UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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: August 31
Date of reporting period: February 28, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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 Rule30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
February 28, 2019
GHII | Invesco S&P High Income Infrastructure ETF | |
SEA | Invesco Shipping ETF | |
TAN | Invesco Solar ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Trust II August Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
5 | ||||
7 | ||||
Statements of Assets and Liabilities | 9 | |||
Statements of Operations | 10 | |||
Statements of Changes in Net Assets | 12 | |||
Financial Highlights | 14 | |||
Notes to Financial Statements | 16 | |||
Fees and Expenses | 26 |
| 2 |
|
Invesco S&P High Income Infrastructure ETF (GHII)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Utilities | 50.4 | |||
Energy | 38.1 | |||
Industrials | 11.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.7% | ||||||||
Energy—38.1% | ||||||||
1,146,056 | China Suntien Green Energy Corp. Ltd., H-Shares (China) | $ | 318,276 | |||||
53,219 | Enagas SA (Spain) | 1,518,043 | ||||||
42,076 | Enbridge, Inc. (Canada) | 1,555,246 | ||||||
114,707 | Gibson Energy, Inc. (Canada) | 1,854,299 | ||||||
130,272 | Inter Pipeline Ltd. (Canada)(b) | 2,093,057 | ||||||
76,873 | Keyera Corp. (Canada)(b) | 1,885,928 | ||||||
22,812 | ONEOK, Inc. | 1,465,899 | ||||||
39,307 | Pembina Pipeline Corp. (Canada) | 1,437,377 | ||||||
169,217 | SemGroup Corp., Class A | 2,663,475 | ||||||
202,259 | Ship Finance International Ltd. (Norway)(b) | 2,505,989 | ||||||
290,261 | Snam SpA (Italy) | 1,436,111 | ||||||
56,756 | Targa Resources Corp. | 2,283,861 | ||||||
55,959 | Williams Cos., Inc. (The) | 1,493,546 | ||||||
|
| |||||||
22,511,107 | ||||||||
|
| |||||||
Industrials—11.2% | ||||||||
678,214 | China Merchants Port Holdings Co. Ltd. (China) | 1,425,582 | ||||||
2,223,428 | Hutchison Port Holdings Trust (Hong Kong) | 511,388 | ||||||
68,577 | Macquarie Infrastructure Corp. | 2,804,113 | ||||||
288,146 | Sydney Airport (Australia) | 1,476,011 | ||||||
545,570 | Yuexiu Transport Infrastructure Ltd. (China) | 424,652 | ||||||
|
| |||||||
6,641,746 | ||||||||
|
| |||||||
Utilities—50.4% | ||||||||
217,291 | AltaGas Ltd. (Canada)(b) | 2,917,012 | ||||||
127,277 | APA Group (Australia) | 906,418 | ||||||
786,903 | AusNet Services (Australia) | 971,326 | ||||||
46,047 | Capital Power Corp. (Canada) | 1,056,249 | ||||||
775,809 | Centrica PLC (United Kingdom) | 1,284,720 | ||||||
2,780,963 | China Power International Development Ltd. (China) | 701,458 | ||||||
72,861 | Clearway Energy, Inc., Class C | 1,092,186 | ||||||
213,779 | Contact Energy Ltd. (New Zealand) | 922,221 | ||||||
273,568 | EDP-Energias de Portugal SA (Portugal) | 1,004,626 | ||||||
23,524 | Emera, Inc. (Canada)(b) | 836,290 | ||||||
43,198 | Endesa SA (Spain) | 1,089,549 | ||||||
56,019 | Engie SA (France) | 845,203 | ||||||
39,064 | Fortum Oyj (Finland)(b) | 868,293 | ||||||
743,775 | HK Electric Investments & HK Electric Investments Ltd. (Hong Kong)(c) | 775,062 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Utilities (continued) | ||||||||
95,389 | Infratil Ltd. (New Zealand) | $ | 258,730 | |||||
92,128 | Just Energy Group, Inc. (Canada) | 332,976 | ||||||
946,354 | Keppel Infrastructure Trust (Singapore) | 360,696 | ||||||
155,468 | Mercury NZ Ltd. (New Zealand) | 390,961 | ||||||
89,094 | National Grid PLC (United Kingdom) | 1,004,795 | ||||||
48,054 | Northland Power, Inc. (Canada) | 910,363 | ||||||
68,526 | Pattern Energy Group, Inc., Class A | 1,429,452 | ||||||
113,613 | Power Assets Holdings Ltd. (Hong Kong) | 788,798 | ||||||
29,363 | PPL Corp. | 944,608 | ||||||
32,115 | Red Electrica Corp. SA (Spain) | 694,818 | ||||||
129,782 | REN—Redes Energeticas Nacionais SGPS SA (Portugal) | 385,713 | ||||||
633,415 | Spark Infrastructure Group (Australia) | 1,049,999 | ||||||
91,192 | SSE PLC (United Kingdom) | 1,441,585 | ||||||
66,141 | Suez (France) | 846,162 | ||||||
123,488 | Superior Plus Corp., Class Common Subscription Receipt (Canada) | 1,060,478 | ||||||
90,851 | TerraForm Power, Inc., Class A | 1,136,546 | ||||||
68,747 | TransAlta Renewables, Inc. (Canada) | 638,402 | ||||||
78,764 | United Utilities Group PLC (United Kingdom) | 880,227 | ||||||
|
| |||||||
29,825,922 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,624,060)—99.7% | 58,978,775 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—11.5% | ||||||||
6,785,502 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $6,785,502) | 6,785,502 | ||||||
|
| |||||||
Total Investments in Securities (Cost $67,409,562)—111.2% | 65,764,277 | |||||||
Other assets less liabilities—(11.2)% | (6,636,061 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 59,128,216 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco S&P High Income Infrastructure ETF (GHII)(continued)
February 28, 2019
(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) | All or a portion of this security was out on loan at February 28, 2019. |
(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 February 28, 2019 represented 1.31% 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 February 28, 2019. |
(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. |
This Fund has holdings greater than 10% of net assets in the following country:
Canada | 28.0 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Industrials | 66.3 | |||
Energy | 33.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.6 |
Schedule of Investments
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.4% | ||||||||
Belgium—4.3% | ||||||||
266,644 | Euronav NV | $ | 2,116,285 | |||||
|
| |||||||
Bermuda—10.4% | ||||||||
129,988 | Golar LNG Ltd. | 2,682,952 | ||||||
227,502 | Teekay Corp. | 932,758 | ||||||
105,840 | Teekay LNG Partners LP | 1,507,162 | ||||||
|
| |||||||
5,122,872 | ||||||||
|
| |||||||
China—6.7% | ||||||||
2,385,153 | COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares | 1,403,782 | ||||||
4,344,996 | COSCO SHIPPING Holdings Co. Ltd., H-Shares(a)(b) | 1,893,027 | ||||||
|
| |||||||
3,296,809 | ||||||||
|
| |||||||
Denmark—19.7% | ||||||||
7,232 | AP Moller—Maersk A/S, Class B | 9,757,014 | ||||||
|
| |||||||
Germany—2.3% | ||||||||
39,251 | Hapag-Lloyd AG(a)(c) | 1,157,604 | ||||||
|
| |||||||
Hong Kong—5.7% | ||||||||
7,568,437 | Pacific Basin Shipping Ltd. | 1,648,708 | ||||||
134,414 | Seaspan Corp. | 1,182,843 | ||||||
|
| |||||||
2,831,551 | ||||||||
|
| |||||||
Japan—17.3% | ||||||||
111,149 | Kawasaki Kisen Kaisha Ltd.(a)(b) | 1,569,585 | ||||||
152,729 | Mitsui OSK Lines Ltd. | 3,580,872 | ||||||
214,247 | Nippon Yusen K.K. | 3,377,682 | ||||||
|
| |||||||
8,528,139 | ||||||||
|
| |||||||
Monaco—9.7% | ||||||||
175,162 | Costamare, Inc. | 910,842 | ||||||
74,250 | GasLog Ltd. | 1,196,910 | ||||||
61,337 | GasLog Partners LP | 1,355,548 | ||||||
71,282 | Scorpio Tankers, Inc. | 1,312,302 | ||||||
|
| |||||||
4,775,602 | ||||||||
|
| |||||||
Norway—5.6% | ||||||||
176,514 | Golden Ocean Group Ltd. | 888,931 | ||||||
149,853 | Ship Finance International Ltd.(a) | 1,856,679 | ||||||
|
| |||||||
2,745,610 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea—6.3% | ||||||||
485,573 | Hyundai Merchant Marine Co. Ltd.(b) | $ | 1,726,942 | |||||
367,592 | Pan Ocean Co. Ltd.(b) | 1,413,564 | ||||||
|
| |||||||
3,140,506 | ||||||||
|
| |||||||
United Kingdom—4.8% | ||||||||
103,198 | Golar LNG Partners LP | 1,331,254 | ||||||
57,048 | KNOT Offshore Partners LP | 1,032,569 | ||||||
|
| |||||||
2,363,823 | ||||||||
|
| |||||||
United States—6.6% | ||||||||
241,368 | DHT Holdings, Inc. | 1,042,710 | ||||||
61,685 | Matson, Inc. | 2,227,445 | ||||||
|
| |||||||
3,270,155 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $60,198,885) | 49,105,970 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
129,826 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $129,826) | 129,826 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,328,711)—99.7% | 49,235,796 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.3% | ||||||||
3,619,590 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $3,619,590) | 3,619,590 | ||||||
|
| |||||||
Total Investments in Securities (Cost $63,948,301)—107.0% | 52,855,386 | |||||||
Other assets less liabilities—(7.0)% | (3,436,044 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 49,419,342 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Shipping ETF (SEA)(continued)
February 28, 2019
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at February 28, 2019. |
(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 value of this security at February 28, 2019 represented 2.34% 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 February 28, 2019. |
(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.
| 6 |
|
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Semiconductors & Semiconductor Equipment | 58.3 | |||
Independent Power & Renewable Electricity Producers | 23.9 | |||
Electrical Equipment | 14.0 | |||
Equity REITs | 3.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.7% | ||||||||
Electrical Equipment—14.0% | ||||||||
1,751,346 | Enphase Energy, Inc.(b)(c) | $ | 15,884,708 | |||||
1,143,150 | Sunrun, Inc.(b)(c) | 17,730,257 | ||||||
1,762,318 | Vivint Solar, Inc.(b)(c) | 9,216,923 | ||||||
|
| |||||||
42,831,888 | ||||||||
|
| |||||||
Equity REITs—3.5% | ||||||||
436,553 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 10,747,935 | ||||||
|
| |||||||
Independent Power & Renewable Electricity Producers—23.9% | ||||||||
505,777 | Atlantica Yield PLC (Spain) | 10,095,309 | ||||||
522,814,579 | Beijing Enterprises Clean Energy Group Ltd. (China)(b)(c) | 9,124,512 | ||||||
1,551,443 | Encavis AG (Germany)(b) | 10,599,774 | ||||||
167,110,342 | GCL New Energy Holdings Ltd. (China)(c) | 7,876,739 | ||||||
1,176,071 | Scatec Solar ASA (Norway)(b)(d) | 11,435,400 | ||||||
2,111,968 | Solaria Energia y Medio Ambiente SA (Spain)(b)(c) | 12,721,916 | ||||||
866,658 | TerraForm Power, Inc., Class A | 10,841,892 | ||||||
|
| |||||||
72,695,542 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—58.3% | ||||||||
587,582 | Canadian Solar, Inc. (Canada)(b)(c) | 14,489,772 | ||||||
361,400 | Daqo New Energy Corp. ADR (China)(b)(c) | 13,147,732 | ||||||
533,883 | First Solar, Inc.(c) | 28,055,552 | ||||||
229,524,748 | GCL-Poly Energy Holdings Ltd. (China)(b)(c) | 19,882,905 | ||||||
801,377 | JinkoSolar Holding Co. Ltd. ADR (China)(b)(c) | 16,500,352 | ||||||
17,789,942 | Meyer Burger Technology AG (Switzerland)(b)(c) | 14,464,819 | ||||||
84,110,189 | REC Silicon ASA(b)(c) | 6,121,471 | ||||||
447,672 | SMA Solar Technology AG (Germany)(b) | 11,785,752 | ||||||
500,773 | SolarEdge Technologies, Inc.(b)(c) | 21,162,667 | ||||||
1,565,589 | SunPower Corp.(b)(c) | 10,098,049 | ||||||
44,311,399 | Xinyi Solar Holdings Ltd. (China) | 21,789,345 | ||||||
|
| |||||||
177,498,416 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $282,077,719) | 303,773,781 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.2% | ||||||||
495,660 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $495,660) | $ | 495,660 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $282,573,379)—99.9% | 304,269,441 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—28.4% | ||||||||
86,571,043 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $86,571,043) | 86,571,043 | ||||||
|
| |||||||
Total Investments in Securities (Cost $369,144,422)—128.3% | 390,840,484 | |||||||
Other assets less liabilities—(28.3)% | (86,307,826 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 304,532,658 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at February 28, 2019. |
(c) | Non-income producing security. |
(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 value of this security at February 28, 2019 represented 3.76% 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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Solar ETF (TAN)(continued)
February 28, 2019
(Unaudited)
(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. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 29.0 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco S&P High Income Infrastructure ETF (GHII) | Invesco Shipping ETF (SEA) | Invesco Solar ETF (TAN) | ||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 58,978,775 | $ | 49,105,970 | $ | 303,773,781 | ||||||
Affiliated investments in securities, at value | 6,785,502 | 3,749,416 | 87,066,703 | |||||||||
Foreign currencies, at value | 9,416 | 2,187 | — | |||||||||
Cash segregated as collateral | — | 1,174,038 | — | |||||||||
Receivables: | ||||||||||||
Dividends | 141,624 | 12,538 | 758 | |||||||||
Foreign tax reclaims | 37,112 | 304,291 | 91,828 | |||||||||
Securities lending | 1,957 | 11,956 | 191,771 | |||||||||
Investments sold | — | — | 736,266 | |||||||||
Shares sold | — | 316,679 | — | |||||||||
Other assets | — | — | 2,558 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 65,954,386 | 54,677,075 | 391,863,665 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Due to custodian | 7,768 | — | — | |||||||||
Due to foreign custodian | — | — | 1,867 | |||||||||
Payables: | ||||||||||||
Collateral upon return of securities loaned | 6,785,502 | 3,619,590 | 86,571,043 | |||||||||
Investments purchased | — | 440,348 | — | |||||||||
Collateral upon receipt of securitiesin-kind | — | 1,174,038 | — | |||||||||
Accrued advisory fees | 32,900 | 23,757 | 113,475 | |||||||||
Accrued trustees’ and officer’s fees | — | — | 9,814 | |||||||||
Accrued expenses | — | — | 634,808 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 6,826,170 | 5,257,733 | 87,331,007 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 59,128,216 | $ | 49,419,342 | $ | 304,532,658 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Shares of beneficial interest | $ | 62,875,832 | $ | 102,831,096 | $ | 697,344,614 | ||||||
Distributable earnings | (3,747,616 | ) | (53,411,754 | ) | (392,811,956 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 59,128,216 | $ | 49,419,342 | $ | 304,532,658 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 2,250,000 | 5,500,000 | 12,248,000 | |||||||||
Net asset value | $ | 26.28 | $ | 8.99 | $ | 24.86 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 26.27 | $ | 8.99 | $ | 24.92 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 60,624,060 | $ | 60,198,885 | $ | 282,077,719 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 6,785,502 | $ | 3,749,416 | $ | 87,066,703 | ||||||
|
|
|
|
|
| |||||||
Foreign currencies (due to foreign custodian), at cost | $ | 9,414 | $ | 2,201 | $ | (1,859 | ) | |||||
|
|
|
|
|
| |||||||
(a) Includes securities on loan with an aggregate value of: | $ | 6,631,920 | $ | 3,468,798 | $ | 81,797,662 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco S&P High Income Infrastructure ETF (GHII) | Invesco Shipping ETF (SEA) | Invesco Solar ETF (TAN) | ||||||||||
Investment Income: | ||||||||||||
Unaffiliated dividend income | $ | 1,336,310 | $ | 580,662 | $ | 568,594 | ||||||
Affiliated dividend income | 884 | 149 | 3,322 | |||||||||
Securities lending income | 9,839 | 50,557 | 1,273,702 | |||||||||
Foreign withholding tax | (108,174 | ) | (8,484 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total Income | 1,238,859 | 622,884 | 1,845,618 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Advisory fees | 125,611 | 179,988 | 682,234 | |||||||||
Professional fees | — | — | 14,611 | |||||||||
Accounting & administration fees | — | — | 30,849 | |||||||||
Sub-licensing fees | — | — | 192,275 | |||||||||
Custodian & transfer agent fees | — | — | 5,352 | |||||||||
Trustees’ and officer’s fees | — | — | 3,186 | |||||||||
Printing | — | — | 13,232 | |||||||||
Insurance | — | — | 1,623 | |||||||||
Intraday valuation fees | — | — | 1,039 | |||||||||
Listing fee and expense | — | — | 2,481 | |||||||||
Recapture (See Note 3) | — | — | 7,313 | |||||||||
Other | — | — | 934 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 125,611 | 179,988 | 955,129 | |||||||||
|
|
|
|
|
| |||||||
Less: Waivers | (77 | ) | (15 | ) | (289 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 125,534 | 179,973 | 954,840 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 1,113,325 | 442,911 | 890,778 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investment securities | 47,822 | (713,279 | ) | (15,743,143 | ) | |||||||
In-kind redemptions | 245,713 | (1,179,014 | ) | 5,467,150 | ||||||||
Foreign currencies | (11,187 | ) | (330 | ) | 3,582 | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 282,348 | (1,892,623 | ) | (10,272,411 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||
Investment securities | (1,049,515 | ) | (6,433,755 | ) | 41,483,517 | |||||||
Foreign currencies | 1,915 | (6,946 | ) | (1,958 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (1,047,600 | ) | (6,440,701 | ) | 41,481,559 | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (765,252 | ) | (8,333,324 | ) | 31,209,148 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | 348,073 | $ | (7,890,413 | ) | $ | 32,099,926 | |||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
(This Page Intentionally Left Blank)
| 11 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019 and the years ended August 31, 2018 and May 31, 2018(a)
(Unaudited)
Invesco S&P High Income Infrastructure ETF (GHII) | ||||||||
Six Months Ended February 28, 2019 | Year Ended August 31, 2018 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,113,325 | $ | 2,311,484 | ||||
Net realized gain (loss) | 282,348 | (130,516 | ) | |||||
Net change in unrealized appreciation (depreciation) | (1,047,600 | ) | (1,597,422 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 348,073 | 583,546 | ||||||
|
|
|
| |||||
Distributions to Shareholders from: | ||||||||
Distributable earnings | (1,468,528 | ) | (2,415,309 | ) | ||||
Return of capital | — | — | ||||||
|
|
|
| |||||
Total distributions to shareholders | (1,468,528 | ) | (2,415,309 | ) | ||||
|
|
|
| |||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 2,619,389 | 37,535,728 | ||||||
Value of shares repurchased | (2,550,626 | ) | (10,932,189 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from shares transactions | 68,763 | 26,603,539 | ||||||
|
|
|
| |||||
Increase (Decrease) in Net Assets | (1,051,692 | ) | 24,771,776 | |||||
|
|
|
| |||||
Net Assets: | ||||||||
Beginning of period | 60,179,908 | 35,408,132 | ||||||
|
|
|
| |||||
End of period | $ | 59,128,216 | $ | 60,179,908 | ||||
|
|
|
| |||||
Changes in Shares Outstanding: | ||||||||
Shares sold | 100,000 | 1,400,000 | ||||||
Shares repurchased | (100,000 | ) | (400,000 | ) | ||||
Shares outstanding, beginning of period | 2,250,000 | 1,250,000 | ||||||
|
|
|
| |||||
Shares outstanding, end of period | 2,250,000 | 2,250,000 | ||||||
|
|
|
|
(a) | Effective August 31, 2018, Invesco Shipping ETF changed its fiscal year end to August 31. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Shipping ETF (SEA) | Invesco Solar ETF (TAN) | |||||||||||||||||
Six Months Ended February 28, 2019 | Three Months Ended August 31, 2018 | Year Ended May 31, 2018 | Six Months Ended February 28, 2019 | Year Ended August 31, 2018 | ||||||||||||||
$ | 442,911 | $ | 295,850 | $ | 2,728,072 | $ | 890,778 | $ | 8,835,390 | |||||||||
(1,892,623 | ) | (8,562,003 | ) | (2,299,055 | ) | (10,272,411 | ) | 33,736,621 | ||||||||||
(6,440,701 | ) | 3,915,388 | 283,575 | 41,481,559 | (33,134,605 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(7,890,413 | ) | (4,350,765 | ) | 712,592 | 32,099,926 | 9,437,406 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(290,198 | ) | (85,244 | ) | (5,308,659 | ) | (1,690,755 | ) | (7,869,391 | ) | |||||||||
— | (864,886 | ) | (71,081 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(290,198 | ) | (950,130 | ) | (5,379,740 | ) | (1,690,755 | ) | (7,869,391 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
2,739,554 | — | 25,524,866 | 3,703,555 | 122,053,573 | ||||||||||||||
(13,659,684 | ) | (4,183,730 | ) | (46,337,290 | ) | (48,963,254 | ) | (164,246,290 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(10,920,130 | ) | (4,183,730 | ) | (20,812,424 | ) | (45,259,699 | ) | (42,192,717 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
(19,100,741 | ) | (9,484,625 | ) | (25,479,572 | ) | (14,850,528 | ) | (40,624,702 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
68,520,083 | 78,004,708 | 103,484,280 | 319,383,186 | 360,007,888 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
$ | 49,419,342 | $ | 68,520,083 | $ | 78,004,708 | $ | 304,532,658 | $ | 319,383,186 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
300,000 | — | 2,200,000 | 160,000 | 4,960,000 | ||||||||||||||
(1,500,000 | ) | (400,000 | ) | (4,100,000 | ) | (2,480,000 | ) | (7,040,000 | ) | |||||||||
6,700,000 | 7,100,000 | 9,000,000 | 14,568,000 | 16,648,000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||
5,500,000 | 6,700,000 | 7,100,000 | 12,248,000 | 14,568,000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| 13 |
|
Invesco S&P High Income Infrastructure ETF (GHII)
Six Months Ended February 28, 2019 (Unaudited) | Years Ended August 31, | For the Period February 11, 2015(a) Through August 31, 2015 | ||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 26.75 | $ | 28.33 | $ | 26.28 | $ | 22.87 | $ | 25.05 | ||||||||||
Net investment income(b) | 0.50 | 1.53 | 1.76 | 1.34 | 0.71 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.31 | ) | (1.43 | ) | 1.57 | 3.34 | (2.45 | ) | ||||||||||||
Total from investment operations | 0.19 | 0.10 | 3.33 | 4.68 | (1.74 | ) | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.66 | ) | (1.38 | ) | (1.27 | ) | (1.27 | ) | (0.44 | ) | ||||||||||
Capital gains | — | (0.30 | ) | (0.01 | ) | — | — | |||||||||||||
Total distributions to shareholders | (0.66 | ) | (1.68 | ) | (1.28 | ) | (1.27 | ) | (0.44 | ) | ||||||||||
Net asset value at end of period | $ | 26.28 | $ | 26.75 | $ | 28.33 | $ | 26.28 | $ | 22.87 | ||||||||||
Market price at end of period | $ | 26.27 | (c) | $ | 26.77 | (c) | $ | 28.35 | $ | 26.48 | $ | 22.56 | ||||||||
Net Asset Value Total Return(d) | 0.89 | % | 0.40 | % | 12.98 | % | 21.35 | % | (7.02 | )% | ||||||||||
Market Price Total Return(d) | 0.77 | % | 0.37 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 59,128 | $ | 60,180 | $ | 35,408 | $ | 3,943 | $ | 2,287 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.45 | %(e) | 0.44 | % | 0.45 | % | 0.45 | % | 0.45 | %(e) | ||||||||||
Net investment income | 3.99 | %(e) | 5.66 | % | 6.46 | % | 5.82 | % | 5.13 | %(e) | ||||||||||
Portfolio turnover rate(f) | 27 | % | 45 | % | 66 | % | 61 | % | 13 | % |
(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) | 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 Shipping ETF (SEA)
Six Months Ended February 28, 2019 (Unaudited) | Three Months Ended August 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.23 | $ | 10.99 | $ | 11.50 | $ | 12.01 | $ | 19.60 | $ | 22.68 | $ | 17.51 | ||||||||||||||
Net investment income(a) | 0.07 | 0.04 | 0.30 | 0.57 | 1.02 | 0.99 | 0.56 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.27 | ) | (0.66 | ) | (0.21 | ) | (0.38 | ) | (7.15 | ) | (3.35 | ) | 5.06 | |||||||||||||||
Total from investment operations | (1.20 | ) | (0.62 | ) | 0.09 | 0.19 | (6.13 | ) | (2.36 | ) | 5.62 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.01 | ) | (0.59 | ) | (0.70 | ) | (1.46 | ) | (0.72 | ) | (0.45 | ) | ||||||||||||||
Return of capital | — | (0.13 | ) | (0.01 | ) | — | — | — | — | |||||||||||||||||||
Total distributions to shareholders | (0.04 | ) | (0.14 | ) | (0.60 | ) | (0.70 | ) | (1.46 | ) | (0.72 | ) | (0.45 | ) | ||||||||||||||
Net asset value at end of period | $ | 8.99 | $ | 10.23 | $ | 10.99 | $ | 11.50 | $ | 12.01 | $ | 19.60 | $ | 22.68 | ||||||||||||||
Market price at end of period | $ | 8.99 | (b) | $ | 10.20 | (b) | $ | 10.96 | (b) | $ | 11.49 | $ | 12.00 | $ | 19.55 | $ | 22.69 | |||||||||||
Net Asset Value Total Return(c) | (11.74 | )% | (5.67 | )% | 0.58 | % | 1.83 | % | (32.56 | )% | (10.52 | )% | 32.57 | % | ||||||||||||||
Market Price Total Return(c) | (11.48 | )% | (5.69 | )% | 0.40 | % | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 49,419 | $ | 68,520 | $ | 78,005 | $ | 103,484 | $ | 37,225 | $ | 70,577 | $ | 117,953 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.65 | %(d)(e) | 0.65 | %(d) | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.66 | % | ||||||||||||||
Net investment income | 1.60 | %(d) | 1.66 | %(d) | 2.58 | % | 4.84 | % | 6.95 | % | 4.82 | % | 2.72 | % | ||||||||||||||
Portfolio turnover rate(f) | 8 | % | 45 | % | 37 | % | 24 | % | 34 | % | 27 | % | 18 | % |
(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. |
See accompanying Notes to Financial Statements which are in integral part of the financial statements.
| 14 |
|
Financial Highlights(continued)
Invesco Solar ETF (TAN)
Six Months Ended February 28, 2019 (Unaudited) | Years Ended August 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.92 | $ | 21.62 | $ | 20.89 | $ | 29.72 | $ | 43.58 | $ | 27.23 | ||||||||||||
Net investment income(a) | 0.07 | 0.54 | 0.49 | 0.80 | 0.72 | 0.52 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.00 | 0.20 | 1.07 | (9.14 | ) | (13.94 | ) | 16.28 | ||||||||||||||||
Total from investment operations | 3.07 | 0.74 | 1.56 | (8.34 | ) | (13.22 | ) | 16.80 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.44 | ) | (0.83 | ) | (0.49 | ) | (0.64 | ) | (0.45 | ) | ||||||||||||
Net asset value at end of period | $ | 24.86 | $ | 21.92 | $ | 21.62 | $ | 20.89 | $ | 29.72 | $ | 43.58 | ||||||||||||
Market price at end of period | $ | 24.92 | (b) | $ | 21.82 | (b) | $ | 21.70 | $ | 20.91 | $ | 29.57 | $ | 43.39 | ||||||||||
Net Asset Value Total Return(c) | 14.22 | % | 3.19 | % | 8.72 | % | (28.59 | )% | (30.51 | )% | 62.06 | % | ||||||||||||
Market Price Total Return(c) | 15.02 | % | 2.33 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 304,533 | $ | 319,383 | $ | 360,008 | $ | 230,754 | $ | 266,545 | $ | 429,167 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.65 | % | 0.70 | % | 0.71 | % | 0.70 | % | 0.71 | % | ||||||||||||
Expenses, prior to Waivers | 0.70 | %(d) | 0.69 | % | 0.76 | % | 0.88 | % | 0.73 | % | 0.76 | % | ||||||||||||
Net investment income, after Waivers | 0.65 | %(d) | 2.23 | % | 2.57 | % | 3.26 | % | 1.83 | % | 1.28 | % | ||||||||||||
Portfolio turnover rate(e) | 16 | % | 54 | % | 57 | % | 53 | % | 51 | % | 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 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 in integral part of the financial statements.
| 15 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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 S&P High Income Infrastructure ETF (GHII) | “S&P High Income Infrastructure ETF” | |
Invesco Shipping ETF (SEA) | “Shipping ETF” | |
Invesco Solar ETF (TAN) | “Solar ETF” |
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.
The market price of each Share may differ to some degree from a 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 the Fund’s fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
S&P High Income Infrastructure ETF | S&P High Income Infrastructure Index | |
Shipping ETF | Dow Jones Global Shipping IndexSM | |
Solar ETF | MAC Global Solar Energy 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
| 16 |
|
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”) determines are significant and make the closing price unreliable, a 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 (“ADRs”) 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
Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities, which may have lower trading volumes.
Equity Risk.Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may
| 17 |
|
decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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 the 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 the 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, costs or liquidity constraints.
Industry 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Non-Diversification 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 diversified funds. 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.
Issuer-Specific Changes Risk.The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
Micro-Capitalization Securities Risk.For Shipping ETF and Solar ETF, micro-capitalization stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.
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.
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.
Emerging Markets Investment Risk.For Shipping ETF, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available 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. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Depositary Receipt Risk.Each Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in each Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of each Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change
| 18 |
|
materially when U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.
ADR and GDR Risk. ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly underlying foreign securities in their national markets and currencies. Global depositary receipts (“GDRs”) are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Risks of Investing in MLP Units. The Shipping ETF may invest in master limited partnerships (“MLP”). An MLP is an entity that is classified as a partnership under the Internal Revenue Code of 1986, as amended, and whose partnership interests or “units” are traded on securities exchanges like shares of corporate stock. An investment in MLPs involves risks that differ from a similar investment in equity securities, such as common stock, of a corporation. Investments in MLP units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights and (iv) conflicts of interest between the general partner or managing member and its affiliates and the limited partners or members.
Currency Risk.Because each Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on each Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
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 compared 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 each Fund 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 each Fund’s returns.
C. 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.
D. Foreign Currency Translations
The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.
The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized exchange gains and losses arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.
| 19 |
|
E. Investment Transactions and Investment Income
Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis.
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.
F. Dividends and Distributions to Shareholders
The Funds intend to pay substantially all of their net investment income to shareholders. Distribution frequency is as follows:
Fund | Frequency | |
S&P High Income Infrastructure ETF | Quarterly | |
Shipping ETF | Quarterly | |
Solar ETF | Annually |
Each Fund records such dividends on ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. 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.
G. Federal Income Taxes
Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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 recognize 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.
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.
H. Expenses
Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust 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.
Solar ETF is responsible for all of its expenses, including the investment advisory fees, cost of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
| 20 |
|
S&P High Income Infrastructure ETF and Shipping ETF have 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.
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.
I. 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.
J. Securities Lending
During the six-months period ended February 28, 2019, 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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the fiscal year ended August 31, 2018, distributions from distributable earnings consisted of:
Fund | Distributions to Shareholders from Net Investment Income | Distributions to Shareholders from Net Realized Gains | ||||||
S&P High Income Infrastructure ETF | $ | 2,046,184 | $ | 369,125 | ||||
Shipping ETF(a) | 85,244 | — | ||||||
Solar ETF | 7,869,391 | — |
(a) | For the fiscal period June 1, 2018 through August 31, 2018. |
For the year ended May 31, 2018, distributions from distributable earnings for Shipping ETF consisted of net investment income.
Note 3—Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each 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.
Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets.
| 21 |
|
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through at least May 18, 2020. Neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.
Further, the Adviser agrees to reimburse Solar ETF in the amount equal to the licensing fees that the Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.70% through at least May 18, 2020.
Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee equal to a percentage of its average daily net assets as stated below.
Fund | Unitary Management Fees (as a % of Net Assets) | |||
S&P High Income Infrastructure ETF | 0.45 | % | ||
Shipping ETF | 0.65 | % |
Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of S&P High Income Infrastructure ETF and Shipping ETF, 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 Adviser also has agreed to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of S&P High Income Infrastructure ETF and Shipping ETF (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and litigation expenses and other extraordinary expenses) from exceeding such Fund’s unitary management fee through at least April 6, 2020 for Shipping ETF, and May 18, 2020 for S&P High Income Infrastructure ETF. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Additionally, through at least 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 investment in money market funds managed by that affiliate (excluding investment of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration date.
For the six-month period ended February 28, 2019, the Adviser waived fees in the following amounts:
S&P High Income Infrastructure ETF | $ | 77 | ||
Shipping ETF | 15 | |||
Solar ETF | 289 |
The fees waived and/or expenses borne by the Adviser for Solar ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.
For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule at February 28, 2019 are as follows:
Fund | Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | ||||||||||||||||||
8/31/2019 | 8/31/2020 | 8/31/2021 | 02/28/2019 | |||||||||||||||||
Solar ETF | $ | 56,609 | $ | — | $ | — | $ | 56,609 | $ | — |
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 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.
| 22 |
|
The Adviser has entered into licensing agreements on behalf of each Fund with the following entities (each a “Licensor”):
Fund | Licensor | |
S&P High Income Infrastructure ETF | S&P Dow Jones Index Group | |
Shipping ETF | CME Group Index Services LLC | |
Solar ETF | MAC Indexing 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.
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. |
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. |
As of February 28, 2019, 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.
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 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 following table presents available capital loss carryforwards for each Fund as of August 31, 2018:
Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
S&P High Income Infrastructure ETF | $ | — | $ | — | $ | 1,851,341 | $ | 1,851,341 | ||||||||
Shipping ETF | — | 7,082,469 | 29,709,365 | 36,791,834 | ||||||||||||
Solar ETF | 21,764,929 | 71,458,522 | 279,844,671 | 373,068,122 |
* | Capital loss carryforwards as of the date listed above is 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. |
| 23 |
|
Note 6—Investment Transactions
For the six-month period ended February 28, 2019, 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 | |||||||
S&P High Income Infrastructure ETF | $ | 15,317,457 | $ | 15,581,602 | ||||
Shipping ETF | 4,206,017 | 4,839,962 | ||||||
Solar ETF | 45,417,621 | 45,662,279 |
For the six-month period ended February 28, 2019, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
S&P High Income Infrastructure ETF | $ | 2,619,724 | $ | 2,507,406 | ||||
Shipping ETF | 2,552,794 | 12,837,800 | ||||||
Solar ETF | 3,703,476 | 48,377,983 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At February 28, 2019, 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 | |||||||||||||
S&P High Income Infrastructure ETF | $ | 2,659,849 | $ | (5,046,034 | ) | $ (2,386,185) | $ | 68,150,462 | ||||||||
Shipping ETF | 499,312 | (14,086,906 | ) | (13,587,594 | ) | 66,442,980 | ||||||||||
Solar ETF | 53,359,015 | (62,892,079 | ) | (9,533,064 | ) | 400,373,548 |
Note 7—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by each Fund to pay remuneration to the Independent Trustees, and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for S&P High Income Infrastructure ETF and Shipping ETF. 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 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 a 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 8—Capital
Shares are issued and redeemed by the Funds only in Creation Units of 50,000 shares for S&P High Income Infrastructure ETF, 80,000 shares for Solar ETF and 100,000 shares for Shipping ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for Deposit Securities. 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 Participating 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.
| 24 |
|
Note 9—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 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.
| 25 |
|
As a shareholder of Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco S&P High Income Infrastructure ETF and Invesco Shipping ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder of the Invesco S&P High Income Infrastructure ETF and Invesco Shipping ETF 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 thesix-month period ended February 28, 2019.
In addition to the fees and expenses which the Invesco Shipping 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 is included in the 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 theSix-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, if these transaction costs were included, your costs would have been higher.
Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P High Income Infrastructure ETF (GHII) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,008.89 | 0.45 | % | $ | 2.24 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||
Invesco Shipping ETF (SEA) | ||||||||||||||||
Actual | 1,000.00 | 882.61 | 0.65 | 3.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
Invesco Solar ETF (TAN) | ||||||||||||||||
Actual | 1,000.00 | 1,142.21 | 0.70 | 3.72 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.32 | 0.70 | 3.51 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended February 28, 2019. 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. |
| 26 |
|
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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-SAR-2 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
PLW | Invesco 1-30 Laddered Treasury ETF | |
PWZ | Invesco California AMT-Free Municipal Bond ETF | |
PCEF | Invesco CEF Income Composite ETF | |
PHB | Invesco Fundamental High Yield® Corporate Bond ETF | |
PFIG | Invesco Fundamental Investment Grade 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 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Fixed Income Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
9 | ||||
12 | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | 19 | |||
33 | ||||
38 | ||||
48 | ||||
51 | ||||
56 | ||||
64 | ||||
67 | ||||
73 | ||||
Statements of Assets and Liabilities | 76 | |||
Statements of Operations | 78 | |||
Statements of Changes in Net Assets | 80 | |||
Financial Highlights | 86 | |||
Notes to Financial Statements | 95 | |||
Fees and Expenses | 109 |
| 2 |
|
Invesco1-30 Laddered Treasury ETF (PLW)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Duration Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Maturing in0-5 Years | 20.1 | |||
Maturing in6-10 Years | 13.4 | |||
Maturing in11-15 Years | 13.3 | |||
Maturing in16-20 Years | 23.3 | |||
Maturing in21-25 Years | 16.5 | |||
Maturing in26-30 Years | 13.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Principal Amount | Value | |||||||
Long-Term Investments—96.4% | ||||||||
U.S. Treasury Securities—96.4% | ||||||||
U.S. Treasury Bonds—93.0% | ||||||||
$ | 4,936,200 | 7.875%, 02/15/2021 | $ | 5,438,111 | ||||
4,634,300 | 7.125%, 02/15/2023 | 5,432,993 | ||||||
4,700,800 | 6.250%, 08/15/2023 | 5,434,198 | ||||||
4,252,300 | 7.625%, 02/15/2025 | 5,429,489 | ||||||
4,473,700 | 6.000%, 02/15/2026 | 5,430,915 | ||||||
4,225,800 | 6.625%, 02/15/2027 | 5,427,347 | ||||||
4,228,900 | 6.125%, 11/15/2027 | 5,349,724 | ||||||
4,441,700 | 5.250%, 02/15/2029 | 5,414,883 | ||||||
4,003,300 | 6.250%, 05/15/2030 | 5,348,706 | ||||||
12,838,900 | 5.375%, 02/15/2031 | 16,246,475 | ||||||
13,202,500 | 4.500%, 02/15/2036 | 16,164,811 | ||||||
4,254,100 | 4.750%, 02/15/2037 | 5,389,828 | ||||||
4,414,700 | 4.375%, 02/15/2038 | 5,377,570 | ||||||
4,946,400 | 3.500%, 02/15/2039 | 5,373,124 | ||||||
4,265,800 | 4.625%, 02/15/2040 | 5,365,910 | ||||||
4,191,600 | 4.750%, 02/15/2041 | 5,365,657 | ||||||
5,288,400 | 3.125%, 02/15/2042 | 5,356,984 | ||||||
5,301,800 | 3.125%, 02/15/2043 | 5,352,436 | ||||||
4,890,000 | 3.625%, 02/15/2044 | 5,357,415 | ||||||
5,969,500 | 2.500%, 02/15/2045 | 5,344,102 | ||||||
5,987,900 | 2.500%, 02/15/2046 | 5,340,692 | ||||||
5,425,700 | 3.000%, 02/15/2047 | 5,347,918 | ||||||
5,447,000 | 3.000%, 02/15/2048 | 5,353,167 | ||||||
5,440,000 | 3.000%, 02/15/2049 | 5,349,475 | ||||||
|
| |||||||
150,791,930 | ||||||||
|
| |||||||
U.S. Treasury Notes—3.4% | ||||||||
5,515,200 | 2.000%, 02/15/2022 | 5,440,120 | ||||||
|
| |||||||
Total Long-Term Investments(Cost $163,506,221) | 156,232,050 | |||||||
|
| |||||||
Principal Amount | Value | |||||||
Short-Term Investments—3.4% | ||||||||
U.S. Treasury Securities—3.4% | ||||||||
U.S. Treasury Bonds—3.4% | ||||||||
$ | 5,147,200 | 8.500%, 02/15/2020 (Cost $5,453,036) | $ | 5,436,026 | ||||
|
| |||||||
Number of Shares | ||||||||
Money Market Fund—0.0% | ||||||||
61,206 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(a) (Cost $61,206) | 61,206 | ||||||
|
| |||||||
Total Short-Term Investments(Cost $5,514,242) | 5,497,232 | |||||||
|
| |||||||
Total Investments in Securities (Cost $169,020,463)—99.8% | 161,729,282 | |||||||
Other assets less liabilities—0.2% | 342,259 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 162,071,541 | ||||||
|
|
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 the7-day SEC standardized yield as of February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Ad Valorem Property Tax | 21.5 | |||
Health, Hospital, Nursing Home Revenue | 12.2 | |||
Water Revenue | 10.0 | |||
Port, Airport & Marina Revenue | 9.8 | |||
College & University Revenue | 7.9 | |||
Lease Revenue | 6.6 | |||
Sales Tax Revenue | 5.5 | |||
Electric Power Revenue | 4.2 | |||
General Fund | 4.2 | |||
Hotel Occupancy Tax | 3.8 | |||
Tax Increment Revenue | 3.1 | |||
Highway Tolls Revenue | 2.0 | |||
Miscellaneous Revenue | 1.6 | |||
Transit Revenue | 1.2 | |||
Special Tax | 0.9 | |||
Sewer Revenue | 0.9 | |||
Natural Gas Revenue | 0.8 | |||
Recreational Revenue | 0.4 | |||
Local or GTD Housing | 0.3 | |||
Other Assets Less Liabilities | 3.1 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—96.9% | ||||||||||||||||
Ad Valorem Property Tax—21.5% | ||||||||||||||||
$ | 775,000 | California State Ref. Ser. 12 | 5.000 | % | 02/01/2038 | $ | 834,838 | |||||||||
1,500,000 | California State Ref. Ser. 15 | 5.000 | 08/01/2035 | 1,713,855 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 09 | 5.500 | 11/01/2039 | 1,024,810 | ||||||||||||
1,540,000 | California State Various Purpose Ser. 09 | 6.000 | 11/01/2039 | 1,583,844 | ||||||||||||
1,965,000 | California State Various Purpose Ser. 13 | 5.000 | 11/01/2043 | 2,169,556 | ||||||||||||
800,000 | Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM | 5.000 | 08/01/2050 | 878,680 | ||||||||||||
4,750,000 | Chabot-Las Positas California Community College District (Election 2016) Ser. 17A | 4.000 | 08/01/2047 | 4,909,172 | ||||||||||||
2,000,000 | Chaffey California Joint Union High School District (Election 2012) Ser. 15B | 5.000 | 08/01/2044 | 2,260,940 | ||||||||||||
1,500,000 | Coachella Valley California Unified School District (2005 Election) Ser. 16E AGM | 4.000 | 08/01/2045 | 1,546,710 | ||||||||||||
2,745,000 | Contra Costa California Community College District (Election of 2006) Ser. 13 | 5.000 | 08/01/2038 | 3,082,553 | ||||||||||||
2,000,000 | Jurupa California Unified School District Ser. 17B | 4.000 | 08/01/2041 | 2,066,020 | ||||||||||||
250,000 | Los Angeles California Community College District (2008 Election) Ser. 17J | 4.000 | 08/01/2041 | 259,360 | ||||||||||||
1,000,000 | Los Angeles California Community College District Ref. Ser. 16 | 5.000 | 08/01/2036 | 1,162,210 | ||||||||||||
1,215,000 | Los Angeles California Community College District Ref. Ser.16 | 4.000 | 08/01/2037 | 1,281,254 | ||||||||||||
1,000,000 | Los Angeles California Unified School District (Election 2008) Ser.18B-1 | 5.000 | 07/01/2038 | 1,163,050 | ||||||||||||
3,000,000 | Madera California Unified School District Election 2014 Ser. 17 | 4.000 | 08/01/2046 | 3,098,880 | ||||||||||||
5,000,000 | Marin California Healthcare District (Election 2013) Ser. 17A | 5.000 | 08/01/2041 | 5,789,600 | ||||||||||||
3,000,000 | Morgan Hill California Unified School District (Election 2012) Ser. 17B | 4.000 | 08/01/2047 | 3,082,920 | ||||||||||||
1,100,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser.07A-4 AGM | 5.000 | 07/01/2031 | 1,124,849 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 1,000,000 | San Diego California Community College District (Election of 2006) Ser. 13 | 5.000 | % | 08/01/2043 | $ | 1,120,280 | |||||||||
1,000,000 | San Diego California Unified School District (Election 2012) Ser. 13C | 5.000 | 07/01/2035 | 1,124,490 | ||||||||||||
1,000,000 | San Diego California Unified School District (Election 2012) Ser. 16F | 5.000 | 07/01/2040 | 1,138,020 | ||||||||||||
13,535,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 5.000 | 07/01/2041 | 15,537,368 | ||||||||||||
3,000,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 5.000 | 07/01/2047 | 3,404,820 | ||||||||||||
5,000,000 | San Rafael California High School District (Election 2015) Ser. 18B | 4.000 | 08/01/2047 | 5,200,650 | ||||||||||||
1,000,000 | Simi Valley California Unified School District (Election 2016) Ser. 17A | 4.000 | 08/01/2046 | 1,041,830 | ||||||||||||
|
| |||||||||||||||
67,600,559 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—7.9% | ||||||||||||||||
1,500,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2046 | 1,688,400 | ||||||||||||
2,000,000 | California State Educational Facilities Auth. (University of San Francisco) Rev. Ser. 18A | 5.000 | 10/01/2053 | 2,247,880 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A | 5.000 | 01/01/2048 | 1,158,170 | ||||||||||||
1,500,000 | California State University Systemwide Rev. Ref. Ser. 16A | 5.000 | 11/01/2045 | 1,679,355 | ||||||||||||
500,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2037 | 578,905 | ||||||||||||
2,940,000 | California State University Systemwide Rev. Ser. 12A | 5.000 | 11/01/2037 | 3,263,253 | ||||||||||||
3,000,000 | California State University Systemwide Rev. Ser. 18A | 5.000 | 11/01/2048 | 3,456,270 | ||||||||||||
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 | 1,646,400 | ||||||||||||
745,000 | University of California (Limited Project) Rev. Ser. 12G(a) | 5.000 | 05/15/2022 | 827,815 | ||||||||||||
755,000 | University of California (Limited Project) Rev. Ser. 12G | 5.000 | 05/15/2037 | 824,626 | ||||||||||||
1,500,000 | University of California (Limited Project) Rev. Ser. 18O | 5.000 | 05/15/2058 | 1,680,270 | ||||||||||||
1,500,000 | University of California General Rev. Ser. 13AI | 5.000 | 05/15/2038 | 1,661,475 | ||||||||||||
1,500,000 | University of California General Rev. Ser. 18AZ | 5.000 | 05/15/2048 | 1,711,680 | ||||||||||||
2,000,000 | University of California Rev. Ser. 17AV | 5.250 | 05/15/2042 | 2,334,960 | ||||||||||||
|
| |||||||||||||||
24,759,459 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—4.2% | ||||||||||||||||
2,500,000 | Los Angeles California Department of Water & Power (Power System) Rev. Ref. Ser. 16A | 5.000 | 07/01/2046 | 2,794,650 | ||||||||||||
4,445,000 | Los Angeles California Department of Water & Power (Power System) Rev. Ser. 12B | 5.000 | 07/01/2043 | 4,855,407 | ||||||||||||
1,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 14D | 5.000 | 07/01/2039 | 1,120,520 | ||||||||||||
1,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 15E | 5.000 | 07/01/2044 | 1,110,000 | ||||||||||||
1,500,000 | Los Angeles California Department of Water & Power Rev. Ser. 16B | 5.000 | 07/01/2042 | 1,684,905 | ||||||||||||
1,500,000 | Los Angeles California Department of Water & Power System Rev. Ser. 17A | 5.000 | 07/01/2042 | 1,704,510 | ||||||||||||
|
| |||||||||||||||
13,269,992 | ||||||||||||||||
|
| |||||||||||||||
General Fund—4.2% | ||||||||||||||||
2,000,000 | California State Ser. 16 | 5.000 | 09/01/2046 | 2,258,880 | ||||||||||||
1,000,000 | California State Various Purpose Ref. Ser. 16 | 5.000 | 09/01/2036 | 1,153,190 | ||||||||||||
2,585,000 | California State Various Purpose Ref. Ser.16 | 5.000 | 09/01/2034 | 3,003,382 | ||||||||||||
3,230,000 | California State Various Purpose Ser. 09 | 6.000 | 04/01/2038 | 3,240,498 | ||||||||||||
1,160,000 | California State Various Purpose Ser. 13 | 5.000 | 04/01/2037 | 1,277,960 | ||||||||||||
2,000,000 | California State Various Purpose Ser. 13 | 5.000 | 04/01/2043 | 2,185,480 | ||||||||||||
|
| |||||||||||||||
13,119,390 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—12.2% | ||||||||||||||||
1,000,000 | California State Health Facilities Auth. (Lucile Packard Stanford Hospital) Rev. Ser. 16B | 5.000 | 08/15/2055 | 1,092,250 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B | 5.000 | 08/15/2035 | 577,045 | ||||||||||||
1,500,000 | California State Health Facilities Financing Auth. (Children’s Hospital) Ref. Ser. 17A | 5.000 | 08/15/2042 | 1,657,185 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Kaiser Permanente) Rev.Sub.-Ser.17A-2 | 5.000 | 11/01/2047 | 1,302,740 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Providence St. Joseph Health) Rev. Ref. Ser. 16A | 4.000 | 10/01/2036 | 525,305 | ||||||||||||
3,305,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 11D | 5.000 | 08/15/2035 | 3,531,789 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 15A | 5.000 | 08/15/2043 | 1,104,940 | ||||||||||||
685,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 16B | 4.000 | 11/15/2041 | 704,598 | ||||||||||||
10,000,000 | California State Health Facilities Financing Auth. (Sutter Health) Rev. Ref. Ser. 17A | 5.000 | 11/15/2048 | 11,211,100 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 4.000 | 02/01/2042 | 1,010,300 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Eisenhower Medical Center) Rev. Ref. Ser. 17A | 5.000 | 07/01/2042 | 1,096,930 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A | 5.000 | 11/01/2047 | 1,047,300 | ||||||||||||
500,000 | California State Municipal Financing Auth. (Northbay Healthcare) Rev. Ser. 17A | 5.250 | 11/01/2047 | 534,100 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue (continued) | ||||||||||||||||
$ | 1,000,000 | California Statewide Communities Development Auth. (Cottage Health System Obligated Group) Rev. Ref. Ser. 15 | 5.000 | % | 11/01/2043 | $ | 1,106,090 | |||||||||
1,650,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A | 4.000 | 08/15/2046 | 1,665,510 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 16A | 5.000 | 08/15/2051 | 1,106,990 | ||||||||||||
850,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A | 5.000 | 12/01/2057 | 937,524 | ||||||||||||
5,000,000 | California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 02E(b) | 1.680 | 11/01/2036 | 5,000,000 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (Kaiser Permanente) Rev. Ser. 12A | 5.000 | 04/01/2042 | 1,072,170 | ||||||||||||
1,000,000 | California Statewide Communities Development Auth. (Marin General) Rev. Ser. 18A | 4.000 | 08/01/2045 | 1,007,270 | ||||||||||||
1,045,000 | California Statewide Communities Development Auth. (Trinity Health) Rev. Ref. Ser. 11 | 5.000 | 12/01/2041 | 1,122,393 | ||||||||||||
|
| |||||||||||||||
38,413,529 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—2.0% | ||||||||||||||||
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 | 3,082,920 | ||||||||||||
2,000,000 | Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref.Sub.-Ser. 14 B-1 | 3.950 | 01/15/2053 | 2,003,300 | ||||||||||||
1,000,000 | San Diego California Association of Governments South Bay Expressway Toll (Senior Lien) Rev. Ser. 17A | 5.000 | 07/01/2042 | 1,127,540 | ||||||||||||
|
| |||||||||||||||
6,213,760 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—3.8% | ||||||||||||||||
4,500,000 | Sacramento County California Transient Occupancy Tax (Convention Center Complex) Rev. Ser. 18A | 5.000 | 06/01/2043 | 5,157,900 | ||||||||||||
6,000,000 | Sacramento County California Transient Occupancy Tax (Convention Center Complex) Rev. Ser. 18A | 5.000 | 06/01/2048 | 6,829,380 | ||||||||||||
|
| |||||||||||||||
11,987,280 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—6.6% | ||||||||||||||||
540,000 | Anaheim California Public Financing Auth. Lease Rev. Ref. Ser. 14A | 5.000 | 05/01/2039 | 599,076 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A | 5.000 | 06/01/2042 | 1,139,790 | ||||||||||||
670,000 | California State Public Works Board Lease (Various Capital Projects) Rev. Ref. Ser. 16C | 5.000 | 11/01/2034 | 780,141 | ||||||||||||
5,000,000 | Los Angeles County California Facilities Inc. Lease (Vermont Corridor County Administration Building) Rev. Ser. 18A | 5.000 | 12/01/2043 | 5,711,350 | ||||||||||||
1,130,000 | Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12 | 5.000 | 08/01/2037 | 1,240,322 | ||||||||||||
2,330,000 | Los Angeles County California Public Works Financing Auth. Lease (Multiple Capital Project II) Rev. Ser. 12 | 5.000 | 08/01/2042 | 2,551,839 | ||||||||||||
2,000,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2044 | 2,267,920 | ||||||||||||
1,050,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D | 5.000 | 12/01/2045 | 1,177,859 | ||||||||||||
1,000,000 | San Diego California Public Facilities Financing Auth. Lease (Capital Improvement Projects) Rev. Ser. 15A | 5.000 | 10/15/2044 | 1,144,680 | ||||||||||||
700,000 | San Diego California Public Facilities Financing Auth. Lease (Master Project) Rev. Ref. Ser. 10A(a) | 5.250 | 09/01/2020 | 739,963 | ||||||||||||
3,000,000 | San Jose California Financing Auth. (Civic Center Project) Ref. Ser. 13A | 5.000 | 06/01/2039 | 3,340,020 | ||||||||||||
|
| |||||||||||||||
20,692,960 | ||||||||||||||||
|
| |||||||||||||||
Local or GTD Housing—0.3% | ||||||||||||||||
1,000,000 | California Statewide Communities Development Auth. Student Housing (CHF Irvine LLC) Rev. Ref. Ser. 16 | 5.000 | 05/15/2040 | 1,093,030 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—1.6% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank Rev. Ser. 16 | 4.000 | 10/01/2045 | 1,040,360 | ||||||||||||
1,500,000 | California State Various Purpose (Green Bonds) Ser. 14 | 5.000 | 10/01/2037 | 1,691,460 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 14 | 5.000 | 10/01/2044 | 1,109,520 | ||||||||||||
1,000,000 | California State Various Purpose Ser. 15 | 5.000 | 03/01/2045 | 1,110,190 | ||||||||||||
|
| |||||||||||||||
4,951,530 | ||||||||||||||||
|
| |||||||||||||||
Natural Gas Revenue—0.8% | ||||||||||||||||
2,500,000 | Chula Vista California Industrial Development (San Diego Gas—Remarketed 06/17/09) Rev. Ser. 04A | 5.875 | 02/15/2034 | 2,519,425 | ||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—9.8% | ||||||||||||||||
1,500,000 | Long Beach California Harbor Rev. Ref. Ser. 17C | 5.000 | 05/15/2047 | 1,707,990 | ||||||||||||
500,000 | Long Beach California Marina Rev. Ser. 15 | 5.000 | 05/15/2040 | 544,340 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 500,000 | Long Beach California Marina Rev. Ser. 15 | 5.000 | % | 05/15/2045 | $ | 540,275 | |||||||||
1,000,000 | Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A | 5.000 | 05/15/2040 | 1,039,370 | ||||||||||||
2,000,000 | Los Angeles California Department of Airports Rev. Ref.Sub.-Ser. 15C | 5.000 | 05/15/2038 | 2,258,340 | ||||||||||||
3,500,000 | Los Angeles California Department of Airports Rev.Sub.-Ser. 17B | 5.000 | 05/15/2042 | 3,981,845 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B | 5.000 | 05/01/2044 | 2,203,600 | ||||||||||||
4,465,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C | 5.000 | 05/01/2046 | 4,987,584 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 17B | 5.000 | 05/01/2047 | 2,257,780 | ||||||||||||
7,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 18D | 5.000 | 05/01/2048 | 7,978,530 | ||||||||||||
3,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 19B | 5.000 | 05/01/2049 | 3,452,010 | ||||||||||||
|
| |||||||||||||||
30,951,664 | ||||||||||||||||
|
| |||||||||||||||
Recreational Revenue—0.4% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank (Academy of Motion Picture Arts & Projects) Rev. Ref. Ser. 15 | 5.000 | 11/01/2041 | 1,108,730 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—5.5% | ||||||||||||||||
1,000,000 | Los Angeles California County Metropolitan Transportation Auth. Sales Tax (Green Bond) Rev. Ser. 17A | 5.000 | 07/01/2041 | 1,158,330 | ||||||||||||
5,000,000 | Los Angeles California County Metropolitan Transportation Auth. Sales Tax Rev. Ser. 17A | 5.000 | 07/01/2042 | 5,771,750 | ||||||||||||
2,000,000 | Los Angeles California County Metropolitan Transportation Auth. Sales Tax Rev. Ser. 19A | 5.000 | 07/01/2044 | 2,317,720 | ||||||||||||
3,000,000 | Orange County California Local Transportation Auth. Sales Tax Rev. Ref. Ser. 19 | 5.000 | 02/15/2041 | 3,515,940 | ||||||||||||
4,000,000 | San Diego County California Regional Transportation Commission Ser. 16A | 5.000 | 04/01/2048 | 4,508,240 | ||||||||||||
|
| |||||||||||||||
17,271,980 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—0.9% | ||||||||||||||||
1,000,000 | Los Angeles California Wastewater System (Green Bonds) Rev.Sub.-Ser. 17A | 5.250 | 06/01/2047 | 1,174,860 | ||||||||||||
1,525,000 | Sacramento County California Sanitation District Financing Auth. Rev. Ref. Ser. 14A | 5.000 | 12/01/2044 | 1,689,959 | ||||||||||||
|
| |||||||||||||||
2,864,819 | ||||||||||||||||
|
| |||||||||||||||
Special Tax—0.9% | ||||||||||||||||
2,600,000 | Irvine California Unified School District Special Tax Ref. Ser. 15 BAM | 5.000 | 09/01/2038 | 2,909,192 | ||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—3.1% | ||||||||||||||||
1,000,000 | Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM | 5.000 | 09/01/2044 | 1,095,420 | ||||||||||||
5,000,000 | Mountain View California Shoreline Regional Park Community Ser. 18A AGM | 5.000 | 08/01/2048 | 5,727,300 | ||||||||||||
2,500,000 | Santa Cruz County California Redevelopment Successor Agency Tax Allocation Ref. Ser. 15A AGM | 5.000 | 09/01/2035 | 2,898,825 | ||||||||||||
|
| |||||||||||||||
9,721,545 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—1.2% | ||||||||||||||||
2,000,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 3.000 | 10/01/2034 | 1,926,840 | ||||||||||||
1,500,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | 10/01/2035 | 1,704,180 | ||||||||||||
|
| |||||||||||||||
3,631,020 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—10.0% | ||||||||||||||||
1,000,000 | California State Department of Water Resources (Central Valley Project) Water System Rev. Ref. Ser. 16AW | 5.000 | 12/01/2033 | 1,190,040 | ||||||||||||
1,500,000 | East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A | 5.000 | 06/01/2042 | 1,729,755 | ||||||||||||
2,000,000 | East Bay California Municipal Utility District Water System (Green Bond) Ser. 17A | 5.000 | 06/01/2045 | 2,297,020 | ||||||||||||
1,500,000 | East Bay California Municipal Utility District Water System Rev. Ref. Ser. 15A | 5.000 | 06/01/2037 | 1,718,895 | ||||||||||||
1,000,000 | Los Angeles California Department of Water & Power Ref. Ser. 16A | 5.000 | 07/01/2046 | 1,117,860 | ||||||||||||
2,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 12B | 5.000 | 07/01/2043 | 2,184,660 | ||||||||||||
1,250,000 | Los Angeles California Department of Water & Power System Rev. Ser. 11A | 5.000 | 07/01/2041 | 1,317,725 | ||||||||||||
5,000,000 | Los Angeles California Department of Water & Power Waterworks Rev. Ref. Ser. 18B | 5.000 | 07/01/2048 | 5,756,900 | ||||||||||||
2,000,000 | Los Angeles California Department of Water & Power Waterworks Rev. Ser. 18A | 5.000 | 07/01/2048 | 2,288,640 | ||||||||||||
2,000,000 | Orange County California Water District Rev. Ref. Ser. 17A | 4.000 | 08/15/2041 | 2,099,500 | ||||||||||||
500,000 | Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC | 5.125 | 07/01/2047 | 503,460 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue (continued) | ||||||||||||||||
$ | 1,000,000 | San Diego County California Water Auth. Ref. Ser. 16B | 5.000 | % | 05/01/2037 | $ | 1,149,780 | |||||||||
3,000,000 | San Francisco California City & County Public Utilities Commission (WSIP)Sub.-Ser. 11A | 5.000 | 11/01/2037 | 3,268,500 | ||||||||||||
4,090,000 | Santa Clara Valley California Water District Ref. Ser. 16A | 5.000 | 06/01/2046 | 4,687,467 | ||||||||||||
|
| |||||||||||||||
31,310,202 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $302,056,101)(c)—96.9% | 304,390,066 | |||||||||||||||
Other assets less liabilities—3.1% | 9,835,812 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 314,225,878 | ||||||||||||||
|
|
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal Corp.
Auth.—Authority
BAM—Build America Mutual
GTD—Grant To Date
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) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2019. |
(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 February 28, 2019. 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. | 5.6 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco CEF Income Composite ETF (PCEF)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Asset Class Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Bonds | 44.9 | |||
Bonds/High Yield | 28.7 | |||
Option Income | 24.9 | |||
Domestic Equity | 1.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) |
Schedule of Investments
Number of Shares | Value | |||||||
Closed-End Funds—100.1% | ||||||||
Bonds—44.9% | ||||||||
3,375,055 | Aberdeen Asia-Pacific Income Fund, Inc. | $ | 14,377,734 | |||||
184,305 | BlackRock 2022 Global Income Opportunity Trust | 1,647,687 | ||||||
555,583 | BlackRock Core Bond Trust | 7,261,470 | ||||||
1,371,758 | BlackRock Credit Allocation Income Trust | 16,653,142 | ||||||
654,583 | BlackRock Income Trust, Inc.(a) | 3,835,856 | ||||||
438,836 | BlackRock Limited Duration Income Trust(a) | 6,512,326 | ||||||
457,033 | BlackRock Multi-Sector Income Trust | 7,655,303 | ||||||
567,432 | BlackRock Taxable Municipal Bond Trust(a) | 12,699,128 | ||||||
305,255 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a) | 7,188,755 | ||||||
75,333 | Cohen & Steers Select Preferred and Income Fund, Inc.(a) | 2,021,938 | ||||||
93,315 | DoubleLine Funds Trust—DoubleLine Opportunistic Credit Fund | 1,835,506 | ||||||
882,782 | DoubleLine Income Solutions Fund(a) | 17,443,772 | ||||||
1,529,288 | Eaton Vance Limited Duration Income Fund(a) | 19,498,422 | ||||||
214,681 | Eaton Vance Short Duration Diversified Income Fund | 2,780,119 | ||||||
121,958 | Eaton VanceTax-AdvantagedBuy-Write Strategy Fund(a) | 1,151,284 | ||||||
170,335 | First Trust Aberdeen Global Opportunity Income Fund | 1,715,273 | ||||||
659,748 | First Trust Intermediate Duration Preferred & Income Fund(a) | 14,283,544 | ||||||
202,148 | Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. | 4,724,199 | ||||||
366,899 | Flaherty & Crumrine Preferred Securities Income Fund, Inc.(a) | 6,805,976 | ||||||
104,900 | Flaherty & Crumrine Total Return Fund, Inc.(a) | 1,988,904 | ||||||
353,692 | Franklin Ltd. Duration Income Trust(a) | 3,384,832 | ||||||
136,849 | Guggenheim Taxable Municipal Managed Duration Trust(a) | 3,083,208 | ||||||
111,396 | Insight Select Income Fund(a) | 2,086,447 | ||||||
116,892 | Invesco Bond Fund(a)(b) | 2,087,691 | ||||||
2,378,052 | Invesco Senior Income Trust(a)(b) | 10,082,940 | ||||||
162,356 | John Hancock Preferred Income Fund | 3,526,372 | ||||||
129,406 | John Hancock Preferred Income Fund II(a) | 2,801,640 | ||||||
203,466 | John Hancock Preferred Income Fund III(a) | 3,768,190 |
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds (continued) | ||||||||
278,359 | John Hancock Premium Dividend Fund | $ | 4,523,334 | |||||
571,419 | MFS Charter Income Trust | 4,422,783 | ||||||
1,193,925 | MFS Intermediate Income Trust(a) | 4,465,280 | ||||||
804,548 | MFS Multimarket Income Trust | 4,505,469 | ||||||
1,706,028 | Nuveen Credit Strategies Income Fund | 13,375,260 | ||||||
677,425 | Nuveen Floating Rate Income Fund | 6,760,702 | ||||||
306,463 | Nuveen Global High Income Fund(a) | 4,639,850 | ||||||
53,447 | Nuveen Preferred & Income 2022 Term Fund | 1,204,161 | ||||||
1,091,548 | Nuveen Preferred & Income Opportunities Fund | 10,184,143 | ||||||
2,364,948 | Nuveen Preferred & Income Securities Fund | 21,426,429 | ||||||
196,775 | Nuveen Preferred & Income Term Fund | 4,378,244 | ||||||
282,213 | Nuveen Taxable Municipal Income Fund | 5,610,394 | ||||||
234,583 | PIMCO Corporate & Income Strategy Fund | 3,994,949 | ||||||
91,291 | PIMCO Income Opportunity Fund(a) | 2,407,344 | ||||||
152,016 | PIMCO Income Strategy Fund(a) | 1,745,144 | ||||||
362,914 | PIMCO Income Strategy Fund II(a) | 3,741,643 | ||||||
297,951 | Pioneer Floating Rate Trust | 3,173,178 | ||||||
536,272 | Putnam Master Intermediate Income Trust | 2,370,322 | ||||||
1,103,830 | Putnam Premier Income Trust(a) | 5,497,073 | ||||||
118,624 | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 1,958,482 | ||||||
396,755 | TCW Strategic Income Fund, Inc. | 2,178,185 | ||||||
1,715,779 | Templeton Global Income Fund | 11,135,406 | ||||||
138,338 | Virtus Global Multi-Sector Income Fund(a) | 1,701,557 | ||||||
171,893 | Western Asset Global Corporate Defined Opportunity Fund, Inc.(a) | 2,858,581 | ||||||
736,626 | Western Asset Inflation-Linked Opportunities & Income Fund | 7,808,236 | ||||||
345,004 | Western Asset Inflation-Linked Securities & Income Fund | 3,795,044 | ||||||
79,079 | Western Asset Investment Grade Defined Opportunity Trust, Inc. | 1,558,647 | ||||||
96,330 | Western Asset Premier Bond Fund | 1,212,795 | ||||||
|
| |||||||
325,534,293 | ||||||||
|
| |||||||
Bonds/High Yield—28.7% | ||||||||
1,149,110 | AllianceBernstein Global High Income Fund, Inc.(a) | 13,410,114 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco CEF Income Composite ETF (PCEF)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds/High Yield (continued) | ||||||||
197,749 | Allianzgi Convertible & Income 2024 Target | $ | 1,779,741 | |||||
244,826 | Barings Global Short Duration High Yield Fund(a) | 4,424,006 | ||||||
1,489,822 | BlackRock Corporate High Yield Fund, Inc. | 15,270,675 | ||||||
634,116 | BlackRock Debt Strategies Fund, Inc.(a) | 6,835,770 | ||||||
444,289 | BlackRock Floating Rate Income Strategies Fund, Inc. | 5,744,657 | ||||||
282,402 | BlackRock Floating Rate Income Trust | 3,518,729 | ||||||
629,586 | Credit Suisse Asset Management Income Fund, Inc.(a) | 1,917,089 | ||||||
931,154 | Credit Suisse High Yield Bond Fund | 2,234,770 | ||||||
787,981 | Dreyfus High Yield Strategies Fund | 2,434,861 | ||||||
479,771 | Eaton Vance Floating-Rate Income Trust | 6,539,279 | ||||||
445,076 | Eaton Vance Senior Floating-Rate Trust | 5,901,708 | ||||||
477,202 | First Trust High Income Long/Short Fund | 6,957,605 | ||||||
286,595 | First Trust Senior Floating Rate 2022 Target Term Fund | 2,567,891 | ||||||
324,181 | First Trust Senior Floating Rate Income Fund II | 3,977,701 | ||||||
47,317 | Guggenheim Credit Allocation Fund | 988,925 | ||||||
90,965 | High Income Securities Fund | 828,691 | ||||||
141,123 | Invesco High Income 2023 Target Term Fund(b) | 1,432,398 | ||||||
200,941 | Ivy High Income Opportunities Fund(a) | 2,728,779 | ||||||
228,652 | KKR Income Opportunities Fund | 3,608,129 | ||||||
270,046 | Morgan Stanley Emerging Markets Debt Fund, Inc. | 2,422,313 | ||||||
262,641 | Neuberger Berman High Yield Strategies Fund, Inc. | 2,962,590 | ||||||
316,535 | New America High Income Fund, Inc. (The) | 2,671,555 | ||||||
196,126 | Nuveen Credit Opportunities 2022 Target Term Fund | 1,865,158 | ||||||
487,141 | Nuveen Floating Rate Income Opportunity Fund(a) | 4,939,610 | ||||||
230,329 | Nuveen NASDAQ 100 Dynamic Overwrite Fund(a) | 5,177,796 | ||||||
447,163 | Nuveen Senior Income Fund | 2,665,091 | ||||||
110,644 | Nuveen Short Duration Credit Opportunities Fund | 1,779,155 | ||||||
545,428 | PGIM Global Short Duration High Yield Fund, Inc. | 7,608,721 | ||||||
446,927 | PGIM Short Duration High Yield Fund, Inc. | 6,319,548 | ||||||
485,750 | PIMCO Corporate & Income Opportunity Fund(a) | 8,272,322 | ||||||
109,311 | Pioneer Diversified High Income Trust | 1,531,447 | ||||||
353,303 | Pioneer High Income Trust | 3,126,732 | ||||||
62,097 | Stone Harbor Emerging Markets Total Income Fund | 813,471 | ||||||
578,383 | Templeton Emerging Markets Income Fund | 6,096,157 | ||||||
1,922,982 | Voya Prime Rate Trust(a) | 9,268,773 | ||||||
827,644 | Wells Fargo Income Opportunities Fund(a) | 6,538,388 | ||||||
386,856 | Wells Fargo Multi-Sector Income Fund(a) | 4,696,432 | ||||||
817,494 | Western Asset Emerging Markets Debt Fund, Inc. | 11,363,167 | ||||||
600,760 | Western Asset Global High Income Fund, Inc.(a) | 5,707,220 | ||||||
1,065,266 | Western Asset High Income Fund II, Inc.(a) | 6,870,966 |
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Bonds/High Yield (continued) | ||||||||
1,717,801 | Western Asset High Income Opportunity Fund, Inc.(a) | $ | 8,348,513 | |||||
266,540 | Western Asset High Yield Defined Opportunity Fund, Inc. | 3,934,130 | ||||||
|
| |||||||
208,080,773 | ||||||||
|
| |||||||
Domestic Equity—1.6% | ||||||||
192,327 | Guggenheim Strategic Opportunities Fund(a) | 3,836,923 | ||||||
373,318 | Nexpoint Strategic Opportunities Fund | 8,149,532 | ||||||
|
| |||||||
11,986,455 | ||||||||
|
| |||||||
Option Income—24.9% | ||||||||
1,149,441 | AllianzGI NFJ Dividend, Interest & Premium Strategy Fund | 13,988,697 | ||||||
314,836 | BlackRock Energy and Resources Trust | 3,781,180 | ||||||
365,797 | BlackRock Enhanced Capital and Income Fund, Inc. | 5,753,987 | ||||||
1,987,872 | BlackRock Enhanced Equity Dividend Trust(a) | 17,254,729 | ||||||
816,799 | BlackRock Enhanced Global Dividend Trust | 8,535,550 | ||||||
1,277,669 | BlackRock Enhanced International Dividend Trust | 7,039,956 | ||||||
57,864 | BlackRock Health Sciences Trust | 2,320,925 | ||||||
1,164,740 | BlackRock Resources & Commodities Strategy Trust(a) | 9,504,278 | ||||||
130,419 | BlackRock Science & Technology Trust(a) | 4,220,359 | ||||||
406,887 | Brookfield Real Assets Income Fund, Inc. | 8,687,037 | ||||||
242,747 | Cohen & Steers Global Income Builder, Inc. | 2,017,228 | ||||||
95,550 | Columbia Seligman Premium Technology Growth Fund, Inc. | 1,921,510 | ||||||
292,688 | Eaton Vance Enhanced Equity Income Fund(a) | 4,208,853 | ||||||
298,576 | Eaton Vance Enhanced Equity Income Fund II(a) | 5,078,778 | ||||||
485,597 | Eaton Vance Risk-Managed Diversified Equity Income Fund(a) | 4,341,237 | ||||||
164,476 | Eaton VanceTax-ManagedBuy-Write Income Fund | 2,478,653 | ||||||
430,831 | Eaton VanceTax-ManagedBuy-Write Opportunities Fund | 6,445,232 | ||||||
1,081,314 | Eaton VanceTax-Managed Diversified Equity Income Fund | 12,186,409 | ||||||
678,308 | Eaton VanceTax-Managed GlobalBuy-Write Opportunities Fund(a) | 6,572,805 | ||||||
1,879,015 | Eaton VanceTax-Managed Global Diversified Equity Income Fund | 14,900,589 | ||||||
183,268 | First Trust Dynamic Europe Equity Income Fund | 2,673,880 | ||||||
145,848 | First Trust Enhanced Equity Income Fund | 2,184,803 | ||||||
230,378 | GAMCO Natural Resources Gold & Income Trust | 1,273,990 | ||||||
295,593 | Guggenheim Enhanced Equity Income Fund | 2,352,920 | ||||||
108,786 | John Hancock Hedged Equity & Income Fund | 1,595,891 | ||||||
181,248 | Madison Covered Call & Equity Strategy Fund | 1,252,424 | ||||||
230,306 | Nuveen Dow 30sm Dynamic Overwrite Fund | 4,216,903 | ||||||
663,777 | Nuveen S&P 500Buy-Write Income Fund | 8,768,494 | ||||||
103,088 | Nuveen S&P 500 Dynamic Overwrite Fund | 1,593,740 | ||||||
138,192 | Voya Asia Pacific High Dividend Equity Income Fund | 1,290,713 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco CEF Income Composite ETF (PCEF)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
Option Income (continued) | ||||||||
196,442 | Voya Global Advantage and Premium Opportunity Fund(a) | $ | 2,033,175 | |||||
1,049,537 | Voya Global Equity Dividend and Premium Opportunity Fund(a) | 6,884,963 | ||||||
169,091 | Voya Infrastructure Industrials and Materials Fund | 2,147,456 | ||||||
139,817 | Voya Natural Resources Equity Income Fund | 768,994 | ||||||
|
| |||||||
180,276,338 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $736,625,877)—100.1% | 725,877,859 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.2% | ||||||||
8,950,875 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $8,950,875) | 8,950,875 | ||||||
|
| |||||||
Total Investments in Securities (Cost $745,576,752)—101.3% | 734,828,734 | |||||||
Other assets less liabilities—(1.3)% | (9,586,607 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 725,242,127 | ||||||
|
|
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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 Fundamental High Yield® Corporate Bond ETF (PHB)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Consumer, Cyclical | 21.6 | |||
Energy | 15.4 | |||
Consumer, Non-cyclical | 13.3 | |||
Communications | 12.9 | |||
Financials | 11.6 | |||
Basic Materials | 7.5 | |||
Industrial | 7.3 | |||
Technology | 7.1 | |||
Utilities | 1.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.5 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—98.5% | ||||||||||||||||
Advertising—0.9% | ||||||||||||||||
$ | 3,192,000 | Lamar Media Corp. | 5.750 | % | 02/01/2026 | $ | 3,351,600 | |||||||||
3,408,000 | Outfront Media Capital LLC/Outfront Media Capital Corp. | 5.875 | 03/15/2025 | 3,502,742 | ||||||||||||
|
| |||||||||||||||
6,854,342 | ||||||||||||||||
|
| |||||||||||||||
Aerospace/Defense—0.8% | ||||||||||||||||
5,702,075 | TransDigm, Inc. | 6.500 | 07/15/2024 | 5,773,351 | ||||||||||||
|
| |||||||||||||||
Airlines—2.7% | ||||||||||||||||
5,092,000 | Delta Air Lines, Inc. | 3.625 | 03/15/2022 | 5,079,725 | ||||||||||||
5,095,000 | Delta Air Lines, Inc. | 4.375 | 04/19/2028 | 4,904,548 | ||||||||||||
9,986,100 | United Continental Holdings, Inc. | 4.250 | 10/01/2022 | 9,973,617 | ||||||||||||
|
| |||||||||||||||
19,957,890 | ||||||||||||||||
|
| |||||||||||||||
Apparel—0.8% | ||||||||||||||||
3,377,000 | Under Armour, Inc. | 3.250 | 06/15/2026 | 3,011,771 | ||||||||||||
2,435,000 | William Carter Co. (The) | 5.250 | 08/15/2021 | 2,474,569 | ||||||||||||
|
| |||||||||||||||
5,486,340 | ||||||||||||||||
|
| |||||||||||||||
Auto Parts & Equipment—2.2% | ||||||||||||||||
3,042,000 | American Axle & Manufacturing, Inc.(a) | 6.250 | 04/01/2025 | 3,046,107 | ||||||||||||
3,539,000 | Dana, Inc. | 5.500 | 12/15/2024 | 3,525,729 | ||||||||||||
2,890,000 | Goodyear Tire & Rubber Co. (The)(a) | 5.125 | 11/15/2023 | 2,893,612 | ||||||||||||
3,145,000 | Goodyear Tire & Rubber Co. (The)(a) | 5.000 | 05/31/2026 | 2,991,681 | ||||||||||||
4,340,000 | Tenneco, Inc. | 5.000 | 07/15/2026 | 3,732,400 | ||||||||||||
|
| |||||||||||||||
16,189,529 | ||||||||||||||||
|
| |||||||||||||||
Banks—0.8% | ||||||||||||||||
2,678,000 | CIT Group, Inc. | 5.000 | 08/15/2022 | 2,771,730 | ||||||||||||
2,681,000 | CIT Group, Inc. | 5.250 | 03/07/2025 | 2,815,050 | ||||||||||||
|
| |||||||||||||||
5,586,780 | ||||||||||||||||
|
| |||||||||||||||
Building Materials—0.9% | ||||||||||||||||
1,868,000 | Griffon Corp. | 5.250 | 03/01/2022 | 1,851,655 | ||||||||||||
1,772,000 | Owens Corning | 4.200 | 12/15/2022 | 1,790,010 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Building Materials (continued) | ||||||||||||||||
$ | 1,820,000 | Owens Corning | 3.400 | % | 08/15/2026 | $ | 1,678,039 | |||||||||
1,337,000 | US Concrete, Inc. | 6.375 | 06/01/2024 | 1,323,630 | ||||||||||||
|
| |||||||||||||||
6,643,334 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—3.1% | ||||||||||||||||
1,347,000 | Blue Cube Spinco LLC | 9.750 | 10/15/2023 | 1,512,344 | ||||||||||||
5,721,000 | CF Industries, Inc. | 3.450 | 06/01/2023 | 5,556,521 | ||||||||||||
1,741,000 | Chemours Co. (The) | 6.625 | 05/15/2023 | 1,812,903 | ||||||||||||
1,876,000 | Chemours Co. (The) | 5.375 | 05/15/2027 | 1,829,100 | ||||||||||||
4,683,000 | Huntsman International LLC | 4.875 | 11/15/2020 | 4,800,661 | ||||||||||||
1,585,000 | Olin Corp. | 5.125 | 09/15/2027 | 1,604,813 | ||||||||||||
2,592,000 | PolyOne Corp.(a) | 5.250 | 03/15/2023 | 2,663,280 | ||||||||||||
2,581,000 | Valvoline, Inc.(a) | 4.375 | 08/15/2025 | 2,451,950 | ||||||||||||
|
| |||||||||||||||
22,231,572 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services—2.8% | ||||||||||||||||
6,313,000 | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a) | 5.500 | 04/01/2023 | 6,407,695 | ||||||||||||
5,366,000 | Nielsen Finance LLC/Nielsen Finance Co. | 4.500 | 10/01/2020 | 5,379,415 | ||||||||||||
3,562,000 | Service Corp. International | 5.375 | 05/15/2024 | 3,651,050 | ||||||||||||
5,065,000 | United Rentals North America, Inc. | 6.500 | 12/15/2026 | 5,299,256 | ||||||||||||
|
| |||||||||||||||
20,737,416 | ||||||||||||||||
|
| |||||||||||||||
Computers—3.1% | ||||||||||||||||
4,697,640 | Leidos Holdings, Inc. | 4.450 | 12/01/2020 | 4,812,028 | ||||||||||||
3,922,000 | NCR Corp. | 6.375 | 12/15/2023 | 3,988,556 | ||||||||||||
3,668,000 | Seagate HDD Cayman(a) | 4.250 | 03/01/2022 | 3,665,681 | ||||||||||||
3,716,000 | Seagate HDD Cayman | 4.750 | 01/01/2025 | 3,579,069 | ||||||||||||
6,927,000 | Western Digital Corp. | 4.750 | 02/15/2026 | 6,563,333 | ||||||||||||
|
| |||||||||||||||
22,608,667 | ||||||||||||||||
|
| |||||||||||||||
Cosmetics/Personal Care—0.4% | ||||||||||||||||
2,872,000 | Edgewell Personal Care Co. | 4.700 | 05/24/2022 | 2,900,232 | ||||||||||||
|
| |||||||||||||||
Distribution/Wholesale—0.9% | ||||||||||||||||
2,295,000 | H&E Equipment Services, Inc. | 5.625 | 09/01/2025 | 2,280,656 | ||||||||||||
4,156,000 | LKQ Corp. | 4.750 | 05/15/2023 | 4,197,560 | ||||||||||||
|
| |||||||||||||||
6,478,216 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—2.2% | ||||||||||||||||
8,168,000 | Ally Financial, Inc. | 8.000 | 03/15/2020 | 8,566,190 | ||||||||||||
3,626,000 | Navient Corp., MTN | 8.000 | 03/25/2020 | 3,795,806 | ||||||||||||
3,846,000 | Navient Corp., MTN | 6.125 | 03/25/2024 | 3,769,080 | ||||||||||||
|
| |||||||||||||||
16,131,076 | ||||||||||||||||
|
| |||||||||||||||
Electric—1.8% | ||||||||||||||||
3,648,000 | AES Corp. | 5.125 | 09/01/2027 | 3,757,440 | ||||||||||||
3,435,000 | DPL, Inc. | 7.250 | 10/15/2021 | 3,696,919 | ||||||||||||
5,387,000 | NRG Energy, Inc. | 6.625 | 01/15/2027 | 5,748,939 | ||||||||||||
|
| |||||||||||||||
13,203,298 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment—0.5% | ||||||||||||||||
1,888,000 | WESCO Distribution, Inc. | 5.375 | 12/15/2021 | 1,913,960 | ||||||||||||
1,888,000 | WESCO Distribution, Inc. | 5.375 | 06/15/2024 | 1,899,800 | ||||||||||||
|
| |||||||||||||||
3,813,760 | ||||||||||||||||
|
| |||||||||||||||
Electronics—0.6% | ||||||||||||||||
2,215,000 | Jabil, Inc. | 4.700 | 09/15/2022 | 2,232,609 | ||||||||||||
2,670,000 | Jabil, Inc. | 3.950 | 01/12/2028 | 2,407,806 | ||||||||||||
|
| |||||||||||||||
4,640,415 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Engineering & Construction—1.1% | ||||||||||||||||
$ | 5,170,000 | AECOM | 5.125 | % | 03/15/2027 | $ | 4,930,887 | |||||||||
3,138,000 | MasTec, Inc. | 4.875 | 03/15/2023 | 3,157,613 | ||||||||||||
|
| |||||||||||||||
8,088,500 | ||||||||||||||||
|
| |||||||||||||||
Entertainment—1.1% | ||||||||||||||||
3,060,000 | AMC Entertainment Holdings, Inc. | 5.750 | 06/15/2025 | 2,834,325 | ||||||||||||
3,366,000 | Cinemark USA, Inc. | 4.875 | 06/01/2023 | 3,370,208 | ||||||||||||
1,414,000 | Eldorado Resorts, Inc. | 6.000 | 04/01/2025 | 1,445,956 | ||||||||||||
|
| |||||||||||||||
7,650,489 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control—0.4% | ||||||||||||||||
2,765,000 | Covanta Holding Corp. | 5.875 | 03/01/2024 | 2,830,669 | ||||||||||||
|
| |||||||||||||||
Food—1.6% | ||||||||||||||||
1,180,925 | B&G Foods, Inc. | 4.625 | 06/01/2021 | 1,183,508 | ||||||||||||
1,274,000 | B&G Foods, Inc.(a) | 5.250 | 04/01/2025 | 1,221,447 | ||||||||||||
2,833,000 | Darling Ingredients, Inc.(a) | 5.375 | 01/15/2022 | 2,871,954 | ||||||||||||
3,149,000 | Post Holdings, Inc.(b) | 5.750 | 03/01/2027 | 3,113,574 | ||||||||||||
3,006,000 | TreeHouse Foods, Inc. | 4.875 | 03/15/2022 | 3,033,355 | ||||||||||||
|
| |||||||||||||||
11,423,838 | ||||||||||||||||
|
| |||||||||||||||
Food Service—0.7% | ||||||||||||||||
5,110,000 | Aramark Services, Inc. | 4.750 | 06/01/2026 | 5,084,450 | ||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.3% | ||||||||||||||||
3,415,000 | Becton, Dickinson and Co. | 2.894 | 06/06/2022 | 3,381,044 | ||||||||||||
3,425,000 | Becton, Dickinson and Co. | 3.700 | 06/06/2027 | 3,334,885 | ||||||||||||
2,767,000 | Teleflex, Inc. | 4.625 | 11/15/2027 | 2,756,817 | ||||||||||||
|
| |||||||||||||||
9,472,746 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—6.7% | ||||||||||||||||
2,317,000 | Acadia Healthcare Co., Inc. | 5.625 | 02/15/2023 | 2,311,207 | ||||||||||||
5,961,000 | Centene Corp. | 6.125 | 02/15/2024 | 6,247,873 | ||||||||||||
6,495,000 | DaVita, Inc. | 5.125 | 07/15/2024 | 6,446,287 | ||||||||||||
3,010,000 | Encompass Health Corp. | 5.750 | 11/01/2024 | 3,052,290 | ||||||||||||
2,403,000 | HCA, Inc. | 6.500 | 02/15/2020 | 2,475,466 | ||||||||||||
4,800,000 | HCA, Inc. | 7.500 | 02/15/2022 | 5,274,000 | ||||||||||||
4,935,000 | HCA, Inc. | 5.375 | 02/01/2025 | 5,130,870 | ||||||||||||
2,855,000 | Magellan Health, Inc. | 4.400 | 09/22/2024 | 2,704,924 | ||||||||||||
4,398,000 | Molina Healthcare, Inc.(a) | 5.375 | 11/15/2022 | 4,550,556 | ||||||||||||
3,033,000 | Tenet Healthcare Corp. | 6.000 | 10/01/2020 | 3,146,738 | ||||||||||||
3,277,000 | Tenet Healthcare Corp. | 5.125 | 05/01/2025 | 3,256,519 | ||||||||||||
4,455,000 | WellCare Health Plans, Inc. | 5.250 | 04/01/2025 | 4,565,039 | ||||||||||||
|
| |||||||||||||||
49,161,769 | ||||||||||||||||
|
| |||||||||||||||
Home Builders—2.7% | ||||||||||||||||
1,843,000 | Beazer Homes USA, Inc. | 5.875 | 10/15/2027 | 1,617,232 | ||||||||||||
1,210,000 | Century Communities, Inc. | 5.875 | 07/15/2025 | 1,128,325 | ||||||||||||
2,097,000 | KB Home | 7.000 | 12/15/2021 | 2,225,441 | ||||||||||||
2,105,260 | Lennar Corp. | 4.500 | 11/15/2019 | 2,118,418 | ||||||||||||
2,183,000 | Lennar Corp. | 4.750 | 11/29/2027 | 2,128,425 | ||||||||||||
