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 811-21977
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)
Daniel E. Draper
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-983-0903
Date of fiscal year end: October 31
Date of reporting period: April 30, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
April 30, 2018
PIZ | Invesco DWA Developed Markets Momentum ETF | |
PIE | Invesco DWA Emerging Markets Momentum ETF | |
PXR | Invesco Emerging Markets Infrastructure ETF | |
PAF | Invesco FTSE RAFI Asia Pacific ex-Japan ETF | |
PXF | Invesco FTSE RAFI Developed Markets ex-U.S. ETF | |
PDN | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | |
PXH | Invesco FTSE RAFI Emerging Markets ETF | |
PAGG | Invesco Global Agriculture ETF | |
PBD | Invesco Global Clean Energy ETF | |
PSAU | Invesco Global Gold and Precious Metals ETF | |
PIO | Invesco Global Water ETF | |
IPKW | Invesco International BuyBack Achievers™ ETF | |
IDHQ | Invesco S&P International Developed Quality ETF |
International Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
6 | ||||
| 8 | | ||
10 | ||||
13 | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | 24 | |||
40 | ||||
45 | ||||
47 | ||||
50 | ||||
52 | ||||
54 | ||||
56 | ||||
Statements of Assets and Liabilities | 60 | |||
Statements of Operations | 64 | |||
Statements of Changes in Net Assets | 68 | |||
Financial Highlights | 73 | |||
Notes to Financial Statements | 80 | |||
Fees and Expenses | 94 | |||
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement | 96 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 24.3 | |||
Information Technology | 19.3 | |||
Health Care | 16.2 | |||
Consumer Discretionary | 11.3 | |||
Financials | 9.3 | |||
Materials | 7.0 | |||
Consumer Staples | 5.9 | |||
Utilities | 3.8 | |||
Real Estate | 1.5 | |||
Telecommunication Services | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—5.2% | ||||||||
85,029 | Aristocrat Leisure Ltd. | $ | 1,711,935 | |||||
249,095 | Challenger Ltd. | 2,016,473 | ||||||
47,908 | CSL Ltd. | 6,133,617 | ||||||
286,561 | Qantas Airways Ltd. | 1,244,972 | ||||||
89,569 | SEEK Ltd. | 1,307,534 | ||||||
|
| |||||||
12,414,531 | ||||||||
|
| |||||||
Austria—2.2% | ||||||||
62,560 | ams AG | 5,169,275 | ||||||
|
| |||||||
Belgium—1.1% | ||||||||
7,434 | Ackermans & van Haaren NV | 1,340,921 | ||||||
15,433 | KBC Group NV | 1,345,485 | ||||||
|
| |||||||
2,686,406 | ||||||||
|
| |||||||
Canada—8.8% | ||||||||
134,435 | Algonquin Power & Utilities Corp. | 1,310,845 | ||||||
58,759 | Canadian National Railway Co. | 4,545,521 | ||||||
9,603 | Constellation Software, Inc. | 6,873,904 | ||||||
18,093 | Dollarama, Inc. | 2,085,998 | ||||||
23,415 | Magna International, Inc. | 1,385,046 | ||||||
25,610 | Royal Bank of Canada | 1,950,591 | ||||||
9,686 | Shopify, Inc., Class A(a) | 1,299,652 | ||||||
68,221 | Teck Resources Ltd., Class B | 1,715,170 | ||||||
|
| |||||||
21,166,727 | ||||||||
|
| |||||||
China—1.0% | ||||||||
1,130,929 | Sino Biopharmaceutical Ltd. | 2,382,570 | ||||||
|
| |||||||
Denmark—6.5% | ||||||||
204,901 | Ambu A/S, Class B | 4,754,022 | ||||||
16,830 | DSV A/S | 1,332,830 | ||||||
77,290 | GN Store Nord A/S | 2,711,425 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
103,135 | Novo Nordisk A/S, Class B | $ | 4,844,668 | |||||
40,202 | Novozymes A/S, Class B | 1,896,252 | ||||||
|
| |||||||
15,539,197 | ||||||||
|
| |||||||
Finland—2.8% | ||||||||
316,570 | Wartsila Oyj Abp | 6,714,204 | ||||||
|
| |||||||
France—10.2% | ||||||||
11,804 | Airbus SE | 1,383,504 | ||||||
9,627 | Dassault Systemes SE | 1,243,868 | ||||||
8,605 | Ipsen SA | 1,393,883 | ||||||
3,406 | Kering SA | 1,965,760 | ||||||
4,576 | LVMH Moet Hennessy Louis Vuitton SE | 1,593,595 | ||||||
13,613 | Pernod Ricard SA | 2,259,010 | ||||||
64,326 | Rubis SCA | 4,990,850 | ||||||
14,397 | Safran SA | 1,689,329 | ||||||
6,676 | SEB SA | 1,279,078 | ||||||
9,120 | Teleperformance | 1,462,328 | ||||||
29,913 | Ubisoft Entertainment SA(a) | 2,852,322 | ||||||
36,165 | Valeo SA | 2,407,803 | ||||||
|
| |||||||
24,521,330 | ||||||||
|
| |||||||
Germany—4.7% | ||||||||
17,282 | adidas AG | 4,251,462 | ||||||
8,226 | MTU Aero Engines AG | 1,416,176 | ||||||
16,362 | Symrise AG | 1,322,188 | ||||||
20,668 | United Internet AG | 1,337,647 | ||||||
20,864 | Wirecard AG | 2,837,993 | ||||||
|
| |||||||
11,165,466 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong—1.7% | ||||||||
775,200 | China Gas Holdings Ltd. | $ | 2,750,154 | |||||
237,996 | Techtronic Industries Co. Ltd. | 1,391,955 | ||||||
|
| |||||||
4,142,109 | ||||||||
|
| |||||||
Ireland—0.6% | ||||||||
13,945 | Kerry Group PLC, Class A | 1,419,313 | ||||||
|
| |||||||
Israel—0.8% | ||||||||
21,257 | Nice Ltd.(a) | 2,020,260 | ||||||
|
| |||||||
Japan—14.5% | ||||||||
127,000 | Asahi Intecc Co. Ltd. | 4,423,286 | ||||||
26,500 | CyberAgent, Inc. | 1,451,171 | ||||||
47,105 | Daifuku Co. Ltd. | 2,531,208 | ||||||
11,005 | Hikari Tsushin, Inc. | 1,780,964 | ||||||
2,447 | Keyence Corp. | 1,492,333 | ||||||
18,497 | Koito Manufacturing Co. Ltd. | 1,242,431 | ||||||
81,344 | M3, Inc. | 3,059,737 | ||||||
48,290 | MISUMI Group, Inc. | 1,337,160 | ||||||
114,864 | Nexon Co. Ltd.(a) | 1,672,181 | ||||||
173,912 | Nihon M&A Center, Inc. | 5,085,187 | ||||||
15,500 | OBIC Co. Ltd. | 1,294,551 | ||||||
68,531 | Persol Holdings Co. Ltd. | 1,626,303 | ||||||
40,063 | Pigeon Corp. | 1,872,540 | ||||||
39,148 | Pola Orbis Holdings, Inc. | 1,705,251 | ||||||
5,127 | Ryohin Keikaku Co. Ltd. | 1,750,657 | ||||||
16,843 | SoftBank Group Corp. | 1,304,509 | ||||||
29,632 | Yaskawa Electric Corp. | 1,208,169 | ||||||
|
| |||||||
34,837,638 | ||||||||
|
| |||||||
Luxembourg—1.1% | ||||||||
4,680 | Eurofins Scientific SE | 2,517,884 | ||||||
|
| |||||||
Netherlands—4.2% | ||||||||
25,805 | Aalberts Industries NV | 1,267,300 | ||||||
25,491 | ASM International NV(b) | 1,524,536 | ||||||
15,298 | ASML Holding NV | 2,892,872 | ||||||
64,784 | Be Semiconductor Industries NV | 4,472,236 | ||||||
|
| |||||||
10,156,944 | ||||||||
|
| |||||||
New Zealand—2.3% | ||||||||
649,340 | a2 Milk Co. Ltd.(a) | 5,535,570 | ||||||
|
| |||||||
Norway—0.6% | ||||||||
67,866 | Telenor ASA | 1,503,063 | ||||||
|
| |||||||
Singapore—2.2% | ||||||||
145,010 | Oversea-Chinese Banking Corp. Ltd. | 1,498,720 | ||||||
566,483 | UOL Group Ltd. | 3,746,009 | ||||||
|
| |||||||
5,244,729 | ||||||||
|
| |||||||
South Africa—0.8% | ||||||||
68,072 | Mondi PLC | 1,895,676 | ||||||
|
| |||||||
Sweden—3.9% | ||||||||
8,937 | Autoliv, Inc. SDR | 1,206,437 | ||||||
51,701 | Hexagon AB, Class B | 2,981,777 | ||||||
28,513 | Investor AB, Class B | 1,239,315 | ||||||
34,862 | Kinnevik AB, Class B | 1,261,977 | ||||||
116,514 | Trelleborg AB, Class B(b) | 2,731,530 | ||||||
|
| |||||||
9,421,036 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland—8.9% | ||||||||
1,069 | Georg Fischer AG | $ | 1,329,480 | |||||
36,374 | Kuehne + Nagel International AG | 5,668,270 | ||||||
5,425 | Lonza Group AG | 1,327,490 | ||||||
3,049 | Partners Group Holding AG | 2,223,608 | ||||||
14,861 | Schindler Holding AG | 2,979,147 | ||||||
16,296 | Schindler Holding AG-PC | 3,364,920 | ||||||
193 | Sika AG-BR | 1,400,290 | ||||||
14,051 | Temenos Group AG | 1,766,241 | ||||||
8,626 | Vifor Pharma AG | 1,360,464 | ||||||
|
| |||||||
21,419,910 | ||||||||
|
| |||||||
United Arab Emirates—1.7% | ||||||||
83,425 | NMC Health PLC | 4,088,284 | ||||||
|
| |||||||
United Kingdom—14.0% | ||||||||
59,840 | Anglo American PLC | 1,405,070 | ||||||
83,509 | Croda International PLC | 5,104,440 | ||||||
40,250 | Diageo PLC | 1,432,360 | ||||||
273,388 | DS Smith PLC | 1,962,056 | ||||||
203,537 | Halma PLC | 3,420,926 | ||||||
89,040 | Hargreaves Lansdown PLC | 2,181,788 | ||||||
187,796 | Hiscox Ltd. | 3,839,315 | ||||||
107,991 | IMI PLC | 1,619,567 | ||||||
25,303 | InterContinental Hotels Group PLC | 1,595,764 | ||||||
121,810 | Intermediate Capital Group PLC | 1,816,481 | ||||||
20,594 | Intertek Group PLC | 1,382,984 | ||||||
414,583 | Legal & General Group PLC | 1,538,367 | ||||||
9,690,648 | Rolls-Royce Holdings C Shares(a) | 13,347 | ||||||
136,488 | Rolls-Royce Holdings PLC | 1,571,194 | ||||||
60,517 | Spirax-Sarco Engineering PLC | 4,795,930 | ||||||
|
| |||||||
33,679,589 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $207,166,695)—99.8% | 239,641,711 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.5% | ||||||||
3,616,179 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $3,616,179) | 3,616,179 | ||||||
|
| |||||||
Total Investments in Securities (Cost $210,782,874)—101.3% | 243,257,890 | |||||||
Other assets less liabilities—(1.3)% | (3,195,224 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 240,062,666 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
PC—Participation Certificate
SDR—Swedish Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)
April 30, 2018
(Unaudited)
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 23.5 | |||
Financials | 15.9 | |||
Consumer Discretionary | 15.1 | |||
Industrials | 11.1 | |||
Consumer Staples | 9.2 | |||
Real Estate | 8.4 | |||
Materials | 7.9 | |||
Health Care | 5.8 | |||
Energy | 2.6 | |||
Utilities | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.1% | ||||||||
Brazil—8.6% | ||||||||
186,645 | B2W Cia Digital(a) | $ | 1,546,590 | |||||
307,510 | Centrais Eletricas Brasileiras SA(a) | 1,681,399 | ||||||
144,690 | CVC Brasil Operadora e Agencia de Viagens SA | 2,405,761 | ||||||
143,675 | Hypera SA | 1,297,635 | ||||||
233,180 | Localiza Rent A Car SA | 1,864,664 | ||||||
331,440 | Magazine Luiza SA | 10,140,770 | ||||||
249,775 | Petroleo Brasileiro SA(a) | 1,763,901 | ||||||
341,420 | Petroleo Brasileiro SA (Preference Shares)(a) | 2,248,593 | ||||||
165,975 | Vale SA | 2,316,141 | ||||||
|
| |||||||
25,265,454 | ||||||||
|
| |||||||
Chile—0.6% | ||||||||
18,555 | Banco de Chile ADR(b) | 1,818,390 | ||||||
|
| |||||||
China—29.5% | ||||||||
1,112,018 | Agile Group Holdings Ltd. | 2,216,030 | ||||||
7,854 | Alibaba Group Holding Ltd. ADR(a) | 1,402,253 | ||||||
394,720 | BOC Hong Kong (Holdings) Ltd. | 2,054,510 | ||||||
6,270,597 | China Aoyuan Property Group Ltd. | 5,113,474 | ||||||
1,472,160 | China Construction Bank Corp., H-Shares | 1,560,650 | ||||||
2,708,839 | China Jinmao Holdings Group Ltd. | 1,553,184 | ||||||
390,317 | China Merchants Bank Co. Ltd., H-Shares | 1,720,762 | ||||||
2,714,973 | China Molybdenum Co. Ltd., H-Shares | 2,068,683 | ||||||
523,516 | China Resources Beer Holdings Co. Ltd. | 2,264,628 | ||||||
1,848,493 | China Resources Cement Holdings Ltd. | 1,959,604 | ||||||
3,202,919 | China SCE Property Holdings Ltd. | 1,620,181 | ||||||
1,982,651 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 1,528,371 | ||||||
3,771,520 | CIFI Holdings Group Co. Ltd. | 3,003,472 | ||||||
2,183,909 | CSPC Pharmaceutical Group Ltd. | 5,620,993 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,863,943 | Greentown Service Group Co. Ltd. | $ | 1,560,361 | |||||
643,139 | Guangzhou R&F Properties Co. Ltd., H-Shares | 1,547,156 | ||||||
237,615 | Health and Happiness H&H International Holdings Ltd.(a) | 1,710,604 | ||||||
1,631,269 | Kingdee International Software Group Co. Ltd.(a) | 1,600,455 | ||||||
1,244,754 | KWG Property Holding Ltd. | 1,706,566 | ||||||
1,954,973 | Logan Property Holdings Co. Ltd. | 2,904,467 | ||||||
537,727 | Longfor Properties Co. Ltd. | 1,623,818 | ||||||
3,730,000 | Lonking Holdings Ltd. | 1,710,955 | ||||||
44,925 | New Oriental Education & Technology Group, Inc. ADR | 4,036,062 | ||||||
157,345 | Ping An Insurance Group Co. of China Ltd., H-Shares | 1,554,755 | ||||||
537,140 | Shenzhou International Group Holdings Ltd. | 5,899,591 | ||||||
1,272,966 | Sinotruk Hong Kong Ltd. | 1,501,948 | ||||||
2,581,453 | SITC International Holdings Co. Ltd. | 2,762,935 | ||||||
360,648 | Sunny Optical Technology Group Co. Ltd. | 5,978,442 | ||||||
145,771 | Tencent Holdings Ltd. | 7,262,315 | ||||||
1,064,793 | TravelSky Technology Ltd., H-Shares | 3,134,039 | ||||||
4,543,496 | Yuzhou Properties Co. Ltd. | 3,334,570 | ||||||
1,039,593 | Zhongsheng Group Holdings Ltd. | 2,993,636 | ||||||
|
| |||||||
86,509,470 | ||||||||
|
| |||||||
Hungary—0.6% | ||||||||
39,254 | OTP Bank Nyrt | 1,717,043 | ||||||
|
| |||||||
India—1.4% | ||||||||
22,958 | HDFC Bank Ltd. ADR | 2,199,606 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
India (continued) | ||||||||
101,572 | Vedanta Ltd. ADR | $ | 1,799,856 | |||||
|
| |||||||
3,999,462 | ||||||||
|
| |||||||
Malaysia—8.2% | ||||||||
2,316,700 | AirAsia Group Bhd | 2,273,301 | ||||||
5,587,880 | Hartalega Holdings Bhd | 8,360,101 | ||||||
11,103,965 | My E.G. Services Bhd | 7,414,907 | ||||||
3,230,615 | Press Metal Aluminium Holdings Bhd | 3,977,028 | ||||||
766,030 | Top Glove Corp. Bhd | 1,856,746 | ||||||
|
| |||||||
23,882,083 | ||||||||
|
| |||||||
Philippines—1.7% | ||||||||
712,088 | BDO Unibank, Inc. | 1,812,230 | ||||||
176,127 | SM Investments Corp. | 3,199,246 | ||||||
|
| |||||||
5,011,476 | ||||||||
|
| |||||||
South Africa—14.2% | ||||||||
59,187 | Assore Ltd. | 1,457,469 | ||||||
439,808 | AVI Ltd. | 4,016,623 | ||||||
121,838 | Barloworld Ltd. | 1,650,760 | ||||||
179,435 | Bidvest Group Ltd. (The) | 3,523,373 | ||||||
332,526 | Clicks Group Ltd. | 5,691,732 | ||||||
999,905 | Coronation Fund Managers Ltd. | 5,941,560 | ||||||
209,611 | Discovery Ltd. | 2,908,990 | ||||||
478,665 | FirstRand Ltd. | 2,567,450 | ||||||
76,237 | Imperial Holdings Ltd. | 1,467,915 | ||||||
2,134,393 | Kap Industrial Holdings Ltd. | 1,506,278 | ||||||
23,435 | Naspers Ltd., Class N | 5,743,304 | ||||||
105,624 | Remgro Ltd. | 1,901,253 | ||||||
306,202 | Sanlam Ltd. | 1,942,867 | ||||||
83,780 | Standard Bank Group Ltd. | 1,438,328 | ||||||
|
| |||||||
41,757,902 | ||||||||
|
| |||||||
Taiwan—21.8% | ||||||||
1,157,770 | Accton Technology Corp. | 2,676,608 | ||||||
105,915 | Airtac International Group | 1,847,199 | ||||||
984,645 | China Synthetic Rubber Corp. | 1,417,737 | ||||||
317,705 | Ennoconn Corp. | 5,175,800 | ||||||
472,485 | Formosa Plastics Corp. | 1,668,825 | ||||||
693,435 | Gigabyte Technology Co. Ltd. | 1,532,816 | ||||||
147,635 | Gourmet Master Co. Ltd. | 1,714,046 | ||||||
1,563,030 | Grand Pacific Petrochemical | 1,743,362 | ||||||
127,290 | Hiwin Technologies Corp. | 1,936,035 | ||||||
1,966,250 | King’s Town Bank Co. Ltd. | 2,365,893 | ||||||
2,100,635 | Lien Hwa Industrial Corp. | 2,690,892 | ||||||
2,616,915 | Macronix International(a) | 4,205,780 | ||||||
413,435 | Merry Electronics Co. Ltd. | 1,921,394 | ||||||
1,528,415 | Micro-Star International Co. Ltd. | 4,824,969 | ||||||
529,485 | Nanya Technology Corp. | 1,664,344 | ||||||
263,740 | President Chain Store Corp. | 2,607,404 | ||||||
428,680 | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,289,012 | ||||||
2,679,020 | Tatung Co. Ltd.(a) | 2,014,709 | ||||||
2,600,615 | Walsin Lihwa Corp. | 1,779,949 | ||||||
1,287,075 | Walsin Technology Corp. | 8,156,644 | ||||||
406,295 | Yageo Corp. | 8,610,243 | ||||||
|
| |||||||
63,843,661 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand—11.5% | ||||||||
1,143,061 | Airports of Thailand PCL NVDR | $ | 2,580,580 | |||||
3,083,417 | Bangchak Corp. PCL NVDR | 3,541,631 | ||||||
8,614,333 | Beauty Community PCL NVDR | 6,359,758 | ||||||
2,858,138 | CP ALL PCL NVDR | 7,878,897 | ||||||
922,755 | Indorama Ventures PCL NVDR | 1,761,597 | ||||||
678,723 | Kiatnakin Bank PCL NVDR | 1,586,053 | ||||||
1,486,822 | Muangthai Capital PCL NVDR | 1,719,550 | ||||||
1,946,106 | Thanachart Capital PCL NVDR | 3,314,423 | ||||||
1,798,289 | Tisco Financial Group PCL NVDR | 5,056,975 | ||||||
|
| |||||||
33,799,464 | ||||||||
|
| |||||||
Turkey—2.0% | ||||||||
650,233 | Eregli Demir ve Celik Fabrikalari TAS | 1,625,083 | ||||||
820,973 | Petkim Petrokimya Holding AS | 1,449,993 | ||||||
363,034 | Tekfen Holding AS | 1,373,461 | ||||||
371,483 | Turk Hava Yollari AO(a) | 1,526,962 | ||||||
|
| |||||||
5,975,499 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $252,919,187)—100.1% | 293,579,904 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.1% | ||||||||
307,000 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $307,000) | 307,000 | ||||||
|
| |||||||
Total Investments in Securities (Cost $253,226,187)—100.2% | 293,886,904 | |||||||
Other assets less liabilities—(0.2)% | (630,739 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 293,256,165 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
NVDR—Non-voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Emerging Markets Infrastructure ETF (PXR)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 49.8 | |||
Materials | 45.1 | |||
Energy | 2.0 | |||
Consumer Discretionary | 1.3 | |||
Utilities | 0.9 | |||
Financials | 0.6 | |||
Real Estate | 0.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Australia—0.4% | ||||||||
2,304 | CIMIC Group Ltd. | $ | 78,941 | |||||
|
| |||||||
Brazil—8.1% | ||||||||
69,028 | Cia Siderurgica Nacional SA ADR(a)(b) | 173,260 | ||||||
88,942 | Gerdau SA (Preference Shares) ADR | 415,359 | ||||||
32,500 | Iochpe-Maxion SA | 261,849 | ||||||
9,900 | Magnesita Refratarios SA | 163,217 | ||||||
38,963 | Vale SA ADR | 539,248 | ||||||
23,868 | WEG SA | 121,677 | ||||||
|
| |||||||
1,674,610 | ||||||||
|
| |||||||
Chile—3.8% | ||||||||
121,408 | Besalco SA | 140,314 | ||||||
29,114 | CAP SA | 339,419 | ||||||
159,193 | Salfacorp SA | 304,609 | ||||||
|
| |||||||
784,342 | ||||||||
|
| |||||||
China—26.1% | ||||||||
431,261 | Angang Steel Co. Ltd., H-Shares | 468,174 | ||||||
117,763 | Anhui Conch Cement Co. Ltd., H-Shares | 741,247 | ||||||
929,743 | BBMG Corp., H-Shares | 427,659 | ||||||
440,400 | China Communications Construction Co. Ltd., H-Shares | 510,641 | ||||||
329,081 | China Machinery Engineering Corp., H-Shares | 192,042 | ||||||
361,278 | China Molybdenum Co. Ltd., H-Shares | 275,277 | ||||||
286,639 | China National Building Material Co. Ltd., H-Shares | 338,930 | ||||||
187,903 | China Railway Construction Corp. Ltd., H-Shares | 223,379 | ||||||
384,819 | China Railway Group Ltd., H-Shares | 309,395 | ||||||
99,178 | CSSC Offshore and Marine Engineering Group Company Ltd., H-Shares | 129,655 | ||||||
134,762 | Dongfang Electric Corp. Ltd., H-Shares(b) | 105,773 | ||||||
269,320 | Harbin Electric Co. Ltd., H-Shares | 79,613 | ||||||
87,300 | Huaxin Cement Co. Ltd., Class B | 119,688 | ||||||
118,541 | Jiangxi Copper Co. Ltd., H-Shares | 170,073 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
186,229 | Lonking Holdings Ltd. | $ | 85,423 | |||||
1,141,358 | Metallurgical Corp. of China Ltd., H-Shares | 366,479 | ||||||
1,016,855 | Shanghai Electric Group Co. Ltd., H-Shares(b) | 370,555 | ||||||
258,470 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 493,343 | ||||||
|
| |||||||
5,407,346 | ||||||||
|
| |||||||
France—0.8% | ||||||||
3,778 | Alstom SA | 172,130 | ||||||
|
| |||||||
Germany—1.9% | ||||||||
3,192 | HeidelbergCement AG | 313,385 | ||||||
424 | HOCHTIEF AG | 77,661 | ||||||
|
| |||||||
391,046 | ||||||||
|
| |||||||
India—3.9% | ||||||||
25,104 | Larsen & Toubro Ltd. GDR(c) | 528,439 | ||||||
21,452 | Mahindra & Mahindra Ltd. GDR(c) | 279,949 | ||||||
|
| |||||||
808,388 | ||||||||
|
| |||||||
Indonesia—6.0% | ||||||||
3,343,878 | Aneka Tambang Tbk | 203,096 | ||||||
691,195 | PT Adhi Karya Persero Tbk | 93,401 | ||||||
179,504 | PT Indocement Tunggal Prakarsa Tbk | 228,694 | ||||||
985,993 | PT PP Persero Tbk(b) | 172,217 | ||||||
289,175 | PT Semen Indonesia (Persero) Tbk | 200,578 | ||||||
36,030 | PT United Tractors Tbk | 88,311 | ||||||
206,842 | PT Vale Indonesia Tbk(b) | 46,981 | ||||||
457,618 | PT Waskita Karya Persero Tbk | 72,693 | ||||||
1,248,134 | PT Wijaya Karya Persero Tbk(b) | 142,195 | ||||||
|
| |||||||
1,248,166 | ||||||||
|
| |||||||
Malaysia—5.6% | ||||||||
404,174 | Dialog Group Bhd | 317,282 | ||||||
474,600 | Ekovest Bhd | 99,190 | ||||||
166,284 | Gamuda Bhd | 217,841 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco Emerging Markets Infrastructure ETF (PXR) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
267,214 | IJM Corp. Bhd | $ | 202,956 | |||||
135,100 | Lafarge Malaysia Bhd(b) | 144,621 | ||||||
190,233 | Sunway Bhd | 73,213 | ||||||
314,100 | WCT Holdings Bhd(b) | 98,469 | ||||||
|
| |||||||
1,153,572 | ||||||||
|
| |||||||
Mexico—2.3% | ||||||||
34,457 | Cemex SAB de CV-PC ADR(b) | 213,978 | ||||||
11,343 | Grupo Carso SAB de CV, Series A1 | 40,584 | ||||||
21,556 | Promotora y Operadora de Infraestructura SAB de CV | 219,942 | ||||||
|
| |||||||
474,504 | ||||||||
|
| |||||||
Netherlands—0.7% | ||||||||
6,290 | OCI NV(b) | 149,788 | ||||||
|
| |||||||
Philippines—0.6% | ||||||||
1,249,694 | Metro Pacific Investments Corp. | 123,159 | ||||||
|
| |||||||
Poland—1.7% | ||||||||
13,532 | KGHM Polska Miedz SA | 361,651 | ||||||
|
| |||||||
Russia—2.9% | ||||||||
6,748 | Evraz PLC | 42,587 | ||||||
2,633 | Magnitogorsk Iron & Steel Works PJSC GDR(c) | 26,225 | ||||||
37,237 | Mechel PJSC ADR(b) | 136,660 | ||||||
16,098 | MMC Norilsk Nickel PJSC ADR | 276,805 | ||||||
2,260 | Novolipetsk Steel PJSC GDR(c) | 57,969 | ||||||
4,147 | Severstal PJSC GDR(c) | 66,227 | ||||||
|
| |||||||
606,473 | ||||||||
|
| |||||||
Singapore—0.6% | ||||||||
81,008 | Sembcorp Marine Ltd. | 130,929 | ||||||
|
| |||||||
South Africa—6.2% | ||||||||
8,495 | African Rainbow Minerals Ltd. | 69,675 | ||||||
4,014 | Assore Ltd. | 98,844 | ||||||
632,842 | PPC Ltd.(b) | 443,566 | ||||||
64,023 | Reunert Ltd. | 400,023 | ||||||
22,108 | Wilson Bayly Holmes-Ovcon Ltd. | 282,058 | ||||||
|
| |||||||
1,294,166 | ||||||||
|
| |||||||
Spain—1.3% | ||||||||
6,476 | ACS Actividades de Construccion y Servicios SA | 274,085 | ||||||
|
| |||||||
Sweden—2.2% | ||||||||
11,623 | Atlas Copco AB, Class A | 457,449 | ||||||
|
| |||||||
Switzerland—2.3% | ||||||||
20,366 | ABB Ltd. | 472,637 | ||||||
|
| |||||||
Taiwan—12.3% | ||||||||
214,234 | Asia Cement Corp. | 229,900 | ||||||
297,845 | China Steel Corp. | 236,573 | ||||||
336,000 | Chung Hung Steel Corp.(b) | 122,650 | ||||||
228,000 | CTCI Corp. | 384,925 | ||||||
23,000 | King Slide Works Co. Ltd. | 326,112 | ||||||
290,000 | TA Chen Stainless Pipe | 333,260 | ||||||
371,573 | Taiwan Cement Corp. | 513,030 | ||||||
286,000 | Tung Ho Steel Enterprise Corp. | 238,281 | ||||||
77,000 | United Integrated Services Co. Ltd. | 166,823 | ||||||
|
| |||||||
2,551,554 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand—5.6% | ||||||||
167,748 | CH Karnchang PCL NVDR | $ | 127,565 | |||||
1,116,807 | Gunkul Engineering PCL NVDR | 102,622 | ||||||
669,327 | Italian-Thai Development PCL NVDR(b) | 65,321 | ||||||
7,028 | Siam Cement PCL (The) NVDR | 104,218 | ||||||
8,532 | Siam City Cement PCL NVDR | 66,504 | ||||||
296,037 | Sino-Thai Engineering & Construction PCL NVDR(b) | 164,152 | ||||||
5,309,168 | Superblock PCL NVDR(b) | 193,458 | ||||||
234,978 | Tipco Asphalt PCL NVDR | 134,762 | ||||||
1,919,643 | TPI Polene PCL NVDR | 114,960 | ||||||
209,800 | Unique Engineering & Construction PCL NVDR | 85,755 | ||||||
|
| |||||||
1,159,317 | ||||||||
|
| |||||||
Turkey—1.6% | ||||||||
88,261 | Tekfen Holding AS | 333,917 | ||||||
|
| |||||||
United States—3.1% | ||||||||
9,142 | Caesarstone Ltd. | 168,670 | ||||||
3,217 | Caterpillar, Inc. | 464,406 | ||||||
|
| |||||||
633,076 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $18,256,529)—100.0% | 20,741,246 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
141,867 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $141,867) | 141,867 | ||||||
|
| |||||||
Total Investments in Securities (Cost $18,398,396)—100.7% | 20,883,113 | |||||||
Other assets less liabilities—(0.7)% | (149,284 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 20,733,829 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
PC—Participation Certificate
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(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 April 30, 2018 was $958,809, which represented 4.62% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 28.4 | |||
Information Technology | 13.1 | |||
Materials | 12.0 | |||
Real Estate | 11.3 | |||
Industrials | 9.8 | |||
Consumer Discretionary | 7.8 | |||
Consumer Staples | 5.3 | |||
Energy | 4.9 | |||
Utilities | 3.3 | |||
Telecommunication Services | 2.9 | |||
Health Care | 1.1 | |||
Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—38.1% | ||||||||
6,869 | AGL Energy Ltd. | $ | 112,671 | |||||
11,307 | Amcor Ltd. | 117,187 | ||||||
31,267 | AMP Ltd. | 95,352 | ||||||
11,191 | APA Group | 70,537 | ||||||
1,053 | ASX Ltd. | 46,602 | ||||||
25,045 | Aurizon Holdings Ltd. | 85,073 | ||||||
30,195 | Australia & New Zealand Banking Group Ltd. | 611,756 | ||||||
5,773 | Bank of Queensland Ltd. | 43,839 | ||||||
7,532 | Bendigo & Adelaide Bank Ltd. | 60,380 | ||||||
656,750 | BGP Holdings PLC(a)(b) | 0 | ||||||
40,164 | BHP Billiton Ltd. | 938,335 | ||||||
4,267 | BlueScope Steel Ltd. | 53,178 | ||||||
8,207 | Boral Ltd. | 42,622 | ||||||
14,647 | Brambles Ltd. | 109,126 | ||||||
4,515 | Caltex Australia Ltd. | 105,721 | ||||||
3,776 | Challenger Ltd. | 30,783 | ||||||
1,069 | CIMIC Group Ltd. | 36,627 | ||||||
8,612 | Coca-Cola Amatil Ltd. | 60,392 | ||||||
14,342 | Commonwealth Bank of Australia | 777,527 | ||||||
2,683 | Computershare Ltd. | 34,429 | ||||||
4,344 | Crown Resorts Ltd. | 42,497 | ||||||
1,128 | CSL Ltd. | 145,056 | ||||||
8,781 | Dexus REIT | 62,903 | ||||||
10,234 | Downer EDI Ltd. | 53,072 | ||||||
24,488 | Fortescue Metals Group Ltd. | 84,290 | ||||||
11,747 | Goodman Group REIT | 80,426 | ||||||
16,851 | GPT Group (The) REIT | 61,565 | ||||||
5,439 | GrainCorp Ltd., Class A | 36,499 | ||||||
2,803 | Iluka Resources Ltd. | 24,861 | ||||||
21,594 | Incitec Pivot Ltd. | 61,941 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
23,227 | Insurance Australia Group Ltd. | $ | 138,510 | |||||
9,350 | LendLease Group | 126,265 | ||||||
3,113 | Macquarie Group Ltd. | 255,405 | ||||||
24,188 | Medibank Private Ltd. | 53,497 | ||||||
21,884 | Metcash Ltd. | 59,469 | ||||||
49,631 | Mirvac Group REIT | 83,919 | ||||||
26,869 | National Australia Bank Ltd. | 587,166 | ||||||
4,087 | Newcrest Mining Ltd. | 65,249 | ||||||
7,322 | Oil Search Ltd. | 43,332 | ||||||
5,423 | Orica Ltd. | 81,380 | ||||||
25,394 | Origin Energy Ltd.(a) | 186,894 | ||||||
9,572 | Qantas Airways Ltd. | 41,691 | ||||||
24,831 | QBE Insurance Group Ltd. | 186,687 | ||||||
724 | Ramsay Health Care Ltd. | 35,354 | ||||||
16,944 | Santos Ltd.(a) | 78,532 | ||||||
56,811 | Scentre Group REIT | 172,822 | ||||||
3,801 | Sonic Healthcare Ltd. | 67,770 | ||||||
25,838 | South32 Ltd. | 72,554 | ||||||
7,984 | Star Entertainment Group Ltd. (The) | 31,821 | ||||||
37,377 | Stockland REIT | 116,806 | ||||||
15,713 | Suncorp Group Ltd. | 166,291 | ||||||
11,845 | Tabcorp Holdings Ltd. | 39,162 | ||||||
99,746 | Telstra Corp. Ltd. | 239,432 | ||||||
9,676 | Transurban Group | 84,726 | ||||||
2,493 | Treasury Wine Estates Ltd. | 35,887 | ||||||
34,467 | Vicinity Centres REIT | 63,482 | ||||||
10,518 | Wesfarmers Ltd. | 347,512 | ||||||
14,981 | Westfield Corp. REIT | 104,037 | ||||||
29,793 | Westpac Banking Corp. | 644,092 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
14,913 | Woodside Petroleum Ltd. | $ | 362,703 | |||||
12,802 | Woolworths Group Ltd. | 269,227 | ||||||
4,252 | WorleyParsons Ltd. | 52,188 | ||||||
|
| |||||||
8,979,109 | ||||||||
|
| |||||||
China—1.3% | ||||||||
33,392 | BOC Hong Kong (Holdings) Ltd. | 173,805 | ||||||
13,668 | China Mengniu Dairy Co. Ltd. | 44,409 | ||||||
30,760 | Semiconductor Manufacturing International Corp.(a) | 39,664 | ||||||
46,294 | Want Want China Holdings Ltd. | 41,113 | ||||||
|
| |||||||
298,991 | ||||||||
|
| |||||||
Hong Kong—15.1% | ||||||||
61,069 | AIA Group Ltd. | 550,133 | ||||||
5,200 | Bank of East Asia Ltd. (The) | 22,925 | ||||||
12,725 | Cathay Pacific Airways Ltd. | 20,494 | ||||||
25,465 | CK Asset Holdings Ltd. | 220,800 | ||||||
28,683 | CK Hutchison Holdings Ltd. | 340,253 | ||||||
13,133 | CLP Holdings Ltd. | 136,379 | ||||||
6,654 | Galaxy Entertainment Group Ltd. | 58,840 | ||||||
3,598 | Hang Lung Group Ltd. | 10,911 | ||||||
28,794 | Hang Lung Properties Ltd. | 68,387 | ||||||
4,926 | Hang Seng Bank Ltd. | 125,280 | ||||||
12,353 | Henderson Land Development Co. Ltd. | 78,778 | ||||||
42,260 | Hong Kong & China Gas Co. Ltd. | 88,523 | ||||||
2,419 | Hong Kong Exchanges & Clearing Ltd. | 79,275 | ||||||
10,506 | Hongkong Land Holdings Ltd. | 76,168 | ||||||
72,219 | Hutchison Port Holdings Trust | 24,193 | ||||||
1,239 | Jardine Matheson Holdings Ltd. | 75,244 | ||||||
1,080 | Jardine Strategic Holdings Ltd. | 41,040 | ||||||
9,000 | Kerry Properties Ltd. | 43,233 | ||||||
88,765 | Li & Fung Ltd. | 44,901 | ||||||
18,500 | Link REIT | 164,062 | ||||||
16,313 | MTR Corp. Ltd. | 91,976 | ||||||
93,309 | New World Development Co. Ltd. | 137,914 | ||||||
49,820 | Noble Group Ltd.(a) | 3,123 | ||||||
40,372 | PCCW Ltd. | 25,052 | ||||||
8,467 | Power Assets Holdings Ltd. | 63,058 | ||||||
21,530 | Sino Land Co. Ltd. | 37,254 | ||||||
43,333 | SJM Holdings Ltd. | 43,729 | ||||||
19,379 | Sun Hung Kai Properties Ltd. | 313,096 | ||||||
8,610 | Swire Pacific Ltd., Class A | 85,571 | ||||||
15,000 | Swire Pacific Ltd., Class B | 25,381 | ||||||
13,400 | Swire Properties Ltd. | 47,721 | ||||||
6,000 | Techtronic Industries Co. Ltd. | 35,473 | ||||||
73,847 | WH Group Ltd.(c) | 77,063 | ||||||
40,388 | Wharf Holdings Ltd. (The) | 135,086 | ||||||
13,388 | Wharf Real Estate Investment Co. Ltd. | 100,646 | ||||||
4,471 | Wheelock & Co. Ltd. | 33,355 | ||||||
9,698 | Yue Yuen Industrial Holdings Ltd. | 27,618 | ||||||
|
| |||||||
3,552,935 | ||||||||
|
| |||||||
Indonesia—0.1% | ||||||||
60,011 | Golden Agri-Resources Ltd. | 15,637 | ||||||
|
| |||||||
Ireland—0.1% | ||||||||
1,816 | James Hardie Industries PLC | 32,365 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Macau—0.6% | ||||||||
18,879 | Sands China Ltd. | $ | 110,052 | |||||
10,114 | Wynn Macau Ltd. | 37,823 | ||||||
|
| |||||||
147,875 | ||||||||
|
| |||||||
New Zealand—0.5% | ||||||||
14,421 | Fletcher Building Ltd. | 64,116 | ||||||
27,047 | Spark New Zealand Ltd. | 65,938 | ||||||
|
| |||||||
130,054 | ||||||||
|
| |||||||
Singapore—7.3% | ||||||||
20,851 | Ascendas Real Estate Investment Trust REIT | 42,047 | ||||||
29,702 | CapitaLand Ltd. | 84,347 | ||||||
22,294 | CapitaLand Mall Trust REIT | 35,359 | ||||||
4,030 | City Developments Ltd. | 38,564 | ||||||
31,199 | ComfortDelGro Corp. Ltd. | 53,017 | ||||||
14,481 | DBS Group Holdings Ltd. | 337,294 | ||||||
35,096 | Genting Singapore PLC | 31,013 | ||||||
1,316 | Jardine Cycle & Carriage Ltd. | 34,052 | ||||||
24,295 | Keppel Corp. Ltd. | 150,278 | ||||||
21,821 | Oversea-Chinese Banking Corp. Ltd. | 227,431 | ||||||
16,032 | Sembcorp Industries Ltd. | 37,173 | ||||||
5,963 | Singapore Airlines Ltd. | 48,999 | ||||||
25,840 | Singapore Press Holdings Ltd. | 53,083 | ||||||
16,366 | Singapore Technologies Engineering Ltd. | 43,138 | ||||||
88,849 | Singapore Telecommunications Ltd. | 236,206 | ||||||
9,383 | United Overseas Bank Ltd. | 213,590 | ||||||
23,876 | Wilmar International Ltd. | 58,786 | ||||||
|
| |||||||
1,724,377 | ||||||||
|
| |||||||
South Korea—35.6% | ||||||||
5,070 | BNK Financial Group, Inc. | 49,606 | ||||||
144 | CJ CheilJedang Corp. | 46,245 | ||||||
27 | CJ CheilJedang Corp. (Preference Shares) | 3,438 | ||||||
372 | CJ Corp. | 56,598 | ||||||
657 | Daelim Industrial Co. Ltd. | 52,902 | ||||||
750 | DB Insurance Co. Ltd. | 44,169 | ||||||
332 | Doosan Corp. | 37,612 | ||||||
3,567 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 59,781 | ||||||
3,873 | Doosan Infracore Co. Ltd.(a) | 37,169 | ||||||
272 | E-MART, Inc. | 68,761 | ||||||
986 | GS Holdings Corp. | 56,591 | ||||||
4,170 | Hana Financial Group, Inc. | 186,431 | ||||||
1,001 | Hankook Tire Co. Ltd. | 46,346 | ||||||
1,083 | Hanwha Chemical Corp. | 29,355 | ||||||
1,055 | Hanwha Corp. | 39,462 | ||||||
489 | Hanwha Corp. (Preference Shares) | 7,806 | ||||||
6,824 | Hanwha Life Insurance Co. Ltd. | 39,805 | ||||||
519 | Hyosung Corp. | 63,900 | ||||||
1,880 | Hyundai Engineering & Construction Co. Ltd. | 111,950 | ||||||
340 | Hyundai Glovis Co. Ltd. | 53,640 | ||||||
894 | Hyundai Heavy Industries Co. Ltd.(a) | 100,026 | ||||||
1,077 | Hyundai Marine & Fire Insurance Co. Ltd. | 38,571 | ||||||
1,093 | Hyundai Mobis Co. Ltd. | 253,793 | ||||||
2,419 | Hyundai Motor Co. | 362,380 | ||||||
390 | Hyundai Motor Co. (Preference Shares) | 37,611 | ||||||
647 | Hyundai Motor Co. (2nd Preference Shares) | 69,664 | ||||||
2,088 | Hyundai Steel Co. | 118,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
5,402 | Industrial Bank of Korea | $ | 85,224 | |||||
4,650 | KB Financial Group, Inc. | 266,448 | ||||||
5,008 | Kia Motors Corp. | 155,203 | ||||||
7,354 | Korea Electric Power Corp. | 257,860 | ||||||
1,147 | Korea Gas Corp.(a) | 58,851 | ||||||
80 | Korea Zinc Co. Ltd. | 32,470 | ||||||
1,802 | Korean Air Lines Co. Ltd. | 57,617 | ||||||
1,036 | KT&G Corp. | 94,865 | ||||||
5,959 | Kumho Tire Co., Inc.(a) | 34,703 | ||||||
393 | LG Chem Ltd. | 132,466 | ||||||
64 | LG Chem Ltd. (Preference Shares) | 12,344 | ||||||
844 | LG Corp. | 64,087 | ||||||
5,778 | LG Display Co. Ltd. | 126,861 | ||||||
2,076 | LG Electronics, Inc. | 198,260 | ||||||
331 | LG Electronics, Inc. (Preference Shares) | 13,032 | ||||||
3,903 | LG Uplus Corp. | 44,948 | ||||||
132 | Lotte Chemical Corp. | 51,166 | ||||||
293 | Lotte Shopping Co. Ltd. | 70,229 | ||||||
463 | LS Corp. | 33,770 | ||||||
49 | NAVER Corp. | 32,849 | ||||||
1,347 | POSCO | 469,788 | ||||||
1,656 | POSCO Daewoo Corp. | 34,964 | ||||||
389 | Samsung C&T Corp. | 50,990 | ||||||
552 | Samsung Electro-Mechanics Co. Ltd. | 61,244 | ||||||
867 | Samsung Electronics Co. Ltd. | 2,151,163 | ||||||
155 | Samsung Electronics Co. Ltd. (Preference Shares) | 308,389 | ||||||
446 | Samsung Fire & Marine Insurance Co. Ltd. | 111,704 | ||||||
37 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 6,357 | ||||||
7,406 | Samsung Heavy Industries Co. Ltd.(a) | 50,966 | ||||||
874 | Samsung Life Insurance Co. Ltd. | 95,743 | ||||||
366 | Samsung SDI Co. Ltd. | 62,882 | ||||||
5,527 | Shinhan Financial Group Co. Ltd. | 246,582 | ||||||
334 | SK Holdings Co. Ltd. | 91,940 | ||||||
3,469 | SK Hynix, Inc. | 274,454 | ||||||
1,157 | SK Innovation Co. Ltd. | 212,865 | ||||||
5,973 | SK Networks Co. Ltd. | 31,429 | ||||||
371 | SK Telecom Co. Ltd. | 79,372 | ||||||
517 | S-Oil Corp. | 53,247 | ||||||
6,847 | Woori Bank | 102,893 | ||||||
|
| |||||||
8,392,308 | ||||||||
|
| |||||||
United Kingdom—1.1% | ||||||||
4,179 | Rio Tinto Ltd. | 251,920 | ||||||
|
| |||||||
United States—0.1% | ||||||||
2,064 | Sims Metal Management Ltd. | 25,224 | ||||||
|
| |||||||
Total Investments in Securities (Cost $19,975,473)—99.9% | 23,550,795 | |||||||
Other assets less liabilities—0.1% | 22,698 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 23,573,493 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 value of this security at April 30, 2018 represented less than 1% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 26.6 | |||
Industrials | 12.1 | |||
Consumer Discretionary | 11.6 | |||
Energy | 10.5 | |||
Materials | 8.0 | |||
Consumer Staples | 7.3 | |||
Health Care | 5.9 | |||
Utilities | 5.3 | |||
Telecommunication Services | 5.2 | |||
Information Technology | 4.6 | |||
Real Estate | 2.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—5.0% | ||||||||
45,090 | AGL Energy Ltd. | $ | 737,235 | |||||
74,231 | Amcor Ltd. | 768,077 | ||||||
205,259 | AMP Ltd. | 623,105 | ||||||
73,461 | APA Group | 461,756 | ||||||
6,916 | ASX Ltd. | 305,019 | ||||||
164,414 | Aurizon Holdings Ltd. | 556,523 | ||||||
200,741 | Australia & New Zealand Banking Group Ltd. | 4,052,970 | ||||||
37,893 | Bank of Queensland Ltd. | 286,365 | ||||||
49,439 | Bendigo & Adelaide Bank Ltd. | 394,326 | ||||||
231,466 | BGP Holdings PLC(a)(b) | 0 | ||||||
266,187 | BHP Billiton Ltd. | 6,212,782 | ||||||
178,211 | BHP Billiton PLC | 3,779,421 | ||||||
28,013 | BlueScope Steel Ltd. | 345,305 | ||||||
53,869 | Boral Ltd. | 277,758 | ||||||
96,160 | Brambles Ltd. | 714,570 | ||||||
29,641 | Caltex Australia Ltd. | 691,741 | ||||||
24,784 | Challenger Ltd. | 200,631 | ||||||
7,017 | CIMIC Group Ltd. | 238,596 | ||||||
56,535 | Coca-Cola Amatil Ltd. | 395,320 | ||||||
95,164 | Commonwealth Bank of Australia | 5,141,521 | ||||||
17,614 | Computershare Ltd. | 224,696 | ||||||
28,513 | Crown Resorts Ltd. | 277,544 | ||||||
7,408 | CSL Ltd. | 948,439 | ||||||
57,642 | Dexus REIT | 411,848 | ||||||
67,185 | Downer EDI Ltd. | 345,799 | ||||||
160,761 | Fortescue Metals Group Ltd. | 551,248 | ||||||
77,119 | Goodman Group REIT | 526,877 | ||||||
110,623 | GPT Group (The) REIT | 403,167 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
141,762 | Incitec Pivot Ltd. | $ | 404,346 | |||||
152,494 | Insurance Australia Group Ltd. | 906,303 | ||||||
61,381 | LendLease Group | 825,826 | ||||||
21,047 | Macquarie Group Ltd. | 1,714,037 | ||||||
158,787 | Medibank Private Ltd. | 349,406 | ||||||
143,683 | Metcash Ltd. | 389,082 | ||||||
325,815 | Mirvac Group REIT | 549,505 | ||||||
178,740 | National Australia Bank Ltd. | 3,892,594 | ||||||
26,831 | Newcrest Mining Ltd. | 426,789 | ||||||
48,069 | Oil Search Ltd. | 283,333 | ||||||
35,599 | Orica Ltd. | 532,697 | ||||||
166,722 | Origin Energy Ltd.(a) | 1,219,372 | ||||||
62,842 | Qantas Airways Ltd. | 273,019 | ||||||
163,011 | QBE Insurance Group Ltd. | 1,222,105 | ||||||
4,757 | Ramsay Health Care Ltd. | 231,453 | ||||||
111,230 | Santos Ltd.(a) | 512,795 | ||||||
372,948 | Scentre Group REIT | 1,131,731 | ||||||
24,961 | Sonic Healthcare Ltd. | 444,192 | ||||||
169,621 | South32 Ltd. | 473,721 | ||||||
52,416 | Star Entertainment Group Ltd. (The) | 208,910 | ||||||
245,366 | Stockland REIT | 765,495 | ||||||
103,148 | Suncorp Group Ltd. | 1,088,713 | ||||||
77,760 | Tabcorp Holdings Ltd. | 255,998 | ||||||
654,806 | Telstra Corp. Ltd. | 1,565,260 | ||||||
63,523 | Transurban Group | 554,864 | ||||||
16,369 | Treasury Wine Estates Ltd. | 234,018 | ||||||
226,261 | Vicinity Centres REIT | 415,992 | ||||||
70,571 | Wesfarmers Ltd. | 2,323,757 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
98,353 | Westfield Corp. REIT | $ | 681,334 | |||||
197,914 | Westpac Banking Corp. | 4,262,607 | ||||||
99,952 | Woodside Petroleum Ltd. | 2,421,910 | ||||||
86,441 | Woolworths Group Ltd. | 1,813,508 | ||||||
27,913 | WorleyParsons Ltd. | 340,330 | ||||||
|
| |||||||
62,587,641 | ||||||||
|
| |||||||
Austria—0.3% | ||||||||
4,886 | ANDRITZ AG | 262,708 | ||||||
21,939 | Erste Group Bank AG | 1,072,344 | ||||||
14,973 | OMV AG | 927,695 | ||||||
11,340 | Raiffeisen Bank International AG(a) | 381,475 | ||||||
10,776 | voestalpine AG | 567,161 | ||||||
|
| |||||||
3,211,383 | ||||||||
|
| |||||||
Belgium—0.7% | ||||||||
25,793 | Ageas | 1,379,823 | ||||||
37,632 | Anheuser-Busch InBev SA/NV(c) | 3,727,772 | ||||||
6,488 | bpost SA | 141,337 | ||||||
5,131 | Colruyt SA | 288,670 | ||||||
14,836 | KBC Group NV | 1,293,437 | ||||||
16,415 | Proximus SADP | 501,239 | ||||||
6,053 | Solvay SA | 841,735 | ||||||
5,037 | UCB SA | 379,768 | ||||||
8,396 | Umicore SA | 467,164 | ||||||
|
| |||||||
9,020,945 | ||||||||
|
| |||||||
Canada—7.0% | ||||||||
9,452 | Agnico Eagle Mines Ltd. | 398,371 | ||||||
21,759 | Alimentation Couche-Tard, Inc., Class B | 942,191 | ||||||
11,162 | AltaGas Ltd. | 215,499 | ||||||
46,746 | ARC Resources Ltd.(c) | 522,175 | ||||||
6,501 | ATCO Ltd., Class I | 197,015 | ||||||
52,045 | Bank of Montreal(c) | 3,958,741 | ||||||
94,377 | Bank of Nova Scotia (The) | 5,810,081 | ||||||
63,042 | Barrick Gold Corp. | 849,772 | ||||||
115,734 | Baytex Energy Corp.(a) | 519,108 | ||||||
24,927 | BCE, Inc. | 1,059,536 | ||||||
21,291 | BlackBerry Ltd.(a) | 223,215 | ||||||
148,142 | Bombardier, Inc., Class B(a) | 458,773 | ||||||
52,218 | Brookfield Asset Management, Inc., Class A | 2,072,916 | ||||||
39,109 | Cameco Corp. | 412,460 | ||||||
8,384 | Canadian Apartment Properties REIT(c) | 242,243 | ||||||
32,060 | Canadian Imperial Bank of Commerce | 2,796,731 | ||||||
26,283 | Canadian National Railway Co. | 2,033,219 | ||||||
80,409 | Canadian Natural Resources Ltd. | 2,905,375 | ||||||
4,163 | Canadian Pacific Railway Ltd. | 760,800 | ||||||
4,537 | Canadian Tire Corp. Ltd., Class A | 619,279 | ||||||
9,490 | Canadian Utilities Ltd., Class A | 242,071 | ||||||
12,287 | Capital Power Corp. | 233,673 | ||||||
23,971 | Celestica, Inc.(a) | 276,369 | ||||||
203,209 | Cenovus Energy, Inc. | 2,038,510 | ||||||
11,197 | CGI Group, Inc., Class A(a) | 649,836 | ||||||
17,733 | CI Financial Corp. | 373,763 | ||||||
28,235 | Cominar Real Estate Investment Trust REIT | 275,974 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
157,148 | Crescent Point Energy Corp.(c) | $ | 1,379,083 | |||||
21,413 | Empire Co. Ltd., Class A | 414,747 | ||||||
73,672 | Enbridge, Inc. | 2,234,958 | ||||||
55,102 | Encana Corp. | 687,297 | ||||||
23,209 | Enerplus Corp. | 269,756 | ||||||
1,559 | Fairfax Financial Holdings Ltd. | 864,452 | ||||||
12,839 | Finning International, Inc. | 324,393 | ||||||
27,562 | Fortis, Inc. | 926,653 | ||||||
3,907 | Franco-Nevada Corp. | 277,554 | ||||||
6,366 | George Weston Ltd. | 522,360 | ||||||
20,746 | Gibson Energy, Inc. | 268,155 | ||||||
7,771 | Gildan Activewear, Inc. | 226,714 | ||||||
65,538 | Goldcorp, Inc. | 871,147 | ||||||
19,696 | Great-West Lifeco, Inc. | 525,913 | ||||||
31,679 | H&R Real Estate Investment Trust REIT | 509,553 | ||||||
48,804 | Husky Energy, Inc. | 683,740 | ||||||
28,930 | Hydro One Ltd.(d) | 460,145 | ||||||
8,022 | IGM Financial, Inc. | 246,614 | ||||||
24,228 | Imperial Oil Ltd. | 754,650 | ||||||
7,797 | Industrial Alliance Insurance & Financial Services, Inc. | 328,010 | ||||||
7,854 | Intact Financial Corp. | 599,795 | ||||||
27,992 | Inter Pipeline Ltd. | 505,491 | ||||||
11,049 | Keyera Corp. | 297,955 | ||||||
71,286 | Kinross Gold Corp.(a) | 276,369 | ||||||
17,387 | Loblaw Cos. Ltd. | 885,659 | ||||||
33,529 | Lundin Mining Corp. | 222,315 | ||||||
33,374 | Magna International, Inc. | 1,974,141 | ||||||
164,717 | Manulife Financial Corp. | 3,113,298 | ||||||
4,489 | Methanex Corp. | 270,996 | ||||||
16,180 | Metro, Inc. | 514,196 | ||||||
23,676 | National Bank of Canada | 1,126,224 | ||||||
8,429 | Onex Corp. | 625,296 | ||||||
6,257 | Open Text Corp. | 221,249 | ||||||
10,164 | Parkland Fuel Corp. | 236,350 | ||||||
24,387 | Pembina Pipeline Corp. | 777,865 | ||||||
36,323 | Power Corp. of Canada | 864,476 | ||||||
23,694 | Power Financial Corp. | 615,661 | ||||||
28,593 | RioCan Real Estate Investment Trust REIT | 520,805 | ||||||
26,164 | Rogers Communications, Inc., Class B | 1,237,022 | ||||||
93,892 | Royal Bank of Canada | 7,151,305 | ||||||
10,326 | Saputo, Inc. | 335,326 | ||||||
38,823 | Shaw Communications, Inc., Class B | 799,204 | ||||||
9,176 | SmartCentres Real Estate Investment Trust REIT | 206,146 | ||||||
11,941 | SNC-Lavalin Group, Inc. | 524,325 | ||||||
46,410 | Sun Life Financial, Inc. | 1,918,741 | ||||||
124,791 | Suncor Energy, Inc. | 4,779,623 | ||||||
34,607 | Teck Resources Ltd., Class B | 870,068 | ||||||
15,625 | TELUS Corp. | 560,060 | ||||||
21,049 | Thomson Reuters Corp. | 847,740 | ||||||
114,372 | Toronto-Dominion Bank (The) | 6,433,453 | ||||||
21,469 | Tourmaline Oil Corp. | 404,444 | ||||||
50,813 | TransCanada Corp. | 2,157,853 | ||||||
82,609 | Turquoise Hill Resources Ltd.(a) | 244,872 | ||||||
8,682 | Vermilion Energy, Inc.(c) | 293,926 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
3,212 | West Fraser Timber Co. Ltd. | $ | 217,908 | |||||
17,448 | Wheaton Precious Metals Corp. | 362,720 | ||||||
5,514 | WSP Global, Inc. | 273,431 | ||||||
96,349 | Yamana Gold, Inc. | 277,334 | ||||||
|
| |||||||
87,407,232 | ||||||||
|
| |||||||
Chile—0.0% | ||||||||
29,533 | Antofagasta PLC | 393,031 | ||||||
|
| |||||||
China—0.2% | ||||||||
220,115 | BOC Hong Kong (Holdings) Ltd. | 1,136,973 | ||||||
86,712 | China Mengniu Dairy Co. Ltd. | 280,129 | ||||||
202,182 | Semiconductor Manufacturing International Corp.(a) | 262,460 | ||||||
306,571 | Want Want China Holdings Ltd. | 270,921 | ||||||
|
| |||||||
1,950,483 | ||||||||
|
| |||||||
Denmark—0.8% | ||||||||
505 | AP Moller—Maersk A/S, Class A | 772,755 | ||||||
767 | AP Moller—Maersk A/S, Class B | 1,228,782 | ||||||
5,588 | Carlsberg A/S, Class B | 625,074 | ||||||
3,324 | Coloplast A/S, Class B | 281,808 | ||||||
41,984 | Danske Bank A/S | 1,463,424 | ||||||
4,801 | DSV A/S | 380,209 | ||||||
3,395 | FLSmidth & Co. A/S | 209,676 | ||||||
16,212 | ISS A/S | 566,328 | ||||||
4,675 | Jyske Bank A/S | 280,742 | ||||||
48,824 | Novo Nordisk A/S, Class B | 2,293,461 | ||||||
4,532 | Novozymes A/S, Class B | 213,766 | ||||||
6,051 | Orsted A/S(d) | 398,217 | ||||||
3,116 | Pandora A/S | 346,435 | ||||||
8,891 | Vestas Wind Systems A/S | 574,650 | ||||||
|
| |||||||
9,635,327 | ||||||||
|
| |||||||
Finland—0.8% | ||||||||
8,170 | Elisa Oyj | 362,463 | ||||||
42,432 | Fortum Oyj | 977,535 | ||||||
6,677 | Kesko Oyj, Class B | 392,424 | ||||||
15,075 | Kone Oyj, Class B | 748,971 | ||||||
8,617 | Metso Oyj | 306,941 | ||||||
6,450 | Neste Oyj | 542,588 | ||||||
390,270 | Nokia Oyj | 2,355,645 | ||||||
7,996 | Nokian Renkaat Oyj | 319,989 | ||||||
26,699 | Outokumpu Oyj | 172,846 | ||||||
27,157 | Sampo Oyj, Class A | 1,461,512 | ||||||
34,072 | Stora Enso Oyj, Class R | 673,380 | ||||||
36,383 | UPM-Kymmene Oyj | 1,298,478 | ||||||
18,390 | Wartsila Oyj Abp | 390,038 | ||||||
|
| |||||||
10,002,810 | ||||||||
|
| |||||||
France—9.8% | ||||||||
7,444 | Accor SA | 420,646 | ||||||
63,713 | Air France-KLM(a) | 622,804 | ||||||
21,733 | Air Liquide SA | 2,825,035 | ||||||
21,768 | Airbus SE | 2,551,348 | ||||||
9,864 | Alstom SA | 447,389 | ||||||
5,039 | Arkema SA | 658,927 | ||||||
4,134 | Atos SE | 557,267 | ||||||
245,655 | AXA SA | 7,025,760 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
115,688 | BNP Paribas SA | $ | 8,920,931 | |||||
58,672 | Bollore SA | 291,120 | ||||||
24,930 | Bouygues SA(c) | 1,266,529 | ||||||
11,277 | Bureau Veritas SA | 293,888 | ||||||
7,245 | Capgemini SE | 994,826 | ||||||
114,597 | Carrefour SA | 2,346,194 | ||||||
19,359 | Casino Guichard Perrachon SA(c) | 1,003,101 | ||||||
56,053 | Cie de Saint-Gobain | 2,928,780 | ||||||
13,732 | CIE Generale des Etablissements Michelin SCA | 1,928,032 | ||||||
20,004 | CNP Assurances(c) | 511,671 | ||||||
124,573 | Credit Agricole SA | 2,047,696 | ||||||
29,380 | Danone SA | 2,369,772 | ||||||
1,842 | Dassault Systemes SE | 237,998 | ||||||
9,006 | Edenred | 309,332 | ||||||
7,157 | Eiffage SA | 850,452 | ||||||
109,470 | Electricite de France SA | 1,531,322 | ||||||
10,747 | Elior Group(d) | 219,381 | ||||||
360,855 | Engie SA | 6,327,339 | ||||||
6,321 | Essilor International Cie Generale d’Optique SA | 860,669 | ||||||
3,695 | Eurazeo SA | 323,730 | ||||||
16,812 | Eutelsat Communications SA | 363,700 | ||||||
5,873 | Faurecia SA | 479,303 | ||||||
2,846 | Fonciere des Regions REIT | 318,137 | ||||||
1,987 | Gecina SA REIT | 343,567 | ||||||
18,685 | Getlink SE | 263,904 | ||||||
543 | Hermes International | 351,015 | ||||||
2,528 | ICADE REIT(c) | 250,772 | ||||||
2,073 | Imerys SA | 188,720 | ||||||
1,936 | Kering SA | 1,117,355 | ||||||
13,673 | Klepierre SA REIT(c) | 559,097 | ||||||
18,028 | Lagardere SCA | 515,276 | ||||||
9,932 | Legrand SA | 770,611 | ||||||
8,099 | L’Oreal SA(c) | 1,940,630 | ||||||
8,048 | LVMH Moet Hennessy Louis Vuitton SE | 2,802,721 | ||||||
68,747 | Natixis SA | 562,418 | ||||||
8,432 | Neopost SA | 227,793 | ||||||
3,793 | Nexity SA | 236,501 | ||||||
271,659 | Orange SA | 4,940,504 | ||||||
8,042 | Pernod Ricard SA | 1,334,530 | ||||||
56,604 | Peugeot SA | 1,393,598 | ||||||
11,561 | Publicis Groupe SA | 864,493 | ||||||
22,741 | Renault SA | 2,461,692 | ||||||
44,717 | Rexel SA | 691,939 | ||||||
3,297 | Rubis SCA | 255,804 | ||||||
10,848 | Safran SA | 1,272,893 | ||||||
96,712 | Sanofi(c) | 7,637,505 | ||||||
33,353 | Schneider Electric SE | 3,014,267 | ||||||
19,158 | SCOR SE(c) | 777,844 | ||||||
114,046 | Societe Generale SA | 6,249,974 | ||||||
6,088 | Sodexo SA | 601,928 | ||||||
59,836 | Suez | 864,634 | ||||||
1,969 | Teleperformance | 315,715 | ||||||
4,703 | Thales SA | 595,283 | ||||||
280,447 | Total SA | 17,619,805 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
6,230 | Unibail-Rodamco SE REIT | $ | 1,492,199 | |||||
14,489 | Valeo SA | 964,652 | ||||||
39,520 | Vallourec SA(a)(c) | 237,844 | ||||||
68,055 | Veolia Environnement SA | 1,612,220 | ||||||
31,583 | Vinci SA(c) | 3,155,236 | ||||||
111,281 | Vivendi SA(c) | 2,936,642 | ||||||
2,060 | Wendel SA | 310,357 | ||||||
|
| |||||||
123,565,017 | ||||||||
|
| |||||||
Germany—9.2% | ||||||||
5,580 | Aareal Bank AG | 278,916 | ||||||
5,822 | adidas AG | 1,432,242 | ||||||
45,484 | Allianz SE | 10,765,334 | ||||||
4,482 | Aurubis AG | 399,459 | ||||||
73,537 | BASF SE | 7,643,657 | ||||||
49,275 | Bayer AG | 5,901,619 | ||||||
43,123 | Bayerische Motoren Werke AG | 4,817,796 | ||||||
7,299 | Bayerische Motoren Werke AG (Preference Shares) | 706,411 | ||||||
2,504 | Beiersdorf AG | 283,879 | ||||||
5,886 | Bilfinger SE | 280,889 | ||||||
10,768 | Brenntag AG | 616,504 | ||||||
20,448 | Ceconomy AG | 228,957 | ||||||
129,170 | Commerzbank AG(a) | 1,666,646 | ||||||
6,231 | Continental AG | 1,665,258 | ||||||
5,628 | Covestro AG(d) | 511,726 | ||||||
120,730 | Daimler AG | 9,521,876 | ||||||
295,760 | Deutsche Bank AG | 4,053,642 | ||||||
6,339 | Deutsche Boerse AG | 853,318 | ||||||
28,415 | Deutsche Lufthansa AG | 828,243 | ||||||
13,331 | Deutsche Pfandbriefbank AG(d) | 215,863 | ||||||
68,846 | Deutsche Post AG | 2,999,436 | ||||||
379,708 | Deutsche Telekom AG | 6,642,421 | ||||||
12,647 | Deutsche Wohnen AG-BR | 597,519 | ||||||
454,622 | E.ON SE | 4,974,019 | ||||||
13,528 | Evonik Industries AG | 481,064 | ||||||
11,288 | Freenet AG | 358,956 | ||||||
9,539 | Fresenius Medical Care AG & Co. KGaA | 971,328 | ||||||
21,103 | Fresenius SE & Co. KGaA | 1,611,924 | ||||||
8,518 | GEA Group AG | 333,010 | ||||||
5,626 | Hannover Rueck SE | 791,196 | ||||||
11,785 | HeidelbergCement AG | 1,156,128 | ||||||
4,626 | Henkel AG & Co. KGaA | 551,927 | ||||||
7,070 | Henkel AG & Co. KGaA (Preference Shares) | 900,324 | ||||||
1,901 | HOCHTIEF AG | 347,110 | ||||||
4,515 | HUGO BOSS AG | 423,590 | ||||||
26,689 | Infineon Technologies AG | 683,884 | ||||||
19,290 | Innogy SE(d) | 851,374 | ||||||
22,479 | K+S AG | 661,883 | ||||||
3,026 | KION Group AG | 252,614 | ||||||
6,696 | LANXESS AG | 496,104 | ||||||
2,911 | LEG Immobilien AG | 334,894 | ||||||
3,544 | Leoni AG | 222,165 | ||||||
10,544 | Linde AG(a) | 2,344,660 | ||||||
2,547 | MAN SE | 293,881 | ||||||
5,283 | Merck KGaA | 517,566 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
46,278 | METRO AG | $ | 671,795 | |||||
2,008 | MTU Aero Engines AG | 345,694 | ||||||
20,600 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 4,722,589 | ||||||
4,336 | OSRAM Licht AG | 249,415 | ||||||
6,107 | Porsche Automobil Holding SE (Preference Shares) | 520,986 | ||||||
21,480 | ProSiebenSat.1 Media SE | 781,159 | ||||||
2,433 | Rheinmetall AG | 318,402 | ||||||
130,282 | RWE AG | 3,128,457 | ||||||
8,393 | RWE AG (Preference Shares) | 170,562 | ||||||
5,124 | Salzgitter AG | 280,949 | ||||||
29,097 | SAP SE | 3,244,715 | ||||||
55,594 | Siemens AG | 7,075,614 | ||||||
12,220 | Suedzucker AG | 203,598 | ||||||
3,532 | Symrise AG | 285,416 | ||||||
6,251 | Talanx AG | 281,766 | ||||||
65,043 | Telefonica Deutschland Holding AG | 310,930 | ||||||
46,055 | thyssenkrupp AG | 1,201,902 | ||||||
35,548 | TUI AG | 802,092 | ||||||
50,301 | Uniper SE | 1,557,221 | ||||||
4,289 | Volkswagen AG | 877,825 | ||||||
27,541 | Volkswagen AG (Preference Shares) | 5,706,154 | ||||||
20,580 | Vonovia SE | 1,032,613 | ||||||
|
| |||||||
116,241,066 | ||||||||
|
| |||||||
Hong Kong—1.8% | ||||||||
406,766 | AIA Group Ltd. | 3,631,862 | ||||||
167,232 | CK Asset Holdings Ltd. | 1,441,728 | ||||||
192,514 | CK Hutchison Holdings Ltd. | 2,273,824 | ||||||
86,314 | CLP Holdings Ltd. | 893,658 | ||||||
44,882 | Galaxy Entertainment Group Ltd. | 392,730 | ||||||
191,596 | Hang Lung Properties Ltd. | 452,660 | ||||||
32,072 | Hang Seng Bank Ltd. | 811,333 | ||||||
80,250 | Henderson Land Development Co. Ltd. | 508,567 | ||||||
276,847 | Hong Kong & China Gas Co. Ltd. | 578,331 | ||||||
15,729 | Hong Kong Exchanges & Clearing Ltd. | 509,866 | ||||||
68,825 | Hongkong Land Holdings Ltd. | 498,981 | ||||||
8,240 | Jardine Matheson Holdings Ltd. | 500,415 | ||||||
7,310 | Jardine Strategic Holdings Ltd. | 276,600 | ||||||
57,782 | Kerry Properties Ltd. | 276,245 | ||||||
577,046 | Li & Fung Ltd. | 290,457 | ||||||
119,887 | Link REIT | 1,059,281 | ||||||
106,761 | MTR Corp. Ltd. | 599,621 | ||||||
612,793 | New World Development Co. Ltd. | 899,593 | ||||||
57,163 | Power Assets Holdings Ltd. | 424,442 | ||||||
142,247 | Sino Land Co. Ltd. | 246,133 | ||||||
282,018 | SJM Holdings Ltd. | 282,268 | ||||||
127,956 | Sun Hung Kai Properties Ltd. | 2,054,218 | ||||||
57,250 | Swire Pacific Ltd., Class A | 566,473 | ||||||
102,244 | Swire Pacific Ltd., Class B | 172,306 | ||||||
87,720 | Swire Properties Ltd. | 311,316 | ||||||
37,828 | Techtronic Industries Co. Ltd. | 221,243 | ||||||
486,088 | WH Group Ltd.(d) | 503,927 | ||||||
267,408 | Wharf Holdings Ltd. (The) | 890,422 | ||||||
88,472 | Wharf Real Estate Investment Co. Ltd. | 665,097 | ||||||
32,141 | Wheelock & Co. Ltd. | 238,665 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
63,699 | Yue Yuen Industrial Holdings Ltd. | $ | 181,400 | |||||
|
| |||||||
22,653,662 | ||||||||
|
| |||||||
Ireland—0.4% | ||||||||
34,778 | Aib Group PLC | 206,806 | ||||||
80,221 | Bank of Ireland Group PLC | 719,602 | ||||||
57,557 | CRH PLC | 2,041,779 | ||||||
11,927 | James Hardie Industries PLC | 211,842 | ||||||
3,799 | Kerry Group PLC, Class A | 386,660 | ||||||
2,711 | Paddy Power Betfair PLC | 267,185 | ||||||
17,874 | Smurfit Kappa Group PLC | 761,704 | ||||||
|
| |||||||
4,595,578 | ||||||||
|
| |||||||
Israel—0.3% | ||||||||
71,043 | Bank Hapoalim BM | 485,122 | ||||||
92,852 | Bank Leumi Le-Israel BM | 547,481 | ||||||
303,107 | Bezeq The Israeli Telecommunication Corp. Ltd. | 381,954 | ||||||
66,270 | Israel Chemicals Ltd. | 296,520 | ||||||
133,521 | Teva Pharmaceutical Industries Ltd. | 2,407,367 | ||||||
|
| |||||||
4,118,444 | ||||||||
|
| |||||||
Italy—3.4% | ||||||||
148,003 | A2A SpA | 297,235 | ||||||
222,316 | Assicurazioni Generali SpA | 4,484,865 | ||||||
31,068 | Atlantia SpA | 1,027,842 | ||||||
255,791 | Banco Bpm SpA(a) | 928,637 | ||||||
76,757 | BPER Banca SpA | 443,079 | ||||||
1,029,884 | Enel SpA | 6,526,473 | ||||||
467,543 | Eni SpA | 9,128,545 | ||||||
76,744 | Hera SpA | 284,172 | ||||||
1,207,154 | Intesa Sanpaolo SpA | 4,591,624 | ||||||
76,759 | Intesa Sanpaolo SpA-RSP | 304,402 | ||||||
59,712 | Leonardo SpA | 689,647 | ||||||
6,231 | Luxottica Group SpA | 388,960 | ||||||
40,843 | Mediobanca Banca di Credito Finanziario SpA | 495,740 | ||||||
24,474 | Pirelli & C SpA(a)(d) | 212,283 | ||||||
78,819 | Poste Italiane SpA(d) | 770,195 | ||||||
14,003 | Prysmian SpA | 411,353 | ||||||
96,943 | Saipem SpA(a) | 370,428 | ||||||
199,336 | Snam SpA | 956,339 | ||||||
23,674 | Societa Cattolica di Assicurazioni SCRL | 252,187 | ||||||
1,974,264 | Telecom Italia SpA(a) | 1,944,763 | ||||||
1,014,293 | Telecom Italia SpA/Milano-RSP | 870,787 | ||||||
96,753 | Terna Rete Elettrica Nazionale SpA | 580,065 | ||||||
236,401 | Unicredit SpA | 5,117,831 | ||||||
144,011 | Unione di Banche Italiane SpA | 741,435 | ||||||
136,938 | Unipol Gruppo SpA | 732,999 | ||||||
150,387 | UnipolSai Assicurazioni SpA | 404,501 | ||||||
|
| |||||||
42,956,387 | ||||||||
|
| |||||||
Japan—21.0% | ||||||||
74,066 | Aeon Co. Ltd. | 1,477,269 | ||||||
12,390 | Air Water, Inc. | 239,364 | ||||||
18,737 | Aisin Seiki Co. Ltd. | 1,017,115 | ||||||
35,754 | Ajinomoto Co., Inc. | 654,228 | ||||||
21,176 | Alfresa Holdings Corp. | 467,546 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
13,065 | Alps Electric Co. Ltd. | $ | 289,896 | |||||
21,157 | Amada Holdings Co. Ltd. | 254,638 | ||||||
9,595 | ANA Holdings, Inc. | 379,949 | ||||||
9,114 | Aozora Bank Ltd. | 368,558 | ||||||
22,512 | Asahi Glass Co. Ltd. | 934,014 | ||||||
16,360 | Asahi Group Holdings Ltd. | 827,681 | ||||||
95,676 | Asahi Kasei Corp. | 1,318,086 | ||||||
109,938 | Astellas Pharma, Inc. | 1,609,606 | ||||||
11,666 | Bandai Namco Holdings, Inc. | 395,271 | ||||||
5,885 | Bank of Kyoto Ltd. (The) | 353,880 | ||||||
14,014 | Bic Camera, Inc. | 228,919 | ||||||
53,959 | Bridgestone Corp. | 2,249,096 | ||||||
16,541 | Brother Industries Ltd. | 354,647 | ||||||
79,906 | Canon, Inc. | 2,767,592 | ||||||
15,426 | Casio Computer Co. Ltd. | 229,591 | ||||||
12,272 | Central Japan Railway Co. | 2,463,933 | ||||||
47,433 | Chiba Bank Ltd. (The) | 381,863 | ||||||
58,508 | Chubu Electric Power Co., Inc. | 916,184 | ||||||
4,906 | Chugai Pharmaceutical Co. Ltd. | 259,143 | ||||||
18,356 | Chugoku Bank Ltd. (The) | 213,210 | ||||||
36,364 | Chugoku Electric Power Co., Inc. (The) | 454,185 | ||||||
110,724 | Concordia Financial Group Ltd. | 644,562 | ||||||
13,310 | Cosmo Energy Holdings Co. Ltd. | 435,636 | ||||||
17,079 | Credit Saison Co. Ltd. | 306,006 | ||||||
30,020 | Dai Nippon Printing Co. Ltd. | 644,856 | ||||||
29,415 | Daicel Corp. | 339,941 | ||||||
4,082 | Daido Steel Co. Ltd. | 220,816 | ||||||
153,168 | Dai-ichi Life Holdings, Inc. | 3,033,530 | ||||||
29,865 | Daiichi Sankyo Co. Ltd. | 1,020,871 | ||||||
9,967 | Daikin Industries Ltd. | 1,164,881 | ||||||
4,244 | Daito Trust Construction Co. Ltd. | 713,510 | ||||||
46,126 | Daiwa House Industry Co. Ltd. | 1,690,338 | ||||||
167,612 | Daiwa Securities Group, Inc. | 1,029,349 | ||||||
7,465 | Denka Co. Ltd. | 266,380 | ||||||
36,357 | Denso Corp. | 1,912,460 | ||||||
15,433 | Dentsu, Inc. | 728,475 | ||||||
10,554 | DIC Corp. | 358,793 | ||||||
4,357 | Don Quijote Holdings Co. Ltd. | 234,369 | ||||||
24,623 | East Japan Railway Co. | 2,360,478 | ||||||
7,734 | Ebara Corp. | 296,143 | ||||||
14,190 | Eisai Co. Ltd. | 948,262 | ||||||
20,231 | Electric Power Development Co. Ltd. | 548,223 | ||||||
3,684 | Familymart UNY Holdings Co. Ltd. | 357,879 | ||||||
5,259 | FANUC Corp. | 1,132,301 | ||||||
1,288 | Fast Retailing Co. Ltd. | 566,623 | ||||||
48,353 | Fuji Electric Co. Ltd. | 345,864 | ||||||
33,509 | FUJIFILM Holdings Corp. | 1,348,934 | ||||||
39,704 | Fujikura Ltd. | 269,438 | ||||||
299,857 | Fujitsu Ltd. | 1,813,978 | ||||||
75,684 | Fukuoka Financial Group, Inc. | 405,308 | ||||||
6,083 | Furukawa Electric Co. Ltd. | 299,034 | ||||||
43,938 | Gunma Bank Ltd. (The) | 256,983 | ||||||
11,652 | H2O Retailing Corp. | 218,349 | ||||||
39,387 | Hachijuni Bank Ltd. (The) | 208,408 | ||||||
20,189 | Hakuhodo DY Holdings, Inc. | 282,471 | ||||||
12,182 | Hankyu Hanshin Holdings, Inc. | 480,378 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
6,072 | Hanwa Co. Ltd. | $ | 264,292 | |||||
21,342 | Haseko Corp. | 336,440 | ||||||
30,199 | Hino Motors Ltd. | 368,984 | ||||||
33,827 | Hiroshima Bank Ltd. (The) | 257,818 | ||||||
5,946 | Hitachi Construction Machinery Co. Ltd. | 215,632 | ||||||
621,180 | Hitachi Ltd. | 4,534,823 | ||||||
20,236 | Hitachi Metals Ltd. | 232,272 | ||||||
37,391 | Hokuriku Electric Power Co.(a) | 381,001 | ||||||
156,224 | Honda Motor Co. Ltd. | 5,360,564 | ||||||
13,619 | Hoya Corp. | 727,416 | ||||||
26,283 | Idemitsu Kosan Co. Ltd. | 1,029,222 | ||||||
16,001 | IHI Corp. | 524,959 | ||||||
17,110 | Iida Group Holdings Co. Ltd. | 334,773 | ||||||
112,804 | Inpex Corp. | 1,443,367 | ||||||
46,294 | Isetan Mitsukoshi Holdings Ltd. | 515,294 | ||||||
45,225 | Isuzu Motors Ltd. | 691,033 | ||||||
134,770 | ITOCHU Corp. | 2,694,886 | ||||||
27,460 | J Front Retailing Co. Ltd. | 445,433 | ||||||
11,452 | Japan Airlines Co. Ltd. | 451,068 | ||||||
150,429 | Japan Display, Inc.(a)(c) | 198,714 | ||||||
17,676 | Japan Exchange Group, Inc. | 327,581 | ||||||
40,416 | Japan Post Bank Co. Ltd. | 548,528 | ||||||
247,518 | Japan Post Holdings Co. Ltd. | 3,004,641 | ||||||
15,006 | Japan Post Insurance Co. Ltd. | 368,448 | ||||||
74,448 | Japan Tobacco, Inc. | 1,997,867 | ||||||
71,651 | JFE Holdings, Inc. | 1,476,236 | ||||||
16,659 | JGC Corp. | 407,183 | ||||||
13,845 | JSR Corp. | 261,274 | ||||||
28,909 | JTEKT Corp. | 468,191 | ||||||
531,479 | JXTG Holdings, Inc. | 3,469,852 | ||||||
70,356 | Kajima Corp. | 678,324 | ||||||
27,289 | Kaneka Corp. | 268,610 | ||||||
74,116 | Kansai Electric Power Co., Inc. (The) | �� | 1,033,715 | |||||
15,132 | Kao Corp. | 1,086,240 | ||||||
17,020 | Kawasaki Heavy Industries Ltd. | 570,833 | ||||||
16,850 | Kawasaki Kisen Kaisha Ltd.(a)(c) | 388,967 | ||||||
140,573 | KDDI Corp. | 3,773,022 | ||||||
12,700 | Keikyu Corp. | 232,935 | ||||||
6,812 | Keio Corp. | 311,886 | ||||||
7,768 | Kewpie Corp. | 181,094 | ||||||
1,022 | Keyence Corp. | 623,279 | ||||||
5,220 | Kikkoman Corp. | 226,355 | ||||||
9,596 | Kintetsu Group Holdings Co. Ltd. | 390,680 | ||||||
48,969 | Kirin Holdings Co. Ltd. | 1,371,317 | ||||||
67,699 | Kobe Steel Ltd. | 695,000 | ||||||
4,453 | Koito Manufacturing Co. Ltd. | 299,105 | ||||||
46,542 | Komatsu Ltd. | 1,588,449 | ||||||
62,731 | Konica Minolta, Inc. | 537,341 | ||||||
60,039 | Kubota Corp. | 1,014,778 | ||||||
29,534 | Kuraray Co. Ltd. | 491,761 | ||||||
23,298 | Kyocera Corp. | 1,489,965 | ||||||
55,788 | Kyushu Electric Power Co., Inc. | 689,288 | ||||||
9,242 | Kyushu Railway Co. | 295,404 | ||||||
3,209 | Lawson, Inc. | 212,027 | ||||||
28,153 | LIXIL Group Corp. | 631,111 | ||||||
8,407 | Makita Corp. | 376,565 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
246,732 | Marubeni Corp. | $ | 1,856,423 | |||||
13,091 | Marui Group Co. Ltd. | 271,311 | ||||||
90,161 | Mazda Motor Corp. | 1,253,644 | ||||||
79,540 | Mebuki Financial Group, Inc. | 308,928 | ||||||
16,198 | Medipal Holdings Corp. | 348,015 | ||||||
7,683 | MEIJI Holdings Co. Ltd. | 616,466 | ||||||
15,190 | Minebea Mitsumi, Inc. | 304,434 | ||||||
156,624 | Mitsubishi Chemical Holdings Corp. | 1,485,808 | ||||||
126,271 | Mitsubishi Corp. | 3,489,263 | ||||||
133,775 | Mitsubishi Electric Corp. | 2,054,456 | ||||||
60,377 | Mitsubishi Estate Co. Ltd. | 1,104,911 | ||||||
12,240 | Mitsubishi Gas Chemical Co., Inc. | 287,456 | ||||||
46,626 | Mitsubishi Heavy Industries Ltd. | 1,841,486 | ||||||
23,302 | Mitsubishi Materials Corp. | 711,251 | ||||||
55,363 | Mitsubishi Motors Corp. | 411,853 | ||||||
12,888 | Mitsubishi Tanabe Pharma Corp. | 244,620 | ||||||
1,386,015 | Mitsubishi UFJ Financial Group, Inc. | 9,286,965 | ||||||
196,883 | Mitsui & Co. Ltd. | 3,552,663 | ||||||
19,662 | Mitsui Chemicals, Inc. | 563,469 | ||||||
15,328 | Mitsui E&S Holdings Co. Ltd.(a) | 262,497 | ||||||
60,600 | Mitsui Fudosan Co. Ltd. | 1,552,257 | ||||||
4,964 | Mitsui Mining & Smelting Co. Ltd. | 211,171 | ||||||
21,942 | Mitsui OSK Lines Ltd. | 650,690 | ||||||
3,338,352 | Mizuho Financial Group, Inc. | 6,048,001 | ||||||
60,101 | MS&AD Insurance Group Holdings, Inc. | 2,016,823 | ||||||
7,769 | Murata Manufacturing Co. Ltd. | 980,646 | ||||||
14,974 | Nagoya Railroad Co. Ltd. | 392,170 | ||||||
28,859 | NEC Corp. | 792,518 | ||||||
17,495 | NGK Insulators Ltd. | 320,537 | ||||||
12,285 | NGK Spark Plug Co. Ltd. | 316,598 | ||||||
11,983 | NH Foods Ltd. | 524,000 | ||||||
23,921 | NHK Spring Co. Ltd. | 263,213 | ||||||
4,345 | Nidec Corp. | 679,574 | ||||||
25,336 | Nikon Corp. | 441,774 | ||||||
1,254 | Nintendo Co. Ltd. | 528,404 | ||||||
10,480 | Nippon Electric Glass Co. Ltd. | 302,165 | ||||||
9,267 | Nippon Express Co. Ltd. | 700,371 | ||||||
14,539 | Nippon Paper Industries Co. Ltd. | 278,623 | ||||||
35,813 | Nippon Sheet Glass Co. Ltd.(a) | 292,892 | ||||||
106,373 | Nippon Steel & Sumitomo Metal Corp. | 2,318,479 | ||||||
86,994 | Nippon Telegraph & Telephone Corp. | 4,138,028 | ||||||
39,616 | Nippon Yusen KK | 844,996 | ||||||
312,119 | Nissan Motor Co. Ltd. | 3,279,387 | ||||||
15,262 | Nisshin Seifun Group, Inc. | 333,763 | ||||||
15,024 | Nisshinbo Holdings, Inc. | 211,660 | ||||||
1,507 | Nitori Holdings Co. Ltd. | 253,359 | ||||||
8,208 | Nitto Denko Corp. | 609,109 | ||||||
13,836 | NOK Corp. | 283,463 | ||||||
335,087 | Nomura Holdings, Inc. | 1,930,218 | ||||||
12,221 | Nomura Real Estate Holdings, Inc. | 303,557 | ||||||
34,954 | NSK Ltd. | 468,769 | ||||||
62,654 | NTN Corp. | 276,182 | ||||||
47,066 | NTT Data Corp. | 507,113 | ||||||
92,147 | NTT DoCoMo, Inc. | 2,387,359 | ||||||
65,603 | Obayashi Corp. | 756,600 | ||||||
16,971 | Odakyu Electric Railway Co. Ltd. | 366,173 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
106,087 | OJI Holdings Corp. | $ | 746,511 | |||||
10,717 | Olympus Corp. | 398,906 | ||||||
8,836 | OMRON Corp. | 477,580 | ||||||
12,006 | Ono Pharmaceutical Co. Ltd. | 278,083 | ||||||
3,221 | Oriental Land Co. Ltd. | 320,621 | ||||||
101,023 | ORIX Corp. | 1,774,145 | ||||||
35,074 | Osaka Gas Co. Ltd. | 754,528 | ||||||
24,230 | Otsuka Holdings Co. Ltd. | 1,265,786 | ||||||
190,911 | Panasonic Corp. | 2,826,481 | ||||||
35,514 | Rakuten, Inc. | 251,955 | ||||||
29,614 | Recruit Holdings Co. Ltd. | 681,396 | ||||||
27,074 | Rengo Co. Ltd. | 231,972 | ||||||
230,121 | Resona Holdings, Inc. | 1,309,329 | ||||||
98,851 | Ricoh Co. Ltd. | 964,892 | ||||||
3,606 | Rohm Co. Ltd. | 330,079 | ||||||
14,124 | Santen Pharmaceutical Co. Ltd. | 237,315 | ||||||
12,452 | SBI Holdings, Inc. | 314,870 | ||||||
10,600 | Secom Co. Ltd. | 794,528 | ||||||
16,457 | Sega Sammy Holdings, Inc. | 270,110 | ||||||
14,014 | Seibu Holdings, Inc. | 236,800 | ||||||
24,114 | Seiko Epson Corp. | 451,648 | ||||||
14,088 | Seino Holdings Co. Ltd. | 263,651 | ||||||
27,343 | Sekisui Chemical Co. Ltd. | 484,765 | ||||||
59,797 | Sekisui House Ltd. | 1,092,427 | ||||||
65,915 | Seven & i Holdings Co. Ltd. | 2,894,417 | ||||||
8,760 | Sharp Corp.(c) | 255,076 | ||||||
22,134 | Shikoku Electric Power Co., Inc. | 280,752 | ||||||
2,202 | Shimano, Inc. | 292,594 | ||||||
55,127 | Shimizu Corp. | 544,431 | ||||||
15,487 | Shin-Etsu Chemical Co. Ltd. | 1,540,735 | ||||||
15,942 | Shinsei Bank Ltd. | 247,596 | ||||||
8,748 | Shionogi & Co. Ltd. | 450,411 | ||||||
8,851 | Shiseido Co. Ltd. | 573,672 | ||||||
41,667 | Shizuoka Bank Ltd. (The) | 423,429 | ||||||
7,561 | Showa Denko K.K. | 252,552 | ||||||
33,068 | Showa Shell Sekiyu K.K. | 467,500 | ||||||
1,403 | SMC Corp. | 534,916 | ||||||
56,196 | SoftBank Group Corp. | 4,352,443 | ||||||
226,930 | Sojitz Corp. | 747,853 | ||||||
40,251 | Sompo Holdings, Inc. | 1,686,496 | ||||||
72,057 | Sony Corp. | 3,545,232 | ||||||
16,627 | Sony Financial Holdings, Inc. | 302,851 | ||||||
6,691 | Stanley Electric Co. Ltd. | 242,447 | ||||||
50,042 | Subaru Corp. | 1,678,957 | ||||||
179,839 | Sumitomo Chemical Co. Ltd. | 1,032,393 | ||||||
124,272 | Sumitomo Corp. | 2,234,444 | ||||||
87,884 | Sumitomo Electric Industries Ltd. | 1,347,196 | ||||||
17,744 | Sumitomo Forestry Co. Ltd. | 294,639 | ||||||
9,328 | Sumitomo Heavy Industries Ltd. | 355,907 | ||||||
13,970 | Sumitomo Metal Mining Co. Ltd. | 594,726 | ||||||
158,089 | Sumitomo Mitsui Financial Group, Inc. | 6,555,236 | ||||||
41,796 | Sumitomo Mitsui Trust Holdings, Inc. | 1,774,587 | ||||||
21,692 | Sumitomo Realty & Development Co. Ltd. | 859,322 | ||||||
21,004 | Sumitomo Rubber Industries Ltd. | 375,644 | ||||||
7,037 | Suntory Beverage & Food Ltd. | 345,931 | ||||||
7,098 | Suzuken Co. Ltd. | 305,520 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
24,433 | Suzuki Motor Corp. | $ | 1,315,374 | |||||
62,631 | T&D Holdings, Inc. | 1,060,710 | ||||||
13,368 | Taiheiyo Cement Corp. | 506,377 | ||||||
14,217 | Taisei Corp. | 765,369 | ||||||
35,738 | Takashimaya Co. Ltd. | 307,002 | ||||||
45,094 | Takeda Pharmaceutical Co. Ltd. | 1,893,920 | ||||||
9,098 | TDK Corp. | 774,608 | ||||||
19,953 | Teijin Ltd. | 375,440 | ||||||
8,094 | Terumo Corp. | 457,603 | ||||||
14,604 | Tobu Railway Co. Ltd. | 465,780 | ||||||
7,138 | Toho Gas Co. Ltd. | 216,570 | ||||||
34,413 | Tohoku Electric Power Co., Inc. | 443,744 | ||||||
64,628 | Tokio Marine Holdings, Inc. | 3,045,711 | ||||||
263,343 | Tokyo Electric Power Co. Holdings, Inc.(a) | 1,248,076 | ||||||
3,488 | Tokyo Electron Ltd. | 668,465 | ||||||
40,786 | Tokyo Gas Co. Ltd. | 1,092,845 | ||||||
14,526 | Tokyo Tatemono Co. Ltd. | 221,292 | ||||||
36,854 | Tokyu Corp. | 620,043 | ||||||
51,659 | Tokyu Fudosan Holdings Corp. | 405,682 | ||||||
72,084 | Toppan Printing Co. Ltd. | 602,839 | ||||||
111,776 | Toray Industries, Inc. | 1,043,958 | ||||||
377,349 | Toshiba Corp.(a) | 1,008,302 | ||||||
20,590 | Tosoh Corp. | 365,417 | ||||||
5,851 | TOTO Ltd. | 330,831 | ||||||
22,688 | Toyo Seikan Group Holdings Ltd. | 357,244 | ||||||
5,613 | Toyo Suisan Kaisha Ltd. | 221,083 | ||||||
10,184 | Toyoda Gosei Co. Ltd. | 258,171 | ||||||
13,973 | Toyota Industries Corp. | 826,185 | ||||||
227,343 | Toyota Motor Corp. | 14,877,309 | ||||||
23,035 | Toyota Tsusho Corp. | 827,291 | ||||||
11,577 | Ube Industries Ltd. | 353,367 | ||||||
10,001 | Unicharm Corp. | 281,042 | ||||||
16,943 | West Japan Railway Co. | 1,199,984 | ||||||
50,230 | Yahoo! Japan Corp.(c) | 206,566 | ||||||
86,052 | Yamada Denki Co. Ltd.(c) | 451,395 | ||||||
20,442 | Yamaguchi Financial Group, Inc. | 255,560 | ||||||
6,187 | Yamaha Corp. | 299,102 | ||||||
18,663 | Yamaha Motor Co. Ltd. | 594,412 | ||||||
25,733 | Yamato Holdings Co. Ltd. | 662,579 | ||||||
12,882 | Yamazaki Baking Co. Ltd. | 281,817 | ||||||
11,692 | Yokogawa Electric Corp. | 257,935 | ||||||
10,792 | Yokohama Rubber Co. Ltd. (The) | 253,975 | ||||||
|
| |||||||
263,450,953 | ||||||||
|
| |||||||
Jersey Island—0.0% | ||||||||
3,212 | Randgold Resources Ltd. | 260,223 | ||||||
|
| |||||||
Luxembourg—0.3% | ||||||||
66,690 | Arcelormittal(a) | 2,246,386 | ||||||
3,746 | RTL Group SA | 308,265 | ||||||
48,842 | SES SA FDR, Class A(c) | 753,523 | ||||||
31,161 | Tenaris SA | 583,530 | ||||||
|
| |||||||
3,891,704 | ||||||||
|
| |||||||
Macau—0.1% | ||||||||
123,451 | Sands China Ltd. | 712,402 | ||||||
65,472 | Wynn Macau Ltd. | 241,924 | ||||||
|
| |||||||
954,326 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Netherlands—4.9% | ||||||||
33,242 | ABN AMRO Group NV CVA(d) | $ | 1,031,327 | |||||
376,595 | Aegon NV | 2,753,441 | ||||||
13,345 | Akzo Nobel NV(c) | 1,201,896 | ||||||
30,278 | Altice NV, Class A(a) | 289,093 | ||||||
4,556 | Altice NV, Class B(a) | 43,302 | ||||||
4,603 | ASML Holding NV | 870,433 | ||||||
14,613 | ASR Nederland NV | 689,326 | ||||||
8,156 | Boskalis Westminster NV | 241,250 | ||||||
4,367 | Gemalto NV | 263,177 | ||||||
6,628 | Heineken Holding NV(c) | 671,817 | ||||||
9,966 | Heineken NV | 1,048,513 | ||||||
326,716 | ING Groep NV | 5,483,995 | ||||||
121,741 | Koninklijke Ahold Delhaize NV | 2,936,313 | ||||||
48,594 | Koninklijke BAM Groep NV(c) | 230,541 | ||||||
9,189 | Koninklijke DSM NV | 948,692 | ||||||
319,803 | Koninklijke KPN NV(c) | 991,923 | ||||||
61,985 | Koninklijke Philips NV | 2,617,976 | ||||||
38,841 | NN Group NV | 1,854,219 | ||||||
11,355 | Philips Lighting NV(d) | 345,237 | ||||||
8,772 | Randstad NV | 563,707 | ||||||
548,511 | Royal Dutch Shell PLC, Class A | 19,073,953 | ||||||
453,032 | Royal Dutch Shell PLC, Class B | 16,190,790 | ||||||
14,418 | SBM Offshore NV | 241,576 | ||||||
11,652 | Wolters Kluwer NV | 628,978 | ||||||
|
| |||||||
61,211,475 | ||||||||
|
| |||||||
New Zealand—0.1% | ||||||||
101,605 | Fletcher Building Ltd. | 451,738 | ||||||
177,552 | Spark New Zealand Ltd. | 431,439 | ||||||
|
| |||||||
883,177 | ||||||||
|
| |||||||
Norway—0.7% | ||||||||
79,708 | DNB ASA | 1,488,878 | ||||||
15,374 | Gjensidige Forsikring ASA | 243,474 | ||||||
28,009 | Marine Harvest ASA | 609,195 | ||||||
94,351 | Norsk Hydro ASA | 585,858 | ||||||
45,930 | Orkla ASA | 425,169 | ||||||
135,548 | Statoil ASA | 3,477,065 | ||||||
41,419 | Storebrand ASA | 354,141 | ||||||
53,390 | Telenor ASA | 1,182,456 | ||||||
19,928 | Yara International ASA | 838,116 | ||||||
|
| |||||||
9,204,352 | ||||||||
|
| |||||||
Portugal—0.2% | ||||||||
675,785 | Banco Comercial Portugues SA, Class R(a) | 225,594 | ||||||
320,051 | EDP-Energias de Portugal SA | 1,189,444 | ||||||
40,441 | Galp Energia SGPS SA | 774,893 | ||||||
13,636 | Jeronimo Martins SGPS SA | 238,578 | ||||||
|
| |||||||
2,428,509 | ||||||||
|
| |||||||
Singapore—0.9% | ||||||||
136,966 | Ascendas Real Estate Investment Trust REIT | 275,157 | ||||||
195,255 | CapitaLand Ltd. | 551,456 | ||||||
146,120 | CapitaLand Mall Trust REIT | 231,321 | ||||||
26,635 | City Developments Ltd. | 254,126 | ||||||
204,626 | ComfortDelGro Corp. Ltd. | 348,260 | ||||||
97,450 | DBS Group Holdings Ltd. | 2,254,523 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore (continued) | ||||||||
230,270 | Genting Singapore PLC | $ | 203,978 | |||||
159,477 | Keppel Corp. Ltd. | 978,356 | ||||||
143,151 | Oversea-Chinese Banking Corp. Ltd. | 1,479,507 | ||||||
105,420 | Sembcorp Industries Ltd. | 244,967 | ||||||
39,278 | Singapore Airlines Ltd. | 321,105 | ||||||
169,731 | Singapore Press Holdings Ltd. | 347,066 | ||||||
107,520 | Singapore Technologies Engineering Ltd. | 281,837 | ||||||
583,275 | Singapore Telecommunications Ltd. | 1,552,345 | ||||||
61,441 | United Overseas Bank Ltd. | 1,389,819 | ||||||
156,626 | Wilmar International Ltd. | 383,754 | ||||||
|
| |||||||
11,097,577 | ||||||||
|
| |||||||
South Africa—0.1% | ||||||||
52,059 | Investec PLC | 413,020 | ||||||
20,949 | Mondi PLC | 583,390 | ||||||
|
| |||||||
996,410 | ||||||||
|
| |||||||
South Korea—4.4% | ||||||||
33,283 | BNK Financial Group, Inc. | 323,575 | ||||||
947 | CJ CheilJedang Corp. | 303,401 | ||||||
170 | CJ CheilJedang Corp. (Preference Shares) | 21,624 | ||||||
2,437 | CJ Corp. | 368,838 | ||||||
4,312 | Daelim Industrial Co. Ltd. | 345,593 | ||||||
4,922 | DB Insurance Co. Ltd. | 289,049 | ||||||
2,179 | Doosan Corp. | 245,526 | ||||||
23,419 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 389,203 | ||||||
25,420 | Doosan Infracore Co. Ltd.(a) | 241,870 | ||||||
1,781 | E-MART, Inc. | 448,473 | ||||||
6,474 | GS Holdings Corp. | 370,317 | ||||||
27,377 | Hana Financial Group, Inc. | 1,216,860 | ||||||
6,571 | Hankook Tire Co. Ltd. | 303,587 | ||||||
7,109 | Hanwha Chemical Corp. | 191,173 | ||||||
6,928 | Hanwha Corp. | 257,688 | ||||||
3,215 | Hanwha Corp. (Preference Shares) | 51,246 | ||||||
44,802 | Hanwha Life Insurance Co. Ltd. | 260,714 | ||||||
3,404 | Hyosung Corp. | 416,185 | ||||||
12,348 | Hyundai Engineering & Construction Co. Ltd. | 733,297 | ||||||
2,228 | Hyundai Glovis Co. Ltd. | 351,499 | ||||||
5,875 | Hyundai Heavy Industries Co. Ltd.(a) | 650,011 | ||||||
7,072 | Hyundai Marine & Fire Insurance Co. Ltd. | 252,778 | ||||||
7,392 | Hyundai Mobis Co. Ltd. | 1,711,867 | ||||||
16,219 | Hyundai Motor Co. | 2,426,200 | ||||||
2,561 | Hyundai Motor Co. (Preference Shares) | 246,377 | ||||||
4,247 | Hyundai Motor Co. (2nd Preference Shares) | 456,729 | ||||||
13,704 | Hyundai Steel Co. | 775,738 | ||||||
35,468 | Industrial Bank of Korea | 556,592 | ||||||
30,526 | KB Financial Group, Inc. | 1,740,758 | ||||||
32,873 | Kia Motors Corp. | 1,016,815 | ||||||
48,275 | Korea Electric Power Corp. | 1,692,710 | ||||||
7,530 | Korea Gas Corp.(a) | 385,767 | ||||||
525 | Korea Zinc Co. Ltd. | 212,510 | ||||||
11,832 | Korean Air Lines Co. Ltd. | 375,710 | ||||||
6,797 | KT&G Corp. | 620,834 | ||||||
39,109 | Kumho Tire Co., Inc.(a) | 227,759 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
2,583 | LG Chem Ltd. | $ | 862,404 | |||||
424 | LG Chem Ltd. (Preference Shares) | 81,291 | ||||||
5,539 | LG Corp. | 418,393 | ||||||
37,927 | LG Display Co. Ltd. | 828,516 | ||||||
13,628 | LG Electronics, Inc. | 1,291,546 | ||||||
2,173 | LG Electronics, Inc. (Preference Shares) | 85,303 | ||||||
25,622 | LG Uplus Corp. | 293,513 | ||||||
873 | Lotte Chemical Corp. | 336,795 | ||||||
1,903 | Lotte Shopping Co. Ltd. | 453,168 | ||||||
3,044 | LS Corp. | 220,883 | ||||||
330 | NAVER Corp. | 220,139 | ||||||
8,971 | POSCO | 3,086,038 | ||||||
10,873 | POSCO Daewoo Corp. | 227,896 | ||||||
2,555 | Samsung C&T Corp. | 332,890 | ||||||
3,626 | Samsung Electro-Mechanics Co. Ltd. | 398,345 | ||||||
5,723 | Samsung Electronics Co. Ltd. | 14,199,663 | ||||||
1,039 | Samsung Electronics Co. Ltd. (Preference Shares) | 2,067,202 | ||||||
2,921 | Samsung Fire & Marine Insurance Co. Ltd. | 730,476 | ||||||
236 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 40,547 | ||||||
48,618 | Samsung Heavy Industries Co. Ltd.(a) | 332,258 | ||||||
5,732 | Samsung Life Insurance Co. Ltd. | 627,914 | ||||||
2,398 | Samsung SDI Co. Ltd. | 408,568 | ||||||
36,277 | Shinhan Financial Group Co. Ltd. | 1,609,731 | ||||||
2,194 | SK Holdings Co. Ltd. | 600,697 | ||||||
23,389 | SK Hynix, Inc. | 1,831,355 | ||||||
7,598 | SK Innovation Co. Ltd. | 1,390,298 | ||||||
39,215 | SK Networks Co. Ltd. | 205,999 | ||||||
2,433 | SK Telecom Co. Ltd. | 520,519 | ||||||
3,394 | S-Oil Corp. | 347,368 | ||||||
44,949 | Woori Bank | 671,781 | ||||||
|
| |||||||
55,200,369 | ||||||||
|
| |||||||
Spain—3.9% | ||||||||
32,249 | Abertis Infraestructuras SA | 711,468 | ||||||
3,729 | Acciona SA | 312,031 | ||||||
46,521 | ACS Actividades de Construccion y Servicios SA | 1,956,747 | ||||||
2,109 | Aena SME SA(d) | 434,907 | ||||||
9,914 | Amadeus IT Group SA | 722,847 | ||||||
596,427 | Banco Bilbao Vizcaya Argentaria SA | 4,833,356 | ||||||
553,446 | Banco de Sabadell SA | 1,081,851 | ||||||
2,196,474 | Banco Santander SA(c) | 14,169,208 | ||||||
108,837 | Bankia SA(c) | 478,015 | ||||||
33,880 | Bankinter SA | 354,147 | ||||||
290,583 | CaixaBank SA | 1,413,151 | ||||||
96,384 | Distribuidora Internacional de Alimentacion SA | 446,350 | ||||||
18,782 | Enagas SA | 546,449 | ||||||
67,302 | Endesa SA | 1,571,128 | ||||||
38,666 | Ferrovial SA | 824,560 | ||||||
41,906 | Gas Natural SDG SA | 1,054,914 | ||||||
10,148 | Grifols SA | 284,132 | ||||||
7,752 | Grifols SA (Preference Shares), Class B | 160,461 | ||||||
496,990 | Iberdrola SA | 3,833,192 | ||||||
33,491 | Industria de Diseno Textil SA(c) | 1,037,908 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Spain (continued) | ||||||||
160,668 | Mapfre SA | $ | 558,272 | |||||
28,540 | Red Electrica Corp. SA | 594,340 | ||||||
197,059 | Repsol SA | 3,752,883 | ||||||
791,744 | Telefonica SA | 8,066,878 | ||||||
|
| |||||||
49,199,195 | ||||||||
|
| |||||||
Sweden—2.1% | ||||||||
14,967 | Alfa Laval AB(c) | 371,941 | ||||||
32,614 | Assa Abloy AB, Class B | 682,398 | ||||||
22,097 | Atlas Copco AB, Class A | 861,231 | ||||||
13,295 | Atlas Copco AB, Class B | 470,189 | ||||||
13,395 | Boliden AB | 466,979 | ||||||
15,489 | Castellum AB | 251,218 | ||||||
17,504 | Electrolux AB, Series B | 460,871 | ||||||
27,538 | Essity AB, Class B | 698,218 | ||||||
19,526 | Getinge AB, Class B(c) | 182,100 | ||||||
104,633 | Hennes & Mauritz AB, Class B | 1,792,991 | ||||||
6,314 | Hexagon AB, Class B | 364,150 | ||||||
20,243 | Husqvarna AB, Class B | 195,278 | ||||||
6,275 | ICA Gruppen AB | 195,578 | ||||||
13,394 | Industrivarden AB, Class A | 294,998 | ||||||
10,646 | Industrivarden AB, Class C | 225,061 | ||||||
515 | NCC AB, Class A | 9,619 | ||||||
11,938 | NCC AB, Class B | 220,435 | ||||||
323,311 | Nordea Bank AB | 3,284,658 | ||||||
55,519 | Sandvik AB | 945,985 | ||||||
27,891 | Securitas AB, Class B(c) | 450,439 | ||||||
123,336 | Skandinaviska Enskilda Banken AB, Class A | 1,161,986 | ||||||
1,740 | Skandinaviska Enskilda Banken AB, Class C | 17,593 | ||||||
42,387 | Skanska AB, Class B | 830,481 | ||||||
31,703 | SKF AB, Class B | 644,365 | ||||||
19,591 | SSAB AB, Class A | 110,246 | ||||||
41,809 | SSAB AB, Class B | 188,202 | ||||||
23,288 | Svenska Cellulosa AB (SCA), Class B | 258,831 | ||||||
117,105 | Svenska Handelsbanken AB, Class A | 1,309,440 | ||||||
2,774 | Svenska Handelsbanken AB, Class B | 33,127 | ||||||
91,918 | Swedbank AB, Class A | 2,004,713 | ||||||
8,901 | Swedish Match AB | 398,457 | ||||||
32,901 | Tele2 AB, Class B | 428,324 | ||||||
4,923 | Telefonaktiebolaget LM Ericsson, Class A | 37,783 | ||||||
398,140 | Telefonaktiebolaget LM Ericsson, Class B | 3,023,998 | ||||||
333,209 | Telia Co. AB | 1,636,525 | ||||||
12,424 | Trelleborg AB, Class B(c) | 291,266 | ||||||
104,045 | Volvo AB, Class B | 1,760,268 | ||||||
|
| |||||||
26,559,942 | ||||||||
|
| |||||||
Switzerland—5.8% | ||||||||
128,209 | ABB Ltd. | 2,990,359 | ||||||
15,082 | Adecco Group AG | 999,351 | ||||||
12,887 | Aryzta AG(a)(c) | 271,642 | ||||||
4,413 | Baloise Holding AG | 699,232 | ||||||
3 | Chocoladefabriken Lindt & Spruengli AG | 227,987 | ||||||
28 | Chocoladefabriken Lindt & Spruengli AG-PC | 179,842 | ||||||
21,506 | Cie Financiere Richemont SA | 2,044,635 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
11,382 | Clariant AG | $ | 263,094 | |||||
9,054 | Coca-Cola HBC AG | 304,266 | ||||||
194,849 | Credit Suisse Group AG | 3,277,368 | ||||||
1,707 | Dufry AG(a) | 241,750 | ||||||
18,731 | Ferguson PLC | 1,431,664 | ||||||
985 | Geberit AG | 420,908 | ||||||
180 | Georg Fischer AG | 223,860 | ||||||
358 | Givaudan SA | 798,969 | ||||||
1,312,580 | Glencore PLC | 6,322,121 | ||||||
668 | Helvetia Holding AG | 397,185 | ||||||
7,729 | Julius Baer Group Ltd. | 459,354 | ||||||
2,817 | Kuehne + Nagel International AG | 438,982 | ||||||
38,972 | LafargeHolcim Ltd. | 2,165,539 | ||||||
1,498 | Lonza Group AG | 366,558 | ||||||
158,522 | Nestle SA | 12,268,803 | ||||||
114,906 | Novartis AG | 8,847,950 | ||||||
2,332 | PSP Swiss Property AG | 218,036 | ||||||
35,331 | Roche Holding AG | 7,847,309 | ||||||
1,339 | Roche Holding AG-BR | 305,248 | ||||||
603 | Schindler Holding AG | 120,882 | ||||||
1,291 | Schindler Holding AG-PC | 266,575 | ||||||
227 | SGS SA | 551,216 | ||||||
51 | Sika AG-BR | 370,025 | ||||||
1,529 | Sonova Holding AG | 252,979 | ||||||
21,512 | STMicroelectronics NV | 468,635 | ||||||
2,477 | Swatch Group AG (The) | 220,559 | ||||||
1,602 | Swatch Group AG (The)-BR | 772,009 | ||||||
3,502 | Swiss Life Holding AG | 1,227,044 | ||||||
4,887 | Swiss Prime Site AG | 459,000 | ||||||
42,396 | Swiss RE AG | 4,038,694 | ||||||
1,671 | Swisscom AG | 802,232 | ||||||
230,089 | UBS Group AG | 3,870,123 | ||||||
1,814 | Vifor Pharma AG | 286,098 | ||||||
18,042 | Zurich Insurance Group AG | 5,761,635 | ||||||
|
| |||||||
73,479,718 | ||||||||
|
| |||||||
United Kingdom—15.4% | ||||||||
50,395 | 3i Group PLC | 651,869 | ||||||
13,364 | Admiral Group PLC | 365,533 | ||||||
29,925 | Aggreko PLC | 301,445 | ||||||
64,477 | Anglo American PLC | 1,513,949 | ||||||
16,939 | Ashtead Group PLC | 471,180 | ||||||
17,909 | Associated British Foods PLC | 664,819 | ||||||
79,846 | AstraZeneca PLC | 5,600,648 | ||||||
487,435 | Aviva PLC | 3,545,185 | ||||||
28,008 | Babcock International Group PLC | 283,215 | ||||||
249,827 | BAE Systems PLC | 2,097,491 | ||||||
97,315 | Balfour Beatty PLC | 393,487 | ||||||
2,250,137 | Barclays PLC | 6,423,145 | ||||||
74,899 | Barratt Developments PLC | 574,691 | ||||||
49,686 | BBA Aviation PLC | 217,686 | ||||||
33,691 | Beazley PLC | 274,481 | ||||||
7,019 | Bellway PLC | 319,084 | ||||||
9,669 | Berkeley Group Holdings PLC (The) | 541,678 | ||||||
2,498,567 | BP PLC | 18,469,041 | ||||||
91,918 | British American Tobacco PLC | 5,053,487 | ||||||
74,923 | British Land Co. PLC (The) REIT | 690,888 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
1,028,330 | BT Group PLC | $ | 3,522,480 | |||||
19,213 | Bunzl PLC | 556,541 | ||||||
21,977 | Burberry Group PLC | 551,274 | ||||||
137,884 | Capita PLC | 362,496 | ||||||
100,711 | Carillion PLC(b) | 0 | ||||||
1,151,223 | Centrica PLC | 2,433,819 | ||||||
10,503 | Close Brothers Group PLC | 221,603 | ||||||
78,985 | CNH Industrial NV, Class A | 972,903 | ||||||
147,634 | Cobham PLC(a) | 232,979 | ||||||
78,332 | Compass Group PLC | 1,683,093 | ||||||
4,902 | Croda International PLC | 299,632 | ||||||
65,741 | CYBG PLC | 272,655 | ||||||
6,753 | DCC PLC | 649,883 | ||||||
5,698 | Derwent London PLC REIT | 250,079 | ||||||
94,397 | Diageo PLC | 3,359,267 | ||||||
174,932 | Direct Line Insurance Group PLC | 900,010 | ||||||
166,805 | Dixons Carphone PLC | 464,200 | ||||||
61,006 | DS Smith PLC | 437,829 | ||||||
16,673 | easyJet PLC | 363,310 | ||||||
34,581 | Experian PLC | 789,843 | ||||||
176,103 | Fiat Chrysler Automobiles NV(a) | 3,926,422 | ||||||
156,994 | G4S PLC | 558,332 | ||||||
421,239 | GlaxoSmithKline PLC | 8,456,936 | ||||||
44,566 | Greene King PLC | 335,765 | ||||||
66,067 | Hammerson PLC REIT | 497,455 | ||||||
84,754 | Hays PLC | 208,711 | ||||||
19,023 | Hiscox Ltd. | 388,908 | ||||||
1,837,801 | HSBC Holdings PLC | 18,325,379 | ||||||
20,080 | IG Group Holdings PLC | 228,936 | ||||||
16,471 | IMI PLC | 247,020 | ||||||
83,595 | Imperial Brands PLC | 2,986,359 | ||||||
49,094 | Inchcape PLC | 490,539 | ||||||
37,791 | Informa PLC | 384,126 | ||||||
54,910 | Inmarsat PLC | 283,095 | ||||||
9,545 | InterContinental Hotels Group PLC | 601,967 | ||||||
19,547 | Intermediate Capital Group PLC | 291,493 | ||||||
82,426 | International Consolidated Airlines Group SA | 711,641 | ||||||
4,003 | Intertek Group PLC | 268,820 | ||||||
115,017 | Intu Properties PLC REIT | 308,647 | ||||||
310,269 | ITV PLC | 644,784 | ||||||
375,593 | J Sainsbury PLC | 1,592,187 | ||||||
39,848 | John Wood Group PLC | 310,499 | ||||||
19,461 | Johnson Matthey PLC | 880,869 | ||||||
247,274 | Kingfisher PLC | 1,030,659 | ||||||
68,891 | Land Securities Group PLC REIT | 933,671 | ||||||
730,674 | Legal & General Group PLC | 2,711,266 | ||||||
5,929,652 | Lloyds Banking Group PLC | 5,272,723 | ||||||
7,056 | London Stock Exchange Group PLC | 417,151 | ||||||
100,099 | Man Group PLC | 248,302 | ||||||
280,012 | Marks & Spencer Group PLC | 1,105,157 | ||||||
60,807 | Meggitt PLC | 394,954 | ||||||
7,690 | Micro Focus International PLC | 133,246 | ||||||
444,499 | National Grid PLC | 5,150,700 | ||||||
26,198 | Nex Group PLC | 355,427 | ||||||
10,424 | Next PLC | 751,374 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
483,564 | Old Mutual PLC | $ | 1,671,581 | |||||
90,102 | Pearson PLC | 1,030,499 | ||||||
40,033 | Pennon Group PLC | 381,048 | ||||||
14,736 | Persimmon PLC | 551,053 | ||||||
58,378 | Petrofac Ltd. | 484,198 | ||||||
32,495 | Phoenix Group Holdings | 351,838 | ||||||
48,055 | Provident Financial PLC | 440,154 | ||||||
180,152 | Prudential PLC | 4,622,607 | ||||||
26,254 | Reckitt Benckiser Group PLC | 2,061,897 | ||||||
29,129 | RELX NV | 618,062 | ||||||
32,905 | RELX PLC | 703,222 | ||||||
60,990 | Rentokil Initial PLC | 257,219 | ||||||
27,432 | Rio Tinto Ltd. | 1,647,092 | ||||||
79,597 | Rio Tinto PLC | 4,314,983 | ||||||
7,995,736 | Rolls-Royce Holdings C Shares(a) | 11,013 | ||||||
112,616 | Rolls-Royce Holdings PLC | 1,296,389 | ||||||
280,196 | Royal Bank of Scotland Group PLC(a) | 1,040,796 | ||||||
114,321 | Royal Mail PLC | 913,451 | ||||||
19,712 | RPC Group PLC | 214,071 | ||||||
79,713 | RSA Insurance Group PLC | 720,822 | ||||||
41,699 | Sage Group PLC (The) | 362,728 | ||||||
5,030 | Schroders PLC | 228,176 | ||||||
43,086 | Segro PLC REIT | 382,780 | ||||||
22,393 | Severn Trent PLC | 597,241 | ||||||
60,430 | Sky PLC | 1,146,954 | ||||||
36,128 | Smith & Nephew PLC | 693,339 | ||||||
25,089 | Smiths Group PLC | 550,685 | ||||||
164,626 | SSE PLC | 3,125,735 | ||||||
30,794 | St. James’s Place PLC | 480,909 | ||||||
337,157 | Standard Chartered PLC | 3,553,131 | ||||||
263,187 | Standard Life Aberdeen PLC | 1,317,794 | ||||||
28,480 | Subsea 7 SA | 398,855 | ||||||
49,489 | Tate & Lyle PLC | 390,932 | ||||||
206,024 | Taylor Wimpey PLC | 543,338 | ||||||
36,428 | TechnipFMC PLC | 1,194,525 | ||||||
1,223,552 | Tesco PLC | 3,975,526 | ||||||
171,690 | Thomas Cook Group PLC | 291,817 | ||||||
26,030 | Travis Perkins PLC | 453,126 | ||||||
21,984 | UBM PLC | 293,107 | ||||||
69,186 | Unilever NV CVA | 3,948,821 | ||||||
52,674 | Unilever PLC | 2,953,159 | ||||||
75,383 | United Utilities Group PLC | 770,273 | ||||||
3,487,899 | Vodafone Group PLC | 10,153,341 | ||||||
11,862 | Weir Group PLC (The) | 347,921 | ||||||
9,724 | Whitbread PLC | 573,369 | ||||||
70,677 | William Hill PLC | 285,032 | ||||||
368,712 | WM Morrison Supermarkets PLC | 1,232,539 | ||||||
95,194 | WPP PLC | 1,631,084 | ||||||
|
| |||||||
193,418,650 | ||||||||
|
| |||||||
United States—0.3% | ||||||||
8,074 | Carnival PLC | 522,030 | ||||||
6,804 | Qiagen NV(a) | 223,743 | ||||||
37,050 | Shire PLC | 1,972,851 | ||||||
47,932 | Valeant Pharmaceuticals International, Inc.(a) | 866,698 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
5,720 | Waste Connections, Inc. | $ | 414,069 | |||||
|
| |||||||
3,999,391 | ||||||||
|
| |||||||
Zambia—0.0% | ||||||||
39,359 | First Quantum Minerals Ltd. | 567,995 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,094,842,632)—99.9% | 1,255,142,972 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.0% | ||||||||
38,038,724 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $38,038,724) | 38,038,724 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,132,881,356)—102.9% | 1,293,181,696 | |||||||
Other assets less liabilities—(2.9)% | (37,045,830 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,256,135,866 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
FDR—Fiduciary Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at April 30, 2018. |
(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 April 30, 2018 was $5,954,582, which represented less than 1% of the Fund’s Net Assets. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 23.2 | |||
Consumer Discretionary | 18.7 | |||
Materials | 11.0 | |||
Financials | 10.1 | |||
Information Technology | 8.9 | |||
Consumer Staples | 7.8 | |||
Real Estate | 7.4 | |||
Health Care | 5.2 | |||
Energy | 4.1 | |||
Utilities | 2.2 | |||
Telecommunication Services | 1.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—5.4% | ||||||||
36,742 | Abacus Property Group REIT | $ | 100,400 | |||||
39,951 | Adelaide Brighton Ltd. | 194,211 | ||||||
45,971 | ALS Ltd. | 270,669 | ||||||
69,916 | Alumina Ltd. | 139,329 | ||||||
12,347 | Ansell Ltd. | 243,069 | ||||||
80,365 | Ardent Leisure Group | 114,654 | ||||||
14,571 | Aristocrat Leisure Ltd. | 294,991 | ||||||
36,386 | Ausdrill Ltd. | 76,630 | ||||||
221,566 | AusNet Services | 287,668 | ||||||
78,546 | Australian Agricultural Co. Ltd.(a)(b) | 65,220 | ||||||
113,649 | Australian Pharmaceutical Industries Ltd. | 116,243 | ||||||
56,337 | Automotive Holdings Group Ltd. | 143,738 | ||||||
14,889 | Bapcor Ltd. | 66,310 | ||||||
86,025 | Beach Energy Ltd. | 102,599 | ||||||
12,795 | Bega Cheese Ltd. | 68,671 | ||||||
7,409 | Breville Group Ltd. | 63,701 | ||||||
6,243 | Brickworks Ltd. | 75,400 | ||||||
12,832 | BT Investment Management Ltd. | 89,016 | ||||||
43,363 | BWP Trust REIT | 102,453 | ||||||
10,218 | carsales.com Ltd. | 110,605 | ||||||
24,392 | Charter Hall Group REIT | 108,633 | ||||||
43,175 | Charter Hall Retail REIT | 128,733 | ||||||
109,706 | Cleanaway Waste Management Ltd. | 131,256 | ||||||
1,693 | Cochlear Ltd. | 248,001 | ||||||
182,575 | Cromwell Property Group REIT | 149,531 | ||||||
61,446 | CSR Ltd. | 261,597 | ||||||
1,866 | Domino’s Pizza Enterprises Ltd. | 59,399 | ||||||
32,398 | DuluxGroup Ltd. | 189,776 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
21,675 | Eclipx Group Ltd. | $ | 53,174 | |||||
14,442 | Elders Ltd. | 86,340 | ||||||
37,661 | Evolution Mining Ltd. | 91,255 | ||||||
266,982 | Fairfax Media Ltd. | 144,095 | ||||||
60,230 | FlexiGroup Ltd. | 93,657 | ||||||
5,366 | Flight Centre Travel Group Ltd. | 226,424 | ||||||
46,823 | G8 Education Ltd. | 79,878 | ||||||
76,695 | Genworth Mortgage Insurance Australia Ltd. | 134,312 | ||||||
54,870 | GrainCorp Ltd., Class A | 368,211 | ||||||
9,960 | GUD Holdings Ltd. | 95,257 | ||||||
32,085 | GWA Group Ltd. | 93,245 | ||||||
63,531 | Harvey Norman Holdings Ltd.(a) | 168,806 | ||||||
186,340 | Healthscope Ltd. | 341,801 | ||||||
28,283 | Iluka Resources Ltd. | 250,856 | ||||||
18,649 | Independence Group NL | 72,779 | ||||||
23,506 | Inghams Group Ltd. | 66,538 | ||||||
53,705 | Investa Office Fund REIT | 177,967 | ||||||
8,285 | InvoCare Ltd. | 81,489 | ||||||
31,129 | IOOF Holdings Ltd. | 210,775 | ||||||
9,896 | IRESS Ltd. | 78,211 | ||||||
12,189 | JB Hi-Fi Ltd. | 236,462 | ||||||
13,400 | Link Administration Holdings Ltd. | 83,954 | ||||||
3,665 | Magellan Financial Group Ltd. | 64,626 | ||||||
5,453 | McMillan Shakespeare Ltd. | 69,481 | ||||||
11,620 | Mineral Resources Ltd. | 157,884 | ||||||
14,980 | Monadelphous Group Ltd. | 182,619 | ||||||
275,524 | Myer Holdings Ltd. | 80,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
24,759 | Myob Group Ltd. | $ | 60,740 | |||||
31,275 | Navitas Ltd. | 101,042 | ||||||
28,085 | nib Holdings Ltd. | 118,084 | ||||||
82,511 | Nine Entertainment Co. Holdings Ltd. | 146,989 | ||||||
19,032 | Northern Star Resources Ltd. | 91,801 | ||||||
51,107 | NRW Holdings Ltd.(b) | 49,380 | ||||||
22,032 | Nufarm Ltd. | 151,673 | ||||||
61,573 | OceanaGold Corp. | 166,186 | ||||||
97,605 | Orora Ltd. | 246,082 | ||||||
36,445 | OZ Minerals Ltd. | 254,472 | ||||||
21,650 | Pact Group Holdings Ltd. | 92,825 | ||||||
3,485 | Perpetual Ltd. | 105,989 | ||||||
208,896 | Perseus Mining Ltd.(b) | 73,324 | ||||||
10,040 | Platinum Asset Management Ltd. | 42,895 | ||||||
8,711 | Premier Investments Ltd. | 103,564 | ||||||
92,617 | Primary Health Care Ltd. | 266,364 | ||||||
82,069 | Qube Holdings Ltd. | 142,484 | ||||||
22,827 | Rcr Tomlinson Ltd. | 69,958 | ||||||
1,014 | REA Group Ltd. | 61,892 | ||||||
27,278 | Regis Resources Ltd. | 97,189 | ||||||
71,904 | Resolute Mining Ltd. | 62,418 | ||||||
36,523 | Retail Food Group Ltd. | 25,364 | ||||||
13,125 | Sandfire Resources NL | 78,665 | ||||||
15,358 | SEEK Ltd. | 225,252 | ||||||
9,534 | Seven Group Holdings Ltd. | 131,197 | ||||||
159,820 | Seven West Media Ltd. | 66,955 | ||||||
71,276 | Shopping Centres Australasia Property Group REIT | 128,050 | ||||||
185,655 | Sigma Healthcare Ltd. | 108,610 | ||||||
131,253 | Southern Cross Media Group Ltd. | 114,433 | ||||||
25,392 | Super Retail Group Ltd. | 138,195 | ||||||
54,425 | Sydney Airport | 292,920 | ||||||
22,462 | Tassal Group Ltd. | 65,787 | ||||||
23,089 | TPG Telecom Ltd. | 97,252 | ||||||
112,977 | Virgin Australia Holdings Ltd.(b)(c) | 0 | ||||||
72,339 | Vocus Group Ltd. | 133,782 | ||||||
8,352 | Washington H Soul Pattinson & Co. Ltd. | 122,370 | ||||||
56,596 | Whitehaven Coal Ltd. | 197,373 | ||||||
|
| |||||||
12,224,227 | ||||||||
|
| |||||||
Austria—1.0% | ||||||||
557 | Agrana Beteiligungs AG | 65,278 | ||||||
759 | ams AG | 63,164 | ||||||
7,501 | BUWOG AG | 263,181 | ||||||
5,430 | CA Immobilien Anlagen AG | 188,549 | ||||||
4,106 | EVN AG | 84,236 | ||||||
120,740 | IMMOFINANZ AG | 317,139 | ||||||
1,412 | Lenzing AG | 165,224 | ||||||
2,679 | Oesterreichische Post AG | 129,018 | ||||||
686 | Schoeller-Bleckmann Oilfield Equipment AG(b) | 85,286 | ||||||
10,412 | Telekom Austria AG, Class A | 99,380 | ||||||
15,111 | UNIQA Insurance Group AG | 181,293 | ||||||
3,607 | Verbund AG | 112,174 | ||||||
5,556 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 181,110 | ||||||
12,285 | Wienerberger AG | 310,213 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Austria (continued) | ||||||||
6,656 | Zumtobel Group AG | $ | 60,313 | |||||
|
| |||||||
2,305,558 | ||||||||
|
| |||||||
Belgium—1.3% | ||||||||
1,782 | Ackermans & van Haaren NV | 322,521 | ||||||
752 | Aedifica SA REIT | 68,324 | ||||||
19,754 | AGFA-Gevaert NV(b) | 70,741 | ||||||
857 | Barco NV | 110,998 | ||||||
2,210 | Befimmo SA REIT | 143,652 | ||||||
5,245 | Bekaert SA NV | 221,035 | ||||||
718 | Cie d’Entreprises CFE | 90,566 | ||||||
2,196 | Cofinimmo SA REIT | 291,853 | ||||||
2,992 | D’Ieteren SA/NV | 127,462 | ||||||
10,645 | Econocom Group SA/NV | 68,808 | ||||||
1,665 | Elia System Operator SA/NV | 105,411 | ||||||
23,944 | Euronav NV(a) | 194,259 | ||||||
1,300 | Gimv NV | 78,062 | ||||||
579 | Melexis NV | 55,299 | ||||||
16,175 | Nyrstar NV(a)(b) | 112,175 | ||||||
5,591 | Ontex Group NV | 143,747 | ||||||
4,571 | Orange Belgium SA | 95,101 | ||||||
1,131 | Sofina SA | 197,865 | ||||||
4,095 | Telenet Group Holding NV(b) | 240,254 | ||||||
2,347 | Tessenderlo Group SA(b) | 98,680 | ||||||
847 | Warehouses De Pauw CVA REIT | 104,381 | ||||||
|
| |||||||
2,941,194 | ||||||||
|
| |||||||
Cambodia—0.0% | ||||||||
88,095 | NagaCorp Ltd. | 92,043 | ||||||
|
| |||||||
Canada—8.0% | ||||||||
33,653 | Advantage Oil & Gas Ltd.(b) | 107,368 | ||||||
11,750 | Aecon Group, Inc. | 165,441 | ||||||
13,650 | Air Canada(b) | 268,751 | ||||||
23,874 | Alamos Gold, Inc., Class A | 129,245 | ||||||
24,200 | Algonquin Power & Utilities Corp. | 235,969 | ||||||
8,349 | Allied Properties Real Estate Investment Trust REIT | 270,148 | ||||||
23,905 | Artis Real Estate Investment Trust REIT | 249,688 | ||||||
6,048 | ATS Automation Tooling Systems, Inc.(b) | 82,892 | ||||||
45,118 | B2Gold Corp.(b) | 129,869 | ||||||
51,077 | Birchcliff Energy Ltd. | 185,271 | ||||||
6,517 | Boardwalk Real Estate Investment Trust REIT(a) | 234,408 | ||||||
17,681 | CAE, Inc. | 334,738 | ||||||
8,200 | Canadian Real Estate Investment Trust REIT | 323,024 | ||||||
8,342 | Canadian Western Bank(a) | 221,703 | ||||||
7,655 | Canfor Corp.(b) | 176,096 | ||||||
13,333 | Cascades, Inc. | 127,407 | ||||||
5,128 | CCL Industries, Inc., Class B | 249,130 | ||||||
33,462 | Centerra Gold, Inc.(b) | 204,643 | ||||||
24,661 | Ces Energy Solutions Corp.(a) | 121,001 | ||||||
15,274 | Chartwell Retirement Residences | 176,456 | ||||||
8,442 | Cineplex, Inc.(a) | 197,624 | ||||||
1,329 | Cogeco Communications, Inc. | 70,921 | ||||||
1,530 | Colliers International Group, Inc. | 104,085 | ||||||
385 | Constellation Software, Inc. | 275,586 | ||||||
25,643 | Corus Entertainment, Inc., Class B | 128,020 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
13,965 | Cott Corp. | $ | 200,006 | |||||
17,339 | Detour Gold Corp.(b) | 125,517 | ||||||
1,657 | Dollarama, Inc. | 191,041 | ||||||
2,608 | Dorel Industries, Inc., Class B | 56,455 | ||||||
14,188 | Dream Global Real Estate Investment Trust, Class Trust Unit REIT | 151,514 | ||||||
17,610 | Dream Office Real Estate Investment Trust REIT | 326,663 | ||||||
50,283 | ECN Capital Corp. | 133,361 | ||||||
250,051 | Eldorado Gold Corp.(a)(b) | 237,967 | ||||||
49,684 | Element Fleet Management Corp. | 187,969 | ||||||
5,385 | Emera, Inc.(a) | 167,983 | ||||||
7,521 | Enbridge Income Fund Holdings, Inc.(a) | 161,104 | ||||||
9,357 | Enercare, Inc. | 126,711 | ||||||
12,761 | Enerflex Ltd. | 156,184 | ||||||
30,149 | Ensign Energy Services, Inc. | 144,636 | ||||||
40,917 | Entertainment One Ltd. | 154,306 | ||||||
17,845 | Extendicare, Inc. | 115,955 | ||||||
17,729 | First Capital Realty, Inc. | 277,562 | ||||||
12,265 | First Majestic Silver Corp.(a)(b) | 79,793 | ||||||
1,277 | FirstService Corp. | 89,652 | ||||||
5,528 | Genworth MI Canada, Inc.(a) | 178,955 | ||||||
4,445 | Granite Real Estate Investment Trust REIT | 175,137 | ||||||
2,861 | Great Canadian Gaming Corp.(b) | 81,772 | ||||||
15,604 | Home Capital Group, Inc.(a)(b) | 175,156 | ||||||
18,708 | HudBay Minerals, Inc. | 130,903 | ||||||
35,148 | Hudson’s Bay Co.(a) | 248,952 | ||||||
37,028 | IAMGOLD Corp.(b) | 202,767 | ||||||
9,249 | Innergex Renewable Energy, Inc. | 97,688 | ||||||
23,995 | Ivanhoe Mines Ltd., Class A(b) | 49,602 | ||||||
7,088 | Jean Coutu Group (PJC), Inc. (The), Class A | 135,960 | ||||||
34,747 | Just Energy Group, Inc. | 145,553 | ||||||
6,645 | Kirkland Lake Gold Ltd. | 116,111 | ||||||
5,350 | Laurentian Bank of Canada | 205,787 | ||||||
5,301 | Linamar Corp. | 297,521 | ||||||
6,160 | Maple Leaf Foods, Inc. | 148,720 | ||||||
17,416 | Martinrea International, Inc. | 208,131 | ||||||
3,620 | Maxar Technologies Ltd.(a) | 164,064 | ||||||
74,758 | MEG Energy Corp.(b) | 387,217 | ||||||
11,616 | Mullen Group Ltd. | 131,840 | ||||||
65,326 | Nevsun Resources Ltd. | 182,431 | ||||||
3,087 | New Flyer Industries, Inc. | 142,003 | ||||||
90,380 | New Gold, Inc.(b) | 212,211 | ||||||
4,028 | Norbord, Inc. | 166,594 | ||||||
6,866 | North West Co., Inc. (The) | 147,876 | ||||||
10,902 | Northland Power, Inc.(a) | 196,873 | ||||||
7,000 | Northview Apartment Real Estate Investment Trust REIT | 139,296 | ||||||
10,994 | NuVista Energy Ltd.(b) | 72,296 | ||||||
169,303 | Obsidian Energy Ltd.(a)(b) | 187,535 | ||||||
5,742 | Osisko Gold Royalties Ltd. | 56,123 | ||||||
9,990 | Pan American Silver Corp. | 161,311 | ||||||
7,149 | Pason Systems, Inc. | 100,101 | ||||||
37,666 | Peyto Exploration & Development Corp.(a) | 356,695 | ||||||
7,427 | Prairiesky Royalty Ltd.(a) | 164,941 | ||||||
81,738 | Precision Drilling Corp.(b) | 292,024 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
1,227 | Premium Brands Holdings Corp. | $ | 115,440 | |||||
15,706 | Quebecor, Inc., Class B | 293,304 | ||||||
15,544 | Raging River Exploration, Inc.(b) | 86,574 | ||||||
4,646 | Restaurant Brands International, Inc. | 253,220 | ||||||
5,322 | Ritchie Bros Auctioneers, Inc. | 174,196 | ||||||
10,509 | Russel Metals, Inc. | 239,208 | ||||||
20,082 | Secure Energy Services, Inc. | 126,575 | ||||||
29,880 | SEMAFO, Inc.(b) | 92,767 | ||||||
20,831 | �� | Seven Generations Energy Ltd., Class A(b) | 297,690 | |||||
8,303 | ShawCor Ltd. | 160,885 | ||||||
9,937 | SSR Mining, Inc.(b) | 101,932 | ||||||
8,646 | Stantec, Inc. | 220,340 | ||||||
6,538 | Stars Group, Inc. (The)(b) | 203,696 | ||||||
2,224 | Stella-Jones, Inc. | 80,723 | ||||||
17,483 | Superior Plus Corp. | 169,654 | ||||||
12,605 | TFI International, Inc. | 365,481 | ||||||
4,601 | TMX Group Ltd. | 277,937 | ||||||
16,348 | TORC Oil & Gas Ltd. | 92,838 | ||||||
4,364 | Toromont Industries Ltd. | 191,418 | ||||||
47,475 | TransAlta Corp. | 250,346 | ||||||
7,536 | TransAlta Renewables, Inc. | 67,368 | ||||||
10,735 | Transcontinental, Inc., Class A | 226,432 | ||||||
5,692 | Westshore Terminals Investment Corp. | 98,437 | ||||||
44,546 | Whitecap Resources, Inc. | 323,162 | ||||||
2,421 | Winpak Ltd. | 90,007 | ||||||
|
| |||||||
18,313,639 | ||||||||
|
| |||||||
China—0.8% | ||||||||
15,017 | AAC Technologies Holdings, Inc. | 218,704 | ||||||
58,543 | CapitaLand Retail China Trust REIT | 69,418 | ||||||
49,018 | China Gold International Resources Corp. Ltd.(b) | 99,799 | ||||||
98,797 | China Harmony New Energy Auto Holding Ltd.(b) | 56,396 | ||||||
304,957 | China Travel International Investment Hong Kong Ltd. | 114,627 | ||||||
254,805 | FIH Mobile Ltd. | 43,830 | ||||||
32,592 | Minth Group Ltd. | 155,729 | ||||||
134,159 | MMG Ltd.(b) | 101,026 | ||||||
47,553 | Nexteer Automotive Group Ltd. | 74,284 | ||||||
504,204 | Shougang Fushan Resources Group Ltd. | 125,276 | ||||||
780,375 | Shui On Land Ltd. | 211,792 | ||||||
70,447 | SITC International Holdings Co. Ltd. | 75,400 | ||||||
163,106 | Tingyi Cayman Islands Holding Corp. | 309,243 | ||||||
95,942 | Towngas China Co. Ltd. | 85,817 | ||||||
100,634 | Uni-President China Holdings Ltd. | 95,656 | ||||||
151,760 | Xinyi Solar Holdings Ltd. | 69,612 | ||||||
|
| |||||||
1,906,609 | ||||||||
|
| |||||||
Colombia—0.1% | ||||||||
40,615 | Gran Tierra Energy, Inc.(b) | 134,016 | ||||||
9,176 | Parex Resources, Inc.(b) | 158,117 | ||||||
|
| |||||||
292,133 | ||||||||
|
| |||||||
Denmark—1.1% | ||||||||
7,451 | Alm. Brand A/S | 79,021 | ||||||
2,064 | Chr. Hansen Holding A/S | 187,836 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
3,951 | D/S Norden A/S(b) | $ | 72,464 | |||||
2,113 | DFDS A/S | 132,126 | ||||||
410 | Genmab A/S(b) | 83,241 | ||||||
5,210 | GN Store Nord A/S | 183,674 | ||||||
1,510 | H. Lundbeck A/S | 87,907 | ||||||
7,500 | Matas A/S | 86,595 | ||||||
2,277 | Nilfisk Holding A/S(b) | 111,881 | ||||||
2,365 | NKT A/S(b) | 70,682 | ||||||
347 | Rockwool International A/S, Class B | 104,888 | ||||||
2,564 | Royal Unibrew A/S | 170,472 | ||||||
7,765 | Scandinavian Tobacco Group A/S(d) | 129,949 | ||||||
1,048 | Schouw & Co. AB | 103,412 | ||||||
1,204 | SimCorp A/S | 87,703 | ||||||
7,109 | Spar Nord Bank A/S | 81,504 | ||||||
6,742 | Sydbank A/S | 250,147 | ||||||
2,861 | Topdanmark A/S | 135,101 | ||||||
10,478 | Tryg A/S | 248,924 | ||||||
3,537 | William Demant Holding A/S(b) | 138,345 | ||||||
|
| |||||||
2,545,872 | ||||||||
|
| |||||||
Faroe Islands—0.1% | ||||||||
2,365 | Bakkafrost P/F | 136,094 | ||||||
|
| |||||||
Finland—1.4% | ||||||||
9,853 | Amer Sports Oyj | 302,371 | ||||||
4,147 | Cargotec Oyj, Class B | 212,040 | ||||||
13,600 | Caverion Oyj(b) | 113,953 | ||||||
35,253 | Citycon Oyj | 80,883 | ||||||
5,977 | Cramo Oyj | 140,673 | ||||||
3,624 | Dna OYJ | 85,031 | ||||||
6,470 | Finnair Oyj | 88,567 | ||||||
7,397 | Huhtamaki Oyj(a) | 302,430 | ||||||
12,744 | Kemira Oyj | 171,218 | ||||||
4,599 | Konecranes Oyj, Class B | 188,810 | ||||||
15,006 | Metsa Board Oyj, Class B | 168,793 | ||||||
9,432 | Orion Oyj, Class B | 286,945 | ||||||
13,289 | Outotec Oyj(b) | 121,478 | ||||||
9,382 | Ramirent Oyj | 81,954 | ||||||
11,888 | Sanoma Oyj | 132,715 | ||||||
7,764 | Tieto Oyj | 278,975 | ||||||
5,779 | Uponor Oyj | 101,172 | ||||||
11,215 | Valmet Oyj | 213,547 | ||||||
22,715 | YIT Oyj | 153,139 | ||||||
|
| |||||||
3,224,694 | ||||||||
|
| |||||||
France—3.3% | ||||||||
1,485 | Aeroports de Paris | 327,258 | ||||||
2,450 | Albioma SA | 60,682 | ||||||
13,888 | ALD SA(a)(b)(d) | 235,248 | ||||||
1,763 | Alten SA | 175,304 | ||||||
11,623 | Altran Technologies SA | 179,749 | ||||||
3,522 | Amundi SA(d) | 299,912 | ||||||
1,361 | bioMerieux | 107,870 | ||||||
1,570 | Bonduelle SCA | 69,995 | ||||||
4,412 | CIE Plastic Omnium SA | 212,370 | ||||||
9,623 | Coface SA(b) | 122,311 | ||||||
128 | Dassault Aviation SA | 255,945 | ||||||
8,753 | Derichebourg SA | 77,570 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
8,715 | Elis SA | $ | 208,694 | |||||
619 | Eramet(b) | 107,769 | ||||||
12,169 | Europcar Groupe SA(d) | 142,174 | ||||||
2,153 | Fnac Darty SA(b) | 231,511 | ||||||
955 | Gaztransport Et Technigaz SA | 59,249 | ||||||
1,266 | Iliad SA | 253,834 | ||||||
2,937 | Ingenico Group SA | 256,910 | ||||||
905 | Ipsen SA | 147,065 | ||||||
3,605 | IPSOS | 137,200 | ||||||
4,769 | JCDecaux SA | 170,667 | ||||||
6,307 | Korian SA | 220,983 | ||||||
1,445 | LISI | 53,423 | ||||||
2,444 | Maisons DU Monde SA(d) | 99,452 | ||||||
6,254 | Mercialys SA REIT(a) | 119,764 | ||||||
6,476 | Metropole Television SA | 159,616 | ||||||
4,937 | Nexans SA | 261,202 | ||||||
2,232 | Orpea | 286,794 | ||||||
6,817 | Rallye SA(a) | 106,578 | ||||||
1,112 | Remy Cointreau SA | 153,295 | ||||||
1,483 | SEB SA | 284,711 | ||||||
3,098 | Societe BIC SA | 316,096 | ||||||
928 | Sopra Steria Group | 198,342 | ||||||
12,557 | SPIE SA | 284,159 | ||||||
3,955 | Tarkett SA | 116,976 | ||||||
84,947 | Technicolor SA | 139,273 | ||||||
16,903 | Television Francaise 1(a) | 211,370 | ||||||
3,013 | Ubisoft Entertainment SA(b) | 288,530 | ||||||
2,001 | Vicat SA | 147,595 | ||||||
616 | Vilmorin & Cie SA | 43,613 | ||||||
1,659 | Worldline SA(b)(d) | 83,744 | ||||||
|
| |||||||
7,414,803 | ||||||||
|
| |||||||
Georgia—0.1% | ||||||||
3,950 | BGEO Group PLC | 189,331 | ||||||
|
| |||||||
Germany—3.5% | ||||||||
1,759 | ADO Properties SA(d) | 96,825 | ||||||
9,504 | alstria office REIT-AG REIT | 143,075 | ||||||
3,251 | Axel Springer SE | 266,505 | ||||||
2,006 | BayWa AG | 70,165 | ||||||
1,740 | Bechtle AG | 147,684 | ||||||
733 | CANCOM SE | 86,524 | ||||||
1,842 | CTS Eventim AG & Co. KGaA | 86,439 | ||||||
5,341 | Deutsche EuroShop AG | 192,299 | ||||||
14,105 | Deutz AG | 137,015 | ||||||
5,883 | DIC Asset AG | 72,642 | ||||||
1,191 | DMG Mori AG | 68,711 | ||||||
593 | Draegerwerk AG & Co. KGaA | 36,540 | ||||||
1,217 | Draegerwerk AG & Co. KGaA (Preference Shares) | 89,987 | ||||||
1,871 | Duerr AG | 186,449 | ||||||
4,955 | ElringKlinger AG | 90,159 | ||||||
1,267 | Fielmann AG | 104,247 | ||||||
2,687 | Fraport AG Frankfurt Airport Services Worldwide | 261,013 | ||||||
1,864 | FUCHS PETROLUB SE | 96,164 | ||||||
3,870 | FUCHS PETROLUB SE (Preference Shares) | 208,257 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
2,581 | Gerresheimer AG | $ | 210,801 | |||||
6,644 | Grand City Properties SA | 160,546 | ||||||
621 | GRENKE AG | 73,416 | ||||||
2,447 | Hamburger Hafen und Logistik AG, Class A | 59,041 | ||||||
5,274 | Hapag-Lloyd AG(b)(d) | 226,845 | ||||||
56,694 | Heidelberger Druckmaschinen AG(b) | 211,521 | ||||||
3,688 | Hella GmbH & Co. KGaA | 228,362 | ||||||
1,019 | Hornbach Holding AG & Co. KGAA | 82,118 | ||||||
1,559 | Indus Holding AG | 111,885 | ||||||
2,544 | Jenoptik AG | 92,824 | ||||||
3,451 | Jungheinrich AG (Preference Shares) | 146,099 | ||||||
22,561 | Kloeckner & Co. SE | 275,308 | ||||||
824 | Koenig & Bauer AG | 67,797 | ||||||
1,173 | Krones AG | 150,792 | ||||||
13,280 | Nordex SE(b) | 152,747 | ||||||
1,918 | Norma Group SE | 141,241 | ||||||
379 | Pfeiffer Vacuum Technology AG | 56,139 | ||||||
107 | Rational AG | 67,160 | ||||||
2,877 | RHOEN-KLINIKUM AG | 94,199 | ||||||
4,219 | Rocket Internet SE(b)(d) | 123,765 | ||||||
685 | Sartorius AG (Preference Shares) | 105,769 | ||||||
11,431 | Schaeffler AG (Preference Shares) | 177,678 | ||||||
4,043 | Scout24 AG(d) | 209,751 | ||||||
768 | Siltronic AG | 124,060 | ||||||
1,035 | Sixt SE | 122,235 | ||||||
1,386 | Sixt SE (Preference Shares) | 113,703 | ||||||
3,058 | Software AG | 150,964 | ||||||
911 | Stabilus SA | 82,110 | ||||||
1,079 | STADA Arzneimittel AG | 109,298 | ||||||
794 | Stroeer Se & Co. KGAA | 58,278 | ||||||
12,674 | TAG Immobilien AG | 267,819 | ||||||
2,915 | Takkt AG | 60,365 | ||||||
4,028 | TLG Immobilien AG | 116,020 | ||||||
4,751 | United Internet AG | 308,706 | ||||||
1,262 | Vossloh AG(b) | 64,039 | ||||||
1,404 | VTG AG | 80,575 | ||||||
1,298 | Wacker Chemie AG | 234,452 | ||||||
2,095 | Wacker Neuson SE | 67,633 | ||||||
1,481 | Wirecard AG | 202,375 | ||||||
2,704 | Wuestenrot & Wuerttembergische AG | 65,339 | ||||||
1,929 | Zalando SE(b)(d) | 99,634 | ||||||
|
| |||||||
7,994,109 | ||||||||
|
| |||||||
Ghana—0.2% | ||||||||
114,537 | Tullow Oil PLC(b) | 359,214 | ||||||
|
| |||||||
Hong Kong—2.9% | ||||||||
14,740 | ASM Pacific Technology Ltd. | 202,838 | ||||||
53,302 | Bank of East Asia Ltd. (The) | 234,989 | ||||||
160,687 | Brightoil Petroleum Holdings Ltd.(b)(c) | 24,569 | ||||||
129,168 | Cathay Pacific Airways Ltd. | 208,032 | ||||||
188,913 | Champion REIT | 133,833 | ||||||
67,290 | Chinese Estates Holdings Ltd. | 100,486 | ||||||
143,494 | Chow Tai Fook Jewellery Group Ltd. | 185,761 | ||||||
28,635 | CK Infrastructure Holdings Ltd. | 226,577 | ||||||
38,033 | Dah Sing Banking Group Ltd. | 90,621 | ||||||
16,104 | Dah Sing Financial Holdings Ltd. | 108,136 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
26,830 | Dairy Farm International Holdings Ltd. | $ | 225,909 | |||||
252,410 | Esprit Holdings Ltd.(b) | 87,479 | ||||||
144,134 | First Pacific Co. Ltd. | 74,195 | ||||||
115,483 | Fortune Real Estate Investment Trust REIT | 136,992 | ||||||
2,684,971 | Global Brands Group Holding Ltd.(b) | 133,423 | ||||||
209,011 | Haitong International Securities Group Ltd. | 123,038 | ||||||
37,940 | Hang Lung Group Ltd. | 115,054 | ||||||
56,452 | Hkbn Ltd. | 79,122 | ||||||
46,072 | Hongkong & Shanghai Hotels Ltd. (The) | 70,209 | ||||||
74,657 | Hopewell Holdings Ltd. | 265,876 | ||||||
101,517 | Huabao International Holdings Ltd. | 65,192 | ||||||
728,162 | Hutchison Port Holdings Trust | 243,934 | ||||||
207,768 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 76,772 | ||||||
47,632 | Hysan Development Co. Ltd. | 278,269 | ||||||
35,334 | Johnson Electric Holdings Ltd. | 123,359 | ||||||
222,132 | K Wah International Holdings Ltd. | 137,271 | ||||||
50,281 | Luk Fook Holdings International Ltd. | 211,099 | ||||||
102,130 | Man Wah Holdings Ltd. | 75,996 | ||||||
187,747 | Mapletree Greater China Commercial Trust REIT(d) | 168,739 | ||||||
49,680 | Melco International Development Ltd. | 185,788 | ||||||
502,426 | Noble Group Ltd.(b) | 31,495 | ||||||
88,368 | NWS Holdings Ltd. | 174,749 | ||||||
21,373 | Orient Overseas International Ltd. | 203,429 | ||||||
489,843 | Pacific Basin Shipping Ltd.(b) | 131,070 | ||||||
71,648 | Pacific Textiles Holdings Ltd. | 65,730 | ||||||
408,292 | PCCW Ltd. | 253,354 | ||||||
46,974 | Road King Infrastructure Ltd. | 89,779 | ||||||
159,031 | Sa Sa International Holdings Ltd. | 99,290 | ||||||
85,734 | Shangri-La Asia Ltd. | 168,448 | ||||||
210,380 | Shun Tak Holdings Ltd. | 87,119 | ||||||
219,463 | Sun Art Retail Group Ltd. | 248,314 | ||||||
26,129 | Television Broadcasts Ltd. | 83,232 | ||||||
406,957 | Truly International Holdings Ltd. | 93,336 | ||||||
32,905 | Vitasoy International Holdings Ltd. | 87,417 | ||||||
12,497 | VTech Holdings Ltd. | 153,103 | ||||||
145,527 | Xinyi Glass Holdings Ltd. | 212,127 | ||||||
130,415 | Yuexiu Real Estate Investment Trust REIT | 87,240 | ||||||
|
| |||||||
6,662,790 | ||||||||
|
| |||||||
India—0.2% | ||||||||
1,230 | Rhi Magnesita NV(b) | 72,577 | ||||||
27,608 | Vedanta Resources PLC | 276,904 | ||||||
|
| |||||||
349,481 | ||||||||
|
| |||||||
Indonesia—0.1% | ||||||||
605,766 | Golden Agri-Resources Ltd. | 157,841 | ||||||
|
| |||||||
Ireland—0.5% | ||||||||
22,852 | C&C Group PLC | 86,142 | ||||||
9,360 | Dalata Hotel Group PLC(b) | 74,638 | ||||||
11,260 | Glanbia PLC | 190,461 | ||||||
45,129 | Green REIT PLC REIT | 82,769 | ||||||
65,373 | Greencore Group PLC | 142,941 | ||||||
42,011 | Hibernia REIT PLC REIT | 75,324 | ||||||
5,598 | Kingspan Group PLC | 253,631 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Ireland (continued) | ||||||||
15,245 | UDG Healthcare PLC | $ | 192,129 | |||||
|
| |||||||
1,098,035 | ||||||||
|
| |||||||
Israel—1.2% | ||||||||
5,114 | Airport City Ltd.(b) | 58,618 | ||||||
8,728 | Alony Hetz Properties & Investments Ltd. | 77,627 | ||||||
2,700 | Azrieli Group Ltd. | 123,897 | ||||||
8,773 | Cellcom Israel Ltd.(b) | 60,106 | ||||||
1,178 | Delek Group Ltd. | 177,098 | ||||||
1,396 | Elbit Systems Ltd. | 161,604 | ||||||
6,983 | First International Bank of Israel Ltd. | 144,303 | ||||||
805 | Frutarom Industries Ltd. | 77,303 | ||||||
14,286 | Gazit-Globe Ltd. | 135,399 | ||||||
15,907 | Harel Insurance Investments & Financial Services Ltd. | 115,879 | ||||||
788 | Israel Corp. Ltd. (The) | 154,954 | ||||||
112,184 | Israel Discount Bank Ltd., Class A(b) | 311,492 | ||||||
15,234 | Mizrahi Tefahot Bank Ltd. | 279,072 | ||||||
2,155 | Nice Ltd.(b) | 204,485 | ||||||
230,698 | Oil Refineries Ltd. | 100,156 | ||||||
14,932 | Partner Communications Co. Ltd.(b) | 61,672 | ||||||
763 | Paz Oil Co. Ltd. | 111,230 | ||||||
11,783 | Phoenix Holdings Ltd. (The)(b) | 60,521 | ||||||
9,005 | Shufersal Ltd. | 51,834 | ||||||
770 | SodaStream International Ltd.(b) | 72,979 | ||||||
4,593 | Tower Semiconductor Ltd.(b) | 120,854 | ||||||
|
| |||||||
2,661,083 | ||||||||
|
| |||||||
Italy—2.8% | ||||||||
6,212 | ACEA SpA | 109,353 | ||||||
4,250 | Amplifon SpA | 79,590 | ||||||
17,985 | Anima Holding SpA(d) | 129,725 | ||||||
5,758 | ASTM SpA | 158,963 | ||||||
12,345 | Autogrill SpA | 158,101 | ||||||
10,135 | Azimut Holding SpA | 213,432 | ||||||
8,590 | Banca Farmafactoring SpA(d) | 53,812 | ||||||
4,507 | Banca Generali SpA | 146,589 | ||||||
1,743 | Banca Ifis SpA | 68,863 | ||||||
25,441 | Banca Mediolanum SpA | 204,714 | ||||||
35,062 | Banca Popolare di Sondrio SCPA | 166,059 | ||||||
137,935 | Beni Stabili SpA SIIQ REIT | 130,739 | ||||||
8,703 | Brembo SpA | 128,808 | ||||||
6,018 | Buzzi Unicem SpA | 152,399 | ||||||
3,335 | Buzzi Unicem SpA-RSP | 47,949 | ||||||
10,883 | Cerved Information Solutions SpA | 132,277 | ||||||
9,564 | Credito Emiliano SpA | 84,122 | ||||||
1,380 | Danieli & C. Officine Meccaniche SpA | 38,098 | ||||||
4,046 | Danieli & C. Officine Meccaniche SpA RSP | 77,627 | ||||||
22,002 | Davide Campari-Milano SpA | 165,345 | ||||||
4,473 | De’Longhi SpA | 134,026 | ||||||
774 | DiaSorin SpA | 73,269 | ||||||
21,653 | Enav SpA(d) | 118,353 | ||||||
8,124 | ERG SpA | 195,327 | ||||||
2,357 | Ferrari NV | 290,610 | ||||||
46,649 | Fincantieri SpA(b) | 73,664 | ||||||
15,809 | Finecobank Banca Fineco SpA | 189,171 | ||||||
795 | Industria Macchine Automatiche SpA | 77,418 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
13,921 | Infrastrutture Wireless Italiane SpA(d) | $ | 112,269 | |||||
3,071 | Interpump Group SpA | 97,880 | ||||||
70,594 | Iren SpA | 215,105 | ||||||
56,057 | Italgas SpA | 363,429 | ||||||
3,150 | MARR SpA | 95,222 | ||||||
49,679 | Mediaset SpA(b) | 197,773 | ||||||
3,525 | Moncler SpA | 159,453 | ||||||
22,015 | OVS SpA(d) | 93,893 | ||||||
23,897 | Piaggio & C. SpA | 62,942 | ||||||
50,680 | Prada SpA | 256,362 | ||||||
4,101 | Recordati SpA | 146,910 | ||||||
54,010 | Salini Impregilo SpA | 154,915 | ||||||
2,662 | Salvatore Ferragamo SpA | 78,862 | ||||||
150,255 | Saras SpA | 359,082 | ||||||
8,716 | Societa Iniziative Autostradali e Servizi SpA | 185,340 | ||||||
1,520 | Tod’s SpA | 117,534 | ||||||
2,245 | Yoox Net-A-Porter Group SpA(b) | 102,773 | ||||||
|
| |||||||
6,398,147 | ||||||||
|
| |||||||
Japan—34.1% | ||||||||
9,584 | 77 Bank Ltd. (The) | 237,268 | ||||||
1,773 | ABC-Mart, Inc. | 116,823 | ||||||
22,514 | Acom Co. Ltd. | 102,051 | ||||||
4,417 | Adastria Co. Ltd. | 76,775 | ||||||
11,861 | ADEKA Corp. | 210,718 | ||||||
6,883 | Advantest Corp. | 164,802 | ||||||
2,047 | Aeon Delight Co. Ltd. | 71,741 | ||||||
13,313 | AEON Financial Service Co. Ltd. | 312,188 | ||||||
11,714 | Aeon Mall Co. Ltd. | 237,438 | ||||||
3,901 | Aica Kogyo Co. Ltd. | 146,878 | ||||||
1,990 | Aichi Bank Ltd. (The) | 95,113 | ||||||
1,989 | Aichi Steel Corp. | 86,067 | ||||||
5,861 | Aida Engineering Ltd. | 68,613 | ||||||
24,389 | Aiful Corp.(b) | 82,467 | ||||||
1,985 | Ain Holdings, Inc.(a) | 132,424 | ||||||
7,415 | Aisan Industry Co. Ltd. | 76,573 | ||||||
27,800 | Akebono Brake Industry Co. Ltd.(a)(b) | 71,644 | ||||||
3,436 | Alconix Corp. | 61,796 | ||||||
3,167 | Alpen Co. Ltd. | 69,577 | ||||||
5,967 | Alpine Electronics, Inc. | 113,205 | ||||||
5,150 | Amano Corp. | 128,062 | ||||||
11,257 | Anritsu Corp. | 148,139 | ||||||
5,143 | AOKI Holdings, Inc. | 78,819 | ||||||
2,620 | Aomori Bank Ltd. (The) | 81,766 | ||||||
6,643 | Aoyama Trading Co. Ltd. | 255,885 | ||||||
2,434 | Arata Corp. | 144,583 | ||||||
3,880 | Arcland Sakamoto Co. Ltd. | 61,236 | ||||||
4,790 | Arcs Co. Ltd. | 130,973 | ||||||
6,082 | Asahi Diamond Industrial Co. Ltd. | 58,583 | ||||||
4,176 | Asahi Holdings, Inc. | 76,670 | ||||||
18,731 | Asics Corp. | 354,678 | ||||||
1,694 | ASKUL Corp.(a) | 53,332 | ||||||
8,994 | Autobacs Seven Co. Ltd. | 170,140 | ||||||
6,753 | Avex, Inc. | 93,373 | ||||||
17,210 | Awa Bank Ltd. (The) | 112,610 | ||||||
5,460 | Azbil Corp. | 254,476 | ||||||
4,069 | Bank of the Ryukyus Ltd. | 62,397 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5,154 | Belluna Co. Ltd. | $ | 60,006 | |||||
8,490 | Benesse Holdings, Inc. | 309,574 | ||||||
8,393 | Bunka Shutter Co. Ltd. | 83,451 | ||||||
4,143 | Calbee, Inc. | 139,709 | ||||||
5,645 | Canon Marketing Japan, Inc. | 122,521 | ||||||
4,596 | Capcom Co. Ltd. | 88,329 | ||||||
3,147 | Cawachi Ltd. | 73,279 | ||||||
8,356 | Central Glass Co. Ltd. | 198,467 | ||||||
3,203 | Chiyoda Co. Ltd. | 76,954 | ||||||
21,312 | Chiyoda Corp. | 219,498 | ||||||
3,980 | Chubu Shiryo Co. Ltd. | 89,620 | ||||||
3,523 | Chudenko Corp. | 98,035 | ||||||
8,444 | Chugoku Marine Paints Ltd. | 83,340 | ||||||
39,830 | Citizen Watch Co. Ltd. | 298,475 | ||||||
3,403 | CKD Corp. | 71,745 | ||||||
6,881 | Coca-Cola Bottlers Japan Holdings, Inc. | 296,180 | ||||||
2,347 | cocokara fine, Inc. | 170,086 | ||||||
4,131 | Colowide Co. Ltd. | 105,101 | ||||||
9,223 | COMSYS Holdings Corp. | 257,072 | ||||||
659 | Cosmos Pharmaceutical Corp. | 148,211 | ||||||
3,983 | CyberAgent, Inc. | 219,852 | ||||||
2,989 | Daifuku Co. Ltd. | 160,615 | ||||||
11,201 | Daihen Corp. | 87,213 | ||||||
14,560 | Daiho Corp. | 88,750 | ||||||
3,402 | Daiichikosho Co. Ltd. | 178,766 | ||||||
4,698 | Daikyo, Inc. | 102,396 | ||||||
5,690 | Daikyonishikawa Corp. | 102,490 | ||||||
1,492 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 61,153 | ||||||
11,050 | Daio Paper Corp. | 155,008 | ||||||
2,456 | Daiseki Co. Ltd. | 76,536 | ||||||
1,904 | Daishi Bank Ltd. (The) | 85,434 | ||||||
4,586 | Daiwabo Holdings Co. Ltd. | 208,712 | ||||||
22,769 | DCM Holdings Co. Ltd. | 226,806 | ||||||
14,557 | DeNA Co. Ltd. | 277,371 | ||||||
4,155 | Descente Ltd. | 70,209 | ||||||
4,969 | Dexerials Corp. | 46,818 | ||||||
955 | Disco Corp. | 168,265 | ||||||
7,036 | DMG Mori Co. Ltd. | 132,265 | ||||||
2,800 | Doshisha Co. Ltd. | 65,301 | ||||||
2,945 | Doutor Nichires Holdings Co. Ltd. | 61,578 | ||||||
8,704 | Dowa Holdings Co. Ltd. | 328,513 | ||||||
1,718 | DTS Corp. | 62,330 | ||||||
5,397 | Duskin Co. Ltd. | 136,078 | ||||||
1,349 | DyDo Group Holdings, Inc. | 83,954 | ||||||
4,145 | Eagle Industry Co. Ltd. | 74,964 | ||||||
1,624 | Earth Corp. | 85,337 | ||||||
19,961 | EDION Corp. | 234,588 | ||||||
1,799 | Eizo Corp. | 84,504 | ||||||
4,898 | Exedy Corp. | 166,064 | ||||||
4,516 | Ezaki Glico Co. Ltd. | 243,907 | ||||||
1,966 | Fancl Corp. | 77,257 | ||||||
4,425 | FCC Co. Ltd. | 125,360 | ||||||
32,700 | Feed One Co. Ltd. | 72,916 | ||||||
3,985 | Foster Electric Co. Ltd. | 93,703 | ||||||
1,824 | FP Corp. | 112,682 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
3,164 | Fuji Co. Ltd. | $ | 69,135 | |||||
5,702 | Fuji Corp./Aichi | 102,498 | ||||||
9,034 | Fuji Media Holdings, Inc. | 148,193 | ||||||
35,197 | Fuji Oil Co. Ltd. | 145,709 | ||||||
4,583 | Fuji Oil Holdings, Inc. | 147,217 | ||||||
2,805 | Fuji Seal International, Inc. | 104,843 | ||||||
2,417 | Fuji Soft, Inc. | 93,543 | ||||||
2,255 | Fujimori Kogyo Co. Ltd. | 76,558 | ||||||
9,222 | Fujitec Co. Ltd. | 128,185 | ||||||
6,017 | Fujitsu General Ltd. | 98,427 | ||||||
2,840 | Fukuyama Transporting Co. Ltd. | 118,739 | ||||||
5,156 | Furukawa Co. Ltd. | 104,086 | ||||||
4,427 | Futaba Corp. | 91,716 | ||||||
17,009 | Futaba Industrial Co. Ltd. | 136,321 | ||||||
2,100 | Fuyo General Lease Co. Ltd. | 142,591 | ||||||
7,059 | Geo Holdings Corp. | 115,731 | ||||||
6,048 | Glory Ltd. | 208,371 | ||||||
3,863 | GMO Internet, Inc.(a) | 71,135 | ||||||
16,851 | Gree, Inc. | 93,168 | ||||||
54,528 | GS Yuasa Corp. | 294,005 | ||||||
27,924 | GungHo Online Entertainment, Inc. | 84,467 | ||||||
2,028 | Gunze Ltd. | 124,729 | ||||||
2,219 | Hamakyorex Co. Ltd. | 77,363 | ||||||
5,124 | Hamamatsu Photonics K.K. | 197,608 | ||||||
3,783 | Happinet Corp. | 52,514 | ||||||
31,364 | Hazama Ando Corp. | 252,804 | ||||||
9,641 | Heiwa Corp. | 191,719 | ||||||
4,894 | Heiwa Real Estate Co. Ltd. | 114,764 | ||||||
5,320 | Heiwado Co. Ltd. | 126,892 | ||||||
1,511 | Hikari Tsushin, Inc. | 245,240 | ||||||
2,133 | Hirose Electric Co. Ltd. | 300,579 | ||||||
3,543 | HIS Co. Ltd. | 129,675 | ||||||
3,546 | Hisamitsu Pharmaceutical Co., Inc. | 276,421 | ||||||
5,406 | Hitachi Capital Corp. | 144,753 | ||||||
13,079 | Hitachi Chemical Co. Ltd. | 287,577 | ||||||
5,632 | Hitachi High-Technologies Corp. | 263,007 | ||||||
7,112 | Hitachi Transport System Ltd. | 190,498 | ||||||
46,381 | Hitachi Zosen Corp. | 252,197 | ||||||
1,920 | Hogy Medical Co. Ltd. | 80,011 | ||||||
45,800 | Hokkaido Electric Power Co., Inc. | 303,868 | ||||||
2,288 | Hokkoku Bank Ltd. (The) | 91,374 | ||||||
26,484 | Hokuetsu Kishu Paper Co. Ltd. | 165,548 | ||||||
19,786 | Hokuhoku Financial Group, Inc. | 293,287 | ||||||
2,466 | Horiba Ltd. | 179,612 | ||||||
2,249 | Hoshizaki Corp. | 209,023 | ||||||
6,867 | Hosiden Corp. | 82,335 | ||||||
5,758 | House Foods Group, Inc. | 202,852 | ||||||
18,249 | Hulic Co. Ltd. | 196,290 | ||||||
22,319 | Hyakugo Bank Ltd. (The) | 104,227 | ||||||
21,576 | Hyakujushi Bank Ltd. (The) | 72,955 | ||||||
19,872 | Ibiden Co. Ltd. | 328,885 | ||||||
3,527 | IBJ Leasing Co. Ltd. | 97,502 | ||||||
2,609 | Inaba Denki Sangyo Co. Ltd. | 111,704 | ||||||
6,131 | Inabata & Co. Ltd. | 94,129 | ||||||
3,483 | Internet Initiative Japan, Inc. | 65,856 | ||||||
3,978 | Iseki & Co. Ltd. | 76,888 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
8,484 | Ishihara Sangyo Kaisha Ltd.(b) | $ | 97,536 | |||||
4,898 | Ito EN Ltd. | 195,607 | ||||||
11,656 | Itochu Enex Co. Ltd. | 114,403 | ||||||
8,374 | ITOCHU Techno-Solutions Corp. | 173,717 | ||||||
16,264 | Itoham Yonekyu Holdings, Inc. | 147,888 | ||||||
6,213 | Iwatani Corp. | 229,669 | ||||||
38,570 | Iyo Bank Ltd. (The) | 305,599 | ||||||
3,581 | Izumi Co. Ltd. | 236,606 | ||||||
13,296 | J Trust Co. Ltd.(a) | 94,047 | ||||||
5,954 | Jaccs Co. Ltd. | 134,941 | ||||||
3,394 | JAFCO Co. Ltd. | 149,190 | ||||||
2,889 | Japan Airport Terminal Co. Ltd. | 118,675 | ||||||
6,911 | Japan Aviation Electronics Industry Ltd. | 118,231 | ||||||
8,905 | Japan Petroleum Exploration Co. Ltd. | 231,689 | ||||||
15,415 | Japan Securities Finance Co. Ltd. | 101,428 | ||||||
5,577 | Japan Steel Works Ltd. (The) | 183,479 | ||||||
6,707 | Japan Wool Textile Co. Ltd. (The) | 69,935 | ||||||
3,459 | Joyful Honda Co. Ltd. | 122,175 | ||||||
4,475 | Juki Corp. | 65,106 | ||||||
4,100 | Juroku Bank Ltd. (The) | 108,322 | ||||||
51,565 | JVC Kenwood Corp. | 180,483 | ||||||
8,963 | Kadokawa Dwango Corp. | 92,722 | ||||||
3,739 | Kaga Electronics Co. Ltd. | 92,531 | ||||||
4,080 | Kagome Co. Ltd. | 147,093 | ||||||
4,007 | Kakaku.com, Inc. | 76,570 | ||||||
2,544 | Kaken Pharmaceutical Co. Ltd. | 150,652 | ||||||
11,986 | Kamigumi Co. Ltd. | 270,554 | ||||||
3,906 | Kanamoto Co. Ltd. | 134,037 | ||||||
15,414 | Kandenko Co. Ltd. | 182,559 | ||||||
20,080 | Kanematsu Corp. | 307,554 | ||||||
11,052 | Kansai Paint Co. Ltd. | 248,866 | ||||||
5,984 | Kasai Kogyo Co. Ltd. | 84,271 | ||||||
2,714 | Kato Sangyo Co. Ltd. | 100,078 | ||||||
2,811 | Kato Works Co. Ltd. | 65,943 | ||||||
8,034 | Keihan Holdings Co. Ltd. | 259,907 | ||||||
8,992 | Keihin Corp. | 177,498 | ||||||
9,504 | Keisei Electric Railway Co. Ltd. | 310,069 | ||||||
20,528 | Keiyo Bank Ltd. (The) | 93,987 | ||||||
10,004 | Kenedix, Inc. | 57,962 | ||||||
3,078 | Kh Neochem Co. Ltd. | 93,388 | ||||||
18,464 | Kinden Corp. | 322,287 | ||||||
6,153 | Kintetsu World Express, Inc. | 114,766 | ||||||
3,471 | Kissei Pharmaceutical Co. Ltd. | 98,174 | ||||||
11,449 | Kitz Corp. | 95,945 | ||||||
5,979 | Kiyo Bank Ltd. (The) | 97,423 | ||||||
2,556 | Kobayashi Pharmaceutical Co. Ltd. | 215,599 | ||||||
3,376 | Koei Tecmo Holdings Co. Ltd. | 69,695 | ||||||
6,918 | Kohnan Shoji Co. Ltd. | 180,497 | ||||||
9,172 | Kokuyo Co. Ltd. | 165,461 | ||||||
4,093 | Komeri Co. Ltd. | 109,371 | ||||||
7,060 | Komori Corp. | 90,004 | ||||||
4,381 | Konami Holdings Corp. | 215,397 | ||||||
5,227 | Konoike Transport Co. Ltd. | 91,571 | ||||||
663 | Kose Corp. | 122,694 | ||||||
22,868 | K’s Holdings Corp. | 330,612 | ||||||
4,922 | Kumagai Gumi Co. Ltd. | 167,778 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
26,200 | Kurabo Industries Ltd. | $ | 86,675 | |||||
2,223 | Kureha Corp. | 151,349 | ||||||
10,549 | Kurita Water Industries Ltd. | 342,234 | ||||||
4,458 | KYB Corp. | 215,516 | ||||||
4,643 | Kyoei Steel Ltd.(a) | 96,785 | ||||||
4,669 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 74,030 | ||||||
2,262 | Kyokuyo Co. Ltd. | 78,036 | ||||||
6,762 | KYORIN Holdings, Inc. | 132,490 | ||||||
1,687 | Kyoritsu Maintenance Co. Ltd. | 79,706 | ||||||
7,847 | Kyowa Exeo Corp. | 204,377 | ||||||
15,090 | Kyowa Hakko Kirin Co. Ltd. | 327,381 | ||||||
2,967 | Kyudenko Corp. | 139,097 | ||||||
46,430 | Kyushu Financial Group, Inc. | 228,278 | ||||||
38,914 | Leopalace21 Corp. | 338,197 | ||||||
5,847 | Lintec Corp. | 169,118 | ||||||
12,813 | Lion Corp. | 276,576 | ||||||
3,336 | Lixil Viva Corp. | 61,979 | ||||||
1,804 | M3, Inc. | 68,335 | ||||||
4,169 | Mabuchi Motor Co. Ltd. | 210,307 | ||||||
3,295 | Macnica Fuji Electronics Holdings, Inc. | 56,580 | ||||||
17,325 | Maeda Corp. | 214,059 | ||||||
8,962 | Maeda Road Construction Co. Ltd. | 193,614 | ||||||
12,886 | Makino Milling Machine Co. Ltd. | 122,118 | ||||||
2,171 | Mandom Corp. | 78,368 | ||||||
7,293 | Maruha Nichiro Corp. | 245,599 | ||||||
6,233 | Maruichi Steel Tube Ltd. | 213,320 | ||||||
7,479 | Marusan Securities Co. Ltd. | 71,355 | ||||||
8,365 | Matsui Securities Co. Ltd. | 81,643 | ||||||
6,769 | Matsumotokiyoshi Holdings Co. Ltd. | 302,185 | ||||||
6,367 | Maxell Holdings Ltd. | 125,623 | ||||||
8,373 | Megmilk Snow Brand Co. Ltd. | 252,127 | ||||||
38,867 | Meidensha Corp. | 153,443 | ||||||
1,663 | Meitec Corp. | 91,338 | ||||||
7,024 | Miraca Holdings, Inc. | 274,092 | ||||||
9,289 | Mirait Holdings Corp. | 147,198 | ||||||
8,447 | MISUMI Group, Inc. | 233,899 | ||||||
9,608 | Mitsuba Corp. | 140,663 | ||||||
9,436 | Mitsubishi Logistics Corp. | 218,341 | ||||||
2,753 | Mitsubishi Pencil Co. Ltd. | 54,821 | ||||||
2,806 | Mitsubishi Steel Manufacturing Co. Ltd. | 68,031 | ||||||
49,440 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 314,916 | ||||||
21,795 | Mitsui-Soko Holdings Co. Ltd.(b) | 70,907 | ||||||
3,865 | Miura Co. Ltd. | 117,796 | ||||||
1,443 | Mochida Pharmaceutical Co. Ltd. | 101,805 | ||||||
2,995 | Modec, Inc. | 79,566 | ||||||
22,111 | Monex Group, Inc.(a) | 126,089 | ||||||
2,684 | Morinaga & Co. Ltd. | 130,735 | ||||||
7,371 | Morinaga Milk Industry Co. Ltd. | 324,344 | ||||||
3,794 | Morita Holdings Corp. | 74,476 | ||||||
2,996 | Musashi Seimitsu Industry Co. Ltd. | 105,137 | ||||||
2,664 | Musashino Bank Ltd. (The) | 88,739 | ||||||
6,522 | Nabtesco Corp. | 235,728 | ||||||
24,034 | Nachi-Fujikoshi Corp. | 125,194 | ||||||
10,684 | Nagase & Co. Ltd. | 182,875 | ||||||
15,096 | Namura Shipbuilding Co. Ltd. | 93,535 | ||||||
10,268 | Nankai Electric Railway Co. Ltd. | 273,532 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5,030 | Nanto Bank Ltd. (The) | $ | 139,741 | |||||
3,903 | NEC Networks & System Integration Corp. | 102,261 | ||||||
8,827 | NET One Systems Co. Ltd. | 142,216 | ||||||
10,722 | Nexon Co. Ltd.(b) | 156,090 | ||||||
11,949 | Nichias Corp. | 151,567 | ||||||
7,386 | Nichicon Corp. | 83,630 | ||||||
2,219 | Nichiha Corp. | 88,212 | ||||||
7,502 | NichiiGakkan Co. Ltd. | 77,540 | ||||||
6,346 | Nichi-iko Pharmaceutical Co. Ltd. | 101,548 | ||||||
12,304 | Nichirei Corp. | 355,880 | ||||||
5,798 | Nifco, Inc. | 204,261 | ||||||
5,965 | Nihon Kohden Corp. | 170,896 | ||||||
5,610 | Nihon Parkerizing Co. Ltd. | 88,950 | ||||||
6,222 | Nihon Unisys Ltd. | 129,586 | ||||||
8,960 | Nikkiso Co. Ltd. | 102,108 | ||||||
4,969 | Nikkon Holdings Co. Ltd. | 132,552 | ||||||
7,494 | Nippo Corp. | 171,966 | ||||||
3,504 | Nippon Chemi-Con Corp. | 81,496 | ||||||
3,044 | Nippon Densetsu Kogyo Co. Ltd. | 62,591 | ||||||
6,585 | Nippon Flour Mills Co. Ltd. | 107,538 | ||||||
2,621 | Nippon Gas Co. Ltd. | 129,343 | ||||||
19,698 | Nippon Kayaku Co. Ltd. | 246,799 | ||||||
2,527 | Nippon Koei Co. Ltd. | 74,245 | ||||||
119,113 | Nippon Light Metal Holdings Co. Ltd. | 320,029 | ||||||
7,239 | Nippon Paint Holdings Co. Ltd. | 296,374 | ||||||
1,765 | Nippon Shinyaku Co. Ltd. | 131,619 | ||||||
4,515 | Nippon Shokubai Co. Ltd.(a) | 306,983 | ||||||
7,920 | Nippon Signal Co. Ltd. | 75,201 | ||||||
24,379 | Nippon Soda Co. Ltd. | 140,359 | ||||||
2,877 | Nippon Steel & Sumikin Bussan Corp. | 158,015 | ||||||
60,884 | Nippon Suisan Kaisha Ltd. | 330,501 | ||||||
6,958 | Nippon Television Holdings, Inc. | 122,023 | ||||||
21,540 | Nippon Yakin Kogyo Co. Ltd. | 58,070 | ||||||
17,595 | Nipro Corp. | 253,895 | ||||||
9,332 | Nishimatsu Construction Co. Ltd. | 257,126 | ||||||
5,962 | Nishimatsuya Chain Co. Ltd. | 73,228 | ||||||
18,154 | Nishi-Nippon Financial Holdings, Inc. | 218,163 | ||||||
6,110 | Nishi-Nippon Railroad Co. Ltd. | 169,745 | ||||||
2,211 | Nishio Rent All Co. Ltd. | 65,870 | ||||||
7,183 | Nissan Chemical Industries Ltd. | 320,010 | ||||||
9,790 | Nissan Shatai Co. Ltd. | 104,856 | ||||||
3,064 | Nissha Co. Ltd. | 72,438 | ||||||
4,784 | Nisshin Oillio Group Ltd. (The) | 137,716 | ||||||
11,568 | Nisshin Steel Co. Ltd. | 153,923 | ||||||
4,433 | Nissin Foods Holdings Co. Ltd. | 326,120 | ||||||
7,117 | Nissin Kogyo Co. Ltd. | 125,072 | ||||||
1,147 | Nittetsu Mining Co. Ltd. | 70,020 | ||||||
3,412 | Nitto Boseki Co. Ltd. | 73,837 | ||||||
4,213 | Nitto Kogyo Corp. | 72,498 | ||||||
6,472 | NOF Corp. | 193,110 | ||||||
4,737 | Nojima Corp. | 117,186 | ||||||
6,787 | Nomura Research Institute Ltd. | 350,437 | ||||||
1,632 | Noritake Co. Ltd. | 69,874 | ||||||
4,642 | Noritz Corp. | 84,631 | ||||||
64,158 | North Pacific Bank Ltd. | 216,938 | ||||||
2,482 | NS Solutions Corp. | 71,903 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
3,076 | NS United Kaiun Kaisha Ltd. | $ | 64,233 | |||||
9,421 | NTT Urban Development Corp. | 111,149 | ||||||
1,964 | OBIC Co. Ltd. | 164,587 | ||||||
6,710 | Ogaki Kyoritsu Bank Ltd. (The) | 169,490 | ||||||
6,129 | Okamoto Industries, Inc. | 61,388 | ||||||
10,360 | Okamura Corp. | 140,500 | ||||||
28,188 | Okasan Securities Group, Inc. | 161,516 | ||||||
23,161 | Oki Electric Industry Co. Ltd. | 313,258 | ||||||
4,183 | Okinawa Electric Power Co., Inc. (The) | 127,296 | ||||||
2,832 | OKUMA Corp. | 162,272 | ||||||
3,797 | Okumura Corp. | 157,363 | ||||||
21,090 | Onward Holdings Co. Ltd. | 174,232 | ||||||
1,174 | Open House Co. Ltd. | 65,660 | ||||||
1,766 | Oracle Corp. Japan | 145,250 | ||||||
67,026 | Orient Corp. | 103,517 | ||||||
2,620 | Osaka Soda Co. Ltd. | 73,267 | ||||||
5,770 | OSG Corp. | 128,029 | ||||||
5,930 | Otsuka Corp. | 276,381 | ||||||
6,830 | Pacific Industrial Co. Ltd. | 97,121 | ||||||
4,626 | Paltac Corp. | 231,670 | ||||||
1,509 | Paramount Bed Holdings Co. Ltd. | 75,019 | ||||||
7,830 | Park24 Co. Ltd. | 221,823 | ||||||
35,025 | Penta-Ocean Construction Co. Ltd. | 276,871 | ||||||
8,536 | Persol Holdings Co. Ltd. | 203,054 | ||||||
2,934 | Pigeon Corp. | 137,550 | ||||||
1,177 | Pilot Corp. | 64,322 | ||||||
150,033 | Pioneer Corp.(a)(b) | 234,459 | ||||||
3,648 | Plenus Co. Ltd.(a) | 62,909 | ||||||
2,375 | Pola Orbis Holdings, Inc. | 103,747 | ||||||
20,554 | Press Kogyo Co. Ltd. | 118,713 | ||||||
18,593 | Prima Meat Packers Ltd. | 113,673 | ||||||
6,459 | Raito Kogyo Co. Ltd. | 70,301 | ||||||
4,932 | Relia, Inc. | 62,695 | ||||||
2,869 | Relo Group, Inc. | 64,656 | ||||||
26,644 | Renesas Electronics Corp.(a)(b) | 279,528 | ||||||
5,317 | Resorttrust, Inc. | 110,494 | ||||||
2,990 | Rinnai Corp. | 297,565 | ||||||
5,675 | Rohto Pharmaceutical Co. Ltd. | 165,699 | ||||||
5,267 | Round One Corp. | 76,628 | ||||||
2,311 | Royal Holdings Co. Ltd. | 62,873 | ||||||
5,934 | Ryobi Ltd. | 151,407 | ||||||
738 | Ryohin Keikaku Co. Ltd. | 253,250 | ||||||
3,207 | Ryosan Co. Ltd. | 119,576 | ||||||
3,522 | Ryoyo Electro Corp. | 58,354 | ||||||
1,890 | S Foods, Inc. | 79,538 | ||||||
2,154 | Saizeriya Co. Ltd. | 49,861 | ||||||
2,262 | Sakai Chemical Industry Co. Ltd. | 59,224 | ||||||
6,396 | Sakata INX Corp. | 97,847 | ||||||
1,843 | Sakata Seed Corp. | 67,623 | ||||||
1,615 | San-A Co. Ltd. | 86,045 | ||||||
9,300 | Sanden Holdings Corp.(b) | 135,644 | ||||||
5,800 | Sangetsu Corp. | 119,843 | ||||||
17,307 | San-In Godo Bank Ltd. (The) | 163,066 | ||||||
15,005 | Sanken Electric Co. Ltd. | 96,537 | ||||||
6,600 | Sanki Engineering Co. Ltd. | 73,585 | ||||||
6,495 | Sankyo Co. Ltd. | 228,223 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5,381 | Sankyo Tateyama, Inc. | $ | 79,861 | |||||
5,537 | Sankyu, Inc. | 269,197 | ||||||
6,452 | Sanrio Co. Ltd. | 118,928 | ||||||
18,675 | Sanwa Holdings Corp. | 240,467 | ||||||
1,639 | Sanyo Chemical Industries Ltd. | 77,438 | ||||||
5,174 | Sanyo Special Steel Co. Ltd. | 131,874 | ||||||
10,788 | Sapporo Holdings Ltd. | 308,581 | ||||||
2,175 | Sato Holdings Corp. | 61,121 | ||||||
3,854 | Sawai Pharmaceutical Co. Ltd. | 166,945 | ||||||
1,937 | SCREEN Holdings Co. Ltd. | 159,492 | ||||||
3,363 | SCSK Corp. | 144,140 | ||||||
5,428 | Seiko Holdings Corp. | 141,721 | ||||||
4,209 | Seiren Co. Ltd. | 81,314 | ||||||
26,243 | Senko Group Holdings Co. Ltd. | 201,934 | ||||||
41,859 | Senshu Ikeda Holdings, Inc. | 165,256 | ||||||
57,328 | Seven Bank Ltd. | 192,796 | ||||||
7,502 | SG Holdings Co. Ltd. | 167,762 | ||||||
26,071 | Shiga Bank Ltd. (The) | 131,993 | ||||||
1,344 | Shima Seiki Manufacturing Ltd. | 85,485 | ||||||
7,204 | Shimachu Co. Ltd. | 232,727 | ||||||
13,020 | Shimadzu Corp. | 354,101 | ||||||
2,688 | Shimamura Co. Ltd. | 313,201 | ||||||
923 | Shindengen Electric Manufacturing Co. Ltd. | 58,201 | ||||||
11,864 | Shinko Electric Industries Co. Ltd. | 92,917 | ||||||
16,372 | Shinmaywa Industries Ltd. | 183,731 | ||||||
5,299 | Ship Healthcare Holdings, Inc. | 184,260 | ||||||
1,131 | SHO-BOND Holdings Co. Ltd. | 85,581 | ||||||
564 | Shochiku Co. Ltd. | 82,880 | ||||||
9,223 | Showa Corp. | 138,061 | ||||||
4,352 | Siix Corp. | 87,537 | ||||||
7,860 | Sintokogio Ltd. | 84,041 | ||||||
26,032 | SKY Perfect JSAT Holdings, Inc. | 118,711 | ||||||
20,643 | Skylark Co. Ltd.(a) | 303,726 | ||||||
4,642 | Sohgo Security Services Co. Ltd. | 229,502 | ||||||
6,708 | Sotetsu Holdings, Inc. | 192,489 | ||||||
3,989 | Square Enix Holdings Co. Ltd. | 166,231 | ||||||
2,262 | Start Today Co. Ltd. | 65,323 | ||||||
3,597 | Starts Corp., Inc. | 99,437 | ||||||
3,147 | Sugi Holdings Co. Ltd. | 183,485 | ||||||
9,742 | Sumco Corp. | 240,556 | ||||||
18,094 | Sumitomo Bakelite Co. Ltd. | 163,702 | ||||||
15,470 | Sumitomo Dainippon Pharma Co. Ltd. | 282,044 | ||||||
34,013 | Sumitomo Mitsui Construction Co. Ltd. | 208,259 | ||||||
62,220 | Sumitomo Osaka Cement Co. Ltd. | 284,873 | ||||||
1,197 | Sumitomo Seika Chemicals Co. Ltd. | 57,320 | ||||||
19,851 | Sumitomo Warehouse Co. Ltd. (The) | 136,240 | ||||||
3,802 | Sundrug Co. Ltd. | 195,616 | ||||||
15,222 | Suruga Bank Ltd. | 206,994 | ||||||
1,532 | Sushiro Global Holdings Ltd. | 79,523 | ||||||
3,267 | Sysmex Corp. | 289,007 | ||||||
5,245 | Tachi-S Co. Ltd. | 95,146 | ||||||
12,283 | Tadano Ltd. | 189,703 | ||||||
3,700 | Taikisha Ltd. | 129,166 | ||||||
3,562 | Taisho Pharmaceutical Holdings Co. Ltd. | 341,470 | ||||||
1,360 | Taiyo Holdings Co. Ltd. | 57,979 | ||||||
13,628 | Taiyo Nippon Sanso Corp. | 202,132 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
13,986 | Taiyo Yuden Co. Ltd. | $ | 249,109 | |||||
14,389 | Takara Holdings, Inc. | 173,838 | ||||||
4,338 | Takara Standard Co. Ltd. | 73,737 | ||||||
7,999 | Takasago Thermal Engineering Co. Ltd. | 151,976 | ||||||
7,361 | Takuma Co. Ltd. | 80,858 | ||||||
8,386 | Tamura Corp. | 63,915 | ||||||
1,335 | Technopro Holdings, Inc. | 77,593 | ||||||
2,492 | Tekken Corp. | 74,697 | ||||||
3,074 | T-Gaia Corp. | 85,962 | ||||||
6,470 | THK Co. Ltd. | 226,457 | ||||||
8,741 | TIS, Inc. | 346,684 | ||||||
4,381 | Toa Corp. | 111,702 | ||||||
14,978 | Toagosei Co. Ltd. | 177,258 | ||||||
30,866 | Toda Corp. | 254,995 | ||||||
768 | Toei Co. Ltd. | 86,257 | ||||||
7,590 | Toho Co. Ltd. | 253,867 | ||||||
8,610 | Toho Holdings Co. Ltd. | 210,558 | ||||||
1,880 | Toho Zinc Co. Ltd. | 87,278 | ||||||
6,746 | Tokai Carbon Co. Ltd. | 84,768 | ||||||
13,538 | Tokai Holdings Corp. | 137,576 | ||||||
10,713 | Tokai Rika Co. Ltd. | 214,407 | ||||||
28,359 | Tokai Tokyo Financial Holdings, Inc. | 206,035 | ||||||
850 | Token Corp. | 81,330 | ||||||
8,468 | Tokuyama Corp. | 252,666 | ||||||
4,144 | Tokyo Broadcasting System Holdings, Inc. | 92,177 | ||||||
3,508 | Tokyo Century Corp. | 219,280 | ||||||
14,149 | Tokyo Dome Corp. | 137,579 | ||||||
4,518 | Tokyo Kiraboshi Financial Group, Inc. | 119,448 | ||||||
3,917 | Tokyo Ohka Kogyo Co. Ltd. | 137,994 | ||||||
2,551 | Tokyo Seimitsu Co. Ltd. | 97,564 | ||||||
10,164 | Tokyo Steel Manufacturing Co. Ltd. | 84,990 | ||||||
9,151 | Tokyu Construction Co. Ltd. | 98,012 | ||||||
19,717 | TOMONY Holdings, Inc. | 88,112 | ||||||
11,186 | Tomy Co. Ltd. | 109,994 | ||||||
5,430 | Topcon Corp. | 108,178 | ||||||
7,211 | Toppan Forms Co. Ltd. | 80,463 | ||||||
4,610 | Topre Corp. | 144,925 | ||||||
2,688 | Topy Industries Ltd. | 79,713 | ||||||
11,989 | Toshiba Machine Co. Ltd. | 79,762 | ||||||
3,793 | Toshiba Plant Systems & Services Corp. | 79,240 | ||||||
21,772 | Toshiba TEC Corp. | 124,554 | ||||||
2,903 | Totetsu Kogyo Co. Ltd. | 86,752 | ||||||
6,228 | Towa Bank Ltd. (The) | 83,154 | ||||||
14,394 | Toyo Construction Co. Ltd. | 69,060 | ||||||
9,232 | Toyo Engineering Corp.(a)(b) | 96,180 | ||||||
18,122 | Toyo Ink SC Holdings Co. Ltd. | 111,953 | ||||||
16,974 | Toyo Tire & Rubber Co. Ltd. | 290,074 | ||||||
16,320 | Toyobo Co. Ltd. | 318,272 | ||||||
12,477 | Toyota Boshoku Corp. | 263,052 | ||||||
3,635 | TPR Co. Ltd. | 110,453 | ||||||
3,200 | transcosmos, Inc. | 88,609 | ||||||
5,731 | Trend Micro, Inc. | 343,572 | ||||||
3,775 | Trusco Nakayama Corp. | 99,287 | ||||||
7,602 | TS Tech Co. Ltd. | 309,499 | ||||||
15,382 | TSI Holdings Co. Ltd. | 123,000 | ||||||
2,892 | Tsubaki Nakashima Co. Ltd. | 68,346 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
25,493 | Tsubakimoto Chain Co. | $ | 221,324 | |||||
4,696 | Tsukishima Kikai Co. Ltd. | 66,047 | ||||||
5,920 | Tsumura & Co. | 215,322 | ||||||
1,971 | Tsuruha Holdings, Inc. | 283,334 | ||||||
3,530 | TV Asahi Holdings Corp. | 82,972 | ||||||
8,656 | UACJ Corp.(a) | 225,368 | ||||||
6,204 | UKC Holdings Corp. | 131,082 | ||||||
2,409 | Ulvac, Inc. | 129,669 | ||||||
8,676 | Unipres Corp. | 205,116 | ||||||
2,660 | United Arrows Ltd. | 98,086 | ||||||
8,412 | United Super Markets Holdings, Inc. | 110,546 | ||||||
16,900 | Unitika Ltd.(b) | 111,508 | ||||||
2,631 | Unizo Holdings Co. Ltd. | 62,875 | ||||||
12,500 | Ushio, Inc. | 176,377 | ||||||
9,868 | USS Co. Ltd. | 207,505 | ||||||
5,457 | Valor Holdings Co. Ltd. | 152,352 | ||||||
16,164 | VT Holdings Co. Ltd. | 73,711 | ||||||
7,291 | Wacoal Holdings Corp. | 221,212 | ||||||
13,243 | Wacom Co. Ltd. | 67,047 | ||||||
7,176 | Wakita & Co. Ltd. | 75,810 | ||||||
3,654 | Warabeya Nichiyo Holdings Co. Ltd. | 92,899 | ||||||
3,091 | Welcia Holdings Co. Ltd. | 159,034 | ||||||
4,130 | Xebio Holdings Co. Ltd. | 77,939 | ||||||
3,918 | Yakult Honsha Co. Ltd. | 279,282 | ||||||
4,342 | Yamabiko Corp. | 62,338 | ||||||
4,511 | Yamato Kogyo Co. Ltd. | 133,980 | ||||||
8,187 | Yamazen Corp. | 82,899 | ||||||
1,605 | Yaoko Co. Ltd. | 89,179 | ||||||
6,600 | Yaskawa Electric Corp. | 269,609 | ||||||
2,028 | Yellow Hat Ltd. | 60,326 | ||||||
2,417 | Yodogawa Steel Works Ltd. | 69,026 | ||||||
2,604 | Yokogawa Bridge Holdings Corp. | 56,851 | ||||||
7,723 | Yokohama Reito Co. Ltd. | 78,342 | ||||||
4,322 | Yorozu Corp. | 74,611 | ||||||
6,711 | Yoshinoya Holdings Co. Ltd. | 124,683 | ||||||
2,017 | Yuasa Trading Co. Ltd. | 64,607 | ||||||
2,005 | Zenkoku Hosho Co. Ltd. | 82,912 | ||||||
8,966 | Zensho Holdings Co. Ltd. | 208,776 | ||||||
15,396 | Zeon Corp. | 199,933 | ||||||
3,635 | ZERIA Pharmaceutical Co. Ltd. | 74,710 | ||||||
|
| |||||||
77,500,367 | ||||||||
|
| |||||||
Jersey Island—0.1% | ||||||||
94,360 | Centamin PLC | 203,723 | ||||||
|
| |||||||
Jordan—0.1% | ||||||||
15,688 | Hikma Pharmaceuticals PLC | 278,309 | ||||||
|
| |||||||
Kazakhstan—0.1% | ||||||||
7,736 | KAZ Minerals PLC(b) | 98,070 | ||||||
22,961 | Nostrum Oil & Gas PLC(b) | 93,927 | ||||||
|
| |||||||
191,997 | ||||||||
|
| |||||||
Luxembourg—0.2% | ||||||||
5,312 | APERAM SA | 259,093 | ||||||
229 | Eurofins Scientific SE | 123,896 | ||||||
42,747 | L’Occitane International SA | 79,631 | ||||||
|
| |||||||
462,620 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Macau—0.1% | ||||||||
57,451 | MGM China Holdings Ltd. | $ | 158,849 | |||||
|
| |||||||
Mexico—0.1% | ||||||||
8,903 | Fresnillo PLC | 156,347 | ||||||
|
| |||||||
Monaco—0.0% | ||||||||
3,335 | Endeavour Mining Corp.(b) | 56,999 | ||||||
|
| |||||||
Netherlands—1.7% | ||||||||
6,186 | Aalberts Industries NV | 305,235 | ||||||
1,324 | AMG Advanced Metallurgical Group NV | 62,163 | ||||||
11,086 | Arcadis NV(a) | 218,860 | ||||||
2,383 | ASM International NV | 143,093 | ||||||
1,023 | Be Semiconductor Industries NV | 70,884 | ||||||
5,014 | Corbion NV | 160,656 | ||||||
5,722 | Eurocommercial Properties NV CVA | 239,892 | ||||||
2,691 | Euronext NV(d) | 193,125 | ||||||
2,006 | Flow Traders(d) | 77,751 | ||||||
6,750 | Forfarmers NV | 94,928 | ||||||
17,599 | Fugro NV CVA(b) | 279,078 | ||||||
2,990 | GrandVision NV(d) | 73,695 | ||||||
2,508 | IMCD NV | 154,690 | ||||||
3,548 | Intertrust NV(d) | 70,730 | ||||||
5,220 | Koninklijke Volkerwessels NV | 148,462 | ||||||
6,333 | Koninklijke Vopak NV | 312,947 | ||||||
1,757 | NSI NV REIT | 75,678 | ||||||
7,559 | OCI NV(a)(b) | 180,007 | ||||||
64,070 | PostNL NV(a) | 249,336 | ||||||
2,942 | TKH Group NV CVA | 186,257 | ||||||
10,657 | TomTom NV(b) | 105,401 | ||||||
2,287 | Vastned Retail NV REIT | 114,533 | ||||||
6,271 | Wereldhave NV REIT(a) | 252,301 | ||||||
|
| |||||||
3,769,702 | ||||||||
|
| |||||||
New Zealand—0.8% | ||||||||
62,256 | Air New Zealand Ltd. | 143,440 | ||||||
57,339 | Auckland International Airport Ltd. | 257,759 | ||||||
67,413 | Chorus Ltd. | 192,134 | ||||||
75,226 | Contact Energy Ltd. | 285,163 | ||||||
16,078 | Fisher & Paykel Healthcare Corp. Ltd. | 144,439 | ||||||
66,825 | Kiwi Property Group Ltd. | 64,506 | ||||||
28,472 | Mercury NZ Ltd. | 63,996 | ||||||
56,406 | Meridian Energy Ltd. | 116,846 | ||||||
15,319 | Ryman Healthcare Ltd. | 114,414 | ||||||
43,766 | Sky Network Television Ltd. | 70,310 | ||||||
73,478 | SKYCITY Entertainment Group Ltd. | 209,679 | ||||||
30,852 | Trade Me Group Ltd. | 101,083 | ||||||
33,380 | Z Energy Ltd. | 170,517 | ||||||
|
| |||||||
1,934,286 | ||||||||
|
| |||||||
Norway—1.3% | ||||||||
2,819 | AKER BP ASA | 92,969 | ||||||
32,797 | Aker Solutions ASA(b)(d) | 223,284 | ||||||
4,299 | Atea ASA | 64,074 | ||||||
15,119 | Austevoll Seafood ASA | 182,686 | ||||||
10,185 | Borregaard ASA | 108,447 | ||||||
9,699 | Entra ASA(d) | 133,661 | ||||||
3,109 | Kongsberg Gruppen ASA | 76,453 | ||||||
25,131 | Leroy Seafood Group ASA | 185,022 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Norway (continued) | ||||||||
3,007 | Norwegian Air Shuttle ASA(a)(b) | $ | 113,732 | |||||
86,564 | Petroleum Geo-Services ASA(b) | 374,519 | ||||||
4,150 | Salmar ASA | 194,262 | ||||||
3,736 | Schibsted ASA, Class A | 109,406 | ||||||
4,212 | Schibsted ASA, Class B | 113,566 | ||||||
7,403 | SpareBank 1 SMN | 74,482 | ||||||
14,273 | Sparebank 1 SR-Bank ASA | 141,641 | ||||||
12,886 | TGS Nopec Geophysical Co. ASA | 408,885 | ||||||
5,652 | Tomra Systems ASA | 105,123 | ||||||
8,492 | Veidekke ASA | 103,353 | ||||||
6,620 | XXL ASA(d) | 57,679 | ||||||
|
| |||||||
2,863,244 | ||||||||
|
| |||||||
Portugal—0.5% | ||||||||
43,544 | CTT-Correios de Portugal SA | 160,881 | ||||||
22,639 | Mota-Engil SGPS SA | 98,332 | ||||||
35,627 | Navigator Co. SA (The) | 208,335 | ||||||
22,917 | NOS SGPS SA | 136,393 | ||||||
53,387 | REN—Redes Energeticas Nacionais SGPS SA | 168,480 | ||||||
2,993 | Semapa-Sociedade de Investimento e Gestao | 67,043 | ||||||
160,453 | Sonae SGPS SA | 218,673 | ||||||
|
| |||||||
1,058,137 | ||||||||
|
| |||||||
Russia—0.2% | ||||||||
48,359 | Evraz PLC | 305,194 | ||||||
23,684 | Polymetal International PLC | 237,939 | ||||||
|
| |||||||
543,133 | ||||||||
|
| |||||||
Singapore—1.8% | ||||||||
107,406 | Ascott Residence Trust REIT | 92,476 | ||||||
24,662 | BOC Aviation Ltd.(d) | 144,548 | ||||||
28,926 | BW LPG Ltd.(b)(d) | 101,173 | ||||||
154,658 | CapitaLand Commercial Trust Ltd. REIT | 212,588 | ||||||
63,575 | CDL Hospitality Trusts | 85,468 | ||||||
177,436 | Ezion Holdings Ltd. Wts. expiring 04/16/23(b)(c) | 0 | ||||||
1,165,297 | Ezra Holdings Ltd.(b)(c) | 0 | ||||||
50,748 | Frasers Centrepoint Trust REIT | 85,854 | ||||||
69,652 | Frasers Commercial Trust REIT | 73,647 | ||||||
73,912 | Frasers Logistics & Industrial Trust REIT(d) | 58,614 | ||||||
11,296 | Jardine Cycle & Carriage Ltd. | 292,286 | ||||||
154,939 | Keppel REIT | 145,104 | ||||||
174,991 | Keppel Infrastructure Trust | 71,368 | ||||||
150,545 | Mapletree Commercial Trust REIT | 184,195 | ||||||
104,608 | Mapletree Industrial Trust REIT | 160,382 | ||||||
171,323 | Mapletree Logistics Trust REIT | 164,329 | ||||||
242,544 | Netlink Nbn Trust(b)(d) | 148,379 | ||||||
45,720 | SATS Ltd. | 191,299 | ||||||
101,039 | Sembcorp Marine Ltd. | 163,305 | ||||||
26,100 | SIA Engineering Co. Ltd. | 64,065 | ||||||
44,277 | Singapore Exchange Ltd. | 258,161 | ||||||
146,041 | Singapore Post Ltd. | 147,800 | ||||||
138,449 | Starhill Global REIT REIT | 75,287 | ||||||
93,339 | StarHub Ltd. | 160,024 | ||||||
207,619 | Suntec Real Estate Investment Trust REIT | 307,340 | ||||||
48,871 | UOL Group Ltd. | 325,179 | ||||||
15,888 | Venture Corp. Ltd. | 251,390 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore (continued) | ||||||||
44,534 | Wing Tai Holdings Ltd. | $ | 68,615 | |||||
|
| |||||||
4,032,876 | ||||||||
|
| |||||||
South Africa—0.2% | ||||||||
30,403 | Mediclinic International PLC | 280,985 | ||||||
76,162 | Petra Diamonds Ltd.(b) | 71,805 | ||||||
|
| |||||||
352,790 | ||||||||
|
| |||||||
South Korea—6.6% | ||||||||
1,003 | Amorepacific Corp. | 327,744 | ||||||
332 | Amorepacific Corp. (Preference Shares) | 55,486 | ||||||
1,497 | AMOREPACIFIC Group | 200,432 | ||||||
40,608 | Asiana Airlines, Inc.(b) | 201,510 | ||||||
329 | Celltrion, Inc.(b) | 83,478 | ||||||
5,900 | Cheil Worldwide, Inc. | 105,510 | ||||||
1,219 | CJ E&M Corp. | 103,291 | ||||||
1,074 | CJ Logistics Corp.(b) | 157,372 | ||||||
586 | CJ O Shopping Co. Ltd. | 122,681 | ||||||
3,659 | Coway Co. Ltd. | 299,764 | ||||||
4,453 | Daesang Corp. | 110,903 | ||||||
53,319 | Daewoo Engineering & Construction Co. Ltd.(b) | 317,004 | ||||||
6,058 | Daishin Securities Co. Ltd. | 77,990 | ||||||
4,188 | Daishin Securities Co. Ltd. (Preference Shares) | 35,643 | ||||||
2,896 | Daou Technology, Inc. | 65,482 | ||||||
5,094 | DB HiTek Co. Ltd. | 64,149 | ||||||
25,827 | DGB Financial Group, Inc. | 290,177 | ||||||
23,367 | Dongkuk Steel Mill Co. Ltd. | 240,660 | ||||||
3,089 | Doosan Bobcat, Inc. | 94,285 | ||||||
905 | Fila Korea Ltd. | 110,578 | ||||||
10,572 | GS Engineering & Construction Corp. | 403,855 | ||||||
359 | GS Home Shopping, Inc. | 58,452 | ||||||
4,122 | GS Retail Co. Ltd. | 143,569 | ||||||
1,564 | Halla Holdings Corp. | 74,975 | ||||||
514 | Hanil Cement Co. Ltd. | 79,888 | ||||||
2,742 | Hanjin Transportation Co. Ltd. | 66,236 | ||||||
12,483 | Hanon Systems | 127,395 | ||||||
4,779 | Hansol Paper Co. Ltd. | 76,962 | ||||||
6,390 | Hanwha Aerospace Co. Ltd.(b) | 144,187 | ||||||
16,830 | Hanwha General Insurance Co. Ltd. | 118,340 | ||||||
5,482 | Hite Jinro Co. Ltd. | 111,893 | ||||||
1,733 | Hotel Shilla Co. Ltd. | 188,220 | ||||||
2,720 | Hyundai Department Store Co. Ltd. | 263,583 | ||||||
6,982 | Hyundai Development Co.-Engineering & Construction | 303,324 | ||||||
5,974 | Hyundai Greenfood Co. Ltd. | 86,138 | ||||||
662 | Hyundai Home Shopping Network Corp. | 67,251 | ||||||
65,326 | Hyundai Merchant Marine Co. Ltd.(b) | 371,264 | ||||||
1,279 | Hyundai Mipo Dockyard Co. Ltd.(b) | 107,177 | ||||||
6,477 | Hyundai Rotem Co. Ltd.(b) | 161,917 | ||||||
6,286 | Hyundai Wia Corp. | 316,051 | ||||||
5,299 | ING Life Insurance Korea Ltd.(d) | 204,409 | ||||||
19,576 | Interpark Holdings Corp. | 64,425 | ||||||
19,360 | JB Financial Group Co. Ltd. | 111,478 | ||||||
970 | Kakao Corp. | 100,810 | ||||||
9,089 | Kangwon Land, Inc. | 245,936 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
885 | KCC Corp. | $ | 323,988 | |||||
2,421 | KEPCO Plant Service & Engineering Co. Ltd. | 114,924 | ||||||
648 | KIWOOM Securities Co. Ltd. | 71,895 | ||||||
1,932 | Kolon Corp. | 93,882 | ||||||
3,615 | Kolon Industries, Inc. | 231,512 | ||||||
3,564 | Korea Aerospace Industries Ltd.(b) | 144,155 | ||||||
2,878 | Korea Investment Holdings Co. Ltd. | 245,481 | ||||||
259 | Korea Petrochemical Industries Co. Ltd. | 66,808 | ||||||
14,108 | Korean Reinsurance Co. | 155,868 | ||||||
2,202 | Kumho Petrochemical Co. Ltd. | 221,633 | ||||||
3,195 | LF Corp. | 84,358 | ||||||
1,632 | LG Hausys Ltd. | 124,381 | ||||||
277 | LG Household & Health Care Ltd. | 355,311 | ||||||
71 | LG Household & Health Care Ltd. (Preference Shares) | 51,187 | ||||||
2,186 | LG Innotek Co. Ltd. | 238,443 | ||||||
12,690 | LG International Corp. | 314,265 | ||||||
1,423 | LIG Nex1 Co. Ltd. | 52,694 | ||||||
61 | Lotte Chilsung Beverage Co. Ltd. | 92,524 | ||||||
1,073 | Lotte Corp.(b) | 65,402 | ||||||
1,222 | LOTTE Fine Chemical Co. Ltd. | 78,488 | ||||||
2,006 | LOTTE Himart Co. Ltd. | 139,925 | ||||||
2,012 | LS Industrial Systems Co. Ltd. | 129,229 | ||||||
1,251 | Mando Corp. | 265,884 | ||||||
8,434 | Meritz Fire & Marine Insurance Co. Ltd. | 165,434 | ||||||
23,171 | Meritz Securities Co. Ltd. | 90,358 | ||||||
31,397 | Mirae Asset Daewoo Co. Ltd. | 287,498 | ||||||
15,074 | Mirae Asset Life Insurance Co. Ltd. | 77,201 | ||||||
476 | NCSoft Corp. | 160,442 | ||||||
6,030 | Nexen Tire Corp. | 68,032 | ||||||
12,280 | NH Investment & Securities Co. Ltd. | 179,362 | ||||||
918 | NHN Entertainment Corp.(b) | 52,946 | ||||||
406 | Nongshim Co. Ltd. | 123,163 | ||||||
1,699 | OCI Co. Ltd. | 248,157 | ||||||
21,135 | Pan Ocean Co. Ltd.(b) | 108,836 | ||||||
3,028 | Paradise Co. Ltd. | 66,199 | ||||||
6,356 | Partron Co. Ltd. | 50,048 | ||||||
3,471 | Poongsan Corp. | 123,982 | ||||||
1,153 | S-1 Corp. | 105,903 | ||||||
5,870 | Samsung Card Co. Ltd. | 205,001 | ||||||
19,158 | Samsung Engineering Co. Ltd.(b) | 321,976 | ||||||
1,316 | Samsung SDS Co. Ltd. | 301,877 | ||||||
6,199 | Samsung Securities Co., Ltd. | 215,330 | ||||||
1,095 | Samyang Holdings Corp. | 113,801 | ||||||
3,012 | Seah Besteel Corp. | 76,142 | ||||||
944 | SeAH Steel Corp. | 82,287 | ||||||
2,895 | Seoul Semiconductor Co. Ltd. | 51,500 | ||||||
762 | Shinsegae, Inc. | 297,865 | ||||||
1,432 | SK Gas Co. Ltd. | 125,897 | ||||||
3,350 | SKC Co. Ltd. | 119,503 | ||||||
11,857 | Sungwoo Hitech Co. Ltd. | 65,499 | ||||||
6,581 | Taeyoung Engineering & Construction Co. Ltd. | 72,092 | ||||||
11,445 | Tongyang Life Insurance Co. Ltd. | 88,298 | ||||||
88 | Young Poong Corp. | 69,540 | ||||||
4,012 | Youngone Corp. | 112,316 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
465 | Yuhan Corp. | $ | 99,700 | |||||
|
| |||||||
15,050,296 | ||||||||
|
| |||||||
Spain—2.2% | ||||||||
20,474 | Acerinox SA | 288,059 | ||||||
7,230 | Almirall SA | 90,235 | ||||||
14,410 | Applus Services SA | 195,168 | ||||||
6,204 | Bolsas y Mercados Espanoles SHMSF SA | 217,974 | ||||||
3,230 | Cellnex Telecom SA(d) | 86,791 | ||||||
10,377 | Cia de Distribucion Integral Logista Holdings SA | 234,326 | ||||||
3,482 | CIE Automotive SA | 130,584 | ||||||
2,440 | Construcciones y Auxiliar de Ferrocarriles SA | 117,331 | ||||||
7,268 | Ebro Foods SA | 175,624 | ||||||
12,295 | EDP Renovaveis SA | 118,244 | ||||||
11,184 | Ence Energia y Celulosa SA | 86,750 | ||||||
9,809 | Euskaltel SA(d) | 91,254 | ||||||
20,376 | Faes Farma SA | 82,964 | ||||||
25,261 | Gestamp Automocion SA(b)(d) | 206,012 | ||||||
3,089 | Grupo Catalana Occidente SA | 136,409 | ||||||
5,259 | Hispania Activos Inmobiliarios SOCIMI SA REIT | 111,829 | ||||||
11,443 | Indra Sistemas SA(b) | 158,716 | ||||||
13,035 | Inmobiliaria Colonial Socimi SA REIT | 151,819 | ||||||
294,633 | Liberbank SA(b) | 169,159 | ||||||
13,771 | Mediaset Espana Comunicacion SA | 132,340 | ||||||
8,952 | Melia Hotels International SA | 133,467 | ||||||
19,583 | MERLIN Properties SOCIMI SA REIT | 302,850 | ||||||
15,895 | NH Hotel Group SA | 122,908 | ||||||
49,862 | Obrascon Huarte Lain SA(b) | 234,165 | ||||||
19,748 | Prosegur Cash SA(d) | 57,740 | ||||||
24,525 | Prosegur Cia de Seguridad SA | 186,083 | ||||||
77,143 | Sacyr SA | 222,385 | ||||||
8,443 | Siemens Gamesa Renewable Energy SA | 145,515 | ||||||
6,097 | Tecnicas Reunidas SA | 197,051 | ||||||
140,410 | Unicaja Banco SA(b)(d) | 254,635 | ||||||
2,722 | Viscofan SA | 180,879 | ||||||
7,606 | Zardoya Otis SA | 77,836 | ||||||
|
| |||||||
5,097,102 | ||||||||
|
| |||||||
Sweden—2.9% | ||||||||
1,750 | AAK AB | 155,124 | ||||||
5,150 | AF AB, Class B | 107,618 | ||||||
24,391 | Ahlsell AB(d) | 146,184 | ||||||
8,283 | Attendo AB(d) | 84,365 | ||||||
12,541 | Axfood AB | 233,736 | ||||||
15,711 | Betsson AB | 112,275 | ||||||
15,667 | Bilia AB, Class A | 129,827 | ||||||
20,342 | BillerudKorsnas AB | 300,372 | ||||||
332 | Bonava AB(a) | 3,987 | ||||||
8,661 | Bonava AB, Class B(a) | 105,501 | ||||||
19,435 | Bravida Holding AB(d) | 139,599 | ||||||
5,881 | Clas Ohlson AB, Class B | 64,575 | ||||||
9,789 | Com Hem Holding AB | 170,409 | ||||||
24,137 | Dometic Group AB(d) | 232,315 | ||||||
25,070 | Elekta AB, Class B | 285,195 | ||||||
21,746 | Fabege AB | 251,958 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Sweden (continued) | ||||||||
6,736 | Fastighets AB Balder, Class B(b) | $ | 174,429 | |||||
15,616 | Hemfosa Fastigheter AB | 194,329 | ||||||
1,097 | Hemfosa Fastigheter AB (Preference Shares) | 22,836 | ||||||
19,887 | Hexpol AB, Class B(a) | 206,990 | ||||||
9,564 | Holmen AB, Class B | 236,940 | ||||||
8,276 | Hufvudstaden AB, Class A(a) | 122,110 | ||||||
4,978 | Indutrade AB | 118,087 | ||||||
3,224 | Intrum Justitia AB(a) | 85,993 | ||||||
5,412 | Investment AB Latour, Class B | 59,549 | ||||||
10,478 | JM AB | 208,409 | ||||||
48,929 | Klovern AB, Class B | 61,392 | ||||||
1,259 | Klovern AB (Preference Shares) | 46,008 | ||||||
18,695 | Kungsleden AB | 133,215 | ||||||
1,527 | Lifco AB, Class B | 55,715 | ||||||
7,036 | Loomis AB, Class B | 257,684 | ||||||
3,479 | Mekonomen AB | 53,401 | ||||||
4,555 | Modern Times Group Mortgage AB, Class B | 179,845 | ||||||
18,250 | Nibe Industrier AB, Class B | 187,030 | ||||||
13,562 | Nobia AB | 107,187 | ||||||
875 | Nolato AB, Class B | 66,053 | ||||||
5,443 | Pandox AB, Class B | 92,138 | ||||||
31,892 | Peab AB, Class B | 284,157 | ||||||
59,568 | Ratos AB, Class B(a) | 236,964 | ||||||
3,073 | Saab AB, Class B | 126,358 | ||||||
54,989 | SAS AB(a)(b) | 137,991 | ||||||
2,028 | SAS AB (Preference Shares) | 132,447 | ||||||
10,272 | Scandic Hotels Group AB(d) | 101,392 | ||||||
4,430 | Sweco AB, Class B | 90,596 | ||||||
5,338 | Thule Group AB(d) | 124,063 | ||||||
12,873 | Wallenstam AB, Class B(a) | 115,803 | ||||||
6,412 | Wihlborgs Fastigheter AB | 149,318 | ||||||
|
| |||||||
6,691,469 | ||||||||
|
| |||||||
Switzerland—2.9% | ||||||||
1,262 | Allreal Holding AG | 207,932 | ||||||
781 | Alpiq Holding AG(b) | 59,173 | ||||||
626 | Also Holding AG | 77,657 | ||||||
3,732 | Arbonia AG(a)(b) | 66,730 | ||||||
321 | Autoneum Holding AG | 84,506 | ||||||
239 | Banque Cantonale Vaudoise | 191,219 | ||||||
100 | Barry Callebaut AG | 180,523 | ||||||
20 | Belimo Holding AG | 82,938 | ||||||
1,489 | BKW AG | 97,321 | ||||||
468 | Bucher Industries AG | 172,941 | ||||||
247 | Burckhardt Compression Holding AG | 80,595 | ||||||
2,204 | Cembra Money Bank AG | 187,804 | ||||||
71 | Conzzeta AG | 90,803 | ||||||
444 | Daetwyler Holding AG-BR | 85,221 | ||||||
2,922 | DKSH Holding AG | 235,555 | ||||||
144 | dormakaba Holding AG | 112,011 | ||||||
6,200 | EFG International AG | 50,732 | ||||||
140 | Emmi AG | 113,567 | ||||||
289 | EMS-Chemie Holding AG | 179,549 | ||||||
25,307 | Ferrexpo PLC | 81,948 | ||||||
954 | Flughafen Zurich AG | 200,457 | ||||||
66 | Forbo Holding AG | 92,809 | ||||||
4,340 | Galenica AG(b)(d) | 234,559 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
17,838 | GAM Holding AG | $ | 286,878 | |||||
1,393 | Huber + Suhner AG(a) | 80,070 | ||||||
1,720 | Implenia AG | 132,141 | ||||||
68,351 | IWG PLC | 233,287 | ||||||
5,972 | Kudelski SA-BR(a) | 55,322 | ||||||
3,075 | Landis+Gyr Group AG(b) | 232,667 | ||||||
5,222 | Logitech International SA | 194,552 | ||||||
433 | Mobimo Holding AG(b) | 112,198 | ||||||
14,066 | OC Oerlikon Corp. AG | 229,200 | ||||||
1,795 | Oriflame Holding AG | 85,572 | ||||||
1,229 | Panalpina Welttransport Holding AG | 156,186 | ||||||
415 | Partners Group Holding AG | 304,574 | ||||||
287 | Rieter Holding AG | 55,840 | ||||||
84 | Schweiter Technologies AG-BR | 96,058 | ||||||
1,049 | SFS Group AG | 118,581 | ||||||
203 | Siegfried Holding AG | 70,852 | ||||||
115 | St. Galler Kantonalbank AG | 61,804 | ||||||
167 | Straumann Holding AG | 114,297 | ||||||
1,534 | Sulzer AG | 178,055 | ||||||
2,654 | Sunrise Communications Group AG(d) | 209,392 | ||||||
378 | Tecan Group AG | 83,627 | ||||||
755 | Temenos Group AG | 95,567 | ||||||
854 | Valiant Holding AG | 102,836 | ||||||
423 | Valora Holding AG | 141,869 | ||||||
592 | Vat Group AG(d) | 88,151 | ||||||
1,772 | Vontobel Holding AG | 117,429 | ||||||
2,467 | Wizz Air Holdings PLC(b)(d) | 108,530 | ||||||
|
| |||||||
6,712,085 | ||||||||
|
| |||||||
United Kingdom—9.5% | ||||||||
19,556 | 888 Holdings PLC | 73,749 | ||||||
140,891 | AA PLC | 264,013 | ||||||
31,787 | Acacia Mining PLC | 63,046 | ||||||
19,679 | Ascential PLC | 114,220 | ||||||
28,978 | Ashmore Group PLC | 164,361 | ||||||
105,093 | Assura PLC REIT | 86,271 | ||||||
17,196 | Auto Trader Group PLC(d) | 83,608 | ||||||
4,904 | AVEVA Group PLC | 145,492 | ||||||
35,909 | B&M European Value Retail SA | 200,458 | ||||||
72,369 | Bca Marketplace PLC | 189,985 | ||||||
10,314 | Big Yellow Group PLC REIT | 130,908 | ||||||
16,389 | Bodycote PLC | 203,160 | ||||||
15,191 | Bovis Homes Group PLC | 258,508 | ||||||
20,073 | Brewin Dolphin Holdings PLC | 99,808 | ||||||
27,249 | Britvic PLC | 269,663 | ||||||
16,659 | BTG PLC(b) | 156,946 | ||||||
60,586 | Cairn Energy PLC(b) | 189,093 | ||||||
54,432 | Capital & Counties Properties PLC | 216,144 | ||||||
49,893 | Card Factory PLC | 158,331 | ||||||
39,621 | Cineworld Group PLC | 142,105 | ||||||
88,685 | Coats Group PLC | 96,621 | ||||||
7,742 | Computacenter PLC | 135,212 | ||||||
77,217 | Convatec Group PLC(d) | 231,003 | ||||||
22,844 | Countryside Properties PLC(d) | 113,019 | ||||||
3,467 | Cranswick PLC | 139,151 | ||||||
28,054 | Crest Nicholson Holdings PLC | 188,178 | ||||||
29,884 | Daily Mail & General Trust PLC NV, Class A | 277,423 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
16,122 | Dairy Crest Group PLC | $ | 120,466 | |||||
356,379 | Debenhams PLC | 113,290 | ||||||
2,153 | Dechra Pharmaceuticals PLC | 81,312 | ||||||
7,226 | Dialog Semiconductor PLC(b) | 154,835 | ||||||
6,162 | Dignity PLC | 92,596 | ||||||
5,913 | Diploma PLC | 98,220 | ||||||
21,993 | Domino’s Pizza Group PLC | 110,051 | ||||||
59,673 | Drax Group PLC | 259,722 | ||||||
12,004 | Dunelm Group PLC | 93,250 | ||||||
35,897 | EI Group PLC(b) | 63,682 | ||||||
27,395 | Electrocomponents PLC | 229,791 | ||||||
48,070 | Elementis PLC | 187,769 | ||||||
17,118 | Equiniti Group PLC(d) | 64,956 | ||||||
32,229 | Essentra PLC | 195,763 | ||||||
42,884 | esure Group PLC | 133,253 | ||||||
20,215 | Fenner PLC | 169,286 | ||||||
1,651 | Fidessa Group PLC | 89,368 | ||||||
114,659 | Firstgroup PLC(b) | 178,298 | ||||||
24,801 | Galliford Try PLC | 313,586 | ||||||
2,948 | Genus PLC | 102,729 | ||||||
6,810 | Go-Ahead Group PLC | 182,061 | ||||||
22,525 | Grafton Group PLC | 233,307 | ||||||
31,151 | Grainger PLC | 134,467 | ||||||
25,817 | Great Portland Estates PLC REIT | 247,989 | ||||||
8,065 | Greggs PLC | 135,410 | ||||||
31,585 | GVC Holdings PLC | 388,270 | ||||||
37,341 | Halfords Group PLC | 194,823 | ||||||
14,642 | Halma PLC | 246,644 | ||||||
70,349 | Hansteen Holdings PLC REIT | 128,677 | ||||||
6,987 | Hargreaves Lansdown PLC | 172,213 | ||||||
16,399 | Hastings Group Holdings PLC(d) | 62,341 | ||||||
5,087 | Hill & Smith Holdings PLC | 92,977 | ||||||
17,475 | HomeServe PLC | 178,112 | ||||||
37,222 | Howden Joinery Group PLC | 244,393 | ||||||
15,860 | Hunting PLC(b) | 174,977 | ||||||
34,194 | Ibstock PLC(d) | 140,067 | ||||||
41,991 | Indivior PLC(b) | 262,056 | ||||||
7,259 | J D Wetherspoon PLC | 116,379 | ||||||
7,484 | Jardine Lloyd Thompson Group PLC | 125,965 | ||||||
14,453 | JD Sports Fashion PLC | 77,836 | ||||||
34,743 | Jupiter Fund Management PLC | 217,972 | ||||||
7,306 | Just Eat PLC(b) | 77,867 | ||||||
114,747 | Just Group PLC | 223,162 | ||||||
17,731 | Kier Group PLC | 262,534 | ||||||
63,350 | Laird PLC | 171,805 | ||||||
38,611 | Lancashire Holdings Ltd. | 316,958 | ||||||
44,461 | LondonMetric Property PLC REIT | 116,537 | ||||||
12,617 | Marshalls PLC | 74,482 | ||||||
148,847 | Marston’s PLC | 221,211 | ||||||
54,862 | McCarthy & Stone PLC(d) | 102,314 | ||||||
53,289 | Merlin Entertainments PLC(d) | 269,956 | ||||||
1,504 | Metro Bank PLC(b) | 68,402 | ||||||
26,823 | Mitchells & Butlers PLC | 104,184 | ||||||
78,886 | Mitie Group PLC | 199,271 | ||||||
35,980 | Moneysupermarket.com Group PLC | 148,522 | ||||||
21,925 | Morgan Advanced Materials PLC | 103,580 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
31,520 | N Brown Group PLC | $ | 88,825 | |||||
38,444 | National Express Group PLC | 207,673 | ||||||
19,684 | Newriver REIT PLC REIT | 78,624 | ||||||
18,629 | Northgate PLC | 95,245 | ||||||
12,554 | Ocado Group PLC(b) | 93,096 | ||||||
11,968 | Onesavings Bank PLC | 65,442 | ||||||
25,850 | Pagegroup PLC | 191,374 | ||||||
28,147 | Paragon Group of Cos. PLC (The) | 202,758 | ||||||
63,733 | Pets at Home Group PLC | 134,307 | ||||||
29,629 | Playtech PLC | 330,802 | ||||||
12,719 | Polypipe Group PLC | 67,131 | ||||||
170,374 | Premier Oil PLC(b) | 222,345 | ||||||
20,390 | PZ Cussons PLC | 69,143 | ||||||
61,430 | QinetiQ Group PLC | 195,027 | ||||||
1,709 | Rathbone Brothers PLC | 55,411 | ||||||
165,233 | RDI REIT PLC REIT | 84,434 | ||||||
16,711 | Redrow PLC | 144,431 | ||||||
63,938 | Renewi PLC | 63,055 | ||||||
1,085 | Renishaw PLC | 70,477 | ||||||
38,820 | Restaurant Group PLC (The) | 162,224 | ||||||
1,738 | Rightmove PLC | 109,279 | ||||||
48,215 | Rotork PLC | 218,485 | ||||||
12,771 | Safestore Holdings PLC REIT | 96,394 | ||||||
182,941 | Saga PLC | 342,432 | ||||||
11,937 | Savills PLC | 161,537 | ||||||
43,865 | Senior PLC | 178,473 | ||||||
206,016 | Serco Group PLC(b) | 273,115 | ||||||
13,671 | Shaftesbury PLC REIT | 190,369 | ||||||
123,806 | SIG PLC | 243,679 | ||||||
7,801 | Softcat PLC | 73,924 | ||||||
8,346 | Spectris PLC | 309,225 | ||||||
3,831 | Spirax-Sarco Engineering PLC | 304,198 | ||||||
41,682 | Spire Healthcare Group PLC(d) | 130,896 | ||||||
40,028 | Sports Direct International PLC(b) | 222,074 | ||||||
22,545 | Ssp Group PLC | 202,523 | ||||||
15,599 | St. Modwen Properties PLC | 88,133 | ||||||
88,605 | Stagecoach Group PLC | 190,383 | ||||||
2,958 | Superdry PLC | 61,317 | ||||||
21,499 | Synthomer PLC | 146,578 | ||||||
133,515 | TalkTalk Telecom Group PLC | 236,859 | ||||||
4,388 | Telecom Plus PLC | 65,394 | ||||||
38,751 | TP ICAP PLC | 251,497 | ||||||
66,495 | Tritax Big Box REIT PLC REIT | 137,197 | ||||||
8,027 | Ultra Electronics Holdings PLC | 155,668 | ||||||
16,092 | Unite Group PLC (The) REIT | 184,740 | ||||||
27,796 | Vesuvius PLC | 225,306 | ||||||
5,174 | Victrex PLC | 186,854 | ||||||
41,430 | Virgin Money Holdings UK PLC | 159,036 | ||||||
7,258 | WH Smith PLC | 195,038 | ||||||
9,432 | Workspace Group PLC REIT | 144,072 | ||||||
|
| |||||||
21,566,919 | ||||||||
|
| |||||||
United States—0.4% | ||||||||
55,403 | Alacer Gold Corp.(b) | 92,054 | ||||||
635,064 | REC Silicon ASA(b) | 108,525 | ||||||
71,569 | Samsonite International SA | 324,640 | ||||||
20,831 | Sims Metal Management Ltd. | 254,576 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
48,673 | Tahoe Resources, Inc. | $ | 245,652 | |||||
|
| |||||||
1,025,447 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $192,816,492)—99.8% | 226,973,594 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.9% | ||||||||
6,638,149 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $6,638,149) | 6,638,149 | ||||||
|
| |||||||
Total Investments in Securities (Cost $199,454,641)—102.7% | 233,611,743 | |||||||
Other assets less liabilities—(2.7)% | (6,103,001 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 227,508,742 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Wts.—Warrants
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 April 30, 2018 was $7,274,280, which represented 3.20% of the Fund’s Net Assets. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 35.3 | |||
Energy | 16.9 | |||
Information Technology | 12.0 | |||
Materials | 9.7 | |||
Telecommunication Services | 7.8 | |||
Consumer Staples | 5.0 | |||
Consumer Discretionary | 3.7 | |||
Utilities | 3.2 | |||
Industrials | 2.9 | |||
Real Estate | 2.7 | |||
Health Care | 0.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Brazil—13.5% | ||||||||
938,950 | Ambev SA | $ | 6,280,845 | |||||
307,385 | B3 SA—Brasil Bolsa Balcao | 2,229,791 | ||||||
356,891 | Banco Bradesco SA | 3,264,278 | ||||||
1,347,934 | Banco Bradesco SA (Preference Shares) | 13,360,690 | ||||||
951,058 | Banco do Brasil SA | 10,007,692 | ||||||
189,000 | Banco Santander Brasil SA | 2,065,198 | ||||||
288,255 | BR Malls Participacoes SA | 902,527 | ||||||
89,509 | Braskem SA (Preference Shares), Class A | 1,171,570 | ||||||
330,700 | BRF SA(a) | 2,351,510 | ||||||
358,100 | CCR SA | 1,227,994 | ||||||
196,310 | Centrais Eletricas Brasileiras SA(a) | 1,073,381 | ||||||
144,100 | Centrais Eletricas Brasileiras SA (Preference Shares), Class B | 942,019 | ||||||
114,479 | Cia Brasileira de Distribuicao (Preference Shares), Class A | 2,584,205 | ||||||
144,792 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,459,669 | ||||||
143,280 | Cia Energetica de Minas Gerais, Class A(a) | 316,328 | ||||||
1,653,423 | Cia Energetica de Minas Gerais (Preference Shares) | 4,010,654 | ||||||
197,400 | Cia Energetica de Sao Paulo (Preference Shares), Class B | 993,311 | ||||||
29,700 | Cia Paranaense de Energia | 194,668 | ||||||
150,008 | Cia Paranaense de Energia (Preference Shares), Class B | 1,152,253 | ||||||
400,082 | Cia Siderurgica Nacional SA(a) | 1,007,174 | ||||||
253,022 | Cielo SA | 1,392,901 | ||||||
67,600 | Cosan SA Industria e Comercio | 771,032 | ||||||
325,067 | Embraer SA | 2,063,533 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Brazil (continued) | ||||||||
63,155 | Fibria Celulose SA | $ | 1,246,006 | |||||
53,200 | Gerdau SA | 214,618 | ||||||
537,117 | Gerdau SA (Preference Shares) | 2,564,154 | ||||||
1,286,417 | Itau Unibanco Holding SA (Preference Shares) | 18,814,729 | ||||||
719,418 | Itausa—Investimentos Itau SA (Preference Shares) | 2,807,374 | ||||||
1,288,382 | JBS SA | 3,232,314 | ||||||
169,400 | Klabin SA | 1,031,156 | ||||||
332,600 | Kroton Educacional SA | 1,336,046 | ||||||
48,310 | Lojas Americanas SA | 206,526 | ||||||
169,220 | Lojas Americanas SA (Preference Shares) | 967,956 | ||||||
98,260 | Lojas Renner SA | 918,731 | ||||||
1,255,700 | Metalurgica Gerdau SA (Preference Shares) | 2,815,487 | ||||||
309,300 | Petrobras Distribuidora SA | 2,036,164 | ||||||
1,720,562 | Petroleo Brasileiro SA(a) | 12,150,541 | ||||||
2,205,347 | Petroleo Brasileiro SA (Preference Shares)(a) | 14,524,420 | ||||||
125,400 | Suzano Papel E Celulose SA | 1,476,309 | ||||||
212,743 | Telefonica Brasil SA (Preference Shares) | 2,997,446 | ||||||
316,066 | TIM Participacoes SA | 1,445,438 | ||||||
178,896 | Ultrapar Participacoes SA | 3,100,686 | ||||||
1,299,138 | Vale SA | 18,129,153 | ||||||
|
| |||||||
152,838,477 | ||||||||
|
| |||||||
Chile—1.3% | ||||||||
6,755,151 | Banco de Chile | 1,118,533 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Chile (continued) | ||||||||
11,984 | Banco de Credito e Inversiones SA | $ | 907,655 | |||||
18,102,784 | Banco Santander Chile | 1,506,888 | ||||||
712,083 | Cencosud SA | 2,120,814 | ||||||
353,187 | Empresas CMPC SA | 1,444,226 | ||||||
94,562 | Empresas COPEC SA | 1,547,848 | ||||||
8,862,940 | Enel Americas SA | 2,029,847 | ||||||
10,253,260 | Enel Chile SA | 1,280,065 | ||||||
108,265 | Latam Airlines Group SA | 1,664,788 | ||||||
104,920 | S.A.C.I. Falabella | 1,018,344 | ||||||
|
| |||||||
14,639,008 | ||||||||
|
| |||||||
China—31.4% | ||||||||
802,603 | Agile Group Holdings Ltd. | 1,599,428 | ||||||
14,677,626 | Agricultural Bank of China Ltd., H-Shares | 8,340,995 | ||||||
19,519 | Alibaba Group Holding Ltd. ADR(a) | 3,484,922 | ||||||
2,564,230 | Aluminum Corp. of China Ltd., H-Shares(a) | 1,467,001 | ||||||
270,380 | Anhui Conch Cement Co. Ltd., H-Shares | 1,701,879 | ||||||
11,328 | Baidu, Inc. ADR(a) | 2,842,195 | ||||||
46,118,504 | Bank of China Ltd., H-Shares | 25,267,998 | ||||||
5,423,095 | Bank of Communications Co. Ltd., H-Shares | 4,463,822 | ||||||
235,540 | Beijing Enterprises Holdings Ltd. | 1,185,466 | ||||||
97,287 | BYD Co. Ltd., H-Shares | 683,640 | ||||||
3,582,313 | CGN Power Co. Ltd., H-Shares(b) | 981,362 | ||||||
5,713,823 | China Cinda Asset Management Co. Ltd., H-Shares | 2,053,067 | ||||||
5,001,785 | China CITIC Bank Corp. Ltd., H-Shares | 3,607,187 | ||||||
2,633,795 | China Communications Construction Co. Ltd., H-Shares | 3,053,870 | ||||||
47,737,885 | China Construction Bank Corp., H-Shares | 50,607,359 | ||||||
1,835,908 | China Everbright Bank Co. Ltd., H-Shares | 924,007 | ||||||
692,065 | China Evergrande Group(a) | 2,226,565 | ||||||
4,492,325 | China Huarong Asset Management Co. Ltd., H-Shares(b) | 1,556,923 | ||||||
1,686,272 | China Jinmao Holdings Group Ltd. | 966,868 | ||||||
1,778,939 | China Life Insurance Co. Ltd., H-Shares | 5,100,007 | ||||||
1,765,809 | China Longyuan Power Group Corp., H-Shares | 1,745,953 | ||||||
1,228,363 | China Merchants Bank Co. Ltd., H-Shares | 5,415,393 | ||||||
506,809 | China Merchants Port Holdings Co. Ltd. | 1,140,413 | ||||||
3,219,651 | China Minsheng Banking Corp. Ltd., H-Shares | 3,035,762 | ||||||
2,719,240 | China Mobile Ltd. | 26,055,089 | ||||||
3,581,553 | China National Building Material Co. Ltd., H-Shares | 4,234,933 | ||||||
1,350,059 | China Overseas Land & Investment Ltd. | 4,567,141 | ||||||
679,530 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 3,026,098 | ||||||
21,662,930 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 21,170,920 | ||||||
4,938,209 | China Power International Development Ltd. | 1,327,636 | ||||||
1,696,307 | China Railway Construction Corp. Ltd., H-Shares | 2,016,570 | ||||||
2,642,619 | China Railway Group Ltd., H-Shares | 2,124,668 | ||||||
729,327 | China Resources Beer Holdings Co. Ltd. | 3,154,927 | ||||||
849,206 | China Resources Land Ltd. | 3,219,046 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
811,720 | China Resources Pharmaceutical Group Ltd.(b) | $ | 1,123,216 | |||||
1,557,613 | China Resources Power Holdings Co. Ltd. | 3,000,810 | ||||||
1,733,440 | China Shenhua Energy Co. Ltd., H-Shares | 4,298,123 | ||||||
406,167 | China Taiping Insurance Holdings Co. Ltd. | 1,376,618 | ||||||
11,378,774 | China Telecom Corp. Ltd., H-Shares | 5,567,419 | ||||||
3,226,423 | China Unicom Hong Kong Ltd.(a) | 4,596,109 | ||||||
289,507 | China Vanke Co. Ltd., H-Shares | 1,206,241 | ||||||
1,499,339 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 1,155,799 | ||||||
1,631,062 | CITIC Ltd. | 2,502,212 | ||||||
565,454 | CITIC Securities Co. Ltd., H-Shares | 1,394,857 | ||||||
9,581,898 | CNOOC Ltd. | 16,066,993 | ||||||
1,049,598 | Country Garden Holdings Co. Ltd. | 2,169,207 | ||||||
19,797 | Ctrip.com International Ltd. ADR(a) | 809,697 | ||||||
1,406,705 | Dongfeng Motor Group Co. Ltd., H-Shares | 1,564,748 | ||||||
152,842 | ENN Energy Holdings Ltd. | 1,437,230 | ||||||
718,990 | Fosun International Ltd. | 1,544,570 | ||||||
7,924,417 | GCL-Poly Energy Holdings Ltd.(a) | 989,511 | ||||||
379,033 | Geely Automobile Holdings Ltd. | 1,014,200 | ||||||
9,316,987 | Gome Retail Holdings Ltd. | 1,009,071 | ||||||
1,182,266 | Great Wall Motor Co. Ltd., H-Shares | 1,239,773 | ||||||
715,614 | Guangdong Investment Ltd. | 1,114,236 | ||||||
607,414 | Guangzhou R&F Properties Co. Ltd., H-Shares | 1,461,214 | ||||||
1,052,949 | Haitong Securities Co. Ltd., H-Shares | 1,448,966 | ||||||
156,282 | Hengan International Group Co. Ltd. | 1,393,908 | ||||||
4,124,004 | Huaneng Power International, Inc., H-Shares | 2,742,943 | ||||||
426,837 | Huatai Securities Co. Ltd., H-Shares(b) | 871,268 | ||||||
35,764,157 | Industrial & Commercial Bank of China Ltd., H-Shares | 31,807,577 | ||||||
588,100 | Inner Mongolia Yitai Coal Co. Ltd., Class B | 763,354 | ||||||
25,655 | JD.Com, Inc., Class A ADR(a) | 936,664 | ||||||
807,870 | Jiangxi Copper Co. Ltd., H-Shares | 1,159,063 | ||||||
318,377 | Kingboard Chemical Holdings Ltd. | 1,310,302 | ||||||
1,580,415 | Kunlun Energy Co. Ltd. | 1,359,259 | ||||||
377,892 | Legend Holdings Corp., H-Shares(b) | 1,268,748 | ||||||
9,040,965 | Lenovo Group Ltd. | 4,319,895 | ||||||
420,441 | Longfor Properties Co. Ltd. | 1,269,640 | ||||||
2,735 | NetEase, Inc. ADR | 703,086 | ||||||
207,926 | New China Life Insurance Co. Ltd., H-Shares | 978,927 | ||||||
4,986,475 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 2,369,898 | ||||||
12,575,341 | PetroChina Co. Ltd., H-Shares | 9,277,383 | ||||||
2,022,412 | PICC Property & Casualty Co. Ltd., H-Shares | 3,654,038 | ||||||
850,023 | Ping An Insurance Group Co. of China Ltd., H-Shares | 8,399,233 | ||||||
2,664,118 | Postal Savings Bank of China Co. Ltd., H-Shares(b) | 1,839,839 | ||||||
685,607 | Shimao Property Holdings Ltd. | 1,838,885 | ||||||
1,793,689 | Sino-Ocean Group Holding Ltd. | 1,257,005 | ||||||
889,747 | Sinopec Engineering Group Co. Ltd., H-Shares | 918,288 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
551,383 | Sinopharm Group Co. Ltd., H-Shares | $ | 2,325,458 | |||||
1,582,907 | SOHO China Ltd. | 816,841 | ||||||
261,509 | Sunac China Holdings Ltd. | 1,129,571 | ||||||
122,444 | Tencent Holdings Ltd. | 6,100,163 | ||||||
835,945 | Yangzijiang Shipbuilding Holdings Ltd. | 738,685 | ||||||
531,478 | Yanzhou Coal Mining Co. Ltd., H-Shares | 674,484 | ||||||
5,058,808 | Yuexiu Property Co. Ltd. | 1,147,349 | ||||||
|
| |||||||
355,811,684 | ||||||||
|
| |||||||
Hong Kong—0.2% | ||||||||
281,467 | Haier Electronics Group Co. Ltd. | 979,078 | ||||||
2,371,329 | Skyworth Digital Holdings Ltd. | 1,084,709 | ||||||
|
| |||||||
2,063,787 | ||||||||
|
| |||||||
India—7.4% | ||||||||
74,034 | Axis Bank Ltd. GDR(b) | 2,865,116 | ||||||
26,116 | GAIL India Ltd. GDR(b) | 767,810 | ||||||
56,802 | HDFC Bank Ltd. ADR | 5,442,200 | ||||||
120,424 | ICICI Bank Ltd. ADR | 1,024,808 | ||||||
536,931 | Infosys Ltd. ADR | 9,487,571 | ||||||
357,567 | Invesco India ETF(c) | 9,151,927 | ||||||
756,299 | iShares MSCI India ETF | 26,432,650 | ||||||
64,974 | Larsen & Toubro Ltd. GDR(b) | 1,367,703 | ||||||
138,915 | Mahindra & Mahindra Ltd. GDR(b) | 1,812,841 | ||||||
359,008 | Reliance Industries Ltd. GDR(b) | 10,375,331 | ||||||
88,549 | State Bank of India GDR(b) | 3,263,031 | ||||||
139,784 | Tata Motors Ltd. ADR(a) | 3,511,374 | ||||||
274,799 | Tata Steel Ltd. GDR(b) | 2,423,727 | ||||||
214,298 | Vedanta Ltd. ADR | 3,797,361 | ||||||
454,826 | Wipro Ltd. ADR(d) | 2,174,068 | ||||||
|
| |||||||
83,897,518 | ||||||||
|
| |||||||
Indonesia—1.5% | ||||||||
4,702,993 | PT Astra International Tbk | 2,416,992 | ||||||
1,085,275 | PT Bank Central Asia Tbk | 1,723,959 | ||||||
4,445,174 | PT Bank Mandiri Persero Tbk | 2,276,504 | ||||||
2,008,973 | PT Bank Negara Indonesia Persero Tbk | 1,162,424 | ||||||
11,647,873 | PT Bank Rakyat Indonesia Persero Tbk | 2,695,860 | ||||||
1,622,267 | PT Indofood Sukses Makmur Tbk | 813,320 | ||||||
7,632,684 | PT Perusahaan Gas Negara Persero Tbk | 1,089,012 | ||||||
13,522,159 | PT Telekomunikasi Indonesia Persero Tbk | 3,722,542 | ||||||
386,078 | PT United Tractors Tbk | 946,290 | ||||||
|
| |||||||
16,846,903 | ||||||||
|
| |||||||
Malaysia—2.6% | ||||||||
1,086,400 | Axiata Group Bhd | 1,467,547 | ||||||
2,108,400 | CIMB Group Holdings Bhd | 3,869,117 | ||||||
702,200 | DiGi.com Bhd | 828,644 | ||||||
521,300 | Genting Bhd | 1,186,494 | ||||||
772,800 | Genting Malaysia Bhd | 1,010,441 | ||||||
752,800 | IOI Corp. Bhd | 919,055 | ||||||
1,857,700 | Malayan Banking Bhd | 5,104,118 | ||||||
760,100 | Petronas Chemicals Group Bhd | 1,637,019 | ||||||
695,200 | Public Bank Bhd | 4,217,092 | ||||||
6,416,400 | Sapura Energy Bhd | 1,046,641 | ||||||
1,786,000 | Sime Darby Bhd | 1,215,399 | ||||||
711,600 | Sime Darby Plantation Bhd | 1,010,223 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
1,469,400 | Tenaga Nasional Bhd | $ | 5,932,279 | |||||
|
| |||||||
29,444,069 | ||||||||
|
| |||||||
Mexico—4.0% | ||||||||
1,597,319 | Alfa SAB de CV, Class A | 2,041,919 | ||||||
13,202,162 | America Movil SAB de CV, Series L | 12,167,373 | ||||||
8,950,505 | Cemex SAB de CV, Series CPO(a)(e) | 5,575,555 | ||||||
186,819 | Coca-Cola Femsa SAB de CV, Series L | 1,207,819 | ||||||
986,994 | Fibra Uno Administracion SA de CV REIT | 1,627,460 | ||||||
567,786 | Fomento Economico Mexicano SAB de CV, Series CPO(f) | 5,464,995 | ||||||
400,582 | Grupo Bimbo SAB de CV, Series A | 928,399 | ||||||
605,055 | Grupo Financiero Banorte SAB de CV, Class O | 3,769,725 | ||||||
1,295,760 | Grupo Mexico SAB de CV, Series B | 4,289,040 | ||||||
701,147 | Grupo Televisa SAB, Series CPO(g) | 2,505,623 | ||||||
37,627 | Industrias Penoles SAB de CV | 786,390 | ||||||
352,825 | Mexichem SAB de CV(a) | 1,097,427 | ||||||
1,634,027 | Wal-Mart de Mexico SAB de CV | 4,521,335 | ||||||
|
| |||||||
45,983,060 | ||||||||
|
| |||||||
Poland—1.4% | ||||||||
77,478 | Bank Polska Kasa Opieki SA | 2,584,996 | ||||||
76,401 | KGHM Polska Miedz SA | 2,041,867 | ||||||
303,292 | PGE Polska Grupa Energetyczna SA(a) | 906,305 | ||||||
130,514 | Polski Koncern Naftowy Orlen SA | 3,341,307 | ||||||
582,368 | Polskie Gornictwo Naftowe i Gazownictwo SA | 1,027,195 | ||||||
209,001 | Powszechna Kasa Oszczednosci Bank Polski SA(a) | 2,495,784 | ||||||
258,522 | Powszechny Zaklad Ubezpieczen SA | 3,166,825 | ||||||
|
| |||||||
15,564,279 | ||||||||
|
| |||||||
Russia—8.9% | ||||||||
5,639,389 | Gazprom PJSC ADR | 26,099,092 | ||||||
314,799 | LUKOIL PJSC ADR | 21,028,573 | ||||||
262,177 | Magnit PJSC GDR(b) | 4,978,741 | ||||||
155,753 | MegaFon PJSC GDR(b) | 1,379,193 | ||||||
243,507 | MMC Norilsk Nickel PJSC ADR | 4,187,103 | ||||||
394,695 | Mobile TeleSystems PJSC ADR | 4,144,297 | ||||||
21,348 | Novatek PJSC GDR(b) | 2,711,196 | ||||||
981,004 | Rosneft Oil Co. PJSC GDR(b) | 5,978,238 | ||||||
890,747 | RusHydro PJSC ADR | 1,011,889 | ||||||
909,825 | Sberbank of Russia PJSC ADR | 13,556,392 | ||||||
99,430 | Severstal PJSC GDR(b) | 1,587,897 | ||||||
310,701 | Sistema PJSFC GDR(b) | 1,129,709 | ||||||
362,156 | Surgutneftegas OJSC ADR | 1,701,409 | ||||||
383,991 | Surgutneftegas OJSC (Preference Shares) ADR | 1,881,556 | ||||||
84,561 | Tatneft PJSC ADR | 5,454,185 | ||||||
1,871,744 | VTB Bank PJSC GDR(b) | 3,503,905 | ||||||
|
| |||||||
100,333,375 | ||||||||
|
| |||||||
South Africa—7.0% | ||||||||
184,718 | AngloGold Ashanti Ltd. | 1,662,407 | ||||||
52,039 | Aspen Pharmacare Holdings Ltd. | 1,122,046 | ||||||
328,056 | Barclays Africa Group Ltd. | 4,808,729 | ||||||
101,249 | Barloworld Ltd. | 1,371,804 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa (continued) | ||||||||
81,127 | Bid Corp. Ltd. | $ | 1,862,501 | |||||
63,982 | Bidvest Group Ltd. (The) | 1,256,346 | ||||||
88,801 | Exxaro Resources Ltd. | 791,713 | ||||||
737,238 | FirstRand Ltd. | 3,954,377 | ||||||
47,763 | Foschini Group Ltd. (The) | 822,593 | ||||||
517,108 | Gold Fields Ltd. | 1,941,472 | ||||||
744,339 | Growthpoint Properties Ltd. REIT | 1,735,077 | ||||||
480,028 | Impala Platinum Holdings Ltd.(a) | 859,023 | ||||||
89,125 | Imperial Holdings Ltd. | 1,716,069 | ||||||
113,573 | Investec Ltd. | 895,847 | ||||||
408,549 | Life Healthcare Group Holdings Ltd. | 965,431 | ||||||
424,122 | MMI Holdings Ltd. | 755,920 | ||||||
33,736 | Mondi Ltd. | 983,563 | ||||||
36,457 | Mr Price Group Ltd. | 800,148 | ||||||
720,858 | MTN Group Ltd. | 7,231,822 | ||||||
15,192 | Naspers Ltd., Class N | 3,723,161 | ||||||
83,913 | Nedbank Group Ltd. | 1,999,527 | ||||||
481,353 | Netcare Ltd. | 1,194,924 | ||||||
1,302,812 | Redefine Properties Ltd. REIT | 1,250,240 | ||||||
96,487 | Remgro Ltd. | 1,736,785 | ||||||
413,333 | Sanlam Ltd. | 2,622,618 | ||||||
225,922 | Sappi Ltd. | 1,445,973 | ||||||
281,151 | Sasol Ltd. | 10,088,893 | ||||||
98,063 | Shoprite Holdings Ltd. | 1,955,958 | ||||||
847,038 | Sibanye Gold Ltd.(a) | 745,007 | ||||||
69,922 | SPAR Group Ltd. (The) | 1,184,340 | ||||||
425,524 | Standard Bank Group Ltd. | 7,305,361 | ||||||
8,906,535 | Steinhoff International Holdings NV(a) | 1,369,825 | ||||||
221,445 | Telkom SA SOC Ltd. | 1,007,911 | ||||||
31,956 | Tiger Brands Ltd. | 995,765 | ||||||
112,804 | Truworths International Ltd. | 926,197 | ||||||
185,062 | Vodacom Group Ltd. | 2,312,135 | ||||||
311,277 | Woolworths Holdings Ltd. | 1,602,046 | ||||||
|
| |||||||
79,003,554 | ||||||||
|
| |||||||
Taiwan—15.0% | ||||||||
1,929,000 | Acer, Inc.(a) | 1,486,529 | ||||||
1,373,000 | ASE Industrial Holding Co. Ltd. | 3,726,426 | ||||||
980,000 | Asia Cement Corp. | 1,051,662 | ||||||
212,738 | Asustek Computer, Inc. | 1,998,924 | ||||||
9,009,000 | AU Optronics Corp. | 3,775,763 | ||||||
203,000 | Catcher Technology Co. Ltd. | 2,271,070 | ||||||
2,895,440 | Cathay Financial Holding Co. Ltd. | 5,235,700 | ||||||
283,000 | Chailease Holding Co. Ltd. | 1,042,604 | ||||||
754,894 | Cheng Shin Rubber Industry Co. Ltd. | 1,222,159 | ||||||
5,545,000 | China Development Financial Holding Corp. | 2,108,436 | ||||||
1,038,016 | China Life Insurance Co. Ltd. | 1,129,708 | ||||||
2,728,360 | China Steel Corp. | 2,167,085 | ||||||
1,277,000 | Chunghwa Telecom Co. Ltd. | 4,877,258 | ||||||
1,581,054 | Compal Electronics, Inc. | 1,036,704 | ||||||
6,593,838 | CTBC Financial Holding Co. Ltd. | 4,735,912 | ||||||
717,506 | Delta Electronics, Inc. | 2,619,122 | ||||||
2,180,181 | E.Sun Financial Holding Co. Ltd. | 1,547,456 | ||||||
1,605,000 | Far Eastern New Century Corp. | 1,540,635 | ||||||
541,000 | Far EasTone Telecommunications Co. Ltd. | 1,433,573 | ||||||
2,440,506 | First Financial Holding Co. Ltd. | 1,682,738 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
1,054,920 | Formosa Chemicals & Fibre Corp. | $ | 3,904,272 | |||||
359,000 | Formosa Petrochemical Corp. | 1,474,270 | ||||||
1,128,280 | Formosa Plastics Corp. | 3,985,103 | ||||||
503,102 | Foxconn Technology Co. Ltd. | 1,256,628 | ||||||
2,726,928 | Fubon Financial Holding Co. Ltd. | 4,700,567 | ||||||
7,931,330 | Hon Hai Precision Industry Co. Ltd. | 22,223,219 | ||||||
469,233 | HTC Corp.(a) | 959,512 | ||||||
9,655,490 | Innolux Corp. | 3,622,461 | ||||||
1,659,000 | Inventec Corp. | 1,264,443 | ||||||
11,000 | Largan Precision Co. Ltd. | 1,293,833 | ||||||
1,252,313 | Lite-On Technology Corp. | 1,661,342 | ||||||
533,091 | MediaTek, Inc. | 6,126,137 | ||||||
2,676,080 | Mega Financial Holding Co. Ltd. | 2,374,296 | ||||||
1,196,940 | Nan Ya Plastics Corp. | 3,301,178 | ||||||
250,000 | Novatek Microelectronics Corp. | 1,056,225 | ||||||
1,690,106 | Pegatron Corp. | 3,970,134 | ||||||
702,740 | Pou Chen Corp. | 882,389 | ||||||
300,200 | Powertech Technology, Inc. | 866,513 | ||||||
129,000 | President Chain Store Corp. | 1,275,328 | ||||||
1,218,000 | Quanta Computer, Inc. | 2,227,158 | ||||||
4,684,908 | Shin Kong Financial Holding Co. Ltd. | 1,923,906 | ||||||
2,663,000 | SinoPac Financial Holdings Co. Ltd. | 963,078 | ||||||
2,522,702 | Taishin Financial Holding Co. Ltd. | 1,232,084 | ||||||
1,692,089 | Taiwan Cement Corp. | 2,336,263 | ||||||
1,541,000 | Taiwan Cooperative Financial Holding Co. Ltd. | 898,459 | ||||||
451,400 | Taiwan Mobile Co. Ltd. | 1,670,637 | ||||||
4,076,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 31,272,776 | ||||||
1,129,000 | Tatung Co. Ltd.(a) | 849,044 | ||||||
399,000 | TPK Holding Co. Ltd.(a) | 879,279 | ||||||
1,194,941 | Uni-President Enterprises Corp. | 2,891,784 | ||||||
7,475,000 | United Microelectronics Corp. | 4,042,384 | ||||||
1,846,000 | Walsin Lihwa Corp. | 1,263,465 | ||||||
2,747,449 | Wistron Corp. | 2,200,819 | ||||||
3,809,671 | Yuanta Financial Holding Co. Ltd. | 1,828,446 | ||||||
|
| |||||||
169,366,896 | ||||||||
|
| |||||||
Thailand—3.9% | ||||||||
421,673 | Advanced Info Service PCL NVDR | 2,779,087 | ||||||
742,486 | Bangchak Corp. PCL NVDR | 852,824 | ||||||
186,988 | Bangkok Bank PCL (Foreign Shares) | 1,143,494 | ||||||
1,911,455 | Banpu PCL NVDR | 1,174,976 | ||||||
2,711,929 | Charoen Pokphand Foods PCL NVDR | 2,096,675 | ||||||
671,075 | CP ALL PCL NVDR | 1,849,922 | ||||||
3,982,352 | IRPC PCL NVDR | 889,594 | ||||||
246,934 | Kasikornbank PCL NVDR | 1,529,645 | ||||||
345,663 | Kasikornbank PCL (Foreign Shares) | 2,141,227 | ||||||
2,977,107 | Krung Thai Bank PCL NVDR | 1,716,836 | ||||||
707,027 | PTT Exploration & Production PCL NVDR | 3,001,952 | ||||||
845,303 | PTT Global Chemical PCL NVDR | 2,624,832 | ||||||
7,124,350 | PTT PCL NVDR | 12,754,302 | ||||||
292,661 | Siam Cement PCL (The) NVDR | 4,339,840 | ||||||
812,607 | Siam Commercial Bank PCL (The) NVDR | 3,372,988 | ||||||
467,380 | Thai Oil PCL NVDR | 1,395,772 | ||||||
538,604 | Thanachart Capital PCL NVDR | 917,299 | ||||||
|
| |||||||
44,581,265 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Turkey—1.7% | ||||||||
1,043,792 | Akbank Turk AS | $ | 2,172,186 | |||||
56,987 | BIM Birlesik Magazalar AS | 966,547 | ||||||
504,522 | Eregli Demir ve Celik Fabrikalari TAS | 1,260,917 | ||||||
752,386 | Haci Omer Sabanci Holding AS | 1,780,445 | ||||||
519,187 | KOC Holding AS | 1,752,228 | ||||||
73,386 | Tupras Turkiye Petrol Rafinerileri AS | 1,868,385 | ||||||
277,838 | Turk Hava Yollari AO(a) | 1,142,039 | ||||||
496,547 | Turkcell Iletisim Hizmetleri AS | 1,705,134 | ||||||
940,308 | Turkiye Garanti Bankasi AS | 2,130,308 | ||||||
753,706 | Turkiye Halk Bankasi AS | 1,533,276 | ||||||
1,050,916 | Turkiye Is Bankasi AS, Class C | 1,592,434 | ||||||
694,415 | Turkiye Vakiflar Bankasi TAO, Class D | 1,019,779 | ||||||
|
| |||||||
18,923,678 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $963,059,020) | 1,129,297,553 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,321,640 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(h) (Cost $1,321,640) | 1,321,640 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $964,380,660)—99.9% | 1,130,619,193 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.2% | ||||||||
2,183,470 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(h)(i) (Cost $2,183,470) | 2,183,470 | ||||||
|
| |||||||
Total Investments in Securities (Cost $966,564,130)—100.1% | 1,132,802,663 | |||||||
Other assets less liabilities—(0.1)% | (1,423,594 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,131,379,069 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $51,785,794, which represented 4.58% of the Fund’s Net Assets. |
(c) | Affiliated company. The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(d) | All or a portion of this security was out on loan at April 30, 2018. |
(e) | Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco Global Agriculture ETF (PAGG)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Agricultural Products | 51.5 | |||
Fertilizers & Agricultural Chemicals | 48.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—4.8% | ||||||||
68,978 | Costa Group Holdings Ltd. | $ | 378,014 | |||||
45,220 | GrainCorp Ltd., Class A | 303,454 | ||||||
55,058 | Nufarm Ltd. | 379,032 | ||||||
|
| |||||||
1,060,500 | ||||||||
|
| |||||||
Brazil—0.6% | ||||||||
11,000 | SLC Agricola SA | 141,044 | ||||||
|
| |||||||
Chile—4.3% | ||||||||
17,176 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 943,175 | ||||||
|
| |||||||
China—1.2% | ||||||||
500,880 | China Agri-Industries Holdings Ltd. | 211,246 | ||||||
399,394 | Sinofert Holdings Ltd.(a) | 47,836 | ||||||
|
| |||||||
259,082 | ||||||||
|
| |||||||
Germany—4.2% | ||||||||
31,162 | K+S AG | 919,034 | ||||||
|
| |||||||
Hong Kong—0.6% | ||||||||
1,475,480 | C.P. Pokphand Co. Ltd. | 133,481 | ||||||
|
| |||||||
Indonesia—3.6% | ||||||||
1,503,982 | Golden Agri-Resources Ltd. | 391,884 | ||||||
87,383 | PT Astra Agro Lestari Tbk | 80,239 | ||||||
819,299 | PT Charoen Pokphand Indonesia Tbk | 216,713 | ||||||
1,789,993 | PT Eagle High Plantations Tbk(a) | 32,165 | ||||||
635,341 | PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 57,540 | ||||||
|
| |||||||
778,541 | ||||||||
|
| |||||||
Ireland—0.7% | ||||||||
24,685 | Origin Enterprises PLC | 159,262 | ||||||
|
| |||||||
Israel—3.3% | ||||||||
118,240 | Israel Chemicals Ltd. | 531,733 | ||||||
927 | Israel Corp. Ltd. (The) | 182,288 | ||||||
|
| |||||||
714,021 | ||||||||
|
| |||||||
Japan—2.6% | ||||||||
6,233 | Hokuto Corp. | 110,050 | ||||||
21,510 | Kumiai Chemical Industry Co. Ltd. | 136,815 | ||||||
8,584 | Sakata Seed Corp. | 314,962 | ||||||
|
| |||||||
561,827 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia—9.1% | ||||||||
339,700 | Felda Global Ventures Holdings Bhd | $ | 148,053 | |||||
89,400 | Genting Plantations Bhd | 225,579 | ||||||
642,190 | IOI Corp. Bhd | 784,017 | ||||||
106,674 | Kuala Lumpur Kepong Bhd | 692,763 | ||||||
20,300 | United Plantations Bhd | 137,627 | ||||||
|
| |||||||
1,988,039 | ||||||||
|
| |||||||
Netherlands—1.8% | ||||||||
16,240 | OCI NV(a)(b) | 386,733 | ||||||
|
| |||||||
Norway—3.8% | ||||||||
19,561 | Yara International ASA | 827,749 | ||||||
|
| |||||||
Russia—3.7% | ||||||||
56,640 | PhosAgro PJSC GDR(c) | 816,749 | ||||||
|
| |||||||
Singapore—4.7% | ||||||||
108,036 | First Resources Ltd. | 137,896 | ||||||
357,263 | Wilmar International Ltd. | 879,632 | ||||||
|
| |||||||
1,017,528 | ||||||||
|
| |||||||
Taiwan—1.0% | ||||||||
169,099 | Taiwan Fertilizer Co. Ltd. | 228,902 | ||||||
|
| |||||||
United Kingdom—1.8% | ||||||||
912,387 | Sirius Minerals PLC(a) | 389,569 | ||||||
|
| |||||||
United States—48.1% | ||||||||
5,210 | American Vanguard Corp. | 112,276 | ||||||
42,016 | Archer-Daniels-Midland Co. | 1,906,686 | ||||||
20,880 | Bunge Ltd. | 1,508,162 | ||||||
21,151 | CF Industries Holdings, Inc. | 820,659 | ||||||
31,043 | Darling Ingredients, Inc.(a) | 532,077 | ||||||
20,944 | FMC Corp. | 1,669,865 | ||||||
5,541 | Fresh Del Monte Produce, Inc. | 272,340 | ||||||
12,348 | Ingredion, Inc. | 1,495,219 | ||||||
57,891 | Mosaic Co. (The) | 1,560,163 | ||||||
7,757 | Scotts Miracle-Gro Co. (The) | 648,330 | ||||||
|
| |||||||
10,525,777 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $20,867,349)—99.9% | 21,851,013 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco Global Agriculture ETF (PAGG) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
160,244 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $160,244) | $ | 160,244 | |||||
|
| |||||||
Total Investments in Securities (Cost $21,027,593)—100.6% | 22,011,257 | |||||||
Other assets less liabilities—(0.6)% | (124,359 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 21,886,898 | ||||||
|
|
Investment Abbreviations:
GDR—Global Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(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 value of this security at April 30, 2018 represented 3.73% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco Global Clean Energy ETF (PBD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Renewable Electricity | 22.6 | |||
Semiconductors | 12.2 | |||
Heavy Electrical Equipment | 10.3 | |||
Electrical Components & Equipment | 10.1 | |||
Semiconductor Equipment | 9.5 | |||
Electric Utilities | 4.0 | |||
Building Products | 3.6 | |||
Electronic Equipment & Instruments | 3.5 | |||
Independent Power Producers & Energy Traders | 3.5 | |||
Oil & Gas Refining & Marketing | 3.1 | |||
Industrial Machinery | 3.1 | |||
Investment Companies | 2.8 | |||
Automobile Manufacturers | 2.6 | |||
Mortgage REITs | 1.7 | |||
Fertilizers & Agricultural Chemicals | 1.6 | |||
Specialty Chemicals | 1.5 | |||
Electronic Components | 1.2 | |||
Construction & Engineering | 0.9 | |||
Environmental & Facilities Services | 0.5 | |||
Diversified Support Services | 0.5 | |||
Auto Parts & Equipment | 0.5 | |||
Research & Consulting Services | 0.4 | |||
Electronic Manufacturing Services | 0.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Austria—0.8% | ||||||||
15,676 | Verbund AG | $ | 487,509 | |||||
|
| |||||||
Canada—5.6% | ||||||||
90,496 | Ballard Power Systems, Inc.(a)(b) | 297,194 | ||||||
53,859 | Boralex, Inc., Class A | 964,206 | ||||||
40,675 | Canadian Solar, Inc.(a)(b) | 635,750 | ||||||
42,199 | Innergex Renewable Energy, Inc. | 445,708 | ||||||
99,551 | TransAlta Renewables, Inc. | 889,937 | ||||||
|
| |||||||
3,232,795 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Chile—1.6% | ||||||||
17,161 | Sociedad Quimica y Minera de Chile SA ADR(a) | $ | 941,967 | |||||
|
| |||||||
China—12.9% | ||||||||
86,486 | BYD Co. Ltd., H-Shares | 607,741 | ||||||
1,306,328 | China Longyuan Power Group Corp., H-Shares | 1,291,639 | ||||||
470,732 | China Power Clean Energy Development Co. Ltd. | 269,307 | ||||||
504,778 | China Singyes Solar Technologies Holdings Ltd. | 182,661 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
3,878 | Daqo New Energy Corp. ADR(b) | $ | 206,891 | |||||
5,301,407 | GCL-Poly Energy Holdings Ltd.(b) | 661,979 | ||||||
2,499,171 | Huaneng Renewables Corp. Ltd., H-Shares | 1,117,713 | ||||||
37,045 | JinkoSolar Holding Co. Ltd. ADR(a)(b) | 680,887 | ||||||
54,360 | Kandi Technologies Group, Inc.(a)(b) | 266,364 | ||||||
5,065,659 | Shunfeng International Clean Energy Ltd.(b) | 196,862 | ||||||
521,098 | Wasion Group Holdings Ltd. | 292,146 | ||||||
500,028 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 954,406 | ||||||
1,700,763 | Xinyi Solar Holdings Ltd. | 780,142 | ||||||
|
| |||||||
7,508,738 | ||||||||
|
| |||||||
Denmark—4.2% | ||||||||
13,485 | Novozymes A/S, Class B | 637,441 | ||||||
14,698 | Orsted A/S(c) | 970,309 | ||||||
12,776 | Vestas Wind Systems A/S | 829,130 | ||||||
|
| |||||||
2,436,880 | ||||||||
|
| |||||||
Finland—0.5% | ||||||||
34,509 | Caverion Oyj(a)(b) | 289,146 | ||||||
|
| |||||||
France—0.4% | ||||||||
8,337 | Albioma SA | 206,492 | ||||||
|
| |||||||
Germany—6.2% | ||||||||
27,562 | Cropenergies AG | 170,165 | ||||||
24,532 | Encavis AG | 197,992 | ||||||
90,419 | Nordex SE(b) | 1,040,005 | ||||||
12,377 | OSRAM Licht AG | 714,347 | ||||||
72,563 | PNE Wind AG | 216,108 | ||||||
22,105 | Senvion SA(b) | 290,575 | ||||||
10,253 | SMA Solar Technology AG | 633,629 | ||||||
34,191 | VERBIO Vereinigte BioEnergie AG | 165,734 | ||||||
7,515 | Voltabox AG(b) | 198,117 | ||||||
|
| |||||||
3,626,672 | ||||||||
|
| |||||||
Guernsey—1.6% | ||||||||
630,152 | Renewables Infrastructure Group Ltd. (The) | 918,280 | ||||||
|
| |||||||
Hong Kong—3.4% | ||||||||
345,985 | Canvest Environmental Protection Group Co. Ltd.(c) | 192,208 | ||||||
627,235 | China High Speed Transmission Equipment Group Co. Ltd. | 915,887 | ||||||
21,746,626 | FDG Electric Vehicles Ltd.(b) | 687,180 | ||||||
1,818,491 | Panda Green Energy Group Ltd.(b) | 194,634 | ||||||
|
| |||||||
1,989,909 | ||||||||
|
| |||||||
Ireland—1.8% | ||||||||
23,471 | Kingspan Group PLC | 1,063,412 | ||||||
|
| |||||||
Japan—6.9% | ||||||||
23,459 | EF-ON, Inc.(a) | 323,720 | ||||||
28,469 | eRex Co. Ltd.(a) | 226,347 | ||||||
147,460 | GS Yuasa Corp. | 795,078 | ||||||
247,883 | Meidensha Corp. | 978,620 | ||||||
6,230 | Odelic Co. Ltd. | 253,356 | ||||||
27,908 | Renova, Inc.(a)(b) | 318,293 | ||||||
59,267 | Takuma Co. Ltd. | 651,030 | ||||||
14,522 | Tanaka Chemical Corp.(a)(b) | 218,576 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
31,237 | West Holdings Corp. | $ | 228,943 | |||||
|
| |||||||
3,993,963 | ||||||||
|
| |||||||
Netherlands—1.3% | ||||||||
24,587 | Philips Lighting NV(c) | 749,779 | ||||||
|
| |||||||
New Zealand—1.5% | ||||||||
115,328 | Contact Energy Ltd. | 437,179 | ||||||
184,805 | Mercury NZ Ltd. | 415,382 | ||||||
|
| |||||||
852,561 | ||||||||
|
| |||||||
Norway—0.5% | ||||||||
225,051 | NEL ASA(b) | 78,041 | ||||||
35,089 | Scatec Solar ASA(a)(c) | 219,002 | ||||||
|
| |||||||
297,043 | ||||||||
|
| |||||||
Philippines—0.2% | ||||||||
1,120,962 | Energy Development Corp.(b) | 116,971 | ||||||
|
| |||||||
South Korea—3.6% | ||||||||
8,618 | CS Wind Corp. | 268,695 | ||||||
4,144 | Samsung SDI Co. Ltd. | 711,974 | ||||||
48,222 | Seoul Semiconductor Co. Ltd. | 857,842 | ||||||
90,595 | Unison Co. Ltd.(b) | 250,227 | ||||||
|
| |||||||
2,088,738 | ||||||||
|
| |||||||
Spain—4.5% | ||||||||
35,191 | Atlantica Yield PLC | 706,987 | ||||||
97,719 | EDP Renovaveis SA | 939,790 | ||||||
55,264 | Siemens Gamesa Renewable Energy SA | 952,473 | ||||||
|
| |||||||
2,599,250 | ||||||||
|
| |||||||
Sweden—2.0% | ||||||||
100,909 | Nibe Industrier AB, Class B | 1,034,135 | ||||||
96,072 | SaltX Technology Holding AB(a)(b) | 159,113 | ||||||
|
| |||||||
1,193,248 | ||||||||
|
| |||||||
Switzerland—4.2% | ||||||||
6,845 | Credit Suisse Real Estate Fund Green Property | 897,546 | ||||||
11,910 | Landis+Gyr Group AG(b) | 901,161 | ||||||
519,049 | Meyer Burger Technology AG(a)(b) | 653,334 | ||||||
|
| |||||||
2,452,041 | ||||||||
|
| |||||||
Taiwan—4.9% | ||||||||
266,000 | Advanced Lithium Electrochemistry Cayman Co. Ltd.(b) | 209,930 | ||||||
630,131 | Epistar Corp.(b) | 867,891 | ||||||
175,000 | Everlight Electronics Co. Ltd. | 246,354 | ||||||
27,000 | Gigasolar Materials Corp. | 139,168 | ||||||
355,000 | Lextar Electronics Corp.(b) | 215,377 | ||||||
243,000 | Motech Industries, Inc.(b) | 170,013 | ||||||
425,241 | Neo Solar Power Corp.(b) | 177,504 | ||||||
190,000 | Sino-American Silicon Products, Inc. | 828,419 | ||||||
|
| |||||||
2,854,656 | ||||||||
|
| |||||||
Thailand—3.7% | ||||||||
1,002,566 | Bcpg PCL NVDR | 619,456 | ||||||
464,786 | Energy Absolute PCL NVDR | 530,174 | ||||||
271,442 | SPCG PCL NVDR | 181,477 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand (continued) | ||||||||
21,772,240 | Superblock PCL NVDR(b) | $ | 793,349 | |||||
|
| |||||||
2,124,456 | ||||||||
|
| |||||||
United Kingdom—3.9% | ||||||||
35,750 | Dialight PLC(b) | 253,095 | ||||||
183,729 | Drax Group PLC | 799,667 | ||||||
422,885 | GCP Infrastructure Investments Ltd. | 707,107 | ||||||
154,238 | Greencoat UK Wind PLC | 259,176 | ||||||
19,480 | Ricardo PLC | 255,429 | ||||||
|
| |||||||
2,274,474 | ||||||||
|
| |||||||
United States—23.8% | ||||||||
6,994 | Acuity Brands, Inc. | 837,671 | ||||||
22,424 | Ameresco, Inc., Class A(b) | 265,724 | ||||||
22,787 | Cree, Inc.(b) | 850,411 | ||||||
41,621 | Enphase Energy, Inc.(a)(b) | 172,727 | ||||||
9,559 | First Solar, Inc.(b) | 677,829 | ||||||
40,591 | Green Plains, Inc. | 754,993 | ||||||
50,095 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT(a) | 972,344 | ||||||
13,209 | Itron, Inc.(b) | 863,869 | ||||||
34,147 | LSI Industries, Inc. | 209,321 | ||||||
37,574 | Maxwell Technologies, Inc.(a)(b) | 192,755 | ||||||
53,088 | NRG Yield, Inc., Class C | 944,966 | ||||||
7,783 | Ormat Technologies, Inc. | 450,636 | ||||||
50,894 | Pattern Energy Group, Inc., Class A | 925,253 | ||||||
45,743 | Plug Power, Inc.(a)(b) | 83,710 | ||||||
1,094,965 | REC Silicon ASA(b) | 187,116 | ||||||
16,350 | Renewable Energy Group, Inc.(b) | 210,915 | ||||||
12,597 | SolarEdge Technologies, Inc.(b) | 663,232 | ||||||
88,794 | SunPower Corp.(a)(b) | 757,413 | ||||||
23,243 | Sunrun, Inc.(a)(b) | 214,300 | ||||||
64,396 | TerraForm Power, Inc., Class A | 718,015 | ||||||
3,047 | Tesla, Inc.(a)(b) | 895,513 | ||||||
11,798 | TPI Composites, Inc.(b) | 267,225 | ||||||
8,546 | Universal Display Corp. | 752,475 | ||||||
51,323 | Veeco Instruments, Inc.(b) | 792,940 | ||||||
53,207 | Vivint Solar, Inc.(a)(b) | 210,168 | ||||||
|
| |||||||
13,871,521 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $50,002,318)—100.0% | 58,170,501 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—13.6% | ||||||||
7,892,064 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $7,892,064) | 7,892,064 | ||||||
|
| |||||||
Total Investments in Securities (Cost $57,894,382)—113.6% | 66,062,565 | |||||||
Other assets less liabilities—(13.6)% | (7,899,245 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 58,163,320 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(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 April 30, 2018 was $2,131,298, which represented 3.66% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco Global Gold and Precious Metals ETF (PSAU)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Gold | 83.9 | |||
Silver | 9.2 | |||
Precious Metals & Minerals | 6.2 | |||
Diversified Metals & Mining | 0.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Australia—14.8% | ||||||||
224,208 | Evolution Mining Ltd. | $ | 540,818 | |||||
131,021 | Newcrest Mining Ltd. | 2,084,095 | ||||||
107,970 | Northern Star Resources Ltd. | 518,813 | ||||||
110,254 | OceanaGold Corp. | 297,577 | ||||||
40,073 | Orocobre Ltd.(a) | 168,407 | ||||||
90,268 | Regis Resources Ltd. | 320,047 | ||||||
132,727 | Resolute Mining Ltd. | 114,279 | ||||||
137,403 | Saracen Mineral Holdings Ltd.(a) | 194,863 | ||||||
92,022 | St. Barbara Ltd. | 295,823 | ||||||
|
| |||||||
4,534,722 | ||||||||
|
| |||||||
Canada—50.6% | ||||||||
31,004 | Agnico Eagle Mines Ltd. | 1,306,717 | ||||||
69,659 | Alamos Gold, Inc., Class A | 377,108 | ||||||
151,159 | B2Gold Corp.(a) | 435,100 | ||||||
199,161 | Barrick Gold Corp. | 2,684,584 | ||||||
38,128 | Centerra Gold, Inc.(a) | 233,179 | ||||||
31,304 | Detour Gold Corp.(a) | 226,609 | ||||||
142,131 | Eldorado Gold Corp.(a)(b) | 135,263 | ||||||
29,706 | First Majestic Silver Corp.(a)(b) | 193,259 | ||||||
28,575 | Fortuna Silver Mines, Inc.(a) | 162,496 | ||||||
28,568 | Franco-Nevada Corp. | 2,029,477 | ||||||
148,075 | Goldcorp, Inc. | 1,968,250 | ||||||
30,980 | Guyana Goldfields, Inc.(a) | 120,348 | ||||||
83,493 | IAMGOLD Corp.(a) | 457,210 | ||||||
223,224 | Kinross Gold Corp.(a) | 865,418 | ||||||
33,983 | Kirkland Lake Gold Ltd. | 593,798 | ||||||
13,618 | MAG Silver Corp.(a) | 151,588 | ||||||
103,578 | New Gold, Inc.(a) | 243,200 | ||||||
38,077 | NovaGold Resources, Inc.(a) | 182,967 | ||||||
19,212 | Osisko Gold Royalties Ltd.(b) | 187,781 | ||||||
25,795 | Pan American Silver Corp. | 416,519 | ||||||
29,343 | Premier Gold Mines Ltd.(a) | 62,259 | ||||||
32,702 | Sandstorm Gold Ltd.(a) | 151,527 | ||||||
58,173 | SEMAFO, Inc.(a) | 180,606 | ||||||
21,458 | SSR Mining, Inc.(a) | 220,112 | ||||||
14,434 | Torex Gold Resources, Inc.(a) | 148,624 | ||||||
61,894 | Wheaton Precious Metals Corp. | 1,286,692 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Canada (continued) | ||||||||
169,795 | Yamana Gold, Inc. | $ | 488,743 | |||||
|
| |||||||
15,509,434 | ||||||||
|
| |||||||
China—2.3% | ||||||||
43,286 | China Gold International Resources Corp. Ltd.(a) | 88,128 | ||||||
188,026 | Zhaojin Mining Industry Co. Ltd., H-Shares | 147,649 | ||||||
1,026,660 | Zijin Mining Group Co. Ltd., H-Shares | 470,332 | ||||||
|
| |||||||
706,109 | ||||||||
|
| |||||||
Japan—0.4% | ||||||||
7,168 | Asahi Holdings, Inc. | 130,740 | ||||||
|
| |||||||
Jersey Island—5.6% | ||||||||
206,231 | Centamin PLC | 445,252 | ||||||
43,079 | Highland Gold Mining Ltd. | 87,104 | ||||||
14,681 | Randgold Resources Ltd. | 1,189,393 | ||||||
|
| |||||||
1,721,749 | ||||||||
|
| |||||||
Mexico—1.9% | ||||||||
32,977 | Fresnillo PLC | 578,376 | ||||||
|
| |||||||
Monaco—0.5% | ||||||||
8,117 | Endeavour Mining Corp.(a) | 138,729 | ||||||
|
| |||||||
Peru—0.4% | ||||||||
44,636 | Hochschild Mining PLC | 128,828 | ||||||
|
| |||||||
Russia—1.4% | ||||||||
41,576 | Polymetal International PLC | 417,689 | ||||||
|
| |||||||
South Africa—7.9% | ||||||||
10,620 | Anglo American Platinum Ltd. | 286,118 | ||||||
73,411 | AngloGold Ashanti Ltd. | 658,660 | ||||||
147,057 | Gold Fields Ltd. | 560,107 | ||||||
68,463 | Harmony Gold Mining Co. Ltd. | 139,341 | ||||||
123,636 | Impala Platinum Holdings Ltd.(a) | 220,707 | ||||||
91,253 | Northam Platinum Ltd.(a) | 282,229 | ||||||
327,028 | Sibanye Gold Ltd.(a) | 287,635 | ||||||
|
| |||||||
2,434,797 | ||||||||
|
| |||||||
Turkey—0.3% | ||||||||
8,190 | Koza Altin Isletmeleri AS(a) | 92,143 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco Global Gold and Precious Metals ETF (PSAU) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
United Kingdom—0.2% | ||||||||
26,426 | Acacia Mining PLC | $ | 52,413 | |||||
|
| |||||||
United States—13.5% | ||||||||
52,587 | Alacer Gold Corp.(a) | 87,375 | ||||||
30,539 | Coeur Mining, Inc.(a) | 231,180 | ||||||
65,774 | Hecla Mining Co. | 251,915 | ||||||
61,934 | Newmont Mining Corp. | 2,433,387 | ||||||
9,491 | Royal Gold, Inc. | 842,801 | ||||||
55,988 | Tahoe Resources, Inc. | 282,571 | ||||||
|
| |||||||
4,129,229 | ||||||||
|
| |||||||
Total Common Stocks (Cost $34,479,550) | 30,574,958 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
25,990 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $25,990) | 25,990 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $34,505,540)—99.9% | 30,600,948 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.4% | ||||||||
418,918 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $418,918) | 418,918 | ||||||
|
| |||||||
Total Investments in Securities (Cost $34,924,458)—101.3% | 31,019,866 | |||||||
Other assets less liabilities—(1.3)% | (383,885 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,635,981 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco Global Water ETF (PIO)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 40.6 | |||
Utilities | 35.0 | |||
Health Care | 11.3 | |||
Materials | 8.7 | |||
Information Technology | 2.5 | |||
