class A
| | 2,051 | | 159,506 |
CrowdStrike Holdings, Inc., Class A(b)
| | 881 | | 244,284 |
Datadog, Inc., Class A(b)
| | 1,261 | | 146,604 |
Fortinet, Inc.(b)
| | 2,926 | | 224,454 |
GLOBALFOUNDRIES, Inc.(b)(c)
| | 2,346 | | 109,511 |
Intel Corp.
| | 16,829 | | 370,911 |
Intuit, Inc.
| | 1,075 | | 677,530 |
KLA Corp.
| | 556 | | 455,603 |
Lam Research Corp.
| | 617 | | 506,563 |
Marvell Technology, Inc.
| | 3,511 | | 267,679 |
Microchip Technology, Inc.
| | 964 | | 79,202 |
Micron Technology, Inc.
| | 3,935 | | 378,704 |
Microsoft Corp.
| | 12,434 | | 5,186,719 |
MongoDB, Inc.(b)
| | 280 | | 81,421 |
NVIDIA Corp.
| | 44,371 | | 5,296,566 |
NXP Semiconductors N.V. (China)
| | 903 | | 231,493 |
ON Semiconductor Corp.(b)
| | 1,333 | | 103,801 |
Palo Alto Networks, Inc.(b)
| | 1,482 | | 537,551 |
QUALCOMM, Inc.
| | 4,830 | | 846,699 |
Roper Technologies, Inc.
| | 371 | | 205,686 |
Synopsys, Inc.(b)
| | 685 | | 355,912 |
Texas Instruments, Inc.
| | 3,062 | | 656,309 |
Workday, Inc., Class A(b)
| | 844 | | 222,132 |
Zscaler, Inc.(b)(c)
| | 577 | | 115,388 |
| | | | | 31,122,469 |
| Materials-2.27% |
Linde PLC
| | 2,419 | | 1,156,887 |
| Real Estate-0.20% |
CoStar Group, Inc.(b)
| | 1,323 | | 102,268 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG NASDAQ 100 ETF (QQMG)—(continued)
August 31, 2024
| | Shares | | Value |
| Utilities-0.25% |
Exelon Corp.
| | 3,375 | | $ 128,554 |
Total Common Stocks & Other Equity Interests
(Cost $41,947,869)
| | 50,926,224 |
| Money Market Funds-0.12% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $59,151)
| | 59,151 | | 59,151 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.97%
(Cost $42,007,020)
| | 50,985,375 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-0.61% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 86,430 | | $ 86,430 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 224,712 | | 224,802 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $311,215)
| | 311,232 |
TOTAL INVESTMENTS IN SECURITIES-100.58%
(Cost $42,318,235)
| | 51,296,607 |
OTHER ASSETS LESS LIABILITIES-(0.58)%
| | (294,470) |
NET ASSETS-100.00%
| | $51,002,137 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $- | | $332,592 | | $(273,441) | | $- | | $- | | $59,151 | | $793 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 857,889 | | 3,613,085 | | (4,384,544) | | - | | - | | 86,430 | | 10,539* |
| Invesco Private Prime Fund | 2,404,298 | | 8,258,166 | | (10,437,911) | | 27 | | 222 | | 224,802 | | 28,498* |
| Total | $3,262,187 | | $12,203,843 | | $(15,095,896) | | $27 | | $222 | | $370,383 | | $39,830 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.90% |
| Communication Services-7.59% |
Fox Corp., Class A
| | 1,310 | | $ 54,195 |
Fox Corp., Class B
| | 1,336 | | 51,342 |
Liberty Broadband Corp., Class C(b)
| | 513 | | 32,001 |
Liberty Media Corp.-Liberty Formula One(b)(c)
| | 872 | | 68,060 |
Match Group, Inc.(b)
| | 1,181 | | 43,945 |
NetEase, Inc., ADR (China)
| | 560 | | 45,046 |
News Corp., Class A
| | 2,249 | | 63,714 |
News Corp., Class B
| | 1,126 | | 33,138 |
Roku, Inc., Class A(b)
| | 602 | | 40,798 |
| | | | | 432,239 |
| Consumer Discretionary-13.67% |
eBay, Inc.
| | 2,370 | | 140,067 |
Etsy, Inc.(b)
| | 556 | | 30,630 |
Expedia Group, Inc.(b)
| | 450 | | 62,590 |
Five Below, Inc.(b)
| | 201 | | 15,161 |
JD.com, Inc., ADR (China)
| | 1,436 | | 38,772 |
LKQ Corp.
| | 1,597 | | 66,419 |
Lucid Group, Inc.(b)(c)
| | 7,387 | | 29,696 |
Pool Corp.
| | 232 | | 81,576 |
Rivian Automotive, Inc., Class A(b)(c)
| | 1,774 | | 25,067 |
Tractor Supply Co.
| | 574 | | 153,574 |
Trip.com Group Ltd., ADR (China)(b)
| | 1,075 | | 50,675 |
Ulta Beauty, Inc.(b)
| | 238 | | 83,976 |
| | | | | 778,203 |
| Financials-0.99% |
Jack Henry & Associates, Inc.
| | 324 | | 56,062 |
| Health Care-20.92% |
Align Technology, Inc.(b)
| | 331 | | 78,520 |
Alnylam Pharmaceuticals, Inc.(b)(c)
| | 305 | | 80,120 |
argenx SE, ADR (Netherlands)(b)
| | 93 | | 48,111 |
BeiGene Ltd., ADR (China)(b)(c)
| | 147 | | 28,192 |
BioMarin Pharmaceutical, Inc.(b)(c)
| | 627 | | 57,189 |
BioNTech SE, ADR (Germany)(b)
| | 326 | | 28,760 |
Bio-Techne Corp.
| | 741 | | 54,826 |
Bruker Corp.
| | 613 | | 41,187 |
Cooper Cos., Inc. (The)(b)
| | 938 | | 99,175 |
Henry Schein, Inc.(b)
| | 682 | | 48,115 |
Hologic, Inc.(b)
| | 762 | | 61,905 |
ICON PLC(b)
| | 395 | | 127,214 |
Incyte Corp.(b)
| | 610 | | 40,052 |
Insulet Corp.(b)
| | 245 | | 49,678 |
Jazz Pharmaceuticals PLC(b)
| | 193 | | 22,384 |
Medpace Holdings, Inc.(b)(c)
| | 147 | | 52,225 |
Neurocrine Biosciences, Inc.(b)
| | 361 | | 45,869 |
Repligen Corp.(b)(c)
| | 275 | | 41,506 |
Royalty Pharma PLC, Class A
| | 1,123 | | 32,601 |
Sanofi S.A., ADR
| | 1,027 | | 57,779 |
United Therapeutics Corp.(b)
| | 160 | | 58,168 |
Viatris, Inc.
| | 3,089 | | 37,315 |
| | | | | 1,190,891 |
| Industrials-9.67% |
C.H. Robinson Worldwide, Inc.
| | 528 | | 54,653 |
Grab Holdings Ltd., Class A (Singapore)(b)
| | 11,845 | | 38,141 |
J.B. Hunt Transport Services, Inc.
| | 550 | | 95,260 |
Lincoln Electric Holdings, Inc.
| | 214 | | 41,432 |
| | Shares | | Value |
| Industrials-(continued) |
Nordson Corp.
| | 180 | | $ 46,181 |
Paylocity Holding Corp.(b)
| | 190 | | 30,666 |
Ryanair Holdings PLC, ADR (Italy)(c)
| | 317 | | 35,333 |
Saia, Inc.(b)(c)
| | 124 | | 46,603 |
SS&C Technologies Holdings, Inc.
| | 918 | | 68,933 |
Tetra Tech, Inc.
| | 288 | | 68,469 |
United Airlines Holdings, Inc.(b)
| | 561 | | 24,706 |
| | | | | 550,377 |
| Information Technology-45.67% |
Akamai Technologies, Inc.(b)
| | 796 | | 81,065 |
Amdocs Ltd.
| | 624 | | 54,269 |
AppLovin Corp., Class A(b)(c)
| | 1,209 | | 112,280 |
Bentley Systems, Inc., Class B(c)
| | 1,440 | | 74,117 |
Check Point Software Technologies Ltd. (Israel)(b)
| | 517 | | 99,522 |
DocuSign, Inc.(b)
| | 952 | | 56,368 |
Enphase Energy, Inc.(b)
| | 550 | | 66,572 |
Entegris, Inc.(c)
| | 636 | | 73,693 |
F5, Inc.(b)
| | 279 | | 56,679 |
First Solar, Inc.(b)
| | 503 | | 114,367 |
Flex Ltd.(b)
| | 2,581 | | 83,857 |
Gen Digital, Inc.
| | 3,213 | | 85,016 |
Lattice Semiconductor Corp.(b)(c)
| | 609 | | 28,842 |
Logitech International S.A., Class R (Switzerland)(c)
| | 959 | | 87,279 |
Manhattan Associates, Inc.(b)
| | 289 | | 76,420 |
Monolithic Power Systems, Inc.
| | 214 | | 200,021 |
NetApp, Inc.
| | 1,059 | | 127,842 |
Nice Ltd., ADR (Israel)(b)(c)
| | 267 | | 46,389 |
Nutanix, Inc., Class A(b)(c)
| | 1,009 | | 63,759 |
Okta, Inc.(b)
| | 841 | | 66,212 |
Open Text Corp. (Canada)
| | 1,312 | | 41,748 |
PTC, Inc.(b)(c)
| | 529 | | 94,739 |
Qorvo, Inc.(b)
| | 352 | | 40,793 |
Seagate Technology Holdings PLC
| | 1,206 | | 120,057 |
Skyworks Solutions, Inc.
| | 507 | | 55,562 |
Teradyne, Inc.
| | 745 | | 101,864 |
Trimble, Inc.(b)
| | 1,478 | | 83,788 |
VeriSign, Inc.(b)
| | 399 | | 73,376 |
Western Digital Corp.(b)
| | 1,969 | | 129,147 |
Zebra Technologies Corp., Class A(b)
| | 316 | | 109,140 |
Zoom Video Communications, Inc., Class A(b)
| | 1,365 | | 94,294 |
| | | | | 2,599,077 |
| Materials-0.57% |
Steel Dynamics, Inc.