1,954,500 | PulteGroup, Inc. | 4.250 | 03/01/2021 | 1,976,488 | ||||||||||||
1,910,000 | PulteGroup, Inc. | 5.500 | 03/01/2026 | 1,931,488 | ||||||||||||
1,661,340 | Toll Brothers Finance Corp. | 4.375 | 04/15/2023 | 1,668,816 | ||||||||||||
1,714,000 | Toll Brothers Finance Corp. | 4.875 | 03/15/2027 | 1,688,290 | ||||||||||||
1,006,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 4.375 | 06/15/2019 | 1,007,258 | ||||||||||||
1,018,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 5.875 | 06/15/2024 | 1,000,503 | ||||||||||||
1,571,000 | William Lyon Homes, Inc. | 5.875 | 01/31/2025 | 1,421,755 | ||||||||||||
|
| |||||||||||||||
19,912,439 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Home Furnishings—0.4% | ||||||||||||||||
$ | 2,842,000 | Tempur Sealy International, Inc. | 5.500 | % | 06/15/2026 | $ | 2,845,553 | |||||||||
|
| |||||||||||||||
Household Products/Wares—0.5% | ||||||||||||||||
3,478,000 | Spectrum Brands, Inc. | 5.750 | 07/15/2025 | 3,421,483 | ||||||||||||
|
| |||||||||||||||
Housewares—0.4% | ||||||||||||||||
2,952,000 | Scotts Miracle-Gro Co. (The) | 6.000 | 10/15/2023 | 3,055,320 | ||||||||||||
|
| |||||||||||||||
Insurance—2.5% | ||||||||||||||||
4,195,000 | CNO Financial Group, Inc. | 5.250 | 05/30/2025 | 4,312,985 | ||||||||||||
4,941,000 | Genworth Holdings, Inc. | 7.625 | 09/24/2021 | 4,843,415 | ||||||||||||
5,836,400 | Genworth Holdings, Inc. | 4.800 | 02/15/2024 | 4,844,212 | ||||||||||||
2,075,000 | MGIC Investment Corp. | 5.750 | 08/15/2023 | 2,171,591 | ||||||||||||
2,171,420 | Radian Group, Inc. | 4.500 | 10/01/2024 | 2,122,563 | ||||||||||||
|
| |||||||||||||||
18,294,766 | ||||||||||||||||
|
| |||||||||||||||
Internet—2.7% | ||||||||||||||||
2,067,000 | Expedia Group, Inc. | 5.950 | 08/15/2020 | 2,144,646 | ||||||||||||
2,367,000 | Expedia Group, Inc. | 3.800 | 02/15/2028 | 2,241,285 | ||||||||||||
1,757,000 | Netflix, Inc. | 5.375 | 02/01/2021 | 1,820,691 | ||||||||||||
1,965,000 | NetFlix, Inc. | 4.875 | 04/15/2028 | 1,918,331 | ||||||||||||
6,483,000 | Symantec Corp. | 4.200 | 09/15/2020 | 6,558,381 | ||||||||||||
1,244,000 | VeriSign, Inc. | 4.625 | 05/01/2023 | 1,268,333 | ||||||||||||
1,305,000 | VeriSign, Inc. | 4.750 | 07/15/2027 | 1,293,581 | ||||||||||||
2,631,000 | Zayo Group LLC/Zayo Capital, Inc. | 6.375 | 05/15/2025 | 2,621,134 | ||||||||||||
|
| |||||||||||||||
19,866,382 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel—2.8% | ||||||||||||||||
1,421,000 | AK Steel Corp. | 7.500 | 07/15/2023 | 1,470,593 | ||||||||||||
1,511,760 | AK Steel Corp.(a) | 7.000 | 03/15/2027 | 1,277,437 | ||||||||||||
2,529,000 | Allegheny Technologies, Inc. | 7.875 | 08/15/2023 | 2,779,497 | ||||||||||||
3,489,000 | Cleveland-Cliffs, Inc. | 5.750 | 03/01/2025 | 3,419,220 | ||||||||||||
3,201,000 | Commercial Metals Co. | 5.750 | 04/15/2026 | 3,152,985 | ||||||||||||
1,996,000 | Steel Dynamics, Inc. | 5.125 | 10/01/2021 | 2,009,723 | ||||||||||||
1,945,220 | Steel Dynamics, Inc. | 5.500 | 10/01/2024 | 2,003,577 | ||||||||||||
4,202,000 | United States Steel Corp.(a) | 6.875 | 08/15/2025 | 4,159,980 | ||||||||||||
|
| |||||||||||||||
20,273,012 | ||||||||||||||||
|
| |||||||||||||||
Leisure Time—0.3% | ||||||||||||||||
2,440,000 | Vista Outdoor, Inc. | 5.875 | 10/01/2023 | 2,305,800 | ||||||||||||
|
| |||||||||||||||
Lodging—2.7% | ||||||||||||||||
2,578,000 | Boyd Gaming Corp. | 6.375 | 04/01/2026 | 2,697,232 | ||||||||||||
4,303,000 | Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. | 4.625 | 04/01/2025 | 4,292,243 | ||||||||||||
1,980,000 | Marriott Ownership Resorts, Inc.(b) | 6.500 | 09/15/2026 | 2,051,775 | ||||||||||||
2,903,000 | MGM Resorts International | 6.000 | 03/15/2023 | 3,044,521 | ||||||||||||
3,205,000 | MGM Resorts International | 4.625 | 09/01/2026 | 3,060,775 | ||||||||||||
4,570,000 | Wyndham Destinations, Inc. | 4.250 | 03/01/2022 | 4,558,804 | ||||||||||||
|
| |||||||||||||||
19,705,350 | ||||||||||||||||
|
| |||||||||||||||
Media—5.4% | ||||||||||||||||
3,123,000 | AMC Networks, Inc. | 5.000 | 04/01/2024 | 3,106,417 | ||||||||||||
5,028,000 | Charter Communications Operating LLC/Charter Communications Operating Capital | 4.464 | 07/23/2022 | 5,160,852 | ||||||||||||
4,944,000 | Charter Communications Operating LLC/Charter Communications Operating Capital | 4.908 | 07/23/2025 | 5,129,338 | ||||||||||||
5,530,000 | Clear Channel Worldwide Holdings, Inc., Series B | 6.500 | 11/15/2022 | 5,682,075 | ||||||||||||
3,109,000 | DISH DBS Corp. | 6.750 | 06/01/2021 | 3,186,725 | ||||||||||||
3,424,000 | DISH DBS Corp. | 7.750 | 07/01/2026 | 2,970,320 | ||||||||||||
2,396,000 | Meredith Corp.(b) | 6.875 | 02/01/2026 | 2,486,569 | ||||||||||||
1,810,160 | Nexstar Broadcasting, Inc. | 5.875 | 11/15/2022 | 1,855,414 | ||||||||||||
2,987,050 | Sinclair Television Group, Inc. | 6.125 | 10/01/2022 | 3,060,830 | ||||||||||||
2,903,660 | TEGNA, Inc. | 6.375 | 10/15/2023 | 3,012,547 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Media (continued) | ||||||||||||||||
$ | 3,478,000 | Tribune Media Co. | 5.875 | % | 07/15/2022 | $ | 3,556,255 | |||||||||
|
| |||||||||||||||
39,207,342 | ||||||||||||||||
|
| |||||||||||||||
Mining—1.6% | ||||||||||||||||
4,408,000 | Freeport-McMoRan, Inc. | 3.550 | 03/01/2022 | 4,369,430 | ||||||||||||
4,417,000 | Freeport-McMoRan, Inc.(a) | 4.550 | 11/14/2024 | 4,383,872 | ||||||||||||
1,319,000 | Hecla Mining Co. | 6.875 | 05/01/2021 | 1,323,122 | ||||||||||||
1,683,000 | Kaiser Aluminum Corp. | 5.875 | 05/15/2024 | 1,725,075 | ||||||||||||
|
| |||||||||||||||
11,801,499 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—0.7% | ||||||||||||||||
1,550,000 | EnPro Industries, Inc.(b) | 5.750 | 10/15/2026 | 1,565,500 | ||||||||||||
4,054,000 | Trinity Industries, Inc. | 4.550 | 10/01/2024 | 3,877,680 | ||||||||||||
|
| |||||||||||||||
5,443,180 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment—1.9% | ||||||||||||||||
4,609,000 | CDW LLC/CDW Finance Corp. | 5.000 | 09/01/2025 | 4,655,090 | ||||||||||||
2,089,200 | Pitney Bowes, Inc. | 3.875 | 10/01/2021 | 2,036,970 | ||||||||||||
2,175,000 | Pitney Bowes, Inc.(a) | 4.625 | 03/15/2024 | 2,001,000 | ||||||||||||
5,335,000 | Xerox Corp. | 4.500 | 05/15/2021 | 5,428,363 | ||||||||||||
|
| |||||||||||||||
14,121,423 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—13.1% | ||||||||||||||||
3,842,000 | Anadarko Petroleum Corp. | 4.850 | 03/15/2021 | 3,949,565 | ||||||||||||
3,700,000 | Anadarko Petroleum Corp. | 5.550 | 03/15/2026 | 3,961,604 | ||||||||||||
3,732,000 | Antero Resources Corp. | 5.625 | 06/01/2023 | 3,755,325 | ||||||||||||
1,044,000 | Callon Petroleum Co. | 6.125 | 10/01/2024 | 1,057,050 | ||||||||||||
1,226,000 | Carrizo Oil & Gas, Inc.(a) | 6.250 | 04/15/2023 | 1,215,272 | ||||||||||||
2,278,000 | Chesapeake Energy Corp. | 6.125 | 02/15/2021 | 2,340,645 | ||||||||||||
2,355,000 | Chesapeake Energy Corp.(a) | 8.000 | 06/15/2027 | 2,343,225 | ||||||||||||
4,826,000 | Continental Resources, Inc. | 3.800 | 06/01/2024 | 4,772,028 | ||||||||||||
2,760,000 | Devon Energy Corp. | 3.250 | 05/15/2022 | 2,752,516 | ||||||||||||
2,385,000 | Devon Energy Corp. | 5.850 | 12/15/2025 | 2,636,504 | ||||||||||||
4,382,000 | Diamond Offshore Drilling, Inc.(a) | 7.875 | 08/15/2025 | 4,162,900 | ||||||||||||
1,686,000 | Diamondback Energy, Inc. | 4.750 | 11/01/2024 | 1,713,397 | ||||||||||||
1,462,000 | Gulfport Energy Corp. | 6.000 | 10/15/2024 | 1,334,075 | ||||||||||||
7,316,000 | Hess Corp. | 4.300 | 04/01/2027 | 7,077,130 | ||||||||||||
645,000 | Jagged Peak Energy LLC(b) | 5.875 | 05/01/2026 | 654,877 | ||||||||||||
1,260,000 | Laredo Petroleum, Inc.(a) | 5.625 | 01/15/2022 | 1,199,860 | ||||||||||||
3,921,000 | Marathon Oil Corp. | 2.800 | 11/01/2022 | 3,816,938 | ||||||||||||
3,665,000 | Marathon Oil Corp. | 4.400 | 07/15/2027 | 3,700,631 | ||||||||||||
801,000 | Matador Resources Co. | 5.875 | 09/15/2026 | 801,000 | ||||||||||||
2,617,000 | Murphy Oil Corp. | 4.450 | 12/01/2022 | 2,607,346 | ||||||||||||
2,623,000 | Murphy Oil Corp. | 5.750 | 08/15/2025 | 2,670,515 | ||||||||||||
4,166,000 | Murphy Oil USA, Inc. | 6.000 | 08/15/2023 | 4,286,814 | ||||||||||||
1,969,480 | Nabors Industries, Inc.(a) | 5.500 | 01/15/2023 | 1,856,235 | ||||||||||||
2,037,000 | Nabors Industries, Inc. | 5.750 | 02/01/2025 | �� | 1,812,930 | |||||||||||
923,000 | Newfield Exploration Co. | 5.750 | 01/30/2022 | 973,765 | ||||||||||||
822,000 | Newfield Exploration Co. | 5.625 | 07/01/2024 | 880,567 | ||||||||||||
4,813,000 | PBF Holding Co. LLC/PBF Finance Corp. | 7.250 | 06/15/2025 | 4,959,797 | ||||||||||||
2,009,000 | PDC Energy, Inc.(a) | 6.125 | 09/15/2024 | 1,993,933 | ||||||||||||
1,519,000 | QEP Resources, Inc. | 5.250 | 05/01/2023 | 1,469,633 | ||||||||||||
1,575,000 | QEP Resources, Inc.(a) | 5.625 | 03/01/2026 | 1,484,438 | ||||||||||||
1,661,000 | Range Resources Corp. | 5.000 | 03/15/2023 | 1,611,170 | ||||||||||||
1,680,000 | Range Resources Corp. | 4.875 | 05/15/2025 | 1,547,175 | ||||||||||||
1,446,000 | SM Energy Co. | 6.125 | 11/15/2022 | 1,446,000 | ||||||||||||
1,486,000 | SM Energy Co. | 6.750 | 09/15/2026 | 1,430,275 | ||||||||||||
2,603,000 | Southwestern Energy Co. | 6.200 | 01/23/2025 | 2,589,204 | ||||||||||||
710,000 | SRC Energy, Inc. | 6.250 | 12/01/2025 | 649,650 | ||||||||||||
1,734,000 | Unit Corp. | 6.625 | 05/15/2021 | 1,707,990 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Oil & Gas (continued) | ||||||||||||||||
$ | 1,659,230 | Whiting Petroleum Corp.(a) | 6.250 | % | 04/01/2023 | $ | 1,675,822 | |||||||||
1,644,000 | Whiting Petroleum Corp.(a) | 6.625 | 01/15/2026 | 1,619,340 | ||||||||||||
1,458,000 | WPX Energy, Inc. | 6.000 | 01/15/2022 | 1,512,675 | ||||||||||||
1,573,380 | WPX Energy, Inc.(a) | 5.250 | 09/15/2024 | 1,575,347 | ||||||||||||
|
| |||||||||||||||
95,605,163 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—0.9% | ||||||||||||||||
1,853,000 | Forum Energy Technologies, Inc. | 6.250 | 10/01/2021 | 1,635,272 | ||||||||||||
2,965,000 | Oceaneering International, Inc. | 4.650 | 11/15/2024 | 2,753,744 | ||||||||||||
2,545,620 | SESI LLC(a) | 7.750 | 09/15/2024 | 2,176,505 | ||||||||||||
|
| |||||||||||||||
6,565,521 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers—2.3% | ||||||||||||||||
2,317,000 | Ball Corp. | 4.000 | 11/15/2023 | 2,328,585 | ||||||||||||
2,190,000 | Ball Corp. | 5.250 | 07/01/2025 | 2,304,975 | ||||||||||||
3,932,000 | Berry Global, Inc. | 5.125 | 07/15/2023 | 3,951,660 | ||||||||||||
2,421,000 | Crown Americas LLC/Crown Americas Capital Corp. IV | 4.500 | 01/15/2023 | 2,451,262 | ||||||||||||
2,505,000 | Crown Americas LLC/Crown Americas Capital Corp. VI(a) | 4.750 | 02/01/2026 | 2,519,091 | ||||||||||||
3,088,000 | Graphic Packaging International LLC | 4.750 | 04/15/2021 | 3,149,760 | ||||||||||||
|
| |||||||||||||||
16,705,333 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—1.4% | ||||||||||||||||
2,753,000 | Cheniere Corpus Christi Holdings LLC | 5.875 | 03/31/2025 | 2,938,855 | ||||||||||||
2,197,000 | SemGroup Corp./Rose Rock Finance Corp. | 5.625 | 07/15/2022 | 2,150,314 | ||||||||||||
4,903,660 | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 4.250 | 11/15/2023 | 4,854,623 | ||||||||||||
|
| |||||||||||||||
9,943,792 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.3% | ||||||||||||||||
2,087,000 | Kennedy-Wilson, Inc. | 5.875 | 04/01/2024 | 2,050,478 | ||||||||||||
|
| |||||||||||||||
REITs—5.8% | ||||||||||||||||
1,930,000 | CBL & Associates LP(a) | 5.250 | 12/01/2023 | 1,582,600 | ||||||||||||
2,001,360 | CBL & Associates LP(a) | 5.950 | 12/15/2026 | 1,536,044 | ||||||||||||
1,992,000 | CyrusOne LP/CyrusOne Finance Corp. | 5.000 | 03/15/2024 | 2,031,840 | ||||||||||||
4,226,000 | Equinix, Inc. | 5.375 | 05/15/2027 | 4,384,475 | ||||||||||||
2,745,000 | FelCor Lodging LP | 6.000 | 06/01/2025 | 2,861,635 | ||||||||||||
3,169,000 | GEO Group, Inc. (The) | 6.000 | 04/15/2026 | 2,951,131 | ||||||||||||
1,529,000 | GLP Capital LP/GLP Financing II, Inc. | 4.875 | 11/01/2020 | 1,555,757 | ||||||||||||
1,530,000 | GLP Capital LP/GLP Financing II, Inc. | 5.375 | 04/15/2026 | 1,580,276 | ||||||||||||
5,705,000 | Iron Mountain, Inc. | 5.750 | 08/15/2024 | 5,731,742 | ||||||||||||
1,815,360 | iStar, Inc. | 4.625 | 09/15/2020 | 1,828,975 | ||||||||||||
2,552,000 | MPT Operating Partnership LP/MPT Finance Corp. | 5.000 | 10/15/2027 | 2,539,240 | ||||||||||||
2,932,000 | RHP Hotel Properties LP/RHP Finance Corp. | 5.000 | 04/15/2023 | 2,961,320 | ||||||||||||
1,730,000 | Sabra Health Care LP/Sabra Capital Corp. | 5.500 | 02/01/2021 | 1,755,950 | ||||||||||||
3,447,000 | SBA Communications Corp. | 4.875 | 09/01/2024 | 3,455,618 | ||||||||||||
2,649,000 | Starwood Property Trust, Inc. | 5.000 | 12/15/2021 | 2,711,914 | ||||||||||||
2,874,000 | Starwood Property Trust, Inc. | 4.750 | 03/15/2025 | 2,803,012 | ||||||||||||
|
| |||||||||||||||
42,271,529 | ||||||||||||||||
|
| |||||||||||||||
Retail—5.9% | ||||||||||||||||
3,344,000 | Asbury Automotive Group, Inc. | 6.000 | 12/15/2024 | 3,410,880 | ||||||||||||
6,166,000 | Gap, Inc. (The) | 5.950 | 04/12/2021 | 6,412,545 | ||||||||||||
3,560,000 | Group 1 Automotive, Inc. | 5.000 | 06/01/2022 | 3,591,150 | ||||||||||||
3,522,000 | L Brands, Inc. | 5.625 | 02/15/2022 | 3,592,440 | ||||||||||||
4,045,000 | L Brands, Inc. | 5.250 | 02/01/2028 | 3,503,981 | ||||||||||||
2,545,000 | Party City Holdings, Inc.(a)(b) | 6.625 | 08/01/2026 | 2,506,825 | ||||||||||||
2,371,000 | Penske Automotive Group, Inc. | 5.750 | 10/01/2022 | 2,418,420 | ||||||||||||
2,480,000 | Penske Automotive Group, Inc. | 5.500 | 05/15/2026 | 2,442,676 | ||||||||||||
5,710,000 | QVC, Inc. | 4.375 | 03/15/2023 | 5,764,116 | ||||||||||||
3,250,000 | Sally Holdings LLC/Sally Capital, Inc. | 5.625 | 12/01/2025 | 3,197,188 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Retail (continued) | ||||||||||||||||
$ | 6,360,000 | Yum! Brands, Inc.(a) | 3.750 | % | 11/01/2021 | $ | 6,344,100 | |||||||||
|
| |||||||||||||||
43,184,321 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors—1.0% | ||||||||||||||||
7,154,000 | Micron Technology, Inc. | 5.500 | 02/01/2025 | 7,386,147 | ||||||||||||
|
| |||||||||||||||
Software—1.1% | ||||||||||||||||
2,609,000 | CDK Global, Inc. | 4.875 | 06/01/2027 | 2,576,935 | ||||||||||||
3,062,000 | Citrix Systems, Inc. | 4.500 | 12/01/2027 | 2,939,127 | ||||||||||||
2,482,640 | Nuance Communications, Inc. | 5.625 | 12/15/2026 | 2,538,500 | ||||||||||||
|
| |||||||||||||||
8,054,562 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—3.9% | ||||||||||||||||
3,276,000 | Anixter, Inc. | 5.500 | 03/01/2023 | 3,402,945 | ||||||||||||
5,218,000 | CenturyLink, Inc., Series S | 6.450 | 06/15/2021 | 5,432,982 | ||||||||||||
5,274,000 | CenturyLink, Inc., Series Y(a) | 7.500 | 04/01/2024 | 5,592,088 | ||||||||||||
1,703,150 | Hughes Satellite Systems Corp. | 7.625 | 06/15/2021 | 1,830,886 | ||||||||||||
1,822,000 | Hughes Satellite Systems Corp. | 6.625 | 08/01/2026 | 1,796,947 | ||||||||||||
5,148,000 | T-Mobile USA, Inc.(a) | 4.000 | 04/15/2022 | 5,173,740 | ||||||||||||
4,863,000 | T-Mobile USA, Inc. | 6.500 | 01/15/2026 | 5,209,489 | ||||||||||||
|
| |||||||||||||||
28,439,077 | ||||||||||||||||
|
| |||||||||||||||
Toys/Games/Hobbies—0.8% | ||||||||||||||||
6,175,000 | Mattel, Inc. | 2.350 | 08/15/2021 | 5,796,781 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $730,799,743) | 719,204,932 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.5% | ||||||||||||||||
3,530,161 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $3,530,161) | 3,530,161 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 734,329,904)—99.0% | 722,735,093 | |||||||||||||||
|
| |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||||||||||
Money Market Fund—5.3% | ||||||||||||||||
38,382,252 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $38,382,252) | 38,382,252 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $772,712,156)—104.3% | 761,117,345 | |||||||||||||||
Other assets less liabilities—(4.3)% | (31,323,124 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 729,794,221 | ||||||||||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019 was $12,379,120, which represented 1.70% 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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 18 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 26.4 | |||
Consumer, Non-cyclical | 19.9 | |||
Industrial | 11.7 | |||
Consumer, Cyclical | 10.4 | |||
Technology | 7.6 | |||
Energy | 7.4 | |||
Communications | 6.6 | |||
Utilities | 6.1 | |||
Basic Materials | 2.8 | |||
Money Market Funds 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 | $ | 99,807 | |||||||||
90,000 | Interpublic Group of Cos., Inc. (The) | 4.200 | 04/15/2024 | 90,841 | ||||||||||||
157,000 | Omnicom Group, Inc./Omnicom Capital, Inc. | 3.625 | 05/01/2022 | 158,410 | ||||||||||||
150,000 | Omnicom Group, Inc./Omnicom Capital, Inc. | 3.600 | 04/15/2026 | 144,938 | ||||||||||||
|
| |||||||||||||||
493,996 | ||||||||||||||||
|
| |||||||||||||||
Aerospace/Defense—2.7% | ||||||||||||||||
625,000 | Boeing Co. (The) | 4.875 | 02/15/2020 | 637,093 | ||||||||||||
200,000 | General Dynamics Corp. | 3.000 | 05/11/2021 | 200,881 | ||||||||||||
190,000 | General Dynamics Corp. | 3.750 | 05/15/2028 | 195,028 | ||||||||||||
216,000 | Harris Corp. | 4.400 | 06/15/2028 | 222,551 | ||||||||||||
125,000 | L3 Technologies, Inc. | 3.850 | 06/15/2023 | 126,939 | ||||||||||||
100,000 | L3 Technologies, Inc. | 3.850 | 12/15/2026 | 99,712 | ||||||||||||
265,000 | Lockheed Martin Corp. | 2.500 | 11/23/2020 | 263,153 | ||||||||||||
268,000 | Lockheed Martin Corp. | 3.550 | 01/15/2026 | 272,820 | ||||||||||||
202,000 | Northrop Grumman Corp. | 2.550 | 10/15/2022 | 198,671 | ||||||||||||
190,000 | Northrop Grumman Corp. | 3.250 | 01/15/2028 | 181,893 | ||||||||||||
427,000 | Raytheon Co. | 2.500 | 12/15/2022 | 421,447 | ||||||||||||
140,000 | Spirit AeroSystems, Inc. | 4.600 | 06/15/2028 | 139,410 | ||||||||||||
312,000 | United Technologies Corp. | 3.100 | 06/01/2022 | 311,949 | ||||||||||||
300,000 | United Technologies Corp. | 4.125 | 11/16/2028 | 304,860 | ||||||||||||
|
| |||||||||||||||
3,576,407 | ||||||||||||||||
|
| |||||||||||||||
Agriculture—1.7% | ||||||||||||||||
325,000 | Altria Group, Inc. | 2.850 | 08/09/2022 | 319,695 | ||||||||||||
350,000 | Altria Group, Inc. | 2.625 | 09/16/2026 | 313,584 | ||||||||||||
517,000 | Archer-Daniels-Midland Co. | 2.500 | 08/11/2026 | 487,682 | ||||||||||||
180,000 | Bunge Ltd. Finance Corp. | 3.500 | 11/24/2020 | 179,861 | ||||||||||||
200,000 | Bunge Ltd. Finance Corp. | 3.250 | 08/15/2026 | 176,526 | ||||||||||||
373,000 | Philip Morris International, Inc. | 2.500 | 11/02/2022 | 365,282 | ||||||||||||
393,000 | Philip Morris International, Inc. | 3.250 | 11/10/2024 | 389,366 | ||||||||||||
|
| |||||||||||||||
2,231,996 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Airlines—0.2% | ||||||||||||||||
$ | 287,000 | Southwest Airlines Co. | 2.650 | % | 11/05/2020 | $ | 285,461 | |||||||||
|
| |||||||||||||||
Apparel—0.5% | ||||||||||||||||
200,000 | NIKE, Inc.(a) | 2.250 | 05/01/2023 | 197,413 | ||||||||||||
200,000 | NIKE, Inc. | 2.375 | 11/01/2026 | 190,441 | ||||||||||||
250,000 | VF Corp. | 3.500 | 09/01/2021 | 253,554 | ||||||||||||
|
| |||||||||||||||
641,408 | ||||||||||||||||
|
| |||||||||||||||
Auto Manufacturers—1.4% | ||||||||||||||||
360,000 | Ford Motor Credit Co. LLC | 5.875 | 08/02/2021 | 372,302 | ||||||||||||
400,000 | Ford Motor Credit Co. LLC | 4.134 | 08/04/2025 | 365,974 | ||||||||||||
355,000 | General Motors Financial Co., Inc. | 3.200 | 07/06/2021 | 351,544 | ||||||||||||
365,000 | General Motors Financial Co., Inc. | 4.350 | 01/17/2027 | 346,591 | ||||||||||||
375,000 | PACCAR Financial Corp., MTN | 1.300 | 05/10/2019 | 374,059 | ||||||||||||
|
| |||||||||||||||
1,810,470 | ||||||||||||||||
|
| |||||||||||||||
Auto Parts & Equipment—0.3% | ||||||||||||||||
190,000 | BorgWarner, Inc.(a) | 3.375 | 03/15/2025 | 185,022 | ||||||||||||
200,000 | Lear Corp. | 5.250 | 01/15/2025 | 205,494 | ||||||||||||
|
| |||||||||||||||
390,516 | ||||||||||||||||
|
| |||||||||||||||
Banks—10.1% | ||||||||||||||||
603,000 | Bank of America Corp., GMTN | 3.300 | 01/11/2023 | 605,516 | ||||||||||||
590,000 | Bank of America Corp., MTN | 4.200 | 08/26/2024 | 602,111 | ||||||||||||
289,000 | Bank of New York Mellon Corp. (The), MTN | 2.200 | 08/16/2023 | 278,155 | ||||||||||||
300,000 | Bank of New York Mellon Corp. (The), MTN | 3.850 | 04/28/2028 | 310,524 | ||||||||||||
216,000 | BB&T Corp., MTN | 2.450 | 01/15/2020 | 215,328 | ||||||||||||
225,000 | Branch Banking & Trust Co. | 3.625 | 09/16/2025 | 226,875 | ||||||||||||
534,000 | Citigroup, Inc. | 4.500 | 01/14/2022 | 553,790 | ||||||||||||
560,000 | Citigroup, Inc. | 4.450 | 09/29/2027 | 562,801 | ||||||||||||
100,000 | Citizens Bank NA, MTN | 2.450 | 12/04/2019 | 99,671 | ||||||||||||
250,000 | Citizens Bank NA, BKNT | 3.750 | 02/18/2026 | 250,283 | ||||||||||||
250,000 | Comerica, Inc. | 3.700 | 07/31/2023 | 253,577 | ||||||||||||
250,000 | Discover Bank, BKNT | 3.100 | 06/04/2020 | 250,014 | ||||||||||||
125,000 | Discover Bank, BKNT | 3.450 | 07/27/2026 | 118,378 | ||||||||||||
150,000 | Fifth Third Bank, BKNT | 2.250 | 06/14/2021 | 147,470 | ||||||||||||
200,000 | Fifth Third Bank, BKNT | 3.950 | 07/28/2025 | 205,871 | ||||||||||||
145,000 | First Horizon National Corp. | 3.500 | 12/15/2020 | 145,457 | ||||||||||||
250,000 | First Republic Bank | 2.500 | 06/06/2022 | 243,806 | ||||||||||||
375,000 | Goldman Sachs Group, Inc. (The) | 5.750 | 01/24/2022 | 400,489 | ||||||||||||
390,000 | Goldman Sachs Group, Inc. (The), GMTN | 4.000 | 03/03/2024 | 396,168 | ||||||||||||
142,000 | Huntington Bancshares, Inc. | 3.150 | 03/14/2021 | 142,013 | ||||||||||||
140,000 | Huntington Bancshares, Inc. | 4.000 | 05/15/2025 | 143,225 | ||||||||||||
715,000 | JPMorgan Chase & Co. | 4.500 | 01/24/2022 | 744,503 | ||||||||||||
760,000 | JPMorgan Chase & Co. | 2.950 | 10/01/2026 | 725,882 | ||||||||||||
200,000 | KeyBank NA | 3.300 | 06/01/2025 | 198,474 | ||||||||||||
185,000 | KeyCorp, MTN | 5.100 | 03/24/2021 | 192,536 | ||||||||||||
150,000 | Manufacturers & Traders Trust Co. | 2.625 | 01/25/2021 | 149,041 | ||||||||||||
175,000 | Manufacturers & Traders Trust Co. | 2.900 | 02/06/2025 | 171,533 | ||||||||||||
380,000 | Morgan Stanley, GMTN | 2.750 | 05/19/2022 | 374,971 | ||||||||||||
365,000 | Morgan Stanley, Series F, GMTN | 3.875 | 04/29/2024 | 370,793 | ||||||||||||
150,000 | Northern Trust Corp. | 3.450 | 11/04/2020 | 151,897 | ||||||||||||
180,000 | Northern Trust Corp. | 3.950 | 10/30/2025 | 187,240 | ||||||||||||
275,000 | PNC Bank NA | 4.050 | 07/26/2028 | 283,522 | ||||||||||||
250,000 | PNC Bank NA, BKNT | 2.150 | 04/29/2021 | 245,417 | ||||||||||||
330,000 | Regions Financial Corp. | 3.200 | 02/08/2021 | 330,624 | ||||||||||||
221,000 | State Street Corp. | 2.550 | 08/18/2020 | 220,178 | ||||||||||||
220,000 | State Street Corp. | 3.550 | 08/18/2025 | 225,452 | ||||||||||||
230,000 | SunTrust Bank, BKNT | 2.250 | 01/31/2020 | 228,678 | ||||||||||||
200,000 | SunTrust Banks, Inc. | 4.000 | 05/01/2025 | 206,436 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks (continued) | ||||||||||||||||
$ | 367,000 | U.S. Bancorp, Series V, MTN | 2.375 | % | 07/22/2026 | $ | 344,999 | |||||||||
350,000 | U.S. Bank NA, BKNT | 2.125 | 10/28/2019 | 348,694 | ||||||||||||
689,000 | Wells Fargo & Co., MTN | 2.625 | 07/22/2022 | 676,888 | ||||||||||||
716,000 | Wells Fargo & Co. | 3.000 | 04/22/2026 | 686,879 | ||||||||||||
|
| |||||||||||||||
13,216,159 | ||||||||||||||||
|
| |||||||||||||||
Beverages—1.7% | ||||||||||||||||
380,000 | Coca-Cola Co. (The) | 3.300 | 09/01/2021 | 385,670 | ||||||||||||
453,000 | Coca-Cola Co. (The) | 2.875 | 10/27/2025 | 448,556 | ||||||||||||
131,000 | Constellation Brands, Inc. | 4.250 | 05/01/2023 | 135,082 | ||||||||||||
100,000 | Constellation Brands, Inc. | 3.600 | 02/15/2028 | 95,002 | ||||||||||||
100,000 | Keurig Dr Pepper, Inc.(b) | 4.057 | 05/25/2023 | 101,180 | ||||||||||||
100,000 | Keurig Dr Pepper, Inc.(b) | 4.597 | 05/25/2028 | 100,960 | ||||||||||||
110,000 | Molson Coors Brewing Co. | 2.100 | 07/15/2021 | 107,088 | ||||||||||||
110,000 | Molson Coors Brewing Co. | 3.000 | 07/15/2026 | 101,368 | ||||||||||||
365,000 | PepsiCo, Inc. | 2.750 | 03/01/2023 | 365,261 | ||||||||||||
375,000 | PepsiCo, Inc. | 3.000 | 10/15/2027 | 365,595 | ||||||||||||
|
| |||||||||||||||
2,205,762 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology—1.2% | ||||||||||||||||
257,000 | Amgen, Inc. | 3.875 | 11/15/2021 | 261,816 | ||||||||||||
270,000 | Amgen, Inc. | 3.625 | 05/22/2024 | 274,225 | ||||||||||||
148,000 | Biogen, Inc. | 2.900 | 09/15/2020 | 148,046 | ||||||||||||
152,000 | Biogen, Inc. | 4.050 | 09/15/2025 | 154,570 | ||||||||||||
140,000 | Celgene Corp. | 2.875 | 08/15/2020 | 139,585 | ||||||||||||
145,000 | Celgene Corp. | 3.875 | 08/15/2025 | 145,502 | ||||||||||||
261,000 | Gilead Sciences, Inc. | 2.550 | 09/01/2020 | 260,327 | ||||||||||||
249,000 | Gilead Sciences, Inc. | 3.650 | 03/01/2026 | 248,736 | ||||||||||||
|
| |||||||||||||||
1,632,807 | ||||||||||||||||
|
| |||||||||||||||
Building Materials—0.6% | ||||||||||||||||
60,000 | Fortune Brands Home & Security, Inc. | 4.000 | 09/21/2023 | 60,834 | ||||||||||||
75,000 | Fortune Brands Home & Security, Inc. | 4.000 | 06/15/2025 | 75,319 | ||||||||||||
312,000 | Johnson Controls International PLC | 3.900 | 02/14/2026 | 307,442 | ||||||||||||
150,000 | Martin Marietta Materials, Inc. | 3.500 | 12/15/2027 | 139,328 | ||||||||||||
165,000 | Masco Corp. | 4.375 | 04/01/2026 | 163,938 | ||||||||||||
|
| |||||||||||||||
746,861 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—1.9% | ||||||||||||||||
200,000 | Celanese US Holdings LLC | 4.625 | 11/15/2022 | 204,731 | ||||||||||||
260,000 | DowDuPont, Inc. | 4.725 | 11/15/2028 | 271,843 | ||||||||||||
125,000 | Eastman Chemical Co. | 3.600 | 08/15/2022 | 125,930 | ||||||||||||
125,000 | Eastman Chemical Co.(a) | 3.800 | 03/15/2025 | 124,271 | ||||||||||||
290,000 | EI du Pont de Nemours & Co. | 2.200 | 05/01/2020 | 288,210 | ||||||||||||
450,000 | LyondellBasell Industries NV | 5.750 | 04/15/2024 | 483,072 | ||||||||||||
130,000 | Mosaic Co. (The) | 4.250 | 11/15/2023 | 133,912 | ||||||||||||
125,000 | Mosaic Co. (The)(a) | 4.050 | 11/15/2027 | 122,031 | ||||||||||||
130,000 | PPG Industries, Inc. | 3.600 | 11/15/2020 | 131,182 | ||||||||||||
150,000 | PPG Industries, Inc.(a) | 3.750 | 03/15/2028 | 148,266 | ||||||||||||
100,000 | Sherwin-Williams Co. (The) | 2.250 | 05/15/2020 | 99,043 | ||||||||||||
105,000 | Sherwin-Williams Co. (The) | 3.450 | 06/01/2027 | 100,188 | ||||||||||||
259,000 | Westlake Chemical Corp. | 3.600 | 08/15/2026 | 244,996 | ||||||||||||
|
| |||||||||||||||
2,477,675 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services—0.9% | ||||||||||||||||
150,000 | Automatic Data Processing, Inc. | 2.250 | 09/15/2020 | 149,141 | ||||||||||||
150,000 | Automatic Data Processing, Inc. | 3.375 | 09/15/2025 | 153,144 | ||||||||||||
150,000 | Block Financial LLC | 4.125 | 10/01/2020 | 151,751 | ||||||||||||
140,000 | Ecolab, Inc. | 4.350 | 12/08/2021 | 145,173 | ||||||||||||
130,000 | Ecolab, Inc. | 2.700 | 11/01/2026 | 124,106 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Commercial Services (continued) | ||||||||||||||||
$ | 157,000 | Equifax, Inc. | 3.300 | % | 12/15/2022 | $ | 154,465 | |||||||||
100,000 | Total System Services, Inc. | 3.800 | 04/01/2021 | 100,408 | ||||||||||||
60,000 | Total System Services, Inc. | 4.800 | 04/01/2026 | 61,513 | ||||||||||||
125,000 | Verisk Analytics, Inc. | 4.000 | 06/15/2025 | 126,750 | ||||||||||||
|
| |||||||||||||||
1,166,451 | ||||||||||||||||
|
| |||||||||||||||
Computers—2.4% | ||||||||||||||||
710,000 | Apple, Inc. | 2.400 | 05/03/2023 | 697,270 | ||||||||||||
685,000 | Apple, Inc. | 3.250 | 02/23/2026 | 685,469 | ||||||||||||
179,000 | Hewlett Packard Enterprise Co. | 3.600 | 10/15/2020 | 180,047 | ||||||||||||
150,000 | Hewlett Packard Enterprise Co. | 4.900 | 10/15/2025 | 156,297 | ||||||||||||
352,000 | HP, Inc. | 4.650 | 12/09/2021 | 365,091 | ||||||||||||
400,000 | International Business Machines Corp. | 3.625 | 02/12/2024 | 408,421 | ||||||||||||
450,000 | International Business Machines Corp. | 3.450 | 02/19/2026 | 451,267 | ||||||||||||
187,000 | NetApp, Inc.(a) | 3.375 | 06/15/2021 | 187,483 | ||||||||||||
|
| |||||||||||||||
3,131,345 | ||||||||||||||||
|
| |||||||||||||||
Cosmetics/Personal Care—1.2% | ||||||||||||||||
250,000 | Colgate-Palmolive Co., MTN | 2.300 | 05/03/2022 | 246,981 | ||||||||||||
200,000 | Colgate-Palmolive Co., MTN | 3.250 | 03/15/2024 | 203,503 | ||||||||||||
130,000 | Estee Lauder Cos., Inc. (The) | 1.800 | 02/07/2020 | 128,885 | ||||||||||||
130,000 | Estee Lauder Cos., Inc. (The) | 3.150 | 03/15/2027 | 127,667 | ||||||||||||
443,000 | Procter & Gamble Co. (The) | 2.150 | 08/11/2022 | 434,653 | ||||||||||||
475,000 | Procter & Gamble Co. (The) | 2.450 | 11/03/2026 | 453,165 | ||||||||||||
|
| |||||||||||||||
1,594,854 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—4.7% | ||||||||||||||||
100,000 | Aircastle Ltd. | 5.000 | 04/01/2023 | 101,822 | ||||||||||||
290,000 | American Express Co. | 2.500 | 08/01/2022 | 284,274 | ||||||||||||
300,000 | American Express Credit Corp., MTN | 3.300 | 05/03/2027 | 297,438 | ||||||||||||
200,000 | Ameriprise Financial, Inc. | 4.000 | 10/15/2023 | 205,989 | ||||||||||||
200,000 | Ameriprise Financial, Inc. | 2.875 | 09/15/2026 | 190,289 | ||||||||||||
279,000 | BlackRock, Inc. | 3.500 | 03/18/2024 | 284,328 | ||||||||||||
227,000 | BlackRock, Inc., Series 2 | 5.000 | 12/10/2019 | 230,903 | ||||||||||||
315,000 | Capital One Financial Corp. | 2.500 | 05/12/2020 | 312,994 | ||||||||||||
352,000 | Capital One Financial Corp. | 4.200 | 10/29/2025 | 351,432 | ||||||||||||
96,000 | Cboe Global Markets, Inc. | 3.650 | 01/12/2027 | 94,993 | ||||||||||||
170,000 | Charles Schwab Corp. (The) | 4.450 | 07/22/2020 | 173,786 | ||||||||||||
205,000 | Charles Schwab Corp. (The) | 3.200 | 03/02/2027 | 201,049 | ||||||||||||
150,000 | CME Group, Inc. | 3.000 | 09/15/2022 | 150,750 | ||||||||||||
175,000 | CME Group, Inc. | 3.000 | 03/15/2025 | 172,737 | ||||||||||||
200,000 | E*TRADE Financial Corp. | 2.950 | 08/24/2022 | 196,209 | ||||||||||||
525,000 | GE Capital International Funding Co. Unlimited Co. | 2.342 | 11/15/2020 | 516,453 | ||||||||||||
500,000 | GE Capital International Funding Co. Unlimited Co. | 3.373 | 11/15/2025 | 481,680 | ||||||||||||
125,000 | Intercontinental Exchange, Inc. | 2.750 | 12/01/2020 | 124,596 | ||||||||||||
150,000 | Intercontinental Exchange, Inc. | 3.750 | 12/01/2025 | 153,552 | ||||||||||||
169,000 | Mastercard, Inc. | 2.000 | 11/21/2021 | 166,137 | ||||||||||||
150,000 | Mastercard, Inc. | 3.375 | 04/01/2024 | 153,268 | ||||||||||||
80,000 | Nasdaq, Inc. | 5.550 | 01/15/2020 | 81,713 | ||||||||||||
100,000 | Nasdaq, Inc. | 4.250 | 06/01/2024 | 102,082 | ||||||||||||
200,000 | Raymond James Financial, Inc. | 3.625 | 09/15/2026 | 191,178 | ||||||||||||
110,000 | TD Ameritrade Holding Corp. | 2.950 | 04/01/2022 | 110,041 | ||||||||||||
150,000 | TD Ameritrade Holding Corp. | 3.300 | 04/01/2027 | 146,681 | ||||||||||||
224,000 | Visa, Inc. | 2.200 | 12/14/2020 | 222,091 | ||||||||||||
220,000 | Visa, Inc. | 3.150 | 12/14/2025 | 220,749 | ||||||||||||
225,000 | Western Union Co. (The)(a) | 3.600 | 03/15/2022 | 227,175 | ||||||||||||
|
| |||||||||||||||
6,146,389 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Electric—5.5% | ||||||||||||||||
$ | 200,000 | American Electric Power Co., Inc. | 3.200 | % | 11/13/2027 | $ | 190,972 | |||||||||
200,000 | Arizona Public Service Co. | 8.750 | 03/01/2019 | 200,000 | ||||||||||||
200,000 | Avangrid, Inc. | 3.150 | 12/01/2024 | 194,427 | ||||||||||||
175,000 | Consolidated Edison Co. of New York, Inc., Series D | 4.000 | 12/01/2028 | 182,668 | ||||||||||||
190,000 | Consolidated Edison, Inc. | 2.000 | 05/15/2021 | 185,774 | ||||||||||||
228,000 | Dominion Energy, Inc. | 2.579 | 07/01/2020 | 225,751 | ||||||||||||
240,000 | Dominion Energy, Inc.(a) | 3.900 | 10/01/2025 | 241,128 | ||||||||||||
200,000 | DTE Energy Co. | 2.850 | 10/01/2026 | 185,690 | ||||||||||||
150,000 | DTE Energy Co., Series D | 3.700 | 08/01/2023 | 150,680 | ||||||||||||
302,000 | Duke Energy Corp. | 1.800 | 09/01/2021 | 292,361 | ||||||||||||
302,000 | Duke Energy Corp. | 2.650 | 09/01/2026 | 281,638 | ||||||||||||
200,000 | Edison International(a) | 4.125 | 03/15/2028 | 184,930 | ||||||||||||
150,000 | Entergy Corp. | 4.000 | 07/15/2022 | 152,208 | ||||||||||||
173,000 | Entergy Corp. | 2.950 | 09/01/2026 | 162,338 | ||||||||||||
150,000 | Eversource Energy, Series K | 2.750 | 03/15/2022 | 148,234 | ||||||||||||
250,000 | Exelon Corp. | 3.950 | 06/15/2025 | 252,865 | ||||||||||||
252,000 | Exelon Generation Co. LLC | 2.950 | 01/15/2020 | 251,746 | ||||||||||||
150,000 | FirstEnergy Corp., Series B | 4.250 | 03/15/2023 | 153,794 | ||||||||||||
200,000 | FirstEnergy Corp., Series B | 3.900 | 07/15/2027 | 198,315 | ||||||||||||
196,000 | Interstate Power & Light Co.(a) | 3.250 | 12/01/2024 | 193,978 | ||||||||||||
250,000 | Nextera Energy Capital Holdings, Inc.(a) | 2.800 | 01/15/2023 | 244,398 | ||||||||||||
261,000 | NextEra Energy Capital Holdings, Inc. | 3.550 | 05/01/2027 | 254,557 | ||||||||||||
150,000 | NSTAR Electric Co. | 3.200 | 05/15/2027 | 146,914 | ||||||||||||
180,000 | Ohio Power Co., Series M | 5.375 | 10/01/2021 | 191,026 | ||||||||||||
176,000 | PPL Capital Funding, Inc. | 3.400 | 06/01/2023 | 174,844 | ||||||||||||
225,000 | PPL Capital Funding, Inc. | 3.100 | 05/15/2026 | 211,870 | ||||||||||||
375,000 | PSEG Power LLC | 3.000 | 06/15/2021 | 371,660 | ||||||||||||
166,000 | Sempra Energy(a) | 2.400 | 03/15/2020 | 164,846 | ||||||||||||
160,000 | Sempra Energy | 3.400 | 02/01/2028 | 150,579 | ||||||||||||
179,000 | Southern California Edison Co., Series C | 3.500 | 10/01/2023 | 176,069 | ||||||||||||
295,000 | Southern Co. (The) | 2.350 | 07/01/2021 | 290,847 | ||||||||||||
262,000 | Southern Co. (The) | 3.250 | 07/01/2026 | 250,062 | ||||||||||||
130,000 | WEC Energy Group, Inc. | 3.375 | 06/15/2021 | 130,777 | ||||||||||||
154,000 | WEC Energy Group, Inc.(a) | 3.550 | 06/15/2025 | 154,457 | ||||||||||||
168,000 | Xcel Energy, Inc. | 4.700 | 05/15/2020 | 170,272 | ||||||||||||
150,000 | Xcel Energy, Inc. | 3.300 | 06/01/2025 | 148,738 | ||||||||||||
|
| |||||||||||||||
7,261,413 | ||||||||||||||||
|
| |||||||||||||||
Electrical Components & Equipment—0.3% | ||||||||||||||||
250,000 | Emerson Electric Co.(a) | 2.625 | 02/15/2023 | 245,742 | ||||||||||||
200,000 | Emerson Electric Co. | 3.150 | 06/01/2025 | 196,155 | ||||||||||||
|
| |||||||||||||||
441,897 | ||||||||||||||||
|
| |||||||||||||||
Electronics—1.9% | ||||||||||||||||
200,000 | Agilent Technologies, Inc.(a) | 3.875 | 07/15/2023 | 203,575 | ||||||||||||
100,000 | Amphenol Corp. | 4.000 | 02/01/2022 | 102,374 | ||||||||||||
100,000 | Amphenol Corp. | 4.350 | 06/01/2029 | 102,167 | ||||||||||||
275,000 | Arrow Electronics, Inc. | 3.875 | 01/12/2028 | 257,284 | ||||||||||||
250,000 | Avnet, Inc.(a) | 4.625 | 04/15/2026 | 248,937 | ||||||||||||
150,000 | Flex Ltd. | 5.000 | 02/15/2023 | 153,773 | ||||||||||||
200,000 | Flex Ltd. | 4.750 | 06/15/2025 | 203,775 | ||||||||||||
100,000 | Fortive Corp. | 2.350 | 06/15/2021 | 98,283 | ||||||||||||
100,000 | Fortive Corp. | 3.150 | 06/15/2026 | 95,314 | ||||||||||||
270,000 | Honeywell International, Inc. | 1.850 | 11/01/2021 | 264,239 | ||||||||||||
276,000 | Honeywell International, Inc. | 2.500 | 11/01/2026 | 264,185 | ||||||||||||
130,000 | Keysight Technologies, Inc. | 4.600 | 04/06/2027 | 130,651 | ||||||||||||
100,000 | Tech Data Corp. | 3.700 | 02/15/2022 | 99,055 | ||||||||||||
136,000 | Tech Data Corp. | 4.950 | 02/15/2027 | 135,556 | ||||||||||||
140,000 | Trimble, Inc. | 4.900 | 06/15/2028 | 139,238 | ||||||||||||
|
| |||||||||||||||
2,498,406 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Engineering & Construction—0.2% | ||||||||||||||||
$ | 260,000 | Fluor Corp. | 3.500 | % | 12/15/2024 | $ | 258,013 | |||||||||
|
| |||||||||||||||
Environmental Control—0.5% | ||||||||||||||||
140,000 | Republic Services, Inc. | 3.550 | 06/01/2022 | 142,108 | ||||||||||||
136,000 | Republic Services, Inc. | 3.950 | 05/15/2028 | 139,425 | ||||||||||||
155,000 | Waste Management, Inc.(a) | 4.750 | 06/30/2020 | 158,411 | ||||||||||||
200,000 | Waste Management, Inc. | 3.150 | 11/15/2027 | 194,097 | ||||||||||||
|
| |||||||||||||||
634,041 | ||||||||||||||||
|
| |||||||||||||||
Food—3.1% | ||||||||||||||||
110,000 | Campbell Soup Co. | 3.650 | 03/15/2023 | 109,428 | ||||||||||||
125,000 | Campbell Soup Co. | 4.150 | 03/15/2028 | 119,813 | ||||||||||||
120,000 | ConAgra Brands, Inc. | 3.800 | 10/22/2021 | 121,118 | ||||||||||||
100,000 | ConAgra Brands, Inc. | 4.850 | 11/01/2028 | 100,399 | ||||||||||||
200,000 | General Mills, Inc. | 3.150 | 12/15/2021 | 200,624 | ||||||||||||
195,000 | General Mills, Inc. | 4.200 | 04/17/2028 | 197,038 | ||||||||||||
100,000 | Hershey Co. (The) | 3.375 | 05/15/2023 | 101,575 | ||||||||||||
125,000 | Hershey Co. (The) | 2.300 | 08/15/2026 | 116,607 | ||||||||||||
100,000 | JM Smucker Co. (The)(a) | 3.500 | 10/15/2021 | 100,819 | ||||||||||||
100,000 | JM Smucker Co. (The) | 3.500 | 03/15/2025 | 97,991 | ||||||||||||
143,000 | Kellogg Co. | 4.000 | 12/15/2020 | 145,302 | ||||||||||||
150,000 | Kellogg Co. | 3.250 | 04/01/2026 | 143,009 | ||||||||||||
271,000 | Kraft Heinz Foods Co. | 3.500 | 06/06/2022 | 270,244 | ||||||||||||
245,000 | Kraft Heinz Foods Co. | 3.950 | 07/15/2025 | 242,875 | ||||||||||||
250,000 | Kroger Co. (The) | 6.150 | 01/15/2020 | 256,774 | ||||||||||||
300,000 | Kroger Co. (The) | 2.650 | 10/15/2026 | 270,585 | ||||||||||||
85,000 | McCormick & Co., Inc. | 2.700 | 08/15/2022 | 83,555 | ||||||||||||
100,000 | McCormick & Co., Inc. | 3.400 | 08/15/2027 | 95,980 | ||||||||||||
250,000 | Mondelez International, Inc. | 4.000 | 02/01/2024 | 255,356 | ||||||||||||
250,000 | Mondelez International, Inc. | 4.125 | 05/07/2028 | 253,055 | ||||||||||||
205,000 | Sysco Corp. | 2.600 | 10/01/2020 | 203,833 | ||||||||||||
190,000 | Sysco Corp. | 3.300 | 07/15/2026 | 183,491 | ||||||||||||
172,000 | Tyson Foods, Inc. | 2.650 | 08/15/2019 | 171,737 | ||||||||||||
200,000 | Tyson Foods, Inc. | 3.950 | 08/15/2024 | 201,589 | ||||||||||||
|
| |||||||||||||||
4,042,797 | ||||||||||||||||
|
| |||||||||||||||
Forest Products & Paper—0.3% | ||||||||||||||||
392,000 | International Paper Co.(a) | 3.000 | 02/15/2027 | 366,865 | ||||||||||||
|
| |||||||||||||||
Gas—0.5% | ||||||||||||||||
200,000 | Atmos Energy Corp. | 3.000 | 06/15/2027 | 193,535 | ||||||||||||
130,000 | CenterPoint Energy Resources Corp.(a) | 4.500 | 01/15/2021 | 132,806 | ||||||||||||
115,000 | National Fuel Gas Co.(a) | 3.750 | 03/01/2023 | 113,569 | ||||||||||||
100,000 | NiSource, Inc. | 2.650 | 11/17/2022 | 97,123 | ||||||||||||
95,000 | NiSource, Inc. | 3.490 | 05/15/2027 | 92,171 | ||||||||||||
|
| |||||||||||||||
629,204 | ||||||||||||||||
|
| |||||||||||||||
Hand/Machine Tools—0.2% | ||||||||||||||||
200,000 | Stanley Black & Decker, Inc. | 2.900 | 11/01/2022 | 197,458 | ||||||||||||
120,000 | Stanley Black & Decker, Inc.(a) | 4.250 | 11/15/2028 | 126,190 | ||||||||||||
|
| |||||||||||||||
323,648 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.7% | ||||||||||||||||
175,000 | Abbott Laboratories | 2.900 | 11/30/2021 | 174,955 | ||||||||||||
228,000 | Abbott Laboratories | 3.750 | 11/30/2026 | 231,428 | ||||||||||||
375,000 | Baxter International, Inc. | 2.600 | 08/15/2026 | 349,571 | ||||||||||||
100,000 | Boston Scientific Corp. | 6.000 | 01/15/2020 | 102,578 | ||||||||||||
100,000 | Boston Scientific Corp. | 4.000 | 03/01/2028 | 100,298 | ||||||||||||
125,000 | Danaher Corp. | 2.400 | 09/15/2020 | 124,061 | ||||||||||||
150,000 | Danaher Corp. | 3.350 | 09/15/2025 | 147,364 | ||||||||||||
140,000 | Edwards Lifesciences Corp. | 4.300 | 06/15/2028 | 142,469 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Healthcare-Products (continued) | ||||||||||||||||
$ | 145,000 | Stryker Corp. | 2.625 | % | 03/15/2021 | $ | 144,004 | |||||||||
150,000 | Stryker Corp. | 3.500 | 03/15/2026 | 149,181 | ||||||||||||
1,000 | Thermo Fisher Scientific, Inc. | 4.500 | 03/01/2021 | 1,029 | ||||||||||||
160,000 | Thermo Fisher Scientific, Inc. | 4.150 | 02/01/2024 | 165,390 | ||||||||||||
175,000 | Thermo Fisher Scientific, Inc. | 2.950 | 09/19/2026 | 165,232 | ||||||||||||
104,000 | Zimmer Biomet Holdings, Inc. | 2.700 | 04/01/2020 | 103,545 | ||||||||||||
100,000 | Zimmer Biomet Holdings, Inc. | 3.550 | 04/01/2025 | 97,309 | ||||||||||||
|
| |||||||||||||||
2,198,414 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—1.9% | ||||||||||||||||
260,000 | Anthem, Inc. | 3.125 | 05/15/2022 | 259,712 | ||||||||||||
275,000 | Anthem, Inc. | 3.650 | 12/01/2027 | 270,745 | ||||||||||||
200,000 | HCA, Inc. | 5.875 | 03/15/2022 | 212,926 | ||||||||||||
200,000 | HCA, Inc. | 5.250 | 06/15/2026 | 211,237 | ||||||||||||
185,000 | Humana, Inc. | 3.150 | 12/01/2022 | 184,441 | ||||||||||||
188,000 | Humana, Inc. | 3.950 | 03/15/2027 | 185,757 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 4.625 | 11/15/2020 | 101,947 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 3.600 | 02/01/2025 | 98,485 | ||||||||||||
150,000 | Quest Diagnostics, Inc. | 4.700 | 04/01/2021 | 154,024 | ||||||||||||
100,000 | Quest Diagnostics, Inc. | 3.500 | 03/30/2025 | 98,571 | ||||||||||||
362,000 | UnitedHealth Group, Inc. | 2.700 | 07/15/2020 | 362,327 | ||||||||||||
400,000 | UnitedHealth Group, Inc. | 3.100 | 03/15/2026 | 392,600 | ||||||||||||
|
| |||||||||||||||
2,532,772 | ||||||||||||||||
|
| |||||||||||||||
Home Builders—0.3% | ||||||||||||||||
180,000 | DR Horton, Inc. | 4.000 | 02/15/2020 | 181,406 | ||||||||||||
150,000 | NVR, Inc. | 3.950 | 09/15/2022 | 152,752 | ||||||||||||
|
| |||||||||||||||
334,158 | ||||||||||||||||
|
| |||||||||||||||
Home Furnishings—0.1% | ||||||||||||||||
150,000 | Leggett & Platt, Inc. | 3.500 | 11/15/2027 | 141,119 | ||||||||||||
|
| |||||||||||||||
Household Products/Wares—0.6% | ||||||||||||||||
150,000 | Avery Dennison Corp. | 4.875 | 12/06/2028 | 155,518 | ||||||||||||
124,000 | Clorox Co. (The) | 3.050 | 09/15/2022 | 124,156 | ||||||||||||
100,000 | Clorox Co. (The) | 3.500 | 12/15/2024 | 101,035 | ||||||||||||
380,000 | Kimberly-Clark Corp. | 3.950 | 11/01/2028 | 396,094 | ||||||||||||
|
| |||||||||||||||
776,803 | ||||||||||||||||
|
| |||||||||||||||
Housewares—0.3% | ||||||||||||||||
116,000 | Newell Brands, Inc.(a) | 3.850 | 04/01/2023 | 114,863 | ||||||||||||
100,000 | Newell Brands, Inc. | 4.200 | 04/01/2026 | 94,169 | ||||||||||||
130,000 | Tupperware Brands Corp. | 4.750 | 06/01/2021 | 132,934 | ||||||||||||
|
| |||||||||||||||
341,966 | ||||||||||||||||
|
| |||||||||||||||
Insurance—6.3% | ||||||||||||||||
300,000 | Aflac, Inc. | 3.625 | 06/15/2023 | 306,059 | ||||||||||||
220,000 | Aflac, Inc. | 3.625 | 11/15/2024 | 224,732 | ||||||||||||
205,000 | Allstate Corp. (The) | 3.150 | 06/15/2023 | 205,487 | ||||||||||||
240,000 | Allstate Corp. (The) | 3.280 | 12/15/2026 | 238,178 | ||||||||||||
330,000 | American International Group, Inc. | 4.875 | 06/01/2022 | 345,957 | ||||||||||||
350,000 | American International Group, Inc. | 3.900 | 04/01/2026 | 343,651 | ||||||||||||
619,000 | Berkshire Hathaway, Inc. | 2.750 | 03/15/2023 | 618,026 | ||||||||||||
601,000 | Berkshire Hathaway, Inc. | 3.125 | 03/15/2026 | 595,338 | ||||||||||||
420,000 | Brighthouse Financial, Inc. | 3.700 | 06/22/2027 | 377,615 | ||||||||||||
100,000 | Brown & Brown, Inc. | 4.200 | 09/15/2024 | 100,588 | ||||||||||||
250,000 | Chubb INA Holdings, Inc. | 2.300 | 11/03/2020 | 247,710 | ||||||||||||
225,000 | Chubb INA Holdings, Inc. | 3.350 | 05/03/2026 | 224,221 | ||||||||||||
405,000 | Hartford Financial Services Group, Inc. (The) | 5.125 | 04/15/2022 | 426,790 | ||||||||||||
200,000 | Lincoln National Corp. | 4.000 | 09/01/2023 | 205,200 | ||||||||||||
200,000 | Lincoln National Corp. | 3.800 | 03/01/2028 | 196,884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Insurance (continued) | ||||||||||||||||
$ | 150,000 | Loews Corp. | 2.625 | % | 05/15/2023 | $ | 147,082 | |||||||||
150,000 | Loews Corp.(a) | 3.750 | 04/01/2026 | 150,619 | ||||||||||||
130,000 | Marsh & McLennan Cos., Inc. | 4.800 | 07/15/2021 | 134,551 | ||||||||||||
150,000 | Marsh & McLennan Cos., Inc. | 4.375 | 03/15/2029 | 154,997 | ||||||||||||
400,000 | MetLife, Inc. | 3.048 | 12/15/2022 | 399,905 | ||||||||||||
370,000 | MetLife, Inc. | 3.600 | 04/10/2024 | 378,876 | ||||||||||||
175,000 | Old Republic International Corp. | 3.875 | 08/26/2026 | 168,138 | ||||||||||||
168,000 | Progressive Corp. (The) | 3.750 | 08/23/2021 | 170,555 | ||||||||||||
157,000 | Progressive Corp. (The) | 2.450 | 01/15/2027 | 146,429 | ||||||||||||
375,000 | Prudential Financial, Inc., MTN(a) | 3.500 | 05/15/2024 | 384,247 | ||||||||||||
350,000 | Prudential Financial, Inc., Series D, MTN | 7.375 | 06/15/2019 | 354,462 | ||||||||||||
175,000 | Torchmark Corp. | 4.550 | 09/15/2028 | 180,050 | ||||||||||||
472,000 | Travelers Cos., Inc. (The) | 3.900 | 11/01/2020 | 480,632 | ||||||||||||
366,000 | Voya Financial, Inc. | 3.650 | 06/15/2026 | 353,095 | ||||||||||||
|
| |||||||||||||||
8,260,074 | ||||||||||||||||
|
| |||||||||||||||
Internet—1.5% | ||||||||||||||||
368,000 | Alphabet, Inc.(a) | 3.625 | 05/19/2021 | 376,752 | ||||||||||||
407,000 | Alphabet, Inc. | 1.998 | 08/15/2026 | 377,463 | ||||||||||||
315,000 | Amazon.com, Inc. | 2.500 | 11/29/2022 | 312,014 | ||||||||||||
342,000 | Amazon.com, Inc. | 3.150 | 08/22/2027 | 337,638 | ||||||||||||
150,000 | Booking Holdings, Inc. | 2.750 | 03/15/2023 | 146,572 | ||||||||||||
150,000 | Booking Holdings, Inc. | 3.600 | 06/01/2026 | 146,747 | ||||||||||||
166,000 | eBay, Inc. | 2.600 | 07/15/2022 | 162,624 | ||||||||||||
125,000 | eBay, Inc.(a) | 3.600 | 06/05/2027 | 119,538 | ||||||||||||
|
| |||||||||||||||
1,979,348 | ||||||||||||||||
|
| |||||||||||||||
Iron/Steel—0.4% | ||||||||||||||||
150,000 | Nucor Corp. | 4.125 | 09/15/2022 | 154,640 | ||||||||||||
169,000 | Nucor Corp. | 3.950 | 05/01/2028 | 170,909 | ||||||||||||
153,000 | Reliance Steel & Aluminum Co. | 4.500 | 04/15/2023 | 155,483 | ||||||||||||
|
| |||||||||||||||
481,032 | ||||||||||||||||
|
| |||||||||||||||
Leisure Time—0.4% | ||||||||||||||||
300,000 | Carnival Corp. | 3.950 | 10/15/2020 | 304,430 | ||||||||||||
280,000 | Royal Caribbean Cruises Ltd. | 3.700 | 03/15/2028 | 262,226 | ||||||||||||
|
| |||||||||||||||
566,656 | ||||||||||||||||
|
| |||||||||||||||
Lodging—0.2% | ||||||||||||||||
130,000 | Marriott International, Inc. | 2.300 | 01/15/2022 | 126,998 | ||||||||||||
150,000 | Marriott International, Inc., Series R | 3.125 | 06/15/2026 | 141,586 | ||||||||||||
|
| |||||||||||||||
268,584 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining—0.4% | ||||||||||||||||
272,000 | Caterpillar, Inc. | 3.900 | 05/27/2021 | 278,567 | ||||||||||||
277,000 | Caterpillar, Inc. | 3.400 | 05/15/2024 | 282,813 | ||||||||||||
|
| |||||||||||||||
561,380 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Diversified—1.0% | ||||||||||||||||
307,000 | Cummins, Inc. | 3.650 | 10/01/2023 | 316,647 | ||||||||||||
229,000 | Deere & Co. | 2.600 | 06/08/2022 | 228,125 | ||||||||||||
135,000 | Flowserve Corp. | 3.500 | 09/15/2022 | 132,738 | ||||||||||||
225,000 | John Deere Capital Corp., MTN | 3.450 | 03/13/2025 | 229,611 | ||||||||||||
75,000 | Roper Technologies, Inc.(a) | 3.000 | 12/15/2020 | 74,809 | ||||||||||||
100,000 | Roper Technologies, Inc. | 3.800 | 12/15/2026 | 98,833 | ||||||||||||
125,000 | Wabtec Corp. | 4.700 | 09/15/2028 | 123,491 | ||||||||||||
100,000 | Xylem, Inc. | 4.875 | 10/01/2021 | 102,860 | ||||||||||||
75,000 | Xylem, Inc. | 3.250 | 11/01/2026 | 72,000 | ||||||||||||
|
| |||||||||||||||
1,379,114 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Media—2.1% | ||||||||||||||||
$ | 151,000 | CBS Corp. | 3.375 | % | 03/01/2022 | $ | 150,639 | |||||||||
200,000 | CBS Corp. | 4.000 | 01/15/2026 | 198,163 | ||||||||||||
400,000 | Comcast Corp. | 4.150 | 10/15/2028 | 413,505 | ||||||||||||
110,000 | Discovery Communications LLC | 2.950 | 03/20/2023 | 106,651 | ||||||||||||
150,000 | Discovery Communications LLC | 3.950 | 03/20/2028 | 143,021 | ||||||||||||
200,000 | Fox Corp.(b) | 4.030 | 01/25/2024 | 204,356 | ||||||||||||
200,000 | Fox Corp.(b) | 4.709 | 01/25/2029 | 207,918 | ||||||||||||
350,000 | NBCUniversal Media LLC | 5.150 | 04/30/2020 | 359,162 | ||||||||||||
308,000 | Viacom, Inc. | 4.250 | 09/01/2023 | 315,661 | ||||||||||||
340,000 | Walt Disney Co. (The), GMTN(a) | 2.350 | 12/01/2022 | 334,609 | ||||||||||||
325,000 | Walt Disney Co. (The), MTN(a) | 2.950 | 06/15/2027 | 317,774 | ||||||||||||
|
| |||||||||||||||
2,751,459 | ||||||||||||||||
|
| |||||||||||||||
Mining—0.2% | ||||||||||||||||
240,000 | Newmont Mining Corp. | 3.500 | 03/15/2022 | 241,357 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—1.5% | ||||||||||||||||
280,000 | 3M Co., GMTN | 2.000 | 06/26/2022 | 273,525 | ||||||||||||
280,000 | 3M Co. | 2.875 | 10/15/2027 | 271,065 | ||||||||||||
130,000 | Carlisle Cos., Inc. | 3.750 | 12/01/2027 | 123,474 | ||||||||||||
180,000 | Eaton Corp. | 2.750 | 11/02/2022 | 177,865 | ||||||||||||
195,000 | Eaton Corp. | 3.103 | 09/15/2027 | 187,549 | ||||||||||||
165,000 | Illinois Tool Works, Inc. | 6.250 | 04/01/2019 | 165,432 | ||||||||||||
204,000 | Illinois Tool Works, Inc. | 2.650 | 11/15/2026 | 195,340 | ||||||||||||
251,000 | Ingersoll-Rand Luxembourg Finance SA | 3.550 | 11/01/2024 | 251,662 | ||||||||||||
325,000 | Parker-Hannifin Corp. | 3.250 | 03/01/2027 | 315,004 | ||||||||||||
|
| |||||||||||||||
1,960,916 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—5.4% | ||||||||||||||||
150,000 | Apache Corp. | 3.250 | 04/15/2022 | 148,765 | ||||||||||||
150,000 | Apache Corp. | 4.375 | 10/15/2028 | 147,608 | ||||||||||||
592,000 | Chevron Corp. | 2.355 | 12/05/2022 | 582,989 | ||||||||||||
575,000 | Chevron Corp. | 2.954 | 05/16/2026 | 566,101 | ||||||||||||
86,000 | Cimarex Energy Co. | 4.375 | 06/01/2024 | 87,533 | ||||||||||||
180,000 | Concho Resources, Inc. | 3.750 | 10/01/2027 | 174,796 | ||||||||||||
525,000 | ConocoPhillips Holding Co. | 6.950 | 04/15/2029 | 667,409 | ||||||||||||
150,000 | EOG Resources, Inc. | 2.625 | 03/15/2023 | 147,019 | ||||||||||||
150,000 | EOG Resources, Inc. | 4.150 | 01/15/2026 | 156,003 | ||||||||||||
75,000 | EQT Corp. | 3.900 | 10/01/2027 | 68,138 | ||||||||||||
100,000 | Equities Corp. | 4.875 | 11/15/2021 | 102,759 | ||||||||||||
720,000 | Exxon Mobil Corp. | 2.222 | 03/01/2021 | 714,021 | ||||||||||||
710,000 | Exxon Mobil Corp. | 3.043 | 03/01/2026 | 705,152 | ||||||||||||
245,000 | HollyFrontier Corp. | 5.875 | 04/01/2026 | 258,720 | ||||||||||||
243,000 | Marathon Petroleum Corp. | 5.125 | 03/01/2021 | 251,489 | ||||||||||||
259,000 | Marathon Petroleum Corp. | 3.625 | 09/15/2024 | 256,547 | ||||||||||||
100,000 | Noble Energy, Inc. | 4.150 | 12/15/2021 | 101,801 | ||||||||||||
112,000 | Noble Energy, Inc. | 3.900 | 11/15/2024 | 110,627 | ||||||||||||
225,000 | Occidental Petroleum Corp. | 2.700 | 02/15/2023 | 222,110 | ||||||||||||
250,000 | Occidental Petroleum Corp. | 3.400 | 04/15/2026 | 250,618 | ||||||||||||
585,000 | Phillips 66 | 3.900 | 03/15/2028 | 582,611 | ||||||||||||
105,000 | Pioneer Natural Resources Co. | 3.950 | 07/15/2022 | 106,577 | ||||||||||||
85,000 | Pioneer Natural Resources Co. | 4.450 | 01/15/2026 | 88,176 | ||||||||||||
301,000 | Valero Energy Corp. | 6.125 | 02/01/2020 | 309,318 | ||||||||||||
300,000 | Valero Energy Corp. | 3.400 | 09/15/2026 | 287,658 | ||||||||||||
|
| |||||||||||||||
7,094,545 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—1.0% | ||||||||||||||||
175,000 | Halliburton Co. | 3.500 | 08/01/2023 | 176,244 | ||||||||||||
167,000 | Halliburton Co. | 3.800 | 11/15/2025 | 167,959 | ||||||||||||
319,000 | National Oilwell Varco, Inc. | 2.600 | 12/01/2022 | 309,438 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Oil & Gas Services (continued) | ||||||||||||||||
$ | 150,000 | Patterson-UTI Energy, Inc. | 3.950 | % | 02/01/2028 | $ | 138,839 | |||||||||
555,000 | Schlumberger Investment SA | 3.650 | 12/01/2023 | 571,583 | ||||||||||||
|
| |||||||||||||||
1,364,063 | ||||||||||||||||
|
| |||||||||||||||
Packaging & Containers—0.3% | ||||||||||||||||
104,000 | Packaging Corp. of America | 4.500 | 11/01/2023 | 108,068 | ||||||||||||
90,000 | Packaging Corp. of America | 3.400 | 12/15/2027 | 85,519 | ||||||||||||
220,000 | Wrkco, Inc. | 4.900 | 03/15/2029 | 231,530 | ||||||||||||
|
| |||||||||||||||
425,117 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals—5.9% | ||||||||||||||||
280,000 | AbbVie, Inc. | 2.500 | 05/14/2020 | 278,254 | ||||||||||||
287,000 | AbbVie, Inc. | 3.600 | 05/14/2025 | 282,411 | ||||||||||||
186,000 | Allergan Funding SCS | 3.000 | 03/12/2020 | 185,949 | ||||||||||||
175,000 | Allergan Funding SCS | 3.800 | 03/15/2025 | 173,043 | ||||||||||||
250,000 | AmerisourceBergen Corp. | 3.500 | 11/15/2021 | 251,460 | ||||||||||||
250,000 | AmerisourceBergen Corp. | 3.450 | 12/15/2027 | 239,986 | ||||||||||||
253,000 | Bristol-Myers Squibb Co. | 2.000 | 08/01/2022 | 245,100 | ||||||||||||
250,000 | Bristol-Myers Squibb Co.(a) | 3.250 | 02/27/2027 | 242,194 | ||||||||||||
240,000 | Cardinal Health, Inc. | 2.616 | 06/15/2022 | 233,318 | ||||||||||||
300,000 | Cardinal Health, Inc. | 3.410 | 06/15/2027 | 280,882 | ||||||||||||
350,000 | CVS Health Corp. | 3.700 | 03/09/2023 | 352,039 | ||||||||||||
350,000 | CVS Health Corp. | 4.300 | 03/25/2028 | 350,528 | ||||||||||||
250,000 | Eli Lilly & Co. | 2.350 | 05/15/2022 | 246,520 | ||||||||||||
250,000 | Eli Lilly & Co. | 2.750 | 06/01/2025 | 245,421 | ||||||||||||
183,000 | Express Scripts Holding Co. | 4.750 | 11/15/2021 | 190,054 | ||||||||||||
200,000 | Express Scripts Holding Co. | 3.400 | 03/01/2027 | 190,627 | ||||||||||||
471,000 | Johnson & Johnson | 2.250 | 03/03/2022 | 465,058 | ||||||||||||
518,000 | Johnson & Johnson | 2.450 | 03/01/2026 | 495,617 | ||||||||||||
650,000 | McKesson Corp. | 3.796 | 03/15/2024 | 653,629 | ||||||||||||
390,000 | Merck & Co., Inc. | 2.800 | 05/18/2023 | 387,809 | ||||||||||||
400,000 | Merck & Co., Inc. | 2.750 | 02/10/2025 | 392,300 | ||||||||||||
121,000 | Mylan NV | 3.150 | 06/15/2021 | 119,717 | ||||||||||||
130,000 | Mylan NV | 3.950 | 06/15/2026 | 121,905 | ||||||||||||
450,000 | Pfizer, Inc. | 2.100 | 05/15/2019 | 449,682 | ||||||||||||
450,000 | Pfizer, Inc. | 3.000 | 12/15/2026 | 442,107 | ||||||||||||
100,000 | Zoetis, Inc. | 3.250 | 02/01/2023 | 99,484 | ||||||||||||
100,000 | Zoetis, Inc. | 3.000 | 09/12/2027 | 93,122 | ||||||||||||
|
| |||||||||||||||
7,708,216 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—1.0% | ||||||||||||||||
140,000 | Enable Midstream Partners LP | 4.400 | 03/15/2027 | 134,524 | ||||||||||||
233,000 | Kinder Morgan, Inc. | 3.050 | 12/01/2019 | 233,041 | ||||||||||||
237,000 | Kinder Morgan, Inc. | 4.300 | 06/01/2025 | 242,789 | ||||||||||||
130,000 | ONEOK Partners LP | 3.375 | 10/01/2022 | 130,223 | ||||||||||||
150,000 | ONEOK, Inc. | 4.550 | 07/15/2028 | 152,247 | ||||||||||||
213,000 | Williams Cos., Inc. (The) | 3.600 | 03/15/2022 | 214,341 | ||||||||||||
184,000 | Williams Cos., Inc. (The) | 4.300 | 03/04/2024 | 188,427 | ||||||||||||
|
| |||||||||||||||
1,295,592 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.2% | ||||||||||||||||
200,000 | CBRE Services, Inc. | 4.875 | 03/01/2026 | 206,492 | ||||||||||||
|
| |||||||||||||||
REITs—4.9% | ||||||||||||||||
100,000 | Alexandria Real Estate Equities, Inc. | 3.900 | 06/15/2023 | 101,337 | ||||||||||||
65,000 | Alexandria Real Estate Equities, Inc. | 3.450 | 04/30/2025 | 63,503 | ||||||||||||
100,000 | American Homes 4 Rent LP | 4.250 | 02/15/2028 | 97,393 | ||||||||||||
150,000 | American Tower Corp. | 3.500 | 01/31/2023 | 150,047 | ||||||||||||
176,000 | American Tower Corp. | 3.375 | 10/15/2026 | 168,521 | ||||||||||||
225,000 | AvalonBay Communities, Inc., GMTN(a) | 3.450 | 06/01/2025 | 224,680 |
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)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
REITs (continued) | ||||||||||||||||
$ | 125,000 | Boston Properties LP | 4.125 | % | 05/15/2021 | $ | 127,462 | |||||||||
115,000 | Boston Properties LP | 3.650 | 02/01/2026 | 113,419 | ||||||||||||
89,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/2022 | 89,151 | ||||||||||||
75,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/2025 | 73,355 | ||||||||||||
115,000 | Crown Castle International Corp. | 5.250 | 01/15/2023 | 121,570 | ||||||||||||
150,000 | Crown Castle International Corp. | 3.650 | 09/01/2027 | 144,235 | ||||||||||||
100,000 | Digital Realty Trust LP | 3.950 | 07/01/2022 | 101,368 | ||||||||||||
100,000 | Digital Realty Trust LP | 3.700 | 08/15/2027 | 96,739 | ||||||||||||
130,000 | ERP Operating LP | 4.625 | 12/15/2021 | 135,103 | ||||||||||||
150,000 | ERP Operating LP | 2.850 | 11/01/2026 | 143,204 | ||||||||||||
175,000 | Essex Portfolio LP | 3.500 | 04/01/2025 | 173,165 | ||||||||||||
105,000 | HCP, Inc. | 4.000 | 12/01/2022 | 106,709 | ||||||||||||
141,000 | HCP, Inc. | 3.875 | 08/15/2024 | 141,652 | ||||||||||||
100,000 | Healthcare Trust of America Holdings LP(a) | 3.750 | 07/01/2027 | 96,425 | ||||||||||||
173,000 | Hospitality Properties Trust(a) | 5.000 | 08/15/2022 | 176,504 | ||||||||||||
260,000 | Host Hotels & Resorts LP, Series E | 4.000 | 06/15/2025 | 255,111 | ||||||||||||
105,000 | Kimco Realty Corp. | 3.400 | 11/01/2022 | 104,789 | ||||||||||||
100,000 | Kimco Realty Corp. | 3.300 | 02/01/2025 | 97,381 | ||||||||||||
100,000 | LifeStorage LP | 3.500 | 07/01/2026 | 94,604 | ||||||||||||
150,000 | Mid-America Apartments LP | 3.600 | 06/01/2027 | 145,756 | ||||||||||||
50,000 | Omega Healthcare Investors, Inc. | 4.375 | 08/01/2023 | 50,351 | ||||||||||||
100,000 | Omega Healthcare Investors, Inc. | 5.250 | 01/15/2026 | 102,971 | ||||||||||||
125,000 | Prologis LP | 4.250 | 08/15/2023 | 130,635 | ||||||||||||
135,000 | Prologis LP | 3.750 | 11/01/2025 | 138,557 | ||||||||||||
130,000 | Public Storage | 2.370 | 09/15/2022 | 127,026 | ||||||||||||
125,000 | Public Storage | 3.094 | 09/15/2027 | 118,719 | ||||||||||||
118,000 | Realty Income Corp. | 4.650 | 08/01/2023 | 124,155 | ||||||||||||
75,000 | Realty Income Corp. | 4.125 | 10/15/2026 | 76,881 | ||||||||||||
137,000 | Regency Centers LP | 3.600 | 02/01/2027 | 133,096 | ||||||||||||
150,000 | Senior Housing Properties Trust | 4.750 | 02/15/2028 | 134,725 | ||||||||||||
197,000 | Simon Property Group LP | 4.375 | 03/01/2021 | 201,794 | ||||||||||||
165,000 | Simon Property Group LP | 3.375 | 10/01/2024 | 165,739 | ||||||||||||
180,000 | SL Green Operating Partnership LP | 3.250 | 10/15/2022 | 177,306 | ||||||||||||
150,000 | Ventas Realty LP(a) | 4.400 | 01/15/2029 | 153,075 | ||||||||||||
150,000 | Ventas Realty LP/Ventas Capital Corp. | 4.250 | 03/01/2022 | 153,826 | ||||||||||||
100,000 | VEREIT Operating Partnership LP | 4.600 | 02/06/2024 | 101,725 | ||||||||||||
165,000 | VEREIT Operating Partnership LP | 4.875 | 06/01/2026 | 168,503 | ||||||||||||
125,000 | Washington Prime Group LP(a) | 5.950 | 08/15/2024 | 114,144 | ||||||||||||
155,000 | Welltower, Inc. | 4.125 | 04/01/2019 | 155,057 | ||||||||||||
150,000 | Welltower, Inc. | 4.000 | 06/01/2025 | 151,542 | ||||||||||||
275,000 | Weyerhaeuser Co. | 4.625 | 09/15/2023 | 283,620 | ||||||||||||
150,000 | WP Carey, Inc.(a) | 4.600 | 04/01/2024 | 154,303 | ||||||||||||
|
| |||||||||||||||
6,460,933 | ||||||||||||||||
|
| |||||||||||||||
Retail—6.3% | ||||||||||||||||
125,000 | AutoZone, Inc. | 3.125 | 07/15/2023 | 123,208 | ||||||||||||
125,000 | AutoZone, Inc. | 3.750 | 06/01/2027 | 123,113 | ||||||||||||
170,000 | Best Buy Co., Inc. | 5.500 | 03/15/2021 | 176,814 | ||||||||||||
200,000 | Best Buy Co., Inc. | 4.450 | 10/01/2028 | 193,771 | ||||||||||||
305,000 | Costco Wholesale Corp. | 1.700 | 12/15/2019 | 302,662 | ||||||||||||
325,000 | Costco Wholesale Corp. | 3.000 | 05/18/2027 | 318,004 | ||||||||||||
200,000 | Darden Restaurants, Inc. | 3.850 | 05/01/2027 | 193,266 | ||||||||||||
127,000 | Dollar General Corp. | 3.250 | 04/15/2023 | 125,308 | ||||||||||||
125,000 | Dollar General Corp. | 3.875 | 04/15/2027 | 123,269 | ||||||||||||
110,000 | Dollar Tree, Inc. | 3.700 | 05/15/2023 | 109,202 | ||||||||||||
125,000 | Dollar Tree, Inc. | 4.200 | 05/15/2028 | 119,326 | ||||||||||||
349,000 | Home Depot, Inc. (The) | 2.625 | 06/01/2022 | 347,425 | ||||||||||||
375,000 | Home Depot, Inc. (The) | 3.000 | 04/01/2026 | 369,718 | ||||||||||||
275,000 | Kohl’s Corp. | 4.250 | 07/17/2025 | 271,309 |
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)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Retail (continued) | ||||||||||||||||
$ | 232,000 | Lowe’s Cos., Inc. | 3.750 | % | 04/15/2021 | $ | 235,246 | |||||||||
280,000 | Lowe’s Cos., Inc. | 2.500 | 04/15/2026 | 256,246 | ||||||||||||
186,000 | Macy’s Retail Holdings, Inc.(a) | 2.875 | 02/15/2023 | 173,325 | ||||||||||||
175,000 | Macy’s Retail Holdings, Inc.(a) | 3.625 | 06/01/2024 | 164,685 | ||||||||||||
310,000 | McDonald’s Corp., MTN | 2.625 | 01/15/2022 | 307,764 | ||||||||||||
300,000 | McDonald’s Corp., MTN | 3.700 | 01/30/2026 | 302,198 | ||||||||||||
254,000 | Nordstrom, Inc. | 4.000 | 10/15/2021 | 258,126 | ||||||||||||
100,000 | O’Reilly Automotive, Inc. | 4.875 | 01/14/2021 | 103,000 | ||||||||||||
100,000 | O’Reilly Automotive, Inc. | 3.600 | 09/01/2027 | 97,153 | ||||||||||||
175,000 | Starbucks Corp. | 3.100 | 03/01/2023 | 174,722 | ||||||||||||
200,000 | Starbucks Corp. | 3.800 | 08/15/2025 | 203,159 | ||||||||||||
200,000 | Tapestry, Inc. | 4.250 | 04/01/2025 | 194,354 | ||||||||||||
274,000 | Target Corp. | 2.900 | 01/15/2022 | 275,799 | ||||||||||||
300,000 | Target Corp. | 2.500 | 04/15/2026 | 285,885 | ||||||||||||
193,000 | TJX Cos., Inc. (The)(a) | 2.750 | 06/15/2021 | 192,614 | ||||||||||||
192,000 | TJX Cos., Inc. (The) | 2.250 | 09/15/2026 | 177,501 | ||||||||||||
288,000 | Walgreens Boots Alliance, Inc. | 2.700 | 11/18/2019 | 287,598 | ||||||||||||
288,000 | Walgreens Boots Alliance, Inc. | 3.800 | 11/18/2024 | 289,289 | ||||||||||||
660,000 | Walmart, Inc. | 3.400 | 06/26/2023 | 673,238 | ||||||||||||
666,000 | Walmart, Inc. | 2.650 | 12/15/2024 | 656,733 | ||||||||||||
|
| |||||||||||||||
8,205,030 | ||||||||||||||||
|
| |||||||||||||||
Savings & Loans—0.2% | ||||||||||||||||
200,000 | People’s United Financial, Inc.(a) | 3.650 | 12/06/2022 | 199,597 | ||||||||||||
|
| |||||||||||||||
Semiconductors—2.6% | ||||||||||||||||
120,000 | Analog Devices, Inc. | 2.875 | 06/01/2023 | 116,732 | ||||||||||||
100,000 | Analog Devices, Inc. | 3.900 | 12/15/2025 | 100,078 | ||||||||||||
131,000 | Applied Materials, Inc. | 4.300 | 06/15/2021 | 134,905 | ||||||||||||
130,000 | Applied Materials, Inc. | 3.300 | 04/01/2027 | 128,584 | ||||||||||||
125,000 | Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.000 | 01/15/2022 | 122,834 | ||||||||||||
171,000 | Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875 | 01/15/2027 | 158,430 | ||||||||||||
382,000 | Intel Corp. | 3.300 | 10/01/2021 | 388,443 | ||||||||||||
398,000 | Intel Corp. | 3.700 | 07/29/2025 | 410,072 | ||||||||||||
125,000 | KLA-Tencor Corp. | 4.125 | 11/01/2021 | 127,370 | ||||||||||||
137,000 | KLA-Tencor Corp. | 4.650 | 11/01/2024 | 143,885 | ||||||||||||
100,000 | Lam Research Corp. | 2.800 | 06/15/2021 | 99,401 | ||||||||||||
100,000 | Lam Research Corp. | 3.800 | 03/15/2025 | 101,156 | ||||||||||||
100,000 | Maxim Integrated Products, Inc. | 3.375 | 03/15/2023 | 99,726 | ||||||||||||
100,000 | Maxim Integrated Products, Inc. | 3.450 | 06/15/2027 | 93,639 | ||||||||||||
100,000 | NVIDIA Corp. | 2.200 | 09/16/2021 | 98,349 | ||||||||||||
100,000 | NVIDIA Corp. | 3.200 | 09/16/2026 | 97,577 | ||||||||||||
280,000 | QUALCOMM, Inc. | 2.250 | 05/20/2020 | 277,695 | ||||||||||||
300,000 | QUALCOMM, Inc. | 3.450 | 05/20/2025 | 295,262 | ||||||||||||
205,000 | Texas Instruments, Inc. | 1.650 | 08/03/2019 | 204,081 | ||||||||||||
200,000 | Texas Instruments, Inc. | 2.900 | 11/03/2027 | 192,994 | ||||||||||||
|
| |||||||||||||||
3,391,213 | ||||||||||||||||
|
| |||||||||||||||
Shipbuilding—0.1% | ||||||||||||||||
180,000 | Huntington Ingalls Industries, Inc. | 3.483 | 12/01/2027 | 170,874 | ||||||||||||
|
| |||||||||||||||
Software—2.6% | ||||||||||||||||
120,000 | Activision Blizzard, Inc. | 2.300 | 09/15/2021 | 117,391 | ||||||||||||
100,000 | Activision Blizzard, Inc. | 3.400 | 09/15/2026 | 95,535 | ||||||||||||
100,000 | Adobe, Inc. | 4.750 | 02/01/2020 | 101,723 | ||||||||||||
100,000 | Adobe, Inc. | 3.250 | 02/01/2025 | 100,832 | ||||||||||||
100,000 | Autodesk, Inc. | 3.500 | 06/15/2027 | 94,364 | ||||||||||||
140,000 | Broadridge Financial Solutions, Inc. | 3.400 | 06/27/2026 | 133,571 | ||||||||||||
160,000 | Electronic Arts, Inc. | 3.700 | 03/01/2021 | 162,261 | ||||||||||||
100,000 | Fidelity National Information Services, Inc. | 3.625 | 10/15/2020 | 100,736 |
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)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Software (continued) | ||||||||||||||||
$ | 165,000 | Fidelity National Information Services, Inc. | 3.000 | % | 08/15/2026 | $ | 154,031 | |||||||||
100,000 | Fiserv, Inc. | 2.700 | 06/01/2020 | 99,370 | ||||||||||||
100,000 | Fiserv, Inc.(a) | 3.850 | 06/01/2025 | 100,476 | ||||||||||||
556,000 | Microsoft Corp. | 1.550 | 08/08/2021 | 541,815 | ||||||||||||
535,000 | Microsoft Corp. | 3.300 | 02/06/2027 | 538,175 | ||||||||||||
324,000 | Oracle Corp. | 1.900 | 09/15/2021 | 316,651 | ||||||||||||
372,000 | Oracle Corp.(a) | 2.650 | 07/15/2026 | 353,791 | ||||||||||||
69,000 | salesforce.com, Inc. | 3.700 | 04/11/2028 | 70,786 | ||||||||||||
69,000 | salesforce.Com, Inc. | 3.250 | 04/11/2023 | 69,892 | ||||||||||||
110,000 | VMware, Inc. | 2.950 | 08/21/2022 | 107,839 | ||||||||||||
100,000 | VMware, Inc. | 3.900 | 08/21/2027 | 93,445 | ||||||||||||
|
| |||||||||||||||
3,352,684 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—2.6% | ||||||||||||||||
620,000 | AT&T, Inc. | 2.450 | 06/30/2020 | 615,960 | ||||||||||||
662,000 | AT&T, Inc. | 3.400 | 05/15/2025 | 646,221 | ||||||||||||
346,000 | Cisco Systems, Inc. | 4.450 | 01/15/2020 | 351,203 | ||||||||||||
381,000 | Cisco Systems, Inc. | 2.500 | 09/20/2026 | 362,551 | ||||||||||||
160,000 | Juniper Networks, Inc. | 4.500 | 03/15/2024 | 163,984 | ||||||||||||
100,000 | Motorola Solutions, Inc. | 3.750 | 05/15/2022 | 100,531 | ||||||||||||
100,000 | Motorola Solutions, Inc. | 4.000 | 09/01/2024 | 100,104 | ||||||||||||
533,000 | Verizon Communications, Inc. | 5.150 | 09/15/2023 | 579,106 | ||||||||||||
535,000 | Verizon Communications, Inc. | 4.329 | 09/21/2028 | 554,481 | ||||||||||||
|
| |||||||||||||||
3,474,141 | ||||||||||||||||
|
| |||||||||||||||
Textiles—0.3% | ||||||||||||||||
100,000 | Cintas Corp. No. 2 | 2.900 | 04/01/2022 | 99,695 | ||||||||||||
100,000 | Cintas Corp. No. 2 | 3.700 | 04/01/2027 | 100,087 | ||||||||||||
200,000 | Mohawk Industries, Inc. | 3.850 | 02/01/2023 | 202,117 | ||||||||||||
|
| |||||||||||||||
401,899 | ||||||||||||||||
|
| |||||||||||||||
Toys/Games/Hobbies—0.1% | ||||||||||||||||
175,000 | Hasbro, Inc. | 3.500 | 09/15/2027 | 162,448 | ||||||||||||
|
| |||||||||||||||
Transportation—2.0% | ||||||||||||||||
229,000 | CH Robinson Worldwide, Inc. | 4.200 | 04/15/2028 | 230,747 | ||||||||||||
180,000 | CSX Corp. | 3.700 | 10/30/2020 | 181,865 | ||||||||||||
167,000 | CSX Corp. | 3.250 | 06/01/2027 | 160,705 | ||||||||||||
200,000 | FedEx Corp. | 4.000 | 01/15/2024 | 206,026 | ||||||||||||
225,000 | FedEx Corp. | 3.250 | 04/01/2026 | 219,168 | ||||||||||||
150,000 | Kirby Corp. | 4.200 | 03/01/2028 | 146,970 | ||||||||||||
175,000 | Norfolk Southern Corp. | 3.000 | 04/01/2022 | 174,008 | ||||||||||||
200,000 | Norfolk Southern Corp.(a) | 2.900 | 06/15/2026 | 192,644 | ||||||||||||
239,000 | Union Pacific Corp. | 4.163 | 07/15/2022 | 247,857 | ||||||||||||
250,000 | Union Pacific Corp. | 3.950 | 09/10/2028 | 255,815 | ||||||||||||
300,000 | United Parcel Service, Inc. | 3.125 | 01/15/2021 | 302,317 | ||||||||||||
300,000 | United Parcel Service, Inc. | 3.050 | 11/15/2027 | 293,062 | ||||||||||||
|
| |||||||||||||||
2,611,184 | ||||||||||||||||
|
| |||||||||||||||
Water—0.1% | ||||||||||||||||
200,000 | American Water Capital Corp.(a) | 3.400 | 03/01/2025 | 199,523 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $130,127,453) | 129,703,544 | |||||||||||||||
|
| |||||||||||||||
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)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
99,857 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $99,857) | $ | 99,857 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 130,227,310)—99.0% | 129,803,401 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.1% | ||||||||
2,812,097 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $2,812,097) | 2,812,097 | ||||||
|
| |||||||
Total Investments in Securities (Cost $133,039,407)—101.1% | 132,615,498 | |||||||
Other assets less liabilities—(1.1)% | (1,495,382 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 131,120,116 | ||||||
|
|
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) | All or a portion of this security was out on loan at February 28, 2019. |
(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 February 28, 2019 was $614,414, which represented less than 1% 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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 32 |
|
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 37.6 | |||
Consumer, Non-cyclical | 18.1 | |||
Technology | 8.5 | |||
Energy | 8.3 | |||
Communications | 7.9 | |||
Consumer, Cyclical | 6.5 | |||
Industrial | 5.2 | |||
Utilities | 2.3 | |||
Basic Materials | 1.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.0 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—96.0% | ||||||||||||||||
Aerospace/Defense—1.6% | ||||||||||||||||
$ | 100,000 | General Dynamics Corp. | 2.250 | % | 11/15/2022 | $ | 98,159 | |||||||||
100,000 | United Technologies Corp. | 3.650 | 08/16/2023 | 101,310 | ||||||||||||
|
| |||||||||||||||
199,469 | ||||||||||||||||
|
| |||||||||||||||
Agriculture—1.2% | ||||||||||||||||
50,000 | Philip Morris International, Inc. | 4.500 | 03/26/2020 | 50,883 | ||||||||||||
100,000 | Reynolds American, Inc. (United Kingdom) | 4.000 | 06/12/2022 | 101,325 | ||||||||||||
|
| |||||||||||||||
152,208 | ||||||||||||||||
|
| |||||||||||||||
Auto Manufacturers—3.7% | ||||||||||||||||
100,000 | American Honda Finance Corp., MTN | 2.000 | 02/14/2020 | 99,311 | ||||||||||||
100,000 | Ford Motor Credit Co. LLC | 8.125 | 01/15/2020 | 103,888 | ||||||||||||
100,000 | General Motors Financial Co., Inc. | 3.500 | 07/10/2019 | 100,196 | ||||||||||||
50,000 | Toyota Motor Credit Corp., MTN | 2.125 | 07/18/2019 | 49,904 | ||||||||||||
100,000 | Toyota Motor Credit Corp., MTN | 3.300 | 01/12/2022 | 101,181 | ||||||||||||
|
| |||||||||||||||
454,480 | ||||||||||||||||
|
| |||||||||||||||
Banks—31.6% | ||||||||||||||||
100,000 | Bank of America Corp., MTN | 5.625 | 07/01/2020 | 103,512 | ||||||||||||
100,000 | Bank of America Corp., MTN(a) | 5.000 | 05/13/2021 | 104,105 | ||||||||||||
150,000 | Bank of America Corp., GMTN | 3.300 | 01/11/2023 | 150,626 | ||||||||||||
100,000 | Bank of Montreal, MTN (Canada) | 1.900 | 08/27/2021 | 97,574 | ||||||||||||
100,000 | Bank of New York Mellon Corp. (The), Series G | 2.200 | 05/15/2019 | 99,918 | ||||||||||||
100,000 | Bank of Nova Scotia (The) (Canada) | 2.350 | 10/21/2020 | 99,127 | ||||||||||||
100,000 | BB&T Corp., MTN | 2.625 | 06/29/2020 | 99,621 | ||||||||||||
100,000 | BNP Paribas SA, BKNT, GMTN (France) | 5.000 | 01/15/2021 | 103,738 | ||||||||||||
100,000 | Citigroup, Inc. | 2.500 | 07/29/2019 | 99,879 | ||||||||||||
100,000 | Citigroup, Inc. | 4.050 | 07/30/2022 | 102,041 | ||||||||||||
100,000 | Citigroup, Inc. | 3.500 | 05/15/2023 | 100,222 | ||||||||||||
100,000 | Cooperatieve Rabobank UA, GMTN (Netherlands) | 3.875 | 02/08/2022 | 102,430 | ||||||||||||
50,000 | Credit Suisse AG, GMTN (Switzerland) | 5.400 | 01/14/2020 | 50,953 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 2.000 | 04/25/2019 | 99,897 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 3.625 | 01/22/2023 | 101,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks (continued) | ||||||||||||||||
$ | 100,000 | Goldman Sachs Group, Inc. (The) | 3.200 | % | 02/23/2023 | $ | 99,350 | |||||||||
200,000 | HSBC Holdings PLC (United Kingdom) | 2.650 | 01/05/2022 | 197,080 | ||||||||||||
100,000 | HSBC USA, Inc. | 2.250 | 06/23/2019 | 99,848 | ||||||||||||
100,000 | Huntington Bancshares, Inc. | 2.300 | 01/14/2022 | 97,694 | ||||||||||||
100,000 | JPMorgan Chase & Co.(a) | 2.200 | 10/22/2019 | 99,670 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 4.250 | 10/15/2020 | 101,906 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 3.250 | 09/23/2022 | 100,745 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 2.972 | 01/15/2023 | 99,518 | ||||||||||||
100,000 | KeyCorp, MTN | 2.900 | 09/15/2020 | 100,086 | ||||||||||||
100,000 | Morgan Stanley, GMTN | 5.625 | 09/23/2019 | 101,490 | ||||||||||||
100,000 | Morgan Stanley | 2.800 | 06/16/2020 | 99,779 | ||||||||||||
100,000 | Morgan Stanley, MTN | 2.625 | 11/17/2021 | 98,758 | ||||||||||||
100,000 | Northern Trust Corp. | 3.375 | 08/23/2021 | 100,961 | ||||||||||||
100,000 | Royal Bank of Canada, GMTN (Canada) | 1.500 | 07/29/2019 | 99,566 | ||||||||||||
100,000 | Royal Bank of Scotland Group PLC (United Kingdom) | 6.100 | 06/10/2023 | 105,018 | ||||||||||||
100,000 | Santander UK PLC (United Kingdom) | 2.375 | 03/16/2020 | 99,461 | ||||||||||||
100,000 | State Street Corp. | 4.375 | 03/07/2021 | 102,987 | ||||||||||||
100,000 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 2.058 | 07/14/2021 | 97,613 | ||||||||||||
100,000 | Toronto-Dominion Bank (The), BKNT, GMTN (Canada) | 2.125 | 07/02/2019 | 99,824 | ||||||||||||
100,000 | U.S. Bancorp, MTN | 3.700 | 01/30/2024 | 102,983 | ||||||||||||
100,000 | Wells Fargo & Co. | 2.125 | 04/22/2019 | 99,930 | ||||||||||||
100,000 | Wells Fargo & Co., MTN | 2.550 | 12/07/2020 | 99,282 | ||||||||||||
100,000 | Wells Fargo & Co., Series M, GMTN | 3.450 | 02/13/2023 | 100,191 | ||||||||||||
|
| |||||||||||||||
3,918,383 | ||||||||||||||||
|
| |||||||||||||||
Beverages—3.2% | ||||||||||||||||
100,000 | Anheuser-Busch InBev Finance, Inc. (Belgium)(a) | 2.650 | 02/01/2021 | 99,569 | ||||||||||||
100,000 | Anheuser-Busch InBev Finance, Inc. (Belgium) | 3.300 | 02/01/2023 | 100,666 | ||||||||||||
100,000 | Coca-Cola Co. (The)(a) | 3.200 | 11/01/2023 | 101,919 | ||||||||||||
100,000 | PepsiCo, Inc. | 3.125 | 11/01/2020 | 100,646 | ||||||||||||
|
| |||||||||||||||
402,800 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology—2.4% | ||||||||||||||||
100,000 | Amgen, Inc. | 1.850 | 08/19/2021 | 97,193 | ||||||||||||
100,000 | Celgene Corp. | 3.950 | 10/15/2020 | 101,237 | ||||||||||||
100,000 | Gilead Sciences, Inc. | 2.550 | 09/01/2020 | 99,742 | ||||||||||||
|
| |||||||||||||||
298,172 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—0.8% | ||||||||||||||||
100,000 | Dow Chemical Co. (The) | 4.125 | 11/15/2021 | 102,208 | ||||||||||||
|
| |||||||||||||||
Computers—3.3% | ||||||||||||||||
100,000 | Apple, Inc. | 2.000 | 05/06/2020 | 99,279 | ||||||||||||
100,000 | Apple, Inc. | 2.400 | 05/03/2023 | 98,207 | ||||||||||||
100,000 | Hewlett Packard Enterprise Co. | 4.400 | 10/15/2022 | 103,366 | ||||||||||||
100,000 | International Business Machines Corp. | 8.375 | 11/01/2019 | 103,648 | ||||||||||||
|
| |||||||||||||||
404,500 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—2.1% | ||||||||||||||||
100,000 | Air Lease Corp. | 3.875 | 04/01/2021 | 100,801 | ||||||||||||
100,000 | American Express Credit Corp., GMTN | 2.250 | 08/15/2019 | 99,789 | ||||||||||||
60,000 | Jefferies Group LLC | 8.500 | 07/15/2019 | 61,145 | ||||||||||||
|
| |||||||||||||||
261,735 | ||||||||||||||||
|
| |||||||||||||||
Electric—2.3% | ||||||||||||||||
40,000 | Sempra Energy | 2.875 | 10/01/2022 | 38,849 | ||||||||||||
50,000 | Southern Co. (The) | 2.350 | 07/01/2021 | 49,296 | ||||||||||||
100,000 | Virginia Electric & Power Co., Series C | 2.750 | 03/15/2023 | 98,566 | ||||||||||||
100,000 | Xcel Energy, Inc. | 4.700 | 05/15/2020 | 101,352 | ||||||||||||
|
| |||||||||||||||
288,063 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Electrical Components & Equipment—0.8% | ||||||||||||||||
$ | 100,000 | Emerson Electric Co.(a) | 4.875 | % | 10/15/2019 | $ | 101,198 | |||||||||
|
| |||||||||||||||
Food—1.7% | ||||||||||||||||
60,000 | Kraft Heinz Foods Co. | 3.500 | 06/06/2022 | 59,833 | ||||||||||||
40,000 | Kroger Co. (The) | 6.150 | 01/15/2020 | 41,084 | ||||||||||||
100,000 | Tyson Foods, Inc. | 4.500 | 06/15/2022 | 103,620 | ||||||||||||
|
| |||||||||||||||
204,537 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.9% | ||||||||||||||||
40,000 | Becton, Dickinson and Co. | 3.250 | 11/12/2020 | 39,966 | ||||||||||||
100,000 | Becton, Dickinson and Co. | 3.125 | 11/08/2021 | 99,574 | ||||||||||||
100,000 | Thermo Fisher Scientific, Inc.(a) | 3.000 | 04/15/2023 | 98,661 | ||||||||||||
|
| |||||||||||||||
238,201 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—2.8% | ||||||||||||||||
100,000 | Anthem, Inc. | 4.350 | 08/15/2020 | 101,872 | ||||||||||||
40,000 | Anthem, Inc. | 3.300 | 01/15/2023 | 40,119 | ||||||||||||
100,000 | HCA, Inc. | 4.750 | 05/01/2023 | 103,737 | ||||||||||||
100,000 | Laboratory Corp. of America Holdings | 3.750 | 08/23/2022 | 101,279 | ||||||||||||
|
| |||||||||||||||
347,007 | ||||||||||||||||
|
| |||||||||||||||
Household Products/Wares—0.8% | ||||||||||||||||
100,000 | Clorox Co. (The) | 3.050 | 09/15/2022 | 100,125 | ||||||||||||
|
| |||||||||||||||
Insurance—2.7% | ||||||||||||||||
100,000 | American International Group, Inc. | 6.400 | 12/15/2020 | 105,613 | ||||||||||||
25,000 | Berkshire Hathaway, Inc. | 2.100 | 08/14/2019 | 24,935 | ||||||||||||
100,000 | Berkshire Hathaway, Inc. | 2.750 | 03/15/2023 | 99,843 | ||||||||||||
100,000 | Chubb INA Holdings, Inc. | 2.300 | 11/03/2020 | 99,084 | ||||||||||||
|
| |||||||||||||||
329,475 | ||||||||||||||||
|
| |||||||||||||||
Internet—0.8% | ||||||||||||||||
100,000 | Booking Holdings, Inc. | 2.750 | 03/15/2023 | 97,715 | ||||||||||||
|
| |||||||||||||||
Machinery-Diversified—0.8% | ||||||||||||||||
100,000 | John Deere Capital Corp., MTN | 2.750 | 03/15/2022 | 99,873 | ||||||||||||
|
| |||||||||||||||
Media—2.9% | ||||||||||||||||
60,000 | Comcast Corp.(a) | 3.125 | 07/15/2022 | 60,440 | ||||||||||||
60,000 | NBCUniversal Media LLC(a) | 5.150 | 04/30/2020 | 61,571 | ||||||||||||
30,000 | Time Warner Cable LLC | 8.250 | 04/01/2019 | 30,122 | ||||||||||||
100,000 | Walt Disney Co. (The), GMTN | 1.850 | 05/30/2019 | 99,825 | ||||||||||||
100,000 | Warner Media LLC | 4.750 | 03/29/2021 | 103,567 | ||||||||||||
|
| |||||||||||||||
355,525 | ||||||||||||||||
|
| |||||||||||||||
Mining—0.8% | ||||||||||||||||
100,000 | Goldcorp, Inc. (Canada) | 3.700 | 03/15/2023 | 100,735 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—1.2% | ||||||||||||||||
50,000 | 3M Co., GMTN | 2.000 | 08/07/2020 | 49,557 | ||||||||||||
100,000 | General Electric Co., GMTN | 3.150 | 09/07/2022 | 98,500 | ||||||||||||
|
| |||||||||||||||
148,057 | ||||||||||||||||
|
| |||||||||||||||
Office/Business Equipment—0.8% | ||||||||||||||||
100,000 | Pitney Bowes, Inc. | 3.875 | 10/01/2021 | 97,500 | ||||||||||||
|
| |||||||||||||||
Oil & Gas—5.7% | ||||||||||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.561 | 11/01/2021 | 101,460 | ||||||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.062 | 03/17/2022 | 100,288 | ||||||||||||
100,000 | Chevron Corp.(a) | 2.100 | 05/16/2021 | 98,674 | ||||||||||||
100,000 | EOG Resources, Inc. | 2.450 | 04/01/2020 | 99,447 | ||||||||||||
100,000 | Pioneer Natural Resources Co. | 3.950 | 07/15/2022 | 101,502 | ||||||||||||
100,000 | Shell International Finance BV (Netherlands) | 1.375 | 09/12/2019 | 99,347 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Oil & Gas (continued) | ||||||||||||||||
$ | 100,000 | Total Capital SA (France) | 4.450 | % | 06/24/2020 | $ | 102,177 | |||||||||
|
| |||||||||||||||
702,895 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas Services—0.2% | ||||||||||||||||
30,000 | Halliburton Co. | 3.250 | 11/15/2021 | 30,134 | ||||||||||||
|
| |||||||||||||||
Pharmaceuticals—4.0% | ||||||||||||||||
100,000 | AbbVie, Inc. | 2.850 | 05/14/2023 | 97,596 | ||||||||||||
100,000 | Allergan Finance LLC | 3.250 | 10/01/2022 | 98,767 | ||||||||||||
100,000 | Allergan Funding SCS | 3.450 | 03/15/2022 | 99,639 | ||||||||||||
100,000 | AstraZeneca PLC (United Kingdom) | 1.950 | 09/18/2019 | 99,468 | ||||||||||||
100,000 | CVS Health Corp. | 2.800 | 07/20/2020 | 99,536 | ||||||||||||
|
| |||||||||||||||
495,006 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—2.4% | ||||||||||||||||
100,000 | Energy Transfer Operating LP | 4.650 | 06/01/2021 | 102,639 | ||||||||||||
100,000 | Kinder Morgan, Inc. | 3.050 | 12/01/2019 | 100,018 | ||||||||||||
100,000 | TransCanada PipeLines Ltd. (Canada) | 2.500 | 08/01/2022 | 98,073 | ||||||||||||
|
| |||||||||||||||
300,730 | ||||||||||||||||
|
| |||||||||||||||
REITs—1.3% | ||||||||||||||||
50,000 | American Tower Corp. | 3.450 | 09/15/2021 | 50,251 | ||||||||||||
100,000 | Crown Castle International Corp. | 5.250 | 01/15/2023 | 105,713 | ||||||||||||
|
| |||||||||||||||
155,964 | ||||||||||||||||
|
| |||||||||||||||
Retail—2.8% | ||||||||||||||||
100,000 | Home Depot, Inc. (The) | 4.400 | 04/01/2021 | 102,978 | ||||||||||||
50,000 | Lowe’s Cos., Inc. | 3.750 | 04/15/2021 | 50,700 | ||||||||||||
100,000 | Macy’s Retail Holdings, Inc.(a) | 2.875 | 02/15/2023 | 93,185 | ||||||||||||
100,000 | Walmart, Inc. | 3.400 | 06/26/2023 | 102,006 | ||||||||||||
|
| |||||||||||||||
348,869 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors—1.6% | ||||||||||||||||
100,000 | Applied Materials, Inc. | 2.625 | 10/01/2020 | 99,592 | ||||||||||||
100,000 | Intel Corp. | 3.300 | 10/01/2021 | 101,687 | ||||||||||||
|
| |||||||||||||||
201,279 | ||||||||||||||||
|
| |||||||||||||||
Software—2.8% | ||||||||||||||||
100,000 | Microsoft Corp. | 1.550 | 08/08/2021 | 97,449 | ||||||||||||
100,000 | Microsoft Corp. | 2.400 | 02/06/2022 | 99,291 | ||||||||||||
100,000 | Oracle Corp. | 5.000 | 07/08/2019 | 100,803 | ||||||||||||
50,000 | Oracle Corp. | 2.500 | 05/15/2022 | 49,410 | ||||||||||||
|
| |||||||||||||||
346,953 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—4.2% | ||||||||||||||||
75,000 | AT&T, Inc. | 2.450 | 06/30/2020 | 74,511 | ||||||||||||
100,000 | AT&T, Inc. | 3.000 | 06/30/2022 | 99,294 | ||||||||||||
100,000 | Cisco Systems, Inc. | 2.200 | 09/20/2023 | 97,540 | ||||||||||||
40,000 | Qwest Corp. | 6.750 | 12/01/2021 | 42,692 | ||||||||||||
100,000 | Verizon Communications, Inc. | 3.000 | 11/01/2021 | 100,747 | ||||||||||||
100,000 | Verizon Communications, Inc. | 5.150 | 09/15/2023 | 108,650 | ||||||||||||
|
| |||||||||||||||
523,434 | ||||||||||||||||
|
| |||||||||||||||
Transportation—0.8% | ||||||||||||||||
100,000 | Burlington Northern Santa Fe LLC(a) | 3.000 | 03/15/2023 | 99,941 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $11,940,456) | 11,907,171 | |||||||||||||||
|
| |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—2.3% | ||||||||
289,449 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(b) (Cost $289,449) | $ | 289,449 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost 12,229,905)—98.3% | 12,196,620 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.3% | ||||||||
776,890 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(b)(c) (Cost $776,890) | 776,890 | ||||||
|
| |||||||
Total Investments in Securities (Cost $13,006,795)—104.6% | 12,973,510 | |||||||
Other assets less liabilities—(4.6)% | (570,785 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 12,402,725 | ||||||
|
|
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) | All or a portion of this security was out on loan at February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(c) | 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.