Consumer Discretionary | 1.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Brazil—1.4% | ||||||||
252,441 | Cia de Saneamento Basico do Estado de Sao Paulo | $ | 2,544,894 | |||||
|
| |||||||
Canada—1.0% | ||||||||
74,459 | Stantec, Inc. | 1,897,559 | ||||||
|
| |||||||
Cayman Islands—0.1% | ||||||||
12,060 | Consolidated Water Co. Ltd. | 170,649 | ||||||
|
| |||||||
China—4.5% | ||||||||
7,603,697 | Beijing Enterprises Water Group Ltd. | 4,416,896 | ||||||
131,209 | China Everbright Water Ltd. | 41,453 | ||||||
5,749,584 | CT Environmental Group Ltd. | 875,228 | ||||||
1,971,787 | Guangdong Investment Ltd. | 3,046,968 | ||||||
|
| |||||||
8,380,545 | ||||||||
|
| |||||||
Finland—0.3% | ||||||||
36,116 | Uponor Oyj | 629,779 | ||||||
|
| |||||||
France—10.5% | ||||||||
534,416 | Suez | 7,722,345 | ||||||
507,692 | Veolia Environnement SA(a) | 12,027,199 | ||||||
|
| |||||||
19,749,544 | ||||||||
|
| |||||||
Hong Kong—0.6% | ||||||||
1,262,950 | China Water Affairs Group Ltd. | 1,198,056 | ||||||
|
| |||||||
Italy—1.7% | ||||||||
37,674 | ACEA SpA | 661,262 | ||||||
658,070 | Hera SpA | 2,436,743 | ||||||
|
| |||||||
3,098,005 | ||||||||
|
| |||||||
Japan—6.3% | ||||||||
102,830 | Kurita Water Industries Ltd. | 3,336,043 | ||||||
15,008 | METAWATER Co. Ltd. | 442,320 | ||||||
6,314 | Torishima Pump Manufacturing Co. Ltd. | 59,144 | ||||||
139,157 | TOTO Ltd. | 7,868,296 | ||||||
|
| |||||||
11,705,803 | ||||||||
|
| |||||||
Netherlands—2.3% | ||||||||
68,099 | Aalberts Industries NV | 3,344,386 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Netherlands (continued) | ||||||||
45,439 | Arcadis NV(a) | $ | 892,044 | |||||
|
| |||||||
4,236,430 | ||||||||
|
| |||||||
Singapore—0.0% | ||||||||
276,510 | SIIC Enviornment Holdings Ltd. | 90,844 | ||||||
|
| |||||||
South Korea—1.9% | ||||||||
42,981 | Coway Co. Ltd. | 3,521,219 | ||||||
|
| |||||||
Spain—1.7% | ||||||||
37,595 | Acciona SA | 3,145,834 | ||||||
|
| |||||||
Switzerland—13.5% | ||||||||
149,454 | Ferguson PLC | 11,423,198 | ||||||
32,573 | Geberit AG | 13,919,034 | ||||||
|
| |||||||
25,342,232 | ||||||||
|
| |||||||
Taiwan—0.1% | ||||||||
54,000 | Forest Water Environment Engineering Co. Ltd. | 123,749 | ||||||
|
| |||||||
United Kingdom—16.4% | ||||||||
274,138 | Halma PLC | 4,607,544 | ||||||
65,830 | nVent Electric PLC | 1,454,843 | ||||||
418,242 | Pennon Group PLC | 3,980,974 | ||||||
78,460 | Pentair PLC | 3,548,827 | ||||||
88,687 | Polypipe Group PLC | 468,090 | ||||||
272,602 | Severn Trent PLC | 7,270,537 | ||||||
31,021 | Spirax-Sarco Engineering PLC | 2,458,392 | ||||||
680,883 | United Utilities Group PLC | 6,957,344 | ||||||
|
| |||||||
30,746,551 | ||||||||
|
| |||||||
United States—37.7% | ||||||||
63,781 | A.O. Smith Corp. | 3,912,964 | ||||||
81,121 | American Water Works Co., Inc. | 7,023,456 | ||||||
52,054 | Aqua America, Inc. | 1,829,698 | ||||||
150,927 | Danaher Corp. | 15,140,997 | ||||||
113,127 | Ecolab, Inc. | 16,377,396 | ||||||
160,419 | HD Supply Holdings, Inc.(b) | 6,209,820 | ||||||
17,749 | IDEX Corp. | 2,372,331 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco Global Water ETF (PIO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
United States (continued) | ||||||||
26,824 | Roper Technologies, Inc. | $ | 7,086,633 | |||||
32,228 | Waters Corp.(b) | 6,072,077 | ||||||
63,230 | Xylem, Inc. | 4,609,467 | ||||||
|
| |||||||
70,634,839 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $154,224,251)—100.0% | 187,216,532 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.9% | ||||||||
9,201,341 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $9,201,341) | 9,201,341 | ||||||
|
| |||||||
Total Investments in Securities (Cost $163,425,592)—104.9% | 196,417,873 | |||||||
Other assets less liabilities—(4.9)% | (9,176,694 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 187,241,179 | ||||||
|
|
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco International BuyBack Achievers™ ETF (IPKW)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Consumer Discretionary | 35.8 | |||
Industrials | 28.5 | |||
Financials | 13.1 | |||
Telecommunication Services | 7.9 | |||
Materials | 5.0 | |||
Information Technology | 3.6 | |||
Health Care | 3.5 | |||
Consumer Staples | 2.4 | |||
Energy | 0.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Australia—9.3% | ||||||||
2,130,070 | GWA Group Ltd. | $ | 6,190,348 | |||||
3,494,696 | Qantas Airways Ltd. | 15,221,089 | ||||||
582,117 | Seven Group Holdings Ltd. | 8,010,460 | ||||||
|
| |||||||
29,421,897 | ||||||||
|
| |||||||
Canada—19.6% | ||||||||
128,677 | Dollarama, Inc. | 14,835,571 | ||||||
541,476 | Gildan Activewear, Inc. | 15,797,186 | ||||||
307,702 | Great Canadian Gaming Corp.(a) | 8,794,572 | ||||||
480,471 | Home Capital Group, Inc.(a)(b) | 5,393,329 | ||||||
304,263 | TFI International, Inc. | 8,822,072 | ||||||
117,675 | West Fraser Timber Co. Ltd. | 7,983,303 | ||||||
|
| |||||||
61,626,033 | ||||||||
|
| |||||||
Denmark—7.5% | ||||||||
221,929 | GN Store Nord A/S | 7,823,918 | ||||||
132,364 | Jyske Bank A/S | 7,961,180 | ||||||
166,408 | Topdanmark A/S | 7,858,077 | ||||||
|
| |||||||
23,643,175 | ||||||||
|
| |||||||
France—7.5% | ||||||||
199,047 | IPSOS | 7,575,386 | ||||||
605,104 | Vivendi SA | 16,003,478 | ||||||
|
| |||||||
23,578,864 | ||||||||
|
| |||||||
Germany—3.9% | ||||||||
212,637 | OSRAM Licht AG | 12,272,489 | ||||||
|
| |||||||
Japan—30.1% | ||||||||
141,766 | Broadleaf Co. Ltd. | 676,279 | ||||||
176,982 | Fuji Corp./Aichi | 3,181,390 | ||||||
26,356 | Godo Steel Ltd.(b) | 618,526 | ||||||
76,897 | HIS Co. Ltd. | 2,814,462 | ||||||
118,151 | J Trust Co. Ltd.(b) | 835,722 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Japan (continued) | ||||||||
180,224 | Kagome Co. Ltd. | $ | 6,497,452 | |||||
181,641 | Kitz Corp. | 1,522,182 | ||||||
101,424 | Komori Corp. | 1,293,000 | ||||||
89,814 | Macnica Fuji Electronics Holdings, Inc. | 1,542,248 | ||||||
389,017 | Marui Group Co. Ltd. | 8,087,856 | ||||||
24,943 | Melco Holdings, Inc. | 917,483 | ||||||
76,476 | Mixi, Inc. | 2,522,992 | ||||||
102,082 | Nichi-iko Pharmaceutical Co. Ltd. | 1,633,499 | ||||||
160,717 | Nihon Unisys Ltd. | 3,347,261 | ||||||
134,465 | Nikkiso Co. Ltd. | 1,532,354 | ||||||
1,518,607 | Nissan Motor Co. Ltd. | 15,980,589 | ||||||
288,692 | Onward Holdings Co. Ltd. | 2,384,990 | ||||||
164,672 | OSG Corp. | 3,653,860 | ||||||
57,017 | Qol Co. Ltd. | 1,171,343 | ||||||
19,506 | Roland DG Corp. | 453,491 | ||||||
450,724 | Seibu Holdings, Inc. | 7,616,072 | ||||||
96,719 | Sodick Co. Ltd.(b) | 1,196,779 | ||||||
212,923 | SoftBank Group Corp. | 16,541,544 | ||||||
84,666 | Star Micronics Co. Ltd. | 1,519,616 | ||||||
78,719 | T-Gaia Corp. | 2,201,326 | ||||||
270,915 | Toshiba Machine Co. Ltd. | 1,802,386 | ||||||
17,606 | Toyo Kanetsu KK | 539,805 | ||||||
99,626 | Tsugami Corp. | 1,205,436 | ||||||
43,754 | United Arrows Ltd. | 1,613,410 | ||||||
|
| |||||||
94,903,353 | ||||||||
|
| |||||||
Netherlands—0.8% | ||||||||
421,725 | BinckBank NV | 2,461,020 | ||||||
|
| |||||||
South Africa—4.6% | ||||||||
859,783 | African Rainbow Minerals Ltd. | 7,051,822 | ||||||
557,544 | Barloworld Ltd. | 7,554,060 | ||||||
|
| |||||||
14,605,882 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco International BuyBack Achievers™ ETF (IPKW) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
South Korea—2.6% | ||||||||
232,328 | Samsung Card Co. Ltd. | $ | 8,113,697 | |||||
|
| |||||||
Sweden—2.7% | ||||||||
484,027 | Com Hem Holding AB | 8,426,045 | ||||||
|
| |||||||
Taiwan—3.4% | ||||||||
1,749,700 | Darfon Electronics Corp. | 1,848,077 | ||||||
12,799,600 | Walsin Lihwa Corp. | 8,760,478 | ||||||
|
| |||||||
10,608,555 | ||||||||
|
| |||||||
Turkey—0.3% | ||||||||
477,261 | Dogus Otomotiv Servis ve Ticaret AS(a) | 887,545 | ||||||
|
| |||||||
United Kingdom—2.7% | ||||||||
1,184,155 | Paragon Group of Cos. PLC (The) | 8,530,107 | ||||||
90,508 | Sole Realisation Co. PLC(a)(c) | 0 | ||||||
|
| |||||||
8,530,107 | ||||||||
|
| |||||||
United States—5.0% | ||||||||
243,243 | Carnival PLC | 15,830,200 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $292,577,209)—100.0% | 314,908,862 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.3% | ||||||||
7,276,338 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $7,276,338) | 7,276,338 | ||||||
|
| |||||||
Total Investments in Securities (Cost $299,853,547)—102.3% | 322,185,200 | |||||||
Other assets less liabilities—(2.3)% | (7,130,169 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 315,055,031 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco S&P International Developed Quality ETF (IDHQ)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 19.8 | |||
Health Care | 19.1 | |||
Consumer Discretionary | 15.6 | |||
Consumer Staples | 15.4 | |||
Information Technology | 8.3 | |||
Materials | 7.6 | |||
Financials | 7.5 | |||
Telecommunication Services | 2.5 | |||
Utilities | 1.8 | |||
Energy | 1.4 | |||
Real Estate | 0.8 | |||
Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—5.5% | ||||||||
8,245 | Aristocrat Leisure Ltd. | $ | 166,001 | |||||
2,446 | Caltex Australia Ltd. | 57,083 | ||||||
1,003 | CIMIC Group Ltd. | 34,105 | ||||||
673 | Cochlear Ltd. | 98,210 | ||||||
4,602 | Computershare Ltd. | 58,706 | ||||||
5,719 | Crown Resorts Ltd. | 55,669 | ||||||
4,655 | CSL Ltd. | 595,975 | ||||||
597 | Domino’s Pizza Enterprises Ltd. | 18,961 | ||||||
18,514 | Fortescue Metals Group Ltd. | 63,484 | ||||||
23,364 | Insurance Australia Group Ltd. | 138,857 | ||||||
32,421 | Medibank Private Ltd. | 71,341 | ||||||
608 | REA Group Ltd. | 36,997 | ||||||
2,891 | SEEK Ltd. | 42,203 | ||||||
47,982 | South32 Ltd. | 134,005 | ||||||
35,506 | Telstra Corp. Ltd. | 84,874 | ||||||
11,945 | Woolworths Group Ltd. | 250,603 | ||||||
|
| |||||||
1,907,074 | ||||||||
|
| |||||||
Austria—0.1% | ||||||||
148 | Lenzing AG | 17,283 | ||||||
|
| |||||||
Belgium—1.1% | ||||||||
563 | Colruyt SA | 31,675 | ||||||
3,428 | KBC Group NV | 298,861 | ||||||
1,338 | Proximus SADP | 40,856 | ||||||
|
| |||||||
371,392 | ||||||||
|
| |||||||
Canada—6.4% | ||||||||
2,392 | Air Canada(a) | 47,095 | ||||||
12,491 | Barrick Gold Corp. | 168,372 | ||||||
6,444 | BlackBerry Ltd.(a) | 67,559 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
7,307 | Canadian National Railway Co. | $ | 565,260 | |||||
1,493 | Canadian Pacific Railway Ltd. | 272,850 | ||||||
9,614 | Cenovus Energy, Inc. | 96,444 | ||||||
2,268 | CGI Group, Inc., Class A(a) | 131,627 | ||||||
3,115 | CI Financial Corp. | 65,656 | ||||||
285 | Constellation Software, Inc. | 204,005 | ||||||
9,297 | Encana Corp. | 115,963 | ||||||
1,885 | Gildan Activewear, Inc. | 54,994 | ||||||
7,245 | Lundin Mining Corp. | 48,038 | ||||||
2,012 | Metro, Inc. | 63,941 | ||||||
1,864 | Saputo, Inc. | 60,531 | ||||||
4,011 | Shaw Communications, Inc., Class B | 82,570 | ||||||
2,998 | Thomson Reuters Corp. | 120,743 | ||||||
641 | West Fraser Timber Co. Ltd. | 43,487 | ||||||
|
| |||||||
2,209,135 | ||||||||
|
| |||||||
China—0.6% | ||||||||
41,406 | BOC Hong Kong (Holdings) Ltd. | 213,877 | ||||||
|
| |||||||
Denmark—6.7% | ||||||||
934 | Chr. Hansen Holding A/S | 84,714 | ||||||
1,107 | Coloplast A/S, Class B | 93,851 | ||||||
788 | H. Lundbeck A/S | 45,874 | ||||||
29,906 | Novo Nordisk A/S, Class B | 1,404,806 | ||||||
2,502 | Novozymes A/S, Class B | 118,015 | ||||||
2,167 | Orsted A/S(b) | 142,610 | ||||||
1,392 | Pandora A/S | 154,762 | ||||||
1,458 | Tryg A/S | 34,556 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
3,559 | Vestas Wind Systems A/S | $ | 230,028 | |||||
|
| |||||||
2,309,216 | ||||||||
|
| |||||||
Finland—2.2% | ||||||||
1,445 | Elisa Oyj | 64,108 | ||||||
5,174 | Kone Oyj, Class B | 257,060 | ||||||
1,317 | Neste Oyj | 110,789 | ||||||
1,293 | Orion Oyj, Class B | 39,259 | ||||||
3,084 | Outokumpu Oyj | 19,965 | ||||||
4,842 | UPM-Kymmene Oyj | 172,807 | ||||||
4,690 | Wartsila Oyj Abp | 99,471 | ||||||
|
| |||||||
763,459 | ||||||||
|
| |||||||
France—7.1% | ||||||||
5,658 | Airbus SE | 663,154 | ||||||
26 | Dassault Aviation SA | 51,874 | ||||||
356 | Hermes International | 230,131 | ||||||
5,887 | Peugeot SA | 144,939 | ||||||
3,418 | Safran SA | 401,065 | ||||||
10,489 | Sanofi | 828,333 | ||||||
1,090 | Thales SA | 137,967 | ||||||
|
| |||||||
2,457,463 | ||||||||
|
| |||||||
Germany—3.3% | ||||||||
999 | Continental AG | 266,986 | ||||||
1,192 | Covestro AG(b) | 108,383 | ||||||
1,845 | Deutsche Boerse AG | 248,363 | ||||||
8,667 | Deutsche Post AG | 377,598 | ||||||
201 | HOCHTIEF AG | 36,701 | ||||||
4,668 | TUI AG | 105,327 | ||||||
|
| |||||||
1,143,358 | ||||||||
|
| |||||||
Hong Kong—1.5% | ||||||||
2,656 | ASM Pacific Technology Ltd. | 36,288 | ||||||
17,593 | Chow Tai Fook Jewellery Group Ltd. | 22,647 | ||||||
6,326 | CK Infrastructure Holdings Ltd. | 49,909 | ||||||
2,792 | Dairy Farm International Holdings Ltd. | 23,509 | ||||||
26,019 | Galaxy Entertainment Group Ltd. | 227,674 | ||||||
12,540 | Techtronic Industries Co. Ltd. | 73,342 | ||||||
11,598 | Wharf Real Estate Investment Co. Ltd. | 87,189 | ||||||
|
| |||||||
520,558 | ||||||||
|
| |||||||
Ireland—0.6% | ||||||||
1,220 | Kerry Group PLC, Class A | 124,171 | ||||||
874 | Ryanair Holdings PLC ADR(a) | 96,114 | ||||||
|
| |||||||
220,285 | ||||||||
|
| |||||||
Israel—0.7% | ||||||||
8,969 | Bank Hapoalim BM | 61,245 | ||||||
1,344 | Check Point Software Technologies Ltd.(a) | 129,709 | ||||||
10,243 | Israel Discount Bank Ltd., Class A(a) | 28,358 | ||||||
240 | SodaStream International Ltd.(a) | 22,678 | ||||||
|
| |||||||
241,990 | ||||||||
|
| |||||||
Italy—1.2% | ||||||||
3,104 | Banca Mediolanum SpA | 24,921 | ||||||
1,598 | Ferrari NV | 196,427 | ||||||
5,359 | Finecobank Banca Fineco SpA | 63,761 | ||||||
1,822 | Moncler SpA | 82,233 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
991 | Recordati SpA | $ | 35,405 | |||||
620 | Salvatore Ferragamo SpA | 18,297 | ||||||
|
| |||||||
421,044 | ||||||||
|
| |||||||
Japan—19.7% | ||||||||
280 | ABC-Mart, Inc. | 18,449 | ||||||
1,936 | Alfresa Holdings Corp. | 42,745 | ||||||
17,574 | Astellas Pharma, Inc. | 257,301 | ||||||
1,837 | Bandai Namco Holdings, Inc. | 62,242 | ||||||
6,239 | Bridgestone Corp. | 260,051 | ||||||
2,232 | Brother Industries Ltd. | 47,855 | ||||||
964 | Calbee, Inc. | 32,508 | ||||||
692 | Canon Marketing Japan, Inc. | 15,019 | ||||||
6,906 | Chiba Bank Ltd. (The) | 55,597 | ||||||
1,160 | Daifuku Co. Ltd. | 62,333 | ||||||
964 | Daito Trust Construction Co. Ltd. | 162,070 | ||||||
322 | Disco Corp. | 56,734 | ||||||
812 | Dowa Holdings Co. Ltd. | 30,647 | ||||||
812 | Fast Retailing Co. Ltd. | 357,219 | ||||||
8,601 | GungHo Online Entertainment, Inc. | 25,841 | ||||||
3,800 | Haseko Corp. | 59,904 | ||||||
332 | Hirose Electric Co. Ltd. | 46,785 | ||||||
50,655 | Hitachi Ltd. | 369,799 | ||||||
637 | Hoshizaki Corp. | 59,072 | ||||||
3,754 | Hoya Corp. | 200,508 | ||||||
4,705 | Japan Exchange Group, Inc. | 87,196 | ||||||
692 | Kagome Co. Ltd. | 24,948 | ||||||
11,090 | Kajima Corp. | 106,922 | ||||||
1,796 | Kakaku.com, Inc. | 34,213 | ||||||
373 | Kaken Pharmaceutical Co. Ltd. | 21,983 | ||||||
1,160 | Kamigumi Co. Ltd. | 26,115 | ||||||
6,105 | Kao Corp. | 438,243 | ||||||
8,684 | Kirin Holdings Co. Ltd. | 243,185 | ||||||
1,269 | Koito Manufacturing Co. Ltd. | 85,238 | ||||||
952 | Konami Holdings Corp. | 46,806 | ||||||
964 | Kurita Water Industries Ltd. | 31,274 | ||||||
3,870 | Kyushu Financial Group, Inc. | 19,027 | ||||||
552 | Mabuchi Motor Co. Ltd. | 27,641 | ||||||
2,529 | Makita Corp. | 113,279 | ||||||
552 | McDonald’s Holdings Co. Japan Ltd. | 25,794 | ||||||
1,856 | Mitsubishi Gas Chemical Co., Inc. | 43,588 | ||||||
3,132 | Mitsubishi Heavy Industries Ltd. | 123,698 | ||||||
7,886 | Mitsubishi Motors Corp. | 58,665 | ||||||
696 | Mitsui Mining & Smelting Co. Ltd. | 29,608 | ||||||
5,031 | MS&AD Insurance Group Holdings, Inc. | 168,826 | ||||||
1,150 | Nabtesco Corp. | 41,565 | ||||||
824 | Nifco, Inc. | 28,945 | ||||||
1,392 | Nihon M&A Center, Inc. | 40,702 | ||||||
514 | Nippon Shinyaku Co. Ltd. | 38,233 | ||||||
1,327 | Nissan Chemical Industries Ltd. | 59,119 | ||||||
1,567 | Nitto Denko Corp. | 116,286 | ||||||
1,565 | Nomura Research Institute Ltd. | 80,806 | ||||||
6,415 | Obayashi Corp. | 73,984 | ||||||
579 | OBIC Co. Ltd. | 48,358 | ||||||
3,388 | Olympus Corp. | 126,107 | ||||||
2,007 | OMRON Corp. | 108,477 | ||||||
580 | Oracle Corp. Japan | 47,554 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
976 | Otsuka Corp. | $ | 45,362 | |||||
1,616 | Persol Holdings Co. Ltd. | 38,349 | ||||||
1,413 | Pigeon Corp. | 66,043 | ||||||
901 | Pola Orbis Holdings, Inc. | 39,247 | ||||||
1,276 | Relo Group, Inc. | 28,444 | ||||||
1,528 | Renesas Electronics Corp.(a) | 16,002 | ||||||
528 | SCREEN Holdings Co. Ltd. | 43,306 | ||||||
3,944 | Sekisui Chemical Co. Ltd. | 69,923 | ||||||
672 | Seria Co. Ltd. | 32,917 | ||||||
280 | Shimamura Co. Ltd. | 32,625 | ||||||
3,158 | Shionogi & Co. Ltd. | 162,597 | ||||||
5,524 | Shizuoka Bank Ltd. (The) | 56,136 | ||||||
1,820 | Showa Shell Sekiyu K.K. | 25,730 | ||||||
808 | Square Enix Holdings Co. Ltd. | 33,671 | ||||||
2,418 | Start Today Co. Ltd. | 69,828 | ||||||
6,165 | Subaru Corp. | 206,842 | ||||||
2,052 | Suruga Bank Ltd. | 27,904 | ||||||
1,160 | Taiheiyo Cement Corp. | 43,941 | ||||||
3,929 | Taisei Corp. | 211,517 | ||||||
1,553 | Tokyo Electron Ltd. | 297,628 | ||||||
3,238 | Tosoh Corp. | 57,466 | ||||||
948 | Toyota Boshoku Corp. | 19,909 | ||||||
1,283 | Trend Micro, Inc. | 76,916 | ||||||
3,889 | Unicharm Corp. | 109,287 | ||||||
2,120 | USS Co. Ltd. | 44,580 | ||||||
2,760 | Yamaguchi Financial Group, Inc. | 34,505 | ||||||
2,900 | Yamaha Motor Co. Ltd. | 92,364 | ||||||
436 | Zenkoku Hosho Co. Ltd. | 18,030 | ||||||
|
| |||||||
6,790,133 | ||||||||
|
| |||||||
Macau—0.5% | ||||||||
29,154 | Sands China Ltd. | 168,240 | ||||||
|
| |||||||
Mexico—0.1% | ||||||||
1,852 | Fresnillo PLC | 32,482 | ||||||
|
| |||||||
Netherlands—0.4% | ||||||||
665 | GrandVision NV(b) | 16,348 | ||||||
39,649 | Koninklijke KPN NV | 122,978 | ||||||
|
| |||||||
139,326 | ||||||||
|
| |||||||
New Zealand—0.3% | ||||||||
5,526 | Fisher & Paykel Healthcare Corp. Ltd. | 49,425 | ||||||
18,267 | Spark New Zealand Ltd. | 44,387 | ||||||
|
| |||||||
93,812 | ||||||||
|
| |||||||
Norway—1.2% | ||||||||
383 | Aker ASA, Class A | 24,019 | ||||||
15,593 | DNO ASA(a) | 28,987 | ||||||
4,382 | Marine Harvest ASA | 95,309 | ||||||
8,410 | Orkla ASA | 77,850 | ||||||
627 | Salmar ASA | 29,223 | ||||||
704 | Schibsted ASA, Class A | 20,503 | ||||||
6,148 | Telenor ASA | 136,163 | ||||||
|
| |||||||
412,054 | ||||||||
|
| |||||||
Portugal—0.1% | ||||||||
2,733 | Jeronimo Martins SGPS SA | 47,817 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—0.4% | ||||||||
18,444 | ComfortDelGro Corp. Ltd. | $ | 31,390 | |||||
5,701 | SATS Ltd. | 23,718 | ||||||
15,451 | Singapore Technologies Engineering Ltd. | 40,501 | ||||||
2,436 | Venture Corp. Ltd. | 38,158 | ||||||
|
| |||||||
133,767 | ||||||||
|
| |||||||
South Korea—2.3% | ||||||||
437 | Celltrion Healthcare Co. Ltd.(a) | 36,327 | ||||||
904 | Cheil Worldwide, Inc. | 16,110 | ||||||
441 | Coway Co. Ltd. | 36,129 | ||||||
436 | GS Retail Co. Ltd. | 15,140 | ||||||
107 | Hanssem Co. Ltd. | 11,625 | ||||||
572 | Hyundai Development Co.-Engineering & Construction | 24,850 | ||||||
256 | Hyundai Heavy Industries Co. Ltd.(a) | 28,324 | ||||||
465 | KEPCO Plant Service & Engineering Co. Ltd. | 22,000 | ||||||
1,132 | KT&G Corp. | 103,396 | ||||||
743 | Meritz Fire & Marine Insurance Co. Ltd. | 14,557 | ||||||
344 | Orion Corp. | 39,958 | ||||||
5,845 | SK Hynix, Inc. | 457,662 | ||||||
|
| |||||||
806,078 | ||||||||
|
| |||||||
Spain—2.4% | ||||||||
2,634 | ACS Actividades de Construccion y Servicios SA | 110,790 | ||||||
613 | Aena SME SA(b) | 126,410 | ||||||
3,745 | Amadeus IT Group SA | 273,054 | ||||||
10,585 | Industria de Diseno Textil SA | 328,036 | ||||||
|
| |||||||
838,290 | ||||||||
|
| |||||||
Sweden—3.0% | ||||||||
6,372 | Atlas Copco AB, Class A | 248,349 | ||||||
1,516 | Axfood AB | 28,255 | ||||||
2,985 | Electrolux AB, Series B | 78,593 | ||||||
9,599 | Hennes & Mauritz AB, Class B | 164,488 | ||||||
2,370 | Hexpol AB, Class B | 24,618 | ||||||
1,475 | Industrivarden AB, Class C | 31,182 | ||||||
2,594 | Kinnevik AB, Class B | 93,901 | ||||||
10,413 | Sandvik AB | 177,426 | ||||||
3,428 | SKF AB, Class B | 69,674 | ||||||
24,204 | Telia Co. AB | 118,876 | ||||||
|
| |||||||
1,035,362 | ||||||||
|
| |||||||
Switzerland—13.5% | ||||||||
17,076 | ABB Ltd. | 398,282 | ||||||
2,325 | Ferguson PLC | 177,706 | ||||||
446 | Geberit AG | 190,584 | ||||||
73 | Givaudan SA | 162,918 | ||||||
729 | Kuehne + Nagel International AG | 113,602 | ||||||
19,659 | Nestle SA | 1,521,507 | ||||||
239 | Partners Group Holding AG | 174,301 | ||||||
6,820 | Roche Holding AG | 1,514,779 | ||||||
554 | Schindler Holding AG-PC | 114,394 | ||||||
62 | SGS SA | 150,553 | ||||||
21 | Sika AG-BR | 152,363 | ||||||
|
| |||||||
4,670,989 | ||||||||
|
| |||||||
United Kingdom—18.7% | ||||||||
3,962 | Admiral Group PLC | 108,369 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
13,104 | Anglo American PLC | $ | 307,688 | |||||
11,138 | AstraZeneca PLC | 781,254 | ||||||
8,378 | Barratt Developments PLC | 64,283 | ||||||
1,506 | Berkeley Group Holdings PLC (The) | 84,369 | ||||||
76,544 | BT Group PLC | 262,197 | ||||||
4,969 | Burberry Group PLC | 124,643 | ||||||
15,910 | Compass Group PLC | 341,853 | ||||||
23,368 | Diageo PLC | 831,587 | ||||||
13,773 | Direct Line Insurance Group PLC | 70,861 | ||||||
9,278 | Experian PLC | 211,913 | ||||||
2,702 | IMI PLC | 40,523 | ||||||
9,407 | International Consolidated Airlines Group SA | 81,217 | ||||||
1,656 | Intertek Group PLC | 111,208 | ||||||
39,331 | ITV PLC | 81,735 | ||||||
38,174 | National Grid PLC | 442,347 | ||||||
1,365 | Next PLC | 98,391 | ||||||
3,556 | Persimmon PLC | 132,977 | ||||||
18,115 | Rentokil Initial PLC | 76,398 | ||||||
10,877 | Rio Tinto PLC | 589,646 | ||||||
1,462 | Schroders PLC | 66,321 | ||||||
8,164 | Smith & Nephew PLC | 156,677 | ||||||
30,321 | Standard Life Aberdeen PLC | 151,819 | ||||||
2,422 | Subsea 7 SA | 33,920 | ||||||
31,984 | Taylor Wimpey PLC | 84,350 | ||||||
18,133 | Unilever NV CVA | 1,034,949 | ||||||
1,431 | Whitbread PLC | 84,378 | ||||||
|
| |||||||
6,455,873 | ||||||||
|
| |||||||
United States—0.2% | ||||||||
533 | ICON PLC(a) | 62,697 | ||||||
|
| |||||||
Total Investments in Securities (Cost $31,736,341)—99.8% | 34,483,054 | |||||||
Other assets less liabilities—0.2% | 69,892 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 34,552,946 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
BR—Bearer Shares
CVA—Dutch Certificates
PC—Participation Certificate
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $393,751, which represented 1.14% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Emerging Markets Infrastructure ETF (PXR) | Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 239,641,711 | $ | 293,579,904 | $ | 20,741,246 | $ | 23,550,795 | ||||||||
Affiliated investments in securities, at value | 3,616,179 | 307,000 | 141,867 | — | ||||||||||||
Foreign currencies, at value | 5,483 | 491,728 | 2,149 | 1,113 | ||||||||||||
Cash segregated as collateral | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 831,769 | 599,758 | 23,553 | 41,647 | ||||||||||||
Foreign tax reclaims | 791,304 | — | 7,593 | — | ||||||||||||
Securities lending | 4,420 | 1,079 | 123 | — | ||||||||||||
Investments sold | 106 | 40 | — | 2,936 | ||||||||||||
Shares sold | — | 3,132,349 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 244,890,972 | 298,111,858 | 20,916,531 | 23,596,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 1,033,977 | 1,217,597 | 27,294 | 13,715 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 3,616,179 | 307,000 | 141,867 | — | ||||||||||||
Investments purchased | 99 | 3,118,506 | 922 | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | ||||||||||||
Accrued unitary management fees | 161,038 | 212,590 | 12,619 | 9,283 | ||||||||||||
Accrued expenses | 17,013 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 4,828,306 | 4,855,693 | 182,702 | 22,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 240,062,666 | $ | 293,256,165 | $ | 20,733,829 | $ | 23,573,493 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 303,076,422 | $ | 354,213,156 | $ | 56,901,843 | $ | 25,152,895 | ||||||||
Undistributed net investment income | (337,039 | ) | (464,399 | ) | (432,940 | ) | (173,240 | ) | ||||||||
Undistributed net realized gain (loss) | (95,131,931 | ) | (101,153,013 | ) | (38,219,583 | ) | (4,981,447 | ) | ||||||||
Net unrealized appreciation (depreciation) | 32,455,214 | 40,660,421 | 2,484,509 | 3,575,285 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 240,062,666 | $ | 293,256,165 | $ | 20,733,829 | $ | 23,573,493 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 8,800,000 | 13,950,000 | 550,000 | 400,000 | ||||||||||||
Net asset value | $ | 27.28 | $ | 21.02 | $ | 37.70 | $ | 58.93 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 27.31 | $ | 20.85 | $ | 37.49 | $ | 58.36 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 207,166,695 | $ | 252,919,187 | $ | 18,256,529 | $ | 19,975,473 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 3,616,179 | $ | 307,000 | $ | 141,867 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | 5,402 | $ | 491,601 | $ | 2,138 | $ | 1,119 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 3,420,775 | $ | 294,000 | $ | 129,486 | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex- U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Agriculture ETF (PAGG) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | Invesco Global Water ETF (PIO) | ||||||||||||||||||||
$ | 1,255,142,972 | $ | 226,973,594 | $ | 1,120,145,626 | $ | 21,851,013 | $ | 58,170,501 | $ | 30,574,958 | $ | 187,216,532 | |||||||||||||
38,038,724 | 6,638,149 | 12,657,037 | 160,244 | 7,892,064 | 444,908 | 9,201,341 | ||||||||||||||||||||
498,157 | 196,970 | 17,897 | — | 11,432 | 669 | 81,493 | ||||||||||||||||||||
14,150,984 | — | — | — | — | 614,039 | — | ||||||||||||||||||||
5,108,349 | 1,008,134 | 1,168,868 | 13,735 | 72,269 | 52,605 | 267,819 | ||||||||||||||||||||
2,903,523 | 245,700 | 22,786 | 83,647 | 52,421 | 111 | 459,147 | ||||||||||||||||||||
56,601 | 8,281 | 517 | 29 | 31,487 | 136 | 223 | ||||||||||||||||||||
20,055 | 33,720 | — | — | — | — | 164,962 | ||||||||||||||||||||
12,337,363 | — | — | — | — | 580,858 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
1,328,256,728 | 235,104,548 | 1,134,012,731 | 22,108,668 | 66,230,174 | 32,268,284 | 197,391,517 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
4,039,241 | 863,432 | 488 | 44,407 | 138,296 | — | 591,469 | ||||||||||||||||||||
38,038,724 | 6,638,149 | 2,183,470 | 160,244 | 7,892,064 | 418,918 | 9,201,341 | ||||||||||||||||||||
15,430,583 | 46 | — | — | 25 | 580,858 | 238,243 | ||||||||||||||||||||
14,150,984 | — | — | — | — | 614,039 | — | ||||||||||||||||||||
444,352 | 91,113 | 449,704 | 13,425 | 35,733 | 18,488 | 115,644 | ||||||||||||||||||||
16,978 | 3,066 | — | 3,694 | 736 | — | 3,641 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
72,120,862 | 7,595,806 | 2,633,662 | 221,770 | 8,066,854 | 1,632,303 | 10,150,338 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 1,256,135,866 | $ | 227,508,742 | $ | 1,131,379,069 | $ | 21,886,898 | $ | 58,163,320 | $ | 30,635,981 | $ | 187,241,179 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 1,137,267,176 | $ | 189,675,188 | $ | 1,025,450,022 | $ | 38,760,987 | $ | 171,316,500 | $ | 56,191,338 | $ | 194,444,938 | |||||||||||||
4,857,473 | (873,933 | ) | 2,143,763 | (47,434 | ) | 68,996 | (460,737 | ) | 572,560 | |||||||||||||||||
(46,229,352 | ) | 4,566,823 | (62,440,947 | ) | (17,806,251 | ) | (121,389,413 | ) | (21,189,727 | ) | (40,753,606 | ) | ||||||||||||||
160,240,569 | 34,140,664 | 166,226,231 | 979,596 | 8,167,237 | (3,904,893 | ) | 32,977,287 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 1,256,135,866 | $ | 227,508,742 | $ | 1,131,379,069 | $ | 21,886,898 | $ | 58,163,320 | $ | 30,635,981 | $ | 187,241,179 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
27,450,000 | 6,550,000 | 49,250,000 | 800,000 | 4,525,000 | 1,650,000 | 7,250,000 | ||||||||||||||||||||
$ | 45.76 | $ | 34.73 | $ | 22.97 | $ | 27.36 | $ | 12.85 | $ | 18.57 | $ | 25.83 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 45.82 | $ | 34.60 | $ | 22.80 | $ | 27.27 | $ | 12.90 | $ | 18.63 | $ | 25.88 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 1,094,842,632 | $ | 192,816,492 | $ | 955,804,244 | $ | 20,867,349 | $ | 50,002,318 | $ | 34,479,550 | $ | 154,224,251 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 38,038,724 | $ | 6,638,149 | $ | 10,759,886 | $ | 160,244 | $ | 7,892,064 | $ | 444,908 | $ | 9,201,341 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 498,329 | $ | 195,252 | $ | 18,316 | $ | — | $ | 11,400 | $ | 680 | $ | 81,640 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 36,241,855 | $ | 6,594,205 | $ | 2,151,956 | $ | 151,903 | $ | 7,550,906 | $ | 389,679 | $ | 8,743,924 | |||||||||||||
|
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|
|
| 61 |
|
Statements of Assets and Liabilities (continued)
April 30, 2018
(Unaudited)
Invesco International BuyBack AchieversTM ETF (IPKW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||
Assets: | ||||||||
Unaffiliated investments in securities, at value(a) | $ | 314,908,862 | $ | 34,483,054 | ||||
Affiliated investments in securities, at value | 7,276,338 | — | ||||||
Foreign currencies, at value | — | 14,932 | ||||||
Receivables: | ||||||||
Dividends | 853,783 | 97,551 | ||||||
Foreign tax reclaims | 248,705 | 108,714 | ||||||
Securities lending | 17,041 | — | ||||||
Investments sold | 11,425,736 | 47 | ||||||
|
|
|
| |||||
Total Assets | 334,730,465 | 34,704,298 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Due to custodian | 90,556 | 142,986 | ||||||
Due to foreign custodian | 15,371 | — | ||||||
Payables: | ||||||||
Collateral upon return of securities loaned | 7,276,338 | — | ||||||
Investments purchased | 12,152,483 | 3 | ||||||
Accrued unitary management fees | 140,630 | 8,219 | ||||||
Accrued expenses | 56 | 144 | ||||||
|
|
|
| |||||
Total Liabilities | 19,675,434 | 151,352 | ||||||
|
|
|
| |||||
Net Assets | $ | 315,055,031 | $ | 34,552,946 | ||||
|
|
|
| |||||
Net Assets Consist of: | ||||||||
Shares of beneficial interest | $ | 302,096,135 | $ | 37,266,324 | ||||
Undistributed net investment income | 1,362,300 | 304,935 | ||||||
Undistributed net realized gain (loss) | (10,709,752 | ) | (5,763,115 | ) | ||||
Net unrealized appreciation | 22,306,348 | 2,744,802 | ||||||
|
|
|
| |||||
Net Assets | $ | 315,055,031 | $ | 34,552,946 | ||||
|
|
|
| |||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 8,400,000 | 1,450,000 | ||||||
Net asset value | $ | 37.51 | $ | 23.83 | ||||
|
|
|
| |||||
Market price | $ | 37.45 | $ | 24.02 | ||||
|
|
|
| |||||
Unaffiliated investments in securities, at cost | $ | 292,577,209 | $ | 31,736,341 | ||||
|
|
|
| |||||
Affiliated investments in securities, at cost | $ | 7,276,338 | $ | — | ||||
|
|
|
| |||||
Foreign currencies, at cost | $ | (15,596 | ) | $ | 14,956 | |||
|
|
|
| |||||
(a) Includes securities on loan with an aggregate value of: | $ | 6,947,269 | $ | — | ||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
(This Page Intentionally Left Blank)
| 63 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Emerging Markets Infrastructure ETF (PXR) | Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 2,000,696 | $ | 1,700,072 | $ | 153,193 | $ | 462,319 | ||||||||
Affiliated dividend income | 869 | 3,893 | 260 | 297 | ||||||||||||
Non-cash dividend income | 13,502 | — | 3,389 | 100,852 | ||||||||||||
Securities lending income | 9,138 | 6,203 | 386 | — | ||||||||||||
Foreign withholding tax | (218,680 | ) | (139,011 | ) | (19,680 | ) | (34,700 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,805,525 | 1,571,157 | 137,548 | 528,768 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 974,777 | 1,142,252 | 76,703 | 58,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (120 | ) | (577 | ) | (39 | ) | (40 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 974,657 | 1,141,675 | 76,664 | 58,083 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 830,868 | 429,482 | 60,884 | 470,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (2,275,764 | ) | 15,421,596 | 93,533 | 22,142 | |||||||||||
In-kind redemptions | 8,343,838 | — | — | 348,035 | ||||||||||||
Foreign currencies | 18,003 | (256,390 | ) | (1,137 | ) | (3,004 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 6,086,077 | 15,165,206 | 92,396 | 367,173 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | (5,949,160 | ) | 2,567,337 | 692,433 | 147,037 | |||||||||||
Affiliated investment securities | — | — | — | — | ||||||||||||
Foreign currencies | 17,041 | 688 | (309 | ) | (71 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (5,932,119 | ) | 2,568,025 | 692,124 | 146,966 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 153,958 | 17,733,231 | 784,520 | 514,139 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 984,826 | $ | 18,162,713 | $ | 845,404 | $ | 984,824 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex- U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Agriculture ETF (PAGG) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | Invesco Global Water ETF (PIO) | ||||||||||||||||||||
$ | 20,618,478 | $ | 3,133,597 | $ | 9,001,290 | $ | 218,315 | $ | 348,702 | $ | 177,552 | $ | 1,449,002 | |||||||||||||
3,628 | 1,764 | 5,039 | 26 | 369 | 241 | 161 | ||||||||||||||||||||
789,066 | 398,611 | 2,376,774 | — | — | — | — | ||||||||||||||||||||
198,640 | 32,374 | 1,562 | 554 | 191,281 | 1,138 | 4,230 | ||||||||||||||||||||
(2,000,445 | ) | (350,697 | ) | (672,652 | ) | (10,275 | ) | (29,410 | ) | (10,202 | ) | (93,137 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
19,609,367 | 3,215,649 | 10,712,013 | 208,620 | 510,942 | 168,729 | 1,360,256 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2,731,980 | 575,246 | 2,612,144 | 81,517 | 219,474 | 112,968 | 711,607 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(552 | ) | (276 | ) | (35,988 | ) | (6 | ) | (60 | ) | (35 | ) | (25 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2,731,428 | 574,970 | 2,576,156 | 81,511 | 219,414 | 112,933 | 711,582 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
16,877,939 | 2,640,679 | 8,135,857 | 127,109 | 291,528 | 55,796 | 648,674 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(10,134,889 | ) | (1,659,038 | ) | (2,815,656 | ) | (1,887,775 | ) | 2,289,045 | (1,371,102 | ) | 744,943 | |||||||||||||||
42,285,481 | 22,686,639 | 41,001,460 | 218,446 | 864,208 | — | 12,254,058 | ||||||||||||||||||||
41,280 | (38,453 | ) | (101,231 | ) | (156 | ) | (16,160 | ) | 547 | 4,188 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
32,191,872 | 20,989,148 | 38,084,573 | (1,669,485 | ) | 3,137,093 | (1,370,555 | ) | 13,003,189 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(4,600,369 | ) | (11,404,982 | ) | 20,157,107 | 2,091,703 | (3,898,783 | ) | 908,676 | (8,589,539 | ) | ||||||||||||||||
— | — | (19,667 | ) | — | — | — | — | |||||||||||||||||||
(52,124 | ) | (12,316 | ) | (2,071 | ) | 3,422 | 467 | (284 | ) | (1,067 | ) | |||||||||||||||
|
|
|
|
| �� |
|
|
|
|
|
|
|
| |||||||||||||
(4,652,493 | ) | (11,417,298 | ) | 20,135,369 | 2,095,125 | (3,898,316 | ) | 908,392 | (8,590,606 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
27,539,379 | 9,571,850 | 58,219,942 | 425,640 | (761,223 | ) | (462,163 | ) | 4,412,583 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 44,417,318 | $ | 12,212,529 | $ | 66,355,799 | $ | 552,749 | $ | (469,695 | ) | $ | (406,367 | ) | $ | 5,061,257 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 65 |
|
Statements of Operations (continued)
For the six months ended April 30, 2018
(Unaudited)
Invesco International BuyBack Achievers™ ETF (IPKW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||
Investment Income: | ||||||||
Unaffiliated dividend income | $ | 4,056,035 | $ | 554,232 | ||||
Affiliated dividend income | 551 | 4 | ||||||
Non-cash dividend income | — | 1,336 | ||||||
Securities lending income | 53,087 | — | ||||||
Foreign withholding tax | (534,078 | ) | (59,039 | ) | ||||
|
|
|
| |||||
Total Income | 3,575,595 | 496,533 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Unitary management fees | 728,658 | 45,703 | ||||||
|
|
|
| |||||
Less: Waivers | (91 | ) | — | |||||
|
|
|
| |||||
Net Expenses | 728,567 | 45,703 | ||||||
|
|
|
| |||||
Net Investment Income | 2,847,028 | 450,830 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) from: | ||||||||
Investment securities | (584,379 | ) | 527,019 | |||||
Foreign currencies | 4,336 | 3,380 | ||||||
|
|
|
| |||||
Net realized gain (loss) | (580,043 | ) | 530,399 | |||||
|
|
|
| |||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investment securities | 11,694,747 | (415,949 | ) | |||||
Foreign currencies | (15,636 | ) | (1,359 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 11,679,111 | (417,308 | ) | |||||
|
|
|
| |||||
Net realized and unrealized gain | 11,099,068 | 113,091 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | $ | 13,946,096 | $ | 563,921 | ||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
(This Page Intentionally Left Blank)
| 67 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 830,868 | $ | 2,662,258 | $ | 429,482 | $ | 2,844,866 | ||||||||
Net realized gain (loss) | 6,086,077 | 1,564,741 | 15,165,206 | 11,676,978 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (5,932,119 | ) | 34,477,746 | 2,568,025 | 19,788,694 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 984,826 | 38,704,745 | 18,162,713 | 34,310,538 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,093,048 | ) | (3,037,238 | ) | (1,935,834 | ) | (2,687,364 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 51,177,018 | 112,142,200 | 64,498,784 | 33,061,149 | ||||||||||||
Value of shares repurchased | (43,090,038 | ) | (89,616,840 | ) | — | (36,050,879 | ) | |||||||||
Transaction fees | — | — | 153,644 | 75,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 8,086,980 | 22,525,360 | 64,652,428 | (2,914,287 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 7,978,758 | 58,192,867 | 80,879,307 | 28,708,887 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 232,083,908 | 173,891,041 | 212,376,858 | 183,667,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 240,062,666 | $ | 232,083,908 | $ | 293,256,165 | $ | 212,376,858 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (337,039 | ) | $ | (74,859 | ) | $ | (464,399 | ) | $ | 1,041,953 | |||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,850,000 | 4,500,000 | 3,050,000 | 1,900,000 | ||||||||||||
Shares repurchased | (1,550,000 | ) | (3,800,000 | ) | — | (2,400,000 | ) | |||||||||
Shares outstanding, beginning of period | 8,500,000 | 7,800,000 | 10,900,000 | 11,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 8,800,000 | 8,500,000 | 13,950,000 | 10,900,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco Emerging Markets Infrastructure ETF (PXR) | Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 60,884 | $ | 230,487 | $ | 470,685 | $ | 946,819 | $ | 16,877,939 | $ | 32,138,326 | $ | 2,640,679 | $ | 3,590,145 | |||||||||||||||
92,396 | (457,957 | ) | 367,173 | 239,616 | 32,191,872 | (25,848,190 | ) | 20,989,148 | 4,960,050 | |||||||||||||||||||||
692,124 | 3,825,303 | 146,966 | 5,036,106 | (4,652,493 | ) | 238,923,294 | (11,417,298 | ) | 31,384,621 | |||||||||||||||||||||
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| |||||||||||||||
845,404 | 3,597,833 | 984,824 | 6,222,541 | 44,417,318 | 245,213,430 | 12,212,529 | 39,934,816 | |||||||||||||||||||||||
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| |||||||||||||||
(515,344 | ) | (226,568 | ) | (634,616 | ) | (985,243 | ) | (14,919,278 | ) | (33,332,106 | ) | (3,413,645 | ) | (3,758,579 | ) | |||||||||||||||
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| |||||||||||||||
— | — | — | 2,699,345 | 135,590,321 | 73,521,216 | 78,512,854 | 29,510,803 | |||||||||||||||||||||||
— | (3,225,135 | ) | (2,954,882 | ) | (5,748,798 | ) | (123,802,230 | ) | (9,202,373 | ) | (66,459,872 | ) | (21,884,452 | ) | ||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
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| |||||||||||||||
— | (3,225,135 | ) | (2,954,882 | ) | (3,049,453 | ) | 11,788,091 | 64,318,843 | 12,052,982 | 7,626,351 | ||||||||||||||||||||
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| |||||||||||||||
330,060 | 146,130 | (2,604,674 | ) | 2,187,845 | 41,286,131 | 276,200,167 | 20,851,866 | 43,802,588 | ||||||||||||||||||||||
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| |||||||||||||||
20,403,769 | 20,257,639 | 26,178,167 | 23,990,322 | 1,214,849,735 | 938,649,568 | 206,656,876 | 162,854,288 | |||||||||||||||||||||||
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$ | 20,733,829 | $ | 20,403,769 | $ | 23,573,493 | $ | 26,178,167 | $ | 1,256,135,866 | $ | 1,214,849,735 | $ | 227,508,742 | $ | 206,656,876 | |||||||||||||||
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| |||||||||||||||
$ | (432,940 | ) | $ | 21,520 | $ | (173,240 | ) | $ | (9,309 | ) | $ | 4,857,473 | $ | 2,898,812 | $ | (873,933 | ) | $ | (100,967 | ) | ||||||||||
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| |||||||||||||||
— | — | — | 50,000 | 3,000,000 | 1,900,000 | 2,300,000 | 1,000,000 | |||||||||||||||||||||||
— | (100,000 | ) | (50,000 | ) | (100,000 | ) | (2,750,000 | ) | (250,000 | ) | (1,950,000 | ) | (750,000 | ) | ||||||||||||||||
550,000 | 650,000 | 450,000 | 500,000 | 27,200,000 | 25,550,000 | 6,200,000 | 5,950,000 | |||||||||||||||||||||||
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550,000 | 550,000 | 400,000 | 450,000 | 27,450,000 | 27,200,000 | 6,550,000 | 6,200,000 | |||||||||||||||||||||||
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| 69 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Agriculture ETF (PAGG) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 8,135,857 | $ | 22,862,985 | $ | 127,109 | $ | 209,296 | ||||||||
Net realized gain (loss) | 38,084,573 | 21,358,629 | (1,669,485 | ) | (1,960,747 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 20,135,369 | 95,187,965 | 2,095,125 | 5,168,331 | ||||||||||||
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|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 66,355,799 | 139,409,579 | 552,749 | 3,416,880 | ||||||||||||
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|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (8,084,959 | ) | (22,154,095 | ) | (102,864 | ) | (410,696 | ) | ||||||||
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| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 193,241,211 | 224,547,201 | — | — | ||||||||||||
Value of shares repurchased | (87,334,064 | ) | — | (1,308,699 | ) | (2,561,617 | ) | |||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 105,907,147 | 224,547,201 | (1,308,699 | ) | (2,561,617 | ) | ||||||||||
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| |||||||||
Increase (Decrease) in Net Assets | 164,177,987 | 341,802,685 | (858,814 | ) | 444,567 | |||||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 967,201,082 | 625,398,397 | 22,745,712 | 22,301,145 | ||||||||||||
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End of period | $ | 1,131,379,069 | $ | 967,201,082 | $ | 21,886,898 | $ | 22,745,712 | ||||||||
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Undistributed net investment income at end of period | $ | 2,143,763 | $ | 2,092,865 | $ | (47,434 | ) | $ | (71,679 | ) | ||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 8,350,000 | 11,400,000 | — | — | ||||||||||||
Shares repurchased | (3,750,000 | ) | — | (50,000 | ) | (100,000 | ) | |||||||||
Shares outstanding, beginning of period | 44,650,000 | 33,250,000 | 850,000 | 950,000 | ||||||||||||
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| |||||||||
Shares outstanding, end of period | 49,250,000 | 44,650,000 | 800,000 | 850,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 291,528 | $ | 1,084,465 | $ | 55,796 | $ | 71,642 | $ | 648,674 | $ | 2,302,243 | $ | 2,847,028 | $ | 1,980,816 | |||||||||||||||
3,137,093 | 949,697 | (1,370,555 | ) | 19,751 | 13,003,189 | 18,350,136 | (580,043 | ) | 21,925,567 | |||||||||||||||||||||
(3,898,316 | ) | 10,209,481 | 908,392 | (3,380,693 | ) | (8,590,606 | ) | 13,710,436 | 11,679,111 | 9,039,820 | ||||||||||||||||||||
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(469,695 | ) | 12,243,643 | (406,367 | ) | (3,289,300 | ) | 5,061,257 | 34,362,815 | 13,946,096 | 32,946,203 | ||||||||||||||||||||
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(549,589 | ) | (928,991 | ) | (413,504 | ) | (431,334 | ) | (678,950 | ) | (2,385,041 | ) | (2,244,465 | ) | (1,427,460 | ) | |||||||||||||||
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1,307,956 | — | 934,459 | 6,102,262 | 27,031,412 | 30,447,745 | 105,618,404 | 196,370,507 | |||||||||||||||||||||||
(2,624,568 | ) | (6,967,896 | ) | — | (14,601,642 | ) | (45,034,704 | ) | (50,228,264 | ) | — | (122,356,446 | ) | |||||||||||||||||
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(1,316,612 | ) | (6,967,896 | ) | 934,459 | (8,499,380 | ) | (18,003,292 | ) | (19,780,519 | ) | 105,618,404 | 74,014,061 | ||||||||||||||||||
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(2,335,896 | ) | 4,346,756 | 114,588 | (12,220,014 | ) | (13,620,985 | ) | 12,197,255 | 117,320,035 | 105,532,804 | ||||||||||||||||||||
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60,499,216 | 56,152,460 | 30,521,393 | 42,741,407 | 200,862,164 | 188,664,909 | 197,734,996 | 92,202,192 | |||||||||||||||||||||||
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$ | 58,163,320 | $ | 60,499,216 | $ | 30,635,981 | $ | 30,521,393 | $ | 187,241,179 | $ | 200,862,164 | $ | 315,055,031 | $ | 197,734,996 | |||||||||||||||
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| |||||||||||||||
$ | 68,996 | $ | 327,057 | $ | (460,737 | ) | $ | (103,029 | ) | $ | 572,560 | $ | 602,836 | $ | 1,362,300 | $ | 759,737 | |||||||||||||
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| |||||||||||||||
100,000 | — | 50,000 | 300,000 | 1,050,000 | 1,250,000 | 2,800,000 | 6,000,000 | |||||||||||||||||||||||
(200,000 | ) | (650,000 | ) | — | (750,000 | ) | (1,750,000 | ) | (2,150,000 | ) | — | (3,700,000 | ) | |||||||||||||||||
4,625,000 | 5,275,000 | 1,600,000 | 2,050,000 | 7,950,000 | 8,850,000 | 5,600,000 | 3,300,000 | |||||||||||||||||||||||
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| |||||||||||||||
4,525,000 | 4,625,000 | 1,650,000 | 1,600,000 | 7,250,000 | 7,950,000 | 8,400,000 | 5,600,000 | |||||||||||||||||||||||
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| 71 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||
April 30, 2018 | October 31, 2017 | |||||||
Operations: | ||||||||
Net investment income | $ | 450,830 | $ | 485,563 | ||||
Net realized gain | 530,399 | 1,194,510 | ||||||
Net change in unrealized appreciation (depreciation) | (417,308 | ) | 3,063,636 | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 563,921 | 4,743,709 | ||||||
|
|
|
| |||||
Distributions to Shareholders from: | ||||||||
Net investment income | (205,801 | ) | (571,984 | ) | ||||
|
|
|
| |||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 5,992,090 | 9,005,197 | ||||||
Value of shares repurchased | — | (5,602,570 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from shares transactions | 5,992,090 | 3,402,627 | ||||||
|
|
|
| |||||
Increase in Net Assets | 6,350,210 | 7,574,352 | ||||||
|
|
|
| |||||
Net Assets: | ||||||||
Beginning of period | 28,202,736 | 20,628,384 | ||||||
|
|
|
| |||||
End of period | $ | 34,552,946 | $ | 28,202,736 | ||||
|
|
|
| |||||
Undistributed net investment income at end of period | $ | 304,935 | $ | 59,906 | ||||
|
|
|
| |||||
Changes in Shares Outstanding: | ||||||||
Shares sold | 250,000 | 400,000 | ||||||
Shares repurchased | — | (250,000 | ) | |||||
Shares outstanding, beginning of period | 1,200,000 | 1,050,000 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 1,450,000 | 1,200,000 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | $ | 25.39 | $ | 19.33 | ||||||||||||
Net investment income(a) | 0.09 | 0.36 | 0.35 | 0.27 | 0.38 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 5.05 | (1.04 | ) | (1.15 | ) | (0.43 | ) | 6.00 | |||||||||||||||
Total from investment operations | 0.10 | 5.41 | (0.69 | ) | (0.88 | ) | (0.05 | ) | 6.35 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.40 | ) | (0.38 | ) | (0.25 | ) | (0.85 | ) | (0.29 | ) | ||||||||||||
Net asset value at end of period | $ | 27.28 | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | $ | 25.39 | ||||||||||||
Market price at end of period(b) | $ | 27.31 | $ | 27.35 | $ | 22.27 | $ | 23.21 | $ | 24.55 | $ | 25.47 | ||||||||||||
Net Asset Value Total Return(c) | 0.38 | % | 24.58 | % | (2.97 | )% | (3.63 | )% | (0.35 | )% | 33.09 | % | ||||||||||||
Market Price Total Return(c) | 0.30 | % | 24.91 | % | (2.43 | )% | (4.48 | )% | (0.43 | )% | 32.75 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 240,063 | $ | 232,084 | $ | 173,891 | $ | 263,996 | $ | 383,322 | $ | 507,811 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.80 | %(d) | 0.81 | % | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | ||||||||||||
Net investment income | 0.68 | %(d) | 1.46 | % | 1.50 | % | 1.10 | % | 1.48 | % | 1.55 | % | ||||||||||||
Portfolio turnover rate(e) | 41 | % | 98 | % | 124 | % | 120 | % | 99 | % | 96 | % |
(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 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) | 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 DWA Emerging Markets Momentum ETF (PIE)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | $ | 18.78 | $ | 17.44 | ||||||||||||
Net investment income(a) | 0.03 | 0.28 | 0.16 | 0.12 | 0.13 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.67 | 3.34 | 0.14 | (b) | (2.94 | ) | 0.08 | 1.24 | ||||||||||||||||
Total from investment operations | 1.70 | 3.62 | 0.30 | (2.82 | ) | 0.21 | 1.48 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.26 | ) | (0.21 | ) | (0.10 | ) | (0.10 | ) | (0.16 | ) | ||||||||||||
Return of capital | — | — | (0.01 | ) | — | — | — | |||||||||||||||||
Total distributions | (0.17 | ) | (0.26 | ) | (0.22 | ) | (0.10 | ) | (0.10 | ) | (0.16 | ) | ||||||||||||
Transaction fees(a) | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.02 | ||||||||||||||||||
Net asset value at end of period | $ | 21.02 | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | $ | 18.78 | ||||||||||||
Market price at end of period(c) | $ | 20.85 | $ | 19.54 | $ | 16.10 | $ | 15.97 | $ | 18.79 | $ | 18.76 | ||||||||||||
Net Asset Value Total Return(d) | 8.83 | % | 22.72 | % | 2.00 | %(b) | (14.78 | )% | 1.27 | % | 8.66 | % | ||||||||||||
Market Price Total Return(d) | 7.61 | % | 23.18 | % | 2.25 | % | (14.50 | )% | 0.74 | % | 8.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 293,256 | $ | 212,377 | $ | 183,668 | $ | 196,268 | $ | 402,684 | $ | 373,792 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.90 | %(e) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.91 | % | ||||||||||||
Net investment income | 0.34 | %(e) | 1.67 | % | 1.04 | % | 0.68 | % | 0.69 | % | 1.26 | % | ||||||||||||
Portfolio turnover rate(f) | 72 | % | 174 | % | 160 | % | 176 | % | 147 | % | 142 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return 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 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Financial Highlights (continued)
Invesco Emerging Markets Infrastructure ETF (PXR)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 37.10 | $ | 31.17 | $ | 30.97 | $ | 36.81 | $ | 38.71 | $ | 40.15 | ||||||||||||
Net investment income(a) | 0.11 | 0.41 | 0.45 | 0.60 | 0.53 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.43 | 5.93 | 0.26 | (b) | (5.83 | ) | (1.74 | ) | (1.48 | ) | ||||||||||||||
Total from investment operations | 1.54 | 6.34 | 0.71 | (5.23 | ) | (1.21 | ) | (0.94 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.94 | ) | (0.41 | ) | (0.51 | ) | (0.61 | ) | (0.69 | ) | (0.50 | ) | ||||||||||||
Net asset value at end of period | $ | 37.70 | $ | 37.10 | $ | 31.17 | $ | 30.97 | $ | 36.81 | $ | 38.71 | ||||||||||||
Market price at end of period(c) | $ | 37.49 | $ | 37.20 | $ | 31.10 | $ | 30.67 | $ | 36.62 | $ | 38.31 | ||||||||||||
Net Asset Value Total Return(d) | 4.29 | % | 20.40 | % | 2.44 | %(b) | (14.36 | )% | (3.16 | )% | (2.35 | )% | ||||||||||||
Market Price Total Return(d) | 3.42 | % | 21.00 | % | 3.21 | % | (14.74 | )% | (2.65 | )% | (2.75 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 20,734 | $ | 20,404 | $ | 20,258 | $ | 27,872 | $ | 36,811 | $ | 71,615 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(e) | 0.75 | % | 0.75 | % | 0.77 | % | 0.76 | % | 0.76 | % | ||||||||||||
Net investment income | 0.60 | %(e) | 1.19 | % | 1.54 | % | 1.69 | % | 1.42 | % | 1.35 | % | ||||||||||||
Portfolio turnover rate(f) | 12 | % | 39 | % | 28 | % | 34 | % | 20 | % | 30 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.06 and total return 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 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) | 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 FTSE RAFI Asia Pacific ex-Japan ETF (PAF)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 58.17 | $ | 47.98 | $ | 45.16 | $ | 55.46 | $ | 58.66 | $ | 54.04 | ||||||||||||
Net investment income(a) | 1.16 | 1.89 | 1.41 | 1.98 | (b) | 1.77 | 1.54 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.19 | 10.27 | 3.13 | (10.57 | ) | (3.17 | ) | 5.07 | ||||||||||||||||
Total from investment operations | 2.35 | 12.16 | 4.54 | (8.59 | ) | (1.40 | ) | 6.61 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.59 | ) | (1.97 | ) | (1.72 | ) | (1.71 | ) | (1.80 | ) | (1.99 | ) | ||||||||||||
Net asset value at end of period | $ | 58.93 | $ | 58.17 | $ | 47.98 | $ | 45.16 | $ | 55.46 | $ | 58.66 | ||||||||||||
Market price at end of period(c) | $ | 58.36 | $ | 58.08 | $ | 47.75 | $ | 45.08 | $ | 55.40 | $ | 58.38 | ||||||||||||
Net Asset Value Total Return(d) | 4.09 | % | 25.90 | % | 10.52 | % | (15.78 | )% | (2.38 | )% | 12.50 | % | ||||||||||||
Market Price Total Return(d) | 3.23 | % | 26.32 | % | 10.21 | % | (15.83 | )% | (2.02 | )% | 12.38 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 23,573 | $ | 26,178 | $ | 23,990 | $ | 22,578 | $ | 44,369 | $ | 49,861 | ||||||||||||
Ratio to average net assets of: | �� | |||||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(e) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.51 | % | ||||||||||||
Expenses, prior to Waivers | 0.49 | %(e) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.53 | % | ||||||||||||
Net investment income, after Waivers | 3.97 | %(e) | 3.54 | % | 3.16 | % | 3.93 | %(b) | 3.10 | % | 2.74 | % | ||||||||||||
Portfolio turnover rate(f) | 19 | % | 17 | % | 20 | % | 19 | % | 16 | % | 32 | % |
(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 $1.75 and 3.46%, 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 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | $ | 42.99 | $ | 34.18 | ||||||||||||
Net investment income(a) | 0.63 | 1.20 | 1.09 | 1.16 | 1.55 | (b) | 1.08 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.02 | 7.98 | (1.82 | ) | (2.65 | ) | (1.79 | ) | 8.75 | |||||||||||||||
Total from investment operations | 1.65 | 9.18 | (0.73 | ) | (1.49 | ) | (0.24 | ) | 9.83 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.55 | ) | (1.26 | ) | (1.13 | ) | (1.11 | ) | (1.55 | ) | (1.02 | ) | ||||||||||||
Net asset value at end of period | $ | 45.76 | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | $ | 42.99 | ||||||||||||
Market price at end of period(c) | $ | 45.82 | $ | 44.81 | $ | 36.68 | $ | 38.34 | $ | 41.71 | $ | 43.23 | ||||||||||||
Net Asset Value Total Return(d) | 3.73 | % | 25.38 | % | (1.73 | )% | (3.72 | )% | (0.72 | )% | 29.20 | % | ||||||||||||
Market Price Total Return(d) | 3.52 | % | 25.99 | % | (1.24 | )% | (5.55 | )% | (0.07 | )% | 29.49 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,256,136 | $ | 1,214,850 | $ | 938,650 | $ | 787,536 | $ | 762,267 | $ | 649,172 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.46 | % | 0.45 | % | 0.48 | % | ||||||||||||
Expenses, prior to Waivers | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.46 | % | 0.45 | % | 0.49 | % | ||||||||||||
Net investment income, after Waivers | 2.78 | %(e) | 2.95 | % | 3.05 | % | 2.87 | % | 3.57 | %(b) | 2.82 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 13 | % | 14 | % | 12 | % | 16 | % | 17 | % |
(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 $1.31 and 3.00%, 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 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) | 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 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | $ | 27.40 | $ | 22.18 | ||||||||||||
Net investment income(a) | 0.38 | 0.59 | 0.53 | 0.46 | 0.48 | 0.44 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.52 | 5.99 | 0.86 | 0.12 | (0.79 | ) | 5.36 | |||||||||||||||||
Total from investment operations | 1.90 | 6.58 | 1.39 | 0.58 | (0.31 | ) | 5.80 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.50 | ) | (0.62 | ) | (0.62 | ) | (0.46 | ) | (0.61 | ) | (0.58 | ) | ||||||||||||
Net asset value at end of period | $ | 34.73 | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | $ | 27.40 | ||||||||||||
Market price at end of period(b) | $ | 34.60 | $ | 33.44 | $ | 27.30 | $ | 26.66 | $ | 27.11 | $ | 27.87 | ||||||||||||
Net Asset Value Total Return(c) | 5.75 | % | 24.36 | % | 5.37 | % | 2.18 | % | (1.21 | )% | 26.56 | % | ||||||||||||
Market Price Total Return(c) | 5.00 | % | 25.09 | % | 4.87 | % | 0.01 | % | (0.58 | )% | 28.00 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 227,509 | $ | 206,657 | $ | 162,854 | $ | 143,621 | $ | 105,915 | $ | 98,656 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(d) | 0.49 | % | 0.49 | % | 0.50 | % | 0.49 | % | 0.52 | % | ||||||||||||
Expenses, prior to Waivers | 0.49 | %(d) | 0.49 | % | 0.49 | % | 0.50 | % | 0.49 | % | 0.54 | % | ||||||||||||
Net investment income, after Waivers | 2.25 | %(d) | 1.98 | % | 2.01 | % | 1.73 | % | 1.73 | % | 1.78 | % | ||||||||||||
Portfolio turnover rate(e) | 20 | % | 19 | % | 25 | % | 24 | % | 24 | % | 27 | % |
(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 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) | 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.
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Financial Highlights (continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | $ | 21.41 | $ | 21.20 | ||||||||||||
Net investment income(a) | 0.17 | 0.57 | 0.42 | 0.53 | 0.60 | 0.56 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.32 | 2.81 | 3.37 | (5.02 | ) | (1.02 | ) | 0.19 | ||||||||||||||||
Total from investment operations | 1.49 | 3.38 | 3.79 | (4.49 | ) | (0.42 | ) | 0.75 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.53 | ) | (0.42 | ) | (0.45 | ) | (0.61 | ) | (0.54 | ) | ||||||||||||
Net asset value at end of period | $ | 22.97 | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | $ | 21.41 | ||||||||||||
Market price at end of period(b) | $ | 22.80 | $ | 21.62 | $ | 18.80 | $ | 15.37 | $ | 20.25 | $ | 21.21 | ||||||||||||
Net Asset Value Total Return(c) | 6.92 | % | 18.10 | % | 25.08 | % | (22.16 | )% | (2.03 | )% | 3.67 | % | ||||||||||||
Market Price Total Return(c) | 6.33 | % | 17.94 | % | 25.57 | % | (22.00 | )% | (1.73 | )% | 3.14 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,131,379 | $ | 967,201 | $ | 625,398 | $ | 293,398 | $ | 387,200 | $ | 367,102 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.48 | %(d)(e) | 0.48 | %(d) | 0.48 | % | 0.49 | % | 0.49 | % | 0.52 | % | ||||||||||||
Expenses, prior to Waivers | 0.48 | %(d)(e) | 0.49 | %(d) | 0.49 | % | 0.49 | % | 0.49 | % | 0.54 | % | ||||||||||||
Net investment income, after Waivers | 1.53 | %(e) | 2.84 | % | 2.66 | % | 2.88 | % | 2.91 | % | 2.66 | % | ||||||||||||
Portfolio turnover rate(f) | 12 | % | 24 | % | 16 | % | 34 | % | 22 | % | 24 | % |
(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 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) | 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 Global Agriculture ETF (PAGG)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.76 | $ | 23.47 | $ | 25.09 | $ | 29.31 | $ | 29.60 | $ | 29.82 | ||||||||||||
Net investment income(a) | 0.16 | 0.23 | 0.48 | 0.68 | 0.69 | (b) | 0.49 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 3.52 | (1.59 | ) | (4.17 | ) | (0.29 | ) | (0.22 | ) | ||||||||||||||
Total from investment operations | 0.73 | 3.75 | (1.11 | ) | (3.49 | ) | 0.40 | 0.27 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.46 | ) | (0.51 | ) | (0.73 | ) | (0.69 | ) | (0.49 | ) | ||||||||||||
Net asset value at end of period | $ | 27.36 | $ | 26.76 | $ | 23.47 | $ | 25.09 | $ | 29.31 | $ | 29.60 | ||||||||||||
Market price at end of period(c) | $ | 27.27 | $ | 26.70 | $ | 23.50 | $ | 25.05 | $ | 29.25 | $ | 29.49 | ||||||||||||
Net Asset Value Total Return(d) | 2.73 | % | 16.12 | % | (4.39 | )% | (12.10 | )% | 1.31 | % | 0.91 | % | ||||||||||||
Market Price Total Return(d) | 2.62 | % | 15.73 | % | (4.11 | )% | (12.06 | )% | 1.49 | % | 1.07 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 21,887 | $ | 22,746 | $ | 22,301 | $ | 27,604 | $ | 55,698 | $ | 93,233 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(e) | 0.77 | % | 0.76 | % | 0.76 | % | 0.75 | % | 0.76 | % | ||||||||||||
Net investment income | 1.17 | %(e) | 0.92 | % | 2.07 | % | 2.35 | % | 2.31 | %(b) | 1.63 | % | ||||||||||||
Portfolio turnover rate(f) | 18 | % | 45 | % | 36 | % | 32 | % | 22 | % | 17 | % |
(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 $0.53 and 1.77%, 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 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco Global Clean Energy ETF (PBD)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | $ | 12.04 | $ | 7.40 | ||||||||||||
Net investment income(a) | 0.06 | 0.23 | 0.20 | 0.13 | 0.11 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.17 | ) | 2.39 | (0.80 | )(b) | (1.07 | ) | 0.47 | (b) | 4.65 | ||||||||||||||
Total from investment operations | (0.11 | ) | 2.62 | (0.60 | ) | (0.94 | ) | 0.58 | 4.75 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.19 | ) | (0.21 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||
Net asset value at end of period | $ | 12.85 | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | $ | 12.04 | ||||||||||||
Market price at end of period(c) | $ | 12.90 | $ | 13.07 | $ | 10.62 | $ | 11.46 | $ | 12.60 | $ | 12.03 | ||||||||||||
Net Asset Value Total Return(d) | (0.85 | )% | 24.90 | % | (5.29 | )%(b) | (7.51 | )% | 4.79 | %(b) | 64.73 | % | ||||||||||||
Market Price Total Return(d) | (0.39 | )% | 25.17 | % | (5.56 | )% | (8.10 | )% | 5.55 | % | 65.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 58,163 | $ | 60,499 | $ | 56,152 | $ | 66,762 | $ | 77,288 | $ | 81,000 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(e) | 0.75 | % | 0.75 | % | 0.77 | % | 0.76 | % | 0.82 | % | ||||||||||||
Net investment income | 1.00 | %(e) | 1.98 | % | 1.83 | % | 1.11 | % | 0.83 | % | 1.10 | % | ||||||||||||
Portfolio turnover rate(f) | 25 | % | 40 | % | 57 | % | 51 | % | 53 | % | 48 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and $0.42 for the year ended October 31, 2016 and the year ended October 31, 2014, respectively, and total return 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 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) | 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 Global Gold and Precious Metals ETF (PSAU)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.08 | $ | 20.85 | $ | 12.94 | $ | 15.25 | $ | 21.32 | $ | 40.49 | ||||||||||||
Net investment income(a) | 0.03 | 0.04 | 0.01 | 0.08 | 0.05 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.28 | ) | (1.60 | ) | 7.92 | (2.29 | ) | (6.07 | ) | (19.26 | ) | |||||||||||||
Total from investment operations | (0.25 | ) | (1.56 | ) | 7.93 | (2.21 | ) | (6.02 | ) | (19.07 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.21 | ) | (0.02 | ) | (0.10 | ) | (0.05 | ) | (0.10 | ) | ||||||||||||
Net asset value at end of period | $ | 18.57 | $ | 19.08 | $ | 20.85 | $ | 12.94 | $ | 15.25 | $ | 21.32 | ||||||||||||
Market price at end of period(b) | $ | 18.63 | $ | 19.04 | $ | 20.87 | $ | 12.89 | $ | 15.17 | $ | 21.19 | ||||||||||||
Net Asset Value Total Return(c) | (1.32 | )% | (7.30 | )% | 61.40 | % | (14.63 | )% | (28.31 | )% | (47.10 | )% | ||||||||||||
Market Price Total Return(c) | (0.79 | )% | (7.58 | )% | 62.19 | % | (14.51 | )% | (28.25 | )% | (48.22 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,636 | $ | 30,521 | $ | 42,741 | $ | 17,471 | $ | 18,299 | $ | 29,848 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | ||||||||||||
Net investment income | 0.37 | %(d) | 0.19 | % | 0.05 | % | 0.49 | % | 0.24 | % | 0.70 | % | ||||||||||||
Portfolio turnover rate(e) | 6 | % | 11 | % | 27 | % | 17 | % | 18 | % | 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 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) | 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.
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Financial Highlights (continued)
Invesco Global Water ETF (PIO)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | $ | 21.91 | $ | 17.01 | ||||||||||||
Net investment income(a) | 0.09 | 0.28 | 0.34 | 0.29 | 0.34 | 0.36 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.56 | 3.95 | (0.60 | ) | (1.45 | ) | 1.44 | 4.86 | ||||||||||||||||
Total from investment operations | 0.65 | 4.23 | (0.26 | ) | (1.16 | ) | 1.78 | 5.22 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.28 | ) | (0.31 | ) | (0.30 | ) | (0.34 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 25.83 | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | $ | 21.91 | ||||||||||||
Market price at end of period(b) | $ | 25.88 | $ | 25.25 | $ | 21.29 | $ | 21.77 | $ | 23.30 | $ | 21.96 | ||||||||||||
Net Asset Value Total Return(c) | 2.58 | % | 20.01 | % | (1.14 | )% | (5.03 | )% | 8.08 | % | 30.91 | % | ||||||||||||
Market Price Total Return(c) | 2.86 | % | 20.08 | % | (0.78 | )% | (5.35 | )% | 7.59 | % | 31.84 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 187,241 | $ | 200,862 | $ | 188,665 | $ | 241,832 | $ | 288,367 | $ | 227,854 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.75 | %(d) | 0.75 | % | 0.74 | % | 0.76 | % | 0.76 | % | 0.83 | % | ||||||||||||
Net investment income | 0.68 | %(d) | 1.22 | % | 1.62 | % | 1.27 | % | 1.46 | % | 1.86 | % | ||||||||||||
Portfolio turnover rate(e) | 14 | % | 34 | % | 67 | % | 78 | % | 28 | % | 52 | % |
(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 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) | 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 International BuyBack AchieversTM ETF (IPKW)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period February 24, 2014(a) Through October 31, 2014 | ||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | $ | 25.03 | ||||||||||
Net investment income(b) | 0.40 | 0.47 | 0.74 | (c) | 0.44 | 0.33 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.13 | 7.28 | 0.89 | 1.82 | (0.09 | ) | ||||||||||||||
Total from investment operations | 2.53 | 7.75 | 1.63 | 2.26 | 0.24 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.38 | ) | (0.71 | ) | (0.29 | ) | (0.22 | ) | ||||||||||
Net asset value at end of period | $ | 37.51 | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | ||||||||||
Market price at end of period(d) | $ | 37.45 | $ | 35.47 | $ | 28.02 | $ | 26.96 | $ | 25.35 | ||||||||||
Net Asset Value Total Return(e) | 7.18 | % | 28.03 | % | 6.25 | % | 9.04 | % | 0.91 | %(f) | ||||||||||
Market Price Total Return(e) | 6.53 | % | 28.24 | % | 6.78 | % | 7.51 | % | 2.11 | %(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 315,055 | $ | 197,735 | $ | 92,202 | $ | 58,099 | $ | 17,537 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.55 | %(g) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | %(g) | ||||||||||
Net investment income | 2.15 | %(g) | 1.47 | % | 2.76 | %(c) | 1.68 | % | 1.88 | %(g) | ||||||||||
Portfolio turnover rate(h) | 11 | % | 118 | % | 106 | % | 162 | % | 130 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | 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 $0.51 and 1.90%, respectively. |
(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 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) | The net asset value total return from Fund Inception (February 27, 2014, the first day of trading on the exchange) to October 31, 2014 was 1.23%. The market price total return from Fund Inception to October 31, 2014 was 1.87%. |
(g) Annualized. |
(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.
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Financial Highlights (continued)
Invesco S&P International Developed Quality ETF (IDHQ)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | $ | 19.67 | $ | 16.65 | ||||||||||||
Net investment income(a) | 0.34 | 0.45 | 0.41 | 0.33 | 0.35 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.15 | 3.88 | (0.54 | )(b) | 0.75 | (0.21 | ) | 3.04 | ||||||||||||||||
Total from investment operations | 0.49 | 4.33 | (0.13 | ) | 1.08 | 0.14 | 3.36 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.48 | ) | (0.41 | ) | (0.31 | ) | (0.39 | ) | (0.34 | ) | ||||||||||||
Net asset value at end of period | $ | 23.83 | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | $ | 19.67 | ||||||||||||
Market price at end of period(c) | $ | 24.02 | $ | 23.71 | $ | 19.61 | $ | 20.14 | $ | 19.59 | $ | 19.68 | ||||||||||||
Net Asset Value Total Return(d) | 2.08 | % | 22.36 | % | (0.62 | )%(b) | 5.60 | % | 0.66 | % | 20.44 | % | ||||||||||||
Market Price Total Return(d) | 1.98 | % | 23.70 | % | (0.59 | )% | 4.42 | % | 1.48 | % | 19.34 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 34,553 | $ | 28,203 | $ | 20,628 | $ | 19,180 | $ | 16,505 | $ | 21,641 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(e) | 0.31 | % | 0.45 | % | 0.49 | % | 0.47 | % | 0.57 | % | ||||||||||||
Expenses, prior to Waivers | 0.29 | %(e) | 0.31 | % | 0.45 | % | 0.49 | % | 0.47 | % | 0.59 | % | ||||||||||||
Net investment income, after Waivers | 2.86 | %(e) | 2.10 | % | 2.09 | % | 1.66 | % | 1.73 | % | 1.79 | % | ||||||||||||
Portfolio turnover rate(f) | 16 | % | 49 | % | 165 | % | 78 | % | 57 | % | 28 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return 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 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) | 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. For the year ended October 31, 2016, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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 DWA Developed Markets Momentum ETF (PIZ) | “DWA Developed Markets Momentum ETF” | |
Invesco DWA Emerging Markets Momentum ETF (PIE) | “DWA Emerging Markets Momentum ETF” | |
Invesco Emerging Markets Infrastructure ETF (PXR) | “Emerging Markets Infrastructure ETF” | |
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | “FTSE RAFI Asia Pacific ex-Japan ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | “FTSE RAFI Developed Markets ex-U.S. ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | “FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF” | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) | “FTSE RAFI Emerging Markets ETF” | |
Invesco Global Agriculture ETF (PAGG) | “Global Agriculture ETF” | |
Invesco Global Clean Energy ETF (PBD) | “Global Clean Energy ETF” | |
Invesco Global Gold and Precious Metals ETF (PSAU) | “Global Gold and Precious Metals ETF” | |
Invesco Global Water ETF (PIO) | “Global Water ETF” | |
Invesco International BuyBack AchieversTM ETF (IPKW) | “International BuyBack AchieversTM ETF” | |
Invesco S&P International Developed Quality ETF (IDHQ) | “S&P International Developed Quality ETF” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 following exchanges:
Fund | Exchange | |
DWA Developed Markets Momentum ETF | The NASDAQ Stock Market LLC | |
DWA Emerging Markets Momentum ETF | The NASDAQ Stock Market LLC | |
Emerging Markets Infrastructure ETF | NYSE Arca, Inc. | |
FTSE RAFI Asia Pacific ex-Japan ETF | NYSE Arca, Inc. | |
FTSE RAFI Developed Markets ex-U.S. ETF | NYSE Arca, Inc. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | NYSE Arca, Inc. | |
FTSE RAFI Emerging Markets ETF | NYSE Arca, Inc. | |
Global Agriculture ETF | The NASDAQ Stock Market LLC | |
Global Clean Energy ETF | NYSE Arca, Inc. | |
Global Gold and Precious Metals ETF | The NASDAQ Stock Market LLC | |
Global Water ETF | The NASDAQ Stock Market LLC | |
International BuyBack AchieversTM ETF | The NASDAQ Stock Market LLC | |
S&P International Developed Quality ETF | NYSE Arca, Inc. |
The market price of each Share may differ to some degree from the 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”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
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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 | |
DWA Developed Markets Momentum ETF | Dorsey Wright® Developed Markets Technical Leaders Index | |
DWA Emerging Markets Momentum ETF | Dorsey Wright® Emerging Markets Technical Leaders Index | |
Emerging Markets Infrastructure ETF | S-Network Emerging Infrastructure Builders IndexSM | |
FTSE RAFI Asia Pacific ex-Japan ETF | FTSE RAFI Developed Asia Pacific ex-Japan Index | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE RAFI Developed ex-U.S. 1000 Index | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE RAFI Developed ex-U.S. Mid-Small 1500 Index | |
FTSE RAFI Emerging Markets ETF | FTSE RAFI Emerging Markets Index | |
Global Agriculture ETF | NASDAQ OMX Global Agriculture IndexSM | |
Global Clean Energy ETF | WilderHill New Energy Global Innovation Index | |
Global Gold and Precious Metals ETF | NASDAQ OMX Global Gold and Precious Metals IndexSM | |
Global Water ETF | NASDAQ OMX Global Water IndexSM | |
International BuyBack AchieversTM ETF | NASDAQ International BuyBack AchieversTM Index | |
S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap 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:
Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the
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close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry or Geographic 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 located in a single industry or a sector, or, in a specific country or geographic region. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry, sector, country or region, each Fund will also concentrate its investments to approximately the same extent. By so concentrating its investments, a Fund may face more risks than if it were diversified broadly over numerous industries, sectors, countries or geographic regions. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV. Also, a natural or
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other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact such Fund’s investments in the affected country or region.
Non-Diversified Fund Risk. Global Agriculture ETF, Global Gold and Precious Metals ETF, Global Water ETF and International BuyBack AchieversTM ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Sampling Risk. FTSE RAFI Emerging Markets ETF’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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.
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 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. As the Funds may invest 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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Small- and Mid-Capitalization Company Risk. For each Fund (except DWA Developed Markets Momentum ETF and DWA Emerging Markets Momentum ETF), 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.
Portfolio Turnover Risk. DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF and International BuyBack AchieversTM ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the 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 (described below) to minimize realization of capital gains to the extent possible.
Currency Risk. The Funds may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.
C. 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.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“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.
D. 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 the accrual basis from settlement date. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
E. 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 and the country that has the primary market for the issuer’s securities, 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.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. Dividends and Distributions to Shareholders
Each Fund (except for Global Agriculture ETF and Global Gold and Precious Metals ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Global Agriculture ETF and Global Gold and Precious Metals ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax
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regulations, which may differ from 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.
H. 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.
I. 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 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 Funds do 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 each 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 Funds 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 each Fund invests.
J. Securities Lending
During the six-month period ended April 30, 2018, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, Emerging Markets Infrastructure ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Agriculture ETF, Global Clean Energy ETF, Global Gold and Precious Metals ETF, Global Water ETF and International BuyBack AchieversTM ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
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.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer
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agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
DWA Developed Markets Momentum ETF | 0.80 | % | ||
DWA Emerging Markets Momentum ETF | 0.90 | % | ||
Emerging Markets Infrastructure ETF | 0.75 | % | ||
FTSE RAFI Asia Pacific ex-Japan ETF | 0.49 | % | ||
FTSE RAFI Developed Markets ex-U.S. ETF | 0.45 | % | ||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 0.49 | % | ||
FTSE RAFI Emerging Markets ETF | 0.49 | % | ||
Global Agriculture ETF | 0.75 | % | ||
Global Clean Energy ETF | 0.75 | % | ||
Global Gold and Precious Metals ETF | 0.75 | % | ||
Global Water ETF | 0.75 | % | ||
International BuyBack AchieversTM ETF | 0.55 | % | ||
S&P International Developed Quality ETF | 0.29 | % |
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
DWA Developed Markets Momentum ETF | $ | 120 | ||
DWA Emerging Markets Momentum ETF | 577 | |||
Emerging Markets Infrastructure ETF | 39 | |||
FTSE RAFI Asia Pacific ex-Japan ETF | 40 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 552 | |||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 276 | |||
FTSE RAFI Emerging Markets ETF | 35,988 | |||
Global Agriculture ETF | 6 | |||
Global Clean Energy ETF | 60 | |||
Global Gold and Precious Metals ETF | 35 | |||
Global Water ETF | 25 | |||
International BuyBack Achievers™ ETF | 91 | |||
S&P International Developed Quality ETF | — |
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 for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
DWA Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
DWA Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
Emerging Markets Infrastructure ETF | S-Network Global Indexes Inc. | |
FTSE RAFI Asia Pacific ex-Japan ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. | |
FTSE RAFI Emerging Markets ETF | FTSE International Ltd. | |
Global Agriculture ETF | Nasdaq, Inc. |
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Fund | Licensor | |
Global Clean Energy ETF | WilderHill New Energy Finance, LLC | |
Global Gold and Precious Metals ETF | Nasdaq, Inc. | |
Global Water ETF | Nasdaq, Inc. | |
International BuyBack AchieversTM ETF | Nasdaq, Inc. | |
S&P International Developed 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 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 each Fund.
Note 4. Investments in Affiliates
The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows FTSE RAFI Emerging Markets ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
FTSE RAFI Emerging Markets ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 9,171,594 | $ | — | $ | — | $ | (19,667 | ) | $ | — | $ | 9,151,927 | $ | — |
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 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. |
Except for the Funds listed below, as of April 30, 2018, all of the securities in each Fund were valued based on Level 1 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were transfers from Level 1 to Level 2, due to foreign fair value adjustments, in the following amounts:
DWA Developed Markets Momentum ETF | $ | 147,775,221 | ||
FTSE RAFI Asia Pacific ex-Japan ETF | 2,459,552 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 981,049,238 | |||
Global Gold and Precious Metals ETF | 8,553,421 | |||
Global Water ETF | 91,324,917 | |||
S&P International Developed Quality ETF | 24,026,512 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Developed Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | — | $ | 12,414,531 | $ | — | $ | 12,414,531 | ||||||||
Austria | — | 5,169,275 | — | 5,169,275 | ||||||||||||
Belgium | — | 2,686,406 | — | 2,686,406 | ||||||||||||
Canada | 21,166,727 | — | — | 21,166,727 | ||||||||||||
China | — | 2,382,570 | — | 2,382,570 | ||||||||||||
Denmark | — | 15,539,197 | — | 15,539,197 | ||||||||||||
Finland | — | 6,714,204 | — | 6,714,204 | ||||||||||||
France | — | 24,521,330 | — | 24,521,330 | ||||||||||||
Germany | — | 11,165,466 | — | 11,165,466 | ||||||||||||
Hong Kong | — | 4,142,109 | — | 4,142,109 | ||||||||||||
Ireland | — | 1,419,313 | — | 1,419,313 | ||||||||||||
Israel | — | 2,020,260 | — | 2,020,260 | ||||||||||||
Japan | 6,782,980 | 28,054,658 | — | 34,837,638 | ||||||||||||
Luxembourg | — | 2,517,884 | — | 2,517,884 | ||||||||||||
Netherlands | — | 10,156,944 | — | 10,156,944 | ||||||||||||
New Zealand | — | 5,535,570 | — | 5,535,570 | ||||||||||||
Norway | — | 1,503,063 | — | 1,503,063 | ||||||||||||
Singapore | — | 5,244,729 | — | 5,244,729 | ||||||||||||
South Africa | — | 1,895,676 | — | 1,895,676 | ||||||||||||
Sweden | — | 9,421,036 | — | 9,421,036 | ||||||||||||
Switzerland | — | 21,419,910 | — | 21,419,910 | ||||||||||||
United Arab Emirates | — | 4,088,284 | — | 4,088,284 | ||||||||||||
United Kingdom | — | 33,679,589 | — | 33,679,589 | ||||||||||||
Money Market Fund | 3,616,179 | — | — | 3,616,179 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments | $ | 31,565,886 | $ | 211,692,004 | $ | — | $ | 243,257,890 | ||||||||
|
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|
|
|
|
|
| |||||||||
FTSE RAFI Asia Pacific ex-Japan ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 21,091,243 | $ | 2,459,552 | $ | 0 | $ | 23,550,795 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | 208,910 | $ | 62,378,731 | $ | 0 | $ | 62,587,641 | ||||||||
Austria | — | 3,211,383 | — | 3,211,383 | ||||||||||||
Belgium | — | 9,020,945 | — | 9,020,945 | ||||||||||||
Canada | 87,407,232 | — | — | 87,407,232 | ||||||||||||
Chile | — | 393,031 | — | 393,031 | ||||||||||||
China | — | 1,950,483 | — | 1,950,483 | ||||||||||||
Denmark | — | 9,635,327 | — | 9,635,327 | ||||||||||||
Finland | 362,463 | 9,640,347 | — | 10,002,810 | ||||||||||||
France | 1,356,331 | 122,208,686 | — | 123,565,017 | ||||||||||||
Germany | 19,790,802 | 96,450,264 | — | 116,241,066 | ||||||||||||
Hong Kong | 2,092,026 | 20,561,636 | — | 22,653,662 | ||||||||||||
Ireland | 761,704 | 3,833,874 | — | 4,595,578 | ||||||||||||
Israel | — | 4,118,444 | — | 4,118,444 | ||||||||||||
Italy | — | 42,956,387 | — | 42,956,387 | ||||||||||||
Japan | 108,009,404 | 155,441,549 | — | 263,450,953 | ||||||||||||
Jersey Island | — | 260,223 | — | 260,223 | ||||||||||||
Luxembourg | — | 3,891,704 | — | 3,891,704 | ||||||||||||
Macau | — | 954,326 | — | 954,326 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF (continued) | ||||||||||||||||
Netherlands | $ | 263,177 | $ | 60,948,298 | $ | — | $ | 61,211,475 | ||||||||
New Zealand | 451,738 | 431,439 | — | 883,177 | ||||||||||||
Norway | 3,477,065 | 5,727,287 | — | 9,204,352 | ||||||||||||
Portugal | 1,189,444 | 1,239,065 | — | 2,428,509 | ||||||||||||
Singapore | — | 11,097,577 | — | 11,097,577 | ||||||||||||
South Africa | — | 996,410 | — | 996,410 | ||||||||||||
South Korea | 3,460,948 | 51,739,421 | — | 55,200,369 | ||||||||||||
Spain | 8,778,346 | 40,420,849 | — | 49,199,195 | ||||||||||||
Sweden | 3,341,405 | 23,218,537 | — | 26,559,942 | ||||||||||||
Switzerland | — | 73,479,718 | — | 73,479,718 | ||||||||||||
United Kingdom | 18,043,576 | 175,375,074 | 0 | 193,418,650 | ||||||||||||
United States | 3,253,618 | 745,773 | — | 3,999,391 | ||||||||||||
Zambia | 567,995 | — | — | 567,995 | ||||||||||||
Money Market Fund | 38,038,724 | — | — | 38,038,724 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments | $ | 300,854,908 | $ | 992,326,788 | $ | 0 | $ | 1,293,181,696 | ||||||||
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|
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|
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| |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 226,645,701 | $ | 303,324 | $ | 24,569 | $ | 226,973,594 | ||||||||
Money Market Fund | 6,638,149 | — | — | 6,638,149 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 233,283,850 | $ | 303,324 | $ | 24,569 | $ | 233,611,743 | ||||||||
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|
|
|
|
| |||||||||
Global Gold & Precious Metals ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | 297,577 | $ | 4,237,145 | $ | — | $ | 4,534,722 | ||||||||
Canada | 15,509,434 | — | — | 15,509,434 | ||||||||||||
China | 88,128 | 617,981 | — | 706,109 | ||||||||||||
Japan | — | 130,740 | — | 130,740 | ||||||||||||
Jersey Island | 532,356 | 1,189,393 | — | 1,721,749 | ||||||||||||
Mexico | — | 578,376 | — | 578,376 | ||||||||||||
Monaco | 138,729 | — | — | 138,729 | ||||||||||||
Peru | — | 128,828 | — | 128,828 | ||||||||||||
Russia | 417,689 | — | — | 417,689 | ||||||||||||
South Africa | 855,982 | 1,578,815 | — | 2,434,797 | ||||||||||||
Turkey | — | 92,143 | — | 92,143 | ||||||||||||
United Kingdom | 52,413 | — | — | 52,413 | ||||||||||||
United States | 4,129,229 | — | — | 4,129,229 | ||||||||||||
Money Market Funds | 444,908 | — | — | 444,908 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 22,466,445 | $ | 8,553,421 | $ | — | $ | 31,019,866 | ||||||||
|
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|
|
|
|
| |||||||||
Global Water ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Brazil | $ | 2,544,894 | $ | — | $ | — | $ | 2,544,894 | ||||||||
Canada | 1,897,559 | — | — | 1,897,559 | ||||||||||||
Cayman Islands | 170,649 | — | — | 170,649 | ||||||||||||
China | — | 8,380,545 | — | 8,380,545 | ||||||||||||
Finland | — | 629,779 | — | 629,779 | ||||||||||||
France | 7,722,345 | 12,027,199 | — | 19,749,544 | ||||||||||||
Hong Kong | — | 1,198,056 | — | 1,198,056 | ||||||||||||
Italy | — | 3,098,005 | — | 3,098,005 | ||||||||||||
Japan | 3,837,507 | 7,868,296 | — | 11,705,803 | ||||||||||||
Netherlands | — | 4,236,430 | — | 4,236,430 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Water ETF (continued) | ||||||||||||||||
Singapore | $ | 90,844 | $ | — | $ | — | $ | 90,844 | ||||||||
South Korea | 3,521,219 | — | — | 3,521,219 | ||||||||||||
Spain | — | 3,145,834 | — | 3,145,834 | ||||||||||||
Switzerland | — | 25,342,232 | — | 25,342,232 | ||||||||||||
Taiwan | — | 123,749 | — | 123,749 | ||||||||||||
United Kingdom | 5,471,760 | 25,274,791 | — | 30,746,551 | ||||||||||||
United States | 70,634,839 | — | — | 70,634,839 | ||||||||||||
Money Market Fund | 9,201,341 | — | — | 9,201,341 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 105,092,957 | $ | 91,324,916 | $ | — | $ | 196,417,873 | ||||||||
|
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|
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| |||||||||
International BuyBack AchieversTM ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 314,908,862 | $ | — | $ | 0 | $ | 314,908,862 | ||||||||
Money Market Fund | 7,276,338 | — | — | 7,276,338 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 322,185,200 | $ | — | $ | 0 | $ | 322,185,200 | ||||||||
|
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|
|
|
|
| |||||||||
S&P International Developed Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | — | $ | 1,907,074 | $ | — | $ | 1,907,074 | ||||||||
Austria | — | 17,283 | — | 17,283 | ||||||||||||
Belgium | — | 371,392 | — | 371,392 | ||||||||||||
Canada | 2,209,135 | — | — | 2,209,135 | ||||||||||||
China | — | 213,877 | — | 213,877 | ||||||||||||
Denmark | 45,874 | 2,263,342 | — | 2,309,216 | ||||||||||||
Finland | 64,108 | 699,351 | — | 763,459 | ||||||||||||
France | — | 2,457,463 | — | 2,457,463 | ||||||||||||
Germany | 266,986 | 876,372 | — | 1,143,358 | ||||||||||||
Hong Kong | 110,698 | 409,860 | — | 520,558 | ||||||||||||
Ireland | 96,114 | 124,171 | — | 220,285 | ||||||||||||
Israel | 152,387 | 89,603 | — | 241,990 | ||||||||||||
Italy | — | 421,044 | — | 421,044 | ||||||||||||
Japan | 2,467,546 | 4,322,587 | — | 6,790,133 | ||||||||||||
Macau | — | 168,240 | — | 168,240 | ||||||||||||
Mexico | — | 32,482 | — | 32,482 | ||||||||||||
Netherlands | — | 139,326 | — | 139,326 | ||||||||||||
New Zealand | — | 93,812 | — | 93,812 | ||||||||||||
Norway | — | 412,054 | — | 412,054 | ||||||||||||
Portugal | — | 47,817 | — | 47,817 | ||||||||||||
Singapore | — | 133,767 | — | 133,767 | ||||||||||||
South Korea | 36,129 | 769,949 | — | 806,078 | ||||||||||||
Spain | — | 838,290 | — | 838,290 | ||||||||||||
Sweden | 192,743 | 842,619 | — | 1,035,362 | ||||||||||||
Switzerland | — | 4,670,989 | — | 4,670,989 | ||||||||||||
United Kingdom | 559,208 | 5,896,665 | — | 6,455,873 | ||||||||||||
United States | 62,697 | — | — | 62,697 | ||||||||||||
|
|
|
|
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|
|
| |||||||||
Total Investments | $ | 6,263,625 | $ | 28,219,429 | $ | — | $ | 34,483,054 | ||||||||
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Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 had capital loss carryforwards as of October 31, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
DWA Developed Markets Momentum ETF | $ | 1,071,796 | $ | 11,083,378 | $ | 88,856,517 | $ | — | $ | 101,011,691 | $ | 6,761,697 | ||||||||||||
DWA Emerging Markets Momentum ETF | 602,137 | 18,886,830 | 96,752,992 | — | 116,241,959 | 5,190,203 | ||||||||||||||||||
Emerging Markets Infrastructure ETF | 5,545 | 7,449,409 | 5,713,970 | 24,962,006 | 38,130,930 | — | ||||||||||||||||||
FTSE RAFI Asia Pacific ex-Japan ETF | 923,451 | — | 490,579 | 3,081,791 | 4,495,821 | 4,187,699 | ||||||||||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 5,210,563 | 1,248,239 | — | 46,033,417 | 52,492,219 | 8,801,477 | ||||||||||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 695,775 | — | 450,008 | 12,896,114 | 14,041,897 | 2,633,165 | ||||||||||||||||||
FTSE RAFI Emerging Markets ETF | 450,476 | — | — | 59,713,272 | 60,163,748 | 11,700,199 | ||||||||||||||||||
Global Agriculture ETF | — | 365,885 | 1,061,578 | 13,530,922 | 14,958,385 | — | ||||||||||||||||||
Global Clean Energy ETF | 22,796,787 | 31,202,293 | 11,242,840 | 58,421,412 | 123,663,332 | 65,130,758 | ||||||||||||||||||
Global Gold and Precious Metals ETF | — | 374,482 | 2,000,846 | 16,122,091 | 18,497,419 | — | ||||||||||||||||||
Global Water ETF | 1,909,380 | 4,235,497 | 37,105,892 | 9,472,723 | 52,723,492 | 41,990,185 | ||||||||||||||||||
International BuyBack AchieversTM ETF | — | — | 7,643,356 | 2,375,923 | 10,019,279 | — | ||||||||||||||||||
S&P International Developed Quality ETF | 980,146 | 2,056,117 | 2,473,966 | 725,226 | 6,235,455 | 19,713,557 |
* | Capital loss carryforwards as of the date listed above 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 six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Developed Markets Momentum ETF | $ | 102,268,846 | $ | 101,633,211 | ||||
DWA Emerging Markets Momentum ETF | 210,876,908 | 186,184,977 | ||||||
Emerging Markets Infrastructure ETF | 2,557,718 | 3,052,739 | ||||||
FTSE RAFI Asia Pacific ex-Japan ETF | 4,663,992 | 5,899,126 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 112,546,461 | 106,948,113 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 48,568,069 | 45,395,980 | ||||||
FTSE RAFI Emerging Markets ETF | 181,840,198 | 126,265,408 | ||||||
Global Agriculture ETF | 3,954,946 | 4,182,504 | ||||||
Global Clean Energy ETF | 14,904,006 | 14,944,661 | ||||||
Global Gold and Precious Metals ETF | 1,700,106 | 2,137,411 | ||||||
Global Water ETF | 28,282,056 | 26,310,802 | ||||||
International BuyBack Achievers™ ETF | 34,965,729 | 28,507,399 | ||||||
S&P International Developed Quality ETF | 5,287,101 | 4,954,441 |
For the six-month period ended April 30, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Developed Markets Momentum ETF | $ | 50,101,828 | $ | 43,528,330 | ||||
DWA Emerging Markets Momentum ETF | 38,473,897 | — | ||||||
Emerging Markets Infrastructure ETF | — | — | ||||||
FTSE RAFI Asia Pacific ex-Japan ETF | — | 1,912,945 |
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Cost of Securities Received | Value of Securities Delivered | |||||||
FTSE RAFI Developed Markets ex-U.S. ETF | $ | 128,338,312 | $ | 119,698,813 | ||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 70,953,047 | 63,418,650 | ||||||
FTSE RAFI Emerging Markets ETF | 130,733,605 | 82,879,338 | ||||||
Global Agriculture ETF | — | 1,156,679 | ||||||
Global Clean Energy ETF | 1,194,611 | 2,469,784 | ||||||
Global Gold and Precious Metals ETF | 934,420 | — | ||||||
Global Water ETF | 24,612,660 | 44,146,389 | ||||||
International BuyBack Achievers™ ETF | 99,598,473 | — | ||||||
S&P International Developed Quality ETF | 5,866,439 | — |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | |||||||||||||
DWA Developed Markets Momentum ETF | $ | 39,375,144 | $ | (8,274,295 | ) | $ | 31,100,849 | $ | 212,157,041 | |||||||
DWA Emerging Markets Momentum ETF | 49,135,436 | (9,444,812 | ) | 39,690,624 | 254,196,280 | |||||||||||
Emerging Markets Infrastructure ETF | 4,695,869 | (2,392,201 | ) | 2,303,668 | 18,579,445 | |||||||||||
FTSE RAFI Asia Pacific ex-Japan ETF | 5,236,011 | (2,731,334 | ) | 2,504,677 | 21,046,118 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 199,228,126 | (68,820,704 | ) | 130,407,422 | 1,162,774,274 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 41,434,270 | (12,045,327 | ) | 29,388,943 | 204,222,800 | |||||||||||
FTSE RAFI Emerging Markets ETF | 207,692,667 | (82,021,392 | ) | 125,671,275 | 1,007,131,388 | |||||||||||
Global Agriculture ETF | 3,093,751 | (3,376,163 | ) | (282,412 | ) | 22,293,669 | ||||||||||
Global Clean Energy ETF | 11,894,877 | (4,679,219 | ) | 7,215,658 | 58,846,907 | |||||||||||
Global Gold and Precious Metals ETF | 2,411,378 | (8,154,256 | ) | (5,742,878 | ) | 36,762,744 | ||||||||||
Global Water ETF | 34,358,750 | (2,399,772 | ) | 31,958,978 | 164,458,895 | |||||||||||
International BuyBack Achievers™ ETF | 31,412,677 | (9,647,172 | ) | 21,765,505 | 300,419,695 | |||||||||||
S&P International Developed Quality ETF | 3,700,909 | (1,012,255 | ) | 2,688,654 | 31,794,400 |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants 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 of the Trust 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 Authorized Participant or as a result of other market circumstances.
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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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 10. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio’s total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,003.80 | 0.80 | % | $ | 3.97 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||||||||||
Invesco DWA Emerging Markets Momentum ETF (PIE) | ||||||||||||||||
Actual | 1,000.00 | 1,088.30 | 0.90 | 4.66 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||||||||||
Invesco Emerging Markets Infrastructure ETF (PXR) | ||||||||||||||||
Actual | 1,000.00 | 1,042.90 | 0.75 | 3.80 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | ||||||||||||||||
Actual | 1,000.00 | 1,040.90 | 0.49 | 2.48 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.36 | 0.49 | 2.46 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,037.30 | 0.45 | % | $ | 2.27 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | ||||||||||||||||
Actual | 1,000.00 | 1,057.50 | 0.49 | 2.50 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.36 | 0.49 | 2.46 | ||||||||||||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | ||||||||||||||||
Actual | 1,000.00 | 1,069.20 | 0.48 | 2.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.41 | 0.48 | 2.41 | ||||||||||||
Invesco Global Agriculture ETF (PAGG) | ||||||||||||||||
Actual | 1,000.00 | 1,027.30 | 0.75 | 3.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||
Actual | 1,000.00 | 991.50 | 0.75 | 3.70 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco Global Gold and Precious Metals ETF (PSAU) | ||||||||||||||||
Actual | 1,000.00 | 986.80 | 0.75 | 3.69 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||
Actual | 1,000.00 | 1,025.80 | 0.75 | 3.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco International BuyBack AchieversTM ETF (IPKW) | ||||||||||||||||
Actual | 1,000.00 | 1,071.80 | 0.55 | 2.83 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.55 | 2.76 | ||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,020.80 | 0.29 | 1.45 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||||||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||||||||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||||||||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||||||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||||||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||||||||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||||||||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||||||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||||||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||||||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||||||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||||||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||||||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||||||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||||||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||||||||
PowerShares Global Water Portfolio | N/A | X | ||||||||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||||||||
PowerShares International Corporate Bond Portfolio | X | |||||||||||
PowerShares KBW Bank Portfolio | X | X | ||||||||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||||||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||||||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||||||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||||||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||||||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||||||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Preferred Portfolio | N/A | X | ||||||||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||||||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||||||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||||||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 High Beta Portfolio | X |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||||||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||||||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||||||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||||||||
PowerShares Senior Loan Portfolio | N/A | X | ||||||||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||||||||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||||||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio 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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Form N-Qs will be available on the Commission’s website at www.sec.gov. The Trust’s Form N-Qs may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-8 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
PLW | Invesco 1-30 Laddered Treasury ETF | |
PWZ | Invesco California AMT-Free Municipal Bond ETF | |
PCEF | Invesco CEF Income Composite ETF | |
DSUM | Invesco Chinese Yuan Dim Sum Bond ETF | |
PCY | Invesco Emerging Markets Sovereign Debt ETF | |
PHB | Invesco Fundamental High Yield® Corporate Bond ETF | |
PFIG | Invesco Fundamental Investment Grade Corporate Bond ETF | |
PGHY | Invesco Global Short Term High Yield Bond ETF | |
PICB | Invesco International Corporate Bond ETF | |
LDRI | Invesco LadderRite 0-5 Year Corporate Bond ETF | |
PZA | Invesco National AMT-Free Municipal Bond ETF | |
PZT | Invesco New York AMT-Free Municipal Bond ETF | |
PGX | Invesco Preferred ETF | |
BAB | Invesco Taxable Municipal Bond ETF | |
CLTL | Invesco Treasury Collateral ETF | |
VRP | Invesco Variable Rate Preferred ETF | |
PVI | Invesco VRDO Tax-Free Weekly ETF |
Fixed Income Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
9 | ||||
12 | ||||
15 | ||||
20 | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | 28 | |||
42 | ||||
55 | ||||
64 | ||||
69 | ||||
80 | ||||
83 | ||||
88 | ||||
96 | ||||
98 | ||||
104 | ||||
Statements of Assets and Liabilities | 108 | |||
Statements of Operations | 112 | |||
Statements of Changes in Net Assets | 116 | |||
Financial Highlights | 122 | |||
Notes to Financial Statements | 131 | |||
Fees and Expenses | 146 | |||
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement | 148 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Duration Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Maturing in 0-5 Years | 19.6 | |||
Maturing in 6-10 Years | 16.4 | |||
Maturing in 11-15 Years | 13.1 | |||
Maturing in 16-20 Years | 19.9 | |||
Maturing in 21-25 Years | 16.6 | |||
Maturing in 26-30 Years | 13.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.0 |
Schedule of Investments
Principal Amount | Value | |||||||
Long-Term Investments—95.7% | ||||||||
U.S. Treasury Securities—95.7% | ||||||||
U.S. Treasury Bonds—92.4% | ||||||||
$ | 5,356,200 | 8.500%, 02/15/2020 | $ | 5,923,622 | ||||
5,191,200 | 7.875%, 02/15/2021 | 5,929,222 | ||||||
4,972,300 | 7.125%, 02/15/2023 | 5,941,996 | ||||||
5,088,800 | 6.250%, 08/15/2023 | 5,950,616 | ||||||
4,604,300 | 7.625%, 02/15/2025 | 5,952,497 | ||||||
4,907,700 | 6.000%, 02/15/2026 | 5,969,565 | ||||||
4,631,800 | 6.625%, 02/15/2027 | 5,967,604 | ||||||
4,665,900 | 6.125%, 11/15/2027 | 5,905,462 | ||||||
4,938,700 | 5.250%, 02/15/2029 | 5,990,585 | ||||||
4,438,300 | 6.250%, 05/15/2030 | 5,916,462 | ||||||
14,300,900 | 5.375%, 02/15/2031 | 17,978,075 | ||||||
14,929,500 | 4.500%, 02/15/2036 | 18,073,151 | ||||||
4,810,100 | 4.750%, 02/15/2037 | 6,033,105 | ||||||
5,013,700 | 4.375%, 02/15/2038 | 6,039,942 | ||||||
5,632,400 | 3.500%, 02/15/2039 | 6,056,920 | ||||||
4,823,800 | 4.625%, 02/15/2040 | 6,045,767 | ||||||
4,727,600 | 4.750%, 02/15/2041 | 6,044,772 | ||||||
5,999,400 | 3.125%, 02/15/2042 | 6,061,855 | ||||||
6,015,800 | 3.125%, 02/15/2043 | 6,064,443 | ||||||
5,532,000 | 3.625%, 02/15/2044 | 6,062,510 | ||||||
6,813,500 | 2.500%, 02/15/2045 | 6,079,984 | ||||||
6,838,900 | 2.500%, 02/15/2046 | 6,080,744 | ||||||
6,187,700 | 3.000%, 02/15/2047 | 6,077,240 | ||||||
6,188,000 | 3.000%, 02/15/2048 | 6,074,513 | ||||||
|
| |||||||
�� | 168,220,652 | |||||||
|
| |||||||
U.S. Treasury Notes—3.3% | ||||||||
6,145,200 | 2.000%, 02/15/2022 | 5,989,410 | ||||||
|
| |||||||
Total Long-Term Investments (Cost $185,338,446) | 174,210,062 | |||||||
|
|
Principal Amount | Value | |||||||
Short-Term Investments—3.4% | ||||||||
U.S. Treasury Securities—3.3% | ||||||||
U.S. Treasury Bonds—3.3% | ||||||||
$ | 5,638,200 | 8.875%, 02/15/2019 (Cost $5,950,566) | $ | 5,931,563 | ||||
|
| |||||||
Number of Shares | ||||||||
Money Market Fund—0.1% | ||||||||
�� | 146,264 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(a) (Cost $146,264) | 146,264 | |||||
|
| |||||||
Total Short-Term Investments (Cost $6,096,830) | 6,077,827 | |||||||
|
| |||||||
Total Investments in Securities (Cost $191,435,276)—99.1% | 180,287,889 | |||||||
Other assets less liabilities—0.9% | 1,691,518 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 181,979,407 | ||||||
|
|
Notes to Schedule of Investments:
(a) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Revenue Type Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Ad Valorem Property Tax | 21.8 | |||
Health, Hospital, Nursing Home Revenue | 12.0 | |||
Water Revenue | 8.9 | |||
General Fund | 8.8 | |||
Port, Airport & Marina Revenue | 7.9 | |||
College & University Revenue | 7.3 | |||
Electric Power Revenue | 6.8 | |||
Lease Revenue | 6.4 | |||
Sales Tax Revenue | 4.8 | |||
Highway Tolls Revenue | 2.5 | |||
Miscellaneous Revenue | 2.0 | |||
Tax Increment Revenue | 1.6 | |||
Sewer Revenue | 1.4 | |||
Transit Revenue | 1.4 | |||
Special Tax | 1.2 | |||
Natural Gas Revenue | 1.1 | |||
Recreational Revenue | 0.5 | |||
Local or GTD Housing | 0.4 | |||
Other Assets Less Liabilities | 3.2 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—96.8% | ||||||||||||||||
Ad Valorem Property Tax—21.8% | ||||||||||||||||
$ | 775,000 | California State Ref. Ser. 12 | 5.000 | % | 02/01/2038 | $ | 840,108 | |||||||||
1,500,000 | California State Ref. Ser. 15 | 5.000 | 08/01/2035 | 1,715,040 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 09 | 5.500 | 11/01/2039 | 1,052,740 | ||||||||||||
1,540,000 | California State Various Purpose Ser. 09 | 6.000 | 11/01/2039 | 1,633,709 | ||||||||||||
1,965,000 | California State Various Purpose Ser. 13 | 5.000 | 11/01/2043 | 2,183,842 | ||||||||||||
800,000 | Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM | 5.000 | 08/01/2050 | 883,824 | ||||||||||||
4,750,000 | Chabot-Las Positas California Community College District (Election 2016) Ser. 17A | 4.000 | 08/01/2047 | 4,909,458 | ||||||||||||
2,000,000 | Chaffey California Joint Union High School District (Election 2012) Ser. 15B | 5.000 | 08/01/2044 | 2,245,200 | ||||||||||||
1,500,000 | Coachella Valley California Unified School District (2005 Election) Ser. 16E AGM | 4.000 | 08/01/2045 | 1,537,035 | ||||||||||||
1,000,000 | Colton California Joint Unified School District (Election 2008) Ser. 09-A AGC(a) | 5.375 | 08/01/2019 | 1,044,630 | ||||||||||||
2,745,000 | Contra Costa California Community College District (Election of 2006) Ser. 13 | 5.000 | 08/01/2038 | 3,047,581 | ||||||||||||
2,000,000 | Jurupa California Unified School District Ser. 17B | 4.000 | 08/01/2041 | 2,067,140 | ||||||||||||
250,000 | Los Angeles California Community College District (2008 Election) Ser. 17J | 4.000 | 08/01/2041 | 261,605 | ||||||||||||
1,000,000 | Los Angeles California Community College District Ref. Ser. 16 | 5.000 | 08/01/2036 | 1,152,220 | ||||||||||||
1,215,000 | Los Angeles California Community College District Ref. Ser. 16 | 4.000 | 08/01/2037 | 1,275,920 | ||||||||||||
1,000,000 | Los Angeles California Unified School District (Election 2008) Ser. 18B-1 | 5.000 | 07/01/2038 | 1,168,490 | ||||||||||||
3,000,000 | Madera California Unified School District Election 2014 Ser. 17 | 4.000 | 08/01/2046 | 3,084,030 | ||||||||||||
5,000,000 | Marin California Healthcare District (Election 2013) Ser. 17A | 5.000 | 08/01/2041 | 5,745,450 | ||||||||||||
3,000,000 | Morgan Hill California Unified School District (Election 2012) Ser. 17B | 4.000 | 08/01/2047 | 3,093,540 | ||||||||||||
1,500,000 | Oakland California Unified School District (Alameda County) Ser. 15A | 5.000 | 08/01/2040 | 1,678,485 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 1,100,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM | 5.000 | % | 07/01/2031 | $ | 1,139,490 | |||||||||
1,000,000 | San Diego California Community College District (Election of 2006) Ser. 13 | 5.000 | 08/01/2043 | 1,123,240 | ||||||||||||
1,000,000 | San Diego California Unified School District (Election 2012) Ser. 13C | 5.000 | 07/01/2035 | 1,115,750 | ||||||||||||
1,000,000 | San Diego California Unified School District (Election 2012) Ser. 16F | 5.000 | 07/01/2040 | 1,141,170 | ||||||||||||
3,000,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 5.000 | 07/01/2047 | 3,459,300 | ||||||||||||
1,000,000 | Simi Valley California Unified School District (Election 2016) Ser. 17A | 4.000 | 08/01/2046 | 1,026,420 | ||||||||||||
2,100,000 | West Contra Costa California Unified School District (Election of 2010) Ser. 11A AGM | 5.250 | 08/01/2041 | 2,292,696 | ||||||||||||
2,000,000 | West Contra Costa California Unified School District Ref. Ser. 12 AGM | 5.000 | 08/01/2032 | 2,218,960 | ||||||||||||
|
| |||||||||||||||
54,137,073 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—7.3% | ||||||||||||||||
1,500,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2046 | 1,698,615 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A | 5.000 | 01/01/2048 | 1,154,860 | ||||||||||||
2,940,000 | California State University Systemwide Rev. Ser. 12A | 5.000 | 11/01/2037 | 3,241,585 | ||||||||||||
2,000,000 | California State University Systemwide Rev. Ser. 14A | 5.000 | 11/01/2039 | 2,255,920 | ||||||||||||
2,100,000 | California State University Systemwide Rev. Ser. 15A | 5.000 | 11/01/2038 | 2,392,215 | ||||||||||||
1,500,000 | California Statewide Communities Development Auth. Student Housing (University of California, Irvine Campus Apartments Phase IV) Rev. Ser. 17A | 5.000 | 05/15/2047 | 1,661,955 | ||||||||||||
745,000 | University of California (Limited Project) Rev. Ser. 12G(a) | 5.000 | 05/15/2022 | 830,936 | ||||||||||||
755,000 | University of California (Limited Project) Rev. Ser. 12G | 5.000 | 05/15/2037 | 827,027 | ||||||||||||
1,500,000 | University of California General Rev. Ser. 13AI | 5.000 | 05/15/2038 | 1,665,150 | ||||||||||||
2,000,000 | University of California Rev. Ser. 17AV | 5.250 | 05/15/2042 | 2,350,380 | ||||||||||||
|
| |||||||||||||||
18,078,643 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—6.8% | ||||||||||||||||
2,000,000 | Guam Power Auth. Rev. Ser. 10A AGM(a) | 5.000 | 10/01/2020 | 2,143,120 | ||||||||||||
2,000,000 | Guam Power Auth. Rev. Ser. 12A AGM | 5.000 | 10/01/2030 | 2,168,120 | ||||||||||||
2,500,000 | Los Angeles California Department of Water & Power (Power System) Rev. Ref. Ser. 16A | 5.000 | 07/01/2046 | 2,818,075 | ||||||||||||
4,445,000 | Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B | 5.000 | 07/01/2043 | 4,854,073 | ||||||||||||
1,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 14D | 5.000 | 07/01/2039 | 1,120,710 | ||||||||||||
1,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 15E | 5.000 | 07/01/2044 | 1,114,130 | ||||||||||||
1,500,000 | Los Angeles California Department of Water & Power Rev. Ser. 16B | 5.000 | 07/01/2042 | 1,700,685 | ||||||||||||
575,000 | Redding California Electric System COP Rev. Ser. 08A AGM(a) | 5.000 | 06/01/2018 | 576,535 | ||||||||||||
425,000 | Redding California Electric System COP Rev. Ser. 08A AGM | 5.000 | 06/01/2030 | 426,135 | ||||||||||||
|
| |||||||||||||||
16,921,583 | ||||||||||||||||
|
| |||||||||||||||
General Fund—8.8% | ||||||||||||||||
25,000 | California State Ref. Ser. 07 NATL | 4.250 | 08/01/2033 | 25,028 | ||||||||||||
2,025,000 | California State Ser. 10 | 5.250 | 11/01/2040 | 2,178,880 | ||||||||||||
2,000,000 | California State Ser. 16 | 5.000 | 09/01/2046 | 2,273,880 | ||||||||||||
1,000,000 | California State Various Purpose Ref. Ser. 16 | 5.000 | 09/01/2036 | 1,148,800 | ||||||||||||
2,585,000 | California State Various Purpose Ref. Ser.16 | 5.000 | 09/01/2034 | 2,984,098 | ||||||||||||
1,160,000 | California State Various Purpose Ser. 13 | 5.000 | 04/01/2037 | 1,281,417 | ||||||||||||
2,000,000 | California State Various Purpose Ser. 13 | 5.000 | 04/01/2043 | 2,200,640 | ||||||||||||
4,000,000 | California State Various Purpose Ser. 17 | 5.000 | 11/01/2047 | 4,599,800 | ||||||||||||
1,770,000 | State of California(a) | 6.500 | 04/01/2019 | 1,845,030 | ||||||||||||
3,230,000 | State of California | 6.500 | 04/01/2033 | 3,367,211 | ||||||||||||
|
| |||||||||||||||
21,904,784 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—12.0% | ||||||||||||||||
1,000,000 | California State Health Facilities Auth. (Lucile Packard Stanford Hospital) Rev. Ser. 16B | 5.000 | 08/15/2055 | 1,113,120 | ||||||||||||
3,300,000 | California State Health Facilities Financing Auth. (Adventist Health System/West) Rev. Ref. Ser. 16A | 4.000 | 03/01/2039 | 3,368,904 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B | 5.000 | 08/15/2035 | 570,890 | ||||||||||||
1,500,000 | California State Health Facilities Financing Auth. (Children’s Hospital) Ref. Ser. 17A | 5.000 | 08/15/2042 | 1,660,695 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2 | 5.000 | 11/01/2047 | 1,281,090 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Providence St. Joseph Health) Rev. Ref. Ser. 16A | 4.000 | 10/01/2036 | 513,295 | ||||||||||||
2,265,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 08A(a) | 5.000 | 08/15/2018 | 2,286,767 | ||||||||||||
3,305,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D | 5.000 | 08/15/2035 | 3,617,620 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 15A | 5.000 | 08/15/2043 | 1,106,520 | ||||||||||||
685,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B | 4.000 | 11/15/2041 | 697,905 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue (continued) | ||||||||||||||||
$ | 2,000,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B | 5.000 | % | 11/15/2046 | $ | 2,233,780 | |||||||||
1,000,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 4.000 | 02/01/2042 | 1,002,880 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Eisenhower Medical Center) Rev. Ref. Ser. 17A | 5.000 | 07/01/2042 | 1,093,700 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A | 5.000 | 11/01/2047 | 1,058,870 | ||||||||||||
500,000 | California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A | 5.250 | 11/01/2047 | 539,045 | ||||||||||||
490,000 | California Statewide Communities Development Auth. (Adventist Remarketed 05/23/08) Rev. Ser. 07B AGC(a) | 5.000 | 05/23/2018 | 490,936 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (Cottage Health System Obligated Group) Rev. Ref. Ser. 15 | 5.000 | 11/01/2043 | 1,096,240 | ||||||||||||
1,650,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A | 4.000 | 08/15/2046 | 1,668,513 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A | 5.000 | 08/15/2051 | 1,103,250 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 12A | 5.000 | 04/01/2042 | 1,084,860 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (Sutter Health) Rev. Ser. 11A(a) | 6.000 | 08/15/2020 | 1,092,440 | ||||||||||||
1,045,000 | California Statewide Communities Development Auth. (Trinity Health) Rev. Ref. Ser. 11 | 5.000 | 12/01/2041 | 1,144,066 | ||||||||||||
|
| |||||||||||||||
29,825,386 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—2.5% | ||||||||||||||||
3,000,000 | Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7 | 4.000 | 04/01/2042 | 3,109,290 | ||||||||||||
2,000,000 | Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1 | 3.950 | 01/15/2053 | 1,966,460 | ||||||||||||
1,000,000 | San Diego California Association of Governments South Bay Expressway Toll (Senior Lien) Rev. Ser. 17A | 5.000 | 07/01/2042 | 1,137,690 | ||||||||||||
|
| |||||||||||||||
6,213,440 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—6.4% | ||||||||||||||||
540,000 | Anaheim California Public Financing Auth. Lease Rev. Ref. Ser. 14A | 5.000 | 05/01/2039 | 602,014 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A | 5.000 | 06/01/2042 | 1,154,480 | ||||||||||||
670,000 | California State Public Works Board Lease (Various Capital Projects) Rev. Ref. Ser. 16C | 5.000 | 11/01/2034 | 767,150 | ||||||||||||
1,130,000 | Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12 | 5.000 | 08/01/2037 | 1,235,960 | ||||||||||||
2,330,000 | Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12 | 5.000 | 08/01/2042 | 2,540,655 | ||||||||||||
2,000,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2044 | 2,225,840 | ||||||||||||
1,050,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D | 5.000 | 12/01/2045 | 1,168,828 | ||||||||||||
1,000,000 | Richmond Joint Powers Financing Auth. Lease (Civic Center Project) Rev. Ser. 09 AGC | 5.750 | 08/01/2029 | 1,043,780 | ||||||||||||
1,000,000 | San Diego California Public Facilities Financing Auth. Lease (Capital improvement Projects) Rev. Ser. 15A | 5.000 | 10/15/2044 | 1,116,390 | ||||||||||||
700,000 | San Diego California Public Facilities Financing Auth. Lease (Master Project) Rev. Ref. Ser. 10A | 5.250 | 03/01/2040 | 746,578 | ||||||||||||
3,000,000 | San Jose California Financing Auth. (Civic Center Project) Ref. Ser. 13A | 5.000 | 06/01/2039 | 3,328,470 | ||||||||||||
|
| |||||||||||||||
15,930,145 | ||||||||||||||||
|
| |||||||||||||||
Local or GTD Housing—0.4% | ||||||||||||||||
1,000,000 | California Statewide Communities Development Auth. Student Housing (CHF Irvine LLC) Rev. Ref. Ser. 16 | 5.000 | 05/15/2040 | 1,102,800 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—2.0% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank Rev. Ser. 16 | 4.000 | 10/01/2045 | 1,036,140 | ||||||||||||
1,500,000 | California State Various Purpose (Green Bonds) Ser. 14 | 5.000 | 10/01/2037 | 1,691,535 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 14 | 5.000 | 10/01/2044 | 1,121,460 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 15 | 5.000 | 03/01/2045 | 1,125,280 | ||||||||||||
|
| |||||||||||||||
4,974,415 | ||||||||||||||||
|
| |||||||||||||||
Natural Gas Revenue—1.1% | ||||||||||||||||
2,500,000 | Chula Vista California Industrial Development (San Diego Gas—Remarketed 06/17/09) Rev. Ser. 04A | 5.875 | 02/15/2034 | 2,602,450 | ||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—7.9% | ||||||||||||||||
1,500,000 | Long Beach California Harbor Rev. Ref. Ser. 17C | 5.000 | 05/15/2047 | 1,711,665 | ||||||||||||
500,000 | Long Beach California Marina Rev. Ser. 15 | 5.000 | 05/15/2040 | 548,045 | ||||||||||||
500,000 | Long Beach California Marina Rev. Ser. 15 | 5.000 | 05/15/2045 | 544,785 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 1,000,000 | Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A | 5.000 | % | 05/15/2040 | $ | 1,062,030 | |||||||||
2,000,000 | Los Angeles California Department of Airports Rev. Ref. Sub.-Ser. 15C | 5.000 | 05/15/2038 | 2,239,880 | ||||||||||||
3,500,000 | Los Angeles California Department of Airports Rev. Sub.-Ser. 17B | 5.000 | 05/15/2042 | 3,996,825 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (International Airport) Rev. Ser. 17B | 5.000 | 05/01/2047 | 2,274,480 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B | 5.000 | 05/01/2044 | 2,199,620 | ||||||||||||
4,465,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C | 5.000 | 05/01/2046 | 5,031,475 | ||||||||||||
|
| |||||||||||||||
19,608,805 | ||||||||||||||||
|
| |||||||||||||||
Recreational Revenue—0.5% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts & Projects) Rev. Ref. Ser. 15 | 5.000 | 11/01/2041 | 1,105,470 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—4.8% | ||||||||||||||||
4,990,000 | Los Angeles County California Metropolitan Transportation Auth. Sales Tax Rev. Ser. 17A | 5.000 | 07/01/2038 | 5,775,576 | ||||||||||||
1,500,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM | 5.125 | 08/01/2042 | 1,542,105 | ||||||||||||
4,000,000 | San Diego County California Regional Transportation Commission Ser. 16A | 5.000 | 04/01/2048 | 4,553,720 | ||||||||||||
|
| |||||||||||||||
11,871,401 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—1.4% | ||||||||||||||||
650,000 | Fresno California Sewer Rev. Ser. 08A AGC | 5.000 | 09/01/2037 | 656,669 | ||||||||||||
1,000,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A | 5.250 | 06/01/2047 | 1,175,060 | ||||||||||||
1,525,000 | Sacramento County California Sanitation District Financing Auth. Rev. Ref. Ser. 14A | 5.000 | 12/01/2044 | 1,699,612 | ||||||||||||
|
| |||||||||||||||
3,531,341 | ||||||||||||||||
|
| |||||||||||||||
Special Tax—1.2% | ||||||||||||||||
2,600,000 | Irvine California Unified School District Special Tax Ref. Ser. 15 BAM | 5.000 | 09/01/2038 | 2,846,584 | ||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—1.6% | ||||||||||||||||
1,000,000 | Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM | 5.000 | 09/01/2044 | 1,077,900 | ||||||||||||
2,500,000 | Santa Cruz County California Redevelopment Successor Agency Tax Allocation Ref. Ser. 15A AGM | 5.000 | 09/01/2035 | 2,786,675 | ||||||||||||
|
| |||||||||||||||
3,864,575 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—1.4% | ||||||||||||||||
2,000,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 3.000 | 10/01/2034 | 1,794,960 | ||||||||||||
1,500,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | 10/01/2035 | 1,694,205 | ||||||||||||
|
| |||||||||||||||
3,489,165 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—8.9% | ||||||||||||||||
1,000,000 | California State Department of Water Resources (Central Valley Project) Water System Rev. Ref. Ser. 16AW | 5.000 | 12/01/2033 | 1,175,930 | ||||||||||||
1,500,000 | East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A | 5.000 | 06/01/2042 | 1,733,010 | ||||||||||||
1,500,000 | East Bay California Municipal Utility District Water System Rev. Ref. Ser. 15A | 5.000 | 06/01/2037 | 1,705,425 | ||||||||||||
2,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 12B | 5.000 | 07/01/2043 | 2,184,060 | ||||||||||||
1,250,000 | Los Angeles California Department of Water & Power System Rev. Ser. 11A | 5.000 | 07/01/2041 | 1,339,700 | ||||||||||||
2,000,000 | Los Angeles California Department of Water & Power Waterworks Rev. Ser. 18A | 5.000 | 07/01/2048 | 2,306,120 | ||||||||||||
2,000,000 | Orange County California Water District Rev. Ref. Ser. 17A | 4.000 | 08/15/2041 | 2,088,860 | ||||||||||||
500,000 | Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC | 5.125 | 07/01/2047 | 500,895 | ||||||||||||
1,000,000 | San Diego County California Water Auth. Ref. Ser. 16B | 5.000 | 05/01/2037 | 1,148,930 | ||||||||||||
3,000,000 | San Francisco California City & County Public Utilities Commission (WSIP) Sub.-Ser. 11A | 5.000 | 11/01/2037 | 3,277,020 | ||||||||||||
4,090,000 | Santa Clara Valley California Water District Ref. Ser. 16A | 5.000 | 06/01/2046 | 4,643,827 | ||||||||||||
|
| |||||||||||||||
22,103,777 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $241,770,295)(b)—96.8% | 240,111,837 | |||||||||||||||
Other assets less liabilities—3.2% | 8,057,634 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 248,169,471 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal Corp.
Auth.—Authority
BAM—Build America Mutual
COP—Certificate of Participation
GTD—Grant To Date
NATL—National Public Finance Guarantee Corp.
Ref.—Refunding
Rev.—Revenue
Ser.—Series
Sub.—Subordinated
WSIP—Water System Improvement Program
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of April 30, 2018. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. |
Entities | Percentage of Total Investments | |||
Assured Guaranty Municipal Corp. | 9.3 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco CEF Income Composite ETF (PCEF)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Asset Class Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Bonds | 43.8 | |||
Bonds/High Yield | 28.5 | |||
Option Income | 27.3 | |||
Domestic Equity | 0.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments
Number of Shares | Value | |||||||
Closed-End Funds—100.0% | ||||||||
Bonds—43.8% | ||||||||
2,808,104 | Aberdeen Asia-Pacific Income Fund, Inc. | $ | 12,833,035 | |||||
170,094 | BlackRock 2022 Global Income Opportunity Trust | 1,614,192 | ||||||
535,835 | BlackRock Core Bond Trust | 6,906,913 | ||||||
1,309,946 | BlackRock Credit Allocation Income Trust | 16,426,723 | ||||||
692,832 | BlackRock Income Trust, Inc. | 3,990,712 | ||||||
411,884 | BlackRock Limited Duration Income Trust | 6,198,854 | ||||||
430,640 | BlackRock Multi-Sector Income Trust | 7,299,348 | ||||||
442,146 | BlackRock Taxable Municipal Bond Trust | 9,736,055 | ||||||
226,077 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 5,828,265 | ||||||
82,497 | Cohen & Steers Select Preferred and Income Fund, Inc. | 2,075,625 | ||||||
81,124 | DoubleLine Funds Trust—DoubleLine Opportunistic Credit Fund | 1,700,359 | ||||||
984,026 | DoubleLine Income Solutions Fund | 19,857,645 | ||||||
271,813 | Duff & Phelps Utility and Corporate Bond Trust, Inc. | 2,302,256 | ||||||
1,314,062 | Eaton Vance Limited Duration Income Fund(a) | 17,082,806 | ||||||
198,995 | Eaton Vance Short Duration Diversified Income Fund | 2,696,382 | ||||||
106,121 | Eaton Vance Tax-Advantaged Bond and Options Strategies Fund | 1,041,047 | ||||||
158,027 | First Trust Aberdeen Global Opportunity Income Fund | 1,746,198 | ||||||
480,215 | First Trust Intermediate Duration Preferred & Income Fund | 10,862,463 | ||||||
132,837 | Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. | 3,154,879 | ||||||
75,444 | Flaherty & Crumrine Preferred Income Fund, Inc. | 1,009,441 | ||||||
348,754 | Flaherty & Crumrine Preferred Securities Income Fund, Inc. | 6,448,461 | ||||||
79,248 | Flaherty & Crumrine Total Return Fund, Inc. | 1,522,354 | ||||||
221,911 | Franklin Limited Duration Income Trust | 2,454,336 | ||||||
137,011 | Guggenheim Taxable Municipal Managed Duration Trust | 2,940,256 | ||||||
83,995 | Insight Select Income Fund | 1,599,265 | ||||||
91,868 | Invesco Bond Fund(b) | 1,643,519 |
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds (continued) | ||||||||
1,995,868 | Invesco Senior Income Trust(b) | $ | 8,861,654 | |||||
175,066 | John Hancock Preferred Income Fund(a) | 3,580,100 | ||||||
144,777 | John Hancock Preferred Income Fund II(a) | 2,872,376 | ||||||
245,678 | John Hancock Preferred Income Fund III | 4,368,155 | ||||||
266,814 | John Hancock Premium Dividend Fund | 4,042,232 | ||||||
539,596 | MFS Charter Income Trust | 4,343,748 | ||||||
1,167,881 | MFS Intermediate Income Trust | 4,566,415 | ||||||
780,256 | MFS Multimarket Income Trust | 4,463,064 | ||||||
210,950 | Nuveen Build America Bond Fund | 4,303,380 | ||||||
1,538,613 | Nuveen Credit Strategies Income Fund | 12,401,221 | ||||||
450,260 | Nuveen Floating Rate Income Fund | 4,898,829 | ||||||
258,057 | Nuveen Global High Income Fund | 4,162,459 | ||||||
999,702 | Nuveen Preferred & Income Opportunities Fund | 9,907,047 | ||||||
1,969,832 | Nuveen Preferred & Income Securities Fund | 18,575,516 | ||||||
220,684 | Nuveen Preferred & Income Term Fund | 5,234,625 | ||||||
44,544 | Nuveen Preferred And Income 2022 Term Fund | 1,073,510 | ||||||
203,276 | PIMCO Corporate & Income Strategy Fund | 3,459,758 | ||||||
85,450 | PIMCO Income Opportunity Fund(a) | 2,294,333 | ||||||
146,146 | PIMCO Income Strategy Fund | 1,742,060 | ||||||
387,312 | PIMCO Income Strategy Fund II | 4,070,649 | ||||||
245,669 | Pioneer Floating Rate Trust | 2,849,760 | ||||||
413,753 | Prudential Short Duration High Yield Fund, Inc. | 5,842,192 | ||||||
522,912 | Putnam Master Intermediate Income Trust | 2,494,290 | ||||||
1,045,960 | Putnam Premier Income Trust | 5,554,048 | ||||||
108,742 | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 1,939,957 | ||||||
83,336 | Stone Harbor Emerging Markets Income Fund | 1,238,373 | ||||||
468,593 | TCW Strategic Income Fund, Inc. | 2,539,774 | ||||||
1,650,870 | Templeton Global Income Fund | 10,648,112 | ||||||
75,225 | Virtus Global Multi-Sector Income Fund | 1,135,145 | ||||||
150,545 | Western Asset Global Corporate Defined Opportunity Fund, Inc. | 2,500,552 | ||||||
328,751 | Western Asset Inflation—Linked Securities & Income Fund | 3,774,061 | ||||||
679,298 | Western Asset Inflation-Linked Opportunities & Income Fund | 7,730,411 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco CEF Income Composite ETF (PCEF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds (continued) | ||||||||
60,437 | Western Asset Investment Grade Defined Opportunity Trust, Inc. | $ | 1,264,342 | |||||
118,178 | Western Asset Premier Bond Fund | 1,505,588 | ||||||
|
| |||||||
311,209,125 | ||||||||
|
| |||||||
Bonds/High Yield—28.5% | ||||||||
978,089 | AllianceBernstein Global High Income Fund, Inc. | 11,541,450 | ||||||
220,512 | Barings Global Short Duration High Yield Fund | 4,145,626 | ||||||
1,552,276 | BlackRock Corporate High Yield Fund, Inc. | 16,469,648 | ||||||
636,015 | BlackRock Debt Strategies Fund, Inc. | 7,282,372 | ||||||
350,581 | BlackRock Floating Rate Income Strategies Fund, Inc. | 5,100,954 | ||||||
182,667 | BlackRock Floating Rate Income Trust | 2,518,978 | ||||||
125,510 | Blackstone/GSO Long-Short Credit Income Fund | 2,058,364 | ||||||
565,487 | Credit Suisse Asset Management Income Fund, Inc.(a) | 1,815,213 | ||||||
703,773 | Credit Suisse High Yield Bond Fund | 1,864,998 | ||||||
174,295 | Deutsche Multi-Market Income Trust | 1,540,768 | ||||||
715,006 | Dreyfus High Yield Strategies Fund | 2,259,419 | ||||||
385,949 | Eaton Vance Floating-Rate Income Trust(a) | 5,820,111 | ||||||
163,190 | Eaton Vance High Income 2021 Target Term Trust(a) | 1,607,422 | ||||||
355,502 | Eaton Vance Senior Floating-Rate Trust | 5,232,989 | ||||||
337,825 | First Trust High Income Long/Short Fund | 5,104,536 | ||||||
277,581 | First Trust Senior Floating Rate 2022 Target Term Fund | 2,620,365 | ||||||
288,715 | First Trust Senior Floating Rate Income Fund II | 3,837,022 | ||||||
50,131 | Guggenheim Credit Allocation Fund | 1,076,313 | ||||||
162,732 | Invesco High Income 2023 Target Term Fund(b) | 1,619,183 | ||||||
186,677 | Ivy High Income Opportunities Fund | 2,662,014 | ||||||
224,948 | KKR Income Opportunities Fund | 3,578,923 | ||||||
234,646 | Morgan Stanley Emerging Markets Debt Fund, Inc. | 2,175,168 | ||||||
243,807 | Neuberger Berman High Yield Strategies Fund, Inc. | 2,691,629 | ||||||
264,674 | New America High Income Fund, Inc. (The) | 2,302,664 | ||||||
216,645 | Nuveen Credit Opportunities 2022 Target Term Fund(a) | 2,066,793 | ||||||
312,301 | Nuveen Floating Rate Income Opportunity Fund | 3,379,097 | ||||||
104,188 | Nuveen High Income 2020 Target Term Fund | 1,022,084 | ||||||
198,575 | Nuveen High Income December 2018 Target Term Fund | 1,951,992 | ||||||
436,000 | Nuveen High Income November 2021 Target Term Fund | 4,155,080 | ||||||
197,980 | Nuveen NASDAQ 100 Dynamic Overwrite Fund(a) | 5,000,975 | ||||||
373,525 | Nuveen Senior Income Fund(a) | 2,461,530 | ||||||
98,463 | Nuveen Short Duration Credit Opportunities Fund | 1,664,025 | ||||||
419,193 | PIMCO Corporate & Income Opportunity Fund(a) | 7,302,342 | ||||||
660,131 | PIMCO High Income Fund(a) | 5,182,028 | ||||||
94,637 | Pioneer Diversified High Income Trust | 1,419,555 |
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds/High Yield (continued) | ||||||||
328,228 | Pioneer High Income Trust | $ | 3,118,166 | |||||
514,627 | Prudential Global Short Duration High Yield Fund, Inc. | 7,106,999 | ||||||
64,881 | Stone Harbor Emerging Markets Total Income Fund | 929,096 | ||||||
520,826 | Templeton Emerging Markets Income Fund | 5,911,375 | ||||||
1,632,615 | Voya Prime Rate Trust | 8,440,620 | ||||||
783,545 | Wells Fargo Income Opportunities Fund | 6,323,208 | ||||||
379,047 | Wells Fargo Multi-Sector Income Fund | 4,912,449 | ||||||
753,896 | Western Asset Emerging Markets Debt Fund, Inc. | 10,660,089 | ||||||
557,699 | Western Asset Global High Income Fund, Inc. | 5,275,833 | ||||||
964,846 | Western Asset High Income Fund II, Inc. | 6,319,741 | ||||||
1,453,884 | Western Asset High Income Opportunity Fund, Inc. | 7,051,337 | ||||||
253,380 | Western Asset High Yield Defined Opportunity Fund, Inc. | 3,742,423 | ||||||
|
| |||||||
202,322,966 | ||||||||
|
| |||||||
Domestic Equity—0.4% | ||||||||
138,319 | Guggenheim Strategic Opportunities Fund | 2,882,568 | ||||||
|
| |||||||
Option Income—27.3% | ||||||||
1,168,798 | AllianzGI NFJ Dividend, Interest & Premium Strategy Fund | 14,913,862 | ||||||
297,198 | BlackRock Energy and Resources Trust | 4,368,811 | ||||||
426,409 | BlackRock Enhanced Capital and Income Fund, Inc. | 6,826,808 | ||||||
1,868,560 | BlackRock Enhanced Equity Dividend Trust | 16,704,926 | ||||||
675,509 | BlackRock Enhanced Global Dividend Trust | 7,646,762 | ||||||
1,088,462 | BlackRock Enhanced International Dividend Trust | 6,552,541 | ||||||
62,767 | BlackRock Health Sciences Trust | 2,197,473 | ||||||
1,064,779 | BlackRock Resources & Commodities Strategy Trust | 10,157,992 | ||||||
146,686 | BlackRock Science & Technology Trust | 4,528,197 | ||||||
372,149 | Brookfield Real Assets Income Fund, Inc. | 8,265,429 | ||||||
231,244 | Cohen & Steers Global Income Builder, Inc. | 2,178,318 | ||||||
88,051 | Columbia Seligman Premium Technology Growth Fund, Inc. | 1,865,801 | ||||||
311,812 | Eaton Vance Enhanced Equity Income Fund(a) | 4,695,889 | ||||||
360,786 | Eaton Vance Enhanced Equity Income Fund II(a) | 5,956,577 | ||||||
626,059 | Eaton Vance Risk-Managed Diversified Equity Income Fund | 5,772,264 | ||||||
141,077 | Eaton Vance Tax-Managed Buy-Write Income Fund | 2,221,963 | ||||||
365,137 | Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 5,480,706 | ||||||
1,154,001 | Eaton Vance Tax-Managed Diversified Equity Income Fund | 13,824,932 | ||||||
599,243 | Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund(a) | 6,957,211 | ||||||
2,052,344 | Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 18,840,518 | ||||||
131,634 | First Trust Dynamic Europe Equity Income Fund | 2,332,554 | ||||||
197,726 | First Trust Enhanced Equity Income Fund | 2,957,981 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco CEF Income Composite ETF (PCEF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Option Income (continued) | ||||||||
201,170 | GAMCO Natural Resources Gold & Income Trust | $ | 1,299,558 | |||||
327,192 | Guggenheim Enhanced Equity Income Fund | 2,728,781 | ||||||
94,896 | John Hancock Hedged Equity & Income Fund | 1,620,824 | ||||||
191,987 | Madison Covered Call & Equity Strategy Fund | 1,414,944 | ||||||
280,652 | Nuveen Dow 30sm Dynamic Overwrite Fund | 5,208,901 | ||||||
799,820 | Nuveen S&P 500 Buy-Write Income Fund | 11,141,493 | ||||||
88,625 | Nuveen S&P 500 Dynamic Overwrite Fund | 1,628,927 | ||||||
131,596 | Voya Asia Pacific High Dividend Equity Income Fund | 1,362,019 | ||||||
181,291 | Voya Global Advantage and Premium Opportunity Fund | 2,014,143 | ||||||
954,028 | Voya Global Equity Dividend and Premium Opportunity Fund | 7,040,727 | ||||||
153,496 | Voya Infrastructure Industrials and Materials Fund | 2,350,024 | ||||||
152,906 | Voya Natural Resources Equity Income Fund | 938,843 | ||||||
|
| |||||||
193,996,699 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $695,780,984)—100.0% | 710,411,358 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.8% | ||||||||
5,627,675 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $5,627,675) | 5,627,675 | ||||||
|
| |||||||
Total Investments in Securities (Cost $701,408,659)—100.8% | 716,039,033 | |||||||
Other assets less liabilities—(0.8)% | (5,704,557 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 710,334,476 | ||||||
|
|
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Affiliated company. The Fund’s Adviser and the adviser for Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are considered to be affiliated. See Note 4. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 23.9 | |||
Sovereign | 15.9 | |||
Diversified Financial Services | 12.5 | |||
Real Estate | 9.5 | |||
Food | 7.7 | |||
Oil & Gas | 4.4 | |||
Computers | 3.9 | |||
Insurance | 3.8 | |||
Investment Companies | 3.8 | |||
Engineering & Construction | 3.8 | |||
Chemicals | 3.0 | |||
Auto Manufacturers | 2.9 | |||
Multi-National | 1.5 | |||
Holding Companies-Diversified | 0.8 | |||
Machinery-Construction & Mining | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.8 |
Schedule of Investments
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds—82.3% | ||||||||||||||||||||
Australia—5.3% | ||||||||||||||||||||
CNH | 10,000,000 | Australia & New Zealand Banking Group Ltd., EMTN | 4.750 | % | 01/30/2025 | $ | 1,582,993 | |||||||||||||
CNH | 25,000,000 | Commonwealth Bank of Australia, EMTN | 4.200 | 10/26/2020 | 3,951,345 | |||||||||||||||
|
| |||||||||||||||||||
5,534,338 | ||||||||||||||||||||
|
| |||||||||||||||||||
China—48.8% | ||||||||||||||||||||
CNH | 10,000,000 | Bank of China Ltd., EMTN | 3.600 | 07/12/2018 | 1,580,624 | |||||||||||||||
CNH | 4,000,000 | Bank of China Ltd., EMTN | 4.880 | 04/20/2020 | 639,676 | |||||||||||||||
CNH | 8,000,000 | Bank of China Ltd., EMTN | 4.500 | 11/22/2020 | 1,268,268 | |||||||||||||||
CNH | 10,000,000 | China Construction Bank Corp., EMTN | 3.250 | 08/22/2018 | 1,577,717 | |||||||||||||||
CNH | 6,000,000 | China Development Bank | 4.200 | 01/19/2027 | 937,166 | |||||||||||||||
CNH | 7,600,000 | China Development Bank, EMTN | 3.600 | 11/13/2018 | 1,199,718 | |||||||||||||||
CNH | 25,000,000 | CNI Capital Ltd. | 4.300 | 11/11/2019 | 3,921,673 | |||||||||||||||
CNH | 15,000,000 | Fantasia Holdings Group Co. Ltd. | 9.500 | 05/04/2019 | 2,447,623 | |||||||||||||||
CNH | 25,000,000 | Fuqing Investment Management Ltd. | 4.850 | 07/21/2018 | 3,956,504 | |||||||||||||||
CNH | 5,000,000 | Huarui Investment Holding Co. Ltd. | 5.250 | 11/26/2018 | 795,531 | |||||||||||||||
CNH | 8,000,000 | ICBCIL Finance Co. Ltd. | 3.900 | 06/18/2018 | 1,265,410 | |||||||||||||||
CNH | 10,000,000 | Industrial & Commercial Bank of China Ltd. | 3.650 | 10/27/2018 | 1,578,682 | |||||||||||||||
CNH | 15,000,000 | Industrial & Commercial Bank of China Ltd., EMTN | 3.200 | 09/19/2018 | 2,363,214 | |||||||||||||||
CNH | 26,000,000 | Lenovo Group Ltd. | 4.950 | 06/10/2020 | 4,126,145 | |||||||||||||||
CNH | 17,000,000 | Longfor Properties Co. Ltd. | 6.750 | 05/28/2018 | 2,693,450 | |||||||||||||||
CNH | 25,000,000 | Rosy Capital Global Ltd. | 5.250 | 07/30/2018 | 3,959,282 | |||||||||||||||
CNH | 20,000,000 | Sinochem Offshore Capital Co. Ltd., EMTN | 4.400 | 02/14/2021 | 3,160,295 | |||||||||||||||
CNH | 5,000,000 | Sinostrong International Ltd. | 4.000 | 05/28/2018 | 790,996 | |||||||||||||||
CNH | 25,000,000 | Southwest Securities International Securities Ltd. | 6.450 | 05/28/2018 | 3,963,622 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
China (continued) | ||||||||||||||||||||
CNH | 25,000,000 | Tingyi Cayman Islands Holding Corp. | 4.375 | % | 08/06/2018 | $ | 3,950,863 | |||||||||||||
CNH | 24,550,000 | Unican Ltd., EMTN | 5.150 | 07/02/2018 | 3,893,368 | |||||||||||||||
CNH | 5,000,000 | Vanke Real Estate Hong Kong Co. Ltd., EMTN | 4.500 | 12/04/2018 | 791,509 | |||||||||||||||
|
| |||||||||||||||||||
50,861,336 | ||||||||||||||||||||
|
| |||||||||||||||||||
France—3.8% | ||||||||||||||||||||
CNH | 10,000,000 | BNP Paribas SA, EMTN | 5.000 | 03/17/2025 | 1,587,581 | |||||||||||||||
CNH | 15,000,000 | Total Capital SA, EMTN | 3.750 | 09/24/2018 | 2,368,552 | |||||||||||||||
|
| |||||||||||||||||||
3,956,133 | ||||||||||||||||||||
|
| |||||||||||||||||||
Germany—2.1% | ||||||||||||||||||||
CNH | 14,000,000 | BMW Finance NV, EMTN | 4.250 | 10/18/2020 | 2,218,846 | |||||||||||||||
|
| |||||||||||||||||||
Hong Kong—3.8% | ||||||||||||||||||||
CNH | 25,000,000 | Value Success International Ltd., Series 1, EMTN | 4.750 | 11/04/2018 | 3,975,056 | |||||||||||||||
|
| |||||||||||||||||||
New Zealand—3.9% | ||||||||||||||||||||
CNH | 11,000,000 | Fonterra Co-operative Group Ltd., EMTN | 3.600 | 01/29/2019 | 1,730,828 | |||||||||||||||
CNH | 14,890,000 | Fonterra Co-operative Group Ltd., Series 14, EMTN | 4.000 | 06/22/2020 | 2,338,694 | |||||||||||||||
|
| |||||||||||||||||||
4,069,522 | ||||||||||||||||||||
|
| |||||||||||||||||||
Singapore—3.8% | ||||||||||||||||||||
CNH | 5,000,000 | BOC Aviation Ltd., EMTN | 4.500 | 11/20/2018 | 791,964 | |||||||||||||||
CNH | 15,000,000 | BOC Aviation Ltd., EMTN | 4.500 | 10/17/2020 | 2,366,364 | |||||||||||||||
CNH | 5,000,000 | BOC Aviation Ltd., Series 10, EMTN | 4.200 | 11/05/2018 | 791,084 | |||||||||||||||
|
| |||||||||||||||||||
3,949,412 | ||||||||||||||||||||
|
| |||||||||||||||||||
South Korea—6.4% | ||||||||||||||||||||
CNH | 20,000,000 | Korea Development Bank (The), EMTN | 4.500 | 11/10/2020 | 3,157,133 | |||||||||||||||
CNH | 7,000,000 | Korea Development Bank (The), Series 609, EMTN | 4.100 | 08/24/2018 | 1,106,007 | |||||||||||||||
CNH | 15,000,000 | Shinhan Bank Co. Ltd., EMTN | 4.200 | 08/06/2018 | 2,384,057 | |||||||||||||||
|
| |||||||||||||||||||
6,647,197 | ||||||||||||||||||||
|
| |||||||||||||||||||
Supranational—1.5% | ||||||||||||||||||||
CNH | 10,000,000 | Asian Development Bank, EMTN | 2.850 | 10/21/2020 | 1,538,997 | |||||||||||||||
|
| |||||||||||||||||||
United Kingdom—2.1% | ||||||||||||||||||||
CNH | 14,070,000 | BP Capital Markets PLC, EMTN | 3.950 | 10/08/2018 | 2,222,475 | |||||||||||||||
|
| |||||||||||||||||||
United States—0.8% | ||||||||||||||||||||
CNH | 5,000,000 | Caterpillar Financial Services Corp., EMTN | 3.550 | 06/23/2018 | 790,252 | |||||||||||||||
|
| |||||||||||||||||||
Total Corporate Bonds (Cost $82,664,367) | 85,763,564 | |||||||||||||||||||
|
| |||||||||||||||||||
Sovereign Debt Obligations—15.9% | ||||||||||||||||||||
China—12.1% | ||||||||||||||||||||
CNH | 15,000,000 | China Government Bond | 3.990 | 06/26/2020 | 2,380,279 | |||||||||||||||
CNH | 6,000,000 | China Government Bond | 2.480 | 12/01/2020 | 918,106 | |||||||||||||||
CNH | 10,000,000 | China Government Bond | 2.360 | 08/18/2021 | 1,507,853 | |||||||||||||||
CNH | 15,000,000 | China Government Bond | 3.550 | 12/12/2021 | 2,344,855 | |||||||||||||||
CNH | 6,500,000 | China Government Bond | 3.100 | 06/29/2022 | 995,455 | |||||||||||||||
CNH | 9,000,000 | China Government Bond | 3.160 | 06/27/2023 | 1,374,032 | |||||||||||||||
CNH | 5,000,000 | China Government Bond | 3.380 | 11/21/2024 | 769,000 | |||||||||||||||
CNH | 15,000,000 | China Government Bond | 3.850 | 12/12/2026 | 2,337,707 | |||||||||||||||
|
| |||||||||||||||||||
12,627,287 | ||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||||||
South Korea—3.8% | ||||||||||||||||||||
CNH | 25,000,000 | Export-Import Bank of Korea, EMTN | 3.600 | % | 06/10/2018 | $ | 3,952,521 | |||||||||||||
|
| |||||||||||||||||||
Total Sovereign Debt Obligations (Cost $16,487,326) | 16,579,808 | |||||||||||||||||||
|
| |||||||||||||||||||
Number of Shares | ||||||||||||||||||||
Money Market Fund—2.7% | ||||||||||||||||||||
2,843,313 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $2,843,313) | 2,843,313 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Investments in Securities (Cost $101,995,006)—100.9% | 105,186,685 | |||||||||||||||||||
Other assets less liabilities—(0.9)% | (930,240 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net Assets—100.0% | $ | 104,256,445 | ||||||||||||||||||
|
|
Investment Abbreviations:
CNH—Chinese Yuan
EMTN—Euro Medium-Term Note
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount denominated in currency indicated. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Country Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
South Korea | 2.9 | |||
Trinidad and Tobago | 2.7 | |||
Colombia | 2.7 | |||
Poland | 2.7 | |||
Chile | 2.7 | |||
Nigeria | 2.6 | |||
Croatia | 2.6 | |||
Philippines | 2.6 | |||
Paraguay | 2.6 | |||
Indonesia | 2.6 | |||
Lithuania | 2.6 | |||
Peru | 2.6 | |||
Romania | 2.6 | |||
Sri Lanka | 2.6 | |||
Brazil | 2.6 | |||
El Salvador | 2.6 | |||
Panama | 2.6 | |||
Mexico | 2.6 | |||
Hungary | 2.6 | |||
Qatar | 2.6 | |||
Turkey | 2.6 |
Country Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Kazakhstan | 2.6 | |||
Lebanon | 2.6 | |||
Argentina | 2.6 | |||
Egypt | 2.6 | |||
South Africa | 2.6 | |||
United Arab Emirates | 2.6 | |||
Costa Rica | 2.6 | |||
Saudi Arabia | 2.6 | |||
Dominican Republic | 2.5 | |||
Russia | 2.5 | |||
Bahrain | 2.5 | |||
Jordan | 2.5 | |||
Pakistan | 2.5 | |||
Oman | 2.5 | |||
Ukraine | 2.5 | |||
Ecuador | 2.4 | |||
Slovenia | 1.4 | |||
Serbia | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.3 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations—98.7% | ||||||||||||||||
Argentina—2.6% | ||||||||||||||||
$ | 43,861,000 | Argentine Republic Government International Bond(a) | 7.125 | % | 07/06/2036 | $ | 41,821,463 | |||||||||
42,067,000 | Argentine Republic Government International Bond | 7.625 | 04/22/2046 | 40,804,990 | ||||||||||||
45,130,000 | Argentine Republic Government International Bond(a)(b) | 7.125 | 06/28/2117 | 40,210,830 | ||||||||||||
|
| |||||||||||||||
122,837,283 | ||||||||||||||||
|
| |||||||||||||||
Bahrain—2.5% | ||||||||||||||||
44,037,000 | Bahrain Government International Bond(b) | 6.750 | 09/20/2029 | 40,714,408 | ||||||||||||
49,600,000 | Bahrain Government International Bond(b) | 6.000 | 09/19/2044 | 40,061,523 | ||||||||||||
44,202,000 | Bahrain Government International Bond(b) | 7.500 | 09/20/2047 | 40,106,199 | ||||||||||||
|
| |||||||||||||||
120,882,130 | ||||||||||||||||
|
| |||||||||||||||
Brazil—2.6% | ||||||||||||||||
33,430,000 | Brazil Government International Bond | 8.250 | 01/20/2034 | 41,545,467 | ||||||||||||
44,110,000 | Brazil Government International Bond | 5.625 | 01/07/2041 | 42,037,271 | ||||||||||||
44,225,000 | Brazilian Government International Bond | 5.625 | 02/21/2047 | 41,726,287 | ||||||||||||
|
| |||||||||||||||
125,309,025 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Chile—2.7% | ||||||||||||||||
$ | 43,474,000 | Chile Government International Bond | 3.125 | % | 01/21/2026 | $ | 41,952,410 | |||||||||
44,078,000 | Chile Government International Bond | 3.240 | 02/06/2028 | 42,248,763 | ||||||||||||
44,670,000 | Chile Government International Bond | 3.860 | 06/21/2047 | 42,101,475 | ||||||||||||
|
| |||||||||||||||
126,302,648 | ||||||||||||||||
|
| |||||||||||||||
Colombia—2.7% | ||||||||||||||||
32,722,000 | Colombia Government International Bond | 7.375 | 09/18/2037 | 41,638,745 | ||||||||||||
37,468,000 | Colombia Government International Bond | 6.125 | 01/18/2041 | 42,432,510 | ||||||||||||
39,659,000 | Colombia Government International Bond | 5.625 | 02/26/2044 | 42,613,596 | ||||||||||||
|
| |||||||||||||||
126,684,851 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—2.6% | ||||||||||||||||
40,843,000 | Costa Rica Government International Bond(b) | 5.625 | 04/30/2043 | 35,422,725 | ||||||||||||
46,554,000 | Costa Rica Government International Bond(b) | 7.000 | 04/04/2044 | 46,612,193 | ||||||||||||
39,400,000 | Costa Rica Government International Bond(b) | 7.158 | 03/12/2045 | 40,046,554 | ||||||||||||
|
| |||||||||||||||
122,081,472 | ||||||||||||||||
|
| |||||||||||||||
Croatia—2.6% | ||||||||||||||||
38,763,000 | Croatia Government International Bond(b) | 6.375 | 03/24/2021 | 41,654,332 | ||||||||||||
39,550,000 | Croatia Government International Bond(b) | 5.500 | 04/04/2023 | 42,017,129 | ||||||||||||
38,971,000 | Croatia Government International Bond(b) | 6.000 | 01/26/2024 | 42,546,122 | ||||||||||||
|
| |||||||||||||||
126,217,583 | ||||||||||||||||
|
| |||||||||||||||
Dominican Republic—2.5% | ||||||||||||||||
36,975,000 | Dominican Republic International Bond(b) | 7.450 | 04/30/2044 | 40,672,500 | ||||||||||||
39,567,000 | Dominican Republic International Bond(b) | 6.850 | 01/27/2045 | 41,001,304 | ||||||||||||
40,000,000 | Dominican Republic International Bond(b) | 6.500 | 02/15/2048 | 39,815,000 | ||||||||||||
|
| |||||||||||||||
121,488,804 | ||||||||||||||||
|
| |||||||||||||||
Ecuador—2.4% | ||||||||||||||||
38,100,000 | Ecuador Government International Bond(b) | 9.650 | 12/13/2026 | 37,671,375 | ||||||||||||
38,300,000 | Ecuador Government International Bond(b) | 9.625 | 06/02/2027 | 37,677,625 | ||||||||||||
39,300,000 | Ecuador Government International Bond(b) | 8.875 | 10/23/2027 | 37,187,625 | ||||||||||||
|
| |||||||||||||||
112,536,625 | ||||||||||||||||
|
| |||||||||||||||
Egypt—2.6% | ||||||||||||||||
42,400,000 | Egypt Government International Bond(b) | 6.875 | 04/30/2040 | 40,494,459 | ||||||||||||
37,700,000 | Egypt Government International Bond, GMTN(b) | 8.500 | 01/31/2047 | 40,508,198 | ||||||||||||
41,050,000 | Egypt Government International Bond(b) | 7.903 | 02/21/2048 | 41,718,745 | ||||||||||||
|
| |||||||||||||||
122,721,402 | ||||||||||||||||
|
| |||||||||||||||
El Salvador—2.6% | ||||||||||||||||
37,124,000 | El Salvador Government International Bond(b) | 8.250 | 04/10/2032 | 41,097,010 | ||||||||||||
40,010,000 | El Salvador Government International Bond(b) | 7.650 | 06/15/2035 | 41,810,450 | ||||||||||||
40,425,000 | El Salvador Government International Bond(b) | 7.625 | 02/01/2041 | 42,251,806 | ||||||||||||
|
| |||||||||||||||
125,159,266 | ||||||||||||||||
|
| |||||||||||||||
Hungary—2.6% | ||||||||||||||||
38,185,500 | Hungary Government International Bond | 5.750 | 11/22/2023 | 41,727,052 | ||||||||||||
38,474,000 | Hungary Government International Bond | 5.375 | 03/25/2024 | 41,435,729 | ||||||||||||
29,037,000 | Hungary Government International Bond | 7.625 | 03/29/2041 | 40,994,872 | ||||||||||||
|
| |||||||||||||||
124,157,653 | ||||||||||||||||
|
| |||||||||||||||
Indonesia—2.6% | ||||||||||||||||
29,523,000 | Indonesia Government International Bond(b) | 8.500 | 10/12/2035 | 41,408,576 | ||||||||||||
35,362,000 | Indonesia Government International Bond(b) | 6.625 | 02/17/2037 | 42,214,660 | ||||||||||||
31,547,000 | Indonesia Government International Bond(b) | 7.750 | 01/17/2038 | 42,122,722 | ||||||||||||
|
| |||||||||||||||
125,745,958 | ||||||||||||||||
|
| |||||||||||||||
Jordan—2.5% | ||||||||||||||||
41,400,000 | Jordan Government International Bond(b) | 6.125 | 01/29/2026 | 40,645,485 | ||||||||||||
42,700,000 | Jordan Government International Bond(b) | 5.750 | 01/31/2027 | 40,662,057 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Jordan (continued) | ||||||||||||||||
$ | 40,000,000 | Jordan Government International Bond(b) | 7.375 | % | 10/10/2047 | $ | 39,095,280 | |||||||||
|
| |||||||||||||||
120,402,822 | ||||||||||||||||
|
| |||||||||||||||
Kazakhstan—2.6% | ||||||||||||||||
38,955,000 | Kazakhstan Government International Bond, EMTN(b) | 5.125 | 07/21/2025 | 41,607,602 | ||||||||||||
41,375,000 | Kazakhstan Government International Bond(b) | 4.875 | 10/14/2044 | 40,759,133 | ||||||||||||
34,640,000 | Kazakhstan Government International Bond, EMTN(b) | 6.500 | 07/21/2045 | 41,380,944 | ||||||||||||
|
| |||||||||||||||
123,747,679 | ||||||||||||||||
|
| |||||||||||||||
Lebanon—2.6% | ||||||||||||||||
45,220,000 | Lebanon Government International Bond | 6.750 | 11/29/2027 | 40,922,653 | ||||||||||||
47,557,000 | Lebanon Government International Bond, EMTN | 6.650 | 02/26/2030 | 41,645,665 | ||||||||||||
45,897,000 | Lebanon Government International Bond | 7.250 | 03/23/2037 | 40,955,729 | ||||||||||||
|
| |||||||||||||||
123,524,047 | ||||||||||||||||
|
| |||||||||||||||
Lithuania—2.6% | ||||||||||||||||
57,866,000 | Lithuania Government International Bond(b) | 6.125 | 03/09/2021 | 62,317,631 | ||||||||||||
56,868,000 | Lithuania Government International Bond(b) | 6.625 | 02/01/2022 | 63,365,169 | ||||||||||||
|
| |||||||||||||||
125,682,800 | ||||||||||||||||
|
| |||||||||||||||
Mexico—2.6% | ||||||||||||||||
37,855,000 | Mexico Government International Bond, GMTN | 6.050 | 01/11/2040 | 41,744,602 | ||||||||||||
45,769,750 | Mexico Government International Bond | 4.600 | 01/23/2046 | 42,062,400 | ||||||||||||
41,200,000 | Mexico Government International Bond, GMTN | 5.750 | 10/12/2110 | 40,685,000 | ||||||||||||
|
| |||||||||||||||
124,492,002 | ||||||||||||||||
|
| |||||||||||||||
Nigeria—2.6% | ||||||||||||||||
39,500,000 | Nigeria Government International Bond(b) | 7.875 | 02/16/2032 | 42,643,015 | ||||||||||||
41,300,000 | Nigeria Government International Bond(b) | 7.696 | 02/23/2038 | 42,539,000 | ||||||||||||
40,700,000 | Nigeria Government International Bond, EMTN(b) | 7.625 | 11/28/2047 | 41,088,685 | ||||||||||||
|
| |||||||||||||||
126,270,700 | ||||||||||||||||
|
| |||||||||||||||
Oman—2.5% | ||||||||||||||||
42,600,000 | Oman Government International Bond(b) | 5.625 | 01/17/2028 | 40,765,474 | ||||||||||||
42,300,000 | Oman Government International Bond(b) | 6.500 | 03/08/2047 | 39,109,734 | ||||||||||||
42,700,000 | Oman Government International Bond(b) | 6.750 | 01/17/2048 | 40,304,658 | ||||||||||||
|
| |||||||||||||||
120,179,866 | ||||||||||||||||
|
| |||||||||||||||
Pakistan—2.5% | ||||||||||||||||
38,566,000 | Pakistan Government International Bond(b) | 8.250 | 04/15/2024 | 40,230,354 | ||||||||||||
38,584,000 | Pakistan Government International Bond(b) | 8.250 | 09/30/2025 | 40,177,288 | ||||||||||||
42,550,000 | Pakistan Government International Bond(b) | 6.875 | 12/05/2027 | 39,956,195 | ||||||||||||
|
| |||||||||||||||
120,363,837 | ||||||||||||||||
|
| |||||||||||||||
Panama—2.6% | ||||||||||||||||
34,528,500 | Panama Government International Bond | 7.125 | 01/29/2026 | 41,391,040 | ||||||||||||
30,199,500 | Panama Government International Bond | 8.875 | 09/30/2027 | 41,297,816 | ||||||||||||
42,642,000 | Panama Government International Bond | 3.875 | 03/17/2028 | 42,002,370 | ||||||||||||
|
| |||||||||||||||
124,691,226 | ||||||||||||||||
|
| |||||||||||||||
Paraguay—2.6% | ||||||||||||||||
40,631,000 | Paraguay Government International Bond(a)(b) | 5.000 | 04/15/2026 | 41,301,412 | ||||||||||||
42,000,000 | Paraguay Government International Bond(a)(b) | 4.700 | 03/27/2027 | 41,895,000 | ||||||||||||
39,200,000 | Paraguay Government International Bond(b) | 6.100 | 08/11/2044 | 42,728,000 | ||||||||||||
|
| |||||||||||||||
125,924,412 | ||||||||||||||||
|
| |||||||||||||||
Peru—2.6% | ||||||||||||||||
41,342,000 | Peruvian Government International Bond | 4.125 | 08/25/2027 | 42,582,260 | ||||||||||||
28,028,500 | Peruvian Government International Bond | 8.750 | 11/21/2033 | 41,342,038 | ||||||||||||
35,485,000 | Peruvian Government International Bond | 5.625 | 11/18/2050 | 41,659,390 | ||||||||||||
|
| |||||||||||||||
125,583,688 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Philippines—2.6% | ||||||||||||||||
$ | 28,452,000 | Philippine Government International Bond | 9.500 | % | 02/02/2030 | $ | 42,223,308 | |||||||||
31,370,000 | Philippine Government International Bond | 7.750 | 01/14/2031 | 42,228,067 | ||||||||||||
33,198,000 | Philippine Government International Bond | 6.375 | 10/23/2034 | 41,730,019 | ||||||||||||
|
| |||||||||||||||
126,181,394 | ||||||||||||||||
|
| |||||||||||||||
Poland—2.7% | ||||||||||||||||
42,877,000 | Republic of Poland Government International Bond | 3.000 | 03/17/2023 | 42,226,127 | ||||||||||||
41,341,000 | Republic of Poland Government International Bond | 4.000 | 01/22/2024 | 42,396,560 | ||||||||||||
42,992,000 | Republic of Poland Government International Bond | 3.250 | 04/06/2026 | 41,891,620 | ||||||||||||
|
| |||||||||||||||
126,514,307 | ||||||||||||||||
|
| |||||||||||||||
Qatar—2.6% | ||||||||||||||||
35,633,000 | Qatar Government International Bond(b) | 6.400 | 01/20/2040 | 42,199,699 | ||||||||||||
37,607,000 | Qatar Government International Bond(b) | 5.750 | 01/20/2042 | 41,470,141 | ||||||||||||
42,827,000 | Qatar Government International Bond(b) | 4.625 | 06/02/2046 | 40,364,448 | ||||||||||||
|
| |||||||||||||||
124,034,288 | ||||||||||||||||
|
| |||||||||||||||
Romania—2.6% | ||||||||||||||||
41,609,000 | Romanian Government International Bond, EMTN(b) | 4.375 | 08/22/2023 | 42,305,119 | ||||||||||||
40,414,000 | Romanian Government International Bond, EMTN(b) | 4.875 | 01/22/2024 | 42,043,169 | ||||||||||||
35,342,000 | Romanian Government International Bond, EMTN(b) | 6.125 | 01/22/2044 | 41,126,778 | ||||||||||||
|
| |||||||||||||||
125,475,066 | ||||||||||||||||
|
| |||||||||||||||
Russia—2.5% | ||||||||||||||||
39,600,000 | Russian Foreign Bond—Eurobond(b) | 4.875 | 09/16/2023 | 41,065,200 | ||||||||||||
38,200,000 | Russian Foreign Bond—Eurobond(b) | 5.625 | 04/04/2042 | 40,175,895 | ||||||||||||
36,800,000 | Russian Foreign Bond—Eurobond(b) | 5.875 | 09/16/2043 | 39,964,800 | ||||||||||||
|
| |||||||||||||||
121,205,895 | ||||||||||||||||
|
| |||||||||||||||
Saudi Arabia—2.6% | ||||||||||||||||
44,300,000 | Saudi Government International Bond, EMTN(b) | 3.625 | 03/04/2028 | 41,533,066 | ||||||||||||
44,400,000 | Saudi Government International Bond, EMTN(b) | 4.500 | 10/26/2046 | 40,261,476 | ||||||||||||
43,500,000 | Saudi Government International Bond, EMTN(b) | 4.625 | 10/04/2047 | 39,903,420 | ||||||||||||
|
| |||||||||||||||
121,697,962 | ||||||||||||||||
|
| |||||||||||||||
Serbia—1.3% | ||||||||||||||||
56,381,000 | Serbia International Bond(b) | 7.250 | 09/28/2021 | 62,368,549 | ||||||||||||
|
| |||||||||||||||
Slovenia—1.4% | ||||||||||||||||
58,379,000 | Slovenia Government International Bond(b) | 5.250 | 02/18/2024 | 64,211,120 | ||||||||||||
|
| |||||||||||||||
South Africa—2.6% | ||||||||||||||||
38,750,000 | Republic of South Africa Government International Bond | 6.250 | 03/08/2041 | 40,524,866 | ||||||||||||
44,320,000 | Republic of South Africa Government International Bond | 5.375 | 07/24/2044 | 41,415,046 | ||||||||||||
46,015,000 | Republic of South Africa Government International Bond | 5.000 | 10/12/2046 | 40,715,636 | ||||||||||||
|
| |||||||||||||||
122,655,548 | ||||||||||||||||
|
| |||||||||||||||
South Korea—2.9% | ||||||||||||||||
39,196,000 | Korea International Bond | 3.875 | 09/11/2023 | 40,170,021 | ||||||||||||
44,030,000 | Korea International Bond | 2.750 | 01/19/2027 | 41,380,054 | ||||||||||||
50,498,000 | Korea International Bond | 4.125 | 06/10/2044 | 54,343,423 | ||||||||||||
|
| |||||||||||||||
135,893,498 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—2.6% | ||||||||||||||||
42,181,000 | Sri Lanka Government International Bond(b) | 6.125 | 06/03/2025 | 41,707,940 | ||||||||||||
40,755,000 | Sri Lanka Government International Bond(b) | 6.850 | 11/03/2025 | 41,727,251 | ||||||||||||
41,230,000 | Sri Lanka Government International Bond(b) | 6.825 | 07/18/2026 | 41,901,967 | ||||||||||||
|
| |||||||||||||||
125,337,158 | ||||||||||||||||
|
| |||||||||||||||
Trinidad and Tobago—2.7% | ||||||||||||||||
15,879,000 | Trinidad & Tobago Government International Bond(b) | 4.375 | 01/16/2024 | 16,147,355 | ||||||||||||
109,953,000 | Trinidad & Tobago Government International Bond(b) | 4.500 | 08/04/2026 | 112,701,825 | ||||||||||||
|
| |||||||||||||||
128,849,180 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Turkey—2.6% | ||||||||||||||||
$ | 36,572,000 | Turkey Government International Bond | 8.000 | % | 02/14/2034 | $ | 42,080,584 | |||||||||
39,935,000 | Turkey Government International Bond | 6.875 | 03/17/2036 | 41,128,298 | ||||||||||||
37,921,000 | Turkey Government International Bond | 7.250 | 03/05/2038 | 40,577,063 | ||||||||||||
|
| |||||||||||||||
123,785,945 | ||||||||||||||||
|
| |||||||||||||||
Ukraine—2.5% | ||||||||||||||||
40,232,000 | Ukraine Government International Bond(b) | 7.750 | 09/01/2025 | 40,048,944 | ||||||||||||
40,390,000 | Ukraine Government International Bond(b) | 7.750 | 09/01/2026 | 39,941,267 | ||||||||||||
40,475,000 | Ukraine Government International Bond(b) | 7.750 | 09/01/2027 | 39,815,258 | ||||||||||||
|
| |||||||||||||||
119,805,469 | ||||||||||||||||
|
| |||||||||||||||
United Arab Emirates—2.6% | ||||||||||||||||
44,900,000 | Abu Dhabi Government International Bond(b) | 3.125 | 10/11/2027 | 41,667,739 | ||||||||||||
44,250,000 | Abu Dhabi Government International Bond(b) | 4.125 | 10/11/2047 | 40,514,459 | ||||||||||||
41,851,000 | Emirate of Dubai Government International Bonds, EMTN | 5.250 | 01/30/2043 | 40,013,741 | ||||||||||||
|
| |||||||||||||||
122,195,939 | ||||||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $4,881,306,030) | 4,713,199,097 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.1% | ||||||||||||||||
5,941,900 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $5,941,900) | 5,941,900 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $4,887,247,930)—98.8% | 4,719,140,997 | |||||||||||||||
|
| |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||||||||||
Money Market Fund—0.7% | ||||||||||||||||
29,882,583 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $29,882,583) | 29,882,583 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $4,917,130,513)—99.5% | 4,749,023,580 | |||||||||||||||
Other assets less liabilities—0.5% | 25,936,480 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 4,774,960,060 | ||||||||||||||
|
|
Investment Abbreviations:
EMTN—Euro Medium-Term Note
GMTN—Global Medium-Term Note
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(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 April 30, 2018 was $2,954,783,071, which represented 61.88% of the Fund’s Net Assets. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Oil & Gas | 12.9 | |||
Healthcare-Services | 7.8 | |||
Media | 5.1 | |||
Retail | 5.0 | |||
REITs | 4.9 | |||
Airlines | 3.9 | |||
Telecommunications | 3.5 | |||
Computers | 3.2 | |||
Commercial Services | 3.1 | |||
Chemicals | 3.0 | |||
Diversified Financial Services | 3.0 | |||
Home Builders | 2.5 | |||
Internet | 2.4 | |||
Electric | 2.4 | |||
Food | 2.4 | |||
Pipelines | 2.3 | |||
Iron/Steel | 2.2 | |||
Packaging & Containers | 2.1 | |||
Auto Parts & Equipment | 2.0 | |||
Insurance | 2.0 | |||
Lodging | 2.0 | |||
Entertainment | 1.6 | |||
Mining | 1.4 | |||
Semiconductors | 1.3 | |||
Banks | 1.2 |
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Healthcare-Products | 1.1 | |||
Office/Business Equipment | 1.1 | |||
Building Materials | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Engineering & Construction | 1.0 | |||
Oil & Gas Services | 1.0 | |||
Software | 1.0 | |||
Advertising | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Toys/Games/Hobbies | 0.7 | |||
Electronics | 0.7 | |||
Apparel | 0.6 | |||
Food Service | 0.6 | |||
Household Products/Wares | 0.6 | |||
Miscellaneous Manufacturing | 0.5 | |||
Electrical Components & Equipment | 0.5 | |||
Housewares | 0.4 | |||
Environmental Control | 0.4 | |||
Cosmetics/Personal Care | 0.3 | |||
Home Furnishings | 0.3 | |||
Leisure Time | 0.3 | |||
Real Estate | 0.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.6 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—98.4% | ||||||||||||||||
Advertising—0.8% | ||||||||||||||||
$ | 4,059,000 | Lamar Media Corp. | 5.750 | % | 02/01/2026 | $ | 4,211,213 | |||||||||
4,003,000 | Outfront Media Capital LLC/Outfront Media Capital Corp. | 5.875 | 03/15/2025 | 4,118,086 | ||||||||||||
|
| |||||||||||||||
8,329,299 | ||||||||||||||||
|
| |||||||||||||||
Aerospace/Defense—1.1% | ||||||||||||||||
7,162,075 | TransDigm, Inc. | 6.500 | 07/15/2024 | 7,300,840 | ||||||||||||
1,745,000 | Triumph Group, Inc. | 4.875 | 04/01/2021 | 1,701,375 | ||||||||||||
1,511,000 | Triumph Group, Inc. | 7.750 | 08/15/2025 | 1,552,553 | ||||||||||||
|
| |||||||||||||||
10,554,768 | ||||||||||||||||
|
| |||||||||||||||
Airlines—3.9% | ||||||||||||||||
2,711,000 | Allegiant Travel Co. | 5.500 | 07/15/2019 | 2,751,665 | ||||||||||||
11,129,000 | American Airlines Group, Inc. | 6.125 | 06/01/2018 | 11,156,822 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Airlines (continued) | ||||||||||||||||
$ | 6,267,000 | Delta Air Lines, Inc. | 3.625 | % | 03/15/2022 | $ | 6,215,952 | |||||||||
6,300,000 | Delta Air Lines, Inc. | 4.375 | 04/19/2028 | 6,144,804 | ||||||||||||
12,588,100 | United Continental Holdings, Inc. | 4.250 | 10/01/2022 | 12,276,545 | ||||||||||||
|
| |||||||||||||||
38,545,788 | ||||||||||||||||
|
| |||||||||||||||
Apparel—0.6% | ||||||||||||||||
3,583,000 | Under Armour, Inc. | 3.250 | 06/15/2026 | 3,189,159 | ||||||||||||
3,262,000 | William Carter Co. (The) | 5.250 | 08/15/2021 | 3,321,124 | ||||||||||||
|
| |||||||||||||||
6,510,283 | ||||||||||||||||
|
| |||||||||||||||
Auto Parts & Equipment—2.0% | ||||||||||||||||
3,864,000 | American Axle & Manufacturing, Inc.(a) | 6.250 | 04/01/2025 | 3,877,331 | ||||||||||||
4,239,000 | Dana, Inc. | 5.500 | 12/15/2024 | 4,334,377 | ||||||||||||
7,242,000 | Goodyear Tire & Rubber Co. (The) | 5.125 | 11/15/2023 | 7,223,895 | ||||||||||||
5,269,000 | Tenneco, Inc. | 5.000 | 07/15/2026 | 4,939,688 | ||||||||||||
|
| |||||||||||||||
20,375,291 | ||||||||||||||||
|
| |||||||||||||||
Banks—1.2% | ||||||||||||||||
3,466,000 | CIT Group, Inc. | 5.000 | 08/15/2022 | 3,552,650 | ||||||||||||
3,314,000 | CIT Group, Inc. | 5.250 | 03/07/2025 | 3,392,708 | ||||||||||||
4,852,000 | Discover Bank | 7.000 | 04/15/2020 | 5,159,391 | ||||||||||||
|
| |||||||||||||||
12,104,749 | ||||||||||||||||
|
| |||||||||||||||
Building Materials—1.1% | ||||||||||||||||
2,432,000 | Griffon Corp. | 5.250 | 03/01/2022 | 2,440,391 | ||||||||||||
2,231,000 | Masco Corp. | 3.500 | 04/01/2021 | 2,232,026 | ||||||||||||
1,982,000 | Owens Corning | 4.200 | 12/15/2022 | 2,018,130 | ||||||||||||
2,435,000 | Owens Corning | 3.400 | 08/15/2026 | 2,288,381 | ||||||||||||
1,691,000 | US Concrete, Inc. | 6.375 | 06/01/2024 | 1,756,526 | ||||||||||||
|
| |||||||||||||||
10,735,454 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—3.0% | ||||||||||||||||
2,343,000 | A Schulman, Inc. | 6.875 | 06/01/2023 | 2,468,936 | ||||||||||||
3,490,000 | Blue Cube Spinco, Inc. | 9.750 | 10/15/2023 | 4,030,950 | ||||||||||||
3,173,000 | CF Industries, Inc. | 7.125 | 05/01/2020 | 3,391,144 | ||||||||||||
3,440,000 | CF Industries, Inc.(a) | 3.450 | 06/01/2023 | 3,280,900 | ||||||||||||
4,247,000 | Chemours Co. (The) | 6.625 | 05/15/2023 | 4,472,622 | ||||||||||||
5,949,000 | Huntsman International LLC | 4.875 | 11/15/2020 | 6,082,852 | ||||||||||||
3,204,000 | PolyOne Corp. | 5.250 | 03/15/2023 | 3,296,115 | ||||||||||||
2,900,000 | Valvoline, Inc. | 4.375 | 08/15/2025 | 2,787,625 | ||||||||||||
|
| |||||||||||||||
29,811,144 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services—3.1% | ||||||||||||||||
7,756,000 | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a) | 5.500 | 04/01/2023 | 7,707,525 | ||||||||||||
6,741,000 | Nielsen Finance LLC/Nielsen Finance Co. | 4.500 | 10/01/2020 | 6,766,548 | ||||||||||||
4,493,000 | R.R. Donnelley & Sons Co.(a) | 7.875 | 03/15/2021 | 4,717,650 | ||||||||||||
4,267,000 | Service Corp. International | 5.375 | 05/15/2024 | 4,401,411 | ||||||||||||
6,652,000 | United Rentals North America, Inc. | 5.750 | 11/15/2024 | 6,893,135 | ||||||||||||
|
| |||||||||||||||
30,486,269 | ||||||||||||||||
|
| |||||||||||||||
Computers—3.2% | ||||||||||||||||
3,072,000 | Diebold Nixdorf, Inc.(a) | 8.500 | 04/15/2024 | 3,198,720 | ||||||||||||
5,774,000 | Leidos Holdings, Inc. | 4.450 | 12/01/2020 | 5,817,305 | ||||||||||||
5,029,000 | NCR Corp. | 6.375 | 12/15/2023 | 5,217,587 | ||||||||||||
4,575,000 | Seagate HDD Cayman | 4.250 | 03/01/2022 | 4,548,490 | ||||||||||||
4,369,000 | Seagate HDD Cayman | 4.750 | 01/01/2025 | 4,245,053 | ||||||||||||
8,650,000 | Western Digital Corp. | 4.750 | 02/15/2026 | 8,536,469 | ||||||||||||
|
| |||||||||||||||
31,563,624 | ||||||||||||||||
|
| |||||||||||||||
Cosmetics/Personal Care—0.3% | ||||||||||||||||
3,526,000 | Edgewell Personal Care Co. | 4.700 | 05/24/2022 | 3,454,070 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Distribution/Wholesale—0.8% | ||||||||||||||||
$ | 2,883,000 | H&E Equipment Services, Inc. | 5.625 | % | 09/01/2025 | $ | 2,904,622 | |||||||||
4,685,000 | LKQ Corp. | 4.750 | 05/15/2023 | 4,668,837 | ||||||||||||
|
| |||||||||||||||
7,573,459 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—3.0% | ||||||||||||||||
1,697,000 | Aircastle Ltd. | 5.125 | 03/15/2021 | 1,747,910 | ||||||||||||
1,637,000 | Aircastle Ltd. | 5.000 | 04/01/2023 | 1,684,063 | ||||||||||||
10,306,000 | Ally Financial, Inc. | 8.000 | 03/15/2020 | 11,130,480 | ||||||||||||
5,272,000 | Discover Financial Services | 4.100 | 02/09/2027 | 5,108,991 | ||||||||||||
4,646,000 | Navient Corp., MTN | 8.000 | 03/25/2020 | 4,959,605 | ||||||||||||
5,007,000 | Navient Corp., MTN | 6.125 | 03/25/2024 | 5,038,294 | ||||||||||||
|
| |||||||||||||||
29,669,343 | ||||||||||||||||
|
| |||||||||||||||
Electric—2.4% | ||||||||||||||||
3,688,000 | AES Corp. | 5.500 | 03/15/2024 | 3,798,640 | ||||||||||||
5,010,000 | FirstEnergy Corp., Series A | 2.850 | 07/15/2022 | 4,830,532 | ||||||||||||
4,900,000 | FirstEnergy Corp., Series B | 3.900 | 07/15/2027 | 4,803,556 | ||||||||||||
6,802,000 | NRG Energy, Inc. | 6.625 | 01/15/2027 | 7,031,567 | ||||||||||||
1,819,000 | Vistra Energy Corp. | 6.750 | 11/01/2019 | 1,854,289 | ||||||||||||
1,857,000 | Vistra Energy Corp.(b) | 8.125 | 01/30/2026 | 2,042,700 | ||||||||||||
|
| |||||||||||||||
24,361,284 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment—0.5% | ||||||||||||||||
2,259,000 | WESCO Distribution, Inc. | 5.375 | 12/15/2021 | 2,301,356 | ||||||||||||
2,350,000 | WESCO Distribution, Inc. | 5.375 | 06/15/2024 | 2,382,313 | ||||||||||||
|
| |||||||||||||||
4,683,669 | ||||||||||||||||
|
| |||||||||||||||
Electronics—0.7% | ||||||||||||||||
3,248,000 | Jabil, Inc. | 4.700 | 09/15/2022 | 3,348,363 | ||||||||||||
3,500,000 | Jabil, Inc. | 3.950 | 01/12/2028 | 3,338,020 | ||||||||||||
|
| |||||||||||||||
6,686,383 | ||||||||||||||||
|
| |||||||||||||||
Engineering & Construction—1.0% | ||||||||||||||||
6,570,000 | AECOM | 5.125 | 03/15/2027 | 6,329,866 | ||||||||||||
4,091,000 | MasTec, Inc. | 4.875 | 03/15/2023 | 4,082,000 | ||||||||||||
|
| |||||||||||||||
10,411,866 | ||||||||||||||||
|
| |||||||||||||||
Entertainment—1.6% | ||||||||||||||||
3,811,000 | AMC Entertainment Holdings, Inc.(a) | 5.750 | 06/15/2025 | 3,710,961 | ||||||||||||
4,150,000 | Cinemark USA, Inc. | 4.875 | 06/01/2023 | 4,118,875 | ||||||||||||
1,904,000 | Eldorado Resorts, Inc. | 6.000 | 04/01/2025 | 1,896,860 | ||||||||||||
1,888,000 | GLP Capital LP/GLP Financing II, Inc. | 4.875 | 11/01/2020 | 1,939,354 | ||||||||||||
1,905,000 | GLP Capital LP/GLP Financing II, Inc. | 5.375 | 04/15/2026 | 1,924,050 | ||||||||||||
2,775,000 | Pinnacle Entertainment, Inc. | 5.625 | 05/01/2024 | 2,913,750 | ||||||||||||
|
| |||||||||||||||
16,503,850 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control—0.4% | ||||||||||||||||
3,771,000 | Covanta Holding Corp. | 5.875 | 03/01/2024 | 3,723,863 | ||||||||||||
|
| |||||||||||||||
Food—2.4% | ||||||||||||||||
1,436,925 | B&G Foods, Inc. | 4.625 | 06/01/2021 | 1,423,906 | ||||||||||||
1,494,000 | B&G Foods, Inc.(a) | 5.250 | 04/01/2025 | 1,370,745 | ||||||||||||
3,572,000 | Darling Ingredients, Inc. | 5.375 | 01/15/2022 | 3,647,905 | ||||||||||||
3,939,000 | Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. | 5.875 | 01/15/2024 | 4,076,865 | ||||||||||||
3,894,000 | Post Holdings, Inc.(b) | 5.750 | 03/01/2027 | 3,822,156 | ||||||||||||
5,473,000 | SUPERVALU, Inc.(a) | 7.750 | 11/15/2022 | 5,479,841 | ||||||||||||
3,769,000 | TreeHouse Foods, Inc. | 4.875 | 03/15/2022 | 3,759,578 | ||||||||||||
|
| |||||||||||||||
23,580,996 | ||||||||||||||||
|
| |||||||||||||||
Food Service—0.6% | ||||||||||||||||
6,380,000 | Aramark Services, Inc. | 4.750 | 06/01/2026 | 6,204,550 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Healthcare-Products—1.1% | ||||||||||||||||
$ | 4,025,000 | Becton Dickinson & Co. | 2.894 | % | 06/06/2022 | $ | 3,897,656 | |||||||||
4,200,000 | Becton Dickinson & Co. | 3.700 | 06/06/2027 | 3,985,961 | ||||||||||||
3,310,000 | Teleflex, Inc. | 4.625 | 11/15/2027 | 3,173,462 | ||||||||||||
|
| |||||||||||||||
11,057,079 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—7.8% | ||||||||||||||||
2,892,000 | Acadia Healthcare Co., Inc. | 5.625 | 02/15/2023 | 2,936,248 | ||||||||||||
7,392,000 | Centene Corp. | 6.125 | 02/15/2024 | 7,761,600 | ||||||||||||
7,400,000 | CHS/Community Health Systems, Inc. | 6.250 | 03/31/2023 | 6,789,500 | ||||||||||||
8,018,000 | DaVita, Inc. | 5.125 | 07/15/2024 | 7,782,471 | ||||||||||||
3,825,000 | Encompass Health Corp. | 5.750 | 11/01/2024 | 3,906,281 | ||||||||||||
4,397,000 | Envision Healthcare Corp. | 5.625 | 07/15/2022 | 4,429,977 | ||||||||||||
6,213,000 | HCA, Inc. | 6.500 | 02/15/2020 | 6,508,118 | ||||||||||||
6,455,000 | HCA, Inc. | 5.375 | 02/01/2025 | 6,438,862 | ||||||||||||
3,748,000 | Kindred Healthcare, Inc. | 8.000 | 01/15/2020 | 4,033,785 | ||||||||||||
2,332,000 | LifePoint Health, Inc. | 5.500 | 12/01/2021 | 2,346,575 | ||||||||||||
2,178,000 | LifePoint Health, Inc.(a) | 5.375 | 05/01/2024 | 2,082,713 | ||||||||||||
3,600,000 | Magellan Health, Inc. | 4.400 | 09/22/2024 | 3,542,856 | ||||||||||||
5,558,000 | Molina Healthcare, Inc. | 5.375 | 11/15/2022 | 5,585,790 | ||||||||||||
3,773,000 | Tenet Healthcare Corp. | 6.000 | 10/01/2020 | 3,908,073 | ||||||||||||
4,274,000 | Tenet Healthcare Corp.(b) | 5.125 | 05/01/2025 | 4,172,493 | ||||||||||||
5,735,000 | WellCare Health Plans, Inc. | 5.250 | 04/01/2025 | 5,778,586 | ||||||||||||
|
| |||||||||||||||
78,003,928 | ||||||||||||||||
|
| |||||||||||||||
Home Builders—2.5% | ||||||||||||||||
2,371,000 | Beazer Homes USA, Inc. | 5.875 | 10/15/2027 | 2,181,320 | ||||||||||||
1,300,000 | Century Communities, Inc. | 5.875 | 07/15/2025 | 1,239,875 | ||||||||||||
2,497,000 | KB Home | 7.000 | 12/15/2021 | 2,662,426 | ||||||||||||
2,649,000 | Lennar Corp. | 4.500 | 11/15/2019 | 2,688,735 | ||||||||||||
2,635,000 | Lennar Corp.(b) | 4.750 | 11/29/2027 | 2,496,662 | ||||||||||||
2,469,500 | PulteGroup, Inc. | 4.250 | 03/01/2021 | 2,488,268 | ||||||||||||
2,332,000 | PulteGroup, Inc. | 5.500 | 03/01/2026 | 2,378,523 | ||||||||||||
1,998,000 | Toll Brothers Finance Corp. | 5.875 | 02/15/2022 | 2,120,377 | ||||||||||||
2,022,000 | Toll Brothers Finance Corp. | 4.375 | 04/15/2023 | 2,029,583 | ||||||||||||
1,266,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 4.375 | 06/15/2019 | 1,273,913 | ||||||||||||
1,398,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 5.875 | 06/15/2024 | 1,424,213 | ||||||||||||
1,950,000 | William Lyon Homes, Inc. | 5.875 | 01/31/2025 | 1,904,273 | ||||||||||||
|
| |||||||||||||||
24,888,168 | ||||||||||||||||
|
| |||||||||||||||
Home Furnishings—0.3% | ||||||||||||||||
3,182,000 | Tempur Sealy International, Inc. | 5.500 | 06/15/2026 | 3,022,900 | ||||||||||||
|
| |||||||||||||||
Household Products/Wares—0.6% | ||||||||||||||||
5,898,000 | Spectrum Brands, Inc. | 5.750 | 07/15/2025 | 5,921,887 | ||||||||||||
|
| |||||||||||||||
Housewares—0.4% | ||||||||||||||||
3,647,000 | Scotts Miracle-Gro Co. (The) | 6.000 | 10/15/2023 | 3,833,106 | ||||||||||||
|
| |||||||||||||||
Insurance—2.0% | ||||||||||||||||
5,153,000 | CNO Financial Group, Inc. | 5.250 | 05/30/2025 | 5,217,413 | ||||||||||||
4,807,000 | Genworth Holdings, Inc.(a) | 7.625 | 09/24/2021 | 4,542,615 | ||||||||||||
5,834,000 | Genworth Holdings, Inc. | 4.800 | 02/15/2024 | 4,638,030 | ||||||||||||
2,760,000 | MGIC Investment Corp. | 5.750 | 08/15/2023 | 2,835,900 | ||||||||||||
2,790,000 | Radian Group, Inc. | 4.500 | 10/01/2024 | 2,678,400 | ||||||||||||
|
| |||||||||||||||
19,912,358 | ||||||||||||||||
|
| |||||||||||||||
Internet—2.4% | ||||||||||||||||
2,563,000 | Expedia Group, Inc. | 5.950 | 08/15/2020 | 2,705,016 | ||||||||||||
2,712,000 | Expedia Group, Inc. | 3.800 | 02/15/2028 | 2,478,669 | ||||||||||||
2,311,000 | NetFlix, Inc. | 5.375 | 02/01/2021 | 2,397,663 | ||||||||||||
2,628,000 | NetFlix, Inc.(a) | 4.375 | 11/15/2026 | 2,469,505 | ||||||||||||
7,863,000 | Symantec Corp. | 4.200 | 09/15/2020 | 7,972,858 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Internet (continued) | ||||||||||||||||
$ | 3,112,000 | VeriSign, Inc. | 4.625 | % | 05/01/2023 | $ | 3,135,340 | |||||||||
3,123,000 | Zayo Group LLC/Zayo Capital, Inc. | 6.375 | 05/15/2025 | 3,244,641 | ||||||||||||
|
| |||||||||||||||
24,403,692 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel—2.2% | ||||||||||||||||
3,685,000 | AK Steel Corp. | 7.500 | 07/15/2023 | 3,887,675 | ||||||||||||
1,654,000 | Allegheny Technologies, Inc. | 5.950 | 01/15/2021 | 1,687,080 | ||||||||||||
1,557,000 | Allegheny Technologies, Inc. | 7.875 | 08/15/2023 | 1,692,926 | ||||||||||||
4,789,000 | Cleveland-Cliffs, Inc.(b) | 5.750 | 03/01/2025 | 4,636,375 | ||||||||||||
2,488,000 | Steel Dynamics, Inc. | 5.125 | 10/01/2021 | 2,538,506 | ||||||||||||
2,547,000 | Steel Dynamics, Inc. | 5.500 | 10/01/2024 | 2,623,410 | ||||||||||||
2,630,000 | U.S. Steel Corp. | 6.875 | 08/15/2025 | 2,695,750 | ||||||||||||
2,479,000 | United States Steel Corp.(a) | 7.375 | 04/01/2020 | 2,636,169 | ||||||||||||
|
| |||||||||||||||
22,397,891 | ||||||||||||||||
|
| |||||||||||||||
Leisure Time—0.3% | ||||||||||||||||
2,820,000 | Vista Outdoor, Inc.(a) | 5.875 | 10/01/2023 | 2,643,750 | ||||||||||||
|
| |||||||||||||||
Lodging—2.0% | ||||||||||||||||
3,103,000 | Boyd Gaming Corp. | 6.375 | 04/01/2026 | 3,256,505 | ||||||||||||
3,255,000 | Choice Hotels International, Inc. | 5.750 | 07/01/2022 | 3,454,369 | ||||||||||||
5,569,000 | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | 4.625 | 04/01/2025 | 5,414,739 | ||||||||||||
3,502,000 | MGM Resorts International | 6.000 | 03/15/2023 | 3,672,722 | ||||||||||||
4,127,000 | MGM Resorts International | 4.625 | 09/01/2026 | 3,925,809 | ||||||||||||
|
| |||||||||||||||
19,724,144 | ||||||||||||||||
|
| |||||||||||||||
Media—5.1% | ||||||||||||||||
3,877,000 | AMC Networks, Inc. | 5.000 | 04/01/2024 | 3,799,460 | ||||||||||||
5,960,000 | Charter Communications Operating LLC/Charter Communications Operating Capital | 4.464 | 07/23/2022 | 6,082,017 | ||||||||||||
5,974,000 | Charter Communications Operating LLC/Charter Communications Operating Capital | 4.908 | 07/23/2025 | 6,078,921 | ||||||||||||
6,947,000 | Clear Channel Worldwide Holdings, Inc., Series B | 6.500 | 11/15/2022 | 7,146,726 | ||||||||||||
3,940,000 | DISH DBS Corp. | 6.750 | 06/01/2021 | 3,930,150 | ||||||||||||
4,041,000 | DISH DBS Corp. | 7.750 | 07/01/2026 | 3,689,938 | ||||||||||||
2,239,000 | LIN Television Corp. | 5.875 | 11/15/2022 | 2,311,767 | ||||||||||||
2,165,000 | McClatchy Co. (The)(a) | 9.000 | 12/15/2022 | 2,278,663 | ||||||||||||
3,046,000 | Meredith Corp.(b) | 6.875 | 02/01/2026 | 3,087,730 | ||||||||||||
3,639,050 | Sinclair Television Group, Inc. | 6.125 | 10/01/2022 | 3,757,319 | ||||||||||||
3,694,000 | TEGNA, Inc. | 6.375 | 10/15/2023 | 3,827,907 | ||||||||||||
4,507,000 | Tribune Media Co. | 5.875 | 07/15/2022 | 4,585,873 | ||||||||||||
|
| |||||||||||||||
50,576,471 | ||||||||||||||||
|
| |||||||||||||||
Mining—1.4% | ||||||||||||||||
5,483,000 | Freeport-McMoRan, Inc. | 3.550 | 03/01/2022 | 5,304,802 | ||||||||||||
5,384,000 | Freeport-McMoRan, Inc.(a) | 4.550 | 11/14/2024 | 5,222,480 | ||||||||||||
1,751,000 | Hecla Mining Co. | 6.875 | 05/01/2021 | 1,779,454 | ||||||||||||
1,932,000 | Kaiser Aluminum Corp. | 5.875 | 05/15/2024 | 1,994,790 | ||||||||||||
|
| |||||||||||||||
14,301,526 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—0.5% | ||||||||||||||||
5,064,000 | Trinity Industries, Inc. | 4.550 | 10/01/2024 | 4,956,814 | ||||||||||||
|
| |||||||||||||||
Office/Business Equipment—1.1% | ||||||||||||||||
5,852,000 | CDW LLC/CDW Finance Corp. | 5.000 | 09/01/2025 | 5,859,022 | ||||||||||||
2,597,000 | Pitney Bowes, Inc. | 3.625 | 10/01/2021 | 2,500,911 | ||||||||||||
2,759,000 | Pitney Bowes, Inc.(a) | 4.625 | 03/15/2024 | 2,538,280 | ||||||||||||
|
| |||||||||||||||
10,898,213 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—12.9% | ||||||||||||||||
4,750,000 | Anadarko Petroleum Corp. | 4.850 | 03/15/2021 | 4,923,636 | ||||||||||||
4,500,000 | Anadarko Petroleum Corp.(a) | 5.550 | 03/15/2026 | 4,858,353 | ||||||||||||
4,648,000 | Antero Resources Corp. | 5.625 | 06/01/2023 | 4,770,010 | ||||||||||||
1,249,000 | Callon Petroleum Co. | 6.125 | 10/01/2024 | 1,280,225 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Oil & Gas (continued) | ||||||||||||||||
$ | 1,453,000 | Carrizo Oil & Gas, Inc.(a) | 6.250 | % | 04/15/2023 | $ | 1,496,590 | |||||||||
4,988,000 | Concho Resources, Inc. | 4.375 | 01/15/2025 | 5,048,978 | ||||||||||||
5,961,000 | Continental Resources, Inc. | 3.800 | 06/01/2024 | 5,834,329 | ||||||||||||
3,400,000 | Devon Energy Corp. | 3.250 | 05/15/2022 | 3,360,999 | ||||||||||||
3,025,000 | Devon Energy Corp. | 5.850 | 12/15/2025 | 3,372,948 | ||||||||||||
5,356,000 | Diamond Offshore Drilling, Inc.(a) | 7.875 | 08/15/2025 | 5,516,680 | ||||||||||||
2,174,000 | Diamondback Energy, Inc. | 4.750 | 11/01/2024 | 2,170,630 | ||||||||||||
3,069,000 | Energen Corp. | 4.625 | 09/01/2021 | 3,053,655 | ||||||||||||
1,916,000 | Gulfport Energy Corp. | 6.000 | 10/15/2024 | 1,829,780 | ||||||||||||
9,025,000 | Hess Corp. | 4.300 | 04/01/2027 | 8,789,520 | ||||||||||||
1,630,000 | Laredo Petroleum, Inc. | 5.625 | 01/15/2022 | 1,654,450 | ||||||||||||
4,780,000 | Marathon Oil Corp. | 2.800 | 11/01/2022 | 4,579,702 | ||||||||||||
4,560,000 | Marathon Oil Corp. | 4.400 | 07/15/2027 | 4,604,511 | ||||||||||||
846,000 | Matador Resources Co. | 6.875 | 04/15/2023 | 886,185 | ||||||||||||
3,226,000 | Murphy Oil Corp.(a) | 4.450 | 12/01/2022 | 3,157,447 | ||||||||||||
3,213,000 | Murphy Oil Corp. | 5.750 | 08/15/2025 | 3,213,000 | ||||||||||||
5,595,000 | Murphy Oil USA, Inc. | 6.000 | 08/15/2023 | 5,797,819 | ||||||||||||
2,530,000 | Nabors Industries, Inc.(a) | 5.500 | 01/15/2023 | 2,490,709 | ||||||||||||
2,500,000 | Nabors Industries, Inc.(a)(b) | 5.750 | 02/01/2025 | 2,371,875 | ||||||||||||
1,115,000 | Newfield Exploration Co. | 5.750 | 01/30/2022 | 1,176,325 | ||||||||||||
1,319,000 | Newfield Exploration Co. | 5.625 | 07/01/2024 | 1,404,735 | ||||||||||||
5,978,000 | PBF Holding Co. LLC/PBF Finance Corp. | 7.250 | 06/15/2025 | 6,217,120 | ||||||||||||
2,440,000 | PDC Energy, Inc. | 6.125 | 09/15/2024 | 2,513,200 | ||||||||||||
1,749,000 | QEP Resources, Inc. | 6.875 | 03/01/2021 | 1,888,920 | ||||||||||||
1,989,000 | QEP Resources, Inc. | 5.250 | 05/01/2023 | 1,949,220 | ||||||||||||
2,016,000 | Range Resources Corp. | 5.000 | 03/15/2023 | 1,949,472 | ||||||||||||
2,088,000 | Range Resources Corp.(a) | 4.875 | 05/15/2025 | 1,943,145 | ||||||||||||
2,036,000 | Rowan Cos., Inc. | 4.875 | 06/01/2022 | 1,893,480 | ||||||||||||
1,871,000 | Rowan Cos., Inc. | 7.375 | 06/15/2025 | 1,819,547 | ||||||||||||
984,000 | RSP Permian, Inc. | 6.625 | 10/01/2022 | 1,028,280 | ||||||||||||
1,115,000 | RSP Permian, Inc. | 5.250 | 01/15/2025 | 1,156,812 | ||||||||||||
1,878,000 | SM Energy Co.(a) | 6.125 | 11/15/2022 | 1,906,170 | ||||||||||||
1,925,000 | SM Energy Co.(a) | 6.750 | 09/15/2026 | 1,968,312 | ||||||||||||
1,691,000 | Southwestern Energy Co.(a) | 4.100 | 03/15/2022 | 1,652,953 | ||||||||||||
1,663,000 | Southwestern Energy Co. | 6.700 | 01/23/2025 | 1,638,055 | ||||||||||||
880,000 | SRC Energy, Inc.(b) | 6.250 | 12/01/2025 | 893,200 | ||||||||||||
2,132,000 | Unit Corp. | 6.625 | 05/15/2021 | 2,142,660 | ||||||||||||
3,969,000 | Whiting Petroleum Corp.(b) | 6.625 | 01/15/2026 | 4,073,186 | ||||||||||||
1,935,000 | WPX Energy, Inc. | 6.000 | 01/15/2022 | 2,026,913 | ||||||||||||
1,953,000 | WPX Energy, Inc. | 5.250 | 09/15/2024 | 1,977,413 | ||||||||||||
|
| |||||||||||||||
128,281,149 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—1.0% | ||||||||||||||||
2,558,000 | Forum Energy Technologies, Inc. | 6.250 | 10/01/2021 | 2,558,000 | ||||||||||||
4,238,000 | Oceaneering International, Inc. | 4.650 | 11/15/2024 | 4,068,157 | ||||||||||||
3,296,000 | SESI LLC(b) | 7.750 | 09/15/2024 | 3,419,600 | ||||||||||||
|
| |||||||||||||||
10,045,757 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers—2.1% | ||||||||||||||||
2,847,000 | Ball Corp. | 4.375 | 12/15/2020 | 2,903,940 | ||||||||||||
3,072,000 | Ball Corp. | 4.000 | 11/15/2023 | 3,022,080 | ||||||||||||
4,832,000 | Berry Global, Inc. | 5.125 | 07/15/2023 | 4,880,320 | ||||||||||||
3,168,000 | Crown Americas LLC/Crown Americas Capital Corp. IV | 4.500 | 01/15/2023 | 3,124,440 | ||||||||||||
3,279,000 | Crown Americas LLC/Crown Americas Capital Corp. VI(b) | 4.750 | 02/01/2026 | 3,172,433 | ||||||||||||
3,789,000 | Graphic Packaging International LLC | 4.750 | 04/15/2021 | 3,845,835 | ||||||||||||
|
| |||||||||||||||
20,949,048 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—2.3% | ||||||||||||||||
3,413,000 | Cheniere Corpus Christi Holdings LLC | 5.875 | 03/31/2025 | 3,531,465 | ||||||||||||
2,827,000 | SemGroup Corp./Rose Rock Finance Corp. | 5.625 | 07/15/2022 | 2,749,258 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Pipelines (continued) | ||||||||||||||||
$ | 6,002,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 4.250 | % | 11/15/2023 | $ | 5,686,895 | |||||||||
5,564,000 | Williams Cos., Inc. (The) | 3.700 | 01/15/2023 | 5,409,321 | ||||||||||||
5,576,000 | Williams Cos., Inc. (The) | 4.550 | 06/24/2024 | 5,582,970 | ||||||||||||
|
| |||||||||||||||
22,959,909 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.3% | ||||||||||||||||
2,632,000 | Kennedy-Wilson, Inc. | 5.875 | 04/01/2024 | 2,605,680 | ||||||||||||
|
| |||||||||||||||
REITs—4.9% | ||||||||||||||||
4,910,000 | CBL & Associates LP(a) | 5.950 | 12/15/2026 | 3,943,734 | ||||||||||||
2,309,000 | CyrusOne LP/CyrusOne Finance Corp. | 5.000 | 03/15/2024 | 2,320,545 | ||||||||||||
5,409,000 | Equinix, Inc. | 5.375 | 05/15/2027 | 5,517,180 | ||||||||||||
3,403,000 | FelCor Lodging LP | 6.000 | 06/01/2025 | 3,496,582 | ||||||||||||
4,100,000 | GEO Group, Inc. (The) | 6.000 | 04/15/2026 | 4,060,230 | ||||||||||||
7,388,000 | Iron Mountain, Inc. | 5.750 | 08/15/2024 | 7,311,165 | ||||||||||||
2,063,000 | iStar, Inc. | 4.625 | 09/15/2020 | 2,060,421 | ||||||||||||
3,202,000 | MPT Operating Partnership LP/MPT Finance Corp. | 5.000 | 10/15/2027 | 3,041,900 | ||||||||||||
3,700,000 | RHP Hotel Properties LP/RHP Finance Corp. | 5.000 | 04/15/2023 | 3,727,750 | ||||||||||||
2,145,000 | Sabra Health Care LP/Sabra Capital Corp. | 5.500 | 02/01/2021 | 2,194,603 | ||||||||||||
4,218,000 | SBA Communications Corp. | 4.875 | 09/01/2024 | 4,065,098 | ||||||||||||
3,498,000 | Starwood Property Trust, Inc. | 5.000 | 12/15/2021 | 3,548,616 | ||||||||||||
3,608,000 | Starwood Property Trust, Inc.(b) | 4.750 | 03/15/2025 | 3,481,720 | ||||||||||||
|
| |||||||||||||||
48,769,544 | ||||||||||||||||
|
| |||||||||||||||
Retail—5.0% | ||||||||||||||||
3,952,000 | Asbury Automotive Group, Inc. | 6.000 | 12/15/2024 | 3,961,880 | ||||||||||||
7,407,000 | Gap, Inc. (The)(a) | 5.950 | 04/12/2021 | 7,801,664 | ||||||||||||
4,436,000 | Group 1 Automotive, Inc. | 5.000 | 06/01/2022 | 4,470,601 | ||||||||||||
4,788,000 | L Brands, Inc. | 5.625 | 02/15/2022 | 4,991,969 | ||||||||||||
4,452,000 | L Brands, Inc.(a) | 5.625 | 10/15/2023 | 4,646,775 | ||||||||||||
2,916,000 | Penske Automotive Group, Inc. | 5.750 | 10/01/2022 | 2,996,190 | ||||||||||||
2,865,000 | Penske Automotive Group, Inc. | 5.500 | 05/15/2026 | 2,786,212 | ||||||||||||
5,941,000 | QVC, Inc. | 4.375 | 03/15/2023 | 5,914,799 | ||||||||||||
3,979,000 | Sally Holdings LLC/Sally Capital, Inc.(a) | 5.625 | 12/01/2025 | 3,909,367 | ||||||||||||
8,782,000 | Yum! Brands, Inc. | 3.750 | 11/01/2021 | 8,727,113 | ||||||||||||
|
| |||||||||||||||
50,206,570 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors—1.3% | ||||||||||||||||
8,966,000 | Micron Technology, Inc. | 5.500 | 02/01/2025 | 9,369,470 | ||||||||||||
2,925,000 | Qorvo, Inc. | 7.000 | 12/01/2025 | 3,191,906 | ||||||||||||
|
| |||||||||||||||
12,561,376 | ||||||||||||||||
|
| |||||||||||||||
Software—1.0% | ||||||||||||||||
3,192,000 | CDK Global, Inc. | 4.875 | 06/01/2027 | 3,080,280 | ||||||||||||
3,697,000 | Citrix Systems, Inc. | 4.500 | 12/01/2027 | 3,594,195 | ||||||||||||
3,220,000 | Nuance Communications, Inc. | 5.625 | 12/15/2026 | 3,232,075 | ||||||||||||
|
| |||||||||||||||
9,906,550 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—3.5% | ||||||||||||||||
4,162,000 | Anixter, Inc. | 5.500 | 03/01/2023 | 4,333,682 | ||||||||||||
6,522,000 | CenturyLink, Inc., Series S | 6.450 | 06/15/2021 | 6,697,279 | ||||||||||||
6,318,000 | CenturyLink, Inc., Series Y(a) | 7.500 | 04/01/2024 | 6,460,155 | ||||||||||||
2,056,150 | Hughes Satellite Systems Corp. | 7.625 | 06/15/2021 | 2,212,931 | ||||||||||||
2,262,000 | Hughes Satellite Systems Corp. | 6.625 | 08/01/2026 | 2,250,690 | ||||||||||||
6,318,000 | T-Mobile USA, Inc. | 4.000 | 04/15/2022 | 6,333,795 | ||||||||||||
6,093,000 | T-Mobile USA, Inc. | 6.500 | 01/15/2026 | 6,490,995 | ||||||||||||
|
| |||||||||||||||
34,779,527 | ||||||||||||||||
|
| |||||||||||||||
Toys/Games/Hobbies—0.7% | ||||||||||||||||
7,890,000 | Mattel, Inc. | 2.350 | 08/15/2021 | 7,119,147 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $1,002,408,963) | 980,596,186 | |||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||||||||||
Money Market Fund—0.1% | ||||||||||||||||
657,047 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $657,047) | $ | 657,047 | |||||||||||||
|
| |||||||||||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,003,066,010)—98.5% | 981,253,233 | |||||||||||||||
|
| |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||||||||||
Money Market Fund—6.9% | ||||||||||||||||
68,703,956 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $68,703,956) | 68,703,956 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $1,071,769,966)—105.4% | 1,049,957,189 | |||||||||||||||
Other assets less liabilities—(5.4)% | (53,054,907 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 996,902,282 | ||||||||||||||
|
|
Investment Abbreviations:
MTN—Medium-Term Note
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(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 April 30, 2018 was $37,670,130, which represented 3.78% of the Fund’s Net Assets. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 10.4 | |||
Insurance | 6.2 | |||
Pharmaceuticals | 6.0 | |||
Retail | 5.9 | |||
Oil & Gas | 5.7 | |||
Electric | 5.6 | |||
REITs | 4.5 | |||
Diversified Financial Services | 4.0 | |||
Food | 3.0 | |||
Aerospace/Defense | 2.7 | |||
Software | 2.7 | |||
Telecommunications | 2.6 | |||
Semiconductors | 2.5 | |||
Media | 2.4 | |||
Computers | 2.3 | |||
Chemicals | 2.3 | |||
Healthcare-Services | 2.2 | |||
Transportation | 1.9 | |||
Electronics | 1.7 | |||
Agriculture | 1.7 | |||
Beverages | 1.6 | |||
Healthcare-Products | 1.6 | |||
Internet | 1.4 | |||
Miscellaneous Manufacturing | 1.4 | |||
Auto Manufacturers | 1.4 | |||
Biotechnology | 1.2 | |||
Cosmetics/Personal Care | 1.2 | |||
Commercial Services | 1.1 | |||
Oil & Gas Services | 1.0 | |||
Machinery-Diversified | 1.0 | |||
Pipelines | 0.9 |
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Building Materials | 0.6 | |||
Gas | 0.5 | |||
Apparel | 0.5 | |||
Environmental Control | 0.5 | |||
Iron/Steel | 0.5 | |||
Housewares | 0.4 | |||
Advertising | 0.4 | |||
Leisure Time | 0.4 | |||
Machinery-Construction & Mining | 0.4 | |||
Real Estate | 0.4 | |||
Engineering & Construction | 0.3 | |||
Textiles | 0.3 | |||
Hand/Machine Tools | 0.3 | |||
Lodging | 0.3 | |||
Forest Products & Paper | 0.3 | |||
Auto Parts & Equipment | 0.3 | |||
Savings & Loans | 0.3 | |||
Packaging & Containers | 0.3 | |||
Electrical Components & Equipment | 0.3 | |||
Airlines | 0.2 | |||
Home Builders | 0.2 | |||
Mining | 0.2 | |||
Water | 0.2 | |||
Office/Business Equipment | 0.2 | |||
Household Products/Wares | 0.2 | |||
Toys/Games/Hobbies | 0.1 | |||
Home Furnishings | 0.1 | |||
Shipbuilding | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.1 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—98.9% | ||||||||||||||||
Advertising—0.4% | ||||||||||||||||
$ | 100,000 | Interpublic Group of Cos., Inc. (The) | 3.750 | % | 02/15/2023 | $ | 99,160 | |||||||||
100,000 | Interpublic Group of Cos., Inc. (The) | 4.200 | 04/15/2024 | 100,730 | ||||||||||||
157,000 | Omnicom Group, Inc./Omnicom Capital, Inc. | 3.625 | 05/01/2022 | 157,287 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Advertising (continued) | ||||||||||||||||
$ | 100,000 | Omnicom Group, Inc./Omnicom Capital, Inc. | 3.600 | % | 04/15/2026 | $ | 95,909 | |||||||||
|
| |||||||||||||||
453,086 | ||||||||||||||||
|
| |||||||||||||||
Aerospace/Defense—2.7% | ||||||||||||||||
525,000 | Boeing Co. (The) | 4.875 | 02/15/2020 | 545,374 | ||||||||||||
200,000 | General Dynamics Corp. | 2.250 | 11/15/2022 | 191,278 | ||||||||||||
175,000 | General Dynamics Corp. | 2.625 | 11/15/2027 | 160,811 | ||||||||||||
130,000 | Harris Corp. | 3.832 | 04/27/2025 | 129,539 | ||||||||||||
100,000 | L3 Technologies, Inc. | 4.750 | 07/15/2020 | 103,467 | ||||||||||||
100,000 | L3 Technologies, Inc. | 3.850 | 12/15/2026 | 97,857 | ||||||||||||
190,000 | Lockheed Martin Corp. | 2.500 | 11/23/2020 | 187,872 | ||||||||||||
218,000 | Lockheed Martin Corp. | 3.550 | 01/15/2026 | 215,206 | �� | |||||||||||
202,000 | Northrop Grumman Corp. | 2.550 | 10/15/2022 | 194,844 | ||||||||||||
150,000 | Northrop Grumman Corp. | 3.250 | 01/15/2028 | 140,900 | ||||||||||||
327,000 | Raytheon Co. | 2.500 | 12/15/2022 | 316,991 | ||||||||||||
100,000 | Rockwell Collins, Inc. | 2.800 | 03/15/2022 | 97,189 | ||||||||||||
100,000 | Rockwell Collins, Inc. | 3.500 | 03/15/2027 | 95,153 | ||||||||||||
301,000 | United Technologies Corp. | 3.100 | 06/01/2022 | 297,354 | ||||||||||||
300,000 | United Technologies Corp. | 2.650 | 11/01/2026 | 271,261 | ||||||||||||
|
| |||||||||||||||
3,045,096 | ||||||||||||||||
|
| |||||||||||||||
Agriculture—1.7% | ||||||||||||||||
300,000 | Altria Group, Inc. | 2.850 | 08/09/2022 | 292,497 | ||||||||||||
257,000 | Altria Group, Inc. | 4.000 | 01/31/2024 | 260,395 | ||||||||||||
367,000 | Archer-Daniels-Midland Co. | 2.500 | 08/11/2026 | 334,111 | ||||||||||||
135,000 | Bunge Ltd. Finance Corp. | 8.500 | 06/15/2019 | 142,794 | ||||||||||||
200,000 | Bunge Ltd. Finance Corp. | 3.250 | 08/15/2026 | 183,771 | ||||||||||||
323,000 | Philip Morris International, Inc. | 2.500 | 11/02/2022 | 309,843 | ||||||||||||
393,000 | Philip Morris International, Inc. | 3.250 | 11/10/2024 | 381,889 | ||||||||||||
|
| |||||||||||||||
1,905,300 | ||||||||||||||||
|
| |||||||||||||||
Airlines—0.2% | ||||||||||||||||
237,000 | Southwest Airlines Co. | 2.650 | 11/05/2020 | 234,170 | ||||||||||||
|
| |||||||||||||||
Apparel— 0.5% | ||||||||||||||||
200,000 | NIKE, Inc. | 2.375 | 11/01/2026 | 182,944 | ||||||||||||
400,000 | VF Corp. | 3.500 | 09/01/2021 | 405,951 | ||||||||||||
|
| |||||||||||||||
588,895 | ||||||||||||||||
|
| |||||||||||||||
Auto Manufacturers—1.4% | ||||||||||||||||
300,000 | Ford Motor Credit Co. LLC | 5.875 | 08/02/2021 | 319,461 | ||||||||||||
300,000 | Ford Motor Credit Co. LLC | 4.134 | 08/04/2025 | 293,967 | ||||||||||||
300,000 | General Motors Co. | 4.875 | 10/02/2023 | 309,479 | ||||||||||||
350,000 | General Motors Financial Co., Inc. | 3.200 | 07/06/2021 | 345,927 | ||||||||||||
300,000 | PACCAR Financial Corp., MTN | 1.300 | 05/10/2019 | 296,241 | ||||||||||||
|
| |||||||||||||||
1,565,075 | ||||||||||||||||
|
| |||||||||||||||
Auto Parts & Equipment—0.3% | ||||||||||||||||
100,000 | BorgWarner, Inc. | 3.375 | 03/15/2025 | 97,610 | ||||||||||||
200,000 | Lear Corp. | 5.250 | 01/15/2025 | 210,699 | ||||||||||||
|
| |||||||||||||||
308,309 | ||||||||||||||||
|
| |||||||||||||||
Banks—10.4% | ||||||||||||||||
503,000 | Bank of America Corp., GMTN | 3.300 | 01/11/2023 | 497,555 | ||||||||||||
540,000 | Bank of America Corp., MTN | 4.200 | 08/26/2024 | 541,408 | ||||||||||||
269,000 | Bank of New York Mellon Corp. (The) | 3.550 | 09/23/2021 | 272,133 | ||||||||||||
239,000 | Bank of New York Mellon Corp. (The), MTN | 2.200 | 08/16/2023 | 224,422 | ||||||||||||
200,000 | BB&T Corp., MTN | 2.450 | 01/15/2020 | 198,291 | ||||||||||||
150,000 | Branch Banking & Trust Co. | 3.625 | 09/16/2025 | 147,825 | ||||||||||||
250,000 | Capital One Financial Corp. | 2.500 | 05/12/2020 | 246,314 | ||||||||||||
250,000 | Capital One Financial Corp. | 4.200 | 10/29/2025 | 244,609 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks (continued) | ||||||||||||||||
$ | 454,000 | Citigroup, Inc. | 4.500 | % | 01/14/2022 | $ | 470,762 | |||||||||
560,000 | Citigroup, Inc. | 3.200 | 10/21/2026 | 522,536 | ||||||||||||
350,000 | Citizens Bank NA, MTN | 2.450 | 12/04/2019 | 346,621 | ||||||||||||
100,000 | Comerica Bank, BKNT | 2.500 | 06/02/2020 | 98,947 | ||||||||||||
100,000 | Discover Bank | 4.200 | 08/08/2023 | 101,284 | ||||||||||||
250,000 | Discover Bank, BKNT | 3.100 | 06/04/2020 | 248,867 | ||||||||||||
200,000 | Fifth Third Bancorp | 4.300 | 01/16/2024 | 203,578 | ||||||||||||
100,000 | Fifth Third Bank, BKNT | 2.250 | 06/14/2021 | 97,278 | ||||||||||||
100,000 | First Horizon National Corp. | 3.500 | 12/15/2020 | 100,311 | ||||||||||||
250,000 | First Republic Bank | 2.500 | 06/06/2022 | 240,320 | ||||||||||||
350,000 | Goldman Sachs Group, Inc. (The) | 5.750 | 01/24/2022 | 376,846 | ||||||||||||
310,000 | Goldman Sachs Group, Inc. (The), GMTN | 4.000 | 03/03/2024 | 311,664 | ||||||||||||
202,000 | Huntington Bancshares, Inc. | 3.150 | 03/14/2021 | 201,281 | ||||||||||||
575,000 | JPMorgan Chase & Co. | 4.500 | 01/24/2022 | 596,834 | ||||||||||||
610,000 | JPMorgan Chase & Co. | 2.950 | 10/01/2026 | 565,197 | ||||||||||||
200,000 | KeyBank NA | 3.300 | 06/01/2025 | 194,213 | ||||||||||||
125,000 | KeyCorp, MTN | 5.100 | 03/24/2021 | 131,258 | ||||||||||||
100,000 | Manufacturers & Traders Trust Co. | 2.900 | 02/06/2025 | 95,769 | ||||||||||||
200,000 | Manufacturers & Traders Trust Co., BKNT | 2.300 | 01/30/2019 | 199,609 | ||||||||||||
300,000 | Morgan Stanley, GMTN | 2.750 | 05/19/2022 | 291,195 | ||||||||||||
350,000 | Morgan Stanley, Series F, GMTN | 3.875 | 04/29/2024 | 349,867 | ||||||||||||
152,000 | Northern Trust Corp. | 3.450 | 11/04/2020 | 153,952 | ||||||||||||
150,000 | Northern Trust Corp. | 3.950 | 10/30/2025 | 153,402 | ||||||||||||
250,000 | PNC Bank NA, BKNT | 2.150 | 04/29/2021 | 242,658 | ||||||||||||
250,000 | PNC Bank NA, BKNT | 3.100 | 10/25/2027 | 235,810 | ||||||||||||
300,000 | Regions Financial Corp. | 3.200 | 02/08/2021 | 298,672 | ||||||||||||
181,000 | State Street Corp. | 2.550 | 08/18/2020 | 179,658 | ||||||||||||
275,000 | State Street Corp. | 3.550 | 08/18/2025 | 273,797 | ||||||||||||
230,000 | SunTrust Bank, BKNT | 2.250 | 01/31/2020 | 227,161 | ||||||||||||
100,000 | SunTrust Bank, BKNT | 2.750 | 05/01/2023 | 96,269 | ||||||||||||
307,000 | U.S. Bancorp, Series V, MTN | 2.375 | 07/22/2026 | 275,635 | ||||||||||||
250,000 | U.S. Bank NA, BKNT | 2.125 | 10/28/2019 | 247,591 | ||||||||||||
585,000 | Wells Fargo & Co., MTN | 2.625 | 07/22/2022 | 563,300 | ||||||||||||
636,000 | Wells Fargo & Co. | 3.000 | 04/22/2026 | 587,978 | ||||||||||||
|
| |||||||||||||||
11,652,677 | ||||||||||||||||
|
| |||||||||||||||
Beverages—1.6% | ||||||||||||||||
350,000 | Coca-Cola Co. (The) | 1.650 | 11/01/2018 | 348,870 | ||||||||||||
300,000 | Coca-Cola Co. (The) | 2.875 | 10/27/2025 | 287,094 | ||||||||||||
125,000 | Constellation Brands, Inc. | 3.750 | 05/01/2021 | 126,528 | ||||||||||||
31,000 | Constellation Brands, Inc. | 4.250 | 05/01/2023 | 31,656 | ||||||||||||
178,000 | Dr Pepper Snapple Group, Inc. | 3.400 | 11/15/2025 | 168,214 | ||||||||||||
100,000 | Molson Coors Brewing Co. | 2.100 | 07/15/2021 | 95,922 | ||||||||||||
100,000 | Molson Coors Brewing Co. | 3.000 | 07/15/2026 | 91,724 | ||||||||||||
300,000 | PepsiCo, Inc. | 2.750 | 03/01/2023 | 294,124 | ||||||||||||
350,000 | PepsiCo, Inc. | 3.000 | 10/15/2027 | 331,604 | ||||||||||||
|
| |||||||||||||||
1,775,736 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology—1.2% | ||||||||||||||||
182,000 | Amgen, Inc. | 3.875 | 11/15/2021 | 185,261 | ||||||||||||
200,000 | Amgen, Inc. | 3.625 | 05/22/2024 | 199,573 | ||||||||||||
148,000 | Biogen, Inc. | 2.900 | 09/15/2020 | 147,380 | ||||||||||||
100,000 | Biogen, Inc. | 4.050 | 09/15/2025 | 100,388 | ||||||||||||
115,000 | Celgene Corp. | 2.875 | 08/15/2020 | 114,311 | ||||||||||||
150,000 | Celgene Corp. | 3.875 | 08/15/2025 | 147,405 | ||||||||||||
261,000 | Gilead Sciences, Inc. | 2.550 | 09/01/2020 | 259,108 | ||||||||||||
209,000 | Gilead Sciences, Inc. | 3.650 | 03/01/2026 | 206,913 | ||||||||||||
|
| |||||||||||||||
1,360,339 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Building Materials—0.6% | ||||||||||||||||
$ | 133,000 | Fortune Brands Home & Security, Inc. | 4.000 | % | 06/15/2025 | $ | 133,937 | |||||||||
287,000 | Johnson Controls International PLC | 3.900 | 02/14/2026 | 285,687 | ||||||||||||
100,000 | Martin Marietta Materials, Inc. | 3.500 | 12/15/2027 | 93,990 | ||||||||||||
140,000 | Masco Corp. | 4.375 | 04/01/2026 | 141,313 | ||||||||||||
|
| |||||||||||||||
654,927 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—2.3% | ||||||||||||||||
100,000 | Celanese US Holdings LLC | 4.625 | 11/15/2022 | 103,250 | ||||||||||||
100,000 | Eastman Chemical Co. | 3.600 | 08/15/2022 | 99,943 | ||||||||||||
100,000 | Eastman Chemical Co. | 3.800 | 03/15/2025 | 100,288 | ||||||||||||
450,000 | EI du Pont de Nemours & Co. | 2.200 | 05/01/2020 | 443,743 | ||||||||||||
250,000 | LyondellBasell Industries NV | 5.000 | 04/15/2019 | 253,654 | ||||||||||||
200,000 | LyondellBasell Industries NV | 5.750 | 04/15/2024 | 217,899 | ||||||||||||
170,000 | Monsanto Co. | 2.125 | 07/15/2019 | 168,520 | ||||||||||||
100,000 | Monsanto Co. | 3.375 | 07/15/2024 | 97,163 | ||||||||||||
100,000 | Mosaic Co. (The) | 3.250 | 11/15/2022 | 96,750 | ||||||||||||
100,000 | Mosaic Co. (The) | 4.250 | 11/15/2023 | 100,315 | ||||||||||||
230,000 | PPG Industries, Inc. | 3.600 | 11/15/2020 | 233,113 | ||||||||||||
100,000 | PPG Industries, Inc. | 3.750 | 03/15/2028 | 99,282 | ||||||||||||
120,000 | Praxair, Inc. | 4.500 | 08/15/2019 | 122,571 | ||||||||||||
95,000 | Praxair, Inc. | 3.200 | 01/30/2026 | 92,426 | ||||||||||||
128,000 | Sherwin-Williams Co. (The) | 2.250 | 05/15/2020 | 125,858 | ||||||||||||
100,000 | Sherwin-Williams Co. (The) | 3.450 | 06/01/2027 | 94,682 | ||||||||||||
159,000 | Westlake Chemical Corp. | 3.600 | 08/15/2026 | 151,127 | ||||||||||||
|
| |||||||||||||||
2,600,584 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services—1.1% | ||||||||||||||||
166,000 | Automatic Data Processing, Inc. | 2.250 | 09/15/2020 | 164,229 | ||||||||||||
150,000 | Automatic Data Processing, Inc. | 3.375 | 09/15/2025 | 149,094 | ||||||||||||
100,000 | Block Financial LLC | 4.125 | 10/01/2020 | 101,336 | ||||||||||||
173,000 | Ecolab, Inc. | 4.350 | 12/08/2021 | 179,668 | ||||||||||||
100,000 | Ecolab, Inc. | 2.700 | 11/01/2026 | 92,555 | ||||||||||||
157,000 | Equifax, Inc. | 3.300 | 12/15/2022 | 153,895 | ||||||||||||
100,000 | Total System Services, Inc. | 3.800 | 04/01/2021 | 100,533 | ||||||||||||
50,000 | Total System Services, Inc. | 4.800 | 04/01/2026 | 52,082 | ||||||||||||
125,000 | Verisk Analytics, Inc. | 4.000 | 06/15/2025 | 124,353 | ||||||||||||
100,000 | Western Union Co. (The) | 3.600 | 03/15/2022 | 99,056 | ||||||||||||
|
| |||||||||||||||
1,216,801 | ||||||||||||||||
|
| |||||||||||||||
Computers—2.3% | ||||||||||||||||
490,000 | Apple, Inc. | 2.400 | 05/03/2023 | 471,143 | ||||||||||||
560,000 | Apple, Inc. | 3.250 | 02/23/2026 | 546,683 | ||||||||||||
179,000 | Hewlett Packard Enterprise Co. | 3.600 | 10/15/2020 | 180,384 | ||||||||||||
178,000 | Hewlett Packard Enterprise Co. | 4.900 | 10/15/2025 | 183,116 | ||||||||||||
352,000 | HP, Inc. | 4.650 | 12/09/2021 | 366,088 | ||||||||||||
350,000 | International Business Machines Corp. | 1.625 | 05/15/2020 | 341,863 | ||||||||||||
400,000 | International Business Machines Corp. | 3.625 | 02/12/2024 | 401,191 | ||||||||||||
137,000 | NetApp, Inc. | 3.375 | 06/15/2021 | 136,334 | ||||||||||||
|
| |||||||||||||||
2,626,802 | ||||||||||||||||
|
| |||||||||||||||
Cosmetics/Personal Care—1.2% | ||||||||||||||||
150,000 | Colgate-Palmolive Co., MTN | 2.300 | 05/03/2022 | 145,914 | ||||||||||||
100,000 | Colgate-Palmolive Co., MTN | 3.250 | 03/15/2024 | 99,877 | ||||||||||||
200,000 | Estee Lauder Cos., Inc. (The) | 1.800 | 02/07/2020 | 196,169 | ||||||||||||
100,000 | Estee Lauder Cos., Inc. (The) | 3.150 | 03/15/2027 | 96,843 | ||||||||||||
376,000 | Procter & Gamble Co. (The) | 2.150 | 08/11/2022 | 362,421 | ||||||||||||
400,000 | Procter & Gamble Co. (The) | 3.100 | 08/15/2023 | 399,976 | ||||||||||||
|
| |||||||||||||||
1,301,200 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Diversified Financial Services—4.0% | ||||||||||||||||
$ | 300,000 | American Express Co. | 2.500 | % | 08/01/2022 | $ | 288,118 | |||||||||
240,000 | American Express Credit Corp., MTN | 3.300 | 05/03/2027 | 229,765 | ||||||||||||
150,000 | Ameriprise Financial, Inc. | 5.300 | 03/15/2020 | 155,801 | ||||||||||||
150,000 | Ameriprise Financial, Inc. | 4.000 | 10/15/2023 | 153,754 | ||||||||||||
320,000 | BlackRock, Inc. | 3.500 | 03/18/2024 | 319,163 | ||||||||||||
177,000 | BlackRock, Inc., Series 2 | 5.000 | 12/10/2019 | 183,189 | ||||||||||||
71,000 | Cboe Global Markets, Inc. | 3.650 | 01/12/2027 | 68,624 | ||||||||||||
170,000 | Charles Schwab Corp. (The) | 4.450 | 07/22/2020 | 175,182 | ||||||||||||
150,000 | Charles Schwab Corp. (The) | 3.200 | 03/02/2027 | 143,836 | ||||||||||||
100,000 | CME Group, Inc. | 3.000 | 09/15/2022 | 98,793 | ||||||||||||
150,000 | CME Group, Inc. | 3.000 | 03/15/2025 | 144,914 | ||||||||||||
150,000 | E*TRADE Financial Corp. | 2.950 | 08/24/2022 | 145,496 | ||||||||||||
460,000 | GE Capital International Funding Co. Unlimited Co. | 2.342 | 11/15/2020 | 449,706 | ||||||||||||
500,000 | GE Capital International Funding Co. Unlimited Co. | 3.373 | 11/15/2025 | 477,857 | ||||||||||||
150,000 | Intercontinental Exchange, Inc. | 2.750 | 12/01/2020 | �� | 148,676 | |||||||||||
150,000 | Intercontinental Exchange, Inc. | 3.750 | 12/01/2025 | 150,342 | ||||||||||||
119,000 | Mastercard, Inc. | 2.000 | 11/21/2021 | 115,482 | ||||||||||||
100,000 | Mastercard, Inc. | 3.375 | 04/01/2024 | 100,238 | ||||||||||||
100,000 | Nasdaq, Inc. | 5.550 | 01/15/2020 | 103,928 | ||||||||||||
100,000 | Nasdaq, Inc. | 4.250 | 06/01/2024 | 100,977 | ||||||||||||
200,000 | Raymond James Financial, Inc. | 3.625 | 09/15/2026 | 193,987 | ||||||||||||
100,000 | TD Ameritrade Holding Corp. | 2.950 | 04/01/2022 | 98,342 | ||||||||||||
97,000 | TD Ameritrade Holding Corp. | 3.300 | 04/01/2027 | 93,779 | ||||||||||||
224,000 | Visa, Inc. | 2.200 | 12/14/2020 | 220,735 | ||||||||||||
180,000 | Visa, Inc. | 3.150 | 12/14/2025 | 175,703 | ||||||||||||
|
| |||||||||||||||
4,536,387 | ||||||||||||||||
|
| |||||||||||||||
Electric—5.6% | ||||||||||||||||
200,000 | American Electric Power Co., Inc. | 3.200 | 11/13/2027 | 187,898 | ||||||||||||
200,000 | Arizona Public Service Co. | 8.750 | 03/01/2019 | 209,997 | ||||||||||||
200,000 | Avangrid, Inc. | 3.150 | 12/01/2024 | 192,233 | ||||||||||||
256,000 | Consolidated Edison Co. of New York, Inc. | 7.125 | 12/01/2018 | 262,148 | ||||||||||||
200,000 | Consumers Energy Co. | 6.700 | 09/15/2019 | 211,267 | ||||||||||||
158,000 | Dominion Energy, Inc. | 2.579 | 07/01/2020 | 155,629 | ||||||||||||
140,000 | Dominion Energy, Inc. | 3.900 | 10/01/2025 | 138,659 | ||||||||||||
300,000 | DTE Energy Co. | 2.850 | 10/01/2026 | 273,193 | ||||||||||||
250,000 | Duke Energy Corp. | 1.800 | 09/01/2021 | 237,684 | ||||||||||||
277,000 | Duke Energy Corp. | 2.650 | 09/01/2026 | 251,524 | ||||||||||||
125,000 | Entergy Corp. | 4.000 | 07/15/2022 | 126,759 | ||||||||||||
202,000 | Entergy Corp. | 2.950 | 09/01/2026 | 185,947 | ||||||||||||
205,000 | Eversource Energy, Series K | 2.750 | 03/15/2022 | 199,824 | ||||||||||||
200,000 | Exelon Corp. | 3.950 | 06/15/2025 | 198,850 | ||||||||||||
200,000 | Exelon Generation Co. LLC | 2.950 | 01/15/2020 | 199,363 | ||||||||||||
200,000 | Interstate Power & Light Co. | 3.250 | 12/01/2024 | 195,854 | ||||||||||||
200,000 | Nextera Energy Capital Holdings, Inc. | 2.800 | 01/15/2023 | 193,285 | ||||||||||||
301,000 | Nextera Energy Capital Holdings, Inc. | 3.550 | 05/01/2027 | 289,743 | ||||||||||||
100,000 | NSTAR Electric Co. | 3.200 | 05/15/2027 | 96,325 | ||||||||||||
130,000 | Ohio Power Co., Series M | 5.375 | 10/01/2021 | 138,602 | ||||||||||||
185,000 | Pacific Gas & Electric Co. | 3.500 | 10/01/2020 | 185,496 | ||||||||||||
150,000 | Pacific Gas & Electric Co.(a) | 3.300 | 12/01/2027 | 140,110 | ||||||||||||
301,000 | PPL Capital Funding, Inc. | 3.400 | 06/01/2023 | 296,240 | ||||||||||||
200,000 | PSEG Power LLC | 3.000 | 06/15/2021 | 198,432 | ||||||||||||
150,000 | Public Service Electric & Gas Co., MTN | 2.375 | 05/15/2023 | 143,402 | ||||||||||||
126,000 | Sempra Energy | 2.400 | 03/15/2020 | 124,374 | ||||||||||||
150,000 | Sempra Energy | 3.250 | 06/15/2027 | 140,917 | ||||||||||||
157,000 | Southern California Edison Co. | 3.875 | 06/01/2021 | 160,060 | ||||||||||||