| | 270 | | 32,268 |
| Real Estate-0.82% |
Zillow Group, Inc., Class A(b)
| | 205 | | 10,953 |
Zillow Group, Inc., Class C(b)(c)
| | 648 | | 35,835 |
| | | | | 46,788 |
Total Common Stocks & Other Equity Interests
(Cost $5,139,117)
| | 5,685,905 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)—(continued)
August 31, 2024
| | Shares | | Value |
| Money Market Funds-0.06% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $3,323)
| | 3,323 | | $ 3,323 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $5,142,440)
| | 5,689,228 |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-16.59% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 282,581 | | 282,581 |
| | Shares | | Value |
| Money Market Funds-(continued) |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 661,670 | | $ 661,935 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $944,474)
| | 944,516 |
TOTAL INVESTMENTS IN SECURITIES-116.55%
(Cost $6,086,914)
| | 6,633,744 |
OTHER ASSETS LESS LIABILITIES-(16.55)%
| | (942,127) |
NET ASSETS-100.00%
| | $5,691,617 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $305 | | $50,447 | | $(47,429) | | $- | | $- | | $3,323 | | $106 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 160,121 | | 4,322,581 | | (4,200,121) | | - | | - | | 282,581 | | 13,153* |
| Invesco Private Prime Fund | 411,740 | | 8,349,098 | | (8,099,052) | | 53 | | 96 | | 661,935 | | 34,752* |
| Total | $572,166 | | $12,722,126 | | $(12,346,602) | | $53 | | $96 | | $947,839 | | $48,011 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ 100 ETF (QQQM)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Communication Services-15.55% |
Alphabet, Inc., Class A
| | 4,885,183 | | $ 798,141,199 |
Alphabet, Inc., Class C
| | 4,671,527 | | 771,315,823 |
Charter Communications, Inc., Class A(b)(c)
| | 309,385 | | 107,523,663 |
Comcast Corp., Class A
| | 8,408,495 | | 332,724,147 |
Electronic Arts, Inc.(c)
| | 572,065 | | 86,850,908 |
Meta Platforms, Inc., Class A
| | 2,899,396 | | 1,511,484,129 |
Netflix, Inc.(b)
| | 925,747 | | 649,272,658 |
Take-Two Interactive Software, Inc.(b)
| | 368,513 | | 59,592,237 |
T-Mobile US, Inc.
| | 2,517,596 | | 500,296,677 |
Trade Desk, Inc. (The), Class A(b)
| | 956,585 | | 99,991,830 |
Warner Bros. Discovery, Inc.(b)(c)
| | 5,275,062 | | 41,356,486 |
| | | | | 4,958,549,757 |
| Consumer Discretionary-12.42% |
Airbnb, Inc., Class A(b)
| | 948,141 | | 111,226,421 |
Amazon.com, Inc.(b)
| | 8,655,205 | | 1,544,954,093 |
Booking Holdings, Inc.
| | 72,432 | | 283,153,347 |
DoorDash, Inc., Class A(b)
| | 819,556 | | 105,485,053 |
lululemon athletica, inc.(b)
| | 259,539 | | 67,342,584 |
Marriott International, Inc., Class A
| | 613,835 | | 144,060,936 |
MercadoLibre, Inc. (Brazil)(b)
| | 109,194 | | 225,120,902 |
O’Reilly Automotive, Inc.(b)
| | 126,725 | | 143,195,448 |
PDD Holdings, Inc., ADR (China)(b)
| | 1,434,641 | | 137,883,347 |
Ross Stores, Inc.
| | 720,040 | | 108,445,224 |
Starbucks Corp.
| | 2,433,646 | | 230,149,902 |
Tesla, Inc.(b)
| | 4,015,128 | | 859,679,056 |
| | | | | 3,960,696,313 |
| Consumer Staples-6.24% |
Coca-Cola Europacific Partners PLC (United Kingdom)
| | 986,787 | | 79,426,486 |
Costco Wholesale Corp.
| | 953,136 | | 850,559,504 |
Dollar Tree, Inc.(b)(c)
| | 468,951 | | 39,621,670 |
Keurig Dr Pepper, Inc.
| | 2,912,016 | | 106,608,906 |
Kraft Heinz Co. (The)
| | 2,608,206 | | 92,408,739 |
Mondelez International, Inc., Class A
| | 2,881,363 | | 206,910,677 |
Monster Beverage Corp.(b)
| | 2,238,234 | | 105,487,968 |
PepsiCo, Inc.
| | 2,953,721 | | 510,639,286 |
| | | | | 1,991,663,236 |
| Energy-0.47% |
Baker Hughes Co., Class A
| | 2,144,081 | | 75,407,329 |
Diamondback Energy, Inc.
| | 383,537 | | 74,831,904 |
| | | | | 150,239,233 |
| Financials-0.51% |
PayPal Holdings, Inc.(b)
| | 2,246,974 | | 162,748,327 |
| Health Care-6.37% |
Amgen, Inc.
| | 1,152,513 | | 384,743,415 |
AstraZeneca PLC, ADR (United Kingdom)(c)
| | 1,250,992 | | 109,611,919 |
Biogen, Inc.(b)
| | 313,032 | | 64,096,432 |
DexCom, Inc.(b)
| | 854,753 | | 59,268,573 |
GE HealthCare Technologies, Inc.
| | 980,311 | | 83,149,979 |
Gilead Sciences, Inc.(c)
| | 2,676,774 | | 211,465,146 |
IDEXX Laboratories, Inc.(b)
| | 177,501 | | 85,436,556 |
Illumina, Inc.(b)
| | 342,839 | | 45,049,045 |
| | Shares | | Value |
| Health Care-(continued) |
Intuitive Surgical, Inc.(b)
| | 762,124 | | $ 375,445,146 |
Moderna, Inc.(b)(c)
| | 823,638 | | 63,749,581 |
Regeneron Pharmaceuticals, Inc.(b)
| | 232,502 | | 275,442,795 |
Vertex Pharmaceuticals, Inc.(b)
| | 554,274 | | 274,858,934 |
| | | | | 2,032,317,521 |
| Industrials-4.48% |
Automatic Data Processing, Inc.
| | 879,188 | | 242,576,761 |
Cintas Corp.
| | 217,588 | | 175,184,451 |
Copart, Inc.(b)
| | 2,067,122 | | 109,474,781 |
CSX Corp.
| | 4,199,398 | | 143,913,369 |
Fastenal Co.
| | 1,230,307 | | 84,005,362 |
Honeywell International, Inc.
| | 1,398,875 | | 290,840,101 |
Old Dominion Freight Line, Inc.
| | 467,056 | | 90,048,397 |
PACCAR, Inc.
| | 1,125,759 | | 108,275,501 |
Paychex, Inc.(c)
| | 773,705 | | 101,510,096 |
Verisk Analytics, Inc.(c)
| | 306,642 | | 83,658,070 |
| | | | | 1,429,486,889 |
| Information Technology-50.85% |
Adobe, Inc.(b)
| | 962,236 | | 552,717,981 |
Advanced Micro Devices, Inc.(b)
| | 3,472,666 | | 515,899,261 |
Analog Devices, Inc.
| | 1,066,409 | | 250,435,490 |
ANSYS, Inc.(b)
| | 187,979 | | 60,420,210 |
Apple, Inc.
| | 12,753,471 | | 2,920,544,859 |
Applied Materials, Inc.
| | 1,778,326 | | 350,792,587 |
ARM Holdings PLC, ADR(b)(c)
| | 254,283 | | 33,789,125 |
ASML Holding N.V., New York Shares (Netherlands)(c)
| | 195,483 | | 176,691,219 |
Atlassian Corp., Class A(b)
| | 342,811 | | 56,769,502 |
Autodesk, Inc.(b)
| | 462,456 | | 119,498,630 |
Broadcom, Inc.
| | 9,955,176 | | 1,620,901,756 |
Cadence Design Systems, Inc.(b)
| | 584,654 | | 157,231,000 |
CDW Corp.
| | 289,414 | | 65,303,375 |
Cisco Systems, Inc.
| | 8,654,619 | | 437,404,444 |
Cognizant Technology Solutions Corp., Class A
| | 1,068,397 | | 83,089,235 |
CrowdStrike Holdings, Inc., Class A(b)
| | 495,088 | | 137,278,001 |
Datadog, Inc., Class A(b)
| | 662,871 | | 77,065,382 |
Fortinet, Inc.(b)
| | 1,641,192 | | 125,895,838 |
GLOBALFOUNDRIES, Inc.(b)(c)
| | 1,185,016 | | 55,316,547 |
Intel Corp.
| | 9,144,678 | | 201,548,703 |
Intuit, Inc.
| | 600,598 | | 378,532,895 |
KLA Corp.
| | 289,438 | | 237,174,180 |
Lam Research Corp.
| | 280,607 | | 230,381,153 |
Marvell Technology, Inc.
| | 1,859,182 | | 141,744,036 |
Microchip Technology, Inc.(c)
| | 1,153,426 | | 94,765,480 |
Micron Technology, Inc.
| | 2,378,613 | | 228,917,715 |
Microsoft Corp.
| | 6,181,506 | | 2,578,553,413 |
MongoDB, Inc.(b)(c)
| | 157,865 | | 45,905,563 |
NVIDIA Corp.
| | 20,458,942 | | 2,442,183,907 |
NXP Semiconductors N.V. (China)
| | 549,478 | | 140,864,180 |
ON Semiconductor Corp.(b)
| | 924,392 | | 71,982,405 |
Palo Alto Networks, Inc.(b)
| | 695,808 | | 252,383,478 |
QUALCOMM, Inc.
| | 2,397,025 | | 420,198,483 |
Roper Technologies, Inc.
| | 229,824 | | 127,416,724 |
Super Micro Computer, Inc.(b)(c)
| | 126,041 | | 55,168,146 |
Synopsys, Inc.(b)
| | 328,918 | | 170,899,214 |
Texas Instruments, Inc.
| | 1,955,665 | | 419,177,236 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ 100 ETF (QQQM)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
Workday, Inc., Class A(b)
| | 455,419 | | $ 119,861,727 |
Zscaler, Inc.(b)(c)
| | 322,120 | | 64,417,558 |
| | | | | 16,219,120,638 |
| Materials-1.55% |
Linde PLC(c)
| | 1,033,155 | | 494,106,379 |
| Real Estate-0.21% |
CoStar Group, Inc.(b)
| | 877,557 | | 67,835,156 |
| Utilities-1.26% |
American Electric Power Co., Inc.
| | 1,132,723 | | 113,589,462 |
Constellation Energy Corp.
| | 677,532 | | 133,270,544 |
Exelon Corp.
| | 2,148,185 | | 81,824,367 |
Xcel Energy, Inc.