| 37 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
State and Territory Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
California | 17.0 | |||
Florida | 6.8 | |||
Illinois | 7.2 | |||
Massachusetts | 6.2 | |||
New York | 16.6 | |||
Pennsylvania | 3.7 | |||
Texas | 11.5 | |||
Other States and Territories Less Than 3% Each | 28.6 | |||
Other Assets Less Liabilities | 2.4 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—97.6% | ||||||||||||||||
Ad Valorem Property Tax—12.6% | ||||||||||||||||
$ | 600,000 | Centinela Valley California Union High School District (Election 2010) Ser. 12B AGM | 5.000 | % | 08/01/2050 | $ | 659,010 | |||||||||
5,000,000 | Chicago Illinois Board of Education Dedicated Ref. Ser. 17B(a) | 7.000 | 12/01/2042 | 5,946,500 | ||||||||||||
1,000,000 | Chicago Illinois Ser. 17A | 6.000 | 01/01/2038 | 1,125,310 | ||||||||||||
10,000,000 | City of Hutto Texas (Certificates of Obligation) Ser. 17 AGM | 5.000 | 08/01/2057 | 11,053,900 | ||||||||||||
20,000,000 | City of Jasper Alabama Ser. 14 BAM | 5.000 | 03/01/2044 | 22,045,200 | ||||||||||||
4,955,000 | City of New York Ser.16B-1 | 5.000 | 12/01/2041 | 5,601,182 | ||||||||||||
260,000 | City of New YorkSub.-Ser.09J-1(b) | 5.000 | 05/15/2019 | 261,825 | ||||||||||||
820,000 | City of New YorkSub.-Ser.09J-1 | 5.000 | 05/15/2036 | 824,895 | ||||||||||||
4,500,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2035 | 5,256,540 | ||||||||||||
2,500,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2036 | 2,904,275 | ||||||||||||
2,000,000 | District of Columbia Ref. Ser. 17A | 5.000 | 06/01/2037 | 2,312,240 | ||||||||||||
4,000,000 | Honolulu City & County Hawaii Ser. 15A | 5.000 | 10/01/2039 | 4,542,560 | ||||||||||||
10,000,000 | Jurupa California Unified School District Ser. 17B | 4.000 | 08/01/2041 | 10,330,100 | ||||||||||||
2,000,000 | King & Snohomish County Washington School District No. 417 Ser. 18 | 5.000 | 12/01/2036 | 2,359,340 | ||||||||||||
1,255,000 | Lackawanna County Pennsylvania Ser. 10B AGM(b) | 5.000 | 09/01/2020 | 1,316,319 | ||||||||||||
745,000 | Lackawanna County Pennsylvania Ser. 10B AGM | 5.000 | 09/01/2035 | 773,586 | ||||||||||||
5,000,000 | Lamar Texas Consolidated Independent School District Ser. 18PSF-GTD | 5.000 | 02/15/2043 | 5,676,950 | ||||||||||||
1,650,000 | Las Vegas Valley Nevada Water District Ser. 12B | 5.000 | 06/01/2042 | 1,788,468 | ||||||||||||
1,610,000 | Los Angeles Unified School District (Election 2008) Ser. 16A | 5.000 | 07/01/2040 | 1,811,218 | ||||||||||||
5,000,000 | Madera California Unified School District Election 2014 Ser. 17 | 4.000 | 08/01/2046 | 5,164,800 | ||||||||||||
3,000,000 | Marrin California Healthcare District (Election 2013) Ser. 17A | 4.000 | 08/01/2047 | 3,091,710 | ||||||||||||
4,210,000 | Massachusetts State (Consolidated Loan) Ser. 17A | 5.000 | 04/01/2042 | 4,770,351 | ||||||||||||
4,000,000 | Massachusetts State Ref. Ser. 15A | 5.000 | 07/01/2036 | 4,537,760 | ||||||||||||
7,150,000 | Massachusetts State Ser. 16A | 5.000 | 03/01/2041 | 7,937,501 | ||||||||||||
5,000,000 | Massachusetts State Ser. 16A | 5.000 | 03/01/2046 | 5,523,550 | ||||||||||||
5,000,000 | Massachusetts State Ser. 19A | 5.000 | 01/01/2049 | 5,734,400 | ||||||||||||
5,000,000 | Mesquite Texas Independent School District Ser. 18PSF-GTD | 5.000 | 08/15/2048 | 5,662,400 | ||||||||||||
2,000,000 | Morgan Hill California Unified School District (Election 2012) Ser. 17B | 4.000 | 08/01/2047 | 2,055,280 | ||||||||||||
5,000,000 | North Royalton Ohio City School District School Improvement Ser. 17 | 5.000 | 12/01/2047 | 5,541,250 | ||||||||||||
10,000,000 | Oxnard California School District (Election 2016) Ser. 17A BAM | 5.000 | 08/01/2045 | 11,389,900 | ||||||||||||
1,000,000 | Prosper Texas Independent School District (School Building) Ser. 17PSF-GTD | 5.000 | 02/15/2047 | 1,132,170 | ||||||||||||
500,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser.07A-4 AGM | 5.000 | 07/01/2031 | 511,295 | ||||||||||||
7,150,000 | Puerto Rico Commonwealth Public Improvement Ref. Ser. 12A AGM | 5.000 | 07/01/2035 | 7,421,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 2,285,000 | Richardson Texas Independent School District (School Building) Ser. 17PSF-GTD | 5.000 | % | 02/15/2042 | $ | 2,562,239 | |||||||||
2,045,000 | Rockwall Texas Independent School District (School Building) Ser. 16PSF-GTD | 5.000 | 02/15/2046 | 2,257,210 | ||||||||||||
5,000,000 | San Diego California Unified School District (Election 2012) Ser. 17I | 4.000 | 07/01/2047 | 5,195,700 | ||||||||||||
2,000,000 | San Francisco California Bay Area Rapid Transit District Election 2016 (Green Bond) Ser.17A-1 | 5.000 | 08/01/2047 | 2,304,020 | ||||||||||||
2,000,000 | San Jacinto Texas Community College District Ser. 19A | 5.000 | 02/15/2049 | 2,269,340 | ||||||||||||
6,785,000 | Sherman Texas Independent School District (School Building) Ser. 18APSF-GTD | 5.000 | 02/15/2045 | 7,773,303 | ||||||||||||
4,000,000 | Simi Valley California Unified School District (Election 2016) Ser. 17A | 4.000 | 08/01/2046 | 4,167,320 | ||||||||||||
2,000,000 | Spring Texas Independent School District (School Building) Ser. 17PSF-GTD | 5.000 | 08/15/2042 | 2,270,460 | ||||||||||||
3,280,000 | Texas State (Transportation Commission) Ref. Ser. 14A | 5.000 | 10/01/2044 | 3,669,697 | ||||||||||||
1,340,000 | Washington State Motor Vehicle Tax (Senior 520 Corridor Program Toll) Ser. 11C | 5.000 | 06/01/2041 | 1,423,214 | ||||||||||||
2,500,000 | Ysleta Texas Independent School District (School Building) Ser. 17PSF-GTD | 5.000 | 08/15/2047 | 2,812,625 | ||||||||||||
|
| |||||||||||||||
193,768,613 | ||||||||||||||||
|
| |||||||||||||||
Auto Parking Revenue—0.8% | ||||||||||||||||
2,000,000 | Miami Beach Florida Parking Rev. Ser. 15 | 5.000 | 09/01/2045 | 2,273,880 | ||||||||||||
2,000,000 | Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM | 5.250 | 07/01/2035 | 2,090,040 | ||||||||||||
2,500,000 | Miami Florida Special Obligation (Marlins Stadium Project) Ser. 10A AGM | 5.250 | 07/01/2039 | 2,610,525 | ||||||||||||
5,000,000 | New Orleans Louisiana Aviation Board Special Facilities (Parking Facilities Corp. Consolidated Garage System) Rev. Ser. 18A AGM | 5.000 | 10/01/2048 | 5,606,000 | ||||||||||||
|
| |||||||||||||||
12,580,445 | ||||||||||||||||
|
| |||||||||||||||
Charter School Aid—0.6% | ||||||||||||||||
8,500,000 | Clifton Texas Higher Education Finance Corp. (Idea Public Schools) Rev. Ref. Ser. 17PSF-GTD | 4.000 | 08/15/2042 | 8,775,145 | ||||||||||||
|
| |||||||||||||||
College & University Revenue—10.9% | ||||||||||||||||
5,000,000 | Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16 | 5.000 | 07/01/2041 | 5,311,150 | ||||||||||||
2,000,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2046 | 2,251,200 | ||||||||||||
3,000,000 | California State Educational Facilities Auth. (Pepperdine University) Rev. Ref. Ser. 16 | 5.000 | 10/01/2049 | 3,369,060 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Pomona College) Rev. Ref. Ser. 17A | 5.000 | 01/01/2048 | 1,158,170 | ||||||||||||
1,750,000 | California State Municipal Financing Auth. (University of La Verne) Rev. Ref. Ser. 17A | 5.000 | 06/01/2043 | 1,962,713 | ||||||||||||
2,500,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2038 | 2,883,150 | ||||||||||||
2,500,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2042 | 2,846,025 | ||||||||||||
11,310,000 | California State University Systemwide Rev. Ref. Ser. 17A | 5.000 | 11/01/2047 | 12,805,861 | ||||||||||||
2,000,000 | Colorado State Educational & Cultural Facilities Auth. (University Denver Project) Rev. Ser. 17A | 5.000 | 03/01/2047 | 2,241,560 | ||||||||||||
2,000,000 | Davie Florida Educational Facilities (Nova Southeastern University Project) Rev. Ref. Ser. 18 | 5.000 | 04/01/2048 | 2,185,360 | ||||||||||||
1,105,000 | Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC(b) | 5.000 | 06/15/2020 | 1,151,399 | ||||||||||||
3,140,000 | Georgia State Higher Education Facilities Auth. (USG Real Estate III) Rev. Ser. 10A AGC | 5.000 | 06/15/2038 | 3,247,733 | ||||||||||||
1,000,000 | Illinois State Finance Auth. Student Housing & Academic Facility(CHF-ChicagoLLC-University of Illinois at Chicago Project) Rev. Ser. 17A | 5.000 | 02/15/2047 | 1,068,110 | ||||||||||||
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 | 1,060,080 | ||||||||||||
2,000,000 | Louisiana State Local Government Environmental Facilities & Community Development Auth. (LCTCS ACT 360 Project) Ser. 14 | 5.000 | 10/01/2039 | 2,234,340 | ||||||||||||
3,500,000 | Louisiana State Local Government National Environmental Facilities & Community Development Auth. (Rgain Cajun Facilities, Inc.—Student Housing & Parking Project) Rev. Ser. 18 AGM | 5.000 | 10/01/2048 | 3,837,260 | ||||||||||||
875,000 | Massachusetts State Development Finance Agency (Boston University) Rev. Ser. 13X | 5.000 | 10/01/2048 | 953,216 | ||||||||||||
4,500,000 | Massachusetts State Development Financing Agency (Boston University) Rev. Ser. 16BB1 | 5.000 | 10/01/2046 | 5,039,325 | ||||||||||||
1,250,000 | Michigan State University (Board of Trustees) Rev. Ser. 19B | 5.000 | 02/15/2044 | 1,432,925 | ||||||||||||
1,000,000 | Minnesota State High Education Facilities Auth. (Bethel University) Rev. Ref. Ser. 17 | 5.000 | 05/01/2047 | 1,058,970 | ||||||||||||
500,000 | New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser.16A-2 | 5.000 | 10/01/2046 | 569,285 | ||||||||||||
2,000,000 | New York State Dormitory Auth. Non State Supported Debt (Columbia University) Ser.16A-2 | 5.000 | 10/01/2046 | 2,631,980 | ||||||||||||
3,060,000 | New York State Dormitory Auth. Non State Supported Debt (Cornell University) Rev. Ser. 10A | 5.000 | 07/01/2035 | 3,184,083 | ||||||||||||
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 | 3,365,730 | ||||||||||||
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 | 3,580,045 | ||||||||||||
3,500,000 | New York State Dormitory Auth. Non State Supported Debt (New School) Rev. Ref. Ser. 15A | 5.000 | 07/01/2045 | 3,866,975 | ||||||||||||
2,350,000 | New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,699,445 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
College & University Revenue (continued) | ||||||||||||||||
$ | 1,200,000 | New York State Dormitory Auth. Non State Supported Debt (New York University) Rev. Ser. 12A | 5.000 | % | 07/01/2037 | $ | 1,312,824 | |||||||||
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 | 7,068,883 | ||||||||||||
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 | 1,113,300 | ||||||||||||
750,000 | New York State Dormitory Auth. Non State Supported Debt Rev. Ref. Ser. 16A | 5.000 | 07/01/2041 | 838,553 | ||||||||||||
5,000,000 | New York State Dormitory Auth.Non-State Supported Debt (Columbia University) Rev. Ref. Ser. 18B | 5.000 | 10/01/2038 | 5,913,650 | ||||||||||||
3,000,000 | North Carolina State Capital Facilities Financing Agency (Duke University) Rev. Ref. Ser. 15 | 5.000 | 10/01/2055 | 3,374,250 | ||||||||||||
11,100,000 | Ohio State University Ser.14A | 5.000 | 12/01/2039 | 12,542,556 | ||||||||||||
1,000,000 | Oregon State Facilities Auth. (Reed College Project) Rev. Ref. Ser.17A | 5.000 | 07/01/2047 | 1,132,590 | ||||||||||||
2,000,000 | Pennsylvania State Higher Educational Facilities Auth. (Trustees University of Pennsylvania) Rev. Ser. 17A | 5.000 | 08/15/2046 | 2,278,900 | ||||||||||||
1,410,000 | Pennsylvania State Higher Educational Facilities Auth. (Trustees University) Rev. Ser. 18A | 5.000 | 02/15/2048 | 1,625,998 | ||||||||||||
2,710,000 | Pennsylvania State University Ser. 10 | 5.000 | 03/01/2040 | 2,787,262 | ||||||||||||
1,950,000 | Philadelphia Pennsylvania Auth. For Industrial Development (Thomas Jefferson University) Rev. Ref. Ser. 17A | 5.000 | 09/01/2042 | 2,148,939 | ||||||||||||
5,000,000 | Public Finance Auth. Wisconsin Lease Development (Central District Development Project) Rev. Ser. 16 | 5.000 | 03/01/2041 | 5,523,650 | ||||||||||||
2,000,000 | Rhode Island State Health & Educational Building Corp. Higher Education Facility (Providence College) Rev. Ser. 17 | 5.000 | 11/01/2047 | 2,240,060 | ||||||||||||
3,000,000 | Tennessee State School Bond Auth. Higher Educational Facilities (Second Program) Ser. 17A | 5.000 | 11/01/2047 | 3,442,470 | ||||||||||||
2,000,000 | University of Arkansas Arizona Various Facilities (Fayetteville Campus) Rev. Ser. 17 | 5.000 | 11/01/2047 | 2,268,920 | ||||||||||||
1,500,000 | University of California (Limited Project) Rev. Ref. Ser. 18O | 5.000 | 05/15/2043 | 1,717,200 | ||||||||||||
9,500,000 | University of California Rev. Ref. Ser. 16AR | 5.000 | 05/15/2046 | 10,649,310 | ||||||||||||
2,000,000 | University of Michigan Ref. Ser. 17A | 5.000 | 04/01/2042 | 2,289,220 | ||||||||||||
3,100,000 | University of Michigan Ref. Ser. 17A | 5.000 | 04/01/2047 | 3,541,316 | ||||||||||||
7,515,000 | University of Oregon General Rev. Ser. 15A | 5.000 | 04/01/2045 | 8,444,530 | ||||||||||||
7,370,000 | University of Vermont & State Agricultural College Ser. 09 | 5.125 | 10/01/2039 | 7,497,059 | ||||||||||||
|
| |||||||||||||||
167,746,590 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—3.5% | ||||||||||||||||
2,000,000 | American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A | 5.000 | 02/15/2041 | 2,205,800 | ||||||||||||
2,000,000 | American Municipal Power Ohio Inc. (Greenup Hydroelectric Project) Rev. Ser. 16A | 5.000 | 02/15/2046 | 2,195,580 | ||||||||||||
10,000,000 | City of San Antonio Texas Electric and Gas Rev. Ser. 17 | 5.000 | 02/01/2047 | 11,326,000 | ||||||||||||
3,500,000 | Grand River Oklahoma Dam Auth. Rev. Ser. 14A | 5.000 | 06/01/2039 | 3,931,270 | ||||||||||||
1,150,000 | Guam Power Auth. Rev. Ser. 10A AGM(b) | 5.000 | 10/01/2020 | 1,210,743 | ||||||||||||
9,835,000 | Guam Power Auth. Rev. Ser. 12A AGM | 5.000 | 10/01/2030 | 10,740,607 | ||||||||||||
950,000 | JEA Florida Electric Systems Rev.Sub.-Ser. 13C | 5.000 | 10/01/2037 | 1,036,374 | ||||||||||||
1,300,000 | Long Island New York Power Auth. Electric Systems General Rev. Ser. 17 | 5.000 | 09/01/2042 | 1,464,138 | ||||||||||||
1,000,000 | Long Island New York Power Auth. Electric Systems General Rev. Ser. 17 | 5.000 | 09/01/2047 | 1,120,560 | ||||||||||||
5,000,000 | Long Island New York Power Auth. Electric Systems General Rev. Ser. 18 | 5.000 | 09/01/2039 | 5,733,500 | ||||||||||||
2,500,000 | Long Island Power Auth. New York Auth. Ref. Ser. 14A | 5.000 | 09/01/2039 | 2,789,650 | ||||||||||||
2,500,000 | Los Angeles California Department of Water & Power Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,854,650 | ||||||||||||
2,050,000 | Municipal Energy Agency of Nebraska Ref. Ser. 09A BHAC(b) | 5.375 | 04/01/2019 | 2,055,965 | ||||||||||||
1,000,000 | Omaha Nebraska Public Power District Power District Electric Rev. Ref. Ser. 17A | 5.000 | 02/01/2042 | 1,147,170 | ||||||||||||
1,000,000 | Snohomish County Washington Public Utility District No.1 Electric System Rev. Ser. 15 | 5.000 | 12/01/2040 | 1,130,890 | ||||||||||||
3,000,000 | Springfield Illinois Electric (Senior Lien) Rev. Ref. Ser. 15 AGM | 5.000 | 03/01/2040 | 3,301,170 | ||||||||||||
|
| |||||||||||||||
54,244,067 | ||||||||||||||||
|
| |||||||||||||||
Franchised Tax Business & License Fees—0.4% | ||||||||||||||||
5,000,000 | Pennsylvania State Turnpike Commission Oil Franchise Tax Rev.Sub.-Ser. 18B | 5.250 | 12/01/2048 | 5,694,200 | ||||||||||||
|
| |||||||||||||||
Fuel Sales Tax Revenue—1.3% | ||||||||||||||||
3,250,000 | Connecticut State Special Tax Obligation (Transportation Infrastructure) Rev. Ser. 14A | 5.000 | 09/01/2034 | 3,570,840 | ||||||||||||
4,000,000 | Connecticut State Special Tax Obligation Rev. Ser. 18B | 5.000 | 10/01/2038 | 4,458,840 | ||||||||||||
2,000,000 | Kansas State Department of Transportation Highway Rev. Ser. 15 | 5.000 | 09/01/2035 | 2,282,840 | ||||||||||||
5,000,000 | Massachusetts State Transportation Fund (Rail Enhancement & Accelerated Bridge Programs) Rev. Ser. 18A | 5.250 | 06/01/2043 | 5,856,750 | ||||||||||||
3,000,000 | Massachusetts State Transportation Fund (Rail Enhancement Program) Rev. Ser. 15A | 5.000 | 06/01/2045 | 3,339,840 | ||||||||||||
|
| |||||||||||||||
19,509,110 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
General Fund—0.7% | ||||||||||||||||
$ | 1,000,000 | California State Ref. Ser. 17 | 4.000 | % | 08/01/2038 | $ | 1,053,280 | |||||||||
3,000,000 | California State Ser. 16 | 5.000 | 09/01/2046 | 3,388,320 | ||||||||||||
5,000,000 | Washington State Ser. 17D | 5.000 | 02/01/2038 | 5,732,200 | ||||||||||||
|
| |||||||||||||||
10,173,800 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—6.8% | ||||||||||||||||
1,000,000 | Berks County Pennsylvania Industrial Development Auth. Health System (Tower Health Project) Rev. Ref. Ser. 17 | 3.750 | 11/01/2042 | 965,100 | ||||||||||||
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 | 656,779 | ||||||||||||
1,000,000 | California State Health Facilities Financing Auth. (Cedars Sinai Medical Center) Rev. Ref. Ser. 16B | 5.000 | 08/15/2035 | 1,154,090 | ||||||||||||
500,000 | California State Health Facilities Financing Auth. (Children’s Hospital Los Angeles) Rev. Ser. 10A AGM(b) | 5.250 | 07/01/2020 | 524,700 | ||||||||||||
3,000,000 | California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17 | 4.000 | 02/01/2042 | 3,061,710 | ||||||||||||
2,250,000 | California State Health Facilities Financing Auth. (El Camino Hospital) Rev. Ser. 17 | 5.000 | 02/01/2042 | 2,514,735 | ||||||||||||
3,500,000 | California State Health Facilities Financing Auth. (Kaiser Permanente) Rev.Sub.-Ser.17A-2 | 5.000 | 11/01/2047 | 4,559,590 | ||||||||||||
4,000,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 4.000 | 02/01/2042 | 4,041,200 | ||||||||||||
1,715,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 5.000 | 02/01/2042 | 1,878,028 | ||||||||||||
2,500,000 | California State Municipal Financing Auth. (Community Medical Centers) Ref. Ser. 17A | 5.000 | 02/01/2047 | 2,715,750 | ||||||||||||
1,000,000 | California State Municipal Financing Auth. (Northbay Healthcare Group) Rev. Ser. 17A | 5.250 | 11/01/2041 | 1,071,500 | ||||||||||||
500,000 | California Statewide Communities Development Auth. (John Muir Health) Rev. Ref. Ser. 18A | 4.000 | 12/01/2057 | 499,495 | ||||||||||||
1,000,000 | Cape Girardeau County Missouri Industrial Development Auth. (Southeasthealth Obligated Group) Ref. Ser. 17A | 5.000 | 03/01/2036 | 1,088,250 | ||||||||||||
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 | 1,876,385 | ||||||||||||
2,000,000 | Gainesville & Hall County Georgia Hospital Auth. (Northeast Georgia Health System, Inc. Project) Ref. Ser. 17B | 5.500 | 02/15/2042 | 2,340,600 | ||||||||||||
3,000,000 | Glynn-Brunswick Georgia Memorial Hospital Auth. Anticipation Certificates (Southeast Georgia Health Systems Project) Ser. 17 | 5.000 | 08/01/2047 | 3,244,500 | ||||||||||||
3,000,000 | Gwinnett County Georgia Hospital Auth. RAC (Gwinnett Hospital System) Ser. 07D AGM | 5.500 | 07/01/2041 | 3,028,890 | ||||||||||||
4,400,000 | Hamilton County Ohio Health Care Facilities (Christ Hospital Project) Rev. Ser. 12 AGM | 5.000 | 06/01/2042 | 4,679,840 | ||||||||||||
2,000,000 | Hawaii State Department of Budget and Finance Special Purpose (Queens Health Systems) Rev. Ref. Ser. 15A | 5.000 | 07/01/2035 | 2,231,920 | ||||||||||||
1,000,000 | Illinois Finance Auth. (Carle Foundation) Rev. Ser. 11A AGM | 6.000 | 08/15/2041 | 1,086,100 | ||||||||||||
1,000,000 | Illinois Finance Auth. (Southern Illinois Healthcare) Rev. Ser. 05 AGM(b) | 5.250 | 03/01/2020 | 1,035,160 | ||||||||||||
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 | 3,329,700 | ||||||||||||
1,050,000 | Lakeland Florida Hospital Systems (Lakeland Regional Health) Rev. Ser. 15 | 5.000 | 11/15/2040 | 1,143,649 | ||||||||||||
1,500,000 | Lancaster County Pennsylvania Hospital Auth. (University of Pennsylvania Health System) Ref. Ser. 16 | 5.000 | 08/15/2046 | 1,666,770 | ||||||||||||
3,285,000 | Louisiana State Local Government Environmental Facilities & Community (Woman’s Hospital Foundation Project) Ref. Ser. 17A | 5.000 | 10/01/2041 | 3,622,337 | ||||||||||||
1,000,000 | Lynchburg Virginia Economic Development Auth. Hospital (Center Health Obligated Group) Rev. Ref. Ser. 17A | 5.000 | 01/01/2047 | 1,110,650 | ||||||||||||
2,665,000 | Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N | 5.000 | 12/01/2041 | 2,971,741 | ||||||||||||
2,000,000 | Massachusetts State Development Finance Agency (Dana-Farber Cancer Institute) Rev. Ser. 16N | 5.000 | 12/01/2046 | 2,217,940 | ||||||||||||
1,200,000 | Medical Center Hospital Auth. Georgia RAC (Columbus Regional Healthcare) Ser. 10 AGM(b) | 5.000 | 08/01/2020 | 1,254,516 | ||||||||||||
2,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | 07/01/2035 | 2,232,720 | ||||||||||||
3,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | 07/01/2040 | 3,294,840 | ||||||||||||
2,750,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16A | 5.000 | 07/01/2046 | 3,004,760 | ||||||||||||
1,250,000 | Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A | 4.000 | 07/01/2047 | 1,251,312 | ||||||||||||
2,000,000 | Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 17A | 5.000 | 07/01/2048 | 2,192,800 | ||||||||||||
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 | 1,083,240 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Health, Hospital, Nursing Home Revenue (continued) | ||||||||||||||||
$ | 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 | $ | 1,079,920 | |||||||||
500,000 | New Jersey Health Care Facilities Financing Auth. (Barnabas Health) Rev. Ref. Ser. 11A(b) | 5.625 | 07/01/2021 | 544,660 | ||||||||||||
1,000,000 | New Jersey Health Care Facilities Financing Auth. (Princeton Healthcare System) Rev. Ref. Ser. 16A | 5.000 | 07/01/2039 | 1,130,010 | ||||||||||||
3,000,000 | New Jersey Health Care Facilities Financing Auth. (University Hospital) Rev. Ser. 15A AGM | 5.000 | 07/01/2046 | 3,238,740 | ||||||||||||
10,000,000 | New Jersey Health Care Facilities Financing Auth. (Virtua Health) Rev. Ser. 09 AGC | 5.500 | 07/01/2038 | 10,114,000 | ||||||||||||
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 | 2,792,700 | ||||||||||||
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 | 2,713,280 | ||||||||||||
1,000,000 | Ohio State Higher Educational Facilities Community (Summa Health System 2010 Project) Rev. Ser. 10 AGM | 5.250 | 11/15/2035 | 1,036,380 | ||||||||||||
985,000 | Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ref. Ser. 05B AGM | 5.000 | 07/01/2038 | 1,017,190 | ||||||||||||
15,000 | Roanoke Virginia Industrial Development Auth. Hospital (Carilion Health System-Remarketed) Rev. Ser. 05B AGM(b) | 5.000 | 07/01/2020 | 15,654 | ||||||||||||
1,000,000 | South Fork Municipal Auth. Pennsylvania Hospital (Conemaugh Valley Memorial Hospital) Rev. Ser. 10B AGC(b) | 5.375 | 07/01/2020 | 1,046,980 | ||||||||||||
1,750,000 | Tampa Florida Health System (BayCare Obligated Group) Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,939,525 | ||||||||||||
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 | 828,878 | ||||||||||||
1,000,000 | Washington State Health Care Facilities Auth. (Virginia Mason Medical Center) Ref. Ser. 17 | 4.000 | 08/15/2042 | 962,700 | ||||||||||||
1,500,000 | Wisconsin State Health & Educational Facilities Auth. (Prohealth Care Obligated Group) Rev. Ref. Ser. 15 | 5.000 | 08/15/2039 | 1,625,070 | ||||||||||||
|
| |||||||||||||||
104,716,984 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—9.5% | ||||||||||||||||
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 | 2,569,100 | ||||||||||||
4,000,000 | Bay Area California Auth. Toll Bridge Rev. Ref. Ser.19S-H | 5.000 | 04/01/2049 | 4,584,240 | ||||||||||||
2,500,000 | Bay Area California Auth. Toll Bridge Rev. Ser.14S-6 | 5.000 | 10/01/2054 | 2,740,025 | ||||||||||||
5,000,000 | Bay Area California Auth. Toll Bridge Rev. Ser.17F-1 | 4.000 | 04/01/2056 | 5,087,050 | ||||||||||||
1,250,000 | Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16 | 5.000 | 01/01/2040 | 1,375,600 | ||||||||||||
700,000 | Central Texas Regional Mobility Auth. Rev. Ref. Ser. 16 | 5.000 | 01/01/2046 | 763,000 | ||||||||||||
1,000,000 | Delaware River Joint Pennsylvania Toll Bridge Commission Ser. 17 | 5.000 | 07/01/2042 | 1,134,560 | ||||||||||||
3,000,000 | Foothill-Eastern Transportation Corridor Agency California Toll Road Remarketed Rev. Ref.Sub.-Ser. 14B-1 | 3.950 | 01/15/2053 | 3,004,950 | ||||||||||||
20,000,000 | Grand Parkway Transportation Corp. Texas Systems Toll (Sub.-Tier Tela Supported) Rev. Ser. 18A | 5.000 | 10/01/2043 | 22,734,000 | ||||||||||||
2,000,000 | Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM | 5.000 | 11/01/2042 | 2,267,260 | ||||||||||||
2,000,000 | Greater New Orleans Louisiana Expressway Commission Toll (Sub.-Lien Bond) Rev. Ser. 17 AGM | 5.000 | 11/01/2047 | 2,260,780 | ||||||||||||
5,000,000 | Illinois State Toll Highway Auth. Ser. 17A | 5.000 | 01/01/2042 | 5,607,400 | ||||||||||||
1,000,000 | New Jersey State Turnpike Auth. Ref. Ser. 17B | 5.000 | 01/01/2040 | 1,138,180 | ||||||||||||
6,000,000 | New Jersey State Turnpike Auth. Ser. 17A | 5.000 | 01/01/2034 | 6,898,740 | ||||||||||||
4,000,000 | New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A | 5.250 | 01/01/2056 | 4,466,840 | ||||||||||||
1,500,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B | 5.000 | 11/15/2038 | 1,727,085 | ||||||||||||
525,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 15A | 5.000 | 11/15/2040 | 589,633 | ||||||||||||
4,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2041 | 4,525,040 | ||||||||||||
3,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2046 | 3,369,840 | ||||||||||||
11,270,000 | North Texas Tollway Auth. (First Tier) Rev. Ref. Ser. 17A | 5.000 | 01/01/2048 | 12,615,525 | ||||||||||||
2,500,000 | North Texas Tollway Auth. Rev. Ref. Ser. 15B | 5.000 | 01/01/2040 | 2,706,725 | ||||||||||||
1,800,000 | North Texas Tollway Auth. Rev. Ref. Ser. 16A | 5.000 | 01/01/2039 | 2,004,624 | ||||||||||||
5,000,000 | North Texas Tollway Auth. Rev. Ref. Ser. 18 | 5.000 | 01/01/2048 | 5,556,700 | ||||||||||||
1,660,000 | Oklahoma State Turnpike Auth. (Second) Ser. 17C | 5.000 | 01/01/2047 | 1,869,210 | ||||||||||||
5,000,000 | Oklahoma State Turnpike Auth. Ser. 17A | 5.000 | 01/01/2042 | 5,578,600 | ||||||||||||
2,000,000 | Oklahoma State Turnpike Auth. Ser. 18A | 5.000 | 01/01/2043 | 2,258,660 | ||||||||||||
15,000,000 | Pennsylvania State Turnpike Commission Rev. Ser. 14B | 5.250 | 12/01/2039 | 16,674,000 | ||||||||||||
8,800,000 | Pennsylvania State Turnpike Commission Rev.Sub.-Ser. 12B AGM | 5.000 | 12/01/2042 | 9,374,112 | ||||||||||||
5,000,000 | Tampa-Hillsborough County Florida Expressway Auth. Rev. Ser. 17 | 5.000 | 07/01/2047 | 5,577,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Highway Tolls Revenue (continued) | ||||||||||||||||
$ | 2,000,000 | Tampa-Hillsborough County Florida Expressway Auth. Ser. 17C | 5.000 | % | 07/01/2048 | $ | 2,245,940 | |||||||||
2,500,000 | Texas State Transportation Commission Turnpike System Rev. Ref. Ser. 15C | 5.000 | 08/15/2042 | 2,659,875 | ||||||||||||
|
| |||||||||||||||
145,964,994 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.8% | ||||||||||||||||
3,950,000 | Harris County Houston Texas Sports Auth. (Senior Lien) Rev. Ref. Ser. 14A | 5.000 | 11/15/2053 | 4,341,445 | ||||||||||||
2,215,000 | Miami-Dade County Florida Special Obligation Ref.Sub.-Ser. 12B | 5.000 | 10/01/2037 | 2,413,220 | ||||||||||||
2,000,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2040 | 2,263,140 | ||||||||||||
3,000,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2045 | 3,363,600 | ||||||||||||
|
| |||||||||||||||
12,381,405 | ||||||||||||||||
|
| |||||||||||||||
Income Tax Revenue—2.5% | ||||||||||||||||
1,200,000 | District of Columbia Income Tax Secured Rev. Ser. 11G | 5.000 | 12/01/2036 | 1,288,200 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. (Building Aid) Rev. Ref.Sub.-Ser.18S-3A | 5.000 | 07/15/2037 | 1,161,660 | ||||||||||||
4,150,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2011) Rev. Ser.11D | 5.000 | 02/01/2035 | 4,391,322 | ||||||||||||
2,000,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev.Sub.-Ser.14A-1 | 5.000 | 08/01/2035 | 2,267,760 | ||||||||||||
4,330,000 | New York City Transitional Finance Auth. Future Tax Secured (Fiscal 2015) Rev.Sub.-Ser.14B-1 | 5.000 | 08/01/2042 | 4,823,490 | ||||||||||||
1,850,000 | New York City Transitional Finance Auth. Future Tax Secured Rev.Sub.-Ser.16B-1 | 4.000 | 08/01/2041 | 1,925,536 | ||||||||||||
1,325,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 10F | 5.000 | 02/15/2035 | 1,363,491 | ||||||||||||
4,000,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C | 5.000 | 03/15/2041 | 4,229,880 | ||||||||||||
4,500,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B | 5.000 | 03/15/2042 | 4,850,460 | ||||||||||||
1,905,000 | New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 14E | 5.000 | 02/15/2044 | 2,114,836 | ||||||||||||
7,530,000 | New York State Dormitory Auth. Personal Income Tax Rev. Ref. Ser. 15A | 5.000 | 03/15/2035 | 8,536,836 | ||||||||||||
1,000,000 | New York State Urban Development Corp. State Personal Income Tax Rev. Ser.13A-1 | 5.000 | 03/15/2043 | 1,101,150 | ||||||||||||
|
| |||||||||||||||
38,054,621 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—3.7% | ||||||||||||||||
1,000,000 | California Public Auth. Wastewater Rev. Ser. 18A AGM | 5.000 | 09/01/2049 | 1,153,050 | ||||||||||||
6,000,000 | California State Municipal Financing Auth. Lease (Orange County Civic Center Infrastructure Improvement Program) Rev. Ser. 17A | 5.000 | 06/01/2042 | 6,838,740 | ||||||||||||
1,500,000 | California State Public Works Board Lease Rev. Ser. 14B | 5.000 | 10/01/2039 | 1,681,515 | ||||||||||||
4,400,000 | Los Angeles County California Facilities Inc. Lease (Vermont Corridor County Administration Building) Rev. Ser. 18A | 5.000 | 12/01/2051 | 4,976,224 | ||||||||||||
2,250,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2039 | 2,564,325 | ||||||||||||
1,000,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 15A | 5.000 | 12/01/2044 | 1,133,960 | ||||||||||||
11,400,000 | Los Angeles County California Public Works Financing Auth. Lease Rev. Ser. 16D | 5.000 | 12/01/2045 | 12,788,178 | ||||||||||||
1,900,000 | Lower Colorado River Texas Auth. Rev. Ref. Ser. 12A | 5.000 | 05/15/2039 | 2,047,649 | ||||||||||||
1,000,000 | Lower Colorado River Texas Auth. Rev. Ref. Ser. 13 | 5.000 | 05/15/2039 | 1,090,470 | ||||||||||||
500,000 | Lower Colorado River Texas Auth. Transmission Contract Ref. Ser. 15 | 5.000 | 05/15/2040 | 559,140 | ||||||||||||
1,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,016,510 | ||||||||||||
2,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2051 | 2,118,800 | ||||||||||||
1,000,000 | New Jersey State Econ Development Auth. (State House Project) Remareted Ser. 17B | 5.000 | 06/15/2043 | 1,057,530 | ||||||||||||
250,000 | Pennsylvania State COP Ref. Ser. 18A | 5.000 | 07/01/2043 | 275,975 | ||||||||||||
2,000,000 | Sandy Spring Georgia Public Facilities Auth. (City Center Project) Rev. Ser. 15 | 5.000 | 05/01/2041 | 2,277,340 | ||||||||||||
5,000,000 | Texas State Water Development Board (Water Implementation Fund) Ser. 18B | 5.000 | 04/15/2049 | 5,746,000 | ||||||||||||
3,910,000 | Texas State Water Development Board Ser. 15A | 5.000 | 10/15/2045 | 4,397,303 | ||||||||||||
4,975,000 | Texas State Water Development Board Ser. 17A | 5.000 | 10/15/2047 | 5,673,341 | ||||||||||||
|
| |||||||||||||||
57,396,050 | ||||||||||||||||
|
| |||||||||||||||
Local or GTD Housing—0.1% | ||||||||||||||||
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 | 1,349,938 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—4.3% | ||||||||||||||||
3,500,000 | California State Various Purpose (Green Bonds) Ser. 14 | 5.000 | 10/01/2037 | 3,946,740 | ||||||||||||
5,000,000 | California State Various Purpose Ser.14 | 5.000 | 10/01/2039 | 5,610,550 | ||||||||||||
3,745,000 | Connecticut State Ser. 17A | 5.000 | 04/15/2035 | 4,140,846 | ||||||||||||
2,500,000 | Dallas Texas Civic Center & Improvement Rev. Ref. Ser. 09 AGC | 5.250 | 08/15/2034 | 2,533,600 | ||||||||||||
5,000,000 | Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A | 5.000 | 02/15/2042 | 5,646,300 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Miscellaneous Revenue (continued) | ||||||||||||||||
$ | 535,000 | Indianapolis Indiana Local Public Improvement Bond Bank (PILOT Infrastructure Project) Ser. 10F AGM(b) | 5.000 | % | 01/01/2020 | $ | 549,836 | |||||||||
2,190,000 | Kansas City Missouri Special Obligation & Improvement (Downtown Arena Project) Ref. Ser. 16E | 5.000 | 04/01/2040 | 2,424,746 | ||||||||||||
1,900,000 | Maryland State Stadium Auth. (Baltimore City Public Schools) Rev. Ser. 16 | 5.000 | 05/01/2046 | 2,112,078 | ||||||||||||
2,900,000 | Massachusetts State Ser. 16J | 4.000 | 12/01/2044 | 2,987,957 | ||||||||||||
500,000 | New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC | 6.500 | 01/01/2046 | 501,735 | ||||||||||||
3,000,000 | New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser.15S-1 | 5.000 | 07/15/2040 | 3,337,380 | ||||||||||||
4,200,000 | New York City Transitional Finance Auth. Building Aid Rev.Sub.-Ser.11S-1A | 5.250 | 07/15/2037 | 4,511,808 | ||||||||||||
2,500,000 | Newark New Jersey Housing Auth. Rev. (City-Secured Police Facilities) Rev. Ref. Ser. 16 AGM | 5.000 | 12/01/2038 | 2,782,325 | ||||||||||||
5,000,000 | Oregon State (ArticleXI-G OHSU Project) Ser. 17H | 5.000 | 08/01/2042 | 5,733,500 | ||||||||||||
2,500,000 | Oregon State (ArticleXI-Q State Project) Ser. 17A | 5.000 | 05/01/2042 | 2,858,475 | ||||||||||||
11,185,000 | Orlando Florida Capital Improvement Special Rev. Ser. 18B | 5.000 | 10/01/2048 | 12,735,800 | ||||||||||||
2,000,000 | South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 14C | 5.000 | 12/01/2039 | 2,166,960 | ||||||||||||
2,000,000 | Virginia State Commonwealth Transportation Board Rev. Ref. Ser. 17A | 4.000 | 05/15/2036 | 2,128,880 | ||||||||||||
|
| |||||||||||||||
66,709,516 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Taxes—1.0% | ||||||||||||||||
1,000,000 | Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17 | 5.000 | 09/01/2039 | 1,089,870 | ||||||||||||
500,000 | Baltimore Maryland Convention Center Hotel Project (Convention Center Hotel) Ref. Ser. 17 | 5.000 | 09/01/2042 | 541,310 | ||||||||||||
6,500,000 | Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser.16S-1 | 5.000 | 11/01/2041 | 7,369,245 | ||||||||||||
3,000,000 | Central Puget Sound Washington State Regional Transit Auth. (Green Bonds) Ser.16S-1 | 5.000 | 11/01/2046 | 3,901,140 | ||||||||||||
2,000,000 | Chicago Illinois Board of Education Dedicated Capital Improvement Ser. 17 | 6.000 | 04/01/2046 | 2,291,460 | ||||||||||||
1,000,000 | Tuscaloosa Alabama City Board of Education School Tax Warrants Ser. 16 | 5.000 | 08/01/2046 | 1,101,030 | ||||||||||||
|
| |||||||||||||||
16,294,055 | ||||||||||||||||
|
| |||||||||||||||
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 | 3,683,399 | ||||||||||||
7,000,000 | Philadelphia Pennsylvania Gas Works (1998 General Ordinance-Fifteenth) Rev. Ref. Ser. 17 | 5.000 | 08/01/2047 | 7,707,770 | ||||||||||||
|
| |||||||||||||||
11,391,169 | ||||||||||||||||
|
| |||||||||||||||
Nuclear Revenue—1.4% | ||||||||||||||||
7,000,000 | South Carolina State Public Service Auth. Obligation Rev. Ref. Ser. 16A | 5.000 | 12/01/2037 | 7,763,140 | ||||||||||||
2,500,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 15E | 5.250 | 12/01/2055 | 2,736,625 | ||||||||||||
6,250,000 | South Carolina State Public Service Auth. Rev. Ref. Ser. 16A | 5.000 | 12/01/2035 | 6,980,813 | ||||||||||||
4,660,000 | South Carolina State Public Service Auth. Rev. Ser. 13E | 5.000 | 12/01/2048 | 4,960,430 | ||||||||||||
|
| |||||||||||||||
22,441,008 | ||||||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—11.6% | ||||||||||||||||
1,500,000 | Birmingham Alabama Airport Auth. Airport Rev. Ser. 10 AGM | 5.500 | 07/01/2040 | 1,559,340 | ||||||||||||
2,000,000 | Charlotte North Carolina Airport Rev. Ser. 17A | 5.000 | 07/01/2047 | 2,274,600 | ||||||||||||
6,000,000 | Chicago Illinois Midway Airport Rev. Ref. Ser. 16B | 5.000 | 01/01/2046 | 6,585,840 | ||||||||||||
2,900,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 16C | 5.000 | 01/01/2037 | 3,220,131 | ||||||||||||
7,500,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ref. Ser. 17B | 5.000 | 01/01/2039 | 8,363,850 | ||||||||||||
10,000,000 | Chicago Illinois O’Hare International Airport (Senior Lien) Rev. Ser. 18B AGM | 4.000 | 01/01/2053 | 10,092,400 | ||||||||||||
1,250,000 | Chicago Illinois O’Hare International Airport Rev. Ser. 15D | 5.000 | 01/01/2046 | 1,357,775 | ||||||||||||
1,000,000 | City of Cleveland Ohio Airport System Rev. Ref. Ser. 12A AGM | 5.000 | 01/01/2031 | 1,075,370 | ||||||||||||
9,335,000 | Clark County Nevada Airport Rev. Ref.Sub.-Ser.17A-2 | 5.000 | 07/01/2040 | 10,511,677 | ||||||||||||
20,000,000 | Hillsborough County Florida Aviation Auth. Tampa International Airport Ser. 18F | 5.000 | 10/01/2043 | 22,986,800 | ||||||||||||
16,745,000 | Hillsborough County Florida Aviation Auth. Tampa International Airport Ser. 18F | 5.000 | 10/01/2048 | 19,140,707 | ||||||||||||
2,000,000 | Los Angeles California Department of Airports (Senior Los Angeles International Airport) Ser. 10A | 5.000 | 05/15/2040 | 2,078,740 | ||||||||||||
1,500,000 | Metropolitan Nashville Tennessee Airport Auth. Rev. Ser. 15A | 5.000 | 07/01/2045 | 1,674,585 | ||||||||||||
7,000,000 | Miami-Dade County Florida Aviation Rev. Ser. 10B AGM | 5.000 | 10/01/2035 | 7,299,670 | ||||||||||||
600,000 | Philadelphia Pennsylvania Airport Rev. Ser. 10A AGM | 5.000 | 06/15/2035 | 621,822 | ||||||||||||
2,000,000 | Phoenix Arizona Civic Improvement Corp. Airport (Junior Lien) Rev. Ser. 15A | 5.000 | 07/01/2045 | 2,249,960 | ||||||||||||
17,960,000 | Port Auth. of New York & New Jersey (194th Series) Ref. Ser. 15 | 5.000 | 10/15/2041 | 20,336,826 | ||||||||||||
2,400,000 | Port Auth. of New York & New Jersey (Consolidated Bonds Two Hundredth) Ref. Ser. 17 | 5.250 | 10/15/2057 | 2,750,376 | ||||||||||||
3,500,000 | Port Auth. of New York & New Jersey (Consolidated) Ref. Ser.15-189 | 5.000 | 05/01/2045 | 3,916,290 | ||||||||||||
6,000,000 | Port Auth. of New York & New Jersey(Consolidated-One Hundred Eighty-Fourth) Ref. Ser. 14 | 5.000 | 09/01/2039 | 6,783,420 | ||||||||||||
2,400,000 | Sacramento County California Airport System Senior Rev. Ref. Ser. 16A | 5.000 | 07/01/2041 | 2,698,392 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 2,250,000 | Sacramento County California Airport System Senior Rev. Ref.Sub.-Ser. 16B | 5.000 | % | 07/01/2041 | $ | 2,521,912 | |||||||||
2,000,000 | Salt Lake City Utah Airport Rev. Ser. 17B | 5.000 | 07/01/2042 | 2,264,440 | ||||||||||||
4,000,000 | Salt Lake City Utah Airport Rev. Ser. 17B | 5.000 | 07/01/2047 | 4,502,320 | ||||||||||||
3,000,000 | Salt Lake City Utah Airport Rev. Ser. 18B | 5.000 | 07/01/2048 | 3,412,500 | ||||||||||||
2,000,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 14B | 5.000 | 05/01/2044 | 2,203,600 | ||||||||||||
17,315,000 | San Francisco California City & County Airports Commission (San Francisco International Airport) Rev. Ser. 16C | 5.000 | 05/01/2046 | 19,341,548 | ||||||||||||
1,300,000 | San Jose California Airport Rev. Ref. Ser. 17B | 5.000 | 03/01/2042 | 1,470,729 | ||||||||||||
5,000,000 | San Jose California Airport Rev. Ref. Ser. 17B | 5.000 | 03/01/2047 | 5,630,100 | ||||||||||||
500,000 | Wayne County Michigan Airport Auth. Rev. Ser. 15D | 5.000 | 12/01/2040 | 562,185 | ||||||||||||
|
| |||||||||||||||
179,487,905 | ||||||||||||||||
|
| |||||||||||||||
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 | 3,013,890 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—4.5% | ||||||||||||||||
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 | 5,330,547 | ||||||||||||
10,000,000 | Chicago Illinois Transit Auth. Sales Tax Receipts Second Lien Rev. Ser. 17 AGM | 5.000 | 12/01/2051 | 10,778,100 | ||||||||||||
5,540,000 | Dallas Texas Area Rapid Transit Sales Tax Rev. Ref. Ser. 16A | 5.000 | 12/01/2046 | 6,232,611 | ||||||||||||
1,000,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A | 5.000 | 08/01/2042 | 1,125,470 | ||||||||||||
750,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16A | 5.000 | 08/01/2044 | 841,950 | ||||||||||||
1,815,000 | Illinois Regional Transportation Auth. Ser. 00 NATL | 6.500 | 07/01/2030 | 2,365,109 | ||||||||||||
10,000,000 | Illinois State Sales Tax Securitization Corporation Ref. Ser. 18A | 5.000 | 01/01/2040 | 10,970,700 | ||||||||||||
2,750,000 | Jefferson Louisiana Sales Tax District Special Sales Tax Rev. Ser. 17B AGM | 5.000 | 12/01/2042 | 3,131,205 | ||||||||||||
7,145,000 | Massachusetts State Bay Transportation Auth. Sales Tax (Senior Lien) Rev. Ser. 15A | 5.000 | 07/01/2040 | 8,002,400 | ||||||||||||
8,770,000 | Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ref. Ser. 15C | 5.000 | 08/15/2037 | 9,867,653 | ||||||||||||
3,410,000 | Massachusetts State School Building Auth. Sales Tax Rev. Ser. 16A | 5.000 | 11/15/2045 | 3,815,824 | ||||||||||||
6,620,000 | San Diego County California Regional Transportation Commission Ser. 16A | 5.000 | 04/01/2048 | 7,461,137 | ||||||||||||
|
| |||||||||||||||
69,922,706 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—5.0% | ||||||||||||||||
24,375,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 12 AGM | 5.000 | 01/01/2037 | 25,819,950 | ||||||||||||
2,500,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM | 5.250 | 01/01/2042 | 2,807,150 | ||||||||||||
7,000,000 | Chicago Illinois Wastewater Transmission (Second Lien) Rev. Ser. 17A AGM | 4.000 | 01/01/2052 | 7,037,380 | ||||||||||||
5,000,000 | Detroit Michigan Water & Sewerage Department Sewerage Disposal System (Senior Lien-Remarketed) Rev. Ref. Ser. 12A AGM | 5.000 | 07/01/2039 | 5,355,100 | ||||||||||||
5,000,000 | Jefferson County Alabama Sewer (Senior Lien) Rev. Ser. 13A AGM | 5.500 | 10/01/2053 | 5,511,850 | ||||||||||||
14,695,000 | King County Washington Sewer & Improvement Rev. Ref. Ser. 16B | 5.000 | 07/01/2039 | 16,241,355 | ||||||||||||
1,000,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15A | 5.000 | 06/01/2044 | 1,129,870 | ||||||||||||
1,500,000 | Los Angeles California Wastewater System (Green Bonds) Rev. Ser. 15C | 5.000 | 06/01/2045 | 1,693,890 | ||||||||||||
1,500,000 | Los Angeles California Wastewater System (Green Bonds) Rev.Sub.-Ser. 17A | 5.250 | 06/01/2047 | 1,762,290 | ||||||||||||
1,000,000 | Metropolitan St. Louis Missouri Sewer District Wastewater System Rev. Ser. 16C | 5.000 | 05/01/2046 | 1,127,280 | ||||||||||||
750,000 | Metropolitan St. Louis Missouri Sewer District Wastewater Systems & Improvement Rev. Ref. Ser. 17A | 5.000 | 05/01/2047 | 854,760 | ||||||||||||
6,500,000 | Northeast Ohio Regional Sewer District Ref. Ser. 14 | 5.000 | 11/15/2049 | 7,255,690 | ||||||||||||
|
| |||||||||||||||
76,596,565 | ||||||||||||||||
|
| |||||||||||||||
Special Tax—0.2% | ||||||||||||||||
3,000,000 | Birmingham-Jefferson Alabama Civic Center Auth. Special Tax Ser. 18A | 5.000 | 07/01/2048 | 3,356,190 | ||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—1.6% | ||||||||||||||||
17,000,000 | Inland Valley California Development Successor Agency Tax Allocation Ref. Ser. 14A AGM | 5.000 | 09/01/2044 | 18,622,140 | ||||||||||||
1,000,000 | Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM | 5.000 | 12/01/2045 | 1,097,560 | ||||||||||||
1,000,000 | Kentucky State Economic Development Financing Auth. (Louisville Arena Project) Rev. Ref. Ser. 17A AGM | 5.000 | 12/01/2047 | 1,078,810 | ||||||||||||
4,000,000 | Miami Beach Florida Redevelopment Agency Tax Increment (City Center) Rev. Ref. Ser. 15A AGM | 5.000 | 02/01/2040 | 4,485,440 | ||||||||||||
|
| |||||||||||||||
25,283,950 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Transit Revenue—2.0% | ||||||||||||||||
$ | 1,000,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | % | 10/01/2036 | $ | 1,130,200 | |||||||||
940,000 | Alameda California Corridor Transportation Auth. (Second Sub.-Lien) Ref. Ser. 16B AGM | 5.000 | 10/01/2037 | 1,055,930 | ||||||||||||
5,000,000 | Massachusetts State Transportation Fund Rev. Ref. Ser. 17A | 5.000 | 06/01/2043 | 5,696,650 | ||||||||||||
1,510,000 | Metropolitan Transportation Auth. New York Rev Ser.12E-1 AGM | 5.000 | 11/15/2042 | 1,635,451 | ||||||||||||
5,000,000 | Metropolitan Transportation Auth. New York Rev. Ref.Sub.-Ser.15C-1 | 5.000 | 11/15/2035 | 5,593,100 | ||||||||||||
13,190,000 | Metropolitan Transportation Auth. New York Rev.Ser.13A-1 | 5.000 | 11/15/2040 | 14,247,311 | ||||||||||||
1,250,000 | Northern Indiana Commuter Transportation District Rev. Ser. 16 | 5.000 | 07/01/2041 | 1,385,525 | ||||||||||||
|
| |||||||||||||||
30,744,167 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—10.9% | ||||||||||||||||
3,305,000 | Atlanta Georgia Water & Wastewater Rev. Ser.09-B AGM | 5.250 | 11/01/2034 | 3,377,875 | ||||||||||||
5,000,000 | Atlanta Georgia Water & Wastewater Rev. Ser. 18B | 5.000 | 11/01/2047 | 5,700,650 | ||||||||||||
1,000,000 | Austin Texas Water & Wastewater System Rev. Ref. Ser. 16 | 5.000 | 11/15/2041 | 1,133,500 | ||||||||||||
1,000,000 | Austin Texas Water & Wastewater System Rev. Ref. Ser. 16 | 5.000 | 11/15/2045 | 1,127,500 | ||||||||||||
9,510,000 | Baltimore Maryland Project (Water Projects) Rev.Sub.-Ser. 17A | 5.000 | 07/01/2046 | 10,670,981 | ||||||||||||
1,000,000 | Birmingham Alabama Waterworks Broad Water Rev. Ref. Ser. 15A | 5.000 | 01/01/2042 | 1,101,920 | ||||||||||||
440,000 | Chicago Illinois Wastewater (2017 Second Lien) Rev. Ref. Ser. 08 AGM | 5.250 | 11/01/2033 | 441,034 | ||||||||||||
200,000 | City of Cape Coral Florida Water & Sewer Rev. Ref. Ser. 11 AGM(b) | 5.000 | 10/01/2021 | 217,084 | ||||||||||||
6,000,000 | Dallas Texas Waterworks & Sewer System Rev. Ser. 17 | 5.000 | 10/01/2046 | 6,811,380 | ||||||||||||
5,000,000 | Denver Colorado City & County Board of Water Commissioners Water (Green Bond) Rev. Ser. 17A | 5.000 | 09/15/2047 | 5,720,600 | ||||||||||||
5,000,000 | District of Columbia Water & Sewer Auth. Public Utility (Sub.-Lien) Rev. Ser. 13A | 5.000 | 10/01/2048 | 5,479,000 | ||||||||||||
3,000,000 | El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM | 5.000 | 03/01/2034 | 3,405,510 | ||||||||||||
3,500,000 | El Dorado California Irrigation District Rev. Ref. Ser. 14A AGM | 5.250 | 03/01/2039 | 3,991,190 | ||||||||||||
1,500,000 | Florida Municipal Loan Council Ser. 11D AGM | 5.500 | 10/01/2041 | 1,627,995 | ||||||||||||
190,000 | Houston Texas Utility System Combine (First Lien) Rev. Ref. Ser. 09A AGC(b) | 6.000 | 05/15/2019 | 191,676 | ||||||||||||
8,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 12B | 5.000 | 07/01/2043 | 8,738,640 | ||||||||||||
10,000,000 | Massachusetts State Water Resources Auth. (Green Bonds) Ref. Ser. 16C | 5.000 | 08/01/2040 | 11,347,100 | ||||||||||||
5,000,000 | Massachusetts State Water Resources Auth. Ser. 18B | 5.000 | 08/01/2043 | 5,758,750 | ||||||||||||
1,000,000 | Miami-Dade County Florida Water & Sewer System Rev. Ser. 10 AGM(b) | 5.000 | 10/01/2020 | 1,052,340 | ||||||||||||
10,000,000 | Miami-Dade County Florida Water & Sewer Systems Rev. Ser. 17A | 3.375 | 10/01/2047 | 9,250,500 | ||||||||||||
600,000 | New York City Municipal Water Finance Auth. Rev. Ref. Ser. 14EE | 5.000 | 06/15/2036 | 676,896 | ||||||||||||
8,000,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 18DD1 | 3.625 | 06/15/2048 | 7,912,960 | ||||||||||||
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 | 5,042,950 | ||||||||||||
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 | 3,536,787 | ||||||||||||
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 | 10,948,128 | ||||||||||||
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 | 10,555,800 | ||||||||||||
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 | 546,190 | ||||||||||||
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 | 12,280,783 | ||||||||||||
5,750,000 | New York City Municipal Water Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE | 5.000 | 06/15/2037 | 6,636,707 | ||||||||||||
5,000,000 | North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 09 AGC | 5.250 | 12/15/2034 | 5,132,950 | ||||||||||||
2,500,000 | North Fort Bend Texas Water Auth. (Water System) Rev. Ser. 11 AGM | 5.000 | 12/15/2036 | 2,689,075 | ||||||||||||
2,000,000 | North Sumter County Florida Utility Dependent District Utility Rev. Ser. 10 AGM | 5.375 | 10/01/2040 | 2,103,540 | ||||||||||||
875,000 | Philadelphia Pennsylvania Water & Wastewater Rev. Ser. 10C AGM(b) | 5.000 | 08/01/2020 | 916,003 | ||||||||||||
4,050,000 | Puerto Rico Commonwealth Aqueduct & Sewer Auth. (Senior Lien) Rev. Ser. 08A AGC | 5.125 | 07/01/2047 | 4,078,026 | ||||||||||||
2,500,000 | San Antonio Texas Water (Junior Lien) Rev. Ref. Ser. 18A | 5.000 | 05/15/2043 | 2,864,150 | ||||||||||||
1,000,000 | San Jacinto Texas River Auth. Special Project (GRP Project) Rev. Ser. 11 AGM | 5.000 | 10/01/2037 | 1,016,240 | ||||||||||||
1,000,000 | Texas State Water Development Board (State Water Implementation Rev. Fund For Texas) Ser. 16 | 5.000 | 10/15/2046 | 1,131,170 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco NationalAMT-Free Municipal Bond ETF (PZA)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue (continued) | ||||||||||||||||
$ | 1,000,000 | Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A | 5.000 | % | 09/01/2040 | $ | 1,119,870 | |||||||||
1,500,000 | Wyandotte County Kansas City Government Utility System Improvement Rev. Ser. 16A | 5.000 | 09/01/2045 | 1,674,165 | ||||||||||||
|
| |||||||||||||||
168,007,615 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $1,477,599,705)(c)—97.6% | 1,505,604,698 | |||||||||||||||
Other assets less liabilities—2.4% | 36,284,117 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 1,541,888,815 | ||||||||||||||
|
|
Investment Abbreviations:
AGC—Assured Guaranty Corp.
AGM—Assured Guaranty Municipal 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 February 28, 2019 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 February 28, 2019. 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. | 14.6 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco New YorkAMT-Free Municipal Bond ETF (PZT)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Revenue Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Income Tax Revenue | 15.8 | |||
College & University Revenue | 12.5 | |||
Electric Power Revenue | 12.2 | |||
Miscellaneous Revenue | 12.1 | |||
Lease Revenue | 9.1 | |||
Highway Tolls Revenue | 6.4 | |||
Ad Valorem Property Tax | 6.2 | |||
Water Revenue | 5.1 | |||
Health, Hospital, Nursing Home Revenue | 3.6 | |||
Hotel Occupancy Tax | 3.5 | |||
Recreational Revenue | 3.3 | |||
Port, Airport & Marina Revenue | 1.9 | |||
Sales Tax Revenue | 1.8 | |||
Transit Revenue | 1.8 | |||
Other Assets Less Liabilities | 4.7 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—95.3% | ||||||||||||||||
Ad Valorem Property Tax—6.2% | ||||||||||||||||
$ | 1,000,000 | City of New York Ser.18E-1 | 5.000 | % | 03/01/2038 | $ | 1,157,690 | |||||||||
2,000,000 | New York City New York Ser.16B-1 | 4.000 | 12/01/2043 | 2,064,300 | ||||||||||||
500,000 | New York City New YorkSub.-Ser.16A-1 | 5.000 | 08/01/2038 | 567,515 | ||||||||||||
|
| |||||||||||||||
3,789,505 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—12.5% | ||||||||||||||||
1,000,000 | Build New York City Resource Corp. (New York Law School Project) Rev. Ref. Ser. 16 | 5.000 | 07/01/2041 | 1,062,230 | ||||||||||||
1,500,000 | New York State Dormitory Auth. (New York University) Rev. Ser. 01 AMBAC | 5.500 | 07/01/2040 | 1,949,115 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Non State Supported Debt (Columbia University) Rev. Ser. 17A | 5.000 | 10/01/2047 | 1,320,190 | ||||||||||||
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 | 2,243,820 | ||||||||||||
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 | 1,113,300 | ||||||||||||
|
| |||||||||||||||
7,688,655 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—12.2% | ||||||||||||||||
1,000,000 | Guam Power Auth. Rev. Ser. 12A AGM | 5.000 | 10/01/2030 | 1,092,080 | ||||||||||||
2,000,000 | Long Island Power Auth. New York Electric Systems Rev. Ref. Ser. 14A | 5.000 | 09/01/2044 | 2,204,900 | ||||||||||||
185,000 | New York State Power Auth. Rev. Ser. 07A NATL | 4.500 | 11/15/2047 | 185,296 | ||||||||||||
1,500,000 | Utility Debt Securitization Auth. New York (Restructuring) Ser. 13TE | 5.000 | 12/15/2041 | 1,680,240 | ||||||||||||
2,000,000 | Utility Debt Securitization Auth. New York (Restructuring) Ser. 17 | 5.000 | 12/15/2038 | 2,329,480 | ||||||||||||
|
| |||||||||||||||
7,491,996 | ||||||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—3.6% | ||||||||||||||||
500,000 | Dutchess County New York Local Development Corp. (Health Quest Systems Inc. Project) Rev. Ser. 16B | 5.000 | 07/01/2046 | 547,670 | ||||||||||||
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 | 1,675,620 | ||||||||||||
|
| |||||||||||||||
2,223,290 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco New YorkAMT-Free Municipal Bond ETF (PZT)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Highway Tolls Revenue—6.4% | ||||||||||||||||
$ | 1,000,000 | New York State Thruway Auth. General (Junior Indebtedness Obligation-Junior Lien) Rev. Ser. 16A | 5.000 | % | 01/01/2046 | $ | 1,107,270 | |||||||||
1,000,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ref. Ser. 17B | 5.000 | 11/15/2038 | 1,151,390 | ||||||||||||
1,470,000 | New York Triborough Bridge & Tunnel Auth. General Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,651,222 | ||||||||||||
|
| |||||||||||||||
3,909,882 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—3.5% | ||||||||||||||||
1,885,000 | New York State Convention Center Development Corp. (Hotel Unit Fee Secured) Rev. Ref. Ser. 15 | 5.000 | 11/15/2040 | 2,133,009 | ||||||||||||
|
| |||||||||||||||
Income Tax Revenue—15.8% | ||||||||||||||||
1,000,000 | New York City Transitional Finance Auth. (Building Aid) Rev. Ref. Ser.18S-4A | 5.000 | 07/15/2037 | 1,161,660 | ||||||||||||
1,500,000 | New York City Transitional Finance Auth. (Sub.-Future Tax Secured Fiscal 1999) Rev. Ser. 17ASub.-Ser. E-1 | 5.000 | 02/01/2043 | 1,687,740 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Building Aid Rev. Ser.18S-3 | 4.000 | 07/15/2046 | 1,032,140 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Rev.Sub.-Ser.17B-1 | 5.000 | 08/01/2045 | 1,128,730 | ||||||||||||
1,000,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ref. Ser. 17A | 5.000 | 02/15/2038 | 1,140,070 | ||||||||||||
2,170,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 11C | 5.000 | 03/15/2041 | 2,294,710 | ||||||||||||
1,200,000 | New York State Dormitory Auth. Personal Income Tax (General Purpose) Rev. Ser. 12B | 5.000 | 03/15/2042 | 1,293,456 | ||||||||||||
|
| |||||||||||||||
9,738,506 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—9.1% | ||||||||||||||||
1,000,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2046 | 1,016,510 | ||||||||||||
1,240,000 | MTA Hudson Rail Yards Trust Obligations Rev. Ser. 16A | 5.000 | 11/15/2051 | 1,313,656 | ||||||||||||
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 | 1,134,200 | ||||||||||||
2,000,000 | New York State Liberty Development Corp. (4 World Trade Center Project) Rev. Ref. Ser. 11 | 5.000 | 11/15/2044 | 2,132,260 | ||||||||||||
|
| |||||||||||||||
5,596,626 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—12.1% | ||||||||||||||||
2,000,000 | Brooklyn Arena New York Local Development Corp. PILOT (Barclays Center Project) Rev. Ref. Ser. 16A | 5.000 | 07/15/2042 | 2,151,820 | ||||||||||||
450,000 | Hudson Yards Infrastructure Corporation Second Indenture Rev. Ref. Ser. 17A | 5.000 | 02/15/2042 | 508,167 | ||||||||||||
2,500,000 | New York City Industrial Development Agency (Queens Baseball Stadium PILOT) Rev. Ser. 09 AGC | 6.500 | 01/01/2046 | 2,508,675 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Building Aid (Fiscal 2015) Rev. Ser.15S-2 | 5.000 | 07/15/2035 | 1,133,640 | ||||||||||||
1,000,000 | New York City Transitional Finance Auth. Building Aid Rev. Ser.16S-1 | 5.000 | 07/15/2043 | 1,116,970 | ||||||||||||
|
| |||||||||||||||
7,419,272 | ||||||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—1.9% | ||||||||||||||||
1,000,000 | Port Auth. of New York & New Jersey Ref. Ser.15-194 | 5.250 | 10/15/2055 | 1,143,440 | ||||||||||||
|
| |||||||||||||||
Recreational Revenue—3.3% | ||||||||||||||||
2,000,000 | New York City Industrial Development Agency (Yankee Stadium PILOT) Rev. Ser. 09 AGC | 7.000 | 03/01/2049 | 2,009,260 | ||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—1.8% | ||||||||||||||||
1,000,000 | New York State Dormitory Auth. State Sales Tax Rev. Ref. (Bid Group 4) Ser. 18C | 5.000 | 03/15/2043 | 1,141,970 | ||||||||||||
|
| |||||||||||||||
Transit Revenue—1.8% | ||||||||||||||||
1,000,000 | Metropolitan Transportation Auth. New York (Green Bonds) Rev. Ser.16A-1 | 5.250 | 11/15/2056 | 1,101,220 | ||||||||||||
|
| |||||||||||||||
Water Revenue—5.1% | ||||||||||||||||
1,000,000 | New York City Municipal Finance Auth. Water & Sewer System Rev. Ref. Ser. 17EE | 5.250 | 06/15/2037 | 1,176,530 | ||||||||||||
2,000,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 18DD1 | 3.625 | 06/15/2048 | 1,978,240 | ||||||||||||
|
| |||||||||||||||
3,154,770 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $58,157,665)(a)—95.3% | 58,541,401 | |||||||||||||||
Other assets less liabilities—4.7% | 2,865,829 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 61,407,230 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco New YorkAMT-Free Municipal Bond ETF (PZT)(continued)
February 28, 2019
(Unaudited)
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) | 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 February 28, 2019. 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 Corp. | 7.7 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 77.5 | |||
Utilities | 11.0 | |||
Communications | 7.0 | |||
Energy | 2.3 | |||
Industrial | 0.8 | |||
Insurance | 0.7 | |||
Consumer, Cyclical | 0.5 | |||
Technology | 0.3 | |||
Basic Materials | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.2) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests—100.2% | ||||||||
Banks—36.1% | ||||||||
100,002 | Associated Banc-Corp., 5.38%, Series D(b) | $ | 2,388,048 | |||||
1,456,095 | Bank of America Corp., 5.88%, Series HH | 37,101,301 | ||||||
1,312,902 | Bank of America Corp., 6.00%, Series EE | 34,201,097 | ||||||
2,093,006 | Bank of America Corp., 6.00%, Series GG | 55,066,988 | ||||||
1,625,720 | Bank of America Corp., 6.20%, Series CC | 42,203,691 | ||||||
2,582,833 | Bank of America Corp., 6.50%, Series Y | 67,153,658 | ||||||
1,890,031 | Bank of America Corp., 6.63%, Series W(b) | 48,195,790 | ||||||
674,445 | BB&T Corp., 5.63% | 17,198,347 | ||||||
3,386,720 | BB&T Corp., 5.63%, Series E | 84,600,266 | ||||||
451,790 | BB&T Corp., 5.85% | 11,416,733 | ||||||
227,665 | BOK Financial Corp., 5.38%(b) | 5,803,181 | ||||||
1,498,912 | Citigroup, Inc., 6.30%, Series S | 39,541,299 | ||||||
3,121,024 | Citigroup, Inc., 6.88%, Series K | 84,454,909 | ||||||
360,311 | Citigroup, Inc., 7.13%, Series J(b) | 9,854,506 | ||||||
426,544 | Citizens Financial Group, Inc., 6.35%, Series D(b) | 11,004,835 | ||||||
234,998 | Commerce Bancshares, Inc., 6.00%, Series B(b) | 6,163,998 | ||||||
231,711 | Cullen/Frost Bankers, Inc., 5.38%(b) | 6,073,145 | ||||||
752,952 | Fifth Third Bancorp, 6.63%, Series I(b) | 21,496,780 | ||||||
142,089 | First Horizon National Corp., 6.20%, Series A(b) | 3,712,786 | ||||||
281,104 | First Republic Bank, 5.13%, Series H(b) | 6,681,842 | ||||||
294,637 | First Republic Bank, 5.50%, Series D | 7,351,193 | ||||||
240,860 | First Republic Bank, 5.50%, Series G(b) | 6,035,952 | ||||||
460,737 | First Republic Bank, 5.50%, Series I | 11,430,885 | ||||||
245,624 | First Republic Bank, 5.70%, Series F(b) | 6,280,606 | ||||||
231,069 | Hancock Whitney Corp., 5.95%(b) | 6,035,522 | ||||||
155,938 | Huntington Bancshares, Inc., 5.88%, Series C(b) | 4,147,951 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
823,698 | Huntington Bancshares, Inc., 6.25%, Series D | $ | 21,094,906 | |||||
56,837 | ING Groep NV, 6.13% (Netherlands) | 1,457,869 | ||||||
508,903 | ING Groep NV, 6.38% (Netherlands)(b) | 13,048,273 | ||||||
1,437,052 | JPMorgan Chase & Co., 5.45%, Series P | 36,113,117 | ||||||
2,512,097 | JPMorgan Chase & Co., 5.75%, Series DD | 63,782,143 | ||||||
1,851,297 | JPMorgan Chase & Co., 6.00%, Series EE(b) | 47,930,079 | ||||||
1,838,538 | JPMorgan Chase & Co., 6.10%, Series AA | 47,673,290 | ||||||
2,696,329 | JPMorgan Chase & Co., 6.13%, Series Y | 69,861,884 | ||||||
1,933,325 | JPMorgan Chase & Co., 6.15%, Series BB | 50,247,117 | ||||||
977,288 | JPMorgan Chase & Co., 6.30%, Series W | 25,194,485 | ||||||
636,557 | JPMorgan Chase & Co., 6.70%, Series T | 15,913,925 | ||||||
686,789 | KeyCorp, 5.65%, Series F | 16,421,125 | ||||||
803,849 | KeyCorp, 6.13%, Series E(b) | 21,342,191 | ||||||
310,748 | MB Financial, Inc., 6.00%, Series C(b) | 7,821,527 | ||||||
388,607 | People’s United Financial, Inc., 5.63%, Series A(b) | 9,136,151 | ||||||
2,819,207 | PNC Financial Services Group, Inc. (The), 6.13%, Series P(b) | 74,708,985 | ||||||
764,599 | Regions Financial Corp., 6.38%, Series A(b) | 19,344,355 | ||||||
765,709 | Regions Financial Corp., 6.38%, Series B(b) | 20,758,371 | ||||||
304,306 | Synovus Financial Corp., 6.30%, Series D(b) | 7,881,525 | ||||||
280,910 | TCF Financial Corp., 5.70%, Series C | 6,660,376 | ||||||
381,968 | Texas Capital Bancshares, Inc., 6.50%, Series A | 9,736,364 | ||||||
707,725 | U.S. Bancorp, 5.15%(b) | 17,650,661 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco Preferred ETF (PGX)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
1,476,916 | U.S. Bancorp, 6.50%, Series F | $ | 40,393,653 | |||||
990,193 | U.S. Bancorp, 5.50%, Series K(b) | 25,398,450 | ||||||
460,077 | Unum Group, 6.25%(b) | 11,538,731 | ||||||
153,987 | Valley National Bancorp, 5.50%, Series B(b) | 3,846,595 | ||||||
187,571 | Valley National Bancorp, 6.25%, Series A | 5,036,281 | ||||||
233,047 | Webster Financial Corp., 5.25%, Series F(b) | 5,474,274 | ||||||
803,702 | Wells Fargo & Co., 5.13%, Series O(b) | 19,023,626 | ||||||
895,715 | Wells Fargo & Co., 5.20%(b) | 21,380,717 | ||||||
1,892,894 | Wells Fargo & Co., 5.50%, Series X(b) | 47,057,345 | ||||||
1,248,556 | Wells Fargo & Co., 5.63%, Series Y | 31,226,386 | ||||||
1,688,515 | Wells Fargo & Co., 5.70%, Series W(b) | 42,651,889 | ||||||
2,798,515 | Wells Fargo & Co., 5.85%, Series Q(b) | 71,278,177 | ||||||
1,125,562 | Wells Fargo & Co., 6.00%, Series T(b) | 28,814,387 | ||||||
1,538,821 | Wells Fargo & Co., 6.00%, Series V(b) | 40,040,122 | ||||||
1,260,114 | Wells Fargo & Co., 6.63%, Series R | 34,653,135 | ||||||
191,919 | Wintrust Financial Corp., 6.50%, Series D | 5,533,025 | ||||||
218,609 | Zions Bancorp NA, 5.75%, Series H(b) | 5,633,554 | ||||||
17,038 | Zions Bancorp NA, 6.30%, Series G(b) | 455,767 | ||||||
|
| |||||||
1,678,810,142 | ||||||||
|
| |||||||
Capital Markets—14.8% | ||||||||
441,971 | Apollo Global Management LLC, 6.38%, Series A(b) | 10,996,239 | ||||||
481,385 | Apollo Global Management LLC, 6.38%, Series B | 11,745,794 | ||||||
242,388 | Apollo Investment Corp., 6.88% | 6,287,545 | ||||||
498,571 | Ares Management Corp., 7.00%, Series A | 13,162,274 | ||||||
890,061 | Bank of New York Mellon Corp. (The), 5.20%(b) | 22,029,010 | ||||||
186,259 | Brightsphere Investment Group PLC, 5.13% | 4,242,980 | ||||||
624,051 | Carlyle Group LP (The), 5.88%, Series A | 13,816,489 | ||||||
1,084,917 | Charles Schwab Corp. (The), 5.95%, Series D | 28,663,507 | ||||||
924,803 | Charles Schwab Corp. (The), 6.00%, Series C(b) | 24,451,791 | ||||||
3,218,836 | Deutsche Bank Contingent Capital Trust V, 8.05% (Germany) | 82,917,215 | ||||||
1,655,791 | Goldman Sachs Group, Inc. (The), 5.50%, Series J | 42,073,649 | ||||||
180,131 | Goldman Sachs Group, Inc. (The), 6.20%, Series B(b) | 4,809,498 | ||||||
928,048 | Goldman Sachs Group, Inc. (The), 6.30%, Series N(b) | 24,240,614 | ||||||
1,041,496 | Goldman Sachs Group, Inc. (The), 6.38%, Series K | 27,912,093 | ||||||
240,039 | KKR & Co., Inc., 6.50%, Series B(b) | 6,265,018 | ||||||
522,588 | KKR & Co., Inc., 6.75%, Series A(b) | 13,670,902 | ||||||
674,838 | Legg Mason, Inc., 5.45%(b) | 16,425,557 | ||||||
531,973 | Legg Mason, Inc., 6.38%(b) | 14,283,475 | ||||||
1,504,629 | Morgan Stanley, 5.85%, Series K(b) | 38,082,160 | ||||||
1,574,331 | Morgan Stanley, 6.38%, Series I | 41,704,028 | ||||||
1,075,504 | Morgan Stanley, 6.63%, Series G | 27,543,657 | ||||||
868,588 | Morgan Stanley, 6.88%, Series F | 23,564,792 | ||||||
1,163,287 | Morgan Stanley, 7.13%, Series E | 32,618,568 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Capital Markets (continued) | ||||||||
609,838 | Northern Trust Corp., 5.85%, Series C | $ | 15,752,116 | |||||
389,688 | Oaktree Capital Group LLC, 6.55%, Series B | 9,675,953 | ||||||
288,621 | Oaktree Capital Group LLC, 6.63%, Series A | 7,189,549 | ||||||
307,532 | Prospect Capital Corp., 6.25% | 7,706,752 | ||||||
689,650 | State Street Corp., 5.25%, Series C(b) | 17,151,596 | ||||||
688,209 | State Street Corp., 5.35%, Series G(b) | 17,625,033 | ||||||
1,198,833 | State Street Corp., 5.90%, Series D(b) | 31,169,658 | ||||||
1,193,044 | State Street Corp., 6.00%, Series E(b) | 30,840,187 | ||||||
350,311 | Stifel Financial Corp., 5.20% | 8,221,799 | ||||||
241,341 | Stifel Financial Corp., 6.25%, Series A(b) | 6,134,888 | ||||||
145,000 | Stifel Financial Corp., 6.25%, Series B | 3,654,000 | ||||||
|
| |||||||
686,628,386 | ||||||||
|
| |||||||
Chemicals—0.1% | ||||||||
67,224 | E.I. du Pont de Nemours & Co., 4.50%, Series B | 7,001,380 | ||||||
|
| |||||||
Commercial Services & Supplies—0.3% | ||||||||
677,501 | Pitney Bowes, Inc., 6.70%(b) | 16,110,974 | ||||||
|
| |||||||
Consumer Finance—3.0% | ||||||||
956,763 | Capital One Financial Corp., 5.20%, Series G | 23,612,911 | ||||||
1,202,319 | Capital One Financial Corp., 6.00%, Series B | 30,502,833 | ||||||
763,037 | Capital One Financial Corp., 6.00%, Series H(b) | 19,785,549 | ||||||
802,487 | Capital One Financial Corp., 6.20%, Series F | 20,936,886 | ||||||
708,114 | Capital One Financial Corp., 6.25%, Series C | 18,056,907 | ||||||
728,906 | Capital One Financial Corp., 6.70%, Series D | 18,893,243 | ||||||
486,092 | Navient Corp., 6.00%(b) | 10,110,714 | ||||||
|
| |||||||
141,899,043 | ||||||||
|
| |||||||
Diversified Telecommunication Services—4.9% | ||||||||
1,943,291 | AT&T, Inc., 5.35%(b) | 48,737,738 | ||||||
1,220,708 | AT&T, Inc., 5.63% | 30,603,150 | ||||||
1,603,426 | Qwest Corp., 6.13%(b) | 35,580,023 | ||||||
1,554,869 | Qwest Corp., 6.50% | 35,295,526 | ||||||
561,055 | Qwest Corp., 6.63%(b) | 13,280,172 | ||||||
809,449 | Qwest Corp., 6.75% | 19,451,060 | ||||||
691,288 | Qwest Corp., 6.88% | 17,378,980 | ||||||
273,137 | Qwest Corp., 7.00%(b) | 6,940,411 | ||||||
774,175 | Verizon Communications, Inc., 5.90% | 19,447,276 | ||||||
|
| |||||||
226,714,336 | ||||||||
|
| |||||||
Electric Utilities—7.6% | ||||||||
361,544 | Alabama Power Co., 5.00%, Series A(b) | 8,987,984 | ||||||
805,023 | Duke Energy Corp., 5.13% | 19,618,410 | ||||||
760,477 | Duke Energy Corp., 5.63% | 19,354,140 | ||||||
442,036 | Entergy Arkansas LLC, 4.88%(b) | 10,989,015 | ||||||
49,275 | Entergy Arkansas LLC, 4.90%(b) | 1,218,078 | ||||||
402,534 | Entergy Louisiana LLC, 4.88%(b) | 10,015,046 | ||||||
402,418 | Entergy Louisiana LLC, 5.25%(b) | 10,454,820 | ||||||
406,729 | Entergy Mississippi LLC, 4.90%(b) | 10,164,158 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco Preferred ETF (PGX)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Electric Utilities (continued) | ||||||||
413,664 | Entergy New Orleans LLC, 5.50%(b) | $ | 11,106,878 | |||||
642,146 | Entergy Texas, Inc., 5.63%(b) | 16,869,175 | ||||||
419,576 | Georgia Power Co., 5.00%, Series 2017 | 10,522,966 | ||||||
296,590 | Interstate Power & Light Co., 5.10%, Series D(b) | 7,566,011 | ||||||
884,364 | NextEra Energy Capital Holdings, Inc., 5.00%(b) | 20,384,590 | ||||||
867,756 | NextEra Energy Capital Holdings, Inc., 5.13%, Series I(b) | 20,479,042 | ||||||
701,768 | NextEra Energy Capital Holdings, Inc., 5.25%, Series K(b) | 17,726,660 | ||||||
675,304 | PPL Capital Funding, Inc., 5.90%, Series B(b) | 16,747,539 | ||||||
269,054 | SCE Trust II, 5.10%(b) | 5,873,449 | ||||||
278,979 | SCE Trust III, 5.75%, Series H(b) | 6,723,394 | ||||||
483,616 | SCE Trust IV, 5.38%, Series J | 11,002,264 | ||||||
483,897 | SCE Trust V, 5.45%, Series K(b) | 11,265,122 | ||||||
920,314 | SCE Trust VI, 5.00%(b) | 19,326,594 | ||||||
1,206,251 | Southern Co. (The), 5.25% | 29,987,400 | ||||||
735,199 | Southern Co. (The), 5.25% | 18,144,711 | ||||||
1,490,162 | Southern Co. (The), 6.25% | 38,982,638 | ||||||
|
| |||||||
353,510,084 | ||||||||
|
| |||||||
Equity REITs—10.5% | ||||||||
225,169 | American Homes 4 Rent, 5.88%, Series F(b) | 5,527,899 | ||||||
170,554 | American Homes 4 Rent, 5.88%, Series G(b) | 4,236,561 | ||||||
121,578 | American Homes 4 Rent, 6.25%, Series H(b) | 3,040,666 | ||||||
203,750 | Apartment Investment & Management Co., 6.88%, Series A | 5,323,988 | ||||||
176,839 | Boston Properties, Inc., 5.25%, Series B(b) | 4,385,607 | ||||||
85,145 | CBL & Associates Properties, Inc., 6.63%, Series E(b) | 1,043,878 | ||||||
631,551 | CBL & Associates Properties, Inc., 7.38%, Series D(b) | 8,248,056 | ||||||
376,464 | Digital Realty Trust, Inc., 5.25%, Series J(b) | 8,835,610 | ||||||
481,870 | Digital Realty Trust, Inc., 5.88%, Series G | 12,605,719 | ||||||
363,870 | Digital Realty Trust, Inc., 6.35%, Series I(b) | 9,456,981 | ||||||
245,605 | Digital Realty Trust, Inc., 6.63%, Series C(b) | 6,547,829 | ||||||
420,287 | Digital Realty Trust, Inc., 7.38%, Series H | 10,675,290 | ||||||
239,061 | EPR Properties, 5.75%, Series G(b) | 5,438,638 | ||||||
231,756 | Federal Realty Investment Trust, 5.00%, Series C(b) | 5,355,881 | ||||||
500,684 | Kimco Realty Corp., 5.13%, Series L | 11,325,472 | ||||||
402,797 | Kimco Realty Corp., 5.25%, Series M | 9,075,016 | ||||||
320,690 | Kimco Realty Corp., 5.50%, Series J | 7,735,043 | ||||||
352,890 | Kimco Realty Corp., 6.00%, Series I | 8,928,117 | ||||||
522,202 | National Retail Properties, Inc., 5.20%, Series F(b) | 11,853,985 | ||||||
456,270 | National Retail Properties, Inc., 5.70%, Series E(b) | 11,201,429 | ||||||
512,453 | Office Properties Income Trust, 5.88% | 12,396,238 | ||||||
414,063 | PS Business Parks, Inc., 5.20%, Series W | 9,502,746 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Equity REITs (continued) | ||||||||
366,848 | PS Business Parks, Inc., 5.20%, Series Y(b) | $ | 8,400,819 | |||||
510,388 | PS Business Parks, Inc., 5.25%, Series X(b) | 12,223,793 | ||||||
245,539 | PS Business Parks, Inc., 5.70%, Series V(b) | 6,315,263 | ||||||
907,328 | Public Storage, 4.90%, Series E(b) | 20,850,398 | ||||||
750,156 | Public Storage, 4.95%, Series D(b) | 17,553,650 | ||||||
692,766 | Public Storage, 5.05%, Series G(b) | 16,764,937 | ||||||
457,068 | Public Storage, 5.13%, Series C(b) | 10,855,365 | ||||||
422,285 | Public Storage, 5.15%, Series F(b) | 10,113,726 | ||||||
686,532 | Public Storage, 5.20%, Series W | 16,463,037 | ||||||
965,393 | Public Storage, 5.40%, Series B | 24,308,596 | ||||||
290,000 | Public Storage, 5.60%, Series H | 7,250,000 | ||||||
294,759 | Public Storage, 5.88%, Series A(b) | 7,587,097 | ||||||
491,572 | Public Storage, 6.00%, Series Z(b) | 12,598,990 | ||||||
243,125 | Public Storage, 6.38%, Series Y(b) | 6,158,356 | ||||||
50,546 | QTS Realty Trust, Inc., 7.13%, Series A(b) | 1,288,923 | ||||||
554,893 | Senior Housing Properties Trust, 5.63%(b) | 12,601,620 | ||||||
401,995 | Senior Housing Properties Trust, 6.25% | 10,484,030 | ||||||
281,201 | Site Centers Corp., 6.25%, Series K(b) | 7,100,325 | ||||||
192,829 | Site Centers Corp., 6.38%, Series A | 4,768,661 | ||||||
319,470 | Site Centers Corp., 6.50%, Series J(b) | 8,188,016 | ||||||
364,565 | SL Green Realty Corp., 6.50%, Series I | 9,453,171 | ||||||
267,314 | Spirit Realty Capital, Inc., 6.00%, Series A(b) | 6,153,568 | ||||||
1,667,068 | VEREIT, Inc., 6.70%, Series F | 41,476,652 | ||||||
485,944 | Vornado Realty Trust, 5.25%, Series M(b) | 10,977,475 | ||||||
320,127 | Vornado Realty Trust, 5.40%, Series L(b) | 7,708,658 | ||||||
516,220 | Vornado Realty Trust, 5.70%, Series K | 12,905,500 | ||||||
156,271 | Washington Prime Group, Inc., 6.88%, Series I(b) | 3,009,780 | ||||||
|
| |||||||
486,301,055 | ||||||||
|
| |||||||
Insurance—13.0% | ||||||||
1,981,298 | Aegon NV, 6.38% (Netherlands) | 50,760,855 | ||||||
747,736 | Allstate Corp. (The), 5.10% | 18,865,379 | ||||||
466,900 | Allstate Corp. (The), 5.63%, Series A | 12,148,738 | ||||||
925,299 | Allstate Corp. (The), 5.63%, Series G | 23,021,439 | ||||||
380,487 | Allstate Corp. (The), 6.25%, Series F | 10,006,808 | ||||||
1,184,116 | Allstate Corp. (The), 6.63%, Series E(b) | 29,946,294 | ||||||
171,375 | American Financial Group, Inc., 6.00%(b) | 4,448,895 | ||||||
443,405 | American Financial Group, Inc., 6.25%(b) | 11,457,585 | ||||||
723,634 | Arch Capital Group Ltd., 5.25%, Series E | 16,491,619 | ||||||
482,025 | Arch Capital Group Ltd., 5.45%, Series F | 11,158,879 | ||||||
193,490 | Argo Group US, Inc., 6.50%(b) | 4,891,427 | ||||||
439,277 | Aspen Insurance Holdings Ltd., 5.63% (Bermuda) | 10,296,653 | ||||||
362,006 | Aspen Insurance Holdings Ltd., 5.95% (Bermuda)(b) | 8,948,788 | ||||||
508,324 | Assured Guaranty Municipal Holdings, Inc., 6.25%(b) | 12,926,679 | ||||||
298,863 | Axis Capital Holdings Ltd., 5.50%, Series D(b) | 7,008,337 | ||||||
884,465 | Axis Capital Holdings Ltd., 5.50%, Series E | 21,006,044 | ||||||
579,643 | Brighthouse Financial, Inc., 6.25%(b) | 14,421,518 | ||||||
617,007 | Enstar Group Ltd., 7.00%, Series D (Bermuda)(b) | 15,159,862 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco Preferred ETF (PGX)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Insurance (continued) | ||||||||
136,165 | Enstar Group Ltd., 7.00%, Series E (Bermuda) | $ | 3,383,700 | |||||
273,955 | Hanover Insurance Group, Inc. (The), 6.35%(b) | 7,068,039 | ||||||
453,736 | Hartford Financial Services Group, Inc. (The), 6.00%, Series G | 11,751,762 | ||||||
945,318 | Hartford Financial Services Group, Inc. (The), 7.88%(b) | 26,705,234 | ||||||
231,421 | Kemper Corp., 7.38% | 5,822,552 | ||||||
1,265,158 | MetLife, Inc., 5.63%, Series E | 31,856,678 | ||||||
600,996 | PartnerRe Ltd., 5.88%, Series I (Bermuda)(b) | 15,343,428 | ||||||
484,701 | PartnerRe Ltd., 7.25%, Series H (Bermuda)(b) | 12,830,035 | ||||||
863,791 | Prudential Financial, Inc., 5.63% | 21,784,809 | ||||||
1,163,706 | Prudential Financial, Inc., 5.70%(b) | 28,929,731 | ||||||
833,803 | Prudential Financial, Inc., 5.75% | 20,778,371 | ||||||
813,294 | Prudential PLC, 6.50% (United Kingdom)(b) | 22,145,996 | ||||||
580,771 | Reinsurance Group of America, Inc., 5.75%(b) | 15,529,817 | ||||||
637,037 | Reinsurance Group of America, Inc., 6.20%(b) | 16,836,888 | ||||||
626,719 | RenaissanceRe Holdings Ltd., 5.38%, Series E (Bermuda)(b) | 14,445,873 | ||||||
337,225 | RenaissanceRe Holdings Ltd., 5.75%, Series F (Bermuda) | 8,262,013 | ||||||
285,418 | Selective Insurance Group, Inc., 5.88%(b) | 7,183,971 | ||||||
522,298 | Torchmark Corp., 6.13%(b) | 13,840,897 | ||||||
562,778 | W.R. Berkley Corp., 5.63%(b) | 14,435,256 | ||||||
514,767 | W.R. Berkley Corp., 5.75% | 12,833,141 | ||||||
122,221 | W.R. Berkley Corp., 5.90% | 3,142,302 | ||||||
239,478 | WR Berkley Corp., 5.70%(b) | 5,974,976 | ||||||
|
| |||||||
603,851,268 | ||||||||
|
| |||||||
Internet Software & Services—0.7% | ||||||||
1,205,804 | eBay, Inc., 6.00%(b) | 32,472,302 | ||||||
|
| |||||||
Leisure Products—0.3% | ||||||||
231,000 | Brunswick Corp., 6.38% | 5,861,625 | ||||||
245,590 | Brunswick Corp., 6.50% | 6,387,796 | ||||||
78,664 | Brunswick Corp., 6.63% | 2,051,557 | ||||||
|
| |||||||
14,300,978 | ||||||||
|
| |||||||
Machinery—0.6% | ||||||||
1,162,648 | Stanley Black & Decker, Inc., 5.75%(b) | 29,147,585 | ||||||
|
| |||||||
Mortgage REITs—0.3% | ||||||||
556,558 | Wells Fargo Real Estate Investment Corp., 6.38%, Series A(b) | 14,464,942 | ||||||
|
| |||||||
Multi-Utilities—3.6% | ||||||||
425,082 | Algonquin Power & Utilities Corp., 6.88% (Canada) | 11,213,663 | ||||||
322,019 | CMS Energy Corp., 5.63%(b) | 8,031,154 | ||||||
376,648 | CMS Energy Corp., 5.88% | 9,943,507 | ||||||
973,000 | CMS Energy Corp., 5.88% | 24,519,600 | ||||||
1,276,018 | Dominion Energy, Inc., 5.25%, Series A(b) | 31,836,649 | ||||||
590,968 | DTE Energy Co., 5.25%, Series E(b) | 14,851,026 |
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Multi-Utilities (continued) | ||||||||
481,458 | DTE Energy Co., 5.38%, Series B | $ | 12,344,583 | |||||
775,096 | DTE Energy Co., 6.00%, Series F(b) | 20,757,071 | ||||||
674,421 | Integrys Holding, Inc., 6.00% | 17,052,735 | ||||||
721,712 | NiSource, Inc., 6.50%, Series B | 19,089,283 | ||||||
|
| |||||||
169,639,271 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.1% | ||||||||
179,024 | Dcp Midstream LP, 7.95%, Series C | 4,438,005 | ||||||
239,015 | DCP Midstream LP, 7.88%, Series B | 5,791,333 | ||||||
914,354 | Enbridge, Inc., 6.38%, Series B (Canada) | 23,626,907 | ||||||
723,699 | Energy Transfer Operating LP, 7.38%, Series C | 17,564,175 | ||||||
600,612 | Energy Transfer Operating LP, 7.63%, Series D | 14,714,994 | ||||||
402,576 | NuStar Energy LP, 7.63%, Series B(b) | 8,639,281 | ||||||
362,908 | NuStar Energy LP, 8.50%, Series A | 8,640,840 | ||||||
294,784 | NuStar Energy LP, 9.00%, Series C(b) | 7,236,947 | ||||||
191,657 | Targa Resources Partners LP, 9.00%, Series A | 5,178,572 | ||||||
|
| |||||||
95,831,054 | ||||||||
|
| |||||||
Specialty Retail—0.2% | ||||||||
308,477 | QVC, Inc., 6.38% | 7,443,550 | ||||||
|
| |||||||
Thrifts & Mortgage Finance—0.4% | ||||||||
803,509 | New York Community Bancorp, Inc., 6.38%, Series A(b) | 20,184,146 | ||||||
|
| |||||||
Trading Companies & Distributors—0.2% | ||||||||
154,000 | Air Lease Corp., 6.15%, Series A | 3,900,820 | ||||||
241,359 | GATX Corp., 5.63%(b) | 6,137,759 | ||||||
|
| |||||||
10,038,579 | ||||||||
|
| |||||||
Wireless Telecommunication Services—1.5% | ||||||||
442,177 | Telephone & Data Systems, Inc., 5.88%(b) | 9,665,989 | ||||||
816,059 | Telephone & Data Systems, Inc., 6.63%(b) | 20,866,629 | ||||||
546,844 | United States Cellular Corp., 6.95%(b) | 13,742,190 | ||||||
442,111 | United States Cellular Corp., 7.25%(b) | 11,782,258 | ||||||
482,477 | United States Cellular Corp., 7.25% | 12,534,752 | ||||||
|
| |||||||
68,591,818 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $4,762,993,469)—100.2% | 4,662,940,893 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.9% | ||||||||
41,660,370 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $41,660,370) | 41,660,370 | ||||||
|
| |||||||
Total Investments in Securities (Cost $4,804,653,839)—101.1% | 4,704,601,263 | |||||||
Other assets less liabilities—(1.1)% | (51,659,510 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 4,652,941,753 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco Preferred ETF (PGX)(continued)
February 28, 2019
(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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 55 |
|
Invesco Taxable Municipal Bond ETF (BAB)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
State, Territory and Security Type Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
California | 23.2 | |||
Illinois | 9.1 | |||
Missouri | 3.0 | |||
New Jersey | 3.3 | |||
New York | 16.5 | |||
Ohio | 3.8 | |||
Texas | 8.4 | |||
Washington | 3.5 | |||
Other States, Territories and Security Types Less Than 3% Each | 26.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 2.5 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—96.7% | ||||||||||||||||
Ad Valorem Property Tax—18.0% | ||||||||||||||||
$ | 3,000,000 | Anchorage Alaska Ser. 10A-2 | 5.910 | % | 04/01/2030 | $ | 3,098,670 | |||||||||
1,500,000 | Bexar County Texas Ser. 10 | 5.755 | 06/15/2040 | 1,512,405 | ||||||||||||
14,890,000 | California State Highway Safety Air Quality Remarketed Ser. 09B | 6.509 | 04/01/2039 | 16,082,540 | ||||||||||||
8,505,000 | California State Ser. 09 | 7.350 | 11/01/2039 | 12,028,792 | ||||||||||||
1,010,000 | Carson City Nevada (Water Improvement) Ser. 10A | 6.662 | 11/01/2039 | 1,050,329 | ||||||||||||
2,000,000 | Channelview Texas Independent School District Ser. 10 PSF-GTD | 5.926 | 08/15/2035 | 2,053,740 | ||||||||||||
2,000,000 | Chicago Illinois (Recovery Zone Economic Development) Ser. 10D | 6.257 | 01/01/2040 | 1,916,420 | ||||||||||||
2,000,000 | Chicago Illinois (Taxable Project) Ser. 10B | 7.517 | 01/01/2040 | 2,168,440 | ||||||||||||
6,205,000 | Chicago Illinois Ser. 10C | 6.207 | 01/01/2036 | 6,075,626 | ||||||||||||
1,500,000 | Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A | 6.554 | 07/01/2030 | 1,823,925 | ||||||||||||
1,620,000 | Clark County Nevada Las Vegas Convention and Visitors Auth. Ser. 10A | 6.754 | 07/01/2038 | 2,175,304 | ||||||||||||
4,560,000 | Clark County Nevada Ser. 10 | 7.000 | 07/01/2038 | 4,802,592 | ||||||||||||
4,955,000 | Commonwealth of Pennsylvania First Ser. 10B | 4.650 | 02/15/2026 | 5,217,020 | ||||||||||||
1,600,000 | Cook County Illinois Community Consolidated (School District No. 65) Ser. 09 | 4.400 | 12/01/2020 | 1,602,240 | ||||||||||||
700,000 | Corpus Christi Texas Independent School District (School Building) Ser. 10B PSF-GTD | 6.124 | 08/15/2032 | 731,444 | ||||||||||||
5,170,000 | Dallas Texas Independent School District Ser. 10C PSF-GTD | 6.450 | 02/15/2035 | 5,490,230 | ||||||||||||
200,000 | Delaware State Ser. 09D | 5.200 | 10/01/2026 | 202,550 | ||||||||||||
500,000 | Denver Colorado City & County School District No. 1 Ser. 09C | 5.664 | 12/01/2033 | 597,375 | ||||||||||||
1,000,000 | Douglas County Nevada School District Ser. 10A PSF-GTD | 6.110 | 04/01/2030 | 1,030,260 | ||||||||||||
605,000 | Hallettsville Texas Independent School Ser. 10 PSF-GTD | 6.265 | 08/15/2030 | 630,912 | ||||||||||||
1,000,000 | Hallettsville Texas Independent School Ser. 10 PSF-GTD | 6.465 | 08/15/2035 | 1,032,950 | ||||||||||||
1,000,000 | Hawaii State Ser. 10DX | 5.530 | 02/01/2030 | 1,176,110 | ||||||||||||
2,000,000 | Hayward California Unified School District Ser. 10 AGM | 7.350 | 08/01/2043 | 2,106,580 | ||||||||||||
1,000,000 | Hillsborough County Florida Ser. 09B | 6.350 | 07/01/2039 | 1,010,660 | ||||||||||||
200,000 | Itasca Illinois Ser. 09A | 6.100 | 02/01/2034 | 205,486 | ||||||||||||
320,000 | Itasca Illinois Ser. 09A | 6.200 | 02/01/2039 | 328,669 | ||||||||||||
2,000,000 | Kiski Pennsylvania Area School District Ser. 10 AGM | 6.526 | 09/01/2031 | 2,113,340 | ||||||||||||
1,000,000 | Lancaster Texas Ser. 10 | 6.528 | 02/15/2040 | 1,029,600 | ||||||||||||
1,000,000 | Las Vegas Valley Nevada Water District Ser. 09A | 7.100 | 06/01/2039 | 1,010,320 | ||||||||||||
500,000 | Los Angeles California Unified School District Qualified School Construction Bonds (Election of 2005) Ser. 10J-1 | 5.981 | 05/01/2027 | 590,260 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Ad Valorem Property Tax (continued) | ||||||||||||||||
$ | 200,000 | Louisville & Jefferson County Kentucky Metro Government (Recovery Zone Economic Development) Ser. 09E | 5.450 | % | 11/15/2027 | $ | 231,560 | |||||||||
4,300,000 | Massachusetts State Ser. 10 | 4.480 | 05/01/2024 | 4,611,664 | ||||||||||||
7,765,000 | Massachusetts State Ser. 10 | 4.910 | 05/01/2029 | 8,657,664 | ||||||||||||
1,500,000 | Massachusetts State Ser. 16F | 3.277 | 06/01/2046 | 1,354,755 | ||||||||||||
3,000,000 | Mississippi State Ser. 09D | 5.539 | 10/01/2029 | 3,458,820 | ||||||||||||
1,000,000 | Montgomery County Pennsylvania Ser. 10 | 6.030 | 09/01/2039 | 1,024,370 | ||||||||||||
3,000,000 | Napa Valley California University School District Ser. 10B | 6.507 | 08/01/2043 | 4,079,760 | ||||||||||||
4,835,000 | New Britain Connecticut Ref. Ser. 18 BAM | 4.350 | 03/01/2039 | 4,892,730 | ||||||||||||
1,000,000 | New Orleans Louisiana Ser. 10A | 8.800 | 12/01/2039 | 1,040,850 | ||||||||||||
1,500,000 | New York City New York Ser. 09 | 5.985 | 12/01/2036 | 1,813,470 | ||||||||||||
1,000,000 | New York City New York Ser. 09D-1 | 6.385 | 12/01/2029 | 1,024,270 | ||||||||||||
1,000,000 | New York City New York Ser. 10 | 5.646 | 06/01/2027 | 1,139,920 | ||||||||||||
2,710,000 | New York City New York Ser. 10 | 5.817 | 10/01/2031 | 2,821,869 | ||||||||||||
3,920,000 | New York City New York Ser. 10 | 6.246 | 06/01/2035 | 4,066,882 | ||||||||||||
8,495,000 | New York City New York Ser. 10 | 5.968 | 03/01/2036 | 10,344,956 | ||||||||||||
5,000,000 | New York City New York Ser. 10 | 5.846 | 06/01/2040 | 6,130,700 | ||||||||||||
1,965,000 | New York City New York Taxable Ser. 10F-1 | 6.271 | 12/01/2037 | 2,486,825 | ||||||||||||
960,000 | North Las Vegas Nevada Ser. 10 | 5.372 | 06/01/2019 | 963,427 | ||||||||||||
1,000,000 | NYE County Nevada Ser. 10B AGM | 6.300 | 08/01/2035 | 1,031,790 | ||||||||||||
1,000,000 | NYE County Nevada Ser. 10B AGM | 6.400 | 08/01/2040 | 1,031,080 | ||||||||||||
1,450,000 | Peoria Illinois Community Unit (School District No. 323) Ser. 10 | 6.020 | 04/01/2028 | 1,495,400 | ||||||||||||
1,000,000 | Philadelphia Pennsylvania School District Ser. 10 | 6.615 | 06/01/2030 | 1,175,830 | ||||||||||||
1,000,000 | Quaker Valley Pennsylvania School District Ser. 10 AGM | 5.959 | 10/01/2030 | 1,050,790 | ||||||||||||
2,000,000 | Round Rock Texas Independent School District Ser. 10 PSF-GTD | 5.774 | 08/01/2030 | 2,083,220 | ||||||||||||
1,000,000 | Round Rock Texas Independent School District Ser. 10B | 6.054 | 08/01/2035 | 1,013,550 | ||||||||||||
2,000,000 | San Antonio Texas Independent School District Ser. 10 PSF-GTD | 6.397 | 08/15/2040 | 2,101,500 | ||||||||||||
1,500,000 | San Francisco California City & County Ser. 10 | 6.260 | 06/15/2030 | 1,855,125 | ||||||||||||
3,850,000 | San Francisco California City & County Ser. 10D | 6.260 | 06/15/2030 | 4,761,488 | ||||||||||||
1,000,000 | San Mateo California Union High School District Ser. 10B | 6.733 | 09/01/2034 | 1,056,720 | ||||||||||||
1,000,000 | Snohomish County Washington Public Hospital District No. 3 (Cascade Valley Hospital) Ser. 10B | 6.329 | 12/01/2035 | 1,034,460 | ||||||||||||
200,000 | Southwestern Community College District California Ser. 09B | 7.130 | 08/01/2031 | 203,550 | ||||||||||||
725,000 | Utah State Ser. 09D | 4.554 | 07/01/2024 | 760,989 | ||||||||||||
675,000 | Wilson County Tennessee Tenth Special School District Ser. 10 | 6.130 | 04/01/2035 | 699,084 | ||||||||||||
|
| |||||||||||||||
162,393,857 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—9.9% | ||||||||||||||||
1,000,000 | California Infrastructure & Economic Development Bank (California Infrastructure Economic Development) Rev. Ser. 10 | 6.486 | 05/15/2049 | 1,315,130 | ||||||||||||
900,000 | California State University Rev. Ser. 10 | 6.484 | 11/01/2041 | 1,164,591 | ||||||||||||
1,000,000 | Colorado State Board Governors University Enterprise System Rev. Ser. 10 | 5.957 | 03/01/2033 | 1,185,780 | ||||||||||||
2,000,000 | Indiana University Rev. Ser. 10 | 5.536 | 06/01/2030 | 2,050,520 | ||||||||||||
1,500,000 | Indiana University Rev. Ser. 10 | 5.636 | 06/01/2035 | 1,533,360 | ||||||||||||
5,000,000 | Massachusetts State College Building Auth. Ser. 09C | 5.832 | 05/01/2030 | 5,850,050 | ||||||||||||
1,215,000 | Mesa State College Colorado (Auxiliary Facilities Enterprise) Rev. Ser. 09B | 5.800 | 05/15/2040 | 1,451,694 | ||||||||||||
2,500,000 | Missouri State Health & Educational Facilities Auth. (Saint Louis University) Rev. Ser. 19B | 4.200 | 10/01/2049 | 2,491,475 | ||||||||||||
3,000,000 | New Jersey State Educational Facilities Auth. Rev. Ser. 10 | 6.190 | 07/01/2040 | 3,093,930 | ||||||||||||
425,000 | New Mexico State University Regents Improvement Rev. Ser. 10B(a) | 6.124 | 04/01/2020 | 439,777 | ||||||||||||
575,000 | New Mexico State University Regents Improvement Rev. Ser. 10B | 6.124 | 04/01/2030 | 594,648 | ||||||||||||
5,000,000 | New York State Dormitory Auth. Non-State Supported Debt (New York University) Rev. Ser. 18B | 4.850 | 07/01/2048 | 5,258,250 | ||||||||||||
1,000,000 | North Carolina State University at Raleigh Rev. Ser. 10B | 5.927 | 10/01/2030 | 1,049,030 | ||||||||||||
3,000,000 | Northern Arizona University (Arizona Board of Regents) Rev. Ser. 10A | 6.593 | 08/01/2030 | 3,140,250 | ||||||||||||
500,000 | Northern Arizona University Rev. Ser. 09A | 6.687 | 06/01/2039 | 521,815 | ||||||||||||
1,000,000 | Pennsylvania State Higher Educational Facilities Auth. (Temple University) Rev. Ser. 10 | 6.141 | 04/01/2030 | 1,172,660 | ||||||||||||
905,000 | Rutgers The State University of New Jersey Ser. 10 | 5.545 | 05/01/2029 | 1,007,274 | ||||||||||||
2,000,000 | Texas State A&M University Fund Ref. Ser. 17B | 3.660 | 07/01/2047 | 1,935,540 | ||||||||||||
2,500,000 | Texas State A&M University Rev. Ser. 19A | 4.197 | 05/15/2048 | 2,497,625 | ||||||||||||
1,500,000 | University of California Rev. Ref. Ser. 16AS | 3.552 | 05/15/2039 | 1,433,580 | ||||||||||||
8,745,000 | University of California Rev. Ser. 10 | 5.946 | 05/15/2045 | 10,822,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(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 | $ | 5,879,226 | |||||||||
3,000,000 | University of Hawaii Rev. Ser. 10 | 5.834 | 10/01/2030 | 3,140,460 | ||||||||||||
5,000,000 | University of Hawaii Rev. Ser. 10 | 6.034 | 10/01/2040 | 5,231,150 | ||||||||||||
1,500,000 | University of Massachusetts Building Auth. Project Rev. Ser. 10 | 4.550 | 11/01/2025 | 1,616,340 | ||||||||||||
250,000 | University of Michigan University Rev. Ser. 10A | 5.513 | 04/01/2030 | 292,115 | ||||||||||||
500,000 | University of North Carolina University Ser. 09B | 5.757 | 12/01/2039 | 511,120 | ||||||||||||
10,000,000 | University of Texas Permanent Fund (Permanent University Fund Boards) Ser. 17A | 3.376 | 07/01/2047 | 9,289,000 | ||||||||||||
500,000 | University of Texas Ser. 09B | 6.276 | 08/15/2041 | 506,605 | ||||||||||||
10,000,000 | University of Texas System Ser. 10C | 4.644 | 08/15/2030 | 10,877,100 | ||||||||||||
1,435,000 | Washington State Biomedical Research Facilities No. 3 Ser. 10B | 6.416 | 07/01/2030 | 1,726,893 | ||||||||||||
250,000 | Wayne State University Ser. 09B | 6.536 | 11/15/2039 | 255,183 | ||||||||||||
|
| |||||||||||||||
89,334,371 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—13.0% | ||||||||||||||||
7,665,000 | American Municipal Power Ohio Inc. (Combined Hydroelectric Projects) Rev. Ser.10 | 8.084 | 02/15/2050 | 12,192,102 | ||||||||||||
2,090,000 | American Municipal Power Ohio Inc. (Meldahl Hydroelectric-Remarketed) Rev. Ser. 10E | 6.270 | 02/15/2050 | 2,642,868 | ||||||||||||
8,005,000 | American Municipal Power Ohio Inc. Rev. Ser. 09 | 6.053 | 02/15/2043 | 10,027,303 | ||||||||||||
3,395,000 | American Municipal Power Ohio Inc. Rev. Ser. 10 | 7.499 | 02/15/2050 | 4,901,463 | ||||||||||||
750,000 | Benton County Washington Public Utility District No. 1 Electric Rev. Ser. 10 | 6.546 | 11/01/2030 | 923,183 | ||||||||||||
810,000 | Colorado Springs Colorado Utilities (Direct Pay) Rev. Ser. 10B2 | 5.738 | 11/15/2050 | 841,201 | ||||||||||||
6,500,000 | Cowlitz County Washington Public Utility District No. 1 Electric Ser. 10 | 6.884 | 09/01/2032 | 8,167,965 | ||||||||||||
2,000,000 | Douglas County Washington Public Utility District No. 1 Wells Hydroelectric Ser. 10B | 5.245 | 09/01/2030 | 2,190,960 | ||||||||||||
2,500,000 | Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L | 5.730 | 01/01/2030 | 2,910,150 | ||||||||||||
2,750,000 | Grant County Washington Public Utility District No. 2 (Priest Rapids Hydroelectric) Ref. Ser. 10L | 5.830 | 01/01/2040 | 3,340,645 | ||||||||||||
500,000 | JEA Florida Electric Systems Rev. Ser. 09F | 6.406 | 10/01/2034 | 597,325 | ||||||||||||
8,000,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 6.166 | 07/01/2040 | 8,318,640 | ||||||||||||
1,500,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 7.000 | 07/01/2041 | 1,628,865 | ||||||||||||
10,000,000 | Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 09A | 6.890 | 01/01/2042 | 12,525,100 | ||||||||||||
1,000,000 | Missouri Joint Municipal Electric Utility Commission Power Project Rev. Ser. 10 | 7.597 | 01/01/2032 | 1,245,440 | ||||||||||||
9,906,000 | Municipal Electric Auth. of Georgia (Plant Vogtle Units 3&4 Project P) Ser. 10 | 7.055 | 04/01/2057 | 11,060,544 | ||||||||||||
6,678,000 | Municipal Electric Auth. of Georgia Ser. 10 | 6.655 | 04/01/2057 | 7,570,248 | ||||||||||||
1,000,000 | Northern California Power Agency (Lodi Energy Center) Rev. Ser. 10B | 7.311 | 06/01/2040 | 1,310,850 | ||||||||||||
240,000 | Northern Illinois Municipal Power Agency Power Project Rev. Ser. 10 | 7.620 | 01/01/2030 | 289,118 | ||||||||||||
9,050,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 10C | 6.454 | 01/01/2050 | 11,989,169 | ||||||||||||
2,000,000 | Southern California Public Power Auth. Rev. Ser. 10 | 5.921 | 07/01/2035 | 2,459,060 | ||||||||||||
2,570,000 | Tacoma Washington Electric System Rev. Ser. 10 AGM | 5.791 | 01/01/2032 | 3,051,901 | ||||||||||||
5,795,000 | Virgin Islands Water & Power Auth. (Electric System) Rev. Ser. 10C AGM | 6.850 | 07/01/2035 | 6,553,971 | ||||||||||||
|
| |||||||||||||||
116,738,071 | ||||||||||||||||
|
| |||||||||||||||
Fuel Sales Tax Revenue—3.9% | ||||||||||||||||
595,000 | Idaho Housing & Financing Association Ser. 10A-2 | 6.348 | 07/15/2028 | 701,142 | ||||||||||||
2,250,000 | Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 09 | 4.963 | 05/01/2023 | 2,429,730 | ||||||||||||
6,000,000 | Missouri State Highways & Transportation Commission (Taxable Third Lien State Road) Ser. 09C | 5.063 | 05/01/2024 | 6,580,020 | ||||||||||||
1,000,000 | Oregon State Department of Transportation Highway User (Sub. Lien) Rev. Ser.10A | 5.834 | 11/15/2034 | 1,240,640 | ||||||||||||
2,000,000 | Texas State Transportation Commission (First Tier) Rev. Ser. 10B | 5.028 | 04/01/2026 | 2,191,460 | ||||||||||||
11,715,000 | Texas State Transportation Commission (First Tier) Rev. Ser. 10B | 5.178 | 04/01/2030 | 13,400,789 | ||||||||||||
2,000,000 | Washington State Ser. 10 | 5.090 | 08/01/2033 | 2,267,900 | ||||||||||||
1,400,000 | Washoe County Nevada Highway Rev. Ser. 10 | 7.063 | 02/01/2030 | 1,446,102 | ||||||||||||
5,000,000 | Washoe County Nevada Highway Rev. Ser. 10 | 7.213 | 02/01/2039 | 5,158,050 | ||||||||||||
|
| |||||||||||||||
35,415,833 | ||||||||||||||||
|
| |||||||||||||||
General Fund—10.3% | ||||||||||||||||
5,000,000 | California State Ref. Ser. 09 | 7.300 | 10/01/2039 | 7,022,800 | ||||||||||||
5,400,000 | California State Ref. Ser. 18 | 4.600 | 04/01/2038 | 5,613,786 | ||||||||||||
5,090,000 | California State Ser. 09 | 7.500 | 04/01/2034 | 7,180,819 | ||||||||||||
12,850,000 | California State Ser. 10 | 7.950 | 03/01/2036 | 13,471,426 | ||||||||||||
11,770,000 | California State Ser. 10 | 7.600 | 11/01/2040 | 17,630,636 | ||||||||||||
7,860,000 | California State Various Purpose Ser. 09 | 7.550 | 04/01/2039 | 11,572,278 | ||||||||||||
9,300,000 | Illinois State Ser. 10 | 6.900 | 03/01/2035 | 9,961,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(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 | $ | 15,327,472 | |||||||||
2,500,000 | Illinois State Ser. 10-2 | 5.650 | 03/01/2020 | 2,550,600 | ||||||||||||
2,000,000 | Kauai County Hawaii Ser. 10 | 5.763 | 08/01/2033 | 2,404,840 | ||||||||||||
|
| |||||||||||||||
92,736,259 | ||||||||||||||||
|
| |||||||||||||||
Government Fund/Grant Revenue—0.9% | ||||||||||||||||
8,700,000 | Chicago Board of Education Ser. 09E | 6.138 | 12/01/2039 | 8,342,256 | ||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—1.5% | ||||||||||||||||
2,000,000 | California Statewide Communities Development Auth. (Marin General Hospital Project) Rev. Ser. 18B | 4.821 | 08/01/2045 | 2,044,780 | ||||||||||||
1,000,000 | Cuyahoga County Ohio Hospital Rev. Ser. 10 | 8.223 | 02/15/2040 | 1,226,020 | ||||||||||||
2,000,000 | King County Washington Public Hospital District No. 1 Hospital Facilities Rev. Ser. 10(a) | 7.900 | 06/15/2020 | 2,125,580 | ||||||||||||
2,500,000 | Lee Memorial Health System Florida Hospital Rev. Ser. 10A | 7.281 | 04/01/2027 | 2,967,625 | ||||||||||||
1,000,000 | Metropolitan Government Nashville & Davidson County Health & Educational Faculties Board (Vanderbilt University Medical Center) Ser. 16B | 4.053 | 07/01/2026 | 1,022,160 | ||||||||||||
1,000,000 | Oak Valley California Hospital District (Health Facilities) Rev. Ser. 10B | 9.000 | 11/01/2039 | 1,007,670 | ||||||||||||
1,000,000 | Ohio State Hospital Facilities (Cleveland Clinic Health System) Rev. Ref. Ser. 17B | 3.700 | 01/01/2043 | 957,840 | ||||||||||||
1,500,000 | Tangipahoa Parish Louisiana Hospital Service District No. 1 (North Oaks Health System) Ser. 09A AGC | 7.200 | 02/01/2042 | 1,539,675 | ||||||||||||
500,000 | University California Regents Medical Center Pooled Rev. Ser. 09F | 6.458 | 05/15/2029 | 591,620 | ||||||||||||
|
| |||||||||||||||
13,482,970 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—2.1% | ||||||||||||||||
3,025,000 | Bay Area California Auth. Toll Bridge (San Francisco Bay Area) Rev. Ser. 10S3 | 6.907 | 10/01/2050 | 4,393,601 | ||||||||||||
3,605,000 | Bay Area California Auth. Toll Bridge (Sub.-Lien) Rev. Ser. 10S1 | 7.043 | 04/01/2050 | 5,250,502 | ||||||||||||
1,200,000 | Maryland State Transportation Auth. (Transportation Facilities Projects) Rev. Ser. 10B | 5.604 | 07/01/2030 | 1,405,920 | ||||||||||||
250,000 | New Hampshire State Turnpike System Rev. Ser. 09B | 6.259 | 11/01/2029 | 255,293 | ||||||||||||
250,000 | New Hampshire State Turnpike System Rev. Ser. 09B | 6.009 | 11/01/2039 | 310,520 | ||||||||||||
2,280,000 | New York Triborough Bridge & Tunnel Auth. Rev. Ser. 10 | 5.450 | 11/15/2032 | 2,659,620 | ||||||||||||
1,443,000 | Pennsylvania State Turnpike Commission Rev. Ser. 09 | 6.105 | 12/01/2039 | 1,826,073 | ||||||||||||
2,715,000 | Triborough Bridge & Tunnel Auth. Ser. 09B | 5.500 | 11/15/2039 | 3,266,552 | ||||||||||||
|
| |||||||||||||||
19,368,081 | ||||||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.4% | ||||||||||||||||
2,780,000 | Dallas Texas Convention Center Hotel Development Corp. Ser. 09 | 7.088 | 01/01/2042 | 3,567,574 | ||||||||||||
|
| |||||||||||||||
Income Tax Revenue—3.2% | ||||||||||||||||
4,500,000 | District of Columbia Income Tax Secured Rev. Ser. 10 | 4.909 | 12/01/2023 | 4,885,785 | ||||||||||||
3,785,000 | New York City Transitional Finance Auth. (Building Aid) Rev. Sub.-Ser. 10S-1B | 6.828 | 07/15/2040 | 4,897,033 | ||||||||||||
6,475,000 | New York City Transitional Finance Auth. (Future Tax Secured) Rev. Ser. 10 | 5.932 | 11/01/2036 | 6,774,469 | ||||||||||||
200,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 09F | 5.292 | 03/15/2025 | 222,610 | ||||||||||||
2,760,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10 | 5.500 | 03/15/2030 | 3,153,769 | ||||||||||||
1,800,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10 | 5.389 | 03/15/2040 | 2,095,992 | ||||||||||||
1,400,000 | New York State Dormitory Auth. State Personal Income Tax Rev. Ser. 10C | 4.904 | 02/15/2023 | 1,496,656 | ||||||||||||
2,000,000 | New York State Urban Development Corp. State Personal Income Tax Rev. Ser. 10C | 5.838 | 03/15/2040 | 2,391,120 | ||||||||||||
3,000,000 | Wisconsin State General Fund Annual Appropriation Rev. Ref. Ser. 17A | 3.954 | 05/01/2036 | 2,963,010 | ||||||||||||
|
| |||||||||||||||
28,880,444 | ||||||||||||||||
|
| |||||||||||||||
Lease Revenue—3.7% | ||||||||||||||||
300,000 | Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C | 6.674 | 06/01/2030 | 313,860 | ||||||||||||
1,000,000 | Beverly Hills California Public Financing Auth. Lease (Various Projects) Rev. Ser. 10C | 6.774 | 06/01/2040 | 1,044,480 | ||||||||||||
2,000,000 | Brighton Colorado COP Ser. 10B AGM | 6.550 | 12/01/2030 | 2,105,240 | ||||||||||||
800,000 | California State Public Works Board Lease (California State University Projects) Rev. Ser. 10B-2 | 7.804 | 03/01/2035 | 1,077,720 | ||||||||||||
1,000,000 | Columbus Indiana Multi-High School Building Corp. Ser. 10 | 6.446 | 01/15/2030 | 1,030,660 | ||||||||||||
1,000,000 | Franklin County Ohio Convention Facilities Auth. Ser. 10 | 6.390 | 12/01/2030 | 1,226,300 | ||||||||||||
1,070,000 | Franklin County Ohio Convention Facilities Auth. Ser. 10 | 6.540 | 12/01/2036 | 1,383,296 | ||||||||||||
500,000 | Los Angeles California Municipal Improvement Corp. Lease (Recovery Zone Economic Development) Rev. Ser. 09D | 7.757 | 09/01/2039 | 511,700 | ||||||||||||
2,000,000 | Miami-Dade County Florida School Board COP Ser. 10 | 6.935 | 06/15/2032 | 2,082,200 | ||||||||||||
1,000,000 | New Jersey State Educational Facilities Auth. Rev. Ser. 10B | 7.225 | 07/01/2030 | 1,014,560 | ||||||||||||
2,000,000 | New York City Educational Construction Fund Rev. Ser. 10 | 6.000 | 04/01/2035 | 2,353,660 | ||||||||||||
1,000,000 | Passaic County New Jersey Ser. 10 | 6.540 | 08/01/2031 | 1,047,510 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Lease Revenue (continued) | ||||||||||||||||
$ | 500,000 | Peoria Illinois Public Building Commission (School District Facilities) Rev. Ser. 09C AGC | 6.580 | % | 12/01/2029 | $ | 513,145 | |||||||||
4,000,000 | Port of Morrow Oregon Transmission Facilities (Bonneville Corporation Project No. 4) Rev. Ser. 16 | 2.987 | 09/01/2036 | 3,542,640 | ||||||||||||
3,000,000 | Regional Transportation District Colorado COP Ser. 10 | 7.672 | 06/01/2040 | 4,209,330 | ||||||||||||
500,000 | Salt Lake County Utah Municipal Building Auth. (Lease) Rev. Ser. 09B | 5.820 | 12/01/2029 | 588,480 | ||||||||||||
2,000,000 | San Diego California Public Facilities Financing Auth. Lease Rev. Ref. Ser. 18A | 4.232 | 10/15/2038 | 2,031,420 | ||||||||||||
3,000,000 | San Francisco California City & County COP Ser. 09D | 6.487 | 11/01/2041 | 3,883,590 | ||||||||||||
1,000,000 | St. Charles Missouri COP Ser. 10B | 5.650 | 02/01/2030 | 1,027,450 | ||||||||||||
2,250,000 | Williamsburg County South Carolina Public Facilities Corp. (Installment Purchase) Rev. Ser. 10 | 6.526 | 12/01/2030 | 2,345,760 | ||||||||||||
|
| |||||||||||||||
33,333,001 | ||||||||||||||||
|
| |||||||||||||||
Local or GTD Housing—0.1% | ||||||||||||||||
1,000,000 | Phoenix Arizona Industrial Development Auth. Student Housing (Downtown Phoenix Student Housing LLC-Arizona State University Project) Rev. Ref. Ser. 18A | 5.000 | 07/01/2042 | 1,087,760 | ||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—4.4% | ||||||||||||||||
500,000 | Battery Park City Auth. Rev. Ser. 09A | 6.375 | 11/01/2039 | 510,990 | ||||||||||||
500,000 | Camden County New Jersey Improvement Auth. Rev. Ser. 09A | 6.180 | 01/15/2027 | 568,300 | ||||||||||||
2,000,000 | Commonwealth Financing Auth. Pennsylvania Rev. Ser. 10 | 5.587 | 06/01/2030 | 2,257,060 | ||||||||||||
1,000,000 | Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10 | 5.854 | 01/15/2030 | 1,141,530 | ||||||||||||
3,500,000 | Indianapolis Indiana Local Public Improvement Bond Bank Ser. 10B-2 | 5.966 | 01/15/2030 | 4,047,925 | ||||||||||||
500,000 | Kansas State Development Finance Auth. (Kansas State Projects) Rev. Ser. 10E-2 | 6.120 | 11/01/2029 | 524,700 | ||||||||||||
2,000,000 | Kansas State Development Finance Auth. Rev. Ser. 10 | 5.945 | 03/01/2030 | 2,054,960 | ||||||||||||
7,000,000 | Miami-Dade County Florida Special Obligation Ser. 10B | 6.743 | 04/01/2040 | 7,200,760 | ||||||||||||
1,000,000 | Mississippi State Ser. 10 | 5.245 | 11/01/2034 | 1,155,320 | ||||||||||||
3,000,000 | New Jersey Economic Development Auth. Rev. Ser. 10CC-1 | 6.425 | 12/15/2035 | 3,094,980 | ||||||||||||
1,000,000 | Port St. Lucie Florida Stormwater Utility Rev. Ser. 10A AGC | 7.376 | 05/01/2039 | 1,052,900 | ||||||||||||
2,000,000 | St. Cloud Florida Capital Improvement Rev. Ser. 10B AGM | 5.849 | 09/01/2030 | 2,075,040 | ||||||||||||
9,680,000 | Texas State Ser. 09 | 5.517 | 04/01/2039 | 11,973,192 | ||||||||||||
2,000,000 | Tulare County California Pension Obligation Bonds Ser. 18 | 4.445 | 06/01/2037 | 1,987,460 | ||||||||||||
|
| |||||||||||||||
39,645,117 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Taxes—0.6% | ||||||||||||||||
2,015,000 | Metropolitan Transportation Auth. New York Dedicated Tax Fund Ser. 09 | 7.336 | 11/15/2039 | 2,872,624 | ||||||||||||
2,000,000 | Oregon State (Taxable-Pension) Ser. 03 | 5.892 | 06/01/2027 | 2,332,640 | ||||||||||||
|
| |||||||||||||||
5,205,264 | ||||||||||||||||
|
| |||||||||||||||
Nuclear Revenue—0.3% | ||||||||||||||||
2,500,000 | South Carolina State Public Service Auth. Obligation Rev. Ser. 16D | 2.388 | 12/01/2023 | 2,390,325 | ||||||||||||
|
| |||||||||||||||
Port, Airport & Marina Revenue—7.3% | ||||||||||||||||
10,000,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ser. 18C | 4.472 | 01/01/2049 | 10,304,300 | ||||||||||||
9,580,000 | Chicago Illinois O’Hare International Airport (General Senior Lien) Rev. Ser. 18C | 4.572 | 01/01/2054 | 9,994,718 | ||||||||||||
3,190,000 | Chicago Illinois O’Hare International Airport Ser. 10 | 6.845 | 01/01/2038 | 3,285,349 | ||||||||||||
5,750,000 | Chicago Illinois O’Hare International Airport Ser. 10 | 6.395 | 01/01/2040 | 7,447,227 | ||||||||||||
1,250,000 | Hawaii State Airports System Customer Facilities Charge Rev. Ser. 17A | 3.894 | 07/01/2037 | 1,244,563 | ||||||||||||
250,000 | Long Beach California Senior Airport Rev. Ser. 09C | 7.765 | 06/01/2039 | 258,405 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.023 | 07/01/2024 | 1,949,080 | ||||||||||||
2,750,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.123 | 01/01/2025 | 2,673,798 | ||||||||||||
2,500,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.223 | 07/01/2025 | 2,438,900 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.273 | 01/01/2026 | 1,946,200 | ||||||||||||
1,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.323 | 07/01/2026 | 973,850 | ||||||||||||
2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.423 | 07/01/2027 | 1,939,620 | ||||||||||||
3,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.473 | 07/01/2028 | 2,886,570 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Port, Airport & Marina Revenue (continued) | ||||||||||||||||
$ | 2,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.573 | % | 07/01/2029 | $ | 1,924,720 | |||||||||
1,000,000 | New York State Transportation Development Corp. Special Facilities (LaGuardia Airport Terminal Redevelopment Project) Rev. Ser. 16B | 3.673 | 07/01/2030 | 966,180 | ||||||||||||
8,000,000 | Port Auth. of New York & New Jersey (Consolidated 174th) Ser. 12 | 4.458 | 10/01/2062 | 8,474,480 | ||||||||||||
500,000 | Port of Seattle Washington Rev. (Intermediate Lien) Ref. Ser. 17B | 3.755 | 05/01/2036 | 492,200 | ||||||||||||
5,000,000 | South Jersey Port Corp. New Jersey (Marine Terminal) Rev. Ser. 09-P-3 | 7.365 | 01/01/2040 | 6,215,100 | ||||||||||||
|
| |||||||||||||||
65,415,260 | ||||||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—2.0% | ||||||||||||||||
1,855,000 | Central Puget Sound Washington Regional Transportation Auth. Sales & Use Ser. 09 | 5.491 | 11/01/2039 | 2,272,282 | ||||||||||||
1,000,000 | Denver Colorado City & County Dedicated Tax & Improvement Rev. Ref. Ser. 16B | 3.818 | 08/01/2032 | 1,010,220 | ||||||||||||
2,000,000 | Massachusetts State Bay Transportation Auth. Sales Tax Rev. Ser. 10 | 5.869 | 07/01/2040 | 2,473,660 | ||||||||||||
450,000 | Massachusetts State School Building Auth. Dedicated Sales Tax Rev. Ser. 09B | 5.715 | 08/15/2039 | 550,319 | ||||||||||||
2,500,000 | Miami-Dade County Florida Transit Sales Surtax Rev. Ser. 10B | 5.534 | 07/01/2032 | 2,810,100 | ||||||||||||
1,000,000 | Missouri State Highways & Transportation Commission (State Road) Rev. Ser. 10 | 5.020 | 05/01/2025 | 1,103,850 | ||||||||||||
1,025,000 | Santa Clara Valley California Transportation Auth. Sales Tax Rev. Ser. 10 | 5.876 | 04/01/2032 | 1,204,949 | ||||||||||||
1,815,000 | Utah Transit Auth. Sales Tax Rev. Ser. 09B | 5.937 | 06/15/2039 | 2,255,845 | ||||||||||||
3,000,000 | Washoe County Nevada Sales Tax Rev. Ser. 10 | 7.451 | 02/01/2040 | 4,065,240 | ||||||||||||
|
| |||||||||||||||
17,746,465 | ||||||||||||||||
|
| |||||||||||||||
Sewer Revenue—1.2% | ||||||||||||||||
3,000,000 | East Bay California Municipal Utility District Wastewater System Rev. Ser. 10 | 5.026 | 06/01/2032 | 3,370,290 | ||||||||||||
1,030,000 | Jurupa California Community Services District COP Ser. 10B | 6.347 | 09/01/2025 | 1,185,612 | ||||||||||||
1,070,000 | Jurupa California Community Services District COP Ser. 10B | 6.497 | 09/01/2026 | 1,254,286 | ||||||||||||
1,125,000 | Jurupa California Community Services District COP Ser. 10B | 6.597 | 09/01/2027 | 1,336,579 | ||||||||||||
1,170,000 | Jurupa California Community Services District COP Ser. 10B | 6.697 | 09/01/2028 | 1,417,455 | ||||||||||||
500,000 | Knoxville Tennessee Waste Water System Rev. Ser. 10 | 6.300 | 04/01/2045 | 518,550 | ||||||||||||
200,000 | Memphis Tennessee Sanitary Sewage System Rev. Ser. 09B AGC(a) | 6.300 | 10/01/2019 | 203,948 | ||||||||||||
1,100,000 | Riverside California Sewer Rev. Ser. 09(a) | 7.000 | 08/01/2019 | 1,119,679 | ||||||||||||
200,000 | Sarasota Florida Water & Sewer System Rev. Ser. 10B | 5.425 | 10/01/2030 | 208,394 | ||||||||||||
|
| |||||||||||||||
10,614,793 | ||||||||||||||||
|
| |||||||||||||||
Tax Increment Revenue—0.5% | ||||||||||||||||
2,000,000 | San Jose California Redevelopment Agency Successor Tax Allocation (Senior) Ref. Ser. 17A-T | 3.076 | 08/01/2025 | 1,985,360 | ||||||||||||
1,000,000 | Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a) | 7.930 | 08/01/2020 | 1,070,400 | ||||||||||||
1,000,000 | Temecula California Redevelopment Agency Tax Allocation (Temecula Redevelopment No. 1) Rev. Ser. 10B(a) | 8.180 | 08/01/2020 | 1,073,690 | ||||||||||||
|
| |||||||||||||||
4,129,450 | ||||||||||||||||
|
| |||||||||||||||
Transit Revenue—4.6% | ||||||||||||||||
2,500,000 | Metropolitan Transportation Auth. New York Dedicated Tax Fund (Metro Transit Auth.) Ser. 10A-2 | 6.089 | 11/15/2040 | 3,089,675 | ||||||||||||
335,000 | Metropolitan Transportation Auth. New York Rev. Ser. 09 | 5.871 | 11/15/2039 | 399,886 | ||||||||||||
1,800,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10 | 6.648 | 11/15/2039 | 2,326,266 | ||||||||||||
7,250,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10A | 6.668 | 11/15/2039 | 9,416,590 | ||||||||||||
3,745,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10C-1 | 6.687 | 11/15/2040 | 4,869,324 | ||||||||||||
6,525,000 | Metropolitan Transportation Auth. New York Rev. Ser. 10E | 6.814 | 11/15/2040 | 8,582,528 | ||||||||||||
7,455,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10B | 6.561 | 12/15/2040 | 9,194,699 | ||||||||||||
1,990,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10C | 5.754 | 12/15/2028 | 2,169,578 | ||||||||||||
1,125,000 | New Jersey State Transportation Trust Fund Auth. Ser. 10C | 6.104 | 12/15/2028 | 1,163,137 | ||||||||||||
|
| |||||||||||||||
41,211,683 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—8.8% | ||||||||||||||||
1,500,000 | Beaumont Texas Waterworks & Sewer System Ser. 10B | 6.007 | 09/01/2030 | 1,565,280 | ||||||||||||
200,000 | Davie Florida Water & Sewer Rev. Ser. 10B AGM | 6.599 | 10/01/2030 | 210,310 | ||||||||||||
3,000,000 | East Bay California Municipal Utility District Water System Rev. Ser. 10 | 5.874 | 06/01/2040 | 3,853,020 | ||||||||||||
2,000,000 | Fresno California Water System Rev. Ser. 10A-2 | 6.500 | 06/01/2030 | 2,372,360 | ||||||||||||
1,250,000 | JEA Florida Water & Sewer System Rev. Ser. 10A | 6.210 | 10/01/2033 | 1,514,625 | ||||||||||||
2,000,000 | Jurupa California Community Services District COP (Water Bonds) Ser. 10B | 7.192 | 09/01/2040 | 2,734,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds (continued) | ||||||||||||||||
Water Revenue (continued) | ||||||||||||||||
$ | 1,715,000 | Los Angeles California Department of Water & Power Rev. Ser. 10 | 6.603 | % | 07/01/2050 | $ | 2,465,072 | |||||||||
500,000 | Los Angeles California Department of Water & Power Water System Rev. Ser. 09C | 5.381 | 07/01/2024 | 558,915 | ||||||||||||
2,270,000 | Los Angeles California Department of Water & Power Water System Rev. Ser. 09C | 6.008 | 07/01/2039 | 2,763,838 | ||||||||||||
1,125,000 | Massachusetts State Water Pollution Abatement Trust Ser. 10 | 5.192 | 08/01/2040 | 1,245,184 | ||||||||||||
1,000,000 | Metropolitan Water District of Southern California Ser. 10 | 6.947 | 07/01/2040 | 1,051,090 | ||||||||||||
7,425,000 | New York City Municipal Finance Auth. Water & Sewer System Rev. Ser. 10EE | 6.491 | 06/15/2042 | 7,741,008 | ||||||||||||
2,925,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 5.790 | 06/15/2041 | 3,024,158 | ||||||||||||
4,460,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 5.724 | 06/15/2042 | 5,687,927 | ||||||||||||
6,100,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10 | 6.124 | 06/15/2042 | 6,331,739 | ||||||||||||
1,000,000 | New York City Municipal Water Finance Auth. Water & Sewer Rev. Ser. 10DD | 6.452 | 06/15/2041 | 1,042,010 | ||||||||||||
1,000,000 | New York State Environmental Facilities Corp. (State Clean Water & Drinking Water) Ser. 10 | 5.707 | 06/15/2030 | 1,196,520 | ||||||||||||
500,000 | Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B | 7.570 | 12/15/2029 | 645,080 | ||||||||||||
500,000 | Passaic Valley New Jersey Water Commission Water Supply Rev. Ser. 09B | 7.820 | 12/15/2039 | 717,615 | ||||||||||||
500,000 | Riverside California Water Rev. Ser. 09B | 6.349 | 10/01/2039 | 652,365 | ||||||||||||
2,245,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10 | 6.000 | 11/01/2040 | 2,758,072 | ||||||||||||
3,000,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE | 5.700 | 11/01/2027 | 3,545,190 | ||||||||||||
2,480,000 | San Francisco California City & County Public Utilities Commission Water Rev. Ser. 10DE | 6.000 | 11/01/2040 | 3,068,330 | ||||||||||||
4,600,000 | San Francisco City & County Public Utilities Commission Ser. 10 | 6.950 | 11/01/2050 | 6,484,298 | ||||||||||||
3,000,000 | Santa Clara Valley California Water District Ref. Ser. 16B | 4.354 | 06/01/2046 | 3,039,570 | ||||||||||||
2,000,000 | Seminole County Florida Water & Sewer Rev. Ser. 10B | 6.443 | 10/01/2040 | 2,105,260 | ||||||||||||
2,000,000 | South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10 | 6.243 | 08/01/2030 | 2,367,460 | ||||||||||||
1,645,000 | South Central Connecticut Regional Water Auth. Water System Rev. Ser. 10 | 6.393 | 08/01/2040 | 2,049,144 | ||||||||||||
1,500,000 | Sunrise Florida Utility System Rev. Ser. 10B | 5.813 | 10/01/2030 | 1,567,140 | ||||||||||||
1,000,000 | Tacoma Washington Water System Rev. Ser. 10B | 5.371 | 12/01/2030 | 1,163,380 | ||||||||||||
1,275,000 | Tucson Arizona Water Rev. Ser. 10 | 5.789 | 07/01/2026 | 1,447,291 | ||||||||||||
1,250,000 | Upper Eagle Regional Water Auth. Colorado Rev. Ser. 10 | 6.518 | 12/01/2039 | 1,312,438 | ||||||||||||
500,000 | Western Nassau County Water Auth. Water System Rev. Ser. 10 | 6.701 | 04/01/2040 | 620,095 | ||||||||||||
|
| |||||||||||||||
78,900,604 | ||||||||||||||||
|
| |||||||||||||||
Total Municipal Bonds (Cost $835,337,320) | 869,939,438 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds—0.8% | ||||||||||||||||
Commercial Services—0.2% | ||||||||||||||||
2,000,000 | Trustees of Dartmouth College | 3.474 | 06/01/2046 | 1,845,985 | ||||||||||||
|
| |||||||||||||||
Healthcare-Services—0.6% | ||||||||||||||||
3,000,000 | Baylor Scott & White Holdings | 3.967 | 11/15/2046 | 2,858,485 | ||||||||||||
2,000,000 | Mayo Clinic, Series 2016 | 4.128 | 11/15/2052 | 1,983,597 | ||||||||||||
1,290,000 | Montefiore Medical Center | 2.895 | 04/20/2032 | 1,249,738 | ||||||||||||
|
| |||||||||||||||
6,091,820 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $8,289,900) | 7,937,805 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—1.1% | ||||||||||||||||
9,492,198 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(b) (Cost $9,492,198) | 9,492,198 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $853,119,418)(c)—98.6% | 887,369,441 | |||||||||||||||
Other assets less liabilities—1.4% | 12,254,076 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 899,623,517 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco Taxable Municipal Bond ETF (BAB)(continued)
February 28, 2019
(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
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 February 28, 2019. |
(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.