124,000 | Southern California Edison Co., Series C | 3.500 | 10/01/2023 | 124,280 | ||||||||||||
235,000 | Southern Co. (The) | 2.350 | 07/01/2021 | 228,531 | ||||||||||||
202,000 | Southern Co. (The) | 3.250 | 07/01/2026 | 190,134 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Electric (continued) | ||||||||||||||||
$ | 254,000 | WEC Energy Group, Inc. | 3.550 | % | 06/15/2025 | $ | 249,902 | |||||||||
118,000 | Xcel Energy, Inc. | 4.700 | 05/15/2020 | 121,036 | ||||||||||||
100,000 | Xcel Energy, Inc. | 3.300 | 06/01/2025 | 97,170 | ||||||||||||
|
| |||||||||||||||
6,344,868 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment—0.3% | ||||||||||||||||
100,000 | Emerson Electric Co. | 2.625 | 02/15/2023 | 96,756 | ||||||||||||
200,000 | Emerson Electric Co. | 3.150 | 06/01/2025 | 195,980 | ||||||||||||
|
| |||||||||||||||
292,736 | ||||||||||||||||
|
| |||||||||||||||
Electronics—1.7% | ||||||||||||||||
100,000 | Agilent Technologies, Inc. | 5.000 | 07/15/2020 | 104,026 | ||||||||||||
100,000 | Agilent Technologies, Inc. | 3.875 | 07/15/2023 | 100,692 | ||||||||||||
150,000 | Amphenol Corp. | 2.550 | 01/30/2019 | 149,854 | ||||||||||||
250,000 | Arrow Electronics, Inc. | 3.875 | 01/12/2028 | 235,845 | ||||||||||||
200,000 | Avnet, Inc. | 4.625 | 04/15/2026 | 197,741 | ||||||||||||
100,000 | Flex Ltd. | 5.000 | 02/15/2023 | 103,893 | ||||||||||||
150,000 | Flex Ltd. | 4.750 | 06/15/2025 | 154,418 | ||||||||||||
100,000 | Fortive Corp. | 2.350 | 06/15/2021 | 97,023 | ||||||||||||
100,000 | Fortive Corp. | 3.150 | 06/15/2026 | 94,425 | ||||||||||||
195,000 | Honeywell International, Inc. | 1.850 | 11/01/2021 | 187,588 | ||||||||||||
200,000 | Honeywell International, Inc. | 2.500 | 11/01/2026 | 183,332 | ||||||||||||
100,000 | Keysight Technologies, Inc. | 4.600 | 04/06/2027 | 101,134 | ||||||||||||
100,000 | Tech Data Corp. | 3.700 | 02/15/2022 | 98,534 | ||||||||||||
111,000 | Tech Data Corp. | 4.950 | 02/15/2027 | 108,653 | ||||||||||||
|
| |||||||||||||||
1,917,158 | ||||||||||||||||
|
| |||||||||||||||
Engineering & Construction—0.3% | ||||||||||||||||
100,000 | Fluor Corp. | 3.375 | 09/15/2021 | 99,949 | ||||||||||||
300,000 | Fluor Corp. | 3.500 | 12/15/2024 | 297,134 | ||||||||||||
|
| |||||||||||||||
397,083 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control—0.5% | ||||||||||||||||
100,000 | Republic Services, Inc. | 3.550 | 06/01/2022 | 100,167 | ||||||||||||
200,000 | Republic Services, Inc. | 2.900 | 07/01/2026 | 186,252 | ||||||||||||
100,000 | Waste Management, Inc. | 4.750 | 06/30/2020 | 103,625 | ||||||||||||
200,000 | Waste Management, Inc. | 3.150 | 11/15/2027 | 188,143 | ||||||||||||
|
| |||||||||||||||
578,187 | ||||||||||||||||
|
| |||||||||||||||
Food—3.0% | ||||||||||||||||
100,000 | Campbell Soup Co. | 3.650 | 03/15/2023 | 99,415 | ||||||||||||
100,000 | Campbell Soup Co. | 4.150 | 03/15/2028 | 97,449 | ||||||||||||
197,000 | Conagra Brands, Inc. | 3.200 | 01/25/2023 | 193,565 | ||||||||||||
200,000 | General Mills, Inc. | 3.150 | 12/15/2021 | 198,442 | ||||||||||||
200,000 | General Mills, Inc. | 3.200 | 02/10/2027 | 185,298 | ||||||||||||
221,000 | Hershey Co. (The) | 2.300 | 08/15/2026 | 198,787 | ||||||||||||
100,000 | JM Smucker Co. (The) | 3.500 | 10/15/2021 | 100,681 | ||||||||||||
100,000 | JM Smucker Co. (The) | 3.500 | 03/15/2025 | 97,332 | ||||||||||||
143,000 | Kellogg Co. | 4.000 | 12/15/2020 | 146,104 | ||||||||||||
155,000 | Kellogg Co. | 3.250 | 04/01/2026 | 146,642 | ||||||||||||
206,000 | Kraft Heinz Foods Co. | 3.500 | 06/06/2022 | 205,600 | ||||||||||||
220,000 | Kraft Heinz Foods Co. | 3.950 | 07/15/2025 | 217,059 | ||||||||||||
200,000 | Kroger Co. (The) | 6.150 | 01/15/2020 | 210,523 | ||||||||||||
200,000 | Kroger Co. (The) | 2.650 | 10/15/2026 | 177,353 | ||||||||||||
100,000 | McCormick & Co., Inc. | 2.700 | 08/15/2022 | 96,387 | ||||||||||||
100,000 | McCormick & Co., Inc. | 3.400 | 08/15/2027 | 94,797 | ||||||||||||
100,000 | Mondelez International, Inc. | 5.375 | 02/10/2020 | 103,749 | ||||||||||||
200,000 | Mondelez International, Inc. | 4.000 | 02/01/2024 | 203,164 | ||||||||||||
155,000 | Sysco Corp. | 2.600 | 10/01/2020 | 153,330 | ||||||||||||
170,000 | Sysco Corp. | 3.300 | 07/15/2026 | 162,782 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Food (continued) | ||||||||||||||||
$ | 147,000 | Tyson Foods, Inc. | 2.650 | % | 08/15/2019 | $ | 146,408 | |||||||||
100,000 | Tyson Foods, Inc. | 3.950 | 08/15/2024 | 99,925 | ||||||||||||
|
| |||||||||||||||
3,334,792 | ||||||||||||||||
|
| |||||||||||||||
Forest Products & Paper—0.3% | ||||||||||||||||
100,000 | International Paper Co. | 4.750 | 02/15/2022 | 104,108 | ||||||||||||
267,000 | International Paper Co. | 3.000 | 02/15/2027 | 242,597 | ||||||||||||
|
| |||||||||||||||
346,705 | ||||||||||||||||
|
| |||||||||||||||
Gas—0.5% | ||||||||||||||||
200,000 | Atmos Energy Corp. | 3.000 | 06/15/2027 | 190,307 | ||||||||||||
100,000 | CenterPoint Energy Resources Corp. | 4.500 | 01/15/2021 | 102,703 | ||||||||||||
100,000 | National Fuel Gas Co. | 3.750 | 03/01/2023 | 98,987 | ||||||||||||
100,000 | NiSource, Inc. | 2.650 | 11/17/2022 | 96,207 | ||||||||||||
125,000 | NiSource, Inc. | 3.490 | 05/15/2027 | 120,014 | ||||||||||||
|
| |||||||||||||||
608,218 | ||||||||||||||||
|
| |||||||||||||||
Hand/Machine Tools—0.3% | ||||||||||||||||
400,000 | Stanley Black & Decker, Inc. | 2.900 | 11/01/2022 | 391,506 | ||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.6% | ||||||||||||||||
100,000 | Abbott Laboratories | 2.900 | 11/30/2021 | 98,691 | ||||||||||||
300,000 | Abbott Laboratories | 3.750 | 11/30/2026 | 296,363 | ||||||||||||
250,000 | Baxter International, Inc. | 2.600 | 08/15/2026 | 225,685 | ||||||||||||
100,000 | Boston Scientific Corp. | 6.000 | 01/15/2020 | 104,463 | ||||||||||||
100,000 | Boston Scientific Corp. | 4.000 | 03/01/2028 | 99,192 | ||||||||||||
25,000 | Danaher Corp. | 2.400 | 09/15/2020 | 24,725 | ||||||||||||
100,000 | Danaher Corp. | 3.350 | 09/15/2025 | 99,220 | ||||||||||||
150,000 | Edwards Lifesciences Corp. | 2.875 | 10/15/2018 | 150,218 | ||||||||||||
100,000 | Stryker Corp. | 2.625 | 03/15/2021 | 98,723 | ||||||||||||
150,000 | Stryker Corp. | 3.500 | 03/15/2026 | 147,810 | ||||||||||||
126,000 | Thermo Fisher Scientific, Inc. | 4.500 | 03/01/2021 | 130,390 | ||||||||||||
100,000 | Thermo Fisher Scientific, Inc. | 4.150 | 02/01/2024 | 101,996 | ||||||||||||
79,000 | Zimmer Biomet Holdings, Inc. | 2.700 | 04/01/2020 | 78,285 | ||||||||||||
100,000 | Zimmer Biomet Holdings, Inc. | 3.550 | 04/01/2025 | 96,471 | ||||||||||||
|
| |||||||||||||||
1,752,232 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—2.2% | ||||||||||||||||
199,000 | Aetna, Inc. | 2.800 | 06/15/2023 | 190,211 | ||||||||||||
235,000 | Anthem, Inc. | 3.125 | 05/15/2022 | 230,039 | ||||||||||||
200,000 | Anthem, Inc. | 3.500 | 08/15/2024 | 194,708 | ||||||||||||
150,000 | Cigna Corp. | 4.000 | 02/15/2022 | 152,332 | ||||||||||||
153,000 | Cigna Corp. | 3.250 | 04/15/2025 | 144,754 | ||||||||||||
200,000 | Coventry Health Care, Inc. | 5.450 | 06/15/2021 | 211,067 | ||||||||||||
150,000 | Humana, Inc. | 3.150 | 12/01/2022 | 148,034 | ||||||||||||
153,000 | Humana, Inc. | 3.950 | 03/15/2027 | 151,261 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 4.625 | 11/15/2020 | 103,189 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 3.600 | 02/01/2025 | 97,600 | ||||||||||||
50,000 | Quest Diagnostics, Inc. | 4.700 | 04/01/2021 | 51,852 | ||||||||||||
100,000 | Quest Diagnostics, Inc. | 3.500 | 03/30/2025 | 97,547 | ||||||||||||
332,000 | UnitedHealth Group, Inc. | 2.700 | 07/15/2020 | 330,629 | ||||||||||||
350,000 | UnitedHealth Group, Inc. | 3.100 | 03/15/2026 | 334,446 | ||||||||||||
|
| |||||||||||||||
2,437,669 | ||||||||||||||||
|
| |||||||||||||||
Home Builders—0.2% | ||||||||||||||||
100,000 | Dr Horton, Inc. | 4.000 | 02/15/2020 | 101,388 | ||||||||||||
100,000 | NVR, Inc. | 3.950 | 09/15/2022 | 101,071 | ||||||||||||
|
| |||||||||||||||
202,459 | ||||||||||||||||
|
| |||||||||||||||
Home Furnishings—0.1% | ||||||||||||||||
100,000 | Leggett & Platt, Inc. | 3.500 | 11/15/2027 | 95,079 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Household Products/Wares—0.2% | ||||||||||||||||
$ | 74,000 | Clorox Co. (The) | 3.050 | % | 09/15/2022 | $ | 73,063 | |||||||||
100,000 | Clorox Co. (The) | 3.500 | 12/15/2024 | 99,919 | ||||||||||||
|
| |||||||||||||||
172,982 | ||||||||||||||||
|
| |||||||||||||||
Housewares—0.4% | ||||||||||||||||
200,000 | Newell Brands, Inc. | 3.150 | 04/01/2021 | 198,001 | ||||||||||||
91,000 | Newell Brands, Inc. | 3.850 | 04/01/2023 | 90,381 | ||||||||||||
100,000 | Newell Brands, Inc. | 4.200 | 04/01/2026 | 98,290 | ||||||||||||
100,000 | Tupperware Brands Corp. | 4.750 | 06/01/2021 | 102,303 | ||||||||||||
|
| |||||||||||||||
488,975 | ||||||||||||||||
|
| |||||||||||||||
Insurance—6.2% | ||||||||||||||||
400,000 | Aflac, Inc. | 3.625 | 06/15/2023 | 403,804 | ||||||||||||
355,000 | Allstate Corp. (The) | 3.150 | 06/15/2023 | 350,352 | ||||||||||||
300,000 | American International Group, Inc. | 4.875 | 06/01/2022 | 314,360 | ||||||||||||
300,000 | American International Group, Inc. | 3.900 | 04/01/2026 | 293,818 | ||||||||||||
525,000 | Berkshire Hathaway, Inc. | 2.750 | 03/15/2023 | 512,027 | ||||||||||||
511,000 | Berkshire Hathaway, Inc. | 3.125 | 03/15/2026 | 492,841 | ||||||||||||
350,000 | Brighthouse Financial, Inc.(a) | 3.700 | 06/22/2027 | 317,504 | ||||||||||||
100,000 | Brown & Brown, Inc. | 4.200 | 09/15/2024 | 101,087 | ||||||||||||
200,000 | Chubb INA Holdings, Inc. | 2.300 | 11/03/2020 | 196,444 | ||||||||||||
200,000 | Chubb INA Holdings, Inc. | 3.350 | 05/03/2026 | 194,827 | ||||||||||||
350,000 | Hartford Financial Services Group, Inc. (The) | 5.125 | 04/15/2022 | 371,223 | ||||||||||||
350,000 | Lincoln National Corp. | 3.800 | 03/01/2028 | 341,019 | ||||||||||||
265,000 | Loews Corp. | 2.625 | 05/15/2023 | 254,241 | ||||||||||||
130,000 | Marsh & McLennan Cos., Inc. | 4.800 | 07/15/2021 | 135,381 | ||||||||||||
114,000 | Marsh & McLennan Cos., Inc. | 3.750 | 03/14/2026 | 112,623 | ||||||||||||
355,000 | MetLife, Inc. | 4.750 | 02/08/2021 | 369,346 | ||||||||||||
350,000 | MetLife, Inc. | 3.600 | 04/10/2024 | 350,429 | ||||||||||||
200,000 | Old Republic International Corp. | 3.875 | 08/26/2026 | 193,669 | ||||||||||||
143,000 | Progressive Corp. (The) | 3.750 | 08/23/2021 | 145,568 | ||||||||||||
132,000 | Progressive Corp. (The) | 2.450 | 01/15/2027 | 119,536 | ||||||||||||
350,000 | Prudential Financial, Inc., MTN | 3.500 | 05/15/2024 | 349,300 | ||||||||||||
300,000 | Prudential Financial, Inc., Series D, MTN | 7.375 | 06/15/2019 | 314,758 | ||||||||||||
382,000 | Travelers Cos., Inc. (The) | 3.900 | 11/01/2020 | 388,783 | ||||||||||||
316,000 | Voya Financial, Inc. | 3.650 | 06/15/2026 | 302,419 | ||||||||||||
|
| |||||||||||||||
6,925,359 | ||||||||||||||||
|
| |||||||||||||||
Internet—1.4% | ||||||||||||||||
338,000 | Alphabet, Inc. | 3.625 | 05/19/2021 | 346,168 | ||||||||||||
307,000 | Alphabet, Inc. | 1.998 | 08/15/2026 | 274,824 | ||||||||||||
300,000 | Amazon.com, Inc.(a) | 1.900 | 08/21/2020 | 293,860 | ||||||||||||
250,000 | Amazon.com, Inc.(a) | 3.150 | 08/22/2027 | 240,469 | ||||||||||||
100,000 | Booking Holdings, Inc. | 2.750 | 03/15/2023 | 95,565 | ||||||||||||
100,000 | Booking Holdings, Inc. | 3.600 | 06/01/2026 | 97,105 | ||||||||||||
141,000 | eBay, Inc. | 2.600 | 07/15/2022 | 135,909 | ||||||||||||
100,000 | eBay, Inc. | 3.600 | 06/05/2027 | 95,026 | ||||||||||||
|
| |||||||||||||||
1,578,926 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel—0.5% | ||||||||||||||||
400,000 | Nucor Corp. | 4.125 | 09/15/2022 | 412,472 | ||||||||||||
100,000 | Reliance Steel & Aluminum Co. | 4.500 | 04/15/2023 | 102,807 | ||||||||||||
|
| |||||||||||||||
515,279 | ||||||||||||||||
|
| |||||||||||||||
Leisure Time—0.4% | ||||||||||||||||
300,000 | Carnival Corp. | 3.950 | 10/15/2020 | 306,170 | ||||||||||||
150,000 | Royal Caribbean Cruises Ltd. | 3.700 | 03/15/2028 | 141,785 | ||||||||||||
|
| |||||||||||||||
447,955 | ||||||||||||||||
|
| |||||||||||||||
Lodging—0.3% | ||||||||||||||||
100,000 | Marriott International, Inc. | 2.300 | 01/15/2022 | 95,884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Lodging (continued) | ||||||||||||||||
$ | 100,000 | Marriott International, Inc., Series R | 3.125 | % | 06/15/2026 | $ | 93,255 | |||||||||
200,000 | Wyndham Worldwide Corp. | 4.250 | 03/01/2022 | 196,661 | ||||||||||||
|
| |||||||||||||||
385,800 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining—0.4% | ||||||||||||||||
167,000 | Caterpillar, Inc. | 3.900 | 05/27/2021 | 170,694 | ||||||||||||
247,000 | Caterpillar, Inc. | 3.400 | 05/15/2024 | 245,458 | ||||||||||||
|
| |||||||||||||||
416,152 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Diversified—1.0% | ||||||||||||||||
227,000 | Cummins, Inc. | 3.650 | 10/01/2023 | 229,588 | ||||||||||||
189,000 | Deere & Co. | 2.600 | 06/08/2022 | 183,899 | ||||||||||||
100,000 | Flowserve Corp. | 3.500 | 09/15/2022 | 97,417 | ||||||||||||
100,000 | John Deere Capital Corp., MTN | 2.650 | 06/10/2026 | 92,811 | ||||||||||||
100,000 | Roper Technologies, Inc. | 6.250 | 09/01/2019 | 104,206 | ||||||||||||
100,000 | Roper Technologies, Inc. | 3.800 | 12/15/2026 | 98,265 | ||||||||||||
100,000 | Wabtec Corp. | 3.450 | 11/15/2026 | 93,482 | ||||||||||||
100,000 | Xylem, Inc. | 4.875 | 10/01/2021 | 104,760 | ||||||||||||
100,000 | Xylem, Inc. | 3.250 | 11/01/2026 | 95,465 | ||||||||||||
|
| |||||||||||||||
1,099,893 | ||||||||||||||||
|
| |||||||||||||||
Media—2.4% | ||||||||||||||||
153,000 | 21st Century Fox America, Inc. | 3.000 | 09/15/2022 | 150,307 | ||||||||||||
150,000 | 21st Century Fox America, Inc. | 3.700 | 10/15/2025 | 149,464 | ||||||||||||
151,000 | CBS Corp. | 3.375 | 03/01/2022 | 149,741 | ||||||||||||
124,000 | CBS Corp. | 4.000 | 01/15/2026 | 121,727 | ||||||||||||
347,000 | Comcast Corp. | 3.150 | 03/01/2026 | 330,770 | ||||||||||||
20,000 | Discovery Communications LLC(a) | 2.800 | 06/15/2020 | 19,779 | ||||||||||||
100,000 | Discovery Communications LLC | 2.950 | 03/20/2023 | 96,095 | ||||||||||||
100,000 | Discovery Communications LLC | 3.950 | 03/20/2028 | 95,178 | ||||||||||||
325,000 | NBCUniversal Media LLC | 5.150 | 04/30/2020 | 338,624 | ||||||||||||
327,000 | Time Warner, Inc. | 4.875 | 03/15/2020 | 337,903 | ||||||||||||
183,000 | Time Warner, Inc. | 3.800 | 02/15/2027 | 177,410 | ||||||||||||
120,000 | Viacom, Inc. | 5.625 | 09/15/2019 | 123,545 | ||||||||||||
109,000 | Viacom, Inc. | 4.250 | 09/01/2023 | 109,727 | ||||||||||||
289,000 | Walt Disney Co. (The), GMTN | 2.350 | 12/01/2022 | 278,743 | ||||||||||||
250,000 | Walt Disney Co. (The), MTN | 2.950 | 06/15/2027 | 239,128 | ||||||||||||
|
| |||||||||||||||
2,718,141 | ||||||||||||||||
|
| |||||||||||||||
Mining—0.2% | ||||||||||||||||
200,000 | Newmont Mining Corp. | 3.500 | 03/15/2022 | 199,219 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—1.4% | ||||||||||||||||
200,000 | 3M Co., GMTN | 2.000 | 06/26/2022 | 193,221 | ||||||||||||
247,000 | 3M Co., MTN | 2.250 | 09/19/2026 | 223,179 | ||||||||||||
150,000 | Carlisle Cos., Inc. | 3.750 | 12/01/2027 | 143,545 | ||||||||||||
100,000 | Eaton Corp. | 2.750 | 11/02/2022 | 96,973 | ||||||||||||
200,000 | Eaton Corp. | 3.103 | 09/15/2027 | 186,110 | ||||||||||||
140,000 | Illinois Tool Works, Inc. | 6.250 | 04/01/2019 | 144,641 | ||||||||||||
154,000 | Illinois Tool Works, Inc. | 2.650 | 11/15/2026 | 142,537 | ||||||||||||
200,000 | Ingersoll-Rand Luxembourg Finance SA | 3.550 | 11/01/2024 | 197,761 | ||||||||||||
250,000 | Parker-Hannifin Corp. | 3.250 | 03/01/2027 | 241,453 | ||||||||||||
|
| |||||||||||||||
1,569,420 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment—0.2% | ||||||||||||||||
183,000 | Xerox Corp. | 4.500 | 05/15/2021 | 187,092 | ||||||||||||
|
| |||||||||||||||
Oil & Gas—5.7% | ||||||||||||||||
265,000 | Andeavor | 4.750 | 12/15/2023 | 277,137 | ||||||||||||
250,000 | Apache Corp. | 3.250 | 04/15/2022 | 246,969 | ||||||||||||
487,000 | Chevron Corp. | 2.355 | 12/05/2022 | 470,754 | ||||||||||||
500,000 | Chevron Corp. | 2.954 | 05/16/2026 | 478,642 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Oil & Gas (continued) | ||||||||||||||||
$ | 86,000 | Cimarex Energy Co. | 4.375 | % | 06/01/2024 | $ | 87,727 | |||||||||
350,000 | ConocoPhillips Co. | 2.400 | 12/15/2022 | 334,647 | ||||||||||||
250,000 | ConocoPhillips Co. | 4.950 | 03/15/2026 | 270,142 | ||||||||||||
100,000 | EOG Resources, Inc. | 2.625 | 03/15/2023 | 95,670 | ||||||||||||
100,000 | EOG Resources, Inc. | 4.150 | 01/15/2026 | 102,373 | ||||||||||||
100,000 | Equities Corp. | 4.875 | 11/15/2021 | 103,735 | ||||||||||||
100,000 | Equities Corp. | 3.900 | 10/01/2027 | 95,426 | ||||||||||||
600,000 | Exxon Mobil Corp. | 2.222 | 03/01/2021 | 590,565 | ||||||||||||
610,000 | Exxon Mobil Corp. | 3.043 | 03/01/2026 | 591,017 | ||||||||||||
100,000 | Helmerich & Payne International Drilling Co. | 4.650 | 03/15/2025 | 103,406 | ||||||||||||
295,000 | HollyFrontier Corp. | 5.875 | 04/01/2026 | 316,005 | ||||||||||||
181,000 | Marathon Petroleum Corp. | 5.125 | 03/01/2021 | 189,398 | ||||||||||||
189,000 | Marathon Petroleum Corp. | 3.625 | 09/15/2024 | 185,934 | ||||||||||||
100,000 | Noble Energy, Inc. | 4.150 | 12/15/2021 | 101,743 | ||||||||||||
100,000 | Noble Energy, Inc. | 3.900 | 11/15/2024 | 99,680 | ||||||||||||
225,000 | Occidental Petroleum Corp. | 2.700 | 02/15/2023 | 218,914 | ||||||||||||
200,000 | Occidental Petroleum Corp. | 3.400 | 04/15/2026 | 196,030 | ||||||||||||
150,000 | Patterson-UTI Energy, Inc.(a) | 3.950 | 02/01/2028 | 142,588 | ||||||||||||
500,000 | Phillips 66 | 3.900 | 03/15/2028 | 492,638 | ||||||||||||
105,000 | Pioneer Natural Resources Co. | 3.950 | 07/15/2022 | 106,626 | ||||||||||||
110,000 | Pioneer Natural Resources Co. | 4.450 | 01/15/2026 | 113,798 | ||||||||||||
201,000 | Valero Energy Corp. | 6.125 | 02/01/2020 | 211,213 | ||||||||||||
235,000 | Valero Energy Corp. | 3.400 | 09/15/2026 | 225,076 | ||||||||||||
|
| |||||||||||||||
6,447,853 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—1.0% | ||||||||||||||||
155,000 | Halliburton Co. | 3.250 | 11/15/2021 | 155,076 | ||||||||||||
167,000 | Halliburton Co. | 3.800 | 11/15/2025 | 166,131 | ||||||||||||
309,000 | National Oilwell Varco, Inc. | 2.600 | 12/01/2022 | 294,794 | ||||||||||||
500,000 | Schlumberger Investment SA | 3.650 | 12/01/2023 | 504,098 | ||||||||||||
|
| |||||||||||||||
1,120,099 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers—0.3% | ||||||||||||||||
100,000 | Packaging Corp. of America | 2.450 | 12/15/2020 | 98,046 | ||||||||||||
104,000 | Packaging Corp. of America | 4.500 | 11/01/2023 | 107,093 | ||||||||||||
100,000 | WestRock Co.(a) | 3.375 | 09/15/2027 | 94,224 | ||||||||||||
|
| |||||||||||||||
299,363 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals—6.0% | ||||||||||||||||
255,000 | AbbVie, Inc. | 2.500 | 05/14/2020 | 252,096 | ||||||||||||
287,000 | AbbVie, Inc. | 3.600 | 05/14/2025 | 278,138 | ||||||||||||
161,000 | Allergan Funding SCS | 3.000 | 03/12/2020 | 159,982 | ||||||||||||
150,000 | Allergan Funding SCS | 3.800 | 03/15/2025 | 144,371 | ||||||||||||
200,000 | AmerisourceBergen Corp. | 3.500 | 11/15/2021 | 200,583 | ||||||||||||
200,000 | AmerisourceBergen Corp. | 3.450 | 12/15/2027 | 187,250 | ||||||||||||
253,000 | Bristol-Myers Squibb Co. | 2.000 | 08/01/2022 | 241,877 | ||||||||||||
250,000 | Bristol-Myers Squibb Co. | 3.250 | 02/27/2027 | 241,793 | ||||||||||||
215,000 | Cardinal Health, Inc. | 2.616 | 06/15/2022 | 206,139 | ||||||||||||
200,000 | Cardinal Health, Inc. | 3.410 | 06/15/2027 | 186,293 | ||||||||||||
300,000 | CVS Health Corp. | 3.700 | 03/09/2023 | 298,705 | ||||||||||||
300,000 | CVS Health Corp. | 4.300 | 03/25/2028 | 297,335 | ||||||||||||
200,000 | Eli Lilly & Co. | 2.350 | 05/15/2022 | 194,001 | ||||||||||||
200,000 | Eli Lilly & Co. | 2.750 | 06/01/2025 | 191,355 | ||||||||||||
243,000 | Express Scripts Holding Co. | 4.750 | 11/15/2021 | 251,869 | ||||||||||||
275,000 | Express Scripts Holding Co. | 3.400 | 03/01/2027 | 253,522 | ||||||||||||
421,000 | Johnson & Johnson | 2.250 | 03/03/2022 | 409,991 | ||||||||||||
423,000 | Johnson & Johnson | 2.450 | 03/01/2026 | 393,776 | ||||||||||||
260,000 | McKesson Corp. | 2.284 | 03/15/2019 | 259,159 | ||||||||||||
300,000 | McKesson Corp. | 3.796 | 03/15/2024 | 298,273 | ||||||||||||
340,000 | Merck & Co., Inc. | 2.750 | 02/10/2025 | 325,442 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Pharmaceuticals (continued) | ||||||||||||||||
$ | 300,000 | Merck Sharp & Dohme Corp. | 5.000 | % | 06/30/2019 | $ | 308,340 | |||||||||
121,000 | Mylan NV | 3.150 | 06/15/2021 | 118,869 | ||||||||||||
100,000 | Mylan NV | 3.950 | 06/15/2026 | 95,172 | ||||||||||||
350,000 | Pfizer, Inc. | 2.100 | 05/15/2019 | 348,443 | ||||||||||||
400,000 | Pfizer, Inc. | 3.000 | 12/15/2026 | 383,549 | ||||||||||||
100,000 | Zoetis, Inc. | 3.250 | 02/01/2023 | 98,690 | ||||||||||||
100,000 | Zoetis, Inc. | 3.000 | 09/12/2027 | 92,472 | ||||||||||||
|
| |||||||||||||||
6,717,485 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—0.9% | ||||||||||||||||
100,000 | Enable Midstream Partners LP | 4.400 | 03/15/2027 | 97,073 | ||||||||||||
233,000 | Kinder Morgan, Inc. | 3.050 | 12/01/2019 | 232,341 | ||||||||||||
182,000 | Kinder Morgan, Inc. | 4.300 | 06/01/2025 | 182,211 | ||||||||||||
100,000 | ONEOK, Inc. | 4.250 | 02/01/2022 | 101,930 | ||||||||||||
100,000 | ONEOK, Inc. | 4.000 | 07/13/2027 | 97,366 | ||||||||||||
163,000 | Williams Partners LP | 3.600 | 03/15/2022 | 161,519 | ||||||||||||
134,000 | Williams Partners LP | 4.300 | 03/04/2024 | 134,696 | ||||||||||||
|
| |||||||||||||||
1,007,136 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.4% | ||||||||||||||||
200,000 | CBRE Services, Inc. | 4.875 | 03/01/2026 | 207,890 | ||||||||||||
200,000 | Prologis LP | 4.250 | 08/15/2023 | 206,200 | ||||||||||||
|
| |||||||||||||||
414,090 | ||||||||||||||||
|
| |||||||||||||||
REITs—4.5% | ||||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc. | 4.600 | 04/01/2022 | 103,459 | ||||||||||||
100,000 | Alexandria Real Estate Equities, Inc. | 3.900 | 06/15/2023 | 100,280 | ||||||||||||
100,000 | American Homes 4 Rent LP | 4.250 | 02/15/2028 | 96,330 | ||||||||||||
100,000 | American Tower Corp. | 3.500 | 01/31/2023 | 98,748 | ||||||||||||
125,000 | American Tower Corp. | 3.375 | 10/15/2026 | 116,226 | ||||||||||||
200,000 | AvalonBay Communities, Inc., GMTN | 3.450 | 06/01/2025 | 194,899 | ||||||||||||
100,000 | Boston Properties LP | 4.125 | 05/15/2021 | 102,096 | ||||||||||||
100,000 | Boston Properties LP | 3.650 | 02/01/2026 | 96,637 | ||||||||||||
100,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/2022 | 99,774 | ||||||||||||
75,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/2025 | 72,870 | ||||||||||||
105,000 | Crown Castle International Corp. | 5.250 | 01/15/2023 | 110,884 | ||||||||||||
100,000 | Crown Castle International Corp. | 3.650 | 09/01/2027 | 93,919 | ||||||||||||
100,000 | Digital Realty Trust LP | 3.950 | 07/01/2022 | 100,908 | ||||||||||||
100,000 | Digital Realty Trust LP | 3.700 | 08/15/2027 | 95,196 | ||||||||||||
100,000 | ERP Operating LP | 4.625 | 12/15/2021 | 103,931 | ||||||||||||
100,000 | ERP Operating LP | 2.850 | 11/01/2026 | 92,704 | ||||||||||||
150,000 | Essex Portfolio LP | 3.500 | 04/01/2025 | 145,419 | ||||||||||||
100,000 | HCP, Inc. | 5.375 | 02/01/2021 | 104,519 | ||||||||||||
91,000 | HCP, Inc. | 3.875 | 08/15/2024 | 89,021 | ||||||||||||
100,000 | Healthcare Trust of America Holdings LP | 3.750 | 07/01/2027 | 94,844 | ||||||||||||
123,000 | Hospitality Properties Trust | 5.000 | 08/15/2022 | 126,902 | ||||||||||||
200,000 | Host Hotels & Resorts LP, Series E | 4.000 | 06/15/2025 | 194,852 | ||||||||||||
105,000 | Kimco Realty Corp. | 3.400 | 11/01/2022 | 103,769 | ||||||||||||
100,000 | Kimco Realty Corp. | 3.300 | 02/01/2025 | 94,640 | ||||||||||||
50,000 | Lifestorage LP | 3.500 | 07/01/2026 | 46,644 | ||||||||||||
100,000 | Mid-America Apartments LP | 3.600 | 06/01/2027 | 95,285 | ||||||||||||
100,000 | Omega Healthcare Investors, Inc. | 5.250 | 01/15/2026 | 100,424 | ||||||||||||
100,000 | Public Storage | 2.370 | 09/15/2022 | 95,841 | ||||||||||||
100,000 | Public Storage | 3.094 | 09/15/2027 | 94,391 | ||||||||||||
111,000 | Realty Income Corp. | 4.650 | 08/01/2023 | 114,984 | ||||||||||||
112,000 | Regency Centers LP | 3.600 | 02/01/2027 | 106,247 | ||||||||||||
150,000 | Senior Housing Properties Trust | 4.750 | 02/15/2028 | 145,448 | ||||||||||||
135,000 | Simon Property Group LP | 4.375 | 03/01/2021 | 138,903 | ||||||||||||
165,000 | Simon Property Group LP | 3.375 | 10/01/2024 | 160,687 | ||||||||||||
200,000 | SL Green Operating Partnership LP | 3.250 | 10/15/2022 | 193,973 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
REITs (continued) | ||||||||||||||||
$ | 100,000 | Ventas Realty LP | 3.500 | % | 02/01/2025 | $ | 96,261 | |||||||||
125,000 | Ventas Realty LP/Ventas Capital Corp. | 4.750 | 06/01/2021 | 129,325 | ||||||||||||
200,000 | VEREIT Operating Partnership LP | 4.875 | 06/01/2026 | 198,945 | ||||||||||||
125,000 | Washington Prime Group LP | 5.950 | 08/15/2024 | 117,510 | ||||||||||||
135,000 | Welltower, Inc. | 4.125 | 04/01/2019 | 136,144 | ||||||||||||
150,000 | Welltower, Inc. | 4.000 | 06/01/2025 | 147,405 | ||||||||||||
100,000 | Weyerhaeuser Co. | 7.375 | 10/01/2019 | 105,989 | ||||||||||||
100,000 | Weyerhaeuser Co. | 4.625 | 09/15/2023 | 104,150 | ||||||||||||
100,000 | WP Carey, Inc. | 4.600 | 04/01/2024 | 101,128 | ||||||||||||
|
| |||||||||||||||
5,062,511 | ||||||||||||||||
|
| |||||||||||||||
Retail—5.9% | ||||||||||||||||
100,000 | AutoZone, Inc. | 4.000 | 11/15/2020 | 102,009 | ||||||||||||
100,000 | AutoZone, Inc. | 3.125 | 07/15/2023 | 97,479 | ||||||||||||
246,000 | Best Buy Co., Inc. | 5.500 | 03/15/2021 | 258,661 | ||||||||||||
250,000 | Costco Wholesale Corp. | 1.700 | 12/15/2019 | 246,149 | ||||||||||||
250,000 | Costco Wholesale Corp. | 3.000 | 05/18/2027 | 238,243 | ||||||||||||
200,000 | Darden Restaurants, Inc. | 3.850 | 05/01/2027 | 194,892 | ||||||||||||
182,000 | Dollar General Corp. | 3.250 | 04/15/2023 | 179,033 | ||||||||||||
108,000 | Dollar General Corp. | 3.875 | 04/15/2027 | 105,804 | ||||||||||||
319,000 | Home Depot, Inc. (The) | 2.625 | 06/01/2022 | 312,599 | ||||||||||||
300,000 | Home Depot, Inc. (The) | 3.000 | 04/01/2026 | 287,102 | ||||||||||||
250,000 | Kohl’s Corp. | 4.250 | 07/17/2025 | 249,366 | ||||||||||||
132,000 | Lowe’s Cos., Inc. | 3.750 | 04/15/2021 | 134,689 | ||||||||||||
187,000 | Lowe’s Cos., Inc. | 2.500 | 04/15/2026 | 171,371 | ||||||||||||
146,000 | Macy’s Retail Holdings, Inc. | 2.875 | 02/15/2023 | 136,829 | ||||||||||||
200,000 | Macy’s Retail Holdings, Inc. | 3.625 | 06/01/2024 | 191,799 | ||||||||||||
250,000 | McDonald’s Corp., MTN | 2.625 | 01/15/2022 | 245,694 | ||||||||||||
250,000 | McDonald’s Corp., MTN | 3.700 | 01/30/2026 | 249,944 | ||||||||||||
204,000 | Nordstrom, Inc. | 4.000 | 10/15/2021 | 206,645 | ||||||||||||
100,000 | O’reilly Automotive, Inc. | 3.600 | 09/01/2027 | 95,166 | ||||||||||||
100,000 | O’Reilly Automotive, Inc. | 4.875 | 01/14/2021 | 103,753 | ||||||||||||
200,000 | Starbucks Corp. | 2.100 | 02/04/2021 | 195,393 | ||||||||||||
150,000 | Starbucks Corp. | 3.850 | 10/01/2023 | 153,826 | ||||||||||||
200,000 | Tapestry, Inc. | 4.250 | 04/01/2025 | 196,929 | ||||||||||||
244,000 | Target Corp. | 2.900 | 01/15/2022 | 243,183 | ||||||||||||
300,000 | Target Corp. | 2.500 | 04/15/2026 | 274,420 | ||||||||||||
118,000 | TJX Cos., Inc. (The) | 2.750 | 06/15/2021 | 117,336 | ||||||||||||
170,000 | TJX Cos., Inc. (The) | 2.250 | 09/15/2026 | 151,764 | ||||||||||||
238,000 | Walgreens Boots Alliance, Inc. | 2.700 | 11/18/2019 | 237,263 | ||||||||||||
213,000 | Walgreens Boots Alliance, Inc. | 3.800 | 11/18/2024 | 210,230 | ||||||||||||
575,000 | Walmart, Inc. | 2.550 | 04/11/2023 | 558,953 | ||||||||||||
541,000 | Walmart, Inc. | 2.650 | 12/15/2024 | 518,855 | ||||||||||||
|
| |||||||||||||||
6,665,379 | ||||||||||||||||
|
| |||||||||||||||
Savings & Loans—0.3% | ||||||||||||||||
300,000 | People’s United Financial, Inc. | 3.650 | 12/06/2022 | 300,600 | ||||||||||||
|
| |||||||||||||||
Semiconductors—2.5% | ||||||||||||||||
200,000 | Analog Devices, Inc. | 3.900 | 12/15/2025 | 199,324 | ||||||||||||
100,000 | Applied Materials, Inc. | 4.300 | 06/15/2021 | 103,424 | ||||||||||||
100,000 | Applied Materials, Inc. | 3.300 | 04/01/2027 | 96,991 | ||||||||||||
100,000 | Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.000 | 01/15/2022 | 97,579 | ||||||||||||
121,000 | Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875 | 01/15/2027 | 115,740 | ||||||||||||
350,000 | Intel Corp. | 3.300 | 10/01/2021 | 353,602 | ||||||||||||
333,000 | Intel Corp. | 3.700 | 07/29/2025 | 336,440 | ||||||||||||
100,000 | KLA-Tencor Corp. | 4.125 | 11/01/2021 | 102,155 | ||||||||||||
137,000 | KLA-Tencor Corp. | 4.650 | 11/01/2024 | 141,792 | ||||||||||||
100,000 | Lam Research Corp. | 2.800 | 06/15/2021 | 98,594 | ||||||||||||
100,000 | Lam Research Corp. | 3.800 | 03/15/2025 | 99,472 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Semiconductors (continued) | ||||||||||||||||
$ | 100,000 | Maxim Integrated Products, Inc. | 3.375 | % | 03/15/2023 | $ | 98,539 | |||||||||
100,000 | Maxim Integrated Products, Inc. | 3.450 | 06/15/2027 | 96,118 | ||||||||||||
100,000 | NVIDIA Corp. | 2.200 | 09/16/2021 | 97,123 | ||||||||||||
100,000 | NVIDIA Corp. | 3.200 | 09/16/2026 | 95,743 | ||||||||||||
200,000 | QUALCOMM, Inc. | 2.250 | 05/20/2020 | 197,129 | ||||||||||||
250,000 | QUALCOMM, Inc. | 3.450 | 05/20/2025 | 239,674 | ||||||||||||
130,000 | Texas Instruments, Inc. | 1.650 | 08/03/2019 | 128,464 | ||||||||||||
100,000 | Texas Instruments, Inc. | 2.250 | 05/01/2023 | 95,944 | ||||||||||||
|
| |||||||||||||||
2,793,847 | ||||||||||||||||
|
| |||||||||||||||
Shipbuilding—0.1% | ||||||||||||||||
100,000 | Huntington Ingalls Industries, Inc.(a) | 3.483 | 12/01/2027 | 94,749 | ||||||||||||
|
| |||||||||||||||
Software—2.7% | ||||||||||||||||
100,000 | Activision Blizzard, Inc. | 2.300 | 09/15/2021 | 96,533 | ||||||||||||
139,000 | Activision Blizzard, Inc. | 3.400 | 09/15/2026 | 132,956 | ||||||||||||
100,000 | Adobe Systems, Inc. | 4.750 | 02/01/2020 | 103,299 | ||||||||||||
100,000 | Adobe Systems, Inc. | 3.250 | 02/01/2025 | 98,503 | ||||||||||||
200,000 | Autodesk, Inc. | 3.500 | 06/15/2027 | 189,005 | ||||||||||||
90,000 | Broadridge Financial Solutions, Inc. | 3.400 | 06/27/2026 | 85,530 | ||||||||||||
150,000 | CA, Inc. | 5.375 | 12/01/2019 | 155,406 | ||||||||||||
135,000 | Electronic Arts, Inc. | 3.700 | 03/01/2021 | 136,524 | ||||||||||||
100,000 | Fidelity National Information Services, Inc. | 3.625 | 10/15/2020 | 101,075 | ||||||||||||
100,000 | Fidelity National Information Services, Inc. | 3.000 | 08/15/2026 | 91,959 | ||||||||||||
100,000 | Fiserv, Inc. | 2.700 | 06/01/2020 | 99,200 | ||||||||||||
50,000 | Fiserv, Inc. | 3.850 | 06/01/2025 | 49,980 | ||||||||||||
406,000 | Microsoft Corp. | 1.550 | 08/08/2021 | 389,308 | ||||||||||||
450,000 | Microsoft Corp. | 3.300 | 02/06/2027 | 441,691 | ||||||||||||
289,000 | Oracle Corp. | 1.900 | 09/15/2021 | 279,061 | ||||||||||||
297,000 | Oracle Corp. | 2.650 | 07/15/2026 | 274,923 | ||||||||||||
69,000 | Salesforce.Com, Inc. | 3.250 | 04/11/2023 | 68,486 | ||||||||||||
69,000 | Salesforce.Com, Inc. | 3.700 | 04/11/2028 | 68,421 | ||||||||||||
85,000 | VMware, Inc. | 2.950 | 08/21/2022 | 81,771 | ||||||||||||
100,000 | VMware, Inc. | 3.900 | 08/21/2027 | 94,501 | ||||||||||||
|
| |||||||||||||||
3,038,132 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—2.6% | ||||||||||||||||
520,000 | AT&T, Inc. | 2.450 | 06/30/2020 | 513,848 | ||||||||||||
557,000 | AT&T, Inc. | 3.400 | 05/15/2025 | 531,268 | ||||||||||||
296,000 | Cisco Systems, Inc. | 4.450 | 01/15/2020 | 304,539 | ||||||||||||
321,000 | Cisco Systems, Inc. | 2.500 | 09/20/2026 | 297,511 | ||||||||||||
200,000 | Juniper Networks, Inc. | 4.500 | 03/15/2024 | 203,556 | ||||||||||||
120,000 | Motorola Solutions, Inc. | 3.750 | 05/15/2022 | 119,456 | ||||||||||||
100,000 | Motorola Solutions, Inc. | 4.000 | 09/01/2024 | 98,584 | ||||||||||||
425,000 | Verizon Communications, Inc. | 2.946 | 03/15/2022 | 417,491 | ||||||||||||
433,000 | Verizon Communications, Inc. | 5.150 | 09/15/2023 | 466,154 | ||||||||||||
|
| |||||||||||||||
2,952,407 | ||||||||||||||||
|
| |||||||||||||||
Textiles—0.3% | ||||||||||||||||
200,000 | Cintas Corp. No. 2 | 2.900 | 04/01/2022 | 196,359 | ||||||||||||
100,000 | Cintas Corp. No. 2 | 3.700 | 04/01/2027 | 98,399 | ||||||||||||
100,000 | Mohawk Industries, Inc. | 3.850 | 02/01/2023 | 101,263 | ||||||||||||
|
| |||||||||||||||
396,021 | ||||||||||||||||
|
| |||||||||||||||
Toys/Games/Hobbies—0.1% | ||||||||||||||||
150,000 | Hasbro, Inc. | 3.500 | 09/15/2027 | 138,490 | ||||||||||||
|
| |||||||||||||||
Transportation—1.9% | ||||||||||||||||
179,000 | CH Robinson Worldwide, Inc. | 4.200 | 04/15/2028 | 177,297 | ||||||||||||
160,000 | CSX Corp. | 3.700 | 10/30/2020 | 162,345 | ||||||||||||
167,000 | CSX Corp. | 3.250 | 06/01/2027 | 158,259 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Transportation (continued) | ||||||||||||||||
$ | 200,000 | FedEx Corp. | 8.000 | % | 01/15/2019 | $ | 207,294 | |||||||||
150,000 | FedEx Corp. | 4.000 | 01/15/2024 | 153,755 | ||||||||||||
100,000 | Kirby Corp. | 4.200 | 03/01/2028 | 98,595 | ||||||||||||
200,000 | Norfolk Southern Corp. | 3.000 | 04/01/2022 | 197,996 | ||||||||||||
200,000 | Norfolk Southern Corp. | 2.900 | 06/15/2026 | 188,174 | ||||||||||||
254,000 | Union Pacific Corp. | 4.163 | 07/15/2022 | 262,860 | ||||||||||||
200,000 | Union Pacific Corp. | 2.750 | 03/01/2026 | 188,303 | ||||||||||||
200,000 | United Parcel Service, Inc. | 3.125 | 01/15/2021 | 201,154 | ||||||||||||
200,000 | United Parcel Service, Inc. | 2.400 | 11/15/2026 | 181,933 | ||||||||||||
|
| |||||||||||||||
2,177,965 | ||||||||||||||||
|
| |||||||||||||||
Water—0.2% | ||||||||||||||||
200,000 | American Water Capital Corp. | 3.400 | 03/01/2025 | 198,325 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $113,903,903) | 111,053,721 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.2% | ||||||||||||||||
223,468 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $223,468) | 223,468 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $114,127,371)—99.1% | 111,277,189 | |||||||||||||||
Other assets less liabilities—0.9% | 1,066,033 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 112,343,222 | ||||||||||||||
|
|
Investment Abbreviations:
BKNT—Bank Note
GMTN—Global Medium-Term Note
MTN—Medium-Term Note
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 was $1,343,283, which represented 1.20% of the Fund’s Net Assets. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 17.6 | |||
Sovereign | 10.8 | |||
Oil & Gas | 6.5 | |||
Diversified Financial Services | 6.0 | |||
Telecommunications | 4.4 | |||
Home Builders | 3.5 | |||
Media | 3.5 | |||
Real Estate | 2.9 | |||
Healthcare-Services | 2.4 | |||
Retail | 2.3 | |||
Airlines | 2.3 | |||
Chemicals | 2.2 | |||
Commercial Services | 2.2 | |||
Iron/Steel | 2.2 | |||
Mining | 2.1 | |||
Engineering & Construction | 2.0 | |||
Pipelines | 2.0 | |||
Electric | 1.7 | |||
Computers | 1.6 | |||
Food | 1.3 | |||
Auto Manufacturers | 1.2 | |||
Entertainment | 1.1 | |||
Lodging | 1.0 | |||
Packaging & Containers | 0.9 | |||
Insurance | 0.9 | |||
Oil & Gas Services | 0.8 | |||
Auto Parts & Equipment | 0.8 | |||
Pharmaceuticals | 0.7 | |||
Building Materials | 0.7 |
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Miscellaneous Manufacturing | 0.6 | |||
REITs | 0.6 | |||
Healthcare-Products | 0.5 | |||
Internet | 0.5 | |||
Transportation | 0.5 | |||
Machinery-Diversified | 0.4 | |||
Electronics | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Coal | 0.4 | |||
Household Products/Wares | 0.4 | |||
Semiconductors | 0.4 | |||
Metal Fabricate/Hardware | 0.4 | |||
Investment Companies | 0.4 | |||
Office/Business Equipment | 0.3 | |||
Toys/Games/Hobbies | 0.3 | |||
Cosmetics/Personal Care | 0.3 | |||
Multi-National | 0.3 | |||
Textiles | 0.3 | |||
Apparel | 0.3 | |||
Forest Products & Paper | 0.2 | |||
Leisure Time | 0.2 | |||
Private Equity | 0.2 | |||
Environmental Control | 0.2 | |||
Gas | 0.2 | |||
Trucking & Leasing | 0.2 | |||
Software | 0.2 | |||
Machinery-Construction & Mining | 0.1 | |||
Housewares | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 3.1 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—86.1% | ||||||||||||||||
Argentina—0.6% | ||||||||||||||||
$ | 400,000 | Banco Hipotecario SA(a) | 9.750 | % | 11/30/2020 | $ | 440,736 | |||||||||
800,000 | YPF SA(a) | 8.875 | 12/19/2018 | 825,000 | ||||||||||||
|
| |||||||||||||||
1,265,736 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Australia—0.7% | ||||||||||||||||
$ | 500,000 | Ausdrill Finance Pty Ltd.(a) | 6.875 | % | 11/01/2019 | $ | 506,250 | |||||||||
669 | Emeco Pty Ltd., Series B | 9.250 | 03/31/2022 | 717 | ||||||||||||
457,000 | Nufarm Australia Ltd.(a) | 6.375 | 10/15/2019 | 465,569 | ||||||||||||
500,000 | Virgin Australia Holdings Ltd.(a) | 8.500 | 11/15/2019 | 512,475 | ||||||||||||
|
| |||||||||||||||
1,485,011 | ||||||||||||||||
|
| |||||||||||||||
Bahrain—0.4% | ||||||||||||||||
600,000 | Batelco International Finance No.1 Ltd., EMTN | 4.250 | 05/01/2020 | 586,500 | ||||||||||||
400,000 | BBK BSC | 3.500 | 03/24/2020 | 387,316 | ||||||||||||
|
| |||||||||||||||
973,816 | ||||||||||||||||
|
| |||||||||||||||
Bermuda—0.2% | ||||||||||||||||
400,000 | Teekay Corp. | 8.500 | 01/15/2020 | 415,000 | ||||||||||||
|
| |||||||||||||||
Brazil—7.1% | ||||||||||||||||
400,000 | B3 SA—Brasil Bolsa Balcao(a) | 5.500 | 07/16/2020 | 414,800 | ||||||||||||
700,000 | Banco Bradesco SA(a) | 6.750 | 09/29/2019 | 734,667 | ||||||||||||
500,000 | Banco Bradesco SA(a) | 5.900 | 01/16/2021 | 515,775 | ||||||||||||
500,000 | Banco BTG Pactual SA(a) | 4.000 | 01/16/2020 | 491,250 | ||||||||||||
450,000 | Banco Daycoval SA(a) | 5.750 | 03/19/2019 | 457,036 | ||||||||||||
700,000 | Banco do Brasil SA(a) | 6.000 | 01/22/2020 | 731,381 | ||||||||||||
500,000 | Banco do Brasil SA(a) | 5.375 | 01/15/2021 | 512,950 | ||||||||||||
550,000 | Banco do Nordeste do Brasil SA(a) | 4.375 | 05/03/2019 | 552,860 | ||||||||||||
500,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 4.000 | 04/14/2019 | 503,930 | ||||||||||||
670,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 6.500 | 06/10/2019 | 695,621 | ||||||||||||
500,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 5.500 | 07/12/2020 | 518,245 | ||||||||||||
200,000 | Banco Pan SA(a) | 8.500 | 04/23/2020 | 212,002 | ||||||||||||
500,000 | Banco Safra SA(a) | 6.750 | 01/27/2021 | 530,815 | ||||||||||||
900,000 | Banco Votorantim SA(a) | 7.375 | 01/21/2020 | 946,184 | ||||||||||||
500,000 | Braskem Finance Ltd.(a) | 7.000 | 05/07/2020 | 531,400 | ||||||||||||
500,000 | Caixa Economica Federal, EMTN(a) | 4.500 | 10/03/2018 | 503,340 | ||||||||||||
500,000 | Caixa Economica Federal(a) | 4.250 | 05/13/2019 | 504,870 | ||||||||||||
500,000 | Centrais Eletricas Brasileiras SA(a) | 6.875 | 07/30/2019 | 517,850 | ||||||||||||
900,000 | CSN Islands XI Corp.(a) | 6.875 | 09/21/2019 | 905,625 | ||||||||||||
500,000 | CSN Resources SA(a) | 6.500 | 07/21/2020 | 488,750 | ||||||||||||
500,000 | Itau Unibanco Holding SA, EMTN(a) | 2.850 | 05/26/2018 | 500,175 | ||||||||||||
500,000 | Itau Unibanco Holding SA, EMTN(a) | 6.200 | 04/15/2020 | 521,127 | ||||||||||||
500,000 | Itau Unibanco Holding SA, EMTN(a) | 5.750 | 01/22/2021 | 519,375 | ||||||||||||
500,000 | JBS Investments GmbH(a) | 7.750 | 10/28/2020 | 510,005 | ||||||||||||
700,000 | Marfrig Holdings Europe BV(a) | 6.875 | 06/24/2019 | 712,250 | ||||||||||||
600,000 | Petrobras Global Finance BV | 8.375 | 12/10/2018 | 619,500 | ||||||||||||
700,000 | Petrobras Global Finance BV | 5.750 | 01/20/2020 | 734,125 | ||||||||||||
300,000 | Petrobras Global Finance BV | 4.875 | 03/17/2020 | 310,128 | ||||||||||||
|
| |||||||||||||||
15,696,036 | ||||||||||||||||
|
| |||||||||||||||
Canada—1.0% | ||||||||||||||||
500,000 | Bombardier, Inc.(a) | 7.750 | 03/15/2020 | 535,625 | ||||||||||||
500,000 | Calfrac Holdings LP(a) | 7.500 | 12/01/2020 | 496,250 | ||||||||||||
500,000 | Canbriam Energy, Inc.(a) | 9.750 | 11/15/2019 | 510,000 | ||||||||||||
278,000 | Encana Corp. | 6.500 | 05/15/2019 | 287,583 | ||||||||||||
485,000 | NCSG Crane & Heavy Haul Services, Inc.(a) | 9.500 | 08/15/2019 | 264,325 | ||||||||||||
|
| |||||||||||||||
2,093,783 | ||||||||||||||||
|
| |||||||||||||||
Chile—0.2% | ||||||||||||||||
400,000 | Latam Airlines Group SA(a) | 7.250 | 06/09/2020 | 419,000 | ||||||||||||
|
| |||||||||||||||
China—7.2% | ||||||||||||||||
500,000 | Central China Real Estate Ltd. | 8.750 | 01/23/2021 | 521,481 | ||||||||||||
200,000 | China Evergrande Group | 7.000 | 03/23/2020 | 200,564 | ||||||||||||
400,000 | China South City Holdings Ltd. | 5.750 | 03/09/2020 | 380,184 | ||||||||||||
400,000 | China South City Holdings Ltd. | 7.250 | 01/25/2021 | 380,882 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
China (continued) | ||||||||||||||||
$ | 500,000 | Dr Peng Holding Hongkong Ltd. | 5.050 | % | 06/01/2020 | $ | 482,478 | |||||||||
400,000 | Fortune Star Bvi Ltd. | 5.375 | 12/05/2020 | 393,432 | ||||||||||||
600,000 | Greenland Global Investment Ltd. | 4.375 | 07/03/2019 | 596,739 | ||||||||||||
400,000 | Greenland Global Investment Ltd., EMTN | 3.500 | 09/06/2019 | 392,974 | ||||||||||||
500,000 | Greenland Global Investment Ltd., EMTN | 4.850 | 08/17/2020 | 484,860 | ||||||||||||
900,000 | Hanrui Overseas Investment Co. Ltd. | 4.900 | 06/28/2019 | 881,991 | ||||||||||||
400,000 | Huachen Energy Co. Ltd. | 6.625 | 05/18/2020 | 364,800 | ||||||||||||
500,000 | Huai An Traffic Holding Co. Ltd. | 4.950 | 10/25/2019 | 488,713 | ||||||||||||
400,000 | Huayi Finance I Ltd. | 4.000 | 12/02/2019 | 395,572 | ||||||||||||
500,000 | Jiangsu Nantong Sanjian International Co. Ltd. | 7.800 | 10/26/2020 | 499,954 | ||||||||||||
500,000 | Oceanwide Holdings International 2017 Co. Ltd. | 7.750 | 07/27/2020 | 473,638 | ||||||||||||
250,000 | Oriental Capital Co. Ltd. | 5.150 | 11/22/2019 | 248,021 | ||||||||||||
600,000 | Prime Bloom Holdings Ltd. | 7.500 | 12/19/2019 | 578,918 | ||||||||||||
800,000 | Qinghai Provincial Investment Group Co. Ltd. | 7.250 | 02/22/2020 | 795,844 | ||||||||||||
400,000 | Rock International Investment, Inc. | 6.625 | 03/27/2020 | 356,965 | ||||||||||||
400,000 | Shandong Energy Australia Pty Ltd. | 4.550 | 07/26/2020 | 388,460 | ||||||||||||
500,000 | Shanxi Road & Bridge Construction Group Co. Ltd. | 4.850 | 11/04/2019 | 496,146 | ||||||||||||
500,000 | Times China Holdings Ltd. | 6.250 | 01/17/2021 | 489,187 | ||||||||||||
200,000 | Top Wise Excellence Enterprise Co. Ltd. | 6.000 | 03/16/2020 | 197,957 | ||||||||||||
400,000 | Tunghsu Venus Holdings Ltd. | 7.000 | 06/12/2020 | 326,094 | ||||||||||||
200,000 | Wanda Properties Overseas Ltd. | 4.875 | 11/21/2018 | 199,562 | ||||||||||||
800,000 | West China Cement Ltd. | 6.500 | 09/11/2019 | 816,442 | ||||||||||||
500,000 | Xiangyu Investment BVI Co Ltd. | 4.750 | 07/14/2019 | 489,370 | ||||||||||||
400,000 | Xin Jiang Guang Hui Industry Investment Group Co. Ltd. | 7.875 | 03/30/2020 | 389,510 | ||||||||||||
200,000 | Xinhu BVI Holding Co. Ltd. | 6.000 | 03/01/2020 | 183,020 | ||||||||||||
400,000 | Xuzhou Economic Technology Development Zone International Investment Co. Ltd. | 4.500 | 06/16/2019 | 391,219 | ||||||||||||
400,000 | Yango Justice International Ltd. | 7.500 | 11/16/2020 | 373,780 | ||||||||||||
1,000,000 | Zhiyuan Group BVI Co. Ltd. | 6.200 | 01/11/2019 | 1,002,484 | ||||||||||||
200,000 | Zhongrong International Bond 2015 Ltd. | 6.000 | 06/15/2018 | 199,996 | ||||||||||||
600,000 | Zhongrong International Bond 2016 Ltd. | 6.950 | 06/21/2019 | 604,477 | ||||||||||||
600,000 | Zhongrong International Resources Co. Ltd. | 7.250 | 10/26/2020 | 520,351 | ||||||||||||
|
| |||||||||||||||
15,986,065 | ||||||||||||||||
|
| |||||||||||||||
Colombia—0.7% | ||||||||||||||||
600,000 | Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd.(a) | 8.375 | 05/10/2020 | 613,500 | ||||||||||||
700,000 | Banco GNB Sudameris SA(a) | 3.875 | 05/02/2018 | 700,000 | ||||||||||||
300,000 | Bancolombia SA | 6.125 | 07/26/2020 | 316,500 | ||||||||||||
|
| |||||||||||||||
1,630,000 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—0.6% | ||||||||||||||||
800,000 | Banco de Costa Rica(a) | 5.250 | 08/12/2018 | 804,400 | ||||||||||||
500,000 | Banco Nacional de Costa Rica(a) | 4.875 | 11/01/2018 | 501,250 | ||||||||||||
|
| |||||||||||||||
1,305,650 | ||||||||||||||||
|
| |||||||||||||||
Croatia—0.1% | ||||||||||||||||
400,000 | Agrokor D.D.(a)(b) | 8.875 | 02/01/2020 | 117,000 | ||||||||||||
|
| |||||||||||||||
Finland—0.2% | ||||||||||||||||
500,000 | Nokia OYJ | 5.375 | 05/15/2019 | 511,900 | ||||||||||||
|
| |||||||||||||||
Germany—0.3% | ||||||||||||||||
550,000 | ZF North America Capital, Inc.(a) | 4.000 | 04/29/2020 | 556,188 | ||||||||||||
|
| |||||||||||||||
Guatemala—0.2% | ||||||||||||||||
500,000 | Agromercantil Senior Trust(a) | 6.250 | 04/10/2019 | 509,250 | ||||||||||||
|
| |||||||||||||||
Hong Kong—0.4% | ||||||||||||||||
800,000 | Studio City Co Ltd.(a) | 5.875 | 11/30/2019 | 814,960 | ||||||||||||
|
| |||||||||||||||
India—2.3% | ||||||||||||||||
400,000 | ABJA Investment Co. Pte Ltd. | 4.850 | 01/31/2020 | 404,900 | ||||||||||||
1,000,000 | IDBI Bank Ltd./DIFC Dubai, EMTN | 3.750 | 01/25/2019 | 998,230 | ||||||||||||
500,000 | IDBI Bank Ltd./DIFC Dubai, EMTN | 5.000 | 09/25/2019 | 505,810 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
India (continued) | ||||||||||||||||
$ | 600,000 | IDBI Bank Ltd/DIFC Dubai | 4.125 | % | 04/23/2020 | $ | 599,803 | |||||||||
200,000 | IDBI Bank Ltd/DIFC Dubai | 4.250 | 11/30/2020 | 199,720 | ||||||||||||
500,000 | JSW Steel Ltd. | 4.750 | 11/12/2019 | 502,970 | ||||||||||||
400,000 | Reliance Communications Ltd. | 6.500 | 11/06/2020 | 246,000 | ||||||||||||
800,000 | Tata Motors Ltd. | 4.625 | 04/30/2020 | 809,264 | ||||||||||||
200,000 | Union Bank of India, EMTN | 3.625 | 10/25/2018 | 199,854 | ||||||||||||
600,000 | Union Bank of India, EMTN | 4.500 | 10/28/2019 | 605,427 | ||||||||||||
|
| |||||||||||||||
5,071,978 | ||||||||||||||||
|
| |||||||||||||||
Indonesia—1.0% | ||||||||||||||||
800,000 | Majapahit Holding BV(a) | 8.000 | 08/07/2019 | 852,000 | ||||||||||||
500,000 | Majapahit Holding BV(a) | 7.750 | 01/20/2020 | 535,650 | ||||||||||||
900,000 | Ottawa Holdings Pte Ltd.(a) | 5.875 | 05/16/2018 | 843,750 | ||||||||||||
|
| |||||||||||||||
2,231,400 | ||||||||||||||||
|
| |||||||||||||||
Ireland—0.2% | ||||||||||||||||
490,000 | Smurfit Kappa Acquisitions ULC(a) | 4.875 | 09/15/2018 | 491,348 | ||||||||||||
|
| |||||||||||||||
Israel—0.4% | ||||||||||||||||
500,000 | Teva Pharmaceutical Finance IV LLC | 2.250 | 03/18/2020 | 477,747 | ||||||||||||
500,000 | Teva Pharmaceutical Finance Netherlands III BV | 1.700 | 07/19/2019 | 485,917 | ||||||||||||
|
| |||||||||||||||
963,664 | ||||||||||||||||
|
| |||||||||||||||
Italy—0.6% | ||||||||||||||||
850,000 | Telecom Italia Capital SA | 6.999 | 06/04/2018 | 854,862 | ||||||||||||
500,000 | Telecom Italia Capital SA | 7.175 | 06/18/2019 | 520,625 | ||||||||||||
|
| |||||||||||||||
1,375,487 | ||||||||||||||||
|
| |||||||||||||||
Japan—0.2% | ||||||||||||||||
500,000 | SoftBank Group Corp.(a) | 4.500 | 04/15/2020 | 514,375 | ||||||||||||
|
| |||||||||||||||
Jordan—0.1% | ||||||||||||||||
300,000 | Hikma Pharmaceuticals PLC | 4.250 | 04/10/2020 | 298,524 | ||||||||||||
|
| |||||||||||||||
Kazakhstan—0.8% | ||||||||||||||||
500,000 | Halyk Savings Bank of Kazakhstan JSC(a) | 7.250 | 01/28/2021 | 544,195 | ||||||||||||
600,000 | Kazkommertsbank JSC(a) | 8.500 | 05/11/2018 | 601,403 | ||||||||||||
500,000 | KazMunayGas National Co. JSC, EMTN(a) | 9.125 | 07/02/2018 | 505,097 | ||||||||||||
200,000 | KazMunayGas National Co. JSC(a) | 7.000 | 05/05/2020 | 214,086 | ||||||||||||
|
| |||||||||||||||
1,864,781 | ||||||||||||||||
|
| |||||||||||||||
Kuwait—0.4% | ||||||||||||||||
800,000 | Kuwait Energy PLC | 9.500 | 08/04/2019 | 770,640 | ||||||||||||
|
| |||||||||||||||
Luxembourg—1.1% | ||||||||||||||||
480,000 | ArcelorMittal | 5.125 | 06/01/2020 | 496,800 | ||||||||||||
400,000 | Coveris Holdings SA(a) | 7.875 | 11/01/2019 | 409,120 | ||||||||||||
523,000 | Intelsat Jackson Holdings SA | 7.250 | 10/15/2020 | 513,194 | ||||||||||||
650,000 | Intelsat Luxembourg SA(a) | 12.500 | 11/15/2024 | 399,750 | ||||||||||||
600,000 | International Automotive Components Group SA(a) | 9.125 | 06/01/2018 | 603,150 | ||||||||||||
|
| |||||||||||||||
2,422,014 | ||||||||||||||||
|
| |||||||||||||||
Mexico—0.8% | ||||||||||||||||
500,000 | BBVA Bancomer SA(a) | 7.250 | 04/22/2020 | 525,065 | ||||||||||||
800,000 | Controladora Mabe SA de CV(a) | 7.875 | 10/28/2019 | 847,040 | ||||||||||||
500,000 | Grupo Idesa SA de CV(a) | 7.875 | 12/18/2020 | 483,750 | ||||||||||||
|
| |||||||||||||||
1,855,855 | ||||||||||||||||
|
| |||||||||||||||
Mongolia—0.2% | ||||||||||||||||
400,000 | Trade & Development Bank of Mongolia LLC, EMTN(a) | 9.375 | 05/19/2020 | 427,986 | ||||||||||||
|
| |||||||||||||||
Morocco—0.1% | ||||||||||||||||
200,000 | BMCE Bank | 6.250 | 11/27/2018 | 203,250 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Netherlands—0.2% | ||||||||||||||||
$ | 400,000 | NXP BV/NXP Funding LLC(a) | 4.125 | % | 06/15/2020 | $ | 403,000 | |||||||||
|
| |||||||||||||||
Nigeria—0.6% | ||||||||||||||||
600,000 | Guaranty Trust Bank PLC, EMTN(a) | 6.000 | 11/08/2018 | 607,464 | ||||||||||||
800,000 | Zenith Bank PLC, EMTN(a) | 6.250 | 04/22/2019 | 812,048 | ||||||||||||
|
| |||||||||||||||
1,419,512 | ||||||||||||||||
|
| |||||||||||||||
Paraguay—0.4% | ||||||||||||||||
927,000 | Banco Regional SAECA(a) | 8.125 | 01/24/2019 | 962,898 | ||||||||||||
|
| |||||||||||||||
Philippines—0.2% | ||||||||||||||||
450,000 | Security Bank Corp. | 3.950 | 02/03/2020 | 452,628 | ||||||||||||
|
| |||||||||||||||
Russia—5.6% | ||||||||||||||||
200,000 | AK BARS Bank Via AK BARS Luxembourg SA | 8.000 | 08/06/2018 | 200,500 | ||||||||||||
500,000 | AK Transneft OJSC Via TransCapitalInvest Ltd.(a) | 8.700 | 08/07/2018 | 507,090 | ||||||||||||
500,000 | Alfa Bank AO Via Alfa Bond Issuance PLC, EMTN | 5.000 | 11/27/2018 | 502,698 | ||||||||||||
400,000 | Alfa Bank AO Via Alfa Bond Issuance PLC(a) | 7.500 | 09/26/2019 | 411,104 | ||||||||||||
400,000 | ALROSA Finance SA(a) | 7.750 | 11/03/2020 | 431,250 | ||||||||||||
600,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC(a)(b) | 10.000 | 04/26/2019 | 141,000 | ||||||||||||
700,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC | 4.500 | 11/11/2019 | 696,500 | ||||||||||||
800,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC(a)(b) | 10.000 | 12/17/2019 | 36,080 | ||||||||||||
200,000 | Credit Europe Bank Ltd. Via CEB Capital SA | 8.500 | 11/15/2019 | 207,500 | ||||||||||||
600,000 | Evraz Group SA(a) | 6.500 | 04/22/2020 | 611,940 | ||||||||||||
500,000 | Evraz Group SA | 8.250 | 01/28/2021 | 533,150 | ||||||||||||
400,000 | Gazprom OAO Via GAZ Capital SA(a) | 3.850 | 02/06/2020 | 398,349 | ||||||||||||
500,000 | Gazprom OAO Via GAZ Capital SA(a) | 5.999 | 01/23/2021 | 519,247 | ||||||||||||
500,000 | Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN | 7.250 | 05/03/2019 | 508,125 | ||||||||||||
400,000 | Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN | 4.960 | 09/05/2019 | 402,136 | ||||||||||||
400,000 | Metalloinvest Finance DAC(a) | 5.625 | 04/17/2020 | 401,768 | ||||||||||||
300,000 | Mobile Telesystems OJSC Via MTS International Funding Ltd.(a) | 8.625 | 06/22/2020 | 324,132 | ||||||||||||
600,000 | Nord Gold SE(a) | 6.375 | 05/07/2018 | 600,854 | ||||||||||||
200,000 | Polyus Finance PLC(a) | 5.625 | 04/29/2020 | 199,930 | ||||||||||||
200,000 | Promsvyazbank OJSC Via PSB Finance SA, EMTN(a) | 10.200 | 11/06/2019 | 43,980 | ||||||||||||
600,000 | Promsvyazbank OJSC Via PSB Finance SA, Series 11 | 5.250 | 10/19/2019 | 540,000 | ||||||||||||
500,000 | Rosneft Finance SA(a) | 7.250 | 02/02/2020 | 520,765 | ||||||||||||
800,000 | Russian Agricultural Bank OJSC Via RSHB Capital SA(a) | 7.750 | 05/29/2018 | 803,200 | ||||||||||||
500,000 | Russian Agricultural Bank OJSC Via RSHB Capital SA(a) | 5.100 | 07/25/2018 | 500,000 | ||||||||||||
600,000 | Sberbank of Russia Via SB Capital SA | 5.180 | 06/28/2019 | 607,496 | ||||||||||||
400,000 | TMK OAO Via TMK Capital SA(a) | 6.750 | 04/03/2020 | 397,480 | ||||||||||||
600,000 | Vnesheconombank Via VEB Finance PLC(a) | 4.224 | 11/21/2018 | 600,670 | ||||||||||||
400,000 | Vnesheconombank Via VEB Finance PLC(a) | 6.902 | 07/09/2020 | 416,830 | ||||||||||||
200,000 | VTB Bank OJSC Via VTB Capital SA(a) | 6.551 | 10/13/2020 | 209,350 | ||||||||||||
|
| |||||||||||||||
12,273,124 | ||||||||||||||||
|
| |||||||||||||||
Saudi Arabia—0.4% | ||||||||||||||||
400,000 | Dar Al-Arkan Sukuk Co. Ltd. | 5.750 | 05/24/2018 | 400,725 | ||||||||||||
400,000 | Dar Al-Arkan Sukuk Co. Ltd. | 6.500 | 05/28/2019 | 406,734 | ||||||||||||
|
| |||||||||||||||
807,459 | ||||||||||||||||
|
| |||||||||||||||
Singapore—0.2% | ||||||||||||||||
400,000 | STATS ChipPAC Pte Ltd.(a) | 8.500 | 11/24/2020 | 425,520 | ||||||||||||
|
| |||||||||||||||
South Africa—0.6% | ||||||||||||||||
400,000 | AngloGold Ashanti Holdings PLC | 5.375 | 04/15/2020 | 410,940 | ||||||||||||
500,000 | Eskom Holdings SOC Ltd.(a) | 5.750 | 01/26/2021 | 499,569 | ||||||||||||
400,000 | Gold Fields Orogen Holdings BVI Ltd.(a) | 4.875 | 10/07/2020 | 405,000 | ||||||||||||
|
| |||||||||||||||
1,315,509 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—0.5% | ||||||||||||||||
500,000 | National Savings Bank(a) | 8.875 | 09/18/2018 | 507,225 | ||||||||||||
600,000 | National Savings Bank(a) | 5.150 | 09/10/2019 | 598,500 | ||||||||||||
|
| |||||||||||||||
1,105,725 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Supranational—0.3% | ||||||||||||||||
$ | 600,000 | Eastern and Southern African Trade and Development Bank, EMTN | 6.375 | % | 12/06/2018 | $ | 607,777 | |||||||||
|
| |||||||||||||||
Trinidad and Tobago—0.6% | ||||||||||||||||
520,000 | Consolidated Energy Finance SA(a) | 6.750 | 10/15/2019 | 530,270 | ||||||||||||
800,000 | Petroleum Co. of Trinidad & Tobago Ltd.(a) | 9.750 | 08/14/2019 | 846,000 | ||||||||||||
|
| |||||||||||||||
1,376,270 | ||||||||||||||||
|
| |||||||||||||||
Turkey—4.7% | ||||||||||||||||
500,000 | Akbank Turk AS, EMTN(a) | 4.000 | 01/24/2020 | 497,425 | ||||||||||||
200,000 | Albaraka Turk Katilim Bankasi AS | 6.250 | 06/30/2019 | 200,243 | ||||||||||||
500,000 | QNB Finansbank AS, EMTN(a) | 6.250 | 04/30/2019 | 508,888 | ||||||||||||
500,000 | TC Ziraat Bankasi AS(a) | 4.250 | 07/03/2019 | 498,730 | ||||||||||||
800,000 | Tupras Turkiye Petrol Rafinerileri AS(a) | 4.125 | 05/02/2018 | 800,000 | ||||||||||||
400,000 | Turkiye Garanti Bankasi AS, EMTN(a) | 4.750 | 10/17/2019 | 402,786 | ||||||||||||
500,000 | Turkiye Halk Bankasi AS(a) | 4.750 | 06/04/2019 | 491,868 | ||||||||||||
500,000 | Turkiye Halk Bankasi AS(a) | 3.875 | 02/05/2020 | 469,346 | ||||||||||||
500,000 | Turkiye Halk Bankasi AS(a) | 4.750 | 02/11/2021 | 469,520 | ||||||||||||
500,000 | Turkiye Is Bankasi AS(a) | 3.750 | 10/10/2018 | 500,220 | ||||||||||||
600,000 | Turkiye Is Bankasi AS(a) | 5.500 | 04/21/2019 | 606,103 | ||||||||||||
400,000 | Turkiye Is Bankasi AS(a) | 5.000 | 04/30/2020 | 398,744 | ||||||||||||
800,000 | Turkiye Sinai Kalkinma Bankasi AS | 5.375 | 10/30/2019 | 806,908 | ||||||||||||
200,000 | Turkiye Sinai Kalkinma Bankasi AS, Series 1 | 5.125 | 04/22/2020 | 199,171 | ||||||||||||
200,000 | Turkiye Sise ve Cam Fabrikalari AS(a) | 4.250 | 05/09/2020 | 199,873 | ||||||||||||
900,000 | Turkiye Vakiflar Bankasi TAO, EMTN(a) | 5.000 | 10/31/2018 | 904,428 | ||||||||||||
700,000 | Yapi ve Kredi Bankasi AS(a) | 5.250 | 12/03/2018 | 706,254 | ||||||||||||
600,000 | Yapi ve Kredi Bankasi AS(a) | 5.125 | 10/22/2019 | 604,940 | ||||||||||||
600,000 | Yapi ve Kredi Bankasi AS(a) | 4.000 | 01/22/2020 | 589,633 | ||||||||||||
600,000 | Yasar Holding AS(a) | 8.875 | 05/06/2020 | 589,076 | ||||||||||||
|
| |||||||||||||||
10,444,156 | ||||||||||||||||
|
| |||||||||||||||
Ukraine—0.0% | ||||||||||||||||
8,725 | UkrLandFarming PLC(a)(b) | 10.875 | 03/26/2018 | 1,854 | ||||||||||||
|
| |||||||||||||||
United Arab Emirates—0.4% | ||||||||||||||||
500,000 | Alpha Star Holding Ltd. | 4.970 | 04/09/2019 | 501,931 | ||||||||||||
350,000 | DAE Funding LLC(a) | 4.000 | 08/01/2020 | 348,250 | ||||||||||||
|
| |||||||||||||||
850,181 | ||||||||||||||||
|
| |||||||||||||||
United Kingdom—1.5% | ||||||||||||||||
167,000 | Avon Products, Inc. | 6.600 | 03/15/2020 | 169,087 | ||||||||||||
500,000 | Fiat DaimlerChrysler Automobiles NV | 4.500 | 04/15/2020 | 507,650 | ||||||||||||
500,000 | Ithaca Energy, Inc.(a) | 8.125 | 07/01/2019 | 500,625 | ||||||||||||
500,000 | Jaguar Land Rover Automotive PLC(a) | 4.125 | 12/15/2018 | 502,500 | ||||||||||||
500,000 | Jaguar Land Rover Automotive PLC(a) | 4.250 | 11/15/2019 | 505,625 | ||||||||||||
310,000 | Jaguar Land Rover Automotive PLC(a) | 3.500 | 03/15/2020 | 310,636 | ||||||||||||
300,000 | Petrofac Ltd.(a) | 3.400 | 10/10/2018 | 297,750 | ||||||||||||
507,000 | Royal Bank of Scotland Group PLC | 4.700 | 07/03/2018 | 508,030 | ||||||||||||
|
| |||||||||||||||
3,301,903 | ||||||||||||||||
|
| |||||||||||||||
United States—41.6% | ||||||||||||||||
400,000 | Abe Investment Holdings, Inc./Getty Images, Inc.(a) | 7.000 | 10/15/2020 | 326,000 | ||||||||||||
407,000 | ADT Corp. (The) | 5.250 | 03/15/2020 | 416,666 | ||||||||||||
450,000 | Aleris International, Inc. | 7.875 | 11/01/2020 | 445,500 | ||||||||||||
450,000 | Allegiant Travel Co. | 5.500 | 07/15/2019 | 456,750 | ||||||||||||
700,000 | Ally Financial, Inc. | 3.600 | 05/21/2018 | 698,460 | ||||||||||||
500,000 | Ally Financial, Inc. | 4.750 | 09/10/2018 | 504,250 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.250 | 11/05/2018 | 500,625 | ||||||||||||
500,000 | Ally Financial, Inc. | 8.000 | 12/31/2018 | 516,250 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.500 | 01/27/2019 | 501,000 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.750 | 11/18/2019 | 502,555 | ||||||||||||
500,000 | Ally Financial, Inc. | 8.000 | 03/15/2020 | 540,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 500,000 | Ally Financial, Inc. | 4.125 | % | 03/30/2020 | $ | 503,750 | |||||||||
500,000 | Ally Financial, Inc. | 7.500 | 09/15/2020 | 542,500 | ||||||||||||
750,000 | American Airlines Group, Inc. | 6.125 | 06/01/2018 | 751,875 | ||||||||||||
400,000 | American Airlines Group, Inc.(a) | 5.500 | 10/01/2019 | 409,000 | ||||||||||||
400,000 | American Airlines Group, Inc.(a) | 4.625 | 03/01/2020 | 404,500 | ||||||||||||
371,000 | Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 5.500 | 10/15/2019 | 382,111 | ||||||||||||
454,000 | Anixter, Inc. | 5.625 | 05/01/2019 | 463,647 | ||||||||||||
420,000 | APX Group, Inc. | 6.375 | 12/01/2019 | 418,425 | ||||||||||||
300,000 | APX Group, Inc. | 8.750 | 12/01/2020 | 296,625 | ||||||||||||
438,000 | Arconic, Inc. | 6.150 | 08/15/2020 | 460,447 | ||||||||||||
400,000 | Ashton Woods USA LLC/Ashton Woods Finance Co.(a) | 6.875 | 02/15/2021 | 401,000 | ||||||||||||
420,000 | Atrium Windows & Doors, Inc.(a) | 7.750 | 05/01/2019 | 420,000 | ||||||||||||
100,000 | Avaya, Inc.(a)(c)(d) | 0.000 | 04/01/2019 | 0 | ||||||||||||
100,000 | Avaya, Inc.(a)(c)(d) | 0.000 | 04/01/2019 | 0 | ||||||||||||
400,000 | Ball Corp. | 4.375 | 12/15/2020 | 408,000 | ||||||||||||
400,000 | BI-LO LLC/BI-LO Finance Corp.(a) | 9.250 | 02/15/2019 | 401,500 | ||||||||||||
568,000 | Brinker International, Inc. | 2.600 | 05/15/2018 | 568,426 | ||||||||||||
257,000 | Cablevision Systems Corp. | 8.000 | 04/15/2020 | 273,062 | ||||||||||||
116,000 | Carrizo Oil & Gas, Inc. | 7.500 | 09/15/2020 | 117,305 | ||||||||||||
400,000 | Centene Corp. | 5.625 | 02/15/2021 | 411,500 | ||||||||||||
462,000 | CenturyLink, Inc., Series Q | 6.150 | 09/15/2019 | 474,705 | ||||||||||||
400,000 | CenturyLink, Inc., Series V | 5.625 | 04/01/2020 | 407,000 | ||||||||||||
600,000 | Cenveo Corp.(a)(b)(e) | 6.000 | 08/01/2019 | 243,000 | ||||||||||||
400,000 | CF Industries, Inc. | 7.125 | 05/01/2020 | 427,500 | ||||||||||||
400,000 | Charter Communications Operating LLC/Charter Communications Operating Capital | 3.579 | 07/23/2020 | 401,357 | ||||||||||||
400,000 | Chesapeake Energy Corp. | 6.625 | 08/15/2020 | 412,000 | ||||||||||||
400,000 | Chesapeake Energy Corp. | 6.125 | 02/15/2021 | 405,000 | ||||||||||||
200,000 | Choice Hotels International, Inc. | 5.700 | 08/28/2020 | 206,750 | ||||||||||||
504,000 | CHS/Community Health Systems, Inc. | 8.000 | 11/15/2019 | 461,160 | ||||||||||||
585,000 | CHS/Community Health Systems, Inc. | 7.125 | 07/15/2020 | 465,075 | ||||||||||||
250,000 | CIT Group, Inc. | 3.875 | 02/19/2019 | 251,472 | ||||||||||||
500,000 | CIT Group, Inc. | 5.375 | 05/15/2020 | 517,500 | ||||||||||||
450,000 | Citgo Holding, Inc.(a) | 10.750 | 02/15/2020 | 479,250 | ||||||||||||
600,000 | Claire’s Stores, Inc. | 9.000 | 03/15/2019 | 357,000 | ||||||||||||
800,000 | Claire’s Stores, Inc.(a) | 9.000 | 03/15/2019 | 476,000 | ||||||||||||
500,000 | Claire’s Stores, Inc.(a) | 9.000 | 03/15/2019 | 297,500 | ||||||||||||
400,000 | Clean Harbors, Inc. | 5.250 | 08/01/2020 | 402,000 | ||||||||||||
494,000 | Clear Channel Worldwide Holdings, Inc., Series A | 7.625 | 03/15/2020 | 497,705 | ||||||||||||
400,000 | Clear Channel Worldwide Holdings, Inc., Series B | 7.625 | 03/15/2020 | 402,500 | ||||||||||||
550,000 | CNH Industrial Capital LLC | 3.375 | 07/15/2019 | 552,750 | ||||||||||||
442,000 | CNH Industrial Capital LLC | 4.375 | 11/06/2020 | 451,945 | ||||||||||||
400,000 | CNO Financial Group, Inc. | 4.500 | 05/30/2020 | 404,000 | ||||||||||||
428,000 | CoreCivic, Inc.—REIT | 4.125 | 04/01/2020 | 431,210 | ||||||||||||
400,000 | Corporate Risk Holdings LLC(a) | 9.500 | 07/01/2019 | 418,000 | ||||||||||||
100,000 | Credit Acceptance Corp. | 6.125 | 02/15/2021 | 101,000 | ||||||||||||
530,000 | CSC Holdings LLC | 7.625 | 07/15/2018 | 535,962 | ||||||||||||
498,000 | CSC Holdings LLC | 8.625 | 02/15/2019 | 519,499 | ||||||||||||
512,000 | CTP Transportation Products LLC/CTP Finance, Inc.(a) | 8.250 | 12/15/2019 | 515,200 | ||||||||||||
1,050,000 | Cumulus Media Holdings, Inc.(b)(e) | 7.750 | 05/01/2019 | 157,500 | ||||||||||||
100,000 | DBP Holding Corp.(a) | 7.750 | 10/15/2020 | 51,250 | ||||||||||||
400,000 | DCP Midstream Operating LP(a) | 9.750 | 03/15/2019 | 422,000 | ||||||||||||
418,000 | DCP Midstream Operating LP | 2.700 | 04/01/2019 | 414,347 | ||||||||||||
200,000 | DCP Midstream Operating LP(a) | 5.350 | 03/15/2020 | 206,346 | ||||||||||||
400,000 | Dell, Inc. | 5.875 | 06/15/2019 | 410,500 | ||||||||||||
400,000 | Delta Air Lines, Inc. | 2.875 | 03/13/2020 | 398,120 | ||||||||||||
450,000 | DISH DBS Corp. | 7.875 | 09/01/2019 | 467,437 | ||||||||||||
400,000 | DISH DBS Corp. | 5.125 | 05/01/2020 | 399,500 | ||||||||||||
411,000 | DJO Finance LLC/DJO Finance Corp. | 10.750 | 04/15/2020 | 400,725 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 137,817 | DynCorp International, Inc., 1.500% PIK Rate, 10.375% Cash Rate(f) | 11.875 | % | 11/30/2020 | $ | 144,191 | |||||||||
1,000,000 | EMC Corp. | 1.875 | 06/01/2018 | 999,079 | ||||||||||||
500,000 | EMC Corp. | 2.650 | 06/01/2020 | 485,792 | ||||||||||||
350,000 | Energy Transfer Equity LP | 7.500 | 10/15/2020 | 375,812 | ||||||||||||
436,000 | EP Energy LLC/Everest Acquisition Finance, Inc. | 9.375 | 05/01/2020 | 416,380 | ||||||||||||
625,000 | EV Energy Partners LP/EV Energy Finance Corp. | 8.000 | 04/15/2019 | 290,625 | ||||||||||||
100,000 | Exxon Mobil Corp. | 3.043 | 03/01/2026 | 96,888 | ||||||||||||
433,000 | FGI Operating Co. LLC/FGI Finance, Inc. | 7.875 | 05/01/2020 | 102,837 | ||||||||||||
100,000 | Fidelity National Information Services, Inc. | 3.625 | 10/15/2020 | 101,075 | ||||||||||||
400,000 | Freeport-McMoRan, Inc. | 3.100 | 03/15/2020 | 396,500 | ||||||||||||
395,000 | Frontier Communications Corp. | 8.125 | 10/01/2018 | 400,925 | ||||||||||||
450,000 | Frontier Communications Corp. | 7.125 | 03/15/2019 | 450,000 | ||||||||||||
400,000 | GameStop Corp.(a) | 5.500 | 10/01/2019 | 401,500 | ||||||||||||
700,000 | Genworth Holdings, Inc., GMTN | 6.515 | 05/22/2018 | 699,562 | ||||||||||||
500,000 | Genworth Holdings, Inc. | 7.700 | 06/15/2020 | 488,750 | ||||||||||||
100,000 | Genworth Holdings, Inc. | 7.200 | 02/15/2021 | 94,750 | ||||||||||||
600,000 | Gibson Brands, Inc.(a) | 8.875 | 08/01/2018 | 468,000 | ||||||||||||
475,000 | GLP Capital LP/GLP Financing II, Inc. | 4.375 | 11/01/2018 | 477,375 | ||||||||||||
469,000 | GLP Capital LP/GLP Financing II, Inc. | 4.875 | 11/01/2020 | 481,757 | ||||||||||||
98,659 | Goodman Networks, Inc.(g) | 8.000 | 05/11/2022 | 70,541 | ||||||||||||
511,000 | Goodyear Tire & Rubber Co. (The) | 8.750 | 08/15/2020 | 569,765 | ||||||||||||
494,000 | Graham Holdings Co. | 7.250 | 02/01/2019 | 510,944 | ||||||||||||
482,000 | Greif, Inc. | 7.750 | 08/01/2019 | 504,895 | ||||||||||||
400,000 | Guitar Center, Inc. 8.000% PIK Rate, 5.000% Cash Rate(a)(f) | 13.000 | 04/15/2022 | 318,000 | ||||||||||||
100,000 | Harland Clarke Holdings Corp.(a) | 6.875 | 03/01/2020 | 101,500 | ||||||||||||
452,000 | HC2 Holdings, Inc.(a) | 11.000 | 12/01/2019 | 464,430 | ||||||||||||
400,000 | HCA Healthcare, Inc. | 6.250 | 02/15/2021 | 421,500 | ||||||||||||
508,000 | HCA, Inc. | 3.750 | 03/15/2019 | 510,540 | ||||||||||||
400,000 | HCA, Inc. | 4.250 | 10/15/2019 | 404,000 | ||||||||||||
500,000 | HCA, Inc. | 6.500 | 02/15/2020 | 523,750 | ||||||||||||
500,000 | Hertz Corp. (The) | 5.875 | 10/15/2020 | 496,250 | ||||||||||||
500,000 | Hertz Corp. (The) | 7.375 | 01/15/2021 | 497,500 | ||||||||||||
395,000 | Hexion, Inc. | 10.000 | 04/15/2020 | 392,037 | ||||||||||||
500,000 | Hexion, Inc. | 6.625 | 04/15/2020 | 470,625 | ||||||||||||
178,000 | Hexion, Inc./Hexion Nova Scotia Finance ULC | 9.000 | 11/15/2020 | 139,285 | ||||||||||||
500,000 | Hornbeck Offshore Services, Inc. | 5.875 | 04/01/2020 | 327,500 | ||||||||||||
400,000 | Hughes Satellite Systems Corp. | 6.500 | 06/15/2019 | 413,500 | ||||||||||||
527,000 | Huntsman International LLC | 4.875 | 11/15/2020 | 538,857 | ||||||||||||
400,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.000 | 08/01/2020 | 408,750 | ||||||||||||
700,000 | iHeartCommunications, Inc.(b)(e) | 9.000 | 12/15/2019 | 567,000 | ||||||||||||
35,000 | Infor US, Inc.(a) | 5.750 | 08/15/2020 | 35,744 | ||||||||||||
520,000 | International Game Technology PLC(a) | 5.625 | 02/15/2020 | 534,950 | ||||||||||||
600,000 | INVISTA Finance LLC(a) | 4.250 | 10/15/2019 | 603,750 | ||||||||||||
450,000 | IPALCO Enterprises, Inc. | 3.450 | 07/15/2020 | 451,125 | ||||||||||||
432,000 | iStar, Inc.—REIT | 5.000 | 07/01/2019 | 432,270 | ||||||||||||
420,550 | iStar, Inc.—REIT | 4.625 | 09/15/2020 | 420,024 | ||||||||||||
3,000 | J.C. Penney Corp., Inc. | 5.650 | 06/01/2020 | 3,041 | ||||||||||||
400,000 | Jabil, Inc. | 5.625 | 12/15/2020 | 421,120 | ||||||||||||
500,000 | Jurassic Holdings III, Inc.(a) | 6.875 | 02/15/2021 | 462,500 | ||||||||||||
200,000 | K Hovnanian Enterprises, Inc.(a) | 8.000 | 11/01/2019 | 219,000 | ||||||||||||
700,000 | KB Home | 7.250 | 06/15/2018 | 706,125 | ||||||||||||
450,000 | KB Home | 4.750 | 05/15/2019 | 454,500 | ||||||||||||
425,000 | KB Home | 8.000 | 03/15/2020 | 456,875 | ||||||||||||
500,000 | Kindred Healthcare, Inc. | 8.000 | 01/15/2020 | 538,125 | ||||||||||||
400,000 | L Brands, Inc. | 7.000 | 05/01/2020 | 426,000 | ||||||||||||
355,000 | Leidos Holdings, Inc. | 4.450 | 12/01/2020 | 357,663 | ||||||||||||
580,000 | Lennar Corp.(a) | 8.375 | 05/15/2018 | 581,450 | ||||||||||||
619,000 | Lennar Corp. | 6.950 | 06/01/2018 | 622,095 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 600,000 | Lennar Corp. | 4.125 | % | 12/01/2018 | $ | 601,500 | |||||||||
400,000 | Lennar Corp. | 4.500 | 06/15/2019 | 404,500 | ||||||||||||
470,000 | Lennar Corp. | 4.500 | 11/15/2019 | 477,050 | ||||||||||||
100,000 | Lennar Corp.(a) | 6.625 | 05/01/2020 | 105,500 | ||||||||||||
400,000 | Lennar Corp.(a) | 2.950 | 11/29/2020 | 391,484 | ||||||||||||
310,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC(a) | 4.875 | 04/15/2020 | 297,600 | ||||||||||||
400,000 | Marathon Oil Corp. | 2.700 | 06/01/2020 | 394,297 | ||||||||||||
470,000 | Mattel, Inc. | 2.350 | 05/06/2019 | 462,950 | ||||||||||||
200,000 | Mattel, Inc. | 4.350 | 10/01/2020 | 197,500 | ||||||||||||
567,000 | MDC Holdings, Inc. | 5.625 | 02/01/2020 | 585,428 | ||||||||||||
397,000 | Meritage Homes Corp. | 7.150 | 04/15/2020 | 422,805 | ||||||||||||
450,000 | MGM Resorts International | 8.625 | 02/01/2019 | 468,437 | ||||||||||||
355,000 | MGM Resorts International | 5.250 | 03/31/2020 | 363,875 | ||||||||||||
357,000 | MGM Resorts International | 6.750 | 10/01/2020 | 380,205 | ||||||||||||
264,000 | MHGE Parent LLC/MHGE Parent Finance, Inc.(a) | 8.500 | 08/01/2019 | 265,320 | ||||||||||||
500,000 | Monitronics International, Inc. | 9.125 | 04/01/2020 | 357,000 | ||||||||||||
168,000 | NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp.(a) | 5.000 | 08/01/2018 | 168,454 | ||||||||||||
70,000 | NANA Development Corp.(a) | 9.500 | 03/15/2019 | 70,175 | ||||||||||||
400,000 | Nationstar Mortgage LLC/Nationstar Capital Corp. | 6.500 | 08/01/2018 | 401,850 | ||||||||||||
395,000 | Nationstar Mortgage LLC/Nationstar Capital Corp. | 9.625 | 05/01/2019 | 401,024 | ||||||||||||
70,000 | Nationstar Mortgage LLC/Nationstar Capital Corp. | 7.875 | 10/01/2020 | 71,313 | ||||||||||||
425,000 | Navient Corp., MTN | 5.500 | 01/15/2019 | 432,013 | ||||||||||||
400,000 | Navient Corp., MTN | 4.875 | 06/17/2019 | 404,500 | ||||||||||||
500,000 | Navient Corp., MTN | 8.000 | 03/25/2020 | 533,750 | ||||||||||||
458,000 | Navient Corp. | 5.000 | 10/26/2020 | 461,435 | ||||||||||||
500,000 | NCR Corp. | 4.625 | 02/15/2021 | 501,400 | ||||||||||||
520,000 | Neovia Logistics Services LLC/SPL Logistics Finance Corp.(a) | 8.875 | 08/01/2020 | 410,800 | ||||||||||||
400,000 | NetFlix, Inc. | 5.375 | 02/01/2021 | 415,000 | ||||||||||||
400,000 | NGL Energy Partners LP/NGL Energy Finance Corp. | 5.125 | 07/15/2019 | 401,000 | ||||||||||||
580,000 | Nielsen Finance LLC/Nielsen Finance Co. | 4.500 | 10/01/2020 | 582,198 | ||||||||||||
4,200,000 | Nine West Holdings, Inc.(a) | 8.250 | 03/15/2019 | 567,000 | ||||||||||||
489,000 | Northern Oil And Gas, Inc. | 8.000 | 06/01/2020 | 481,665 | ||||||||||||
200,000 | Nuance Communications, Inc.(a) | 5.375 | 08/15/2020 | 201,500 | ||||||||||||
400,000 | Nustar Logistics LP | 4.800 | 09/01/2020 | 400,000 | ||||||||||||
200,000 | Oaktree Specialty Lending Corp. | 4.875 | 03/01/2019 | 199,279 | ||||||||||||
426,000 | Och-Ziff Finance Co. LLC(a) | 4.500 | 11/20/2019 | 435,542 | ||||||||||||
75,000 | Ocwen Loan Servicing LLC(a) | 8.375 | 11/15/2022 | 77,813 | ||||||||||||
400,000 | Omnimax International, Inc.(a) | 12.000 | 08/15/2020 | 426,000 | ||||||||||||
445,000 | Penske Automotive Group, Inc. | 3.750 | 08/15/2020 | 442,775 | ||||||||||||
75,688 | PetroQuest Energy, Inc. | 10.000 | 02/15/2021 | 59,794 | ||||||||||||
446,000 | PHH Corp. | 7.375 | 09/01/2019 | 462,725 | ||||||||||||
480,000 | PHI, Inc. | 5.250 | 03/15/2019 | 463,200 | ||||||||||||
300,000 | Pitney Bowes, Inc. | 6.250 | 03/15/2019 | 308,196 | ||||||||||||
400,000 | Pitney Bowes, Inc. | 3.625 | 09/15/2020 | 397,000 | ||||||||||||
400,000 | Plains All American Pipeline LP/PAA Finance Corp. | 5.000 | 02/01/2021 | 411,987 | ||||||||||||
500,000 | Popular, Inc. | 7.000 | 07/01/2019 | 511,250 | ||||||||||||
378,000 | Pride International, Inc. | 6.875 | 08/15/2020 | 398,790 | ||||||||||||
800,000 | Production Resource Group, Inc. | 8.875 | 05/01/2019 | 744,000 | ||||||||||||
400,000 | QVC, Inc. | 3.125 | 04/01/2019 | 400,348 | ||||||||||||
450,000 | Realogy Group LLC/Realogy Co.-Issuer Corp.(a) | 4.500 | 04/15/2019 | 455,715 | ||||||||||||
100,000 | Rent-A-Center, Inc. | 6.625 | 11/15/2020 | 96,000 | ||||||||||||
420,000 | Resolute Energy Corp. | 8.500 | 05/01/2020 | 421,050 | ||||||||||||
636,000 | Revlon Consumer Products Corp. | 5.750 | 02/15/2021 | 467,460 | ||||||||||||
484,554 | Reynolds Group Holdings, Inc. | 5.750 | 10/15/2020 | 488,794 | ||||||||||||
277,230 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | 6.875 | 02/15/2021 | 281,388 | ||||||||||||
400,000 | Rockies Express Pipeline LLC(a) | 6.850 | 07/15/2018 | 402,500 | ||||||||||||
185,000 | Rockies Express Pipeline LLC(a) | 6.000 | 01/15/2019 | 189,163 | ||||||||||||
400,000 | Rockies Express Pipeline LLC(a) | 5.625 | 04/15/2020 | 416,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 200,000 | Sable Permian Resources Land LLC/AEPB Finance Corp.(a) | 7.125 | % | 11/01/2020 | $ | 149,000 | |||||||||
400,000 | Sable Permian Resources Land LLC/AEPB Finance Corp.(a) | 13.000 | 11/30/2020 | 459,000 | ||||||||||||
605,000 | Safeway, Inc. | 5.000 | 08/15/2019 | 611,050 | ||||||||||||
200,000 | Sanmina Corp.(a) | 4.375 | 06/01/2019 | 202,500 | ||||||||||||
500,000 | Seagate HDD Cayman | 3.750 | 11/15/2018 | 501,779 | ||||||||||||
640,000 | Sears Holdings Corp. | 8.000 | 12/15/2019 | 361,600 | ||||||||||||
400,000 | Seitel, Inc. | 9.500 | 04/15/2019 | 400,500 | ||||||||||||
88,000 | Southwestern Energy Co. | 5.800 | 01/23/2020 | 89,760 | ||||||||||||
507,000 | Springleaf Finance Corp. | 5.250 | 12/15/2019 | 514,595 | ||||||||||||
400,000 | Springleaf Finance Corp. | 6.000 | 06/01/2020 | 417,000 | ||||||||||||
470,000 | Sprint Capital Corp. | 6.900 | 05/01/2019 | 485,275 | ||||||||||||
502,000 | Sprint Communications, Inc.(a) | 9.000 | 11/15/2018 | 516,746 | ||||||||||||
280,000 | Sprint Communications, Inc.(a) | 7.000 | 03/01/2020 | 295,400 | ||||||||||||
406,000 | Sprint Communications, Inc. | 7.000 | 08/15/2020 | 428,886 | ||||||||||||
300,000 | Stearns Holdings LLC(a) | 9.375 | 08/15/2020 | 303,750 | ||||||||||||
205,000 | Stearns Holdings LLC(a) | 9.375 | 08/15/2020 | 207,563 | ||||||||||||
300,000 | Symantec Corp. | 4.200 | 09/15/2020 | 304,191 | ||||||||||||
100,000 | Talen Energy Supply LLC | 6.500 | 05/01/2018 | 100,000 | ||||||||||||
400,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 4.125 | 11/15/2019 | 403,268 | ||||||||||||
504,000 | TEGNA, Inc. | 5.125 | 10/15/2019 | 508,410 | ||||||||||||
270,000 | TEGNA, Inc. | 5.125 | 07/15/2020 | 271,687 | ||||||||||||
450,000 | Tenet Healthcare Corp. | 5.500 | 03/01/2019 | 458,438 | ||||||||||||
200,000 | Tenet Healthcare Corp. | 6.750 | 02/01/2020 | 206,750 | ||||||||||||
420,000 | Tenet Healthcare Corp. | 4.750 | 06/01/2020 | 424,200 | ||||||||||||
421,000 | Tenet Healthcare Corp. | 6.000 | 10/01/2020 | 436,072 | ||||||||||||
300,000 | Time Warner Cable LLC | 8.750 | 02/14/2019 | 313,257 | ||||||||||||
400,000 | Time Warner Cable LLC | 5.000 | 02/01/2020 | 410,592 | ||||||||||||
400,000 | Time Warner Cable LLC | 4.125 | 02/15/2021 | 403,685 | ||||||||||||
400,000 | TMX Finance LLC/TitleMax Finance Corp.(a) | 8.500 | 09/15/2018 | 382,880 | ||||||||||||
470,000 | Toll Brothers Finance Corp. | 4.000 | 12/31/2018 | 471,175 | ||||||||||||
500,000 | Toll Brothers Finance Corp. | 6.750 | 11/01/2019 | 525,625 | ||||||||||||
450,000 | TransDigm, Inc. | 5.500 | 10/15/2020 | 452,813 | ||||||||||||
500,000 | Transocean, Inc. | 6.500 | 11/15/2020 | 518,755 | ||||||||||||
400,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 4.375 | 06/15/2019 | 402,500 | ||||||||||||
48,000 | TRU Taj LLC/TRU Taj Finance, Inc.(a)(b)(e) | 12.000 | 08/15/2021 | 41,520 | ||||||||||||
600,000 | United Continental Holdings, Inc. | 6.375 | 06/01/2018 | 601,500 | ||||||||||||
464,000 | United Continental Holdings, Inc. | 6.000 | 12/01/2020 | 489,427 | ||||||||||||
400,000 | United States Steel Corp. | 7.375 | 04/01/2020 | 425,360 | ||||||||||||
100,000 | Universal Health Services, Inc.(a) | 3.750 | 08/01/2019 | 100,625 | ||||||||||||
500,000 | Universal Hospital Services, Inc. | 7.625 | 08/15/2020 | 506,250 | ||||||||||||
500,000 | Urban One, Inc.(a) | 9.250 | 02/15/2020 | 477,500 | ||||||||||||
100,000 | Valeant Pharmaceuticals International(a) | 6.375 | 10/15/2020 | 101,875 | ||||||||||||
300,000 | Valeant Pharmaceuticals International, Inc.(a) | 5.375 | 03/15/2020 | 303,375 | ||||||||||||
382,000 | Vistra Energy Corp. | 6.750 | 11/01/2019 | 389,411 | ||||||||||||
76,551 | Vistra Energy Corp. | 8.034 | 02/02/2024 | 80,379 | ||||||||||||
200,000 | Weatherford International Ltd. | 5.125 | 09/15/2020 | 197,000 | ||||||||||||
365,000 | Windstream Services LLC/Windstream Finance Corp. | 7.750 | 10/15/2020 | 314,813 | ||||||||||||
440,000 | WPX Energy, Inc. | 7.500 | 08/01/2020 | 478,500 | ||||||||||||
457,000 | Yum! Brands, Inc. | 5.300 | 09/15/2019 | 470,139 | ||||||||||||
120,000 | Yum! Brands, Inc. | 3.875 | 11/01/2020 | 120,450 | ||||||||||||
368,000 | Zachry Holdings, Inc.(a) | 7.500 | 02/01/2020 | 370,760 | ||||||||||||
|
| |||||||||||||||
92,077,825 | ||||||||||||||||
|
| |||||||||||||||
Zambia—0.2% | ||||||||||||||||
450,000 | First Quantum Minerals Ltd.(a) | 7.000 | 02/15/2021 | 451,847 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $195,250,014) | 190,547,885 | |||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations—10.8% | ||||||||||||||||
Argentina—0.8% | ||||||||||||||||
$ | 450,000 | Argentine Republic Government International Bond | 6.250 | % | 04/22/2019 | $ | 459,225 | |||||||||
800,000 | Provincia de Buenos Aires(a) | 9.375 | 09/14/2018 | 819,200 | ||||||||||||
550,000 | Provincia de Buenos Aires(a) | 5.750 | 06/15/2019 | 559,900 | ||||||||||||
|
| |||||||||||||||
1,838,325 | ||||||||||||||||
|
| |||||||||||||||
Azerbaijan—0.2% | ||||||||||||||||
480,000 | Republic of Azerbaijan International Bond(a) | 5.125 | 09/01/2029 | 472,469 | ||||||||||||
|
| |||||||||||||||
Bahrain—0.6% | ||||||||||||||||
300,000 | Bahrain Government International Bond(a) | 5.500 | 03/31/2020 | 300,692 | ||||||||||||
500,000 | Bahrain Government International Bond(a) | 5.875 | 01/26/2021 | 503,412 | ||||||||||||
500,000 | CBB International Sukuk Co. SPC | 6.273 | 11/22/2018 | 505,667 | ||||||||||||
|
| |||||||||||||||
1,309,771 | ||||||||||||||||
|
| |||||||||||||||
Brazil—0.4% | ||||||||||||||||
400,000 | Brazil Government International Bond | 8.875 | 10/14/2019 | 435,000 | ||||||||||||
500,000 | Brazilian Government International Bond | 4.875 | 01/22/2021 | 517,250 | ||||||||||||
|
| |||||||||||||||
952,250 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—0.2% | ||||||||||||||||
400,000 | Costa Rica Government International Bond(a) | 9.995 | 08/01/2020 | 447,000 | ||||||||||||
|
| |||||||||||||||
Croatia—0.4% | ||||||||||||||||
500,000 | Croatia Government International Bond(a) | 6.750 | 11/05/2019 | 525,475 | ||||||||||||
400,000 | Croatia Government International Bond(a) | 6.625 | 07/14/2020 | 426,960 | ||||||||||||
|
| |||||||||||||||
952,435 | ||||||||||||||||
|
| |||||||||||||||
Ecuador—0.2% | ||||||||||||||||
400,000 | Ecuador Government International Bond(a) | 10.500 | 03/24/2020 | 413,500 | ||||||||||||
|
| |||||||||||||||
Egypt—0.2% | ||||||||||||||||
400,000 | Egypt Government International Bond(a) | 5.750 | 04/29/2020 | 410,730 | ||||||||||||
|
| |||||||||||||||
El Salvador—0.4% | ||||||||||||||||
900,000 | El Salvador Government International Bond(a) | 7.375 | 12/01/2019 | 932,967 | ||||||||||||
|
| |||||||||||||||
Honduras—0.3% | ||||||||||||||||
500,000 | Honduras Government International Bond(a) | 8.750 | 12/16/2020 | 547,765 | ||||||||||||
|
| |||||||||||||||
Kenya—0.2% | ||||||||||||||||
400,000 | Kenya Government International Bond(a) | 5.875 | 06/24/2019 | 406,955 | ||||||||||||
|
| |||||||||||||||
Lebanon—1.8% | ||||||||||||||||
570,000 | Lebanon Government International Bond | 5.150 | 06/12/2018 | 570,011 | ||||||||||||
500,000 | Lebanon Government International Bond, EMTN | 5.150 | 11/12/2018 | 501,130 | ||||||||||||
800,000 | Lebanon Government International Bond, EMTN | 5.500 | 04/23/2019 | 797,701 | ||||||||||||
800,000 | Lebanon Government International Bond, EMTN | 6.000 | 05/20/2019 | 803,080 | ||||||||||||
500,000 | Lebanon Government International Bond, GMTN | 5.450 | 11/28/2019 | 494,188 | ||||||||||||
300,000 | Lebanon Government International Bond, GMTN | 6.375 | 03/09/2020 | 299,911 | ||||||||||||
500,000 | Lebanon Government International Bond, GMTN | 5.800 | 04/14/2020 | 492,288 | ||||||||||||
100,000 | Lebanon Government International Bond, EMTN | 6.150 | 06/19/2020 | 99,225 | ||||||||||||
|
| |||||||||||||||
4,057,534 | ||||||||||||||||
|
| |||||||||||||||
Nigeria—0.5% | ||||||||||||||||
600,000 | Nigeria Government International Bond(a) | 5.125 | 07/12/2018 | 601,303 | ||||||||||||
500,000 | Nigeria Government International Bond(a) | 6.750 | 01/28/2021 | 526,662 | ||||||||||||
|
| |||||||||||||||
1,127,965 | ||||||||||||||||
|
| |||||||||||||||
Pakistan—0.5% | ||||||||||||||||
500,000 | Pakistan Government International Bond(a) | 7.250 | 04/15/2019 | 510,733 | ||||||||||||
500,000 | Second Pakistan International Sukuk Co. Ltd. (The)(a) | 6.750 | 12/03/2019 | 511,466 | ||||||||||||
|
| |||||||||||||||
1,022,199 | ||||||||||||||||
|
| |||||||||||||||
Russia—0.6% | ||||||||||||||||
500,000 | Russian Foreign Bond—Eurobond(a) | 11.000 | 07/24/2018 | 509,169 | ||||||||||||
600,000 | Russian Foreign Bond—Eurobond(a) | 3.500 | 01/16/2019 | 600,376 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Russia (continued) | ||||||||||||||||
$ | 300,000 | Russian Foreign Bond—Eurobond(a) | 5.000 | % | 04/29/2020 | $ | 307,265 | |||||||||
|
| |||||||||||||||
1,416,810 | ||||||||||||||||
|
| |||||||||||||||
Serbia—0.5% | ||||||||||||||||
500,000 | Serbia International Bond(a) | 5.875 | 12/03/2018 | 507,386 | ||||||||||||
500,000 | Serbia International Bond(a) | 4.875 | 02/25/2020 | 509,944 | ||||||||||||
|
| |||||||||||||||
1,017,330 | ||||||||||||||||
|
| |||||||||||||||
South Africa—0.6% | ||||||||||||||||
500,000 | Republic of South Africa Government International Bond | 6.875 | 05/27/2019 | 518,904 | ||||||||||||
300,000 | Republic of South Africa Government International Bond | 5.500 | 03/09/2020 | 310,945 | ||||||||||||
500,000 | ZAR Sovereign Capital Fund Pty Ltd.(a) | 3.903 | 06/24/2020 | 502,375 | ||||||||||||
|
| |||||||||||||||
1,332,224 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—0.7% | ||||||||||||||||
500,000 | Sri Lanka Government International Bond(a) | 6.000 | 01/14/2019 | 506,847 | ||||||||||||
500,000 | Sri Lanka Government International Bond(a) | 5.125 | 04/11/2019 | 504,365 | ||||||||||||
400,000 | Sri Lanka Government International Bond(a) | 6.250 | 10/04/2020 | 413,774 | ||||||||||||
|
| |||||||||||||||
1,424,986 | ||||||||||||||||
|
| |||||||||||||||
Turkey—1.1% | ||||||||||||||||
300,000 | Export Credit Bank of Turkey(a) | 5.875 | 04/24/2019 | 304,632 | ||||||||||||
500,000 | Export Credit Bank of Turkey, EMTN(a) | 5.375 | 02/08/2021 | 502,151 | ||||||||||||
500,000 | Hazine Mustesarligi Varlik Kiralama AS(a) | 4.557 | 10/10/2018 | 502,383 | ||||||||||||
500,000 | Turkey Government International Bond | 7.000 | 03/11/2019 | 515,000 | ||||||||||||
500,000 | Turkey Government International Bond | 7.500 | 11/07/2019 | 527,541 | ||||||||||||
100,000 | Turkey Government International Bond | 7.000 | 06/05/2020 | 105,725 | ||||||||||||
|
| |||||||||||||||
2,457,432 | ||||||||||||||||
|
| |||||||||||||||
Ukraine—0.3% | ||||||||||||||||
300,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2019 | 310,650 | ||||||||||||
400,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2020 | 416,768 | ||||||||||||
|
| |||||||||||||||
727,418 | ||||||||||||||||
|
| |||||||||||||||
Vietnam—0.3% | ||||||||||||||||
600,000 | Vietnam Government International Bond(a) | 6.750 | 01/29/2020 | 632,197 | ||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $24,079,821) | 23,900,262 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Common Stocks—0.0% | ||||||||||||||||
United States—0.0% | ||||||||||||||||
6,207 | Goodman Networks, Inc.(c)(g)(h) (Cost $0) | 0 | ||||||||||||||
|
| |||||||||||||||
Preferred Stocks—0.0% | ||||||||||||||||
United States—0.0% | ||||||||||||||||
7,385 | Goodman Networks, Inc., 0.00%(c)(g)(h) | 11,077 | ||||||||||||||
339 | Tervita Corp., 0.00%(c)(h)(i) | 2,125 | ||||||||||||||
|
| |||||||||||||||
Total Preferred Stocks (Cost $0) | 13,202 | |||||||||||||||
|
| |||||||||||||||
Money Market Fund—1.4% | ||||||||||||||||
3,181,904 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(j) (Cost $3,181,904) | 3,181,904 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $222,511,739)—98.3% | 217,643,253 | |||||||||||||||
Other assets less liabilities—1.7% | 3,661,558 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 221,304,811 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
EMTN—Euro Medium-Term Note
GMTN—Global Medium-Term Note
MTN—Medium-Term Note
PIK—Pay-in-Kind
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 was $93,653,285, which represented 42.32% of the Fund’s Net Assets. |
(b) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at April 30, 2018 was $1,304,954, which represented less than 1% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 6. |
(d) | Acquired as part of the Avaya Holdings Corp. reorganization. |
(e) | The borrower has filed for protection in federal bankruptcy court. |
(f) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(g) | Acquired as part of the Goodman Networks, Inc. reorganization. |
(h) | Non-income producing security. |
(i) | Acquired as part of the Tervita Corp. reorganization. |
(j) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco International Corporate Bond ETF (PICB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 42.1 | |||
Electric | 14.7 | |||
Telecommunications | 9.5 | |||
Oil & Gas | 5.7 | |||
Auto Manufacturers | 3.6 | |||
Pharmaceuticals | 2.8 | |||
Beverages | 2.7 | |||
Insurance | 2.2 | |||
Commercial Services | 1.8 | |||
Real Estate | 1.8 | |||
Agriculture | 1.6 | |||
Water | 1.5 | |||
Media | 1.2 | |||
Gas | 0.8 | |||
Diversified Financial Services | 0.7 | |||
Food | 0.7 |
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Home Furnishings | 0.6 | |||
Holding Companies-Diversified | 0.6 | |||
Mining | 0.6 | |||
Building Materials | 0.5 | |||
Chemicals | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Retail | 0.4 | |||
Computers | 0.4 | |||
Transportation | 0.4 | |||
Engineering & Construction | 0.3 | |||
Savings & Loans | 0.3 | |||
Semiconductors | 0.2 | |||
Apparel | 0.2 | |||
Healthcare-Services | 0.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.1 |
Schedule of Investments
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds—98.9% | ||||||||||||||||||||
Australia—2.1% | ||||||||||||||||||||
EUR | 200,000 | Australia & New Zealand Banking Group Ltd. | 0.750 | % | 09/29/2026 | $ | 235,779 | |||||||||||||
GBP | 350,000 | BHP Billiton Finance Ltd., Series 12, EMTN | 4.300 | 09/25/2042 | 603,010 | |||||||||||||||
EUR | 200,000 | Commonwealth Bank of Australia, EMTN | 5.500 | 08/06/2019 | 258,148 | |||||||||||||||
EUR | 200,000 | National Australia Bank Ltd., EMTN | 0.875 | 01/20/2022 | 246,326 | |||||||||||||||
EUR | 250,000 | National Australia Bank Ltd., EMTN | 2.750 | 08/08/2022 | 331,620 | |||||||||||||||
EUR | 200,000 | National Australia Bank Ltd., GMTN | 1.250 | 05/18/2026 | 245,138 | |||||||||||||||
EUR | 150,000 | Telstra Corp. Ltd., EMTN | 3.500 | 09/21/2022 | 205,584 | |||||||||||||||
EUR | 150,000 | Telstra Corp. Ltd., EMTN | 2.500 | 09/15/2023 | 199,100 | |||||||||||||||
GBP | 200,000 | Westfield America Management Ltd. | 2.625 | 03/30/2029 | 272,998 | |||||||||||||||
EUR | 200,000 | Westpac Banking Corp., EMTN | 0.250 | 01/17/2022 | 240,652 | |||||||||||||||
AUD | 400,000 | Westpac Banking Corp., MTN | 4.500 | 02/25/2019 | 307,159 | |||||||||||||||
|
| |||||||||||||||||||
3,145,514 | ||||||||||||||||||||
|
| |||||||||||||||||||
Belgium—2.9% | ||||||||||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 0.800 | 04/20/2023 | 245,580 | |||||||||||||||
GBP | 250,000 | Anheuser-Busch InBev SA, EMTN | 9.750 | 07/30/2024 | 498,077 | |||||||||||||||
GBP | 250,000 | Anheuser-Busch InBev SA, EMTN | 1.750 | 03/07/2025 | 335,858 | |||||||||||||||
EUR | 300,000 | Anheuser-Busch InBev SA, EMTN | 1.500 | 03/17/2025 | 376,529 | |||||||||||||||
GBP | 300,000 | Anheuser-Busch InBev SA, EMTN | 4.000 | 09/24/2025 | 464,796 | |||||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 2.700 | 03/31/2026 | 270,250 | |||||||||||||||
EUR | 300,000 | Anheuser-Busch InBev SA, EMTN | 2.000 | 03/17/2028 | 381,495 | |||||||||||||||
GBP | 300,000 | Anheuser-Busch InBev SA, EMTN | 2.250 | 05/24/2029 | 396,760 | |||||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 1.500 | 04/18/2030 | 236,315 | |||||||||||||||
EUR | 400,000 | Anheuser-Busch InBev SA, EMTN | 2.750 | 03/17/2036 | 515,869 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
Belgium (continued) | ||||||||||||||||||||
GBP | 200,000 | Anheuser-Busch InBev SA, EMTN | 2.850 | % | 05/25/2037 | $ | 268,398 | |||||||||||||
EUR | 200,000 | KBC Group NV, EMTN | 0.750 | 03/01/2022 | 243,555 | |||||||||||||||
|
| |||||||||||||||||||
4,233,482 | ||||||||||||||||||||
|
| |||||||||||||||||||
Canada—14.4% | ||||||||||||||||||||
CAD | 500,000 | Bank of Montreal, DPNT | 2.840 | 06/04/2020 | 393,225 | |||||||||||||||
CAD | 800,000 | Bank of Montreal, DPNT | 2.100 | 10/06/2020 | 617,971 | |||||||||||||||
CAD | 500,000 | Bank of Montreal, DPNT | 1.880 | 03/31/2021 | 381,906 | |||||||||||||||
CAD | 450,000 | Bank of Montreal, DPNT | 3.400 | 04/23/2021 | 358,336 | |||||||||||||||
CAD | 850,000 | Bank of Montreal, DPNT | 1.610 | 10/28/2021 | 638,811 | |||||||||||||||
CAD | 550,000 | Bank of Montreal, DPNT | 2.120 | 03/16/2022 | 418,956 | |||||||||||||||
CAD | 800,000 | Bank of Montreal, DPNT | 2.270 | 07/11/2022 | 610,539 | |||||||||||||||
CAD | 600,000 | Bank of Nova Scotia (The), DPNT | 2.130 | 06/15/2020 | 464,424 | |||||||||||||||
CAD | 550,000 | Bank of Nova Scotia (The), DPNT | 2.090 | 09/09/2020 | 424,786 | |||||||||||||||
CAD | 500,000 | Bank of Nova Scotia (The), DPNT | 3.270 | 01/11/2021 | 396,927 | |||||||||||||||
CAD | 400,000 | Bank of Nova Scotia (The), DPNT | 2.873 | 06/04/2021 | 313,819 | |||||||||||||||
CAD | 750,000 | Bank of Nova Scotia (The), DPNT | 1.900 | 12/02/2021 | 568,653 | |||||||||||||||
CAD | 700,000 | Bank of Nova Scotia (The), DPNT | 1.830 | 04/27/2022 | 526,528 | |||||||||||||||
CAD | 800,000 | Bank of Nova Scotia (The), DPNT | 2.980 | 04/17/2023 | 626,090 | |||||||||||||||
CAD | 700,000 | Bank of Nova Scotia (The), DPNT | 2.290 | 06/28/2024 | 523,775 | |||||||||||||||
CAD | 500,000 | Bank of Nova Scotia (The), DPNT | 2.620 | 12/02/2026 | 376,540 | |||||||||||||||
CAD | 300,000 | Bell Canada, Inc. | 3.350 | 06/18/2019 | 236,808 | |||||||||||||||
CAD | 600,000 | Bell Canada, Inc., MTN | 3.250 | 06/17/2020 | 474,571 | |||||||||||||||
CAD | 300,000 | Bell Canada, Inc., MTN | 2.700 | 02/27/2024 | 226,960 | |||||||||||||||
CAD | 300,000 | Bell Canada, Inc., Series M-26 | 3.350 | 03/22/2023 | 237,000 | |||||||||||||||
CAD | 600,000 | Caisse Centrale Desjardins, MTN | 1.748 | 03/02/2020 | 462,477 | |||||||||||||||
CAD | 400,000 | Canadian Imperial Bank of Commerce, DPNT | 1.850 | 07/14/2020 | 307,800 | |||||||||||||||
CAD | 500,000 | Canadian Imperial Bank of Commerce, DPNT | 1.900 | 04/26/2021 | 381,719 | |||||||||||||||
CAD | 550,000 | Canadian Imperial Bank of Commerce, DPNT | 2.040 | 03/21/2022 | 417,664 | |||||||||||||||
CAD | 600,000 | Canadian Imperial Bank of Commerce, DPNT | 2.300 | 07/11/2022 | 458,274 | |||||||||||||||
CAD | 500,000 | Canadian Natural Resources Ltd., MTN | 2.890 | 08/14/2020 | 391,739 | |||||||||||||||
CAD | 400,000 | Canadian Natural Resources Ltd., MTN | 3.310 | 02/11/2022 | 315,220 | |||||||||||||||
CAD | 400,000 | HSBC Bank Canada, DPNT | 2.938 | 01/14/2020 | 314,471 | |||||||||||||||
CAD | 350,000 | HSBC Bank Canada, DPNT | 1.816 | 07/07/2020 | 268,331 | |||||||||||||||
CAD | 400,000 | HSBC Bank Canada, DPNT | 2.449 | 01/29/2021 | 309,616 | |||||||||||||||
CAD | 450,000 | HSBC Bank Canada, DPNT | 2.908 | 09/29/2021 | 351,789 | |||||||||||||||
CAD | 300,000 | HSBC Bank Canada, DPNT | 2.170 | 06/29/2022 | 227,227 | |||||||||||||||
CAD | 400,000 | National Bank of Canada, DPNT | 1.742 | 03/03/2020 | 308,280 | |||||||||||||||
CAD | 600,000 | Rogers Communications, Inc. | 5.340 | 03/22/2021 | 501,834 | |||||||||||||||
CAD | 500,000 | Royal Bank of Canada, DPNT | 1.920 | 07/17/2020 | 385,311 | |||||||||||||||
CAD | 700,000 | Royal Bank of Canada, DPNT | 2.860 | 03/04/2021 | 549,489 | |||||||||||||||
CAD | 550,000 | Royal Bank of Canada, DPNT | 1.583 | 09/13/2021 | 413,777 | |||||||||||||||
CAD | 700,000 | Royal Bank of Canada, DPNT | 1.968 | 03/02/2022 | 530,530 | |||||||||||||||
CAD | 700,000 | Royal Bank of Canada, DPNT | 2.000 | 03/21/2022 | 530,776 | |||||||||||||||
CAD | 500,000 | Royal Bank of Canada, DPNT | 2.333 | 12/05/2023 | 377,749 | |||||||||||||||
CAD | 450,000 | Shaw Communications, Inc. | 5.650 | 10/01/2019 | 366,835 | |||||||||||||||
CAD | 600,000 | Shaw Communications, Inc. | 6.750 | 11/09/2039 | 587,414 | |||||||||||||||
CAD | 300,000 | TELUS Corp., MTN | 2.350 | 03/28/2022 | 229,055 | |||||||||||||||
CAD | 300,000 | TELUS Corp., Series CG | 5.050 | 12/04/2019 | 243,847 | |||||||||||||||
CAD | 500,000 | TELUS Corp., Series CH | 5.050 | 07/23/2020 | 410,816 | |||||||||||||||
CAD | 950,000 | Toronto-Dominion Bank (The), DPNT | 2.621 | 12/22/2021 | 739,399 | |||||||||||||||
CAD | 1,100,000 | Toronto-Dominion Bank (The), DPNT | 1.994 | 03/23/2022 | 835,097 | |||||||||||||||
CAD | 700,000 | Toronto-Dominion Bank (The), DPNT | 1.909 | 07/18/2023 | 520,603 | |||||||||||||||
CAD | 800,000 | Toronto-Dominion Bank (The), DPNT | 3.226 | 07/24/2024 | 634,103 | |||||||||||||||
|
| |||||||||||||||||||
21,187,867 | ||||||||||||||||||||
|
| |||||||||||||||||||
Denmark—1.2% | ||||||||||||||||||||
EUR | 200,000 | AP Moeller—Maersk A/S, EMTN | 1.750 | 03/18/2021 | 251,750 | |||||||||||||||
EUR | 200,000 | Danske Bank A/S, EMTN | 0.750 | 06/02/2023 | 243,888 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
Denmark (continued) | ||||||||||||||||||||
NOK | 5,000,000 | Nykredit Bank A/S, EMTN | 5.000 | % | 08/21/2018 | $ | 631,711 | |||||||||||||
GBP | 200,000 | Orsted A/S, EMTN | 4.875 | 01/12/2032 | 336,777 | |||||||||||||||
GBP | 150,000 | Orsted A/S, EMTN | 5.750 | 04/09/2040 | 295,084 | |||||||||||||||
|
| |||||||||||||||||||
1,759,210 | ||||||||||||||||||||
|
| |||||||||||||||||||
Finland—0.3% | ||||||||||||||||||||
EUR | 250,000 | Fortum OYJ, EMTN | 2.250 | 09/06/2022 | 323,332 | |||||||||||||||
EUR | 100,000 | OP Corporate Bank PLC, EMTN | 0.750 | 03/03/2022 | 122,791 | |||||||||||||||
|
| |||||||||||||||||||
446,123 | ||||||||||||||||||||
|
| |||||||||||||||||||
France—19.9% | ||||||||||||||||||||
EUR | 200,000 | Air Liquide Finance SA, EMTN | 1.250 | 06/13/2028 | 244,926 | |||||||||||||||
EUR | 200,000 | Autoroutes du Sud de la France SA, EMTN | 5.625 | 07/04/2022 | 294,005 | |||||||||||||||
EUR | 200,000 | Autoroutes du Sud de la France SA, EMTN | 1.250 | 01/18/2027 | 243,822 | |||||||||||||||
EUR | 200,000 | Banque Federative du Credit Mutuel SA, EMTN | 4.000 | 10/22/2020 | 264,172 | |||||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.250 | 08/23/2022 | 135,820 | |||||||||||||||
EUR | 300,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 11/28/2023 | 408,864 | |||||||||||||||
EUR | 200,000 | Banque Federative du Credit Mutuel SA, EMTN | 2.625 | 03/18/2024 | 267,919 | |||||||||||||||
EUR | 400,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 05/21/2024 | 527,289 | |||||||||||||||
EUR | 300,000 | Banque Federative du Credit Mutuel SA, EMTN | 1.250 | 01/14/2025 | 369,908 | |||||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 09/11/2025 | 131,520 | |||||||||||||||
EUR | 300,000 | Banque Federative du Credit Mutuel SA, EMTN | 2.375 | 03/24/2026 | 377,116 | |||||||||||||||
EUR | 200,000 | Banque Federative du Credit Mutuel SA, EMTN | 1.250 | 05/26/2027 | 241,152 | |||||||||||||||
EUR | 150,000 | BNP Paribas SA, EMTN | 2.250 | 01/13/2021 | 192,147 | |||||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.875 | 10/24/2022 | 267,803 | |||||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.875 | 09/26/2023 | 270,791 | |||||||||||||||
EUR | 350,000 | BNP Paribas SA, EMTN | 1.125 | 10/10/2023 | 427,328 | |||||||||||||||
EUR | 300,000 | BNP Paribas SA, EMTN | 2.375 | 05/20/2024 | 397,440 | |||||||||||||||
EUR | 300,000 | BNP Paribas SA, EMTN | 2.375 | 02/17/2025 | 381,506 | |||||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 1.500 | 11/17/2025 | 244,094 | |||||||||||||||
EUR | 100,000 | BNP Paribas SA, EMTN | 1.625 | 02/23/2026 | 126,243 | |||||||||||||||
EUR | 300,000 | BNP Paribas SA, EMTN | 1.500 | 05/25/2028 | 370,936 | |||||||||||||||
EUR | 200,000 | BPCE SA | 4.625 | 07/18/2023 | 284,145 | |||||||||||||||
GBP | 200,000 | BPCE SA | 5.250 | 04/16/2029 | 324,790 | |||||||||||||||
EUR | 100,000 | BPCE SA, EMTN | 4.500 | 02/10/2022 | 140,364 | |||||||||||||||
EUR | 200,000 | BPCE SA, EMTN | 0.875 | 01/31/2024 | 239,459 | |||||||||||||||
EUR | 200,000 | BPCE SA, EMTN | 1.000 | 10/05/2028 | 234,993 | |||||||||||||||
EUR | 400,000 | Capgemini SE | 2.500 | 07/01/2023 | 524,847 | |||||||||||||||
EUR | 200,000 | Cie Financiere et Industrielle des Autoroutes SA | 5.000 | 05/24/2021 | 277,427 | |||||||||||||||
EUR | 200,000 | CNP Assurances | 1.875 | 10/20/2022 | 250,851 | |||||||||||||||
EUR | 200,000 | Coentreprise de Transport d’electricite SA | 1.500 | 07/29/2028 | 240,845 | |||||||||||||||
EUR | 200,000 | Coentreprise de Transport d’Electricite SA | 2.125 | 07/29/2032 | 248,261 | |||||||||||||||
EUR | 500,000 | Credit Agricole SA | 2.625 | 03/17/2027 | 636,916 | |||||||||||||||
EUR | 300,000 | Credit Agricole SA/London, EMTN | 0.750 | 12/01/2022 | 366,948 | |||||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 5.125 | 04/18/2023 | 297,333 | |||||||||||||||
EUR | 500,000 | Credit Agricole SA/London, EMTN | 3.125 | 07/17/2023 | 681,140 | |||||||||||||||
EUR | 600,000 | Credit Agricole SA/London, EMTN | 2.375 | 05/20/2024 | 791,721 | |||||||||||||||
EUR | 400,000 | Credit Agricole SA/London, EMTN | 1.000 | 09/16/2024 | 487,548 | |||||||||||||||
EUR | 500,000 | Credit Agricole SA/London, EMTN | 1.250 | 04/14/2026 | 609,084 | |||||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 1.875 | 12/20/2026 | 248,499 | |||||||||||||||
EUR | 300,000 | Danone SA, EMTN | 2.250 | 11/15/2021 | 386,931 | |||||||||||||||
EUR | 300,000 | Danone SA, EMTN | 0.709 | 11/03/2024 | 359,361 | |||||||||||||||
EUR | 200,000 | Danone SA, EMTN | 1.208 | 11/03/2028 | 237,076 | |||||||||||||||
EUR | 100,000 | Electricite de France SA, EMTN | 6.250 | 01/25/2021 | 141,420 | |||||||||||||||
EUR | 100,000 | Electricite de France SA, EMTN | 2.250 | 04/27/2021 | 128,725 | |||||||||||||||
EUR | 300,000 | Electricite de France SA, EMTN | 3.875 | 01/18/2022 | 410,697 | |||||||||||||||
EUR | 300,000 | Electricite de France SA, EMTN | 2.750 | 03/10/2023 | 399,793 | |||||||||||||||
EUR | 100,000 | Electricite de France SA, EMTN | 4.625 | 09/11/2024 | 148,333 | |||||||||||||||
EUR | 800,000 | Electricite de France SA, EMTN | 1.000 | 10/13/2026 | 941,869 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
France (continued) | ||||||||||||||||||||
EUR | 200,000 | Electricite de France SA, EMTN | 4.125 | % | 03/25/2027 | $ | 295,018 | |||||||||||||
GBP | 200,000 | Electricite de France SA, EMTN | 6.250 | 05/30/2028 | 358,343 | |||||||||||||||
EUR | 200,000 | Electricite de France SA, EMTN | 4.625 | 04/26/2030 | 311,133 | |||||||||||||||
GBP | 650,000 | Electricite de France SA, EMTN | 6.125 | 06/02/2034 | 1,202,074 | |||||||||||||||
GBP | 500,000 | Electricite de France SA, EMTN | 5.500 | 03/27/2037 | 861,749 | |||||||||||||||
GBP | 700,000 | Electricite de France SA, EMTN | 5.500 | 10/17/2041 | 1,233,476 | |||||||||||||||
GBP | 550,000 | Electricite de France SA, EMTN | 5.125 | 09/22/2050 | 948,744 | |||||||||||||||
EUR | 150,000 | Engie Alliance GIE, EMTN | 5.750 | 06/24/2023 | 228,835 | |||||||||||||||
EUR | 200,000 | Engie SA, EMTN | 2.375 | 05/19/2026 | 264,989 | |||||||||||||||
GBP | 100,000 | Engie SA, EMTN | 7.000 | 10/30/2028 | 195,111 | |||||||||||||||
GBP | 450,000 | Engie SA, EMTN | 5.000 | 10/01/2060 | 956,939 | |||||||||||||||
EUR | 200,000 | Holding d’Infrastructures de Transport SAS | 4.875 | 10/27/2021 | 280,709 | |||||||||||||||
EUR | 200,000 | LVMH Moet Hennessy Louis Vuitton SE, EMTN | 0.750 | 05/26/2024 | 242,467 | |||||||||||||||
EUR | 100,000 | Orange SA, EMTN | 3.000 | 06/15/2022 | 133,879 | |||||||||||||||
GBP | 200,000 | Orange SA, EMTN | 8.125 | 11/20/2028 | 413,644 | |||||||||||||||
EUR | 400,000 | Orange SA, EMTN | 8.125 | 01/28/2033 | 878,184 | |||||||||||||||
GBP | 150,000 | Orange SA, EMTN | 5.625 | 01/23/2034 | 276,241 | |||||||||||||||
GBP | 100,000 | Orange SA, EMTN | 5.375 | 11/22/2050 | 194,974 | |||||||||||||||
EUR | 200,000 | Rte Reseau de Transport D’electricite Sadir, EMTN | 1.625 | 11/27/2025 | 251,882 | |||||||||||||||
EUR | 200,000 | Sanofi, EMTN | 0.500 | 01/13/2027 | 231,392 | |||||||||||||||
EUR | 300,000 | Sanofi, Series 12FX, EMTN | 1.375 | 03/21/2030 | 362,868 | |||||||||||||||
EUR | 300,000 | Sanofi, Series 8FXD, EMTN | 1.000 | 03/21/2026 | 365,787 | |||||||||||||||
EUR | 300,000 | Societe Generale SA, EMTN | 1.000 | 04/01/2022 | 367,317 | |||||||||||||||
EUR | 200,000 | Societe Generale SA, EMTN | 4.250 | 07/13/2022 | 280,569 | |||||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 0.750 | 05/26/2023 | 121,881 | |||||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 2.625 | 02/27/2025 | 127,895 | |||||||||||||||
EUR | 200,000 | Total Capital Canada Ltd., EMTN | 2.125 | 09/18/2029 | 262,463 | |||||||||||||||
EUR | 200,000 | Total Capital International SA, EMTN | 0.250 | 07/12/2023 | 239,084 | |||||||||||||||
EUR | 400,000 | Total Capital International SA, EMTN | 0.750 | 07/12/2028 | 462,209 | |||||||||||||||
GBP | 250,000 | Veolia Environnement SA, EMTN | 6.125 | 10/29/2037 | 490,573 | |||||||||||||||
EUR | 200,000 | Vivendi SA | 0.750 | 05/26/2021 | 244,979 | |||||||||||||||
|
| |||||||||||||||||||
29,309,585 | ||||||||||||||||||||
|
| |||||||||||||||||||
Germany—9.8% | ||||||||||||||||||||
GBP | 300,000 | Allianz Finance II BV, Series 62 | 4.500 | 03/13/2043 | 555,140 | |||||||||||||||
EUR | 300,000 | BASF SE, Series 10Y | 2.000 | 12/05/2022 | 391,313 | |||||||||||||||
EUR | 200,000 | BMW Finance NV, EMTN | 0.375 | 07/10/2023 | 239,444 | |||||||||||||||
EUR | 250,000 | BMW US Capital LLC, EMTN | 1.125 | 09/18/2021 | 311,934 | |||||||||||||||
EUR | 200,000 | BMW US Capital LLC, EMTN | 0.625 | 04/20/2022 | 244,930 | |||||||||||||||
EUR | 250,000 | Commerzbank AG, EMTN | 0.500 | 09/13/2023 | 295,059 | |||||||||||||||
EUR | 100,000 | Daimler AG, EMTN | 0.875 | 01/12/2021 | 123,474 | |||||||||||||||
EUR | 300,000 | Daimler AG, EMTN | 1.400 | 01/12/2024 | 376,305 | |||||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 0.850 | 02/28/2025 | 241,145 | |||||||||||||||
EUR | 250,000 | Daimler AG, EMTN | 1.500 | 03/09/2026 | 312,336 | |||||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 1.375 | 05/11/2028 | 240,639 | |||||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 1.500 | 07/03/2029 | 240,227 | |||||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 2.125 | 07/03/2037 | 241,831 | |||||||||||||||
EUR | 200,000 | Deutsche Bank AG, EMTN | 1.250 | 09/08/2021 | 245,552 | |||||||||||||||
EUR | 300,000 | Deutsche Bank AG, EMTN | 1.500 | 01/20/2022 | 368,588 | |||||||||||||||
EUR | 100,000 | Deutsche Bank AG, EMTN | 2.375 | 01/11/2023 | 126,807 | |||||||||||||||
EUR | 200,000 | Deutsche Bank AG, EMTN | 1.125 | 03/17/2025 | 232,836 | |||||||||||||||
EUR | 150,000 | Deutsche Telekom International Finance BV, EMTN | 2.125 | 01/18/2021 | 191,220 | |||||||||||||||
EUR | 300,000 | Deutsche Telekom International Finance BV, EMTN | 4.250 | 07/13/2022 | 421,625 | |||||||||||||||
EUR | 300,000 | Deutsche Telekom International Finance BV, EMTN | 0.625 | 04/03/2023 | 362,687 | |||||||||||||||
EUR | 150,000 | Deutsche Telekom International Finance BV, EMTN | 0.875 | 01/30/2024 | 182,098 | |||||||||||||||
EUR | 250,000 | Deutsche Telekom International Finance BV, EMTN | 1.375 | 01/30/2027 | 302,430 | |||||||||||||||
EUR | 300,000 | Deutsche Telekom International Finance BV, EMTN | 1.500 | 04/03/2028 | 361,784 | |||||||||||||||
GBP | 400,000 | E.ON International Finance BV, EMTN | 6.375 | 06/07/2032 | 758,366 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
Germany (continued) | ||||||||||||||||||||
GBP | 250,000 | E.ON International Finance BV, EMTN | 5.875 | % | 10/30/2037 | $ | 474,812 | |||||||||||||
GBP | 300,000 | E.ON International Finance BV, EMTN | 6.750 | 01/27/2039 | 630,019 | |||||||||||||||
EUR | 200,000 | HeidelbergCement AG, EMTN | 1.500 | 02/07/2025 | 245,538 | |||||||||||||||
EUR | 100,000 | innogy Finance BV, EMTN | 6.500 | 08/10/2021 | 145,458 | |||||||||||||||
GBP | 400,000 | innogy Finance BV, EMTN | 6.250 | 06/03/2030 | 730,141 | |||||||||||||||
GBP | 300,000 | innogy Finance BV, EMTN | 4.750 | 01/31/2034 | 493,414 | |||||||||||||||
GBP | 300,000 | innogy Finance BV, EMTN | 6.125 | 07/06/2039 | 591,923 | |||||||||||||||
EUR | 200,000 | Siemens Financieringsmaatschappij NV, EMTN | 2.875 | 03/10/2028 | 282,815 | |||||||||||||||
GBP | 200,000 | Siemens Financieringsmaatschappij NV, EMTN | 3.750 | 09/10/2042 | 330,457 | |||||||||||||||
EUR | 300,000 | Volkswagen International Finance NV | 1.125 | 10/02/2023 | 366,393 | |||||||||||||||
EUR | 200,000 | Volkswagen International Finance NV, EMTN | 0.875 | 01/16/2023 | 243,843 | |||||||||||||||
EUR | 250,000 | Volkswagen International Finance NV, EMTN | 1.625 | 01/16/2030 | 291,337 | |||||||||||||||
EUR | 400,000 | Volkswagen International Finance NV, Series 10Y | 1.875 | 03/30/2027 | 491,953 | |||||||||||||||
EUR | 300,000 | Volkswagen Leasing GmbH, EMTN | 2.375 | 09/06/2022 | 388,287 | |||||||||||||||
EUR | 400,000 | Volkswagen Leasing GmbH, EMTN | 2.625 | 01/15/2024 | 525,868 | |||||||||||||||
EUR | 300,000 | Volkswagen Leasing GMBH, EMTN | 1.125 | 04/04/2024 | 363,380 | |||||||||||||||
EUR | 200,000 | Vonovia Finance BV, DIP, EMTN | 1.250 | 12/06/2024 | 242,296 | |||||||||||||||
EUR | 200,000 | Vonovia Finance BV, EMTN | 2.250 | 12/15/2023 | 258,587 | |||||||||||||||
|
| |||||||||||||||||||
14,464,291 | ||||||||||||||||||||
|
| |||||||||||||||||||
Hong Kong—0.5% | ||||||||||||||||||||
EUR | 200,000 | CK Hutchison Finance 16 II Ltd. | 0.875 | 10/03/2024 | 237,789 | |||||||||||||||
EUR | 200,000 | CK Hutchison Finance 16 Ltd., Series A | 1.250 | 04/06/2023 | 246,072 | |||||||||||||||
EUR | 200,000 | Hutchison Whampoa Finance 14 Ltd. | 1.375 | 10/31/2021 | 249,959 | |||||||||||||||
|
| |||||||||||||||||||
733,820 | ||||||||||||||||||||
|
| |||||||||||||||||||
Italy—5.2% | ||||||||||||||||||||
EUR | 200,000 | Assicurazioni Generali SpA, EMTN | 5.125 | 09/16/2024 | 303,979 | |||||||||||||||
EUR | 200,000 | Assicurazioni Generali SpA, EMTN | 4.125 | 05/04/2026 | 270,618 | |||||||||||||||
EUR | 200,000 | Autostrade Per L’italia SpA, EMTN | 5.875 | 06/09/2024 | 312,161 | |||||||||||||||
EUR | 350,000 | Enel Finance International NV | 1.375 | 06/01/2026 | 425,481 | |||||||||||||||
GBP | 400,000 | Enel Finance International NV, EMTN | 5.625 | 08/14/2024 | 656,532 | |||||||||||||||
EUR | 300,000 | Enel Finance International NV, EMTN | 1.000 | 09/16/2024 | 363,188 | |||||||||||||||
EUR | 200,000 | Enel Finance International NV, EMTN | 1.966 | 01/27/2025 | 255,753 | |||||||||||||||
GBP | 250,000 | Enel Finance International NV, EMTN | 5.750 | 09/14/2040 | 468,302 | |||||||||||||||
GBP | 450,000 | Enel SpA, EMTN | 5.750 | 06/22/2037 | 823,364 | |||||||||||||||
EUR | 100,000 | Eni SpA, EMTN | 3.250 | 07/10/2023 | 137,249 | |||||||||||||||
EUR | 200,000 | Eni SpA, EMTN | 3.750 | 09/12/2025 | 287,201 | |||||||||||||||
EUR | 250,000 | Eni SpA, EMTN | 1.500 | 02/02/2026 | 308,425 | |||||||||||||||
EUR | 200,000 | Eni SpA, EMTN | 3.625 | 01/29/2029 | 288,363 | |||||||||||||||
EUR | 200,000 | Ferrovie Dello Stato Italiane SpA, EMTN | 1.500 | 06/27/2025 | 243,931 | |||||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 1.125 | 01/14/2020 | 246,325 | |||||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 2.000 | 06/18/2021 | 254,050 | |||||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 1.125 | 03/04/2022 | 246,346 | |||||||||||||||
EUR | 250,000 | Intesa Sanpaolo SpA, EMTN | 4.000 | 10/30/2023 | 351,646 | |||||||||||||||
EUR | 100,000 | Intesa Sanpaolo SpA, EMTN | 1.375 | 01/18/2024 | 122,872 | |||||||||||||||
EUR | 200,000 | Snam SpA, EMTN | 0.875 | 10/25/2026 | 231,251 | |||||||||||||||
EUR | 200,000 | Terna Rete Elettrica Nazionale SpA, EMTN | 0.875 | 02/02/2022 | 246,556 | |||||||||||||||
EUR | 200,000 | Terna Rete Elettrica Nazionale SpA, EMTN | 1.375 | 07/26/2027 | 239,099 | |||||||||||||||
EUR | 200,000 | UniCredit SpA, EMTN | 3.250 | 01/14/2021 | 262,306 | |||||||||||||||
EUR | 100,000 | UniCredit SpA, EMTN | 2.000 | 03/04/2023 | 127,603 | |||||||||||||||
EUR | 200,000 | UniCredit SpA, EMTN | 2.125 | 10/24/2026 | 253,395 | |||||||||||||||
|
| |||||||||||||||||||
7,725,996 | ||||||||||||||||||||
|
| |||||||||||||||||||
Japan—1.0% | ||||||||||||||||||||
JPY | 30,000,000 | Development Bank of Japan, Inc. | 1.050 | 06/20/2023 | 288,353 | |||||||||||||||
JPY | 20,000,000 | Development Bank of Japan, Inc. | 2.300 | 03/19/2026 | 213,883 | |||||||||||||||
JPY | 100,000,000 | Panasonic Corp., Series 12 | 0.387 | 03/19/2020 | 918,706 | |||||||||||||||
|
| |||||||||||||||||||
1,420,942 | ||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
Netherlands—6.1% | ||||||||||||||||||||
EUR | 150,000 | ABN AMRO Bank NV, EMTN | 6.375 | % | 04/27/2021 | $ | 212,472 | |||||||||||||
EUR | 200,000 | ABN AMRO Bank NV, EMTN | 7.125 | 07/06/2022 | 302,341 | |||||||||||||||
EUR | 300,000 | ABN AMRO Bank NV, EMTN | 2.500 | 11/29/2023 | 399,511 | |||||||||||||||
EUR | 250,000 | ABN AMRO Bank NV, EMTN | 1.000 | 04/16/2025 | 304,798 | |||||||||||||||
EUR | 200,000 | ASML Holding NV | 1.375 | 07/07/2026 | 245,397 | |||||||||||||||
EUR | 600,000 | Cooperatieve Rabobank UA | 3.875 | 07/25/2023 | 832,051 | |||||||||||||||
EUR | 200,000 | Cooperatieve Rabobank UA | 4.125 | 07/14/2025 | 296,521 | |||||||||||||||
EUR | 500,000 | Cooperatieve Rabobank UA, EMTN | 3.750 | 11/09/2020 | 657,612 | |||||||||||||||
EUR | 300,000 | Cooperatieve Rabobank UA, EMTN | 4.125 | 01/12/2021 | 402,349 | |||||||||||||||
EUR | 300,000 | Cooperatieve Rabobank UA, EMTN | 4.000 | 01/11/2022 | 412,555 | |||||||||||||||
EUR | 400,000 | Cooperatieve Rabobank UA, EMTN | 4.125 | 09/14/2022 | 551,286 | |||||||||||||||
EUR | 400,000 | Cooperatieve Rabobank UA, EMTN | 1.375 | 02/03/2027 | 496,535 | |||||||||||||||
GBP | 350,000 | Cooperatieve Rabobank UA, EMTN | 5.250 | 09/14/2027 | 563,988 | |||||||||||||||
GBP | 400,000 | Cooperatieve Rabobank UA, EMTN | 4.625 | 05/23/2029 | 623,234 | |||||||||||||||
EUR | 250,000 | ING Bank NV, EMTN | 4.500 | 02/21/2022 | 350,625 | |||||||||||||||
EUR | 300,000 | ING Groep NV, EMTN | 0.750 | 03/09/2022 | 366,145 | |||||||||||||||
GBP | 300,000 | Koninklijke KPN NV, EMTN | 5.750 | 09/17/2029 | 514,460 | |||||||||||||||
EUR | 100,000 | Shell International Finance BV, EMTN | 1.000 | 04/06/2022 | 124,379 | |||||||||||||||
EUR | 150,000 | Shell International Finance BV, EMTN | 0.375 | 02/15/2025 | 176,641 | |||||||||||||||
EUR | 200,000 | Shell International Finance BV, EMTN | 1.875 | 09/15/2025 | 259,571 | |||||||||||||||
EUR | 250,000 | Shell International Finance BV, EMTN | 2.500 | 03/24/2026 | 338,454 | |||||||||||||||
EUR | 150,000 | Shell International Finance BV, EMTN | 1.625 | 01/20/2027 | 190,052 | |||||||||||||||
EUR | 350,000 | Shell International Finance BV, EMTN | 0.750 | 08/15/2028 | 402,608 | |||||||||||||||
|
| |||||||||||||||||||
9,023,585 | ||||||||||||||||||||
|
| |||||||||||||||||||
Norway—1.4% | ||||||||||||||||||||
EUR | 250,000 | DNB Bank ASA, EMTN | 4.375 | 02/24/2021 | 338,599 | |||||||||||||||
EUR | 250,000 | DNB Bank ASA, EMTN | 4.250 | 01/18/2022 | 347,466 | |||||||||||||||
EUR | 250,000 | Statoil ASA, EMTN | 5.625 | 03/11/2021 | 349,890 | |||||||||||||||
EUR | 250,000 | Statoil ASA, EMTN | 1.250 | 02/17/2027 | 305,945 | |||||||||||||||
GBP | 200,000 | Statoil ASA, EMTN | 6.875 | 03/11/2031 | 405,725 | |||||||||||||||
EUR | 200,000 | Statoil ASA, EMTN | 1.625 | 02/17/2035 | 239,675 | |||||||||||||||
SEK | 1,000,000 | Telenor ASA, EMTN | 2.375 | 03/19/2019 | 116,822 | |||||||||||||||
|
| |||||||||||||||||||
2,104,122 | ||||||||||||||||||||
|
| |||||||||||||||||||
Portugal—0.3% | ||||||||||||||||||||
EUR | 200,000 | EDP Finance BV, EMTN | 2.625 | 01/18/2022 | 261,339 | |||||||||||||||
EUR | 100,000 | EDP Finance BV, EMTN | 1.125 | 02/12/2024 | 121,748 | |||||||||||||||
|
| |||||||||||||||||||
383,087 | ||||||||||||||||||||
|
| |||||||||||||||||||
Spain—4.7% | ||||||||||||||||||||
EUR | 200,000 | Abertis Infraestructuras SA | 1.375 | 05/20/2026 | 236,633 | |||||||||||||||
EUR | 200,000 | Banco Bilbao Vizcaya Argentaria SA, GMTN | 0.625 | 01/17/2022 | 244,359 | |||||||||||||||
EUR | 200,000 | Banco Bilbao Vizcaya Argentaria SA, GMTN | 3.500 | 02/10/2027 | 268,332 | |||||||||||||||
EUR | 200,000 | Banco Santander SA, DIP, EMTN | 3.250 | 04/04/2026 | 263,271 | |||||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 1.375 | 12/14/2022 | 251,090 | |||||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 2.500 | 03/18/2025 | 251,801 | |||||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 3.125 | 01/19/2027 | 261,085 | |||||||||||||||
EUR | 200,000 | CaixaBank SA, EMTN | 1.125 | 05/17/2024 | 241,479 | |||||||||||||||
EUR | 200,000 | Gas Natural Fenosa Finance BV, EMTN | 1.375 | 01/19/2027 | 238,809 | |||||||||||||||
GBP | 200,000 | Iberdrola Finanzas SA, EMTN | 7.375 | 01/29/2024 | 353,776 | |||||||||||||||
EUR | 200,000 | Iberdrola Finanzas SA, EMTN | 1.000 | 03/07/2025 | 241,960 | |||||||||||||||
EUR | 200,000 | Iberdrola International BV, EMTN | 1.125 | 04/21/2026 | 240,601 | |||||||||||||||
EUR | 200,000 | Mapfre SA | 1.625 | 05/19/2026 | 246,860 | |||||||||||||||
EUR | 200,000 | Repsol International Finance BV, EMTN | 2.625 | 05/28/2020 | 254,776 | |||||||||||||||
EUR | 200,000 | Santander Consumer Finance SA | 0.875 | 01/24/2022 | 245,264 | |||||||||||||||
EUR | 100,000 | Santander Consumer Finance SA, EMTN | 0.900 | 02/18/2020 | 122,893 | |||||||||||||||
EUR | 200,000 | Santander Consumer Finance SA, EMTN | 1.500 | 11/12/2020 | 250,258 | |||||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 1.477 | 09/14/2021 | 251,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
Spain (continued) | ||||||||||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 0.750 | % | 04/13/2022 | $ | 244,949 | |||||||||||||
EUR | 300,000 | Telefonica Emisiones SAU, EMTN | 2.242 | 05/27/2022 | 389,157 | |||||||||||||||
GBP | 200,000 | Telefonica Emisiones SAU, EMTN | 5.289 | 12/09/2022 | 317,259 | |||||||||||||||
EUR | 400,000 | Telefonica Emisiones SAU, EMTN | 3.987 | 01/23/2023 | 560,972 | |||||||||||||||
EUR | 300,000 | Telefonica Emisiones SAU, EMTN | 1.528 | 01/17/2025 | 372,404 | |||||||||||||||
GBP | 200,000 | Telefonica Emisiones SAU, EMTN | 5.375 | 02/02/2026 | 327,960 | |||||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 1.460 | 04/13/2026 | 242,813 | |||||||||||||||
|
| |||||||||||||||||||
6,920,661 | ||||||||||||||||||||
|
| |||||||||||||||||||
Sweden—2.5% | ||||||||||||||||||||
EUR | 200,000 | Nordea Bank AB, EMTN | 4.500 | 03/26/2020 | 261,723 | |||||||||||||||
EUR | 100,000 | Nordea Bank AB, EMTN | 2.000 | 02/17/2021 | 127,472 | |||||||||||||||
EUR | 200,000 | Nordea Bank AB, EMTN | 3.250 | 07/05/2022 | 270,631 | |||||||||||||||
EUR | 200,000 | Nordea Bank AB, EMTN | 1.000 | 02/22/2023 | 247,605 | |||||||||||||||
EUR | 200,000 | Nordea Bank AB, EMTN | 1.125 | 02/12/2025 | 246,803 | |||||||||||||||
SEK | 1,000,000 | SBAB Bank AB, EMTN | 3.000 | 10/11/2018 | 116,019 | |||||||||||||||
EUR | 200,000 | Skandinaviska Enskilda Banken AB, EMTN | 2.000 | 02/19/2021 | 254,816 | |||||||||||||||
EUR | 200,000 | Skandinaviska Enskilda Banken AB, EMTN | 0.750 | 08/24/2021 | 246,544 | |||||||||||||||
EUR | 400,000 | Svenska Handelsbanken AB, EMTN | 4.375 | 10/20/2021 | 553,740 | |||||||||||||||
EUR | 200,000 | Svenska Handelsbanken AB, EMTN | 2.625 | 08/23/2022 | 264,618 | |||||||||||||||
SEK | 2,000,000 | Telia Co. AB, EMTN | 3.625 | 11/08/2023 | 256,311 | |||||||||||||||
GBP | 400,000 | Vattenfall AB, EMTN | 6.875 | 04/15/2039 | 875,403 | |||||||||||||||
|
| |||||||||||||||||||
3,721,685 | ||||||||||||||||||||
|
| |||||||||||||||||||
Switzerland—3.2% | ||||||||||||||||||||
EUR | 200,000 | Credit Suisse AG/London, EMTN | 1.125 | 09/15/2020 | 247,754 | |||||||||||||||
EUR | 250,000 | Credit Suisse AG/London, EMTN | 1.375 | 01/31/2022 | 313,163 | |||||||||||||||
EUR | 200,000 | Credit Suisse AG/London, EMTN | 1.000 | 06/07/2023 | 245,851 | |||||||||||||||
EUR | 250,000 | Credit Suisse AG/London, EMTN | 1.500 | 04/10/2026 | 310,672 | |||||||||||||||
GBP | 250,000 | Credit Suisse Group Funding Guernsey Ltd. | 3.000 | 05/27/2022 | 357,597 | |||||||||||||||
GBP | 150,000 | Credit Suisse Group Funding Guernsey Ltd. | 2.750 | 08/08/2025 | 209,410 | |||||||||||||||
EUR | 350,000 | Credit Suisse Group Funding Guernsey Ltd., EMTN | 1.250 | 04/14/2022 | 432,440 | |||||||||||||||
CHF | 250,000 | Credit Suisse Group Funding Guernsey Ltd., EMTN | 1.000 | 04/14/2023 | 259,168 | |||||||||||||||
EUR | 300,000 | Holcim Finance Luxembourg SA, EMTN | 1.375 | 05/26/2023 | 371,809 | |||||||||||||||
EUR | 100,000 | Holcim Finance Luxembourg SA, EMTN | 2.250 | 05/26/2028 | 125,082 | |||||||||||||||
EUR | 150,000 | Novartis Finance SA | 0.125 | 09/20/2023 | 177,617 | |||||||||||||||
EUR | 200,000 | Richemont International Holding SA | 1.000 | 03/26/2026 | 241,943 | |||||||||||||||
EUR | 100,000 | Richemont International Holding SA | 2.000 | 03/26/2038 | 120,883 | |||||||||||||||
EUR | 200,000 | Roche Finance Europe BV, EMTN | 0.875 | 02/25/2025 | 244,718 | |||||||||||||||
EUR | 300,000 | UBS AG/London, EMTN | 1.250 | 09/03/2021 | 374,588 | |||||||||||||||
EUR | 200,000 | UBS Group Funding Switzerland AG | 1.750 | 11/16/2022 | 252,750 | |||||||||||||||
EUR | 300,000 | UBS Group Funding Switzerland AG | 1.500 | 11/30/2024 | 369,938 | |||||||||||||||
|
| |||||||||||||||||||
4,655,383 | ||||||||||||||||||||
|
| |||||||||||||||||||
United Kingdom—23.4% | ||||||||||||||||||||
GBP | 200,000 | ABP Finance PLC, EMTN | 6.250 | 12/14/2026 | 343,609 | |||||||||||||||
GBP | 300,000 | Annington Funding PLC, EMTN | 2.646 | 07/12/2025 | 412,482 | |||||||||||||||
GBP | 250,000 | Annington Funding PLC, EMTN | 3.184 | 07/12/2029 | 344,974 | |||||||||||||||
GBP | 200,000 | Annington Funding PLC, EMTN | 3.685 | 07/12/2034 | 283,589 | |||||||||||||||
GBP | 200,000 | Annington Funding PLC, EMTN | 3.935 | 07/12/2047 | 291,040 | |||||||||||||||
EUR | 313,000 | Barclays PLC, EMTN | 1.875 | 03/23/2021 | 393,747 | |||||||||||||||
EUR | 200,000 | Barclays PLC, EMTN | 1.875 | 12/08/2023 | 249,857 | |||||||||||||||
GBP | 350,000 | Barclays PLC, EMTN | 3.125 | 01/17/2024 | 489,521 | |||||||||||||||
GBP | 500,000 | Barclays PLC, EMTN | 3.250 | 02/12/2027 | 685,406 | |||||||||||||||
GBP | 250,000 | BAT International Finance PLC, EMTN | 7.250 | 03/12/2024 | 435,221 | |||||||||||||||
GBP | 150,000 | BAT International Finance PLC, EMTN | 4.000 | 09/04/2026 | 227,017 | |||||||||||||||
EUR | 200,000 | BAT International Finance PLC, EMTN | 2.250 | 01/16/2030 | 243,125 | |||||||||||||||
GBP | 200,000 | BAT International Finance PLC, EMTN | 6.000 | 11/24/2034 | 375,010 | |||||||||||||||
GBP | 300,000 | BAT International Finance PLC, EMTN | 2.250 | 09/09/2052 | 324,611 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
United Kingdom (continued) | ||||||||||||||||||||
GBP | 350,000 | BG Energy Capital PLC, EMTN | 5.125 | % | 12/01/2025 | $ | 587,345 | |||||||||||||
GBP | 350,000 | BG Energy Capital PLC, EMTN | 5.000 | 11/04/2036 | 644,364 | |||||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 2.177 | 09/28/2021 | 128,878 | |||||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 1.373 | 03/03/2022 | 125,627 | |||||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 1.526 | 09/26/2022 | 126,353 | |||||||||||||||
EUR | 200,000 | BP Capital Markets PLC, EMTN | 1.109 | 02/16/2023 | 247,866 | |||||||||||||||
GBP | 300,000 | BP Capital Markets PLC, EMTN | 1.177 | 08/12/2023 | 402,843 | |||||||||||||||
EUR | 300,000 | BP Capital Markets PLC, EMTN | 1.573 | 02/16/2027 | 371,835 | |||||||||||||||
GBP | 250,000 | British Telecommunications PLC | 5.750 | 12/07/2028 | 430,056 | |||||||||||||||
EUR | 100,000 | British Telecommunications PLC, EMTN | 0.625 | 03/10/2021 | 122,408 | |||||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.125 | 03/10/2023 | 246,030 | |||||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.750 | 03/10/2026 | 245,566 | |||||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.500 | 06/23/2027 | 237,539 | |||||||||||||||
GBP | 200,000 | British Telecommunications PLC, EMTN | 6.375 | 06/23/2037 | 387,062 | |||||||||||||||
GBP | 150,000 | BUPA Finance PLC | 5.000 | 04/25/2023 | 228,815 | |||||||||||||||
GBP | 300,000 | Cadent Finance PLC, EMTN | 2.125 | 09/22/2028 | 391,135 | |||||||||||||||
GBP | 300,000 | Cadent Finance PLC, EMTN | 2.625 | 09/22/2038 | 382,813 | |||||||||||||||
GBP | 300,000 | Cadent Finance PLC, EMTN | 2.750 | 09/22/2046 | 379,591 | |||||||||||||||
GBP | 150,000 | Centrica PLC, EMTN | 4.375 | 03/13/2029 | 235,576 | |||||||||||||||
GBP | 250,000 | Centrica PLC, EMTN | 7.000 | 09/19/2033 | 503,341 | |||||||||||||||
GBP | 150,000 | Centrica PLC, EMTN | 4.250 | 09/12/2044 | 238,491 | |||||||||||||||
GBP | 300,000 | Chancellor Masters and Scholars of the University of Oxford (The) | 2.544 | 12/08/2117 | 415,219 | |||||||||||||||
GBP | 250,000 | Friends Life Holdings PLC | 8.250 | 04/21/2022 | 425,357 | |||||||||||||||
EUR | 200,000 | GlaxoSmithKline Capital PLC, EMTN | 1.375 | 12/02/2024 | 249,670 | |||||||||||||||
GBP | 200,000 | GlaxoSmithKline Capital PLC, EMTN | 3.375 | 12/20/2027 | 298,743 | |||||||||||||||
GBP | 250,000 | GlaxoSmithKline Capital PLC, EMTN | 5.250 | 12/19/2033 | 453,022 | |||||||||||||||
GBP | 300,000 | GlaxoSmithKline Capital PLC, EMTN | 6.375 | 03/09/2039 | 633,742 | |||||||||||||||
GBP | 350,000 | GlaxoSmithKline Capital PLC, EMTN | 5.250 | 04/10/2042 | 669,866 | |||||||||||||||
GBP | 250,000 | GlaxoSmithKline Capital PLC, EMTN | 4.250 | 12/18/2045 | 425,111 | |||||||||||||||
GBP | 300,000 | Heathrow Funding Ltd., EMTN | 7.125 | 02/14/2024 | 513,420 | |||||||||||||||
GBP | 200,000 | HSBC Bank PLC, EMTN | 5.375 | 08/22/2033 | 344,257 | |||||||||||||||
GBP | 100,000 | HSBC Bank PLC, EMTN | 4.750 | 03/24/2046 | 169,218 | |||||||||||||||
CAD | 400,000 | HSBC Holdings PLC | 3.196 | 12/05/2023 | 311,045 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC | 0.875 | 09/06/2024 | 239,902 | |||||||||||||||
GBP | 400,000 | HSBC Holdings PLC | 2.625 | 08/16/2028 | 544,097 | |||||||||||||||
GBP | 300,000 | HSBC Holdings PLC | 6.750 | 09/11/2028 | 536,781 | |||||||||||||||
EUR | 300,000 | HSBC Holdings PLC, EMTN | 1.500 | 03/15/2022 | 375,996 | |||||||||||||||
GBP | 300,000 | HSBC Holdings PLC, EMTN | 6.500 | 05/20/2024 | 509,866 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC, EMTN | 3.000 | 06/30/2025 | 265,878 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC, EMTN | 2.500 | 03/15/2027 | 263,748 | |||||||||||||||
EUR | 700,000 | HSBC Holdings PLC, EMTN | 3.125 | 06/07/2028 | 934,287 | |||||||||||||||
GBP | 200,000 | HSBC Holdings PLC, EMTN | 7.000 | 04/07/2038 | 399,684 | |||||||||||||||
GBP | 400,000 | HSBC Holdings PLC, EMTN | 6.000 | 03/29/2040 | 731,054 | |||||||||||||||
GBP | 200,000 | Imperial Brands Finance PLC, EMTN | 8.125 | 03/15/2024 | 359,441 | |||||||||||||||
GBP | 250,000 | Imperial Brands Finance PLC, EMTN | 5.500 | 09/28/2026 | 411,019 | |||||||||||||||
GBP | 250,000 | Investec Bank PLC, EMTN | 9.625 | 02/17/2022 | 418,846 | |||||||||||||||
EUR | 200,000 | Lloyds Bank PLC, EMTN | 6.500 | 03/24/2020 | 270,236 | |||||||||||||||
GBP | 300,000 | Lloyds Bank PLC, EMTN | 7.500 | 04/15/2024 | 539,048 | |||||||||||||||
GBP | 300,000 | Lloyds Bank PLC, EMTN | 7.625 | 04/22/2025 | 539,373 | |||||||||||||||
GBP | 300,000 | Lloyds Bank PLC, EMTN | 6.500 | 09/17/2040 | 634,393 | |||||||||||||||
GBP | 250,000 | Motability Operations Group PLC, EMTN | 3.625 | 03/10/2036 | 387,291 | |||||||||||||||
GBP | 100,000 | Nationwide Building Society, EMTN | 3.000 | 05/06/2026 | 145,058 | |||||||||||||||
GBP | 200,000 | Nationwide Building Society, EMTN | 3.250 | 01/20/2028 | 292,203 | |||||||||||||||
EUR | 100,000 | Natwest Markets PLC, EMTN | 5.500 | 03/23/2020 | 133,225 | |||||||||||||||
GBP | 150,000 | Rio Tinto Finance PLC, EMTN | 4.000 | 12/11/2029 | 238,687 | |||||||||||||||
EUR | 250,000 | Santander UK Group Holdings PLC | 1.125 | 09/08/2023 | 303,684 | |||||||||||||||
GBP | 150,000 | Santander UK Group Holdings PLC, EMTN | 3.625 | 01/14/2026 | 218,621 | |||||||||||||||
GBP | 300,000 | Scottish Widows Ltd. | 5.500 | 06/16/2023 | 460,476 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
April 30, 2018
(Unaudited)
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
United Kingdom (continued) | ||||||||||||||||||||
GBP | 250,000 | Scottish Widows Ltd. | 7.000 | % | 06/16/2043 | $ | 447,256 | |||||||||||||
GBP | 300,000 | Severn Trent Utilities Finance PLC, EMTN | 3.625 | 01/16/2026 | 445,965 | |||||||||||||||
EUR | 300,000 | Sky PLC, EMTN | 1.500 | 09/15/2021 | 376,579 | |||||||||||||||
EUR | 200,000 | Sky PLC, EMTN | 2.500 | 09/15/2026 | 261,575 | |||||||||||||||
GBP | 200,000 | Society of Lloyd’s | 4.750 | 10/30/2024 | 305,547 | |||||||||||||||
GBP | 200,000 | SSE PLC, EMTN | 8.375 | 11/20/2028 | 416,555 | |||||||||||||||
EUR | 200,000 | Standard Chartered PLC, EMTN | 1.625 | 06/13/2021 | 251,269 | |||||||||||||||
GBP | 250,000 | Standard Chartered PLC, EMTN | 5.125 | 06/06/2034 | 369,911 | |||||||||||||||
GBP | 300,000 | Standard Chartered PLC, EMTN | 4.375 | 01/18/2038 | 454,633 | |||||||||||||||
GBP | 200,000 | Thames Water Utilities Cayman Finance Ltd., EMTN | 4.000 | 06/19/2025 | 303,559 | |||||||||||||||
GBP | 200,000 | Thames Water Utilities Cayman Finance Ltd., EMTN | 5.500 | 02/11/2041 | 375,325 | |||||||||||||||
GBP | 250,000 | Thames Water Utilities Finance Ltd., EMTN | 5.125 | 09/28/2037 | 437,715 | |||||||||||||||
GBP | 300,000 | THFC Funding No. 3 PLC, EMTN | 5.200 | 10/11/2043 | 549,805 | |||||||||||||||
EUR | 300,000 | Vodafone Group PLC, EMTN | 1.750 | 08/25/2023 | 380,268 | |||||||||||||||
EUR | 400,000 | Vodafone Group PLC, EMTN | 2.200 | 08/25/2026 | 508,519 | |||||||||||||||
EUR | 400,000 | Vodafone Group PLC, EMTN | 1.600 | 07/29/2031 | 447,143 | |||||||||||||||
GBP | 300,000 | Vodafone Group PLC, EMTN | 3.375 | 08/08/2049 | 382,233 | |||||||||||||||
GBP | 300,000 | Vodafone Group PLC, EMTN | 3.000 | 08/12/2056 | 354,186 | |||||||||||||||
GBP | 200,000 | Wellcome Trust Finance PLC | 4.625 | 07/25/2036 | 370,095 | |||||||||||||||
GBP | 200,000 | Wellcome Trust Ltd. (The) | 2.517 | 02/07/2118 | 270,959 | |||||||||||||||
|
| |||||||||||||||||||
34,533,404 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Corporate Bonds (Cost $142,464,868) | 145,768,757 | |||||||||||||||||||
|
| |||||||||||||||||||
Number of Shares | ||||||||||||||||||||
Money Market Fund—0.0% | ||||||||||||||||||||
63,897 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $63,897) | 63,897 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Investments in Securities (Cost $142,528,765)—98.9% | 145,832,654 | |||||||||||||||||||
Other assets less liabilities—1.1% | 1,658,206 | |||||||||||||||||||
|
| |||||||||||||||||||
Net Assets—100.0% | $ | 147,490,860 | ||||||||||||||||||
|
|
Investment Abbreviations:
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
DIP—Debtor-In-Possession
DPNT—Deposit Note
EUR—Euro
EMTN—Euro Medium-Term Note
GBP—British Pound
GMTN—Global Medium-Term Note
JPY—Japanese Yen
MTN—Medium-Term Note
NOK—Norwegian Krone
SEK—Swedish Krona
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount denominated in currency indicated. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 32.0 | |||
Oil & Gas | 6.2 | |||
Pharmaceuticals | 5.4 | |||
Telecommunications | 4.4 | |||
Auto Manufacturers | 3.7 | |||
Diversified Financial Services | 3.2 | |||
Media | 3.1 | |||
REITs | 3.1 | |||
Pipelines | 2.7 | |||
Software | 2.7 | |||
Retail | 2.4 | |||
Beverages | 2.1 | |||
Insurance | 2.1 | |||
Food | 2.1 | |||
Semiconductors | 2.0 | |||
Biotechnology | 2.0 | |||
Internet | 2.0 | |||
Agriculture | 1.7 |
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 (continued) | ||||
Miscellaneous Manufacturing | 1.7 | |||
Electric | 1.7 | |||
Healthcare-Services | 1.6 | |||
Healthcare-Products | 1.6 | |||
Computers | 1.4 | |||
Transportation | 1.3 | |||
Chemicals | 1.3 | |||
Machinery-Diversified | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Machinery-Construction & Mining | 0.7 | |||
Electrical Components & Equipment | 0.7 | |||
Investment Companies | 0.7 | |||
Mining | 0.7 | |||
Household Products/Wares | 0.7 | |||
Office/Business Equipment | 0.7 | |||
Advertising | 0.3 | |||
Oil & Gas Services | 0.2 | |||
Other Assets Less Liabilities | (0.8 | ) |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—100.8% | ||||||||||||||||
Advertising—0.3% | ||||||||||||||||
$ | 50,000 | WPP Finance 2010 (United Kingdom) | 4.750 | % | 11/21/2021 | $ | 51,623 | |||||||||
|
| |||||||||||||||
Aerospace/Defense—1.3% | ||||||||||||||||
100,000 | General Dynamics Corp. | 2.250 | 11/15/2022 | 95,639 | ||||||||||||
100,000 | Lockheed Martin Corp. | 2.500 | 11/23/2020 | 98,880 | ||||||||||||
|
| |||||||||||||||
194,519 | ||||||||||||||||
|
| |||||||||||||||
Agriculture—1.7% | ||||||||||||||||
100,000 | Altria Group, Inc. | 2.625 | 01/14/2020 | 99,447 | ||||||||||||
50,000 | Philip Morris International, Inc. | 4.500 | 03/26/2020 | 51,410 | ||||||||||||
100,000 | Reynolds American, Inc. (United Kingdom) | 4.000 | 06/12/2022 | 100,955 | ||||||||||||
|
| |||||||||||||||
251,812 | ||||||||||||||||
|
| |||||||||||||||
Auto Manufacturers—3.7% | ||||||||||||||||
100,000 | American Honda Finance Corp., MTN | 1.600 | 07/13/2018 | 99,928 | ||||||||||||
100,000 | General Motors Financial Co., Inc. | 3.500 | 07/10/2019 | 100,666 | ||||||||||||
100,000 | General Motors Financial Co., Inc. | 4.375 | 09/25/2021 | 102,320 | ||||||||||||
100,000 | Toyota Motor Credit Corp., GMTN | 1.700 | 02/19/2019 | 99,386 | ||||||||||||
50,000 | Toyota Motor Credit Corp., MTN | 2.125 | 07/18/2019 | 49,674 | ||||||||||||
100,000 | Toyota Motor Credit Corp., MTN | 3.300 | 01/12/2022 | 100,336 | ||||||||||||
|
| |||||||||||||||
552,310 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks—32.0% | ||||||||||||||||
$ | 100,000 | Bank of America Corp., GMTN | 5.650 | % | 05/01/2018 | $ | 100,000 | |||||||||
100,000 | Bank of America Corp., MTN | 5.625 | 07/01/2020 | 105,335 | ||||||||||||
100,000 | Bank of America Corp., MTN | 5.000 | 05/13/2021 | 105,262 | ||||||||||||
100,000 | Bank of America Corp., Series L, GMTN | 2.600 | 01/15/2019 | 99,992 | ||||||||||||
100,000 | Bank of New York Mellon Corp. (The), MTN | 2.100 | 08/01/2018 | 99,940 | ||||||||||||
100,000 | Bank of New York Mellon Corp. (The), Series G | 2.200 | 05/15/2019 | 99,646 | ||||||||||||
100,000 | Bank of Nova Scotia (The) (Canada) | 1.700 | 06/11/2018 | 99,920 | ||||||||||||
100,000 | Bank of Nova Scotia (The) (Canada) | 2.350 | 10/21/2020 | 98,058 | ||||||||||||
100,000 | Barclays Bank PLC, BKNT (United Kingdom) | 5.125 | 01/08/2020 | 103,084 | ||||||||||||
100,000 | BB&T Corp., MTN | 2.625 | 06/29/2020 | 99,123 | ||||||||||||
100,000 | BNP Paribas SA, BKNT, GMTN (France) | 5.000 | 01/15/2021 | 104,946 | ||||||||||||
100,000 | Citigroup, Inc. | 2.500 | 09/26/2018 | 99,998 | ||||||||||||
100,000 | Citigroup, Inc. | 2.550 | 04/08/2019 | 99,859 | ||||||||||||
100,000 | Citigroup, Inc. | 2.500 | 07/29/2019 | 99,607 | ||||||||||||
100,000 | Citigroup, Inc. | 2.750 | 04/25/2022 | 97,303 | ||||||||||||
100,000 | Citigroup, Inc. | 4.050 | 07/30/2022 | 101,235 | ||||||||||||
100,000 | Deutsche Bank AG (Germany) | 4.250 | 10/14/2021 | 100,889 | ||||||||||||
100,000 | Fifth Third Bancorp | 2.875 | 07/27/2020 | 99,635 | ||||||||||||
50,000 | Fifth Third Bancorp | 3.500 | 03/15/2022 | 50,014 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 2.625 | 01/31/2019 | 100,012 | ||||||||||||
50,000 | Goldman Sachs Group, Inc. (The) | 2.750 | 09/15/2020 | 49,553 | ||||||||||||
20,000 | Goldman Sachs Group, Inc. (The) | 2.875 | 02/25/2021 | 19,770 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 2.625 | 04/25/2021 | 98,074 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 3.625 | 01/22/2023 | 99,695 | ||||||||||||
200,000 | HSBC Holdings PLC (United Kingdom) | 2.650 | 01/05/2022 | 194,215 | ||||||||||||
100,000 | HSBC USA, Inc. | 2.250 | 06/23/2019 | 99,339 | ||||||||||||
100,000 | Huntington Bancshares, Inc. | 2.300 | 01/14/2022 | 96,208 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 2.200 | 10/22/2019 | 99,115 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 4.250 | 10/15/2020 | 102,642 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 4.500 | 01/24/2022 | 103,797 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 3.250 | 09/23/2022 | 99,054 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 2.972 | 01/15/2023 | 97,477 | ||||||||||||
100,000 | KeyCorp, MTN | 2.900 | 09/15/2020 | 99,351 | ||||||||||||
100,000 | Morgan Stanley, GMTN | 5.625 | 09/23/2019 | 103,564 | ||||||||||||
100,000 | Morgan Stanley | 2.650 | 01/27/2020 | 99,435 | ||||||||||||
100,000 | Morgan Stanley | 2.800 | 06/16/2020 | 99,352 | ||||||||||||
100,000 | Morgan Stanley, MTN | 2.625 | 11/17/2021 | 97,421 | ||||||||||||
100,000 | Northern Trust Corp. | 3.375 | 08/23/2021 | 101,093 | ||||||||||||
100,000 | Regions Financial Corp. | 2.750 | 08/14/2022 | 96,518 | ||||||||||||
100,000 | Royal Bank of Canada, GMTN (Canada) | 1.800 | 07/30/2018 | 99,853 | ||||||||||||
100,000 | Royal Bank of Canada, GMTN (Canada) | 1.500 | 07/29/2019 | 98,449 | ||||||||||||
100,000 | State Street Corp. | 4.375 | 03/07/2021 | 103,803 | ||||||||||||
100,000 | Toronto-Dominion Bank (The), BKNT, GMTN (Canada) | 2.125 | 07/02/2019 | 99,380 | ||||||||||||
100,000 | U.S. Bancorp, MTN | 1.950 | 11/15/2018 | 99,816 | ||||||||||||
100,000 | U.S. Bancorp, MTN | 3.000 | 03/15/2022 | 99,106 | ||||||||||||
100,000 | Wells Fargo & Co. | 2.125 | 04/22/2019 | 99,546 | ||||||||||||
100,000 | Wells Fargo & Co., MTN | 2.550 | 12/07/2020 | 98,570 | ||||||||||||
100,000 | Wells Fargo & Co., Series M, GMTN | 3.450 | 02/13/2023 | 98,211 | ||||||||||||
|
| |||||||||||||||
4,716,265 | ||||||||||||||||
|
| |||||||||||||||
Beverages—2.1% | ||||||||||||||||
100,000 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 6.875 | 11/15/2019 | 106,150 | ||||||||||||
100,000 | Coca-Cola Co. (The) | 1.650 | 11/01/2018 | 99,677 | ||||||||||||
100,000 | PepsiCo, Inc. | 3.125 | 11/01/2020 | 100,894 | ||||||||||||
|
| |||||||||||||||
306,721 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology—2.0% | ||||||||||||||||
100,000 | Amgen, Inc. | 1.850 | 08/19/2021 | 95,721 | ||||||||||||
100,000 | Celgene Corp. | 3.950 | 10/15/2020 | 101,637 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Biotechnology (continued) | ||||||||||||||||
$ | 100,000 | Gilead Sciences, Inc. | 2.550 | % | 09/01/2020 | $ | 99,275 | |||||||||
|
| |||||||||||||||
296,633 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—1.3% | ||||||||||||||||
100,000 | Dow Chemical Co. (The) | 4.125 | 11/15/2021 | 102,280 | ||||||||||||
100,000 | Praxair, Inc. | 2.200 | 08/15/2022 | 95,905 | ||||||||||||
|
| |||||||||||||||
198,185 | ||||||||||||||||
|
| |||||||||||||||
Computers—1.4% | ||||||||||||||||
100,000 | Hewlett Packard Enterprise Co. | 4.400 | 10/15/2022 | 102,886 | ||||||||||||
100,000 | International Business Machines Corp. | 8.375 | 11/01/2019 | 108,036 | ||||||||||||
|
| |||||||||||||||
210,922 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—3.2% | ||||||||||||||||
100,000 | Air Lease Corp. | 3.875 | 04/01/2021 | 101,074 | ||||||||||||
100,000 | American Express Co. | 1.550 | 05/22/2018 | 99,963 | ||||||||||||
100,000 | American Express Credit Corp., GMTN | 2.250 | 08/15/2019 | 99,433 | ||||||||||||
60,000 | Jefferies Group LLC | 8.500 | 07/15/2019 | 63,693 | ||||||||||||
100,000 | National Rural Utilities Cooperative Finance Corp. | 10.375 | 11/01/2018 | 103,811 | ||||||||||||
|
| |||||||||||||||
467,974 | ||||||||||||||||
|
| |||||||||||||||
Electric—1.7% | ||||||||||||||||
50,000 | Oncor Electric Delivery Co. LLC | 7.000 | 09/01/2022 | 57,031 | ||||||||||||
40,000 | Sempra Energy | 2.875 | 10/01/2022 | 38,962 | ||||||||||||
50,000 | Southern Co. (The) | 2.350 | 07/01/2021 | 48,623 | ||||||||||||
100,000 | Xcel Energy, Inc. | 4.700 | 05/15/2020 | 102,573 | ||||||||||||
|
| |||||||||||||||
247,189 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment—0.7% | ||||||||||||||||
100,000 | Emerson Electric Co. | 4.875 | 10/15/2019 | 102,897 | ||||||||||||
|
| |||||||||||||||
Food—2.1% | ||||||||||||||||
60,000 | Kraft Heinz Foods Co. | 3.500 | 06/06/2022 | 59,884 | ||||||||||||
100,000 | Kraft Heinz Foods Co. | 3.500 | 07/15/2022 | 99,294 | ||||||||||||
40,000 | Kroger Co. (The) | 6.150 | 01/15/2020 | 42,105 | ||||||||||||
100,000 | Tyson Foods, Inc. | 4.500 | 06/15/2022 | 103,555 | ||||||||||||
|
| |||||||||||||||
304,838 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.6% | ||||||||||||||||
100,000 | Abbott Laboratories | 2.000 | 03/15/2020 | 98,176 | ||||||||||||
40,000 | Becton Dickinson & Co. | 3.250 | 11/12/2020 | 39,781 | ||||||||||||
100,000 | Becton Dickinson & Co. | 3.125 | 11/08/2021 | 98,469 | ||||||||||||
|
| |||||||||||||||
236,426 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—1.6% | ||||||||||||||||
100,000 | Anthem, Inc. | 4.350 | 08/15/2020 | 102,622 | ||||||||||||
40,000 | Anthem, Inc. | 3.300 | 01/15/2023 | 39,389 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 3.750 | 08/23/2022 | 100,743 | ||||||||||||
|
| |||||||||||||||
242,754 | ||||||||||||||||
|
| |||||||||||||||
Household Products/Wares—0.7% | ||||||||||||||||
100,000 | Clorox Co. (The) | 3.050 | 09/15/2022 | 98,734 | ||||||||||||
|
| |||||||||||||||
Insurance—2.1% | ||||||||||||||||
100,000 | American International Group, Inc. | 6.400 | 12/15/2020 | 107,839 | ||||||||||||
100,000 | Berkshire Hathaway, Inc. | 2.100 | 08/14/2019 | 99,503 | ||||||||||||
100,000 | Chubb INA Holdings, Inc. | 2.300 | 11/03/2020 | 98,222 | ||||||||||||
|
| |||||||||||||||
305,564 | ||||||||||||||||
|
| |||||||||||||||
Internet—2.0% | ||||||||||||||||
100,000 | Booking Holdings, Inc. | 2.750 | 03/15/2023 | 95,564 | ||||||||||||
100,000 | eBay, Inc. | 2.200 | 08/01/2019 | 99,307 | ||||||||||||
100,000 | Symantec Corp. | 4.200 | 09/15/2020 | 101,397 | ||||||||||||
|
| |||||||||||||||
296,268 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Investment Companies—0.7% | ||||||||||||||||
$ | 100,000 | Ares Capital Corp. | 4.875 | % | 11/30/2018 | $ | 100,996 | |||||||||
|
| |||||||||||||||
Machinery-Construction & Mining—0.7% | ||||||||||||||||
100,000 | Caterpillar Financial Services Corp., MTN | 7.150 | 02/15/2019 | 103,582 | ||||||||||||
|
| |||||||||||||||
Machinery-Diversified—1.3% | ||||||||||||||||
100,000 | John Deere Capital Corp., MTN | 2.750 | 03/15/2022 | 97,897 | ||||||||||||
100,000 | Roper Technologies, Inc. | 2.050 | 10/01/2018 | 99,788 | ||||||||||||
|
| |||||||||||||||
197,685 | ||||||||||||||||
|
| |||||||||||||||
Media—3.1% | ||||||||||||||||
100,000 | Comcast Corp. | 3.125 | 07/15/2022 | 99,373 | ||||||||||||
100,000 | Discovery Communications LLC(a) | 2.800 | 06/15/2020 | 98,895 | ||||||||||||
100,000 | NBCUniversal Media LLC | 5.150 | 04/30/2020 | 104,192 | ||||||||||||
50,000 | Time Warner Cable LLC | 8.250 | 04/01/2019 | 52,401 | ||||||||||||
100,000 | Walt Disney Co. (The), GMTN | 1.850 | 05/30/2019 | 99,350 | ||||||||||||
|
| |||||||||||||||
454,211 | ||||||||||||||||
|
| |||||||||||||||
Mining—0.7% | ||||||||||||||||
100,000 | Newmont Mining Corp. | 3.500 | 03/15/2022 | 99,610 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—1.7% | ||||||||||||||||
50,000 | 3M Co., GMTN | 2.000 | 08/07/2020 | 49,325 | ||||||||||||
100,000 | General Electric Co., GMTN | 5.625 | 05/01/2018 | 100,000 | ||||||||||||
100,000 | General Electric Co., GMTN | 3.150 | 09/07/2022 | 98,299 | ||||||||||||
|
| |||||||||||||||
247,624 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment—0.7% | ||||||||||||||||
100,000 | Pitney Bowes, Inc. | 3.625 | 10/01/2021 | 96,300 | ||||||||||||
|
| |||||||||||||||
Oil & Gas—6.2% | ||||||||||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.561 | 11/01/2021 | 101,441 | ||||||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.062 | 03/17/2022 | 99,413 | ||||||||||||
100,000 | Chevron Corp. | 1.718 | 06/24/2018 | 99,920 | ||||||||||||
100,000 | EOG Resources, Inc. | 2.450 | 04/01/2020 | 98,773 | ||||||||||||
100,000 | Marathon Petroleum Corp. | 5.125 | 03/01/2021 | 104,640 | ||||||||||||
100,000 | Pioneer Natural Resources Co. | 3.950 | 07/15/2022 | 101,548 | ||||||||||||
100,000 | Shell International Finance BV (Netherlands) | 1.900 | 08/10/2018 | 99,945 | ||||||||||||
100,000 | Shell International Finance BV (Netherlands) | 1.375 | 09/12/2019 | 98,249 | ||||||||||||
100,000 | Total Capital SA (France) | 4.450 | 06/24/2020 | 103,172 | ||||||||||||
|
| |||||||||||||||
907,101 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—0.2% | ||||||||||||||||
30,000 | Halliburton Co. | 3.250 | 11/15/2021 | 30,015 | ||||||||||||
|
| |||||||||||||||
Pharmaceuticals—5.4% | ||||||||||||||||
100,000 | Allergan Finance LLC | 3.250 | 10/01/2022 | 97,233 | ||||||||||||
100,000 | Allergan Funding SCS | 3.450 | 03/15/2022 | 98,415 | ||||||||||||
100,000 | AstraZeneca PLC (United Kingdom) | 1.950 | 09/18/2019 | 98,852 | ||||||||||||
100,000 | Cardinal Health, Inc. | 1.950 | 06/15/2018 | 99,917 | ||||||||||||
100,000 | CVS Health Corp. | 3.500 | 07/20/2022 | 99,632 | ||||||||||||
100,000 | Johnson & Johnson | 5.150 | 07/15/2018 | 100,624 | ||||||||||||
100,000 | Merck & Co., Inc. | 2.400 | 09/15/2022 | 96,982 | ||||||||||||
100,000 | Novartis Securities Investment Ltd. (Switzerland) | 5.125 | 02/10/2019 | 101,892 | ||||||||||||
|
| |||||||||||||||
793,547 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—2.7% | ||||||||||||||||
100,000 | Energy Transfer Partners LP | 4.650 | 06/01/2021 | 102,621 | ||||||||||||
100,000 | Kinder Morgan Energy Partners LP | 3.950 | 09/01/2022 | 100,321 | ||||||||||||
100,000 | Kinder Morgan, Inc. | 3.050 | 12/01/2019 | 99,717 | ||||||||||||
100,000 | TransCanada PipeLines Ltd. (Canada) | 2.500 | 08/01/2022 | 96,280 | ||||||||||||
|
| |||||||||||||||
398,939 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
REITs—3.1% | ||||||||||||||||
$ | 100,000 | American Tower Corp. | 3.400 | % | 02/15/2019 | $ | 100,434 | |||||||||
100,000 | American Tower Corp. | 3.450 | 09/15/2021 | 99,807 | ||||||||||||
50,000 | Boston Properties LP | 5.875 | 10/15/2019 | 51,854 | ||||||||||||
100,000 | Simon Property Group LP | 2.625 | 06/15/2022 | 96,743 | ||||||||||||
100,000 | Welltower, Inc. | 4.125 | 04/01/2019 | 100,847 | ||||||||||||
|
| |||||||||||||||
449,685 | ||||||||||||||||
|
| |||||||||||||||
Retail—2.4% | ||||||||||||||||
100,000 | Home Depot, Inc. (The) | 4.400 | 04/01/2021 | 103,704 | ||||||||||||
50,000 | Lowe’s Cos., Inc. | 3.750 | 04/15/2021 | 51,019 | ||||||||||||
100,000 | Macy’s Retail Holdings, Inc. | 2.875 | 02/15/2023 | 93,718 | ||||||||||||
100,000 | Walgreens Boots Alliance, Inc. | 2.700 | 11/18/2019 | 99,690 | ||||||||||||
|
| |||||||||||||||
348,131 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors—2.0% | ||||||||||||||||
100,000 | Applied Materials, Inc. | 2.625 | 10/01/2020 | 99,200 | ||||||||||||
100,000 | Intel Corp. | 3.300 | 10/01/2021 | 101,029 | ||||||||||||
100,000 | QUALCOMM, Inc. | 3.000 | 05/20/2022 | 97,544 | ||||||||||||
|
| |||||||||||||||
297,773 | ||||||||||||||||
|
| |||||||||||||||
Software—2.7% | ||||||||||||||||
100,000 | Fidelity National Information Services, Inc. | 2.850 | 10/15/2018 | 100,121 | ||||||||||||
50,000 | Microsoft Corp. | 2.000 | 11/03/2020 | 49,171 | ||||||||||||
100,000 | Microsoft Corp. | 1.550 | 08/08/2021 | 95,889 | ||||||||||||
100,000 | Oracle Corp. | 5.000 | 07/08/2019 | 102,811 | ||||||||||||
50,000 | Oracle Corp. | 2.500 | 05/15/2022 | 48,832 | ||||||||||||
|
| |||||||||||||||
396,824 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—4.4% | ||||||||||||||||
100,000 | AT&T, Inc. | 2.375 | 11/27/2018 | 99,889 | ||||||||||||
100,000 | AT&T, Inc. | 2.450 | 06/30/2020 | 98,817 | ||||||||||||
100,000 | Cisco Systems, Inc. | 4.950 | 02/15/2019 | 101,914 | ||||||||||||
40,000 | Qwest Corp. | 6.750 | 12/01/2021 | 43,115 | ||||||||||||
100,000 | Telefonica Emisiones SAU (Spain) | 5.877 | 07/15/2019 | 103,463 | ||||||||||||
100,000 | Verizon Communications, Inc. | 3.000 | 11/01/2021 | 99,156 | ||||||||||||
100,000 | Verizon Communications, Inc. | 2.450 | 11/01/2022 | 95,759 | ||||||||||||
|
| |||||||||||||||
642,113 | ||||||||||||||||
|
| |||||||||||||||
Transportation—1.3% | ||||||||||||||||
100,000 | Burlington Northern Santa Fe LLC | 3.000 | 03/15/2023 | 98,248 | ||||||||||||
100,000 | United Parcel Service, Inc. | 3.125 | 01/15/2021 | 100,577 | ||||||||||||
|
| |||||||||||||||
198,825 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $15,081,063)—100.8% | 14,844,595 | |||||||||||||||
Other assets less liabilities—(0.8)% | (118,193 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 14,726,402 | ||||||||||||||
|
|
Investment Abbreviations:
BKNT—Bank Note
GMTN—Global Medium-Term Note
MTN—Medium-Term Note
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 represented less than 1% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
State and Territory Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
California | 18.9 | |||
Florida | 4.6 | |||
Illinois | 6.8 | |||
Massachusetts | 4.8 | |||
New York | 18.7 | |||
Pennsylvania | 4.0 | |||
Texas | 9.1 | |||
Other States Less Than 3% Each | 30.8 | |||
Other Assets Less Liabilities | 2.3 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—97.7% | ||||||||||||||||
Ad Valorem Property Tax—14.0% | ||||||||||||||||
$ | 8,000,000 | Aldine Texas Independent School District Ref. Ser. 17 PSF-GTD | 5.000 | % | 02/15/2042 | $ | 9,094,960 | |||||||||
2,000,000 | California State Various Purpose Ser. 09 | 5.500 | 11/01/2039 | 2,105,480 | ||||||||||||
12,050,000 | California State Various Purpose Ser. 10 | 5.500 | 03/01/2040 | 12,857,952 | ||||||||||||
600,000 | Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM | 5.000 | 08/01/2050 | 662,868 | ||||||||||||
5,000,000 | Chicago Illinois Board of Education Dedicated Ref. Ser. 17B(a) | 7.000 | 12/01/2042 | 5,908,350 | ||||||||||||
1,000,000 | Chicago Illinois Ser. 17A | 6.000 | 01/01/2038 | 1,107,320 | ||||||||||||
10,000,000 | City of Hutto Texas (Certificates of Obligation) Ser. 17 AGM | 5.000 | 08/01/2057 | 11,159,000 | ||||||||||||
20,000,000 | City of Jasper Alabama Ser. 14 BAM | 5.000 | 03/01/2044 | 21,755,800 | ||||||||||||
3,340,000 | City of New York Ser. 11A-1 | 5.000 | 08/01/2032 | 3,606,332 | ||||||||||||
4,955,000 | City of New York Ser. 16B-1 | 5.000 | 12/01/2041 | 5,595,682 | ||||||||||||
260,000 | City of New York Sub.-Ser. 09J-1(b) | 5.000 | 05/15/2019 | 268,583 | ||||||||||||
820,000 | City of New York Sub.-Ser. 09J-1 | 5.000 | 05/15/2036 | 844,157 | ||||||||||||
4,500,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2035 | 5,202,900 | ||||||||||||
2,500,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2036 | 2,884,075 | ||||||||||||
2,000,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2037 | 2,302,120 | ||||||||||||
1,500,000 | District of Columbia Ser. 08E BHAC | 5.000 | 06/01/2033 | 1,503,615 | ||||||||||||
4,000,000 | Honolulu City & County Hawaii Ser. 15A | 5.000 | 10/01/2039 | 4,531,000 | ||||||||||||
10,000,000 | Jurupa California Unified School District Ser. 17B | 4.000 | 08/01/2041 | 10,335,700 | ||||||||||||
2,250,000 | Klein Texas Independent School District (Schoolhouse) Ser. 17 PSF-GTD | 4.000 | 08/01/2046 | 2,310,390 | ||||||||||||
1,255,000 | Lackawanna County Pennsylvania Ser. 10B AGM(b) | 5.000 | 09/01/2020 | 1,340,880 | ||||||||||||
745,000 | Lackawanna County Pennsylvania Ser. 10B AGM | 5.000 | 09/01/2035 | 784,112 | ||||||||||||
1,650,000 | Las Vegas Valley Nevada Water District Ser. 12B | 5.000 | 06/01/2042 | 1,789,012 | ||||||||||||
1,610,000 | Los Angeles Unified School District (Election 2008) Ser. 16A | 5.000 | 07/01/2040 | 1,836,173 | ||||||||||||
5,000,000 | Madera California Unified School District Election 2014 Ser. 17 | 4.000 | 08/01/2046 | 5,140,050 | ||||||||||||
3,000,000 | Marrin California Healthcare District (Election 2013) Ser. 17A | 4.000 | 08/01/2047 | 3,067,440 | ||||||||||||
4,210,000 | Massachusetts State (Consolidated Loan) Ser. 17A | 5.000 | 04/01/2042 | 4,779,571 | ||||||||||||
4,000,000 | Massachusetts State Ref. Ser. 15A | 5.000 | 07/01/2036 | 4,548,000 | ||||||||||||
7,150,000 | Massachusetts State Ser. 16A | 5.000 | 03/01/2041 | 7,909,401 | ||||||||||||
5,000,000 | Massachusetts State Ser. 16A | 5.000 | 03/01/2046 | 5,517,000 | ||||||||||||
2,000,000 | Morgan Hill California Unified School District (Election 2012) Ser. 17B | 4.000 | 08/01/2047 | 2,062,360 | ||||||||||||
5,000,000 | North Royalton Ohio City School District School Improvement Ser. 17 | 5.000 | 12/01/2047 | 5,582,850 | ||||||||||||
10,000,000 | Oxnard California School District (Election 2016) Ser. 17A BAM | 5.000 | 08/01/2045 | 11,344,800 | ||||||||||||
1,000,000 | Prosper Texas Independent School District (School Building) Ser. 17 PSF-GTD | 5.000 | 02/15/2047 | 1,132,770 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 500,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser. 07A-4 AGM | 5.000 | % | 07/01/2031 | $ | 517,950 | |||||||||
7,150,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM | 5.000 | 07/01/2035 | 7,411,404 | ||||||||||||
890,000 | Reading Pennsylvania School District (State Aid Withholding) Ser. 08 AGM(b) | 5.000 | 09/01/2018 | 899,523 | ||||||||||||
2,285,000 | Richardson Texas Independent School District (School Building) Ser. 17 PSF-GTD | 5.000 | 02/15/2042 | 2,589,956 | ||||||||||||
2,045,000 | Rockwall Texas Independent School District (School Building) Ser. 16 PSF-GTD | 5.000 | 02/15/2046 | 2,270,482 | ||||||||||||
5,000,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 4.000 | 07/01/2047 | 5,182,450 | ||||||||||||
12,000,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 5.000 | 07/01/2047 | 13,837,200 | ||||||||||||
2,000,000 | San Francisco California Bay Area Rapid Transit District Election 2016 (Green Bond) Ser. 17A-1 | 5.000 | 08/01/2047 | 2,313,840 | ||||||||||||
2,500,000 | Santa Ana California Unified School District (Election 2008) Ser. 08A | 5.125 | 08/01/2033 | 2,521,200 | ||||||||||||
6,785,000 | Sherman Texas Independent School District (School Building) Ser. 18A PSF-GTD | 5.000 | 02/15/2045 | 7,785,448 | ||||||||||||
4,000,000 | Simi Valley California Unified School District (Election 2016) Ser. 17A | 4.000 | 08/01/2046 | 4,105,680 | ||||||||||||
2,000,000 | Spring Texas Independent School District (School Building) Ser. 17 PSF-GTD | 5.000 | 08/15/2042 | 2,274,160 | ||||||||||||
3,280,000 | Texas State (Transportation Commission) Ref. Ser. 14A | 5.000 | 10/01/2044 | 3,651,985 | ||||||||||||
2,500,000 | Victor Valley California Union High School District (Election 2008) Ser. 09A AGC(b) | 5.000 | 08/01/2019 | 2,600,050 | ||||||||||||
1,340,000 | Washington State Motor Vehicle Tax (Senior 520 Corridor Program Toll) Ser. 11C | 5.000 | 06/01/2041 | 1,434,175 | ||||||||||||
3,000,000 | Ysleta Texas Independent School District (School Building) Ser. 16 PSF-GTD | 5.000 | 08/15/2045 | 3,394,140 | ||||||||||||
2,500,000 | Ysleta Texas Independent School District (School Building) Ser. 17 PSF-GTD | 5.000 | 08/15/2047 | 2,807,725 | ||||||||||||
|
| |||||||||||||||
226,468,071 | ||||||||||||||||
|
| |||||||||||||||
Auto Parking Revenue—0.4% | ||||||||||||||||
2,000,000 | Miami Beach Florida Parking Rev. Ser. 15 | 5.000 | 09/01/2045 | 2,221,060 | ||||||||||||
2,000,000 | Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM | 5.250 | 07/01/2035 | 2,122,040 | ||||||||||||
2,500,000 | Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM | 5.250 | 07/01/2039 | 2,650,925 | ||||||||||||
|
| |||||||||||||||
6,994,025 | ||||||||||||||||
|
| |||||||||||||||
Charter School Aid—0.5% | ||||||||||||||||
8,500,000 | Clifton Texas Higher Education Finance Corp. (Idea Public Schools) Rev. Ref. Ser. 17 PSF-GTD | 4.000 | 08/15/2042 | 8,786,365 | ||||||||||||
|
| |||||||||||||||
College & University Revenue—9.4% | ||||||||||||||||
5,000,000 | Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16 | 5.000 | 07/01/2041 | 5,371,350 | ||||||||||||
2,000,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2046 | 2,264,820 | ||||||||||||
3,000,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2049 | 3,390,480 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A | 5.000 | 01/01/2048 | 1,154,860 | ||||||||||||
1,750,000 | California State Municipal Financing Auth. (University of La Verne) Rev. Ref. Ser. 17A | 5.000 | 06/01/2043 | 1,959,877 | ||||||||||||
2,500,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2038 | 2,891,700 | ||||||||||||
2,500,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2042 | 2,876,825 | ||||||||||||
11,310,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2047 | 12,947,688 | ||||||||||||
65,000 | California State University Systemwide Rev. Ser. 08A AGM | 5.000 | 11/01/2039 | 65,176 | ||||||||||||
2,000,000 | Colorado State Educational & Cultural Facilities Auth. (University Denver Project) Rev. Ser. 17A | 5.000 | 03/01/2047 | 2,239,000 | ||||||||||||
1,105,000 | Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC(b) | 5.000 | 06/15/2020 | 1,174,383 | ||||||||||||
3,140,000 | Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC | 5.000 | 06/15/2038 | 3,300,988 | ||||||||||||
1,000,000 | Illinois State Finance Auth. Student Housing & Academic Facility (CHF-Chicago LLC-University of Illinois at Chicago Project) Rev. Ser. 17A | 5.000 | 02/15/2047 | 1,059,340 | ||||||||||||
1,000,000 | Lafayette Louisiana Public Trust Financing Auth. Ragin’ Cajun Facilities (Housing & Parking Project) Rev. Ser. 10 AGM(b) | 5.500 | 10/01/2020 | 1,082,550 | ||||||||||||
2,000,000 | Louisiana State Local Government Environmental Facilities & Community Development Auth. (LCTCS ACT 360 Project) Ser. 14 | 5.000 | 10/01/2039 | 2,210,860 | ||||||||||||
875,000 | Massachusetts State Development Finance Agency (Boston University) Rev. Ser. 13X | 5.000 | 10/01/2048 | 966,892 | ||||||||||||
1,250,000 | Massachusetts State Development Finance Agency (Massachusetts Institute of Technology) Rev. Ser. 09O(b) | 6.000 | 07/01/2018 | 1,258,800 | ||||||||||||
4,500,000 | Massachusetts State Development Financing Agency (Boston University) Rev. Ser. 16BB1 | 5.000 | 10/01/2046 | 5,071,995 | ||||||||||||
1,000,000 | Minnesota State High Education Facilities Auth. (Bethel University) Rev. Ref. Ser. 17 | 5.000 | 05/01/2047 | 1,081,220 | ||||||||||||
1,250,000 | New Hope Cultural Education Facilities Finance Corp. Texas Student Housing (A&M University Project) Rev. Ser. 14A AGM | 5.000 | 04/01/2046 | 1,332,825 | ||||||||||||
500,000 | New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 16A-2 | 5.000 | 10/01/2046 | 568,835 | ||||||||||||
3,060,000 | New York State Dormitory Auth. Non State Supported Debt (Cornell University) Rev. Ser. 10A | 5.000 | 07/01/2035 | 3,243,998 | ||||||||||||
250,000 | New York State Dormitory Auth. Non State Supported Debt (Fordham University) Rev. Ser. 08B AGC(b) | 5.000 | 07/01/2018 | 251,315 | ||||||||||||
3,000,000 | New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 3,296,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
College & University Revenue (continued) | ||||||||||||||||
$ | 3,235,000 | New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A | 5.000 | % | 07/01/2040 | $ | 3,518,612 | |||||||||
3,500,000 | New York State Dormitory Auth. Non State Supported Debt (New School) Rev. Ref. Ser. 15A | 5.000 | 07/01/2045 | 3,829,945 | ||||||||||||
2,350,000 | New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,650,871 | ||||||||||||
1,200,000 | New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 12A | 5.000 | 07/01/2037 | 1,319,892 | ||||||||||||
6,325,000 | New York State Dormitory Auth. Non State Supported Debt (State University of New York Dormitory Facilities) Rev. Ref. Ser. 15B | 5.000 | 07/01/2045 | 7,052,755 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A | 5.000 | 07/01/2046 | 1,104,140 | ||||||||||||
750,000 | New York State Dormitory Auth. Non State Supported Debt Rev. Ref. Ser. 16A | 5.000 | 07/01/2041 | 839,993 | ||||||||||||
3,000,000 | North Carolina State Capital Facilities Financing Agency (Duke University) Rev. Ref. Ser. 15 | 5.000 | 10/01/2055 | 3,347,520 | ||||||||||||
11,100,000 | Ohio State University Ser. 14A | 5.000 | 12/01/2039 | 12,402,474 | ||||||||||||
1,000,000 | Oregon State Facilities Auth. (Reed College Project) Rev. Ref. Ser. 17A | 5.000 | 07/01/2047 | 1,135,990 | ||||||||||||
2,000,000 | Pennsylvania State Higher Educational Facilities Auth. (Trustees University of Pennsylvania) Rev. Ser. 17A | 5.000 | 08/15/2046 | 2,262,280 | ||||||||||||
2,710,000 | Pennsylvania State University Ser. 10 | 5.000 | 03/01/2040 | 2,842,844 | ||||||||||||
1,950,000 | Philadelphia Pennsylvania Auth. For Industrial Development (Thomas Jefferson University) Rev. Ref. Ser. 17A | 5.000 | 09/01/2042 | 2,154,848 | ||||||||||||
5,000,000 | Public Finance Auth. Wisconsin Lease Development (Central District Development Project) Rev. Ser. 16 | 5.000 | 03/01/2041 | 5,502,400 | ||||||||||||
2,000,000 | Rhode Island State Health & Educational Building Corp. Higher Education Facility (Providence College) Rev. Ser. 17 | 5.000 | 11/01/2047 | 2,253,300 | ||||||||||||
3,000,000 | Tennessee State School Bond Auth. (Higher Educational Facilities 2nd Program) Ser. 17A | 5.000 | 11/01/2042 | 3,465,840 | ||||||||||||
2,000,000 | University of Arkansas Arizona Various Facilities (Fayetteville Campus) Rev. Ser. 17 | 5.000 | 11/01/2047 | 2,285,780 | ||||||||||||
9,500,000 | University of California Rev. Ref. Ser. 16AR | 5.000 | 05/15/2046 | 10,789,625 | ||||||||||||
2,000,000 | University of Michigan Ref. Ser. 17A | 5.000 | 04/01/2042 | 2,305,700 | ||||||||||||
3,100,000 | University of Michigan Ref. Ser. 17A | 5.000 | 04/01/2047 | 3,558,180 | ||||||||||||
7,515,000 | University of Oregon General Rev. Ser. 15A | 5.000 | 04/01/2045 | 8,432,055 | ||||||||||||
7,370,000 | University of Vermont & State Agricultural College Ser. 09 | 5.125 | 10/01/2039 | 7,642,174 | ||||||||||||
|
| |||||||||||||||
151,759,785 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—4.2% | ||||||||||||||||
2,000,000 | American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A | 5.000 | 02/15/2041 | 2,212,860 | ||||||||||||
2,000,000 | American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A | 5.000 | 02/15/2046 | 2,204,240 | ||||||||||||
10,000,000 | City of San Antonio Texas Electric and Gas Rev. Ser. 17 | 5.000 | 02/01/2047 | 11,353,400 | ||||||||||||
3,500,000 | Grand River Oklahoma Dam Auth. Rev. Ser. 14A | 5.000 | 06/01/2039 | 3,892,525 | ||||||||||||
1,150,000 | Guam Power Auth. Rev. Ser. 10A AGM(b) | 5.000 | 10/01/2020 | 1,232,294 | ||||||||||||
9,835,000 | Guam Power Auth. Rev. Ser. 12A AGM | 5.000 | 10/01/2030 | 10,661,730 | ||||||||||||
950,000 | JEA Florida Electric Systems Rev. Sub.-Ser. 13C | 5.000 | 10/01/2037 | 1,032,897 | ||||||||||||
1,300,000 | Long Island New York Power Auth. Electric Systems General Rev. Ser. 17 | 5.000 | 09/01/2042 | 1,466,166 | ||||||||||||
1,000,000 | Long Island New York Power Auth. Electric Systems General Rev. Ser. 17 | 5.000 | 09/01/2047 | 1,123,560 | ||||||||||||
2,500,000 | Long Island Power Auth. New York Auth. Ref. Ser. 14A | 5.000 | 09/01/2039 | 2,745,400 | ||||||||||||
4,200,000 | Long Island Power Auth. New York Electric Systems General Rev. Ser. 11A AGM(b) | 5.000 | 05/01/2021 | 4,564,770 | ||||||||||||
2,500,000 | Los Angeles California Department of Water & Power Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,832,150 | ||||||||||||
1,900,000 | Lower Colorado River Texas Auth. Rev. Ref. Ser. 12A | 5.000 | 05/15/2039 | 2,040,429 | ||||||||||||
1,000,000 | Lower Colorado River Texas Auth. Rev. Ref. Ser. 13 | 5.000 | 05/15/2039 | 1,088,920 | ||||||||||||
500,000 | Lower Colorado River Texas Auth. Transmission Contract Ref. Ser. 15 | 5.000 | 05/15/2040 | 546,410 | ||||||||||||
2,050,000 | Municipal Energy Agency of Nebraska Ref. Ser. 09A BHAC(b) | 5.375 | 04/01/2019 | 2,116,666 | ||||||||||||
1,000,000 | Omaha Nebraska Public Power District Power District Electric Rev. Ref. Ser. 17A | 5.000 | 02/01/2042 | 1,151,050 | ||||||||||||
1,000,000 | Snohomish County Washington Public Utility District No.1 Electric System Rev. Ser. 15 | 5.000 | 12/01/2040 | 1,116,010 | ||||||||||||
3,000,000 | Springfield Illinois Electric (Senior Lien) Rev. Ref. Ser. 15 AGM | 5.000 | 03/01/2040 | 3,250,290 | ||||||||||||
10,000,000 | Utility Debt Securitization Auth. New York Restructuring Bonds Ref. Ser. 15 | 5.000 | 12/15/2033 | 11,492,400 | ||||||||||||
|
| |||||||||||||||
68,124,167 | ||||||||||||||||
|
| |||||||||||||||
Fuel Sales Tax Revenue—0.6% | ||||||||||||||||
3,250,000 | Connecticut State Special Tax Obligation (Transportation Infrastructure) Rev. Ser. 14A | 5.000 | 09/01/2034 | 3,505,385 | ||||||||||||
2,000,000 | Kansas State Department of Transportation Highway Rev. Ser. 15 | 5.000 | 09/01/2035 | 2,275,480 | ||||||||||||
3,000,000 | Massachusetts State Transportation Fund (Rail Enhancement Program) Rev. Ser. 15A | 5.000 | 06/01/2045 | 3,376,050 | ||||||||||||
|
| |||||||||||||||
9,156,915 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 71 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
General Fund—0.6% | ||||||||||||||||
$ | 1,000,000 | California State Ref. Ser. 17 | 4.000 | % | 08/01/2038 | $ | 1,046,460 | |||||||||
3,000,000 | California State Ser. 16 | 5.000 | 09/01/2046 | 3,410,820 | ||||||||||||
5,000,000 | Washington State Ser. 17D | 5.000 | 02/01/2038 | 5,710,400 | ||||||||||||
|
| |||||||||||||||
10,167,680 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—9.1% | ||||||||||||||||
1,000,000 | Berks County Pennsylvania Industrial Development Auth. Health System (Tower Health Project) Rev. Ref. Ser. 17 | 3.750 | 11/01/2042 | 958,170 | ||||||||||||
650,000 | Birmingham Alabama Special Care Facilities Financing Auth. Health Care Facilities (Children’s Hospital) Rev. Ser. 09 AGC(b) | 6.000 | 06/01/2019 | 678,788 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B | 5.000 | 08/15/2035 | 1,141,780 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Children’s Hospital Los Angeles) Rev. Ser. 10A AGM(b) | 5.250 | 07/01/2020 | 535,440 | ||||||||||||
3,000,000 | California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17 | 4.000 | 02/01/2042 | 3,039,690 | ||||||||||||
2,250,000 | California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17 | 5.000 | 02/01/2042 | 2,513,092 | ||||||||||||
3,500,000 | California State Health Facilities Financing Auth. (Kaiser Permanente) Rev. Sub.-Ser. 17A-2 | 5.000 | 11/01/2047 | 4,483,815 | ||||||||||||
5,615,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D | 5.000 | 08/15/2035 | 6,146,123 | ||||||||||||
8,000,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B | 5.000 | 11/15/2046 | 8,935,120 | ||||||||||||
4,000,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 4.000 | 02/01/2042 | 4,011,520 | ||||||||||||
1,715,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 5.000 | 02/01/2042 | 1,869,504 | ||||||||||||
2,500,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 5.000 | 02/01/2047 | 2,711,650 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Northbay Healthcare Group) Rev. Ser. 17A | 5.250 | 11/01/2041 | 1,084,800 | ||||||||||||
715,000 | California Statewide Communities Development Auth. (Adventist Remarketed 05/23/08) Rev. Ser. 07B AGC(b) | 5.000 | 05/23/2018 | 716,366 | ||||||||||||
1,000,000 | Cape Girardeau County Missouri Industrial Development Auth. (Southeasthealth Obligated Group) Ref. Ser. 17A | 5.000 | 03/01/2036 | 1,069,890 | ||||||||||||
2,500,000 | Cobb County Georgia Kennestone Hospital Auth. Certificates Rev. Sub.-Ser. 05B AMBAC(b) | 5.500 | 04/01/2020 | 2,662,975 | ||||||||||||
1,750,000 | Colorado State Health Facilities Auth. Hospital (Evangelical Lutheran Good Sam Aritan Society Project) Rev. Ref. Ser. 17 | 5.000 | 06/01/2047 | 1,884,855 | ||||||||||||
1,570,000 | District of Columbia Hospital (Children’s Hospital Obligation Group) Rev. Ser. 08 AGC(b) | 5.250 | 07/15/2018 | 1,581,304 | ||||||||||||
2,000,000 | Gainesville & Hall County Georgia Hospital Auth. (Northeast Georgia Health System, Inc. Project) Ref. Ser. 17B | 5.500 | 02/15/2042 | 2,351,460 | ||||||||||||
3,000,000 | Glynn-Brunswick Georgia Memorial Hospital Auth. Anticipation Certificates (Southeast Georgia Health Systems Project) Ser. 17 | 5.000 | 08/01/2047 | 3,256,380 | ||||||||||||
3,000,000 | Gwinnett County Georgia Hospital Auth. RAC (Gwinnett Hospital System) Ser. 07D AGM | 5.500 | 07/01/2041 | 3,106,020 | ||||||||||||
4,400,000 | Hamilton County Ohio Health Care Facilities (Christ Hospital Project) Rev. Ser. 12 AGM | 5.000 | 06/01/2042 | 4,751,296 | ||||||||||||
3,800,000 | Harris County Health Facilities Development Corp. Thermal Utility (TECO Project) Rev. Ser. 08 AGC(b) | 5.125 | 11/15/2018 | 3,869,122 | ||||||||||||
2,000,000 | Hawaii State Department of Budget and Finance Special Purpose (Queens Health Systems) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,224,700 | ||||||||||||
1,000,000 | Illinois Finance Auth. (Carle Foundation) Rev. Ser. 11A AGM | 6.000 | 08/15/2041 | 1,105,710 | ||||||||||||
1,000,000 | Illinois Finance Auth. (Southern Illinois Healthcare) Rev. Ser. 05 AGM(b) | 5.250 | 03/01/2020 | 1,059,220 | ||||||||||||
1,700,000 | Indiana Health & Educational Facilities Finance Auth. (St. Francis) Rev. Ref. Ser. 06E AGM(b) | 5.250 | 05/01/2018 | 1,700,000 | ||||||||||||
3,000,000 | Indiana State Health & Educational Facilities Financing Auth. (Acension Senior Credit Group Ser. 2006B-7 Remarketed 11/3/16) Rev. Ref. Ser. 06 | 5.000 | 11/15/2046 | 3,398,130 | ||||||||||||
1,050,000 | Lakeland Florida Hospital Systems (Lakeland Regional Health) Rev. Ser. 15 | 5.000 | 11/15/2040 | 1,147,062 | ||||||||||||
1,500,000 | Lancaster County Pennsylvania Hospital Auth. (University of Pennsylvania Health System) Ref. Ser. 16 | 5.000 | 08/15/2046 | 1,667,385 | ||||||||||||
4,285,000 | Louisiana State Local Government Environmental Facilities & Community (Woman’s Hospital Foundation Project) Ref. Ser. 17A | 5.000 | 10/01/2041 | 4,727,855 | ||||||||||||
1,000,000 | Lynchburg Virginia Economic Development Auth. Hospital (Center Health Obligated Group) Rev. Ref. Ser. 17A | 5.000 | 01/01/2047 | 1,093,240 | ||||||||||||
4,750,000 | Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N | 5.000 | 12/01/2046 | 5,300,145 | ||||||||||||
6,595,000 | Medford Oregon Hospital Facilities Auth. (Asanthe Health System) Rev. Ref. Ser. 10 AGM | 5.500 | 08/15/2028 | 7,039,305 | ||||||||||||
2,000,000 | Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM | 5.000 | 08/01/2041 | 2,094,200 | ||||||||||||
1,200,000 | Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM | 5.000 | 08/01/2045 | 1,255,188 | ||||||||||||
2,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | 07/01/2035 | 2,215,840 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue (continued) | ||||||||||||||||
$ | 3,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | % | 07/01/2040 | $ | 3,301,350 | |||||||||
2,750,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | 07/01/2046 | 3,011,965 | ||||||||||||
1,250,000 | Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A | 4.000 | 07/01/2047 | 1,258,537 | ||||||||||||
2,000,000 | Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A | 5.000 | 07/01/2048 | 2,193,900 | ||||||||||||
1,000,000 | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc.—Village on the Park Carriage Inn Project) Rev. Ser. 16A-1 | 5.000 | 07/01/2046 | 1,087,890 | ||||||||||||
1,000,000 | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living (Cardinal Bay Inc.—Village on the Park Carriage Inn Project) Rev. Ser. 16A-1 | 5.000 | 07/01/2051 | 1,084,230 | ||||||||||||
500,000 | New Jersey Health Care Facilities Financing Auth. (Barnabas Health) Rev. Ref. Ser. 11A(b) | 5.625 | 07/01/2021 | 551,885 | ||||||||||||
1,000,000 | New Jersey Health Care Facilities Financing Auth. (Princeton Healthcare System) Rev. Ref. Ser. 16A | 5.000 | 07/01/2039 | 1,092,310 | ||||||||||||
3,000,000 | New Jersey Health Care Facilities Financing Auth. (University Hospital) Rev. Ser. 15A AGM | 5.000 | 07/01/2046 | 3,280,830 | ||||||||||||
10,000,000 | New Jersey Health Care Facilities Financing Auth. (Virtua Health) Rev. Ser. 09 AGC | 5.500 | 07/01/2038 | 10,396,800 | ||||||||||||
2,500,000 | New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15 | 5.000 | 07/01/2034 | 2,791,300 | ||||||||||||
1,000,000 | Ohio State Higher Educational Facilities Community (Summa Health System 2010 Project) Rev. Ser. 10 AGM | 5.250 | 11/15/2035 | 1,053,640 | ||||||||||||
2,500,000 | Palm Beach County Florida Health Facilities Auth. Health Facilities (Bethesda Healthcare System, Inc. Project) Rev. Ser. 10A AGM(b) | 5.250 | 07/01/2020 | 2,676,100 | ||||||||||||
985,000 | Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ref. Ser. 05B AGM | 5.000 | 07/01/2038 | 1,028,675 | ||||||||||||
15,000 | Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ser. 05B AGM(b) | 5.000 | 07/01/2020 | 15,961 | ||||||||||||
4,350,000 | South Carolina Jobs-Economic Development Auth. Hospital (Palmetto Health) Rev. Ref. Ser. 11A AGM(b) | 6.500 | 08/01/2021 | 4,922,677 | ||||||||||||
1,000,000 | South Fork Municipal Auth. Pennsylvania Hospital (Conemaugh Valley Memorial Hospital) Rev. Ser. 10B AGC(b) | 5.375 | 07/01/2020 | 1,068,680 | ||||||||||||
1,750,000 | Tampa Florida Health System (BayCare Obligated Group) Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,932,473 | ||||||||||||
750,000 | Tarrant County Texas Cultural Education Facilities Finance Corp. Hospital (Baylor Scott & White Health Project) Rev. Ref. Ser. 16A | 5.000 | 11/15/2045 | 828,203 | ||||||||||||
2,050,000 | Washington State Health Care Facilities Auth. (Multicare Health System Remarketed) Rev. Ser. 07B AGM(b) | 5.500 | 08/15/2018 | 2,072,243 | ||||||||||||
1,000,000 | Washington State Health Care Facilities Auth. (Virginia Mason Medical Center) Ref. Ser. 17 | 4.000 | 08/15/2042 | 990,740 | ||||||||||||
1,500,000 | Wisconsin State Health & Educational Facilities Auth. (Prohealth Care Obligated Group) Rev. Ref. Ser. 15 | 5.000 | 08/15/2039 | 1,627,665 | ||||||||||||
|
| |||||||||||||||
147,655,194 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—7.7% | ||||||||||||||||
2,500,000 | Bay Area California Auth. Toll Bridge (San Francisco Bay Area Subordinate Toll Bridge) Rev. Ser. 17S-7 | 4.000 | 04/01/2042 | 2,591,075 | ||||||||||||
2,500,000 | Bay Area California Auth. Toll Bridge Rev. Ser. 14S-6 | 5.000 | 10/01/2054 | 2,749,875 | ||||||||||||
5,000,000 | Bay Area California Auth. Toll Bridge Rev. Ser. 17F-1 | 4.000 | 04/01/2056 | 5,128,200 | ||||||||||||
1,250,000 | Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16 | 5.000 | 01/01/2040 | 1,368,862 | ||||||||||||
700,000 | Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16 | 5.000 | 01/01/2046 | 761,180 | ||||||||||||
1,000,000 | Delaware River Joint Pennsylvania Toll Bridge Commission Ser. 17 | 5.000 | 07/01/2042 | 1,127,550 | ||||||||||||
7,500,000 | Delaware River Port Auth. Pennsylvania & New Jersey Rev. Ser. 10D AGM | 5.000 | 01/01/2040 | 7,844,775 | ||||||||||||
3,000,000 | Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref. Sub.-Ser. 14 B-1 | 3.950 | 01/15/2053 | 2,949,690 | ||||||||||||
2,000,000 | Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM | 5.000 | 11/01/2042 | 2,207,420 | ||||||||||||
2,000,000 | Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM | 5.000 | 11/01/2047 | 2,206,040 | ||||||||||||
4,000,000 | Illinois State Toll Highway Auth. Senior Ser. 16B | 5.000 | 01/01/2041 | 4,461,800 | ||||||||||||
1,000,000 | New Jersey State Turnpike Auth. Ref. Ser. 17B | 5.000 | 01/01/2040 | 1,135,210 | ||||||||||||
6,000,000 | New Jersey State Turnpike Auth. Ser. 17A | 5.000 | 01/01/2034 | 6,835,680 | ||||||||||||
4,000,000 | New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A | 5.250 | 01/01/2056 | 4,492,520 | ||||||||||||
3,000,000 | New York State Thruway Auth. Ref. Ser. 14 | 5.000 | 01/01/2032 | 3,375,270 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Highway Tolls Revenue (continued) | ||||||||||||||||
$ | 1,500,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B | 5.000 | % | 11/15/2038 | $ | 1,716,735 | |||||||||
525,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 15A | 5.000 | 11/15/2040 | 589,738 | ||||||||||||
4,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2041 | 4,515,680 | ||||||||||||
3,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2046 | 3,361,890 | ||||||||||||
4,000,000 | North Carolina Turnpike Auth. Triangle Expressway System Rev. Ser. 09A AGC(b) | 5.750 | 01/01/2019 | 4,104,520 | ||||||||||||
2,500,000 | North Texas Tollway Auth. Rev. Ref. Ser. 15B | 5.000 | 01/01/2040 | 2,703,550 | ||||||||||||
1,800,000 | North Texas Tollway Auth. Rev. Ref. Ser. 16A | 5.000 | 01/01/2039 | 2,008,224 | ||||||||||||
10,000,000 | North Texas Tollway Auth. System (1st Tier) Rev. Ref. Ser. 17A | 5.000 | 01/01/2043 | 11,272,900 | ||||||||||||
1,660,000 | Oklahoma State Turnpike Auth. (Second) Ser. 17C | 5.000 | 01/01/2047 | 1,879,087 | ||||||||||||
5,000,000 | Oklahoma State Turnpike Auth. Ser. 17A | 5.000 | 01/01/2042 | 5,618,050 | ||||||||||||
15,000,000 | Pennsylvania State Turnpike Commission Rev. Ser. 14B | 5.250 | 12/01/2039 | 16,689,000 | ||||||||||||
8,800,000 | Pennsylvania State Turnpike Commission Rev. Sub.-Ser. 12B AGM | 5.000 | 12/01/2042 | 9,516,496 | ||||||||||||
5,000,000 | Tampa-Hillsborough County Florida Expressway Auth. Rev. Ser. 17 | 5.000 | 07/01/2047 | 5,616,750 | ||||||||||||
2,000,000 | Tampa-Hillsborough County Florida Expressway Auth. Ser. 17C | 5.000 | 07/01/2048 | 2,258,280 | ||||||||||||
2,500,000 | Texas State Transportation Commission Turnpike System Rev. Ref. Ser. 15C | 5.000 | 08/15/2042 | 2,701,050 | ||||||||||||
|
| |||||||||||||||
123,787,097 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.9% | ||||||||||||||||
1,000,000 | Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17 | 5.000 | 09/01/2039 | 1,106,730 | ||||||||||||
500,000 | Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17 | 5.000 | 09/01/2042 | 550,455 | ||||||||||||
3,950,000 | Harris County Houston Texas Sports Auth. (Senior Lien) Rev. Ref. Ser. 14A | 5.000 | 11/15/2053 | 4,264,697 | ||||||||||||
2,215,000 | Miami-Dade County Florida Special Obligation Ref. Sub.-Ser. 12B | 5.000 | 10/01/2037 | 2,401,569 | ||||||||||||
2,000,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2040 | 2,230,840 | ||||||||||||
3,000,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2045 | 3,331,440 | ||||||||||||
|
| |||||||||||||||
13,885,731 | ||||||||||||||||
|
| |||||||||||||||
Income Tax Revenue—2.3% | ||||||||||||||||
1,200,000 | District of Columbia Income Tax Secured Rev. Ser. 11G | 5.000 | 12/01/2036 | 1,305,984 | ||||||||||||
4,150,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2011) Rev. Ser.11D | 5.000 | 02/01/2035 | 4,429,336 | ||||||||||||
2,000,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14A-1 | 5.000 | 08/01/2035 | 2,237,120 | ||||||||||||
4,330,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev. Sub.-Ser.14B-1 | 5.000 | 08/01/2042 | 4,798,982 | ||||||||||||
1,850,000 | New York City Transitional Finance Auth. Future Tax Secured Rev. Sub.-Ser.16B-1 | 4.000 | 08/01/2041 | 1,902,318 | ||||||||||||
1,325,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F | 5.000 | 02/15/2035 | 1,391,502 | ||||||||||||
4,000,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C | 5.000 | 03/15/2041 | 4,286,600 | ||||||||||||
4,500,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B | 5.000 | 03/15/2042 | 4,875,975 | ||||||||||||
1,905,000 | New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 14E | 5.000 | 02/15/2044 | 2,112,588 | ||||||||||||
7,530,000 | New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 15A | 5.000 | 03/15/2035 | 8,438,495 | ||||||||||||
1,000,000 | New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 13A-1 | 5.000 | 03/15/2043 | 1,098,510 | ||||||||||||
|
| |||||||||||||||
36,877,410 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—2.2% | ||||||||||||||||
6,000,000 | California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A | 5.000 | 06/01/2042 | 6,926,880 | ||||||||||||
1,500,000 | California State Public Works Board Lease Rev. Ser. 14B | 5.000 | 10/01/2039 | 1,662,735 | ||||||||||||
500,000 | Kern County California COP (Capital Improvements Projects) Ser. 09A AGC(b) | 5.750 | 02/01/2019 | 515,110 | ||||||||||||
2,250,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2039 | 2,509,740 | ||||||||||||
1,000,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2044 | 1,112,920 | ||||||||||||
11,400,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D | 5.000 | 12/01/2045 | 12,690,138 | ||||||||||||
500,000 | Miami-Dade County Florida School Board COP Ser. 09A AGC(b) | 5.375 | 02/01/2019 | 513,460 | ||||||||||||
1,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,033,910 | ||||||||||||
2,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2051 | 2,122,880 | ||||||||||||
250,000 | Pennsylvania State COP Ref. Ser. 18A | 5.000 | 07/01/2043 | 272,525 | ||||||||||||
4,000,000 | Richmond Joint Powers Financing Auth. Lease (Civic Center Project) Rev. Ser. 09 AGC | 5.750 | 08/01/2029 | 4,175,120 | ||||||||||||
2,000,000 | Sandy Spring Georgia Public Facilities Auth. (City Center Project) Rev. Ser. 15 | 5.000 | 05/01/2041 | 2,274,920 | ||||||||||||
|
| |||||||||||||||
35,810,338 | ||||||||||||||||
|
| |||||||||||||||
Local or GTD Housing—0.2% | ||||||||||||||||
2,440,000 | New York State Dormitory Auth. Non State Supported Debt (North Shore Long Island Jewish Obligation Group) Rev. Ref. Ser. 15A | 5.000 | 05/01/2036 | 2,718,258 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Lottery Revenue—0.5% | ||||||||||||||||
$ | 7,500,000 | Arizona State Lottery Rev. Ser. 10A AGM | 5.000 | % | 07/01/2029 | $ | 7,846,050 | |||||||||
|
| |||||||||||||||
Miscellaneous Revenue—3.6% | ||||||||||||||||
3,500,000 | California State Various Purpose (Green Bonds) Ser. 14 | 5.000 | 10/01/2037 | 3,946,915 | ||||||||||||
5,000,000 | California State Various Purpose Ser. 14 | 5.000 | 10/01/2039 | 5,622,850 | ||||||||||||
3,745,000 | Connecticut State Ser. 17A | 5.000 | 04/15/2035 | 4,104,108 | ||||||||||||
2,500,000 | Dallas Texas Civic Center & Improvement Rev. Ref. Ser. 09 AGC | 5.250 | 08/15/2034 | 2,597,050 | ||||||||||||
5,000,000 | Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A | 5.000 | 02/15/2042 | 5,647,550 | ||||||||||||
2,025,000 | Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM(b) | 5.000 | 01/01/2020 | 2,126,270 | ||||||||||||
535,000 | Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM(b) | 5.000 | 01/01/2020 | 561,755 | ||||||||||||
2,190,000 | Kansas City Missouri Special Obligation & Improvement (Downtown Arena Project) Ref. Ser. 16E | 5.000 | 04/01/2040 | 2,398,576 | ||||||||||||
2,000,000 | Maryland State Stadium Auth. Baltimore City Public Schools Rev. Ser. 16 | 5.000 | 05/01/2041 | 2,228,360 | ||||||||||||
400,000 | New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 07A AMBAC | 5.000 | 12/15/2032 | 400,852 | ||||||||||||
500,000 | New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC | 6.500 | 01/01/2046 | 514,850 | ||||||||||||
3,000,000 | New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-1 | 5.000 | 07/15/2040 | 3,319,500 | ||||||||||||
4,200,000 | New York City Transitional Finance Auth. Building Aid Rev. Sub.-Ser. 11S-1A | 5.250 | 07/15/2037 | 4,596,648 | ||||||||||||
2,500,000 | Newark New Jersey Housing Auth. Rev. (City-Secured Police Facilities) Rev. Ref. Ser. 16 AGM | 5.000 | 12/01/2038 | 2,781,700 | ||||||||||||
5,000,000 | Oregon State (Article XI-G OHSU Project) Ser. 17H | 5.000 | 08/01/2042 | 5,749,800 | ||||||||||||
2,500,000 | Oregon State (Article XI-Q State Project) Ser. 17A | 5.000 | 05/01/2042 | 2,866,225 | ||||||||||||
2,000,000 | South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 14C | 5.000 | 12/01/2039 | 2,151,780 | ||||||||||||
3,975,000 | Texas State Water Development Board Ser. 17A | 5.000 | 10/15/2047 | 4,551,097 | ||||||||||||
2,000,000 | Virginia State Commonwealth Transportation Board Rev. Ref. Ser. 17A | 4.000 | 05/15/2036 | 2,097,020 | ||||||||||||
|
| |||||||||||||||
58,262,906 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Taxes—0.2% | �� | |||||||||||||||
2,000,000 | Chicago Illinois Board of Education Dedicated Capital Improvement Ser. 17 | 6.000 | 04/01/2046 | 2,329,160 | ||||||||||||
1,000,000 | Tuscaloosa Alabama City Board of Education School Tax Warrants Ser. 16 | 5.000 | 08/01/2046 | 1,124,890 | ||||||||||||
|
| |||||||||||||||
3,454,050 | ||||||||||||||||
|
| |||||||||||||||
Natural Gas Revenue—0.7% | ||||||||||||||||
3,655,000 | Chula Vista California Industrial Development (San Diego Gas—Remarketed 06/17/09) Rev. Ser. 04A | 5.875 | 02/15/2034 | 3,804,782 | ||||||||||||
3,000,000 | Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17 | 5.000 | 08/01/2042 | 3,320,250 | ||||||||||||
4,000,000 | Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17 | 5.000 | 08/01/2047 | 4,410,480 | ||||||||||||
|
| |||||||||||||||
11,535,512 | ||||||||||||||||
|
| |||||||||||||||
Nuclear Revenue—1.4% | ||||||||||||||||
7,000,000 | South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A | 5.000 | 12/01/2037 | 7,661,080 | ||||||||||||
2,500,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 15E | 5.250 | 12/01/2055 | 2,723,000 | ||||||||||||
6,250,000 | South Carolina State Public Service Auth. Rev. Ref. Ser. 16A | 5.000 | 12/01/2035 | 6,858,625 | ||||||||||||
4,660,000 | South Carolina State Public Service Auth. Rev. Ser. 13E | 5.000 | 12/01/2048 | 4,933,868 | ||||||||||||
|
| |||||||||||||||
22,176,573 | ||||||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—8.4% | ||||||||||||||||
3,000,000 | Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM | 5.250 | 07/01/2030 | 3,183,720 | ||||||||||||
1,500,000 | Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM | 5.500 | 07/01/2040 | 1,603,335 | ||||||||||||
1,925,000 | Charlotte North Airport Rev. Ser. 17A | 5.000 | 07/01/2042 | 2,204,837 | ||||||||||||
3,500,000 | Chicago Illinois Midway Airport Rev. Ref. Ser. 16B | 5.000 | 01/01/2041 | 3,852,555 | ||||||||||||
2,500,000 | Chicago Illinois Midway Airport Rev. Ref. Ser. 16B | 5.000 | 01/01/2046 | 2,743,000 | ||||||||||||
2,900,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 16C | 5.000 | 01/01/2037 | 3,208,560 | ||||||||||||
7,500,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 17B | 5.000 | 01/01/2039 | 8,352,000 | ||||||||||||
4,000,000 | Chicago Illinois O’Hare International Airport Rev. Ref. Ser. 15B | 5.000 | 01/01/2033 | 4,441,520 | ||||||||||||
1,250,000 | Chicago Illinois O’Hare International Airport Rev. Ser. 15D | 5.000 | 01/01/2046 | 1,375,350 | ||||||||||||
1,000,000 | City of Cleveland Ohio Airport System Rev. Ref. Ser. 12A AGM | 5.000 | 01/01/2031 | 1,078,240 | ||||||||||||
9,335,000 | Clark County Nevada Airport Rev. Ref. Sub.-Ser. 17A-2 | 5.000 | 07/01/2040 | 10,525,679 | ||||||||||||
2,000,000 | Dallas Fort Worth Texas International Airport Rev. Ref. Ser. 12B | 5.000 | 11/01/2035 | 2,130,320 | ||||||||||||
2,000,000 | Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A | 5.000 | 05/15/2040 | 2,124,060 | ||||||||||||
1,500,000 | Manchester New Hampshire General Airport Remarketed Rev. Ref. Ser. 09A AGM | 5.125 | 01/01/2030 | 1,527,810 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 1,500,000 | Metropolitan Nashville Tennessee Airport Auth. Rev. Ser. 15A | 5.000 | % | 07/01/2045 | $ | 1,674,630 | |||||||||
7,000,000 | Miami-Dade County Florida Aviation Rev. Ser. 10B AGM | 5.000 | 10/01/2035 | 7,424,200 | ||||||||||||
600,000 | Philadelphia Pennsylvania Airport Rev. Ser. 10A AGM | 5.000 | 06/15/2035 | 630,888 | ||||||||||||
2,000,000 | Phoenix Arizona Civic Improvement Corp. Airport (Junior Lien) Rev. Ser. 15A | 5.000 | 07/01/2045 | 2,208,540 | ||||||||||||
17,960,000 | Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15 | 5.000 | 10/15/2041 | 20,227,630 | ||||||||||||
2,400,000 | Port Auth. of New York & New Jersey (Consolidated Bonds Two Hundredth) Ref. Ser. 17 | 5.250 | 10/15/2057 | 2,744,184 | ||||||||||||
3,500,000 | Port Auth. of New York & New Jersey (Consolidated) Ref. Ser. 15-189 | 5.000 | 05/01/2045 | 3,906,105 | ||||||||||||
6,000,000 | Port Auth. of New York & New Jersey (Consolidated-One Hundred Eighty-Fourth) Ref. Ser. 14 | 5.000 | 09/01/2039 | 6,705,300 | ||||||||||||
2,400,000 | Sacramento County California Airport System Senior Rev. Ref. Ser. 16A | 5.000 | 07/01/2041 | 2,708,112 | ||||||||||||
2,250,000 | Sacramento County California Airport System Senior Rev. Ref. Sub.-Ser. 16B | 5.000 | 07/01/2041 | 2,528,550 | ||||||||||||
2,000,000 | Salt Lake City Utah Airport Rev. Ser. 17B | 5.000 | 07/01/2042 | 2,260,140 | ||||||||||||
4,000,000 | Salt Lake City Utah Airport Rev. Ser. 17B | 5.000 | 07/01/2047 | 4,506,840 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B | 5.000 | 05/01/2044 | 2,199,620 | ||||||||||||
17,315,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C | 5.000 | 05/01/2046 | 19,511,754 | ||||||||||||
1,300,000 | San Jose California Airport Rev. Ref. Ser. 17B | 5.000 | 03/01/2042 | 1,474,434 | ||||||||||||
5,000,000 | San Jose California Airport Rev. Ref. Ser. 17B | 5.000 | 03/01/2047 | 5,650,400 | ||||||||||||
500,000 | Wayne County Michigan Airport Auth. Rev. Ser. 15D | 5.000 | 12/01/2040 | 550,945 | ||||||||||||
|
| |||||||||||||||
135,263,258 | ||||||||||||||||
|
| |||||||||||||||
Recreational Revenue—0.2% | ||||||||||||||||
3,000,000 | New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC | 7.000 | 03/01/2049 | 3,124,110 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—7.2% | ||||||||||||||||
5,240,000 | Bi-State Development Agency of Missouri-Illinois Metropolitan District Mass Transit Sales Tax (MetroLink Cross County Extension) Ser. 09 AGC | 5.000 | 10/01/2035 | 5,443,050 | ||||||||||||
6,500,000 | Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1 | 5.000 | 11/01/2041 | 7,400,770 | ||||||||||||
3,000,000 | Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser. 16S-1 | 5.000 | 11/01/2046 | 3,829,620 | ||||||||||||
10,000,000 | Chicago Illinois Transit Auth. Sales Tax Receipts Second Lien Rev. Ser. 17 AGM | 5.000 | 12/01/2051 | 10,742,500 | ||||||||||||
5,540,000 | Dallas Texas Area Rapid Transit Sales Tax Rev. Ref. Ser. 16A | 5.000 | 12/01/2046 | 6,178,762 | ||||||||||||
1,000,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A | 5.000 | 08/01/2042 | 1,127,980 | ||||||||||||
750,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A | 5.000 | 08/01/2044 | 844,822 | ||||||||||||
1,815,000 | Illinois Regional Transportation Auth. Ser. 00 NATL | 6.500 | 07/01/2030 | 2,336,595 | ||||||||||||
10,000,000 | Illinois State Sales Tax Securitization Corporation Ref. Ser. 18A | 5.000 | 01/01/2040 | 11,082,000 | ||||||||||||
2,750,000 | Jefferson Louisiana Sales Tax District Special Sales Tax Rev. Ser. 17B AGM | 5.000 | 12/01/2042 | 3,121,580 | ||||||||||||
7,145,000 | Massachusetts State Bay Transportation Auth. Sales Tax (Senior Lien) Rev. Ser. 15A | 5.000 | 07/01/2040 | 8,069,563 | ||||||||||||
8,770,000 | Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ref. Ser. 15C | 5.000 | 08/15/2037 | 9,916,063 | ||||||||||||
3,410,000 | Massachusetts State School Building Auth. Sales Tax Rev. Ser. 16A | 5.000 | 11/15/2045 | 3,839,967 | ||||||||||||
3,000,000 | Pittsburgh & Allegheny County Pennsylvania Sports & Exhibition Auth. Sales (Regional Asset District) Ref. Ser. 10 AGM | 5.000 | 02/01/2031 | 3,166,830 | ||||||||||||
2,500,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10A AGM | 5.000 | 08/01/2040 | 2,543,750 | ||||||||||||
26,500,000 | Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A | 4.000 | 10/15/2032 | 28,625,035 | ||||||||||||
6,620,000 | San Diego County California Regional Transportation Commission Ser. 16A | 5.000 | 04/01/2048 | 7,536,407 | ||||||||||||
|
| |||||||||||||||
115,805,294 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—4.8% | ||||||||||||||||
24,375,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM | 5.000 | 01/01/2037 | 25,758,525 | ||||||||||||
2,500,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM | 5.250 | 01/01/2042 | 2,800,600 | ||||||||||||
7,000,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM | 4.000 | 01/01/2052 | 6,973,960 | ||||||||||||
5,000,000 | Detroit Michigan Water & Sewerage Department Sewerage Disposal System (Senior Lien-Remarketed) Rev. Ref. Ser. 12A AGM | 5.000 | 07/01/2039 | 5,272,150 | ||||||||||||
500,000 | Fresno California Sewer Rev. Ser. 08A AGC | 5.000 | 09/01/2037 | 505,130 | ||||||||||||
5,000,000 | Jefferson County Alabama Sewer (Senior Lien) Rev. Ser. 13A AGM | 5.500 | 10/01/2053 | 5,551,050 | ||||||||||||
14,695,000 | King County Washington Sewer & Improvement Rev. Ref. Ser. 16B | 5.000 | 07/01/2039 | 16,291,024 | ||||||||||||
1,000,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15A | 5.000 | 06/01/2044 | 1,123,310 | ||||||||||||
1,500,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15C | 5.000 | 06/01/2045 | 1,689,045 | ||||||||||||
1,500,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Sub.-Ser. 17A | 5.250 | 06/01/2047 | 1,762,590 | ||||||||||||
1,000,000 | Metropolitan St. Louis Missouri Sewer District Wastewater System Rev. Ser. 16C | 5.000 | 05/01/2046 | 1,131,400 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Sewer Revenue (continued) | ||||||||||||||||
$ | 750,000 | Metropolitan St. Louis Missouri Sewer District Wastewater Systems & Improvement Rev. Ref. Ser. 17A | 5.000 | % | 05/01/2047 | $ | 859,238 | |||||||||
6,500,000 | Northeast Ohio Regional Sewer District Ref. Ser. 14 | 5.000 | 11/15/2049 | 7,258,160 | ||||||||||||
|
| |||||||||||||||
76,976,182 | ||||||||||||||||
|
| |||||||||||||||
Student Loan Revenue—0.1% | ||||||||||||||||
1,730,000 | Maine Educational Loan Auth. Student Loan Rev. Ser. 09A-3 AGC | 5.875 | 12/01/2039 | 1,788,820 | ||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—2.0% | ||||||||||||||||
17,000,000 | Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM | 5.000 | 09/01/2044 | 18,324,300 | ||||||||||||
1,000,000 | Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC(b) | 6.000 | 06/01/2018 | 1,003,460 | ||||||||||||
1,500,000 | Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC(b) | 6.000 | 06/01/2018 | 1,505,190 | ||||||||||||
5,545,000 | Kentucky Economic Development Financial Auth. (Louisville Arena Project) Rev. Sub.-Ser. 08A-1 AGC(b) | 6.000 | 06/01/2018 | 5,564,186 | ||||||||||||
1,000,000 | Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM | 5.000 | 12/01/2045 | 1,091,380 | ||||||||||||
1,000,000 | Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM | 5.000 | 12/01/2047 | 1,081,420 | ||||||||||||
4,000,000 | Miami Beach Florida Redevelopment Agency Tax Increment (City Center) Rev. Ref. Ser. 15A AGM | 5.000 | 02/01/2040 | 4,446,040 | ||||||||||||
|
| |||||||||||||||
33,015,976 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—4.1% | ||||||||||||||||
1,000,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | 10/01/2036 | 1,127,110 | ||||||||||||
940,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | 10/01/2037 | 1,058,750 | ||||||||||||
5,000,000 | Massachusetts State Transportation Fund Rev. Ref. Ser. 17A | 5.000 | 06/01/2043 | 5,759,750 | ||||||||||||
4,990,000 | Metropolitan Transportation Auth. New York Rev Ser. 12E-1 AGM(b) | 5.000 | 11/15/2022 | 5,617,592 | ||||||||||||
1,510,000 | Metropolitan Transportation Auth. New York Rev Ser. 12E-1 AGM | 5.000 | 11/15/2042 | 1,657,331 | ||||||||||||
5,000,000 | Metropolitan Transportation Auth. New York Rev. Ref. Sub.-Ser. 15C-1 | 5.000 | 11/15/2035 | 5,616,150 | ||||||||||||
13,190,000 | Metropolitan Transportation Auth. New York Rev. Ser.13A-1 | 5.000 | 11/15/2040 | 14,330,803 | ||||||||||||
10,000,000 | Metropolitan Transportation Auth. New York Rev. Sub.-Ser. 15A-1 | 5.000 | 11/15/2045 | 10,993,600 | ||||||||||||
15,000,000 | New Jersey State Transportation Trust Fund Auth. (Transit System) Ser. 08A AGC | 5.500 | 12/15/2038 | 15,331,500 | ||||||||||||
1,250,000 | Northern Indiana Commuter Transportation District Rev. Ser. 16 | 5.000 | 07/01/2041 | 1,384,900 | ||||||||||||
3,000,000 | Washington DC Metropolitan Area Transit Auth. Gross Rev. Ser. 17B | 5.000 | 07/01/2042 | 3,423,270 | ||||||||||||
|
| |||||||||||||||
66,300,756 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—12.4% | ||||||||||||||||
3,695,000 | Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM(b) | 5.250 | 11/01/2019 | 3,880,230 | ||||||||||||
3,305,000 | Atlanta Georgia Water & Wastewater Rev. Ser. 09-B AGM | 5.250 | 11/01/2034 | 3,458,649 | ||||||||||||
1,000,000 | Austin Texas Water & Wastewater System Rev. Ref. Ser. 16 | 5.000 | 11/15/2041 | 1,135,910 | ||||||||||||
1,000,000 | Austin Texas Water & Wastewater System Rev. Ref. Ser. 16 | 5.000 | 11/15/2045 | 1,132,710 | ||||||||||||
9,510,000 | Baltimore Maryland Project (Water Projects) Rev. Sub.-Ser. 17A | 5.000 | 07/01/2046 | 10,643,212 | ||||||||||||
1,000,000 | Birmingham Alabama Waterworks Broad Water Rev. Ref. Ser. 15A | 5.000 | 01/01/2042 | 1,109,110 | ||||||||||||
2,160,000 | Bucks County Pennsylvania Water & Sewer Auth. System Rev. Ser. 11 AGM(b) | 5.000 | 12/01/2021 | 2,373,365 | ||||||||||||
1,485,000 | Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM(b) | 5.250 | 11/01/2018 | 1,510,616 | ||||||||||||
440,000 | Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM | 5.250 | 11/01/2033 | 446,050 | ||||||||||||
3,500,000 | Chicago Illinois Wastewater (Second Lien) Rev. Ref. Ser. 17-2 AGM | 5.000 | 11/01/2038 | 3,882,270 | ||||||||||||
325,000 | Chicago Illinois Waterworks (Second Lien) Rev. Ref. Ser. 08 AGM(b) | 5.250 | 11/01/2018 | 330,606 | ||||||||||||
200,000 | City of Cape Coral Florida Water & Sewer Rev. Ref. Ser. 11 AGM(b) | 5.000 | 10/01/2021 | 219,354 | ||||||||||||
6,000,000 | Dallas Texas Waterworks & Sewer System Rev. Ser. 17 | 5.000 | 10/01/2046 | 6,840,300 | ||||||||||||
5,000,000 | Denver Colorado City & County Board of Water Commissioners Water (Green Bond) Rev. Ser. 17A | 5.000 | 09/15/2047 | 5,758,400 | ||||||||||||
2,500,000 | District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ref. Ser. 16A | 5.000 | 10/01/2039 | 2,834,775 | ||||||||||||
5,000,000 | District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ser. 13A | 5.000 | 10/01/2048 | 5,470,000 | ||||||||||||
3,000,000 | El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM | 5.000 | 03/01/2034 | 3,347,520 | ||||||||||||
3,500,000 | El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM | 5.250 | 03/01/2039 | 3,936,170 | ||||||||||||
1,500,000 | Florida Municipal Loan Council Ser. 11D AGM | 5.500 | 10/01/2041 | 1,646,340 | ||||||||||||
190,000 | Houston Texas Utility System Combine (First Lien) Rev. Ref. Ser. 09A AGC | 6.000 | 11/15/2035 | 198,193 | ||||||||||||
1,275,000 | Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC(b) | 5.500 | 01/01/2019 | 1,306,646 | ||||||||||||
5,260,000 | Indianapolis Indiana Local Public Improvement Bond Bank (Waterworks Project) Ser. 09A AGC | 5.500 | 01/01/2038 | 5,378,876 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 77 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue (continued) | ||||||||||||||||
$ | 1,500,000 | Los Angeles California Department of Water & Power Ref. Ser. 16A | 5.000 | % | 07/01/2046 | $ | 1,690,845 | |||||||||
8,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 12B | 5.000 | 07/01/2043 | 8,736,240 | ||||||||||||
10,000,000 | Massachusetts State Water Resources Auth. (Green Bonds) Ref. Ser. 16C | 5.000 | 08/01/2040 | 11,419,800 | ||||||||||||
1,500,000 | Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM(b) | 4.625 | 10/01/2020 | 1,593,045 | ||||||||||||
1,000,000 | Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM(b) | 5.000 | 10/01/2020 | 1,070,830 | ||||||||||||
20,000,000 | Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM(b) | 5.000 | 10/01/2020 | 21,416,600 | ||||||||||||
10,000,000 | Miami-Dade County Florida Water & Sewer Systems Rev. Ser. 17A | 3.375 | 10/01/2047 | 8,989,900 | ||||||||||||
600,000 | New York City Municipal Water Finance Auth. Rev. Ref. Ser. 14EE | 5.000 | 06/15/2036 | 669,810 | ||||||||||||
5,000,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2009) Rev. Ser. 09EE | 5.000 | 06/15/2039 | 5,163,450 | ||||||||||||
3,295,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 11BB | 5.000 | 06/15/2044 | 3,571,154 | ||||||||||||
10,205,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2012) Rev. Ser. 12CC | 5.000 | 06/15/2045 | 11,056,607 | ||||||||||||
9,640,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 12BB | 5.000 | 06/15/2047 | 10,543,943 | ||||||||||||
500,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2013) Rev. Ser. 13EE | 5.000 | 06/15/2047 | 549,605 | ||||||||||||
11,180,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 14CC-1 | 5.000 | 06/15/2047 | 12,375,142 | ||||||||||||
1,000,000 | New York City Municipal Water Finance Auth. Water & Sewer System (Second General Resolution) Rev. Ser. 08DD | 6.000 | 06/15/2040 | 1,005,120 | ||||||||||||
5,750,000 | New York City Municipal Water Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE | 5.000 | 06/15/2037 | 6,602,035 | ||||||||||||
5,000,000 | North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 09 AGC | 5.250 | 12/15/2034 | 5,247,750 | ||||||||||||
2,500,000 | North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 11 AGM | 5.000 | 12/15/2036 | 2,695,150 | ||||||||||||
2,000,000 | North Sumter County Florida Utility Dependent District Utility Rev. Ser. 10 AGM | 5.375 | 10/01/2040 | 2,140,640 | ||||||||||||
875,000 | Philadelphia Pennsylvania Water & Wastewater Rev. Ser. 10C AGM | 5.000 | 08/01/2040 | 920,911 | ||||||||||||
285,000 | Port St. Lucie Florida Utility System Rev. Ref. Ser. 09 AGC | 5.000 | 09/01/2035 | 287,887 | ||||||||||||
4,050,000 | Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC | 5.125 | 07/01/2047 | 4,057,250 | ||||||||||||
2,500,000 | San Antonio Texas Water (Junior Lien) Rev. Ref. Ser. 18A | 5.000 | 05/15/2043 | 2,860,550 | ||||||||||||
1,000,000 | San Jacinto Texas River Auth. Special Project (GRP Project) Rev. Ser. 11 AGM | 5.000 | 10/01/2037 | 1,036,050 | ||||||||||||
1,000,000 | Texas State Water Development Board (State Water Implementation Rev. Fund For Texas) Ser. 16 | 5.000 | 10/15/2046 | 1,135,540 | ||||||||||||
3,910,000 | Texas State Water Development Board Ser. 15A | 5.000 | 10/15/2045 | 4,373,335 | ||||||||||||
1,000,000 | Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A | 5.000 | 09/01/2040 | 1,107,790 | ||||||||||||
1,500,000 | Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A | 5.000 | 09/01/2045 | 1,656,540 | ||||||||||||
|
| |||||||||||||||
200,812,821 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $1,560,943,170)(c)—97.7% | 1,578,553,344 | |||||||||||||||
Other assets less liabilities—2.3% | 37,730,247 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 1,616,283,591 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal Corp.
AMBAC—American Municipal Bond Assurance Corp.
Auth.—Authority
BAM—Build America Mutual
BHAC—Berkshire Hathaway Assurance Corp.
COP—Certificate of Participation
GTD—Grant To Date
NATL—National Public Finance Guarantee Corp.
PILOT—Payment-in-lieu-of-taxes
PSF-GTD—Permanent School Fund Guaranteed
RAC—Revenue Anticipation Certificates
Ref.—Refunding
Rev.—Revenue
Ser.—Series
Sub.—Subordinated
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 represented less than 1% of the Fund’s Net Assets. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of April 30, 2018. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. |
Entities | Percentage of Total Investments | |||
Assured Guaranty Municipal Corp. | 18.6 | % | ||
Assured Guaranty Corp. | 5.6 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 79 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Revenue Type Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Income Tax Revenue | 15.7 | |||
College & University Revenue | 14.3 | |||
Electric Power Revenue | 11.0 | |||
Miscellaneous Revenue | 10.3 | |||
Sales Tax Revenue | 7.0 | |||
Highway Tolls Revenue | 5.7 | |||
Ad Valorem Property Tax | 5.5 | |||
Water Revenue | 5.0 | |||
Health, Hospital, Nursing Home Revenue | 4.7 | |||
Transit Revenue | 4.1 | |||
Lease Revenue | 3.5 | |||
Industrial Revenue | 3.2 | |||
Hotel Occupancy Tax | 3.1 | |||
Recreational Revenue | 3.1 | |||
Port, Airport & Marina Revenue | 1.6 | |||
Other Assets Less Liabilities | 2.2 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—97.8% | ||||||||||||||||
Ad Valorem Property Tax—5.5% | ||||||||||||||||
$ | 1,000,000 | City of New York Ser. 18E-1 | 5.000 | % | 03/01/2038 | $ | 1,148,930 | |||||||||
2,000,000 | New York City New York Ser. 16B-1 | 4.000 | 12/01/2043 | 2,055,580 | ||||||||||||
500,000 | New York City New York Sub.-Ser. 16A-1 | 5.000 | 08/01/2038 | 565,535 | ||||||||||||
|
| |||||||||||||||
3,770,045 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—14.3% | ||||||||||||||||
1,000,000 | Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16 | 5.000 | 07/01/2041 | 1,074,270 | ||||||||||||
1,500,000 | New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC | 5.500 | 07/01/2040 | 1,932,660 | ||||||||||||
1,500,000 | New York State Dormitory Auth. (The New School) Rev. Ser. 10 AGM(a) | 5.500 | 07/01/2020 | 1,612,245 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 17A | 5.000 | 10/01/2047 | 1,291,570 | ||||||||||||
500,000 | New York State Dormitory Auth. Non State Supported Debt (Fordham University) Rev. Ser. 08B AGC(a) | 5.000 | 07/01/2018 | 502,630 | ||||||||||||
2,000,000 | New York State Dormitory Auth. Non State Supported Debt (Icahn School of Medicine at Mount Sinai) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,197,860 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Non State Supported Debt (The New School Project) Rev. Ref. Ser. 16A | 5.000 | 07/01/2046 | 1,104,140 | ||||||||||||
|
| |||||||||||||||
9,715,375 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—11.0% | ||||||||||||||||
1,000,000 | Guam Power Auth. Rev. Ser. 12A AGM | 5.000 | 10/01/2030 | 1,084,060 | ||||||||||||
2,000,000 | Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A | 5.000 | 09/01/2044 | 2,197,520 | ||||||||||||
185,000 | New York State Power Auth. Rev. Ser. 07A NATL | 4.500 | 11/15/2047 | 185,396 | ||||||||||||
1,500,000 | Utility Debt Securitization Auth. New York (Restructuring) Ser. 13TE | 5.000 | 12/15/2041 | 1,676,235 | ||||||||||||
2,000,000 | Utility Debt Securitization Auth. New York (Restructuring) Ser. 17 | 5.000 | 12/15/2038 | 2,328,380 | ||||||||||||
|
| |||||||||||||||
7,471,591 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 80 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue—4.7% | ||||||||||||||||
$ | 500,000 | Dutchess County New York Local Development Corp. (Health Quest Systems Inc. Project) Rev. Ser. 16B | 5.000 | % | 07/01/2046 | $ | 549,110 | |||||||||
1,500,000 | New York State Dormitory Auth. Non State Supported Debt (New York University Hospitals Center) Rev. Ref. Ser. 15 | 5.000 | 07/01/2034 | 1,674,780 | ||||||||||||
935,000 | New York State Dormitory Auth. State Supported Debt (Mental Health Services Facilities Improvement) Rev. Ser. 08A AGM(a) | 5.000 | 08/15/2018 | 943,714 | ||||||||||||
65,000 | New York State Dormitory Auth. State Supported Debt (Mental Health Services Facilities Improvement) Rev. Ser. 08A AGM | 5.000 | 02/15/2038 | 65,566 | ||||||||||||
|
| |||||||||||||||
3,233,170 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—5.7% | ||||||||||||||||
1,000,000 | New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A | 5.000 | 01/01/2046 | 1,104,270 | ||||||||||||
1,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B | 5.000 | 11/15/2038 | 1,144,490 | ||||||||||||
1,470,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,647,326 | ||||||||||||
|
| |||||||||||||||
3,896,086 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—3.1% | ||||||||||||||||
1,885,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2040 | 2,102,567 | ||||||||||||
|
| |||||||||||||||
Income Tax Revenue—15.7% | ||||||||||||||||
1,000,000 | New York City Transitional Finance Auth. (Building Aid) Rev. Ref. Ser. 18S-4A | 5.000 | 07/15/2037 | 1,153,700 | ||||||||||||
1,500,000 | New York City Transitional Finance Auth. (Sub.-Future Tax Secured Fiscal 1999) Rev. Ser. 17A Sub.-Ser. E-1 | 5.000 | 02/01/2043 | 1,695,960 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Rev. Sub.-Ser. 17B-1 | 5.000 | 08/01/2045 | 1,135,340 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ref. Ser. 17A | 5.000 | 02/15/2038 | 1,136,870 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F | 5.000 | 02/15/2035 | 1,050,190 | ||||||||||||
2,170,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C | 5.000 | 03/15/2041 | 2,325,481 | ||||||||||||
785,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B | 5.000 | 03/15/2037 | 856,325 | ||||||||||||
1,200,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B | 5.000 | 03/15/2042 | 1,300,260 | ||||||||||||
|
| |||||||||||||||
10,654,126 | ||||||||||||||||
|
| |||||||||||||||
Industrial Revenue—3.2% | ||||||||||||||||
2,000,000 | New York State Liberty Development Corp. (4 World Trade Center Project) Rev. Ref. Ser. 11 | 5.000 | 11/15/2044 | 2,152,020 | ||||||||||||
|
| |||||||||||||||
Lease Revenue—3.5% | ||||||||||||||||
1,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,033,910 | ||||||||||||
1,240,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2051 | 1,316,186 | ||||||||||||
|
| |||||||||||||||
2,350,096 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—10.3% | ||||||||||||||||
2,000,000 | Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A | 5.000 | 07/15/2042 | 2,184,060 | ||||||||||||
2,500,000 | New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC | 6.500 | 01/01/2046 | 2,574,250 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser. 15S-2 | 5.000 | 07/15/2035 | 1,123,140 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Building Aid Rev. Ser. 16S-1 | 5.000 | 07/15/2043 | 1,115,470 | ||||||||||||
|
| |||||||||||||||
6,996,920 | ||||||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—1.6% | ||||||||||||||||
1,000,000 | Port Auth. of New York & New Jersey Ref. Ser. 15-194 | 5.250 | 10/15/2055 | 1,120,880 | ||||||||||||
|
| |||||||||||||||
Recreational Revenue—3.1% | ||||||||||||||||
2,000,000 | New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC | 7.000 | 03/01/2049 | 2,082,740 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—7.0% | ||||||||||||||||
1,000,000 | New York State Dormitory Auth. Sales Tax Supported Debt Rev. Ser. 14A | 5.000 | 03/15/2034 | 1,121,160 | ||||||||||||
1,435,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Rev. First Sub.-Ser. 10C AGM | 5.125 | 08/01/2042 | 1,475,280 | ||||||||||||
2,000,000 | Sales Tax Asset Receivables Corp. (Fiscal 2015) Ref. Ser. 14A | 4.000 | 10/15/2032 | 2,160,380 | ||||||||||||
|
| |||||||||||||||
4,756,820 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—4.1% | ||||||||||||||||
1,000,000 | Metropolitan Transportation Auth. New York (Green Bonds) Rev. Ser. 16A-1 | 5.250 | 11/15/2056 | 1,121,650 | ||||||||||||
1,500,000 | Metropolitan Transportation Auth. New York Rev. Ser. 11A AGM(a) | 5.000 | 11/15/2021 | 1,652,880 | ||||||||||||
|
| |||||||||||||||
2,774,530 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 81 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue—5.0% | ||||||||||||||||
$ | 1,000,000 | New York City Municipal Finance Auth. Water & Sewer System (Second General Resolution Fiscal 2014) Rev. Ser. 13BB | 5.000 | % | 06/15/2046 | $ | 1,099,710 | |||||||||
1,000,000 | New York City Municipal Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE | 5.250 | 06/15/2037 | 1,173,960 | ||||||||||||
1,000,000 | New York State Environmental Facilities Corp. (State Clean Water & Drinking Water Sub. SRF Bonds) Ref. Ser. 16A | 5.000 | 06/15/2041 | 1,136,200 | ||||||||||||
|
| |||||||||||||||
3,409,870 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $66,492,875)(b)—97.8% | 66,486,836 | |||||||||||||||
Other assets less liabilities—2.2% | 1,503,488 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 67,990,324 | ||||||||||||||
|
|
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal Corp.
AMBAC—American Municipal Bond Assurance Corp.
Auth.—Authority
NATL—National Public Finance Guarantee Corp.