| | 1,193,265 | | 73,063,616 |
| | | | | 401,747,989 |
Total Common Stocks & Other Equity Interests
(Cost $26,426,198,347)
| | 31,868,511,438 |
| Money Market Funds-0.04% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $12,149,472)
| | 12,149,472 | | 12,149,472 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.95%
(Cost $26,438,347,819)
| | 31,880,660,910 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-0.86% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 73,775,478 | | $ 73,775,478 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 199,130,826 | | 199,210,478 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $272,972,599)
| | 272,985,956 |
TOTAL INVESTMENTS IN SECURITIES-100.81%
(Cost $26,711,320,418)
| | 32,153,646,866 |
OTHER ASSETS LESS LIABILITIES-(0.81)%
| | (258,255,190) |
NET ASSETS-100.00%
| | $31,895,391,676 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $5,153,075 | | $248,987,591 | | $(241,991,194) | | $- | | $- | | $12,149,472 | | $398,212 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ 100 ETF (QQQM)—(continued)
August 31, 2024
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | $91,268,225 | | $1,699,891,548 | | $(1,717,384,295) | | $- | | $- | | $73,775,478 | | $5,730,568* |
| Invesco Private Prime Fund | 254,782,461 | | 3,678,346,745 | | (3,734,023,909) | | 13,357 | | 91,824 | | 199,210,478 | | 15,468,571* |
| Total | $351,203,761 | | $5,627,225,884 | | $(5,693,399,398) | | $13,357 | | $91,824 | | $285,135,428 | | $21,597,351 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Future Gen 200 ETF (QQQS)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.96% |
| Communication Services-2.29% |
Bandwidth, Inc., Class A(b)(c)
| | 2,093 | | $ 35,916 |
EchoStar Corp., Class A(b)
| | 2,195 | | 40,695 |
Gogo, Inc.(b)
| | 3,981 | | 31,728 |
iHeartMedia, Inc., Class A(b)(c)
| | 45,525 | | 71,019 |
iQIYI, Inc., ADR (China)(b)
| | 9,231 | | 19,847 |
| | | | | 199,205 |
| Consumer Discretionary-7.48% |
BRP, Inc.(c)
| | 674 | | 48,784 |
Garrett Motion, Inc. (Switzerland)(b)
| | 4,641 | | 38,752 |
Gentex Corp.
| | 1,204 | | 37,721 |
Gentherm, Inc.(b)
| | 781 | | 39,472 |
Goodyear Tire & Rubber Co. (The)(b)
| | 3,423 | | 30,191 |
GoPro, Inc., Class A(b)
| | 27,722 | | 35,484 |
Helen of Troy Ltd.(b)
| | 401 | | 21,405 |
iRobot Corp.(b)
| | 4,385 | | 32,098 |
Johnson Outdoors, Inc., Class A
| | 1,157 | | 41,594 |
Lovesac Co. (The)(b)
| | 1,499 | | 34,837 |
MasterCraft Boat Holdings, Inc.(b)
| | 1,997 | | 37,005 |
Newell Brands, Inc.
| | 5,459 | | 38,704 |
Purple Innovation, Inc.(b)
| | 33,710 | | 40,452 |
Qurate Retail, Inc., Class A(b)
| | 59,216 | | 35,536 |
Sleep Number Corp.(b)
| | 2,815 | | 42,816 |
Sonos, Inc.(b)
| | 2,667 | | 32,618 |
Stitch Fix, Inc., Class A(b)
| | 17,060 | | 64,487 |
| | | | | 651,956 |
| Energy-1.02% |
DMC Global, Inc.(b)
| | 3,244 | | 40,128 |
Gevo, Inc.(b)
| | 61,632 | | 48,690 |
| | | | | 88,818 |
| Health Care-53.67% |
10X Genomics, Inc., Class A(b)
| | 1,879 | | 43,875 |
AC Immune S.A. (Switzerland)(b)
| | 9,193 | | 29,693 |
Accuray, Inc.(b)
| | 23,806 | | 51,897 |
Adaptimmune Therapeutics PLC, ADR(b)
| | 37,290 | | 47,358 |
Adaptive Biotechnologies Corp.(b)
| | 12,214 | | 57,406 |
Agios Pharmaceuticals, Inc.(b)
| | 1,159 | | 53,210 |
Akebia Therapeutics, Inc.(b)
| | 37,623 | | 58,316 |
Aldeyra Therapeutics, Inc.(b)(c)
| | 10,916 | | 62,821 |
Alector, Inc.(b)
| | 8,565 | | 45,223 |
Alkermes PLC(b)
| | 1,801 | | 51,238 |
Alphatec Holdings, Inc.(b)
| | 4,339 | | 29,939 |
Altimmune, Inc.(b)(c)
| | 5,611 | | 37,594 |
Amarin Corp. PLC, ADR (Ireland)(b)
| | 48,714 | | 30,471 |
Amicus Therapeutics, Inc.(b)
| | 4,300 | | 49,923 |
AngioDynamics, Inc.(b)(c)
| | 6,678 | | 49,818 |
Anika Therapeutics, Inc.(b)
| | 1,643 | | 42,225 |
Aquestive Therapeutics, Inc.(b)(c)
| | 14,632 | | 66,283 |
Arbutus Biopharma Corp.(b)
| | 12,541 | | 48,534 |
Arrowhead Pharmaceuticals, Inc.(b)(c)
| | 1,837 | | 43,776 |
AtriCure, Inc.(b)
| | 1,870 | | 49,013 |
Autolus Therapeutics PLC, ADR (United Kingdom)(b)
| | 10,057 | | 39,524 |
Axogen, Inc.(b)
| | 6,170 | | 81,135 |
Azenta, Inc.(b)
| | 834 | | 41,300 |
| | Shares | | Value |
| Health Care-(continued) |
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)(c)
| | 1,898 | | $ 40,807 |
BioCryst Pharmaceuticals, Inc.(b)
| | 6,523 | | 56,685 |
Bioventus, Inc., Class A(b)
| | 6,299 | | 63,305 |
bluebird bio, Inc.(b)(c)
| | 46,644 | | 26,191 |
Cartesian Therapeutics, Inc., Rts., expiring 12/02/2024(b)(d)
| | 27,325 | | 4,918 |
Cerus Corp.(b)(c)
| | 23,541 | | 53,203 |
ChromaDex Corp.(b)
| | 15,268 | | 52,675 |
ClearPoint Neuro, Inc.(b)
| | 7,761 | | 100,738 |
Codexis, Inc.(b)
| | 12,466 | | 36,027 |
Coherus BioSciences, Inc.(b)(c)
| | 23,153 | | 32,183 |
Compugen Ltd. (Israel)(b)
| | 19,418 | | 40,778 |
Corcept Therapeutics, Inc.(b)
| | 1,397 | | 49,314 |
CytomX Therapeutics, Inc.(b)
| | 24,787 | | 29,249 |
Delcath Systems, Inc.(b)
| | 5,977 | | 65,747 |
DENTSPLY SIRONA, Inc.
| | 1,504 | | 38,036 |
Editas Medicine, Inc.(b)
| | 8,103 | | 30,305 |
Enanta Pharmaceuticals, Inc.(b)
| | 3,380 | | 43,534 |
Fate Therapeutics, Inc.(b)
| | 11,451 | | 42,025 |
FibroGen, Inc.(b)
| | 35,115 | | 12,838 |
G1 Therapeutics, Inc.(b)(c)
| | 12,769 | | 90,787 |
Heron Therapeutics, Inc.(b)
| | 11,389 | | 21,981 |
ICU Medical, Inc.(b)
| | 396 | | 65,471 |
IGM Biosciences, Inc.(b)(c)
| | 5,058 | | 51,541 |
Innoviva, Inc.(b)
| | 2,668 | | 51,706 |
Inogen, Inc.(b)
| | 5,077 | | 62,295 |
Integra LifeSciences Holdings Corp.(b)
| | 1,364 | | 27,744 |
Ionis Pharmaceuticals, Inc.(b)
| | 1,122 | | 53,497 |
Ironwood Pharmaceuticals, Inc.(b)
| | 6,688 | | 33,841 |
KalVista Pharmaceuticals, Inc.(b)(c)
| | 3,611 | | 48,351 |
Karyopharm Therapeutics, Inc.(b)
| | 43,481 | | 33,054 |
Kodiak Sciences, Inc.(b)
| | 13,251 | | 33,260 |
Lexicon Pharmaceuticals, Inc.(b)
| | 24,787 | | 42,881 |
Ligand Pharmaceuticals, Inc.(b)(c)
| | 495 | | 52,371 |
LivaNova PLC(b)
| | 690 | | 34,769 |
MacroGenics, Inc.(b)(c)
| | 10,302 | | 36,160 |
MannKind Corp.(b)(c)
| | 9,023 | | 56,484 |
Masimo Corp.(b)
| | 339 | | 39,839 |
MaxCyte, Inc.(b)
| | 9,405 | | 40,630 |
MediWound Ltd. (Israel)(b)(c)
| | 2,584 | | 47,520 |
Merit Medical Systems, Inc.(b)
| | 519 | | 50,177 |
Mersana Therapeutics, Inc.(b)
| | 18,085 | | 28,574 |
MiMedx Group, Inc.(b)
| | 5,893 | | 40,308 |
Nektar Therapeutics(b)
| | 33,180 | | 42,470 |
Novocure Ltd.(b)
| | 1,938 | | 37,675 |
Omeros Corp.(b)(c)
| | 12,541 | | 52,798 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
| | 83 | | 0 |
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(d)
| | 83 | | 0 |
Omnicell, Inc.(b)
| | 1,293 | | 57,513 |
OPKO Health, Inc.(b)(c)
| | 30,758 | | 51,673 |
Optinose, Inc.(b)(c)
| | 39,017 | | 40,578 |
OraSure Technologies, Inc.(b)
| | 8,909 | | 39,912 |
Orthofix Medical, Inc.(b)
| | 3,069 | | 53,523 |
Pacific Biosciences of California, Inc.(b)(c)
| | 23,541 | | 32,251 |
Pacira BioSciences, Inc.(b)
| | 1,380 | | 21,473 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
August 31, 2024
| | Shares | | Value |
| Health Care-(continued) |
PDS Biotechnology Corp.(b)(c)
| | 14,140 | | $ 45,248 |
Phibro Animal Health Corp., Class A
| | 2,390 | | 50,190 |
Prothena Corp. PLC (Ireland)(b)(c)
| | 2,025 | | 45,097 |
PTC Therapeutics, Inc.(b)
| | 1,170 | | 41,324 |
Pulse Biosciences, Inc.(b)(c)
| | 3,648 | | 67,999 |
Revance Therapeutics, Inc.(b)
| | 14,912 | | 97,972 |
Rigel Pharmaceuticals, Inc.(b)
| | 4,309 | | 57,913 |
Sage Therapeutics, Inc.(b)
| | 3,793 | | 31,975 |
Sangamo Therapeutics, Inc.(b)
| | 74,660 | | 63,312 |
Scilex Holding Co., Class C (Singapore)(b)
| | 2,541 | | 2,922 |
scPharmaceuticals, Inc.(b)
| | 10,777 | | 54,855 |
Seres Therapeutics, Inc.(b)(c)
| | 42,138 | | 33,736 |
SI-BONE, Inc.(b)(c)
| | 2,999 | | 49,843 |
SIGA Technologies, Inc.