| 63 |
|
Invesco Treasury Collateral ETF (CLTL)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Security Type Breakdown | ||||
U.S. Treasury Bills | 52.3 | |||
U.S. Treasury Notes | 47.3 | |||
U.S. Treasury Bonds | 0.2 | |||
Other Assets Less Liabilities | 0.2 |
Schedule of Investments
Principal Amount | Value | |||||||
|
| |||||||
|
| |||||||
Short-Term Investments—99.8% | ||||||||
U.S. Treasury Securities—99.8% | ||||||||
U.S. Treasury Bills—52.3%(a) |
| |||||||
$ | 20,000,000 | 2.380%, 04/02/2019 | $ | 19,957,184 | ||||
300,000 | 2.356%, 04/04/2019 | 299,334 | ||||||
420,000 | 2.360%, 04/04/2019 | 419,068 | ||||||
16,000 | 2.363%, 04/04/2019 | 15,965 | ||||||
48,000 | 2.367%, 04/04/2019 | 47,894 | ||||||
16,000 | 2.373%, 04/04/2019 | 15,965 | ||||||
144,000 | 2.375%, 04/04/2019 | 143,681 | ||||||
176,000 | 2.377%, 04/04/2019 | 175,609 | ||||||
176,000 | 2.380%, 04/04/2019 | 175,610 | ||||||
6,384,000 | 2.381%, 04/04/2019 | 6,369,835 | ||||||
48,000 | 2.382%, 04/04/2019 | 47,894 | ||||||
144,000 | 2.383%, 04/04/2019 | 143,681 | ||||||
16,000 | 2.389%, 04/04/2019 | 15,965 | ||||||
256,000 | 2.395%, 04/04/2019 | 255,432 | ||||||
112,000 | 2.398%, 04/04/2019 | 111,751 | ||||||
7,300,000 | 2.422%, 04/04/2019 | 7,283,803 | ||||||
11,000,000 | 2.386%, 04/09/2019 | 10,971,549 | ||||||
16,000 | 2.379%, 04/11/2019 | 15,956 | ||||||
160,000 | 2.380%, 04/11/2019 | 159,562 | ||||||
16,000 | 2.383%, 04/11/2019 | 15,956 | ||||||
48,000 | 2.387%, 04/11/2019 | 47,869 | ||||||
160,000 | 2.388%, 04/11/2019 | 159,562 | ||||||
6,664,000 | 2.389%, 04/11/2019 | 6,645,747 | ||||||
224,000 | 2.390%, 04/11/2019 | 223,387 | ||||||
176,000 | 2.397%, 04/11/2019 | 175,518 | ||||||
208,000 | 2.398%, 04/11/2019 | 207,431 | ||||||
144,000 | 2.400%, 04/11/2019 | 143,606 | ||||||
16,000 | 2.403%, 04/11/2019 | 15,956 | ||||||
256,000 | 2.420%, 04/11/2019 | 255,299 | ||||||
112,000 | 2.426%, 04/11/2019 | 111,693 | ||||||
10,000,000 | 2.379%, 04/16/2019 | 9,969,429 | ||||||
15,000 | 2.370%, 04/18/2019 | 14,952 | ||||||
210,000 | 2.382%, 04/18/2019 | 209,334 | ||||||
15,000 | 2.386%, 04/18/2019 | 14,952 | ||||||
6,185,000 | 2.393%, 04/18/2019 | 6,165,373 | ||||||
150,000 | 2.395%, 04/18/2019 | 149,524 | ||||||
330,000 | 2.399%, 04/18/2019 | 328,953 | ||||||
165,000 | 2.402%, 04/18/2019 | 164,476 | ||||||
15,000 | 2.408%, 04/18/2019 | 14,952 |
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 135,000 | 2.409%, 04/18/2019 | $ | 134,572 | ||||
15,000 | 2.412%, 04/18/2019 | 14,952 | ||||||
45,000 | 2.420%, 04/18/2019 | 44,857 | ||||||
240,000 | 2.428%, 04/18/2019 | 239,238 | ||||||
105,000 | 2.438%, 04/18/2019 | 104,667 | ||||||
10,000,000 | 2.389%, 04/23/2019 | 9,964,888 | ||||||
3,996,000 | 2.168%, 04/25/2019 | 3,981,440 | ||||||
10,000 | 2.193%, 04/25/2019 | 9,964 | ||||||
10,000 | 2.250%, 04/25/2019 | 9,964 | ||||||
20,000 | 2.275%, 04/25/2019 | 19,927 | ||||||
576,000 | 2.370%, 04/25/2019 | 573,902 | ||||||
24,000 | 2.386%, 04/25/2019 | 23,913 | ||||||
10,000 | 2.388%, 04/25/2019 | 9,964 | ||||||
24,000 | 2.390%, 04/25/2019 | 23,913 | ||||||
264,000 | 2.396%, 04/25/2019 | 263,038 | ||||||
240,000 | 2.399%, 04/25/2019 | 239,126 | ||||||
288,000 | 2.401%, 04/25/2019 | 286,951 | ||||||
6,216,000 | 2.403%, 04/25/2019 | 6,193,351 | ||||||
24,000 | 2.413%, 04/25/2019 | 23,913 | ||||||
24,000 | 2.415%, 04/25/2019 | 23,913 | ||||||
72,000 | 2.425%, 04/25/2019 | 71,738 | ||||||
384,000 | 2.436%, 04/25/2019 | 382,601 | ||||||
168,000 | 2.449%, 04/25/2019 | 167,388 | ||||||
150,000 | 2.382%, 05/02/2019 | 149,383 | ||||||
60,000 | 2.383%, 05/02/2019 | 59,753 | ||||||
150,000 | 2.388%, 05/02/2019 | 149,383 | ||||||
15,000 | 2.392%, 05/02/2019 | 14,938 | ||||||
150,000 | 2.407%, 05/02/2019 | 149,383 | ||||||
15,000 | 2.408%, 05/02/2019 | 14,938 | ||||||
165,000 | 2.410%, 05/02/2019 | 164,322 | ||||||
15,000 | 2.412%, 05/02/2019 | 14,938 | ||||||
180,000 | 2.422%, 05/02/2019 | 179,260 | ||||||
135,000 | 2.425%, 05/02/2019 | 134,445 | ||||||
6,185,000 | 2.427%, 05/02/2019 | 6,159,568 | ||||||
45,000 | 2.430%, 05/02/2019 | 44,815 | ||||||
15,000 | 2.431%, 05/02/2019 | 14,938 | ||||||
240,000 | 2.447%, 05/02/2019 | 239,013 | ||||||
105,000 | 2.458%, 05/02/2019 | 104,568 | ||||||
196,000 | 2.395%, 05/09/2019 | 195,101 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco Treasury Collateral ETF (CLTL)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 14,000 | 2.398%, 05/09/2019 | $ | 13,936 | ||||
140,000 | 2.410%, 05/09/2019 | 139,358 | ||||||
14,000 | 2.425%, 05/09/2019 | 13,936 | ||||||
42,000 | 2.435%, 05/09/2019 | 41,807 | ||||||
6,704,000 | 2.448%, 05/09/2019 | 6,673,239 | ||||||
224,000 | 2.458%, 05/09/2019 | 222,972 | ||||||
196,000 | 2.402%, 05/16/2019 | 195,013 | ||||||
140,000 | 2.405%, 05/16/2019 | 139,295 | ||||||
28,000 | 2.418%, 05/16/2019 | 27,860 | ||||||
42,000 | 2.434%, 05/16/2019 | 41,789 | ||||||
6,704,000 | 2.448%, 05/16/2019 | 6,670,245 | ||||||
224,000 | 2.453%, 05/16/2019 | 222,872 | ||||||
3,538,000 | 2.155%, 05/23/2019 | 3,518,505 | ||||||
9,000 | 2.215%, 05/23/2019 | 8,950 | ||||||
9,000 | 2.277%, 05/23/2019 | 8,950 | ||||||
18,000 | 2.300%, 05/23/2019 | 17,901 | ||||||
220,000 | 2.397%, 05/23/2019 | 218,788 | ||||||
22,000 | 2.410%, 05/23/2019 | 21,879 | ||||||
88,000 | 2.412%, 05/23/2019 | 87,515 | ||||||
220,000 | 2.413%, 05/23/2019 | 218,788 | ||||||
22,000 | 2.427%, 05/23/2019 | 21,879 | ||||||
9,000 | 2.430%, 05/23/2019 | 8,950 | ||||||
156,000 | 2.443%, 05/23/2019 | 155,140 | ||||||
9,000 | 2.448%, 05/23/2019 | 8,950 | ||||||
6,500,000 | 2.458%, 05/23/2019 | 6,464,183 | ||||||
108,000 | 2.460%, 05/23/2019 | 107,404 | ||||||
108,000 | 2.463%, 05/23/2019 | 107,405 | ||||||
433,000 | 2.470%, 05/23/2019 | 430,614 | ||||||
154,000 | 2.475%, 05/23/2019 | 153,151 | ||||||
182,000 | 2.395%, 05/30/2019 | 180,911 | ||||||
13,000 | 2.408%, 05/30/2019 | 12,922 | ||||||
130,000 | 2.414%, 05/30/2019 | 129,222 | ||||||
13,000 | 2.433%, 05/30/2019 | 12,922 | ||||||
39,000 | 2.440%, 05/30/2019 | 38,767 | ||||||
208,000 | 2.461%, 05/30/2019 | 206,756 | ||||||
6,218,000 | 2.463%, 05/30/2019 | 6,180,809 | ||||||
336,000 | 2.410%, 06/06/2019 | 333,831 | ||||||
6,720,000 | 2.426%, 06/06/2019 | 6,676,620 | ||||||
56,000 | 2.397%, 06/13/2019 | 55,613 | ||||||
140,000 | 2.398%, 06/13/2019 | 139,032 | ||||||
140,000 | 2.407%, 06/13/2019 | 139,032 | ||||||
6,720,000 | 2.438%, 06/13/2019 | 6,673,554 | ||||||
4,010,000 | 2.244%, 06/20/2019 | 3,980,434 | ||||||
10,000 | 2.307%, 06/20/2019 | 9,926 | ||||||
20,000 | 2.322%, 06/20/2019 | 19,853 | ||||||
336,000 | 2.400%, 06/20/2019 | 333,522 | ||||||
240,000 | 2.415%, 06/20/2019 | 238,230 | ||||||
110,000 | 2.428%, 06/20/2019 | 109,189 | ||||||
7,000,000 | 2.432%, 06/20/2019 | 6,948,389 | ||||||
10,000 | 2.441%, 06/20/2019 | 9,926 | ||||||
10,000 | 2.442%, 06/20/2019 | 9,926 | ||||||
110,000 | 2.445%, 06/20/2019 | 109,189 | ||||||
120,000 | 2.450%, 06/20/2019 | 119,115 | ||||||
160,000 | 2.453%, 06/20/2019 | 158,820 | ||||||
90,000 | 2.454%, 06/20/2019 | 89,336 | ||||||
10,000 | 2.464%, 06/20/2019 | 9,926 |
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 10,000 | 2.465%, 06/20/2019 | $ | 9,926 | ||||
70,000 | 2.472%, 06/20/2019 | 69,484 | ||||||
30,000 | 2.473%, 06/20/2019 | 29,779 | ||||||
196,000 | 2.400%, 06/27/2019 | 194,461 | ||||||
140,000 | 2.401%, 06/27/2019 | 138,901 | ||||||
6,720,000 | 2.431%, 06/27/2019 | 6,667,246 | ||||||
140,000 | 2.426%, 07/05/2019 | 138,825 | ||||||
196,000 | 2.441%, 07/05/2019 | 194,355 | ||||||
6,720,000 | 2.497%, 07/05/2019 | 6,663,611 | ||||||
10,000,000 | 2.403%, 07/11/2019 | 9,912,177 | ||||||
10,000 | 2.330%, 07/18/2019 | 9,907 | ||||||
140,000 | 2.336%, 07/18/2019 | 138,698 | ||||||
4,082,000 | 2.345%, 07/18/2019 | 4,044,055 | ||||||
20,000 | 2.360%, 07/18/2019 | 19,814 | ||||||
5,000,000 | 2.390%, 07/18/2019 | 4,953,522 | ||||||
100,000 | 2.445%, 07/18/2019 | 99,070 | ||||||
10,000 | 2.455%, 07/18/2019 | 9,907 | ||||||
10,000 | 2.471%, 07/18/2019 | 9,907 | ||||||
140,000 | 2.490%, 07/18/2019 | 138,698 | ||||||
10,000 | 2.494%, 07/18/2019 | 9,907 | ||||||
110,000 | 2.497%, 07/18/2019 | 108,977 | ||||||
100,000 | 2.500%, 07/18/2019 | 99,070 | ||||||
90,000 | 2.502%, 07/18/2019 | 89,163 | ||||||
30,000 | 2.503%, 07/18/2019 | 29,721 | ||||||
160,000 | 2.513%, 07/18/2019 | 158,513 | ||||||
70,000 | 2.525%, 07/18/2019 | 69,349 | ||||||
24,336,000 | 2.395%, 07/25/2019 | 24,098,883 | ||||||
9,772,000 | 2.410%, 08/01/2019 | 9,671,910 | ||||||
3,809,000 | 2.373%, 08/15/2019 | 3,766,151 | ||||||
40,000 | 2.432%, 08/15/2019 | 39,550 | ||||||
100,000 | 2.433%, 08/15/2019 | 98,875 | ||||||
100,000 | 2.453%, 08/15/2019 | 98,875 | ||||||
9,000 | 2.503%, 08/15/2019 | 8,899 | ||||||
500,000 | 2.507%, 08/15/2019 | 494,375 | ||||||
90,000 | 2.512%, 08/15/2019 | 88,988 | ||||||
27,000 | 2.521%, 08/15/2019 | 26,696 | ||||||
9,000 | 2.530%, 08/15/2019 | 8,899 | ||||||
9,000 | 2.532%, 08/15/2019 | 8,899 | ||||||
144,000 | 2.533%, 08/15/2019 | 142,380 | ||||||
108,000 | 2.534%, 08/15/2019 | 106,785 | ||||||
27,000 | 2.537%, 08/15/2019 | 26,696 | ||||||
81,000 | 2.538%, 08/15/2019 | 80,089 | ||||||
81,000 | 2.544%, 08/15/2019 | 80,089 | ||||||
9,000 | 2.550%, 08/15/2019 | 8,899 | ||||||
63,000 | 2.553%, 08/15/2019 | 62,291 | ||||||
10,000,000 | 2.428%, 08/22/2019 | 9,882,550 | ||||||
10,000,000 | 2.442%, 08/29/2019 | 9,877,448 | ||||||
140,000 | 2.430%, 09/12/2019 | 138,153 | ||||||
100,000 | 2.440%, 09/12/2019 | 98,681 | ||||||
10,000 | 2.480%, 09/12/2019 | 9,868 | ||||||
4,090,000 | 2.484%, 09/12/2019 | 4,036,055 | ||||||
10,000 | 2.503%, 09/12/2019 | 9,868 | ||||||
100,000 | 2.517%, 09/12/2019 | 98,681 | ||||||
30,000 | 2.518%, 09/12/2019 | 29,604 | ||||||
10,000 | 2.525%, 09/12/2019 | 9,868 | ||||||
10,000 | 2.532%, 09/12/2019 | 9,868 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Invesco Treasury Collateral ETF (CLTL)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Securities (continued) | ||||||||
U.S. Treasury Bills (continued) | ||||||||
$ | 10,000 | 2.533%, 09/12/2019 | $ | 9,868 | ||||
110,000 | 2.535%, 09/12/2019 | 108,549 | ||||||
120,000 | 2.540%, 09/12/2019 | 118,417 | ||||||
90,000 | 2.545%, 09/12/2019 | 88,813 | ||||||
160,000 | 2.553%, 09/12/2019 | 157,890 | ||||||
70,000 | 2.560%, 09/12/2019 | 69,077 | ||||||
140,000 | 2.424%, 10/10/2019 | 137,879 | ||||||
100,000 | 2.430%, 10/10/2019 | 98,485 | ||||||
10,000 | 2.505%, 10/10/2019 | 9,849 | ||||||
10,000 | 2.533%, 10/10/2019 | 9,849 | ||||||
30,000 | 2.536%, 10/10/2019 | 29,546 | ||||||
100,000 | 2.548%, 10/10/2019 | 98,485 | ||||||
160,000 | 2.555%, 10/10/2019 | 157,577 | ||||||
4,090,000 | 2.570%, 10/10/2019 | 4,028,055 | ||||||
110,000 | 2.576%, 10/10/2019 | 108,334 | ||||||
10,000 | 2.578%, 10/10/2019 | 9,849 | ||||||
70,000 | 2.582%, 10/10/2019 | 68,940 | ||||||
120,000 | 2.585%, 10/10/2019 | 118,183 | ||||||
90,000 | 2.598%, 10/10/2019 | 88,637 | ||||||
10,000 | 2.610%, 10/10/2019 | 9,849 | ||||||
126,000 | 2.469%, 11/07/2019 | 123,857 | ||||||
90,000 | 2.486%, 11/07/2019 | 88,469 | ||||||
9,000 | 2.520%, 11/07/2019 | 8,847 | ||||||
9,000 | 2.546%, 11/07/2019 | 8,847 | ||||||
27,000 | 2.547%, 11/07/2019 | 26,541 | ||||||
144,000 | 2.593%, 11/07/2019 | 141,550 | ||||||
4,474,000 | 2.598%, 11/07/2019 | 4,397,887 | ||||||
140,000 | 2.470%, 12/05/2019 | 137,349 | ||||||
100,000 | 2.498%, 12/05/2019 | 98,106 | ||||||
4,900,000 | 2.520%, 12/05/2019 | 4,807,218 | ||||||
4,892,000 | 2.461%, 01/02/2020 | 4,789,833 | ||||||
9,772,000 | 2.470%, 01/30/2020 | 9,549,348 | ||||||
|
| |||||||
(Cost $287,945,306) | 287,973,578 | |||||||
|
| |||||||
U.S. Treasury Notes—47.3% | ||||||||
4,720,000 | 0.875%, 04/15/2019 | 4,710,907 | ||||||
7,120,000 | 1.250%, 04/30/2019 | 7,105,538 | ||||||
6,160,000 | 1.625%, 04/30/2019 | 6,151,578 | ||||||
4,668,000 | 0.875%, 05/15/2019 | 4,652,784 | ||||||
6,157,000 | 3.125%, 05/15/2019 | 6,165,282 | ||||||
2,372,000 | 1.125%, 05/31/2019 | 2,364,078 | ||||||
4,720,000 | 1.250%, 05/31/2019 | 4,705,619 | ||||||
6,888,000 | 1.500%, 05/31/2019 | 6,871,318 | ||||||
4,711,000 | 0.875%, 06/15/2019 | 4,690,665 | ||||||
2,395,000 | 1.000%, 06/30/2019 | 2,383,306 | ||||||
5,290,000 | 1.250%, 06/30/2019 | 5,268,096 | ||||||
6,827,000 | 1.625%, 06/30/2019 | 6,807,266 | ||||||
4,711,000 | 0.750%, 07/15/2019 | 4,681,372 | ||||||
2,974,000 | 0.875%, 07/31/2019 | 2,954,483 | ||||||
5,190,000 | 1.375%, 07/31/2019 | 5,165,875 | ||||||
6,727,000 | 1.625%, 07/31/2019 | 6,703,088 | ||||||
4,602,000 | 0.750%, 08/15/2019 | 4,564,968 | ||||||
5,280,000 | 3.625%, 08/15/2019 | 5,306,916 | ||||||
2,790,000 | 1.000%, 08/31/2019 | 2,768,748 | ||||||
9,594,000 | 1.250%, 08/31/2019 | 9,532,913 | ||||||
6,714,000 | 1.625%, 08/31/2019 | 6,683,577 | ||||||
4,684,000 | 0.875%, 09/15/2019 | 4,643,017 |
Principal Amount | Value | |||||||
Short-Term Investments (continued) | ||||||||
U.S. Treasury Notes (continued) | ||||||||
$ | 3,732,000 | 1.000%, 09/30/2019 | $ | 3,699,126 | ||||
5,060,000 | 1.375%, 09/30/2019 | 5,026,497 | ||||||
6,816,000 | 1.750%, 09/30/2019 | 6,784,716 | ||||||
4,675,000 | 1.000%, 10/15/2019 | 4,631,172 | ||||||
2,950,000 | 1.250%, 10/31/2019 | 2,924,994 | ||||||
11,650,000 | 1.500%, 10/31/2019 | 11,571,044 | ||||||
4,479,000 | 1.000%, 11/15/2019 | 4,431,061 | ||||||
6,903,000 | 3.375%, 11/15/2019 | 6,942,099 | ||||||
4,248,000 | 1.000%, 11/30/2019 | 4,199,546 | ||||||
6,703,000 | 1.500%, 11/30/2019 | 6,651,811 | ||||||
4,879,000 | 1.750%, 11/30/2019 | 4,850,317 | ||||||
4,636,000 | 1.375%, 12/15/2019 | 4,594,348 | ||||||
4,332,000 | 1.125%, 12/31/2019 | 4,281,827 | ||||||
7,056,000 | 1.625%, 12/31/2019 | 7,003,080 | ||||||
5,140,000 | 1.875%, 12/31/2019 | 5,112,192 | ||||||
4,892,000 | 1.375%, 01/15/2020 | 4,843,271 | ||||||
9,772,000 | 1.250%, 01/31/2020 | 9,657,866 | ||||||
9,772,000 | 1.375%, 01/31/2020 | 9,669,890 | ||||||
9,772,000 | 2.000%, 01/31/2020 | 9,725,240 | ||||||
12,000,000 | 3.625%, 02/15/2020 | 12,118,828 | ||||||
7,000,000 | 2.250%, 02/29/2020 | 6,979,903 | ||||||
10,000,000 | 1.375%, 02/29/2020 | 9,884,961 | ||||||
|
| |||||||
(Cost $260,358,186) | 260,465,183 | |||||||
|
| |||||||
U.S. Treasury Bonds—0.2% |
| |||||||
1,086,000 | 8.125%, 08/15/2019 (Cost $1,114,138) | 1,113,616 | ||||||
|
| |||||||
|
| |||||||
|
| |||||||
Total Investments in Securities (Cost $549,417,630)—99.8% | 549,552,377 | |||||||
Other assets less liabilities—0.2% | 985,964 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 550,538,341 | ||||||
|
|
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco Variable Rate Preferred ETF (VRP)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 80.1 | |||
Energy | 9.3 | |||
Utilities | 3.4 | |||
Industrial | 3.3 | |||
Consumer, Cyclical | 0.8 | |||
Communications | 0.8 | |||
Consumer, Non-cyclical | 0.6 | |||
Oil, Gas & Consumable Fuels | 0.5 | |||
Insurance | 0.2 | |||
Industrials | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.9 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—72.3% | ||||||||||||||||
Auto Manufacturers—0.8% | ||||||||||||||||
$ | 9,540,000 | General Motors Financial Co., Inc., Series A(a) | 5.750 | % | 12/29/2049 | $ | 8,395,200 | |||||||||
4,715,000 | General Motors Financial Co., Inc., Series B(a) | 6.500 | 03/30/2167 | 4,302,437 | ||||||||||||
|
| |||||||||||||||
12,697,637 | ||||||||||||||||
|
| |||||||||||||||
Banks—46.1% | ||||||||||||||||
16,905,000 | Bank of America Corp., Series AA | 6.100 | 12/29/2049 | 17,940,431 | ||||||||||||
8,945,000 | Bank of America Corp., Series DD(a) | 6.300 | 12/29/2049 | 9,750,050 | ||||||||||||
21,580,000 | Bank of America Corp., Series FF | 5.875 | 09/15/2166 | 21,310,250 | ||||||||||||
9,045,000 | Bank of America Corp., Series U(a) | 5.200 | 12/01/2165 | 9,045,000 | ||||||||||||
13,620,000 | Bank of America Corp., Series V | 5.125 | 12/29/2049 | 13,602,975 | ||||||||||||
18,290,000 | Bank of America Corp., Series X | 6.250 | 09/29/2049 | 19,295,950 | ||||||||||||
12,535,000 | Bank of America Corp., Series Z(a) | 6.500 | 12/31/2049 | 13,663,150 | ||||||||||||
4,720,000 | Bank of New York Mellon Corp. (The), Series D(a) | 4.500 | 12/20/2165 | 4,454,500 | ||||||||||||
9,415,000 | Bank of New York Mellon Corp. (The), Series E(a) | 4.950 | 12/20/2165 | 9,603,300 | ||||||||||||
9,185,000 | Bank of New York Mellon Corp. (The), Series F | 4.625 | 12/29/2049 | 8,783,156 | ||||||||||||
3,025,000 | CIT Group, Inc., Series A(a) | 5.800 | 12/15/2165 | 2,934,250 | ||||||||||||
6,900,000 | Citigroup, Inc. | 5.900 | 08/15/2067 | 7,055,250 | ||||||||||||
13,705,000 | Citigroup, Inc. | 5.950 | 07/30/2166 | 13,979,100 | ||||||||||||
11,185,000 | Citigroup, Inc., Series D | 5.350 | 04/29/2049 | 11,087,131 | ||||||||||||
15,650,000 | Citigroup, Inc., Series M | 6.300 | 11/15/2165 | 16,041,250 | ||||||||||||
13,360,000 | Citigroup, Inc., Series N | 5.800 | 11/29/2049 | 13,527,000 | ||||||||||||
13,290,000 | Citigroup, Inc., Series O | 5.875 | 12/29/2049 | 13,422,900 | ||||||||||||
18,250,000 | Citigroup, Inc., Series P | 5.950 | 12/29/2049 | 18,432,500 | ||||||||||||
11,340,000 | Citigroup, Inc., Series Q | 5.950 | 12/29/2049 | 11,538,450 | ||||||||||||
13,385,000 | Citigroup, Inc., Series R | 6.125 | 12/29/2049 | 13,719,625 | ||||||||||||
13,605,000 | Citigroup, Inc., Series T | 6.250 | 12/29/2049 | 14,353,275 | ||||||||||||
2,775,000 | Citizens Financial Group, Inc., Series B | 6.000 | 01/06/2167 | 2,691,750 | ||||||||||||
2,850,000 | Citizens Financial Group, Inc., Series C | 6.375 | 01/06/2067 | 2,835,750 | ||||||||||||
5,500,000 | Fifth Third Bancorp | 5.100 | 12/31/2165 | 5,259,375 | ||||||||||||
5,532,000 | Goldman Sachs Capital II (3 mo. USD LIBOR + 0.77%)(b) | 4.000 | 12/03/2165 | 4,220,562 | ||||||||||||
9,145,000 | Goldman Sachs Group, Inc. (The), Series L(a) | 5.700 | 12/29/2049 | 9,213,587 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco Variable Rate Preferred ETF (VRP)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Banks (continued) | ||||||||||||||||
$ | 14,180,000 | Goldman Sachs Group, Inc. (The), Series M | 5.375 | % | 11/10/2166 | $ | 14,339,525 | |||||||||
4,605,000 | Goldman Sachs Group, Inc. (The), Series O(a) | 5.300 | 12/29/2049 | 4,581,975 | ||||||||||||
10,635,000 | Goldman Sachs Group, Inc. (The), Series P | 5.000 | 05/10/2166 | 9,784,200 | ||||||||||||
4,765,000 | Huntington Bancshares, Inc., Series E | 5.700 | 07/15/2166 | 4,639,919 | ||||||||||||
11,200,000 | JPMorgan Chase & Co., Series CC(a) | 4.625 | 05/01/2166 | 10,416,000 | ||||||||||||
39,292,000 | JPMorgan Chase & Co., Series I (3 mo. USD LIBOR + 3.47%)(b) | 6.221 | 10/30/2166 | 39,391,782 | ||||||||||||
13,345,000 | JPMorgan Chase & Co., Series Q | 5.150 | 12/29/2049 | 13,345,000 | ||||||||||||
13,390,000 | JPMorgan Chase & Co., Series R | 6.000 | 12/29/2049 | 13,825,844 | ||||||||||||
18,230,000 | JPMorgan Chase & Co., Series S | 6.750 | 01/29/2049 | 20,075,787 | ||||||||||||
2,940,000 | JPMorgan Chase & Co., Series U (3 mo. USD LIBOR + 0.95%)(a)(b) | 3.688 | 02/02/2037 | 2,504,984 | ||||||||||||
9,090,000 | JPMorgan Chase & Co., Series U | 6.125 | 12/29/2049 | 9,567,225 | ||||||||||||
22,740,000 | JPMorgan Chase & Co., Series V | 5.000 | 12/31/2049 | 22,740,000 | ||||||||||||
5,431,000 | JPMorgan Chase & Co., Series W (3 mo. USD LIBOR + 1.00%)(b) | 3.684 | 05/15/2047 | 4,319,035 | ||||||||||||
14,360,000 | JPMorgan Chase & Co., Series X(a) | 6.100 | 10/29/2049 | 15,060,050 | ||||||||||||
18,340,000 | JPMorgan Chase & Co., Series Z | 5.300 | 12/29/2049 | 18,683,875 | ||||||||||||
4,915,000 | KeyCorp, Series D | 5.000 | 12/15/2165 | 4,835,131 | ||||||||||||
3,290,000 | M&T Bank Corp., Series E | 6.450 | 08/15/2166 | 3,493,569 | ||||||||||||
4,570,000 | M&T Bank Corp., Series F(a) | 5.125 | 05/01/2166 | 4,541,438 | ||||||||||||
4,680,000 | Mellon Capital IV, Series 1 (3 mo. USD LIBOR + 0.57%)(b) | 4.000 | 06/29/2049 | 3,884,400 | ||||||||||||
11,270,000 | Morgan Stanley, Series H | 5.450 | 07/29/2049 | 11,340,438 | ||||||||||||
13,240,000 | Morgan Stanley, Series J | 5.550 | 07/15/2066 | 13,355,850 | ||||||||||||
4,595,000 | Northern Trust Corp., Series D | 4.600 | 04/01/2166 | 4,434,175 | ||||||||||||
9,165,000 | PNC Financial Services Group, Inc. (The), Series O(a) | 6.750 | 12/31/2049 | 9,760,725 | ||||||||||||
4,645,000 | PNC Financial Services Group, Inc. (The), Series R(a) | 4.850 | 12/31/2049 | 4,517,263 | ||||||||||||
4,825,000 | PNC Financial Services Group, Inc. (The), Series S(a) | 5.000 | 05/01/2166 | 4,722,469 | ||||||||||||
7,536,000 | State Street Corp. (3 mo. USD LIBOR + 1.00%)(b) | 3.788 | 06/15/2047 | 5,981,101 | ||||||||||||
6,850,000 | State Street Corp., Series F | 5.250 | 12/29/2049 | 6,987,000 | ||||||||||||
4,590,000 | State Street Corp., Series H | 5.625 | 12/15/2166 | 4,612,950 | ||||||||||||
7,115,000 | SunTrust Banks, Inc., Series G(a) | 5.050 | 12/30/2165 | 6,990,488 | ||||||||||||
4,830,000 | SunTrust Banks, Inc., Series H | 5.125 | 06/15/2166 | 4,534,163 | ||||||||||||
6,940,000 | U.S. Bancorp, Series I | 5.125 | 01/15/2166 | 7,104,825 | ||||||||||||
9,140,000 | U.S. Bancorp, Series J | 5.300 | 12/29/2049 | 9,242,825 | ||||||||||||
6,180,000 | USB Capital IX (3 mo. USD LIBOR + 1.02%)(b) | 3.807 | 10/29/2049 | 4,828,125 | ||||||||||||
22,563,000 | Wachovia Capital Trust III (3 mo. USD LIBOR + 0.93%)(b) | 5.570 | 03/29/2049 | 21,970,721 | ||||||||||||
30,275,000 | Wells Fargo & Co., Series K (3 mo. USD LIBOR + 3.77%)(b) | 6.558 | 03/29/2049 | 30,880,500 | ||||||||||||
18,255,000 | Wells Fargo & Co., Series S | 5.900 | 12/29/2049 | 18,734,194 | ||||||||||||
17,995,000 | Wells Fargo & Co., Series U | 5.875 | 12/29/2049 | 19,119,688 | ||||||||||||
|
| |||||||||||||||
696,907,756 | ||||||||||||||||
|
| |||||||||||||||
Diversified Financial Services—3.7% | ||||||||||||||||
7,005,000 | American Express Co., Series B(a) | 5.200 | 05/29/2049 | 7,145,100 | ||||||||||||
7,735,000 | American Express Co., Series C | 4.900 | 12/29/2049 | 7,746,131 | ||||||||||||
9,288,000 | Capital One Financial Corp., Series E | 5.550 | 12/01/2167 | 9,473,760 | ||||||||||||
3,685,000 | Charles Schwab Corp. (The)(a) | 7.000 | 08/01/2166 | 3,984,406 | ||||||||||||
5,660,000 | Charles Schwab Corp. (The), Series E | 4.625 | 03/01/2166 | 5,589,250 | ||||||||||||
4,590,000 | Charles Schwab Corp. (The), Series F | 5.000 | 06/01/2166 | 4,262,963 | ||||||||||||
5,355,000 | Discover Financial Services, Series C | 5.500 | 04/30/2166 | 5,027,006 | ||||||||||||
3,635,000 | E*Trade Financial Corp., Series A(a) | 5.875 | 03/15/2166 | 3,607,737 | ||||||||||||
2,750,000 | E*Trade Financial Corp., Series B | 5.300 | 09/15/2166 | 2,557,500 | ||||||||||||
3,788,000 | National Rural Utilities Cooperative Finance Corp. | 4.750 | 04/30/2043 | 3,648,719 | ||||||||||||
3,170,000 | National Rural Utilities Cooperative Finance Corp. | 5.250 | 04/20/2046 | 3,104,657 | ||||||||||||
|
| |||||||||||||||
56,147,229 | ||||||||||||||||
|
| |||||||||||||||
Electric—2.2% | ||||||||||||||||
7,220,000 | CenterPoint Energy, Inc., Series A | 6.125 | 03/01/2167 | 7,346,350 | ||||||||||||
6,425,000 | Dominion Energy, Inc. | 5.750 | 10/01/2054 | 6,405,449 | ||||||||||||
3,097,000 | NextEra Energy Capital Holdings, Inc. (3 mo. USD LIBOR + 2.07%)(b) | 4.865 | 10/01/2066 | 2,756,330 | ||||||||||||
5,170,000 | NextEra Energy Capital Holdings, Inc. | 4.800 | 12/01/2077 | 4,446,200 | ||||||||||||
3,140,000 | Southern California Edison Co., Series E(a) | 6.250 | 08/01/2166 | 3,061,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco Variable Rate Preferred ETF (VRP)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Electric (continued) | ||||||||||||||||
$ | 5,071,000 | Southern Co. (The), Series B | 5.500 | % | 03/15/2057 | $ | 5,140,726 | |||||||||
4,666,000 | WEC Energy Group, Inc. (3 mo. USD LIBOR + 2.11%)(b) | 4.796 | 05/15/2067 | 4,117,745 | ||||||||||||
|
| |||||||||||||||
33,274,300 | ||||||||||||||||
|
| |||||||||||||||
Insurance—8.3% | ||||||||||||||||
7,260,000 | Aegon NV (Netherlands) | 5.500 | 04/11/2048 | 6,969,600 | ||||||||||||
7,354,000 | Allstate Corp. (The), Series B | 5.750 | 08/15/2053 | 7,473,503 | ||||||||||||
6,930,000 | American International Group, Inc., Series A-9 | 5.750 | 04/01/2048 | 6,427,655 | ||||||||||||
3,735,000 | Assurant, Inc.(a) | 7.000 | 03/27/2048 | 3,712,538 | ||||||||||||
2,324,000 | Everest Reinsurance Holdings, Inc. (3 mo. USD LIBOR + 2.39%)(b) | 5.069 | 05/15/2037 | 2,068,360 | ||||||||||||
6,795,000 | Lincoln National Corp. (3 mo. USD LIBOR + 2.36%)(b) | 5.040 | 05/17/2066 | 5,937,131 | ||||||||||||
4,735,000 | Lincoln National Corp. (3 mo. USD LIBOR + 2.04%)(b) | 4.801 | 04/20/2067 | 3,953,725 | ||||||||||||
13,875,000 | MetLife, Inc., Series C | 5.250 | 12/29/2049 | 14,013,750 | ||||||||||||
4,515,000 | MetLife, Inc., Series D | 5.875 | 09/15/2166 | 4,554,506 | ||||||||||||
3,793,000 | Principal Financial Group, Inc. | 4.700 | 05/15/2055 | 3,736,105 | ||||||||||||
4,690,000 | Progressive Corp. (The), Series B | 5.375 | 09/15/2166 | 4,658,898 | ||||||||||||
9,276,000 | Prudential Financial, Inc. | 5.875 | 09/15/2042 | 9,785,447 | ||||||||||||
13,878,000 | Prudential Financial, Inc. | 5.625 | 06/15/2043 | 14,398,425 | ||||||||||||
4,535,000 | Prudential Financial, Inc. | 5.200 | 03/15/2044 | 4,512,325 | ||||||||||||
9,401,000 | Prudential Financial, Inc. | 5.375 | 05/15/2045 | 9,319,475 | ||||||||||||
6,850,000 | Prudential Financial, Inc.(a) | 4.500 | 09/15/2047 | 6,339,935 | ||||||||||||
9,190,000 | Prudential Financial, Inc. | 5.700 | 09/15/2048 | 9,047,739 | ||||||||||||
2,880,000 | Reinsurance Group of America, Inc. (3 mo. USD LIBOR + 2.67%)(a)(b) | 5.453 | 12/15/2065 | 2,527,200 | ||||||||||||
3,000,000 | Voya Financial, Inc. | 4.700 | 01/23/2048 | 2,580,000 | ||||||||||||
3,045,000 | Voya Financial, Inc., Series A | 6.125 | 03/15/2067 | 3,086,869 | ||||||||||||
|
| |||||||||||||||
125,103,186 | ||||||||||||||||
|
| |||||||||||||||
Media—0.8% | ||||||||||||||||
5,945,000 | Viacom, Inc. | 6.250 | 02/28/2057 | 5,907,844 | ||||||||||||
5,855,000 | Viacom, Inc. | 5.875 | 02/28/2057 | 5,789,131 | ||||||||||||
|
| |||||||||||||||
11,696,975 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—3.3% | ||||||||||||||||
52,930,000 | General Electric Co., Series D | 5.000 | 06/15/2165 | 49,919,606 | ||||||||||||
|
| |||||||||||||||
Pipelines—7.1% | ||||||||||||||||
5,455,000 | Andeavor Logistics LP, Series A | 6.875 | 02/15/2166 | 5,332,262 | ||||||||||||
9,540,000 | Enbridge, Inc. (Canada) | 5.500 | 07/15/2077 | 8,776,800 | ||||||||||||
7,965,000 | Enbridge, Inc. (Canada) | 6.250 | 03/01/2078 | 7,845,525 | ||||||||||||
6,880,000 | Enbridge, Inc., Series 16-A (Canada)(a) | 6.000 | 01/15/2077 | 6,768,200 | ||||||||||||
8,745,000 | Energy Transfer Operating LP, Series A | 6.250 | 02/15/2167 | 8,023,538 | ||||||||||||
5,070,000 | Energy Transfer Operating LP, Series B | 6.625 | 02/15/2166 | 4,630,659 | ||||||||||||
6,501,000 | Enterprise Products Operating LLC | 5.375 | 02/15/2078 | 5,752,810 | ||||||||||||
6,385,000 | Enterprise Products Operating LLC, Series D | 4.875 | 08/16/2077 | 5,868,897 | ||||||||||||
9,365,000 | Enterprise Products Operating LLC, Series E | 5.250 | 08/16/2077 | 8,610,649 | ||||||||||||
7,525,000 | Plains All American Pipeline LP, Series B | 6.125 | 11/15/2166 | 6,998,250 | ||||||||||||
9,240,000 | TransCanada PipeLines Ltd. (Canada) (3 mo. USD LIBOR + 2.21%)(b) | 4.894 | 05/15/2067 | 7,854,000 | ||||||||||||
6,925,000 | TransCanada Trust (Canada) | 5.625 | 05/20/2075 | 6,717,250 | ||||||||||||
13,905,000 | TransCanada Trust (Canada) | 5.300 | 03/15/2077 | 12,844,744 | ||||||||||||
11,097,000 | TransCanada Trust, Series 16-A (Canada) | 5.875 | 08/15/2076 | 11,069,257 | ||||||||||||
|
| |||||||||||||||
107,092,841 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $1,140,226,821) | 1,092,839,530 | |||||||||||||||
|
| |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco Variable Rate Preferred ETF (VRP)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests—26.8%(c) | ||||||||
Banks—10.3% | ||||||||
130,433 | Banco Santander SA, 4.00%, Series 6 (Spain) (3 mo. USD LIBOR + 0.52%)(b) | $ | 2,911,265 | |||||
110,353 | Bank of America Corp., 3.28%, Series H (3 mo. USD LIBOR + 0.65%)(b) | 2,140,848 | ||||||
76,945 | Bank of America Corp., 4.00%, Series 4 (3 mo. USD LIBOR + 0.75%)(a)(b) | 1,642,006 | ||||||
153,233 | Bank of America Corp., 4.00%, Series 5 (3 mo. USD LIBOR + 0.50%)(a)(b) | 3,314,430 | ||||||
117,647 | Bank of America Corp., 4.00%, Series E (3 mo. USD LIBOR + 0.35%)(b) | 2,588,234 | ||||||
383,003 | Bank of America Corp., 6.45%, Series K | 9,923,608 | ||||||
820,024 | Citigroup Capital XIII, 9.12% (3 mo. USD LIBOR + 6.37%)(b) | 21,911,041 | ||||||
545,279 | Citigroup, Inc., 6.88%, Series K | 14,755,250 | ||||||
346,939 | Citigroup, Inc., 7.13%, Series J | 9,488,782 | ||||||
113,436 | Citizens Financial Group, Inc., 6.35%, Series D(a) | 2,926,649 | ||||||
169,385 | Fifth Third Bancorp, 6.63%, Series I(a) | 4,835,942 | ||||||
42,337 | FNB Corp., 7.25%(a) | 1,221,422 | ||||||
187,231 | KeyCorp, 6.13%, Series E(a) | 4,970,983 | ||||||
95,791 | People’s United Financial, Inc., 5.63%, Series A(a) | 2,252,046 | ||||||
562,826 | PNC Financial Services Group, Inc. (The), 6.13%, Series P | 14,914,889 | ||||||
186,772 | Regions Financial Corp., 6.38%, Series B(a) | 5,063,389 | ||||||
66,439 | SunTrust Banks, Inc., 4.00% (3 mo. USD LIBOR + 0.53%)(b) | 1,506,172 | ||||||
76,522 | Synovus Financial Corp., 6.30%, Series D | 1,981,920 | ||||||
373,843 | U.S. Bancorp, 3.50%, Series B (3 mo. USD LIBOR + 0.60%)(b) | 7,121,709 | ||||||
414,050 | U.S. Bancorp, 6.50%, Series F(a) | 11,324,267 | ||||||
38,146 | Valley National Bancorp, 5.50%, Series B | 952,887 | ||||||
43,811 | Valley National Bancorp, 6.25%, Series A | 1,176,325 | ||||||
629,918 | Wells Fargo & Co., 5.85%, Series Q(a) | 16,044,011 | ||||||
306,471 | Wells Fargo & Co., 6.63%, Series R(a) | 8,427,953 | ||||||
47,825 | Wintrust Financial Corp., 6.50%, Series D(a) | 1,378,795 | ||||||
52,894 | Zions Bancorp NA, 6.30%, Series G | 1,414,915 | ||||||
|
| |||||||
156,189,738 | ||||||||
|
| |||||||
Capital Markets—5.2% | ||||||||
207,961 | Goldman Sachs Group, Inc. (The), 3.75%, Series A (3 mo. USD LIBOR + 0.75%)(a)(b) | 3,890,950 | ||||||
55,387 | Goldman Sachs Group, Inc. (The), 4.00%, Series C (3 mo. USD LIBOR + 0.75%)(a)(b) | 1,083,924 | ||||||
382,855 | Goldman Sachs Group, Inc. (The), 4.00%, Series D (3 mo. USD LIBOR + 0.67%)(a)(b) | 7,178,531 | ||||||
283,357 | Goldman Sachs Group, Inc. (The), 5.50%, Series J | 7,200,101 | ||||||
199,116 | Goldman Sachs Group, Inc. (The), 6.38%, Series K(a) | 5,336,309 | ||||||
388,963 | Morgan Stanley, 4.00%, Series A (3 mo. USD LIBOR + 0.70%)(b) | 7,596,447 | ||||||
353,805 | Morgan Stanley, 5.85%, Series K | 8,954,805 | ||||||
349,851 | Morgan Stanley, 6.38%, Series I | 9,267,553 | ||||||
296,063 | Morgan Stanley, 6.88%, Series F | 8,032,189 | ||||||
302,048 | Morgan Stanley, 7.13%, Series E(a) | 8,469,426 | ||||||
187,918 | State Street Corp., 5.35%, Series G(a) | 4,812,580 | ||||||
281,085 | State Street Corp., 5.90%, Series D(a) | 7,308,210 | ||||||
|
| |||||||
79,131,025 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.3% | ||||||||
154,091 | NuStar Logistics LP, 9.52% (3 mo. USD LIBOR + 6.73%)(a)(b) | 3,822,998 | ||||||
|
| |||||||
Consumer Finance—1.7% | ||||||||
1,004,412 | GMAC Capital Trust I, 8.47%, Series 2 (3 mo. USD LIBOR + 5.79%)(b) | 26,104,668 | ||||||
|
| |||||||
Diversified Financial Services—0.1% | ||||||||
38,272 | Compass Diversified Holdings, 7.88%, Series B | 844,280 | ||||||
|
| |||||||
Electric Utilities—0.5% | ||||||||
105,503 | SCE Trust III, 5.75%, Series H | 2,542,623 | ||||||
121,568 | SCE Trust IV, 5.38%, Series J | 2,765,672 | ||||||
112,733 | SCE Trust V, 5.45%, Series K | 2,624,424 | ||||||
|
| |||||||
7,932,719 | ||||||||
|
| |||||||
Food Products—0.6% | ||||||||
180,756 | CHS, Inc., 6.75%, Series 3(a) | 4,710,501 | ||||||
158,701 | CHS, Inc., 7.10%, Series 2(a) | 4,186,533 | ||||||
|
| |||||||
8,897,034 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco Variable Rate Preferred ETF (VRP)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Insurance—2.2% | ||||||||
95,747 | Aegon NV, 4.00%, Series 1 (Netherlands) (3 mo. USD LIBOR + 0.88%)(a)(b) | $ | 2,092,072 | |||||
187,976 | Allstate Corp. (The), 5.10% | 4,742,634 | ||||||
105,373 | Aspen Insurance Holdings Ltd., 5.95% (Bermuda) | 2,604,821 | ||||||
150,707 | Enstar Group Ltd., 7.00%, Series D (Bermuda) | 3,702,871 | ||||||
229,591 | Hartford Financial Services Group, Inc. (The), 7.88% | 6,485,946 | ||||||
223,209 | MetLife, Inc., 4.00%, Series A (3 mo. USD LIBOR + 1.00%)(a)(b) | 4,999,882 | ||||||
148,153 | Reinsurance Group of America, Inc., 5.75% | 3,961,611 | ||||||
148,877 | Reinsurance Group of America, Inc., 6.20%(a) | 3,934,819 | ||||||
|
| |||||||
32,524,656 | ||||||||
|
| |||||||
Marine—0.1% | ||||||||
54,288 | Seaspan Corp., 8.00%, Series I (Hong Kong) | 1,341,456 | ||||||
|
| |||||||
Mortgage REITs—2.3% | ||||||||
86,000 | AGNC Investment Corp., 6.88%, Series D | 2,136,240 | ||||||
124,531 | AGNC Investment Corp., 7.00%, Series C | 3,184,258 | ||||||
159,160 | Annaly Capital Management, Inc., 6.50%, Series G | 3,815,065 | ||||||
270,668 | Annaly Capital Management, Inc., 6.95%, Series F | 6,799,180 | ||||||
95,769 | Chimera Investment Corp., 7.75%, Series C | 2,363,579 | ||||||
124,728 | Chimera Investment Corp., 8.00%, Series B(a) | 3,169,338 | ||||||
70,965 | Chimera Investment Corp., 8.00%, Series D | 1,781,221 | ||||||
46,045 | Exantas Capital Corp., 8.63% | 1,149,744 | ||||||
51,653 | New York Mortgage Trust, Inc., 8.00%, Series D | 1,162,193 | ||||||
74,606 | PennyMac Mortgage Investment Trust, 8.00%, Series B | 1,861,420 | ||||||
43,974 | PennyMac Mortgage Investment Trust, 8.13%, Series A | 1,122,656 | ||||||
112,789 | Two Harbors Investment Corp., 7.25%, Series C(a) | 2,726,110 | ||||||
109,640 | Two Harbors Investment Corp., 7.63%, Series B | 2,671,927 | ||||||
55,437 | Two Harbors Investment Corp., 8.13%, Series A | 1,455,221 | ||||||
|
| |||||||
35,398,152 | ||||||||
|
| |||||||
Multi-Utilities—0.8% | ||||||||
106,498 | Algonquin Power & Utilities Corp., 6.88% (Canada) | 2,809,417 | ||||||
157,345 | Integrys Holding, Inc., 6.00% | 3,978,469 | ||||||
38,314 | Just Energy Group, Inc., 8.50%, Series A (Canada) | 753,253 | ||||||
185,494 | NiSource, Inc., 6.50%, Series B | 4,906,316 | ||||||
|
| |||||||
12,447,455 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.3% | ||||||||
42,308 | Dcp Midstream LP, 7.95%, Series C | 1,048,815 | ||||||
62,113 | DCP Midstream LP, 7.88%, Series B(a) | 1,504,998 | ||||||
223,760 | Enbridge, Inc., 6.38%, Series B (Canada) | 5,781,959 | ||||||
168,638 | Energy Transfer Operating LP, 7.38%, Series C | 4,092,844 | ||||||
167,799 | Energy Transfer Operating LP, 7.63%, Series D(a) | 4,111,076 | ||||||
44,082 | GasLog Partners LP, 8.20%, Series B (Monaco) | 1,071,634 | ||||||
39,828 | GasLog Partners LP, 8.50%, Series C (Monaco) | 974,591 | ||||||
54,769 | GasLog Partners LP, 8.63%, Series A (Monaco) | 1,377,440 | ||||||
80,409 | NGL Energy Partners LP, 9.00%, Series B(a) | 1,904,085 | ||||||
146,916 | NuStar Energy LP, 7.63%, Series B | 3,152,817 | ||||||
86,833 | NuStar Energy LP, 8.50%, Series A | 2,067,494 | ||||||
66,086 | NuStar Energy LP, 9.00%, Series C | 1,622,411 | ||||||
47,899 | Targa Resources Partners LP, 9.00%, Series A | 1,294,231 | ||||||
65,094 | Teekay LNG Partners LP, 8.50%, Series B (Bermuda) | 1,568,765 | ||||||
45,974 | Teekay Offshore Partners LP, 8.88%, Series E | 930,054 | ||||||
44,076 | Tsakos Energy Navigation Ltd., 9.25%, Series E (Greece) | 976,283 | ||||||
57,325 | Tsakos Energy Navigation Ltd., 9.50%, Series F (Greece) | 1,289,813 | ||||||
|
| |||||||
34,769,310 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—0.3% | ||||||||
193,219 | New York Community Bancorp, Inc., 6.38%, Series A(a) | 4,853,661 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 71 |
|
Invesco Variable Rate Preferred ETF (VRP)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Preferred Stocks & Other Equity Interests (continued) | ||||||||
Trading Companies & Distributors—0.1% | ||||||||
39,000 | Air Lease Corp., 6.15%, Series A | $ | 987,870 | |||||
|
| |||||||
Total Preferred Stocks & Other Equity Interests (Cost $434,654,658) | 405,245,022 | |||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,574,881,479)—99.1% | 1,498,084,552 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.5% | ||||||||
38,802,527 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $38,802,527) | 38,802,527 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,613,684,006)—101.6% | 1,536,887,079 | |||||||
Other assets less liabilities—(1.6)% | (24,831,733 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,512,055,346 | ||||||
|
|
Investment Abbreviations:
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 February 28, 2019. |
(b) | Variable rate coupon. Stated interest rate was in effect at February 28, 2019. |
(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 February 28, 2019. |
(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.
| 72 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
State Breakdown | ||||
Arizona | 4.3 | |||
California | 10.9 | |||
Colorado | 3.7 | |||
Connecticut | 4.0 | |||
Florida | 14.7 | |||
Indiana | 4.0 | |||
Louisiana | 3.7 | |||
Maryland | 8.0 | |||
Massachusetts | 4.7 | |||
Michigan | 6.4 | |||
Missouri | 4.5 | |||
Nevada | 4.0 | |||
New York | 8.1 | |||
Ohio | 3.4 | |||
Tennessee | 5.3 | |||
Washington | 3.0 | |||
Other States Less Than 3% Each | 2.9 | |||
Other Assets Less Liabilities | 4.4 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds—95.6%(a) | ||||||||||||||||
Ad Valorem Property Tax—4.3% | ||||||||||||||||
$ | 400,000 | Massachusetts State Ref. (Remarketed 4/12/17) Ser. 01C | 1.770 | % | 01/01/2021 | $ | 400,000 | |||||||||
2,300,000 | Washington Maryland Suburban Sanitary District Ser. 15A | 1.690 | 06/01/2023 | 2,300,000 | ||||||||||||
|
| |||||||||||||||
2,700,000 | ||||||||||||||||
|
| |||||||||||||||
College & University Revenue—8.7% | ||||||||||||||||
2,500,000 | Michigan State University (General Remarketed 2/25/15) Rev. Ser. 00A | 1.780 | 08/15/2030 | 2,500,000 | ||||||||||||
1,000,000 | University of Texas System Ser. 08B | 1.720 | 08/01/2025 | 1,000,000 | ||||||||||||
1,900,000 | Washington State Higher Education Facilities Auth. (Whitman College Project) Ref. Ser. 04 | 1.800 | 10/01/2029 | 1,900,000 | ||||||||||||
|
| |||||||||||||||
5,400,000 | ||||||||||||||||
|
| |||||||||||||||
Electric Power Revenue—2.9% | ||||||||||||||||
1,780,000 | Sevier County Tennessee Public Building Auth. (Local Government Improvement Program) Ser. 10V-D-1 (LOC-Bank of America N.A.)(b) | 1.760 | 06/01/2026 | 1,780,000 | ||||||||||||
|
| |||||||||||||||
Health, Hospital, Nursing Home Revenue—28.7% | ||||||||||||||||
165,000 | Arizona State Health Facilities Auth. (Banner Health) Ser. 08F (LOC-JPMorgan Chase Bank N.A.)(b) | 1.770 | 01/01/2029 | 165,000 | ||||||||||||
2,500,000 | Arizona State Health Facilities Auth. (Dignity Health) Ser. 05B (LOC-JPMorgan Chase Bank N.A.)(b) | 1.800 | 07/01/2035 | 2,500,000 | ||||||||||||
2,500,000 | California State Statewide Community Development Auth. (Kaiser Permanente) Ser. 04M | 1.680 | 04/01/2038 | 2,500,000 | ||||||||||||
2,100,000 | Cleveland-Cuyahoga County Ohio Port Auth. (Carnegie/89th Garage Project) Ser. 07 (LOC-JPMorgan Chase Bank N.A.)(b) | 1.760 | 01/01/2037 | 2,100,000 | ||||||||||||
2,500,000 | Connecticut State Health & Educational Facilities Auth. (Yale New Heaven Hospital) Rev. Ser. 13O(LOC-Wells Fargo Bank N.A.)(b) | 1.760 | �� | 07/01/2053 | 2,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | 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))(b) | 1.720 | % | 07/01/2047 | $ | 300,000 | |||||||||
2,700,000 | Maryland State Health & Higher Educational Facilities Auth. (University of Maryland Medical Systems) Rev. Ser. 07A (LOC-Wells Fargo Bank N.A.)(b) | 1.740 | 07/01/2034 | 2,700,000 | ||||||||||||
2,500,000 | Massachusetts State Health & Educational Facilities Auth. (Partners Healthcare P-1—Remarketed 05/14/09) Rev. Ser. 97 | 1.740 | 07/01/2027 | 2,500,000 | ||||||||||||
2,500,000 | Missouri State Health & Educational Facilities Auth. (BJC Health System) Ser. 08C | 1.690 | 05/15/2038 | 2,500,000 | ||||||||||||
135,000 | University of North Carolina at Chapel Hill Rev. Ref. Ser. 03B | 1.710 | 02/01/2029 | 135,000 | ||||||||||||
|
| |||||||||||||||
17,900,000 | ||||||||||||||||
|
| |||||||||||||||
Highway Tolls Revenue—3.7% | ||||||||||||||||
2,325,000 | Bay Area California Auth. Toll Bridge Rev. Ser. 07 (LOC-Sumitomo Mitsui Banking)(b) | 1.550 | 04/01/2047 | 2,325,000 | ||||||||||||
|
| |||||||||||||||
Hotel Occupancy Tax—0.5% | ||||||||||||||||
300,000 | Kansas City Missouri Special Obligation (H. Roe Bartle) Ref. Ser. 08F (LOC-Sumitomo Mitsui Banking)(b) | 1.760 | 04/15/2025 | 300,000 | ||||||||||||
|
| |||||||||||||||
Lease Revenue—2.4% | ||||||||||||||||
1,500,000 | Michigan State Building Auth. Variable (Facilities Program Remarketed 12/18/14) Rev. Ref. Ser. 07I(LOC-Citibank N.A.)(b) | 1.800 | 10/15/2042 | 1,500,000 | ||||||||||||
|
| |||||||||||||||
Local or GTD Housing—7.3% | ||||||||||||||||
2,500,000 | Indianapolis Indiana Multifamily Housing (Capital Place-Convington) Rev. Ser. 08 (LOC-Fannie Mae)(b) | 1.790 | 05/15/2038 | 2,500,000 | ||||||||||||
600,000 | Nebraska State Investment Finance Auth. Single Family Housing Rev. Ser. 10B GNMA | 1.780 | 09/01/2038 | 600,000 | ||||||||||||
1,450,000 | New York State Housing Finance Agency (222 East 44th Street Housing) Rev. Ser. 15A (LOC-Bank of China Ltd.)(b) | 1.790 | 05/01/2050 | 1,450,000 | ||||||||||||
|
| |||||||||||||||
4,550,000 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Revenue—5.0% | ||||||||||||||||
1,495,000 | Clarksville Tennessee Public Building Auth. (Pooled Financing Tennessee Municipal Bond Fund) Rev. Ser. 99 (LOC-Bank of America N.A.)(b) | 1.790 | 06/01/2029 | 1,495,000 | ||||||||||||
100,000 | New York State Housing Finance Agency Service Contract (Remarketed 10/08/08) Rev. Ref. Ser. 03L (LOC-Bank of America N.A.)(b) | 1.730 | 09/15/2021 | 100,000 | ||||||||||||
1,500,000 | New York State Urban Development Corp. (CVS Contract) Rev. Ref. Ser. 08A-1 (LOC-Wells Fargo Bank N.A.)(b) | 1.750 | 01/01/2030 | 1,500,000 | ||||||||||||
|
| |||||||||||||||
3,095,000 | ||||||||||||||||
|
| |||||||||||||||
Multiple Utility Revenue—3.7% | ||||||||||||||||
2,300,000 | Colorado Springs Colorado Utilities Improvement (Sub.-Lien) Rev. Ser. 06B | 1.830 | 11/01/2036 | 2,300,000 | ||||||||||||
|
| |||||||||||||||
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.)(b) | 1.730 | 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.)(b) | 1.800 | 09/01/2033 | 2,000,000 | ||||||||||||
|
| |||||||||||||||
4,500,000 | ||||||||||||||||
|
| |||||||||||||||
Sales Tax Revenue—7.4% | ||||||||||||||||
2,630,000 | Florida State Department of Environmental Protection Preservation (Everglades Restoration) Rev. Ser. 07A AGC | 1.760 | 07/01/2027 | 2,630,000 | ||||||||||||
2,000,000 | Nassau County Interim Finance Auth. (Sales Tax Secured) Ser. 08B | 1.730 | 11/15/2021 | 2,000,000 | ||||||||||||
|
| |||||||||||||||
4,630,000 | ||||||||||||||||
|
| |||||||||||||||
Water Revenue—13.8% | ||||||||||||||||
100,000 | Charlotte North Carolina Water & Sewer System Rev. Ser. 06B | 1.700 | 07/01/2036 | 100,000 | ||||||||||||
2,500,000 | Florida Keys Aqueduct Auth. Water Rev. Ref. Ser. 08 (LOC-TD Bank N.A.)(b) | 1.730 | 09/01/2035 | 2,500,000 | ||||||||||||
2,500,000 | JEA Florida Water & Sewer System Rev. Ser. 08B | 1.820 | 10/01/2041 | 2,500,000 | ||||||||||||
2,000,000 | Los Angeles California Department of Water & Power Waterworks (Remarketed 07/25/16) Rev. Sub.-Ser. 01B-4 | 1.550 | 07/01/2035 | 2,000,000 | ||||||||||||
1,500,000 | West Palm Beach Florida Utility System Rev. Ser. 08C AGC | 1.770 | 10/01/2038 | 1,500,000 | ||||||||||||
|
| |||||||||||||||
8,600,000 | ||||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $59,580,000)(c)—95.6% | 59,580,000 | |||||||||||||||
Other assets less liabilities—4.4% | 2,735,632 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 62,315,632 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco VRDO Tax-Free Weekly ETF (PVI)(continued)
February 28, 2019
(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) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2019. |
(b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(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 February 28, 2019. 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 | |||
JPMorgan Chase Bank N.A. | 11.4 | % | ||
Wells Fargo Bank N.A. | 11.2 | |||
Bank of America N.A. | 9.9 | |||
Assured Guaranty Corp. | 6.9 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | Invesco CEF Income Composite ETF (PCEF) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 161,668,076 | $ | 304,390,066 | $ | 712,274,830 | $ | 719,204,932 | $ | 129,703,544 | ||||||||||
Affiliated investments in securities, at value | 61,206 | — | 22,553,904 | 41,912,413 | 2,911,954 | |||||||||||||||
Cash | — | 6,741,031 | — | 11,393 | — | |||||||||||||||
Cash segregated as collateral | — | — | — | 370,418 | 53,793 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends and interest | 373,658 | 3,162,211 | 1,214,775 | 10,888,536 | 1,271,214 | |||||||||||||||
Investments sold | — | — | — | 107,125 | 1,778,121 | |||||||||||||||
Foreign tax reclaims | — | — | — | — | — | |||||||||||||||
Shares sold | — | — | — | — | 51,237 | |||||||||||||||
Securities lending | — | — | 106,702 | 30,220 | 1,557 | |||||||||||||||
Other assets | — | — | — | 1,499 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 162,102,940 | 314,293,308 | 736,150,211 | 772,526,536 | 135,771,420 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 810 | — | 1,682,475 | — | — | |||||||||||||||
Payables: | ||||||||||||||||||||
Shares repurchased | — | — | — | 3,713,965 | — | |||||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | 370,418 | 53,793 | |||||||||||||||
Investments purchased | — | — | — | — | 1,763,535 | |||||||||||||||
Collateral upon return of securities loaned | — | — | 8,950,875 | 38,382,252 | 2,812,097 | |||||||||||||||
Accrued unitary management fees | 30,589 | 67,430 | 274,734 | 265,680 | 21,879 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 31,399 | 67,430 | 10,908,084 | 42,732,315 | 4,651,304 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 162,071,541 | $ | 314,225,878 | $ | 725,242,127 | $ | 729,794,221 | $ | 131,120,116 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 170,869,769 | $ | 312,718,463 | $ | 769,288,104 | $ | 782,272,282 | $ | 132,335,827 | ||||||||||
Distributable earnings | (8,798,228 | ) | 1,507,415 | (44,045,977 | ) | (52,478,061 | ) | (1,215,711 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 162,071,541 | $ | 314,225,878 | $ | 725,242,127 | $ | 729,794,221 | $ | 131,120,116 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,100,000 | 12,150,000 | 32,800,000 | 39,300,000 | 5,250,000 | |||||||||||||||
Net asset value | $ | 31.78 | $ | 25.86 | $ | 22.11 | $ | 18.57 | $ | 24.98 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 31.79 | $ | 25.80 | $ | 22.09 | $ | 18.56 | $ | 25.03 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 168,959,257 | $ | 302,056,101 | $ | 722,580,594 | $ | 730,799,743 | $ | 130,127,453 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 61,206 | $ | — | $ | 22,996,158 | $ | 41,912,413 | $ | 2,911,954 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | — | $ | 8,687,770 | $ | 36,833,970 | $ | 2,719,174 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
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) | 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) | |||||||||||||||||||||||
$ | 11,907,171 | $ | 1,505,604,698 | $ | 58,541,401 | $ | 4,662,940,893 | $ | 877,877,243 | $ | 549,552,377 | $ | 1,498,084,552 | $ | 59,580,000 | |||||||||||||||
1,066,339 | — | — | 41,660,370 | 9,492,198 | — | 38,802,527 | — | |||||||||||||||||||||||
— | 18,867,998 | 2,181,466 | 1,425,042 | — | — | — | 2,671,523 | |||||||||||||||||||||||
— | — | — | 6,639 | — | — | 5,125,907 | — | |||||||||||||||||||||||
107,084 | 17,745,264 | 697,533 | 29,941,034 | 12,445,070 | 729,593 | 17,018,007 | 76,001 | |||||||||||||||||||||||
199,598 | — | — | 2,081,098 | — | 110,484,343 | 11,093,420 | — | |||||||||||||||||||||||
123 | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | 2,872,188 | — | — | — | — | |||||||||||||||||||||||
43 | — | — | 453,577 | — | — | 54,774 | — | |||||||||||||||||||||||
— | — | — | — | — | — | 1,500 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13,280,358 | 1,542,217,960 | 61,420,400 | 4,741,380,841 | 899,814,511 | 660,766,313 | 1,570,180,687 | 62,327,524 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | — | — | — | — | 652,735 | 587,612 | — | |||||||||||||||||||||||
— | — | — | — | — | — | 7,324,567 | — | |||||||||||||||||||||||
— | — | — | 6,639 | — | — | 5,125,907 | — | |||||||||||||||||||||||
98,677 | — | — | 45,013,051 | — | 109,540,986 | 5,704,050 | — | |||||||||||||||||||||||
776,890 | — | — | 41,660,370 | — | — | 38,802,527 | — | |||||||||||||||||||||||
2,066 | 329,145 | 13,170 | 1,759,028 | 190,994 | 34,251 | 580,678 | 11,892 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
877,633 | 329,145 | 13,170 | 88,439,088 | 190,994 | 110,227,972 | 58,125,341 | 11,892 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,402,725 | $ | 1,541,888,815 | $ | 61,407,230 | $ | 4,652,941,753 | $ | 899,623,517 | $ | 550,538,341 | $ | 1,512,055,346 | $ | 62,315,632 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,484,488 | $ | 1,515,121,843 | $ | 61,142,612 | $ | 4,856,812,525 | $ | 868,615,850 | $ | 550,377,612 | $ | 1,630,208,307 | $ | 62,326,141 | |||||||||||||||
(81,763 | ) | 26,766,972 | 264,618 | (203,870,772 | ) | 31,007,667 | 160,729 | (118,152,961 | ) | (10,509 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,402,725 | $ | 1,541,888,815 | $ | 61,407,230 | $ | 4,652,941,753 | $ | 899,623,517 | $ | 550,538,341 | $ | 1,512,055,346 | $ | 62,315,632 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 500,000 | 61,250,000 | 2,550,000 | 324,000,000 | 30,450,000 | 5,220,001 | 61,900,000 | 2,500,000 | ||||||||||||||||||||||
$ | 24.81 | $ | 25.17 | $ | 24.08 | $ | 14.36 | $ | 29.54 | $ | 105.47 | $ | 24.43 | $ | 24.93 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 24.79 | $ | 25.19 | $ | 24.05 | $ | 14.37 | $ | 29.63 | $ | 105.51 | $ | 24.41 | $ | 24.91 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 11,940,456 | $ | 1,477,599,705 | $ | 58,157,665 | $ | 4,762,993,469 | $ | 843,627,220 | $ | 549,417,630 | $ | 1,574,881,479 | $ | 59,580,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,066,339 | $ | — | $ | — | $ | 41,660,370 | $ | 9,492,198 | $ | — | $ | 38,802,527 | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 666,132 | $ | — | $ | — | $ | 40,411,916 | $ | — | $ | — | $ | 37,384,177 | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 77 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | Invesco CEF Income Composite ETF (PCEF) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated interest income | $ | 1,766,558 | $ | 4,085,745 | $ | — | $ | 19,615,645 | $ | 1,932,957 | ||||||||||
Unaffiliated dividend income | — | — | 27,409,162 | — | — | |||||||||||||||
Affiliated dividend income | 3,652 | — | 449,282 | 32,452 | 3,362 | |||||||||||||||
Securities lending income | — | — | 352,514 | 213,425 | 3,159 | |||||||||||||||
Foreign withholding tax | — | — | (2,146 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 1,770,210 | 4,085,745 | 28,208,812 | 19,861,522 | 1,939,478 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 181,464 | 397,183 | 1,726,213 | 2,086,219 | 128,964 | |||||||||||||||
Tax expenses | — | — | — | 1,500 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 181,464 | 397,183 | 1,726,213 | 2,087,719 | 128,964 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (184 | ) | — | (451 | ) | (2,760 | ) | (297 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 181,280 | 397,183 | 1,725,762 | 2,084,959 | 128,667 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 1,588,930 | 3,688,562 | 26,483,050 | 17,776,563 | 1,810,811 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (161,974 | ) | (407,895 | ) | (8,008,020 | ) | (179,000 | ) | (334,315 | ) | ||||||||||
Affiliated investment securities | — | — | (76,875 | ) | — | — | ||||||||||||||
Unaffiliated in-kind redemptions | (795,075 | ) | 583,624 | 5,447,483 | (13,637,381 | ) | — | |||||||||||||
Affiliated in-kind redemptions | — | — | 21,935 | — | — | |||||||||||||||
Distributions of underlying fund shares | — | — | 229,934 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | (957,049 | ) | 175,729 | (2,385,543 | ) | (13,816,381 | ) | (334,315 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Unaffiliated investment securities | 717,466 | 1,522,467 | (23,633,404 | ) | 4,327,393 | 1,455,859 | ||||||||||||||
Affiliated investment securities | — | — | (120,061 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | 717,466 | 1,522,467 | (23,753,465 | ) | 4,327,393 | 1,455,859 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (239,583 | ) | 1,698,196 | (26,139,008 | ) | (9,488,988 | ) | 1,121,544 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,349,347 | $ | 5,386,758 | $ | 344,042 | $ | 8,287,575 | $ | 2,932,355 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
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) | 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) | |||||||||||||||||||||||
$ | 164,200 | $ | 26,752,123 | $ | 994,942 | $ | — | $ | 19,815,571 | $ | 5,781,425 | $ | 31,175,781 | $ | 460,881 | |||||||||||||||
— | — | — | 143,432,942 | — | — | 15,049,465 | — | |||||||||||||||||||||||
1,023 | — | — | 97,517 | 85,797 | 4,386 | 43,466 | — | |||||||||||||||||||||||
91 | — | — | 2,597,644 | — | — | 298,042 | — | |||||||||||||||||||||||
— | — | — | — | — | — | (7,706 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
165,314 | 26,752,123 | 994,942 | 146,128,103 | 19,901,368 | 5,785,811 | 46,559,048 | 460,881 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13,414 | 2,160,131 | 85,842 | 11,783,853 | 1,213,602 | 203,911 | 4,497,350 | 76,670 | |||||||||||||||||||||||
— | — | — | — | — | — | 1,500 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13,414 | 2,160,131 | 85,842 | 11,783,853 | 1,213,602 | 203,911 | 4,498,850 | 76,670 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(84 | ) | — | — | (7,815 | ) | (6,991 | ) | (231 | ) | (3,768 | ) | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
13,330 | 2,160,131 | 85,842 | 11,776,038 | 1,206,611 | 203,680 | 4,495,082 | 76,670 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
151,984 | 24,591,992 | 909,100 | 134,352,065 | 18,694,757 | 5,582,131 | 42,063,966 | 384,211 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(18,936 | ) | (3,854,330 | ) | (133,163 | ) | (17,169,766 | ) | (1,700,328 | ) | 32,166 | (4,064,485 | ) | — | |||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | 3,975,550 | 42,376 | (6,053,353 | ) | 3,939,483 | 3,794 | (34,239,723 | ) | — | |||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(18,936 | ) | 121,220 | (90,787 | ) | (23,223,119 | ) | 2,239,155 | 35,960 | (38,304,208 | ) | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
111,394 | 1,403,944 | 261,692 | (85,658,077 | ) | (7,574,270 | ) | 207,567 | (30,935,062 | ) | — | ||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
111,394 | 1,403,944 | 261,692 | (85,658,077 | ) | (7,574,270 | ) | 207,567 | �� | (30,935,062 | ) | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
92,458 | 1,525,164 | 170,905 | (108,881,196 | ) | (5,335,115 | ) | 243,527 | (69,239,270 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 244,442 | $ | 26,117,156 | $ | 1,080,005 | $ | 25,470,869 | $ | 13,359,642 | $ | 5,825,658 | $ | (27,175,304 | ) | $ | 384,211 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 79 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco 1-30 Laddered Treasury ETF (PLW) | Invesco California AMT-Free Municipal Bond ETF (PWZ) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,588,930 | $ | 3,135,358 | $ | 3,828,078 | $ | 3,688,562 | $ | 5,154,468 | $ | 4,787,907 | ||||||||||||
Net realized gain (loss) | (957,049 | ) | (1,901,061 | ) | (861,018 | ) | 175,729 | 199,203 | 516,728 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 717,466 | (3,808,896 | ) | (7,860,127 | ) | 1,522,467 | (2,516,166 | ) | (1,373,457 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,349,347 | (2,574,599 | ) | (4,893,067 | ) | 5,386,758 | 2,837,505 | 3,931,178 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (1,620,576 | ) | (3,150,699 | ) | (3,839,339 | ) | (3,723,938 | ) | (5,154,468 | ) | (4,787,907 | ) | ||||||||||||
Return of capital | — | — | — | — | (78,193 | ) | (47,626 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (1,620,576 | ) | (3,150,699 | ) | (3,839,339 | ) | (3,723,938 | ) | (5,232,661 | ) | (4,835,533 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 23,916,654 | 73,889,628 | 24,396,719 | 78,442,038 | 20,897,090 | 80,270,039 | ||||||||||||||||||
Value of shares repurchased | (15,208,372 | ) | (101,922,955 | ) | (49,742,721 | ) | (16,681,213 | ) | (5,132,012 | ) | (31,699,168 | ) | ||||||||||||
Transaction fees | — | — | — | 6,370 | 12,830 | 126,543 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | 8,708,282 | (28,033,327 | ) | (25,346,002 | ) | 61,767,195 | 15,777,908 | 48,697,414 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | 8,437,053 | (33,758,625 | ) | (34,078,408 | ) | 63,430,015 | 13,382,752 | 47,793,059 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 153,634,488 | 187,393,113 | 221,471,521 | 250,795,863 | 237,413,111 | 189,620,052 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 162,071,541 | $ | 153,634,488 | $ | 187,393,113 | $ | 314,225,878 | $ | 250,795,863 | $ | 237,413,111 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 750,000 | 2,300,000 | 750,000 | 3,100,000 | 800,000 | 3,100,000 | ||||||||||||||||||
Shares repurchased | (500,000 | ) | (3,200,000 | ) | (1,550,000 | ) | (650,000 | ) | (200,000 | ) | (1,250,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 4,850,000 | 5,750,000 | 6,550,000 | 9,700,000 | 9,100,000 | 7,250,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 5,100,000 | 4,850,000 | 5,750,000 | 12,150,000 | 9,700,000 | 9,100,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 80 |
|
Invesco CEF Income Composite ETF (PCEF) | Invesco Fundamental High Yield® Corporate Bond ETF (PHB) | |||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||
$ | 26,483,050 | $ | 38,658,693 | $ | 32,653,847 | $ | 17,776,563 | $ | 36,257,832 | $ | 49,230,720 | |||||||||||
(2,385,543 | ) | 9,490,386 | 7,177,093 | (13,816,381 | ) | (135,135 | ) | 33,564,542 | ||||||||||||||
(23,753,465 | ) |
| (34,951,081 | ) | 58,160,457 | 4,327,393 | (32,016,902 | ) | (15,558,589 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
344,042 |
| 13,197,998 |
| 97,991,397 | 8,287,575 | 4,105,795 | 67,236,673 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(27,060,477 | ) | (42,434,762 | ) | (32,752,020 | ) | (17,843,583 | ) | (36,149,521 | ) | (49,423,066 | ) | |||||||||||
— | — | (15,880,681 | ) | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(27,060,477 | ) | (42,434,762 | ) | (48,632,701 | ) | (17,843,583 | ) | (36,149,521 | ) | (49,423,066 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
83,329,450 | 100,554,411 | 78,505,086 | 219,208,165 | 627,330,216 | 991,546,556 | |||||||||||||||||
(54,547,608 | ) | (51,317,550 | ) | (67,160,223 | ) | (428,387,782 | ) | (844,678,481 | ) | (899,575,504 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
28,781,842 |
| 49,236,861 |
| 11,344,863 | (209,179,617 | ) | (217,348,265 | ) | 91,971,052 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,065,407 | 20,000,097 | 60,703,559 | (218,735,625 | ) | (249,391,991 | ) | 109,784,659 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
723,176,720 | 703,176,623 | 642,473,064 | 948,529,846 | 1,197,921,837 | 1,088,137,178 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 725,242,127 | $ | 723,176,720 | $ | 703,176,623 | $ | 729,794,221 | $ | 948,529,846 | $ | 1,197,921,837 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
3,900,000 | 4,300,000 | 3,350,000 | 11,900,000 | 33,400,000 | 52,500,000 | |||||||||||||||||
(2,550,000 | ) | (2,200,000 | ) | (2,900,000 | ) | (23,700,000 | ) | (45,100,000 | ) | (47,600,000 | ) | |||||||||||
31,450,000 | 29,350,000 | 28,900,000 | 51,100,000 | 62,800,000 | 57,900,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
32,800,000 | 31,450,000 | 29,350,000 | 39,300,000 | 51,100,000 | 62,800,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 81 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,810,811 | $ | 2,152,009 | $ | 1,256,153 | $ | 151,984 | $ | 347,301 | $ | 440,111 | ||||||||||||
Net realized gain (loss) | (334,315 | ) | (726,546 | ) | 93,679 | (18,936 | ) | (239,953 | ) | 51,690 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 1,455,859 | (2,206,353 | ) | (782,957 | ) | 111,394 | (166,144 | ) | (120,959 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,932,355 | (780,890 | ) | 566,875 | 244,442 | (58,796 | ) | 370,842 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (1,816,758 | ) | (2,152,009 | ) | (1,261,537 | ) | (156,940 | ) | (341,964 | ) | (442,061 | ) | ||||||||||||
Return of capital | — | (16,435 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (1,816,758 | ) | (2,168,444 | ) | (1,261,537 | ) | (156,940 | ) | (341,964 | ) | (442,061 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 23,384,394 | 75,624,449 | 17,863,611 | — | 11,218,280 | 6,249,120 | ||||||||||||||||||
Value of shares repurchased | — | (16,025,377 | ) | (25,352,592 | ) | — | (22,236,829 | ) | (4,996,874 | ) | ||||||||||||||
Transaction fees | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | 23,384,394 | 59,599,072 | (7,488,981 | ) | — | (11,018,549 | ) | 1,252,246 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | 24,499,991 | 56,649,738 | (8,183,643 | ) | 87,502 | (11,419,309 | ) | 1,181,027 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 106,620,125 | 49,970,387 | 58,154,030 | 12,315,223 | 23,734,532 | 22,553,505 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 131,120,116 | $ | 106,620,125 | $ | 49,970,387 | $ | 12,402,725 | $ | 12,315,223 | $ | 23,734,532 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 950,000 | 3,000,000 | 700,000 | — | 450,000 | 250,000 | ||||||||||||||||||
Shares repurchased | — | (650,000 | ) | (1,000,000 | ) | — | (900,000 | ) | (200,000 | ) | ||||||||||||||
Shares outstanding, beginning of period | 4,300,000 | 1,950,000 | 2,250,000 | 500,000 | 950,000 | 900,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 5,250,000 | 4,300,000 | 1,950,000 | 500,000 | 500,000 | 950,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 82 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) | Invesco New York AMT-Free Municipal Bond ETF (PZT) | |||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||
$ | 24,591,992 | $ | 42,225,505 | $ | 44,120,363 | $ | 909,100 | $ | 1,622,957 | $ | 1,926,314 | |||||||||||
121,220 | (739,567 | ) | 1,566,146 | (90,787 | ) | 250,537 | 485,614 | |||||||||||||||
1,403,944 |
| (28,566,818 | ) | (6,807,061 | ) | 261,692 | (1,557,451 | ) | (901,063 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
26,117,156 |
| 12,919,120 |
| 38,879,448 | 1,080,005 | 316,043 | 1,510,865 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(24,803,412 | ) | (42,825,016 | ) | (44,434,318 | ) | (920,827 | ) | (1,645,145 | ) | (1,937,572 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(24,803,412 | ) | (42,825,016 | ) | (44,434,318 | ) | (920,827 | ) | (1,645,145 | ) | (1,937,572 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
41,344,906 | 155,166,789 | 375,282,762 | 2,377,051 | 3,662,435 | 2,424,444 | |||||||||||||||||
(160,884,192 | ) | (76,665,955 | ) | (138,711,374 | ) | (4,705,635 | ) | (4,817,324 | ) | — | ||||||||||||
133,834 | 127,313 | 608,718 | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(119,405,452 | ) | | 78,628,147 | 237,180,106 | (2,328,584 | ) | (1,154,889 | ) | 2,424,444 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(118,091,708 | ) | 48,722,251 | 231,625,236 | (2,169,406 | ) | (2,483,991 | ) | 1,997,737 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,659,980,523 | 1,611,258,272 | 1,379,633,036 | 63,576,636 | 66,060,627 | 64,062,890 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 1,541,888,815 | $ | 1,659,980,523 | $ | 1,611,258,272 | $ | 61,407,230 | $ | 63,576,636 | $ | 66,060,627 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,650,000 | 6,100,000 | 14,850,000 | 100,000 | 150,000 | 100,000 | |||||||||||||||||
(6,500,000 | ) | (3,000,000 | ) | (5,550,000 | ) | (200,000 | ) | (200,000 | ) | — | ||||||||||||
66,100,000 | 63,000,000 | 53,700,000 | 2,650,000 | 2,700,000 | 2,600,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
61,250,000 | 66,100,000 | 63,000,000 | 2,550,000 | 2,650,000 | 2,700,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 83 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Preferred ETF (PGX) | Invesco Taxable Municipal Bond ETF (BAB) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 134,352,065 | $ | 254,699,506 | $ | 273,485,492 | $ | 18,694,757 | $ | 32,076,434 | $ | 39,719,227 | ||||||||||||
Net realized gain (loss) | (23,223,119 | ) | (40,252,986 | ) | (8,474,161 | ) | 2,239,155 | (850,952 | ) | (1,810,687 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | (85,658,077 | ) | (99,837,343 | ) | (1,049,352 | ) | (7,574,270 | ) | (22,250,818 | ) | (11,646,216 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | 25,470,869 | 114,609,177 | 263,961,979 | 13,359,642 | 8,974,664 | 26,262,324 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (137,801,846 | ) | (244,818,962 | ) | (276,488,848 | ) | (18,738,166 | ) | (32,279,031 | ) | (39,855,653 | ) | ||||||||||||
Return of capital | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (137,801,846 | ) | (244,818,962 | ) | (276,488,848 | ) | (18,738,166 | ) | (32,279,031 | ) | (39,855,653 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 105,849,932 | 793,860,901 | 1,107,127,988 | 50,147,037 | 49,320,084 | 21,044,718 | ||||||||||||||||||
Value of shares repurchased | (718,588,110 | ) | (619,175,651 | ) | (491,910,183 | ) | (84,322,684 | ) | (59,659,382 | ) | (106,639,740 | ) | ||||||||||||
Transaction fees | — | — | — | 306,690 | 279,471 | 744,256 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | (612,738,178 | ) | 174,685,250 | 615,217,805 | (33,868,957 | ) | (10,059,827 | ) | (84,850,766 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (725,069,155 | ) | 44,475,465 | 602,690,936 | (39,247,481 | ) | (33,364,194 | ) | (98,444,095 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 5,378,010,908 | 5,333,535,443 | 4,730,844,507 | 938,870,998 | 972,235,192 | 1,070,679,287 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 4,652,941,753 | $ | 5,378,010,908 | $ | 5,333,535,443 | $ | 899,623,517 | $ | 938,870,998 | $ | 972,235,192 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 7,500,000 | 54,350,000 | 74,100,000 | 1,700,000 | 1,650,000 | 700,000 | ||||||||||||||||||
Shares repurchased | (51,750,000 | ) | (42,500,000 | ) | (33,900,000 | ) | (2,900,000 | ) | (2,000,000 | ) | (3,600,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 368,250,000 | 356,400,000 | 316,200,000 | 31,650,000 | 32,000,000 | 34,900,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 324,000,000 | 368,250,000 | 356,400,000 | 30,450,000 | 31,650,000 | 32,000,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
| 84 |
|
Invesco Treasury Collateral ETF (CLTL) | Invesco Variable Rate Preferred ETF (VRP) | Invesco VRDO Tax-Free Weekly ETF (PVI) | ||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017(a) | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||||||||
$ | 5,582,131 | $ | 5,582,772 | $ | 2,397,921 | $ | 42,063,966 | $ | 73,923,718 | $ | 64,539,040 | $ | 384,211 | $ | 564,566 | $ | 395,971 | |||||||||||||||||
35,960 | (49,581 | ) | (35,104 | ) | (38,304,208 | ) | 16,903,578 | 31,561,759 | — | 350 | (10 | ) | ||||||||||||||||||||||
207,567 |
| 88,653 |
| (161,473 | ) | (30,935,062 | ) | (67,581,280 | ) | (953,428 | ) | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,825,658 |
| 5,621,844 |
| 2,201,344 | (27,175,304 | ) | 23,246,016 | 95,147,371 | 384,211 | 564,916 | 395,961 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(5,904,821 | ) | (7,583,824 | ) | — | (48,329,446 | ) | (79,508,012 | ) | (64,972,652 | ) | (395,098 | ) | (564,528 | ) | (395,971 | ) | ||||||||||||||||||
— | — | — | — | — | — | — | — | (449 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(5,904,821 | ) | (7,583,824 | ) | — | (48,329,446 | ) | (79,508,012 | ) | (64,972,652 | ) | (395,098 | ) | (564,528 | ) | (396,420 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
104,458,580 | 15,855,831 | 453,283,483 | 2,413,285 | 923,347,552 | 1,478,978,932 | 3,740,456 | 4,986,642 | 26,174,420 | ||||||||||||||||||||||||||
(22,163,714 | ) | — | (1,056,040 | ) | (606,967,520 | ) | (565,925,316 | ) | (517,259,238 | ) | (3,740,880 | ) | (26,172,286 | ) | (2,492,350 | ) | ||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
82,294,866 |
| 15,855,831 |
| 452,227,443 | (604,554,235 | ) | 357,422,236 | 961,719,694 | (424 | ) | (21,185,644 | ) | 23,682,070 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
82,215,703 | 13,893,851 | 454,428,787 | (680,058,985 | ) | 301,160,240 | 991,894,413 | (11,311 | ) | (21,185,256 | ) | 23,681,611 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
468,322,638 | 454,428,787 | — | 2,192,114,331 | 1,890,954,091 | 899,059,678 | 62,326,943 | 83,512,199 | 59,830,588 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 550,538,341 | $ | 468,322,638 | $ | 454,428,787 | $ | 1,512,055,346 | $ | 2,192,114,331 | $ | 1,890,954,091 | $ | 62,315,632 | $ | 62,326,943 | $ | 83,512,199 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
990,000 | 150,000 | 4,300,001 | 100,000 | 36,200,000 | 57,600,000 | 150,000 | 200,000 | 1,050,000 | ||||||||||||||||||||||||||
(210,000 | ) | — | (10,000 | ) | (25,400,000 | ) | (22,100,000 | ) | (20,000,000 | ) | (150,000 | ) | (1,050,000 | ) | (100,000 | ) | ||||||||||||||||||
4,440,001 | 4,290,001 | — | 87,200,000 | 73,100,000 | 35,500,000 | 2,500,000 | 3,350,000 | 2,400,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,220,001 | 4,440,001 | 4,290,001 | 61,900,000 | 87,200,000 | 73,100,000 | 2,500,000 | 2,500,000 | 3,350,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 85 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.68 | $ | 32.59 | $ | 33.81 | $ | 32.59 | $ | 31.96 | $ | 30.41 | $ | 32.96 | ||||||||||||||
Net investment income(a) | 0.34 | 0.57 | 0.66 | 0.65 | 0.70 | 0.76 | 0.74 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.11 | (0.91 | ) | (1.22 | ) | 1.22 | 0.63 | 1.54 | (2.55 | ) | ||||||||||||||||||
Total from investment operations | 0.45 | (0.34 | ) | (0.56 | ) | 1.87 | 1.33 | 2.30 | (1.81 | ) | ||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.57 | ) | (0.66 | ) | (0.65 | ) | (0.70 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||||
Net realized gains | — | — | — | — | — | — | (0.00 | )(b) | ||||||||||||||||||||
Total distributions | (0.35 | ) | (0.57 | ) | (0.66 | ) | (0.65 | ) | (0.70 | ) | (0.75 | ) | (0.74 | ) | ||||||||||||||
Net asset value at end of period | $ | 31.78 | $ | 31.68 | $ | 32.59 | $ | 33.81 | $ | 32.59 | $ | 31.96 | $ | 30.41 | ||||||||||||||
Market price at end of | $ | 31.79 | $ | 31.64 | $ | 32.59 | $ | 33.84 | $ | 32.60 | $ | 31.97 | $ | 30.40 | ||||||||||||||
Net Asset Value Total Return(d) | 1.43 | % | (1.04 | )% | (1.63 | )% | 5.76 | % | 4.18 | % | 7.71 | % | (5.55 | )% | ||||||||||||||
Market Price Total Return(d) | 1.59 | % | (1.17 | )% | (1.72 | )% | 5.82 | % | 4.18 | % | 7.77 | % | (5.47 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 162,072 | $ | 153,634 | $ | 187,393 | $ | 221,472 | $ | 267,278 | $ | 279,635 | $ | 150,540 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.25 | %(e) | 0.25 | %(e) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||
Net investment income | 2.19 | %(e) | 2.13 | %(e) | 2.02 | % | 1.94 | % | 2.14 | % | 2.47 | % | 2.33 | % | ||||||||||||||
Portfolio turnover rate(f) | 4 | % | 5 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Financial Highlights(continued)
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.86 | $ | 26.09 | $ | 26.15 | $ | 25.43 | $ | 25.45 | $ | 23.50 | $ | 25.34 | ||||||||||||||
Net investment income(a) | 0.33 | 0.54 | 0.65 | 0.74 | 0.82 | 0.97 | 0.91 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.00 | (b) | (0.23 | ) | (0.07 | ) | 0.70 | (0.06 | ) | 1.91 | (1.84 | ) | ||||||||||||||||
Total from investment operations | 0.33 | 0.31 | 0.58 | 1.44 | 0.76 | 2.88 | (0.93 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.33 | ) | (0.53 | ) | (0.65 | ) | (0.75 | ) | (0.83 | ) | (0.97 | ) | (0.91 | ) | ||||||||||||||
Return of capital | — | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.00 | )(b) | (0.02 | ) | (0.00 | )(b) | |||||||||||||||
Total distributions | (0.33 | ) | (0.54 | ) | (0.66 | ) | (0.76 | ) | (0.83 | ) | (0.99 | ) | (0.91 | ) | ||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.02 | 0.04 | 0.05 | 0.06 | — | |||||||||||||||||||
Net asset value at end of period | $ | 25.86 | $ | 25.86 | $ | 26.09 | $ | 26.15 | $ | 25.43 | $ | 25.45 | $ | 23.50 | ||||||||||||||
Market price at end of | $ | 25.80 | $ | 25.83 | $ | 26.08 | $ | 26.21 | $ | 25.50 | $ | 25.61 | $ | 23.42 | ||||||||||||||
Net Asset Value Total Return(d) | 1.30 | % | 1.22 | % | 2.36 | % | 5.84 | % | 3.25 | % | 12.75 | % | (3.74 | )% | ||||||||||||||
Market Price Total Return(d) | 1.18 | % | 1.15 | % | 2.08 | % | 5.79 | % | 2.87 | % | 13.84 | % | (4.06 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 314,226 | $ | 250,796 | $ | 237,413 | $ | 189,620 | $ | 109,369 | $ | 66,169 | $ | 61,108 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.26 | % | 0.30 | % | ||||||||||||||
Net investment income | 2.60 | %(e) | 2.49 | %(e) | 2.52 | % | 2.81 | % | 3.23 | % | 3.95 | % | 3.70 | % | ||||||||||||||
Portfolio turnover rate(f) | 9 | % | 6 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Financial Highlights(continued)
Invesco CEF Income Composite ETF (PCEF)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.99 | $ | 23.96 | $ | 22.23 | $ | 21.91 | $ | 24.41 | $ | 24.40 | $ | 25.47 | ||||||||||||||
Net investment income(a) | 0.82 | 1.26 | 1.13 | 1.30 | 1.53 | 1.36 | 1.21 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.86 | ) | (0.84 | ) | 2.28 | 0.77 | (2.07 | ) | 0.58 | (0.31 | ) | |||||||||||||||||
Total from investment operations | (0.04 | ) | 0.42 | 3.41 | 2.07 | (0.54 | ) | 1.94 | 0.90 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.84 | ) | (1.39 | ) | (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 | (0.84 | ) | (1.39 | ) | (1.68 | ) | (1.75 | ) | (1.96 | ) | (1.93 | ) | (1.97 | ) | ||||||||||||||
Net asset value at end of period | $ | 22.11 | $ | 22.99 | $ | 23.96 | $ | 22.23 | $ | 21.91 | $ | 24.41 | $ | 24.40 | ||||||||||||||
Market price at end of | $ | 22.09 | $ | 23.01 | $ | 23.96 | $ | 22.23 | $ | 21.85 | $ | 24.42 | $ | 24.40 | ||||||||||||||
Net Asset Value Total Return(c) | 0.01 | % | 1.85 | % | 15.86 | % | 10.11 | % | (2.31 | )% | 8.23 | % | 3.64 | % | ||||||||||||||
Market Price Total Return(c) | (0.17 | )% | 1.94 | % | 15.86 | % | 10.41 | % | (2.62 | )% | 8.27 | % | 3.43 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 725,242 | $ | 723,177 | $ | 703,177 | $ | 642,473 | $ | 628,684 | $ | 619,913 | $ | 469,789 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses(d) | 0.50 | %(e) | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||
Net investment income | 7.67 | %(e) | 6.53 | %(e) | 4.85 | % | 5.99 | % | 6.61 | % | 5.54 | % | 4.82 | % | ||||||||||||||
Portfolio turnover rate(f) | 10 | % | 12 | % | 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 Fundamental High Yield® Corporate Bond ETF (PHB)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.56 | $ | 19.08 | $ | 18.79 | $ | 18.25 | $ | 19.24 | $ | 19.24 | $ | 19.19 | ||||||||||||||
Net investment income(a) | 0.39 | 0.64 | 0.80 | 0.85 | 0.81 | 0.85 | 0.90 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | (0.52 | ) | 0.29 | 0.54 | (0.98 | ) | (0.00 | )(b) | 0.05 | ||||||||||||||||||
Total from investment operations | 0.40 | 0.12 | 1.09 | 1.39 | (0.17 | ) | 0.85 | 0.95 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.64 | ) | (0.80 | ) | (0.85 | ) | (0.82 | ) | (0.85 | ) | (0.90 | ) | ||||||||||||||
Net asset value at end of period | $ | 18.57 | $ | 18.56 | $ | 19.08 | $ | 18.79 | $ | 18.25 | $ | 19.24 | $ | 19.24 | ||||||||||||||
Market price at end of period(c) | $ | 18.56 | $ | 18.55 | $ | 19.07 | $ | 18.70 | $ | 18.23 | $ | 19.19 | $ | 19.26 | ||||||||||||||
Net Asset Value Total Return(d) | 2.23 | % | 0.70 | % | 5.96 | % | 7.97 | % | (0.90 | )% | 4.49 | % | 5.06 | % | ||||||||||||||
Market Price Total Return(d) | 2.24 | % | 0.70 | % | 6.42 | % | 7.56 | % | (0.75 | )% | 4.12 | % | 5.29 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 729,794 | $ | 948,530 | $ | 1,197,922 | $ | 1,088,137 | $ | 666,301 | $ | 565,770 | $ | 621,429 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.50 | %(e) | 0.50 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||
Net investment income | 4.26 | %(e) | 4.12 | %(e) | 4.23 | % | 4.69 | % | 4.34 | % | 4.37 | % | 4.66 | % | ||||||||||||||
Portfolio turnover rate(f) | 3 | % | 12 | % | 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.