PILOT—Payment-in-lieu-of-taxes
Ref.—Refunding
Rev.—Revenue
Ser.—Series
SRF—State Revolving Fund
Sub.—Subordinated
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of April 30, 2018. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. |
Entities | Percentage of Total Investments | |||
Assured Guaranty Municipal Corp. | 10.3 | % | ||
Assured Guaranty Corp. | 7.8 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 82 |
|
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 43.0 | |||
Capital Markets | 14.7 | |||
Insurance | 11.2 | |||
Equity REITs | 9.4 | |||
Electric Utilities | 6.9 | |||
Diversified Telecommunication Services | 4.4 | |||
Consumer Finance | 2.9 | |||
Multi-Utilities | 2.0 | |||
Wireless Telecommunication Services | 1.4 | |||
Oil, Gas & Consumable Fuels | 1.2 | |||
Industrial Conglomerates | 0.7 | |||
Internet Software & Services | 0.6 | |||
Machinery | 0.6 | |||
Thrifts & Mortgage Finance | 0.5 | |||
Commercial Services & Supplies | 0.3 | |||
Mortgage REITs | 0.3 | |||
Chemicals | 0.1 | |||
Trading Companies & Distributors | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.3 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests—100.3% | ||||||||
Banks—43.0% | ||||||||
170,496 | Associated Banc-Corp., 5.38%, Series D(b) | $ | 4,221,481 | |||||
1,378,785 | Bank of America Corp., 6.00%, Series EE(b) | 35,531,290 | ||||||
1,643,847 | Bank of America Corp., 6.20%, Series CC | 42,509,883 | ||||||
265,894 | Bank of America Corp., 6.20%, Series D | 6,798,910 | ||||||
2,090,624 | Bank of America Corp., 6.38%, Series 3 | 53,666,318 | ||||||
3,137,863 | Bank of America Corp., 6.50%, Series Y | 82,243,389 | ||||||
1,057,223 | Bank of America Corp., 6.63%, Series I | 27,170,631 | ||||||
2,334,193 | Bank of America Corp., 6.63%, Series W | 61,225,882 | ||||||
4,549,701 | Barclays Bank PLC, 8.13%, Series 5 (United Kingdom) | 118,929,184 | ||||||
598,673 | BB&T Corp., 5.63%(b) | 15,439,777 | ||||||
3,542,803 | BB&T Corp., 5.63%, Series E | 88,676,359 | ||||||
469,631 | BB&T Corp., 5.85% | 11,909,842 | ||||||
227,233 | BOK Financial Corp., 5.38%(b) | 5,696,731 | ||||||
899,347 | Citigroup Capital XIII, 8.73% (3 mo. USD LIBOR + 6.37%)(c) | 24,093,506 | ||||||
1,600,719 | Citigroup, Inc., 6.30%, Series S | 42,034,881 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
3,196,953 | Citigroup, Inc., 6.88%, Series K | $ | 87,980,147 | |||||
996,958 | Citigroup, Inc., 6.88%, Series L(b) | 26,150,208 | ||||||
218,177 | Citigroup, Inc., 7.13%, Series J | 6,080,593 | ||||||
244,592 | Commerce Bancshares, Inc., 6.00%, Series B(b) | 6,298,244 | ||||||
2,045,749 | Countrywide Capital V, 7.00% | 52,616,664 | ||||||
229,411 | Cullen/Frost Bankers, Inc., 5.38% | 5,721,510 | ||||||
716,943 | Fifth Third Bancorp, 6.63%, Series I | 20,346,842 | ||||||
138,894 | First Horizon National Corp., 6.20%, Series A | 3,490,406 | ||||||
269,269 | First Republic Bank, 5.13%, Series H(b) | 6,667,101 | ||||||
304,722 | First Republic Bank, 5.50%, Series D(b) | 7,800,883 | ||||||
204,929 | First Republic Bank, 5.50%, Series G | 5,166,260 | ||||||
231,305 | First Republic Bank, 5.70%, Series F | 5,912,156 | ||||||
245,789 | First Republic Bank, 7.00%, Series E | 6,471,624 | ||||||
233,924 | Hancock Holding Co., 5.95%(b) | 5,908,920 | ||||||
5,658,269 | HSBC Holdings PLC, 8.00%, Series 2 (United Kingdom)(b) | 148,755,892 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 83 |
|
Invesco Preferred ETF (PGX) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
5,061,787 | HSBC Holdings PLC, 8.13% (United Kingdom)(b) | $ | 133,985,502 | |||||
161,828 | Huntington Bancshares, Inc., 5.88%, Series C | 4,141,179 | ||||||
789,167 | Huntington Bancshares, Inc., 6.25%, Series D | 20,660,392 | ||||||
85,375 | ING Groep NV, 6.13% (Netherlands) | 2,165,964 | ||||||
529,413 | ING Groep NV, 6.38% (Netherlands) | 13,542,385 | ||||||
1,540,385 | JPMorgan Chase & Co., 5.45%, Series P(b) | 39,048,760 | ||||||
1,958,115 | JPMorgan Chase & Co., 6.10%, Series AA | 51,341,775 | ||||||
2,985,305 | JPMorgan Chase & Co., 6.13%, Series Y | 78,214,991 | ||||||
2,141,401 | JPMorgan Chase & Co., 6.15%, Series BB(b) | 56,168,948 | ||||||
1,062,398 | JPMorgan Chase & Co., 6.30%, Series W(b) | 27,866,700 | ||||||
1,127,690 | JPMorgan Chase & Co., 6.70%, Series T(b) | 29,816,124 | ||||||
773,526 | KeyCorp, 6.13%, Series E | 20,985,760 | ||||||
322,790 | MB Financial, Inc., 6.00%, Series C | 8,063,294 | ||||||
403,757 | People’s United Financial, Inc., 5.63%, Series A | 10,356,367 | ||||||
2,851,442 | PNC Financial Services Group, Inc. (The), 6.13%, Series P | 77,359,622 | ||||||
781,529 | Regions Financial Corp., 6.38%, Series A | 19,936,805 | ||||||
757,736 | Regions Financial Corp., 6.38%, Series B(b) | 20,898,359 | ||||||
1,174,976 | Royal Bank of Scotland Group PLC, 6.60%, Series S (United Kingdom) | 30,114,635 | ||||||
212,852 | Sterling Bancorp, 6.50%, Series A | 5,512,867 | ||||||
292,085 | TCF Financial Corp., 5.70%, Series C | 7,243,708 | ||||||
392,826 | Texas Capital Bancshares, Inc., 6.50%, Series A | 9,989,565 | ||||||
355,674 | U.S. Bancorp, 5.15%(b) | 8,902,520 | ||||||
1,044,122 | U.S. Bancorp, 6.50%, Series F | 28,817,767 | ||||||
160,607 | Valley National Bancorp, 5.50%, Series B | 4,106,721 | ||||||
195,147 | Valley National Bancorp, 6.25%, Series A(b) | 5,126,512 | ||||||
233,738 | Webster Financial Corp., 5.25%, Series F(b) | 5,527,904 | ||||||
786,070 | Wells Fargo & Co., 5.13%, Series O(b) | 19,211,551 | ||||||
802,245 | Wells Fargo & Co., 5.20%(b) | 19,606,868 | ||||||
1,754,243 | Wells Fargo & Co., 5.50%, Series X | 43,382,429 | ||||||
1,073,086 | Wells Fargo & Co., 5.63%, Series Y | 26,548,148 | ||||||
1,307,050 | Wells Fargo & Co., 5.70%, Series W | 32,702,391 | ||||||
2,282,833 | Wells Fargo & Co., 5.85%, Series Q | 58,897,091 | ||||||
1,135,490 | Wells Fargo & Co., 6.00%, Series T(b) | 28,943,640 | ||||||
1,452,604 | Wells Fargo & Co., 6.00%, Series V(b) | 37,433,605 | ||||||
1,055,261 | Wells Fargo & Co., 6.63%(b) | 28,924,704 | ||||||
5,228,004 | Wells Fargo & Co., 8.00%, Series J | 135,875,824 | ||||||
198,821 | Wintrust Financial Corp., 6.50%, Series D | 5,348,285 | ||||||
329,788 | Zions Bancorp, 5.75%, Series H | 8,261,189 | ||||||
|
| |||||||
2,180,546,365 | ||||||||
|
| |||||||
Capital Markets—14.7% | ||||||||
439,544 | Apollo Global Management LLC, 6.38%, Series A | 10,614,988 | ||||||
489,489 | Apollo Global Management LLC, 6.38%, Series B | 11,845,634 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
395,758 | Apollo Investment Corp., 6.88% | $ | 9,953,314 | |||||
497,394 | Ares Management LP, 7.00%, Series A | 12,957,114 | ||||||
911,229 | Bank of New York Mellon Corp. (The), 5.20%(b) | 22,871,848 | ||||||
139,162 | BGC Partners, Inc., 8.13%(b) | 3,579,247 | ||||||
194,490 | Brightsphere Investment Group PLC, 5.13% | 4,321,568 | ||||||
646,777 | Carlyle Group LP (The), 5.88%, Series A | 15,166,921 | ||||||
1,057,395 | Charles Schwab Corp. (The), 5.95%, Series D(b) | 27,502,844 | ||||||
955,930 | Charles Schwab Corp. (The), 6.00%, Series C | 24,844,621 | ||||||
4,575,556 | Deutsche Bank Contingent Capital Trust V, 8.05% (Germany) | 116,585,167 | ||||||
1,976,793 | Goldman Sachs Group, Inc. (The), 5.50%, Series J(b) | 50,803,580 | ||||||
366,625 | Goldman Sachs Group, Inc. (The), 6.20%, Series B(b) | 9,495,587 | ||||||
922,310 | Goldman Sachs Group, Inc. (The), 6.30%, Series N(b) | 24,109,183 | ||||||
1,343,622 | Goldman Sachs Group, Inc. (The), 6.38%, Series K(b) | 37,191,457 | ||||||
280,526 | KKR & Co. LP, 6.50%, Series B | 7,159,023 | ||||||
505,553 | KKR & Co. LP, 6.75%, Series A(b) | 13,119,100 | ||||||
701,397 | Legg Mason, Inc., 5.45% | 16,777,416 | ||||||
505,830 | Legg Mason, Inc., 6.38%(b) | 13,121,230 | ||||||
1,658,362 | Morgan Stanley, 5.85%, Series K | 42,536,985 | ||||||
1,620,617 | Morgan Stanley, 6.38%, Series I | 43,335,299 | ||||||
1,197,788 | Morgan Stanley, 6.63%, Series G(b) | 31,106,554 | ||||||
858,404 | Morgan Stanley, 6.88%, Series F | 23,606,110 | ||||||
1,185,614 | Morgan Stanley, 7.13%, Series E | 33,363,178 | ||||||
633,411 | Northern Trust Corp., 5.85%, Series C(b) | 16,671,378 | ||||||
250,062 | Prospect Capital Corp., 6.25% | 6,364,328 | ||||||
704,710 | State Street Corp., 5.25%, Series C(b) | 17,688,221 | ||||||
608,831 | State Street Corp., 5.35%, Series G | 15,622,603 | ||||||
1,300,402 | State Street Corp., 5.90%, Series D(b) | 34,317,609 | ||||||
1,206,328 | State Street Corp., 6.00%, Series E | 31,424,844 | ||||||
365,060 | Stifel Financial Corp., 5.20% | 8,845,404 | ||||||
228,701 | Stifel Financial Corp., 6.25%, Series A(b) | 5,978,244 | ||||||
|
| |||||||
742,880,599 | ||||||||
|
| |||||||
Chemicals—0.1% | ||||||||
71,208 | E.I. du Pont de Nemours & Co., 4.50%, Series B(b) | $ | 7,234,733 | |||||
|
| |||||||
Commercial Services & Supplies—0.3% | ||||||||
678,270 | Pitney Bowes, Inc., 6.70%(b) | 16,949,967 | ||||||
|
| |||||||
Consumer Finance—2.9% | ||||||||
902,522 | Capital One Financial Corp., 5.20%, Series G | 21,895,184 | ||||||
1,364,230 | Capital One Financial Corp., 6.00%, Series B | 34,378,596 | ||||||
757,115 | Capital One Financial Corp., 6.00%, Series H(b) | 19,578,994 | ||||||
808,360 | Capital One Financial Corp., 6.20%, Series F | 21,187,115 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 84 |
|
Invesco Preferred ETF (PGX) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Consumer Finance (continued) | ||||||||
721,880 | Capital One Financial Corp., 6.25%, Series C | $ | 18,595,629 | |||||
743,289 | Capital One Financial Corp., 6.70%, Series D | 19,533,635 | ||||||
505,193 | Navient Corp., 6.00% | 11,018,259 | ||||||
|
| |||||||
146,187,412 | ||||||||
|
| |||||||
Diversified Telecommunication Services—4.4% | ||||||||
2,100,768 | AT&T, Inc., 5.35%(b) | 51,636,877 | ||||||
1,587,488 | Qwest Corp., 6.13% | 31,670,385 | ||||||
1,584,125 | Qwest Corp., 6.50% | 33,456,720 | ||||||
567,555 | Qwest Corp., 6.63%(b) | 12,043,517 | ||||||
852,449 | Qwest Corp., 6.75% | 18,378,800 | ||||||
683,601 | Qwest Corp., 6.88% | 14,950,354 | ||||||
280,147 | Qwest Corp., 7.00%(b) | 6,667,499 | ||||||
673,064 | Qwest Corp., 7.00%(b) | 15,325,667 | ||||||
565,799 | Qwest Corp., 7.00%(b) | 13,228,381 | ||||||
226,524 | Qwest Corp., 7.50%(b) | 5,690,283 | ||||||
788,320 | Verizon Communications, Inc., 5.90% | 20,125,810 | ||||||
|
| |||||||
223,174,293 | ||||||||
|
| |||||||
Electric Utilities—6.9% | ||||||||
380,011 | Alabama Power Co., 5.00%, Series A(b) | 9,500,275 | ||||||
795,468 | Duke Energy Corp., 5.13%(b) | 19,990,111 | ||||||
430,436 | Entergy Arkansas, Inc., 4.88% | 10,420,856 | ||||||
46,139 | Entergy Arkansas, Inc., 4.90% | 1,110,104 | ||||||
369,501 | Entergy Louisiana LLC, 4.88%(b) | 8,956,704 | ||||||
397,671 | Entergy Louisiana LLC, 5.25%(b) | 9,882,124 | ||||||
422,635 | Entergy Mississippi, Inc., 4.90% | 10,202,409 | ||||||
429,908 | Entergy New Orleans LLC, 5.50%(b) | 10,837,981 | ||||||
643,743 | Entergy Texas, Inc., 5.63% | 16,318,885 | ||||||
442,815 | Georgia Power Co., 5.00%, Series 2017(b) | 10,707,267 | ||||||
308,104 | Interstate Power & Light Co., 5.10%, Series D(b) | 7,748,816 | ||||||
1,170,200 | NextEra Energy Capital Holdings, Inc., 5.00%(b) | 28,248,628 | ||||||
964,190 | NextEra Energy Capital Holdings, Inc., 5.13%, Series I(b) | 23,776,925 | ||||||
739,577 | NextEra Energy Capital Holdings, Inc., 5.25%, Series K | 18,348,905 | ||||||
184,557 | Pacific Gas & Electric Co., 6.00%, Series A(b) | 4,595,469 | ||||||
699,619 | PPL Capital Funding, Inc., 5.90%, Series B | 17,546,445 | ||||||
279,099 | SCE Trust III, 5.75%, Series H(b) | 7,382,169 | ||||||
488,575 | SCE Trust IV, 5.38%, Series J | 12,541,720 | ||||||
488,880 | SCE Trust V, 5.45%, Series K | 12,588,660 | ||||||
942,907 | SCE Trust VI, 5.00% | 21,253,124 | ||||||
1,225,704 | Southern Co. (The), 5.25%(b) | 29,821,378 | ||||||
757,017 | Southern Co. (The), 5.25% | 18,145,697 | ||||||
1,575,903 | Southern Co. (The), 6.25% | 40,815,888 | ||||||
|
| |||||||
350,740,540 | ||||||||
|
| |||||||
Equity REITs—9.4% | ||||||||
220,444 | American Homes 4 Rent, 5.88%, Series F(b) | 4,993,057 | ||||||
167,930 | American Homes 4 Rent, 5.88%, Series G(b) | 3,778,425 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Equity REITs (continued) | ||||||||
202,562 | Apartment Investment & Management Co., 6.88%, Series A | $ | 5,290,919 | |||||
150,392 | Boston Properties, Inc., 5.25%, Series B | 3,681,596 | ||||||
460,522 | CBL & Associates Properties, Inc., 7.38%, Series D(b) | 8,151,239 | ||||||
292,376 | DDR Corp., 6.25%, Series K | 6,359,178 | ||||||
186,146 | DDR Corp., 6.38%, Series A | 4,286,942 | ||||||
332,157 | DDR Corp., 6.50%, Series J | 7,440,317 | ||||||
344,789 | Digital Realty Trust, Inc., 5.25%, Series J(b) | 8,043,927 | ||||||
464,906 | Digital Realty Trust, Inc., 5.88%, Series G(b) | 11,576,159 | ||||||
403,986 | Digital Realty Trust, Inc., 6.35%, Series I | 10,422,839 | ||||||
275,686 | Digital Realty Trust, Inc., 6.63%, Series C(b) | 7,222,973 | ||||||
504,045 | Digital Realty Trust, Inc., 7.38%, Series H | 13,110,210 | ||||||
224,399 | EPR Properties, 5.75%, Series G | 4,936,778 | ||||||
223,702 | Federal Realty Investment Trust, 5.00%, Series C(b) | 4,878,941 | ||||||
489,107 | Government Properties Income Trust, 5.88%(b) | 12,305,932 | ||||||
469,775 | Kimco Realty Corp., 5.13%, Series L(b) | 9,837,088 | ||||||
418,899 | Kimco Realty Corp., 5.25%, Series M | 8,713,099 | ||||||
293,595 | Kimco Realty Corp., 5.50%, Series J(b) | 6,444,410 | ||||||
345,314 | Kimco Realty Corp., 6.00%, Series I(b) | 8,325,521 | ||||||
514,671 | National Retail Properties, Inc., 5.20%, Series F | 11,647,005 | ||||||
507,300 | National Retail Properties, Inc., 5.70%, Series E | 12,094,032 | ||||||
406,223 | PS Business Parks, Inc., 5.20%, Series W(b) | 9,119,706 | ||||||
313,209 | PS Business Parks, Inc., 5.20%, Series Y | 7,000,221 | ||||||
516,782 | PS Business Parks, Inc., 5.25%, Series X(b) | 11,849,811 | ||||||
244,087 | PS Business Parks, Inc., 5.70%, Series V | 5,943,518 | ||||||
963,239 | Public Storage, 4.90%, Series E(b) | 21,971,482 | ||||||
755,106 | Public Storage, 4.95%, Series D(b) | 17,435,398 | ||||||
613,396 | Public Storage, 5.05%, Series G(b) | 14,261,457 | ||||||
488,187 | Public Storage, 5.13%, Series C(b) | 12,067,983 | ||||||
381,041 | Public Storage, 5.15%, Series F(b) | 9,030,672 | ||||||
536,734 | Public Storage, 5.20%, Series W | 12,597,147 | ||||||
961,221 | Public Storage, 5.40%, Series B(b) | 23,838,281 | ||||||
329,769 | Public Storage, 5.88%, Series A(b) | 8,422,300 | ||||||
405,360 | Public Storage, 6.00%, Series Z | 10,401,538 | ||||||
260,328 | Public Storage, 6.38%, Series Y | 6,765,925 | ||||||
225,416 | Sabra Health Care REIT, Inc., 7.13%, Series A | 5,675,975 | ||||||
577,167 | Senior Housing Properties Trust, 5.63% | 13,834,693 | ||||||
392,342 | Senior Housing Properties Trust, 6.25%(b) | 9,828,167 | ||||||
379,504 | SL Green Realty Corp., 6.50%, Series I | 9,555,911 | ||||||
258,093 | Spirit Realty Capital, Inc., 6.00%, Series A | 5,381,239 | ||||||
415,516 | Ventas Realty LP/Ventas Capital Corp., 5.45%(b) | 10,379,590 | ||||||
1,721,771 | VEREIT, Inc., 6.70%, Series F(b) | 43,336,976 | ||||||
446,000 | Vornado Realty Trust, 5.25%, Series M | 9,709,420 | ||||||
281,174 | Vornado Realty Trust, 5.40%, Series L(b) | 6,382,650 | ||||||
599,983 | Vornado Realty Trust, 5.70%, Series K(b) | 14,339,594 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 85 |
|
Invesco Preferred ETF (PGX) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Equity REITs (continued) | ||||||||
164,635 | Washington Prime Group, Inc., 6.88%, Series I | $ | 3,259,773 | |||||
|
| |||||||
475,930,014 | ||||||||
|
| |||||||
Industrial Conglomerates—0.7% | ||||||||
1,381,837 | General Electric Co., 4.70%(b) | 33,855,007 | ||||||
|
| |||||||
Insurance—11.2% | ||||||||
2,060,103 | Aegon NV, 6.38% (Netherlands) | 52,924,046 | ||||||
598,952 | Aegon NV, 8.00% (Netherlands) | 14,955,831 | ||||||
714,611 | Allstate Corp. (The), 5.10% | 18,143,973 | ||||||
487,285 | Allstate Corp. (The), 5.63%, Series A | 12,269,836 | ||||||
834,260 | Allstate Corp. (The), 5.63%, Series G | 20,914,898 | ||||||
385,428 | Allstate Corp. (The), 6.25%, Series F | 10,001,857 | ||||||
1,350,260 | Allstate Corp. (The), 6.63%, Series E | 35,187,776 | ||||||
584,349 | Allstate Corp. (The), 6.75%, Series C | 14,953,491 | ||||||
178,618 | American Financial Group, Inc., 6.00% | 4,485,098 | ||||||
466,307 | American Financial Group, Inc., 6.25%(b) | 11,890,829 | ||||||
740,950 | Arch Capital Group Ltd., 5.25%, Series E(b) | 17,612,382 | ||||||
467,611 | Arch Capital Group Ltd., 5.45%, Series F | 11,283,453 | ||||||
201,622 | Argo Group US, Inc., 6.50% | 5,109,102 | ||||||
424,063 | Aspen Insurance Holdings Ltd., 5.63% (Bermuda) | 10,253,843 | ||||||
346,722 | Aspen Insurance Holdings Ltd., 5.95% (Bermuda)(b) | 8,858,747 | ||||||
528,891 | Assured Guaranty Municipal Holdings, Inc., 6.25% | 13,227,564 | ||||||
291,870 | Axis Capital Holdings Ltd., 5.50%, Series D | 7,098,278 | ||||||
895,350 | Axis Capital Holdings Ltd., 5.50%, Series E(b) | 21,703,284 | ||||||
284,878 | Hanover Insurance Group, Inc. (The), 6.35% | 7,158,984 | ||||||
974,906 | Hartford Financial Services Group, Inc. (The), 7.88% | 28,252,776 | ||||||
240,439 | Kemper Corp., 7.38% | 6,273,054 | ||||||
203,185 | Maiden Holdings Ltd., 7.13%, Series C | 3,523,228 | ||||||
289,789 | Maiden Holdings Ltd., 8.25%, Series A | 5,534,970 | ||||||
596,552 | PartnerRe Ltd., 5.88%, Series I (Bermuda)(b) | 15,128,559 | ||||||
556,379 | PartnerRe Ltd., 7.25%, Series H (Bermuda) | �� | 15,344,933 | |||||
1,167,065 | Prudential Financial, Inc., 5.70% | 29,211,637 | ||||||
848,091 | Prudential Financial, Inc., 5.75% | 21,278,603 | ||||||
835,275 | Prudential PLC, 6.50% (United Kingdom) | 21,750,561 | ||||||
643,188 | Reinsurance Group of America, Inc., 5.75% | 16,536,363 | ||||||
662,018 | Reinsurance Group of America, Inc., 6.20% | 17,622,919 | ||||||
628,257 | RenaissanceRe Holdings Ltd., 5.38%, Series E (Bermuda) | 15,298,058 | ||||||
297,186 | Selective Insurance Group, Inc., 5.88% | 7,444,509 | ||||||
520,350 | Torchmark Corp., 6.13% | 13,591,542 | ||||||
374,694 | Validus Holdings Ltd., 5.80%, Series B | 9,318,640 | ||||||
238,340 | Validus Holdings Ltd., 5.88%, Series A | 5,958,500 | ||||||
562,176 | W.R. Berkley Corp., 5.63%(b) | 13,660,877 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Insurance (continued) | ||||||||
514,247 | W.R. Berkley Corp., 5.75% | $ | 12,604,194 | |||||
127,360 | W.R. Berkley Corp., 5.90% | 3,158,528 | ||||||
281,280 | WR Berkley Corp., 5.70%(b) | 6,719,779 | ||||||
|
| |||||||
566,245,502 | ||||||||
|
| |||||||
Internet Software & Services—0.6% | ||||||||
1,182,026 | eBay, Inc., 6.00%(b) | 30,850,879 | ||||||
|
| |||||||
Machinery—0.6% | ||||||||
1,204,623 | Stanley Black & Decker, Inc., 5.75% | 30,332,407 | ||||||
|
| |||||||
Mortgage REITs—0.3% | ||||||||
525,546 | Wells Fargo Real Estate Investment Corp., 6.38%, Series A | 13,559,087 | ||||||
|
| |||||||
Multi-Utilities—2.0% | ||||||||
312,974 | CMS Energy Corp., 5.63% | 7,717,939 | ||||||
1,277,922 | Dominion Energy, Inc., 5.25%, Series A(b) | 31,104,622 | ||||||
626,364 | DTE Energy Co., 5.25%, Series E | 15,007,681 | ||||||
472,384 | DTE Energy Co., 5.38%, Series B(b) | 11,530,893 | ||||||
787,851 | DTE Energy Co., 6.00%, Series F | 20,468,369 | ||||||
646,521 | Integrys Holding, Inc., 6.00% | 16,728,731 | ||||||
|
| |||||||
102,558,235 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—1.2% | ||||||||
849,760 | Enbridge, Inc., 6.38%, Series B (Canada)(b) | 21,456,440 | ||||||
536,700 | Energy Transfer Partners LP, 7.38%, Series C(b) | 13,320,894 | ||||||
2,752 | GasLog Partners LP, 8.20%, Series B (Monaco)(b) | 71,524 | ||||||
389,310 | NuStar Energy LP, 7.63%, Series B(b) | 8,261,158 | ||||||
372,464 | NuStar Energy LP, 8.50%, Series A | 8,276,150 | ||||||
277,556 | NuStar Energy LP, 9.00%, Series C | 6,367,135 | ||||||
199,002 | Targa Resources Partners LP, 9.00%, Series A(b) | 5,243,703 | ||||||
|
| |||||||
62,997,004 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—0.5% | ||||||||
831,161 | New York Community Bancorp, Inc., 6.38%, Series A | 22,499,528 | ||||||
|
| |||||||
Trading Companies & Distributors—0.1% | ||||||||
223,029 | GATX Corp., 5.63%(b) | 5,627,022 | ||||||
|
| |||||||
Wireless Telecommunication Services—1.4% | ||||||||
460,221 | Telephone & Data Systems, Inc., 5.88%(b) | 10,842,807 | ||||||
851,190 | Telephone & Data Systems, Inc., 6.63%(b) | 21,092,488 | ||||||
565,865 | United States Cellular Corp., 6.95% | 14,078,721 | ||||||
412,426 | United States Cellular Corp., 7.25% | 10,351,893 | ||||||
482,694 | United States Cellular Corp., 7.25% | 12,115,619 | ||||||
|
| |||||||
68,481,528 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $5,204,692,687)—100.3% |
| 5,080,650,122 |
| |||||
|
| |||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Invesco Preferred ETF (PGX) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.7% | ||||||||
86,938,066 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $86,938,066) | $ | 86,938,066 | |||||
|
| |||||||
Total Investments in Securities (Cost $5,291,630,753)—102.0% | 5,167,588,188 | |||||||
Other assets less liabilities—(2.0)% | (100,192,846 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 5,067,395,342 | ||||||
|
|
Investment Abbreviations:
LIBOR—London Interbank Offered Rate
REIT—Real Estate Investment Trust
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 April 30, 2018. |
(c) | Variable rate coupon. Stated interest rate was in effect at April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Invesco Taxable Municipal Bond ETF (BAB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
State and Territory Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
California | 24.7 | |||
Florida | 3.6 | |||
Illinois | 7.1 | |||
Massachusetts | 3.0 | |||
New Jersey | 3.8 | |||
New York | 15.6 | |||
Ohio | 3.7 | |||
Texas | 8.5 | |||
Washington | 3.3 | |||
Other States, Territories and Security Types Less Than 3% Each | 22.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 4.0 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—95.1% | ||||||||||||||||
Ad Valorem Property Tax—16.9% | ||||||||||||||||
$ | 3,000,000 | Anchorage Alaska Ser. 10A-2 | 5.910 | % | 04/01/2030 | $ | 3,151,650 | |||||||||
1,500,000 | Bexar County Texas Ser. 10 | 5.755 | 06/15/2040 | 1,545,390 | ||||||||||||
14,890,000 | California State Highway Safety Air Quality Remarketed Ser. 09B | 6.509 | 04/01/2039 | 16,578,079 | ||||||||||||
8,505,000 | California State Ser. 09 | 7.350 | 11/01/2039 | 12,258,001 | ||||||||||||
1,010,000 | Carson City Nevada (Water Improvement) Ser. 10A | 6.662 | 11/01/2039 | 1,045,491 | ||||||||||||
2,000,000 | Channelview Texas Independent School District Ser. 10 PSF-GTD | 5.926 | 08/15/2035 | 2,112,120 | ||||||||||||
2,000,000 | Chicago Illinois (Recovery Zone Economic Development) Ser. 10D | 6.257 | 01/01/2040 | 1,959,300 | ||||||||||||
2,000,000 | Chicago Illinois (Taxable Project) Ser. 10B | 7.517 | 01/01/2040 | 2,166,280 | ||||||||||||
6,205,000 | Chicago Illinois Ser. 10C | 6.207 | 01/01/2036 | 5,999,987 | ||||||||||||
1,500,000 | Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A | 6.554 | 07/01/2030 | 1,822,155 | ||||||||||||
1,620,000 | Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A | 6.754 | 07/01/2038 | 2,165,762 | ||||||||||||
4,560,000 | Clark County Nevada Ser. 10 | 7.000 | 07/01/2038 | 4,940,076 | ||||||||||||
4,955,000 | Commonwealth of Pennsylvania First Ser. 10B | 4.650 | 02/15/2026 | 5,211,124 | ||||||||||||
1,600,000 | Cook County Illinois Community Consolidated (School District No. 65) Ser. 09 | 4.400 | 12/01/2020 | 1,601,968 | ||||||||||||
700,000 | Corpus Christi Texas Independent School District (School Building) Ser. 10B PSF-GTD | 6.124 | 08/15/2032 | 752,808 | ||||||||||||
5,170,000 | Dallas Texas Independent School District Ser. 10C PSF-GTD | 6.450 | 02/15/2035 | 5,606,451 | ||||||||||||
200,000 | Delaware State Ser. 09D | 5.200 | 10/01/2026 | 206,676 | ||||||||||||
500,000 | Denver Colorado City & County School District No. 1 Ser. 09C | 5.664 | 12/01/2033 | 599,420 | ||||||||||||
1,000,000 | Douglas County Nevada School District Ser. 10A PSF-GTD | 6.110 | 04/01/2030 | 1,048,720 | ||||||||||||
605,000 | Hallettsville Texas Independent School Ser. 10 PSF-GTD | 6.265 | 08/15/2030 | 642,135 | ||||||||||||
1,000,000 | Hallettsville Texas Independent School Ser. 10 PSF-GTD | 6.465 | 08/15/2035 | 1,047,750 | ||||||||||||
1,000,000 | Hawaii State Ser. 10DX | 5.530 | 02/01/2030 | 1,181,930 | ||||||||||||
2,000,000 | Hayward California Unified School District Ser. 10 AGM | 7.350 | 08/01/2043 | 2,195,040 | ||||||||||||
1,000,000 | Hillsborough County Florida Ser. 09B | 6.350 | 07/01/2039 | 1,029,820 | ||||||||||||
200,000 | Itasca Illinois Ser. 09A | 6.100 | 02/01/2034 | 209,400 | ||||||||||||
320,000 | Itasca Illinois Ser. 09A | 6.200 | 02/01/2039 | 335,786 | ||||||||||||
2,000,000 | Kiski Pennsylvania Area School District Ser. 10 AGM | 6.526 | 09/01/2031 | 2,164,940 | ||||||||||||
1,000,000 | Lancaster Texas Ser. 10 | 6.528 | 02/15/2040 | 1,053,890 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 88 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 1,000,000 | Las Vegas Valley Nevada Water District Ser. 09A | 7.100 | % | 06/01/2039 | $ | 1,046,500 | |||||||||
500,000 | Los Angeles California Unified School District Qualified School Construction Bonds (Election of 2005) Ser. 10J-1 | 5.981 | 05/01/2027 | 589,620 | ||||||||||||
200,000 | Louisville & Jefferson County Kentucky Metro Government (Recovery Zone Economic Development) Ser. 09E | 5.450 | 11/15/2027 | 229,300 | ||||||||||||
4,300,000 | Massachusetts State Ser. 10 | 4.480 | 05/01/2024 | 4,580,489 | ||||||||||||
7,765,000 | Massachusetts State Ser. 10 | 4.910 | 05/01/2029 | 8,644,386 | ||||||||||||
1,595,000 | Massachusetts State Ser. 10E | 4.200 | 12/01/2021 | 1,650,410 | ||||||||||||
1,500,000 | Massachusetts State Ser. 16F | 3.277 | 06/01/2046 | 1,404,240 | ||||||||||||
1,000,000 | Montgomery County Pennsylvania Ser. 10 | 6.030 | 09/01/2039 | 1,060,620 | ||||||||||||
3,000,000 | Napa Valley California University School District Ser. 10B | 6.507 | 08/01/2043 | 4,056,480 | ||||||||||||
1,000,000 | New Orleans Louisiana Ser. 10A | 8.800 | 12/01/2039 | 1,088,400 | ||||||||||||
1,500,000 | New York City New York Ser. 09 | 5.985 | 12/01/2036 | 1,841,385 | ||||||||||||
1,000,000 | New York City New York Ser. 09D-1 | 6.385 | 12/01/2029 | 1,056,390 | ||||||||||||
1,000,000 | New York City New York Ser. 10 | 5.646 | 06/01/2027 | 1,133,500 | ||||||||||||
2,710,000 | New York City New York Ser. 10 | 5.817 | 10/01/2031 | 2,886,285 | ||||||||||||
3,920,000 | New York City New York Ser. 10 | 6.246 | 06/01/2035 | 4,158,728 | ||||||||||||
8,495,000 | New York City New York Ser. 10 | 5.968 | 03/01/2036 | 10,559,625 | ||||||||||||
1,965,000 | New York City New York Taxable Ser. 10F-1 | 6.271 | 12/01/2037 | 2,586,490 | ||||||||||||
960,000 | North Las Vegas Nevada Ser. 10 | 5.372 | 06/01/2019 | 958,877 | ||||||||||||
1,000,000 | NYE County Nevada Ser. 10B AGM | 6.300 | 08/01/2035 | 1,048,730 | ||||||||||||
1,000,000 | NYE County Nevada Ser. 10B AGM | 6.400 | 08/01/2040 | 1,043,710 | ||||||||||||
1,450,000 | Peoria Illinois Community Unit (School District No. 323) Ser. 10 | 6.020 | 04/01/2028 | 1,516,468 | ||||||||||||
1,000,000 | Philadelphia Pennsylvania School District Ser. 10 | 6.615 | 06/01/2030 | 1,166,860 | ||||||||||||
1,000,000 | Quaker Valley Pennsylvania School District Ser. 10 AGM | 5.959 | 10/01/2030 | 1,071,340 | ||||||||||||
2,000,000 | Round Rock Texas Independent School District Ser. 10 PSF-GTD | 5.774 | 08/01/2030 | 2,135,940 | ||||||||||||
1,000,000 | Round Rock Texas Independent School District Ser. 10B | 6.054 | 08/01/2035 | 1,043,370 | ||||||||||||
2,000,000 | San Antonio Texas Independent School District Ser. 10 PSF-GTD | 6.397 | 08/15/2040 | 2,153,320 | ||||||||||||
1,500,000 | San Francisco California City & County Ser. 10 | 6.260 | 06/15/2030 | 1,851,315 | ||||||||||||
3,850,000 | San Francisco California City & County Ser. 10D | 6.260 | 06/15/2030 | 4,751,709 | ||||||||||||
1,000,000 | San Mateo California Union High School District Ser. 10B | 6.733 | 09/01/2034 | 1,082,270 | ||||||||||||
1,000,000 | Snohomish County Washington Public Hospital District No. 3 (Cascade Valley Hospital) Ser. 10B | 6.329 | 12/01/2035 | 1,007,940 | ||||||||||||
200,000 | Southwestern Community College District California Ser. 09B | 7.130 | 08/01/2031 | 210,656 | ||||||||||||
2,175,000 | Utah State Ser. 09D | 4.154 | 07/01/2019 | 2,217,304 | ||||||||||||
725,000 | Utah State Ser. 09D | 4.554 | 07/01/2024 | 761,881 | ||||||||||||
5,000,000 | Utah State Ser. 10B | 3.369 | 07/01/2021 | 5,077,250 | ||||||||||||
675,000 | Wilson County Tennessee Tenth Special School District Ser. 10 | 6.130 | 04/01/2035 | 700,522 | ||||||||||||
|
| |||||||||||||||
159,004,459 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—8.7% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank (California Infrastructure Economic Development) Rev. Ser. 10 | 6.486 | 05/15/2049 | 1,325,290 | ||||||||||||
900,000 | California State University Rev. Ser. 10 | 6.484 | 11/01/2041 | 1,203,201 | ||||||||||||
1,000,000 | Colorado State Board Governors University Enterprise System Rev. Ser. 10 | 5.957 | 03/01/2033 | 1,192,710 | ||||||||||||
2,000,000 | Indiana University Rev. Ser. 10 | 5.536 | 06/01/2030 | 2,073,780 | ||||||||||||
1,500,000 | Indiana University Rev. Ser. 10 | 5.636 | 06/01/2035 | 1,550,415 | ||||||||||||
5,000,000 | Massachusetts State College Building Auth. Ser. 09C | 5.832 | 05/01/2030 | 5,805,000 | ||||||||||||
1,215,000 | Mesa State College Colorado (Auxiliary Facilities Enterprise) Rev. Ser. 09B | 5.800 | 05/15/2040 | 1,443,699 | ||||||||||||
3,000,000 | New Jersey State Educational Facilities Auth. Rev. Ser. 10 | 6.190 | 07/01/2040 | 3,144,030 | ||||||||||||
425,000 | New Mexico State University Regents Improvement Rev. Ser. 10B(a) | 6.124 | 04/01/2020 | 449,361 | ||||||||||||
575,000 | New Mexico State University Regents Improvement Rev. Ser. 10B | 6.124 | 04/01/2030 | 608,643 | ||||||||||||
1,000,000 | North Carolina State University at Raleigh Rev. Ser. 10B | 5.927 | 10/01/2030 | 1,078,370 | ||||||||||||
3,000,000 | Northern Arizona University (Arizona Board of Regents) Rev. Ser. 10A | 6.593 | 08/01/2030 | 3,204,900 | ||||||||||||
500,000 | Northern Arizona University Rev. Ser. 09A | 6.687 | 06/01/2039 | 536,985 | ||||||||||||
1,000,000 | Pennsylvania State Higher Educational Facilities Auth. (Temple University) Rev. Ser. 10 | 6.141 | 04/01/2030 | 1,164,610 | ||||||||||||
905,000 | Rutgers The State University of New Jersey Ser. 10 | 5.545 | 05/01/2029 | 1,012,813 | ||||||||||||
2,000,000 | Texas State A&M University Fund Ref. Ser. 17B | 3.660 | 07/01/2047 | 1,915,620 | ||||||||||||
1,500,000 | University of California Rev. Ref. Ser. 16AS | 3.552 | 05/15/2039 | 1,461,450 | ||||||||||||
10,745,000 | University of California Rev. Ser. 10 | 5.946 | 05/15/2045 | 13,633,041 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 89 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
College & University Revenue (continued) | ||||||||||||||||
$ | 5,770,000 | University of Delaware Ser. 18 | 4.071 | % | 11/01/2050 | $ | 5,813,160 | |||||||||
3,000,000 | University of Hawaii Rev. Ser. 10 | 5.834 | 10/01/2030 | 3,204,600 | ||||||||||||
5,000,000 | University of Hawaii Rev. Ser. 10 | 6.034 | 10/01/2040 | 5,358,350 | ||||||||||||
1,500,000 | University of Massachusetts Building Auth. Project Rev. Ser. 10 | 4.550 | 11/01/2025 | 1,593,015 | ||||||||||||
250,000 | University of Michigan University Rev. Ser. 10A | 5.513 | 04/01/2030 | 286,132 | ||||||||||||
500,000 | University of North Carolina University Ser. 09B | 5.757 | 12/01/2039 | 522,555 | ||||||||||||
10,000,000 | University of Texas Permanent Fund (Permanent University Fund Boards) Ser. 17A | 3.376 | 07/01/2047 | 9,291,400 | ||||||||||||
500,000 | University of Texas Ser. 09B | 6.276 | 08/15/2041 | 522,070 | ||||||||||||
10,000,000 | University of Texas System Ser. 10C | 4.644 | 08/15/2030 | 10,893,900 | ||||||||||||
1,435,000 | Washington State Biomedical Research Facilities No. 3 Ser. 10B | 6.416 | 07/01/2030 | 1,728,630 | ||||||||||||
250,000 | Wayne State University Ser. 09B | 6.536 | 11/15/2039 | 261,915 | ||||||||||||
|
| |||||||||||||||
82,279,645 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—12.7% | ||||||||||||||||
7,665,000 | American Municipal Power Ohio Inc. (Combined Hydroelectric Projects) Rev. Ser.10 | 8.084 | 02/15/2050 | 12,591,066 | ||||||||||||
2,090,000 | American Municipal Power Ohio Inc. (Meldahl Hydroelectric-Remarketed) Rev. Ser. 10E | 6.270 | 02/15/2050 | 2,672,295 | ||||||||||||
8,005,000 | American Municipal Power Ohio Inc. Rev. Ser. 09 | 6.053 | 02/15/2043 | 10,379,203 | ||||||||||||
3,395,000 | American Municipal Power Ohio Inc. Rev. Ser. 10 | 7.499 | 02/15/2050 | 4,962,302 | ||||||||||||
750,000 | Benton County Washington Public Utility District No. 1 Electric Rev. Ser. 10 | 6.546 | 11/01/2030 | 914,835 | ||||||||||||
6,500,000 | Cowlitz County Washington Public Utility District No. 1 Electric Ser. 10 | 6.884 | 09/01/2032 | 8,234,785 | ||||||||||||
2,000,000 | Douglas County Washington Public Utility District No. 1 Wells Hydroelectric Ser. 10B | 5.245 | 09/01/2030 | 2,175,600 | ||||||||||||
2,500,000 | Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L | 5.730 | 01/01/2030 | 2,881,350 | ||||||||||||
2,750,000 | Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L | 5.830 | 01/01/2040 | 3,317,132 | ||||||||||||
500,000 | JEA Florida Electric Systems Rev. Ser. 09F | 6.406 | 10/01/2034 | 607,930 | ||||||||||||
8,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 6.166 | 07/01/2040 | 8,562,480 | ||||||||||||
1,500,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 7.000 | 07/01/2041 | 1,688,265 | ||||||||||||
500,000 | Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A | 6.790 | 01/01/2029 | 514,410 | ||||||||||||
10,000,000 | Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A | 6.890 | 01/01/2042 | 12,680,400 | ||||||||||||
1,000,000 | Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 10 | 7.597 | 01/01/2032 | 1,246,110 | ||||||||||||
9,906,000 | Municipal Electric Auth. of Georgia (Plant Vogtle Units 3&4 Project P) Ser. 10 | 7.055 | 04/01/2057 | 11,720,680 | ||||||||||||
6,678,000 | Municipal Electric Auth. of Georgia Ser. 10 | 6.655 | 04/01/2057 | 8,216,745 | ||||||||||||
1,200,000 | North Carolina State Eastern Municipal Power Agency Rev. Ref. Ser. 15 | 2.003 | 07/01/2018 | 1,199,520 | ||||||||||||
1,000,000 | Northern California Power Agency (Lodi Energy Center) Rev. Ser. 10B | 7.311 | 06/01/2040 | 1,314,360 | ||||||||||||
250,000 | Northern Illinois Municipal Power Agency Power Project Rev. Ser. 10 | 7.620 | 01/01/2030 | 297,622 | ||||||||||||
9,050,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 10C | 6.454 | 01/01/2050 | 12,000,571 | ||||||||||||
2,000,000 | Southern California Public Power Auth. Rev. Ser. 10 | 5.921 | 07/01/2035 | 2,382,780 | ||||||||||||
2,570,000 | Tacoma Washington Electric System Rev. Ser. 10 AGM | 5.791 | 01/01/2032 | 3,017,129 | ||||||||||||
5,795,000 | Virgin Islands Water & Power Auth. (Electric System) Rev. Ser. 10C AGM | 6.850 | 07/01/2035 | 5,914,493 | ||||||||||||
|
| |||||||||||||||
119,492,063 | ||||||||||||||||
|
| |||||||||||||||
Fuel Sales Tax Revenue—3.6% | ||||||||||||||||
595,000 | Idaho Housing & Financing Association Ser. 10A-2 | 6.348 | 07/15/2028 | 695,519 | ||||||||||||
2,250,000 | Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 09 | 4.963 | 05/01/2023 | 2,419,313 | ||||||||||||
6,000,000 | Missouri State Highways & Transportation Commission (Taxable Third Lien State Road) Ser. 09C | 5.063 | 05/01/2024 | 6,498,900 | ||||||||||||
2,000,000 | Texas State Transportation Commission (First Tier) Rev. Ser. 10B | 5.028 | 04/01/2026 | 2,176,600 | ||||||||||||
11,715,000 | Texas State Transportation Commission (First Tier) Rev. Ser. 10B | 5.178 | 04/01/2030 | 13,326,281 | ||||||||||||
2,000,000 | Washington State Ser. 10 | 5.090 | 08/01/2033 | 2,271,500 | ||||||||||||
1,400,000 | Washoe County Nevada Highway Rev. Ser. 10 | 7.063 | 02/01/2030 | 1,493,688 | ||||||||||||
5,000,000 | Washoe County Nevada Highway Rev. Ser. 10 | 7.213 | 02/01/2039 | 5,316,150 | ||||||||||||
|
| |||||||||||||||
34,197,951 | ||||||||||||||||
|
| |||||||||||||||
General Fund—13.0% | ||||||||||||||||
5,400,000 | California State Ref. Ser. 18 | 4.600 | 04/01/2038 | 5,635,710 | ||||||||||||
17,590,000 | California State Ser. 09 | 7.500 | 04/01/2034 | 24,792,753 | ||||||||||||
22,850,000 | California State Ser. 10 | 7.950 | 03/01/2036 | 24,805,046 | ||||||||||||
10,955,000 | California State Ser. 10 | 7.600 | 11/01/2040 | 16,669,128 | ||||||||||||
10,860,000 | California State Various Purpose Ser. 09 | 7.550 | 04/01/2039 | 16,267,411 | ||||||||||||
9,300,000 | Illinois State Ser. 10 | 6.900 | 03/01/2035 | 9,655,167 | ||||||||||||
5,000,000 | Illinois State Ser. 10-1 | 5.363 | 02/01/2019 | 5,074,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 90 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
General Fund (continued) | ||||||||||||||||
$ | 14,795,000 | Illinois State Ser. 10-1 | 5.563 | % | 02/01/2021 | $ | 15,265,481 | |||||||||
2,500,000 | Illinois State Ser. 10-2 | 5.650 | 03/01/2020 | 2,581,775 | ||||||||||||
2,000,000 | Kauai County Hawaii Ser. 10 | 5.763 | 08/01/2033 | 2,376,020 | ||||||||||||
|
| |||||||||||||||
123,123,391 | ||||||||||||||||
|
| |||||||||||||||
Government Fund/Grant Revenue—0.9% | ||||||||||||||||
8,700,000 | Chicago Board of Education Ser. 09E | 6.138 | 12/01/2039 | 8,086,563 | ||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—1.2% | ||||||||||||||||
1,000,000 | Cuyahoga County Ohio Hospital Rev. Ser. 10 | 8.223 | 02/15/2040 | 1,150,910 | ||||||||||||
2,000,000 | King County Washington Public Hospital District No. 1 Hospital Facilities Rev. Ser. 10 | 7.900 | 06/15/2030 | 2,149,000 | ||||||||||||
2,500,000 | Lee Memorial Health System Florida Hospital Rev. Ser. 10A | 7.281 | 04/01/2027 | 2,950,475 | ||||||||||||
1,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16B | 4.053 | 07/01/2026 | 1,023,210 | ||||||||||||
1,000,000 | Oak Valley California Hospital District (Health Facilities) Rev. Ser. 10B | 9.000 | 11/01/2039 | 1,012,790 | ||||||||||||
1,000,000 | Ohio State Hospital Facilities (Cleveland Clinic Health System) Rev. Ref. Ser. 17B | 3.700 | 01/01/2043 | 971,650 | ||||||||||||
1,500,000 | Tangipahoa Parish Louisiana Hospital Service District No. 1 (North Oaks Health System) Ser. 09A AGC | 7.200 | 02/01/2042 | 1,561,020 | ||||||||||||
500,000 | University California Regents Medical Center Pooled Rev. Ser. 09F | 6.458 | 05/15/2029 | 592,400 | ||||||||||||
|
| |||||||||||||||
11,411,455 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—4.1% | ||||||||||||||||
3,025,000 | Bay Area California Auth. Toll Bridge (San Francisco Bay Area) Rev. Ser. 10S3 | 6.907 | 10/01/2050 | 4,455,371 | ||||||||||||
3,605,000 | Bay Area California Auth. Toll Bridge (Sub.-Lien) Rev. Ser. 10S1 | 7.043 | 04/01/2050 | 5,349,892 | ||||||||||||
200,000 | Illinois State Toll Highway Auth. Toll Highway Rev. Ser. 09A | 5.293 | 01/01/2024 | 203,472 | ||||||||||||
1,200,000 | Maryland State Transportation Auth. (Transportation Facilities Projects) Rev. Ser. 10B | 5.604 | 07/01/2030 | 1,381,188 | ||||||||||||
250,000 | New Hampshire State Turnpike System Rev. Ser. 09B | 6.259 | 11/01/2029 | 262,880 | ||||||||||||
250,000 | New Hampshire State Turnpike System Rev. Ser. 09B | 6.009 | 11/01/2039 | 292,750 | ||||||||||||
4,215,000 | New Jersey State Turnpike Auth. Rev. Ser. 09F | 7.414 | 01/01/2040 | 6,215,987 | ||||||||||||
2,280,000 | New York Triborough Bridge & Tunnel Auth. Rev. Ser. 10 | 5.450 | 11/15/2032 | 2,660,144 | ||||||||||||
5,000,000 | North Texas Tollway Auth. (Sub.-Lien) Rev. Ser. 10B-2 | 8.410 | 02/01/2030 | 6,508,650 | ||||||||||||
1,443,000 | Pennsylvania State Turnpike Commission Rev. Ser. 09 | 6.105 | 12/01/2039 | 1,852,206 | ||||||||||||
5,000,000 | Triborough Bridge & Tunnel Auth. Ser. 09B | 5.420 | 11/15/2036 | 5,922,250 | ||||||||||||
2,715,000 | Triborough Bridge & Tunnel Auth. Ser. 09B | �� | 5.500 | 11/15/2039 | 3,283,820 | |||||||||||
|
| |||||||||||||||
38,388,610 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.4% | ||||||||||||||||
2,780,000 | Dallas Texas Convention Center Hotel Development Corp. Ser. 09 | 7.088 | 01/01/2042 | 3,651,391 | ||||||||||||
|
| |||||||||||||||
Income Tax Revenue—2.8% | ||||||||||||||||
4,500,000 | District of Columbia Income Tax Secured Rev. Ser. 10 | 4.909 | 12/01/2023 | 4,866,885 | ||||||||||||
3,785,000 | New York City Transitional Finance Auth. (Building Aid) Rev. Sub.-Ser. 10S-1B | 6.828 | 07/15/2040 | 5,019,516 | ||||||||||||
6,475,000 | New York City Transitional Finance Auth. (Future Tax Secured) Rev. Ser. 10 | 5.932 | 11/01/2036 | 6,920,869 | ||||||||||||
200,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 09F | 5.292 | 03/15/2025 | 219,176 | ||||||||||||
2,760,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10 | 5.500 | 03/15/2030 | 3,125,948 | ||||||||||||
1,800,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10 | 5.389 | 03/15/2040 | 2,128,014 | ||||||||||||
1,400,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10C | 4.904 | 02/15/2023 | 1,496,558 | ||||||||||||
2,000,000 | New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 10C | 5.838 | 03/15/2040 | 2,419,060 | ||||||||||||
|
| |||||||||||||||
26,196,026 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—3.3% | ||||||||||||||||
300,000 | Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C | 6.674 | 06/01/2030 | 318,837 | ||||||||||||
1,000,000 | Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C | 6.774 | 06/01/2040 | 1,066,310 | ||||||||||||
2,000,000 | Brighton Colorado COP Ser. 10B AGM | 6.550 | 12/01/2030 | 2,119,340 | ||||||||||||
800,000 | California State Public Works Board Lease (California State University Projects) Rev. Ser. 10B-2 | 7.804 | 03/01/2035 | 1,102,040 | ||||||||||||
1,000,000 | Columbus Indiana Multi-High School Building Corp. Ser. 10 | 6.446 | 01/15/2030 | 1,056,650 | ||||||||||||
1,000,000 | Franklin County Ohio Convention Facilities Auth. Ser. 10 | 6.390 | 12/01/2030 | 1,211,410 | ||||||||||||
1,070,000 | Franklin County Ohio Convention Facilities Auth. Ser. 10 | 6.540 | 12/01/2036 | 1,386,592 | ||||||||||||
500,000 | Los Angeles California Municipal Improvement Corp. Lease (Recovery Zone Economic Development) Rev. Ser. 09D | 7.757 | 09/01/2039 | 530,465 | ||||||||||||
2,000,000 | Miami-Dade County Florida School Board COP Ser. 10 | 6.935 | 06/15/2032 | 2,125,740 | ||||||||||||
1,000,000 | New Jersey State Educational Facilities Auth. Rev. Ser. 10B | 7.225 | 07/01/2030 | 1,052,560 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 91 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Lease Revenue (continued) | ||||||||||||||||
$ | 2,000,000 | New York City Educational Construction Fund Rev. Ser. 10 | 6.000 | % | 04/01/2035 | $ | 2,281,160 | |||||||||
1,000,000 | Passaic County New Jersey Ser. 10 | 6.540 | 08/01/2031 | 1,069,980 | ||||||||||||
500,000 | Peoria Illinois Public Building Commission (School District Facilities) Rev. Ser. 09C AGC | 6.580 | 12/01/2029 | 523,900 | ||||||||||||
4,000,000 | Port of Morrow Oregon Transmission Facilities (Bonneville Corporation Project No. 4) Rev. Ser. 16 | 2.987 | 09/01/2036 | 3,559,360 | ||||||||||||
3,000,000 | Regional Transportation District Colorado COP Ser. 10 | 7.672 | 06/01/2040 | 3,872,190 | ||||||||||||
500,000 | Salt Lake County Utah Municipal Building Auth. (Lease) Rev. Ser. 09B | 5.820 | 12/01/2029 | 586,965 | ||||||||||||
3,000,000 | San Francisco California City & County COP Ser. 09D | 6.487 | 11/01/2041 | 3,895,830 | ||||||||||||
1,000,000 | St. Charles Missouri COP Ser. 10B | 5.650 | 02/01/2030 | 1,043,310 | ||||||||||||
2,250,000 | Williamsburg County South Carolina Public Facilities Corp. (Installment Purchase) Rev. Ser. 10 | 6.526 | 12/01/2030 | 2,376,742 | ||||||||||||
|
| |||||||||||||||
31,179,381 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—5.2% | ||||||||||||||||
500,000 | Battery Park City Auth. Rev. Ser. 09A | 6.375 | 11/01/2039 | 523,880 | ||||||||||||
500,000 | Camden County New Jersey Improvement Auth. Rev. Ser. 09A | 6.180 | 01/15/2027 | 567,870 | ||||||||||||
2,000,000 | Commonwealth Financing Auth. Pennsylvania Rev. Ser. 10 | 5.587 | 06/01/2030 | 2,265,080 | ||||||||||||
7,775,000 | Florida State Board of Administration Financing Corporation Rev. Ser. 16A | 2.638 | 07/01/2021 | 7,687,220 | ||||||||||||
1,000,000 | Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10 | 5.854 | 01/15/2030 | 1,151,880 | ||||||||||||
3,500,000 | Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10B-2 | 5.966 | 01/15/2030 | 4,079,425 | ||||||||||||
500,000 | Kansas State Development Finance Auth. (Kansas State Projects) Rev. Ser. 10E-2 | 6.120 | 11/01/2029 | 533,235 | ||||||||||||
2,000,000 | Kansas State Development Finance Auth. Rev. Ser. 10 | 5.945 | 03/01/2030 | 2,091,480 | ||||||||||||
7,000,000 | Miami-Dade County Florida Special Obligation Ser. 10B | 6.743 | 04/01/2040 | 7,443,170 | ||||||||||||
1,000,000 | Mississippi State Ser. 10 | 5.245 | 11/01/2034 | 1,164,810 | ||||||||||||
3,000,000 | New Jersey Economic Development Auth. Rev. Ser. 10CC-1 | 6.425 | 12/15/2035 | 3,096,300 | ||||||||||||
1,000,000 | Port St. Lucie Florida Stormwater Utility Rev. Ser. 10A AGC | 7.376 | 05/01/2039 | 1,087,860 | ||||||||||||
2,000,000 | St. Cloud Florida Capital Improvement Rev. Ser. 10B AGM | 5.849 | 09/01/2030 | 2,093,780 | ||||||||||||
9,680,000 | Texas State Ser. 09 | 5.517 | 04/01/2039 | 11,966,610 | ||||||||||||
3,000,000 | Wisconsin State General Fund Annual Appropriation Rev. Ref. Ser. 17A | 3.954 | 05/01/2036 | 3,036,480 | ||||||||||||
|
| |||||||||||||||
48,789,080 | ||||||||||||||||
�� |
|
| ||||||||||||||
Miscellaneous Taxes—0.2% | ||||||||||||||||
2,000,000 | Oregon State (Taxable-Pension) Ser. 03 | 5.892 | 06/01/2027 | 2,338,660 | ||||||||||||
|
| |||||||||||||||
Multiple Utility Revenue—0.1% | ||||||||||||||||
810,000 | Colorado Springs Colorado Utilities (Direct Pay) Rev. Ser. 10B2 | 5.738 | 11/15/2050 | 862,998 | ||||||||||||
|
| |||||||||||||||
Nuclear Revenue—0.2% | ||||||||||||||||
2,500,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 16D | 2.388 | 12/01/2023 | 2,339,925 | ||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—3.8% | ||||||||||||||||
3,190,000 | Chicago Illinois O’Hare International Airport Ser. 10 | 6.845 | 01/01/2038 | 3,390,779 | ||||||||||||
5,750,000 | Chicago Illinois O’Hare International Airport Ser. 10 | 6.395 | 01/01/2040 | 7,661,127 | ||||||||||||
1,250,000 | Hawaii State Airports System Customer Facilities Charge Rev. Ser. 17A | 3.894 | 07/01/2037 | 1,231,500 | ||||||||||||
250,000 | Long Beach California Senior Airport Rev. Ser. 09C | 7.765 | 06/01/2039 | 262,807 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.023 | 07/01/2024 | 1,906,440 | ||||||||||||
2,750,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.123 | 01/01/2025 | 2,614,838 | ||||||||||||
2,500,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.223 | 07/01/2025 | 2,359,200 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.273 | 01/01/2026 | 1,885,420 | ||||||||||||
1,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.323 | 07/01/2026 | 938,460 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.423 | 07/01/2027 | 1,855,800 | ||||||||||||
3,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.473 | 07/01/2028 | 2,759,880 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.573 | 07/01/2029 | 1,837,620 | ||||||||||||
1,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.673 | 07/01/2030 | 918,130 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 500,000 | Port of Seattle Washington Rev. (Intermediate Lien) Ref. Ser. 17B | 3.755 | % | 05/01/2036 | $ | 485,075 | |||||||||
5,000,000 | South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3 | 7.365 | 01/01/2040 | 5,777,950 | ||||||||||||
|
| |||||||||||||||
35,885,026 | ||||||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—2.2% | ||||||||||||||||
1,855,000 | Central Puget Sound Washington Regional Transportation Auth. Sales & Use Ser. 09 | 5.491 | 11/01/2039 | 2,259,817 | ||||||||||||
1,000,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16B | 3.818 | 08/01/2032 | 1,013,500 | ||||||||||||
2,000,000 | Massachusetts State Bay Transportation Auth. Sales Tax Rev. Ser. 10 | 5.869 | 07/01/2040 | 2,455,660 | ||||||||||||
450,000 | Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ser. 09B | 5.715 | 08/15/2039 | 546,341 | ||||||||||||
2,500,000 | Miami-Dade County Florida Transit Sales Surtax Rev. Ser. 10B | 5.534 | 07/01/2032 | 2,761,450 | ||||||||||||
1,000,000 | Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 10 | 5.020 | 05/01/2025 | 1,088,240 | ||||||||||||
1,955,000 | New York City Transitional Finance Auth. Rev. Ser. 10 | 4.867 | 08/01/2024 | 2,121,077 | ||||||||||||
1,000,000 | Salt Lake County Utah Transportation Tax (Salt Lake County) Rev. Ser. 10 | 3.358 | 08/15/2019 | 1,008,210 | ||||||||||||
1,025,000 | Santa Clara Valley California Transportation Auth. Sales Tax Rev. Ser. 10 | 5.876 | 04/01/2032 | 1,207,255 | ||||||||||||
1,815,000 | Utah Transit Auth. Sales Tax Rev. Ser. 09B | 5.937 | 06/15/2039 | 2,303,816 | ||||||||||||
3,000,000 | Washoe County Nevada Sales Tax Rev. Ser. 10 | 7.451 | 02/01/2040 | 3,902,430 | ||||||||||||
|
| |||||||||||||||
20,667,796 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—1.1% | ||||||||||||||||
3,000,000 | East Bay California Municipal Utility District Wastewater System Rev. Ser. 10 | 5.026 | 06/01/2032 | 3,479,610 | ||||||||||||
1,030,000 | Jurupa California Community Services District COP Ser. 10B | 6.347 | 09/01/2025 | 1,177,692 | ||||||||||||
1,070,000 | Jurupa California Community Services District COP Ser. 10B | 6.497 | 09/01/2026 | 1,244,174 | ||||||||||||
1,125,000 | Jurupa California Community Services District COP Ser. 10B | 6.597 | 09/01/2027 | 1,324,744 | ||||||||||||
1,170,000 | Jurupa California Community Services District COP Ser. 10B | 6.697 | 09/01/2028 | 1,405,018 | ||||||||||||
500,000 | Knoxville Tennessee Waste Water System Rev. Ser. 10 | 6.300 | 04/01/2045 | 532,125 | ||||||||||||
200,000 | Memphis Tennessee Sanitary Sewage System Rev. Ser. 09B AGC | 6.300 | 10/01/2029 | 209,792 | ||||||||||||
1,100,000 | Riverside California Sewer Rev. Ser. 09 | 7.000 | 08/01/2029 | 1,158,916 | ||||||||||||
200,000 | Sarasota Florida Water & Sewer System Rev. Ser. 10B | 5.425 | 10/01/2030 | 211,602 | ||||||||||||
|
| |||||||||||||||
10,743,673 | ||||||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—0.4% | ||||||||||||||||
2,000,000 | San Jose California Redevelopment Agency Successor Tax Allocation (Senior) Ref. Ser. 17A-T | 3.076 | 08/01/2025 | 1,952,120 | ||||||||||||
1,000,000 | Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a) | 7.930 | 08/01/2020 | 1,110,810 | ||||||||||||
1,000,000 | �� | Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a) | 8.180 | 08/01/2020 | 1,116,220 | |||||||||||
|
| |||||||||||||||
4,179,150 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—4.5% | ||||||||||||||||
2,500,000 | Metropolitan Transportation Auth. New York Dedicated Tax Fund (Metro Transit Auth.) Ser. 10A-2 | 6.089 | 11/15/2040 | 3,202,800 | ||||||||||||
335,000 | Metropolitan Transportation Auth. New York Rev. Ser. 09 | 5.871 | 11/15/2039 | 407,460 | ||||||||||||
1,800,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10 | 6.648 | 11/15/2039 | 2,372,148 | ||||||||||||
7,250,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10A | 6.668 | 11/15/2039 | 9,657,435 | ||||||||||||
3,745,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10C-1 | 6.687 | 11/15/2040 | 4,991,598 | ||||||||||||
6,525,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10E | 6.814 | 11/15/2040 | 8,789,306 | ||||||||||||
7,455,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10B | 6.561 | 12/15/2040 | 9,340,668 | ||||||||||||
1,990,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10C | 5.754 | 12/15/2028 | 2,183,408 | ||||||||||||
1,125,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10C | 6.104 | 12/15/2028 | 1,168,166 | ||||||||||||
|
| |||||||||||||||
42,112,989 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—9.8% | ||||||||||||||||
1,500,000 | Beaumont Texas Waterworks & Sewer System Ser. 10B | 6.007 | 09/01/2030 | 1,588,650 | ||||||||||||
200,000 | Davie Florida Water & Sewer Rev. Ser. 10B AGM | 6.599 | 10/01/2030 | 216,064 | ||||||||||||
3,000,000 | East Bay California Municipal Utility District Water System Rev. Ser. 10 | 5.874 | 06/01/2040 | 3,856,620 | ||||||||||||
2,000,000 | Fresno California Water System Rev. Ser. 10A-2 | 6.500 | 06/01/2030 | 2,344,840 | ||||||||||||
1,250,000 | JEA Florida Water & Sewer System Rev. Ser. 10A | 6.210 | 10/01/2033 | 1,519,475 | ||||||||||||
2,000,000 | Jurupa California Community Services District COP (Water Bonds) Ser. 10B | 7.192 | 09/01/2040 | 2,719,020 | ||||||||||||
1,715,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 6.603 | 07/01/2050 | 2,488,979 | ||||||||||||
500,000 | Los Angeles California Department of Water & Power Water System Rev. Ser. 09C | 5.381 | 07/01/2024 | 559,860 | ||||||||||||
2,270,000 | Los Angeles California Department of Water & Power Water System Rev. Ser. 09C | 6.008 | 07/01/2039 | 2,838,794 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 93 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue (continued) | ||||||||||||||||
$ | 1,125,000 | Massachusetts State Water Pollution Abatement Trust Ser. 10 | 5.192 | % | 08/01/2040 | $ | 1,270,114 | |||||||||
1,000,000 | Metropolitan Water District of Southern California Ser. 10 | 6.947 | 07/01/2040 | 1,082,420 | ||||||||||||
7,425,000 | New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10EE | 6.491 | 06/15/2042 | 7,939,849 | ||||||||||||
2,925,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 5.790 | 06/15/2041 | 3,085,524 | ||||||||||||
4,460,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 5.724 | 06/15/2042 | 5,696,044 | ||||||||||||
6,100,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 6.124 | 06/15/2042 | 6,470,941 | ||||||||||||
10,230,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 5.440 | 06/15/2043 | 12,503,515 | ||||||||||||
1,000,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10DD | 6.452 | 06/15/2041 | 1,067,930 | ||||||||||||
1,000,000 | New York State Environmental Facilities Corp. (State Clean Water & Drinking Water) Ser. 10 | 5.707 | 06/15/2030 | 1,185,240 | ||||||||||||
500,000 | Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B | 7.570 | 12/15/2029 | 634,855 | ||||||||||||
500,000 | Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B | 7.820 | 12/15/2039 | 716,090 | ||||||||||||
500,000 | Riverside California Water Rev. Ser. 09B | 6.349 | 10/01/2039 | 647,965 | ||||||||||||
2,245,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10 | 6.000 | 11/01/2040 | 2,787,190 | ||||||||||||
3,000,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE | 5.700 | 11/01/2027 | 3,445,860 | ||||||||||||
2,480,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE | 6.000 | 11/01/2040 | 3,075,795 | ||||||||||||
4,600,000 | San Francisco City & County Public Utilities Commission Ser. 10 | 6.950 | 11/01/2050 | 6,579,610 | ||||||||||||
3,000,000 | Santa Clara Valley California Water District Ref. Ser. 16B | 4.354 | 06/01/2046 | 3,138,690 | ||||||||||||
2,000,000 | Seminole County Florida Water & Sewer Rev. Ser. 10B | 6.443 | 10/01/2040 | 2,187,240 | ||||||||||||
2,000,000 | South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10 | 6.243 | 08/01/2030 | 2,378,820 | ||||||||||||
1,645,000 | South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10 | 6.393 | 08/01/2040 | 2,045,344 | ||||||||||||
1,500,000 | Sunrise Florida Utility System Rev. Ser. 10B | 5.813 | 10/01/2030 | 1,600,485 | ||||||||||||
1,000,000 | Tacoma Washington Water System Rev. Ser. 10B | 5.371 | 12/01/2030 | 1,135,750 | ||||||||||||
1,275,000 | Tucson Arizona Water Rev. Ser. 10 | 5.789 | 07/01/2026 | 1,429,607 | ||||||||||||
1,250,000 | Upper Eagle Regional Water Auth. Colorado Rev. Ser. 10 | 6.518 | 12/01/2039 | 1,325,863 | ||||||||||||
500,000 | Western Nassau County Water Auth. Water System Rev. Ser. 10 | 6.701 | 04/01/2040 | 616,115 | ||||||||||||
|
| |||||||||||||||
92,179,158 | ||||||||||||||||
|
| |||||||||||||||
Total Municipal Bonds (Cost $856,936,223) | 897,109,390 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds—0.9% | ||||||||||||||||
Commercial Services—0.2% | ||||||||||||||||
2,000,000 | Trustees of Dartmouth College | 3.474 | 06/01/2046 | 1,887,155 | ||||||||||||
|
| |||||||||||||||
Healthcare-Services—0.7% | ||||||||||||||||
3,000,000 | Baylor Scott & White Holdings | 3.967 | 11/15/2046 | 2,893,551 | ||||||||||||
2,000,000 | Mayo Clinic, Series 2016 | 4.128 | 11/15/2052 | 2,035,797 | ||||||||||||
1,325,000 | Montefiore Medical Center | 2.895 | 04/20/2032 | 1,245,520 | ||||||||||||
|
| |||||||||||||||
6,174,868 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $8,324,900) | 8,062,023 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—1.5% | ||||||||||||||||
14,165,004 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $14,165,004) | 14,165,004 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $879,426,127)(c)—97.5% | 919,336,417 | |||||||||||||||
Other assets less liabilities—2.5% | 23,750,255 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 943,086,672 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 94 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal Corp.
Auth.—Authority
COP—Certificate of Participation
PSF-GTD—Permanent School Fund Guaranteed
Ref.—Refunding
Rev.—Revenue
Ser.—Series
Sub.—Subordinated
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(c) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’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.
| 95 |
|
Invesco Treasury Collateral ETF (CLTL)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Security Type Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
U.S. Treasury Bills | 56.8 | |||
U.S. Treasury Notes | 42.6 | |||
U.S. Treasury Bonds | 0.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments
Principal Amount | Value | |||||||
Short-Term Investments—99.8% | ||||||||
U.S. Treasury Securities—99.7% | ||||||||
U.S. Treasury Bills—56.8%(a) | ||||||||
$ | 6,200,000 | 1.437%, 06/07/2018 | $ | 6,189,589 | ||||
66,000 | 1.618%, 06/07/2018 | 65,889 | ||||||
14,000 | 1.623%, 06/07/2018 | 13,976 | ||||||
8,200,000 | 1.658%, 06/07/2018 | 8,186,231 | ||||||
297,000 | 1.662%, 06/07/2018 | 296,501 | ||||||
6,900,000 | 1.458%, 06/14/2018 | 6,886,148 | ||||||
16,000 | 1.625%, 06/14/2018 | 15,968 | ||||||
7,000,000 | 1.628%, 06/14/2018 | 6,985,947 | ||||||
32,000 | 1.643%, 06/14/2018 | 31,936 | ||||||
144,000 | 1.669%, 06/14/2018 | 143,711 | ||||||
684,000 | 1.164%, 06/21/2018 | 682,370 | ||||||
9,000 | 1.172%, 06/21/2018 | 8,979 | ||||||
3,091,000 | 1.188%, 06/21/2018 | 3,083,632 | ||||||
9,000 | 1.285%, 06/21/2018 | 8,979 | ||||||
9,000 | 1.320%, 06/21/2018 | 8,979 | ||||||
6,500,000 | 1.493%, 06/21/2018 | 6,484,507 | ||||||
24,000 | 1.627%, 06/21/2018 | 23,943 | ||||||
387,000 | 1.659%, 06/21/2018 | 386,078 | ||||||
86,000 | 1.682%, 06/21/2018 | 85,795 | ||||||
8,000,000 | 1.685%, 06/21/2018 | 7,980,932 | ||||||
6,900,000 | 1.500%, 06/28/2018 | 6,881,227 | ||||||
315,000 | 1.629%, 06/28/2018 | 314,143 | ||||||
16,000 | 1.662%, 06/28/2018 | 15,956 | ||||||
70,000 | 1.686%, 06/28/2018 | 69,810 | ||||||
8,000,000 | 1.705%, 06/28/2018 | 7,978,234 | ||||||
7,100,000 | 1.546%, 07/05/2018 | 7,077,649 | ||||||
17,000 | 1.685%, 07/05/2018 | 16,946 | ||||||
153,000 | 1.696%, 07/05/2018 | 152,518 | ||||||
7,000,000 | 1.724%, 07/05/2018 | 6,977,964 | ||||||
34,000 | 1.727%, 07/05/2018 | 33,893 | ||||||
7,100,000 | 1.554%, 07/12/2018 | 7,075,381 | ||||||
17,000 | 1.697%, 07/12/2018 | 16,941 | ||||||
153,000 | 1.698%, 07/12/2018 | 152,469 | ||||||
6,900,000 | 1.735%, 07/12/2018 | 6,876,074 | ||||||
34,000 | 1.740%, 07/12/2018 | 33,882 | ||||||
1,961,000 | 1.186%, 07/19/2018 | 1,953,469 | ||||||
8,500,000 | 1.583%, 07/19/2018 | 8,467,358 | ||||||
24,000 | 1.710%, 07/19/2018 | 23,908 | ||||||
216,000 | 1.715%, 07/19/2018 | 215,170 |
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 7,000,000 | 1.749%, 07/19/2018 | $ | 6,973,118 | ||||
48,000 | 1.752%, 07/19/2018 | 47,816 | ||||||
7,100,000 | 1.591%, 07/26/2018 | 7,069,873 | ||||||
153,000 | 1.722%, 07/26/2018 | 152,351 | ||||||
17,000 | 1.733%, 07/26/2018 | 16,928 | ||||||
34,000 | 1.776%, 07/26/2018 | 33,856 | ||||||
6,900,000 | 1.780%, 07/26/2018 | 6,870,721 | ||||||
7,100,000 | 1.621%, 08/02/2018 | 7,066,569 | ||||||
17,000 | 1.730%, 08/02/2018 | 16,920 | ||||||
153,000 | 1.747%, 08/02/2018 | 152,280 | ||||||
6,900,000 | 1.801%, 08/02/2018 | 6,867,511 | ||||||
34,000 | 1.802%, 08/02/2018 | 33,840 | ||||||
7,100,000 | 1.761%, 08/09/2018 | 7,063,712 | ||||||
144,000 | 1.772%, 08/09/2018 | 143,264 | ||||||
32,000 | 1.820%, 08/09/2018 | 31,836 | ||||||
3,700,000 | 1.190%, 08/16/2018 | 3,679,652 | ||||||
9,000 | 1.344%, 08/16/2018 | 8,950 | ||||||
9,000 | 1.428%, 08/16/2018 | 8,950 | ||||||
9,000 | 1.775%, 08/16/2018 | 8,950 | ||||||
5,000,000 | 1.781%, 08/16/2018 | 4,972,503 | ||||||
180,000 | 1.791%, 08/16/2018 | 179,010 | ||||||
40,000 | 1.829%, 08/16/2018 | 39,780 | ||||||
7,200,000 | 1.786%, 08/23/2018 | 7,157,805 | ||||||
153,000 | 1.805%, 08/23/2018 | 152,103 | ||||||
34,000 | 1.828%, 08/23/2018 | 33,801 | ||||||
7,000,000 | 1.811%, 08/30/2018 | 6,956,241 | ||||||
144,000 | 1.817%, 08/30/2018 | 143,100 | ||||||
32,000 | 1.840%, 08/30/2018 | 31,800 | ||||||
153,000 | 1.824%, 09/06/2018 | 151,976 | ||||||
7,500,000 | 1.854%, 09/06/2018 | 7,449,786 | ||||||
34,000 | 1.860%, 09/06/2018 | 33,772 | ||||||
2,209,000 | 1.260%, 09/13/2018 | 2,193,283 | ||||||
9,000 | 1.438%, 09/13/2018 | 8,936 | ||||||
1,200,000 | 1.600%, 09/13/2018 | 1,191,462 | ||||||
8,000 | 1.760%, 09/13/2018 | 7,943 | ||||||
225,000 | 1.826%, 09/13/2018 | 223,399 | ||||||
7,400,000 | 1.850%, 09/13/2018 | 7,347,349 | ||||||
50,000 | 1.875%, 09/13/2018 | 49,644 | ||||||
153,000 | 1.832%, 09/20/2018 | 151,853 | ||||||
7,500,000 | 1.875%, 09/20/2018 | 7,443,755 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 96 |
|
Invesco Treasury Collateral ETF (CLTL) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 34,000 | 1.908%, 09/20/2018 | $ | 33,745 | ||||
153,000 | 1.843%, 09/27/2018 | 151,794 | ||||||
7,500,000 | 1.889%, 09/27/2018 | 7,440,866 | ||||||
34,000 | 1.918%, 09/27/2018 | 33,732 | ||||||
7,000,000 | 1.925%, 10/04/2018 | 6,941,457 | ||||||
3,500,000 | 1.388%, 10/11/2018 | 3,469,177 | ||||||
8,000 | 1.470%, 10/11/2018 | 7,930 | ||||||
8,000 | 1.810%, 10/11/2018 | 7,930 | ||||||
72,000 | 1.811%, 10/11/2018 | 71,366 | ||||||
7,000,000 | 1.938%, 10/11/2018 | 6,938,354 | ||||||
16,000 | 1.945%, 10/11/2018 | 15,859 | ||||||
7,000,000 | 1.950%, 10/18/2018 | 6,935,542 | ||||||
7,000,000 | 1.961%, 10/25/2018 | 6,932,500 | ||||||
7,000,000 | 1.986%, 11/01/2018 | 6,929,735 | ||||||
3,600,000 | 1.561%, 11/08/2018 | 3,563,507 | ||||||
72,000 | 1.828%, 11/08/2018 | 71,270 | ||||||
8,000 | 1.849%, 11/08/2018 | 7,919 | ||||||
16,000 | 1.895%, 11/08/2018 | 15,838 | ||||||
500,000 | 1.676%, 12/06/2018 | 494,426 | ||||||
3,000,000 | 1.700%, 12/06/2018 | 2,966,554 | ||||||
16,000 | 1.829%, 12/06/2018 | 15,822 | ||||||
8,000 | 1.856%, 12/06/2018 | 7,911 | ||||||
72,000 | 1.862%, 12/06/2018 | 71,197 | ||||||
3,300,000 | 1.738%, 01/03/2019 | 3,255,339 | ||||||
72,000 | 1.897%, 01/03/2019 | 71,026 | ||||||
8,000 | 1.899%, 01/03/2019 | 7,892 | ||||||
16,000 | 1.955%, 01/03/2019 | 15,783 | ||||||
3,400,000 | 1.838%, 01/31/2019 | 3,346,822 | ||||||
8,000 | 1.917%, 01/31/2019 | 7,875 | ||||||
72,000 | 1.946%, 01/31/2019 | 70,874 | ||||||
16,000 | 2.037%, 01/31/2019 | 15,750 | ||||||
63,000 | 1.966%, 02/28/2019 | 61,881 | ||||||
3,000,000 | 2.008%, 02/28/2019 | 2,946,722 | ||||||
14,000 | 2.105%, 02/28/2019 | 13,751 | ||||||
81,000 | 2.011%, 03/28/2019 | 79,404 | ||||||
4,000,000 | 2.040%, 03/28/2019 | 3,921,204 | ||||||
18,000 | 2.145%, 03/28/2019 | 17,645 | ||||||
4,500,000 | 2.168%, 04/25/2019 | 4,402,509 | ||||||
|
| |||||||
(Cost $265,513,290) | 265,428,388 | |||||||
|
| |||||||
U.S. Treasury Notes—42.6% | ||||||||
4,690,000 | 1.125%, 06/15/2018 | 4,686,515 | ||||||
4,990,000 | 0.625%, 06/30/2018 | 4,980,889 | ||||||
4,500,000 | 1.375%, 06/30/2018 | 4,497,226 | ||||||
2,670,000 | 2.375%, 06/30/2018 | 2,672,741 | ||||||
4,632,000 | 0.875%, 07/15/2018 | 4,622,825 | ||||||
5,020,000 | 0.750%, 07/31/2018 | 5,006,265 | ||||||
5,559,000 | 1.375%, 07/31/2018 | 5,552,444 | ||||||
1,831,000 | 2.250%, 07/31/2018 | 1,832,831 | ||||||
4,540,000 | 1.000%, 08/15/2018 | 4,528,050 | ||||||
2,732,000 | 4.000%, 08/15/2018 | 2,748,581 | ||||||
4,954,000 | 0.750%, 08/31/2018 | 4,934,264 | ||||||
8,780,000 | 1.500%, 08/31/2018 | 8,767,139 | ||||||
4,540,000 | 1.000%, 09/15/2018 | 4,523,152 | ||||||
4,954,000 | 0.750%, 09/30/2018 | 4,928,069 | ||||||
9,194,000 | 1.375%, 09/30/2018 | 9,170,476 | ||||||
4,630,000 | 0.875%, 10/15/2018 | 4,605,765 | ||||||
4,629,000 | 0.750%, 10/31/2018 | 4,599,255 |
Principal Amount | Value | |||||||
Short- Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Notes (continued) | ||||||||
$ | 6,182,000 | 1.250%, 10/31/2018 | $ | 6,157,731 | ||||
2,065,000 | 1.750%, 10/31/2018 | 2,061,894 | ||||||
4,520,000 | 1.250%, 11/15/2018 | 4,500,225 | ||||||
5,032,000 | 3.750%, 11/15/2018 | 5,076,423 | ||||||
4,832,000 | 1.000%, 11/30/2018 | 4,801,328 | ||||||
5,556,000 | 1.250%, 11/30/2018 | 5,528,546 | ||||||
2,572,000 | 1.375%, 11/30/2018 | 2,561,300 | ||||||
4,108,000 | 1.250%, 12/15/2018 | 4,085,936 | ||||||
4,620,000 | 1.250%, 12/31/2018 | 4,592,298 | ||||||
3,084,000 | 1.375%, 12/31/2018 | 3,067,857 | ||||||
5,956,000 | 1.500%, 12/31/2018 | 5,930,640 | ||||||
4,108,000 | 1.125%, 01/15/2019 | 4,077,832 | ||||||
5,956,000 | 1.125%, 01/31/2019 | 5,908,073 | ||||||
4,562,000 | 1.250%, 01/31/2019 | 4,529,923 | ||||||
6,680,000 | 1.500%, 01/31/2019 | 6,645,034 | ||||||
3,077,000 | 0.750%, 02/15/2019 | 3,041,663 | ||||||
3,077,000 | 2.750%, 02/15/2019 | 3,089,621 | ||||||
3,077,000 | 1.125%, 02/28/2019 | 3,048,874 | ||||||
3,077,000 | 1.375%, 02/28/2019 | 3,055,124 | ||||||
4,099,000 | 1.500%, 02/28/2019 | 4,073,702 | ||||||
4,099,000 | 1.000%, 03/15/2019 | 4,054,808 | ||||||
4,099,000 | 1.250%, 03/31/2019 | 4,061,613 | ||||||
2,055,000 | 1.500%, 03/31/2019 | 2,040,952 | ||||||
5,643,000 | 1.625%, 03/31/2019 | 5,610,487 | ||||||
4,000,000 | 0.875%, 04/15/2019 | 3,947,969 | ||||||
6,000,000 | 1.250%, 04/30/2019 | 5,939,180 | ||||||
5,200,000 | 1.625%, 04/30/2019 | 5,166,383 | ||||||
|
| |||||||
(Cost $199,622,554) | 199,311,903 | |||||||
|
| |||||||
U.S. Treasury Bonds—0.3% | ||||||||
612,000 | 9.000%, 11/15/2018 | 634,460 | ||||||
1,022,000 | 8.875%, 02/15/2019 | 1,074,896 | ||||||
|
| |||||||
(Cost $1,714,643) | 1,709,356 | |||||||
|
| |||||||
Number of Shares | ||||||||
Money Market Fund—0.1% | ||||||||
306,144 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $306,144) | 306,144 | ||||||
|
| |||||||
Total Investments in Securities (Cost $467,156,631)—99.8% | 466,755,791 | |||||||
Other assets less liabilities—0.2% | 769,690 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 467,525,481 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 97 |
|
Invesco Variable Rate Preferred ETF (VRP)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 57.3 | |||
Insurance | 9.9 | |||
Pipelines | 8.5 | |||
Capital Markets | 5.3 | |||
Miscellaneous Manufacturing | 3.4 | |||
Diversified Financial Services | 3.3 | |||
Mortgage REITs | 1.9 | |||
Consumer Finance | 1.7 | |||
Electric | 1.7 | |||
Oil, Gas & Consumable Fuels | 1.6 | |||
Media | 0.8 | |||
Multi-Utilities | 0.3 | |||
Food Products | 0.6 | |||
Auto Manufacturers | 0.6 | |||
Electric Utilities | 0.6 | |||
Thrifts & Mortgage Finance | 0.4 | |||
Commercial Services & Supplies | 0.3 | |||
Hand/Machine Tools | 0.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.5 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—73.0% | ||||||||||||||||
Auto Manufacturers—0.6% | ||||||||||||||||
$ | 12,750,000 | General Motors Financial Co., Inc., Series A(a) | 5.750 | % | 12/29/2049 | $ | 12,638,437 | |||||||||
|
| |||||||||||||||
Banks—46.6% | ||||||||||||||||
23,675,000 | Bank of America Corp., Series AA | 6.100 | 12/29/2049 | 24,651,594 | ||||||||||||
12,300,000 | Bank of America Corp., Series DD | 6.300 | 12/29/2049 | 13,099,500 | ||||||||||||
29,800,000 | Bank of America Corp., Series FF | 5.875 | 09/15/2166 | 29,874,500 | ||||||||||||
5,626,000 | Bank of America Corp., Series K (3 mo. USD LIBOR + 3.63%)(b) | 5.989 | 07/29/2049 | 5,654,130 | ||||||||||||
15,650,000 | Bank of America Corp., Series M | 8.125 | 11/15/2166 | 15,659,781 | ||||||||||||
12,150,000 | Bank of America Corp., Series U(a) | 5.200 | 12/01/2165 | 12,119,625 | ||||||||||||
18,250,000 | Bank of America Corp., Series V | 5.125 | 12/29/2049 | 18,569,375 | ||||||||||||
24,700,000 | Bank of America Corp., Series X | 6.250 | 09/29/2049 | 25,873,250 | ||||||||||||
17,150,000 | Bank of America Corp., Series Z | 6.500 | 12/31/2049 | 18,264,750 | ||||||||||||
6,500,000 | Bank of New York Mellon Corp. (The), Series D | 4.500 | 12/20/2165 | 6,256,250 | ||||||||||||
12,600,000 | Bank of New York Mellon Corp. (The), Series E | 4.950 | 12/20/2165 | 12,883,500 | ||||||||||||
12,750,000 | Bank of New York Mellon Corp. (The), Series F | 4.625 | 12/29/2049 | 12,367,500 | ||||||||||||
4,200,000 | CIT Group, Inc., Series A | 5.800 | 12/15/2165 | 4,252,500 | ||||||||||||
18,650,000 | Citigroup, Inc. | 5.950 | 07/30/2166 | 19,116,250 | ||||||||||||
15,200,000 | Citigroup, Inc., Series D(a) | 5.350 | 04/29/2049 | 15,029,000 | ||||||||||||
21,300,000 | Citigroup, Inc., Series M | 6.300 | 11/15/2165 | 21,965,625 | ||||||||||||
18,300,000 | Citigroup, Inc., Series N | 5.800 | 11/29/2049 | 18,917,625 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 98 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks (continued) | ||||||||||||||||
$ | 18,500,000 | Citigroup, Inc., Series O | 5.875 | % | 12/29/2049 | $ | 19,055,000 | |||||||||
24,400,000 | Citigroup, Inc., Series P | 5.950 | 12/29/2049 | 25,010,000 | ||||||||||||
15,300,000 | Citigroup, Inc., Series Q | 5.950 | 12/29/2049 | 15,873,750 | ||||||||||||
18,300,000 | Citigroup, Inc., Series R | 6.125 | 12/29/2049 | 19,169,250 | ||||||||||||
18,450,000 | Citigroup, Inc., Series T | 6.250 | 12/29/2049 | 19,257,187 | ||||||||||||
7,600,000 | Fifth Third Bancorp | 5.100 | 12/31/2165 | 7,495,500 | ||||||||||||
7,167,000 | Goldman Sachs Capital II | 4.000 | 12/03/2165 | 6,056,115 | ||||||||||||
11,740,000 | Goldman Sachs Group, Inc. (The), Series L | 5.700 | 12/29/2049 | 11,974,800 | ||||||||||||
18,200,000 | Goldman Sachs Group, Inc. (The), Series M | 5.375 | 11/10/2166 | 18,655,000 | ||||||||||||
6,100,000 | Goldman Sachs Group, Inc. (The), Series O | 5.300 | 12/29/2049 | 6,046,625 | ||||||||||||
13,950,000 | Goldman Sachs Group, Inc. (The), Series P | 5.000 | 05/10/2166 | 13,426,875 | ||||||||||||
6,400,000 | Huntington Bancshares, Inc., Series E | 5.700 | 07/15/2166 | 6,400,000 | ||||||||||||
72,300,000 | JPMorgan Chase & Co., Series 1 (3 mo. USD LIBOR + 3.47%)(b) | 5.829 | 10/30/2166 | 72,706,687 | ||||||||||||
15,450,000 | JPMorgan Chase & Co., Series CC | 4.625 | 05/01/2166 | 14,561,625 | ||||||||||||
18,450,000 | JPMorgan Chase & Co., Series Q | 5.150 | 12/29/2049 | 18,397,048 | ||||||||||||
18,550,000 | JPMorgan Chase & Co., Series R | 6.000 | 12/29/2049 | 19,013,750 | ||||||||||||
24,700,000 | JPMorgan Chase & Co., Series S | 6.750 | 01/29/2049 | 26,892,125 | ||||||||||||
4,040,000 | JPMorgan Chase & Co., Series U (3 mo. USD LIBOR + 0.95%)(b) | 3.313 | 02/02/2037 | 3,682,886 | ||||||||||||
12,200,000 | JPMorgan Chase & Co., Series U | 6.125 | 12/29/2049 | 12,749,000 | ||||||||||||
30,750,000 | JPMorgan Chase & Co., Series V | 5.000 | 12/31/2049 | 31,326,563 | ||||||||||||
7,301,000 | JPMorgan Chase & Co., Series W (3 mo. USD LIBOR + 1.00%)(b) | 2.839 | 05/15/2047 | 6,578,040 | ||||||||||||
19,500,000 | JPMorgan Chase & Co., Series X | 6.100 | 10/29/2049 | 20,280,000 | ||||||||||||
24,400,000 | JPMorgan Chase & Co., Series Z | 5.300 | 12/29/2049 | 25,254,000 | ||||||||||||
6,650,000 | KeyCorp, Series D | 5.000 | 12/15/2165 | 6,517,000 | ||||||||||||
4,500,000 | M&T Bank Corp., Series E | 6.450 | 08/15/2166 | 4,938,750 | ||||||||||||
6,250,000 | M&T Bank Corp., Series F | 5.125 | 05/01/2166 | 6,226,562 | ||||||||||||
6,300,000 | Mellon Capital IV, Series 1(a) | 4.000 | 06/29/2049 | 5,670,000 | ||||||||||||
15,400,000 | Morgan Stanley, Series H | 5.450 | 07/29/2049 | 15,708,000 | ||||||||||||
17,400,000 | Morgan Stanley, Series J | 5.550 | 07/15/2166 | 17,900,250 | ||||||||||||
6,250,000 | Northern Trust Corp., Series D | 4.600 | 04/01/2166 | 6,117,188 | ||||||||||||
12,725,000 | PNC Financial Services Group, Inc. (The), Series O | 6.750 | 12/31/2049 | 13,711,188 | ||||||||||||
6,100,000 | PNC Financial Services Group, Inc. (The), Series R | 4.850 | 12/31/2049 | 6,058,063 | ||||||||||||
6,600,000 | PNC Financial Services Group, Inc. (The), Series S | 5.000 | 05/01/2166 | 6,542,250 | ||||||||||||
10,221,000 | State Street Corp. (3 mo. USD LIBOR + 1.00%)(b) | 3.125 | 06/01/2077 | 9,265,265 | ||||||||||||
9,570,000 | State Street Corp., Series F | 5.250 | 12/29/2049 | 9,881,025 | ||||||||||||
9,700,000 | SunTrust Banks, Inc., Series G | 5.050 | 12/30/2165 | 9,651,500 | ||||||||||||
6,300,000 | SunTrust Banks, Inc., Series H(a) | 5.125 | 06/15/2166 | 6,079,500 | ||||||||||||
9,750,000 | U.S. Bancorp, Series I | 5.125 | 01/15/2166 | 9,993,750 | ||||||||||||
12,550,000 | U.S. Bancorp, Series J | 5.300 | 12/29/2049 | 12,738,250 | ||||||||||||
8,760,000 | USB Capital IX | 3.500 | 10/29/2049 | 8,081,100 | ||||||||||||
31,053,000 | Wachovia Capital Trust III | 5.570 | 03/29/2049 | 30,820,103 | ||||||||||||
41,150,000 | Wells Fargo & Co., Series K (3 mo. USD LIBOR + 3.77%)(b) | 5.895 | 03/29/2049 | 41,561,500 | ||||||||||||
24,700,000 | Wells Fargo & Co., Series S | 5.900 | 12/29/2049 | 25,194,000 | ||||||||||||
24,400,000 | Wells Fargo & Co., Series U | 5.875 | 12/29/2049 | 25,254,000 | ||||||||||||
|
| |||||||||||||||
972,325,825 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—3.2% | ||||||||||||||||
9,500,000 | American Express Co., Series B(a) | 5.200 | 05/29/2049 | 9,761,250 | ||||||||||||
10,950,000 | American Express Co., Series C | 4.900 | 12/29/2049 | 11,004,750 | ||||||||||||
5,100,000 | Charles Schwab Corp. (The)(a) | 7.000 | 08/01/2166 | 5,673,750 | ||||||||||||
7,625,000 | Charles Schwab Corp. (The), Series E | 4.625 | 03/01/2166 | 7,625,000 | ||||||||||||
6,350,000 | Charles Schwab Corp. (The), Series F | 5.000 | 06/01/2166 | 6,175,375 | ||||||||||||
7,200,000 | Discover Financial Services, Series C | 5.500 | 04/30/2166 | 7,056,000 | ||||||||||||
5,100,000 | E*Trade Financial Corp., Series A(a) | 5.875 | 03/15/2166 | 5,221,125 | ||||||||||||
3,900,000 | E*Trade Financial Corp., Series B | 5.300 | 09/15/2166 | 3,822,000 | ||||||||||||
5,053,000 | National Rural Utilities Cooperative Finance Corp. | 4.750 | 04/30/2043 | 5,134,364 | ||||||||||||
4,425,000 | National Rural Utilities Cooperative Finance Corp. | 5.250 | 04/20/2046 | 4,625,667 | ||||||||||||
|
| |||||||||||||||
66,099,281 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 99 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Electric—1.7% | ||||||||||||||||
$ | 8,660,000 | Dominion Energy, Inc. | 5.750 | % | 10/01/2054 | $ | 9,284,641 | |||||||||
4,097,000 | NextEra Energy Capital Holdings, Inc. (3 mo. USD LIBOR + 2.07%)(b) | 4.376 | 10/01/2066 | 4,050,909 | ||||||||||||
7,000,000 | NextEra Energy Capital Holdings, Inc. | 4.800 | 12/01/2077 | 6,728,750 | ||||||||||||
4,400,000 | Southern California Edison Co., Series E | 6.250 | 08/01/2166 | 4,675,000 | ||||||||||||
7,001,000 | Southern Co. (The), Series B | 5.500 | 03/15/2057 | 7,316,045 | ||||||||||||
6,376,000 | WEC Energy Group, Inc. (3 mo. USD LIBOR + 2.11%)(b) | 3.951 | 05/15/2067 | 6,304,270 | ||||||||||||
|
| |||||||||||||||
38,359,615 | ||||||||||||||||
|
| |||||||||||||||
Hand/Machine Tools—0.3% | ||||||||||||||||
5,013,000 | Stanley Black & Decker, Inc. | 5.750 | 12/15/2053 | 5,119,526 | ||||||||||||
|
| |||||||||||||||
Insurance—7.9% | ||||||||||||||||
10,500,000 | Aegon NV (Netherlands) | 5.500 | 04/11/2048 | 10,448,539 | ||||||||||||
10,284,000 | Allstate Corp. (The), Series B | 5.750 | 08/15/2053 | 10,721,070 | ||||||||||||
9,700,000 | American International Group, Inc., Series A-9 | 5.750 | 04/01/2048 | 9,805,541 | ||||||||||||
5,100,000 | Assurant, Inc. | 7.000 | 03/27/2048 | 5,285,773 | ||||||||||||
3,024,000 | Everest Reinsurance Holdings, Inc. (3 mo. USD LIBOR + 2.39%)(a)(b) | 4.224 | 05/01/2067 | 3,012,660 | ||||||||||||
6,243,000 | Hartford Financial Services Group, Inc. (The) | 8.125 | 06/15/2038 | 6,261,729 | ||||||||||||
9,250,000 | Lincoln National Corp. (3 mo. USD LIBOR + 2.36%)(b) | 4.242 | 05/17/2066 | 9,018,750 | ||||||||||||
6,315,000 | Lincoln National Corp. (3 mo. USD LIBOR + 2.04%)(b) | 4.399 | 04/20/2067 | 6,078,187 | ||||||||||||
19,250,000 | MetLife, Inc., Series C | 5.250 | 12/29/2049 | 19,745,688 | ||||||||||||
6,400,000 | MetLife, Inc., Series D | 5.875 | 09/15/2166 | 6,678,400 | ||||||||||||
5,058,000 | Principal Financial Group, Inc. | 4.700 | 05/15/2055 | 5,108,580 | ||||||||||||
6,500,000 | Progressive Corp. (The), Series B | 5.375 | 09/15/2166 | 6,570,688 | ||||||||||||
12,736,000 | Prudential Financial, Inc. | 5.875 | 09/15/2042 | 13,551,868 | ||||||||||||
19,148,000 | Prudential Financial, Inc. | 5.625 | 06/15/2043 | 20,153,270 | ||||||||||||
6,445,000 | Prudential Financial, Inc. | 5.200 | 03/15/2044 | 6,533,619 | ||||||||||||
12,511,000 | Prudential Financial, Inc. | 5.375 | 05/15/2045 | 12,671,904 | ||||||||||||
9,650,000 | Prudential Financial, Inc. | 4.500 | 09/15/2047 | 9,152,567 | ||||||||||||
4,030,000 | Reinsurance Group of America, Inc. (3 mo. USD LIBOR + 2.67%)(b) | 4.790 | 12/15/2065 | 3,999,775 | ||||||||||||
|
| |||||||||||||||
164,798,608 | ||||||||||||||||
|
| |||||||||||||||
Media—0.8% | ||||||||||||||||
8,450,000 | Viacom, Inc. | 5.875 | 02/28/2057 | 8,545,063 | ||||||||||||
8,250,000 | Viacom, Inc.(a) | 6.250 | 02/28/2057 | 8,404,687 | ||||||||||||
|
| |||||||||||||||
16,949,750 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—3.4% | ||||||||||||||||
72,500,000 | General Electric Co., Series D | 5.000 | 06/15/2165 | 71,820,312 | ||||||||||||
|
| |||||||||||||||
Pipelines—8.5% | ||||||||||||||||
7,800,000 | Andeavor Logistics LP, Series A | 6.875 | 02/15/2166 | 7,965,750 | ||||||||||||
5,175,000 | Buckeye Partners LP | 6.375 | 01/22/2078 | 5,049,336 | ||||||||||||
6,300,000 | DCP Midstream LP, Series A | 7.375 | 06/15/2166 | 6,252,750 | ||||||||||||
12,700,000 | Enbridge, Inc. (Canada) | 5.500 | 07/15/2077 | 11,858,625 | ||||||||||||
10,800,000 | Enbridge, Inc. (Canada) | 6.250 | 03/01/2078 | 10,557,000 | ||||||||||||
9,825,000 | Enbridge, Inc., Series 16-A (Canada) | 6.000 | 01/15/2077 | 9,640,781 | ||||||||||||
12,000,000 | Energy Transfer Partners LP, Series A(a) | 6.250 | 02/15/2166 | 11,480,154 | ||||||||||||
7,100,000 | Energy Transfer Partners LP, Series B(a) | 6.625 | 02/15/2166 | 6,740,673 | ||||||||||||
5,000,000 | EnLink Midstream Partners LP, Series C(a) | 6.000 | 12/15/2165 | 4,706,250 | ||||||||||||
9,000,000 | Enterprise Products Operating LLC | 5.375 | 02/15/2078 | 8,506,876 | ||||||||||||
6,295,000 | Enterprise Products Operating LLC, Series A (3 mo. USD LIBOR + 3.71%)(b) | 6.066 | 08/01/2066 | 6,318,606 | ||||||||||||
8,950,000 | Enterprise Products Operating LLC, Series D | 4.875 | 08/16/2077 | 8,735,491 | ||||||||||||
12,950,000 | Enterprise Products Operating LLC, Series E | 5.250 | 08/16/2077 | 12,563,980 | ||||||||||||
10,000,000 | Plains All American Pipeline LP, Series B(a) | 6.125 | 11/15/2165 | 9,762,500 | ||||||||||||
12,760,000 | TransCanada Pipelines Ltd. (Canada) (3 mo. USD LIBOR + 2.21%)(a)(b) | 4.049 | 05/15/2067 | 12,329,350 | ||||||||||||
9,435,000 | TransCanada Trust (Canada) | 5.625 | 05/20/2075 | 9,682,669 | ||||||||||||
19,300,000 | TransCanada Trust (Canada) | 5.300 | 03/15/2077 | 18,843,854 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 100 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Pipelines (continued) | ||||||||||||||||
$ | 15,292,000 | TransCanada Trust, Series 16-A (Canada) | 5.875 | % | 08/15/2076 | $ | 15,750,760 | |||||||||
|
| |||||||||||||||
176,745,405 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $1,563,709,763) | 1,524,856,759 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Preferred Stocks & Other Equity Interests—25.5%(c) | ||||||||||||||||
Banks—10.7% | ||||||||||||||||
186,961 | Banco Santander SA, 4.00%, Series 6 (Spain)(a) | 4,567,457 | ||||||||||||||
151,618 | Bank of America Corp., 3.00%, Series H | 3,349,242 | ||||||||||||||
106,731 | Bank of America Corp., 4.00%, Series 4(a) | 2,498,573 | ||||||||||||||
215,768 | Bank of America Corp., 4.00%, Series 5 | 4,908,722 | ||||||||||||||
162,531 | Bank of America Corp., 4.00%, Series E(a) | 3,855,235 | ||||||||||||||
1,115,435 | Citigroup Capital XIII, 8.73% (3 mo. USD LIBOR + 6.37%)(b) | 29,882,504 | ||||||||||||||
741,860 | Citigroup, Inc., 6.88%, Series K | 20,415,987 | ||||||||||||||
471,346 | Citigroup, Inc., 7.13%, Series J | 13,136,413 | ||||||||||||||
237,852 | Fifth Third Bancorp, 6.63%, Series I | 6,750,240 | ||||||||||||||
58,335 | FNB Corp., 7.25%(a) | 1,631,630 | ||||||||||||||
262,952 | KeyCorp, 6.13%, Series E | 7,133,888 | ||||||||||||||
523,583 | Merrill Lynch Capital Trust I, 6.45%, Series K | 13,450,847 | ||||||||||||||
373,254 | Merrill Lynch Capital Trust III, 7.38% | 9,835,243 | ||||||||||||||
132,702 | People’s United Financial, Inc., 5.63%, Series A | 3,403,806 | ||||||||||||||
772,319 | PNC Financial Services Group, Inc. (The), 6.13%, Series P(a) | 20,953,014 | ||||||||||||||
260,383 | Regions Financial Corp., 6.38%, Series B(a) | 7,181,363 | ||||||||||||||
91,957 | SunTrust Banks, Inc., 4.00% | 2,233,636 | ||||||||||||||
69,304 | Synovus Financial Corp., 7.88%, Series C | 1,770,024 | ||||||||||||||
515,229 | U.S. Bancorp, 3.50%, Series B | 11,695,698 | ||||||||||||||
568,179 | U.S. Bancorp, 6.50%, Series F | 15,681,740 | ||||||||||||||
53,182 | Valley National Bancorp, 5.50%, Series B | 1,359,864 | ||||||||||||||
60,528 | Valley National Bancorp, 6.25%, Series A | 1,590,071 | ||||||||||||||
859,331 | Wells Fargo & Co., 5.85%, Series Q | 22,170,740 | ||||||||||||||
417,521 | Wells Fargo & Co., 6.63% | 11,444,251 | ||||||||||||||
66,363 | Wintrust Financial Corp., 6.50%, Series D | 1,785,165 | ||||||||||||||
73,483 | Zions Bancorp, 6.30%, Series G | 1,970,079 | ||||||||||||||
|
| |||||||||||||||
224,655,432 | ||||||||||||||||
|
| |||||||||||||||
Capital Markets—5.3% | ||||||||||||||||
279,249 | Goldman Sachs Group, Inc. (The), 3.75%, Series A(a) | 6,062,496 | ||||||||||||||
75,089 | Goldman Sachs Group, Inc. (The), 4.00%, Series C | 1,707,524 | ||||||||||||||
503,158 | Goldman Sachs Group, Inc. (The), 4.00%, Series D(a) | 11,230,487 | ||||||||||||||
372,550 | Goldman Sachs Group, Inc. (The), 5.50%, Series J(a) | 9,574,535 | ||||||||||||||
260,402 | Goldman Sachs Group, Inc. (The), 6.38%, Series K | 7,207,927 | ||||||||||||||
522,498 | Morgan Stanley, 4.00%, Series A | 11,714,405 | ||||||||||||||
475,568 | Morgan Stanley, 5.85%, Series K | 12,198,319 | ||||||||||||||
474,258 | Morgan Stanley, 6.38%, Series I | 12,681,659 | ||||||||||||||
401,974 | Morgan Stanley, 6.88%, Series F | 11,054,285 | ||||||||||||||
408,517 | Morgan Stanley, 7.13%, Series E | 11,495,668 | ||||||||||||||
256,375 | State Street Corp., 5.35%, Series G | 6,578,583 | ||||||||||||||
386,837 | �� | State Street Corp., 5.90%, Series D | 10,208,628 | |||||||||||||
|
| |||||||||||||||
111,714,516 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services & Supplies—0.3% | ||||||||||||||||
212,671 | NuStar Logistics LP, 9.08% (3 mo. USD LIBOR + 6.73%)(b) | 5,359,309 | ||||||||||||||
|
| |||||||||||||||
Consumer Finance—1.7% | ||||||||||||||||
1,368,722 | GMAC Capital Trust I, 7.62%, Series 2 (3 mo. USD LIBOR + 5.79%)(b) | 36,394,318 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 101 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
April 30, 2018
(Unaudited)
Number of Shares |
|
| Value | |||||||||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||||||||||
Diversified Financial Services—0.1% | ||||||||||||||||
52,187 | Compass Diversified Holdings, 7.88%, Series B | $ | 1,118,889 | |||||||||||||
|
| |||||||||||||||
Electric Utilities—0.6% | ||||||||||||||||
147,816 | SCE Trust III, 5.75%, Series H | 3,909,733 | ||||||||||||||
173,591 | SCE Trust IV, 5.38%, Series J(a) | 4,456,081 | ||||||||||||||
160,980 | SCE Trust V, 5.45%, Series K | 4,145,235 | ||||||||||||||
|
| |||||||||||||||
12,511,049 | ||||||||||||||||
|
| |||||||||||||||
Food Products—0.6% | ||||||||||||||||
257,299 | CHS, Inc., 6.75%, Series 3 | 6,769,537 | ||||||||||||||
218,789 | CHS, Inc., 7.10%, Series 2 | 5,994,818 | ||||||||||||||
|
| |||||||||||||||
12,764,355 | ||||||||||||||||
|
| |||||||||||||||
Insurance—2.0% | ||||||||||||||||
132,494 | Aegon NV, 4.00%, Series 1 (Netherlands) | 3,265,977 | ||||||||||||||
262,967 | Allstate Corp. (The), 5.10% | 6,676,732 | ||||||||||||||
145,196 | Aspen Insurance Holdings Ltd., 5.95% (Bermuda)(a) | 3,709,758 | ||||||||||||||
307,912 | Hartford Financial Services Group, Inc. (The), 7.88% | 8,923,290 | ||||||||||||||
318,999 | MetLife, Inc., 4.00%, Series A(a) | 7,981,355 | ||||||||||||||
211,957 | Reinsurance Group of America, Inc., 5.75% | 5,449,415 | ||||||||||||||
212,762 | Reinsurance Group of America, Inc., 6.20% | 5,663,724 | ||||||||||||||
|
| |||||||||||||||
41,670,251 | ||||||||||||||||
|
| |||||||||||||||
Mortgage REITs—1.9% | ||||||||||||||||
171,582 | Agnc Investment Corp., 7.00%, Series C | 4,375,341 | ||||||||||||||
226,371 | Annaly Capital Management, Inc., 6.50%, Series G | 5,446,486 | ||||||||||||||
375,629 | Annaly Capital Management, Inc., 6.95%, Series F | 9,462,095 | ||||||||||||||
171,774 | Chimera Investment Corp., 8.00%, Series B | 4,345,882 | ||||||||||||||
71,267 | New York Mortgage Trust, Inc., 8.00%, Series D | 1,648,406 | ||||||||||||||
103,930 | PennyMac Mortgage Investment Trust, 8.00%, Series B | 2,611,761 | ||||||||||||||
61,225 | PennyMac Mortgage Investment Trust, 8.13%, Series A(a) | 1,573,482 | ||||||||||||||
63,270 | Resource Capital Corp., 8.63% | 1,621,610 | ||||||||||||||
155,969 | Two Harbors Investment Corp., 7.25%, Series C | 3,738,577 | ||||||||||||||
151,401 | Two Harbors Investment Corp., 7.63%, Series B | 3,785,025 | ||||||||||||||
77,009 | Two Harbors Investment Corp., 8.13%, Series A(a) | 1,999,924 | ||||||||||||||
|
| |||||||||||||||
40,608,589 | ||||||||||||||||
|
| |||||||||||||||
Multi-Utilities—0.3% | ||||||||||||||||
204,445 | Integrys Holding, Inc., 6.00% | 5,290,015 | ||||||||||||||
53,093 | Just Energy Group, Inc., 8.50%, Series A (Canada)(a) | 1,227,510 | ||||||||||||||
|
| |||||||||||||||
6,517,525 | ||||||||||||||||
|
| |||||||||||||||
Oil, Gas & Consumable Fuels—1.6% | ||||||||||||||||
271,664 | Enbridge, Inc., 6.38%, Series B (Canada)(a) | 6,859,516 | ||||||||||||||
163,800 | Energy Transfer Partners LP, 7.38%, Series C | 4,065,516 | ||||||||||||||
61,082 | GasLog Partners LP, 8.20%, Series B (Monaco)(a) | 1,587,521 | ||||||||||||||
75,946 | GasLog Partners LP, 8.63%, Series A (Monaco)(a) | 1,977,634 | ||||||||||||||
111,565 | NGL Energy Partners LP, 9.00%, Series B | 2,658,594 | ||||||||||||||
204,080 | NuStar Energy LP, 7.63%, Series B | 4,330,578 | ||||||||||||||
120,366 | NuStar Energy LP, 8.50%, Series A | 2,674,532 | ||||||||||||||
91,058 | NuStar Energy LP, 9.00%, Series C(a) | 2,088,871 | ||||||||||||||
66,558 | Targa Resources Partners LP, 9.00%, Series A | 1,753,803 | ||||||||||||||
89,657 | Teekay LNG Partners LP, 8.50%, Series B (Bermuda) | 2,053,145 | ||||||||||||||
55,906 | Teekay Offshore Partners LP, 8.88%, Series E(a) | 1,388,146 | ||||||||||||||
61,416 | Tsakos Energy Navigation Ltd., 9.25%, Series E (Greece) | 1,538,471 | ||||||||||||||
|
| |||||||||||||||
32,976,327 | ||||||||||||||||
|
| |||||||||||||||
Thrifts & Mortgage Finance—0.4% | ||||||||||||||||
272,943 | New York Community Bancorp, Inc., 6.38%, Series A | 7,388,567 | ||||||||||||||
|
| |||||||||||||||
Total Preferred Stocks & Other Equity Interests (Cost $554,840,686) | 533,679,127 | |||||||||||||||
|
| |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 102 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
April 30, 2018
(Unaudited)
Number of Shares |
|
| Value | |||||||||||||
Money Market Fund—0.6% | ||||||||||||||||
11,855,028 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $11,855,028) | $ | 11,855,028 | |||||||||||||
|
| |||||||||||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,130,405,477)—99.1% | 2,070,390,914 | |||||||||||||||
|
| |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||||||||||
Money Market Fund—2.5% | ||||||||||||||||
52,750,038 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $52,750,038) | 52,750,038 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $2,183,155,515)—101.6% | 2,123,140,952 | |||||||||||||||
Other assets less liabilities—(1.6)% | (32,977,038 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 2,090,163,914 | ||||||||||||||
|
|
LIBOR—London Interbank Offered Rate
USD—U.S. Dollar
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Variable rate coupon. Stated interest rate was in effect at April 30, 2018. |
(c) | 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. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 103 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
State Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Arizona | 4.3 | |||
California | 14.2 | |||
Colorado | 3.9 | |||
Connecticut | 4.0 | |||
Florida | 15.1 | |||
Indiana | 4.0 | |||
Louisiana | 3.7 | |||
Maryland | 8.5 | |||
Massachusetts | 4.3 | |||
Michigan | 4.0 | |||
Missouri | 4.5 | |||
Nevada | 4.0 | |||
New York | 8.4 | |||
Ohio | 3.5 | |||
Tennessee | 6.1 | |||
Washington | 3.1 | |||
Other States Less Than 3% Each | 2.3 | |||
Other Assets Less Liabilities | 2.1 |
Schedule of Investments
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
Municipal Bonds—97.9%(b) | ||||||||||||||||
Ad Valorem Property Tax—4.0% | ||||||||||||||||
$ | 2,500,000 | Washington Maryland Suburban Sanitary District Ser. 15A | 1.730 | % | 06/01/2023 | $ | 2,500,000 | |||||||||
|
| |||||||||||||||
College & University Revenue—7.1% | ||||||||||||||||
2,500,000 | Michigan State University (General Remarketed 2/25/15) Rev. Ser. 00A | 1.690 | 08/15/2030 | 2,500,000 | ||||||||||||
1,900,000 | Washington State Higher Education Facilities Auth. (Whitman College Project) Ref. Ser. 04 | 1.730 | 10/01/2029 | 1,900,000 | ||||||||||||
|
| |||||||||||||||
4,400,000 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—7.0% | ||||||||||||||||
2,400,000 | Santa Clara California Electric Rev. Sub.-Ser. 08B (LOC-Bank Tokyo-Mitsubishi UFJ)(c) | 1.660 | 07/01/2027 | 2,400,000 | ||||||||||||
1,985,000 | Sevier County Tennessee Public Building Auth. (Local Government Improvement Program) Ser. 10V-D-1 (LOC-Bank of America N.A.)(c) | 1.790 | 06/01/2026 | 1,985,000 | ||||||||||||
|
| |||||||||||||||
4,385,000 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—31.6% | ||||||||||||||||
1,600,000 | ABAG Finance Auth. For Nonprofit Corporations (Sharp HealthCare) Ser. 09A (LOC-Bank of America N.A.)(c) | 1.620 | 08/01/2024 | 1,600,000 | ||||||||||||
180,000 | Arizona State Health Facilities Auth. (Banner Health) Ser. 08F (LOC-JPMorgan Chase Bank N.A.)(c) | 1.720 | 01/01/2029 | 180,000 | ||||||||||||
2,500,000 | Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B (LOC-JPMorgan Chase Bank N.A.)(c) | 1.730 | 07/01/2035 | 2,500,000 | ||||||||||||
2,500,000 | California State Statewide Community Development Auth. (Kaiser Permanente) Ser. 04M | 1.640 | 04/01/2038 | 2,500,000 | ||||||||||||
2,200,000 | Cleveland-Cuyahoga County Ohio Port Auth. (Carnegie/89th Garage Project) Ser. 07 (LOC-JPMorgan Chase Bank N.A.)(c) | 1.700 | 01/01/2037 | 2,200,000 | ||||||||||||
2,500,000 | Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O (LOC-Wells Fargo Bank N.A.)(c) | 1.680 | 07/01/2053 | 2,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 104 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue (continued) | ||||||||||||||||
$ | 300,000 | Louisiana State Public Facilities Auth. (Christus Health) Rev. Ref. Ser. 09B2 (LOC-Bank of New York Mellon (The))(c) | 1.770 | % | 07/01/2047 | $ | 300,000 | |||||||||
2,800,000 | Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A (LOC-Wells Fargo Bank N.A.)(c) | 1.730 | 07/01/2034 | 2,800,000 | ||||||||||||
2,500,000 | Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1—Remarketed 05/14/09) Rev. Ser. 97 | 1.710 | 07/01/2027 | 2,500,000 | ||||||||||||
2,500,000 | Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C | 1.750 | 05/15/2038 | 2,500,000 | ||||||||||||
135,000 | University of North Carolina at Chapel Hill Rev. Ref. Ser. 03B | 1.690 | 02/01/2029 | 135,000 | ||||||||||||
|
| |||||||||||||||
19,715,000 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—4.0% | ||||||||||||||||
2,325,000 | Bay Area California Auth. Toll Bridge Rev. Ser. 07 (LOC-Sumitomo Mitsui Banking)(c) | 1.570 | 04/01/2047 | 2,325,000 | ||||||||||||
185,000 | Massachusetts State Department of Transportation Highway System (Contract Assistance—Remarketed 11/20/14) Rev. Ref. Ser. 10A7 | 1.740 | 01/01/2029 | 185,000 | ||||||||||||
|
| |||||||||||||||
2,510,000 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.5% | ||||||||||||||||
300,000 | Kansas City Missouri Special Obligation (H. Roe Bartle) Ref. Ser. 08F (LOC-Sumitomo Mitsui Banking)(c) | 1.790 | 04/15/2025 | 300,000 | ||||||||||||
|
| |||||||||||||||
Local or GTD Housing—8.3% | ||||||||||||||||
2,500,000 | Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08 (LOC-Fannie Mae)(c) | 1.720 | 05/15/2038 | 2,500,000 | ||||||||||||
1,200,000 | Nebraska State Investment Finance Auth. Single Family Housing Rev. Ser. 10B GNMA | 1.730 | 09/01/2038 | 1,200,000 | ||||||||||||
1,450,000 | New York State Housing Finance Agency (222 E 44th Street Housing) Rev. Ser. 15A (LOC-Bank of China Ltd.)(c) | 1.830 | 05/01/2050 | 1,450,000 | ||||||||||||
|
| |||||||||||||||
5,150,000 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—5.8% | ||||||||||||||||
1,795,000 | Clarksville Tennessee Public Building Auth. (Pooled Financing Tennessee Municipal Bond Fund) Rev. Ser. 99 (LOC-Bank of America N.A.)(c) | 1.860 | 06/01/2029 | 1,795,000 | ||||||||||||
200,000 | New York State Housing Finance Agency Service Contract (Remarketed 10/08/08) Rev. Ref. Ser. 03L (LOC-Bank of America N.A.)(c) | 1.750 | 09/15/2021 | 200,000 | ||||||||||||
1,600,000 | New York State Urban Development Corp. (CVS Contract) Rev. Ref. Ser. 08A-1 (LOC-Wells Fargo Bank N.A.)(c) | 1.730 | 01/01/2030 | 1,600,000 | ||||||||||||
|
| |||||||||||||||
3,595,000 | ||||||||||||||||
|
| |||||||||||||||
Multiple Utility Revenue—3.9% | ||||||||||||||||
2,400,000 | Colorado Springs Colorado Utilities Improvement (Sub.-Lien) Rev. Ser. 06B | 1.760 | 11/01/2036 | 2,400,000 | ||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—7.2% | ||||||||||||||||
2,500,000 | Clark County Nevada Appropriation (Sub.-Lien) Rev. Ser. 08D-3 (LOC-Bank of America N.A.)(c) | 1.770 | 07/01/2029 | 2,500,000 | ||||||||||||
2,000,000 | Louisiana State Offshore Terminal Auth. Deepwater Port (Loop LLC Project) Rev. Ref. Ser. 13B (LOC-JPMorgan Chase Bank N.A.)(c) | 1.730 | 09/01/2033 | 2,000,000 | ||||||||||||
|
| |||||||||||||||
4,500,000 | ||||||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—7.9% | ||||||||||||||||
2,930,000 | Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A AGC | 1.780 | 07/01/2027 | 2,930,000 | ||||||||||||
2,000,000 | Nassau County Interim Finance Auth. (Sales Tax Secured) Ser. 08B | 1.770 | 11/15/2021 | 2,000,000 | ||||||||||||
|
| |||||||||||||||
4,930,000 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—10.6% | ||||||||||||||||
100,000 | Charlotte North Carolina Water & Sewer System Rev. Ser. 06B | 1.680 | 07/01/2036 | 100,000 | ||||||||||||
2,500,000 | Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08 (LOC-TD Bank N.A.)(c) | 1.760 | 09/01/2035 | 2,500,000 | ||||||||||||
2,500,000 | JEA Florida Water & Sewer System Rev. Ser. 08B | 1.730 | 10/01/2041 | 2,500,000 | ||||||||||||
1,500,000 | West Palm Beach Florida Utility System Rev. Ser. 08C AGC | 1.810 | 10/01/2038 | 1,500,000 | ||||||||||||
|
| |||||||||||||||
6,600,000 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $60,985,000)(d)—97.9% | 60,985,000 | |||||||||||||||
Other assets less liabilities—2.1% | 1,307,454 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 62,292,454 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 105 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
AGC—Assured Guaranty Corp.
Auth.—Authority
GNMA—Government National Mortgage Association
GTD—Grant To Date
LOC—Letter of Credit
Ref.—Refunding
Rev.—Revenue
Ser.—Series
Sub.—Subordinated
Notes to Schedule of Investments:
(a) | Variable rate coupon. Stated interest rate was in effect at April 30, 2018. |
(b) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on April 30, 2018 |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | The following table provides a listing of those entities that have either guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the value of securities held in the portfolio, as of April 30, 2018. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. |
Entities | Percentage of Total Investments | |||
Bank of America N.A. | 13.2 | % | ||
Wells Fargo Bank N.A. | 11.3 | |||
JPMorgan Chase Bank N.A. | 11.3 | |||
Assured Guaranty Corp. | 7.3 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 106 |
|
(This Page Intentionally Left Blank)
| 107 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | Invesco CEF Income Composite ETF (PCEF) | Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 180,141,625 | $ | 240,111,837 | $ | 698,287,002 | $ | 102,343,372 | ||||||||
Affiliated investments in securities, at value | 146,264 | — | 17,752,031 | 2,843,313 | ||||||||||||
Cash | — | 4,821,722 | — | — | ||||||||||||
Foreign currencies, at value | — | — | — | 167,104 | ||||||||||||
Cash segregated as collateral | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest | 1,728,923 | 3,293,965 | 1,089,075 | 1,651,815 | ||||||||||||
Investments sold | — | — | — | 549,937 | ||||||||||||
Foreign tax reclaims | — | — | — | — | ||||||||||||
Securities lending | — | — | 23,516 | — | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Investments matured, at value | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 182,016,812 | 248,227,524 | 717,151,624 | 107,555,541 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 897,000 | — | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | ||||||||||||
Investments purchased | — | — | — | 3,260,749 | ||||||||||||
Collateral upon return of securities loaned | — | — | 5,627,675 | — | ||||||||||||
Accrued unitary management fees | 37,405 | 58,053 | 292,473 | 38,347 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 37,405 | 58,053 | 6,817,148 | 3,299,096 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 181,979,407 | $ | 248,169,471 | $ | 710,334,476 | $ | 104,256,445 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 193,956,571 | $ | 251,029,461 | $ | 722,224,293 | $ | 104,553,713 | ||||||||
Undistributed net investment income | (38,494 | ) | (35,421 | ) | (3,826,638 | ) | (14,847 | ) | ||||||||
Undistributed net realized gain (loss) | (791,283 | ) | (1,166,111 | ) | (22,693,553 | ) | (3,508,345 | ) | ||||||||
Net unrealized appreciation (depreciation) | (11,147,387 | ) | (1,658,458 | ) | 14,630,374 | 3,225,924 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 181,979,407 | $ | 248,169,471 | $ | 710,334,476 | $ | 104,256,445 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,800,000 | 9,700,000 | 30,900,000 | 4,300,000 | ||||||||||||
Net asset value | $ | 31.38 | $ | 25.58 | $ | 22.99 | $ | 24.25 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 31.34 | $ | 25.55 | $ | 23.02 | $ | 24.50 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 191,289,012 | $ | 241,770,295 | $ | 683,558,546 | $ | 99,151,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 146,264 | $ | — | $ | 17,850,113 | $ | 2,843,313 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | 166,920 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | — | $ | 5,391,275 | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 108 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | Invesco Global Short Term High Yield Bond ETF (PGHY) | |||||||||||
$ | 4,713,199,097 | $ | 980,596,186 | $ | 111,053,721 | $ | 214,461,349 | |||||||
35,824,483 | 69,361,003 | 223,468 | 3,181,904 | |||||||||||
1,389,870 | 20,936 | — | — | |||||||||||
— | — | — | — | |||||||||||
15,927,909 | 171,435 | 96,527 | — | |||||||||||
57,016,251 | 13,573,545 | 1,011,459 | 3,978,276 | |||||||||||
12,164,659 | 8,559,585 | 1,506,521 | 1,140,000 | |||||||||||
— | — | 312 | 10,312 | |||||||||||
21,121 | 72,602 | — | — | |||||||||||
6,350,766 | 102,673 | 91,983 | — | |||||||||||
— | — | — | 270,402 | |||||||||||
|
|
|
|
|
|
|
| |||||||
4,841,894,156 | 1,072,457,965 | 113,983,991 | 223,042,243 | |||||||||||
|
|
|
|
|
|
|
| |||||||
— | — | — | 3,396 | |||||||||||
12,291,346 | — | — | — | |||||||||||
15,927,909 | 171,435 | 96,527 | — | |||||||||||
6,821,899 | 6,264,506 | 1,524,746 | 1,668,978 | |||||||||||
29,882,583 | 68,703,956 | — | — | |||||||||||
2,010,359 | 415,786 | 19,496 | 65,058 | |||||||||||
|
|
|
|
|
|
|
| |||||||
66,934,096 | 75,555,683 | 1,640,769 | 1,737,432 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,774,960,060 | $ | 996,902,282 | $ | 112,343,222 | $ | 221,304,811 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 5,180,373,457 | $ | 1,038,788,335 | $ | 115,400,171 | $ | 227,751,049 | |||||||
(3,934,149 | ) | 448,891 | (2,147 | ) | 84,388 | |||||||||
(233,372,315 | ) | (20,522,167 | ) | (204,620 | ) | (1,210,495 | ) | |||||||
(168,106,933 | ) | (21,812,777 | ) | (2,850,182 | ) | (5,320,131 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,774,960,060 | $ | 996,902,282 | $ | 112,343,222 | $ | 221,304,811 | |||||||
|
|
|
|
|
|
|
| |||||||
173,200,000 | 53,900,000 | 4,550,000 | 9,350,000 | |||||||||||
$ | 27.57 | $ | 18.50 | $ | 24.69 | $ | 23.67 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 27.47 | $ | 18.45 | $ | 24.70 | $ | 23.69 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 4,881,306,030 | $ | 1,002,408,963 | $ | 113,903,903 | $ | 219,329,835 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 35,824,483 | $ | 69,361,003 | $ | 223,468 | $ | 3,181,904 | |||||||
|
|
|
|
|
|
|
| |||||||
$ | — | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||
$ | 28,976,472 | $ | 67,095,619 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
| 109 |
|
Statements of Assets and Liabilities (continued)
April 30, 2018
(Unaudited)
Invesco International Corporate Bond ETF (PICB) | Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | Invesco National AMT-Free Municipal Bond ETF (PZA) | Invesco New York AMT-Free Municipal Bond ETF (PZT) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 145,768,757 | $ | 14,844,595 | $ | 1,578,553,344 | $ | 66,486,836 | ||||||||
Affiliated investments in securities, at value | 63,897 | — | — | — | ||||||||||||
Cash | — | — | 19,783,133 | 614,860 | ||||||||||||
Foreign currencies, at value | 51,577 | — | — | — | ||||||||||||
Cash segregated as collateral | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest | 1,781,048 | 133,881 | 21,156,218 | 904,363 | ||||||||||||
Investments sold | 1,693,106 | 7,215,054 | — | — | ||||||||||||
Foreign tax reclaims | 48,910 | — | — | — | ||||||||||||
Securities lending | — | — | — | — | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 149,407,295 | 22,193,530 | 1,619,492,695 | 68,006,059 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 99,772 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | 7,363,201 | — | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | ||||||||||||
Investments purchased | 1,854,273 | — | 2,836,025 | — | ||||||||||||
Collateral upon return of securities loaned | — | — | — | — | ||||||||||||
Accrued unitary management fees | 62,162 | 4,155 | 373,079 | 15,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,916,435 | 7,467,128 | 3,209,104 | 15,735 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 147,490,860 | $ | 14,726,402 | $ | 1,616,283,591 | $ | 67,990,324 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 143,550,036 | $ | 15,148,102 | $ | 1,599,476,872 | $ | 68,115,456 | ||||||||
Undistributed net investment income | (10,237 | ) | (4,654 | ) | (369,379 | ) | (18,108 | ) | ||||||||
Undistributed net realized gain (loss) | 633,363 | (180,578 | ) | (434,076 | ) | (100,985 | ) | |||||||||
Net unrealized appreciation (depreciation) | 3,317,698 | (236,468 | ) | 17,610,174 | (6,039 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 147,490,860 | $ | 14,726,402 | $ | 1,616,283,591 | $ | 67,990,324 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,400,000 | 600,000 | 64,700,000 | 2,850,000 | ||||||||||||
Net asset value | $ | 27.31 | $ | 24.54 | $ | 24.98 | $ | 23.86 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 27.25 | $ | 24.48 | $ | 24.95 | $ | 23.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 142,464,868 | $ | 15,081,063 | $ | 1,560,943,170 | $ | 66,492,875 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 63,897 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | 49,856 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 110 |
|
Invesco Preferred ETF (PGX) | Invesco Taxable Municipal Bond ETF (BAB) | Invesco Treasury Collateral ETF (CLTL) | Invesco Variable Rate Preferred ETF (VRP) | Invesco VRDO Tax-Free Weekly ETF (PVI) | ||||||||||||||
$ | 5,080,650,122 | $ | 905,171,413 | $ | 466,449,647 | $ | 2,058,535,886 | $ | 60,985,000 | |||||||||
86,938,066 | 14,165,004 | 306,144 | 64,605,066 | — | ||||||||||||||
— | — | — | 628 | 1,231,918 | ||||||||||||||
— | — | — | — | — | ||||||||||||||
6,639 | — | 587,331 | 1,746 | — | ||||||||||||||
6,322,870 | 13,318,167 | 646,509 | 22,552,790 | 88,337 | ||||||||||||||
2,118,714 | — | 95,843,998 | — | — | ||||||||||||||
3,002 | — | — | — | — | ||||||||||||||
365,883 | — | — | 76,162 | — | ||||||||||||||
— | 19,293,934 | — | 1,626 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,176,405,296 | 951,948,518 | 563,833,629 | 2,145,773,904 | 62,305,255 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
19,601,656 | — | — | — | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
6,640 | — | 587,331 | 1,746 | — | ||||||||||||||
364,000 | 8,652,045 | 95,690,369 | 1,996,642 | — | ||||||||||||||
86,938,066 | — | — | 52,750,038 | — | ||||||||||||||
2,099,592 | 209,801 | 30,448 | 861,564 | 12,801 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
109,009,954 | 8,861,846 | 96,308,148 | 55,609,990 | 12,801 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 5,067,395,342 | $ | 943,086,672 | $ | 467,525,481 | $ | 2,090,163,914 | $ | 62,292,454 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 5,241,698,451 | $ | 907,938,727 | $ | 465,967,182 | $ | 2,142,290,691 | $ | 62,326,091 | |||||||||
(2,081,795 | ) | 3,332 | 2,014,131 | (6,508,864 | ) | (33,977 | ) | |||||||||||
(48,178,749 | ) | (4,765,677 | ) | (54,992 | ) | 14,396,650 | 340 | |||||||||||
(124,042,565 | ) | 39,910,290 | (400,840 | ) | (60,014,563 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 5,067,395,342 | $ | 943,086,672 | $ | 467,525,481 | $ | 2,090,163,914 | $ | 62,292,454 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
352,800,000 | 31,850,000 | 4,420,001 | 83,700,000 | 2,500,000 | ||||||||||||||
$ | 14.36 | $ | 29.61 | $ | 105.77 | $ | 24.97 | $ | 24.92 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 14.38 | $ | 29.66 | $ | 105.79 | $ | 24.93 | $ | 24.89 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 5,204,692,687 | $ | 865,261,123 | $ | 466,850,487 | $ | 2,118,550,449 | $ | 60,985,000 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 86,938,066 | $ | 14,165,004 | $ | 306,144 | $ | 64,605,066 | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 84,326,145 | $ | — | $ | — | $ | 51,180,500 | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|
| 111 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | Invesco CEF Income Composite ETF (PCEF) | Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated interest income | $ | 2,256,688 | $ | 3,378,953 | $ | — | $ | 1,971,124 | ||||||||
Unaffiliated dividend income | — | — | 23,738,093 | — | ||||||||||||
Affiliated dividend income | 1,795 | — | 289,776 | 6,850 | ||||||||||||
Securities lending income | — | — | 130,224 | — | ||||||||||||
Foreign withholding tax | — | — | — | (5,731 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 2,258,483 | 3,378,953 | 24,158,093 | 1,972,243 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 240,993 | 343,940 | 1,756,239 | 211,794 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (406 | ) | — | (680 | ) | (1,021 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 240,587 | 343,940 | 1,755,559 | 210,773 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 2,017,896 | 3,035,013 | 22,402,534 | 1,761,470 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (211,934 | ) | (5 | ) | (1,999,329 | ) | 592,095 | |||||||||
Affiliated investment securities | — | — | (30,601 | ) | — | |||||||||||
Unaffiliated in-kind redemptions | 140,264 | — | 9,269,690 | — | ||||||||||||
Affiliated in-kind redemptions | — | — | 34,209 | — | ||||||||||||
Distributions of underlying fund shares | — | — | 399,663 | — | ||||||||||||
Foreign currencies | — | — | — | 38,547 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (71,670 | ) | (5 | ) | 7,673,632 | 630,642 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | (6,947,636 | ) | (4,986,122 | ) | (33,181,609 | ) | 3,443,462 | |||||||||
Affiliated investment securities | — | — | (144,545 | ) | — | |||||||||||
Foreign currencies | — | — | — | 13,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (6,947,636 | ) | (4,986,122 | ) | (33,326,154 | ) | 3,457,092 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (7,019,306 | ) | (4,986,127 | ) | (25,652,522 | ) | 4,087,734 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (5,001,410 | ) | $ | (1,951,114 | ) | $ | (3,249,988 | ) | $ | 5,849,204 | |||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 112 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | Invesco Global Short Term High Yield Bond ETF (PGHY) | |||||||||||
$ | 113,540,220 | $ | 25,123,175 | $ | 1,267,782 | $ | 6,480,600 | |||||||
— | — | — | — | |||||||||||
140,082 | 26,233 | 2,223 | 24,055 | |||||||||||
171,913 | 429,631 | — | — | |||||||||||
— | — | — | (1,067 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||
113,852,215 | 25,579,039 | 1,270,005 | 6,503,588 | |||||||||||
|
|
|
|
|
|
|
| |||||||
12,414,351 | 2,760,435 | 95,156 | 411,438 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(18,721 | ) | (3,721 | ) | (341 | ) | (3,730 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
12,395,630 | 2,756,714 | 94,815 | 407,708 | |||||||||||
|
|
|
|
|
|
|
| |||||||
101,456,585 | 22,822,325 | 1,175,190 | 6,095,880 | |||||||||||
|
|
|
|
|
|
|
| |||||||
(154,932,801 | ) | (2,994,944 | ) | (200,928 | ) | (920,664 | ) | |||||||
— | — | — | — | |||||||||||
12,779,360 | 5,061,728 | — | (49,475 | ) | ||||||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||
(142,153,441 | ) | 2,066,784 | (200,928 | ) | (970,139 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
(211,235,192 | ) | (37,907,475 | ) | (3,176,767 | ) | (3,754,617 | ) | |||||||
— | — | — | — | |||||||||||
— | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||
(211,235,192 | ) | (37,907,475 | ) | (3,176,767 | ) | (3,754,617 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
(353,388,633 | ) | (35,840,691 | ) | (3,377,695 | ) | (4,724,756 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
$ | (251,932,048 | ) | $ | (13,018,366 | ) | $ | (2,202,505 | ) | $ | 1,371,124 | ||||
|
|
|
|
|
|
|
|
| 113 |
|
Statements of Operations (continued)
For the six months ended April 30, 2018
(Unaudited)
Invesco International Corporate Bond ETF (PICB) | Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | Invesco National AMT-Free Municipal Bond ETF (PZA) | Invesco New York AMT-Free Municipal Bond ETF (PZT) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated interest income | $ | 1,667,612 | $ | 276,234 | $ | 27,352,592 | $ | 1,075,654 | ||||||||
Unaffiliated dividend income | — | — | — | — | ||||||||||||
Affiliated dividend income | 1,626 | 1,543 | — | — | ||||||||||||
Securities lending income | — | — | — | — | ||||||||||||
Foreign withholding tax | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,669,238 | 277,777 | 27,352,592 | 1,075,654 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 399,583 | 26,953 | 2,260,416 | 94,182 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (248 | ) | (236 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 399,335 | 26,717 | 2,260,416 | 94,182 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 1,269,903 | 251,060 | 25,092,176 | 981,472 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities* | 60,789 | (14,363 | ) | (794,886 | ) | (26,083 | ) | |||||||||
Unaffiliated in-kind redemptions | 499,385 | (166,130 | ) | 384,532 | — | |||||||||||
Foreign currencies | 100,424 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 660,598 | (180,493 | ) | (410,354 | ) | (26,083 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | 2,196,870 | (257,933 | ) | (37,557,693 | ) | (1,685,534 | ) | |||||||||
Foreign currencies | (15,446 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 2,181,424 | (257,933 | ) | (37,557,693 | ) | (1,685,534 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 2,842,022 | (438,426 | ) | (37,968,047 | ) | (1,711,617 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 4,111,925 | $ | (187,366 | ) | $ | (12,875,871 | ) | $ | (730,145 | ) | |||||
|
|
|
|
|
|
|
|
* | Includes net gains from securities sold to affiliates of $32,230 for Invesco Variable Rate Preferred ETF. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 114 |
|
Invesco Preferred ETF (PGX) | Invesco Taxable Municipal Bond ETF (BAB) | Invesco Treasury Collateral ETF (CLTL) | Invesco Variable Rate Preferred ETF (VRP) | Invesco VRDO Tax-Free Weekly ETF (PVI) | ||||||||||||||
$ | — | $ | 20,345,014 | $ | 3,005,185 | $ | 28,383,097 | $ | 441,171 | |||||||||
155,652,719 | — | — | 16,965,771 | — | ||||||||||||||
76,741 | 78,793 | 2,835 | 29,546 | — | ||||||||||||||
1,940,864 | — | — | 368,427 | — | ||||||||||||||
(1,899 | ) | — | — | (8,871 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
157,668,425 | 20,423,807 | 3,008,020 | 45,737,970 | 441,171 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
12,990,621 | 1,321,258 | 180,846 | 4,950,252 | 91,092 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(11,726 | ) | (10,814 | ) | (449 | ) | (4,652 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
12,978,895 | 1,310,444 | 180,397 | 4,945,600 | 91,092 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
144,689,530 | 19,113,363 | 2,827,623 | 40,792,370 | 350,079 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(13,794,696 | ) | (1,529,776 | ) | (20,416 | ) | (1,267,604 | ) | 350 | ||||||||||
9,022,058 | 678,824 | — | 18,191,846 | — | ||||||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(4,772,638 | ) | (850,952 | ) | (20,416 | ) | 16,924,242 | 350 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(209,485,409 | ) | (24,164,821 | ) | (239,367 | ) | (81,733,978 | ) | — | ||||||||||
— | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(209,485,409 | ) | (24,164,821 | ) | (239,367 | ) | (81,733,978 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(214,258,047 | ) | (25,015,773 | ) | (259,783 | ) | (64,809,736 | ) | 350 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | (69,568,517 | ) | $ | (5,902,410 | ) | $ | 2,567,840 | $ | (24,017,366 | ) | $ | 350,429 | ||||||
|
|
|
|
|
|
|
|
|
|
| 115 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,017,896 | $ | 3,828,078 | $ | 3,035,013 | $ | 4,787,907 | ||||||||
Net realized gain (loss) | (71,670 | ) | (861,018 | ) | (5 | ) | 516,728 | |||||||||
Net change in unrealized appreciation (depreciation) | (6,947,636 | ) | (7,860,127 | ) | (4,986,122 | ) | (1,373,457 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (5,001,410 | ) | (4,893,067 | ) | (1,951,114 | ) | 3,931,178 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (2,056,390 | ) | (3,839,339 | ) | (3,070,434 | ) | (4,787,907 | ) | ||||||||
Return of capital | — | — | — | (47,626 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (2,056,390 | ) | (3,839,339 | ) | (3,070,434 | ) | (4,835,533 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 50,318,059 | 24,396,719 | 20,897,090 | 80,270,039 | ||||||||||||
Value of shares repurchased | (48,673,965 | ) | (49,742,721 | ) | (5,132,012 | ) | (31,699,168 | ) | ||||||||
Transaction fees | — | — | 12,830 | 126,543 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 1,644,094 | (25,346,002 | ) | 15,777,908 | 48,697,414 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (5,413,706 | ) | (34,078,408 | ) | 10,756,360 | 47,793,059 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 187,393,113 | 221,471,521 | 237,413,111 | 189,620,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 181,979,407 | $ | 187,393,113 | $ | 248,169,471 | $ | 237,413,111 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (38,494 | ) | $ | — | $ | (35,421 | ) | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,550,000 | 750,000 | 800,000 | 3,100,000 | ||||||||||||
Shares repurchased | (1,500,000 | ) | (1,550,000 | ) | (200,000 | ) | (1,250,000 | ) | ||||||||
Shares outstanding, beginning of period | 5,750,000 | 6,550,000 | 9,100,000 | 7,250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 5,800,000 | 5,750,000 | 9,700,000 | 9,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 116 |
|
Invesco CEF Income Composite ETF (PCEF) | Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 22,402,534 | $ | 32,653,847 | $ | 1,761,470 | $ | 1,926,368 | $ | 101,456,585 | $ | 215,218,292 | $ | 22,822,325 | $ | 49,230,720 | |||||||||||||||
7,673,632 | 7,177,093 | 630,642 | (2,787,286 | ) | (142,153,441 | ) | 13,135,712 | 2,066,784 | 33,564,542 | |||||||||||||||||||||
(33,326,154 | ) | 58,160,457 | 3,457,092 | 3,594,706 | (211,235,192 | ) | (39,018,156 | ) | (37,907,475 | ) | (15,558,589 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,249,988 | ) | 97,991,397 | 5,849,204 | 2,733,788 | (251,932,048 | ) | 189,335,848 | (13,018,366 | ) | 67,236,673 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(26,229,172 | ) | (32,752,020 | ) | (1,776,317 | ) | — | (105,390,734 | ) | (216,095,814 | ) | (22,373,434 | ) | (49,423,066 | ) | ||||||||||||||||
— | (15,880,681 | ) | — | (1,931,288 | ) | — | (835,414 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(26,229,172 | ) | (48,632,701 | ) | (1,776,317 | ) | (1,931,288 | ) | (105,390,734 | ) | (216,931,228 | ) | (22,373,434 | ) | (49,423,066 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
81,097,794 | 78,505,086 | 22,478,449 | 45,202,841 | 617,875,845 | 1,518,591,646 | 533,076,361 | 991,546,556 | |||||||||||||||||||||||
(44,460,781 | ) | (67,160,223 | ) | — | (18,786,322 | ) | (456,303,079 | ) | (645,882,836 | ) | (698,704,116 | ) | (899,575,504 | ) | ||||||||||||||||
— | — | 112,392 | 309,035 | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
36,637,013 | 11,344,863 | 22,590,841 | 26,725,554 | 161,572,766 | 872,708,810 | (165,627,755 | ) | 91,971,052 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
7,157,853 | 60,703,559 | 26,663,728 | 27,528,054 | (195,750,016 | ) | 845,113,430 | (201,019,555 | ) | 109,784,659 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
703,176,623 | 642,473,064 | 77,592,717 | 50,064,663 | 4,970,710,076 | 4,125,596,646 | 1,197,921,837 | 1,088,137,178 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 710,334,476 | $ | 703,176,623 | $ | 104,256,445 | $ | 77,592,717 | $ | 4,774,960,060 | $ | 4,970,710,076 | $ | 996,902,282 | $ | 1,197,921,837 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (3,826,638 | ) | $ | — | $ | (14,847 | ) | $ | — | $ | (3,934,149 | ) | $ | — | $ | 448,891 | $ | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,450,000 | 3,350,000 | 950,000 | 2,000,000 | 21,400,000 | 51,700,000 | 28,300,000 | 52,500,000 | |||||||||||||||||||||||
(1,900,000 | ) | (2,900,000 | ) | — | (850,000 | ) | (16,000,000 | ) | (22,300,000 | ) | (37,200,000 | ) | (47,600,000 | ) | ||||||||||||||||
29,350,000 | 28,900,000 | 3,350,000 | 2,200,000 | 167,800,000 | 138,400,000 | 62,800,000 | 57,900,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
30,900,000 | 29,350,000 | 4,300,000 | 3,350,000 | 173,200,000 | 167,800,000 | 53,900,000 | 62,800,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 117 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | Invesco Global Short Term High Yield Bond ETF (PGHY) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,175,190 | $ | 1,256,153 | $ | 6,095,880 | $ | 8,634,212 | ||||||||
Net realized gain (loss) | (200,928 | ) | 93,679 | (970,139 | ) | 707,913 | ||||||||||
Net change in unrealized appreciation (depreciation) | (3,176,767 | ) | (782,957 | ) | (3,754,617 | ) | (2,176,843 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,202,505 | ) | 566,875 | 1,371,124 | 7,165,282 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,177,337 | ) | (1,261,537 | ) | (6,011,492 | ) | (8,634,020 | ) | ||||||||
Return of capital | — | — | — | (57,605 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,177,337 | ) | (1,261,537 | ) | (6,011,492 | ) | (8,691,625 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 65,752,677 | 17,863,611 | 59,621,222 | 157,179,230 | ||||||||||||
Value of shares repurchased | — | (25,352,592 | ) | (55,768,593 | ) | (2,422,833 | ) | |||||||||
Transaction fees | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 65,752,677 | (7,488,981 | ) | 3,852,629 | 154,756,397 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 62,372,835 | (8,183,643 | ) | (787,739 | ) | 153,230,054 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 49,970,387 | 58,154,030 | 222,092,550 | 68,862,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 112,343,222 | $ | 49,970,387 | $ | 221,304,811 | $ | 222,092,550 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | (2,147 | ) | $ | — | $ | 84,388 | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,600,000 | 700,000 | 2,500,000 | 6,450,000 | ||||||||||||
Shares repurchased | — | (1,000,000 | ) | (2,350,000 | ) | (100,000 | ) | |||||||||
Shares outstanding, beginning of period | 1,950,000 | 2,250,000 | 9,200,000 | 2,850,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 4,550,000 | 1,950,000 | 9,350,000 | 9,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 118 |
|
Invesco International Corporate Bond ETF (PICB) | Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | Invesco National AMT-Free Municipal Bond ETF (PZA) | Invesco New York AMT-Free Municipal Bond ETF (PZT) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 1,269,903 | $ | 2,779,039 | $ | 251,060 | $ | 440,111 | $ | 25,092,176 | $ | 44,120,363 | $ | 981,472 | $ | 1,926,314 | |||||||||||||||
660,598 | (5,242,744 | ) | (180,493 | ) | 51,690 | (410,354 | ) | 1,566,146 | (26,083 | ) | 485,614 | |||||||||||||||||||
2,181,424 | 16,782,632 | (257,933 | ) | (120,959 | ) | (37,557,693 | ) | (6,807,061 | ) | (1,685,534 | ) | (901,063 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,111,925 | 14,318,927 | (187,366 | ) | 370,842 | (12,875,871 | ) | 38,879,448 | (730,145 | ) | 1,510,865 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,280,140 | ) | (1,543,177 | ) | (255,714 | ) | (442,061 | ) | (25,461,555 | ) | (44,434,318 | ) | (999,580 | ) | (1,937,572 | ) | |||||||||||||||
— | (1,275,336 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,280,140 | ) | (2,818,513 | ) | (255,714 | ) | (442,061 | ) | (25,461,555 | ) | (44,434,318 | ) | (999,580 | ) | (1,937,572 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,034,953 | 57,791,988 | 11,218,280 | 6,249,120 | 117,390,629 | 375,282,762 | 3,659,422 | 2,424,444 | |||||||||||||||||||||||
(19,338,841 | ) | (69,877,741 | ) | (19,783,330 | ) | (4,996,874 | ) | (74,148,904 | ) | (138,711,374 | ) | — | — | |||||||||||||||||
— | 9,244 | — | — | 121,020 | 608,718 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(15,303,888 | ) | (12,076,509 | ) | (8,565,050 | ) | 1,252,246 | 43,362,745 | 237,180,106 | 3,659,422 | 2,424,444 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(12,472,103 | ) | (576,095 | ) | (9,008,130 | ) | 1,181,027 | 5,025,319 | 231,625,236 | 1,929,697 | 1,997,737 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
159,962,963 | 160,539,058 | 23,734,532 | 22,553,505 | 1,611,258,272 | 1,379,633,036 | 66,060,627 | 64,062,890 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 147,490,860 | $ | 159,962,963 | $ | 14,726,402 | $ | 23,734,532 | $ | 1,616,283,591 | $ | 1,611,258,272 | $ | 67,990,324 | $ | 66,060,627 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (10,237 | ) | $ | — | $ | (4,654 | ) | $ | — | $ | (369,379 | ) | $ | — | $ | (18,108 | ) | $ | — | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
150,000 | 2,300,000 | 450,000 | 250,000 | 4,600,000 | 14,850,000 | 150,000 | 100,000 | |||||||||||||||||||||||
(700,000 | ) | (2,750,000 | ) | (800,000 | ) | (200,000 | ) | (2,900,000 | ) | (5,550,000 | ) | — | — | |||||||||||||||||
5,950,000 | 6,400,000 | 950,000 | 900,000 | 63,000,000 | 53,700,000 | 2,700,000 | 2,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
5,400,000 | 5,950,000 | 600,000 | 950,000 | 64,700,000 | 63,000,000 | 2,850,000 | 2,700,000 | |||||||||||||||||||||||
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| 119 |
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Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Preferred ETF (PGX) | Invesco Taxable Municipal Bond ETF (BAB) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 144,689,530 | $ | 273,485,492 | $ | 19,113,363 | $ | 39,719,227 | ||||||||
Net realized gain (loss) | (4,772,638 | ) | (8,474,161 | ) | (850,952 | ) | (1,810,687 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (209,485,409 | ) | (1,049,352 | ) | (24,164,821 | ) | (11,646,216 | ) | ||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from operations | (69,568,517 | ) | 263,961,979 | (5,902,410 | ) | 26,262,324 | ||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (146,771,325 | ) | (276,488,848 | ) | (19,110,031 | ) | (39,855,653 | ) | ||||||||
Return of capital | — | — | — | — | ||||||||||||
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| |||||||||
Total distributions to shareholders | (146,771,325 | ) | (276,488,848 | ) | (19,110,031 | ) | (39,855,653 | ) | ||||||||
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Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 318,461,476 | 1,107,127,988 | 49,320,085 | 21,044,718 | ||||||||||||
Value of shares repurchased | (368,261,735 | ) | (491,910,183 | ) | (53,705,867 | ) | (106,639,740 | ) | ||||||||
Transaction fees | — | — | 249,703 | 744,256 | ||||||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (49,800,259 | ) | 615,217,805 | (4,136,079 | ) | (84,850,766 | ) | |||||||||
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| |||||||||
Increase (Decrease) in Net Assets | (266,140,101 | ) | 602,690,936 | (29,148,520 | ) | (98,444,095 | ) | |||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 5,333,535,443 | 4,730,844,507 | 972,235,192 | 1,070,679,287 | ||||||||||||
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End of period | $ | 5,067,395,342 | $ | 5,333,535,443 | $ | 943,086,672 | $ | 972,235,192 | ||||||||
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Undistributed net investment income at end of period | $ | (2,081,795 | ) | $ | — | $ | 3,332 | $ | — | |||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 21,550,000 | 74,100,000 | 1,650,000 | 700,000 | ||||||||||||
Shares repurchased | (25,150,000 | ) | (33,900,000 | ) | (1,800,000 | ) | (3,600,000 | ) | ||||||||
Shares outstanding, beginning of period | 356,400,000 | 316,200,000 | 32,000,000 | 34,900,000 | ||||||||||||
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Shares outstanding, end of period | 352,800,000 | 356,400,000 | 31,850,000 | 32,000,000 | ||||||||||||
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(a) | For the period January 10, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 120 |
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Invesco Treasury Collateral ETF (CLTL) | Invesco Variable Rate Preferred ETF (VRP) | Invesco VRDO Tax-Free Weekly ETF (PVI) | ||||||||||||||||||||
April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||
$ | 2,827,623 | $ | 2,397,921 | $ | 40,792,370 | $ | 64,539,040 | $ | 350,079 | $ | 395,971 | |||||||||||
(20,416 | ) | (35,104 | ) | 16,924,242 | 31,561,759 | 350 | (10 | ) | ||||||||||||||
(239,367 | ) | (161,473 | ) | (81,733,978 | ) | (953,428 | ) | — | — | |||||||||||||
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2,567,840 | 2,201,344 | (24,017,366 | ) | 95,147,371 | 350,429 | 395,961 | ||||||||||||||||
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(3,211,413 | ) | — | (47,301,234 | ) | (64,972,652 | ) | (384,056 | ) | (395,971 | ) | ||||||||||||
— | — | — | — | — | (449 | ) | ||||||||||||||||
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(3,211,413 | ) | — | (47,301,234 | ) | (64,972,652 | ) | (384,056 | ) | (396,420 | ) | ||||||||||||
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13,740,267 | 453,283,483 | 786,305,472 | 1,478,978,932 | 3,740,346 | 26,174,420 | |||||||||||||||||
— | (1,056,040 | ) | (515,777,049 | ) | (517,259,238 | ) | (24,926,464 | ) | (2,492,350 | ) | ||||||||||||
— | — | — | — | — | — | |||||||||||||||||
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13,740,267 | 452,227,443 | 270,528,423 | 961,719,694 | (21,186,118 | ) | 23,682,070 | ||||||||||||||||
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13,096,694 | 454,428,787 | 199,209,823 | 991,894,413 | (21,219,745 | ) | 23,681,611 | ||||||||||||||||
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454,428,787 | — | 1,890,954,091 | 899,059,678 | 83,512,199 | 59,830,588 | |||||||||||||||||
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$ | 467,525,481 | $ | 454,428,787 | $ | 2,090,163,914 | $ | 1,890,954,091 | $ | 62,292,454 | $ | 83,512,199 | |||||||||||
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$ | 2,014,131 | $ | 2,397,921 | $ | (6,508,864 | ) | $ | — | $ | (33,977 | ) | $ | — | |||||||||
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| |||||||||||
130,000 | 4,300,001 | 30,700,000 | 57,600,000 | 150,000 | 1,050,000 | |||||||||||||||||
— | (10,000 | ) | (20,100,000 | ) | (20,000,000 | ) | (1,000,000 | ) | (100,000 | ) | ||||||||||||
4,290,001 | — | 73,100,000 | 35,500,000 | 3,350,000 | 2,400,000 | |||||||||||||||||
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| |||||||||||
4,420,001 | 4,290,001 | 83,700,000 | 73,100,000 | 2,500,000 | 3,350,000 | |||||||||||||||||
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| 121 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.59 | $ | 33.81 | $ | 32.59 | $ | 31.96 | $ | 30.41 | $ | 32.96 | ||||||||||||
Net investment income(a) | 0.33 | 0.66 | 0.65 | 0.70 | 0.76 | 0.74 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.20 | ) | (1.22 | ) | 1.22 | 0.63 | 1.54 | (2.55 | ) | |||||||||||||||
Total from investment operations | (0.87 | ) | (0.56 | ) | 1.87 | 1.33 | 2.30 | (1.81 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.34 | ) | (0.66 | ) | (0.65 | ) | (0.70 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||
Net realized gains | — | — | — | — | — | (0.00 | )(b) | |||||||||||||||||
Total distributions | (0.34 | ) | (0.66 | ) | (0.65 | ) | (0.70 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||
Net asset value at end of period | $ | 31.38 | $ | 32.59 | $ | 33.81 | $ | 32.59 | $ | 31.96 | $ | 30.41 | ||||||||||||
Market price at end of period(c) | $ | 31.34 | $ | 32.59 | $ | 33.84 | $ | 32.60 | $ | 31.97 | $ | 30.40 | ||||||||||||
Net Asset Value Total Return(d) | (2.69 | )% | (1.63 | )% | 5.76 | % | 4.18 | % | 7.71 | % | (5.55 | )% | ||||||||||||
Market Price Total Return(d) | (2.81 | )% | (1.72 | )% | 5.82 | % | 4.18 | % | 7.77 | % | (5.47 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 181,979 | $ | 187,393 | $ | 221,472 | $ | 267,278 | $ | 279,635 | $ | 150,540 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net investment income | 2.09 | %(e) | 2.02 | % | 1.94 | % | 2.14 | % | 2.47 | % | 2.33 | % | ||||||||||||
Portfolio turnover rate(f) | 4 | % | 5 | % | 6 | % | 7 | % | 5 | % | 5 | % |
(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 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) | 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 California AMT-Free Municipal Bond ETF (PWZ)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.09 | $ | 26.15 | $ | 25.43 | $ | 25.45 | $ | 23.50 | $ | 25.34 | ||||||||||||
Net investment income(a) | 0.32 | 0.65 | 0.74 | 0.82 | 0.97 | 0.91 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.51 | ) | (0.07 | ) | 0.70 | (0.06 | ) | 1.91 | (1.84 | ) | ||||||||||||||
Total from investment operations | (0.19 | ) | 0.58 | 1.44 | 0.76 | 2.88 | (0.93 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.65 | ) | (0.75 | ) | (0.83 | ) | (0.97 | ) | (0.91 | ) | ||||||||||||
Return of capital | — | (0.01 | ) | (0.01 | ) | (0.00 | )(b) | (0.02 | ) | (0.00 | )(b) | |||||||||||||
Total distributions | (0.32 | ) | (0.66 | ) | (0.76 | ) | (0.83 | ) | (0.99 | ) | (0.91 | ) | ||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.02 | 0.04 | 0.05 | 0.06 | — | |||||||||||||||||
Net asset value at end of period | $ | 25.58 | $ | 26.09 | $ | 26.15 | $ | 25.43 | $ | 25.45 | $ | 23.50 | ||||||||||||
Market price at end of period(c) | $ | 25.55 | $ | 26.08 | $ | 26.21 | $ | 25.50 | $ | 25.61 | $ | 23.42 | ||||||||||||
Net Asset Value Total Return(d) | (0.73 | )% | 2.36 | % | 5.84 | % | 3.25 | % | 12.75 | % | (3.74 | )% | ||||||||||||
Market Price Total Return(d) | (0.81 | )% | 2.08 | % | 5.79 | % | 2.87 | % | 13.84 | % | (4.06 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 248,169 | $ | 237,413 | $ | 189,620 | $ | 109,369 | $ | 66,169 | $ | 61,108 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.26 | % | 0.30 | % | ||||||||||||
Net investment income | 2.47 | %(e) | 2.52 | % | 2.81 | % | 3.23 | % | 3.95 | % | 3.70 | % | ||||||||||||
Portfolio turnover rate(f) | 0 | %(g) | 24 | % | 6 | % | 3 | % | 28 | % | 1 | % |
(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 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) | 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. For the fiscal year ended October 31, 2014, 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. |
(g) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 122 |
|
Financial Highlights (continued)
Invesco CEF Income Composite ETF (PCEF)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.96 | $ | 22.23 | $ | 21.91 | $ | 24.41 | $ | 24.40 | $ | 25.47 | ||||||||||||
Net investment income(a) | 0.74 | 1.13 | 1.30 | 1.53 | 1.36 | 1.21 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.84 | ) | 2.28 | 0.77 | (2.07 | ) | 0.58 | (0.31 | ) | |||||||||||||||
Total from investment operations | (0.10 | ) | 3.41 | 2.07 | (0.54 | ) | 1.94 | 0.90 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.87 | ) | (1.13 | ) | (1.34 | ) | (1.49 | ) | (1.75 | ) | (1.49 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.18 | ) | — | |||||||||||||||||
Return of capital | — | (0.55 | ) | (0.41 | ) | (0.47 | ) | — | (0.48 | ) | ||||||||||||||
Total distributions | (0.87 | ) | (1.68 | ) | (1.75 | ) | (1.96 | ) | (1.93 | ) | (1.97 | ) | ||||||||||||
Net asset value at end of period | $ | 22.99 | $ | 23.96 | $ | 22.23 | $ | 21.91 | $ | 24.41 | $ | 24.40 | ||||||||||||
Market price at end of period(b) | $ | 23.02 | $ | 23.96 | $ | 22.23 | $ | 21.85 | $ | 24.42 | $ | 24.40 | ||||||||||||
Net Asset Value Total Return(c) | (0.43 | )% | 15.86 | % | 10.11 | % | (2.31 | )% | 8.23 | % | 3.64 | % | ||||||||||||
Market Price Total Return(c) | (0.30 | )% | 15.86 | % | 10.41 | % | (2.62 | )% | 8.27 | % | 3.43 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 710,334 | $ | 703,177 | $ | 642,473 | $ | 628,684 | $ | 619,913 | $ | 469,789 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses(d) | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net investment income | 6.38 | %(e) | 4.85 | % | 5.99 | % | 6.61 | % | 5.54 | % | 4.82 | % | ||||||||||||
Portfolio turnover rate(f) | 7 | % | 15 | % | 20 | % | 20 | % | 19 | % | 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 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) | 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 Chinese Yuan Dim Sum Bond ETF (DSUM)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.16 | $ | 22.76 | $ | 24.08 | $ | 25.03 | $ | 25.23 | $ | 24.42 | ||||||||||||
Net investment income(a) | 0.44 | 0.83 | 0.77 | 0.77 | 0.81 | 0.82 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.06 | 0.26 | (1.40 | ) | (1.09 | ) | (0.34 | ) | 0.59 | |||||||||||||||
Total from investment operations | 1.50 | 1.09 | (0.63 | ) | (0.32 | ) | 0.47 | 1.41 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.44 | ) | — | — | (0.17 | ) | (0.69 | ) | (0.82 | ) | ||||||||||||||
Return of capital | — | (0.82 | ) | (0.77 | ) | (0.60 | ) | (0.11 | ) | — | ||||||||||||||
Total distributions | (0.44 | ) | (0.82 | ) | (0.77 | ) | (0.77 | ) | (0.80 | ) | (0.82 | ) | ||||||||||||
Transaction fees(a) | 0.03 | 0.13 | 0.08 | 0.14 | 0.13 | 0.22 | ||||||||||||||||||
Net asset value at end of period | $ | 24.25 | $ | 23.16 | $ | 22.76 | $ | 24.08 | $ | 25.03 | $ | 25.23 | ||||||||||||
Market price at end of period(b) | $ | 24.50 | $ | 23.18 | $ | 22.71 | $ | 23.97 | $ | 24.88 | $ | 25.41 | ||||||||||||
Net Asset Value Total Return(c) | 6.65 | % | 5.54 | % | (2.28 | )% | (0.71 | )% | 2.45 | % | 6.77 | % | ||||||||||||
Market Price Total Return(c) | 7.66 | % | 5.87 | % | (2.02 | )% | (0.56 | )% | 1.12 | % | 6.85 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 104,256 | $ | 77,593 | $ | 50,065 | $ | 81,865 | $ | 166,451 | $ | 107,213 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.45 | %(d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income | 3.74 | %(d) | 3.68 | % | 3.31 | % | 3.16 | % | 3.24 | % | 3.30 | % | ||||||||||||
Portfolio turnover rate(e) | 5 | % | 60 | % | 22 | % | 26 | % | 34 | % | 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 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) | 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.
| 123 |
|
Financial Highlights (continued)
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | $ | 27.93 | $ | 31.00 | ||||||||||||
Net investment income(a) | 0.58 | 1.45 | 1.46 | 1.48 | 1.28 | 1.30 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.03 | ) | (0.17 | ) | 1.74 | (0.97 | ) | 1.10 | (3.08 | ) | ||||||||||||||
Total from investment operations | (1.45 | ) | 1.28 | 3.20 | 0.51 | 2.38 | (1.78 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.60 | ) | (1.46 | ) | (1.47 | ) | (1.46 | ) | (1.28 | ) | (1.29 | ) | ||||||||||||
Return of capital | — | (0.01 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.60 | ) | (1.47 | ) | (1.47 | ) | (1.46 | ) | (1.28 | ) | (1.29 | ) | ||||||||||||
Net asset value at end of period | $ | 27.57 | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | $ | 27.93 | ||||||||||||
Market price at end of period(b) | $ | 27.47 | $ | 29.62 | $ | 29.70 | $ | 28.02 | $ | 29.08 | $ | 27.92 | ||||||||||||
Net Asset Value Total Return(c) | 4.94 | % | 4.49 | % | 11.79 | % | 1.87 | % | 8.77 | % | (5.85 | )% | ||||||||||||
Market Price Total Return(c) | 5.28 | % | 4.88 | % | 11.61 | % | 1.49 | % | 9.00 | % | (6.22 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 4,774,960 | $ | 4,970,710 | $ | 4,125,597 | $ | 2,653,385 | $ | 2,429,411 | $ | 2,008,276 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50 | %(d) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net investment income | 4.09 | %(d) | 4.98 | % | 5.06 | % | 5.25 | % | 4.52 | % | 4.37 | % | ||||||||||||
Portfolio turnover rate(e) | 41 | % | 30 | % | 30 | % | 27 | % | 14 | % | 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 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) | 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 Fundamental High Yield® Corporate Bond ETF (PHB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.08 | $ | 18.79 | $ | 18.25 | $ | 19.24 | $ | 19.24 | $ | 19.19 | ||||||||||||
Net investment income(a) | 0.39 | 0.80 | 0.85 | 0.81 | 0.85 | 0.90 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.59 | ) | 0.29 | 0.54 | (0.98 | ) | (0.00 | )(b) | 0.05 | |||||||||||||||
Total from investment operations | (0.20 | ) | 1.09 | 1.39 | (0.17 | ) | 0.85 | 0.95 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.80 | ) | (0.85 | ) | (0.82 | ) | (0.85 | ) | (0.90 | ) | ||||||||||||
Net asset value at end of period | $ | 18.50 | $ | 19.08 | $ | 18.79 | $ | 18.25 | $ | 19.24 | $ | 19.24 | ||||||||||||
Market price at end of period(c) | $ | 18.45 | $ | 19.07 | $ | 18.70 | $ | 18.23 | $ | 19.19 | $ | 19.26 | ||||||||||||
Net Asset Value Total Return(d) | (1.05 | )% | 5.96 | % | 7.97 | % | (0.90 | )% | 4.49 | % | 5.06 | % | ||||||||||||
Market Price Total Return(d) | (1.26 | )% | 6.42 | % | 7.56 | % | (0.75 | )% | 4.12 | % | 5.29 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 996,902 | $ | 1,197,922 | $ | 1,088,137 | $ | 666,301 | $ | 565,770 | $ | 621,429 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net investment income | 4.13 | %(e) | 4.23 | % | 4.69 | % | 4.34 | % | 4.37 | % | 4.66 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 9 | % | 14 | % | 16 | % | 20 | % | 23 | % |
(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 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.63 | $ | 25.85 | $ | 25.24 | $ | 25.45 | $ | 25.13 | $ | 25.83 | ||||||||||||
Net investment income(a) | 0.34 | 0.65 | 0.65 | 0.62 | 0.62 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.95 | ) | (0.22 | ) | 0.62 | (0.19 | ) | 0.31 | (0.69 | ) | ||||||||||||||
Total from investment operations | (0.61 | ) | 0.43 | 1.27 | 0.43 | 0.93 | (0.15 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.65 | ) | (0.66 | ) | (0.64 | ) | (0.60 | ) | (0.55 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Return of capital | — | — | (0.00 | )(b) | — | — | — | |||||||||||||||||
Total distributions | (0.33 | ) | (0.65 | ) | (0.66 | ) | (0.64 | ) | (0.61 | ) | (0.55 | ) | ||||||||||||
Net asset value at end of period | $ | 24.69 | $ | 25.63 | $ | 25.85 | $ | 25.24 | $ | 25.45 | $ | 25.13 | ||||||||||||
Market price at end of period(c) | $ | 24.70 | $ | 25.62 | $ | 25.87 | $ | 25.27 | $ | 25.47 | $ | 25.12 | ||||||||||||
Net Asset Value Total Return(d) | (2.41 | )% | 1.73 | % | 5.08 | % | 1.69 | % | 3.75 | % | (0.57 | )% | ||||||||||||
Market Price Total Return(d) | (2.33 | )% | 1.61 | % | 5.03 | % | 1.72 | % | 3.88 | % | (0.68 | )% | ||||||||||||
Ratios/Supplemental Data:+ | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 112,343 | $ | 49,970 | $ | 58,154 | $ | 34,067 | $ | 30,538 | $ | 33,925 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.22 | %(e) | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||||||
Net investment income | 2.72 | %(e) | 2.53 | % | 2.55 | % | 2.45 | % | 2.43 | % | 2.15 | % | ||||||||||||
Portfolio turnover rate(f) | 15 | % | 42 | % | 20 | % | 16 | % | 9 | % | 20 | % |
(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 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) | 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 Global Short Term High Yield Bond ETF (PGHY)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period June 17, 2013(a) Through October 31, 2013 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | $ | 24.84 | $ | 24.70 | ||||||||||||
Net investment income(b) | 0.81 | 1.34 | 1.51 | 1.04 | 0.99 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.68 | ) | 0.02 | 0.59 | (0.62 | ) | (0.67 | ) | 0.10 | |||||||||||||||
Total from investment operations | 0.13 | 1.36 | 2.10 | 0.42 | 0.32 | 0.44 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.60 | ) | (1.37 | ) | (1.42 | ) | (1.03 | ) | (1.00 | ) | (0.30 | ) | ||||||||||||
Return of capital | — | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | — | ||||||||||||||
Total distributions | (0.60 | ) | (1.38 | ) | (1.44 | ) | (1.04 | ) | (1.04 | ) | (0.30 | ) | ||||||||||||
Net asset value at end of period | $ | 23.67 | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | $ | 24.84 | ||||||||||||
Market price at end of period(c) | $ | 23.69 | $ | 24.19 | $ | 24.23 | $ | 23.37 | $ | 24.04 | $ | 25.06 | ||||||||||||
Net Asset Value Total Return(d) | 0.57 | % | 5.76 | % | 9.27 | % | 1.83 | % | 1.27 | % | 1.78 | %(e) | ||||||||||||
Market Price Total Return(d) | 0.44 | % | 5.66 | % | 10.17 | % | 1.61 | % | 0.04 | % | 2.67 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 221,305 | $ | 222,093 | $ | 68,862 | $ | 27,029 | $ | 37,389 | $ | 14,903 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35 | %(f) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(f) | ||||||||||||
Net investment income | 6.89 | %(f) | 5.52 | % | 6.43 | % | 4.43 | % | 4.03 | % | 3.71 | %(f) | ||||||||||||
Portfolio turnover rate(g) | 24 | % | 38 | % | 53 | % | 50 | % | 29 | % | 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 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 20, 2013, the first day of trading on the exchange) to October 31, 2013 was 2.82%. The market price total return from Fund Inception to October 31, 2013 was 4.02%. |
(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.
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Financial Highlights (continued)
Invesco International Corporate Bond ETF (PICB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | $ | 29.50 | $ | 28.94 | ||||||||||||
Net investment income(a) | 0.22 | 0.42 | 0.55 | 0.62 | 0.77 | 0.86 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.43 | 1.80 | (0.86 | ) | (2.82 | ) | (0.75 | ) | 0.49 | |||||||||||||||
Total from investment operations | 0.65 | 2.22 | (0.31 | ) | (2.20 | ) | 0.02 | 1.35 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.23 | ) | — | (0.03 | ) | (0.74 | ) | (0.69 | ) | |||||||||||||
Net realized gains | — | — | — | — | (0.03 | ) | — | |||||||||||||||||
Return of capital | — | (0.19 | ) | (0.56 | ) | (0.59 | ) | — | (0.13 | ) | ||||||||||||||
Total distributions | (0.22 | ) | (0.42 | ) | (0.56 | ) | (0.62 | ) | (0.77 | ) | (0.82 | ) | ||||||||||||
Transaction fees(a) | — | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.02 | 0.03 | |||||||||||||||
Net asset value at end of period | $ | 27.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | $ | 29.50 | ||||||||||||
Market price at end of period(c) | $ | 27.25 | $ | 26.89 | $ | 25.02 | $ | 25.89 | $ | 28.77 | $ | 29.55 | ||||||||||||
Net Asset Value Total Return(d) | 2.42 | % | 8.95 | % | (1.26 | )% | (7.73 | )% | 0.09 | % | 4.88 | % | ||||||||||||
Market Price Total Return(d) | 2.16 | % | 9.25 | % | (1.26 | )% | (7.94 | )% | (0.08 | )% | 4.59 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 147,491 | $ | 159,963 | $ | 160,539 | $ | 189,454 | $ | 263,233 | $ | 156,336 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net investment income | 1.59 | %(e) | 1.62 | % | 2.12 | % | 2.29 | % | 2.57 | % | 2.99 | % | ||||||||||||
Portfolio turnover rate(f) | 2 | % | 14 | % | 24 | % | 13 | % | 17 | % | 27 | % |
(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 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) | 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 LadderRite 0-5 Year Corporate Bond ETF (LDRI)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period September 8, 2014(a) Through October 31, 2014 | ||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 24.98 | $ | 25.06 | $ | 25.08 | $ | 25.03 | $ | 25.07 | ||||||||||
Net investment income(b) | 0.25 | 0.45 | 0.43 | 0.32 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.44 | ) | (0.08 | ) | 0.03 | 0.05 | (0.04 | ) | ||||||||||||
Total from investment operations | (0.19 | ) | 0.37 | 0.46 | 0.37 | (0.01 | ) | |||||||||||||
Distribution to shareholders from: | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.45 | ) | (0.44 | ) | (0.32 | ) | (0.03 | ) | ||||||||||
Net realized gains | — | — | (0.04 | ) | — | — | ||||||||||||||
Return of capital | — | — | (0.00 | )(c) | — | — | ||||||||||||||
Total distributions | (0.25 | ) | (0.45 | ) | (0.48 | ) | (0.32 | ) | (0.03 | ) | ||||||||||
Net asset value at end of period | $ | 24.54 | $ | 24.98 | $ | 25.06 | $ | 25.08 | $ | 25.03 | ||||||||||
Market price at end of period(d) | $ | 24.48 | $ | 24.98 | $ | 25.14 | $ | 25.16 | $ | 25.04 | ||||||||||
Net Asset Value Total Return(e) | (0.76 | )% | 1.49 | % | 1.84 | % | 1.48 | % | (0.06 | )%(f) | ||||||||||
Market Price Total Return(e) | (1.01 | )% | 1.16 | % | 1.84 | % | 1.76 | % | (0.02 | )%(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 14,726 | $ | 23,735 | $ | 22,554 | $ | 6,270 | $ | 6,256 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.22 | %(g) | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | %(g) | ||||||||||
Net investment income | 2.05 | %(g) | 1.79 | % | 1.74 | % | 1.26 | % | 0.96 | %(g) | ||||||||||
Portfolio turnover rate(h) | 16 | % | 19 | % | 11 | % | 9 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(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 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) | The net asset value total return from Fund Inception (September 10, 2014, the first day trading on the exchange) to October 31, 2014 was 0.22%. The market price total return from Fund Inception to October 31, 2014 was 0.26%. |
(g) | Annualized. |
(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.
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Financial Highlights (continued)
Invesco National AMT-Free Municipal Bond ETF (PZA)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.58 | $ | 25.69 | $ | 25.10 | $ | 25.17 | $ | 23.28 | $ | 25.74 | ||||||||||||
Net investment income(a) | 0.39 | 0.77 | 0.82 | 0.92 | 1.00 | 0.98 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.59 | ) | (0.11 | ) | 0.57 | (0.09 | ) | 1.87 | (2.46 | ) | ||||||||||||||
Total from investment operations | (0.20 | ) | 0.66 | 1.39 | 0.83 | 2.87 | (1.48 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.78 | ) | (0.83 | ) | (0.92 | ) | (1.01 | ) | (0.98 | ) | ||||||||||||
Return of capital | — | — | (0.00 | )(b) | (0.00 | )(b) | (0.01 | ) | (0.00 | )(b) | ||||||||||||||
Total distributions | (0.40 | ) | (0.78 | ) | (0.83 | ) | (0.92 | ) | (1.02 | ) | (0.98 | ) | ||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.01 | 0.03 | 0.02 | 0.04 | — | |||||||||||||||||
Net asset value at end of period | $ | 24.98 | $ | 25.58 | $ | 25.69 | $ | 25.10 | $ | 25.17 | $ | 23.28 | ||||||||||||
Market price at end of period(c) | $ | 24.95 | $ | 25.55 | $ | 25.77 | $ | 25.15 | $ | 25.25 | $ | 23.23 | ||||||||||||
Net Asset Value Total Return(d) | (0.81 | )% | 2.70 | % | 5.71 | % | 3.45 | % | 12.77 | % | (5.90 | )% | ||||||||||||
Market Price Total Return(d) | (0.81 | )% | 2.25 | % | 5.82 | % | 3.32 | % | 13.35 | % | (6.27 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,616,284 | $ | 1,611,258 | $ | 1,379,633 | $ | 897,395 | $ | 739,986 | $ | 564,598 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | ||||||||||||
Net investment income | 3.11 | %(e) | 3.06 | % | 3.17 | % | 3.64 | % | 4.13 | % | 3.93 | % | ||||||||||||
Portfolio turnover rate(f) | 3 | % | 23 | % | 6 | % | 4 | % | 15 | % | 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 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) | 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. For the fiscal year ended October 31, 2014, 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 New York AMT-Free Municipal Bond ETF (PZT)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.47 | $ | 24.64 | $ | 24.14 | $ | 24.33 | $ | 22.37 | $ | 24.82 | ||||||||||||
Net investment income(a) | 0.35 | 0.73 | 0.81 | 0.83 | 0.92 | 0.92 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.60 | ) | (0.17 | ) | 0.51 | (0.19 | ) | 1.96 | (2.45 | ) | ||||||||||||||
Total from investment operations | (0.25 | ) | 0.56 | 1.32 | 0.64 | 2.88 | (1.53 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.73 | ) | (0.81 | ) | (0.83 | ) | (0.91 | ) | (0.92 | ) | ||||||||||||
Return of capital | — | — | (0.01 | ) | (0.00 | )(b) | (0.01 | ) | (0.00 | )(b) | ||||||||||||||
Total distributions | (0.36 | ) | (0.73 | ) | (0.82 | ) | (0.83 | ) | (0.92 | ) | (0.92 | ) | ||||||||||||
Net asset value at end of period | $ | 23.86 | $ | 24.47 | $ | 24.64 | $ | 24.14 | $ | 24.33 | $ | 22.37 | ||||||||||||
Market price at end of period(c) | $ | 23.79 | $ | 24.53 | $ | 24.67 | $ | 24.05 | $ | 24.22 | $ | 22.28 | ||||||||||||
Net Asset Value Total Return(d) | (1.05 | )% | 2.37 | % | 5.50 | % | 2.68 | % | 13.16 | % | (6.32 | )% | ||||||||||||
Market Price Total Return(d) | (1.59 | )% | 2.49 | % | 6.02 | % | 2.77 | % | 13.11 | % | (6.83 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 67,990 | $ | 66,061 | $ | 64,063 | $ | 50,692 | $ | 47,450 | $ | 49,204 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.26 | % | 0.30 | % | ||||||||||||
Net investment income | 2.92 | %(e) | 3.01 | % | 3.26 | % | 3.42 | % | 3.92 | % | 3.84 | % | ||||||||||||
Portfolio turnover rate(f) | 3 | % | 22 | % | 21 | % | 18 | % | 18 | % | 20 | % |
(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 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) | 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. For the fiscal year ended October 31, 2014, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco Preferred ETF (PGX)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.97 | $ | 14.96 | $ | 14.78 | $ | 14.57 | $ | 13.78 | $ | 14.82 | ||||||||||||
Net investment income(a) | 0.41 | 0.84 | 0.84 | 0.87 | 0.88 | 0.91 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.61 | ) | 0.02 | 0.20 | 0.21 | 0.79 | (1.03 | ) | ||||||||||||||||
Total from investment operations | (0.20 | ) | 0.86 | 1.04 | 1.08 | 1.67 | (0.12 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.85 | ) | (0.86 | ) | (0.87 | ) | (0.88 | ) | (0.92 | ) | ||||||||||||
Net asset value at end of period | $ | 14.36 | $ | 14.97 | $ | 14.96 | $ | 14.78 | $ | 14.57 | $ | 13.78 | ||||||||||||
Market price at end of period(b) | $ | 14.38 | $ | 14.96 | $ | 15.00 | $ | 14.80 | $ | 14.62 | $ | 13.79 | ||||||||||||
Net Asset Value Total Return(c) | (1.28 | )% | 5.97 | % | 7.22 | % | 7.66 | % | 12.51 | % | (0.88 | )% | ||||||||||||
Market Price Total Return(c) | (1.14 | )% | 5.60 | % | 7.36 | % | 7.43 | % | 12.81 | % | (0.95 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,067,395 | $ | 5,333,535 | $ | 4,730,845 | $ | 3,117,091 | $ | 2,264,758 | $ | 2,107,031 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50 | %(d)(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Net investment income | 5.57 | %(d)(e) | 5.66 | % | 5.63 | % | 5.95 | % | 6.21 | % | 6.27 | % | ||||||||||||
Portfolio turnover rate(f) | 6 | % | 10 | % | 14 | % | 12 | % | 13 | % | 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 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) | 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. |
Invesco Taxable Municipal Bond ETF (BAB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.38 | $ | 30.68 | $ | 29.11 | $ | 29.77 | $ | 27.90 | $ | 30.19 | ||||||||||||
Net investment income(a) | 0.61 | 1.21 | 1.26 | 1.37 | 1.40 | 1.42 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.78 | ) | (0.32 | ) | 1.54 | (0.71 | ) | 1.87 | (2.29 | ) | ||||||||||||||
Total from investment operations | (0.17 | ) | 0.89 | 2.80 | 0.66 | 3.27 | (0.87 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (1.21 | ) | (1.27 | ) | (1.37 | ) | (1.40 | ) | (1.42 | ) | ||||||||||||
Transaction fees(a) | 0.01 | 0.02 | 0.04 | 0.05 | — | — | ||||||||||||||||||
Net asset value at end of period | $ | 29.61 | $ | 30.38 | $ | 30.68 | $ | 29.11 | $ | 29.77 | $ | 27.90 | ||||||||||||
Market price at end of period(b) | $ | 29.66 | $ | 30.45 | $ | 30.74 | $ | 29.17 | $ | 29.76 | $ | 27.79 | ||||||||||||
Net Asset Value Total Return(c) | (0.55 | )% | 3.14 | % | 9.93 | % | 2.40 | % | 12.03 | % | (3.00 | )% | ||||||||||||
Market Price Total Return(c) | (0.61 | )% | 3.19 | % | 9.90 | % | 2.65 | % | 12.44 | % | (3.28 | )% | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 943,087 | $ | 972,235 | $ | 1,070,679 | $ | 676,840 | $ | 695,156 | $ | 683,643 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.28 | %(d) | 0.28 | %(e) | 0.27 | % | 0.28 | % | 0.27 | % | 0.28 | % | ||||||||||||
Net investment income | 4.05 | %(d) | 4.05 | % | 4.14 | % | 4.59 | % | 4.86 | % | 4.80 | % | ||||||||||||
Portfolio turnover rate(f) | 4 | % | 6 | % | 0 | %(g) | 9 | % | 7 | % | 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 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) | 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. For the fiscal year ended October 31, 2017, 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. |
(g) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco Treasury Collateral ETF (CLTL)
Six Months Ended April 30, 2018 (Unaudited) | For the Period January 10, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 105.93 | $ | 105.35 | ||||
Net investment income(b) | 0.66 | 0.66 | ||||||
Net realized and unrealized gain (loss) on investments | (0.07 | ) | (0.08 | ) | ||||
Total from investment operations | 0.59 | 0.58 | ||||||
Distribution to shareholders from: | ||||||||
Net investment income | (0.75 | ) | — | |||||
Net asset value at end of period | $ | 105.77 | $ | 105.93 | ||||
Market price at end of period(c) | $ | 105.79 | $ | 105.94 | ||||
Net Asset Value Total Return(d) | 0.57 | % | 0.55 | %(e) | ||||
Market Price Total Return(d) | 0.56 | % | 0.56 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 467,525 | $ | 454,429 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.08 | %(f) | 0.08 | %(f) | ||||
Net investment income | 1.25 | %(f) | 0.77 | %(f) |
(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 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 (January 12, 2017, the first day trading on the exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%. |
(f) | Annualized. |
Invesco Variable Rate Preferred ETF (VRP)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period April 28, 2014(a) Through October 31, 2014 | ||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 25.87 | $ | 25.33 | $ | 24.36 | $ | 24.85 | $ | 24.87 | ||||||||||
Net investment income(b) | 0.52 | 1.21 | 1.23 | 1.20 | 0.60 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.92 | ) | 0.56 | 0.98 | (0.47 | ) | (0.08 | ) | ||||||||||||
Total from investment operations | (0.40 | ) | 1.77 | 2.21 | 0.73 | 0.52 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.50 | ) | (1.23 | ) | (1.24 | ) | (1.20 | ) | (0.51 | ) | ||||||||||
Return of capital | — | — | — | (0.02 | ) | (0.03 | ) | |||||||||||||
Total distributions | (0.50 | ) | (1.23 | ) | (1.24 | ) | (1.22 | ) | (0.54 | ) | ||||||||||
Net asset value at end of period | $ | 24.97 | $ | 25.87 | $ | 25.33 | $ | 24.36 | $ | 24.85 | ||||||||||
Market price at end of period(c) | $ | 24.93 | $ | 25.94 | $ | 25.42 | $ | 24.40 | $ | 24.92 | ||||||||||
Net Asset Value Total Return(d) | (1.16 | )% | 7.18 | % | 9.43 | % | 2.99 | % | 2.09 | %(e) | ||||||||||
Market Price Total Return(d) | (1.59 | )% | 7.08 | % | 9.63 | % | 2.85 | % | 2.38 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,090,164 | $ | 1,890,954 | $ | 899,060 | $ | 397,065 | $ | 91,950 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(f) | ||||||||||
Net investment income | 4.12 | %(f) | 4.72 | % | 5.03 | % | 4.88 | % | 4.79 | %(f) | ||||||||||
Portfolio turnover rate(g) | 5 | % | 4 | % | 17 | % | 5 | % | 6 | % |
(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 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 (May 1, 2014, the first day of trading on the exchange) to October 31, 2014 was 1.93%. The market price total return from Fund Inception to October 31, 2014 was 2.01%. |
(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.
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Financial Highlights (continued)
Invesco VRDO Tax-Free Weekly ETF (PVI)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.96 | $ | 24.99 | $ | 25.00 | ||||||||||||
Net investment income (loss)(a) | 0.12 | 0.13 | 0.02 | (0.03 | ) | (0.02 | ) | 0.01 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.00 | (b) | (0.00 | )(b) | — | — | (0.01 | ) | (0.01 | ) | ||||||||||||||
Total from investment operations | 0.12 | 0.13 | 0.02 | (0.03 | ) | (0.03 | ) | — | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.13 | ) | (0.02 | ) | — | — | (0.01 | ) | ||||||||||||||
Return of capital | — | (0.00 | )(b) | (0.00 | )(b) | (0.00 | )(b) | (0.00 | )(b) | (0.00 | )(b) | |||||||||||||
Total distributions | (0.13 | ) | (0.13 | ) | (0.02 | ) | (0.00 | )(b) | (0.00 | )(b) | (0.01 | ) | ||||||||||||
Net asset value at end of period | $ | 24.92 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.96 | $ | 24.99 | ||||||||||||
Market price at end of period(c) | $ | 24.89 | $ | 24.93 | $ | 24.91 | $ | 24.93 | $ | 24.97 | $ | 24.99 | ||||||||||||
Net Asset Value Total Return(d) | 0.49 | % | 0.51 | % | 0.07 | % | (0.12 | )% | (0.12 | )% | (0.00 | )%(e) | ||||||||||||
Market Price Total Return(d) | 0.37 | % | 0.59 | % | (0.01 | )% | (0.16 | )% | (0.08 | )% | 0.04 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 62,292 | $ | 83,512 | $ | 59,831 | $ | 81,010 | $ | 118,580 | $ | 193,700 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net investment income (loss) | 0.96 | %(f) | 0.51 | % | 0.06 | % | (0.15 | )% | (0.11 | )% | 0.03 | % |
(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 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) | Amount represents less than 0.005%. |
(f) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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|
Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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 1-30 Laddered Treasury ETF (PLW) | “1-30 Laddered Treasury ETF” | |
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 Chinese Yuan Dim Sum Bond ETF (DSUM) | “Chinese Yuan Dim Sum Bond ETF” | |
Invesco Emerging Markets Sovereign Debt ETF (PCY) | “Emerging Markets Sovereign Debt 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 Global Short Term High Yield Bond ETF (PGHY) | “Global Short Term High Yield Bond ETF” | |
Invesco International Corporate Bond ETF (PICB) | “International Corporate Bond ETF” | |
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | “LadderRite 0-5 Year 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 Taxable Municipal Bond ETF (BAB) | “Taxable Municipal Bond ETF” | |
Invesco Treasury Collateral ETF (CLTL) | “Treasury Collateral ETF” | |
Invesco Variable Rate Preferred ETF (VRP) | “Variable Rate Preferred ETF” | |
Invesco VRDO Tax-Free Weekly ETF (PVI) | “VRDO Tax-Free Weekly ETF” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 1-30 Laddered Treasury ETF and LadderRite 0-5 Year Corporate Bond ETF, which are listed and traded on The NASDAQ Stock Market LLC.
The market price of each Share may differ to some degree from the 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 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Emerging Markets Sovereign Debt ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Global Short Term High Yield Bond ETF, International Corporate Bond ETF, LadderRite 0-5 Year Corporate Bond ETF, Preferred ETF, Treasury Collateral 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”). Creation Units of California AMT-Free Municipal Bond ETF, Chinese Yuan Dim Sum Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. EST and 4:00 p.m. EST. 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.
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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 | |
1-30 Laddered Treasury ETF | Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index | |
California AMT-Free Municipal Bond ETF | ICE BofAML California Long-Term Core Plus Municipal Securities Index | |
CEF Income Composite ETF | S-Network Composite Closed-End Fund IndexSM | |
Chinese Yuan Dim Sum Bond ETF | Citi Custom Dim Sum (Offshore CNY) Bond Index | |
Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced 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 | |
Global Short Term High Yield Bond ETF | DB Global Short Maturity High Yield Bond Index | |
International Corporate Bond ETF | S&P International Corporate Bond Index® | |
LadderRite 0-5 Year Corporate Bond ETF | NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index | |
National AMT-Free Municipal Bond ETF | ICE BofAML National Long-Term Core Plus Municipal Securities Index | |
New York AMT-Free Municipal Bond ETF | ICE BofAML New York Long-Term Core Plus Municipal Securities Index | |
Preferred ETF | ICE BofAML Core Plus Fixed Rate Preferred Securities Index | |
Taxable Municipal Bond ETF | ICE BofAML US Taxable Municipal Securities Plus Index | |
Treasury Collateral ETF | ICE U.S. Treasury Short Bond Index | |
Variable Rate Preferred ETF | Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index | |
VRDO Tax-Free Weekly ETF | Bloomberg U.S. Municipal AMT-Free Weekly VRDO 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:
Securities, including restricted securities in an Underlying Fund, if any, that are held as investments of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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
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lower prices than institutional round lots. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Changing Fixed-Income Market Conditions. Each Fund, except for CEF Income Composite ETF and Variable Rate Preferred ETF, invests in fixed-income securities. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases 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
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investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Funds’ transaction costs.
Fixed-Income Securities Risk. Each Fund, except for CEF Income Composite ETF and Variable Rate Preferred ETF, invests in fixed-income securities. 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 adversely affect the value of the security. Securities issued by the U.S. Government are subject to limited credit risk; however, securities issued by U.S. Government agencies are not necessarily backed by the full faith and credit of the U.S. Government.
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 exercised 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.
Industry or Geographic 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 located in a single industry or a sector, or, in a specific country or geographic region. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry, sector, country or region, each Fund will also concentrate its investments to approximately the same extent. By so concentrating its investments, a Fund may face more risks than if it were diversified broadly over numerous industries, sectors, countries or geographic regions. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV. Also, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact such Fund’s investments in the affected country or region.
Non-Diversified Fund Risk. California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. To the extent that a Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Sampling Risk. Each Fund’s (except for 1-30 Laddered Treasury ETF and CEF Income Composite ETF) use of a representative sampling approach will 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 that a Fund holds could result in a greater decline in NAV than would be the case if a Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.
Cash Transaction Risk. Unlike most exchange-traded funds (“ETFs”), the California AMT-Free Municipal Bond ETF, Chinese Yuan Dim Sum Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF currently effect creations and redemptions principally for cash, rather than primarily in-kind, because of the nature of the Funds’ investments. As such, investments in such Funds’ Shares may be less tax efficient than investments in conventional ETFs.
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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. If 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
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adversely affect investments in foreign securities and may negatively impact the Fund’s returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
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 fluctuation 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.
Fund of Funds Risk. Because CEF Income Composite ETF is a fund of funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise its Underlying Index. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, while continuing to pay its own unitary management fee. As a result, shareholders will absorb duplicate levels of fees with respect to investments in the Underlying Funds. In addition, at times certain segments of the market represented by constituent Underlying Funds in its Underlying Index may be out of favor and underperform other segments.
Global Bonds Risk. Chinese Yuan Dim Sum Bond ETF, Emerging Markets Sovereign Debt ETF, Global Short Term High Yield Bond ETF and International Corporate Bond ETF invest in global bonds. Global bonds are subject to the same risks as other debt issues, notably credit risk, market risk, interest rate risk and liquidity risk. Generally, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities and, therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. In addition, a Fund may not receive shareholder communications or be permitted to vote the securities that it holds, as the issuers may be under no legal obligation to distribute them.
Municipal Securities Risk. California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF 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 an issuer’s ability 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.
Municipal Insurance Risk. A portion of the municipal securities that California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free Weekly ETF 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.
Tax Risk. There is no guarantee that the income from California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF or VRDO Tax-Free Weekly ETF 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.
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Sovereign Debt Risk. For Chinese Yuan Dim Sum Bond ETF, Emerging Markets Sovereign Debt ETF and Global Short Term High Yield Bond ETF, risks of sovereign debt include the relative size of the debt burden to the economy as a whole and the government debtor’s policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject. The governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest when due in accordance with the terms of such securities due to the extent of its foreign reserves. If an issuer of sovereign debt defaults on payments of principal and/or interest, these Funds may have limited legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party itself, and the Fund’s ability to obtain recourse may be limited.
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.
Preferred Stock Risk. With respect to Preferred ETF and Variable Rate Preferred ETF, preferred stock is subject to issuer-specific and overall market risks that are generally applicable to equity securities as a whole; however, there are special risks associated with investing in preferred stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. This subjects preferred stock to a greater risk of non-payment than more senior securities. Because of the subordinated position of preferred stock in an issuer’s capital structure, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, its quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets. Also, in certain circumstances, an issuer of a preferred stock may call or redeem it prior to a specified date or may convert it to common stock, all of which may negatively impact its return.
Not a Money Market Fund. Treasury Collateral 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 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.
Portfolio Turnover Risk. Treasury Collateral ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. This may result in a high portfolio turnover rate. 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. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates.
U.S. Treasury Obligations Risk. Treasury Collateral ETF will invest in obligations issued or guaranteed by the U.S. Treasury. U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.
C. 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.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“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.
D. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
E. 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 and the country that has the primary market for the issuer’s securities, 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.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. Dividends and Distributions to Shareholders
Each Fund (except Treasury Collateral ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Treasury Collateral ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
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H. 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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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.
I. 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 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 Funds do 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 each 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 Funds 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 each Fund invests.
J. Securities Lending
During the six-month period ended April 30, 2018, CEF Income Composite ETF, Emerging Markets Sovereign Debt ETF, Fundamental High Yield® Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
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 Treasury Collateral ETF, the oversight of the Sub-Adviser.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including payments to the Sub-Adviser for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and
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other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
1-30 Laddered Treasury ETF | 0.25 | % | ||
California AMT-Free Municipal Bond ETF | 0.28 | % | ||
CEF Income Composite ETF | 0.50 | % | ||
Chinese Yuan Dim Sum Bond ETF | 0.45 | % | ||
Emerging Markets Sovereign Debt ETF | 0.50 | % | ||
Fundamental High Yield® Corporate Bond ETF | 0.50 | % | ||
Fundamental Investment Grade Corporate Bond ETF | 0.22 | % | ||
Global Short Term High Yield Bond ETF | 0.35 | % | ||
International Corporate Bond ETF | 0.50 | % | ||
LadderRite 0-5 Year 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 | % | ||
Taxable Municipal Bond ETF | 0.28 | % | ||
Treasury Collateral ETF | 0.08 | % | ||
Variable Rate Preferred ETF | 0.50 | % | ||
VRDO Tax-Free Weekly ETF | 0.25 | % |
For Treasury Collateral 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.
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
1-30 Laddered Treasury ETF | $ | 406 | ||
California AMT-Free Municipal Bond ETF | — | |||
CEF Income Composite ETF | 680 | |||
Chinese Yuan Dim Sum Bond ETF | 1,021 | |||
Emerging Markets Sovereign Debt ETF | 18,721 | |||
Fundamental High Yield® Corporate Bond ETF | 3,721 | |||
Fundamental Investment Grade Corporate Bond ETF | 341 | |||
Global Short Term High Yield Bond ETF | 3,730 | |||
International Corporate Bond ETF | 248 | |||
LadderRite 0-5 Year Corporate Bond ETF | 236 | |||
National AMT-Free Municipal Bond ETF | — | |||
New York AMT-Free Municipal Bond ETF | — | |||
Preferred ETF | 11,726 | |||
Taxable Municipal Bond ETF | 10,814 | |||
Treasury Collateral ETF | 449 | |||
Variable Rate Preferred ETF | 4,652 | |||
VRDO Tax-Free Weekly ETF | — |
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.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
1-30 Laddered Treasury ETF | Nasdaq, Inc. | |
California AMT-Free Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
CEF Income Composite ETF | S-Network Global Indexes, LLC | |
Chinese Yuan Dim Sum Bond ETF | Citigroup Index LLC | |
Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. | |
Fundamental High Yield® Corporate Bond ETF | Research Affiliates® | |
Fundamental Investment Grade Corporate Bond ETF | Research Affiliates® | |
Global Short Term High Yield Bond ETF | Deutsche Bank Securities Inc. | |
International Corporate Bond ETF | S&P Dow Jones Indices LLC | |
LadderRite 0-5 Year Corporate Bond ETF | Nasdaq, Inc. | |
National AMT-Free Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
New York AMT-Free Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
Preferred ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
Taxable Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
Treasury Collateral ETF | Interactive Data Pricing and Reference Data LLC | |
Variable Rate Preferred ETF | Wells Fargo & Company | |
VRDO Tax-Free Weekly ETF | Bloomberg Finance L.P. |
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 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 each Fund.
Note 4. Investments in Affiliates
The Adviser and the adviser for Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Bond Fund, Invesco High Income 2023 Target Term Fund and Invesco Senior Income Trust are considered to be affiliated with the Funds. The table below shows CEF Income Composite ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
CEF Income Composite ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Bond Fund | $ | 2,181,131 | $ | 250,382 | $ | (599,236 | ) | $ | (213,911 | ) | $ | 25,153 | (a) | $ | 1,643,519 | $ | 50,016 | |||||||||||
Invesco High Income 2023 Target Term Fund | 1,601,344 | 183,422 | (144,459 | ) | (19,583 | ) | (1,541 | ) | 1,619,183 | 49,001 | ||||||||||||||||||
Invesco Senior Income Trust | 8,681,050 | 1,009,975 | (898,316 | ) | 88,949 | (20,004 | ) | 8,861,654 | 185,779 | |||||||||||||||||||
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Total Investments in Affiliates | $ | 12,463,525 | $ | 1,443,779 | $ | (1,642,011 | ) | $ | (144,545 | ) | $ | 3,608 | $ | 12,124,356 | $ | 284,796 | ||||||||||||
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(a) | Includes $9,325 of capital gains distributions from affiliated Underlying Funds. |
Note 5. Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or 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 Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six-month period ended April 30, 2018, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
Preferred ETF | $ | 2,447,496 | $ | — | $ | — | ||||||
Variable Rate Preferred ETF | — | 3,706,496 | 32,230 |
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Note 6. 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 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. |
Except for all of the securities in CEF Income Composite ETF, Preferred ETF and certain Funds listed below, as of April 30, 2018, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedules of Investments for security categories). All of the securities in CEF Income Composite ETF and Preferred ETF were valued based on Level 1 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.
Each fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were no transfers between valuation levels.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
1-30 Laddered Treasury ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 180,141,625 | $ | — | $ | 180,141,625 | ||||||||
Money Market Fund | 146,264 | — | — | 146,264 | ||||||||||||
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Total Investments | $ | 146,264 | $ | 180,141,625 | $ | — | $ | 180,287,889 | ||||||||
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Chinese Yuan Dim Sum Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 85,763,564 | $ | — | $ | 85,763,564 | ||||||||
Sovereign Debt Obligations | — | 16,579,808 | — | 16,579,808 | ||||||||||||
Money Market Fund | 2,843,313 | — | — | 2,843,313 | ||||||||||||
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Total Investments | $ | 2,843,313 | $ | 102,343,372 | $ | — | $ | 105,186,685 | ||||||||
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Emerging Markets Sovereign Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Sovereign Debt Obligations | $ | — | $ | 4,713,199,097 | $ | — | $ | 4,713,199,097 | ||||||||
Money Market Funds | 35,824,483 | — | — | 35,824,483 | ||||||||||||
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Total Investments | $ | 35,824,483 | $ | 4,713,199,097 | $ | — | $ | 4,749,023,580 | ||||||||
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Fundamental High Yield® Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 980,596,186 | $ | — | $ | 980,596,186 | ||||||||
Money Market Funds | 69,361,003 | — | — | 69,361,003 | ||||||||||||
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Total Investments | $ | 69,361,003 | $ | 980,596,186 | $ | — | $ | 1,049,957,189 | ||||||||
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Fundamental Investment Grade Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 111,053,721 | $ | — | $ | 111,053,721 | ||||||||
Money Market Fund | 223,468 | — | — | 223,468 | ||||||||||||
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Total Investments | $ | 223,468 | $ | 111,053,721 | $ | — | $ | 111,277,189 | ||||||||
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Global Short Term High Yield Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 190,547,885 | $ | — | $ | 190,547,885 | ||||||||
Sovereign Debt Obligations | — | 23,900,262 | — | 23,900,262 | ||||||||||||
Common Stocks | — | — | 0 | 0 | ||||||||||||
Preferred Stocks | — | — | 13,202 | 13,202 | ||||||||||||
Money Market Fund | 3,181,904 | — | — | 3,181,904 | ||||||||||||
Investments Matured | — | 239,875 | 30,527 | 270,402 | ||||||||||||
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Total Investments | $ | 3,181,904 | $ | 214,688,022 | $ | 43,729 | $ | 217,913,655 | ||||||||
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International Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 145,768,757 | $ | — | $ | 145,768,757 | ||||||||
Money Market Fund | 63,897 | — | — | 63,897 | ||||||||||||
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Total Investments | $ | 63,897 | $ | 145,768,757 | $ | — | $ | 145,832,654 | ||||||||
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Taxable Municipal Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 897,109,390 | $ | — | $ | 897,109,390 | ||||||||
Corporate Bonds | — | 8,062,023 | — | 8,062,023 | ||||||||||||
Money Market Fund | 14,165,004 | — | — | 14,165,004 | ||||||||||||
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Total Investments | $ | 14,165,004 | $ | 905,171,413 | $ | — | $ | 919,336,417 | ||||||||
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Treasury Collateral ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 466,449,647 | $ | — | $ | 466,449,647 | ||||||||
Money Market Fund | 306,144 | — | — | 306,144 | ||||||||||||
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Total Investments | $ | 306,144 | $ | 466,449,647 | $ | — | $ | 466,755,791 | ||||||||
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Variable Rate Preferred ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 1,524,856,759 | $ | — | $ | 1,524,856,759 | ||||||||
Preferred Stocks & Other Equity Interests | 533,679,127 | — | — | 533,679,127 | ||||||||||||
Money Market Funds | 64,605,066 | — | — | 64,605,066 | ||||||||||||
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Total Investments | $ | 598,284,193 | $ | 1,524,856,759 | $ | — | $ | 2,123,140,952 | ||||||||
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Note 7. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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.
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The Funds had capital loss carryforwards as of October 31, 2017, which expire as follows:
Post-effective/no expiration | ||||||||||||||||||||||||
2018 | 2019 | Short-Term | Long-Term | Total* | Expired | |||||||||||||||||||
1-30 Laddered Treasury ETF | $ | — | $ | — | $ | 266,570 | $ | — | $ | 266,570 | $ | — | ||||||||||||
California AMT-Free Municipal Bond ETF | — | 438,783 | 643,556 | — | 1,082,339 | — | ||||||||||||||||||
CEF Income Composite ETF | — | — | 1,123,159 | 15,635,777 | 16,758,936 | — | ||||||||||||||||||
Chinese Yuan Dim Sum Bond ETF | — | — | 1,354,368 | 2,784,619 | 4,138,987 | — | ||||||||||||||||||
Emerging Markets Sovereign Debt ETF | 212,582 | 818,907 | 1,747,043 | 78,740,605 | 81,519,137 | 558,313 | ||||||||||||||||||
Fundamental High Yield® Corporate Bond ETF | — | — | 14,082,270 | 8,455,436 | 22,537,706 | — | ||||||||||||||||||
Fundamental Investment Grade Corporate Bond ETF | — | — | 566 | — | 566 | — | ||||||||||||||||||
Global Short Term High Yield Bond ETF | — | — | — | 240,039 | 240,039 | — | ||||||||||||||||||
International Corporate Bond ETF | — | — | 2,221 | 6,272 | 8,493 | — | ||||||||||||||||||
LadderRite 0-5 Year Corporate Bond ETF | — | — | 85 | — | 85 | — | ||||||||||||||||||
National AMT-Free Municipal Bond ETF | — | 23,722 | — | — | 23,722 | — | ||||||||||||||||||
New York AMT-Free Municipal Bond ETF | — | 74,902 | — | — | 74,902 | 20,170 | ||||||||||||||||||
Preferred ETF | — | — | 12,671,945 | 25,211,076 | 37,883,021 | 37,146,794 | ||||||||||||||||||
Taxable Municipal Bond ETF | 6,399 | — | 3,277,461 | 630,865 | 3,914,725 | — | ||||||||||||||||||
Treasury Collateral ETF | — | — | 34,576 | — | 34,576 | — | ||||||||||||||||||
Variable Rate Preferred ETF | — | — | 699,416 | 839,319 | 1,538,735 | — | ||||||||||||||||||
VRDO Tax-Free Weekly ETF | — | — | 10 | — | 10 | — |
* | Capital loss carryforwards as of the date listed above 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 8. Investment Transactions
For the six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
California AMT-Free Municipal Bond ETF | $ | 17,043,651 | $ | 5,000 | ||||
CEF Income Composite ETF | 47,440,123 | 46,454,942 | ||||||
Chinese Yuan Dim Sum Bond ETF | 18,008,585 | 3,059,354 | ||||||
Emerging Markets Sovereign Debt ETF | 2,010,325,550 | 1,996,239,195 | ||||||
Fundamental High Yield® Corporate Bond ETF | 94,388,099 | 99,848,836 | ||||||
Fundamental Investment Grade Corporate Bond ETF | 27,387,095 | 12,376,920 | ||||||
Global Short Term High Yield Bond ETF | 49,815,252 | 61,755,601 | ||||||
International Corporate Bond ETF | 4,026,045 | 2,791,100 | ||||||
LadderRite 0-5 Year Corporate Bond ETF | 4,223,983 | 3,404,851 | ||||||
National AMT-Free Municipal Bond ETF | 99,863,677 | 52,794,212 | ||||||
New York AMT-Free Municipal Bond ETF | 5,218,860 | 1,714,990 | ||||||
Preferred ETF | 299,338,790 | 309,285,989 | ||||||
Taxable Municipal Bond ETF | 34,781,974 | 33,411,209 | ||||||
Variable Rate Preferred ETF | 672,128,451 | 102,680,004 | ||||||
VRDO Tax-Free Weekly ETF | — | — |
For the six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the 1-30 Laddered Treasury ETF amounted to $9,226,684 and $7,560,973, respectively and for the Treasury Collateral ETF amounted to $0 and $0, respectively.
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For the six-month period ended April 30, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
1-30 Laddered Treasury ETF | $ | 48,061,270 | $ | 46,419,906 | ||||
California AMT-Free Municipal Bond ETF | — | — | ||||||
CEF Income Composite ETF | 80,484,738 | 44,905,377 | ||||||
Chinese Yuan Dim Sum Bond ETF | — | — | ||||||
Emerging Markets Sovereign Debt ETF | 559,069,424 | 398,447,406 | ||||||
Fundamental High Yield® Corporate Bond ETF | 521,018,627 | 679,976,456 | ||||||
Fundamental Investment Grade Corporate Bond ETF | 50,286,294 | — | ||||||
Global Short Term High Yield Bond ETF | 57,662,957 | 33,412,275 | ||||||
International Corporate Bond ETF | 3,659,265 | 19,030,843 | ||||||
LadderRite 0-5 Year Corporate Bond ETF | 8,648,531 | 16,900,387 | ||||||
National AMT-Free Municipal Bond ETF | — | 11,565,895 | ||||||
New York AMT-Free Municipal Bond ETF | — | — | ||||||
Preferred ETF | 300,479,994 | 316,873,906 | ||||||
Taxable Municipal Bond ETF | — | 22,507,223 | ||||||
Treasury Collateral ETF | 236,619,816 | 516,237,132 | ||||||
Variable Rate Preferred ETF | — | — | ||||||
VRDO Tax-Free Weekly ETF | — | — |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | |||||||||||||
1-30 Laddered Treasury ETF | $ | 62,102 | $ | (11,662,532 | ) | $ | (11,600,430 | ) | $ | 191,888,319 | ||||||
California AMT-Free Municipal Bond ETF | 2,094,005 | (3,836,230 | ) | (1,742,225 | ) | 241,854,062 | ||||||||||
CEF Income Composite ETF | 40,273,093 | (39,250,968 | ) | 1,022,125 | 715,016,908 | |||||||||||
Chinese Yuan Dim Sum Bond ETF | 3,655,152 | (463,473 | ) | 3,191,679 | 101,995,006 | |||||||||||
Emerging Markets Sovereign Debt ETF | 19,800,556 | (197,607,226 | ) | (177,806,670 | ) | 4,926,830,250 | ||||||||||
Fundamental High Yield® Corporate Bond ETF | 1,165,411 | (23,029,433 | ) | (21,864,022 | ) | 1,071,821,211 | ||||||||||
Fundamental Investment Grade Corporate Bond ETF | 21,056 | (2,874,364 | ) | (2,853,308 | ) | 114,130,497 | ||||||||||
Global Short Term High Yield Bond ETF | 733,410 | (5,850,046 | ) | (5,116,636 | ) | 222,759,889 | ||||||||||
International Corporate Bond ETF | 6,092,710 | (2,807,563 | ) | 3,285,147 | 142,547,507 | |||||||||||
LadderRite 0-5 Year Corporate Bond ETF | 2,441 | (238,909 | ) | (236,468 | ) | 15,081,063 | ||||||||||
National AMT-Free Municipal Bond ETF | 28,233,619 | (10,623,445 | ) | 17,610,174 | 1,560,943,170 | |||||||||||
New York AMT-Free Municipal Bond ETF | 896,021 | (902,060 | ) | (6,039 | ) | 66,492,875 | ||||||||||
Preferred ETF | 22,172,426 | (151,738,081 | ) | (129,565,655 | ) | 5,297,153,843 | ||||||||||
Taxable Municipal Bond ETF | 51,612,122 | (11,701,832 | ) | 39,910,290 | 879,426,127 | |||||||||||
Treasury Collateral ETF | 837 | (401,677 | ) | (400,840 | ) | 467,156,631 | ||||||||||
Variable Rate Preferred ETF | 5,709,336 | (66,712,756 | ) | (61,003,420 | ) | 2,184,144,372 | ||||||||||
VRDO Tax-Free Weekly ETF | — | — | — | 60,985,000 |
Note 9. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
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The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 10. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for Emerging Markets Sovereign Debt ETF, Fundamental High Yield® Corporate Bond ETF and Variable Rate Preferred ETF and 10,000 for Treasury Collateral ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Emerging Markets Sovereign Debt ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Global Short Term High Yield Bond ETF, International Corporate Bond ETF, LadderRite 0-5 Year Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, Creation Units 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 of the Trust on the transaction date. 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 Authorized Participant or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, Chinese Yuan Dim Sum Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF, such transactions are principally in exchange for the deposit or delivery of 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 11. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco 1-30 Laddered Treasury ETF (PLW) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 973.10 | 0.25 | % | $ | 1.22 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco California AMT-Free Municipal Bond ETF (PWZ) | ||||||||||||||||
Actual | 1,000.00 | 992.70 | 0.28 | 1.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco CEF Income Composite ETF (PCEF) | ||||||||||||||||
Actual | 1,000.00 | 995.70 | 0.50 | 2.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | ||||||||||||||||
Actual | 1,000.00 | 1,066.50 | 0.45 | 2.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 950.60 | 0.50 | % | $ | 2.42 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | ||||||||||||||||
Actual | 1,000.00 | 989.50 | 0.50 | 2.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | ||||||||||||||||
Actual | 1,000.00 | 975.90 | 0.22 | 1.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.70 | 0.22 | 1.10 | ||||||||||||
Invesco Global Short Term High Yield Bond ETF (PGHY) | ||||||||||||||||
Actual | 1,000.00 | 1,005.70 | 0.35 | 1.74 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||
Invesco International Corporate Bond ETF (PICB) | ||||||||||||||||
Actual | 1,000.00 | 1,024.20 | 0.50 | 2.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | ||||||||||||||||
Actual | 1,000.00 | 992.40 | 0.22 | 1.09 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.70 | 0.22 | 1.10 | ||||||||||||
Invesco National AMT-Free Municipal Bond ETF (PZA) | ||||||||||||||||
Actual | 1,000.00 | 991.90 | 0.28 | 1.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco New York AMT-Free Municipal Bond ETF (PZT) | ||||||||||||||||
Actual | 1,000.00 | 989.50 | 0.28 | 1.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco Preferred ETF (PGX) | ||||||||||||||||
Actual | 1,000.00 | 986.50 | 0.50 | 2.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco Taxable Municipal Bond ETF (BAB) | ||||||||||||||||
Actual | 1,000.00 | 994.50 | 0.28 | 1.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco Treasury Collateral ETF | ||||||||||||||||
Actual | 1,000.00 | 1,005.60 | 0.08 | 0.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.40 | 0.08 | 0.40 | ||||||||||||
Invesco Variable Rate Preferred ETF (VRP) | ||||||||||||||||
Actual | 1,000.00 | 988.40 | 0.50 | 2.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco VRDO Tax-Free Weekly ETF (PVI) | ||||||||||||||||
Actual | 1,000.00 | 1,004.90 | 0.25 | 1.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (the “Sub-Advisory Agreement”): Invesco Advisers,
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X |
| 150 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||
PowerShares Global Water Portfolio | N/A | X | ||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||
PowerShares International Corporate Bond Portfolio | X | |||||
PowerShares KBW Bank Portfolio | X | X | ||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares Preferred Portfolio | N/A | X | ||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||
PowerShares S&P 500 High Beta Portfolio | X | |||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||
PowerShares S&P 500 Value With Momentum Portfolio | X |
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|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||
PowerShares Senior Loan Portfolio | N/A | X | ||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was
| 152 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio 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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when
| 153 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
| 154 |
|
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-9 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
DWLV | Invesco DWA Momentum & Low Volatility Rotation ETF | |
DWAS | Invesco DWA SmallCap Momentum ETF | |
DWIN | Invesco DWA Tactical Multi-Asset Income ETF | |
DWTR | Invesco DWA Tactical Sector Rotation 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 ETF |
SmallCap Sector Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
7 | ||||
8 | ||||
9 | ||||
11 | ||||
12 | ||||
13 | ||||
16 | ||||
18 | ||||
21 | ||||
23 | ||||
25 | ||||
Statements of Assets and Liabilities | 26 | |||
Statements of Operations | 28 | |||
Statements of Changes in Net Assets | 30 | |||
Financial Highlights | 35 | |||
Notes to Financial Statements | 45 | |||
Fees and Expenses | 56 | |||
Board Considerations Regarding Continuation of Investment Advisory Agreements | 58 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Market Capitalization & Style Allocation* as of April 30, 2018 | ||||
Large-Cap Value | 6.6 | |||
Large-Cap Blend | 12.3 | |||
Large-Cap Growth | 17.9 | |||
Mid-Cap Value | 5.0 | |||
Mid-Cap Blend | 6.7 | |||
Mid-Cap Growth | 20.7 | |||
Small-Cap Value | 5.3 | |||
Small-Cap Blend | 8.7 | |||
Small-Cap Growth | 16.8 |
* | Source: Morningstar. Reflects exposure achieved through investments in underlying funds. |
Schedule of Investments
Number of Shares | Value | |||||||
Exchange-Traded Funds—100.0%(a) | ||||||||
116,566 | Invesco DWA Developed Markets Momentum ETF | $ | 3,182,252 | |||||
166,059 | Invesco DWA Emerging Markets Momentum ETF(b) | 3,463,991 | ||||||
140,353 | Invesco DWA Momentum ETF | 7,392,392 | ||||||
148,733 | Invesco DWA SmallCap Momentum ETF | 7,380,131 | ||||||
62,547 | Invesco S&P 500® Low Volatility ETF | 2,914,690 | ||||||
51,054 | Invesco S&P Emerging Markets Low Volatility ETF(b) | 1,337,615 | ||||||
37,754 | Invesco S&P International Developed Low Volatility ETF(b) | 1,263,283 | ||||||
61,294 | Invesco S&P SmallCap Low Volatility ETF | 2,779,070 | ||||||
|
| |||||||
Total Exchange-Traded Funds (Cost $29,167,139) | 29,713,424 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
2,582 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $2,582) | 2,582 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $29,169,721)—100.0% | 29,716,006 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.5% | ||||||||
1,054,685 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $1,054,685) | $ | 1,054,685 | |||||
|
| |||||||
Total Investments in Securities (Cost $30,224,406)—103.5% | 30,770,691 | |||||||
Other assets less liabilities—(3.5)% | (1,054,100 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 29,716,591 | ||||||
|
|
Investment Abbreviations:
ETF—Exchange-Traded Fund
Notes to Schedule of Investments:
(a) | Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 3 |
|
Invesco DWA SmallCap Momentum ETF (DWAS)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Health Care | 29.7 | |||
Financials | 17.9 | |||
Industrials | 17.0 | |||
Information Technology | 14.6 | |||
Consumer Discretionary | 11.1 | |||
Materials | 3.6 | |||
Consumer Staples | 2.4 | |||
Energy | 1.4 | |||
Telecommunication Services | 1.3 | |||
Real Estate | 0.6 | |||
Utilities | 0.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—11.1% | ||||||||
21,196 | Adtalem Global Education, Inc.(b) | $ | 1,008,930 | |||||
24,273 | American Public Education, Inc.(b) | 978,202 | ||||||
115,459 | Bbx Capital Corp., Class A | 1,152,281 | ||||||
57,850 | Boot Barn Holdings, Inc.(b) | 1,132,124 | ||||||
98,318 | Cambium Learning Group, Inc.(b) | 996,944 | ||||||
88,408 | Career Education Corp.(b) | 1,146,652 | ||||||
6,018 | Cavco Industries, Inc.(b) | 1,025,166 | ||||||
62,665 | Chegg, Inc.(b) | 1,454,455 | ||||||
36,805 | Conn’s, Inc.(b)(c) | 938,527 | ||||||
68,962 | Denny’s Corp.(b) | 1,207,525 | ||||||
26,656 | Dorman Products, Inc.(b) | 1,712,914 | ||||||
87,014 | Eldorado Resorts, Inc.(b) | 3,524,067 | ||||||
9,842 | LCI Industries | 937,943 | ||||||
30,451 | Malibu Boats, Inc., Class A(b) | 1,026,199 | ||||||
40,582 | MCBC Holdings, Inc.(b) | 973,968 | ||||||
45,455 | Modine Manufacturing Co.(b) | 781,826 | ||||||
25,665 | Monarch Casino & Resort, Inc.(b) | 1,094,869 | ||||||
44,186 | New York Times Co. (The), Class A | 1,036,162 | ||||||
34,551 | Nexstar Media Group, Inc., Class A | 2,150,800 | ||||||
18,071 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 1,124,016 | ||||||
27,181 | Planet Fitness, Inc., Class A(b) | 1,095,122 | ||||||
12,335 | Shutterfly, Inc.(b) | 998,148 | ||||||
40,390 | Stoneridge, Inc.(b) | 1,063,469 | ||||||
13,779 | TopBuild Corp.(b) | 1,098,186 | ||||||
|
| |||||||
29,658,495 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Consumer Staples—2.4% | ||||||||
11,818 | Medifast, Inc. | $ | 1,186,291 | |||||
54,246 | MGP Ingredients, Inc.(c) | 5,196,224 | ||||||
|
| |||||||
6,382,515 | ||||||||
|
| |||||||
Energy—1.4% | ||||||||
27,374 | Delek US Holdings, Inc. | 1,296,706 | ||||||
35,639 | Mammoth Energy Services, Inc.(b) | 1,157,555 | ||||||
75,315 | Ring Energy, Inc.(b) | 1,259,267 | ||||||
|
| |||||||
3,713,528 | ||||||||
|
| |||||||
Financials—17.9% | ||||||||
21,133 | Ameris Bancorp | 1,092,576 | ||||||
93,436 | Bancorp, Inc. (The)(b) | 967,063 | ||||||
24,930 | BofI Holding, Inc.(b)(c) | 1,004,180 | ||||||
42,769 | Carolina Financial Corp. | 1,676,972 | ||||||
24,793 | Cathay General Bancorp | 991,968 | ||||||
38,009 | CenterState Bank Corp. | 1,101,501 | ||||||
34,546 | ConnectOne Bancorp, Inc. | 912,014 | ||||||
21,063 | Eagle Bancorp, Inc.(b) | 1,236,398 | ||||||
48,852 | Enova International, Inc.(b) | 1,431,364 | ||||||
21,528 | Enterprise Financial Services Corp. | 1,094,699 | ||||||
12,590 | Federal Agricultural Mortgage Corp., Class C | 1,076,571 | ||||||
28,417 | First Bancorp/Southern Pines NC | 1,084,109 | ||||||
18,009 | First Defiance Financial Corp. | 1,074,417 | ||||||
26,958 | First Merchants Corp. | 1,161,351 | ||||||
28,521 | Flagstar Bancorp, Inc.(b) | 985,401 | ||||||
45,220 | Green Bancorp, Inc.(b) | 1,019,711 | ||||||
18,609 | Green Dot Corp., Class A(b) | 1,131,613 | ||||||
36,165 | Guaranty Bancorp | 1,030,702 | ||||||
27,967 | Hamilton Lane, Inc., Class A | 1,170,419 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco DWA SmallCap Momentum ETF (DWAS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
19,124 | Heartland Financial USA, Inc. | $ | 1,026,003 | |||||
61,106 | Heritage Commerce Corp. | 1,007,638 | ||||||
35,295 | Horizon Bancorp | 1,015,084 | ||||||
156,060 | Independent Bank Corp./MI | 3,729,834 | ||||||
14,266 | Independent Bank Group, Inc. | 1,018,592 | ||||||
19,826 | Kinsale Capital Group, Inc. | 1,022,030 | ||||||
51,495 | Meridian Bancorp, Inc. | 973,255 | ||||||
14,490 | Meta Financial Group, Inc. | 1,610,563 | ||||||
18,794 | Nicolet Bankshares, Inc.(b) | 1,044,383 | ||||||
215,720 | Old Second Bancorp, Inc. | 3,084,796 | ||||||
12,218 | Piper Jaffray Cos. | 855,871 | ||||||
29,010 | Preferred Bank | 1,849,097 | ||||||
33,066 | Regional Management Corp.(b) | 1,086,879 | ||||||
37,885 | Seacoast Banking Corp. of Florida(b) | 1,046,763 | ||||||
16,939 | Selective Insurance Group, Inc. | 1,002,789 | ||||||
24,657 | Triumph Bancorp, Inc.(b) | 957,924 | ||||||
31,783 | United Community Banks, Inc. | 1,014,831 | ||||||
31,239 | Virtu Financial, Inc., Class A(c) | 1,124,604 | ||||||
10,163 | World Acceptance Corp.(b) | 1,041,708 | ||||||
20,865 | WSFS Financial Corp. | 1,045,337 | ||||||
|
| |||||||
47,801,010 | ||||||||
|
| |||||||
Health Care—29.7% | ||||||||
46,889 | American Renal Associates Holdings, Inc.(b) | 686,924 | ||||||
22,251 | AMN Healthcare Services, Inc.(b) | 1,487,479 | ||||||
23,362 | Anaptysbio, Inc.(b) | 2,190,888 | ||||||
27,716 | Arena Pharmaceuticals, Inc.(b) | 1,104,205 | ||||||
93,427 | Array BioPharma, Inc.(b) | 1,266,870 | ||||||
66,684 | Assembly Biosciences, Inc.(b) | 2,899,420 | ||||||
113,027 | AxoGen, Inc.(b) | 4,498,475 | ||||||
36,673 | BioTelemetry, Inc.(b) | 1,400,909 | ||||||
19,612 | Blueprint Medicines Corp.(b) | 1,504,633 | ||||||
88,192 | Clearside BioMedical, Inc.(b)(c) | 1,074,179 | ||||||
267,573 | Codexis, Inc.(b) | 3,010,196 | ||||||
42,363 | Collegium Pharmaceutical, Inc.(b)(c) | 1,001,885 | ||||||
107,799 | Corium International, Inc.(b)(c) | 1,065,054 | ||||||
218,816 | Cryoport, Inc.(b)(c) | 1,577,663 | ||||||
31,110 | Cutera, Inc.(b) | 1,560,167 | ||||||
254,038 | Cymabay Therapeutics, Inc.(b) | 2,954,462 | ||||||
80,715 | Dynavax Technologies Corp.(b) | 1,368,119 | ||||||
13,125 | Enanta Pharmaceuticals, Inc.(b) | 1,221,281 | ||||||
33,781 | Esperion Therapeutics, Inc.(b) | 2,365,008 | ||||||
16,113 | Foundation Medicine, Inc.(b) | 1,230,228 | ||||||
20,714 | Globus Medical, Inc., Class A(b) | 1,060,350 | ||||||
130,329 | Gtx, Inc.(b)(c) | 2,215,593 | ||||||
14,211 | Haemonetics Corp.(b) | 1,109,026 | ||||||
16,526 | HealthEquity, Inc.(b) | 1,085,262 | ||||||
85,103 | ImmunoGen, Inc.(b) | 935,282 | ||||||
22,465 | Inogen, Inc.(b) | 3,158,130 | ||||||
18,235 | Integer Holdings Corp.(b) | 1,001,102 | ||||||
70,000 | Iovance Biotherapeutics, Inc.(b) | 1,015,000 | ||||||
55,509 | Kura Oncology, Inc.(b) | 840,961 | ||||||
6,379 | Ligand Pharmaceuticals, Inc.(b) | 987,788 | ||||||
24,131 | Merit Medical Systems, Inc.(b) | 1,170,354 | ||||||
129,194 | Mirati Therapeutics, Inc.(b) | 3,979,175 | ||||||
63,208 | Neogen Corp.(b) | 4,307,625 | ||||||
50,211 | Novocure Ltd.(b) | 1,370,760 | ||||||
8,472 | Penumbra, Inc.(b) | 1,053,493 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care (continued) | ||||||||
50,872 | Protagonist Therapeutics, Inc.(b) | $ | 439,534 | |||||
32,374 | PTC Therapeutics, Inc.(b) | 897,731 | ||||||
21,089 | Quidel Corp.(b) | 1,195,746 | ||||||
152,429 | Quorum Health Corp.(b) | 1,074,625 | ||||||
184,575 | R1 Rcm, Inc.(b) | 1,371,392 | ||||||
144,167 | Sangamo Therapeutics, Inc.(b) | 2,277,839 | ||||||
64,434 | STAAR Surgical Co.(b) | 1,047,053 | ||||||
64,705 | Surgery Partners, Inc.(b)(c) | 1,035,280 | ||||||
29,023 | Tabula Rasa Healthcare, Inc.(b) | 1,189,653 | ||||||
33,248 | Tactile Systems Technology, Inc.(b) | 1,157,363 | ||||||
26,827 | Teladoc, Inc.(b)(c) | 1,153,561 | ||||||
65,332 | TG Therapeutics, Inc.(b)(c) | 937,514 | ||||||
27,371 | Tivity Health, Inc.(b) | 983,988 | ||||||
12,868 | U.S. Physical Therapy, Inc. | 1,174,205 | ||||||
11,011 | Utah Medical Products, Inc. | 1,118,167 | ||||||
40,528 | Zogenix, Inc.(b) | 1,592,750 | ||||||
|
| |||||||
79,404,347 | ||||||||
|
| |||||||
Industrials—17.0% | ||||||||
27,755 | AAON, Inc. | 943,670 | ||||||
50,592 | Air Transport Services Group, Inc.(b) | 1,023,982 | ||||||
11,191 | Alamo Group, Inc. | 1,225,079 | ||||||
86,422 | Ameresco, Inc., Class A(b) | 1,024,101 | ||||||
12,226 | Barrett Business Services, Inc. | 1,070,020 | ||||||
52,547 | Builders FirstSource, Inc.(b) | 957,932 | ||||||
78,297 | Casella Waste Systems, Inc., Class A(b) | 1,919,059 | ||||||
17,613 | Chart Industries, Inc.(b) | 999,362 | ||||||
24,871 | Comfort Systems USA, Inc. | 1,049,556 | ||||||
20,111 | CRA International, Inc. | 1,135,668 | ||||||
43,091 | DMC Global, Inc. | 1,667,622 | ||||||
22,882 | Douglas Dynamics, Inc. | 955,323 | ||||||
14,045 | Dycom Industries, Inc.(b) | 1,458,714 | ||||||
39,007 | Franklin Covey Co.(b) | 951,771 | ||||||
25,695 | H&E Equipment Services, Inc. | 831,233 | ||||||
62,735 | Harsco Corp.(b) | 1,282,931 | ||||||
14,988 | Herc Holdings, Inc.(b) | 789,118 | ||||||
45,152 | Heritage-Crystal Clean, Inc.(b) | 954,965 | ||||||
18,905 | Insperity, Inc. | 1,517,126 | ||||||
14,920 | John Bean Technologies Corp. | 1,607,630 | ||||||
40,463 | LB Foster Co., Class A(b) | 952,904 | ||||||
44,093 | Marten Transport Ltd. | 859,813 | ||||||
42,912 | NV5 Global, Inc.(b) | 2,525,371 | ||||||
53,493 | Patrick Industries, Inc.(b) | 3,043,752 | ||||||
8,310 | Proto Labs, Inc.(b) | 990,136 | ||||||
8,232 | RBC Bearings, Inc.(b) | 958,040 | ||||||
13,740 | Saia, Inc.(b) | 907,527 | ||||||
13,903 | Siteone Landscape Supply, Inc.(b) | 952,356 | ||||||
38,302 | SkyWest, Inc. | 2,179,384 | ||||||
85,833 | Spartan Motors, Inc. | 1,532,119 | ||||||
25,421 | Trex Co., Inc.(b) | 2,640,733 | ||||||
21,937 | TriNet Group, Inc.(b) | 1,133,046 | ||||||
31,250 | Universal Forest Products, Inc. | 996,250 | ||||||
26,439 | Vectrus, Inc.(b) | 951,804 | ||||||
41,946 | Vicor Corp.(b) | 1,503,764 | ||||||
|
| |||||||
45,491,861 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco DWA SmallCap Momentum ETF (DWAS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Information Technology—14.6% | ||||||||
28,609 | Alteryx, Inc., Class A(b)(c) | $ | 894,031 | |||||
9,495 | Cabot Microelectronics Corp. | 963,268 | ||||||
33,202 | Casa Systems, Inc.(b)(c) | 776,595 | ||||||
38,965 | CTS Corp. | 1,167,002 | ||||||
26,797 | Ebix, Inc. | 2,076,767 | ||||||
17,778 | Envestnet, Inc.(b) | 965,345 | ||||||
37,566 | Etsy, Inc.(b) | 1,124,726 | ||||||
27,685 | Everbridge, Inc.(b) | 1,034,035 | ||||||
92,407 | Five9, Inc.(b) | 2,713,994 | ||||||
35,093 | GTT Communications, Inc.(b) | 1,686,219 | ||||||
50,866 | Hortonworks, Inc.(b) | 861,161 | ||||||
9,122 | HubSpot, Inc.(b) | 966,020 | ||||||
83,763 | Immersion Corp.(b) | 922,231 | ||||||
23,098 | Instructure, Inc.(b) | 936,624 | ||||||
68,006 | LivePerson, Inc.(b) | 1,142,501 | ||||||
28,799 | MINDBODY, Inc., Class A(b) | 1,141,880 | ||||||
13,564 | New Relic, Inc.(b) | 947,988 | ||||||
31,684 | PROS Holdings, Inc.(b) | 935,312 | ||||||
24,325 | Q2 Holdings, Inc.(b) | 1,198,006 | ||||||
24,018 | QAD, Inc., Class A | 1,078,408 | ||||||
13,818 | Qualys, Inc.(b) | 1,063,295 | ||||||
112,836 | QuinStreet, Inc.(b) | 1,268,277 | ||||||
38,563 | Rapid7, Inc.(b) | 1,089,019 | ||||||
156,938 | Remark Holdings, Inc.(b)(c) | 929,073 | ||||||
23,663 | RingCentral, Inc., Class A(b) | 1,586,604 | ||||||
35,829 | Rudolph Technologies, Inc.(b) | 908,265 | ||||||
10,592 | Stamps.com, Inc.(b) | 2,412,328 | ||||||
62,849 | TTM Technologies, Inc.(b) | 876,115 | ||||||
45,162 | Upland Software, Inc.(b) | 1,227,052 | ||||||
107,890 | USA Technologies, Inc.(b) | 944,037 | ||||||
17,833 | Varonis Systems, Inc.(b) | 1,165,387 | ||||||
21,125 | Virtusa Corp.(b) | 1,016,957 | ||||||
32,408 | Vishay Precision Group, Inc.(b) | 917,146 | ||||||
|
| |||||||
38,935,668 | ||||||||
|
| |||||||
Materials—3.6% | ||||||||
149,949 | Agrofresh Solutions, Inc.(b)(c) | 1,037,647 | ||||||
40,476 | Allegheny Technologies, Inc.(b) | 1,075,447 | ||||||
17,183 | Chase Corp. | 1,924,496 | ||||||
13,795 | Ingevity Corp.(b) | 1,059,870 | ||||||
17,846 | KMG Chemicals, Inc. | 1,097,351 | ||||||
21,283 | Kraton Corp.(b) | 971,995 | ||||||
7,684 | Quaker Chemical Corp. | 1,129,471 | ||||||
18,819 | Trinseo SA | 1,372,846 | ||||||
|
| |||||||
9,669,123 | ||||||||
|
| |||||||
Real Estate—0.6% | ||||||||
21,169 | RMR Group, Inc. (The), Class A | 1,574,974 | ||||||
|
| |||||||
Telecommunication Services—1.3% | ||||||||
42,809 | Boingo Wireless, Inc.(b) | 1,004,299 | ||||||
37,979 | Shenandoah Telecommunications Co. | 1,433,707 | ||||||
103,853 | Vonage Holdings Corp.(b) | 1,161,077 | ||||||
|
| |||||||
3,599,083 | ||||||||
|
| |||||||
Utilities—0.4% | ||||||||
88,956 | Cadiz, Inc.(b)(c) | 1,196,458 | ||||||
|
| |||||||
Total Common Stocks (Cost $234,705,530) | 267,427,062 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
26,456 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $26,456) | $ | 26,456 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $234,731,986)—100.0% | 267,453,518 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.8% | ||||||||
12,783,863 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $12,783,863) | 12,783,863 | ||||||
|
| |||||||
Total Investments in Securities (Cost $247,515,849)—104.8% | 280,237,381 | |||||||
Other assets less liabilities—(4.8)% | (12,886,528 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 267,350,853 | ||||||
|
|
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 6 |
|
Invesco DWA Tactical Multi-Asset Income ETF (DWIN)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Market Segment Breakdown (% of the Fund’s Net Assets)* as of April 30, 2018 | ||||
Preferreds | 21.0 | |||
Real Estate | 20.7 | |||
International Bond | 39.2 | |||
Domestic Fixed Income | 19.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
* | Reflects exposure achieved through investments in underlying funds. |
Schedule of Investments
Number of Shares | Value | |||||||
Exchange-Traded Funds—99.9%(a) | ||||||||
504,334 | Invesco Emerging Markets Sovereign Debt ETF | $ | 13,854,055 | |||||
613,874 | Invesco Global Short Term High Yield Bond ETF | 14,542,675 | ||||||
476,634 | Invesco KBW Premium Yield Equity REIT ETF(b) | 15,037,803 | ||||||
1,058,800 | Invesco Preferred ETF | 15,225,544 | ||||||
464,169 | Invesco Taxable Municipal Bond ETF | 13,767,252 | ||||||
|
| |||||||
Total Exchange-Traded Funds (Cost $77,019,761) | 72,427,329 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
78,923 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $78,923) | 78,923 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $77,098,684)—100.0% | 72,506,252 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.5% | ||||||||
323,300 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $323,300) | 323,300 | ||||||
|
| |||||||
Total Investments in Securities (Cost $77,421,984)—100.5% | 72,829,552 | |||||||
Other assets less liabilities—(0.5)% | (337,006 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 72,492,546 | ||||||
|
|
Investment Abbreviations:
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 7 |
|
Invesco DWA Tactical Sector Rotation ETF (DWTR)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets)* as of April 30, 2018 | ||||
Industrials | 29.6 | |||
Information Technology | 26.2 | |||
Financials | 23.7 | |||
Consumer Discretionary | 20.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
* | Reflects exposure achieved through investments in underlying funds. |
Schedule of Investments
Number of Shares | Value | |||||||
Exchange-Traded Funds—99.9%(a) | ||||||||
258,036 | Invesco DWA Consumer Cyclicals Momentum ETF(b) | $ | 13,048,881 | |||||
427,091 | Invesco DWA Financial Momentum ETF | 15,174,543 | ||||||
327,760 | Invesco DWA Industrials Momentum ETF | 19,006,802 | ||||||
297,314 | Invesco DWA Technology Momentum ETF | 16,813,107 | ||||||
|
| |||||||
Total Exchange-Traded Funds (Cost $54,129,649) | 64,043,333 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
52,122 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $52,122) | 52,122 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $54,181,771)—100.0% | 64,095,455 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.8% | ||||||||
483,600 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $483,600) | 483,600 | ||||||
|
| |||||||
Total Investments in Securities (Cost $54,665,371)—100.8% | 64,579,055 | |||||||
Other assets less liabilities—(0.8)% | (490,562 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 64,088,493 | ||||||
|
|
Investment Abbreviations:
ETF—Exchange-Traded Fund
Notes to Schedule of Investments:
(a) | Affiliated Company. The security and the Fund are affiliated by having the same investment adviser. See Note 4. |
(b) | All or a portion of this security was out on loan at April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 8 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Specialty Retail | 26.6 | |||
Hotels, Restaurants & Leisure | 15.6 | |||
Household Durables | 14.1 | |||
Auto Components | 10.8 | |||
Textiles, Apparel & Luxury Goods | 10.6 | |||
Media | 5.4 | |||
Internet & Direct Marketing Retail | 3.9 | |||
Diversified Consumer Services | 3.8 | |||
Multi-line Retail | 3.7 | |||
Leisure Products | 3.6 | |||
Automobiles | 1.0 | |||
Distributors | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Auto Components—10.8% | ||||||||
62,396 | American Axle & Manufacturing Holdings, Inc.(b) | $ | 957,155 | |||||
10,157 | Cooper-Standard Holdings, Inc.(b) | 1,257,437 | ||||||
18,820 | Dorman Products, Inc.(b) | 1,209,373 | ||||||
23,692 | Fox Factory Holding Corp.(b) | 787,759 | ||||||
23,107 | Gentherm, Inc.(b) | 781,017 | ||||||
15,745 | LCI Industries | 1,500,498 | ||||||
12,016 | Motorcar Parts of America, Inc.(b) | 228,785 | ||||||
12,824 | Standard Motor Products, Inc. | 581,568 | ||||||
14,592 | Superior Industries International, Inc. | 191,885 | ||||||
|
| |||||||
7,495,477 | ||||||||
|
| |||||||
Automobiles—1.0% | ||||||||
18,147 | Winnebago Industries, Inc. | 687,771 | ||||||
|
| |||||||
Distributors—0.9% | ||||||||
29,071 | Core-Mark Holding Co., Inc. | 599,153 | ||||||
|
| |||||||
Diversified Consumer Services—3.8% | ||||||||
10,326 | American Public Education, Inc.(b) | 416,138 | ||||||
7,353 | Capella Education Co. | 674,638 | ||||||
41,364 | Career Education Corp.(b) | 536,491 | ||||||
22,062 | Regis Corp.(b) | 344,608 | ||||||
6,679 | Strayer Education, Inc. | 701,763 | ||||||
|
| |||||||
2,673,638 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—15.6% | ||||||||
52,894 | Belmond Ltd., Class A (United Kingdom)(b) | 565,966 | ||||||
11,237 | BJ’s Restaurants, Inc. | 627,586 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
10,655 | Chuy’s Holdings, Inc.(b) | $ | 304,733 | |||||
25,635 | Dave & Buster’s Entertainment, Inc.(b) | 1,089,231 | ||||||
11,338 | Dine Brands Global, Inc. | 899,557 | ||||||
13,635 | El Pollo Loco Holdings, Inc.(b) | 136,350 | ||||||
17,049 | Fiesta Restaurant Group, Inc.(b) | 358,029 | ||||||
14,878 | Marriott Vacations Worldwide Corp. | 1,824,192 | ||||||
7,160 | Monarch Casino & Resort, Inc.(b) | 305,446 | ||||||
53,132 | Penn National Gaming, Inc.(b) | 1,610,431 | ||||||
8,163 | Red Robin Gourmet Burgers, Inc.(b) | 508,963 | ||||||
18,325 | Ruth’s Hospitality Group, Inc. | 492,026 | ||||||
11,941 | Shake Shack, Inc., Class A(b)(c) | 568,511 | ||||||
24,227 | Sonic Corp.(c) | 627,721 | ||||||
18,329 | Wingstop, Inc. | 895,555 | ||||||
|
| |||||||
10,814,297 | ||||||||
|
| |||||||
Household Durables—14.1% | ||||||||
5,351 | Cavco Industries, Inc.(b) | 911,543 | ||||||
15,924 | Ethan Allen Interiors, Inc. | 351,124 | ||||||
13,248 | Installed Building Products, Inc.(b) | 764,410 | ||||||
17,604 | iRobot Corp.(b)(c) | 1,027,369 | ||||||
29,651 | La-Z-Boy, Inc. | 853,949 | ||||||
11,255 | LGI Homes, Inc.(b)(c) | 778,846 | ||||||
17,557 | M/I Homes, Inc.(b) | 535,137 | ||||||
28,284 | MDC Holdings, Inc. | 820,519 | ||||||
23,882 | Meritage Homes Corp.(b) | 1,062,749 | ||||||
22,390 | TopBuild Corp.(b) | 1,784,483 | ||||||
9,012 | Universal Electronics, Inc.(b) | 417,256 | ||||||
18,133 | William Lyon Homes, Class A(b) | 487,052 | ||||||
|
| |||||||
9,794,437 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet & Direct Marketing Retail—3.9% | ||||||||
10,586 | FTD Cos., Inc.(b) | $ | 68,174 | |||||
19,030 | Nutrisystem, Inc. | 551,870 | ||||||
12,978 | PetMed Express, Inc. | 434,244 | ||||||
20,484 | Shutterfly, Inc.(b) | 1,657,565 | ||||||
|
| |||||||
2,711,853 | ||||||||
|
| |||||||
Leisure Products—3.6% | ||||||||
59,614 | Callaway Golf Co. | 1,028,938 | ||||||
19,344 | Nautilus, Inc.(b) | 281,455 | ||||||
10,979 | Sturm Ruger & Co., Inc.(c) | 606,590 | ||||||
36,112 | Vista Outdoor, Inc.(b) | 604,876 | ||||||
|
| |||||||
2,521,859 | ||||||||
|
| |||||||
Media—5.4% | ||||||||
34,629 | E.W. Scripps Co. (The), Class A | 385,421 | ||||||
71,074 | Gannett Co., Inc. | 687,285 | ||||||
12,122 | Marcus Corp. (The) | 361,236 | ||||||
37,317 | New Media Investment Group, Inc. | 618,716 | ||||||
17,381 | Scholastic Corp. | 719,573 | ||||||
25,190 | World Wrestling Entertainment, Inc., Class A | 1,002,310 | ||||||
|
| |||||||
3,774,541 | ||||||||
|
| |||||||
Multi-line Retail—3.7% | ||||||||
22,637 | Fred’s, Inc., Class A(c) | 54,216 | ||||||
196,547 | J.C. Penney Co., Inc.(b)(c) | 571,952 | ||||||
31,073 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 1,932,740 | ||||||
|
| |||||||
2,558,908 | ||||||||
|
| |||||||
Specialty Retail—26.6% | ||||||||
42,847 | Abercrombie & Fitch Co., Class A | 1,097,740 | ||||||
11,681 | Asbury Automotive Group, Inc.(b) | 783,211 | ||||||
107,442 | Ascena Retail Group, Inc.(b) | 238,521 | ||||||
23,643 | Barnes & Noble Education, Inc.(b) | 169,993 | ||||||
35,765 | Barnes & Noble, Inc. | 198,496 | ||||||
12,596 | Big 5 Sporting Goods Corp.(c) | 105,807 | ||||||
17,845 | Buckle, Inc. (The)(c) | 411,327 | ||||||
27,075 | Caleres, Inc. | 886,165 | ||||||
14,663 | Cato Corp. (The), Class A | 237,687 | ||||||
80,512 | Chico’s FAS, Inc. | 799,484 | ||||||
10,374 | Children’s Place, Inc. (The) | 1,323,204 | ||||||
45,524 | DSW, Inc., Class A | 1,015,185 | ||||||
49,642 | Express, Inc.(b) | 389,193 | ||||||
25,404 | Finish Line, Inc. (The), Class A | 344,732 | ||||||
22,792 | Francesca’s Holdings Corp.(b) | 112,821 | ||||||
12,544 | Genesco, Inc.(b) | 536,256 | ||||||
12,383 | Group 1 Automotive, Inc. | 809,229 | ||||||
37,317 | Guess?, Inc. | 869,113 | ||||||
12,238 | Haverty Furniture Cos., Inc. | 222,120 | ||||||
12,025 | Hibbett Sports, Inc.(b) | 327,080 | ||||||
10,076 | Kirkland’s, Inc.(b) | 106,705 | ||||||
15,133 | Lithia Motors, Inc., Class A | 1,450,649 | ||||||
17,947 | Lumber Liquidators Holdings, Inc.(b)(c) | 431,984 | ||||||
13,906 | MarineMax, Inc.(b) | 300,370 | ||||||
20,659 | Monro, Inc. | 1,155,871 | ||||||
33,649 | Rent-A-Center, Inc.(c) | 340,191 | ||||||
11,948 | RH(b)(c) | 1,140,437 | ||||||
7,155 | Shoe Carnival, Inc. | 174,367 | ||||||
24,245 | Sleep Number Corp.(b) | 687,103 | ||||||
15,121 | Sonic Automotive, Inc., Class A | 299,396 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Specialty Retail (continued) | ||||||||
31,021 | Tailored Brands, Inc. | $ | 978,713 | |||||
21,686 | Tile Shop Holdings, Inc. | 148,549 | ||||||
15,247 | Vitamin Shoppe, Inc.(b)(c) | 75,473 | ||||||
11,453 | Zumiez, Inc.(b) | 268,000 | ||||||
|
| |||||||
18,435,172 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—10.6% | ||||||||
43,361 | Crocs, Inc.(b) | 685,104 | ||||||
27,273 | Fossil Group, Inc.(b)(c) | 407,731 | ||||||
26,281 | G-III Apparel Group Ltd.(b) | 958,994 | ||||||
9,754 | Movado Group, Inc. | 384,795 | ||||||
10,604 | Oxford Industries, Inc. | 816,932 | ||||||
7,896 | Perry Ellis International, Inc.(b) | 204,901 | ||||||
33,327 | Steven Madden Ltd. | 1,608,028 | ||||||
10,720 | Unifi, Inc.(b) | 317,419 | ||||||
11,847 | Vera Bradley, Inc.(b) | 134,819 | ||||||
60,482 | Wolverine World Wide, Inc. | 1,812,041 | ||||||
|
| |||||||
7,330,764 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $63,357,685)—100.0% | 69,397,870 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—9.0% | ||||||||
6,286,751 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $6,286,751) | 6,286,751 | ||||||
|
| |||||||
Total Investments in Securities (Cost $69,644,436)—109.0% | 75,684,621 | |||||||
Other assets less liabilities—(9.0)% | (6,279,441 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 69,405,180 | ||||||
|
|
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 10 |
|
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Food Products | 44.6 | |||
Household Products | 15.3 | |||
Personal Products | 13.6 | |||
Food & Staples Retailing | 13.2 | |||
Beverages | 9.3 | |||
Tobacco | 4.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Beverages—9.3% | ||||||||
10,615 | Coca-Cola Bottling Co. Consolidated | $ | 1,787,460 | |||||
25,560 | MGP Ingredients, Inc. | 2,448,392 | ||||||
|
| |||||||
4,235,852 | ||||||||
|
| |||||||
Food & Staples Retailing—13.2% | ||||||||
54,412 | Andersons, Inc. (The) | 1,776,552 | ||||||
107,562 | SpartanNash Co. | 1,955,477 | ||||||
131,283 | Supervalu, Inc.(b)(c) | 2,298,765 | ||||||
|
| |||||||
6,030,794 | ||||||||
|
| |||||||
Food Products—44.6% | ||||||||
76,700 | B&G Foods, Inc.(b) | 1,744,925 | ||||||
22,661 | Calavo Growers, Inc. | 2,123,336 | ||||||
45,220 | Cal-Maine Foods, Inc.(c) | 2,202,214 | ||||||
331,303 | Darling Ingredients, Inc.(c) | 5,678,533 | ||||||
219,142 | Dean Foods Co. | 1,886,813 | ||||||
30,055 | J & J Snack Foods Corp. | 4,129,858 | ||||||
33,955 | John B. Sanfilippo & Son, Inc. | 1,931,700 | ||||||
27,017 | Seneca Foods Corp., Class A(c) | 744,318 | ||||||
|
| |||||||
20,441,697 | ||||||||
|
| |||||||
Household Products—15.3% | ||||||||
20,790 | Central Garden & Pet Co.(c) | 779,417 | ||||||
70,447 | Central Garden & Pet Co., Class A(c) | 2,500,869 | ||||||
28,107 | WD-40 Co. | 3,707,313 | ||||||
|
| |||||||
6,987,599 | ||||||||
|
| |||||||
Personal Products—13.6% | ||||||||
722,534 | Avon Products, Inc. (United Kingdom)(c) | 1,828,011 | ||||||
42,430 | Inter Parfums, Inc. | 2,172,416 | ||||||
22,417 | Medifast, Inc. | 2,250,218 | ||||||
|
| |||||||
6,250,645 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Tobacco—4.0% | ||||||||
39,294 | Universal Corp. | $ | 1,848,783 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $46,096,400)—100.0% | 45,795,370 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.1% | ||||||||
1,401,755 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $1,401,755) | 1,401,755 | ||||||
|
| |||||||
Total Investments in Securities (Cost $47,498,155)—103.1% | 47,197,125 | |||||||
Other assets less liabilities—(3.1)% | (1,401,962 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 45,795,163 | ||||||
|
|
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 April 30, 2018. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 11 |
|
Invesco S&P SmallCap Energy ETF (PSCE)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Energy Equipment & Services | 58.8 | |||
Oil, Gas & Consumable Fuels | 41.2 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Energy Equipment & Services—58.8% | ||||||||
254,502 | Archrock, Inc. | $ | 2,748,622 | |||||
63,673 | Bristow Group, Inc. | 1,021,952 | ||||||
126,040 | C&j Energy Services, Inc.(b) | 3,763,554 | ||||||
43,474 | CARBO Ceramics, Inc.(b)(c) | 384,310 | ||||||
39,965 | Era Group, Inc.(b) | 421,631 | ||||||
63,010 | Exterran Corp.(b) | 1,845,563 | ||||||
26,827 | Geospace Technologies Corp.(b) | 282,756 | ||||||
26,816 | Gulf Island Fabrication, Inc. | 268,160 | ||||||
275,316 | Helix Energy Solutions Group, Inc.(b) | 2,125,439 | ||||||
53,041 | Matrix Service Co.(b) | 816,831 | ||||||
546,636 | McDermott International, Inc.(b) | 3,607,798 | ||||||
176,465 | Newpark Resources, Inc.(b) | 1,852,882 | ||||||
488,101 | Noble Corp. PLC(b) | 2,279,432 | ||||||
86,354 | Oil States International, Inc.(b) | 3,104,426 | ||||||
153,872 | Pioneer Energy Services Corp.(b) | 530,858 | ||||||
114,972 | Propetro Holding Corp.(b) | 2,103,988 | ||||||
33,206 | SEACOR Holdings, Inc.(b) | 1,821,017 | ||||||
248,283 | TETRA Technologies, Inc.(b) | 975,752 | ||||||
104,954 | Unit Corp.(b) | 2,380,357 | ||||||
155,015 | US Silica Holdings, Inc.(c) | 4,667,502 | ||||||
|
| |||||||
37,002,830 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—41.2% | ||||||||
153,031 | Carrizo Oil & Gas, Inc.(b) | 3,071,332 | ||||||
148,452 | Cloud Peak Energy, Inc.(b) | 473,562 | ||||||
49,925 | Consol Energy, Inc.(b) | 1,570,141 | ||||||
794,958 | Denbury Resources, Inc.(b) | 2,615,412 | ||||||
76,331 | Green Plains, Inc. | 1,419,756 | ||||||
196,088 | Highpoint Resources Corp.(b) | 1,354,968 | ||||||
49,826 | Par Pacific Holdings, Inc.(b) | 840,565 | ||||||
126,802 | PDC Energy, Inc.(b) | 6,788,979 | ||||||
11,433 | REX American Resources Corp.(b) | 854,960 | ||||||
107,497 | Ring Energy, Inc.(b) | 1,797,350 | ||||||
465,368 | SRC Energy, Inc.(b) | 5,137,663 | ||||||
|
| |||||||
25,924,688 | ||||||||
|
| |||||||
Total Common Stocks (Cost $61,716,764) | 62,927,518 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
33,283 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $33,283) | $ | 33,283 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $61,750,047)—100.1% | 62,960,801 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—5.9% | ||||||||
3,737,570 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $3,737,570) | 3,737,570 | ||||||
|
| |||||||
Total Investments in Securities (Cost $65,487,617)—106.0% | 66,698,371 | |||||||
Other assets less liabilities—(6.0)% | (3,787,193 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 62,911,178 | ||||||
|
|
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 12 |
|
Invesco S&P SmallCap Financials ETF (PSCF)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Banks | 36.5 | |||
Equity REITs | 23.3 | |||
Insurance | 15.0 | |||
Thrifts & Mortgage Finance | 7.1 | |||
Consumer Finance | 6.8 | |||
Capital Markets | 5.8 | |||
Mortgage REITs | 4.2 | |||
Real Estate Management & Development | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Banks—36.5% | ||||||||
49,508 | Ameris Bancorp | $ | 2,559,564 | |||||
55,127 | Banc of California, Inc. | 1,058,438 | ||||||
42,238 | Banner Corp. | 2,424,461 | ||||||
109,090 | Boston Private Financial Holdings, Inc. | 1,750,894 | ||||||
99,462 | Brookline Bancorp, Inc. | 1,651,069 | ||||||
38,673 | Central Pacific Financial Corp. | 1,124,611 | ||||||
20,078 | City Holding Co. | 1,437,183 | ||||||
94,558 | Columbia Banking System, Inc. | 3,802,177 | ||||||
65,762 | Community Bank System, Inc. | 3,699,112 | ||||||
38,191 | Customers Bancorp, Inc.(b) | 1,100,665 | ||||||
132,632 | CVB Financial Corp. | 2,937,799 | ||||||
28,487 | Fidelity Southern Corp. | 647,509 | ||||||
235,123 | First BanCorp/Puerto Rico(b) | 1,697,588 | ||||||
126,256 | First Commonwealth Financial Corp. | 1,911,516 | ||||||
126,347 | First Financial Bancorp | 3,910,440 | ||||||
87,484 | First Financial Bankshares, Inc. | 4,334,832 | ||||||
133,356 | First Midwest Bancorp, Inc. | 3,241,884 | ||||||
102,759 | Glacier Bancorp, Inc. | 3,805,166 | ||||||
76,168 | Great Western Bancorp, Inc. | 3,133,552 | ||||||
31,780 | Green Bancorp, Inc.(b) | 716,639 | ||||||
42,014 | Hanmi Financial Corp. | 1,159,586 | ||||||
166,647 | Hope Bancorp, Inc. | 2,881,327 | ||||||
35,610 | Independent Bank Corp./MA | 2,574,603 | ||||||
54,913 | LegacyTexas Financial Group, Inc. | 2,255,277 | ||||||
34,926 | National Bank Holdings Corp., Class A | 1,228,697 | ||||||
56,436 | NBT Bancorp, Inc. | 2,062,171 | ||||||
56,895 | OFG Bancorp | 768,082 | ||||||
173,238 | Old National Bancorp | 2,979,694 | ||||||
22,318 | Opus Bank | 629,368 | ||||||
50,263 | Pacific Premier Bancorp, Inc.(b) | 1,997,954 | ||||||
45,275 | S&T Bancorp, Inc. | 1,932,337 | ||||||
60,740 | Seacoast Banking Corp. of Florida(b) | 1,678,246 | ||||||
58,413 | ServisFirst Bancshares, Inc. | 2,451,009 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
101,464 | Simmons First National Corp., Class A | $ | 3,064,213 | |||||
35,796 | Southside Bancshares, Inc. | 1,246,775 | ||||||
15,998 | Tompkins Financial Corp. | 1,243,045 | ||||||
95,249 | United Community Banks, Inc. | 3,041,301 | ||||||
34,395 | Westamerica Bancorporation | 1,919,585 | ||||||
|
| |||||||
82,058,369 | ||||||||
|
| |||||||
Capital Markets—5.8% | ||||||||
43,816 | Donnelley Financial Solutions, Inc.(b) | 806,215 | ||||||
81,640 | Financial Engines, Inc. | 3,645,226 | ||||||
32,873 | Greenhill & Co., Inc. | 667,322 | ||||||
20,250 | INTL FCStone, Inc.(b) | 907,605 | ||||||
42,827 | Investment Technology Group, Inc. | 865,962 | ||||||
18,498 | Piper Jaffray Cos. | 1,295,785 | ||||||
9,284 | Virtus Investment Partners, Inc. | 1,070,909 | ||||||
107,637 | Waddell & Reed Financial, Inc., Class A | 2,178,573 | ||||||
150,520 | WisdomTree Investments, Inc. | 1,590,996 | ||||||
|
| |||||||
13,028,593 | ||||||||
|
| |||||||
Consumer Finance—6.8% | ||||||||
30,734 | Encore Capital Group, Inc.(b) | 1,370,736 | ||||||
43,561 | Enova International, Inc.(b) | 1,276,337 | ||||||
66,665 | EZCORP, Inc., Class A(b) | 913,311 | ||||||
60,271 | Firstcash, Inc. | 5,225,496 | ||||||
59,754 | Green Dot Corp., Class A(b) | 3,633,641 | ||||||
58,474 | PRA Group, Inc.(b) | 2,081,674 | ||||||
7,877 | World Acceptance Corp.(b) | 807,393 | ||||||
|
| |||||||
15,308,588 | ||||||||
|
| |||||||
Equity REITs—23.3% | ||||||||
108,405 | Acadia Realty Trust REIT | 2,558,358 | ||||||
40,124 | Agree Realty Corp. REIT | 1,961,261 | ||||||
53,675 | American Assets Trust, Inc. REIT | 1,801,870 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P SmallCap Financials ETF (PSCF) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Equity REITs (continued) | ||||||||
58,387 | Armada Hoffler Properties, Inc. REIT | $ | 792,312 | |||||
98,570 | CareTrust REIT, Inc. REIT | 1,302,110 | ||||||
223,508 | CBL & Associates Properties, Inc. REIT(c) | 934,263 | ||||||
102,017 | Cedar Realty Trust, Inc. REIT | 396,846 | ||||||
59,382 | Chatham Lodging Trust REIT | 1,131,227 | ||||||
77,801 | Chesapeake Lodging Trust REIT | 2,298,242 | ||||||
22,359 | Community Healthcare Trust, Inc. REIT | 570,154 | ||||||
259,619 | DiamondRock Hospitality Co. REIT | 2,868,790 | ||||||
58,216 | Easterly Government Properties, Inc. REIT | 1,199,832 | ||||||
44,974 | EastGroup Properties, Inc. REIT | 4,037,766 | ||||||
79,223 | Four Corners Property Trust, Inc. REIT | 1,795,193 | ||||||
138,823 | Franklin Street Properties Corp. REIT | 1,080,043 | ||||||
42,670 | Getty Realty Corp. REIT | 1,068,884 | ||||||
87,175 | Global NET Lease, Inc. REIT | 1,622,327 | ||||||
128,356 | Government Properties Income Trust REIT | 1,603,166 | ||||||
48,464 | Hersha Hospitality Trust REIT | 910,154 | ||||||
109,993 | Independence Realty Trust, Inc. REIT | 1,033,934 | ||||||
108,222 | Kite Realty Group Trust REIT | 1,593,028 | ||||||
280,361 | Lexington Realty Trust REIT | 2,254,102 | ||||||
51,304 | LTC Properties, Inc. REIT | 1,854,640 | ||||||
65,100 | National Storage Affiliates Trust REIT | 1,713,432 | ||||||
91,105 | Pennsylvania Real Estate Investment Trust REIT(c) | 881,896 | ||||||
25,758 | PS Business Parks, Inc. REIT | 2,969,382 | ||||||
102,762 | Ramco-Gershenson Properties Trust REIT | 1,228,006 | ||||||
145,541 | Retail Opportunity Investments Corp. REIT | 2,503,305 | ||||||
15,665 | Saul Centers, Inc. REIT | 749,570 | ||||||
134,940 | Summit Hotel Properties, Inc. REIT | 1,953,931 | ||||||
16,359 | Universal Health Realty Income Trust REIT | 980,395 | ||||||
38,608 | Urstadt Biddle Properties, Inc., Class A REIT | 767,141 | ||||||
240,495 | Washington Prime Group, Inc. REIT | 1,556,003 | ||||||
50,778 | Whitestone REIT | 550,941 | ||||||
|
| |||||||
52,522,504 | ||||||||
|
| |||||||
Insurance—15.0% | ||||||||
116,360 | American Equity Investment Life Holding Co. | 3,514,072 | ||||||
24,916 | AMERISAFE, Inc. | 1,477,519 | ||||||
21,215 | eHealth, Inc.(b) | 399,691 | ||||||
42,342 | Employers Holdings, Inc. | 1,731,788 | ||||||
10,258 | HCI Group, Inc. | 429,708 | ||||||
52,795 | Horace Mann Educators Corp. | 2,359,937 | ||||||
14,157 | Infinity Property & Casualty Corp. | 1,868,724 | ||||||
32,295 | James River Group Holdings Ltd. | 1,172,954 | ||||||
88,119 | Maiden Holdings Ltd. | 674,110 | ||||||
29,056 | Navigators Group, Inc. (The) | 1,641,664 | ||||||
69,128 | ProAssurance Corp. | 3,269,754 | ||||||
50,399 | RLI Corp. | 3,189,249 | ||||||
19,703 | Safety Insurance Group, Inc. | 1,576,240 | ||||||
76,017 | Selective Insurance Group, Inc. | 4,500,206 | ||||||
30,737 | Stewart Information Services Corp. | 1,282,040 | ||||||
108,306 | Third Point Reinsurance Ltd. (Bermuda)(b) | 1,440,470 | ||||||
27,414 | United Fire Group, Inc. | 1,378,650 | ||||||
26,568 | United Insurance Holdings Corp. | 501,072 | ||||||
41,975 | Universal Insurance Holdings, Inc. | 1,362,089 | ||||||
|
| |||||||
33,769,937 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mortgage REITs—4.2% | ||||||||
142,512 | Apollo Commercial Real Estate Finance, Inc. REIT | $ | 2,568,066 | |||||
54,204 | ARMOUR Residential REIT, Inc. REIT | 1,226,637 | ||||||
121,110 | Capstead Mortgage Corp. REIT | 1,065,768 | ||||||
144,450 | Invesco Mortgage Capital, Inc. REIT(d) | 2,344,423 | ||||||
144,881 | New York Mortgage Trust, Inc. REIT(c) | 877,979 | ||||||
78,541 | PennyMac Mortgage Investment Trust REIT | 1,381,536 | ||||||
|
| |||||||
9,464,409 | ||||||||
|
| |||||||
Real Estate Management & Development—1.3% | ||||||||
47,630 | HFF, Inc., Class A | 1,673,718 | ||||||
22,911 | RE/MAX Holdings, Inc., Class A | 1,240,631 | ||||||
|
| |||||||
2,914,349 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—7.1% | ||||||||
71,203 | BofI Holding, Inc.(b)(c) | 2,868,057 | ||||||
39,724 | Dime Community Bancshares, Inc. | 784,549 | ||||||
34,815 | HomeStreet, Inc.(b) | 887,782 | ||||||
11,763 | Meta Financial Group, Inc. | 1,307,457 | ||||||
74,759 | NMI Holdings, Inc., Class A(b) | 1,035,412 | ||||||
60,337 | Northfield Bancorp, Inc. | 955,738 | ||||||
132,854 | Northwest Bancshares, Inc. | 2,205,376 | ||||||
50,973 | Oritani Financial Corp. | 779,887 | ||||||
78,748 | Provident Financial Services, Inc. | 2,056,898 | ||||||
124,743 | TrustCo Bank Corp. NY | 1,066,553 | ||||||
36,279 | Walker & Dunlop, Inc. | 2,071,894 | ||||||
|
| |||||||
16,019,603 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $202,236,016) | 225,086,352 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
146,174 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(e) (Cost $146,174) | 146,174 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $202,382,190)—100.1% | 225,232,526 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.4% | ||||||||
5,494,850 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $5,494,850) | 5,494,850 | ||||||
|
| |||||||
Total Investments in Securities (Cost $207,877,040)—102.5% | 230,727,376 | |||||||
Other assets less liabilities—(2.5)% | (5,605,070 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 225,122,306 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco S&P SmallCap Financials ETF (PSCF) (continued)
April 30, 2018
(Unaudited)
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 April 30, 2018. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 15 |
|
Invesco S&P SmallCap Health Care ETF (PSCH)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Health Care Equipment & Supplies | 33.7 | |||
Health Care Providers & Services | 30.0 | |||
Biotechnology | 16.9 | |||
Pharmaceuticals | 11.4 | |||
Health Care Technology | 5.3 | |||
Life Sciences Tools & Services | 2.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Biotechnology—16.9% | ||||||||
216,620 | Acorda Therapeutics, Inc.(b) | $ | 5,003,922 | |||||
157,404 | AMAG Pharmaceuticals, Inc.(b) | 3,234,652 | ||||||
233,873 | Cytokinetics, Inc.(b) | 1,941,146 | ||||||
38,582 | Eagle Pharmaceuticals, Inc.(b)(c) | 2,006,650 | ||||||
161,968 | Emergent Biosolutions, Inc.(b) | 8,399,661 | ||||||
66,321 | Enanta Pharmaceuticals, Inc.(b) | 6,171,169 | ||||||
97,449 | Ligand Pharmaceuticals, Inc.(b) | 15,089,978 | ||||||
471,673 | MiMedx Group, Inc.(b)(c) | 3,872,435 | ||||||
354,880 | Momenta Pharmaceuticals, Inc.(b) | 7,381,504 | ||||||
322,525 | Myriad Genetics, Inc.(b) | 9,124,232 | ||||||
324,463 | Progenics Pharmaceuticals, Inc.(b) | 2,112,254 | ||||||
173,088 | Repligen Corp.(b) | 6,404,256 | ||||||
418,313 | Spectrum Pharmaceuticals, Inc.(b) | 6,659,543 | ||||||
|
| |||||||
77,401,402 | ||||||||
|
| |||||||
Health Care Equipment & Supplies—33.7% | ||||||||
104,799 | Abaxis, Inc. | 6,976,469 | ||||||
57,651 | Analogic Corp. | 4,790,798 | ||||||
169,666 | AngioDynamics, Inc.(b) | 3,288,127 | ||||||
67,847 | Anika Therapeutics, Inc.(b) | 2,985,947 | ||||||
114,961 | CONMED Corp. | 7,475,914 | ||||||
153,471 | CryoLife, Inc.(b) | 3,445,424 | ||||||
63,976 | Cutera, Inc.(b) | 3,208,396 | ||||||
246,789 | Haemonetics Corp.(b) | 19,259,414 | ||||||
30,102 | Heska Corp.(b) | 2,456,925 | ||||||
79,867 | Inogen, Inc.(b) | 11,227,703 | ||||||
131,097 | Integer Holdings Corp.(b) | 7,197,225 | ||||||
293,509 | Integra LifeSciences Holdings Corp.(b) | 18,088,960 | ||||||
151,589 | Invacare Corp. | 2,758,920 | ||||||
138,103 | Lantheus Holdings, Inc.(b) | 2,458,233 | ||||||
70,270 | LeMaitre Vascular, Inc. | 2,209,992 | ||||||
195,351 | Meridian Bioscience, Inc. | 2,852,125 | ||||||
232,098 | Merit Medical Systems, Inc.(b) | 11,256,753 | ||||||
153,112 | Natus Medical, Inc.(b) | 5,060,352 | ||||||
237,901 | Neogen Corp.(b) | 16,212,953 | ||||||
281,507 | OraSure Technologies, Inc.(b) | 4,991,119 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Equipment & Supplies (continued) | ||||||||
83,904 | Orthofix International NV(b) | $ | 5,119,822 | |||||
60,938 | SurModics, Inc.(b) | 2,276,034 | ||||||
68,146 | Tactile Systems Technology, Inc.(b) | 2,372,162 | ||||||
174,253 | Varex Imaging Corp.(b) | 6,271,365 | ||||||
|
| |||||||
154,241,132 | ||||||||
|
| |||||||
Health Care Providers & Services—30.0% | ||||||||
142,047 | Aceto Corp. | 357,958 | ||||||
131,816 | Amedisys, Inc.(b) | 8,711,719 | ||||||
220,056 | AMN Healthcare Services, Inc.(b) | 14,710,744 | ||||||
142,698 | BioTelemetry, Inc.(b) | 5,451,064 | ||||||
74,623 | Chemed Corp. | 23,000,301 | ||||||
529,275 | Community Health Systems, Inc.(b)(c) | 2,000,660 | ||||||
44,462 | CorVel Corp.(b) | 2,180,861 | ||||||
168,221 | Cross Country Healthcare, Inc.(b) | 2,116,220 | ||||||
222,303 | Diplomat Pharmacy, Inc.(b) | 4,843,982 | ||||||
223,459 | Ensign Group, Inc. (The) | 6,227,802 | ||||||
238,129 | HealthEquity, Inc.(b) | 15,637,931 | ||||||
422,089 | Kindred Healthcare, Inc.(b) | 3,756,592 | ||||||
127,729 | LHC Group, Inc.(b) | 9,505,592 | ||||||
112,313 | Magellan Health, Inc.(b) | 9,417,445 | ||||||
284,044 | Owens & Minor, Inc. | 4,615,715 | ||||||
51,608 | Providence Service Corp. (The)(b) | 3,916,015 | ||||||
131,097 | Quorum Health Corp.(b) | 924,234 | ||||||
494,332 | Select Medical Holdings Corp.(b) | 8,922,693 | ||||||
157,985 | Tivity Health, Inc.(b) | 5,679,561 | ||||||
58,090 | U.S. Physical Therapy, Inc. | 5,300,713 | ||||||
|
| |||||||
137,277,802 | ||||||||
|
| |||||||
Health Care Technology—5.3% | ||||||||
51,461 | Computer Programs & Systems, Inc.(c) | 1,536,111 | ||||||
118,348 | HealthStream, Inc. | 2,744,490 | ||||||
382,735 | HMS Holdings Corp.(b) | 6,893,057 | ||||||
179,071 | Omnicell, Inc.(b) | 7,717,960 | ||||||
217,699 | Quality Systems, Inc.(b) | 2,923,698 | ||||||
60,301 | Tabula Rasa Healthcare, Inc.(b) | 2,471,738 | ||||||
|
| |||||||
24,287,054 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco S&P SmallCap Health Care ETF (PSCH) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Life Sciences Tools & Services—2.6% | ||||||||
151,667 | Cambrex Corp.(b) | $ | 8,030,768 | |||||
189,475 | Luminex Corp. | 4,045,291 | ||||||
|
| |||||||
12,076,059 | ||||||||
|
| |||||||
Pharmaceuticals—11.4% | ||||||||
163,459 | Amphastar Pharmaceuticals, Inc.(b) | 3,120,432 | ||||||
41,376 | ANI Pharmaceuticals, Inc.(b) | 2,455,666 | ||||||
440,075 | Corcept Therapeutics, Inc.(b) | 7,340,451 | ||||||
292,738 | Depomed, Inc.(b) | 1,838,395 | ||||||
341,385 | Impax Laboratories, Inc.(b) | 6,418,038 | ||||||
319,704 | Innoviva, Inc.(b) | 4,635,708 | ||||||
139,788 | Lannett Co., Inc.(b)(c) | 2,180,693 | ||||||
297,771 | Medicines Co. (The)(b)(c) | 8,959,929 | ||||||
90,457 | Phibro Animal Health Corp., Class A | 3,826,331 | ||||||
237,967 | Supernus Pharmaceuticals, Inc.(b) | 11,160,652 | ||||||
|
| |||||||
51,936,295 | ||||||||
|
| |||||||
Total Common Stocks (Cost $409,983,377) | 457,219,744 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
242,415 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $242,415) | 242,415 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $410,225,792)—100.0% | 457,462,159 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.0% | ||||||||
13,596,557 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $13,596,557) | 13,596,557 | ||||||
|
| |||||||
Total Investments in Securities (Cost $423,822,349)—103.0% | 471,058,716 | |||||||
Other assets less liabilities—(3.0)% | (13,665,182 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 457,393,534 | ||||||
|
|
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 17 |
|
Invesco S&P SmallCap Industrials ETF (PSCI)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Machinery | 29.2 | |||
Professional Services | 14.2 | |||
Commercial Services & Supplies | 13.0 | |||
Building Products | 11.1 | |||
Aerospace & Defense | 10.2 | |||
Airlines | 4.9 | |||
Air Freight & Logistics | 3.8 | |||
Trading Companies & Distributors | 3.6 | |||
Electrical Equipment | 3.2 | |||
Road & Rail | 2.9 | |||
Construction & Engineering | 2.1 | |||
Industrial Conglomerates | 0.9 | |||
Marine | 0.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—10.2% | ||||||||
23,346 | AAR Corp. | $ | 1,010,882 | |||||
54,039 | Aerojet Rocketdyne Holdings, Inc.(b) | 1,509,850 | ||||||
15,356 | Aerovironment, Inc.(b) | 836,902 | ||||||
38,161 | Axon Enterprise, Inc.(b) | 1,601,999 | ||||||
18,103 | Cubic Corp. | 1,117,860 | ||||||
12,758 | Engility Holdings, Inc.(b) | 324,308 | ||||||
34,721 | Mercury Systems, Inc.(b) | 1,113,850 | ||||||
23,325 | Moog, Inc., Class A(b) | 1,911,950 | ||||||
3,625 | National Presto Industries, Inc.(c) | 347,094 | ||||||
35,904 | Triumph Group, Inc. | 849,129 | ||||||
|
| |||||||
10,623,824 | ||||||||
|
| |||||||
Air Freight & Logistics—3.8% | ||||||||
18,385 | Atlas Air Worldwide Holdings, Inc.(b) | 1,165,609 | ||||||
19,042 | Echo Global Logistics, Inc.(b) | 519,847 | ||||||
21,385 | Forward Air Corp. | 1,154,576 | ||||||
24,372 | Hub Group, Inc., Class A(b) | 1,071,149 | ||||||
|
| |||||||
3,911,181 | ||||||||
|
| |||||||
Airlines—4.9% | ||||||||
9,019 | Allegiant Travel Co. | 1,445,295 | ||||||
36,917 | Hawaiian Holdings, Inc. | 1,520,981 | ||||||
37,286 | SkyWest, Inc. | 2,121,573 | ||||||
|
| |||||||
5,087,849 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Building Products—11.1% | ||||||||
29,183 | AAON, Inc. | $ | 992,222 | |||||
10,248 | American Woodmark Corp.(b) | 842,386 | ||||||
20,540 | Apogee Enterprises, Inc. | 844,400 | ||||||
22,949 | Gibraltar Industries, Inc.(b) | 806,657 | ||||||
21,958 | Griffon Corp. | 436,964 | ||||||
13,075 | Insteel Industries, Inc. | 392,642 | ||||||
17,490 | Patrick Industries, Inc.(b) | 995,181 | ||||||
35,896 | PGT Innovations, Inc.(b) | 626,385 | ||||||
25,349 | Quanex Building Products Corp. | 434,735 | ||||||
29,907 | Simpson Manufacturing Co., Inc. | 1,635,315 | ||||||
21,194 | Trex Co., Inc.(b) | 2,201,633 | ||||||
44,040 | Universal Forest Products, Inc. | 1,403,995 | ||||||
|
| |||||||
11,612,515 | ||||||||
|
| |||||||
Commercial Services & Supplies—13.0% | ||||||||
47,261 | ABM Industries, Inc. | 1,471,235 | ||||||
34,676 | Brady Corp., Class A | 1,262,206 | ||||||
27,255 | Essendant, Inc. | 202,777 | ||||||
42,891 | Interface, Inc. | 943,602 | ||||||
25,220 | LSC Communications, Inc. | 440,845 | ||||||
23,341 | Matthews International Corp., Class A | 1,147,210 | ||||||
31,921 | Mobile Mini, Inc. | 1,340,682 | ||||||
10,047 | Multi-Color Corp. | 652,553 | ||||||
50,604 | RR Donnelley & Sons Co. | 427,604 | ||||||
21,622 | Team, Inc.(b)(c) | 366,493 | ||||||
40,214 | Tetra Tech, Inc. | 1,946,358 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco S&P SmallCap Industrials ETF (PSCI) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Commercial Services & Supplies (continued) | ||||||||
11,140 | UniFirst Corp. | $ | 1,789,084 | |||||
15,812 | US Ecology, Inc. | 842,780 | ||||||
14,762 | Viad Corp. | 749,171 | ||||||
|
| |||||||
13,582,600 | ||||||||
|
| |||||||
Construction & Engineering—2.1% | ||||||||
23,589 | Aegion Corp.(b) | 535,235 | ||||||
26,871 | Comfort Systems USA, Inc. | 1,133,956 | ||||||
11,899 | MYR Group, Inc.(b) | 356,970 | ||||||
20,383 | Orion Group Holdings, Inc.(b) | 123,521 | ||||||
|
| |||||||
2,149,682 | ||||||||
|
| |||||||
Electrical Equipment—3.2% | ||||||||
18,765 | AZZ, Inc. | 835,981 | ||||||
15,061 | Encore Wire Corp. | 792,962 | ||||||
36,591 | General Cable Corp. | 1,084,923 | ||||||
6,291 | Powell Industries, Inc. | 189,044 | ||||||
11,762 | Vicor Corp.(b) | 421,668 | ||||||
|
| |||||||
3,324,578 | ||||||||
|
| |||||||
Industrial Conglomerates—0.9% | ||||||||
25,845 | Raven Industries, Inc. | 945,927 | ||||||
|
| |||||||
Machinery—29.2% | ||||||||
43,375 | Actuant Corp., Class A | 1,021,481 | ||||||
6,904 | Alamo Group, Inc. | 755,781 | ||||||
20,860 | Albany International Corp., Class A | 1,233,869 | ||||||
13,842 | Astec Industries, Inc. | 769,062 | ||||||
35,268 | Barnes Group, Inc. | 1,958,432 | ||||||
31,018 | Briggs & Stratton Corp. | 559,255 | ||||||
22,244 | Chart Industries, Inc.(b) | 1,262,125 | ||||||
11,875 | CIRCOR International, Inc. | 503,144 | ||||||
15,608 | EnPro Industries, Inc. | 1,172,941 | ||||||
18,681 | ESCO Technologies, Inc. | 1,043,334 | ||||||
43,369 | Federal Signal Corp. | 939,373 | ||||||
27,975 | Franklin Electric Co., Inc. | 1,146,975 | ||||||
20,413 | Greenbrier Cos., Inc. (The)(c) | 895,110 | ||||||
58,154 | Harsco Corp.(b) | 1,189,249 | ||||||
45,386 | Hillenbrand, Inc. | 2,103,641 | ||||||
22,746 | John Bean Technologies Corp. | 2,450,881 | ||||||
7,684 | Lindsay Corp. | 675,116 | ||||||
12,545 | Lydall, Inc.(b) | 559,507 | ||||||
41,608 | Mueller Industries, Inc. | 1,130,905 | ||||||
18,015 | Proto Labs, Inc.(b) | 2,146,487 | ||||||
30,924 | SPX Corp.(b) | 978,435 | ||||||
30,577 | SPX FLOW, Inc.(b) | 1,375,965 | ||||||
9,273 | Standex International Corp. | 899,017 | ||||||
12,925 | Tennant Co. | 956,450 | ||||||
35,883 | Titan International, Inc. | 369,595 | ||||||
41,670 | Wabash National Corp. | 835,900 | ||||||
19,929 | Watts Water Technologies, Inc., Class A | 1,484,711 | ||||||
|
| |||||||
30,416,741 | ||||||||
|
| |||||||
Marine—0.9% | ||||||||
30,682 | Matson, Inc. | 896,835 | ||||||
|
| |||||||
Professional Services—14.2% | ||||||||
35,345 | Asgn, Inc.(b) | 2,849,867 | ||||||
18,542 | Exponent, Inc. | 1,602,029 | ||||||
7,146 | Forrester Research, Inc. | 284,411 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Professional Services (continued) | ||||||||
26,929 | FTI Consulting, Inc.(b) | $ | 1,572,653 | |||||
13,578 | Heidrick & Struggles International, Inc. | 511,212 | ||||||
26,579 | Insperity, Inc. | 2,132,965 | ||||||
22,009 | Kelly Services, Inc., Class A | 643,983 | ||||||
40,680 | Korn/Ferry International | 2,174,753 | ||||||
32,575 | Navigant Consulting, Inc.(b) | 696,779 | ||||||
21,318 | Resources Connection, Inc. | 333,627 | ||||||
29,700 | TrueBlue, Inc.(b) | 791,505 | ||||||
28,556 | WageWorks, Inc.(b) | 1,189,357 | ||||||
|
| |||||||
14,783,141 | ||||||||
|
| |||||||
Road & Rail—2.9% | ||||||||
18,534 | ArcBest Corp. | 594,941 | ||||||
36,132 | Heartland Express, Inc. | 644,234 | ||||||
27,959 | Marten Transport Ltd. | 545,200 | ||||||
22,717 | Roadrunner Transportation Systems, Inc.(b) | 48,842 | ||||||
18,472 | Saia, Inc.(b) | 1,220,076 | ||||||
|
| |||||||
3,053,293 | ||||||||
|
| |||||||
Trading Companies & Distributors—3.6% | ||||||||
27,848 | Applied Industrial Technologies, Inc. | 1,780,880 | ||||||
11,440 | DXP Enterprises, Inc.(b) | 415,272 | ||||||
20,089 | Kaman Corp. | 1,218,197 | ||||||
8,051 | Veritiv Corp.(b) | 306,340 | ||||||
|
| |||||||
3,720,689 | ||||||||
|
| |||||||
Total Common Stocks (Cost $90,003,127) | 104,108,855 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
40,430 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $40,430) | 40,430 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $90,043,557)—100.0% | 104,149,285 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.5% | ||||||||
516,938 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $516,938) | 516,938 | ||||||
|
| |||||||
Total Investments in Securities (Cost $90,560,495)—100.5% | 104,666,223 | |||||||
Other assets less liabilities—(0.5)% | (519,516 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 104,146,707 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco S&P SmallCap Industrials ETF (PSCI) (continued)
April 30, 2018
(Unaudited)
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 20 |
|
Invesco S&P SmallCap Information Technology ETF (PSCT)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Electronic Equipment, Instruments & Components | 25.2 | |||
Semiconductors & Semiconductor Equipment | 24.1 | |||
IT Services | 15.2 | |||
Software | 12.7 | |||
Communications Equipment | 10.4 | |||
Internet Software & Services | 9.8 | |||
Technology Hardware, Storage & Peripherals | 2.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Communications Equipment—10.4% | ||||||||
168,818 | ADTRAN, Inc. | $ | 2,473,184 | |||||
67,983 | Applied Optoelectronics, Inc.(b)(c) | 2,172,737 | ||||||
124,197 | CalAmp Corp.(c) | 2,452,891 | ||||||
82,303 | Comtech Telecommunications Corp. | 2,517,649 | ||||||
94,230 | Digi International, Inc.(c) | 1,083,645 | ||||||
401,849 | Extreme Networks, Inc.(c) | 4,299,785 | ||||||
397,516 | Finisar Corp.(c) | 6,193,299 | ||||||
287,802 | Harmonic, Inc.(c) | 1,050,477 | ||||||
109,401 | NETGEAR, Inc.(c) | 6,049,875 | ||||||
590,684 | Oclaro, Inc.(c) | 4,678,217 | ||||||
785,336 | Viavi Solutions, Inc.(c) | 7,421,425 | ||||||
|
| |||||||
40,393,184 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—25.2% | ||||||||
100,637 | Anixter International, Inc.(c) | 5,927,519 | ||||||
101,498 | Badger Meter, Inc. | 4,308,590 | ||||||
34,371 | Bel Fuse, Inc., Class B | 665,079 | ||||||
169,881 | Benchmark Electronics, Inc. | 4,467,870 | ||||||
70,246 | Control4 Corp.(c) | 1,463,927 | ||||||
114,826 | CTS Corp. | 3,439,039 | ||||||
136,441 | Daktronics, Inc. | 1,229,333 | ||||||
116,970 | Electro Scientific Industries, Inc.(c) | 2,105,460 | ||||||
48,629 | ePlus, Inc.(c) | 3,883,026 | ||||||
130,068 | Fabrinet (Thailand)(c) | 3,669,218 | ||||||
58,563 | FARO Technologies, Inc.(c) | 2,957,431 | ||||||
191,115 | II-VI, Inc.(c) | 7,281,482 | ||||||
124,933 | Insight Enterprises, Inc.(c) | 4,428,875 | ||||||
118,642 | Itron, Inc.(c) | 7,759,187 | ||||||
171,685 | KEMET Corp.(c) | 2,956,416 | ||||||
128,459 | Methode Electronics, Inc. | 5,125,514 | ||||||
61,984 | MTS Systems Corp. | 3,148,787 | ||||||
62,327 | OSI Systems, Inc.(c) | 3,990,175 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
66,313 | Park Electrochemical Corp. | $ | 1,129,310 | |||||
117,087 | Plexus Corp.(c) | 6,421,051 | ||||||
63,669 | Rogers Corp.(c) | 6,793,482 | ||||||
247,518 | Sanmina Corp.(c) | 7,301,781 | ||||||
89,147 | ScanSource, Inc.(c) | 3,057,742 | ||||||
321,116 | TTM Technologies, Inc.(c) | 4,476,357 | ||||||
|
| |||||||
97,986,651 | ||||||||
|
| |||||||
Internet Software & Services—9.8% | ||||||||
87,224 | Alarm.com Holdings, Inc.(c) | 3,522,105 | ||||||
162,843 | Blucora, Inc.(c) | 4,233,918 | ||||||
165,189 | DHI Group, Inc.(c) | 231,265 | ||||||
90,181 | Liquidity Services, Inc.(c) | 581,667 | ||||||
190,915 | LivePerson, Inc.(c) | 3,207,372 | ||||||
231,066 | NIC, Inc. | 3,431,330 | ||||||
125,722 | QuinStreet, Inc.(c) | 1,413,115 | ||||||
64,201 | Shutterstock, Inc.(c) | 2,705,430 | ||||||
60,140 | SPS Commerce, Inc.(c) | 4,123,800 | ||||||
56,797 | Stamps.com, Inc.(c) | 12,935,517 | ||||||
84,244 | XO Group, Inc.(c) | 1,826,410 | ||||||
|
| |||||||
38,211,929 | ||||||||
|
| |||||||
IT Services—15.2% | ||||||||
85,653 | CACI International, Inc., Class A(c) | 12,937,886 | ||||||
160,008 | Cardtronics PLC, Class A(c) | 4,200,210 | ||||||
116,577 | CSG Systems International, Inc. | 4,988,330 | ||||||
209,442 | EVERTEC, Inc. | 3,822,316 | ||||||
118,847 | ExlService Holdings, Inc.(c) | 6,870,545 | ||||||
90,786 | ManTech International Corp., Class A | 5,364,545 | ||||||
121,380 | Perficient, Inc.(c) | 3,001,727 | ||||||
139,083 | Sykes Enterprises, Inc.(c) | 4,000,027 | ||||||
435,397 | Travelport Worldwide Ltd. | 7,462,704 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco S&P SmallCap Information Technology ETF (PSCT) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
IT Services (continued) | ||||||||
49,550 | Ttec Holdings, Inc. | $ | 1,585,600 | |||||
95,419 | Virtusa Corp.(c) | 4,593,471 | ||||||
|
| |||||||
58,827,361 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—24.1% | ||||||||
137,756 | Advanced Energy Industries, Inc.(c) | 8,203,370 | ||||||
111,728 | Axcelis Technologies, Inc.(c) | 2,458,016 | ||||||
245,537 | Brooks Automation, Inc. | 6,108,961 | ||||||
89,039 | Cabot Microelectronics Corp. | 9,033,007 | ||||||
77,462 | CEVA, Inc.(c) | 2,525,261 | ||||||
99,499 | Cohu, Inc. | 2,129,279 | ||||||
133,624 | Diodes, Inc.(c) | 3,814,965 | ||||||
77,824 | DSP Group, Inc.(c) | 929,997 | ||||||
252,865 | FormFactor, Inc.(c) | 2,901,626 | ||||||
212,739 | Kopin Corp.(b)(c) | 704,166 | ||||||
246,173 | Kulicke & Soffa Industries, Inc. (Singapore)(c) | 5,634,900 | ||||||
212,424 | MaxLinear, Inc., Class A(c) | 4,743,428 | ||||||
82,838 | Nanometrics, Inc.(c) | 2,056,039 | ||||||
95,787 | PDF Solutions, Inc.(c) | 1,068,025 | ||||||
241,837 | Photronics, Inc.(c) | 1,850,053 | ||||||
103,668 | Power Integrations, Inc. | 7,028,690 | ||||||
382,959 | Rambus, Inc.(c) | 5,169,946 | ||||||
110,194 | Rudolph Technologies, Inc.(c) | 2,793,418 | ||||||
230,646 | Semtech Corp.(c) | 9,064,388 | ||||||
125,548 | SolarEdge Technologies, Inc.(c) | 6,610,102 | ||||||
133,990 | Ultra Clean Holdings, Inc.(c) | 2,346,165 | ||||||
168,392 | Veeco Instruments, Inc.(c) | 2,601,656 | ||||||
171,848 | Xperi Corp. | 3,780,656 | ||||||
|
| |||||||
93,556,114 | ||||||||
|
| |||||||
Software—12.7% | ||||||||
321,304 | 8x8, Inc.(c) | 6,506,406 | ||||||
53,641 | Agilysys, Inc.(c) | 631,891 | ||||||
121,329 | Bottomline Technologies (de), Inc.(c) | 4,794,922 | ||||||
76,843 | Ebix, Inc. | 5,955,332 | ||||||
32,811 | MicroStrategy, Inc., Class A(c) | 4,182,090 | ||||||
144,891 | Monotype Imaging Holdings, Inc. | 3,209,336 | ||||||
161,718 | Progress Software Corp. | 5,972,246 | ||||||
112,773 | Qualys, Inc.(c) | 8,677,882 | ||||||
152,397 | Synchronoss Technologies, Inc.(c) | 1,706,846 | ||||||
428,111 | Tivo Corp. | 6,057,771 | ||||||
105,023 | VASCO Data Security International, Inc.(c) | 1,627,857 | ||||||
|
| |||||||
49,322,579 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—2.6% | ||||||||
141,111 | Cray, Inc.(c) | 3,365,498 | ||||||
159,290 | Electronics For Imaging, Inc.(c) | 4,412,333 | ||||||
132,409 | Super Micro Computer, Inc.(c) | 2,343,639 | ||||||
|
| |||||||
10,121,470 | ||||||||
|
| |||||||
Total Common Stocks (Cost $366,686,924) | 388,419,288 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
14,662 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $14,662) | $ | 14,662 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $366,701,586)—100.0% | 388,433,950 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
2,581,770 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $2,581,770) | 2,581,770 | ||||||
|
| |||||||
Total Investments in Securities (Cost $369,283,356)—100.7% | 391,015,720 | |||||||
Other assets less liabilities—(0.7)% | (2,625,454 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 388,390,266 | ||||||
|
|
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 April 30, 2018. |
(c) | Non-income producing security. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 22 |
|
Invesco S&P SmallCap Materials ETF (PSCM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown as of April 30, 2018 | ||||
Chemicals | 56.7 | |||
Paper & Forest Products | 21.5 | |||
Metals & Mining | 18.2 | |||
Construction Materials | 2.3 | |||
Containers & Packaging | 1.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Chemicals—56.7% | ||||||||
22,973 | A. Schulman, Inc. | $ | 985,542 | |||||
23,761 | Advansix, Inc.(b) | 851,119 | ||||||
20,469 | American Vanguard Corp. | 441,107 | ||||||
25,011 | Balchem Corp. | 2,206,971 | ||||||
44,310 | Flotek Industries, Inc.(b) | 158,187 | ||||||
19,805 | FutureFuel Corp. | 231,718 | ||||||
39,447 | H.B. Fuller Co. | 1,951,443 | ||||||
7,432 | Hawkins, Inc. | 241,540 | ||||||
32,868 | Ingevity Corp.(b) | 2,525,248 | ||||||
15,256 | Innophos Holdings, Inc. | 631,293 | ||||||
19,011 | Innospec, Inc. | 1,382,100 | ||||||
16,220 | Koppers Holdings, Inc.(b) | 710,436 | ||||||
24,743 | Kraton Corp.(b) | 1,130,013 | ||||||
15,855 | LSB Industries, Inc.(b)(c) | 87,678 | ||||||
10,388 | Quaker Chemical Corp. | 1,526,932 | ||||||
40,349 | Rayonier Advanced Materials, Inc. | 863,469 | ||||||
15,439 | Stepan Co. | 1,085,670 | ||||||
19,846 | Tredegar Corp. | 349,290 | ||||||
|
| |||||||
17,359,756 | ||||||||
|
| |||||||
Construction Materials—2.3% | ||||||||
12,221 | US Concrete, Inc.(b) | 714,317 | ||||||
|
| |||||||
Containers & Packaging—1.3% | ||||||||
17,108 | Myers Industries, Inc. | 398,616 | ||||||
|
| |||||||
Metals & Mining—18.2% | ||||||||
245,753 | AK Steel Holding Corp.(b)(c) | 1,128,006 | ||||||
38,966 | Century Aluminum Co.(b) | 680,736 | ||||||
9,775 | Haynes International, Inc. | 408,693 | ||||||
13,084 | Kaiser Aluminum Corp. | 1,289,297 | ||||||
15,703 | Materion Corp. | 796,927 | ||||||
7,126 | Olympic Steel, Inc. | 167,105 | ||||||
50,203 | SunCoke Energy, Inc.(b) | 576,833 | ||||||
30,557 | TimkenSteel Corp.(b) | 513,052 | ||||||
|
| |||||||
5,560,649 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Paper & Forest Products—21.5% | ||||||||
30,085 | Boise Cascade Co. | $ | 1,251,536 | |||||
12,841 | Clearwater Paper Corp.(b) | 303,690 | ||||||
68,422 | KapStone Paper and Packaging Corp. | 2,355,085 | ||||||
13,182 | Neenah, Inc. | 1,028,196 | ||||||
34,109 | P.H. Glatfelter Co. | 712,537 | ||||||
24,022 | Schweitzer-Mauduit International, Inc. | 937,579 | ||||||
|
| |||||||
6,588,623 | ||||||||
|
| |||||||
Total Common Stocks (Cost $32,434,979) | 30,621,961 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
10,063 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $10,063) | 10,063 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $32,445,042)—100.0% | 30,632,024 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.2% | ||||||||
1,288,457 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $1,288,457) | 1,288,457 | ||||||
|
| |||||||
Total Investments in Securities (Cost $33,733,499)—104.2% | 31,920,481 | |||||||
Other assets less liabilities—(4.2)% | (1,272,302 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,648,179 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco S&P SmallCap Materials ETF (PSCM) (continued)
April 30, 2018
(Unaudited)
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 24 |
|
Invesco S&P SmallCap Utilities ETF (PSCU)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Diversified Telecommunication Services | 37.2 | |||
Gas Utilities | 27.4 | |||
Multi-Utilities | 17.3 | |||
Water Utilities | 9.1 | |||
Electric Utilities | 4.6 | |||
Wireless Telecommunication Services | 4.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.7% | ||||||||
Diversified Telecommunication Services—37.2% | ||||||||
33,391 | ATN International, Inc. | $ | 1,769,723 | |||||
131,469 | Cincinnati Bell, Inc.(b) | 1,991,755 | ||||||
44,650 | Cogent Communications Holdings, Inc. | 2,105,248 | ||||||
164,874 | Consolidated Communications Holdings, Inc.(c) | 1,863,076 | ||||||
244,704 | Frontier Communications Corp.(c) | 2,031,043 | ||||||
172,395 | Iridium Communications, Inc.(b)(c) | 2,051,501 | ||||||
490,791 | Vonage Holdings Corp.(b) | 5,487,043 | ||||||
|
| |||||||
17,299,389 | ||||||||
|
| |||||||
Electric Utilities—4.6% | ||||||||
41,474 | El Paso Electric Co. | 2,117,248 | ||||||
|
| |||||||
Gas Utilities—27.4% | ||||||||
36,672 | Northwest Natural Gas Co. | 2,247,994 | ||||||
73,422 | South Jersey Industries, Inc. | 2,268,740 | ||||||
114,021 | Spire, Inc. | 8,226,615 | ||||||
|
| |||||||
12,743,349 | ||||||||
|
| |||||||
Multi-Utilities—17.3% | ||||||||
154,787 | Avista Corp. | 8,027,254 | ||||||
|
| |||||||
Water Utilities—9.1% | ||||||||
38,675 | American States Water Co. | 2,154,971 | ||||||
53,284 | California Water Service Group | 2,064,755 | ||||||
|
| |||||||
4,219,726 | ||||||||
|
| |||||||
Wireless Telecommunication Services—4.1% | ||||||||
126,907 | Spok Holdings, Inc. | 1,890,914 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $44,679,362)—99.7% | 46,297,880 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.0% | ||||||||
3,254,982 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $3,254,982) | $ | 3,254,982 | |||||
|
| |||||||
Total Investments in Securities (Cost $47,934,344)—106.7% | 49,552,862 | |||||||
Other assets less liabilities—(6.7)% | (3,093,406 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 46,459,456 | ||||||
|
|
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 April 30, 2018. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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.