| | 5,634 | | 50,875 |
Silk Road Medical, Inc.(b)
| | 1,938 | | 52,539 |
Standard BioTools, Inc.(b)
| | 16,991 | | 36,191 |
Supernus Pharmaceuticals, Inc.(b)(c)
| | 1,554 | | 54,639 |
SurModics, Inc.(b)
| | 1,002 | | 39,709 |
Sutro Biopharma, Inc.(b)(c)
| | 9,974 | | 45,581 |
Tactile Systems Technology, Inc.(b)
| | 3,311 | | 45,327 |
Theravance Biopharma, Inc.(b)
| | 4,888 | | 40,326 |
uniQure N.V. (Netherlands)(b)
| | 8,513 | | 49,801 |
Vanda Pharmaceuticals, Inc.(b)
| | 8,246 | | 43,621 |
Varex Imaging Corp.(b)
| | 2,727 | | 34,033 |
Vaxart, Inc.(b)
| | 51,703 | | 44,821 |
Voyager Therapeutics, Inc.(b)(c)
| | 5,016 | | 32,905 |
X4 Pharmaceuticals, Inc.(b)
| | 41,720 | | 29,204 |
Xencor, Inc.(b)
| | 1,774 | | 31,027 |
| | | | | 4,675,222 |
| Industrials-6.82% |
AeroVironment, Inc.(b)(c)
| | 209 | | 42,586 |
American Superconductor Corp.(b)(c)
| | 2,197 | | 44,423 |
Astronics Corp.(b)
| | 2,049 | | 45,938 |
Ballard Power Systems, Inc. (Canada)(b)(c)
| | 13,815 | | 25,420 |
Conduent, Inc.(b)
| | 12,039 | | 45,989 |
Energy Recovery, Inc.(b)
| | 3,121 | | 50,685 |
Interface, Inc.
| | 2,616 | | 49,390 |
LB Foster Co., Class A(b)
| | 1,536 | | 30,843 |
LSI Industries, Inc.
| | 2,653 | | 42,209 |
Matthews International Corp., Class A
| | 1,487 | | 37,666 |
Microvast Holdings, Inc.(b)(c)
| | 112,698 | | 32,457 |
MillerKnoll, Inc.
| | 1,528 | | 45,000 |
Stratasys Ltd.(b)
| | 4,866 | | 33,429 |
TPI Composites, Inc.(b)(c)
| | 7,690 | | 33,298 |
TTEC Holdings, Inc.
| | 6,710 | | 34,288 |
| | | | | 593,621 |
| Information Technology-27.78% |
8x8, Inc.(b)(c)
| | 15,435 | | 29,018 |
Advanced Energy Industries, Inc.
| | 392 | | 41,587 |
Aehr Test Systems(b)(c)
| | 3,661 | | 55,684 |
Alpha & Omega Semiconductor Ltd.(b)
| | 1,438 | | 60,123 |
Amkor Technology, Inc.
| | 1,293 | | 42,540 |
Applied Optoelectronics, Inc.(b)(c)
| | 4,017 | | 45,593 |
Atomera, Inc.(b)(c)
| | 10,130 | | 27,250 |
AudioEye, Inc.(b)(c)
| | 1,773 | | 42,924 |
Aviat Networks, Inc.(b)
| | 1,363 | | 37,414 |
Axcelis Technologies, Inc.(b)
| | 375 | | 40,999 |
AXT, Inc.(b)
| | 11,060 | | 29,309 |
Bel Fuse, Inc., Class B
| | 618 | | 41,919 |
| | Shares | | Value |
| Information Technology-(continued) |
Canadian Solar, Inc. (Canada)(b)(c)
| | 2,145 | | $ 27,091 |
Cirrus Logic, Inc.(b)
| | 368 | | 53,614 |
Cognex Corp.
| | 926 | | 37,392 |
CommScope Holding Co., Inc.(b)
| | 29,388 | | 113,438 |
Commvault Systems, Inc.(b)
| | 394 | | 61,228 |
Digimarc Corp.(b)(c)
| | 1,570 | | 45,043 |
Dropbox, Inc., Class A(b)
| | 1,871 | | 47,037 |
Extreme Networks, Inc.(b)
| | 3,779 | | 59,519 |
FARO Technologies, Inc.(b)
| | 2,250 | | 40,500 |
Himax Technologies, Inc., ADR (Taiwan)(c)
| | 6,482 | | 38,309 |
Immersion Corp.
| | 4,218 | | 39,649 |
Infinera Corp.(b)(c)
| | 7,367 | | 46,338 |
InterDigital, Inc.
| | 374 | | 51,821 |
IPG Photonics Corp.(b)
| | 492 | | 33,638 |
Itron, Inc.(b)
| | 396 | | 40,479 |
Kimball Electronics, Inc.(b)
| | 1,839 | | 33,930 |
Kulicke & Soffa Industries, Inc. (Singapore)
| | 923 | | 40,437 |
Lantronix, Inc.(b)(c)
| | 10,588 | | 38,011 |
Littelfuse, Inc.
| | 164 | | 44,641 |
Lumentum Holdings, Inc.(b)
| | 969 | | 55,824 |
Luna Innovations, Inc.(b)(c)
| | 12,616 | | 30,026 |
MaxLinear, Inc.(b)
| | 2,371 | | 35,992 |
MicroVision, Inc.(b)(c)
| | 35,710 | | 33,860 |
Mitek Systems, Inc.(b)
| | 3,358 | | 31,297 |
MKS Instruments, Inc.
| | 333 | | 39,704 |
NETGEAR, Inc.(b)
| | 3,051 | | 49,518 |
NetScout Systems, Inc.(b)
| | 2,051 | | 44,055 |
nLight, Inc.(b)
| | 3,205 | | 38,268 |
OSI Systems, Inc.(b)
| | 294 | | 44,062 |
Power Integrations, Inc.
| | 554 | | 37,173 |
Radware Ltd. (Israel)(b)
| | 2,077 | | 45,279 |
Rambus, Inc.(b)
| | 763 | | 34,121 |
Ribbon Communications, Inc.(b)(c)
| | 13,420 | | 45,762 |
Semtech Corp.(b)
| | 1,084 | | 47,501 |
Silicon Laboratories, Inc.(b)
| | 334 | | 39,536 |
Silicon Motion Technology Corp., ADR (Taiwan)
| | 546 | | 34,709 |
SolarEdge Technologies, Inc.(b)
| | 855 | | 20,802 |
Synaptics, Inc.(b)
| | 449 | | 36,558 |
Turtle Beach Corp.(b)
| | 2,542 | | 39,706 |
Universal Display Corp.
| | 240 | | 46,493 |
Veeco Instruments, Inc.(b)
| | 1,037 | | 36,803 |
Verint Systems, Inc.(b)
| | 1,421 | | 44,832 |
Viasat, Inc.(b)
| | 2,495 | | 39,171 |
Viavi Solutions, Inc.(b)
| | 5,604 | | 48,250 |
Xerox Holdings Corp.
| | 3,037 | | 34,409 |
| | | | | 2,420,186 |
| Materials-0.90% |
Arq, Inc.(b)
| | 6,054 | | 41,288 |
Innospec, Inc.
| | 323 | | 37,229 |
| | | | | 78,517 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $8,618,843)
| | 8,707,525 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)
August 31, 2024
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-13.84% |
Invesco Private Government Fund, 5.28%(e)(f)(g)
| | 342,395 | | $ 342,395 |
Invesco Private Prime Fund, 5.46%(e)(f)(g)
| | 862,961 | | 863,306 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,205,655)
| | 1,205,701 |
TOTAL INVESTMENTS IN SECURITIES-113.80%
(Cost $9,824,498)
| | 9,913,226 |
OTHER ASSETS LESS LIABILITIES-(13.80)%
| | (1,201,933) |
NET ASSETS-100.00%
| | $8,711,293 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Rts. | -Rights |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| (e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $1,428 | | $149,628 | | $(151,056) | | $- | | $- | | $- | | $205 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 626,570 | | 5,381,958 | | (5,666,133) | | - | | - | | 342,395 | | 36,530* |
| Invesco Private Prime Fund | 1,609,220 | | 10,351,856 | | (11,098,081) | | 47 | | 264 | | 863,306 | | 97,146* |
| Total | $2,237,218 | | $15,883,442 | | $(16,915,270) | | $47 | | $264 | | $1,205,701 | | $133,881 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
| (f) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
August 31, 2024
Schedule of Investments(a)
| | Shares | | Value |
| Common Stocks & Other Equity Interests-99.91% |
| Communication Services-6.90% |
Baidu, Inc., ADR (China)(b)(c)
| | 63,305 | | $ 5,356,869 |
Fox Corp., Class A
| | 102,993 | | 4,260,820 |
Fox Corp., Class B
| | 105,016 | | 4,035,765 |
Liberty Broadband Corp., Class C(b)(c)
| | 54,644 | | 3,408,693 |
Liberty Media Corp.-Liberty Formula One(b)(c)
| | 93,264 | | 7,279,255 |
Liberty Media Corp.-Liberty Live, Series C(b)
| | 28,327 | | 1,143,561 |
Match Group, Inc.(b)(c)
| | 118,421 | | 4,406,446 |
NetEase, Inc., ADR (China)
| | 53,978 | | 4,341,990 |
News Corp., Class A
| | 168,987 | | 4,787,402 |
News Corp., Class B
| | 84,959 | | 2,500,343 |
Roku, Inc., Class A(b)(c)
| | 56,528 | | 3,830,903 |
| | | | | 45,352,047 |
| Consumer Discretionary-15.10% |
Caesars Entertainment, Inc.(b)(c)
| | 96,431 | | 3,629,663 |
Churchill Downs, Inc.(c)
| | 32,770 | | 4,554,047 |
DraftKings, Inc., Class A(b)
| | 212,891 | | 7,344,739 |
eBay, Inc.
| | 224,416 | | 13,262,986 |
Etsy, Inc.(b)
| | 52,116 | | 2,871,070 |
Expedia Group, Inc.(b)
| | 56,752 | | 7,893,636 |
Five Below, Inc.(b)(c)
| | 24,591 | | 1,854,899 |
JD.com, Inc., ADR (China)
| | 213,256 | | 5,757,912 |
LKQ Corp.
| | 118,871 | | 4,943,845 |
Lucid Group, Inc.(b)(c)
| | 1,028,220 | | 4,133,444 |
Pool Corp.
| | 17,123 | | 6,020,789 |
Rivian Automotive, Inc., Class A(b)(c)
| | 440,079 | | 6,218,316 |
Tractor Supply Co.
| | 48,211 | | 12,898,853 |
Trip.com Group Ltd., ADR (China)(b)(c)
| | 139,555 | | 6,578,623 |
Ulta Beauty, Inc.(b)
| | 21,289 | | 7,511,611 |
Wynn Resorts Ltd.
| | 49,952 | | 3,840,310 |
| | | | | 99,314,743 |
| Consumer Staples-0.91% |
Casey’s General Stores, Inc.(c)
| | 16,514 | | 5,983,187 |
| Energy-1.38% |
APA Corp.
| | 165,439 | | 4,713,357 |
Chesapeake Energy Corp.(c)
| | 58,395 | | 4,349,844 |
| | | | | 9,063,201 |
| Financials-0.86% |
Jack Henry & Associates, Inc.