| 88 |
|
Financial Highlights(continued)
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.80 | $ | 25.63 | $ | 25.85 | $ | 25.24 | $ | 25.45 | $ | 25.13 | $ | 25.83 | ||||||||||||||
Net investment income(a) | 0.38 | 0.57 | 0.65 | 0.65 | 0.62 | 0.62 | 0.54 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.17 | (0.83 | ) | (0.22 | ) | 0.62 | (0.19 | ) | 0.31 | (0.69 | ) | |||||||||||||||||
Total from investment operations | 0.55 | (0.26 | ) | 0.43 | 1.27 | 0.43 | 0.93 | (0.15 | ) | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.37 | ) | (0.57 | ) | (0.65 | ) | (0.66 | ) | (0.64 | ) | (0.60 | ) | (0.55 | ) | ||||||||||||||
Net realized gains | — | — | — | — | — | (0.01 | ) | — | ||||||||||||||||||||
Return of capital | — | (0.00 | )(b) | — | (0.00 | )(b) | — | — | — | |||||||||||||||||||
Total distributions | (0.37 | ) | (0.57 | ) | (0.65 | ) | (0.66 | ) | (0.64 | ) | (0.61 | ) | (0.55 | ) | ||||||||||||||
Net asset value at end of period | $ | 24.98 | $ | 24.80 | $ | 25.63 | $ | 25.85 | $ | 25.24 | $ | 25.45 | $ | 25.13 | ||||||||||||||
Market price at end of | $ | 25.03 | $ | 24.80 | $ | 25.62 | $ | 25.87 | $ | 25.27 | $ | 25.47 | $ | 25.12 | ||||||||||||||
Net Asset Value Total Return(d) | 2.27 | % | (1.01 | )% | 1.73 | % | 5.08 | % | 1.69 | % | 3.75 | % | (0.57 | )% | ||||||||||||||
Market Price Total Return(d) | 2.47 | % | (0.98 | )% | 1.61 | % | 5.03 | % | 1.72 | % | 3.88 | % | (0.68 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 131,120 | $ | 106,620 | $ | 49,970 | $ | 58,154 | $ | 34,067 | $ | 30,538 | $ | 33,925 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.22 | %(e) | 0.22 | %(e) | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||||||||
Net investment income | 3.09 | %(e) | 2.77 | %(e) | 2.53 | % | 2.55 | % | 2.45 | % | 2.43 | % | 2.15 | % | ||||||||||||||
Portfolio turnover rate(f) | 12 | % | 24 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 89 |
|
Financial Highlights(continued)
Invesco LadderRite 0-5 Year Corporate Bond ETF (LDRI)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 24.63 | $ | 24.98 | $ | 25.06 | $ | 25.08 | $ | 25.03 | $ | 25.07 | ||||||||||||
Net investment income(b) | 0.30 | 0.43 | 0.45 | 0.43 | 0.32 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.19 | (0.36 | ) | (0.08 | ) | 0.03 | 0.05 | (0.04 | ) | |||||||||||||||
Total from investment operations | 0.49 | 0.07 | 0.37 | 0.46 | 0.37 | (0.01 | ) | |||||||||||||||||
Distribution to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.42 | ) | (0.45 | ) | (0.44 | ) | (0.32 | ) | (0.03 | ) | ||||||||||||
Net realized gains | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Return of capital | — | — | — | (0.00 | )(c) | — | — | |||||||||||||||||
Total distributions | (0.31 | ) | (0.42 | ) | (0.45 | ) | (0.48 | ) | (0.32 | ) | (0.03 | ) | ||||||||||||
Net asset value at end of period | $ | 24.81 | $ | 24.63 | $ | 24.98 | $ | 25.06 | $ | 25.08 | $ | 25.03 | ||||||||||||
Market price at end of | $ | 24.79 | $ | 24.63 | $ | 24.98 | $ | 25.14 | $ | 25.16 | $ | 25.04 | ||||||||||||
Net Asset Value Total Return(e) | 2.03 | % | 0.30 | % | 1.49 | % | 1.84 | % | 1.48 | % | (0.06 | )%(f) | ||||||||||||
Market Price Total Return(e) | 1.95 | % | 0.30 | % | 1.16 | % | 1.84 | % | 1.76 | % | (0.02 | )%(f) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 12,403 | $ | 12,315 | $ | 23,735 | $ | 22,554 | $ | 6,270 | $ | 6,256 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.22 | %(g) | 0.22 | %(g) | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | %(g) | ||||||||||||
Net investment income | 2.49 | %(g) | 2.10 | %(g) | 1.79 | % | 1.74 | % | 1.26 | % | 0.96 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 18 | % | 27 | % | 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.
| 90 |
|
Financial Highlights(continued)
Invesco National AMT-Free Municipal Bond ETF (PZA)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.11 | $ | 25.58 | $ | 25.69 | $ | 25.10 | $ | 25.17 | $ | 23.28 | $ | 25.74 | ||||||||||||||
Net investment income(a) | 0.39 | 0.65 | 0.77 | 0.82 | 0.92 | 1.00 | 0.98 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.07 | (0.46 | ) | (0.11 | ) | 0.57 | (0.09 | ) | 1.87 | (2.46 | ) | |||||||||||||||||
Total from investment operations | 0.46 | 0.19 | 0.66 | 1.39 | 0.83 | 2.87 | (1.48 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.40 | ) | (0.66 | ) | (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 | ) | (0.66 | ) | (0.78 | ) | (0.83 | ) | (0.92 | ) | (1.02 | ) | (0.98 | ) | ||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.01 | 0.03 | 0.02 | 0.04 | — | |||||||||||||||||||
Net asset value at end of period | $ | 25.17 | $ | 25.11 | $ | 25.58 | $ | 25.69 | $ | 25.10 | $ | 25.17 | $ | 23.28 | ||||||||||||||
Market price at end of | $ | 25.19 | $ | 25.12 | $ | 25.55 | $ | 25.77 | $ | 25.15 | $ | 25.25 | $ | 23.23 | ||||||||||||||
Net Asset Value Total Return(d) | 1.85 | % | 0.77 | % | 2.70 | % | 5.71 | % | 3.45 | % | 12.77 | % | (5.90 | )% | ||||||||||||||
Market Price Total Return(d) | 1.90 | % | 0.93 | % | 2.25 | % | 5.82 | % | 3.32 | % | 13.35 | % | (6.27 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,541,889 | $ | 1,659,981 | $ | 1,611,258 | $ | 1,379,633 | $ | 897,395 | $ | 739,986 | $ | 564,598 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | ||||||||||||||
Net investment income | 3.19 | %(e) | 3.10 | %(e) | 3.06 | % | 3.17 | % | 3.64 | % | 4.13 | % | 3.93 | % | ||||||||||||||
Portfolio turnover rate(f) | 11 | % | 8 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 91 |
|
Financial Highlights(continued)
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.99 | $ | 24.47 | $ | 24.64 | $ | 24.14 | $ | 24.33 | $ | 22.37 | $ | 24.82 | ||||||||||||||
Net investment income(a) | 0.35 | 0.58 | 0.73 | 0.81 | 0.83 | 0.92 | 0.92 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.10 | (0.47 | ) | (0.17 | ) | 0.51 | (0.19 | ) | 1.96 | (2.45 | ) | |||||||||||||||||
Total from investment operations | 0.45 | 0.11 | 0.56 | 1.32 | 0.64 | 2.88 | (1.53 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.36 | ) | (0.59 | ) | (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 | ) | (0.59 | ) | (0.73 | ) | (0.82 | ) | (0.83 | ) | (0.92 | ) | (0.92 | ) | ||||||||||||||
Net asset value at end of period | $ | 24.08 | $ | 23.99 | $ | 24.47 | $ | 24.64 | $ | 24.14 | $ | 24.33 | $ | 22.37 | ||||||||||||||
Market price at end of | $ | 24.05 | $ | 23.92 | $ | 24.53 | $ | 24.67 | $ | 24.05 | $ | 24.22 | $ | 22.28 | ||||||||||||||
Net Asset Value Total Return(d) | 1.89 | % | 0.46 | % | 2.37 | % | 5.50 | % | 2.68 | % | 13.16 | % | (6.32 | )% | ||||||||||||||
Market Price Total Return(d) | 2.06 | % | (0.08 | )% | 2.49 | % | 6.02 | % | 2.77 | % | 13.11 | % | (6.83 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,407 | $ | 63,577 | $ | 66,061 | $ | 64,063 | $ | 50,692 | $ | 47,450 | $ | 49,204 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.28 | %(e) | 0.28 | %(e) | 0.28 | % | 0.28 | % | 0.28 | % | 0.26 | % | 0.30 | % | ||||||||||||||
Net investment income | 2.97 | %(e) | 2.89 | %(e) | 3.01 | % | 3.26 | % | 3.42 | % | 3.92 | % | 3.84 | % | ||||||||||||||
Portfolio turnover rate(f) | 5 | % | 7 | % | 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. |
Invesco Preferred ETF (PGX)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.60 | $ | 14.97 | $ | 14.96 | $ | 14.78 | $ | 14.57 | $ | 13.78 | $ | 14.82 | ||||||||||||||
Net investment income(a) | 0.40 | 0.71 | 0.84 | 0.84 | 0.87 | 0.88 | 0.91 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.23 | ) | (0.40 | ) | 0.02 | 0.20 | 0.21 | 0.79 | (1.03 | ) | ||||||||||||||||||
Total from investment operations | 0.17 | 0.31 | 0.86 | 1.04 | 1.08 | 1.67 | (0.12 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.41 | ) | (0.68 | ) | (0.85 | ) | (0.86 | ) | (0.87 | ) | (0.88 | ) | (0.92 | ) | ||||||||||||||
Net asset value at end of period | $ | 14.36 | $ | 14.60 | $ | 14.97 | $ | 14.96 | $ | 14.78 | $ | 14.57 | $ | 13.78 | ||||||||||||||
Market price at end of | $ | 14.37 | $ | 14.62 | $ | 14.96 | $ | 15.00 | $ | 14.80 | $ | 14.62 | $ | 13.79 | ||||||||||||||
Net Asset Value Total Return(c) | 1.28 | % | 2.18 | % | 5.97 | % | 7.22 | % | 7.66 | % | 12.51 | % | (0.88 | )% | ||||||||||||||
Market Price Total Return(c) | 1.21 | % | 2.39 | % | 5.60 | % | 7.36 | % | 7.43 | % | 12.81 | % | (0.95 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 4,652,942 | $ | 5,378,011 | $ | 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 | %(d)(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||
Net investment income | 5.70 | %(d)(e) | 5.83 | %(d)(e) | 5.66 | % | 5.63 | % | 5.95 | % | 6.21 | % | 6.27 | % | ||||||||||||||
Portfolio turnover rate(f) | 7 | % | 16 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
Financial Highlights(continued)
Invesco Taxable Municipal Bond ETF (BAB)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.66 | $ | 30.38 | $ | 30.68 | $ | 29.11 | $ | 29.77 | $ | 27.90 | $ | 30.19 | ||||||||||||||
Net investment income(a) | 0.63 | 1.01 | 1.21 | 1.26 | 1.37 | 1.40 | 1.42 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.13 | ) | (0.72 | ) | (0.32 | ) | 1.54 | (0.71 | ) | 1.87 | (2.29 | ) | ||||||||||||||||
Total from investment operations | 0.50 | 0.29 | 0.89 | 2.80 | 0.66 | 3.27 | (0.87 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.63 | ) | (1.02 | ) | (1.21 | ) | (1.27 | ) | (1.37 | ) | (1.40 | ) | (1.42 | ) | ||||||||||||||
Transaction fees(a) | 0.01 | 0.01 | 0.02 | 0.04 | 0.05 | — | — | |||||||||||||||||||||
Net asset value at end of period | $ | 29.54 | $ | 29.66 | $ | 30.38 | $ | 30.68 | $ | 29.11 | $ | 29.77 | $ | 27.90 | ||||||||||||||
Market price at end of | $ | 29.63 | $ | 29.51 | $ | 30.45 | $ | 30.74 | $ | 29.17 | $ | 29.76 | $ | 27.79 | ||||||||||||||
Net Asset Value Total Return(c) | 1.75 | % | 1.02 | % | 3.14 | % | 9.93 | % | 2.40 | % | 12.03 | % | (3.00 | )% | ||||||||||||||
Market Price Total Return(c) | 2.58 | % | 0.29 | % | 3.19 | % | 9.90 | % | 2.65 | % | 12.44 | % | (3.28 | )% | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 899,624 | $ | 938,871 | $ | 972,235 | $ | 1,070,679 | $ | 676,840 | $ | 695,156 | $ | 683,643 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.28 | %(d) | 0.28 | %(d) | 0.28 | %(e) | 0.27 | % | 0.28 | % | 0.27 | % | 0.28 | % | ||||||||||||||
Net investment income | 4.31 | %(d) | 4.06 | %(d) | 4.05 | % | 4.14 | % | 4.59 | % | 4.86 | % | 4.80 | % | ||||||||||||||
Portfolio turnover rate(f) | 6 | % | 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%. |
Invesco Treasury Collateral ETF (CLTL)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period January 10, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 105.48 | $ | 105.93 | $ | 105.35 | ||||||
Net investment income(b) | 1.14 | 1.28 | 0.66 | |||||||||
Net realized and unrealized gain (loss) on investments | 0.04 | 0.00 | (c) | (0.08 | ) | |||||||
Total from investment operations | 1.18 | 1.28 | 0.58 | |||||||||
Distribution to shareholders from: | ||||||||||||
Net investment income | (1.19 | ) | (1.73 | ) | — | |||||||
Net asset value at end of period | $ | 105.47 | $ | 105.48 | $ | 105.93 | ||||||
Market price at end of period(d) | $ | 105.51 | $ | 105.54 | $ | 105.94 | ||||||
Net Asset Value Total Return(e) | 1.12 | % | 1.22 | % | 0.55 | %(f) | ||||||
Market Price Total Return(e) | 1.11 | % | 1.27 | % | 0.56 | %(f) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 550,538 | $ | 468,323 | $ | 454,429 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.08 | %(g) | 0.08 | %(g) | 0.08 | %(g) | ||||||
Net investment income | 2.19 | %(g) | 1.45 | %(g) | 0.77 | %(g) |
(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 (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%. |
(g) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 93 |
|
Financial Highlights(continued)
Invesco Variable Rate Preferred ETF (VRP)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 25.14 | $ | 25.87 | $ | 25.33 | $ | 24.36 | $ | 24.85 | $ | 24.87 | ||||||||||||
Net investment income(b) | 0.56 | 0.91 | 1.21 | 1.23 | 1.20 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.61 | ) | (0.66 | ) | 0.56 | 0.98 | (0.47 | ) | (0.08 | ) | ||||||||||||||
Total from investment operations | (0.05 | ) | 0.25 | 1.77 | 2.21 | 0.73 | 0.52 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.66 | ) | (0.98 | ) | (1.23 | ) | (1.24 | ) | (1.20 | ) | (0.51 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | (0.03 | ) | ||||||||||||||||
Total distributions | (0.66 | ) | (0.98 | ) | (1.23 | ) | (1.24 | ) | (1.22 | ) | (0.54 | ) | ||||||||||||
Net asset value at end of period | $ | 24.43 | $ | 25.14 | $ | 25.87 | $ | 25.33 | $ | 24.36 | $ | 24.85 | ||||||||||||
Market price at end of | $ | 24.41 | $ | 25.11 | $ | 25.94 | $ | 25.42 | $ | 24.40 | $ | 24.92 | ||||||||||||
Net Asset Value Total Return(d) | (0.14 | )% | 1.01 | % | 7.18 | % | 9.43 | % | 2.99 | % | 2.09 | %(e) | ||||||||||||
Market Price Total Return(d) | (0.09 | )% | 0.62 | % | 7.08 | % | 9.63 | % | 2.85 | % | 2.38 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,512,055 | $ | 2,192,114 | $ | 1,890,954 | $ | 899,060 | $ | 397,065 | $ | 91,950 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.50 | %(f) | 0.50 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(f) | ||||||||||||
Net investment income | 4.68 | %(f) | 4.31 | %(f) | 4.72 | % | 5.03 | % | 4.88 | % | 4.79 | %(f) | ||||||||||||
Portfolio turnover rate(g) | 5 | % | 7 | % | 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. |
Invesco VRDO Tax-Free Weekly ETF (PVI)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 24.93 | $ | 24.96 | $ | 24.99 | $ | 25.00 | ||||||||||||||
Net investment income (loss)(a) | 0.15 | 0.20 | 0.13 | 0.02 | (0.03 | ) | (0.02 | ) | 0.01 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | — | (0.00 | )(b) | — | — | (0.01 | ) | (0.01 | ) | ||||||||||||||||||
Total from investment operations | 0.16 | 0.20 | 0.13 | 0.02 | (0.03 | ) | (0.03 | ) | — | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.20 | ) | (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 | (0.16 | ) | (0.20 | ) | (0.13 | ) | (0.02 | ) | (0.00 | )(b) | (0.00 | )(b) | (0.01 | ) | ||||||||||||||
Net asset value at end of period | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.96 | $ | 24.99 | ||||||||||||||
Market price at end of | $ | 24.91 | $ | 24.93 | $ | 24.93 | $ | 24.91 | $ | 24.93 | $ | 24.97 | $ | 24.99 | ||||||||||||||
Net Asset Value Total Return(d) | 0.64 | % | 0.82 | % | 0.51 | % | 0.07 | % | (0.12 | )% | (0.12 | )% | (0.00 | )%(e) | ||||||||||||||
Market Price Total Return(d) | 0.56 | % | 0.82 | % | 0.59 | % | (0.01 | )% | (0.16 | )% | (0.08 | )% | 0.04 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 62,316 | $ | 62,327 | $ | 83,512 | $ | 59,831 | $ | 81,010 | $ | 118,580 | $ | 193,700 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||
Net investment income (loss) | 1.25 | %(f) | 0.98 | %(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.
| 94 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 | |
Invesco1-30 Laddered Treasury ETF (PLW) | “1-30 Laddered Treasury ETF” | |
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ) | “CaliforniaAMT-Free Municipal Bond ETF” | |
Invesco CEF Income Composite ETF (PCEF) | “CEF Income Composite 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 LadderRite0-5 Year Corporate Bond ETF (LDRI) | “LadderRite0-5 Year Corporate Bond ETF” | |
Invesco NationalAMT-Free Municipal Bond ETF (PZA) | “NationalAMT-Free Municipal Bond ETF” | |
Invesco New YorkAMT-Free Municipal Bond ETF (PZT) | “New YorkAMT-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 VRDOTax-Free Weekly ETF (PVI) | “VRDOTax-Free Weekly ETF” |
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 of1-30 Laddered Treasury ETF and LadderRite0-5 Year Corporate Bond ETF, which are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a 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 of1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade 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 CaliforniaAMT-Free Municipal Bond ETF, LadderRite0-5 Year Corporate Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDOTax-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 providessame-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.
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 | |
CaliforniaAMT-Free Municipal Bond ETF | ICE BofAML California Long-Term Core Plus Municipal Securities Index | |
CEF Income Composite ETF | S-Network CompositeClosed-End Fund IndexSM | |
Fundamental High Yield® Corporate Bond ETF | RAFI® Bonds U.S. High Yield1-10 Index | |
Fundamental Investment Grade Corporate Bond ETF | RAFI® Bonds U.S. Investment Grade1-10 Index | |
LadderRite0-5 Year Corporate Bond ETF | NASDAQ LadderRite®0-5 Year USD Corporate Bond Index | |
NationalAMT-Free Municipal Bond ETF | ICE BofAML National Long-Term Core Plus Municipal Securities Index |
| 95 |
|
Fund | Underlying Index | |
New YorkAMT-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 | |
VRDOTax-Free Weekly ETF | Bloomberg U.S. MunicipalAMT-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 theover-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 asinstitution-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”) determines are significant and make the closing price unreliable, a 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
| 96 |
|
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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
Changing Fixed-Income Market Conditions.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 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, 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 mostfixed-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.
| 97 |
|
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 exercises 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 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Non-Diversified Fund Risk. CaliforniaAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF arenon-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 principallyin-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 for1-30 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. Most ETFs generally makein-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the CaliforniaAMT-Free Municipal Bond ETF, LadderRite0-5 Year Corporate Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDOTax-Free Weekly ETF currently intend to effect creations and redemptions principally for cash, rather than principallyin-kind, due to the nature of each Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, each Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemptionin-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize anin-kind redemption process and there may be a substantial difference in theafter-tax rate of the return between each Fund and conventional ETFs.
Foreign Fixed-Income Investment Risk.Investments in fixed income securities ofnon-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, 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 development sand 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.
Valuation Risk. Financial information related to securities ofnon-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 anon-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.
| 98 |
|
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. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. 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.
Municipal Securities Risk. CaliforniaAMT-Free Municipal Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDOTax-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 CaliforniaAMT-Free Municipal Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF and VRDOTax-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 CaliforniaAMT-Free Municipal Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF or VRDOTax-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.
Risks of Investing inClosed-End Funds. For CEF Income Composite ETF, the shares ofclosed-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 inclosed-end funds, those assets will be subject to the risks of theclosed-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 theclosed-end fund. The securities ofclosed-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 ofclosed-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 ofnon-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
| 99 |
|
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.
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.
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 forin-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 andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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.
| 100 |
|
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 declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-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. 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 theperiod-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 fiscalperiod-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 thesix-month period ended February 28, 2019, CEF Income Composite ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, LadderRite0-5 Year Corporate Bond ETF, Preferred ETF and Variable Rate Preferred ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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
| 101 |
|
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 inSecurities lendingincome on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds havepresented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, inthe Statements of Changes in Net Assets.
For the year ended October 31, 2017 and period November 1, 2017 through August 31, 2018, distributions from distributable earnings for each Fund consisted of distributions from net investment income.
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 theSub-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 theSub-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. 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 | % | ||
CaliforniaAMT-Free Municipal Bond ETF | 0.28 | % | ||
CEF Income Composite ETF | 0.50 | % | ||
Fundamental High Yield® Corporate Bond ETF | 0.50 | % | ||
Fundamental Investment Grade Corporate Bond ETF | 0.22 | % | ||
LadderRite0-5 Year Corporate Bond ETF | 0.22 | % | ||
NationalAMT-Free Municipal Bond ETF | 0.28 | % | ||
New YorkAMT-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 | % | ||
VRDOTax-Free Weekly ETF | 0.25 | % |
For Treasury Collateral ETF, the Adviser has entered into asub-advisory agreement with theSub-Adviser. Thesub-advisory fee is paid by the Adviser to theSub-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.
| 102 |
|
For thesix-month period ended February 28, 2019, the Adviser waived fees for each Fund in the following amounts:
1-30 Laddered Treasury ETF | $ | 184 | ||
CaliforniaAMT-Free Municipal Bond ETF | — | |||
CEF Income Composite ETF | 451 | |||
Fundamental High Yield® Corporate Bond ETF | 2,760 | |||
Fundamental Investment Grade Corporate Bond ETF | 297 | |||
LadderRite0-5 Year Corporate Bond ETF | 84 | |||
NationalAMT-Free Municipal Bond ETF | — | |||
New YorkAMT-Free Municipal Bond ETF | — | |||
Preferred ETF | 7,815 | |||
Taxable Municipal Bond ETF | 6,991 | |||
Treasury Collateral ETF | 231 | |||
Variable Rate Preferred ETF | 3,768 | |||
VRDOTax-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.
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. | |
CaliforniaAMT-Free Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
CEF Income Composite ETF | S-Network Global Indexes, LLC | |
Fundamental High Yield® Corporate Bond ETF | Research Affiliates® | |
Fundamental Investment Grade Corporate Bond ETF | Research Affiliates® | |
LadderRite0-5 Year Corporate Bond ETF | Nasdaq, Inc. | |
NationalAMT-Free Municipal Bond ETF | Merrill Lynch, Pierce, Fenner & Smith Inc. | |
New YorkAMT-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 | |
VRDOTax-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’ssub-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 thesix-month period ended February 28, 2019.
| 103 |
|
CEF Income Composite ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Bond Fund | $ | 2,101,543 | $ | 261,734 | $ | (290,392 | ) | $ | 21,300 | $ | (6,494 | )(a) | $ | 2,087,691 | $ | 49,725 | ||||||||||||
Invesco High Income 2023 Target Term Fund | 1,507,127 | 396,693 | (496,963 | ) | 31,004 | (5,463 | ) | 1,432,398 | 48,143 | |||||||||||||||||||
Invesco Senior Income Trust | 9,189,044 | 2,100,250 | (991,006 | ) | (172,365 | ) | (42,983 | ) | 10,082,940 | 345,870 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investments in Affiliates | $ | 12,797,714 | $ | 2,758,677 | $ | (1,778,361 | ) | $ | (120,061 | ) | $ | (54,940 | ) | $ | 13,603,029 | $ | 443,738 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Includes $9,469 of capital gains distributions from affiliated Underlying Funds. |
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 all of the securities in CEF Income Composite ETF, Preferred ETF and certain Funds listed below, as of February 28, 2019, 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.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
1-30 Laddered Treasury ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 161,668,076 | $ | — | $ | 161,668,076 | ||||||||
Money Market Fund | 61,206 | — | — | 61,206 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 61,206 | $ | 161,668,076 | $ | — | $ | 161,729,282 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fundamental High Yield® Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 719,204,932 | $ | — | $ | 719,204,932 | ||||||||
Money Market Funds | 41,912,413 | — | — | 41,912,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 41,912,413 | $ | 719,204,932 | $ | — | $ | 761,117,345 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fundamental Investment Grade Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 129,703,544 | $ | — | $ | 129,703,544 | ||||||||
Money Market Funds | 2,911,954 | — | — | 2,911,954 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,911,954 | $ | 129,703,544 | $ | — | $ | 132,615,498 | ||||||||
|
|
|
|
|
|
|
|
| 104 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
LadderRite0-5 Year Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 11,907,171 | $ | — | $ | 11,907,171 | ||||||||
Money Market Funds | 1,066,339 | — | — | 1,066,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,066,339 | $ | 11,907,171 | $ | — | $ | 12,973,510 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Taxable Municipal Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 869,939,438 | $ | — | $ | 869,939,438 | ||||||||
Corporate Bonds | — | 7,937,805 | — | 7,937,805 | ||||||||||||
Money Market Fund | 9,492,198 | — | — | 9,492,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 9,492,198 | $ | 877,877,243 | $ | — | $ | 887,369,441 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Variable Rate Preferred ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 1,092,839,530 | $ | — | $ | 1,092,839,530 | ||||||||
Preferred Stocks & Other Equity Interests | 405,245,022 | — | — | 405,245,022 | ||||||||||||
Money Market Fund | 38,802,527 | — | — | 38,802,527 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 444,047,549 | $ | 1,092,839,530 | $ | — | $ | 1,536,887,079 | ||||||||
|
|
|
|
|
|
|
|
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’ fiscalyear-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 August 31, 2018, which expire as follows:
Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
1-30 Laddered Treasury ETF | $ | — | $ | 286,430 | $ | — | $ | 286,430 | ||||||||
CaliforniaAMT-Free Municipal Bond ETF | 438,783 | 444,353 | — | 883,136 | ||||||||||||
CEF Income Composite ETF | — | 990,558 | 14,508,552 | 15,499,110 | ||||||||||||
Fundamental High Yield® Corporate Bond ETF | — | 16,082,676 | 10,897,321 | 26,979,997 | ||||||||||||
Fundamental Investment Grade Corporate Bond ETF | — | 318,968 | 96,734 | 415,702 | ||||||||||||
LadderRite0-5 Year Corporate Bond ETF | — | 13,496 | 16,427 | 29,923 | ||||||||||||
NationalAMT-Free Municipal Bond ETF | 23,722 | 412,636 | 711,463 | 1,147,821 | ||||||||||||
New YorkAMT-Free Municipal Bond ETF | 16,604 | — | — | 16,604 | ||||||||||||
Preferred ETF | — | 20,507,856 | 59,313,043 | 79,820,899 | ||||||||||||
Taxable Municipal Bond ETF | — | 3,277,461 | 2,160,641 | 5,438,102 | ||||||||||||
Treasury Collateral ETF | — | 84,145 | — | 84,145 | ||||||||||||
Variable Rate Preferred ETF | — | 769,184 | 1,417,973 | 2,187,157 | ||||||||||||
VRDOTax-Free Weekly ETF | — | — | — | — |
* | 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. |
| 105 |
|
Note 7. Investment Transactions
For thesix-month period ended February 28, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
CaliforniaAMT-Free Municipal Bond ETF | $ | 88,232,533 | $ | 24,499,908 | ||||
CEF Income Composite ETF | 69,724,210 | 68,824,169 | ||||||
Fundamental High Yield® Corporate Bond ETF | 23,487,470 | 57,779,419 | ||||||
Fundamental Investment Grade Corporate Bond ETF | 15,262,110 | 13,867,505 | ||||||
LadderRite0-5 Year Corporate Bond ETF | 2,139,717 | 2,217,872 | ||||||
NationalAMT-Free Municipal Bond ETF | 163,752,116 | 164,389,330 | ||||||
New YorkAMT-Free Municipal Bond ETF | 3,022,460 | 6,376,401 | ||||||
Preferred ETF | 326,873,664 | 375,096,587 | ||||||
Taxable Municipal Bond ETF | 57,180,618 | 47,683,430 | ||||||
Variable Rate Preferred ETF | 92,903,403 | 91,197,088 | ||||||
VRDOTax-Free Weekly ETF | — | — |
For thesix-month period ended February 28, 2019, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds andin-kind transactions), for the1-30 Laddered Treasury ETF amounted to $7,637,220 and $5,713,963, respectively and for the Treasury Collateral ETF amounted to $0 and $0, respectively.
For thesix-month period ended February 28, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
1-30 Laddered Treasury ETF | $ | 22,731,675 | $ | 14,647,153 | ||||
CaliforniaAMT-Free Municipal Bond ETF | 8,355,310 | 13,988,041 | ||||||
CEF Income Composite ETF | 83,196,715 | 54,241,739 | ||||||
Fundamental High Yield® Corporate Bond ETF | 210,160,163 | 379,971,925 | ||||||
Fundamental Investment Grade Corporate Bond ETF | 21,801,344 | — | ||||||
LadderRite0-5 Year Corporate Bond ETF | — | — | ||||||
NationalAMT-Free Municipal Bond ETF | — | 117,504,246 | ||||||
New YorkAMT-Free Municipal Bond ETF | — | 543,695 | ||||||
Preferred ETF | 99,122,143 | 650,754,322 | ||||||
Taxable Municipal Bond ETF | — | 47,782,770 | ||||||
Treasury Collateral ETF | — | — | ||||||
Variable Rate Preferred ETF | 159,233 | 597,467,476 | ||||||
VRDOTax-Free Weekly ETF | — | — |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 106 |
|
At February 28, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
1-30 Laddered Treasury ETF | $ | 32,629 | $ | (7,555,732 | ) | $ | (7,523,103 | ) | $ | 169,252,385 | ||||||
CaliforniaAMT-Free Municipal Bond ETF | 4,182,952 | (1,932,753 | ) | 2,250,199 | 302,139,867 | |||||||||||
CEF Income Composite ETF | 23,875,692 | (49,459,589 | ) | (25,583,897 | ) | 760,412,631 | ||||||||||
Fundamental High Yield® Corporate Bond ETF | 1,870,108 | (13,593,082 | ) | (11,722,974 | ) | 772,840,319 | ||||||||||
Fundamental Investment Grade Corporate Bond ETF | 571,661 | (1,031,408 | ) | (459,747 | ) | 133,075,245 | ||||||||||
LadderRite0-5 Year Corporate Bond ETF | 41,722 | (75,007 | ) | (33,285 | ) | 13,006,795 | ||||||||||
NationalAMT-Free Municipal Bond ETF | 32,004,112 | (3,999,119 | ) | 28,004,993 | 1,477,599,705 | |||||||||||
New YorkAMT-Free Municipal Bond ETF | 944,830 | (561,094 | ) | 383,736 | 58,157,665 | |||||||||||
Preferred ETF | 24,276,508 | (131,391,018 | ) | (107,114,510 | ) | 4,811,715,773 | ||||||||||
Taxable Municipal Bond ETF | 43,004,889 | (8,754,866 | ) | 34,250,023 | 853,119,418 | |||||||||||
Treasury Collateral ETF | 151,006 | (16,271 | ) | 134,735 | 549,417,642 | |||||||||||
Variable Rate Preferred ETF | 2,055,449 | (73,451,565 | ) | (71,396,116 | ) | 1,608,283,195 | ||||||||||
VRDO Tax-Free Weekly ETF | — | — | — | 59,580,000 |
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”) 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 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 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. For1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. 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 CaliforniaAMT-Free Municipal Bond ETF, LadderRite0-5 Year Corporate Bond ETF, NationalAMT-Free Municipal Bond ETF, New YorkAMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDOTax-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.
| 107 |
|
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 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.
| 108 |
|
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 February 28, 2019.
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 September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco1-30 Laddered Treasury ETF (PLW) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.30 | 0.25 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco CaliforniaAMT-Free Municipal Bond ETF (PWZ) | ||||||||||||||||
Actual | 1,000.00 | 1,013.00 | 0.28 | 1.40 | ||||||||||||
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 | 1,000.10 | 0.50 | 2.48 | ||||||||||||
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 | 1,022.30 | 0.50 | 2.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 |
| 109 |
|
Fees and Expenses(continued)
Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,022.70 | 0.22 | % | $ | 1.10 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.70 | 0.22 | 1.10 | ||||||||||||
Invesco LadderRite0-5 Year Corporate Bond ETF (LDRI) | ||||||||||||||||
Actual | 1,000.00 | 1,020.30 | 0.22 | 1.10 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.70 | 0.22 | 1.10 | ||||||||||||
Invesco NationalAMT-Free Municipal Bond ETF (PZA) | ||||||||||||||||
Actual | 1,000.00 | 1,018.50 | 0.28 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco New YorkAMT-Free Municipal Bond ETF (PZT) | ||||||||||||||||
Actual | 1,000.00 | 1,018.90 | 0.28 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco Preferred ETF (PGX) | ||||||||||||||||
Actual | 1,000.00 | 1,012.80 | 0.50 | 2.50 | ||||||||||||
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 | 1,017.50 | 0.28 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.41 | 0.28 | 1.40 | ||||||||||||
Invesco Treasury Collateral ETF(2) | ||||||||||||||||
Actual | 1,000.00 | 1,011.20 | 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 | 998.60 | 0.50 | 2.48 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||
Invesco VRDOTax-Free Weekly ETF (PVI) | ||||||||||||||||
Actual | 1,000.00 | 1,006.40 | 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 February 28, 2019. 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. |
| 110 |
|
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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-FINC-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
BKLN | Invesco Senior Loan ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
| 2 |
|
Invesco Senior Loan ETF (BKLN)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Baa2 | 2.9 | |||
Baa3 | 7.8 | |||
Ba1 | 8.2 | |||
Ba2 | 8.8 | |||
Ba3 | 19.4 | |||
B1 | 20.6 | |||
B2 | 15.6 | |||
B3 | 3.3 | |||
Caa1 | 0.0 | |||
Caa2 | 1.6 | |||
NR | 6.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 5.6 |
* | 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—89.8%(a)(b) | ||||||||||||||||
Aerospace/Defense—1.6% | ||||||||||||||||
TransDigm, Inc. | ||||||||||||||||
$ | 34,261,391 | First Lien Term Loan E (1 mo. USD LIBOR + 2.50%) | 4.993 | % | 05/30/2025 | $ | 33,833,123 | |||||||||
55,906,645 | First Lien Term Loan F (1 mo. USD LIBOR + 2.50%) | 4.993 | 06/09/2023 | 55,338,074 | ||||||||||||
|
| |||||||||||||||
89,171,197 | ||||||||||||||||
|
| |||||||||||||||
Building Materials—1.2% | ||||||||||||||||
24,550,877 | Pisces Midco, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%) | 6.547 | 04/12/2025 | 23,937,105 | ||||||||||||
45,664,812 | Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 11/15/2023 | 45,142,863 | ||||||||||||
|
| |||||||||||||||
69,079,968 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—2.7% | ||||||||||||||||
51,483,823 | Axalta Coating Systems U.S. Holdings, Inc., Term Loan B-3 (3 mo. USD LIBOR + 1.75%) | 4.553 | 06/01/2024 | 51,065,774 | ||||||||||||
29,351,496 | GrafTech Finance, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 6.067 | 02/12/2025 | 29,314,806 | ||||||||||||
7,666,737 | Messer Industries USA, Inc., First Lien Term Loan B-1 (3 mo. USD LIBOR + 2.50%) | 5.067 | 10/01/2025 | 7,630,014 | ||||||||||||
67,502,706 | Starfruit US Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.25%) | 5.764 | 10/01/2025 | 67,249,909 | ||||||||||||
|
| |||||||||||||||
155,260,503 | ||||||||||||||||
|
| |||||||||||||||
Commercial Services—5.5% | ||||||||||||||||
40,167,955 | Allied Universal Holdco LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 6.243 | 07/28/2022 | 39,575,478 | ||||||||||||
107,214,362 | Financial & Risk US Holdings, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%) | 6.243 | 10/01/2025 | 105,749,814 | ||||||||||||
31,634,679 | PAREXEL International Corp., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 09/27/2024 | 30,787,819 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Senior Loan ETF (BKLN)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Commercial Services (continued) | ||||||||||||||||
$ | 69,094,453 | Prime Security Services Borrower LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 5.243 | % | 05/02/2022 | $ | 69,012,921 | |||||||||
47,782,810 | Team Health Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 02/06/2024 | 43,402,799 | ||||||||||||
25,401,685 | Verscend Holding Corp., Term Loan B (1 mo. USD LIBOR + 4.50%) | 7.067 | 08/27/2025 | 25,481,065 | ||||||||||||
|
| |||||||||||||||
314,009,896 | ||||||||||||||||
|
| |||||||||||||||
Computers—6.0% | ||||||||||||||||
Dell International LLC | ||||||||||||||||
59,969,136 | Term Loan A-2 (1 mo. USD LIBOR + 1.75%) | 4.250 | 09/07/2021 | 59,944,249 | ||||||||||||
72,718,210 | Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.500 | 09/07/2023 | 72,574,228 | ||||||||||||
52,824,978 | McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.75%) | 6.243 | 09/30/2024 | 53,010,922 | ||||||||||||
48,412,869 | Tempo Acquisition LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.493 | 05/01/2024 | 48,448,452 | ||||||||||||
Western Digital Corp. | ||||||||||||||||
47,340,650 | First Lien Term Loan B-4 (1 mo. USD LIBOR + 1.75%) | 4.231 | 04/29/2023 | 46,595,035 | ||||||||||||
62,411,298 | Term Loan A-1 (3 mo. USD LIBOR + 1.50%) | 4.010 | 02/27/2023 | 60,929,030 | ||||||||||||
|
| |||||||||||||||
341,501,916 | ||||||||||||||||
|
| |||||||||||||||
Electric—1.0% | ||||||||||||||||
58,740,497 | Vistra Operations Co. LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.00%) | 4.493 | 08/04/2023 | 58,635,645 | ||||||||||||
|
| |||||||||||||||
Engineering & Construction—0.9% | ||||||||||||||||
50,835,967 | Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%) | 6.960 | 06/21/2024 | 49,795,609 | ||||||||||||
|
| |||||||||||||||
Entertainment—5.4% | ||||||||||||||||
45,915,051 | Alpha Topco Ltd., First Lien Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%) | 4.993 | 02/01/2024 | 45,111,538 | ||||||||||||
41,885,077 | Aristocrat Technologies, Inc., Term Loan B-3 (Australia) (3 mo. USD LIBOR + 1.75%) | 4.526 | 10/19/2024 | 41,651,777 | ||||||||||||
60,398,519 | Crown Finance US, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%) | 4.993 | 02/28/2025 | 60,109,210 | ||||||||||||
60,448,308 | Scientific Games International, Inc., Term Loan B-5 (2 mo. USD LIBOR + 2.75%) | 5.313 | 08/14/2024 | 60,016,707 | ||||||||||||
57,772,882 | Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 3.50%) | 6.303 | 07/10/2025 | 57,878,029 | ||||||||||||
44,353,396 | William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%) | 5.317 | 05/18/2025 | 43,207,526 | ||||||||||||
|
| |||||||||||||||
307,974,787 | ||||||||||||||||
|
| |||||||||||||||
Food—1.6% | ||||||||||||||||
56,084,981 | JBS USA Lux SA, First Lien Term Loan (3 mo. USD LIBOR + 2.50%) | 5.260 | 10/30/2022 | 56,037,028 | ||||||||||||
36,541,760 | US Foods, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.00%) | 4.493 | 06/27/2023 | 36,395,593 | ||||||||||||
|
| |||||||||||||||
92,432,621 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Products—1.4% | ||||||||||||||||
25,296,508 | athenahealth, Inc., Term Loan B (3 mo. USD LIBOR + 4.50%) | 7.067 | 02/11/2026 | 25,217,456 | ||||||||||||
53,087,124 | Ortho-Clinical Diagnostics, Inc., First Lien Term Loan (Luxembourg) (1 mo. USD LIBOR + 3.25%) | 5.752 | 06/30/2025 | 52,656,588 | ||||||||||||
|
| |||||||||||||||
77,874,044 | ||||||||||||||||
|
| |||||||||||||||
Healthcare-Services—4.9% | ||||||||||||||||
50,068,822 | DaVita HealthCare Partners, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.243 | 06/24/2021 | 50,064,316 | ||||||||||||
100,881,000 | Envision Healthcare Corp., First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 6.243 | 10/10/2025 | 97,205,401 | ||||||||||||
15,000,000 | Lifepoint Health, Inc., Term Loan (3 mo. USD LIBOR + 4.50%) | 4.433 | 11/16/2025 | 15,006,225 | ||||||||||||
58,578,575 | MPH Acquisition Holdings LLC, First Lien Term Loan (3 mo. USD LIBOR + 2.75%) | 5.553 | 06/07/2023 | 58,102,624 | ||||||||||||
56,002,893 | Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.993 | 08/18/2022 | 55,824,803 | ||||||||||||
|
| |||||||||||||||
276,203,369 | ||||||||||||||||
|
| |||||||||||||||
Insurance—5.1% | ||||||||||||||||
Asurion LLC | ||||||||||||||||
37,021,746 | First Lien Term Loan B-7 (1 mo. USD LIBOR + 3.00%) | 5.493 | 11/03/2024 | 37,075,798 | ||||||||||||
43,039,439 | Term Loan B-2 (1 mo. USD LIBOR + 6.50%) | 8.993 | 08/04/2025 | 43,864,290 | ||||||||||||
46,132,976 | Term Loan B-4 (1 mo. USD LIBOR + 3.00%) | 5.493 | 08/04/2022 | 46,207,250 | ||||||||||||
58,026,750 | Term Loan B-6 (1 mo. USD LIBOR + 3.00%) | 5.493 | 11/03/2023 | 58,099,284 | ||||||||||||
56,706,306 | HUB International Ltd., First Lien Term Loan (3 mo. USD LIBOR + 2.75%) | 5.510 | 04/25/2025 | 56,264,848 | ||||||||||||
45,255,832 | USI, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%) | 5.803 | 05/16/2024 | 44,916,413 | ||||||||||||
|
| |||||||||||||||
286,427,883 | ||||||||||||||||
|
| |||||||||||||||
Internet—0.9% | ||||||||||||||||
47,865,228 | Go Daddy Operating Co. LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.25%) | 4.743 | 02/15/2024 | 47,835,552 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Senior Loan ETF (BKLN)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Investment Companies—1.4% | ||||||||||||||||
$ | 81,403,383 | RPI Finance Trust, Term Loan B-6 (1 mo. USD LIBOR + 2.00%) | 4.493 | % | 03/27/2023 | $ | 81,378,148 | |||||||||
|
| |||||||||||||||
Lodging—4.4% | ||||||||||||||||
81,716,728 | Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.243 | 12/23/2024 | 81,589,250 | ||||||||||||
43,736,097 | Golden Nugget, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.240 | 10/04/2023 | 43,608,606 | ||||||||||||
54,366,347 | Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%) | 4.240 | 10/25/2023 | 54,431,587 | ||||||||||||
68,725,224 | Las Vegas Sands LLC/Venetian Casino Resort LLC, Term Loan (1 mo. USD LIBOR + 1.75%) | 4.243 | 03/27/2025 | 68,351,703 | ||||||||||||
|
| |||||||||||||||
247,981,146 | ||||||||||||||||
|
| |||||||||||||||
Machinery-Construction & Mining—1.4% | ||||||||||||||||
50,593,573 | Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 6.243 | 08/01/2025 | 50,755,725 | ||||||||||||
29,071,278 | Cortes NP Acquisition Corp., Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.567 | 11/30/2023 | 28,235,479 | ||||||||||||
|
| |||||||||||||||
78,991,204 | ||||||||||||||||
|
| |||||||||||||||
Media—7.8% | ||||||||||||||||
105,466,613 | Charter Communications Operating LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.500 | 04/30/2025 | 105,334,780 | ||||||||||||
50,586,839 | CSC Holdings LLC, Term Loan (1 mo. USD LIBOR + 2.25%) | 4.739 | 07/17/2025 | 50,085,524 | ||||||||||||
57,174,940 | iHeartCommunications, Inc., Term Loan D (1 mo. USD LIBOR + 6.75%)(c)(d) | 11.317 | 01/30/2020 | 40,332,060 | ||||||||||||
42,272,971 | Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%) | 4.517 | 10/04/2023 | 42,088,238 | ||||||||||||
Numericable-SFR SA | ||||||||||||||||
28,768,619 | Term Loan B-12 (France) (1 mo. USD LIBOR + 4.00%) | 6.176 | 01/31/2026 | 27,932,603 | ||||||||||||
14,557,990 | Term Loan B-13 (France) (1 mo. USD LIBOR + 3.69%) | 6.489 | 08/14/2026 | 14,201,319 | ||||||||||||
47,380,961 | Radiate Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%) | 5.493 | 02/01/2024 | 47,199,729 | ||||||||||||
31,406,025 | Univision Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 03/15/2024 | 29,299,151 | ||||||||||||
29,428,193 | Virgin Media Bristol LLC, Term Loan K (1 mo. USD LIBOR + 2.50%) | 4.989 | 01/15/2026 | 29,268,398 | ||||||||||||
34,841,535 | WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%) | 5.731 | 08/18/2023 | 34,395,215 | ||||||||||||
23,304,368 | Ziggo Secured Finance Partnership, Term Loan E (Netherlands) (1 mo. USD LIBOR + 2.50%) | 4.989 | 04/15/2025 | 23,056,992 | ||||||||||||
|
| |||||||||||||||
443,194,009 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—0.7% | ||||||||||||||||
49,201,723 | Seadrill Operating LP, First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 6.00%) | 8.803 | 02/21/2021 | 41,280,246 | ||||||||||||
|
| |||||||||||||||
Oil & Gas Services—0.8% | ||||||||||||||||
46,776,487 | McDermott Technology (Americas), Inc., Term Loan B (1 mo. USD LIBOR + 5.00%) | 7.493 | 05/12/2025 | 45,128,551 | ||||||||||||
|
| |||||||||||||||
Packaging & Containers—0.6% | ||||||||||||||||
34,998,140 | Reynolds Group Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 02/05/2023 | 34,896,995 | ||||||||||||
|
| |||||||||||||||
Pharmaceuticals—6.2% | ||||||||||||||||
45,705,497 | Amneal Pharmaceuticals LLC, First Lien Term Loan (1 mo. USD LIBOR + 3.50%) | 6.067 | 05/04/2025 | 45,762,629 | ||||||||||||
90,907,144 | Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%) | 5.243 | 03/01/2024 | 90,360,338 | ||||||||||||
57,213,309 | Endo LLC, First Lien Term Loan (1 mo. USD LIBOR + 4.25%) | 6.817 | 04/29/2024 | 57,398,108 | ||||||||||||
74,129,626 | Grifols Worldwide Operations USA, Inc., Term Loan B (Spain) (3 mo. USD LIBOR + 2.25%) | 4.667 | 01/31/2025 | 73,969,877 | ||||||||||||
80,538,581 | Valeant Pharmaceuticals International, Inc., First Lien Term Loan (Canada) (1 mo. USD LIBOR + 3.00%) | 5.512 | 06/01/2025 | 80,689,590 | ||||||||||||
|
| |||||||||||||||
348,180,542 | ||||||||||||||||
|
| |||||||||||||||
Real Estate—0.7% | ||||||||||||||||
42,305,859 | DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 3.25%) | 5.743 | 08/21/2025 | 42,100,887 | ||||||||||||
|
| |||||||||||||||
REITs—0.2% | ||||||||||||||||
17,812 | Communications Sales & Leasing, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%) | 5.493 | 10/24/2022 | 16,498 | ||||||||||||
9,500,000 | VICI Properties 1 LLC, Term Loan B (1 mo. USD LIBOR + 2.00%) | 4.481 | 12/20/2024 | 9,462,048 | ||||||||||||
|
| |||||||||||||||
9,478,546 | ||||||||||||||||
|
| |||||||||||||||
Retail—7.7% | ||||||||||||||||
67,727,905 | Bass Pro Group LLC, First Lien Term Loan (1 mo. USD LIBOR + 5.00%) | 7.493 | 09/25/2024 | 67,692,686 | ||||||||||||
34,336,834 | Harbor Freight Tools USA, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%) | 4.993 | 08/18/2023 | 33,977,499 | ||||||||||||
32,806,686 | Michaels Stores, Inc., Term Loan (1 mo. USD LIBOR + 2.50%) | 4.990 | 01/30/2023 | 32,567,853 | ||||||||||||
52,310,801 | Neiman Marcus Group, Inc., Term Loan (1 mo. USD LIBOR + 3.25%) | 5.763 | 10/25/2020 | 48,195,772 | ||||||||||||
102,336,086 | New Red Finance, Inc., Term Loan B-3 (Canada) (1 mo. USD LIBOR + 2.25%) | 4.743 | 02/16/2024 | 101,723,093 | ||||||||||||
40,514,557 | Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%) | 5.994 | 01/26/2023 | 31,860,242 | ||||||||||||
75,828,536 | PetSmart, Inc., Term Loan B-2 (1 mo. USD LIBOR + 3.00%) | 5.520 | 03/11/2022 | 64,962,686 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Senior Loan ETF (BKLN)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Variable Rate Senior Loan Interests (continued) | ||||||||||||||||
Retail (continued) | ||||||||||||||||
$ | 54,408,823 | Staples, Inc., Term Loan (1 mo. USD LIBOR + 4.00%) | 6.509 | % | 09/12/2024 | $ | 54,134,330 | |||||||||
|
| |||||||||||||||
435,114,161 | ||||||||||||||||
|
| |||||||||||||||
Semiconductors—0.2% | ||||||||||||||||
11,054,841 | Microchip Technology, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.00%) | 4.567 | 05/29/2025 | 11,041,023 | ||||||||||||
|
| |||||||||||||||
Software—9.3% | ||||||||||||||||
61,020,176 | Boxer Parent Co., Inc., First Lien Term Loan (3 mo. USD LIBOR + 4.25%) | 7.053 | 10/02/2025 | 60,759,315 | ||||||||||||
66,923,644 | Finastra USA, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%) | 6.303 | 06/13/2024 | 66,376,209 | ||||||||||||
First Data Corp. | ||||||||||||||||
79,312,606 | First Lien Term Loan A (1 mo. USD LIBOR + 2.00%) | 4.490 | 04/26/2024 | 79,301,502 | ||||||||||||
19,183,822 | First Lien Term Loan D (1 mo. USD LIBOR + 2.00%) | 4.490 | 07/08/2022 | 19,180,273 | ||||||||||||
8,200,000 | Term Loan A (1 mo. USD LIBOR + 1.50%) | 3.990 | 10/26/2023 | 8,170,972 | ||||||||||||
39,217,519 | Infor (US), Inc., Term Loan B-6 (1 mo. USD LIBOR + 2.75%) | 5.243 | 02/01/2022 | 39,271,835 | ||||||||||||
42,045,042 | Kronos, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.00%) | 5.736 | 11/01/2023 | 41,939,929 | ||||||||||||
5,639,226 | MA Finance Co. LLC, Term Loan B-3 (United Kingdom) (1 mo. USD LIBOR + 2.50%) | 4.993 | 06/21/2024 | 5,589,883 | ||||||||||||
47,254,662 | Micro Holding LP, First Lien Term Loan (1 mo. USD LIBOR + 3.75%) | 6.240 | 09/13/2024 | 47,087,616 | ||||||||||||
49,786,654 | Rackspace Hosting, Inc., Term Loan B (3 mo. USD LIBOR + 3.00%) | 5.737 | 11/03/2023 | 47,600,771 | ||||||||||||
38,072,622 | Seattle Spinco, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%) | 4.993 | 06/21/2024 | 37,739,487 | ||||||||||||
SS&C Technologies, Inc. | ||||||||||||||||
53,983,526 | Term Loan B-3 (1 mo. USD LIBOR + 2.25%) | 4.743 | 04/16/2025 | 53,810,509 | ||||||||||||
20,682,150 | Term Loan B-4 (1 mo. USD LIBOR + 2.25%) | 4.743 | 04/16/2025 | 20,615,864 | ||||||||||||
|
| |||||||||||||||
527,444,165 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—7.9% | ||||||||||||||||
56,375,500 | Avaya, Inc., Term Loan B (2 mo. USD LIBOR + 4.25%) | 6.759 | 12/15/2024 | 56,418,064 | ||||||||||||
104,622,975 | CenturyLink, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 2.75%) | 5.243 | 01/31/2025 | 103,175,516 | ||||||||||||
8,882,642 | CommScope, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.25%) | 5.817 | 04/01/2026 | 8,924,301 | ||||||||||||
85,910,936 | Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%) | 4.731 | 02/22/2024 | 85,734,818 | ||||||||||||
51,303,600 | SBA Senior Finance II LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.00%) | 4.500 | 04/11/2025 | 50,892,658 | ||||||||||||
63,361,034 | Sprint Communications, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%) | 5.000 | 02/02/2024 | 62,701,129 | ||||||||||||
40,009,859 | Telesat LLC, Term Loan B-4 (Canada) (3 mo. USD LIBOR + 2.50%) | 5.310 | 11/17/2023 | 39,993,055 | ||||||||||||
43,146,879 | West Corp., First Lien Term Loan B (3 mo. USD LIBOR + 4.00%) | 6.630 | 10/10/2024 | 40,998,380 | ||||||||||||
|
| |||||||||||||||
448,837,921 | ||||||||||||||||
|
| |||||||||||||||
Trucking & Leasing—1.5% | ||||||||||||||||
84,099,104 | Avolon TLB Borrower 1 US LLC, Term Loan B-3 (Ireland) (1 mo. USD LIBOR + 2.00%) | 4.480 | 01/15/2025 | 84,184,464 | ||||||||||||
|
| |||||||||||||||
Waste & Environmental Services & Equipment—0.8% | ||||||||||||||||
46,201,007 | GFL Environmental, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.00%) | 5.567 | 05/30/2025 | 45,529,476 | ||||||||||||
|
| |||||||||||||||
Total Variable Rate Senior Loan Interests (Cost $5,127,301,394) | 5,090,964,474 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds—4.6% | ||||||||||||||||
Aerospace/Defense—0.6% | ||||||||||||||||
32,081,000 | TransDigm, Inc.(e) | 6.250 | 03/15/2026 | 32,883,025 | ||||||||||||
|
| |||||||||||||||
Computers—0.5% | ||||||||||||||||
24,793,000 | Dell International LLC(e) | 5.450 | 06/15/2023 | 26,081,781 | ||||||||||||
|
| |||||||||||||||
Entertainment—0.4% | ||||||||||||||||
23,000,000 | Scientific Games International, Inc.(e) | 5.000 | 10/15/2025 | 22,338,750 | ||||||||||||
|
| |||||||||||||||
Media—1.9% | ||||||||||||||||
24,174,000 | iHeartCommunications, Inc.(c)(d) | 9.000 | 12/15/2019 | 16,921,800 | ||||||||||||
1,874,000 | Univision Communications, Inc.(e) | 6.750 | 09/15/2022 | 1,895,082 | ||||||||||||
42,598,000 | Univision Communications, Inc.(e) | 5.125 | 05/15/2023 | 38,764,180 | ||||||||||||
25,600,000 | Virgin Media Secured Finance PLC (United Kingdom)(e) | 5.250 | 01/15/2026 | 25,722,624 | ||||||||||||
5,000,000 | Virgin Media Secured Finance PLC (United Kingdom)(e) | 5.500 | 08/15/2026 | 4,987,500 | ||||||||||||
21,650,000 | Ziggo BV (Netherlands)(e) | 5.500 | 01/15/2027 | 20,946,375 | ||||||||||||
|
| |||||||||||||||
109,237,561 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco Senior Loan ETF (BKLN)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Packaging & Containers—0.5% | ||||||||||||||||
$ | 25,681,354 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA | 5.750 | % | 10/15/2020 | $ | 25,764,819 | |||||||||
3,000,000 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA (3 mo. USD LIBOR + 3.50%)(e)(f) | 6.287 | 07/15/2021 | 3,026,250 | ||||||||||||
|
| |||||||||||||||
28,791,069 | ||||||||||||||||
|
| |||||||||||||||
Software—0.6% | ||||||||||||||||
36,000,000 | First Data Corp.(e) | 5.000 | 01/15/2024 | 36,967,860 | ||||||||||||
|
| |||||||||||||||
Telecommunications—0.1% | ||||||||||||||||
4,211,000 | CommScope, Inc.(e) | 6.000 | 03/01/2026 | 4,316,275 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $267,986,646) | 260,616,321 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—10.4% | ||||||||||||||||
587,532,188 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(g) (Cost $587,532,188) | 587,532,188 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $5,982,820,228)—104.8% | 5,939,112,983 | |||||||||||||||
Other assets less liabilities—(4.8)% | (274,378,379 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 5,664,734,604 | ||||||||||||||
|
|
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 February 28, 2019 was $57,253,860, which represented 1.01% 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 February 28, 2019 was $217,929,702, which represented 3.85% of the Fund’s Net Assets. |
(f) | Variable rate coupon. Stated interest rate was in effect at February 28, 2019. |
(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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Statement of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Assets: | ||||
Unaffiliated investments in securities, at value | $ | 5,351,580,795 | ||
Affiliated investments in securities, at value | 587,532,188 | |||
Receivables: | ||||
Investments sold | 21,033,797,547 | |||
Shares sold | 132,370,163 | |||
Dividends and interest | 15,074,919 | |||
|
| |||
Total Assets | 27,120,355,612 | |||
|
| |||
Liabilities: | ||||
Due to custodian | 601,088 | |||
Payables: | ||||
Investments purchased | 21,452,467,985 | |||
Accrued unitary management fees | 2,551,935 | |||
|
| |||
Total Liabilities | 21,455,621,008 | |||
|
| |||
Net Assets | $ | 5,664,734,604 | ||
|
| |||
Net Assets Consist of: | ||||
Shares of beneficial interest | $ | 6,273,817,680 | ||
Distributable earnings | (609,083,076 | ) | ||
|
| |||
Net Assets | $ | 5,664,734,604 | ||
|
| |||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 248,200,000 | |||
Net asset value | $ | 22.82 | ||
|
| |||
Market price | $ | 22.80 | ||
|
| |||
Unaffiliated investments in securities, at cost | $ | 5,395,288,040 | ||
|
| |||
Affiliated investments in securities, at cost | $ | 587,532,188 | ||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Investment Income: | ||||
Interest income | $ | 159,586,297 | ||
Affiliated dividend income | 4,132,217 | |||
Unaffiliated dividend income | 1,005 | |||
Other income | 37,397 | |||
|
| |||
Total Income | 163,756,916 | |||
|
| |||
Expenses: | ||||
Unitary management fees | 20,384,454 | |||
Tax expenses | 5,302 | |||
|
| |||
Total Expenses | 20,389,756 | |||
|
| |||
Less: Waivers | (354,031 | ) | ||
|
| |||
Net Expenses | 20,035,725 | |||
|
| |||
Net Investment Income | 143,721,191 | |||
|
| |||
Realized and Unrealized Gain (Loss): | ||||
Net realized gain (loss) from Investment securities | (102,497,064 | ) | ||
Net change in unrealized appreciation on investment securities | 437,859 | |||
|
| |||
Net realized and unrealized gain (loss) | (102,059,205 | ) | ||
|
| |||
Net increase in net assets resulting from operations | $ | 41,661,986 | ||
|
|
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 February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 143,721,191 | $ | 266,636,693 | $ | 301,995,507 | ||||||
Net realized gain (loss) | (102,497,064 | ) | (36,002,170 | ) | 2,445,393 | |||||||
Net change in unrealized appreciation (depreciation) | 437,859 | 3,991,124 | (26,652,918 | ) | ||||||||
|
|
|
|
|
| |||||||
Net increase in net assets resulting from operations | 41,661,986 | 234,625,647 | 277,787,982 | |||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings(a) | (154,177,015 | ) | (254,162,486 | ) | (301,436,634 | ) | ||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | 1,624,160,136 | 1,435,514,951 | 3,177,332,078 | |||||||||
Value of shares repurchased | (3,234,087,680 | ) | (2,804,958,662 | ) | (852,914,348 | ) | ||||||
Transaction fees | 8,950,616 | 3,376,366 | 4,314,451 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (1,600,976,928 | ) | (1,366,067,345 | ) | 2,328,732,181 | |||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (1,713,491,957 | ) | (1,385,604,184 | ) | 2,305,083,529 | |||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 7,378,226,561 | 8,763,830,745 | 6,458,747,216 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 5,664,734,604 | $ | 7,378,226,561 | $ | 8,763,830,745 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | 70,900,000 | 62,100,000 | 136,500,000 | |||||||||
Shares repurchased | (141,900,000 | ) | (121,500,000 | ) | (36,800,000 | ) | ||||||
Shares outstanding, beginning of period | 319,200,000 | 378,600,000 | 278,900,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 248,200,000 | 319,200,000 | 378,600,000 | |||||||||
|
|
|
|
|
|
(a) | The Securities and Exchange Commission eliminated the requirement to disclose the distribution components seperately, except for tax return of capital. For the ten months ended August 31, 2018 and the year ended October 31, 2017, distributions to shareholders from distributable earnings consisted of distributions from net investment income. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco Senior Loan ETF (BKLN) | ||||
Cash Provided By Operating Activities: | ||||
Net increase in net assets resulting from operations | $ | 41,661,986 | ||
|
| |||
Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Provided By (Used In) Operating Activities: | ||||
Purchases of investments | (2,110,439,325 | ) | ||
Proceeds from disposition of investments sold | 3,557,454,563 | |||
Amortization of premiums and accretion of discounts on investments | 1,298,897 | |||
Net cash paid for purchases, sales, and maturities of short-term investments | (1,465,310 | ) | ||
(Increase) in receivable for investments sold | (20,910,059,693 | ) | ||
(Increase) Decrease in interest receivable | 1,811,208 | |||
Increase in payable for investments purchased | 21,246,717,210 | |||
Increase (Decrease) in payable for accrued expenses | (1,521,054 | ) | ||
Net realized (gain) loss on investments | 102,497,064 | |||
Net change in unrealized (appreciation) on investments | (437,859 | ) | ||
|
| |||
Net cash provided by operating activities | 1,885,855,701 | |||
|
| |||
Cash Provided By (Used In) Financing Activities: | ||||
Increase in payable for amount due to custodian | 601,088 | |||
Distributions paid to shareholders | (154,177,015 | ) | ||
Proceeds from shares of beneficial interest sold | 1,491,789,973 | |||
Disbursements for shares of beneficial interest repurchased | (3,234,087,680 | ) | ||
Net proceeds from transaction fees | 8,950,616 | |||
|
| |||
Net cash provided by (used in) financing activities | (1,886,923,018 | ) | ||
|
| |||
Net increase in cash and cash equivalents | 40,594,669 | |||
|
| |||
Cash and cash equivalents at beginning of period | 546,937,519 | |||
|
| |||
Cash and cash equivalents at end of period | $ | 587,532,188 | ||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Senior Loan ETF (BKLN)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Year Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.11 | $ | 23.15 | $ | 23.16 | $ | 23.05 | $ | 24.43 | $ | 24.78 | $ | 24.76 | ||||||||||||||
Net investment income(a) | 0.52 | 0.77 | 0.82 | 0.99 | 0.92 | 1.00 | 1.06 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.27 | ) | (0.08 | ) | (0.02 | ) | 0.15 | (1.39 | ) | (0.36 | ) | 0.04 | ||||||||||||||||
Total from investment operations | 0.25 | 0.69 | 0.80 | 1.14 | (0.47 | ) | 0.64 | 1.10 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.74 | ) | (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 | (0.57 | ) | (0.74 | ) | (0.82 | ) | (1.07 | ) | (0.92 | ) | (1.00 | ) | (1.12 | ) | ||||||||||||||
Transaction fees(a) | 0.03 | 0.01 | 0.01 | 0.04 | 0.01 | 0.01 | 0.04 | |||||||||||||||||||||
Net asset value at end of period | $ | 22.82 | $ | 23.11 | $ | 23.15 | $ | 23.16 | $ | 23.05 | $ | 24.43 | $ | 24.78 | ||||||||||||||
Market price at end of period(c) | $ | 22.80 | $ | 23.05 | $ | 23.12 | $ | 23.19 | $ | 23.01 | $ | 24.37 | $ | 24.83 | ||||||||||||||
Net Asset Value Total Return(d) | 1.27 | % | 3.07 | % | 3.54 | % | 5.32 | % | (1.96 | )% | 2.66 | % | 4.70 | % | ||||||||||||||
Market Price Total Return(d) | 1.46 | % | 2.93 | % | 3.27 | % | 5.64 | % | (1.89 | )% | 2.21 | % | 4.61 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,664,735 | $ | 7,378,227 | $ | 8,763,831 | $ | 6,458,747 | $ | 4,808,978 | $ | 6,270,919 | $ | 6,064,711 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(e)(f) | 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 | %(e)(f) | 0.65 | %(f) | 0.65 | % | 0.65 | %(f) | 0.65 | % | 0.65 | %(f) | ||||||||||||||
Net investment income, after Waivers and Interest Expenses | 4.58 | %(e) | 3.99 | %(e) | 3.52 | % | 4.33 | % | 3.82 | % | 4.03 | % | 4.30 | % | ||||||||||||||
Portfolio turnover rate(g) | 36 | % | 74 | % | 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
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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” |
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 of institutional round lot size, but the 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.
| 13 |
|
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”) 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, it 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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to the Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
Industry Concentration Risk. In following its methodology, the Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
| 14 |
|
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 U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s recent raising of the target range for the Federal Funds Rate 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 investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and the Fund’s transaction costs.
Non-Correlation Risk. The Fund’s return may not match the return of the Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the 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 the 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 in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund to not be as well correlated with the return of the Underlying Index as would be the case if the Fund purchased all of the securities in the Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Sampling Risk. The Fund’s use of a representative sampling approach will result in its holding a smaller number of loans than are in the Underlying Index. As a result, an adverse development respecting a borrower of a loan held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the loans in the Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Cash Transaction Risk. Unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, an investment in Shares may be less tax efficient than an investment in shares of conventional ETF’s, which utilize an entirely in-kind redemption process. Also, there may be a substantial difference in the after-tax rate of return between the Fund and 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.
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
| 15 |
|
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.
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 the 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.
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, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations.
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
| 16 |
|
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.
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 costs 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.
| 17 |
|
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 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 costs 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 February 28, 2019, the Adviser waived fees of $354,031.
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. |
| 18 |
|
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 February 28, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Variable Rate Senior Loan Interests | $ | — | $ | 5,090,964,474 | $ | — | $ | 5,090,964,474 | ||||||||
Corporate Bonds | — | 260,616,321 | — | 260,616,321 | ||||||||||||
Money Market Fund | 587,532,188 | — | — | 587,532,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 587,532,188 | $ | 5,351,580,795 | $ | — | $ | 5,939,112,983 | ||||||||
|
|
|
|
|
|
|
|
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 following table presents available capital loss carryforwards for the Fund as of August 31, 2018:
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
$ | 102,383,972 | $ | 363,072,051 | $ | 465,456,023 |
* | 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. |
Note 6. Investment Transactions
For the six-month period ended February 28, 2019, 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 $2,110,439,325 and $3,557,454,563, respectively.
At February 28, 2019, 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 | $ | 18,954,146 | ||
Aggregate unrealized depreciation of investments | (62,661,391 | ) | ||
|
| |||
Net unrealized appreciation (depreciation) of investments | $ | (43,707,245 | ) | |
|
| |||
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”) 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 who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such
| 19 |
|
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 February 28, 2019, 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 February 28, 2019, 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 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.
| 20 |
|
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 thesix-month period ended February 28, 2019.
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 theSix-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 September 1, 2018 | Ending Account Value February 28, 2019 | 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 | $ | 1,012.70 | 0.64 | % | $ | 3.19 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.62 | 0.64 | 3.21 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended February 28, 2019. 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. |
| 21 |
|
(This Page Intentionally Left Blank)
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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-BKLN-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
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 & Communication Services ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
SmallCap Sector Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
6 | ||||
7 | ||||
8 | ||||
10 | ||||
11 | ||||
12 | ||||
15 | ||||
17 | ||||
19 | ||||
21 | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | 23 | |||
Statements of Assets and Liabilities | 26 | |||
Statements of Operations | 28 | |||
Statements of Changes in Net Assets | 30 | |||
Financial Highlights | 36 | |||
Notes to Financial Statements | 45 | |||
Fees and Expenses | 56 |
| 2 |
|
Invesco DWA SmallCap Momentum ETF (DWAS)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Health Care | 31.8 | |||
Information Technology | 16.5 | |||
Industrials | 14.3 | |||
Financials | 11.6 | |||
Consumer Discretionary | 11.2 | |||
Communication Services | 4.4 | |||
Real Estate | 3.3 | |||
Consumer Staples | 2.8 | |||
Materials | 2.3 | |||
Utilities | 1.0 | |||
Energy | 0.8 | |||
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% | ||||||||
Communication Services—4.4% | ||||||||
50,725 | Care.com, Inc.(b) | $ | 1,277,763 | |||||
105,947 | Glu Mobile, Inc.(b) | 951,404 | ||||||
42,519 | Iridium Communications, Inc.(b) | 905,229 | ||||||
47,527 | Liberty TripAdvisor Holdings, Inc., Series A(b) | 717,182 | ||||||
20,738 | Marcus Corp. (The) | 879,084 | ||||||
28,461 | Nexstar Media Group, Inc., Class A(c) | 2,781,494 | ||||||
122,374 | QuinStreet, Inc.(b) | 1,638,588 | ||||||
15,251 | United States Cellular Corp.(b) | 712,069 | ||||||
15,416 | World Wrestling Entertainment, Inc., Class A | 1,290,319 | ||||||
|
| |||||||
11,153,132 | ||||||||
|
| |||||||
Consumer Discretionary—11.2% | ||||||||
17,115 | Adtalem Global Education, Inc.(b) | 824,943 | ||||||
11,730 | America’s Car-Mart, Inc.(b) | 957,168 | ||||||
70,041 | Chegg, Inc.(b) | 2,775,725 | ||||||
83,448 | Clarus Corp. | 1,016,397 | ||||||
47,952 | Crocs, Inc.(b) | 1,231,407 | ||||||
6,860 | Deckers Outdoor Corp.(b) | 1,014,937 | ||||||
57,468 | Denny’s Corp.(b) | 1,003,391 | ||||||
10,595 | Dine Brands Global, Inc. | 1,051,024 | ||||||
25,327 | Dorman Products, Inc.(b) | 2,048,954 | ||||||
70,524 | Eldorado Resorts, Inc.(b) | 3,399,962 | ||||||
17,450 | Fox Factory Holding Corp.(b) | 1,105,981 | ||||||
18,272 | Genesco, Inc.(b) | 881,990 | ||||||
40,892 | Guess?, Inc. | 915,572 | ||||||
6,910 | Helen of Troy Ltd.(b) | 774,680 | ||||||
89,684 | Houghton Mifflin Harcourt Co.(b) | 709,400 | ||||||
34,939 | K12, Inc.(b) | 1,119,446 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
40,115 | KB Home | $ | 915,023 | |||||
13,513 | RH(b)(c) | 2,075,462 | ||||||
33,423 | Rocky Brands, Inc. | 1,001,019 | ||||||
33,421 | SeaWorld Entertainment, Inc.(b) | 912,059 | ||||||
24,580 | Shoe Carnival, Inc.(c) | 937,481 | ||||||
7,077 | Strategic Education, Inc. | 925,530 | ||||||
13,133 | Wingstop, Inc. | 874,789 | ||||||
|
| |||||||
28,472,340 | ||||||||
|
| |||||||
Consumer Staples—2.8% | ||||||||
3,165 | Boston Beer Co., Inc. (The), Class A(b) | 989,252 | ||||||
25,429 | Chefs’ Warehouse, Inc. (The)(b) | 813,982 | ||||||
48,788 | Freshpet, Inc.(b) | 2,011,041 | ||||||
13,011 | Inter Parfums, Inc. | 959,822 | ||||||
5,342 | J&J Snack Foods Corp. | 829,506 | ||||||
7,006 | USANA Health Sciences, Inc.(b) | 690,091 | ||||||
5,227 | WD-40 Co. | 935,476 | ||||||
|
| |||||||
7,229,170 | ||||||||
|
| |||||||
Energy—0.8% | ||||||||
24,105 | CVR Energy, Inc. | 977,217 | ||||||
48,183 | Matrix Service Co.(b) | 1,006,543 | ||||||
|
| |||||||
1,983,760 | ||||||||
|
| |||||||
Financials—11.6% | ||||||||
12,072 | Argo Group International Holdings Ltd. | 839,125 | ||||||
48,804 | Blucora, Inc.(b) | 1,312,340 | ||||||
24,389 | Cathay General Bancorp | 947,269 | ||||||
32,052 | eHealth, Inc.(b) | 1,711,897 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco DWA SmallCap Momentum ETF (DWAS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
21,423 | Enterprise Financial Services Corp. | $ | 967,891 | |||||
39,678 | FedNat Holding Co. | 724,123 | ||||||
25,110 | First Bancorp | 984,061 | ||||||
104,191 | First BanCorp/Puerto Rico | 1,199,238 | ||||||
33,536 | First Defiance Financial Corp. | 1,037,604 | ||||||
26,138 | First Merchants Corp. | 1,055,714 | ||||||
18,089 | Heartland Financial USA, Inc. | 878,944 | ||||||
124,827 | Independent Bank Corp./MI | 2,902,228 | ||||||
5,578 | Investors Title Co. | 950,547 | ||||||
15,481 | Kinsale Capital Group, Inc. | 1,033,512 | ||||||
3,890 | LendingTree, Inc.(b)(c) | 1,240,715 | ||||||
50,544 | NMI Holdings, Inc., Class A(b) | 1,220,638 | ||||||
52,895 | OFG Bancorp | 1,094,397 | ||||||
30,860 | Old Line Bancshares, Inc. | 883,830 | ||||||
175,054 | Old Second Bancorp, Inc. | 2,499,771 | ||||||
20,102 | RLI Corp. | 1,417,593 | ||||||
32,629 | Seacoast Banking Corp. of Florida(b) | 946,894 | ||||||
40,148 | TriState Capital Holdings, Inc.(b) | 907,746 | ||||||
93,146 | United Community Financial Corp. | 933,323 | ||||||
20,640 | Universal Insurance Holdings, Inc. | 805,786 | ||||||
33,908 | Virtu Financial, Inc., Class A | 852,447 | ||||||
|
| |||||||
29,347,633 | ||||||||
|
| |||||||
Health Care—31.8% | ||||||||
13,710 | Addus HomeCare Corp.(b) | 921,449 | ||||||
7,635 | Amedisys, Inc.(b) | 949,030 | ||||||
20,475 | AMN Healthcare Services, Inc.(b) | 1,023,955 | ||||||
204,710 | Arrowhead Pharmaceuticals, Inc.(b)(c) | 3,995,939 | ||||||
28,162 | AtriCure, Inc.(b) | 899,494 | ||||||
1,157 | Atrion Corp. | 909,830 | ||||||
105,216 | BioCryst Pharmaceuticals, Inc.(b) | 869,084 | ||||||
23,647 | Biohaven Pharmaceutical Holding Co., Ltd.(b) | 1,039,995 | ||||||
39,141 | BioTelemetry, Inc.(b) | 2,924,615 | ||||||
136,470 | CareDx, Inc.(b) | 4,246,946 | ||||||
161,780 | Codexis, Inc.(b) | 3,497,684 | ||||||
49,654 | Collegium Pharmaceutical, Inc.(b) | 873,414 | ||||||
13,076 | CorVel Corp.(b) | 880,015 | ||||||
36,183 | CryoLife, Inc.(b) | 1,070,293 | ||||||
39,892 | Denali Therapeutics, Inc.(b) | 868,050 | ||||||
122,412 | Dicerna Pharmaceuticals, Inc.(b) | 1,494,651 | ||||||
31,994 | Editas Medicine, Inc.(b)(c) | 660,036 | ||||||
13,676 | Emergent BioSolutions, Inc.(b) | 797,995 | ||||||
20,444 | Ensign Group, Inc. (The) | 1,010,956 | ||||||
61,208 | Fate Therapeutics, Inc.(b) | 961,578 | ||||||
103,527 | Fluidigm Corp.(b) | 1,145,009 | ||||||
12,702 | Genomic Health, Inc.(b) | 964,971 | ||||||
14,281 | Glaukos Corp.(b) | 1,059,222 | ||||||
33,062 | Heska Corp.(b) | 2,704,141 | ||||||
31,027 | HMS Holdings Corp.(b) | 1,069,190 | ||||||
34,747 | Homology Medicines, Inc.(b) | 1,024,342 | ||||||
43,330 | Horizon Pharma PLC(b) | 1,257,003 | ||||||
48,444 | Innoviva, Inc.(b) | 760,571 | ||||||
19,375 | Inspire Medical Systems, Inc.(b) | 1,201,250 | ||||||
13,450 | Integer Holdings Corp.(b) | 1,223,412 | ||||||
79,204 | Kindred Biosciences, Inc.(b) | 856,987 | ||||||
38,316 | Kiniksa Pharmaceuticals Ltd., Class A(b) | 687,772 | ||||||
38,965 | Krystal Biotech, Inc.(b)(c) | 871,257 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
8,921 | LHC Group, Inc.(b) | $ | 978,544 | |||||
15,564 | Medpace Holdings, Inc.(b) | 855,242 | ||||||
19,772 | Merit Medical Systems, Inc.(b) | 1,101,894 | ||||||
85,343 | Mirati Therapeutics, Inc.(b) | 6,212,970 | ||||||
27,798 | MyoKardia, Inc.(b) | 1,246,740 | ||||||
57,025 | NanoString Technologies, Inc.(b) | 1,452,427 | ||||||
55,884 | Novocure Ltd.(b) | 3,001,530 | ||||||
13,629 | Omnicell, Inc.(b) | 1,157,784 | ||||||
15,214 | Orthofix Medical, Inc.(b) | 929,575 | ||||||
25,392 | OrthoPediatrics Corp.(b) | 1,043,865 | ||||||
122,475 | Quotient Ltd.(b)(c) | 1,294,561 | ||||||
190,084 | R1 RCM, Inc.(b) | 1,879,931 | ||||||
56,968 | Ra Pharmaceuticals, Inc.(b) | 1,097,773 | ||||||
15,271 | Repligen Corp.(b) | 908,930 | ||||||
52,172 | SeaSpine Holdings Corp.(b) | 800,318 | ||||||
483,284 | SIGA Technologies, Inc.(b) | 3,276,666 | ||||||
43,410 | Simulations Plus, Inc. | 890,339 | ||||||
15,809 | Surmodics, Inc.(b) | 922,455 | ||||||
30,732 | Tabula Rasa HealthCare, Inc.(b) | 1,693,641 | ||||||
9,664 | US Physical Therapy, Inc. | 1,065,359 | ||||||
32,453 | Vanda Pharmaceuticals, Inc.(b) | 656,849 | ||||||
69,786 | Veracyte, Inc.(b) | 1,410,375 | ||||||
50,082 | Vericel Corp.(b) | 937,034 | ||||||
27,964 | Vocera Communications, Inc.(b) | 926,727 | ||||||
|
| |||||||
80,461,665 | ||||||||
|
| |||||||
Industrials—14.3% | ||||||||
25,387 | AAON, Inc. | 1,011,926 | ||||||
35,567 | Aerojet Rocketdyne Holdings, Inc.(b) | 1,324,871 | ||||||
12,600 | Albany International Corp., Class A | 977,130 | ||||||
17,815 | Allied Motion Technologies, Inc. | 741,995 | ||||||
60,311 | Ameresco, Inc., Class A(b) | 987,291 | ||||||
42,727 | CAI International, Inc.(b) | 1,006,648 | ||||||
75,833 | Casella Waste Systems, Inc., Class A(b) | 2,675,388 | ||||||
42,028 | CBIZ, Inc.(b) | 867,038 | ||||||
15,136 | Chart Industries, Inc.(b) | 1,336,206 | ||||||
19,351 | Comfort Systems USA, Inc. | 1,037,601 | ||||||
46,456 | DMC Global, Inc. | 2,182,503 | ||||||
22,150 | Ducommun, Inc.(b) | 939,824 | ||||||
11,032 | EnerSys | 814,382 | ||||||
16,195 | Exponent, Inc. | 917,123 | ||||||
13,180 | FTI Consulting, Inc.(b) | 977,429 | ||||||
116,373 | Great Lakes Dredge & Dock Corp.(b) | 1,035,720 | ||||||
58,683 | Harsco Corp.(b) | 1,313,326 | ||||||
34,603 | Heritage-Crystal Clean, Inc.(b) | 836,008 | ||||||
12,404 | ICF International, Inc. | 936,750 | ||||||
10,731 | Kadant, Inc. | 938,426 | ||||||
68,759 | Kratos Defense & Security Solutions, Inc.(b) | 1,181,967 | ||||||
15,776 | McGrath RentCorp. | 944,036 | ||||||
27,741 | Mercury Systems, Inc.(b) | 1,762,108 | ||||||
34,104 | Northwest Pipe Co.(b) | 841,346 | ||||||
7,418 | Proto Labs, Inc.(b) | 838,160 | ||||||
22,981 | Raven Industries, Inc. | 917,401 | ||||||
34,548 | SkyWest, Inc. | 1,866,974 | ||||||
13,809 | Spirit Airlines, Inc.(b) | 776,756 | ||||||
100,735 | Sterling Construction Co., Inc.(b) | 1,471,738 | ||||||
68,932 | Sunrun, Inc.(b) | 1,069,135 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco DWA SmallCap Momentum ETF (DWAS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
39,187 | Systemax, Inc. | $ | 793,929 | |||||
26,338 | Triton International Ltd. (Bermuda) | 866,784 | ||||||
|
| |||||||
36,187,919 | ||||||||
|
| |||||||
Information Technology—16.5% | ||||||||
19,551 | Alarm.com Holdings, Inc.(b) | 1,283,132 | ||||||
18,400 | Alteryx, Inc., Class A(b) | 1,404,104 | ||||||
15,838 | Badger Meter, Inc. | 931,908 | ||||||
16,190 | Benefitfocus, Inc.(b) | 795,253 | ||||||
9,233 | Cabot Microelectronics Corp. | 1,044,252 | ||||||
89,506 | Calix, Inc.(b) | 733,949 | ||||||
239,992 | eGain Corp.(b) | 2,721,509 | ||||||
15,869 | Envestnet, Inc.(b) | 968,168 | ||||||
40,242 | ePlus, Inc.(b) | 3,599,244 | ||||||
17,194 | Everbridge, Inc.(b) | 1,215,788 | ||||||
29,364 | EVERTEC, Inc. | 840,398 | ||||||
140,339 | Extreme Networks, Inc.(b) | 1,153,586 | ||||||
15,989 | Fabrinet (Thailand)(b) | 935,356 | ||||||
61,925 | Five9, Inc.(b) | 3,284,502 | ||||||
21,038 | Instructure, Inc.(b) | 983,106 | ||||||
18,641 | LiveRamp Holdings, Inc.(b) | 1,001,954 | ||||||
3,909 | Mesa Laboratories, Inc. | 899,422 | ||||||
11,726 | MongoDB, Inc., Class A(b) | 1,190,892 | ||||||
72,714 | PAR Technology Corp.(b) | 1,961,097 | ||||||
26,085 | PROS Holdings, Inc.(b) | 1,111,221 | ||||||
22,185 | Q2 Holdings, Inc.(b) | 1,526,772 | ||||||
11,919 | Qualys, Inc.(b) | 996,786 | ||||||
26,531 | Rapid7, Inc.(b) | 1,221,222 | ||||||
52,229 | SecureWorks Corp., Class A(b)(c) | 1,158,961 | ||||||
18,440 | Semtech Corp.(b) | 1,014,938 | ||||||
30,144 | ShotSpotter, Inc.(b) | 1,505,391 | ||||||
9,710 | SPS Commerce, Inc.(b) | 1,036,834 | ||||||
12,955 | Trade Desk, Inc. (The), Class A(b)(c) | 2,559,131 | ||||||
42,040 | Upland Software, Inc.(b) | 1,475,604 | ||||||
23,757 | Workiva, Inc.(b) | 1,174,784 | ||||||
|
| |||||||
41,729,264 | ||||||||
|
| |||||||
Materials—2.3% | ||||||||
17,438 | Chase Corp. | 1,683,639 | ||||||
30,344 | Innospec, Inc. | 2,483,960 | ||||||
7,821 | Quaker Chemical Corp. | 1,634,511 | ||||||
|
| |||||||
5,802,110 | ||||||||
|
| |||||||
Real Estate—3.3% | ||||||||
13,624 | Agree Realty Corp. REIT | 895,506 | ||||||
30,431 | Americold Realty Trust REIT | 874,891 | ||||||
22,620 | CorEnergy Infrastructure Trust, Inc. REIT(c) | 824,725 | ||||||
16,011 | Innovative Industrial Properties, Inc. REIT | 1,264,709 | ||||||
24,183 | Marcus & Millichap, Inc.(b) | 933,948 | ||||||
29,187 | National Storage Affiliates Trust REIT | 826,576 | ||||||
23,809 | NexPoint Residential Trust, Inc. REIT | 855,695 | ||||||
26,508 | Rexford Industrial Realty, Inc. REIT | 908,694 | ||||||
38,677 | Tier REIT, Inc. REIT | 937,917 | ||||||
|
| |||||||
8,322,661 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities—1.0% | ||||||||
12,126 | American States Water Co. | $ | 862,523 | |||||
15,129 | Middlesex Water Co. | 890,644 | ||||||
15,592 | Ormat Technologies, Inc. | 870,501 | ||||||
|
| |||||||
2,623,668 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $220,454,156) | 253,313,322 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
28,872 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $28,872) | 28,872 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $220,483,028)-100.0% | 253,342,194 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.5% | ||||||||
11,381,545 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $11,381,545) | 11,381,545 | ||||||
|
| |||||||
Total Investments in Securities (Cost $231,864,573)—104.5% | 264,723,739 | |||||||
Other assets less liabilities—(4.5)% | (11,458,400 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 253,265,339 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 5 |
|
Invesco DWA Tactical Multi-Asset Income ETF (DWIN)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Risk Allocation Breakdown as of February 28, 2019 | ||||
Domestic Fixed Income | 40.0 | |||
International Bond | 39.0 | |||
Preferreds | 21.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
* | Reflects exposure achieved through investments in underlying funds. |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Exchange-Traded Funds—100.0%(a) | ||||||||
268,517 | Invesco Emerging Markets Sovereign Debt ETF | $ | 7,421,810 | |||||
410,209 | Invesco Fundamental High Yield Corporate Bond ETF(b) | 7,613,479 | ||||||
325,546 | Invesco Global Short Term High Yield Bond ETF(b) | 7,533,134 | ||||||
561,499 | Invesco Preferred ETF | 8,063,126 | ||||||
259,785 | Invesco Taxable Municipal Bond ETF | 7,694,832 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $39,911,448)—100.0% | 38,326,381 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—14.1% | ||||||||
5,397,376 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $5,397,376) | 5,397,376 | ||||||
|
| |||||||
Total Investments in Securities (Cost $45,308,824)—114.1% | 43,723,757 | |||||||
Other assets less liabilities—(14.1)% | (5,393,878 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 38,329,879 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 6 |
|
Invesco DWA Tactical Sector Rotation ETF (DWTR)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets)* as of February 28, 2019 | ||||
Industrials | 30.7 | |||
Information Technology | 29.6 | |||
Utilities | 21.8 | |||
Health Care | 17.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
* | Reflects exposure achieved through investments in underlying funds. |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Exchange-Traded Funds—100.0%(a) | ||||||||
140,004 | Invesco DWA Healthcare Momentum ETF(b) | $ | 11,366,925 | |||||
324,926 | Invesco DWA Industrials Momentum ETF | 19,580,041 | ||||||
294,743 | Invesco DWA Technology Momentum ETF | 18,866,499 | ||||||
441,463 | Invesco DWA Utilities Momentum ETF | 13,879,597 | ||||||
|
| |||||||
Total Investments in Securities (Cost $57,938,492)—100.0% | 63,693,062 | |||||||
Other assets less liabilities—(0.0)% | (12,458 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 63,680,604 | ||||||
|
|
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) | Non-income producing security. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Specialty Retail | 29.9 | |||
Household Durables | 14.9 | |||
Auto Components | 14.7 | |||
Hotels, Restaurants & Leisure | 12.5 | |||
Textiles, Apparel & Luxury Goods | 11.8 | |||
Internet & Direct Marketing Retail | 5.6 | |||
Diversified Consumer Services | 4.8 | |||
Leisure Products | 3.1 | |||
Distributors | 1.4 | |||
Automobiles | 0.9 | |||
Multi-line Retail | 0.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Auto Components—14.7% | ||||||||
85,862 | American Axle & Manufacturing Holdings, Inc.(b) | $ | 1,382,378 | |||||
38,488 | Cooper Tire & Rubber Co. | 1,230,076 | ||||||
12,707 | Cooper-Standard Holdings, Inc.(b) | 763,818 | ||||||
22,353 | Dorman Products, Inc.(b) | 1,808,358 | ||||||
29,200 | Fox Factory Holding Corp.(b) | 1,850,696 | ||||||
56,895 | Garrett Motion, Inc. (Switzerland)(b) | 952,422 | ||||||
26,818 | Gentherm, Inc.(b) | 1,099,538 | ||||||
19,384 | LCI Industries | 1,579,408 | ||||||
14,517 | Motorcar Parts of America, Inc.(b) | 300,357 | ||||||
15,519 | Standard Motor Products, Inc. | 765,087 | ||||||
17,732 | Superior Industries International, Inc. | 109,761 | ||||||
|
| |||||||
11,841,899 | ||||||||
|
| |||||||
Automobiles—0.9% | ||||||||
22,305 | Winnebago Industries, Inc. | 727,812 | ||||||
|
| |||||||
Distributors—1.4% | ||||||||
35,131 | Core-Mark Holding Co., Inc. | 1,106,978 | ||||||
|
| |||||||
Diversified Consumer Services—4.8% | ||||||||
12,625 | American Public Education, Inc.(b) | 407,914 | ||||||
53,623 | Career Education Corp.(b) | 891,214 | ||||||
23,196 | Regis Corp.(b) | 419,616 | ||||||
16,687 | Strategic Education, Inc. | 2,182,326 | ||||||
|
| |||||||
3,901,070 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—12.5% | ||||||||
68,874 | Belmond Ltd., Class A (United Kingdom)(b) | 1,711,519 | ||||||
16,367 | BJ’s Restaurants, Inc. | 782,997 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
13,008 | Chuy’s Holdings, Inc.(b) | $ | 290,989 | |||||
29,848 | Dave & Buster’s Entertainment, Inc. | 1,532,098 | ||||||
13,615 | Dine Brands Global, Inc. | 1,350,608 | ||||||
17,090 | El Pollo Loco Holdings, Inc.(b) | 258,572 | ||||||
17,990 | Fiesta Restaurant Group, Inc.(b) | 271,109 | ||||||
9,078 | Monarch Casino & Resort, Inc.(b) | 398,070 | ||||||
9,960 | Red Robin Gourmet Burgers, Inc.(b) | 302,884 | ||||||
22,024 | Ruth’s Hospitality Group, Inc. | 559,850 | ||||||
19,867 | Shake Shack, Inc., Class A(b) | 1,095,466 | ||||||
22,519 | Wingstop, Inc. | 1,499,991 | ||||||
|
| |||||||
10,054,153 | ||||||||
|
| |||||||
Household Durables—14.9% | ||||||||
6,574 | Cavco Industries, Inc.(b) | 910,039 | ||||||
18,963 | Ethan Allen Interiors, Inc. | 380,777 | ||||||
16,801 | Installed Building Products, Inc.(b) | 732,860 | ||||||
21,282 | iRobot Corp.(b)(c) | 2,661,527 | ||||||
35,999 | La-Z-Boy, Inc. | 1,238,726 | ||||||
14,319 | LGI Homes, Inc.(b) | 846,253 | ||||||
21,464 | M/I Homes, Inc.(b) | 558,922 | ||||||
37,600 | MDC Holdings, Inc. | 1,084,384 | ||||||
28,877 | Meritage Homes Corp.(b) | 1,266,256 | ||||||
27,199 | TopBuild Corp.(b) | 1,618,340 | ||||||
10,595 | Universal Electronics, Inc.(b) | 353,767 | ||||||
25,319 | William Lyon Homes, Class A(b) | 358,264 | ||||||
|
| |||||||
12,010,115 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Internet & Direct Marketing Retail—5.6% | ||||||||
20,309 | Liquidity Services, Inc.(b) | $ | 140,132 | |||||
22,617 | Nutrisystem, Inc. | 978,864 | ||||||
15,866 | PetMed Express, Inc.(c) | 365,711 | ||||||
25,830 | Shutterfly, Inc.(b) | 1,157,442 | ||||||
14,274 | Shutterstock, Inc. | 661,315 | ||||||
13,080 | Stamps.com, Inc.(b) | 1,229,389 | ||||||
|
| |||||||
4,532,853 | ||||||||
|
| |||||||
Leisure Products—3.1% | ||||||||
68,283 | Callaway Golf Co. | 1,175,150 | ||||||
22,860 | Nautilus, Inc.(b) | 149,276 | ||||||
13,419 | Sturm Ruger & Co., Inc. | 764,212 | ||||||
44,259 | Vista Outdoor, Inc.(b) | 394,348 | ||||||
|
| |||||||
2,482,986 | ||||||||
|
| |||||||
Multi-line Retail—0.4% | ||||||||
242,054 | J.C. Penney Co., Inc.(b)(c) | 367,922 | ||||||
|
| |||||||
Specialty Retail—29.9% | ||||||||
50,612 | Abercrombie & Fitch Co., Class A | 1,110,933 | ||||||
15,068 | Asbury Automotive Group, Inc.(b) | 1,081,732 | ||||||
133,341 | Ascena Retail Group, Inc.(b) | 296,017 | ||||||
28,106 | Barnes & Noble Education, Inc.(b) | 193,650 | ||||||
43,800 | Barnes & Noble, Inc. | 275,940 | ||||||
21,854 | Buckle, Inc. (The)(c) | 419,378 | ||||||
33,206 | Caleres, Inc. | 1,032,707 | ||||||
17,532 | Cato Corp. (The), Class A | 275,954 | ||||||
96,649 | Chico’s FAS, Inc. | 564,430 | ||||||
12,448 | Children’s Place, Inc. (The) | 1,189,531 | ||||||
18,754 | Conn’s, Inc.(b) | 442,407 | ||||||
52,429 | DSW, Inc., Class A | 1,552,423 | ||||||
52,593 | Express, Inc.(b) | 273,484 | ||||||
78,364 | GameStop Corp., Class A(c) | 916,859 | ||||||
15,522 | Genesco, Inc.(b) | 749,247 | ||||||
14,002 | Group 1 Automotive, Inc. | 870,644 | ||||||
43,605 | Guess?, Inc. | 976,316 | ||||||
14,564 | Haverty Furniture Cos., Inc. | 354,779 | ||||||
14,241 | Hibbett Sports, Inc.(b) | 264,028 | ||||||
11,446 | Kirkland’s, Inc.(b) | 133,689 | ||||||
17,317 | Lithia Motors, Inc., Class A | 1,563,206 | ||||||
21,964 | Lumber Liquidators Holdings, Inc.(b) | 259,395 | ||||||
17,541 | MarineMax, Inc.(b) | 344,330 | ||||||
25,356 | Monro, Inc. | 1,934,916 | ||||||
420,616 | Office Depot, Inc. | 1,459,537 | ||||||
34,142 | Rent-A-Center, Inc.(b) | 635,383 | ||||||
14,351 | RH(b)(c) | 2,204,170 | ||||||
7,699 | Shoe Carnival, Inc.(c) | 293,640 | ||||||
23,727 | Sleep Number Corp.(b) | 1,035,684 | ||||||
18,154 | Sonic Automotive, Inc., Class A | 272,855 | ||||||
38,367 | Tailored Brands, Inc. | 497,236 | ||||||
29,963 | Tile Shop Holdings, Inc. | 191,164 | ||||||
12,044 | Vitamin Shoppe, Inc.(b) | 88,764 | ||||||
14,499 | Zumiez, Inc.(b) | 358,125 | ||||||
|
| |||||||
24,112,553 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—11.8% | ||||||||
51,348 | Crocs, Inc.(b) | 1,318,617 | ||||||
34,974 | Fossil Group, Inc.(b)(c) | 546,993 | ||||||
32,248 | G-III Apparel Group Ltd.(b) | 1,148,351 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Textiles, Apparel & Luxury Goods (continued) | ||||||||
12,682 | Movado Group, Inc. | $ | 444,251 | |||||
13,030 | Oxford Industries, Inc. | 1,029,761 | ||||||
61,174 | Steven Madden Ltd. | 2,018,130 | ||||||
11,145 | Unifi, Inc.(b) | 246,527 | ||||||
16,615 | Vera Bradley, Inc.(b) | 158,673 | ||||||
72,901 | Wolverine World Wide, Inc. | 2,606,940 | ||||||
|
| |||||||
9,518,243 | ||||||||
|
| |||||||
Total Common Stocks (Cost $85,932,908) | 80,656,584 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
16,158 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $16,158) | 16,158 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $85,949,066)—100.0% | 80,672,742 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—8.2% | ||||||||
6,593,907 | Invesco Government & Agency Portfolio— Institutional Class, 2.30%(d)(e) (Cost $6,593,907) | 6,593,907 | ||||||
|
| |||||||
Total Investments in Securities (Cost $92,542,973)—108.2% | 87,266,649 | |||||||
Other assets less liabilities—(8.2)% | (6,585,994 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 80,680,655 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 9 |
|
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Food Products | 42.2 | |||
Personal Products | 15.3 | |||
Food & Staples Retailing | 15.0 | |||
Household Products | 13.2 | |||
Beverages | 9.5 | |||
Tobacco | 4.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.7 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.3% | ||||||||
Beverages—9.5% | ||||||||
13,527 | Coca-Cola Consolidated, Inc. | $ | 3,352,802 | |||||
41,449 | MGP Ingredients, Inc.(b) | �� | 3,392,601 | |||||
|
| |||||||
6,745,403 | ||||||||
|
| |||||||
Food & Staples Retailing—15.0% | ||||||||
88,545 | Andersons, Inc. (The) | 3,272,623 | ||||||
77,193 | Chefs’ Warehouse, Inc. (The)(c) | 2,470,948 | ||||||
120,220 | SpartanNash Co. | 2,281,776 | ||||||
169,974 | United Natural Foods, Inc.(c) | 2,551,310 | ||||||
|
| |||||||
10,576,657 | ||||||||
|
| |||||||
Food Products—42.2% | ||||||||
173,738 | B&G Foods, Inc.(b) | 4,277,430 | ||||||
34,888 | Calavo Growers, Inc. | 2,970,015 | ||||||
66,271 | Cal-Maine Foods, Inc. | 2,922,551 | ||||||
433,885 | Darling Ingredients, Inc.(c) | 9,536,792 | ||||||
305,738 | Dean Foods Co. | 1,226,009 | ||||||
39,572 | J&J Snack Foods Corp. | 6,144,740 | ||||||
29,262 | John B. Sanfilippo & Son, Inc. | 2,033,124 | ||||||
22,461 | Seneca Foods Corp., Class A(c) | 663,049 | ||||||
|
| |||||||
29,773,710 | ||||||||
|
| |||||||
Household Products—13.2% | ||||||||
19,657 | Central Garden & Pet Co.(c) | 614,871 | ||||||
77,946 | Central Garden & Pet Co., Class A(c) | 2,170,796 | ||||||
36,472 | WD-40 Co. | 6,527,394 | ||||||
|
| |||||||
9,313,061 | ||||||||
|
| |||||||
Personal Products—15.3% | ||||||||
1,479,703 | Avon Products, Inc. (United Kingdom)(c) | 4,572,282 | ||||||
45,777 | Inter Parfums, Inc. | 3,376,969 | ||||||
22,415 | Medifast, Inc. | 2,856,344 | ||||||
|
| |||||||
10,805,595 | ||||||||
|
| |||||||
Tobacco—4.1% | ||||||||
48,630 | Universal Corp. | 2,885,704 | ||||||
|
| |||||||
Total Common Stocks (Cost $72,192,294) | 70,100,130 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
2,682 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $2,682) | $ | 2,682 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $72,194,976)—99.3% | 70,102,812 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—9.7% | ||||||||
6,847,184 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $6,847,184) | 6,847,184 | ||||||
|
| |||||||
Total Investments in Securities (Cost $79,042,160)—109.0% | 76,949,996 | |||||||
Other assets less liabilities—(9.0)% | (6,356,337 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 70,593,659 | ||||||
|
|
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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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 Energy ETF (PSCE)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown | ||||
Energy Equipment & Services | 56.6 | |||
Oil, Gas & Consumable Fuels | 43.3 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Energy Equipment & Services—56.6% | ||||||||
137,899 | Archrock, Inc. | $ | 1,345,894 | |||||
38,167 | Bristow Group, Inc.(b)(c) | 45,037 | ||||||
66,757 | C&J Energy Services, Inc.(c) | 1,152,893 | ||||||
22,759 | CARBO Ceramics, Inc.(c) | 92,857 | ||||||
38,146 | Dril-Quip, Inc.(c) | 1,625,401 | ||||||
21,810 | Era Group, Inc.(c) | 251,251 | ||||||
33,534 | Exterran Corp.(c) | 572,425 | ||||||
14,501 | Geospace Technologies Corp.(c) | 237,817 | ||||||