| 25 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV) | Invesco DWA SmallCap Momentum ETF (DWAS) | Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | Invesco DWA Tactical Sector Rotation ETF (DWTR) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | — | $ | 267,427,062 | $ | — | $ | — | ||||||||
Affiliated investments in securities, at value(a) | 30,770,691 | 12,810,319 | 72,829,552 | 64,579,055 | ||||||||||||
Receivables: | ||||||||||||||||
Securities lending | 3,668 | 18,641 | 1,458 | 942 | ||||||||||||
Dividends | — | 17,979 | 91 | 72 | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 30,774,359 | 280,274,001 | 72,831,101 | 64,580,069 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | 8,688 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 1,054,685 | 12,783,863 | 323,300 | 483,600 | ||||||||||||
Investments purchased | — | — | — | — | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Accrued unitary management fees | 3,083 | 130,597 | 15,255 | 7,976 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,057,768 | 12,923,148 | 338,555 | 491,576 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 29,716,591 | $ | 267,350,853 | $ | 72,492,546 | $ | 64,088,493 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 28,945,870 | $ | 372,686,407 | $ | 80,199,257 | $ | 69,859,536 | ||||||||
Undistributed net investment income (loss) | 15,127 | 11,601 | 402,969 | (126,152 | ) | |||||||||||
Undistributed net realized gain (loss) | 209,309 | (138,068,687 | ) | (3,517,248 | ) | (15,558,575 | ) | |||||||||
Net unrealized appreciation (depreciation) | 546,285 | 32,721,532 | (4,592,432 | ) | 9,913,684 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 29,716,591 | $ | 267,350,853 | $ | 72,492,546 | $ | 64,088,493 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 950,001 | 5,400,000 | 2,900,001 | 2,250,001 | ||||||||||||
Net asset value | $ | 31.28 | $ | 49.51 | $ | 25.00 | $ | 28.48 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 31.30 | $ | 49.60 | $ | 24.98 | $ | 28.38 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | — | $ | 234,705,530 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 30,224,406 | $ | 12,810,319 | $ | 77,421,984 | $ | 54,665,371 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 1,022,790 | $ | 12,421,134 | $ | 312,939 | $ | 469,650 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | Invesco S&P SmallCap Consumer Staples ETF (PSCC) | Invesco S&P SmallCap Energy ETF (PSCE) | 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 ETF (PSCU) | ||||||||||||||||||||||||||
$ | 69,397,870 | $ | 45,795,370 | $ | 62,927,518 | $ | 222,741,929 | $ | 457,219,744 | $ | 104,108,855 | $ | 388,419,288 | $ | 30,621,961 | $ | 46,297,880 | |||||||||||||||||
6,286,751 | 1,401,755 | 3,770,853 | 7,985,447 | 13,838,972 | 557,368 | 2,596,432 | 1,298,520 | 3,254,982 | ||||||||||||||||||||||||||
7,517 | 5,607 | 2,189 | 1,858 | 33,698 | 315 | 35,640 | 350 | 32,348 | ||||||||||||||||||||||||||
12,133 | 35,807 | 16 | 143,104 | 297 | 22,762 | 17,748 | 23,573 | 81,209 | ||||||||||||||||||||||||||
220,683 | — | 1,129,917 | 1,354,437 | — | — | 3,838,624 | — | 135,722 | ||||||||||||||||||||||||||
— | — | 4,032,768 | — | — | — | — | — | — | ||||||||||||||||||||||||||
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75,924,954 | 47,238,539 | 71,863,261 | 232,226,775 | 471,092,711 | 104,689,300 | 394,907,732 | 31,944,404 | 49,802,141 | ||||||||||||||||||||||||||
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38,256 | 30,598 | — | — | — | — | — | — | 76,712 | ||||||||||||||||||||||||||
6,286,751 | 1,401,755 | 3,737,570 | 5,494,850 | 13,596,557 | 516,938 | 2,581,770 | 1,288,457 | 3,254,982 | ||||||||||||||||||||||||||
178,070 | — | 5,201,331 | 1,555,882 | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | 3,838,230 | — | — | ||||||||||||||||||||||||||
16,697 | 11,023 | 13,182 | 53,737 | 102,620 | 25,655 | 97,466 | 7,768 | 10,991 | ||||||||||||||||||||||||||
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6,519,774 | 1,443,376 | 8,952,083 | 7,104,469 | 13,699,177 | 542,593 | 6,517,466 | 1,296,225 | 3,342,685 | ||||||||||||||||||||||||||
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$ | 69,405,180 | $ | 45,795,163 | $ | 62,911,178 | $ | 225,122,306 | $ | 457,393,534 | $ | 104,146,707 | $ | 388,390,266 | $ | 30,648,179 | $ | 46,459,456 | |||||||||||||||||
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$ | 65,725,053 | $ | 49,376,563 | $ | 108,410,544 | $ | 189,331,196 | $ | 368,339,097 | $ | 87,769,081 | $ | 322,600,003 | $ | 30,868,752 | $ | 46,395,593 | |||||||||||||||||
95,217 | (84,447 | ) | (38,368 | ) | 1,104,037 | (96,077 | ) | 70,195 | 61,679 | 36,958 | 196,149 | |||||||||||||||||||||||
(2,455,275 | ) | (3,195,923 | ) | (46,671,752 | ) | 11,836,737 | 41,914,147 | 2,201,703 | 43,996,220 | 1,555,487 | (1,750,804 | ) | ||||||||||||||||||||||
6,040,185 | (301,030 | ) | 1,210,754 | 22,850,336 | 47,236,367 | 14,105,728 | 21,732,364 | (1,813,018 | ) | 1,618,518 | ||||||||||||||||||||||||
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$ | 69,405,180 | $ | 45,795,163 | $ | 62,911,178 | $ | 225,122,306 | $ | 457,393,534 | $ | 104,146,707 | $ | 388,390,266 | $ | 30,648,179 | $ | 46,459,456 | |||||||||||||||||
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1,150,000 | 650,000 | 3,900,000 | 4,150,000 | 4,000,000 | 1,650,000 | 5,100,000 | 600,000 | 900,000 | ||||||||||||||||||||||||||
$ | 60.35 | $ | 70.45 | $ | 16.13 | $ | 54.25 | $ | 114.35 | $ | 63.12 | $ | 76.15 | $ | 51.08 | $ | 51.62 | |||||||||||||||||
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$ | 60.44 | $ | 70.53 | $ | 16.17 | $ | 54.36 | $ | 114.69 | $ | 63.23 | $ | 76.27 | $ | 51.10 | $ | 51.70 | |||||||||||||||||
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$ | 63,357,685 | $ | 46,096,400 | $ | 61,716,764 | $ | 199,629,518 | $ | 409,983,377 | $ | 90,003,127 | $ | 366,686,924 | $ | 32,434,979 | $ | 44,679,362 | |||||||||||||||||
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$ | 6,286,751 | $ | 1,401,755 | $ | 3,770,853 | $ | 8,247,522 | $ | 13,838,972 | $ | 557,368 | $ | 2,596,432 | $ | 1,298,520 | $ | 3,254,982 | |||||||||||||||||
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$ | 6,018,395 | $ | 1,400,396 | $ | 3,634,095 | $ | 5,301,287 | $ | 13,323,521 | $ | 500,468 | $ | 2,402,401 | $ | 1,183,067 | $ | 3,119,869 | |||||||||||||||||
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| 27 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV) | Invesco DWA SmallCap Momentum ETF (DWAS) | Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | Invesco DWA Tactical Sector Rotation ETF (DWTR) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | — | $ | 728,043 | $ | (989,574 | ) | $ | — | |||||||
Affiliated dividend income | 41,664 | 491 | 2,236,026 | 84,208 | ||||||||||||
Non-cash dividend income | — | — | — | — | ||||||||||||
Securities lending income | 11,839 | 112,888 | 47,521 | 13,900 | ||||||||||||
Foreign withholding tax | — | — | — | — | ||||||||||||
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| |||||||||
Total Income | 53,503 | 841,422 | 1,293,973 | 98,108 | ||||||||||||
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| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 8,265 | 732,851 | 118,992 | 49,158 | ||||||||||||
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Less: Waivers | (2 | ) | (72 | ) | (27 | ) | (23 | ) | ||||||||
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Net Expenses | 8,263 | 732,779 | 118,965 | 49,135 | ||||||||||||
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Net Investment Income (Loss) | 45,240 | 108,643 | 1,175,008 | 48,973 | ||||||||||||
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Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | — | (14,508,561 | ) | (2,452,745 | ) | — | ||||||||||
Affiliated investment securities | — | — | (69,062 | ) | 62,328 | |||||||||||
Unaffiliated in-kind redemptions | — | 25,082,161 | (488,490 | ) | — | |||||||||||
Affiliated in-kind redemptions | 282,345 | — | (127,395 | ) | 2,475,264 | |||||||||||
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| |||||||||
Net realized gain (loss) | 282,345 | 10,573,600 | (3,137,692 | ) | 2,537,592 | |||||||||||
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Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | — | (3,547,511 | ) | 2,435,124 | — | |||||||||||
Affiliated investment securities | (170,111 | ) | — | (5,905,863 | ) | (1,874,219 | ) | |||||||||
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Net change in unrealized appreciation (depreciation) | (170,111 | ) | (3,547,511 | ) | (3,470,739 | ) | (1,874,219 | ) | ||||||||
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Net realized and unrealized gain (loss) | 112,234 | 7,026,089 | (6,608,431 | ) | 663,373 | |||||||||||
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Net increase (decrease) in net assets resulting from operations | $ | 157,474 | $ | 7,134,732 | $ | (5,433,423 | ) | $ | 712,346 | |||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | Invesco S&P SmallCap Consumer Staples ETF (PSCC) | Invesco S&P SmallCap Energy ETF (PSCE) | 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 ETF (PSCU) | ||||||||||||||||||||||||||
$ | 427,842 | $ | 136,101 | $ | (1,272 | ) | $ | 2,982,178 | $ | 280,067 | $ | 529,895 | $ | 1,162,244 | $ | 243,417 | $ | 573,095 | ||||||||||||||||
154 | 372 | 69 | 122,149 | 716 | 237 | 2,436 | 185 | 650 | ||||||||||||||||||||||||||
— | — | 55,822 | — | — | — | — | — | — | ||||||||||||||||||||||||||
52,698 | 54,076 | 14,763 | 19,245 | 201,200 | 4,424 | 393,429 | 2,290 | 145,197 | ||||||||||||||||||||||||||
— | — | — | (676 | ) | — | — | — | — | — | |||||||||||||||||||||||||
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480,694 | 190,549 | 69,382 | 3,122,896 | 481,983 | 534,556 | 1,558,109 | 245,892 | 718,942 | ||||||||||||||||||||||||||
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101,791 | 74,201 | 83,340 | 324,907 | 468,027 | 153,919 | 654,801 | 64,991 | 71,956 | ||||||||||||||||||||||||||
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(24 | ) | (65 | ) | (8 | ) | (198 | ) | (101 | ) | (35 | ) | (314 | ) | (28 | ) | (125 | ) | |||||||||||||||||
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101,767 | 74,136 | 83,332 | 324,709 | 467,926 | 153,884 | 654,487 | 64,963 | 71,831 | ||||||||||||||||||||||||||
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378,927 | 116,413 | (13,950 | ) | 2,798,187 | 14,057 | 380,672 | 903,622 | 180,929 | 647,111 | |||||||||||||||||||||||||
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(1,263,297 | ) | (2,629,533 | ) | (6,077,946 | ) | (855,243 | ) | (1,725,041 | ) | (114,424 | ) | (7,304,794 | ) | 155,663 | (1,945,972 | ) | ||||||||||||||||||
— | — | — | (13,658 | ) | — | — | — | — | — | |||||||||||||||||||||||||
4,971,559 | 2,019,077 | 1,749,697 | 19,086,528 | 52,241,262 | 5,423,496 | 64,113,923 | 2,400,571 | 919,941 | ||||||||||||||||||||||||||
— | — | — | (154 | ) | — | — | — | — | — | |||||||||||||||||||||||||
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3,708,262 | (610,456 | ) | (4,328,249 | ) | 18,217,473 | 50,516,221 | 5,309,072 | 56,809,129 | 2,556,234 | (1,026,031 | ) | |||||||||||||||||||||||
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1,988,526 | (400,095 | ) | 9,691,556 | (18,260,623 | ) | 16,475,304 | (3,497,482 | ) | (87,801,651 | ) | (1,799,916 | ) | (2,896,494 | ) | ||||||||||||||||||||
— | — | — | (262,075 | ) | — | — | — | — | — | |||||||||||||||||||||||||
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1,988,526 | (400,095 | ) | 9,691,556 | (18,522,698 | ) | 16,475,304 | (3,497,482 | ) | (87,801,651 | ) | (1,799,916 | ) | (2,896,494 | ) | ||||||||||||||||||||
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5,696,788 | (1,010,551 | ) | 5,363,307 | (305,225 | ) | 66,991,525 | 1,811,590 | (30,992,522 | ) | 756,318 | (3,922,525 | ) | ||||||||||||||||||||||
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$ | 6,075,715 | $ | (894,138 | ) | $ | 5,349,357 | $ | 2,492,962 | $ | 67,005,582 | $ | 2,192,262 | $ | (30,088,900 | ) | $ | 937,247 | $ | (3,275,414 | ) | ||||||||||||||
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| 29 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV) | Invesco DWA SmallCap Momentum ETF (DWAS) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 45,240 | $ | 75,311 | $ | 108,643 | $ | 635,864 | ||||||||
Net realized gain (loss) | 282,345 | (18,170 | ) | 10,573,600 | 23,276,016 | |||||||||||
Net change in unrealized appreciation (depreciation) | (170,111 | ) | 1,186,501 | (3,547,511 | ) | 31,038,733 | ||||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from operations | 157,474 | 1,243,642 | 7,134,732 | 54,950,613 | ||||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (44,924 | ) | (75,347 | ) | (495,961 | ) | (705,632 | ) | ||||||||
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| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 26,590,083 | — | 137,553,665 | 222,389,150 | ||||||||||||
Value of shares repurchased | (1,562,899 | ) | (7,643,283 | ) | (105,358,542 | ) | (203,974,345 | ) | ||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 25,027,184 | (7,643,283 | ) | 32,195,123 | 18,414,805 | |||||||||||
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| |||||||||
Increase (Decrease) in Net Assets | 25,139,734 | (6,474,988 | ) | 38,833,894 | 72,659,786 | |||||||||||
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Net Assets: | ||||||||||||||||
Beginning of period | 4,576,857 | 11,051,845 | 228,516,959 | 155,857,173 | ||||||||||||
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End of period | $ | 29,716,591 | $ | 4,576,857 | $ | 267,350,853 | $ | 228,516,959 | ||||||||
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Undistributed net investment income at end of period | $ | 15,127 | $ | 14,811 | $ | 11,601 | $ | 398,919 | ||||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 850,000 | — | 2,800,000 | 5,150,000 | ||||||||||||
Shares repurchased | (50,000 | ) | (300,000 | ) | (2,150,000 | ) | (4,800,000 | ) | ||||||||
Shares outstanding, beginning of period | 150,001 | 450,001 | 4,750,000 | 4,400,000 | ||||||||||||
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Shares outstanding, end of period | 950,001 | 150,001 | 5,400,000 | 4,750,000 | ||||||||||||
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|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | Invesco DWA Tactical Sector Rotation ETF (DWTR) | Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | Invesco S&P SmallCap Consumer Staples ETF (PSCC) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 1,175,008 | $ | 6,642,285 | $ | 48,973 | $ | 895,986 | $ | 378,927 | $ | 809,990 | $ | 116,413 | $ | 846,131 | |||||||||||||||
(3,137,692 | ) | 1,155,714 | 2,537,592 | 4,305,657 | 3,708,262 | 3,044,577 | (610,456 | ) | 5,376,686 | |||||||||||||||||||||
(3,470,739 | ) | (2,518,358 | ) | (1,874,219 | ) | 9,481,303 | 1,988,526 | 10,549,959 | (400,095 | ) | 3,992,825 | |||||||||||||||||||
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(5,433,423 | ) | 5,279,641 | 712,346 | 14,682,946 | 6,075,715 | 14,404,526 | (894,138 | ) | 10,215,642 | |||||||||||||||||||||
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(2,133,548 | ) | (5,282,805 | ) | (179,329 | ) | (891,782 | ) | (364,811 | ) | (893,766 | ) | (399,525 | ) | (1,101,515 | ) | |||||||||||||||
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— | 16,651,048 | 16,868,858 | 111,684,930 | 11,998,812 | 10,583,736 | 3,562,824 | 30,925,031 | |||||||||||||||||||||||
(32,288,622 | ) | (23,145,887 | ) | (21,209,969 | ) | (229,700,916 | ) | (14,847,172 | ) | (31,787,168 | ) | (10,823,717 | ) | (55,049,184 | ) | |||||||||||||||
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(32,288,622 | ) | (6,494,839 | ) | (4,341,111 | ) | (118,015,986 | ) | (2,848,360 | ) | (21,203,432 | ) | (7,260,893 | ) | (24,124,153 | ) | |||||||||||||||
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| |||||||||||||||
(39,855,593 | ) | (6,498,003 | ) | (3,808,094 | ) | (104,224,822 | ) | 2,862,544 | (7,692,672 | ) | (8,554,556 | ) | (15,010,026 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
112,348,139 | 118,846,142 | 67,896,587 | 172,121,409 | 66,542,636 | 74,235,308 | 54,349,719 | 69,359,745 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 72,492,546 | $ | 112,348,139 | $ | 64,088,493 | $ | 67,896,587 | $ | 69,405,180 | $ | 66,542,636 | $ | 45,795,163 | $ | 54,349,719 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 402,969 | $ | 1,361,509 | $ | (126,152 | ) | $ | 4,204 | $ | 95,217 | $ | 81,101 | $ | (84,447 | ) | $ | 198,665 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | 600,000 | 600,000 | 4,550,000 | 200,000 | 200,000 | 50,000 | 450,000 | |||||||||||||||||||||||
(1,250,000 | ) | (850,000 | ) | (750,000 | ) | (9,250,000 | ) | (250,000 | ) | (600,000 | ) | (150,000 | ) | (800,000 | ) | |||||||||||||||
4,150,001 | 4,400,001 | 2,400,001 | 7,100,001 | 1,200,000 | 1,600,000 | 750,000 | 1,100,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,900,001 | 4,150,001 | 2,250,001 | 2,400,001 | 1,150,000 | 1,200,000 | 650,000 | 750,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P SmallCap Energy ETF (PSCE) | Invesco S&P SmallCap Financials ETF (PSCF) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (13,950 | ) | $ | (29,706 | ) | $ | 2,798,187 | $ | 5,875,625 | ||||||
Net realized gain (loss) | (4,328,249 | ) | (7,216,687 | ) | 18,217,473 | 31,285,447 | ||||||||||
Net change in unrealized appreciation (depreciation) | 9,691,556 | (3,055,667 | ) | (18,522,698 | ) | 16,593,709 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,349,357 | (10,302,060 | ) | 2,492,962 | 53,754,781 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (24,418 | ) | (33,355 | ) | (3,150,576 | ) | (4,963,250 | ) | ||||||||
Net realized gains | — | — | — | (967,831 | ) | |||||||||||
Return of capital | — | (44,284 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (24,418 | ) | (77,639 | ) | (3,150,576 | ) | (5,931,081 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 25,000,108 | 46,799,797 | 32,500,499 | 116,031,160 | ||||||||||||
Value of shares repurchased | (15,891,111 | ) | (40,629,050 | ) | (61,695,732 | ) | (105,676,237 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 9,108,997 | 6,170,747 | (29,195,233 | ) | 10,354,923 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 14,433,936 | (4,208,952 | ) | (29,852,847 | ) | 58,178,623 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 48,477,242 | 52,686,194 | 254,975,153 | 196,796,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 62,911,178 | $ | 48,477,242 | $ | 225,122,306 | $ | 254,975,153 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income (loss) at end of period | $ | (38,368 | ) | $ | — | $ | 1,104,037 | $ | 1,456,426 | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,600,000 | 2,700,000 | 600,000 | 2,250,000 | ||||||||||||
Shares repurchased | (1,100,000 | ) | (2,450,000 | ) | (1,150,000 | ) | (2,050,000 | ) | ||||||||
Shares outstanding, beginning of period | 3,400,000 | 3,150,000 | 4,700,000 | 4,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 3,900,000 | 3,400,000 | 4,150,000 | 4,700,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
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) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 14,057 | $ | (79,934 | ) | $ | 380,672 | $ | 825,535 | $ | 903,622 | $ | 1,398,712 | $ | 180,929 | $ | 536,372 | ||||||||||||||
50,516,221 | 13,214,608 | 5,309,072 | 4,968,423 | 56,809,129 | 94,429,501 | 2,556,234 | 7,515,745 | |||||||||||||||||||||||
16,475,304 | 47,344,189 | (3,497,482 | ) | 15,266,745 | (87,801,651 | ) | 60,462,587 | (1,799,916 | ) | 613,006 | ||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
67,005,582 | 60,478,863 | 2,192,262 | 21,060,703 | (30,088,900 | ) | 156,290,800 | 937,247 | 8,665,123 | ||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | (47,751 | ) | (392,353 | ) | (823,198 | ) | (1,337,497 | ) | (1,151,080 | ) | (204,857 | ) | (499,363 | ) | ||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
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|
|
|
|
| |||||||||||||||
— | (47,751 | ) | (392,353 | ) | (823,198 | ) | (1,337,497 | ) | (1,151,080 | ) | (204,857 | ) | (499,363 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
249,110,560 | 62,939,784 | 18,983,568 | 41,702,200 | 54,153,582 | 198,874,614 | 5,116,032 | 84,882,052 | |||||||||||||||||||||||
(96,439,764 | ) | (53,239,975 | ) | (16,051,104 | ) | (19,531,894 | ) | (210,332,491 | ) | (286,466,093 | ) | (23,611,158 | ) | (62,051,032 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
152,670,796 | 9,699,809 | 2,932,464 | 22,170,306 | (156,178,909 | ) | (87,591,479 | ) | (18,495,126 | ) | 22,831,020 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
219,676,378 | 70,130,921 | 4,732,373 | 42,407,811 | (187,605,306 | ) | 67,548,241 | (17,762,736 | ) | 30,996,780 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
237,717,156 | 167,586,235 | 99,414,334 | 57,006,523 | 575,995,572 | 508,447,331 | 48,410,915 | 17,414,135 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 457,393,534 | $ | 237,717,156 | $ | 104,146,707 | $ | 99,414,334 | $ | 388,390,266 | $ | 575,995,572 | $ | 30,648,179 | $ | 48,410,915 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (96,077 | ) | $ | (110,134 | ) | $ | 70,195 | $ | 81,876 | $ | 61,679 | $ | 495,554 | $ | 36,958 | $ | 60,886 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,250,000 | 750,000 | 300,000 | 750,000 | 700,000 | 2,750,000 | 100,000 | 1,800,000 | |||||||||||||||||||||||
(850,000 | ) | (650,000 | ) | (250,000 | ) | (350,000 | ) | (2,700,000 | ) | (3,950,000 | ) | (450,000 | ) | (1,300,000 | ) | |||||||||||||||
2,600,000 | 2,500,000 | 1,600,000 | 1,200,000 | 7,100,000 | 8,300,000 | 950,000 | 450,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,000,000 | 2,600,000 | 1,650,000 | 1,600,000 | 5,100,000 | 7,100,000 | 600,000 | 950,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
| 33 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P SmallCap Utilities ETF (PSCU) | ||||||||
April 30, 2018 | October 31, 2017 | |||||||
Operations: | ||||||||
Net investment income | $ | 647,111 | $ | 824,823 | ||||
Net realized gain (loss) | (1,026,031 | ) | 4,532,270 | |||||
Net change in unrealized appreciation (depreciation) | (2,896,494 | ) | 6,345,264 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (3,275,414 | ) | 11,702,357 | |||||
|
|
|
| |||||
Distributions to Shareholders from: | ||||||||
Net investment income | (888,336 | ) | (855,529 | ) | ||||
Net realized gains | — | (1,584,459 | ) | |||||
|
|
|
| |||||
Total distributions to shareholders | (888,336 | ) | (2,439,988 | ) | ||||
|
|
|
| |||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 12,849,549 | 33,867,163 | ||||||
Value of shares repurchased | (15,113,326 | ) | (38,137,856 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from shares transactions | (2,263,777 | ) | (4,270,693 | ) | ||||
|
|
|
| |||||
Increase (Decrease) in Net Assets | (6,427,527 | ) | 4,991,676 | |||||
|
|
|
| |||||
Net Assets: | ||||||||
Beginning of period | 52,886,983 | 47,895,307 | ||||||
|
|
|
| |||||
End of period | $ | 46,459,456 | $ | 52,886,983 | ||||
|
|
|
| |||||
Undistributed net investment income at end of period | $ | 196,149 | $ | 437,374 | ||||
|
|
|
| |||||
Changes in Shares Outstanding: | ||||||||
Shares sold | 250,000 | 650,000 | ||||||
Shares repurchased | (300,000 | ) | (750,000 | ) | ||||
Shares outstanding, beginning of period | 950,000 | 1,050,000 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 900,000 | 950,000 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | For the Period July 11, 2016(a) Through October 31, 2016 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 30.51 | $ | 24.56 | $ | 25.47 | ||||||
Net investment income(b) | 0.13 | 0.39 | 0.04 | |||||||||
Net realized and unrealized gain (loss) on investments | 0.83 | 5.88 | (0.94 | ) | ||||||||
Total from investment operations | 0.96 | 6.27 | (0.90 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.19 | ) | (0.32 | ) | (0.01 | ) | ||||||
Net asset value at end of period | $ | 31.28 | $ | 30.51 | $ | 24.56 | ||||||
Market price at end of period(c) | $ | 31.30 | $ | 30.53 | $ | 24.57 | ||||||
Net Asset Value Total Return(d) | 3.16 | % | 25.73 | % | (3.53 | )%(e) | ||||||
Market Price Total Return(d) | 3.15 | % | 25.76 | % | (3.49 | )%(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 29,717 | $ | 4,577 | $ | 11,052 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses(f) | 0.15 | %(g) | 0.15 | % | 0.15 | %(g) | ||||||
Net investment income | 0.82 | %(g) | 1.43 | % | 0.53 | %(g) | ||||||
Portfolio turnover rate(h) | — | % | 10 | % | 27 | % |
(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 the redemption 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 (July 14, 2016, the first day of trading on the Exchange) to October 31, 2016 was (3.84)%. The market price total return from Fund Inception to October 31, 2016 was (3.80)%. |
(f) | 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. |
(g) | Annualized. |
(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.
| 35 |
|
Financial Highlights (continued)
Invesco DWA SmallCap Momentum ETF (DWAS)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 48.11 | $ | 35.42 | $ | 38.19 | $ | 38.24 | $ | 37.14 | $ | 25.87 | ||||||||||||
Net investment income(a) | 0.02 | 0.14 | 0.15 | 0.02 | 0.01 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.48 | 12.71 | (2.81 | ) | (0.04 | ) | 1.11 | 11.50 | ||||||||||||||||
Total from investment operations | 1.50 | 12.85 | (2.66 | ) | (0.02 | ) | 1.12 | 11.54 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.16 | ) | (0.11 | ) | (0.03 | ) | (0.01 | ) | (0.27 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | — | |||||||||||||||||
Total distributions | (0.10 | ) | (0.16 | ) | (0.11 | ) | (0.03 | ) | (0.02 | ) | (0.27 | ) | ||||||||||||
Net asset value at end of period | $ | 49.51 | $ | 48.11 | $ | 35.42 | $ | 38.19 | $ | 38.24 | $ | 37.14 | ||||||||||||
Market price at end of period(b) | $ | 49.60 | $ | 48.16 | $ | 35.40 | $ | 38.18 | $ | 38.24 | $ | 37.22 | ||||||||||||
Net Asset Value Total Return(c) | 3.12 | % | 36.38 | % | (6.97 | )% | (0.05 | )% | 3.03 | % | 44.98 | % | ||||||||||||
Market Price Total Return(c) | 3.20 | % | 36.60 | % | (7.00 | )% | (0.08 | )% | 2.80 | % | 45.69 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 267,351 | $ | 228,517 | $ | 155,857 | $ | 416,316 | $ | 292,517 | $ | 505,046 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||||
Net investment income | 0.09 | %(e) | 0.34 | % | 0.41 | % | 0.06 | % | 0.04 | % | 0.10 | % | ||||||||||||
Portfolio turnover rate(f) | 67 | % | 131 | % | 169 | % | 141 | % | 168 | % | 145 | % |
(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 the redemption 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Financial Highlights (continued)
Invesco DWA Tactical Multi-Asset Income ETF (DWIN)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | For the Period March 7, 2016(a) Through October 31, 2016 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 27.07 | $ | 27.01 | $ | 25.09 | ||||||
Net investment income(b) | 0.32 | (c) | 1.56 | 0.84 | ||||||||
Net realized and unrealized gain (loss) on investments | (1.80 | ) | (0.25 | ) | 1.86 | |||||||
Total from investment operations | (1.48 | ) | 1.31 | 2.70 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.59 | ) | (1.25 | ) | (0.78 | ) | ||||||
Net asset value at end of period | $ | 25.00 | $ | 27.07 | $ | 27.01 | ||||||
Market price at end of period(d) | $ | 24.98 | $ | 27.07 | $ | 27.04 | ||||||
Net Asset Value Total Return(e) | (5.52 | )% | 4.87 | % | 10.80 | %(f) | ||||||
Market Price Total Return(e) | (5.59 | )% | 4.74 | % | 10.92 | %(f) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 72,493 | $ | 112,348 | $ | 118,846 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses(g) | 0.25 | %(h) | 0.25 | % | 0.25 | %(h) | ||||||
Net investment income | 2.47 | %(c)(h) | 5.68 | % | 4.71 | %(h) | ||||||
Portfolio turnover rate(i) | 16 | % | 3 | % | 21 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Net investment income per share and the ratio of net investment income to average net assets include a return of capital adjustment recorded during the period. Had this adjustment not been recorded, net investment income per share and the ratio of net investment income to average net assets would have been $0.59 and 4.55%, respectively. |
(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 the redemption 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) | The net asset value total return from Fund Inception (March 10, 2016, the first day of trading on the Exchange) to October 31, 2016 was 10.88%. The market price total return from Fund Inception to October 31, 2016 was 11.05%. |
(g) | 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. |
(h) | Annualized. |
(i) | 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.
| 37 |
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Financial Highlights (continued)
Invesco DWA Tactical Sector Rotation ETF (DWTR)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period October 7, 2015(a) Through October 31, 2015 | ||||||||||||||
2017 | 2016 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 28.29 | $ | 24.24 | $ | 25.82 | $ | 25.17 | ||||||||
Net investment income (loss)(b) | 0.02 | 0.20 | 0.18 | (0.00 | )(c) | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.25 | 4.02 | (1.57 | ) | 0.65 | |||||||||||
Total from investment operations | 0.27 | 4.22 | (1.39 | ) | 0.65 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.08 | ) | (0.17 | ) | (0.19 | ) | — | |||||||||
Return of capital | — | — | (0.00 | )(c) | — | |||||||||||
Total distributions | (0.08 | ) | (0.17 | ) | (0.19 | ) | — | |||||||||
Net asset value at end of period | $ | 28.48 | $ | 28.29 | $ | 24.24 | $ | 25.82 | ||||||||
Market price at end of period(d) | $ | 28.38 | $ | 28.28 | $ | 24.24 | $ | 25.84 | ||||||||
Net Asset Value Total Return(e) | 0.94 | % | 17.50 | % | (5.40 | )% | 2.58 | %(f) | ||||||||
Market Price Total Return(e) | 0.62 | % | 17.46 | % | (5.47 | )% | 2.66 | %(f) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 64,088 | $ | 67,897 | $ | 172,121 | $ | 42,604 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses(g) | 0.15 | %(h) | 0.15 | % | 0.15 | % | 0.15 | %(h) | ||||||||
Net investment income (loss) | 0.15 | %(h) | 0.78 | % | 0.75 | % | (0.15 | )%(h) | ||||||||
Portfolio turnover rate(i) | 20 | % | 163 | % | 49 | % | 0 | %(j) |
(a) | Commencement of investment operations |
(b) | Based on average shares outstanding. |
(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 the redemption 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) | The net asset value total return from Fund Inception (October 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.73%. The market price total return from Fund Inception to October 31, 2015 was 1.81%. |
(g) | 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. |
(h) | Annualized. |
(i) | 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. |
(j) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
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Financial Highlights (continued)
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.45 | $ | 46.40 | $ | 49.35 | $ | 47.26 | $ | 45.42 | $ | 32.18 | ||||||||||||
Net investment income(a) | 0.32 | 0.66 | 0.41 | 0.50 | 0.32 | 0.40 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.88 | 9.12 | (2.99 | ) | 2.10 | 1.80 | 13.25 | |||||||||||||||||
Total from investment operations | 5.20 | 9.78 | (2.58 | ) | 2.60 | 2.12 | 13.65 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.73 | ) | (0.37 | ) | (0.51 | ) | (0.28 | ) | (0.41 | ) | ||||||||||||
Net asset value at end of period | $ | 60.35 | $ | 55.45 | $ | 46.40 | $ | 49.35 | $ | 47.26 | $ | 45.42 | ||||||||||||
Market price at end of period(b) | $ | 60.44 | $ | 55.51 | $ | 46.41 | $ | 49.37 | $ | 47.27 | $ | 45.52 | ||||||||||||
Net Asset Value Total Return(c) | 9.38 | % | 21.15 | % | (5.23 | )% | 5.43 | % | 4.66 | % | 42.81 | % | ||||||||||||
Market Price Total Return(c) | 9.43 | % | 21.26 | % | (5.24 | )% | 5.45 | % | 4.45 | % | 43.13 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 69,405 | $ | 66,543 | $ | 74,235 | $ | 115,974 | $ | 92,148 | $ | 102,198 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||
Net investment income | 1.08 | %(d) | 1.25 | % | 0.86 | % | 0.96 | % | 0.69 | % | 1.04 | % | ||||||||||||
Portfolio turnover rate(e) | 3 | % | 19 | % | 33 | % | 19 | % | 13 | % | 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 the redemption 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) | 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 SmallCap Consumer Staples ETF (PSCC)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 72.47 | $ | 63.05 | $ | 57.26 | $ | 53.83 | $ | 48.58 | $ | 34.23 | ||||||||||||
Net investment income(a) | 0.16 | 0.94 | 0.90 | 0.61 | 0.28 | 0.28 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.65 | ) | 9.64 | 5.75 | 3.88 | 5.21 | 14.31 | |||||||||||||||||
Total from investment operations | (1.49 | ) | 10.58 | 6.65 | 4.49 | 5.49 | 14.59 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.53 | ) | (1.16 | ) | (0.86 | ) | (0.36 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
Net realized gains | — | — | — | (0.70 | ) | — | — | |||||||||||||||||
Total distributions | (0.53 | ) | (1.16 | ) | (0.86 | ) | (1.06 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||
Net asset value at end of period | $ | 70.45 | $ | 72.47 | $ | 63.05 | $ | 57.26 | $ | 53.83 | $ | 48.58 | ||||||||||||
Market price at end of period(b) | $ | 70.53 | $ | 72.54 | $ | 62.99 | $ | 57.31 | $ | 53.82 | $ | 48.68 | ||||||||||||
Net Asset Value Total Return(c) | (2.12 | )% | 16.88 | % | 11.79 | % | 8.43 | % | 11.34 | % | 42.83 | % | ||||||||||||
Market Price Total Return(c) | (2.08 | )% | 17.11 | % | 11.59 | % | 8.54 | % | 11.08 | % | 43.51 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 45,795 | $ | 54,350 | $ | 69,360 | $ | 31,494 | $ | 32,295 | $ | 46,151 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||
Net investment income | 0.45 | %(d) | 1.38 | % | 1.46 | % | 1.11 | % | 0.57 | % | 0.69 | % | ||||||||||||
Portfolio turnover rate(e) | 35 | % | 62 | % | 68 | % | 39 | % | 33 | % | 23 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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.
| 39 |
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Financial Highlights (continued)
Invesco S&P SmallCap Energy ETF (PSCE)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.26 | $ | 16.73 | $ | 18.12 | $ | 37.85 | $ | 48.28 | $ | 32.77 | ||||||||||||
Net investment income (loss)(a) | (0.00 | )(b) | (0.01 | ) | 0.06 | 0.14 | 0.04 | 0.29 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.88 | (2.44 | ) | (1.36 | ) | (19.74 | ) | (10.45 | ) | 15.47 | ||||||||||||||
Total from investment operations | 1.88 | (2.45 | ) | (1.30 | ) | (19.60 | ) | (10.41 | ) | 15.76 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.01 | ) | (0.09 | ) | (0.13 | ) | (0.02 | ) | (0.25 | ) | ||||||||||||
Return of capital | — | (0.01 | ) | — | — | (0.00 | )(b) | — | ||||||||||||||||
Total distributions | (0.01 | ) | (0.02 | ) | (0.09 | ) | (0.13 | ) | (0.02 | ) | (0.25 | ) | ||||||||||||
Net asset value at end of period | $ | 16.13 | $ | 14.26 | $ | 16.73 | $ | 18.12 | $ | 37.85 | $ | 48.28 | ||||||||||||
Market price at end of period(c) | $ | 16.17 | $ | 14.30 | $ | 16.75 | $ | 18.13 | $ | 37.84 | $ | 48.42 | ||||||||||||
Net Asset Value Total Return(d) | 13.16 | % | (14.69 | )% | (7.11 | )% | (51.89 | )% | (21.57 | )% | 48.41 | % | ||||||||||||
Market Price Total Return(d) | 13.13 | % | (14.55 | )% | (7.05 | )% | (51.85 | )% | (21.82 | )% | 49.07 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 62,911 | $ | 48,477 | $ | 52,686 | $ | 37,149 | $ | 30,281 | $ | 48,279 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
Net investment income (loss) | (0.05 | )%(e) | (0.05 | )% | 0.38 | % | 0.57 | % | 0.07 | % | 0.74 | % | ||||||||||||
Portfolio turnover rate(f) | 24 | % | 39 | % | 21 | % | 38 | % | 27 | % | 38 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $(0.005). |
(c) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
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Financial Highlights (continued)
Invesco S&P SmallCap Financials ETF (PSCF)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 54.25 | $ | 43.73 | $ | 42.41 | $ | 40.98 | $ | 38.42 | $ | 30.41 | ||||||||||||
Net investment income(a) | 0.67 | 1.25 | 1.14 | 0.98 | 0.89 | 0.88 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.11 | 10.58 | 1.44 | 1.32 | 2.67 | 8.14 | ||||||||||||||||||
Total from investment operations | 0.78 | 11.83 | 2.58 | 2.30 | 3.56 | 9.02 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.78 | ) | (1.09 | ) | (1.18 | ) | (0.87 | ) | (0.97 | ) | (1.01 | ) | ||||||||||||
Net realized gains | — | (0.22 | ) | (0.08 | ) | — | (0.03 | ) | — | |||||||||||||||
Total distributions | (0.78 | ) | (1.31 | ) | (1.26 | ) | (0.87 | ) | (1.00 | ) | (1.01 | ) | ||||||||||||
Net asset value at end of period | $ | 54.25 | $ | 54.25 | $ | 43.73 | $ | 42.41 | $ | 40.98 | $ | 38.42 | ||||||||||||
Market price at end of period(b) | $ | 54.36 | $ | 54.31 | $ | 43.73 | $ | 42.45 | $ | 40.97 | $ | 38.50 | ||||||||||||
Net Asset Value Total Return(c) | 1.40 | % | 27.23 | % | 6.29 | % | 5.68 | % | 9.40 | % | 30.26 | % | ||||||||||||
Market Price Total Return(c) | 1.50 | % | 27.37 | % | 6.19 | % | 5.80 | % | 9.14 | % | 30.62 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 225,122 | $ | 254,975 | $ | 196,797 | $ | 182,347 | $ | 114,753 | $ | 97,969 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | %(d) | 0.29 | %(d) | 0.30 | %(d) | ||||||||||||
Net investment income | 2.50 | %(e) | 2.44 | % | 2.73 | % | 2.38 | % | 2.31 | % | 2.56 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 21 | % | 16 | % | 16 | % | 16 | % | 24 | % |
(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 the redemption 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
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Financial Highlights (continued)
Invesco S&P SmallCap Health Care ETF (PSCH)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 91.43 | $ | 67.03 | $ | 66.81 | $ | 60.07 | $ | 50.90 | $ | 34.33 | ||||||||||||
Net investment income (loss)(a) | 0.00 | (b) | (0.03 | ) | 0.00 | (b) | (0.01 | ) | 0.04 | 0.15 | ||||||||||||||
Net realized and unrealized gain on investments | 22.92 | 24.45 | 0.22 | 8.22 | 9.17 | 16.56 | ||||||||||||||||||
Total from investment operations | 22.92 | 24.42 | 0.22 | 8.21 | 9.21 | 16.71 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.02 | ) | — | (0.03 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||
Net realized gains | — | — | — | (1.44 | ) | — | — | |||||||||||||||||
Total distributions | — | (0.02 | ) | — | (1.47 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||
Net asset value at end of period | $ | 114.35 | $ | 91.43 | $ | 67.03 | $ | 66.81 | $ | 60.07 | $ | 50.90 | ||||||||||||
Market price at end of period(c) | $ | 114.69 | $ | 91.58 | $ | 67.00 | $ | 66.86 | $ | 60.03 | $ | 50.99 | ||||||||||||
Net Asset Value Total Return(d) | 25.06 | % | 36.44 | % | 0.33 | % | 13.96 | % | 18.10 | % | 48.85 | % | ||||||||||||
Market Price Total Return(d) | 25.23 | % | 36.72 | % | 0.21 | % | 14.12 | % | 17.81 | % | 49.25 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 457,394 | $ | 237,717 | $ | 167,586 | $ | 230,504 | $ | 165,200 | $ | 178,164 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||
Net investment income (loss) | 0.01 | %(e) | (0.04 | )% | 0.01 | % | (0.02 | )% | 0.08 | % | 0.35 | % | ||||||||||||
Portfolio turnover rate(f) | 9 | % | 19 | % | 23 | % | 22 | % | 27 | % | 16 | % |
(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 the redemption 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) | 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 Industrials ETF (PSCI)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 62.13 | $ | 47.51 | $ | 45.55 | $ | 44.89 | $ | 42.30 | $ | 30.61 | ||||||||||||
Net investment income(a) | 0.23 | 0.53 | 0.34 | 0.45 | 0.34 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.00 | 14.62 | 1.96 | 0.68 | 2.57 | 11.97 | ||||||||||||||||||
Total from investment operations | 1.23 | 15.15 | 2.30 | 1.13 | 2.91 | 12.29 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.53 | ) | (0.34 | ) | (0.47 | ) | (0.32 | ) | (0.60 | ) | ||||||||||||
Net asset value at end of period | $ | 63.12 | $ | 62.13 | $ | 47.51 | $ | 45.55 | $ | 44.89 | $ | 42.30 | ||||||||||||
Market price at end of period(b) | $ | 63.23 | $ | 62.21 | $ | 47.42 | $ | 45.57 | $ | 44.83 | $ | 42.38 | ||||||||||||
Net Asset Value Total Return(c) | 1.96 | % | 32.00 | % | 5.10 | % | 2.51 | % | 6.87 | % | 40.72 | % | ||||||||||||
Market Price Total Return(c) | 2.02 | % | 32.42 | % | 4.86 | % | 2.69 | % | 6.53 | % | 41.27 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 104,147 | $ | 99,414 | $ | 57,007 | $ | 70,608 | $ | 100,998 | $ | 74,027 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||
Net investment income | 0.72 | %(d) | 0.94 | % | 0.75 | % | 0.98 | % | 0.78 | % | 0.88 | % | ||||||||||||
Portfolio turnover rate(e) | 1 | % | 7 | % | 16 | % | 11 | % | 15 | % | 30 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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.
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Financial Highlights (continued)
Invesco S&P SmallCap Information Technology ETF (PSCT)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 81.13 | $ | 61.26 | $ | 51.70 | $ | 48.02 | $ | 41.59 | $ | 29.62 | ||||||||||||
Net investment income(a) | 0.16 | 0.19 | 0.10 | 0.08 | 0.09 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.91 | ) | 19.83 | 9.58 | 3.64 | 6.43 | 12.21 | |||||||||||||||||
Total from investment operations | (4.75 | ) | 20.02 | 9.68 | 3.72 | 6.52 | 12.29 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.15 | ) | (0.12 | ) | (0.04 | ) | (0.09 | ) | (0.32 | ) | ||||||||||||
Net asset value at end of period | $ | 76.15 | $ | 81.13 | $ | 61.26 | $ | 51.70 | $ | 48.02 | $ | 41.59 | ||||||||||||
Market price at end of | $ | 76.27 | $ | 81.23 | $ | 61.28 | $ | 51.77 | $ | 48.01 | $ | 41.67 | ||||||||||||
Net Asset Value Total Return(c) | (5.86 | )% | 32.71 | % | 18.75 | % | 7.75 | % | 15.69 | % | 41.86 | % | ||||||||||||
Market Price Total Return(c) | (5.83 | )% | 32.84 | % | 18.63 | % | 7.92 | % | 15.44 | % | 42.28 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 388,390 | $ | 575,996 | $ | 508,447 | $ | 390,315 | $ | 225,700 | $ | 210,018 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
Net investment income | 0.40 | %(d) | 0.26 | % | 0.18 | % | 0.16 | % | 0.21 | % | 0.23 | % | ||||||||||||
Portfolio turnover rate(e) | 10 | % | 16 | % | 15 | % | 15 | % | 10 | % | 17 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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 SmallCap Materials ETF (PSCM)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 50.96 | $ | 38.70 | $ | 34.36 | $ | 43.97 | $ | 40.34 | $ | 30.23 | ||||||||||||||||
Net investment income(a) | 0.21 | 0.41 | 0.35 | 0.35 | 0.28 | 0.32 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.12 | 12.19 | 4.36 | (9.50 | ) | 3.58 | 10.18 | |||||||||||||||||||||
Total from investment operations | 0.33 | 12.60 | 4.71 | (9.15 | ) | 3.86 | 10.50 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.34 | ) | (0.37 | ) | (0.46 | ) | (0.23 | ) | (0.39 | ) | ||||||||||||||||
Net asset value at end of period | $ | 51.08 | $ | 50.96 | $ | 38.70 | $ | 34.36 | $ | 43.97 | $ | 40.34 | ||||||||||||||||
Market price at end of period(b) | $ | 51.10 | $ | 51.00 | $ | 38.77 | $ | 34.37 | $ | 43.95 | $ | 40.42 | ||||||||||||||||
Net Asset Value Total Return(c) | 0.64 | % | 32.62 | % | 13.89 | % | (20.94 | )% | 9.56 | % | 35.00 | % | ||||||||||||||||
Market Price Total Return(c) | 0.60 | % | 32.48 | % | 14.07 | % | (20.88 | )% | 9.30 | % | 35.31 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,648 | $ | 48,411 | $ | 17,414 | $ | 10,309 | $ | 50,564 | $ | 18,154 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||||
Net investment income | 0.81 | %(d) | 0.87 | % | 1.01 | % | 0.87 | % | 0.63 | % | 0.91 | % | ||||||||||||||||
Portfolio turnover rate(e) | 6 | % | 21 | % | 16 | % | 17 | % | 12 | % | 15 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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.
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Financial Highlights (continued)
Invesco S&P SmallCap Utilities ETF (PSCU)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.67 | $ | 45.61 | $ | 41.99 | $ | 38.34 | $ | 34.29 | $ | 31.10 | ||||||||||||
Net investment income(a) | 0.67 | 0.87 | 1.06 | 1.02 | 1.00 | 1.00 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.83 | ) | 11.81 | 3.67 | 3.96 | 4.01 | 3.53 | |||||||||||||||||
Total from investment operations | (3.16 | ) | 12.68 | 4.73 | 4.98 | 5.01 | 4.53 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.89 | ) | (0.86 | ) | (1.11 | ) | (1.33 | ) | (0.96 | ) | (1.34 | ) | ||||||||||||
Net realized gains | — | (1.76 | ) | — | — | — | — | |||||||||||||||||
Total distributions | (0.89 | ) | (2.62 | ) | (1.11 | ) | (1.33 | ) | (0.96 | ) | (1.34 | ) | ||||||||||||
Net asset value at end of period | $ | 51.62 | $ | 55.67 | $ | 45.61 | $ | 41.99 | $ | 38.34 | $ | 34.29 | ||||||||||||
Market price at end of period(b) | $ | 51.70 | $ | 55.70 | $ | 45.57 | $ | 42.01 | $ | 38.33 | $ | 34.34 | ||||||||||||
Net Asset Value Total Return(c) | (5.74 | )% | 28.66 | % | 11.38 | % | 13.43 | % | 14.87 | % | 15.06 | % | ||||||||||||
Market Price Total Return(c) | (5.64 | )% | 28.83 | % | 11.23 | % | 13.52 | % | 14.68 | % | 15.34 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 46,459 | $ | 52,887 | $ | 47,895 | $ | 39,887 | $ | 40,259 | $ | 32,573 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||
Net investment income | 2.61 | %(d) | 1.73 | % | 2.35 | % | 2.63 | % | 2.86 | % | 3.10 | % | ||||||||||||
Portfolio turnover rate(e) | 37 | % | 48 | % | 69 | % | 18 | % | 34 | % | 17 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask price. |
(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 the redemption 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) | 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.
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Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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 DWA Momentum & Low Volatility Rotation ETF (DWLV) | “DWA Momentum & Low Volatility Rotation ETF” | |
Invesco DWA SmallCap Momentum ETF (DWAS) | “DWA SmallCap Momentum ETF” | |
Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | “DWA Tactical Multi-Asset Income ETF” | |
Invesco DWA Tactical Sector Rotation ETF (DWTR) | “DWA Tactical Sector Rotation 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 ETF (PSCU) | “S&P SmallCap Utilities ETF” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 the 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”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
DWA Momentum & Low Volatility Rotation ETF, DWA Tactical Multi-Asset Income ETF and DWA Tactical Sector Rotation ETF are each a “fund of funds,” in that each invests in other exchange-traded funds (“Underlying Funds”) advised by Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, or other unaffiliated advisers. 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 | |
DWA Momentum & Low Volatility Rotation ETF | Dorsey Wright® Multi-Factor Global Equity Index | |
DWA SmallCap Momentum ETF | Dorsey Wright® SmallCap Technical Leaders Index | |
DWA Tactical Multi-Asset Income ETF | Dorsey Wright® Multi-Asset Income Index | |
DWA Tactical Sector Rotation ETF | Dorsey Wright® Sector 4 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 and 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 |
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Fund | Underlying 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 ETF | S&P SmallCap 600® Capped Utilities & Telecommunication 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:
Securities, including restricted securities in an Underlying Fund, if any, that are held as investments of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time will be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. Each Fund (except DWA SmallCap Momentum ETF, S&P SmallCap Consumer Discretionary ETF, S&P SmallCap Financials ETF, S&P SmallCap Health Care ETF, S&P SmallCap Industrials ETF and S&P SmallCap Information Technology ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Portfolio Turnover Risk. DWA Momentum & Low Volatility Rotation ETF, DWA SmallCap Momentum ETF and DWA Tactical Sector Rotation ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its
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Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a 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. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, the Funds will seek to utilize an in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
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.
Fund of Funds Risk. Because DWA Momentum & Low Volatility Rotation ETF, DWA Tactical Multi-Asset Income ETF and DWA Tactical Sector Rotation ETF invest primarily in other funds, each Fund’s investment performance largely depends on the investment performance of those Underlying Funds. An investment in each Fund is subject to the risks associated with the Underlying Funds that comprise each Underlying Index. There is a risk that each index provider’s evaluations and assumptions regarding the asset classes represented by the Underlying Funds in each Underlying Index at any given time may be incorrect based on actual market conditions. In addition, at times, certain of the segments of the market represented by constituent Underlying Funds in each Underlying Index may be out of favor and underperform other segments. Each Fund indirectly pays a proportional share of the expense of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already pays to the Adviser.
C. 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 accounting principles generally accepted in the United States of America (“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.
D. 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 the accrual basis from settlement date. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
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E. 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 and the country that has the primary market for the issuer’s securities, 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.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. Dividends and Distributions to Shareholders
Each Fund (except DWA Tactical Multi-Asset Income ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. DWA Tactical Multi-Asset Income ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
H. 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.
I. Securities Lending
During the six-month period ended April 30, 2018, each Fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
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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.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
DWA Momentum & Low Volatility Rotation ETF | 0.15 | % | ||
DWA SmallCap Momentum ETF | 0.60 | % | ||
DWA Tactical Multi-Asset Income ETF | 0.25 | % | ||
DWA Tactical Sector Rotation ETF | 0.15 | % | ||
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 ETF | 0.29 | % |
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
DWA Momentum & Low Volatility Rotation ETF | $ | 2 | ||
DWA SmallCap Momentum ETF | 72 | |||
DWA Tactical Multi-Asset Income ETF | 27 | |||
DWA Tactical Sector Rotation ETF | 23 | |||
S&P SmallCap Consumer Discretionary ETF | 24 | |||
S&P SmallCap Consumer Staples ETF | 65 | |||
S&P SmallCap Energy ETF | 8 | |||
S&P SmallCap Financials ETF | 198 | |||
S&P SmallCap Health Care ETF | 101 | |||
S&P SmallCap Industrials ETF | 35 | |||
S&P SmallCap Information Technology ETF | 314 | |||
S&P SmallCap Materials ETF | 28 | |||
S&P SmallCap Utilities ETF | 125 |
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 for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
DWA Momentum & Low Volatility Rotation ETF | Dorsey Wright & Associates, LLC | |
DWA SmallCap Momentum ETF | Dorsey Wright & Associates, LLC |
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Fund | Licensor | |
DWA Tactical Multi-Asset Income ETF | Dorsey Wright & Associates, LLC | |
DWA Tactical Sector Rotation 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 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 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 each Fund.
Note 4. Investments in Affiliates
The Adviser also serves as the adviser for each Underlying Fund listed within the tables below, and therefore the following Underlying Funds are considered to be affiliated with the Funds.
The table below shows DWA Momentum & Low Volatility Rotation ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
DWA Momentum & Low Volatility Rotation ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco DWA Developed Markets Momentum ETF | $ | 503,036 | $ | 2,928,113 | $ | (168,651 | ) | $ | (111,228 | ) | $ | 30,982 | $ | 3,182,252 | $ | 3,048 | ||||||||||||
Invesco DWA Emerging Markets Momentum ETF | 512,319 | 3,124,725 | (182,229 | ) | (35,311 | ) | 44,487 | 3,463,991 | 5,936 | |||||||||||||||||||
Invesco DWA Momentum ETF | 1,124,449 | 6,575,390 | (387,670 | ) | 9,751 | 70,472 | 7,392,392 | — | ||||||||||||||||||||
Invesco DWA SmallCap Momentum ETF | 1,129,159 | 6,518,297 | (387,878 | ) | 34,523 | 86,030 | 7,380,131 | 3,791 | ||||||||||||||||||||
Invesco S&P 500® Low Volatility ETF | 459,484 | 2,632,908 | (152,683 | ) | (35,721 | ) | 10,702 | 2,914,690 | 12,605 | |||||||||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF | 198,325 | 1,198,321 | (70,103 | ) | 1,527 | 9,545 | 1,337,615 | 3,406 | ||||||||||||||||||||
Invesco S&P International Developed Low Volatility ETF | 198,475 | 1,132,670 | (66,048 | ) | (7,425 | ) | 5,611 | 1,263,283 | 5,212 | |||||||||||||||||||
Invesco S&P SmallCap Low Volatility ETF | 449,543 | 2,478,731 | (147,493 | ) | (26,227 | ) | 24,516 | 2,779,070 | 7,649 | |||||||||||||||||||
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Total Investments in Affiliates | $ | 4,574,790 | $ | 26,589,155 | $ | (1,562,755 | ) | $ | (170,111 | ) | $ | 282,345 | $ | 29,713,424 | $ | 41,647 | ||||||||||||
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The table below shows DWA Tactical Multi-Asset Income ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
DWA Tactical Multi-Asset Income ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF | $ | 21,422,161 | $ | 154,156 | $ | (6,401,776 | ) | $ | (1,349,921 | ) | $ | 29,435 | $ | 13,854,055 | $ | 377,347 | ||||||||||||
Invesco Global Short Term High Yield Bond ETF | 21,277,359 | 155,243 | (6,477,518 | ) | (484,264 | ) | 71,855 | 14,542,675 | 469,512 | |||||||||||||||||||
Invesco KBW Premium Yield Equity REIT ETF | 25,071,257 | 170,787 | (6,820,750 | ) | (3,199,254 | ) | (184,237 | ) | 15,037,803 | 793,562 | ||||||||||||||||||
Invesco Preferred ETF | 22,714,681 | 164,290 | (6,889,310 | ) | (652,918 | ) | (111,199 | ) | 15,225,544 | 547,023 | ||||||||||||||||||
Invesco Taxable Municipal Bond ETF | — | 14,710,430 | (721,361 | ) | (219,506 | ) | (2,311 | ) | 13,767,252 | 48,343 | ||||||||||||||||||
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Total Investments in Affiliates | $ | 90,485,458 | $ | 15,354,906 | $ | (27,310,715 | ) | $ | (5,905,863 | ) | $ | (196,457 | ) | $ | 72,427,329 | $ | 2,235,787 | |||||||||||
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The table below shows DWA Tactical Sector Rotation ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
DWA Tactical Sector Rotation ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF | $ | — | $ | 13,904,142 | $ | (1,238,745 | ) | $ | 329,609 | $ | 53,875 | $ | 13,048,881 | $ | 16,592 | |||||||||||||
Invesco DWA Financial Momentum ETF | 15,672,930 | 4,029,720 | (5,224,563 | ) | 443,567 | 252,889 | 15,174,543 | 67,442 | ||||||||||||||||||||
Invesco DWA Healthcare Momentum ETF* | 13,521,469 | 2,734,525 | (15,839,118 | ) | (1,502,697 | ) | 1,085,821 | — | — | |||||||||||||||||||
Invesco DWA Industrials Momentum ETF | 21,456,310 | 5,301,948 | (6,901,577 | ) | (1,409,742 | ) | 559,863 | 19,006,802 | — | |||||||||||||||||||
Invesco DWA Technology Momentum ETF | 17,230,598 | 4,224,665 | (5,492,344 | ) | 265,044 | 585,144 | 16,813,107 | — | ||||||||||||||||||||
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Total Investments in Affiliates | $ | 67,881,307 | $ | 30,195,000 | $ | (34,696,347 | ) | $ | (1,874,219 | ) | $ | 2,537,592 | $ | 64,043,333 | $ | 84,034 | ||||||||||||
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* | At April 30, 2018, this security was no longer held. |
The table below shows S&P SmallCap Financials ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
S&P SmallCap Financials ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | — | $ | 2,911,648 | $ | (291,338 | ) | $ | (262,075 | ) | $ | (13,812 | ) | $ | 2,344,423 | $ | 120,869 |
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 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. |
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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 April 30, 2018, all of the securities in each Fund were valued based on Level 1 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were no transfers between valuation levels.
Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 had capital loss carryforwards as of October 31, 2017, as follows:
Post-effective no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
DWA Momentum & Low Volatility Rotation ETF | $ | — | $ | 73,036 | $ | — | $ | 73,036 | ||||||||
DWA SmallCap Momentum ETF | — | 148,219,130 | — | 148,219,130 | ||||||||||||
DWA Tactical Multi-Asset Income ETF | — | 49,089 | — | 49,089 | ||||||||||||
DWA Tactical Sector Rotation ETF | — | 17,053,667 | 1,040,796 | 18,094,463 | ||||||||||||
S&P SmallCap Consumer Discretionary ETF | 8,689 | — | 3,487,492 | 3,496,181 | ||||||||||||
S&P SmallCap Consumer Staples ETF | — | 576,867 | 136,835 | 713,702 | ||||||||||||
S&P SmallCap Energy ETF | 2,406,357 | 7,615,904 | 27,163,311 | 37,185,572 | ||||||||||||
S&P SmallCap Financials ETF | — | 371,687 | — | 371,687 | ||||||||||||
S&P SmallCap Health Care ETF | — | — | 1,420,896 | 1,420,896 | ||||||||||||
S&P SmallCap Industrials ETF | 74,295 | 797,701 | 1,029,451 | 1,901,447 | ||||||||||||
S&P SmallCap Information Technology ETF | 567,102 | — | 1,035,729 | 1,602,831 | ||||||||||||
S&P SmallCap Materials ETF | 82,457 | — | 821,784 | 904,241 | ||||||||||||
S&P SmallCap Utilities ETF | — | 73,337 | 8,528 | 81,865 |
* | Capital loss carryforwards as of the date listed above 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 six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA Momentum & Low Volatility Rotation ETF | $ | — | $ | — | ||||
DWA SmallCap Momentum ETF | 174,671,052 | 173,882,062 | ||||||
DWA Tactical Multi-Asset Income ETF | 15,517,102 | 14,754,515 | ||||||
DWA Tactical Sector Rotation ETF | 13,329,996 | 14,253,703 | ||||||
S&P SmallCap Consumer Discretionary ETF | 2,142,392 | 5,102,109 |
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Purchases | Sales | |||||||
S&P SmallCap Consumer Staples ETF | $ | 17,918,121 | $ | 17,790,023 | ||||
S&P SmallCap Energy ETF | 14,130,038 | 14,042,800 | ||||||
S&P SmallCap Financials ETF | 20,922,998 | 21,253,907 | ||||||
S&P SmallCap Health Care ETF | 30,169,962 | 32,083,143 | ||||||
S&P SmallCap Industrials ETF | 764,101 | 1,115,590 | ||||||
S&P SmallCap Information Technology ETF | 44,104,275 | 46,647,419 | ||||||
S&P SmallCap Materials ETF | 2,536,782 | 2,557,951 | ||||||
S&P SmallCap Utilities ETF | 18,719,731 | 19,151,245 |
For the six-month period ended April 30, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA Momentum & Low Volatility Rotation ETF | $ | 26,589,154 | $ | 1,562,755 | ||||
DWA SmallCap Momentum ETF | 137,520,695 | 106,425,524 | ||||||
DWA Tactical Multi-Asset Income ETF | — | 32,281,223 | ||||||
DWA Tactical Sector Rotation ETF | 16,865,005 | 20,442,644 | ||||||
S&P SmallCap Consumer Discretionary ETF | 11,992,895 | 11,855,682 | ||||||
S&P SmallCap Consumer Staples ETF | 3,560,732 | 9,383,067 | ||||||
S&P SmallCap Energy ETF | 24,975,338 | 15,892,544 | ||||||
S&P SmallCap Financials ETF | 32,220,473 | 60,664,023 | ||||||
S&P SmallCap Health Care ETF | 249,085,300 | 94,694,718 | ||||||
S&P SmallCap Industrials ETF | 18,979,108 | 15,742,659 | ||||||
S&P SmallCap Information Technology ETF | 54,153,053 | 208,226,709 | ||||||
S&P SmallCap Materials ETF | 5,113,629 | 23,600,285 | ||||||
S&P SmallCap Utilities ETF | 12,556,122 | 14,280,829 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | |||||||||||||
DWA Momentum & Low Volatility Rotation ETF | $ | 578,528 | $ | (32,243 | ) | $ | 546,285 | $ | 30,224,406 | |||||||
DWA SmallCap Momentum ETF | 39,570,948 | (7,272,573 | ) | 32,298,375 | 247,939,006 | |||||||||||
DWA Tactical Multi-Asset Income ETF | — | (4,922,899 | ) | (4,922,899 | ) | 77,752,451 | ||||||||||
DWA Tactical Sector Rotation ETF | 9,913,684 | (1,704 | ) | 9,911,980 | 54,667,075 | |||||||||||
S&P SmallCap Consumer Discretionary ETF | 13,553,888 | (10,181,059 | ) | 3,372,829 | 72,311,792 | |||||||||||
S&P SmallCap Consumer Staples ETF | 4,469,353 | (6,642,148 | ) | (2,172,795 | ) | 49,369,920 | ||||||||||
S&P SmallCap Energy ETF | 5,010,117 | (64,577,233 | ) | (59,567,116 | ) | 126,265,487 | ||||||||||
S&P SmallCap Financials ETF | 31,487,800 | (14,646,513 | ) | 16,841,287 | 213,886,089 | |||||||||||
S&P SmallCap Health Care ETF | 68,140,040 | (28,084,851 | ) | 40,055,189 | 431,003,527 | |||||||||||
S&P SmallCap Industrials ETF | 19,787,786 | (6,887,980 | ) | 12,899,806 | 91,766,417 | |||||||||||
S&P SmallCap Information Technology ETF | 65,944,673 | (55,422,387 | ) | 10,522,286 | 380,493,434 | |||||||||||
S&P SmallCap Materials ETF | 2,830,109 | (4,739,633 | ) | (1,909,524 | ) | 33,830,005 | ||||||||||
S&P SmallCap Utilities ETF | 2,966,277 | (1,990,667 | ) | 975,610 | 48,577,252 |
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Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants 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 of the Trust 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 Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 10. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
In addition to the fees and expenses which the Invesco DWA Momentum & Low Volatility Rotation ETF, Invesco DWA Tactical Multi-Asset Income ETF and Invesco DWA Tactical Sector Rotation ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco DWA Momentum & Low Volatility Rotation ETF (DWLV) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,031.60 | 0.15 | % | $ | 0.76 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.05 | 0.15 | 0.75 | ||||||||||||
Invesco DWA SmallCap Momentum ETF (DWAS) | ||||||||||||||||
Actual | 1,000.00 | 1,031.20 | 0.60 | 3.02 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||||||||||
Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | ||||||||||||||||
Actual | 1,000.00 | 944.80 | 0.25 | 1.21 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco DWA Tactical Sector Rotation ETF (DWTR) | ||||||||||||||||
Actual | 1,000.00 | 1,009.40 | 0.15 | 0.75 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.05 | 0.15 | 0.75 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,093.80 | 0.29 | % | $ | 1.51 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Consumer Staples ETF (PSCC) | ||||||||||||||||
Actual | 1,000.00 | 979.10 | 0.29 | 1.42 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Energy ETF (PSCE) | ||||||||||||||||
Actual | 1,000.00 | 1,131.60 | 0.29 | 1.53 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Financials ETF (PSCF) | ||||||||||||||||
Actual | 1,000.00 | 1,014.00 | 0.29 | 1.45 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Health Care ETF (PSCH) | ||||||||||||||||
Actual | 1,000.00 | 1,250.60 | 0.29 | 1.62 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Industrials ETF (PSCI) | ||||||||||||||||
Actual | 1,000.00 | 1,019.60 | 0.29 | 1.45 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Information Technology ETF (PSCT) | ||||||||||||||||
Actual | 1,000.00 | 941.40 | 0.29 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Materials ETF (PSCM) | ||||||||||||||||
Actual | 1,000.00 | 1,006.40 | 0.29 | 1.44 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Utilities ETF (PSCU) | ||||||||||||||||
Actual | 1,000.00 | 942.60 | 0.29 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (the “Sub-Advisory Agreement”): Invesco Advisers,
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||
PowerShares Global Water Portfolio | N/A | X | ||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||
PowerShares International Corporate Bond Portfolio | X | |||||
PowerShares KBW Bank Portfolio | X | X | ||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares Preferred Portfolio | N/A | X | ||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||
PowerShares S&P 500 High Beta Portfolio | X | |||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X |
| 61 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||
PowerShares Senior Loan Portfolio | N/A | X | ||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation
| 62 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio under the Sub-Advisory Agreement were appropriate and reasonable.
| 63 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
| 64 |
|
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-SCS-SAR-1 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
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 |
KBW Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
6 | ||||
8 | ||||
9 | ||||
Statements of Assets and Liabilities | 10 | |||
Statements of Operations | 12 | |||
Statements of Changes in Net Assets | 14 | |||
Financial Highlights | 16 | |||
Notes to Financial Statements | 19 | |||
Fees and Expenses | 27 | |||
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement | 29 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Regional Banks | 44.3 | |||
Diversified Banks | 38.7 | |||
Asset Management & Custody Banks | 12.1 | |||
Consumer Finance | 3.9 | |||
Thrifts & Mortgage Finance | 1.0 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Asset Management & Custody Banks—12.1% | ||||||||
862,927 | Bank of New York Mellon Corp. (The) | $ | 47,038,151 | |||||
449,459 | Northern Trust Corp. | 47,979,748 | ||||||
463,615 | State Street Corp. | 46,259,505 | ||||||
|
| |||||||
141,277,404 | ||||||||
|
| |||||||
Consumer Finance—3.9% | ||||||||
502,530 | Capital One Financial Corp. | 45,539,269 | ||||||
|
| |||||||
Diversified Banks—38.7% | ||||||||
3,066,208 | Bank of America Corp. | 91,740,943 | ||||||
1,303,818 | Citigroup, Inc. | 89,011,655 | ||||||
852,168 | JPMorgan Chase & Co. | 92,698,835 | ||||||
1,810,616 | U.S. Bancorp | 91,345,577 | ||||||
1,685,078 | Wells Fargo & Co. | 87,556,653 | ||||||
|
| |||||||
452,353,663 | ||||||||
|
| |||||||
Regional Banks—44.3% | ||||||||
905,478 | BB&T Corp. | 47,809,238 | ||||||
967,701 | Citizens Financial Group, Inc. | 40,149,914 | ||||||
343,159 | Comerica, Inc. | 32,455,978 | ||||||
1,378,525 | Fifth Third Bancorp | 45,725,674 | ||||||
318,833 | First Republic Bank | 29,610,021 | ||||||
2,128,768 | Huntington Bancshares, Inc. | 31,739,931 | ||||||
2,106,244 | KeyCorp | 41,956,380 | ||||||
259,232 | M&T Bank Corp. | 47,250,217 | ||||||
687,564 | People’s United Financial, Inc. | 12,575,546 | ||||||
312,144 | PNC Financial Services Group, Inc. (The) | 45,451,288 | ||||||
2,229,123 | Regions Financial Corp. | 41,684,600 | ||||||
704,650 | SunTrust Banks, Inc. | 47,070,620 | ||||||
104,994 | SVB Financial Group(b) | 31,457,252 | ||||||
396,642 | Zions Bancorporation | 21,716,150 | ||||||
|
| |||||||
516,652,809 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Thrifts & Mortgage Finance—1.0% | ||||||||
971,134 | New York Community Bancorp, Inc. | $ | 11,537,072 | |||||
|
| |||||||
Total Investments in Securities (Cost $1,183,973,852)—100.0% | 1,167,360,217 | |||||||
Other assets less liabilities—0.0% | 178,464 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,167,538,681 | ||||||
|
|
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 to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco KBW High Dividend Yield Financial ETF (KBWD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Mortgage REITs | 46.2 | |||
Asset Management & Custody Banks | 27.1 | |||
Property & Casualty Insurance | 6.3 | |||
Thrifts & Mortgage Finance | 4.6 | |||
Regional Banks | 4.4 | |||
Reinsurance | 3.9 | |||
Investment Banking & Brokerage | 3.8 | |||
Trading Companies & Distributors | 2.1 | |||
Consumer Finance | 1.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Asset Management & Custody Banks—27.1% | ||||||||
1,300,804 | Arlington Asset Investment Corp., Class A(b) | $ | 14,881,198 | |||||
201,067 | Artisan Partners Asset Management, Inc., Class A | 6,464,304 | ||||||
2,172,562 | BlackRock Capital Investment Corp. | 13,708,866 | ||||||
89,905 | Federated Investors, Inc., Class B | 2,379,785 | ||||||
104,544 | Invesco Ltd.(c) | 3,028,640 | ||||||
97,805 | Janus Henderson Group PLC (United Kingdom) | 3,089,660 | ||||||
1,622,611 | Medley Capital Corp.(b) | 7,090,810 | ||||||
535,231 | Newtek Business Services Corp.(b) | 9,618,101 | ||||||
1,560,275 | Prospect Capital Corp.(b) | 9,892,143 | ||||||
476,000 | Stellus Capital Investment Corp.(b) | 6,059,480 | ||||||
976,469 | THL Credit, Inc. | 7,723,870 | ||||||
|
| |||||||
83,936,857 | ||||||||
|
| |||||||
Consumer Finance—1.6% | ||||||||
363,624 | Navient Corp. | 4,821,654 | ||||||
|
| |||||||
Investment Banking & Brokerage—3.8% | ||||||||
393,142 | BGC Partners, Inc., Class A | 5,252,377 | ||||||
53,730 | Lazard Ltd., Class A | 2,923,987 | ||||||
103,857 | Virtu Financial, Inc., Class A(b) | 3,738,852 | ||||||
|
| |||||||
11,915,216 | ||||||||
|
| |||||||
Mortgage REITs—46.2% | ||||||||
677,434 | AG Mortgage Investment Trust, Inc. REIT | 11,977,033 | ||||||
640,453 | AGNC Investment Corp. REIT | 12,117,371 | ||||||
1,138,305 | Annaly Capital Management, Inc. REIT | 11,804,223 | ||||||
526,620 | Apollo Commercial Real Estate Finance, Inc. REIT | 9,489,692 | ||||||
679,458 | Chimera Investment Corp. REIT | 11,883,720 | ||||||
2,389,164 | CYS Investments, Inc. REIT | 17,130,306 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mortgage REITs (continued) | ||||||||
1,895,911 | Dynex Capital, Inc. REIT | $ | 12,475,094 | |||||
733,571 | New Residential Investment Corp. REIT | 12,822,821 | ||||||
2,436,661 | Orchid Island Capital, Inc. REIT(b) | 17,056,627 | ||||||
645,601 | PennyMac Mortgage Investment Trust REIT | 11,356,122 | ||||||
1,521,127 | Western Asset Mortgage Capital Corp. REIT | 15,135,214 | ||||||
|
| |||||||
143,248,223 | ||||||||
|
| |||||||
Property & Casualty Insurance—6.3% | ||||||||
452,900 | AmTrust Financial Services, Inc. | 5,837,881 | ||||||
111,404 | HCI Group, Inc. | 4,666,714 | ||||||
114,534 | Mercury General Corp. | 5,237,640 | ||||||
185,531 | Old Republic International Corp. | 3,784,832 | ||||||
|
| |||||||
19,527,067 | ||||||||
|
| |||||||
Regional Banks—4.4% | ||||||||
70,205 | PacWest Bancorp | 3,597,304 | ||||||
179,740 | People’s United Financial, Inc. | 3,287,444 | ||||||
102,983 | United Bankshares, Inc. | 3,496,273 | ||||||
270,025 | Valley National Bancorp | 3,388,814 | ||||||
|
| |||||||
13,769,835 | ||||||||
|
| |||||||
Reinsurance—3.9% | ||||||||
1,590,481 | Maiden Holdings Ltd. | 12,167,180 | ||||||
|
| |||||||
Thrifts & Mortgage Finance—4.6% | ||||||||
349,814 | New York Community Bancorp, Inc. | 4,155,790 | ||||||
240,974 | Northwest Bancshares, Inc. | 4,000,168 | ||||||
392,133 | Oritani Financial Corp. | 5,999,635 | ||||||
|
| |||||||
14,155,593 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco KBW High Dividend Yield Financial ETF (KBWD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Trading Companies & Distributors—2.1% | ||||||||
211,181 | Triton International Ltd. (Bermuda) | $ | 6,548,723 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $319,181,078) | 310,090,348 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
185,947 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $185,947) | 185,947 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $319,367,025)-100.1% | 310,276,295 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—14.4% | ||||||||
44,793,576 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $44,793,576) | 44,793,576 | ||||||
|
| |||||||
Total Investments in Securities (Cost $364,160,601)—114.5% | 355,069,871 | |||||||
Other assets less liabilities—(14.5)% | (44,995,684 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 310,074,187 | ||||||
|
|
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 April 30, 2018. |
(c) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Hotel & Resort | 24.0 | |||
Retail | 22.2 | |||
Health Care | 19.3 | |||
Diversified | 12.4 | |||
Specialized | 11.3 | |||
Office | 7.4 | |||
Residential | 3.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Real Estate Investment Trusts—100.0% | ||||||||
Diversified—12.4% | ||||||||
690,049 | Gladstone Commercial Corp. | $ | 11,965,450 | |||||
1,145,463 | Global NET Lease, Inc. | 21,317,066 | ||||||
1,474,036 | Lexington Realty Trust | 11,851,249 | ||||||
|
| |||||||
45,133,765 | ||||||||
|
| |||||||
Health Care—19.3% | ||||||||
1,181,691 | MedEquities Realty Trust, Inc. | 12,041,431 | ||||||
875,174 | Medical Properties Trust, Inc. | 11,184,724 | ||||||
2,095,496 | New Senior Investment Group, Inc. | 18,063,176 | ||||||
831,004 | Sabra Health Care REIT, Inc. | 15,215,683 | ||||||
895,256 | Senior Housing Properties Trust | 13,939,136 | ||||||
|
| |||||||
70,444,150 | ||||||||
|
| |||||||
Hotel & Resort—24.0% | ||||||||
546,854 | Apple Hospitality REIT, Inc. | 9,837,904 | ||||||
2,079,755 | Ashford Hospitality Trust, Inc. | 14,308,714 | ||||||
1,138,311 | Braemar Hotels & Resorts, Inc. | 11,838,434 | ||||||
524,786 | Chatham Lodging Trust | 9,997,173 | ||||||
314,732 | Chesapeake Lodging Trust | 9,297,183 | ||||||
522,008 | Hersha Hospitality Trust | 9,803,310 | ||||||
422,771 | Hospitality Properties Trust | 10,518,543 | ||||||
393,510 | LaSalle Hotel Properties | 11,636,091 | ||||||
|
| |||||||
87,237,352 | ||||||||
|
| |||||||
Office—7.4% | ||||||||
1,527,537 | Franklin Street Properties Corp. | 11,884,238 | ||||||
1,201,972 | Government Properties Income Trust | 15,012,630 | ||||||
|
| |||||||
26,896,868 | ||||||||
|
| |||||||
Residential—3.4% | ||||||||
1,304,755 | Independence Realty Trust, Inc. | 12,264,697 | ||||||
|
| |||||||
Retail—22.2% | ||||||||
1,643,238 | DDR Corp. | 11,913,475 | ||||||
728,835 | Kite Realty Group Trust | 10,728,451 |
Number of Shares | Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
Retail (continued) | ||||||||
1,013,807 | Pennsylvania Real Estate Investment Trust(b) | $ | 9,813,652 | |||||
834,197 | Ramco-Gershenson Properties Trust | 9,968,654 | ||||||
361,750 | Tanger Factory Outlet Centers, Inc.(b) | 7,940,413 | ||||||
3,066,153 | Washington Prime Group, Inc.(b) | 19,838,010 | ||||||
984,800 | Whitestone | 10,685,080 | ||||||
|
| |||||||
80,887,735 | ||||||||
|
| |||||||
Specialized—11.3% | ||||||||
523,474 | CoreCivic, Inc. | 10,553,236 | ||||||
171,105 | EPR Properties | 9,414,197 | ||||||
1,186,340 | Farmland Partners, Inc. | 9,039,911 | ||||||
545,098 | GEO Group, Inc. (The) | 12,264,705 | ||||||
|
| |||||||
41,272,049 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $403,835,310)-100.0% | 364,136,616 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.4% | ||||||||
23,167,409 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(c)(d) (Cost $23,167,409) | 23,167,409 | ||||||
|
| |||||||
Total Investments in Securities (Cost $427,002,719)—106.4% | 387,304,025 | |||||||
Other assets less liabilities—(6.4)% | (23,345,207 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 363,958,818 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY) (continued)
April 30, 2018
(Unaudited)
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 April 30, 2018. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco KBW Property & Casualty Insurance ETF (KBWP)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Property & Casualty Insurance | 77.7 | |||
Multi-line Insurance | 11.7 | |||
Reinsurance | 10.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Multi-line Insurance—11.7% | ||||||||
24,956 | American Financial Group, Inc. | $ | 2,825,518 | |||||
32,936 | Assurant, Inc. | 3,057,120 | ||||||
35,692 | Kemper Corp. | 2,409,210 | ||||||
|
| |||||||
8,291,848 | ||||||||
|
| |||||||
Property & Casualty Insurance—77.7% | ||||||||
61,024 | Allstate Corp. (The) | 5,969,368 | ||||||
135,952 | AmTrust Financial Services, Inc. | 1,752,421 | ||||||
31,902 | Arch Capital Group Ltd.(b) | 2,556,307 | ||||||
41,305 | Aspen Insurance Holdings Ltd. (Bermuda) | 1,753,397 | ||||||
57,053 | Axis Capital Holdings Ltd. | 3,349,011 | ||||||
39,670 | Chubb Ltd. | 5,382,029 | ||||||
73,331 | Cincinnati Financial Corp. | 5,158,103 | ||||||
26,087 | Hanover Insurance Group, Inc. (The) | 2,996,092 | ||||||
38,375 | Mercury General Corp. | 1,754,889 | ||||||
37,075 | ProAssurance Corp. | 1,753,647 | ||||||
97,778 | Progressive Corp. (The) | 5,895,036 | ||||||
30,681 | RLI Corp. | 1,941,494 | ||||||
40,723 | Selective Insurance Group, Inc. | 2,410,802 | ||||||
40,504 | Travelers Cos., Inc. (The) | 5,330,326 | ||||||
41,167 | W.R. Berkley Corp. | 3,069,411 | ||||||
66,533 | XL Group Ltd. (Bermuda) | 3,698,569 | ||||||
|
| |||||||
54,770,902 | ||||||||
|
| |||||||
Reinsurance—10.6% | ||||||||
13,117 | Everest Re Group Ltd. | 3,051,932 | ||||||
58,691 | Maiden Holdings Ltd. | 448,986 | ||||||
21,944 | RenaissanceRe Holdings Ltd. (Bermuda) | 2,985,262 | ||||||
74,475 | Third Point Reinsurance Ltd. (Bermuda)(b) | 990,518 | ||||||
|
| |||||||
7,476,698 | ||||||||
|
| |||||||
Total Common Stocks (Cost $66,802,942) | 70,539,448 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
13,953 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $13,953) | $ | 13,953 | |||||
|
| |||||||
Total Investments in Securities (Cost $66,816,895)—100.0% | 70,553,401 | |||||||
Other assets less liabilities—(0.0)% | (25,169 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 70,528,232 | ||||||
|
| |||||||
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
This Fund has holdings greater than 10% of net assets in the following country:
Bermuda | 13.4 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco KBW Regional Banking ETF (KBWR)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Regional Banks | 97.2 | |||
Thrifts & Mortgage Finance | 2.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Regional Banks—97.2% | ||||||||
154,847 | Associated Banc-Corp. | $ | 4,095,703 | |||||
111,454 | BancorpSouth Bank | 3,683,555 | ||||||
41,493 | Bank of Hawaii Corp. | 3,494,126 | ||||||
108,346 | Bank of The Ozarks | 5,070,593 | ||||||
84,606 | BankUnited, Inc. | 3,351,244 | ||||||
93,677 | Boston Private Financial Holdings, Inc. | 1,503,516 | ||||||
85,409 | Brookline Bancorp, Inc. | 1,417,789 | ||||||
82,875 | Cathay General Bancorp | 3,315,829 | ||||||
61,657 | Chemical Financial Corp. | 3,384,353 | ||||||
81,171 | Columbia Banking System, Inc. | 3,263,886 | ||||||
58,903 | Commerce Bancshares, Inc. | 3,741,519 | ||||||
56,263 | Community Bank System, Inc. | 3,164,794 | ||||||
53,828 | Cullen/Frost Bankers, Inc. | 6,160,615 | ||||||
122,465 | CVB Financial Corp. | 2,712,600 | ||||||
103,824 | East West Bancorp, Inc. | 6,916,755 | ||||||
242,713 | F.N.B. Corp. | 3,155,269 | ||||||
108,346 | First Commonwealth Financial Corp. | 1,640,358 | ||||||
108,685 | First Financial Bancorp | 3,363,801 | ||||||
73,975 | First Financial Bankshares, Inc. | 3,665,461 | ||||||
122,448 | First Hawaiian, Inc. | 3,373,442 | ||||||
178,627 | First Horizon National Corp. | 3,268,874 | ||||||
114,514 | First Midwest Bancorp, Inc. | 2,783,835 | ||||||
188,002 | Fulton Financial Corp. | 3,177,234 | ||||||
87,477 | Glacier Bancorp, Inc. | 3,239,273 | ||||||
65,819 | Hancock Holding Co. | 3,215,258 | ||||||
148,014 | Home BancShares, Inc. | 3,439,845 | ||||||
150,634 | Hope Bancorp, Inc. | 2,604,462 | ||||||
42,114 | IBERIABANK Corp. | 3,156,444 | ||||||
252,062 | Investors Bancorp, Inc. | 3,370,069 | ||||||
82,976 | MB Financial, Inc. | 3,536,437 | ||||||
169,047 | Old National Bancorp | 2,907,608 | ||||||
108,984 | PacWest Bancorp | 5,584,340 | ||||||
52,716 | Pinnacle Financial Partners, Inc. | 3,376,460 | ||||||
81,001 | Popular, Inc. | 3,749,536 | ||||||
45,371 | Prosperity Bancshares, Inc. | 3,256,277 | ||||||
46,467 | Signature Bank/New York NY(b) | 5,908,279 | ||||||
146,359 | Sterling Bancorp | 3,476,026 | ||||||
69,023 | Synovus Financial Corp. | 3,607,832 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Regional Banks (continued) | ||||||||
152,594 | TCF Financial Corp. | $ | 3,788,909 | |||||
37,725 | Texas Capital Bancshares, Inc.(b) | 3,721,571 | ||||||
75,394 | Trustmark Corp. | 2,360,586 | ||||||
46,614 | UMB Financial Corp. | 3,569,700 | ||||||
159,683 | Umpqua Holdings Corp. | 3,762,131 | ||||||
95,855 | United Bankshares, Inc. | 3,254,277 | ||||||
341,469 | Valley National Bancorp | 4,285,436 | ||||||
62,346 | Webster Financial Corp. | 3,752,606 | ||||||
58,208 | Western Alliance Bancorp(b) | 3,433,108 | ||||||
40,266 | Wintrust Financial Corp. | 3,601,794 | ||||||
|
| |||||||
169,663,415 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—2.8% | ||||||||
74,233 | Provident Financial Services, Inc. | 1,938,966 | ||||||
95,577 | Washington Federal, Inc. | 3,034,570 | ||||||
|
| |||||||
4,973,536 | ||||||||
|
| |||||||
Total Common Stocks (Cost $172,078,167) | 174,636,951 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
8,840 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $8,840) | 8,840 | ||||||
|
| |||||||
Total Investments in Securities (Cost $172,087,007)—100.0% | 174,645,791 | |||||||
Other assets less liabilities—(0.0)% | (8,760 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 174,637,031 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | |||||||
Assets: | ||||||||
Unaffiliated investments in securities, at value(a) | $ | 1,167,360,217 | $ | 307,061,708 | ||||
Affiliated investments in securities, at value | — | 48,008,163 | ||||||
Receivables: | ||||||||
Investments sold | 5,589,053 | — | ||||||
Dividends | 613,964 | 512,468 | ||||||
Securities lending | — | 56,001 | ||||||
|
|
|
| |||||
Total Assets | 1,173,563,234 | 355,638,340 | ||||||
|
|
|
| |||||
Liabilities: | ||||||||
Due to custodian | 107,368 | — | ||||||
Payables: | ||||||||
Shares repurchased | 5,588,178 | — | ||||||
Investments purchased | — | 681,959 | ||||||
Collateral upon return of securities loaned | — | 44,793,576 | ||||||
Accrued unitary management fees | 329,007 | 88,618 | ||||||
|
|
|
| |||||
Total Liabilities | 6,024,553 | 45,564,153 | ||||||
|
|
|
| |||||
Net Assets | $ | 1,167,538,681 | $ | 310,074,187 | ||||
|
|
|
| |||||
Net Assets Consist of: | ||||||||
Shares of beneficial interest | $ | 1,106,969,186 | $ | 374,887,917 | ||||
Undistributed net investment income | 1,775,706 | (3,034,999 | ) | |||||
Undistributed net realized gain (loss) | 75,407,424 | (52,688,001 | ) | |||||
Net unrealized appreciation (depreciation) | (16,613,635 | ) | (9,090,730 | ) | ||||
|
|
|
| |||||
Net Assets | $ | 1,167,538,681 | $ | 310,074,187 | ||||
|
|
|
| |||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 21,150,000 | 13,550,000 | ||||||
Net asset value | $ | 55.20 | $ | 22.88 | ||||
|
|
|
| |||||
Market price | $ | 55.24 | $ | 22.91 | ||||
|
|
|
| |||||
Unaffiliated investments in securities, at cost | $ | 1,183,973,852 | $ | 315,849,519 | ||||
|
|
|
| |||||
Affiliated investments in securities, at cost | $ | — | $ | 48,311,082 | ||||
|
|
|
| |||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | 42,957,808 | ||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY) | Invesco KBW Property & Casualty Insurance ETF (KBWP) | Invesco KBW Regional Banking ETF (KBWR) | ||||||||
$ | 364,136,616 | $ | 70,539,448 | $ | 174,636,951 | |||||
23,167,409 | 13,953 | 8,840 | ||||||||
— | 3,093,554 | — | ||||||||
1,725,457 | 4 | 40,350 | ||||||||
3,645 | — | — | ||||||||
|
|
|
|
|
| |||||
389,033,127 | 73,646,959 | 174,686,141 | ||||||||
|
|
|
|
|
| |||||
357,116 | — | — | ||||||||
— | 3,098,266 | — | ||||||||
1,446,485 | — | — | ||||||||
23,167,409 | — | — | ||||||||
103,299 | 20,461 | 49,110 | ||||||||
|
|
|
|
|
| |||||
25,074,309 | 3,118,727 | 49,110 | ||||||||
|
|
|
|
|
| |||||
$363,958,818 | $ | 70,528,232 | $ | 174,637,031 | ||||||
|
|
|
|
|
| |||||
$ | 432,280,249 | $ | 60,596,929 | $ | 173,727,986 | |||||
(3,104,028 | ) | 171,291 | 259,981 | |||||||
(25,518,709 | ) | 6,023,506 | (1,909,720 | ) | ||||||
(39,698,694 | ) | 3,736,506 | 2,558,784 | |||||||
|
|
|
|
|
| |||||
$363,958,818 | $ | 70,528,232 | $ | 174,637,031 | ||||||
|
|
|
|
|
| |||||
11,550,000 | 1,150,000 | 3,050,000 | ||||||||
$ | 31.51 | $ | 61.33 | $ | 57.26 | |||||
|
|
|
|
|
| |||||
$ | 31.59 | $ | 61.33 | $ | 57.33 | |||||
|
|
|
|
|
| |||||
$ | 403,835,310 | $ | 66,802,942 | $ | 172,078,167 | |||||
|
|
|
|
|
| |||||
$ | 23,167,409 | $ | 13,953 | $ | 8,840 | |||||
|
|
|
|
|
| |||||
$ | 21,565,228 | $ | — | $ | — | |||||
|
|
|
|
|
|
| 11 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | |||||||
Investment Income: | ||||||||
Unaffiliated dividend income | $ | 10,879,155 | $ | 11,912,868 | ||||
Affiliated dividend income | 177 | 62,437 | ||||||
Securities lending income | — | 448,430 | ||||||
Foreign withholding tax | — | — | ||||||
|
|
|
| |||||
Total Income | 10,879,332 | 12,423,735 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Unitary management fees | 1,921,673 | 544,426 | ||||||
|
|
|
| |||||
Less: Waivers | (532 | ) | (310 | ) | ||||
|
|
|
| |||||
Net Expenses | 1,921,141 | 544,116 | ||||||
|
|
|
| |||||
Net Investment Income | 8,958,191 | 11,879,619 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss): | ||||||||
Net realized gain (loss) from: | ||||||||
Investment securities | (899,533 | ) | 1,563,473 | |||||
In-kind redemptions | 78,229,040 | 14,112,117 | ||||||
|
|
|
| |||||
Net realized gain (loss) | 77,329,507 | 15,675,590 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on investment securities | (33,469,901 | ) | (19,308,793 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) | 43,859,606 | (3,633,203 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | $ | 52,817,797 | $ | 8,246,416 | ||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY) | Invesco KBW Property & Casualty Insurance ETF (KBWP) | Invesco KBW Regional Banking ETF (KBWR) | ||||||||
$ | 12,213,246 | $ | 1,329,707 | $ | 1,541,877 | |||||
149,192 | 374 | 679 | ||||||||
34,329 | — | — | ||||||||
— | — | (3,887 | ) | |||||||
|
|
|
|
|
| |||||
12,396,767 | 1,330,081 | 1,538,669 | ||||||||
|
|
|
|
|
| |||||
645,668 | 143,344 | 265,758 | ||||||||
|
|
|
|
|
| |||||
(475 | ) | (57 | ) | (104 | ) | |||||
|
|
|
|
|
| |||||
645,193 | 143,287 | 265,654 | ||||||||
|
|
|
|
|
| |||||
11,751,574 | 1,186,794 | 1,273,015 | ||||||||
|
|
|
|
|
| |||||
(13,782,715 | ) | (766,199 | ) | (820,082 | ) | |||||
4,390,300 | 7,357,889 | 622,633 | ||||||||
|
|
|
|
|
| |||||
(9,392,415 | ) | 6,591,690 | (197,449 | ) | ||||||
|
|
|
|
|
| |||||
(44,606,486 | ) | (4,897,994 | ) | 4,867,155 | ||||||
|
|
|
|
|
| |||||
(53,998,901 | ) | 1,693,696 | 4,669,706 | |||||||
|
|
|
|
|
| |||||
$ | (42,247,327 | ) | $ | 2,880,490 | $ | 5,942,721 | ||||
|
|
|
|
|
|
| 13 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 8,958,191 | $ | 13,069,943 | $ | 11,879,619 | $ | 21,969,300 | ||||||||
Net realized gain (loss) | 77,329,507 | 154,375,709 | 15,675,590 | 11,868,801 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (33,469,901 | ) | 27,468,968 | (19,308,793 | ) | 9,290,576 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 52,817,797 | 194,914,620 | 8,246,416 | 43,128,677 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (9,210,551 | ) | (11,970,916 | ) | (14,914,618 | ) | (22,432,879 | ) | ||||||||
Return of capital | — | — | — | (2,226,939 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (9,210,551 | ) | (11,970,916 | ) | (14,914,618 | ) | (24,659,818 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 1,172,615,978 | 2,366,524,964 | 75,750,098 | 178,272,224 | ||||||||||||
Value of shares repurchased | (980,736,089 | ) | (2,047,550,740 | ) | (78,795,739 | ) | (98,332,179 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 191,879,889 | 318,974,224 | (3,045,641 | ) | 79,940,045 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 235,487,135 | 501,917,928 | (9,713,843 | ) | 98,408,904 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 932,051,546 | 430,133,618 | 319,788,030 | 221,379,126 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,167,538,681 | $ | 932,051,546 | $ | 310,074,187 | $ | 319,788,030 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 1,775,706 | $ | 2,028,066 | $ | (3,034,999 | ) | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 21,200,000 | 49,150,000 | 3,250,000 | 7,600,000 | ||||||||||||
Shares repurchased | (17,850,000 | ) | (42,550,000 | ) | (3,350,000 | ) | (4,250,000 | ) | ||||||||
Shares outstanding, beginning of period | 17,800,000 | 11,200,000 | 13,650,000 | 10,300,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 21,150,000 | 17,800,000 | 13,550,000 | 13,650,000 | ||||||||||||
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|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY) | Invesco KBW Property & Casualty Insurance ETF (KBWP) | Invesco KBW Regional Banking ETF (KBWR) | ||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||
$ | 11,751,574 | $ | 11,722,507 | $ | 1,186,794 | $ | 1,873,891 | $ | 1,273,015 | $ | 3,224,542 | |||||||||||
(9,392,415 | ) | 11,800,757 | 6,591,690 | 5,219,521 | (197,449 | ) | 41,007,368 | |||||||||||||||
(44,606,486 | ) | 8,428,010 | (4,897,994 | ) | 7,305,099 | 4,867,155 | (12,499,936 | ) | ||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||
(42,247,327 | ) | 31,951,274 | 2,880,490 | 14,398,511 | 5,942,721 | 31,731,974 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(14,855,602 | ) | (20,246,066 | ) | (1,288,007 | ) | (1,799,966 | ) | (1,359,388 | ) | (3,136,776 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
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|
|
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| |||||||||||
(14,855,602 | ) | (20,246,066 | ) | (1,288,007 | ) | (1,799,966 | ) | (1,359,388 | ) | (3,136,776 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
89,112,324 | 250,699,457 | 12,116,270 | 58,787,740 | 40,344,714 | 301,117,371 | |||||||||||||||||
(49,071,921 | ) | (69,808,620 | ) | (41,642,264 | ) | (35,934,148 | ) | (19,145,085 | ) | (317,540,491 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
40,040,403 | 180,890,837 | (29,525,994 | ) | 22,853,592 | 21,199,629 | (16,423,120 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(17,062,526 | ) | 192,596,045 | (27,933,511 | ) | 35,452,137 | 25,782,962 | 12,172,078 | |||||||||||||||
|
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|
|
|
|
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|
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|
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| |||||||||||
381,021,344 | 188,425,299 | 98,461,743 | 63,009,606 | 148,854,069 | 136,681,991 | |||||||||||||||||
|
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|
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|
|
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|
|
|
| |||||||||||
$ | 363,958,818 | $ | 381,021,344 | $ | 70,528,232 | $ | 98,461,743 | $ | 174,637,031 | $ | 148,854,069 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | (3,104,028 | ) | $ | — | $ | 171,291 | $ | 272,504 | $ | 259,981 | $ | 346,354 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,550,000 | 6,750,000 | 200,000 | 1,050,000 | 700,000 | 5,500,000 | |||||||||||||||||
(1,400,000 | ) | (1,900,000 | ) | (700,000 | ) | (650,000 | ) | (350,000 | ) | (5,900,000 | ) | |||||||||||
10,400,000 | 5,550,000 | 1,650,000 | 1,250,000 | 2,700,000 | 3,100,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,550,000 | 10,400,000 | 1,150,000 | 1,650,000 | 3,050,000 | 2,700,000 | |||||||||||||||||
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| 15 |
|
Invesco KBW Bank ETF (KBWB)
Six Month Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 52.36 | $ | 38.40 | $ | 37.43 | $ | 37.12 | $ | 33.00 | $ | 25.44 | ||||||||||||
Net investment income(a) | 0.45 | 0.77 | 0.68 | 0.66 | 0.55 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.87 | 13.92 | 0.98 | 0.22 | 4.11 | 7.52 | ||||||||||||||||||
Total from investment operations | 3.32 | 14.69 | 1.66 | 0.88 | 4.66 | 7.97 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.48 | ) | (0.73 | ) | (0.69 | ) | (0.55 | ) | (0.54 | ) | (0.41 | ) | ||||||||||||
Net realized gains | — | — | — | (0.02 | ) | — | — | |||||||||||||||||
Total distributions | (0.48 | ) | (0.73 | ) | (0.69 | ) | (0.57 | ) | (0.54 | ) | (0.41 | ) | ||||||||||||
Net asset value at end of period | $ | 55.20 | $ | 52.36 | $ | 38.40 | $ | 37.43 | $ | 37.12 | $ | 33.00 | ||||||||||||
Market price at end of period(b) | $ | 55.24 | $ | 52.39 | $ | 38.44 | $ | 37.49 | $ | 37.13 | $ | 33.03 | ||||||||||||
Net Asset Value Total Return(c) | 6.32 | % | 38.42 | % | 4.61 | % | 2.35 | % | 14.16 | % | 31.51 | % | ||||||||||||
Market Price Total period(c) | 6.34 | % | 38.36 | % | 4.55 | % | 2.49 | % | 14.09 | % | 31.52 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,167,539 | $ | 932,052 | $ | 430,134 | $ | 559,632 | $ | 289,536 | $ | 150,169 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Net investment income | 1.63 | %(d) | 1.60 | % | 1.92 | % | 1.74 | % | 1.55 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate(e) | 4 | % | 9 | % | 12 | % | 17 | % | 5 | % | 8 | % |
(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 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) | 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 KBW High Dividend Yield Financial ETF (KBWD)
Six Month Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.43 | $ | 21.49 | $ | 22.39 | $ | 25.81 | $ | 25.20 | $ | 23.91 | ||||||||||||
Net investment income(a) | 0.87 | 1.84 | 1.57 | 1.75 | 2.04 | (b) | 1.90 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | 2.16 | (0.53 | ) | (3.22 | ) | 0.62 | 1.37 | |||||||||||||||
Total from investment operations | 0.55 | 4.00 | 1.04 | (1.47 | ) | 2.66 | 3.27 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.10 | ) | (1.88 | ) | (1.81 | ) | (1.87 | ) | (2.05 | ) | (1.98 | ) | ||||||||||||
Return of capital | — | (0.18 | ) | (0.13 | ) | (0.08 | ) | — | — | |||||||||||||||
Total distributions | (1.10 | ) | (2.06 | ) | (1.94 | ) | (1.95 | ) | (2.05 | ) | (1.98 | ) | ||||||||||||
Net asset value at end of period | $ | 22.88 | $ | 23.43 | $ | 21.49 | $ | 22.39 | $ | 25.81 | $ | 25.20 | ||||||||||||
Market price at end of period(c) | $ | 22.91 | $ | 23.46 | $ | 21.51 | $ | 22.39 | $ | 25.82 | $ | 25.24 | ||||||||||||
Net Asset Value Total Return(d) | 2.40 | % | 18.95 | % | 5.46 | % | (6.08 | )% | 11.05 | % | 14.21 | % | ||||||||||||
Market Price Total Return(d) | 2.40 | % | 18.99 | % | 5.56 | % | (6.12 | )% | 10.91 | % | 14.62 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 310,074 | $ | 319,788 | $ | 221,379 | $ | 277,692 | $ | 272,257 | $ | 234,348 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses(e) | 0.35 | %(f) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.37 | % | ||||||||||||
Net investment income | 7.64 | %(f) | 7.77 | % | 7.45 | % | 7.15 | % | 8.00 | %(b) | 7.64 | % | ||||||||||||
Portfolio turnover rate(g) | 35 | % | 52 | % | 113 | % | 49 | % | 30 | % | 37 | % |
(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 during the year. Net investment income per share and the ratio of net investment income to average net excluding the significant dividend are $1.90 and 7.47%, 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 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) | 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.
| 16 |
|
Financial Highlights (continued)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Six Month Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.64 | $ | 33.95 | $ | 31.51 | $ | 33.83 | $ | 31.32 | $ | 27.13 | ||||||||||||
Net investment income(a) | 1.05 | 1.49 | 1.40 | 1.19 | 1.07 | 0.89 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.85 | ) | 3.78 | 3.36 | (1.80 | ) | 3.01 | 4.76 | ||||||||||||||||
Total from investment operations | (3.80 | ) | 5.27 | 4.76 | (0.61 | ) | 4.08 | 5.65 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.33 | ) | (2.58 | ) | (2.32 | ) | (1.71 | ) | (1.57 | ) | (1.46 | ) | ||||||||||||
Net asset value at end of period | $ | 31.51 | $ | 36.64 | $ | 33.95 | $ | 31.51 | $ | 33.83 | $ | 31.32 | ||||||||||||
Market price at end of period(b) | $ | 31.59 | $ | 36.67 | $ | 33.95 | $ | 31.52 | $ | 33.82 | $ | 31.38 | ||||||||||||
Net Asset Value Total Return(c) | (10.48 | )% | 15.71 | % | 15.68 | % | (1.94 | )% | 13.51 | % | 21.11 | % | ||||||||||||
Market Price Total Return(c) | (10.33 | )% | 15.79 | % | 15.64 | % | (1.88 | )% | 13.27 | % | 21.42 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 363,959 | $ | 381,021 | $ | 188,425 | $ | 110,279 | $ | 98,103 | $ | 68,908 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||
Net investment income | 6.37 | %(d) | 4.04 | % | 4.18 | % | 3.58 | % | 3.39 | % | 2.85 | % | ||||||||||||
Portfolio turnover rate(e) | 45 | % | 61 | % | 87 | % | 25 | % | 27 | % | 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 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) | 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 KBW Property & Casualty Insurance ETF (KBWP)
Six Month Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 59.67 | $ | 50.41 | $ | 48.24 | $ | 41.27 | $ | 38.07 | $ | 30.25 | ||||||||||||
Net investment income(a) | 0.87 | 1.12 | 1.08 | 0.75 | 0.88 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain on investments | 1.61 | 9.23 | 2.06 | 7.10 | 3.29 | 8.09 | ||||||||||||||||||
Total from investment operations | 2.48 | 10.35 | 3.14 | 7.85 | 4.17 | 8.68 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.82 | ) | (1.09 | ) | (0.93 | ) | (0.78 | ) | (0.92 | ) | (0.86 | ) | ||||||||||||
Net realized gains | — | — | (0.04 | ) | (0.10 | ) | (0.05 | ) | — | |||||||||||||||
Total distributions | (0.82 | ) | (1.09 | ) | (0.97 | ) | (0.88 | ) | (0.97 | ) | (0.86 | ) | ||||||||||||
Net asset value at end of period | $ | 61.33 | $ | 59.67 | $ | 50.41 | $ | 48.24 | $ | 41.27 | $ | 38.07 | ||||||||||||
Market price at end of period(b) | $ | 61.33 | $ | 59.68 | $ | 50.44 | $ | 48.36 | $ | 41.27 | $ | 38.09 | ||||||||||||
Net Asset Value Total Return(c) | 4.20 | % | 20.68 | % | 6.63 | % | 19.31 | % | 11.17 | % | 29.33 | % | ||||||||||||
Market Price Total Return(c) | 4.18 | % | 20.63 | % | 6.43 | % | 19.60 | % | 11.12 | % | 29.44 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 70,528 | $ | 98,462 | $ | 63,010 | $ | 86,828 | $ | 10,319 | $ | 20,937 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||
Net investment income | 2.90 | %(d) | 1.97 | % | 2.23 | % | 1.69 | % | 2.30 | % | 1.69 | % | ||||||||||||
Portfolio turnover rate(e) | 8 | % | 16 | % | 20 | % | 35 | % | 4 | % | 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 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) | 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.
| 17 |
|
Financial Highlights (continued)
Invesco KBW Regional Banking ETF (KBWR)
Six Month Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.13 | $ | 44.09 | $ | 42.40 | $ | 39.21 | $ | 36.92 | $ | 27.67 | ||||||||||||
Net investment income(a) | 0.47 | 0.94 | 0.87 | 0.80 | 0.68 | 0.66 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.18 | 10.96 | 1.63 | 3.17 | 2.28 | 9.12 | ||||||||||||||||||
Total from investment operations | 2.65 | 11.90 | 2.50 | 3.97 | 2.96 | 9.78 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.52 | ) | (0.86 | ) | (0.81 | ) | (0.78 | ) | (0.67 | ) | (0.53 | ) | ||||||||||||
Net asset value at end of period | $ | 57.26 | $ | 55.13 | $ | 44.09 | $ | 42.40 | $ | 39.21 | $ | 36.92 | ||||||||||||
Market price at end of period(b) | $ | 57.33 | $ | 55.20 | $ | 44.15 | $ | 42.42 | $ | 39.21 | $ | 36.96 | ||||||||||||
Net Asset Value Total Return(c) | 4.80 | % | 27.06 | % | 6.05 | % | 10.24 | % | 8.03 | % | 35.80 | % | ||||||||||||
Market Price Total Return(c) | 4.80 | % | 27.05 | % | 6.14 | % | 10.29 | % | 7.91 | % | 35.94 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 174,637 | $ | 148,854 | $ | 136,682 | $ | 52,996 | $ | 35,292 | $ | 33,225 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Net investment income | 1.68 | %(d) | 1.75 | % | 2.11 | % | 1.97 | % | 1.80 | % | 2.05 | % | ||||||||||||
Portfolio turnover rate(e) | 12 | % | 21 | % | 23 | % | 25 | % | 13 | % | 7 | % |
(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 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) | 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.
| 18 |
|
Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 the 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”). Except when aggregated in Creation Units by Authorized Participants, 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 Bank Index | |
KBW High Dividend Yield Financial ETF | KBW Nasdaq Financial Sector Dividend Yield Index | |
KBW Premium Yield Equity REIT ETF | KBW Nasdaq Premium Yield Equity REIT Index | |
KBW Property & Casualty Insurance ETF | KBW Nasdaq Property & Casualty Index | |
KBW Regional Banking ETF | KBW Nasdaq Regional Banking 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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
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Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time will be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and each can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
High Dividend Paying Securities Risk. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF 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 an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.
Small- and Mid-Capitalization Company Risk. For KBW High Dividend Yield Financial ETF, KBW Premium Yield Equity REIT ETF and KBW Property & Casualty Insurance ETF, 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.
REIT Risk. For KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, 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.
C. 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 accounting principles generally accepted in the United States of America (“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.
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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.
D. 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 the accrual basis from settlement date. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
E. 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 and the country that has the primary market for the issuer’s securities, 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.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. 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 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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
H. 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.
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I. 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 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 Funds do 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 each 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 Funds 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 each Fund invests.
J. Securities Lending
During the six-month period ended April 30, 2018, KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
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.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.35% of each Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
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For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
KBW Bank ETF | $ | 532 | ||
KBW High Dividend Yield Financial ETF | 310 | |||
KBW Premium Yield Equity REIT ETF | 475 | |||
KBW Property & Casualty Insurance ETF | 57 | |||
KBW Regional Banking ETF | 104 |
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 for 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 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 each Fund.
Note 4. Investments in Affiliates
The Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
KBW High Dividend Yield Financial ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 4,002,539 | $ | 1,119,774 | $ | (1,422,953 | ) | $ | (780,023 | ) | $ | 109,303 | $ | 3,028,640 | $ | 60,551 |
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 listed below 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 KBW Premium Yield Equity REIT ETF’s transactions in, and earnings from, investment in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
KBW Premium Yield Equity REIT ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Global Medical REIT, Inc.* | $ | 16,128,119 | $ | — | $ | (15,597,377 | ) | $ | 743,993 | $ | (1,274,735 | ) | $ | — | $ | 146,047 |
* | At April 30, 2018, this security was no longer held. |
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 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), |
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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 April 30, 2018, all of the securities in each Fund were valued based on Level 1 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were no transfers between valuation levels.
Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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 had capital loss carryforwards as of October 31, 2017, as follows:
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
KBW Bank ETF | $ | 39,359 | $ | 1,003,947 | $ | 1,043,306 | ||||||
KBW High Dividend Yield Financial ETF | 19,779,449 | 42,360,254 | 62,139,703 | |||||||||
KBW Premium Yield Equity REIT ETF | 5,440,119 | 3,145,633 | 8,585,752 | |||||||||
KBW Property & Casualty Insurance ETF | 196,101 | 11,187 | 207,288 | |||||||||
KBW Regional Banking ETF | 1,137,640 | 274,634 | 1,412,274 |
* | Capital loss carryforwards as of the date listed above 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 six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
KBW Bank ETF | $ | 54,247,654 | $ | 49,091,572 | ||||
KBW High Dividend Yield Financial ETF | 112,153,543 | 107,543,329 | ||||||
KBW Premium Yield Equity REIT ETF | 171,756,421 | 168,771,469 | ||||||
KBW Property & Casualty Insurance ETF | 6,248,938 | 7,805,642 | ||||||
KBW Regional Banking ETF | 19,069,779 | 19,671,958 |
For the six-month period ended April 30, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
KBW Bank ETF | $ | 1,158,957,275 | $ | 972,237,927 | ||||
KBW High Dividend Yield Financial ETF | 60,850,635 | 67,689,627 | ||||||
KBW Premium Yield Equity REIT ETF | 85,758,939 | 48,322,520 | ||||||
KBW Property & Casualty Insurance ETF | 12,104,120 | 40,158,661 | ||||||
KBW Regional Banking ETF | 40,307,292 | 18,599,853 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | $ | 25,225,570 | $ | (42,717,982 | ) | $ | (17,492,412 | ) | $ | 1,184,852,629 | ||||||
KBW High Dividend Yield Financial ETF | 15,393,656 | (30,708,274 | ) | (15,314,618 | ) | 370,384,489 | ||||||||||
KBW Premium Yield Equity REIT ETF | 6,429,317 | (53,668,553 | ) | (47,239,236 | ) | 434,543,261 | ||||||||||
KBW Property & Casualty Insurance ETF | 7,902,058 | (4,526,448 | ) | 3,375,610 | 67,177,791 | |||||||||||
KBW Regional Banking ETF | 9,352,650 | (7,093,863 | ) | 2,258,787 | 172,387,004 |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants 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 of the Trust 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 Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 10. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
In addition to the fees and expenses which the Invesco KBW High Dividend Yield Financial ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio’s total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco KBW Bank ETF (KBWB) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,063.20 | 0.35 | % | $ | 1.79 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||
Invesco KBW High Dividend Yield Financial ETF (KBWD) | ||||||||||||||||
Actual | 1,000.00 | 1,024.00 | 0.35 | 1.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||
Invesco KBW Premium Yield Equity REIT ETF (KBWY) | ||||||||||||||||
Actual | 1,000.00 | 895.20 | 0.35 | 1.64 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||
Invesco KBW Property & Casualty Insurance ETF (KBWP) | ||||||||||||||||
Actual | 1,000.00 | 1,042.00 | 0.35 | 1.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco KBW Regional Banking ETF (KBWR) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,048.00 | 0.35 | % | $ | 1.78 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (the “Sub-Advisory Agreement”): Invesco Advisers,
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||||||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||||||||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||||||||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||||||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||||||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||||||||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||||||||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||||||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||||||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||||||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||||||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||||||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||||||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||||||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||||||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||||||||
PowerShares Global Water Portfolio | N/A | X | ||||||||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||||||||
PowerShares International Corporate Bond Portfolio | X | |||||||||||
PowerShares KBW Bank Portfolio | X | X | ||||||||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||||||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||||||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||||||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||||||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||||||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||||||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Preferred Portfolio | N/A | X | ||||||||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||||||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||||||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||||||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 High Beta Portfolio | X | |||||||||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||||||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||||||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||||||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||||||||
PowerShares Senior Loan Portfolio | N/A | X | ||||||||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||||||||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||||||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation
| 33 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio under the Sub-Advisory Agreement were appropriate and reasonable.
| 34 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
| 35 |
|
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Form N-Qs will be available on the Commission’s website at www.sec.gov. The Trust’s Form N-Qs may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-KBW-SAR-1 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
BKLN | Invesco Senior Loan ETF |
Effective June 4, 2018, the Fund’s name changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco Senior Loan ETF (BKLN)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Baa2 | 2.5 | |||
Baa3 | 7.0 | |||
Ba1 | 9.0 | |||
Ba2 | 11.6 | |||
Ba3 | 24.8 | |||
B1 | 17.9 | |||
B2 | 15.1 | |||
B3 | 1.5 | |||
Caa1 | 1.4 | |||
Caa2 | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 7.0 |
* | 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 change without notice. “Non-Rated” 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 “Rating Methodologies” under Research and Ratings on the homepage. |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests—90.7%(a)(b) | ||||||||||||||||
Advertising—1.8% | ||||||||||||||||
$ | 58,555,790 | Acosta, Inc., Term Loan B-1 (1 mo. USD LIBOR + 3.25%) | 5.151 | % | 09/26/2021 | $ | 48,055,273 | |||||||||
53,017,055 | Karman Buyer Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.151 | 07/23/2021 | 50,885,504 | ||||||||||||
46,603,546 | Red Ventures LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.00%) | 5.901 | 11/08/2024 | 47,238,520 | ||||||||||||
|
| |||||||||||||||
146,179,297 | ||||||||||||||||
|
| |||||||||||||||
Aerospace/Defense—1.2% | ||||||||||||||||
102,595,331 | TransDigm, Inc., Term Loan F (1 mo. USD LIBOR + 2.75%) | 4.790 | 06/09/2023 | 103,154,989 | ||||||||||||
|
| |||||||||||||||
Airlines—0.0% | ||||||||||||||||
91,139 | American Airlines, Inc., Term Loan (1 mo. USD LIBOR + 2.00%) | 3.900 | 06/27/2020 | 91,389 | ||||||||||||
|
| |||||||||||||||
Beverages—0.7% | ||||||||||||||||
60,066,498 | Keurig Green Mountain, Inc., Term Loan A (3 mo. USD LIBOR + 1.50%) | 3.250 | 03/03/2021 | 60,053,884 | ||||||||||||
|
| |||||||||||||||
Building Materials—0.8% | ||||||||||||||||
68,592,268 | Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 11/15/2023 | 68,966,439 | ||||||||||||
|
| |||||||||||||||
Chemicals—1.1% | ||||||||||||||||
30,867,945 | Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%) | 4.052 | 06/01/2024 | 31,027,533 | ||||||||||||
59,108,311 | H.B. Fuller Co., Term Loan (1 mo. USD LIBOR + 2.00%) | 3.897 | 10/20/2024 | 59,366,910 | ||||||||||||
|
| |||||||||||||||
90,394,443 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Senior Loan ETF (BKLN) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Commercial Services—3.8% | ||||||||||||||||
$ | 62,907,549 | Allied Universal Holdco LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.75%) | 6.052 | % | 07/28/2022 | $ | 61,832,774 | |||||||||
55,603,905 | PAREXEL International Corp., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 09/27/2024 | 55,856,069 | ||||||||||||
98,585,686 | Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 4.651 | 05/02/2022 | 99,325,079 | ||||||||||||
42,532,594 | Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 02/06/2024 | 41,309,782 | ||||||||||||
55,633,367 | Trans Union LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.00%) | 3.901 | 04/09/2023 | 55,860,907 | ||||||||||||
|
| |||||||||||||||
314,184,611 | ||||||||||||||||
|
| |||||||||||||||
Computers—7.3% | ||||||||||||||||
Dell International LLC | ||||||||||||||||
116,400,946 | Term Loan A-2 (1 mo. USD LIBOR + 1.75%) | 3.660 | 09/07/2021 | 116,681,472 | ||||||||||||
125,821,305 | Term Loan B (1 mo. USD LIBOR + 2.00%) | 3.910 | 09/07/2023 | 126,332,139 | ||||||||||||
78,584,545 | McAfee LLC, Term Loan (1 mo. USD LIBOR + 4.50%) | 6.401 | 09/30/2024 | 79,707,911 | ||||||||||||
80,524,713 | Tempo Acquisition LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 4.901 | 05/01/2024 | 81,086,776 | ||||||||||||
Western Digital Corp. | ||||||||||||||||
127,757,108 | Term Loan A-1 (1 mo. USD LIBOR + 1.50%) | 3.400 | 02/27/2023 | 128,422,722 | ||||||||||||
76,929,141 | Term Loan B-3 (1 mo. USD LIBOR + 2.00%) | 3.900 | 04/29/2023 | 77,533,805 | ||||||||||||
|
| |||||||||||||||
609,764,825 | ||||||||||||||||
|
| |||||||||||||||
Distribution/Wholesale—0.6% | ||||||||||||||||
54,135,816 | Univar, Inc., Term Loan B-3 (1 mo. USD LIBOR + 2.50%) | 4.401 | 07/01/2024 | 54,681,505 | ||||||||||||
|
| |||||||||||||||
Electric—1.6% | ||||||||||||||||
54,580,427 | Dynegy, Inc., Term Loan C-2 (1 mo. USD LIBOR + 2.50%) | 4.398 | 02/07/2024 | 54,999,059 | ||||||||||||
Vistra Operations Co. LLC | ||||||||||||||||
65,210,320 | Term Loan (1 mo. USD LIBOR + 2.50%) | 4.401 | 08/04/2023 | 65,740,154 | ||||||||||||
11,585,222 | Term Loan C (1 mo. USD LIBOR + 2.50%) | 4.401 | 08/04/2023 | 11,679,352 | ||||||||||||
|
| |||||||||||||||
132,418,565 | ||||||||||||||||
|
| |||||||||||||||
Engineering & Construction—0.9% | ||||||||||||||||
75,883,832 | Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | 6.610 | 06/21/2024 | 76,728,419 | ||||||||||||
|
| |||||||||||||||
Entertainment—3.9% | ||||||||||||||||
77,170,051 | Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%) | 4.401 | 02/01/2024 | 77,158,089 | ||||||||||||
117,140,950 | Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%) | 4.726 | 08/14/2024 | 117,991,979 | ||||||||||||
58,566,672 | Stars Group (US) Co-Borrower LLC, Term Loan (Netherlands) (3 mo. USD LIBOR + 3.00%) | 5.325 | 04/06/2025 | 58,885,568 | ||||||||||||
66,245,027 | William Morris Endeavor Entertainment LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.160 | 05/06/2021 | 66,808,110 | ||||||||||||
|
| |||||||||||||||
320,843,746 | ||||||||||||||||
|
| |||||||||||||||
Food—2.8% | ||||||||||||||||
83,717,752 | Albertson’s LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | 4.651 | 08/25/2021 | 83,053,452 | ||||||||||||
31,146,362 | Pinnacle Foods Finance LLC, Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.637 | 02/02/2024 | 31,418,893 | ||||||||||||
59,520,812 | Post Holdings, Inc., Series A, Term Loan (1 mo. USD LIBOR + 2.00%) | 3.900 | 05/24/2024 | 59,866,330 | ||||||||||||
58,065,163 | US Foods, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.401 | 06/27/2023 | 58,664,104 | ||||||||||||
|
| |||||||||||||||
233,002,779 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.3% | ||||||||||||||||
43,003,653 | Avantor, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 5.901 | 11/21/2024 | 43,537,543 | ||||||||||||
61,465,616 | Ortho-Clinical Diagnostics, Inc., Term Loan (1 mo. USD LIBOR + 3.75%) | 5.627 | 06/30/2021 | 61,952,116 | ||||||||||||
|
| |||||||||||||||
105,489,659 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—4.6% | ||||||||||||||||
CHS/Community Health Systems, Inc. | ||||||||||||||||
10,000,000 | Term Loan G (3 mo. USD LIBOR + 3.00%) | 4.984 | 12/31/2019 | 9,858,600 | ||||||||||||
40,500,000 | Term Loan H (3 mo. USD LIBOR + 3.25%) | 5.234 | 01/27/2021 | 39,386,250 | ||||||||||||
91,657,918 | DaVita HealthCare Partners, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.651 | 06/24/2021 | 92,597,411 | ||||||||||||
62,429,833 | Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.00%) | 4.910 | 12/01/2023 | 62,781,001 | ||||||||||||
85,637,519 | MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%) | 5.052 | 06/07/2023 | 86,178,748 | ||||||||||||
87,058,664 | Pharmaceutical Product Development, Inc., Term Loan (3 mo. USD LIBOR + 2.50%) | 4.802 | 08/18/2022 | 87,637,168 | ||||||||||||
|
| |||||||||||||||
378,439,178 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Senior Loan ETF (BKLN) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Insurance—4.4% | ||||||||||||||||
$ | 36,907,268 | Acrisure LLC, First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 6.316 | % | 11/22/2023 | $ | 37,480,253 | |||||||||
Asurion LLC | ||||||||||||||||
74,889,573 | Term Loan B-4 (1 mo. USD LIBOR + 2.75%) | 4.651 | 08/04/2022 | 75,486,443 | ||||||||||||
88,605,480 | Term Loan B-6 (1 mo. USD LIBOR + 2.75%) | 4.651 | 11/03/2023 | 89,339,577 | ||||||||||||
84,687,570 | Hub International Ltd., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.066 | 04/25/2025 | 85,304,942 | ||||||||||||
73,978,325 | USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%) | 5.302 | 05/16/2024 | 74,348,217 | ||||||||||||
|
| |||||||||||||||
361,959,432 | ||||||||||||||||
|
| |||||||||||||||
Internet—1.6% | ||||||||||||||||
68,918,447 | Go Daddy Operating Co. LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | 4.151 | 02/15/2024 | 69,319,207 | ||||||||||||
61,890,014 | Micro Holding LP, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 5.647 | 09/13/2024 | 61,980,064 | ||||||||||||
|
| |||||||||||||||
131,299,271 | ||||||||||||||||
|
| |||||||||||||||
Investment Companies—1.5% | ||||||||||||||||
122,977,147 | RPI Finance Trust, Term Loan B-6 (3 mo. USD LIBOR + 2.00%) | 4.302 | 03/27/2023 | 123,691,030 | ||||||||||||
|
| |||||||||||||||
Lodging—3.9% | ||||||||||||||||
111,545,926 | Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.651 | 12/23/2024 | 112,583,861 | ||||||||||||
55,987,775 | Golden Nugget, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.645 | 10/04/2023 | 56,517,699 | ||||||||||||
96,557,765 | Hilton Worldwide Finance LLC, Series B-2 Term Loan (1 mo. USD LIBOR + 1.75%) | 3.647 | 10/25/2023 | 97,457,201 | ||||||||||||
56,426,708 | Las Vegas Sands LLC, Term Loan (1 mo. USD LIBOR + 1.75%) | 3.651 | 03/27/2025 | 56,793,763 | ||||||||||||
|
| |||||||||||||||
323,352,524 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining—0.7% | ||||||||||||||||
56,280,959 | Cortes NP Acquisition Corp., Term Loan B (1 mo. USD LIBOR + 4.00%) | 5.887 | 11/30/2023 | 56,316,135 | ||||||||||||
|
| |||||||||||||||
Media—9.3% | ||||||||||||||||
150,454,323 | Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | 3.910 | 04/30/2025 | 151,300,628 | ||||||||||||
81,412,023 | CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | 4.147 | 07/17/2025 | 81,300,082 | ||||||||||||
117,174,940 | iHeartCommunications, Inc., Term Loan D (3 mo. USD LIBOR + 6.75%)(c)(d) | 8.816 | 01/30/2019 | 93,637,424 | ||||||||||||
62,151,348 | Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 3.895 | 10/04/2023 | 62,564,033 | ||||||||||||
44,062,872 | Numericable-SFR SA, Term Loan B-12 (France) (3 mo. USD LIBOR + 3.00%) | 5.348 | 01/31/2026 | 43,532,796 | ||||||||||||
66,882,118 | Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 03/15/2024 | 66,082,208 | ||||||||||||
50,682,970 | UPC Financing Partnership, Term Loan (1 mo. USD LIBOR + 2.50%) | 4.397 | 01/15/2026 | 50,855,292 | ||||||||||||
94,928,193 | Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%) | 4.397 | 01/15/2026 | 95,472,132 | ||||||||||||
60,596,432 | WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.146 | 08/18/2023 | 58,702,793 | ||||||||||||
70,050,818 | Ziggo Secured Finance Partnership, Term Loan E (Netherlands) (1 mo. USD LIBOR + 2.50%) | 4.397 | 04/15/2025 | 69,802,838 | ||||||||||||
|
| |||||||||||||||
773,250,226 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—0.8% | ||||||||||||||||
77,883,317 | Seadrill Operating LP, Term Loan (United Kingdom) (3 mo. USD LIBOR + 6.00%) | 8.302 | 02/21/2021 | 66,946,942 | ||||||||||||
|
| |||||||||||||||
Oil & Gas Services—0.3% | ||||||||||||||||
24,921,007 | McDermott Technology (Americas), Inc., Term Loan B (3 mo. USD LIBOR + 5.00%) | 7.066 | 04/04/2025 | 24,800,389 | ||||||||||||
|
| |||||||||||||||
Packaging & Containers—0.7% | ||||||||||||||||
58,798,789 | Reynolds Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 02/05/2023 | 59,250,952 | ||||||||||||
|
| |||||||||||||||
Pharmaceuticals—5.8% | ||||||||||||||||
18,484,622 | Amneal Pharmaceuticals LLC, Term Loan (3 mo. USD LIBOR + 3.50%) | 5.566 | 03/23/2025 | 18,594,420 | ||||||||||||
141,604,887 | Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 4.651 | 03/01/2024 | 142,324,240 | ||||||||||||
93,823,380 | Endo LLC, Term Loan (1 mo. USD LIBOR + 4.25%) | 6.188 | 04/29/2024 | 93,456,999 | ||||||||||||
134,380,387 | Grifols Worldwide Operations USA, Inc., Term Loan B (Spain) (3 mo. USD LIBOR + 2.25%) | 3.994 | 01/31/2025 | 135,234,374 | ||||||||||||
91,639,215 | Valeant Pharmaceuticals International, Inc., Series F-4 Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.394 | 04/01/2022 | 92,780,123 | ||||||||||||
|
| |||||||||||||||
482,390,156 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.9% | ||||||||||||||||
73,611,145 | Cushman & Wakefield, First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.358 | 11/04/2021 | 73,851,485 | ||||||||||||
|
| |||||||||||||||
REITs—0.7% | ||||||||||||||||
57,111,092 | Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 4.901 | 10/24/2022 | 55,207,579 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Senior Loan ETF (BKLN) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Retail—9.6% | ||||||||||||||||
$ | 82,469,597 | Bass Pro Group LLC, Term Loan (1 mo. USD LIBOR + 5.00%) | 6.901 | % | 09/25/2024 | $ | 83,191,206 | |||||||||
51,655,396 | BJ’s Wholesale Club, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%) | 5.391 | 02/03/2024 | 51,945,957 | ||||||||||||
59,236,820 | Harbor Freight Tools USA, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.401 | 08/18/2023 | 59,570,027 | ||||||||||||
61,216,481 | Michaels Stores, Inc., Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 4.650 | 01/28/2023 | 61,646,833 | ||||||||||||
81,795,763 | Neiman Marcus Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.141 | 10/25/2020 | 72,133,639 | ||||||||||||
149,111,984 | New Red Finance, Inc., Term Loan B-3 (Canada) (1 mo. USD LIBOR + 2.25%) | 4.151 | 02/16/2024 | 149,715,888 | ||||||||||||
67,933,153 | Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.609 | 01/26/2023 | 46,826,662 | ||||||||||||
123,540,867 | PetSmart, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.00%) | 4.890 | 03/11/2022 | 97,504,629 | ||||||||||||
40,498,691 | Pizza Hut Holdings LLC, Term Loan B (1 mo. USD LIBOR + 1.75%) | 3.637 | 04/03/2025 | 40,815,188 | ||||||||||||
55,157,642 | Serta Simmons Bedding LLC, First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | 5.700 | 11/08/2023 | 50,026,051 | ||||||||||||
80,938,665 | Staples, Inc., Term Loan (3 mo. USD LIBOR + 4.00%) | 5.787 | 09/12/2024 | 80,208,194 | ||||||||||||
|
| |||||||||||||||
793,584,274 | ||||||||||||||||
|
| |||||||||||||||
Software—7.7% | ||||||||||||||||
99,448,261 | Almonde, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | 5.484 | 06/13/2024 | 99,521,853 | ||||||||||||
66,157,689 | BMC Software Finance, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.25%) | 5.151 | 09/10/2022 | 66,511,964 | ||||||||||||
First Data Corp. | ||||||||||||||||
77,751,952 | Term Loan (1 mo. USD LIBOR + 2.25%) | 4.147 | 07/08/2022 | 78,116,609 | ||||||||||||
93,382,557 | Term Loan (1 mo. USD LIBOR + 2.25%) | 4.147 | 04/26/2024 | 93,815,852 | ||||||||||||
58,594,784 | Infor (US), Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.75%) | 4.651 | 02/01/2022 | 58,936,684 | ||||||||||||
63,069,271 | Kronos, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%) | 4.880 | 11/01/2023 | 63,690,818 | ||||||||||||
15,450,254 | Quest Software US Holdings, Inc., Term Loan (3 mo. USD LIBOR + 5.50%) | 7.859 | 10/31/2022 | 15,570,921 | ||||||||||||
75,916,092 | Rackspace Hosting, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%) | 4.787 | 11/03/2023 | 75,826,511 | ||||||||||||
SS&C Technologies, Inc. | ||||||||||||||||
21,056,675 | Term Loan B-3 (1 mo. USD LIBOR + 2.50%) | 4.566 | 04/16/2025 | 21,223,865 | ||||||||||||
7,790,753 | Term Loan B-4 (1 mo. USD LIBOR + 2.50%) | 4.401 | 04/16/2025 | 7,852,612 | ||||||||||||
56,274,153 | Veritas US, Inc., Term Loan B (3 mo. USD LIBOR + 4.50%) | 6.802 | 01/27/2023 | 55,526,832 | ||||||||||||
|
| |||||||||||||||
636,594,521 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—8.7% | ||||||||||||||||
81,545,625 | Avaya, Inc., Term Loan (1 mo. USD LIBOR + 4.75%) | 6.647 | 12/15/2024 | 82,543,336 | ||||||||||||
156,183,726 | CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 4.651 | 01/31/2025 | 154,084,616 | ||||||||||||
54,000,000 | Intelsat Jackson Holdings SA, Term Loan B-3 (Luxembourg) (3 mo. USD LIBOR + 3.75%) | 5.706 | 11/30/2023 | 54,413,640 | ||||||||||||
130,604,855 | Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.148 | 02/22/2024 | 131,330,365 | ||||||||||||
47,745,953 | Maxar Technologies Ltd., Term Loan B (Canada) (1 mo. USD LIBOR + 2.75%) | 4.660 | 10/05/2024 | 47,865,318 | ||||||||||||
28,231,708 | SBA Senior Finance II LLC, Term Loan (3 mo. USD LIBOR + 2.00%) | 3.900 | 04/11/2025 | 28,343,505 | ||||||||||||
110,879,713 | Sprint Communications, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.438 | 02/02/2024 | 111,347,625 | ||||||||||||
42,314,656 | Telesat LLC, Term Loan B-4 (Canada) (3 mo. USD LIBOR + 3.00%) | 4.410 | 11/17/2023 | 42,585,893 | ||||||||||||
70,406,123 | West Corp., Term Loan B (1 mo. USD LIBOR + 4.00%) | 5.901 | 10/10/2024 | 71,030,273 | ||||||||||||
|
| |||||||||||||||
723,544,571 | ||||||||||||||||
|
| |||||||||||||||
Trucking & Leasing—1.7% | ||||||||||||||||
138,958,783 | Avolon TLB Borrower 1 US LLC, Term Loan B-2 (Ireland) (1 mo. USD LIBOR + 2.25%) | 4.147 | 03/21/2022 | 139,412,483 | ||||||||||||
|
| |||||||||||||||
Total Variable Rate Senior Loan Interests (Cost $7,561,611,367) | 7,519,845,698 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds—2.3% | ||||||||||||||||
Computers—0.3% | ||||||||||||||||
24,793,000 | Dell International LLC(e) | 5.450 | 06/15/2023 | 26,105,427 | ||||||||||||
|
| |||||||||||||||
Healthcare-Products—0.1% | ||||||||||||||||
10,380,000 | Avantor, Inc.(e) | 6.000 | 10/01/2024 | 10,457,850 | ||||||||||||
|
| |||||||||||||||
Media—0.9% | ||||||||||||||||
24,174,000 | iHeartCommunications, Inc.(c)(d) | 9.000 | 12/15/2019 | 19,580,940 | ||||||||||||
1,874,000 | Univision Communications, Inc.(e) | 6.750 | 09/15/2022 | 1,925,535 | ||||||||||||
57,098,000 | Univision Communications, Inc.(e) | 5.125 | 05/15/2023 | 54,385,845 | ||||||||||||
|
| |||||||||||||||
75,892,320 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco Senior Loan ETF (BKLN) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Packaging & Containers—0.4% | ||||||||||||||||
$ | 28,588,678 | Reynolds Group Holdings, Inc. | 5.750 | % | 10/15/2020 | $ | 28,838,829 | |||||||||
5,000,000 | Reynolds Group Holdings, Inc. (3 mo. USD LIBOR + 3.50%)(e)(f) | 5.848 | 07/15/2021 | 5,081,250 | ||||||||||||
|
| |||||||||||||||
33,920,079 | ||||||||||||||||
|
| |||||||||||||||
Software—0.6% | ||||||||||||||||
46,000,000 | First Data Corp.(e) | 5.000 | 01/15/2024 | 46,517,500 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $200,895,836) | 192,893,176 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—10.8% | ||||||||||||||||
891,845,415 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(g) (Cost $891,845,415) | 891,845,415 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $8,654,352,618)—103.8% | 8,604,584,289 | |||||||||||||||
Other assets less liabilities—(3.8)% | (318,935,925 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 8,285,648,364 | ||||||||||||||
|
|
Investment Abbreviations:
LIBOR—London Interbank Offered Rate
REIT—Real Estate Investment Trust
USD—U.S. Dollar
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 London Interbank Offered Rate (“LIBOR”), 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) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at April 30, 2018 was $113,218,364, which represented 1.37% of the Fund’s Net Assets. |
(d) | The borrower has filed for protection in federal bankruptcy court. |
(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 April 30, 2018 was $144,473,407, which represented 1.74% of the Fund’s Net Assets. |
(f) | Interest and dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2018. |
(g) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Statement of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Assets: | ||||
Unaffiliated investments in securities, at value | $ | 7,712,738,874 | ||
Affiliated investments in securities, at value | 891,845,415 | |||
Cash | 15,482,920 | |||
Receivables: | ||||
Investments sold | 210,728,216 | |||
Shares sold | 23,118,079 | |||
Interest | 19,502,362 | |||
|
| |||
Total Assets | 8,873,415,866 | |||
|
| |||
Liabilities: | ||||
Payables: | ||||
Investments purchased | 583,499,448 | |||
Accrued unitary management fees | 4,268,054 | |||
|
| |||
Total Liabilities | 587,767,502 | |||
|
| |||
Net Assets | $ | 8,285,648,364 | ||
|
| |||
Net Assets Consist of: | ||||
Shares of beneficial interest | $ | 8,776,291,567 | ||
Undistributed net investment income | 7,230,519 | |||
Undistributed net realized gain (loss) | (448,105,393 | ) | ||
Net unrealized appreciation (depreciation) | (49,768,329 | ) | ||
|
| |||
Net Assets | $ | 8,285,648,364 | ||
|
| |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 358,400,000 | |||
Net asset value | $ | 23.12 | ||
|
| |||
Market price | $ | 23.12 | ||
|
| |||
Unaffiliated investments in securities, at cost | $ | 7,762,507,203 | ||
|
| |||
Affiliated investments in securities, at cost | $ | 891,845,415 | ||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Investment Income: | ||||
Interest income | $ | 173,244,801 | ||
Affiliated dividend income | 3,827,045 | |||
Other income | 956,111 | |||
|
| |||
Total Income | 178,027,957 | |||
|
| |||
Expenses: | ||||
Unitary management fees | 25,880,150 | |||
|
| |||
Less: Waivers | (647,096 | ) | ||
|
| |||
Net Expenses | 25,233,054 | |||
|
| |||
Net Investment Income | 152,794,903 | |||
|
| |||
Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) from investment securities | (18,651,540 | ) | ||
Net change in unrealized appreciation (depreciation) on investment securities | (1,632,101 | ) | ||
|
| |||
Net realized and unrealized gain (loss) | (20,283,641 | ) | ||
|
| |||
Net increase in net assets resulting from operations | $ | 132,511,262 | ||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Statement of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||||||
April 30, 2018 | October 31, 2017 | |||||||
Operations: | ||||||||
Net investment income | $ | 152,794,903 | $ | 301,995,507 | ||||
Net realized gain (loss) | (18,651,540 | ) | 2,445,393 | |||||
Net change in unrealized appreciation (depreciation) | (1,632,101 | ) | (26,652,918 | ) | ||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 132,511,262 | 277,787,982 | ||||||
|
|
|
| |||||
Distributions to Shareholders from: | ||||||||
Net investment income | (146,123,257 | ) | (301,436,634 | ) | ||||
|
|
|
| |||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 966,996,313 | 3,177,332,078 | ||||||
Value of shares repurchased | (1,433,382,949 | ) | (852,914,348 | ) | ||||
Transaction fees | 1,816,250 | 4,314,451 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from shares transactions | (464,570,386 | ) | 2,328,732,181 | |||||
|
|
|
| |||||
Increase (Decrease) in Net Assets | (478,182,381 | ) | 2,305,083,529 | |||||
|
|
|
| |||||
Net Assets: | ||||||||
Beginning of period | 8,763,830,745 | 6,458,747,216 | ||||||
|
|
|
| |||||
End of period | $ | 8,285,648,364 | $ | 8,763,830,745 | ||||
|
|
|
| |||||
Undistributed net investment income at end of period | $ | 7,230,519 | $ | 558,873 | ||||
|
|
|
| |||||
Changes in Shares Outstanding: | ||||||||
Shares sold | 41,800,000 | 136,500,000 | ||||||
Shares repurchased | (62,000,000 | ) | (36,800,000 | ) | ||||
Shares outstanding, beginning of period | 378,600,000 | 278,900,000 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 358,400,000 | 378,600,000 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Cash Provided By Operating Activities: | ||||
Net increase in net assets resulting from operations | $ | 132,511,262 | ||
|
| |||
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By Operating Activities: | ||||
Purchases of investments | (3,293,600,352 | ) | ||
Proceeds from disposition of investments sold | 3,696,675,073 | |||
Amortization of premiums and accretion of discounts on investments | (4,533,231 | ) | ||
Net cash paid for purchases, sales, and maturities of short-term investments | (8,039,575 | ) | ||
Increase in receivable for investments sold | (93,787,956 | ) | ||
Decrease in interest receivable | 538,495 | |||
Increase in payable for investments purchased | 379,645,009 | |||
Decrease in payable for accrued expenses | (470,196 | ) | ||
Net realized loss on investments | 18,651,540 | |||
Net change in unrealized appreciation (depreciation) on investments | 1,632,101 | |||
|
| |||
Net cash provided by operating activities | 829,222,170 | |||
Cash Provided By (Used In) Financing Activities: | ||||
Distributions paid to shareholders | (146,123,257 | ) | ||
Proceeds from shares of beneficial interest sold | 943,878,234 | |||
Disbursements for shares of beneficial interest repurchased | (1,433,382,949 | ) | ||
Net proceeds from transaction fees | 1,816,250 | |||
|
| |||
Net cash provided by (used in) financing activities | (633,811,722 | ) | ||
|
| |||
Net increase in cash and cash equivalents | 195,410,448 | |||
|
| |||
Cash and cash equivalents at beginning of period | 711,917,887 | |||
|
| |||
Cash and cash equivalents at end of period | $ | 907,328,335 | ||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Senior Loan ETF (BKLN)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.15 | $ | 23.16 | $ | 23.05 | $ | 24.43 | $ | 24.78 | $ | 24.76 | ||||||||||||
Net investment income(a) | 0.44 | 0.82 | 0.99 | 0.92 | 1.00 | 1.06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | (0.02 | ) | 0.15 | (1.39 | ) | (0.36 | ) | 0.04 | ||||||||||||||
Total from investment operations | 0.38 | 0.80 | 1.14 | (0.47 | ) | 0.64 | 1.10 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (0.82 | ) | (0.99 | ) | (0.92 | ) | (1.00 | ) | (1.10 | ) | ||||||||||||
Return of capital | — | — | (0.08 | ) | (0.00 | )(b) | (0.00 | )(b) | (0.02 | ) | ||||||||||||||
Total distributions | (0.42 | ) | (0.82 | ) | (1.07 | ) | (0.92 | ) | (1.00 | ) | (1.12 | ) | ||||||||||||
Transaction fees(a) | 0.01 | 0.01 | 0.04 | 0.01 | 0.01 | 0.04 | ||||||||||||||||||
Net asset value at end of period | $ | 23.12 | $ | 23.15 | $ | 23.16 | $ | 23.05 | $ | 24.43 | $ | 24.78 | ||||||||||||
Market price at end of period(c) | $ | 23.12 | $ | 23.12 | $ | 23.19 | $ | 23.01 | $ | 24.37 | $ | 24.83 | ||||||||||||
Net Asset Value Total Return(d) | 1.72 | % | 3.54 | % | 5.32 | % | (1.96 | )% | 2.66 | % | 4.70 | % | ||||||||||||
Market Price Total Return(d) | 1.85 | % | 3.27 | % | 5.64 | % | (1.89 | )% | 2.21 | % | 4.61 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,285,648 | $ | 8,763,831 | $ | 6,458,747 | $ | 4,808,978 | $ | 6,270,919 | $ | 6,064,711 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(e)(f) | 0.63 | %(f) | 0.64 | % | 0.65 | %(f) | 0.64 | % | 0.65 | %(f) | ||||||||||||
Expenses, prior to Waivers | 0.65 | %(e)(f) | 0.65 | %(f) | 0.65 | % | 0.65 | %(f) | 0.65 | % | 0.65 | %(f) | ||||||||||||
Net investment income, after Waivers and Interest Expenses | 3.84 | %(e) | 3.52 | % | 4.33 | % | 3.82 | % | 4.03 | % | 4.30 | % | ||||||||||||
Portfolio turnover rate(g) | 44 | % | 71 | % | 81 | % | 43 | % | 61 | % | 47 | % |
(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 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) | Annualized. |
(f) | 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. |
(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.
| 12 |
|
Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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” |
Effective June 4, 2018, the Fund’s name changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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. Except when aggregated in Creation Units by Authorized Participants, 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 S&P/LSTA U.S. Leveraged Loan 100 Index (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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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
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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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Fund 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.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders and no other AP is able to step forward to create or redeem Creation Units, the Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Industry Concentration Risk. The Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or sector, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, the Fund faces more risks than if it were diversified broadly over numerous industries or sectors. 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 sector may be out of favor and underperform other industries or the market as a whole.
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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 adversely affect the value of the security.
Changing Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may persist in the future, potentially leading 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. In addition, because of changing central bank policies, the Fund may experience higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs and potentially lower the Fund’s returns.
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 its 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, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. 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, cost or liquidity constraints.
Liquidity Risk. A majority of the Fund’s assets are likely to be invested in loans that are less liquid than securities traded on national exchanges. Loans with reduced liquidity involve greater risk than securities with more liquid markets. Available market quotations for such loans may vary over time, and if the credit quality of a loan unexpectedly declines, secondary trading of that loan may decline for a period of time. In the event that the Fund voluntarily or involuntarily liquidates portfolio assets during periods of infrequent trading, it may not receive full value for those assets.
Sampling Risk. The Fund’s use of a representative sampling approach will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development respecting 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.
Cash Transaction Risk. Unlike most exchange-traded funds (“ETFs”), the Fund currently effects creations and redemptions principally for cash, rather than primarily in-kind because of the nature of the Fund’s investments. As such, investments in the Fund’s Shares may be less tax efficient than investments in conventional ETFs.
Non-Investment Grade Securities Risk. All or a significant portion of the loans in which the Fund will invest may be determined to be non-investment grade loans that are considered speculative. The Fund also may invest in junk bonds. Non-investment grade loans and bonds, and unrated loans and bonds of comparable credit quality are subject to the increased risk of a borrower’s or 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 borrower of lower-rated loans or issuer of lower-rated bonds defaults, the Fund may incur additional expenses to seek recovery.
Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of the Fund’s investments and a potential decrease in the NAV of the Fund. 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 loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.
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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/asked spreads, decreased liquidity and extended trade settlement periods. 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 (the “SEC”) 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.
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.
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.
C. Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.
D. 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.
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.
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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 accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for 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. 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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. Interest income is recorded on the accrual basis from settlement date. 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.
Other income is comprised primarily of amendment fees which are recorded when received. Amendment fees are received in return for changes in the terms of a loan or note.
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.
G. 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 and the country that has the primary market for the issuer’s securities, 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.
H. Expenses
The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, 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.
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 that 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
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investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
I. 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 ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
J. 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.
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.
As compensation for its services, 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 has agreed to pay for substantially all expenses of the Fund, including payments to the Sub-Adviser, set-up fees and commitment fees associated with the Fund’s line of credit and the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, 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.
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.
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees of $647,096.
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 for the Fund with S&P Dow Jones Indices LLC (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 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. |
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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 April 30, 2018. 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.
The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were no transfers between valuation levels.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Variable Rate Senior Loan Interests | $ | — | $ | 7,519,845,698 | $ | — | $ | 7,519,845,698 | ||||||||
Corporate Bonds | — | 192,893,176 | — | 192,893,176 | ||||||||||||
Money Market Fund | 891,845,415 | — | — | 891,845,415 | ||||||||||||
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Total Investments | $ | 891,845,415 | $ | 7,712,738,874 | $ | — | $ | 8,604,584,289 | ||||||||
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Note 5. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
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 had capital loss carryforwards as of October 31, 2017, as follows:
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
$ | 88,994,153 | $ | 340,459,700 | $ | 429,453,853 |
* | Capital loss carryforwards as of the date listed above 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 six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) were $3,293,600,352 and $3,696,675,073, respectively.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Aggregate unrealized appreciation of investments | $ | 46,750,946 | ||
Aggregate unrealized (depreciation) of investments | (96,519,275 | ) | ||
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Net unrealized appreciation (depreciation) of investments | $ | (49,768,329 | ) | |
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Cost of investments for tax and financial reporting purposes is the same. |
Note 7. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any
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of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 Fund.
Note 8. 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 six-month period ended April 30, 2018, there were no interests in senior loans purchased by the Fund on a participation basis.
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. The Fund may borrow up to the lesser of (1) $750,000,000 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 six-month period ended April 30, 2018, there were no outstanding borrowings from the line of credit.
Note 10. Capital
Shares are created and redeemed by the Fund only in Creation Units of 100,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Unlike most ETFs, the Fund currently effects creations and redemptions principally in exchange for the deposit or delivery of cash, rather than principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”) because of the nature of the Fund’s investments.
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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 11. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay 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. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
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. The amount of fees and expenses incurred indirectly by the Fund will vary because the investment companies have varied expenses and fee levels and the Fund may own different proportions of the investment companies at different times. 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.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different fund. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Senior Loan ETF (BKLN) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,017.20 | 0.63 | % | $ | 3.15 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.67 | 0.63 | 3.16 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (the “Sub-Advisory Agreement”): Invesco Advisers,
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||
PowerShares Global Water Portfolio | N/A | X | ||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||
PowerShares International Corporate Bond Portfolio | X | |||||
PowerShares KBW Bank Portfolio | X | X | ||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares Preferred Portfolio | N/A | X | ||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||
PowerShares S&P 500 High Beta Portfolio | X |
| 25 |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||
PowerShares Senior Loan Portfolio | N/A | X | ||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
| 27 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio 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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
| 28 |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Fund with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of the Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-BKLN-SAR-1 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
IDLB | Invesco FTSE International Low Beta Equal Weight ETF | |
EWEM | Invesco MSCI Emerging Markets Equal Country Weight ETF | |
USEQ | Invesco Russell 1000 Enhanced Equal Weight ETF | |
EQAL | Invesco Russell 1000 Equal Weight ETF | |
USLB | Invesco Russell 1000 Low Beta 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 | |
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 | |
SPVM | Invesco S&P 500 Value with Momentum ETF | |
EELV | Invesco S&P Emerging Markets Low Volatility ETF | |
EEMO | Invesco S&P Emerging Markets Momentum ETF | |
IDHD | Invesco S&P International Developed High Dividend Low Volatility ETF | |
IDLV | Invesco S&P International Developed Low Volatility ETF | |
IDMO | Invesco S&P International Developed Momentum ETF | |
XMLV | Invesco S&P MidCap Low Volatility 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 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown as of April 30, 2018 | ||||
Industrials | 18.4 | |||
Consumer Discretionary | 14.8 | |||
Financials | 13.7 | |||
Consumer Staples | 12.4 | |||
Materials | 11.5 | |||
Health Care | 7.1 | |||
Information Technology | 6.4 | |||
Real Estate | 5.5 | |||
Utilities | 4.5 | |||
Telecommunication Services | 2.9 | |||
Energy | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—4.5% | ||||||||
27,149 | ALS Ltd. | $ | 159,849 | |||||
87,616 | Alumina Ltd. | 174,601 | ||||||
7,859 | Aristocrat Leisure Ltd. | 159,106 | ||||||
3,321 | ASX Ltd. | 146,977 | ||||||
17,055 | Bendigo & Adelaide Bank Ltd. | 136,722 | ||||||
6,349 | BHP Billiton Ltd. | 148,329 | ||||||
7,380 | BHP Billiton PLC | 156,945 | ||||||
25,026 | Boral Ltd. | 129,969 | ||||||
5,499 | Caltex Australia Ltd. | 128,762 | ||||||
4,137 | CIMIC Group Ltd. | 141,745 | ||||||
1,063 | Cochlear Ltd. | 155,715 | ||||||
1,198 | CSL Ltd. | 154,058 | ||||||
28,200 | Downer EDI Ltd. | 146,240 | ||||||
25,463 | DuluxGroup Ltd. | 149,153 | ||||||
3,352 | Flight Centre Travel Group Ltd. | 141,441 | ||||||
38,796 | Fortescue Metals Group Ltd. | 133,540 | ||||||
23,801 | Goodman Group REIT | 162,953 | ||||||
48,230 | Harvey Norman Holdings Ltd. | 128,151 | ||||||
23,845 | Insurance Australia Group Ltd. | 142,195 | ||||||
18,751 | IOOF Holdings Ltd. | 126,963 | ||||||
10,955 | LendLease Group | 147,939 | ||||||
7,692 | Magellan Financial Group Ltd. | 135,635 | ||||||
9,199 | Newcrest Mining Ltd. | 146,863 | ||||||
10,487 | Orica Ltd. | 157,372 | ||||||
20,072 | OZ Minerals Ltd. | 140,150 | ||||||
3,729 | Perpetual Ltd. | 113,410 | ||||||
33,187 | Qantas Airways Ltd. | 144,545 | ||||||
3,058 | Ramsay Health Care Ltd. | 149,326 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
87,239 | Shopping Centres Australasia Property Group REIT | $ | 156,729 | |||||
7,900 | Sonic Healthcare Ltd. | 140,853 | ||||||
59,552 | South32 Ltd. | 167,224 | ||||||
14,419 | Suncorp Group Ltd. | 152,596 | ||||||
29,666 | Sydney Airport | 159,665 | ||||||
58,368 | Telstra Corp. Ltd. | 140,108 | ||||||
11,173 | Treasury Wine Estates Ltd. | 160,835 | ||||||
44,694 | Whitehaven Coal Ltd. | 155,866 | ||||||
7,011 | Woolworths Group Ltd. | 147,442 | ||||||
12,677 | WorleyParsons Ltd. | 155,596 | ||||||
|
| |||||||
5,595,568 | ||||||||
|
| |||||||
Austria—0.5% | ||||||||
2,601 | ANDRITZ AG | 140,031 | ||||||
2,948 | Erste Group Bank AG | 144,608 | ||||||
4,519 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 147,307 | ||||||
2,597 | voestalpine AG | 137,148 | ||||||
|
| |||||||
569,094 | ||||||||
|
| |||||||
Belgium—1.3% | ||||||||
842 | Ackermans & van Haaren NV | 152,392 | ||||||
2,867 | Ageas | 153,971 | ||||||
4,432 | bpost SA | 97,296 | ||||||
2,814 | Colruyt SA | 158,706 | ||||||
1,322 | Groupe Bruxelles Lambert SA | 151,674 | ||||||
1,612 | KBC Group NV | 141,008 | ||||||
4,730 | Proximus SADP(a) | 145,327 | ||||||
892 | Sofina SA | 156,053 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Belgium (continued) | ||||||||
1,104 | Solvay SA | $ | 154,193 | |||||
1,815 | UCB SA | 137,625 | ||||||
2,664 | Umicore SA | 148,894 | ||||||
|
| |||||||
1,597,139 | ||||||||
|
| |||||||
Canada—4.4% | ||||||||
3,988 | Agnico Eagle Mines Ltd. | 168,081 | ||||||
3,095 | Alimentation Couche-Tard, Inc., Class B | 134,017 | ||||||
2,455 | Bank of Nova Scotia (The) | 151,136 | ||||||
13,194 | Barrick Gold Corp. | 177,848 | ||||||
3,485 | BCE, Inc. | 148,132 | ||||||
12,414 | BlackBerry Ltd.(b) | 130,149 | ||||||
3,921 | Brookfield Asset Management, Inc., Class A | 155,653 | ||||||
1,965 | Canadian National Railway Co. | 152,010 | ||||||
850 | Canadian Pacific Railway Ltd. | 155,340 | ||||||
1,114 | Canadian Tire Corp. Ltd., Class A | 152,056 | ||||||
5,757 | Canadian Utilities Ltd., Class A | 146,850 | ||||||
2,601 | CGI Group, Inc., Class A(b) | 150,953 | ||||||
6,766 | CI Financial Corp. | 142,609 | ||||||
236 | Constellation Software, Inc. | 168,931 | ||||||
311 | Fairfax Financial Holdings Ltd. | 172,447 | ||||||
4,654 | Fortis, Inc. | 156,470 | ||||||
2,169 | Franco-Nevada Corp. | 154,086 | ||||||
1,859 | George Weston Ltd. | 152,540 | ||||||
12,139 | Goldcorp, Inc. | 161,355 | ||||||
5,764 | Great-West Lifeco, Inc. | 153,907 | ||||||
9,426 | Hydro One Ltd.(c) | 149,925 | ||||||
1,946 | Intact Financial Corp. | 148,612 | ||||||
2,961 | Loblaw Cos. Ltd. | 150,827 | ||||||
2,762 | Magna International, Inc. | 163,378 | ||||||
4,816 | Metro, Inc. | 153,051 | ||||||
4,726 | Pembina Pipeline Corp. | 150,744 | ||||||
2,568 | Restaurant Brands International, Inc. | 139,963 | ||||||
8,252 | RioCan Real Estate Investment Trust REIT | 150,306 | ||||||
3,350 | Rogers Communications, Inc., Class B | 158,386 | ||||||
3,503 | SNC-Lavalin Group, Inc. | 153,816 | ||||||
5,262 | Teck Resources Ltd., Class B | 132,294 | ||||||
4,211 | TELUS Corp. | 150,938 | ||||||
2,610 | Toronto-Dominion Bank (The) | 146,813 | ||||||
3,518 | TransCanada Corp. | 149,397 | ||||||
50,002 | Turquoise Hill Resources Ltd.(b) | 148,218 | ||||||
7,964 | Wheaton Precious Metals Corp. | 165,561 | ||||||
|
| |||||||
5,496,799 | ||||||||
|
| |||||||
Chile—0.1% | ||||||||
12,695 | Antofagasta PLC | 170,029 | ||||||
|
| |||||||
China—1.2% | ||||||||
7,972 | AAC Technologies Holdings, Inc. | 116,102 | ||||||
30,000 | BOC Hong Kong (Holdings) Ltd. | 156,150 | ||||||
401,557 | China Travel International Investment Hong Kong Ltd. | 150,937 | ||||||
26,000 | Minth Group Ltd. | 124,232 | ||||||
68,000 | Nexteer Automotive Group Ltd. | 106,225 | ||||||
112,044 | Semiconductor Manufacturing International Corp.(b) | 144,476 | ||||||
477,092 | Shougang Fushan Resources Group Ltd. | 118,540 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
72,481 | Tingyi Cayman Islands Holding Corp. | $ | 137,421 | |||||
186,677 | Towngas China Co. Ltd. | 166,976 | ||||||
176,269 | Uni-President China Holdings Ltd. | 167,549 | ||||||
178,769 | Want Want China Holdings Ltd. | 158,764 | ||||||
|
| |||||||
1,547,372 | ||||||||
|
| |||||||
Denmark—1.3% | ||||||||
1,232 | Carlsberg A/S, Class B | 138,131 | ||||||
1,827 | Chr. Hansen Holding A/S | 166,267 | ||||||
3,744 | Danske Bank A/S | 130,777 | ||||||
1,937 | DSV A/S | 154,008 | ||||||
738 | Genmab A/S(b) | 149,834 | ||||||
4,139 | ISS A/S | 144,977 | ||||||
2,570 | Jyske Bank A/S | 154,576 | ||||||
2,443 | Orsted A/S(c) | 161,278 | ||||||
1,454 | Pandora A/S | 162,078 | ||||||
509 | Rockwool International A/S, Class B | 153,856 | ||||||
6,597 | Tryg A/S | 156,724 | ||||||
|
| |||||||
1,672,506 | ||||||||
|
| |||||||
Finland—1.6% | ||||||||
3,537 | Elisa Oyj | 156,919 | ||||||
6,851 | Fortum Oyj | 158,181 | ||||||
3,563 | Huhtamaki Oyj(a) | 145,675 | ||||||
2,587 | Kesko Oyj, Class B | 152,217 | ||||||
2,937 | Kone Oyj, Class B | 146,410 | ||||||
4,740 | Metso Oyj | 169,458 | ||||||
2,053 | Neste Oyj | 173,382 | ||||||
3,276 | Nokian Renkaat Oyj | 131,606 | ||||||
4,668 | Orion Oyj, Class B | 142,012 | ||||||
2,654 | Sampo Oyj, Class A | 143,494 | ||||||
8,568 | Stora Enso Oyj, Class R | 170,133 | ||||||
4,426 | UPM-Kymmene Oyj | 158,713 | ||||||
6,475 | Wartsila Oyj Abp | 138,078 | ||||||
|
| |||||||
1,986,278 | ||||||||
|
| |||||||
France—4.4% | ||||||||
2,632 | Accor SA | 149,046 | ||||||
747 | Aeroports de Paris | 164,621 | ||||||
1,158 | Arkema SA | 151,802 | ||||||
26,966 | Bollore SA | 134,166 | ||||||
2,999 | Bouygues SA | 153,088 | ||||||
6,243 | CNP Assurances | 160,209 | ||||||
1,900 | Danone SA | 154,010 | ||||||
87 | Dassault Aviation SA | 173,963 | ||||||
1,169 | Dassault Systemes SE | 151,478 | ||||||
4,283 | Edenred | 147,479 | ||||||
1,393 | Eiffage SA | 166,114 | ||||||
11,698 | Electricite de France SA | 164,655 | ||||||
1,149 | Essilor International Cie Generale d’Optique SA | 156,938 | ||||||
6,526 | Eutelsat Communications SA | 141,452 | ||||||
1,443 | Fonciere des Regions REIT | 161,529 | ||||||
283 | Hermes International | 183,201 | ||||||
1,558 | ICADE REIT | 155,014 | ||||||
1,495 | Imerys SA | 136,553 | ||||||
1,751 | Ingenico Group SA | 153,166 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
1,034 | Ipsen SA | $ | 168,028 | |||||
3,652 | Klepierre SA REIT(a) | 149,667 | ||||||
1,918 | Legrand SA | 149,468 | ||||||
705 | L’Oreal SA | 169,377 | ||||||
8,961 | Orange SA | 163,645 | ||||||
1,265 | Orpea | 162,542 | ||||||
928 | Pernod Ricard SA | 154,222 | ||||||
2,019 | Publicis Groupe SA | 151,240 | ||||||
1,106 | Remy Cointreau SA | 152,468 | ||||||
2,114 | Rubis SCA | 164,742 | ||||||
1,711 | Sartorius Stedim Biotech | 160,004 | ||||||
1,451 | Societe BIC SA | 148,049 | ||||||
11,027 | Suez | 159,341 | ||||||
1,069 | Teleperformance | 171,649 | ||||||
1,364 | Thales SA | 173,038 | ||||||
6,200 | Veolia Environnement SA | 147,232 | ||||||
|
| |||||||
5,503,196 | ||||||||
|
| |||||||
Germany—5.2% | ||||||||
684 | adidas AG | 168,505 | ||||||
650 | Allianz SE | 154,286 | ||||||
1,670 | Axel Springer SE | 136,900 | ||||||
1,385 | Beiersdorf AG | 157,162 | ||||||
2,425 | Brenntag AG | 139,228 | ||||||
2,458 | Carl Zeiss Meditec AG | 167,197 | ||||||
11,489 | Ceconomy AG | 129,038 | ||||||
9,701 | Commerzbank AG(b) | 125,529 | ||||||
1,337 | Covestro AG(c) | 122,057 | ||||||
1,135 | Deutsche Boerse AG | 153,106 | ||||||
4,485 | Deutsche Lufthansa AG | 130,972 | ||||||
3,317 | Deutsche Post AG | 144,674 | ||||||
3,676 | Deutsche Wohnen AG-BR | 173,834 | ||||||
1,841 | Fielmann AG | 151,474 | ||||||
1,473 | Fraport AG Frankfurt Airport Services Worldwide | 143,086 | ||||||
1,861 | Fresenius SE & Co. KGaA | 142,417 | ||||||
893 | FUCHS PETROLUB SE | 46,070 | ||||||
1,834 | FUCHS PETROLUB SE (Preference Shares) | 98,693 | ||||||
3,172 | GEA Group AG | 124,208 | ||||||
1,108 | Hannover Rueck SE | 156,091 | ||||||
3,740 | Hapag-Lloyd AG(b)(c) | 160,864 | ||||||
1,510 | HeidelbergCement AG | 148,249 | ||||||
471 | Henkel AG & Co. KGaA | 56,195 | ||||||
704 | Henkel AG & Co. KGaA (Preference Shares) | 89,650 | ||||||
901 | HOCHTIEF AG | 165,030 | ||||||
1,771 | KION Group AG | 148,283 | ||||||
1,815 | LANXESS AG | 134,994 | ||||||
1,455 | LEG Immobilien AG | 167,953 | ||||||
677 | Linde AG(b) | 150,544 | ||||||
1,334 | MAN SE | 153,921 | ||||||
1,518 | Merck KGaA | 148,961 | ||||||
679 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 155,829 | ||||||
1,893 | OSRAM Licht AG | 109,256 | ||||||
354 | Puma SE | 173,006 | ||||||
232 | Rational AG | 145,617 | ||||||
1,145 | Rheinmetall AG | 150,305 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
1,448 | SAP SE | $ | 161,686 | |||||
1,123 | Sartorius AG (Preference Shares) | 173,400 | ||||||
1,461 | STADA Arzneimittel AG | 147,993 | ||||||
8,460 | Suedzucker AG | 140,953 | ||||||
1,859 | Symrise AG | 150,709 | ||||||
3,407 | Talanx AG | 153,869 | ||||||
2,219 | United Internet AG | 144,184 | ||||||
3,325 | Vonovia SE | 167,158 | ||||||
1,266 | Wirecard AG | 172,996 | ||||||
2,663 | Zalando SE(b)(c) | 137,545 | ||||||
|
| |||||||
6,573,677 | ||||||||
|
| |||||||
Hong Kong—5.2% | ||||||||
10,477 | ASM Pacific Technology Ltd. | 144,174 | ||||||
34,200 | Bank of East Asia Ltd. (The) | 150,775 | ||||||
60,868 | Cafe de Coral Holdings Ltd. | 149,683 | ||||||
211,560 | Champion REIT | 149,877 | ||||||
2,183,680 | China Oceanwide Holdings Ltd.(b) | 119,642 | ||||||
138,903 | Chow Tai Fook Jewellery Group Ltd. | 179,818 | ||||||
17,994 | CK Infrastructure Holdings Ltd. | 142,379 | ||||||
15,395 | CLP Holdings Ltd. | 159,869 | ||||||
67,684 | Dah Sing Banking Group Ltd. | 161,270 | ||||||
23,180 | Dah Sing Financial Holdings Ltd. | 155,651 | ||||||
17,857 | Dairy Farm International Holdings Ltd. | 150,356 | ||||||
240,544 | First Pacific Co. Ltd. | 123,824 | ||||||
30,762 | Great Eagle Holdings Ltd. | 156,000 | ||||||
6,058 | Hang Seng Bank Ltd. | 154,070 | ||||||
24,000 | Henderson Land Development Co. Ltd. | 153,053 | ||||||
76,996 | Hong Kong & China Gas Co. Ltd. | 161,286 | ||||||
21,899 | Hongkong Land Holdings Ltd. | 158,768 | ||||||
249,344 | Hopewell Highway Infrastructure Ltd. | 151,864 | ||||||
38,570 | Hopewell Holdings Ltd. | 137,360 | ||||||
199,818 | Huabao International Holdings Ltd. | 128,319 | ||||||
412,915 | Hutchison Port Holdings Trust | 138,327 | ||||||
421,671 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 155,811 | ||||||
26,000 | Hysan Development Co. Ltd. | 151,894 | ||||||
2,317 | Jardine Matheson Holdings Ltd. | 140,711 | ||||||
3,846 | Jardine Strategic Holdings Ltd. | 146,148 | ||||||
38,157 | Johnson Electric Holdings Ltd. | 133,215 | ||||||
110,638 | Kerry Logistics Network Ltd. | 169,166 | ||||||
299,459 | Li & Fung Ltd. | 151,480 | ||||||
102,625 | Lifestyle International Holdings Ltd. | 192,481 | ||||||
17,961 | Link REIT | 159,282 | ||||||
28,737 | MTR Corp. Ltd. | 162,025 | ||||||
79,899 | NWS Holdings Ltd. | 158,001 | ||||||
268,064 | PCCW Ltd. | 166,339 | ||||||
332,599 | Sa Sa International Holdings Ltd. | 207,656 | ||||||
368,019 | Shun Tak Holdings Ltd. | 152,399 | ||||||
157,316 | SJM Holdings Ltd. | 158,754 | ||||||
113,181 | Sun Art Retail Group Ltd. | 128,060 | ||||||
11,490 | Swire Pacific Ltd., Class A | 114,194 | ||||||
21,922 | Swire Pacific Ltd., Class B | 37,094 | ||||||
44,132 | Swire Properties Ltd. | 157,167 | ||||||
24,093 | Techtronic Industries Co. Ltd. | 142,441 | ||||||
10,898 | VTech Holdings Ltd. | 133,513 | ||||||
121,550 | WH Group Ltd.(c) | 126,843 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
35,983 | Yue Yuen Industrial Holdings Ltd. | $ | 102,471 | |||||
|
| |||||||
6,473,510 | ||||||||
|
| |||||||
Indonesia—0.1% | ||||||||
553,844 | Golden Agri-Resources Ltd. | 144,312 | ||||||
|
| |||||||
Ireland—0.6% | ||||||||
16,048 | Bank of Ireland Group PLC | 144,449 | ||||||
4,601 | CRH PLC | 163,563 | ||||||
8,475 | Glanbia PLC | 143,353 | ||||||
1,296 | Paddy Power Betfair PLC | 128,166 | ||||||
4,317 | Smurfit Kappa Group PLC | 183,970 | ||||||
|
| |||||||
763,501 | ||||||||
|
| |||||||
Israel—3.0% | ||||||||
12,608 | Airport City Ltd.(b) | 144,516 | ||||||
15,743 | Alony Hetz Properties & Investments Ltd. | 140,020 | ||||||
26,167 | Amot Investments Ltd. | 129,311 | ||||||
3,089 | Azrieli Group Ltd. | 141,748 | ||||||
21,305 | Bank Hapoalim BM | 146,024 | ||||||
25,152 | Bank Leumi Le-Israel BM | 148,903 | ||||||
98,187 | Bezeq The Israeli Telecommunication Corp. Ltd. | 123,952 | ||||||
874 | Delek Group Ltd. | 131,395 | ||||||
1,053 | Elbit Systems Ltd. | 121,897 | ||||||
6,924 | First International Bank of Israel Ltd. | 143,083 | ||||||
1,654 | Frutarom Industries Ltd. | 158,831 | ||||||
14,985 | Gazit-Globe Ltd. | 142,024 | ||||||
19,084 | Harel Insurance Investments & Financial Services Ltd. | 139,023 | ||||||
35,523 | Israel Chemicals Ltd. | 159,749 | ||||||
774 | Israel Corp. Ltd. (The) | 152,201 | ||||||
53,018 | Israel Discount Bank Ltd., Class A(b) | 147,211 | ||||||
3,460 | Melisron Ltd. | 141,847 | ||||||
136,038 | Migdal Insurance & Financial Holding Ltd.(b) | 133,584 | ||||||
8,229 | Mizrahi Tefahot Bank Ltd. | 150,747 | ||||||
1,544 | Nice Ltd.(b) | 146,508 | ||||||
319,897 | Oil Refineries Ltd. | 138,881 | ||||||
934 | Paz Oil Co. Ltd. | 136,158 | ||||||
25,294 | Phoenix Holdings Ltd. (The)(b) | 129,918 | ||||||
81,762 | Shikun & Binui Ltd. | 138,872 | ||||||
21,026 | Shufersal Ltd. | 121,029 | ||||||
6,667 | Strauss Group Ltd. | 137,550 | ||||||
5,186 | Tower Semiconductor Ltd.(b) | 136,457 | ||||||
|
| |||||||
3,781,439 | ||||||||
|
| |||||||
Italy—2.4% | ||||||||
85,887 | A2A SpA | 173,034 | ||||||
4,929 | Atlantia SpA | 163,768 | ||||||
16,653 | Banca Mediolanum SpA(a) | 134,000 | ||||||
6,168 | Buzzi Unicem SpA | 156,198 | ||||||
10,516 | Buzzi Unicem SpA-RSP | 151,195 | ||||||
21,208 | Davide Campari-Milano SpA | 159,378 | ||||||
26,172 | Enel SpA | 166,579 | ||||||
1,208 | Ferrari NV | 148,942 | ||||||
12,210 | Finecobank Banca Fineco SpA | 146,105 | ||||||
2,534 | Luxottica Group SpA | 158,467 | ||||||
4,315 | Moncler SpA | 195,189 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
42,294 | Parmalat SpA | $ | 154,321 | |||||
17,710 | Poste Italiane SpA(c) | 173,446 | ||||||
4,767 | Prysmian SpA | 140,416 | ||||||
4,251 | Recordati SpA | 152,284 | ||||||
5,410 | Salvatore Ferragamo SpA(a) | 160,272 | ||||||
33,993 | Snam SpA | 163,665 | ||||||
27,433 | Terna Rete Elettrica Nazionale SpA | 164,960 | ||||||
63,217 | UnipolSai Assicurazioni SpA | 170,325 | ||||||
|
| |||||||
3,032,544 | ||||||||
|
| |||||||
Japan—32.6% | ||||||||
2,360 | ABC-Mart, Inc. | 155,500 | ||||||
8,897 | Aeon Co. Ltd. | 177,859 | ||||||
7,210 | Aeon Mall Co. Ltd. | 146,144 | ||||||
4,015 | Aica Kogyo Co. Ltd. | 151,170 | ||||||
2,286 | Ain Holdings, Inc. | 152,504 | ||||||
7,500 | Air Water, Inc. | 144,894 | ||||||
2,582 | Aisin Seiki Co. Ltd. | 140,161 | ||||||
8,261 | Ajinomoto Co., Inc. | 151,442 | ||||||
6,668 | Alfresa Holdings Corp. | 147,223 | ||||||
3,808 | ANA Holdings, Inc. | 151,032 | ||||||
3,648 | Aoyama Trading Co. Ltd. | 140,519 | ||||||
139,800 | Aplus Financial Co. Ltd.(b) | 150,755 | ||||||
1,943 | Ariake Japan Co. Ltd. | 166,911 | ||||||
2,999 | Asahi Group Holdings Ltd. | 151,725 | ||||||
4,228 | Asahi Intecc Co. Ltd. | 148,178 | ||||||
4,185 | ASKUL Corp.(a) | 131,755 | ||||||
10,142 | Astellas Pharma, Inc. | 148,805 | ||||||
3,429 | Azbil Corp. | 159,816 | ||||||
4,709 | Bandai Namco Holdings, Inc. | 159,871 | ||||||
4,207 | Benesse Holdings, Inc. | 153,401 | ||||||
6,000 | Brother Industries Ltd. | 129,184 | ||||||
4,512 | Calbee, Inc. | 152,152 | ||||||
5,536 | Canon Marketing Japan, Inc. | 120,155 | ||||||
7,482 | Capcom Co. Ltd. | 143,794 | ||||||
797 | Central Japan Railway Co. | 160,019 | ||||||
10,994 | Chubu Electric Power Co., Inc. | 172,156 | ||||||
2,944 | Chugai Pharmaceutical Co. Ltd. | 155,507 | ||||||
12,891 | Chugoku Electric Power Co., Inc. (The) | 161,395 | ||||||
2,600 | Ci:z Holdings Co. Ltd. | 125,218 | ||||||
3,959 | Coca-Cola Bottlers Japan Holdings, Inc. | 170,408 | ||||||
16,304 | Colopl, Inc. | 123,519 | ||||||
4,294 | Cosmo Energy Holdings Co. Ltd. | 141,858 | ||||||
765 | Cosmos Pharmaceutical Corp. | 172,051 | ||||||
3,502 | CyberAgent, Inc. | 193,302 | ||||||
13,100 | Daicel Corp. | 151,561 | ||||||
2,790 | Daido Steel Co. Ltd. | 151,452 | ||||||
2,287 | Daifuku Co. Ltd. | 122,893 | ||||||
4,271 | Daiichi Sankyo Co. Ltd. | 146,367 | ||||||
2,897 | Daiichikosho Co. Ltd. | 152,230 | ||||||
978 | Daito Trust Construction Co. Ltd. | 163,156 | ||||||
8,212 | DeNA Co. Ltd. | 156,473 | ||||||
4,100 | Denka Co. Ltd. | 146,502 | ||||||
3,300 | Dentsu, Inc. | 156,217 | ||||||
4,026 | Ebara Corp. | 154,160 | ||||||
5,885 | Electric Power Development Co. Ltd. | 160,160 | ||||||
3,152 | Ezaki Glico Co. Ltd. | 170,238 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
1,986 | Familymart UNY Holdings Co. Ltd. | $ | 192,928 | |||||
2,604 | FP Corp. | 160,869 | ||||||
8,700 | Fuji Media Holdings, Inc. | 142,714 | ||||||
5,127 | Fuji Oil Holdings, Inc. | 164,692 | ||||||
3,663 | FUJIFILM Holdings Corp. | 147,457 | ||||||
7,885 | Fujitsu General Ltd. | 128,985 | ||||||
3,453 | Fukuyama Transporting Co. Ltd. | 144,368 | ||||||
2,800 | Furukawa Electric Co. Ltd. | 138,177 | ||||||
1,800 | GMO Payment Gateway, Inc. | 178,478 | ||||||
23,889 | Gree, Inc. | 132,080 | ||||||
27,000 | GS Yuasa Corp. | 145,579 | ||||||
42,787 | GungHo Online Entertainment, Inc. | 129,427 | ||||||
3,764 | Hamamatsu Photonics K.K. | 145,160 | ||||||
4,061 | Hankyu Hanshin Holdings, Inc. | 160,139 | ||||||
6,928 | Heiwa Corp. | 137,769 | ||||||
1,097 | Hikari Tsushin, Inc. | 178,046 | ||||||
11,400 | Hino Motors Ltd. | 139,290 | ||||||
1,101 | Hirose Electric Co. Ltd. | 155,151 | ||||||
2,075 | Hisamitsu Pharmaceutical Co., Inc. | 161,752 | ||||||
2,050 | Horiba Ltd. | 149,312 | ||||||
1,679 | Hoshizaki Corp. | 156,047 | ||||||
4,490 | House Foods Group, Inc. | 158,181 | ||||||
2,867 | Hoya Corp. | 153,588 | ||||||
9,200 | Ibiden Co. Ltd. | 152,261 | ||||||
36,400 | Ichigo, Inc. | 162,332 | ||||||
4,419 | IHI Corp. | 144,978 | ||||||
3,547 | Ito EN Ltd. | 141,653 | ||||||
17,747 | Itoham Yonekyu Holdings, Inc. | 161,373 | ||||||
2,300 | Izumi Co. Ltd. | 151,967 | ||||||
3,999 | Japan Airlines Co. Ltd. | 157,511 | ||||||
4,000 | Japan Airport Terminal Co. Ltd. | 164,313 | ||||||
11,000 | Japan Post Bank Co. Ltd. | 149,582 | ||||||
12,500 | Japan Post Holdings Co. Ltd. | 151,931 | ||||||
5,900 | Japan Post Insurance Co. Ltd. | 145,148 | ||||||
4,900 | Japan Steel Works Ltd. (The) | 161,206 | ||||||
5,249 | Japan Tobacco, Inc. | 140,861 | ||||||
6,500 | JGC Corp. | 159,493 | ||||||
6,200 | JSR Corp. | 117,002 | ||||||
24,567 | JXTG Holdings, Inc. | 160,390 | ||||||
4,430 | Kagome Co. Ltd. | 159,711 | ||||||
2,708 | Kaken Pharmaceutical Co. Ltd. | 160,364 | ||||||
13,343 | Kandenko Co. Ltd. | 158,031 | ||||||
15,000 | Kaneka Corp. | 148,184 | ||||||
5,944 | Kansai Paint Co. Ltd. | 133,845 | ||||||
2,108 | Kao Corp. | 151,321 | ||||||
6,089 | KDDI Corp. | 163,431 | ||||||
4,861 | Keihan Holdings Co. Ltd. | 157,258 | ||||||
5,477 | Kewpie Corp. | 127,684 | ||||||
292 | Keyence Corp. | 178,709 | ||||||
3,897 | Kintetsu Group Holdings Co. Ltd. | 158,658 | ||||||
5,860 | Kirin Holdings Co. Ltd. | 164,567 | ||||||
5,500 | Kissei Pharmaceutical Co. Ltd. | 155,563 | ||||||
2,377 | Kobayashi Pharmaceutical Co. Ltd. | 200,500 | ||||||
13,500 | Kobe Steel Ltd. | 139,657 | ||||||
7,303 | Koei Tecmo Holdings Co. Ltd. | 150,765 | ||||||
8,000 | Kokuyo Co. Ltd. | 144,318 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5,265 | Komeri Co. Ltd. | $ | 140,689 | |||||
2,900 | Konami Holdings Corp. | 142,582 | ||||||
860 | Kose Corp. | 159,150 | ||||||
10,986 | K’s Holdings Corp. | 158,829 | ||||||
4,869 | Kurita Water Industries Ltd. | 157,962 | ||||||
2,560 | Kusuri NO Aoki Holdings Co. Ltd. | 175,697 | ||||||
7,800 | KYORIN Holdings, Inc. | 152,828 | ||||||
5,600 | Kyowa Exeo Corp. | 145,853 | ||||||
7,080 | Kyowa Hakko Kirin Co. Ltd. | 153,602 | ||||||
3,243 | Kyudenko Corp. | 152,036 | ||||||
2,306 | Lawson, Inc. | 152,364 | ||||||
19,065 | Leopalace21 Corp. | 165,692 | ||||||
3,700 | Line Corp.(b) | 135,083 | ||||||
5,156 | Lintec Corp. | 149,132 | ||||||
7,981 | Lion Corp. | 172,274 | ||||||
3,851 | M3, Inc. | 145,875 | ||||||
7,000 | Maeda Road Construction Co. Ltd. | 151,227 | ||||||
3,228 | Makita Corp. | 145,138 | ||||||
4,776 | Maruichi Steel Tube Ltd. | 163,456 | ||||||
3,600 | Matsumotokiyoshi Holdings Co. Ltd. | 160,713 | ||||||
7,370 | Medipal Holdings Corp. | 158,345 | ||||||
5,550 | Megmilk Snow Brand Co. Ltd. | 167,121 | ||||||
2,113 | MEIJI Holdings Co. Ltd. | 169,542 | ||||||
6,500 | Minebea Mitsumi, Inc. | 130,505 | ||||||
5,190 | MISUMI Group, Inc. | 143,712 | ||||||
5,355 | Mitsubishi Corp. | 148,134 | ||||||
18,900 | Mitsubishi Motors Corp. | 140,940 | ||||||
4,971 | Mitsubishi Shokuhin Co. Ltd. | 145,144 | ||||||
7,019 | Mitsubishi Tanabe Pharma Corp. | 133,677 | ||||||
8,231 | Mitsui & Co. Ltd. | 148,673 | ||||||
4,900 | Mitsui Chemicals, Inc. | 140,608 | ||||||
3,000 | Mitsui Mining & Smelting Co. Ltd. | 127,622 | ||||||
5,342 | Miura Co. Ltd. | 162,811 | ||||||
2,134 | Mochida Pharmaceutical Co. Ltd. | 150,555 | ||||||
4,723 | MonotaRO Co. Ltd. | 165,095 | ||||||
3,286 | Morinaga & Co. Ltd. | 160,058 | ||||||
3,800 | Morinaga Milk Industry Co. Ltd. | 167,210 | ||||||
3,500 | Nabtesco Corp. | 126,502 | ||||||
5,877 | Nagoya Railroad Co. Ltd. | 154,196 | ||||||
8,400 | Nexon Co. Ltd.(b) | 122,286 | ||||||
5,884 | Nichirei Corp. | 170,188 | ||||||
1,000 | Nidec Corp. | 156,637 | ||||||
5,323 | Nihon Kohden Corp. | 152,503 | ||||||
4,644 | Nihon M&A Center, Inc. | 136,232 | ||||||
300 | Nintendo Co. Ltd. | 126,580 | ||||||
6,400 | Nippo Corp. | 146,862 | ||||||
4,100 | Nippon Paint Holdings Co. Ltd. | 167,859 | ||||||
7,601 | Nippon Paper Industries Co. Ltd. | 145,664 | ||||||
2,200 | Nippon Shokubai Co. Ltd. | 149,582 | ||||||
3,218 | Nippon Telegraph & Telephone Corp. | 153,070 | ||||||
7,900 | Nippon Television Holdings, Inc. | 138,543 | ||||||
10,149 | Nipro Corp. | 146,450 | ||||||
14,300 | Nissan Motor Co. Ltd. | 150,482 | ||||||
14,800 | Nissan Shatai Co. Ltd. | 158,516 | ||||||
7,578 | Nisshin Seifun Group, Inc. | 165,722 | ||||||
9,800 | Nisshinbo Holdings, Inc. | 138,548 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
2,247 | Nissin Foods Holdings Co. Ltd. | $ | 165,304 | |||||
953 | Nitori Holdings Co. Ltd. | 160,945 | ||||||
2,000 | Noevir Holdings Co. Ltd. | 144,026 | ||||||
5,470 | NOF Corp. | 163,213 | ||||||
7,000 | NOK Corp. | 143,934 | ||||||
6,209 | Nomura Real Estate Holdings, Inc. | 154,225 | ||||||
3,405 | Nomura Research Institute Ltd. | 175,812 | ||||||
5,877 | NTT DoCoMo, Inc. | 152,262 | ||||||
12,109 | NTT Urban Development Corp. | 142,862 | ||||||
2,565 | OBIC Business Consultants Co. Ltd. | 187,995 | ||||||
1,820 | OBIC Co. Ltd. | 152,519 | ||||||
7,402 | Odakyu Electric Railway Co. Ltd. | 159,709 | ||||||
3,800 | Olympus Corp. | 141,860 | ||||||
5,179 | Ono Pharmaceutical Co. Ltd. | 119,956 | ||||||
2,000 | Oracle Corp. Japan | 164,496 | ||||||
94,000 | Orient Corp. | 145,177 | ||||||
1,560 | Oriental Land Co. Ltd. | 155,608 | ||||||
7,561 | Osaka Gas Co. Ltd. | 162,656 | ||||||
6,400 | OSG Corp. | 142,008 | ||||||
3,300 | Otsuka Corp. | 153,804 | ||||||
3,023 | Otsuka Holdings Co. Ltd. | 158,354 | ||||||
2,910 | Paltac Corp. | 145,733 | ||||||
6,232 | Park24 Co. Ltd. | 176,552 | ||||||
20,800 | Penta-Ocean Construction Co. Ltd. | 164,423 | ||||||
3,300 | PeptiDream, Inc.(b) | 133,900 | ||||||
5,896 | Persol Holdings Co. Ltd. | 140,254 | ||||||
3,738 | Pigeon Corp. | 175,243 | ||||||
2,851 | Pilot Corp. | 155,805 | ||||||
3,599 | Pola Orbis Holdings, Inc. | 157,215 | ||||||
16,474 | Rakuten, Inc. | 117,460 | ||||||
6,207 | Recruit Holdings Co. Ltd. | 143,341 | ||||||
5,369 | Relo Group, Inc. | 120,996 | ||||||
17,318 | Rengo Co. Ltd. | 149,084 | ||||||
13,914 | Ricoh Co. Ltd. | 136,184 | ||||||
1,689 | Rinnai Corp. | 168,090 | ||||||
5,357 | Rohto Pharmaceutical Co. Ltd. | 156,414 | ||||||
485 | Ryohin Keikaku Co. Ltd. | 166,431 | ||||||
3,086 | Sankyu, Inc. | 150,034 | ||||||
8,300 | Sanrio Co. Ltd.(a) | 152,992 | ||||||
9,397 | Santen Pharmaceutical Co. Ltd. | 158,442 | ||||||
5,268 | Sapporo Holdings Ltd. | 150,686 | ||||||
3,226 | Sawai Pharmaceutical Co. Ltd. | 139,742 | ||||||
1,686 | SCREEN Holdings Co. Ltd. | 138,824 | ||||||
3,727 | SCSK Corp. | 159,741 | ||||||
10,300 | Sega Sammy Holdings, Inc. | 169,055 | ||||||
3,633 | Seven & i Holdings Co. Ltd. | 159,530 | ||||||
43,500 | Seven Bank Ltd. | 146,292 | ||||||
13,290 | Shikoku Electric Power Co., Inc. | 168,941 | ||||||
1,322 | Shimamura Co. Ltd. | 154,037 | ||||||
2,895 | Shionogi & Co. Ltd. | 149,056 | ||||||
2,500 | Shiseido Co. Ltd. | 162,486 | ||||||
1,146 | Shochiku Co. Ltd. | 168,405 | ||||||
11,522 | Showa Shell Sekiyu K.K. | 162,893 | ||||||
33,291 | SKY Perfect JSAT Holdings, Inc. | 151,814 | ||||||
10,967 | Skylark Co. Ltd. | 161,360 | ||||||
1,844 | SoftBank Group Corp. | 143,256 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
3,237 | Sohgo Security Services Co. Ltd. | $ | 160,038 | |||||
45,697 | Sojitz Corp. | 150,757 | ||||||
3,010 | Sony Corp. | 148,540 | ||||||
3,576 | Square Enix Holdings Co. Ltd. | 149,020 | ||||||
5,779 | Start Today Co. Ltd. | 166,887 | ||||||
4,300 | Subaru Corp. | 144,571 | ||||||
2,750 | Sugi Holdings Co. Ltd. | 160,338 | ||||||
8,474 | Sumitomo Corp. | 152,520 | ||||||
9,787 | Sumitomo Dainippon Pharma Co. Ltd. | 178,433 | ||||||
3,220 | Sumitomo Metal Mining Co. Ltd. | 138,246 | ||||||
32,960 | Sumitomo Osaka Cement Co. Ltd. | 150,907 | ||||||
3,246 | Sundrug Co. Ltd. | 167,009 | ||||||
3,295 | Suntory Beverage & Food Ltd. | 162,303 | ||||||
3,718 | Suzuken Co. Ltd. | 160,035 | ||||||
2,672 | Suzuki Motor Corp. | 143,850 | ||||||
1,873 | Sysmex Corp. | 165,690 | ||||||
3,005 | Taisei Corp. | 162,299 | ||||||
1,715 | Taisho Pharmaceutical Holdings Co. Ltd. | 164,408 | ||||||
12,176 | Takara Holdings, Inc. | 147,102 | ||||||
15,478 | Takashimaya Co. Ltd. | 132,962 | ||||||
2,606 | Takeda Pharmaceutical Co. Ltd. | 110,051 | ||||||
2,869 | Terumo Corp. | 162,557 | ||||||
3,500 | THK Co. Ltd. | 122,504 | ||||||
4,059 | TIS, Inc. | 160,988 | ||||||
4,607 | Toho Co. Ltd. | 154,093 | ||||||
5,119 | Toho Gas Co. Ltd. | 155,313 | ||||||
11,434 | Tohoku Electric Power Co., Inc. | 147,438 | ||||||
8,600 | Tokai Carbon Co. Ltd. | 108,065 | ||||||
6,700 | Tokyo Broadcasting System Holdings, Inc. | 149,032 | ||||||
2,700 | Tokyo Century Corp. | 168,773 | ||||||
39,053 | Tokyo Electric Power Co. Holdings, Inc.(b) | 185,941 | ||||||
5,992 | Tokyo Gas Co. Ltd. | 160,553 | ||||||
13,200 | Toppan Forms Co. Ltd. | 147,290 | ||||||
14,846 | Toray Industries, Inc. | 138,658 | ||||||
3,824 | Toyo Suisan Kaisha Ltd. | 150,619 | ||||||
7,599 | Toyobo Co. Ltd. | 148,195 | ||||||
6,984 | Toyota Boshoku Corp. | 147,243 | ||||||
4,525 | Tsumura & Co. | 164,583 | ||||||
1,076 | Tsuruha Holdings, Inc. | 154,677 | ||||||
7,414 | TV Asahi Holdings Corp. | 174,264 | ||||||
4,800 | Ube Industries Ltd. | 146,511 | ||||||
5,327 | Unicharm Corp. | 149,696 | ||||||
7,298 | USS Co. Ltd. | 153,463 | ||||||
5,100 | Wacoal Holdings Corp. | 154,736 | ||||||
3,384 | Welcia Holdings Co. Ltd. | 174,109 | ||||||
2,151 | West Japan Railway Co. | 152,344 | ||||||
32,459 | Yahoo! Japan Corp.(a) | 133,485 | ||||||
23,785 | Yamada Denki Co. Ltd.(a) | 124,767 | ||||||
3,400 | Yamaha Corp. | 164,368 | ||||||
5,100 | Yamato Kogyo Co. Ltd. | 151,474 | ||||||
7,652 | Yamazaki Baking Co. Ltd. | 167,690 | ||||||
3,228 | Yaskawa Electric Corp. | 131,863 | ||||||
3,428 | Zenkoku Hosho Co. Ltd. | 141,756 | ||||||
7,208 | Zensho Holdings Co. Ltd. | 167,841 | ||||||
10,000 | Zeon Corp. | 129,861 | ||||||
|
| |||||||
40,965,056 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Kazakhstan—0.1% | ||||||||
12,888 | KAZ Minerals PLC(b) | $ | 163,383 | |||||
|
| |||||||
Luxembourg—0.7% | ||||||||
4,431 | Arcelormittal(b) | 150,408 | ||||||
267 | Eurofins Scientific SE | 144,455 | ||||||
79,401 | L’Occitane International SA | 147,911 | ||||||
1,737 | RTL Group SA | 143,232 | ||||||
9,532 | SES SA FDR, Class A(a) | 147,412 | ||||||
8,810 | Tenaris SA | 165,731 | ||||||
|
| |||||||
899,149 | ||||||||
|
| |||||||
Macau—0.2% | ||||||||
51,200 | MGM China Holdings Ltd. | 141,565 | ||||||
26,800 | Sands China Ltd. | 156,226 | ||||||
|
| |||||||
297,791 | ||||||||
|
| |||||||
Netherlands—1.9% | ||||||||
4,891 | ABN AMRO Group NV CVA(c) | 152,046 | ||||||
21,569 | Aegon NV | 158,755 | ||||||
1,562 | Akzo Nobel NV | 141,352 | ||||||
3,388 | ASR Nederland NV | 160,297 | ||||||
2,069 | Exor NV | 153,836 | ||||||
6,589 | GrandVision NV(c) | 162,401 | ||||||
1,526 | Heineken Holding NV | 155,241 | ||||||
1,463 | Heineken NV | 154,311 | ||||||
8,649 | ING Groep NV | 146,045 | ||||||
6,742 | Koninklijke Ahold Delhaize NV | 162,954 | ||||||
1,457 | Koninklijke DSM NV | 151,073 | ||||||
3,212 | Koninklijke Vopak NV(a) | 158,722 | ||||||
3,369 | NN Group NV | 161,555 | ||||||
2,099 | Randstad NV | 135,372 | ||||||
2,969 | Wolters Kluwer NV | 160,812 | ||||||
|
| |||||||
2,314,772 | ||||||||
|
| |||||||
New Zealand—0.8% | ||||||||
64,264 | Air New Zealand Ltd. | 148,067 | ||||||
156,892 | Kiwi Property Group Ltd. | 151,448 | ||||||
65,825 | Mercury NZ Ltd. | 147,953 | ||||||
75,505 | Meridian Energy Ltd. | 156,411 | ||||||
19,549 | Ryman Healthcare Ltd. | 146,007 | ||||||
82,477 | Sky Network Television Ltd. | 132,498 | ||||||
62,873 | Spark New Zealand Ltd. | 153,279 | ||||||
|
| |||||||
1,035,663 | ||||||||
|
| |||||||
Norway—0.6% | ||||||||
8,338 | Gjensidige Forsikring ASA | 132,391 | ||||||
7,828 | Marine Harvest ASA | 170,658 | ||||||
13,927 | Orkla ASA | 129,237 | ||||||
2,658 | Schibsted ASA, Class A | 77,838 | ||||||
3,263 | Schibsted ASA, Class B | 87,979 | ||||||
6,677 | Telenor ASA | 148,191 | ||||||
|
| |||||||
746,294 | ||||||||
|
| |||||||
Portugal—0.2% | ||||||||
8,324 | Galp Energia SGPS SA | 160,058 | ||||||
7,243 | Jeronimo Martins SGPS SA | 127,239 | ||||||
|
| |||||||
287,297 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—2.5% | ||||||||
76,014 | Ascendas Real Estate Investment Trust REIT | $ | 153,285 | |||||
27,200 | BOC Aviation Ltd.(c) | 159,424 | ||||||
116,297 | CapitaLand Commercial Trust Ltd. REIT | 159,858 | ||||||
99,926 | CapitaLand Mall Trust REIT | 158,487 | ||||||
99,187 | ComfortDelGro Corp. Ltd. | 168,552 | ||||||
103,045 | Frasers Property Ltd. | 157,986 | ||||||
5,395 | Jardine Cycle & Carriage Ltd. | 139,596 | ||||||
115,452 | M1 Ltd. | 157,825 | ||||||
60,624 | SIA Engineering Co. Ltd. | 148,807 | ||||||
18,044 | Singapore Airlines Ltd. | 148,271 | ||||||
143,404 | Singapore Post Ltd. | 145,132 | ||||||
77,455 | Singapore Press Holdings Ltd. | 159,116 | ||||||
59,188 | Singapore Technologies Engineering Ltd. | 156,011 | ||||||
59,780 | Singapore Telecommunications Ltd. | 158,926 | ||||||
79,781 | StarHub Ltd. | 136,779 | ||||||
101,757 | Suntec Real Estate Investment Trust REIT | 150,632 | ||||||
7,200 | United Overseas Bank Ltd. | 163,897 | ||||||
23,421 | UOL Group Ltd. | 155,839 | ||||||
7,284 | Venture Corp. Ltd. | 115,252 | ||||||
62,300 | Wilmar International Ltd. | 153,392 | ||||||
91,900 | Wing Tai Holdings Ltd. | 141,593 | ||||||
|
| |||||||
3,188,660 | ||||||||
|
| |||||||
South Africa—0.2% | ||||||||
17,238 | Investec PLC | 137,091 | ||||||
5,811 | Mondi PLC | 162,156 | ||||||
|
| |||||||
299,247 | ||||||||
|
| |||||||
South Korea—7.0% | ||||||||
14,572 | BNK Financial Group, Inc. | 142,575 | ||||||
469 | Celltrion, Inc.(b) | 119,001 | ||||||
483 | CJ CheilJedang Corp. | 155,113 | ||||||
1,137 | CJ CheilJedang Corp. (Preference Shares) | 144,780 | ||||||
1,246 | CJ Logistics Corp.(b) | 182,575 | ||||||
1,910 | Coway Co. Ltd. | 156,477 | ||||||
2,348 | DB Insurance Co. Ltd. | 138,279 | ||||||
13,162 | DGB Financial Group, Inc. | 147,881 | ||||||
5,934 | Dongsuh Cos., Inc. | 153,066 | ||||||
537 | E-MART, Inc. | 135,752 | ||||||
4,591 | GS Retail Co. Ltd. | 159,904 | ||||||
3,321 | Hana Financial Group, Inc. | 148,474 | ||||||
2,766 | Hankook Tire Co. Ltd. | 128,064 | ||||||
356 | Hanmi Pharm Co. Ltd. | 155,326 | ||||||
13,056 | Hanon Systems | 133,243 | ||||||
1,092 | Hanssem Co. Ltd. | 119,112 | ||||||
4,916 | Hanwha Chemical Corp. | 133,250 | ||||||
7,509 | Hite Jinro Co. Ltd. | 153,266 | ||||||
1,323 | Hyosung Corp. | 162,890 | ||||||
1,810 | Hyundai Department Store Co. Ltd. | 175,399 | ||||||
4,286 | Hyundai Engineering & Construction Co. Ltd. | 255,222 | ||||||
1,157 | Hyundai Glovis Co. Ltd. | 182,533 | ||||||
3,952 | Hyundai Marine & Fire Insurance Co. Ltd. | 141,533 | ||||||
1,011 | Hyundai Motor Co. | 151,454 | ||||||
3,085 | Hyundai Steel Co. | 175,040 | ||||||
2,809 | Hyundai Wia Corp. | 141,232 | ||||||
9,489 | Industrial Bank of Korea | 149,702 | ||||||
1,275 | Kakao Corp. | 132,508 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
5,732 | Kangwon Land, Inc. | $ | 155,100 | |||||
2,586 | KB Financial Group, Inc. | 148,180 | ||||||
4,091 | KEPCO Plant Service & Engineering Co. Ltd. | 194,198 | ||||||
4,751 | Kia Motors Corp. | 147,238 | ||||||
4,990 | Korea Electric Power Corp. | 174,969 | ||||||
320 | Korea Zinc Co. Ltd. | 129,882 | ||||||
1,656 | KT&G Corp. | 151,638 | ||||||
1,822 | Kumho Petrochemical Co. Ltd. | 183,386 | ||||||
394 | LG Chem Ltd. | 132,803 | ||||||
66 | LG Chem Ltd. (Preference Shares) | 12,730 | ||||||
1,917 | LG Corp. | 145,563 | ||||||
1,941 | LG Hausys Ltd. | 147,931 | ||||||
356 | Lotte Chemical Corp. | 137,994 | ||||||
2,343 | LOTTE Fine Chemical Co. Ltd. | 150,489 | ||||||
2,176 | LS Corp. | 158,710 | ||||||
534 | Nongshim Co. Ltd. | 161,992 | ||||||
234 | Ottogi Corp. | 173,958 | ||||||
457 | POSCO | 159,386 | ||||||
1,721 | S-1 Corp. | 158,073 | ||||||
4,558 | Samsung Card Co. Ltd. | 159,181 | ||||||
543 | Samsung Fire & Marine Insurance Co. Ltd. | 135,998 | ||||||
44 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 7,560 | ||||||
3,491 | Shinhan Financial Group Co. Ltd. | 155,747 | ||||||
481 | Shinsegae, Inc. | 188,023 | ||||||
2,150 | SK Hynix, Inc. | 170,100 | ||||||
804 | SK Innovation Co. Ltd. | 147,920 | ||||||
680 | SK Telecom Co. Ltd. | 145,480 | ||||||
4,216 | SKC Co. Ltd. | 150,395 | ||||||
1,322 | S-Oil Corp. | 136,155 | ||||||
9,832 | Woori Bank | 147,749 | ||||||
794 | Yuhan Corp. | 170,241 | ||||||
|
| |||||||
8,812,420 | ||||||||
|
| |||||||
Spain—3.2% | ||||||||
6,311 | Abertis Infraestructuras SA | 139,232 | ||||||
1,794 | Acciona SA | 150,469 | ||||||
10,162 | Acerinox SA | 142,974 | ||||||
4,403 | ACS Actividades de Construccion y Servicios SA | 186,349 | ||||||
746 | Aena SME SA(c) | 154,215 | ||||||
2,052 | Amadeus IT Group SA | 150,489 | ||||||
13,632 | Bankinter SA | 142,961 | ||||||
5,851 | Cellnex Telecom SA(c) | 157,218 | ||||||
2,500 | Corp. Financiera Alba SA | 155,858 | ||||||
31,879 | Distribuidora Internacional de Alimentacion SA | 148,287 | ||||||
17,412 | EDP Renovaveis SA | 167,456 | ||||||
5,828 | Enagas SA | 169,979 | ||||||
7,216 | Endesa SA | 168,875 | ||||||
7,039 | Ferrovial SA | 150,828 | ||||||
6,635 | Gas Natural SDG SA | 167,623 | ||||||
3,397 | Grifols SA | 95,834 | ||||||
2,638 | Grifols SA (Preference Shares), Class B | 54,757 | ||||||
3,629 | Grupo Catalana Occidente SA | 160,255 | ||||||
20,572 | Iberdrola SA | 159,470 | ||||||
5,001 | Industria de Diseno Textil SA | 155,768 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Spain (continued) | ||||||||
45,128 | Mapfre SA | $ | 157,246 | |||||
12,977 | Mediaset Espana Comunicacion SA(a) | 124,709 | ||||||
10,512 | MERLIN Properties SOCIMI SA REIT | 162,568 | ||||||
7,749 | Red Electrica Corp. SA | 161,781 | ||||||
8,491 | Repsol SA | 162,602 | ||||||
9,542 | Siemens Gamesa Renewable Energy SA | 164,456 | ||||||
14,449 | Zardoya Otis SA | 147,863 | ||||||
|
| |||||||
4,060,122 | ||||||||
|
| |||||||
Sweden—2.0% | ||||||||
4,287 | Boliden AB | 149,454 | ||||||
4,566 | Electrolux AB, Series B | 120,796 | ||||||
6,148 | Fastighets AB Balder, Class B(b) | 159,202 | ||||||
9,210 | Hennes & Mauritz AB, Class B | 157,822 | ||||||
2,598 | Hexagon AB, Class B | 150,953 | ||||||
4,266 | ICA Gruppen AB | 132,962 | ||||||
4,114 | Kinnevik AB, Class B | 149,211 | ||||||
6,461 | Lundin Petroleum AB(b) | 178,984 | ||||||
13,205 | Nordea Bank AB | 134,995 | ||||||
8,856 | Securitas AB, Class B | 143,835 | ||||||
12,570 | Skandinaviska Enskilda Banken AB, Class A | 118,612 | ||||||
179 | Skandinaviska Enskilda Banken AB, Class C | 1,810 | ||||||
15,318 | Svenska Cellulosa AB (SCA), Class B | 170,508 | ||||||
10,662 | Svenska Handelsbanken AB, Class A | 119,510 | ||||||
259 | Svenska Handelsbanken AB, Class B | 3,099 | ||||||
5,975 | Swedbank AB, Class A | 130,496 | ||||||
3,535 | Swedish Match AB | 159,303 | ||||||
12,835 | Tele2 AB, Class B | 167,356 | ||||||
32,146 | Telia Co. AB | 158,763 | ||||||
|
| |||||||
2,507,671 | ||||||||
|
| |||||||
Switzerland—3.4% | ||||||||
1,868 | Adecco Group AG | 124,433 | ||||||
955 | Baloise Holding AG | 152,140 | ||||||
188 | Banque Cantonale Vaudoise | 150,415 | ||||||
1,711 | Cie Financiere Richemont SA | 163,443 | ||||||
4,629 | Coca-Cola HBC AG | 155,823 | ||||||
1,046 | Dufry AG(b) | 148,832 | ||||||
2,128 | Ferguson PLC | 163,550 | ||||||
333 | Geberit AG | 142,834 | ||||||
103 | Georg Fischer AG | 128,815 | ||||||
28,312 | Glencore PLC | 136,757 | ||||||
257 | Helvetia Holding AG | 153,307 | ||||||
2,312 | Julius Baer Group Ltd. | 138,360 | ||||||
2,572 | LafargeHolcim Ltd. | 143,839 | ||||||
3,812 | Logitech International SA | 142,021 | ||||||
591 | Lonza Group AG | 145,795 | ||||||
1,700 | Pargesa Holding SA | 159,971 | ||||||
212 | Partners Group Holding AG | 155,590 | ||||||
1,587 | PSP Swiss Property AG | 148,856 | ||||||
215 | Schindler Holding AG | 43,243 | ||||||
443 | Schindler Holding AG-PC | 92,010 | ||||||
19 | Sika AG-BR | 138,772 | ||||||
960 | Sonova Holding AG | 159,240 | ||||||
1,140 | Sulzer AG | 132,323 | ||||||
429 | Swatch Group AG (The) | 38,419 | ||||||
283 | Swatch Group AG (The)-BR | 136,797 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
415 | Swiss Life Holding AG | $ | 146,103 | |||||
1,612 | Swiss Prime Site AG | 151,527 | ||||||
1,476 | Swiss RE AG | 141,144 | ||||||
292 | Swisscom AG | 140,705 | ||||||
7,887 | UBS Group AG | 133,615 | ||||||
463 | Zurich Insurance Group AG | 148,549 | ||||||
|
| |||||||
4,257,228 | ||||||||
|
| |||||||
United Kingdom—8.1% | ||||||||
11,645 | 3i Group PLC | 151,025 | ||||||
5,997 | Admiral Group PLC | 164,621 | ||||||
6,154 | Anglo American PLC | 144,892 | ||||||
5,243 | Ashtead Group PLC | 146,812 | ||||||
29,974 | Auto Trader Group PLC(c) | 145,735 | ||||||
21,648 | Aviva PLC | 157,731 | ||||||
26,851 | B&M European Value Retail SA | 149,893 | ||||||
16,951 | Babcock International Group PLC | 171,791 | ||||||
19,070 | BAE Systems PLC | 160,486 | ||||||
3,520 | Bellway PLC | 160,769 | ||||||
17,592 | British Land Co. PLC (The) REIT | 162,925 | ||||||
5,650 | Bunzl PLC | 164,279 | ||||||
77,471 | Centrica PLC | 164,112 | ||||||
11,094 | CNH Industrial NV, Class A | 137,255 | ||||||
2,380 | Croda International PLC | 146,236 | ||||||
36,799 | CYBG PLC | 153,170 | ||||||
1,670 | DCC PLC | 161,012 | ||||||
28,958 | Direct Line Insurance Group PLC | 149,291 | ||||||
23,090 | DS Smith PLC | 166,139 | ||||||
6,515 | easyJet PLC | 142,678 | ||||||
7,039 | Experian PLC | 161,618 | ||||||
42,236 | G4S PLC | 150,612 | ||||||
9,090 | Halma PLC | 153,121 | ||||||
6,348 | Hargreaves Lansdown PLC | 156,463 | ||||||
7,940 | Hiscox Ltd. | 162,839 | ||||||
24,876 | Howden Joinery Group PLC | 163,332 | ||||||
15,456 | HSBC Holdings PLC | 154,425 | ||||||
8,914 | IMI PLC | 134,072 | ||||||
15,928 | Informa PLC | 162,125 | ||||||
2,328 | InterContinental Hotels Group PLC | 147,145 | ||||||
68,363 | ITV PLC | 142,793 | ||||||
42,772 | J Sainsbury PLC | 182,038 | ||||||
3,525 | Johnson Matthey PLC | 159,929 | ||||||
12,473 | Just Eat PLC(b) | 132,936 | ||||||
30,562 | Kingfisher PLC | 127,883 | ||||||
42,179 | Legal & General Group PLC | 156,857 | ||||||
161,153 | Lloyds Banking Group PLC | 143,522 | ||||||
2,720 | London Stock Exchange Group PLC | 161,095 | ||||||
37,003 | Marks & Spencer Group PLC | 146,629 | ||||||
24,477 | Meggitt PLC | 159,262 | ||||||
32,502 | Merlin Entertainments PLC(c) | 164,652 | ||||||
5,302 | Micro Focus International PLC | 91,503 | ||||||
2,264 | Next PLC | 163,899 | ||||||
42,844 | Old Mutual PLC | 148,472 | ||||||
15,090 | Pearson PLC | 173,299 | ||||||
5,984 | Prudential PLC | 154,497 | ||||||
7,404 | RELX NV | 157,575 | ||||||
2,392 | Rio Tinto Ltd. | 144,195 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
2,792 | Rio Tinto PLC | $ | 151,746 | |||||
41,380 | Royal Bank of Scotland Group PLC(b) | 154,000 | ||||||
19,790 | Royal Mail PLC | 158,422 | ||||||
13,784 | RPC Group PLC | 150,136 | ||||||
3,178 | Schroders PLC | 144,492 | ||||||
8,222 | Sky PLC | 156,053 | ||||||
6,850 | Smiths Group PLC | 150,722 | ||||||
1,917 | Spirax-Sarco Engineering PLC | 152,218 | ||||||
9,602 | St. James’s Place PLC | 150,306 | ||||||
13,504 | Standard Chartered PLC | 142,660 | ||||||
30,104 | Standard Life Aberdeen PLC | 151,467 | ||||||
59,417 | Taylor Wimpey PLC | 156,924 | ||||||
5,208 | TechnipFMC PLC | 171,339 | ||||||
52,482 | Tesco PLC | 170,523 | ||||||
8,621 | Travis Perkins PLC | 150,683 | ||||||
5,380 | Weir Group PLC (The) | 158,281 | ||||||
48,972 | WM Morrison Supermarkets PLC | 163,975 | ||||||
7,846 | WPP PLC | 134,813 | ||||||
|
| |||||||
10,126,400 | ||||||||
|
| |||||||
United States—0.6% | ||||||||
2,309 | Carnival PLC | 150,269 | ||||||
4,521 | Qiagen NV(b) | 149,065 | ||||||
11,083 | Sims Metal Management Ltd. | 135,446 | ||||||
9,305 | Valeant Pharmaceuticals International, Inc.(b) | 168,252 | ||||||
2,130 | Waste Connections, Inc. | 154,190 | ||||||
|
| |||||||
757,222 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $113,001,960)-99.9% | 125,625,339 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
1,254,071 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $1,254,071) | 1,254,071 | ||||||
|
| |||||||
Total Investments in Securities (Cost $114,256,031)—100.9% | 126,879,410 | |||||||
Other assets less liabilities—(0.9)% | (1,163,391 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 125,716,019 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
FDR—Fiduciary Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
April 30, 2018
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(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 April 30, 2018 was $2,127,649, which represented 1.69% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 44.7 | |||
Energy | 8.1 | |||
Materials | 8.0 | |||
Consumer Discretionary | 6.3 | |||
Information Technology | 6.0 | |||
Telecommunication Services | 6.0 | |||
Consumer Staples | 5.5 | |||
Industrials | 5.3 | |||
Utilities | 5.1 | |||
Real Estate | 3.4 | |||
Health Care | 1.5 | |||
Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Brazil—4.1% | ||||||||
9,128 | Ambev SA ADR | $ | 60,427 | |||||
550 | Banco Bradesco SA ADR | 5,032 | ||||||
5,432 | Banco Bradesco SA (Preference Shares) ADR | 53,234 | ||||||
2,243 | Banco Do Brasil SA ADR | 23,686 | ||||||
2,401 | Banco Santander Brasil SA ADR | 26,027 | ||||||
1,962 | BB Seguridade Participacoes SA ADR | 15,617 | ||||||
250 | Braskem SA ADR | 6,475 | ||||||
1,300 | BRF SA ADR(a) | 9,269 | ||||||
542 | Centrais Eletricas Brasileiras SA ADR(a) | 2,986 | ||||||
1,680 | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 16,766 | ||||||
2,397 | Cielo SA ADR | 13,160 | ||||||
400 | CPFL Energia SA ADR | 5,476 | ||||||
811 | Embraer SA ADR | 20,453 | ||||||
279 | Fibria Celulose SA ADR | 5,457 | ||||||
3,022 | Gerdau SA (Preference Shares) ADR | 14,113 | ||||||
6,258 | Itau Unibanco Holding SA (Preference Shares) ADR | 90,929 | ||||||
1,072 | JBS SA ADR | 5,414 | ||||||
4,749 | Kroton Educacional SA ADR | 18,901 | ||||||
1,575 | Localiza Rent A Car SA ADR | 12,553 | ||||||
2,264 | Petroleo Brasileiro SA ADR(a) | 31,900 | ||||||
3,142 | Petroleo Brasileiro SA (Preference Shares) ADR(a) | 41,317 | ||||||
640 | Telefonica Brasil SA ADR | 9,037 | ||||||
484 | Tim Participacoes SA ADR | 11,011 | ||||||
571 | Ultrapar Participacoes SA ADR | 9,890 | ||||||
4,965 | Vale SA ADR | 68,716 | ||||||
|
| |||||||
577,846 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Chile—4.6% | ||||||||
25,266 | Aguas Andinas SA, Class A | $ | 16,836 | |||||
446 | Banco de Chile ADR | 43,708 | ||||||
316 | Banco de Credito e Inversiones SA | 23,933 | ||||||
1,840 | Banco Santander Chile ADR | 60,775 | ||||||
14,231 | Cencosud SA | 42,385 | ||||||
913 | Cia Cervecerias Unidas SA ADR | 25,217 | ||||||
75,370 | Colbun SA | 18,804 | ||||||
1,358 | Empresa Nacional de Telecomunicaciones SA | 16,076 | ||||||
11,022 | Empresas CMPC SA | 45,070 | ||||||
4,117 | Empresas COPEC SA | 67,390 | ||||||
6,056 | Enel Americas SA ADR | 68,736 | ||||||
8,158 | Enel Chile SA ADR | 50,743 | ||||||
2,832 | Latam Airlines Group SA ADR | 43,245 | ||||||
6,799 | S.A.C.I. Falabella | 65,990 | ||||||
1,012 | Sociedad Quimica y Minera de Chile SA ADR | 55,549 | ||||||
|
| |||||||
644,457 | ||||||||
|
| |||||||
China—4.0% | ||||||||
419 | Alibaba Group Holding Ltd. ADR(a) | 74,808 | ||||||
120 | Baidu, Inc. ADR(a) | 30,108 | ||||||
1,415 | Bank of China Ltd. ADR | 19,102 | ||||||
8,000 | Bank of Communications Co. Ltd., H-Shares | 6,541 | ||||||
8,000 | China CITIC Bank Corp. Ltd., H-Shares | 5,715 | ||||||
4,000 | China Communications Construction Co. Ltd., H-Shares | 4,608 | ||||||
1,426 | China Construction Bank Corp. ADR | 29,803 | ||||||
4,000 | China Everbright International Ltd. | 5,606 | ||||||
1,700 | China Evergrande Group(a) | 5,377 | ||||||
631 | China Life Insurance Co. Ltd., H-Shares ADR | 8,897 | ||||||
4,000 | China Merchants Bank Co. Ltd., H-Shares | 17,448 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
496 | China Mobile Ltd. ADR | $ | 23,540 | |||||
2,000 | China Overseas Land & Investment Ltd. | 6,681 | ||||||
1,600 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 7,046 | ||||||
103 | China Petroleum & Chemical Corp., H-Shares ADR | 10,047 | ||||||
3,283 | China Resources Land Ltd. | 12,324 | ||||||
4,000 | CITIC Ltd. | 6,096 | ||||||
84 | CNOOC Ltd. ADR | 14,197 | ||||||
5,000 | Country Garden Holdings Co. Ltd. | 10,187 | ||||||
8,000 | CSPC Pharmaceutical Group Ltd. | 20,306 | ||||||
201 | Ctrip.com International Ltd. ADR(a) | 8,221 | ||||||
8,000 | Dongfeng Motor Group Co. Ltd., H-Shares | 8,853 | ||||||
6,000 | Great Wall Motor Co. Ltd., H-Shares | 6,245 | ||||||
10,000 | Guangdong Investment Ltd. | 15,453 | ||||||
1,140 | Industrial & Commercial Bank of China Ltd. ADR | 19,916 | ||||||
325 | JD.Com, Inc., Class A ADR(a) | 11,866 | ||||||
40 | NetEase, Inc. ADR | 10,283 | ||||||
93 | PetroChina Co. Ltd., H-Shares ADR | 6,846 | ||||||
1,160 | Ping An Insurance Group Co. of China Ltd. ADR | 22,713 | ||||||
4,000 | Shanghai Industrial Holdings Ltd. | 10,485 | ||||||
2,161 | Tencent Holdings Ltd. ADR | 106,170 | ||||||
8,000 | Want Want China Holdings Ltd. | 7,070 | ||||||
320 | Yum China Holdings, Inc. | 13,683 | ||||||
|
| |||||||
566,241 | ||||||||
|
| |||||||
Colombia—4.8% | ||||||||
4,800 | Bancolombia SA ADR | 228,768 | ||||||
13,697 | Cementos Argos SA | 48,422 | ||||||
7,000 | Ecopetrol SA ADR | 154,560 | ||||||
6,671 | Grupo Argos SA | 47,499 | ||||||
83,526 | Grupo Aval Acciones y Valores SA (Preference Shares) | 36,724 | ||||||
6,354 | Grupo de Inversiones Suramericana SA | 88,177 | ||||||
2,655 | Grupo de Inversiones Suramericana SA (Preference Shares) | 34,500 | ||||||
9,122 | Interconexion Electrica SA ESP | 47,025 | ||||||
|
| |||||||
685,675 | ||||||||
|
| |||||||
Czech Republic—4.3% | ||||||||
9,699 | CEZ AS | 248,079 | ||||||
4,618 | Komercni banka AS | 199,612 | ||||||
30,018 | Moneta Money Bank AS(b) | 108,147 | ||||||
3,825 | O2 Czech Republic AS | 52,463 | ||||||
|
| |||||||
608,301 | ||||||||
|
| |||||||
Egypt—3.4% | ||||||||
92,636 | Commercial International Bank Egypt SAE GDR(b) | 475,223 | ||||||
|
| |||||||
Greece—5.3% | ||||||||
53,224 | Alpha Bank SA(a) | 140,418 | ||||||
69,607 | Eurobank Ergasias SA(a) | 87,321 | ||||||
1,216 | FF Group(a) | 23,025 | ||||||
9,274 | Hellenic Telecommunications Organization SA | 134,710 | ||||||
3,926 | JUMBO SA | 71,795 | ||||||
244,325 | National Bank of Greece SA(a) | 101,233 | ||||||
8,531 | OPAP SA | 102,185 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Greece (continued) | ||||||||
8,779 | Piraeus Bank SA(a) | $ | 36,879 | |||||
1,724 | Titan Cement Co. SA | 45,512 | ||||||
|
| |||||||
743,078 | ||||||||
|
| |||||||
Hungary—4.0% | ||||||||
11,688 | MOL Hungarian Oil & Gas PLC | 135,223 | ||||||
7,609 | OTP Bank Nyrt | 333,634 | ||||||
4,826 | Richter Gedeon Nyrt | 97,738 | ||||||
|
| |||||||
566,595 | ||||||||
|
| |||||||
India—3.9% | ||||||||
15,941 | iShares MSCI India ETF | 557,138 | ||||||
|
| |||||||
Indonesia—3.6% | ||||||||
103,300 | PT Astra International Tbk | 52,829 | ||||||
47,600 | PT Bank Central Asia Tbk | 75,267 | ||||||
83,000 | PT Bank Mandiri Persero Tbk | 42,223 | ||||||
55,600 | PT Bank Negara Indonesia Persero Tbk | 32,018 | ||||||
254,500 | PT Bank Rakyat Indonesia Persero Tbk | 58,662 | ||||||
66,100 | PT Charoen Pokphand Indonesia Tbk | 17,460 | ||||||
37,000 | PT Hanjaya Mandala Sampoerna Tbk | 9,374 | ||||||
11,600 | PT Indocement Tunggal Prakarsa Tbk | 14,651 | ||||||
18,000 | PT Indofood Sukses Makmur Tbk | 9,002 | ||||||
156,400 | PT Kalbe Farma Tbk | 16,875 | ||||||
14,000 | PT Matahari Department Store Tbk | 10,415 | ||||||
348,200 | PT Pakuwon Jati Tbk | 14,731 | ||||||
82,400 | PT Perusahaan Gas Negara Persero Tbk | 11,653 | ||||||
24,000 | PT Semen Indonesia (Persero) Tbk | 16,598 | ||||||
243,300 | PT Telekomunikasi Indonesia Persero Tbk | 66,482 | ||||||
10,800 | PT Unilever Indonesia Tbk | 35,902 | ||||||
12,257 | PT United Tractors Tbk | 29,901 | ||||||
|
| |||||||
514,043 | ||||||||
|
| |||||||
Malaysia—4.4% | ||||||||
12,800 | AMMB Holdings Bhd | 12,655 | ||||||
14,800 | Axiata Group Bhd | 19,890 | ||||||
23,600 | CIMB Group Holdings Bhd | 43,072 | ||||||
17,600 | DiGi.com Bhd | 20,728 | ||||||
12,400 | Gamuda Bhd | 15,957 | ||||||
10,000 | Genting Bhd | 22,702 | ||||||
17,200 | Genting Malaysia Bhd | 22,393 | ||||||
4,000 | Hong Leong Bank Bhd | 19,269 | ||||||
13,200 | IHH Healthcare Bhd | 20,434 | ||||||
16,800 | IJM Corp. Bhd | 12,743 | ||||||
15,600 | IOI Corp. Bhd | 18,882 | ||||||
2,400 | Kuala Lumpur Kepong Bhd | 15,538 | ||||||
23,600 | Malayan Banking Bhd | 64,755 | ||||||
5,200 | Malaysia Airports Holdings Bhd | 11,800 | ||||||
9,600 | Maxis Bhd | 14,241 | ||||||
6,400 | MISC Bhd | 11,559 | ||||||
12,800 | Petronas Chemicals Group Bhd | 27,532 | ||||||
2,100 | Petronas Dagangan Bhd | 14,394 | ||||||
4,800 | Petronas Gas Bhd | 21,707 | ||||||
4,600 | PPB Group Bhd | 22,513 | ||||||
13,600 | Public Bank Bhd | 81,780 | ||||||
14,400 | Sime Darby Bhd | 9,746 | ||||||
14,400 | Sime Darby Plantation Bhd | 20,443 | ||||||
14,400 | Sime Darby Property Bhd | 5,457 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
7,200 | Telekom Malaysia Bhd | $ | 9,692 | |||||
17,200 | Tenaga Nasional Bhd | 68,955 | ||||||
|
| |||||||
628,837 | ||||||||
|
| |||||||
Mexico—3.9% | ||||||||
8,737 | Alfa SAB de CV, Class A | 11,169 | ||||||
5,300 | America Movil SAB de CV, Class L ADR | 97,997 | ||||||
1,200 | Arca Continental SAB de CV | 8,258 | ||||||
6,657 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 9,825 | ||||||
5,616 | Cemex SAB de CV-PC ADR(a) | 34,875 | ||||||
1,722 | Coca-Cola Femsa SAB de CV, Series L | 11,133 | ||||||
7,358 | Fibra Uno Administracion SA de CV REIT | 12,133 | ||||||
730 | Fomento Economico Mexicano SAB de CV ADR | 70,562 | ||||||
1,000 | Gruma SAB de CV, Class B | 12,162 | ||||||
160 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 16,667 | ||||||
727 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 13,018 | ||||||
5,518 | Grupo Bimbo SAB de CV, Series A | 12,789 | ||||||
3,000 | Grupo Carso SAB de CV, Series A1 | 10,734 | ||||||
7,818 | Grupo Financiero Banorte SAB de CV, Class O | 48,709 | ||||||
7,358 | Grupo Financiero Inbursa SAB de CV, Class O(a) | 12,207 | ||||||
11,956 | Grupo Mexico SAB de CV, Series B | 39,575 | ||||||
2,000 | Grupo Televisa SAB ADR | 35,840 | ||||||
400 | Industrias Penoles SAB de CV | 8,360 | ||||||
2,500 | Infraestructura Energetica Nova SAB de CV | 10,959 | ||||||
5,302 | Kimberly-Clark de Mexico SAB de CV, Class A | 9,581 | ||||||
3,905 | Mexichem SAB de CV(a) | 12,146 | ||||||
837 | Promotora y Operadora de Infraestructura SAB de CV | 8,540 | ||||||
16,555 | Wal-Mart de Mexico SAB de CV | 45,807 | ||||||
|
| |||||||
553,046 | ||||||||
|
| |||||||
Peru—4.6% | ||||||||
6,551 | Cia de Minas Buenaventura SAA ADR | 104,488 | ||||||
1,826 | Credicorp Ltd. | 424,527 | ||||||
2,289 | Southern Copper Corp. | 120,882 | ||||||
|
| |||||||
649,897 | ||||||||
|
| |||||||
Philippines—3.6% | ||||||||
24,010 | Aboitiz Equity Ventures, Inc. | 32,236 | ||||||
26,000 | Aboitiz Power Corp. | 19,069 | ||||||
2,640 | Ayala Corp. | 49,062 | ||||||
77,385 | Ayala Land, Inc. | 60,825 | ||||||
8,003 | Bank of the Philippine Islands | 16,238 | ||||||
19,050 | BDO Unibank, Inc. | 48,284 | ||||||
40,020 | DMCI Holdings, Inc. | 8,513 | ||||||
330 | Globe Telecom, Inc. | 9,820 | ||||||
780 | GT Capital Holdings, Inc. | 15,826 | ||||||
31,020 | JG Summit Holdings, Inc. | 38,253 | ||||||
5,480 | Jollibee Foods Corp. | 30,117 | ||||||
132,100 | Metro Pacific Investments Corp. | 12,988 | ||||||
901 | PLDT, Inc. ADR | 24,768 | ||||||
16,400 | Robinsons Land Corp. | 5,673 | ||||||
3,060 | SM Investments Corp. | 55,129 | ||||||
79,200 | SM Prime Holdings, Inc. | 52,237 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Philippines (continued) | ||||||||
10,640 | Universal Robina Corp. | $ | 28,888 | |||||
|
| |||||||
507,926 | ||||||||
|
| |||||||
Poland—3.7% | ||||||||
695 | Alior Bank SA(a) | 14,002 | ||||||
4,000 | Bank Millennium SA(a) | 9,702 | ||||||
1,193 | Bank Polska Kasa Opieki SA | 39,598 | ||||||
274 | Bank Zachodni WBK SA | 28,962 | ||||||
80 | CCC SA | 5,880 | ||||||
550 | CD Projekt SA | 19,357 | ||||||
2,290 | Cyfrowy Polsat SA | 16,734 | ||||||
538 | Grupa Azoty SA | 8,215 | ||||||
879 | Grupa Lotos SA | 13,796 | ||||||
600 | Jastrzebska Spolka Weglowa SA(a) | 14,088 | ||||||
1,097 | KGHM Polska Miedz SA | 29,099 | ||||||
10 | LPP SA | 26,069 | ||||||
89 | mBank SA(a) | 10,870 | ||||||
5,067 | Orange Polska SA(a) | 7,578 | ||||||
11,487 | PGE Polska Grupa Energetyczna SA(a) | 34,071 | ||||||
2,331 | Polski Koncern Naftowy Orlen SA | 59,260 | ||||||
15,775 | Polskie Gornictwo Naftowe i Gazownictwo SA | 27,738 | ||||||
7,964 | Powszechna Kasa Oszczednosci Bank Polski SA(a) | 94,638 | ||||||
4,965 | Powszechny Zaklad Ubezpieczen SA | 60,465 | ||||||
|
| |||||||
520,122 | ||||||||
|
| |||||||
Qatar—4.8% | ||||||||
1,358 | Barwa Real Estate Co. | 13,185 | ||||||
3,196 | Commercial Bank QSC (The) | 31,732 | ||||||
2,200 | Doha Bank QPSC | 16,369 | ||||||
18,257 | Ezdan Holding Group QSC(a) | 56,210 | ||||||
3,358 | Industries Qatar QSC | 103,295 | ||||||
8,206 | Masraf Al Rayan QSC | 80,189 | ||||||
1,836 | Ooredoo QPSC | 39,937 | ||||||
623 | Qatar Electricity & Water Co. QSC | 33,879 | ||||||
5,114 | Qatar Gas Transport Co. Ltd. | 20,633 | ||||||
3,824 | Qatar Insurance Co. SAQ | 38,314 | ||||||
1,100 | Qatar Islamic Bank SAQ | 32,329 | ||||||
4,978 | Qatar National Bank QPSC | 206,448 | ||||||
|
| |||||||
672,520 | ||||||||
|
| |||||||
Russia—3.5% | ||||||||
17,577 | Gazprom PJSC ADR | 81,190 | ||||||
1,281 | LUKOIL PJSC ADR | 85,365 | ||||||
1,097 | Magnit PJSC GDR(b) | 20,832 | ||||||
2,466 | MMC Norilsk Nickel PJSC ADR | 42,403 | ||||||
600 | Mobile TeleSystems PJSC ADR | 6,300 | ||||||
262 | Novatek PJSC GDR(b) | 33,175 | ||||||
479 | Novolipetsk Steel PJSC GDR(b) | 12,246 | ||||||
479 | PhosAgro PJSC GDR(b) | 6,907 | ||||||
3,492 | Rosneft Oil Co. PJSC GDR(b) | 21,232 | ||||||
12,040 | RusHydro PJSC ADR | 13,616 | ||||||
5,503 | Sberbank of Russia PJSC ADR | 81,352 | ||||||
636 | Severstal PJSC GDR(b) | 10,157 | ||||||
4,538 | Surgutneftegas OJSC ADR | 21,251 | ||||||
857 | Tatneft PJSC ADR | 55,129 | ||||||
4,674 | VTB Bank PJSC GDR(b) | 8,750 | ||||||
|
| |||||||
499,905 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa—4.1% | ||||||||
1,059 | AngloGold Ashanti Ltd. ADR | $ | 9,510 | |||||
757 | Aspen Pharmacare Holdings Ltd. | 16,279 | ||||||
1,100 | Barclays Africa Group Ltd. | 16,019 | ||||||
725 | Bid Corp. Ltd. | 16,540 | ||||||
725 | Bidvest Group Ltd. (The) | 14,167 | ||||||
1,017 | Brait SE(a) | 3,514 | ||||||
1,061 | Discovery Ltd. | 14,692 | ||||||
4,645 | FirstRand Ltd. | 24,766 | ||||||
7,764 | Growthpoint Properties Ltd. REIT | 18,098 | ||||||
399 | Mondi Ltd. | 11,602 | ||||||
803 | Mr Price Group Ltd. | 17,572 | ||||||
2,713 | MTN Group Ltd. ADR | 26,913 | ||||||
715 | Naspers Ltd., Class N | 174,201 | ||||||
289 | Nedbank Group Ltd. | 6,864 | ||||||
17,871 | Redefine Properties Ltd. REIT | 17,150 | ||||||
1,121 | Remgro Ltd. | 20,152 | ||||||
1,934 | RMB Holdings Ltd. | 12,092 | ||||||
1,268 | Sanlam Ltd. ADR | 16,230 | ||||||
1,438 | Sappi Ltd. | 9,166 | ||||||
874 | Sasol Ltd. ADR | 31,053 | ||||||
685 | Shoprite Holdings Ltd. ADR | 13,529 | ||||||
2,137 | Standard Bank Group Ltd. ADR | 37,248 | ||||||
5,095 | Steinhoff International Holdings NV(a) | 784 | ||||||
568 | Tiger Brands Ltd. | 17,699 | ||||||
1,240 | Vodacom Group Ltd. ADR | 15,835 | ||||||
3,380 | Woolworths Holdings Ltd. | 17,326 | ||||||
|
| |||||||
579,001 | ||||||||
|
| |||||||
South Korea—3.9% | ||||||||
22 | Amorepacific Corp. | 7,149 | ||||||
40 | Celltrion, Inc.(a) | 10,038 | ||||||
45 | CJ Corp. | 6,811 | ||||||
271 | Hana Financial Group, Inc. | 12,046 | ||||||
265 | Hyundai Marine & Fire Insurance Co. Ltd. | 9,472 | ||||||
64 | Hyundai Mobis Co. Ltd. | 14,821 | ||||||
134 | Hyundai Motor Co. | 20,045 | ||||||
42 | Hyundai Motor Co. (2nd Preference Shares) | 4,517 | ||||||
150 | Hyundai Steel Co. | 8,491 | ||||||
192 | KB Financial Group, Inc. ADR | 10,829 | ||||||
332 | Kia Motors Corp. | 10,269 | ||||||
801 | Korea Electric Power Corp. ADR | 13,929 | ||||||
13 | Korea Zinc Co. Ltd. | 5,262 | ||||||
106 | KT&G Corp. | 9,682 | ||||||
45 | LG Chem Ltd. | 15,025 | ||||||
171 | LG Corp. | 12,917 | ||||||
147 | LG Electronics, Inc. | 13,931 | ||||||
7 | LG Household & Health Care Ltd. | 8,979 | ||||||
588 | Mirae Asset Daewoo Co. Ltd. | 5,365 | ||||||
26 | NAVER Corp. | 17,344 | ||||||
508 | NH Investment & Securities Co. Ltd. | 7,336 | ||||||
192 | POSCO ADR | 16,291 | ||||||
45 | Samsung C&T Corp. | 5,863 | ||||||
129 | Samsung Electronics Co. Ltd. GDR(b) | 159,310 | ||||||
19 | Samsung Electronics Co. Ltd. (Preference Shares) | 37,803 | ||||||
32 | Samsung Fire & Marine Insurance Co. Ltd. | 8,003 | ||||||
54 | Samsung SDI Co. Ltd. | 9,200 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
173 | Samsung Securities Co., Ltd. | $ | 5,954 | |||||
348 | Shinhan Financial Group Co. Ltd. ADR | 15,528 | ||||||
74 | SK Holdings Co. Ltd. | 20,261 | ||||||
521 | SK Hynix, Inc. | 40,794 | ||||||
70 | SK Innovation Co. Ltd. | 12,809 | ||||||
|
| |||||||
556,074 | ||||||||
|
| |||||||
Taiwan—3.8% | ||||||||
6,663 | ASE Industrial Holding Co. Ltd. ADR | 36,447 | ||||||
7,000 | Cathay Financial Holding Co. Ltd. | 12,559 | ||||||
4,000 | Cheng Shin Rubber Industry Co. Ltd. | 6,445 | ||||||
9,975 | China Life Insurance Co. Ltd. | 10,815 | ||||||
13,000 | China Steel Corp. | 10,312 | ||||||
464 | Chunghwa Telecom Co. Ltd. ADR | 17,627 | ||||||
23,349 | CTBC Financial Holding Co. Ltd. | 16,668 | ||||||
4,000 | Delta Electronics, Inc. | 14,499 | ||||||
20,547 | E.Sun Financial Holding Co. Ltd. | 14,526 | ||||||
8,160 | Far Eastern New Century Corp. | 7,782 | ||||||
18,162 | First Financial Holding Co. Ltd. | 12,485 | ||||||
3,000 | Formosa Chemicals & Fibre Corp. | 11,018 | ||||||
6,000 | Formosa Plastics Corp. | 21,062 | ||||||
8,000 | Fubon Financial Holding Co. Ltd. | 13,691 | ||||||
13,860 | Hon Hai Precision Industry Co. Ltd. | 38,583 | ||||||
4,000 | MediaTek, Inc. | 45,553 | ||||||
16,000 | Mega Financial Holding Co. Ltd. | 14,172 | ||||||
6,000 | Nan Ya Plastics Corp. | 16,441 | ||||||
4,000 | Quanta Computer, Inc. | 7,275 | ||||||
6,000 | Taiwan Cement Corp. | 8,235 | ||||||
4,382 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 168,488 | ||||||
8,320 | Uni-President Enterprises Corp. | 20,087 | ||||||
7,000 | United Microelectronics Corp. ADR | 18,690 | ||||||
|
| |||||||
543,460 | ||||||||
|
| |||||||
Thailand—4.6% | ||||||||
4,448 | Advanced INFO Service PCL | 29,213 | ||||||
25,500 | Airports of Thailand PCL | 57,391 | ||||||
3,941 | Bangkok Bank PCL (Foreign Shares) | 24,013 | ||||||
33,532 | Bangkok Dusit Medical Services PCL, Class F | 23,877 | ||||||
61,960 | BTS Group Holdings PCL | 17,528 | ||||||
6,214 | Central Pattana PCL | 15,849 | ||||||
23,923 | Charoen Pokphand Foods PCL | 18,495 | ||||||
25,561 | CP All PCL | 70,390 | ||||||
3,800 | Delta Electronics Thailand PCL | 8,086 | ||||||
32,500 | Home Product Center PCL | 15,409 | ||||||
1,900 | Kasikornbank PCL (Foreign Shares) | 11,730 | ||||||
35,197 | Krung Thai Bank PCL | 20,265 | ||||||
16,300 | Minor International PCL | 20,689 | ||||||
11,122 | PTT Exploration & Production PCL | 47,223 | ||||||
15,511 | PTT Global Chemical PCL | 47,903 | ||||||
65,670 | PTT PCL | 116,845 | ||||||
1,900 | Siam Cement PCL | 28,064 | ||||||
13,522 | Siam Commercial Bank PCL (The) | 55,966 | ||||||
68,614 | True Corp. PCL | 16,450 | ||||||
|
| |||||||
645,386 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Turkey—3.7% | ||||||||
12,550 | Akbank Turk AS ADR | $ | 52,145 | |||||
3,278 | Anadolu Efes Biracilik ve Malt Sanayii AS | 21,530 | ||||||
4,903 | Arcelik AS | 21,780 | ||||||
2,042 | BIM Birlesik Magazalar AS | 34,569 | ||||||
1,500 | Coca-Cola Icecek AS | 13,303 | ||||||
22,233 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT(a) | 13,338 | ||||||
15,917 | Eregli Demir ve Celik Fabrikalari TAS | 39,611 | ||||||
10,126 | Haci Omer Sabanci Holding AS | 23,873 | ||||||
2,041 | KOC Holding AS ADR | 34,146 | ||||||
4,000 | Petkim Petrokimya Holding AS | 7,049 | ||||||
1,225 | Tupras Turkiye Petrol Rafinerileri AS | 31,265 | ||||||
12,585 | Turk Hava Yollari AO(a) | 51,523 | ||||||
3,044 | Turk Telekomunikasyon AS ADR(a) | 9,497 | ||||||
4,712 | Turkcell Iletisim Hizmetleri AS ADR | 40,759 | ||||||
25,939 | Turkiye Garanti Bankasi AS ADR | 57,325 | ||||||
7,539 | Turkiye Halk Bankasi AS | 15,457 | ||||||
16,790 | Turkiye Is Bankasi AS, Class C | 25,299 | ||||||
8,664 | Turkiye Vakiflar Bankasi TAO, Class D | 12,655 | ||||||
2,001 | Ulker Biskuvi Sanayi AS | 10,465 | ||||||
10,038 | Yapi ve Kredi Bankasi AS(a) | 9,783 | ||||||
|
| |||||||
525,372 | ||||||||
|
| |||||||
United Arab Emirates—3.7% | ||||||||
32,791 | Abu Dhabi Commercial Bank PJSC | 62,758 | ||||||
39,979 | Aldar Properties PJSC | 22,857 | ||||||
37,560 | Damac Properties Dubai Co. PJSC | 28,325 | ||||||
2,610 | DP World Ltd. | 58,072 | ||||||
16,500 | Dubai Investments PJSC | 8,535 | ||||||
19,720 | Dubai Islamic Bank PJSC | 29,528 | ||||||
35,961 | DXB Entertainments PJSC(a)(b) | 3,779 | ||||||
30,453 | Emaar Malls PJSC | 18,377 | ||||||
56,059 | Emaar Properties PJSC | 88,060 | ||||||
27,705 | Emirates Telecommunications Group Co. PJSC | 128,898 | ||||||
22,636 | National Bank of Abu Dhabi PJSC | 76,351 | ||||||
|
| |||||||
525,540 | ||||||||
|
| |||||||
United States—5.6% | ||||||||
46,500 | Global X MSCI Pakistan ETF | 591,015 | ||||||
5,140 | Vaneck Vectors Egypt Index ETF | 205,137 | ||||||
|
| |||||||
796,152 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $12,533,864)—99.9% | 14,141,835 | |||||||
Other assets less liabilities—0.1% | 12,039 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 14,153,874 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $859,758, which represented 6.07% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Consumer Discretionary | 17.2 | |||
Financials | 16.9 | |||
Industrials | 15.8 | |||
Information Technology | 12.5 | |||
Health Care | 8.8 | |||
Real Estate | 8.1 | |||
Materials | 7.1 | |||
Consumer Staples | 6.4 | |||
Utilities | 4.4 | |||
Energy | 2.2 | |||
Telecommunication Services | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—17.2% | ||||||||
2,167 | Adient PLC | $ | 132,815 | |||||
3,296 | AMC Networks, Inc., Class A(b) | 171,392 | ||||||
1,737 | Aptiv PLC | 146,915 | ||||||
4,016 | Aramark | 150,158 | ||||||
3,105 | AutoNation, Inc.(b) | 143,420 | ||||||
252 | AutoZone, Inc.(b) | 157,379 | ||||||
2,960 | Best Buy Co., Inc. | 226,529 | ||||||
99 | Booking Holdings, Inc.(b) | 215,622 | ||||||
3,123 | BorgWarner, Inc. | 152,840 | ||||||
1,979 | Bright Horizons Family Solutions, Inc.(b) | 187,768 | ||||||
3,151 | Brunswick Corp. | 188,682 | ||||||
1,629 | Burlington Stores, Inc.(b) | 221,300 | ||||||
252 | Cable One, Inc. | 160,050 | ||||||
2,505 | CarMax, Inc.(b) | 156,562 | ||||||
2,607 | Carnival Corp. | 164,397 | ||||||
1,556 | Carter’s, Inc. | 156,098 | ||||||
3,032 | CBS Corp., Class B | 149,174 | ||||||
518 | Charter Communications, Inc., Class A(b) | 140,528 | ||||||
578 | Chipotle Mexican Grill, Inc.(b) | 244,685 | ||||||
2,270 | Choice Hotels International, Inc. | 181,713 | ||||||
4,772 | Cinemark Holdings, Inc. | 186,919 | ||||||
4,605 | Comcast Corp., Class A | 144,551 | ||||||
3,384 | D.R. Horton, Inc. | 149,370 | ||||||
2,068 | Darden Restaurants, Inc. | 192,034 | ||||||
549 | Delphi Technologies PLC | 26,577 | ||||||
3,330 | DISH Network Corp., Class A(b) | 111,722 | ||||||
1,981 | Dollar General Corp. | 191,226 | ||||||
1,646 | Dollar Tree, Inc.(b) | 157,835 | ||||||
985 | Domino’s Pizza, Inc. | 238,104 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,938 | Dunkin’ Brands Group, Inc. | $ | 179,100 | |||||
1,452 | Expedia Group, Inc. | 167,183 | ||||||
10,354 | Extended Stay America, Inc. | 202,731 | ||||||
13,637 | Ford Motor Co. | 153,280 | ||||||
8,774 | GameStop Corp., Class A | 119,765 | ||||||
5,281 | Gap, Inc. (The) | 154,416 | ||||||
2,754 | Garmin Ltd. | 161,577 | ||||||
3,042 | GCI Liberty, Inc.(b) | 135,673 | ||||||
3,909 | General Motors Co. | 143,617 | ||||||
8,497 | Gentex Corp. | 193,222 | ||||||
1,882 | Genuine Parts Co. | 166,218 | ||||||
5,321 | Goodyear Tire & Rubber Co. (The) | 133,610 | ||||||
295 | Graham Holdings Co., Class B | 177,900 | ||||||
6,824 | H&R Block, Inc. | 188,684 | ||||||
8,431 | Hanesbrands, Inc. | 155,721 | ||||||
1,893 | Hasbro, Inc. | 166,754 | ||||||
2,242 | Hilton Worldwide Holdings, Inc. | 176,759 | ||||||
996 | Home Depot, Inc. (The) | 184,061 | ||||||
2,434 | Hyatt Hotels Corp., Class A | 187,102 | ||||||
8,823 | Interpublic Group of Cos., Inc. (The) | 208,135 | ||||||
2,932 | John Wiley & Sons, Inc., Class A | 193,365 | ||||||
3,657 | Kohl’s Corp. | 227,173 | ||||||
3,249 | L Brands, Inc. | 113,423 | ||||||
2,613 | Las Vegas Sands Corp. | 191,611 | ||||||
956 | Lear Corp. | 178,743 | ||||||
3,561 | Leggett & Platt, Inc. | 144,399 | ||||||
4,888 | Lennar Corp., Class A | 258,526 | ||||||
237 | Lennar Corp., Class B | 10,118 | ||||||
376 | Liberty Broadband Corp., Class A(b) | 26,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,568 | Liberty Broadband Corp., Class C(b) | $ | 111,156 | |||||
3,807 | Liberty Expedia Holdings, Inc., Class A(b) | 155,326 | ||||||
1,392 | Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 58,144 | ||||||
2,794 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 116,398 | ||||||
4,969 | Lions Gate Entertainment Corp., Class A | 123,678 | ||||||
5,224 | Lions Gate Entertainment Corp., Class B | 120,256 | ||||||
3,745 | Live Nation Entertainment, Inc.(b) | 147,815 | ||||||
4,338 | LKQ Corp.(b) | 134,565 | ||||||
2,063 | Lowe’s Cos., Inc. | 170,053 | ||||||
2,611 | Lululemon Athletica, Inc.(b) | 260,578 | ||||||
1,014 | McDonald’s Corp. | 169,784 | ||||||
5,268 | MGM Resorts International | 165,521 | ||||||
2,929 | Michael Kors Holdings Ltd.(b) | 200,402 | ||||||
8,853 | Michaels Cos., Inc. (The)(b) | 164,843 | ||||||
612 | Mohawk Industries, Inc.(b) | 128,447 | ||||||
2,181 | Murphy USA, Inc.(b) | 136,465 | ||||||
2,847 | NIKE, Inc., Class B | 194,706 | ||||||
3,741 | Nordstrom, Inc. | 189,145 | ||||||
3,105 | Norwegian Cruise Line Holdings Ltd.(b) | 166,024 | ||||||
52 | NVR, Inc.(b) | 161,200 | ||||||
2,348 | Omnicom Group, Inc. | 172,954 | ||||||
737 | O’Reilly Automotive, Inc.(b) | 188,724 | ||||||
3,491 | Penske Automotive Group, Inc. | 157,444 | ||||||
1,378 | Polaris Industries, Inc. | 144,442 | ||||||
1,376 | Pool Corp. | 191,003 | ||||||
5,063 | PulteGroup, Inc. | 153,713 | ||||||
1,280 | PVH Corp. | 204,378 | ||||||
7,162 | Qurate Retail Group, Inc. Qvc Group, Class A(b) | 167,662 | ||||||
1,813 | Ralph Lauren Corp., Class A | 199,158 | ||||||
2,256 | Ross Stores, Inc. | 182,398 | ||||||
1,378 | Royal Caribbean Cruises Ltd. | 149,086 | ||||||
4,770 | Service Corp. International | 174,153 | ||||||
3,542 | ServiceMaster Global Holdings, Inc.(b) | 179,225 | ||||||
3,278 | Signet Jewelers Ltd. | 127,449 | ||||||
32,169 | Sirius XM Holdings, Inc. | 203,630 | ||||||
2,675 | Six Flags Entertainment Corp. | 169,167 | ||||||
4,955 | Skechers U.S.A., Inc., Class A(b) | 141,218 | ||||||
3,073 | Starbucks Corp. | 176,913 | ||||||
4,224 | Tapestry, Inc. | 227,124 | ||||||
2,777 | Target Corp. | 201,610 | ||||||
12,865 | TEGNA, Inc. | 135,983 | ||||||
1,110 | Thor Industries, Inc. | 117,815 | ||||||
1,891 | Tiffany & Co. | 194,452 | ||||||
1,891 | Time Warner, Inc. | 179,267 | ||||||
2,348 | TJX Cos., Inc. (The) | 199,228 | ||||||
3,413 | Toll Brothers, Inc. | 143,892 | ||||||
2,536 | Tractor Supply Co. | 172,448 | ||||||
2,724 | Tupperware Brands Corp. | 121,381 | ||||||
3,772 | Twenty-First Century Fox, Inc., Class A | 137,904 | ||||||
1,584 | Twenty-First Century Fox, Inc., Class B | 57,135 | ||||||
771 | Ulta Beauty, Inc.(b) | 193,452 | ||||||
5,463 | Urban Outfitters, Inc.(b) | 219,995 | ||||||
769 | Vail Resorts, Inc. | 176,339 | ||||||
2,321 | VF Corp. | 187,699 | ||||||
168 | Viacom, Inc., Class A | 5,972 | ||||||
5,825 | Viacom, Inc., Class B | 175,682 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,362 | Visteon Corp.(b) | $ | 169,487 | |||||
1,633 | Walt Disney Co. (The) | 163,839 | ||||||
12,001 | Wendy’s Co. (The) | 200,897 | ||||||
1,021 | Whirlpool Corp. | 158,204 | ||||||
3,321 | Williams-Sonoma, Inc. | 158,744 | ||||||
1,535 | Wyndham Worldwide Corp. | 175,312 | ||||||
1,105 | Wynn Resorts Ltd. | 205,740 | ||||||
4,175 | Yum China Holdings, Inc. (China) | 178,523 | ||||||
2,159 | Yum! Brands, Inc. | 188,049 | ||||||
|
| |||||||
20,149,127 | ||||||||
|
| |||||||
Consumer Staples—6.4% | ||||||||
2,536 | Altria Group, Inc. | 142,295 | ||||||
4,411 | Archer-Daniels-Midland Co. | 200,171 | ||||||
682 | Brown-Forman Corp., Class A | 36,398 | ||||||
3,009 | Brown-Forman Corp., Class B | 168,624 | ||||||
2,586 | Bunge Ltd. | 186,787 | ||||||
1,398 | Casey’s General Stores, Inc. | 135,047 | ||||||
3,657 | Church & Dwight Co., Inc. | 168,953 | ||||||
1,227 | Clorox Co. (The) | 143,804 | ||||||
3,757 | Coca-Cola Co. (The) | 162,340 | ||||||
2,440 | Colgate-Palmolive Co. | 159,161 | ||||||
4,604 | Conagra Brands, Inc. | 170,670 | ||||||
815 | Constellation Brands, Inc., Class A | 190,001 | ||||||
986 | Costco Wholesale Corp. | 194,400 | ||||||
1,972 | Dr Pepper Snapple Group, Inc. | 236,561 | ||||||
3,836 | Energizer Holdings, Inc. | 220,033 | ||||||
1,388 | Estee Lauder Cos., Inc. (The), Class A | 205,549 | ||||||
8,803 | Flowers Foods, Inc. | 199,036 | ||||||
3,040 | General Mills, Inc. | 132,970 | ||||||
4,110 | Hain Celestial Group, Inc. (The)(b) | 119,724 | ||||||
2,492 | Herbalife Nutrition Ltd.(b) | 263,479 | ||||||
1,553 | Hershey Co. (The) | 142,783 | ||||||
4,764 | Hormel Foods Corp. | 172,695 | ||||||
1,223 | Ingredion, Inc. | 148,093 | ||||||
1,461 | JM Smucker Co. (The) | 166,671 | ||||||
2,632 | Kellogg Co. | 155,025 | ||||||
1,447 | Kimberly-Clark Corp. | 149,822 | ||||||
2,105 | Kraft Heinz Co. (The) | 118,680 | ||||||
3,254 | Lamb Weston Holdings, Inc. | 212,551 | ||||||
1,716 | McCormick & Co., Inc. | 180,884 | ||||||
3,990 | Mondelez International, Inc., Class A | 157,605 | ||||||
2,520 | Nu Skin Enterprises, Inc., Class A | 179,298 | ||||||
1,469 | PepsiCo, Inc. | 148,281 | ||||||
1,712 | Philip Morris International, Inc. | 140,384 | ||||||
4,722 | Pilgrim’s Pride Corp.(b) | 101,995 | ||||||
3,098 | Pinnacle Foods, Inc. | 187,119 | ||||||
2,158 | Post Holdings, Inc.(b) | 171,712 | ||||||
1,915 | Procter & Gamble Co. (The) | 138,531 | ||||||
41 | Seaboard Corp. | 164,289 | ||||||
1,485 | Spectrum Brands Holdings, Inc. | 107,069 | ||||||
7,653 | Sprouts Farmers Market, Inc.(b) | 191,555 | ||||||
3,059 | Sysco Corp. | 191,310 | ||||||
2,089 | Tyson Foods, Inc., Class A | 146,439 | ||||||
6,185 | US Foods Holding Corp.(b) | 211,403 | ||||||
2,445 | Walgreens Boots Alliance, Inc. | 162,470 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
1,751 | Walmart, Inc. | $ | 154,894 | |||||
|
| |||||||
7,437,561 | ||||||||
|
| |||||||
Energy—2.2% | ||||||||
1,634 | Andeavor | 226,015 | ||||||
4,361 | Apache Corp. | 178,583 | ||||||
1,465 | Chevron Corp. | 183,286 | ||||||
2,083 | Exxon Mobil Corp. | 161,953 | ||||||
3,966 | HollyFrontier Corp. | 240,697 | ||||||
10,205 | Kinder Morgan, Inc. | 161,443 | ||||||
2,863 | Marathon Petroleum Corp. | 214,467 | ||||||
2,538 | Occidental Petroleum Corp. | 196,086 | ||||||
5,558 | PBF Energy, Inc., Class A | 213,038 | ||||||
1,812 | Phillips 66 | 201,694 | ||||||
2,762 | Schlumberger Ltd. | 189,363 | ||||||
2,067 | Valero Energy Corp. | 229,292 | ||||||
6,034 | Williams Cos., Inc. (The) | 155,255 | ||||||
|
| |||||||
2,551,172 | ||||||||
|
| |||||||
Financials—16.9% | ||||||||
864 | Affiliated Managers Group, Inc. | 142,439 | ||||||
3,943 | Aflac, Inc. | 179,683 | ||||||
8,528 | AGNC Investment Corp. REIT | 161,350 | ||||||
295 | Alleghany Corp. | 169,528 | ||||||
1,727 | Allstate Corp. (The) | 168,935 | ||||||
6,429 | Ally Financial, Inc. | 167,797 | ||||||
1,841 | American Express Co. | 181,799 | ||||||
1,633 | American Financial Group, Inc. | 184,888 | ||||||
1,371 | American National Insurance Co. | 165,439 | ||||||
1,046 | Ameriprise Financial, Inc. | 146,660 | ||||||
14,540 | Annaly Capital Management, Inc. REIT | 150,780 | ||||||
1,218 | Aon PLC | 173,528 | ||||||
1,820 | Arch Capital Group Ltd.(b) | 145,837 | ||||||
2,586 | Arthur J. Gallagher & Co. | 180,994 | ||||||
6,773 | Associated Banc-Corp. | 179,146 | ||||||
1,734 | Assurant, Inc. | 160,950 | ||||||
4,668 | Assured Guaranty Ltd. | 169,402 | ||||||
3,449 | Athene Holding Ltd., Class A(b) | 169,001 | ||||||
6,066 | Bank of America Corp. | 181,495 | ||||||
3,143 | Bank of New York Mellon Corp. (The) | 171,325 | ||||||
4,515 | BankUnited, Inc. | 178,839 | ||||||
3,484 | BB&T Corp. | 183,955 | ||||||
932 | Berkshire Hathaway, Inc., Class B(b) | 180,556 | ||||||
10,532 | BGC Partners, Inc., Class A | 140,708 | ||||||
343 | BlackRock, Inc. | 178,874 | ||||||
6,739 | Brown & Brown, Inc. | 183,503 | ||||||
1,890 | Capital One Financial Corp. | 171,272 | ||||||
3,544 | Charles Schwab Corp. (The) | 197,330 | ||||||
9,208 | Chimera Investment Corp. REIT | 161,048 | ||||||
1,124 | Chubb Ltd. | 152,493 | ||||||
2,357 | Cincinnati Financial Corp. | 165,791 | ||||||
2,343 | Citigroup, Inc. | 159,957 | ||||||
4,313 | Citizens Financial Group, Inc. | 178,946 | ||||||
1,184 | CME Group, Inc. | 186,693 | ||||||
3,139 | CNA Financial Corp. | 158,394 | ||||||
2,060 | Comerica, Inc. | 194,835 | ||||||
3,070 | Commerce Bancshares, Inc. | 195,006 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
578 | Credit Acceptance Corp.(b) | $ | 191,226 | |||||
1,708 | Cullen/Frost Bankers, Inc. | 195,481 | ||||||
3,702 | E*TRADE Financial Corp.(b) | 224,637 | ||||||
2,782 | East West Bancorp, Inc. | 185,337 | ||||||
3,133 | Eaton Vance Corp. | 170,404 | ||||||
1,385 | Erie Indemnity Co., Class A | 161,726 | ||||||
772 | Everest Re Group Ltd. | 179,621 | ||||||
865 | FactSet Research Systems, Inc. | 163,580 | ||||||
5,196 | Federated Investors, Inc., Class B | 137,538 | ||||||
5,629 | Fifth Third Bancorp | 186,714 | ||||||
3,123 | First American Financial Corp. | 159,617 | ||||||
8,624 | First Horizon National Corp. | 157,819 | ||||||
1,823 | First Republic Bank | 169,302 | ||||||
4,259 | FNF Group | 156,859 | ||||||
3,977 | Franklin Resources, Inc. | 133,786 | ||||||
723 | Goldman Sachs Group, Inc. (The) | 172,313 | ||||||
1,616 | Hanover Insurance Group, Inc. (The) | 185,598 | ||||||
2,966 | Hartford Financial Services Group, Inc. (The) | 159,689 | ||||||
11,824 | Huntington Bancshares, Inc. | 176,296 | ||||||
3,061 | Interactive Brokers Group, Inc., Class A | 227,126 | ||||||
2,516 | Intercontinental Exchange, Inc. | 182,309 | ||||||
4,753 | Invesco Ltd.(c) | 137,694 | ||||||
1,653 | JPMorgan Chase & Co. | 179,813 | ||||||
9,016 | KeyCorp | 179,599 | ||||||
3,595 | Lazard Ltd., Class A | 195,640 | ||||||
4,440 | Legg Mason, Inc. | 176,268 | ||||||
6,431 | Leucadia National Corp. | 154,601 | ||||||
2,243 | Lincoln National Corp. | 158,446 | ||||||
3,399 | Loews Corp. | 178,312 | ||||||
3,382 | LPL Financial Holdings, Inc. | 204,848 | ||||||
1,020 | M&T Bank Corp. | 185,915 | ||||||
160 | Markel Corp.(b) | 180,806 | ||||||
2,058 | Marsh & McLennan Cos., Inc. | 167,727 | ||||||
3,130 | Mercury General Corp. | 143,135 | ||||||
21,317 | MFA Financial, Inc. REIT | 160,304 | ||||||
3,416 | Morgan Stanley | 176,334 | ||||||
1,918 | Morningstar, Inc. | 208,256 | ||||||
1,363 | MSCI, Inc., Class A | 204,218 | ||||||
2,245 | Nasdaq, Inc. | 198,278 | ||||||
9,718 | New Residential Investment Corp. REIT | 169,871 | ||||||
1,797 | Northern Trust Corp. | 191,830 | ||||||
8,193 | Old Republic International Corp. | 167,137 | ||||||
6,805 | OneMain Holdings, Inc.(b) | 209,934 | ||||||
8,884 | People’s United Financial, Inc. | 162,488 | ||||||
1,252 | PNC Financial Services Group, Inc. (The) | 182,304 | ||||||
2,404 | Principal Financial Group, Inc. | 142,365 | ||||||
2,790 | ProAssurance Corp. | 131,967 | ||||||
3,277 | Progressive Corp. (The) | 197,570 | ||||||
2,427 | Prosperity Bancshares, Inc. | 174,186 | ||||||
1,478 | Prudential Financial, Inc. | 157,141 | ||||||
1,986 | Raymond James Financial, Inc. | 178,243 | ||||||
10,336 | Regions Financial Corp. | 193,283 | ||||||
1,043 | Reinsurance Group of America, Inc. | 155,824 | ||||||
1,040 | S&P Global, Inc. | 196,144 | ||||||
10,350 | Santander Consumer USA Holdings, Inc. | 190,957 | ||||||
2,516 | SEI Investments Co. | 159,087 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
7,888 | Starwood Property Trust, Inc. REIT | $ | 165,332 | |||||
1,813 | State Street Corp. | 180,901 | ||||||
2,860 | SunTrust Banks, Inc. | 191,048 | ||||||
763 | SVB Financial Group(b) | 228,602 | ||||||
4,850 | Synchrony Financial | 160,875 | ||||||
3,514 | Synovus Financial Corp. | 183,677 | ||||||
1,733 | T. Rowe Price Group, Inc. | 197,250 | ||||||
8,520 | TCF Financial Corp. | 211,552 | ||||||
3,373 | TD Ameritrade Holding Corp. | 195,938 | ||||||
1,920 | Torchmark Corp. | 166,541 | ||||||
1,281 | Travelers Cos., Inc. (The) | 168,580 | ||||||
10,628 | Two Harbors Investment Corp. REIT | 162,183 | ||||||
3,128 | U.S. Bancorp | 157,808 | ||||||
3,037 | Unum Group | 146,930 | ||||||
2,505 | W.R. Berkley Corp. | 186,773 | ||||||
3,063 | Webster Financial Corp. | 184,362 | ||||||
3,026 | Wells Fargo & Co. | 157,231 | ||||||
2,980 | Western Alliance Bancorp(b) | 175,760 | ||||||
1,116 | Willis Towers Watson PLC | 165,737 | ||||||
3,464 | Zions Bancorporation | 189,654 | ||||||
|
| |||||||
19,723,413 | ||||||||
|
| |||||||
Health Care—8.8% | ||||||||
3,154 | Abbott Laboratories | 183,342 | ||||||
1,798 | AbbVie, Inc. | 173,597 | ||||||
954 | Aetna, Inc. | 170,814 | ||||||
2,500 | Agilent Technologies, Inc. | 164,350 | ||||||
5,252 | Akorn, Inc.(b) | 75,786 | ||||||
1,650 | Alexion Pharmaceuticals, Inc.(b) | 194,089 | ||||||
2,069 | AmerisourceBergen Corp. | 187,410 | ||||||
1,028 | Amgen, Inc. | 179,365 | ||||||
764 | Anthem, Inc. | 180,296 | ||||||
2,707 | Baxter International, Inc. | 188,137 | ||||||
762 | Becton, Dickinson and Co. | 176,685 | ||||||
554 | Biogen, Inc.(b) | 151,574 | ||||||
2,789 | Bristol-Myers Squibb Co. | 145,391 | ||||||
4,873 | Bruker Corp. | 143,900 | ||||||
2,967 | Cardinal Health, Inc. | 190,392 | ||||||
1,658 | Celgene Corp.(b) | 144,412 | ||||||
1,732 | Centene Corp.(b) | 188,061 | ||||||
2,449 | Cerner Corp.(b) | 142,654 | ||||||
1,711 | Charles River Laboratories International, Inc.(b) | 178,269 | ||||||
841 | Cigna Corp. | 144,501 | ||||||
723 | Cooper Cos., Inc. (The) | 165,357 | ||||||
2,336 | CVS Health Corp. | 163,123 | ||||||
1,823 | Danaher Corp. | 182,883 | ||||||
1,473 | Edwards Lifesciences Corp.(b) | 187,601 | ||||||
2,083 | Eli Lilly & Co. | 168,869 | ||||||
2,780 | Express Scripts Holding Co.(b) | 210,446 | ||||||
2,330 | Gilead Sciences, Inc. | 168,296 | ||||||
2,146 | HCA Healthcare, Inc. | 205,458 | ||||||
2,435 | Henry Schein, Inc.(b) | 185,060 | ||||||
2,067 | Hill-Rom Holdings, Inc. | 177,411 | ||||||
4,060 | Hologic, Inc.(b) | 157,487 | ||||||
687 | Humana, Inc. | 202,102 | ||||||
1,735 | Iqvia Holdings, Inc.(b) | 166,144 | ||||||
1,223 | Johnson & Johnson | 154,697 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
1,101 | Laboratory Corp. of America Holdings(b) | $ | 187,996 | |||||
1,190 | McKesson Corp. | 185,890 | ||||||
2,086 | Medtronic PLC | 167,151 | ||||||
3,102 | Merck & Co., Inc. | 182,615 | ||||||
278 | Mettler-Toledo International, Inc.(b) | 155,661 | ||||||
4,752 | Mylan NV(b) | 184,188 | ||||||
4,627 | Patterson Cos., Inc. | 107,717 | ||||||
2,342 | PerkinElmer, Inc. | 171,809 | ||||||
4,881 | Pfizer, Inc. | 178,693 | ||||||
5,997 | Premier, Inc., Class A(b) | 197,841 | ||||||
5,381 | Qiagen N.V.(b) | 176,013 | ||||||
1,804 | Quest Diagnostics, Inc. | 182,565 | ||||||
496 | Regeneron Pharmaceuticals, Inc.(b) | 150,625 | ||||||
2,059 | ResMed, Inc. | 194,864 | ||||||
1,914 | STERIS PLC | 180,911 | ||||||
1,116 | Stryker Corp. | 189,073 | ||||||
670 | Teleflex, Inc. | 179,480 | ||||||
904 | Thermo Fisher Scientific, Inc. | 190,156 | ||||||
1,366 | United Therapeutics Corp.(b) | 150,410 | ||||||
775 | UnitedHealth Group, Inc. | 183,210 | ||||||
1,627 | Universal Health Services, Inc., Class B | 185,803 | ||||||
1,546 | Varian Medical Systems, Inc.(b) | 178,702 | ||||||
874 | Waters Corp.(b) | 164,670 | ||||||
835 | WellCare Health Plans, Inc.(b) | 171,309 | ||||||
1,720 | West Pharmaceutical Services, Inc. | 151,721 | ||||||
1,472 | Zimmer Biomet Holdings, Inc. | 169,530 | ||||||
|
| |||||||
10,316,562 | ||||||||
|
| |||||||
Industrials—15.8% | ||||||||
731 | 3M Co. | 142,099 | ||||||
2,801 | A.O. Smith Corp. | 171,841 | ||||||
2,420 | AGCO Corp. | 151,686 | ||||||
4,016 | Air Lease Corp. | 167,427 | ||||||
2,544 | Alaska Air Group, Inc. | 165,182 | ||||||
2,070 | Allegion PLC | 159,763 | ||||||
4,259 | Allison Transmission Holdings, Inc. | 166,058 | ||||||
483 | AMERCO | 163,022 | ||||||
3,477 | American Airlines Group, Inc. | 149,268 | ||||||
2,448 | AMETEK, Inc. | 170,870 | ||||||
2,867 | Armstrong World Industries, Inc.(b) | 160,552 | ||||||
646 | Boeing Co. (The) | 215,480 | ||||||
2,878 | BWX Technologies, Inc. | 195,128 | ||||||
2,065 | C.H. Robinson Worldwide, Inc. | 190,042 | ||||||
1,548 | Carlisle Cos., Inc. | 166,766 | ||||||
1,271 | Caterpillar, Inc. | 183,482 | ||||||
1,122 | Cintas Corp. | 191,077 | ||||||
4,693 | Colfax Corp.(b) | 145,530 | ||||||
1,278 | Copa Holdings SA, Class A (Panama) | 149,743 | ||||||
4,070 | Copart, Inc.(b) | 207,896 | ||||||
2,060 | Crane Co. | 172,298 | ||||||
3,258 | CSX Corp. | 193,493 | ||||||
1,041 | Cummins, Inc. | 166,414 | ||||||
1,180 | Deere & Co. | 159,689 | ||||||
3,291 | Delta Air Lines, Inc. | 171,856 | ||||||
3,539 | Donaldson Co., Inc. | 156,636 | ||||||
1,796 | Dover Corp. | 166,489 | ||||||
1,449 | Dun & Bradstreet Corp. (The) | 167,084 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,236 | Eaton Corp. PLC | $ | 167,767 | |||||
2,684 | Emerson Electric Co. | 178,244 | ||||||
1,546 | Equifax, Inc. | 173,229 | ||||||
2,668 | Expeditors International of Washington, Inc. | 170,378 | ||||||
3,421 | Fastenal Co. | 171,016 | ||||||
768 | FedEx Corp. | 189,850 | ||||||
2,336 | Fortive Corp. | 164,244 | ||||||
2,630 | Fortune Brands Home & Security, Inc. | 143,835 | ||||||
846 | General Dynamics Corp. | 170,308 | ||||||
2,235 | Genesee & Wyoming, Inc., Class A(b) | 159,132 | ||||||
1,201 | Harris Corp. | 187,860 | ||||||
892 | HEICO Corp. | 78,362 | ||||||
1,765 | HEICO Corp., Class A | 127,345 | ||||||
2,778 | Hexcel Corp. | 184,654 | ||||||
1,121 | Honeywell International, Inc. | 162,186 | ||||||
1,369 | Hubbell, Inc. | 142,184 | ||||||
728 | Huntington Ingalls Industries, Inc. | 177,057 | ||||||
1,295 | IDEX Corp. | 173,090 | ||||||
1,035 | Illinois Tool Works, Inc. | 146,991 | ||||||
1,992 | Ingersoll-Rand PLC | 167,109 | ||||||
3,189 | ITT, Inc. | 155,910 | ||||||
1,632 | J.B. Hunt Transport Services, Inc. | 191,646 | ||||||
2,748 | Jacobs Engineering Group, Inc. | 159,631 | ||||||
8,170 | JetBlue Airways Corp.(b) | 156,782 | ||||||
1,557 | Kansas City Southern | 166,023 | ||||||
3,450 | KAR Auction Services, Inc. | 179,365 | ||||||
2,669 | Kirby Corp.(b) | 227,666 | ||||||
871 | L3 Technologies, Inc. | 170,611 | ||||||
1,728 | Landstar System, Inc. | 175,651 | ||||||
847 | Lennox International, Inc. | 163,784 | ||||||
1,910 | Lincoln Electric Holdings, Inc. | 158,282 | ||||||
542 | Lockheed Martin Corp. | 173,895 | ||||||
1,315 | ManpowerGroup, Inc. | 125,872 | ||||||
4,077 | Masco Corp. | 154,396 | ||||||
4,709 | Nielsen Holdings PLC | 148,098 | ||||||
1,373 | Nordson Corp. | 176,568 | ||||||
1,281 | Norfolk Southern Corp. | 183,785 | ||||||
567 | Northrop Grumman Corp. | 182,597 | ||||||
1,361 | Old Dominion Freight Line, Inc. | 182,183 | ||||||
1,297 | Orbital ATK, Inc. | 171,697 | ||||||
1,923 | Oshkosh Corp. | 138,764 | ||||||
1,935 | Owens Corning | 126,723 | ||||||
2,491 | PACCAR, Inc. | 158,602 | ||||||
938 | Parker-Hannifin Corp. | 154,414 | ||||||
2,539 | Pentair PLC (United Kingdom) | 170,824 | ||||||
4,541 | Quanta Services, Inc.(b) | 147,583 | ||||||
921 | Raytheon Co. | 188,750 | ||||||
2,234 | Regal Beloit Corp. | 159,061 | ||||||
2,671 | Republic Services, Inc. | 172,760 | ||||||
3,021 | Robert Half International, Inc. | 183,526 | ||||||
918 | Rockwell Automation, Inc. | 151,039 | ||||||
1,299 | Rockwell Collins, Inc. | 172,169 | ||||||
664 | Roper Technologies, Inc. | 175,422 | ||||||
2,106 | Ryder System, Inc. | 142,008 | ||||||
3,410 | Sensata Technologies Holding PLC(b) | 172,955 | ||||||
1,029 | Snap-on, Inc. | 149,462 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,983 | Southwest Airlines Co. | $ | 157,592 | |||||
2,059 | Spirit AeroSystems Holdings, Inc., Class A | 165,482 | ||||||
1,027 | Stanley Black & Decker, Inc. | 145,413 | ||||||
943 | Teledyne Technologies, Inc.(b) | 176,426 | ||||||
3,124 | Textron, Inc. | 194,125 | ||||||
3,477 | Timken Co. (The) | 148,642 | ||||||
2,666 | Toro Co. (The) | 155,668 | ||||||
633 | TransDigm Group, Inc. | 202,921 | ||||||
3,243 | TransUnion(b) | 210,503 | ||||||
4,858 | Trinity Industries, Inc. | 154,824 | ||||||
1,392 | Union Pacific Corp. | 186,013 | ||||||
2,764 | United Continental Holdings, Inc.(b) | 186,681 | ||||||
1,448 | United Parcel Service, Inc., Class B | 164,348 | ||||||
1,103 | United Rentals, Inc.(b) | 165,450 | ||||||
1,456 | United Technologies Corp. | 174,938 | ||||||
5,848 | Univar, Inc.(b) | 161,171 | ||||||
4,696 | USG Corp.(b) | 188,920 | ||||||
1,016 | Valmont Industries, Inc. | 144,374 | ||||||
1,809 | Verisk Analytics, Inc.(b) | 192,568 | ||||||
1,140 | WABCO Holdings, Inc.(b) | 147,049 | ||||||
2,233 | Wabtec Corp. | 198,313 | ||||||
2,076 | Waste Management, Inc. | 168,758 | ||||||
1,032 | Watsco, Inc. | 172,777 | ||||||
7,758 | Welbilt, Inc.(b) | 148,643 | ||||||
2,233 | XPO Logistics, Inc.(b) | 216,958 | ||||||
2,513 | Xylem, Inc. | 183,198 | ||||||
|
| |||||||
18,481,971 | ||||||||
|
| |||||||
Information Technology—12.5% | ||||||||
1,186 | Accenture PLC, Class A | 179,323 | ||||||
2,766 | Activision Blizzard, Inc. | 183,524 | ||||||
763 | Alliance Data Systems Corp. | 154,927 | ||||||
84 | Alphabet, Inc., Class A(b) | 85,561 | ||||||
85 | Alphabet, Inc., Class C(b) | 86,473 | ||||||
2,696 | Amdocs Ltd. | 181,306 | ||||||
1,909 | Amphenol Corp., Class A | 159,802 | ||||||
1,999 | Analog Devices, Inc. | 174,613 | ||||||
1,019 | Apple, Inc. | 168,400 | ||||||
3,314 | Applied Materials, Inc. | 164,606 | ||||||
5,834 | ARRIS International PLC(b) | 157,518 | ||||||
2,174 | Arrow Electronics, Inc.(b) | 162,485 | ||||||
1,552 | Automatic Data Processing, Inc. | 183,260 | ||||||
4,510 | Booz Allen Hamilton Holding Corp. | 178,731 | ||||||
1,968 | Broadridge Financial Solutions, Inc. | 210,989 | ||||||
5,385 | CA, Inc. | 187,398 | ||||||
3,975 | Cadence Design Systems, Inc.(b) | 159,239 | ||||||
2,491 | CDK Global, Inc. | 162,513 | ||||||
2,494 | CDW Corp. | 177,797 | ||||||
4,669 | Cisco Systems, Inc. | 206,790 | ||||||
1,976 | Citrix Systems, Inc.(b) | 203,350 | ||||||
2,432 | Cognizant Technology Solutions Corp., Class A | 198,986 | ||||||
592 | Coherent, Inc.(b) | 99,586 | ||||||
4,698 | CommScope Holding Co., Inc.(b) | 179,558 | ||||||
3,988 | CoreLogic, Inc.(b) | 197,406 | ||||||
5,280 | Corning, Inc. | 142,666 | ||||||
2,282 | Dell Technologies, Inc., Class V(b) | 163,779 | ||||||
2,777 | Dolby Laboratories, Inc., Class A | 166,120 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
5,084 | eBay, Inc.(b) | $ | 192,582 | |||||
2,897 | EchoStar Corp., Class A(b) | 152,208 | ||||||
1,630 | Electronic Arts, Inc.(b) | 192,307 | ||||||
1,889 | Euronet Worldwide, Inc.(b) | 147,550 | ||||||
1,894 | Fidelity National Information Services, Inc. | 179,873 | ||||||
10,593 | First Data Corp., Class A(b) | 191,733 | ||||||
2,721 | Fiserv, Inc.(b) | 192,810 | ||||||
954 | FleetCor Technologies, Inc.(b) | 197,745 | ||||||
3,767 | FLIR Systems, Inc. | 201,723 | ||||||
4,198 | Fortinet, Inc.(b) | 232,401 | ||||||
5,552 | Genpact Ltd. | 177,053 | ||||||
1,732 | Global Payments, Inc. | 195,803 | ||||||
12,509 | Hewlett Packard Enterprise Co. | 213,278 | ||||||
7,992 | HP, Inc. | 171,748 | ||||||
3,900 | Intel Corp. | 201,318 | ||||||
1,119 | International Business Machines Corp. | 162,210 | ||||||
1,115 | Intuit, Inc. | 206,041 | ||||||
6,002 | Jabil, Inc. | 159,653 | ||||||
1,541 | Jack Henry & Associates, Inc. | 184,119 | ||||||
5,771 | Juniper Networks, Inc. | 141,909 | ||||||
3,979 | Keysight Technologies, Inc.(b) | 205,635 | ||||||
1,714 | KLA-Tencor Corp. | 174,382 | ||||||
899 | Lam Research Corp. | 166,369 | ||||||
2,754 | Leidos Holdings, Inc. | 176,889 | ||||||
3,290 | Maxim Integrated Products, Inc. | 179,305 | ||||||
1,983 | Microchip Technology, Inc. | 165,898 | ||||||
3,914 | Micron Technology, Inc.(b) | 179,966 | ||||||
3,384 | Microsemi Corp.(b) | 218,911 | ||||||
2,063 | Microsoft Corp. | 192,932 | ||||||
1,820 | Motorola Solutions, Inc. | 199,891 | ||||||
3,981 | National Instruments Corp. | 162,783 | ||||||
3,134 | NetApp, Inc. | 208,662 | ||||||
1,547 | NXP Semiconductors NV (Netherlands)(b) | 162,280 | ||||||
8,757 | ON Semiconductor Corp.(b) | 193,355 | ||||||
3,538 | Oracle Corp. | 161,580 | ||||||
2,581 | Paychex, Inc. | 156,331 | ||||||
2,583 | QUALCOMM, Inc. | 131,759 | ||||||
8,845 | Sabre Corp. | 182,561 | ||||||
1,632 | Skyworks Solutions, Inc. | 141,592 | ||||||
4,269 | SS&C Technologies Holdings, Inc. | 211,956 | ||||||
1,980 | Synopsys, Inc.(b) | 169,310 | ||||||
4,658 | Teradata Corp.(b) | 190,605 | ||||||
4,291 | Teradyne, Inc. | 139,672 | ||||||
1,804 | Texas Instruments, Inc. | 182,980 | ||||||
2,421 | Total System Services, Inc. | 203,509 | ||||||
4,120 | Trimble, Inc.(b) | 142,552 | ||||||
1,544 | VeriSign, Inc.(b) | 181,297 | ||||||
4,440 | Versum Materials, Inc. | 156,199 | ||||||
1,560 | Visa, Inc., Class A | 197,933 | ||||||
1,449 | VMware, Inc., Class A(b) | 193,094 | ||||||
2,183 | Western Digital Corp. | 171,999 | ||||||
8,692 | Western Union Co. (The) | 171,667 | ||||||
2,424 | Worldpay, Inc., Class A(b) | 196,877 | ||||||
2,524 | Xilinx, Inc. | 162,142 | ||||||
1,614 | Zebra Technologies Corp., Class A(b) | 217,616 | ||||||
|
| |||||||
14,621,259 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials—7.1% | ||||||||
1,078 | Air Products & Chemicals, Inc. | $ | 174,949 | |||||
1,299 | Albemarle Corp. | 125,951 | ||||||
2,002 | AptarGroup, Inc. | 187,187 | ||||||
2,329 | Ashland Global Holdings, Inc. | 154,133 | ||||||
1,543 | Avery Dennison Corp. | 161,722 | ||||||
4,550 | Axalta Coating Systems Ltd.(b) | 140,595 | ||||||
4,333 | Ball Corp. | 173,710 | ||||||
3,666 | Bemis Co., Inc. | 158,628 | ||||||
2,882 | Berry Global Group, Inc.(b) | 158,510 | ||||||
2,773 | Cabot Corp. | 154,900 | ||||||
1,632 | Celanese Corp., Series A | 177,349 | ||||||
3,309 | Chemours Co. (The) | 160,189 | ||||||
2,886 | Crown Holdings, Inc.(b) | 143,838 | ||||||
3,578 | Domtar Corp. | 157,074 | ||||||
2,447 | DowDuPont, Inc. | 154,748 | ||||||
1,627 | Eagle Materials, Inc. | 161,008 | ||||||
1,883 | Eastman Chemical Co. | 192,217 | ||||||
1,277 | Ecolab, Inc. | 184,871 | ||||||
1,834 | FMC Corp. | 146,225 | ||||||
12,471 | Freeport-McMoRan, Inc. | 189,684 | ||||||
11,307 | Graphic Packaging Holding Co. | 161,690 | ||||||
5,388 | Huntsman Corp. | 160,401 | ||||||
1,113 | International Flavors & Fragrances, Inc. | 157,222 | ||||||
3,155 | International Paper Co. | 162,672 | ||||||
1,636 | LyondellBasell Industries NV, Class A | 172,974 | ||||||
837 | Martin Marietta Materials, Inc. | 163,022 | ||||||
1,461 | Monsanto Co. | 183,166 | ||||||
430 | NewMarket Corp. | 163,206 | ||||||
4,682 | Newmont Mining Corp. | 183,956 | ||||||
3,052 | Nucor Corp. | 188,064 | ||||||
4,852 | Olin Corp. | 146,482 | ||||||
7,151 | Owens-Illinois, Inc.(b) | 145,380 | ||||||
1,536 | Packaging Corp. of America | 177,700 | ||||||
1,467 | PPG Industries, Inc. | 155,326 | ||||||
1,110 | Praxair, Inc. | 169,297 | ||||||
2,253 | Reliance Steel & Aluminum Co. | 198,084 | ||||||
2,088 | Royal Gold, Inc. | 185,414 | ||||||
3,222 | RPM International, Inc. | 155,623 | ||||||
1,740 | Scotts Miracle-Gro Co. (The) | 145,429 | ||||||
3,626 | Sealed Air Corp. | 159,000 | ||||||
435 | Sherwin-Williams Co. (The) | 159,932 | ||||||
6,155 | Silgan Holdings, Inc. | 172,771 | ||||||
3,225 | Sonoco Products Co. | 165,636 | ||||||
4,112 | Southern Copper Corp. (Peru) | 217,155 | ||||||
4,668 | Steel Dynamics, Inc. | 209,173 | ||||||
7,034 | Valvoline, Inc. | 142,650 | ||||||
1,376 | Vulcan Materials Co. | 153,685 | ||||||
2,327 | W.R. Grace & Co. | 159,260 | ||||||
1,796 | Westlake Chemical Corp. | 192,118 | ||||||
2,848 | WestRock Co. | 168,488 | ||||||
|
| |||||||
8,332,464 | ||||||||
|
| |||||||
Real Estate—8.1% | ||||||||
1,194 | American Tower Corp. REIT | 162,814 | ||||||
3,856 | Apartment Investment & Management Co., Class A REIT | 156,554 | ||||||
8,818 | Apple Hospitality REIT, Inc. REIT | 158,636 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
945 | AvalonBay Communities, Inc. REIT | $ | 154,035 | |||||
1,375 | Boston Properties, Inc. REIT | 166,939 | ||||||
9,853 | Brandywine Realty Trust REIT | 158,732 | ||||||
1,917 | Camden Property Trust REIT | 163,712 | ||||||
3,987 | CBRE Group, Inc., Class A(b) | 180,651 | ||||||
7,477 | Columbia Property Trust, Inc. REIT | 159,709 | ||||||
7,325 | CoreCivic, Inc. REIT | 147,672 | ||||||
1,562 | CoreSite Realty Corp. REIT | 162,604 | ||||||
5,594 | Corporate Office Properties Trust REIT | 153,891 | ||||||
6,235 | CubeSmart REIT | 183,558 | ||||||
2,854 | DCT Industrial Trust, Inc. REIT | 187,137 | ||||||
4,253 | Douglas Emmett, Inc. REIT | 158,509 | ||||||
6,162 | Duke Realty Corp. REIT | 166,990 | ||||||
8,419 | Empire State Realty Trust, Inc., Class A REIT | 146,659 | ||||||
2,529 | EPR Properties REIT | 139,146 | ||||||
5,647 | Equity Commonwealth REIT(b) | 175,000 | ||||||
1,911 | Equity LifeStyle Properties, Inc. REIT | 170,385 | ||||||
2,640 | Equity Residential REIT | 162,914 | ||||||
692 | Essex Property Trust, Inc. REIT | 165,865 | ||||||
2,077 | Extra Space Storage, Inc. REIT | 186,078 | ||||||
1,298 | Federal Realty Investment Trust REIT | 150,373 | ||||||
4,809 | Gaming and Leisure Properties, Inc. REIT | 164,804 | ||||||
7,314 | GGP, Inc. REIT | 146,207 | ||||||
6,360 | HCP, Inc. REIT | 148,570 | ||||||
3,379 | Highwoods Properties, Inc. REIT | 148,744 | ||||||
5,737 | Hospitality Properties Trust REIT | 142,737 | ||||||
8,702 | Host Hotels & Resorts, Inc. REIT | 170,211 | ||||||
1,383 | Howard Hughes Corp. (The)(b) | 187,120 | ||||||
4,234 | Iron Mountain, Inc. REIT | 143,702 | ||||||
1,129 | Jones Lang LaSalle, Inc. | 191,377 | ||||||
2,267 | Kilroy Realty Corp. REIT | 162,476 | ||||||
2,322 | Lamar Advertising Co., Class A REIT | 147,935 | ||||||
3,834 | Liberty Property Trust REIT | 160,338 | ||||||
1,913 | Life Storage, Inc. REIT | 169,186 | ||||||
2,673 | Macerich Co. (The) REIT | 154,018 | ||||||
12,420 | Medical Properties Trust, Inc. REIT | 158,728 | ||||||
1,735 | Mid-America Apartment Communities, Inc. REIT | 158,683 | ||||||
4,147 | National Retail Properties, Inc. REIT | 157,752 | ||||||
6,378 | Omega Healthcare Investors, Inc. REIT | 165,700 | ||||||
7,247 | Outfront Media, Inc. REIT | 135,881 | ||||||
8,621 | Piedmont Office Realty Trust, Inc., Class A REIT | 154,488 | ||||||
2,594 | Prologis, Inc. REIT | 168,376 | ||||||
831 | Public Storage REIT | 167,679 | ||||||
5,631 | Rayonier, Inc. REIT | 209,417 | ||||||
6,289 | Realogy Holdings Corp. | 156,030 | ||||||
3,211 | Realty Income Corp. REIT | 162,188 | ||||||
8,944 | Senior Housing Properties Trust REIT | 139,258 | ||||||
1,721 | SL Green Realty Corp. REIT | 168,211 | ||||||
6,631 | STORE Capital Corp. REIT | 167,300 | ||||||
4,349 | UDR, Inc. REIT | 157,216 | ||||||
2,678 | Ventas, Inc. REIT | 137,703 | ||||||
2,234 | Vornado Realty Trust REIT | 151,979 | ||||||
5,196 | Weingarten Realty Investors REIT | 142,734 | ||||||
2,539 | Welltower, Inc. REIT | 135,684 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
4,848 | Weyerhaeuser Co. REIT | $ | 178,309 | |||||
2,415 | WP Carey, Inc. REIT | 154,198 | ||||||
|
| |||||||
9,483,502 | ||||||||
|
| |||||||
Telecommunication Services—0.6% | ||||||||
4,694 | AT&T, Inc. | 153,494 | ||||||
2,772 | T-Mobile US, Inc.(b) | 167,734 | ||||||
3,520 | Verizon Communications, Inc. | 173,712 | ||||||
4,850 | Zayo Group Holdings, Inc.(b) | 176,055 | ||||||
|
| |||||||
670,995 | ||||||||
|
| |||||||
Utilities—4.4% | ||||||||
3,816 | Alliant Energy Corp. | 163,897 | ||||||
2,690 | Ameren Corp. | 157,688 | ||||||
2,230 | American Electric Power Co., Inc. | 156,055 | ||||||
1,900 | American Water Works Co., Inc. | 164,502 | ||||||
4,582 | Aqua America, Inc. | 161,057 | ||||||
1,897 | Atmos Energy Corp. | 164,830 | ||||||
3,348 | Avangrid, Inc. | 176,473 | ||||||
5,763 | CenterPoint Energy, Inc. | 145,977 | ||||||
3,458 | CMS Energy Corp. | 163,183 | ||||||
2,005 | Consolidated Edison, Inc. | 160,661 | ||||||
2,097 | Dominion Energy, Inc. | 139,576 | ||||||
1,547 | DTE Energy Co. | 163,054 | ||||||
1,921 | Duke Energy Corp. | 153,987 | ||||||
2,099 | Edison International | 137,526 | ||||||
2,724 | Eversource Energy | 164,121 | ||||||
4,102 | Exelon Corp. | 162,767 | ||||||
5,032 | Great Plains Energy, Inc. | 164,697 | ||||||
4,498 | Hawaiian Electric Industries, Inc. | 156,036 | ||||||
2,930 | National Fuel Gas Co. | 150,456 | ||||||
1,102 | NextEra Energy, Inc. | 180,629 | ||||||
6,291 | NiSource, Inc. | 153,438 | ||||||
4,857 | OGE Energy Corp. | 159,650 | ||||||
1,889 | Pinnacle West Capital Corp. | 152,065 | ||||||
4,681 | PPL Corp. | 136,217 | ||||||
3,357 | Public Service Enterprise Group, Inc. | 175,068 | ||||||
1,458 | Sempra Energy | 163,004 | ||||||
3,361 | Southern Co. (The) | 155,009 | ||||||
3,567 | UGI Corp. | 172,607 | ||||||
2,498 | Vectren Corp. | 175,534 | ||||||
2,573 | WEC Energy Group, Inc. | 165,392 | ||||||
3,042 | Westar Energy, Inc. | 164,816 | ||||||
3,458 | Xcel Energy, Inc. | 161,973 | ||||||
|
| |||||||
5,121,945 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $114,823,670) | 116,889,971 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
