Invesco AI and Next Gen Software ETF (IGPT)

Vertiv's roots trace back to 1946, when founder Ralph Liebert developed an air-cooling system for mainframe data rooms. As computers started making their way into commercial applications in 1965, Liebert developed one of the first computer room air conditioning units, enabling the precise control of temperature and humidity. The firm has slowly expanded its data center portfolio through internal product development and the acquisition of thermal and power management products like condensers, busways, and switches. Vertiv has global operations today; its products can be found in data centers in most regions throughout the world.

Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing and networking, with custom AI accelerators now accounting for the bulk of the business. It is primarily a fabless designer, but holds some manufacturing in-house, such as for its best-of-breed film bulk acoustic resonator filters that sell into the Apple iPhone. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.

Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz Thermo-Electric Regulator, which produced a predecessor to the modern thermostat. Other inventions by Honeywell include biodegradable detergent and autopilot. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. It operates through four business segments: aerospace technologies, industrial automation, energy and sustainability solutions, and building automation. Recently, Honeywell has made several portfolio changes to focus on fewer end markets and align with a set of secular growth trends. The firm is working diligently to expand its installed base, deriving around one third of its revenue from recurring aftermarket services.

Waters sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. In early 2026, Waters merged with BD's life science and diagnostics business, which increased its concentration in diagnostics (versus none now) and discovery-related life science tools.