| | 32,510 | | 5,625,205 |
| Health Care-22.08% |
Align Technology, Inc.(b)
| | 33,641 | | 7,980,318 |
Alnylam Pharmaceuticals, Inc.(b)
| | 56,519 | | 14,846,976 |
argenx SE, ADR (Netherlands)(b)
| | 14,295 | | 7,395,089 |
BeiGene Ltd., ADR (China)(b)(c)
| | 19,077 | | 3,658,587 |
BioMarin Pharmaceutical, Inc.(b)(c)
| | 84,999 | | 7,752,759 |
BioNTech SE, ADR (Germany)(b)
| | 43,716 | | 3,856,625 |
Bio-Techne Corp.
| | 70,235 | | 5,196,688 |
Bruker Corp.
| | 67,437 | | 4,531,092 |
Cooper Cos., Inc. (The)(b)
| | 89,175 | | 9,428,473 |
Henry Schein, Inc.(b)
| | 57,082 | | 4,027,135 |
Hologic, Inc.(b)
| | 104,479 | | 8,487,874 |
ICON PLC(b)
| | 36,990 | | 11,912,999 |
Incyte Corp.(b)
| | 85,865 | | 5,637,896 |
Insulet Corp.(b)
| | 31,204 | | 6,327,235 |
Jazz Pharmaceuticals PLC(b)(c)
| | 28,119 | | 3,261,241 |
| | Shares | | Value |
| Health Care-(continued) |
Medpace Holdings, Inc.(b)(c)
| | 13,814 | | $ 4,907,700 |
Neurocrine Biosciences, Inc.(b)
| | 44,996 | | 5,717,192 |
Repligen Corp.(b)(c)
| | 24,903 | | 3,758,610 |
Royalty Pharma PLC, Class A
| | 200,984 | | 5,834,565 |
Sanofi S.A., ADR
| | 125,926 | | 7,084,597 |
United Therapeutics Corp.(b)(c)
| | 19,825 | | 7,207,379 |
Viatris, Inc.
| | 530,634 | | 6,410,059 |
| | | | | 145,221,089 |
| Industrials-12.32% |
Axon Enterprise, Inc.(b)
| | 33,761 | | 12,321,752 |
C.H. Robinson Worldwide, Inc.
| | 52,190 | | 5,402,187 |
Grab Holdings Ltd., Class A (Singapore)(b)
| | 1,703,540 | | 5,485,399 |
J.B. Hunt Transport Services, Inc.
| | 46,244 | | 8,009,461 |
Lincoln Electric Holdings, Inc.
| | 25,375 | | 4,912,854 |
Nordson Corp.
| | 25,539 | | 6,552,286 |
Paylocity Holding Corp.(b)
| | 25,157 | | 4,060,340 |
Ryanair Holdings PLC, ADR (Italy)(c)
| | 43,544 | | 4,853,414 |
Saia, Inc.(b)(c)
| | 11,863 | | 4,458,471 |
SS&C Technologies Holdings, Inc.
| | 110,766 | | 8,317,419 |
Tetra Tech, Inc.
| | 23,916 | | 5,685,790 |
United Airlines Holdings, Inc.(b)
| | 146,528 | | 6,453,093 |
Woodward, Inc.(c)
| | 27,151 | | 4,524,714 |
| | | | | 81,037,180 |
| Information Technology-36.29% |
Akamai Technologies, Inc.(b)
| | 68,111 | | 6,936,424 |
Amdocs Ltd.
| | 51,920 | | 4,515,482 |
AppLovin Corp., Class A(b)(c)
| | 122,658 | | 11,391,248 |
Bentley Systems, Inc., Class B(c)
| | 128,552 | | 6,616,571 |
Check Point Software Technologies Ltd. (Israel)(b)
| | 50,556 | | 9,732,030 |
DocuSign, Inc.(b)
| | 91,270 | | 5,404,097 |
Enphase Energy, Inc.(b)
| | 60,822 | | 7,361,895 |
Entegris, Inc.(c)
| | 67,389 | | 7,808,363 |
F5, Inc.(b)
| | 26,096 | | 5,301,402 |
First Solar, Inc.(b)
| | 47,894 | | 10,889,659 |
Flex Ltd.(b)
| | 179,010 | | 5,816,035 |
Gen Digital, Inc.
| | 279,079 | | 7,384,430 |
Lattice Semiconductor Corp.(b)(c)
| | 61,307 | | 2,903,500 |
Logitech International S.A., Class R (Switzerland)(c)
| | 68,399 | | 6,224,993 |
Manhattan Associates, Inc.(b)
| | 27,448 | | 7,258,075 |
Monolithic Power Systems, Inc.
| | 21,750 | | 20,329,290 |
NetApp, Inc.
| | 92,287 | | 11,140,887 |
Nice Ltd., ADR (Israel)(b)(c)
| | 22,231 | | 3,862,414 |
Nutanix, Inc., Class A(b)(c)
| | 108,900 | | 6,881,391 |
Okta, Inc.(b)
| | 71,952 | | 5,664,781 |
Open Text Corp. (Canada)
| | 121,598 | | 3,869,248 |
PTC, Inc.(b)(c)
| | 53,572 | | 9,594,210 |
Qorvo, Inc.(b)
| | 42,611 | | 4,938,189 |
Seagate Technology Holdings PLC
| | 93,991 | | 9,356,804 |
Skyworks Solutions, Inc.
| | 71,814 | | 7,870,096 |
Teradyne, Inc.
| | 69,888 | | 9,555,786 |
Trimble, Inc.(b)
| | 108,844 | | 6,170,366 |
VeriSign, Inc.(b)
| | 44,585 | | 8,199,182 |
Western Digital Corp.(b)
| | 146,189 | | 9,588,537 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
August 31, 2024
| | Shares | | Value |
| Information Technology-(continued) |
Zebra Technologies Corp., Class A(b)
| | 23,027 | | $ 7,953,065 |
Zoom Video Communications, Inc., Class A(b)
| | 117,869 | | 8,142,391 |
| | | | | 238,660,841 |
| Materials-1.28% |
Steel Dynamics, Inc.
| | 70,347 | | 8,407,170 |
| Real Estate-0.85% |
Zillow Group, Inc., Class A(b)(c)
| | 24,597 | | 1,314,218 |
Zillow Group, Inc., Class C(b)(c)
| | 77,912 | | 4,308,533 |
| | | | | 5,622,751 |
| Utilities-1.94% |
Alliant Energy Corp.
| | 114,633 | | 6,679,665 |
Evergy, Inc.
| | 102,491 | | 6,061,318 |
| | | | | 12,740,983 |
Total Common Stocks & Other Equity Interests
(Cost $630,722,323)
| | 657,028,397 |
| Money Market Funds-0.02% |
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)
(Cost $122,819)
| | 122,819 | | 122,819 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93%
(Cost $630,845,142)
| | 657,151,216 |
| | Shares | | Value |
| Investments Purchased with Cash Collateral from Securities on Loan |
| Money Market Funds-14.83% |
Invesco Private Government Fund, 5.28%(d)(e)(f)
| | 29,413,897 | | $ 29,413,897 |
Invesco Private Prime Fund, 5.46%(d)(e)(f)
| | 68,094,110 | | 68,121,348 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $97,530,965)
| | 97,535,245 |
TOTAL INVESTMENTS IN SECURITIES-114.76%
(Cost $728,376,107)
| | 754,686,461 |
OTHER ASSETS LESS LIABILITIES-(14.76)%
| | (97,063,755) |
NET ASSETS-100.00%
| | $657,622,706 |
| Investment Abbreviations: |
| ADR | -American Depositary Receipt |
| Notes to Schedule of Investments: |
| (a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security was out on loan at August 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2024. |
| | Value
August 31, 2023 | | Purchases
at Cost | | Proceeds
from Sales | | Change in
Unrealized
Appreciation | | Realized
Gain | | Value
August 31, 2024 | | Dividend
Income |
| Investments in Affiliated Money Market Funds: | | | | | | | | | | | | | |
| Invesco Government & Agency Portfolio, Institutional Class | $100,009 | | $6,824,552 | | $(6,801,742) | | $- | | $- | | $122,819 | | $8,268 |
| Investments Purchased with Cash Collateral from Securities on Loan: | | | | | | | | | | | | | |
| Invesco Private Government Fund | 20,494,896 | | 343,436,196 | | (334,517,195) | | - | | - | | 29,413,897 | | 1,390,662* |
| Invesco Private Prime Fund | 52,701,161 | | 627,910,168 | | (612,512,897) | | 5,746 | | 17,170 | | 68,121,348 | | 3,744,687* |
| Total | $73,296,066 | | $978,170,916 | | $(953,831,834) | | $5,746 | | $17,170 | | $97,658,064 | | $5,143,617 |
| * | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)
August 31, 2024
| (e) | The rate shown is the 7-day SEC standardized yield as of August 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
August 31, 2024
| | Invesco ESG
NASDAQ 100
ETF (QQMG) | | Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG) | | Invesco NASDAQ
100 ETF (QQQM) | | Invesco NASDAQ
Future Gen 200
ETF (QQQS) | | Invesco NASDAQ
Next Gen 100
ETF (QQQJ) |
| Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a)
| $50,926,224 | | $5,685,905 | | $31,868,511,438 | | $8,707,525 | | $657,028,397 |
Affiliated investments in securities, at value
| 370,383 | | 947,839 | | 285,135,428 | | 1,205,701 | | 97,658,064 |
Cash
| - | | - | | 39,380 | | - | | - |
| Receivable for: | | | | | | | | | |
Dividends
| 24,962 | | 3,110 | | 18,452,857 | | 1,173 | | 468,848 |
Securities lending
| 40 | | 200 | | 36,438 | | 5,370 | | 28,986 |
Fund shares sold
| - | | - | | 37,272,565 | | - | | - |
Foreign tax reclaims
| - | | - | | - | | - | | 51,463 |
Total assets
| 51,321,609 | | 6,637,054 | | 32,209,448,106 | | 9,919,769 | | 755,235,758 |
| Liabilities: | | | | | | | | | |
Due to custodian
| 129 | | 30 | | - | | 1,403 | | 350 |
| Payable for: | | | | | | | | | |
Investments purchased
| - | | - | | 37,217,295 | | - | | - |
Collateral upon return of securities loaned
| 311,215 | | 944,474 | | 272,972,599 | | 1,205,655 | | 97,530,965 |
Accrued unitary management fees
| 8,128 | | 933 | | 3,866,536 | | 1,418 | | 81,737 |
Total liabilities
| 319,472 | | 945,437 | | 314,056,430 | | 1,208,476 | | 97,613,052 |
Net Assets
| $51,002,137 | | $5,691,617 | | $31,895,391,676 | | $8,711,293 | | $657,622,706 |
| Net assets consist of: | | | | | | | | | |
Shares of beneficial interest
| $43,093,118 | | $5,629,487 | | $26,934,280,446 | | $9,989,165 | | $940,504,323 |
Distributable earnings (loss)
| 7,909,019 | | 62,130 | | 4,961,111,230 | | (1,277,872) | | (282,881,617) |
Net Assets
| $51,002,137 | | $5,691,617 | | $31,895,391,676 | | $8,711,293 | | $657,622,706 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 1,550,001 | | 250,001 | | 162,590,001 | | 320,001 | | 22,600,001 |
Net asset value
| $32.90 | | $22.77 | | $196.17 | | $27.22 | | $29.10 |
Market price
| $32.88 | | $22.76 | | $196.10 | | $27.21 | | $29.10 |
Unaffiliated investments in securities, at cost
| $41,947,869 | | $5,139,117 | | $26,426,198,347 | | $8,618,843 | | $630,722,323 |
Affiliated investments in securities, at cost
| $370,366 | | $947,797 | | $285,122,071 | | $1,205,655 | | $97,653,784 |
(a)Includes securities on loan with an aggregate value of:
| $307,521 | | $921,838 | | $268,418,689 | | $1,132,788 | | $95,705,763 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the year ended August 31, 2024
| | Invesco ESG
NASDAQ 100
ETF (QQMG) | | Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG) | | Invesco NASDAQ
100 ETF (QQQM) | | Invesco NASDAQ
Future Gen 200
ETF (QQQS) | | Invesco NASDAQ
Next Gen 100
ETF (QQQJ) |
| Investment income: | | | | | | | | | |
Unaffiliated dividend income
| $265,879 | | $35,139 | | $189,799,816 | | $9,784 | | $5,291,369 |
Affiliated dividend income
| 793 | | 106 | | 398,212 | | 205 | | 8,268 |
Securities lending income, net
| 11,104 | | 3,568 | | 6,449,988 | | 44,386 | | 536,372 |
Foreign withholding tax
| (715) | | (702) | | (369,406) | | (47) | | (78,849) |
Total investment income
| 277,061 | | 38,111 | | 196,278,610 | | 54,328 | | 5,757,160 |
| Expenses: | | | | | | | | | |
Unitary management fees
| 67,902 | | 9,251 | | 32,831,737 | | 14,449 | | 999,265 |
Tax expenses
| - | | 65 | | - | | - | | - |
Total expenses
| 67,902 | | 9,316 | | 32,831,737 | | 14,449 | | 999,265 |
Less: Waivers
| (14) | | (2) | | (7,222) | | (4) | | (155) |