210,049 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $210,049) | 210,049 | ||||||
|
| |||||||
Total Investments in Securities (Cost $115,033,719)—100.2% | 117,100,020 | |||||||
Other assets less liabilities—(0.2)% | (214,844 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 116,885,176 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)
April 30, 2018
(Unaudited)
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) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 12.5 | |||
Energy | 12.3 | |||
Industrials | 12.2 | |||
Health Care | 11.1 | |||
Consumer Staples | 10.6 | |||
Consumer Discretionary | 10.2 | |||
Utilities | 10.1 | |||
Materials | 8.9 | |||
Financials | 6.2 | |||
Real Estate | 4.0 | |||
Telecommunication Services | 1.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—10.2% | ||||||||
4,083 | Adient PLC | $ | 250,247 | |||||
2,171 | Advance Auto Parts, Inc. | 248,471 | ||||||
172 | Amazon.com, Inc.(b) | 269,374 | ||||||
4,848 | AMC Networks, Inc., Class A(b) | 252,096 | ||||||
2,799 | Aptiv PLC | 236,739 | ||||||
6,121 | Aramark | 228,864 | ||||||
5,024 | AutoNation, Inc.(b) | 232,059 | ||||||
410 | AutoZone, Inc.(b) | 256,053 | ||||||
11,601 | Bed Bath & Beyond, Inc. | 202,553 | ||||||
3,461 | Best Buy Co., Inc. | 264,870 | ||||||
124 | Booking Holdings, Inc.(b) | 270,072 | ||||||
5,050 | BorgWarner, Inc. | 247,147 | ||||||
2,547 | Bright Horizons Family Solutions, Inc.(b) | 241,659 | ||||||
4,107 | Brunswick Corp. | 245,927 | ||||||
2,066 | Burlington Stores, Inc.(b) | 280,666 | ||||||
376 | Cable One, Inc. | 238,805 | ||||||
4,139 | CarMax, Inc.(b) | 258,688 | ||||||
3,779 | Carnival Corp. | 238,304 | ||||||
2,205 | Carter’s, Inc. | 221,206 | ||||||
4,809 | CBS Corp., Class B | 236,603 | ||||||
751 | Charter Communications, Inc., Class A(b) | 203,739 | ||||||
822 | Chipotle Mexican Grill, Inc.(b) | 347,977 | ||||||
3,069 | Choice Hotels International, Inc. | 245,673 | ||||||
6,174 | Cinemark Holdings, Inc. | 241,836 | ||||||
6,830 | Comcast Corp., Class A | 214,394 | ||||||
5,787 | D.R. Horton, Inc. | 255,438 | ||||||
2,698 | Darden Restaurants, Inc. | 250,536 | ||||||
5,325 | Delphi Technologies PLC | 257,783 | ||||||
7,998 | Dick’s Sporting Goods, Inc. | 264,654 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
10,539 | Discovery, Inc., Class A(b)(c) | $ | 249,247 | |||||
6,110 | DISH Network Corp., Class A(b) | 204,991 | ||||||
2,938 | Dollar General Corp. | 283,605 | ||||||
2,777 | Dollar Tree, Inc.(b) | 266,287 | ||||||
1,142 | Domino’s Pizza, Inc. | 276,056 | ||||||
4,198 | Dunkin’ Brands Group, Inc. | 255,910 | ||||||
2,296 | Expedia Group, Inc. | 264,361 | ||||||
12,901 | Extended Stay America, Inc. | 252,602 | ||||||
5,331 | Floor & Decor Holdings, Inc., Class A(b) | 296,350 | ||||||
6,165 | Foot Locker, Inc. | 265,588 | ||||||
23,767 | Ford Motor Co. | 267,141 | ||||||
16,145 | GameStop Corp., Class A(c) | 220,379 | ||||||
7,729 | Gap, Inc. (The) | 225,996 | ||||||
4,209 | Garmin Ltd. | 246,942 | ||||||
4,834 | GCI Liberty, Inc.(b) | 215,596 | ||||||
6,664 | General Motors Co. | 244,835 | ||||||
11,000 | Gentex Corp. | 250,140 | ||||||
2,806 | Genuine Parts Co. | 247,826 | ||||||
8,856 | Goodyear Tire & Rubber Co. (The) | 222,374 | ||||||
447 | Graham Holdings Co., Class B | 269,563 | ||||||
9,114 | H&R Block, Inc. | 252,002 | ||||||
12,909 | Hanesbrands, Inc. | 238,429 | ||||||
5,673 | Harley-Davidson, Inc. | 233,331 | ||||||
2,706 | Hasbro, Inc. | 238,372 | ||||||
5,448 | Hilton Grand Vacations, Inc.(b) | 234,264 | ||||||
3,196 | Hilton Worldwide Holdings, Inc. | 251,973 | ||||||
1,431 | Home Depot, Inc. (The) | 264,449 | ||||||
3,214 | Hyatt Hotels Corp., Class A | 247,060 | ||||||
8,446 | International Game Technology PLC | 238,768 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
10,663 | Interpublic Group of Cos., Inc. (The) | $ | 251,540 | |||||
3,883 | John Wiley & Sons, Inc., Class A | 256,084 | ||||||
4,065 | Kohl’s Corp. | 252,518 | ||||||
6,069 | L Brands, Inc. | 211,869 | ||||||
3,284 | Las Vegas Sands Corp. | 240,816 | ||||||
1,349 | Lear Corp. | 252,223 | ||||||
5,566 | Leggett & Platt, Inc. | 225,701 | ||||||
4,316 | Lennar Corp., Class A | 228,273 | ||||||
2,845 | Liberty Broadband Corp., Class C(b) | 201,682 | ||||||
6,164 | Liberty Expedia Holdings, Inc., Class A(b) | 251,491 | ||||||
7,597 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 224,263 | ||||||
5,876 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 244,794 | ||||||
8,603 | Lions Gate Entertainment Corp., Class A | 214,129 | ||||||
5,684 | Live Nation Entertainment, Inc.(b) | 224,347 | ||||||
6,511 | LKQ Corp.(b) | 201,971 | ||||||
2,933 | Lowe’s Cos., Inc. | 241,767 | ||||||
3,128 | Lululemon Athletica, Inc.(b) | 312,174 | ||||||
8,729 | Macy’s, Inc. | 271,210 | ||||||
1,026 | Madison Square Garden Co. (The), Class A(b) | 249,339 | ||||||
1,815 | Marriott International, Inc., Class A | 248,074 | ||||||
15,793 | Mattel, Inc.(c) | 233,736 | ||||||
1,646 | McDonald’s Corp. | 275,606 | ||||||
7,008 | MGM Resorts International | 220,191 | ||||||
4,143 | Michael Kors Holdings Ltd.(b) | 283,464 | ||||||
11,207 | Michaels Cos., Inc. (The)(b) | 208,674 | ||||||
1,114 | Mohawk Industries, Inc.(b) | 233,806 | ||||||
3,355 | Murphy USA, Inc.(b) | 209,922 | ||||||
847 | Netflix, Inc.(b) | 264,654 | ||||||
9,114 | Newell Brands, Inc. | 251,820 | ||||||
15,546 | News Corp., Class A | 248,425 | ||||||
3,889 | NIKE, Inc., Class B | 265,969 | ||||||
5,017 | Nordstrom, Inc. | 253,660 | ||||||
4,565 | Norwegian Cruise Line Holdings Ltd.(b) | 244,091 | ||||||
84 | NVR, Inc.(b) | 260,400 | ||||||
3,447 | Omnicom Group, Inc. | 253,906 | ||||||
1,104 | O’Reilly Automotive, Inc.(b) | 282,701 | ||||||
5,471 | Penske Automotive Group, Inc. | 246,742 | ||||||
2,111 | Polaris Industries, Inc. | 221,275 | ||||||
1,742 | Pool Corp. | 241,807 | ||||||
8,559 | PulteGroup, Inc. | 259,851 | ||||||
1,801 | PVH Corp. | 287,566 | ||||||
9,269 | Qurate Retail Group, Inc. Qvc Group, Class A(b) | 216,987 | ||||||
2,389 | Ralph Lauren Corp., Class A | 262,432 | ||||||
3,356 | Ross Stores, Inc. | 271,333 | ||||||
2,025 | Royal Caribbean Cruises Ltd. | 219,085 | ||||||
14,701 | Sally Beauty Holdings, Inc.(b) | 254,180 | ||||||
6,542 | Service Corp. International | 238,848 | ||||||
4,962 | ServiceMaster Global Holdings, Inc.(b) | 251,077 | ||||||
5,259 | Signet Jewelers Ltd. | 204,470 | ||||||
38,927 | Sirius XM Holdings, Inc.(c) | 246,408 | ||||||
3,920 | Six Flags Entertainment Corp. | 247,901 | ||||||
6,179 | Skechers U.S.A., Inc., Class A(b) | 176,102 | ||||||
4,379 | Starbucks Corp. | 252,099 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
4,851 | Tapestry, Inc. | $ | 260,838 | |||||
3,626 | Target Corp. | 263,248 | ||||||
19,637 | TEGNA, Inc. | 207,563 | ||||||
4,910 | Tempur Sealy International, Inc.(b) | 219,723 | ||||||
783 | Tesla, Inc.(b)(c) | 230,124 | ||||||
2,111 | Thor Industries, Inc. | 224,062 | ||||||
2,474 | Tiffany & Co. | 254,401 | ||||||
2,659 | Time Warner, Inc. | 252,073 | ||||||
3,045 | TJX Cos., Inc. (The) | 258,368 | ||||||
5,611 | Toll Brothers, Inc. | 236,560 | ||||||
3,901 | Tractor Supply Co. | 265,268 | ||||||
6,096 | Tribune Media Co., Class A | 230,368 | ||||||
5,931 | TripAdvisor, Inc.(b) | 221,938 | ||||||
5,008 | Tupperware Brands Corp. | 223,156 | ||||||
6,802 | Twenty-First Century Fox, Inc., Class A | 248,681 | ||||||
1,239 | Ulta Beauty, Inc.(b) | 310,878 | ||||||
14,701 | Under Armour, Inc., Class A(b)(c) | 261,090 | ||||||
7,190 | Urban Outfitters, Inc.(b) | 289,541 | ||||||
1,102 | Vail Resorts, Inc. | 252,700 | ||||||
3,449 | VF Corp. | 278,921 | ||||||
7,697 | Viacom, Inc., Class B | 232,142 | ||||||
2,075 | Visteon Corp.(b) | 258,213 | ||||||
2,421 | Walt Disney Co. (The) | 242,899 | ||||||
2,965 | Wayfair, Inc., Class A(b) | 184,720 | ||||||
14,741 | Wendy’s Co. (The) | 246,764 | ||||||
1,594 | Whirlpool Corp. | 246,990 | ||||||
4,812 | Williams-Sonoma, Inc.(c) | 230,014 | ||||||
2,155 | Wyndham Worldwide Corp. | 246,123 | ||||||
1,428 | Wynn Resorts Ltd. | 265,879 | ||||||
6,102 | Yum China Holdings, Inc. (China) | 260,922 | ||||||
3,051 | Yum! Brands, Inc. | 265,742 | ||||||
|
| |||||||
34,990,232 | ||||||||
|
| |||||||
Consumer Staples—10.6% | ||||||||
11,797 | Altria Group, Inc. | 661,930 | ||||||
17,834 | Archer-Daniels-Midland Co. | 809,307 | ||||||
14,769 | Brown-Forman Corp., Class B | 827,655 | ||||||
10,024 | Bunge Ltd. | 724,034 | ||||||
17,906 | Campbell Soup Co. | 730,207 | ||||||
7,264 | Casey’s General Stores, Inc. | 701,702 | ||||||
15,141 | Church & Dwight Co., Inc. | 699,514 | ||||||
5,807 | Clorox Co. (The) | 680,580 | ||||||
17,365 | Coca-Cola Co. (The) | 750,342 | ||||||
11,149 | Colgate-Palmolive Co. | 727,249 | ||||||
20,334 | Conagra Brands, Inc. | 753,781 | ||||||
3,404 | Constellation Brands, Inc., Class A | 793,575 | ||||||
1,362 | Costco Wholesale Corp. | 268,532 | ||||||
13,043 | Coty, Inc., Class A | 226,296 | ||||||
6,717 | Dr Pepper Snapple Group, Inc. | 805,771 | ||||||
14,373 | Edgewell Personal Care Co.(b) | 633,131 | ||||||
14,395 | Energizer Holdings, Inc. | 825,697 | ||||||
1,746 | Estee Lauder Cos., Inc. (The), Class A | 258,565 | ||||||
37,370 | Flowers Foods, Inc. | 844,936 | ||||||
14,932 | General Mills, Inc. | 653,126 | ||||||
21,867 | Hain Celestial Group, Inc. (The)(b) | 636,986 | ||||||
7,791 | Herbalife Nutrition Ltd.(b) | 823,742 | ||||||
7,942 | Hershey Co. (The) | 730,187 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
23,060 | Hormel Foods Corp. | $ | 835,925 | |||||
5,852 | Ingredion, Inc. | 708,619 | ||||||
6,093 | JM Smucker Co. (The) | 695,089 | ||||||
11,076 | Kellogg Co. | 652,376 | ||||||
6,887 | Kimberly-Clark Corp. | 713,080 | ||||||
11,513 | Kraft Heinz Co. (The) | 649,103 | ||||||
34,327 | Kroger Co. (The) | 864,697 | ||||||
13,912 | Lamb Weston Holdings, Inc. | 908,732 | ||||||
7,212 | McCormick & Co., Inc. | 760,217 | ||||||
9,584 | Molson Coors Brewing Co., Class B | 682,764 | ||||||
17,535 | Mondelez International, Inc., Class A | 692,632 | ||||||
13,583 | Monster Beverage Corp.(b) | 747,065 | ||||||
10,733 | Nu Skin Enterprises, Inc., Class A | 763,653 | ||||||
6,885 | PepsiCo, Inc. | 694,972 | ||||||
7,074 | Philip Morris International, Inc. | 580,068 | ||||||
31,875 | Pilgrim’s Pride Corp.(b) | 688,500 | ||||||
13,408 | Pinnacle Foods, Inc. | 809,843 | ||||||
9,789 | Post Holdings, Inc.(b) | 778,911 | ||||||
9,665 | Procter & Gamble Co. (The) | 699,166 | ||||||
438,681 | Rite Aid Corp.(b) | 732,597 | ||||||
195 | Seaboard Corp. | 781,375 | ||||||
8,119 | Spectrum Brands Holdings, Inc. | 585,380 | ||||||
32,772 | Sprouts Farmers Market, Inc.(b) | 820,283 | ||||||
12,775 | Sysco Corp. | 798,948 | ||||||
18,237 | TreeHouse Foods, Inc.(b) | 702,125 | ||||||
10,305 | Tyson Foods, Inc., Class A | 722,381 | ||||||
22,554 | US Foods Holding Corp.(b) | 770,896 | ||||||
11,202 | Walgreens Boots Alliance, Inc. | 744,373 | ||||||
2,865 | Walmart, Inc. | 253,438 | ||||||
|
| |||||||
36,404,053 | ||||||||
|
| |||||||
Energy—12.3% | ||||||||
10,740 | Anadarko Petroleum Corp. | 723,017 | ||||||
6,110 | Andeavor | 845,135 | ||||||
30,146 | Antero Resources Corp.(b) | 572,774 | ||||||
17,851 | Apache Corp. | 730,998 | ||||||
20,897 | Baker Hughes a GE Co. | 754,591 | ||||||
24,564 | Cabot Oil & Gas Corp. | 587,325 | ||||||
33,934 | Centennial Resource Development, Inc., Class A(b) | 627,779 | ||||||
11,353 | Cheniere Energy, Inc.(b) | 660,291 | ||||||
206,321 | Chesapeake Energy Corp.(b)(c) | 612,773 | ||||||
5,415 | Chevron Corp. | 677,471 | ||||||
6,552 | Cimarex Energy Co. | 659,066 | ||||||
34,214 | CNX Resources Corp.(b) | 508,420 | ||||||
4,105 | Concho Resources, Inc.(b) | 645,347 | ||||||
11,449 | ConocoPhillips | 749,910 | ||||||
19,490 | Consol Energy, Inc.(b) | 612,961 | ||||||
12,241 | Continental Resources, Inc.(b) | 808,640 | ||||||
18,912 | Devon Energy Corp. | 687,073 | ||||||
4,892 | Diamondback Energy, Inc.(b) | 628,377 | ||||||
11,107 | Energen Corp.(b) | 726,842 | ||||||
6,103 | EOG Resources, Inc. | 721,192 | ||||||
11,991 | EQT Corp. | 601,828 | ||||||
47,239 | Extraction Oil & Gas, Inc.(b)(c) | 667,015 | ||||||
8,270 | Exxon Mobil Corp. | 642,993 | ||||||
60,258 | Gulfport Energy Corp.(b) | 560,399 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
13,307 | Halliburton Co. | $ | 705,138 | |||||
9,434 | Helmerich & Payne, Inc. | 656,135 | ||||||
13,115 | Hess Corp. | 747,424 | ||||||
13,811 | HollyFrontier Corp. | 838,190 | ||||||
38,259 | Kinder Morgan, Inc. | 605,257 | ||||||
108,278 | Kosmos Energy Ltd. (Ghana)(b) | 762,277 | ||||||
70,922 | Laredo Petroleum, Inc.(b) | 780,142 | ||||||
41,329 | Marathon Oil Corp. | 754,254 | ||||||
9,100 | Marathon Petroleum Corp. | 681,681 | ||||||
24,794 | Murphy Oil Corp. | 746,547 | ||||||
87,411 | Nabors Industries Ltd. | 665,198 | ||||||
16,723 | National Oilwell Varco, Inc. | 646,678 | ||||||
26,059 | Newfield Exploration Co.(b) | 776,558 | ||||||
19,956 | Noble Energy, Inc. | 675,112 | ||||||
9,955 | Occidental Petroleum Corp. | 769,123 | ||||||
32,640 | Oceaneering International, Inc. | 693,274 | ||||||
11,130 | ONEOK, Inc. | 670,249 | ||||||
23,101 | Parsley Energy, Inc., Class A(b) | 693,723 | ||||||
31,495 | Patterson-UTI Energy, Inc. | 674,623 | ||||||
19,200 | PBF Energy, Inc., Class A | 735,936 | ||||||
6,432 | Phillips 66 | 715,946 | ||||||
3,669 | Pioneer Natural Resources Co. | 739,487 | ||||||
70,413 | QEP Resources, Inc.(b) | 857,630 | ||||||
40,704 | Range Resources Corp. | 563,750 | ||||||
30,634 | RPC, Inc.(c) | 551,718 | ||||||
15,666 | RSP Permian, Inc.(b) | 777,190 | ||||||
9,188 | Schlumberger Ltd. | 629,929 | ||||||
35,526 | SM Energy Co. | 850,848 | ||||||
143,484 | Southwestern Energy Co.(b) | 588,284 | ||||||
13,701 | Targa Resources Corp. | 643,536 | ||||||
64,913 | Transocean Ltd.(b) | 802,974 | ||||||
6,583 | Valero Energy Corp. | 730,252 | ||||||
230,358 | Weatherford International PLC(b) | 679,556 | ||||||
22,278 | Whiting Petroleum Corp.(b) | 909,388 | ||||||
22,577 | Williams Cos., Inc. (The) | 580,906 | ||||||
25,954 | World Fuel Services Corp. | 557,232 | ||||||
43,561 | WPX Energy, Inc.(b) | 744,458 | ||||||
|
| |||||||
42,212,820 | ||||||||
|
| |||||||
Financials—6.2% | ||||||||
788 | Affiliated Managers Group, Inc. | 129,910 | ||||||
3,431 | Aflac, Inc. | 156,351 | ||||||
8,292 | AGNC Investment Corp. REIT | 156,885 | ||||||
256 | Alleghany Corp. | 147,116 | ||||||
1,642 | Allstate Corp. (The) | 160,620 | ||||||
5,480 | Ally Financial, Inc. | 143,028 | ||||||
1,597 | American Express Co. | 157,704 | ||||||
1,351 | American Financial Group, Inc. | 152,960 | ||||||
2,743 | American International Group, Inc. | 153,608 | ||||||
1,322 | American National Insurance Co. | 159,526 | ||||||
998 | Ameriprise Financial, Inc. | 139,930 | ||||||
14,897 | Annaly Capital Management, Inc. REIT | 154,482 | ||||||
1,058 | Aon PLC | 150,733 | ||||||
1,725 | Arch Capital Group Ltd.(b) | 138,224 | ||||||
2,197 | Arthur J. Gallagher & Co. | 153,768 | ||||||
4,047 | Aspen Insurance Holdings Ltd. (Bermuda) | 171,795 | ||||||
5,898 | Associated Banc-Corp. | 156,002 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,733 | Assurant, Inc. | $ | 160,857 | |||||
4,459 | Assured Guaranty Ltd. | 161,817 | ||||||
2,946 | Athene Holding Ltd., Class A(b) | 144,354 | ||||||
2,915 | Axis Capital Holdings Ltd. | 171,111 | ||||||
4,797 | Bank of America Corp. | 143,526 | ||||||
1,811 | Bank of Hawaii Corp. | 152,504 | ||||||
2,776 | Bank of New York Mellon Corp. (The) | 151,320 | ||||||
2,939 | Bank of The Ozarks | 137,545 | ||||||
3,664 | BankUnited, Inc. | 145,131 | ||||||
2,785 | BB&T Corp. | 147,048 | ||||||
763 | Berkshire Hathaway, Inc., Class B(b) | 147,816 | ||||||
11,060 | BGC Partners, Inc., Class A | 147,762 | ||||||
287 | BlackRock, Inc. | 149,670 | ||||||
1,568 | BOK Financial Corp. | 157,866 | ||||||
2,977 | Brighthouse Financial, Inc.(b) | 151,172 | ||||||
5,860 | Brown & Brown, Inc. | 159,568 | ||||||
1,568 | Capital One Financial Corp. | 142,092 | ||||||
1,274 | Cboe Global Markets, Inc. | 136,038 | ||||||
2,769 | Charles Schwab Corp. (The) | 154,178 | ||||||
8,814 | Chimera Investment Corp. REIT | 154,157 | ||||||
1,079 | Chubb Ltd. | 146,388 | ||||||
2,050 | Cincinnati Financial Corp. | 144,197 | ||||||
2,799 | CIT Group, Inc. | 148,207 | ||||||
2,087 | Citigroup, Inc. | 142,479 | ||||||
3,410 | Citizens Financial Group, Inc. | 141,481 | ||||||
925 | CME Group, Inc. | 145,854 | ||||||
2,919 | CNA Financial Corp. | 147,293 | ||||||
1,531 | Comerica, Inc. | 144,802 | ||||||
2,561 | Commerce Bancshares, Inc. | 162,675 | ||||||
466 | Credit Acceptance Corp.(b) | 154,171 | ||||||
1,435 | Cullen/Frost Bankers, Inc. | 164,236 | ||||||
1,993 | Discover Financial Services | 142,001 | ||||||
2,773 | E*TRADE Financial Corp.(b) | 168,266 | ||||||
2,283 | East West Bancorp, Inc. | 152,093 | ||||||
2,744 | Eaton Vance Corp. | 149,246 | ||||||
1,300 | Erie Indemnity Co., Class A | 151,801 | ||||||
589 | Everest Re Group Ltd. | 137,043 | ||||||
10,602 | F.N.B. Corp. | 137,826 | ||||||
759 | FactSet Research Systems, Inc. | 143,534 | ||||||
4,506 | Federated Investors, Inc., Class B | 119,274 | ||||||
4,557 | Fifth Third Bancorp | 151,156 | ||||||
2,661 | First American Financial Corp. | 136,004 | ||||||
5,353 | First Hawaiian, Inc. | 147,475 | ||||||
7,708 | First Horizon National Corp. | 141,056 | ||||||
1,570 | First Republic Bank | 145,806 | ||||||
4,013 | FNF Group | 147,799 | ||||||
3,908 | Franklin Resources, Inc. | 131,465 | ||||||
637 | Goldman Sachs Group, Inc. (The) | 151,816 | ||||||
1,353 | Hanover Insurance Group, Inc. (The) | 155,392 | ||||||
2,818 | Hartford Financial Services Group, Inc. (The) | 151,721 | ||||||
9,513 | Huntington Bancshares, Inc. | 141,839 | ||||||
2,141 | Interactive Brokers Group, Inc., Class A | 158,862 | ||||||
2,080 | Intercontinental Exchange, Inc. | 150,717 | ||||||
4,550 | Invesco Ltd.(d) | 131,814 | ||||||
1,343 | JPMorgan Chase & Co. | 146,092 | ||||||
7,038 | KeyCorp | 140,197 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,774 | Lazard Ltd., Class A | $ | 150,961 | |||||
3,855 | Legg Mason, Inc. | 153,043 | ||||||
6,405 | Leucadia National Corp. | 153,976 | ||||||
2,014 | Lincoln National Corp. | 142,269 | ||||||
3,017 | Loews Corp. | 158,272 | ||||||
2,394 | LPL Financial Holdings, Inc. | 145,005 | ||||||
776 | M&T Bank Corp. | 141,442 | ||||||
147 | Markel Corp.(b) | 166,116 | ||||||
718 | MarketAxess Holdings, Inc. | 142,616 | ||||||
1,828 | Marsh & McLennan Cos., Inc. | 148,982 | ||||||
3,301 | Mercury General Corp. | 150,955 | ||||||
3,273 | MetLife, Inc. | 156,024 | ||||||
20,633 | MFA Financial, Inc. REIT | 155,160 | ||||||
925 | Moody’s Corp. | 150,035 | ||||||
2,706 | Morgan Stanley | 139,684 | ||||||
1,632 | Morningstar, Inc. | 177,203 | ||||||
1,008 | MSCI, Inc., Class A | 151,029 | ||||||
1,818 | Nasdaq, Inc. | 160,566 | ||||||
11,327 | Navient Corp. | 150,196 | ||||||
9,259 | New Residential Investment Corp. REIT | 161,847 | ||||||
10,781 | New York Community Bancorp, Inc. | 128,078 | ||||||
1,446 | Northern Trust Corp. | 154,360 | ||||||
7,446 | Old Republic International Corp. | 151,898 | ||||||
4,862 | OneMain Holdings, Inc.(b) | 149,993 | ||||||
2,863 | PacWest Bancorp | 146,700 | ||||||
7,775 | People’s United Financial, Inc. | 142,205 | ||||||
2,290 | Pinnacle Financial Partners, Inc. | 146,675 | ||||||
984 | PNC Financial Services Group, Inc. (The) | 143,280 | ||||||
3,463 | Popular, Inc. | 160,302 | ||||||
2,515 | Principal Financial Group, Inc. | 148,938 | ||||||
3,061 | ProAssurance Corp. | 144,785 | ||||||
2,594 | Progressive Corp. (The) | 156,392 | ||||||
1,981 | Prosperity Bancshares, Inc. | 142,176 | ||||||
1,446 | Prudential Financial, Inc. | 153,739 | ||||||
1,604 | Raymond James Financial, Inc. | 143,959 | ||||||
7,782 | Regions Financial Corp. | 145,523 | ||||||
989 | Reinsurance Group of America, Inc. | 147,757 | ||||||
1,140 | RenaissanceRe Holdings Ltd. (Bermuda) | 155,086 | ||||||
789 | S&P Global, Inc. | 148,805 | ||||||
9,068 | Santander Consumer USA Holdings, Inc. | 167,305 | ||||||
2,047 | SEI Investments Co. | 129,432 | ||||||
1,013 | Signature Bank/New York NY(b) | 128,803 | ||||||
14,105 | SLM Corp.(b) | 161,925 | ||||||
7,371 | Starwood Property Trust, Inc. REIT | 154,496 | ||||||
1,467 | State Street Corp. | 146,377 | ||||||
2,145 | SunTrust Banks, Inc. | 143,286 | ||||||
640 | SVB Financial Group(b) | 191,750 | ||||||
4,164 | Synchrony Financial | 138,120 | ||||||
2,977 | Synovus Financial Corp. | 155,608 | ||||||
1,357 | T. Rowe Price Group, Inc. | 154,454 | ||||||
6,572 | TCF Financial Corp. | 163,183 | ||||||
2,582 | TD Ameritrade Holding Corp. | 149,988 | ||||||
9,979 | TFS Financial Corp. | 148,787 | ||||||
1,798 | Torchmark Corp. | 155,959 | ||||||
1,099 | Travelers Cos., Inc. (The) | 144,628 | ||||||
10,063 | Two Harbors Investment Corp. REIT | 153,561 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,843 | U.S. Bancorp | $ | 143,429 | |||||
3,095 | Unum Group | 149,736 | ||||||
2,282 | Validus Holdings Ltd. | 154,651 | ||||||
3,020 | Voya Financial, Inc. | 158,097 | ||||||
2,173 | W.R. Berkley Corp. | 162,019 | ||||||
2,738 | Webster Financial Corp. | 164,800 | ||||||
2,717 | Wells Fargo & Co. | 141,175 | ||||||
2,503 | Western Alliance Bancorp(b) | 147,627 | ||||||
203 | White Mountains Insurance Group Ltd. | 175,654 | ||||||
981 | Willis Towers Watson PLC | 145,688 | ||||||
2,771 | XL Group Ltd. (Bermuda) | 154,040 | ||||||
2,752 | Zions Bancorporation | 150,672 | ||||||
|
| |||||||
21,171,534 | ||||||||
|
| |||||||
Health Care—11.1% | ||||||||
6,586 | Abbott Laboratories | 382,844 | ||||||
3,460 | AbbVie, Inc. | 334,063 | ||||||
1,424 | ABIOMED, Inc.(b) | 428,553 | ||||||
9,961 | Acadia Healthcare Co., Inc.(b) | 354,412 | ||||||
16,099 | ACADIA Pharmaceuticals, Inc.(b) | 254,525 | ||||||
2,318 | Aetna, Inc. | 415,038 | ||||||
5,821 | Agilent Technologies, Inc. | 382,673 | ||||||
4,864 | Agios Pharmaceuticals, Inc.(b) | 408,138 | ||||||
21,859 | Akorn, Inc.(b) | 315,425 | ||||||
3,393 | Alexion Pharmaceuticals, Inc.(b) | 399,119 | ||||||
1,512 | Align Technology, Inc.(b) | 377,773 | ||||||
6,691 | Alkermes PLC(b) | 296,211 | ||||||
2,642 | Allergan PLC | 405,943 | ||||||
3,220 | Alnylam Pharmaceuticals, Inc.(b) | 304,387 | ||||||
4,220 | AmerisourceBergen Corp. | 382,248 | ||||||
2,161 | Amgen, Inc. | 377,051 | ||||||
1,775 | Anthem, Inc. | 418,882 | ||||||
2,796 | athenahealth, Inc.(b) | 342,426 | ||||||
5,987 | Baxter International, Inc. | 416,096 | ||||||
1,832 | Becton, Dickinson and Co. | 424,786 | ||||||
1,442 | Biogen, Inc.(b) | 394,531 | ||||||
4,974 | BioMarin Pharmaceutical, Inc.(b) | 415,379 | ||||||
1,523 | Bio-Rad Laboratories, Inc., Class A(b) | 386,400 | ||||||
2,818 | Bio-Techne Corp. | 425,264 | ||||||
14,607 | Boston Scientific Corp.(b) | 419,513 | ||||||
6,099 | Bristol-Myers Squibb Co. | 317,941 | ||||||
55,145 | Brookdale Senior Living, Inc.(b) | 399,250 | ||||||
13,390 | Bruker Corp. | 395,407 | ||||||
5,766 | Cardinal Health, Inc. | 370,004 | ||||||
4,455 | Celgene Corp.(b) | 388,030 | ||||||
4,058 | Centene Corp.(b) | 440,618 | ||||||
6,369 | Cerner Corp.(b) | 370,994 | ||||||
3,641 | Charles River Laboratories International, Inc.(b) | 379,356 | ||||||
2,451 | Cigna Corp. | 421,131 | ||||||
1,647 | Cooper Cos., Inc. (The) | 376,685 | ||||||
11,572 | CVS Health Corp. | 808,073 | ||||||
4,002 | Danaher Corp. | 401,481 | ||||||
5,601 | DaVita, Inc.(b) | 351,687 | ||||||
7,135 | DENTSPLY Sirona, Inc. | 359,176 | ||||||
6,760 | DexCom, Inc.(b) | 494,697 | ||||||
2,950 | Edwards Lifesciences Corp.(b) | 375,712 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
5,155 | Eli Lilly & Co. | $ | 417,916 | |||||
57,408 | Endo International PLC(b) | 328,948 | ||||||
9,481 | Envision Healthcare Corp.(b) | 352,409 | ||||||
16,616 | Exelixis, Inc.(b) | 345,945 | ||||||
5,092 | Express Scripts Holding Co.(b) | 385,464 | ||||||
5,066 | Gilead Sciences, Inc. | 365,917 | ||||||
3,969 | HCA Healthcare, Inc. | 379,992 | ||||||
6,059 | Henry Schein, Inc.(b) | 460,484 | ||||||
4,764 | Hill-Rom Holdings, Inc. | 408,894 | ||||||
10,516 | Hologic, Inc.(b) | 407,916 | ||||||
1,562 | Humana, Inc. | 459,509 | ||||||
2,067 | IDEXX Laboratories, Inc.(b) | 402,011 | ||||||
1,691 | Illumina, Inc.(b) | 407,413 | ||||||
4,386 | Incyte Corp.(b) | 271,669 | ||||||
6,251 | Intercept Pharmaceuticals, Inc.(b)(c) | 425,130 | ||||||
25,693 | Intrexon Corp.(b)(c) | 467,099 | ||||||
953 | Intuitive Surgical, Inc.(b) | 420,063 | ||||||
7,767 | Ionis Pharmaceuticals, Inc.(b) | 334,214 | ||||||
3,923 | Iqvia Holdings, Inc.(b) | 375,666 | ||||||
3,070 | Johnson & Johnson | 388,324 | ||||||
2,445 | Laboratory Corp. of America Holdings(b) | 417,484 | ||||||
8,383 | LifePoint Health, Inc.(b) | 401,546 | ||||||
25,155 | Mallinckrodt PLC(b) | 327,015 | ||||||
2,633 | McKesson Corp. | 411,301 | ||||||
7,046 | MEDNAX, Inc.(b) | 323,482 | ||||||
4,949 | Medtronic PLC | 396,563 | ||||||
7,431 | Merck & Co., Inc. | 437,463 | ||||||
515 | Mettler-Toledo International, Inc.(b) | 288,364 | ||||||
9,687 | Mylan NV(b) | 375,468 | ||||||
4,416 | Neurocrine Biosciences, Inc.(b) | 358,049 | ||||||
122,390 | OPKO Health, Inc.(b)(c) | 372,066 | ||||||
16,311 | Patterson Cos., Inc. | 379,720 | ||||||
5,249 | PerkinElmer, Inc. | 385,067 | ||||||
4,793 | Perrigo Co. PLC | 374,525 | ||||||
11,130 | Pfizer, Inc. | 407,469 | ||||||
11,945 | Premier, Inc., Class A(b) | 394,066 | ||||||
11,800 | Qiagen N.V.(b) | 385,978 | ||||||
3,899 | Quest Diagnostics, Inc. | 394,579 | ||||||
1,205 | Regeneron Pharmaceuticals, Inc.(b) | 365,934 | ||||||
4,154 | ResMed, Inc. | 393,135 | ||||||
7,132 | Seattle Genetics, Inc.(b) | 365,087 | ||||||
4,338 | STERIS PLC | 410,028 | ||||||
2,493 | Stryker Corp. | 422,364 | ||||||
1,553 | Teleflex, Inc. | 416,018 | ||||||
5,861 | TESARO, Inc.(b) | 298,383 | ||||||
1,991 | Thermo Fisher Scientific, Inc. | 418,807 | ||||||
3,515 | United Therapeutics Corp.(b) | 387,037 | ||||||
1,812 | UnitedHealth Group, Inc. | 428,357 | ||||||
3,205 | Universal Health Services, Inc., Class B | 366,011 | ||||||
3,287 | Varian Medical Systems, Inc.(b) | 379,944 | ||||||
5,255 | Veeva Systems, Inc., Class A(b) | 368,533 | ||||||
2,357 | Vertex Pharmaceuticals, Inc.(b) | 360,998 | ||||||
1,540 | Waters Corp.(b) | 290,151 | ||||||
2,137 | WellCare Health Plans, Inc.(b) | 438,427 | ||||||
4,544 | West Pharmaceutical Services, Inc. | 400,826 | ||||||
3,386 | Zimmer Biomet Holdings, Inc. | 389,966 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
4,933 | Zoetis, Inc. | $ | 411,807 | |||||
|
| |||||||
38,058,923 | ||||||||
|
| |||||||
Industrials—12.2% | ||||||||
1,289 | 3M Co. | 250,569 | ||||||
4,758 | A.O. Smith Corp. | 291,903 | ||||||
3,805 | Acuity Brands, Inc. | 455,725 | ||||||
29,108 | ADT, Inc.(c) | 259,352 | ||||||
8,435 | AECOM(b) | 290,501 | ||||||
4,634 | AGCO Corp. | 290,459 | ||||||
7,110 | Air Lease Corp. | 296,416 | ||||||
4,736 | Alaska Air Group, Inc. | 307,508 | ||||||
3,622 | Allegion PLC | 279,546 | ||||||
7,910 | Allison Transmission Holdings, Inc. | 308,411 | ||||||
785 | AMERCO | 264,953 | ||||||
5,601 | American Airlines Group, Inc. | 240,451 | ||||||
3,961 | AMETEK, Inc. | 276,478 | ||||||
12,369 | Arconic, Inc. | 220,292 | ||||||
9,465 | Armstrong World Industries, Inc.(b) | 530,040 | ||||||
876 | Boeing Co. (The) | 292,199 | ||||||
4,772 | BWX Technologies, Inc. | 323,542 | ||||||
3,432 | C.H. Robinson Worldwide, Inc. | 315,847 | ||||||
2,902 | Carlisle Cos., Inc. | 312,632 | ||||||
1,993 | Caterpillar, Inc. | 287,709 | ||||||
1,781 | Cintas Corp. | 303,304 | ||||||
5,894 | Clean Harbors, Inc.(b) | 269,945 | ||||||
9,175 | Colfax Corp.(b) | 284,517 | ||||||
2,291 | Copa Holdings SA, Class A (Panama) | 268,436 | ||||||
6,246 | Copart, Inc.(b) | 319,046 | ||||||
860 | CoStar Group, Inc.(b) | 315,328 | ||||||
3,217 | Crane Co. | 269,070 | ||||||
5,462 | CSX Corp. | 324,388 | ||||||
2,018 | Cummins, Inc. | 322,597 | ||||||
2,005 | Deere & Co. | 271,337 | ||||||
5,613 | Delta Air Lines, Inc. | 293,111 | ||||||
6,805 | Donaldson Co., Inc. | 301,189 | ||||||
3,047 | Dover Corp. | 282,457 | ||||||
1,223 | Dun & Bradstreet Corp. (The) | 141,024 | ||||||
3,773 | Eaton Corp. PLC | 283,088 | ||||||
4,348 | Emerson Electric Co. | 288,751 | ||||||
1,260 | Equifax, Inc. | 141,183 | ||||||
4,810 | Expeditors International of Washington, Inc. | 307,167 | ||||||
9,915 | Fastenal Co. | 495,651 | ||||||
1,335 | FedEx Corp. | 330,012 | ||||||
6,880 | Flowserve Corp. | 305,541 | ||||||
5,367 | Fluor Corp. | 316,385 | ||||||
3,900 | Fortive Corp. | 274,209 | ||||||
4,081 | Fortune Brands Home & Security, Inc. | 223,190 | ||||||
9,481 | Gardner Denver Holdings, Inc.(b) | 299,884 | ||||||
17,295 | Gates Industrial Corp PLC(b) | 270,840 | ||||||
1,360 | General Dynamics Corp. | 273,782 | ||||||
21,086 | General Electric Co. | 296,680 | ||||||
4,280 | Genesee & Wyoming, Inc., Class A(b) | 304,736 | ||||||
6,694 | Graco, Inc. | 294,469 | ||||||
2,433 | Harris Corp. | 380,570 | ||||||
8,370 | HD Supply Holdings, Inc.(b) | 324,003 | ||||||
3,507 | HEICO Corp. | 308,090 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
8,227 | Hexcel Corp. | $ | 546,849 | |||||
2,029 | Honeywell International, Inc. | 293,556 | ||||||
2,428 | Hubbell, Inc. | 252,172 | ||||||
1,191 | Huntington Ingalls Industries, Inc. | 289,663 | ||||||
2,139 | IDEX Corp. | 285,899 | ||||||
7,572 | IHS Markit Ltd.(b) | 372,012 | ||||||
1,853 | Illinois Tool Works, Inc. | 263,163 | ||||||
6,384 | Ingersoll-Rand PLC | 535,554 | ||||||
5,909 | ITT, Inc. | 288,891 | ||||||
2,565 | J.B. Hunt Transport Services, Inc. | 301,208 | ||||||
5,141 | Jacobs Engineering Group, Inc. | 298,641 | ||||||
14,123 | JetBlue Airways Corp.(b) | 271,020 | ||||||
8,124 | Johnson Controls International PLC | 275,160 | ||||||
2,806 | Kansas City Southern | 299,204 | ||||||
4,544 | KAR Auction Services, Inc. | 236,243 | ||||||
4,087 | Kirby Corp.(b) | 348,621 | ||||||
1,549 | L3 Technologies, Inc. | 303,418 | ||||||
2,795 | Landstar System, Inc. | 284,112 | ||||||
2,722 | Lennox International, Inc. | 526,353 | ||||||
3,357 | Lincoln Electric Holdings, Inc. | 278,195 | ||||||
897 | Lockheed Martin Corp. | 287,793 | ||||||
7,615 | Macquarie Infrastructure Corp. | 288,608 | ||||||
2,555 | ManpowerGroup, Inc. | 244,565 | ||||||
13,480 | Masco Corp. | 510,488 | ||||||
2,400 | Middleby Corp. (The)(b) | 302,016 | ||||||
3,342 | MSC Industrial Direct Co., Inc., Class A | 288,882 | ||||||
7,676 | Nielsen Holdings PLC | 241,410 | ||||||
2,224 | Nordson Corp. | 286,006 | ||||||
2,173 | Norfolk Southern Corp. | 311,760 | ||||||
886 | Northrop Grumman Corp. | 285,327 | ||||||
2,142 | Old Dominion Freight Line, Inc. | 286,728 | ||||||
2,330 | Orbital ATK, Inc. | 308,445 | ||||||
3,897 | Oshkosh Corp. | 281,207 | ||||||
6,865 | Owens Corning | 449,589 | ||||||
4,501 | PACCAR, Inc. | 286,579 | ||||||
1,777 | Parker-Hannifin Corp. | 292,530 | ||||||
4,343 | Pentair PLC (United Kingdom) | 292,197 | ||||||
23,970 | Pitney Bowes, Inc. | 244,973 | ||||||
8,714 | Quanta Services, Inc.(b) | 283,205 | ||||||
1,454 | Raytheon Co. | 297,983 | ||||||
4,207 | Regal Beloit Corp. | 299,538 | ||||||
4,500 | Republic Services, Inc. | 291,060 | ||||||
5,138 | Robert Half International, Inc. | 312,133 | ||||||
1,684 | Rockwell Automation, Inc. | 277,068 | ||||||
2,247 | Rockwell Collins, Inc. | 297,817 | ||||||
5,883 | Rollins, Inc. | 285,443 | ||||||
1,095 | Roper Technologies, Inc. | 289,288 | ||||||
4,142 | Ryder System, Inc. | 279,295 | ||||||
5,796 | Sensata Technologies Holding PLC(b) | 293,973 | ||||||
1,975 | Snap-on, Inc. | 286,869 | ||||||
5,232 | Southwest Airlines Co. | 276,407 | ||||||
3,472 | Spirit AeroSystems Holdings, Inc., Class A | 279,045 | ||||||
7,129 | Spirit Airlines, Inc.(b) | 254,648 | ||||||
1,943 | Stanley Black & Decker, Inc. | 275,109 | ||||||
4,784 | Stericycle, Inc.(b) | 280,869 | ||||||
1,613 | Teledyne Technologies, Inc.(b) | 301,776 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
7,699 | Terex Corp. | $ | 281,167 | |||||
5,198 | Textron, Inc. | 323,004 | ||||||
12,391 | Timken Co. (The) | 529,715 | ||||||
4,934 | Toro Co. (The) | 288,096 | ||||||
1,120 | TransDigm Group, Inc. | 359,038 | ||||||
2,680 | TransUnion(b) | 173,959 | ||||||
9,242 | Trinity Industries, Inc. | 294,542 | ||||||
2,330 | Union Pacific Corp. | 311,358 | ||||||
4,372 | United Continental Holdings, Inc.(b) | 295,285 | ||||||
2,802 | United Parcel Service, Inc., Class B | 318,027 | ||||||
1,758 | United Rentals, Inc.(b) | 263,700 | ||||||
2,351 | United Technologies Corp. | 282,473 | ||||||
18,297 | Univar, Inc.(b) | 504,265 | ||||||
16,447 | USG Corp.(b) | 661,663 | ||||||
3,816 | Valmont Industries, Inc. | 542,254 | ||||||
2,946 | Verisk Analytics, Inc.(b) | 313,602 | ||||||
1,120 | W.W. Grainger, Inc. | 315,112 | ||||||
1,820 | WABCO Holdings, Inc.(b) | 234,762 | ||||||
3,706 | Wabtec Corp. | 329,130 | ||||||
3,599 | Waste Management, Inc. | 292,563 | ||||||
3,233 | Watsco, Inc. | 541,269 | ||||||
15,524 | Welbilt, Inc.(b) | 297,440 | ||||||
4,892 | WESCO International, Inc.(b) | 291,319 | ||||||
3,013 | XPO Logistics, Inc.(b) | 292,743 | ||||||
3,970 | Xylem, Inc. | 289,413 | ||||||
|
| |||||||
41,604,975 | ||||||||
|
| |||||||
Information Technology—12.5% | ||||||||
1,925 | Accenture PLC, Class A | 291,060 | ||||||
4,756 | Activision Blizzard, Inc. | 315,561 | ||||||
1,748 | Adobe Systems, Inc.(b) | 387,357 | ||||||
30,441 | Advanced Micro Devices, Inc.(b)(c) | 331,198 | ||||||
4,847 | Akamai Technologies, Inc.(b) | 347,288 | ||||||
648 | Alliance Data Systems Corp. | 131,576 | ||||||
347 | Alphabet, Inc., Class C(b) | 353,014 | ||||||
5,384 | Amdocs Ltd. | 362,074 | ||||||
4,022 | Amphenol Corp., Class A | 336,682 | ||||||
3,917 | Analog Devices, Inc. | 342,150 | ||||||
2,163 | ANSYS, Inc.(b) | 349,671 | ||||||
2,074 | Apple, Inc. | 342,749 | ||||||
6,116 | Applied Materials, Inc. | 303,782 | ||||||
1,290 | Arista Networks, Inc.(b) | 341,269 | ||||||
13,477 | ARRIS International PLC(b) | 363,879 | ||||||
4,592 | Arrow Electronics, Inc.(b) | 343,206 | ||||||
6,111 | Atlassian Corp. PLC, Class A (Australia)(b) | 342,094 | ||||||
2,649 | Autodesk, Inc.(b) | 333,509 | ||||||
2,610 | Automatic Data Processing, Inc. | 308,189 | ||||||
8,378 | Avnet, Inc. | 328,669 | ||||||
7,560 | Black Knight, Inc.(b) | 367,794 | ||||||
7,815 | Booz Allen Hamilton Holding Corp. | 309,708 | ||||||
1,535 | Broadcom, Inc. | 352,160 | ||||||
1,458 | Broadridge Financial Solutions, Inc. | 156,312 | ||||||
10,083 | CA, Inc. | 350,888 | ||||||
9,250 | Cadence Design Systems, Inc.(b) | 370,555 | ||||||
4,010 | Cavium, Inc.(b) | 300,790 | ||||||
5,216 | CDK Global, Inc. | 340,292 | ||||||
4,991 | CDW Corp. | 355,808 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
8,207 | Cisco Systems, Inc. | $ | 363,488 | |||||
3,864 | Citrix Systems, Inc.(b) | 397,644 | ||||||
6,658 | Cognex Corp. | 307,933 | ||||||
4,363 | Cognizant Technology Solutions Corp., Class A | 356,981 | ||||||
1,778 | Coherent, Inc.(b) | 299,095 | ||||||
9,024 | CommScope Holding Co., Inc.(b) | 344,897 | ||||||
15,698 | Conduent, Inc.(b) | 305,483 | ||||||
3,348 | CoreLogic, Inc.(b) | 165,726 | ||||||
12,405 | Corning, Inc. | 335,183 | ||||||
20,077 | Cypress Semiconductor Corp. | 292,723 | ||||||
4,707 | Dell Technologies, Inc., Class V(b) | 337,821 | ||||||
5,548 | Dolby Laboratories, Inc., Class A | 331,881 | ||||||
3,527 | DXC Technology Co. | 363,493 | ||||||
5,773 | eBay, Inc.(b) | 218,681 | ||||||
6,230 | EchoStar Corp., Class A(b) | 327,324 | ||||||
2,818 | Electronic Arts, Inc.(b) | 332,468 | ||||||
1,757 | Euronet Worldwide, Inc.(b) | 137,239 | ||||||
2,487 | F5 Networks, Inc.(b) | 405,605 | ||||||
1,996 | Facebook, Inc., Class A(b) | 343,312 | ||||||
1,547 | Fidelity National Information Services, Inc. | 146,919 | ||||||
20,507 | FireEye, Inc.(b) | 370,151 | ||||||
10,132 | First Data Corp., Class A(b) | 183,389 | ||||||
9,276 | First Solar, Inc.(b) | 657,761 | ||||||
2,123 | Fiserv, Inc.(b) | 150,436 | ||||||
758 | FleetCor Technologies, Inc.(b) | 157,118 | ||||||
6,105 | FLIR Systems, Inc. | 326,923 | ||||||
6,747 | Fortinet, Inc.(b) | 373,514 | ||||||
3,004 | Gartner, Inc.(b) | 364,355 | ||||||
9,663 | Genpact Ltd. | 308,153 | ||||||
1,352 | Global Payments, Inc. | 152,844 | ||||||
5,753 | GoDaddy, Inc., Class A(b) | 371,414 | ||||||
4,113 | Guidewire Software, Inc.(b) | 348,042 | ||||||
19,229 | Hewlett Packard Enterprise Co. | 327,854 | ||||||
15,216 | HP, Inc. | 326,992 | ||||||
2,332 | IAC/InterActiveCorp.(b) | 378,110 | ||||||
7,192 | Intel Corp. | 371,251 | ||||||
2,348 | International Business Machines Corp. | 340,366 | ||||||
2,213 | Intuit, Inc. | 408,940 | ||||||
1,561 | IPG Photonics Corp.(b) | 332,540 | ||||||
13,069 | Jabil, Inc. | 347,635 | ||||||
1,250 | Jack Henry & Associates, Inc. | 149,350 | ||||||
13,975 | Juniper Networks, Inc. | 343,645 | ||||||
5,838 | Keysight Technologies, Inc.(b) | 301,708 | ||||||
3,116 | KLA-Tencor Corp. | 317,022 | ||||||
1,703 | Lam Research Corp. | 315,157 | ||||||
5,373 | Leidos Holdings, Inc. | 345,108 | ||||||
2,984 | LogMeIn, Inc. | 328,837 | ||||||
8,118 | Manhattan Associates, Inc.(b) | 349,561 | ||||||
14,988 | Marvell Technology Group Ltd. (Bermuda) | 300,659 | ||||||
854 | Mastercard, Inc., Class A | 152,243 | ||||||
8,211 | Match Group, Inc.(b)(c) | 386,902 | ||||||
5,867 | Maxim Integrated Products, Inc. | 319,752 | ||||||
3,826 | Microchip Technology, Inc. | 320,083 | ||||||
6,581 | Micron Technology, Inc.(b) | 302,594 | ||||||
5,436 | Microsemi Corp.(b) | 351,655 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
3,868 | Microsoft Corp. | $ | 361,735 | |||||
3,362 | Motorola Solutions, Inc. | 369,248 | ||||||
5,870 | National Instruments Corp. | 240,024 | ||||||
10,396 | NCR Corp.(b) | 319,885 | ||||||
5,692 | NetApp, Inc. | 378,973 | ||||||
20,712 | Nuance Communications, Inc.(b) | 304,881 | ||||||
1,503 | NVIDIA Corp. | 338,025 | ||||||
2,952 | NXP Semiconductors NV (Netherlands)(b) | 309,665 | ||||||
13,965 | ON Semiconductor Corp.(b) | 308,347 | ||||||
7,003 | Oracle Corp. | 319,827 | ||||||
1,937 | Palo Alto Networks, Inc.(b) | 372,892 | ||||||
50,754 | Pandora Media, Inc.(b)(c) | 284,730 | ||||||
4,686 | Paychex, Inc. | 283,831 | ||||||
1,914 | PayPal Holdings, Inc.(b) | 142,804 | ||||||
4,550 | PTC, Inc.(b) | 374,693 | ||||||
4,341 | Qorvo, Inc.(b) | 292,583 | ||||||
5,906 | QUALCOMM, Inc. | 301,265 | ||||||
2,366 | Red Hat, Inc.(b) | 385,800 | ||||||
16,083 | Sabre Corp. | 331,953 | ||||||
2,883 | salesforce.com, inc.(b) | 348,814 | ||||||
2,126 | ServiceNow, Inc.(b) | 353,214 | ||||||
3,256 | Skyworks Solutions, Inc. | 282,491 | ||||||
3,433 | Splunk, Inc.(b) | 352,397 | ||||||
2,956 | Square, Inc., Class A(b) | 139,937 | ||||||
7,033 | SS&C Technologies Holdings, Inc. | 349,188 | ||||||
24,087 | Switch, Inc., Class A | 343,240 | ||||||
13,185 | Symantec Corp. | 366,411 | ||||||
4,124 | Synopsys, Inc.(b) | 352,643 | ||||||
4,256 | Tableau Software, Inc., Class A(b) | 361,973 | ||||||
3,220 | Take-Two Interactive Software, Inc.(b) | 321,066 | ||||||
8,734 | Teradata Corp.(b) | 357,395 | ||||||
7,504 | Teradyne, Inc. | 244,255 | ||||||
3,328 | Texas Instruments, Inc. | 337,559 | ||||||
1,714 | Total System Services, Inc. | 144,079 | ||||||
7,995 | Trimble, Inc.(b) | 276,627 | ||||||
10,450 | Twitter, Inc.(b) | 316,740 | ||||||
1,721 | Tyler Technologies, Inc.(b) | 376,761 | ||||||
1,448 | Ultimate Software Group, Inc. (The)(b) | 347,404 | ||||||
2,920 | Universal Display Corp. | 257,106 | ||||||
3,071 | VeriSign, Inc.(b) | 360,597 | ||||||
14,293 | Versum Materials, Inc. | 502,828 | ||||||
1,248 | Visa, Inc., Class A | 158,346 | ||||||
2,957 | VMware, Inc., Class A(b) | 394,050 | ||||||
3,745 | Western Digital Corp. | 295,069 | ||||||
7,826 | Western Union Co. (The) | 154,564 | ||||||
1,010 | WEX, Inc.(b) | 163,539 | ||||||
2,657 | Workday, Inc., Class A(b) | 331,700 | ||||||
1,856 | Worldpay, Inc., Class A(b) | 150,744 | ||||||
10,273 | Xerox Corp. | 323,086 | ||||||
4,802 | Xilinx, Inc. | 308,480 | ||||||
2,163 | Zebra Technologies Corp., Class A(b) | 291,637 | ||||||
2,857 | Zillow Group, Inc., Class C(b) | 138,536 | ||||||
98,170 | Zynga, Inc., Class A(b) | 338,687 | ||||||
|
| |||||||
42,917,568 | ||||||||
|
| |||||||
Materials—8.9% | ||||||||
3,349 | Air Products & Chemicals, Inc. | 543,509 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
5,645 | Albemarle Corp. | $ | 547,339 | |||||
11,780 | Alcoa Corp.(b) | 603,136 | ||||||
6,216 | AptarGroup, Inc. | 581,196 | ||||||
28,988 | Ardagh Group SA (Luxembourg) | 589,036 | ||||||
7,755 | Ashland Global Holdings, Inc. | 513,226 | ||||||
2,649 | Avery Dennison Corp. | 277,642 | ||||||
17,222 | Axalta Coating Systems Ltd.(b) | 532,160 | ||||||
13,645 | Ball Corp. | 547,028 | ||||||
12,311 | Bemis Co., Inc. | 532,697 | ||||||
10,146 | Berry Global Group, Inc.(b) | 558,030 | ||||||
9,265 | Cabot Corp. | 517,543 | ||||||
5,259 | Celanese Corp., Series A | 571,496 | ||||||
13,695 | CF Industries Holdings, Inc. | 531,366 | ||||||
11,500 | Chemours Co. (The) | 556,715 | ||||||
11,196 | Crown Holdings, Inc.(b) | 558,009 | ||||||
12,314 | Domtar Corp. | 540,585 | ||||||
7,910 | DowDuPont, Inc. | 500,228 | ||||||
5,648 | Eagle Materials, Inc. | 558,926 | ||||||
5,279 | Eastman Chemical Co. | 538,880 | ||||||
4,274 | Ecolab, Inc. | 618,747 | ||||||
7,017 | FMC Corp. | 559,465 | ||||||
31,322 | Freeport-McMoRan, Inc. | 476,408 | ||||||
36,381 | Graphic Packaging Holding Co. | 520,248 | ||||||
17,661 | Huntsman Corp. | 525,768 | ||||||
4,027 | International Flavors & Fragrances, Inc. | 568,854 | ||||||
10,180 | International Paper Co. | 524,881 | ||||||
5,113 | LyondellBasell Industries NV, Class A | 540,598 | ||||||
2,707 | Martin Marietta Materials, Inc. | 527,242 | ||||||
4,562 | Monsanto Co. | 571,938 | ||||||
20,498 | Mosaic Co. (The) | 552,421 | ||||||
1,352 | NewMarket Corp. | 513,152 | ||||||
14,842 | Newmont Mining Corp. | 583,142 | ||||||
8,276 | Nucor Corp. | 509,967 | ||||||
17,265 | Olin Corp. | 521,230 | ||||||
25,202 | Owens-Illinois, Inc.(b) | 512,357 | ||||||
4,813 | Packaging Corp. of America | 556,816 | ||||||
51,407 | Platform Specialty Products Corp.(b) | 517,669 | ||||||
4,839 | PPG Industries, Inc. | 512,353 | ||||||
3,540 | Praxair, Inc. | 539,921 | ||||||
6,087 | Reliance Steel & Aluminum Co. | 535,169 | ||||||
7,006 | Royal Gold, Inc. | 622,133 | ||||||
10,868 | RPM International, Inc. | 524,924 | ||||||
6,121 | Scotts Miracle-Gro Co. (The) | 511,593 | ||||||
12,784 | Sealed Air Corp. | 560,578 | ||||||
1,391 | Sherwin-Williams Co. (The) | 511,415 | ||||||
19,805 | Silgan Holdings, Inc. | 555,926 | ||||||
11,467 | Sonoco Products Co. | 588,945 | ||||||
10,355 | Southern Copper Corp. (Peru) | 546,848 | ||||||
12,147 | Steel Dynamics, Inc. | 544,307 | ||||||
118,515 | Tahoe Resources, Inc. | 596,131 | ||||||
12,604 | United States Steel Corp. | 426,393 | ||||||
26,217 | Valvoline, Inc. | 531,681 | ||||||
4,696 | Vulcan Materials Co. | 524,496 | ||||||
8,376 | W.R. Grace & Co. | 573,253 | ||||||
4,798 | Westlake Chemical Corp. | 513,242 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
8,470 | WestRock Co. | $ | 501,085 | |||||
|
| |||||||
30,620,043 | ||||||||
|
| |||||||
Real Estate—4.0% | ||||||||
1,242 | Alexandria Real Estate Equities, Inc. REIT | 154,716 | ||||||
4,073 | American Campus Communities, Inc. REIT | 159,295 | ||||||
7,817 | American Homes 4 Rent, Class A REIT | 157,903 | ||||||
1,071 | American Tower Corp. REIT | 146,042 | ||||||
3,932 | Apartment Investment & Management Co., Class A REIT | 159,639 | ||||||
8,945 | Apple Hospitality REIT, Inc. REIT | 160,921 | ||||||
976 | AvalonBay Communities, Inc. REIT | 159,088 | ||||||
1,244 | Boston Properties, Inc. REIT | 151,034 | ||||||
9,471 | Brandywine Realty Trust REIT | 152,578 | ||||||
9,685 | Brixmor Property Group, Inc. REIT | 144,210 | ||||||
1,909 | Camden Property Trust REIT | 163,029 | ||||||
3,269 | CBRE Group, Inc., Class A(b) | 148,118 | ||||||
25,744 | Colony Northstar, Inc., Class A REIT | 157,296 | ||||||
7,149 | Columbia Property Trust, Inc. REIT | 152,703 | ||||||
7,233 | CoreCivic, Inc. REIT | 145,817 | ||||||
1,593 | CoreSite Realty Corp. REIT | 165,831 | ||||||
5,919 | Corporate Office Properties Trust REIT | 162,832 | ||||||
1,405 | Crown Castle International Corp. REIT | 141,722 | ||||||
5,486 | CubeSmart REIT | 161,508 | ||||||
3,113 | CyrusOne, Inc. REIT | 166,826 | ||||||
2,719 | DCT Industrial Trust, Inc. REIT | 178,285 | ||||||
19,704 | DDR Corp. REIT | 142,854 | ||||||
1,470 | Digital Realty Trust, Inc. REIT | 155,364 | ||||||
4,119 | Douglas Emmett, Inc. REIT | 153,515 | ||||||
6,050 | Duke Realty Corp. REIT | 163,955 | ||||||
9,138 | Empire State Realty Trust, Inc., Class A REIT | 159,184 | ||||||
2,767 | EPR Properties REIT | 152,240 | ||||||
431 | Equinix, Inc. REIT | 181,361 | ||||||
5,095 | Equity Commonwealth REIT(b) | 157,894 | ||||||
1,823 | Equity LifeStyle Properties, Inc. REIT | 162,539 | ||||||
2,633 | Equity Residential REIT | 162,482 | ||||||
655 | Essex Property Trust, Inc. REIT | 156,997 | ||||||
1,764 | Extra Space Storage, Inc. REIT | 158,037 | ||||||
1,308 | Federal Realty Investment Trust REIT | 151,532 | ||||||
7,254 | Forest City Realty Trust, Inc., Class A REIT | 145,515 | ||||||
4,675 | Gaming and Leisure Properties, Inc. REIT | 160,212 | ||||||
7,273 | GGP, Inc. REIT | 145,387 | ||||||
6,734 | HCP, Inc. REIT | 157,306 | ||||||
5,981 | Healthcare Trust of America, Inc., Class A REIT | 149,465 | ||||||
3,482 | Highwoods Properties, Inc. REIT | 153,278 | ||||||
6,224 | Hospitality Properties Trust REIT | 154,853 | ||||||
8,266 | Host Hotels & Resorts, Inc. REIT | 161,683 | ||||||
1,135 | Howard Hughes Corp. (The)(b) | 153,566 | ||||||
4,740 | Hudson Pacific Properties, Inc. REIT | 155,804 | ||||||
6,805 | Invitation Homes, Inc. REIT | 157,468 | ||||||
4,705 | Iron Mountain, Inc. REIT | 159,688 | ||||||
4,503 | JBG SMITH Properties REIT | 166,026 | ||||||
919 | Jones Lang LaSalle, Inc. | 155,780 | ||||||
2,216 | Kilroy Realty Corp. REIT | 158,821 | ||||||
10,142 | Kimco Realty Corp. REIT | 147,160 | ||||||
2,320 | Lamar Advertising Co., Class A REIT | 147,807 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
3,776 | Liberty Property Trust REIT | $ | 157,912 | |||||
1,910 | Life Storage, Inc. REIT | 168,920 | ||||||
2,607 | Macerich Co. (The) REIT | 150,215 | ||||||
11,854 | Medical Properties Trust, Inc. REIT | 151,494 | ||||||
1,764 | Mid-America Apartment Communities, Inc. REIT | 161,335 | ||||||
3,952 | National Retail Properties, Inc. REIT | 150,334 | ||||||
5,641 | Omega Healthcare Investors, Inc. REIT | 146,553 | ||||||
8,096 | Outfront Media, Inc. REIT | 151,800 | ||||||
10,729 | Paramount Group, Inc. REIT | 153,961 | ||||||
5,694 | Park Hotels & Resorts, Inc. REIT | 163,873 | ||||||
8,586 | Piedmont Office Realty Trust, Inc., Class A REIT | 153,861 | ||||||
2,468 | Prologis, Inc. REIT | 160,198 | ||||||
786 | Public Storage REIT | 158,599 | ||||||
4,384 | Rayonier, Inc. REIT | 163,041 | ||||||
5,976 | Realogy Holdings Corp. | 148,265 | ||||||
3,027 | Realty Income Corp. REIT | 152,894 | ||||||
2,597 | Regency Centers Corp. REIT | 152,833 | ||||||
12,589 | Retail Properties of America, Inc., Class A REIT | 145,277 | ||||||
944 | SBA Communications Corp. REIT(b) | 151,257 | ||||||
9,637 | Senior Housing Properties Trust REIT | 150,048 | ||||||
999 | Simon Property Group, Inc. REIT | 156,184 | ||||||
1,544 | SL Green Realty Corp. REIT | 150,911 | ||||||
19,066 | Spirit Realty Capital, Inc. REIT | 153,481 | ||||||
6,253 | STORE Capital Corp. REIT | 157,763 | ||||||
1,743 | Sun Communities, Inc. REIT | 163,581 | ||||||
6,930 | Tanger Factory Outlet Centers, Inc. REIT | 152,114 | ||||||
2,666 | Taubman Centers, Inc. REIT | 149,243 | ||||||
4,461 | UDR, Inc. REIT | 161,265 | ||||||
9,471 | Uniti Group, Inc. REIT | 170,667 | ||||||
3,031 | Ventas, Inc. REIT | 155,854 | ||||||
21,525 | VEREIT, Inc. REIT | 146,370 | ||||||
7,964 | Vici Properties, Inc. REIT | 144,786 | ||||||
2,282 | Vornado Realty Trust REIT | 155,244 | ||||||
5,588 | Weingarten Realty Investors REIT | 153,502 | ||||||
2,866 | Welltower, Inc. REIT | 153,159 | ||||||
4,462 | Weyerhaeuser Co. REIT | 164,112 | ||||||
2,524 | WP Carey, Inc. REIT | 161,157 | ||||||
|
| |||||||
13,719,229 | ||||||||
|
| |||||||
Telecommunication Services—1.9% | ||||||||
21,679 | AT&T, Inc. | 708,903 | ||||||
45,145 | CenturyLink, Inc. | 838,794 | ||||||
154,394 | Sprint Corp.(b) | 866,151 | ||||||
28,193 | Telephone & Data Systems, Inc. | 770,515 | ||||||
12,377 | T-Mobile US, Inc.(b) | 748,932 | ||||||
20,191 | United States Cellular Corp.(b) | 798,958 | ||||||
16,768 | Verizon Communications, Inc. | 827,501 | ||||||
22,537 | Zayo Group Holdings, Inc.(b) | 818,093 | ||||||
|
| |||||||
6,377,847 | ||||||||
|
| |||||||
Utilities—10.1% | ||||||||
75,736 | AES Corp. (The) | 927,009 | ||||||
21,437 | Alliant Energy Corp. | 920,719 | ||||||
15,259 | Ameren Corp. | 894,483 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
12,325 | American Electric Power Co., Inc. | $ | 862,503 | |||||
10,153 | American Water Works Co., Inc. | 879,047 | ||||||
24,521 | Aqua America, Inc. | 861,913 | ||||||
10,082 | Atmos Energy Corp. | 876,025 | ||||||
17,084 | Avangrid, Inc. | 900,498 | ||||||
29,692 | CenterPoint Energy, Inc. | 752,098 | ||||||
19,294 | CMS Energy Corp. | 910,484 | ||||||
10,913 | Consolidated Edison, Inc. | 874,459 | ||||||
11,298 | Dominion Energy, Inc. | 751,995 | ||||||
8,188 | DTE Energy Co. | 863,015 | ||||||
10,600 | Duke Energy Corp. | 849,696 | ||||||
13,761 | Edison International | 901,621 | ||||||
10,493 | Entergy Corp. | 856,124 | ||||||
14,157 | Eversource Energy | 852,959 | ||||||
21,486 | Exelon Corp. | 852,564 | ||||||
25,306 | FirstEnergy Corp. | 870,526 | ||||||
27,298 | Great Plains Energy, Inc. | 893,464 | ||||||
24,987 | Hawaiian Electric Industries, Inc. | 866,799 | ||||||
30,625 | MDU Resources Group, Inc. | 862,706 | ||||||
16,396 | National Fuel Gas Co. | 841,935 | ||||||
5,226 | NextEra Energy, Inc. | 856,594 | ||||||
34,855 | NiSource, Inc. | 850,113 | ||||||
27,776 | NRG Energy, Inc. | 861,056 | ||||||
26,317 | OGE Energy Corp. | 865,040 | ||||||
19,288 | PG&E Corp. | 889,177 | ||||||
10,604 | Pinnacle West Capital Corp. | 853,622 | ||||||
29,614 | PPL Corp. | 861,767 | ||||||
17,545 | Public Service Enterprise Group, Inc. | 914,972 | ||||||
19,503 | SCANA Corp. | 717,125 | ||||||
7,491 | Sempra Energy | 837,494 | ||||||
18,529 | Southern Co. (The) | 854,557 | ||||||
18,828 | UGI Corp. | 911,087 | ||||||
13,227 | Vectren Corp. | 929,461 | ||||||
38,660 | Vistra Energy Corp.(b) | 883,381 | ||||||
13,632 | WEC Energy Group, Inc. | 876,265 | ||||||
16,575 | Westar Energy, Inc. | 898,034 | ||||||
19,030 | Xcel Energy, Inc. | 891,365 | ||||||
|
| |||||||
34,673,752 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $335,775,075) | 342,750,976 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
715,994 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(e) (Cost $715,994) | 715,994 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $336,491,069)—100.2% | 343,466,970 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.5% | ||||||||
5,181,106 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $5,181,106) | $ | 5,181,106 | |||||
|
| |||||||
Total Investments in Securities (Cost $341,672,175)—101.7% | 348,648,076 | |||||||
Other assets less liabilities—(1.7)% | (5,906,445 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 342,741,631 | ||||||
|
|
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 April 30, 2018. |
(d) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 16.8 | |||
Consumer Discretionary | 14.1 | |||
Real Estate | 11.2 | |||
Industrials | 10.1 | |||
Consumer Staples | 9.9 | |||
Utilities | 8.6 | |||
Financials | 8.3 | |||
Health Care | 7.7 | |||
Materials | 7.2 | |||
Energy | 5.2 | |||
Telecommunication Services | 0.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—14.1% | ||||||||
360 | Amazon.com, Inc.(b) | $ | 563,807 | |||||
9,935 | Aramark | 371,470 | ||||||
240 | Booking Holdings, Inc.(b) | 522,720 | ||||||
4,769 | Bright Horizons Family Solutions, Inc.(b) | 452,483 | ||||||
607 | Cable One, Inc. | 385,518 | ||||||
6,481 | Carnival Corp. | 408,692 | ||||||
7,426 | CBS Corp., Class B | 365,359 | ||||||
1,278 | Charter Communications, Inc., Class A(b) | 346,709 | ||||||
11,750 | Cinemark Holdings, Inc. | 460,247 | ||||||
4,999 | Darden Restaurants, Inc. | 464,207 | ||||||
22,203 | Discovery, Inc., Class A(b) | 525,101 | ||||||
8,219 | DISH Network Corp., Class A(b) | 275,747 | ||||||
2,280 | Domino’s Pizza, Inc. | 551,144 | ||||||
3,404 | Expedia Group, Inc. | 391,937 | ||||||
24,199 | Extended Stay America, Inc. | 473,816 | ||||||
13,094 | Gap, Inc. (The) | 382,869 | ||||||
7,459 | GCI Liberty, Inc.(b) | 332,671 | ||||||
715 | Graham Holdings Co., Class B | 431,181 | ||||||
16,256 | H&R Block, Inc. | 449,478 | ||||||
19,928 | Hanesbrands, Inc. | 368,070 | ||||||
8,293 | Harley-Davidson, Inc. | 341,091 | ||||||
4,577 | Hasbro, Inc. | 403,188 | ||||||
5,861 | Hyatt Hotels Corp., Class A | 450,535 | ||||||
21,396 | Interpublic Group of Cos., Inc. (The) | 504,732 | ||||||
6,123 | Las Vegas Sands Corp. | 449,000 | ||||||
8,630 | Leggett & Platt, Inc. | 349,947 | ||||||
948 | Liberty Broadband Corp., Class A(b) | 66,815 | ||||||
3,861 | Liberty Broadband Corp., Class C(b) | 273,706 | ||||||
9,174 | Live Nation Entertainment, Inc.(b) | 362,098 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,421 | McDonald’s Corp. | $ | 405,372 | |||||
12,201 | MGM Resorts International | 383,355 | ||||||
7,218 | Michael Kors Holdings Ltd.(b) | 493,856 | ||||||
19,576 | Michaels Cos., Inc. (The)(b) | 364,505 | ||||||
5,280 | Murphy USA, Inc.(b) | 330,370 | ||||||
2,251 | Netflix, Inc.(b) | 703,347 | ||||||
13,442 | Newell Brands, Inc. | 371,402 | ||||||
3,155 | PVH Corp. | 503,759 | ||||||
4,439 | Ralph Lauren Corp., Class A | 487,624 | ||||||
3,417 | Royal Caribbean Cruises Ltd. | 369,685 | ||||||
24,765 | Sally Beauty Holdings, Inc.(b) | 428,187 | ||||||
8,695 | ServiceMaster Global Holdings, Inc.(b) | 439,967 | ||||||
8,068 | Signet Jewelers Ltd. | 313,684 | ||||||
6,504 | Six Flags Entertainment Corp. | 411,313 | ||||||
4,634 | Time Warner, Inc. | 439,303 | ||||||
12,245 | TripAdvisor, Inc.(b) | 458,208 | ||||||
6,706 | Tupperware Brands Corp. | 298,819 | ||||||
9,244 | Twenty-First Century Fox, Inc., Class A | 337,961 | ||||||
3,885 | Twenty-First Century Fox, Inc., Class B | 140,132 | ||||||
31,830 | Under Armour, Inc., Class A(b) | 565,301 | ||||||
1,852 | Vail Resorts, Inc. | 424,682 | ||||||
5,800 | VF Corp. | 469,046 | ||||||
2,676 | Wynn Resorts Ltd. | 498,244 | ||||||
|
| |||||||
21,362,460 | ||||||||
|
| |||||||
Consumer Staples—9.9% | ||||||||
6,233 | Altria Group, Inc. | 349,734 | ||||||
10,626 | Archer-Daniels-Midland Co. | 482,208 | ||||||
1,635 | Brown-Forman Corp., Class A | 87,260 | ||||||
7,211 | Brown-Forman Corp., Class B | 404,104 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
8,444 | Campbell Soup Co. | $ | 344,346 | |||||
8,983 | Church & Dwight Co., Inc. | 415,015 | ||||||
2,994 | Clorox Co. (The) | 350,897 | ||||||
9,095 | Coca-Cola Co. (The) | 392,995 | ||||||
5,746 | Colgate-Palmolive Co. | 374,812 | ||||||
11,393 | Conagra Brands, Inc. | 422,339 | ||||||
1,949 | Constellation Brands, Inc., Class A | 454,370 | ||||||
4,686 | Dr Pepper Snapple Group, Inc. | 562,133 | ||||||
7,179 | Edgewell Personal Care Co.(b) | 316,235 | ||||||
3,384 | Estee Lauder Cos., Inc. (The), Class A | 501,137 | ||||||
21,210 | Flowers Foods, Inc. | 479,558 | ||||||
7,360 | General Mills, Inc. | 321,926 | ||||||
6,031 | Herbalife Nutrition Ltd.(b) | 637,658 | ||||||
3,759 | Hershey Co. (The) | 345,602 | ||||||
11,669 | Hormel Foods Corp. | 423,001 | ||||||
3,006 | Ingredion, Inc. | 363,997 | ||||||
6,379 | Kellogg Co. | 375,723 | ||||||
3,482 | Kimberly-Clark Corp. | 360,526 | ||||||
5,116 | Kraft Heinz Co. (The) | 288,440 | ||||||
4,150 | McCormick & Co., Inc. | 437,451 | ||||||
5,407 | Molson Coors Brewing Co., Class B | 385,195 | ||||||
9,695 | Mondelez International, Inc., Class A | 382,952 | ||||||
6,643 | Monster Beverage Corp.(b) | 365,365 | ||||||
6,240 | Nu Skin Enterprises, Inc., Class A | 443,976 | ||||||
3,579 | PepsiCo, Inc. | 361,264 | ||||||
4,052 | Philip Morris International, Inc. | 332,264 | ||||||
11,352 | Pilgrim’s Pride Corp.(b) | 245,203 | ||||||
7,297 | Pinnacle Foods, Inc. | 440,739 | ||||||
5,352 | Post Holdings, Inc.(b) | 425,859 | ||||||
4,704 | Procter & Gamble Co. (The) | 340,287 | ||||||
97 | Seaboard Corp. | 388,684 | ||||||
3,624 | Spectrum Brands Holdings, Inc. | 261,290 | ||||||
18,126 | Sprouts Farmers Market, Inc.(b) | 453,694 | ||||||
5,061 | Tyson Foods, Inc., Class A | 354,776 | ||||||
5,810 | Walgreens Boots Alliance, Inc. | 386,074 | ||||||
|
| |||||||
15,059,089 | ||||||||
|
| |||||||
Energy—5.2% | ||||||||
4,002 | Andeavor | 553,557 | ||||||
10,103 | Apache Corp. | 413,718 | ||||||
3,505 | Chevron Corp. | 438,511 | ||||||
3,642 | Cimarex Energy Co. | 366,349 | ||||||
6,985 | EQT Corp. | 350,577 | ||||||
4,998 | Exxon Mobil Corp. | 388,594 | ||||||
32,523 | Gulfport Energy Corp.(b) | 302,464 | ||||||
10,091 | Halliburton Co. | 534,722 | ||||||
6,774 | Marathon Petroleum Corp. | 507,440 | ||||||
6,002 | Occidental Petroleum Corp. | 463,714 | ||||||
8,151 | ONEOK, Inc. | 490,853 | ||||||
15,698 | Parsley Energy, Inc., Class A(b) | 471,411 | ||||||
4,358 | Phillips 66 | 485,089 | ||||||
17,593 | RPC, Inc. | 316,850 | ||||||
6,770 | Schlumberger Ltd. | 464,151 | ||||||
4,930 | Valero Energy Corp. | 546,885 | ||||||
14,548 | Williams Cos., Inc. (The) | 374,320 | ||||||
14,831 | World Fuel Services Corp. | 318,422 | ||||||
|
| |||||||
7,787,627 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials—8.3% | ||||||||
9,697 | Aflac, Inc. | $ | 441,892 | |||||
20,919 | AGNC Investment Corp. REIT | 395,788 | ||||||
3,327 | American National Insurance Co. | 401,469 | ||||||
35,672 | Annaly Capital Management, Inc. REIT | 369,919 | ||||||
2,974 | Aon PLC | 423,706 | ||||||
4,396 | Arch Capital Group Ltd.(b) | 352,252 | ||||||
5,010 | Bank of Hawaii Corp. | 421,892 | ||||||
7,767 | Bank of New York Mellon Corp. (The) | 423,379 | ||||||
2,192 | Berkshire Hathaway, Inc., Class B(b) | 424,656 | ||||||
2,742 | Chubb Ltd. | 372,007 | ||||||
5,697 | Cincinnati Financial Corp. | 400,727 | ||||||
7,655 | CNA Financial Corp. | 386,271 | ||||||
1,395 | Credit Acceptance Corp.(b) | 461,522 | ||||||
3,366 | Erie Indemnity Co., Class A | 393,048 | ||||||
1,899 | Everest Re Group Ltd. | 441,840 | ||||||
7,627 | First American Financial Corp. | 389,816 | ||||||
4,453 | First Republic Bank | 413,550 | ||||||
10,289 | FNF Group | 378,944 | ||||||
7,411 | Hartford Financial Services Group, Inc. (The) | 399,008 | ||||||
5,927 | Intercontinental Exchange, Inc. | 429,470 | ||||||
8,454 | Loews Corp. | 443,497 | ||||||
7,586 | Mercury General Corp. | 346,908 | ||||||
52,037 | MFA Financial, Inc. REIT | 391,318 | ||||||
4,327 | Northern Trust Corp. | 461,907 | ||||||
5,917 | SEI Investments Co. | 374,132 | ||||||
19,631 | Starwood Property Trust, Inc. REIT | 411,466 | ||||||
27,930 | TFS Financial Corp. | 416,436 | ||||||
26,603 | Two Harbors Investment Corp. REIT | 405,962 | ||||||
6,133 | W.R. Berkley Corp. | 457,277 | ||||||
468 | White Mountains Insurance Group Ltd. | 404,956 | ||||||
2,589 | Willis Towers Watson PLC | 384,492 | ||||||
|
| |||||||
12,619,507 | ||||||||
|
| |||||||
Health Care—7.7% | ||||||||
3,876 | Alexion Pharmaceuticals, Inc.(b) | 455,934 | ||||||
3,138 | athenahealth, Inc.(b) | 384,311 | ||||||
6,482 | Baxter International, Inc. | 450,499 | ||||||
3,095 | Bio-Techne Corp. | 467,066 | ||||||
16,188 | Boston Scientific Corp.(b) | 464,919 | ||||||
4,159 | Centene Corp.(b) | 451,584 | ||||||
5,889 | Cerner Corp.(b) | 343,034 | ||||||
4,071 | Charles River Laboratories International, Inc.(b) | 424,158 | ||||||
1,729 | Cooper Cos., Inc. (The) | 395,440 | ||||||
5,435 | CVS Health Corp. | 379,526 | ||||||
4,501 | Danaher Corp. | 451,540 | ||||||
5,672 | Gilead Sciences, Inc. | 409,689 | ||||||
4,989 | HCA Healthcare, Inc. | 477,647 | ||||||
5,028 | Hill-Rom Holdings, Inc. | 431,553 | ||||||
1,059 | Intuitive Surgical, Inc.(b) | 466,786 | ||||||
2,988 | Johnson & Johnson | 377,952 | ||||||
8,843 | LifePoint Health, Inc.(b) | 423,580 | ||||||
19,079 | Mallinckrodt PLC(b) | 248,027 | ||||||
5,181 | Medtronic PLC | 415,154 | ||||||
7,683 | Merck & Co., Inc. | 452,298 | ||||||
11,390 | Patterson Cos., Inc. | 265,159 | ||||||
14,619 | Premier, Inc., Class A(b) | 482,281 | ||||||
4,722 | STERIS PLC | 446,323 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,673 | Stryker Corp. | $ | 452,860 | |||||
2,163 | Thermo Fisher Scientific, Inc. | 454,987 | ||||||
1,862 | UnitedHealth Group, Inc. | 440,177 | ||||||
3,895 | Universal Health Services, Inc., Class B | 444,809 | ||||||
4,166 | West Pharmaceutical Services, Inc. | 367,483 | ||||||
|
| |||||||
11,724,776 | ||||||||
|
| |||||||
Industrials—10.1% | ||||||||
5,882 | AGCO Corp. | 368,684 | ||||||
6,790 | BWX Technologies, Inc. | 460,362 | ||||||
3,627 | Carlisle Cos., Inc. | 390,737 | ||||||
3,102 | Copa Holdings SA, Class A (Panama) | 363,461 | ||||||
1,391 | CoStar Group, Inc.(b) | 510,024 | ||||||
4,955 | Crane Co. | 414,436 | ||||||
3,458 | Dun & Bradstreet Corp. (The) | 398,742 | ||||||
3,654 | Equifax, Inc. | 409,431 | ||||||
1,802 | FedEx Corp. | 445,454 | ||||||
22,761 | General Electric Co. | 320,247 | ||||||
9,690 | Graco, Inc. | 426,263 | ||||||
9,497 | IHS Markit Ltd.(b) | 466,588 | ||||||
4,858 | Ingersoll-Rand PLC | 407,538 | ||||||
11,060 | Johnson Controls International PLC | 374,602 | ||||||
8,414 | KAR Auction Services, Inc. | 437,444 | ||||||
6,299 | Kirby Corp.(b) | 537,305 | ||||||
4,112 | Landstar System, Inc. | 417,985 | ||||||
4,568 | Lincoln Electric Holdings, Inc. | 378,550 | ||||||
1,332 | Lockheed Martin Corp. | 427,359 | ||||||
6,234 | Macquarie Infrastructure Corp. | 236,269 | ||||||
1,376 | Northrop Grumman Corp. | 443,127 | ||||||
39,637 | Pitney Bowes, Inc. | 405,090 | ||||||
6,507 | Republic Services, Inc. | 420,873 | ||||||
3,197 | Rockwell Collins, Inc. | 423,730 | ||||||
9,141 | Rollins, Inc. | 443,521 | ||||||
5,120 | Ryder System, Inc. | 345,242 | ||||||
2,461 | Snap-on, Inc. | 357,460 | ||||||
5,022 | Spirit AeroSystems Holdings, Inc., Class A | 403,618 | ||||||
9,900 | Spirit Airlines, Inc.(b) | 353,628 | ||||||
1,497 | TransDigm Group, Inc. | 479,893 | ||||||
3,428 | United Parcel Service, Inc., Class B | 389,078 | ||||||
3,483 | United Technologies Corp. | 418,482 | ||||||
14,451 | Univar, Inc.(b) | 398,270 | ||||||
5,486 | Wabtec Corp. | 487,212 | ||||||
5,142 | Waste Management, Inc. | 417,993 | ||||||
2,524 | Watsco, Inc. | 422,568 | ||||||
6,110 | Xylem, Inc. | 445,419 | ||||||
|
| |||||||
15,246,685 | ||||||||
|
| |||||||
Information Technology—16.8% | ||||||||
6,787 | Activision Blizzard, Inc. | 450,317 | ||||||
2,338 | Adobe Systems, Inc.(b) | 518,101 | ||||||
7,573 | Akamai Technologies, Inc.(b) | 542,605 | ||||||
201 | Alphabet, Inc., Class A(b) | 204,735 | ||||||
204 | Alphabet, Inc., Class C(b) | 207,535 | ||||||
6,509 | Amdocs Ltd. | 437,730 | ||||||
4,595 | Amphenol Corp., Class A | 384,647 | ||||||
2,427 | Apple, Inc. | 401,086 | ||||||
10,053 | Avnet, Inc. | 394,379 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
9,443 | Black Knight, Inc.(b) | $ | 459,402 | |||||
1,500 | Broadcom, Inc. | 344,130 | ||||||
9,748 | CoreLogic, Inc.(b) | 482,526 | ||||||
4,404 | DXC Technology Co. | 453,876 | ||||||
6,956 | EchoStar Corp., Class A(b) | 365,468 | ||||||
3,979 | Electronic Arts, Inc.(b) | 469,442 | ||||||
4,557 | Euronet Worldwide, Inc.(b) | 355,947 | ||||||
3,163 | F5 Networks, Inc.(b) | 515,854 | ||||||
2,401 | Facebook, Inc., Class A(b) | 412,972 | ||||||
25,307 | First Data Corp., Class A(b) | 458,057 | ||||||
4,213 | Global Payments, Inc. | 476,280 | ||||||
8,702 | GoDaddy, Inc., Class A(b) | 561,801 | ||||||
5,687 | Guidewire Software, Inc.(b) | 481,234 | ||||||
30,390 | Hewlett Packard Enterprise Co. | 518,150 | ||||||
3,333 | IAC/InterActiveCorp.(b) | 540,413 | ||||||
1,821 | IPG Photonics Corp.(b) | 387,928 | ||||||
14,430 | Jabil, Inc. | 383,838 | ||||||
14,996 | Juniper Networks, Inc. | 368,752 | ||||||
9,726 | Keysight Technologies, Inc.(b) | 502,640 | ||||||
4,147 | KLA-Tencor Corp. | 421,916 | ||||||
2,168 | Lam Research Corp. | 401,210 | ||||||
3,504 | LogMeIn, Inc. | 386,141 | ||||||
9,514 | Manhattan Associates, Inc.(b) | 409,673 | ||||||
2,819 | Mastercard, Inc., Class A | 502,543 | ||||||
14,379 | Match Group, Inc.(b) | 677,539 | ||||||
9,978 | Micron Technology, Inc.(b) | 458,788 | ||||||
5,041 | Microsoft Corp. | 471,434 | ||||||
4,503 | Motorola Solutions, Inc. | 494,565 | ||||||
9,646 | National Instruments Corp. | 394,425 | ||||||
3,733 | NXP Semiconductors NV (Netherlands)(b) | 391,592 | ||||||
8,485 | Oracle Corp. | 387,510 | ||||||
5,592 | PayPal Holdings, Inc.(b) | 417,219 | ||||||
6,655 | PTC, Inc.(b) | 548,039 | ||||||
3,348 | Red Hat, Inc.(b) | 545,925 | ||||||
4,062 | salesforce.com, inc.(b) | 491,461 | ||||||
3,975 | Skyworks Solutions, Inc. | 344,871 | ||||||
4,606 | Synopsys, Inc.(b) | 393,859 | ||||||
3,795 | Take-Two Interactive Software, Inc.(b) | 378,399 | ||||||
10,465 | Teradyne, Inc. | 340,636 | ||||||
5,674 | Total System Services, Inc. | 476,956 | ||||||
9,914 | Trimble, Inc.(b) | 343,024 | ||||||
2,315 | Tyler Technologies, Inc.(b) | 506,800 | ||||||
2,014 | Ultimate Software Group, Inc. (The)(b) | 483,199 | ||||||
3,694 | VeriSign, Inc.(b) | 433,749 | ||||||
3,768 | Visa, Inc., Class A | 478,084 | ||||||
5,367 | Western Digital Corp. | 422,866 | ||||||
21,606 | Western Union Co. (The) | 426,719 | ||||||
3,276 | WEX, Inc.(b) | 530,450 | ||||||
5,650 | Worldpay, Inc., Class A(b) | 458,893 | ||||||
|
| |||||||
25,498,330 | ||||||||
|
| |||||||
Materials—7.2% | ||||||||
4,807 | AptarGroup, Inc. | 449,455 | ||||||
5,627 | Ashland Global Holdings, Inc. | 372,395 | ||||||
10,654 | Ball Corp. | 427,119 | ||||||
9,018 | Bemis Co., Inc. | 390,209 | ||||||
6,965 | Berry Global Group, Inc.(b) | 383,075 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
6,798 | Cabot Corp. | $ | 379,736 | |||||
3,964 | Celanese Corp., Series A | 430,768 | ||||||
6,970 | Crown Holdings, Inc.(b) | 347,385 | ||||||
5,785 | DowDuPont, Inc. | 365,843 | ||||||
4,582 | Eastman Chemical Co. | 467,731 | ||||||
3,068 | Ecolab, Inc. | 444,154 | ||||||
4,477 | FMC Corp. | 356,951 | ||||||
2,678 | International Flavors & Fragrances, Inc. | 378,294 | ||||||
1,041 | NewMarket Corp. | 395,112 | ||||||
11,443 | Newmont Mining Corp. | 449,595 | ||||||
11,681 | Olin Corp. | 352,649 | ||||||
17,188 | Owens-Illinois, Inc.(b) | 349,432 | ||||||
3,516 | Packaging Corp. of America | 406,766 | ||||||
2,709 | Praxair, Inc. | 413,177 | ||||||
5,134 | Royal Gold, Inc. | 455,899 | ||||||
4,277 | Scotts Miracle-Gro Co. (The) | 357,472 | ||||||
8,807 | Sealed Air Corp. | 386,187 | ||||||
14,728 | Silgan Holdings, Inc. | 413,415 | ||||||
7,951 | Sonoco Products Co. | 408,363 | ||||||
10,032 | Southern Copper Corp. (Peru) | 529,790 | ||||||
95,639 | Tahoe Resources, Inc. | 481,064 | ||||||
3,313 | Vulcan Materials Co. | 370,029 | ||||||
|
| |||||||
10,962,065 | ||||||||
|
| |||||||
Real Estate—11.2% | ||||||||
9,823 | American Campus Communities, Inc. REIT | 384,178 | ||||||
19,381 | American Homes 4 Rent, Class A REIT | 391,496 | ||||||
2,892 | American Tower Corp. REIT | 394,353 | ||||||
9,442 | Apartment Investment & Management Co., Class A REIT | 383,345 | ||||||
2,300 | AvalonBay Communities, Inc. REIT | 374,900 | ||||||
24,161 | Brandywine Realty Trust REIT | 389,234 | ||||||
4,561 | Camden Property Trust REIT | 389,509 | ||||||
3,726 | CoreSite Realty Corp. REIT | 387,877 | ||||||
13,721 | Corporate Office Properties Trust REIT | 377,465 | ||||||
3,684 | Crown Castle International Corp. REIT | 371,605 | ||||||
7,076 | DCT Industrial Trust, Inc. REIT | 463,973 | ||||||
3,573 | Digital Realty Trust, Inc. REIT | 377,630 | ||||||
10,327 | Douglas Emmett, Inc. REIT | 384,887 | ||||||
14,799 | Duke Realty Corp. REIT | 401,053 | ||||||
6,138 | EPR Properties REIT | 337,713 | ||||||
898 | Equinix, Inc. REIT | 377,869 | ||||||
14,138 | Equity Commonwealth REIT(b) | 438,137 | ||||||
4,712 | Equity LifeStyle Properties, Inc. REIT | 420,122 | ||||||
6,230 | Equity Residential REIT | 384,453 | ||||||
1,688 | Essex Property Trust, Inc. REIT | 404,597 | ||||||
17,382 | Forest City Realty Trust, Inc., Class A REIT | 348,683 | ||||||
11,462 | Gaming and Leisure Properties, Inc. REIT | 392,803 | ||||||
13,609 | Healthcare Trust of America, Inc., Class A REIT | 340,089 | ||||||
8,321 | Highwoods Properties, Inc. REIT | 366,290 | ||||||
5,523 | Kilroy Realty Corp. REIT | 395,833 | ||||||
22,478 | Kimco Realty Corp. REIT | 326,156 | ||||||
9,276 | Liberty Property Trust REIT | 387,922 | ||||||
30,409 | Medical Properties Trust, Inc. REIT | 388,627 | ||||||
4,064 | Mid-America Apartment Communities, Inc. REIT | 371,693 | ||||||
10,136 | National Retail Properties, Inc. REIT | 385,573 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
15,761 | Omega Healthcare Investors, Inc. REIT | $ | 409,471 | |||||
6,423 | Prologis, Inc. REIT | 416,917 | ||||||
1,957 | Public Storage REIT | 394,884 | ||||||
13,422 | Rayonier, Inc. REIT | 499,164 | ||||||
7,528 | Realty Income Corp. REIT | 380,239 | ||||||
2,489 | SBA Communications Corp. REIT(b) | 398,813 | ||||||
21,739 | Senior Housing Properties Trust REIT | 338,476 | ||||||
48,747 | Spirit Realty Capital, Inc. REIT | 392,413 | ||||||
16,479 | STORE Capital Corp. REIT | 415,765 | ||||||
4,570 | Sun Communities, Inc. REIT | 428,895 | ||||||
10,585 | UDR, Inc. REIT | 382,648 | ||||||
6,504 | Ventas, Inc. REIT | 334,436 | ||||||
6,171 | Welltower, Inc. REIT | 329,778 | ||||||
5,848 | WP Carey, Inc. REIT | 373,395 | ||||||
|
| |||||||
17,033,359 | ||||||||
|
| |||||||
Telecommunication Services—0.9% | ||||||||
28,961 | CenturyLink, Inc. | 538,096 | ||||||
6,955 | T-Mobile US, Inc.(b) | 420,847 | ||||||
12,021 | Zayo Group Holdings, Inc.(b) | 436,362 | ||||||
|
| |||||||
1,395,305 | ||||||||
|
| |||||||
Utilities—8.6% | ||||||||
9,228 | Alliant Energy Corp. | 396,343 | ||||||
6,509 | Ameren Corp. | 381,557 | ||||||
5,363 | American Electric Power Co., Inc. | 375,303 | ||||||
4,547 | American Water Works Co., Inc. | 393,679 | ||||||
11,139 | Aqua America, Inc. | 391,536 | ||||||
4,511 | Atmos Energy Corp. | 391,961 | ||||||
8,015 | Avangrid, Inc. | 422,471 | ||||||
13,872 | CenterPoint Energy, Inc. | 351,378 | ||||||
8,343 | CMS Energy Corp. | 393,706 | ||||||
4,675 | Consolidated Edison, Inc. | 374,608 | ||||||
4,948 | Dominion Energy, Inc. | 329,339 | ||||||
3,608 | DTE Energy Co. | 380,283 | ||||||
4,668 | Duke Energy Corp. | 374,187 | ||||||
5,122 | Edison International | 335,593 | ||||||
6,419 | Eversource Energy | 386,745 | ||||||
9,981 | Exelon Corp. | 396,046 | ||||||
12,133 | Great Plains Energy, Inc. | 397,113 | ||||||
10,855 | Hawaiian Electric Industries, Inc. | 376,560 | ||||||
15,213 | MDU Resources Group, Inc. | 428,550 | ||||||
2,639 | NextEra Energy, Inc. | 432,558 | ||||||
15,122 | NiSource, Inc. | 368,826 | ||||||
11,641 | OGE Energy Corp. | 382,640 | ||||||
7,675 | PG&E Corp. | 353,817 | ||||||
4,534 | Pinnacle West Capital Corp. | 364,987 | ||||||
11,352 | PPL Corp. | 330,343 | ||||||
8,022 | Public Service Enterprise Group, Inc. | 418,347 | ||||||
9,643 | SCANA Corp. | 354,573 | ||||||
3,441 | Sempra Energy | 384,704 | ||||||
8,131 | Southern Co. (The) | 375,002 | ||||||
8,681 | UGI Corp. | 420,074 | ||||||
6,117 | Vectren Corp. | 429,842 | ||||||
5,991 | WEC Energy Group, Inc. | 385,101 | ||||||
7,276 | Westar Energy, Inc. | 394,214 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
8,066 | Xcel Energy, Inc. | $ | 377,811 | |||||
|
| |||||||
13,049,797 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $143,855,568) | 151,739,000 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
569,324 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $569,324) | 569,324 | ||||||
|
| |||||||
Total Investments in Securities (Cost $144,424,892)—100.4% | 152,308,324 | |||||||
Other assets less liabilities—(0.4)% | (570,192 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 151,738,132 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco S&P 500 Enhanced Value ETF (SPVU)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 38.9 | |||
Health Care | 14.1 | |||
Consumer Discretionary | 12.8 | |||
Consumer Staples | 9.6 | |||
Energy | 7.7 | |||
Industrials | 6.0 | |||
Information Technology | 4.5 | |||
Materials | 2.9 | |||
Utilities | 2.4 | |||
Telecommunication Services | 1.1 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—12.8% | ||||||||
628 | Advance Auto Parts, Inc. | $ | 71,875 | |||||
2,732 | Best Buy Co., Inc. | 209,080 | ||||||
2,314 | D.R. Horton, Inc. | 102,140 | ||||||
2,113 | Discovery, Inc., Class C(b) | 46,951 | ||||||
1,444 | Foot Locker, Inc. | 62,207 | ||||||
59,213 | Ford Motor Co. | 665,554 | ||||||
1,606 | Gap, Inc. (The) | 46,959 | ||||||
17,600 | General Motors Co. | 646,624 | ||||||
3,616 | Goodyear Tire & Rubber Co. (The) | 90,798 | ||||||
2,382 | Kohl’s Corp. | 147,970 | ||||||
1,577 | Lennar Corp., Class A | 83,408 | ||||||
4,272 | Macy’s, Inc. | 132,731 | ||||||
5,577 | Newell Brands, Inc. | 154,092 | ||||||
1,066 | Nordstrom, Inc. | 53,897 | ||||||
2,056 | PulteGroup, Inc. | 62,420 | ||||||
6,427 | Target Corp. | 466,600 | ||||||
3,899 | Viacom, Inc., Class B | 117,594 | ||||||
726 | Whirlpool Corp. | 112,494 | ||||||
|
| |||||||
3,273,394 | ||||||||
|
| |||||||
Consumer Staples—9.6% | ||||||||
7,623 | Archer-Daniels-Midland Co. | 345,932 | ||||||
9,880 | Kroger Co. (The) | 248,877 | ||||||
1,952 | Molson Coors Brewing Co., Class B | 139,061 | ||||||
2,337 | Tyson Foods, Inc., Class A | 163,824 | ||||||
7,794 | Walgreens Boots Alliance, Inc. | 517,911 | ||||||
11,803 | Walmart, Inc. | 1,044,093 | ||||||
|
| |||||||
2,459,698 | ||||||||
|
| |||||||
Energy—7.7% | ||||||||
1,708 | Andeavor | 236,251 | ||||||
4,539 | Baker Hughes a GE Co. | 163,903 | ||||||
5,191 | Marathon Petroleum Corp. | 388,858 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Energy (continued) | ||||||||
3,929 | Phillips 66 | $ | 437,337 | |||||
4,514 | TechnipFMC PLC (United Kingdom) | 148,781 | ||||||
5,361 | Valero Energy Corp. | 594,696 | ||||||
|
| |||||||
1,969,826 | ||||||||
|
| |||||||
Financials—38.9% | ||||||||
4,552 | Aflac, Inc. | 207,435 | ||||||
2,129 | Allstate Corp. (The) | 208,259 | ||||||
342 | Assurant, Inc. | 31,744 | ||||||
34,951 | Bank of America Corp. | 1,045,734 | ||||||
4,830 | Bank of New York Mellon Corp. (The) | 263,283 | ||||||
3,583 | BB&T Corp. | 189,182 | ||||||
5,105 | Berkshire Hathaway, Inc., Class B(b) | 988,992 | ||||||
3,481 | Capital One Financial Corp. | 315,448 | ||||||
2,327 | Chubb Ltd. | 315,704 | ||||||
13,270 | Citigroup, Inc. | 905,943 | ||||||
2,895 | Citizens Financial Group, Inc. | 120,114 | ||||||
1,524 | Discover Financial Services | 108,585 | ||||||
227 | Everest Re Group Ltd. | 52,816 | ||||||
4,109 | Fifth Third Bancorp | 136,296 | ||||||
2,085 | Goldman Sachs Group, Inc. (The) | 496,918 | ||||||
1,997 | Hartford Financial Services Group, Inc. (The) | 107,518 | ||||||
9,540 | JPMorgan Chase & Co. | 1,037,761 | ||||||
2,653 | Leucadia National Corp. | 63,778 | ||||||
1,682 | Lincoln National Corp. | 118,816 | ||||||
2,015 | Loews Corp. | 105,707 | ||||||
5,650 | MetLife, Inc. | 269,336 | ||||||
7,758 | Morgan Stanley | 400,468 | ||||||
2,147 | Navient Corp. | 28,469 | ||||||
1,678 | People’s United Financial, Inc. | 30,691 | ||||||
2,018 | PNC Financial Services Group, Inc. (The) | 293,841 | ||||||
1,592 | Principal Financial Group, Inc. | 94,278 | ||||||
3,698 | Prudential Financial, Inc. | 393,171 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco S&P 500 Enhanced Value ETF (SPVU) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
5,989 | Regions Financial Corp. | $ | 111,994 | |||||
2,322 | SunTrust Banks, Inc. | 155,110 | ||||||
3,084 | Synchrony Financial | 102,296 | ||||||
1,528 | Travelers Cos., Inc. (The) | 201,085 | ||||||
1,484 | Unum Group | 71,796 | ||||||
17,094 | Wells Fargo & Co. | 888,204 | ||||||
1,261 | XL Group Ltd. (Bermuda) | 70,099 | ||||||
913 | Zions Bancorporation | 49,987 | ||||||
|
| |||||||
9,980,858 | ||||||||
|
| |||||||
Health Care—14.1% | ||||||||
1,296 | AmerisourceBergen Corp. | 117,392 | ||||||
2,402 | Anthem, Inc. | 566,848 | ||||||
3,615 | Cardinal Health, Inc. | 231,974 | ||||||
1,978 | Centene Corp.(b) | 214,771 | ||||||
13,460 | CVS Health Corp. | 939,912 | ||||||
1,068 | DaVita, Inc.(b) | 67,060 | ||||||
1,124 | Envision Healthcare Corp.(b) | 41,779 | ||||||
7,554 | Express Scripts Holding Co.(b) | 571,838 | ||||||
1,175 | Humana, Inc. | 345,661 | ||||||
2,861 | McKesson Corp. | 446,917 | ||||||
755 | Universal Health Services, Inc., Class B | 86,221 | ||||||
|
| |||||||
3,630,373 | ||||||||
|
| |||||||
Industrials—6.0% | ||||||||
1,124 | Alaska Air Group, Inc. | 72,981 | ||||||
4,021 | American Airlines Group, Inc. | 172,622 | ||||||
6,379 | Delta Air Lines, Inc. | 333,111 | ||||||
3,680 | Eaton Corp. PLC | 276,110 | ||||||
1,490 | Fluor Corp. | 87,836 | ||||||
965 | Jacobs Engineering Group, Inc. | 56,057 | ||||||
7,299 | Johnson Controls International PLC | 247,217 | ||||||
1,545 | Quanta Services, Inc.(b) | 50,213 | ||||||
3,439 | United Continental Holdings, Inc.(b) | 232,270 | ||||||
|
| |||||||
1,528,417 | ||||||||
|
| |||||||
Information Technology—4.5% | ||||||||
6,639 | Corning, Inc. | 179,386 | ||||||
20,753 | Hewlett Packard Enterprise Co. | 353,838 | ||||||
9,308 | Micron Technology, Inc.(b) | 427,982 | ||||||
2,405 | Western Digital Corp. | 189,490 | ||||||
|
| |||||||
1,150,696 | ||||||||
|
| |||||||
Materials—2.9% | ||||||||
1,090 | Eastman Chemical Co. | 111,267 | ||||||
2,326 | LyondellBasell Industries NV, Class A | 245,928 | ||||||
3,867 | Mosaic Co. (The) | 104,216 | ||||||
2,605 | Nucor Corp. | 160,520 | ||||||
2,075 | WestRock Co. | 122,757 | ||||||
|
| |||||||
744,688 | ||||||||
|
| |||||||
Telecommunication Services—1.1% | ||||||||
15,048 | CenturyLink, Inc. | 279,592 | ||||||
|
| |||||||
Utilities—2.4% | ||||||||
8,621 | Exelon Corp. | 342,081 | ||||||
4,932 | PG&E Corp. | 227,365 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Utilities (continued) | ||||||||
1,527 | SCANA Corp. | $ | 56,148 | |||||
|
| |||||||
625,594 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $25,362,846)—100.0% | 25,643,136 | |||||||
Other assets less liabilities—0.0% | 3,908 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 25,647,044 | ||||||
|
|
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 to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 26.6 | |||
Industrials | 21.5 | |||
Health Care | 15.2 | |||
Information Technology | 15.2 | |||
Materials | 6.1 | |||
Consumer Staples | 5.6 | |||
Consumer Discretionary | 4.8 | |||
Energy | 3.3 | |||
Real Estate | 1.8 | |||
Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.1% | ||||||||
Consumer Discretionary—4.8% | ||||||||
9,551 | Home Depot, Inc. (The) | $ | 1,765,025 | |||||
11,115 | McDonald’s Corp. | 1,861,095 | ||||||
6,760 | Mohawk Industries, Inc.(b) | 1,418,789 | ||||||
14,482 | Walt Disney Co. (The) | 1,452,979 | ||||||
21,751 | Yum! Brands, Inc. | 1,894,512 | ||||||
|
| |||||||
8,392,400 | ||||||||
|
| |||||||
Consumer Staples—5.6% | ||||||||
58,991 | Coca-Cola Co. (The) | 2,549,001 | ||||||
22,594 | Colgate-Palmolive Co. | 1,473,807 | ||||||
21,254 | PepsiCo, Inc. | 2,145,379 | ||||||
26,947 | Procter & Gamble Co. (The) | 1,949,346 | ||||||
26,047 | Sysco Corp. | 1,628,979 | ||||||
|
| |||||||
9,746,512 | ||||||||
|
| |||||||
Energy—3.3% | ||||||||
13,975 | Chevron Corp. | 1,748,412 | ||||||
27,843 | Exxon Mobil Corp. | 2,164,793 | ||||||
16,673 | Phillips 66 | 1,855,872 | ||||||
|
| |||||||
5,769,077 | ||||||||
|
| |||||||
Financials—26.6% | ||||||||
40,037 | Aflac, Inc. | 1,824,486 | ||||||
18,984 | Allstate Corp. (The) | 1,857,015 | ||||||
19,920 | American Express Co. | 1,967,100 | ||||||
13,332 | Aon PLC | 1,899,410 | ||||||
26,030 | Arthur J. Gallagher & Co. | 1,821,840 | ||||||
28,496 | Bank of New York Mellon Corp. (The) | 1,553,317 | ||||||
10,987 | Berkshire Hathaway, Inc., Class B(b) | 2,128,512 | ||||||
3,049 | BlackRock, Inc. | 1,590,054 | ||||||
16,434 | Cboe Global Markets, Inc. | 1,754,823 | ||||||
11,909 | Chubb Ltd. | 1,615,694 | ||||||
20,593 | Cincinnati Financial Corp. | 1,448,512 | ||||||
9,861 | CME Group, Inc. | 1,554,882 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
30,961 | Hartford Financial Services Group, Inc. (The) | $ | 1,666,940 | |||||
21,574 | Intercontinental Exchange, Inc. | 1,563,252 | ||||||
13,773 | JPMorgan Chase & Co. | 1,498,227 | ||||||
44,417 | Loews Corp. | 2,330,116 | ||||||
22,367 | Marsh & McLennan Cos., Inc. | 1,822,911 | ||||||
11,062 | Moody’s Corp. | 1,794,256 | ||||||
24,338 | Nasdaq, Inc. | 2,149,532 | ||||||
9,544 | PNC Financial Services Group, Inc. (The) | 1,389,702 | ||||||
30,855 | Progressive Corp. (The) | 1,860,248 | ||||||
9,829 | S&P Global, Inc. | 1,853,749 | ||||||
26,199 | Torchmark Corp. | 2,272,501 | ||||||
12,239 | Travelers Cos., Inc. (The) | 1,610,652 | ||||||
31,798 | U.S. Bancorp | 1,604,209 | ||||||
10,983 | Willis Towers Watson PLC | 1,631,085 | ||||||
|
| |||||||
46,063,025 | ||||||||
|
| |||||||
Health Care—15.2% | ||||||||
28,696 | Abbott Laboratories | 1,668,098 | ||||||
21,894 | Agilent Technologies, Inc. | 1,439,312 | ||||||
26,867 | Baxter International, Inc. | 1,867,256 | ||||||
6,873 | Becton, Dickinson and Co. | 1,593,643 | ||||||
19,122 | Danaher Corp. | 1,918,319 | ||||||
14,629 | Johnson & Johnson | 1,850,422 | ||||||
8,724 | Laboratory Corp. of America Holdings(b) | 1,489,623 | ||||||
19,838 | Medtronic PLC | 1,589,619 | ||||||
26,483 | Merck & Co., Inc. | 1,559,054 | ||||||
20,086 | PerkinElmer, Inc. | 1,473,509 | ||||||
56,144 | Pfizer, Inc. | 2,055,432 | ||||||
15,674 | Quest Diagnostics, Inc. | 1,586,209 | ||||||
10,182 | Stryker Corp. | 1,725,034 | ||||||
7,190 | Thermo Fisher Scientific, Inc. | 1,512,417 | ||||||
6,955 | UnitedHealth Group, Inc. | 1,644,162 | ||||||
7,434 | Waters Corp.(b) | 1,400,640 | ||||||
|
| |||||||
26,372,749 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials—21.5% | ||||||||
7,910 | 3M Co. | $ | 1,537,625 | |||||
24,907 | A.O. Smith Corp. | 1,528,044 | ||||||
25,342 | AMETEK, Inc. | 1,768,872 | ||||||
18,609 | Eaton Corp. PLC | 1,396,233 | ||||||
26,188 | Fortune Brands Home & Security, Inc. | 1,432,222 | ||||||
7,445 | General Dynamics Corp. | 1,498,753 | ||||||
10,406 | Harris Corp. | 1,627,707 | ||||||
14,935 | Honeywell International, Inc. | 2,160,796 | ||||||
10,806 | Illinois Tool Works, Inc. | 1,534,668 | ||||||
8,011 | L3 Technologies, Inc. | 1,569,195 | ||||||
5,880 | Lockheed Martin Corp. | 1,886,539 | ||||||
5,412 | Northrop Grumman Corp. | 1,742,880 | ||||||
21,817 | Pentair PLC (United Kingdom) | 1,467,848 | ||||||
9,035 | Raytheon Co. | 1,851,633 | ||||||
32,237 | Republic Services, Inc. | 2,085,089 | ||||||
6,778 | Roper Technologies, Inc. | 1,790,680 | ||||||
10,711 | Stanley Black & Decker, Inc. | 1,516,570 | ||||||
14,588 | United Parcel Service, Inc., Class B | 1,655,738 | ||||||
14,273 | United Technologies Corp. | 1,714,901 | ||||||
16,712 | Verisk Analytics, Inc.(b) | 1,778,992 | ||||||
26,076 | Waste Management, Inc. | 2,119,718 | ||||||
20,630 | Xylem, Inc. | 1,503,927 | ||||||
|
| |||||||
37,168,630 | ||||||||
|
| |||||||
Information Technology—15.2% | ||||||||
11,850 | Accenture PLC, Class A | 1,791,720 | ||||||
23,280 | Amphenol Corp., Class A | 1,948,769 | ||||||
36,703 | Cisco Systems, Inc. | 1,625,576 | ||||||
21,164 | Cognizant Technology Solutions Corp., Class A | 1,731,638 | ||||||
21,498 | Fidelity National Information Services, Inc. | 2,041,665 | ||||||
28,311 | Fiserv, Inc.(b) | 2,006,117 | ||||||
13,608 | Gartner, Inc.(b) | 1,650,514 | ||||||
10,191 | Mastercard, Inc., Class A | 1,816,750 | ||||||
17,667 | Microsoft Corp. | 1,652,218 | ||||||
23,400 | Paychex, Inc. | 1,417,338 | ||||||
14,277 | salesforce.com, inc.(b) | 1,727,374 | ||||||
17,670 | Synopsys, Inc.(b) | 1,510,962 | ||||||
16,712 | TE Connectivity Ltd. | 1,533,326 | ||||||
15,593 | VeriSign, Inc.(b) | 1,830,930 | ||||||
15,659 | Visa, Inc., Class A | 1,986,814 | ||||||
|
| |||||||
26,271,711 | ||||||||
|
| |||||||
Materials—6.1% | ||||||||
11,062 | Air Products & Chemicals, Inc. | 1,795,252 | ||||||
16,271 | Eastman Chemical Co. | 1,660,944 | ||||||
17,533 | Ecolab, Inc. | 2,538,252 | ||||||
10,469 | International Flavors & Fragrances, Inc. | 1,478,851 | ||||||
10,810 | Praxair, Inc. | 1,648,741 | ||||||
3,916 | Sherwin-Williams Co. (The) | 1,439,757 | ||||||
|
| |||||||
10,561,797 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate—1.8% | ||||||||
22,141 | Vornado Realty Trust REIT | $ | 1,506,252 | |||||
44,162 | Weyerhaeuser Co. REIT | 1,624,279 | ||||||
|
| |||||||
3,130,531 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $159,445,583)—100.1% | 173,476,432 | |||||||
Other assets less liabilities—(0.1)% | (156,668 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 173,319,764 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco S&P 500® High Beta ETF (SPHB)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 29.6 | |||
Financials | 26.4 | |||
Industrials | 14.2 | |||
Consumer Discretionary | 8.7 | |||
Energy | 7.7 | |||
Materials | 7.6 | |||
Health Care | 3.7 | |||
Utilities | 1.1 | |||
Real Estate | 1.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Consumer Discretionary—8.7% | ||||||||
88,986 | BorgWarner, Inc. | $ | 4,354,975 | |||||
64,976 | Kohl’s Corp. | 4,036,309 | ||||||
85,817 | L Brands, Inc. | 2,995,871 | ||||||
166,438 | Macy’s, Inc. | 5,171,229 | ||||||
19,492 | Netflix, Inc.(b) | 6,090,470 | ||||||
70,414 | Norwegian Cruise Line Holdings Ltd.(b) | 3,765,037 | ||||||
30,826 | Royal Caribbean Cruises Ltd. | 3,335,065 | ||||||
102,232 | TripAdvisor, Inc.(b) | 3,825,521 | ||||||
307,134 | Under Armour, Inc., Class A(b)(c) | 5,454,700 | ||||||
|
| |||||||
39,029,177 | ||||||||
|
| |||||||
Energy—7.7% | ||||||||
113,600 | Apache Corp. | 4,651,920 | ||||||
110,985 | Devon Energy Corp. | 4,032,085 | ||||||
99,043 | Hess Corp. | 5,644,461 | ||||||
256,177 | Marathon Oil Corp. | 4,675,230 | ||||||
63,209 | Marathon Petroleum Corp. | 4,734,986 | ||||||
173,509 | Newfield Exploration Co.(b) | 5,170,568 | ||||||
161,635 | Noble Energy, Inc. | 5,468,112 | ||||||
|
| |||||||
34,377,362 | ||||||||
|
| |||||||
Financials—26.4% | ||||||||
23,979 | Affiliated Managers Group, Inc. | 3,953,178 | ||||||
29,973 | Ameriprise Financial, Inc. | 4,202,514 | ||||||
155,735 | Bank of America Corp. | 4,659,591 | ||||||
7,649 | BlackRock, Inc. | 3,988,953 | ||||||
43,679 | Capital One Financial Corp. | 3,958,191 | ||||||
99,248 | Charles Schwab Corp. (The) | 5,526,129 | ||||||
51,788 | Citigroup, Inc. | 3,535,567 | ||||||
119,910 | Citizens Financial Group, Inc. | 4,975,066 | ||||||
49,863 | Comerica, Inc. | 4,716,042 | ||||||
91,225 | E*TRADE Financial Corp.(b) | 5,535,533 | ||||||
129,468 | Fifth Third Bancorp | 4,294,454 | ||||||
110,653 | Franklin Resources, Inc. | 3,722,367 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
17,123 | Goldman Sachs Group, Inc. (The) | $ | 4,080,925 | |||||
310,312 | Huntington Bancshares, Inc. | 4,626,752 | ||||||
153,083 | Invesco Ltd.(d) | 4,434,814 | ||||||
216,737 | KeyCorp | 4,317,401 | ||||||
61,038 | Lincoln National Corp. | 4,311,724 | ||||||
91,662 | MetLife, Inc. | 4,369,527 | ||||||
92,085 | Morgan Stanley | 4,753,428 | ||||||
285,866 | Navient Corp. | 3,790,583 | ||||||
68,236 | Principal Financial Group, Inc. | 4,040,936 | ||||||
38,771 | Prudential Financial, Inc. | 4,122,133 | ||||||
55,257 | Raymond James Financial, Inc. | 4,959,316 | ||||||
223,129 | Regions Financial Corp. | 4,172,512 | ||||||
64,552 | SunTrust Banks, Inc. | 4,312,074 | ||||||
138,315 | Synchrony Financial | 4,587,909 | ||||||
82,766 | Zions Bancorporation | 4,531,438 | ||||||
|
| |||||||
118,479,057 | ||||||||
|
| |||||||
Health Care—3.7% | ||||||||
36,208 | Alexion Pharmaceuticals, Inc.(b) | 4,259,147 | ||||||
20,157 | Align Technology, Inc.(b) | 5,036,226 | ||||||
12,410 | Biogen, Inc.(b) | 3,395,376 | ||||||
26,323 | Vertex Pharmaceuticals, Inc.(b) | 4,031,631 | ||||||
|
| |||||||
16,722,380 | ||||||||
|
| |||||||
Industrials—14.2% | ||||||||
71,289 | Alaska Air Group, Inc. | 4,628,795 | ||||||
101,938 | American Airlines Group, Inc. | 4,376,198 | ||||||
239,853 | Arconic, Inc. | 4,271,782 | ||||||
23,326 | Cummins, Inc. | 3,728,894 | ||||||
91,242 | Delta Air Lines, Inc. | 4,764,657 | ||||||
99,575 | Flowserve Corp. | 4,422,126 | ||||||
29,087 | Norfolk Southern Corp. | 4,173,112 | ||||||
60,353 | PACCAR, Inc. | 3,842,676 | ||||||
22,100 | Parker-Hannifin Corp. | 3,638,102 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco S&P 500® High Beta ETF (SPHB) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
121,579 | Quanta Services, Inc.(b) | $ | 3,951,317 | |||||
22,535 | Rockwell Automation, Inc. | 3,707,684 | ||||||
70,124 | Southwest Airlines Co. | 3,704,651 | ||||||
69,403 | Textron, Inc. | 4,312,702 | ||||||
77,931 | United Continental Holdings, Inc.(b) | 5,263,460 | ||||||
34,030 | United Rentals, Inc.(b) | 5,104,500 | ||||||
|
| |||||||
63,890,656 | ||||||||
|
| |||||||
Information Technology—29.6% | ||||||||
77,942 | Activision Blizzard, Inc. | 5,171,452 | ||||||
20,407 | Adobe Systems, Inc.(b) | 4,522,191 | ||||||
594,455 | Advanced Micro Devices, Inc.(b)(c) | 6,467,670 | ||||||
19,034 | Alliance Data Systems Corp. | 3,864,854 | ||||||
24,396 | Apple, Inc. | 4,031,683 | ||||||
124,103 | Applied Materials, Inc. | 6,164,196 | ||||||
52,257 | Autodesk, Inc.(b) | 6,579,156 | ||||||
19,222 | Broadcom, Inc. | 4,409,911 | ||||||
44,980 | Citrix Systems, Inc.(b) | 4,628,892 | ||||||
155,604 | Corning, Inc. | 4,204,420 | ||||||
31,960 | Electronic Arts, Inc.(b) | 3,770,641 | ||||||
88,097 | Intel Corp. | 4,547,567 | ||||||
47,871 | KLA-Tencor Corp. | 4,870,396 | ||||||
33,880 | Lam Research Corp. | 6,269,833 | ||||||
60,817 | Microchip Technology, Inc. | 5,087,950 | ||||||
131,616 | Micron Technology, Inc.(b) | 6,051,704 | ||||||
87,170 | NetApp, Inc. | 5,803,779 | ||||||
26,793 | NVIDIA Corp. | 6,025,746 | ||||||
56,540 | PayPal Holdings, Inc.(b) | 4,218,449 | ||||||
58,474 | Qorvo, Inc.(b) | 3,941,148 | ||||||
32,574 | Red Hat, Inc.(b) | 5,311,516 | ||||||
98,064 | Seagate Technology PLC | 5,676,925 | ||||||
49,028 | Skyworks Solutions, Inc. | 4,253,669 | ||||||
151,244 | Symantec Corp. | 4,203,071 | ||||||
42,371 | TE Connectivity Ltd. | 3,887,539 | ||||||
44,943 | Texas Instruments, Inc. | 4,558,568 | ||||||
51,599 | Western Digital Corp. | 4,065,485 | ||||||
|
| |||||||
132,588,411 | ||||||||
|
| |||||||
Materials—7.6% | ||||||||
35,542 | Albemarle Corp. | 3,446,152 | ||||||
124,361 | CF Industries Holdings, Inc. | 4,825,207 | ||||||
40,868 | Eastman Chemical Co. | 4,171,805 | ||||||
284,865 | Freeport-McMoRan, Inc. | 4,332,797 | ||||||
19,283 | Martin Marietta Materials, Inc. | 3,755,750 | ||||||
177,670 | Mosaic Co. (The) | 4,788,207 | ||||||
79,556 | Nucor Corp. | 4,902,241 | ||||||
68,102 | WestRock Co. | 4,028,914 | ||||||
|
| |||||||
34,251,073 | ||||||||
|
| |||||||
Real Estate—1.0% | ||||||||
94,450 | CBRE Group, Inc., Class A(b) | 4,279,530 | ||||||
|
| |||||||
Utilities—1.1% | ||||||||
160,340 | NRG Energy, Inc. | 4,970,540 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $455,725,709)—100.0% | 448,588,186 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.2% | ||||||||
9,721,631 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $9,721,631) | $ | 9,721,631 | |||||
|
| |||||||
Total Investments in Securities (Cost $465,447,340)—102.2% | 458,309,817 | |||||||
Other assets less liabilities—(2.2)% | (9,670,773 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 448,639,044 | ||||||
|
|
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 April 30, 2018. |
(d) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Utilities | 21.9 | |||
Real Estate | 20.3 | |||
Consumer Staples | 13.8 | |||
Energy | 9.4 | |||
Information Technology | 7.0 | |||
Consumer Discretionary | 6.0 | |||
Industrials | 5.2 | |||
Financials | 4.8 | |||
Telecommunication Services | 4.7 | |||
Health Care | 3.8 | |||
Materials | 3.1 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% |
| |||||||
Consumer Discretionary—6.0% | ||||||||
5,792,609 | Ford Motor Co. | $ | 65,108,925 | |||||
776,880 | Garmin Ltd. | 45,579,550 | ||||||
1,223,162 | General Motors Co. | 44,938,972 | ||||||
|
| |||||||
155,627,447 | ||||||||
|
| |||||||
Consumer Staples—13.8% | ||||||||
724,010 | Altria Group, Inc. | 40,624,201 | ||||||
1,083,065 | Archer-Daniels-Midland Co. | 49,149,490 | ||||||
982,404 | Coca-Cola Co. (The) | 42,449,677 | ||||||
798,116 | General Mills, Inc. | 34,909,594 | ||||||
675,004 | Kellogg Co. | 39,757,735 | ||||||
391,264 | Kimberly-Clark Corp. | 40,511,474 | ||||||
574,663 | Kraft Heinz Co. (The) | 32,399,500 | ||||||
526,026 | Philip Morris International, Inc. | 43,134,132 | ||||||
491,620 | Procter & Gamble Co. (The) | 35,563,791 | ||||||
|
| |||||||
358,499,594 | ||||||||
|
| |||||||
Energy—9.4% | ||||||||
382,567 | Chevron Corp. | 47,862,957 | ||||||
601,943 | Exxon Mobil Corp. | 46,801,068 | ||||||
778,214 | Occidental Petroleum Corp. | 60,124,814 | ||||||
552,974 | Schlumberger Ltd. | 37,911,898 | ||||||
454,380 | Valero Energy Corp. | 50,404,373 | ||||||
|
| |||||||
243,105,110 | ||||||||
|
| |||||||
Financials—4.8% | ||||||||
1,218,953 | Invesco Ltd.(b) | 35,313,068 | ||||||
852,103 | MetLife, Inc. | 40,619,751 | ||||||
2,678,645 | People’s United Financial, Inc. | 48,992,417 | ||||||
|
| |||||||
124,925,236 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care—3.8% | ||||||||
798,482 | Merck & Co., Inc. | $ | 47,006,635 | |||||
1,390,128 | Pfizer, Inc. | 50,892,586 | ||||||
|
| |||||||
97,899,221 | ||||||||
|
| |||||||
Industrials—5.2% | ||||||||
523,605 | Eaton Corp. PLC | 39,286,083 | ||||||
4,255,021 | General Electric Co. | 59,868,145 | ||||||
308,233 | United Parcel Service, Inc., Class B | 34,984,446 | ||||||
|
| |||||||
134,138,674 | ||||||||
|
| |||||||
Information Technology—7.0% | ||||||||
1,019,131 | Cisco Systems, Inc. | 45,137,312 | ||||||
338,707 | International Business Machines Corp. | 49,098,967 | ||||||
603,955 | Paychex, Inc. | 36,581,554 | ||||||
2,606,788 | Western Union Co. (The) | 51,484,063 | ||||||
|
| |||||||
182,301,896 | ||||||||
|
| |||||||
Materials—3.1% | ||||||||
735,566 | International Paper Co. | 37,925,783 | ||||||
394,075 | LyondellBasell Industries NV, Class A | 41,665,550 | ||||||
|
| |||||||
79,591,333 | ||||||||
|
| |||||||
Real Estate—20.3% | ||||||||
3,406,866 | HCP, Inc. REIT | 79,584,390 | ||||||
2,750,321 | Host Hotels & Resorts, Inc. REIT | 53,796,279 | ||||||
2,349,100 | Iron Mountain, Inc. REIT | 79,728,454 | ||||||
285,310 | Public Storage REIT | 57,569,852 | ||||||
1,197,019 | Realty Income Corp. REIT | 60,461,430 | ||||||
364,161 | Simon Property Group, Inc. REIT | 56,932,931 | ||||||
1,349,520 | Ventas, Inc. REIT | 69,392,318 | ||||||
1,310,006 | Welltower, Inc. REIT | 70,006,720 | ||||||
|
| |||||||
527,472,374 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Telecommunication Services—4.7% | ||||||||
1,979,045 | AT&T, Inc. | $ | 64,714,771 | |||||
1,175,934 | Verizon Communications, Inc. | 58,032,343 | ||||||
|
| |||||||
122,747,114 | ||||||||
|
| |||||||
Utilities—21.9% | ||||||||
5,771,410 | AES Corp. (The) | 70,642,058 | ||||||
1,947,853 | CenterPoint Energy, Inc. | 49,339,117 | ||||||
721,803 | Dominion Energy, Inc. | 48,043,208 | ||||||
780,640 | Duke Energy Corp. | 62,576,102 | ||||||
831,297 | Edison International | 54,466,579 | ||||||
814,728 | Entergy Corp. | 66,473,658 | ||||||
2,197,864 | FirstEnergy Corp. | 75,606,522 | ||||||
2,318,163 | PPL Corp. | 67,458,543 | ||||||
1,576,794 | Southern Co. (The) | 72,721,739 | ||||||
|
| |||||||
567,327,526 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $2,755,155,821)—100.0% | 2,593,635,525 | |||||||
Other assets less liabilities—0.0% | 1,217,034 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,594,852,559 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco S&P 500® Low Volatility ETF (SPLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Utilities | 23.8 | |||
Financials | 20.0 | |||
Industrials | 16.0 | |||
Information Technology | 9.0 | |||
Real Estate | 8.6 | |||
Consumer Staples | 7.7 | |||
Health Care | 5.9 | |||
Consumer Discretionary | 3.7 | |||
Materials | 3.2 | |||
Energy | 2.1 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—3.7% | ||||||||
355,671 | Home Depot, Inc. (The) | $ | 65,728,001 | |||||
414,056 | McDonald’s Corp. | 69,329,537 | ||||||
252,940 | Mohawk Industries, Inc.(b) | 53,087,047 | ||||||
810,265 | Yum! Brands, Inc. | 70,574,081 | ||||||
|
| |||||||
258,718,666 | ||||||||
|
| |||||||
Consumer Staples—7.7% | ||||||||
1,229,656 | Church & Dwight Co., Inc. | 56,810,107 | ||||||
468,302 | Clorox Co. (The) | 54,884,995 | ||||||
2,199,353 | Coca-Cola Co. (The) | 95,034,043 | ||||||
841,090 | Colgate-Palmolive Co. | 54,864,301 | ||||||
656,620 | Hershey Co. (The) | 60,369,643 | ||||||
526,496 | Kimberly-Clark Corp. | 54,513,396 | ||||||
792,747 | PepsiCo, Inc. | 80,019,882 | ||||||
1,004,801 | Procter & Gamble Co. (The) | 72,687,304 | ||||||
|
| |||||||
529,183,671 | ||||||||
|
| |||||||
Energy—2.1% | ||||||||
520,251 | Chevron Corp. | 65,088,603 | ||||||
1,038,123 | Exxon Mobil Corp. | 80,714,063 | ||||||
|
| |||||||
145,802,666 | ||||||||
|
| |||||||
Financials—20.0% | ||||||||
1,497,640 | Aflac, Inc. | 68,247,455 | ||||||
707,165 | Allstate Corp. (The) | 69,174,880 | ||||||
742,388 | American Express Co. | 73,310,815 | ||||||
496,817 | Aon PLC | 70,781,518 | ||||||
973,949 | Arthur J. Gallagher & Co. | 68,166,691 | ||||||
409,712 | Berkshire Hathaway, Inc., Class B(b) | 79,373,506 | ||||||
114,034 | BlackRock, Inc. | 59,468,731 | ||||||
612,302 | Cboe Global Markets, Inc. | 65,381,608 | ||||||
445,671 | Chubb Ltd. | 60,464,185 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,158,730 | Hartford Financial Services Group, Inc. (The) | $ | 62,386,023 | |||||
1,656,285 | Loews Corp. | 86,888,711 | ||||||
833,449 | Marsh & McLennan Cos., Inc. | 67,926,093 | ||||||
412,229 | Moody’s Corp. | 66,863,544 | ||||||
907,092 | Nasdaq, Inc. | 80,114,365 | ||||||
1,149,454 | Progressive Corp. (The) | 69,300,582 | ||||||
367,674 | S&P Global, Inc. | 69,343,316 | ||||||
977,097 | Torchmark Corp. | 84,753,394 | ||||||
455,744 | Travelers Cos., Inc. (The) | 59,975,910 | ||||||
1,190,080 | U.S. Bancorp | 60,039,536 | ||||||
408,873 | Willis Towers Watson PLC | 60,721,729 | ||||||
|
| |||||||
1,382,682,592 | ||||||||
|
| |||||||
Health Care—5.9% | ||||||||
1,068,488 | Abbott Laboratories | 62,111,207 | ||||||
1,000,381 | Baxter International, Inc. | 69,526,479 | ||||||
712,505 | Danaher Corp. | 71,478,502 | ||||||
545,265 | Johnson & Johnson | 68,970,570 | ||||||
742,429 | Medtronic PLC | 59,490,836 | ||||||
2,092,895 | Pfizer, Inc. | 76,620,886 | ||||||
|
| |||||||
408,198,480 | ||||||||
|
| |||||||
Industrials—16.0% | ||||||||
294,783 | 3M Co. | 57,302,867 | ||||||
944,481 | AMETEK, Inc. | 65,924,774 | ||||||
922,276 | Fortive Corp. | 64,845,226 | ||||||
980,186 | Fortune Brands Home & Security, Inc. | 53,606,372 | ||||||
278,411 | General Dynamics Corp. | 56,046,918 | ||||||
389,050 | Harris Corp. | 60,855,201 | ||||||
557,017 | Honeywell International, Inc. | 80,589,220 | ||||||
402,415 | Illinois Tool Works, Inc. | 57,150,978 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco S&P 500® Low Volatility ETF (SPLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
298,376 | L3 Technologies, Inc. | $ | 58,445,891 | |||||
219,240 | Lockheed Martin Corp. | 70,340,962 | ||||||
202,231 | Northrop Grumman Corp. | 65,126,471 | ||||||
336,745 | Raytheon Co. | 69,012,520 | ||||||
1,201,810 | Republic Services, Inc. | 77,733,071 | ||||||
252,517 | Roper Technologies, Inc. | 66,712,466 | ||||||
398,834 | Stanley Black & Decker, Inc. | 56,470,906 | ||||||
531,806 | United Technologies Corp. | 63,896,491 | ||||||
972,383 | Waste Management, Inc. | 79,045,014 | ||||||
|
| |||||||
1,103,105,348 | ||||||||
|
| |||||||
Information Technology—9.0% | ||||||||
441,605 | Accenture PLC, Class A | 66,770,676 | ||||||
867,936 | Amphenol Corp., Class A | 72,654,923 | ||||||
788,055 | Cognizant Technology Solutions Corp., Class A | 64,478,660 | ||||||
801,433 | Fidelity National Information Services, Inc. | 76,112,092 | ||||||
1,055,318 | Fiserv, Inc.(b) | 74,779,833 | ||||||
380,981 | Mastercard, Inc., Class A | 67,917,483 | ||||||
622,183 | TE Connectivity Ltd. | 57,085,290 | ||||||
581,095 | VeriSign, Inc.(b) | 68,232,175 | ||||||
583,604 | Visa, Inc., Class A | 74,047,676 | ||||||
|
| |||||||
622,078,808 | ||||||||
|
| |||||||
Materials—3.2% | ||||||||
411,948 | Air Products & Chemicals, Inc. | 66,855,041 | ||||||
653,870 | Ecolab, Inc. | 94,660,760 | ||||||
404,569 | Praxair, Inc. | 61,704,864 | ||||||
|
| |||||||
223,220,665 | ||||||||
|
| |||||||
Real Estate—8.6% | ||||||||
543,782 | Alexandria Real Estate Equities, Inc. REIT | 67,738,924 | ||||||
1,585,564 | Apartment Investment & Management Co., Class A REIT | 64,373,898 | ||||||
419,293 | AvalonBay Communities, Inc. REIT | 68,344,759 | ||||||
2,383,585 | Duke Realty Corp. REIT | 64,595,154 | ||||||
1,261,379 | Equity Residential REIT | 77,839,698 | ||||||
265,488 | Essex Property Trust, Inc. REIT | 63,634,819 | ||||||
674,870 | Mid-America Apartment Communities, Inc. REIT | 61,723,610 | ||||||
1,908,129 | UDR, Inc. REIT | 68,978,863 | ||||||
1,066,626 | Welltower, Inc. REIT | 57,000,493 | ||||||
|
| |||||||
594,230,218 | ||||||||
|
| |||||||
Utilities—23.8% | ||||||||
1,800,076 | Alliant Energy Corp. | 77,313,264 | ||||||
1,282,677 | Ameren Corp. | 75,190,526 | ||||||
1,180,514 | American Electric Power Co., Inc. | 82,612,370 | ||||||
808,599 | American Water Works Co., Inc. | 70,008,501 | ||||||
2,591,664 | CenterPoint Energy, Inc. | 65,646,849 | ||||||
1,793,634 | CMS Energy Corp. | 84,641,588 | ||||||
987,200 | Consolidated Edison, Inc. | 79,104,336 | ||||||
859,905 | Dominion Energy, Inc. | 57,235,277 | ||||||
760,483 | DTE Energy Co. | 80,154,908 | ||||||
1,054,220 | Duke Energy Corp. | 84,506,275 | ||||||
858,115 | Entergy Corp. | 70,013,603 | ||||||
1,203,279 | Eversource Energy | 72,497,560 | ||||||
1,712,931 | Exelon Corp. | 67,969,102 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
485,623 | NextEra Energy, Inc. | $ | 79,598,466 | |||||
2,737,734 | NiSource, Inc. | 66,773,332 | ||||||
973,039 | Pinnacle West Capital Corp. | 78,329,640 | ||||||
2,374,249 | PPL Corp. | 69,090,646 | ||||||
1,435,838 | Public Service Enterprise Group, Inc. | 74,878,952 | ||||||
619,266 | Sempra Energy | 69,233,939 | ||||||
1,546,408 | Southern Co. (The) | 71,320,337 | ||||||
1,220,343 | WEC Energy Group, Inc. | 78,443,648 | ||||||
1,823,310 | Xcel Energy, Inc. | 85,403,840 | ||||||
|
| |||||||
1,639,966,959 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $6,589,029,412)—100.0% | 6,907,188,073 | |||||||
Other assets less liabilities—(0.0)% | (1,661,984 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 6,905,526,089 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco S&P 500 Minimum Variance ETF (SPMV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 19.5 | |||
Health Care | 15.9 | |||
Consumer Discretionary | 14.0 | |||
Consumer Staples | 12.1 | |||
Financials | 11.5 | |||
Industrials | 9.9 | |||
Utilities | 8.5 | |||
Telecommunication Services | 4.3 | |||
Real Estate | 2.3 | |||
Materials | 1.5 | |||
Energy | 0.5 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—14.0% | ||||||||
14 | Amazon.com, Inc.(b) | $ | 21,926 | |||||
26 | Home Depot, Inc. (The) | 4,805 | ||||||
90 | Michael Kors Holdings Ltd.(b) | 6,158 | ||||||
74 | Mohawk Industries, Inc.(b) | 15,531 | ||||||
422 | NIKE, Inc., Class B | 28,861 | ||||||
8 | PVH Corp. | 1,277 | ||||||
43 | Ralph Lauren Corp., Class A | 4,723 | ||||||
52 | Ross Stores, Inc. | 4,204 | ||||||
474 | Starbucks Corp. | 27,288 | ||||||
314 | Tapestry, Inc. | 16,884 | ||||||
121 | TJX Cos., Inc. (The) | 10,267 | ||||||
217 | Under Armour, Inc., Class A(b) | 3,854 | ||||||
380 | VF Corp. | 30,731 | ||||||
135 | Yum! Brands, Inc. | 11,758 | ||||||
|
| |||||||
188,267 | ||||||||
|
| |||||||
Consumer Staples—12.1% | ||||||||
224 | Campbell Soup Co. | 9,135 | ||||||
268 | Coca-Cola Co. (The) | 11,580 | ||||||
209 | Colgate-Palmolive Co. | 13,633 | ||||||
443 | Conagra Brands, Inc. | 16,422 | ||||||
49 | Dr Pepper Snapple Group, Inc. | 5,878 | ||||||
461 | General Mills, Inc. | 20,164 | ||||||
309 | Hormel Foods Corp. | 11,201 | ||||||
133 | JM Smucker Co. (The) | 15,173 | ||||||
53 | Kellogg Co. | 3,122 | ||||||
131 | McCormick & Co., Inc. | 13,809 | ||||||
143 | Monster Beverage Corp.(b) | 7,865 | ||||||
217 | Procter & Gamble Co. (The) | 15,698 | ||||||
275 | Tyson Foods, Inc., Class A | 19,277 | ||||||
|
| |||||||
162,957 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy—0.5% | ||||||||
74 | EQT Corp. | $ | 3,714 | |||||
9 | Exxon Mobil Corp. | 700 | ||||||
159 | Range Resources Corp. | 2,202 | ||||||
|
| |||||||
6,616 | ||||||||
|
| |||||||
Financials—11.5% | ||||||||
99 | Aon PLC | 14,104 | ||||||
418 | Bank of America Corp. | 12,507 | ||||||
131 | Berkshire Hathaway, Inc., Class B(b) | 25,379 | ||||||
8 | Chubb Ltd. | 1,085 | ||||||
127 | Citigroup, Inc. | 8,670 | ||||||
157 | JPMorgan Chase & Co. | 17,078 | ||||||
306 | Marsh & McLennan Cos., Inc. | 24,939 | ||||||
142 | Progressive Corp. (The) | 8,561 | ||||||
196 | Travelers Cos., Inc. (The) | 25,794 | ||||||
311 | Wells Fargo & Co. | 16,160 | ||||||
|
| |||||||
154,277 | ||||||||
|
| |||||||
Health Care—15.9% | ||||||||
49 | Allergan PLC | 7,529 | ||||||
117 | Becton, Dickinson and Co. | 27,129 | ||||||
12 | Celgene Corp.(b) | 1,045 | ||||||
348 | Cerner Corp.(b) | 20,271 | ||||||
65 | Cigna Corp. | 11,168 | ||||||
51 | Edwards Lifesciences Corp.(b) | 6,495 | ||||||
131 | Envision Healthcare Corp.(b) | 4,869 | ||||||
190 | Express Scripts Holding Co.(b) | 14,383 | ||||||
27 | HCA Healthcare, Inc. | 2,585 | ||||||
183 | Henry Schein, Inc.(b) | 13,908 | ||||||
6 | Humana, Inc. | 1,765 | ||||||
209 | Johnson & Johnson | 26,436 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco S&P 500 Minimum Variance ETF (SPMV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
142 | Medtronic PLC | $ | 11,379 | |||||
168 | Stryker Corp. | 28,463 | ||||||
124 | UnitedHealth Group, Inc. | 29,314 | ||||||
65 | Universal Health Services, Inc., Class B | 7,423 | ||||||
|
| |||||||
214,162 | ||||||||
|
| |||||||
Industrials—9.9% | ||||||||
39 | Boeing Co. (The) | 13,009 | ||||||
56 | Cintas Corp. | 9,537 | ||||||
47 | General Electric Co. | 661 | ||||||
82 | Lockheed Martin Corp. | 26,309 | ||||||
267 | Republic Services, Inc. | 17,269 | ||||||
126 | Rockwell Collins, Inc. | 16,700 | ||||||
100 | Stericycle, Inc.(b) | 5,871 | ||||||
147 | United Technologies Corp. | 17,662 | ||||||
321 | Waste Management, Inc. | 26,094 | ||||||
|
| |||||||
133,112 | ||||||||
|
| |||||||
Information Technology—19.5% | ||||||||
61 | Accenture PLC, Class A | 9,223 | ||||||
87 | Adobe Systems, Inc.(b) | 19,279 | ||||||
24 | Alphabet, Inc., Class C(b) | 24,416 | ||||||
150 | Analog Devices, Inc. | 13,102 | ||||||
118 | Apple, Inc. | 19,501 | ||||||
23 | Applied Materials, Inc. | 1,142 | ||||||
55 | Automatic Data Processing, Inc. | 6,494 | ||||||
347 | Cisco Systems, Inc. | 15,369 | ||||||
120 | Facebook, Inc., Class A(b) | 20,640 | ||||||
19 | Global Payments, Inc. | 2,148 | ||||||
536 | Intel Corp. | 27,668 | ||||||
37 | International Business Machines Corp. | 5,364 | ||||||
95 | Intuit, Inc. | 17,555 | ||||||
54 | Micron Technology, Inc.(b) | 2,483 | ||||||
273 | Microsoft Corp. | 25,531 | ||||||
25 | NVIDIA Corp. | 5,623 | ||||||
13 | Oracle Corp. | 594 | ||||||
404 | QUALCOMM, Inc. | 20,608 | ||||||
251 | Texas Instruments, Inc. | 25,459 | ||||||
9 | Xilinx, Inc. | 578 | ||||||
|
| |||||||
262,777 | ||||||||
|
| |||||||
Materials—1.5% | ||||||||
506 | Newmont Mining Corp. | 19,881 | ||||||
|
| |||||||
Real Estate—2.3% | ||||||||
6 | AvalonBay Communities, Inc. REIT | 978 | ||||||
217 | Crown Castle International Corp. REIT | 21,889 | ||||||
43 | Public Storage REIT | 8,676 | ||||||
|
| |||||||
31,543 | ||||||||
|
| |||||||
Telecommunication Services—4.3% | ||||||||
755 | AT&T, Inc. | 24,689 | ||||||
705 | CenturyLink, Inc. | 13,099 | ||||||
401 | Verizon Communications, Inc. | 19,789 | ||||||
|
| |||||||
57,577 | ||||||||
|
| |||||||
Utilities—8.5% | ||||||||
292 | Ameren Corp. | 17,117 | ||||||
35 | American Electric Power Co., Inc. | 2,449 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
23 | Consolidated Edison, Inc. | $ | 1,843 | |||||
194 | Dominion Energy, Inc. | 12,913 | ||||||
13 | DTE Energy Co. | 1,370 | ||||||
34 | Edison International | 2,228 | ||||||
112 | Eversource Energy | 6,748 | ||||||
13 | NextEra Energy, Inc. | 2,131 | ||||||
300 | PG&E Corp. | 13,830 | ||||||
529 | Public Service Enterprise Group, Inc. | 27,587 | ||||||
17 | Sempra Energy | 1,900 | ||||||
473 | Southern Co. (The) | 21,815 | ||||||
28 | WEC Energy Group, Inc. | 1,800 | ||||||
|
| |||||||
113,731 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $1,274,987)—100.0% | 1,344,900 | |||||||
Other assets less liabilities—0.0% | 554 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,345,454 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco S&P 500 Momentum ETF (SPMO)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 38.0 | |||
Consumer Discretionary | 17.0 | |||
Industrials | 14.1 | |||
Financials | 14.1 | |||
Health Care | 11.5 | |||
Consumer Staples | 3.1 | |||
Real Estate | 1.0 | |||
Materials | 0.6 | |||
Energy | 0.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—17.0% | ||||||||
1,780 | Amazon.com, Inc.(b) | $ | 2,787,711 | |||||
918 | Aptiv PLC | 77,644 | ||||||
1,498 | D.R. Horton, Inc. | 66,122 | ||||||
793 | Hilton Worldwide Holdings, Inc. | 62,520 | ||||||
5,295 | Home Depot, Inc. (The) | 978,516 | ||||||
1,639 | Marriott International, Inc., Class A | 224,019 | ||||||
3,184 | McDonald’s Corp. | 533,129 | ||||||
1,617 | Netflix, Inc.(b) | 505,248 | ||||||
888 | PulteGroup, Inc. | 26,960 | ||||||
287 | PVH Corp. | 45,825 | ||||||
1,327 | VF Corp. | 107,314 | ||||||
375 | Wyndham Worldwide Corp. | 42,829 | ||||||
|
| |||||||
5,457,837 | ||||||||
|
| |||||||
Consumer Staples—3.1% | ||||||||
866 | Brown-Forman Corp., Class B | 48,531 | ||||||
634 | Constellation Brands, Inc., Class A | 147,804 | ||||||
1,025 | Estee Lauder Cos., Inc. (The), Class A | 151,792 | ||||||
1,491 | Monster Beverage Corp.(b) | 82,005 | ||||||
6,269 | Walmart, Inc. | 554,556 | ||||||
|
| |||||||
984,688 | ||||||||
|
| |||||||
Energy—0.5% | ||||||||
1,602 | Valero Energy Corp. | 177,710 | ||||||
|
| |||||||
Financials—14.1% | ||||||||
1,062 | Allstate Corp. (The) | 103,885 | ||||||
2,199 | American Express Co. | 217,151 | ||||||
485 | Ameriprise Financial, Inc. | 68,002 | ||||||
6,620 | Berkshire Hathaway, Inc., Class B(b) | 1,282,492 | ||||||
553 | BlackRock, Inc. | 288,389 | ||||||
721 | Cboe Global Markets, Inc. | 76,988 | ||||||
8,006 | Citigroup, Inc. | 546,570 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
10,750 | JPMorgan Chase & Co. | $ | 1,169,385 | |||||
850 | Moody’s Corp. | 137,870 | ||||||
2,310 | Progressive Corp. (The) | 139,270 | ||||||
1,206 | S&P Global, Inc. | 227,452 | ||||||
1,292 | State Street Corp. | 128,916 | ||||||
1,191 | T. Rowe Price Group, Inc. | 135,560 | ||||||
|
| |||||||
4,521,930 | ||||||||
|
| |||||||
Health Care—11.5% | ||||||||
7,666 | Abbott Laboratories | 445,625 | ||||||
7,635 | AbbVie, Inc. | 737,159 | ||||||
1,265 | Agilent Technologies, Inc. | 83,161 | ||||||
469 | Align Technology, Inc.(b) | 117,180 | ||||||
1,043 | Anthem, Inc. | 246,138 | ||||||
2,305 | Baxter International, Inc. | 160,197 | ||||||
555 | Centene Corp.(b) | 60,262 | ||||||
598 | Intuitive Surgical, Inc.(b) | 263,586 | ||||||
108 | Mettler-Toledo International, Inc.(b) | 60,472 | ||||||
1,081 | Nektar Therapeutics, Class A(b) | 90,436 | ||||||
432 | PerkinElmer, Inc. | 31,692 | ||||||
1,438 | Thermo Fisher Scientific, Inc. | 302,483 | ||||||
3,729 | UnitedHealth Group, Inc. | 881,536 | ||||||
364 | Varian Medical Systems, Inc.(b) | 42,075 | ||||||
308 | Waters Corp.(b) | 58,030 | ||||||
1,604 | Zoetis, Inc. | 133,902 | ||||||
|
| |||||||
3,713,934 | ||||||||
|
| |||||||
Industrials—14.1% | ||||||||
2,594 | 3M Co. | 504,248 | ||||||
1,101 | AMETEK, Inc. | 76,850 | ||||||
3,725 | Boeing Co. (The) | 1,242,511 | ||||||
2,695 | Caterpillar, Inc. | 389,050 | ||||||
283 | Cintas Corp. | 48,195 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco S&P 500 Momentum ETF (SPMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,335 | Deere & Co. | $ | 180,666 | |||||
1,094 | Fortive Corp. | 76,919 | ||||||
564 | Harris Corp. | 88,221 | ||||||
3,254 | Honeywell International, Inc. | 470,789 | ||||||
1,083 | Illinois Tool Works, Inc. | 153,808 | ||||||
1,158 | Lockheed Martin Corp. | 371,533 | ||||||
834 | Northrop Grumman Corp. | 268,581 | ||||||
393 | Parker-Hannifin Corp. | 64,696 | ||||||
1,320 | Raytheon Co. | 270,521 | ||||||
448 | Roper Technologies, Inc. | 118,357 | ||||||
157 | TransDigm Group, Inc. | 50,329 | ||||||
1,312 | Waste Management, Inc. | 106,652 | ||||||
665 | Xylem, Inc. | 48,478 | ||||||
|
| |||||||
4,530,404 | ||||||||
|
| |||||||
Information Technology—38.0% | ||||||||
2,591 | Accenture PLC, Class A | 391,759 | ||||||
2,535 | Activision Blizzard, Inc. | 168,197 | ||||||
2,086 | Adobe Systems, Inc.(b) | 462,258 | ||||||
1,079 | Alphabet, Inc., Class A(b) | 1,099,048 | ||||||
1,153 | Alphabet, Inc., Class C(b) | 1,172,981 | ||||||
1,210 | Amphenol Corp., Class A | 101,289 | ||||||
379 | ANSYS, Inc.(b) | 61,269 | ||||||
1,219 | Cadence Design Systems, Inc.(b) | 48,833 | ||||||
2,430 | Cognizant Technology Solutions Corp., Class A | 198,823 | ||||||
937 | DXC Technology Co. | 96,567 | ||||||
7,204 | Facebook, Inc., Class A(b) | 1,239,088 | ||||||
1,080 | Fidelity National Information Services, Inc. | 102,568 | ||||||
292 | Gartner, Inc.(b) | 35,417 | ||||||
5,956 | HP, Inc. | 127,994 | ||||||
199 | IPG Photonics Corp.(b) | 42,393 | ||||||
485 | Lam Research Corp. | 89,754 | ||||||
4,857 | Mastercard, Inc., Class A | 865,857 | ||||||
31,444 | Microsoft Corp. | 2,940,643 | ||||||
810 | NetApp, Inc. | 53,930 | ||||||
2,335 | NVIDIA Corp. | 525,141 | ||||||
7,090 | PayPal Holdings, Inc.(b) | 528,985 | ||||||
761 | Red Hat, Inc.(b) | 124,089 | ||||||
2,395 | salesforce.com, inc.(b) | 289,771 | ||||||
544 | Synopsys, Inc.(b) | 46,517 | ||||||
611 | Take-Two Interactive Software, Inc.(b) | 60,923 | ||||||
1,193 | TE Connectivity Ltd. | 109,458 | ||||||
915 | Total System Services, Inc. | 76,915 | ||||||
321 | VeriSign, Inc.(b) | 37,692 | ||||||
8,743 | Visa, Inc., Class A | 1,109,312 | ||||||
|
| |||||||
12,207,471 | ||||||||
|
| |||||||
Materials—0.6% | ||||||||
451 | Avery Dennison Corp. | 47,269 | ||||||
971 | Praxair, Inc. | 148,097 | ||||||
|
| |||||||
195,366 | ||||||||
|
| |||||||
Real Estate—1.0% | ||||||||
1,498 | American Tower Corp. REIT | 204,267 | ||||||
972 | CBRE Group, Inc., Class A(b) | 44,041 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
506 | SBA Communications Corp. REIT(b) | $ | 81,077 | |||||
|
| |||||||
329,385 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $32,679,819) | 32,118,725 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
17,416 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $17,416) | 17,416 | ||||||
|
| |||||||
Total Investments in Securities (Cost $32,697,235)—100.0% | 32,136,141 | |||||||
Other assets less liabilities—0.0% | 11,250 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 32,147,391 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 45.0 | |||
Consumer Discretionary | 9.2 | |||
Industrials | 9.1 | |||
Utilities | 7.9 | |||
Health Care | 7.1 | |||
Information Technology | 6.7 | |||
Materials | 6.6 | |||
Energy | 3.8 | |||
Consumer Staples | 2.9 | |||
Real Estate | 1.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—9.2% | ||||||||
663 | Best Buy Co., Inc. | $ | 50,739 | |||||
437 | CarMax, Inc.(b) | 27,312 | ||||||
363 | Carnival Corp. | 22,891 | ||||||
512 | D.R. Horton, Inc. | 22,600 | ||||||
1,194 | General Motors Co. | 43,868 | ||||||
476 | Lennar Corp., Class A | 25,176 | ||||||
439 | Norwegian Cruise Line Holdings Ltd.(b) | 23,473 | ||||||
836 | PulteGroup, Inc. | 25,381 | ||||||
174 | Royal Caribbean Cruises Ltd. | 18,825 | ||||||
|
| |||||||
260,265 | ||||||||
|
| |||||||
Consumer Staples—2.9% | ||||||||
134 | Costco Wholesale Corp. | 26,419 | ||||||
455 | Sysco Corp. | 28,456 | ||||||
317 | Walmart, Inc. | 28,042 | ||||||
|
| |||||||
82,917 | ||||||||
|
| |||||||
Energy—3.8% | ||||||||
626 | Marathon Petroleum Corp. | 46,893 | ||||||
543 | Valero Energy Corp. | 60,235 | ||||||
|
| |||||||
107,128 | ||||||||
|
| |||||||
Financials—45.0% | ||||||||
796 | Aflac, Inc. | 36,274 | ||||||
347 | Allstate Corp. (The) | 33,943 | ||||||
128 | Ameriprise Financial, Inc. | 17,947 | ||||||
377 | Assurant, Inc. | 34,993 | ||||||
1,141 | Bank of America Corp. | 34,139 | ||||||
515 | Bank of New York Mellon Corp. (The) | 28,073 | ||||||
544 | BB&T Corp. | 28,723 | ||||||
131 | Berkshire Hathaway, Inc., Class B(b) | 25,379 | ||||||
198 | Chubb Ltd. | 26,863 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
517 | Citigroup, Inc. | $ | 35,296 | |||||
864 | Citizens Financial Group, Inc. | 35,847 | ||||||
271 | Comerica, Inc. | 25,631 | ||||||
351 | Discover Financial Services | 25,009 | ||||||
1,110 | Fifth Third Bancorp | 36,819 | ||||||
142 | Goldman Sachs Group, Inc. (The) | 33,843 | ||||||
577 | Hartford Financial Services Group, Inc. (The) | 31,066 | ||||||
1,764 | Huntington Bancshares, Inc. | 26,301 | ||||||
720 | Invesco Ltd.(c) | 20,858 | ||||||
266 | JPMorgan Chase & Co. | 28,935 | ||||||
1,475 | KeyCorp | 29,382 | ||||||
1,889 | Leucadia National Corp. | 45,411 | ||||||
603 | Lincoln National Corp. | 42,596 | ||||||
861 | Loews Corp. | 45,168 | ||||||
136 | M&T Bank Corp. | 24,789 | ||||||
594 | MetLife, Inc. | 28,316 | ||||||
643 | Morgan Stanley | 33,192 | ||||||
1,552 | People’s United Financial, Inc. | 28,386 | ||||||
181 | PNC Financial Services Group, Inc. (The) | 26,355 | ||||||
508 | Principal Financial Group, Inc. | 30,084 | ||||||
408 | Progressive Corp. (The) | 24,598 | ||||||
452 | Prudential Financial, Inc. | 48,057 | ||||||
257 | Raymond James Financial, Inc. | 23,066 | ||||||
1,835 | Regions Financial Corp. | 34,314 | ||||||
260 | State Street Corp. | 25,943 | ||||||
477 | SunTrust Banks, Inc. | 31,864 | ||||||
265 | Torchmark Corp. | 22,986 | ||||||
247 | Travelers Cos., Inc. (The) | 32,505 | ||||||
407 | U.S. Bancorp | 20,533 | ||||||
703 | Unum Group | 34,011 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
758 | XL Group Ltd. (Bermuda) | $ | 42,137 | |||||
552 | Zions Bancorporation | 30,222 | ||||||
|
| |||||||
1,269,854 | ||||||||
|
| |||||||
Health Care—7.1% | ||||||||
114 | Aetna, Inc. | 20,412 | ||||||
149 | Anthem, Inc. | 35,162 | ||||||
431 | Centene Corp.(b) | 46,798 | ||||||
100 | Cigna Corp. | 17,182 | ||||||
119 | Humana, Inc. | 35,007 | ||||||
139 | Laboratory Corp. of America Holdings(b) | 23,734 | ||||||
89 | UnitedHealth Group, Inc. | 21,040 | ||||||
|
| |||||||
199,335 | ||||||||
|
| |||||||
Industrials—9.1% | ||||||||
138 | Cummins, Inc. | 22,061 | ||||||
409 | Eaton Corp. PLC | 30,687 | ||||||
100 | FedEx Corp. | 24,720 | ||||||
233 | Ingersoll-Rand PLC | 19,546 | ||||||
101 | L3 Technologies, Inc. | 19,784 | ||||||
338 | PACCAR, Inc. | 21,520 | ||||||
278 | Pentair PLC (United Kingdom) | 18,704 | ||||||
1,037 | Quanta Services, Inc.(b) | 33,702 | ||||||
331 | Southwest Airlines Co. | 17,487 | ||||||
468 | Textron, Inc. | 29,082 | ||||||
177 | United Technologies Corp. | 21,267 | ||||||
|
| |||||||
258,560 | ||||||||
|
| |||||||
Information Technology—6.7% | ||||||||
876 | Corning, Inc. | 23,670 | ||||||
204 | DXC Technology Co. | 21,024 | ||||||
739 | eBay, Inc.(b) | 27,993 | ||||||
1,178 | HP, Inc. | 25,315 | ||||||
470 | Intel Corp. | 24,262 | ||||||
760 | Micron Technology, Inc.(b) | 34,945 | ||||||
399 | Western Digital Corp. | 31,437 | ||||||
|
| |||||||
188,646 | ||||||||
|
| |||||||
Materials—6.6% | ||||||||
139 | Air Products & Chemicals, Inc. | 22,558 | ||||||
331 | DowDuPont, Inc. | 20,932 | ||||||
314 | Eastman Chemical Co. | 32,053 | ||||||
360 | International Paper Co. | 18,562 | ||||||
262 | LyondellBasell Industries NV, Class A | 27,701 | ||||||
546 | Nucor Corp. | 33,645 | ||||||
504 | WestRock Co. | 29,817 | ||||||
|
| |||||||
185,268 | ||||||||
|
| |||||||
Real Estate—1.6% | ||||||||
556 | CBRE Group, Inc., Class A(b) | 25,192 | ||||||
1,042 | Host Hotels & Resorts, Inc. REIT | 20,382 | ||||||
|
| |||||||
45,574 | ||||||||
|
| |||||||
Utilities—7.9% | ||||||||
320 | Ameren Corp. | 18,758 | ||||||
290 | American Electric Power Co., Inc. | 20,294 | ||||||
702 | CenterPoint Energy, Inc. | 17,782 | ||||||
266 | Consolidated Edison, Inc. | 21,315 | ||||||
204 | DTE Energy Co. | 21,502 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
267 | Duke Energy Corp. | $ | 21,403 | |||||
344 | Edison International | 22,539 | ||||||
354 | Eversource Energy | 21,328 | ||||||
737 | NiSource, Inc. | 17,975 | ||||||
250 | Pinnacle West Capital Corp. | 20,125 | ||||||
408 | Xcel Energy, Inc. | 19,111 | ||||||
|
| |||||||
222,132 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,782,335) | 2,819,679 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,449 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(d) (Cost $1,449) | 1,449 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,783,784)—100.0% | 2,821,128 | |||||||
Other assets less liabilities—0.0% | 1,094 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,822,222 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 33.6 | |||
Consumer Staples | 13.0 | |||
Telecommunication Services | 9.7 | |||
Industrials | 9.2 | |||
Materials | 7.0 | |||
Utilities | 6.9 | |||
Information Technology | 6.1 | |||
Energy | 4.9 | |||
Consumer Discretionary | 3.8 | |||
Real Estate | 3.6 | |||
Health Care | 2.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% |
| |||||||
Brazil—1.9% | ||||||||
520,807 | Ambev SA | $ | 3,483,794 | |||||
267,590 | Engie Brasil Energia SA | 2,838,018 | ||||||
251,800 | Hypera SA | 2,274,192 | ||||||
201,400 | Telefonica Brasil SA (Preference Shares) | 2,837,628 | ||||||
132,814 | Ultrapar Participacoes SA | 2,301,977 | ||||||
|
| |||||||
13,735,609 | ||||||||
|
| |||||||
Chile—3.4% | ||||||||
18,838,313 | Banco de Chile | 3,119,291 | ||||||
35,100,879 | Banco Santander Chile | 2,921,822 | ||||||
1,000,716 | Cencosud SA | 2,980,456 | ||||||
218,811 | Cia Cervecerias Unidas SA | 3,036,569 | ||||||
13,124,663 | Enel Americas SA | 3,005,894 | ||||||
25,068,728 | Enel Chile SA | 3,129,698 | ||||||
286,599,771 | Itau CorpBanca | 2,937,587 | ||||||
335,686 | S.A.C.I. Falabella | 3,258,138 | ||||||
|
| |||||||
24,389,455 | ||||||||
|
| |||||||
China—10.1% | ||||||||
5,136,579 | Agricultural Bank of China Ltd., H-Shares | 2,919,013 | ||||||
5,345,189 | Bank of China Ltd., H-Shares | 2,928,591 | ||||||
4,247,517 | Bank of Communications Co. Ltd., H-Shares | 3,496,188 | ||||||
13,391,684 | CGN Power Co. Ltd., H-Shares(a) | 3,668,604 | ||||||
2,672,547 | China Communications Construction Co. Ltd., H-Shares | 3,098,803 | ||||||
1,965,451 | China Everbright International Ltd. | 2,774,784 | ||||||
5,020,205 | China Huishan Dairy Holdings Co. Ltd.(b)(c) | 0 | ||||||
4,259,179 | China Longyuan Power Group Corp., H-Shares | 4,211,287 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
2,433,935 | China Merchants Securities Co. Ltd., H-Shares(a) | $ | 3,423,775 | |||||
461,961 | China Mobile Ltd. | 4,426,397 | ||||||
3,724,244 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 3,639,659 | ||||||
3,241,467 | China Railway Construction Corp. Ltd., H-Shares | 3,853,456 | ||||||
4,792,259 | China Railway Group Ltd., H-Shares | 3,852,981 | ||||||
15,989,005 | China Reinsurance Group Corp., H-Shares | 3,381,868 | ||||||
8,871,363 | China Telecom Corp. Ltd., H-Shares | 4,340,590 | ||||||
2,411,998 | CITIC Ltd. | 3,700,246 | ||||||
2,026,614 | CNOOC Ltd. | 3,398,240 | ||||||
1,545,029 | GF Securities Co. Ltd., H-Shares | 2,744,268 | ||||||
2,089,256 | Haitong Securities Co. Ltd., H-Shares | 2,875,031 | ||||||
2,083,385 | Jiangsu Expressway Co. Ltd., H-Shares | 2,866,952 | ||||||
4,394,191 | PetroChina Co. Ltd., H-Shares | 3,241,788 | ||||||
692,694 | Sinopharm Group Co. Ltd., H-Shares | 2,921,437 | ||||||
|
| |||||||
71,763,958 | ||||||||
|
| |||||||
Colombia—0.5% | ||||||||
268,533 | Bancolombia SA (Preference Shares) | 3,183,517 | ||||||
|
| |||||||
Czech Republic—1.7% | ||||||||
167,808 | CEZ AS | 4,301,670 | ||||||
93,553 | Komercni banka AS | 4,048,592 | ||||||
971,896 | Moneta Money Bank AS(a) | 3,507,273 | ||||||
|
| |||||||
11,857,535 | ||||||||
|
| |||||||
Egypt—0.5% | ||||||||
691,294 | Commercial International Bank Egypt SAE | 3,678,148 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Greece—1.3% | ||||||||
219,540 | Hellenic Telecommunications Organization SA | $ | 3,196,239 | |||||
258,624 | Mytilineos Holdings SA(b) | 3,124,694 | ||||||
262,760 | OPAP SA | 3,152,442 | ||||||
|
| |||||||
9,473,375 | ||||||||
|
| |||||||
Hungary—1.2% | ||||||||
248,369 | MOL Hungarian Oil & Gas PLC | 2,873,488 | ||||||
63,422 | OTP Bank Nyrt | 2,774,196 | ||||||
125,492 | Richter Gedeon Nyrt | 2,541,499 | ||||||
|
| |||||||
8,189,183 | ||||||||
|
| |||||||
India—1.2% | ||||||||
31,862 | HDFC Bank Ltd. ADR | 3,052,698 | ||||||
166,219 | Infosys Ltd. ADR | 2,937,090 | ||||||
504,491 | Wipro Ltd. ADR(d) | 2,411,467 | ||||||
|
| |||||||
8,401,255 | ||||||||
|
| |||||||
Indonesia—2.5% | ||||||||
1,924,992 | PT Bank Central Asia Tbk | 3,057,849 | ||||||
4,924,398 | PT Bank Mandiri Persero Tbk | 2,521,929 | ||||||
4,878,221 | PT Indofood CBP Sukses Makmur Tbk | 3,041,766 | ||||||
6,352,046 | PT Indofood Sukses Makmur Tbk | 3,184,584 | ||||||
9,755,824 | PT Telekomunikasi Indonesia Persero Tbk | 2,685,700 | ||||||
945,936 | PT Unilever Indonesia Tbk | 3,151,420 | ||||||
|
| |||||||
17,643,248 | ||||||||
|
| |||||||
Malaysia—14.0% | ||||||||
2,353,400 | Axiata Group Bhd | 3,179,054 | ||||||
1,774,450 | Bursa Malaysia Bhd | 3,265,332 | ||||||
1,713,895 | CIMB Group Holdings Bhd | 3,145,162 | ||||||
3,109,463 | DiGi.com Bhd | 3,669,380 | ||||||
633,700 | Fraser & Neave Holdings Bhd | 5,808,042 | ||||||
2,779,489 | Gamuda Bhd | 3,641,283 | ||||||
1,356,600 | Genting Bhd | 3,087,661 | ||||||
637,700 | Hong Leong Bank Bhd | 3,088,136 | ||||||
2,566,347 | IHH Healthcare Bhd | 3,976,906 | ||||||
3,480,500 | IOI Corp. Bhd | 4,249,164 | ||||||
1,252,278 | Kuala Lumpur Kepong Bhd | 8,132,546 | ||||||
2,126,292 | Malayan Banking Bhd | 5,842,087 | ||||||
1,278,000 | Malaysia Airports Holdings Bhd | 2,934,823 | ||||||
3,445,374 | Maxis Bhd | 5,119,544 | ||||||
2,255,500 | MISC Bhd | 4,116,065 | ||||||
123,300 | Nestle Malaysia Bhd | 4,336,791 | ||||||
2,163,145 | Petronas Chemicals Group Bhd | 4,658,742 | ||||||
532,800 | Petronas Dagangan Bhd | 3,666,522 | ||||||
1,254,500 | PPB Group Bhd | 6,151,798 | ||||||
1,339,724 | Public Bank Bhd | 8,126,783 | ||||||
2,450,333 | Telekom Malaysia Bhd | 3,309,995 | ||||||
1,604,772 | Tenaga Nasional Bhd | 6,478,804 | ||||||
|
| |||||||
99,984,620 | ||||||||
|
| |||||||
Mexico—6.2% | ||||||||
3,208,070 | America Movil SAB de CV, Series L | 2,956,621 | ||||||
440,464 | Arca Continental SAB de CV | 3,031,302 | ||||||
2,069,942 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 3,054,964 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mexico (continued) | ||||||||
487,813 | Coca-Cola Femsa SAB de CV, Series L | $ | 3,153,799 | |||||
2,284,284 | Fibra Uno Administracion SA de CV REIT | 3,766,570 | ||||||
410,717 | Fomento Economico Mexicano SAB de CV, Series CPO(e) | 3,953,191 | ||||||
239,678 | Gruma SAB de CV, Class B | 2,914,983 | ||||||
284,084 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,942,459 | ||||||
1,373,277 | Grupo Bimbo SAB de CV, Series A | 3,182,742 | ||||||
803,886 | Grupo Mexico SAB de CV, Series B | 2,660,909 | ||||||
839,829 | Grupo Televisa SAB, Series CPO(f) | 3,001,218 | ||||||
689,548 | Infraestructura Energetica Nova SAB de CV | 3,022,576 | ||||||
340,591 | Promotora y Operadora de Infraestructura SAB de CV | 3,475,154 | ||||||
1,180,039 | Wal-Mart de Mexico SAB de CV | 3,265,155 | ||||||
|
| |||||||
44,381,643 | ||||||||
|
| |||||||
Peru—0.4% | ||||||||
12,864 | Credicorp Ltd. | 2,990,751 | ||||||
|
| |||||||
Philippines—1.5% | ||||||||
1,401,284 | Bank of the Philippine Islands | 2,843,212 | ||||||
979,999 | BDO Unibank, Inc. | 2,494,051 | ||||||
509,260 | Manila Electric Co. | 3,168,759 | ||||||
617,598 | Security Bank Corp. | 2,494,285 | ||||||
|
| |||||||
11,000,307 | ||||||||
|
| |||||||
Poland—0.3% | ||||||||
70,466 | Bank Polska Kasa Opieki SA | 2,351,045 | ||||||
|
| |||||||
Qatar—1.0% | ||||||||
113,072 | Qatar Islamic Bank SAQ | 3,323,217 | ||||||
88,523 | Qatar National Bank QPSC | 3,671,237 | ||||||
|
| |||||||
6,994,454 | ||||||||
|
| |||||||
Russia—0.8% | ||||||||
617,531 | Gazprom PJSC ADR | 2,857,934 | ||||||
42,878 | LUKOIL PJSC ADR | 2,864,250 | ||||||
|
| |||||||
5,722,184 | ||||||||
|
| |||||||
South Africa—2.0% | ||||||||
1,404,696 | Growthpoint Properties Ltd. REIT | 3,274,389 | ||||||
756,066 | Rand Merchant Investment Holdings Ltd. | 2,495,237 | ||||||
3,257,781 | Redefine Properties Ltd. REIT | 3,126,322 | ||||||
141,224 | Remgro Ltd. | 2,542,060 | ||||||
91,136 | Tiger Brands Ltd. | 2,839,844 | ||||||
|
| |||||||
14,277,852 | ||||||||
|
| |||||||
South Korea—3.7% | ||||||||
287,446 | BNK Financial Group, Inc. | 2,812,425 | ||||||
189,471 | Industrial Bank of Korea | 2,989,173 | ||||||
100,735 | Korea Electric Power Corp. | 3,532,162 | ||||||
294,448 | Korean Reinsurance Co. | 3,253,112 | ||||||
202,237 | KT Corp. ADR | 2,716,043 | ||||||
42,665 | KT Corp. | 1,088,546 | ||||||
97,914 | Samsung Card Co. Ltd. | 3,419,496 | ||||||
12,149 | Samsung Fire & Marine Insurance Co. Ltd. | 3,042,795 | ||||||
69,649 | Shinhan Financial Group Co. Ltd. | 3,107,322 | ||||||
|
| |||||||
25,961,074 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan—28.1% | ||||||||
388,095 | Advantech Co. Ltd. | $ | 2,682,488 | |||||
1,054,500 | ASE Industrial Holding Co. Ltd. | 2,861,993 | ||||||
3,370,000 | Asia Cement Corp. | 3,616,430 | ||||||
329,838 | Asustek Computer, Inc. | 3,099,216 | ||||||
1,865,000 | Cathay Financial Holding Co. Ltd. | 3,372,400 | ||||||
9,930,000 | Chang Hwa Commercial Bank Ltd. | 5,739,205 | ||||||
2,224,435 | Cheng Shin Rubber Industry Co. Ltd. | 3,601,319 | ||||||
10,178,472 | China Development Financial Holding Corp. | 3,870,272 | ||||||
3,075,000 | China Life Insurance Co. Ltd. | 3,346,628 | ||||||
581,000 | China Steel Chemical Corp. | 3,083,062 | ||||||
5,779,140 | China Steel Corp. | 4,590,262 | ||||||
1,627,000 | Chin-Poon Industrial Co. Ltd. | 2,152,909 | ||||||
1,613,222 | Chunghwa Telecom Co. Ltd. | 6,161,394 | ||||||
4,418,000 | Compal Electronics, Inc. | 2,896,902 | ||||||
5,625,053 | CTBC Financial Holding Co. Ltd. | 4,040,099 | ||||||
732,000 | Delta Electronics, Inc. | 2,672,029 | ||||||
9,848,388 | E.Sun Financial Holding Co. Ltd. | 6,990,220 | ||||||
6,758,380 | Eva Airways Corp. | 3,643,424 | ||||||
4,118,432 | Far Eastern New Century Corp. | 3,953,272 | ||||||
2,090,993 | Far EasTone Telecommunications Co. Ltd. | 5,540,833 | ||||||
8,126,192 | First Financial Holding Co. Ltd. | 5,603,039 | ||||||
839,095 | Formosa Chemicals & Fibre Corp. | 3,105,501 | ||||||
1,061,146 | Formosa Plastics Corp. | 3,747,985 | ||||||
1,092,000 | Foxconn Technology Co. Ltd. | 2,727,555 | ||||||
2,262,875 | Fubon Financial Holding Co. Ltd. | 3,900,651 | ||||||
2,129,000 | Highwealth Construction Corp. | 3,295,699 | ||||||
11,416,236 | Hua Nan Financial Holdings Co. Ltd. | 6,926,180 | ||||||
2,326,000 | LCY Chemical Corp. | 3,467,007 | ||||||
5,589,777 | Mega Financial Holding Co. Ltd. | 4,959,412 | ||||||
1,540,930 | Nan Ya Plastics Corp. | 4,249,907 | ||||||
2,894,000 | Pou Chen Corp. | 3,633,823 | ||||||
914,000 | Powertech Technology, Inc. | 2,638,217 | ||||||
282,353 | President Chain Store Corp. | 2,791,417 | ||||||
2,828,400 | Ruentex Development Co. Ltd.(b) | 3,408,056 | ||||||
16,819,198 | SinoPac Financial Holdings Co. Ltd. | 6,082,687 | ||||||
2,738,264 | Synnex Technology International Corp. | 3,956,561 | ||||||
9,726,861 | Taishin Financial Holding Co. Ltd. | 4,750,584 | ||||||
25,067,000 | Taiwan Business Bank | 7,726,870 | ||||||
3,036,000 | Taiwan Cement Corp. | 4,191,797 | ||||||
10,554,243 | Taiwan Cooperative Financial Holding Co. Ltd. | 6,153,506 | ||||||
3,878,000 | Taiwan Fertilizer Co. Ltd. | 5,249,485 | ||||||
1,396,162 | Taiwan Mobile Co. Ltd. | 5,167,213 | ||||||
391,397 | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,002,961 | ||||||
1,207,000 | Transcend Information, Inc. | 3,414,595 | ||||||
1,380,181 | Uni-President Enterprises Corp. | 3,340,069 | ||||||
1,134,000 | Wistron NeWeb Corp. | 2,675,315 | ||||||
2,479,323 | WPG Holdings Ltd. | 3,356,155 | ||||||
9,060,472 | Yuanta Financial Holding Co. Ltd. | 4,348,561 | ||||||
5,539,000 | Yulon Motor Co. Ltd. | 4,240,392 | ||||||
|
| |||||||
200,025,557 | ||||||||
|
| |||||||
Thailand—13.8% | ||||||||
633,518 | Advanced Info Service PCL NVDR | 4,175,277 | ||||||
1,337,232 | Airports of Thailand PCL NVDR | 3,018,941 | ||||||
2,378,845 | Bangchak Corp. PCL NVDR | 2,732,355 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand (continued) | ||||||||
619,789 | Bangkok Bank PCL NVDR | $ | 3,790,218 | |||||
75,575 | Bangkok Bank PCL (Foreign Shares) | 462,166 | ||||||
4,611,691 | Bangkok Dusit Medical Services PCL NVDR | 3,287,803 | ||||||
15,305,579 | Bangkok Expressway & Metro PCL NVDR | 3,758,499 | ||||||
18,858,749 | BTS Group Holdings PCL NVDR | 5,348,093 | ||||||
1,132,255 | Central Pattana PCL NVDR | 2,897,009 | ||||||
3,983,931 | CH Karnchang PCL NVDR | 3,029,605 | ||||||
3,869,721 | Charoen Pokphand Foods PCL NVDR | 2,991,800 | ||||||
1,535,552 | CP ALL PCL NVDR | 4,232,986 | ||||||
426,528 | Electricity Generating PCL NVDR | 3,013,807 | ||||||
1,373,917 | Glow Energy PCL NVDR | 3,754,764 | ||||||
2,284,957 | Intouch Holdings PCL NVDR | 4,163,024 | ||||||
471,349 | Kasikornbank PCL NVDR | 2,919,795 | ||||||
1,322,164 | Kiatnakin Bank PCL NVDR | 3,089,658 | ||||||
6,106,946 | Krung Thai Bank PCL NVDR | 3,521,750 | ||||||
8,237,700 | Land & Houses PCL NVDR | 2,871,188 | ||||||
2,301,844 | Minor International PCL NVDR | 2,935,653 | ||||||
857,655 | PTT Exploration & Production PCL NVDR | 3,641,501 | ||||||
1,062,179 | PTT Global Chemical PCL NVDR | 3,298,274 | ||||||
1,994,220 | PTT PCL NVDR | 3,570,134 | ||||||
2,894,533 | Ratchaburi Electricity Generating Holding PCL NVDR | 4,792,121 | ||||||
278,287 | Siam Cement PCL (The) NVDR | 4,126,689 | ||||||
860,271 | Siam Commercial Bank PCL (The) NVDR | 3,570,833 | ||||||
5,691,362 | Thai Beverage PCL | 3,675,174 | ||||||
4,772,520 | Thai Union Group PCL NVDR | 2,721,970 | ||||||
1,857,122 | Thanachart Capital PCL NVDR | 3,162,874 | ||||||
|
| |||||||
98,553,961 | ||||||||
|
| |||||||
Turkey—1.1% | ||||||||
149,736 | BIM Birlesik Magazalar AS | 2,539,646 | ||||||
2,158,750 | Enka Insaat ve Sanayi AS | 2,596,713 | ||||||
1,005,413 | Haci Omer Sabanci Holding AS | 2,379,208 | ||||||
|
| |||||||
7,515,567 | ||||||||
|
| |||||||
United Arab Emirates—2.7% | ||||||||
1,878,526 | Abu Dhabi Commercial Bank PJSC | 3,595,290 | ||||||
5,493,476 | Aldar Properties PJSC | 3,140,710 | ||||||
2,593,620 | Dubai Islamic Bank PJSC | 3,883,563 | ||||||
933,522 | Emirates Telecommunications Group Co. PJSC | 4,358,630 | ||||||
1,175,278 | National Bank of Abu Dhabi PJSC | 3,967,561 | ||||||
|
| |||||||
18,945,754 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $690,745,462) | 711,020,052 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
33,111 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(g) (Cost $33,111) | 33,111 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $690,778,573)—99.9% | 711,053,163 | |||||||
|
| |||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.3% | ||||||||
2,270,000 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(g)(h) (Cost $2,270,000) | $ | 2,270,000 | |||||
|
| |||||||
Total Investments in Securities (Cost $693,048,573)—100.2% | 713,323,163 | |||||||
Other assets less liabilities—(0.2)% | (1,171,764 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 712,151,399 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 was $10,599,652, which represented 1.49% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | All or a portion of this security was out on loan at April 30, 2018. |
(e) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(f) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(g) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 35.7 | |||
Information Technology | 28.5 | |||
Consumer Discretionary | 11.7 | |||
Energy | 4.7 | |||
Health Care | 4.6 | |||
Real Estate | 4.4 | |||
Industrials | 3.4 | |||
Materials | 3.1 | |||
Consumer Staples | 2.5 | |||
Utilities | 1.1 | |||
Telecommunication Services | 0.4 | |||
Other Assets Less Liabilities | (0.1) |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.1% | ||||||||
Brazil—1.4% | ||||||||
2,000 | Braskem SA (Preference Shares), Class A | $ | 26,178 | |||||
3,000 | Fibria Celulose SA | 59,188 | ||||||
2,600 | GOL Linhas Aereas Inteligentes SA (Preference Shares)(a) | 14,477 | ||||||
3,900 | Hypera SA | 35,224 | ||||||
11,200 | Localiza Rent A Car SA | 89,563 | ||||||
9,400 | Lojas Renner SA | 87,890 | ||||||
1,600 | Porto Seguro SA | 20,736 | ||||||
12,400 | Rumo SA(a) | 52,797 | ||||||
10,100 | TIM Participacoes SA | 46,189 | ||||||
|
| |||||||
432,242 | ||||||||
|
| |||||||
Chile—1.5% | ||||||||
318,258 | Banco de Chile | 52,698 | ||||||
847,368 | Banco Santander Chile | 70,536 | ||||||
20,356 | Empresas CMPC SA | 83,238 | ||||||
6,729 | Empresas COPEC SA | 110,144 | ||||||
5,866 | Latam Airlines Group SA | 90,201 | ||||||
1,091 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 59,910 | ||||||
|
| |||||||
466,727 | ||||||||
|
| |||||||
China—48.1% | ||||||||
2,026 | 58.com, Inc., Class A ADR(a) | 177,052 | ||||||
439,043 | Agricultural Bank of China Ltd., H-Shares | 249,499 | ||||||
32,101 | Air China Ltd., H-Shares | 42,865 | ||||||
16,171 | Alibaba Group Holding Ltd. ADR(a) | 2,887,170 | ||||||
14,078 | Anhui Conch Cement Co. Ltd., H-Shares | 88,613 | ||||||
923,856 | Bank of China Ltd., H-Shares | 506,174 | ||||||
15,000 | Boe Technology Group Co. Ltd., Class A | 6,479 | ||||||
33,420 | Brilliance China Automotive Holdings Ltd. | 60,297 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,544,591 | China Construction Bank Corp., H-Shares | $ | 1,637,435 | |||||
20,525 | China Eastern Airlines Corp. Ltd., H-Shares | 17,104 | ||||||
89,236 | China Evergrande Group(a) | 287,097 | ||||||
37,626 | China Mengniu Dairy Co. Ltd. | 122,252 | ||||||
82,146 | China Merchants Bank Co. Ltd., H-Shares | 362,151 | ||||||
61,498 | China Molybdenum Co. Ltd., H-Shares | 46,859 | ||||||
24,418 | China Resources Beer Holdings Co. Ltd. | 105,628 | ||||||
31,762 | China Resources Land Ltd. | 120,399 | ||||||
47,151 | China Shenhua Energy Co. Ltd., H-Shares | 116,913 | ||||||
42,070 | China Southern Airlines Co. Ltd., H-Shares | 45,564 | ||||||
21,278 | China Taiping Insurance Holdings Co. Ltd. | 72,117 | ||||||
19,005 | China Vanke Co. Ltd., H-Shares | 79,185 | ||||||
30,369 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 23,411 | ||||||
180,536 | Country Garden Holdings Co. Ltd. | 373,114 | ||||||
80,926 | CSPC Pharmaceutical Group Ltd. | 208,289 | ||||||
45,505 | Dali Foods Group Co. Ltd.(b) | 31,600 | ||||||
96,685 | Geely Automobile Holdings Ltd. | 258,705 | ||||||
21,194 | Guangzhou Automobile Group Co. Ltd., H-Shares | 39,157 | ||||||
18,054 | Guangzhou R&F Properties Co. Ltd., H-Shares | 43,431 | ||||||
1,298,133 | Industrial & Commercial Bank of China Ltd., H-Shares | 1,154,521 | ||||||
10,121 | JD.Com, Inc., Class A ADR(a) | 369,518 | ||||||
26,954 | Longfor Properties Co. Ltd. | 81,395 | ||||||
1,725 | New Oriental Education & Technology Group, Inc. ADR | 154,974 | ||||||
90,913 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 43,208 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
140,210 | Ping An Insurance Group Co. of China Ltd., H-Shares | $ | 1,385,441 | |||||
4,433 | Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares | 24,260 | ||||||
10,445 | Shenzhou International Group Holdings Ltd. | 114,721 | ||||||
18,334 | Shimao Property Holdings Ltd. | 49,174 | ||||||
83,992 | Sino Biopharmaceutical Ltd. | 178,723 | ||||||
42,946 | Sino-Ocean Group Holding Ltd. | 30,096 | ||||||
56,188 | Sunac China Holdings Ltd. | 242,700 | ||||||
10,350 | Sunny Optical Technology Group Co. Ltd. | 171,571 | ||||||
5,064 | TAL Education Group ADR | 184,431 | ||||||
54,456 | Tencent Holdings Ltd. | 2,712,999 | ||||||
26,858 | Tingyi Cayman Islands Holding Corp. | 50,922 | ||||||
970 | Weibo Corp., Class A ADR(a) | 111,084 | ||||||
31,660 | Yanzhou Coal Mining Co. Ltd., H-Shares | 40,179 | ||||||
5,098 | Yum China Holdings, Inc. | 217,991 | ||||||
51,355 | Zall Group Ltd.(a) | 67,136 | ||||||
11,637 | ZTE Corp. H-Shares(a)(c) | 30,463 | ||||||
|
| |||||||
15,424,067 | ||||||||
|
| |||||||
Colombia—0.3% | ||||||||
92,270 | Ecopetrol SA | 101,833 | ||||||
|
| |||||||
Czech Republic—0.2% | ||||||||
2,301 | CEZ AS | 58,985 | ||||||
|
| |||||||
Greece—0.4% | ||||||||
3,538 | Hellenic Telecommunications Organization SA | 51,509 | ||||||
1,802 | Mytilineos Holdings SA(a) | 21,771 | ||||||
3,181 | OPAP SA | 38,164 | ||||||
|
| |||||||
111,444 | ||||||||
|
| |||||||
Hong Kong—0.9% | ||||||||
33,390 | China Gas Holdings Ltd. | 119,125 | ||||||
18,012 | Haier Electronics Group Co. Ltd. | 62,654 | ||||||
109,980 | WH Group Ltd.(b) | 114,769 | ||||||
|
| |||||||
296,548 | ||||||||
|
| |||||||
India—12.2% | ||||||||
16,039 | HDFC Bank Ltd. ADR | 1,536,697 | ||||||
38,700 | Invesco India ETF(d) | 990,526 | ||||||
4,546 | Larsen & Toubro Ltd. GDR(b) | 95,693 | ||||||
29,434 | Reliance Industries Ltd. GDR(b) | 850,643 | ||||||
16,575 | Tata Motors Ltd. ADR(a) | 416,364 | ||||||
3,671 | Tata Steel Ltd. GDR(b) | 32,378 | ||||||
|
| |||||||
3,922,301 | ||||||||
|
| |||||||
Indonesia—2.3% | ||||||||
161,275 | PT Bank Central Asia Tbk | 256,185 | ||||||
280,952 | PT Bank Mandiri Persero Tbk | 143,884 | ||||||
119,077 | PT Bank Negara Indonesia Persero Tbk | 68,900 | ||||||
804,858 | PT Bank Rakyat Indonesia Persero Tbk | 186,282 | ||||||
76,566 | PT Bank Tabungan Negara Persero Tbk | 17,115 | ||||||
130,515 | PT Barito Pacific Tbk(a) | 23,171 | ||||||
19,517 | PT United Tractors Tbk | 47,837 | ||||||
|
| |||||||
743,374 | ||||||||
|
| |||||||
Malaysia—2.8% | ||||||||
22,200 | AirAsia Group Bhd | 21,784 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
75,900 | CIMB Group Holdings Bhd | $ | 139,284 | |||||
68,300 | Dialog Group Bhd | 53,616 | ||||||
1,100 | Fraser & Neave Holdings Bhd | 10,082 | ||||||
37,400 | Hartalega Holdings Bhd | 55,955 | ||||||
7,700 | Hong Leong Bank Bhd | 37,288 | ||||||
85,300 | Malayan Banking Bhd | 234,366 | ||||||
8,500 | Malaysia Airports Holdings Bhd | 19,519 | ||||||
25,100 | My E.G. Services Bhd | 16,761 | ||||||
1,100 | Nestle Malaysia Bhd | 38,690 | ||||||
54,500 | Press Metal Aluminium Holdings Bhd | 67,092 | ||||||
43,700 | Sime Darby Bhd | 29,738 | ||||||
39,400 | Tenaga Nasional Bhd | 159,066 | ||||||
11,100 | Top Glove Corp. Bhd | 26,905 | ||||||
|
| |||||||
910,146 | ||||||||
|
| |||||||
Mexico—0.1% | ||||||||
888 | Grupo Elektra SAB de CV | 24,113 | ||||||
|
| |||||||
Peru—0.6% | ||||||||
883 | Credicorp Ltd. | 205,289 | ||||||
|
| |||||||
Poland—0.7% | ||||||||
915 | CD Projekt SA | 32,591 | ||||||
24 | LPP SA | 62,813 | ||||||
9,326 | Powszechna Kasa Oszczednosci Bank Polski SA(a) | 111,366 | ||||||
|
| |||||||
206,770 | ||||||||
|
| |||||||
Russia—2.0% | ||||||||
1,034 | Novolipetsk Steel PJSC GDR(b) | 26,522 | ||||||
42,044 | Sberbank of Russia PJSC ADR | 626,456 | ||||||
|
| |||||||
652,978 | ||||||||
|
| |||||||
South Africa—5.0% | ||||||||
4,415 | Bidvest Group Ltd. (The) | 86,693 | ||||||
5,808 | Discovery Ltd. | 80,604 | ||||||
2,419 | Imperial Holdings Ltd. | 46,577 | ||||||
3,740 | Mr Price Group Ltd. | 82,084 | ||||||
5,332 | Naspers Ltd., Class N | 1,306,733 | ||||||
|
| |||||||
1,602,691 | ||||||||
|
| |||||||
South Korea—7.6% | ||||||||
2,411 | Celltrion, Inc.(a) | 611,751 | ||||||
74 | Green Cross Corp. | 15,000 | ||||||
596 | Green Cross Holdings Corp. | 21,317 | ||||||
3,068 | Hana Financial Group, Inc. | 137,163 | ||||||
104 | Hanmi Pharm Co. Ltd. | 45,376 | ||||||
359 | Hanmi Science Co. Ltd. | 26,151 | ||||||
487 | Hotel Shilla Co. Ltd. | 52,893 | ||||||
699 | Hyundai Marine & Fire Insurance Co. Ltd. | 25,033 | ||||||
647 | Kakao Corp. | 67,241 | ||||||
4,370 | KB Financial Group, Inc. | 250,404 | ||||||
609 | Korea Investment Holdings Co. Ltd. | 51,945 | ||||||
643 | LG Chem Ltd. | 216,731 | ||||||
1,335 | LG Electronics, Inc. | 127,494 | ||||||
841 | Meritz Fire & Marine Insurance Co. Ltd. | 16,496 | ||||||
247 | OCI Co. Ltd. | 36,077 | ||||||
389 | Samsung Biologics Co. Ltd.(a)(b) | 177,737 | ||||||
761 | Samsung Electro-Mechanics Co. Ltd. | 84,433 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
592 | Samsung SDI Co. Ltd. | $ | 101,711 | |||||
626 | Samsung SDS Co. Ltd. | 143,598 | ||||||
98 | Shinsegae, Inc. | 38,308 | ||||||
387 | SK Holdings Co. Ltd. | 106,529 | ||||||
518 | S-Oil Corp. | 53,350 | ||||||
205 | ViroMed Co. Ltd.(a) | 41,555 | ||||||
|
| |||||||
2,448,293 | ||||||||
|
| |||||||
Taiwan—10.9% | ||||||||
8,000 | Accton Technology Corp. | 18,495 | ||||||
46,000 | Acer, Inc.(a) | 35,449 | ||||||
1,000 | Airtac International Group | 17,440 | ||||||
20,000 | Chailease Holding Co. Ltd. | 73,682 | ||||||
230,000 | China Development Financial Holding Corp. | 87,455 | ||||||
6,000 | Chroma ATE, Inc. | 30,419 | ||||||
17,000 | Compeq Manufacturing Co. Ltd. | 17,094 | ||||||
217,098 | CTBC Financial Holding Co. Ltd. | 155,927 | ||||||
15,000 | E Ink Holdings, Inc. | 16,756 | ||||||
15,000 | Epistar Corp.(a) | 20,660 | ||||||
139,890 | First Financial Holding Co. Ltd. | 96,455 | ||||||
2,000 | General Interface Solution Holding Ltd. | 12,134 | ||||||
5,000 | Hiwin Technologies Corp. | 76,048 | ||||||
94,000 | Hua Nan Financial Holdings Co. Ltd. | 57,029 | ||||||
33,000 | Macronix International(a) | 53,036 | ||||||
9,000 | Nanya Technology Corp. | 28,290 | ||||||
1,000 | Parade Technologies Ltd. | 15,565 | ||||||
9,000 | Sino-American Silicon Products, Inc. | 39,241 | ||||||
173,000 | Taishin Financial Holding Co. Ltd. | 84,493 | ||||||
174,000 | Taiwan Cooperative Financial Holding Co. Ltd. | 101,448 | ||||||
270,081 | Taiwan Semiconductor Manufacturing Co. Ltd. | 2,072,174 | ||||||
64,000 | Uni-President Enterprises Corp. | 154,881 | ||||||
5,000 | Walsin Technology Corp. | 31,687 | ||||||
7,000 | Win Semiconductors Corp. | 53,115 | ||||||
36,250 | Winbond Electronics Corp. | 22,422 | ||||||
6,000 | Yageo Corp. | 127,153 | ||||||
|
| |||||||
3,498,548 | ||||||||
|
| |||||||
Thailand—2.0% | ||||||||
77,083 | Airports of Thailand PCL NVDR | 174,023 | ||||||
17,352 | Central Pattana PCL NVDR | 44,397 | ||||||
58,094 | CP ALL PCL NVDR | 160,145 | ||||||
26,821 | Energy Absolute PCL NVDR | 30,594 | ||||||
8,669 | Global Power Synergy PCL NVDR | 20,739 | ||||||
27,897 | Indorama Ventures PCL NVDR | 53,257 | ||||||
119,406 | IRPC PCL NVDR | 26,673 | ||||||
6,485 | Kiatnakin Bank PCL NVDR | 15,154 | ||||||
3,401 | MK Restaurants Group PCL NVDR | 8,648 | ||||||
20,997 | PTT Global Chemical PCL NVDR | 65,200 | ||||||
16,519 | Star Petroleum Refining PCL NVDR | 8,218 | ||||||
10,172 | Thai Oil PCL NVDR | 30,378 | ||||||
|
| |||||||
637,426 | ||||||||
|
| |||||||
Turkey—1.1% | ||||||||
2,894 | Aselsan Elektronik Sanayi VE Ticaret AS | 17,940 | ||||||
26,506 | Eregli Demir ve Celik Fabrikalari TAS | 66,245 | ||||||
1,223 | Ford Otomotiv Sanayi AS | 16,892 | ||||||
17,129 | Petkim Petrokimya Holding AS | 30,253 | ||||||
1,450 | Tupras Turkiye Petrol Rafinerileri AS | 36,916 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Turkey (continued) | ||||||||
18,165 | Turk Hava Yollari AO(a) | $ | 74,666 | |||||
10,546 | Turkcell Iletisim Hizmetleri AS | 36,215 | ||||||
21,948 | Turkiye Garanti Bankasi AS | 49,724 | ||||||
10,881 | Turkiye Vakiflar Bankasi TAO, Class D | 15,979 | ||||||
|
| |||||||
344,830 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $33,382,224)—100.1% | 32,088,605 | |||||||
Other assets less liabilities—(0.1)% | (34,851 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 32,053,754 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $1,329,342, which represented 4.15% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Affiliated company. The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Real Estate | 24.2 | |||
Financials | 20.7 | |||
Utilities | 14.7 | |||
Telecommunication Services | 9.8 | |||
Energy | 8.1 | |||
Consumer Staples | 5.8 | |||
Industrials | 5.7 | |||
Health Care | 4.5 | |||
Consumer Discretionary | 3.5 | |||
Materials | 2.2 | |||
Information Technology | 0.8 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Australia—12.1% | ||||||||
4,093 | Amcor Ltd. | $ | 42,351 | |||||
1,117 | ASX Ltd. | 49,263 | ||||||
48,473 | AusNet Services | 62,601 | ||||||
3,269 | Australia & New Zealand Banking Group Ltd. | 66,001 | ||||||
1,125 | Commonwealth Bank of Australia | 60,781 | ||||||
796 | Macquarie Group Ltd. | 64,825 | ||||||
3,837 | National Australia Bank Ltd. | 83,562 | ||||||
2,422 | Sonic Healthcare Ltd. | 43,101 | ||||||
6,036 | Transurban Group | 52,724 | ||||||
1,906 | Wesfarmers Ltd. | 62,761 | ||||||
3,260 | Westpac Banking Corp. | 70,213 | ||||||
1,862 | Woolworths Group Ltd. | 39,064 | ||||||
|
| |||||||
697,247 | ||||||||
|
| |||||||
Belgium—2.5% | ||||||||
447 | Anheuser-Busch InBev SA/NV | 44,279 | ||||||
1,444 | bpost SA | 31,457 | ||||||
2,138 | Proximus SADP | 65,285 | ||||||
|
| |||||||
141,021 | ||||||||
|
| |||||||
Denmark—0.7% | ||||||||
1,221 | Danske Bank A/S | 42,560 | ||||||
|
| |||||||
Finland—3.3% | ||||||||
1,535 | Elisa Oyj | 68,100 | ||||||
1,027 | Kesko Oyj, Class B | 60,359 | ||||||
1,124 | Sampo Oyj, Class A | 60,491 | ||||||
|
| |||||||
188,950 | ||||||||
|
| |||||||
France—5.1% | ||||||||
3,308 | Orange SA | 60,160 | ||||||
633 | Sanofi | 49,989 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
1,218 | Total SA | $ | 76,524 | |||||
258 | Unibail-Rodamco SE REIT | 61,796 | ||||||
1,926 | Veolia Environnement SA | 45,627 | ||||||
|
| |||||||
294,096 | ||||||||
|
| |||||||
Germany—6.8% | ||||||||
210 | Allianz SE | 49,704 | ||||||
365 | BASF SE | 37,939 | ||||||
456 | Bayerische Motoren Werke AG | 50,945 | ||||||
661 | Daimler AG | 52,132 | ||||||
2,994 | Deutsche Telekom AG | 52,376 | ||||||
1,229 | Evonik Industries AG | 43,704 | ||||||
364 | MAN SE | 41,999 | ||||||
269 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 61,669 | ||||||
|
| |||||||
390,468 | ||||||||
|
| |||||||
Hong Kong—5.6% | ||||||||
5,467 | CK Infrastructure Holdings Ltd. | 43,132 | ||||||
4,653 | CLP Holdings Ltd. | 48,175 | ||||||
1,868 | Hang Seng Bank Ltd. | 47,255 | ||||||
80,958 | HK Electric Investments & HK Electric Investments Ltd.(a) | 75,245 | ||||||
67,272 | Mapletree Greater China Commercial Trust REIT(a) | 60,461 | ||||||
6,637 | Power Assets Holdings Ltd. | 49,281 | ||||||
|
| |||||||
323,549 | ||||||||
|
| |||||||
Italy—2.4% | ||||||||
4,221 | Eni SpA | 82,413 | ||||||
9,447 | Terna Rete Elettrica Nazionale SpA | 56,638 | ||||||
|
| |||||||
139,051 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan—17.9% | ||||||||
12 | Activia Properties, Inc. REIT | $ | 53,187 | |||||
19 | Advance Residence Investment Corp. REIT | 48,819 | ||||||
1,290 | Canon, Inc. | 44,680 | ||||||
20 | Daiwa House REIT Investment Corp. REIT | 47,928 | ||||||
9 | Daiwa Office Investment Corp. REIT | 53,156 | ||||||
15 | Frontier Real Estate Investment Corp. REIT | 61,974 | ||||||
42 | GLP J-REIT REIT | 45,014 | ||||||
16 | Japan Prime Realty Investment Corp. REIT | 57,992 | ||||||
9 | Japan Real Estate Investment Corp. REIT | 46,717 | ||||||
28 | Japan Retail Fund Investment Corp. REIT | 52,456 | ||||||
1,599 | Japan Tobacco, Inc. | 42,910 | ||||||
49 | Mori Trust Sogo REIT, Inc. REIT | 73,004 | ||||||
8 | Nippon Building Fund, Inc. REIT | 44,905 | ||||||
23 | Nippon Prologis REIT, Inc. REIT | 48,407 | ||||||
5,696 | Nissan Motor Co. Ltd. | 59,847 | ||||||
35 | Nomura Real Estate Master Fund, Inc. REIT | 48,975 | ||||||
1,865 | NTT DoCoMo, Inc. | 48,319 | ||||||
36 | ORIX JREIT, Inc. REIT | 55,060 | ||||||
2,265 | Sekisui House Ltd. | 41,379 | ||||||
35 | United Urban Investment Corp. REIT | 53,963 | ||||||
|
| |||||||
1,028,692 | ||||||||
|
| |||||||
Netherlands—1.5% | ||||||||
2,526 | Royal Dutch Shell PLC, Class A | 87,839 | ||||||
|
| |||||||
Portugal—0.7% | ||||||||
2,162 | Galp Energia SGPS SA | 41,426 | ||||||
|
| |||||||
Singapore—9.6% | ||||||||
34,849 | Ascendas Real Estate Investment Trust REIT | 70,010 | ||||||
44,401 | CapitaLand Mall Trust REIT | 70,291 | ||||||
57,262 | Keppel REIT | 53,627 | ||||||
58,877 | Mapletree Commercial Trust REIT | 71,937 | ||||||
65,172 | Mapletree Logistics Trust REIT | 62,573 | ||||||
7,940 | Singapore Exchange Ltd. | 46,362 | ||||||
24,073 | Singapore Technologies Engineering Ltd. | 63,101 | ||||||
23,830 | Singapore Telecommunications Ltd. | 63,422 | ||||||
33,307 | Suntec Real Estate Investment Trust REIT | 49,017 | ||||||
|
| |||||||
550,340 | ||||||||
|
| |||||||
Spain—5.5% | ||||||||
2,379 | Abertis Infraestructuras SA | 52,485 | ||||||
2,788 | Gas Natural SDG SA | 70,183 | ||||||
7,860 | Iberdrola SA | 60,623 | ||||||
2,774 | Red Electrica Corp. SA | 57,768 | ||||||
3,784 | Repsol SA | 72,064 | ||||||
|
| |||||||
313,123 | ||||||||
|
| |||||||
Sweden—5.9% | ||||||||
2,478 | Axfood AB | 46,184 | ||||||
2,815 | Castellum AB | 45,657 | ||||||
1,207 | ICA Gruppen AB | 37,620 | ||||||
5,973 | Skandinaviska Enskilda Banken AB, Class A | 56,273 | ||||||
3,519 | Swedbank AB, Class A | 76,749 | ||||||
15,660 | Telia Co. AB | 76,913 | ||||||
|
| |||||||
339,396 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland—5.4% | ||||||||
232 | Kuehne + Nagel International AG | $ | 36,153 | |||||
512 | Novartis AG | 39,425 | ||||||
181 | Roche Holding AG | 40,202 | ||||||
720 | Swiss RE AG | 68,588 | ||||||
104 | Swisscom AG | 49,929 | ||||||
231 | Zurich Insurance Group AG | 73,769 | ||||||
|
| |||||||
308,066 | ||||||||
|
| |||||||
United Kingdom—15.0% | ||||||||
8,624 | Aviva PLC | 62,724 | ||||||
6,135 | BAE Systems PLC | 51,508 | ||||||
14,157 | BP PLC | 104,646 | ||||||
4,259 | GlaxoSmithKline PLC | 85,505 | ||||||
8,089 | HSBC Holdings PLC | 80,658 | ||||||
4,051 | Land Securities Group PLC REIT | 54,903 | ||||||
18,613 | Legal & General Group PLC | 69,066 | ||||||
5,872 | National Grid PLC | 68,043 | ||||||
1,823 | Severn Trent PLC | 48,621 | ||||||
5,091 | SSE PLC | 96,662 | ||||||
5,869 | United Utilities Group PLC | 59,970 | ||||||
26,558 | Vodafone Group PLC | 77,311 | ||||||
|
| |||||||
859,617 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $5,798,076)—100.0% | 5,745,441 | |||||||
Other assets less liabilities—(0.0)% | (2,877 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 5,742,564 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 was $135,706, which represented 2.36% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 26.2 | |||
Real Estate | 19.4 | |||
Industrials | 14.3 | |||
Consumer Staples | 11.3 | |||
Utilities | 6.9 | |||
Telecommunication Services | 6.8 | |||
Consumer Discretionary | 5.4 | |||
Energy | 3.2 | |||
Materials | 2.7 | |||
Information Technology | 1.9 | |||
Health Care | 1.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—6.1% | ||||||||
251,526 | Amcor Ltd. | $ | 2,602,570 | |||||
622,231 | AMP Ltd. | 1,888,908 | ||||||
69,809 | ASX Ltd. | 3,078,814 | ||||||
119,505 | Australia & New Zealand Banking Group Ltd. | 2,412,811 | ||||||
48,128 | Commonwealth Bank of Australia | 2,600,260 | ||||||
403,004 | Goodman Group REIT | 2,753,323 | ||||||
723,532 | GPT Group (The) REIT | 2,636,920 | ||||||
117,783 | National Australia Bank Ltd. | 2,565,074 | ||||||
154,540 | Sonic Healthcare Ltd. | 2,750,105 | ||||||
833,915 | Stockland REIT | 2,601,656 | ||||||
1,389,514 | Vicinity Centres REIT | 2,554,687 | ||||||
94,845 | Wesfarmers Ltd. | 3,123,050 | ||||||
111,984 | Westpac Banking Corp. | 2,411,875 | ||||||
155,328 | Woolworths Group Ltd. | 3,258,739 | ||||||
|
| |||||||
37,238,792 | ||||||||
|
| |||||||
Belgium—2.2% | ||||||||
15,096 | Ackermans & van Haaren NV | 2,722,967 | ||||||
55,550 | Ageas | 2,971,705 | ||||||
78,550 | bpost SA | 1,711,163 | ||||||
29,847 | Groupe Bruxelles Lambert SA | 3,409,691 | ||||||
81,512 | Proximus SADP(a) | 2,489,001 | ||||||
|
| |||||||
13,304,527 | ||||||||
|
| |||||||
Canada—21.6% | ||||||||
193,606 | AltaGas Ltd.(a) | 3,737,859 | ||||||
91,671 | ATCO Ltd., Class I | 2,778,126 | ||||||
49,081 | Bank of Montreal | 3,733,288 | ||||||
63,029 | Bank of Nova Scotia (The) | 3,880,220 | ||||||
103,513 | BCE, Inc. | 4,399,878 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
74,860 | Brookfield Asset Management, Inc., Class A | $ | 2,971,742 | |||||
39,501 | Canadian Imperial Bank of Commerce | 3,445,842 | ||||||
40,164 | Canadian National Railway Co. | 3,107,035 | ||||||
15,275 | Canadian Pacific Railway Ltd. | 2,791,550 | ||||||
19,690 | Canadian Tire Corp. Ltd., Class A | 2,687,590 | ||||||
136,403 | Canadian Utilities Ltd., Class A | 3,479,370 | ||||||
54,934 | CGI Group, Inc., Class A(b) | 3,188,182 | ||||||
155,471 | CI Financial Corp.(a) | 3,276,903 | ||||||
116,916 | Emera, Inc. | 3,647,155 | ||||||
205,335 | First Capital Realty, Inc.(a) | 3,214,691 | ||||||
107,455 | Fortis, Inc. | 3,612,708 | ||||||
47,714 | George Weston Ltd. | 3,915,157 | ||||||
143,889 | Great-West Lifeco, Inc. | 3,842,053 | ||||||
251,814 | H&R Real Estate Investment Trust REIT | 4,050,396 | ||||||
240,528 | Hydro One Ltd.(c) | 3,825,708 | ||||||
104,876 | IGM Financial, Inc.(a) | 3,224,122 | ||||||
55,954 | Intact Financial Corp. | 4,273,097 | ||||||
67,658 | Loblaw Cos. Ltd. | 3,446,365 | ||||||
72,573 | National Bank of Canada | 3,452,164 | ||||||
36,174 | Onex Corp. | 2,683,527 | ||||||
145,050 | Power Corp. of Canada | 3,452,144 | ||||||
143,309 | Power Financial Corp. | 3,723,720 | ||||||
157,348 | Quebecor, Inc., Class B | 2,938,423 | ||||||
217,412 | RioCan Real Estate Investment Trust REIT(a) | 3,960,038 | ||||||
79,153 | Rogers Communications, Inc., Class B | 3,742,317 | ||||||
52,650 | Royal Bank of Canada | 4,010,099 | ||||||
156,764 | Shaw Communications, Inc., Class B | 3,227,116 | ||||||
148,712 | SmartCentres Real Estate Investment Trust REIT(a) | 3,340,930 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
61,476 | SNC-Lavalin Group, Inc. | $ | 2,699,391 | |||||
72,212 | Sun Life Financial, Inc. | 2,985,480 | ||||||
111,449 | TELUS Corp. | 3,994,759 | ||||||
58,721 | Toronto-Dominion Bank (The)(a) | 3,303,070 | ||||||
67,787 | TransCanada Corp. | 2,878,680 | ||||||
|
| |||||||
130,920,895 | ||||||||
|
| |||||||
Denmark—0.9% | ||||||||
24,134 | Carlsberg A/S, Class B | 2,699,632 | ||||||
107,753 | Tryg A/S | 2,553,817 | ||||||
|
| |||||||
5,253,449 | ||||||||
|
| |||||||
Finland—0.9% | ||||||||
44,870 | Kesko Oyj, Class B(a) | 2,637,123 | ||||||
55,465 | Sampo Oyj, Class A | 2,984,967 | ||||||
|
| |||||||
5,622,090 | ||||||||
|
| |||||||
France—5.5% | ||||||||
21,650 | Air Liquide SA | 2,814,246 | ||||||
95,213 | AXA SA | 2,723,102 | ||||||
33,493 | Danone SA | 2,701,524 | ||||||
5,617 | Hermes International | 3,631,034 | ||||||
37,259 | Legrand SA | 2,890,877 | ||||||
13,629 | L’Oreal SA(a) | 3,265,693 | ||||||
170,158 | Orange SA | 3,094,565 | ||||||
19,371 | Pernod Ricard SA | 3,214,521 | ||||||
34,626 | Sanofi | 2,734,472 | ||||||
54,076 | Total SA | 3,397,464 | ||||||
11,370 | Unibail-Rodamco SE REIT | 2,723,323 | ||||||
|
| |||||||
33,190,821 | ||||||||
|
| |||||||
Germany—6.3% | ||||||||
13,701 | Allianz SE | 3,242,807 | ||||||
25,233 | BASF SE | 2,622,794 | ||||||
26,448 | Bayerische Motoren Werke AG | 2,954,829 | ||||||
26,871 | Beiersdorf AG | 3,046,366 | ||||||
37,891 | Daimler AG | 2,988,432 | ||||||
167,441 | Deutsche Telekom AG | 2,929,129 | ||||||
75,004 | Evonik Industries AG | 2,667,186 | ||||||
19,628 | Henkel AG & Co. KGaA (Preference Shares) | 2,499,512 | ||||||
59,450 | MAN SE | 6,859,521 | ||||||
11,712 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 2,684,998 | ||||||
27,026 | SAP SE | 3,013,770 | ||||||
57,324 | Vonovia SE | 2,876,263 | ||||||
|
| |||||||
38,385,607 | ||||||||
|
| |||||||
Hong Kong—7.7% | ||||||||
646,400 | Bank of East Asia Ltd. (The) | 2,835,513 | ||||||
264,670 | CK Hutchison Holdings Ltd. | 3,126,073 | ||||||
349,072 | CK Infrastructure Holdings Ltd. | 2,754,005 | ||||||
402,079 | CLP Holdings Ltd. | 4,162,951 | ||||||
114,158 | Hang Seng Bank Ltd. | 2,887,883 | ||||||
5,154,010 | HK Electric Investments & HK Electric Investments Ltd.(c) | 4,790,269 | ||||||
2,884,000 | HKT Trust & HKT Ltd. | 3,793,162 | ||||||
2,139,712 | Hong Kong & China Gas Co. Ltd. | 4,469,843 | ||||||
309,500 | Link REIT | 2,734,638 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
3,395,407 | Mapletree Greater China Commercial Trust REIT(c) | $ | 3,051,648 | |||||
615,245 | MTR Corp. Ltd. | 3,455,509 | ||||||
4,923,000 | PCCW Ltd. | 3,047,301 | ||||||
319,500 | Power Assets Holdings Ltd. | 2,372,328 | ||||||
328,222 | Swire Pacific Ltd., Class A | 3,247,669 | ||||||
|
| |||||||
46,728,792 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
55,175 | AerCap Holdings NV(b) | 2,876,273 | ||||||
|
| |||||||
Israel—1.3% | ||||||||
125,651 | First International Bank of Israel Ltd. | 2,588,201 | ||||||
916,379 | Israel Discount Bank Ltd., Class A(b) | 2,537,026 | ||||||
18,756 | Paz Oil Co. Ltd. | 2,727,525 | ||||||
|
| |||||||
7,852,752 | ||||||||
|
| |||||||
Italy—0.6% | ||||||||
177,115 | Eni SpA | 3,458,082 | ||||||
|
| |||||||
Japan—18.2% | ||||||||
638 | Activia Properties, Inc. REIT | 2,827,782 | ||||||
1,128 | Advance Residence Investment Corp. REIT | 2,898,313 | ||||||
157,285 | Aeon Co. Ltd. | 3,137,097 | ||||||
67,520 | Aozora Bank Ltd. | 2,730,418 | ||||||
72,501 | Canon, Inc. | 2,511,115 | ||||||
15,659 | Central Japan Railway Co. | 3,143,964 | ||||||
226,500 | Chugoku Electric Power Co., Inc. (The) | 2,828,975 | ||||||
1,209 | Daiwa House REIT Investment Corp. REIT | 2,897,243 | ||||||
527 | Daiwa Office Investment Corp. REIT | 3,112,610 | ||||||
30,835 | East Japan Railway Co. | 2,955,990 | ||||||
830 | Frontier Real Estate Investment Corp. REIT | 3,429,222 | ||||||
2,592 | GLP J-REIT REIT | 2,777,980 | ||||||
72,220 | Hankyu Hanshin Holdings, Inc. | 2,847,880 | ||||||
3,780 | Japan Hotel REIT Investment Corp. REIT | 2,860,260 | ||||||
223,700 | Japan Post Bank Co. Ltd. | 3,036,066 | ||||||
223,600 | Japan Post Holdings Co. Ltd. | 2,714,298 | ||||||
853 | Japan Prime Realty Investment Corp. REIT | 3,091,680 | ||||||
531 | Japan Real Estate Investment Corp. REIT | 2,756,299 | ||||||
1,559 | Japan Retail Fund Investment Corp. REIT | 2,920,676 | ||||||
97,406 | Japan Tobacco, Inc. | 2,613,961 | ||||||
88,128 | Keihan Holdings Co. Ltd. | 2,846,130 | ||||||
79,597 | Kintetsu Group Holdings Co. Ltd. | 3,240,618 | ||||||
42,374 | Lawson, Inc. | 2,799,763 | ||||||
1,438,400 | Mizuho Financial Group, Inc. | 2,605,910 | ||||||
1,988 | Mori Trust Sogo REIT, Inc. REIT | 2,961,886 | ||||||
109,035 | Nagoya Railroad Co. Ltd. | 2,855,635 | ||||||
93,000 | NEC Corp. | 2,553,941 | ||||||
519 | Nippon Building Fund, Inc. REIT | 2,913,225 | ||||||
1,487 | Nippon Prologis REIT, Inc. REIT | 3,129,597 | ||||||
274,158 | Nissan Motor Co. Ltd. | 2,880,536 | ||||||
124,428 | NTT DoCoMo, Inc. | 3,223,700 | ||||||
1,868 | ORIX JREIT, Inc. REIT | 2,856,980 | ||||||
30,100 | Rinnai Corp. | 2,989,202 | ||||||
71,200 | Seven & i Holdings Co. Ltd. | 3,126,488 | ||||||
85,933 | Tobu Railway Co. Ltd. | 2,740,746 | ||||||
1,842 | United Urban Investment Corp. REIT | 2,840,002 | ||||||
40,004 | West Japan Railway Co. | 2,833,274 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
227,000 | Yamaguchi Financial Group, Inc. | $ | 2,837,889 | |||||
|
| |||||||
110,327,351 | ||||||||
|
| |||||||
Netherlands—2.0% | ||||||||
32,254 | Heineken Holding NV(a) | 3,269,281 | ||||||
26,310 | Koninklijke DSM NV | 2,716,300 | ||||||
85,781 | Royal Dutch Shell PLC, Class A | 2,982,954 | ||||||
57,343 | Wolters Kluwer NV | 3,095,392 | ||||||
|
| |||||||
12,063,927 | ||||||||
|
| |||||||
Norway—0.4% | ||||||||
263,932 | Orkla ASA | 2,443,189 | ||||||
|
| |||||||
Singapore—6.8% | ||||||||
1,672,198 | Ascendas Real Estate Investment Trust REIT | 3,359,348 | ||||||
955,805 | CapitaLand Ltd. | 2,699,467 | ||||||
2,366,398 | CapitaLand Mall Trust REIT | 3,746,224 | ||||||
3,342,423 | Keppel REIT | 3,130,248 | ||||||
2,946,365 | Mapletree Commercial Trust REIT | 3,599,919 | ||||||
3,055,116 | Mapletree Logistics Trust REIT | 2,933,267 | ||||||
277,681 | Oversea-Chinese Banking Corp. Ltd. | 2,869,913 | ||||||
316,213 | Singapore Airlines Ltd. | 2,585,099 | ||||||
493,698 | Singapore Exchange Ltd. | 2,882,692 | ||||||
1,163,000 | Singapore Technologies Engineering Ltd. | 3,048,519 | ||||||
1,590,825 | Singapore Telecommunications Ltd. | 4,233,868 | ||||||
2,136,642 | Suntec Real Estate Investment Trust REIT | 3,144,468 | ||||||
129,834 | United Overseas Bank Ltd. | 2,936,894 | ||||||
|
| |||||||
41,169,926 | ||||||||
|
| |||||||
Spain—0.5% | ||||||||
126,745 | Abertis Infraestructuras SA | 2,796,213 | ||||||
|
| |||||||
Sweden—4.5% | ||||||||
168,951 | Castellum AB | 2,740,236 | ||||||
180,174 | Hufvudstaden AB, Class A | 2,643,487 | ||||||
77,554 | ICA Gruppen AB(a) | 2,417,187 | ||||||
113,688 | Industrivarden AB, Class C(a) | 2,403,409 | ||||||
58,311 | Investor AB, Class B | 2,534,483 | ||||||
37,861 | L E Lundbergforetagen AB, Class B | 2,571,899 | ||||||
223,958 | Skandinaviska Enskilda Banken AB, Class A | 2,109,977 | ||||||
187,419 | Svenska Handelsbanken AB, Class A | 2,095,675 | ||||||
60,658 | Swedish Match AB | 2,715,379 | ||||||
577,458 | Telia Co. AB | 2,836,132 | ||||||
104,839 | Trelleborg AB, Class B(a) | 2,457,823 | ||||||
|
| |||||||
27,525,687 | ||||||||
|
| |||||||
Switzerland—5.7% | ||||||||
40 | Chocoladefabriken Lindt & Spruengli AG | 3,039,823 | ||||||
30,056 | Cie Financiere Richemont SA | 2,857,507 | ||||||
1,283 | Givaudan SA | 2,863,344 | ||||||
16,965 | Kuehne + Nagel International AG | 2,643,707 | ||||||
39,024 | Nestle SA | 3,020,261 | ||||||
32,688 | Novartis AG | 2,517,030 | ||||||
4,021 | Partners Group Holding AG | 2,932,479 | ||||||
13,532 | Schindler Holding AG-PC | 2,794,189 | ||||||
1,158 | SGS SA | 2,811,932 | ||||||
28,018 | Swiss RE AG | 2,669,028 | ||||||
6,761 | Swisscom AG | 3,245,893 | ||||||
9,733 | Zurich Insurance Group AG | 3,108,192 | ||||||
|
| |||||||
34,503,385 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom—7.7% | ||||||||
404,546 | Aviva PLC | $ | 2,942,322 | |||||
298,894 | British Land Co. PLC (The) REIT | 2,756,194 | ||||||
95,392 | Bunzl PLC | 2,763,208 | ||||||
127,470 | Compass Group PLC | 2,738,904 | ||||||
86,430 | Diageo PLC | 3,075,749 | ||||||
122,772 | Experian PLC | 2,804,160 | ||||||
278,985 | HSBC Holdings PLC | 2,781,860 | ||||||
42,233 | InterContinental Hotels Group PLC | 2,663,475 | ||||||
214,806 | Land Securities Group PLC REIT | 2,911,238 | ||||||
854,276 | Legal & General Group PLC | 3,169,908 | ||||||
271,508 | National Grid PLC | 3,146,141 | ||||||
156,002 | RELX PLC | 3,333,961 | ||||||
331,524 | RSA Insurance Group PLC | 2,997,878 | ||||||
59,564 | Schroders PLC | 2,701,997 | ||||||
151,641 | Smith & Nephew PLC | 2,910,169 | ||||||
54,509 | Unilever NV CVA | 3,111,125 | ||||||
|
| |||||||
46,808,289 | ||||||||
|
| |||||||
United States—0.5% | ||||||||
40,312 | Waste Connections, Inc. | 2,918,174 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $581,954,737)—99.9% | 605,388,221 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.0% | ||||||||
24,515,308 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(d)(e) (Cost $24,515,308) | 24,515,308 | ||||||
|
| |||||||
Total Investments in Securities (Cost $606,470,045)—103.9% | 629,903,529 | |||||||
Other assets less liabilities—(3.9)% | (23,934,322 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 605,969,207 | ||||||
|
|
Investment Abbreviations:
CVA—Dutch Certificates
PC—Participation Certificate
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2018. |
(b) | Non-income producing security. |
(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 April 30, 2018 was $11,667,625, which represented 1.93% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco S&P International Developed Momentum ETF (IDMO)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 21.1 | |||
Industrials | 20.5 | |||
Consumer Discretionary | 18.2 | |||
Information Technology | 15.4 | |||
Consumer Staples | 6.5 | |||
Materials | 6.4 | |||
Real Estate | 4.5 | |||
Health Care | 3.9 | |||
Utilities | 1.8 | |||
Telecommunication Services | 1.0 | |||
Energy | 0.7 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Australia—1.8% | ||||||||
581 | Aristocrat Leisure Ltd. | $ | 11,698 | |||||
83 | Atlassian Corp. PLC, Class A(a) | 4,646 | ||||||
839 | Boral Ltd. | 4,326 | ||||||
72 | CIMIC Group Ltd. | 2,448 | ||||||
42 | Cochlear Ltd. | 6,129 | ||||||
296 | Computershare Ltd. | 3,776 | ||||||
53 | Flight Centre Travel Group Ltd. | 2,230 | ||||||
701 | Qantas Airways Ltd. | 3,045 | ||||||
35 | REA Group Ltd. | 2,130 | ||||||
257 | SEEK Ltd. | 3,752 | ||||||
537 | Treasury Wine Estates Ltd. | 7,677 | ||||||
|
| |||||||
51,857 | ||||||||
|
| |||||||
Austria—1.3% | ||||||||
54 | ams AG | 4,462 | ||||||
56 | CA Immobilien Anlagen AG | 1,944 | ||||||
257 | Erste Group Bank AG | 12,562 | ||||||
113 | OMV AG | 7,001 | ||||||
102 | Raiffeisen Bank International AG(a) | 3,431 | ||||||
90 | Verbund AG | 2,799 | ||||||
74 | voestalpine AG | 3,895 | ||||||
|
| |||||||
36,094 | ||||||||
|
| |||||||
Belgium—1.3% | ||||||||
56 | Groupe Bruxelles Lambert SA | 6,397 | ||||||
222 | KBC Group NV | 19,355 | ||||||
214 | Umicore SA | 11,907 | ||||||
|
| |||||||
37,659 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada—5.1% | ||||||||
190 | Air Canada(a) | $ | 3,741 | |||||
109 | Dollarama, Inc. | 12,567 | ||||||
941 | Nutrien Ltd. | 42,905 | ||||||
867 | Royal Bank of Canada | 66,035 | ||||||
95 | Shopify, Inc., Class A(a) | 12,747 | ||||||
68 | West Fraser Timber Co. Ltd. | 4,613 | ||||||
|
| |||||||
142,608 | ||||||||
|
| |||||||
China—0.4% | ||||||||
2,270 | BOC Hong Kong (Holdings) Ltd. | 11,725 | ||||||
|
| |||||||
Denmark—1.0% | ||||||||
191 | DSV A/S | 15,126 | ||||||
169 | Orsted A/S(b) | 11,122 | ||||||
84 | William Demant Holding A/S(a) | 3,270 | ||||||
|
| |||||||
29,518 | ||||||||
|
| |||||||
Finland—0.4% | ||||||||
137 | Neste Oyj | 11,525 | ||||||
|
| |||||||
France—11.8% | ||||||||
42 | Aeroports de Paris | 9,225 | ||||||
488 | Airbus SE | 57,197 | ||||||
47 | Amundi SA(b) | 3,987 | ||||||
167 | Bouygues SA | 8,484 | ||||||
189 | Bureau Veritas SA | 4,925 | ||||||
135 | Capgemini SE | 18,537 | ||||||
12 | Christian Dior SE | 5,043 | ||||||
123 | CIE Generale des Etablissements Michelin SCA | 17,270 | ||||||
101 | Kering SA | 58,292 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
201 | LVMH Moet Hennessy Louis Vuitton SE | $ | 69,998 | |||||
534 | Natixis SA | 4,369 | ||||||
318 | Safran SA | 37,314 | ||||||
383 | Vinci SA | 38,263 | ||||||
|
| |||||||
332,904 | ||||||||
|
| |||||||
Germany—7.2% | ||||||||
41 | 1&1 Drillisch AG | 2,977 | ||||||
420 | Allianz SE | 99,407 | ||||||
820 | Commerzbank AG(a) | 10,580 | ||||||
78 | Continental AG | 20,846 | ||||||
340 | Deutsche Lufthansa AG | 9,911 | ||||||
569 | Deutsche Post AG | 24,790 | ||||||
348 | TUI AG | 7,852 | ||||||
105 | United Internet AG | 6,796 | ||||||
400 | Vonovia SE | 20,070 | ||||||
|
| |||||||
203,229 | ||||||||
|
| |||||||
Hong Kong—7.7% | ||||||||
8,569 | AIA Group Ltd. | 76,509 | ||||||
2,794 | CK Asset Holdings Ltd. | 24,087 | ||||||
2,949 | Galaxy Entertainment Group Ltd. | 25,805 | ||||||
1,127 | Henderson Land Development Co. Ltd. | 7,142 | ||||||
1,692 | HK Electric Investments & HK Electric Investments Ltd.(b) | 1,573 | ||||||
1,032 | Hong Kong Exchanges & Clearing Ltd. | 33,453 | ||||||
667 | Kerry Properties Ltd. | 3,189 | ||||||
1,673 | Link REIT | 14,782 | ||||||
1,931 | Mapletree Greater China Commercial Trust REIT(b) | 1,735 | ||||||
159 | Melco Resorts & Entertainment Ltd. ADR | 4,962 | ||||||
4,309 | New World Development Co. Ltd. | 6,326 | ||||||
153 | Orient Overseas International Ltd. | 1,455 | ||||||
1,820 | Shangri-La Asia Ltd. | 3,551 | ||||||
1,782 | Techtronic Industries Co. Ltd. | 10,422 | ||||||
896 | Wharf Holdings Ltd. (The) | 2,984 | ||||||
|
| |||||||
217,975 | ||||||||
|
| |||||||
Israel—0.6% | ||||||||
1,010 | Bank Leumi Le-Israel BM | 5,955 | ||||||
50 | First International Bank of Israel Ltd. | 1,030 | ||||||
41 | Frutarom Industries Ltd. | 3,916 | ||||||
764 | Israel Discount Bank Ltd., Class A(a) | 2,115 | ||||||
18 | SodaStream International Ltd.(a) | 1,701 | ||||||
55 | Tower Semiconductor Ltd.(a) | 1,433 | ||||||
|
| |||||||
16,150 | ||||||||
|
| |||||||
Italy—4.4% | ||||||||
393 | Davide Campari-Milano SpA | 2,948 | ||||||
5,521 | Enel SpA | 34,987 | ||||||
117 | Ferrari NV | 14,382 | ||||||
504 | Finecobank Banca Fineco SpA | 5,996 | ||||||
13,692 | Intesa Sanpaolo SpA | 52,080 | ||||||
1,090 | Intesa Sanpaolo SpA-RSP | 4,323 | ||||||
131 | Moncler SpA | 5,912 | ||||||
77 | Recordati SpA | 2,751 | ||||||
|
| |||||||
123,379 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan—35.2% | ||||||||
91 | Aeon Mall Co. Ltd. | $ | 1,831 | |||||
192 | Alfresa Holdings Corp. | 4,239 | ||||||
86 | ANA Holdings, Inc. | 3,406 | ||||||
334 | Asahi Group Holdings Ltd. | 16,898 | ||||||
119 | Asahi Intecc Co. Ltd. | 4,145 | ||||||
822 | Asahi Kasei Corp. | 11,324 | ||||||
65 | Azbil Corp. | 3,030 | ||||||
38 | Canon Marketing Japan, Inc. | 825 | ||||||
930 | Canon, Inc. | 32,211 | ||||||
228 | Chugai Pharmaceutical Co. Ltd. | 12,043 | ||||||
96 | COMSYS Holdings Corp. | 2,676 | ||||||
77 | CyberAgent, Inc. | 4,217 | ||||||
184 | Daifuku Co. Ltd. | 9,887 | ||||||
581 | Daiichi Sankyo Co. Ltd. | 19,860 | ||||||
607 | Daiwa House Industry Co. Ltd. | 22,244 | ||||||
404 | Denso Corp. | 21,251 | ||||||
26 | Disco Corp. | 4,581 | ||||||
96 | Don Quijote Holdings Co. Ltd. | 5,164 | ||||||
33 | Harmonic Drive Systems, Inc. | 1,575 | ||||||
23 | Hikari Tsushin, Inc. | 3,722 | ||||||
123 | Hitachi Construction Machinery Co. Ltd. | 4,461 | ||||||
2,821 | Hitachi Ltd. | 20,594 | ||||||
74 | House Foods Group, Inc. | 2,607 | ||||||
1,412 | ITOCHU Corp. | 28,235 | ||||||
86 | ITOCHU Techno-Solutions Corp. | 1,778 | ||||||
64 | Kagome Co. Ltd. | 2,307 | ||||||
361 | Kao Corp. | 25,914 | ||||||
127 | Keisei Electric Railway Co. Ltd. | 4,143 | ||||||
87 | Keyence Corp. | 53,058 | ||||||
815 | Kirin Holdings Co. Ltd. | 22,823 | ||||||
46 | Kobayashi Pharmaceutical Co. Ltd. | 3,869 | ||||||
796 | Komatsu Ltd. | 27,167 | ||||||
39 | Kose Corp. | 7,202 | ||||||
156 | K’s Holdings Corp. | 2,251 | ||||||
64 | Kurita Water Industries Ltd. | 2,076 | ||||||
73 | Matsumotokiyoshi Holdings Co. Ltd. | 3,251 | ||||||
89 | McDonald’s Holdings Co. Japan Ltd. | 4,159 | ||||||
508 | Minebea Mitsumi, Inc. | 10,181 | ||||||
227 | MISUMI Group, Inc. | 6,286 | ||||||
1,193 | Mitsubishi Chemical Holdings Corp. | 11,317 | ||||||
47 | Mitsui Mining & Smelting Co. Ltd. | 1,999 | ||||||
134 | Nabtesco Corp. | 4,843 | ||||||
472 | Nexon Co. Ltd.(a) | 6,871 | ||||||
284 | Nidec Corp. | 44,419 | ||||||
68 | Nifco, Inc. | 2,389 | ||||||
192 | Nihon M&A Center, Inc. | 5,614 | ||||||
150 | Nintendo Co. Ltd. | 63,206 | ||||||
50 | Nippon Electric Glass Co. Ltd. | 1,442 | ||||||
67 | Nissin Foods Holdings Co. Ltd. | 4,919 | ||||||
77 | NTT Urban Development Corp. | 908 | ||||||
63 | OBIC Co. Ltd. | 5,262 | ||||||
838 | OJI Holdings Corp. | 5,897 | ||||||
147 | OMRON Corp. | 7,945 | ||||||
24 | Oracle Corp. Japan | 1,968 | ||||||
327 | Oriental Land Co. Ltd. | 32,550 | ||||||
106 | Otsuka Corp. | 4,927 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
1,588 | Panasonic Corp. | $ | 23,511 | |||||
65 | Pola Orbis Holdings, Inc. | 2,831 | ||||||
1,342 | Recruit Holdings Co. Ltd. | 30,878 | ||||||
141 | Relo Group, Inc. | 3,143 | ||||||
73 | Rohm Co. Ltd. | 6,682 | ||||||
29 | Ryohin Keikaku Co. Ltd. | 9,902 | ||||||
167 | SBI Holdings, Inc. | 4,223 | ||||||
41 | Seria Co. Ltd. | 2,008 | ||||||
197 | Shimadzu Corp. | 5,335 | ||||||
372 | Shiseido Co. Ltd. | 24,111 | ||||||
217 | Showa Denko K.K. | 7,248 | ||||||
73 | SMC Corp. | 27,832 | ||||||
912 | Sony Corp. | 44,871 | ||||||
66 | Square Enix Holdings Co. Ltd. | 2,750 | ||||||
114 | Stanley Electric Co. Ltd. | 4,131 | ||||||
108 | Sumco Corp. | 2,627 | ||||||
843 | Sumitomo Corp. | 15,157 | ||||||
246 | Sumitomo Metal Mining Co. Ltd. | 10,473 | ||||||
296 | Suzuki Motor Corp. | 15,935 | ||||||
172 | Taisei Corp. | 9,260 | ||||||
684 | Takeda Pharmaceutical Co. Ltd. | 28,728 | ||||||
98 | THK Co. Ltd. | 3,430 | ||||||
160 | Tobu Railway Co. Ltd. | 5,103 | ||||||
53 | Tokyo Century Corp. | 3,294 | ||||||
137 | Tokyo Electron Ltd. | 26,256 | ||||||
176 | Toyota Tsusho Corp. | 6,321 | ||||||
28 | Tsuruha Holdings, Inc. | 4,016 | ||||||
36 | Welcia Holdings Co. Ltd. | 1,842 | ||||||
143 | Yakult Honsha Co. Ltd. | 10,193 | ||||||
272 | Yamaha Motor Co. Ltd. | 8,663 | ||||||
387 | Yaskawa Electric Corp. | 15,779 | ||||||
84 | Yokohama Rubber Co. Ltd. (The) | 1,977 | ||||||
|
| |||||||
992,477 | ||||||||
|
| |||||||
Macau—0.2% | ||||||||
1,487 | Wynn Macau Ltd. | 5,495 | ||||||
|
| |||||||
Netherlands—4.1% | ||||||||
357 | ASML Holding NV | 67,509 | ||||||
102 | Heineken Holding NV | 10,339 | ||||||
187 | Heineken NV | 19,674 | ||||||
185 | Koninklijke DSM NV | 19,100 | ||||||
|
| |||||||
116,622 | ||||||||
|
| |||||||
New Zealand—0.5% | ||||||||
1,061 | a2 Milk Co. Ltd.(a) | 9,045 | ||||||
515 | Fisher & Paykel Healthcare Corp. Ltd. | 4,606 | ||||||
|
| |||||||
13,651 | ||||||||
|
| |||||||
Norway—0.6% | ||||||||
312 | Storebrand ASA | 2,668 | ||||||
598 | Telenor ASA | 13,244 | ||||||
|
| |||||||
15,912 | ||||||||
|
| |||||||
Portugal—0.2% | ||||||||
10,203 | Banco Comercial Portugues SA, Class R(a) | 3,406 | ||||||
985 | Sonae SGPS SA | 1,337 | ||||||
|
| |||||||
4,743 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—4.8% | ||||||||
1,773 | CapitaLand Commercial Trust Ltd. REIT | $ | 2,431 | |||||
442 | City Developments Ltd. | 4,217 | ||||||
1,553 | DBS Group Holdings Ltd. | 35,929 | ||||||
3,613 | Genting Singapore PLC | 3,201 | ||||||
1,601 | Keppel REIT | 1,499 | ||||||
1,166 | Keppel Corp. Ltd. | 7,153 | ||||||
2,074 | Mapletree Logistics Trust REIT | 1,991 | ||||||
4,081 | Oversea-Chinese Banking Corp. Ltd. | 42,178 | ||||||
1,696 | Suntec Real Estate Investment Trust REIT | 2,496 | ||||||
1,137 | United Overseas Bank Ltd. | 25,719 | ||||||
492 | UOL Group Ltd. | 3,254 | ||||||
382 | Venture Corp. Ltd. | 5,984 | ||||||
|
| |||||||
136,052 | ||||||||
|
| |||||||
Spain—1.6% | ||||||||
49 | Aena SME SA(b) | 10,104 | ||||||
426 | Amadeus IT Group SA | 31,060 | ||||||
211 | Grifols SA ADR | 4,288 | ||||||
|
| |||||||
45,452 | ||||||||
|
| |||||||
Sweden—1.9% | ||||||||
109 | Industrivarden AB, Class A | 2,401 | ||||||
106 | Industrivarden AB, Class C | 2,241 | ||||||
176 | Kinnevik AB, Class B | 6,371 | ||||||
656 | Sandvik AB | 11,177 | ||||||
612 | Svenska Cellulosa AB (SCA), Class B | 6,802 | ||||||
222 | Tele2 AB, Class B | 2,890 | ||||||
184 | Volvo AB, Class A | 3,146 | ||||||
1,122 | Volvo AB, Class B | 18,982 | ||||||
|
| |||||||
54,010 | ||||||||
|
| |||||||
Switzerland—3.5% | ||||||||
6 | Givaudan SA | 13,391 | ||||||
42 | Kuehne + Nagel International AG | 6,545 | ||||||
66 | Lonza Group AG | 16,150 | ||||||
22 | Partners Group Holding AG | 16,044 | ||||||
28 | Schindler Holding AG-PC | 5,782 | ||||||
3 | Sika AG-BR | 21,766 | ||||||
421 | STMicroelectronics NV | 9,183 | ||||||
18 | Swisscom AG | 8,642 | ||||||
|
| |||||||
97,503 | ||||||||
|
| |||||||
United Arab Emirates—0.2% | ||||||||
104 | NMC Health PLC | 5,097 | ||||||
|
| |||||||
United Kingdom—3.7% | ||||||||
639 | 3i Group PLC | 8,266 | ||||||
111 | Berkeley Group Holdings PLC (The) | 6,218 | ||||||
679 | CNH Industrial NV, Class A | 8,364 | ||||||
264 | easyJet PLC | 5,753 | ||||||
986 | Fiat Chrysler Automobiles NV(a) | 21,984 | ||||||
173 | Hargreaves Lansdown PLC | 4,239 | ||||||
135 | InterContinental Hotels Group PLC | 8,514 | ||||||
151 | Intertek Group PLC | 10,140 | ||||||
3,803 | Legal & General Group PLC | 14,111 | ||||||
194 | Persimmon PLC | 7,255 | ||||||
1,237 | Rentokil Initial PLC | 5,217 | ||||||
89 | Schroders PLC | 4,037 | ||||||
|
| |||||||
104,098 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 71 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States—0.5% | ||||||||
178 | Waste Connections, Inc. | $ | 12,885 | |||||
|
| |||||||
Total Investments in Securities (Cost $2,648,070)—100.0% | 2,818,620 | |||||||
Other assets less liabilities—0.0% | 555 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,819,175 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
BR—Bearer Shares
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $28,521, which represented 1.01% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco S&P MidCap Low Volatility ETF (XMLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Utilities | 23.8 | |||
Real Estate | 22.7 | |||
Financials | 14.6 | |||
Information Technology | 9.9 | |||
Materials | 9.5 | |||
Industrials | 8.7 | |||
Consumer Discretionary | 4.6 | |||
Consumer Staples | 3.5 | |||
Health Care | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—4.6% | ||||||||
19,940 | Cable One, Inc. | $ | 12,664,293 | |||||
51,684 | Churchill Downs, Inc. | 14,192,426 | ||||||
25,356 | Graham Holdings Co., Class B | 15,290,936 | ||||||
376,156 | Service Corp. International | 13,733,456 | ||||||
|
| |||||||
55,881,111 | ||||||||
|
| |||||||
Consumer Staples—3.5% | ||||||||
111,161 | Ingredion, Inc. | 13,460,485 | ||||||
264,333 | Lamb Weston Holdings, Inc. | 17,266,232 | ||||||
420,637 | Tootsie Roll Industries, Inc. | 12,009,186 | ||||||
|
| |||||||
42,735,903 | ||||||||
|
| |||||||
Financials—14.6% | ||||||||
24,338 | Alleghany Corp. | 13,986,318 | ||||||
132,186 | American Financial Group, Inc. | 14,966,099 | ||||||
717,591 | Brown & Brown, Inc. | 19,540,003 | ||||||
215,825 | Commerce Bancshares, Inc. | 13,709,204 | ||||||
247,918 | Eaton Vance Corp. | 13,484,260 | ||||||
260,202 | First American Financial Corp. | 13,298,924 | ||||||
119,641 | Hanover Insurance Group, Inc. (The) | 13,740,769 | ||||||
203,864 | Interactive Brokers Group, Inc., Class A | 15,126,709 | ||||||
663,156 | Old Republic International Corp. | 13,528,382 | ||||||
95,545 | Reinsurance Group of America, Inc. | 14,274,423 | ||||||
231,363 | SEI Investments Co. | 14,629,083 | ||||||
242,477 | W.R. Berkley Corp. | 18,079,085 | ||||||
|
| |||||||
178,363,259 | ||||||||
|
| |||||||
Health Care—2.6% | ||||||||
106,610 | Bio-Techne Corp. | 16,088,515 | ||||||
167,085 | STERIS PLC | 15,792,874 | ||||||
|
| |||||||
31,881,389 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials—8.7% | ||||||||
118,941 | Carlisle Cos., Inc. | $ | 12,813,514 | |||||
112,213 | Curtiss-Wright Corp. | 14,367,753 | ||||||
270,290 | Donaldson Co., Inc. | 11,963,035 | ||||||
100,353 | Hubbell, Inc. | 10,422,663 | ||||||
110,956 | IDEX Corp. | 14,830,379 | ||||||
296,058 | Rollins, Inc. | 14,364,734 | ||||||
212,173 | Toro Co. (The) | 12,388,781 | ||||||
93,049 | Watsco, Inc. | 15,578,264 | ||||||
|
| |||||||
106,729,123 | ||||||||
|
| |||||||
Information Technology—9.9% | ||||||||
161,160 | Arrow Electronics, Inc.(b) | 12,045,099 | ||||||
174,016 | Broadridge Financial Solutions, Inc. | 18,656,255 | ||||||
210,616 | CDK Global, Inc. | 13,740,588 | ||||||
342,372 | CoreLogic, Inc.(b) | 16,947,414 | ||||||
85,524 | Fair Isaac Corp.(b) | 14,811,046 | ||||||
165,990 | Jack Henry & Associates, Inc. | 19,832,485 | ||||||
196,132 | MAXIMUS, Inc. | 13,264,407 | ||||||
274,132 | National Instruments Corp. | 11,209,258 | ||||||
|
| |||||||
120,506,552 | ||||||||
|
| |||||||
Materials—9.5% | ||||||||
209,399 | AptarGroup, Inc. | 19,578,807 | ||||||
187,018 | Ashland Global Holdings, Inc. | 12,376,851 | ||||||
42,611 | NewMarket Corp. | 16,173,005 | ||||||
271,241 | RPM International, Inc. | 13,100,940 | ||||||
226,105 | Sensient Technologies Corp. | 15,069,898 | ||||||
476,559 | Silgan Holdings, Inc. | 13,377,011 | ||||||
298,160 | Sonoco Products Co. | 15,313,498 | ||||||
544,868 | Valvoline, Inc. | 11,049,923 | ||||||
|
| |||||||
116,039,933 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco S&P MidCap Low Volatility ETF (XMLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate—22.7% | ||||||||
386,463 | American Campus Communities, Inc. REIT | $ | 15,114,568 | |||||
195,223 | Camden Property Trust REIT | 16,672,044 | ||||||
562,563 | Corporate Office Properties Trust REIT | 15,476,108 | ||||||
1,776,394 | Cousins Properties, Inc. REIT | 15,792,143 | ||||||
293,785 | DCT Industrial Trust, Inc. REIT | 19,263,482 | ||||||
478,237 | Douglas Emmett, Inc. REIT | 17,823,893 | ||||||
427,388 | Education Realty Trust, Inc. REIT | 14,065,339 | ||||||
243,979 | EPR Properties REIT | 13,423,725 | ||||||
558,427 | First Industrial Realty Trust, Inc. REIT | 17,372,664 | ||||||
498,755 | Healthcare Realty Trust, Inc. REIT | 13,880,352 | ||||||
420,390 | Highwoods Properties, Inc. REIT | 18,505,568 | ||||||
480,331 | Hospitality Properties Trust REIT | 11,950,635 | ||||||
222,602 | Kilroy Realty Corp. REIT | 15,953,885 | ||||||
423,883 | Liberty Property Trust REIT | 17,726,787 | ||||||
1,054,836 | Medical Properties Trust, Inc. REIT | 13,480,804 | ||||||
327,994 | National Retail Properties, Inc. REIT | 12,476,892 | ||||||
455,156 | Rayonier, Inc. REIT | 16,927,252 | ||||||
791,665 | Senior Housing Properties Trust REIT | 12,326,224 | ||||||
|
| |||||||
278,232,365 | ||||||||
|
| |||||||
Utilities—23.8% | ||||||||
485,995 | Aqua America, Inc. | 17,082,724 | ||||||
229,546 | Atmos Energy Corp. | 19,945,252 | ||||||
274,881 | Black Hills Corp. | 15,580,255 | ||||||
594,863 | Great Plains Energy, Inc. | 19,469,866 | ||||||
616,178 | Hawaiian Electric Industries, Inc. | 21,375,215 | ||||||
209,369 | IDACORP, Inc. | 19,471,317 | ||||||
507,457 | MDU Resources Group, Inc. | 14,295,064 | ||||||
251,732 | National Fuel Gas Co. | 12,926,438 | ||||||
372,168 | New Jersey Resources Corp. | 15,389,147 | ||||||
331,345 | NorthWestern Corp. | 18,204,094 | ||||||
567,446 | OGE Energy Corp. | 18,651,950 | ||||||
249,224 | ONE Gas, Inc. | 17,375,897 | ||||||
402,817 | PNM Resources, Inc. | 15,971,694 | ||||||
195,708 | Southwest Gas Holdings, Inc. | 14,284,727 | ||||||
358,145 | UGI Corp. | 17,330,637 | ||||||
239,001 | Vectren Corp. | 16,794,600 | ||||||
317,152 | Westar Energy, Inc. | 17,183,295 | ||||||
|
| |||||||
291,332,172 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $1,157,854,526) | 1,221,701,807 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
170,913 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $170,913) | 170,913 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,158,025,439)—99.9% | 1,221,872,720 | |||||||
Other assets less liabilities—0.1% | 834,083 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,222,706,803 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Real Estate | 21.6 | |||
Financials | 19.0 | |||
Materials | 10.5 | |||
Utilities | 9.2 | |||
Consumer Staples | 8.6 | |||
Consumer Discretionary | 7.8 | |||
Information Technology | 6.9 | |||
Industrials | 6.4 | |||
Telecommunication Services | 5.8 | |||
Health Care | 4.3 | |||
Other Assets Less Liabilities | (0.1) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.1% | ||||||||
Consumer Discretionary—7.8% | ||||||||
4,266 | Dine Brands Global, Inc. | $ | 338,464 | |||||
13,644 | New Media Investment Group, Inc. | 226,218 | ||||||
|
| |||||||
564,682 | ||||||||
|
| |||||||
Consumer Staples—8.6% | ||||||||
2,233 | Andersons, Inc. (The) | 72,907 | ||||||
5,819 | B&G Foods, Inc. | 132,382 | ||||||
1,279 | Inter Parfums, Inc. | 65,485 | ||||||
276 | J & J Snack Foods Corp. | 37,925 | ||||||
1,041 | Medifast, Inc. | 104,496 | ||||||
2,969 | Universal Corp. | 139,691 | ||||||
474 | WD-40 Co. | 62,521 | ||||||
|
| |||||||
615,407 | ||||||||
|
| |||||||
Financials—19.0% | ||||||||
12,490 | Apollo Commercial Real Estate Finance, Inc. REIT | 225,070 | ||||||
9,251 | ARMOUR Residential REIT, Inc. REIT | 209,350 | ||||||
26,336 | Capstead Mortgage Corp. REIT | 231,757 | ||||||
12,990 | Invesco Mortgage Capital, Inc. REIT(b) | 210,827 | ||||||
8,088 | Northwest Bancshares, Inc. | 134,261 | ||||||
9,450 | Oritani Financial Corp. | 144,585 | ||||||
10,228 | Waddell & Reed Financial, Inc., Class A | 207,015 | ||||||
|
| |||||||
1,362,865 | ||||||||
|
| |||||||
Health Care—4.3% | ||||||||
653 | Abaxis, Inc. | 43,470 | ||||||
3,467 | Computer Programs & Systems, Inc. | 103,490 | ||||||
1,010 | CONMED Corp. | 65,681 | ||||||
2,152 | Luminex Corp. | 45,945 | ||||||
1,203 | Phibro Animal Health Corp., Class A | 50,887 | ||||||
|
| |||||||
309,473 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials—6.4% | ||||||||
2,029 | Brady Corp., Class A | $ | 73,856 | |||||
2,945 | Briggs & Stratton Corp. | 53,098 | ||||||
2,631 | Mobile Mini, Inc. | 110,502 | ||||||
4,070 | Powell Industries, Inc. | 122,303 | ||||||
6,617 | Resources Connection, Inc. | 103,556 | ||||||
|
| |||||||
463,315 | ||||||||
|
| |||||||
Information Technology—6.9% | ||||||||
4,166 | ADTRAN, Inc. | 61,032 | ||||||
1,439 | CSG Systems International, Inc. | 61,575 | ||||||
11,805 | Daktronics, Inc. | 106,363 | ||||||
2,794 | Monotype Imaging Holdings, Inc. | 61,887 | ||||||
1,514 | MTS Systems Corp. | 76,911 | ||||||
4,019 | NIC, Inc. | 59,682 | ||||||
3,992 | Park Electrochemical Corp. | 67,984 | ||||||
|
| |||||||
495,434 | ||||||||
|
| |||||||
Materials—10.5% | ||||||||
2,085 | A. Schulman, Inc. | 89,446 | ||||||
2,508 | Hawkins, Inc. | 81,510 | ||||||
3,215 | Innophos Holdings, Inc. | 133,037 | ||||||
590 | Kaiser Aluminum Corp. | 58,139 | ||||||
2,490 | KapStone Paper and Packaging Corp. | 85,706 | ||||||
4,704 | Myers Industries, Inc. | 109,603 | ||||||
3,822 | P.H. Glatfelter Co. | 79,842 | ||||||
2,950 | Schweitzer-Mauduit International, Inc. | 115,138 | ||||||
|
| |||||||
752,421 | ||||||||
|
| |||||||
Real Estate—21.6% | ||||||||
22,136 | Franklin Street Properties Corp. REIT | 172,218 | ||||||
12,733 | Government Properties Income Trust REIT | 159,035 | ||||||
12,238 | Hersha Hospitality Trust REIT | 229,830 | ||||||
24,134 | Independence Realty Trust, Inc. REIT | 226,860 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
12,435 | Kite Realty Group Trust REIT | $ | 183,043 | |||||
25,190 | Lexington Realty Trust REIT | 202,528 | ||||||
15,754 | Ramco-Gershenson Properties Trust REIT | 188,260 | ||||||
17,277 | Whitestone REIT | 187,455 | ||||||
|
| |||||||
1,549,229 | ||||||||
|
| |||||||
Telecommunication Services—5.8% | ||||||||
1,137 | ATN International, Inc. | 60,261 | ||||||
3,184 | Cogent Communications Holdings, Inc. | 150,126 | ||||||
18,145 | Consolidated Communications Holdings, Inc. | 205,038 | ||||||
|
| |||||||
415,425 | ||||||||
|
| |||||||
Utilities—9.2% | ||||||||
1,047 | American States Water Co. | 58,339 | ||||||
1,974 | Avista Corp. | 102,372 | ||||||
1,277 | California Water Service Group | 49,484 | ||||||
1,683 | El Paso Electric Co. | 85,917 | ||||||
1,987 | Northwest Natural Gas Co. | 121,803 | ||||||
4,297 | South Jersey Industries, Inc. | 132,777 | ||||||
1,508 | Spire, Inc. | 108,802 | ||||||
|
| |||||||
659,494 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $7,564,111)—100.1% | 7,187,745 | |||||||
Other assets less liabilities—(0.1)% | (10,276 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 7,177,469 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
Invesco S&P SmallCap Low Volatility ETF (XSLV)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 29.0 | |||
Real Estate | 24.2 | |||
Industrials | 18.6 | |||
Information Technology | 6.7 | |||
Utilities | 6.2 | |||
Materials | 5.0 | |||
Health Care | 3.7 | |||
Consumer Discretionary | 3.7 | |||
Consumer Staples | 2.0 | |||
Energy | 0.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Consumer Discretionary—3.7% | ||||||||
687,441 | Belmond Ltd., Class A (United Kingdom)(b) | $ | 7,355,619 | |||||
267,979 | M/I Homes, Inc.(b) | 8,168,000 | ||||||
59,215 | Marriott Vacations Worldwide Corp. | 7,260,351 | ||||||
270,438 | Scholastic Corp. | 11,196,133 | ||||||
193,341 | Standard Motor Products, Inc. | 8,768,014 | ||||||
|
| |||||||
42,748,117 | ||||||||
|
| |||||||
Consumer Staples—2.0% | ||||||||
75,689 | J & J Snack Foods Corp. | 10,400,426 | ||||||
98,978 | WD-40 Co. | 13,055,198 | ||||||
|
| |||||||
23,455,624 | ||||||||
|
| |||||||
Energy—0.8% | ||||||||
507,508 | Par Pacific Holdings, Inc.(b) | 8,561,660 | ||||||
|
| |||||||
Financials—29.0% | ||||||||
897,654 | Apollo Commercial Real Estate Finance, Inc. REIT | 16,175,725 | ||||||
507,001 | ARMOUR Residential REIT, Inc. REIT | 11,473,433 | ||||||
159,336 | Banner Corp. | 9,145,886 | ||||||
519,744 | Brookline Bancorp, Inc. | 8,627,750 | ||||||
1,468,330 | Capstead Mortgage Corp. REIT | 12,921,304 | ||||||
125,536 | City Holding Co. | 8,985,867 | ||||||
198,514 | Columbia Banking System, Inc. | 7,982,248 | ||||||
163,185 | Community Bank System, Inc. | 9,179,156 | ||||||
229,915 | Employers Holdings, Inc. | 9,403,524 | ||||||
604,253 | First Commonwealth Financial Corp. | 9,148,390 | ||||||
352,205 | First Midwest Bancorp, Inc. | 8,562,104 | ||||||
157,138 | Firstcash, Inc. | 13,623,865 | ||||||
230,429 | Horace Mann Educators Corp. | 10,300,176 | ||||||
87,515 | Infinity Property & Casualty Corp. | 11,551,980 | ||||||
225,738 | INTL FCStone, Inc.(b) | 10,117,577 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
775,115 | Invesco Mortgage Capital, Inc. REIT(c) | $ | 12,580,116 | |||||
259,158 | National Bank Holdings Corp., Class A | 9,117,178 | ||||||
170,586 | Navigators Group, Inc. (The) | 9,638,109 | ||||||
234,181 | NBT Bancorp, Inc. | 8,556,974 | ||||||
587,716 | Northfield Bancorp, Inc. | 9,309,421 | ||||||
635,457 | Northwest Bancshares, Inc. | 10,548,586 | ||||||
500,099 | Old National Bancorp | 8,601,703 | ||||||
697,199 | Oritani Financial Corp. | 10,667,145 | ||||||
180,171 | ProAssurance Corp. | 8,522,088 | ||||||
350,435 | Provident Financial Services, Inc. | 9,153,362 | ||||||
141,060 | RLI Corp. | 8,926,277 | ||||||
155,613 | Safety Insurance Group, Inc. | 12,449,040 | ||||||
153,850 | Selective Insurance Group, Inc. | 9,107,920 | ||||||
281,622 | Simmons First National Corp., Class A | 8,504,984 | ||||||
251,845 | Southside Bancshares, Inc. | 8,771,761 | ||||||
218,436 | Stewart Information Services Corp. | 9,110,966 | ||||||
634,565 | Third Point Reinsurance Ltd. (Bermuda)(b) | 8,439,715 | ||||||
69,252 | Virtus Investment Partners, Inc. | 7,988,218 | ||||||
145,310 | Westamerica Bancorporation(d) | 8,109,751 | ||||||
|
| |||||||
335,302,299 | ||||||||
|
| |||||||
Health Care—3.7% | ||||||||
36,294 | Chemed Corp. | 11,186,537 | ||||||
157,462 | CONMED Corp. | 10,239,754 | ||||||
480,864 | Luminex Corp. | 10,266,446 | ||||||
163,463 | Neogen Corp.(b) | 11,140,003 | ||||||
|
| |||||||
42,832,740 | ||||||||
|
| |||||||
Industrials—18.6% | ||||||||
83,878 | Alamo Group, Inc. | 9,182,125 | ||||||
139,381 | Albany International Corp., Class A | 8,244,386 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 77 |
|
Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
133,477 | Applied Industrial Technologies, Inc. | $ | 8,535,854 | |||||
154,612 | Barnes Group, Inc. | 8,585,604 | ||||||
241,028 | Brady Corp., Class A | 8,773,419 | ||||||
119,382 | Exponent, Inc. | 10,314,605 | ||||||
206,146 | Forrester Research, Inc. | 8,204,611 | ||||||
166,261 | Forward Air Corp. | 8,976,431 | ||||||
404,195 | Heartland Express, Inc. | 7,206,797 | ||||||
207,285 | Hillenbrand, Inc. | 9,607,660 | ||||||
358,842 | Interface, Inc. | 7,894,524 | ||||||
175,443 | Kaman Corp. | 10,638,864 | ||||||
297,472 | Kelly Services, Inc., Class A | 8,704,031 | ||||||
209,794 | Korn/Ferry International | 11,215,587 | ||||||
101,144 | Lindsay Corp. | 8,886,512 | ||||||
159,774 | Matthews International Corp., Class A | 7,852,892 | ||||||
100,675 | Moog, Inc., Class A(b) | 8,252,330 | ||||||
121,291 | Multi-Color Corp. | 7,877,850 | ||||||
156,747 | Simpson Manufacturing Co., Inc. | 8,570,926 | ||||||
84,700 | Standex International Corp. | 8,211,665 | ||||||
180,745 | Tetra Tech, Inc. | 8,748,058 | ||||||
75,055 | UniFirst Corp. | 12,053,833 | ||||||
177,217 | Viad Corp. | 8,993,763 | ||||||
126,329 | Watts Water Technologies, Inc., Class A | 9,411,510 | ||||||
|
| |||||||
214,943,837 | ||||||||
|
| |||||||
Information Technology—6.7% | ||||||||
243,150 | Bottomline Technologies (de), Inc.(b) | 9,609,288 | ||||||
900,767 | Daktronics, Inc. | 8,115,911 | ||||||
203,770 | ExlService Holdings, Inc.(b) | 11,779,944 | ||||||
480,556 | Perficient, Inc.(b) | 11,884,150 | ||||||
161,978 | Plexus Corp.(b) | 8,882,873 | ||||||
180,619 | Progress Software Corp. | 6,670,260 | ||||||
677,037 | Rambus, Inc.(b) | 9,139,999 | ||||||
671,148 | Travelport Worldwide Ltd. | 11,503,477 | ||||||
|
| |||||||
77,585,902 | ||||||||
|
| |||||||
Materials—5.0% | ||||||||
136,294 | Balchem Corp. | 12,026,583 | ||||||
213,331 | H.B. Fuller Co. | 10,553,485 | ||||||
78,293 | Kaiser Aluminum Corp. | 7,714,992 | ||||||
128,598 | Neenah, Inc. | 10,030,644 | ||||||
61,993 | Quaker Chemical Corp. | 9,112,351 | ||||||
205,343 | Schweitzer-Mauduit International, Inc. | 8,014,537 | ||||||
|
| |||||||
57,452,592 | ||||||||
|
| |||||||
Real Estate—24.2% | ||||||||
417,375 | Acadia Realty Trust REIT | 9,850,050 | ||||||
270,879 | Agree Realty Corp. REIT | 13,240,565 | ||||||
357,290 | American Assets Trust, Inc. REIT | 11,994,225 | ||||||
786,940 | Armada Hoffler Properties, Inc. REIT | 10,678,776 | ||||||
706,252 | CareTrust REIT, Inc. REIT | 9,329,589 | ||||||
546,522 | Chatham Lodging Trust REIT | 10,411,244 | ||||||
381,434 | Chesapeake Lodging Trust REIT | 11,267,560 | ||||||
332,814 | Community Healthcare Trust, Inc. REIT | 8,486,757 | ||||||
857,100 | DiamondRock Hospitality Co. REIT | 9,470,955 | ||||||
665,341 | Easterly Government Properties, Inc. REIT | 13,712,678 | ||||||
151,581 | EastGroup Properties, Inc. REIT | 13,608,942 | ||||||
496,627 | Four Corners Property Trust, Inc. REIT | 11,253,568 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
991,078 | Franklin Street Properties Corp. REIT | $ | 7,710,587 | |||||
456,994 | Getty Realty Corp. REIT | 11,447,700 | ||||||
510,933 | Government Properties Income Trust REIT | 6,381,553 | ||||||
553,915 | Hersha Hospitality Trust REIT | 10,402,524 | ||||||
1,055,485 | Independence Realty Trust, Inc. REIT | 9,921,559 | ||||||
1,411,558 | Lexington Realty Trust REIT | 11,348,926 | ||||||
304,579 | LTC Properties, Inc. REIT | 11,010,531 | ||||||
372,613 | National Storage Affiliates Trust REIT | 9,807,174 | ||||||
111,469 | PS Business Parks, Inc. REIT | 12,850,146 | ||||||
604,377 | Retail Opportunity Investments Corp. REIT | 10,395,284 | ||||||
187,109 | Saul Centers, Inc. REIT | 8,953,166 | ||||||
591,285 | Summit Hotel Properties, Inc. REIT | 8,561,807 | ||||||
155,056 | Universal Health Realty Income Trust REIT | 9,292,506 | ||||||
563,118 | Urstadt Biddle Properties, Inc., Class A REIT | 11,189,155 | ||||||
674,341 | Whitestone REIT | 7,316,600 | ||||||
|
| |||||||
279,894,127 | ||||||||
|
| |||||||
Utilities—6.2% | ||||||||
173,353 | American States Water Co. | 9,659,229 | ||||||
230,110 | California Water Service Group | 8,916,763 | ||||||
254,977 | El Paso Electric Co. | 13,016,576 | ||||||
219,141 | Northwest Natural Gas Co. | 13,433,343 | ||||||
361,859 | South Jersey Industries, Inc.(d) | 11,181,443 | ||||||
207,299 | Spire, Inc. | 14,956,623 | ||||||
|
| |||||||
71,163,977 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $1,112,319,539) | 1,153,940,875 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
748,065 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(e) (Cost $748,065) | 748,065 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,113,067,604)—100.0% | 1,154,688,940 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.2% | ||||||||
14,470,758 | Invesco Government & Agency Portfolio—Institutional Class, 1.61%(e)(f) (Cost $14,470,758) | 14,470,758 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,127,538,362)—101.2% | 1,169,159,698 | |||||||
Other assets less liabilities—(1.2)% | (14,042,429 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,155,117,269 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)
April 30, 2018
(Unaudited)
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) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4. |
(d) | All or a portion of this security was out on loan at April 30, 2018. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
(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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 79 |
|
Invesco S&P SmallCap Quality ETF (XSHQ)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Industrials | 22.3 | |||
Consumer Discretionary | 21.1 | |||
Information Technology | 18.7 | |||
Financials | 18.0 | |||
Health Care | 10.4 | |||
Consumer Staples | 3.6 | |||
Materials | 2.7 | |||
Energy | 1.5 | |||
Real Estate | 1.5 | |||
Telecommunication Services | 0.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—21.1% | ||||||||
282 | American Public Education, Inc.(b) | $ | 11,365 | |||||
384 | Big 5 Sporting Goods Corp. | 3,226 | ||||||
544 | Buckle, Inc. (The) | 12,539 | ||||||
1,452 | Callaway Golf Co. | 25,062 | ||||||
210 | Capella Education Co. | 19,267 | ||||||
358 | Cato Corp. (The), Class A | 5,803 | ||||||
2,441 | Chico’s FAS, Inc. | 24,239 | ||||||
351 | Children’s Place, Inc. (The) | 44,770 | ||||||
697 | Dave & Buster’s Entertainment, Inc.(b) | 29,616 | ||||||
546 | Dorman Products, Inc.(b) | 35,086 | ||||||
1,270 | DSW, Inc., Class A | 28,321 | ||||||
431 | Ethan Allen Interiors, Inc. | 9,504 | ||||||
630 | Finish Line, Inc. (The), Class A | 8,549 | ||||||
593 | Fox Factory Holding Corp.(b) | 19,717 | ||||||
950 | Francesca’s Holdings Corp.(b) | 4,703 | ||||||
316 | Haverty Furniture Cos., Inc. | 5,735 | ||||||
332 | Hibbett Sports, Inc.(b) | 9,030 | ||||||
639 | iRobot Corp.(b) | 37,292 | ||||||
272 | Kirkland’s, Inc.(b) | 2,880 | ||||||
825 | La-Z-Boy, Inc. | 23,760 | ||||||
445 | LCI Industries | 42,409 | ||||||
230 | Movado Group, Inc. | 9,074 | ||||||
506 | Nautilus, Inc.(b) | 7,362 | ||||||
516 | Nutrisystem, Inc. | 14,964 | ||||||
479 | PetMed Express, Inc. | 16,027 | ||||||
582 | Ruth’s Hospitality Group, Inc. | 15,627 | ||||||
198 | Shoe Carnival, Inc. | 4,825 | ||||||
1,048 | Sleep Number Corp.(b) | 29,700 | ||||||
894 | Steven Madden Ltd. | 43,136 | ||||||
317 | Sturm Ruger & Co., Inc. | 17,514 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
546 | Tile Shop Holdings, Inc. | $ | 3,740 | |||||
|
| |||||||
564,842 | ||||||||
|
| |||||||
Consumer Staples—3.6% | ||||||||
269 | Calavo Growers, Inc. | 25,205 | ||||||
269 | Inter Parfums, Inc. | 13,773 | ||||||
145 | John B. Sanfilippo & Son, Inc. | 8,249 | ||||||
221 | Medifast, Inc. | 22,184 | ||||||
213 | WD-40 Co. | 28,095 | ||||||
|
| |||||||
97,506 | ||||||||
|
| |||||||
Energy—1.5% | ||||||||
525 | Consol Energy, Inc.(b) | 16,511 | ||||||
581 | Exterran Corp.(b) | 17,018 | ||||||
108 | REX American Resources Corp.(b) | 8,076 | ||||||
|
| |||||||
41,605 | ||||||||
|
| |||||||
Financials—18.0% | ||||||||
312 | AMERISAFE, Inc. | 18,502 | ||||||
955 | BofI Holding, Inc.(b) | 38,467 | ||||||
1,303 | Columbia Banking System, Inc. | 52,394 | ||||||
820 | Community Bank System, Inc. | 46,125 | ||||||
1,783 | First Commonwealth Financial Corp. | 26,995 | ||||||
1,199 | First Financial Bankshares, Inc. | 59,410 | ||||||
964 | Great Western Bancorp, Inc. | 39,659 | ||||||
396 | Greenhill & Co., Inc. | 8,039 | ||||||
563 | Investment Technology Group, Inc. | 11,384 | ||||||
486 | National Bank Holdings Corp., Class A | 17,097 | ||||||
2,175 | Northwest Bancshares, Inc. | 36,105 | ||||||
876 | OFG Bancorp | 11,826 | ||||||
371 | Opus Bank | 10,462 | ||||||
617 | RLI Corp. | 39,044 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 80 |
|
Invesco S&P SmallCap Quality ETF (XSHQ) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
993 | ServisFirst Bancshares, Inc. | $ | 41,666 | |||||
1,263 | Waddell & Reed Financial, Inc., Class A | 25,563 | ||||||
|
| |||||||
482,738 | ||||||||
|
| |||||||
Health Care—10.4% | ||||||||
540 | Cambrex Corp.(b) | 28,593 | ||||||
264 | Chemed Corp. | 81,370 | ||||||
161 | CorVel Corp.(b) | 7,897 | ||||||
952 | HealthEquity, Inc.(b) | 62,518 | ||||||
107 | Heska Corp.(b) | 8,733 | ||||||
1,347 | Momenta Pharmaceuticals, Inc.(b) | 28,018 | ||||||
298 | Providence Service Corp. (The)(b) | 22,612 | ||||||
914 | Quality Systems, Inc.(b) | 12,275 | ||||||
740 | Tivity Health, Inc.(b) | 26,603 | ||||||
|
| |||||||
278,619 | ||||||||
|
| |||||||
Industrials—22.3% | ||||||||
724 | AAON, Inc. | 24,616 | ||||||
165 | Alamo Group, Inc. | 18,063 | ||||||
651 | Applied Industrial Technologies, Inc. | 41,631 | ||||||
306 | Astec Industries, Inc. | 17,001 | ||||||
800 | Brady Corp., Class A | 29,120 | ||||||
574 | Comfort Systems USA, Inc. | 24,223 | ||||||
436 | EnPro Industries, Inc. | 32,765 | ||||||
171 | Forrester Research, Inc. | 6,806 | ||||||
532 | Forward Air Corp. | 28,723 | ||||||
605 | Franklin Electric Co., Inc. | 24,805 | ||||||
993 | Hawaiian Holdings, Inc. | 40,912 | ||||||
932 | Heartland Express, Inc. | 16,618 | ||||||
584 | Insperity, Inc. | 46,866 | ||||||
1,009 | Interface, Inc. | 22,198 | ||||||
614 | Marten Transport Ltd. | 11,973 | ||||||
78 | National Presto Industries, Inc. | 7,468 | ||||||
149 | Powell Industries, Inc. | 4,477 | ||||||
741 | Raven Industries, Inc. | 27,121 | ||||||
473 | Resources Connection, Inc. | 7,402 | ||||||
631 | Simpson Manufacturing Co., Inc. | 34,503 | ||||||
709 | Trex Co., Inc.(b) | 73,651 | ||||||
806 | TrueBlue, Inc.(b) | 21,480 | ||||||
820 | WageWorks, Inc.(b) | 34,153 | ||||||
|
| |||||||
596,575 | ||||||||
|
| |||||||
Information Technology—18.7% | ||||||||
777 | ADTRAN, Inc. | 11,383 | ||||||
912 | Advanced Energy Industries, Inc.(b) | 54,310 | ||||||
373 | Applied Optoelectronics, Inc.(b) | 11,921 | ||||||
495 | Badger Meter, Inc. | 21,013 | ||||||
199 | Bel Fuse, Inc., Class B | 3,851 | ||||||
903 | Benchmark Electronics, Inc. | 23,749 | ||||||
1,127 | Brooks Automation, Inc. | 28,040 | ||||||
460 | Cabot Microelectronics Corp. | 46,667 | ||||||
651 | Daktronics, Inc. | 5,865 | ||||||
895 | DHI Group, Inc.(b) | 1,253 | ||||||
333 | Ebix, Inc. | 25,807 | ||||||
1,051 | KEMET Corp.(b) | 18,098 | ||||||
707 | Methode Electronics, Inc. | 28,209 | ||||||
173 | MicroStrategy, Inc., Class A(b) | 22,051 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
483 | NETGEAR, Inc.(b) | $ | 26,710 | |||||
1,882 | NIC, Inc. | 27,948 | ||||||
1,236 | Photronics, Inc.(b) | 9,455 | ||||||
681 | QuinStreet, Inc.(b) | 7,654 | ||||||
593 | Rudolph Technologies, Inc.(b) | 15,033 | ||||||
649 | SolarEdge Technologies, Inc.(b) | 34,170 | ||||||
248 | Stamps.com, Inc.(b) | 56,482 | ||||||
911 | Veeco Instruments, Inc.(b) | 14,075 | ||||||
396 | XO Group, Inc.(b) | 8,585 | ||||||
|
| |||||||
502,329 | ||||||||
|
| |||||||
Materials—2.7% | ||||||||
562 | FutureFuel Corp. | 6,575 | ||||||
307 | Innophos Holdings, Inc. | 12,704 | ||||||
265 | Neenah, Inc. | 20,670 | ||||||
218 | Quaker Chemical Corp. | 32,044 | ||||||
|
| |||||||
71,993 | ||||||||
|
| |||||||
Real Estate—1.5% | ||||||||
342 | PS Business Parks, Inc. REIT | 39,426 | ||||||
|
| |||||||
Telecommunication Services—0.2% | ||||||||
357 | Spok Holdings, Inc. | 5,319 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,839,778) | 2,680,952 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
232 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(c) (Cost $232) | 232 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,840,010)—100.0% | 2,681,184 | |||||||
Other assets less liabilities—(0.0)% | (183 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,681,001 | ||||||
|
|
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) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 81 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | Invesco Russell 1000 Equal Weight ETF (EQAL) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 125,625,339 | $ | 14,141,835 | $ | 116,752,277 | $ | 342,619,162 | ||||||||
Affiliated investments in securities, at value | 1,254,071 | — | 347,743 | 6,028,914 | ||||||||||||
Foreign currencies, at value | 71,540 | 2,193 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 512,111 | 32,575 | 74,012 | 217,432 | ||||||||||||
Foreign tax reclaims | 201,805 | 16,166 | — | — | ||||||||||||
Securities lending | 4,618 | 30 | — | 4,847 | ||||||||||||
Investments sold | 77 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 127,669,561 | 14,192,799 | 117,174,032 | 348,870,355 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 651,243 | 31,031 | 71 | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 1,254,071 | — | — | 5,181,106 | ||||||||||||
Investments purchased | 2,021 | 2,055 | 261,085 | 890,276 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Accrued unitary management fees | 46,158 | 5,839 | 27,700 | 57,342 | ||||||||||||
Accrued expenses | 49 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,953,542 | 38,925 | 288,856 | 6,128,724 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 125,716,019 | $ | 14,153,874 | $ | 116,885,176 | $ | 342,741,631 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 110,288,845 | $ | 17,150,950 | $ | 113,720,383 | $ | 327,697,866 | ||||||||
Undistributed net investment income | 117,342 | 49,154 | 240,109 | 668,618 | ||||||||||||
Undistributed net realized gain (loss) | 2,688,437 | (4,655,974 | ) | 858,383 | 7,399,246 | |||||||||||
Net unrealized appreciation (depreciation) | 12,621,395 | 1,609,744 | 2,066,301 | 6,975,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 125,716,019 | $ | 14,153,874 | $ | 116,885,176 | $ | 342,741,631 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,100,001 | 400,000 | 4,350,001 | 11,150,001 | ||||||||||||
Net asset value | $ | 30.66 | $ | 35.38 | $ | 26.87 | $ | 30.74 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 30.57 | $ | 35.32 | $ | 26.95 | $ | 30.77 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 113,001,960 | $ | 12,533,864 | $ | 114,655,651 | $ | 335,623,089 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 1,254,071 | $ | — | $ | 378,068 | $ | 6,049,086 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | 68,403 | $ | 1,373 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 1,185,405 | $ | — | $ | — | $ | 4,883,721 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 82 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | 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) | 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) | ||||||||||||||||||||
$ | 151,739,000 | $ | 25,643,136 | $ | 173,476,432 | $ | 444,153,372 | $ | 2,558,322,457 | $ | 6,907,188,073 | $ | 1,344,900 | |||||||||||||
569,324 | — | — | 14,156,445 | 35,313,068 | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
93,576 | 24,621 | 127,130 | 128,706 | 4,854,450 | 6,256,666 | 1,471 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | 7,833 | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 2,344,970 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
152,401,900 | 25,667,757 | 173,603,562 | 458,446,356 | 2,598,489,975 | 6,915,789,709 | 1,346,371 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | 17,871 | 247,797 | 4,721 | 2,986,088 | 6,490,935 | 778 | ||||||||||||||||||||
— | — | — | 9,721,631 | — | — | — | ||||||||||||||||||||
620,030 | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 2,344,137 | — | ||||||||||||||||||||
43,738 | 2,842 | 36,001 | 80,960 | 651,328 | 1,428,548 | 139 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
663,768 | 20,713 | 283,798 | 9,807,312 | 3,637,416 | 10,263,620 | 917 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 151,738,132 | $ | 25,647,044 | $ | 173,319,764 | $ | 448,639,044 | $ | 2,594,852,559 | $ | 6,905,526,089 | $ | 1,345,454 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 143,363,434 | $ | 22,692,791 | $ | 161,486,212 | $ | 476,040,630 | $ | 2,704,906,255 | $ | 6,595,017,322 | $ | 1,102,011 | |||||||||||||
351,542 | 44,104 | 65,038 | 654,385 | (356,487 | ) | (1,339,566 | ) | 3,076 | ||||||||||||||||||
139,724 | 2,629,859 | (2,262,335 | ) | (20,918,448 | ) | 51,823,087 | (6,310,328 | ) | 170,454 | |||||||||||||||||
7,883,432 | 280,290 | 14,030,849 | (7,137,523 | ) | (161,520,296 | ) | 318,158,661 | 69,913 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 151,738,132 | $ | 25,647,044 | $ | 173,319,764 | $ | 448,639,044 | $ | 2,594,852,559 | $ | 6,905,526,089 | $ | 1,345,454 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
4,950,001 | 750,001 | 5,150,001 | 10,700,000 | 65,500,000 | 148,200,000 | 50,001 | ||||||||||||||||||||
$ | 30.65 | $ | 34.20 | $ | 33.65 | $ | 41.93 | $ | 39.62 | $ | 46.60 | $ | 26.91 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 30.66 | $ | 34.23 | $ | 33.70 | $ | 41.97 | $ | 39.63 | $ | 46.62 | $ | 26.94 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 143,855,568 | $ | 25,362,846 | $ | 159,445,583 | $ | 450,391,436 | $ | 2,712,623,492 | $ | 6,589,029,412 | $ | 1,274,987 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 569,324 | $ | — | $ | — | $ | 15,055,904 | $ | 42,532,329 | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | — | $ | — | $ | 9,364,400 | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 83 |
|
Statements of Assets and Liabilities (continued)
April 30, 2018
(Unaudited)
Invesco S&P 500 Momentum ETF (SPMO) | Invesco S&P 500 Value with Momentum ETF (SPVM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 32,118,725 | $ | 2,798,821 | $ | 711,020,052 | $ | 31,098,079 | ||||||||
Affiliated investments in securities, at value | 17,416 | 22,307 | 2,303,111 | 990,526 | ||||||||||||
Foreign currencies, at value | — | — | — | 24,894 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 13,887 | 1,792 | 1,263,953 | 72,397 | ||||||||||||
Foreign tax reclaims | — | — | 13,650 | 797 | ||||||||||||
Securities lending | — | — | 95 | — | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
Cash segregated as collateral | — | — | 1,155,515 | — | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 32,150,028 | 2,822,920 | 715,756,376 | 32,186,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 23,616 | 98,963 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | — | — | 2,270,000 | — | ||||||||||||
Investments purchased | — | — | — | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | — | 1,155,515 | — | ||||||||||||
Accrued unitary management fees | 2,637 | 698 | 155,846 | 33,976 | ||||||||||||
Accrued expenses | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,637 | 698 | 3,604,977 | 132,939 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 32,147,391 | $ | 2,822,222 | $ | 712,151,399 | $ | 32,053,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 31,791,292 | $ | 2,570,485 | $ | 725,348,451 | $ | (23,405,749 | ) | |||||||
Undistributed net investment income | 19,762 | 4,248 | 1,744,959 | (195,410 | ) | |||||||||||
Undistributed net realized gain (loss) | 897,431 | 210,145 | (35,206,857 | ) | 56,949,603 | |||||||||||
Net unrealized appreciation (depreciation) | (561,094 | ) | 37,344 | 20,264,846 | (1,294,690 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 32,147,391 | $ | 2,822,222 | $ | 712,151,399 | $ | 32,053,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 900,001 | 100,001 | 27,100,000 | 1,600,000 | ||||||||||||
Net asset value | $ | 35.72 | $ | 28.22 | $ | 26.28 | $ | 20.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 35.76 | $ | 28.25 | $ | 26.21 | $ | 19.82 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 32,679,819 | $ | 2,755,741 | $ | 690,745,462 | $ | 32,439,245 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 17,416 | $ | 28,043 | $ | 2,303,111 | $ | 942,979 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | — | $ | — | $ | 153,180 | $ | 78,245 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | — | $ | 2,170,120 | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 84 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | Invesco S&P MidCap Low Volatility ETF (XMLV) | Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | Invesco S&P SmallCap Low Volatility ETF (XSLV) | Invesco S&P SmallCap Quality ETF (XSHQ) | ||||||||||||||||||||
$ | 5,745,441 | $ | 605,388,221 | $ | 2,818,620 | $ | 1,221,701,807 | $ | 6,976,918 | $ | 1,141,360,759 | $ | 2,680,952 | |||||||||||||
— | 24,515,308 | — | 170,913 | 210,827 | 27,798,939 | 232 | ||||||||||||||||||||
3,769 | 399,686 | 641 | — | — | — | — | ||||||||||||||||||||
25,367 | 2,411,137 | 9,660 | 1,084,231 | 21,772 | 638,708 | 463 | ||||||||||||||||||||
6,608 | 929,360 | 12,961 | — | — | — | — | ||||||||||||||||||||
— | 68,850 | — | — | — | 1,077 | — | ||||||||||||||||||||
6 | 1,551 | 4 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 20,384,423 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
5,781,191 | 633,714,113 | 2,841,886 | 1,222,956,951 | 7,209,517 | 1,190,183,906 | 2,681,647 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
18,491 | 1,469,150 | 17,499 | — | 30,274 | — | — | ||||||||||||||||||||
— | 24,515,308 | — | — | — | 14,470,758 | — | ||||||||||||||||||||
18,727 | 1,618,905 | 4,365 | — | — | 20,362,677 | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
1,409 | 137,105 | 688 | 250,148 | 1,774 | 233,202 | 646 | ||||||||||||||||||||
— | 4,438 | 159 | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||
38,627 | 27,744,906 | 22,711 | 250,148 | 32,048 | 35,066,637 | 646 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 5,742,564 | $ | 605,969,207 | $ | 2,819,175 | $ | 1,222,706,803 | $ | 7,177,469 | $ | 1,155,117,269 | $ | 2,681,001 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 5,689,425 | $ | 602,079,006 | $ | 3,988,507 | $ | 1,132,624,896 | $ | 7,979,743 | $ | 1,080,251,627 | $ | 2,710,007 | |||||||||||||
39,782 | 1,087,067 | 10,756 | 3,527,923 | (44,174 | ) | 5,379,593 | 2,751 | |||||||||||||||||||
66,328 | (20,596,575 | ) | (1,351,183 | ) | 22,706,703 | (381,734 | ) | 27,864,713 | 127,069 | |||||||||||||||||
(52,971 | ) | 23,399,709 | 171,095 | 63,847,281 | (376,366 | ) | 41,621,336 | (158,826 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 5,742,564 | $ | 605,969,207 | $ | 2,819,175 | $ | 1,222,706,803 | $ | 7,177,469 | $ | 1,155,117,269 | $ | 2,681,001 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
200,001 | 18,100,000 | 100,000 | 27,150,000 | 300,001 | 25,500,000 | 100,001 | ||||||||||||||||||||
$ | 28.71 | $ | 33.48 | $ | 28.19 | $ | 45.04 | $ | 23.92 | $ | 45.30 | $ | 26.81 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 29.03 | $ | 33.43 | $ | 28.14 | $ | 45.07 | $ | 23.96 | $ | 45.37 | $ | 26.85 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 5,798,076 | $ | 581,954,737 | $ | 2,648,070 | $ | 1,157,854,526 | $ | 7,353,069 | $ | 1,099,634,106 | $ | 2,839,778 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | 24,515,308 | $ | — | $ | 170,913 | $ | 211,042 | $ | 27,904,256 | $ | 232 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 4,088 | $ | 408,499 | $ | 636 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | — | $ | 23,276,755 | $ | — | $ | — | $ | — | $ | 14,046,422 | $ | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 85 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | Invesco Russell 1000 Equal Weight ETF (EQAL) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 1,712,152 | $ | 249,526 | $ | 955,813 | $ | 2,965,035 | ||||||||
Affiliated dividend income | 796 | 11 | 2,520 | 3,837 | ||||||||||||
Non-cash dividend income | 103,448 | — | 16,689 | — | ||||||||||||
Securities lending income | 11,893 | 5,028 | — | 27,680 | ||||||||||||
Foreign withholding tax | (191,997 | ) | (27,917 | ) | (204 | ) | (3,598 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 1,636,292 | 226,648 | 974,818 | 2,992,954 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 285,569 | 48,759 | 141,773 | 364,017 | ||||||||||||
Trustees’ and officer’s fees | — | 261 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 285,569 | 49,020 | 141,773 | 364,017 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (115 | ) | (5,010 | ) | (54 | ) | (186 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 285,454 | 44,010 | 141,719 | 363,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 1,350,838 | 182,638 | 833,099 | 2,629,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (838,723 | ) | 112,952 | (254,309 | ) | (1,735,159 | ) | |||||||||
Affiliated investment securities | — | — | (386 | ) | 26 | |||||||||||
Unaffiliated in-kind redemptions | 6,909,218 | — | 1,122,677 | 19,678,434 | ||||||||||||
Affiliated in-kind redemptions | — | — | — | 3,087 | ||||||||||||
Distribution of underlying fund shares | — | 10,502 | — | — | ||||||||||||
Foreign currencies | 7,042 | 2 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain | 6,077,537 | 123,456 | 867,982 | 17,946,388 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | (614,638 | ) | 554,947 | (427,745 | ) | (12,046,293 | ) | |||||||||
Affiliated investment securities | — | — | (30,566 | ) | (36,174 | ) | ||||||||||
Foreign currencies | (4,029 | ) | 1,773 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (618,667 | ) | 556,720 | (458,311 | ) | (12,082,467 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 5,458,870 | 680,176 | 409,671 | 5,863,921 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 6,809,708 | $ | 862,814 | $ | 1,242,770 | $ | 8,493,044 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | 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) | 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) | ||||||||||||||||||||
$ | 1,506,777 | $ | 317,182 | $ | 1,401,109 | $ | 3,156,311 | $ | 60,319,552 | $ | 80,391,071 | $ | 20,463 | |||||||||||||
787 | 136 | 148 | 66,034 | 764,223 | 9,876 | 9 | ||||||||||||||||||||
72,335 | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | 44,566 | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
1,579,899 | 317,318 | 1,401,257 | 3,266,911 | 61,083,775 | 80,400,947 | 20,472 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
266,979 | 23,331 | 194,518 | 499,127 | 4,289,138 | 8,912,486 | 1,096 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
266,979 | 23,331 | 194,518 | 499,127 | 4,289,138 | 8,912,486 | 1,096 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(117 | ) | (22 | ) | (21 | ) | (145 | ) | (748 | ) | (1,366 | ) | (6 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
266,862 | 23,309 | 194,497 | 498,982 | 4,288,390 | 8,911,120 | 1,090 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
1,313,037 | 294,009 | 1,206,760 | 2,767,929 | 56,795,385 | 71,489,827 | 19,382 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(2,383,892 | ) | (165,031 | ) | (2,330,921 | ) | (11,701,611 | ) | (37,451,217 | ) | (79,091,436 | ) | (26,686 | ) | |||||||||||||
— | — | — | (32,203 | ) | (125,305 | ) | — | — | ||||||||||||||||||
11,584,723 | 3,004,057 | 6,921,793 | 33,814,171 | 164,557,600 | 451,445,629 | 197,957 | ||||||||||||||||||||
— | — | — | 63,956 | (134,272 | ) | — | — | |||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
9,200,831 | 2,839,026 | 4,590,872 | 22,144,313 | 126,846,806 | 372,354,193 | 171,271 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(4,332,676 | ) | (2,421,056 | ) | (119,630 | ) | (8,717,895 | ) | (227,501,320 | ) | (366,867,137 | ) | (60,828 | ) | |||||||||||||
— | — | — | (990,068 | ) | (8,498,224 | ) | — | — | ||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(4,332,676 | ) | (2,421,056 | ) | (119,630 | ) | (9,707,963 | ) | (235,999,544 | ) | (366,867,137 | ) | (60,828 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
4,868,155 | 417,970 | 4,471,242 | 12,436,350 | (109,152,738 | ) | 5,487,056 | 110,443 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 6,181,192 | $ | 711,979 | $ | 5,678,002 | $ | 15,204,279 | $ | (52,357,353 | ) | $ | 76,976,883 | $ | 129,825 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 87 |
|
Statements of Operations (continued)
For the six months ended April 30, 2018
(Unaudited)
Invesco S&P 500 Momentum ETF (SPMO) | Invesco S&P 500 Value with Momentum ETF (SPVM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 76,715 | $ | 25,398 | $ | 3,830,007 | $ | 2,254,475 | ||||||||
Affiliated dividend income | 27 | 219 | 9,825 | 8,154 | ||||||||||||
Non-cash dividend income | — | — | 1,378,510 | 896,740 | ||||||||||||
Securities lending income | — | — | 888 | — | ||||||||||||
Foreign withholding tax | — | — | (418,441 | ) | (378,102 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 76,742 | 25,617 | 4,800,789 | 2,781,267 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 9,721 | 3,938 | 721,849 | 875,244 | ||||||||||||
Less: Waivers | (4 | ) | (1 | ) | (258,130 | ) | (342,826 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 9,717 | 3,937 | 463,719 | 532,418 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 67,025 | 21,680 | 4,337,070 | 2,248,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (185,485 | ) | (17,857 | ) | 3,540,055 | 16,055,664 | ||||||||||
Affiliated investment securities | — | — | — | — | ||||||||||||
Unaffiliated in-kind redemptions | 1,121,313 | 245,199 | 5,701,003 | 40,732,265 | ||||||||||||
Affiliated in-kind redemptions | — | 88 | — | 735,346 | ||||||||||||
Foreign currencies | — | — | (451,103 | ) | (541,326 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 935,828 | 227,430 | 8,789,955 | 56,981,949 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | (760,332 | ) | (155,206 | ) | 4,865,265 | (49,343,713 | ) | |||||||||
Affiliated investment securities | — | (5,736 | ) | — | (786,909 | ) | ||||||||||
Foreign currencies | — | — | (7,622 | ) | 2,747 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (760,332 | ) | (160,942 | ) | 4,857,643 | (50,127,875 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 175,496 | 66,488 | 13,647,598 | 6,854,074 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 242,521 | $ | 88,168 | $ | 17,984,668 | $ | 9,102,923 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 88 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | Invesco S&P MidCap Low Volatility ETF (XMLV) | Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | Invesco S&P SmallCap Low Volatility ETF (XSLV) | Invesco S&P SmallCap Quality ETF (XSHQ) | ||||||||||||||||||||
$ | 135,408 | $ | 11,323,308 | $ | 33,902 | $ | 20,128,531 | $ | 173,621 | $ | 15,242,560 | $ | 16,077 | |||||||||||||
42 | 2,607 | 8 | 6,625 | 5,453 | 326,424 | 6 | ||||||||||||||||||||
683 | — | 304 | — | — | — | — | ||||||||||||||||||||
— | 134,865 | — | — | — | 12,827 | — | ||||||||||||||||||||
(14,909 | ) | (1,240,591 | ) | (3,243 | ) | — | — | — | (7 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
121,224 | 10,220,189 | 30,971 | 20,135,156 | 179,074 | 15,581,811 | 16,076 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
7,181 | 1,034,005 | 4,956 | 1,542,341 | 10,963 | 1,413,139 | 3,533 | ||||||||||||||||||||
(4 | ) | (295,833 | ) | (1,417 | ) | (1,049 | ) | (5 | ) | (713 | ) | (1 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
7,177 | 738,172 | 3,539 | 1,541,292 | 10,958 | 1,412,426 | 3,532 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
114,047 | 9,482,017 | 27,432 | 18,593,864 | 168,116 | 14,169,385 | 12,544 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(11,337 | ) | (4,792,026 | ) | — | (22,088,394 | ) | (242,747 | ) | 1,990,253 | 9,648 | ||||||||||||||||
— | — | — | — | 25 | 710 | — | ||||||||||||||||||||
134,677 | 15,038,164 | 70,334 | 72,968,007 | 148,701 | 56,912,854 | 144,698 | ||||||||||||||||||||
— | — | — | — | — | 1,644 | — | ||||||||||||||||||||
(239 | ) | (18,109 | ) | 550 | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
123,101 | 10,228,029 | 70,884 | 50,879,613 | (94,021 | ) | 58,905,461 | 154,346 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(78,213 | ) | (7,536,058 | ) | (47,706 | ) | (52,434,358 | ) | (226,964 | ) | (90,339,032 | ) | (200,046 | ) | |||||||||||||
— | — | — | — | (215 | ) | (105,317 | ) | — | ||||||||||||||||||
(310 | ) | (14,611 | ) | 215 | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(78,523 | ) | (7,550,669 | ) | (47,491 | ) | (52,434,358 | ) | (227,179 | ) | (90,444,349 | ) | (200,046 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
44,578 | 2,677,360 | 23,393 | (1,554,745 | ) | (321,200 | ) | (31,538,888 | ) | (45,700 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 158,625 | $ | 12,159,377 | $ | 50,825 | $ | 17,039,119 | $ | (153,084 | ) | $ | (17,369,503 | ) | $ | (33,156 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 89 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,350,838 | $ | 3,511,056 | $ | 182,638 | $ | 237,251 | ||||||||
Net realized gain (loss) | 6,077,537 | 12,238,676 | 123,456 | 190,942 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (618,667 | ) | 12,871,187 | 556,720 | 1,540,226 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 6,809,708 | 28,620,919 | 862,814 | 1,968,419 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,751,763 | ) | (3,917,258 | ) | (142,640 | ) | (243,235 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 24,533,874 | 43,501,641 | — | 3,222,756 | ||||||||||||
Value of shares repurchased | (37,980,292 | ) | (80,897,651 | ) | — | (3,180,105 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting | (13,446,418 | ) | (37,396,010 | ) | — | 42,651 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (8,388,473 | ) | (12,692,349 | ) | 720,174 | 1,767,835 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 134,104,492 | 146,796,841 | 13,433,700 | 11,665,865 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 125,716,019 | $ | 134,104,492 | $ | 14,153,874 | $ | 13,433,700 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 117,342 | $ | 518,267 | $ | 49,154 | $ | 9,156 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 800,000 | 1,600,000 | — | 100,000 | ||||||||||||
Shares repurchased | (1,250,000 | ) | (2,900,000 | ) | — | (100,000 | ) | |||||||||
Shares outstanding, beginning of period | 4,550,001 | 5,850,001 | 400,000 | 400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 4,100,001 | 4,550,001 | 400,000 | 400,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period July 11, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 90 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | Invesco Russell 1000 Equal Weight ETF (EQAL) | Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | Invesco S&P 500 Enhanced Value ETF (SPVU) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 833,099 | $ | 212,048 | $ | 2,629,123 | $ | 3,702,498 | $ | 1,313,037 | $ | 2,529,933 | $ | 294,009 | $ | 440,555 | |||||||||||||||
867,982 | (9,599 | ) | 17,946,388 | 10,100,303 | 9,200,831 | 13,584,417 | 2,839,026 | 612,256 | ||||||||||||||||||||||
(458,311 | ) | 2,524,612 | (12,082,467 | ) | 24,256,985 | (4,332,676 | ) | 7,973,509 | (2,421,056 | ) | 2,679,062 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,242,770 | 2,727,061 | 8,493,044 | 38,059,786 | 6,181,192 | 24,087,859 | 711,979 | 3,731,873 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(704,203 | ) | (100,835 | ) | (2,518,318 | ) | (3,397,369 | ) | (1,399,068 | ) | (2,395,027 | ) | (344,704 | ) | (348,743 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
55,914,809 | 64,674,553 | 113,636,437 | 242,896,219 | 49,628,228 | 82,940,794 | 17,419,201 | 59,262,427 | |||||||||||||||||||||||
(6,868,979 | ) | — | (92,364,325 | ) | (77,547,535 | ) | (56,186,850 | ) | (89,822,766 | ) | (43,414,247 | ) | (12,692,825 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 49,045,830 | 64,674,553 | 21,272,112 | 165,348,684 | (6,558,622 | ) | (6,881,972 | ) | (25,995,046 | ) | 46,569,602 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
49,584,397 | 67,300,779 | 27,246,838 | 200,011,101 | (1,776,498 | ) | 14,810,860 | (25,627,771 | ) | 49,952,732 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
67,300,779 | — | 315,494,793 | 115,483,692 | 153,514,630 | 138,703,770 | 51,274,815 | 1,322,083 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 116,885,176 | $ | 67,300,779 | $ | 342,741,631 | $ | 315,494,793 | $ | 151,738,132 | $ | 153,514,630 | $ | 25,647,044 | $ | 51,274,815 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 240,109 | $ | 111,213 | $ | 668,618 | $ | 557,813 | $ | 351,542 | $ | 437,573 | $ | 44,104 | $ | 94,799 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,050,000 | 2,550,001 | 3,650,000 | 8,700,000 | 1,600,000 | 2,950,000 | 500,000 | 1,900,000 | |||||||||||||||||||||||
(250,000 | ) | — | (3,050,000 | ) | (2,700,000 | ) | (1,800,000 | ) | (3,150,000 | ) | (1,300,000 | ) | (400,000 | ) | ||||||||||||||||
2,550,001 | — | 10,550,001 | 4,550,001 | 5,150,001 | 5,350,001 | 1,550,001 | 50,001 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
4,350,001 | 2,550,001 | 11,150,001 | 10,550,001 | 4,950,001 | 5,150,001 | 750,001 | 1,550,001 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 91 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) | Invesco S&P 500® High Beta ETF (SPHB) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,206,760 | $ | 2,641,344 | $ | 2,767,929 | $ | 5,102,582 | ||||||||
Net realized gain (loss) | 4,590,872 | 20,049,802 | 22,144,313 | 81,891,959 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (119,630 | ) | 10,253,938 | (9,707,963 | ) | 12,159,003 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 5,678,002 | 32,945,084 | 15,204,279 | 99,153,544 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (1,167,399 | ) | (2,593,776 | ) | (2,424,194 | ) | (5,358,690 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 88,427,324 | 131,851,703 | 426,736,055 | 1,052,063,298 | ||||||||||||
Value of shares repurchased | (50,771,422 | ) | (195,472,407 | ) | (349,949,157 | ) | (1,275,990,516 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 37,655,902 | (63,620,704 | ) | 76,786,898 | (223,927,218 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 42,166,505 | (33,269,396 | ) | 89,566,983 | (130,132,364 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 131,153,259 | 164,422,655 | 359,072,061 | 489,204,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 173,319,764 | $ | 131,153,259 | $ | 448,639,044 | $ | 359,072,061 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 65,038 | $ | 25,677 | $ | 654,385 | $ | 310,650 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,600,000 | 4,550,000 | 10,000,000 | 28,250,000 | ||||||||||||
Shares repurchased | (1,500,000 | ) | (6,650,000 | ) | (8,250,000 | ) | (34,450,000 | ) | ||||||||
Shares outstanding, beginning of period | 4,050,001 | 6,150,001 | 8,950,000 | 15,150,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 5,150,001 | 4,050,001 | 10,700,000 | 8,950,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period July 11, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
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) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 56,795,385 | $ | 98,199,117 | $ | 71,489,827 | $ | 145,254,170 | $ | 19,382 | $ | 15,354 | $ | 67,025 | $ | 23,533 | |||||||||||||||
126,846,806 | 184,569,396 | 372,354,193 | 444,090,605 | 171,271 | (817 | ) | 935,828 | 204,423 | ||||||||||||||||||||||
(235,999,544 | ) | 73,529,904 | (366,867,137 | ) | 468,264,797 | (60,828 | ) | 130,741 | (760,332 | ) | 145,527 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(52,357,353 | ) | 356,298,417 | 76,976,883 | 1,057,609,572 | 129,825 | 145,278 | 242,521 | 373,483 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(57,151,872 | ) | (107,583,441 | ) | (72,829,393 | ) | (145,029,675 | ) | (23,892 | ) | (7,768 | ) | (50,180 | ) | (24,884 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
793,489,924 | 2,107,138,978 | 2,594,421,410 | 4,465,475,987 | 1,381,755 | 2,491,823 | 42,990,913 | 2,991,006 | |||||||||||||||||||||||
(1,062,728,929 | ) | (2,005,683,823 | ) | (2,833,406,398 | ) | (4,688,707,093 | ) | (2,771,567 | ) | — | (12,698,765 | ) | (3,004,960 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(269,239,005 | ) | 101,455,155 | (238,984,988 | ) | (223,231,106 | ) | (1,389,812 | ) | 2,491,823 | 30,292,148 | (13,954 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(378,748,230 | ) | 350,170,131 | (234,837,498 | ) | 689,348,791 | (1,283,879 | ) | 2,629,333 | 30,484,489 | 334,645 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,973,600,789 | 2,623,430,658 | 7,140,363,587 | 6,451,014,796 | 2,629,333 | — | 1,662,902 | 1,328,257 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,594,852,559 | $ | 2,973,600,789 | $ | 6,905,526,089 | $ | 7,140,363,587 | $ | 1,345,454 | $ | 2,629,333 | $ | 32,147,391 | $ | 1,662,902 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (356,487 | ) | $ | — | $ | (1,339,566 | ) | $ | — | $ | 3,076 | $ | 7,586 | $ | 19,762 | $ | 2,917 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
18,950,000 | 52,700,000 | 55,050,000 | 102,100,000 | 50,000 | 100,001 | 1,200,000 | 100,000 | |||||||||||||||||||||||
(25,550,000 | ) | (50,200,000 | ) | (60,200,000 | ) | (108,150,000 | ) | (100,000 | ) | — | (350,000 | ) | (100,000 | ) | ||||||||||||||||
72,100,000 | 69,600,000 | 153,350,000 | 159,400,000 | 100,001 | — | 50,001 | 50,001 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
65,500,000 | 72,100,000 | 148,200,000 | 153,350,000 | 50,001 | 100,001 | 900,001 | 50,001 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 93 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P 500 Value with Momentum ETF (SPVM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | |||||||||||||||
April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 21,680 | $ | 24,402 | $ | 4,337,070 | $ | 7,025,316 | ||||||||
Net realized gain | 227,430 | 25,148 | 8,789,955 | 5,734,338 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (160,942 | ) | 198,286 | 4,857,643 | 18,128,472 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 88,168 | 247,836 | 17,984,668 | 30,888,126 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (23,682 | ) | (18,152 | ) | (3,097,514 | ) | (6,749,056 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (23,682 | ) | (18,152 | ) | (3,097,514 | ) | (6,749,056 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 2,894,756 | 3,780,281 | 472,891,959 | 14,830,763 | ||||||||||||
Value of shares repurchased | (2,862,595 | ) | (1,284,390 | ) | (54,002,976 | ) | (30,679,345 | ) | ||||||||
Transaction fees | — | — | 543,326 | 63,879 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 32,161 | 2,495,891 | 419,432,309 | (15,784,703 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 96,647 | 2,725,575 | 434,319,463 | 8,354,367 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 2,725,575 | — | 277,831,936 | 269,477,569 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,822,222 | $ | 2,725,575 | $ | 712,151,399 | $ | 277,831,936 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 4,248 | $ | 6,250 | $ | 1,744,959 | $ | 505,403 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 100,000 | 150,001 | 17,900,000 | 600,000 | ||||||||||||
Shares repurchased | (100,000 | ) | (50,000 | ) | (2,100,000 | ) | (1,400,000 | ) | ||||||||
Shares outstanding, beginning of period | 100,001 | — | 11,300,000 | 12,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 27,100,000 | 11,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period April 3, 2017 (commencement of investment operations) through October 31, 2017. |
(b) | For the period November 29, 2016 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 94 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017(b) | April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017 | |||||||||||||||||||||||
$ | 2,248,849 | $ | 3,566,319 | $ | 114,047 | $ | 124,171 | $ | 9,482,017 | $ | 16,055,102 | $ | 27,432 | $ | 77,070 | |||||||||||||||
56,981,949 | 16,577,749 | 123,101 | 367,701 | 10,228,029 | 32,311,366 | 70,884 | 139,831 | |||||||||||||||||||||||
(50,127,875 | ) | 48,768,980 | (78,523 | ) | 25,552 | (7,550,669 | ) | 33,948,665 | (47,491 | ) | 275,481 | |||||||||||||||||||
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| |||||||||||||||
9,102,923 | 68,913,048 | 158,625 | 517,424 | 12,159,377 | 82,315,133 | 50,825 | 492,382 | |||||||||||||||||||||||
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| |||||||||||||||
(2,864,000 | ) | (2,740,197 | ) | (86,923 | ) | (111,591 | ) | (9,727,576 | ) | (17,508,487 | ) | (28,686 | ) | (87,699 | ) | |||||||||||||||
(15,245,850 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
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(18,109,850 | ) | (2,740,197 | ) | (86,923 | ) | (111,591 | ) | (9,727,576 | ) | (17,508,487 | ) | (28,686 | ) | (87,699 | ) | |||||||||||||||
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128,276,184 | 321,008,235 | 2,908,375 | 10,918,862 | 163,559,998 | 427,582,104 | 1,435,481 | — | |||||||||||||||||||||||
(478,611,605 | ) | — | (1,495,573 | ) | (7,066,635 | ) | (129,146,179 | ) | (307,401,677 | ) | (1,434,155 | ) | (1,144,402 | ) | ||||||||||||||||
409,987 | 2,217,934 | — | — | — | — | — | — | |||||||||||||||||||||||
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(349,925,434 | ) | 323,226,169 | 1,412,802 | 3,852,227 | 34,413,819 | 120,180,427 | 1,326 | (1,144,402 | ) | |||||||||||||||||||||
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(358,932,361 | ) | 389,399,020 | 1,484,504 | 4,258,060 | 36,845,620 | 184,987,073 | 23,465 | (739,719 | ) | |||||||||||||||||||||
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390,986,115 | 1,587,095 | 4,258,060 | — | 569,123,587 | 384,136,514 | 2,795,710 | 3,535,429 | |||||||||||||||||||||||
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$ | 32,053,754 | $ | 390,986,115 | $ | 5,742,564 | $ | 4,258,060 | $ | 605,969,207 | $ | 569,123,587 | $ | 2,819,175 | $ | 2,795,710 | |||||||||||||||
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$ | (195,410 | ) | $ | 419,741 | $ | 39,782 | $ | 12,658 | $ | 1,087,067 | $ | 1,332,626 | $ | 10,756 | $ | 12,010 | ||||||||||||||
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6,050,000 | 18,650,000 | 100,000 | 400,001 | 4,850,000 | 13,400,000 | 50,000 | — | |||||||||||||||||||||||
(23,200,000 | ) | — | (50,000 | ) | (250,000 | ) | (3,850,000 | ) | (9,400,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||||||||||
18,750,000 | 100,000 | 150,001 | — | 17,100,000 | 13,100,000 | 100,000 | 150,000 | |||||||||||||||||||||||
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1,600,000 | 18,750,000 | 200,001 | 150,001 | 18,100,000 | 17,100,000 | 100,000 | 100,000 | |||||||||||||||||||||||
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| 95 |
|
Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P MidCap Low Volatility ETF (XMLV) | Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | |||||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017(a) | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 18,593,864 | $ | 15,787,266 | $ | 168,116 | $ | 240,595 | ||||||||
Net realized gain (loss) | 50,879,613 | 51,677,535 | (94,021 | ) | 107,197 | |||||||||||
Net change in unrealized appreciation (depreciation) | (52,434,358 | ) | 92,875,997 | (227,179 | ) | (149,187 | ) | |||||||||
|
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| |||||||||
Net increase (decrease) in net assets resulting from operations | 17,039,119 | 160,340,798 | (153,084 | ) | 198,605 | |||||||||||
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| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (18,151,132 | ) | (14,587,225 | ) | (212,290 | ) | (276,845 | ) | ||||||||
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| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 428,591,398 | 865,051,116 | 1,248,808 | 13,849,536 | ||||||||||||
Value of shares repurchased | (399,990,889 | ) | (497,680,763 | ) | (1,243,549 | ) | (6,233,712 | ) | ||||||||
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| |||||||||
Net increase in net assets resulting from shares transactions | 28,600,509 | 367,370,353 | 5,259 | 7,615,824 | ||||||||||||
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| |||||||||
Increase (Decrease) in Net Assets | 27,488,496 | 513,123,926 | (360,115 | ) | 7,537,584 | |||||||||||
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| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 1,195,218,307 | 682,094,381 | 7,537,584 | — | ||||||||||||
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End of period | $ | 1,222,706,803 | $ | 1,195,218,307 | $ | 7,177,469 | $ | 7,537,584 | ||||||||
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Undistributed net investment income at end of period | $ | 3,527,923 | $ | 3,085,191 | $ | (44,174 | ) | $ | — | |||||||
|
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| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 9,500,000 | 20,500,000 | 50,000 | 550,001 | ||||||||||||
Shares repurchased | (8,900,000 | ) | (11,800,000 | ) | (50,000 | ) | (250,000 | ) | ||||||||
Shares outstanding, beginning of period | 26,550,000 | 17,850,000 | 300,001 | — | ||||||||||||
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Shares outstanding, end of period | 27,150,000 | 26,550,000 | 300,001 | 300,001 | ||||||||||||
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(a) | For the period November 29, 2016 (commencement of investment operations) through October 31, 2017. |
(b) | For the period April 3, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 96 |
|
Invesco S&P SmallCap Low Volatility ETF (XSLV) | Invesco S&P SmallCap Quality ETF (XSHQ) | |||||||||||||
April 30, 2018 | October 31, 2017 | April 30, 2018 | October 31, 2017(b) | |||||||||||
$ | 14,169,385 | $ | 20,526,502 | $ | 12,544 | $ | 11,518 | |||||||
58,905,461 | 67,024,522 | 154,346 | 67,749 | |||||||||||
(90,444,349 | ) | 95,413,872 | (200,046 | ) | 41,220 | |||||||||
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| |||||||
(17,369,503 | ) | 182,964,896 | (33,156 | ) | 120,487 | |||||||||
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(12,134,765 | ) | (18,420,981 | ) | (11,650 | ) | (9,661 | ) | |||||||
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387,937,822 | 716,336,132 | 2,786,244 | 3,727,343 | |||||||||||
(282,788,540 | ) | (453,228,874 | ) | (1,365,841 | ) | (2,532,765 | ) | |||||||
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105,149,282 | 263,107,258 | 1,420,403 | 1,194,578 | |||||||||||
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75,645,014 | 427,651,173 | 1,375,597 | 1,305,404 | |||||||||||
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| |||||||
1,079,472,255 | 651,821,082 | 1,305,404 | — | |||||||||||
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| |||||||
$ | 1,155,117,269 | $ | 1,079,472,255 | $ | 2,681,001 | $ | 1,305,404 | |||||||
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$ | 5,379,593 | $ | 3,344,973 | $ | 2,751 | $ | 1,857 | |||||||
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| |||||||
8,450,000 | 16,700,000 | 100,000 | 150,001 | |||||||||||
(6,200,000 | ) | (10,650,000 | ) | (50,000 | ) | (100,000 | ) | |||||||
23,250,000 | 17,200,000 | 50,001 | — | |||||||||||
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| |||||||
25,500,000 | 23,250,000 | 100,001 | 50,001 | |||||||||||
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| 97 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | For the Period November 4, 2015(a) Through October 31, 2016 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 29.47 | $ | 25.09 | $ | 24.92 | ||||||
Net investment income(b) | 0.32 | 0.64 | 0.54 | |||||||||
Net realized and unrealized gain on investments | 1.28 | 4.45 | 0.03 | |||||||||
Total from investment operations | 1.60 | 5.09 | 0.57 | |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.41 | ) | (0.71 | ) | (0.40 | ) | ||||||
Net asset value at end of period | $ | 30.66 | $ | 29.47 | $ | 25.09 | ||||||
Market price at end of period(c) | $ | 30.57 | $ | 29.44 | $ | 25.20 | ||||||
Net Asset Value Total Return(d) | 5.46 | % | 20.63 | % | 2.33 | %(e) | ||||||
Market Price Total Return(d) | 5.26 | % | 19.98 | % | 2.77 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 125,716 | $ | 134,104 | $ | 146,797 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.45 | %(f) | 0.45 | % | 0.45 | %(f) | ||||||
Net investment income | 2.13 | %(f) | 2.38 | % | 2.22 | %(f) | ||||||
Portfolio turnover rate(g) | 23 | % | 39 | % | 59 | % |
(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 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 the 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 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%. |
(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. |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.58 | $ | 29.16 | $ | 27.68 | $ | 34.14 | $ | 34.43 | $ | 33.31 | ||||||||||||
Net investment income(a) | 0.46 | 0.58 | 0.56 | 0.71 | 0.64 | 0.50 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.57 | 4.39 | 1.56 | (6.53 | ) | (0.31 | ) | 1.06 | ||||||||||||||||
Total from investment operations | 2.03 | 4.97 | 2.12 | (5.82 | ) | 0.33 | 1.56 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.55 | ) | (0.64 | ) | (0.64 | ) | (0.62 | ) | (0.44 | ) | ||||||||||||
Net asset value at end of period | $ | 35.38 | $ | 33.58 | $ | 29.16 | $ | 27.68 | $ | 34.14 | $ | 34.43 | ||||||||||||
Market price at end of period(b) | $ | 35.32 | ||||||||||||||||||||||
Net Asset Value Total Return(c) | 6.47 | % | 17.14 | % | 7.80 | % | (17.21 | )% | 0.99 | % | 4.76 | % | ||||||||||||
Market Price Total Return(c) | 6.58 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 14,154 | $ | 13,434 | $ | 11,666 | $ | 11,072 | $ | 13,654 | $ | 10,328 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers(d) | 0.63 | %(e) | 0.66 | % | 0.66 | % | 0.64 | % | 0.60 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers(d) | 0.70 | %(e) | 0.71 | % | 0.71 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||
Net investment income, after Waivers | 2.78 | %(e) | 1.86 | % | 2.07 | % | 2.26 | % | 1.86 | % | 1.47 | % | ||||||||||||
Portfolio turnover rate(f) | 6 | % | 23 | % | 11 | % | 99 | % | 25 | % | 38 | % |
(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 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 the 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) | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 98 |
|
Financial Highlights (continued)
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Six Months Ended April 30, 2018 (Unaudited) | For the Period July 11, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 26.39 | $ | 24.98 | ||||
Net investment income(b) | 0.23 | 0.11 | ||||||
Net realized and unrealized gain on investments | 0.52 | 1.35 | ||||||
Total from investment operations | 0.75 | 1.46 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.27 | ) | (0.05 | ) | ||||
Net asset value at end of period | $ | 26.87 | $ | 26.39 | ||||
Market price at end of period(c) | $ | 26.95 | $ | 26.43 | ||||
Net Asset Value Total Return(d) | 2.55 | % | 5.84 | %(e) | ||||
Market Price Total Return(d) | 2.70 | % | 6.00 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 116,885 | $ | 67,301 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.29 | %(f) | 0.29 | %(f) | ||||
Net investment income | 1.70 | %(f) | 1.35 | %(f) | ||||
Portfolio turnover rate(g) | 14 | % | 2 | % |
(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 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 the 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 (July 13, 2017, the first day of trading on the exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%. |
(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. |
Invesco Russell 1000 Equal Weight ETF (EQAL)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period December 22, 2014(a) Through October 31, 2015 | ||||||||||||||
2017 | 2016 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 29.90 | $ | 25.38 | $ | 24.44 | $ | 25.05 | ||||||||
Net investment income(b) | 0.22 | 0.42 | 0.41 | 0.32 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.83 | 4.50 | 0.95 | (0.71 | ) | |||||||||||
Total from investment operations | 1.05 | 4.92 | 1.36 | (0.39 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.21 | ) | (0.40 | ) | (0.42 | ) | (0.22 | ) | ||||||||
Net asset value at end of period | $ | 30.74 | $ | 29.90 | $ | 25.38 | $ | 24.44 | ||||||||
Market price at end of period(c) | $ | 30.77 | $ | 29.91 | $ | 25.41 | $ | 24.48 | ||||||||
Net Asset Value Total Return(d) | 3.50 | % | 19.48 | % | 5.67 | % | (1.58 | )%(e) | ||||||||
Market Price Total Return(d) | 3.57 | % | 19.38 | % | 5.62 | % | (1.42 | )%(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 342,742 | $ | 315,495 | $ | 115,484 | $ | 149,084 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.20 | %(f) | 0.20 | % | 0.20 | % | 0.20 | %(f) | ||||||||
Net investment income | 1.44 | %(f) | 1.48 | % | 1.70 | % | 1.49 | %(f) | ||||||||
Portfolio turnover rate(g) | 10 | % | 29 | % | 31 | % | 24 | % |
(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 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 23, 2014, the first day of trading on the exchange) to October 31, 2015 was (2.01)%. The market price total return from Fund Inception to October 31, 2015 was (1.93)%. |
(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.