14,633 | Gulf Island Fabrication, Inc.(c) | 143,404 | ||||||
148,481 | Helix Energy Solutions Group, Inc.(c) | 1,098,759 | ||||||
23,842 | KLX Energy Services Holdings, Inc.(c) | 628,475 | ||||||
28,865 | Matrix Service Co.(c) | 602,990 | ||||||
347,143 | Nabors Industries Ltd. | 1,124,743 | ||||||
96,818 | Newpark Resources, Inc.(c) | 855,871 | ||||||
263,130 | Noble Corp. PLC(c) | 792,021 | ||||||
63,950 | Oil States International, Inc.(c) | 1,096,103 | ||||||
83,393 | Pioneer Energy Services Corp.(c) | 147,606 | ||||||
79,032 | ProPetro Holding Corp.(c) | 1,569,576 | ||||||
18,287 | SEACOR Holdings, Inc.(c) | 816,698 | ||||||
164,759 | Superior Energy Services, Inc.(c) | 771,072 | ||||||
134,031 | TETRA Technologies, Inc.(c) | 320,334 | ||||||
57,637 | Unit Corp.(c) | 896,255 | ||||||
82,642 | US Silica Holdings, Inc.(b) | 1,231,366 | ||||||
|
| |||||||
17,418,848 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—43.3% | ||||||||
19,933 | Bonanza Creek Energy, Inc.(c) | 457,861 | ||||||
90,851 | Carrizo Oil & Gas, Inc.(c) | 997,544 | ||||||
29,618 | CONSOL Energy, Inc.(c) | 1,124,003 | ||||||
491,029 | Denbury Resources, Inc.(c) | 942,776 | ||||||
41,507 | Green Plains, Inc.(b) | 647,509 | ||||||
168,143 | Gulfport Energy Corp.(c) | 1,287,975 | ||||||
117,784 | HighPoint Resources Corp.(b)(c) | 305,061 | ||||||
162,087 | Laredo Petroleum, Inc.(c) | 555,958 | ||||||
31,935 | Par Pacific Holdings, Inc.(c) | 539,701 | ||||||
70,455 | PDC Energy, Inc.(c) | 2,611,767 | ||||||
14,305 | Penn Virginia Corp.(c) | 767,606 | ||||||
39,770 | Renewable Energy Group, Inc.(c) | 1,056,689 | ||||||
6,072 | REX American Resources Corp.(c) | 483,999 | ||||||
60,675 | Ring Energy, Inc.(c) | 374,365 | ||||||
258,660 | SRC Energy, Inc.(c) | 1,189,836 | ||||||
|
| |||||||
13,342,650 | ||||||||
|
| |||||||
Total Common Stocks (Cost $42,629,294) | 30,761,498 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.1% | ||||||||
24,078 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $24,078) | $ | 24,078 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $42,653,372)—100.0% | 30,785,576 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.9% | ||||||||
1,213,954 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $1,213,954) | 1,213,954 | ||||||
|
| |||||||
Total Investments in Securities (Cost $43,867,326)—103.9% | 31,999,530 | |||||||
Other assets less liabilities—(3.9)% | (1,214,606 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,784,924 | ||||||
|
|
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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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 Financials ETF (PSCF)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown | ||||
Banks | 38.0 | |||
Equity REITs | 25.2 | |||
Insurance | 13.9 | |||
Thrifts & Mortgage Finance | 7.1 | |||
Mortgage REITs | 5.6 | |||
Consumer Finance | 4.4 | |||
Capital Markets | 4.1 | |||
Real Estate Management & Development | 1.7 | |||
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—38.0% | ||||||||
31,147 | Ameris Bancorp | $ | 1,269,863 | |||||
33,088 | Banc of California, Inc. | 573,084 | ||||||
24,610 | Banner Corp. | 1,529,019 | ||||||
31,796 | Berkshire Hills Bancorp, Inc. | 995,851 | ||||||
65,879 | Boston Private Financial Holdings, Inc. | 783,301 | ||||||
63,350 | Brookline Bancorp, Inc. | 1,012,333 | ||||||
22,761 | Central Pacific Financial Corp. | 664,166 | ||||||
13,092 | City Holding Co. | 1,049,193 | ||||||
57,464 | Columbia Banking System, Inc. | 2,176,736 | ||||||
40,160 | Community Bank System, Inc. | 2,601,966 | ||||||
23,068 | Customers Bancorp, Inc.(b) | 493,425 | ||||||
80,291 | CVB Financial Corp. | 1,829,832 | ||||||
24,686 | Eagle Bancorp, Inc.(b) | 1,461,164 | ||||||
17,153 | Fidelity Southern Corp. | 558,845 | ||||||
170,321 | First BanCorp/Puerto Rico | 1,960,395 | ||||||
77,528 | First Commonwealth Financial Corp. | 1,090,044 | ||||||
76,786 | First Financial Bancorp | 2,129,276 | ||||||
52,970 | First Financial Bankshares, Inc. | 3,435,105 | ||||||
83,411 | First Midwest Bancorp, Inc. | 1,930,965 | ||||||
9,660 | Franklin Financial Network, Inc. | 316,848 | ||||||
66,334 | Glacier Bancorp, Inc. | 2,906,756 | ||||||
45,197 | Great Western Bancorp, Inc. | 1,697,147 | ||||||
24,765 | Hanmi Financial Corp. | 571,576 | ||||||
25,932 | Heritage Financial Corp. | 853,681 | ||||||
95,504 | Hope Bancorp, Inc. | 1,392,448 | ||||||
22,015 | Independent Bank Corp./Rockland MA | 1,874,137 | ||||||
35,235 | LegacyTexas Financial Group, Inc. | 1,470,357 | ||||||
20,170 | National Bank Holdings Corp., Class A | 728,742 | ||||||
34,083 | NBT Bancorp, Inc. | 1,316,626 | ||||||
34,027 | OFG Bancorp | 704,019 | ||||||
118,131 | Old National Bancorp | 2,100,369 | ||||||
17,130 | Opus Bank | 390,050 | ||||||
35,064 | Pacific Premier Bancorp, Inc. | 1,046,660 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Banks (continued) | ||||||||
10,830 | Preferred Bank | $ | 554,713 | |||||
27,306 | S&T Bancorp, Inc. | 1,129,922 | ||||||
39,981 | Seacoast Banking Corp. of Florida(b) | 1,160,249 | ||||||
35,761 | ServisFirst Bancshares, Inc. | 1,250,562 | ||||||
72,556 | Simmons First National Corp., Class A | 1,946,678 | ||||||
25,844 | Southside Bancshares, Inc. | 897,304 | ||||||
9,671 | Tompkins Financial Corp. | 777,645 | ||||||
18,860 | Triumph Bancorp, Inc.(b) | 638,788 | ||||||
62,084 | United Community Banks, Inc. | 1,719,106 | ||||||
35,529 | Veritex Holdings, Inc. | 995,167 | ||||||
20,866 | Westamerica Bancorporation | 1,341,266 | ||||||
|
| |||||||
57,325,379 | ||||||||
|
| |||||||
Capital Markets—4.1% | ||||||||
37,390 | Blucora, Inc.(b) | 1,005,417 | ||||||
26,997 | Donnelley Financial Solutions, Inc.(b) | 383,627 | ||||||
13,800 | Greenhill & Co., Inc. | 324,852 | ||||||
12,573 | INTL. FCStone, Inc.(b) | 546,926 | ||||||
25,825 | Investment Technology Group, Inc. | 780,690 | ||||||
11,590 | Piper Jaffray Cos. | 810,836 | ||||||
5,553 | Virtus Investment Partners, Inc. | 568,127 | ||||||
61,648 | Waddell & Reed Financial, Inc., Class A(c) | 1,141,105 | ||||||
90,673 | WisdomTree Investments, Inc. | 705,436 | ||||||
|
| |||||||
6,267,016 | ||||||||
|
| |||||||
Consumer Finance—4.4% | ||||||||
19,963 | Encore Capital Group, Inc.(b)(c) | 682,735 | ||||||
26,732 | Enova International, Inc.(b) | 682,201 | ||||||
40,864 | EZCORP, Inc., Class A(b) | 399,241 | ||||||
34,396 | FirstCash, Inc. | 3,015,153 | ||||||
35,643 | PRA Group, Inc.(b) | 1,147,348 | ||||||
5,234 | World Acceptance Corp.(b) | 643,782 | ||||||
|
| |||||||
6,570,460 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco S&P SmallCap Financials ETF (PSCF)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Equity REITs—25.2% | ||||||||
63,932 | Acadia Realty Trust REIT | $ | 1,821,423 | |||||
27,032 | Agree Realty Corp. REIT | 1,776,813 | ||||||
29,477 | American Assets Trust, Inc. REIT | 1,280,481 | ||||||
38,711 | Armada Hoffler Properties, Inc. REIT | 592,278 | ||||||
69,568 | CareTrust REIT, Inc. REIT | 1,554,149 | ||||||
136,702 | CBL & Associates Properties, Inc. REIT(c) | 292,542 | ||||||
69,851 | Cedar Realty Trust, Inc. REIT | 243,081 | ||||||
36,351 | Chatham Lodging Trust REIT | 726,293 | ||||||
47,148 | Chesapeake Lodging Trust REIT | 1,420,098 | ||||||
13,941 | Community Healthcare Trust, Inc. REIT | 497,554 | ||||||
162,945 | DiamondRock Hospitality Co. REIT | 1,741,882 | ||||||
47,549 | Easterly Government Properties, Inc. REIT | 854,931 | ||||||
28,184 | EastGroup Properties, Inc. REIT | 2,977,921 | ||||||
52,913 | Four Corners Property Trust, Inc. REIT | 1,449,287 | ||||||
83,665 | Franklin Street Properties Corp. REIT | 605,735 | ||||||
26,310 | Getty Realty Corp. REIT | 866,915 | ||||||
59,323 | Global Net Lease, Inc. REIT | 1,058,322 | ||||||
28,139 | Hersha Hospitality Trust REIT | 530,420 | ||||||
69,471 | Independence Realty Trust, Inc. REIT | 719,720 | ||||||
7,664 | Innovative Industrial Properties, Inc. REIT | 605,379 | ||||||
52,729 | iStar, Inc. REIT | 461,379 | ||||||
65,922 | Kite Realty Group Trust REIT | 1,037,612 | ||||||
164,260 | Lexington Realty Trust REIT | 1,525,975 | ||||||
30,957 | LTC Properties, Inc. REIT | 1,375,110 | ||||||
44,134 | National Storage Affiliates Trust REIT | 1,249,875 | ||||||
39,144 | NorthStar Realty Europe Corp. REIT | 702,243 | ||||||
37,508 | Office Properties Income Trust REIT | 1,144,369 | ||||||
50,767 | Pennsylvania Real Estate Investment Trust REIT(c) | 312,217 | ||||||
15,663 | PS Business Parks, Inc. REIT | 2,305,124 | ||||||
89,330 | Retail Opportunity Investments Corp. REIT | 1,533,796 | ||||||
62,651 | RPT Realty REIT | 794,415 | ||||||
9,125 | Saul Centers, Inc. REIT | 517,114 | ||||||
82,423 | Summit Hotel Properties, Inc. REIT | 938,798 | ||||||
9,880 | Universal Health Realty Income Trust REIT | 735,764 | ||||||
23,604 | Urstadt Biddle Properties, Inc., Class A REIT | 493,796 | ||||||
145,373 | Washington Prime Group, Inc. REIT(c) | 840,256 | ||||||
31,487 | Whitestone REIT | 409,646 | ||||||
|
| |||||||
37,992,713 | ||||||||
|
| |||||||
Insurance—13.9% | ||||||||
35,387 | Ambac Financial Group, Inc.(b) | 699,601 | ||||||
70,867 | American Equity Investment Life Holding Co. | 2,242,941 | ||||||
15,158 | AMERISAFE, Inc. | 956,621 | ||||||
14,324 | eHealth, Inc.(b) | 765,045 | ||||||
25,595 | Employers Holdings, Inc. | 1,066,288 | ||||||
5,740 | HCI Group, Inc. | 264,958 | ||||||
31,960 | Horace Mann Educators Corp. | 1,252,512 | ||||||
23,564 | James River Group Holdings Ltd. | 968,245 | ||||||
54,503 | Maiden Holdings Ltd. | 67,039 | ||||||
18,122 | Navigators Group, Inc. (The) | 1,264,553 | ||||||
42,046 | ProAssurance Corp. | 1,707,068 | ||||||
30,708 | RLI Corp. | 2,165,528 | ||||||
11,429 | Safety Insurance Group, Inc. | 1,021,067 | ||||||
46,057 | Selective Insurance Group, Inc. | 3,037,920 | ||||||
18,541 | Stewart Information Services Corp. | 795,965 | ||||||
58,012 | Third Point Reinsurance Ltd. (Bermuda)(b) | 620,148 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Insurance (continued) | ||||||||
16,672 | United Fire Group, Inc. | $ | 812,593 | |||||
17,016 | United Insurance Holdings Corp. | 278,722 | ||||||
25,293 | Universal Insurance Holdings, Inc. | 987,439 | ||||||
|
| |||||||
20,974,253 | ||||||||
|
| |||||||
Mortgage REITs—5.6% | ||||||||
88,113 | Apollo Commercial Real Estate Finance, Inc. REIT | 1,600,132 | ||||||
43,493 | ARMOUR Residential REIT, Inc. REIT | 872,035 | ||||||
67,003 | Capstead Mortgage Corp. REIT | 556,125 | ||||||
39,163 | Granite Point Mortgage Trust, Inc. REIT | 744,880 | ||||||
98,445 | Invesco Mortgage Capital, Inc. REIT(d) | 1,567,245 | ||||||
143,551 | New York Mortgage Trust, Inc. REIT | 861,306 | ||||||
53,200 | PennyMac Mortgage Investment Trust REIT | 1,084,216 | ||||||
72,784 | Redwood Trust, Inc. REIT | 1,113,595 | ||||||
|
| |||||||
8,399,534 | ||||||||
|
| |||||||
Real Estate Management & Development—1.7% | ||||||||
30,528 | HFF, Inc., Class A | 1,379,865 | ||||||
16,582 | Marcus & Millichap, Inc.(b) | 640,397 | ||||||
13,829 | RE/MAX Holdings, Inc., Class A | 542,512 | ||||||
|
| |||||||
2,562,774 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—7.1% | ||||||||
43,317 | Axos Financial, Inc.(b) | 1,398,273 | ||||||
24,525 | Dime Community Bancshares, Inc. | 490,009 | ||||||
22,960 | Flagstar Bancorp, Inc. | 749,874 | ||||||
21,039 | HomeStreet, Inc.(b) | 586,988 | ||||||
21,407 | Meta Financial Group, Inc. | 499,853 | ||||||
51,750 | NMI Holdings, Inc., Class A(b) | 1,249,762 | ||||||
36,546 | Northfield Bancorp, Inc. | 544,901 | ||||||
80,667 | Northwest Bancshares, Inc. | 1,500,406 | ||||||
30,001 | Oritani Financial Corp. | 538,518 | ||||||
47,987 | Provident Financial Services, Inc. | 1,317,243 | ||||||
75,431 | TrustCo Bank Corp. NY | 638,901 | ||||||
22,421 | Walker & Dunlop, Inc. | 1,251,092 | ||||||
|
| |||||||
10,765,820 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $144,049,247) | 150,857,949 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
24,790 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $24,790) | 24,790 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $144,074,037)—100.0% | 150,882,739 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco S&P SmallCap Financials ETF (PSCF)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.3% | ||||||||
2,025,625 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $2,025,625) | $ | 2,025,625 | |||||
|
| |||||||
Total Investments in Securities (Cost $146,099,662)—101.3% | 152,908,364 | |||||||
Other assets less liabilities—(1.3)% | (1,977,781 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 150,930,583 | ||||||
|
|
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 February 28, 2019. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT 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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 14 |
|
Invesco S&P SmallCap Health Care ETF (PSCH)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Health Care Equipment & Supplies | 26.0 | |||
Health Care Providers & Services | 23.4 | |||
Biotechnology | 19.8 | |||
Pharmaceuticals | 13.3 | |||
Health Care Technology | 10.8 | |||
Life Sciences Tools & Services | 6.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0 | ) |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Biotechnology—19.8% | ||||||||
370,930 | Acorda Therapeutics, Inc.(b) | $ | 5,467,508 | |||||
324,542 | AMAG Pharmaceuticals, Inc.(b) | 4,832,430 | ||||||
133,545 | Anika Therapeutics, Inc.(b) | 4,357,573 | ||||||
514,123 | Cytokinetics, Inc.(b) | 3,711,968 | ||||||
103,348 | Eagle Pharmaceuticals, Inc.(b) | 5,174,634 | ||||||
420,213 | Emergent BioSolutions, Inc.(b) | 24,519,429 | ||||||
147,398 | Enanta Pharmaceuticals, Inc.(b) | 15,114,191 | ||||||
899,291 | Momenta Pharmaceuticals, Inc.(b) | 12,671,010 | ||||||
700,608 | Myriad Genetics, Inc.(b) | 21,739,866 | ||||||
794,457 | Progenics Pharmaceuticals, Inc.(b) | 3,511,500 | ||||||
282,046 | REGENXBIO, Inc.(b) | 14,590,240 | ||||||
365,761 | Repligen Corp.(b) | 21,770,095 | ||||||
951,014 | Spectrum Pharmaceuticals, Inc.(b) | 10,280,461 | ||||||
492,882 | Vanda Pharmaceuticals, Inc.(b) | 9,975,932 | ||||||
|
| |||||||
157,716,837 | ||||||||
|
| |||||||
Health Care Equipment & Supplies—26.0% | ||||||||
348,839 | AngioDynamics, Inc.(b) | 7,817,482 | ||||||
242,458 | CONMED Corp. | 18,645,020 | ||||||
319,599 | CryoLife, Inc.(b) | 9,453,738 | ||||||
130,660 | Cutera, Inc.(b) | 2,236,899 | ||||||
64,182 | Heska Corp.(b) | 5,249,446 | ||||||
279,141 | Integer Holdings Corp.(b) | 25,390,665 | ||||||
311,939 | Invacare Corp. | 3,035,166 | ||||||
361,462 | Lantheus Holdings, Inc.(b) | 8,259,407 | ||||||
149,050 | LeMaitre Vascular, Inc. | 4,459,576 | ||||||
398,464 | Meridian Bioscience, Inc. | 6,801,781 | ||||||
513,971 | Merit Medical Systems, Inc.(b) | 28,643,604 | ||||||
317,446 | Natus Medical, Inc.(b) | 8,771,033 | ||||||
487,330 | Neogen Corp.(b) | 30,194,967 | ||||||
575,561 | OraSure Technologies, Inc.(b) | 6,187,281 | ||||||
177,195 | Orthofix Medical, Inc.(b) | 10,826,615 | ||||||
125,903 | Surmodics, Inc.(b) | 7,346,440 | ||||||
157,426 | Tactile Systems Technology, Inc.(b) | 11,965,950 | ||||||
356,957 | Varex Imaging Corp.(b) | 11,222,728 | ||||||
|
| |||||||
206,507,798 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care Providers & Services—23.4% | ||||||||
94,778 | Addus HomeCare Corp.(b) | $ | 6,370,030 | |||||
439,119 | AMN Healthcare Services, Inc.(b) | 21,960,341 | ||||||
312,126 | BioTelemetry, Inc.(b) | 23,322,055 | ||||||
1,092,737 | Community Health Systems, Inc.(b)(c) | 5,409,048 | ||||||
86,327 | CorVel Corp.(b) | 5,809,807 | ||||||
340,658 | Cross Country Healthcare, Inc.(b) | 2,977,351 | ||||||
531,887 | Diplomat Pharmacy, Inc.(b)(c) | 3,430,671 | ||||||
460,842 | Ensign Group, Inc. (The) | 22,788,637 | ||||||
273,464 | LHC Group, Inc.(b) | 29,996,266 | ||||||
227,192 | Magellan Health, Inc.(b) | 15,474,047 | ||||||
585,147 | Owens & Minor, Inc. | 3,651,318 | ||||||
103,535 | Providence Service Corp. (The)(b) | 7,384,116 | ||||||
239,980 | Quorum Health Corp.(b) | 669,544 | ||||||
1,013,960 | Select Medical Holdings Corp.(b) | 15,026,887 | ||||||
384,868 | Tivity Health, Inc.(b) | 8,236,175 | ||||||
118,795 | US Physical Therapy, Inc. | 13,095,961 | ||||||
|
| |||||||
185,602,254 | ||||||||
|
| |||||||
Health Care Technology—10.8% | ||||||||
112,512 | Computer Programs & Systems, Inc. | 3,706,145 | ||||||
239,971 | HealthStream, Inc. | 6,671,194 | ||||||
786,272 | HMS Holdings Corp.(b) | 27,094,933 | ||||||
449,690 | NextGen Healthcare, Inc.(b) | 7,869,575 | ||||||
371,422 | Omnicell, Inc.(b) | 31,552,299 | ||||||
159,623 | Tabula Rasa HealthCare, Inc.(b) | 8,796,824 | ||||||
|
| |||||||
85,690,970 | ||||||||
|
| |||||||
Life Sciences Tools & Services—6.7% | ||||||||
314,331 | Cambrex Corp.(b) | 12,994,443 | ||||||
389,599 | Luminex Corp. | 9,926,982 | ||||||
243,482 | Medpace Holdings, Inc.(b) | 13,379,336 | ||||||
871,196 | NeoGenomics, Inc.(b) | 17,075,442 | ||||||
|
| |||||||
53,376,203 | ||||||||
|
| |||||||
Pharmaceuticals—13.3% | ||||||||
884,449 | Akorn, Inc.(b) | 3,582,019 | ||||||
324,892 | Amphastar Pharmaceuticals, Inc.(b) | 8,073,566 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco S&P SmallCap Health Care ETF (PSCH)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Pharmaceuticals (continued) | ||||||||
77,928 | ANI Pharmaceuticals, Inc.(b) | $ | 5,126,883 | |||||
600,838 | Assertio Therapeutics, Inc.(b) | 2,487,469 | ||||||
983,930 | Corcept Therapeutics, Inc.(b)(c) | 12,269,607 | ||||||
1,871,233 | Endo International PLC(b) | 20,564,851 | ||||||
636,156 | Innoviva, Inc.(b) | 9,987,649 | ||||||
318,459 | Lannett Co., Inc.(b) | 2,996,699 | ||||||
615,838 | Medicines Co. (The)(b)(c) | 15,192,724 | ||||||
189,913 | Phibro Animal Health Corp., Class A | 5,564,451 | ||||||
489,643 | Supernus Pharmaceuticals, Inc.(b) | 19,997,020 | ||||||
|
| |||||||
105,842,938 | ||||||||
|
| |||||||
Total Common Stocks (Cost $895,777,313) | 794,737,000 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
130,284 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $130,284) | 130,284 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $895,907,597)—100.0% | 794,867,284 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.0% | ||||||||
15,786,693 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $15,786,693) | 15,786,693 | ||||||
|
| |||||||
Total Investments in Securities (Cost $911,694,290)—102.0% | 810,653,977 | |||||||
Other assets less liabilities—(2.0)% | (15,951,981 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 794,701,996 | ||||||
|
|
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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 16 |
|
Invesco S&P SmallCap Industrials ETF (PSCI)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Machinery | 30.0 | |||
Commercial Services & Supplies | 12.9 | |||
Aerospace & Defense | 12.8 | |||
Building Products | 12.2 | |||
Professional Services | 10.0 | |||
Airlines | 4.2 | |||
Air Freight & Logistics | 3.8 | |||
Trading Companies & Distributors | 3.4 | |||
Construction & Engineering | 3.4 | |||
Road & Rail | 3.0 | |||
Electrical Equipment | 2.2 | |||
Marine | 1.1 | |||
Industrial Conglomerates | 1.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—100.0% | ||||||||
Aerospace & Defense—12.8% | ||||||||
15,642 | AAR Corp. | $ | 571,402 | |||||
34,577 | Aerojet Rocketdyne Holdings, Inc.(b)(c) | 1,287,993 | ||||||
10,221 | Aerovironment, Inc.(c) | 814,307 | ||||||
28,056 | Axon Enterprise, Inc.(c) | 1,510,255 | ||||||
13,710 | Cubic Corp. | 845,907 | ||||||
23,236 | Mercury Systems, Inc.(c) | 1,475,951 | ||||||
15,598 | Moog, Inc., Class A | 1,465,588 | ||||||
2,413 | National Presto Industries, Inc.(b) | 270,594 | ||||||
23,921 | Triumph Group, Inc. | 554,010 | ||||||
|
| |||||||
8,796,007 | ||||||||
|
| |||||||
Air Freight & Logistics—3.8% | ||||||||
12,282 | Atlas Air Worldwide Holdings, Inc.(c) | 660,035 | ||||||
13,702 | Echo Global Logistics, Inc.(c) | 329,122 | ||||||
14,018 | Forward Air Corp. | 906,264 | ||||||
16,134 | Hub Group, Inc., Class A(c) | 693,439 | ||||||
|
| |||||||
2,588,860 | ||||||||
|
| |||||||
Airlines—4.2% | ||||||||
6,126 | Allegiant Travel Co. | 809,245 | ||||||
23,715 | Hawaiian Holdings, Inc. | 705,521 | ||||||
24,910 | SkyWest, Inc. | 1,346,136 | ||||||
|
| |||||||
2,860,902 | ||||||||
|
| |||||||
Building Products—12.2% | ||||||||
19,505 | AAON, Inc.(b) | 777,469 | ||||||
7,376 | American Woodmark Corp.(b)(c) | 628,435 | ||||||
13,528 | Apogee Enterprises, Inc. | 482,814 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Building Products (continued) | ||||||||
15,392 | Gibraltar Industries, Inc.(c) | $ | 623,376 | |||||
16,222 | Griffon Corp. | 289,400 | ||||||
8,733 | Insteel Industries, Inc. | 198,676 | ||||||
10,951 | Patrick Industries, Inc.(c) | 495,095 | ||||||
27,812 | PGT Innovations, Inc.(c) | 419,405 | ||||||
16,877 | Quanex Building Products Corp. | 290,116 | ||||||
19,857 | Simpson Manufacturing Co., Inc. | 1,190,030 | ||||||
28,202 | Trex Co., Inc.(c) | 2,113,740 | ||||||
29,598 | Universal Forest Products, Inc. | 916,650 | ||||||
|
| |||||||
8,425,206 | ||||||||
|
| |||||||
Commercial Services & Supplies—12.9% | ||||||||
31,609 | ABM Industries, Inc. | 1,127,177 | ||||||
23,489 | Brady Corp., Class A | 1,111,265 | ||||||
28,570 | Interface, Inc. | 507,117 | ||||||
16,003 | LSC Communications, Inc. | 135,385 | ||||||
15,398 | Matthews International Corp., Class A | 612,378 | ||||||
21,451 | Mobile Mini, Inc. | 772,451 | ||||||
6,695 | Multi-Color Corp. | 333,746 | ||||||
33,673 | RR Donnelley & Sons Co. | 181,161 | ||||||
14,383 | Team, Inc.(c) | 224,662 | ||||||
26,572 | Tetra Tech, Inc. | 1,594,851 | ||||||
7,408 | UniFirst Corp. | 1,065,419 | ||||||
10,578 | US Ecology, Inc. | 606,966 | ||||||
9,764 | Viad Corp. | 565,336 | ||||||
|
| |||||||
8,837,914 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco S&P SmallCap Industrials ETF (PSCI)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Construction & Engineering—3.4% | ||||||||
15,508 | Aegion Corp.(c) | $ | 269,219 | |||||
23,404 | Arcosa, Inc. | 783,800 | ||||||
17,833 | Comfort Systems USA, Inc. | 956,205 | ||||||
7,950 | MYR Group, Inc.(c) | 266,643 | ||||||
13,796 | Orion Group Holdings, Inc.(c) | 58,633 | ||||||
|
| |||||||
2,334,500 | ||||||||
|
| |||||||
Electrical Equipment—2.2% | ||||||||
12,506 | AZZ, Inc. | 575,526 | ||||||
10,021 | Encore Wire Corp. | 593,644 | ||||||
4,188 | Powell Industries, Inc. | 134,393 | ||||||
7,772 | Vicor Corp.(c) | 246,994 | ||||||
|
| |||||||
1,550,557 | ||||||||
|
| |||||||
Industrial Conglomerates—1.0% | ||||||||
17,258 | Raven Industries, Inc. | 688,939 | ||||||
|
| |||||||
Machinery—30.0% | ||||||||
29,308 | Actuant Corp., Class A | 716,581 | ||||||
4,619 | Alamo Group, Inc. | 443,609 | ||||||
13,921 | Albany International Corp., Class A | 1,079,574 | ||||||
10,945 | Astec Industries, Inc. | 417,661 | ||||||
22,657 | Barnes Group, Inc. | 1,315,692 | ||||||
20,348 | Briggs & Stratton Corp. | 266,762 | ||||||
14,978 | Chart Industries, Inc.(c) | 1,322,258 | ||||||
9,523 | CIRCOR International, Inc.(c) | 300,260 | ||||||
9,956 | EnPro Industries, Inc. | 682,882 | ||||||
12,439 | ESCO Technologies, Inc. | 860,654 | ||||||
28,916 | Federal Signal Corp. | 710,755 | ||||||
18,621 | Franklin Electric Co., Inc. | 990,823 | ||||||
15,529 | Greenbrier Cos., Inc. (The) | 640,571 | ||||||
38,549 | Harsco Corp.(c) | 862,727 | ||||||
29,927 | Hillenbrand, Inc. | 1,325,467 | ||||||
15,172 | John Bean Technologies Corp. | 1,421,616 | ||||||
5,163 | Lindsay Corp. | 477,423 | ||||||
8,356 | Lydall, Inc.(c) | 235,221 | ||||||
27,685 | Mueller Industries, Inc. | 914,989 | ||||||
12,990 | Proto Labs, Inc.(c) | 1,467,740 | ||||||
20,828 | SPX Corp.(c) | 757,306 | ||||||
20,423 | SPX FLOW, Inc.(c) | 705,002 | ||||||
6,160 | Standex International Corp. | 505,182 | ||||||
8,701 | Tennant Co. | 549,903 | ||||||
24,176 | Titan International, Inc. | 151,342 | ||||||
26,896 | Wabash National Corp. | 399,137 | ||||||
13,326 | Watts Water Technologies, Inc., Class A | 1,073,276 | ||||||
|
| |||||||
20,594,413 | ||||||||
|
| |||||||
Marine—1.1% | ||||||||
20,498 | Matson, Inc. | 740,183 | ||||||
|
| |||||||
Professional Services—10.0% | ||||||||
24,963 | Exponent, Inc. | 1,413,655 | ||||||
4,908 | Forrester Research, Inc. | 246,382 | ||||||
18,427 | FTI Consulting, Inc.(c) | 1,366,546 | ||||||
9,102 | Heidrick & Struggles International, Inc. | 392,387 | ||||||
14,967 | Kelly Services, Inc., Class A | 361,154 | ||||||
27,205 | Korn Ferry | 1,327,332 | ||||||
20,443 | Navigant Consulting, Inc. | 420,921 | ||||||
14,232 | Resources Connection, Inc. | 247,210 | ||||||
19,435 | TrueBlue, Inc.(c) | 447,394 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Professional Services (continued) | ||||||||
19,025 | WageWorks, Inc.(c) | $ | 625,922 | |||||
|
| |||||||
6,848,903 | ||||||||
|
| |||||||
Road & Rail—3.0% | ||||||||
12,333 | ArcBest Corp. | 429,559 | ||||||
22,810 | Heartland Express, Inc. | 458,253 | ||||||
18,559 | Marten Transport Ltd. | 346,125 | ||||||
12,336 | Saia, Inc.(c) | 816,150 | ||||||
|
| |||||||
2,050,087 | ||||||||
|
| |||||||
Trading Companies & Distributors—3.4% | ||||||||
18,600 | Applied Industrial Technologies, Inc. | 1,081,404 | ||||||
7,676 | DXP Enterprises, Inc.(c) | 271,500 | ||||||
13,420 | Kaman Corp. | 826,404 | ||||||
6,061 | Veritiv Corp.(c) | 175,102 | ||||||
|
| |||||||
2,354,410 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $72,965,582)—100.0% | 68,670,881 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.3% | ||||||||
904,705 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $904,705) | 904,705 | ||||||
|
| |||||||
Total Investments in Securities (Cost $73,870,287)—101.3% | 69,575,586 | |||||||
Other assets less liabilities—(1.3)% | (869,379 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 68,706,207 | ||||||
|
|
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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 18 |
|
Invesco S&P SmallCap Information Technology ETF (PSCT)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Electronic Equipment, Instruments & Components | 29.0 | |||
Semiconductors & Semiconductor Equipment | 26.3 | |||
Software | 17.3 | |||
IT Services | 13.8 | |||
Communications Equipment | 9.6 | |||
Technology Hardware, Storage & Peripherals | 3.9 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Communications Equipment—9.6% | ||||||||
141,006 | ADTRAN, Inc. | $ | 2,117,910 | |||||
55,661 | Applied Optoelectronics, Inc.(b)(c) | 751,423 | ||||||
102,864 | CalAmp Corp.(c) | 1,429,809 | ||||||
70,744 | Comtech Telecommunications Corp. | 1,874,716 | ||||||
81,283 | Digi International, Inc.(c) | 1,072,936 | ||||||
350,185 | Extreme Networks, Inc.(c) | 2,878,521 | ||||||
347,424 | Finisar Corp.(c) | 8,508,414 | ||||||
256,558 | Harmonic, Inc.(c) | 1,416,200 | ||||||
93,308 | NETGEAR, Inc.(c) | 3,345,092 | ||||||
675,949 | Viavi Solutions, Inc.(c) | 8,875,210 | ||||||
|
| |||||||
32,270,231 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—29.0% | ||||||||
85,208 | Anixter International, Inc.(c) | 5,000,006 | ||||||
219,712 | Arlo Technologies, Inc.(c) | 951,353 | ||||||
86,150 | Badger Meter, Inc. | 5,069,066 | ||||||
29,806 | Bel Fuse, Inc., Class B | 728,757 | ||||||
129,347 | Benchmark Electronics, Inc. | 3,544,108 | ||||||
79,035 | Control4 Corp.(c) | 1,423,420 | ||||||
97,911 | CTS Corp. | 3,144,901 | ||||||
116,824 | Daktronics, Inc. | 948,611 | ||||||
40,555 | ePlus, Inc.(c) | 3,627,239 | ||||||
108,996 | Fabrinet (Thailand)(c) | 6,376,266 | ||||||
51,056 | FARO Technologies, Inc.(c) | 2,338,875 | ||||||
176,864 | II-VI, Inc.(c) | 7,513,183 | ||||||
104,994 | Insight Enterprises, Inc.(c) | 5,860,765 | ||||||
99,144 | Itron, Inc.(c) | 5,255,623 | ||||||
169,987 | KEMET Corp. | 3,221,254 | ||||||
266,935 | Knowles Corp.(c) | 4,345,702 | ||||||
109,453 | Methode Electronics, Inc. | 3,071,251 | ||||||
52,881 | MTS Systems Corp. | 2,818,557 | ||||||
49,957 | OSI Systems, Inc.(c) | 4,338,766 | ||||||
57,003 | Park Electrochemical Corp. | 991,282 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
93,113 | Plexus Corp.(c) | $ | 5,750,659 | |||||
54,417 | Rogers Corp.(c) | 8,448,239 | ||||||
202,010 | Sanmina Corp.(c) | 6,452,199 | ||||||
75,778 | ScanSource, Inc.(c) | 2,845,464 | ||||||
273,054 | TTM Technologies, Inc.(c) | 3,309,415 | ||||||
|
| |||||||
97,374,961 | ||||||||
|
| |||||||
IT Services—13.8% | ||||||||
110,518 | Cardtronics PLC, Class A(c) | 3,261,386 | ||||||
98,623 | CSG Systems International, Inc. | 4,097,786 | ||||||
178,662 | EVERTEC, Inc. | 5,113,306 | ||||||
101,373 | ExlService Holdings, Inc.(c) | 6,224,302 | ||||||
78,548 | ManTech International Corp., Class A | 4,269,084 | ||||||
196,991 | NIC, Inc. | 3,366,576 | ||||||
98,194 | Perficient, Inc.(c) | 2,809,330 | ||||||
117,735 | Sykes Enterprises, Inc.(c) | 3,483,779 | ||||||
388,292 | Travelport Worldwide Ltd.(c) | 6,103,950 | ||||||
41,010 | TTEC Holdings, Inc. | 1,405,003 | ||||||
150,995 | Unisys Corp.(c) | 2,039,943 | ||||||
81,436 | Virtusa Corp.(c) | 4,110,075 | ||||||
|
| |||||||
46,284,520 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—26.3% | ||||||||
113,898 | Advanced Energy Industries, Inc.(c) | 5,737,042 | ||||||
95,915 | Axcelis Technologies, Inc.(c) | 2,016,133 | ||||||
212,401 | Brooks Automation, Inc. | 6,820,196 | ||||||
84,791 | Cabot Microelectronics Corp. | 9,589,862 | ||||||
64,813 | CEVA, Inc.(c) | 1,803,098 | ||||||
120,440 | Cohu, Inc. | 2,154,672 | ||||||
117,407 | Diodes, Inc.(c) | 4,735,024 | ||||||
57,145 | DSP Group, Inc.(c) | 784,601 | ||||||
219,284 | FormFactor, Inc.(c) | 3,475,651 | ||||||
67,628 | Ichor Holdings Ltd.(b)(c) | 1,418,159 | ||||||
181,371 | Kopin Corp.(c) | 277,498 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco S&P SmallCap Information Technology ETF (PSCT)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
198,776 | Kulicke & Soffa Industries, Inc. (Singapore) | $ | 4,635,456 | |||||
185,714 | MaxLinear, Inc.(c) | 4,668,850 | ||||||
71,659 | Nanometrics, Inc.(c) | 2,039,415 | ||||||
82,138 | PDF Solutions, Inc.(c) | 978,264 | ||||||
202,377 | Photronics, Inc.(c) | 1,985,318 | ||||||
86,791 | Power Integrations, Inc. | 6,340,951 | ||||||
321,077 | Rambus, Inc.(c) | 3,297,461 | ||||||
94,404 | Rudolph Technologies, Inc.(c) | 2,131,642 | ||||||
194,744 | Semtech Corp.(c) | 10,718,710 | ||||||
36,794 | SMART Global Holdings, Inc.(c) | 1,078,432 | ||||||
127,267 | SolarEdge Technologies, Inc.(c) | 5,378,303 | ||||||
115,451 | Ultra Clean Holdings, Inc.(c) | 1,229,553 | ||||||
141,430 | Veeco Instruments, Inc.(b)(c) | 1,615,131 | ||||||
143,278 | Xperi Corp. | 3,438,672 | ||||||
|
| |||||||
88,348,094 | ||||||||
|
| |||||||
Software—17.3% | ||||||||
282,224 | 8x8, Inc.(c) | 5,551,346 | ||||||
52,217 | Agilysys, Inc.(c) | 1,091,335 | ||||||
103,698 | Alarm.com Holdings, Inc.(c) | 6,805,700 | ||||||
108,311 | Bottomline Technologies (DE), Inc.(c) | 5,402,553 | ||||||
66,623 | Ebix, Inc.(b) | 3,882,122 | ||||||
172,650 | LivePerson, Inc.(c) | 4,827,294 | ||||||
25,451 | MicroStrategy, Inc., Class A(c) | 3,601,316 | ||||||
122,930 | Monotype Imaging Holdings, Inc. | 2,409,428 | ||||||
92,919 | OneSpan, Inc.(c) | 1,979,175 | ||||||
132,879 | Progress Software Corp. | 4,887,290 | ||||||
100,217 | Qualys, Inc.(c) | 8,381,148 | ||||||
52,275 | SPS Commerce, Inc.(c) | 5,581,924 | ||||||
366,727 | TiVo Corp. | 3,678,272 | ||||||
|
| |||||||
58,078,903 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—3.9% | ||||||||
337,887 | 3D Systems Corp.(b)(c) | 4,770,965 | ||||||
120,846 | Cray, Inc.(c) | 2,964,352 | ||||||
225,268 | Diebold Nixdorf, Inc. | 2,070,213 | ||||||
130,005 | Electronics For Imaging, Inc.(c) | 3,515,335 | ||||||
|
| |||||||
13,320,865 | ||||||||
|
| |||||||
Total Common Stocks (Cost $314,916,896) | 335,677,574 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
208,530 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $208,530) | 208,530 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $315,125,426)—100.0% | 335,886,104 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.7% | ||||||||
5,655,930 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $5,655,930) | $ | 5,655,930 | |||||
|
| |||||||
Total Investments in Securities (Cost $320,781,356)—101.7% | 341,542,034 | |||||||
Other assets less liabilities—(1.7)% | (5,640,304 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 335,901,730 | ||||||
|
|
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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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 Materials ETF (PSCM)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Chemicals | 64.2 | |||
Metals & Mining | 16.9 | |||
Paper & Forest Products | 14.9 | |||
Containers & Packaging | 2.0 | |||
Construction Materials | 1.9 | |||
Specialty Chemicals | 0.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Chemicals—64.2% | ||||||||
19,813 | AdvanSix, Inc.(b) | $ | 648,876 | |||||
17,693 | American Vanguard Corp. | 332,275 | ||||||
20,655 | Balchem Corp. | 1,832,718 | ||||||
17,114 | FutureFuel Corp. | 315,582 | ||||||
32,471 | H.B. Fuller Co. | 1,639,136 | ||||||
6,398 | Hawkins, Inc. | 263,726 | ||||||
26,877 | Ingevity Corp.(b) | 3,096,768 | ||||||
13,007 | Innophos Holdings, Inc. | 431,832 | ||||||
15,646 | Innospec, Inc. | 1,280,782 | ||||||
13,599 | Koppers Holdings, Inc.(b) | 334,399 | ||||||
21,191 | Kraton Corp.(b) | 753,976 | ||||||
13,473 | LSB Industries, Inc.(b)(c) | 94,985 | ||||||
8,541 | Quaker Chemical Corp. | 1,784,984 | ||||||
33,859 | Rayonier Advanced Materials, Inc. | 477,073 | ||||||
10,584 | Stepan Co. | 995,954 | ||||||
16,939 | Tredegar Corp. | 295,077 | ||||||
|
| |||||||
14,578,143 | ||||||||
|
| |||||||
Construction Materials—1.9% | ||||||||
10,596 | US Concrete, Inc.(b) | 425,006 | ||||||
|
| |||||||
Containers & Packaging—2.0% | ||||||||
23,442 | Myers Industries, Inc. | 447,273 | ||||||
|
| |||||||
Metals & Mining—16.9% | ||||||||
209,777 | AK Steel Holding Corp.(b)(c) | 633,527 | ||||||
32,541 | Century Aluminum Co.(b) | 280,829 | ||||||
8,291 | Haynes International, Inc. | 291,677 | ||||||
9,149 | Kaiser Aluminum Corp. | 1,001,632 | ||||||
13,460 | Materion Corp. | 777,719 | ||||||
6,059 | Olympic Steel, Inc. | 117,666 | ||||||
42,934 | SunCoke Energy, Inc.(b) | 425,905 | ||||||
26,017 | TimkenSteel Corp.(b) | 324,172 | ||||||
|
| |||||||
3,853,127 | ||||||||
|
| |||||||
Paper & Forest Products—14.9% | ||||||||
25,866 | Boise Cascade Co. | 721,403 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Paper & Forest Products (continued) | ||||||||
10,915 | Clearwater Paper Corp.(b) | $ | 312,169 | |||||
28,535 | Mercer International, Inc. (Canada) | 408,621 | ||||||
11,210 | Neenah, Inc. | 757,572 | ||||||
29,032 | P.H. Glatfelter Co. | 390,480 | ||||||
20,451 | Schweitzer-Mauduit International, Inc. | 788,591 | ||||||
|
| |||||||
3,378,836 | ||||||||
|
| |||||||
Specialty Chemicals—0.0% | ||||||||
21,045 | A. Schulman, Inc.(b)(d) | 11,006 | ||||||
|
| |||||||
Total Common Stocks (Cost $24,972,027) | 22,693,391 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
8,443 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $8,443) | 8,443 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $24,980,470)—99.9% | 22,701,834 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.5% | ||||||||
561,970 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $561,970) | 561,970 | ||||||
|
| |||||||
Total Investments in Securities (Cost $25,542,440)—102.4% | 23,263,804 | |||||||
Other assets less liabilities—(2.4)% | (554,348 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,709,456 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco S&P SmallCap Materials ETF (PSCM)(continued)
February 28, 2019
(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 February 28, 2019. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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.
| 22 |
|
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Diversified Telecommunication Services | 24.0 | |||
Media | 20.0 | |||
Water Utilities | 17.0 | |||
Gas Utilities | 13.6 | |||
Multi-Utilities | 8.8 | |||
Interactive Media & Services | 5.0 | |||
Electric Utilities | 4.8 | |||
Entertainment | 3.9 | |||
Wireless Telecommunication Services | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.8 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—98.2% | ||||||||
Diversified Telecommunication Services—24.0% | ||||||||
28,555 | ATN International, Inc. | $ | 1,602,792 | |||||
131,952 | Cincinnati Bell, Inc.(b) | 1,279,935 | ||||||
59,508 | Cogent Communications Holdings, Inc. | 2,898,635 | ||||||
187,412 | Consolidated Communications Holdings, Inc.(c) | 1,861,001 | ||||||
277,627 | Frontier Communications Corp.(b)(c) | 846,762 | ||||||
134,784 | Iridium Communications, Inc.(b) | 2,869,551 | ||||||
326,718 | Vonage Holdings Corp.(b) | 3,358,661 | ||||||
|
| |||||||
14,717,337 | ||||||||
|
| |||||||
Electric Utilities—4.8% | ||||||||
54,425 | El Paso Electric Co. | 2,928,065 | ||||||
|
| |||||||
Entertainment—3.9% | ||||||||
56,562 | Marcus Corp. (The) | 2,397,663 | ||||||
|
| |||||||
Gas Utilities—13.6% | ||||||||
45,272 | Northwest Natural Holding Co. | 2,907,368 | ||||||
188,220 | South Jersey Industries, Inc. | 5,448,969 | ||||||
|
| |||||||
8,356,337 | ||||||||
|
| |||||||
Interactive Media & Services—5.0% | ||||||||
68,582 | Care.com, Inc.(b) | 1,727,581 | ||||||
101,125 | QuinStreet, Inc.(b) | 1,354,064 | ||||||
|
| |||||||
3,081,645 | ||||||||
|
| |||||||
Media—20.0% | ||||||||
140,245 | E.W. Scripps Co. (The), Class A | 2,966,182 | ||||||
297,046 | Gannett Co., Inc. | 3,487,320 | ||||||
142,740 | New Media Investment Group, Inc. | 1,901,297 | ||||||
68,949 | Scholastic Corp. | 2,917,232 | ||||||
58,187 | TechTarget, Inc.(b) | 964,740 | ||||||
|
| |||||||
12,236,771 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Multi-Utilities—8.8% | ||||||||
133,971 | Avista Corp. | $ | 5,413,768 | |||||
|
| |||||||
Water Utilities—17.0% | ||||||||
74,944 | American States Water Co. | 5,330,767 | ||||||
98,040 | California Water Service Group | 5,100,041 | ||||||
|
| |||||||
10,430,808 | ||||||||
|
| |||||||
Wireless Telecommunication Services—1.1% | ||||||||
47,593 | Spok Holdings, Inc. | 657,259 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $60,154,017)—98.2% | 60,219,653 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—3.2% | ||||||||
1,991,934 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $1,991,934) | 1,991,934 | ||||||
|
| |||||||
Total Investments in Securities (Cost $62,145,951)—101.4% | 62,211,587 | |||||||
Other assets less liabilities—(1.4)% | (860,676 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 61,350,911 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)(continued)
February 28, 2019
(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 February 28, 2019. |
(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 the7-day SEC standardized yield as of February 28, 2019. |
(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 |
|
(This Page Intentionally Left Blank)
| 25 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco DWA SmallCap Momentum ETF (DWAS) | Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | Invesco DWA Tactical Sector Rotation ETF (DWTR) | Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 253,313,322 | $ | — | $ | — | $ | 80,656,584 | ||||||||
Affiliated investments in securities, at value | 11,410,417 | 43,723,757 | 63,693,062 | 6,610,065 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 48,272 | — | 2 | 22,514 | ||||||||||||
Securities lending | 2,582 | 23,772 | 216 | 3,106 | ||||||||||||
Investments sold | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 264,774,593 | 43,747,529 | 63,693,280 | 87,292,269 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 8,688 | 12,943 | 5,646 | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 11,381,545 | 5,397,376 | — | 6,593,907 | ||||||||||||
Shares repurchased | — | — | — | — | ||||||||||||
Investments purchased | — | — | — | — | ||||||||||||
Accrued unitary management fees | 119,021 | 7,331 | 7,030 | 17,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 11,509,254 | 5,417,650 | 12,676 | 6,611,614 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 253,265,339 | $ | 38,329,879 | $ | 63,680,604 | $ | 80,680,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 412,433,054 | $ | 45,917,430 | $ | 76,047,821 | $ | 91,883,962 | ||||||||
Distributable earnings | (159,167,715 | ) | (7,587,551 | ) | (12,367,217 | ) | (11,203,307 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 253,265,339 | $ | 38,329,879 | $ | 63,680,604 | $ | 80,680,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,950,000 | 1,550,001 | 2,200,001 | 1,300,000 | ||||||||||||
Net asset value | $ | 51.16 | $ | 24.73 | $ | 28.95 | $ | 62.06 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 51.16 | $ | 24.72 | $ | 28.93 | $ | 62.11 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 220,454,156 | $ | — | $ | — | $ | 85,932,908 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 11,410,417 | $ | 45,308,824 | $ | 57,938,492 | $ | 6,610,065 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 10,999,400 | $ | 5,267,966 | $ | — | $ | 6,463,952 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
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 & Communication Services ETF (PSCU) | |||||||||||||||||||||||
$ | 70,100,130 | $ | 30,761,498 | $ | 149,290,704 | $ | 794,737,000 | $ | 68,670,881 | $ | 335,677,574 | $ | 22,693,391 | $ | 60,219,653 | |||||||||||||||
6,849,866 | 1,238,032 | 3,617,660 | 15,916,977 | 904,705 | 5,864,460 | 570,413 | 1,991,934 | |||||||||||||||||||||||
71 | 4,928 | 155,873 | 11,396 | 56,836 | 89,827 | 13,245 | 80,244 | |||||||||||||||||||||||
7,372 | 953 | 338 | 3,917 | 103 | 1,016 | 132 | 1,443 | |||||||||||||||||||||||
498,832 | — | 2,740,955 | 6,066,781 | — | — | — | 1,100,217 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
77,456,271 | 32,005,411 | 155,805,530 | 816,736,071 | 69,632,525 | 341,632,877 | 23,277,181 | 63,393,491 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
— | — | — | — | 4,902 | 1,082 | — | 36,980 | |||||||||||||||||||||||
6,847,184 | 1,213,954 | 2,025,625 | 15,786,693 | 904,705 | 5,655,930 | 561,970 | 1,991,934 | |||||||||||||||||||||||
— | — | 2,742,489 | 6,066,427 | — | — | — | — | |||||||||||||||||||||||
— | — | 72,739 | — | — | — | 917 | — | |||||||||||||||||||||||
15,428 | 6,533 | 34,094 | 180,955 | 16,711 | 74,135 | 4,838 | 13,666 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
6,862,612 | 1,220,487 | 4,874,947 | 22,034,075 | 926,318 | 5,731,147 | 567,725 | 2,042,580 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 70,593,659 | $ | 30,784,924 | $ | 150,930,583 | $ | 794,701,996 | $ | 68,706,207 | $ | 335,901,730 | $ | 22,709,456 | $ | 61,350,911 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 77,851,543 | $ | 95,581,475 | $ | 133,297,169 | $ | 854,538,001 | $ | 62,117,081 | $ | 307,542,092 | $ | 26,094,596 | $ | 63,759,805 | |||||||||||||||
(7,257,884 | ) | (64,796,551 | ) | 17,633,414 | (59,836,005 | ) | 6,589,126 | 28,359,638 | (3,385,140 | ) | (2,408,894 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 70,593,659 | $ | 30,784,924 | $ | 150,930,583 | $ | 794,701,996 | $ | 68,706,207 | $ | 335,901,730 | $ | 22,709,456 | $ | 61,350,911 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
900,000 | 2,900,000 | 2,750,000 | 6,550,000 | 1,050,000 | 4,050,000 | 450,000 | 1,150,000 | |||||||||||||||||||||||
$ | 78.44 | $ | 10.62 | $ | 54.88 | $ | 121.33 | $ | 65.43 | $ | 82.94 | $ | 50.47 | $ | 53.35 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 78.35 | $ | 10.62 | $ | 54.86 | $ | 121.33 | $ | 65.49 | $ | 82.99 | $ | 50.64 | $ | 53.32 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 72,192,294 | $ | 42,629,294 | $ | 142,285,877 | $ | 895,777,313 | $ | 72,965,582 | $ | 314,916,896 | $ | 24,972,027 | $ | 60,154,017 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 6,849,866 | $ | 1,238,032 | $ | 3,813,785 | $ | 15,916,977 | $ | 904,705 | $ | 5,864,460 | $ | 570,413 | $ | 1,991,934 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 6,802,585 | $ | 1,142,940 | $ | 1,990,354 | $ | 15,352,135 | $ | 856,955 | $ | 5,320,055 | $ | 508,720 | $ | 1,953,298 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco DWA SmallCap Momentum ETF (DWAS) | Invesco DWA Tactical Multi-Asset Income ETF (DWIN) | Invesco DWA Tactical Sector Rotation ETF (DWTR) | Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 616,918 | $ | — | $ | — | $ | 574,165 | ||||||||
Affiliated dividend income | 802 | 1,187,388 | 63,416 | 1,001 | ||||||||||||
Non-cash dividend income | — | — | — | — | ||||||||||||
Securities lending income | 144,156 | 35,376 | 398 | 32,322 | ||||||||||||
Foreign withholding tax | (970 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 760,906 | 1,222,764 | 63,814 | 607,488 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 999,821 | 59,663 | 50,060 | 117,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (64 | ) | (33 | ) | (12 | ) | (73 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 999,757 | 59,630 | 50,048 | 116,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income (Loss) | (238,851 | ) | 1,163,134 | 13,766 | 490,505 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (50,688,456 | ) | — | — | (1,317,280 | ) | ||||||||||
Affiliated investment securities | — | (1,951,018 | ) | (2,082,868 | ) | — | ||||||||||
Unaffiliated in-kind redemptions | 28,453,077 | — | — | 1,863,157 | ||||||||||||
Affiliated in-kind redemptions | — | (1,214,094 | ) | 1,911,672 | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (22,235,379 | ) | (3,165,112 | ) | (171,196 | ) | 545,877 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | (54,286,249 | ) | — | — | (13,869,362 | ) | ||||||||||
Affiliated investment securities | — | 1,260,512 | (9,695,102 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (54,286,249 | ) | 1,260,512 | (9,695,102 | ) | (13,869,362 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (76,521,628 | ) | (1,904,600 | ) | (9,866,298 | ) | (13,323,485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (76,760,479 | ) | $ | (741,466 | ) | $ | (9,852,532 | ) | $ | (12,832,980 | ) | ||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
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 & Communication Services ETF (PSCU) | |||||||||||||||||||||||
$ | 613,193 | $ | 91,019 | $ | 3,038,670 | $ | 776,555 | $ | 469,665 | $ | 1,263,415 | $ | 127,589 | $ | 854,072 | |||||||||||||||
1,072 | 67 | 99,695 | 5,093 | 242 | 962 | 556 | 882 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
68,466 | 4,625 | 4,333 | 178,033 | 610 | 25,750 | 751 | 8,210 | |||||||||||||||||||||||
— | — | (1,662 | ) | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
682,731 | 95,711 | 3,141,036 | 959,681 | 470,517 | 1,290,127 | 128,896 | 863,164 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
124,628 | 57,131 | 263,586 | 1,495,009 | 163,549 | 530,941 | 34,611 | 96,181 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(92 | ) | (6 | ) | (188 | ) | (361 | ) | (22 | ) | (79 | ) | (46 | ) | (63 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
124,536 | 57,125 | 263,398 | 1,494,648 | 163,527 | 530,862 | 34,565 | 96,118 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
558,195 | 38,586 | 2,877,638 | (534,967 | ) | 306,990 | 759,265 | 94,331 | 767,046 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(3,585,284 | ) | (5,475,855 | ) | (815,968 | ) | (41,007,793 | ) | (1,283,535 | ) | (716,198 | ) | (962,413 | ) | (1,824,091 | ) | |||||||||||||||
— | — | (24,697 | ) | — | — | — | — | — | ||||||||||||||||||||||
3,383,274 | (2,059,640 | ) | 17,097,429 | 95,396,411 | 15,349,118 | 27,964,678 | 409,311 | 2,043,530 | ||||||||||||||||||||||
— | — | (117,955 | ) | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(202,010 | ) | (7,535,495 | ) | 16,138,809 | 54,388,618 | 14,065,583 | 27,248,480 | (553,102 | ) | 219,439 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(10,756,019 | ) | (12,190,732 | ) | (37,587,976 | ) | (306,472,650 | ) | (38,500,188 | ) | (73,304,064 | ) | (2,708,156 | ) | (4,130,746 | ) | |||||||||||||||
— | — | 53,308 | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(10,756,019 | ) | (12,190,732 | ) | (37,534,668 | ) | (306,472,650 | ) | (38,500,188 | ) | (73,304,064 | ) | (2,708,156 | ) | (4,130,746 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(10,958,029 | ) | (19,726,227 | ) | (21,395,859 | ) | (252,084,032 | ) | (24,434,605 | ) | (46,055,584 | ) | (3,261,258 | ) | (3,911,307 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | (10,399,834 | ) | $ | (19,687,641 | ) | $ | (18,518,221 | ) | $ | (252,618,999 | ) | $ | (24,127,615 | ) | $ | (45,296,319 | ) | $ | (3,166,927 | ) | $ | (3,144,261 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco DWA SmallCap Momentum ETF (DWAS) | ||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | (238,851 | ) | $ | (54,527 | ) | $ | 635,864 | ||||
Net realized gain (loss) | (22,235,379 | ) | 18,011,734 | 23,276,016 | ||||||||
Net change in unrealized appreciation (depreciation) | (54,286,249 | ) | 50,876,372 | 31,038,733 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (76,760,479 | ) | 68,833,579 | 54,950,613 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | — | (495,961 | ) | (705,632 | ) | |||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | 123,724,380 | 340,693,590 | 222,389,150 | |||||||||
Value of shares repurchased | (247,670,327 | ) | (183,576,402 | ) | (203,974,345 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (123,945,947 | ) | 157,117,188 | 18,414,805 | ||||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (200,706,426 | ) | 225,454,806 | 72,659,786 | ||||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 453,971,765 | 228,516,959 | 155,857,173 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 253,265,339 | $ | 453,971,765 | $ | 228,516,959 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | 2,200,000 | 6,500,000 | 5,150,000 | |||||||||
Shares repurchased | (4,900,000 | ) | (3,600,000 | ) | (4,800,000 | ) | ||||||
Shares outstanding, beginning of period | 7,650,000 | 4,750,000 | 4,400,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 4,950,000 | 7,650,000 | 4,750,000 | |||||||||
|
|
|
|
|
|
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) | ||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||||||||
$ | 1,163,134 | $ | 2,379,870 | $ | 6,642,285 | $ | 13,766 | $ | 137,214 | $ | 895,986 | $ | 490,505 | $ | 713,141 | $ | 809,990 | |||||||||||||||||
(3,165,112 | ) | (3,393,858 | ) | 1,155,714 | (171,196 | ) | 6,242,326 | 4,305,657 | 545,877 | 14,457,634 | 3,044,577 | |||||||||||||||||||||||
1,260,512 | (1,723,886 | ) | (2,518,358 | ) | (9,695,102 | ) | 3,661,769 | 9,481,303 | (13,869,362 | ) | 4,541,379 | 10,549,959 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(741,466 | ) | (2,737,874 | ) | 5,279,641 | (9,852,532 | ) | 10,041,309 | 14,682,946 | (12,832,980 | ) | 19,712,154 | 14,404,526 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,547,899 | ) | (3,343,498 | ) | (5,282,805 | ) | (26,335 | ) | (179,329 | ) | (891,782 | ) | (639,027 | ) | (569,275 | ) | (893,766 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,750,239 | — | 16,651,048 | 4,570,715 | 63,575,125 | 111,684,930 | 13,006,122 | 55,796,510 | 10,583,736 | ||||||||||||||||||||||||||
(25,679,948 | ) | (43,717,814 | ) | (23,145,887 | ) | (19,329,941 | ) | (53,014,995 | ) | (229,700,916 | ) | (11,571,381 | ) | (48,764,104 | ) | (31,787,168 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(21,929,709 | ) | (43,717,814 | ) | (6,494,839 | ) | (14,759,226 | ) | 10,560,130 | (118,015,986 | ) | 1,434,741 | 7,032,406 | (21,203,432 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(24,219,074 | ) | (49,799,186 | ) | (6,498,003 | ) | (24,638,093 | ) | 20,422,110 | (104,224,822 | ) | (12,037,266 | ) | 26,175,285 | (7,692,672 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
62,548,953 | 112,348,139 | 118,846,142 | 88,318,697 | 67,896,587 | 172,121,409 | 92,717,921 | 66,542,636 | 74,235,308 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 38,329,879 | $ | 62,548,953 | $ | 112,348,139 | $ | 63,680,604 | $ | 88,318,697 | $ | 67,896,587 | $ | 80,680,655 | $ | 92,717,921 | $ | 66,542,636 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
150,000 | — | 600,000 | 150,000 | 2,150,000 | 4,550,000 | 200,000 | 850,000 | 200,000 | ||||||||||||||||||||||||||
(1,050,000 | ) | (1,700,000 | ) | (850,000 | ) | (700,000 | ) | (1,800,000 | ) | (9,250,000 | ) | (200,000 | ) | (750,000 | ) | (600,000 | ) | |||||||||||||||||
2,450,001 | 4,150,001 | 4,400,001 | 2,750,001 | 2,400,001 | 7,100,001 | 1,300,000 | 1,200,000 | 1,600,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,550,001 | 2,450,001 | 4,150,001 | 2,200,001 | 2,750,001 | 2,400,001 | 1,300,000 | 1,300,000 | 1,200,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P SmallCap Consumer Staples ETF (PSCC) | Invesco S&P SmallCap Energy ETF (PSCE) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 558,195 | $ | 395,319 | $ | 846,131 | $ | 38,586 | $ | 19,719 | $ | (29,706 | ) | |||||||||||
Net realized gain (loss) | (202,010 | ) | (96,808 | ) | 5,376,686 | (7,535,495 | ) | (3,358,272 | ) | (7,216,687 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | (10,756,019 | ) | 8,564,790 | 3,992,825 | (12,190,732 | ) | 8,803,738 | (3,055,667 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (10,399,834 | ) | 8,863,301 | 10,215,642 | (19,687,641 | ) | 5,465,185 | (10,302,060 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (707,496 | ) | (399,525 | ) | (1,101,515 | ) | (67,203 | ) | (24,419 | ) | (33,355 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (44,284 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (707,496 | ) | (399,525 | ) | (1,101,515 | ) | (67,203 | ) | (24,419 | ) | (77,639 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 24,629,279 | 45,218,752 | 30,925,031 | 3,267,894 | 38,175,819 | 46,799,797 | ||||||||||||||||||
Value of shares repurchased | (32,608,882 | ) | (18,351,655 | ) | (55,049,184 | ) | (13,203,505 | ) | (31,618,448 | ) | (40,629,050 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | (7,979,603 | ) | 26,867,097 | (24,124,153 | ) | (9,935,611 | ) | 6,557,371 | 6,170,747 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (19,086,933 | ) | 35,330,873 | (15,010,026 | ) | (29,690,455 | ) | 11,998,137 | (4,208,952 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 89,680,592 | 54,349,719 | 69,359,745 | 60,475,379 | 48,477,242 | 52,686,194 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 70,593,659 | $ | 89,680,592 | $ | 54,349,719 | $ | 30,784,924 | $ | 60,475,379 | $ | 48,477,242 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 300,000 | 550,000 | 450,000 | 300,000 | 2,350,000 | 2,700,000 | ||||||||||||||||||
Shares repurchased | (450,000 | ) | (250,000 | ) | (800,000 | ) | (1,100,000 | ) | (2,050,000 | ) | (2,450,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,050,000 | 750,000 | 1,100,000 | 3,700,000 | 3,400,000 | 3,150,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 900,000 | 1,050,000 | 750,000 | 2,900,000 | 3,700,000 | 3,400,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco S&P SmallCap Financials ETF (PSCF) | Invesco S&P SmallCap Health Care ETF (PSCH) | Invesco S&P SmallCap Industrials ETF (PSCI) | ||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||||||||
$ | 2,877,638 | $ | 4,438,052 | $ | 5,875,625 | $ | (534,967 | ) | $ | (172,684 | ) | $ | (79,934 | ) | $ | 306,990 | $ | 622,281 | $ | 825,535 | ||||||||||||||
16,138,809 | 20,306,836 | 31,285,447 | 54,388,618 | 70,417,494 | 13,214,608 | 14,065,583 | 6,532,607 | 4,968,423 | ||||||||||||||||||||||||||
(37,534,668 | ) | 2,970,336 | 16,593,709 | (306,472,650 | ) | 174,671,274 | 47,344,189 | (38,500,188 | ) | 16,602,277 | 15,266,745 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (18,518,221 | ) | 27,715,224 | 53,754,781 | (252,618,999 | ) | 244,916,084 | 60,478,863 | (24,127,615 | ) | 23,757,165 | 21,060,703 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
(6,325,729 | ) | (3,619,319 | ) | (5,931,081 | ) | (51,156 | ) | — | (47,751 | ) | (343,781 | ) | (571,956 | ) | (823,198 | ) | ||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (6,325,729 | ) | (3,619,319 | ) | (5,931,081 | ) | (51,156 | ) | — | (47,751 | ) | (343,781 | ) | (571,956 | ) | (823,198 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,977,935 | 52,796,123 | 116,031,160 | 397,941,272 | 870,054,108 | 62,939,784 | 10,368,983 | 51,182,877 | 41,702,200 | ||||||||||||||||||||||||||
(94,372,590 | ) | (64,697,993 | ) | (105,676,237 | ) | (523,138,398 | ) | (180,118,071 | ) | (53,239,975 | ) | (71,396,063 | ) | (19,577,737 | ) | (19,531,894 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (91,394,655 | ) | (11,901,870 | ) | 10,354,923 | (125,197,126 | ) | 689,936,037 | 9,699,809 | (61,027,080 | ) | 31,605,140 | 22,170,306 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (116,238,605 | ) | 12,194,035 | 58,178,623 | (377,867,281 | ) | 934,852,121 | 70,130,921 | (85,498,476 | ) | 54,790,349 | 42,407,811 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
267,169,188 | 254,975,153 | 196,796,530 | 1,172,569,277 | 237,717,156 | 167,586,235 | 154,204,683 | 99,414,334 | 57,006,523 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 150,930,583 | $ | 267,169,188 | $ | 254,975,153 | $ | 794,701,996 | $ | 1,172,569,277 | $ | 237,717,156 | $ | 68,706,207 | $ | 154,204,683 | $ | 99,414,334 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
50,000 | 950,000 | 2,250,000 | 2,900,000 | 7,000,000 | 750,000 | 150,000 | 750,000 | 750,000 | ||||||||||||||||||||||||||
(1,750,000 | ) | (1,200,000 | ) | (2,050,000 | ) | (4,450,000 | ) | (1,500,000 | ) | (650,000 | ) | (1,150,000 | ) | (300,000 | ) | (350,000 | ) | |||||||||||||||||
| 4,450,000 |
| 4,700,000 | 4,500,000 | 8,100,000 | 2,600,000 | 2,500,000 | 2,050,000 | 1,600,000 | 1,200,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| 2,750,000 |
| 4,450,000 | 4,700,000 | 6,550,000 | 8,100,000 | 2,600,000 | 1,050,000 | 2,050,000 | 1,600,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 33 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P SmallCap Information Technology ETF (PSCT) | ||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 759,265 | $ | 1,481,497 | $ | 1,398,712 | ||||||
Net realized gain (loss) | 27,248,480 | 54,558,963 | 94,429,501 | |||||||||
Net change in unrealized appreciation (depreciation) | (73,304,064 | ) | (15,469,273 | ) | 60,462,587 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (45,296,319 | ) | 40,571,187 | 156,290,800 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | (825,608 | ) | (1,663,745 | ) | (1,151,080 | ) | ||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | 32,234,613 | 88,536,701 | 198,874,614 | |||||||||
Value of shares repurchased | (126,169,338 | ) | (227,481,333 | ) | (286,466,093 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (93,934,725 | ) | (138,944,632 | ) | (87,591,479 | ) | ||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (140,056,652 | ) | (100,037,190 | ) | 67,548,241 | |||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 475,958,382 | 575,995,572 | 508,447,331 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 335,901,730 | $ | 475,958,382 | $ | 575,995,572 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | 400,000 | 1,100,000 | 2,750,000 | |||||||||
Shares repurchased | (1,650,000 | ) | (2,900,000 | ) | (3,950,000 | ) | ||||||
Shares outstanding, beginning of period | 5,300,000 | 7,100,000 | 8,300,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 4,050,000 | 5,300,000 | 7,100,000 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco S&P SmallCap Materials ETF (PSCM) | Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | |||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||
$ | 94,331 | $ | 294,725 | $ | 536,372 | $ | 767,046 | $ | 1,099,915 | $ | 824,823 | |||||||||||
(553,102 | ) | 2,843,768 | 7,515,745 | 219,439 | 239,103 | 4,532,270 | ||||||||||||||||
(2,708,156 | ) | 442,622 | 613,006 | (4,130,746 | ) | (318,630 | ) | 6,345,264 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,166,927 | ) | 3,581,115 | 8,665,123 | (3,144,261 | ) | 1,020,388 | 11,702,357 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(156,228 | ) | (272,639 | ) | (499,363 | ) | (946,157 | ) | (1,199,988 | ) | (2,439,988 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
2,331,124 | 5,116,032 | 84,882,052 | 25,374,888 | 31,729,169 | 33,867,163 | |||||||||||||||||
(6,864,256 | ) | (26,269,680 | ) | (62,051,032 | ) | (21,314,510 | ) | (23,055,601 | ) | (38,137,856 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,533,132 | ) | (21,153,648 | ) | 22,831,020 | 4,060,378 | 8,673,568 | (4,270,693 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(7,856,287 | ) | (17,845,172 | ) | 30,996,780 | (30,040 | ) | 8,493,968 | 4,991,676 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
30,565,743 | 48,410,915 | 17,414,135 | 61,380,951 | 52,886,983 | 47,895,307 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 22,709,456 | $ | 30,565,743 | $ | 48,410,915 | $ | 61,350,911 | $ | 61,380,951 | $ | 52,886,983 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
50,000 | 100,000 | 1,800,000 | 450,000 | 600,000 | 650,000 | |||||||||||||||||
(150,000 | ) | (500,000 | ) | (1,300,000 | ) | (400,000 | ) | (450,000 | ) | (750,000 | ) | |||||||||||
550,000 | 950,000 | 450,000 | 1,100,000 | 950,000 | 1,050,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
450,000 | 550,000 | 950,000 | 1,150,000 | 1,100,000 | 950,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 35 |
|
Invesco DWA SmallCap Momentum ETF (DWAS)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 59.34 | $ | 48.11 | $ | 35.42 | $ | 38.19 | $ | 38.24 | $ | 37.14 | $ | 25.87 | ||||||||||||||
Net investment income (loss)(a) | (0.04 | ) | (0.01 | ) | 0.14 | 0.15 | 0.02 | 0.01 | 0.04 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (8.14 | ) | 11.34 | 12.71 | (2.81 | ) | (0.04 | ) | 1.11 | 11.50 | ||||||||||||||||||
Total from investment operations | (8.18 | ) | 11.33 | 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 | $ | 51.16 | $ | 59.34 | $ | 48.11 | $ | 35.42 | $ | 38.19 | $ | 38.24 | $ | 37.14 | ||||||||||||||
Market price at end of period(b) | $ | 51.16 | $ | 59.36 | $ | 48.16 | $ | 35.40 | $ | 38.18 | $ | 38.24 | $ | 37.22 | ||||||||||||||
Net Asset Value Total Return(c) | (13.79 | )% | 23.60 | % | 36.38 | % | (6.97 | )% | (0.05 | )% | 3.03 | % | 44.98 | % | ||||||||||||||
Market Price Total Return(c) | (13.82 | )% | 23.51 | % | 36.60 | % | (7.00 | )% | (0.08 | )% | 2.80 | % | 45.69 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 253,265 | $ | 453,972 | $ | 228,517 | $ | 155,857 | $ | 416,316 | $ | 292,517 | $ | 505,046 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.60 | %(e) | 0.60 | %(e) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %(d) | ||||||||||||||
Net investment income (loss) | (0.14 | )%(e) | (0.02 | )%(e) | 0.34 | % | 0.41 | % | 0.06 | % | 0.04 | % | 0.10 | % | ||||||||||||||
Portfolio turnover rate(f) | 86 | % | 100 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | 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 | $ | 25.53 | $ | 27.07 | $ | 27.01 | $ | 25.09 | ||||||||
Net investment income(b) | 0.60 | 0.73 | (c) | 1.56 | 0.84 | |||||||||||
Net realized and unrealized gain (loss) on investments | (0.57 | ) | (1.23 | ) | (0.25 | ) | 1.86 | |||||||||
Total from investment operations | 0.03 | (0.50 | ) | 1.31 | 2.70 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.83 | ) | (1.04 | ) | (1.25 | ) | (0.78 | ) | ||||||||
Net asset value at end of period | $ | 24.73 | $ | 25.53 | $ | 27.07 | $ | 27.01 | ||||||||
Market price at end of period(d) | $ | 24.72 | $ | 25.51 | $ | 27.07 | $ | 27.04 | ||||||||
Net Asset Value Total Return(e) | 0.25 | % | (1.79 | )% | 4.87 | % | 10.80 | %(f) | ||||||||
Market Price Total Return(e) | 0.28 | % | (1.87 | )% | 4.74 | % | 10.92 | %(f) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 38,330 | $ | 62,549 | $ | 112,348 | $ | 118,846 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses(g) | 0.25 | %(h) | 0.25 | %(h) | 0.25 | % | 0.25 | %(h) | ||||||||
Net investment income | 4.87 | %(h) | 3.36 | %(c)(h) | 5.68 | % | 4.71 | %(h) | ||||||||
Portfolio turnover rate(i) | 24 | % | 17 | % | 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 $1.28 and 5.88%, 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 |
|
Financial Highlights(continued)
Invesco DWA Tactical Sector Rotation ETF (DWTR)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 32.12 | $ | 28.29 | $ | 24.24 | $ | 25.82 | $ | 25.17 | ||||||||||
Net investment income (loss)(b) | 0.01 | 0.06 | 0.20 | 0.18 | (0.00 | )(c) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.17 | ) | 3.85 | 4.02 | (1.57 | ) | 0.65 | |||||||||||||
Total from investment operations | (3.16 | ) | 3.91 | 4.22 | (1.39 | ) | 0.65 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.01 | ) | (0.08 | ) | (0.17 | ) | (0.19 | ) | — | |||||||||||
Return of capital | — | — | — | (0.00 | )(c) | — | ||||||||||||||
Total distributions | (0.01 | ) | (0.08 | ) | (0.17 | ) | (0.19 | ) | — | |||||||||||
Net asset value at end of period | $ | 28.95 | $ | 32.12 | $ | 28.29 | $ | 24.24 | $ | 25.82 | ||||||||||
Market price at end of period(d) | $ | 28.93 | $ | 32.15 | $ | 28.28 | $ | 24.24 | $ | 25.84 | ||||||||||
Net Asset Value Total Return(e) | (9.82 | )% | 13.84 | % | 17.50 | % | (5.40 | )% | 2.58 | %(f) | ||||||||||
Market Price Total Return(e) | (9.97 | )% | 13.99 | % | 17.46 | % | (5.47 | )% | 2.66 | %(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 63,681 | $ | 88,319 | $ | 67,897 | $ | 172,121 | $ | 42,604 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses(g) | 0.15 | %(h) | 0.15 | %(h) | 0.15 | % | 0.15 | % | 0.15 | %(h) | ||||||||||
Net investment income (loss) | 0.04 | %(h) | 0.24 | %(h) | 0.78 | % | 0.75 | % | (0.15 | )%(h) | ||||||||||
Portfolio turnover rate(i) | 43 | % | 62 | % | 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 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 71.32 | $ | 55.45 | $ | 46.40 | $ | 49.35 | $ | 47.26 | $ | 45.42 | $ | 32.18 | ||||||||||||||
Net investment income(a) | 0.37 | 0.56 | 0.66 | 0.41 | 0.50 | 0.32 | 0.40 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (9.14 | ) | 15.78 | 9.12 | (2.99 | ) | 2.10 | 1.80 | 13.25 | |||||||||||||||||||
Total from investment operations | (8.77 | ) | 16.34 | 9.78 | (2.58 | ) | 2.60 | 2.12 | 13.65 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.49 | ) | (0.47 | ) | (0.73 | ) | (0.37 | ) | (0.51 | ) | (0.28 | ) | (0.41 | ) | ||||||||||||||
Net asset value at end of period | $ | 62.06 | $ | 71.32 | $ | 55.45 | $ | 46.40 | $ | 49.35 | $ | 47.26 | $ | 45.42 | ||||||||||||||
Market price at end of period(b) | $ | 62.11 | $ | 71.31 | $ | 55.51 | $ | 46.41 | $ | 49.37 | $ | 47.27 | $ | 45.52 | ||||||||||||||
Net Asset Value Total Return(c) | (12.25 | )% | 29.58 | % | 21.15 | % | (5.23 | )% | 5.43 | % | 4.66 | % | 42.81 | % | ||||||||||||||
Market Price Total Return(c) | (12.17 | )% | 29.43 | % | 21.26 | % | (5.24 | )% | 5.45 | % | 4.45 | % | 43.13 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 80,681 | $ | 92,718 | $ | 66,543 | $ | 74,235 | $ | 115,974 | $ | 92,148 | $ | 102,198 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income | 1.22 | %(d) | 1.07 | %(d) | 1.25 | % | 0.86 | % | 0.96 | % | 0.69 | % | 1.04 | % | ||||||||||||||
Portfolio turnover rate(e) | 13 | % | 9 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 85.41 | $ | 72.47 | $ | 63.05 | $ | 57.26 | $ | 53.83 | $ | 48.58 | $ | 34.23 | ||||||||||||||
Net investment | 0.51 | 0.56 | 0.94 | 0.90 | 0.61 | 0.28 | 0.28 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.83 | ) | 12.91 | 9.64 | 5.75 | 3.88 | 5.21 | 14.31 | ||||||||||||||||||||
Total from investment operations | (6.32 | ) | 13.47 | 10.58 | 6.65 | 4.49 | 5.49 | 14.59 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.65 | ) | (0.53 | ) | (1.16 | ) | (0.86 | ) | (0.36 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||
Net realized gains | — | — | — | — | (0.70 | ) | — | — | ||||||||||||||||||||
Total distributions | (0.65 | ) | (0.53 | ) | (1.16 | ) | (0.86 | ) | (1.06 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||
Net asset value at end of period | $ | 78.44 | $ | 85.41 | $ | 72.47 | $ | 63.05 | $ | 57.26 | $ | 53.83 | $ | 48.58 | ||||||||||||||
Market price at end of period(b) | $ | 78.35 | $ | 85.34 | $ | 72.54 | $ | 62.99 | $ | 57.31 | $ | 53.82 | $ | 48.68 | ||||||||||||||
Net Asset Value Total Return(c) | (7.33 | )% | 18.70 | % | 16.88 | % | 11.79 | % | 8.43 | % | 11.34 | % | 42.83 | % | ||||||||||||||
Market Price Total Return(c) | (7.36 | )% | 18.49 | % | 17.11 | % | 11.59 | % | 8.54 | % | 11.08 | % | 43.51 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 70,594 | $ | 89,681 | $ | 54,350 | $ | 69,360 | $ | 31,494 | $ | 32,295 | $ | 46,151 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income | 1.30 | %(d) | 0.89 | %(d) | 1.38 | % | 1.46 | % | 1.11 | % | 0.57 | % | 0.69 | % | ||||||||||||||
Portfolio turnover rate(e) | 32 | % | 42 | % | 62 | % | 68 | % | 39 | % | 33 | % | 23 | % |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Energy ETF (PSCE)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.34 | $ | 14.26 | $ | 16.73 | $ | 18.12 | $ | 37.85 | $ | 48.28 | $ | 32.77 | ||||||||||||||
Net investment income (loss)(a) | 0.01 | 0.00 | (b) | (0.01 | ) | 0.06 | 0.14 | 0.04 | 0.29 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.71 | ) | 2.09 | (2.44 | ) | (1.36 | ) | (19.74 | ) | (10.45 | ) | 15.47 | ||||||||||||||||
Total from investment operations | (5.70 | ) | 2.09 | (2.45 | ) | (1.30 | ) | (19.60 | ) | (10.41 | ) | 15.76 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.09 | ) | (0.13 | ) | (0.02 | ) | (0.25 | ) | ||||||||||||||
Return of capital | — | — | (0.01 | ) | — | — | (0.00 | )(b) | — | |||||||||||||||||||
Total distributions | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.09 | ) | (0.13 | ) | (0.02 | ) | (0.25 | ) | ||||||||||||||
Net asset value at end of period | $ | 10.62 | $ | 16.34 | $ | 14.26 | $ | 16.73 | $ | 18.12 | $ | 37.85 | $ | 48.28 | ||||||||||||||
Market price at end of period(c) | $ | 10.62 | $ | 16.33 | $ | 14.30 | $ | 16.75 | $ | 18.13 | $ | 37.84 | $ | 48.42 | ||||||||||||||
Net Asset Value Total Return(d) | (34.93 | )% | 14.64 | % | (14.69 | )% | (7.11 | )% | (51.89 | )% | (21.57 | )% | 48.41 | % | ||||||||||||||
Market Price Total Return(d) | (34.89 | )% | 14.25 | % | (14.55 | )% | (7.05 | )% | (51.85 | )% | (21.82 | )% | 49.07 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,785 | $ | 60,475 | $ | 48,477 | $ | 52,686 | $ | 37,149 | $ | 30,281 | $ | 48,279 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||
Net investment income (loss) | 0.20 | %(e) | 0.04 | %(e) | (0.05 | )% | 0.38 | % | 0.57 | % | 0.07 | % | 0.74 | % | ||||||||||||||
Portfolio turnover rate(f) | 26 | % | 40 | % | 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 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Financials ETF (PSCF)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August��31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 60.04 | $ | 54.25 | $ | 43.73 | $ | 42.41 | $ | 40.98 | $ | 38.42 | $ | 30.41 | ||||||||||||||
Net investment income(a) | 0.86 | 1.05 | 1.25 | 1.14 | 0.98 | 0.89 | 0.88 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.11 | ) | 5.63 | 10.58 | 1.44 | 1.32 | 2.67 | 8.14 | ||||||||||||||||||||
Total from investment operations | (3.25 | ) | 6.68 | 11.83 | 2.58 | 2.30 | 3.56 | 9.02 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (1.34 | ) | (0.89 | ) | (1.09 | ) | (1.18 | ) | (0.87 | ) | (0.97 | ) | (1.01 | ) | ||||||||||||||
Net realized gains | (0.57 | ) | — | (0.22 | ) | (0.08 | ) | — | (0.03 | ) | — | |||||||||||||||||
Total distributions | (1.91 | ) | (0.89 | ) | (1.31 | ) | (1.26 | ) | (0.87 | ) | (1.00 | ) | (1.01 | ) | ||||||||||||||
Net asset value at end of period | $ | 54.88 | $ | 60.04 | $ | 54.25 | $ | 43.73 | $ | 42.41 | $ | 40.98 | $ | 38.42 | ||||||||||||||
Market price at end of period(b) | $ | 54.86 | $ | 60.09 | $ | 54.31 | $ | 43.73 | $ | 42.45 | $ | 40.97 | $ | 38.50 | ||||||||||||||
Net Asset Value Total Return(c) | (5.02 | )% | 12.44 | % | 27.23 | % | 6.29 | % | 5.68 | % | 9.40 | % | 30.26 | % | ||||||||||||||
Market Price Total Return(c) | (5.14 | )% | 12.41 | % | 27.37 | % | 6.19 | % | 5.80 | % | 9.14 | % | 30.62 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 150,931 | $ | 267,169 | $ | 254,975 | $ | 196,797 | $ | 182,347 | $ | 114,753 | $ | 97,969 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | %(d) | 0.29 | %(d) | 0.30 | %(d) | ||||||||||||||
Net investment income | 3.17 | %(e) | 2.26 | %(e) | 2.44 | % | 2.73 | % | 2.38 | % | 2.31 | % | 2.56 | % | ||||||||||||||
Portfolio turnover rate(f) | 8 | % | 17 | % | 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 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Health Care ETF (PSCH)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 144.76 | $ | 91.43 | $ | 67.03 | $ | 66.81 | $ | 60.07 | $ | 50.90 | $ | 34.33 | ||||||||||||||
Net investment income (loss)(a) | (0.06 | ) | (0.04 | ) | (0.03 | ) | 0.00 | (b) | (0.01 | ) | 0.04 | 0.15 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (23.36 | ) | 53.37 | 24.45 | 0.22 | 8.22 | 9.17 | 16.56 | ||||||||||||||||||||
Total from investment operations | (23.42 | ) | 53.33 | 24.42 | 0.22 | 8.21 | 9.21 | 16.71 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | — | (0.02 | ) | — | (0.03 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||||
Net realized gains | — | — | — | — | (1.44 | ) | — | — | ||||||||||||||||||||
Total distributions | (0.01 | ) | — | (0.02 | ) | — | (1.47 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||||
Net asset value at end of period | $ | 121.33 | $ | 144.76 | $ | 91.43 | $ | 67.03 | $ | 66.81 | $ | 60.07 | $ | 50.90 | ||||||||||||||
Market price at end of period(c) | $ | 121.33 | $ | 144.99 | $ | 91.58 | $ | 67.00 | $ | 66.86 | $ | 60.03 | $ | 50.99 | ||||||||||||||
Net Asset Value Total Return(d) | (16.19 | )% | 58.32 | % | 36.44 | % | 0.33 | % | 13.96 | % | 18.10 | % | 48.85 | % | ||||||||||||||
Market Price Total Return(d) | (16.32 | )% | 58.31 | % | 36.72 | % | 0.21 | % | 14.12 | % | 17.81 | % | 49.25 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 794,702 | $ | 1,172,569 | $ | 237,717 | $ | 167,586 | $ | 230,504 | $ | 165,200 | $ | 178,164 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(e) | 0.29 | %(e) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income (loss) | (0.10 | )%(e) | (0.04 | )%(e) | (0.04 | )% | 0.01 | % | (0.02 | )% | 0.08 | % | 0.35 | % | ||||||||||||||
Portfolio turnover rate(f) | 22 | % | 20 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 75.22 | $ | 62.13 | $ | 47.51 | $ | 45.55 | $ | 44.89 | $ | 42.30 | $ | 30.61 | ||||||||||||||
Net investment income(a) | 0.18 | 0.36 | 0.53 | 0.34 | 0.45 | 0.34 | 0.32 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (9.79 | ) | 13.07 | 14.62 | 1.96 | 0.68 | 2.57 | 11.97 | ||||||||||||||||||||
Total from investment operations | (9.61 | ) | 13.43 | 15.15 | 2.30 | 1.13 | 2.91 | 12.29 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.34 | ) | (0.53 | ) | (0.34 | ) | (0.47 | ) | (0.32 | ) | (0.60 | ) | ||||||||||||||
Net asset value at end of period | $ | 65.43 | $ | 75.22 | $ | 62.13 | $ | 47.51 | $ | 45.55 | $ | 44.89 | $ | 42.30 | ||||||||||||||
Market price at end of | $ | 65.49 | $ | 75.25 | $ | 62.21 | $ | 47.42 | $ | 45.57 | $ | 44.83 | $ | 42.38 | ||||||||||||||
Net Asset Value Total Return(c) | (12.75 | )% | 21.69 | % | 32.00 | % | 5.10 | % | 2.51 | % | 6.87 | % | 40.72 | % | ||||||||||||||
Market Price Total Return(c) | (12.70 | )% | 21.59 | % | 32.42 | % | 4.86 | % | 2.69 | % | 6.53 | % | 41.27 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 68,706 | $ | 154,205 | $ | 99,414 | $ | 57,007 | $ | 70,608 | $ | 100,998 | $ | 74,027 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income | 0.54 | %(d) | 0.66 | %(d) | 0.94 | % | 0.75 | % | 0.98 | % | 0.78 | % | 0.88 | % | ||||||||||||||
Portfolio turnover rate(e) | 3 | % | 2 | % | 7 | % | 16 | % | 11 | % | 15 | % | 30 | % |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Information Technology ETF (PSCT)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 89.80 | $ | 81.13 | $ | 61.26 | $ | 51.70 | $ | 48.02 | $ | 41.59 | $ | 29.62 | ||||||||||||||
Net investment | 0.16 | 0.27 | 0.19 | 0.10 | 0.08 | 0.09 | 0.08 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.86 | ) | 8.69 | 19.83 | 9.58 | 3.64 | 6.43 | 12.21 | ||||||||||||||||||||
Total from investment operations | (6.70 | ) | 8.96 | 20.02 | 9.68 | 3.72 | 6.52 | 12.29 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.29 | ) | (0.15 | ) | (0.12 | ) | (0.04 | ) | (0.09 | ) | (0.32 | ) | ||||||||||||||
Net asset value at end of period | $ | 82.94 | $ | 89.80 | $ | 81.13 | $ | 61.26 | $ | 51.70 | $ | 48.02 | $ | 41.59 | ||||||||||||||
Market price at end of | $ | 82.99 | $ | 89.71 | $ | 81.23 | $ | 61.28 | $ | 51.77 | $ | 48.01 | $ | 41.67 | ||||||||||||||
Net Asset Value Total Return(c) | (7.44 | )% | 11.09 | % | 32.71 | % | 18.75 | % | 7.75 | % | 15.69 | % | 41.86 | % | ||||||||||||||
Market Price Total Return(c) | (7.29 | )% | 10.85 | % | 32.84 | % | 18.63 | % | 7.92 | % | 15.44 | % | 42.28 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 335,902 | $ | 475,958 | $ | 575,996 | $ | 508,447 | $ | 390,315 | $ | 225,700 | $ | 210,018 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||
Net investment income | 0.41 | %(d) | 0.40 | %(d) | 0.26 | % | 0.18 | % | 0.16 | % | 0.21 | % | 0.23 | % | ||||||||||||||
Portfolio turnover rate(e) | 5 | % | 15 | % | 16 | % | 15 | % | 15 | % | 10 | % | 17 | % |
(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 Materials ETF (PSCM)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.57 | $ | 50.96 | $ | 38.70 | $ | 34.36 | $ | 43.97 | $ | 40.34 | $ | 30.23 | ||||||||||||||
Net investment income(a) | 0.19 | 0.40 | 0.41 | 0.35 | 0.35 | 0.28 | 0.32 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.98 | ) | 4.54 | 12.19 | 4.36 | (9.50 | ) | 3.58 | 10.18 | |||||||||||||||||||
Total from investment operations | (4.79 | ) | 4.94 | 12.60 | 4.71 | (9.15 | ) | 3.86 | 10.50 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.33 | ) | (0.34 | ) | (0.37 | ) | (0.46 | ) | (0.23 | ) | (0.39 | ) | ||||||||||||||
Net asset value at end of period | $ | 50.47 | $ | 55.57 | $ | 50.96 | $ | 38.70 | $ | 34.36 | $ | 43.97 | $ | 40.34 | ||||||||||||||
Market price at end of period(b) | $ | 50.64 | $ | 55.57 | $ | 51.00 | $ | 38.77 | $ | 34.37 | $ | 43.95 | $ | 40.42 | ||||||||||||||
Net Asset Value Total Return(c) | (8.55 | )% | 9.73 | % | 32.62 | % | 13.89 | % | (20.94 | )% | 9.56 | % | 35.00 | % | ||||||||||||||
Market Price Total Return(c) | (8.24 | )% | 9.65 | % | 32.48 | % | 14.07 | % | (20.88 | )% | 9.30 | % | 35.31 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,709 | $ | 30,566 | $ | 48,411 | $ | 17,414 | $ | 10,309 | $ | 50,564 | $ | 18,154 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income | 0.79 | %(d) | 0.91 | %(d) | 0.87 | % | 1.01 | % | 0.87 | % | 0.63 | % | 0.91 | % | ||||||||||||||
Portfolio turnover rate(e) | 6 | % | 9 | % | 21 | % | 16 | % | 17 | % | 12 | % | 15 | % |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 55.80 | $ | 55.67 | $ | 45.61 | $ | 41.99 | $ | 38.34 | $ | 34.29 | $ | 31.10 | ||||||||||||||
Net investment | 0.62 | 1.14 | 0.87 | 1.06 | 1.02 | 1.00 | 1.00 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.30 | ) | 0.23 | 11.81 | 3.67 | 3.96 | 4.01 | 3.53 | ||||||||||||||||||||
Total from investment operations | (1.68 | ) | 1.37 | 12.68 | 4.73 | 4.98 | 5.01 | 4.53 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.77 | ) | (1.24 | ) | (0.86 | ) | (1.11 | ) | (1.33 | ) | (0.96 | ) | (1.34 | ) | ||||||||||||||
Net realized gains | — | — | (1.76 | ) | — | — | — | — | ||||||||||||||||||||
Total distributions | (0.77 | ) | (1.24 | ) | (2.62 | ) | (1.11 | ) | (1.33 | ) | (0.96 | ) | (1.34 | ) | ||||||||||||||
Net asset value at end of period | $ | 53.35 | $ | 55.80 | $ | 55.67 | $ | 45.61 | $ | 41.99 | $ | 38.34 | $ | 34.29 | ||||||||||||||
Market price at end of period(b) | $ | 53.32 | $ | 55.82 | $ | 55.70 | $ | 45.57 | $ | 42.01 | $ | 38.33 | $ | 34.34 | ||||||||||||||
Net Asset Value Total Return(c) | (2.96 | )% | 2.55 | % | 28.66 | % | 11.38 | % | 13.43 | % | 14.87 | % | 15.06 | % | ||||||||||||||
Market Price Total Return(c) | (3.05 | )% | 2.54 | % | 28.83 | % | 11.23 | % | 13.52 | % | 14.68 | % | 15.34 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,351 | $ | 61,381 | $ | 52,887 | $ | 47,895 | $ | 39,887 | $ | 40,259 | $ | 32,573 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.29 | %(d) | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.30 | % | ||||||||||||||
Net investment income | 2.31 | %(d) | 2.58 | %(d) | 1.73 | % | 2.35 | % | 2.63 | % | 2.86 | % | 3.10 | % | ||||||||||||||
Portfolio turnover rate(e) | 49 | % | 48 | % | 48 | % | 69 | % | 18 | % | 34 | % | 17 | % |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 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 & Communication Services ETF (PSCU) | “S&P SmallCap Utilities & Communication Services ETF” |
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.
Effective as of the open of markets on September 24, 2018, Invesco S&P SmallCap Utilities ETF changed its name, underlying index, investment objective and principal investment strategy. The new name and underlying index are Invesco S&P SmallCap Utilities & Communication Services ETF and S&P SmallCap 600® Capped Utilities & Communication Services Index, respectively.
The market price of each Share may differ to some degree from a 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 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”) 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 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 & 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 | |
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 & Communication Services ETF | S&P SmallCap 600® Capped Utilities & Communication Services Index |
| 45 |
|
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 theover-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 asinstitution-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, a 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.
| 46 |
|
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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Industry 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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) isnon-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. Each of 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 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
| 47 |
|
rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize anin-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- andMid-Capitalization Company Risk. Investing in securities of small- andmid-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- andmid-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 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 the Underlying Funds in which they invest. An investment in each Fund is subject to the risks associated with the Underlying Funds that comprise its respective Underlying Index. In addition, at times, certain of the segments of the market represented by Underlying Funds in which each Fund invests may be out of favor and underperform other segments. Each 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.
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 forin-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 andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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.
| 48 |
|
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 onex-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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-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 theperiod-end date and before the date the financial statements are released to print.
I. Securities Lending
During thesix-month period ended February 28, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
| 49 |
|
J. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For theten-month period ended August 31, 2018, distributions from distributable earnings consisted of net investment income.
For the fiscal year ended October 31, 2017, distributions from distributable earnings consisted of:
Fund | Distributions to shareholders from net investment income | Distributions to shareholders from net realized gains | ||||||
DWA SmallCap Momentum ETF | $ | 705,632 | $ | — | ||||
DWA Tactical Multi-Asset Income ETF | 5,282,805 | — | ||||||
DWA Tactical Sector Rotation ETF | 891,782 | — | ||||||
S&P SmallCap Consumer Discretionary ETF | 893,766 | — | ||||||
S&P SmallCap Consumer Staples ETF | 1,101,515 | — | ||||||
S&P SmallCap Energy ETF | 33,355 | — | ||||||
S&P SmallCap Financials ETF | 4,963,250 | 967,831 | ||||||
S&P SmallCap Health Care ETF | 47,751 | — | ||||||
S&P SmallCap Industrials ETF | 823,198 | — | ||||||
S&P SmallCap Information Technology ETF | 1,151,080 | — | ||||||
S&P SmallCap Materials ETF | 499,363 | — | ||||||
S&P SmallCap Utilities & Communication Services ETF | 855,529 | 1,584,459 |
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 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 & Communication Services 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.
| 50 |
|
For thesix-month period ended February 28, 2019, the Adviser waived fees for each Fund in the following amounts:
DWA SmallCap Momentum ETF | $ | 64 | ||
DWA Tactical Multi-Asset Income ETF | 33 | |||
DWA Tactical Sector Rotation ETF | 12 | |||
S&P SmallCap Consumer Discretionary ETF | 73 | |||
S&P SmallCap Consumer Staples ETF | 92 | |||
S&P SmallCap Energy ETF | 6 | |||
S&P SmallCap Financials ETF | 188 | |||
S&P SmallCap Health Care ETF | 361 | |||
S&P SmallCap Industrials ETF | 22 | |||
S&P SmallCap Information Technology ETF | 79 | |||
S&P SmallCap Materials ETF | 46 | |||
S&P SmallCap Utilities & Communication Services ETF | 63 |
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 SmallCap Momentum ETF | Dorsey Wright & Associates, LLC | |
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 & Communication Services 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’ssub-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 tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for thesix-month period ended February 28, 2019.
| 51 |
|
DWA Tactical Multi-Asset Income ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF | $ | 11,346,484 | $ | 807,869 | $ | (4,980,807 | ) | $ | 669,359 | $ | (421,095 | ) | $ | 7,421,810 | $ | 226,330 | ||||||||||||
Invesco Fundamental High Yield Corporate Bond ETF | — | 10,522,086 | (3,018,078 | ) | 139,471 | (30,000 | ) | 7,613,479 | 119,985 | |||||||||||||||||||
Invesco Global Short Term High Yield Bond ETF | 12,086,392 | 813,677 | (5,267,774 | ) | 100,289 | (199,450 | ) | 7,533,134 | 248,866 | |||||||||||||||||||
Invesco KBW Premium Yield Equity REIT ETF* | 14,419,684 | 839,301 | (13,491,713 | ) | 215,602 | (1,982,874 | ) | — | 113,988 | |||||||||||||||||||
Invesco Preferred ETF | 13,077,663 | 863,232 | (5,490,462 | ) | 20,849 | (408,156 | ) | 8,063,126 | 281,600 | |||||||||||||||||||
Invesco Taxable Municipal Bond ETF | 11,568,189 | 1,318,259 | (5,183,021 | ) | 114,942 | (123,537 | ) | 7,694,832 | 196,196 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investments in Affiliates | $ | 62,498,412 | $ | 15,164,424 | $ | (37,431,855 | ) | $ | 1,260,512 | $ | (3,165,112 | ) | $ | 38,326,381 | $ | 1,186,965 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At February 28, 2019, this security was no longer held. |
DWA Tactical Sector Rotation ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco DWA Consumer Cyclicals Momentum ETF* | $ | 20,023,736 | $ | 715,027 | $ | (17,408,638 | ) | $ | (1,576,497 | ) | $ | (1,753,628 | ) | $ | — | $ | 27,230 | |||||||||||
Invesco DWA Energy Momentum ETF* | 17,083,379 | — | (16,197,808 | ) | (346,854 | ) | (538,717 | ) | — | — | ||||||||||||||||||
Invesco DWA Healthcare Momentum ETF | — | 17,661,169 | (3,677,740 | ) | (2,041,924 | ) | (574,580 | ) | 11,366,925 | — | ||||||||||||||||||
Invesco DWA Industrials Momentum ETF | 26,214,426 | 1,547,827 | (6,077,798 | ) | (3,137,333 | ) | 1,032,919 | 19,580,041 | 34,948 | |||||||||||||||||||
Invesco DWA Technology Momentum ETF | 24,983,814 | 1,448,141 | (5,519,333 | ) | (3,696,764 | ) | 1,650,641 | 18,866,499 | 1,081 | |||||||||||||||||||
Invesco DWA Utilities Momentum ETF | — | 13,065,151 | (301,993 | ) | 1,104,270 | 12,169 | 13,879,597 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investments in Affiliates | $ | 88,305,355 | $ | 34,437,315 | $ | (49,183,310 | ) | $ | (9,695,102 | ) | $ | (171,196 | ) | $ | 63,693,062 | $ | 63,259 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At February 28, 2019, this security was no longer held. |
The Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT is considered to be affiliated with the Funds. The table below shows S&P SmallCap Financials ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for thesix-month period ended February 28, 2019.
S&P Small Cap Financials ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Unrealized Appreciation | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 2,433,786 | $ | 241,303 | $ | (1,018,500 | ) | $ | 53,308 | $ | (142,652 | ) | $ | 1,567,245 | $ | 97,771 |
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. |
| 52 |
|
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 Fund listed below, as of February 28, 2019, 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.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P SmallCap Materials ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 22,682,385 | $ | — | $ | 11,006 | $ | 22,693,391 | ||||||||
Money Market Funds | 570,413 | — | — | 570,413 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 23,252,798 | $ | — | $ | 11,006 | $ | 23,263,804 | |||||||||
|
|
|
|
|
|
|
|
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’ fiscalyear-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 following table presents available capital loss carryforwards and expiration dates for each Fund as of August 31, 2018:
Post-effective no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
DWA SmallCap Momentum ETF | $ | — | $ | 167,879,309 | $ | 55,155 | $ | 167,934,464 | ||||||||
DWA Tactical Multi-Asset Income ETF | — | 605,056 | 1,980,881 | 2,585,937 | ||||||||||||
DWA Tactical Sector Rotation ETF | — | 16,811,174 | 1,026,470 | 17,837,644 | ||||||||||||
S&P SmallCap Consumer Discretionary ETF | 8,689 | — | 4,508,585 | 4,517,274 | ||||||||||||
S&P SmallCap Consumer Staples ETF(1) | — | 421,775 | 2,827,378 | 3,249,153 | ||||||||||||
S&P SmallCap Energy ETF | 2,406,357 | 8,440,797 | 28,893,363 | 39,740,517 | ||||||||||||
S&P SmallCap Financials ETF | — | — | — | — | ||||||||||||
S&P SmallCap Health Care ETF | — | — | 4,356,746 | 4,356,746 | ||||||||||||
S&P SmallCap Industrials ETF | 74,295 | 763,705 | 1,209,576 | 2,047,576 | ||||||||||||
S&P SmallCap Information Technology ETF | 567,102 | 243,015 | 11,086,273 | 11,896,390 | ||||||||||||
S&P SmallCap Materials ETF | 82,457 | — | 421,492 | 503,949 | ||||||||||||
S&P SmallCap Utilities & Communication Services ETF(1) | — | 445,416 | 89,659 | 535,075 |
* | 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. |
(1) | Taxyear-end and carryforward expiration is October 31. |
| 53 |
|
Note 7. Investment Transactions
For thesix-month period ended February 28, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
DWA SmallCap Momentum ETF | $ | 301,955,913 | $ | 303,009,716 | ||||
DWA Tactical Multi-Asset Income ETF | 11,417,705 | 11,776,600 | ||||||
DWA Tactical Sector Rotation ETF | 29,866,653 | 29,856,324 | ||||||
S&P SmallCap Consumer Discretionary ETF | 10,582,888 | 10,820,675 | ||||||
S&P SmallCap Consumer Staples ETF | 29,764,526 | 27,442,844 | ||||||
S&P SmallCap Energy ETF | 10,676,820 | 10,722,365 | ||||||
S&P SmallCap Financials ETF | 13,980,178 | 17,374,862 | ||||||
S&P SmallCap Health Care ETF | 228,465,257 | 232,028,341 | ||||||
S&P SmallCap Industrials ETF | 3,802,613 | 3,820,184 | ||||||
S&P SmallCap Information Technology ETF | 19,747,247 | 22,772,868 | ||||||
S&P SmallCap Materials ETF | 1,433,546 | 1,430,612 | ||||||
S&P SmallCap Utilities & Communication Services ETF | 32,290,363 | 31,735,630 |
For thesix-month period ended February 28, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
DWA SmallCap Momentum ETF | $ | 123,719,886 | $ | 246,818,767 | ||||
DWA Tactical Multi-Asset Income ETF | 3,746,719 | 25,655,256 | ||||||
DWA Tactical Sector Rotation ETF | 4,570,662 | 19,326,987 | ||||||
S&P SmallCap Consumer Discretionary ETF | 12,997,298 | 11,554,371 | ||||||
S&P SmallCap Consumer Staples ETF | 24,615,624 | 32,589,151 | ||||||
S&P SmallCap Energy ETF | 3,266,778 | 13,206,581 | ||||||
S&P SmallCap Financials ETF | 2,975,139 | 94,281,007 | ||||||
S&P SmallCap Health Care ETF | 397,751,242 | 520,098,162 | ||||||
S&P SmallCap Industrials ETF | 10,291,867 | 71,301,501 | ||||||
S&P SmallCap Information Technology ETF | 32,214,215 | 123,413,813 | ||||||
S&P SmallCap Materials ETF | 2,326,627 | 6,881,844 | ||||||
S&P SmallCap Utilities & Communication Services ETF | 25,360,375 | 21,845,424 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At February 28, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
DWA SmallCap Momentum ETF | $ | 41,016,963 | $ | (9,704,281 | ) | $ | 31,312,682 | $ | 233,411,057 | |||||||
DWA Tactical Multi-Asset Income ETF | 139,471 | (1,991,862 | ) | (1,852,391 | ) | 45,576,148 | ||||||||||
DWA Tactical Sector Rotation ETF | 7,796,493 | (2,142,301 | ) | 5,654,192 | 58,038,870 | |||||||||||
S&P SmallCap Consumer Discretionary ETF | 8,157,969 | (15,466,324 | ) | (7,308,355 | ) | 94,575,004 | ||||||||||
S&P SmallCap Consumer Staples ETF | 5,755,096 | (9,658,191 | ) | (3,903,095 | ) | 80,853,091 | ||||||||||
S&P SmallCap Energy ETF | 1,105,333 | (18,661,179 | ) | (17,555,846 | ) | 49,555,376 | ||||||||||
S&P SmallCap Financials ETF | 16,933,730 | (16,201,665 | ) | 732,065 | 152,176,299 | |||||||||||
S&P SmallCap Health Care ETF | 47,416,188 | (156,502,957 | ) | (109,086,769 | ) | 919,740,746 | ||||||||||
S&P SmallCap Industrials ETF | 4,516,799 | (10,041,090 | ) | (5,524,291 | ) | 75,099,877 | ||||||||||
S&P SmallCap Information Technology ETF | 56,918,107 | (44,157,522 | ) | 12,760,585 | 328,781,449 | |||||||||||
S&P SmallCap Materials ETF | 2,683,380 | (5,032,544 | ) | (2,349,164 | ) | 25,612,968 | ||||||||||
S&P SmallCap Utilities & Communication Services ETF | 4,888,538 | (7,139,986 | ) | (2,251,448 | ) | 64,463,035 |
| 54 |
|
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”) 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 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 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.
| 55 |
|
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 thesix-month period ended February 28, 2019.
