Schedule of Investments(a)
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)
December 31, 2022
(Unaudited)
Shares | Value | |||
Common Stocks & Other Equity Interests-99.84% | ||||
Air Freight & Logistics-0.88% | ||||
ZTO Express (Cayman), Inc., ADR (China) | 40,258 | $1,081,732 | ||
Automobiles-1.73% | ||||
NIO, Inc., ADR (China)(b) | 137,457 | 1,340,206 | ||
Tata Motors Ltd., ADR (India)(b) | 34,071 | 787,381 | ||
2,127,587 | ||||
Banks-17.76% | ||||
Banco Bradesco S.A., ADR (Brazil) | 514,885 | 1,482,869 | ||
Banco de Chile, ADR (Chile) | 21,020 | 437,637 | ||
HDFC Bank Ltd., ADR (India) | 129,957 | 8,890,358 | ||
ICICI Bank Ltd., ADR (India) | 249,658 | 5,465,014 | ||
Itau Unibanco Holding S.A., ADR (Brazil) | 468,985 | 2,208,919 | ||
KB Financial Group, Inc., ADR (South Korea) | 37,199 | 1,438,113 | ||
Shinhan Financial Group Co. Ltd., ADR (South Korea) | 49,642 | 1,386,501 | ||
Woori Financial Group, Inc., ADR (South Korea) | 20,904 | 575,487 | ||
21,884,898 | ||||
Beverages-2.07% | ||||
Ambev S.A., ADR (Brazil) | 426,810 | 1,160,923 | ||
Fomento Economico Mexicano, S.A.B. de C.V., ADR (Mexico) | 17,779 | 1,388,896 | ||
2,549,819 | ||||
Biotechnology-1.13% | ||||
BeiGene Ltd., ADR (China)(b) | 6,326 | 1,391,340 | ||
Chemicals-1.61% | ||||
Sasol Ltd., ADR (South Africa) | 56,480 | 887,301 | ||
Sociedad Quimica y Minera de Chile S.A., ADR (Chile) | 13,822 | 1,103,548 | ||
1,990,849 | ||||
Construction Materials-0.48% | ||||
Cemex S.A.B. de C.V., ADR (Mexico)(b) | 146,502 | 593,333 | ||
Diversified Consumer Services-0.41% | ||||
New Oriental Education & Technology Group, Inc., ADR (China)(b) | 14,453 | 503,253 | ||
Diversified Telecommunication Services-1.98% | ||||
Chunghwa Telecom Co. Ltd., ADR (Taiwan) | 36,788 | 1,346,073 | ||
PT Telkom Indonesia (Persero) Tbk, ADR (Indonesia) | 46,019 | 1,097,553 | ||
2,443,626 | ||||
Electric Utilities-1.14% | ||||
Centrais Eletricas Brasileiras S.A., ADR (Brazil) | 123,233 | 977,238 | ||
Korea Electric Power Corp., ADR (South Korea)(b) | 49,704 | 429,442 | ||
1,406,680 | ||||
Entertainment-2.09% | ||||
NetEase, Inc., ADR (China) | 35,445 | 2,574,370 | ||
Hotels, Restaurants & Leisure-1.91% | ||||
H World Group Ltd., ADR (China) | 13,704 | 581,324 | ||
Trip.com Group Ltd., ADR (China)(b) | 51,551 | 1,773,354 | ||
2,354,678 | ||||
Interactive Media & Services-2.48% | ||||
Baidu, Inc., ADR (China)(b) | 26,676 | 3,051,201 |
Shares | Value | |||
Internet & Direct Marketing Retail-20.98% | ||||
Alibaba Group Holding Ltd., ADR (China)(b) | 182,713 | $16,095,188 | ||
JD.com, Inc., ADR (China) | 97,403 | 5,467,231 | ||
Pinduoduo, Inc., ADR (China)(b) | 52,618 | 4,290,998 | ||
25,853,417 | ||||
IT Services-5.60% | ||||
Infosys Ltd., ADR (India) | 345,995 | 6,231,370 | ||
Wipro Ltd., ADR (India) | 143,352 | 668,020 | ||
6,899,390 | ||||
Metals & Mining-8.51% | ||||
AngloGold Ashanti Ltd., ADR (Australia) | 40,505 | 786,607 | ||
Gerdau S.A., ADR (Brazil) | 100,205 | 555,136 | ||
Gold Fields Ltd., ADR (South Africa) | 86,268 | 892,874 | ||
POSCO Holdings, Inc., ADR (South Korea) | 28,483 | 1,551,469 | ||
Sibanye Stillwater Ltd., ADR (South Africa) | 68,479 | 729,986 | ||
Vale S.A., ADR (Brazil) | 352,086 | 5,974,899 | ||
10,490,971 | ||||
Oil, Gas & Consumable Fuels-3.23% | ||||
Petroleo Brasileiro S.A., ADR (Brazil) | 180,072 | 1,917,767 | ||
Petroleo Brasileiro S.A., ADR, Preference Shares (Brazil) | 222,291 | 2,065,083 | ||
3,982,850 | ||||
Paper & Forest Products-0.57% | ||||
Suzano S.A., ADR (Brazil) | 76,412 | 706,047 | ||
Pharmaceuticals-0.49% | ||||
Dr. Reddy’s Laboratories Ltd., ADR (India) | 11,762 | 608,684 | ||
Real Estate Management & Development-0.74% | ||||
KE Holdings, Inc., ADR (China)(b) | 65,675 | 916,823 | ||
Semiconductors & Semiconductor Equipment-21.33% | ||||
ASE Technology Holding Co. Ltd., ADR (Taiwan) | 164,726 | 1,032,832 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 319,324 | 23,786,445 | ||
United Microelectronics Corp., ADR (Taiwan) | 224,694 | 1,467,252 | ||
26,286,529 | ||||
Transportation Infrastructure-0.75% | ||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR (Mexico) | 3,505 | 504,054 | ||
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR (Mexico) | 1,823 | 424,741 | ||
928,795 | ||||
Water Utilities-0.29% | ||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil) | 33,075 | 352,580 | ||
Wireless Telecommunication Services-1.68% | ||||
America Movil S.A.B. de C.V., Class L, ADR (Mexico) | 92,471 | 1,682,972 | ||
SK Telecom Co. Ltd., ADR (South Korea) | 18,680 | 384,621 | ||
2,067,593 | ||||
TOTAL INVESTMENTS IN SECURITIES-99.84% (Cost $138,195,304) | 123,047,045 | |||
OTHER ASSETS LESS LIABILITIES-0.16% | 193,715 | |||
NET ASSETS-100.00% | $123,240,760 |
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. |
See accompanying notes which are an integral part of this schedule.
Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE)—(continued)
December 31, 2022
(Unaudited)
This Fund has holdings greater than 10% of net assets in the following country: | |
China | 31.70% |
Taiwan | 22.42% |
India | 18.38% |
Brazil | 14.12% |
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
December 31, 2022
(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. 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 Invesco Capital Management LLC’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.
As of December 31, 2022, 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.