| 99 |
|
Financial Highlights (continued)
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, 2017 | For the Period November 2, 2015(a) Through October 31, 2016 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 29.81 | $ | 25.93 | $ | 25.31 | ||||||
Net investment income(b) | 0.26 | 0.45 | 0.42 | |||||||||
Net realized and unrealized gain on investments | 0.86 | 3.83 | 0.53 | |||||||||
Total from investment operations | 1.12 | 4.28 | 0.95 | |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.28 | ) | (0.40 | ) | (0.33 | ) | ||||||
Net asset value at end of period | $ | 30.65 | $ | 29.81 | $ | 25.93 | ||||||
Market price at end of period(c) | $ | 30.66 | $ | 29.81 | $ | 25.95 | ||||||
Net Asset Value Total Return(d) | 3.75 | % | 16.60 | % | 3.78 | %(e) | ||||||
Market Price Total Return(d) | 3.78 | % | 16.51 | % | 3.86 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 151,738 | $ | 153,515 | $ | 138,704 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.35 | %(f) | 0.35 | % | 0.35 | %(f) | ||||||
Net investment income | 1.72 | %(f) | 1.60 | % | 1.66 | %(f) | ||||||
Portfolio turnover rate(g) | 38 | % | 40 | % | 118 | % |
(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 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 the 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 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%. |
(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. |
Invesco S&P 500 Enhanced Value ETF (SPVU)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period October 6, 2015(a) Through October 31, 2015 | ||||||||||||||
2017 | 2016 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 33.08 | $ | 26.44 | $ | 25.78 | $ | 25.04 | ||||||||
Net investment income(b) | 0.38 | 0.57 | 0.63 | 0.01 | ||||||||||||
Net realized and unrealized gain on investments | 1.47 | 6.44 | 0.38 | 0.73 | ||||||||||||
Total from investment operations | 1.85 | 7.01 | 1.01 | 0.74 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.73 | ) | (0.37 | ) | (0.35 | ) | — | |||||||||
Net asset value at end of period | $ | 34.20 | $ | 33.08 | $ | 26.44 | $ | 25.78 | ||||||||
Market price at end of period(c) | $ | 34.23 | $ | 33.10 | $ | 26.45 | $ | 25.83 | ||||||||
Net Asset Value Total Return(d) | 5.56 | % | 26.58 | % | 4.03 | % | 2.96 | %(e) | ||||||||
Market Price Total Return(d) | 5.58 | % | 26.61 | % | 3.86 | % | 3.15 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 25,647 | $ | 51,275 | $ | 1,322 | $ | 2,578 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.18 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||
Net investment income | 2.23 | %(f) | 1.81 | % | 2.53 | % | 0.63 | %(f) | ||||||||
Portfolio turnover rate(g) | 8 | % | 36 | % | 42 | % | 0 | %(h) |
(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 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 the 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 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.38%. The market price total return from Fund Inception to October 31, 2015 was 1.45%. |
(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. |
(h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period April 6, 2015(a) Through October 31, 2015 | ||||||||||||||
2017 | 2016 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 32.38 | $ | 26.74 | $ | 25.36 | $ | 25.14 | ||||||||
Net investment income(b) | 0.26 | 0.51 | 0.44 | 0.23 | ||||||||||||
Net realized and unrealized gain on investments | 1.26 | 5.62 | 1.39 | 0.18 | ||||||||||||
Total from investment operations | 1.52 | 6.13 | 1.83 | 0.41 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.25 | ) | (0.49 | ) | (0.45 | ) | (0.19 | ) | ||||||||
Return of capital | — | — | — | (0.00 | )(c) | |||||||||||
Total distributions | (0.25 | ) | (0.49 | ) | (0.45 | ) | (0.19 | ) | ||||||||
Net asset value at end of period | $ | 33.65 | $ | 32.38 | $ | 26.74 | $ | 25.36 | ||||||||
Market price at end of period(d) | $ | 33.70 | $ | 32.38 | $ | 26.75 | $ | 25.42 | ||||||||
Net Asset Value Total Return(e) | 4.70 | % | 23.11 | % | 7.29 | % | 1.62 | %(f) | ||||||||
Market Price Total Return(e) | 4.85 | % | 23.06 | % | 7.08 | % | 1.86 | %(f) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 173,320 | $ | 131,153 | $ | 164,423 | $ | 107,785 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | %(g) | ||||||||
Net investment income | 1.55 | %(g) | 1.75 | % | 1.65 | % | 1.65 | %(g) | ||||||||
Portfolio turnover rate(h) | 34 | % | 61 | % | 52 | % | 32 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(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 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 the 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) | The net asset value total return from Fund Inception (April 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 1.62%. The market price total return from Fund Inception to October 31, 2015 was 1.78%. |
(g) | Annualized. |
(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. |
Invesco S&P 500® High Beta ETF (SPHB)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.12 | $ | 32.29 | $ | 31.38 | $ | 34.04 | $ | 28.51 | $ | 20.42 | ||||||||||||
Net investment income(a) | 0.29 | 0.44 | 0.39 | 0.37 | 0.29 | 0.22 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.78 | 8.01 | 0.84 | (2.58 | ) | 5.54 | 8.08 | |||||||||||||||||
Total from investment operations | 2.07 | 8.45 | 1.23 | (2.21 | ) | 5.83 | 8.30 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.62 | ) | (0.32 | ) | (0.45 | ) | (0.30 | ) | (0.21 | ) | ||||||||||||
Net asset value at end of period | $ | 41.93 | $ | 40.12 | $ | 32.29 | $ | 31.38 | $ | 34.04 | $ | 28.51 | ||||||||||||
Market price at end of period(b) | $ | 41.97 | $ | 40.12 | $ | 32.32 | $ | 31.42 | $ | 34.05 | $ | 28.54 | ||||||||||||
Net Asset Value Total Return(c) | 5.14 | % | 26.32 | % | 4.02 | % | (6.56 | )% | 20.55 | % | 40.88 | % | ||||||||||||
Market Price Total Return(c) | 5.24 | % | 26.20 | % | 3.98 | % | (6.47 | )% | 20.47 | % | 41.10 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 448,639 | $ | 359,072 | $ | 489,204 | $ | 80,025 | $ | 233,167 | $ | 530,209 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net investment income | 1.39 | %(d) | 1.18 | % | 1.28 | % | 1.09 | % | 0.93 | % | 0.89 | % | ||||||||||||
Portfolio turnover rate(e) | 38 | % | 80 | % | 55 | % | 90 | % | 78 | % | 65 | % |
(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 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 the 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) | 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.
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Financial Highlights (continued)
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 41.24 | $ | 37.69 | $ | 33.22 | $ | 32.14 | $ | 28.36 | $ | 25.03 | ||||||||||||
Net investment income(a) | 0.81 | 1.33 | 1.29 | 1.10 | 1.01 | 0.98 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.61 | ) | 3.68 | 4.51 | 1.13 | 3.86 | 3.41 | |||||||||||||||||
Total from investment operations | (0.80 | ) | 5.01 | 5.80 | 2.23 | 4.87 | 4.39 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.82 | ) | (1.46 | ) | (1.33 | ) | (1.15 | ) | (1.07 | ) | (1.06 | ) | ||||||||||||
Net realized gains | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (0.82 | ) | (1.46 | ) | (1.33 | ) | (1.15 | ) | (1.09 | ) | (1.06 | ) | ||||||||||||
Net asset value at end of period | $ | 39.62 | $ | 41.24 | $ | 37.69 | $ | 33.22 | $ | 32.14 | $ | 28.36 | ||||||||||||
Market price at end of period(b) | $ | 39.63 | $ | 41.25 | $ | 37.72 | $ | 33.27 | $ | 32.15 | $ | 28.39 | ||||||||||||
Net Asset Value Total Return(c) | (2.00 | )% | 13.48 | % | 17.75 | % | 7.07 | % | 17.59 | % | 17.95 | % | ||||||||||||
Market Price Total Return(c) | (2.00 | )% | 13.42 | % | 17.66 | % | 7.20 | % | 17.50 | % | 18.03 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,594,853 | $ | 2,973,601 | $ | 2,623,431 | $ | 538,180 | $ | 210,523 | $ | 138,965 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.30 | %(d) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Net investment income | 3.97 | %(d) | 3.31 | % | 3.48 | % | 3.38 | % | 3.39 | % | 3.59 | % | ||||||||||||
Portfolio turnover rate(e) | 27 | % | 56 | % | 50 | % | 48 | % | 53 | % | 47 | % |
(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 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 the 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) | 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® Low Volatility ETF (SPLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.56 | $ | 40.47 | $ | 38.34 | $ | 36.60 | $ | 32.56 | $ | 28.07 | ||||||||||||
Net investment income(a) | 0.47 | 0.95 | 0.81 | 0.85 | 0.83 | 0.88 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.05 | 6.09 | 2.16 | 1.78 | 4.04 | 4.51 | ||||||||||||||||||
Total from investment operations | 0.52 | 7.04 | 2.97 | 2.63 | 4.87 | 5.39 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.48 | ) | (0.95 | ) | (0.84 | ) | (0.89 | ) | (0.83 | ) | (0.90 | ) | ||||||||||||
Net asset value at end of period | $ | 46.60 | $ | 46.56 | $ | 40.47 | $ | 38.34 | $ | 36.60 | $ | 32.56 | ||||||||||||
Market price at end of period(b) | $ | 46.62 | $ | 46.57 | $ | 40.50 | $ | 38.40 | $ | 36.62 | $ | 32.59 | ||||||||||||
Net Asset Value Total Return(c) | 1.11 | % | 17.57 | % | 7.80 | % | 7.28 | % | 15.18 | % | 19.51 | % | ||||||||||||
Market Price Total Return(c) | 1.12 | % | 17.51 | % | 7.72 | % | 7.39 | % | 15.14 | % | 19.58 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 6,905,526 | $ | 7,140,364 | $ | 6,451,015 | $ | 5,051,233 | $ | 4,498,516 | $ | 3,975,657 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net investment income | 2.01 | %(d) | 2.18 | % | 2.02 | % | 2.26 | % | 2.44 | % | 2.87 | % | ||||||||||||
Portfolio turnover rate(e) | 29 | % | 49 | % | 53 | % | 65 | % | 51 | % | 50 | % |
(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 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 the 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) | 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.
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Financial Highlights (continued)
Invesco S&P 500 Minimum Variance ETF (SPMV)
Six Months Ended April 30, 2018 (Unaudited) | For the Period July 11, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 26.29 | $ | 24.92 | ||||
Net investment income(b) | 0.31 | 0.15 | ||||||
Net realized and unrealized gain on investments | 0.88 | 1.30 | ||||||
Total from investment operations | 1.19 | 1.45 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.57 | ) | (0.08 | ) | ||||
Net asset value at end of period | $ | 26.91 | $ | 26.29 | ||||
Market price at end of period(c) | $ | 26.94 | $ | 26.30 | ||||
Net Asset Value Total Return(d) | 4.14 | % | 5.81 | %(e) | ||||
Market Price Total Return(d) | 4.21 | % | 5.85 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 1,345 | $ | 2,629 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.13 | %(f) | 0.13 | %(f) | ||||
Net investment income | 2.30 | %(f) | 1.97 | %(f) | ||||
Portfolio turnover rate(g) | 27 | % | 14 | % |
(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 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 the 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 (July 13, 2017, the first day of trading on the exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%. |
(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. |
Invesco S&P 500 Momentum ETF (SPMO)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period October 6, 2015(a) Through October 31, 2015 | ||||||||||||||
2017 | 2016 | |||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 33.26 | $ | 26.56 | $ | 26.06 | $ | 24.65 | ||||||||
Net investment income(b) | 0.17 | 0.46 | 0.41 | 0.01 | ||||||||||||
Net realized and unrealized gain on investments | 2.41 | 6.72 | 0.44 | 1.40 | ||||||||||||
Total from investment operations | 2.58 | 7.18 | 0.85 | 1.41 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.12 | ) | (0.48 | ) | (0.35 | ) | — | |||||||||
Net asset value at end of period | $ | 35.72 | $ | 33.26 | $ | 26.56 | $ | 26.06 | ||||||||
Market price at end of period(c) | $ | 35.76 | $ | 33.23 | $ | 26.58 | $ | 26.12 | ||||||||
Net Asset Value Total Return(d) | 7.76 | % | 27.35 | % | 3.28 | % | 5.72 | %(e) | ||||||||
Market Price Total Return(d) | 7.97 | % | 27.14 | % | 3.12 | % | 5.96 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 32,147 | $ | 1,663 | $ | 1,328 | $ | 2,606 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.14 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||
Net investment income | 0.99 | %(f) | 1.61 | % | 1.60 | % | 0.69 | %(f) | ||||||||
Portfolio turnover rate(g) | 69 | % | 140 | % | 105 | % | 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 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 the 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 9, 2015, the first day of trading on the exchange) to October 31, 2015 was 3.62%. The market price total return from Fund Inception to October 31, 2015 was 3.77%. |
(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.
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Financial Highlights (continued)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Six Months Ended April 30,2018 (Unaudited) | For the Period April 3, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 27.26 | $ | 24.93 | ||||
Net investment income(b) | 0.23 | 0.24 | ||||||
Net realized and unrealized gain on investments | 0.97 | 2.24 | ||||||
Total from investment operations | 1.20 | 2.48 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.24 | ) | (0.15 | ) | ||||
Net asset value at end of period | $ | 28.22 | $ | 27.26 | ||||
Market price at end of period(c) | $ | 28.25 | $ | 27.28 | ||||
Net Asset Value Total Return(d) | 4.38 | % | 9.99 | %(e) | ||||
Market Price Total Return(d) | 4.41 | % | 10.07 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,822 | $ | 2,726 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.30 | %(f) | 0.30 | %(f) | ||||
Net investment income | 1.65 | %(f) | 1.65 | %(f) | ||||
Portfolio turnover rate(g) | 26 | % | 37 | % |
(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 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 the 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 (April 6, 2017, the first day of trading on the exchange) to October 31, 2017 was 9.99%. The market price total return from Fund Inception to October 31, 2017 was 10.12%. |
(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. |
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | $ | 28.59 | $ | 27.15 | ||||||||||||
Net investment income(a) | 0.34 | 0.63 | 0.57 | 0.69 | 0.75 | 0.75 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.60 | 2.29 | (0.14 | ) | (5.11 | ) | (1.26 | ) | 1.17 | |||||||||||||||
Total from investment operations | 1.94 | 2.92 | 0.43 | (4.42 | ) | (0.51 | ) | 1.92 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.61 | ) | (0.49 | ) | (0.66 | ) | (0.72 | ) | (0.50 | ) | ||||||||||||
Transaction fees(a) | 0.04 | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | ||||||||||||||||||
Net asset value at end of period | $ | 26.28 | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | $ | 28.59 | ||||||||||||
Market price at end of | $ | 26.21 | $ | 24.63 | $ | 22.15 | $ | 22.13 | $ | 27.24 | $ | 28.56 | ||||||||||||
Net Asset Value Total Return(c) | 8.13 | % | 13.30 | % | 2.12 | % | (16.21 | )% | (1.74 | )% | 7.24 | % | ||||||||||||
Market Price Total Return(c) | 7.67 | % | 14.09 | % | 2.39 | % | (16.48 | )% | (2.11 | )% | 7.60 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 712,151 | $ | 277,832 | $ | 269,478 | $ | 176,244 | $ | 238,096 | $ | 217,254 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||
Expenses, prior to Waivers | 0.45 | %(d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net investment income, after Waivers | 2.70 | %(d) | 2.74 | % | 2.60 | % | 2.78 | % | 2.72 | % | 2.70 | % | ||||||||||||
Portfolio turnover rate(e) | 37 | % | 81 | % | 73 | % | 89 | % | 82 | % | 101 | % |
(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 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 the 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) | 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.
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Financial Highlights (continued)
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | $ | 22.11 | $ | 21.74 | ||||||||||||
Net investment income(a) | 0.12 | 0.40 | 0.22 | 0.52 | 0.47 | 0.34 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.06 | ) | 4.70 | (0.23 | ) | (5.69 | ) | (0.43 | ) | 0.38 | ||||||||||||||
Total from investment operations | 0.06 | 5.10 | (0.01 | ) | (5.17 | ) | 0.04 | 0.72 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | (0.45 | ) | (0.35 | ) | ||||||||||||
Net realized gains | (0.76 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions | (0.90 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | (0.45 | ) | (0.35 | ) | ||||||||||||
Transaction fees(a) | 0.02 | 0.25 | — | — | — | — | ||||||||||||||||||
Net asset value at end of period | $ | 20.03 | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | $ | 22.11 | ||||||||||||
Market price at end of period(b) | $ | 19.82 | $ | 20.96 | $ | 15.84 | $ | 16.09 | $ | 21.56 | $ | 21.90 | ||||||||||||
Net Asset Value Total Return(c) | 0.38 | % | 34.38 | % | 0.17 | % | (24.15 | )% | 0.22 | % | 3.38 | % | ||||||||||||
Market Price Total Return(c) | (1.19 | )% | 35.37 | % | 0.69 | % | (24.18 | )% | 0.52 | % | 2.21 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 32,054 | $ | 390,986 | $ | 1,587 | $ | 1,620 | $ | 6,510 | $ | 4,422 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(d)(e) | 0.27 | %(d) | 0.28 | % | 0.29 | % | 0.29 | % | 0.31 | % | ||||||||||||
Expenses, prior to Waivers | 0.45 | %(d)(e) | 0.45 | %(d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.47 | % | ||||||||||||
Net investment income, after Waivers | 1.16 | %(e) | 2.16 | % | 1.44 | % | 2.52 | % | 2.21 | % | 1.60 | % | ||||||||||||
Portfolio turnover rate(f) | 75 | % | 111 | % | 182 | % | 134 | % | 127 | % | 117 | % |
(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 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 the 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) | 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. For the year ended October 31, 2016, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Six Months Ended April 30, 2018 (Unaudited) | For the Period November 29, 2016(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 28.39 | $ | 25.19 | ||||
Net investment income(b) | 0.68 | 1.02 | ||||||
Net realized and unrealized gain on investments | 0.18 | 3.16 | ||||||
Total from investment operations | 0.86 | 4.18 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.54 | ) | (0.98 | ) | ||||
Net asset value at end of period | $ | 28.71 | $ | 28.39 | ||||
Market price at end of period(c) | $ | 29.03 | $ | 28.60 | ||||
Net Asset Value Total Return(d) | 3.05 | % | 16.70 | %(e) | ||||
Market Price Total Return(d) | 3.42 | % | 17.55 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 5,743 | $ | 4,258 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.30 | %(f) | 0.30 | %(f) | ||||
Net investment income | 4.76 | %(f) | 4.00 | %(f) | ||||
Portfolio turnover rate(g) | 26 | % | 72 | % |
(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 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 the 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 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%. |
(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. |
Invesco S&P International Developed Low Volatility ETF (IDLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | $ | 31.54 | $ | 27.93 | ||||||||||||
Net investment income(a) | 0.53 | 1.00 | 0.99 | 1.02 | 1.09 | 0.90 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.23 | 4.04 | (0.55 | ) | (1.86 | ) | 0.13 | 3.53 | ||||||||||||||||
Total from investment operations | 0.76 | 5.04 | 0.44 | (0.84 | ) | 1.22 | 4.43 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.56 | ) | (1.08 | ) | (1.11 | ) | (0.92 | ) | (1.01 | ) | (0.82 | ) | ||||||||||||
Net asset value at end of period | $ | 33.48 | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | $ | 31.54 | ||||||||||||
Market price at end of period(b) | $ | 33.43 | $ | 33.29 | $ | 29.38 | $ | 29.90 | $ | 32.01 | $ | 31.67 | ||||||||||||
Net Asset Value Total Return(c) | 2.28 | % | 17.59 | % | 1.56 | % | (2.69 | )% | 3.89 | % | 16.19 | % | ||||||||||||
Market Price Total Return(c) | 2.10 | % | 17.38 | % | 2.07 | % | (3.78 | )% | 4.29 | % | 16.87 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 605,969 | $ | 569,124 | $ | 384,137 | $ | 313,428 | $ | 263,546 | $ | 135,617 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Expenses, prior to Waivers | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
Net investment income, after Waivers | 3.21 | %(d) | 3.19 | % | 3.33 | % | 3.32 | % | 3.41 | % | 3.03 | % | ||||||||||||
Portfolio turnover rate(e) | 31 | % | 69 | % | 56 | % | 66 | % | 61 | % | 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 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 the 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) | 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.
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Financial Highlights (continued)
Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of year | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | $ | 29.00 | $ | 22.60 | ||||||||||||
Net investment income(a) | 0.27 | 0.71 | 0.51 | 0.69 | 0.49 | 0.51 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.25 | 4.49 | (2.30 | ) | (2.13 | ) | (1.02 | ) | 6.50 | |||||||||||||||
Total from investment operations | 0.52 | 5.20 | (1.79 | ) | (1.44 | ) | (0.53 | ) | 7.01 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.81 | ) | (0.49 | ) | (0.46 | ) | (0.72 | ) | (0.61 | ) | ||||||||||||
Net asset value at end of year | $ | 28.19 | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | $ | 29.00 | ||||||||||||
Market price at end of year(b) | $ | 28.14 | $ | 27.80 | $ | 23.51 | $ | 25.74 | $ | 28.12 | $ | 29.11 | ||||||||||||
Net Asset Value Total Return(c) | 1.85 | % | 22.57 | % | (6.92 | )% | (5.34 | )% | (2.06 | )% | 31.49 | % | ||||||||||||
Market Price Total Return(c) | 2.27 | % | 22.19 | % | (6.77 | )% | (6.99 | )% | (1.15 | )% | 31.19 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 2,819 | $ | 2,796 | $ | 3,535 | $ | 3,877 | $ | 6,936 | $ | 5,799 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||||
Expenses, prior to Waivers | 0.35 | %(d) | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||
Net investment income, after Waivers | 1.94 | %(d) | 2.87 | % | 2.13 | % | 2.42 | % | 1.68 | % | 2.00 | % | ||||||||||||
Portfolio turnover rate(e) | 52 | % | 134 | % | 198 | % | 98 | % | 109 | % | 74 | % |
(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 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 the 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) | 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. For the year ended October 31, 2016, 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 S&P MidCap Low Volatility ETF (XMLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period February 12, 2013(a) Through October 31, 2013 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.02 | $ | 38.21 | $ | 34.38 | $ | 31.82 | $ | 28.25 | $ | 25.12 | ||||||||||||
Net investment income(b) | 0.67 | 0.69 | 0.69 | 0.66 | 0.62 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.01 | 6.80 | 3.72 | 2.55 | 3.52 | 3.02 | ||||||||||||||||||
Total from investment operations | 0.68 | 7.49 | 4.41 | 3.21 | 4.14 | 3.40 | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.66 | ) | (0.68 | ) | (0.58 | ) | (0.65 | ) | (0.57 | ) | (0.27 | ) | ||||||||||||
Net asset value at end of period | $ | 45.04 | $ | 45.02 | $ | 38.21 | $ | 34.38 | $ | 31.82 | $ | 28.25 | ||||||||||||
Market price at end of period(c) | $ | 45.07 | $ | 45.02 | $ | 38.23 | $ | 34.42 | $ | 31.82 | $ | 28.28 | ||||||||||||
Net Asset Value Total Return(d) | 1.51 | % | 19.76 | % | 12.96 | % | 10.18 | % | 14.84 | % | 13.62 | %(e) | ||||||||||||
Market Price Total Return(d) | 1.57 | % | 19.69 | % | 12.89 | % | 10.30 | % | 14.72 | % | 13.77 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,222,707 | $ | 1,195,218 | $ | 682,094 | $ | 106,565 | $ | 44,546 | $ | 21,189 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | %(f) | ||||||||||||
Net investment income | 3.01 | %(f) | 1.64 | % | 1.86 | % | 1.97 | % | 2.09 | % | 1.98 | %(f) | ||||||||||||
Portfolio turnover rate(g) | 29 | % | 57 | % | 51 | % | 57 | % | 58 | % | 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 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 the 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 (February 15, 2013, the first day of trading on the exchange) to October 31, 2013 was 13.21%. The market price total return from Fund Inception to October 31, 2013 was 13.37%. |
(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.
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Financial Highlights (continued)
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Six Months Ended April 30, 2018 (Unaudited) | For the Period November 29, 2016(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.13 | $ | 25.02 | ||||
Net investment income(b) | 0.56 | 0.81 | ||||||
Net realized and unrealized gain (loss) on investments | (1.06 | ) | 0.24 | |||||
Total from investment operations | (0.50 | ) | 1.05 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.71 | ) | (0.94 | ) | ||||
Net asset value at end of period | $ | 23.92 | $ | 25.13 | ||||
Market price at end of period(c) | $ | 23.96 | $ | 25.15 | ||||
Net Asset Value Total Return(d) | (2.04 | )% | 4.31 | %(e) | ||||
Market Price Total Return(d) | (1.95 | )% | 4.39 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 7,177 | $ | 7,538 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.30 | %(f) | 0.30 | %(f) | ||||
Net investment income | 4.60 | %(f) | 3.58 | %(f) | ||||
Portfolio turnover rate(g) | 31 | % | 86 | % |
(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 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 the 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 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%. |
(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.
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Financial Highlights (continued)
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Six Months Ended April 30, 2018 (Unaudited) | Year Ended October 31, | For the Period February 12, 2013(a) Through October 31, 2013 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 46.43 | $ | 37.90 | $ | 34.30 | $ | 32.93 | $ | 29.92 | $ | 25.10 | ||||||||||||
Net investment income(b) | 0.57 | 0.97 | 0.78 | 0.77 | 0.75 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.21 | ) | 8.46 | 3.58 | 1.38 | 2.95 | 4.63 | |||||||||||||||||
Total from investment operations | (0.64 | ) | 9.43 | 4.36 | 2.15 | 3.70 | 5.06 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.49 | ) | (0.90 | ) | (0.76 | ) | (0.78 | ) | (0.69 | ) | (0.24 | ) | ||||||||||||
Net asset value at end of period | $ | 45.30 | $ | 46.43 | $ | 37.90 | $ | 34.30 | $ | 32.93 | $ | 29.92 | ||||||||||||
Market price at end of period(c) | $ | 45.37 | $ | 46.47 | $ | 37.93 | $ | 34.30 | $ | 32.91 | $ | 29.96 | ||||||||||||
Net Asset Value Total Return(d) | (1.41 | )% | 25.05 | % | 12.90 | % | 6.63 | % | 12.50 | % | 20.28 | %(e) | ||||||||||||
Market Price Total Return(d) | (1.34 | )% | 25.06 | % | 12.99 | % | 6.70 | % | 12.29 | % | 20.45 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,155,117 | $ | 1,079,472 | $ | 651,821 | $ | 126,926 | $ | 55,985 | $ | 31,411 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(g) | 0.25 | %(g) | 0.26 | %(f) | ||||||||||||
Net investment income | 2.51 | %(f) | 2.25 | % | 2.15 | % | 2.33 | % | 2.41 | % | 2.17 | %(f) | ||||||||||||
Portfolio turnover rate(h) | 31 | % | 59 | % | 48 | % | 57 | % | 68 | % | 35 | % |
(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 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 the 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 (February 15, 2013, the first day of trading on the exchange) to October 31, 2013 was 19.62%. The market price total return from Fund Inception to October 31, 2013 was 19.63%. |
(f) | Annualized. |
(g) | 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. |
(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.
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Financial Highlights (continued)
Invesco S&P SmallCap Quality ETF (XSHQ)
Six Months Ended April 30, 2018 (Unaudited) | For the Period April 3, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 26.11 | $ | 24.54 | ||||
Net investment income(b) | 0.14 | 0.16 | ||||||
Net realized and unrealized gain on investments | 0.73 | 1.51 | ||||||
Total from investment operations | 0.87 | 1.67 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.17 | ) | (0.10 | ) | ||||
Net asset value at end of period | $ | 26.81 | $ | 26.11 | ||||
Market price at end of period(c) | $ | 26.85 | $ | 26.14 | ||||
Net Asset Value Total Return(d) | 3.34 | % | 6.81 | %(e) | ||||
Market Price Total Return(d) | 3.38 | % | 6.93 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,681 | $ | 1,305 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.29 | %(f) | 0.29 | %(f) | ||||
Net investment income | 1.03 | %(f) | 1.11 | %(f) | ||||
Portfolio turnover rate(g) | 18 | % | 65 | % |
(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 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 the 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 (April 6, 2017, the first day of trading on the exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%. |
(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.
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Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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 FTSE International Low Beta Equal Weight ETF (IDLB) | “FTSE International Low Beta Equal Weight ETF” | |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | “MSCI Emerging Markets Equal Country Weight ETF” | |
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | “Russell 1000 Enhanced Equal Weight ETF” | |
Invesco Russell 1000 Equal Weight ETF (EQAL) | “Russell 1000 Equal Weight ETF” | |
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | “Russell 1000 Low Beta 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 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 Value with Momentum ETF (SPVM) | “S&P 500 Value with Momentum ETF” | |
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | “S&P Emerging Markets Low Volatility ETF” | |
Invesco S&P Emerging Markets Momentum ETF (EEMO) | “S&P Emerging Markets Momentum ETF” | |
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | “S&P International Developed High Dividend Low Volatility ETF” | |
Invesco S&P International Developed Low Volatility ETF (IDLV) | “S&P International Developed Low Volatility ETF” | |
Invesco S&P International Developed Momentum ETF (IDMO) | “S&P International Developed Momentum ETF” | |
Invesco S&P MidCap Low Volatility ETF (XMLV) | “S&P MidCap Low Volatility 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” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 FTSE International Low Beta Equal Weight ETF and Russell 1000 Low Beta Equal Weight ETF, which are listed and traded on The NASDAQ Stock Market LLC and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P 500 Value with Momentum ETF, S&P International Developed High Dividend Low Volatility 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.
MSCI Emerging Markets Equal Country Weight ETF acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of Guggenheim MSCI Emerging Markets Equal Country Weight ETF of the Rydex Exchange-Traded Fund Trust (a “Predecessor Fund”) after the close of business on April 6, 2018 (the “Reorganization”). The Fund adopted the performance and financial information of the Predecessor Fund. Information presented prior to the close of business on April 6, 2018 is that of the Predecessor Fund.
The market price of each Share may differ to some degree from the 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”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
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The investment objective of each Fund (except for MSCI Emerging Markets Equal Country Weight ETF) is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”). The investment objective of MSCI Emerging Markets Equal Country Weight ETF is to correspond (before fees and expenses) to the price and yield performance of its Underlying Index.
Fund | Underlying Index | |
FTSE International Low Beta Equal Weight ETF | FTSE Developed ex-U.S. Low Beta Equal Weight Index | |
MSCI Emerging Markets Equal Country Weight ETF | MSCI Emerging Markets Equal Country Weighted Index | |
Russell 1000 Enhanced Equal Weight ETF | Russell 1000® Enhanced Value Equal Weight Index | |
Russell 1000 Equal Weight ETF | Russell 1000® Equal Weight Index | |
Russell 1000 Low Beta Equal Weight ETF | Russell 1000® Low Beta 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 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 Value with Momentum ETF | S&P 500® High Momentum Value Index | |
S&P Emerging Markets Low Volatility ETF | S&P BMI Emerging Markets Low Volatility IndexTM | |
S&P Emerging Markets Momentum ETF | S&P Momentum Emerging Plus LargeMidCap IndexTM | |
S&P International Developed High Dividend Low Volatility ETF | S&P EPAC Ex-Korea Low Volatility High Dividend Index | |
S&P International Developed Low Volatility ETF | S&P BMI International Developed Low Volatility IndexTM | |
S&P International Developed Momentum ETF | S&P Momentum Developed ex-U.S. and South Korea LargeMidCap IndexTM | |
S&P MidCap Low Volatility ETF | S&P MidCap 400® Low Volatility 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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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
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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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
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High Dividend Paying Securities Risk. S&P 500® High Dividend Low Volatility ETF, S&P International Developed High Dividend Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF 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 an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time will be concentrated to a significant degree in securities of issuers located in a single industry or a sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, each Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, a Fund may face more risks than if it were diversified broadly over numerous industries or sectors. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV.
Non-Diversified Fund Risk. Each Fund (except FTSE International Low Beta Equal Weight ETF, Russell 1000 Equal Weight ETF, Russell 1000 Low Beta Equal Weight ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility ETF, S&P Emerging Markets Low Volatility ETF, S&P Emerging Markets Momentum ETF, S&P International Developed Low Volatility ETF, S&P International Developed Momentum ETF, S&P MidCap Low Volatility ETF and S&P SmallCap Low Volatility ETF) is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Portfolio Turnover Risk. Russell 1000 Low Beta Equal Weight ETF, S&P 500 Momentum ETF, S&P Emerging Markets Momentum ETF, S&P International Developed Momentum ETF and S&P SmallCap Quality ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. This may result in a high portfolio turnover rate. 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. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates.
Small- and Mid-Capitalization Company Risk. For FTSE International Low Beta Equal Weight ETF, MSCI Emerging Markets Equal Country Weight ETF, Russell 1000 Equal Weight ETF, S&P Emerging Markets Low Volatility ETF, S&P Emerging Markets Momentum ETF, S&P International Developed High Dividend Low Volatility ETF, S&P International Developed Low Volatility ETF, S&P International Developed Momentum 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, 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 medium-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.
Foreign Investment Risk. For FTSE International Low Beta Equal Weight ETF, MSCI Emerging Markets Equal Country Weight ETF, S&P Emerging Markets Low Volatility ETF, S&P Emerging Markets Momentum ETF, S&P International Developed High Dividend Low Volatility ETF, S&P International Developed Low Volatility ETF and S&P International Developed Momentum ETF, 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 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. As the Funds may invest 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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Momentum Investing Risk. For S&P 500 Momentum ETF, S&P 500 Value with Momentum ETF, S&P Emerging Markets Momentum ETF and S&P International Developed Momentum ETF, 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
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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.
Sampling Risk. For MSCI Emerging Markets Equal Country Weight ETF and S&P Emerging Markets Momentum ETF, the use of a representative sampling approach in certain countries will result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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.
C. 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 accounting principles generally accepted in the United States of America (“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.
D. 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 the accrual basis from settlement date. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
E. 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 and the country that has the primary market for the issuer’s securities, 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.
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F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. Dividends and Distributions to Shareholders
Each Fund (except for MSCI Emerging Markets Equal Country Weight ETF, S&P 500® ex-Rate Sensitive Low Volatility 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 ex-dividend date. MSCI Emerging Markets Equal Country Weight ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. S&P 500® ex-Rate Sensitive Low Volatility 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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
H. 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.
I. 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 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 Funds do 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 each 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 Funds 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 each Fund invests.
J. Securities Lending
During the six-month period ended April 30, 2018, FTSE International Low Beta Equal Weight ETF, MSCI Emerging Markets Equal Country Weight ETF, Russell 1000 Equal Weight ETF, S&P 500® High Beta ETF, S&P Emerging Markets Low Volatility ETF, S&P International Developed Low Volatility ETF and S&P SmallCap Low Volatility ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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.
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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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
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.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
FTSE International Low Beta Equal Weight ETF | 0.45 | % | ||
MSCI Emerging Markets Equal Country Weight ETF | 0.70 | % | ||
Russell 1000 Enhanced Equal Weight ETF | 0.29 | % | ||
Russell 1000 Equal Weight ETF | 0.20 | % | ||
Russell 1000 Low Beta Equal Weight ETF | 0.35 | % | ||
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 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 Value with Momentum ETF | 0.30 | % | ||
S&P Emerging Markets Low Volatility ETF | 0.45 | %*** | ||
S&P Emerging Markets Momentum ETF | 0.45 | %*** | ||
S&P International Developed High Dividend Low Volatility ETF | 0.30 | % | ||
S&P International Developed Low Volatility ETF | 0.35 | %**** | ||
S&P International Developed Momentum ETF | 0.35 | %**** | ||
S&P MidCap Low Volatility ETF | 0.25 | % | ||
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 | % |
* | Prior to January 1, 2018, the unitary management fee was 0.25% of average daily net assets. |
** | Prior to April 20, 2018, the unitary management fee was 0.13%. Effective April 9, 2018, the Adviser had agreed to waive permanently a portion of its unitary management fee. After giving effect to such waiver, the net unitary management fee was 0.10%. Effective April 20, 2018, the unitary management fee was reduced to 0.10%. |
*** | The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2020. After giving effect to such waiver, the Fund’s net unitary management fee is 0.29% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2020. The fee waiver agreement cannot be terminated during its term. |
**** | The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2020. After giving effect to such waiver, the Fund’s net unitary management fee is 0.25% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2020. The fee waiver agreement cannot be terminated during its term. |
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Prior to the Reorganization, the Predecessor Fund was managed by Guggenheim Funds Investment Advisors LLC (“GFIA”) and the Predecessor Fund paid GFIA an investment advisory fee calculated at the same annualized rate disclosed above. Under this agreement, GFIA was not required to pay the expenses of the Independent Trustees.
Effective on the Reorganization, the Advisor has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the MSCI Emerging Markets Equal Country Weight ETF (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. Prior to the Reorganization, GFIA limited expenses for the Predecessor Fund to the same expense cap. The limit included acquired fund fees and expenses but excluded interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses.
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 115 | ||
MSCI Emerging Markets Equal Country Weight ETF | 733 | * | ||
Russell 1000 Enhanced Equal Weight ETF | 54 | |||
Russell 1000 Equal Weight ETF | 186 | |||
Russell 1000 Low Beta Equal Weight ETF | 117 | |||
S&P 500 Enhanced Value ETF | 22 | |||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 21 | |||
S&P 500® High Beta ETF | 145 | |||
S&P 500® High Dividend Low Volatility ETF | 748 | |||
S&P 500® Low Volatility ETF | 1,366 | |||
S&P 500 Minimum Variance ETF | 6 | |||
S&P 500 Momentum ETF | 4 | |||
S&P 500 Value with Momentum ETF | 1 | |||
S&P Emerging Markets Low Volatility ETF | 258,130 | |||
S&P Emerging Markets Momentum ETF | 342,826 | |||
S&P International Developed High Dividend Low Volatility ETF | 4 | |||
S&P International Developed Low Volatility ETF | 295,833 | |||
S&P International Developed Momentum ETF | 1,417 | |||
S&P MidCap Low Volatility ETF | 1,049 | |||
S&P SmallCap High Dividend Low Volatility ETF | 5 | |||
S&P SmallCap Low Volatility ETF | 713 | |||
S&P SmallCap Quality ETF | 1 |
* | For the period after the close of business on April 6, 2018 to April 30, 2018. For the period November 1, 2017 to April 6, 2018, GFIA waived fees in the amount of $4,277. |
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. Prior to the Reorganization, the Board of Trustees for the Predecessor Fund adopted a distribution and service plan pursuant to rule 12b-1 under the 1940 Act. No 12b-1 fees were paid by the Predecessor Fund under this plan.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
FTSE International Low Beta Equal Weight ETF | FTSE International Ltd. | |
MSCI Emerging Markets Equal Country Weight ETF | MSCI Inc. | |
Russell 1000 Enhanced Equal Weight ETF | Frank Russell Company | |
Russell 1000 Equal Weight ETF | Frank Russell Company | |
Russell 1000 Low Beta Equal Weight ETF | Frank Russell Company | |
S&P 500 Enhanced Value ETF | S&P Dow Jones Indices LLC |
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Fund | Licensor | |
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 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 Value with Momentum ETF | S&P Dow Jones Indices LLC | |
S&P Emerging Markets Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P Emerging Markets Momentum ETF | S&P Dow Jones Indices LLC | |
S&P International Developed High Dividend Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Momentum ETF | S&P Dow Jones Indices LLC | |
S&P MidCap Low Volatility 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. Prior to the Reorganization, the Predecessor Fund’s Underlying Index name trademark had been licensed to GFIA for use by the Predecessor Fund. 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 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 each Fund. Prior to the Reorganization, GFIA engaged external service providers to perform these services for the Predecessor Fund.
Note 4. Investments in Affiliates
The Adviser is a wholly-owned subsidiary of Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
Russell 1000 Enhanced Equal Weight ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 106,583 | $ | 82,823 | $ | (20,760 | ) | $ | (30,566 | ) | $ | (386 | ) | $ | 137,694 | $ | 2,168 |
Russell 1000 Equal Weight ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 151,177 | $ | 61,643 | $ | (47,945 | ) | $ | (36,174 | ) | $ | 3,113 | $ | 131,814 | $ | 2,570 |
S&P 500® High Beta ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 3,946,313 | $ | 4,516,767 | $ | (3,069,951 | ) | $ | (990,068 | ) | $ | 31,753 | $ | 4,434,814 | $ | 65,091 |
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S&P 500® High Dividend Low Volatility ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 46,298,517 | $ | 12,480,234 | $ | (14,707,882 | ) | $ | (8,498,224 | ) | $ | (259,577 | ) | $ | 35,313,068 | $ | 758,500 |
S&P 500® Value with Momentum ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | — | $ | 39,942 | $ | (13,436 | ) | $ | (5,736 | ) | $ | 88 | $ | 20,858 | $ | 209 |
S&P 500® SmallCap High Dividend Low Volatility ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | — | $ | 213,626 | $ | (2,609 | ) | $ | (215 | ) | $ | 25 | $ | 210,827 | $ | 5,423 |
S&P 500® SmallCap Low Volatility ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | — | $ | 13,255,747 | $ | (572,668 | ) | $ | (105,317 | ) | $ | 2,354 | $ | 12,580,116 | $ | 321,718 |
The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows S&P Emerging Markets Momentum ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
S&P Emerging Markets Momentum ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 8,665,468 | $ | 362,315 | $ | (7,985,694 | ) | $ | (786,909 | ) | $ | 735,346 | $ | 990,526 | $ | — |
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 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. |
Except for the Funds listed below, as of April 30, 2018, all of the securities in each Fund were valued based on Level 1 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.
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Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, there were transfers from level 1 to Level 2, due to foreign fair value adjustments, in the following amounts:
MSCI Emerging Markets Equal Country Weight ETF | $ | 6,568,808 | ||
S&P International Developed Low Volatility ETF | 264,640,495 | |||
S&P International Developed Momentum ETF | 1,256,710 | |||
S&P SmallCap High Dividend Low Volatility ETF | 3,650,086 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Emerging Markets Equal Country Weight ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Brazil | $ | 577,846 | $ | — | $ | — | $ | 577,846 | ||||||||
Chile | 644,457 | — | — | 644,457 | ||||||||||||
China | 410,200 | 156,041 | — | 566,241 | ||||||||||||
Colombia | 685,675 | — | — | 685,675 | ||||||||||||
Czech Republic | 52,463 | 555,838 | — | 608,301 | ||||||||||||
Egypt | 475,223 | — | — | 475,223 | ||||||||||||
Greece | 45,512 | 697,566 | — | 743,078 | ||||||||||||
Hungary | 232,961 | 333,634 | — | 566,595 | ||||||||||||
India | 557,138 | — | — | 557,138 | ||||||||||||
Indonesia | 10,415 | 503,628 | — | 514,043 | ||||||||||||
Malaysia | 20,443 | 608,394 | — | 628,837 | ||||||||||||
Mexico | 553,046 | — | — | 553,046 | ||||||||||||
Peru | 649,897 | — | — | 649,897 | ||||||||||||
Philippines | 101,214 | 406,712 | — | 507,926 | ||||||||||||
Poland | 8,215 | 511,907 | — | 520,122 | ||||||||||||
Qatar | 672,520 | — | — | 672,520 | ||||||||||||
Russia | 95,349 | 404,556 | — | 499,905 | ||||||||||||
South Africa | 204,049 | 374,952 | — | 579,001 | ||||||||||||
South Korea | 65,556 | 490,518 | — | 556,074 | ||||||||||||
Taiwan | 241,252 | 302,208 | — | 543,460 | ||||||||||||
Thailand | 65,718 | 579,668 | — | 645,386 | ||||||||||||
Turkey | 193,873 | 331,499 | — | 525,372 | ||||||||||||
United Arab Emirates | 213,854 | 311,686 | — | 525,540 | ||||||||||||
United States | 796,152 | — | — | 796,152 | ||||||||||||
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Total Investments | $ | 7,573,028 | $ | 6,568,807 | $ | — | $ | 14,141,835 | ||||||||
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S&P Emerging Markets Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 711,020,052 | $ | — | $ | 0 | $ | 711,020,052 | ||||||||
Money Market Funds | 2,303,111 | — | — | 2,303,111 | ||||||||||||
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Total Investments | $ | 713,323,163 | $ | — | $ | 0 | $ | 713,323,163 | ||||||||
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S&P Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 32,058,142 | $ | — | $ | 30,463 | $ | 32,088,605 | ||||||||
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S&P International Developed High Dividend Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | — | $ | 697,247 | $ | — | $ | 697,247 | ||||||||
Belgium | — | 141,021 | — | 141,021 | ||||||||||||
Denmark | — | 42,560 | — | 42,560 | ||||||||||||
Finland | 68,100 | 120,850 | — | 188,950 | ||||||||||||
France | — | 294,096 | — | 294,096 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P International Developed High Dividend Low Volatility ETF (continued) | ||||||||||||||||
Germany | $ | 92,944 | $ | 297,524 | $ | — | $ | 390,468 | ||||||||
Hong Kong | 60,461 | 263,088 | — | 323,549 | ||||||||||||
Italy | — | 139,051 | — | 139,051 | ||||||||||||
Japan | 336,676 | 692,016 | — | 1,028,692 | ||||||||||||
Netherlands | — | 87,839 | — | 87,839 | ||||||||||||
Portugal | — | 41,426 | — | 41,426 | ||||||||||||
Singapore | 53,627 | 496,713 | — | 550,340 | ||||||||||||
Spain | 52,485 | 260,638 | — | 313,123 | ||||||||||||
Sweden | 83,804 | 255,592 | — | 339,396 | ||||||||||||
Switzerland | — | 308,066 | — | 308,066 | ||||||||||||
United Kingdom | — | 859,617 | — | 859,617 | ||||||||||||
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|
| |||||||||
Total Investments | $ | 748,097 | $ | 4,997,344 | $ | — | $ | 5,745,441 | ||||||||
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S&P International Developed Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | — | $ | 37,238,792 | $ | — | $ | 37,238,792 | ||||||||
Belgium | — | 13,304,527 | — | 13,304,527 | ||||||||||||
Canada | 130,920,895 | — | — | 130,920,895 | ||||||||||||
Denmark | — | 5,253,449 | — | 5,253,449 | ||||||||||||
Finland | — | 5,622,090 | — | 5,622,090 | ||||||||||||
France | — | 33,190,821 | — | 33,190,821 | ||||||||||||
Germany | 12,313,862 | 26,071,745 | — | 38,385,607 | ||||||||||||
Hong Kong | 3,051,648 | 43,677,144 | — | 46,728,792 | ||||||||||||
Ireland | 2,876,273 | — | — | 2,876,273 | ||||||||||||
Israel | — | 7,852,752 | — | 7,852,752 | ||||||||||||
Italy | — | 3,458,082 | — | 3,458,082 | ||||||||||||
Japan | 54,654,361 | 55,672,990 | — | 110,327,351 | ||||||||||||
Netherlands | — | 12,063,927 | — | 12,063,927 | ||||||||||||
Norway | — | 2,443,189 | — | 2,443,189 | ||||||||||||
Singapore | 3,130,248 | 38,039,678 | — | 41,169,926 | ||||||||||||
Spain | 2,796,213 | — | — | 2,796,213 | ||||||||||||
Sweden | 2,417,187 | 25,108,500 | — | 27,525,687 | ||||||||||||
Switzerland | — | 34,503,385 | — | 34,503,385 | ||||||||||||
United Kingdom | 2,738,904 | 44,069,385 | — | 46,808,289 | ||||||||||||
United States | 2,918,174 | — | — | 2,918,174 | ||||||||||||
Money Market Funds | 24,515,308 | — | — | 24,515,308 | ||||||||||||
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| |||||||||
Total Investments | $ | 242,333,073 | $ | 387,570,456 | $ | — | $ | 629,903,529 | ||||||||
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| |||||||||
S&P International Developed Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | 4,646 | $ | 47,211 | $ | — | $ | 51,857 | ||||||||
Austria | 4,743 | 31,351 | — | 36,094 | ||||||||||||
Belgium | — | 37,659 | — | 37,659 | ||||||||||||
Canada | 142,608 | — | — | 142,608 | ||||||||||||
China | — | 11,725 | — | 11,725 | ||||||||||||
Denmark | — | 29,518 | — | 29,518 | ||||||||||||
Finland | — | 11,525 | — | 11,525 | ||||||||||||
France | — | 332,904 | — | 332,904 | ||||||||||||
Germany | 23,823 | 179,406 | — | 203,229 | ||||||||||||
Hong Kong | 6,698 | 211,277 | — | 217,975 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P International Developed Momentum ETF (continued) | ||||||||||||||||
Israel | $ | 1,701 | $ | 14,449 | $ | — | $ | 16,150 | ||||||||
Italy | — | 123,379 | — | 123,379 | ||||||||||||
Japan | 289,359 | 703,118 | — | 992,477 | ||||||||||||
Macau | — | 5,495 | — | 5,495 | ||||||||||||
Netherlands | — | 116,622 | — | 116,622 | ||||||||||||
New Zealand | — | 13,651 | — | 13,651 | ||||||||||||
Norway | — | 15,912 | — | 15,912 | ||||||||||||
Portugal | — | 4,743 | — | 4,743 | ||||||||||||
Singapore | 1,499 | 134,553 | — | 136,052 | ||||||||||||
Spain | 4,288 | 41,164 | — | 45,452 | ||||||||||||
Sweden | — | 54,010 | — | 54,010 | ||||||||||||
Switzerland | — | 97,503 | — | 97,503 | ||||||||||||
United Arab Emirates | — | 5,097 | — | 5,097 | ||||||||||||
United Kingdom | 7,255 | 96,843 | — | 104,098 | ||||||||||||
United States | 12,885 | — | — | 12,885 | ||||||||||||
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| |||||||||
Total Investments | $ | 499,505 | $ | 2,319,115 | $ | — | $ | 2,818,620 | ||||||||
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Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 had capital loss carryforwards as of October 31, 2017, as follows:
Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | — | $ | 2,162,378 | $ | 739,356 | $ | 2,901,734 | ||||||||
MSCI Emerging Markets Equal Country Weight ETF | 18,800 | 1,289,034 | 3,405,164 | 4,712,998 | ||||||||||||
Russell 1000 Enhanced Equal Weight ETF | — | 5,179 | — | 5,179 | ||||||||||||
Russell 1000 Equal Weight ETF | — | 2,985,929 | 3,243,253 | 6,229,182 | ||||||||||||
Russell 1000 Low Beta Equal Weight ETF | — | 8,258,574 | 172,281 | 8,430,855 | ||||||||||||
S&P 500 Enhanced Value ETF | — | 143,565 | 2,985 | 146,550 | ||||||||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | — | 5,166,500 | 1,137,799 | 6,304,299 | ||||||||||||
S&P 500® High Beta ETF | — | 31,799,069 | 10,232,444 | 42,031,513 | ||||||||||||
S&P 500® High Dividend Low Volatility ETF | — | 50,747,547 | 4,580,347 | 55,327,894 | ||||||||||||
S&P 500® Low Volatility ETF | — | 269,854,153 | 65,618,324 | 335,472,477 | ||||||||||||
S&P 500 Minimum Variance ETF | — | 794 | — | 794 | ||||||||||||
S&P 500 Momentum ETF | — | 31,534 | — | 31,534 | ||||||||||||
S&P 500 Value with Momentum ETF | — | 14,557 | — | 14,557 | ||||||||||||
S&P Emerging Markets Low Volatility ETF | — | 20,875,709 | 21,163,500 | 42,039,209 | ||||||||||||
S&P Emerging Markets Momentum ETF | — | — | — | — | ||||||||||||
S&P International Developed High Dividend Low Volatility ETF | — | 39,539 | — | 39,539 | ||||||||||||
S&P International Developed Low Volatility ETF | — | 16,786,978 | 9,809,268 | 26,596,246 |
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Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
S&P International Developed Momentum ETF | $ | — | $ | 896,675 | $ | 525,381 | $ | 1,422,056 | ||||||||
S&P MidCap Low Volatility ETF | — | 14,173,176 | 3,921,168 | 18,094,344 | ||||||||||||
S&P SmallCap High Dividend Low Volatility ETF | — | 199,790 | — | 199,790 | ||||||||||||
S&P SmallCap Low Volatility ETF | — | 20,477,507 | 1,736,907 | 22,214,414 | ||||||||||||
S&P SmallCap Quality ETF | — | 25,489 | — | 25,489 |
* | Capital loss carryforwards as of the date listed above 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 six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 32,194,378 | $ | 29,973,548 | ||||
MSCI Emerging Markets Equal Country Weight ETF | 942,542 | 844,194 | ||||||
Russell 1000 Enhanced Equal Weight ETF | 13,539,416 | 13,351,451 | ||||||
Russell 1000 Equal Weight ETF | 34,775,860 | 35,295,472 | ||||||
Russell 1000 Low Beta Equal Weight ETF | 58,025,013 | 59,132,968 | ||||||
S&P 500 Enhanced Value ETF | 2,088,444 | 2,839,336 | ||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 53,233,274 | 53,263,776 | ||||||
S&P 500® High Beta ETF | 154,564,316 | 154,663,067 | ||||||
S&P 500® High Dividend Low Volatility ETF | 769,590,841 | 770,918,153 | ||||||
S&P 500® Low Volatility ETF | 2,054,530,894 | 2,056,804,315 | ||||||
S&P 500 Minimum Variance ETF | 469,021 | 1,544,734 | ||||||
S&P 500 Momentum ETF | 10,998,278 | 10,108,964 | ||||||
S&P 500 Value with Momentum ETF | 691,951 | 1,502,807 | ||||||
S&P Emerging Markets Low Volatility ETF | 373,498,105 | 127,150,586 | ||||||
S&P Emerging Markets Momentum ETF | 281,678,570 | 327,537,063 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 1,292,465 | 1,604,701 | ||||||
S&P International Developed Low Volatility ETF | 196,412,989 | 187,930,624 | ||||||
S&P International Developed Momentum ETF | 1,477,454 | 1,972,386 | ||||||
S&P MidCap Low Volatility ETF | 355,010,140 | 356,662,453 | ||||||
S&P SmallCap High Dividend Low Volatility ETF | 2,505,736 | 2,314,327 | ||||||
S&P SmallCap Low Volatility ETF | 356,710,013 | 356,583,552 | ||||||
S&P SmallCap Quality ETF | 474,568 | 454,298 |
For the six-month period ended April 30, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 20,797,233 | $ | 36,575,287 | ||||
MSCI Emerging Markets Equal Country Weight ETF | — | — | ||||||
Russell 1000 Enhanced Equal Weight ETF | 55,859,460 | 6,817,286 | ||||||
Russell 1000 Equal Weight ETF | 113,583,481 | 91,315,731 | ||||||
Russell 1000 Low Beta Equal Weight ETF | 49,646,497 | 54,952,033 | ||||||
S&P 500 Enhanced Value ETF | 17,409,381 | 42,693,776 | ||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 88,145,036 | 50,247,780 | ||||||
S&P 500® High Beta ETF | 426,206,689 | 348,722,500 | ||||||
S&P 500® High Dividend Low Volatility ETF | 793,015,736 | 1,059,673,117 | ||||||
S&P 500® Low Volatility ETF | 2,586,283,023 | 2,822,168,500 | ||||||
S&P 500 Minimum Variance ETF | 1,379,640 | 1,698,298 | ||||||
S&P 500 Momentum ETF | 42,972,665 | 13,582,342 |
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Cost of Securities Received | Value of Securities Delivered | |||||||
S&P 500 Value with Momentum ETF | $ | 2,890,024 | $ | 2,051,450 | ||||
S&P Emerging Markets Low Volatility ETF | 209,012,765 | 36,151,353 | ||||||
S&P Emerging Markets Momentum ETF | 52,313,572 | 370,947,426 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 2,893,885 | 1,131,591 | ||||||
S&P International Developed Low Volatility ETF | 154,445,530 | 127,803,367 | ||||||
S&P International Developed Momentum ETF | 1,391,800 | 894,332 | ||||||
S&P MidCap Low Volatility ETF | 427,886,595 | 397,895,576 | ||||||
S&P SmallCap High Dividend Low Volatility ETF | 1,247,890 | 1,407,669 | ||||||
S&P SmallCap Low Volatility ETF | 386,870,123 | 279,542,115 | ||||||
S&P SmallCap Quality ETF | 2,765,685 | 1,364,558 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 16,245,220 | $ | (4,778,469 | ) | $ | 11,466,751 | $ | 115,412,659 | |||||||
MSCI Emerging Markets Equal Country Weight ETF | 2,609,098 | (1,073,580 | ) | 1,535,518 | 12,606,317 | |||||||||||
Russell 1000 Enhanced Equal Weight ETF | 6,968,034 | (4,906,153 | ) | 2,061,881 | 115,038,139 | |||||||||||
Russell 1000 Equal Weight ETF | 29,858,427 | (27,200,486 | ) | 2,657,941 | 345,990,135 | |||||||||||
Russell 1000 Low Beta Equal Weight ETF | 16,474,568 | (9,221,388 | ) | 7,253,180 | 145,055,144 | |||||||||||
S&P 500 Enhanced Value ETF | 1,100,094 | (882,421 | ) | 217,673 | 25,425,463 | |||||||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 16,668,940 | (3,186,999 | ) | 13,481,941 | 159,994,491 | |||||||||||
S&P 500® High Beta ETF | 16,024,757 | (24,193,528 | ) | (8,168,771 | ) | 466,478,588 | ||||||||||
S&P 500® High Dividend Low Volatility ETF | 77,952,123 | (259,168,244 | ) | (181,216,121 | ) | 2,774,851,646 | ||||||||||
S&P 500® Low Volatility ETF | 499,657,811 | (224,691,194 | ) | 274,966,617 | 6,632,221,456 | |||||||||||
S&P 500 Minimum Variance ETF | 107,291 | (37,401 | ) | 69,890 | 1,275,010 | |||||||||||
S&P 500 Momentum ETF | 391,508 | (959,465 | ) | (567,957 | ) | 32,704,098 | ||||||||||
S&P 500 Value with Momentum ETF | 144,445 | (109,829 | ) | 34,616 | 2,786,512 | |||||||||||
S&P Emerging Markets Low Volatility ETF | 34,390,562 | (16,073,575 | ) | 18,316,987 | 695,006,176 | |||||||||||
S&P Emerging Markets Momentum ETF | 1,146,994 | (2,839,911 | ) | (1,692,917 | ) | 33,781,522 | ||||||||||
S&P International Developed High Dividend Low Volatility ETF | 146,845 | (239,526 | ) | (92,681 | ) | 5,838,122 | ||||||||||
S&P International Developed Low Volatility ETF | 35,620,590 | (20,573,135 | ) | 15,047,455 | 614,856,074 | |||||||||||
S&P International Developed Momentum ETF | 234,460 | (70,822 | ) | 163,638 | 2,654,982 | |||||||||||
S&P MidCap Low Volatility ETF | 99,956,355 | (46,187,640 | ) | 53,768,715 | 1,168,104,005 | |||||||||||
S&P SmallCap High Dividend Low Volatility ETF | 428,572 | (892,861 | ) | (464,289 | ) | 7,652,034 | ||||||||||
S&P SmallCap Low Volatility ETF | 82,949,484 | (50,154,482 | ) | 32,795,002 | 1,136,364,696 | |||||||||||
S&P SmallCap Quality ETF | 113,725 | (274,339 | ) | (160,614 | ) | 2,841,798 |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating
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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 created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for MSCI Emerging Markets Equal Country Weight ETF). Only Authorized Participants 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 of the Trust 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 Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’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.
Note 10. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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Change in Independent Registered Public Accounting Firm
The Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for Invesco MSCI Emerging Markets Equal Country Weight ETF for the Fund’s current fiscal year. PwC serves as the independent registered public accounting firm for other Invesco ETFs.
Prior to April 6, 2018, the Predecessor Fund was a separate series of an unaffiliated investment company that was audited by a different independent registered public accounting firm (the “Prior Auditor”).
Effective April 9, 2018, the Prior Auditor resigned as the independent registered public accounting firm of the Predecessor Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through April 9, 2018, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
In addition to the fees and expenses which the Invesco MSCI Emerging Markets Equal Country Weight ETF and the Invesco S&P Emerging Markets Momentum ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return. Notwithstanding the foregoing, Invesco Capital Management LLC has agreed to waive a portion of its unitary management fee to the extent necessary to prevent the MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year through at least April 6, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,054.60 | 0.45 | % | $ | 2.29 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | ||||||||||||||||
Actual | 1,000.00 | 1,064.99 | 0.63 | 3.24 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.79 | 0.63 | 3.18 | ||||||||||||
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | ||||||||||||||||
Actual | 1,000.00 | 1,025.50 | 0.29 | 1.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco Russell 1000 Equal Weight ETF (EQAL) | ||||||||||||||||
Actual | 1,000.00 | 1,035.00 | 0.20 | 1.01 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | 0.20 | 1.00 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,037.50 | 0.35 | % | $ | 1.77 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||
Invesco S&P 500 Enhanced Value ETF (SPVU) | ||||||||||||||||
Actual | 1,000.00 | 1,055.60 | 0.18 | 0.92 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.90 | 0.18 | 0.90 | ||||||||||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) | ||||||||||||||||
Actual | 1,000.00 | 1,047.00 | 0.25 | 1.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P 500® High Beta ETF (SPHB) | ||||||||||||||||
Actual | 1,000.00 | 1,051.40 | 0.25 | 1.27 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) | ||||||||||||||||
Actual | 1,000.00 | 980.00 | 0.30 | 1.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.31 | 0.30 | 1.51 | ||||||||||||
Invesco S&P 500® Low Volatility ETF (SPLV) | ||||||||||||||||
Actual | 1,000.00 | 1,011.10 | 0.25 | 1.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P 500 Minimum Variance ETF (SPMV) | ||||||||||||||||
Actual | 1,000.00 | 1,041.40 | 0.13 | 0.66 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.15 | 0.13 | 0.65 | ||||||||||||
Invesco S&P 500 Momentum ETF (SPMO) | ||||||||||||||||
Actual | 1,000.00 | 1,077.60 | 0.14 | 0.72 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.10 | 0.14 | 0.70 | ||||||||||||
Invesco S&P 500 Value with Momentum ETF (SPVM) | ||||||||||||||||
Actual | 1,000.00 | 1,043.80 | 0.30 | 1.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.31 | 0.30 | 1.51 | ||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||
Actual | 1,000.00 | 1,081.30 | 0.29 | 1.50 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | ||||||||||||||||
Actual | 1,000.00 | 1,003.80 | 0.27 | 1.34 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.46 | 0.27 | 1.35 | ||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||
Actual | 1,000.00 | 1,030.50 | 0.30 | 1.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.31 | 0.30 | 1.51 | ||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||
Actual | 1,000.00 | 1,022.80 | 0.25 | 1.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||||||||||
Actual | 1,000.00 | 1,018.50 | 0.25 | 1.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P MidCap Low Volatility ETF (XMLV) | ||||||||||||||||
Actual | 1,000.00 | 1,015.10 | 0.25 | 1.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
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Fees and Expenses (continued)
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 979.60 | 0.30 | % | $ | 1.47 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.31 | 0.30 | 1.51 | ||||||||||||
Invesco S&P SmallCap Low Volatility ETF (XSLV) | ||||||||||||||||
Actual | 1,000.00 | 985.90 | 0.25 | 1.23 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P SmallCap Quality ETF (XSHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,033.40 | 0.29 | 1.46 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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A Special Meeting (“Meeting”) of Shareholders of Guggenheim MSCI Emerging Markets Equal Country Weight ETF was held on Friday, March 16, 2018. The Meeting was held for the following purpose:
(1) | Approve an Agreement and Plan of Reorganization that provides for the reorganization of the Guggenheim MSCI Emerging Markets Equal Country Weight ETF into the PowerShares MSCI Emerging Markets Equal Country Weight Portfolio (now known as the Invesco MSCI Emerging Markets Equal Country Weight ETF). |
The results of the voting on the above matter were as follows:
Matter | Votes For | Votes Against | Votes Abstain | Broker Non-Votes | ||||||||||
(1) Approve an Agreement and Plan of Reorganization | 181,201 | 1,949 | 24,115 | N/A |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (the “Sub-Advisory Agreement”): Invesco Advisers,
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||||||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||||||||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||||||||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||||||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||||||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||||||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||||||||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||||||||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||||||||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||||||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||||||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||||||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||||||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||||||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||||||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||||||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||||||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||||||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||||||||
PowerShares Global Water Portfolio | N/A | X | ||||||||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||||||||
PowerShares International Corporate Bond Portfolio | X | |||||||||||
PowerShares KBW Bank Portfolio | X | X | ||||||||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||||||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||||||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||||||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||||||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||||||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||||||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Preferred Portfolio | N/A | X | ||||||||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||||||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||||||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||||||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 High Beta Portfolio | X | |||||||||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||||||||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||||||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||||||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||||||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||||||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||||||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||||||||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||||||||
PowerShares Senior Loan Portfolio | N/A | X | ||||||||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||||||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||||||||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||||||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the
| 136 |
|
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio under the Sub-Advisory Agreement were appropriate and reasonable.
| 137 |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
| 138 |
|
Board Considerations Regarding Approval of Investment Advisory Agreement for PowerShares China All-Cap Portfolio
PowerShares China Technology Portfolio
PowerShares MSCI Emerging Markets Equal Country Weight Portfolio
PowerShares S&P High Income Infrastructure Portfolio
PowerShares Shipping Portfolio
At a meeting held on December 19, 2017, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the funds listed above (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.
The Trustees noted that each Fund was created in connection with the purchase by Invesco Ltd. of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund was structured substantially similar to a corresponding Guggenheim ETF, including the unitary advisory fee, that would be reorganized into the Fund in connection with the Transaction.
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 each Fund, information describing the Adviser’s current organization and staffing, including operational support that would be provided by the Adviser’s parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees also reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees also considered the services to be 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 for the other ETFs and that was expected to be provided for each Fund.
The Trustees also considered information provided by the Adviser regarding the resources that would be added in connection with the Transaction to maintain and enhance the services provided to the Funds and all other PowerShares ETFs.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement 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 proposed 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 and open-end (non-ETF) actively managed funds peers. The Trustees noted that the fee data provided by the Adviser included only six passive peer ETFs for PowerShares China Technology Portfolio and PowerShares S&P High Income Infrastructure Portfolio. The Trustees also considered fee and expense data on Adviser-identified selected peers for certain Funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group, as applicable, as shown below:
Fund | ETF Peer Group (Number of Peers) | Open-End Index Fund Peer Group (Number of Peers)1 | Open-End Active Fund Peer Group (Number of Peers) | Select Peer Group (Number of Peers)2 | ||||
PowerShares China All-Cap Portfolio | Higher than median (21) | N/A | Lower than median (19) | Higher than median (3) | ||||
PowerShares China Technology Portfolio | Higher than median (6) | N/A | Lower than median (6) | Lower than median (2) |
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
| 139 |
|
Fund | ETF Peer Group (Number of Peers) | Open-End Index Fund Peer Group (Number of Peers)1 | Open-End Active Fund Peer Group (Number of Peers) | Select Peer Group (Number of Peers)2 | ||||
PowerShares MSCI Emerging Markets Equal Country Weight Portfolio | Higher than median (54) | Higher than median (7) | Lower than median (211) | Higher than median (4) | ||||
PowerShares S&P High Income Infrastructure Portfolio | Lower than median (6) | N/A | Lower than median (22) | Lower than median (4) | ||||
PowerShares Shipping Portfolio | Higher than median (20) | Higher than median (1) | Lower than median (10) | N/A |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
2 | The information provided by the Adviser did not include select peer groups for certain Funds. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.
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 each Fund because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2017 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
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 shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the flat advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for each Fund. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Form N-Qs will be available on the Commission’s website at www.sec.gov. The Trust’s Form N-Qs may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-12 | invesco.com/us |
Invesco Semi-Annual Report to Shareholders
April 30, 2018
PBTP | Invesco PureBetaSM 0-5 Yr US TIPS ETF | |
PBDM | Invesco PureBetaSM FTSE Developed ex-North America ETF | |
PBEE | Invesco PureBetaSM FTSE Emerging Markets ETF | |
PBUS | Invesco PureBetaSM MSCI USA ETF | |
PBSM | Invesco PureBetaSM MSCI USA Small Cap ETF | |
PBND | Invesco PureBetaSM US Aggregate Bond ETF |
PureBeta Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | 4 | |||
19 | ||||
29 | ||||
36 | ||||
53 | ||||
Statements of Assets and Liabilities | 60 | |||
Statements of Operations | 62 | |||
Statements of Changes in Net Assets | 64 | |||
Financial Highlights | 66 | |||
Notes to Financial Statements | 69 | |||
Fees and Expenses | 80 | |||
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement | 81 |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
| 2 |
|
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Duration Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Maturing in 0-5 Years | 99.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities—99.9% | ||||||||||||||||
U.S. Treasury Inflation—Indexed Notes—99.9%(a) | ||||||||||||||||
$ | 69,000 | U.S. Treasury Inflation—Indexed Notes | 1.375 | % | 07/15/2018 | $ | 80,223 | |||||||||
68,000 | U.S. Treasury Inflation—Indexed Notes | 2.125 | 01/15/2019 | 79,921 | ||||||||||||
230,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2019 | 243,329 | ||||||||||||
70,000 | U.S. Treasury Inflation—Indexed Notes | 1.875 | 07/15/2019 | 83,438 | ||||||||||||
87,000 | U.S. Treasury Inflation—Indexed Notes | 1.375 | 01/15/2020 | 101,837 | ||||||||||||
230,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2020 | 242,536 | ||||||||||||
149,000 | U.S. Treasury Inflation—Indexed Notes | 1.250 | 07/15/2020 | 173,677 | ||||||||||||
169,000 | U.S. Treasury Inflation—Indexed Notes | 1.125 | 01/15/2021 | 195,590 | ||||||||||||
207,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2021 | 214,478 | ||||||||||||
165,000 | U.S. Treasury Inflation—Indexed Notes | 0.625 | 07/15/2021 | 183,359 | ||||||||||||
189,500 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 01/15/2022 | 205,032 | ||||||||||||
204,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2022 | 204,607 | ||||||||||||
189,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 07/15/2022 | 201,321 | ||||||||||||
188,000 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 01/15/2023 | 198,130 | ||||||||||||
73,000 | U.S. Treasury Inflation—Indexed Notes | 0.625 | 04/15/2023 | 72,991 | ||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Securities (Cost $2,514,670) | 2,480,469 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.0% | ||||||||||||||||
489 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) | |||||||||||||||
(Cost $489) | 489 | |||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $2,515,159)—99.9% | 2,480,958 | |||||||||||||||
Other assets less liabilities—0.1% | 3,459 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 2,484,417 | ||||||||||||||
|
|
Notes to Schedule of Investments:
(a) | Principal amount of security and interest payments are adjusted for inflation. See Note 2J. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 20.3 | |||
Industrials | 14.8 | |||
Consumer Discretionary | 12.7 | |||
Consumer Staples | 10.6 | |||
Health Care | 9.6 | |||
Information Technology | 8.4 | |||
Materials | 8.2 | |||
Energy | 5.4 | |||
Telecommunication Services | 3.5 | |||
Real Estate | 3.3 | |||
Utilities | 3.2 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Australia—6.5% | ||||||||
72 | Adelaide Brighton Ltd. | $ | 349 | |||||
104 | AGL Energy Ltd. | 1,700 | ||||||
80 | ALS Ltd. | 469 | ||||||
397 | Alumina Ltd. | 784 | ||||||
184 | Amcor Ltd. | 1,904 | ||||||
465 | AMP Ltd. | 1,412 | ||||||
23 | Ansell Ltd. | 452 | ||||||
200 | APA Group | 1,257 | ||||||
101 | Aristocrat Leisure Ltd. | 2,034 | ||||||
31 | ASX Ltd. | 1,367 | ||||||
312 | Aurizon Holdings Ltd. | 1,056 | ||||||
280 | AusNet Services | 362 | ||||||
466 | Australia & New Zealand Banking Group Ltd. | 9,409 | ||||||
62 | Bank of Queensland Ltd. | 469 | ||||||
76 | Bendigo & Adelaide Bank Ltd. | 606 | ||||||
509 | BHP Billiton Ltd. | 11,880 | ||||||
330 | BHP Billiton PLC | 6,999 | ||||||
90 | BlueScope Steel Ltd. | 1,109 | ||||||
185 | Boral Ltd. | 954 | ||||||
252 | Brambles Ltd. | 1,873 | ||||||
41 | Caltex Australia Ltd. | 957 | ||||||
91 | Challenger Ltd. | 737 | ||||||
15 | CIMIC Group Ltd. | 510 | ||||||
84 | Coca-Cola Amatil Ltd. | 587 | ||||||
9 | Cochlear Ltd. | 1,313 | ||||||
277 | Commonwealth Bank of Australia | 14,966 | ||||||
77 | Computershare Ltd. | 982 | ||||||
56 | Crown Resorts Ltd. | 545 | ||||||
72 | CSL Ltd. | 9,218 | ||||||
80 | CSR Ltd. | 339 | ||||||
162 | Dexus REIT | 1,157 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
36 | Domain Holdings Australia Ltd. | $ | 84 | |||||
10 | Domino’s Pizza Enterprises Ltd. | 318 | ||||||
94 | Downer EDI Ltd. | 484 | ||||||
62 | DuluxGroup Ltd. | 362 | ||||||
365 | Fairfax Media Ltd. | 196 | ||||||
9 | Flight Centre Travel Group Ltd. | 379 | ||||||
255 | Fortescue Metals Group Ltd. | 874 | ||||||
279 | Goodman Group REIT | 1,906 | ||||||
286 | GPT Group (The) REIT | 1,042 | ||||||
84 | Harvey Norman Holdings Ltd. | 222 | ||||||
275 | Healthscope Ltd. | 504 | ||||||
66 | Iluka Resources Ltd. | 582 | ||||||
268 | Incitec Pivot Ltd. | 764 | ||||||
376 | Insurance Australia Group Ltd. | 2,235 | ||||||
58 | IOOF Holdings Ltd. | 390 | ||||||
96 | LendLease Group | 1,292 | ||||||
103 | Macquarie Atlas Roads Group | 498 | ||||||
49 | Macquarie Group Ltd. | 3,991 | ||||||
20 | Magellan Financial Group Ltd. | 350 | ||||||
437 | Medibank Private Ltd. | 962 | ||||||
154 | Metcash Ltd. | 417 | ||||||
588 | Mirvac Group REIT | 992 | ||||||
433 | National Australia Bank Ltd. | 9,430 | ||||||
122 | Newcrest Mining Ltd. | 1,941 | ||||||
49 | Nufarm Ltd. | 336 | ||||||
216 | Oil Search Ltd. | 1,273 | ||||||
60 | Orica Ltd. | 898 | ||||||
278 | Origin Energy Ltd.(a) | 2,033 | ||||||
192 | Orora Ltd. | 483 | ||||||
47 | OZ Minerals Ltd. | 327 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
7 | Perpetual Ltd. | $ | 212 | |||||
37 | Platinum Asset Management Ltd. | 157 | ||||||
118 | Qantas Airways Ltd. | 513 | ||||||
218 | QBE Insurance Group Ltd. | 1,634 | ||||||
20 | Ramsay Health Care Ltd. | 973 | ||||||
8 | REA Group Ltd. | 487 | ||||||
281 | Santos Ltd.(a) | 1,295 | ||||||
812 | Scentre Group REIT | 2,464 | ||||||
55 | SEEK Ltd. | 803 | ||||||
118 | Shopping Centres Australasia Property Group REIT | 212 | ||||||
67 | Sonic Healthcare Ltd. | 1,192 | ||||||
829 | South32 Ltd. | 2,315 | ||||||
131 | Star Entertainment Group Ltd. (The) | 522 | ||||||
384 | Stockland REIT | 1,198 | ||||||
205 | Suncorp Group Ltd. | 2,164 | ||||||
175 | Sydney Airport | 938 | ||||||
299 | Tabcorp Holdings Ltd. | 984 | ||||||
661 | Telstra Corp. Ltd. | 1,580 | ||||||
57 | TPG Telecom Ltd. | 239 | ||||||
357 | Transurban Group | 3,118 | ||||||
117 | Treasury Wine Estates Ltd. | 1,673 | ||||||
520 | Vicinity Centres REIT | 956 | ||||||
95 | Vocus Group Ltd. | 174 | ||||||
180 | Wesfarmers Ltd. | 5,927 | ||||||
304 | Westfield Corp. REIT | 2,106 | ||||||
541 | Westpac Banking Corp. | 11,652 | ||||||
108 | Whitehaven Coal Ltd. | 373 | ||||||
151 | Woodside Petroleum Ltd. | 3,659 | ||||||
205 | Woolworths Group Ltd. | 4,301 | ||||||
35 | WorleyParsons Ltd. | 427 | ||||||
|
| |||||||
167,569 | ||||||||
|
| |||||||
Austria—0.3% | ||||||||
9 | ams AG | 744 | ||||||
11 | ANDRITZ AG | 591 | ||||||
46 | Erste Group Bank AG | 2,248 | ||||||
22 | OMV AG | 1,363 | ||||||
20 | Raiffeisen Bank International AG(a) | 673 | ||||||
22 | Telekom Austria AG, Class A | 210 | ||||||
6 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 195 | ||||||
18 | voestalpine AG | 947 | ||||||
|
| |||||||
6,971 | ||||||||
|
| |||||||
Belgium—1.0% | ||||||||
4 | Ackermans & van Haaren NV | 721 | ||||||
31 | Ageas | 1,658 | ||||||
117 | Anheuser-Busch InBev SA/NV | 11,590 | ||||||
16 | bpost SA | 348 | ||||||
10 | Colruyt SA | 563 | ||||||
11 | Groupe Bruxelles Lambert SA | 1,257 | ||||||
43 | KBC Group NV | 3,749 | ||||||
22 | Proximus SADP | 672 | ||||||
2 | Sofina SA | 348 | ||||||
11 | Solvay SA | 1,530 | ||||||
8 | Telenet Group Holding NV(a) | 467 | ||||||
19 | UCB SA | 1,432 | ||||||
33 | Umicore SA | 1,836 | ||||||
|
| |||||||
26,171 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Chile—0.0% | ||||||||
55 | Antofagasta PLC | $ | 732 | |||||
|
| |||||||
China—0.4% | ||||||||
110 | AAC Technologies Holdings, Inc. | 1,579 | ||||||
569 | BOC Hong Kong (Holdings) Ltd. | 2,939 | ||||||
424 | China Mengniu Dairy Co. Ltd. | 1,370 | ||||||
398 | China Travel International Investment Hong Kong Ltd. | 149 | ||||||
455 | FIH Mobile Ltd. | 78 | ||||||
369 | Guotai Junan International Holdings Ltd. | 110 | ||||||
109 | Minth Group Ltd. | 518 | ||||||
129 | Nexteer Automotive Group Ltd. | 199 | ||||||
444 | Semiconductor Manufacturing International Corp.(a) | 576 | ||||||
567 | Shougang Fushan Resources Group Ltd. | 139 | ||||||
546 | Shui On Land Ltd. | 147 | ||||||
295 | Tingyi Cayman Islands Holding Corp. | 559 | ||||||
162 | Towngas China Co. Ltd. | 144 | ||||||
182 | Uni-President China Holdings Ltd. | 172 | ||||||
874 | Want Want China Holdings Ltd. | 772 | ||||||
495 | Xinyi Solar Holdings Ltd. | 225 | ||||||
|
| |||||||
9,676 | ||||||||
|
| |||||||
Denmark—1.5% | ||||||||
1 | AP Moller—Maersk A/S, Class A | 1,530 | ||||||
1 | AP Moller—Maersk A/S, Class B | 1,602 | ||||||
17 | Carlsberg A/S, Class B | 1,902 | ||||||
14 | Chr. Hansen Holding A/S | 1,270 | ||||||
21 | Coloplast A/S, Class B | 1,780 | ||||||
106 | Danske Bank A/S | 3,695 | ||||||
29 | DSV A/S | 2,297 | ||||||
9 | Genmab A/S(a) | 1,821 | ||||||
9 | H. Lundbeck A/S | 524 | ||||||
29 | ISS A/S | 1,013 | ||||||
11 | Jyske Bank A/S | 660 | ||||||
270 | Novo Nordisk A/S, Class B | 12,683 | ||||||
34 | Novozymes A/S, Class B | 1,604 | ||||||
26 | Orsted A/S(b) | 1,711 | ||||||
17 | Pandora A/S | 1,890 | ||||||
1 | Rockwool International A/S, Class B | 301 | ||||||
17 | Tryg A/S | 403 | ||||||
33 | Vestas Wind Systems A/S | 2,133 | ||||||
18 | William Demant Holding A/S(a) | 701 | ||||||
|
| |||||||
39,520 | ||||||||
|
| |||||||
Finland—1.0% | ||||||||
23 | Elisa Oyj | 1,020 | ||||||
68 | Fortum Oyj | 1,567 | ||||||
17 | Huhtamaki Oyj | 693 | ||||||
11 | Kesko Oyj, Class B | 646 | ||||||
60 | Kone Oyj, Class B | 2,981 | ||||||
17 | Metso Oyj | 606 | ||||||
20 | Neste Oyj | 1,682 | ||||||
827 | Nokia Oyj | 4,992 | ||||||
21 | Nokian Renkaat Oyj | 840 | ||||||
16 | Orion Oyj, Class B | 486 | ||||||
74 | Sampo Oyj, Class A | 3,982 | ||||||
75 | Stora Enso Oyj, Class R | 1,482 | ||||||
85 | UPM-Kymmene Oyj | 3,034 | ||||||
75 | Wartsila Oyj Abp | 1,591 | ||||||
|
| |||||||
25,602 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France—9.7% | ||||||||
31 | Accor SA | $ | 1,752 | |||||
5 | Aeroports de Paris | 1,098 | ||||||
34 | Air France-KLM(a) | 332 | ||||||
67 | Air Liquide SA | 8,709 | ||||||
87 | Airbus SE | 10,197 | ||||||
13 | ALD SA(a)(b) | 220 | ||||||
24 | Alstom SA | 1,089 | ||||||
8 | Amundi SA(b) | 679 | ||||||
11 | Arkema SA | 1,439 | ||||||
14 | Atos SE | 1,887 | ||||||
300 | AXA SA | 8,580 | ||||||
6 | bioMerieux | 474 | ||||||
171 | BNP Paribas SA | 13,186 | ||||||
155 | Bollore SA | 769 | ||||||
32 | Bouygues SA | 1,626 | ||||||
40 | Bureau Veritas SA | 1,043 | ||||||
25 | Capgemini SE | 3,433 | ||||||
87 | Carrefour SA | 1,781 | ||||||
9 | Casino Guichard Perrachon SA | 466 | ||||||
79 | Cie de Saint-Gobain | 4,128 | ||||||
28 | CIE Generale des Etablissements Michelin SCA | 3,931 | ||||||
9 | CIE Plastic Omnium SA | 432 | ||||||
25 | CNP Assurances | 640 | ||||||
181 | Credit Agricole SA | 2,975 | ||||||
93 | Danone SA | 7,501 | ||||||
20 | Dassault Systemes SE | 2,584 | ||||||
37 | Edenred | 1,271 | ||||||
12 | Eiffage SA | 1,426 | ||||||
76 | Electricite de France SA | 1,063 | ||||||
21 | Elior Group(b) | 429 | ||||||
30 | Elis SA | 717 | ||||||
261 | Engie SA | 4,577 | ||||||
32 | Essilor International Cie Generale d’Optique SA | 4,357 | ||||||
7 | Eurazeo SA | 613 | ||||||
27 | Eutelsat Communications SA | 584 | ||||||
12 | Faurecia SA | 979 | ||||||
6 | Fonciere des Regions REIT | 671 | ||||||
7 | Gecina SA REIT | 1,210 | ||||||
72 | Getlink SE | 1,017 | ||||||
5 | Hermes International | 3,232 | ||||||
6 | ICADE REIT | 595 | ||||||
4 | Iliad SA | 800 | ||||||
6 | Imerys SA | 546 | ||||||
9 | Ingenico Group SA | 787 | ||||||
6 | Ipsen SA | 972 | ||||||
11 | JCDecaux SA | 393 | ||||||
12 | Kering SA | 6,926 | ||||||
33 | Klepierre SA REIT | 1,349 | ||||||
18 | Lagardere SCA | 515 | ||||||
42 | Legrand SA | 3,259 | ||||||
38 | L’Oreal SA | 9,105 | ||||||
39 | LVMH Moet Hennessy Louis Vuitton SE | 13,582 | ||||||
133 | Natixis SA | 1,088 | ||||||
304 | Orange SA | 5,529 | ||||||
7 | Orpea | 897 | ||||||
34 | Pernod Ricard SA | 5,642 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | �� | |||||||
70 | Peugeot SA | $ | 1,723 | |||||
33 | Publicis Groupe SA | 2,468 | ||||||
4 | Remy Cointreau SA | 550 | ||||||
29 | Renault SA | 3,139 | ||||||
48 | Rexel SA | 743 | ||||||
12 | Rubis SCA | 931 | ||||||
47 | Safran SA | 5,515 | ||||||
174 | Sanofi | 13,741 | ||||||
4 | Sartorius Stedim Biotech | 372 | ||||||
84 | Schneider Electric SE | 7,592 | ||||||
25 | SCOR SE | 1,015 | ||||||
4 | SEB SA | 766 | ||||||
4 | Societe BIC SA | 408 | ||||||
116 | Societe Generale SA | 6,357 | ||||||
14 | Sodexo SA | 1,384 | ||||||
58 | Suez | 838 | ||||||
9 | Teleperformance | 1,443 | ||||||
16 | Thales SA | 2,025 | ||||||
357 | Total SA | 22,430 | ||||||
14 | Ubisoft Entertainment SA(a) | 1,335 | ||||||
16 | Unibail-Rodamco SE REIT | 3,832 | ||||||
38 | Valeo SA | 2,530 | ||||||
78 | Veolia Environnement SA | 1,848 | ||||||
75 | Vinci SA | 7,493 | ||||||
169 | Vivendi SA | 4,460 | ||||||
5 | Wendel SA | 753 | ||||||
6 | Worldline SA(a)(b) | 302 | ||||||
|
| |||||||
251,075 | ||||||||
|
| |||||||
Germany—8.9% | ||||||||
7 | 1&1 Drillisch AG | 508 | ||||||
32 | adidas AG | 7,872 | ||||||
69 | Allianz SE | 16,331 | ||||||
7 | Axel Springer SE | 573 | ||||||
145 | BASF SE | 15,072 | ||||||
131 | Bayer AG | 15,690 | ||||||
51 | Bayerische Motoren Werke AG | 5,698 | ||||||
9 | Bayerische Motoren Werke AG (Preference Shares) | 871 | ||||||
16 | Beiersdorf AG | 1,814 | ||||||
25 | Brenntag AG | 1,431 | ||||||
4 | Carl Zeiss Meditec AG | 271 | ||||||
26 | Ceconomy AG | 291 | ||||||
165 | Commerzbank AG(a) | 2,129 | ||||||
17 | Continental AG | 4,543 | ||||||
24 | Covestro AG(b) | 2,182 | ||||||
153 | Daimler AG | 12,067 | ||||||
17 | Delivery Hero AG(a)(b) | 812 | ||||||
295 | Deutsche Bank AG | 4,043 | ||||||
30 | Deutsche Boerse AG | 4,038 | ||||||
37 | Deutsche Lufthansa AG | 1,079 | ||||||
154 | Deutsche Post AG | 6,709 | ||||||
512 | Deutsche Telekom AG | 8,957 | ||||||
56 | Deutsche Wohnen AG-BR | 2,646 | ||||||
327 | E.ON SE | 3,578 | ||||||
24 | Evonik Industries AG | 854 | ||||||
4 | Fielmann AG | 329 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
6 | Fraport AG Frankfurt Airport Services Worldwide | $ | 581 | |||||
33 | Fresenius Medical Care AG & Co. KGaA | 3,360 | ||||||
64 | Fresenius SE & Co. KGaA | 4,889 | ||||||
5 | FUCHS PETROLUB SE | 257 | ||||||
11 | FUCHS PETROLUB SE (Preference Shares) | 591 | ||||||
26 | GEA Group AG | 1,017 | ||||||
10 | Hannover Rueck SE | 1,406 | ||||||
6 | Hapag-Lloyd AG(a)(b) | 258 | ||||||
23 | HeidelbergCement AG | 2,256 | ||||||
7 | Hella GmbH & Co. KGaA | 432 | ||||||
18 | Henkel AG & Co. KGaA | 2,148 | ||||||
28 | Henkel AG & Co. KGaA (Preference Shares) | 3,566 | ||||||
3 | HOCHTIEF AG | 548 | ||||||
10 | HUGO BOSS AG | 938 | ||||||
179 | Infineon Technologies AG | 4,587 | ||||||
20 | Innogy SE(b) | 883 | ||||||
30 | K+S AG | 883 | ||||||
11 | KION Group AG | 918 | ||||||
15 | LANXESS AG | 1,111 | ||||||
10 | LEG Immobilien AG | 1,151 | ||||||
29 | Linde AG(a) | 6,449 | ||||||
6 | MAN SE | 692 | ||||||
20 | Merck KGaA | 1,959 | ||||||
26 | METRO AG | 377 | ||||||
8 | MTU Aero Engines AG | 1,377 | ||||||
22 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 5,044 | ||||||
15 | OSRAM Licht AG | 863 | ||||||
24 | Porsche Automobil Holding SE (Preference Shares) | 2,047 | ||||||
36 | ProSiebenSat.1 Media SE | 1,309 | ||||||
1 | Puma SE | 488 | ||||||
1 | Rational AG | 626 | ||||||
7 | Rheinmetall AG | 916 | ||||||
77 | RWE AG | 1,849 | ||||||
6 | RWE AG (Preference Shares) | 122 | ||||||
144 | SAP SE | 16,058 | ||||||
5 | Sartorius AG (Preference Shares) | 772 | ||||||
121 | Siemens AG | 15,400 | ||||||
21 | Siemens Healthineers AG(a)(b) | 819 | ||||||
4 | STADA Arzneimittel AG | 404 | ||||||
12 | Suedzucker AG | 200 | ||||||
19 | Symrise AG | 1,535 | ||||||
6 | Talanx AG | 271 | ||||||
106 | Telefonica Deutschland Holding AG | 507 | ||||||
74 | thyssenkrupp AG | 1,931 | ||||||
69 | TUI AG | 1,557 | ||||||
31 | Uniper SE | 960 | ||||||
18 | United Internet AG | 1,165 | ||||||
5 | Volkswagen AG | 1,023 | ||||||
29 | Volkswagen AG (Preference Shares) | 6,008 | ||||||
77 | Vonovia SE | 3,864 | ||||||
2 | Wacker Chemie AG | 360 | ||||||
18 | Wirecard AG | 2,448 | ||||||
17 | Zalando SE(a)(b) | 875 | ||||||
|
| |||||||
232,443 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong—3.1% | ||||||||
1,855 | AIA Group Ltd. | $ | 16,563 | |||||
43 | ASM Pacific Technology Ltd. | 587 | ||||||
188 | Bank of East Asia Ltd. (The) | 825 | ||||||
462 | Brightoil Petroleum Holdings Ltd.(a)(c) | 71 | ||||||
53 | Cafe de Coral Holdings Ltd. | 130 | ||||||
125 | Cathay Pacific Airways Ltd. | 200 | ||||||
309 | Champion REIT | 218 | ||||||
742 | China Oceanwide Holdings Ltd.(a) | 40 | ||||||
169 | Chow Tai Fook Jewellery Group Ltd. | 218 | ||||||
427 | CK Asset Holdings Ltd. | 3,681 | ||||||
425 | CK Hutchison Holdings Ltd. | 5,020 | ||||||
98 | CK Infrastructure Holdings Ltd. | 773 | ||||||
261 | CLP Holdings Ltd. | 2,702 | ||||||
58 | Dah Sing Banking Group Ltd. | 138 | ||||||
23 | Dah Sing Financial Holdings Ltd. | 154 | ||||||
47 | Dairy Farm International Holdings Ltd. | 396 | ||||||
295 | Esprit Holdings Ltd.(a) | 102 | ||||||
369 | First Pacific Co. Ltd. | 189 | ||||||
335 | Galaxy Entertainment Group Ltd. | 2,931 | ||||||
43 | Great Eagle Holdings Ltd. | 217 | ||||||
355 | Haitong International Securities Group Ltd. | 207 | ||||||
138 | Hang Lung Group Ltd. | 417 | ||||||
321 | Hang Lung Properties Ltd. | 758 | ||||||
115 | Hang Seng Bank Ltd. | 2,909 | ||||||
170 | Henderson Land Development Co. Ltd. | 1,077 | ||||||
1,294 | Hong Kong & China Gas Co. Ltd. | 2,703 | ||||||
194 | Hong Kong Exchanges & Clearing Ltd. | 6,289 | ||||||
185 | Hongkong Land Holdings Ltd. | 1,341 | ||||||
90 | Hopewell Holdings Ltd. | 321 | ||||||
802 | Hutchison Port Holdings Trust | 268 | ||||||
98 | Hysan Development Co. Ltd. | 571 | ||||||
33 | Jardine Matheson Holdings Ltd. | 2,004 | ||||||
29 | Jardine Strategic Holdings Ltd. | 1,097 | ||||||
54 | Johnson Electric Holdings Ltd. | 188 | ||||||
87 | Kerry Logistics Network Ltd. | 133 | ||||||
94 | Kerry Properties Ltd. | 449 | ||||||
917 | Li & Fung Ltd. | 462 | ||||||
71 | Lifestyle International Holdings Ltd. | 133 | ||||||
351 | Link REIT | 3,101 | ||||||
126 | Melco International Development Ltd. | 467 | ||||||
222 | MTR Corp. Ltd. | 1,247 | ||||||
872 | New World Development Co. Ltd. | 1,280 | ||||||
221 | NWS Holdings Ltd. | 435 | ||||||
31 | Orient Overseas International Ltd. | 295 | ||||||
659 | PCCW Ltd. | 408 | ||||||
207 | Power Assets Holdings Ltd. | 1,537 | ||||||
164 | Sa Sa International Holdings Ltd. | 102 | ||||||
175 | Shangri-La Asia Ltd. | 341 | ||||||
293 | Shun Tak Holdings Ltd. | 121 | ||||||
470 | Sino Land Co. Ltd. | 813 | ||||||
296 | SJM Holdings Ltd. | 296 | ||||||
348 | Sun Art Retail Group Ltd. | 391 | ||||||
225 | Sun Hung Kai Properties Ltd. | 3,612 | ||||||
80 | Swire Pacific Ltd., Class A | 792 | ||||||
146 | Swire Pacific Ltd., Class B | 246 | ||||||
167 | Swire Properties Ltd. | 593 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
198 | Techtronic Industries Co. Ltd. | $ | 1,158 | |||||
46 | Television Broadcasts Ltd. | 146 | ||||||
25 | VTech Holdings Ltd. | 305 | ||||||
1,328 | WH Group Ltd.(b) | 1,377 | ||||||
193 | Wharf Holdings Ltd. (The) | 643 | ||||||
193 | Wharf Real Estate Investment Co. Ltd. | 1,451 | ||||||
130 | Wheelock & Co. Ltd. | 965 | ||||||
317 | Xinyi Glass Holdings Ltd. | 458 | ||||||
114 | Yue Yuen Industrial Holdings Ltd. | 325 | ||||||
|
| |||||||
79,387 | ||||||||
|
| |||||||
Indonesia—0.0% | ||||||||
1,011 | Golden Agri-Resources Ltd. | 263 | ||||||
|
| |||||||
Ireland—0.6% | ||||||||
108 | Aib Group PLC | 642 | ||||||
146 | Bank of Ireland Group PLC | 1,310 | ||||||
133 | CRH PLC | 4,718 | ||||||
31 | Glanbia PLC | 523 | ||||||
70 | James Hardie Industries PLC | 1,243 | ||||||
23 | Kerry Group PLC, Class A | 2,341 | ||||||
24 | Kingspan Group PLC | 1,085 | ||||||
13 | Paddy Power Betfair PLC | 1,281 | ||||||
38 | Smurfit Kappa Group PLC | 1,620 | ||||||
|
| |||||||
14,763 | ||||||||
|
| |||||||
Israel—0.5% | ||||||||
10 | Airport City Ltd.(a) | 114 | ||||||
16 | Alony Hetz Properties & Investments Ltd. | 142 | ||||||
18 | Amot Investments Ltd. | 89 | ||||||
5 | Azrieli Group Ltd. | 229 | ||||||
163 | Bank Hapoalim BM | 1,113 | ||||||
228 | Bank Leumi Le-Israel BM | 1,344 | ||||||
324 | Bezeq The Israeli Telecommunication Corp. Ltd. | 408 | ||||||
1 | Delek Group Ltd. | 149 | ||||||
4 | Elbit Systems Ltd. | 461 | ||||||
8 | First International Bank of Israel Ltd. | 165 | ||||||
6 | Frutarom Industries Ltd. | 573 | ||||||
15 | Gazit-Globe Ltd. | 142 | ||||||
18 | Harel Insurance Investments & Financial Services Ltd. | 131 | ||||||
115 | Israel Chemicals Ltd. | 515 | ||||||
1 | Israel Corp. Ltd. (The) | 195 | ||||||
185 | Israel Discount Bank Ltd., Class A(a) | 512 | ||||||
7 | Mazor Robotics Ltd.(a) | 187 | ||||||
2 | Melisron Ltd. | 82 | ||||||
87 | Migdal Insurance & Financial Holding Ltd.(a) | 85 | ||||||
20 | Mizrahi Tefahot Bank Ltd. | 366 | ||||||
10 | Nice Ltd.(a) | 950 | ||||||
237 | Oil Refineries Ltd. | 103 | ||||||
1 | Paz Oil Co. Ltd. | 145 | ||||||
20 | Phoenix Holdings Ltd. (The)(a) | 103 | ||||||
43 | Shikun & Binui Ltd. | 73 | ||||||
17 | Shufersal Ltd. | 98 | ||||||
3 | SodaStream International Ltd.(a) | 284 | ||||||
6 | Strauss Group Ltd. | 123 | ||||||
145 | Teva Pharmaceutical Industries Ltd. | 2,614 | ||||||
15 | Tower Semiconductor Ltd.(a) | 391 | ||||||
|
| |||||||
11,886 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy—2.3% | ||||||||
245 | A2A SpA | $ | 492 | |||||
208 | Assicurazioni Generali SpA | 4,196 | ||||||
84 | Atlantia SpA | 2,779 | ||||||
40 | Banca Mediolanum SpA | 321 | ||||||
241 | Banco Bpm SpA(a) | 875 | ||||||
11 | Buzzi Unicem SpA | 278 | ||||||
10 | Buzzi Unicem SpA-RSP | 143 | ||||||
90 | Davide Campari-Milano SpA | 675 | ||||||
1,234 | Enel SpA | 7,820 | ||||||
397 | Eni SpA | 7,751 | ||||||
20 | Ferrari NV | 2,458 | ||||||
62 | Finecobank Banca Fineco SpA | 738 | ||||||
2,144 | Intesa Sanpaolo SpA | 8,155 | ||||||
148 | Intesa Sanpaolo SpA-RSP | 587 | ||||||
78 | Italgas SpA | 504 | ||||||
61 | Leonardo SpA | 704 | ||||||
25 | Luxottica Group SpA | 1,561 | ||||||
55 | Mediaset SpA(a) | 218 | ||||||
92 | Mediobanca Banca di Credito Finanziario SpA | 1,117 | ||||||
26 | Moncler SpA | 1,173 | ||||||
30 | Parmalat SpA | 109 | ||||||
55 | Pirelli & C SpA(a)(b) | 477 | ||||||
73 | Poste Italiane SpA(b) | 713 | ||||||
81 | Prada SpA | 408 | ||||||
34 | Prysmian SpA | 999 | ||||||
16 | Recordati SpA | 572 | ||||||
91 | Saipem SpA(a) | 348 | ||||||
7 | Salvatore Ferragamo SpA | 207 | ||||||
375 | Snam SpA | 1,799 | ||||||
1,811 | Telecom Italia SpA(a) | 1,784 | ||||||
957 | Telecom Italia SpA/Milano-RSP | 822 | ||||||
224 | Terna Rete Elettrica Nazionale SpA | 1,343 | ||||||
353 | Unicredit SpA | 7,642 | ||||||
156 | Unione di Banche Italiane SpA | 803 | ||||||
149 | UnipolSai Assicurazioni SpA | 401 | ||||||
|
| |||||||
60,972 | ||||||||
|
| |||||||
Japan—24.1% | ||||||||
11 | 77 Bank Ltd. (The) | 272 | ||||||
4 | ABC-Mart, Inc. | 264 | ||||||
60 | Acom Co. Ltd. | 272 | ||||||
28 | Advantest Corp. | 659 | ||||||
110 | Aeon Co. Ltd. | 2,194 | ||||||
18 | AEON Financial Service Co. Ltd. | 422 | ||||||
19 | Aeon Mall Co. Ltd. | 382 | ||||||
8 | Aica Kogyo Co. Ltd. | 300 | ||||||
46 | Aiful Corp.(a) | 155 | ||||||
3 | Ain Holdings, Inc. | 199 | ||||||
24 | Air Water, Inc. | 464 | ||||||
28 | Aisin Seiki Co. Ltd. | 1,520 | ||||||
80 | Ajinomoto Co., Inc. | 1,464 | ||||||
28 | Alfresa Holdings Corp. | 618 | ||||||
30 | Alps Electric Co. Ltd. | 666 | ||||||
52 | Amada Holdings Co. Ltd. | 626 | ||||||
18 | ANA Holdings, Inc. | 713 | ||||||
7 | Aoyama Trading Co. Ltd. | 269 | ||||||
18 | Aozora Bank Ltd. | 728 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
14 | Aplus Financial Co. Ltd.(a) | $ | 15 | |||||
3 | Ariake Japan Co. Ltd. | 258 | ||||||
30 | Asahi Glass Co. Ltd. | 1,245 | ||||||
60 | Asahi Group Holdings Ltd. | 3,035 | ||||||
16 | Asahi Intecc Co. Ltd. | 557 | ||||||
197 | Asahi Kasei Corp. | 2,714 | ||||||
28 | Asics Corp. | 527 | ||||||
3 | ASKUL Corp. | 94 | ||||||
319 | Astellas Pharma, Inc. | 4,670 | ||||||
10 | Autobacs Seven Co. Ltd. | 189 | ||||||
30 | Awa Bank Ltd. (The) | 195 | ||||||
10 | Azbil Corp. | 466 | ||||||
31 | Bandai Namco Holdings, Inc. | 1,050 | ||||||
11 | Bank of Kyoto Ltd. (The) | 661 | ||||||
11 | Benesse Holdings, Inc. | 401 | ||||||
24 | Bic Camera, Inc. | 392 | ||||||
99 | Bridgestone Corp. | 4,126 | ||||||
37 | Brother Industries Ltd. | 793 | ||||||
12 | Calbee, Inc. | 405 | ||||||
7 | Canon Marketing Japan, Inc. | 152 | ||||||
163 | Canon, Inc. | 5,646 | ||||||
14 | Capcom Co. Ltd. | 267 | ||||||
34 | Casio Computer Co. Ltd. | 506 | ||||||
29 | Central Japan Railway Co. | 5,823 | ||||||
104 | Chiba Bank Ltd. (The) | 837 | ||||||
24 | Chiyoda Corp. | 247 | ||||||
111 | Chubu Electric Power Co., Inc. | 1,738 | ||||||
34 | Chugai Pharmaceutical Co. Ltd. | 1,796 | ||||||
27 | Chugoku Bank Ltd. (The) | 314 | ||||||
46 | Chugoku Electric Power Co., Inc. (The) | 575 | ||||||
3 | Ci:z Holdings Co. Ltd. | 144 | ||||||
43 | Citizen Watch Co. Ltd. | 320 | ||||||
19 | Coca-Cola Bottlers Japan Holdings, Inc. | 817 | ||||||
7 | Colopl, Inc. | 53 | ||||||
16 | COMSYS Holdings Corp. | 446 | ||||||
188 | Concordia Financial Group Ltd. | 1,094 | ||||||
10 | Cosmo Energy Holdings Co. Ltd. | 327 | ||||||
1 | Cosmos Pharmaceutical Corp. | 225 | ||||||
25 | Credit Saison Co. Ltd. | 448 | ||||||
15 | �� | CyberAgent, Inc. | 821 | |||||
47 | Dai Nippon Printing Co. Ltd. | 1,010 | ||||||
47 | Daicel Corp. | 543 | ||||||
6 | Daido Steel Co. Ltd. | 325 | ||||||
15 | Daifuku Co. Ltd. | 806 | ||||||
180 | Dai-ichi Life Holdings, Inc. | 3,565 | ||||||
103 | Daiichi Sankyo Co. Ltd. | 3,521 | ||||||
7 | Daiichikosho Co. Ltd. | 367 | ||||||
42 | Daikin Industries Ltd. | 4,909 | ||||||
5 | Daikyo, Inc. | 109 | ||||||
5 | Daishi Bank Ltd. (The) | 224 | ||||||
11 | Daito Trust Construction Co. Ltd. | 1,849 | ||||||
103 | Daiwa House Industry Co. Ltd. | 3,775 | ||||||
255 | Daiwa Securities Group, Inc. | 1,566 | ||||||
17 | DeNA Co. Ltd. | 324 | ||||||
14 | Denka Co. Ltd. | 500 | ||||||
77 | Denso Corp. | 4,050 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
35 | Dentsu, Inc. | $ | 1,652 | |||||
13 | DIC Corp. | 442 | ||||||
4 | Disco Corp. | 705 | ||||||
16 | DMG Mori Co. Ltd. | 299 | ||||||
19 | Don Quijote Holdings Co. Ltd. | 1,022 | ||||||
7 | Dowa Holdings Co. Ltd. | 264 | ||||||
58 | East Japan Railway Co. | 5,560 | ||||||
16 | Ebara Corp. | 613 | ||||||
42 | Eisai Co. Ltd. | 2,807 | ||||||
26 | Electric Power Development Co. Ltd. | 705 | ||||||
5 | Exedy Corp. | 170 | ||||||
8 | Ezaki Glico Co. Ltd. | 431 | ||||||
13 | Familymart UNY Holdings Co. Ltd. | 1,263 | ||||||
31 | FANUC Corp. | 6,675 | ||||||
8 | Fast Retailing Co. Ltd. | 3,519 | ||||||
4 | FP Corp. | 247 | ||||||
91 | Fuji Electric Co. Ltd. | 651 | ||||||
7 | Fuji Media Holdings, Inc. | 115 | ||||||
7 | Fuji Oil Holdings, Inc. | 225 | ||||||
61 | FUJIFILM Holdings Corp. | 2,456 | ||||||
43 | Fujikura Ltd. | 292 | ||||||
9 | Fujitsu General Ltd. | 146 | ||||||
307 | Fujitsu Ltd. | 1,857 | ||||||
116 | Fukuoka Financial Group, Inc. | 621 | ||||||
5 | Fukuyama Transporting Co. Ltd. | 208 | ||||||
10 | Furukawa Electric Co. Ltd. | 492 | ||||||
9 | Glory Ltd. | 310 | ||||||
3 | GMO Payment Gateway, Inc. | 297 | ||||||
15 | Gree, Inc. | 83 | ||||||
61 | GS Yuasa Corp. | 328 | ||||||
59 | GungHo Online Entertainment, Inc. | 177 | ||||||
68 | Gunma Bank Ltd. (The) | 398 | ||||||
14 | H2O Retailing Corp. | 262 | ||||||
65 | Hachijuni Bank Ltd. (The) | 344 | ||||||
38 | Hakuhodo DY Holdings, Inc. | 532 | ||||||
21 | Hamamatsu Photonics K.K. | 810 | ||||||
36 | Hankyu Hanshin Holdings, Inc. | 1,420 | ||||||
44 | Haseko Corp. | 694 | ||||||
8 | Heiwa Corp. | 159 | ||||||
4 | Hikari Tsushin, Inc. | 647 | ||||||
42 | Hino Motors Ltd. | 513 | ||||||
5 | Hirose Electric Co. Ltd. | 705 | ||||||
46 | Hiroshima Bank Ltd. (The) | 351 | ||||||
5 | HIS Co. Ltd. | 183 | ||||||
11 | Hisamitsu Pharmaceutical Co., Inc. | 857 | ||||||
7 | Hitachi Capital Corp. | 187 | ||||||
16 | Hitachi Chemical Co. Ltd. | 352 | ||||||
17 | Hitachi Construction Machinery Co. Ltd. | 616 | ||||||
10 | Hitachi High-Technologies Corp. | 465 | ||||||
733 | Hitachi Ltd. | 5,351 | ||||||
31 | Hitachi Metals Ltd. | 356 | ||||||
7 | Hitachi Transport System Ltd. | 187 | ||||||
28 | Hokkaido Electric Power Co., Inc. | 185 | ||||||
20 | Hokuhoku Financial Group, Inc. | 296 | ||||||
27 | Hokuriku Electric Power Co.(a) | 275 | ||||||
277 | Honda Motor Co. Ltd. | 9,505 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
6 | Horiba Ltd. | $ | 434 | |||||
8 | Hoshizaki Corp. | 742 | ||||||
12 | House Foods Group, Inc. | 423 | ||||||
57 | Hoya Corp. | 3,044 | ||||||
56 | Hulic Co. Ltd. | 602 | ||||||
17 | Ibiden Co. Ltd. | 281 | ||||||
32 | Ichigo, Inc. | 142 | ||||||
23 | Idemitsu Kosan Co. Ltd. | 901 | ||||||
21 | IHI Corp. | 689 | ||||||
22 | Iida Group Holdings Co. Ltd. | 430 | ||||||
145 | Inpex Corp. | 1,855 | ||||||
57 | Isetan Mitsukoshi Holdings Ltd. | 634 | ||||||
86 | Isuzu Motors Ltd. | 1,314 | ||||||
9 | Ito EN Ltd. | 359 | ||||||
224 | ITOCHU Corp. | 4,479 | ||||||
16 | ITOCHU Techno-Solutions Corp. | 331 | ||||||
21 | Itoham Yonekyu Holdings, Inc. | 191 | ||||||
43 | Iyo Bank Ltd. (The) | 339 | ||||||
6 | Izumi Co. Ltd. | 396 | ||||||
39 | J Front Retailing Co. Ltd. | 633 | ||||||
5 | JAFCO Co. Ltd. | 220 | ||||||
19 | Japan Airlines Co. Ltd. | 748 | ||||||
7 | Japan Airport Terminal Co. Ltd. | 287 | ||||||
7 | Japan Aviation Electronics Industry Ltd. | 120 | ||||||
56 | Japan Display, Inc.(a) | 74 | ||||||
85 | Japan Exchange Group, Inc. | 1,575 | ||||||
5 | Japan Petroleum Exploration Co. Ltd. | 130 | ||||||
65 | Japan Post Bank Co. Ltd. | 882 | ||||||
210 | Japan Post Holdings Co. Ltd. | 2,549 | ||||||
10 | Japan Post Insurance Co. Ltd. | 246 | ||||||
10 | Japan Steel Works Ltd. (The) | 326 | ||||||
190 | Japan Tobacco, Inc. | 5,099 | ||||||
82 | JFE Holdings, Inc. | 1,689 | ||||||
34 | JGC Corp. | 831 | ||||||
30 | JSR Corp. | 566 | ||||||
36 | JTEKT Corp. | 583 | ||||||
505 | JXTG Holdings, Inc. | 3,297 | ||||||
12 | Kagome Co. Ltd. | 433 | ||||||
145 | Kajima Corp. | 1,398 | ||||||
21 | Kakaku.com, Inc. | 400 | ||||||
5 | Kaken Pharmaceutical Co. Ltd. | 295 | ||||||
16 | Kamigumi Co. Ltd. | 360 | ||||||
16 | Kandenko Co. Ltd. | 189 | ||||||
46 | Kaneka Corp. | 453 | ||||||
115 | Kansai Electric Power Co., Inc. (The) | 1,604 | ||||||
31 | Kansai Paint Co. Ltd. | 696 | ||||||
76 | Kao Corp. | 5,456 | ||||||
23 | Kawasaki Heavy Industries Ltd. | 771 | ||||||
13 | Kawasaki Kisen Kaisha Ltd.(a) | 300 | ||||||
285 | KDDI Corp. | 7,649 | ||||||
15 | Keihan Holdings Co. Ltd. | 484 | ||||||
39 | Keikyu Corp. | 715 | ||||||
18 | Keio Corp. | 824 | ||||||
22 | Keisei Electric Railway Co. Ltd. | 718 | ||||||
37 | Keiyo Bank Ltd. (The) | 169 | ||||||
18 | Kewpie Corp. | 420 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
14 | Keyence Corp. | $ | 8,538 | |||||
28 | Kikkoman Corp. | 1,214 | ||||||
21 | Kinden Corp. | 365 | ||||||
28 | Kintetsu Group Holdings Co. Ltd. | 1,140 | ||||||
133 | Kirin Holdings Co. Ltd. | 3,725 | ||||||
5 | Kissei Pharmaceutical Co. Ltd. | 141 | ||||||
10 | Kobayashi Pharmaceutical Co. Ltd. | 841 | ||||||
47 | Kobe Steel Ltd. | 482 | ||||||
8 | Koei Tecmo Holdings Co. Ltd. | 165 | ||||||
18 | Koito Manufacturing Co. Ltd. | 1,209 | ||||||
13 | Kokuyo Co. Ltd. | 233 | ||||||
145 | Komatsu Ltd. | 4,949 | ||||||
4 | Komeri Co. Ltd. | 106 | ||||||
15 | Konami Holdings Corp. | 737 | ||||||
72 | Konica Minolta, Inc. | 617 | ||||||
5 | Kose Corp. | 923 | ||||||
26 | K’s Holdings Corp. | 375 | ||||||
177 | Kubota Corp. | 2,992 | ||||||
56 | Kuraray Co. Ltd. | 932 | ||||||
17 | Kurita Water Industries Ltd. | 552 | ||||||
2 | Kusuri NO Aoki Holdings Co. Ltd. | 137 | ||||||
49 | Kyocera Corp. | 3,134 | ||||||
7 | KYORIN Holdings, Inc. | 137 | ||||||
14 | Kyowa Exeo Corp. | 365 | ||||||
40 | Kyowa Hakko Kirin Co. Ltd. | 868 | ||||||
6 | Kyudenko Corp. | 279 | ||||||
73 | Kyushu Electric Power Co., Inc. | 902 | ||||||
61 | Kyushu Financial Group, Inc. | 300 | ||||||
25 | Kyushu Railway Co. | 799 | ||||||
8 | Lawson, Inc. | 529 | ||||||
38 | Leopalace21 Corp. | 330 | ||||||
6 | Line Corp.(a) | 217 | ||||||
8 | Lintec Corp. | 231 | ||||||
40 | Lion Corp. | 859 | ||||||
41 | LIXIL Group Corp. | 919 | ||||||
32 | M3, Inc. | 1,204 | ||||||
8 | Mabuchi Motor Co. Ltd. | 401 | ||||||
21 | Maeda Corp. | 259 | ||||||
9 | Maeda Road Construction Co. Ltd. | 194 | ||||||
39 | Makita Corp. | 1,747 | ||||||
248 | Marubeni Corp. | 1,866 | ||||||
33 | Marui Group Co. Ltd. | 684 | ||||||
10 | Maruichi Steel Tube Ltd. | 341 | ||||||
16 | Matsui Securities Co. Ltd. | 156 | ||||||
12 | Matsumotokiyoshi Holdings Co. Ltd. | 534 | ||||||
90 | Mazda Motor Corp. | 1,251 | ||||||
161 | Mebuki Financial Group, Inc. | 625 | ||||||
25 | Medipal Holdings Corp. | 537 | ||||||
7 | Megmilk Snow Brand Co. Ltd. | 210 | ||||||
21 | MEIJI Holdings Co. Ltd. | 1,685 | ||||||
67 | Minebea Mitsumi, Inc. | 1,343 | ||||||
8 | Miraca Holdings, Inc. | 310 | ||||||
44 | MISUMI Group, Inc. | 1,218 | ||||||
205 | Mitsubishi Chemical Holdings Corp. | 1,945 | ||||||
204 | Mitsubishi Corp. | 5,637 | ||||||
313 | Mitsubishi Electric Corp. | 4,807 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
187 | Mitsubishi Estate Co. Ltd. | $ | 3,422 | |||||
30 | Mitsubishi Gas Chemical Co., Inc. | 705 | ||||||
45 | Mitsubishi Heavy Industries Ltd. | 1,777 | ||||||
11 | Mitsubishi Logistics Corp. | 253 | ||||||
20 | Mitsubishi Materials Corp. | 610 | ||||||
99 | Mitsubishi Motors Corp. | 736 | ||||||
35 | Mitsubishi Tanabe Pharma Corp. | 664 | ||||||
2,025 | Mitsubishi UFJ Financial Group, Inc. | 13,568 | ||||||
69 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 440 | ||||||
266 | Mitsui & Co. Ltd. | 4,800 | ||||||
29 | Mitsui Chemicals, Inc. | 831 | ||||||
12 | Mitsui E&S Holdings Co. Ltd.(a) | 205 | ||||||
150 | Mitsui Fudosan Co. Ltd. | 3,842 | ||||||
9 | Mitsui Mining & Smelting Co. Ltd. | 383 | ||||||
17 | Mitsui OSK Lines Ltd. | 504 | ||||||
16 | Miura Co. Ltd. | 484 | ||||||
4,029 | Mizuho Financial Group, Inc. | 7,299 | ||||||
2 | Mochida Pharmaceutical Co. Ltd. | 141 | ||||||
9 | MonotaRO Co. Ltd. | 314 | ||||||
6 | Morinaga & Co. Ltd. | 292 | ||||||
6 | Morinaga Milk Industry Co. Ltd. | 264 | ||||||
79 | MS&AD Insurance Group Holdings, Inc. | 2,651 | ||||||
30 | Murata Manufacturing Co. Ltd. | 3,787 | ||||||
18 | Nabtesco Corp. | 651 | ||||||
17 | Nagase & Co. Ltd. | 291 | ||||||
29 | Nagoya Railroad Co. Ltd. | 760 | ||||||
17 | Nankai Electric Railway Co. Ltd. | 451 | ||||||
40 | NEC Corp. | 1,098 | ||||||
64 | Nexon Co. Ltd.(a) | 932 | ||||||
42 | NGK Insulators Ltd. | 769 | ||||||
30 | NGK Spark Plug Co. Ltd. | 773 | ||||||
16 | NH Foods Ltd. | 700 | ||||||
26 | NHK Spring Co. Ltd. | 286 | ||||||
17 | Nichirei Corp. | 492 | ||||||
37 | Nidec Corp. | 5,787 | ||||||
14 | Nifco, Inc. | 492 | ||||||
12 | Nihon Kohden Corp. | 343 | ||||||
20 | Nihon M&A Center, Inc. | 585 | ||||||
55 | Nikon Corp. | 959 | ||||||
17 | Nintendo Co. Ltd. | 7,163 | ||||||
8 | Nippo Corp. | 184 | ||||||
13 | Nippon Electric Glass Co. Ltd. | 375 | ||||||
12 | Nippon Express Co. Ltd. | 907 | ||||||
27 | Nippon Kayaku Co. Ltd. | 338 | ||||||
24 | Nippon Paint Holdings Co. Ltd. | 975 | ||||||
15 | Nippon Paper Industries Co. Ltd. | 287 | ||||||
8 | Nippon Shinyaku Co. Ltd. | 595 | ||||||
5 | Nippon Shokubai Co. Ltd. | 340 | ||||||
124 | Nippon Steel & Sumitomo Metal Corp. | 2,703 | ||||||
101 | Nippon Telegraph & Telephone Corp. | 4,804 | ||||||
8 | Nippon Television Holdings, Inc. | 140 | ||||||
25 | Nippon Yusen KK | 533 | ||||||
19 | Nipro Corp. | 274 | ||||||
25 | Nishi-Nippon Financial Holdings, Inc. | 300 | ||||||
12 | Nishi-Nippon Railroad Co. Ltd. | 333 | ||||||
22 | Nissan Chemical Industries Ltd. | 980 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
306 | Nissan Motor Co. Ltd. | $ | 3,215 | |||||
10 | Nissan Shatai Co. Ltd. | 107 | ||||||
41 | Nisshin Seifun Group, Inc. | 897 | ||||||
7 | Nisshin Steel Co. Ltd. | 93 | ||||||
20 | Nisshinbo Holdings, Inc. | 282 | ||||||
11 | Nissin Foods Holdings Co. Ltd. | 808 | ||||||
12 | Nitori Holdings Co. Ltd. | 2,017 | ||||||
24 | Nitto Denko Corp. | 1,781 | ||||||
2 | Noevir Holdings Co. Ltd. | 144 | ||||||
11 | NOF Corp. | 328 | ||||||
18 | NOK Corp. | 369 | ||||||
514 | Nomura Holdings, Inc. | 2,961 | ||||||
19 | Nomura Real Estate Holdings, Inc. | 472 | ||||||
17 | Nomura Research Institute Ltd. | 878 | ||||||
44 | North Pacific Bank Ltd. | 148 | ||||||
5 | NS Solutions Corp. | 145 | ||||||
72 | NSK Ltd. | 966 | ||||||
67 | NTN Corp. | 295 | ||||||
100 | NTT Data Corp. | 1,077 | ||||||
192 | NTT DoCoMo, Inc. | 4,974 | ||||||
17 | NTT Urban Development Corp. | 201 | ||||||
107 | Obayashi Corp. | 1,234 | ||||||
11 | OBIC Co. Ltd. | 919 | ||||||
48 | Odakyu Electric Railway Co. Ltd. | 1,036 | ||||||
139 | OJI Holdings Corp. | 978 | ||||||
5 | OKUMA Corp. | 286 | ||||||
45 | Olympus Corp. | 1,675 | ||||||
31 | OMRON Corp. | 1,676 | ||||||
70 | Ono Pharmaceutical Co. Ltd. | 1,621 | ||||||
5 | Open House Co. Ltd. | 277 | ||||||
5 | Oracle Corp. Japan | 410 | ||||||
90 | Orient Corp. | 139 | ||||||
30 | Oriental Land Co. Ltd. | 2,986 | ||||||
203 | ORIX Corp. | 3,565 | ||||||
62 | Osaka Gas Co. Ltd. | 1,334 | ||||||
11 | OSG Corp. | 244 | ||||||
16 | Otsuka Corp. | 744 | ||||||
66 | Otsuka Holdings Co. Ltd. | 3,448 | ||||||
5 | Paltac Corp. | 250 | ||||||
338 | Panasonic Corp. | 5,004 | ||||||
17 | Park24 Co. Ltd. | 482 | ||||||
44 | Penta-Ocean Construction Co. Ltd. | 348 | ||||||
13 | PeptiDream, Inc.(a) | 523 | ||||||
27 | Persol Holdings Co. Ltd. | 641 | ||||||
17 | Pigeon Corp. | 795 | ||||||
4 | Pilot Corp. | 218 | ||||||
12 | Pola Orbis Holdings, Inc. | 523 | ||||||
127 | Rakuten, Inc. | 901 | ||||||
190 | Recruit Holdings Co. Ltd. | 4,372 | ||||||
16 | Relo Group, Inc. | 357 | ||||||
76 | Renesas Electronics Corp.(a) | 796 | ||||||
33 | Rengo Co. Ltd. | 283 | ||||||
347 | Resona Holdings, Inc. | 1,974 | ||||||
10 | Resorttrust, Inc. | 206 | ||||||
108 | Ricoh Co. Ltd. | 1,054 | ||||||
6 | Rinnai Corp. | 596 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
14 | Rohm Co. Ltd. | $ | 1,282 | |||||
15 | Rohto Pharmaceutical Co. Ltd. | 438 | ||||||
4 | Ryohin Keikaku Co. Ltd. | 1,366 | ||||||
24 | San-In Godo Bank Ltd. (The) | 226 | ||||||
8 | Sankyo Co. Ltd. | 281 | ||||||
8 | Sankyu, Inc. | 388 | ||||||
9 | Sanrio Co. Ltd. | 165 | ||||||
57 | Santen Pharmaceutical Co. Ltd. | 958 | ||||||
31 | Sanwa Holdings Corp. | 399 | ||||||
10 | Sapporo Holdings Ltd. | 286 | ||||||
5 | Sawai Pharmaceutical Co. Ltd. | 217 | ||||||
32 | SBI Holdings, Inc. | 809 | ||||||
6 | SCREEN Holdings Co. Ltd. | 492 | ||||||
7 | SCSK Corp. | 299 | ||||||
31 | Secom Co. Ltd. | 2,324 | ||||||
31 | Sega Sammy Holdings, Inc. | 509 | ||||||
34 | Seibu Holdings, Inc. | 575 | ||||||
44 | Seiko Epson Corp. | 824 | ||||||
23 | Seino Holdings Co. Ltd. | 430 | ||||||
57 | Sekisui Chemical Co. Ltd. | 1,011 | ||||||
92 | Sekisui House Ltd. | 1,681 | ||||||
122 | Seven & i Holdings Co. Ltd. | 5,357 | ||||||
104 | Seven Bank Ltd. | 350 | ||||||
13 | SG Holdings Co. Ltd. | 290 | ||||||
23 | Sharp Corp. | 670 | ||||||
40 | Shiga Bank Ltd. (The) | 203 | ||||||
24 | Shikoku Electric Power Co., Inc. | 304 | ||||||
5 | Shima Seiki Manufacturing Ltd. | 317 | ||||||
7 | Shimachu Co. Ltd. | 226 | ||||||
43 | Shimadzu Corp. | 1,165 | ||||||
3 | Shimamura Co. Ltd. | 350 | ||||||
12 | Shimano, Inc. | 1,595 | ||||||
90 | Shimizu Corp. | 889 | ||||||
62 | Shin-Etsu Chemical Co. Ltd. | 6,168 | ||||||
26 | Shinsei Bank Ltd. | 404 | ||||||
46 | Shionogi & Co. Ltd. | 2,368 | ||||||
62 | Shiseido Co. Ltd. | 4,018 | ||||||
83 | Shizuoka Bank Ltd. (The) | 843 | ||||||
2 | Shochiku Co. Ltd. | 293 | ||||||
20 | Showa Denko K.K. | 668 | ||||||
30 | Showa Shell Sekiyu K.K. | 424 | ||||||
19 | SKY Perfect JSAT Holdings, Inc. | 86 | ||||||
30 | Skylark Co. Ltd. | 441 | ||||||
9 | SMC Corp. | 3,431 | ||||||
135 | SoftBank Group Corp. | 10,456 | ||||||
11 | Sohgo Security Services Co. Ltd. | 544 | ||||||
199 | Sojitz Corp. | 656 | ||||||
53 | Sompo Holdings, Inc. | 2,221 | ||||||
200 | Sony Corp. | 9,840 | ||||||
28 | Sony Financial Holdings, Inc. | 510 | ||||||
12 | Sotetsu Holdings, Inc. | 344 | ||||||
12 | Square Enix Holdings Co. Ltd. | 500 | ||||||
23 | Stanley Electric Co. Ltd. | 833 | ||||||
28 | Start Today Co. Ltd. | 809 | ||||||
97 | Subaru Corp. | 3,254 | ||||||
6 | Sugi Holdings Co. Ltd. | 348 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
34 | Sumco Corp. | $ | 827 | |||||
239 | Sumitomo Chemical Co. Ltd. | 1,372 | ||||||
178 | Sumitomo Corp. | 3,200 | ||||||
26 | Sumitomo Dainippon Pharma Co. Ltd. | 474 | ||||||
119 | Sumitomo Electric Industries Ltd. | 1,824 | ||||||
21 | Sumitomo Forestry Co. Ltd. | 349 | ||||||
18 | Sumitomo Heavy Industries Ltd. | 687 | ||||||
38 | Sumitomo Metal Mining Co. Ltd. | 1,618 | ||||||
207 | Sumitomo Mitsui Financial Group, Inc. | 8,583 | ||||||
59 | Sumitomo Mitsui Trust Holdings, Inc. | 2,505 | ||||||
59 | Sumitomo Osaka Cement Co. Ltd. | 270 | ||||||
69 | Sumitomo Realty & Development Co. Ltd. | 2,733 | ||||||
28 | Sumitomo Rubber Industries Ltd. | 501 | ||||||
10 | Sundrug Co. Ltd. | 513 | ||||||
20 | Suntory Beverage & Food Ltd. | 983 | ||||||
28 | Suruga Bank Ltd. | 381 | ||||||
13 | Suzuken Co. Ltd. | 560 | ||||||
65 | Suzuki Motor Corp. | 3,499 | ||||||
23 | Sysmex Corp. | 2,029 | ||||||
89 | T&D Holdings, Inc. | 1,507 | ||||||
18 | Tadano Ltd. | 277 | ||||||
19 | Taiheiyo Cement Corp. | 720 | ||||||
33 | Taisei Corp. | 1,777 | ||||||
7 | Taisho Pharmaceutical Holdings Co. Ltd. | 670 | ||||||
23 | Taiyo Nippon Sanso Corp. | 341 | ||||||
18 | Taiyo Yuden Co. Ltd. | 320 | ||||||
28 | Takara Holdings, Inc. | 337 | ||||||
47 | Takashimaya Co. Ltd. | 404 | ||||||
121 | Takeda Pharmaceutical Co. Ltd. | 5,082 | ||||||
19 | TDK Corp. | 1,618 | ||||||
28 | Teijin Ltd. | 527 | ||||||
49 | Terumo Corp. | 2,770 | ||||||
18 | THK Co. Ltd. | 630 | ||||||
13 | TIS, Inc. | 516 | ||||||
32 | Tobu Railway Co. Ltd. | 1,021 | ||||||
37 | Toda Corp. | 306 | ||||||
18 | Toho Co. Ltd. | 602 | ||||||
14 | Toho Gas Co. Ltd. | 425 | ||||||
75 | Tohoku Electric Power Co., Inc. | 967 | ||||||
31 | Tokai Carbon Co. Ltd. | 388 | ||||||
8 | Tokai Rika Co. Ltd. | 160 | ||||||
36 | Tokai Tokyo Financial Holdings, Inc. | 261 | ||||||
111 | Tokio Marine Holdings, Inc. | 5,231 | ||||||
11 | Tokuyama Corp. | 328 | ||||||
6 | Tokyo Broadcasting System Holdings, Inc. | 133 | ||||||
7 | Tokyo Century Corp. | 435 | ||||||
247 | Tokyo Electric Power Co. Holdings, Inc.(a) | 1,171 | ||||||
25 | Tokyo Electron Ltd. | 4,791 | ||||||
66 | Tokyo Gas Co. Ltd. | 1,768 | ||||||
33 | Tokyo Tatemono Co. Ltd. | 503 | ||||||
78 | Tokyu Corp. | 1,312 | ||||||
81 | Tokyu Fudosan Holdings Corp. | 636 | ||||||
17 | Topcon Corp. | 337 | ||||||
6 | Toppan Forms Co. Ltd. | 67 | ||||||
83 | Toppan Printing Co. Ltd. | 694 | ||||||
240 | Toray Industries, Inc. | 2,242 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
900 | Toshiba Corp.(a) | $ | 2,405 | |||||
45 | Tosoh Corp. | 799 | ||||||
23 | TOTO Ltd. | 1,300 | ||||||
25 | Toyo Seikan Group Holdings Ltd. | 394 | ||||||
14 | Toyo Suisan Kaisha Ltd. | 551 | ||||||
16 | Toyo Tire & Rubber Co. Ltd. | 273 | ||||||
14 | Toyobo Co. Ltd. | 273 | ||||||
12 | Toyoda Gosei Co. Ltd. | 304 | ||||||
10 | Toyota Boshoku Corp. | 210 | ||||||
25 | Toyota Industries Corp. | 1,478 | ||||||
401 | Toyota Motor Corp. | 26,241 | ||||||
35 | Toyota Tsusho Corp. | 1,257 | ||||||
18 | Trend Micro, Inc. | 1,079 | ||||||
8 | TS Tech Co. Ltd. | 324 | ||||||
10 | Tsumura & Co. | 364 | ||||||
6 | Tsuruha Holdings, Inc. | 861 | ||||||
17 | Ube Industries Ltd. | 519 | ||||||
8 | Ulvac, Inc. | 430 | ||||||
61 | Unicharm Corp. | 1,714 | ||||||
19 | Ushio, Inc. | 267 | ||||||
34 | USS Co. Ltd. | 715 | ||||||
10 | Wacoal Holdings Corp. | 303 | ||||||
8 | Welcia Holdings Co. Ltd. | 409 | ||||||
29 | West Japan Railway Co. | 2,054 | ||||||
207 | Yahoo! Japan Corp. | 851 | ||||||
19 | Yakult Honsha Co. Ltd. | 1,354 | ||||||
116 | Yamada Denki Co. Ltd. | 608 | ||||||
36 | Yamaguchi Financial Group, Inc. | 450 | ||||||
26 | Yamaha Corp. | 1,257 | ||||||
44 | Yamaha Motor Co. Ltd. | 1,401 | ||||||
56 | Yamato Holdings Co. Ltd. | 1,442 | ||||||
6 | Yamato Kogyo Co. Ltd. | 177 | ||||||
20 | Yamazaki Baking Co. Ltd. | 438 | ||||||
35 | Yaskawa Electric Corp. | 1,427 | ||||||
38 | Yokogawa Electric Corp. | 838 | ||||||
17 | Yokohama Rubber Co. Ltd. (The) | 400 | ||||||
8 | Zenkoku Hosho Co. Ltd. | 331 | ||||||
15 | Zensho Holdings Co. Ltd. | 348 | ||||||
23 | Zeon Corp. | 299 | ||||||
|
| |||||||
627,359 | ||||||||
|
| |||||||
Jersey Island—0.1% | ||||||||
15 | Randgold Resources Ltd. | 1,215 | ||||||
|
| |||||||
Jordan—0.0% | ||||||||
22 | Hikma Pharmaceuticals PLC | 388 | ||||||
|
| |||||||
Kazakhstan—0.0% | ||||||||
37 | KAZ Minerals PLC(a) | 468 | ||||||
|
| |||||||
Luxembourg—0.3% | ||||||||
95 | Arcelormittal(a) | 3,200 | ||||||
2 | Eurofins Scientific SE | 1,076 | ||||||
72 | L’Occitane International SA | 134 | ||||||
6 | RTL Group SA | 494 | ||||||
56 | SES SA FDR, Class A | 864 | ||||||
74 | Tenaris SA | 1,385 | ||||||
|
| |||||||
7,153 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Macau—0.1% | ||||||||
118 | MGM China Holdings Ltd. | $ | 323 | |||||
380 | Sands China Ltd. | 2,193 | ||||||
231 | Wynn Macau Ltd. | 854 | ||||||
|
| |||||||
3,370 | ||||||||
|
| |||||||
Mexico—0.0% | ||||||||
29 | Fresnillo PLC | 509 | ||||||
|
| |||||||
Netherlands—4.3% | ||||||||
15 | Aalberts Industries NV | 737 | ||||||
69 | ABN AMRO Group NV CVA(b) | 2,141 | ||||||
277 | Aegon NV | 2,025 | ||||||
40 | Akzo Nobel NV | 3,603 | ||||||
89 | Altice NV, Class A(a) | 850 | ||||||
13 | Altice NV, Class B(a) | 124 | ||||||
65 | ASML Holding NV | 12,292 | ||||||
22 | ASR Nederland NV | 1,038 | ||||||
13 | Boskalis Westminster NV | 384 | ||||||
17 | Exor NV | 1,257 | ||||||
13 | Gemalto NV | 783 | ||||||
8 | GrandVision NV(b) | 197 | ||||||
17 | Heineken Holding NV | 1,723 | ||||||
38 | Heineken NV | 3,998 | ||||||
617 | ING Groep NV | 10,356 | ||||||
196 | Koninklijke Ahold Delhaize NV | 4,727 | ||||||
28 | Koninklijke DSM NV | 2,891 | ||||||
489 | Koninklijke KPN NV | 1,517 | ||||||
146 | Koninklijke Philips NV | 6,166 | ||||||
10 | Koninklijke Vopak NV | 491 | ||||||
54 | NN Group NV | 2,578 | ||||||
15 | OCI NV(a) | 355 | ||||||
18 | Philips Lighting NV(b) | 547 | ||||||
19 | Randstad NV | 1,221 | ||||||
732 | Royal Dutch Shell PLC, Class A | 25,455 | ||||||
594 | Royal Dutch Shell PLC, Class B | 21,229 | ||||||
43 | Wolters Kluwer NV | 2,321 | ||||||
|
| |||||||
111,006 | ||||||||
|
| |||||||
New Zealand—0.2% | ||||||||
80 | Air New Zealand Ltd. | 184 | ||||||
147 | Auckland International Airport Ltd. | 658 | ||||||
114 | Contact Energy Ltd. | 431 | ||||||
89 | Fisher & Paykel Healthcare Corp. Ltd. | 796 | ||||||
110 | Fletcher Building Ltd. | 489 | ||||||
225 | Kiwi Property Group Ltd. | 217 | ||||||
108 | Mercury NZ Ltd. | 243 | ||||||
195 | Meridian Energy Ltd. | 404 | ||||||
65 | Ryman Healthcare Ltd. | 485 | ||||||
62 | Sky Network Television Ltd. | 100 | ||||||
106 | SKYCITY Entertainment Group Ltd. | 302 | ||||||
291 | Spark New Zealand Ltd. | 707 | ||||||
14 | Xero Ltd.(a) | 398 | ||||||
|
| |||||||
5,414 | ||||||||
|
| |||||||
Norway—0.6% | ||||||||
16 | AKER BP ASA | 525 | ||||||
171 | DNB ASA | 3,194 | ||||||
26 | Gjensidige Forsikring ASA | 412 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Norway (continued) | ||||||||
64 | Marine Harvest ASA | $ | 1,392 | |||||
212 | Norsk Hydro ASA | 1,316 | ||||||
123 | Orkla ASA | 1,139 | ||||||
13 | Schibsted ASA, Class A | 379 | ||||||
14 | Schibsted ASA, Class B | 376 | ||||||
153 | Statoil ASA | 3,925 | ||||||
108 | Telenor ASA | 2,392 | ||||||
28 | Yara International ASA | 1,177 | ||||||
|
| |||||||
16,227 | ||||||||
|
| |||||||
Portugal—0.1% | ||||||||
360 | EDP-Energias de Portugal SA | 1,338 | ||||||
82 | Galp Energia SGPS SA | 1,571 | ||||||
39 | Jeronimo Martins SGPS SA | 682 | ||||||
|
| |||||||
3,591 | ||||||||
|
| |||||||
Russia—0.0% | ||||||||
73 | Evraz PLC | 459 | ||||||
41 | Polymetal International PLC | 412 | ||||||
|
| |||||||
871 | ||||||||
|
| |||||||
Singapore—1.3% | ||||||||
377 | Ascendas Real Estate Investment Trust REIT | 757 | ||||||
33 | BOC Aviation Ltd.(b) | 193 | ||||||
319 | CapitaLand Commercial Trust Ltd. REIT | 437 | ||||||
399 | CapitaLand Ltd. | 1,127 | ||||||
366 | CapitaLand Mall Trust REIT | 579 | ||||||
74 | City Developments Ltd. | 706 | ||||||
325 | ComfortDelGro Corp. Ltd. | 553 | ||||||
284 | DBS Group Holdings Ltd. | 6,570 | ||||||
100 | Frasers Property Ltd. | 153 | ||||||
916 | Genting Singapore PLC | 812 | ||||||
16 | Jardine Cycle & Carriage Ltd. | 412 | ||||||
227 | Keppel Corp. Ltd. | 1,393 | ||||||
100 | M1 Ltd. | 137 | ||||||
519 | Oversea-Chinese Banking Corp. Ltd. | 5,364 | ||||||
100 | SATS Ltd. | 416 | ||||||
144 | Sembcorp Industries Ltd. | 335 | ||||||
129 | Sembcorp Marine Ltd. | 206 | ||||||
37 | SIA Engineering Co. Ltd. | 91 | ||||||
81 | Singapore Airlines Ltd. | 662 | ||||||
130 | Singapore Exchange Ltd. | 759 | ||||||
240 | Singapore Post Ltd. | 243 | ||||||
253 | Singapore Press Holdings Ltd. | 517 | ||||||
242 | Singapore Technologies Engineering Ltd. | 634 | ||||||
1,180 | Singapore Telecommunications Ltd. | 3,141 | ||||||
91 | StarHub Ltd. | 156 | ||||||
401 | Suntec Real Estate Investment Trust REIT | 590 | ||||||
203 | United Overseas Bank Ltd. | 4,592 | ||||||
75 | UOL Group Ltd. | 496 | ||||||
40 | Venture Corp. Ltd. | 627 | ||||||
308 | Wilmar International Ltd. | 755 | ||||||
100 | Wing Tai Holdings Ltd. | 153 | ||||||
|
| |||||||
33,566 | ||||||||
|
| |||||||
South Africa—0.1% | ||||||||
101 | Investec PLC | 802 | ||||||
62 | Mediclinic International PLC | 571 | ||||||
58 | Mondi PLC | 1,615 | ||||||
|
| |||||||
2,988 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea—5.1% | ||||||||
5 | Amorepacific Corp. | $ | 1,625 | |||||
2 | Amorepacific Corp. (Preference Shares) | 333 | ||||||
5 | AMOREPACIFIC Group | 666 | ||||||
1 | BGF Co. Ltd. | 12 | ||||||
1 | BGF Retail Co. Ltd. | 179 | ||||||
46 | BNK Financial Group, Inc. | 447 | ||||||
7 | Celltrion Healthcare Co. Ltd.(a) | 582 | ||||||
12 | Celltrion, Inc.(a) | 3,011 | ||||||
11 | Cheil Worldwide, Inc. | 196 | ||||||
1 | CJ CheilJedang Corp. | 320 | ||||||
1 | CJ CheilJedang Corp. (Preference Shares) | 127 | ||||||
2 | CJ Corp. | 303 | ||||||
1 | CJ Logistics Corp.(a) | 146 | ||||||
8 | Coway Co. Ltd. | 655 | ||||||
4 | Daelim Industrial Co. Ltd. | 321 | ||||||
28 | Daewoo Engineering & Construction Co. Ltd.(a) | 165 | ||||||
7 | DB Insurance Co. Ltd. | 411 | ||||||
24 | DGB Financial Group, Inc. | 268 | ||||||
5 | Dongsuh Cos., Inc. | 129 | ||||||
2 | Doosan Corp. | 225 | ||||||
10 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 166 | ||||||
21 | Doosan Infracore Co. Ltd.(a) | 200 | ||||||
3 | E-MART, Inc. | 755 | ||||||
7 | GS Engineering & Construction Corp. | 266 | ||||||
8 | GS Holdings Corp. | 458 | ||||||
4 | GS Retail Co. Ltd. | 139 | ||||||
46 | Hana Financial Group, Inc. | 2,045 | ||||||
12 | Hankook Tire Co. Ltd. | 554 | ||||||
1 | Hanmi Pharm Co. Ltd. | 434 | ||||||
2 | Hanmi Science Co. Ltd. | 145 | ||||||
25 | Hanon Systems | 254 | ||||||
2 | Hanssem Co. Ltd. | 217 | ||||||
6 | Hanwha Aerospace Co. Ltd.(a) | 135 | ||||||
13 | Hanwha Chemical Corp. | 350 | ||||||
8 | Hanwha Corp. | 298 | ||||||
9 | Hanwha Corp. (Preference Shares) | 143 | ||||||
38 | Hanwha Life Insurance Co. Ltd. | 221 | ||||||
5 | Hite Jinro Co. Ltd. | 102 | ||||||
5 | Hotel Shilla Co. Ltd. | 538 | ||||||
4 | Hyosung Corp. | 489 | ||||||
1 | Hyundai Construction Equipment Co. Ltd.(a) | 176 | ||||||
2 | Hyundai Department Store Co. Ltd. | 193 | ||||||
9 | Hyundai Development Co.-Engineering & Construction | 391 | ||||||
1 | Hyundai Electric & Energy System Co. Ltd.(a) | 88 | ||||||
11 | Hyundai Engineering & Construction Co. Ltd. | 653 | ||||||
3 | Hyundai Glovis Co. Ltd. | 473 | ||||||
6 | Hyundai Heavy Industries Co. Ltd.(a) | 664 | ||||||
2 | Hyundai Heavy Industries Holdings Co. Ltd.(a) | 789 | ||||||
10 | Hyundai Marine & Fire Insurance Co. Ltd. | 357 | ||||||
2 | Hyundai Mipo Dockyard Co. Ltd.(a) | 166 | ||||||
10 | Hyundai Mobis Co. Ltd. | 2,316 | ||||||
23 | Hyundai Motor Co. | 3,441 | ||||||
4 | Hyundai Motor Co. (Preference Shares) | 385 | ||||||
6 | Hyundai Motor Co. (2nd Preference Shares) | 645 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
12 | Hyundai Steel Co. | $ | 679 | |||||
2 | Hyundai Wia Corp. | 100 | ||||||
42 | Industrial Bank of Korea | 659 | ||||||
7 | Kakao Corp. | 725 | ||||||
17 | Kangwon Land, Inc. | 460 | ||||||
62 | KB Financial Group, Inc. | 3,536 | ||||||
1 | KCC Corp. | 365 | ||||||
3 | KEPCO Plant Service & Engineering Co. Ltd. | 142 | ||||||
41 | Kia Motors Corp. | 1,268 | ||||||
10 | Korea Aerospace Industries Ltd.(a) | 402 | ||||||
40 | Korea Electric Power Corp. | 1,403 | ||||||
4 | Korea Gas Corp.(a) | 205 | ||||||
6 | Korea Investment Holdings Co. Ltd. | 507 | ||||||
1 | Korea Zinc Co. Ltd. | 405 | ||||||
8 | Korean Air Lines Co. Ltd. | 254 | ||||||
17 | KT&G Corp. | 1,553 | ||||||
3 | Kumho Petrochemical Co. Ltd. | 301 | ||||||
7 | LG Chem Ltd. | 2,337 | ||||||
1 | LG Chem Ltd. (Preference Shares) | 192 | ||||||
14 | LG Corp. | 1,057 | ||||||
35 | LG Display Co. Ltd. | 765 | ||||||
17 | LG Electronics, Inc. | 1,611 | ||||||
3 | LG Electronics, Inc. (Preference Shares) | 118 | ||||||
2 | LG Hausys Ltd. | 152 | ||||||
1 | LG Household & Health Care Ltd. | 1,283 | ||||||
1 | LG Household & Health Care Ltd. (Preference Shares) | 719 | ||||||
31 | LG Uplus Corp. | 355 | ||||||
2 | Lotte Chemical Corp. | 772 | ||||||
5 | Lotte Corp.(a) | 304 | ||||||
3 | LOTTE Fine Chemical Co. Ltd. | 191 | ||||||
2 | Lotte Shopping Co. Ltd. | 476 | ||||||
3 | LS Corp. | 218 | ||||||
1 | Mando Corp. | 213 | ||||||
66 | Mirae Asset Daewoo Co. Ltd. | 602 | ||||||
4 | NAVER Corp. | 2,668 | ||||||
3 | NCSoft Corp. | 1,006 | ||||||
3 | Netmarble Corp.(b) | 410 | ||||||
20 | NH Investment & Securities Co. Ltd. | 289 | ||||||
3 | NHN Entertainment Corp.(a) | 172 | ||||||
1 | Nongshim Co. Ltd. | 302 | ||||||
3 | OCI Co. Ltd. | 434 | ||||||
3 | Orion Corp. | 348 | ||||||
1 | Ottogi Corp. | 741 | ||||||
7 | Paradise Co. Ltd. | 152 | ||||||
11 | POSCO | 3,784 | ||||||
8 | POSCO Daewoo Corp. | 168 | ||||||
3 | S-1 Corp. | 276 | ||||||
2 | Samsung Biologics Co. Ltd.(a)(b) | 906 | ||||||
11 | Samsung C&T Corp. | 1,433 | ||||||
5 | Samsung Card Co. Ltd. | 174 | ||||||
9 | Samsung Electro-Mechanics Co. Ltd. | 989 | ||||||
15 | Samsung Electronics Co. Ltd. | 37,217 | ||||||
3 | Samsung Electronics Co. Ltd. (Preference Shares) | 5,969 | ||||||
25 | Samsung Engineering Co. Ltd.(a) | 415 | ||||||
5 | Samsung Fire & Marine Insurance Co. Ltd. | 1,250 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
1 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | $ | 172 | |||||
62 | Samsung Heavy Industries Co. Ltd.(a) | 424 | ||||||
10 | Samsung Life Insurance Co. Ltd. | 1,095 | ||||||
8 | Samsung SDI Co. Ltd. | 1,363 | ||||||
5 | Samsung SDS Co. Ltd. | 1,136 | ||||||
10 | Samsung Securities Co., Ltd. | 344 | ||||||
72 | Shinhan Financial Group Co. Ltd. | 3,195 | ||||||
1 | Shinsegae, Inc. | 388 | ||||||
8 | SillaJen, Inc.(a) | 622 | ||||||
5 | SK Holdings Co. Ltd. | 1,369 | ||||||
85 | SK Hynix, Inc. | 6,655 | ||||||
9 | SK Innovation Co. Ltd. | 1,647 | ||||||
24 | SK Networks Co. Ltd. | 126 | ||||||
4 | SK Telecom Co. Ltd. | 856 | ||||||
3 | SKC Co. Ltd. | 106 | ||||||
6 | S-Oil Corp. | 614 | ||||||
80 | Woori Bank | 1,196 | ||||||
1 | Yuhan Corp. | 214 | ||||||
|
| |||||||
133,721 | ||||||||
|
| |||||||
Spain—3.0% | ||||||||
98 | Abertis Infraestructuras SA | 2,162 | ||||||
4 | Acciona SA | 335 | ||||||
22 | Acerinox SA | 309 | ||||||
39 | ACS Actividades de Construccion y Servicios SA | 1,640 | ||||||
10 | Aena SME SA(b) | 2,062 | ||||||
66 | Amadeus IT Group SA | 4,812 | ||||||
1,057 | Banco Bilbao Vizcaya Argentaria SA | 8,566 | ||||||
889 | Banco de Sabadell SA | 1,738 | ||||||
2,467 | Banco Santander SA | 15,914 | ||||||
210 | Bankia SA | 922 | ||||||
109 | Bankinter SA | 1,139 | ||||||
570 | CaixaBank SA | 2,772 | ||||||
24 | Cellnex Telecom SA(b) | 641 | ||||||
3 | Corp. Financiera Alba SA | 187 | ||||||
97 | Distribuidora Internacional de Alimentacion SA | 449 | ||||||
39 | EDP Renovaveis SA | 375 | ||||||
36 | Enagas SA | 1,047 | ||||||
50 | Endesa SA | 1,167 | ||||||
72 | Ferrovial SA | 1,535 | ||||||
49 | Gas Natural SDG SA | 1,234 | ||||||
52 | Grifols SA | 1,456 | ||||||
41 | Grifols SA (Preference Shares), Class B | 849 | ||||||
7 | Grupo Catalana Occidente SA | 308 | ||||||
903 | Iberdrola SA | 6,965 | ||||||
167 | Industria de Diseno Textil SA | 5,176 | ||||||
157 | Mapfre SA | 546 | ||||||
29 | Mediaset Espana Comunicacion SA | 278 | ||||||
53 | MERLIN Properties SOCIMI SA REIT | 818 | ||||||
68 | Red Electrica Corp. SA | 1,416 | ||||||
189 | Repsol SA | 3,599 | ||||||
36 | Siemens Gamesa Renewable Energy SA | 617 | ||||||
718 | Telefonica SA | 7,316 | ||||||
28 | Zardoya Otis SA | 286 | ||||||
|
| |||||||
78,636 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Sweden—2.4% | ||||||||
50 | Alfa Laval AB | $ | 1,243 | |||||
35 | Arjo AB, Class B(a) | 103 | ||||||
148 | Assa Abloy AB, Class B | 3,097 | ||||||
100 | Atlas Copco AB, Class A | 3,898 | ||||||
60 | Atlas Copco AB, Class B | 2,122 | ||||||
43 | Boliden AB | 1,499 | ||||||
35 | Electrolux AB, Series B | 922 | ||||||
94 | Essity AB, Class B | 2,383 | ||||||
15 | Fastighets AB Balder, Class B(a) | 388 | ||||||
35 | Getinge AB, Class B | 326 | ||||||
150 | Hennes & Mauritz AB, Class B | 2,570 | ||||||
40 | Hexagon AB, Class B | 2,307 | ||||||
59 | Husqvarna AB, Class B | 569 | ||||||
12 | ICA Gruppen AB | 374 | ||||||
33 | Industrivarden AB, Class A | 727 | ||||||
27 | Industrivarden AB, Class C | 571 | ||||||
19 | Investment AB Latour, Class B | 209 | ||||||
72 | Investor AB, Class B | 3,129 | ||||||
37 | Kinnevik AB, Class B | 1,339 | ||||||
6 | L E Lundbergforetagen AB, Class B | 408 | ||||||
28 | Lundin Petroleum AB(a) | 775 | ||||||
504 | Nordea Bank AB | 5,120 | ||||||
7 | Saab AB, Class B | 288 | ||||||
170 | Sandvik AB | 2,897 | ||||||
51 | Securitas AB, Class B | 824 | ||||||
227 | Skandinaviska Enskilda Banken AB, Class A | 2,139 | ||||||
10 | Skandinaviska Enskilda Banken AB, Class C | 101 | ||||||
56 | Skanska AB, Class B | 1,097 | ||||||
60 | SKF AB, Class B | 1,220 | ||||||
94 | Svenska Cellulosa AB (SCA), Class B | 1,045 | ||||||
232 | Svenska Handelsbanken AB, Class A | 2,594 | ||||||
9 | Svenska Handelsbanken AB, Class B | 107 | ||||||
166 | Swedbank AB, Class A | 3,620 | ||||||
29 | Swedish Match AB | 1,298 | ||||||
55 | Tele2 AB, Class B | 716 | ||||||
19 | Telefonaktiebolaget LM Ericsson, Class A | 146 | ||||||
469 | Telefonaktiebolaget LM Ericsson, Class B | 3,562 | ||||||
436 | Telia Co. AB | 2,141 | ||||||
39 | Trelleborg AB, Class B | 914 | ||||||
227 | Volvo AB, Class B | 3,840 | ||||||
|
| |||||||
62,628 | ||||||||
|
| |||||||
Switzerland—7.5% | ||||||||
300 | ABB Ltd. | 6,997 | ||||||
26 | Adecco Group AG | 1,723 | ||||||
13 | Aryzta AG(a) | 274 | ||||||
7 | Baloise Holding AG | 1,109 | ||||||
1 | Banque Cantonale Vaudoise | 797 | ||||||
1 | Barry Callebaut AG | 1,798 | ||||||
79 | Cie Financiere Richemont SA | 7,511 | ||||||
33 | Clariant AG | 763 | ||||||
31 | Coca-Cola HBC AG | 1,042 | ||||||
395 | Credit Suisse Group AG | 6,644 | ||||||
4 | DKSH Holding AG | 321 | ||||||
5 | Dufry AG(a) | 708 | ||||||
1 | EMS-Chemie Holding AG | 618 | ||||||
40 | Ferguson PLC | 3,057 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
3 | Flughafen Zurich AG | $ | 627 | |||||
6 | Geberit AG | 2,564 | ||||||
1 | Georg Fischer AG | 1,244 | ||||||
1 | Givaudan SA | 2,232 | ||||||
1,849 | Glencore PLC | 8,906 | ||||||
1 | Helvetia Holding AG | 595 | ||||||
34 | Julius Baer Group Ltd. | 2,021 | ||||||
8 | Kuehne + Nagel International AG | 1,247 | ||||||
76 | LafargeHolcim Ltd. | 4,223 | ||||||
23 | Logitech International SA | 850 | ||||||
12 | Lonza Group AG | 2,936 | ||||||
489 | Nestle SA | 37,846 | ||||||
343 | Novartis AG | 26,412 | ||||||
30 | OC Oerlikon Corp. AG | 485 | ||||||
4 | Pargesa Holding SA | 374 | ||||||
2 | Partners Group Holding AG | 1,459 | ||||||
6 | PSP Swiss Property AG | 561 | ||||||
108 | Roche Holding AG | 23,988 | ||||||
4 | Roche Holding AG-BR | 912 | ||||||
3 | Schindler Holding AG | 601 | ||||||
6 | Schindler Holding AG-PC | 1,239 | ||||||
1 | SGS SA | 2,428 | ||||||
8 | Sonova Holding AG | 1,324 | ||||||
99 | STMicroelectronics NV | 2,157 | ||||||
2 | Straumann Holding AG | 1,358 | ||||||
2 | Sulzer AG | 231 | ||||||
7 | Swatch Group AG (The) | 623 | ||||||
5 | Swatch Group AG (The)-BR | 2,409 | ||||||
5 | Swiss Life Holding AG | 1,752 | ||||||
11 | Swiss Prime Site AG | 1,033 | ||||||
47 | Swiss RE AG | 4,477 | ||||||
4 | Swisscom AG | 1,920 | ||||||
9 | Temenos Group AG | 1,131 | ||||||
541 | UBS Group AG | 9,100 | ||||||
8 | Vifor Pharma AG | 1,262 | ||||||
24 | Zurich Insurance Group AG | 7,664 | ||||||
|
| |||||||
193,553 | ||||||||
|
| |||||||
Taiwan—0.0% | ||||||||
160 | FIT HON Teng Ltd.(b) | 61 | ||||||
|
| |||||||
United Arab Emirates—0.0% | ||||||||
13 | NMC Health PLC | 637 | ||||||
|
| |||||||
United Kingdom—14.5% | ||||||||
151 | 3i Group PLC | 1,953 | ||||||
32 | Admiral Group PLC | 875 | ||||||
156 | Anglo American PLC | 3,663 | ||||||
61 | Ashmore Group PLC | 345 | ||||||
79 | Ashtead Group PLC | 2,198 | ||||||
55 | Associated British Foods PLC | 2,042 | ||||||
199 | AstraZeneca PLC | 13,958 | ||||||
149 | Auto Trader Group PLC(b) | 724 | ||||||
613 | Aviva PLC | 4,458 | ||||||
130 | B&M European Value Retail SA | 723 | ||||||
40 | Babcock International Group PLC | 404 | ||||||
505 | BAE Systems PLC | 4,240 | ||||||
2,694 | Barclays PLC | 7,690 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
159 | Barratt Developments PLC | $ | 1,220 | |||||
20 | Bellway PLC | 909 | ||||||
20 | Berkeley Group Holdings PLC (The) | 1,120 | ||||||
3,049 | BP PLC | 22,538 | ||||||
361 | British American Tobacco PLC | 19,847 | ||||||
163 | British Land Co. PLC (The) REIT | 1,503 | ||||||
1,329 | BT Group PLC | 4,552 | ||||||
53 | Bunzl PLC | 1,535 | ||||||
68 | Burberry Group PLC | 1,706 | ||||||
105 | Capita PLC | 276 | ||||||
116 | Capital & Counties Properties PLC | 459 | ||||||
887 | Centrica PLC | 1,875 | ||||||
152 | CNH Industrial NV, Class A | 1,872 | ||||||
380 | Cobham PLC(a) | 600 | ||||||
251 | Compass Group PLC | 5,393 | ||||||
208 | Convatec Group PLC(b) | 619 | ||||||
20 | Croda International PLC | 1,222 | ||||||
140 | CYBG PLC | 581 | ||||||
14 | DCC PLC | 1,347 | ||||||
16 | Derwent London PLC REIT | 702 | ||||||
387 | Diageo PLC | 13,772 | ||||||
218 | Direct Line Insurance Group PLC | 1,122 | ||||||
158 | Dixons Carphone PLC | 440 | ||||||
150 | DS Smith PLC | 1,077 | ||||||
35 | easyJet PLC | 763 | ||||||
147 | Experian PLC | 3,358 | ||||||
173 | Fiat Chrysler Automobiles NV(a) | 3,857 | ||||||
246 | G4S PLC | 875 | ||||||
765 | GlaxoSmithKline PLC | 15,358 | ||||||
60 | Halma PLC | 1,008 | ||||||
126 | Hammerson PLC REIT | 949 | ||||||
39 | Hargreaves Lansdown PLC | 956 | ||||||
43 | Hiscox Ltd. | 879 | ||||||
95 | Howden Joinery Group PLC | 624 | ||||||
3,161 | HSBC Holdings PLC | 31,519 | ||||||
43 | IMI PLC | 645 | ||||||
151 | Imperial Brands PLC | 5,394 | ||||||
66 | Inchcape PLC | 659 | ||||||
130 | Informa PLC | 1,321 | ||||||
72 | Inmarsat PLC | 371 | ||||||
30 | InterContinental Hotels Group PLC | 1,892 | ||||||
165 | International Consolidated Airlines Group SA | 1,425 | ||||||
26 | Intertek Group PLC | 1,746 | ||||||
141 | Intu Properties PLC REIT | 378 | ||||||
591 | ITV PLC | 1,228 | ||||||
256 | J Sainsbury PLC | 1,085 | ||||||
104 | John Wood Group PLC | 810 | ||||||
30 | Johnson Matthey PLC | 1,358 | ||||||
91 | Just Eat PLC(a) | 970 | ||||||
348 | Kingfisher PLC | 1,451 | ||||||
113 | Land Securities Group PLC REIT | 1,531 | ||||||
939 | Legal & General Group PLC | 3,484 | ||||||
11,321 | Lloyds Banking Group PLC | 10,067 | ||||||
50 | London Stock Exchange Group PLC | 2,956 | ||||||
258 | Marks & Spencer Group PLC | 1,018 | ||||||
123 | Meggitt PLC | 799 | ||||||
760 | Melrose Industries PLC | 2,382 | ||||||
111 | Merlin Entertainments PLC(b) | 562 | ||||||
69 | Micro Focus International PLC | 1,196 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
536 | National Grid PLC | $ | 6,211 | |||||
22 | Next PLC | 1,586 | ||||||
754 | Old Mutual PLC | 2,606 | ||||||
130 | Pearson PLC | 1,487 | ||||||
66 | Pennon Group PLC | 628 | ||||||
49 | Persimmon PLC | 1,832 | ||||||
410 | Prudential PLC | 10,520 | ||||||
98 | Reckitt Benckiser Group PLC | 7,697 | ||||||
142 | RELX NV | 3,013 | ||||||
168 | RELX PLC | 3,590 | ||||||
292 | Rentokil Initial PLC | 1,231 | ||||||
15 | Rightmove PLC | 942 | ||||||
65 | Rio Tinto Ltd. | 3,903 | ||||||
186 | Rio Tinto PLC | 10,083 | ||||||
18,531 | Rolls-Royce Holdings C Shares(a) | 26 | ||||||
261 | Rolls-Royce Holdings PLC | 3,005 | ||||||
511 | Royal Bank of Scotland Group PLC(a) | 1,898 | ||||||
145 | Royal Mail PLC | 1,159 | ||||||
65 | RPC Group PLC | 706 | ||||||
162 | RSA Insurance Group PLC | 1,465 | ||||||
172 | Sage Group PLC (The) | 1,496 | ||||||
18 | Schroders PLC | 817 | ||||||
158 | Segro PLC REIT | 1,404 | ||||||
37 | Severn Trent PLC | 987 | ||||||
164 | Sky PLC | 3,113 | ||||||
139 | Smith & Nephew PLC | 2,668 | ||||||
63 | Smiths Group PLC | 1,383 | ||||||
12 | Spirax-Sarco Engineering PLC | 951 | ||||||
159 | SSE PLC | 3,019 | ||||||
83 | St. James’s Place PLC | 1,296 | ||||||
428 | Standard Chartered PLC | 4,510 | ||||||
430 | Standard Life Aberdeen PLC | 2,153 | ||||||
74 | Tate & Lyle PLC | 585 | ||||||
515 | Taylor Wimpey PLC | 1,358 | ||||||
73 | TechnipFMC PLC | 2,394 | ||||||
1,520 | Tesco PLC | 4,939 | ||||||
40 | Travis Perkins PLC | 696 | ||||||
240 | Unilever NV CVA | 13,698 | ||||||
183 | Unilever PLC | 10,260 | ||||||
108 | United Utilities Group PLC | 1,104 | ||||||
4,188 | Vodafone Group PLC | 12,191 | ||||||
35 | Weir Group PLC (The) | 1,027 | ||||||
29 | Whitbread PLC | 1,710 | ||||||
136 | William Hill PLC | 548 | ||||||
342 | WM Morrison Supermarkets PLC | 1,143 | ||||||
196 | WPP PLC | 3,358 | ||||||
|
| |||||||
376,830 | ||||||||
|
| |||||||
United States—0.5% | ||||||||
28 | Carnival PLC | 1,811 | ||||||
35 | Qiagen NV(a) | 1,151 | ||||||
203 | Samsonite International SA | 917 | ||||||
141 | Shire PLC | 7,508 | ||||||
26 | Sims Metal Management Ltd. | 316 | ||||||
|
| |||||||
11,703 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $2,519,092)—100.0% | 2,598,924 | |||||||
Other assets less liabilities—0.0% | 634 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,599,558 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
April 30, 2018
(Unaudited)
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
FDR—Fiduciary Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $20,800, which represented less than 1% of the Fund’s Net Assets. |
(c) Security valued using significant unobservable inputs (Level 3). See Note 5.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 30.1 | |||
Information Technology | 20.5 | |||
Consumer Discretionary | 8.7 | |||
Energy | 8.2 | |||
Materials | 7.6 | |||
Consumer Staples | 5.6 | |||
Industrials | 5.2 | |||
Telecommunication Services | 5.0 | |||
Real Estate | 3.8 | |||
Utilities | 2.8 | |||
Health Care | 2.4 | |||
Other Assets Less Liabilities | 0.1 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests - 99.9% | ||||||||
Brazil—8.9% | ||||||||
90 | AES Tiete Energia SA | $ | 294 | |||||
77 | Alpargatas SA (Preference Shares) | 345 | ||||||
2,374 | Ambev SA | 15,880 | ||||||
172 | Atacadao Distribuicao Comercio E Industria Ltda(a) | 745 | ||||||
54 | Azul SA (Preference Shares)(a) | 564 | ||||||
80 | B2W Cia Digital(a) | 663 | ||||||
1,066 | B3 SA—Brasil Bolsa Balcao | 7,733 | ||||||
467 | Banco Bradesco SA | 4,271 | ||||||
1,800 | Banco Bradesco SA (Preference Shares) | 17,842 | ||||||
105 | Banco BTG Pactual SA | 674 | ||||||
689 | Banco do Brasil SA | 7,250 | ||||||
94 | Banco do Estado do Rio Grande do SUL SA (Preference Shares), Class B | 541 | ||||||
221 | Banco Santander Brasil SA | 2,415 | ||||||
366 | BB Seguridade Participacoes SA | 2,884 | ||||||
464 | BR Malls Participacoes SA | 1,453 | ||||||
130 | Bradespar SA (Preference Shares) | 1,325 | ||||||
104 | Braskem SA (Preference Shares), Class A | 1,361 | ||||||
330 | BRF SA(a) | 2,346 | ||||||
605 | CCR SA | 2,075 | ||||||
170 | Centrais Eletricas Brasileiras SA(a) | 929 | ||||||
132 | Centrais Eletricas Brasileiras SA (Preference Shares), Class B | 863 | ||||||
86 | Cia Brasileira de Distribuicao (Preference Shares), Class A | 1,941 | ||||||
10 | Cia de Gas de Sao Paulo—Comgas (Preference Shares), Class A | 170 | ||||||
189 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,905 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Brazil (continued) | ||||||||
28 | Cia de Transmissao de Energia Electrica Paulista (Preference Shares) | $ | 546 | |||||
40 | Cia Energetica de Minas Gerais, Class A(a) | 88 | ||||||
526 | Cia Energetica de Minas Gerais (Preference Shares) | 1,276 | ||||||
12 | Cia Paranaense de Energia | 79 | ||||||
59 | Cia Paranaense de Energia (Preference Shares), Class B | 453 | ||||||
325 | Cia Siderurgica Nacional SA(a) | 818 | ||||||
603 | Cielo SA | 3,320 | ||||||
89 | Cosan SA Industria e Comercio | 1,015 | ||||||
172 | EDP—Energias do Brasil SA | 685 | ||||||
409 | Embraer SA | 2,596 | ||||||
97 | Energisa SA | 921 | ||||||
81 | Engie Brasil Energia SA | 859 | ||||||
94 | Equatorial Energia SA | 1,918 | ||||||
139 | Estacio Participacoes SA | 1,271 | ||||||
129 | Fibria Celulose SA | 2,545 | ||||||
113 | Fleury SA | 846 | ||||||
51 | Gerdau SA | 206 | ||||||
524 | Gerdau SA (Preference Shares) | �� | 2,501 | |||||
48 | Grendene SA | 376 | ||||||
4 | Guararapes Confeccoes SA | 157 | ||||||
209 | Hypera SA | 1,888 | ||||||
51 | IRB Brasil Resseguros S/A | 692 | ||||||
1,693 | Itau Unibanco Holding SA (Preference Shares) | 24,761 | ||||||
2,171 | Itausa—Investimentos Itau SA (Preference Shares) | 8,472 | ||||||
591 | JBS SA | 1,483 | ||||||
410 | Klabin SA | 2,496 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Brazil (continued) | ||||||||
821 | Kroton Educacional SA | $ | 3,298 | |||||
257 | Localiza Rent A Car SA | 2,055 | ||||||
128 | Lojas Americanas SA | 547 | ||||||
416 | Lojas Americanas SA (Preference Shares) | 2,380 | ||||||
383 | Lojas Renner SA | 3,581 | ||||||
49 | M Dias Branco SA | 618 | ||||||
40 | Magazine Luiza SA | 1,224 | ||||||
52 | Multiplan Empreendimentos Imobiliarios SA | 992 | ||||||
26 | Multiplus SA | 213 | ||||||
107 | Natura Cosmeticos SA | 988 | ||||||
154 | Odontoprev SA | 664 | ||||||
159 | Petrobras Distribuidora SA | 1,047 | ||||||
1,592 | Petroleo Brasileiro SA(a) | 11,243 | ||||||
2,077 | Petroleo Brasileiro SA (Preference Shares) | 13,679 | ||||||
55 | Porto Seguro SA | 713 | ||||||
129 | Qualicorp SA | 901 | ||||||
117 | Raia Drogasil SA | 2,307 | ||||||
573 | Rumo SA(a) | 2,440 | ||||||
98 | Sao Martinho SA | 477 | ||||||
34 | Smiles Fidelidade SA | 702 | ||||||
128 | Sul America SA | 793 | ||||||
253 | Suzano Papel E Celulose SA | 2,978 | ||||||
225 | Telefonica Brasil SA (Preference Shares) | 3,170 | ||||||
448 | TIM Participacoes SA | 2,049 | ||||||
110 | Transmissora Alianca de Energia Eletrica SA | 671 | ||||||
231 | Ultrapar Participacoes SA | 4,004 | ||||||
220 | Usinas Siderurgicas de Minas Gerais SA (Preference Shares), Class A | 688 | ||||||
1,730 | Vale SA | 24,142 | ||||||
68 | Via Varejo SA | 580 | ||||||
442 | WEG SA | 2,253 | ||||||
|
| |||||||
230,134 | ||||||||
|
| |||||||
Chile—1.5% | ||||||||
1,563 | AES Gener SA | 438 | ||||||
1,561 | Aguas Andinas SA, Class A | 1,040 | ||||||
14,448 | Banco de Chile | 2,392 | ||||||
25 | Banco de Credito e Inversiones SA | 1,893 | ||||||
33,541 | Banco Santander Chile | 2,792 | ||||||
723 | Cencosud SA | 2,153 | ||||||
79 | Cia Cervecerias Unidas SA | 1,096 | ||||||
4,062 | Colbun SA | 1,013 | ||||||
147 | Embotelladora Andina SA (Preference Shares), Class B | 733 | ||||||
76 | Empresa Nacional de Telecomunicaciones SA | 900 | ||||||
623 | Empresas CMPC SA | 2,548 | ||||||
229 | Empresas COPEC SA | 3,748 | ||||||
14,923 | Enel Americas SA | 3,418 | ||||||
15,416 | Enel Chile SA | 1,925 | ||||||
261 | Engie Energia Chile SA | 564 | ||||||
96,909 | Itau CorpBanca | 993 | ||||||
188 | Latam Airlines Group SA | 2,891 | ||||||
337 | Parque Arauco SA | 1,047 | ||||||
304 | S.A.C.I. Falabella | 2,951 | ||||||
51 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 2,801 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Chile (continued) | ||||||||
267 | Sonda SA | $ | 493 | |||||
|
| |||||||
37,829 | ||||||||
|
| |||||||
China—32.7% | ||||||||
565 | 3SBio, Inc.(a)(b) | 1,222 | ||||||
42 | 58.com, Inc., Class A ADR(a) | 3,670 | ||||||
759 | Agile Group Holdings Ltd. | 1,513 | ||||||
13,844 | Agricultural Bank of China Ltd., H-Shares | 7,867 | ||||||
988 | Air China Ltd., H-Shares | 1,319 | ||||||
440 | Alibaba Group Holding Ltd. ADR(a) | 78,558 | ||||||
1,733 | Alibaba Health Information Technology Ltd.(a) | 877 | ||||||
2,138 | Aluminum Corp. of China Ltd., H-Shares(a) | 1,223 | ||||||
631 | Angang Steel Co. Ltd., H-Shares | 685 | ||||||
642 | Anhui Conch Cement Co. Ltd., H-Shares | 4,041 | ||||||
287 | Anhui Expressway Co. Ltd., H-Shares | 213 | ||||||
68 | Anhui Gujing Distillery Co. Ltd., Class B | 352 | ||||||
647 | ANTA Sports Products Ltd. | 3,722 | ||||||
22 | Autohome, Inc., Class A ADR | 2,146 | ||||||
1,421 | AviChina Industry & Technology Co. Ltd., H-Shares | 903 | ||||||
795 | Baic Motor Corp. Ltd., H-Shares(b) | 776 | ||||||
112 | Baidu, Inc. ADR(a) | 28,101 | ||||||
41,269 | Bank of China Ltd., H-Shares | 22,611 | ||||||
4,222 | Bank of Communications Co. Ltd., H-Shares | 3,475 | ||||||
1,359 | BBMG Corp., H-Shares | 625 | ||||||
916 | Beijing Capital International Airport Co. Ltd., H-Shares | 1,256 | ||||||
285 | Beijing Enterprises Holdings Ltd. | 1,434 | ||||||
2,242 | Beijing Enterprises Water Group Ltd. | 1,314 | ||||||
1,174 | Beijing Jingneng Clean Energy Co. Ltd., H-Shares | 296 | ||||||
403 | Beijing North Star Co. Ltd., H-Shares | 144 | ||||||
200 | Bengang Steel Plates Co. Ltd., Class B(a) | 72 | ||||||
530 | Boe Technology Group Co. Ltd., Class A | 229 | ||||||
1,494 | Brilliance China Automotive Holdings Ltd. | 2,695 | ||||||
372 | BYD Co. Ltd., H-Shares | 2,614 | ||||||
449 | BYD Electronic International Co. Ltd. | 690 | ||||||
381 | Car, Inc.(a) | 365 | ||||||
683 | Central China Securities Co. Ltd., H-Shares(b) | 262 | ||||||
6,053 | CGN Power Co. Ltd., H-Shares(b) | 1,658 | ||||||
1,220 | China Agri-Industries Holdings Ltd. | 515 | ||||||
1,070 | China BlueChemical Ltd., H-Shares | 284 | ||||||
5,276 | China Cinda Asset Management Co. Ltd., H-Shares | 1,896 | ||||||
4,481 | China CITIC Bank Corp. Ltd., H-Shares | 3,232 | ||||||
1,217 | China Coal Energy Co. Ltd., H-Shares | 530 | ||||||
2,401 | China Communications Construction Co. Ltd., H-Shares | 2,784 | ||||||
1,465 | China Communications Services Corp. Ltd., H-Shares | 926 | ||||||
912 | China Conch Venture Holdings Ltd. | 2,847 | ||||||
48,854 | China Construction Bank Corp., H-Shares | 51,791 | ||||||
1,848 | China Dongxiang Group Co. Ltd. | 339 | ||||||
910 | China Eastern Airlines Corp. Ltd., H-Shares | 758 | ||||||
1,681 | China Everbright Bank Co. Ltd., H-Shares | 846 | ||||||
1,475 | China Everbright International Ltd. | 2,082 | ||||||
485 | China Everbright Ltd. | 1,075 | ||||||
1,585 | China Evergrande Group(a) | 5,099 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
413 | China Foods Ltd. | $ | 191 | |||||
2,002 | China Galaxy Securities Co. Ltd., H-Shares | 1,326 | ||||||
5,254 | China Huarong Asset Management Co. Ltd., H-Shares(b) | 1,821 | ||||||
408 | China International Capital Corp. Ltd., H-Shares(b) | 932 | ||||||
252 | China International Marine Containers Group Co. Ltd., H-Shares | 403 | ||||||
3,113 | China Jinmao Holdings Group Ltd. | 1,785 | ||||||
4,035 | China Life Insurance Co. Ltd., H-Shares | 11,568 | ||||||
86 | China Literature Ltd.(a)(b) | 699 | ||||||
10 | China Lodging Group Ltd. ADR | 1,397 | ||||||
1,831 | China Longyuan Power Group Corp., H-Shares | 1,810 | ||||||
552 | China Machinery Engineering Corp., H-Shares | 322 | ||||||
672 | China Medical System Holdings Ltd. | 1,658 | ||||||
2,052 | China Merchants Bank Co. Ltd., H-Shares | 9,046 | ||||||
690 | China Merchants Port Holdings Co. Ltd. | 1,553 | ||||||
530 | China Merchants Securities Co. Ltd., H-Shares(b) | 746 | ||||||
2,880 | China Minsheng Banking Corp. Ltd., H-Shares | 2,716 | ||||||
2,867 | China Mobile Ltd. | 27,471 | ||||||
2,133 | China Molybdenum Co. Ltd., H-Shares | 1,625 | ||||||
31 | China National Accord Medicines Corp. Ltd., Class B | 130 | ||||||
2,061 | China National Building Material Co. Ltd., H-Shares | 2,437 | ||||||
1,052 | China Oilfield Services Ltd., H-Shares | 1,055 | ||||||
2,079 | China Overseas Land & Investment Ltd. | 7,033 | ||||||
1,401 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 6,239 | ||||||
13,834 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 13,520 | ||||||
2,499 | China Power International Development Ltd. | 672 | ||||||
1,097 | China Railway Construction Corp. Ltd., H-Shares | 1,304 | ||||||
2,074 | China Railway Group Ltd., H-Shares | 1,667 | ||||||
910 | China Railway Signal & Communication Corp. Ltd., H-Shares(b) | 713 | ||||||
3,881 | China Reinsurance Group Corp., H-Shares | 821 | ||||||
853 | China Resources Beer Holdings Co. Ltd. | 3,690 | ||||||
1,010 | China Resources Cement Holdings Ltd. | 1,071 | ||||||
434 | China Resources Gas Group Ltd. | 1,606 | ||||||
1,450 | China Resources Land Ltd. | 5,496 | ||||||
898 | China Resources Pharmaceutical Group Ltd.(b) | 1,243 | ||||||
1,051 | China Resources Power Holdings Co. Ltd. | 2,025 | ||||||
1,844 | China Shenhua Energy Co. Ltd., H-Shares | 4,572 | ||||||
1,400 | China South City Holdings Ltd. | 307 | ||||||
1,029 | China Southern Airlines Co. Ltd., H-Shares | 1,114 | ||||||
1,004 | China State Construction International Holdings Ltd. | 1,313 | ||||||
788 | China Taiping Insurance Holdings Co. Ltd. | 2,671 | ||||||
7,527 | China Telecom Corp. Ltd., H-Shares | 3,683 | ||||||
1,418 | China Traditional Chinese Medicine Holdings Co. Ltd. | 1,227 | ||||||
3,208 | China Unicom Hong Kong Ltd.(a) | 4,570 | ||||||
713 | China Vanke Co. Ltd., H-Shares | 2,971 | ||||||
809 | China Zhongwang Holdings Ltd. | 456 | ||||||
400 | Chongqing Changan Automobile Co. Ltd., Class B | 375 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,514 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | $ | 1,167 | |||||
1,761 | CIFI Holdings Group Co. Ltd. | 1,402 | ||||||
335 | CIMC Enric Holdings Ltd.(a) | 350 | ||||||
2,661 | CITIC Ltd. | 4,082 | ||||||
1,417 | CITIC Resources Holdings Ltd. | 161 | ||||||
1,236 | CITIC Securities Co. Ltd., H-Shares | 3,049 | ||||||
8,612 | CNOOC Ltd. | 14,441 | ||||||
2,169 | COSCO SHIPPING Development Co. Ltd., H-Shares(a) | 403 | ||||||
753 | COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares | 373 | ||||||
1,452 | COSCO SHIPPING Holdings Co. Ltd., H-Shares(a) | 744 | ||||||
1,003 | COSCO SHIPPING Ports Ltd. | 886 | ||||||
4,003 | Country Garden Holdings Co. Ltd. | 8,273 | ||||||
2,264 | CRRC Corp. Ltd., H-Shares | 2,014 | ||||||
524 | CSC Financial Co. Ltd., H-Shares(b) | 434 | ||||||
500 | CSG Holding Co. Ltd., Class B | 263 | ||||||
2,371 | CSPC Pharmaceutical Group Ltd. | 6,103 | ||||||
144 | CSSC Offshore and Marine Engineering Group Company Ltd., H-Shares | 188 | ||||||
149 | Ctrip.com International Ltd. ADR(a) | 6,094 | ||||||
1,193 | Dali Foods Group Co. Ltd.(b) | 828 | ||||||
990 | Dalian Port Pda Co. Ltd., H-Shares | 161 | ||||||
1,647 | Datang International Power Generation Co. Ltd., H-Shares(a) | 544 | ||||||
400 | Dazhong Transportation Group Co. Ltd., Class B | 232 | ||||||
197 | Dongfang Electric Corp. Ltd., H-Shares(a) | 155 | ||||||
1,595 | Dongfeng Motor Group Co. Ltd., H-Shares | 1,774 | ||||||
394 | ENN Energy Holdings Ltd. | 3,705 | ||||||
134 | Everbright Securities Co. Ltd., H-Shares(b) | 162 | ||||||
1,139 | Far East Horizon Ltd. | 1,132 | ||||||
100 | Foshan Electrical and Lighting Co. Ltd., Class B | 73 | ||||||
1,221 | Fosun International Ltd. | 2,623 | ||||||
275 | Fuyao Glass Industry Group Co. Ltd., H-Shares(b) | 948 | ||||||
7,288 | GCL-Poly Energy Holdings Ltd.(a) | 910 | ||||||
2,606 | Geely Automobile Holdings Ltd. | 6,973 | ||||||
394 | Genscript Biotech Corp. | 1,338 | ||||||
859 | GF Securities Co. Ltd., H-Shares | 1,526 | ||||||
6,422 | Gome Retail Holdings Ltd. | 696 | ||||||
1,736 | Great Wall Motor Co. Ltd., H-Shares | 1,820 | ||||||
441 | Greentown China Holdings Ltd. | 587 | ||||||
400 | Guangdong Electric Power Development Co. Ltd., Class B | 148 | ||||||
1,643 | Guangdong Investment Ltd. | 2,558 | ||||||
832 | Guangshen Railway Co. Ltd., H-Shares | 486 | ||||||
1,200 | Guangzhou Automobile Group Co. Ltd., H-Shares | 2,217 | ||||||
128 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares | 494 | ||||||
559 | Guangzhou R&F Properties Co. Ltd., H-Shares | 1,345 | ||||||
473 | Guotai Junan Securities Co. Ltd., H-Shares(a)(b) | 1,115 | ||||||
334 | Haitian International Holdings Ltd. | 889 | ||||||
1,850 | Haitong Securities Co. Ltd., H-Shares | 2,546 | ||||||
87 | Health and Happiness H&H International Holdings Ltd.(a) | 626 | ||||||
389 | Hengan International Group Co. Ltd. | 3,470 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
10,886 | HengTen Networks Group Ltd.(a) | $ | 423 | |||||
361 | Hopson Development Holdings Ltd. | 387 | ||||||
200 | Huadian Energy Co. Ltd., Class B(a) | 69 | ||||||
1,493 | Huadian Fuxin Energy Corp. Ltd., H-Shares | 426 | ||||||
938 | Huadian Power International Corp. Ltd., H-Shares | 382 | ||||||
2,293 | Huaneng Power International, Inc., H-Shares | 1,525 | ||||||
2,924 | Huaneng Renewables Corp. Ltd., H-Shares | 1,308 | ||||||
961 | Huatai Securities Co. Ltd., H-Shares(b) | 1,962 | ||||||
42,727 | Industrial & Commercial Bank of China Ltd., H-Shares | 38,000 | ||||||
600 | Inner Mongolia Yitai Coal Co. Ltd., Class B | 779 | ||||||
305 | JD.Com, Inc., Class A ADR(a) | 11,136 | ||||||
48 | Jiangling Motors Corp. Ltd., Class B | 66 | ||||||
710 | Jiangsu Expressway Co. Ltd., H-Shares | 977 | ||||||
691 | Jiangxi Copper Co. Ltd., H-Shares | 991 | ||||||
100 | Jinzhou Port Co. Ltd., Class B | 48 | ||||||
379 | Kingboard Chemical Holdings Ltd. | 1,560 | ||||||
479 | Kingsoft Corp. Ltd. | 1,440 | ||||||
1,509 | Kunlun Energy Co. Ltd. | 1,298 | ||||||
724 | KWG Property Holding Ltd. | 993 | ||||||
100 | Lao Feng Xiang Co. Ltd., Class B | 361 | ||||||
861 | Lee & Man Paper Manufacturing Ltd. | 958 | ||||||
226 | Legend Holdings Corp., H-Shares(b) | 759 | ||||||
4,039 | Lenovo Group Ltd. | 1,930 | ||||||
922 | Li Ning Co. Ltd.(a) | 1,044 | ||||||
57 | Livzon Pharmaceutical Group, Inc., H-Shares | 413 | ||||||
591 | Logan Property Holdings Co. Ltd. | 878 | ||||||
819 | Longfor Properties Co. Ltd. | 2,473 | ||||||
961 | Luye Pharma Group Ltd. | 1,026 | ||||||
1,007 | Maanshan Iron & Steel Co. Ltd., H-Shares(a) | 500 | ||||||
786 | Meitu, Inc.(a)(b) | 837 | ||||||
1,667 | Metallurgical Corp. of China Ltd., H-Shares | 535 | ||||||
39 | Momo, Inc., Class A ADR(a) | 1,361 | ||||||
30 | NetEase, Inc. ADR | 7,712 | ||||||
473 | New China Life Insurance Co. Ltd., H-Shares | 2,227 | ||||||
55 | New Oriental Education & Technology Group, Inc. ADR | 4,941 | ||||||
476 | Orient Securities Co. Ltd., H-Shares(b) | 411 | ||||||
4,601 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 2,187 | ||||||
11,283 | PetroChina Co. Ltd., H-Shares | 8,324 | ||||||
2,433 | PICC Property & Casualty Co. Ltd., H-Shares | 4,396 | ||||||
2,706 | Ping An Insurance Group Co. of China Ltd., H-Shares | 26,738 | ||||||
1,105 | Poly Property Group Co. Ltd.(a) | 518 | ||||||
3,260 | Postal Savings Bank of China Co. Ltd., H-Shares(b) | 2,251 | ||||||
315 | Red Star Macalline Group Corp. Ltd., H-Shares(b) | 426 | ||||||
253 | Shandong Chenming Paper Holdings Ltd., Class B | 358 | ||||||
187 | Shandong Chenming Paper Holdings Ltd., H-Shares | 286 | ||||||
968 | Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares | 597 | ||||||
100 | Shanghai Bailian Group Co. Ltd., Class B | 119 | ||||||
100 | Shanghai Baosight Software Co. Ltd., Class B | 186 | ||||||
200 | Shanghai Chlor-Alkali Chemical Co. Ltd., Class B(a) | 149 | ||||||
1,641 | Shanghai Electric Group Co. Ltd., H-Shares(a) | 598 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
259 | Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares | $ | 1,417 | |||||
200 | Shanghai Haixin Group Co., Class B | 117 | ||||||
100 | Shanghai Huayi Group Corp. Ltd., Class B | 91 | ||||||
265 | Shanghai Industrial Holdings Ltd. | 699 | ||||||
100 | Shanghai Jinjiang International Hotels Development Co. Ltd., Class B | 250 | ||||||
100 | Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 116 | ||||||
147 | Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 192 | ||||||
500 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 715 | ||||||
100 | Shanghai Mechanical and Electrical Industry Co. Ltd., Class B | 205 | ||||||
455 | Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares | 1,249 | ||||||
200 | Shanghai Shibei Hi-Tech Co. Ltd., Class B | 100 | ||||||
100 | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | 139 | ||||||
400 | Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | 206 | ||||||
100 | Shenzhen Chiwan Wharf Holdings Ltd., Class B(c) | 166 | ||||||
409 | Shenzhen Expressway Co. Ltd., H-Shares | 417 | ||||||
490 | Shenzhen International Holdings Ltd. | 1,078 | ||||||
1,744 | Shenzhen Investment Ltd. | 709 | ||||||
387 | Shenzhou International Group Holdings Ltd. | 4,251 | ||||||
652 | Shimao Property Holdings Ltd. | 1,749 | ||||||
520 | Sichuan Expressway Co. Ltd., H-Shares | 180 | ||||||
2,369 | Sihuan Pharmaceutical Holdings Group Ltd. | 577 | ||||||
34 | SINA Corp.(a) | 3,248 | ||||||
2,291 | Sino Biopharmaceutical Ltd. | 4,875 | ||||||
1,024 | Sinofert Holdings Ltd.(a) | 123 | ||||||
1,556 | Sino-Ocean Group Holding Ltd. | 1,090 | ||||||
849 | Sinopec Engineering Group Co. Ltd., H-Shares | 876 | ||||||
1,220 | Sinopec Oilfield Service Corp., H-Shares(a) | 180 | ||||||
1,895 | Sinopec Shanghai Petrochemical Co. Ltd., H-Shares | 1,265 | ||||||
556 | Sinopharm Group Co. Ltd., H-Shares | 2,345 | ||||||
1,019 | Sinotrans Ltd., H-Shares | 588 | ||||||
385 | Sinotruk Hong Kong Ltd. | 454 | ||||||
1,087 | SOHO China Ltd. | 561 | ||||||
1,190 | Sunac China Holdings Ltd. | 5,140 | ||||||
353 | Sunny Optical Technology Group Co. Ltd. | 5,852 | ||||||
114 | TAL Education Group ADR | 4,152 | ||||||
3,013 | Tencent Holdings Ltd. | 150,108 | ||||||
197 | Tianjin Capital Environmental Protection Group Co. Ltd., H-Shares | 108 | ||||||
548 | TravelSky Technology Ltd., H-Shares | 1,613 | ||||||
204 | Tsingtao Brewery Co. Ltd., H-Shares | 1,061 | ||||||
174 | Vipshop Holdings Ltd., Class A ADR(a) | 2,694 | ||||||
14 | Weibo Corp., Class A ADR(a) | 1,603 | ||||||
1,053 | Weichai Power Co. Ltd., H-Shares | 1,229 | ||||||
100 | Weifu High-Technology Group Co. Ltd., Class B | 216 | ||||||
176 | Wuxi Biologics Cayman, Inc.(a)(b) | 1,609 | ||||||
55 | Wuxi Little Swan Co. Ltd., Class B | 349 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
256 | Xinhua Winshare Publishing and Media Co. Ltd., H-Shares | $ | 201 | |||||
320 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 611 | ||||||
1,192 | Yangzijiang Shipbuilding Holdings Ltd. | 1,053 | ||||||
381 | Yanlord Land Group Ltd. | 489 | ||||||
100 | Yantai Changyu Pioneer Wine Co. Ltd., Class B | 254 | ||||||
1,058 | Yanzhou Coal Mining Co. Ltd., H-Shares | 1,343 | ||||||
3,605 | Yuexiu Property Co. Ltd. | 818 | ||||||
16 | YY, Inc., Class A ADR(a) | 1,542 | ||||||
545 | Zhaojin Mining Industry Co. Ltd., H-Shares | 429 | ||||||
833 | Zhejiang Expressway Co. Ltd. H-Shares | 859 | ||||||
70 | ZhongAn Online P&C Insurance Co. Ltd., H-Shares(a)(b) | 491 | ||||||
359 | Zhongsheng Group Holdings Ltd. | 1,034 | ||||||
282 | Zhuzhou CRRC Times Electric Co. Ltd., H-Shares | 1,504 | ||||||
3,110 | Zijin Mining Group Co. Ltd., H-Shares | 1,434 | ||||||
763 | Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares | 330 | ||||||
410 | ZTE Corp. H-Shares(a)(c) | 1,073 | ||||||
116 | ZTO Express Cayman, Inc. ADR | 1,914 | ||||||
|
| |||||||
846,100 | ||||||||
|
| |||||||
Colombia—0.5% | ||||||||
117 | Almacenes Exito SA | 706 | ||||||
140 | Bancolombia SA | 1,655 | ||||||
244 | Bancolombia SA (Preference Shares) | 2,893 | ||||||
84 | Cemex Latam Holdings SA(a) | 259 | ||||||
48 | Corp. Financiera Colombiana SA | 413 | ||||||
2,566 | Ecopetrol SA | 2,832 | ||||||
2,701 | Grupo Aval Acciones y Valores SA (Preference Shares) | 1,187 | ||||||
134 | Grupo de Inversiones Suramericana SA | 1,860 | ||||||
40 | Grupo de Inversiones Suramericana SA (Preference Shares) | 520 | ||||||
229 | Interconexion Electrica SA ESP | 1,180 | ||||||
|
| |||||||
13,505 | ||||||||
|
| |||||||
Czech Republic—0.2% | ||||||||
85 | CEZ AS | 2,179 | ||||||
41 | Komercni banka AS | 1,774 | ||||||
297 | Moneta Money Bank AS(b) | 1,072 | ||||||
28 | O2 Czech Republic AS | 384 | ||||||
1 | Philip Morris CR AS | 768 | ||||||
|
| |||||||
6,177 | ||||||||
|
| |||||||
Egypt—0.2% | ||||||||
575 | Commercial International Bank Egypt SAE | 3,059 | ||||||
66 | Eastern Tobacco | 768 | ||||||
316 | Egyptian Financial Group-Hermes Holding SAE | 468 | ||||||
43 | Elsewedy Electric Co. | 613 | ||||||
1,319 | Global Telecom Holding SAE(a) | 384 | ||||||
581 | Talaat Moustafa Group | 448 | ||||||
198 | Telecom Egypt Co. | 181 | ||||||
|
| |||||||
5,921 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Greece—0.5% | ||||||||
742 | Alpha Bank SA(a) | $ | 1,963 | |||||
1,051 | Eurobank Ergasias SA(a) | 1,332 | ||||||
21 | FF Group(a) | 399 | ||||||
34 | Hellenic Petroleum SA | 347 | ||||||
133 | Hellenic Telecommunications Organization SA | 1,936 | ||||||
60 | JUMBO SA | 1,099 | ||||||
33 | Motor Oil (Hellas) Corinth Refineries SA | 789 | ||||||
58 | Mytilineos Holdings SA(a) | 701 | ||||||
3,168 | National Bank of Greece SA(a) | 1,324 | ||||||
116 | OPAP SA | 1,392 | ||||||
170 | Piraeus Bank SA(a) | 721 | ||||||
24 | Titan Cement Co. SA | 634 | ||||||
|
| |||||||
12,637 | ||||||||
|
| |||||||
Hong Kong—0.4% | ||||||||
7,209 | Alibaba Pictures Group Ltd.(a) | 817 | ||||||
1,511 | Bosideng International Holdings Ltd. | 156 | ||||||
854 | China Gas Holdings Ltd. | 3,047 | ||||||
4,173 | Fullshare Holdings Ltd.(a) | 2,292 | ||||||
660 | Haier Electronics Group Co. Ltd. | 2,296 | ||||||
559 | Kingboard Laminates Holdings Ltd. | 755 | ||||||
39,964 | Landing International Development Ltd.(a) | 916 | ||||||
849 | Nine Dragons Paper Holdings Ltd. | 1,281 | ||||||
|
| |||||||
11,560 | ||||||||
|
| |||||||
Hungary—0.4% | ||||||||
228 | Magyar Telekom Telecommunications PLC | 395 | ||||||
235 | MOL Hungarian Oil & Gas PLC | 2,719 | ||||||
136 | OTP Bank Nyrt | 5,949 | ||||||
76 | Richter Gedeon Nyrt | 1,539 | ||||||
|
| |||||||
10,602 | ||||||||
|
| |||||||
India—10.8% | ||||||||
214 | Axis Bank Ltd. GDR(b) | 8,282 | ||||||
367 | Dr Reddy’s Laboratories Ltd. ADR | 11,858 | ||||||
46 | GAIL India Ltd. GDR(b) | 1,352 | ||||||
267 | HDFC Bank Ltd. ADR | 25,581 | ||||||
155 | ICICI Bank Ltd. ADR | 1,319 | ||||||
1,980 | Infosys Ltd. ADR | 34,987 | ||||||
4,658 | Invesco India ETF(d) | 119,221 | ||||||
220 | Larsen & Toubro Ltd. GDR(b) | 4,631 | ||||||
336 | Mahindra & Mahindra Ltd. GDR(b) | 4,385 | ||||||
858 | Reliance Industries Ltd. GDR(b) | 24,796 | ||||||
26 | Reliance Infrastructure Ltd. GDR(b) | 520 | ||||||
136 | State Bank of India GDR(b) | 5,012 | ||||||
773 | Tata Motors Ltd. ADR(a) | 19,418 | ||||||
821 | Tata Steel Ltd. GDR(b) | 7,241 | ||||||
441 | Vedanta Ltd. ADR | 7,815 | ||||||
455 | Wipro Ltd. ADR | 2,175 | ||||||
|
| |||||||
278,593 | ||||||||
|
| |||||||
Indonesia—2.1% | ||||||||
7,368 | PT Adaro Energy Tbk | 972 | ||||||
228 | PT Astra Agro Lestari Tbk | 209 | ||||||
10,952 | PT Astra International Tbk | 5,628 | ||||||
5,223 | PT Bank Central Asia Tbk | 8,297 | ||||||
1,797 | PT Bank Danamon Indonesia Tbk | 859 | ||||||
10,021 | PT Bank Mandiri Persero Tbk | 5,132 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Indonesia (continued) | ||||||||
4,004 | PT Bank Negara Indonesia Persero Tbk | $ | 2,317 | |||||
28,639 | PT Bank Rakyat Indonesia Persero Tbk | 6,628 | ||||||
2,340 | PT Bukit Asam Tbk | 545 | ||||||
4,395 | PT Bumi Serpong Damai Tbk | 534 | ||||||
4,237 | PT Charoen Pokphand Indonesia Tbk | 1,121 | ||||||
251 | PT Gudang Garam Tbk | 1,251 | ||||||
4,730 | PT Hanjaya Mandala Sampoerna Tbk | 1,203 | ||||||
769 | PT Indocement Tunggal Prakarsa Tbk | 980 | ||||||
1,316 | PT Indofood CBP Sukses Makmur Tbk | 821 | ||||||
2,377 | PT Indofood Sukses Makmur Tbk | 1,192 | ||||||
1,266 | PT Jasa Marga Persero Tbk | 398 | ||||||
10,904 | PT Kalbe Farma Tbk | 1,179 | ||||||
1,349 | PT Matahari Department Store Tbk | 1,004 | ||||||
2,860 | PT Media Nusantara Citra Tbk | 272 | ||||||
6,062 | PT Perusahaan Gas Negara Persero Tbk | 865 | ||||||
1,576 | PT Semen Indonesia (Persero) Tbk | 1,093 | ||||||
3,314 | PT Surya Citra Media Tbk | 610 | ||||||
25,610 | PT Telekomunikasi Indonesia Persero Tbk | 7,050 | ||||||
1,136 | PT Tower Bersama Infrastructure Tbk | 453 | ||||||
621 | PT Unilever Indonesia Tbk | 2,069 | ||||||
819 | PT United Tractors Tbk | 2,007 | ||||||
1,163 | PT Vale Indonesia Tbk(a) | 264 | ||||||
2,072 | PT XL Axiata Tbk(a) | 316 | ||||||
|
| |||||||
55,269 | ||||||||
|
| |||||||
Isle of Man—0.0% | ||||||||
182 | Mas Real Estate, Inc. | 342 | ||||||
|
| |||||||
Malaysia—3.3% | ||||||||
874 | AirAsia Group Bhd | 858 | ||||||
622 | Alliance Financial Group Bhd | 690 | ||||||
1,110 | AMMB Holdings Bhd | 1,103 | ||||||
1,175 | Astro Malaysia Holdings Bhd | 572 | ||||||
2,385 | Axiata Group Bhd | 3,222 | ||||||
82 | British American Tobacco Malaysia Bhd | 512 | ||||||
1,968 | Bumi Armada Bhd(a) | 421 | ||||||
3,518 | CIMB Group Holdings Bhd | 6,456 | ||||||
2,025 | DiGi.com Bhd | 2,390 | ||||||
1,077 | Felda Global Ventures Holdings Bhd | 469 | ||||||
1,181 | Gamuda Bhd | 1,547 | ||||||
1,209 | Genting Bhd | 2,752 | ||||||
1,526 | Genting Malaysia Bhd | 1,995 | ||||||
377 | HAP Seng Consolidated Bhd | 942 | ||||||
339 | Hong Leong Bank Bhd | 1,642 | ||||||
132 | Hong Leong Financial Group Bhd | 655 | ||||||
1,518 | IHH Healthcare Bhd | 2,352 | ||||||
1,718 | IJM Corp. Bhd | 1,305 | ||||||
1,776 | IOI Corp. Bhd | 2,168 | ||||||
1,083 | IOI Properties Group Bhd | 431 | ||||||
258 | KLCCP Stapled Group | 512 | ||||||
252 | Kuala Lumpur Kepong Bhd | 1,636 | ||||||
3,177 | Malayan Banking Bhd | 8,729 | ||||||
514 | Malaysia Airports Holdings Bhd | 1,180 | ||||||
1,488 | Maxis Bhd | 2,211 | ||||||
778 | MISC Bhd | 1,420 | ||||||
486 | MMC Corp. Bhd | 178 | ||||||
33 | Nestle Malaysia Bhd | 1,161 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
1,531 | Petronas Chemicals Group Bhd | $ | 3,297 | |||||
169 | Petronas Dagangan Bhd | 1,163 | ||||||
420 | Petronas Gas Bhd | 1,907 | ||||||
302 | PPB Group Bhd | 1,481 | ||||||
984 | Press Metal Aluminium Holdings Bhd | 1,211 | ||||||
1,668 | Public Bank Bhd | 10,118 | ||||||
649 | RHB Capital Bhd | 877 | ||||||
2,487 | Sapura Energy Bhd | 406 | ||||||
1,910 | Sime Darby Bhd | 1,300 | ||||||
1,946 | Sime Darby Plantation Bhd | 2,763 | ||||||
2,046 | Sime Darby Property Bhd | 782 | ||||||
655 | Telekom Malaysia Bhd | 885 | ||||||
2,204 | Tenaga Nasional Bhd | 8,898 | ||||||
919 | UEM Sunrise Bhd(a) | 217 | ||||||
614 | Westports Holdings Bhd | 523 | ||||||
2,626 | YTL Corp. Bhd | 970 | ||||||
1,756 | YTL Power International Bhd | 412 | ||||||
|
| |||||||
86,719 | ||||||||
|
| |||||||
Mexico—3.7% | ||||||||
1,633 | Alfa SAB de CV, Class A | 2,088 | ||||||
184 | Alpek SAB de CV | 263 | ||||||
303 | Alsea SAB de CV | 1,122 | ||||||
15,976 | America Movil SAB de CV, Series L | 14,724 | ||||||
191 | Arca Continental SAB de CV | 1,314 | ||||||
146 | Banco del Bajio SA(b) | 310 | ||||||
919 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 1,356 | ||||||
255 | Becle SAB de CV(a) | 430 | ||||||
7,886 | Cemex SAB de CV, Series CPO(a)(e) | 4,912 | ||||||
283 | Coca-Cola Femsa SAB de CV, Series L | 1,830 | ||||||
131 | Concentradora Fibra Danhos SA de CV REIT | 232 | ||||||
114 | El Puerto de Liverpool SAB de CV | 757 | ||||||
1,673 | Fibra Uno Administracion SA de CV REIT | 2,759 | ||||||
1,138 | Fomento Economico Mexicano SAB de CV, Series CPO(f) | 10,953 | ||||||
111 | Gruma SAB de CV, Class B | 1,350 | ||||||
176 | Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 928 | ||||||
219 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,268 | ||||||
113 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,023 | ||||||
1,296 | Grupo Bimbo SAB de CV, Series A | 3,004 | ||||||
204 | Grupo Carso SAB de CV, Series A1 | 730 | ||||||
175 | Grupo Comercial Chedraui SA de CV | 365 | ||||||
35 | Grupo Elektra SAB de CV | 950 | ||||||
1,322 | Grupo Financiero Banorte SAB de CV, Class O | 8,237 | ||||||
1,262 | Grupo Financiero Inbursa SAB de CV, Class O(a) | 2,094 | ||||||
325 | Grupo Lala SAB de CV | 414 | ||||||
1,808 | Grupo Mexico SAB de CV, Series B | 5,985 | ||||||
44 | Grupo Simec SAB de CV, Series B(a) | 143 | ||||||
1,350 | Grupo Televisa SAB, Series CPO(g) | 4,824 | ||||||
93 | Industrias Bachoco SAB de CV, Series B | 477 | ||||||
79 | Industrias CH SAB de CV, Series B(a) | 391 | ||||||
67 | Industrias Penoles SAB de CV | 1,400 | ||||||
330 | Infraestructura Energetica Nova SAB de CV | 1,447 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mexico (continued) | ||||||||
484 | Kimberly-Clark de Mexico SAB de CV, Class A | $ | 875 | |||||
173 | Megacable Holdings SAB de CV, Series CPO(h) | 792 | ||||||
535 | Mexichem SAB de CV(a) | 1,664 | ||||||
346 | Nemak SAB de CV(b) | 260 | ||||||
157 | OHL Mexico SAB de CV | 234 | ||||||
144 | Organizacion Soriana SAB de CV, Class B(a) | 265 | ||||||
124 | Promotora y Operadora de Infraestructura SAB de CV | 1,265 | ||||||
132 | Regional SAB de CV | 840 | ||||||
748 | Telesites SAB de CV(a) | 574 | ||||||
2,795 | Wal-Mart de Mexico SAB de CV | 7,734 | ||||||
|
| |||||||
94,583 | ||||||||
|
| |||||||
Pakistan—0.1% | ||||||||
373 | Fauji Fertilizer Co. Ltd. | 322 | ||||||
400 | Habib Bank Ltd. | 674 | ||||||
294 | National Bank of Pakistan | 129 | ||||||
400 | Oil & Gas Development Co. Ltd. | 577 | ||||||
300 | Pakistan Petroleum Ltd. | 556 | ||||||
|
| |||||||
2,258 | ||||||||
|
| |||||||
Peru—0.4% | ||||||||
108 | Cia de Minas Buenaventura SAA ADR | 1,723 | ||||||
36 | Credicorp Ltd. | 8,316 | ||||||
1,325 | Volcan Cia Minera SAA | 477 | ||||||
|
| |||||||
10,516 | ||||||||
|
| |||||||
Philippines—1.3% | ||||||||
1,230 | Aboitiz Equity Ventures, Inc. | 1,660 | ||||||
903 | Aboitiz Power Corp. | 663 | ||||||
2,387 | Alliance Global Group, Inc.(a) | 601 | ||||||
131 | Ayala Corp. | 2,445 | ||||||
3,750 | Ayala Land, Inc. | 2,957 | ||||||
974 | Bank of the Philippine Islands | 1,976 | ||||||
1,059 | BDO Unibank, Inc. | 2,695 | ||||||
1,995 | Bloomberry Resorts Corp. | 474 | ||||||
2,370 | DMCI Holdings, Inc. | 506 | ||||||
1,155 | Energy Development Corp.(a) | 121 | ||||||
17 | Globe Telecom, Inc. | 506 | ||||||
47 | GT Capital Holdings, Inc. | 954 | ||||||
590 | International Container Terminal Services, Inc. | 965 | ||||||
234 | Jollibee Foods Corp. | 1,289 | ||||||
1,614 | LT Group, Inc. | 630 | ||||||
153 | Manila Electric Co. | 952 | ||||||
6,744 | Megaworld Corp. | 586 | ||||||
8,239 | Metro Pacific Investments Corp. | 812 | ||||||
688 | Metropolitan Bank & Trust Co. | 1,130 | ||||||
1,471 | Petron Corp. | 264 | ||||||
63 | PLDT, Inc. | 1,781 | ||||||
683 | Semirara Mining & Power Corp. | 407 | ||||||
262 | SM Investments Corp. | 4,759 | ||||||
4,881 | SM Prime Holdings, Inc. | 3,230 | ||||||
478 | Universal Robina Corp. | 1,298 | ||||||
|
| |||||||
33,661 | ||||||||
|
| |||||||
Poland—1.5% | ||||||||
49 | Alior Bank SA(a) | 994 | ||||||
4 | Amrest Holdings SE(a) | 526 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Poland (continued) | ||||||||
38 | Asseco Poland SA | $ | 477 | |||||
17 | Bank Handlowy w Warszawie SA | 403 | ||||||
321 | Bank Millennium SA(a) | 783 | ||||||
85 | Bank Polska Kasa Opieki SA | 2,836 | ||||||
16 | Bank Zachodni WBK SA | 1,696 | ||||||
6 | Budimex SA | 322 | ||||||
12 | CCC SA | 887 | ||||||
36 | CD Projekt SA | 1,282 | ||||||
15 | Ciech SA(a) | 244 | ||||||
89 | Cyfrowy Polsat SA | 652 | ||||||
27 | Dino Polska SA(a)(b) | 732 | ||||||
124 | Enea SA | 369 | ||||||
46 | Eurocash SA | 322 | ||||||
27 | Grupa Azoty SA | 412 | ||||||
49 | Grupa Lotos SA | 774 | ||||||
27 | Jastrzebska Spolka Weglowa SA(a) | 638 | ||||||
76 | KGHM Polska Miedz SA | 2,031 | ||||||
9 | Kruk SA | 591 | ||||||
1 | LPP SA | 2,617 | ||||||
7 | mBank SA(a) | 858 | ||||||
383 | Orange Polska SA(a) | 576 | ||||||
402 | PGE Polska Grupa Energetyczna SA(a) | 1,201 | ||||||
55 | PLAY Communications SA(b) | 465 | ||||||
169 | Polski Koncern Naftowy Orlen SA | 4,327 | ||||||
986 | Polskie Gornictwo Naftowe i Gazownictwo SA | 1,739 | ||||||
461 | Powszechna Kasa Oszczednosci Bank Polski SA(a) | 5,505 | ||||||
304 | Powszechny Zaklad Ubezpieczen SA | 3,724 | ||||||
607 | Tauron Polska Energia SA(a) | 407 | ||||||
|
| |||||||
38,390 | ||||||||
|
| |||||||
Qatar—0.7% | ||||||||
3 | Al Meera Consumer Goods Co. QSC | 114 | ||||||
57 | Barwa Real Estate Co. | 553 | ||||||
114 | Commercial Bank QSC (The) | 1,132 | ||||||
87 | Doha Bank QPSC | 647 | ||||||
94 | Ezdan Holding Group QSC(a) | 289 | ||||||
27 | Gulf International Services QSC(a) | 139 | ||||||
88 | Industries Qatar QSC | 2,707 | ||||||
201 | Masraf Al Rayan QSC | 1,964 | ||||||
45 | Ooredoo QPSC | 979 | ||||||
16 | Qatar Electricity & Water Co. QSC | 870 | ||||||
160 | Qatar Gas Transport Co. Ltd. | 646 | ||||||
22 | Qatar International Islamic Bank QSC | 343 | ||||||
32 | Qatar Islamic Bank SAQ | 940 | ||||||
127 | Qatar National Bank QPSC | 5,267 | ||||||
31 | Qatar Navigation QSC | 479 | ||||||
98 | United Development Co. QSC | 393 | ||||||
193 | Vodafone Qatar QSC(a) | 498 | ||||||
|
| |||||||
17,960 | ||||||||
|
| |||||||
Romania—0.1% | ||||||||
183 | NEPI Rockcastle PLC | 2,017 | ||||||
|
| |||||||
Russia—4.1% | ||||||||
3,519 | Gazprom PJSC ADR | 16,286 | ||||||
138 | LSR Group PJSC GDR(b) | 368 | ||||||
254 | LUKOIL PJSC ADR | 16,967 | ||||||
191 | Magnit PJSC GDR(b) | 3,627 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Russia (continued) | ||||||||
74 | Magnitogorsk Iron & Steel Works PJSC GDR(b) | $ | 737 | |||||
44 | Mechel PJSC ADR(a) | 161 | ||||||
108 | Mechel PJSC (Preference Shares) ADR | 109 | ||||||
78 | MegaFon PJSC GDR(b) | 691 | ||||||
252 | MMC Norilsk Nickel PJSC ADR | 4,333 | ||||||
247 | Mobile TeleSystems PJSC ADR | 2,593 | ||||||
57 | Novatek PJSC GDR(b) | 7,239 | ||||||
47 | Novolipetsk Steel PJSC GDR(b) | 1,206 | ||||||
99 | Novorossiysk Commercial Sea Port PJSC GDR(b) | 841 | ||||||
60 | PhosAgro PJSC GDR(b) | 865 | ||||||
29 | Polyus PJSC GDR(b) | 924 | ||||||
638 | Rosneft Oil Co. PJSC GDR(b) | 3,888 | ||||||
75 | Rostelecom OJSC ADR | 461 | ||||||
2,373 | RusHydro PJSC ADR | 2,696 | ||||||
1,521 | Sberbank of Russia PJSC ADR | 22,663 | ||||||
243 | Severstal PJSC GDR(b) | 3,881 | ||||||
89 | Sistema PJSFC GDR(b) | 324 | ||||||
391 | Surgutneftegas OJSC ADR | 1,837 | ||||||
415 | Surgutneftegas OJSC (Preference Shares) ADR | 2,033 | ||||||
145 | Tatneft PJSC ADR | 9,352 | ||||||
56 | TMK PJSC GDR(b) | 281 | ||||||
1,277 | VTB Bank PJSC GDR(b) | 2,391 | ||||||
|
| |||||||
106,754 | ||||||||
|
| |||||||
South Africa—8.2% | ||||||||
64 | AECI Ltd. | 604 | ||||||
59 | African Rainbow Minerals Ltd. | 484 | ||||||
35 | Anglo American Platinum Ltd. | 943 | ||||||
216 | AngloGold Ashanti Ltd. | 1,944 | ||||||
202 | Aspen Pharmacare Holdings Ltd. | 4,355 | ||||||
20 | Assore Ltd. | 493 | ||||||
364 | Attacq Ltd.(a) | 561 | ||||||
180 | AVI Ltd. | 1,644 | ||||||
351 | Barclays Africa Group Ltd. | 5,145 | ||||||
116 | Barloworld Ltd. | 1,572 | ||||||
180 | Bid Corp. Ltd. | 4,132 | ||||||
180 | Bidvest Group Ltd. (The) | 3,535 | ||||||
188 | Brait SE(a) | 652 | ||||||
29 | Capitec Bank Holdings Ltd. | 2,065 | ||||||
131 | Clicks Group Ltd. | 2,242 | ||||||
138 | Coronation Fund Managers Ltd. | 820 | ||||||
85 | Curro Holdings Ltd.(a) | 229 | ||||||
141 | DIS-Chem Pharmacies Ltd.(b) | 424 | ||||||
185 | Discovery Ltd. | 2,567 | ||||||
75 | EOH Holdings Ltd. | 228 | ||||||
136 | Exxaro Resources Ltd. | 1,213 | ||||||
45 | Famous Brands Ltd.(a) | 402 | ||||||
1,731 | FirstRand Ltd. | 9,285 | ||||||
655 | Fortress REIT Ltd., Class A REIT | 907 | ||||||
432 | Fortress REIT Ltd., Class B REIT | 602 | ||||||
119 | Foschini Group Ltd. (The) | 2,050 | ||||||
449 | Gold Fields Ltd. | 1,686 | ||||||
252 | Grindrod Ltd.(a) | 290 | ||||||
1,503 | Growthpoint Properties Ltd. REIT | 3,504 | ||||||
218 | Harmony Gold Mining Co. Ltd. | 451 | ||||||
133 | Hyprop Investments Ltd. REIT | 1,215 | ||||||
390 | Impala Platinum Holdings Ltd.(a) | 698 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa (continued) | ||||||||
89 | Imperial Holdings Ltd. | $ | 1,714 | |||||
151 | Investec Ltd. | 1,191 | ||||||
49 | JSE Ltd. | 767 | ||||||
844 | Kap Industrial Holdings Ltd. | 596 | ||||||
30 | Kumba Iron Ore Ltd. | 645 | ||||||
70 | Liberty Holdings Ltd. | 743 | ||||||
754 | Life Healthcare Group Holdings Ltd. | 1,782 | ||||||
59 | Massmart Holdings Ltd. | 785 | ||||||
539 | MMI Holdings Ltd. | 961 | ||||||
66 | Mondi Ltd. | 1,924 | ||||||
132 | Mr Price Group Ltd. | 2,897 | ||||||
974 | MTN Group Ltd. | 9,771 | ||||||
372 | Nampak Ltd.(a) | 414 | ||||||
232 | Naspers Ltd., Class N | 56,857 | ||||||
114 | Nedbank Group Ltd. | 2,716 | ||||||
787 | Netcare Ltd. | 1,954 | ||||||
204 | Northam Platinum Ltd.(a) | 631 | ||||||
21 | Oceana Group Ltd. | 139 | ||||||
36 | Omnia Holdings Ltd. | 414 | ||||||
185 | Pick n Pay Stores Ltd. | 1,192 | ||||||
84 | Pioneer Foods Group Ltd. | 821 | ||||||
79 | PSG Group Ltd. | 1,424 | ||||||
366 | Rand Merchant Investment Holdings Ltd. | 1,208 | ||||||
2,745 | Redefine Properties Ltd. REIT | 2,634 | ||||||
279 | Remgro Ltd. | 5,022 | ||||||
176 | Resilient REIT Ltd. REIT | 955 | ||||||
96 | Reunert Ltd. | 600 | ||||||
370 | RMB Holdings Ltd. | 2,323 | ||||||
911 | Sanlam Ltd. | 5,780 | ||||||
22 | Santam Ltd. | 564 | ||||||
297 | Sappi Ltd. | 1,901 | ||||||
299 | Sasol Ltd. | 10,729 | ||||||
238 | Shoprite Holdings Ltd. | 4,747 | ||||||
915 | Sibanye Gold Ltd.(a) | 805 | ||||||
107 | SPAR Group Ltd. (The) | 1,812 | ||||||
85 | Stadio Holdings Ltd.(a) | 32 | ||||||
686 | Standard Bank Group Ltd. | 11,777 | ||||||
363 | Steinhoff Africa Retail Ltd.(a)(b) | 566 | ||||||
1,504 | Steinhoff International Holdings NV(a) | 231 | ||||||
201 | Super Group Ltd.(a) | 596 | ||||||
177 | Telkom SA SOC Ltd. | 806 | ||||||
87 | Tiger Brands Ltd. | 2,711 | ||||||
64 | Tongaat Hulett Ltd. | 462 | ||||||
237 | Truworths International Ltd. | 1,946 | ||||||
287 | Tsogo Sun Holdings Ltd. | 521 | ||||||
322 | Vodacom Group Ltd. | 4,023 | ||||||
390 | Vukile Property Fund Ltd. REIT | 703 | ||||||
516 | Woolworths Holdings Ltd. | 2,656 | ||||||
|
| |||||||
213,390 | ||||||||
|
| |||||||
Taiwan—12.6% | ||||||||
1,555 | Acer, Inc.(a) | 1,198 | ||||||
201 | Advantech Co. Ltd. | 1,389 | ||||||
1,852 | ASE Industrial Holding Co. Ltd. | 5,026 | ||||||
1,258 | Asia Cement Corp. | 1,350 | ||||||
382 | Asustek Computer, Inc. | 3,589 | ||||||
4,909 | AU Optronics Corp. | 2,057 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
1,160 | Capital Securities Corp. | $ | 441 | |||||
400 | Catcher Technology Co. Ltd. | 4,475 | ||||||
4,271 | Cathay Financial Holding Co. Ltd. | 7,723 | ||||||
3,264 | Chang Hwa Commercial Bank Ltd. | 1,887 | ||||||
994 | Cheng Shin Rubber Industry Co. Ltd. | 1,609 | ||||||
231 | Cheng Uei Precision Industry Co. Ltd. | 303 | ||||||
340 | Chicony Electronics Co. Ltd. | 841 | ||||||
1,510 | China Airlines Ltd.(a) | 554 | ||||||
7,755 | China Development Financial Holding Corp. | 2,949 | ||||||
1,385 | China Life Insurance Co. Ltd. | 1,507 | ||||||
373 | China Motor Corp. | 352 | ||||||
6,700 | China Steel Corp. | 5,322 | ||||||
2,061 | Chunghwa Telecom Co. Ltd. | 7,872 | ||||||
2,236 | Compal Electronics, Inc. | 1,466 | ||||||
9,832 | CTBC Financial Holding Co. Ltd. | 7,062 | ||||||
1,171 | Delta Electronics, Inc. | 4,275 | ||||||
5,237 | E.Sun Financial Holding Co. Ltd. | 3,717 | ||||||
108 | Eclat Textile Co. Ltd. | 1,312 | ||||||
571 | Epistar Corp.(a) | 786 | ||||||
544 | Eternal Materials Co. Ltd. | 522 | ||||||
1,213 | Eva Airways Corp. | 654 | ||||||
1,136 | Evergreen Marine Corp. Taiwan Ltd.(a) | 580 | ||||||
1,134 | Far Eastern International Bank | 381 | ||||||
2,178 | Far Eastern New Century Corp. | 2,091 | ||||||
892 | Far EasTone Telecommunications Co. Ltd. | 2,364 | ||||||
270 | Feng Hsin Steel Co. Ltd. | 546 | ||||||
194 | Feng Tay Enterprise Co. Ltd. | 885 | ||||||
5,218 | First Financial Holding Co. Ltd. | 3,598 | ||||||
1,856 | Formosa Chemicals & Fibre Corp. | 6,869 | ||||||
740 | Formosa Petrochemical Corp. | 3,039 | ||||||
2,639 | Formosa Plastics Corp. | 9,321 | ||||||
592 | Formosa Taffeta Co. Ltd. | 672 | ||||||
598 | Foxconn Technology Co. Ltd. | 1,494 | ||||||
3,980 | Fubon Financial Holding Co. Ltd. | 6,861 | ||||||
161 | Giant Manufacturing Co. Ltd. | 824 | ||||||
115 | Globalwafers Co. Ltd. | 1,877 | ||||||
8,085 | Hon Hai Precision Industry Co. Ltd. | 22,654 | ||||||
419 | HTC Corp.(a) | 857 | ||||||
4,593 | Hua Nan Financial Holdings Co. Ltd. | 2,787 | ||||||
4,795 | Innolux Corp. | 1,799 | ||||||
1,643 | Inventec Corp. | 1,252 | ||||||
56 | Largan Precision Co. Ltd. | 6,587 | ||||||
1,153 | Lite-On Technology Corp. | 1,530 | ||||||
798 | MediaTek, Inc. | 9,170 | ||||||
5,899 | Mega Financial Holding Co. Ltd. | 5,234 | ||||||
3,061 | Nan Ya Plastics Corp. | 8,442 | ||||||
421 | Nanya Technology Corp. | 1,323 | ||||||
309 | Novatek Microelectronics Corp. | 1,306 | ||||||
70 | Obi Pharma, Inc.(a) | 400 | ||||||
423 | Oriental Union Chemical Corp. | 458 | ||||||
1,086 | Pegatron Corp. | 2,551 | ||||||
1,472 | Pou Chen Corp. | 1,848 | ||||||
304 | President Chain Store Corp. | 3,005 | ||||||
1,441 | Quanta Computer, Inc. | 2,635 | ||||||
272 | Realtek Semiconductor Corp. | 1,039 | ||||||
4,203 | Shin Kong Financial Holding Co. Ltd. | 1,726 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
5,704 | SinoPac Financial Holdings Co. Ltd. | $ | 2,063 | |||||
786 | Synnex Technology International Corp. | 1,136 | ||||||
5,280 | Taishin Financial Holding Co. Ltd. | 2,579 | ||||||
2,359 | Taiwan Business Bank | 727 | ||||||
1,924 | Taiwan Cement Corp. | 2,656 | ||||||
4,921 | Taiwan Cooperative Financial Holding Co. Ltd. | 2,869 | ||||||
429 | Taiwan Fertilizer Co. Ltd. | 581 | ||||||
939 | Taiwan Glass Industry Corp.(a) | 632 | ||||||
1,210 | Taiwan High Speed Rail Corp. | 932 | ||||||
863 | Taiwan Mobile Co. Ltd. | 3,194 | ||||||
164 | Taiwan Secom Co. Ltd. | 493 | ||||||
13,121 | Taiwan Semiconductor Manufacturing Co. Ltd. | 100,670 | ||||||
1,050 | Teco Electric and Machinery Co. Ltd. | 857 | ||||||
183 | TPK Holding Co. Ltd.(a) | 403 | ||||||
164 | Transcend Information, Inc. | 464 | ||||||
246 | U-Ming Marine Transport Corp. | 303 | ||||||
757 | Unimicron Technology Corp. | 430 | ||||||
2,598 | Uni-President Enterprises Corp. | 6,287 | ||||||
6,417 | United Microelectronics Corp. | 3,470 | ||||||
524 | Vanguard International Semiconductor Corp. | 1,070 | ||||||
1,797 | Walsin Lihwa Corp. | 1,230 | ||||||
423 | Wan Hai Lines Ltd. | 245 | ||||||
1,455 | Wistron Corp. | 1,166 | ||||||
6,230 | Yuanta Financial Holding Co. Ltd. | 2,990 | ||||||
502 | Yulon Motor Co. Ltd. | 384 | ||||||
14 | Yulon Nissan Motor Co. Ltd. | 121 | ||||||
|
| |||||||
326,195 | ||||||||
|
| |||||||
Thailand—3.7% | ||||||||
605 | Advanced Info Service PCL NVDR | 3,987 | ||||||
2,325 | Airports of Thailand PCL NVDR | 5,249 | ||||||
259 | Bangkok Bank PCL (Foreign Shares) | 1,584 | ||||||
4,704 | Bangkok Dusit Medical Services PCL NVDR | 3,354 | ||||||
4,619 | Bangkok Expressway & Metro PCL NVDR | 1,134 | ||||||
300 | Bangkok Life Assurance PCL NVDR | 345 | ||||||
2,360 | Banpu PCL NVDR | 1,451 | ||||||
570 | BEC World PCL NVDR | 188 | ||||||
589 | Berli Jucker PCL NVDR | 1,115 | ||||||
4,255 | BTS Group Holdings PCL NVDR | 1,207 | ||||||
178 | Bumrungrad Hospital PCL NVDR | 1,072 | ||||||
1,339 | Central Pattana PCL NVDR | 3,426 | ||||||
2,459 | Charoen Pokphand Foods PCL NVDR | 1,901 | ||||||
2,826 | CP ALL PCL NVDR | 7,790 | ||||||
264 | Delta Electronics Thailand PCL NVDR | 563 | ||||||
155 | Electricity Generating PCL NVDR | 1,095 | ||||||
899 | Energy Absolute PCL NVDR | 1,025 | ||||||
238 | Glow Energy PCL NVDR | 650 | ||||||
3,046 | Home Product Center PCL NVDR | 1,448 | ||||||
949 | Indorama Ventures PCL NVDR | 1,812 | ||||||
1,026 | Intouch Holdings PCL NVDR | 1,869 | ||||||
5,534 | IRPC PCL NVDR | 1,236 | ||||||
454 | Kasikornbank PCL NVDR | 2,812 | ||||||
636 | Kasikornbank PCL (Foreign Shares) | 3,940 | ||||||
3,346 | Krung Thai Bank PCL NVDR | 1,930 | ||||||
3,663 | Land & Houses PCL NVDR | 1,277 | ||||||
1,974 | Minor International PCL NVDR | 2,517 | ||||||
748 | PTT Exploration & Production PCL NVDR | 3,176 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand (continued) | ||||||||
1,100 | PTT Global Chemical PCL NVDR | $ | 3,416 | |||||
7,750 | PTT PCL NVDR | 13,874 | ||||||
450 | Ratchaburi Electricity Generating Holding PCL NVDR | 745 | ||||||
455 | Siam Cement PCL (The) NVDR | 6,747 | ||||||
52 | Siam City Cement PCL NVDR | 405 | ||||||
1,304 | Siam Commercial Bank PCL (The) NVDR | 5,413 | ||||||
635 | Thai Airways International PCL NVDR(a) | 326 | ||||||
578 | Thai Oil PCL NVDR | 1,726 | ||||||
1,634 | Thai Union Group PCL NVDR | 932 | ||||||
12,413 | TMB Bank PCL NVDR | 928 | ||||||
390 | Total Access Communication PCL NVDR | 630 | ||||||
5,752 | True Corp. PCL NVDR | 1,385 | ||||||
|
| |||||||
95,680 | ||||||||
|
| |||||||
Turkey—1.1% | ||||||||
1,106 | Akbank Turk AS | 2,302 | ||||||
113 | Anadolu Efes Biracilik ve Malt Sanayii AS | 740 | ||||||
99 | Arcelik AS | 440 | ||||||
89 | Aselsan Elektronik Sanayi VE Ticaret AS | 552 | ||||||
41 | Aygaz AS | 136 | ||||||
124 | BIM Birlesik Magazalar AS | 2,103 | ||||||
38 | Coca-Cola Icecek AS | 336 | ||||||
1,084 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT(a) | 648 | ||||||
259 | Enka Insaat ve Sanayi AS | 312 | ||||||
754 | Eregli Demir ve Celik Fabrikalari TAS | 1,884 | ||||||
36 | Ford Otomotiv Sanayi AS | 497 | ||||||
495 | Haci Omer Sabanci Holding AS | 1,171 | ||||||
482 | KOC Holding AS | 1,627 | ||||||
27 | Koza Altin Isletmeleri AS(a) | 301 | ||||||
20 | Migros Ticaret AS(a) | 112 | ||||||
337 | Petkim Petrokimya Holding AS | 595 | ||||||
205 | Soda Sanayii AS | 244 | ||||||
85 | TAV Havalimanlari Holding AS | 455 | ||||||
88 | Tekfen Holding AS | 333 | ||||||
71 | Tofas Turk Otomobil Fabrikasi AS | 437 | ||||||
69 | Tupras Turkiye Petrol Rafinerileri AS | 1,757 | ||||||
304 | Turk Hava Yollari AO(a) | 1,250 | ||||||
305 | Turk Telekomunikasyon AS(a) | 471 | ||||||
8 | Turk Traktor VE Ziraat Makineleri AS | 119 | ||||||
583 | Turkcell Iletisim Hizmetleri AS | 2,002 | ||||||
1,131 | Turkiye Garanti Bankasi AS | 2,562 | ||||||
335 | Turkiye Halk Bankasi AS | 681 | ||||||
780 | Turkiye Is Bankasi AS, Class C | 1,182 | ||||||
580 | Turkiye Sinai Kalkinma Bankasi AS | 200 | ||||||
352 | Turkiye Sise ve Cam Fabrikalari AS | 391 | ||||||
603 | Turkiye Vakiflar Bankasi TAO, Class D | 886 | ||||||
88 | Ulker Biskuvi Sanayi AS | 461 | ||||||
460 | Yapi ve Kredi Bankasi AS(a) | 450 | ||||||
|
| |||||||
27,637 | ||||||||
|
| |||||||
Ukraine—0.0% | ||||||||
29 | Kernel Holding SA | 395 | ||||||
|
| |||||||
United Arab Emirates—0.9% | ||||||||
1,092 | Abu Dhabi Commercial Bank PJSC | 2,090 | ||||||
716 | Abu Dhabi National Oil Co. For Distribution PJSC | 478 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Arab Emirates (continued) | ||||||||
1,329 | Air Arabia PJSC | $ | 441 | |||||