In addition to the fees and expenses which the 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 theSix-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 September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco DWA SmallCap Momentum ETF (DWAS) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 862.10 | 0.60 | % | $ | 2.77 | ||||||||
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 | 1,002.50 | 0.25 | 1.24 | ||||||||||||
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 | 901.80 | 0.15 | 0.71 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.05 | 0.15 | 0.75 | ||||||||||||
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | ||||||||||||||||
Actual | 1,000.00 | 877.50 | 0.29 | 1.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 |
| 56 |
|
Fees and Expenses(continued)
Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P SmallCap Consumer Staples ETF (PSCC) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 926.70 | 0.29 | % | $ | 1.39 | ||||||||
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 | 650.70 | 0.29 | 1.19 | ||||||||||||
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 | 949.80 | 0.29 | 1.40 | ||||||||||||
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 | 838.10 | 0.29 | 1.32 | ||||||||||||
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 | 872.50 | 0.29 | 1.35 | ||||||||||||
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 | 925.60 | 0.29 | 1.38 | ||||||||||||
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 | 914.50 | 0.29 | 1.38 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | ||||||||||||||||
Actual | 1,000.00 | 970.40 | 0.29 | 1.42 | ||||||||||||
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 thesix-month period ended February 28, 2019. 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. |
| 57 |
|
(This Page Intentionally Left Blank)
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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-SCS-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
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 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
KBW Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
4 | ||||
6 | ||||
8 | ||||
9 | ||||
Statements of Assets and Liabilities | 10 | |||
Statements of Operations | 11 | |||
Statements of Changes in Net Assets | 12 | |||
Financial Highlights | 15 | |||
Notes to Financial Statements | 18 | |||
Fees and Expenses | 27 |
| 2 |
|
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Regional Banks | 43.9 | |||
Diversified Banks | 39.0 | |||
Asset Management & Custody Banks | 11.9 | |||
Consumer Finance | 3.8 | |||
Thrifts & Mortgage Finance | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Number of Shares | Value | |||||||
Common Stocks—99.7% | ||||||||
Asset Management & Custody Banks—11.9% | ||||||||
524,491 | Bank of New York Mellon Corp. (The) | $ | 27,525,288 | |||||
271,209 | Northern Trust Corp. | 25,276,679 | ||||||
368,553 | State Street Corp. | 26,487,904 | ||||||
|
| |||||||
79,289,871 | ||||||||
|
| |||||||
Consumer Finance—3.8% | ||||||||
300,084 | Capital One Financial Corp. | 25,081,021 | ||||||
|
| |||||||
Diversified Banks—39.0% | ||||||||
1,895,190 | Bank of America Corp. | 55,112,125 | ||||||
830,738 | Citigroup, Inc. | 53,150,617 | ||||||
484,065 | JPMorgan Chase & Co. | 50,517,024 | ||||||
988,308 | US Bancorp | 51,085,641 | ||||||
991,588 | Wells Fargo & Co. | 49,470,325 | ||||||
|
| |||||||
259,335,732 | ||||||||
|
| |||||||
Regional Banks—43.9% | ||||||||
526,646 | BB&T Corp. | 26,843,147 | ||||||
585,965 | Citizens Financial Group, Inc. | 21,645,547 | ||||||
202,495 | Comerica, Inc. | 17,639,339 | ||||||
821,026 | Fifth Third Bancorp | 22,643,897 | ||||||
206,355 | First Republic Bank | 21,663,148 | ||||||
1,329,348 | Huntington Bancshares, Inc. | 19,155,905 | ||||||
1,295,541 | KeyCorp | 22,879,254 | ||||||
159,232 | M&T Bank Corp. | 27,556,690 | ||||||
472,679 | People’s United Financial, Inc. | 8,394,779 | ||||||
198,204 | PNC Financial Services Group, Inc. (The) | 24,977,668 | ||||||
1,294,713 | Regions Financial Corp. | 21,233,293 | ||||||
429,282 | SunTrust Banks, Inc. | 27,847,523 | ||||||
66,688 | SVB Financial Group(b) | 16,482,606 | ||||||
240,675 | Zions Bancorp NA | 12,298,493 | ||||||
|
| |||||||
291,261,289 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Thrifts & Mortgage Finance—1.1% | ||||||||
614,054 | New York Community Bancorp, Inc. | $ | 7,681,815 | |||||
|
| |||||||
Total Common Stocks (Cost $751,183,976) | 662,649,728 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
455,545 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $455,545) | 455,545 | ||||||
|
| |||||||
Total Investments in Securities (Cost $751,639,521)—99.8% | 663,105,273 | |||||||
Other assets less liabilities—0.2% | 1,002,263 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 664,107,536 | ||||||
|
|
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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco KBW High Dividend Yield Financial ETF (KBWD)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Mortgage REITs | 49.4 | |||
Asset Management & Custody Banks | 26.6 | |||
Regional Banks | 7.2 | |||
Thrifts & Mortgage Finance | 5.1 | |||
Investment Banking & Brokerage | 4.0 | |||
Trading Companies & Distributors | 3.6 | |||
Life & Health Insurance | 1.5 | |||
Consumer Finance | 1.4 | |||
Property & Casualty Insurance | 1.2 | |||
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% | ||||||||
Asset Management & Custody Banks—26.6% | ||||||||
317,137 | Artisan Partners Asset Management, Inc., Class A | $ | 8,340,703 | |||||
1,877,580 | BlackRock Capital Investment Corp. | 11,716,099 | ||||||
152,439 | Federated Investors, Inc., Class B(b) | 4,535,060 | ||||||
1,774,737 | FS KKR Capital Corp. | 11,518,043 | ||||||
270,703 | Invesco Ltd.(c) | 5,238,103 | ||||||
239,957 | Janus Henderson Group PLC (United Kingdom) | 5,878,947 | ||||||
154,476 | Legg Mason, Inc. | 4,518,423 | ||||||
605,000 | Monroe Capital Corp.(b) | 7,241,850 | ||||||
1,428,055 | Oxford Square Capital Corp.(b) | 9,853,580 | ||||||
976,469 | THL Credit, Inc. | 6,776,695 | ||||||
245,222 | Waddell & Reed Financial, Inc., Class A(b) | 4,539,059 | ||||||
|
| |||||||
80,156,562 | ||||||||
|
| |||||||
Consumer Finance—1.4% | ||||||||
357,378 | Navient Corp. | 4,367,159 | ||||||
|
| |||||||
Investment Banking & Brokerage—4.0% | ||||||||
576,242 | BGC Partners, Inc., Class A | 3,532,363 | ||||||
109,888 | Lazard Ltd., Class A | 4,113,108 | ||||||
99,331 | Moelis & Co., Class A | 4,431,156 | ||||||
|
| |||||||
12,076,627 | ||||||||
|
| |||||||
Life & Health Insurance—1.5% | ||||||||
83,288 | Principal Financial Group, Inc. | 4,384,280 | ||||||
|
| |||||||
Mortgage REITs—49.4% | ||||||||
556,012 | AG Mortgage Investment Trust, Inc. REIT | 9,885,893 | ||||||
649,864 | AGNC Investment Corp. REIT | 11,470,100 | ||||||
1,122,737 | Annaly Capital Management, Inc. REIT | 11,373,326 | ||||||
1,404,881 | Arlington Asset Investment Corp., Class A(b) | 11,646,463 | ||||||
433,116 | ARMOUR Residential REIT, Inc. REIT | 8,683,976 | ||||||
525,341 | Chimera Investment Corp. REIT | 9,713,555 | ||||||
1,815,513 | Dynex Capital, Inc. REIT | 11,074,629 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mortgage REITs (continued) | ||||||||
660,942 | Invesco Mortgage Capital, Inc. REIT(c) | $ | 10,522,197 | |||||
1,465,253 | MFA Financial, Inc. REIT | 10,652,389 | ||||||
607,310 | New Residential Investment Corp. REIT | 10,044,907 | ||||||
1,977,487 | New York Mortgage Trust, Inc. REIT | 11,864,922 | ||||||
1,988,495 | Orchid Island Capital, Inc. REIT(b) | 13,283,147 | ||||||
555,672 | Two Harbors Investment Corp. REIT | 7,707,171 | ||||||
1,116,667 | Western Asset Mortgage Capital Corp. REIT | 11,200,170 | ||||||
|
| |||||||
149,122,845 | ||||||||
|
| |||||||
Property & Casualty Insurance—1.2% | ||||||||
65,454 | Mercury General Corp. | 3,467,098 | ||||||
|
| |||||||
Regional Banks—7.2% | ||||||||
185,066 | Hanmi Financial Corp. | 4,271,323 | ||||||
131,456 | PacWest Bancorp | 5,392,325 | ||||||
246,673 | People’s United Financial, Inc. | 4,380,913 | ||||||
199,303 | Umpqua Holdings Corp. | 3,623,329 | ||||||
389,995 | Valley National Bancorp(b) | 4,118,347 | ||||||
|
| |||||||
21,786,237 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—5.1% | ||||||||
683,961 | New York Community Bancorp, Inc.(b) | 8,556,352 | ||||||
388,797 | Oritani Financial Corp. | 6,978,906 | ||||||
|
| |||||||
15,535,258 | ||||||||
|
| |||||||
Trading Companies & Distributors—3.6% | ||||||||
295,494 | Aircastle Ltd. | 5,868,511 | ||||||
150,926 | Triton International Ltd. (Bermuda)(d) | 4,966,975 | ||||||
|
| |||||||
10,835,486 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $300,732,572)—100.0% | 301,731,552 | |||||||
|
|
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)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.7% | ||||||||
23,333,785 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $23,333,785) | $ | 23,333,785 | |||||
|
| |||||||
Total Investments in Securities (Cost $324,066,357)—107.7% | 325,065,337 | |||||||
Other assets less liabilities—(7.7)% | (23,279,090 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 301,786,247 | ||||||
|
|
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 February 28, 2019. |
(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) | Non-income producing security. |
(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 February 28, 2019. |
(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.
| 5 |
|
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Hotel & Resort | 19.6 | |||
Health Care | 16.6 | |||
Retail | 14.8 | |||
Specialized | 12.0 | |||
Office REITs | 9.8 | |||
Diversified | 6.7 | |||
Residential | 5.5 | |||
Residential REITs | 3.2 | |||
Retail REITs | 3.2 | |||
Health Care REITs | 3.1 | |||
Diversified REITs | 2.9 | |||
Specialized REITs | 2.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Real Estate Investment Trusts—99.9% | ||||||||
Diversified—6.7% | ||||||||
613,046 | Global Net Lease, Inc. | $ | 10,936,741 | |||||
1,332,088 | Lexington Realty Trust | 12,375,097 | ||||||
|
| |||||||
23,311,838 | ||||||||
|
| |||||||
Diversified REITs—2.9% | ||||||||
1,241,762 | VEREIT, Inc. | 9,896,843 | ||||||
|
| |||||||
Health Care—16.6% | ||||||||
1,947,217 | MedEquities Realty Trust, Inc.(b) | 20,737,861 | ||||||
2,508,344 | New Senior Investment Group, Inc. | 12,943,055 | ||||||
647,172 | Sabra Health Care REIT, Inc. | 11,726,757 | ||||||
932,322 | Senior Housing Properties Trust | 12,073,570 | ||||||
|
| |||||||
57,481,243 | ||||||||
|
| |||||||
Health Care REITs—3.1% | ||||||||
294,087 | �� | Omega Healthcare Investors, Inc. | 10,557,723 | |||||
|
| |||||||
Hotel & Resort—19.6% | ||||||||
638,265 | Apple Hospitality REIT, Inc. | 10,518,607 | ||||||
916,588 | Braemar Hotels & Resorts, Inc. | 11,933,976 | ||||||
447,059 | Chatham Lodging Trust | 8,932,239 | ||||||
449,850 | Hersha Hospitality Trust | 8,479,672 | ||||||
395,005 | Hospitality Properties Trust | 10,692,785 | ||||||
445,700 | RLJ Lodging Trust | 8,276,649 | ||||||
790,725 | Summit Hotel Properties, Inc. | 9,006,358 | ||||||
|
| |||||||
67,840,286 | ||||||||
|
| |||||||
Office REITs—9.8% | ||||||||
1,022,952 | City Office REIT, Inc. | 11,252,472 | ||||||
739,893 | Office Properties Income Trust | 22,574,135 | ||||||
|
| |||||||
33,826,607 | ||||||||
|
|
Number of Shares | Value | |||||||
Real Estate Investment Trusts (continued) | ||||||||
Residential—5.5% | ||||||||
989,422 | Independence Realty Trust, Inc. | $ | 10,250,412 | |||||
577,887 | Preferred Apartment Communities, Inc., Class A | 8,806,998 | ||||||
|
| |||||||
19,057,410 | ||||||||
|
| |||||||
Residential REITs—3.2% | ||||||||
1,052,416 | Bluerock Residential Growth REIT, Inc., Class A | 11,155,610 | ||||||
|
| |||||||
Retail—14.8% | ||||||||
665,302 | Kite Realty Group Trust | 10,471,854 | ||||||
1,686,968 | Pennsylvania Real Estate Investment Trust(c) | 10,374,853 | ||||||
3,532,348 | Washington Prime Group, Inc.(c) | 20,416,971 | ||||||
772,197 | Whitestone | 10,046,283 | ||||||
|
| |||||||
51,309,961 | ||||||||
|
| |||||||
Retail REITs—3.2% | ||||||||
624,776 | Brixmor Property Group, Inc. | 10,908,589 | ||||||
|
| |||||||
Specialized—12.0% | ||||||||
477,894 | CoreCivic, Inc. | 10,121,795 | ||||||
115,981 | EPR Properties | 8,522,284 | ||||||
323,183 | Gaming and Leisure Properties, Inc. | 11,757,397 | ||||||
496,905 | GEO Group, Inc. (The) | 11,289,682 | ||||||
|
| |||||||
41,691,158 | ||||||||
|
| |||||||
Specialized REITs—2.5% | ||||||||
901,133 | Uniti Group, Inc. | 8,686,922 | ||||||
|
| |||||||
Total Real Estate Investment Trusts (Cost $372,611,310) | 345,724,190 | |||||||
|
|
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)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
52,509 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $52,509) | $ | 52,509 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $372,663,819)—99.9% | 345,776,699 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.2% | ||||||||
21,347,472 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $21,347,472) | 21,347,472 | ||||||
|
| |||||||
Total Investments in Securities (Cost $394,011,291)—106.1% | 367,124,171 | |||||||
Other assets less liabilities—(6.1)% | (20,995,537 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 346,128,634 | ||||||
|
|
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 Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. See Note 4. |
(c) | All or a portion of this security was out on loan at February 28, 2019. |
(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 February 28, 2019. |
(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.
| 7 |
|
Invesco KBW Property & Casualty Insurance ETF (KBWP)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Property & Casualty Insurance | 70.7 | |||
Multi-line Insurance | 19.9 | |||
Reinsurance | 9.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Multi-line Insurance—19.9% | ||||||||
23,930 | American Financial Group, Inc. | $ | 2,384,864 | |||||
113,271 | American International Group, Inc. | 4,893,307 | ||||||
25,190 | Assurant, Inc. | 2,594,318 | ||||||
55,431 | Hartford Financial Services Group, Inc. (The) | 2,736,074 | ||||||
|
| |||||||
12,608,563 | ||||||||
|
| |||||||
Property & Casualty Insurance—70.7% | ||||||||
54,928 | Allstate Corp. (The) | 5,184,105 | ||||||
85,587 | Arch Capital Group Ltd.(b) | 2,796,127 | ||||||
44,255 | Axis Capital Holdings Ltd. | 2,525,633 | ||||||
36,631 | Chubb Ltd. | 4,904,891 | ||||||
29,971 | Cincinnati Financial Corp. | 2,602,082 | ||||||
21,354 | Hanover Insurance Group, Inc. (The) | 2,534,933 | ||||||
32,188 | Kemper Corp. | 2,674,823 | ||||||
35,153 | Mercury General Corp. | 1,862,054 | ||||||
34,071 | ProAssurance Corp. | 1,383,283 | ||||||
73,902 | Progressive Corp. (The) | 5,387,456 | ||||||
28,257 | RLI Corp. | 1,992,684 | ||||||
36,907 | Selective Insurance Group, Inc. | 2,434,386 | ||||||
37,578 | Travelers Cos., Inc. (The) | 4,994,492 | ||||||
22,194 | Universal Insurance Holdings, Inc. | 866,454 | ||||||
31,093 | W.R. Berkley Corp. | 2,601,240 | ||||||
|
| |||||||
44,744,643 | ||||||||
|
| |||||||
Reinsurance—9.3% | ||||||||
11,030 | Everest Re Group Ltd. | 2,493,993 | ||||||
52,687 | Maiden Holdings Ltd. | 64,805 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Reinsurance (continued) | ||||||||
18,471 | RenaissanceRe Holdings Ltd. (Bermuda) | $ | 2,716,161 | |||||
59,818 | Third Point Reinsurance Ltd. (Bermuda)(b) | 639,454 | ||||||
|
| |||||||
5,914,413 | ||||||||
|
| |||||||
Total Common Stocks (Cost $57,767,260) | 63,267,619 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
5,872 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $5,872) | 5,872 | ||||||
|
| |||||||
Total Investments in Securities (Cost $57,773,132)—99.9% | 63,273,491 | |||||||
Other assets less liabilities—0.1% | 47,717 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 63,321,208 | ||||||
|
|
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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco KBW Regional Banking ETF (KBWR)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Regional Banks | 97.0 | |||
Thrifts & Mortgage Finance | 2.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Regional Banks—97.0% | ||||||||
82,016 | Associated Banc-Corp. | $ | 1,909,333 | |||||
61,578 | BancorpSouth Bank | 2,006,827 | ||||||
23,829 | Bank of Hawaii Corp. | 1,959,459 | ||||||
70,288 | Bank OZK | 2,305,446 | ||||||
55,162 | BankUnited, Inc. | 2,012,861 | ||||||
51,991 | Boston Private Financial Holdings, Inc. | 618,173 | ||||||
49,595 | Brookline Bancorp, Inc. | 792,528 | ||||||
48,025 | Cathay General Bancorp | 1,865,291 | ||||||
40,262 | Chemical Financial Corp. | 1,845,208 | ||||||
45,139 | Columbia Banking System, Inc. | 1,709,865 | ||||||
56,645 | Commerce Bancshares, Inc. | 3,564,670 | ||||||
28,942 | Community Bank System, Inc. | 1,875,152 | ||||||
32,478 | Cullen/Frost Bankers, Inc. | 3,367,319 | ||||||
81,770 | CVB Financial Corp. | 1,863,538 | ||||||
70,928 | East West Bancorp, Inc. | 3,873,378 | ||||||
155,000 | F.N.B. Corp. | 1,897,200 | ||||||
61,262 | First Commonwealth Financial Corp. | 861,344 | ||||||
60,328 | First Financial Bancorp | 1,672,896 | ||||||
29,083 | First Financial Bankshares, Inc.(b) | 1,886,033 | ||||||
73,226 | First Hawaiian, Inc. | 1,974,173 | ||||||
115,240 | First Horizon National Corp. | 1,801,201 | ||||||
65,550 | First Midwest Bancorp, Inc. | 1,517,483 | ||||||
108,506 | Fulton Financial Corp. | 1,864,133 | ||||||
40,243 | Glacier Bancorp, Inc. | 1,763,448 | ||||||
47,369 | Hancock Whitney Corp. | 2,069,078 | ||||||
96,905 | Home BancShares, Inc. | 1,887,709 | ||||||
79,349 | Hope Bancorp, Inc. | 1,156,908 | ||||||
25,423 | IBERIABANK Corp. | 1,988,841 | ||||||
155,162 | Investors Bancorp, Inc. | 1,950,386 | ||||||
101,459 | Old National Bancorp | 1,803,941 | ||||||
47,225 | PacWest Bancorp | 1,937,170 | ||||||
33,137 | Pinnacle Financial Partners, Inc. | 1,944,811 | ||||||
50,953 | Popular, Inc. | 2,872,730 | ||||||
27,455 | Prosperity Bancshares, Inc. | 2,044,025 | ||||||
27,107 | Signature Bank | 3,680,046 | ||||||
98,719 | Sterling Bancorp | 2,006,957 | ||||||
50,390 | Synovus Financial Corp. | 1,999,475 | ||||||
84,722 | TCF Financial Corp. | 1,940,134 | ||||||
30,921 | Texas Capital Bancshares, Inc.(c) | 1,887,109 | ||||||
41,339 | Trustmark Corp.(b) | 1,466,708 | ||||||
28,083 | UMB Financial Corp. | 1,932,391 | ||||||
98,769 | Umpqua Holdings Corp. | 1,795,620 | ||||||
52,675 | United Bankshares, Inc. | 2,022,193 | ||||||
48,806 | United Community Banks, Inc. | 1,351,438 | ||||||
175,630 | Valley National Bancorp | 1,854,653 | ||||||
31,584 | Webster Financial Corp. | 1,813,553 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Regional Banks (continued) | ||||||||
40,545 | Western Alliance Bancorp(c) | $ | 1,876,017 | |||||
24,568 | Wintrust Financial Corp. | 1,809,925 | ||||||
|
| |||||||
93,898,777 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—2.8% | ||||||||
41,337 | Provident Financial Services, Inc. | 1,134,701 | ||||||
50,270 | Washington Federal, Inc. | 1,542,283 | ||||||
|
| |||||||
2,676,984 | ||||||||
|
| |||||||
Total Common Stocks (Cost $105,832,570) | 96,575,761 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
148,489 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $148,489) | 148,489 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $105,981,059)—100.0% | 96,724,250 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.8% | ||||||||
1,738,730 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $1,738,730) | 1,738,730 | ||||||
|
| |||||||
Total Investments in Securities (Cost $107,719,789)-101.8% | 98,462,980 | |||||||
Other assets less liabilities—(1.8)% | (1,724,335 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 96,738,645 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | Invesco KBW Premium Yield Equity REIT ETF (KBWY) | Invesco KBW Property & Casualty Insurance ETF (KBWP) | Invesco KBW Regional Banking ETF (KBWR) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 662,649,728 | $ | 285,971,252 | $ | 324,986,329 | $ | 63,267,619 | $ | 96,575,761 | ||||||||||
Affiliated investments in securities, at value | 455,545 | 39,094,085 | 42,137,842 | 5,872 | 1,887,219 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 7,743,259 | — | — | — | 2,686,866 | |||||||||||||||
Dividends | 1,198,874 | 780,204 | 447,591 | 64,281 | 145,669 | |||||||||||||||
Securities lending | — | 12,025 | 1,844 | — | 90 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 672,047,406 | 325,857,566 | 367,573,606 | 63,337,772 | 101,295,605 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | — | 275,180 | — | — | — | |||||||||||||||
Payables: | ||||||||||||||||||||
Shares repurchased | 7,759,440 | — | — | — | 2,692,578 | |||||||||||||||
Investments purchased | — | 381,429 | — | — | 99,120 | |||||||||||||||
Collateral upon return of securities loaned | — | 23,333,785 | 21,347,472 | — | 1,738,730 | |||||||||||||||
Accrued unitary management fees | 180,430 | 80,925 | 97,500 | 16,564 | 26,532 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 7,939,870 | 24,071,319 | 21,444,972 | 16,564 | 4,556,960 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 664,107,536 | $ | 301,786,247 | $ | 346,128,634 | $ | 63,321,208 | $ | 96,738,645 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 778,372,708 | $ | 389,051,972 | $ | 431,444,228 | $ | 60,736,692 | $ | 113,530,954 | ||||||||||
Distributable earnings | (114,265,172 | ) | (87,265,725 | ) | (85,315,594 | ) | 2,584,516 | (16,792,309 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 664,107,536 | $ | 301,786,247 | $ | 346,128,634 | $ | 63,321,208 | $ | 96,738,645 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 12,850,000 | 13,650,000 | 11,400,000 | 1,000,000 | 1,800,000 | |||||||||||||||
Net asset value | $ | 51.68 | $ | 22.11 | $ | 30.36 | $ | 63.32 | $ | 53.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 51.65 | $ | 22.12 | $ | 30.40 | $ | 63.34 | $ | 53.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 751,183,976 | $ | 283,498,449 | $ | 353,119,117 | $ | 57,767,260 | $ | 105,832,570 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 455,545 | $ | 40,567,908 | $ | 40,892,174 | $ | 5,872 | $ | 1,887,219 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | 22,413,232 | $ | 20,383,168 | $ | — | $ | 1,696,198 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | Invesco KBW Premium Yield Equity REIT ETF (KBWY) | Invesco KBW Property & Casualty Insurance ETF (KBWP) | Invesco KBW Regional Banking ETF (KBWR) | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 10,958,796 | $ | 12,423,466 | $ | 11,457,353 | $ | 952,277 | $ | 1,653,053 | ||||||||||
Affiliated dividend income | 4,834 | 439,978 | 9,887 | 479 | 890 | |||||||||||||||
Securities lending income | 29 | 185,067 | 34,465 | — | 230 | |||||||||||||||
Foreign withholding tax | — | — | — | — | (3,542 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 10,963,659 | 13,048,511 | 11,501,705 | 952,756 | 1,650,631 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 1,389,261 | 528,771 | 655,227 | 107,784 | 225,785 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (451 | ) | (325 | ) | (876 | ) | (41 | ) | (80 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 1,388,810 | 528,446 | 654,351 | 107,743 | 225,705 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 9,574,849 | 12,520,065 | 10,847,354 | 845,013 | 1,424,926 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (6,096,436 | ) | (23,931,592 | ) | (35,015,791 | ) | (382,290 | ) | (1,800,583 | ) | ||||||||||
In-kind redemptions | (19,583,265 | ) | 1,726,749 | 6,377,035 | 358,266 | (3,583,199 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | (25,679,701 | ) | (22,204,843 | ) | (28,638,756 | ) | (24,024 | ) | (5,383,782 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (71,376,557 | ) | (2,739,823 | ) | (38,854,469 | ) | (889,641 | ) | (16,181,324 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (97,056,258 | ) | (24,944,666 | ) | (67,493,225 | ) | (913,665 | ) | (21,565,106 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (87,481,409 | ) | $ | (12,424,601 | ) | $ | (56,645,871 | ) | $ | (68,652 | ) | $ | (20,140,180 | ) | |||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco KBW Bank ETF (KBWB) | Invesco KBW High Dividend Yield Financial ETF (KBWD) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 9,574,849 | $ | 16,342,866 | $ | 13,069,943 | $ | 12,520,065 | $ | 17,017,166 | $ | 21,969,300 | ||||||||||||
Net realized gain (loss) | (25,679,701 | ) | 101,764,828 | 154,375,709 | (22,204,843 | ) | 16,926,967 | 11,868,801 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (71,376,557 | ) | (34,013,957 | ) | 27,468,968 | (2,739,823 | ) | (6,479,260 | ) | 9,290,576 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (87,481,409 | ) | 84,093,737 | 194,914,620 | (12,424,601 | ) | 27,464,873 | 43,128,677 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (11,391,664 | ) | (13,953,911 | ) | (11,970,916 | ) | (11,634,534 | ) | (22,966,897 | ) | (22,432,879 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (2,226,939 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (11,391,664 | ) | (13,953,911 | ) | (11,970,916 | ) | (11,634,534 | ) | (22,966,897 | ) | (24,659,818 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 364,080,712 | 1,638,315,299 | 2,366,524,964 | 7,821,887 | 108,478,207 | 178,272,224 | ||||||||||||||||||
Value of shares repurchased | (624,359,742 | ) | (1,617,247,032 | ) | (2,047,550,740 | ) | (26,532,944 | ) | (88,207,774 | ) | (98,332,179 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | (260,279,030 | ) | 21,068,267 | 318,974,224 | (18,711,057 | ) | 20,270,433 | 79,940,045 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (359,152,103 | ) | 91,208,093 | 501,917,928 | (42,770,192 | ) | 24,768,409 | 98,408,904 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 1,023,259,639 | 932,051,546 | 430,133,618 | 344,556,439 | 319,788,030 | 221,379,126 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 664,107,536 | $ | 1,023,259,639 | $ | 932,051,546 | $ | 301,786,247 | $ | 344,556,439 | $ | 319,788,030 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 7,150,000 | 29,550,000 | 49,150,000 | 350,000 | 4,650,000 | 7,600,000 | ||||||||||||||||||
Shares repurchased | (12,250,000 | ) | (29,400,000 | ) | (42,550,000 | ) | (1,250,000 | ) | (3,750,000 | ) | (4,250,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 17,950,000 | 17,800,000 | 11,200,000 | 14,550,000 | 13,650,000 | 10,300,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 12,850,000 | 17,950,000 | 17,800,000 | 13,650,000 | 14,550,000 | 13,650,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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) | |||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||
$ | 10,847,354 | $ | 16,643,234 | $ | 11,722,507 | $ | 845,013 | $ | 1,534,738 | $ | 1,873,891 | |||||||||||
(28,638,756 | ) | (6,459,458 | ) | 11,800,757 | (24,024 | ) | 6,519,332 | 5,219,521 | ||||||||||||||
(38,854,469 | ) | 7,059,557 | 8,428,010 | (889,641 | ) | (2,244,500 | ) |
| 7,305,099 |
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(56,645,871 | ) | 17,243,333 | | 31,951,274 | (68,652 | ) | 5,809,570 | 14,398,511 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(11,806,171 | ) | (24,220,997 | ) | (20,246,066 | ) | (734,402 | ) | (1,596,854 | ) | (1,799,966 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(11,806,171 | ) | (24,220,997 | ) | (20,246,066 | ) | (734,402 | ) | (1,596,854 | ) | (1,799,966 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
30,340,703 | 141,589,335 | 250,699,457 | — | 18,244,467 | 58,787,740 | |||||||||||||||||
(57,886,477 | ) | (73,506,565 | ) | (69,808,620 | ) | (2,915,566 | ) | (53,879,098 | ) | (35,934,148 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(27,545,774 | ) | 68,082,770 | | 180,890,837 | (2,915,566 | ) | (35,634,631 | ) | 22,853,592 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(95,997,816 | ) | 61,105,106 | 192,596,045 | (3,718,620 | ) | (31,421,915 | ) | 35,452,137 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
442,126,450 | 381,021,344 | 188,425,299 | 67,039,828 | 98,461,743 | 63,009,606 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 346,128,634 | $ | 442,126,450 | $ | 381,021,344 | $ | 63,321,208 | $ | 67,039,828 | $ | 98,461,743 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
1,000,000 | 4,050,000 | 6,750,000 | — | 300,000 | 1,050,000 | |||||||||||||||||
(1,950,000 | ) | (2,100,000 | ) | (1,900,000 | ) | (50,000 | ) | (900,000 | ) | (650,000 | ) | |||||||||||
12,350,000 | 10,400,000 | 5,550,000 | 1,050,000 | 1,650,000 | 1,250,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,400,000 | 12,350,000 | 10,400,000 | 1,000,000 | 1,050,000 | 1,650,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 13 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco KBW Regional Banking ETF (KBWR) | ||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 1,424,926 | $ | 2,587,764 | $ | 3,224,542 | ||||||
Net realized gain (loss) | (5,383,782 | ) | 688,415 | 41,007,368 | ||||||||
Net change in unrealized appreciation (depreciation) | (16,181,324 | ) | 9,232,886 | (12,499,936 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (20,140,180 | ) | 12,509,065 | 31,731,974 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | (1,877,059 | ) | (2,158,780 | ) | (3,136,776 | ) | ||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | 8,317,576 | 64,182,760 | 301,117,371 | |||||||||
Value of shares repurchased | (84,899,298 | ) | (28,049,508 | ) | (317,540,491 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (76,581,722 | ) | 36,133,252 | (16,423,120 | ) | |||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (98,598,961 | ) | 46,483,537 | 12,172,078 | ||||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 195,337,606 | 148,854,069 | 136,681,991 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 96,738,645 | $ | 195,337,606 | $ | 148,854,069 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | 150,000 | 1,100,000 | 5,500,000 | |||||||||
Shares repurchased | (1,650,000 | ) | (500,000 | ) | (5,900,000 | ) | ||||||
Shares outstanding, beginning of period | 3,300,000 | 2,700,000 | 3,100,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 1,800,000 | 3,300,000 | 2,700,000 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco KBW Bank ETF (KBWB)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 57.01 | $ | 52.36 | $ | 38.40 | $ | 37.43 | $ | 37.12 | $ | 33.00 | $ | 25.44 | ||||||||||||||
Net investment income(a) | 0.61 | 0.83 | 0.77 | 0.68 | 0.66 | 0.55 | 0.45 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.24 | ) | 4.51 | 13.92 | 0.98 | 0.22 | 4.11 | 7.52 | ||||||||||||||||||||
Total from investment operations | (4.63 | ) | 5.34 | 14.69 | 1.66 | 0.88 | 4.66 | 7.97 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.70 | ) | (0.69 | ) | (0.73 | ) | (0.69 | ) | (0.55 | ) | (0.54 | ) | (0.41 | ) | ||||||||||||||
Net realized gains | — | — | — | — | (0.02 | ) | — | — | ||||||||||||||||||||
Total distributions | (0.70 | ) | (0.69 | ) | (0.73 | ) | (0.69 | ) | (0.57 | ) | (0.54 | ) | (0.41 | ) | ||||||||||||||
Net asset value at end of period | $ | 51.68 | $ | 57.01 | $ | 52.36 | $ | 38.40 | $ | 37.43 | $ | 37.12 | $ | 33.00 | ||||||||||||||
Market price at end of period(b) | $ | 51.65 | $ | 57.01 | $ | 52.39 | $ | 38.44 | $ | 37.49 | $ | 37.13 | $ | 33.03 | ||||||||||||||
Net Asset Value Total Return(c) | (7.99 | )% | 10.24 | % | 38.42 | % | 4.61 | % | 2.35 | % | 14.16 | % | 31.51 | % | ||||||||||||||
Market Price Total Return(c) | (8.05 | )% | 10.18 | % | 38.36 | % | 4.55 | % | 2.49 | % | 14.09 | % | 31.52 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 664,108 | $ | 1,023,260 | $ | 932,052 | $ | 430,134 | $ | 559,632 | $ | 289,536 | $ | 150,169 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||
Net investment income | 2.41 | %(d) | 1.78 | %(d) | 1.60 | % | 1.92 | % | 1.74 | % | 1.55 | % | 1.51 | % | ||||||||||||||
Portfolio turnover rate(e) | 4 | % | 7 | % | 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 Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.68 | $ | 23.43 | $ | 21.49 | $ | 22.39 | $ | 25.81 | $ | 25.20 | $ | 23.91 | ||||||||||||||
Net investment income(a) | 0.90 | 1.23 | 1.84 | 1.57 | 1.75 | 2.04 | (b) | 1.90 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.63 | ) | 0.69 | 2.16 | (0.53 | ) | (3.22 | ) | 0.62 | 1.37 | ||||||||||||||||||
Total from investment operations | (0.73 | ) | 1.92 | 4.00 | 1.04 | (1.47 | ) | 2.66 | 3.27 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.84 | ) | (1.67 | ) | (1.88 | ) | (1.81 | ) | (1.87 | ) | (2.05 | ) | (1.98 | ) | ||||||||||||||
Return of capital | — | — | (0.18 | ) | (0.13 | ) | (0.08 | ) | — | — | ||||||||||||||||||
Total distributions | (0.84 | ) | (1.67 | ) | (2.06 | ) | (1.94 | ) | (1.95 | ) | (2.05 | ) | (1.98 | ) | ||||||||||||||
Net asset value at end of period | $ | 22.11 | $ | 23.68 | $ | 23.43 | $ | 21.49 | $ | 22.39 | $ | 25.81 | $ | 25.20 | ||||||||||||||
Market price at end of period(c) | $ | 22.12 | $ | 23.69 | $ | 23.46 | $ | 21.51 | $ | 22.39 | $ | 25.82 | $ | 25.24 | ||||||||||||||
Net Asset Value Total Return(d) | (2.89 | )% | 8.57 | % | 18.95 | % | 5.46 | % | (6.08 | )% | 11.05 | % | 14.21 | % | ||||||||||||||
Market Price Total Return(d) | (2.89 | )% | 8.47 | % | 18.99 | % | 5.56 | % | (6.12 | )% | 10.91 | % | 14.62 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 301,786 | $ | 344,556 | $ | 319,788 | $ | 221,379 | $ | 277,692 | $ | 272,257 | $ | 234,348 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses(e) | 0.35 | %(f) | 0.35 | %(f) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.37 | % | ||||||||||||||
Net investment income | 8.29 | %(f) | 6.36 | %(f) | 7.77 | % | 7.45 | % | 7.15 | % | 8.00 | %(b) | 7.64 | % | ||||||||||||||
Portfolio turnover rate(g) | 42 | % | 46 | % | 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 assets 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.
| 15 |
|
Financial Highlights(continued)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 35.80 | $ | 36.64 | $ | 33.95 | $ | 31.51 | $ | 33.83 | $ | 31.32 | $ | 27.13 | ||||||||||||||
Net investment income(a) | 0.91 | 1.45 | 1.49 | 1.40 | 1.19 | 1.07 | 0.89 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.36 | ) | (0.18 | ) | 3.78 | 3.36 | (1.80 | ) | 3.01 | 4.76 | ||||||||||||||||||
Total from investment operations | (4.45 | ) | 1.27 | 5.27 | 4.76 | (0.61 | ) | 4.08 | 5.65 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.99 | ) | (2.11 | ) | (2.58 | ) | (2.32 | ) | (1.71 | ) | (1.57 | ) | (1.46 | ) | ||||||||||||||
Net asset value at end of period | $ | 30.36 | $ | 35.80 | $ | 36.64 | $ | 33.95 | $ | 31.51 | $ | 33.83 | $ | 31.32 | ||||||||||||||
Market price at end of period(b) | $ | 30.40 | $ | 35.80 | $ | 36.67 | $ | 33.95 | $ | 31.52 | $ | 33.82 | $ | 31.38 | ||||||||||||||
Net Asset Value Total Return(c) | (12.39 | )% | 4.05 | % | 15.71 | % | 15.68 | % | (1.94 | )% | 13.51 | % | 21.11 | % | ||||||||||||||
Market Price Total Return(c) | (12.27 | )% | 3.95 | % | 15.79 | % | 15.64 | % | (1.88 | )% | 13.27 | % | 21.42 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 346,129 | $ | 442,126 | $ | 381,021 | $ | 188,425 | $ | 110,279 | $ | 98,103 | $ | 68,908 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||||
Net investment income | 5.79 | %(d) | 5.16 | %(d) | 4.04 | % | 4.18 | % | 3.58 | % | 3.39 | % | 2.85 | % | ||||||||||||||
Portfolio turnover rate(e) | 40 | % | 53 | % | 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 Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 63.85 | $ | 59.67 | $ | 50.41 | $ | 48.24 | $ | 41.27 | $ | 38.07 | $ | 30.25 | ||||||||||||||
Net investment income(a) | 0.82 | 1.22 | 1.12 | 1.08 | 0.75 | 0.88 | 0.59 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.63 | ) | 4.06 | 9.23 | 2.06 | 7.10 | 3.29 | 8.09 | ||||||||||||||||||||
Total from investment operations | 0.19 | 5.28 | 10.35 | 3.14 | 7.85 | 4.17 | 8.68 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.72 | ) | (1.10 | ) | (1.09 | ) | (0.93 | ) | (0.78 | ) | (0.92 | ) | (0.86 | ) | ||||||||||||||
Net realized gains | — | — | — | (0.04 | ) | (0.10 | ) | (0.05 | ) | — | ||||||||||||||||||
Total distributions | (0.72 | ) | (1.10 | ) | (1.09 | ) | (0.97 | ) | (0.88 | ) | (0.97 | ) | (0.86 | ) | ||||||||||||||
Net asset value at end of period | $ | 63.32 | $ | 63.85 | $ | 59.67 | $ | 50.41 | $ | 48.24 | $ | 41.27 | $ | 38.07 | ||||||||||||||
Market price at end of period(b) | $ | 63.34 | $ | 63.92 | $ | 59.68 | $ | 50.44 | $ | 48.36 | $ | 41.27 | $ | 38.09 | ||||||||||||||
Net Asset Value Total Return(c) | 0.42 | % | 8.99 | % | 20.68 | % | 6.63 | % | 19.31 | % | 11.17 | % | 29.33 | % | ||||||||||||||
Market Price Total Return(c) | 0.34 | % | 9.09 | % | 20.63 | % | 6.43 | % | 19.60 | % | 11.12 | % | 29.44 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 63,321 | $ | 67,040 | $ | 98,462 | $ | 63,010 | $ | 86,828 | $ | 10,319 | $ | 20,937 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.36 | % | ||||||||||||||
Net investment income | 2.74 | %(d) | 2.41 | %(d) | 1.97 | % | 2.23 | % | 1.69 | % | 2.30 | % | 1.69 | % | ||||||||||||||
Portfolio turnover rate(e) | 10 | % | 22 | % | 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.
| 16 |
|
Financial Highlights(continued)
Invesco KBW Regional Banking ETF (KBWR)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 59.19 | $ | 55.13 | $ | 44.09 | $ | 42.40 | $ | 39.21 | $ | 36.92 | $ | 27.67 | ||||||||||||||
Net investment income(a) | 0.58 | 0.89 | 0.94 | 0.87 | 0.80 | 0.68 | 0.66 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.33 | ) | 3.94 | 10.96 | 1.63 | 3.17 | 2.28 | 9.12 | ||||||||||||||||||||
Total from investment operations | (4.75 | ) | 4.83 | 11.90 | 2.50 | 3.97 | 2.96 | 9.78 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.70 | ) | (0.77 | ) | (0.86 | ) | (0.81 | ) | (0.78 | ) | (0.67 | ) | (0.53 | ) | ||||||||||||||
Net asset value at end of period | $ | 53.74 | $ | 59.19 | $ | 55.13 | $ | 44.09 | $ | 42.40 | $ | 39.21 | $ | 36.92 | ||||||||||||||
Market price at end of period(b) | $ | 53.74 | $ | 59.19 | $ | 55.20 | $ | 44.15 | $ | 42.42 | $ | 39.21 | $ | 36.96 | ||||||||||||||
Net Asset Value Total Return(c) | (7.89 | )% | 8.79 | % | 27.06 | % | 6.05 | % | 10.24 | % | 8.03 | % | 35.80 | % | ||||||||||||||
Market Price Total Return(c) | (7.89 | )% | 8.65 | % | 27.05 | % | 6.14 | % | 10.29 | % | 7.91 | % | 35.94 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 96,739 | $ | 195,338 | $ | 148,854 | $ | 136,682 | $ | 52,996 | $ | 35,292 | $ | 33,225 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||
Net investment income | 2.21 | %(d) | 1.85 | %(d) | 1.75 | % | 2.11 | % | 1.97 | % | 1.80 | % | 2.05 | % | ||||||||||||||
Portfolio turnover rate(e) | 7 | % | 14 | % | 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.
| 17 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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” |
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.
The market price of each Share may differ to some degree from a 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”). 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.
| 18 |
|
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”) determines are significant and make the closing price unreliable, a 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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
| 19 |
|
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Industry 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. REITs may be affected by changes in the values of the underlying properties that they own or operate and could fail to qualify for favorable tax or regulatory treatment. REITs also are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs rely heavily on cash flows and a variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. Should a lessee default on their loan, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments.
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
| 20 |
|
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.
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
| 21 |
|
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 February 28, 2019, KBW High Dividend Yield Financial ETF, KBW Premium Yield Equity REIT ETF and KBW Regional Banking 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 inSecurities 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.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the year ended October 31, 2017 and period November 1, 2017 through August 31, 2018, distributions from distributable earnings for each Fund consisted of distributions from net investment income.
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.
| 22 |
|
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.
For the six-month period ended February 28, 2019, the Adviser waived fees for each Fund in the following amounts:
Six Months Ended February 28, 2019 | ||||
KBW Bank ETF | $ | 451 | ||
KBW High Dividend Yield Financial ETF | 325 | |||
KBW Premium Yield Equity REIT ETF | 876 | |||
KBW Property & Casualty Insurance ETF | 41 | |||
KBW Regional Banking ETF | 80 |
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 table below shows KBW High Dividend Yield Financial ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended February 28, 2019.
KBW High Dividend Yield Financial ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 5,020,367 | $ | 2,139,117 | $ | (616,131 | ) | $ | (1,176,715 | ) | $ | (128,535 | ) | $ | 5,238,103 | $ | 160,838 | |||||||||||
Invesco Mortgage Capital, Inc. REIT | — | 9,995,043 | (303,640 | ) | 825,424 | 5,370 | 10,522,197 | 275,267 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Investments in Affiliates | $ | 5,020,367 | $ | 12,134,160 | $ | (919,771 | ) | $ | (351,291 | ) | $ | (123,165 | ) | $ | 15,760,300 | $ | 436,105 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 February 28, 2019.
KBW Premium Yield Equity REIT ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
MedEquities Realty Trust, Inc. | $ | 14,786,665 | $ | 5,791,096 | $ | (1,789,524 | ) | $ | 1,887,633 | $ | 61,991 | $ | 20,737,861 | $ | — |
| 23 |
|
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. |
As of February 28, 2019, 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.
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 following table presents available capital loss carryforwards for each Fund as of August 31, 2018:
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
KBW Bank ETF | $ | — | $ | 973,443 | $ | 973,443 | ||||||
KBW High Dividend Yield Financial ETF | 17,347,894 | 41,696,161 | 59,044,055 | |||||||||
KBW Premium Yield Equity REIT ETF | 12,666,128 | 6,757,148 | 19,423,276 | |||||||||
KBW Property & Casualty Insurance ETF | 758,863 | 1,926,977 | 2,685,840 | |||||||||
KBW Regional Banking ETF | 1,108,730 | 495,266 | 1,603,996 |
* | 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 February 28, 2019, 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 | $ | 31,189,919 | $ | 36,408,098 | ||||
KBW High Dividend Yield Financial ETF | 127,660,555 | 128,410,069 | ||||||
KBW Premium Yield Equity REIT ETF | 154,359,732 | 151,704,725 | ||||||
KBW Property & Casualty Insurance ETF | 6,123,788 | 6,137,423 | ||||||
KBW Regional Banking ETF | 9,002,868 | 9,664,584 |
| 24 |
|
For the six-month period ended February 28, 2019, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
KBW Bank ETF | $ | 363,720,578 | $ | 622,077,786 | ||||
KBW High Dividend Yield Financial ETF | 6,371,164 | 21,526,061 | ||||||
KBW Premium Yield Equity REIT ETF | 30,155,126 | 58,368,535 | ||||||
KBW Property & Casualty Insurance ETF | — | 2,847,076 | ||||||
KBW Regional Banking ETF | 8,307,151 | 84,849,151 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At February 28, 2019, 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 | $ | 723,278 | $ | (90,935,512 | ) | $ | (90,212,234 | ) | $ | 753,317,507 | ||||||
KBW High Dividend Yield Financial ETF | 22,210,261 | (29,112,619 | ) | (6,902,358 | ) | 331,967,695 | ||||||||||
KBW Premium Yield Equity REIT ETF | 16,405,306 | (52,700,051 | ) | (36,294,745 | ) | 403,418,916 | ||||||||||
KBW Property & Casualty Insurance ETF | 8,175,760 | (3,202,379 | ) | 4,973,381 | 58,300,110 | |||||||||||
KBW Regional Banking ETF | 1,837,546 | (11,965,282 | ) | (10,127,736 | ) | 108,590,716 |
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”) 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 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.
| 25 |
|
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 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.
| 26 |
|
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 thesix-month period ended February 28, 2019.
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 theSix-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 September 1, 2018 | Ending Account Value | 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 | $ | 920.10 | 0.35 | % | $ | 1.67 | ||||||||
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 | 971.10 | 0.35 | 1.71 | ||||||||||||
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 | 876.10 | 0.35 | 1.63 | ||||||||||||
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 | 1,004.20 | 0.35 | 1.74 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 |
| 27 |
|
Fees and Expenses(continued)
Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | 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 | $ | 921.10 | 0.35 | % | 1.67 | % | ||||||||
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 thesix-month period ended February 28, 2019. 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. |
| 28 |
|
(This Page Intentionally Left Blank)
(This Page Intentionally Left Blank)
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 atwww.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’sForm N-PX on the Commission’s website atwww.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 onForm N-Q (or any successor Form). The Trust’sForms N-Q (or any successor Form) are available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-KBW-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
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 | |
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 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
S&P 500® Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
11 | ||||
21 | ||||
27 | ||||
29 | ||||
31 | ||||
33 | ||||
35 | ||||
37 | ||||
39 | ||||
41 | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | 43 | |||
45 | ||||
47 | ||||
Statements of Assets and Liabilities | 50 | |||
Statements of Operations | 52 | |||
Statements of Changes in Net Assets | 54 | |||
Financial Highlights | 60 | |||
Notes to Financial Statements | 69 | |||
Fees and Expenses | 81 |
| 2 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 17.1 | |||
Industrials | 16.6 | |||
Consumer Discretionary | 13.0 | |||
Information Technology | 12.2 | |||
Health Care | 8.6 | |||
Real Estate | 8.2 | |||
Materials | 5.8 | |||
Consumer Staples | 5.8 | |||
Energy | 4.4 | |||
Communication Services | 4.1 | |||
Utilities | 4.0 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Communication Services—4.1% | ||||||||
1,557 | Activision Blizzard, Inc. | $ | 65,612 | |||||
35 | Alphabet, Inc., Class A(b) | 39,429 | ||||||
36 | Alphabet, Inc., Class C(b) | 40,317 | ||||||
1,272 | AMC Networks, Inc., Class A(b) | 83,583 | ||||||
2,359 | AT&T, Inc. | 73,412 | ||||||
86 | Cable One, Inc. | 81,613 | ||||||
1,411 | CBS Corp., Class B | 70,846 | ||||||
4,058 | CenturyLink, Inc. | 53,525 | ||||||
229 | Charter Communications, Inc., Class A(b) | 78,984 | ||||||
1,884 | Cinemark Holdings, Inc. | 70,895 | ||||||
1,923 | Comcast Corp., Class A | 74,363 | ||||||
895 | Electronic Arts, Inc.(b) | 85,723 | ||||||
537 | Facebook, Inc., Class A(b) | 86,699 | ||||||
416 | IAC/InterActiveCorp.(b) | 88,629 | ||||||
3,125 | Interpublic Group of Cos., Inc. (The) | 71,969 | ||||||
1,344 | John Wiley & Sons, Inc., Class A | 69,740 | ||||||
171 | Liberty Broadband Corp., Class A(b) | 15,274 | ||||||
725 | Liberty Broadband Corp., Class C(b) | 64,888 | ||||||
2,539 | Liberty Media Corp.-Liberty Formula One, Class A(b)(c) | 78,049 | ||||||
624 | Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 25,522 | ||||||
1,221 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 50,317 | ||||||
958 | Omnicom Group, Inc. | 72,521 | ||||||
11,709 | Sirius XM Holdings, Inc. | 69,434 | ||||||
11,766 | Sprint Corp.(b) | 74,714 | ||||||
2,068 | Telephone & Data Systems, Inc. | 66,279 | ||||||
1,110 | T-Mobile US, Inc.(b) | 80,153 | ||||||
1,643 | Tribune Media Co., Class A | 75,956 | ||||||
1,009 | Twenty-First Century Fox, Inc., Class A | 50,884 | ||||||
471 | Twenty-First Century Fox, Inc., Class B | 23,625 | ||||||
1,356 | United States Cellular Corp.(b) | 63,312 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
1,249 | Verizon Communications, Inc. | $ | 71,093 | |||||
62 | Viacom, Inc., Class A(c) | 2,117 | ||||||
2,276 | Viacom, Inc., Class B | 66,505 | ||||||
642 | Walt Disney Co. (The) | 72,443 | ||||||
|
| |||||||
2,158,425 | ||||||||
|
| |||||||
Consumer Discretionary—13.0% | ||||||||
416 | Advance Auto Parts, Inc. | 67,300 | ||||||
1,037 | Aptiv PLC | 86,185 | ||||||
1,931 | Aramark | 58,509 | ||||||
85 | AutoZone, Inc.(b) | 79,812 | ||||||
1,163 | Best Buy Co., Inc. | 80,061 | ||||||
39 | Booking Holdings, Inc.(b) | 66,185 | ||||||
1,925 | BorgWarner, Inc. | 78,174 | ||||||
610 | Bright Horizons Family Solutions, Inc.(b) | 75,640 | ||||||
1,427 | Brunswick Corp. | 75,260 | ||||||
445 | Burlington Stores, Inc.(b) | 75,534 | ||||||
1,739 | Capri Holdings, Ltd.(b) | 79,298 | ||||||
1,131 | CarMax, Inc.(b) | 70,235 | ||||||
1,243 | Carnival Corp. | 71,796 | ||||||
816 | Carter’s, Inc. | 79,511 | ||||||
156 | Chipotle Mexican Grill, Inc.(b) | 94,775 | ||||||
957 | Choice Hotels International, Inc. | 76,407 | ||||||
800 | Columbia Sportswear Co. | 82,360 | ||||||
2,030 | D.R. Horton, Inc. | 78,947 | ||||||
690 | Darden Restaurants, Inc. | 77,356 | ||||||
1,993 | Dick’s Sporting Goods, Inc. | 77,847 | ||||||
710 | Dollar General Corp. | 84,107 | ||||||
843 | Dollar Tree, Inc.(b) | 81,206 | ||||||
274 | Domino’s Pizza, Inc. | 68,758 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
993 | Dunkin’ Brands Group, Inc. | $ | 70,950 | |||||
612 | Expedia Group, Inc. | 75,466 | ||||||
4,053 | Extended Stay America, Inc. | 73,927 | ||||||
2,247 | Floor & Decor Holdings, Inc., Class A(b) | 83,543 | ||||||
1,341 | Foot Locker, Inc. | 79,816 | ||||||
7,894 | Ford Motor Co. | 69,230 | ||||||
2,691 | Gap, Inc. (The) | 68,351 | ||||||
1,109 | Garmin Ltd. | 93,123 | ||||||
1,986 | General Motors Co. | 78,407 | ||||||
3,297 | Gentex Corp. | 67,061 | ||||||
720 | Genuine Parts Co. | 78,322 | ||||||
3,150 | Goodyear Tire & Rubber Co. (The) | 62,307 | ||||||
111 | Graham Holdings Co., Class B | 75,892 | ||||||
596 | Grand Canyon Education, Inc.(b) | 68,945 | ||||||
2,637 | H&R Block, Inc. | 63,684 | ||||||
4,695 | Hanesbrands, Inc. | 87,280 | ||||||
1,730 | Harley-Davidson, Inc. | 64,218 | ||||||
839 | Hasbro, Inc. | 71,231 | ||||||
965 | Hilton Worldwide Holdings, Inc. | 80,191 | ||||||
421 | Home Depot, Inc. (The) | 77,944 | ||||||
1,060 | Hyatt Hotels Corp., Class A | 77,136 | ||||||
1,119 | Kohl’s Corp. | 75,566 | ||||||
1,305 | Las Vegas Sands Corp. | 80,166 | ||||||
533 | Lear Corp. | 81,053 | ||||||
1,916 | Leggett & Platt, Inc. | 87,025 | ||||||
1,691 | Lennar Corp., Class A | 81,134 | ||||||
96 | Lennar Corp., Class B | 3,693 | ||||||
2,762 | LKQ Corp.(b) | 76,507 | ||||||
805 | Lowe’s Cos., Inc. | 84,597 | ||||||
2,234 | Macy’s, Inc. | 55,381 | ||||||
649 | Marriott International, Inc., Class A | 81,300 | ||||||
395 | McDonald’s Corp. | 72,617 | ||||||
2,733 | MGM Resorts International | 73,108 | ||||||
4,415 | Michaels Cos., Inc. (The)(b) | 62,428 | ||||||
978 | NIKE, Inc., Class B | 83,844 | ||||||
1,424 | Nordstrom, Inc. | 67,327 | ||||||
1,486 | Norwegian Cruise Line Holdings Ltd.(b) | 82,518 | ||||||
30 | NVR, Inc.(b) | 78,600 | ||||||
211 | O’Reilly Automotive, Inc.(b) | 78,484 | ||||||
1,723 | Penske Automotive Group, Inc. | 76,570 | ||||||
791 | Polaris Industries, Inc. | 67,417 | ||||||
454 | Pool Corp. | 72,431 | ||||||
2,828 | PulteGroup, Inc. | 76,356 | ||||||
686 | PVH Corp. | 78,780 | ||||||
675 | Ralph Lauren Corp. | 84,490 | ||||||
887 | Ross Stores, Inc. | 84,114 | ||||||
666 | Royal Caribbean Cruises Ltd. | 78,908 | ||||||
1,620 | Service Corp. International | 66,971 | ||||||
1,693 | ServiceMaster Global Holdings, Inc.(b) | 76,456 | ||||||
1,252 | Six Flags Entertainment Corp. | 69,749 | ||||||
2,768 | Skechers U.S.A., Inc., Class A(b) | 93,088 | ||||||
1,108 | Starbucks Corp. | 77,848 | ||||||
1,895 | Tapestry, Inc. | 66,211 | ||||||
1,071 | Target Corp. | 77,797 | ||||||
1,418 | Tempur Sealy International, Inc.(b)(c) | 82,542 | ||||||
799 | Tiffany & Co. | 75,937 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,539 | TJX Cos., Inc. (The) | $ | 78,935 | |||||
781 | Tractor Supply Co. | 74,468 | ||||||
254 | Ulta Beauty, Inc.(b) | 79,372 | ||||||
1,931 | Urban Outfitters, Inc.(b) | 59,571 | ||||||
270 | Vail Resorts, Inc. | 56,265 | ||||||
919 | VF Corp. | 80,284 | ||||||
4,155 | Wendy’s Co. (The) | 72,006 | ||||||
1,337 | Williams-Sonoma, Inc.(c) | 77,760 | ||||||
1,817 | Wyndham Destinations, Inc. | 81,820 | ||||||
2,069 | Yum China Holdings, Inc. (China) | 86,319 | ||||||
801 | Yum! Brands, Inc. | 75,695 | ||||||
|
| |||||||
6,765,795 | ||||||||
|
| |||||||
Consumer Staples—5.8% | ||||||||
1,331 | Altria Group, Inc. | 69,758 | ||||||
1,590 | Archer-Daniels-Midland Co. | 67,575 | ||||||
1,526 | Brown-Forman Corp., Class A | 75,232 | ||||||
1,250 | Bunge Ltd. | 66,350 | ||||||
1,881 | Campbell Soup Co. | 67,754 | ||||||
574 | Casey’s General Stores, Inc. | 77,341 | ||||||
1,088 | Church & Dwight Co., Inc. | 71,590 | ||||||
452 | Clorox Co. (The) | 71,429 | ||||||
1,465 | Coca-Cola Co. (The) | 66,423 | ||||||
1,149 | Colgate-Palmolive Co. | 75,685 | ||||||
2,263 | Conagra Brands, Inc. | 52,886 | ||||||
380 | Constellation Brands, Inc., Class A | 64,281 | ||||||
326 | Costco Wholesale Corp. | 71,309 | ||||||
1,610 | Energizer Holdings, Inc. | 73,867 | ||||||
506 | Estee Lauder Cos., Inc. (The), Class A | 79,412 | ||||||
3,668 | Flowers Foods, Inc. | 75,084 | ||||||
1,802 | General Mills, Inc. | 84,928 | ||||||
1,284 | Herbalife Nutrition Ltd.(b) | 72,032 | ||||||
685 | Hershey Co. (The) | 75,816 | ||||||
1,613 | Hormel Foods Corp. | 69,940 | ||||||
723 | Ingredion, Inc. | 66,841 | ||||||
726 | JM Smucker Co. (The) | 76,891 | ||||||
1,176 | Kellogg Co. | 66,162 | ||||||
645 | Kimberly-Clark Corp. | 75,355 | ||||||
1,450 | Kraft Heinz Co. (The) | 48,125 | ||||||
2,572 | Kroger Co. (The) | 75,437 | ||||||
960 | Lamb Weston Holdings, Inc. | 66,538 | ||||||
489 | McCormick & Co., Inc. | 66,494 | ||||||
1,119 | Molson Coors Brewing Co., Class B | 68,997 | ||||||
1,660 | Mondelez International, Inc., Class A | 78,286 | ||||||
1,120 | Nu Skin Enterprises, Inc., Class A | 67,323 | ||||||
618 | PepsiCo, Inc. | 71,465 | ||||||
849 | Philip Morris International, Inc. | 73,812 | ||||||
778 | Post Holdings, Inc.(b) | 79,263 | ||||||
778 | Procter & Gamble Co. (The) | 76,672 | ||||||
20 | Seaboard Corp. | 77,985 | ||||||
3,002 | Sprouts Farmers Market, Inc.(b) | 70,007 | ||||||
1,096 | Sysco Corp. | 74,035 | ||||||
1,244 | Tyson Foods, Inc., Class A | 76,705 | ||||||
2,271 | US Foods Holding Corp.(b) | 80,030 | ||||||
877 | Walgreens Boots Alliance, Inc. | 62,434 | ||||||
757 | Walmart, Inc. | 74,935 | ||||||
|
| |||||||
3,002,484 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy—4.4% | ||||||||
1,366 | Anadarko Petroleum Corp. | $ | 59,421 | |||||
5,717 | Antero Resources Corp.(b)(c) | 49,509 | ||||||
2,072 | Apache Corp. | 68,749 | ||||||
3,276 | Baker Hughes a GE Co. | 86,421 | ||||||
4,542 | Centennial Resource Development, Inc., Class A(b) | 41,196 | ||||||
1,199 | Cheniere Energy, Inc.(b) | 77,276 | ||||||
25,079 | Chesapeake Energy Corp.(b) | 74,234 | ||||||
632 | Chevron Corp. | 75,575 | ||||||
920 | Cimarex Energy Co. | 66,157 | ||||||
5,318 | CNX Resources Corp.(b) | 56,371 | ||||||
564 | Concho Resources, Inc. | 62,040 | ||||||
1,085 | ConocoPhillips | 73,617 | ||||||
1,520 | Continental Resources, Inc.(b) | 67,807 | ||||||
2,570 | Devon Energy Corp. | 75,841 | ||||||
692 | Diamondback Energy, Inc. | 71,228 | ||||||
697 | EOG Resources, Inc. | 65,518 | ||||||
914 | Exxon Mobil Corp. | 72,233 | ||||||
1,198 | Helmerich & Payne, Inc. | 64,932 | ||||||
1,247 | HollyFrontier Corp. | 63,846 | ||||||
4,347 | Kinder Morgan, Inc. | 83,289 | ||||||
1,165 | Marathon Petroleum Corp. | 72,242 | ||||||
2,335 | Murphy Oil Corp. | 67,481 | ||||||
1,041 | Occidental Petroleum Corp. | 68,862 | ||||||
1,198 | ONEOK, Inc. | 76,983 | ||||||
3,659 | Parsley Energy, Inc., Class A(b) | 66,374 | ||||||
5,322 | Patterson-UTI Energy, Inc. | 70,570 | ||||||
2,061 | PBF Energy, Inc., Class A | 64,035 | ||||||
793 | Phillips 66 | 76,413 | ||||||
499 | Pioneer Natural Resources Co. | 70,334 | ||||||
4,978 | Range Resources Corp. | 53,265 | ||||||
3,521 | SM Energy Co. | 57,533 | ||||||
1,605 | Targa Resources Corp. | 64,585 | ||||||
913 | Valero Energy Corp. | 74,464 | ||||||
2,895 | Williams Cos., Inc. (The) | 77,268 | ||||||
|
| |||||||
2,315,669 | ||||||||
|
| |||||||
Financials—17.1% | ||||||||
1,637 | Aflac, Inc. | 80,442 | ||||||
4,109 | AGNC Investment Corp. REIT | 72,524 | ||||||
117 | Alleghany Corp. | 75,226 | ||||||
841 | Allstate Corp. (The) | 79,374 | ||||||
2,887 | Ally Financial, Inc. | 78,209 | ||||||
687 | American Express Co. | 74,017 | ||||||
732 | American Financial Group, Inc. | 72,951 | ||||||
573 | American National Insurance Co. | 84,340 | ||||||
7,227 | Annaly Capital Management, Inc. REIT | 73,210 | ||||||
456 | Aon PLC | 78,218 | ||||||
2,597 | Arch Capital Group Ltd.(b) | 84,844 | ||||||
954 | Arthur J. Gallagher & Co. | 76,587 | ||||||
3,354 | Associated Banc-Corp. | 78,081 | ||||||
761 | Assurant, Inc. | 78,375 | ||||||
1,850 | Assured Guaranty Ltd. | 77,256 | ||||||
1,755 | Athene Holding Ltd., Class A(b) | 78,185 | ||||||
2,727 | Bank of America Corp. | 79,301 | ||||||
950 | Bank of Hawaii Corp. | 78,118 | ||||||
1,512 | Bank of New York Mellon Corp. (The) | 79,350 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,312 | BankUnited, Inc. | $ | 84,365 | |||||
1,501 | BB&T Corp. | 76,506 | ||||||
346 | Berkshire Hathaway, Inc., Class B(b) | 69,650 | ||||||
180 | BlackRock, Inc. | 79,780 | ||||||
915 | BOK Financial Corp. | 82,753 | ||||||
2,533 | Brown & Brown, Inc. | 75,027 | ||||||
855 | Capital One Financial Corp. | 71,461 | ||||||
1,687 | Charles Schwab Corp. (The) | 77,619 | ||||||
3,819 | Chimera Investment Corp. REIT | 70,613 | ||||||
559 | Chubb Ltd. | 74,850 | ||||||
891 | Cincinnati Financial Corp. | 77,357 | ||||||
1,648 | CIT Group, Inc. | 83,999 | ||||||
2,107 | Citizens Financial Group, Inc. | 77,833 | ||||||
1,586 | CNA Financial Corp. | 68,547 | ||||||
950 | Comerica, Inc. | 82,755 | ||||||
1,198 | Commerce Bancshares, Inc. | 75,390 | ||||||
190 | Credit Acceptance Corp.(b) | 83,573 | ||||||
756 | Cullen/Frost Bankers, Inc. | 78,382 | ||||||
1,109 | Discover Financial Services | 79,415 | ||||||
1,490 | E*TRADE Financial Corp. | 72,995 | ||||||
1,441 | East West Bancorp, Inc. | 78,693 | ||||||
546 | Erie Indemnity Co., Class A | 97,308 | ||||||
926 | Evercore, Inc., Class A | 85,285 | ||||||
333 | Everest Re Group Ltd. | 75,295 | ||||||
6,281 | F.N.B. Corp. | 76,879 | ||||||
323 | FactSet Research Systems, Inc. | 75,960 | ||||||
2,219 | Fidelity National Financial, Inc. | 77,865 | ||||||
2,781 | Fifth Third Bancorp | 76,700 | ||||||
1,550 | First American Financial Corp. | 78,725 | ||||||
178 | First Citizens BancShares, Inc., Class A | 77,711 | ||||||
2,930 | First Hawaiian, Inc. | 78,993 | ||||||
4,652 | First Horizon National Corp. | 72,711 | ||||||
762 | First Republic Bank | 79,995 | ||||||
2,181 | Franklin Resources, Inc.(c) | 71,122 | ||||||
400 | Goldman Sachs Group, Inc. (The) | 78,680 | ||||||
651 | Hanover Insurance Group, Inc. (The) | 77,280 | ||||||
5,299 | Huntington Bancshares, Inc. | 76,359 | ||||||
1,278 | Interactive Brokers Group, Inc., Class A | 70,584 | ||||||
918 | Intercontinental Exchange, Inc. | 70,824 | ||||||
3,605 | Jefferies Financial Group, Inc. | 73,073 | ||||||
687 | JPMorgan Chase & Co. | 71,695 | ||||||
4,155 | KeyCorp | 73,377 | ||||||
1,954 | Lazard Ltd., Class A | 73,138 | ||||||
1,238 | Lincoln National Corp. | 77,400 | ||||||
1,542 | Loews Corp. | 73,430 | ||||||
1,225 | LPL Financial Holdings, Inc. | 92,377 | ||||||
461 | M&T Bank Corp. | 79,781 | ||||||
64 | Markel Corp.(b) | 64,312 | ||||||
836 | Marsh & McLennan Cos., Inc. | 77,765 | ||||||
1,253 | Mercury General Corp. | 66,371 | ||||||
1,736 | MetLife, Inc. | 78,450 | ||||||
10,237 | MFA Financial, Inc. REIT | 74,423 | ||||||
1,683 | Morgan Stanley | 70,652 | ||||||
632 | Morningstar, Inc. | 79,986 | ||||||
804 | Nasdaq, Inc. | 73,622 | ||||||
6,700 | Navient Corp. | 81,874 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,246 | New Residential Investment Corp. REIT | $ | 70,229 | |||||
787 | Northern Trust Corp. | 73,348 | ||||||
3,274 | Old Republic International Corp. | 68,296 | ||||||
2,602 | OneMain Holdings, Inc. | 85,866 | ||||||
1,926 | PacWest Bancorp | 79,005 | ||||||
4,515 | People’s United Financial, Inc. | 80,186 | ||||||
1,358 | Pinnacle Financial Partners, Inc. | 79,701 | ||||||
574 | PNC Financial Services Group, Inc. (The) | 72,335 | ||||||
1,359 | Popular, Inc. | 76,620 | ||||||
1,150 | Progressive Corp. (The) | 83,835 | ||||||
1,107 | Prosperity Bancshares, Inc. | 82,416 | ||||||
814 | Prudential Financial, Inc. | 78,022 | ||||||
952 | Raymond James Financial, Inc. | 78,616 | ||||||
4,652 | Regions Financial Corp. | 76,293 | ||||||
506 | Reinsurance Group of America, Inc. | 73,112 | ||||||
544 | RenaissanceRe Holdings Ltd. (Bermuda) | 79,995 | ||||||
418 | S&P Global, Inc. | 83,755 | ||||||
3,984 | Santander Consumer USA Holdings, Inc. | 81,831 | ||||||
633 | Signature Bank | 85,936 | ||||||
7,428 | SLM Corp.(b) | 82,079 | ||||||
1,256 | SunTrust Banks, Inc. | 81,477 | ||||||
307 | SVB Financial Group(b) | 75,878 | ||||||
2,083 | Synovus Financial Corp. | 82,653 | ||||||
762 | T. Rowe Price Group, Inc. | 76,528 | ||||||
3,483 | TCF Financial Corp. | 79,761 | ||||||
1,402 | TD Ameritrade Holding Corp. | 78,975 | ||||||
881 | Torchmark Corp. | 72,735 | ||||||
574 | Travelers Cos., Inc. (The) | 76,290 | ||||||
5,116 | Two Harbors Investment Corp. REIT | 70,959 | ||||||
4,018 | Umpqua Holdings Corp. | 73,047 | ||||||
1,378 | US Bancorp | 71,229 | ||||||
2,898 | Virtu Financial, Inc., Class A | 72,856 | ||||||
946 | W.R. Berkley Corp. | 79,142 | ||||||
1,287 | Webster Financial Corp. | 73,900 | ||||||
1,401 | Wells Fargo & Co. | 69,896 | ||||||
1,699 | Western Alliance Bancorp(b) | 78,613 | ||||||
79 | White Mountains Insurance Group Ltd. | 74,212 | ||||||
463 | Willis Towers Watson PLC | 79,645 | ||||||
993 | Wintrust Financial Corp. | 73,154 | ||||||
1,608 | Zions Bancorp NA | 82,169 | ||||||
|
| |||||||
8,874,768 | ||||||||
|
| |||||||
Health Care—8.6% | ||||||||
1,033 | Abbott Laboratories | 80,181 | ||||||
802 | AbbVie, Inc. | 63,551 | ||||||
2,186 | Acadia Healthcare Co., Inc.(b) | 57,470 | ||||||
1,019 | Agilent Technologies, Inc. | 80,949 | ||||||
607 | Alexion Pharmaceuticals, Inc.(b) | 82,145 | ||||||
827 | AmerisourceBergen Corp. | 68,889 | ||||||
375 | Amgen, Inc. | 71,280 | ||||||
251 | Anthem, Inc. | 75,483 | ||||||
1,079 | Baxter International, Inc. | 80,634 | ||||||
304 | Becton, Dickinson and Co. | 75,632 | ||||||
230 | Biogen, Inc.(b) | 75,442 | ||||||
1,392 | Bristol-Myers Squibb Co. | 71,911 | ||||||
2,234 | Bruker Corp. | 85,361 | ||||||
1,315 | Cardinal Health, Inc. | 71,457 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
1,904 | Catalent, Inc.(b) | $ | 82,291 | |||||
1,046 | Centene Corp.(b) | 63,691 | ||||||
1,324 | Cerner Corp.(b) | 74,078 | ||||||
546 | Charles River Laboratories International, Inc.(b) | 77,625 | ||||||
242 | Chemed Corp. | 79,739 | ||||||
518 | Cigna Corp. | 90,360 | ||||||
264 | Cooper Cos., Inc. (The) | 75,501 | ||||||
330 | Covetrus, Inc.(b) | 11,807 | ||||||
918 | CVS Health Corp. | 53,088 | ||||||
682 | Danaher Corp. | 86,628 | ||||||
1,131 | DaVita, Inc.(b) | 64,354 | ||||||
635 | Eli Lilly & Co., Class W | 80,194 | ||||||
1,020 | Encompass Health Corp. | 64,403 | ||||||
1,044 | Gilead Sciences, Inc. | 67,881 | ||||||
511 | HCA Healthcare, Inc. | 71,049 | ||||||
827 | Henry Schein, Inc.(b) | 49,041 | ||||||
755 | Hill-Rom Holdings, Inc. | 80,068 | ||||||
227 | Humana, Inc. | 64,704 | ||||||
304 | ICU Medical, Inc.(b) | 74,711 | ||||||
1,405 | Integra LifeSciences Holdings Corp.(b) | 77,401 | ||||||
590 | IQVIA Holdings, Inc.(b) | 82,659 | ||||||
504 | Jazz Pharmaceuticals PLC(b) | 70,575 | ||||||
498 | Johnson & Johnson | 68,047 | ||||||
517 | Laboratory Corp. of America Holdings(b) | 76,640 | ||||||
583 | McKesson Corp. | 74,134 | ||||||
764 | Medtronic PLC | 69,142 | ||||||
928 | Merck & Co., Inc. | 75,437 | ||||||
116 | Mettler-Toledo International, Inc.(b) | 78,986 | ||||||
529 | Molina Healthcare, Inc.(b) | 71,219 | ||||||
838 | PerkinElmer, Inc. | 78,906 | ||||||
1,608 | Pfizer, Inc. | 69,707 | ||||||
657 | PRA Health Sciences, Inc.(b) | 70,286 | ||||||
827 | Quest Diagnostics, Inc. | 71,577 | ||||||
196 | Regeneron Pharmaceuticals, Inc.(b) | 84,425 | ||||||
648 | ResMed, Inc. | 66,375 | ||||||
609 | STERIS PLC | 73,665 | ||||||
422 | Stryker Corp. | 79,551 | ||||||
274 | Teleflex, Inc. | 79,416 | ||||||
304 | Thermo Fisher Scientific, Inc. | 78,909 | ||||||
651 | United Therapeutics Corp.(b) | 82,215 | ||||||
266 | UnitedHealth Group, Inc. | 64,431 | ||||||
541 | Universal Health Services, Inc., Class B | 75,107 | ||||||
610 | Varian Medical Systems, Inc.(b) | 81,960 | ||||||
378 | Waters Corp.(b) | 91,559 | ||||||
293 | WellCare Health Plans, Inc.(b) | 74,299 | ||||||
665 | West Pharmaceutical Services, Inc. | 69,659 | ||||||
649 | Zimmer Biomet Holdings, Inc. | 80,554 | ||||||
|
| |||||||
4,468,439 | ||||||||
|
| |||||||
Industrials—16.6% | ||||||||
365 | 3M Co. | 75,697 | ||||||
1,605 | A.O. Smith Corp. | 83,348 | ||||||
604 | Acuity Brands, Inc. | 78,592 | ||||||
2,410 | AECOM(b) | 74,614 | ||||||
1,242 | AGCO Corp. | 83,934 | ||||||
1,914 | Air Lease Corp. | 71,507 | ||||||
1,035 | Alaska Air Group, Inc. | 63,859 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
805 | Allegion PLC | $ | 72,418 | |||||
1,611 | Allison Transmission Holdings, Inc. | 80,067 | ||||||
216 | AMERCO | 83,071 | ||||||
1,007 | AMETEK, Inc. | 80,137 | ||||||
1,115 | Armstrong World Industries, Inc. | 81,596 | ||||||
215 | Boeing Co. (The) | 94,591 | ||||||
817 | C.H. Robinson Worldwide, Inc. | 73,840 | ||||||
726 | Carlisle Cos., Inc. | 89,356 | ||||||
574 | Caterpillar, Inc. | 78,833 | ||||||
413 | Cintas Corp. | 85,326 | ||||||
1,180 | Clean Harbors, Inc.(b) | 80,240 | ||||||
3,034 | Colfax Corp.(b) | 80,280 | ||||||
1,494 | Copart, Inc.(b) | 87,653 | ||||||
879 | Crane Co. | 74,337 | ||||||
1,028 | CSX Corp. | 74,705 | ||||||
496 | Cummins, Inc. | 76,429 | ||||||
689 | Curtiss-Wright Corp. | 84,947 | ||||||
488 | Deere & Co. | 80,052 | ||||||
1,275 | Delta Air Lines, Inc. | 63,214 | ||||||
1,413 | Donaldson Co., Inc. | 72,897 | ||||||
868 | Dover Corp. | 78,580 | ||||||
968 | Eaton Corp. PLC | 77,217 | ||||||
1,132 | Emerson Electric Co. | 77,146 | ||||||
746 | Equifax, Inc. | 81,694 | ||||||
959 | Expeditors International of Washington, Inc. | 71,877 | ||||||
1,266 | Fastenal Co. | 79,682 | ||||||
346 | FedEx Corp. | 62,626 | ||||||
1,871 | Fluor Corp. | 70,350 | ||||||
1,010 | Fortive Corp. | 82,386 | ||||||
3,114 | Gardner Denver Holdings, Inc.(b) | 83,611 | ||||||
419 | General Dynamics Corp. | 71,322 | ||||||
903 | Genesee & Wyoming, Inc., Class A(b) | 74,046 | ||||||
1,680 | Graco, Inc. | 78,893 | ||||||
533 | Harris Corp. | 87,908 | ||||||
1,845 | HD Supply Holdings, Inc.(b) | 79,353 | ||||||
1,083 | HEICO Corp., Class A | 86,629 | ||||||
1,227 | Hexcel Corp. | 88,516 | ||||||
519 | Honeywell International, Inc. | 79,962 | ||||||
682 | Hubbell, Inc. | 80,510 | ||||||
362 | Huntington Ingalls Industries, Inc. | 75,806 | ||||||
543 | IDEX Corp. | 78,246 | ||||||
1,381 | IHS Markit Ltd.(b) | 73,428 | ||||||
557 | Illinois Tool Works, Inc. | 80,253 | ||||||
725 | Ingersoll-Rand PLC | 76,531 | ||||||
1,376 | ITT, Inc. | 79,478 | ||||||
721 | J.B. Hunt Transport Services, Inc. | 77,630 | ||||||
1,156 | Jacobs Engineering Group, Inc. | 85,290 | ||||||
3,868 | JetBlue Airways Corp.(b) | 64,596 | ||||||
2,141 | Johnson Controls International PLC | 75,513 | ||||||
720 | Kansas City Southern | 78,221 | ||||||
1,325 | KAR Auction Services, Inc. | 62,474 | ||||||
956 | Kirby Corp.(b) | 70,954 | ||||||
418 | L3 Technologies, Inc. | 88,511 | ||||||
728 | Landstar System, Inc. | 79,119 | ||||||
337 | Lennox International, Inc. | 82,649 | ||||||
900 | Lincoln Electric Holdings, Inc. | 77,778 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
258 | Lockheed Martin Corp. | $ | 79,828 | |||||
649 | Middleby Corp. (The)(b)(c) | 79,561 | ||||||
882 | MSC Industrial Direct Co., Inc., Class A | 74,450 | ||||||
638 | Nordson Corp. | 86,615 | ||||||
447 | Norfolk Southern Corp. | 80,147 | ||||||
296 | Northrop Grumman Corp. | 85,828 | ||||||
572 | Old Dominion Freight Line, Inc. | 86,240 | ||||||
1,065 | Oshkosh Corp. | 82,868 | ||||||
1,243 | PACCAR, Inc. | 84,275 | ||||||
445 | Parker-Hannifin Corp. | 78,391 | ||||||
1,815 | Pentair PLC | 77,210 | ||||||
2,162 | Quanta Services, Inc. | 77,054 | ||||||
448 | Raytheon Co. | 83,552 | ||||||
962 | Regal Beloit Corp. | 80,577 | ||||||
956 | Republic Services, Inc. | 74,979 | ||||||
1,208 | Robert Half International, Inc. | 82,374 | ||||||
425 | Rockwell Automation, Inc. | 75,888 | ||||||
258 | Roper Technologies, Inc. | 83,502 | ||||||
3,658 | Schneider National, Inc., Class B | 80,074 | ||||||
1,588 | Sensata Technologies Holding PLC(b) | 80,559 | ||||||
466 | Snap-on, Inc. | 74,560 | ||||||
1,393 | Southwest Airlines Co. | 78,064 | ||||||
920 | Spirit AeroSystems Holdings, Inc., Class A | 90,896 | ||||||
575 | Stanley Black & Decker, Inc. | 76,147 | ||||||
345 | Teledyne Technologies, Inc.(b) | 81,434 | ||||||
1,330 | Textron, Inc. | 72,219 | ||||||
1,853 | Timken Co. (The) | 80,402 | ||||||
1,235 | Toro Co. (The) | 84,696 | ||||||
209 | TransDigm Group, Inc.(b) | 90,725 | ||||||
1,160 | TransUnion | 74,890 | ||||||
3,235 | Trinity Industries, Inc. | 75,731 | ||||||
475 | Union Pacific Corp. | 79,657 | ||||||
803 | United Continental Holdings, Inc.(b) | 70,511 | ||||||
679 | United Parcel Service, Inc., Class B | 74,826 | ||||||
609 | United Technologies Corp. | 76,533 | ||||||
3,619 | Univar, Inc.(b) | 81,826 | ||||||
1,686 | USG Corp. | 72,683 | ||||||
582 | Valmont Industries, Inc. | 79,495 | ||||||
602 | Verisk Analytics, Inc.(b) | 76,111 | ||||||
245 | W.W. Grainger, Inc. | 74,669 | ||||||
650 | WABCO Holdings, Inc.(b) | 89,394 | ||||||
816 | Wabtec Corp.(c) | 59,780 | ||||||
802 | Waste Management, Inc. | 81,202 | ||||||
485 | Watsco, Inc. | 69,787 | ||||||
1,424 | WESCO International, Inc.(b) | 77,537 | ||||||
1,005 | XPO Logistics, Inc.(b) | 50,602 | ||||||
1,067 | Xylem, Inc. | 80,612 | ||||||
|
| |||||||
8,613,286 | ||||||||
|
| |||||||
Information Technology—12.2% | ||||||||
452 | Accenture PLC, Class A | 72,944 | ||||||
1,072 | Akamai Technologies, Inc.(b) | 74,676 | ||||||
385 | Alliance Data Systems Corp. | 66,605 | ||||||
1,137 | Amdocs Ltd. | 63,183 | ||||||
847 | Amphenol Corp., Class A | 79,593 | ||||||
803 | Analog Devices, Inc. | 85,889 | ||||||
421 | Apple, Inc. | 72,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
319 | Arista Networks, Inc.(b) | $ | 90,995 | |||||
2,386 | ARRIS International PLC(b) | 75,589 | ||||||
961 | Arrow Electronics, Inc.(b) | 76,592 | ||||||
508 | Automatic Data Processing, Inc. | 77,739 | ||||||
1,647 | Black Knight, Inc.(b) | 86,056 | ||||||
1,491 | Booz Allen Hamilton Holding Corp. | 78,814 | ||||||
315 | Broadcom, Inc. | 86,738 | ||||||
705 | Broadridge Financial Solutions, Inc. | 71,381 | ||||||
793 | CDW Corp. | 74,455 | ||||||
1,532 | Cisco Systems, Inc. | 79,312 | ||||||
682 | Citrix Systems, Inc. | 71,951 | ||||||
1,035 | Cognizant Technology Solutions Corp., Class A | 73,464 | ||||||
1,884 | CoreLogic, Inc.(b) | 69,086 | ||||||
5,356 | Cypress Semiconductor Corp. | 82,643 | ||||||
553 | Dell Technologies, Inc., Class C(b) | 30,868 | ||||||
1,044 | Dolby Laboratories, Inc., Class A | 67,651 | ||||||
1,186 | DXC Technology Co. | 78,110 | ||||||
569 | EPAM Systems, Inc.(b) | 92,053 | ||||||
640 | Euronet Worldwide, Inc.(b) | 85,965 | ||||||
430 | F5 Networks, Inc.(b) | 72,300 | ||||||
385 | Fair Isaac Corp.(b) | 95,411 | ||||||
684 | Fidelity National Information Services, Inc. | 73,975 | ||||||
4,067 | First Data Corp., Class A(b) | 102,244 | ||||||
957 | Fiserv, Inc.(b) | 81,048 | ||||||
383 | FleetCor Technologies, Inc.(b) | 89,346 | ||||||
1,645 | FLIR Systems, Inc. | 84,635 | ||||||
2,537 | Genpact Ltd. | 84,279 | ||||||
688 | Global Payments, Inc. | 89,701 | ||||||
4,890 | Hewlett Packard Enterprise Co. | 80,098 | ||||||
3,120 | HP, Inc. | 61,558 | ||||||
1,547 | Intel Corp. | 81,929 | ||||||
609 | International Business Machines Corp. | 84,121 | ||||||
351 | Intuit, Inc. | 86,743 | ||||||
3,009 | Jabil, Inc. | 85,456 | ||||||
528 | Jack Henry & Associates, Inc. | 70,029 | ||||||
2,556 | Juniper Networks, Inc. | 69,217 | ||||||
1,208 | Keysight Technologies, Inc.(b) | 101,967 | ||||||
756 | KLA-Tencor Corp. | 87,310 | ||||||
495 | Lam Research Corp. | 87,165 | ||||||
1,231 | Leidos Holdings, Inc. | 79,510 | ||||||
403 | Littelfuse, Inc. | 77,815 | ||||||
838 | LogMeIn, Inc. | 66,571 | ||||||
1,528 | Manhattan Associates, Inc.(b) | 83,658 | ||||||
4,756 | Marvell Technology Group Ltd. | 94,882 | ||||||
1,322 | Maxim Integrated Products, Inc. | 71,956 | ||||||
996 | Microchip Technology, Inc. | 86,523 | ||||||
2,013 | Micron Technology, Inc.(b) | 82,291 | ||||||
683 | Microsoft Corp. | 76,517 | ||||||
973 | MKS Instruments, Inc. | 80,633 | ||||||
1,480 | National Instruments Corp. | 69,175 | ||||||
1,069 | NetApp, Inc. | 69,699 | ||||||
463 | NVIDIA Corp. | 71,422 | ||||||
886 | NXP Semiconductors NV (Netherlands) | 80,910 | ||||||
3,981 | ON Semiconductor Corp.(b) | 85,512 | ||||||
1,510 | Oracle Corp. | 78,716 | ||||||
1,071 | Paychex, Inc. | 82,488 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
2,877 | Sabre Corp. | $ | 64,531 | |||||
1,026 | Skyworks Solutions, Inc. | 83,783 | ||||||
1,590 | SS&C Technologies Holdings, Inc. | 97,912 | ||||||
3,300 | Symantec Corp. | 74,217 | ||||||
830 | Synopsys, Inc.(b) | 84,394 | ||||||
2,104 | Teradyne, Inc. | 85,906 | ||||||
766 | Texas Instruments, Inc. | 81,028 | ||||||
864 | Total System Services, Inc. | 81,562 | ||||||
1,959 | Trimble, Inc.(b) | 78,380 | ||||||
684 | Ubiquiti Networks, Inc. | 98,763 | ||||||
2,134 | Versum Materials, Inc. | 104,566 | ||||||
535 | Visa, Inc., Class A | 79,244 | ||||||
459 | VMware, Inc., Class A | 78,861 | ||||||
2,757 | Xerox Corp. | 85,191 | ||||||
807 | Xilinx, Inc. | 101,117 | ||||||
426 | Zebra Technologies Corp., Class A(b) | 85,417 | ||||||
|
| |||||||
6,336,930 | ||||||||
|
| |||||||
Materials—5.8% | ||||||||
452 | Air Products & Chemicals, Inc. | 81,893 | ||||||
779 | Albemarle Corp. | 71,115 | ||||||
721 | AptarGroup, Inc. | 73,347 | ||||||
918 | Ashland Global Holdings, Inc. | 71,035 | ||||||
792 | Avery Dennison Corp. | 85,568 | ||||||
3,006 | Axalta Coating Systems Ltd.(b) | 80,350 | ||||||
1,504 | Ball Corp. | 82,389 | ||||||
1,497 | Bemis Co., Inc. | 79,191 | ||||||
1,488 | Berry Global Group, Inc.(b) | 78,075 | ||||||
755 | Celanese Corp. | 77,229 | ||||||
1,730 | CF Industries Holdings, Inc. | 73,006 | ||||||
1,470 | Crown Holdings, Inc.(b) | 79,806 | ||||||
1,283 | DowDuPont, Inc. | 68,294 | ||||||
955 | Eastman Chemical Co. | 78,969 | ||||||
465 | Ecolab, Inc. | 78,543 | ||||||
872 | FMC Corp. | 78,044 | ||||||
6,303 | Freeport-McMoRan, Inc. | 81,309 | ||||||
6,469 | Graphic Packaging Holding Co. | 78,792 | ||||||
537 | International Flavors & Fragrances, Inc. | 68,468 | ||||||
1,603 | International Paper Co. | 73,450 | ||||||
802 | LyondellBasell Industries NV, Class A | 68,587 | ||||||
395 | Martin Marietta Materials, Inc. | 74,181 | ||||||
180 | NewMarket Corp. | 79,020 | ||||||
1,217 | Nucor Corp. | 73,714 | ||||||
4,250 | Owens-Illinois, Inc. | 84,660 | ||||||
755 | Packaging Corp. of America | 72,171 | ||||||
679 | PPG Industries, Inc. | 76,028 | ||||||
928 | Reliance Steel & Aluminum Co. | 82,824 | ||||||
1,130 | RPM International, Inc. | 65,393 | ||||||
1,000 | Scotts Miracle-Gro Co. (The) | 81,900 | ||||||
181 | Sherwin-Williams Co. (The) | 78,409 | ||||||
2,922 | Silgan Holdings, Inc. | 82,722 | ||||||
1,260 | Sonoco Products Co. | 72,941 | ||||||
2,210 | Southern Copper Corp. (Peru) | 78,698 | ||||||
2,120 | Steel Dynamics, Inc. | 79,118 | ||||||
3,213 | United States Steel Corp. | 72,003 | ||||||
3,517 | Valvoline, Inc. | 66,085 | ||||||
722 | Vulcan Materials Co. | 80,474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
1,048 | Westlake Chemical Corp. | $ | 73,224 | |||||
1,557 | WestRock Co. | 58,201 | ||||||
|
| |||||||
3,039,226 | ||||||||
|
| |||||||
Real Estate—8.2% | ||||||||
1,701 | American Campus Communities, Inc. REIT | 76,647 | ||||||
4,703 | Apple Hospitality REIT, Inc. REIT | 77,505 | ||||||
389 | AvalonBay Communities, Inc. REIT | 75,711 | ||||||
570 | Boston Properties, Inc. REIT | 75,633 | ||||||
5,180 | Brandywine Realty Trust REIT | 81,430 | ||||||
4,557 | Brixmor Property Group, Inc. REIT | 79,565 | ||||||
800 | Camden Property Trust REIT | 78,472 | ||||||
1,762 | CBRE Group, Inc., Class A(b) | 87,677 | ||||||
3,403 | Columbia Property Trust, Inc. REIT | 73,607 | ||||||
752 | CoreSite Realty Corp. REIT | 76,892 | ||||||
3,000 | Corporate Office Properties Trust REIT | 77,970 | ||||||
2,343 | CubeSmart REIT | 71,789 | ||||||
2,026 | Douglas Emmett, Inc. REIT | 78,204 | ||||||
2,587 | Duke Realty Corp. REIT | 76,498 | ||||||
1,042 | EPR Properties REIT | 76,566 | ||||||
731 | Equity LifeStyle Properties, Inc. REIT | 79,416 | ||||||
1,026 | Equity Residential REIT | 75,606 | ||||||
283 | Essex Property Trust, Inc. REIT | 79,195 | ||||||
767 | Extra Space Storage, Inc. REIT | 73,586 | ||||||
564 | Federal Realty Investment Trust REIT | 75,345 | ||||||
2,160 | Gaming and Leisure Properties, Inc. REIT | 78,581 | ||||||
2,538 | HCP, Inc. REIT | 78,094 | ||||||
2,597 | Healthcare Trust of America, Inc., Class A REIT | 73,989 | ||||||
1,722 | Highwoods Properties, Inc. REIT | 79,746 | ||||||
2,782 | Hospitality Properties Trust REIT | 75,309 | ||||||
3,873 | Host Hotels & Resorts, Inc. REIT | 75,950 | ||||||
689 | Howard Hughes Corp. (The)(b) | 76,741 | ||||||
2,388 | Hudson Pacific Properties, Inc. REIT | 79,329 | ||||||
2,138 | Iron Mountain, Inc. REIT | 75,728 | ||||||
556 | Jones Lang LaSalle, Inc. | 91,807 | ||||||
1,068 | Kilroy Realty Corp. REIT | 78,722 | ||||||
4,540 | Kimco Realty Corp. REIT | 79,859 | ||||||
992 | Lamar Advertising Co., Class A REIT | 76,949 | ||||||
1,599 | Liberty Property Trust REIT | 75,681 | ||||||
760 | Life Storage, Inc. REIT | 74,176 | ||||||
1,465 | Macerich Co. (The) REIT | 63,874 | ||||||
4,200 | Medical Properties Trust, Inc. REIT | 76,566 | ||||||
718 | Mid-America Apartment Communities, Inc. REIT | 74,370 | ||||||
1,462 | National Retail Properties, Inc. REIT | 76,170 | ||||||
1,918 | Omega Healthcare Investors, Inc. REIT | 68,856 | ||||||
3,533 | Outfront Media, Inc. REIT | 79,280 | ||||||
2,391 | Park Hotels & Resorts, Inc. REIT | 74,695 | ||||||
1,111 | Prologis, Inc. REIT | 77,837 | ||||||
343 | Public Storage REIT | 72,541 | ||||||
2,377 | Rayonier, Inc. REIT | 70,050 | ||||||
6,002 | Retail Properties of America, Inc., Class A REIT | 74,785 | ||||||
5,283 | Senior Housing Properties Trust REIT | 68,415 | ||||||
395 | Simon Property Group, Inc. REIT | 71,558 | ||||||
770 | SL Green Realty Corp. REIT | 69,854 | ||||||
1,868 | Spirit Realty Capital, Inc. REIT | 72,180 | ||||||
2,412 | STORE Capital Corp. REIT | 78,318 | ||||||
1,419 | Taubman Centers, Inc. REIT | 75,746 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
3,746 | Uniti Group, Inc. REIT(c) | $ | 36,111 | |||||
1,147 | Ventas, Inc. REIT | 71,974 | ||||||
1,025 | Vornado Realty Trust REIT | 68,993 | ||||||
2,616 | Weingarten Realty Investors REIT | 75,367 | ||||||
1,061 | WP Carey, Inc. REIT | 78,376 | ||||||
|
| |||||||
4,293,891 | ||||||||
|
| |||||||
Utilities—4.0% | ||||||||
1,571 | Alliant Energy Corp. | 72,062 | ||||||
1,036 | Ameren Corp. | 73,805 | ||||||
925 | American Electric Power Co., Inc. | 75,064 | ||||||
758 | American Water Works Co., Inc. | 77,028 | ||||||
761 | Atmos Energy Corp. | 75,225 | ||||||
1,451 | Avangrid, Inc. | 70,156 | ||||||
2,624 | CenterPoint Energy, Inc. | 79,087 | ||||||
1,380 | CMS Energy Corp. | 75,072 | ||||||
884 | Consolidated Edison, Inc. | 72,886 | ||||||
963 | Dominion Energy, Inc. | 71,349 | ||||||
609 | DTE Energy Co. | 75,248 | ||||||
823 | Duke Energy Corp. | 73,790 | ||||||
817 | Entergy Corp. | 76,250 | ||||||
1,207 | Evergy, Inc. | 67,483 | ||||||
1,051 | Eversource Energy | 73,370 | ||||||
1,569 | Exelon Corp. | 76,238 | ||||||
1,874 | Hawaiian Electric Industries, Inc. | 71,737 | ||||||
2,735 | MDU Resources Group, Inc. | 72,259 | ||||||
1,344 | National Fuel Gas Co. | 80,895 | ||||||
406 | NextEra Energy, Inc. | 76,214 | ||||||
1,809 | OGE Energy Corp. | 76,919 | ||||||
822 | Pinnacle West Capital Corp. | 77,054 | ||||||
2,361 | PPL Corp. | 75,953 | ||||||
1,298 | Public Service Enterprise Group, Inc. | 76,335 | ||||||
1,536 | Southern Co. (The) | 76,324 | ||||||
1,246 | UGI Corp. | 68,405 | ||||||
992 | WEC Energy Group, Inc. | 75,670 | ||||||
1,394 | Xcel Energy, Inc. | 76,475 | ||||||
|
| |||||||
2,088,353 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $52,110,387) | 51,957,266 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
1,177 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $1,177) | 1,177 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $52,111,564)—99.8% | 51,958,443 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
499,451 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $499,451) | $ | 499,451 | |||||
|
| |||||||
Total Investments in Securities (Cost $52,611,015)—100.8% | 52,457,894 | |||||||
Other assets less liabilities—(0.8)% | (426,247 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 52,031,647 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 10 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Industrials | 13.6 | |||
Information Technology | 13.4 | |||
Health Care | 11.2 | |||
Consumer Staples | 10.5 | |||
Energy | 9.8 | |||
Materials | 9.3 | |||
Consumer Discretionary | 8.8 | |||
Utilities | 8.5 | |||
Financials | 6.6 | |||
Communication Services | 4.5 | |||
Real Estate | 3.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Communication Services—4.5% | ||||||||
8,123 | Activision Blizzard, Inc. | $ | 342,303 | |||||
386 | Alphabet, Inc., Class C(b) | 432,289 | ||||||
5,801 | AMC Networks, Inc., Class A(b) | 381,184 | ||||||
35,087 | AT&T, Inc. | 1,091,907 | ||||||
393 | Cable One, Inc. | 372,953 | ||||||
6,800 | CBS Corp., Class B | 341,428 | ||||||
62,151 | CenturyLink, Inc. | 819,772 | ||||||
1,098 | Charter Communications, Inc., Class A(b) | 378,711 | ||||||
7,969 | Cinemark Holdings, Inc. | 299,873 | ||||||
8,862 | Comcast Corp., Class A | 342,694 | ||||||
11,615 | Discovery, Inc., Class A(b) | 335,673 | ||||||
10,566 | DISH Network Corp., Class A(b) | 343,501 | ||||||
4,862 | Electronic Arts, Inc.(b) | 465,682 | ||||||
2,738 | Facebook, Inc., Class A(b) | 442,050 | ||||||
7,037 | GCI Liberty, Inc., Class A(b) | 376,761 | ||||||
2,237 | IAC/InterActiveCorp.(b) | 476,593 | ||||||
14,001 | Interpublic Group of Cos., Inc. (The) | 322,443 | ||||||
6,384 | John Wiley & Sons, Inc., Class A | 331,266 | ||||||
4,122 | Liberty Broadband Corp., Class C(b) | 368,919 | ||||||
10,203 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 317,517 | ||||||
8,301 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 342,084 | ||||||
20,613 | Lions Gate Entertainment Corp., Class A(c) | 318,471 | ||||||
6,013 | Live Nation Entertainment, Inc.(b) | 340,095 | ||||||
1,251 | Madison Square Garden Co. (The), Class A(b) | 360,463 | ||||||
9,361 | Match Group, Inc. | 518,412 | ||||||
1,180 | Netflix, Inc.(b) | 422,558 | ||||||
25,864 | News Corp., Class A | 336,749 | ||||||
4,281 | Omnicom Group, Inc. | 324,072 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
52,169 | Sirius XM Holdings, Inc. | $ | 309,362 | |||||
170,679 | Sprint Corp.(b) | 1,083,812 | ||||||
3,711 | Take-Two Interactive Software, Inc.(b) | 323,822 | ||||||
30,152 | Telephone & Data Systems, Inc. | 966,372 | ||||||
15,712 | T-Mobile US, Inc.(b) | 1,134,564 | ||||||
7,118 | Tribune Media Co., Class A | 329,065 | ||||||
5,304 | TripAdvisor, Inc.(b) | 282,014 | ||||||
6,598 | Twenty-First Century Fox, Inc., Class A | 332,737 | ||||||
10,929 | Twitter, Inc.(b) | 336,395 | ||||||
18,886 | United States Cellular Corp.(b) | 881,787 | ||||||
17,993 | Verizon Communications, Inc. | 1,024,162 | ||||||
11,198 | Viacom, Inc., Class B | 327,206 | ||||||
2,858 | Walt Disney Co. (The) | 322,497 | ||||||
41,923 | Zayo Group Holdings, Inc.(b) | 1,039,690 | ||||||
5,783 | Zillow Group, Inc., Class C(b) | 241,729 | ||||||
105,673 | Zynga, Inc., Class A(b) | 551,613 | ||||||
|
| |||||||
21,033,250 | ||||||||
|
| |||||||
Consumer Discretionary—8.8% | ||||||||
17,587 | Adient PLC | 341,891 | ||||||
2,062 | Advance Auto Parts, Inc. | 333,590 | ||||||
217 | Amazon.com, Inc.(b) | 355,843 | ||||||
4,859 | Aptiv PLC | 403,831 | ||||||
9,943 | Aramark | 301,273 | ||||||
9,737 | AutoNation, Inc.(b) | 343,327 | ||||||
382 | AutoZone, Inc.(b) | 358,687 | ||||||
5,809 | Best Buy Co., Inc. | 399,892 | ||||||
200 | Booking Holdings, Inc.(b) | 339,408 | ||||||
9,453 | BorgWarner, Inc. | 383,886 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
2,840 | Bright Horizons Family Solutions, Inc.(b) | $ | 352,160 | |||||
6,833 | Brunswick Corp. | 360,372 | ||||||
2,002 | Burlington Stores, Inc.(b) | 339,819 | ||||||
43,822 | Caesars Entertainment Corp.(b)(c) | 377,746 | ||||||
8,657 | Capri Holdings, Ltd.(b) | 394,759 | ||||||
5,206 | CarMax, Inc.(b) | 323,293 | ||||||
5,728 | Carnival Corp. | 330,849 | ||||||
4,060 | Carter’s, Inc. | 395,606 | ||||||
707 | Chipotle Mexican Grill, Inc.(b) | 429,524 | ||||||
4,475 | Choice Hotels International, Inc. | 357,284 | ||||||
3,856 | Columbia Sportswear Co. | 396,975 | ||||||
9,005 | D.R. Horton, Inc. | 350,204 | ||||||
3,103 | Darden Restaurants, Inc. | 347,877 | ||||||
9,458 | Dick’s Sporting Goods, Inc. | 369,429 | ||||||
3,125 | Dollar General Corp. | 370,188 | ||||||
3,828 | Dollar Tree, Inc.(b) | 368,751 | ||||||
1,364 | Domino’s Pizza, Inc. | 342,282 | ||||||
4,578 | Dunkin’ Brands Group, Inc. | 327,098 | ||||||
11,221 | eBay, Inc. | 416,860 | ||||||
2,736 | Expedia Group, Inc. | 337,376 | ||||||
19,048 | Extended Stay America, Inc. | 347,436 | ||||||
11,878 | Floor & Decor Holdings, Inc., Class A(b)(c) | 441,624 | ||||||
6,527 | Foot Locker, Inc. | 388,487 | ||||||
38,250 | Ford Motor Co. | 335,453 | ||||||
14,722 | frontdoor, Inc.(b) | 471,104 | ||||||
12,200 | Gap, Inc. (The) | 309,880 | ||||||
4,911 | Garmin Ltd. | 412,377 | ||||||
27,032 | Garrett Motion, Inc. (Switzerland)(b) | 452,516 | ||||||
9,246 | General Motors Co. | 365,032 | ||||||
15,742 | Gentex Corp. | 320,192 | ||||||
3,255 | Genuine Parts Co. | 354,079 | ||||||
15,247 | Goodyear Tire & Rubber Co. (The) | 301,586 | ||||||
522 | Graham Holdings Co., Class B | 356,897 | ||||||
3,018 | Grand Canyon Education, Inc.(b) | 349,122 | ||||||
4,953 | GrubHub, Inc.(b) | 404,066 | ||||||
12,040 | H&R Block, Inc. | 290,766 | ||||||
23,545 | Hanesbrands, Inc. | 437,702 | ||||||
9,302 | Harley-Davidson, Inc. | 345,290 | ||||||
3,898 | Hasbro, Inc. | 330,940 | ||||||
11,507 | Hilton Grand Vacations, Inc.(b) | 365,808 | ||||||
4,564 | Hilton Worldwide Holdings, Inc. | 379,268 | ||||||
1,931 | Home Depot, Inc. (The) | 357,505 | ||||||
4,764 | Hyatt Hotels Corp., Class A | 346,676 | ||||||
20,161 | International Game Technology PLC(c) | 347,777 | ||||||
5,326 | Kohl’s Corp. | 359,665 | ||||||
10,401 | L Brands, Inc. | 271,882 | ||||||
5,913 | Las Vegas Sands Corp. | 363,236 | ||||||
2,620 | Lear Corp. | 398,423 | ||||||
8,931 | Leggett & Platt, Inc. | 405,646 | ||||||
7,960 | Lennar Corp., Class A | 381,921 | ||||||
12,895 | LKQ Corp.(b) | 357,192 | ||||||
3,438 | Lowe’s Cos., Inc. | 361,299 | ||||||
2,720 | Lululemon Athletica, Inc.(b) | 409,142 | ||||||
10,566 | Macy’s, Inc. | 261,931 | ||||||
3,000 | Marriott International, Inc., Class A | 375,810 | ||||||
26,923 | Mattel, Inc.(b)(c) | 388,230 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
1,743 | McDonald’s Corp. | $ | 320,433 | |||||
12,195 | MGM Resorts International | 326,216 | ||||||
21,520 | Michaels Cos., Inc. (The)(b) | 304,293 | ||||||
2,813 | Mohawk Industries, Inc.(b) | 382,906 | ||||||
14,267 | Newell Brands, Inc. | 231,553 | ||||||
4,473 | NIKE, Inc., Class B | 383,470 | ||||||
6,626 | Nordstrom, Inc. | 313,277 | ||||||
6,815 | Norwegian Cruise Line Holdings Ltd.(b) | 378,437 | ||||||
138 | NVR, Inc.(b) | 361,560 | ||||||
925 | O’Reilly Automotive, Inc.(b) | 344,063 | ||||||
8,372 | Penske Automotive Group, Inc. | 372,052 | ||||||
4,054 | Polaris Industries, Inc. | 345,522 | ||||||
2,214 | Pool Corp. | 353,222 | ||||||
12,606 | PulteGroup, Inc. | 340,362 | ||||||
3,425 | PVH Corp. | 393,327 | ||||||
15,769 | Qurate Retail, Inc.(b) | 284,000 | ||||||
3,129 | Ralph Lauren Corp. | 391,657 | ||||||
4,011 | Ross Stores, Inc. | 380,363 | ||||||
3,246 | Royal Caribbean Cruises Ltd. | 384,586 | ||||||
7,381 | Service Corp. International | 305,131 | ||||||
8,507 | ServiceMaster Global Holdings, Inc.(b) | 384,176 | ||||||
5,532 | Six Flags Entertainment Corp. | 308,188 | ||||||
13,847 | Skechers U.S.A., Inc., Class A(b) | 465,675 | ||||||
4,840 | Starbucks Corp. | 340,058 | ||||||
9,334 | Tapestry, Inc. | 326,130 | ||||||
4,860 | Target Corp. | 353,030 | ||||||
6,674 | Tempur Sealy International, Inc.(b) | 388,494 | ||||||
860 | Tesla, Inc.(b) | 275,097 | ||||||
6,008 | Thor Industries, Inc. | 387,937 | ||||||
3,898 | Tiffany & Co. | 370,466 | ||||||
7,115 | TJX Cos., Inc. (The) | 364,928 | ||||||
9,968 | Toll Brothers, Inc. | 354,861 | ||||||
3,540 | Tractor Supply Co. | 337,539 | ||||||
1,355 | Ulta Beauty, Inc.(b) | 423,424 | ||||||
17,337 | Under Armour, Inc., Class A(b) | 390,949 | ||||||
9,682 | Urban Outfitters, Inc.(b) | 298,690 | ||||||
1,471 | Vail Resorts, Inc. | 306,542 | ||||||
4,347 | VF Corp. | 379,754 | ||||||
5,214 | Visteon Corp.(b) | 446,631 | ||||||
3,112 | Wayfair, Inc., Class A(b) | 515,596 | ||||||
19,035 | Wendy’s Co. (The) | 329,877 | ||||||
2,837 | Whirlpool Corp. | 401,464 | ||||||
6,221 | Williams-Sonoma, Inc. | 361,813 | ||||||
5,083 | Wyndham Destinations, Inc. | 228,887 | ||||||
6,730 | Wyndham Hotels & Resorts, Inc. | 353,796 | ||||||
3,024 | Wynn Resorts Ltd. | 382,657 | ||||||
8,854 | Yum China Holdings, Inc. (China) | 369,389 | ||||||
3,474 | Yum! Brands, Inc. | 328,293 | ||||||
|
| |||||||
41,066,811 | ||||||||
|
| |||||||
Consumer Staples—10.5% | ||||||||
19,462 | Altria Group, Inc. | 1,020,003 | ||||||
23,715 | Archer-Daniels-Midland Co. | 1,007,888 | ||||||
22,077 | Brown-Forman Corp., Class B | 1,092,591 | ||||||
18,053 | Bunge Ltd. | 958,253 | ||||||
27,271 | Campbell Soup Co. | 982,301 | ||||||