Net expenses
| 67,888 | | 9,314 | | 32,824,515 | | 14,445 | | 999,110 |
Net investment income
| 209,173 | | 28,797 | | 163,454,095 | | 39,883 | | 4,758,050 |
| Realized and unrealized gain (loss) from: | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | |
Unaffiliated investment securities
| (603,559) | | (125,310) | | (197,608,490) | | (937,258) | | (24,738,847) |
Affiliated investment securities
| 222 | | 96 | | 91,824 | | 264 | | 17,170 |
In-kind redemptions
| 346,963 | | 92,493 | | 1,160,853,178 | | 458,930 | | 25,615,011 |
Foreign currencies
| - | | - | | - | | (2) | | - |
Net realized gain (loss)
| (256,374) | | (32,721) | | 963,336,512 | | (478,066) | | 893,334 |
| Change in net unrealized appreciation of: | | | | | | | | | |
Unaffiliated investment securities
| 8,148,973 | | 744,879 | | 3,998,774,410 | | 757,386 | | 68,054,726 |
Affiliated investment securities
| 27 | | 53 | | 13,357 | | 47 | | 5,746 |
Change in net unrealized appreciation
| 8,149,000 | | 744,932 | | 3,998,787,767 | | 757,433 | | 68,060,472 |
Net realized and unrealized gain
| 7,892,626 | | 712,211 | | 4,962,124,279 | | 279,367 | | 68,953,806 |
Net increase in net assets resulting from operations
| $8,101,799 | | $741,008 | | $5,125,578,374 | | $319,250 | | $73,711,856 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the years ended August 31, 2024 and 2023
| | Invesco ESG
NASDAQ 100
ETF (QQMG) | | Invesco ESG
NASDAQ Next Gen
100 ETF (QQJG) |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operations: | | | | | | | |
Net investment income
| $209,173 | | $85,131 | | $28,797 | | $21,141 |
Net realized gain (loss)
| (256,374) | | (176,510) | | (32,721) | | (189,951) |
Change in net unrealized appreciation (depreciation)
| 8,149,000 | | 3,215,307 | | 744,932 | | 419,920 |
Net increase (decrease) in net assets resulting from operations
| 8,101,799 | | 3,123,928 | | 741,008 | | 251,110 |
| Distributions to Shareholders from: | | | | | | | |
Distributable earnings
| (192,439) | | (80,030) | | (31,705) | | (21,562) |
| Shareholder Transactions: | | | | | | | |
Proceeds from shares sold
| 26,324,645 | | 6,189,831 | | 2,534,576 | | 449,447 |
Value of shares repurchased
| (1,330,798) | | (1,090,750) | | (550,312) | | (500,104) |
Net increase (decrease) in net assets resulting from share transactions
| 24,993,847 | | 5,099,081 | | 1,984,264 | | (50,657) |
Net increase (decrease) in net assets
| 32,903,207 | | 8,142,979 | | 2,693,567 | | 178,891 |
| Net assets: | | | | | | | |
Beginning of year
| 18,098,930 | | 9,955,951 | | 2,998,050 | | 2,819,159 |
End of year
| $51,002,137 | | $18,098,930 | | $5,691,617 | | $2,998,050 |
| Changes in Shares Outstanding: | | | | | | | |
Shares sold
| 900,000 | | 250,000 | | 125,000 | | 25,000 |
Shares repurchased
| (50,000) | | (50,000) | | (25,000) | | (25,000) |
Shares outstanding, beginning of year
| 700,001 | | 500,001 | | 150,001 | | 150,001 |
Shares outstanding, end of year
| 1,550,001 | | 700,001 | | 250,001 | | 150,001 |
| (a) | For the period October 11, 2022 (commencement of investment operations) through August 31, 2024. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco NASDAQ
100 ETF (QQQM) | | Invesco NASDAQ
Future Gen 200
ETF (QQQS) | | Invesco NASDAQ
Next Gen 100
ETF (QQQJ) |
| 2024 | | 2023 | | 2024 | | 2023(a) | | 2024 | | 2023 |
| | | | | | | | | | | |
| $163,454,095 | | $65,706,898 | | $39,883 | | $26,695 | | $4,758,050 | | $5,551,832 |
| 963,336,512 | | 49,760,519 | | (478,066) | | 494,097 | | 893,334 | | (145,036,872) |
| 3,998,787,767 | | 2,463,756,364 | | 757,433 | | (668,705) | | 68,060,472 | | 185,304,693 |
| 5,125,578,374 | | 2,579,223,781 | | 319,250 | | (147,913) | | 73,711,856 | | 45,819,653 |
| | | | | | | | | | | |
| (153,650,135) | | (57,866,694) | | (36,511) | | (23,525) | | (5,882,121) | | (6,555,564) |
| | | | | | | | | | | |
| 16,335,517,593 | | 9,353,984,009 | | 2,652,413 | | 9,537,486 | | 54,074,221 | | 118,386,095 |
| (3,894,962,454) | | (2,306,446,027) | | (787,905) | | (2,802,002) | | (168,453,882) | | (256,647,775) |
| 12,440,555,139 | | 7,047,537,982 | | 1,864,508 | | 6,735,484 | | (114,379,661) | | (138,261,680) |
| 17,412,483,378 | | 9,568,895,069 | | 2,147,247 | | 6,564,046 | | (46,549,926) | | (98,997,591) |
| | | | | | | | | | | |
| 14,482,908,298 | | 4,914,013,229 | | 6,564,046 | | - | | 704,172,632 | | 803,170,223 |
| $31,895,391,676 | | $14,482,908,298 | | $8,711,293 | | $6,564,046 | | $657,622,706 | | $704,172,632 |
| | | | | | | | | | | |
| 92,490,000 | | 71,610,000 | | 100,000 | | 350,001 | | 1,940,000 | | 4,750,000 |
| (23,060,000) | | (18,360,000) | | (30,000) | | (100,000) | | (6,220,000) | | (10,290,000) |
| 93,160,001 | | 39,910,001 | | 250,001 | | - | | 26,880,001 | | 32,420,001 |
| 162,590,001 | | 93,160,001 | | 320,001 | | 250,001 | | 22,600,001 | | 26,880,001 |
Invesco ESG NASDAQ 100 ETF (QQMG)
| | Years Ended August 31, | | For the Period
October 25, 2021(a)
Through
August 31,
2022 |
| | 2024 | | 2023 | |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $25.86 | | $19.91 | | $25.00 |
Net investment income(b)
| 0.18 | | 0.16 | | 0.13 |
Net realized and unrealized gain (loss) on investments
| 7.03 | | 5.95 | | (5.13) |
Total from investment operations
| 7.21 | | 6.11 | | (5.00) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.17) | | (0.16) | | (0.09) |
Net asset value at end of period
| $32.90 | | $25.86 | | $19.91 |
Market price at end of period(c)
| $32.88 | | $25.88 | | $19.94 |
Net Asset Value Total Return(d)
| 28.00% | | 30.88% | | (20.03)%(e) |
Market Price Total Return(d)
| 27.82% | | 30.78% | | (19.91)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $51,002 | | $18,099 | | $9,956 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.20% | | 0.20% | | 0.20%(f) |
Net investment income
| 0.62% | | 0.76% | | 0.69%(f) |
Portfolio turnover rate(g)
| 17% | | 14% | | 10% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
| | Years Ended August 31, | | For the Period
October 25, 2021(a)
Through
August 31,
2022 |
| | 2024 | | 2023 | |
| Per Share Operating Performance: | | | | | |
Net asset value at beginning of period
| $19.99 | | $18.79 | | $25.00 |
Net investment income(b)
| 0.13 | | 0.13 | | 0.09 |
Net realized and unrealized gain (loss) on investments
| 2.79 | | 1.20 | | (6.23) |
Total from investment operations
| 2.92 | | 1.33 | | (6.14) |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.14) | | (0.13) | | (0.07) |
Net asset value at end of period
| $22.77 | | $19.99 | | $18.79 |
Market price at end of period(c)
| $22.76 | | $20.00 | | $18.81 |
Net Asset Value Total Return(d)
| 14.67% | | 7.16% | | (24.57)%(e) |
Market Price Total Return(d)
| 14.56% | | 7.10% | | (24.49)%(e) |
| Ratios/Supplemental Data: | | | | | |
Net assets at end of period (000’s omitted)
| $5,692 | | $2,998 | | $2,819 |
| Ratio to average net assets of: | | | | | |
Expenses
| 0.20% | | 0.20% | | 0.20%(f) |
Net investment income
| 0.62% | | 0.67% | | 0.52%(f) |
Portfolio turnover rate(g)
| 30% | | 28% | | 46% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (October 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco NASDAQ 100 ETF (QQQM)
| | Years Ended August 31, | | For the Period
October 12, 2020(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $155.46 | | $123.13 | | $156.10 | | $120.98 |
Net investment income(b)
| 1.32 | | 1.03 | | 0.98 | | 0.74 |
Net realized and unrealized gain (loss) on investments
| 40.68 | | 32.29 | | (33.24) | | 34.93 |
Total from investment operations
| 42.00 | | 33.32 | | (32.26) | | 35.67 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (1.29) | | (0.99) | | (0.71) | | (0.55) |
Net asset value at end of period
| $196.17 | | $155.46 | | $123.13 | | $156.10 |
Market price at end of period(c)
| $196.10 | | $155.47 | | $123.29 | | $156.11 |
Net Asset Value Total Return(d)
| 27.14% | | 27.26% | | (20.72)% | | 29.56%(e) |
Market Price Total Return(d)
| 27.07% | | 27.11% | | (20.61)% | | 29.57%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $31,895,392 | | $14,482,908 | | $4,914,013 | | $1,809,161 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.15% | | 0.15% | | 0.15% | | 0.15%(f) |
Net investment income
| 0.75% | | 0.78% | | 0.71% | | 0.61%(f) |
Portfolio turnover rate(g)
| 8% | | 27% | | 6% | | 5% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco NASDAQ Future Gen 200 ETF (QQQS)
| | Year Ended August 31,
2024 | | For the Period
October 11, 2022(a)
Through
August 31,
2023 |
| Per Share Operating Performance: | | | |
Net asset value at beginning of period
| $26.26 | | $25.00 |
Net investment income(b)
| 0.14 | | 0.14 |
Net realized and unrealized gain on investments
| 0.95 | | 1.24 |
Total from investment operations
| 1.09 | | 1.38 |
| Distributions to shareholders from: | | | |
Net investment income
| (0.13) | | (0.12) |
Net asset value at end of period
| $27.22 | | $26.26 |
Market price at end of period(c)
| $27.21 | | $26.26 |
Net Asset Value Total Return(d)
| 4.20% | | 5.51%(e) |
Market Price Total Return(d)
| 4.16% | | 5.51%(e) |
| Ratios/Supplemental Data: | | | |
Net assets at end of period (000’s omitted)
| $8,711 | | $6,564 |
| Ratio to average net assets of: | | | |
Expenses
| 0.20% | | 0.20%(f) |
Net investment income
| 0.55% | | 0.56%(f) |
Portfolio turnover rate(g)
| 72% | | 61% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (October 13, 2022, the first day of trading on the exchange) to August 31, 2023 was 4.09%. The market price total return from Fund Inception to August 31, 2023 was 4.01%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
| | Years Ended August 31, | | For the Period
October 12, 2020(a)
Through
August 31,
2021 |
| | 2024 | | 2023 | | 2022 | |
| Per Share Operating Performance: | | | | | | | |
Net asset value at beginning of period
| $26.20 | | $24.77 | | $34.79 | | $26.71 |
Net investment income(b)
| 0.19 | | 0.18 | | 0.15 | | 0.10 |
Net realized and unrealized gain (loss) on investments
