Schedule of Investments(a)
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
June 30, 2021
(Unaudited)
Shares | Value | |||
Common Stocks & Other Equity Interests-99.69% | ||||
Air Freight & Logistics-0.74% | ||||
ZTO Express Cayman, Inc., ADR (China) | 56,273 | $1,707,886 | ||
Automobiles-4.21% | ||||
NIO, Inc., ADR (China)(b) | 162,356 | 8,637,339 | ||
Tata Motors Ltd., ADR (India)(b) | 45,130 | 1,028,062 | ||
9,665,401 | ||||
Banks-11.90% | ||||
Banco Bradesco S.A., ADR (Brazil) | 578,077 | 2,965,535 | ||
HDFC Bank Ltd., ADR (India)(b) | 152,247 | 11,132,301 | ||
ICICI Bank Ltd., ADR (India)(b) | 305,231 | 5,219,450 | ||
Itau Unibanco Holding S.A., ADR (Brazil) | 577,760 | 3,472,338 | ||
KB Financial Group, Inc., ADR (South Korea) | 46,601 | 2,297,429 | ||
Shinhan Financial Group Co. Ltd., ADR (South Korea) | 61,593 | 2,208,109 | ||
27,295,162 | ||||
Beverages-1.60% | ||||
Ambev S.A., ADR (Brazil) | 525,436 | 1,807,500 | ||
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico) | 22,160 | 1,872,741 | ||
3,680,241 | ||||
Biotechnology-1.38% | ||||
BeiGene Ltd., ADR (China)(b) | 4,706 | 1,615,052 | ||
Zai Lab Ltd., ADR (China)(b) | 8,762 | 1,550,787 | ||
3,165,839 | ||||
Chemicals-0.46% | ||||
Sasol Ltd., ADR (South Africa)(b) | 68,872 | 1,055,808 | ||
Construction Materials-0.66% | ||||
Cemex S.A.B. de C.V., ADR (Mexico)(b) | 180,481 | 1,516,040 | ||
Diversified Consumer Services-1.17% | ||||
New Oriental Education & Technology Group, Inc., ADR (China)(b) | 179,857 | 1,473,029 | ||
TAL Education Group, ADR (China)(b) | 47,632 | 1,201,755 | ||
2,674,784 | ||||
Diversified Telecommunication Services-1.34% | ||||
Chunghwa Telecom Co. Ltd., ADR (Taiwan) | 45,320 | 1,842,711 | ||
PT Telekom Indonesia (Persero) Tbk, ADR (Indonesia) | 56,693 | 1,228,538 | ||
3,071,249 | ||||
Entertainment-3.78% | ||||
Bilibili, Inc., ADR (China)(b) | 25,903 | 3,156,022 | ||
NetEase, Inc., ADR (China) | 47,786 | 5,507,336 | ||
8,663,358 | ||||
Hotels, Restaurants & Leisure-0.40% | ||||
Huazhu Group Ltd., ADR (China)(b) | 17,409 | 919,369 | ||
Insurance-0.77% | ||||
China Life Insurance Co. Ltd., ADR (China) | 177,439 | 1,765,518 | ||
Interactive Media & Services-2.89% | ||||
Baidu, Inc., ADR (China)(b) | 32,508 | 6,628,381 | ||
Internet & Direct Marketing Retail-27.70% | ||||
Alibaba Group Holding Ltd., ADR (China)(b) | 206,318 | 46,788,796 |
Shares | Value | |||
Internet & Direct Marketing Retail-(continued) | ||||
JD.com, Inc., ADR (China)(b) | 106,999 | $8,539,590 | ||
Pinduoduo, Inc., ADR (China)(b) | 41,840 | 5,314,517 | ||
Trip.com Group Ltd., ADR (China)(b) | 55,049 | 1,952,037 | ||
Vipshop Holdings Ltd., ADR (China)(b) | 47,259 | 948,961 | ||
63,543,901 | ||||
IT Services-5.08% | ||||
GDS Holdings Ltd., ADR (China)(b) | 13,617 | 1,068,798 | ||
Infosys Ltd., ADR (India) | 436,884 | 9,257,572 | ||
Wipro Ltd., ADR (India) | 169,849 | 1,326,521 | ||
11,652,891 | ||||
Metals & Mining-6.77% | ||||
AngloGold Ashanti Ltd., ADR (Tanzania) | 49,751 | 924,374 | ||
Gold Fields Ltd., ADR (South Africa) | 105,822 | 941,816 | ||
POSCO, ADR (South Korea) | 38,254 | 2,936,759 | ||
Sibanye Stillwater Ltd., ADR (South Africa) | 82,794 | 1,385,144 | ||
Vale S.A., ADR (Brazil) | 409,537 | 9,341,539 | ||
15,529,632 | ||||
Oil, Gas & Consumable Fuels-3.81% | ||||
China Petroleum & Chemical Corp., ADR (China) | 30,419 | 1,551,673 | ||
PetroChina Co. Ltd., ADR (China) | 25,156 | 1,233,399 | ||
Petroleo Brasileiro S.A., ADR (Brazil) | 221,837 | 2,713,066 | ||
Petroleo Brasileiro S.A., ADR, Preference Shares (Brazil) | 273,847 | 3,234,133 | ||
8,732,271 | ||||
Paper & Forest Products-0.44% | ||||
Suzano S.A., ADR (Brazil)(b) | 84,396 | 1,016,128 | ||
Personal Products-0.50% | ||||
Natura & Co. Holding S.A., ADR (Brazil)(b) | 50,061 | 1,135,884 | ||
Pharmaceuticals-0.46% | ||||
Dr. Reddy’s Laboratories Ltd., ADR (India) | 14,473 | 1,063,910 | ||
Real Estate Management & Development-0.40% | ||||
KE Holdings, Inc., ADR (China)(b) | 19,079 | 909,687 | ||
Semiconductors & Semiconductor Equipment-21.80% | ||||
ASE Technology Holding Co. Ltd., ADR (Taiwan) | 203,639 | 1,639,294 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 380,929 | 45,772,428 | ||
United Microelectronics Corp., ADR (Taiwan) | 275,475 | 2,603,239 | ||
50,014,961 | ||||
Wireless Telecommunication Services-1.43% | ||||
America Movil S.A.B. de C.V., Class L, ADR (Mexico) | 139,987 | 2,099,805 | ||
SK Telecom Co. Ltd., ADR (South Korea) | 37,889 | 1,190,093 | ||
3,289,898 | ||||
TOTAL INVESTMENTS IN SECURITIES-99.69% (Cost $190,628,861) | 228,698,199 | |||
OTHER ASSETS LESS LIABILITIES-0.31% | 703,544 | |||
NET ASSETS-100.00% | $229,401,743 |
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. |
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
June 30, 2021
(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 a fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2021, all of the securities in the Fund were valued based on Level 1 inputs (see the Schedule 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.