NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Solar ETF (TAN)
November 30, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.60%
Electrical Equipment-5.40%
Sunrun, Inc.(b)
  2,360,522   $151,262,250
Independent Power and Renewable Electricity Producers-28.75%
Atlantica Sustainable Infrastructure PLC (Spain), (Acquired 02/13/2017 - 11/30/2020; Cost $51,565,764)(c)
  1,863,289   64,078,509
Azure Power Global Ltd. (India)(b)(d)
  1,678,692   63,538,492
Clearway Energy, Inc., Class C
  2,376,229   69,552,223
Encavis AG (Germany)(d)
  4,372,841   93,840,484
Neoen S.A. (France)(b)(d)(e)
  978,624   59,350,985
RENOVA, Inc. (Japan)(b)
  2,103,153   52,238,468
Scatec ASA (Norway)(e)
  4,262,941   133,905,809
Solaria Energia y Medio Ambiente S.A. (Spain)(b)(d)
  3,568,626   83,839,104
Sunnova Energy International, Inc.(b)
  1,749,015   70,852,598
West Holdings Corp. (Japan)(d)
  990,999   38,490,011
Xinyi Energy Holdings Ltd. (China)
  131,773,710   75,979,166
        805,665,849
Mortgage REITs-3.48%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  1,782,276   97,419,206
Semiconductors & Semiconductor Equipment-61.97%
Canadian Solar, Inc. (Canada)(b)(d)
  2,296,474   98,197,228
Daqo New Energy Corp., ADR (China)(b)
  2,880,129   123,903,150
Enphase Energy, Inc.(b)
  2,188,179   298,839,606
First Solar, Inc.(b)
  2,056,665   192,154,211
Flat Glass Group Co. Ltd., H Shares (China)(d)(f)
  20,762,920   57,983,517
GCL-Poly Energy Holdings Ltd. (China)(b)(d)(f)
  1,061,351,009   108,154,440
  Shares   Value
Semiconductors & Semiconductor Equipment-(continued)
JinkoSolar Holding Co. Ltd., ADR (China)(b)(d)
  2,208,627   $152,483,608
Maxeon Solar Technologies Ltd.(b)
  953,128   23,275,386
Meyer Burger Technology AG (Switzerland)(b)(f)
  156,129,184   66,018,173
SMA Solar Technology AG (Germany)(b)
  953,772   55,059,974
SolarEdge Technologies, Inc.(b)
  949,160   263,847,497
SunPower Corp.(b)(d)
  4,763,164   105,551,714
Xinyi Solar Holdings Ltd. (China)
  104,621,031   190,821,203
        1,736,289,707
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.60%

(Cost $1,755,987,993)
  2,790,637,012
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.42%
Invesco Private Government Fund, 0.02%(f)(g)(h)
  184,043,723   184,043,723
Invesco Private Prime Fund, 0.12%(f)(g)(h)
  275,982,790   276,065,582
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $460,109,308)
  460,109,305
TOTAL INVESTMENTS IN SECURITIES-116.02%

(Cost $2,216,097,301)
  3,250,746,317
OTHER ASSETS LESS LIABILITIES-(16.02)%
  (448,947,858)
NET ASSETS-100.00%
  $2,801,798,459
    
See accompanying notes which are an integral part of this schedule.
Invesco Solar ETF (TAN)—(continued)
November 30, 2020
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
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) Restricted security. The value of this security at period end represented 2.29% of the Fund’s Net Assets.
(d) All or a portion of this security was out on loan at November 30, 2020.
(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 aggregate value of these securities at November 30, 2020 was $193,256,794, which represented 6.90% of the Fund’s Net Assets.
(f) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2020.
    
  Value
August 31, 2020 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Realized
Gain
(Loss) 		  Value
November 30, 2020 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $9,416,689   $(9,416,689)   $-   $-   $-   $28
Invesco Premier U.S. Government Money Portfolio, Institutional Class -   18,259,919   (18,259,919)   -   -   -   5
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 140,619,171   265,362,246   (221,937,694)   -   -   184,043,723   12,315*
Invesco Private Prime Fund 46,873,617   383,056,042   (153,869,014)   (2)   4,939   276,065,582   34,218*
Investments in Other Affiliates:                          
Flat Glass Group Co. Ltd., H Shares** 37,546,385   28,051,641   (31,870,912)   9,921,834   14,334,569   57,983,517   1,024,233
GCL-Poly Energy Holdings Ltd. 33,099,907   28,396,653   (10,402,670)   58,491,829   (1,431,279)   108,154,440   -
Meyer Burger Technology AG -   47,114,690   (3,240,635)   21,390,854   753,264   66,018,173   -
Total $258,139,080   $779,657,880   $(448,997,533)   $89,804,515   $13,661,493   $692,265,435   $1,070,799
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
** As of November 30, 2020, this security was not considered as an affiliate of the Fund.
    
(g) The rate shown is the 7-day SEC standardized yield as of November 30, 2020.
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
    
This Fund has holdings greater than 10% of net assets in the following country:  
China 25.32%
See accompanying notes which are an integral part of this schedule.
Invesco Solar ETF (TAN)—(continued)
November 30, 2020
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2020
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of November 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Investments in Securities              
Common Stocks & Other Equity Interests $2,790,637,012   $-   $-   $2,790,637,012
Money Market Funds -   460,109,305   -   460,109,305
Total Investments $2,790,637,012   $460,109,305   $-   $3,250,746,317
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Fund’s investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.