| 2.95 | | 1.46 | | (9.85) | | 8.06 |
Total from investment operations
| 3.14 | | 1.64 | | (9.70) | | 8.16 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.24) | | (0.21) | | (0.11) | | (0.08) |
Net realized gains
| - | | - | | (0.21) | | - |
Total distributions
| (0.24) | | (0.21) | | (0.32) | | (0.08) |
Net asset value at end of period
| $29.10 | | $26.20 | | $24.77 | | $34.79 |
Market price at end of period(c)
| $29.10 | | $26.20 | | $24.80 | | $34.77 |
Net Asset Value Total Return(d)
| 12.04% | | 6.70% | | (28.06)% | | 30.58%(e) |
Market Price Total Return(d)
| 12.04% | | 6.57% | | (27.93)% | | 30.51%(e) |
| Ratios/Supplemental Data: | | | | | | | |
Net assets at end of period (000’s omitted)
| $657,623 | | $704,173 | | $803,170 | | $1,209,202 |
| Ratio to average net assets of: | | | | | | | |
Expenses
| 0.15% | | 0.15% | | 0.15% | | 0.15%(f) |
Net investment income
| 0.71% | | 0.74% | | 0.50% | | 0.35%(f) |
Portfolio turnover rate(g)
| 30% | | 31% | | 45% | | 29% |
| (a) | Commencement of investment operations. |
| (b) | Based on average shares outstanding. |
| (c) | The mean between the last bid and ask prices. |
| (d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
| (e) | The net asset value total return from Fund Inception (October 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
August 31, 2024
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
| Full Name | | Short Name |
| Invesco ESG NASDAQ 100 ETF (QQMG) | | "ESG NASDAQ 100 ETF" |
| Invesco ESG NASDAQ Next Gen 100 ETF (QQJG) | | "ESG NASDAQ Next Gen 100 ETF" |
| Invesco NASDAQ 100 ETF (QQQM) | | "NASDAQ 100 ETF" |
| Invesco NASDAQ Future Gen 200 ETF (QQQS) | | "NASDAQ Future Gen 200 ETF" |
| Invesco NASDAQ Next Gen 100 ETF (QQQJ) | | "NASDAQ Next Gen 100 ETF" |
Each portfolio (each, a “Fund”, and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market LLC.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”).
| Fund | | Underlying Index |
| ESG NASDAQ 100 ETF | | Nasdaq-100® ESG Index |
| ESG NASDAQ Next Gen 100 ETF | | Nasdaq Next Generation 100 ESG Index® |
| NASDAQ 100 ETF | | NASDAQ-100 Index® |
| NASDAQ Future Gen 200 ETF | | Nasdaq Innovators Completion Cap IndexTM |
| NASDAQ Next Gen 100 ETF | | NASDAQ Next Generation 100 Index® |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
| A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related
to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
| B. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
| C. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
| E. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| F. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not
readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
| G. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
| H. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (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. The risk of material loss as a result of such indemnification claims is considered remote. |
| I. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income, net on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended August 31, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:
| | Amount |
| ESG NASDAQ 100 ETF | $893 |
| ESG NASDAQ Next Gen 100 ETF | 384 |
| NASDAQ 100 ETF | 409,019 |
| NASDAQ Future Gen 200 ETF | 2,585 |
| NASDAQ Next Gen 100 ETF | 51,266 |
| 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 the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.
Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.
Small- and Mid-Capitalization Company Risk. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund (except Nasdaq Next Gen 100 ETF) is non-diversified, and to the extent Nasdaq Next Gen 100 ETF becomes non-diversified, and can invest a greater portion of its respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| | Unitary Management Fees
(as a % of average daily net assets) |
| ESG NASDAQ 100 ETF | 0.20% |
| ESG NASDAQ Next Gen 100 ETF | 0.20% |
| NASDAQ 100 ETF | 0.15% |
| NASDAQ Future Gen 200 ETF | 0.20% |
| NASDAQ Next Gen 100 ETF | 0.15% |
Through at least August 31, 2026, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year ended August 31, 2024, the Adviser waived fees for each Fund in the following amounts:
| ESG NASDAQ 100 ETF | $14 |
| ESG NASDAQ Next Gen 100 ETF | 2 |
| NASDAQ 100 ETF | 7,222 |
| NASDAQ Future Gen 200 ETF | 4 |
| NASDAQ Next Gen 100 ETF | 155 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Nasdaq, Inc. (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2024, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
| ESG NASDAQ 100 ETF | $128 |
| ESG NASDAQ Next Gen 100 ETF | 267 |
| NASDAQ 100 ETF | 5,299 |
| NASDAQ Future Gen 200 ETF | 18,584 |
| NASDAQ Next Gen 100 ETF | 47,096 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of August 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | Level 2 | | Level 3 | | Total |
| ESG NASDAQ 100 ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $50,926,224 | | $- | | $- | | $50,926,224 |
| Money Market Funds | 59,151 | | 311,232 | | - | | 370,383 |
| Total Investments | $50,985,375 | | $311,232 | | $- | | $51,296,607 |
| ESG NASDAQ Next Gen 100 ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $5,685,905 | | $- | | $- | | $5,685,905 |
| Money Market Funds | 3,323 | | 944,516 | | - | | 947,839 |
| Total Investments | $5,689,228 | | $944,516 | | $- | | $6,633,744 |
| NASDAQ 100 ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $31,868,511,438 | | $- | | $- | | $31,868,511,438 |
| Money Market Funds | 12,149,472 | | 272,985,956 | | - | | 285,135,428 |
| Total Investments | $31,880,660,910 | | $272,985,956 | | $- | | $32,153,646,866 |
| NASDAQ Future Gen 200 ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $8,702,607 | | $- | | $4,918 | | $8,707,525 |
| Money Market Funds | - | | 1,205,701 | | - | | 1,205,701 |
| Total Investments | $8,702,607 | | $1,205,701 | | $4,918 | | $9,913,226 |
| NASDAQ Next Gen 100 ETF | | | | | | | |
| Investments in Securities | | | | | | | |
| Common Stocks & Other Equity Interests | $657,028,397 | | $- | | $- | | $657,028,397 |
| Money Market Funds | 122,819 | | 97,535,245 | | - | | 97,658,064 |
| Total Investments | $657,151,216 | | $97,535,245 | | $- | | $754,686,461 |
NOTE 5—Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2024 and 2023:
| | 2024 | | 2023 |
| | Ordinary
Income* | | Ordinary
Income* |
| ESG NASDAQ 100 ETF | $192,439 | | $80,030 |
| ESG NASDAQ Next Gen 100 ETF | 31,705 | | 21,562 |
| NASDAQ 100 ETF | 153,650,135 | | 57,866,694 |
| NASDAQ Future Gen 200 ETF | 36,511 | | 23,525 |
| NASDAQ Next Gen 100 ETF | 5,882,121 | | 6,555,564 |
| * | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
| | Undistributed
Ordinary
Income | | Net
Unrealized
Appreciation-
Investments | | Capital Loss
Carryforwards | | Shares of
Beneficial
Interest | | Total
Net Assets |
| ESG NASDAQ 100 ETF | $36,905 | | $8,968,592 | | $(1,096,478) | | $43,093,118 | | $51,002,137 |
| ESG NASDAQ Next Gen 100 ETF | 3,927 | | 498,996 | | (440,793) | | 5,629,487 | | 5,691,617 |
| NASDAQ 100 ETF | 27,086,210 | | 5,422,511,940 | | (488,486,920) | | 26,934,280,446 | | 31,895,391,676 |
| NASDAQ Future Gen 200 ETF | 30,437 | | 64,524 | | (1,372,833) | | 9,989,165 | | 8,711,293 |
| NASDAQ Next Gen 100 ETF | 606,846 | | 24,266,183 | | (307,754,646) | | 940,504,323 | | 657,622,706 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds have capital loss carryforwards as of August 31, 2024, as follows:
| | No expiration | | |
| | Short-Term | | Long-Term | | Total* |
| ESG NASDAQ 100 ETF | $442,150 | | $654,328 | | $1,096,478 |
| ESG NASDAQ Next Gen 100 ETF | 188,531 | | 252,262 | | 440,793 |
| NASDAQ 100 ETF | 90,177,336 | | 398,309,584 | | 488,486,920 |
| NASDAQ Future Gen 200 ETF | 1,046,759 | | 326,074 | | 1,372,833 |
| NASDAQ Next Gen 100 ETF | 161,428,163 | | 146,326,483 | | 307,754,646 |
| * | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6—Investment Transactions
For the fiscal year ended August 31, 2024, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales |
| ESG NASDAQ 100 ETF | $5,792,738 | | $5,823,173 |
| ESG NASDAQ Next Gen 100 ETF | 1,371,761 | | 1,713,598 |
| NASDAQ 100 ETF | 1,701,816,533 | | 1,702,869,154 |
| NASDAQ Future Gen 200 ETF | 5,316,962 | | 5,199,999 |
| NASDAQ Next Gen 100 ETF | 202,719,180 | | 203,530,572 |
For the fiscal year ended August 31, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | In-kind
Purchases | | In-kind
Sales |
| ESG NASDAQ 100 ETF | $26,303,044 | | $1,328,691 |
| ESG NASDAQ Next Gen 100 ETF | 2,531,786 | | 211,147 |
| NASDAQ 100 ETF | 16,337,942,689 | | 3,896,201,382 |
| | In-kind
Purchases | | In-kind
Sales |
| NASDAQ Future Gen 200 ETF | $2,647,647 | | $883,721 |
| NASDAQ Next Gen 100 ETF | 53,950,092 | | 168,553,311 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2024, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
| | Gross
Unrealized
Appreciation | | Gross
Unrealized
(Depreciation) | | Net
Unrealized
Appreciation | | Cost |
| ESG NASDAQ 100 ETF | $10,005,774 | | $(1,037,182) | | $8,968,592 | | $42,328,015 |
| ESG NASDAQ Next Gen 100 ETF | 810,207 | | (311,211) | | 498,996 | | 6,134,748 |
| NASDAQ 100 ETF | 6,090,437,980 | | (667,926,040) | | 5,422,511,940 | | 26,731,134,926 |
| NASDAQ Future Gen 200 ETF | 1,416,480 | | (1,351,956) | | 64,524 | | 9,848,702 |
| NASDAQ Next Gen 100 ETF | 96,755,116 | | (72,488,933) | | 24,266,183 | | 730,420,278 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2024, the reclassifications were as follows:
| | Undistributed Net
Investment Income | | Undistributed Net
Realized Gain (Loss) | | Shares of
Beneficial Interest |
| ESG NASDAQ 100 ETF | $- | | $(345,725) | | $345,725 |
| ESG NASDAQ Next Gen 100 ETF | 541 | | (92,969) | | 92,428 |
| NASDAQ 100 ETF | - | | (1,155,610,358) | | 1,155,610,358 |