1,779 | Aldar Properties PJSC | 1,017 | ||||||
427 | Arabtec Holding PJSC | 237 | ||||||
977 | Damac Properties Dubai Co. PJSC | 737 | ||||||
1,782 | Dana Gas PJSC | 480 | ||||||
840 | Deyaar Development PJSC(a) | 108 | ||||||
91 | DP World Ltd. | 2,025 | ||||||
938 | Dubai Financial Market PJSC | 250 | ||||||
865 | Dubai Investments PJSC | 447 | ||||||
677 | Dubai Islamic Bank PJSC | 1,014 | ||||||
1,859 | DXB Entertainments PJSC(a)(b) | 195 | ||||||
471 | Emaar Development PJSC(a) | 712 | ||||||
1,164 | Emaar Malls PJSC | 704 | ||||||
1,923 | Emaar Properties PJSC | 3,031 | ||||||
954 | Emirates Telecommunications Group Co. PJSC | 4,454 | ||||||
1,488 | National Bank of Abu Dhabi PJSC | 5,023 | ||||||
624 | Union Properties PJSC(a) | 137 | ||||||
524 | Waha Capital PJSC | 257 | ||||||
|
| |||||||
23,837 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $2,506,976)—99.9% | 2,588,661 | |||||||
Other assets less liabilities—0.1% | 1,546 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,590,207 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 April 30, 2018 was $109,811, which represented 4.24% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Affiliated company. The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(e) | Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings SAB de CV represents two Series shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Information Technology | 25.2 | |||
Financials | 14.5 | |||
Health Care | 13.8 | |||
Consumer Discretionary | 13.3 | |||
Industrials | 9.7 | |||
Consumer Staples | 6.8 | |||
Energy | 6.2 | |||
Materials | 2.9 | |||
Utilities | 2.9 | |||
Real Estate | 2.8 | |||
Telecommunication Services | 1.9 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—13.3% | ||||||||
8 | Advance Auto Parts, Inc. | $ | 916 | |||||
46 | Amazon.com, Inc.(b) | 72,042 | ||||||
30 | Aptiv PLC | 2,537 | ||||||
27 | Aramark | 1,010 | ||||||
10 | Autoliv, Inc. (Sweden) | 1,340 | ||||||
7 | AutoNation, Inc.(b) | 323 | ||||||
3 | AutoZone, Inc.(b) | 1,874 | ||||||
31 | Best Buy Co., Inc. | 2,372 | ||||||
5 | Booking Holdings, Inc.(b) | 10,890 | ||||||
24 | BorgWarner, Inc. | 1,175 | ||||||
21 | CarMax, Inc.(b) | 1,312 | ||||||
39 | Carnival Corp. | 2,459 | ||||||
37 | CBS Corp., Class B | 1,820 | ||||||
21 | Charter Communications, Inc., Class A(b) | 5,697 | ||||||
3 | Chipotle Mexican Grill, Inc.(b) | 1,270 | ||||||
523 | Comcast Corp., Class A | 16,417 | ||||||
40 | D.R. Horton, Inc. | 1,766 | ||||||
14 | Darden Restaurants, Inc. | 1,300 | ||||||
17 | Discovery, Inc., Class A(b) | 402 | ||||||
34 | Discovery, Inc., Class C(b) | 755 | ||||||
25 | DISH Network Corp., Class A(b) | 839 | ||||||
31 | Dollar General Corp. | 2,992 | ||||||
26 | Dollar Tree, Inc.(b) | 2,493 | ||||||
5 | Domino’s Pizza, Inc. | 1,209 | ||||||
14 | Expedia Group, Inc. | 1,612 | ||||||
414 | Ford Motor Co. | 4,653 | ||||||
26 | Gap, Inc. (The) | 760 | ||||||
14 | Garmin Ltd. | 821 | ||||||
144 | General Motors Co. | 5,291 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
16 | Genuine Parts Co. | $ | 1,413 | |||||
28 | Goodyear Tire & Rubber Co. (The) | 703 | ||||||
23 | H&R Block, Inc. | 636 | ||||||
41 | Hanesbrands, Inc. | 757 | ||||||
19 | Harley-Davidson, Inc. | 781 | ||||||
13 | Hasbro, Inc. | 1,145 | ||||||
32 | Hilton Worldwide Holdings, Inc. | 2,523 | ||||||
131 | Home Depot, Inc. (The) | 24,209 | ||||||
44 | Interpublic Group of Cos., Inc. (The) | 1,038 | ||||||
19 | Kohl’s Corp. | 1,180 | ||||||
27 | L Brands, Inc. | 943 | ||||||
44 | Las Vegas Sands Corp. | 3,227 | ||||||
8 | Lear Corp. | 1,496 | ||||||
15 | Leggett & Platt, Inc. | 608 | ||||||
32 | Lennar Corp., Class A | 1,692 | ||||||
12 | Liberty Broadband Corp., Class C(b) | 851 | ||||||
24 | Liberty Global PLC, Series A (United Kingdom)(b) | 723 | ||||||
64 | Liberty Global PLC, Series C (United Kingdom)(b) | 1,862 | ||||||
23 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 679 | ||||||
10 | Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 418 | ||||||
20 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 833 | ||||||
16 | Live Nation Entertainment, Inc.(b) | 632 | ||||||
34 | LKQ Corp.(b) | 1,055 | ||||||
93 | Lowe’s Cos., Inc. | 7,666 | ||||||
11 | Lululemon Athletica, Inc.(b) | 1,098 | ||||||
34 | Macy’s, Inc. | 1,056 | ||||||
35 | Marriott International, Inc., Class A | 4,784 | ||||||
38 | Mattel, Inc. | 562 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
89 | McDonald’s Corp. | $ | 14,902 | |||||
51 | MGM Resorts International | 1,602 | ||||||
17 | Michael Kors Holdings Ltd.(b) | 1,163 | ||||||
7 | Mohawk Industries, Inc.(b) | 1,469 | ||||||
48 | Netflix, Inc.(b) | 14,998 | ||||||
54 | Newell Brands, Inc. | 1,492 | ||||||
43 | News Corp., Class A | 687 | ||||||
147 | NIKE, Inc., Class B | 10,053 | ||||||
14 | Nordstrom, Inc. | 708 | ||||||
24 | Norwegian Cruise Line Holdings Ltd.(b) | 1,283 | ||||||
26 | Omnicom Group, Inc. | 1,915 | ||||||
10 | O’Reilly Automotive, Inc.(b) | 2,561 | ||||||
7 | Polaris Industries, Inc. | 734 | ||||||
32 | PulteGroup, Inc. | 972 | ||||||
9 | PVH Corp. | 1,437 | ||||||
50 | Qurate Retail Group, Inc. Qvc Group, Class A(b) | 1,171 | ||||||
6 | Ralph Lauren Corp., Class A | 659 | ||||||
43 | Ross Stores, Inc. | 3,477 | ||||||
19 | Royal Caribbean Cruises Ltd. | 2,056 | ||||||
182 | Sirius XM Holdings, Inc. | 1,152 | ||||||
159 | Starbucks Corp. | 9,154 | ||||||
31 | Tapestry, Inc. | 1,667 | ||||||
58 | Target Corp. | 4,211 | ||||||
15 | Tesla, Inc.(b) | 4,409 | ||||||
14 | Tiffany & Co. | 1,440 | ||||||
87 | Time Warner, Inc. | 8,248 | ||||||
71 | TJX Cos., Inc. (The) | 6,024 | ||||||
17 | Toll Brothers, Inc. | 717 | ||||||
14 | Tractor Supply Co. | 952 | ||||||
13 | TripAdvisor, Inc.(b) | 486 | ||||||
117 | Twenty-First Century Fox, Inc., Class A | 4,278 | ||||||
49 | Twenty-First Century Fox, Inc., Class B | 1,767 | ||||||
7 | Ulta Beauty, Inc.(b) | 1,756 | ||||||
21 | Under Armour, Inc., Class C(b) | 322 | ||||||
21 | Under Armour, Inc., Class A(b) | 373 | ||||||
5 | Vail Resorts, Inc. | 1,147 | ||||||
38 | VF Corp. | 3,073 | ||||||
39 | Viacom, Inc., Class B | 1,176 | ||||||
169 | Walt Disney Co. (The) | 16,956 | ||||||
8 | Whirlpool Corp. | 1,240 | ||||||
11 | Wyndham Worldwide Corp. | 1,256 | ||||||
12 | Wynn Resorts Ltd. | 2,234 | ||||||
36 | Yum! Brands, Inc. | 3,136 | ||||||
|
| |||||||
353,430 | ||||||||
|
| |||||||
Consumer Staples—6.8% | ||||||||
213 | Altria Group, Inc. | 11,951 | ||||||
63 | Archer-Daniels-Midland Co. | 2,859 | ||||||
28 | Brown-Forman Corp., Class B | 1,569 | ||||||
16 | Bunge Ltd. | 1,156 | ||||||
20 | Campbell Soup Co. | 816 | ||||||
28 | Church & Dwight Co., Inc. | 1,294 | ||||||
14 | Clorox Co. (The) | 1,641 | ||||||
453 | Coca-Cola Co. (The) | 19,574 | ||||||
94 | Colgate-Palmolive Co. | 6,132 | ||||||
47 | Conagra Brands, Inc. | 1,742 | ||||||
19 | Constellation Brands, Inc., Class A | 4,430 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
49 | Costco Wholesale Corp. | $ | 9,661 | |||||
54 | Coty, Inc., Class A | 937 | ||||||
20 | Dr Pepper Snapple Group, Inc. | 2,399 | ||||||
25 | Estee Lauder Cos., Inc. (The), Class A | 3,702 | ||||||
64 | General Mills, Inc. | 2,799 | ||||||
16 | Hershey Co. (The) | 1,471 | ||||||
32 | Hormel Foods Corp. | 1,160 | ||||||
8 | Ingredion, Inc. | 969 | ||||||
13 | JM Smucker Co. (The) | 1,483 | ||||||
29 | Kellogg Co. | 1,708 | ||||||
39 | Kimberly-Clark Corp. | 4,038 | ||||||
68 | Kraft Heinz Co. (The) | 3,834 | ||||||
101 | Kroger Co. (The) | 2,544 | ||||||
13 | McCormick & Co., Inc. | 1,370 | ||||||
21 | Molson Coors Brewing Co., Class B | 1,496 | ||||||
167 | Mondelez International, Inc., Class A | 6,597 | ||||||
44 | Monster Beverage Corp.(b) | 2,420 | ||||||
159 | PepsiCo, Inc. | 16,049 | ||||||
173 | Philip Morris International, Inc. | 14,186 | ||||||
283 | Procter & Gamble Co. (The) | 20,472 | ||||||
3 | Spectrum Brands Holdings, Inc. | 216 | ||||||
55 | Sysco Corp. | 3,440 | ||||||
34 | Tyson Foods, Inc., Class A | 2,383 | ||||||
94 | Walgreens Boots Alliance, Inc. | 6,246 | ||||||
167 | Walmart, Inc. | 14,773 | ||||||
|
| |||||||
179,517 | ||||||||
|
| |||||||
Energy—6.2% | ||||||||
62 | Anadarko Petroleum Corp. | 4,174 | ||||||
17 | Andeavor | 2,351 | ||||||
25 | Antero Resources Corp.(b) | 475 | ||||||
42 | Apache Corp. | 1,720 | ||||||
45 | Baker Hughes a GE Co. | 1,625 | ||||||
52 | Cabot Oil & Gas Corp. | 1,243 | ||||||
23 | Cheniere Energy, Inc.(b) | 1,338 | ||||||
212 | Chevron Corp. | 26,523 | ||||||
11 | Cimarex Energy Co. | 1,106 | ||||||
17 | Concho Resources, Inc.(b) | 2,673 | ||||||
134 | ConocoPhillips | 8,777 | ||||||
10 | Continental Resources, Inc.(b) | 661 | ||||||
56 | Devon Energy Corp. | 2,034 | ||||||
10 | Diamondback Energy, Inc.(b) | 1,284 | ||||||
65 | EOG Resources, Inc. | 7,681 | ||||||
28 | EQT Corp. | 1,405 | ||||||
474 | Exxon Mobil Corp. | 36,854 | ||||||
97 | Halliburton Co. | 5,140 | ||||||
12 | Helmerich & Payne, Inc. | 835 | ||||||
32 | Hess Corp. | 1,824 | ||||||
19 | HollyFrontier Corp. | 1,153 | ||||||
224 | Kinder Morgan, Inc. | 3,544 | ||||||
95 | Marathon Oil Corp. | 1,734 | ||||||
54 | Marathon Petroleum Corp. | 4,045 | ||||||
42 | National Oilwell Varco, Inc. | 1,624 | ||||||
22 | Newfield Exploration Co.(b) | 656 | ||||||
52 | Noble Energy, Inc. | 1,759 | ||||||
85 | Occidental Petroleum Corp. | 6,567 | ||||||
42 | ONEOK, Inc. | 2,529 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
25 | Parsley Energy, Inc., Class A(b) | $ | 751 | |||||
49 | Phillips 66 | 5,454 | ||||||
19 | Pioneer Natural Resources Co. | 3,829 | ||||||
16 | Plains GP Holdings LP, Class A | 388 | ||||||
28 | Range Resources Corp. | 388 | ||||||
155 | Schlumberger Ltd. | 10,627 | ||||||
24 | Targa Resources Corp. | 1,127 | ||||||
49 | TechnipFMC PLC (United Kingdom) | 1,615 | ||||||
49 | Valero Energy Corp. | 5,436 | ||||||
92 | Williams Cos., Inc. (The) | 2,367 | ||||||
|
| |||||||
165,316 | ||||||||
|
| |||||||
Financials—14.5% | ||||||||
6 | Affiliated Managers Group, Inc. | 989 | ||||||
88 | Aflac, Inc. | 4,010 | ||||||
43 | AGNC Investment Corp. REIT | 814 | ||||||
2 | Alleghany Corp. | 1,149 | ||||||
40 | Allstate Corp. (The) | 3,913 | ||||||
51 | Ally Financial, Inc. | 1,331 | ||||||
82 | American Express Co. | 8,098 | ||||||
8 | American Financial Group, Inc. | 906 | ||||||
100 | American International Group, Inc. | 5,600 | ||||||
17 | Ameriprise Financial, Inc. | 2,384 | ||||||
128 | Annaly Capital Management, Inc. REIT | 1,327 | ||||||
28 | Aon PLC | 3,989 | ||||||
15 | Arch Capital Group Ltd.(b) | 1,202 | ||||||
20 | Arthur J. Gallagher & Co. | 1,400 | ||||||
6 | Assurant, Inc. | 557 | ||||||
17 | Athene Holding Ltd., Class A(b) | 833 | ||||||
9 | Axis Capital Holdings Ltd. | 528 | ||||||
1,109 | Bank of America Corp. | 33,181 | ||||||
114 | Bank of New York Mellon Corp. (The) | 6,214 | ||||||
88 | BB&T Corp. | 4,646 | ||||||
142 | Berkshire Hathaway, Inc., Class B(b) | 27,510 | ||||||
13 | BlackRock, Inc. | 6,780 | ||||||
10 | Brighthouse Financial, Inc.(b) | 508 | ||||||
54 | Capital One Financial Corp. | 4,894 | ||||||
11 | Cboe Global Markets, Inc. | 1,175 | ||||||
134 | Charles Schwab Corp. (The) | 7,461 | ||||||
52 | Chubb Ltd. | 7,055 | ||||||
18 | Cincinnati Financial Corp. | 1,266 | ||||||
16 | CIT Group, Inc. | 847 | ||||||
296 | Citigroup, Inc. | 20,208 | ||||||
56 | Citizens Financial Group, Inc. | 2,323 | ||||||
38 | CME Group, Inc. | 5,992 | ||||||
19 | Comerica, Inc. | 1,797 | ||||||
41 | Discover Financial Services | 2,921 | ||||||
31 | E*TRADE Financial Corp.(b) | 1,881 | ||||||
16 | East West Bancorp, Inc. | 1,066 | ||||||
13 | Eaton Vance Corp. | 707 | ||||||
5 | Everest Re Group Ltd. | 1,163 | ||||||
79 | Fifth Third Bancorp | 2,620 | ||||||
18 | First Republic Bank | 1,672 | ||||||
29 | FNF Group | 1,068 | ||||||
37 | Franklin Resources, Inc. | 1,245 | ||||||
40 | Goldman Sachs Group, Inc. (The) | 9,533 | ||||||
41 | Hartford Financial Services Group, Inc. (The) | 2,207 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
121 | Huntington Bancshares, Inc. | $ | 1,804 | |||||
66 | Intercontinental Exchange, Inc. | 4,782 | ||||||
45 | Invesco Ltd.(c) | 1,304 | ||||||
387 | JPMorgan Chase & Co. | 42,098 | ||||||
122 | KeyCorp | 2,430 | ||||||
36 | Leucadia National Corp. | 865 | ||||||
24 | Lincoln National Corp. | 1,695 | ||||||
32 | Loews Corp. | 1,679 | ||||||
15 | M&T Bank Corp. | 2,734 | ||||||
2 | Markel Corp.(b) | 2,260 | ||||||
57 | Marsh & McLennan Cos., Inc. | 4,646 | ||||||
100 | MetLife, Inc. | 4,767 | ||||||
19 | Moody’s Corp. | 3,082 | ||||||
151 | Morgan Stanley | 7,795 | ||||||
10 | MSCI, Inc., Class A | 1,498 | ||||||
13 | Nasdaq, Inc. | 1,148 | ||||||
54 | New York Community Bancorp, Inc. | 642 | ||||||
24 | Northern Trust Corp. | 2,562 | ||||||
38 | People’s United Financial, Inc. | 695 | ||||||
53 | PNC Financial Services Group, Inc. (The) | 7,717 | ||||||
32 | Principal Financial Group, Inc. | 1,895 | ||||||
65 | Progressive Corp. (The) | 3,919 | ||||||
47 | Prudential Financial, Inc. | 4,997 | ||||||
15 | Raymond James Financial, Inc. | 1,346 | ||||||
130 | Regions Financial Corp. | 2,431 | ||||||
7 | Reinsurance Group of America, Inc. | 1,046 | ||||||
4 | RenaissanceRe Holdings Ltd. (Bermuda) | 544 | ||||||
29 | S&P Global, Inc. | 5,469 | ||||||
15 | SEI Investments Co. | 948 | ||||||
6 | Signature Bank/New York NY(b) | 763 | ||||||
41 | State Street Corp. | 4,091 | ||||||
54 | SunTrust Banks, Inc. | 3,607 | ||||||
6 | SVB Financial Group(b) | 1,798 | ||||||
87 | Synchrony Financial | 2,886 | ||||||
27 | T. Rowe Price Group, Inc. | 3,073 | ||||||
32 | TD Ameritrade Holding Corp. | 1,859 | ||||||
12 | Torchmark Corp. | 1,041 | ||||||
31 | Travelers Cos., Inc. (The) | 4,080 | ||||||
186 | U.S. Bancorp | 9,384 | ||||||
25 | Unum Group | 1,210 | ||||||
21 | Voya Financial, Inc. | 1,099 | ||||||
11 | W.R. Berkley Corp. | 820 | ||||||
522 | Wells Fargo & Co. | 27,123 | ||||||
14 | Willis Towers Watson PLC | 2,079 | ||||||
29 | XL Group Ltd. (Bermuda) | 1,612 | ||||||
23 | Zions Bancorporation | 1,259 | ||||||
|
| |||||||
383,552 | ||||||||
|
| |||||||
Health Care—13.8% | ||||||||
194 | Abbott Laboratories | 11,277 | ||||||
178 | AbbVie, Inc. | 17,186 | ||||||
36 | Aetna, Inc. | 6,446 | ||||||
36 | Agilent Technologies, Inc. | 2,367 | ||||||
25 | Alexion Pharmaceuticals, Inc.(b) | 2,941 | ||||||
9 | Align Technology, Inc.(b) | 2,249 | ||||||
17 | Alkermes PLC(b) | 753 | ||||||
37 | Allergan PLC | 5,685 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
10 | Alnylam Pharmaceuticals, Inc.(b) | $ | 945 | |||||
18 | AmerisourceBergen Corp. | 1,630 | ||||||
75 | Amgen, Inc. | 13,086 | ||||||
29 | Anthem, Inc. | 6,844 | ||||||
55 | Baxter International, Inc. | 3,822 | ||||||
30 | Becton, Dickinson and Co. | 6,956 | ||||||
24 | Biogen, Inc.(b) | 6,566 | ||||||
20 | BioMarin Pharmaceutical, Inc.(b) | 1,670 | ||||||
152 | Boston Scientific Corp.(b) | 4,365 | ||||||
183 | Bristol-Myers Squibb Co. | 9,540 | ||||||
35 | Cardinal Health, Inc. | 2,246 | ||||||
88 | Celgene Corp.(b) | 7,665 | ||||||
19 | Centene Corp.(b) | 2,063 | ||||||
33 | Cerner Corp.(b) | 1,922 | ||||||
28 | Cigna Corp. | 4,811 | ||||||
6 | Cooper Cos., Inc. (The) | 1,372 | ||||||
114 | CVS Health Corp. | 7,961 | ||||||
70 | Danaher Corp. | 7,022 | ||||||
17 | DaVita, Inc.(b) | 1,067 | ||||||
26 | DENTSPLY Sirona, Inc. | 1,309 | ||||||
24 | Edwards Lifesciences Corp.(b) | 3,057 | ||||||
111 | Eli Lilly & Co. | 8,999 | ||||||
13 | Envision Healthcare Corp.(b) | 483 | ||||||
63 | Express Scripts Holding Co.(b) | 4,769 | ||||||
146 | Gilead Sciences, Inc. | 10,546 | ||||||
32 | HCA Healthcare, Inc. | 3,064 | ||||||
18 | Henry Schein, Inc.(b) | 1,368 | ||||||
31 | Hologic, Inc.(b) | 1,202 | ||||||
16 | Humana, Inc. | 4,707 | ||||||
10 | IDEXX Laboratories, Inc.(b) | 1,945 | ||||||
16 | Illumina, Inc.(b) | 3,855 | ||||||
20 | Incyte Corp.(b) | 1,239 | ||||||
13 | Intuitive Surgical, Inc.(b) | 5,730 | ||||||
15 | Iqvia Holdings, Inc.(b) | 1,436 | ||||||
7 | Jazz Pharmaceuticals PLC(b) | 1,064 | ||||||
300 | Johnson & Johnson | 37,947 | ||||||
11 | Laboratory Corp. of America Holdings(b) | 1,878 | ||||||
23 | McKesson Corp. | 3,593 | ||||||
151 | Medtronic PLC | 12,100 | ||||||
305 | Merck & Co., Inc. | 17,955 | ||||||
3 | Mettler-Toledo International, Inc.(b) | 1,680 | ||||||
51 | Mylan NV(b) | 1,977 | ||||||
14 | Perrigo Co. PLC | 1,094 | ||||||
666 | Pfizer, Inc. | 24,382 | ||||||
15 | Quest Diagnostics, Inc. | 1,518 | ||||||
9 | Regeneron Pharmaceuticals, Inc.(b) | 2,733 | ||||||
16 | ResMed, Inc. | 1,514 | ||||||
11 | Seattle Genetics, Inc.(b) | 563 | ||||||
38 | Stryker Corp. | 6,438 | ||||||
5 | Teleflex, Inc. | 1,339 | ||||||
4 | TESARO, Inc.(b) | 204 | ||||||
45 | Thermo Fisher Scientific, Inc. | 9,466 | ||||||
5 | United Therapeutics Corp.(b) | 551 | ||||||
108 | UnitedHealth Group, Inc. | 25,531 | ||||||
10 | Universal Health Services, Inc., Class B | 1,142 | ||||||
10 | Varian Medical Systems, Inc.(b) | 1,156 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
13 | Veeva Systems, Inc., Class A(b) | $ | 912 | |||||
28 | Vertex Pharmaceuticals, Inc.(b) | 4,288 | ||||||
9 | Waters Corp.(b) | 1,696 | ||||||
23 | Zimmer Biomet Holdings, Inc. | 2,649 | ||||||
54 | Zoetis, Inc. | 4,508 | ||||||
|
| |||||||
364,044 | ||||||||
|
| |||||||
Industrials—9.7% | ||||||||
67 | 3M Co. | 13,024 | ||||||
16 | A.O. Smith Corp. | 982 | ||||||
5 | Acuity Brands, Inc. | 599 | ||||||
7 | AGCO Corp. | 439 | ||||||
11 | Allegion PLC | 849 | ||||||
1 | AMERCO | 338 | ||||||
14 | American Airlines Group, Inc. | 601 | ||||||
26 | AMETEK, Inc. | 1,815 | ||||||
49 | Arconic, Inc. | 873 | ||||||
63 | Boeing Co. (The) | 21,014 | ||||||
16 | C.H. Robinson Worldwide, Inc. | 1,472 | ||||||
66 | Caterpillar, Inc. | 9,528 | ||||||
10 | Cintas Corp. | 1,703 | ||||||
4 | CoStar Group, Inc.(b) | 1,467 | ||||||
95 | CSX Corp. | 5,642 | ||||||
18 | Cummins, Inc. | 2,877 | ||||||
30 | Deere & Co. | 4,060 | ||||||
20 | Delta Air Lines, Inc. | 1,044 | ||||||
17 | Dover Corp. | 1,576 | ||||||
49 | Eaton Corp. PLC | 3,676 | ||||||
72 | Emerson Electric Co. | 4,782 | ||||||
13 | Equifax, Inc. | 1,457 | ||||||
20 | Expeditors International of Washington, Inc. | 1,277 | ||||||
32 | Fastenal Co. | 1,600 | ||||||
28 | FedEx Corp. | 6,922 | ||||||
15 | Flowserve Corp. | 666 | ||||||
16 | Fluor Corp. | 943 | ||||||
35 | Fortive Corp. | 2,461 | ||||||
17 | Fortune Brands Home & Security, Inc. | 930 | ||||||
28 | General Dynamics Corp. | 5,637 | ||||||
971 | General Electric Co. | 13,662 | ||||||
13 | Harris Corp. | 2,033 | ||||||
20 | HD Supply Holdings, Inc.(b) | 774 | ||||||
81 | Honeywell International, Inc. | 11,719 | ||||||
5 | Huntington Ingalls Industries, Inc. | 1,216 | ||||||
9 | IDEX Corp. | 1,203 | ||||||
45 | IHS Markit Ltd.(b) | 2,211 | ||||||
34 | Illinois Tool Works, Inc. | 4,829 | ||||||
28 | Ingersoll-Rand PLC | 2,349 | ||||||
10 | J.B. Hunt Transport Services, Inc. | 1,174 | ||||||
13 | Jacobs Engineering Group, Inc. | 755 | ||||||
104 | Johnson Controls International PLC | 3,522 | ||||||
12 | Kansas City Southern | 1,280 | ||||||
15 | Knight-Swift Transportation Holdings, Inc. | 585 | ||||||
9 | L3 Technologies, Inc. | 1,763 | ||||||
4 | Lennox International, Inc. | 773 | ||||||
29 | Lockheed Martin Corp. | 9,304 | ||||||
9 | Macquarie Infrastructure Corp. | 341 | ||||||
7 | ManpowerGroup, Inc. | 670 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
36 | Masco Corp. | $ | 1,363 | |||||
6 | Middleby Corp. (The)(b) | 755 | ||||||
40 | Nielsen Holdings PLC | 1,258 | ||||||
32 | Norfolk Southern Corp. | 4,591 | ||||||
18 | Northrop Grumman Corp. | 5,797 | ||||||
7 | Old Dominion Freight Line, Inc. | 937 | ||||||
12 | Owens Corning | 786 | ||||||
39 | PACCAR, Inc. | 2,483 | ||||||
15 | Parker-Hannifin Corp. | 2,469 | ||||||
19 | Pentair PLC (United Kingdom) | 1,278 | ||||||
32 | Raytheon Co. | 6,558 | ||||||
26 | Republic Services, Inc. | 1,682 | ||||||
14 | Robert Half International, Inc. | 850 | ||||||
14 | Rockwell Automation, Inc. | 2,303 | ||||||
18 | Rockwell Collins, Inc. | 2,386 | ||||||
11 | Rollins, Inc. | 534 | ||||||
11 | Roper Technologies, Inc. | 2,906 | ||||||
19 | Sensata Technologies Holding PLC(b) | 964 | ||||||
6 | Snap-on, Inc. | 872 | ||||||
17 | Southwest Airlines Co. | 898 | ||||||
13 | Spirit AeroSystems Holdings, Inc., Class A | 1,045 | ||||||
17 | Stanley Black & Decker, Inc. | 2,407 | ||||||
10 | Stericycle, Inc.(b) | 587 | ||||||
30 | Textron, Inc. | 1,864 | ||||||
6 | TransDigm Group, Inc. | 1,923 | ||||||
20 | TransUnion(b) | 1,298 | ||||||
88 | Union Pacific Corp. | 11,759 | ||||||
9 | United Continental Holdings, Inc.(b) | 608 | ||||||
77 | United Parcel Service, Inc., Class B | 8,740 | ||||||
9 | United Rentals, Inc.(b) | 1,350 | ||||||
85 | United Technologies Corp. | 10,213 | ||||||
17 | Verisk Analytics, Inc.(b) | 1,810 | ||||||
6 | W.W. Grainger, Inc. | 1,688 | ||||||
6 | WABCO Holdings, Inc.(b) | 774 | ||||||
10 | Wabtec Corp. | 888 | ||||||
30 | Waste Connections, Inc. | 2,169 | ||||||
48 | Waste Management, Inc. | 3,902 | ||||||
20 | Xylem, Inc. | 1,458 | ||||||
|
| |||||||
256,570 | ||||||||
|
| |||||||
Information Technology—25.2% | ||||||||
69 | Accenture PLC, Class A | 10,433 | ||||||
80 | Activision Blizzard, Inc. | 5,308 | ||||||
55 | Adobe Systems, Inc.(b) | 12,188 | ||||||
89 | Advanced Micro Devices, Inc.(b) | 968 | ||||||
19 | Akamai Technologies, Inc.(b) | 1,361 | ||||||
6 | Alliance Data Systems Corp. | 1,218 | ||||||
33 | Alphabet, Inc., Class A(b) | 33,613 | ||||||
35 | Alphabet, Inc., Class C(b) | 35,607 | ||||||
34 | Amphenol Corp., Class A | 2,846 | ||||||
41 | Analog Devices, Inc. | 3,581 | ||||||
9 | ANSYS, Inc.(b) | 1,455 | ||||||
574 | Apple, Inc. | 94,859 | ||||||
120 | Applied Materials, Inc. | 5,960 | ||||||
5 | Arista Networks, Inc.(b) | 1,323 | ||||||
10 | Arrow Electronics, Inc.(b) | 747 | ||||||
22 | Autodesk, Inc.(b) | 2,770 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
50 | Automatic Data Processing, Inc. | $ | 5,904 | |||||
14 | Avnet, Inc. | 549 | ||||||
46 | Broadcom, Inc. | 10,553 | ||||||
13 | Broadridge Financial Solutions, Inc. | 1,394 | ||||||
35 | CA, Inc. | 1,218 | ||||||
31 | Cadence Design Systems, Inc.(b) | 1,242 | ||||||
15 | CDK Global, Inc. | 979 | ||||||
17 | CDW Corp. | 1,212 | ||||||
552 | Cisco Systems, Inc. | 24,448 | ||||||
17 | Citrix Systems, Inc.(b) | 1,750 | ||||||
20 | Cognex Corp. | 925 | ||||||
66 | Cognizant Technology Solutions Corp., Class A | 5,400 | ||||||
21 | CommScope Holding Co., Inc.(b) | 803 | ||||||
97 | Corning, Inc. | 2,621 | ||||||
23 | Dell Technologies, Inc., Class V(b) | 1,651 | ||||||
32 | DXC Technology Co. | 3,298 | ||||||
111 | eBay, Inc.(b) | 4,205 | ||||||
34 | Electronic Arts, Inc.(b) | 4,011 | ||||||
7 | F5 Networks, Inc.(b) | 1,142 | ||||||
266 | Facebook, Inc., Class A(b) | 45,752 | ||||||
37 | Fidelity National Information Services, Inc. | 3,514 | ||||||
49 | First Data Corp., Class A(b) | 887 | ||||||
46 | Fiserv, Inc.(b) | 3,260 | ||||||
10 | FleetCor Technologies, Inc.(b) | 2,073 | ||||||
59 | Flex Ltd.(b) | 767 | ||||||
15 | FLIR Systems, Inc. | 803 | ||||||
17 | Fortinet, Inc.(b) | 941 | ||||||
10 | Gartner, Inc.(b) | 1,213 | ||||||
18 | Global Payments, Inc. | 2,035 | ||||||
178 | Hewlett Packard Enterprise Co. | 3,035 | ||||||
188 | HP, Inc. | 4,040 | ||||||
9 | IAC/InterActiveCorp.(b) | 1,459 | ||||||
524 | Intel Corp. | 27,049 | ||||||
98 | International Business Machines Corp. | 14,206 | ||||||
27 | Intuit, Inc. | 4,989 | ||||||
4 | IPG Photonics Corp.(b) | 852 | ||||||
9 | Jack Henry & Associates, Inc. | 1,075 | ||||||
42 | Juniper Networks, Inc. | 1,033 | ||||||
17 | KLA-Tencor Corp. | 1,730 | ||||||
18 | Lam Research Corp. | 3,331 | ||||||
16 | Leidos Holdings, Inc. | 1,028 | ||||||
45 | Marvell Technology Group Ltd. (Bermuda) | 903 | ||||||
105 | Mastercard, Inc., Class A | 18,718 | ||||||
32 | Maxim Integrated Products, Inc. | 1,744 | ||||||
5 | MercadoLibre, Inc. (Argentina) | 1,698 | ||||||
26 | Microchip Technology, Inc. | 2,175 | ||||||
129 | Micron Technology, Inc.(b) | 5,931 | ||||||
820 | Microsoft Corp. | 76,686 | ||||||
18 | Motorola Solutions, Inc. | 1,977 | ||||||
30 | NetApp, Inc. | 1,997 | ||||||
68 | NVIDIA Corp. | 15,293 | ||||||
350 | Oracle Corp. | 15,985 | ||||||
10 | Palo Alto Networks, Inc.(b) | 1,925 | ||||||
36 | Paychex, Inc. | 2,181 | ||||||
128 | PayPal Holdings, Inc.(b) | 9,550 | ||||||
14 | Qorvo, Inc.(b) | 944 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
165 | QUALCOMM, Inc. | $ | 8,417 | |||||
20 | Red Hat, Inc.(b) | 3,261 | ||||||
23 | Sabre Corp. | 475 | ||||||
77 | salesforce.com, inc.(b) | 9,316 | ||||||
33 | Seagate Technology PLC | 1,910 | ||||||
19 | ServiceNow, Inc.(b) | 3,157 | ||||||
21 | Skyworks Solutions, Inc. | 1,822 | ||||||
16 | Splunk, Inc.(b) | 1,642 | ||||||
30 | Square, Inc., Class A(b) | 1,420 | ||||||
26 | SS&C Technologies Holdings, Inc. | 1,291 | ||||||
68 | Symantec Corp. | 1,890 | ||||||
17 | Synopsys, Inc.(b) | 1,454 | ||||||
13 | Take-Two Interactive Software, Inc.(b) | 1,296 | ||||||
39 | TE Connectivity Ltd. | 3,578 | ||||||
110 | Texas Instruments, Inc. | 11,157 | ||||||
18 | Total System Services, Inc. | 1,513 | ||||||
28 | Trimble, Inc.(b) | 969 | ||||||
69 | Twitter, Inc.(b) | 2,091 | ||||||
10 | VeriSign, Inc.(b) | 1,174 | ||||||
203 | Visa, Inc., Class A | 25,757 | ||||||
8 | VMware, Inc., Class A(b) | 1,066 | ||||||
33 | Western Digital Corp. | 2,600 | ||||||
52 | Western Union Co. (The) | 1,027 | ||||||
15 | Workday, Inc., Class A(b) | 1,873 | ||||||
33 | Worldpay, Inc., Class A(b) | 2,680 | ||||||
24 | Xerox Corp. | 755 | ||||||
28 | Xilinx, Inc. | 1,799 | ||||||
12 | Zillow Group, Inc., Class C(b) | 582 | ||||||
|
| |||||||
666,293 | ||||||||
|
| |||||||
Materials—2.9% | ||||||||
24 | Air Products & Chemicals, Inc. | 3,895 | ||||||
12 | Albemarle Corp. | 1,164 | ||||||
10 | Avery Dennison Corp. | 1,048 | ||||||
24 | Axalta Coating Systems Ltd.(b) | 742 | ||||||
37 | Ball Corp. | 1,483 | ||||||
15 | Celanese Corp., Series A | 1,630 | ||||||
26 | CF Industries Holdings, Inc. | 1,009 | ||||||
20 | Chemours Co. (The) | 968 | ||||||
15 | Crown Holdings, Inc.(b) | 748 | ||||||
262 | DowDuPont, Inc. | 16,569 | ||||||
16 | Eastman Chemical Co. | 1,633 | ||||||
29 | Ecolab, Inc. | 4,198 | ||||||
15 | FMC Corp. | 1,196 | ||||||
153 | Freeport-McMoRan, Inc. | 2,327 | ||||||
9 | International Flavors & Fragrances, Inc. | 1,271 | ||||||
44 | International Paper Co. | 2,269 | ||||||
37 | LyondellBasell Industries NV, Class A | 3,912 | ||||||
7 | Martin Marietta Materials, Inc. | 1,363 | ||||||
49 | Monsanto Co. | 6,143 | ||||||
37 | Mosaic Co. (The) | 997 | ||||||
59 | Newmont Mining Corp. | 2,318 | ||||||
36 | Nucor Corp. | 2,218 | ||||||
11 | Packaging Corp. of America | 1,273 | ||||||
28 | PPG Industries, Inc. | 2,965 | ||||||
32 | Praxair, Inc. | 4,881 | ||||||
20 | Sealed Air Corp. | 877 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
9 | Sherwin-Williams Co. (The) | $ | 3,309 | |||||
27 | Steel Dynamics, Inc. | 1,210 | ||||||
15 | Vulcan Materials Co. | 1,675 | ||||||
8 | W.R. Grace & Co. | 548 | ||||||
28 | WestRock Co. | 1,656 | ||||||
|
| |||||||
77,495 | ||||||||
|
| |||||||
Real Estate—2.8% | ||||||||
11 | Alexandria Real Estate Equities, Inc. REIT | 1,370 | ||||||
48 | American Tower Corp. REIT | 6,545 | ||||||
15 | AvalonBay Communities, Inc. REIT | 2,445 | ||||||
17 | Boston Properties, Inc. REIT | 2,064 | ||||||
34 | Brixmor Property Group, Inc. REIT | 506 | ||||||
10 | Camden Property Trust REIT | 854 | ||||||
34 | CBRE Group, Inc., Class A(b) | 1,541 | ||||||
58 | Colony Northstar, Inc., Class A REIT | 354 | ||||||
45 | Crown Castle International Corp. REIT | 4,539 | ||||||
23 | Digital Realty Trust, Inc. REIT | 2,431 | ||||||
40 | Duke Realty Corp. REIT | 1,084 | ||||||
9 | Equinix, Inc. REIT | 3,787 | ||||||
41 | Equity Residential REIT | 2,530 | ||||||
7 | Essex Property Trust, Inc. REIT | 1,678 | ||||||
14 | Extra Space Storage, Inc. REIT | 1,254 | ||||||
8 | Federal Realty Investment Trust REIT | 927 | ||||||
64 | GGP, Inc. REIT | 1,279 | ||||||
52 | HCP, Inc. REIT | 1,215 | ||||||
82 | Host Hotels & Resorts, Inc. REIT | 1,604 | ||||||
35 | Invitation Homes, Inc. REIT | 810 | ||||||
28 | Iron Mountain, Inc. REIT | 950 | ||||||
5 | Jones Lang LaSalle, Inc. | 848 | ||||||
47 | Kimco Realty Corp. REIT | 682 | ||||||
16 | Liberty Property Trust REIT | 669 | ||||||
13 | Macerich Co. (The) REIT | 749 | ||||||
13 | Mid-America Apartment Communities, Inc. REIT | 1,189 | ||||||
17 | National Retail Properties, Inc. REIT | 647 | ||||||
59 | Prologis, Inc. REIT | 3,830 | ||||||
18 | Public Storage REIT | 3,632 | ||||||
30 | Realty Income Corp. REIT | 1,515 | ||||||
17 | Regency Centers Corp. REIT | 1,000 | ||||||
13 | SBA Communications Corp. REIT(b) | 2,083 | ||||||
35 | Simon Property Group, Inc. REIT | 5,472 | ||||||
11 | SL Green Realty Corp. REIT | 1,075 | ||||||
30 | UDR, Inc. REIT | 1,085 | ||||||
40 | Ventas, Inc. REIT | 2,057 | ||||||
108 | VEREIT, Inc. REIT | 734 | ||||||
19 | Vornado Realty Trust REIT | 1,293 | ||||||
41 | Welltower, Inc. REIT | 2,191 | ||||||
84 | Weyerhaeuser Co. REIT | 3,090 | ||||||
|
| |||||||
73,608 | ||||||||
|
| |||||||
Telecommunication Services—1.9% | ||||||||
687 | AT&T, Inc. | 22,465 | ||||||
109 | CenturyLink, Inc. | 2,025 | ||||||
89 | Sprint Corp.(b) | 499 | ||||||
32 | T-Mobile US, Inc.(b) | 1,936 | ||||||
462 | Verizon Communications, Inc. | 22,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
20 | Zayo Group Holdings, Inc.(b) | $ | 726 | |||||
|
| |||||||
50,451 | ||||||||
|
| |||||||
Utilities—2.9% | ||||||||
73 | AES Corp. (The) | 893 | ||||||
25 | Alliant Energy Corp. | 1,074 | ||||||
27 | Ameren Corp. | 1,583 | ||||||
55 | American Electric Power Co., Inc. | 3,849 | ||||||
20 | American Water Works Co., Inc. | 1,732 | ||||||
12 | Atmos Energy Corp. | 1,043 | ||||||
46 | CenterPoint Energy, Inc. | 1,165 | ||||||
31 | CMS Energy Corp. | 1,463 | ||||||
35 | Consolidated Edison, Inc. | 2,804 | ||||||
72 | Dominion Energy, Inc. | 4,792 | ||||||
20 | DTE Energy Co. | 2,108 | ||||||
78 | Duke Energy Corp. | 6,252 | ||||||
36 | Edison International | 2,359 | ||||||
20 | Entergy Corp. | 1,632 | ||||||
35 | Eversource Energy | 2,109 | ||||||
108 | Exelon Corp. | 4,285 | ||||||
49 | FirstEnergy Corp. | 1,686 | ||||||
53 | NextEra Energy, Inc. | 8,687 | ||||||
36 | NiSource, Inc. | 878 | ||||||
22 | OGE Energy Corp. | 723 | ||||||
57 | PG&E Corp. | 2,628 | ||||||
12 | Pinnacle West Capital Corp. | 966 | ||||||
76 | PPL Corp. | 2,212 | ||||||
56 | Public Service Enterprise Group, Inc. | 2,920 | ||||||
15 | SCANA Corp. | 552 | ||||||
27 | Sempra Energy | 3,019 | ||||||
111 | Southern Co. (The) | 5,119 | ||||||
19 | UGI Corp. | 919 | ||||||
45 | Vistra Energy Corp.(b) | 1,028 | ||||||
35 | WEC Energy Group, Inc. | 2,250 | ||||||
16 | Westar Energy, Inc. | 867 | ||||||
57 | Xcel Energy, Inc. | 2,670 | ||||||
|
| |||||||
76,267 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $2,505,767)—100.0% | 2,646,543 | |||||||
Other assets less liabilities—0.0% | 848 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,647,391 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
Financials | 16.6 | |||
Information Technology | 16.1 | |||
Industrials | 14.4 | |||
Health Care | 13.4 | |||
Consumer Discretionary | 12.3 | |||
Real Estate | 9.9 | |||
Materials | 5.7 | |||
Energy | 4.6 | |||
Consumer Staples | 3.3 | |||
Utilities | 3.3 | |||
Telecommunication Services | 0.4 | |||
Other Assets Less Liabilities | (0.0) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Consumer Discretionary—12.3% | ||||||||
19 | 1-800-Flowers.com, Inc., Class A(b) | $ | 241 | |||||
49 | Aaron’s, Inc. | 2,047 | ||||||
52 | Abercrombie & Fitch Co., Class A | 1,332 | ||||||
31 | Acushnet Holdings Corp. | 749 | ||||||
72 | Adient PLC | 4,413 | ||||||
46 | Adtalem Global Education, Inc.(b) | 2,190 | ||||||
40 | AMC Entertainment Holdings, Inc., Class A | 698 | ||||||
42 | AMC Networks, Inc., Class A(b) | 2,184 | ||||||
83 | American Axle & Manufacturing Holdings, Inc.(b) | 1,273 | ||||||
134 | American Eagle Outfitters, Inc. | 2,771 | ||||||
43 | American Outdoor Brands Corp.(b) | 473 | ||||||
12 | American Public Education, Inc.(b) | 484 | ||||||
15 | Asbury Automotive Group, Inc.(b) | 1,006 | ||||||
111 | Ascena Retail Group, Inc.(b) | 246 | ||||||
14 | At Home Group, Inc.(b) | 493 | ||||||
26 | Barnes & Noble Education, Inc.(b) | 187 | ||||||
44 | Barnes & Noble, Inc. | 244 | ||||||
54 | Bbx Capital Corp., Class A | 539 | ||||||
24 | Beazer Homes USA, Inc.(b) | 352 | ||||||
111 | Bed Bath & Beyond, Inc. | 1,938 | ||||||
66 | Belmond Ltd., Class A (United Kingdom)(b) | 706 | ||||||
34 | Big Lots, Inc. | 1,443 | ||||||
1 | Biglari Holdings, Inc.(b) | 342 | ||||||
14 | BJ’s Restaurants, Inc. | 782 | ||||||
76 | Bloomin’ Brands, Inc. | 1,798 | ||||||
14 | Bojangles’, Inc.(b) | 206 | ||||||
65 | Boyd Gaming Corp. | 2,159 | ||||||
44 | Bright Horizons Family Solutions, Inc.(b) | 4,175 | ||||||
37 | Brinker International, Inc. | 1,613 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
68 | Brunswick Corp. | $ | 4,072 | |||||
22 | Buckle, Inc. (The) | 507 | ||||||
54 | Burlington Stores, Inc.(b) | 7,336 | ||||||
3 | Cable One, Inc. | 1,905 | ||||||
107 | Caesars Entertainment Corp.(b) | 1,214 | ||||||
33 | Caleres, Inc. | 1,080 | ||||||
71 | Callaway Golf Co. | 1,225 | ||||||
23 | Camping World Holdings, Inc., Class A | 658 | ||||||
9 | Capella Education Co. | 826 | ||||||
50 | Career Education Corp.(b) | 648 | ||||||
11 | Carriage Services, Inc. | 286 | ||||||
26 | Carrols Restaurant Group, Inc.(b) | 268 | ||||||
37 | Carter’s, Inc. | 3,712 | ||||||
18 | Cato Corp. (The), Class A | 292 | ||||||
7 | Cavco Industries, Inc.(b) | 1,192 | ||||||
14 | Century Communities, Inc.(b) | 430 | ||||||
35 | Cheesecake Factory, Inc. (The) | 1,818 | ||||||
77 | Chegg, Inc.(b) | 1,787 | ||||||
98 | Chico’s FAS, Inc. | 973 | ||||||
14 | Children’s Place, Inc. (The) | 1,786 | ||||||
30 | Choice Hotels International, Inc. | 2,401 | ||||||
10 | Churchill Downs, Inc. | 2,746 | ||||||
13 | Chuy’s Holdings, Inc.(b) | 372 | ||||||
83 | Cinemark Holdings, Inc. | 3,251 | ||||||
11 | Citi Trends, Inc. | 337 | ||||||
23 | Clear Channel Outdoor Holdings, Inc., Class A | 110 | ||||||
23 | Columbia Sportswear Co. | 1,909 | ||||||
15 | Conn’s, Inc.(b) | 382 | ||||||
40 | Cooper Tire & Rubber Co. | 978 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
14 | Cooper-Standard Holdings, Inc.(b) | $ | 1,733 | |||||
35 | Core-Mark Holding Co., Inc. | 721 | ||||||
15 | Cracker Barrel Old Country Store, Inc. | 2,469 | ||||||
56 | Crocs, Inc.(b) | 885 | ||||||
116 | Dana, Inc. | 2,753 | ||||||
32 | Dave & Buster’s Entertainment, Inc.(b) | 1,360 | ||||||
25 | Deckers Outdoor Corp.(b) | 2,331 | ||||||
26 | Del Taco Restaurants, Inc.(b) | 290 | ||||||
71 | Delphi Technologies PLC | 3,437 | ||||||
53 | Denny’s Corp.(b) | 928 | ||||||
66 | Dick’s Sporting Goods, Inc. | 2,184 | ||||||
13 | Dillard’s, Inc., Class A | 969 | ||||||
13 | Dine Brands Global, Inc. | 1,031 | ||||||
24 | Dorman Products, Inc.(b) | 1,542 | ||||||
50 | DSW, Inc., Class A | 1,115 | ||||||
14 | Duluth Holdings, Inc., Class B(b) | 243 | ||||||
71 | Dunkin’ Brands Group, Inc. | 4,328 | ||||||
40 | E.W. Scripps Co. (The), Class A | 445 | ||||||
18 | El Pollo Loco Holdings, Inc.(b) | 180 | ||||||
41 | Eldorado Resorts, Inc.(b) | 1,661 | ||||||
14 | Emerald Expositions Events, Inc. | 270 | ||||||
111 | Entercom Communications Corp., Class A | 1,127 | ||||||
50 | Entravision Communications Corp., Class A | 233 | ||||||
20 | Ethan Allen Interiors, Inc. | 441 | ||||||
60 | Express, Inc.(b) | 470 | ||||||
154 | Extended Stay America, Inc. | 3,015 | ||||||
20 | Fiesta Restaurant Group, Inc.(b) | 420 | ||||||
31 | Finish Line, Inc. (The), Class A | 421 | ||||||
44 | Five Below, Inc.(b) | 3,107 | ||||||
26 | Floor & Decor Holdings, Inc., Class A(b) | 1,445 | ||||||
96 | Foot Locker, Inc. | 4,136 | ||||||
33 | Fossil Group, Inc.(b) | 493 | ||||||
27 | Fox Factory Holding Corp.(b) | 898 | ||||||
14 | FTD Cos., Inc.(b) | 90 | ||||||
77 | GameStop Corp., Class A | 1,051 | ||||||
82 | Gannett Co., Inc. | 793 | ||||||
73 | GCI Liberty, Inc.(b) | 3,256 | ||||||
15 | Genesco, Inc.(b) | 641 | ||||||
220 | Gentex Corp. | 5,003 | ||||||
28 | Gentherm, Inc.(b) | 946 | ||||||
33 | G-III Apparel Group Ltd.(b) | 1,204 | ||||||
52 | GNC Holdings, Inc., Class A(b) | 185 | ||||||
18 | Golden Entertainment, Inc.(b) | 482 | ||||||
77 | GoPro, Inc., Class A(b) | 390 | ||||||
4 | Graham Holdings Co., Class B | 2,412 | ||||||
36 | Grand Canyon Education, Inc.(b) | 3,744 | ||||||
68 | Gray Television, Inc.(b) | 768 | ||||||
11 | Green Brick Partners, Inc.(b) | 111 | ||||||
16 | Group 1 Automotive, Inc. | 1,046 | ||||||
320 | Groupon, Inc., Class A(b) | 1,485 | ||||||
47 | Guess?, Inc. | 1,095 | ||||||
15 | Habit Restaurants, Inc. (The), Class A(b) | 152 | ||||||
8 | Hamilton Beach Brands Holding Co., Class A | 178 | ||||||
14 | Haverty Furniture Cos., Inc. | 254 | ||||||
21 | Helen of Troy Ltd.(b) | 1,872 | ||||||
13 | Hemisphere Media Group, Inc., Class A(b) | 142 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
16 | Hibbett Sports, Inc.(b) | $ | 435 | |||||
77 | Hilton Grand Vacations, Inc.(b) | 3,311 | ||||||
8 | Hooker Furniture Corp. | 302 | ||||||
79 | Houghton Mifflin Harcourt Co.(b) | 537 | ||||||
90 | Hovnanian Enterprises, Inc., Class A(b) | 181 | ||||||
35 | Iconix Brand Group, Inc.(b) | 28 | ||||||
86 | ILG, Inc. | 2,935 | ||||||
45 | IMAX Corp.(b) | 1,044 | ||||||
17 | Installed Building Products, Inc.(b) | 981 | ||||||
19 | International Speedway Corp., Class A | 781 | ||||||
21 | iRobot Corp.(b) | 1,226 | ||||||
236 | J.C. Penney Co., Inc.(b) | 687 | ||||||
23 | Jack in the Box, Inc. | 2,063 | ||||||
35 | John Wiley & Sons, Inc., Class A | 2,308 | ||||||
26 | K12, Inc.(b) | 398 | ||||||
63 | KB Home | 1,673 | ||||||
62 | La Quinta Holdings, Inc.(b) | 1,211 | ||||||
10 | Lands’ End, Inc.(b) | 194 | ||||||
37 | Laureate Education, Inc., Class A(b) | 522 | ||||||
37 | La-Z-Boy, Inc. | 1,066 | ||||||
19 | LCI Industries | 1,811 | ||||||
14 | LGI Homes, Inc.(b) | 969 | ||||||
42 | Liberty Expedia Holdings, Inc., Class A(b) | 1,714 | ||||||
36 | Liberty Latin America Ltd., Class A (Bermuda)(b) | 662 | ||||||
92 | Liberty Latin America Ltd., Class C (Bermuda)(b) | 1,662 | ||||||
8 | Liberty Media Corp.-Liberty Braves, Class A(b) | 176 | ||||||
26 | Liberty Media Corp.-Liberty Braves, Class C(b) | 573 | ||||||
55 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 506 | ||||||
17 | Lindblad Expeditions Holdings, Inc.(b) | 186 | ||||||
40 | Lions Gate Entertainment Corp., Class A | 996 | ||||||
82 | Lions Gate Entertainment Corp., Class B | 1,888 | ||||||
19 | Lithia Motors, Inc., Class A | 1,821 | ||||||
10 | Loral Space & Communications, Inc.(b) | 389 | ||||||
22 | Lumber Liquidators Holdings, Inc.(b) | 530 | ||||||
26 | M/I Homes, Inc.(b) | 792 | ||||||
15 | Madison Square Garden Co. (The), Class A(b) | 3,645 | ||||||
14 | Marcus Corp. (The) | 417 | ||||||
20 | MarineMax, Inc.(b) | 432 | ||||||
18 | Marriott Vacations Worldwide Corp. | 2,207 | ||||||
31 | MDC Holdings, Inc. | 899 | ||||||
43 | MDC Partners, Inc., Class A(b) | 325 | ||||||
30 | Meredith Corp. | 1,554 | ||||||
29 | Meritage Homes Corp.(b) | 1,291 | ||||||
93 | Michaels Cos., Inc. (The)(b) | 1,732 | ||||||
38 | Modine Manufacturing Co.(b) | 654 | ||||||
9 | Monarch Casino & Resort, Inc.(b) | 384 | ||||||
25 | Monro, Inc. | 1,399 | ||||||
14 | Motorcar Parts of America, Inc.(b) | 267 | ||||||
12 | Movado Group, Inc. | 473 | ||||||
47 | MSG Networks, Inc., Class A(b) | 964 | ||||||
27 | Murphy USA, Inc.(b) | 1,689 | ||||||
60 | National CineMedia, Inc. | 343 | ||||||
23 | Nautilus, Inc.(b) | 335 | ||||||
41 | New Media Investment Group, Inc. | 680 | ||||||
103 | New York Times Co. (The), Class A | 2,415 | ||||||
34 | Nexstar Media Group, Inc., Class A | 2,117 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
23 | Nutrisystem, Inc. | $ | 667 | |||||
393 | Office Depot, Inc. | 900 | ||||||
39 | Ollie’s Bargain Outlet Holdings, Inc.(b) | 2,426 | ||||||
12 | Overstock.com, Inc.(b) | 457 | ||||||
12 | Oxford Industries, Inc. | 924 | ||||||
21 | Papa John’s International, Inc. | 1,302 | ||||||
34 | Party City Holdco, Inc.(b) | 536 | ||||||
66 | Penn National Gaming, Inc.(b) | 2,000 | ||||||
30 | Penske Automotive Group, Inc. | 1,353 | ||||||
16 | PetMed Express, Inc. | 535 | ||||||
18 | PICO Holdings, Inc. | 217 | ||||||
58 | Pier 1 Imports, Inc. | 129 | ||||||
41 | Pinnacle Entertainment, Inc.(b) | 1,317 | ||||||
69 | Planet Fitness, Inc., Class A(b) | 2,780 | ||||||
47 | Playa Hotels & Resorts NV(b) | 484 | ||||||
32 | Pool Corp. | 4,442 | ||||||
18 | Potbelly Corp.(b) | 215 | ||||||
10 | Red Robin Gourmet Burgers, Inc.(b) | 624 | ||||||
57 | Red Rock Resorts, Inc., Class A | 1,721 | ||||||
26 | Regis Corp.(b) | 406 | ||||||
40 | Rent-A-Center, Inc. | 404 | ||||||
15 | RH(b) | 1,432 | ||||||
22 | Ruth’s Hospitality Group, Inc. | 591 | ||||||
104 | Sally Beauty Holdings, Inc.(b) | 1,798 | ||||||
23 | Scholastic Corp. | 952 | ||||||
41 | Scientific Games Corp., Class A(b) | 2,185 | ||||||
20 | Sears Holdings Corp.(b) | 60 | ||||||
52 | SeaWorld Entertainment, Inc.(b) | 785 | ||||||
148 | Service Corp. International | 5,403 | ||||||
107 | ServiceMaster Global Holdings, Inc.(b) | 5,414 | ||||||
16 | Shake Shack, Inc., Class A(b) | 762 | ||||||
9 | Shoe Carnival, Inc. | 219 | ||||||
23 | Shutterfly, Inc.(b) | 1,861 | ||||||
44 | Signet Jewelers Ltd. | 1,711 | ||||||
59 | Sinclair Broadcast Group, Inc., Class A | 1,673 | ||||||
56 | Six Flags Entertainment Corp. | 3,541 | ||||||
107 | Skechers U.S.A., Inc., Class A(b) | 3,050 | ||||||
32 | Sleep Number Corp.(b) | 907 | ||||||
20 | Sonic Automotive, Inc., Class A | 396 | ||||||
32 | Sonic Corp. | 829 | ||||||
28 | Sotheby’s(b) | 1,478 | ||||||
9 | Speedway Motorsports, Inc. | 159 | ||||||
16 | Standard Motor Products, Inc. | 726 | ||||||
41 | Steven Madden Ltd. | 1,978 | ||||||
20 | Stoneridge, Inc.(b) | 527 | ||||||
8 | Strayer Education, Inc. | 841 | ||||||
14 | Sturm Ruger & Co., Inc. | 774 | ||||||
17 | Superior Industries International, Inc. | 224 | ||||||
33 | Tailored Brands, Inc. | 1,041 | ||||||
90 | Taylor Morrison Home Corp., Class A(b) | 2,138 | ||||||
155 | TEGNA, Inc. | 1,638 | ||||||
35 | Tempur Sealy International, Inc.(b) | 1,566 | ||||||
41 | Tenneco, Inc. | 1,832 | ||||||
52 | Texas Roadhouse, Inc. | 3,332 | ||||||
41 | Thor Industries, Inc. | 4,352 | ||||||
26 | Tile Shop Holdings, Inc. | 178 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
28 | TopBuild Corp.(b) | $ | 2,232 | |||||
16 | Tower International, Inc. | 472 | ||||||
121 | TRI Pointe Group, Inc.(b) | 2,070 | ||||||
70 | Tribune Media Co., Class A | 2,645 | ||||||
11 | tronc, Inc.(b) | 202 | ||||||
39 | Tupperware Brands Corp. | 1,738 | ||||||
12 | Unifi, Inc.(b) | 355 | ||||||
11 | Universal Electronics, Inc.(b) | 509 | ||||||
62 | Urban Outfitters, Inc.(b) | 2,497 | ||||||
15 | Vera Bradley, Inc.(b) | 171 | ||||||
43 | Vista Outdoor, Inc.(b) | 720 | ||||||
26 | Visteon Corp.(b) | 3,235 | ||||||
33 | Wayfair, Inc., Class A(b) | 2,056 | ||||||
22 | Weight Watchers International, Inc.(b) | 1,541 | ||||||
150 | Wendy’s Co. (The) | 2,511 | ||||||
21 | Wideopenwest, Inc.(b) | 133 | ||||||
21 | William Lyon Homes, Class A(b) | 564 | ||||||
63 | Williams-Sonoma, Inc. | 3,011 | ||||||
22 | Wingstop, Inc. | 1,075 | ||||||
2 | Winmark Corp. | 261 | ||||||
23 | Winnebago Industries, Inc. | 872 | ||||||
74 | Wolverine World Wide, Inc. | 2,217 | ||||||
28 | World Wrestling Entertainment, Inc., Class A | 1,114 | ||||||
14 | Zumiez, Inc.(b) | 328 | ||||||
|
| |||||||
329,467 | ||||||||
|
| |||||||
Consumer Staples—3.3% | ||||||||
21 | Andersons, Inc. (The) | 686 | ||||||
335 | Avon Products, Inc. (United Kingdom)(b) | 847 | ||||||
51 | B&G Foods, Inc. | 1,160 | ||||||
7 | Boston Beer Co., Inc. (The), Class A(b) | 1,569 | ||||||
12 | Calavo Growers, Inc. | 1,124 | ||||||
23 | Cal-Maine Foods, Inc.(b) | 1,120 | ||||||
30 | Casey’s General Stores, Inc. | 2,898 | ||||||
8 | Central Garden & Pet Co.(b) | 300 | ||||||
27 | Central Garden & Pet Co., Class A(b) | 958 | ||||||
16 | Chefs’ Warehouse, Inc. (The)(b) | 388 | ||||||
4 | Coca-Cola Bottling Co. Consolidated | 674 | ||||||
134 | Darling Ingredients, Inc.(b) | 2,297 | ||||||
69 | Dean Foods Co. | 594 | ||||||
42 | Edgewell Personal Care Co.(b) | 1,850 | ||||||
17 | elf Beauty, Inc.(b) | 309 | ||||||
47 | Energizer Holdings, Inc. | 2,696 | ||||||
8 | Farmer Brothers Co.(b) | 227 | ||||||
151 | Flowers Foods, Inc. | 3,414 | ||||||
25 | Fresh Del Monte Produce, Inc. | 1,229 | ||||||
16 | Freshpet, Inc.(b) | 317 | ||||||
79 | Hain Celestial Group, Inc. (The)(b) | 2,301 | ||||||
48 | Herbalife Nutrition Ltd.(b) | 5,075 | ||||||
83 | Hostess Brands, Inc.(b) | 1,166 | ||||||
91 | HRG Group, Inc.(b) | 1,023 | ||||||
9 | Ingles Markets, Inc., Class A | 308 | ||||||
13 | Inter Parfums, Inc. | 666 | ||||||
12 | J & J Snack Foods Corp. | 1,649 | ||||||
6 | John B. Sanfilippo & Son, Inc. | 341 | ||||||
112 | Lamb Weston Holdings, Inc. | 7,316 | ||||||
15 | Lancaster Colony Corp. | 1,884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
19 | Landec Corp.(b) | $ | 253 | |||||
7 | Medifast, Inc. | 703 | ||||||
9 | MGP Ingredients, Inc. | 862 | ||||||
9 | National Beverage Corp. | 795 | ||||||
41 | Nu Skin Enterprises, Inc., Class A | 2,917 | ||||||
82 | Performance Food Group Co.(b) | 2,661 | ||||||
95 | Pinnacle Foods, Inc. | 5,738 | ||||||
51 | Post Holdings, Inc.(b) | 4,058 | ||||||
17 | PriceSmart, Inc. | 1,489 | ||||||
10 | Revlon, Inc., Class A(b) | 228 | ||||||
811 | Rite Aid Corp.(b) | 1,354 | ||||||
16 | Sanderson Farms, Inc. | 1,779 | ||||||
5 | Seneca Foods Corp., Class A(b) | 138 | ||||||
49 | Simply Good Foods Co. (The)(b) | 635 | ||||||
22 | Smart & Final Stores, Inc.(b) | 112 | ||||||
29 | SpartanNash Co. | 527 | ||||||
99 | Sprouts Farmers Market, Inc.(b) | 2,478 | ||||||
29 | Supervalu, Inc.(b) | 508 | ||||||
15 | Tootsie Roll Industries, Inc. | 428 | ||||||
44 | TreeHouse Foods, Inc.(b) | 1,694 | ||||||
39 | United Natural Foods, Inc.(b) | 1,756 | ||||||
19 | Universal Corp. | 894 | ||||||
170 | US Foods Holding Corp.(b) | 5,811 | ||||||
9 | USANA Health Sciences, Inc.(b) | 950 | ||||||
77 | Vector Group Ltd. | 1,501 | ||||||
6 | Village Super Market, Inc., Class A | 163 | ||||||
11 | WD-40 Co. | 1,451 | ||||||
8 | Weis Markets, Inc. | 368 | ||||||
|
| |||||||
88,637 | ||||||||
|
| |||||||
Energy—4.6% | ||||||||
57 | Antero Midstream GP LP | 982 | ||||||
17 | Arch Coal, Inc., Class A | 1,374 | ||||||
48 | Archrock, Inc. | 518 | ||||||
14 | Basic Energy Services, Inc.(b) | 227 | ||||||
13 | Bonanza Creek Energy, Inc.(b) | 394 | ||||||
49 | C&j Energy Services, Inc.(b) | 1,463 | ||||||
29 | California Resources Corp.(b) | 738 | ||||||
164 | Callon Petroleum Co.(b) | 2,281 | ||||||
62 | Carrizo Oil & Gas, Inc.(b) | 1,244 | ||||||
105 | Centennial Resource Development, Inc., Class A(b) | 1,942 | ||||||
740 | Chesapeake Energy Corp.(b) | 2,198 | ||||||
97 | Clean Energy Fuels Corp.(b) | 156 | ||||||
140 | CNX Resources Corp.(b) | 2,080 | ||||||
17 | Consol Energy, Inc.(b) | 535 | ||||||
35 | Core Laboratories NV | 4,286 | ||||||
13 | CVR Energy, Inc. | 448 | ||||||
62 | Delek US Holdings, Inc. | 2,937 | ||||||
303 | Denbury Resources, Inc.(b) | 997 | ||||||
52 | Diamond Offshore Drilling, Inc.(b) | 956 | ||||||
29 | Dril-Quip, Inc.(b) | 1,202 | ||||||
70 | Eclipse Resources Corp.(b) | 93 | ||||||
54 | Enbridge Energy Management LLC(b) | 528 | ||||||
77 | Energen Corp.(b) | 5,039 | ||||||
48 | EnLink Midstream LLC | 713 | ||||||
354 | Ensco PLC, Class A | 2,000 | ||||||
24 | Exterran Corp.(b) | 703 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
78 | Extraction Oil & Gas, Inc.(b) | $ | 1,101 | |||||
119 | Fairmount Santrol Holdings, Inc.(b) | 654 | ||||||
59 | Forum Energy Technologies, Inc.(b) | 743 | ||||||
42 | Frank’s International NV | 294 | ||||||
31 | Gener8 Maritime, Inc.(b) | 179 | ||||||
304 | Gran Tierra Energy, Inc. (Colombia)(b) | 1,006 | ||||||
29 | Green Plains, Inc. | 539 | ||||||
125 | Gulfport Energy Corp.(b) | 1,162 | ||||||
132 | Halcon Resources Corp.(b) | 709 | ||||||
106 | Helix Energy Solutions Group, Inc.(b) | 818 | ||||||
82 | Highpoint Resources Corp.(b) | 567 | ||||||
11 | International Seaways Inc.(b) | 221 | ||||||
58 | Jagged Peak Energy, Inc.(b) | 831 | ||||||
41 | Keane Group, Inc.(b) | 638 | ||||||
176 | Kosmos Energy Ltd. (Ghana)(b) | 1,239 | ||||||
120 | Laredo Petroleum, Inc.(b) | 1,320 | ||||||
6 | Mammoth Energy Services, Inc.(b) | 195 | ||||||
80 | Matador Resources Co.(b) | 2,619 | ||||||
20 | Matrix Service Co.(b) | 308 | ||||||
215 | McDermott International, Inc.(b) | 1,419 | ||||||
9 | Midstates Petroleum Co., Inc.(b) | 126 | ||||||
127 | Murphy Oil Corp. | 3,824 | ||||||
246 | Nabors Industries Ltd. | 1,872 | ||||||
10 | Natural Gas Services Group, Inc.(b) | 241 | ||||||
8 | Ncs Multistage Holdings, Inc.(b) | 146 | ||||||
67 | Newpark Resources, Inc.(b) | 703 | ||||||
186 | Noble Corp. PLC(b) | 869 | ||||||
217 | Oasis Petroleum, Inc.(b) | 2,394 | ||||||
75 | Oceaneering International, Inc. | 1,593 | ||||||
44 | Oil States International, Inc.(b) | 1,582 | ||||||
17 | Par Pacific Holdings, Inc.(b) | 287 | ||||||
173 | Patterson-UTI Energy, Inc. | 3,706 | ||||||
89 | PBF Energy, Inc., Class A | 3,411 | ||||||
43 | PDC Energy, Inc.(b) | 2,302 | ||||||
73 | Peabody Energy Corp. | 2,690 | ||||||
39 | Propetro Holding Corp.(b) | 714 | ||||||
195 | QEP Resources, Inc.(b) | 2,375 | ||||||
26 | Renewable Energy Group, Inc.(b) | 335 | ||||||
14 | Resolute Energy Corp.(b) | 467 | ||||||
5 | REX American Resources Corp.(b) | 374 | ||||||
10 | RigNet, Inc.(b) | 151 | ||||||
49 | Ring Energy, Inc.(b) | 819 | ||||||
91 | Rowan Cos. PLC, Class A(b) | 1,314 | ||||||
50 | RPC, Inc. | 901 | ||||||
95 | RSP Permian, Inc.(b) | 4,713 | ||||||
56 | Sanchez Energy Corp.(b) | 172 | ||||||
24 | Sandridge Energy, Inc.(b) | 349 | ||||||
13 | SEACOR Holdings, Inc.(b) | 713 | ||||||
21 | Select Energy Services, Inc., Class A(b) | 316 | ||||||
50 | SemGroup Corp., Class A | 1,258 | ||||||
76 | SM Energy Co. | 1,820 | ||||||
418 | Southwestern Energy Co.(b) | 1,714 | ||||||
194 | SRC Energy, Inc.(b) | 2,142 | ||||||
16 | Stone Energy Corp.(b) | 570 | ||||||
116 | Superior Energy Services, Inc.(b) | 1,245 | ||||||
40 | Tallgrass Energy GP LP, Class A | 818 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
46 | Tellurian, Inc.(b) | $ | 438 | |||||
88 | TETRA Technologies, Inc.(b) | 346 | ||||||
341 | Transocean Ltd.(b) | 4,218 | ||||||
153 | Ultra Petroleum Corp.(b) | 370 | ||||||
40 | Unit Corp.(b) | 907 | ||||||
62 | US Silica Holdings, Inc. | 1,867 | ||||||
769 | Weatherford International PLC(b) | 2,269 | ||||||
74 | Whiting Petroleum Corp.(b) | 3,021 | ||||||
18 | Wildhorse Resource Development Corp.(b) | 471 | ||||||
53 | World Fuel Services Corp. | 1,138 | ||||||
317 | WPX Energy, Inc.(b) | 5,418 | ||||||
|
| |||||||
122,085 | ||||||||
|
| |||||||
Financials—16.6% | ||||||||
14 | 1st Source Corp. | 728 | ||||||
11 | Access National Corp. | 306 | ||||||
21 | AG Mortgage Investment Trust, Inc. REIT | 371 | ||||||
9 | Allegiance Bancshares, Inc.(b) | 364 | ||||||
34 | Ambac Financial Group, Inc.(b) | 579 | ||||||
69 | American Equity Investment Life Holding Co. | 2,084 | ||||||
11 | American National Insurance Co. | 1,327 | ||||||
28 | Ameris Bancorp | 1,448 | ||||||
15 | AMERISAFE, Inc. | 890 | ||||||
76 | AmTrust Financial Services, Inc. | 980 | ||||||
73 | Anworth Mortgage Asset Corp. REIT | 345 | ||||||
90 | Apollo Commercial Real Estate Finance, Inc. REIT | 1,622 | ||||||
37 | Arbor Realty Trust, Inc. REIT | 324 | ||||||
26 | Argo Group International Holdings Ltd. | 1,520 | ||||||
18 | Arlington Asset Investment Corp., Class A | 206 | ||||||
32 | ARMOUR Residential REIT, Inc. REIT | 724 | ||||||
9 | Arrow Financial Corp. | 319 | ||||||
36 | Artisan Partners Asset Management, Inc., Class A | 1,157 | ||||||
46 | Aspen Insurance Holdings Ltd. (Bermuda) | 1,953 | ||||||
132 | Associated Banc-Corp. | 3,491 | ||||||
4 | Associated Capital Group, Inc., Class A | 145 | ||||||
93 | Assured Guaranty Ltd. | 3,375 | ||||||
19 | Atlantic Capital Bancshares, Inc.(b) | 367 | ||||||
7 | Baldwin & Lyons, Inc., Class B | 163 | ||||||
32 | Banc of California, Inc. | 614 | ||||||
13 | BancFirst Corp. | 743 | ||||||
42 | Bancorp, Inc. (The)(b) | 435 | ||||||
63 | BancorpSouth Bank | 2,082 | ||||||
33 | Bank of Hawaii Corp. | 2,779 | ||||||
97 | Bank of The Ozarks | 4,540 | ||||||
82 | BankUnited, Inc. | 3,248 | ||||||
24 | Banner Corp. | 1,378 | ||||||
12 | Bar Harbor Bankshares | 351 | ||||||
52 | Beneficial Bancorp, Inc. | 824 | ||||||
33 | Berkshire Hills Bancorp, Inc. | 1,252 | ||||||
177 | BGC Partners, Inc., Class A | 2,365 | ||||||
80 | Blackstone Mortgage Trust, Inc., Class A REIT | 2,468 | ||||||
18 | Blue Hills Bancorp, Inc. | 366 | ||||||
46 | BofI Holding, Inc.(b) | 1,853 | ||||||
15 | BOK Financial Corp. | 1,510 | ||||||
64 | Boston Private Financial Holdings, Inc. | 1,027 | ||||||
12 | Bridge Bancorp, Inc. | 395 | ||||||
61 | BrightSphere Investment Group PLC | 925 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
58 | Brookline Bancorp, Inc. | $ | 963 | |||||
188 | Brown & Brown, Inc. | 5,119 | ||||||
15 | Bryn Mawr Bank Corp. | 669 | ||||||
12 | Camden National Corp. | 532 | ||||||
52 | Cannae Holdings, Inc.(b) | 1,074 | ||||||
100 | Capitol Federal Financial, Inc. | 1,247 | ||||||
73 | Capstead Mortgage Corp. REIT | 642 | ||||||
15 | Carolina Financial Corp. | 588 | ||||||
62 | Cathay General Bancorp | 2,481 | ||||||
55 | CenterState Bank Corp. | 1,594 | ||||||
23 | Central Pacific Financial Corp. | 669 | ||||||
57 | Chemical Financial Corp. | 3,129 | ||||||
129 | Chimera Investment Corp. REIT | 2,256 | ||||||
35 | Citizens, Inc.(b) | 272 | ||||||
12 | City Holding Co. | 859 | ||||||
131 | CNO Financial Group, Inc. | 2,809 | ||||||
28 | CoBiz Financial, Inc. | 564 | ||||||
16 | Cohen & Steers, Inc. | 642 | ||||||
56 | Columbia Banking System, Inc. | 2,252 | ||||||
78 | Commerce Bancshares, Inc. | 4,955 | ||||||
39 | Community Bank System, Inc. | 2,194 | ||||||
12 | Community Trust Bancorp, Inc. | 576 | ||||||
23 | ConnectOne Bancorp, Inc. | 607 | ||||||
19 | Cowen, Inc., Class A(b) | 295 | ||||||
13 | Crawford & Co., Class A | 100 | ||||||
5 | Credit Acceptance Corp.(b) | 1,654 | ||||||
47 | Cullen/Frost Bankers, Inc. | 5,379 | ||||||
22 | Customers Bancorp, Inc.(b) | 634 | ||||||
80 | CVB Financial Corp. | 1,772 | ||||||
115 | CYS Investments, Inc. REIT | 825 | ||||||
3 | Diamond Hill Investment Group, Inc. | 586 | ||||||
24 | Dime Community Bancshares, Inc. | 474 | ||||||
9 | Donegal Group, Inc., Class A | 125 | ||||||
25 | Donnelley Financial Solutions, Inc.(b) | 460 | ||||||
35 | Dynex Capital, Inc. REIT | 230 | ||||||
25 | Eagle Bancorp, Inc.(b) | 1,468 | ||||||
7 | EMC Insurance Group, Inc. | 182 | ||||||
25 | Employers Holdings, Inc. | 1,023 | ||||||
19 | Encore Capital Group, Inc.(b) | 847 | ||||||
20 | Enova International, Inc.(b) | 586 | ||||||
9 | Enstar Group Ltd. (Bermuda)(b) | 1,891 | ||||||
18 | Enterprise Financial Services Corp. | 915 | ||||||
20 | Erie Indemnity Co., Class A | 2,335 | ||||||
64 | Essent Group Ltd.(b) | 2,109 | ||||||
32 | Evercore, Inc., Class A | 3,240 | ||||||
39 | EZCORP, Inc., Class A(b) | 534 | ||||||
259 | F.N.B. Corp. | 3,367 | ||||||
31 | FactSet Research Systems, Inc. | 5,862 | ||||||
5 | FB Financial Corp. | 199 | ||||||
9 | FBL Financial Group, Inc., Class A | 700 | ||||||
35 | FCB Financial Holdings, Inc., Class A(b) | 2,023 | ||||||
7 | Federal Agricultural Mortgage Corp., Class C | 599 | ||||||
70 | Federated Investors, Inc., Class B | 1,853 | ||||||
17 | Fidelity Southern Corp. | 386 | ||||||
48 | Financial Engines, Inc. | 2,143 | ||||||
10 | Financial Institutions, Inc. | 311 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
87 | First American Financial Corp. | $ | 4,447 | |||||
147 | First BanCorp/Puerto Rico(b) | 1,061 | ||||||
20 | First Bancorp/Southern Pines NC | 763 | ||||||
33 | First Busey Corp. | 978 | ||||||
6 | First Citizens BancShares, Inc., Class A | 2,594 | ||||||
74 | First Commonwealth Financial Corp. | 1,120 | ||||||
11 | First Community Bancshares, Inc. | 341 | ||||||
8 | First Defiance Financial Corp. | 477 | ||||||
80 | First Financial Bancorp | 2,476 | ||||||
43 | First Financial Bankshares, Inc. | 2,131 | ||||||
7 | First Financial Corp. | 299 | ||||||
32 | First Foundation, Inc.(b) | �� | 573 | |||||
42 | First Hawaiian, Inc. | 1,157 | ||||||
239 | First Horizon National Corp. | 4,374 | ||||||
20 | First Interstate BancSystem, Inc., Class A | 810 | ||||||
38 | First Merchants Corp. | 1,637 | ||||||
6 | First Mid-Illinois Bancshares, Inc. | 221 | ||||||
88 | First Midwest Bancorp, Inc. | 2,139 | ||||||
16 | First of Long Island Corp. (The) | 424 | ||||||
37 | Firstcash, Inc. | 3,208 | ||||||
17 | Flagstar Bancorp, Inc.(b) | 587 | ||||||
21 | Flushing Financial Corp. | 544 | ||||||
9 | Franklin Financial Network, Inc.(b) | 303 | ||||||
140 | Fulton Financial Corp. | 2,366 | ||||||
3 | GAMCO Investors, Inc., Class A | 77 | ||||||
379 | Genworth Financial, Inc., Class A(b) | 1,046 | ||||||
17 | German American Bancorp, Inc. | 574 | ||||||
62 | Glacier Bancorp, Inc. | 2,296 | ||||||
7 | Global Indemnity Ltd., Class A (Cayman Islands) | 286 | ||||||
33 | Granite Point Mortgage Trust, Inc. REIT | 549 | ||||||
8 | Great Southern Bancorp, Inc. | 423 | ||||||
45 | Great Western Bancorp, Inc. | 1,851 | ||||||
17 | Green Bancorp, Inc.(b) | 383 | ||||||
31 | Green Dot Corp., Class A(b) | 1,885 | ||||||
19 | Greenhill & Co., Inc. | 386 | ||||||
22 | Greenlight Capital Re Ltd., Class A(b) | 341 | ||||||
18 | Guaranty Bancorp | 513 | ||||||
68 | Hancock Holding Co. | 3,322 | ||||||
25 | Hanmi Financial Corp. | 690 | ||||||
39 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 757 | ||||||
33 | Hanover Insurance Group, Inc. (The) | 3,790 | ||||||
11 | HarborOne Bancorp, Inc.(b) | 194 | ||||||
6 | HCI Group, Inc. | 251 | ||||||
21 | Heartland Financial USA, Inc. | 1,127 | ||||||
27 | Heritage Commerce Corp. | 445 | ||||||
26 | Heritage Financial Corp. | 772 | ||||||
20 | Heritage Insurance Holdings, Inc. | 314 | ||||||
60 | Hilltop Holdings, Inc. | 1,345 | ||||||
124 | Home BancShares, Inc. | 2,882 | ||||||
21 | HomeStreet, Inc.(b) | 536 | ||||||
14 | HomeTrust Bancshares, Inc.(b) | 365 | ||||||
98 | Hope Bancorp, Inc. | 1,694 | ||||||
31 | Horace Mann Educators Corp. | 1,386 | ||||||
18 | Horizon Bancorp | 518 | ||||||
20 | Houlihan Lokey, Inc., Class A | 890 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
44 | IBERIABANK Corp. | $ | 3,298 | |||||
21 | Independent Bank Corp./MA | 1,518 | ||||||
16 | Independent Bank Corp./MI | 382 | ||||||
12 | Independent Bank Group, Inc. | 857 | ||||||
9 | Infinity Property & Casualty Corp. | 1,188 | ||||||
54 | Interactive Brokers Group, Inc., Class A | 4,007 | ||||||
43 | International Bancshares Corp. | 1,711 | ||||||
12 | INTL FCStone, Inc.(b) | 538 | ||||||
85 | Invesco Mortgage Capital, Inc. REIT(c) | 1,380 | ||||||
24 | Investment Technology Group, Inc. | 485 | ||||||
201 | Investors Bancorp, Inc. | 2,687 | ||||||
22 | James River Group Holdings Ltd. | 799 | ||||||
149 | Janus Henderson Group PLC (United Kingdom) | 4,707 | ||||||
84 | Kearny Financial Corp. | 1,180 | ||||||
32 | Kemper Corp. | 2,160 | ||||||
14 | Kinsale Capital Group, Inc. | 722 | ||||||
10 | KKR Real Estate Finance Trust, Inc. | 197 | ||||||
65 | Ladder Capital Corp., Class A REIT | 904 | ||||||
82 | Ladenburg Thalmann Financial Services, Inc. | 272 | ||||||
34 | Lakeland Bancorp, Inc. | 663 | ||||||
18 | Lakeland Financial Corp. | 855 | ||||||
33 | LegacyTexas Financial Group, Inc. | 1,355 | ||||||
67 | Legg Mason, Inc. | 2,660 | ||||||
230 | LendingClub Corp.(b) | 619 | ||||||
6 | LendingTree, Inc.(b) | 1,430 | ||||||
19 | Live Oak Bancshares, Inc. | 537 | ||||||
64 | LPL Financial Holdings, Inc. | 3,876 | ||||||
56 | Maiden Holdings Ltd. | 428 | ||||||
30 | MarketAxess Holdings, Inc. | 5,959 | ||||||
61 | MB Financial, Inc. | 2,600 | ||||||
93 | MBIA, Inc.(b) | 792 | ||||||
12 | Mercantile Bank Corp. | 424 | ||||||
21 | Mercury General Corp. | 960 | ||||||
39 | Meridian Bancorp, Inc. | 737 | ||||||
7 | Meta Financial Group, Inc. | 778 | ||||||
319 | MFA Financial, Inc. REIT | 2,399 | ||||||
294 | MGIC Investment Corp.(b) | 2,946 | ||||||
11 | Midland States Bancorp, Inc. | 347 | ||||||
33 | Moelis & Co., Class A | 1,775 | ||||||
15 | Morningstar, Inc. | 1,629 | ||||||
35 | MTGE Investment Corp. REIT | 635 | ||||||
20 | National Bank Holdings Corp., Class A | 704 | ||||||
12 | National Commerce Corp.(b) | 520 | ||||||
40 | National General Holdings Corp. | 1,031 | ||||||
2 | National Western Life Group, Inc., Class A | 635 | ||||||
22 | Nationstar Mortgage Holdings, Inc.(b) | 396 | ||||||
212 | Navient Corp. | 2,811 | ||||||
18 | Navigators Group, Inc. (The) | 1,017 | ||||||
33 | NBT Bancorp, Inc. | 1,206 | ||||||
17 | Nelnet, Inc., Class A | 898 | ||||||
257 | New Residential Investment Corp. REIT | 4,492 | ||||||
85 | New York Mortgage Trust, Inc. REIT | 515 | ||||||
7 | Nicolet Bankshares, Inc.(b) | 389 | ||||||
41 | NMI Holdings, Inc., Class A(b) | 568 | ||||||
33 | Northfield Bancorp, Inc. | 523 | ||||||
74 | Northwest Bancshares, Inc. | 1,228 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
33 | OceanFirst Financial Corp. | $ | 890 | |||||
76 | Ocwen Financial Corp.(b) | 309 | ||||||
33 | OFG Bancorp | 446 | ||||||
103 | Old National Bancorp | 1,772 | ||||||
200 | Old Republic International Corp. | 4,080 | ||||||
30 | On Deck Capital, Inc.(b) | 158 | ||||||
61 | OneMain Holdings, Inc.(b) | 1,882 | ||||||
24 | Opus Bank | 677 | ||||||
30 | Oritani Financial Corp. | 459 | ||||||
32 | Pacific Premier Bancorp, Inc.(b) | 1,272 | ||||||
102 | PacWest Bancorp | 5,226 | ||||||
11 | Park National Corp. | 1,187 | ||||||
11 | Peapack-Gladstone Financial Corp. | 363 | ||||||
51 | PennyMac Mortgage Investment Trust REIT | 897 | ||||||
12 | Peoples Bancorp, Inc. | 430 | ||||||
11 | People’s Utah Bancorp | 350 | ||||||
25 | PHH Corp.(b) | 265 | ||||||
57 | Pinnacle Financial Partners, Inc. | 3,651 | ||||||
11 | Piper Jaffray Cos. | 771 | ||||||
13 | PJT Partners, Inc., Class A | 721 | ||||||
81 | Popular, Inc. | 3,750 | ||||||
35 | PRA Group, Inc.(b) | 1,246 | ||||||
10 | Preferred Bank | 637 | ||||||
35 | Primerica, Inc. | 3,386 | ||||||
41 | ProAssurance Corp. | 1,939 | ||||||
51 | Prosperity Bancshares, Inc. | 3,660 | ||||||
48 | Provident Financial Services, Inc. | 1,254 | ||||||
12 | Pzena Investment Management, Inc., Class A | 105 | ||||||
10 | QCR Holdings, Inc. | 453 | ||||||
172 | Radian Group, Inc. | 2,460 | ||||||
58 | Redwood Trust, Inc. REIT | 890 | ||||||
40 | Renasant Corp. | 1,809 | ||||||
8 | Republic Bancorp, Inc., Class A | 337 | ||||||
35 | Republic First Bancorp, Inc.(b) | 291 | ||||||
23 | Resource Capital Corp. REIT | 224 | ||||||
29 | RLI Corp. | 1,835 | ||||||
27 | S&T Bancorp, Inc. | 1,152 | ||||||
11 | Safety Insurance Group, Inc. | 880 | ||||||
27 | Sandy Spring Bancorp, Inc. | 1,070 | ||||||
28 | Seacoast Banking Corp. of Florida(b) | 774 | ||||||
45 | Selective Insurance Group, Inc. | 2,664 | ||||||
34 | ServisFirst Bancshares, Inc. | 1,427 | ||||||
58 | Simmons First National Corp., Class A | 1,752 | ||||||
343 | SLM Corp.(b) | 3,938 | ||||||
31 | South State Corp. | 2,683 | ||||||
21 | Southside Bancshares, Inc. | 731 | ||||||
209 | Starwood Property Trust, Inc. REIT | 4,381 | ||||||
13 | State Auto Financial Corp. | 406 | ||||||
28 | State Bank Financial Corp. | 882 | ||||||
165 | Sterling Bancorp | 3,919 | ||||||
14 | Stewart Information Services Corp. | 584 | ||||||
55 | Stifel Financial Corp. | 3,205 | ||||||
16 | Stock Yards Bancorp, Inc. | 599 | ||||||
13 | Sutherland Asset Management Corp. REIT | 187 | ||||||
94 | Synovus Financial Corp. | 4,913 | ||||||
130 | TCF Financial Corp. | 3,228 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
39 | Texas Capital Bancshares, Inc.(b) | $ | 3,847 | |||||
5 | Texas Pacific Land Trust | 2,724 | ||||||
43 | TFS Financial Corp. | 641 | ||||||
72 | Third Point Reinsurance Ltd. (Bermuda)(b) | 958 | ||||||
11 | Tompkins Financial Corp. | 855 | ||||||
50 | TowneBank | 1,495 | ||||||
27 | Tpg RE Finance Trust, Inc. REIT | 534 | ||||||
16 | TriCo Bancshares | 598 | ||||||
17 | TriState Capital Holdings, Inc.(b) | 425 | ||||||
20 | Triumph Bancorp, Inc.(b) | 777 | ||||||
15 | Trupanion, Inc.(b) | 394 | ||||||
73 | TrustCo Bank Corp. NY | 624 | ||||||
52 | Trustmark Corp. | 1,628 | ||||||
133 | Two Harbors Investment Corp. REIT | 2,030 | ||||||
33 | UMB Financial Corp. | 2,527 | ||||||
175 | Umpqua Holdings Corp. | 4,123 | ||||||
48 | Union Bankshares Corp. | 1,815 | ||||||
80 | United Bankshares, Inc. | 2,716 | ||||||
56 | United Community Banks, Inc. | 1,788 | ||||||
39 | United Financial Bancorp, Inc. | 645 | ||||||
16 | United Fire Group, Inc. | 805 | ||||||
19 | United Insurance Holdings Corp. | 358 | ||||||
25 | Universal Insurance Holdings, Inc. | 811 | ||||||
27 | Univest Corp. of Pennsylvania | 776 | ||||||
63 | Validus Holdings Ltd. | 4,270 | ||||||
246 | Valley National Bancorp | 3,087 | ||||||
13 | Veritex Holdings, Inc.(b) | 373 | ||||||
37 | Virtu Financial, Inc., Class A | 1,332 | ||||||
6 | Virtus Investment Partners, Inc. | 692 | ||||||
63 | Waddell & Reed Financial, Inc., Class A | 1,275 | ||||||
23 | Walker & Dunlop, Inc. | 1,314 | ||||||
68 | Washington Federal, Inc. | 2,159 | ||||||
12 | Washington Trust Bancorp, Inc. | 665 | ||||||
19 | Waterstone Financial, Inc. | 326 | ||||||
71 | Webster Financial Corp. | 4,274 | ||||||
35 | WesBanco, Inc. | 1,533 | ||||||
20 | Westamerica Bancorporation | 1,116 | ||||||
79 | Western Alliance Bancorp(b) | 4,659 | ||||||
32 | Western Asset Mortgage Capital Corp. REIT | 318 | ||||||
6 | Westwood Holdings Group, Inc. | 348 | ||||||
3 | White Mountains Insurance Group Ltd. | 2,596 | ||||||
45 | Wintrust Financial Corp. | 4,025 | ||||||
88 | WisdomTree Investments, Inc. | 930 | ||||||
5 | World Acceptance Corp.(b) | 513 | ||||||
24 | WSFS Financial Corp. | 1,202 | ||||||
|
| |||||||
443,348 | ||||||||
|
| |||||||
Health Care—13.4% | ||||||||
18 | Abaxis, Inc. | 1,198 | ||||||
23 | Abeona Therapeutics, Inc.(b) | 401 | ||||||
33 | ABIOMED, Inc.(b) | 9,931 | ||||||
57 | Acadia Healthcare Co., Inc.(b) | 2,028 | ||||||
75 | ACADIA Pharmaceuticals, Inc.(b) | 1,186 | ||||||
25 | Accelerate Diagnostics, Inc.(b) | 555 | ||||||
29 | Acceleron Pharma, Inc.(b) | 1,012 | ||||||
63 | Accuray, Inc.(b) | 315 | ||||||
23 | Aceto Corp. | 58 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
20 | Achaogen, Inc.(b) | $ | 286 | |||||
73 | Achillion Pharmaceuticals, Inc.(b) | 275 | ||||||
18 | Aclaris Therapeutics, Inc.(b) | 319 | ||||||
36 | Acorda Therapeutics, Inc.(b) | 832 | ||||||
24 | Aduro Biotech, Inc.(b) | 166 | ||||||
26 | Aerie Pharmaceuticals, Inc.(b) | 1,331 | ||||||
68 | Agenus, Inc.(b) | 233 | ||||||
39 | Agios Pharmaceuticals, Inc.(b) | 3,272 | ||||||
29 | Aimmune Therapeutics, Inc.(b) | 900 | ||||||
13 | Akcea Therapeutics, Inc.(b) | 339 | ||||||
30 | Akebia Therapeutics, Inc.(b) | 276 | ||||||
71 | Akorn, Inc.(b) | 1,025 | ||||||
45 | Alder Biopharmaceuticals, Inc.(b) | 639 | ||||||
131 | Allscripts Healthcare Solutions, Inc.(b) | 1,522 | ||||||
27 | AMAG Pharmaceuticals, Inc.(b) | 555 | ||||||
22 | Amedisys, Inc.(b) | 1,454 | ||||||
9 | American Renal Associates Holdings, Inc.(b) | 132 | ||||||
143 | Amicus Therapeutics, Inc.(b) | 2,023 | ||||||
37 | AMN Healthcare Services, Inc.(b) | 2,473 | ||||||
28 | Amphastar Pharmaceuticals, Inc.(b) | 535 | ||||||
10 | Analogic Corp. | 831 | ||||||
9 | Anaptysbio, Inc.(b) | 844 | ||||||
27 | AngioDynamics, Inc.(b) | 523 | ||||||
6 | ANI Pharmaceuticals, Inc.(b) | 356 | ||||||
11 | Anika Therapeutics, Inc.(b) | 484 | ||||||
40 | Arena Pharmaceuticals, Inc.(b) | 1,594 | ||||||
149 | Array BioPharma, Inc.(b) | 2,020 | ||||||
13 | Assembly Biosciences, Inc.(b) | 565 | ||||||
23 | Atara Biotherapeutics, Inc.(b) | 928 | ||||||
31 | athenahealth, Inc.(b) | 3,797 | ||||||
24 | AtriCure, Inc.(b) | 534 | ||||||
1 | Atrion Corp. | 622 | ||||||
22 | Audentes Therapeutics, Inc.(b) | 822 | ||||||
23 | Avexis, Inc.(b) | 4,891 | ||||||
22 | AxoGen, Inc.(b) | 876 | ||||||
24 | Axovant Sciences Ltd.(b) | 26 | ||||||
19 | Bellicum Pharmaceuticals, Inc.(b) | 127 | ||||||
73 | BioCryst Pharmaceuticals, Inc.(b) | 359 | ||||||
14 | Biohaven Pharmaceutical Holding Co., Ltd.(b) | 408 | ||||||
17 | Bio-Rad Laboratories, Inc., Class A(b) | 4,313 | ||||||
29 | Bio-Techne Corp. | 4,376 | ||||||
24 | BioTelemetry, Inc.(b) | 917 | ||||||
69 | BioTime, Inc.(b) | 149 | ||||||
39 | Bluebird Bio, Inc.(b) | 6,636 | ||||||
30 | Blueprint Medicines Corp.(b) | 2,302 | ||||||
141 | Brookdale Senior Living, Inc.(b) | 1,021 | ||||||
85 | Bruker Corp. | 2,510 | ||||||
21 | Calithera Biosciences, Inc.(b) | 129 | ||||||
25 | Cambrex Corp.(b) | 1,324 | ||||||
29 | Cantel Medical Corp. | 3,250 | ||||||
18 | Capital Senior Living Corp.(b) | 211 | ||||||
20 | Cara Therapeutics, Inc.(b) | 248 | ||||||
25 | Cardiovascular Systems, Inc.(b) | 571 | ||||||
49 | Castlight Health, Inc., Class B(b) | 184 | ||||||
103 | Catalent, Inc.(b) | 4,234 | ||||||
95 | Celldex Therapeutics, Inc.(b) | 70 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
100 | Cerus Corp.(b) | $ | 520 | |||||
37 | Charles River Laboratories International, Inc.(b) | 3,855 | ||||||
13 | Chemed Corp. | 4,007 | ||||||
11 | Civitas Solutions, Inc.(b) | 157 | ||||||
37 | Clovis Oncology, Inc.(b) | 1,605 | ||||||
25 | Coherus Biosciences, Inc.(b) | 302 | ||||||
15 | Collegium Pharmaceutical, Inc.(b) | 355 | ||||||
87 | Community Health Systems, Inc.(b) | 329 | ||||||
9 | Computer Programs & Systems, Inc. | 269 | ||||||
11 | Concert Pharmaceuticals, Inc.(b) | 201 | ||||||
19 | CONMED Corp. | 1,236 | ||||||
64 | Corcept Therapeutics, Inc.(b) | 1,068 | ||||||
8 | CorVel Corp.(b) | 392 | ||||||
32 | Cotiviti Holdings, Inc.(b) | 1,105 | ||||||
28 | Cross Country Healthcare, Inc.(b) | 352 | ||||||
23 | CryoLife, Inc.(b) | 516 | ||||||
11 | Cutera, Inc.(b) | 552 | ||||||
30 | Cytokinetics, Inc.(b) | 249 | ||||||
15 | CytomX Therapeutics, Inc.(b) | 394 | ||||||
43 | Depomed, Inc.(b) | 270 | ||||||
24 | Dermira, Inc.(b) | 219 | ||||||
69 | DexCom, Inc.(b) | 5,049 | ||||||
36 | Diplomat Pharmacy, Inc.(b) | 784 | ||||||
45 | Dynavax Technologies Corp.(b) | 763 | ||||||
7 | Eagle Pharmaceuticals, Inc.(b) | 364 | ||||||
19 | Editas Medicine, Inc.(b) | 597 | ||||||
28 | Emergent Biosolutions, Inc.(b) | 1,452 | ||||||
11 | Enanta Pharmaceuticals, Inc.(b) | 1,024 | ||||||
76 | Encompass Health Corp. | 4,622 | ||||||
152 | Endo International PLC(b) | 871 | ||||||
60 | Endologix, Inc.(b) | 259 | ||||||
37 | Ensign Group, Inc. (The) | 1,031 | ||||||
36 | Epizyme, Inc.(b) | 463 | ||||||
16 | Esperion Therapeutics, Inc.(b) | 1,120 | ||||||
45 | Evolent Health, Inc., Class A(b) | 742 | ||||||
96 | Exact Sciences Corp.(b) | 4,801 | ||||||
236 | Exelixis, Inc.(b) | 4,914 | ||||||
54 | FibroGen, Inc.(b) | 2,454 | ||||||
27 | Five Prime Therapeutics, Inc.(b) | 452 | ||||||
22 | Flexion Therapeutics, Inc.(b) | 548 | ||||||
11 | Foundation Medicine, Inc.(b) | 840 | ||||||
16 | G1 Therapeutics, Inc.(b) | 614 | ||||||
39 | GenMark Diagnostics, Inc.(b) | 244 | ||||||
16 | Genomic Health, Inc.(b) | 508 | ||||||
121 | Geron Corp.(b) | 450 | ||||||
12 | Glaukos Corp.(b) | 404 | ||||||
34 | Global Blood Therapeutics, Inc.(b) | 1,501 | ||||||
58 | Globus Medical, Inc., Class A(b) | 2,969 | ||||||
42 | Haemonetics Corp.(b) | 3,278 | ||||||
104 | Halozyme Therapeutics, Inc.(b) | 1,969 | ||||||
36 | Halyard Health, Inc.(b) | 1,705 | ||||||
41 | HealthEquity, Inc.(b) | 2,692 | ||||||
21 | HealthStream, Inc. | 487 | ||||||
49 | Heron Therapeutics, Inc.(b) | 1,485 | ||||||
5 | Heska Corp.(b) | 408 | ||||||
51 | Hill-Rom Holdings, Inc. | 4,377 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
64 | HMS Holdings Corp.(b) | $ | 1,153 | |||||
124 | Horizon Pharma PLC(b) | 1,642 | ||||||
13 | ICU Medical, Inc.(b) | 3,272 | ||||||
97 | ImmunoGen, Inc.(b) | 1,066 | ||||||
93 | Immunomedics, Inc.(b) | 1,694 | ||||||
53 | Impax Laboratories, Inc.(b) | 996 | ||||||
58 | Innoviva, Inc.(b) | 841 | ||||||
14 | Inogen, Inc.(b) | 1,968 | ||||||
43 | Inovalon Holdings, Inc., Class A(b) | 454 | ||||||
65 | Inovio Pharmaceuticals, Inc.(b) | 285 | ||||||
60 | Insmed, Inc.(b) | 1,460 | ||||||
47 | Insulet Corp.(b) | 4,042 | ||||||
16 | Insys Therapeutics, Inc.(b) | 112 | ||||||
22 | Integer Holdings Corp.(b) | 1,208 | ||||||
50 | Integra LifeSciences Holdings Corp.(b) | 3,081 | ||||||
17 | Intellia Therapeutics, Inc.(b) | 340 | ||||||
17 | Intercept Pharmaceuticals, Inc.(b) | 1,156 | ||||||
20 | Intersect ENT, Inc.(b) | 799 | ||||||
32 | Intra-Cellular Therapies, Inc.(b) | 557 | ||||||
45 | Intrexon Corp.(b) | 818 | ||||||
24 | Invacare Corp. | 437 | ||||||
42 | Invitae Corp.(b) | 232 | ||||||
98 | Ionis Pharmaceuticals, Inc.(b) | 4,217 | ||||||
60 | Iovance Biotherapeutics, Inc.(b) | 870 | ||||||
7 | iRhythm Technologies, Inc.(b) | 407 | ||||||
106 | Ironwood Pharmaceuticals, Inc., Class A(b) | 1,921 | ||||||
11 | Jounce Therapeutics, Inc.(b) | 226 | ||||||
26 | K2M Group Holdings, Inc.(b) | 497 | ||||||
27 | Karyopharm Therapeutics, Inc.(b) | 353 | ||||||
62 | Keryx Biopharmaceuticals, Inc.(b) | 275 | ||||||
65 | Kindred Healthcare, Inc.(b) | 579 | ||||||
13 | La Jolla Pharmaceutical Co.(b) | 377 | ||||||
21 | Lannett Co., Inc.(b) | 328 | ||||||
21 | Lantheus Holdings, Inc.(b) | 374 | ||||||
11 | LeMaitre Vascular, Inc. | 346 | ||||||
36 | Lexicon Pharmaceuticals, Inc.(b) | 297 | ||||||
23 | LHC Group, Inc.(b) | 1,712 | ||||||
31 | LifePoint Health, Inc.(b) | 1,485 | ||||||
17 | Ligand Pharmaceuticals, Inc.(b) | 2,632 | ||||||
32 | LivaNova PLC(b) | 2,841 | ||||||
16 | Loxo Oncology, Inc.(b) | 2,015 | ||||||
30 | Luminex Corp. | 641 | ||||||
29 | MacroGenics, Inc.(b) | 669 | ||||||
6 | Madrigal Pharmaceuticals, Inc.(b) | 679 | ||||||
19 | Magellan Health, Inc.(b) | 1,593 | ||||||
75 | Mallinckrodt PLC(b) | 975 | ||||||
38 | Masimo Corp.(b) | 3,410 | ||||||
55 | Medicines Co. (The)(b) | 1,655 | ||||||
45 | Medidata Solutions, Inc.(b) | 3,211 | ||||||
73 | MEDNAX, Inc.(b) | 3,351 | ||||||
6 | Medpace Holdings, Inc.(b) | 222 | ||||||
32 | Meridian Bioscience, Inc. | 467 | ||||||
38 | Merit Medical Systems, Inc.(b) | 1,843 | ||||||
80 | MiMedx Group, Inc.(b) | 657 | ||||||
24 | Minerva Neurosciences, Inc.(b) | 157 | ||||||
33 | Molina Healthcare, Inc.(b) | 2,747 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
60 | Momenta Pharmaceuticals, Inc.(b) | $ | 1,248 | |||||
16 | MyoKardia, Inc.(b) | 790 | ||||||
11 | Myovant Sciences Ltd.(b) | 227 | ||||||
57 | Myriad Genetics, Inc.(b) | 1,613 | ||||||
20 | Natera, Inc.(b) | 223 | ||||||
8 | National Healthcare Corp. | 490 | ||||||
7 | National Research Corp., Class A | 229 | ||||||
25 | Natus Medical, Inc.(b) | 826 | ||||||
124 | Nektar Therapeutics, Class A(b) | 10,374 | ||||||
40 | Neogen Corp.(b) | 2,726 | ||||||
45 | NeoGenomics, Inc.(b) | 431 | ||||||
70 | Neurocrine Biosciences, Inc.(b) | 5,676 | ||||||
18 | Nevro Corp.(b) | 1,608 | ||||||
21 | NewLink Genetics Corp.(b) | 96 | ||||||
272 | Novavax, Inc.(b) | 424 | ||||||
33 | Novocure Ltd.(b) | 901 | ||||||
39 | NuVasive, Inc.(b) | 2,075 | ||||||
50 | NxStage Medical, Inc.(b) | 1,331 | ||||||
34 | Omeros Corp.(b) | 488 | ||||||
31 | Omnicell, Inc.(b) | 1,336 | ||||||
256 | OPKO Health, Inc.(b) | 778 | ||||||
44 | OraSure Technologies, Inc.(b) | 780 | ||||||
14 | Orthofix International NV(b) | 854 | ||||||
46 | Owens & Minor, Inc. | 748 | ||||||
74 | Pacific Biosciences of California, Inc.(b) | 191 | ||||||
31 | Pacira Pharmaceuticals, Inc.(b) | 1,026 | ||||||
26 | Paratek Pharmaceuticals, Inc.(b) | 278 | ||||||
67 | Patterson Cos., Inc. | 1,560 | ||||||
116 | PDL BioPharma, Inc.(b) | 339 | ||||||
23 | Penumbra, Inc.(b) | 2,860 | ||||||
86 | PerkinElmer, Inc. | 6,309 | ||||||
14 | Phibro Animal Health Corp., Class A | 592 | ||||||
53 | Portola Pharmaceuticals, Inc.(b) | 1,915 | ||||||
39 | PRA Health Sciences, Inc.(b) | 3,205 | ||||||
44 | Premier, Inc., Class A(b) | 1,452 | ||||||
40 | Prestige Brands Holdings, Inc.(b) | 1,178 | ||||||
53 | Progenics Pharmaceuticals, Inc.(b) | 345 | ||||||
29 | Prothena Corp. PLC (Ireland)(b) | 348 | ||||||
9 | Providence Service Corp. (The)(b) | 683 | ||||||
30 | PTC Therapeutics, Inc.(b) | 832 | ||||||
23 | Puma Biotechnology, Inc.(b) | 1,466 | ||||||
36 | Quality Systems, Inc.(b) | 483 | ||||||
22 | Quidel Corp.(b) | 1,247 | ||||||
6 | Ra Pharmaceuticals, Inc.(b) | 36 | ||||||
25 | Radius Health, Inc.(b) | 755 | ||||||
29 | RadNet, Inc.(b) | 384 | ||||||
9 | Reata Pharmaceuticals, Inc., Class A(b) | 238 | ||||||
20 | REGENXBIO, Inc.(b) | 747 | ||||||
28 | Repligen Corp.(b) | 1,036 | ||||||
28 | Retrophin, Inc.(b) | 703 | ||||||
24 | Revance Therapeutics, Inc.(b) | 671 | ||||||
107 | Rigel Pharmaceuticals, Inc.(b) | 386 | ||||||
38 | Rockwell Medical, Inc.(b) | 201 | ||||||
36 | Sage Therapeutics, Inc.(b) | 5,181 | ||||||
65 | Sangamo Therapeutics, Inc.(b) | 1,027 | ||||||
49 | Sarepta Therapeutics, Inc.(b) | 3,742 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
81 | Select Medical Holdings Corp.(b) | $ | 1,462 | |||||
15 | Seres Therapeutics, Inc.(b) | 115 | ||||||
25 | Spark Therapeutics, Inc.(b) | 1,908 | ||||||
79 | Spectrum Pharmaceuticals, Inc.(b) | 1,258 | ||||||
22 | STAAR Surgical Co.(b) | 358 | ||||||
67 | STERIS PLC | 6,333 | ||||||
42 | Supernus Pharmaceuticals, Inc.(b) | 1,970 | ||||||
15 | Surgery Partners, Inc.(b) | 240 | ||||||
10 | SurModics, Inc.(b) | 374 | ||||||
44 | Syneos Health, Inc., Class A(b) | 1,676 | ||||||
171 | Synergy Pharmaceuticals, Inc.(b) | 267 | ||||||
11 | Tactile Systems Technology, Inc.(b) | 383 | ||||||
42 | Teladoc, Inc.(b) | 1,806 | ||||||
32 | Teligent, Inc.(b) | 96 | ||||||
81 | Tenet Healthcare Corp.(b) | 1,939 | ||||||
41 | TG Therapeutics, Inc.(b) | 588 | ||||||
130 | TherapeuticsMD, Inc.(b) | 715 | ||||||
32 | Theravance Biopharma, Inc. (Cayman Islands)(b) | 770 | ||||||
27 | Tivity Health, Inc.(b) | 971 | ||||||
18 | Triple-S Management Corp., Class B(b) | 510 | ||||||
10 | U.S. Physical Therapy, Inc. | 913 | ||||||
36 | Ultragenyx Pharmaceutical, Inc.(b) | 1,830 | ||||||
46 | Vanda Pharmaceuticals, Inc.(b) | 642 | ||||||
29 | Varex Imaging Corp.(b) | 1,044 | ||||||
19 | Vocera Communications, Inc.(b) | 476 | ||||||
13 | Voyager Therapeutics, Inc.(b) | 236 | ||||||
8 | WaVe Life Sciences Ltd.(b) | 356 | ||||||
35 | WellCare Health Plans, Inc.(b) | 7,181 | ||||||
59 | West Pharmaceutical Services, Inc. | 5,204 | ||||||
75 | Wright Medical Group NV(b) | 1,471 | ||||||
42 | Xencor, Inc.(b) | 1,218 | ||||||
97 | ZIOPHARM Oncology, Inc.(b) | 409 | ||||||
25 | Zogenix, Inc.(b) | 983 | ||||||
|
| |||||||
357,549 | ||||||||
|
| |||||||
Industrials—14.4% | ||||||||
33 | AAON, Inc. | 1,122 | ||||||
25 | AAR Corp. | 1,082 | ||||||
55 | ABM Industries, Inc. | 1,712 | ||||||
83 | ACCO Brands Corp. | 1,000 | ||||||
46 | Actuant Corp., Class A | 1,083 | ||||||
53 | Advanced Disposal Services, Inc.(b) | 1,168 | ||||||
29 | Advanced Drainage Systems, Inc. | 731 | ||||||
122 | AECOM(b) | 4,202 | ||||||
26 | Aegion Corp.(b) | 590 | ||||||
49 | Aerojet Rocketdyne Holdings, Inc.(b) | 1,369 | ||||||
16 | Aerovironment, Inc.(b) | 872 | ||||||
78 | Air Lease Corp. | 3,252 | ||||||
11 | Air Transport Services Group, Inc.(b) | 223 | ||||||
42 | Aircastle Ltd. | 823 | ||||||
8 | Alamo Group, Inc. | 876 | ||||||
22 | Albany International Corp., Class A | 1,301 | ||||||
3 | Allegiant Travel Co. | 481 | ||||||
105 | Allison Transmission Holdings, Inc. | 4,094 | ||||||
23 | Altra Industrial Motion Corp. | 958 | ||||||
6 | American Railcar Industries, Inc. | 228 | ||||||
11 | American Woodmark Corp.(b) | 904 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
22 | Apogee Enterprises, Inc. | $ | 904 | |||||
30 | Applied Industrial Technologies, Inc. | 1,918 | ||||||
19 | ArcBest Corp. | 610 | ||||||
11 | Argan, Inc. | 440 | ||||||
16 | Armstrong Flooring, Inc.(b) | 198 | ||||||
31 | Armstrong World Industries, Inc.(b) | 1,736 | ||||||
39 | Asgn, Inc.(b) | 3,145 | ||||||
15 | Astec Industries, Inc. | 833 | ||||||
16 | Astronics Corp.(b) | 585 | ||||||
31 | Atkore International Group, Inc.(b) | 551 | ||||||
5 | Atlas Air Worldwide Holdings, Inc.(b) | 317 | ||||||
58 | Avis Budget Group, Inc.(b) | 2,866 | ||||||
40 | Axon Enterprise, Inc.(b) | 1,679 | ||||||
20 | AZZ, Inc. | 891 | ||||||
39 | Barnes Group, Inc. | 2,166 | ||||||
53 | Beacon Roofing Supply, Inc.(b) | 2,594 | ||||||
46 | BMC Stock Holdings, Inc.(b) | 793 | ||||||
36 | Brady Corp., Class A | 1,310 | ||||||
32 | Briggs & Stratton Corp. | 577 | ||||||
35 | Brink’s Co. (The) | 2,583 | ||||||
92 | Builders FirstSource, Inc.(b) | 1,677 | ||||||
73 | BWX Technologies, Inc. | 4,949 | ||||||
12 | CAI International, Inc.(b) | 270 | ||||||
48 | Carlisle Cos., Inc. | 5,171 | ||||||
29 | Casella Waste Systems, Inc., Class A(b) | 711 | ||||||
39 | CBIZ, Inc.(b) | 725 | ||||||
22 | Chart Industries, Inc.(b) | 1,248 | ||||||
76 | Chicago Bridge & Iron Co. NV | 1,148 | ||||||
18 | Cimpress NV (Netherlands)(b) | 2,589 | ||||||
11 | CIRCOR International, Inc. | 466 | ||||||
42 | Clean Harbors, Inc.(b) | 1,924 | ||||||
74 | Colfax Corp.(b) | 2,295 | ||||||
15 | Columbus McKinnon Corp. | 538 | ||||||
28 | Comfort Systems USA, Inc. | 1,182 | ||||||
30 | Continental Building Products, Inc.(b) | 843 | ||||||
164 | Copart, Inc.(b) | 8,377 | ||||||
90 | Covanta Holding Corp. | 1,341 | ||||||
9 | Covenant Transportation Group, Inc., Class A(b) | 250 | ||||||
37 | Crane Co. | 3,095 | ||||||
12 | CSW Industrials, Inc.(b) | 520 | ||||||
20 | Cubic Corp. | 1,235 | ||||||
33 | Curtiss-Wright Corp. | 4,225 | ||||||
31 | Daseke, Inc.(b) | 257 | ||||||
37 | Deluxe Corp. | 2,536 | ||||||
96 | Donaldson Co., Inc. | 4,249 | ||||||
17 | Douglas Dynamics, Inc. | 710 | ||||||
30 | Dun & Bradstreet Corp. (The) | 3,459 | ||||||
13 | DXP Enterprises, Inc.(b) | 472 | ||||||
24 | Dycom Industries, Inc.(b) | 2,493 | ||||||
20 | Echo Global Logistics, Inc.(b) | 546 | ||||||
46 | EMCOR Group, Inc. | 3,385 | ||||||
16 | Encore Wire Corp. | 842 | ||||||
27 | Energy Recovery, Inc.(b) | 229 | ||||||
33 | EnerSys | 2,262 | ||||||
15 | Engility Holdings, Inc.(b) | 381 | ||||||
19 | Ennis, Inc. | 340 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
17 | EnPro Industries, Inc. | $ | 1,278 | |||||
20 | ESCO Technologies, Inc. | 1,117 | ||||||
28 | Essendant, Inc. | 208 | ||||||
21 | Esterline Technologies Corp.(b) | 1,509 | ||||||
20 | Exponent, Inc. | 1,728 | ||||||
45 | Federal Signal Corp. | 975 | ||||||
7 | Forrester Research, Inc. | 279 | ||||||
23 | Forward Air Corp. | 1,242 | ||||||
11 | Foundation Building Materials, Inc.(b) | 155 | ||||||
30 | Franklin Electric Co., Inc. | 1,230 | ||||||
32 | FTI Consulting, Inc.(b) | 1,869 | ||||||
61 | Gardner Denver Holdings, Inc.(b) | 1,929 | ||||||
29 | GATX Corp. | 1,892 | ||||||
48 | Generac Holdings, Inc.(b) | 2,160 | ||||||
38 | General Cable Corp. | 1,127 | ||||||
49 | Genesee & Wyoming, Inc., Class A(b) | 3,489 | ||||||
23 | Gibraltar Industries, Inc.(b) | 808 | ||||||
17 | Global Brass & Copper Holdings, Inc. | 510 | ||||||
25 | GMS, Inc.(b) | 779 | ||||||
14 | Gorman-Rupp Co. (The) | 441 | ||||||
10 | GP Strategies Corp.(b) | 208 | ||||||
133 | Graco, Inc. | 5,851 | ||||||
31 | Granite Construction, Inc. | 1,624 | ||||||
42 | Great Lakes Dredge & Dock Corp.(b) | 193 | ||||||
22 | Greenbrier Cos., Inc. (The) | 965 | ||||||
23 | Griffon Corp. | 458 | ||||||
24 | H&E Equipment Services, Inc. | 776 | ||||||
61 | Harsco Corp.(b) | 1,247 | ||||||
10 | Hawaiian Holdings, Inc. | 412 | ||||||
56 | Healthcare Services Group, Inc. | 2,163 | ||||||
35 | Heartland Express, Inc. | 624 | ||||||
26 | HEICO Corp. | 2,284 | ||||||
48 | HEICO Corp., Class A | 3,463 | ||||||
14 | Heidrick & Struggles International, Inc. | 527 | ||||||
16 | Herc Holdings, Inc.(b) | 842 | ||||||
46 | Herman Miller, Inc. | 1,412 | ||||||
38 | Hertz Global Holdings, Inc.(b) | 832 | ||||||
70 | Hexcel Corp. | 4,653 | ||||||
48 | Hillenbrand, Inc. | 2,225 | ||||||
34 | HNI Corp. | 1,135 | ||||||
26 | Hub Group, Inc., Class A(b) | 1,143 | ||||||
41 | Hubbell, Inc. | 4,258 | ||||||
17 | Huron Consulting Group, Inc.(b) | 637 | ||||||
6 | Hyster-Yale Materials Handling, Inc. | 427 | ||||||
14 | ICF International, Inc. | 939 | ||||||
36 | InnerWorkings, Inc.(b) | 364 | ||||||
30 | Insperity, Inc. | 2,407 | ||||||
14 | Insteel Industries, Inc. | 420 | ||||||
48 | Interface, Inc. | 1,056 | ||||||
68 | ITT, Inc. | 3,325 | ||||||
59 | Jeld-Wen Holding, Inc.(b) | 1,658 | ||||||
25 | John Bean Technologies Corp. | 2,694 | ||||||
9 | Kadant, Inc. | 830 | ||||||
18 | Kaman Corp. | 1,092 | ||||||
105 | KAR Auction Services, Inc. | 5,459 | ||||||
109 | KBR, Inc. | 1,819 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
24 | Kelly Services, Inc., Class A | $ | 702 | |||||
62 | Kennametal, Inc. | 2,260 | ||||||
34 | KeyW Holding Corp. (The)(b) | 263 | ||||||
18 | Kforce, Inc. | 478 | ||||||
28 | Kimball International, Inc., Class B | 463 | ||||||
12 | Kirby Corp.(b) | 1,024 | ||||||
40 | KLX, Inc.(b) | 3,129 | ||||||
37 | Knoll, Inc. | 706 | ||||||
42 | Korn/Ferry International | 2,245 | ||||||
65 | Kratos Defense & Security Solutions, Inc.(b) | 651 | ||||||
33 | Landstar System, Inc. | 3,354 | ||||||
46 | Lincoln Electric Holdings, Inc. | 3,812 | ||||||
8 | Lindsay Corp. | 703 | ||||||
26 | LSC Communications, Inc. | 454 | ||||||
13 | Lydall, Inc.(b) | 580 | ||||||
25 | Manitowoc Co., Inc. (The)(b) | 616 | ||||||
31 | Marten Transport Ltd. | 605 | ||||||
23 | Masonite International Corp.(b) | 1,396 | ||||||
51 | MasTec, Inc.(b) | 2,244 | ||||||
8 | Matson, Inc. | 234 | ||||||
25 | Matthews International Corp., Class A | 1,229 | ||||||
17 | McGrath RentCorp | 1,002 | ||||||
37 | Mercury Systems, Inc.(b) | 1,187 | ||||||
64 | Meritor, Inc.(b) | 1,246 | ||||||
54 | Milacron Holdings Corp.(b) | 974 | ||||||
13 | Mistras Group, Inc.(b) | 253 | ||||||
34 | Mobile Mini, Inc. | 1,428 | ||||||
25 | Moog, Inc., Class A(b) | 2,049 | ||||||
72 | MRC Global, Inc.(b) | 1,349 | ||||||
27 | MSA Safety, Inc. | 2,345 | ||||||
35 | MSC Industrial Direct Co., Inc., Class A | 3,025 | ||||||
42 | Mueller Industries, Inc. | 1,142 | ||||||
121 | Mueller Water Products, Inc., Class A | 1,185 | ||||||
11 | Multi-Color Corp. | 714 | ||||||
12 | MYR Group, Inc.(b) | 360 | ||||||
4 | National Presto Industries, Inc. | 383 | ||||||
36 | Navigant Consulting, Inc.(b) | 770 | ||||||
34 | Navistar International Corp.(b) | 1,184 | ||||||
32 | NCI Building Systems, Inc.(b) | 560 | ||||||
20 | Nexeo Solutions, Inc.(b) | 204 | ||||||
20 | NN, Inc. | 406 | ||||||
41 | Nordson Corp. | 5,273 | ||||||
82 | NOW, Inc.(b) | 995 | ||||||
6 | NV5 Global, Inc.(b) | 353 | ||||||
2 | Omega Flex, Inc. | 131 | ||||||
46 | Orbital ATK, Inc. | 6,089 | ||||||
59 | Oshkosh Corp. | 4,257 | ||||||
6 | Park-Ohio Holdings Corp. | 227 | ||||||
18 | Patrick Industries, Inc.(b) | 1,024 | ||||||
37 | PGT Innovations, Inc.(b) | 646 | ||||||
142 | Pitney Bowes, Inc. | 1,451 | ||||||
170 | Plug Power, Inc.(b) | 311 | ||||||
7 | Powell Industries, Inc. | 210 | ||||||
31 | Primoris Services Corp. | 793 | ||||||
21 | Proto Labs, Inc.(b) | 2,502 | ||||||
23 | Quad/Graphics, Inc., Class A | 568 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
24 | Quanex Building Products Corp. | $ | 412 | |||||
124 | Quanta Services, Inc.(b) | 4,030 | ||||||
27 | Raven Industries, Inc. | 988 | ||||||
19 | RBC Bearings, Inc.(b) | 2,211 | ||||||
34 | Regal Beloit Corp. | 2,421 | ||||||
21 | Resources Connection, Inc. | 329 | ||||||
22 | REV Group, Inc. | 397 | ||||||
84 | Rexnord Corp.(b) | 2,311 | ||||||
23 | Roadrunner Transportation Systems, Inc.(b) | 49 | ||||||
33 | RPX Corp. | 357 | ||||||
53 | RR Donnelley & Sons Co. | 448 | ||||||
3 | Rush Enterprises, Inc., Class B(b) | 117 | ||||||
23 | Rush Enterprises, Inc., Class A(b) | 939 | ||||||
41 | Ryder System, Inc. | 2,765 | ||||||
20 | Saia, Inc.(b) | 1,321 | ||||||
31 | Simpson Manufacturing Co., Inc. | 1,695 | ||||||
31 | Siteone Landscape Supply, Inc.(b) | 2,124 | ||||||
10 | SkyWest, Inc. | 569 | ||||||
17 | SP Plus Corp.(b) | 598 | ||||||
26 | Spartan Motors, Inc. | 464 | ||||||
13 | Spirit Airlines, Inc.(b) | 464 | ||||||
32 | SPX Corp.(b) | 1,012 | ||||||
32 | SPX FLOW, Inc.(b) | 1,440 | ||||||
10 | Standex International Corp. | 970 | ||||||
66 | Steelcase, Inc., Class A | 875 | ||||||
26 | Sun Hydraulics Corp. | 1,263 | ||||||
52 | Sunrun, Inc.(b) | 479 | ||||||
23 | Team, Inc.(b) | 390 | ||||||
27 | Teledyne Technologies, Inc.(b) | 5,051 | ||||||
14 | Tennant Co. | 1,036 | ||||||
65 | Terex Corp. | 2,374 | ||||||
44 | Tetra Tech, Inc. | 2,130 | ||||||
25 | Thermon Group Holdings, Inc.(b) | 570 | ||||||
54 | Timken Co. (The) | 2,309 | ||||||
38 | Titan International, Inc. | 391 | ||||||
14 | Titan Machinery, Inc.(b) | 270 | ||||||
84 | Toro Co. (The) | 4,905 | ||||||
23 | Trex Co., Inc.(b) | 2,389 | ||||||
35 | TriMas Corp.(b) | 949 | ||||||
34 | TriNet Group, Inc.(b) | 1,756 | ||||||
105 | Trinity Industries, Inc. | 3,346 | ||||||
46 | Triton International Ltd. (Bermuda) | 1,426 | ||||||
38 | Triumph Group, Inc. | 899 | ||||||
32 | TrueBlue, Inc.(b) | 853 | ||||||
30 | Tutor Perini Corp.(b) | 620 | ||||||
12 | UniFirst Corp. | 1,927 | ||||||
90 | Univar, Inc.(b) | 2,480 | ||||||
48 | Universal Forest Products, Inc. | 1,530 | ||||||
6 | Universal Logistics Holdings, Inc. | 132 | ||||||
17 | US Ecology, Inc. | 906 | ||||||
72 | USG Corp.(b) | 2,897 | ||||||
18 | Valmont Industries, Inc. | 2,558 | ||||||
9 | Veritiv Corp.(b) | 342 | ||||||
16 | Viad Corp. | 812 | ||||||
13 | Vicor Corp.(b) | 466 | ||||||
7 | VSE Corp. | 359 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
46 | Wabash National Corp. | $ | 923 | |||||
30 | WageWorks, Inc.(b) | 1,250 | ||||||
24 | Watsco, Inc. | 4,018 | ||||||
20 | Watts Water Technologies, Inc., Class A | 1,490 | ||||||
106 | Welbilt, Inc.(b) | 2,031 | ||||||
36 | Werner Enterprises, Inc. | 1,235 | ||||||
42 | Wesco Aircraft Holdings, Inc.(b) | 424 | ||||||
37 | WESCO International, Inc.(b) | 2,203 | ||||||
44 | Woodward, Inc. | 3,165 | ||||||
94 | XPO Logistics, Inc.(b) | 9,133 | ||||||
25 | YRC Worldwide, Inc.(b) | 208 | ||||||
|
| |||||||
383,799 | ||||||||
|
| |||||||
Information Technology—16.1% | ||||||||
41 | 2U, Inc.(b) | 3,300 | ||||||
82 | 3D Systems Corp.(b) | 823 | ||||||
70 | 8x8, Inc.(b) | 1,417 | ||||||
38 | A10 Networks, Inc.(b) | 232 | ||||||
13 | Acacia Communications, Inc.(b) | 366 | ||||||
96 | ACI Worldwide, Inc.(b) | 2,232 | ||||||
60 | Acxiom Corp.(b) | 1,559 | ||||||
37 | ADTRAN, Inc. | 542 | ||||||
31 | Advanced Energy Industries, Inc.(b) | 1,846 | ||||||
13 | Alarm.com Holdings, Inc.(b) | 525 | ||||||
14 | Alpha & Omega Semiconductor Ltd.(b) | 212 | ||||||
26 | Ambarella, Inc.(b) | 1,211 | ||||||
82 | Amkor Technology, Inc.(b) | 679 | ||||||
27 | ANGI Homeservices, Inc., Class A(b) | 361 | ||||||
23 | Anixter International, Inc.(b) | 1,355 | ||||||
14 | Applied Optoelectronics, Inc.(b) | 447 | ||||||
142 | ARRIS International PLC(b) | 3,834 | ||||||
57 | Aspen Technology, Inc.(b) | 5,002 | ||||||
38 | AVX Corp. | 561 | ||||||
23 | Axcelis Technologies, Inc.(b) | 506 | ||||||
22 | Badger Meter, Inc. | 934 | ||||||
33 | Belden, Inc. | 2,033 | ||||||
38 | Benchmark Electronics, Inc. | 999 | ||||||
12 | Benefitfocus, Inc.(b) | 362 | ||||||
108 | Black Knight, Inc.(b) | 5,254 | ||||||
38 | Blackbaud, Inc. | 3,988 | ||||||
41 | Blackhawk Network Holdings, Inc., Class A(b) | 1,841 | ||||||
27 | Blackline, Inc.(b) | 1,118 | ||||||
37 | Blucora, Inc.(b) | 962 | ||||||
113 | Booz Allen Hamilton Holding Corp. | 4,478 | ||||||
31 | Bottomline Technologies (de), Inc.(b) | 1,225 | ||||||
89 | Box, Inc., Class A(b) | 2,035 | ||||||
53 | Brooks Automation, Inc. | 1,319 | ||||||
20 | Cabot Microelectronics Corp. | 2,029 | ||||||
19 | CACI International, Inc., Class A(b) | 2,870 | ||||||
27 | CalAmp Corp.(b) | 533 | ||||||
17 | Carbonite, Inc.(b) | 529 | ||||||
35 | Cardtronics PLC, Class A(b) | 919 | ||||||
52 | Cars.Com, Inc.(b) | 1,481 | ||||||
9 | Cass Information Systems, Inc. | 544 | ||||||
56 | Cavium, Inc.(b) | 4,201 | ||||||
17 | CEVA, Inc.(b) | 554 | ||||||
18 | ChannelAdvisor Corp.(b) | 239 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
111 | Ciena Corp.(b) | $ | 2,858 | |||||
49 | Cirrus Logic, Inc.(b) | 1,787 | ||||||
27 | Cision Ltd.(b) | 362 | ||||||
20 | Coherent, Inc.(b) | 3,364 | ||||||
21 | Cohu, Inc. | 449 | ||||||
10 | CommerceHub, Inc., Series A(b) | 227 | ||||||
22 | CommerceHub, Inc., Series C(b) | 499 | ||||||
36 | CommVault Systems, Inc.(b) | 2,518 | ||||||
18 | Comtech Telecommunications Corp. | 551 | ||||||
144 | Conduent, Inc.(b) | 2,802 | ||||||
19 | Control4 Corp.(b) | 396 | ||||||
72 | Convergys Corp. | 1,682 | ||||||
65 | CoreLogic, Inc.(b) | 3,217 | ||||||
42 | Cornerstone OnDemand, Inc.(b) | 1,853 | ||||||
21 | Coupa Software, Inc.(b) | 974 | ||||||
31 | Cray, Inc.(b) | 739 | ||||||
79 | Cree, Inc.(b) | 2,948 | ||||||
26 | CSG Systems International, Inc. | 1,113 | ||||||
24 | CTS Corp. | 719 | ||||||
258 | Cypress Semiconductor Corp. | 3,762 | ||||||
28 | Daktronics, Inc. | 252 | ||||||
52 | Diebold Nixdorf, Inc. | 798 | ||||||
29 | Diodes, Inc.(b) | 828 | ||||||
46 | Dolby Laboratories, Inc., Class A | 2,752 | ||||||
16 | Ebix, Inc. | 1,240 | ||||||
37 | EchoStar Corp., Class A(b) | 1,944 | ||||||
23 | Electro Scientific Industries, Inc.(b) | 414 | ||||||
35 | Electronics For Imaging, Inc.(b) | 969 | ||||||
28 | Ellie Mae, Inc.(b) | 2,712 | ||||||
49 | Endurance International Group Holdings, Inc.(b) | 360 | ||||||
112 | Entegris, Inc. | 3,606 | ||||||
34 | Envestnet, Inc.(b) | 1,846 | ||||||
39 | EPAM Systems, Inc.(b) | 4,460 | ||||||
11 | ePlus, Inc.(b) | 878 | ||||||
66 | Etsy, Inc.(b) | 1,976 | ||||||
40 | Euronet Worldwide, Inc.(b) | 3,124 | ||||||
17 | Everbridge, Inc.(b) | 635 | ||||||
52 | Everi Holdings, Inc.(b) | 333 | ||||||
47 | EVERTEC, Inc. | 858 | ||||||
26 | ExlService Holdings, Inc.(b) | 1,503 | ||||||
84 | Extreme Networks, Inc.(b) | 899 | ||||||
28 | Fabrinet (Thailand)(b) | 790 | ||||||
24 | Fair Isaac Corp.(b) | 4,156 | ||||||
13 | FARO Technologies, Inc.(b) | 656 | ||||||
92 | Finisar Corp.(b) | 1,433 | ||||||
129 | FireEye, Inc.(b) | 2,328 | ||||||
63 | First Solar, Inc.(b) | 4,467 | ||||||
140 | Fitbit, Inc., Class A(b) | 777 | ||||||
33 | Five9, Inc.(b) | 969 | ||||||
55 | FormFactor, Inc.(b) | 631 | ||||||
82 | Glu Mobile, Inc.(b) | 359 | ||||||
110 | GoDaddy, Inc., Class A(b) | 7,102 | ||||||
43 | Gogo, Inc.(b) | 405 | ||||||
65 | GrubHub, Inc.(b) | 6,574 | ||||||
27 | GTT Communications, Inc.(b) | 1,297 | ||||||
59 | Guidewire Software, Inc.(b) | 4,993 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
19 | Hackett Group, Inc. (The) | $ | 308 | |||||
40 | Hortonworks, Inc.(b) | 677 | ||||||
26 | HubSpot, Inc.(b) | 2,753 | ||||||
16 | Ichor Holdings Ltd.(b) | 354 | ||||||
43 | II-VI, Inc.(b) | 1,638 | ||||||
22 | Imperva, Inc.(b) | 984 | ||||||
13 | Impinj, Inc.(b) | 160 | ||||||
124 | Infinera Corp.(b) | 1,453 | ||||||
29 | Inphi Corp.(b) | 829 | ||||||
27 | Insight Enterprises, Inc.(b) | 957 | ||||||
22 | Instructure, Inc.(b) | 892 | ||||||
102 | Integrated Device Technology, Inc.(b) | 2,839 | ||||||
27 | InterDigital, Inc. | 2,010 | ||||||
27 | Itron, Inc.(b) | 1,766 | ||||||
39 | j2 Global, Inc. | 3,096 | ||||||
125 | Jabil, Inc. | 3,325 | ||||||
38 | KEMET Corp.(b) | 654 | ||||||
147 | Keysight Technologies, Inc.(b) | 7,597 | ||||||
21 | Kimball Electronics, Inc.(b) | 333 | ||||||
68 | Knowles Corp.(b) | 870 | ||||||
54 | Kulicke & Soffa Industries, Inc. (Singapore)(b) | 1,236 | ||||||
88 | Lattice Semiconductor Corp.(b) | 477 | ||||||
107 | Limelight Networks, Inc.(b) | 552 | ||||||
20 | Littelfuse, Inc. | 3,738 | ||||||
38 | LivePerson, Inc.(b) | 638 | ||||||
41 | LogMeIn, Inc. | 4,518 | ||||||
50 | Lumentum Holdings, Inc.(b) | 2,522 | ||||||
32 | MACOM Technology Solutions Holdings, Inc.(b) | 532 | ||||||
53 | Manhattan Associates, Inc.(b) | 2,282 | ||||||
20 | ManTech International Corp., Class A | 1,182 | ||||||
40 | Match Group, Inc.(b) | 1,885 | ||||||
52 | MAXIMUS, Inc. | 3,517 | ||||||
50 | MaxLinear, Inc., Class A(b) | 1,116 | ||||||
37 | Mellanox Technologies Ltd. (Israel)(b) | 2,908 | ||||||
3 | Mesa Laboratories, Inc. | 505 | ||||||
27 | Methode Electronics, Inc. | 1,077 | ||||||
93 | Microsemi Corp.(b) | 6,016 | ||||||
7 | MicroStrategy, Inc., Class A(b) | 892 | ||||||
22 | MINDBODY, Inc., Class A(b) | 872 | ||||||
70 | Mitel Networks Corp.(b) | 781 | ||||||
42 | MKS Instruments, Inc. | 4,301 | ||||||
31 | Mobileiron, Inc.(b) | 144 | ||||||
23 | MoneyGram International, Inc.(b) | 201 | ||||||
31 | Monolithic Power Systems, Inc. | 3,630 | ||||||
32 | Monotype Imaging Holdings, Inc. | 709 | ||||||
13 | MTS Systems Corp. | 660 | ||||||
18 | Nanometrics, Inc.(b) | 447 | ||||||
91 | National Instruments Corp. | 3,721 | ||||||
98 | NCR Corp.(b) | 3,015 | ||||||
44 | Net 1 UEPS Technologies, Inc. (South Africa)(b) | 363 | ||||||
25 | NETGEAR, Inc.(b) | 1,383 | ||||||
66 | NetScout Systems, Inc.(b) | 1,792 | ||||||
25 | New Relic, Inc.(b) | 1,747 | ||||||
48 | NIC, Inc. | 713 | ||||||
25 | Novanta, Inc.(b) | 1,470 | ||||||
223 | Nuance Communications, Inc.(b) | 3,283 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
84 | Nutanix, Inc., Class A(b) | $ | 4,250 | |||||
4 | NVE Corp. | 338 | ||||||
127 | Oclaro, Inc.(b) | 1,006 | ||||||
330 | ON Semiconductor Corp.(b) | 7,286 | ||||||
14 | OSI Systems, Inc.(b) | 896 | ||||||
210 | Pandora Media, Inc.(b) | 1,178 | ||||||
15 | Park Electrochemical Corp. | 255 | ||||||
37 | Paycom Software, Inc.(b) | 4,226 | ||||||
22 | Paylocity Holding Corp.(b) | 1,202 | ||||||
9 | PC Connection, Inc. | 240 | ||||||
21 | PDF Solutions, Inc.(b) | 234 | ||||||
30 | Pegasystems, Inc. | 1,832 | ||||||
27 | Perficient, Inc.(b) | 668 | ||||||
52 | Photronics, Inc.(b) | 398 | ||||||
26 | Plantronics, Inc. | 1,694 | ||||||
26 | Plexus Corp.(b) | 1,426 | ||||||
23 | Power Integrations, Inc. | 1,559 | ||||||
25 | Presidio, Inc.(b) | 383 | ||||||
33 | Progress Software Corp. | 1,219 | ||||||
36 | Proofpoint, Inc.(b) | 4,246 | ||||||
20 | PROS Holdings, Inc.(b) | 590 | ||||||
92 | PTC, Inc.(b) | 7,576 | ||||||
65 | Pure Storage, Inc., Class A(b) | 1,315 | ||||||
26 | Q2 Holdings, Inc.(b) | 1,281 | ||||||
8 | QAD, Inc., Class A | 359 | ||||||
27 | Qualys, Inc.(b) | 2,078 | ||||||
10 | Quantenna Communications, Inc.(b) | 127 | ||||||
55 | Quotient Technology, Inc.(b) | 737 | ||||||
85 | Rambus, Inc.(b) | 1,148 | ||||||
28 | Rapid7, Inc.(b) | 791 | ||||||
46 | RealPage, Inc.(b) | 2,461 | ||||||
39 | Ribbon Communications, Inc.(b) | 227 | ||||||
45 | RingCentral, Inc., Class A(b) | 3,017 | ||||||
14 | Rogers Corp.(b) | 1,494 | ||||||
23 | Rudolph Technologies, Inc.(b) | 583 | ||||||
58 | Sanmina Corp.(b) | 1,711 | ||||||
19 | ScanSource, Inc.(b) | 652 | ||||||
34 | Science Applications International Corp. | 2,917 | ||||||
54 | Semtech Corp.(b) | 2,122 | ||||||
54 | ServiceSource International, Inc.(b) | 205 | ||||||
14 | Shutterstock, Inc.(b) | 590 | ||||||
33 | Silicon Laboratories, Inc.(b) | 3,066 | ||||||
8 | SMART Global Holdings, Inc.(b) | 313 | ||||||
21 | SolarEdge Technologies, Inc.(b) | 1,106 | ||||||
13 | SPS Commerce, Inc.(b) | 891 | ||||||
13 | Stamps.com, Inc.(b) | 2,961 | ||||||
48 | SunPower Corp.(b) | 409 | ||||||
30 | Super Micro Computer, Inc.(b) | 531 | ||||||
29 | Sykes Enterprises, Inc.(b) | 834 | ||||||
26 | Synaptics, Inc.(b) | 1,132 | ||||||
33 | Synchronoss Technologies, Inc.(b) | 370 | ||||||
23 | SYNNEX Corp. | 2,304 | ||||||
25 | Syntel, Inc.(b) | 722 | ||||||
11 | Systemax, Inc. | 346 | ||||||
52 | Tableau Software, Inc., Class A(b) | 4,423 | ||||||
30 | Tech Data Corp.(b) | 2,288 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
97 | Teradata Corp.(b) | $ | 3,969 | |||||
152 | Teradyne, Inc. | 4,948 | ||||||
92 | Tivo Corp. | 1,302 | ||||||
22 | Trade Desk, Inc. (The), Class A(b) | 1,126 | ||||||
103 | Travelport Worldwide Ltd. | 1,765 | ||||||
53 | TrueCar, Inc.(b) | 525 | ||||||
12 | Ttec Holdings, Inc. | 384 | ||||||
66 | TTM Technologies, Inc.(b) | 920 | ||||||
6 | Tucows, Inc., Class A(b) | 380 | ||||||
51 | Twilio, Inc., Class A(b) | 2,153 | ||||||
28 | Tyler Technologies, Inc.(b) | 6,130 | ||||||
22 | Ubiquiti Networks, Inc.(b) | 1,568 | ||||||
22 | Ultimate Software Group, Inc. (The)(b) | 5,278 | ||||||
35 | Ultra Clean Holdings, Inc.(b) | 613 | ||||||
38 | Unisys Corp.(b) | 426 | ||||||
33 | Universal Display Corp. | 2,906 | ||||||
13 | Varonis Systems, Inc.(b) | 850 | ||||||
23 | VASCO Data Security International, Inc.(b) | 357 | ||||||
36 | Veeco Instruments, Inc.(b) | 556 | ||||||
92 | VeriFone Systems, Inc.(b) | 2,117 | ||||||
52 | Verint Systems, Inc.(b) | 2,189 | ||||||
87 | Versum Materials, Inc. | 3,061 | ||||||
44 | ViaSat, Inc.(b) | 2,815 | ||||||
172 | Viavi Solutions, Inc.(b) | 1,625 | ||||||
22 | Virtusa Corp.(b) | 1,059 | ||||||
102 | Vishay Intertechnology, Inc. | 1,800 | ||||||
31 | Web.com Group, Inc.(b) | 577 | ||||||
30 | WEX, Inc.(b) | 4,858 | ||||||
17 | Workiva, Inc., Class A(b) | 383 | ||||||
41 | Xcerra Corp.(b) | 495 | ||||||
19 | XO Group, Inc.(b) | 412 | ||||||
38 | Xperi Corp. | 836 | ||||||
61 | Yelp, Inc., Class A(b) | 2,736 | ||||||
25 | Yext, Inc.(b) | 334 | ||||||
42 | Zebra Technologies Corp., Class A(b) | 5,663 | ||||||
81 | Zendesk, Inc.(b) | 3,949 | ||||||
642 | Zynga, Inc., Class A(b) | 2,215 | ||||||
|
| |||||||
429,414 | ||||||||
|
| |||||||
Materials—5.7% | ||||||||
23 | A. Schulman, Inc. | 987 | ||||||
23 | Advansix, Inc.(b) | 824 | ||||||
17 | Agrofresh Solutions, Inc.(b) | 118 | ||||||
240 | AK Steel Holding Corp.(b) | 1,102 | ||||||
148 | Alcoa Corp.(b) | 7,578 | ||||||
97 | Allegheny Technologies, Inc.(b) | 2,577 | ||||||
20 | American Vanguard Corp. | 431 | ||||||
50 | AptarGroup, Inc. | 4,675 | ||||||
48 | Ashland Global Holdings, Inc. | 3,177 | ||||||
25 | Balchem Corp. | 2,206 | ||||||
70 | Bemis Co., Inc. | 3,029 | ||||||
105 | Berry Global Group, Inc.(b) | 5,775 | ||||||
29 | Boise Cascade Co. | 1,206 | ||||||
48 | Cabot Corp. | 2,681 | ||||||
36 | Carpenter Technology Corp. | 1,917 | ||||||
40 | Century Aluminum Co.(b) | 699 | ||||||
6 | Chase Corp. | 672 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
13 | Clearwater Paper Corp.(b) | $ | 307 | |||||
214 | Cleveland-Cliffs, Inc.(b) | 1,588 | ||||||
138 | Coeur Mining, Inc.(b) | 1,045 | ||||||
93 | Commercial Metals Co. | 1,954 | ||||||
26 | Compass Minerals International, Inc. | 1,750 | ||||||
48 | Domtar Corp. | 2,107 | ||||||
39 | Eagle Materials, Inc. | 3,859 | ||||||
60 | Ferro Corp.(b) | 1,321 | ||||||
20 | FutureFuel Corp. | 234 | ||||||
54 | GCP Applied Technologies, Inc.(b) | 1,547 | ||||||
247 | Graphic Packaging Holding Co. | 3,532 | ||||||
20 | Greif, Inc., Class A | 1,170 | ||||||
4 | Greif, Inc., Class B | 252 | ||||||
39 | H.B. Fuller Co. | 1,929 | ||||||
7 | Hawkins, Inc. | 227 | ||||||
9 | Haynes International, Inc. | 376 | ||||||
301 | Hecla Mining Co. | 1,153 | ||||||
162 | Huntsman Corp. | 4,823 | ||||||
34 | Ingevity Corp.(b) | 2,612 | ||||||
15 | Innophos Holdings, Inc. | 621 | ||||||
19 | Innospec, Inc. | 1,381 | ||||||
13 | Kaiser Aluminum Corp. | 1,281 | ||||||
71 | KapStone Paper and Packaging Corp. | 2,444 | ||||||
10 | KMG Chemicals, Inc. | 615 | ||||||
16 | Koppers Holdings, Inc.(b) | 701 | ||||||
24 | Kraton Corp.(b) | 1,096 | ||||||
18 | Kronos Worldwide, Inc. | 415 | ||||||
116 | Louisiana-Pacific Corp. | 3,286 | ||||||
15 | Materion Corp. | 761 | ||||||
200 | McEwen Mining, Inc. | 416 | ||||||
35 | Mercer International, Inc. (Canada) | 469 | ||||||
27 | Minerals Technologies, Inc. | 1,864 | ||||||
18 | Myers Industries, Inc. | 419 | ||||||
13 | Neenah, Inc. | 1,014 | ||||||
7 | NewMarket Corp. | 2,657 | ||||||
133 | Olin Corp. | 4,015 | ||||||
34 | OMNOVA Solutions, Inc.(b) | 371 | ||||||
124 | Owens-Illinois, Inc.(b) | 2,521 | ||||||
33 | P.H. Glatfelter Co. | 689 | ||||||
174 | Platform Specialty Products Corp.(b) | 1,752 | ||||||
63 | PolyOne Corp. | 2,637 | ||||||
10 | Quaker Chemical Corp. | 1,470 | ||||||
47 | Rayonier Advanced Materials, Inc. | 1,006 | ||||||
58 | Reliance Steel & Aluminum Co. | 5,099 | ||||||
44 | Resolute Forest Products, Inc.(b) | 436 | ||||||
52 | Royal Gold, Inc. | 4,618 | ||||||
108 | RPM International, Inc. | 5,216 | ||||||
13 | Ryerson Holding Corp.(b) | 131 | ||||||
20 | Schnitzer Steel Industries, Inc., Class A | 589 | ||||||
23 | Schweitzer-Mauduit International, Inc. | 898 | ||||||
34 | Scotts Miracle-Gro Co. (The) | 2,842 | ||||||
34 | Sensient Technologies Corp. | 2,266 | ||||||
59 | Silgan Holdings, Inc. | 1,656 | ||||||
79 | Sonoco Products Co. | 4,057 | ||||||
16 | Stepan Co. | 1,125 | ||||||
85 | Summit Materials, Inc., Class A(b) | 2,392 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
44 | SunCoke Energy, Inc.(b) | $ | 506 | |||||
29 | TimkenSteel Corp.(b) | 487 | ||||||
19 | Tredegar Corp. | 334 | ||||||
34 | Trinseo SA | 2,480 | ||||||
77 | Tronox Ltd., Class A | 1,323 | ||||||
2 | United States Lime & Minerals, Inc. | 149 | ||||||
138 | United States Steel Corp. | 4,669 | ||||||
12 | US Concrete, Inc.(b) | 701 | ||||||
156 | Valvoline, Inc. | 3,164 | ||||||
43 | Venator Materials PLC(b) | 774 | ||||||
27 | Warrior Met Coal, Inc. | 628 | ||||||
37 | Worthington Industries, Inc. | 1,648 | ||||||
|
| |||||||
153,529 | ||||||||
|
| |||||||
Real Estate—9.9% | ||||||||
65 | Acadia Realty Trust REIT | 1,534 | ||||||
22 | Agree Realty Corp. REIT | 1,075 | ||||||
51 | Alexander & Baldwin, Inc. REIT | 1,168 | ||||||
2 | Alexander’s, Inc. REIT | 787 | ||||||
10 | Altisource Portfolio Solutions SA(b) | 274 | ||||||
27 | American Assets Trust, Inc. REIT | 906 | ||||||
111 | American Campus Communities, Inc. REIT | 4,341 | ||||||
199 | American Homes 4 Rent, Class A REIT | 4,020 | ||||||
127 | Apartment Investment & Management Co., Class A REIT | 5,156 | ||||||
169 | Apple Hospitality REIT, Inc. REIT | 3,040 | ||||||
34 | Armada Hoffler Properties, Inc. REIT | 461 | ||||||
74 | Ashford Hospitality Trust, Inc. REIT | 509 | ||||||
19 | Braemar Hotels & Resorts, Inc. REIT | 198 | ||||||
141 | Brandywine Realty Trust REIT | 2,272 | ||||||
55 | CareTrust REIT, Inc. REIT | 727 | ||||||
43 | CatchMark Timber Trust, Inc., Class A REIT | 561 | ||||||
130 | CBL & Associates Properties, Inc. REIT | 543 | ||||||
65 | Cedar Realty Trust, Inc. REIT | 253 | ||||||
35 | Chatham Lodging Trust REIT | 667 | ||||||
46 | Chesapeake Lodging Trust REIT | 1,359 | ||||||
93 | Columbia Property Trust, Inc. REIT | 1,986 | ||||||
13 | Community Healthcare Trust, Inc. REIT | 331 | ||||||
90 | CoreCivic, Inc. REIT | 1,814 | ||||||
28 | CoreSite Realty Corp. REIT | 2,915 | ||||||
83 | Corporate Office Properties Trust REIT | 2,283 | ||||||
342 | Cousins Properties, Inc. REIT | 3,040 | ||||||
143 | CubeSmart REIT | 4,210 | ||||||
71 | CyrusOne, Inc. REIT | 3,805 | ||||||
72 | DCT Industrial Trust, Inc. REIT | 4,721 | ||||||
238 | DDR Corp. REIT | 1,726 | ||||||
152 | DiamondRock Hospitality Co. REIT | 1,680 | ||||||
127 | Douglas Emmett, Inc. REIT | 4,733 | ||||||
33 | Easterly Government Properties, Inc. REIT | 680 | ||||||
28 | EastGroup Properties, Inc. REIT | 2,514 | ||||||
60 | Education Realty Trust, Inc. REIT | 1,975 | ||||||
111 | Empire State Realty Trust, Inc., Class A REIT | 1,934 | ||||||
57 | EPR Properties REIT | 3,136 | ||||||
100 | Equity Commonwealth REIT(b) | 3,099 | ||||||
66 | Equity LifeStyle Properties, Inc. REIT | 5,885 | ||||||
95 | First Industrial Realty Trust, Inc. REIT | 2,955 | ||||||
44 | Five Point Holdings LLC, Class A(b) | 585 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
170 | Forest City Realty Trust, Inc., Class A REIT | $ | 3,410 | |||||
8 | Forestar Group, Inc.(b) | 174 | ||||||
46 | Four Corners Property Trust, Inc. REIT | 1,042 | ||||||
77 | Franklin Street Properties Corp. REIT | 599 | ||||||
39 | Front Yard Residential Corp. REIT | 383 | ||||||
163 | Gaming and Leisure Properties, Inc. REIT | 5,586 | ||||||
95 | GEO Group, Inc. (The) REIT | 2,138 | ||||||
25 | Getty Realty Corp. REIT | 626 | ||||||
19 | Gladstone Commercial Corp. REIT | 329 | ||||||
50 | Global NET Lease, Inc. REIT | 931 | ||||||
73 | Government Properties Income Trust REIT | 912 | ||||||
124 | Gramercy Property Trust REIT | 2,914 | ||||||
99 | Healthcare Realty Trust, Inc. REIT | 2,755 | ||||||
163 | Healthcare Trust of America, Inc., Class A REIT | 4,073 | ||||||
32 | Hersha Hospitality Trust REIT | 601 | ||||||
28 | HFF, Inc., Class A | 984 | ||||||
80 | Highwoods Properties, Inc. REIT | 3,522 | ||||||
131 | Hospitality Properties Trust REIT | 3,259 | ||||||
33 | Howard Hughes Corp. (The)(b) | 4,465 | ||||||
124 | Hudson Pacific Properties, Inc. REIT | 4,076 | ||||||
62 | Independence Realty Trust, Inc. REIT | 583 | ||||||
33 | InfraREIT, Inc. REIT | 703 | ||||||
92 | Investors Real Estate Trust REIT | 490 | ||||||
49 | iStar, Inc. REIT(b) | 497 | ||||||
76 | JBG SMITH Properties REIT | 2,802 | ||||||
104 | Kennedy-Wilson Holdings, Inc. | 1,971 | ||||||
77 | Kilroy Realty Corp. REIT | 5,519 | ||||||
63 | Kite Realty Group Trust REIT | 927 | ||||||
67 | Lamar Advertising Co., Class A REIT | 4,269 | ||||||
91 | LaSalle Hotel Properties REIT | 2,691 | ||||||
165 | Lexington Realty Trust REIT | 1,327 | ||||||
36 | Life Storage, Inc. REIT | 3,184 | ||||||
30 | LTC Properties, Inc. REIT | 1,085 | ||||||
65 | Mack-Cali Realty Corp. REIT | 1,116 | ||||||
13 | Marcus & Millichap, Inc.(b) | 444 | ||||||
289 | Medical Properties Trust, Inc. REIT | 3,693 | ||||||
58 | MGM Growth Properties LLC, Class A REIT | 1,622 | ||||||
50 | Monmouth Real Estate Investment Corp. REIT | 782 | ||||||
32 | National Health Investors, Inc. REIT | 2,185 | ||||||
38 | National Storage Affiliates Trust REIT | 1,000 | ||||||
62 | New Senior Investment Group, Inc. REIT | 534 | ||||||
12 | New York REIT, Inc. REIT | 259 | ||||||
12 | NexPoint Residential Trust, Inc. REIT | 321 | ||||||
40 | NorthStar Realty Europe Corp. REIT | 580 | ||||||
153 | Omega Healthcare Investors, Inc. REIT | 3,975 | ||||||
10 | One Liberty Properties, Inc. REIT | 238 | ||||||
106 | Outfront Media, Inc. REIT | 1,988 | ||||||
172 | Paramount Group, Inc. REIT | 2,468 | ||||||
157 | Park Hotels & Resorts, Inc. REIT | 4,518 | ||||||
53 | Pebblebrook Hotel Trust REIT | 1,854 | ||||||
53 | Pennsylvania Real Estate Investment Trust REIT | 513 | ||||||
144 | Physicians Realty Trust REIT | 2,151 | ||||||
111 | Piedmont Office Realty Trust, Inc., Class A REIT | 1,989 | ||||||
47 | PotlatchDeltic Corp. REIT | 2,437 | ||||||
25 | Preferred Apartment Communities, Inc., Class A REIT | 368 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
16 | PS Business Parks, Inc. REIT | $ | 1,844 | |||||
41 | QTS Realty Trust, Inc., Class A REIT | 1,451 | ||||||
71 | Quality Care Properties, Inc. REIT(b) | 1,560 | ||||||
60 | Ramco-Gershenson Properties Trust REIT | 717 | ||||||
103 | Rayonier, Inc. REIT | 3,831 | ||||||
14 | RE/MAX Holdings, Inc., Class A | 758 | ||||||
105 | Realogy Holdings Corp. | 2,605 | ||||||
83 | Retail Opportunity Investments Corp. REIT | 1,428 | ||||||
180 | Retail Properties of America, Inc., Class A REIT | 2,077 | ||||||
60 | Rexford Industrial Realty, Inc. REIT | 1,833 | ||||||
141 | RLJ Lodging Trust REIT | 2,929 | ||||||
5 | RMR Group, Inc. (The), Class A | 372 | ||||||
37 | Ryman Hospitality Properties, Inc. REIT | 2,900 | ||||||
145 | Sabra Health Care REIT, Inc. REIT | 2,655 | ||||||
10 | Saul Centers, Inc. REIT | 479 | ||||||
51 | Select Income REIT | 967 | ||||||
191 | Senior Housing Properties Trust REIT | 2,974 | ||||||
19 | Seritage Growth Properties, Class A REIT | 676 | ||||||
368 | Spirit Realty Capital, Inc. REIT | 2,962 | ||||||
38 | St. Joe Co. (The)(b) | 656 | ||||||
80 | STAG Industrial, Inc., Class A REIT | 1,966 | ||||||
136 | STORE Capital Corp. REIT | 3,431 | ||||||
79 | Summit Hotel Properties, Inc. REIT | 1,144 | ||||||
63 | Sun Communities, Inc. REIT | 5,913 | ||||||
182 | Sunstone Hotel Investors, Inc. REIT | 2,839 | ||||||
73 | Tanger Factory Outlet Centers, Inc. REIT | 1,602 | ||||||
49 | Taubman Centers, Inc. REIT | 2,743 | ||||||
16 | Tejon Ranch Co.(b) | 389 | ||||||
47 | Terreno Realty Corp. REIT | 1,746 | ||||||
36 | Tier REIT, Inc. REIT | 684 | ||||||
23 | UMH Properties, Inc. REIT | 311 | ||||||
127 | Uniti Group, Inc. REIT | 2,289 | ||||||
10 | Universal Health Realty Income Trust REIT | 599 | ||||||
87 | Urban Edge Properties REIT | 1,790 | ||||||
23 | Urstadt Biddle Properties, Inc., Class A REIT | 457 | ||||||
141 | Washington Prime Group, Inc. REIT | 912 | ||||||
64 | Washington Real Estate Investment Trust REIT | 1,838 | ||||||
98 | Weingarten Realty Investors REIT | 2,692 | ||||||
29 | Whitestone REIT | 315 | ||||||
84 | WP Carey, Inc. REIT | 5,363 | ||||||
81 | Xenia Hotels & Resorts, Inc. REIT | 1,668 | ||||||
|
| |||||||
266,085 | ||||||||
|
| |||||||
Telecommunication Services—0.4% | ||||||||
9 | ATN International, Inc. | 477 | ||||||
27 | Boingo Wireless, Inc.(b) | 633 | ||||||
29 | Cincinnati Bell, Inc.(b) | 439 | ||||||
33 | Cogent Communications Holdings, Inc. | 1,556 | ||||||
52 | Consolidated Communications Holdings, Inc. | 588 | ||||||
60 | Frontier Communications Corp. | 498 | ||||||
623 | Globalstar, Inc.(b) | 381 | ||||||
13 | IDT Corp., Class B | 70 | ||||||
63 | Iridium Communications, Inc.(b) | 750 | ||||||
52 | ORBCOMM, Inc.(b) | 469 | ||||||
7 | pdvWireless, Inc.(b) | 204 | ||||||
36 | Shenandoah Telecommunications Co. | 1,359 | ||||||
16 | Spok Holdings, Inc. | 238 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Telecommunication Services (continued) | ||||||||
75 | Telephone & Data Systems, Inc. | $ | 2,050 | |||||
10 | United States Cellular Corp.(b) | 396 | ||||||
162 | Vonage Holdings Corp.(b) | 1,811 | ||||||
145 | Windstream Holdings, Inc. | 225 | ||||||
|
| |||||||
12,144 | ||||||||
|
| |||||||
Utilities—3.3% | ||||||||
21 | 8Point3 Energy Partners LP, Class A | 254 | ||||||
41 | ALLETE, Inc. | 3,133 | ||||||
28 | American States Water Co. | 1,560 | ||||||
141 | Aqua America, Inc. | 4,956 | ||||||
12 | AquaVenture Holdings Ltd.(b) | 176 | ||||||
51 | Avista Corp. | 2,645 | ||||||
41 | Black Hills Corp. | 2,324 | ||||||
37 | California Water Service Group | 1,434 | ||||||
12 | Chesapeake Utilities Corp. | 912 | ||||||
9 | Connecticut Water Service, Inc. | 612 | ||||||
31 | El Paso Electric Co. | 1,583 | ||||||
173 | Great Plains Energy, Inc. | 5,662 | ||||||
87 | Hawaiian Electric Industries, Inc. | 3,018 | ||||||
39 | IDACORP, Inc. | 3,627 | ||||||
148 | MDU Resources Group, Inc. | 4,169 | ||||||
27 | MGE Energy, Inc. | 1,567 | ||||||
12 | Middlesex Water Co. | 500 | ||||||
62 | National Fuel Gas Co. | 3,184 | ||||||
70 | New Jersey Resources Corp. | 2,894 | ||||||
41 | NextEra Energy Partners LP | 1,708 | ||||||
22 | Northwest Natural Gas Co. | 1,349 | ||||||
37 | NorthWestern Corp. | 2,033 | ||||||
246 | NRG Energy, Inc. | 7,626 | ||||||
26 | NRG Yield, Inc., Class A | 458 | ||||||
48 | NRG Yield, Inc., Class C | 854 | ||||||
40 | ONE Gas, Inc. | 2,789 | ||||||
29 | Ormat Technologies, Inc. | 1,679 | ||||||
27 | Otter Tail Corp. | 1,184 | ||||||
62 | Pattern Energy Group, Inc., Class A | 1,127 | ||||||
61 | PNM Resources, Inc. | 2,419 | ||||||
71 | Portland General Electric Co. | 3,016 | ||||||
12 | SJW Corp. | 725 | ||||||
61 | South Jersey Industries, Inc. | 1,885 | ||||||
37 | Southwest Gas Holdings, Inc. | 2,701 | ||||||
9 | Spark Energy, Inc., Class A | 112 | ||||||
37 | Spire, Inc. | 2,670 | ||||||
28 | TerraForm Power, Inc., Class A | 312 | ||||||
11 | Unitil Corp. | 534 | ||||||
66 | Vectren Corp. | 4,638 | ||||||
41 | WGL Holdings, Inc. | 3,489 | ||||||
10 | York Water Co. (The) | 322 | ||||||
|
| |||||||
87,840 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $2,537,632)—100.0% | 2,673,897 | |||||||
Other assets less liabilities—(0.0)% | (122 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,673,775 | ||||||
|
|
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) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated. See Note 4. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
April 30, 2018
(Unaudited)
Portfolio Composition | ||||
Asset Group (% of the Fund’s Net Assets) as of April 30, 2018 | ||||
U.S. Treasury Securities | 39.1 | |||
Corporate Bonds and Notes | 28.1 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | 23.6 | |||
Sovereign Debt Obligations | 3.1 | |||
U.S. Government Sponsored Agency Securities | 2.1 | |||
Commercial Mortgage-Backed Securities | 1.9 | |||
Asset Backed Securities | 0.9 | |||
Municipal Bonds | 0.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.6 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities—39.1% | ||||||||||||||||
U.S. Treasury Bonds—11.7% | ||||||||||||||||
$ | 200,000 | U.S. Treasury Bonds | 7.625 | % | 11/15/2022 | $ | 241,731 | |||||||||
200,000 | U.S. Treasury Bonds | 6.250 | 08/15/2023 | 233,871 | ||||||||||||
100,000 | U.S. Treasury Bonds | 7.500 | 11/15/2024 | 127,703 | ||||||||||||
200,000 | U.S. Treasury Bonds | 6.625 | 02/15/2027 | 257,680 | ||||||||||||
100,000 | U.S. Treasury Bonds | 5.250 | 11/15/2028 | 120,881 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.500 | 02/15/2036 | 121,057 | ||||||||||||
200,000 | U.S. Treasury Bonds | 4.250 | 05/15/2039 | 238,254 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.500 | 08/15/2039 | 123,164 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.375 | 11/15/2039 | 121,281 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.750 | 02/15/2041 | 127,861 | ||||||||||||
200,000 | U.S. Treasury Bonds | 2.750 | 08/15/2042 | 188,988 | ||||||||||||
100,000 | U.S. Treasury Bonds | 2.875 | 05/15/2043 | 96,414 | ||||||||||||
50,000 | U.S. Treasury Bonds | 3.750 | 11/15/2043 | 55,871 | ||||||||||||
200,000 | U.S. Treasury Bonds | 3.625 | 02/15/2044 | 219,180 | ||||||||||||
200,000 | U.S. Treasury Bonds | 2.875 | 08/15/2045 | 191,977 | ||||||||||||
200,000 | U.S. Treasury Bonds | 2.250 | 08/15/2046 | 168,188 | ||||||||||||
200,000 | U.S. Treasury Bonds | 3.000 | 05/15/2047 | 196,363 | ||||||||||||
|
| |||||||||||||||
(Cost $2,954,376) | 2,830,464 | |||||||||||||||
|
| |||||||||||||||
U.S. Treasury Notes—27.4% | ||||||||||||||||
200,000 | U.S. Treasury Notes | 1.500 | 05/31/2019 | 198,293 | ||||||||||||
200,000 | U.S. Treasury Notes | 0.875 | 07/31/2019 | 196,379 | ||||||||||||
100,000 | U.S. Treasury Notes | 3.625 | 08/15/2019 | 101,568 | ||||||||||||
200,000 | U.S. Treasury Notes | 0.750 | 08/15/2019 | 195,910 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.625 | 08/31/2019 | 198,023 | ||||||||||||
200,000 | U.S. Treasury Notes | 0.875 | 09/15/2019 | 195,914 | ||||||||||||
200,000 | U.S. Treasury Notes | 3.375 | 11/15/2019 | 202,867 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.625 | 12/31/2019 | 197,363 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.250 | 02/29/2020 | 195,637 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.375 | 04/30/2020 | 195,652 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.500 | 06/15/2020 | 195,828 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.625 | 08/15/2020 | 200,375 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities (continued) | ||||||||||||||||
U.S. Treasury Notes (continued) | ||||||||||||||||
$ | 200,000 | U.S. Treasury Notes | 1.375 | % | 10/31/2020 | $ | 194,231 | |||||||||
100,000 | U.S. Treasury Notes | 2.625 | 11/15/2020 | 100,107 | ||||||||||||
250,000 | U.S. Treasury Notes | 1.625 | 11/30/2020 | 244,038 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.750 | 12/31/2020 | 97,846 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.250 | 03/31/2021 | 192,324 | ||||||||||||
200,000 | U.S. Treasury Notes | 3.125 | 05/15/2021 | 202,781 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.125 | 06/30/2021 | 190,715 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.125 | 09/30/2021 | 189,820 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.750 | 11/30/2021 | 193,543 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.875 | 11/30/2021 | 194,512 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 02/15/2022 | 194,930 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.875 | 03/31/2022 | 193,762 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.750 | 05/15/2022 | 192,563 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.125 | 06/30/2022 | 195,242 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.000 | 02/15/2023 | 96,535 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.500 | 02/28/2023 | 188,441 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.750 | 11/15/2023 | 199,231 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.250 | 01/31/2024 | 193,754 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 06/30/2024 | 190,199 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.375 | 08/15/2024 | 194,277 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 02/15/2025 | 188,996 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.250 | 11/15/2025 | 191,020 | ||||||||||||
50,000 | U.S. Treasury Notes | 1.625 | 05/15/2026 | 45,359 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.500 | 08/15/2026 | 89,500 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 11/15/2026 | 185,965 | ||||||||||||
|
| |||||||||||||||
(Cost $6,782,154) | 6,613,500 | |||||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Securities (Cost $9,736,530) | 9,443,964 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds and Notes—28.1% | ||||||||||||||||
Aerospace/Defense—0.4% | ||||||||||||||||
100,000 | United Technologies Corp. | 4.500 | 06/01/2042 | 98,918 | ||||||||||||
|
| |||||||||||||||
Agriculture—0.4% | ||||||||||||||||
100,000 | Philip Morris International, Inc. | 4.125 | 03/04/2043 | 95,121 | ||||||||||||
|
| |||||||||||||||
Airlines—0.4% | ||||||||||||||||
100,000 | Delta Air Lines, Inc. | 2.875 | 03/13/2020 | 99,530 | ||||||||||||
|
| |||||||||||||||
Auto Manufacturers—0.8% | ||||||||||||||||
200,000 | Ford Motor Credit Co. LLC | 2.021 | 05/03/2019 | 197,958 | ||||||||||||
|
| |||||||||||||||
Banks—5.9% | ||||||||||||||||
100,000 | Bank of America Corp., MTN | 3.875 | 08/01/2025 | 99,221 | ||||||||||||
100,000 | Bank of New York Mellon Corp. (The), MTN | 2.200 | 08/16/2023 | 93,901 | ||||||||||||
200,000 | Barclays PLC (United Kingdom) | 3.250 | 01/12/2021 | 198,435 | ||||||||||||
100,000 | Citigroup, Inc. | 8.125 | 07/15/2039 | 145,265 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 2.875 | 02/25/2021 | 98,848 | ||||||||||||
200,000 | HSBC Holdings PLC (United Kingdom) | 3.900 | 05/25/2026 | 197,863 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 2.250 | 01/23/2020 | 98,880 | ||||||||||||
100,000 | Kreditanstalt Fuer Wiederaufbau (Germany) | 1.625 | 05/29/2020 | 97,920 | ||||||||||||
100,000 | Morgan Stanley, Series F, GMTN | 3.875 | 04/29/2024 | 99,962 | ||||||||||||
100,000 | Toronto-Dominion Bank (The) (Canada) | 3.625 | 09/15/2031 | 94,796 | ||||||||||||
100,000 | Wells Fargo & Co. | 3.069 | 01/24/2023 | 97,393 | ||||||||||||
100,000 | Westpac Banking Corp. (Australia) | 1.600 | 08/19/2019 | 98,434 | ||||||||||||
|
| |||||||||||||||
1,420,918 | ||||||||||||||||
|
| |||||||||||||||
Beverages—0.7% | ||||||||||||||||
150,000 | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | 5.000 | 04/15/2020 | 155,822 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds and Notes (continued) | ||||||||||||||||
Biotechnology—0.8% | ||||||||||||||||
$ | 100,000 | Amgen, Inc. | 4.663 | % | 06/15/2051 | $ | 100,331 | |||||||||
100,000 | Gilead Sciences, Inc. | 2.550 | 09/01/2020 | 99,275 | ||||||||||||
|
| |||||||||||||||
199,606 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—0.8% | ||||||||||||||||
100,000 | Dow Chemical Co. (The) | 4.375 | 11/15/2042 | 97,934 | ||||||||||||
100,000 | Sherwin-Williams Co. (The) | 4.500 | 06/01/2047 | 98,367 | ||||||||||||
|
| |||||||||||||||
196,301 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—0.8% | ||||||||||||||||
100,000 | Air Lease Corp. | 3.625 | 04/01/2027 | 93,498 | ||||||||||||
100,000 | American Express Credit Corp., MTN | 2.200 | 03/03/2020 | 98,766 | ||||||||||||
|
| |||||||||||||||
192,264 | ||||||||||||||||
|
| |||||||||||||||
Electric—2.1% | ||||||||||||||||
100,000 | Commonwealth Edison Co. | 2.150 | 01/15/2019 | 99,751 | ||||||||||||
100,000 | Dominion Energy, Inc. | 3.625 | 12/01/2024 | 98,522 | ||||||||||||
100,000 | Exelon Corp. | 2.850 | 06/15/2020 | 99,054 | ||||||||||||
100,000 | Georgia Power Co. | 4.300 | 03/15/2043 | 99,780 | ||||||||||||
100,000 | Pacific Gas & Electric Co. | 6.050 | 03/01/2034 | 117,790 | ||||||||||||
|
| |||||||||||||||
514,897 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control—0.4% | ||||||||||||||||
100,000 | Waste Management, Inc. | 3.900 | 03/01/2035 | 98,264 | ||||||||||||
|
| |||||||||||||||
Food—0.4% | ||||||||||||||||
100,000 | Kraft Heinz Foods Co. | 5.200 | 07/15/2045 | 99,621 | ||||||||||||
|
| |||||||||||||||
Healthcare-Products—0.5% | ||||||||||||||||
100,000 | Abbott Laboratories | 4.900 | 11/30/2046 | 108,633 | ||||||||||||
|
| |||||||||||||||
Healthcare-Services—0.4% | ||||||||||||||||
100,000 | UnitedHealth Group, Inc. | 2.125 | 03/15/2021 | 97,400 | ||||||||||||
|
| |||||||||||||||
Housewares—0.4% | ||||||||||||||||
100,000 | Newell Brands, Inc. | 2.875 | 12/01/2019 | 99,455 | ||||||||||||
|
| |||||||||||||||
Insurance—1.3% | ||||||||||||||||
100,000 | Berkshire Hathaway Finance Corp. | 2.900 | 10/15/2020 | 100,549 | ||||||||||||
100,000 | MetLife, Inc. | 6.400 | 12/15/2066 | 109,000 | ||||||||||||
100,000 | Travelers Cos., Inc. (The) | 5.900 | 06/02/2019 | 102,971 | ||||||||||||
|
| |||||||||||||||
312,520 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel—0.5% | ||||||||||||||||
100,000 | Vale Overseas Ltd. (Brazil) | 6.250 | 08/10/2026 | 110,540 | ||||||||||||
|
| |||||||||||||||
Machinery-Diversified—0.4% | ||||||||||||||||
100,000 | John Deere Capital Corp., MTN | 1.250 | 10/09/2019 | 97,929 | ||||||||||||
|
| |||||||||||||||
Media—0.8% | ||||||||||||||||
100,000 | Comcast Corp. | 2.750 | 03/01/2023 | 96,900 | ||||||||||||
100,000 | Time Warner, Inc. | 4.875 | 03/15/2020 | 103,334 | ||||||||||||
|
| |||||||||||||||
200,234 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—0.5% | ||||||||||||||||
100,000 | General Electric Co., Series A, GMTN | 6.750 | 03/15/2032 | 122,963 | ||||||||||||
|
| |||||||||||||||
Multi-National—1.2% | ||||||||||||||||
100,000 | African Development Bank (Supranational) | 1.125 | 09/20/2019 | 98,069 | ||||||||||||
100,000 | Asian Development Bank (Supranational) | 1.875 | 10/23/2018 | 99,832 | ||||||||||||
100,000 | Asian Development Bank, GMTN (Supranational) | 1.750 | 01/10/2020 | 98,618 | ||||||||||||
|
| |||||||||||||||
296,519 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment—0.4% | ||||||||||||||||
100,000 | Pitney Bowes, Inc. | 4.125 | 05/15/2022 | 94,625 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds and Notes (continued) | ||||||||||||||||
Oil & Gas—2.0% | ||||||||||||||||
$ | 100,000 | Anadarko Petroleum Corp. | 3.450 | % | 07/15/2024 | $ | 96,378 | |||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.119 | 05/04/2026 | 95,778 | ||||||||||||
100,000 | Chevron Corp. | 1.561 | 05/16/2019 | 99,068 | ||||||||||||
100,000 | Exxon Mobil Corp. | 2.726 | 03/01/2023 | 98,203 | ||||||||||||
100,000 | Valero Energy Corp. | 3.400 | 09/15/2026 | 95,777 | ||||||||||||
|
| |||||||||||||||
485,204 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals—0.8% | ||||||||||||||||
100,000 | AbbVie, Inc. | 3.600 | 05/14/2025 | 96,911 | ||||||||||||
100,000 | CVS Health Corp. | 2.875 | 06/01/2026 | 91,443 | ||||||||||||
|
| |||||||||||||||
188,354 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—0.9% | ||||||||||||||||
100,000 | Energy Transfer Partners LP | 6.125 | 12/15/2045 | 102,714 | ||||||||||||
100,000 | TransCanada PipeLines Ltd. (Canada) | 4.625 | 03/01/2034 | 102,590 | ||||||||||||
|
| |||||||||||||||
205,304 | ||||||||||||||||
|
| |||||||||||||||
REITs—0.8% | ||||||||||||||||
100,000 | American Tower Corp. | 3.500 | 01/31/2023 | 98,748 | ||||||||||||
100,000 | Boston Properties LP | 3.800 | 02/01/2024 | 99,529 | ||||||||||||
|
| |||||||||||||||
198,277 | ||||||||||||||||
|
| |||||||||||||||
Retail—0.5% | ||||||||||||||||
100,000 | Home Depot, Inc. (The) | 5.875 | 12/16/2036 | 125,494 | ||||||||||||
|
| |||||||||||||||
Semiconductors—0.4% | ||||||||||||||||
100,000 | Intel Corp. | 2.700 | 12/15/2022 | 98,048 | ||||||||||||
|
| |||||||||||||||
Software—0.8% | ||||||||||||||||
100,000 | Microsoft Corp. | 3.700 | 08/08/2046 | 96,194 | ||||||||||||
100,000 | Oracle Corp. | 1.900 | 09/15/2021 | 96,561 | ||||||||||||
|
| |||||||||||||||
192,755 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—1.2% | ||||||||||||||||
100,000 | AT&T, Inc. | 3.400 | 05/15/2025 | 95,380 | ||||||||||||
100,000 | Cisco Systems, Inc. | 2.125 | 03/01/2019 | 99,752 | ||||||||||||
100,000 | Verizon Communications, Inc. | 5.012 | 04/15/2049 | 99,999 | ||||||||||||
|
| |||||||||||||||
295,131 | ||||||||||||||||
|
| |||||||||||||||
Transportation—0.4% | ||||||||||||||||
100,000 | Burlington Northern Santa Fe LLC | 3.050 | 09/01/2022 | 99,222 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds and Notes (Cost $7,053,378) | 6,797,827 | |||||||||||||||
|
| |||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities—23.6% | ||||||||||||||||
Collateralized Mortgage Obligations—23.6% | ||||||||||||||||
233,411 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.000 | 11/01/2028 | 233,323 | ||||||||||||
108,406 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 02/01/2043 | 108,570 | ||||||||||||
215,841 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 05/01/2045 | 215,365 | ||||||||||||
75,542 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 03/01/2046 | 75,375 | ||||||||||||
431,262 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.000 | 06/01/2046 | 416,638 | ||||||||||||
232,106 | Federal Home Loan Mortgage Corp. (FHLMC) | 4.000 | 08/01/2047 | 236,978 | ||||||||||||
241,469 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 10/01/2047 | 240,076 | ||||||||||||
95,702 | Federal National Mortgage Association (FNMA) | 3.500 | 12/01/2028 | 96,965 | ||||||||||||
222,523 | Federal National Mortgage Association (FNMA) | 3.500 | 10/01/2042 | 222,508 | ||||||||||||
363,015 | Federal National Mortgage Association (FNMA) | 3.500 | 08/01/2045 | 361,322 | ||||||||||||
354,961 | Federal National Mortgage Association (FNMA) | 3.000 | 09/01/2046 | 343,071 | ||||||||||||
321,404 | Federal National Mortgage Association (FNMA) | 3.000 | 12/01/2046 | 311,538 | ||||||||||||
182,191 | Federal National Mortgage Association (FNMA) | 3.000 | 12/01/2046 | 176,083 | ||||||||||||
231,917 | Federal National Mortgage Association (FNMA) | 3.500 | 08/01/2047 | 230,619 | ||||||||||||
282,162 | Federal National Mortgage Association (FNMA) | 4.000 | 09/01/2047 | 287,938 | ||||||||||||
378,882 | Federal National Mortgage Association (FNMA) | 4.000 | 10/01/2047 | 386,657 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) (continued)
April 30, 2018
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities (continued) | ||||||||||||||||
Collateralized Mortgage Obligations (continued) | ||||||||||||||||
$ | 97,404 | Federal National Mortgage Association (FNMA) | 4.000 | % | 12/01/2047 | $ | 99,492 | |||||||||
80,406 | Government National Mortgage Association (GNMA) | 3.500 | 04/20/2042 | 80,999 | ||||||||||||
95,232 | Government National Mortgage Association (GNMA) | 4.000 | 11/15/2046 | 97,823 | ||||||||||||
478,124 | Government National Mortgage Association (GNMA) | 3.000 | 11/20/2046 | 466,591 | ||||||||||||
199,779 | Government National Mortgage Association (GNMA) | 4.000 | 05/20/2047 | 204,969 | ||||||||||||
478,694 | Government National Mortgage Association (GNMA) | 3.500 | 08/20/2047 | 479,948 | ||||||||||||
340,138 | Government National Mortgage Association (GNMA) | 3.500 | 09/20/2047 | 341,037 | ||||||||||||
|
| |||||||||||||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $5,911,659) | 5,713,885 | |||||||||||||||
|
| |||||||||||||||
Sovereign Debt Obligations—3.1% | ||||||||||||||||
Canada—0.4% | ||||||||||||||||
100,000 | Province of Alberta Canada | 2.200 | 07/26/2022 | 96,243 | ||||||||||||
|
| |||||||||||||||
Hungary—0.9% | ||||||||||||||||
200,000 | Hungary Government International Bond | 5.375 | 02/21/2023 | 214,396 | ||||||||||||
|
| |||||||||||||||
Indonesia—0.6% | ||||||||||||||||
100,000 | Indonesia Government International Bond(a) | 8.500 | 10/12/2035 | 140,259 | ||||||||||||
|
| |||||||||||||||
Japan—0.8% | ||||||||||||||||
200,000 | Japan Bank For International Cooperation | 2.875 | 06/01/2027 | 194,295 | ||||||||||||
|
| |||||||||||||||
Mexico—0.4% | ||||||||||||||||
100,000 | Mexico Government International Bond, GMTN | 4.750 | 03/08/2044 | 94,250 | ||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $775,742) | 739,443 | |||||||||||||||
|
| |||||||||||||||
U.S. Government Sponsored Agency Securities— 2.1% | ||||||||||||||||
150,000 | Federal Home Loan Banks (FHLB) | 1.250 | 01/16/2019 | 149,029 | ||||||||||||
100,000 | Federal Home Loan Mortgage Corp. (FHLMC) | 2.375 | 01/13/2022 | 98,554 | ||||||||||||
150,000 | Federal National Mortgage Association (FNMA) | 1.000 | 08/28/2019 | 147,280 | ||||||||||||
100,000 | Resolution Funding Corp., Series A | 8.625 | 01/15/2021 | 115,342 | ||||||||||||
|
| |||||||||||||||
Total U.S. Government Sponsored Agency Securities (Cost $518,197) | 510,205 | |||||||||||||||
|
| |||||||||||||||
Commercial Mortgage-Backed Securities— 1.9% | ||||||||||||||||
100,000 | COMM Mortgage Trust, Class A5, Ser. 2015-CR22 | 3.309 | 03/10/2048 | 98,247 | ||||||||||||
200,000 | Wells Fargo Commercial Mortgage Trust, Class A4, Ser. 2015-NXS2 | 3.498 | 07/15/2058 | 198,814 | ||||||||||||
100,000 | Wells Fargo Commercial Mortgage Trust, Class B, Series 2015-LC20 | 3.719 | 04/15/2050 | 98,273 | ||||||||||||
50,000 | WFRBS Commercial Mortgage Trust, Class C, Series 2012-C9 | 4.543 | 11/15/2045 | 50,061 | ||||||||||||
|
| |||||||||||||||
Total Commercial Mortgage-Backed Securities (Cost $460,845) | 445,395 | |||||||||||||||
|
| |||||||||||||||
Asset Backed Securities— 0.9% | ||||||||||||||||
200,000 | Capital One Multi-Asset Execution Trust, Class A4, Ser. 2016-A4 | 1.330 | 06/15/2022 | 196,508 | ||||||||||||
14,062 | Santander Drive Auto Receivables Trust, Class C, Ser. 2014-2 | 2.330 | 11/15/2019 | 14,061 | ||||||||||||
|
| |||||||||||||||
Total Asset Backed Securities (Cost $212,660) | 210,569 | |||||||||||||||
|
| |||||||||||||||
Municipal Bonds—0.6% | ||||||||||||||||
Ad Valorem Property Tax—0.6% | ||||||||||||||||
100,000 | California State Various Purpose Ser. 09 (Cost $153,185) | 7.550 | 04/01/2039 | 149,792 | ||||||||||||
|
| |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) (continued)
April 30, 2018
(Unaudited)
Number of Shares | Value | |||||||||||||||
Money Market Fund—0.3% | ||||||||||||||||
83,822 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 1.59%(b) (Cost $83,822) | $ | 83,822 | |||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $24,906,018)—99.7% | 24,094,902 | |||||||||||||||
Other assets less liabilities—0.3% | 72,682 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 24,167,584 | ||||||||||||||
|
|
Investment Abbreviations:
GMTN—Global Medium-Term Note
MTN—Medium-Term Note
Ser.—Series
Notes to Schedule of Investments:
(a) | 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 April 30, 2018 represented less than 1% of the Fund’s Net Assets. |
(b) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
(This Page Intentionally Left Blank)
| 59 |
|
Statements of Assets and Liabilities
April 30, 2018
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,480,469 | $ | 2,598,924 | $ | 2,469,440 | ||||||
Affiliated investments in securities, at value | 489 | — | 119,221 | |||||||||
Cash | 73,248 | — | — | |||||||||
Receivables: | ||||||||||||
Dividends and interest | 3,596 | 10,657 | 2,600 | |||||||||
Foreign tax reclaims | — | 812 | 7 | |||||||||
Investments sold | — | 25 | 396 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,557,802 | 2,610,418 | 2,591,664 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Due to custodian | — | 3,605 | 1,157 | |||||||||
Payables: | ||||||||||||
Investments purchased | 73,248 | 7,106 | — | |||||||||
Accrued unitary management fees | 137 | 149 | 300 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 73,385 | 10,860 | 1,457 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,484,417 | $ | 2,599,558 | $ | 2,590,207 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Shares of beneficial interest | $ | 2,500,025 | $ | 2,500,025 | $ | 2,500,025 | ||||||
Undistributed net investment income | 20,165 | 17,840 | 7,072 | |||||||||
Undistributed net realized gain (loss) | (1,572 | ) | 2,077 | 1,449 | ||||||||
Net unrealized appreciation (depreciation) | (34,201 | ) | 79,616 | 81,661 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,484,417 | $ | 2,599,558 | $ | 2,590,207 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 100,001 | 100,001 | 100,001 | |||||||||
Net asset value | $ | 24.84 | $ | 26.00 | $ | 25.90 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 24.85 | $ | 26.08 | $ | 25.77 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 2,514,670 | $ | 2,519,092 | $ | 2,389,758 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 489 | $ | — | $ | 117,218 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||
$ | 2,645,239 | $ | 2,672,517 | $ | 24,011,080 | |||||
1,304 | 1,380 | 83,822 | ||||||||
— | — | — | ||||||||
2,232 | 929 | 167,672 | ||||||||
— | — | — | ||||||||
— | 8 | 198,590 | ||||||||
|
|
|
|
|
| |||||
2,648,775 | 2,674,834 | 24,461,164 | ||||||||
|
|
|
|
|
| |||||
1,297 | 927 | — | ||||||||
— | — | 292,593 | ||||||||
87 | 132 | 987 | ||||||||
|
|
|
|
|
| |||||
1,384 | 1,059 | 293,580 | ||||||||
|
|
|
|
|
| |||||
$ | 2,647,391 | $ | 2,673,775 | $ | 24,167,584 | |||||
|
|
|
|
|
| |||||
$ | 2,500,025 | $ | 2,500,025 | $ | 25,000,025 | |||||
5,226 | 5,588 | (12,304 | ) | |||||||
1,364 | 31,897 | (9,021 | ) | |||||||
140,776 | 136,265 | (811,116 | ) | |||||||
|
|
|
|
|
| |||||
$ | 2,647,391 | $ | 2,673,775 | $ | 24,167,584 | |||||
|
|
|
|
|
| |||||
100,001 | 100,001 | 1,000,001 | ||||||||
$ | 26.47 | $ | 26.74 | $ | 24.17 | |||||
|
|
|
|
|
| |||||
$ | 26.52 | $ | 26.80 | $ | 24.16 | |||||
|
|
|
|
|
| |||||
$ | 2,504,258 | $ | 2,536,176 | $ | 24,822,196 | |||||
|
|
|
|
|
| |||||
$ | 1,509 | $ | 1,456 | $ | 83,822 | |||||
|
|
|
|
|
|
| 61 |
|
For the six months ended April 30, 2018
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||
Investment Income: | ||||||||||||
Unaffiliated dividend income | $ | — | $ | 41,774 | $ | 20,042 | ||||||
Affiliated dividend income | 72 | 5 | 4 | |||||||||
Non-cash dividend income | — | 526 | 3,526 | |||||||||
Unaffiliated interest income | 6,632 | — | — | |||||||||
Treasury Inflation-Protected Securities inflation adjustment | 26,302 | — | — | |||||||||
Foreign withholding tax | — | (5,315 | ) | (1,656 | ) | |||||||
|
|
|
|
|
| |||||||
Total Income | 33,006 | 36,990 | 21,916 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Unitary management fees | 862 | 899 | 1,829 | |||||||||
|
|
|
|
|
| |||||||
Less: Waivers | (9 | ) | (1 | ) | (1 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 853 | 898 | 1,828 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 32,153 | 36,092 | 20,088 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Unaffiliated investment securities | (1,572 | ) | 2,861 | 2,523 | ||||||||
Affiliated investment securities | — | — | 118 | |||||||||
Foreign currencies | — | 19 | (132 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (1,572 | ) | 2,880 | 2,509 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||
Unaffiliated investment securities | (26,934 | ) | 45,928 | 78,678 | ||||||||
Affiliated investment securities | — | — | 212 | |||||||||
Foreign currencies | — | (157 | ) | (20 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (26,934 | ) | 45,771 | 78,870 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (28,506 | ) | 48,651 | 81,379 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,647 | $ | 84,743 | $ | 101,467 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||
$ | 25,191 | $ | 19,483 | $ | — | |||||
35 | 79 | 984 | ||||||||
— | 490 | — | ||||||||
— | — | 311,708 | ||||||||
— | — | — | ||||||||
(1 | ) | (12 | ) | — | ||||||
|
|
|
|
|
| |||||
25,225 | 20,040 | 312,692 | ||||||||
|
|
|
|
|
| |||||
531 | 797 | 6,101 | ||||||||
|
|
|
|
|
| |||||
(1 | ) | (1 | ) | (154 | ) | |||||
|
|
|
|
|
| |||||
530 | 796 | 5,947 | ||||||||
|
|
|
|
|
| |||||
24,695 | 19,244 | 306,745 | ||||||||
|
|
|
|
|
| |||||
1,984 | 31,996 | (7,998 | ) | |||||||
— | — | — | ||||||||
— | — | — | ||||||||
|
|
|
|
|
| |||||
1,984 | 31,996 | (7,998 | ) | |||||||
|
|
|
|
|
| |||||
74,363 | 33,200 | (773,017 | ) | |||||||
(307 | ) | (84 | ) | — | ||||||
— | — | — | ||||||||
|
|
|
| �� |
| |||||
74,056 | 33,116 | (773,017 | ) | |||||||
|
|
|
|
|
| |||||
76,040 | 65,112 | (781,015 | ) | |||||||
|
|
|
|
|
| |||||
$ | 100,735 | $ | 84,356 | $ | (474,270 | ) | ||||
|
|
|
|
|
|
| 63 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | |||||||||||||||
April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017(a) | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 32,153 | $ | 6,060 | $ | 36,092 | $ | 6,543 | ||||||||
Net realized gain (loss) | (1,572 | ) | — | 2,880 | (3,629 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (26,934 | ) | (7,267 | ) | 45,771 | 33,845 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 3,647 | (1,207 | ) | 84,743 | 36,759 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Net investment income | (18,048 | ) | — | (21,969 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | — | 2,500,025 | — | 2,500,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from shares transactions | — | 2,500,025 | — | 2,500,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (14,401 | ) | 2,498,818 | 62,774 | 2,536,784 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 2,498,818 | — | 2,536,784 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,484,417 | $ | 2,498,818 | $ | 2,599,558 | $ | 2,536,784 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income at end of period | $ | 20,165 | $ | 6,060 | $ | 17,840 | $ | 3,717 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | — | 100,001 | — | 100,001 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Shares outstanding, beginning of period | 100,001 | — | 100,001 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 19, 2017 (commencement of investment operations) through October 31, 2017. |
(b) | For the period September 27, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | Invesco PureBetaSM US Aggregate Bond ETF (PBND) | |||||||||||||||||||||||||||
April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017(a) | April 30, 2018 | October 31, 2017(b) | |||||||||||||||||||||||
$ | 20,088 | $ | 2,800 | $ | 24,695 | $ | 3,638 | $ | 19,244 | $ | 3,423 | $ | 306,745 | $ | 55,067 | |||||||||||||||
2,509 | 990 | 1,984 | (620 | ) | 31,996 | (99 | ) | (7,998 | ) | — | ||||||||||||||||||||
78,870 | 2,791 | 74,056 | 66,720 | 33,116 | 103,149 | (773,017 | ) | (38,099 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
101,467 | 6,581 | 100,735 | 69,738 | 84,356 | 106,473 | (474,270 | ) | 16,968 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(17,866 | ) | — | (23,107 | ) | — | (17,079 | ) | — | (322,419 | ) | (52,720 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | 2,500,025 | — | 2,500,025 | — | 2,500,025 | — | 25,000,025 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | 2,500,025 | — | 2,500,025 | — | 2,500,025 | — | 25,000,025 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
83,601 | 2,506,606 | 77,628 | 2,569,763 | 67,277 | 2,606,498 | (796,689 | ) | 24,964,273 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,506,606 | — | 2,569,763 | — | 2,606,498 | — | 24,964,273 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,590,207 | $ | 2,506,606 | $ | 2,647,391 | $ | 2,569,763 | $ | 2,673,775 | $ | 2,606,498 | $ | 24,167,584 | $ | 24,964,273 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 7,072 | $ | 4,850 | $ | 5,226 | $ | 3,638 | $ | 5,588 | $ | 3,423 | $ | (12,304 | ) | $ | 3,370 | ||||||||||||||
|
|
|
|
|
|
|
|
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— | 100,001 | — | 100,001 | — | 100,001 | — | 1,000,001 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
100,001 | — | 100,001 | — | 100,001 | — | 1,000,001 | — | |||||||||||||||||||||||
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100,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | 1,000,001 | 1,000,001 | |||||||||||||||||||||||
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| 65 |
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Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 24.99 | $ | 25.00 | ||||
Net investment income(b) | 0.32 | 0.06 | ||||||
Net realized and unrealized gain (loss) on investments | (0.29 | ) | (0.07 | ) | ||||
Total from investment operations | 0.03 | (0.01 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.18 | ) | — | |||||
Net asset value at end of period | $ | 24.84 | $ | 24.99 | ||||
Market price at end of period(c) | $ | 24.85 | $ | 24.99 | ||||
Net Asset Value Total Return(d) | 0.13 | % | (0.04 | )%(e) | ||||
Market Price Total Return(d) | 0.17 | % | (0.04 | )%(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,484 | $ | 2,499 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.07 | %(f) | 0.07 | %(f) | ||||
Net investment income | 2.61 | %(f) | 2.22 | %(f) | ||||
Portfolio turnover rate(g) | 6 | % | 0 | % |
(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 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 the 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 (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%. |
(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. |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.37 | $ | 25.00 | ||||
Net investment income(b) | 0.36 | 0.07 | ||||||
Net realized and unrealized gain on investments | 0.49 | 0.30 | ||||||
Total from investment operations | 0.85 | 0.37 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.22 | ) | — | |||||
Net asset value at end of period | $ | 26.00 | $ | 25.37 | ||||
Market price at end of period(c) | $ | 26.08 | $ | 25.54 | ||||
Net Asset Value Total Return(d) | 3.36 | % | 1.48 | %(e) | ||||
Market Price Total Return(d) | 2.98 | % | 2.16 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,600 | $ | 2,537 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.07 | %(f) | 0.07 | %(f) | ||||
Net investment income | 2.81 | %(f) | 2.38 | %(f) | ||||
Portfolio turnover rate(g) | 3 | % | 2 | % |
(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 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 the 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 (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 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.
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Financial Highlights (continued)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.07 | $ | 25.00 | ||||
Net investment income(b) | 0.20 | 0.03 | ||||||
Net realized and unrealized gain on investments | 0.81 | 0.04 | ||||||
Total from investment operations | 1.01 | 0.07 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.18 | ) | — | |||||
Net asset value at end of period | $ | 25.90 | $ | 25.07 | ||||
Market price at end of period(c) | $ | 25.77 | $ | 25.20 | ||||
Net Asset Value Total Return(d) | 4.03 | % | 0.28 | %(e) | ||||
Market Price Total Return(d) | 2.97 | % | 0.80 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,590 | $ | 2,507 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.14 | %(f) | 0.14 | %(f) | ||||
Net investment income | 1.54 | %(f) | 1.03 | %(f) | ||||
Portfolio turnover rate(g) | 10 | % | 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 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 the 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 (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%. |
(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. |
Invesco PureBetaSM MSCI USA ETF (PBUS)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.70 | $ | 25.00 | ||||
Net investment income(b) | 0.25 | 0.04 | ||||||
Net realized and unrealized gain on investments | 0.75 | 0.66 | ||||||
Total from investment operations | 1.00 | 0.70 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.23 | ) | — | |||||
Net asset value at end of period | $ | 26.47 | $ | 25.70 | ||||
Market price at end of period(c) | $ | 26.52 | $ | 25.70 | ||||
Net Asset Value Total Return(d) | 3.88 | % | 2.80 | %(e) | ||||
Market Price Total Return(d) | 4.08 | % | 2.80 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,647 | $ | 2,570 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.04 | %(f) | 0.04 | %(f) | ||||
Net investment income | 1.86 | %(f) | 1.31 | %(f) | ||||
Portfolio turnover rate(g) | 2 | % | 0 | %(h) |
(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 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 the 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 (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%. |
(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. |
(h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights (continued)
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 26.06 | $ | 25.00 | ||||
Net investment income(b) | 0.19 | 0.04 | ||||||
Net realized and unrealized gain on investments | 0.66 | 1.02 | ||||||
Total from investment operations | 0.85 | 1.06 | ||||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.17 | ) | — | |||||
Net asset value at end of period | $ | 26.74 | $ | 26.06 | ||||
Market price at end of period(c) | $ | 26.80 | $ | 26.08 | ||||
Net Asset Value Total Return(d) | 3.26 | % | 4.24 | %(e) | ||||
Market Price Total Return(d) | 3.41 | % | 4.32 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,674 | $ | 2,606 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.06 | %(f) | 0.06 | %(f) | ||||
Net investment income | 1.45 | %(f) | 1.21 | %(f) | ||||
Portfolio turnover rate(g) | 8 | % | 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 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 the 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 (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%. |
(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. |
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Six Months Ended April 30, 2018 (Unaudited) | For the Period September 27, 2017(a) Through October 31, 2017 | |||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 24.96 | $ | 25.00 | ||||||||
Net investment income(b) | 0.31 | 0.06 | ||||||||||
Net realized and unrealized gain (loss) on investments | (0.78 | ) | (0.05 | ) | ||||||||
Total from investment operations | (0.47 | ) | 0.01 | |||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.32 | ) | (0.05 | ) | ||||||||
Net asset value at end of period | $ | 24.17 | $ | 24.96 | ||||||||
Market price at end of period(c) | $ | 24.16 | $ | 24.96 | ||||||||
Net Asset Value Total Return(d) | (1.89 | )% | 0.05 | %(e) | ||||||||
Market Price Total Return(d) | (1.93 | )% | 0.05 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,168 | $ | 24,964 | ||||||||
Ratio to average net assets of: | ||||||||||||
Expenses, after Waivers | 0.05 | %(f) | 0.04 | %(f) | ||||||||
Expenses, prior to Waivers | 0.05 | %(f) | 0.05 | %(f) | ||||||||
Net investment income, after Waivers | 2.51 | %(f) | 2.44 | %(f) | ||||||||
Portfolio turnover rate(g) | 11 | % | 0 | %(h) |
(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 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 the 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 (September 29, 2017, the first day of trading on the exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%. |
(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. |
(h) | Amount represents less than 0.5% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
April 30, 2018
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 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 PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | “PureBetaSM 0-5 Yr US TIPS ETF” | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | “PureBetaSM FTSE Developed ex-North America ETF” | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | “PureBetaSM FTSE Emerging Markets ETF” | |
Invesco PureBetaSM MSCI USA ETF (PBUS) | “PureBetaSM MSCI USA ETF” | |
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | “PureBetaSM MSCI USA Small Cap ETF” | |
Invesco PureBetaSM US Aggregate Bond ETF (PBND) | “PureBetaSM US Aggregate Bond ETF” |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
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 Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from the 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”). Except when aggregated in Creation Units by Authorized Participants, 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 | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE Developed ex North America Index | |
PureBetaSM FTSE Emerging Markets ETF | FTSE Emerging Index | |
PureBetaSM MSCI USA ETF | MSCI USA Index | |
PureBetaSM MSCI USA Small Cap ETF | MSCI USA Small Cap Index | |
PureBetaSM US Aggregate Bond ETF | ICE BofAML US Broad Market IndexSM |
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 (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid 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 by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options
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not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investments companies are valued using such company’s NAV per share, unless the shares are exchanged-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes 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. 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. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund 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 using procedures approved by the Board of Trustees. 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 approved 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, 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.
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 last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked 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 economic conditions, interest rates, investor perceptions 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.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with a Fund. Each Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). Such market makers have no obligation to submit creation or redemption orders; consequently, there is no assurance that market makers will establish or maintain an active trading market for the Shares. In addition, to the extent that APs exit
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the business or are unable to proceed with creation and/or redemption orders with respect to a Fund and no other AP is able to step forward to create or redeem Creation Units, that Fund’s Shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund (except PureBetaSM 0-5 Yr US TIPS ETF and PureBetaSM US Aggregate Bond ETF) holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry or Geographic 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 located in a single industry or a sector, or, in a specific country or geographic region. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry, sector, country or region, each Fund will also concentrate its investments to approximately the same extent. By so concentrating its investments, a Fund may face more risks than if it were diversified broadly over numerous industries, sectors, countries or geographic regions. In addition, at times, an industry or sector may be out of favor and underperform other industries or the market as a whole. Any factors detrimental to the performance of such industry or sector will disproportionately impact a Fund’s NAV. Also, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact such Fund’s investments in the affected country or region.
Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Portfolio Turnover Risk. PureBetaSM US Aggregate Bond ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the 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 (described below) to minimize realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. For each Fund (except PureBetaSM 0-5 Yr US TIPS ETF and PureBetaSM US Aggregate Bond ETF), 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.
Inflation-Linked Security Risk. For PureBetaSM 0-5 Yr US TIPS ETF, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.
Foreign Investments Risk. For PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF, 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 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. As the Funds may invest in securities denominated
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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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Currency Risk. PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.
Sampling Risk. For PureBetaSM FTSE Emerging Markets ETF and PureBetaSM US Aggregate Bond ETF, the use of a representative sampling approach will result in each Fund holding a smaller number of securities than are in their Underlying Index. As a result, an adverse development to an issuer of securities held by each Fund could result in a greater decline in NAV than would be the case if each Fund held all of the securities in their Underlying Index. To the extent the assets in each Fund are smaller, these risks will be greater.
Liquidity Risk. For PureBetaSM 0-5 Yr US TIPS ETF and PureBetaSM US Aggregate Bond ETF, liquidity risk exists when a particular investment is difficult to purchase or sell. If each Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because each Fund may be unable to sell the illiquid securities at an advantageous time or price.
U.S. Government Obligations Risk. PureBetaSM 0-5 Yr US TIPS ETF and PureBetaSM US Aggregate Bond ETF 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 United States 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. 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.
Call Risk. For PureBetaSM US Aggregate Bond ETF, 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 exercised such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund’s net investment income could fall.
Mortgage-Backed and Asset-Backed Securities Risk. For PureBetaSM US Aggregate Bond ETF, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.
C. 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 accounting principles generally accepted in the United States of America (“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.
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D. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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 each 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 each Fund’s NAV and, accordingly, they reduce each 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.
E. 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 and the country that has the primary market for the issuer’s securities, 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.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
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 each Fund’s unitary management fee and that 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. Dividends and Distributions to Shareholders
Each Fund (except for PureBetaSM US Aggregate Bond ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. PureBetaSM US Aggregate Bond ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from 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.
H. 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.
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I. 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 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 Funds do 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 each 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 Funds 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 each Fund invests.
J. Treasury Inflation-Protected Securities
PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.
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.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
PureBetaSM 0-5 Yr US TIPS ETF | 0.07 | % | ||
PureBetaSM FTSE Developed ex-North America ETF | 0.07 | % | ||
PureBetaSM FTSE Emerging Markets ETF | 0.14 | % | ||
PureBetaSM MSCI USA ETF | 0.04 | % | ||
PureBetaSM MSCI USA Small Cap ETF | 0.06 | % | ||
PureBetaSM US Aggregate Bond ETF | 0.05 | % |
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the six-month period ended April 30, 2018, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM 0-5 Yr US TIPS ETF | $ | 9 | ||
PureBetaSM FTSE Developed ex-North America ETF | 1 | |||
PureBetaSM FTSE Emerging Markets ETF | 1 | |||
PureBetaSM MSCI USA ETF | 1 | |||
PureBetaSM MSCI USA Small Cap ETF | 1 | |||
PureBetaSM US Aggregate Bond ETF | 154 |
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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 for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE Data Indices, LLC | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE International Ltd. | |
PureBetaSM FTSE Emerging Markets ETF | FTSE International Ltd. | |
PureBetaSM MSCI USA ETF | MSCI Inc. | |
PureBetaSM MSCI USA Small Cap ETF | MSCI Inc. | |
PureBetaSM US Aggregate Bond 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 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 each Fund.
Note 4. Investments in Affiliates
The Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Ltd. and Invesco Mortgage Capital, Inc. REIT are considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
PureBetaSM MSCI USA ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 1,611 | $ | — | $ | — | $ | (307 | ) | $ | — | $ | 1,304 | $ | 35 |
PureBetaSM MSCI USA Small Cap ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 1,464 | $ | — | $ | — | $ | (84 | ) | $ | — | $ | 1,380 | $ | 79 |
The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows PureBetaSM FTSE Emerging Markets ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2018.
PureBetaSM FTSE Emerging Markets ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 86,671 | $ | 37,739 | $ | (5,519 | ) | $ | 212 | $ | 118 | $ | 119,221 | $ | — |
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
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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. |
Except for the Funds listed below, as of April 30, 2018, all of the securities in each Fund were valued based on Level 1 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six-month period ended April 30, 2018, PureBetaSM FTSE Developed ex-North America ETF had transfers Level 1 to Level 2 of $2,188,659, due to foreign fair value adjustments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 2,480,469 | $ | — | $ | 2,480,469 | ||||||||
Money Market Fund | 489 | — | — | 489 | ||||||||||||
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Total Investments | $ | 489 | $ | 2,480,469 | $ | — | $ | 2,480,958 | ||||||||
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| |||||||||
PureBetaSM FTSE Developed ex-North America ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Australia | $ | 1,322 | $ | 166,247 | $ | — | $ | 167,569 | ||||||||
Austria | — | 6,971 | — | 6,971 | ||||||||||||
Belgium | — | 26,171 | — | 26,171 | ||||||||||||
Chile | — | 732 | — | 732 | ||||||||||||
China | 559 | 9,117 | — | 9,676 | ||||||||||||
Denmark | 524 | 38,996 | — | 39,520 | ||||||||||||
Finland | 1,020 | 24,582 | — | 25,602 | ||||||||||||
France | 3,050 | 248,025 | — | 251,075 | ||||||||||||
Germany | 36,249 | 196,194 | — | 232,443 | ||||||||||||
Hong Kong | 6,753 | 72,563 | 71 | 79,387 | ||||||||||||
Indonesia | — | 263 | — | 263 | ||||||||||||
Ireland | 1,620 | 13,143 | — | 14,763 | ||||||||||||
Israel | 284 | 11,602 | — | 11,886 | ||||||||||||
Italy | 109 | 60,863 | — | 60,972 | ||||||||||||
Japan | 255,208 | 372,151 | — | 627,359 | ||||||||||||
Jersey Island | — | 1,215 | — | 1,215 | ||||||||||||
Jordan | — | 388 | — | 388 | ||||||||||||
Kazakhstan | — | 468 | — | 468 | ||||||||||||
Luxembourg | — | 7,153 | — | 7,153 | ||||||||||||
Macau | — | 3,370 | — | 3,370 | ||||||||||||
Mexico | — | 509 | — | 509 | ||||||||||||
Netherlands | 783 | 110,223 | — | 111,006 | ||||||||||||
New Zealand | 2,023 | 3,391 | — | 5,414 | ||||||||||||
Norway | 3,925 | 12,302 | — | 16,227 | ||||||||||||
Portugal | 1,338 | 2,253 | — | 3,591 | ||||||||||||
Russia | 412 | 459 | — | 871 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PureBetaSM FTSE Developed ex-North America ETF (continued) | ||||||||||||||||
Singapore | $ | 309 | $ | 33,257 | $ | — | $ | 33,566 | ||||||||
South Africa | — | 2,988 | — | 2,988 | ||||||||||||
South Korea | 7,077 | 126,644 | — | 133,721 | ||||||||||||
Spain | 10,040 | 68,596 | — | 78,636 | ||||||||||||
Sweden | 6,178 | 56,450 | — | 62,628 | ||||||||||||
Switzerland | — | 193,553 | — | 193,553 | ||||||||||||
Taiwan | — | 61 | — | 61 | ||||||||||||
United Arab Emirates | — | 637 | — | 637 | ||||||||||||
United Kingdom | 34,516 | 342,314 | — | 376,830 | ||||||||||||
United States | 7,508 | 4,195 | — | 11,703 | ||||||||||||
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Total Investments | $ | 380,807 | $ | 2,218,046 | $ | 71 | $ | 2,598,924 | ||||||||
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PureBetaSM FTSE Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,586,640 | $ | 782 | $ | 1,239 | $ | 2,588,661 | ||||||||
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PureBetaSM US Aggregate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 9,443,964 | $ | — | $ | 9,443,964 | ||||||||
Corporate Bonds and Notes | — | 6,797,827 | — | 6,797,827 | ||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 5,713,885 | — | 5,713,885 | ||||||||||||
Sovereign Debt Obligations | — | 739,443 | — | 739,443 | ||||||||||||
U.S. Government Sponsored Agency Securities | — | 510,205 | — | 510,205 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 445,395 | — | 445,395 | ||||||||||||
Asset Backed Securities | — | 210,569 | — | 210,569 | ||||||||||||
Municipal Bonds | — | 149,792 | — | 149,792 | ||||||||||||
Money Market Fund | 83,822 | — | — | 83,822 | ||||||||||||
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| |||||||||
Total Investments | $ | 83,822 | $ | 24,011,080 | $ | — | $ | 24,094,902 | ||||||||
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Note 6. Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
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 had capital loss carryforwards as of October 31, 2017, as follows:
Post-effective/ no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | — | $ | — | $ | — | ||||||
PureBetaSM FTSE Developed ex-North America ETF | 742 | — | 742 | |||||||||
PureBetaSM FTSE Emerging Markets ETF | 984 | — | 984 | |||||||||
PureBetaSM MSCI USA ETF | 620 | — | 620 | |||||||||
PureBetaSM MSCI USA Small Cap ETF | 73 | — | 73 | |||||||||
PureBetaSM US Aggregate Bond ETF | 1,023 | — | 1,023 |
* | Capital loss carryforwards as of the date listed above 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. |
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Note 7. Investment Transactions
For the six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
PureBetaSM FTSE Developed ex-North America ETF | $ | 97,314 | $ | 82,095 | ||||
PureBetaSM FTSE Emerging Markets ETF | 279,865 | 269,392 | ||||||
PureBetaSM MSCI USA ETF | 50,891 | 49,354 | ||||||
PureBetaSM MSCI USA Small Cap ETF | 211,474 | 205,952 | ||||||
PureBetaSM US Aggregate Bond ETF | 1,358,411 | 946,525 |
For the six-month period ended April 30, 2018, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $443,062 and $136,204, respectively and for PureBetaSM US Aggregate Bond ETF amounted to $1,639,384 and $1,693,042, respectively.
At April 30, 2018, the aggregate cost of investments, including any derivatives, on a tax basis 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 | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 195 | $ | (34,396 | ) | $ | (34,201 | ) | $ | 2,515,159 | ||||||
PureBetaSM FTSE Developed ex-North America ETF | 183,168 | (103,396 | ) | 79,772 | 2,519,152 | |||||||||||
PureBetaSM FTSE Emerging Markets ETF | 222,724 | (141,116 | ) | 81,608 | 2,507,053 | |||||||||||
PureBetaSM MSCI USA ETF | 249,343 | (108,567 | ) | 140,776 | 2,505,767 | |||||||||||
PureBetaSM MSCI USA Small Cap ETF | 292,955 | (156,716 | ) | 136,239 | 2,537,658 | |||||||||||
PureBetaSM US Aggregate Bond ETF | 1,863 | (812,979 | ) | (811,116 | ) | 24,906,018 |
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”), any Trustee who is not an affiliate of the Adviser or Distributor (or any of their affiliates) and who is otherwise an “interested person” of the Trust under the 1940 Act (an “Unaffiliated Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee or Unaffiliated Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for PureBetaSM FTSE Developed ex-North America ETF, PureBetaSM FTSE Emerging Markets ETF and PureBetaSM US Aggregate Bond ETF). Only Authorized Participants 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 of the Trust 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 Authorized Participant 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 Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in
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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.
Note 10. 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 and Unaffiliated Trustee is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.
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As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended April 30, 2018.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value November 1, 2017 | Ending Account Value April 30, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,001.30 | 0.07 | % | $ | 0.35 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | 0.07 | 0.35 | ||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | ||||||||||||||||
Actual | 1,000.00 | 1,033.60 | 0.07 | 0.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | 0.07 | 0.35 | ||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||
Actual | 1,000.00 | 1,040.30 | 0.14 | 0.71 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.10 | 0.14 | 0.70 | ||||||||||||
Invesco PureBetaSM MSCI USA ETF (PBUS) | ||||||||||||||||
Actual | 1,000.00 | 1,038.80 | 0.04 | 0.20 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.60 | 0.04 | 0.20 | ||||||||||||
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | ||||||||||||||||
Actual | 1,000.00 | 1,032.60 | 0.06 | 0.30 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.50 | 0.06 | 0.30 | ||||||||||||
Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||||||||||
Actual | 1,000.00 | 981.10 | 0.05 | 0.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.55 | 0.05 | 0.25 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement
At a meeting held on April 19, 2018, the Board of Trustees of the PowerShares Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco PowerShares Capital Management LLC (the “Adviser”) and the Trust for the following 70 series (each, a “Fund” and collectively, the “Funds”):
PowerShares 1-30 Laddered Treasury Portfolio
PowerShares California AMT-Free Municipal Bond Portfolio
PowerShares CEF Income Composite Portfolio
PowerShares Chinese Yuan Dim Sum Bond Portfolio
PowerShares DWA Developed Markets Momentum Portfolio
PowerShares DWA Emerging Markets Momentum Portfolio
PowerShares DWA Momentum & Low Volatility Rotation Portfolio
PowerShares DWA SmallCap Momentum Portfolio
PowerShares DWA Tactical International Rotation Portfolio
PowerShares DWA Tactical Multi-Asset Income Portfolio
PowerShares DWA Tactical Sector Rotation Portfolio
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio
PowerShares Emerging Markets Infrastructure Portfolio
PowerShares Emerging Markets Sovereign Debt Portfolio
PowerShares FTSE International Low Beta Equal Weight Portfolio
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio
PowerShares FTSE RAFI Emerging Markets Portfolio
PowerShares Fundamental High Yield® Corporate Bond Portfolio
PowerShares Fundamental Investment Grade Corporate Bond Portfolio
PowerShares Global Agriculture Portfolio
PowerShares Global Clean Energy Portfolio
PowerShares Global Gold and Precious Metals Portfolio
PowerShares Global Short Term High Yield Bond Portfolio
PowerShares Global Water Portfolio
PowerShares International BuyBack Achievers™ Portfolio
PowerShares International Corporate Bond Portfolio
PowerShares KBW Bank Portfolio
PowerShares KBW High Dividend Yield Financial Portfolio
PowerShares KBW Premium Yield Equity REIT Portfolio
PowerShares KBW Property & Casualty Insurance Portfolio
PowerShares KBW Regional Banking Portfolio
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio
PowerShares National AMT-Free Municipal Bond Portfolio
PowerShares New York AMT-Free Municipal Bond Portfolio
PowerShares Preferred Portfolio
PowerShares Russell 1000 Equal Weight Portfolio
PowerShares Russell 1000 Low Beta Equal Weight Portfolio
PowerShares S&P 500 Enhanced Value Portfolio
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio
PowerShares S&P 500® High Beta Portfolio
PowerShares S&P 500® High Dividend Low Volatility Portfolio
PowerShares S&P 500® Low Volatility Portfolio
PowerShares S&P 500 Momentum Portfolio
PowerShares S&P 500 Value With Momentum Portfolio
PowerShares S&P Emerging Markets Low Volatility Portfolio
PowerShares S&P Emerging Markets Momentum Portfolio
PowerShares S&P International Developed High Dividend Low Volatility Portfolio
PowerShares S&P International Developed Low Volatility Portfolio
PowerShares S&P International Developed Momentum Portfolio
PowerShares S&P International Developed Quality Portfolio
PowerShares S&P MidCap Low Volatility Portfolio
PowerShares S&P SmallCap Consumer Discretionary Portfolio
PowerShares S&P SmallCap Consumer Staples Portfolio
PowerShares S&P SmallCap Energy Portfolio
PowerShares S&P SmallCap Financials Portfolio
PowerShares S&P SmallCap Health Care Portfolio
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio
PowerShares S&P SmallCap Industrials Portfolio
PowerShares S&P SmallCap Information Technology Portfolio
PowerShares S&P SmallCap Low Volatility Portfolio
PowerShares S&P SmallCap Materials Portfolio
PowerShares S&P SmallCap Quality Portfolio
PowerShares S&P SmallCap Utilities Portfolio
PowerShares Senior Loan Portfolio
PowerShares Taxable Municipal Bond Portfolio
PowerShares Treasury Collateral Portfolio
PowerShares Variable Rate Preferred Portfolio
PowerShares VRDO Tax-Free Weekly Portfolio
Also at the April 19, 2018 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
Effective June 4, 2018, the Trust and the PowerShares Funds became the Invesco ETFs and Invesco PowerShares Capital Management LLC became Invesco Capital Management LLC.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio (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”).
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, (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 from its relationships 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 also reviewed information on the performance of the Funds (other than PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio and PowerShares DWA Tactical International Rotation Portfolio, each of which had not commenced operations as of December 31, 2017) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2017, 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 Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the since-inception and three-year periods for PowerShares Global Short Term High Yield Bond Portfolio, the three-year period for PowerShares LadderRite 0-5 Year Corporate Bond Portfolio, the five-year period for PowerShares New York AMT-Free Municipal Bond Portfolio and the one-year period for PowerShares VRDO Tax-Free Weekly Portfolio, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for PowerShares Global Short Term High Yield Bond Portfolio’s, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio’s, PowerShares New York AMT-Free Municipal Bond Portfolio’s and PowerShares VRDO Tax-Free Weekly Portfolio’s level of correlation to its underlying index, as well as the Adviser’s expectations for each such Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and 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 also 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 their review, the Trustees 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, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that each Fund pays its brokerage expenses, taxes, interest (including, for PowerShares Senior Loan Portfolio, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
0.08% | PowerShares Treasury Collateral Portfolio | |
0.13% | PowerShares S&P 500 Enhanced Value Portfolio, PowerShares S&P 500 Momentum Portfolio (the Trustees noted that, prior to January 1, 2018, PowerShares S&P 500 Enhanced Value Portfolio’s and PowerShares S&P 500 Momentum Portfolio’s unitary advisory fee was 0.25%) | |
0.15% | PowerShares DWA Momentum & Low Volatility Rotation Portfolio, PowerShares DWA Tactical Sector Rotation Portfolio | |
0.20%: | PowerShares Russell 1000 Equal Weight Portfolio | |
0.22%: | PowerShares Fundamental Investment Grade Corporate Bond Portfolio, PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | |
0.25%: | PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Tactical Multi-Asset Income Portfolio, PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio, PowerShares S&P 500® High Beta Portfolio, PowerShares S&P 500® Low Volatility Portfolio, PowerShares S&P MidCap Low Volatility Portfolio, PowerShares S&P SmallCap Low Volatility Portfolio, PowerShares VRDO Tax-Free Weekly Portfolio | |
0.28%: | PowerShares California AMT-Free Municipal Bond Portfolio, PowerShares National AMT-Free Municipal Bond Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Taxable Municipal Bond Portfolio | |
0.29%: | PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio, PowerShares S&P International Developed Quality Portfolio, PowerShares S&P SmallCap Consumer Discretionary Portfolio, PowerShares S&P SmallCap Consumer Staples Portfolio, PowerShares S&P SmallCap Energy Portfolio, PowerShares S&P SmallCap Financials Portfolio, PowerShares S&P SmallCap Health Care Portfolio, PowerShares S&P SmallCap Industrials Portfolio, PowerShares S&P SmallCap Information Technology Portfolio, PowerShares S&P SmallCap Materials Portfolio, PowerShares S&P SmallCap Quality Portfolio, PowerShares S&P SmallCap Utilities Portfolio | |
0.30%: | PowerShares DWA Tactical International Rotation Portfolio, PowerShares S&P 500 Value With Momentum Portfolio, PowerShares S&P 500® High Dividend Low Volatility Portfolio, PowerShares S&P International Developed High Dividend Low Volatility Portfolio, PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | |
0.35%: | PowerShares Global Short Term High Yield Bond Portfolio, PowerShares KBW Bank Portfolio, PowerShares KBW High Dividend Yield Financial Portfolio, PowerShares KBW Premium Yield Equity REIT Portfolio, PowerShares KBW Property & Casualty Insurance Portfolio, PowerShares KBW Regional Banking Portfolio, PowerShares Russell 1000 Low Beta Equal Weight Portfolio, PowerShares S&P International Developed Low Volatility Portfolio, PowerShares S&P International Developed Momentum Portfolio | |
0.45%: | PowerShares Chinese Yuan Dim Sum Bond Portfolio, PowerShares FTSE International Low Beta Equal Weight Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio, PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio | |
0.49%: | PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio, PowerShares FTSE RAFI Emerging Markets Portfolio | |
0.50%: | PowerShares CEF Income Composite Portfolio, PowerShares Emerging Markets Sovereign Debt Portfolio, PowerShares Fundamental High Yield® Corporate Bond Portfolio, PowerShares International Corporate Bond Portfolio, PowerShares Preferred Portfolio, PowerShares Variable Rate Preferred Portfolio | |
0.55% | PowerShares International BuyBack AchieversTM Portfolio | |
0.60%: | PowerShares DWA SmallCap Momentum Portfolio | |
0.65%: | PowerShares Senior Loan Portfolio | |
0.75%: | PowerShares Emerging Markets Infrastructure Portfolio, PowerShares Global Agriculture Portfolio, PowerShares Global Clean Energy Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares Global Water Portfolio | |
0.80%: | PowerShares DWA Developed Markets Momentum Portfolio | |
0.90%: | PowerShares DWA Emerging Markets Momentum Portfolio |
The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that the Adviser provides sub-advisory services to clients with comparable investment strategies as certain of the Funds. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.
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 illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds (except for PowerShares DWA Momentum & Low Volatility Rotation Portfolio) were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that the net expense ratio for PowerShares DWA Momentum & Low Volatility Rotation Portfolio was higher than the median net expense ratio of its open-end actively-managed peer funds.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares 1-30 Laddered Treasury Portfolio | X | |||||
PowerShares California AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares CEF Income Composite Portfolio | N/A | X | X | |||
PowerShares Chinese Yuan Dim Sum Bond Portfolio | X | N/A | X | |||
PowerShares DWA Developed Markets Momentum Portfolio | X | |||||
PowerShares DWA Emerging Markets Momentum Portfolio | X | |||||
PowerShares DWA Momentum & Low Volatility Rotation Portfolio | N/A | N/A | X | |||
PowerShares DWA SmallCap Momentum Portfolio | X | X | ||||
PowerShares DWA Tactical International Rotation Portfolio | N/A | |||||
PowerShares DWA Tactical Multi-Asset Income Portfolio | N/A | N/A | X | |||
PowerShares DWA Tactical Sector Rotation Portfolio | X | N/A | N/A | |||
PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio | X | X | X | |||
PowerShares Emerging Markets Infrastructure Portfolio | N/A | X | ||||
PowerShares Emerging Markets Sovereign Debt Portfolio | X | |||||
PowerShares FTSE International Low Beta Equal Weight Portfolio | X | X | ||||
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio | X | X | ||||
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio | X | X | ||||
PowerShares FTSE RAFI Emerging Markets Portfolio | X | X | ||||
PowerShares Fundamental High Yield® Corporate Bond Portfolio | N/A | X | ||||
PowerShares Fundamental Investment Grade Corporate Bond Portfolio | X | |||||
PowerShares Global Agriculture Portfolio | N/A | X | ||||
PowerShares Global Clean Energy Portfolio | N/A | X | ||||
PowerShares Global Gold and Precious Metals Portfolio | N/A | X | ||||
PowerShares Global Short Term High Yield Bond Portfolio | X | N/A | X | |||
PowerShares Global Water Portfolio | N/A | X | ||||
PowerShares International BuyBack AchieversTM Portfolio | X | |||||
PowerShares International Corporate Bond Portfolio | X | |||||
PowerShares KBW Bank Portfolio | X | X | ||||
PowerShares KBW High Dividend Yield Financial Portfolio | X | X | ||||
PowerShares KBW Premium Yield Equity REIT Portfolio | X | X | ||||
PowerShares KBW Property & Casualty Insurance Portfolio | X | X | ||||
PowerShares KBW Regional Banking Portfolio | X | X | ||||
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio | X | |||||
PowerShares National AMT-Free Municipal Bond Portfolio | X | |||||
PowerShares New York AMT-Free Municipal Bond Portfolio | N/A | X | ||||
PowerShares Preferred Portfolio | N/A | X | ||||
PowerShares Russell 1000 Equal Weight Portfolio | X | X | ||||
PowerShares Russell 1000 Low Beta Equal Weight Portfolio | X | |||||
PowerShares S&P 500 Enhanced Value Portfolio | X | X | ||||
PowerShares S&P 500® ex-Rate Sensitive Low Volatility Portfolio | X | |||||
PowerShares S&P 500 High Beta Portfolio | X | |||||
PowerShares S&P 500® High Dividend Low Volatility Portfolio | X | X | X |
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
PowerShares Fund | Equal to/Lower than ETF Median1 | Equal to/Lower than Open-End Index Fund Median2 | Equal to/Lower than Open-End Active Fund Median3 | |||
PowerShares S&P 500® Low Volatility Portfolio | X | |||||
PowerShares S&P 500 Momentum Portfolio | X | X | X | |||
PowerShares S&P 500 Value With Momentum Portfolio | X | |||||
PowerShares S&P Emerging Markets Low Volatility Portfolio | X | X | X | |||
PowerShares S&P Emerging Markets Momentum Portfolio | X | X | X | |||
PowerShares S&P International Developed High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Low Volatility Portfolio | X | X | X | |||
PowerShares S&P International Developed Momentum Portfolio | X | X | ||||
PowerShares S&P International Developed Quality Portfolio | X | X | ||||
PowerShares S&P MidCap Low Volatility Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Discretionary Portfolio | X | X | ||||
PowerShares S&P SmallCap Consumer Staples Portfolio | X | X | ||||
PowerShares S&P SmallCap Energy Portfolio | X | X | ||||
PowerShares S&P SmallCap Financials Portfolio | X | X | ||||
PowerShares S&P SmallCap Health Care Portfolio | X | X | ||||
PowerShares S&P SmallCap High Dividend Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Industrials Portfolio | X | X | ||||
PowerShares S&P SmallCap Information Technology Portfolio | X | X | X | |||
PowerShares S&P SmallCap Low Volatility Portfolio | X | X | X | |||
PowerShares S&P SmallCap Materials Portfolio | X | X | ||||
PowerShares S&P SmallCap Quality Portfolio | X | X | X | |||
PowerShares S&P SmallCap Utilities Portfolio | X | X | X | |||
PowerShares Senior Loan Portfolio | N/A | X | ||||
PowerShares Taxable Municipal Bond Portfolio | N/A | X | ||||
PowerShares Treasury Collateral Portfolio | X | X | X | |||
PowerShares Variable Rate Preferred Portfolio | X | X | ||||
PowerShares VRDO Tax-Free Weekly Portfolio | N/A | X |
1 | The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available. |
2 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
3 | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active 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 PowerShares 1-30 Laddered Treasury Portfolio, PowerShares DWA Developed Markets Momentum Portfolio, PowerShares Global Gold and Precious Metals Portfolio, PowerShares New York AMT-Free Municipal Bond Portfolio, PowerShares Senior Loan Portfolio, PowerShares Taxable Municipal Bond Portfolio and PowerShares VRDO Tax-Free Weekly Portfolio’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.
The Trustees also reviewed the fees, and any difference in fees, between each Fund that is structured as a fund-of-funds and invests in funds that comprise an index developed by Dorsey Wright & Associates, LLC (“DWA Fund-of-Funds”). The Trustees noted that the unitary advisory fees for the DWA Fund-of-Funds vary from 15 to 30 basis points. The Trustees considered the Adviser’s explanation
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
that the applicable license fee the Adviser pays with respect to each DWA Fund-of-Fund is dependent on the underlying funds in which the DWA Fund-of-Fund invests and that after payment of such license fee the variance between each DWA Fund-of-Fund’s unitary advisory fee is less. The Trustees noted that the unitary advisory fee for PowerShares DWA Tactical International Rotation Portfolio was higher than the unitary advisory fee for the other DWA Fund-of-Funds, reflecting, in part, its ability to invest, at times, in non-affiliated funds.
The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2020, for PowerShares S&P Emerging Markets Low Volatility Portfolio, PowerShares S&P Emerging Markets Momentum Portfolio, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares S&P International Developed Momentum Portfolio.
The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged or to be charged to each Fund was reasonable and appropriate in light of the services provided.
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 on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund, other than PowerShares DWA Tactical International Rotation Portfolio and PowerShares Emerging Markets Currency Hedged Low Volatility Portfolio. (The Trustees did not consider the estimated profitability of the Adviser in managing these Funds because they had not yet commenced operations as of December 31, 2017.) The Trustees 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 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 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 was reasonable and appropriate.
The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio at a meeting held on April 19, 2018. 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 under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage PowerShares Senior Loan Portfolio’s and PowerShares Treasury Collateral Portfolio’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio under the Sub-Advisory Agreement were appropriate and reasonable.
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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)
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 fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.
The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.
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 PowerShares Senior Loan Portfolio and PowerShares Treasury Collateral Portfolio. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Form N-Qs will be available on the Commission’s website at www.sec.gov. The Trust’s Form N-Qs may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PBETA-SAR-1 | invesco.com/us |
Item 2. Code of Ethics.
Not required for a semi-annual report.
Item 3. Audit Committee Financial Expert.
Not required for a semi-annual report.
Item 4. Principal Accountant Fees and Services.
PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee of the Board of the Trust (the “Audit Committee”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
The Loan Rule specifically provides that an accounting firm would not be independent if it receives, or certain of its affiliates or covered persons receive, a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the Invesco Fund Complex). PwC informed the Audit Committee that it has, and that certain of its affiliates or covered persons have, relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex, which may implicate the Loan Rule.
On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances.
In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Trust, within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Trust’s registered public accounting firm. PWC has advised the Audit Committee that this conclusion is based in part on the
following considerations: (1) the lenders to PwC have no influence over any Fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Trust intends to rely upon the no-action letter.
If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund may need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SEC no-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.
Item 5. Audit Committee of Listed Registrants.
Not required for a semi-annual report.
Item 6. Schedule of Investments.
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. 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 Registrant’s Board of Trustees that would require disclosure herein.
Item 11. 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 Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) 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 Investment Company Act of 1940) that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of Ethics |
Not required for a semi-annual report. |
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Change in Registrant’s Independent Public Accountant – attached as Exhibit 99.ACCT |
(b) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT. |
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/ Daniel E. Draper. |
Name: | Daniel E. Draper | |
Title: | President | |
Date: | July 6, 2018 |
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/ Daniel E. Draper |
Name: | Daniel E. Draper | |
Title: | President | |
Date: | July 6, 2018 | |
By: | /s/ Steven Hill |
Name: | Steven Hill | |
Title: | Treasurer | |
Date: | July 6, 2018 |