| NASDAQ Future Gen 200 ETF | 15,850 | | (474,671) | | 458,821 |
| NASDAQ Next Gen 100 ETF | 220,248 | | (23,134,698) | | 22,914,450 |
NOTE 8—Trustees’ and Officer’s Fees
The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco NASDAQ Next Gen 100 ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
| Fund Name |
| Invesco ESG NASDAQ 100 ETF (1) |
| Invesco ESG NASDAQ Next Gen 100 ETF (1) |
| Invesco NASDAQ 100 ETF (1) |
| Invesco NASDAQ Future Gen 200 ETF (2) |
| Invesco NASDAQ Next Gen 100 ETF (1) |
(1) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the years ended August 31, 2024 and 2023
(2) Statement of operations for the year ended August 31, 2024 and statement of changes in net assets for the year ended August 31, 2024 and for the period October 11, 2022 (commencement of investment operations) through August 31, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
October 25 2024
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2024:
| | Qualified
Business
Income* | | Qualified
Dividend
Income* | | Corporate
Dividends
Received
Deduction* | | U.S.
Treasury
Obligations* | | Business
Interest
Income* |
| Invesco ESG NASDAQ 100 ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco ESG NASDAQ Next Gen 100 ETF | 0% | | 100% | | 77% | | 0% | | 0% |
| Invesco NASDAQ 100 ETF | 0% | | 100% | | 100% | | 0% | | 0% |
| Invesco NASDAQ Future Gen 200 ETF | 0% | | 49% | | 45% | | 0% | | 0% |
| Invesco NASDAQ Next Gen 100 ETF | 0% | | 98% | | 75% | | 0% | | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):
Invesco 0-5 Yr US TIPS ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Invesco Alerian Galaxy Crypto Economy ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco Dorsey Wright Developed Markets Momentum ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF
Invesco Dorsey Wright SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco Equal Weight 0-30 Year Treasury ETF
Invesco ESG NASDAQ 100 ETF
Invesco ESG NASDAQ Next Gen 100 ETF
Invesco ESG S&P 500 Equal Weight ETF
Invesco Floating Rate Municipal Income ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global ex-US High Yield Corporate Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco MSCI Green Building ETF
Invesco MSCI USA ETF
Invesco NASDAQ 100 ETF
Invesco Nasdaq Biotechnology ETF
Invesco NASDAQ Future Gen 200 ETF
Invesco NASDAQ Metaverse ETF
Invesco NASDAQ Next Gen 100 ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco PHLX Semiconductor ETF
Invesco Preferred ETF
Invesco Russell 1000 Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 QVM Multi-factor ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Short Term Treasury ETF
Invesco Taxable Municipal Bond ETF
Invesco Variable Rate Preferred ETF
Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided or to be provided, (ii) the investment performance of each Fund, as applicable, and the Adviser, (iii) the fees paid or to be paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided or to be provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged or to be charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
| • | 0.04% of the Fund’s average daily net assets for Invesco MSCI USA ETF; |
| • | 0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF; |
| • | 0.08% of the Fund’s average daily net assets for Invesco Short Term Treasury ETF; |
| • | 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
| • | 0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF; |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| • | 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
| • | 0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF; |
| • | 0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF; |
| • | 0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF; |
| • | 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
| • | 0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF; |
| • | 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
| • | 0.29% of the Fund’s average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
| • | 0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF; |
| • | 0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF; |
| • | 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
| • | 0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
| • | 0.49% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
| • | 0.50% of the Fund’s average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
| • | 0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF; |
| • | 0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF; |
| • | 0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF; |
| • | 0.75% of the Fund’s average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
| • | 0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and |
| • | 0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco 0-5 Yr US TIPS ETF | X | | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF | | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF | | | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | | | X |
| Invesco Dorsey Wright SmallCap Momentum ETF | | | X |
| Invesco Emerging Markets Sovereign Debt ETF | | | X |
| Invesco Equal Weight 0-30 Year Treasury ETF | | | X |
| Invesco ESG NASDAQ 100 ETF | | | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X | | X |
| Invesco ESG S&P 500 Equal Weight ETF | X | | X |
| Invesco Floating Rate Municipal Income ETF | | N/A | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. ETF | | X | X |
| Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | | X |
| Invesco FTSE RAFI Emerging Markets ETF | | | X |
| Invesco Fundamental High Yield® Corporate Bond ETF | | N/A | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF | | | X |
| Invesco Global Clean Energy ETF | | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF | | X | X |
| Invesco International BuyBack AchieversTM ETF | | X | X |
| Invesco International Corporate Bond ETF | | | X |
| Invesco KBW Bank ETF | X | | X |
| Invesco KBW High Dividend Yield Financial ETF | X | | X |
| Invesco KBW Premium Yield Equity REIT ETF | X | | X |
| Invesco KBW Property & Casualty Insurance ETF | X | | X |
| Invesco KBW Regional Banking ETF | X | | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | | X |
| Invesco Nasdaq Biotechnology ETF | X | | X |
| Invesco NASDAQ Future Gen 200 ETF | X | | X |
| Invesco NASDAQ Metaverse ETF | X | | X |
| Invesco NASDAQ Next Gen 100 ETF | X | X | X |
| Invesco National AMT-Free Municipal Bond ETF | | | X |
| Invesco New York AMT-Free Municipal Bond ETF | | N/A | X |
| Invesco PHLX Semiconductor ETF | X | X | X |
| Invesco Preferred ETF | | N/A | X |
| Invesco Russell 1000 Equal Weight ETF | X | | X |
| Invesco S&P 500 Enhanced Value ETF | X | | X |
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
| Invesco Fund | Equal to/Lower
than ETF
Peer Median* | Equal to/Lower
than Open-End
Index Fund
Peer Median* | Lower than
Open-End
Active Fund
Peer Median |
| Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | | X |
| Invesco S&P 500® High Beta ETF | X | X | X |
| Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500® Low Volatility ETF | X | | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500®Momentum ETF | X | | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF | | | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X | | X |
| Invesco S&P Emerging Markets Momentum ETF | X | | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X | | X |
| Invesco S&P International Developed Quality ETF | X | | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF | | | X |
| Invesco S&P MidCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF | | | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X | | X |
| Invesco S&P SmallCap Consumer Staples ETF | X | | X |
| Invesco S&P SmallCap Energy ETF | X | | X |
| Invesco S&P SmallCap Financials ETF | X | | X |
| Invesco S&P SmallCap Health Care ETF | X | | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X | | X |
| Invesco S&P SmallCap Information Technology ETF | X | | X |
| Invesco S&P SmallCap Low Volatility ETF | | | X |
| Invesco S&P SmallCap Materials ETF | X | | X |
| Invesco S&P SmallCap Quality ETF | | | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF | | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X | | X |
| Invesco Taxable Municipal Bond ETF | | X | X |
| Invesco Variable Rate Preferred ETF | | X | X |
| * | The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided or to be provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided or to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the
Approval of Investment Advisory and Sub-Advisory Contracts—(continued)
investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.
Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board’s analysis.
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.
©2024 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
| Downers Grove, IL 60515 | P-TIIQQQ-NCSR | invesco.com/ETFs |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is filed under Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Item 15. 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 16. Controls and Procedures.
(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's PEO and PFO have concluded that such disclosure controls and procedures are effective.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.
Item 18. Recovery of Erroneously Awarded Compensation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Invesco Exchange-Traded Fund Trust II
By: /s/ Brian Hartigan .
Name: Brian Hartigan
Title:Principal Executive Officer
Date: November 6, 2024
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/ Brian Hartigan ..
Name:Brian Hartigan
Title:Principal Executive Officer
Date: November 6, 2024
By: /s/ Kelli Gallegos ____
Name:Kelli Gallegos
Title:Principal Financial Officer
Date:November 6, 2024