7,666 | Casey’s General Stores, Inc. | 1,032,917 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
15,302 | Church & Dwight Co., Inc. | $ | 1,006,872 | |||||
6,446 | Clorox Co. (The) | 1,018,661 | ||||||
21,206 | Coca-Cola Co. (The) | 961,480 | ||||||
16,272 | Colgate-Palmolive Co. | 1,071,837 | ||||||
34,432 | Conagra Brands, Inc. | 804,676 | ||||||
5,831 | Constellation Brands, Inc., Class A | 986,372 | ||||||
1,431 | Costco Wholesale Corp. | 313,017 | ||||||
42,719 | Coty, Inc., Class A(c) | 469,909 | ||||||
21,899 | Energizer Holdings, Inc. | 1,004,726 | ||||||
2,318 | Estee Lauder Cos., Inc. (The), Class A | 363,787 | ||||||
54,154 | Flowers Foods, Inc. | 1,108,532 | ||||||
27,903 | General Mills, Inc. | 1,315,068 | ||||||
55,176 | Hain Celestial Group, Inc. (The)(b) | 1,085,312 | ||||||
18,313 | Herbalife Nutrition Ltd.(b) | 1,027,359 | ||||||
9,674 | Hershey Co. (The) | 1,070,718 | ||||||
23,670 | Hormel Foods Corp. | 1,026,331 | ||||||
11,101 | Ingredion, Inc. | 1,026,288 | ||||||
10,251 | JM Smucker Co. (The) | 1,085,683 | ||||||
17,460 | Kellogg Co. | 982,300 | ||||||
40,542 | Keurig Dr Pepper, Inc. | 1,019,631 | ||||||
9,040 | Kimberly-Clark Corp. | 1,056,143 | ||||||
21,835 | Kraft Heinz Co. (The) | 724,704 | ||||||
35,971 | Kroger Co. (The) | 1,055,029 | ||||||
13,790 | Lamb Weston Holdings, Inc. | 955,785 | ||||||
6,884 | McCormick & Co., Inc. | 936,086 | ||||||
16,842 | Molson Coors Brewing Co., Class B | 1,038,478 | ||||||
24,016 | Mondelez International, Inc., Class A | 1,132,595 | ||||||
19,842 | Monster Beverage Corp.(b) | 1,266,515 | ||||||
16,599 | Nu Skin Enterprises, Inc., Class A | 997,766 | ||||||
8,855 | PepsiCo, Inc. | 1,023,992 | ||||||
12,466 | Philip Morris International, Inc. | 1,083,794 | ||||||
62,521 | Pilgrim’s Pride Corp.(b) | 1,229,788 | ||||||
11,467 | Post Holdings, Inc.(b) | 1,168,258 | ||||||
11,101 | Procter & Gamble Co. (The) | 1,094,004 | ||||||
284 | Seaboard Corp. | 1,107,390 | ||||||
23,326 | Spectrum Brands Holdings, Inc. | 1,263,569 | ||||||
43,942 | Sprouts Farmers Market, Inc.(b) | 1,024,727 | ||||||
16,244 | Sysco Corp. | 1,097,282 | ||||||
19,431 | TreeHouse Foods, Inc.(b) | 1,177,130 | ||||||
18,974 | Tyson Foods, Inc., Class A | 1,169,937 | ||||||
33,407 | US Foods Holding Corp.(b) | 1,177,263 | ||||||
12,925 | Walgreens Boots Alliance, Inc. | 920,131 | ||||||
3,497 | Walmart, Inc. | 346,168 | ||||||
|
| |||||||
48,889,046 | ||||||||
|
| |||||||
Energy—9.8% | ||||||||
16,089 | Anadarko Petroleum Corp. | 699,872 | ||||||
69,414 | Antero Resources Corp.(b)(c) | 601,125 | ||||||
27,032 | Apache Corp. | 896,922 | ||||||
27,377 | Apergy Corp.(b) | 1,149,287 | ||||||
39,315 | Baker Hughes a GE Co. | 1,037,130 | ||||||
35,886 | Cabot Oil & Gas Corp. | 883,513 | ||||||
63,429 | Centennial Resource Development, Inc., Class A(b) | 575,301 | ||||||
13,902 | Cheniere Energy, Inc.(b) | 895,984 | ||||||
327,165 | Chesapeake Energy Corp.(b) | 968,408 | ||||||
7,462 | Chevron Corp. | 892,306 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
11,871 | Cimarex Energy Co. | $ | 853,644 | |||||
66,104 | CNX Resources Corp.(b) | 700,702 | ||||||
7,178 | Concho Resources, Inc. | 789,580 | ||||||
13,048 | ConocoPhillips | 885,307 | ||||||
18,457 | Continental Resources, Inc.(b) | 823,367 | ||||||
31,840 | Devon Energy Corp. | 939,598 | ||||||
8,983 | Diamondback Energy, Inc. | 924,620 | ||||||
8,217 | EOG Resources, Inc. | 772,398 | ||||||
41,824 | EQT Corp. | 757,851 | ||||||
39,797 | Equitrans Midstream Corp. | 702,019 | ||||||
160,791 | Extraction Oil & Gas, Inc.(b) | 675,322 | ||||||
11,172 | Exxon Mobil Corp. | 882,923 | ||||||
29,000 | Halliburton Co. | 890,010 | ||||||
14,261 | Helmerich & Payne, Inc. | 772,946 | ||||||
16,185 | Hess Corp. | 936,302 | ||||||
15,508 | HollyFrontier Corp. | 794,010 | ||||||
52,788 | Kinder Morgan, Inc. | 1,011,418 | ||||||
192,148 | Kosmos Energy Ltd. (Ghana)(b) | 1,229,747 | ||||||
55,449 | Marathon Oil Corp. | 920,453 | ||||||
13,835 | Marathon Petroleum Corp. | 857,908 | ||||||
29,558 | Murphy Oil Corp. | 854,226 | ||||||
324,364 | Nabors Industries Ltd. | 1,050,939 | ||||||
31,441 | National Oilwell Varco, Inc. | 884,750 | ||||||
37,190 | Noble Energy, Inc. | 823,759 | ||||||
12,677 | Occidental Petroleum Corp. | 838,584 | ||||||
14,075 | ONEOK, Inc. | 904,460 | ||||||
48,996 | Parsley Energy, Inc., Class A(b) | 888,787 | ||||||
68,489 | Patterson-UTI Energy, Inc. | 908,164 | ||||||
26,663 | PBF Energy, Inc., Class A | 828,419 | ||||||
9,687 | Phillips 66 | 933,439 | ||||||
6,223 | Pioneer Natural Resources Co. | 877,132 | ||||||
118,372 | QEP Resources, Inc.(b) | 918,567 | ||||||
65,791 | Range Resources Corp. | 703,964 | ||||||
75,386 | RPC, Inc.(c) | 810,400 | ||||||
20,644 | Schlumberger Ltd. | 909,575 | ||||||
46,668 | SM Energy Co. | 762,555 | ||||||
19,105 | Targa Resources Corp. | 768,785 | ||||||
107,037 | Transocean Ltd.(b) | 874,492 | ||||||
11,509 | Valero Energy Corp. | 938,674 | ||||||
1,835,491 | Weatherford International PLC(b) | 1,184,993 | ||||||
28,081 | Whiting Petroleum Corp.(b) | 684,334 | ||||||
36,309 | Williams Cos., Inc. (The) | 969,087 | ||||||
67,929 | WPX Energy, Inc.(b) | 838,244 | ||||||
|
| |||||||
45,876,302 | ||||||||
|
| |||||||
Financials—6.6% | ||||||||
1,990 | Affiliated Managers Group, Inc. | 218,124 | ||||||
4,171 | Aflac, Inc. | 204,963 | ||||||
10,704 | AGNC Investment Corp. REIT | 188,926 | ||||||
312 | Alleghany Corp. | 200,604 | ||||||
2,365 | Allstate Corp. (The) | 223,209 | ||||||
8,124 | Ally Financial, Inc. | 220,079 | ||||||
1,788 | American Express Co. | 192,639 | ||||||
2,083 | American Financial Group, Inc. | 207,592 | ||||||
5,162 | American International Group, Inc. | 222,998 | ||||||
1,569 | American National Insurance Co. | 230,941 | ||||||
1,685 | Ameriprise Financial, Inc. | 221,797 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
18,788 | Annaly Capital Management, Inc. REIT | $ | 190,322 | |||||
1,228 | Aon PLC | 210,639 | ||||||
7,036 | Arch Capital Group Ltd.(b) | 229,866 | ||||||
2,505 | Arthur J. Gallagher & Co. | 201,101 | ||||||
9,105 | Associated Banc-Corp. | 211,964 | ||||||
2,127 | Assurant, Inc. | 219,060 | ||||||
4,900 | Assured Guaranty Ltd. | 204,624 | ||||||
4,678 | Athene Holding Ltd., Class A(b) | 208,405 | ||||||
10,852 | AXA Equitable Holdings, Inc. | 207,490 | ||||||
3,617 | Axis Capital Holdings Ltd. | 206,422 | ||||||
7,779 | Bank of America Corp. | 226,213 | ||||||
2,644 | Bank of Hawaii Corp. | 217,416 | ||||||
3,891 | Bank of New York Mellon Corp. (The) | 204,200 | ||||||
8,550 | Bank OZK | 280,440 | ||||||
6,139 | BankUnited, Inc. | 224,012 | ||||||
4,142 | BB&T Corp. | 211,118 | ||||||
952 | Berkshire Hathaway, Inc., Class B(b) | 191,638 | ||||||
33,382 | BGC Partners, Inc., Class A | 204,632 | ||||||
533 | BlackRock, Inc. | 236,236 | ||||||
2,439 | BOK Financial Corp. | 220,583 | ||||||
5,739 | Brighthouse Financial, Inc.(b) | 222,214 | ||||||
6,801 | Brown & Brown, Inc. | 201,446 | ||||||
2,372 | Capital One Financial Corp. | 198,252 | ||||||
1,868 | Cboe Global Markets, Inc. | 179,160 | ||||||
4,576 | Charles Schwab Corp. (The) | 210,542 | ||||||
10,046 | Chimera Investment Corp. REIT | 185,751 | ||||||
1,475 | Chubb Ltd. | 197,503 | ||||||
2,396 | Cincinnati Financial Corp. | 208,021 | ||||||
4,489 | CIT Group, Inc. | 228,804 | ||||||
3,393 | Citigroup, Inc. | 217,084 | ||||||
6,165 | Citizens Financial Group, Inc. | 227,735 | ||||||
1,077 | CME Group, Inc. | 195,917 | ||||||
4,287 | CNA Financial Corp. | 185,284 | ||||||
2,751 | Comerica, Inc. | 239,640 | ||||||
3,259 | Commerce Bancshares, Inc. | 205,089 | ||||||
531 | Credit Acceptance Corp.(b) | 233,566 | ||||||
2,045 | Cullen/Frost Bankers, Inc. | 212,026 | ||||||
3,023 | Discover Financial Services | 216,477 | ||||||
4,282 | E*TRADE Financial Corp. | 209,775 | ||||||
4,264 | East West Bancorp, Inc. | 232,857 | ||||||
5,242 | Eaton Vance Corp. | 219,378 | ||||||
1,458 | Erie Indemnity Co., Class A | 259,845 | ||||||
2,508 | Evercore, Inc., Class A | 230,987 | ||||||
873 | Everest Re Group Ltd. | 197,394 | ||||||
18,118 | F.N.B. Corp. | 221,764 | ||||||
826 | FactSet Research Systems, Inc. | 194,250 | ||||||
5,957 | Fidelity National Financial, Inc. | 209,031 | ||||||
7,825 | Fifth Third Bancorp | 215,814 | ||||||
4,140 | First American Financial Corp. | 210,271 | ||||||
534 | First Citizens BancShares, Inc., Class A | 233,134 | ||||||
8,003 | First Hawaiian, Inc. | 215,761 | ||||||
13,689 | First Horizon National Corp. | 213,959 | ||||||
2,136 | First Republic Bank | 224,237 | ||||||
6,023 | Franklin Resources, Inc. | 196,410 | ||||||
1,161 | Goldman Sachs Group, Inc. (The) | 228,369 | ||||||
1,722 | Hanover Insurance Group, Inc. (The) | 204,419 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
4,590 | Hartford Financial Services Group, Inc. (The) | $ | 226,562 | |||||
15,389 | Huntington Bancshares, Inc. | 221,755 | ||||||
3,588 | Interactive Brokers Group, Inc., Class A | 198,165 | ||||||
2,512 | Intercontinental Exchange, Inc. | 193,801 | ||||||
11,021 | Invesco Ltd.(d) | 213,256 | ||||||
10,388 | Jefferies Financial Group, Inc. | 210,565 | ||||||
1,944 | JPMorgan Chase & Co. | 202,876 | ||||||
12,283 | KeyCorp | 216,918 | ||||||
5,162 | Lazard Ltd., Class A | 193,214 | ||||||
7,295 | Legg Mason, Inc. | 213,379 | ||||||
3,493 | Lincoln National Corp. | 218,382 | ||||||
4,197 | Loews Corp. | 199,861 | ||||||
3,206 | LPL Financial Holdings, Inc. | 241,764 | ||||||
1,290 | M&T Bank Corp. | 223,247 | ||||||
205 | Markel Corp.(b) | 206,000 | ||||||
821 | MarketAxess Holdings, Inc. | 200,225 | ||||||
2,250 | Marsh & McLennan Cos., Inc. | 209,295 | ||||||
3,487 | Mercury General Corp. | 184,706 | ||||||
4,875 | MetLife, Inc. | 220,301 | ||||||
27,219 | MFA Financial, Inc. REIT | 197,882 | ||||||
1,337 | Moody’s Corp. | 231,461 | ||||||
4,752 | Morgan Stanley | 199,489 | ||||||
1,640 | Morningstar, Inc. | 207,558 | ||||||
1,259 | MSCI, Inc. | 232,562 | ||||||
2,248 | Nasdaq, Inc. | 205,849 | ||||||
19,318 | Navient Corp. | 236,066 | ||||||
12,208 | New Residential Investment Corp. REIT | 201,920 | ||||||
19,960 | New York Community Bancorp, Inc. | 249,700 | ||||||
2,251 | Northern Trust Corp. | 209,793 | ||||||
8,943 | Old Republic International Corp. | 186,551 | ||||||
7,483 | OneMain Holdings, Inc. | 246,939 | ||||||
5,617 | PacWest Bancorp | 230,409 | ||||||
12,311 | People’s United Financial, Inc. | 218,643 | ||||||
3,902 | Pinnacle Financial Partners, Inc. | 229,008 | ||||||
1,649 | PNC Financial Services Group, Inc. (The) | 207,807 | ||||||
3,722 | Popular, Inc. | 209,846 | ||||||
4,401 | Principal Financial Group, Inc. | 231,669 | ||||||
3,029 | Progressive Corp. (The) | 220,814 | ||||||
3,010 | Prosperity Bancshares, Inc. | 224,095 | ||||||
2,292 | Prudential Financial, Inc. | 219,688 | ||||||
2,457 | Raymond James Financial, Inc. | 202,899 | ||||||
13,818 | Regions Financial Corp. | 226,615 | ||||||
1,350 | Reinsurance Group of America, Inc. | 195,062 | ||||||
1,408 | RenaissanceRe Holdings Ltd. (Bermuda) | 207,046 | ||||||
1,113 | S&P Global, Inc. | 223,012 | ||||||
10,536 | Santander Consumer USA Holdings, Inc. | 216,409 | ||||||
3,965 | SEI Investments Co. | 209,154 | ||||||
1,706 | Signature Bank | 231,607 | ||||||
21,044 | SLM Corp.(b) | 232,536 | ||||||
8,585 | Starwood Property Trust, Inc. REIT | 192,562 | ||||||
3,027 | State Street Corp. | 217,550 | ||||||
11,014 | Sterling Bancorp | 223,915 | ||||||
3,599 | SunTrust Banks, Inc. | 233,467 | ||||||
987 | SVB Financial Group(b) | 243,947 | ||||||
7,863 | Synchrony Financial | 256,412 | ||||||
5,721 | Synovus Financial Corp. | 227,009 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,039 | T. Rowe Price Group, Inc. | $ | 204,777 | |||||
9,245 | TCF Financial Corp. | 211,711 | ||||||
3,910 | TD Ameritrade Holding Corp. | 220,250 | ||||||
3,603 | Texas Capital Bancshares, Inc.(b) | 219,891 | ||||||
11,899 | TFS Financial Corp. | 203,830 | ||||||
2,457 | Torchmark Corp. | 202,850 | ||||||
1,585 | Travelers Cos., Inc. (The) | 210,662 | ||||||
13,366 | Two Harbors Investment Corp. REIT | 185,386 | ||||||
10,983 | Umpqua Holdings Corp. | 199,671 | ||||||
6,328 | Unum Group | 236,414 | ||||||
3,880 | US Bancorp | 200,557 | ||||||
7,383 | Virtu Financial, Inc., Class A | 185,609 | ||||||
4,565 | Voya Financial, Inc. | 230,852 | ||||||
2,513 | W.R. Berkley Corp. | 210,238 | ||||||
3,706 | Webster Financial Corp. | 212,799 | ||||||
4,036 | Wells Fargo & Co. | 201,356 | ||||||
4,688 | Western Alliance Bancorp(b) | 216,914 | ||||||
235 | White Mountains Insurance Group Ltd. | 220,757 | ||||||
1,225 | Willis Towers Watson PLC | 210,725 | ||||||
2,722 | Wintrust Financial Corp. | 200,530 | ||||||
4,494 | Zions Bancorp NA | 229,643 | ||||||
|
| |||||||
30,867,064 | ||||||||
|
| |||||||
Health Care—11.2% | ||||||||
6,705 | Abbott Laboratories | 520,442 | ||||||
5,523 | AbbVie, Inc. | 437,643 | ||||||
1,496 | ABIOMED, Inc.(b) | 500,412 | ||||||
15,276 | Acadia Healthcare Co., Inc.(b) | 401,606 | ||||||
6,694 | Agilent Technologies, Inc. | 531,771 | ||||||
8,928 | Agios Pharmaceuticals, Inc.(b)(c) | 579,159 | ||||||
4,375 | Alexion Pharmaceuticals, Inc.(b) | 592,069 | ||||||
2,273 | Align Technology, Inc.(b) | 588,639 | ||||||
14,123 | Alkermes PLC(b) | 469,872 | ||||||
3,148 | Allergan PLC | 433,511 | ||||||
6,541 | Alnylam Pharmaceuticals, Inc.(b) | 555,985 | ||||||
5,814 | AmerisourceBergen Corp. | 484,306 | ||||||
2,427 | Amgen, Inc. | 461,324 | ||||||
1,760 | Anthem, Inc. | 529,285 | ||||||
7,176 | Baxter International, Inc. | 536,263 | ||||||
2,005 | Becton, Dickinson and Co. | 498,824 | ||||||
1,494 | Biogen, Inc.(b) | 490,047 | ||||||
5,135 | BioMarin Pharmaceutical, Inc.(b) | 478,890 | ||||||
1,976 | Bio-Rad Laboratories, Inc., Class A(b) | 535,298 | ||||||
3,122 | Bio-Techne Corp. | 605,356 | ||||||
4,676 | Bluebird Bio, Inc.(b) | 725,809 | ||||||
12,891 | Boston Scientific Corp.(b) | 517,187 | ||||||
8,941 | Bristol-Myers Squibb Co. | 461,892 | ||||||
15,195 | Bruker Corp. | 580,601 | ||||||
5,936 | Cantel Medical Corp. | 436,415 | ||||||
9,103 | Cardinal Health, Inc. | 494,657 | ||||||
13,231 | Catalent, Inc.(b) | 571,844 | ||||||
6,893 | Celgene Corp.(b) | 572,946 | ||||||
7,203 | Centene Corp.(b) | 438,591 | ||||||
8,379 | Cerner Corp.(b) | 468,805 | ||||||
3,711 | Charles River Laboratories International, Inc.(b) | 527,593 | ||||||
1,664 | Chemed Corp. | 548,288 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3,507 | Cigna Corp. | $ | 611,761 | |||||
1,874 | Cooper Cos., Inc. (The) | 535,945 | ||||||
2,299 | Covetrus, Inc.(b) | 82,258 | ||||||
14,433 | CVS Health Corp. | 834,660 | ||||||
4,644 | Danaher Corp. | 589,881 | ||||||
8,082 | DaVita, Inc.(b) | 459,866 | ||||||
12,646 | DENTSPLY SIRONA, Inc. | 528,097 | ||||||
3,888 | DexCom, Inc.(b) | 541,715 | ||||||
2,904 | Edwards Lifesciences Corp.(b) | 491,618 | ||||||
14,651 | Elanco Animal Health, Inc., Class W(b)(c) | 443,046 | ||||||
4,160 | Eli Lilly & Co., Class W(c) | 525,366 | ||||||
6,595 | Encompass Health Corp. | 416,408 | ||||||
7,025 | Exact Sciences Corp.(b) | 639,275 | ||||||
22,360 | Exelixis, Inc.(b) | 500,640 | ||||||
7,087 | Gilead Sciences, Inc. | 460,797 | ||||||
3,494 | HCA Healthcare, Inc. | 485,806 | ||||||
5,748 | Henry Schein, Inc.(b) | 340,856 | ||||||
5,043 | Hill-Rom Holdings, Inc. | 534,810 | ||||||
11,127 | Hologic, Inc.(b) | 524,638 | ||||||
1,537 | Humana, Inc. | 438,107 | ||||||
2,092 | ICU Medical, Inc.(b) | 514,130 | ||||||
2,461 | IDEXX Laboratories, Inc.(b) | 519,345 | ||||||
1,417 | �� | Illumina, Inc.(b) | 443,195 | |||||
7,095 | Incyte Corp.(b) | 611,802 | ||||||
5,881 | Insulet Corp.(b)(c) | 552,285 | ||||||
9,691 | Integra LifeSciences Holdings Corp.(b) | 533,877 | ||||||
940 | Intuitive Surgical, Inc.(b) | 514,753 | ||||||
9,051 | Ionis Pharmaceuticals, Inc.(b) | 642,531 | ||||||
3,984 | IQVIA Holdings, Inc.(b) | 558,158 | ||||||
3,415 | Jazz Pharmaceuticals PLC(b) | 478,202 | ||||||
3,225 | Johnson & Johnson | 440,664 | ||||||
3,532 | Laboratory Corp. of America Holdings(b) | 523,584 | ||||||
4,303 | Masimo Corp.(b) | 564,898 | ||||||
3,894 | McKesson Corp. | 495,161 | ||||||
12,757 | MEDNAX, Inc.(b) | 419,833 | ||||||
4,994 | Medtronic PLC | 451,957 | ||||||
6,011 | Merck & Co., Inc. | 488,634 | ||||||
635 | Mettler-Toledo International, Inc.(b) | 432,378 | ||||||
3,399 | Molina Healthcare, Inc.(b) | 457,607 | ||||||
15,875 | Mylan NV(b) | 418,941 | ||||||
12,535 | Nektar Therapeutics(b) | 508,169 | ||||||
6,545 | Neurocrine Biosciences, Inc.(b) | 505,601 | ||||||
3,767 | Penumbra, Inc.(b) | 503,535 | ||||||
5,535 | PerkinElmer, Inc. | 521,176 | ||||||
8,137 | Perrigo Co. PLC | 396,272 | ||||||
10,630 | Pfizer, Inc. | 460,811 | ||||||
4,590 | PRA Health Sciences, Inc.(b) | 491,038 | ||||||
12,090 | Premier, Inc., Class A(b) | 442,252 | ||||||
13,544 | QIAGEN NV(b) | 520,496 | ||||||
5,455 | Quest Diagnostics, Inc. | 472,130 | ||||||
1,276 | Regeneron Pharmaceuticals, Inc.(b) | 549,624 | ||||||
4,140 | ResMed, Inc. | 424,060 | ||||||
4,747 | Sage Therapeutics, Inc.(b) | 755,960 | ||||||
3,964 | Sarepta Therapeutics, Inc.(b) | 571,767 | ||||||
7,797 | Seattle Genetics, Inc.(b) | 579,161 | ||||||
4,178 | STERIS PLC | 505,371 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
2,820 | Stryker Corp. | $ | 531,598 | |||||
1,920 | Teleflex, Inc. | 556,493 | ||||||
2,043 | Thermo Fisher Scientific, Inc. | 530,302 | ||||||
4,315 | United Therapeutics Corp.(b) | 544,941 | ||||||
1,750 | UnitedHealth Group, Inc. | 423,885 | ||||||
3,672 | Universal Health Services, Inc., Class B | 509,784 | ||||||
3,985 | Varian Medical Systems, Inc.(b) | 535,425 | ||||||
5,157 | Veeva Systems, Inc., Class A(b) | 608,062 | ||||||
2,809 | Vertex Pharmaceuticals, Inc.(b) | 530,199 | ||||||
2,040 | Waters Corp.(b) | 494,129 | ||||||
2,012 | WellCare Health Plans, Inc.(b) | 510,203 | ||||||
4,461 | West Pharmaceutical Services, Inc. | 467,290 | ||||||
4,397 | Zimmer Biomet Holdings, Inc. | 545,756 | ||||||
5,236 | Zoetis, Inc. | 493,388 | ||||||
|
| |||||||
52,111,693 | ||||||||
|
| |||||||
Industrials—13.6% | ||||||||
1,877 | 3M Co. | 389,271 | ||||||
8,962 | A.O. Smith Corp. | 465,397 | ||||||
6,210 | Acuity Brands, Inc. | 808,045 | ||||||
52,290 | ADT, Inc. | 418,320 | ||||||
13,224 | AECOM(b) | 409,415 | ||||||
7,157 | AGCO Corp. | 483,670 | ||||||
10,701 | Air Lease Corp. | 399,789 | ||||||
6,129 | Alaska Air Group, Inc. | 378,159 | ||||||
4,285 | Allegion PLC | 385,479 | ||||||
8,709 | Allison Transmission Holdings, Inc. | 432,837 | ||||||
933 | AMERCO | 358,822 | ||||||
11,564 | American Airlines Group, Inc. | 412,025 | ||||||
5,235 | AMETEK, Inc. | 416,601 | ||||||
18,792 | Arconic, Inc. | 347,464 | ||||||
34,477 | Arcosa, Inc. | 1,154,635 | ||||||
11,413 | Armstrong World Industries, Inc. | 835,203 | ||||||
1,153 | Boeing Co. (The) | 507,274 | ||||||
8,848 | BWX Technologies, Inc. | 463,193 | ||||||
4,442 | C.H. Robinson Worldwide, Inc. | 401,468 | ||||||
3,831 | Carlisle Cos., Inc. | 471,520 | ||||||
2,999 | Caterpillar, Inc. | 411,883 | ||||||
2,250 | Cintas Corp. | 464,850 | ||||||
6,739 | Clean Harbors, Inc.(b) | 458,252 | ||||||
17,345 | Colfax Corp.(b) | 458,949 | ||||||
4,840 | Copa Holdings SA, Class A (Panama) | 426,743 | ||||||
7,618 | Copart, Inc.(b) | 446,948 | ||||||
1,082 | CoStar Group, Inc.(b) | 495,047 | ||||||
4,857 | Crane Co. | 410,757 | ||||||
5,445 | CSX Corp. | 395,688 | ||||||
2,907 | Cummins, Inc. | 447,940 | ||||||
3,628 | Curtiss-Wright Corp. | 447,296 | ||||||
2,637 | Deere & Co. | 432,573 | ||||||
7,023 | Delta Air Lines, Inc. | 348,200 | ||||||
7,805 | Donaldson Co., Inc. | 402,660 | ||||||
4,873 | Dover Corp. | 441,153 | ||||||
5,320 | Eaton Corp. PLC | 424,376 | ||||||
6,202 | Emerson Electric Co. | 422,666 | ||||||
1,942 | Equifax, Inc. | 212,668 | ||||||
5,320 | Expeditors International of Washington, Inc. | 398,734 | ||||||
12,946 | Fastenal Co. | 814,821 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,002 | FedEx Corp. | $ | 362,362 | |||||
8,589 | Flowserve Corp. | 381,438 | ||||||
11,270 | Fluor Corp. | 423,752 | ||||||
5,436 | Fortive Corp. | 443,415 | ||||||
7,942 | Fortune Brands Home & Security, Inc. | 374,227 | ||||||
17,623 | Gardner Denver Holdings, Inc.(b) | 473,178 | ||||||
26,697 | Gates Industrial Corp. PLC(b) | 429,822 | ||||||
2,295 | General Dynamics Corp. | 390,655 | ||||||
52,204 | General Electric Co. | 542,400 | ||||||
4,924 | Genesee & Wyoming, Inc., Class A(b) | 403,768 | ||||||
8,838 | Graco, Inc. | 415,032 | ||||||
58,597 | GrafTech International Ltd. | 844,969 | ||||||
2,663 | Harris Corp. | 439,209 | ||||||
10,098 | HD Supply Holdings, Inc.(b) | 434,315 | ||||||
4,603 | HEICO Corp. | 431,439 | ||||||
12,272 | Hexcel Corp. | 885,302 | ||||||
2,723 | Honeywell International, Inc. | 419,533 | ||||||
3,600 | Hubbell, Inc. | 424,980 | ||||||
1,946 | Huntington Ingalls Industries, Inc. | 407,512 | ||||||
2,819 | IDEX Corp. | 406,218 | ||||||
7,977 | IHS Markit Ltd.(b) | 424,137 | ||||||
2,948 | Illinois Tool Works, Inc. | 424,748 | ||||||
7,270 | Ingersoll-Rand PLC | 767,421 | ||||||
7,506 | ITT, Inc. | 433,547 | ||||||
3,984 | J.B. Hunt Transport Services, Inc. | 428,957 | ||||||
6,340 | Jacobs Engineering Group, Inc. | 467,765 | ||||||
21,706 | JetBlue Airways Corp.(b) | 362,490 | ||||||
11,701 | Johnson Controls International PLC | 412,694 | ||||||
3,884 | Kansas City Southern | 421,958 | ||||||
6,417 | KAR Auction Services, Inc. | 302,562 | ||||||
5,289 | Kirby Corp.(b) | 392,550 | ||||||
13,769 | Knight-Swift Transportation Holdings, Inc. | 463,051 | ||||||
2,047 | L3 Technologies, Inc. | 433,452 | ||||||
3,981 | Landstar System, Inc. | 432,655 | ||||||
3,266 | Lennox International, Inc. | 800,987 | ||||||
4,634 | Lincoln Electric Holdings, Inc. | 400,470 | ||||||
1,348 | Lockheed Martin Corp. | 417,085 | ||||||
9,259 | Macquarie Infrastructure Corp. | 378,601 | ||||||
5,546 | ManpowerGroup, Inc. | 467,251 | ||||||
24,565 | Masco Corp. | 922,661 | ||||||
3,391 | Middleby Corp. (The)(b) | 415,703 | ||||||
4,638 | MSC Industrial Direct Co., Inc., Class A | 391,494 | ||||||
12,531 | Nielsen Holdings PLC | 328,312 | ||||||
3,144 | Nordson Corp. | 426,829 | ||||||
2,396 | Norfolk Southern Corp. | 429,603 | ||||||
1,463 | Northrop Grumman Corp. | 424,211 | ||||||
16,687 | nVent Electric PLC (United Kingdom) | 458,559 | ||||||
2,981 | Old Dominion Freight Line, Inc. | 449,445 | ||||||
5,904 | Oshkosh Corp. | 459,390 | ||||||
16,268 | Owens Corning | 812,261 | ||||||
6,621 | PACCAR, Inc. | 448,904 | ||||||
2,454 | Parker-Hannifin Corp. | 432,297 | ||||||
9,532 | Pentair PLC | 405,491 | ||||||
12,286 | Quanta Services, Inc. | 437,873 | ||||||
2,245 | Raytheon Co. | 418,693 | ||||||
5,156 | Regal Beloit Corp. | 431,867 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
5,033 | Republic Services, Inc. | $ | 394,738 | |||||
17,008 | Resideo Technologies, Inc.(b) | 437,106 | ||||||
6,442 | Robert Half International, Inc. | 439,280 | ||||||
2,402 | Rockwell Automation, Inc. | 428,901 | ||||||
10,022 | Rollins, Inc. | 397,473 | ||||||
1,400 | Roper Technologies, Inc. | 453,110 | ||||||
7,576 | Ryder System, Inc. | 470,924 | ||||||
18,933 | Schneider National, Inc., Class B | 414,443 | ||||||
8,593 | Sensata Technologies Holding PLC(b) | 435,923 | ||||||
2,611 | Snap-on, Inc. | 417,760 | ||||||
7,406 | Southwest Airlines Co. | 415,032 | ||||||
5,165 | Spirit AeroSystems Holdings, Inc., Class A | 510,302 | ||||||
3,184 | Stanley Black & Decker, Inc. | 421,657 | ||||||
9,256 | Stericycle, Inc.(b) | 412,632 | ||||||
1,859 | Teledyne Technologies, Inc.(b) | 438,798 | ||||||
13,264 | Terex Corp. | 445,538 | ||||||
7,511 | Textron, Inc. | 407,847 | ||||||
19,105 | Timken Co. (The) | 828,966 | ||||||
6,476 | Toro Co. (The) | 444,124 | ||||||
1,125 | TransDigm Group, Inc.(b) | 488,351 | ||||||
3,088 | TransUnion | 199,361 | ||||||
17,340 | Trinity Industries, Inc. | 405,929 | ||||||
2,569 | Union Pacific Corp. | 430,821 | ||||||
4,282 | United Continental Holdings, Inc.(b) | 376,002 | ||||||
3,718 | United Parcel Service, Inc., Class B | 409,724 | ||||||
3,443 | United Rentals, Inc.(b) | 463,393 | ||||||
3,142 | United Technologies Corp. | 394,855 | ||||||
37,434 | Univar, Inc.(b) | 846,383 | ||||||
16,465 | USG Corp. | 709,806 | ||||||
6,268 | Valmont Industries, Inc. | 856,146 | ||||||
3,265 | Verisk Analytics, Inc.(b) | 412,794 | ||||||
1,380 | W.W. Grainger, Inc. | 420,583 | ||||||
3,191 | WABCO Holdings, Inc.(b) | 438,858 | ||||||
5,279 | Wabtec Corp. | 386,740 | ||||||
4,119 | Waste Management, Inc. | 417,049 | ||||||
4,742 | Watsco, Inc. | 682,326 | ||||||
30,340 | Welbilt, Inc.(b) | 484,530 | ||||||
7,585 | WESCO International, Inc.(b) | 413,003 | ||||||
8,445 | XPO Logistics, Inc.(b) | 425,206 | ||||||
5,974 | Xylem, Inc. | 451,336 | ||||||
|
| |||||||
63,488,041 | ||||||||
|
| |||||||
Information Technology—13.4% | ||||||||
5,743 | 2U, Inc.(b) | 423,259 | ||||||
2,348 | Accenture PLC, Class A | 378,920 | ||||||
1,654 | Adobe, Inc.(b) | 434,175 | ||||||
19,863 | Advanced Micro Devices, Inc.(b) | 467,376 | ||||||
5,870 | Akamai Technologies, Inc.(b) | 408,904 | ||||||
1,068 | Alliance Data Systems Corp. | 184,764 | ||||||
6,507 | Amdocs Ltd. | 361,594 | ||||||
4,649 | Amphenol Corp., Class A | 436,867 | ||||||
4,474 | Analog Devices, Inc. | 478,539 | ||||||
2,653 | ANSYS, Inc.(b) | 470,271 | ||||||
2,302 | Apple, Inc. | 398,591 | ||||||
11,706 | Applied Materials, Inc. | 448,808 | ||||||
1,720 | Arista Networks, Inc.(b) | 490,630 | ||||||
12,795 | ARRIS International PLC(b) | 405,346 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
5,526 | Arrow Electronics, Inc.(b) | $ | 440,422 | |||||
4,679 | Aspen Technology, Inc.(b) | 471,222 | ||||||
4,684 | Atlassian Corp. PLC, Class A(b) | 503,436 | ||||||
2,908 | Autodesk, Inc.(b) | 474,033 | ||||||
2,738 | Automatic Data Processing, Inc. | 418,996 | ||||||
10,045 | Avnet, Inc. | 436,857 | ||||||
8,764 | Black Knight, Inc.(b) | 457,919 | ||||||
7,401 | Booz Allen Hamilton Holding Corp. | 391,217 | ||||||
1,540 | Broadcom, Inc. | 424,054 | ||||||
1,924 | Broadridge Financial Solutions, Inc. | 194,805 | ||||||
8,883 | Cadence Design Systems, Inc.(b) | 508,552 | ||||||
8,179 | CDK Global, Inc. | 474,464 | ||||||
4,394 | CDW Corp. | 412,553 | ||||||
10,762 | Ceridian HCM Holding, Inc.(b) | 527,553 | ||||||
8,370 | Cisco Systems, Inc. | 433,315 | ||||||
3,591 | Citrix Systems, Inc. | 378,850 | ||||||
9,917 | Cognex Corp. | 529,568 | ||||||
5,812 | Cognizant Technology Solutions Corp., Class A | 412,536 | ||||||
3,469 | Coherent, Inc.(b) | 461,655 | ||||||
23,116 | CommScope Holding Co., Inc.(b) | 538,834 | ||||||
33,405 | Conduent, Inc.(b) | 488,381 | ||||||
5,083 | CoreLogic, Inc.(b) | 186,394 | ||||||
12,352 | Corning, Inc. | 429,973 | ||||||
30,467 | Cypress Semiconductor Corp. | 470,106 | ||||||
2,753 | Dell Technologies, Inc., Class C(b) | 153,672 | ||||||
9,158 | DocuSign, Inc.(b) | 505,064 | ||||||
5,869 | Dolby Laboratories, Inc., Class A | 380,311 | ||||||
6,806 | DXC Technology Co. | 448,243 | ||||||
10,097 | EchoStar Corp., Class A(b) | 389,340 | ||||||
5,161 | Elastic NV(b)(c) | 467,380 | ||||||
3,181 | EPAM Systems, Inc.(b) | 514,622 | ||||||
1,766 | Euronet Worldwide, Inc.(b) | 237,209 | ||||||
2,333 | F5 Networks, Inc.(b) | 392,271 | ||||||
1,053 | Fair Isaac Corp.(b) | 260,954 | ||||||
1,805 | Fidelity National Information Services, Inc. | 195,211 | ||||||
21,121 | FireEye, Inc.(b) | 353,988 | ||||||
11,006 | First Data Corp., Class A(b) | 276,691 | ||||||
18,870 | First Solar, Inc.(b) | 991,618 | ||||||
2,507 | Fiserv, Inc.(b) | 212,318 | ||||||
1,143 | FleetCor Technologies, Inc.(b) | 266,639 | ||||||
8,582 | FLIR Systems, Inc. | 441,544 | ||||||
5,301 | Fortinet, Inc.(b) | 460,074 | ||||||
2,796 | Gartner, Inc.(b) | 397,871 | ||||||
13,257 | Genpact Ltd. | 440,398 | ||||||
1,848 | Global Payments, Inc. | 240,942 | ||||||
6,213 | GoDaddy, Inc., Class A(b) | 463,800 | ||||||
4,678 | Guidewire Software, Inc.(b) | 429,160 | ||||||
27,231 | Hewlett Packard Enterprise Co. | 446,044 | ||||||
17,636 | HP, Inc. | 347,958 | ||||||
8,167 | Intel Corp. | 432,524 | ||||||
3,278 | International Business Machines Corp. | 452,790 | ||||||
1,954 | Intuit, Inc. | 482,892 | ||||||
3,295 | IPG Photonics Corp.(b) | 510,824 | ||||||
17,713 | Jabil, Inc. | 503,049 | ||||||
1,415 | Jack Henry & Associates, Inc. | 187,671 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
14,042 | Juniper Networks, Inc. | $ | 380,257 | |||||
6,215 | Keysight Technologies, Inc.(b) | 524,608 | ||||||
4,386 | KLA-Tencor Corp. | 506,539 | ||||||
2,942 | Lam Research Corp. | 518,057 | ||||||
6,756 | Leidos Holdings, Inc. | 436,370 | ||||||
2,223 | Littelfuse, Inc. | 429,239 | ||||||
4,734 | LogMeIn, Inc. | 376,069 | ||||||
8,488 | Manhattan Associates, Inc.(b) | 464,718 | ||||||
25,218 | Marvell Technology Group Ltd. | 503,099 | ||||||
971 | Mastercard, Inc., Class A | 218,252 | ||||||
7,406 | Maxim Integrated Products, Inc. | 403,109 | ||||||
5,427 | Microchip Technology, Inc. | 471,443 | ||||||
11,201 | Micron Technology, Inc.(b) | 457,897 | ||||||
3,623 | Microsoft Corp. | 405,885 | ||||||
5,958 | MKS Instruments, Inc. | 493,739 | ||||||
3,261 | Monolithic Power Systems, Inc. | 437,333 | ||||||
3,117 | Motorola Solutions, Inc. | 446,105 | ||||||
8,072 | National Instruments Corp. | 377,285 | ||||||
16,298 | NCR Corp.(b) | 456,670 | ||||||
6,550 | NetApp, Inc. | 427,060 | ||||||
26,259 | Nuance Communications, Inc.(b) | 440,363 | ||||||
8,837 | Nutanix, Inc., Class A(b) | 442,645 | ||||||
2,653 | NVIDIA Corp. | 409,252 | ||||||
5,011 | NXP Semiconductors NV (Netherlands) | 457,605 | ||||||
5,868 | Okta, Inc.(b) | 498,076 | ||||||
22,593 | ON Semiconductor Corp.(b) | 485,298 | ||||||
8,291 | Oracle Corp. | 432,210 | ||||||
2,107 | Palo Alto Networks, Inc.(b) | 518,891 | ||||||
5,586 | Paychex, Inc. | 430,234 | ||||||
2,965 | Paycom Software, Inc.(b) | 538,829 | ||||||
2,235 | PayPal Holdings, Inc.(b) | 219,186 | ||||||
7,862 | Pegasystems, Inc. | 516,612 | ||||||
16,269 | Pluralsight, Inc., Class A(b) | 528,905 | ||||||
4,292 | Proofpoint, Inc.(b) | 506,842 | ||||||
4,656 | PTC, Inc.(b) | 432,170 | ||||||
22,536 | Pure Storage, Inc., Class A(b) | 461,537 | ||||||
6,504 | Qorvo, Inc.(b) | 456,191 | ||||||
6,804 | QUALCOMM, Inc. | 363,266 | ||||||
7,799 | RealPage, Inc.(b) | 477,377 | ||||||
2,325 | Red Hat, Inc.(b) | 424,545 | ||||||
4,624 | RingCentral, Inc., Class A(b) | 486,861 | ||||||
16,439 | Sabre Corp. | 368,727 | ||||||
2,908 | salesforce.com, Inc.(b) | 475,894 | ||||||
2,106 | ServiceNow, Inc.(b) | 504,261 | ||||||
5,727 | Skyworks Solutions, Inc. | 467,667 | ||||||
24,264 | Solarwinds Corp.(b) | 461,259 | ||||||
3,796 | Splunk, Inc.(b) | 515,800 | ||||||
3,044 | Square, Inc., Class A(b) | 247,295 | ||||||
8,580 | SS&C Technologies Holdings, Inc. | 528,356 | ||||||
56,579 | Switch, Inc., Class A | 488,277 | ||||||
17,552 | Symantec Corp. | 394,744 | ||||||
4,425 | Synopsys, Inc.(b) | 449,934 | ||||||
3,033 | Tableau Software, Inc., Class A(b) | 400,053 | ||||||
10,523 | Teradata Corp.(b) | 508,998 | ||||||
11,950 | Teradyne, Inc. | 487,918 | ||||||
4,121 | Texas Instruments, Inc. | 435,919 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
2,152 | Total System Services, Inc. | $ | 203,149 | |||||
10,763 | Trimble, Inc.(b) | 430,628 | ||||||
4,114 | Twilio, Inc., Class A(b) | 500,633 | ||||||
2,130 | Tyler Technologies, Inc.(b) | 436,203 | ||||||
3,584 | Ubiquiti Networks, Inc. | 517,494 | ||||||
1,557 | Ultimate Software Group, Inc. (The)(b) | 516,145 | ||||||
4,090 | Universal Display Corp. | 610,392 | ||||||
2,620 | VeriSign, Inc.(b) | 466,465 | ||||||
24,948 | Versum Materials, Inc. | 1,222,452 | ||||||
1,368 | Visa, Inc., Class A | 202,628 | ||||||
2,461 | VMware, Inc., Class A | 422,824 | ||||||
9,861 | Western Digital Corp. | 496,008 | ||||||
10,163 | Western Union Co. (The) | 181,613 | ||||||
1,339 | WEX, Inc.(b) | 238,422 | ||||||
2,407 | Workday, Inc., Class A(b) | 476,418 | ||||||
2,342 | Worldpay, Inc., Class A(b) | 224,364 | ||||||
15,192 | Xerox Corp. | 469,433 | ||||||
4,434 | Xilinx, Inc. | 555,580 | ||||||
2,240 | Zebra Technologies Corp., Class A(b) | 449,142 | ||||||
6,453 | Zendesk, Inc.(b) | 509,916 | ||||||
|
| |||||||
62,662,451 | ||||||||
|
| |||||||
Materials—9.3% | ||||||||
4,561 | Air Products & Chemicals, Inc. | 826,362 | ||||||
8,233 | Albemarle Corp. | 751,591 | ||||||
24,331 | Alcoa Corp.(b) | 717,764 | ||||||
7,063 | AptarGroup, Inc. | 718,519 | ||||||
62,388 | Ardagh Group SA | 812,292 | ||||||
9,703 | Ashland Global Holdings, Inc. | 750,818 | ||||||
4,152 | Avery Dennison Corp. | 448,582 | ||||||
31,262 | Axalta Coating Systems Ltd.(b) | 835,633 | ||||||
14,579 | Ball Corp. | 798,638 | ||||||
15,492 | Bemis Co., Inc. | 819,527 | ||||||
14,870 | Berry Global Group, Inc.(b) | 780,229 | ||||||
16,168 | Cabot Corp. | 757,956 | ||||||
8,205 | Celanese Corp. | 839,289 | ||||||
17,007 | CF Industries Holdings, Inc. | 717,695 | ||||||
26,726 | Chemours Co. (The) | 1,016,390 | ||||||
15,577 | Crown Holdings, Inc.(b) | 845,675 | ||||||
18,858 | Domtar Corp. | 960,061 | ||||||
13,163 | DowDuPont, Inc. | 700,666 | ||||||
11,763 | Eagle Materials, Inc. | 899,164 | ||||||
10,059 | Eastman Chemical Co. | 831,779 | ||||||
4,678 | Ecolab, Inc. | 790,161 | ||||||
63,991 | Element Solutions, Inc.(b) | 720,539 | ||||||
9,044 | FMC Corp. | 809,438 | ||||||
64,801 | Freeport-McMoRan, Inc. | 835,933 | ||||||
64,730 | Graphic Packaging Holding Co. | 788,411 | ||||||
37,563 | Huntsman Corp. | 931,187 | ||||||
5,365 | International Flavors & Fragrances, Inc. | 684,037 | ||||||
16,442 | International Paper Co. | 753,372 | ||||||
4,495 | Linde PLC (United Kingdom) | 778,714 | ||||||
8,455 | LyondellBasell Industries NV, Class A | 723,072 | ||||||
4,128 | Martin Marietta Materials, Inc. | 775,238 | ||||||
22,953 | Mosaic Co. (The) | 717,740 | ||||||
1,803 | NewMarket Corp. | 791,517 | ||||||
20,801 | Newmont Mining Corp. | 709,730 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
12,967 | Nucor Corp. | $ | 785,411 | |||||
35,318 | Olin Corp. | 913,323 | ||||||
42,802 | Owens-Illinois, Inc. | 852,616 | ||||||
7,589 | Packaging Corp. of America | 725,433 | ||||||
7,015 | PPG Industries, Inc. | 785,470 | ||||||
9,469 | Reliance Steel & Aluminum Co. | 845,108 | ||||||
8,956 | Royal Gold, Inc. | 791,800 | ||||||
11,761 | RPM International, Inc. | 680,609 | ||||||
10,888 | Scotts Miracle-Gro Co. (The) | 891,727 | ||||||
22,421 | Sealed Air Corp. | 978,004 | ||||||
1,849 | Sherwin-Williams Co. (The) | 800,987 | ||||||
28,221 | Silgan Holdings, Inc. | 798,937 | ||||||
12,629 | Sonoco Products Co. | 731,093 | ||||||
22,716 | Southern Copper Corp. (Peru) | 808,917 | ||||||
21,848 | Steel Dynamics, Inc. | 815,367 | ||||||
35,013 | United States Steel Corp. | 784,641 | ||||||
42,638 | Valvoline, Inc. | 801,168 | ||||||
7,334 | Vulcan Materials Co. | 817,448 | ||||||
11,589 | W.R. Grace & Co. | 900,118 | ||||||
10,572 | Westlake Chemical Corp. | 738,666 | ||||||
16,150 | WestRock Co. | 603,687 | ||||||
|
| |||||||
43,488,249 | ||||||||
|
| |||||||
Real Estate—3.6% | ||||||||
1,563 | Alexandria Real Estate Equities, Inc. REIT | 212,396 | ||||||
4,390 | American Campus Communities, Inc. REIT | 197,813 | ||||||
9,223 | American Homes 4 Rent, Class A REIT | 201,430 | ||||||
1,138 | American Tower Corp. REIT | 200,459 | ||||||
3,921 | Apartment Investment & Management Co., Class A REIT | 191,855 | ||||||
12,058 | Apple Hospitality REIT, Inc. REIT | 198,716 | ||||||
1,081 | AvalonBay Communities, Inc. REIT | 210,395 | ||||||
1,521 | Boston Properties, Inc. REIT | 201,821 | ||||||
13,913 | Brandywine Realty Trust REIT | 218,712 | ||||||
11,710 | Brixmor Property Group, Inc. REIT | 204,457 | ||||||
11,431 | Brookfield Property REIT, Inc., Class A REIT | 224,276 | ||||||
2,078 | Camden Property Trust REIT | 203,831 | ||||||
4,572 | CBRE Group, Inc., Class A(b) | 227,503 | ||||||
32,612 | Colony Capital, Inc. REIT | 181,323 | ||||||
9,342 | Columbia Property Trust, Inc. REIT | 202,067 | ||||||
1,931 | CoreSite Realty Corp. REIT | 197,445 | ||||||
8,371 | Corporate Office Properties Trust REIT | 217,562 | ||||||
1,635 | Crown Castle International Corp. REIT | 194,156 | ||||||
6,035 | CubeSmart REIT | 184,912 | ||||||
3,215 | CyrusOne, Inc. REIT | 160,236 | ||||||
1,629 | Digital Realty Trust, Inc. REIT | 184,272 | ||||||
5,338 | Douglas Emmett, Inc. REIT | 206,047 | ||||||
6,791 | Duke Realty Corp. REIT | 200,810 | ||||||
12,226 | Empire State Realty Trust, Inc., Class A REIT | 186,080 | ||||||
2,746 | EPR Properties REIT | 201,776 | ||||||
535 | Equinix, Inc. REIT | 226,573 | ||||||
6,083 | Equity Commonwealth REIT | 198,610 | ||||||
1,953 | Equity LifeStyle Properties, Inc. REIT | 212,174 | ||||||
2,733 | Equity Residential REIT | 201,395 | ||||||
793 | Essex Property Trust, Inc. REIT | 221,913 | ||||||
1,936 | Extra Space Storage, Inc. REIT | 185,740 | ||||||
1,443 | Federal Realty Investment Trust REIT | 192,770 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
5,524 | Gaming and Leisure Properties, Inc. REIT | $ | 200,963 | |||||
6,619 | HCP, Inc. REIT | 203,667 | ||||||
6,912 | Healthcare Trust of America, Inc., Class A REIT | 196,923 | ||||||
4,584 | Highwoods Properties, Inc. REIT | 212,285 | ||||||
7,315 | Hospitality Properties Trust REIT | 198,017 | ||||||
10,680 | Host Hotels & Resorts, Inc. REIT | 209,435 | ||||||
1,822 | Howard Hughes Corp. (The)(b) | 202,934 | ||||||
6,300 | Hudson Pacific Properties, Inc. REIT | 209,286 | ||||||
8,868 | Invitation Homes, Inc. REIT | 203,964 | ||||||
5,381 | Iron Mountain, Inc. REIT | 190,595 | ||||||
5,051 | JBG SMITH Properties REIT | 203,505 | ||||||
1,422 | Jones Lang LaSalle, Inc. | 234,801 | ||||||
2,846 | Kilroy Realty Corp. REIT | 209,779 | ||||||
11,625 | Kimco Realty Corp. REIT | 204,484 | ||||||
2,660 | Lamar Advertising Co., Class A REIT | 206,336 | ||||||
4,120 | Liberty Property Trust REIT | 195,000 | ||||||
1,961 | Life Storage, Inc. REIT | 191,394 | ||||||
3,919 | Macerich Co. (The) REIT | 170,868 | ||||||
11,291 | Medical Properties Trust, Inc. REIT | 205,835 | ||||||
1,937 | Mid-America Apartment Communities, Inc. REIT | 200,634 | ||||||
3,731 | National Retail Properties, Inc. REIT | 194,385 | ||||||
5,178 | Omega Healthcare Investors, Inc. REIT | 185,890 | ||||||
9,706 | Outfront Media, Inc. REIT | 217,803 | ||||||
14,040 | Paramount Group, Inc. REIT | 201,614 | ||||||
6,614 | Park Hotels & Resorts, Inc. REIT | 206,621 | ||||||
2,921 | Prologis, Inc. REIT | 204,645 | ||||||
971 | Public Storage REIT | 205,357 | ||||||
6,318 | Rayonier, Inc. REIT | 186,191 | ||||||
10,907 | Realogy Holdings Corp.(c) | 148,335 | ||||||
2,861 | Realty Income Corp. REIT | 197,867 | ||||||
3,117 | Regency Centers Corp. REIT | 203,384 | ||||||
15,281 | Retail Properties of America, Inc., Class A REIT | 190,401 | ||||||
6,984 | Retail Value, Inc. REIT | 217,412 | ||||||
1,092 | SBA Communications Corp. REIT(b) | 197,172 | ||||||
14,705 | Senior Housing Properties Trust REIT | 190,430 | ||||||
1,126 | Simon Property Group, Inc. REIT | 203,986 | ||||||
15,223 | SITE Centers Corp. REIT | 203,227 | ||||||
2,130 | SL Green Realty Corp. REIT | 193,234 | ||||||
4,850 | Spirit Realty Capital, Inc. REIT | 187,404 | ||||||
6,184 | STORE Capital Corp. REIT | 200,794 | ||||||
1,786 | Sun Communities, Inc. REIT | 202,836 | ||||||
3,684 | Taubman Centers, Inc. REIT | 196,652 | ||||||
4,476 | UDR, Inc. REIT | 198,824 | ||||||
10,637 | Uniti Group, Inc. REIT | 102,541 | ||||||
3,111 | Ventas, Inc. REIT | 195,215 | ||||||
24,412 | VEREIT, Inc. REIT | 194,564 | ||||||
9,142 | VICI Properties, Inc. REIT | 194,816 | ||||||
2,824 | Vornado Realty Trust REIT | 190,083 | ||||||
7,205 | Weingarten Realty Investors REIT | 207,576 | ||||||
2,632 | Welltower, Inc. REIT | �� | 195,584 | |||||
7,702 | Weyerhaeuser Co. REIT | 191,703 | ||||||
2,710 | WP Carey, Inc. REIT | 200,188 | ||||||
|
| |||||||
16,706,964 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Russell 1000 Equal Weight ETF (EQAL)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities—8.5% | ||||||||
65,768 | AES Corp. | $ | 1,133,183 | |||||
22,471 | Alliant Energy Corp. | 1,030,745 | ||||||
14,819 | Ameren Corp. | 1,055,705 | ||||||
12,974 | American Electric Power Co., Inc. | 1,052,840 | ||||||
10,634 | American Water Works Co., Inc. | 1,080,627 | ||||||
28,941 | Aqua America, Inc. | 1,040,139 | ||||||
10,306 | Atmos Energy Corp. | 1,018,748 | ||||||
19,796 | Avangrid, Inc. | 957,137 | ||||||
35,498 | CenterPoint Energy, Inc. | 1,069,910 | ||||||
19,484 | CMS Energy Corp. | 1,059,930 | ||||||
12,454 | Consolidated Edison, Inc. | 1,026,832 | ||||||
28,052 | Dominion Energy, Inc. | 2,078,373 | ||||||
8,560 | DTE Energy Co. | 1,057,674 | ||||||
11,466 | Duke Energy Corp. | 1,028,042 | ||||||
17,402 | Edison International | 1,042,206 | ||||||
11,530 | Entergy Corp. | 1,076,095 | ||||||
17,390 | Evergy, Inc. | 972,275 | ||||||
14,752 | Eversource Energy | 1,029,837 | ||||||
22,217 | Exelon Corp. | 1,079,524 | ||||||
26,262 | FirstEnergy Corp. | 1,070,176 | ||||||
26,491 | Hawaiian Electric Industries, Inc. | 1,014,075 | ||||||
39,513 | MDU Resources Group, Inc. | 1,043,933 | ||||||
18,582 | National Fuel Gas Co. | 1,118,451 | ||||||
5,636 | NextEra Energy, Inc. | 1,057,990 | ||||||
37,525 | NiSource, Inc. | 1,012,424 | ||||||
24,588 | NRG Energy, Inc. | 1,024,828 | ||||||
25,209 | OGE Energy Corp. | 1,071,887 | ||||||
38,634 | PG&E Corp.(b) | 657,937 | ||||||
11,371 | Pinnacle West Capital Corp. | 1,065,917 | ||||||
33,680 | PPL Corp. | 1,083,486 | ||||||
18,610 | Public Service Enterprise Group, Inc. | 1,094,454 | ||||||
8,866 | Sempra Energy | 1,067,821 | ||||||
21,935 | Southern Co. (The) | 1,089,950 | ||||||
17,704 | UGI Corp. | 971,950 | ||||||
41,687 | Vistra Energy Corp.(b) | 1,085,529 | ||||||
13,926 | WEC Energy Group, Inc. | 1,062,275 | ||||||
19,559 | Xcel Energy, Inc. | 1,073,007 | ||||||
|
| |||||||
39,555,912 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $468,586,988) | 465,745,783 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
122,911 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $122,911) | 122,911 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $468,709,899)—99.8% | 465,868,694 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.0% | ||||||||
4,353,580 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $4,353,580) | $ | 4,353,580 | |||||
|
| |||||||
Total Investments in Securities (Cost $473,063,479)—100.8% | 470,222,274 | |||||||
Other assets less liabilities—(0.8)% | (3,660,078 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 466,562,196 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 20 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 20.0 | |||
Real Estate | 14.6 | |||
Consumer Discretionary | 11.4 | |||
Information Technology | 10.0 | |||
Consumer Staples | 8.2 | |||
Health Care | 7.3 | |||
Utilities | 6.9 | |||
Industrials | 6.6 | |||
Communication Services | 6.4 | |||
Materials | 5.1 | |||
Energy | 3.4 | |||
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% | ||||||||
Communication Services—6.4% | ||||||||
6,592 | AMC Networks, Inc., Class A(b) | $ | 433,160 | |||||
12,637 | AT&T, Inc. | 393,263 | ||||||
431 | Cable One, Inc. | 409,015 | ||||||
7,156 | CBS Corp., Class B | 359,303 | ||||||
20,624 | CenturyLink, Inc. | 272,031 | ||||||
1,197 | Charter Communications, Inc., Class A(b) | 412,857 | ||||||
10,111 | Cinemark Holdings, Inc. | 380,477 | ||||||
9,940 | Comcast Corp., Class A | 384,380 | ||||||
2,806 | Facebook, Inc., Class A(b) | 453,029 | ||||||
16,499 | Interpublic Group of Cos., Inc. (The) | 379,972 | ||||||
7,012 | John Wiley & Sons, Inc., Class A | 363,853 | ||||||
900 | Liberty Broadband Corp., Class A(b) | 80,388 | ||||||
3,667 | Liberty Broadband Corp., Class C(b) | 328,196 | ||||||
1,456 | Madison Square Garden Co. (The), Class A(b) | 419,532 | ||||||
10,254 | Match Group, Inc.(c) | 567,866 | ||||||
5,038 | Omnicom Group, Inc. | 381,377 | ||||||
63,334 | Sirius XM Holdings, Inc. | 375,571 | ||||||
62,855 | Sprint Corp.(b) | 399,129 | ||||||
11,046 | Telephone & Data Systems, Inc. | 354,024 | ||||||
5,666 | T-Mobile US, Inc.(b) | 409,142 | ||||||
9,748 | Tribune Media Co., Class A | 450,650 | ||||||
6,053 | TripAdvisor, Inc.(b) | 321,838 | ||||||
5,350 | Twenty-First Century Fox, Inc., Class A | 269,800 | ||||||
2,519 | Twenty-First Century Fox, Inc., Class B | 126,353 | ||||||
12,547 | Twitter, Inc.(b) | 386,197 | ||||||
6,944 | United States Cellular Corp.(b) | 324,215 | ||||||
6,431 | Verizon Communications, Inc. | 366,053 | ||||||
342 | Viacom, Inc., Class A(c) | 11,679 | ||||||
12,187 | Viacom, Inc., Class B | 356,104 | ||||||
3,363 | Walt Disney Co. (The) | 379,481 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
15,033 | Zayo Group Holdings, Inc.(b) | $ | 372,818 | |||||
108,581 | Zynga, Inc., Class A(b) | 566,793 | ||||||
|
| |||||||
11,488,546 | ||||||||
|
| |||||||
Consumer Discretionary—11.4% | ||||||||
6,002 | Best Buy Co., Inc. | 413,178 | ||||||
205 | Booking Holdings, Inc.(b) | 347,893 | ||||||
3,235 | Bright Horizons Family Solutions, Inc.(b) | 401,140 | ||||||
2,372 | Burlington Stores, Inc.(b) | 402,623 | ||||||
4,191 | Carter’s, Inc. | 408,371 | ||||||
834 | Chipotle Mexican Grill, Inc.(b) | 506,680 | ||||||
4,346 | Columbia Sportswear Co. | 447,421 | ||||||
3,580 | Darden Restaurants, Inc. | 401,354 | ||||||
10,997 | Dick’s Sporting Goods, Inc. | 429,543 | ||||||
3,555 | Dollar General Corp. | 421,125 | ||||||
4,529 | Dollar Tree, Inc.(b) | 436,279 | ||||||
1,403 | Domino’s Pizza, Inc. | 352,069 | ||||||
5,240 | Dunkin’ Brands Group, Inc. | 374,398 | ||||||
3,256 | Expedia Group, Inc. | 401,497 | ||||||
11,932 | Floor & Decor Holdings, Inc., Class A(b) | 443,632 | ||||||
41,205 | Ford Motor Co. | 361,368 | ||||||
14,413 | Gap, Inc. (The) | 366,090 | ||||||
10,431 | General Motors Co. | 411,816 | ||||||
17,217 | Gentex Corp. | 350,194 | ||||||
601 | Graham Holdings Co., Class B | 410,910 | ||||||
3,174 | Grand Canyon Education, Inc.(b) | 367,168 | ||||||
14,355 | H&R Block, Inc. | 346,673 | ||||||
24,923 | Hanesbrands, Inc. | 463,319 | ||||||
22,529 | International Game Technology PLC | 388,625 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
5,872 | Kohl’s Corp. | $ | 396,536 | |||||
11,710 | L Brands, Inc. | 306,099 | ||||||
2,896 | Lear Corp. | 440,395 | ||||||
8,849 | Lennar Corp., Class A | 424,575 | ||||||
473 | Lennar Corp., Class B | 18,196 | ||||||
2,968 | Lululemon Athletica, Inc.(b) | 446,447 | ||||||
11,331 | Macy’s, Inc. | 280,895 | ||||||
2,058 | McDonald’s Corp. | 378,343 | ||||||
14,635 | MGM Resorts International | 391,486 | ||||||
7,334 | Nordstrom, Inc. | 346,752 | ||||||
161 | NVR, Inc.(b) | 421,820 | ||||||
3,997 | Polaris Industries, Inc. | 340,664 | ||||||
14,826 | PulteGroup, Inc. | 400,302 | ||||||
17,450 | Qurate Retail, Inc.(b) | 314,274 | ||||||
4,503 | Ross Stores, Inc. | 427,019 | ||||||
8,758 | ServiceMaster Global Holdings, Inc.(b) | 395,511 | ||||||
14,698 | Skechers U.S.A., Inc., Class A(b) | 494,294 | ||||||
5,925 | Starbucks Corp. | 416,291 | ||||||
9,960 | Tapestry, Inc. | 348,002 | ||||||
8,083 | TJX Cos., Inc. (The) | 414,577 | ||||||
11,921 | Toll Brothers, Inc. | 424,388 | ||||||
1,327 | Ulta Beauty, Inc.(b) | 414,674 | ||||||
10,180 | Urban Outfitters, Inc.(b) | 314,053 | ||||||
1,389 | Vail Resorts, Inc. | 289,454 | ||||||
22,064 | Wendy’s Co. (The) | 382,369 | ||||||
6,847 | Williams-Sonoma, Inc.(c) | 398,222 | ||||||
3,604 | Wynn Resorts Ltd. | 456,050 | ||||||
10,981 | Yum China Holdings, Inc. (China) | 458,127 | ||||||
4,209 | Yum! Brands, Inc. | 397,751 | ||||||
|
| |||||||
20,590,932 | ||||||||
|
| |||||||
Consumer Staples—8.2% | ||||||||
7,072 | Altria Group, Inc. | 370,643 | ||||||
8,425 | Archer-Daniels-Midland Co. | 358,062 | ||||||
1,244 | Brown-Forman Corp., Class A | 61,329 | ||||||
6,858 | Brown-Forman Corp., Class B | 339,402 | ||||||
9,891 | Campbell Soup Co. | 356,274 | ||||||
3,037 | Casey’s General Stores, Inc. | 409,205 | ||||||
5,939 | Church & Dwight Co., Inc. | 390,786 | ||||||
2,375 | Clorox Co. (The) | 375,321 | ||||||
7,696 | Coca-Cola Co. (The) | 348,937 | ||||||
6,194 | Colgate-Palmolive Co. | 407,999 | ||||||
11,990 | Conagra Brands, Inc. | 280,206 | ||||||
1,981 | Constellation Brands, Inc., Class A | 335,106 | ||||||
1,676 | Costco Wholesale Corp. | 366,608 | ||||||
8,767 | Energizer Holdings, Inc. | 402,230 | ||||||
2,781 | Estee Lauder Cos., Inc. (The), Class A | 436,450 | ||||||
19,881 | Flowers Foods, Inc. | 406,964 | ||||||
9,352 | General Mills, Inc. | 440,760 | ||||||
6,867 | Herbalife Nutrition Ltd.(b) | 385,239 | ||||||
3,630 | Hershey Co. (The) | 401,768 | ||||||
8,607 | Hormel Foods Corp. | 373,199 | ||||||
3,711 | Ingredion, Inc. | 343,082 | ||||||
3,800 | JM Smucker Co. (The) | 402,458 | ||||||
6,092 | Kellogg Co. | 342,736 | ||||||
3,429 | Kimberly-Clark Corp. | 400,610 | ||||||
7,584 | Kraft Heinz Co. (The) | 251,713 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
5,058 | Lamb Weston Holdings, Inc. | $ | 350,570 | |||||
2,623 | McCormick & Co., Inc. | 356,676 | ||||||
5,895 | Molson Coors Brewing Co., Class B | 363,486 | ||||||
8,791 | Mondelez International, Inc., Class A | 414,584 | ||||||
3,229 | PepsiCo, Inc. | 373,402 | ||||||
4,481 | Philip Morris International, Inc. | 389,578 | ||||||
19,928 | Pilgrim’s Pride Corp.(b) | 391,984 | ||||||
4,087 | Post Holdings, Inc.(b) | 416,384 | ||||||
4,198 | Procter & Gamble Co. (The) | 413,713 | ||||||
106 | Seaboard Corp. | 413,322 | ||||||
5,871 | Sysco Corp. | 396,586 | ||||||
6,711 | Tyson Foods, Inc., Class A | 413,800 | ||||||
11,896 | US Foods Holding Corp.(b) | 419,215 | ||||||
4,580 | Walgreens Boots Alliance, Inc. | 326,050 | ||||||
4,029 | Walmart, Inc. | 398,831 | ||||||
|
| |||||||
14,825,268 | ||||||||
|
| |||||||
Energy—3.4% | ||||||||
29,530 | Antero Resources Corp.(b)(c) | 255,730 | ||||||
15,415 | Cabot Oil & Gas Corp. | 379,517 | ||||||
3,326 | Chevron Corp. | 397,723 | ||||||
4,731 | Cimarex Energy Co. | 340,206 | ||||||
28,015 | CNX Resources Corp.(b) | 296,959 | ||||||
2,975 | Concho Resources, Inc. | 327,250 | ||||||
5,980 | ConocoPhillips | 405,743 | ||||||
3,578 | Diamondback Energy, Inc. | 368,283 | ||||||
4,877 | Exxon Mobil Corp. | 385,429 | ||||||
6,208 | HollyFrontier Corp. | 317,850 | ||||||
23,118 | Kinder Morgan, Inc. | 442,941 | ||||||
6,429 | ONEOK, Inc. | 413,128 | ||||||
19,261 | Parsley Energy, Inc., Class A(b) | 349,395 | ||||||
4,222 | Phillips 66 | 406,832 | ||||||
26,648 | Range Resources Corp. | 285,134 | ||||||
29,643 | RPC, Inc.(c) | 318,662 | ||||||
8,847 | Targa Resources Corp. | 356,003 | ||||||
|
| |||||||
6,046,785 | ||||||||
|
| |||||||
Financials—20.0% | ||||||||
8,597 | Aflac, Inc. | 422,457 | ||||||
22,200 | AGNC Investment Corp. REIT | 391,830 | ||||||
624 | Alleghany Corp. | 401,207 | ||||||
4,448 | Allstate Corp. (The) | 419,802 | ||||||
14,824 | Ally Financial, Inc. | 401,582 | ||||||
3,454 | American Express Co. | 372,134 | ||||||
3,788 | American Financial Group, Inc. | 377,512 | ||||||
3,081 | American National Insurance Co. | 453,492 | ||||||
39,138 | Annaly Capital Management, Inc. REIT | 396,468 | ||||||
2,396 | Aon PLC | 410,986 | ||||||
13,747 | Arch Capital Group Ltd.(b) | 449,115 | ||||||
5,132 | Arthur J. Gallagher & Co. | 411,997 | ||||||
16,734 | Associated Banc-Corp. | 389,568 | ||||||
4,082 | Assurant, Inc. | 420,405 | ||||||
9,506 | Assured Guaranty Ltd. | 396,971 | ||||||
9,092 | Athene Holding Ltd., Class A(b) | 405,049 | ||||||
7,173 | Axis Capital Holdings Ltd. | 409,363 | ||||||
4,976 | Bank of Hawaii Corp. | 409,176 | ||||||
7,712 | Bank of New York Mellon Corp. (The) | 404,726 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
11,486 | BankUnited, Inc. | $ | 419,124 | |||||
7,742 | BB&T Corp. | 394,610 | ||||||
1,776 | Berkshire Hathaway, Inc., Class B(b) | 357,509 | ||||||
58,364 | BGC Partners, Inc., Class A | 357,771 | ||||||
13,558 | Brown & Brown, Inc. | 401,588 | ||||||
3,602 | Cboe Global Markets, Inc. | 345,468 | ||||||
8,831 | Charles Schwab Corp. (The) | 406,314 | ||||||
20,489 | Chimera Investment Corp. REIT | 378,842 | ||||||
4,839 | Cincinnati Financial Corp. | 420,122 | ||||||
8,543 | CIT Group, Inc. | 435,437 | ||||||
2,047 | CME Group, Inc. | 372,370 | ||||||
8,265 | CNA Financial Corp. | 357,213 | ||||||
6,152 | Commerce Bancshares, Inc. | 387,145 | ||||||
949 | Credit Acceptance Corp.(b) | 417,427 | ||||||
3,941 | Cullen/Frost Bankers, Inc. | 408,603 | ||||||
7,415 | E*TRADE Financial Corp. | 363,261 | ||||||
2,874 | Erie Indemnity Co., Class A | 512,204 | ||||||
1,747 | Everest Re Group Ltd. | 395,014 | ||||||
31,626 | F.N.B. Corp. | 387,102 | ||||||
1,653 | FactSet Research Systems, Inc. | 388,736 | ||||||
13,882 | Fifth Third Bancorp | 382,866 | ||||||
15,249 | First Hawaiian, Inc. | 411,113 | ||||||
23,514 | First Horizon National Corp. | 367,524 | ||||||
4,003 | First Republic Bank | 420,235 | ||||||
11,442 | Franklin Resources, Inc.(c) | 373,124 | ||||||
2,076 | Goldman Sachs Group, Inc. (The) | 408,349 | ||||||
3,429 | Hanover Insurance Group, Inc. (The) | 407,057 | ||||||
4,746 | Intercontinental Exchange, Inc. | 366,154 | ||||||
19,053 | Invesco Ltd.(d) | 368,676 | ||||||
17,744 | Jefferies Financial Group, Inc. | 359,671 | ||||||
3,486 | JPMorgan Chase & Co. | 363,799 | ||||||
13,659 | Legg Mason, Inc. | 399,526 | ||||||
8,186 | Loews Corp. | 389,817 | ||||||
6,131 | LPL Financial Holdings, Inc. | 462,339 | ||||||
2,339 | M&T Bank Corp. | 404,787 | ||||||
339 | Markel Corp.(b) | 340,654 | ||||||
1,806 | MarketAxess Holdings, Inc. | 440,447 | ||||||
4,458 | Marsh & McLennan Cos., Inc. | 414,683 | ||||||
6,844 | Mercury General Corp. | 362,527 | ||||||
8,862 | MetLife, Inc. | 400,474 | ||||||
54,264 | MFA Financial, Inc. REIT | 394,499 | ||||||
8,734 | Morgan Stanley | 366,653 | ||||||
3,359 | Morningstar, Inc. | 425,115 | ||||||
4,246 | Nasdaq, Inc. | 388,806 | ||||||
22,999 | New Residential Investment Corp. REIT | 380,403 | ||||||
3,908 | Northern Trust Corp. | 364,226 | ||||||
17,194 | Old Republic International Corp. | 358,667 | ||||||
6,898 | Pinnacle Financial Partners, Inc. | 404,844 | ||||||
2,856 | PNC Financial Services Group, Inc. (The) | 359,913 | ||||||
7,012 | Popular, Inc. | 395,337 | ||||||
5,986 | Progressive Corp. (The) | 436,379 | ||||||
2,635 | Reinsurance Group of America, Inc. | 380,731 | ||||||
2,965 | RenaissanceRe Holdings Ltd. (Bermuda) | 436,003 | ||||||
2,163 | S&P Global, Inc. | 433,400 | ||||||
20,329 | Santander Consumer USA Holdings, Inc. | 417,558 | ||||||
3,208 | Signature Bank | 435,518 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
38,528 | SLM Corp.(b) | $ | 425,734 | |||||
17,333 | Starwood Property Trust, Inc. REIT | 388,779 | ||||||
7,351 | TD Ameritrade Holding Corp. | 414,082 | ||||||
24,540 | TFS Financial Corp. | 420,370 | ||||||
4,488 | Torchmark Corp. | 370,529 | ||||||
27,356 | Two Harbors Investment Corp. REIT | 379,428 | ||||||
20,152 | Umpqua Holdings Corp. | 366,363 | ||||||
11,011 | Unum Group | 411,371 | ||||||
7,120 | US Bancorp | 368,033 | ||||||
15,608 | Virtu Financial, Inc., Class A | 392,385 | ||||||
5,038 | W.R. Berkley Corp. | 421,479 | ||||||
6,443 | Webster Financial Corp. | 369,957 | ||||||
417 | White Mountains Insurance Group Ltd. | 391,726 | ||||||
2,467 | Willis Towers Watson PLC | 424,373 | ||||||
5,013 | Wintrust Financial Corp. | 369,308 | ||||||
8,154 | Zions Bancorp NA | 416,669 | ||||||
|
| |||||||
36,202,160 | ||||||||
|
| |||||||
Health Care—7.3% | ||||||||
11,414 | Acadia Healthcare Co., Inc.(b) | 300,074 | ||||||
3,212 | Alexion Pharmaceuticals, Inc.(b) | 434,680 | ||||||
4,362 | AmerisourceBergen Corp. | 363,355 | ||||||
1,868 | Amgen, Inc. | 355,069 | ||||||
1,364 | Anthem, Inc. | 410,196 | ||||||
10,535 | Boston Scientific Corp.(b) | 422,664 | ||||||
2,931 | Charles River Laboratories International, Inc.(b) | 416,700 | ||||||
1,243 | Chemed Corp. | 409,568 | ||||||
2,695 | Cigna Corp. | 470,116 | ||||||
1,739 | Covetrus, Inc.(b) | 62,221 | ||||||
3,036 | DexCom, Inc.(b) | 423,006 | ||||||
3,317 | Eli Lilly & Co., Class W(c) | 418,904 | ||||||
4,347 | Henry Schein, Inc.(b) | 257,777 | ||||||
1,197 | Humana, Inc. | 341,193 | ||||||
1,651 | ICU Medical, Inc.(b) | 405,750 | ||||||
7,231 | Integra LifeSciences Holdings Corp.(b) | 398,356 | ||||||
2,565 | Jazz Pharmaceuticals PLC(b) | 359,177 | ||||||
2,640 | Johnson & Johnson | 360,730 | ||||||
2,726 | Laboratory Corp. of America Holdings(b) | 404,102 | ||||||
3,177 | McKesson Corp. | 403,987 | ||||||
9,644 | MEDNAX, Inc.(b) | 317,384 | ||||||
4,985 | Merck & Co., Inc. | 405,231 | ||||||
2,842 | Penumbra, Inc.(b)(c) | 379,890 | ||||||
6,225 | Perrigo Co. PLC | 303,157 | ||||||
8,386 | Pfizer, Inc. | 363,533 | ||||||
11,097 | QIAGEN NV(b) | 426,458 | ||||||
4,443 | Quest Diagnostics, Inc. | 384,542 | ||||||
3,260 | STERIS PLC | 394,330 | ||||||
2,262 | Stryker Corp. | 426,410 | ||||||
3,287 | United Therapeutics Corp.(b) | 415,115 | ||||||
1,378 | UnitedHealth Group, Inc. | 333,779 | ||||||
2,809 | Universal Health Services, Inc., Class B | 389,973 | ||||||
3,190 | Varian Medical Systems, Inc.(b) | 428,608 | ||||||
1,990 | Waters Corp.(b) | 482,018 | ||||||
4,138 | Zoetis, Inc. | 389,924 | ||||||
|
| |||||||
13,257,977 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials—6.6% | ||||||||
6,611 | AGCO Corp. | $ | 446,771 | |||||
5,293 | Alaska Air Group, Inc. | 326,578 | ||||||
4,319 | Allegion PLC | 388,537 | ||||||
1,145 | AMERCO | 440,356 | ||||||
8,747 | BWX Technologies, Inc. | 457,905 | ||||||
4,199 | C.H. Robinson Worldwide, Inc. | 379,506 | ||||||
4,641 | Copa Holdings SA, Class A (Panama) | 409,197 | ||||||
7,757 | Copart, Inc.(b) | 455,103 | ||||||
6,387 | Delta Air Lines, Inc. | 316,667 | ||||||
16,036 | Gardner Denver Holdings, Inc.(b) | 430,567 | ||||||
1,799 | Huntington Ingalls Industries, Inc. | 376,729 | ||||||
7,412 | IHS Markit Ltd.(b) | 394,096 | ||||||
3,721 | J.B. Hunt Transport Services, Inc. | 400,640 | ||||||
19,864 | JetBlue Airways Corp.(b) | 331,729 | ||||||
11,371 | Johnson Controls International PLC | 401,055 | ||||||
6,785 | KAR Auction Services, Inc. | 319,913 | ||||||
4,377 | MSC Industrial Direct Co., Inc., Class A | 369,463 | ||||||
14,271 | Nielsen Holdings PLC | 373,900 | ||||||
9,080 | Pentair PLC | 386,263 | ||||||
11,265 | Quanta Services, Inc. | 401,485 | ||||||
5,016 | Republic Services, Inc. | 393,405 | ||||||
9,151 | Rollins, Inc. | 362,929 | ||||||
1,328 | Roper Technologies, Inc. | 429,807 | ||||||
6,380 | Toro Co. (The) | 437,540 | ||||||
2,579 | Union Pacific Corp. | 432,498 | ||||||
4,010 | United Continental Holdings, Inc.(b) | 352,118 | ||||||
9,130 | USG Corp. | 393,594 | ||||||
3,146 | Verisk Analytics, Inc.(b) | 397,749 | ||||||
4,217 | Waste Management, Inc. | 426,971 | ||||||
28,637 | Welbilt, Inc.(b) | 457,333 | ||||||
|
| |||||||
11,890,404 | ||||||||
|
| |||||||
Information Technology—10.0% | ||||||||
2,356 | Accenture PLC, Class A | 380,211 | ||||||
5,752 | Akamai Technologies, Inc.(b) | 400,684 | ||||||
5,974 | Amdocs Ltd. | 331,975 | ||||||
4,476 | Amphenol Corp., Class A | 420,610 | ||||||
4,280 | Analog Devices, Inc. | 457,789 | ||||||
2,171 | Apple, Inc. | 375,909 | ||||||
12,557 | ARRIS International PLC(b) | 397,806 | ||||||
5,136 | Arrow Electronics, Inc.(b) | 409,339 | ||||||
8,671 | Black Knight, Inc.(b) | 453,060 | ||||||
7,732 | Booz Allen Hamilton Holding Corp. | 408,713 | ||||||
1,654 | Broadcom, Inc. | 455,445 | ||||||
3,663 | Broadridge Financial Solutions, Inc. | 370,879 | ||||||
7,807 | CDK Global, Inc. | 452,884 | ||||||
4,270 | CDW Corp. | 400,910 | ||||||
8,265 | Cisco Systems, Inc. | 427,879 | ||||||
3,559 | Citrix Systems, Inc. | 375,474 | ||||||
5,570 | Cognizant Technology Solutions Corp., Class A | 395,359 | ||||||
2,777 | Dell Technologies, Inc., Class C(b) | 155,012 | ||||||
5,515 | Dolby Laboratories, Inc., Class A | 357,372 | ||||||
3,359 | Euronet Worldwide, Inc.(b) | 451,181 | ||||||
3,665 | Fidelity National Information Services, Inc. | 396,370 | ||||||
4,906 | Fiserv, Inc.(b) | 415,489 | ||||||
5,327 | Fortinet, Inc.(b) | 462,330 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
6,061 | GoDaddy, Inc., Class A(b) | $ | 452,454 | |||||
26,374 | Hewlett Packard Enterprise Co. | 432,006 | ||||||
7,979 | Intel Corp. | 422,568 | ||||||
1,845 | Intuit, Inc. | 455,955 | ||||||
15,747 | Jabil, Inc. | 447,215 | ||||||
13,753 | Juniper Networks, Inc. | 372,431 | ||||||
2,518 | Lam Research Corp. | 443,395 | ||||||
6,280 | Leidos Holdings, Inc. | 405,625 | ||||||
4,303 | LogMeIn, Inc. | 341,830 | ||||||
5,041 | MKS Instruments, Inc. | 417,748 | ||||||
8,066 | National Instruments Corp. | 377,005 | ||||||
4,743 | NXP Semiconductors NV (Netherlands) | 433,131 | ||||||
8,070 | Oracle Corp. | 420,689 | ||||||
2,216 | Red Hat, Inc.(b) | 404,642 | ||||||
15,163 | Sabre Corp. | 340,106 | ||||||
5,438 | Skyworks Solutions, Inc. | 444,067 | ||||||
17,892 | Symantec Corp. | 402,391 | ||||||
11,415 | Versum Materials, Inc. | 559,335 | ||||||
2,363 | VMware, Inc., Class A | 405,987 | ||||||
14,692 | Xerox Corp. | 453,983 | ||||||
4,271 | Xilinx, Inc. | 535,156 | ||||||
|
| |||||||
18,120,399 | ||||||||
|
| |||||||
Materials—5.1% | ||||||||
2,445 | Air Products & Chemicals, Inc. | 442,985 | ||||||
4,026 | Albemarle Corp. | 367,534 | ||||||
3,726 | AptarGroup, Inc. | 379,046 | ||||||
29,803 | Ardagh Group SA | 388,035 | ||||||
15,774 | Axalta Coating Systems Ltd.(b) | 421,639 | ||||||
8,053 | Ball Corp. | 441,143 | ||||||
8,107 | Bemis Co., Inc. | 428,860 | ||||||
7,816 | Berry Global Group, Inc.(b) | 410,105 | ||||||
2,425 | Ecolab, Inc. | 409,607 | ||||||
2,743 | International Flavors & Fragrances, Inc. | 349,732 | ||||||
2,486 | Linde PLC (United Kingdom) | 430,675 | ||||||
2,033 | Martin Marietta Materials, Inc. | 381,797 | ||||||
936 | NewMarket Corp. | 410,904 | ||||||
6,552 | Nucor Corp. | 396,855 | ||||||
3,618 | PPG Industries, Inc. | 405,107 | ||||||
4,919 | Reliance Steel & Aluminum Co. | 439,021 | ||||||
5,878 | RPM International, Inc. | 340,160 | ||||||
5,204 | Scotts Miracle-Gro Co. (The) | 426,208 | ||||||
15,349 | Silgan Holdings, Inc. | 434,530 | ||||||
6,873 | Sonoco Products Co. | 397,878 | ||||||
11,752 | Southern Copper Corp. (Peru) | 418,489 | ||||||
17,216 | United States Steel Corp. | 385,811 | ||||||
18,754 | Valvoline, Inc. | 352,388 | ||||||
|
| |||||||
9,258,509 | ||||||||
|
| |||||||
Real Estate—14.6% | ||||||||
3,178 | Alexandria Real Estate Equities, Inc. REIT | 431,858 | ||||||
8,852 | American Campus Communities, Inc. REIT | 398,871 | ||||||
18,880 | American Homes 4 Rent, Class A REIT | 412,339 | ||||||
2,413 | American Tower Corp. REIT | 425,050 | ||||||
8,102 | Apartment Investment & Management Co., Class A REIT | 396,431 | ||||||
24,940 | Apple Hospitality REIT, Inc. REIT | 411,011 | ||||||
2,042 | AvalonBay Communities, Inc. REIT | 397,435 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
3,015 | Boston Properties, Inc. REIT | $ | 400,060 | |||||
27,717 | Brandywine Realty Trust REIT | 435,711 | ||||||
23,972 | Brixmor Property Group, Inc. REIT | 418,551 | ||||||
4,169 | Camden Property Trust REIT | 408,937 | ||||||
9,057 | CBRE Group, Inc., Class A(b) | 450,676 | ||||||
18,434 | Columbia Property Trust, Inc. REIT | 398,727 | ||||||
16,218 | Corporate Office Properties Trust REIT | 421,506 | ||||||
3,380 | Crown Castle International Corp. REIT | 401,375 | ||||||
12,703 | CubeSmart REIT | 389,220 | ||||||
3,370 | Digital Realty Trust, Inc. REIT | 381,214 | ||||||
10,720 | Douglas Emmett, Inc. REIT | 413,792 | ||||||
13,904 | Duke Realty Corp. REIT | 411,141 | ||||||
23,949 | Empire State Realty Trust, Inc., Class A REIT | 364,504 | ||||||
5,478 | EPR Properties REIT | 402,523 | ||||||
1,027 | Equinix, Inc. REIT | 434,935 | ||||||
12,380 | Equity Commonwealth REIT | 404,207 | ||||||
3,974 | Equity LifeStyle Properties, Inc. REIT | 431,735 | ||||||
5,570 | Equity Residential REIT | 410,453 | ||||||
1,483 | Essex Property Trust, Inc. REIT | 415,003 | ||||||
4,136 | Extra Space Storage, Inc. REIT | 396,808 | ||||||
2,994 | Federal Realty Investment Trust REIT | 399,968 | ||||||
11,427 | Gaming and Leisure Properties, Inc. REIT | 415,714 | ||||||
13,443 | HCP, Inc. REIT | 413,641 | ||||||
14,067 | Healthcare Trust of America, Inc., Class A REIT | 400,769 | ||||||
9,146 | Highwoods Properties, Inc. REIT | 423,551 | ||||||
3,585 | Howard Hughes Corp. (The)(b) | 399,297 | ||||||
12,822 | Hudson Pacific Properties, Inc. REIT | 425,947 | ||||||
11,580 | Iron Mountain, Inc. REIT | 410,164 | ||||||
2,772 | Jones Lang LaSalle, Inc. | 457,713 | ||||||
5,662 | Kilroy Realty Corp. REIT | 417,346 | ||||||
24,155 | Kimco Realty Corp. REIT | 424,886 | ||||||
5,215 | Lamar Advertising Co., Class A REIT | 404,528 | ||||||
8,688 | Liberty Property Trust REIT | 411,203 | ||||||
4,064 | Life Storage, Inc. REIT | 396,646 | ||||||
22,866 | Medical Properties Trust, Inc. REIT | 416,847 | ||||||
3,750 | Mid-America Apartment Communities, Inc. REIT | 388,425 | ||||||
7,899 | National Retail Properties, Inc. REIT | 411,538 | ||||||
10,460 | Omega Healthcare Investors, Inc. REIT | 375,514 | ||||||
5,877 | Prologis, Inc. REIT | 411,743 | ||||||
1,845 | Public Storage REIT | 390,199 | ||||||
12,257 | Rayonier, Inc. REIT | 361,214 | ||||||
20,131 | Realogy Holdings Corp.(c) | 273,782 | ||||||
6,188 | Realty Income Corp. REIT | 427,962 | ||||||
6,213 | Regency Centers Corp. REIT | 405,398 | ||||||
31,526 | Retail Properties of America, Inc., Class A REIT | 392,814 | ||||||
28,843 | Senior Housing Properties Trust REIT | 373,517 | ||||||
2,130 | Simon Property Group, Inc. REIT | 385,871 | ||||||
4,022 | SL Green Realty Corp. REIT | 364,876 | ||||||
10,600 | Spirit Realty Capital, Inc. REIT | 409,584 | ||||||
13,240 | STORE Capital Corp. REIT | 429,903 | ||||||
3,777 | Sun Communities, Inc. REIT | 428,954 | ||||||
7,324 | Taubman Centers, Inc. REIT | 390,955 | ||||||
9,104 | UDR, Inc. REIT | 404,400 | ||||||
19,854 | Uniti Group, Inc. REIT(c) | 191,393 | ||||||
6,114 | Ventas, Inc. REIT | 383,654 | ||||||
5,389 | Vornado Realty Trust REIT | 362,734 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
13,699 | Weingarten Realty Investors REIT | $ | 394,668 | |||||
5,470 | Welltower, Inc. REIT | 406,476 | ||||||
5,801 | WP Carey, Inc. REIT | 428,520 | ||||||
|
| |||||||
26,476,387 | ||||||||
|
| |||||||
Utilities—6.9% | ||||||||
8,543 | Alliant Energy Corp. | 391,867 | ||||||
5,656 | Ameren Corp. | 402,933 | ||||||
5,058 | American Electric Power Co., Inc. | 410,457 | ||||||
4,071 | American Water Works Co., Inc. | 413,695 | ||||||
11,464 | Aqua America, Inc. | 412,016 | ||||||
4,111 | Atmos Energy Corp. | 406,372 | ||||||
7,802 | Avangrid, Inc. | 377,227 | ||||||
14,031 | CenterPoint Energy, Inc. | 422,894 | ||||||
7,449 | CMS Energy Corp. | 405,226 | ||||||
4,892 | Consolidated Edison, Inc. | 403,345 | ||||||
5,277 | Dominion Energy, Inc. | 390,973 | ||||||
3,247 | DTE Energy Co. | 401,199 | ||||||
4,467 | Duke Energy Corp. | 400,511 | ||||||
7,105 | Edison International | 425,519 | ||||||
4,515 | Entergy Corp. | 421,385 | ||||||
6,622 | Evergy, Inc. | 370,236 | ||||||
5,680 | Eversource Energy | 396,521 | ||||||
8,525 | Exelon Corp. | 414,230 | ||||||
10,123 | Hawaiian Electric Industries, Inc. | 387,508 | ||||||
14,649 | MDU Resources Group, Inc. | 387,027 | ||||||
7,303 | National Fuel Gas Co. | 439,568 | ||||||
2,141 | NextEra Energy, Inc. | 401,909 | ||||||
10,017 | OGE Energy Corp. | 425,923 | ||||||
14,698 | PG&E Corp.(b) | 250,307 | ||||||
4,344 | Pinnacle West Capital Corp. | 407,207 | ||||||
12,860 | PPL Corp. | 413,706 | ||||||
7,077 | Public Service Enterprise Group, Inc. | 416,198 | ||||||
8,383 | Southern Co. (The) | 416,551 | ||||||
6,751 | UGI Corp. | 370,630 | ||||||
5,358 | WEC Energy Group, Inc. | 408,708 | ||||||
7,498 | Xcel Energy, Inc. | 411,340 | ||||||
|
| |||||||
12,403,188 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $166,765,518) | 180,560,555 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
5,184 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $5,184) | 5,184 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $166,770,702)—99.9% | 180,565,739 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.5% | ||||||||
2,778,298 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $2,778,298) | $ | 2,778,298 | |||||
|
| |||||||
Total Investments in Securities (Cost $169,549,000)—101.4% | 183,344,037 | |||||||
Other assets less liabilities—(1.4)% | (2,528,033 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 180,816,004 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 26 |
|
Invesco S&P 500 Enhanced Value ETF (SPVU)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 37.8 | |||
Communication Services | 13.0 | |||
Consumer Discretionary | 10.5 | |||
Energy | 8.4 | |||
Health Care | 7.3 | |||
Consumer Staples | 6.6 | |||
Industrials | 5.7 | |||
Information Technology | 4.5 | |||
Materials | 4.1 | |||
Utilities | 1.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.7% | ||||||||
Communication Services—13.0% | ||||||||
38,769 | AT&T, Inc. | $ | 1,206,491 | |||||
10,510 | CenturyLink, Inc. | 138,627 | ||||||
1,208 | Charter Communications, Inc., Class A(b) | 416,651 | ||||||
30,837 | Comcast Corp., Class A | 1,192,467 | ||||||
2,006 | DISH Network Corp., Class A(b) | 65,215 | ||||||
3,376 | Viacom, Inc., Class B | 98,647 | ||||||
|
| |||||||
3,118,098 | ||||||||
|
| |||||||
Consumer Discretionary—10.5% | ||||||||
1,979 | Best Buy Co., Inc. | 136,234 | ||||||
2,890 | D.R. Horton, Inc. | 112,392 | ||||||
1,512 | Dollar Tree, Inc.(b) | 145,651 | ||||||
61,346 | Ford Motor Co. | 538,004 | ||||||
1,523 | Gap, Inc. (The) | 38,684 | ||||||
12,308 | General Motors Co. | 485,920 | ||||||
1,466 | Kohl’s Corp. | 98,999 | ||||||
3,145 | Lennar Corp., Class A | 150,897 | ||||||
2,379 | LKQ Corp.(b) | 65,898 | ||||||
4,048 | Macy’s, Inc. | 100,350 | ||||||
3,578 | MGM Resorts International | 95,712 | ||||||
561 | Mohawk Industries, Inc.(b) | 76,363 | ||||||
724 | Nordstrom, Inc. | 34,231 | ||||||
2,327 | PulteGroup, Inc. | 62,829 | ||||||
641 | PVH Corp. | 73,613 | ||||||
4,286 | Target Corp. | 311,335 | ||||||
|
| |||||||
2,527,112 | ||||||||
|
| |||||||
Consumer Staples—6.6% | ||||||||
6,375 | Archer-Daniels-Midland Co. | 270,938 | ||||||
3,524 | Coty, Inc., Class A(c) | 38,764 | ||||||
858 | JM Smucker Co. (The) | 90,871 | ||||||
6,522 | Kraft Heinz Co. (The) | 216,465 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Consumer Staples (continued) | ||||||||
8,788 | Kroger Co. (The) | $ | 257,752 | |||||
1,783 | Molson Coors Brewing Co., Class B | 109,940 | ||||||
3,288 | Tyson Foods, Inc., Class A | 202,738 | ||||||
5,528 | Walgreens Boots Alliance, Inc. | 393,538 | ||||||
|
| |||||||
1,581,006 | ||||||||
|
| |||||||
Energy—8.4% | ||||||||
5,716 | Baker Hughes a GE Co. | 150,788 | ||||||
4,464 | Devon Energy Corp. | 131,733 | ||||||
1,726 | HollyFrontier Corp. | 88,371 | ||||||
7,967 | Marathon Petroleum Corp. | 494,034 | ||||||
3,907 | Noble Energy, Inc. | 86,540 | ||||||
5,383 | Phillips 66 | 518,706 | ||||||
3,709 | TechnipFMC PLC (United Kingdom) | 82,673 | ||||||
5,621 | Valero Energy Corp. | 458,449 | ||||||
|
| |||||||
2,011,294 | ||||||||
|
| |||||||
Financials—37.8% | ||||||||
6,657 | Aflac, Inc. | 327,125 | ||||||
3,378 | Allstate Corp. (The) | 318,816 | ||||||
532 | Assurant, Inc. | 54,791 | ||||||
47,687 | Bank of America Corp. | 1,386,738 | ||||||
5,921 | Bank of New York Mellon Corp. (The) | 310,734 | ||||||
5,775 | Berkshire Hathaway, Inc., Class B(b) | 1,162,507 | ||||||
1,237 | Brighthouse Financial, Inc.(b) | 47,897 | ||||||
4,438 | Capital One Financial Corp. | 370,928 | ||||||
3,310 | Chubb Ltd. | 443,209 | ||||||
4,720 | Citizens Financial Group, Inc. | 174,357 | ||||||
373 | Everest Re Group Ltd. | 84,339 | ||||||
5,271 | Fifth Third Bancorp | 145,374 | ||||||
2,807 | Goldman Sachs Group, Inc. (The) | 552,137 | ||||||
4,774 | Invesco Ltd.(d) | 92,377 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco S&P 500 Enhanced Value ETF (SPVU)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
3,853 | Jefferies Financial Group, Inc. | $ | 78,100 | |||||
2,884 | Lincoln National Corp. | 180,308 | ||||||
2,749 | Loews Corp. | 130,907 | ||||||
13,050 | MetLife, Inc. | 589,729 | ||||||
11,040 | Morgan Stanley | 463,459 | ||||||
2,675 | People’s United Financial, Inc. | 47,508 | ||||||
2,984 | PNC Financial Services Group, Inc. (The) | 376,044 | ||||||
3,072 | Principal Financial Group, Inc. | 161,710 | ||||||
6,203 | Prudential Financial, Inc. | 594,558 | ||||||
7,664 | Regions Financial Corp. | 125,690 | ||||||
3,367 | SunTrust Banks, Inc. | 218,417 | ||||||
5,965 | Synchrony Financial | 194,519 | ||||||
883 | Torchmark Corp. | 72,900 | ||||||
1,840 | Travelers Cos., Inc. (The) | 244,554 | ||||||
2,556 | Unum Group | 95,492 | ||||||
|
| |||||||
9,045,224 | ||||||||
|
| |||||||
Health Care—7.3% | ||||||||
1,444 | AmerisourceBergen Corp. | 120,285 | ||||||
1,580 | Anthem, Inc. | 475,153 | ||||||
2,546 | Cardinal Health, Inc. | 138,350 | ||||||
2,931 | Centene Corp.(b) | 178,469 | ||||||
11,232 | CVS Health Corp. | 649,547 | ||||||
1,414 | McKesson Corp. | 179,804 | ||||||
|
| |||||||
1,741,608 | ||||||||
|
| |||||||
Industrials—5.7% | ||||||||
891 | Alaska Air Group, Inc. | 54,975 | ||||||
3,178 | American Airlines Group, Inc. | 113,232 | ||||||
3,982 | Delta Air Lines, Inc. | 197,427 | ||||||
1,482 | Fluor Corp. | 55,723 | ||||||
841 | Jacobs Engineering Group, Inc. | 62,049 | ||||||
6,614 | Johnson Controls International PLC | 233,276 | ||||||
2,542 | PACCAR, Inc. | 172,348 | ||||||
1,546 | Quanta Services, Inc. | 55,099 | ||||||
3,320 | Southwest Airlines Co. | 186,053 | ||||||
1,737 | United Continental Holdings, Inc.(b) | 152,526 | ||||||
676 | United Rentals, Inc.(b) | 90,983 | ||||||
|
| |||||||
1,373,691 | ||||||||
|
| |||||||
Information Technology—4.5% | ||||||||
2,637 | DXC Technology Co. | 173,673 | ||||||
17,123 | Hewlett Packard Enterprise Co. | 280,475 | ||||||
11,207 | Micron Technology, Inc.(b) | 458,142 | ||||||
2,601 | Western Digital Corp.(c) | 130,830 | ||||||
1,448 | Xerox Corp. | 44,743 | ||||||
|
| |||||||
1,087,863 | ||||||||
|
| |||||||
Materials—4.1% | ||||||||
1,241 | Eastman Chemical Co. | 102,618 | ||||||
14,856 | Freeport-McMoRan, Inc. | 191,642 | ||||||
3,723 | International Paper Co. | 170,588 | ||||||
2,813 | LyondellBasell Industries NV, Class A | 240,568 | ||||||
2,709 | Nucor Corp. | 164,084 | ||||||
3,138 | WestRock Co. | 117,299 | ||||||
|
| |||||||
986,799 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Utilities—1.8% | ||||||||
3,339 | CenterPoint Energy, Inc. | $ | 100,637 | |||||
6,605 | Exelon Corp. | 320,937 | ||||||
|
| |||||||
421,574 | ||||||||
|
| |||||||
Total Investments in Securities | ||||||||
(excluding investments purchased with cash collateral from securities on loan) (Cost $23,848,707)—99.7% | 23,894,269 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.7% | ||||||||
151,769 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $151,769) | 151,769 | ||||||
|
| |||||||
Total Investments in Securities (Cost $24,000,476)—100.4% | 24,046,038 | |||||||
Other assets less liabilities—(0.4)% | (85,740 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 23,960,298 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 28 |
|
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 29.8 | |||
Health Care | 14.3 | |||
Industrials | 13.8 | |||
Information Technology | 13.6 | |||
Consumer Staples | 7.4 | |||
Consumer Discretionary | 7.3 | |||
Materials | 4.1 | |||
Energy | 3.7 | |||
Real Estate | 3.0 | |||
Communication Services | 3.0 | |||
Other Assets Less Liabilities | 0.0 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Communication Services—3.0% | ||||||||
16,974 | Omnicom Group, Inc. | $ | 1,284,932 | |||||
26,679 | Verizon Communications, Inc. | 1,518,568 | ||||||
13,013 | Walt Disney Co. (The) | 1,468,387 | ||||||
|
| |||||||
4,271,887 | ||||||||
|
| |||||||
Consumer Discretionary—7.3% | ||||||||
21,141 | Garmin Ltd. | 1,775,210 | ||||||
15,142 | Genuine Parts Co. | 1,647,147 | ||||||
7,131 | Home Depot, Inc. (The) | 1,320,233 | ||||||
8,276 | McDonald’s Corp. | 1,521,460 | ||||||
17,987 | Starbucks Corp. | 1,263,767 | ||||||
27,830 | TJX Cos., Inc. (The) | 1,427,401 | ||||||
16,139 | Yum! Brands, Inc. | 1,525,135 | ||||||
|
| |||||||
10,480,353 | ||||||||
|
| |||||||
Consumer Staples—7.4% | ||||||||
39,271 | Archer-Daniels-Midland Co. | 1,669,017 | ||||||
39,155 | Coca-Cola Co. (The) | 1,775,288 | ||||||
6,493 | Costco Wholesale Corp. | 1,420,279 | ||||||
34,234 | Hormel Foods Corp. | 1,484,386 | ||||||
10,572 | McCormick & Co., Inc. | 1,437,581 | ||||||
32,100 | Mondelez International, Inc., Class A | 1,513,836 | ||||||
20,904 | Sysco Corp. | 1,412,065 | ||||||
|
| |||||||
10,712,452 | ||||||||
|
| |||||||
Energy—3.7% | ||||||||
10,624 | Chevron Corp. | 1,270,418 | ||||||
18,367 | Exxon Mobil Corp. | 1,451,544 | ||||||
69,275 | Kinder Morgan, Inc. | 1,327,309 | ||||||
19,185 | ONEOK, Inc. | 1,232,828 | ||||||
|
| |||||||
5,282,099 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials—29.8% | ||||||||
33,598 | Aflac, Inc. | $ | 1,651,006 | |||||
15,713 | Allstate Corp. (The) | 1,482,993 | ||||||
29,503 | American International Group, Inc. | 1,274,530 | ||||||
10,189 | Aon PLC | 1,747,719 | ||||||
21,844 | Arthur J. Gallagher & Co. | 1,753,636 | ||||||
13,498 | Assurant, Inc. | 1,390,159 | ||||||
25,264 | Bank of New York Mellon Corp. (The) | 1,325,855 | ||||||
27,051 | BB&T Corp. | 1,378,789 | ||||||
6,418 | Berkshire Hathaway, Inc., Class B(b) | 1,291,943 | ||||||
12,074 | Chubb Ltd. | 1,616,709 | ||||||
16,680 | Cincinnati Financial Corp. | 1,448,158 | ||||||
8,181 | CME Group, Inc. | 1,488,206 | ||||||
5,962 | Everest Re Group Ltd. | 1,348,068 | ||||||
29,774 | Hartford Financial Services Group, Inc. (The) | 1,469,645 | ||||||
95,578 | Huntington Bancshares, Inc. | 1,377,279 | ||||||
19,189 | Intercontinental Exchange, Inc. | 1,480,431 | ||||||
13,273 | JPMorgan Chase & Co. | 1,385,170 | ||||||
31,746 | Loews Corp. | 1,511,745 | ||||||
8,248 | M&T Bank Corp. | 1,427,399 | ||||||
17,678 | Marsh & McLennan Cos., Inc. | 1,644,408 | ||||||
16,902 | Nasdaq, Inc. | 1,547,716 | ||||||
88,923 | People’s United Financial, Inc. | 1,579,272 | ||||||
10,713 | PNC Financial Services Group, Inc. (The) | 1,350,052 | ||||||
18,186 | Progressive Corp. (The) | 1,325,759 | ||||||
17,570 | Torchmark Corp. | 1,450,579 | ||||||
12,047 | Travelers Cos., Inc. (The) | 1,601,167 | ||||||
31,091 | US Bancorp | 1,607,094 | ||||||
26,570 | Wells Fargo & Co. | 1,325,577 | ||||||
9,006 | Willis Towers Watson PLC | 1,549,212 | ||||||
|
| |||||||
42,830,276 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care—14.3% | ||||||||
17,345 | Abbott Laboratories | $ | 1,346,319 | |||||
6,760 | Amgen, Inc. | 1,284,941 | ||||||
17,887 | Baxter International, Inc. | 1,336,696 | ||||||
5,780 | Becton, Dickinson and Co. | 1,438,006 | ||||||
12,757 | Danaher Corp. | 1,620,394 | ||||||
4,423 | Humana, Inc. | 1,260,732 | ||||||
10,443 | Johnson & Johnson | 1,426,932 | ||||||
8,705 | Laboratory Corp. of America Holdings(b) | 1,290,429 | ||||||
19,534 | Merck & Co., Inc. | 1,587,919 | ||||||
34,986 | Pfizer, Inc. | 1,516,643 | ||||||
14,346 | Quest Diagnostics, Inc. | 1,241,646 | ||||||
5,188 | Thermo Fisher Scientific, Inc. | 1,346,649 | ||||||
5,020 | UnitedHealth Group, Inc. | 1,215,945 | ||||||
10,469 | Zimmer Biomet Holdings, Inc. | 1,299,412 | ||||||
14,445 | Zoetis, Inc. | 1,361,152 | ||||||
|
| |||||||
20,573,815 | ||||||||
|
| |||||||
Industrials—13.8% | ||||||||
14,561 | Allegion PLC | 1,309,908 | ||||||
16,680 | AMETEK, Inc. | 1,327,394 | ||||||
13,764 | C.H. Robinson Worldwide, Inc. | 1,243,990 | ||||||
16,828 | Eaton Corp. PLC | 1,342,370 | ||||||
7,471 | General Dynamics Corp. | 1,271,714 | ||||||
10,449 | Honeywell International, Inc. | 1,609,877 | ||||||
4,147 | Lockheed Martin Corp. | 1,283,123 | ||||||
32,118 | Pentair PLC | 1,366,300 | ||||||
7,166 | Raytheon Co. | 1,336,459 | ||||||
24,225 | Republic Services, Inc. | 1,899,967 | ||||||
35,766 | Rollins, Inc. | 1,418,479 | ||||||
10,358 | United Technologies Corp. | 1,301,690 | ||||||
11,954 | Verisk Analytics, Inc.(b) | 1,511,344 | ||||||
16,863 | Waste Management, Inc. | 1,707,379 | ||||||
|
| |||||||
19,929,994 | ||||||||
|
| |||||||
Information Technology—13.6% | ||||||||
8,074 | Accenture PLC, Class A | 1,302,982 | ||||||
15,158 | Amphenol Corp., Class A | 1,424,397 | ||||||
8,745 | Automatic Data Processing, Inc. | 1,338,247 | ||||||
15,402 | Citrix Systems, Inc. | 1,624,911 | ||||||
17,149 | Cognizant Technology Solutions Corp., Class A | 1,217,236 | ||||||
13,554 | Fidelity National Information Services, Inc. | 1,465,865 | ||||||
15,459 | Fiserv, Inc.(b) | 1,309,223 | ||||||
9,053 | Gartner, Inc.(b) | 1,288,242 | ||||||
11,102 | Jack Henry & Associates, Inc. | 1,472,458 | ||||||
10,053 | Motorola Solutions, Inc. | 1,438,785 | ||||||
20,375 | Paychex, Inc. | 1,569,283 | ||||||
15,495 | TE Connectivity Ltd. | 1,271,985 | ||||||
13,625 | Total System Services, Inc. | 1,286,200 | ||||||
86,282 | Western Union Co. (The) | 1,541,859 | ||||||
|
| |||||||
19,551,673 | ||||||||
|
| |||||||
Materials—4.1% | ||||||||
8,927 | Air Products & Chemicals, Inc. | 1,617,394 | ||||||
25,145 | Ball Corp. | 1,377,443 | ||||||
10,330 | Ecolab, Inc. | 1,744,840 | ||||||
9,310 | International Flavors & Fragrances, Inc. | 1,187,025 | ||||||
|
| |||||||
5,926,702 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate—3.0% | ||||||||
72,955 | Host Hotels & Resorts, Inc. REIT | $ | 1,430,648 | |||||
16,081 | SL Green Realty Corp. REIT | 1,458,868 | ||||||
21,613 | Vornado Realty Trust REIT | 1,454,771 | ||||||
|
| |||||||
4,344,287 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $135,248,158)—100.0% | 143,903,538 | |||||||
Other assets less liabilities—0.0% | 42,614 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 143,946,152 | ||||||
|
|
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.
| 30 |
|
Invesco S&P 500® High Beta ETF (SPHB)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Information Technology | 37.8 | |||
Industrials | 12.8 | |||
Health Care | 12.3 | |||
Financials | 12.0 | |||
Communication Services | 8.7 | |||
Energy | 7.0 | |||
Consumer Discretionary | 5.5 | |||
Materials | 3.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Communication Services—8.7% | ||||||||
67,060 | Activision Blizzard, Inc. | $ | 2,825,908 | |||||
2,944 | Alphabet, Inc., Class C(b) | 3,297,045 | ||||||
86,882 | DISH Network Corp., Class A(b) | 2,824,534 | ||||||
27,153 | Electronic Arts, Inc.(b) | 2,600,714 | ||||||
18,278 | Facebook, Inc., Class A(b) | 2,950,983 | ||||||
12,296 | Netflix, Inc.(b) | 4,403,198 | ||||||
34,492 | Take-Two Interactive Software, Inc.(b) | 3,009,772 | ||||||
49,149 | TripAdvisor, Inc.(b) | 2,613,252 | ||||||
111,717 | Twitter, Inc.(b) | 3,438,649 | ||||||
|
| |||||||
27,964,055 | ||||||||
|
| |||||||
Consumer Discretionary—5.5% | ||||||||
2,355 | Amazon.com, Inc.(b) | 3,861,800 | ||||||
109,217 | MGM Resorts International | 2,921,555 | ||||||
134,012 | Newell Brands, Inc.(c) | 2,175,015 | ||||||
24,653 | Royal Caribbean Cruises Ltd. | 2,920,887 | ||||||
138,068 | Under Armour, Inc., Class A(b) | 3,113,433 | ||||||
22,610 | Wynn Resorts Ltd. | 2,861,069 | ||||||
|
| |||||||
17,853,759 | ||||||||
|
| |||||||
Energy—7.0% | ||||||||
63,792 | Anadarko Petroleum Corp. | 2,774,952 | ||||||
119,160 | Devon Energy Corp. | 3,516,411 | ||||||
27,789 | Diamondback Energy, Inc. | 2,860,322 | ||||||
67,521 | Hess Corp. | 3,906,090 | ||||||
49,268 | HollyFrontier Corp. | 2,522,522 | ||||||
226,208 | Marathon Oil Corp. | 3,755,053 | ||||||
150,100 | Noble Energy, Inc. | 3,324,715 | ||||||
|
| |||||||
22,660,065 | ||||||||
|
| |||||||
Financials—12.0% | ||||||||
24,020 | Ameriprise Financial, Inc. | 3,161,753 | ||||||
6,573 | BlackRock, Inc. | 2,913,285 | ||||||
82,238 | Brighthouse Financial, Inc.(b) | 3,184,255 | ||||||
62,840 | Charles Schwab Corp. (The) | 2,891,268 | ||||||
59,134 | E*TRADE Financial Corp. | 2,896,975 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Financials (continued) | ||||||||
13,861 | Goldman Sachs Group, Inc. (The) | $ | 2,726,459 | |||||
46,808 | Lincoln National Corp. | 2,926,436 | ||||||
16,846 | Moody’s Corp. | 2,916,380 | ||||||
69,134 | Morgan Stanley | 2,902,245 | ||||||
15,444 | MSCI, Inc. | 2,852,816 | ||||||
34,645 | Raymond James Financial, Inc. | 2,860,984 | ||||||
14,057 | SVB Financial Group(b) | 3,474,328 | ||||||
29,651 | T. Rowe Price Group, Inc. | 2,977,850 | ||||||
|
| |||||||
38,685,034 | ||||||||
|
| |||||||
Health Care—12.3% | ||||||||
10,479 | ABIOMED, Inc.(b) | 3,505,225 | ||||||
26,527 | Alexion Pharmaceuticals, Inc.(b) | 3,589,899 | ||||||
15,626 | Align Technology, Inc.(b) | 4,046,665 | ||||||
70,964 | Boston Scientific Corp.(b) | 2,847,076 | ||||||
16,070 | Edwards Lifesciences Corp.(b) | 2,720,490 | ||||||
14,479 | IDEXX Laboratories, Inc.(b) | 3,055,503 | ||||||
12,629 | Illumina, Inc.(b) | 3,949,972 | ||||||
37,413 | Incyte Corp.(b) | 3,226,123 | ||||||
6,561 | Intuitive Surgical, Inc.(b) | 3,592,869 | ||||||
74,738 | Nektar Therapeutics(b) | 3,029,879 | ||||||
31,055 | PerkinElmer, Inc. | 2,924,139 | ||||||
16,533 | Vertex Pharmaceuticals, Inc.(b) | 3,120,604 | ||||||
|
| |||||||
39,608,444 | ||||||||
|
| |||||||
Industrials—12.8% | ||||||||
86,915 | American Airlines Group, Inc. | 3,096,781 | ||||||
170,674 | Arconic, Inc. | 3,155,762 | ||||||
7,630 | Boeing Co. (The) | 3,356,895 | ||||||
27,434 | Caterpillar, Inc. | 3,767,786 | ||||||
18,708 | Deere & Co. | 3,068,860 | ||||||
15,426 | FedEx Corp. | 2,792,106 | ||||||
67,399 | Flowserve Corp. | 2,993,190 | ||||||
81,277 | Fluor Corp. | 3,056,015 | ||||||
41,156 | Jacobs Engineering Group, Inc. | 3,036,490 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco S&P 500® High Beta ETF (SPHB)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Industrials (continued) | ||||||||
16,674 | Parker-Hannifin Corp. | $ | 2,937,292 | |||||
46,155 | Robert Half International, Inc. | 3,147,309 | ||||||
22,139 | Stanley Black & Decker, Inc. | 2,931,868 | ||||||
31,041 | United Rentals, Inc.(b) | 4,177,808 | ||||||
|
| |||||||
41,518,162 | ||||||||
|
| |||||||
Information Technology—37.8% | ||||||||
14,181 | Adobe, Inc.(b) | 3,722,512 | ||||||
198,879 | Advanced Micro Devices, Inc.(b) | 4,679,623 | ||||||
40,241 | Akamai Technologies, Inc.(b) | 2,803,188 | ||||||
26,223 | Analog Devices, Inc. | 2,804,812 | ||||||
16,236 | ANSYS, Inc.(b) | 2,877,993 | ||||||
18,252 | Apple, Inc. | 3,160,334 | ||||||
94,040 | Applied Materials, Inc. | 3,605,494 | ||||||
15,755 | Arista Networks, Inc.(b) | 4,494,114 | ||||||
24,484 | Autodesk, Inc.(b) | 3,991,137 | ||||||
63,354 | Cisco Systems, Inc. | 3,279,837 | ||||||
83,943 | Corning, Inc. | 2,922,056 | ||||||
33,702 | Fortinet, Inc.(b) | 2,924,997 | ||||||
24,337 | Global Payments, Inc. | 3,173,058 | ||||||
173,154 | Hewlett Packard Enterprise Co. | 2,836,262 | ||||||
129,038 | HP, Inc. | 2,545,920 | ||||||
63,635 | Intel Corp. | 3,370,110 | ||||||
13,086 | Intuit, Inc. | 3,233,943 | ||||||
23,568 | IPG Photonics Corp.(b) | 3,653,747 | ||||||
33,983 | KLA-Tencor Corp. | 3,924,697 | ||||||
21,235 | Lam Research Corp. | 3,739,271 | ||||||
14,638 | Mastercard, Inc., Class A | 3,290,183 | ||||||
49,750 | Maxim Integrated Products, Inc. | 2,707,892 | ||||||
35,123 | Microchip Technology, Inc. | 3,051,135 | ||||||
108,436 | Micron Technology, Inc.(b) | 4,432,864 | ||||||
31,348 | Microsoft Corp. | 3,511,916 | ||||||
45,548 | NetApp, Inc. | 2,969,730 | ||||||
30,548 | NVIDIA Corp. | 4,712,334 | ||||||
34,648 | PayPal Holdings, Inc.(b) | 3,397,929 | ||||||
50,237 | Qorvo, Inc.(b) | 3,523,623 | ||||||
22,458 | salesforce.com, Inc.(b) | 3,675,252 | ||||||
63,671 | Seagate Technology PLC | 2,964,522 | ||||||
38,349 | Skyworks Solutions, Inc. | 3,131,579 | ||||||
28,224 | Texas Instruments, Inc. | 2,985,535 | ||||||
20,438 | Visa, Inc., Class A | 3,027,276 | ||||||
68,317 | Western Digital Corp. | 3,436,345 | ||||||
29,479 | Xilinx, Inc. | 3,693,719 | ||||||
|
| |||||||
122,254,939 | ||||||||
|
| |||||||
Materials—3.8% | ||||||||
67,872 | CF Industries Holdings, Inc. | 2,864,199 | ||||||
55,040 | DowDuPont, Inc. | 2,929,779 | ||||||
299,503 | Freeport-McMoRan, Inc. | 3,863,589 | ||||||
87,490 | Mosaic Co. (The) | 2,735,812 | ||||||
|
| |||||||
12,393,379 | ||||||||
|
| |||||||
Total Common Stocks (Cost $331,690,000) | 322,937,837 | |||||||
|
|
Number of Shares | Value | |||||||
Money Market Fund—0.0% | ||||||||
25,357 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(d) (Cost $25,357) | $ | 25,357 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $331,715,357)—99.9% | 322,963,194 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.4% | ||||||||
1,297,083 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $1,297,083) | 1,297,083 | ||||||
|
| |||||||
Total Investments in Securities (Cost $333,012,440)—100.3% | 324,260,277 | |||||||
Other assets less liabilities—(0.3)% | (1,096,551 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 323,163,726 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 32 |
|
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Real Estate | 22.5 | |||
Utilities | 15.7 | |||
Energy | 14.5 | |||
Financials | 13.3 | |||
Consumer Staples | 11.0 | |||
Communication Services | 5.9 | |||
Consumer Discretionary | 4.8 | |||
Information Technology | 3.9 | |||
Materials | 3.7 | |||
Industrials | 3.3 | |||
Health Care | 1.3 | |||
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% | ||||||||
Communication Services—5.9% | ||||||||
2,588,853 | AT&T, Inc. | $ | 80,565,105 | |||||
2,069,678 | Interpublic Group of Cos., Inc. (The) | 47,664,684 | ||||||
835,904 | Verizon Communications, Inc. | 47,579,656 | ||||||
|
| |||||||
175,809,445 | ||||||||
|
| |||||||
Consumer Discretionary—4.8% | ||||||||
9,909,086 | Ford Motor Co. | 86,902,684 | ||||||
1,194,483 | Leggett & Platt, Inc. | 54,253,418 | ||||||
|
| |||||||
141,156,102 | ||||||||
|
| |||||||
Consumer Staples—11.0% | ||||||||
1,584,726 | Altria Group, Inc. | 83,055,490 | ||||||
1,307,461 | General Mills, Inc. | 61,620,637 | ||||||
756,580 | Kellogg Co. | 42,565,191 | ||||||
1,410,886 | Kraft Heinz Co. (The) | 46,827,306 | ||||||
1,062,608 | Philip Morris International, Inc. | 92,383,139 | ||||||
|
| |||||||
326,451,763 | ||||||||
|
| |||||||
Energy—14.5% | ||||||||
410,116 | Chevron Corp. | 49,041,671 | ||||||
749,949 | Exxon Mobil Corp. | 59,268,470 | ||||||
3,048,592 | Kinder Morgan, Inc. | 58,411,023 | ||||||
878,663 | Occidental Petroleum Corp. | 58,123,557 | ||||||
1,085,307 | ONEOK, Inc. | 69,741,828 | ||||||
1,438,574 | Schlumberger Ltd. | 63,383,570 | ||||||
2,631,101 | Williams Cos., Inc. (The) | 70,224,086 | ||||||
|
| |||||||
428,194,205 | ||||||||
|
| |||||||
Financials—13.3% | ||||||||
3,525,548 | Huntington Bancshares, Inc.(b) | 50,803,147 | ||||||
4,279,100 | Invesco Ltd.(c) | 82,800,585 | ||||||
2,560,108 | KeyCorp | 45,211,507 | ||||||
1,015,146 | MetLife, Inc. | 45,874,448 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
3,331,903 | People’s United Financial, Inc. | $ | 59,174,597 | |||||
1,094,635 | Principal Financial Group, Inc.(b) | 57,621,586 | ||||||
546,137 | Prudential Financial, Inc. | 52,347,232 | ||||||
|
| |||||||
393,833,102 | ||||||||
|
| |||||||
Health Care—1.3% | ||||||||
607,228 | Gilead Sciences, Inc. | 39,481,964 | ||||||
|
| |||||||
Industrials—3.3% | ||||||||
619,553 | Eaton Corp. PLC | 49,421,743 | ||||||
423,161 | United Parcel Service, Inc., Class B | 46,632,342 | ||||||
|
| |||||||
96,054,085 | ||||||||
|
| |||||||
Information Technology—3.9% | ||||||||
466,017 | International Business Machines Corp. | 64,370,928 | ||||||
2,770,110 | Western Union Co. (The) | 49,501,866 | ||||||
|
| |||||||
113,872,794 | ||||||||
|
| |||||||
Materials—3.7% | ||||||||
1,165,294 | International Paper Co. | 53,393,771 | ||||||
647,653 | LyondellBasell Industries NV, Class A | 55,387,285 | ||||||
|
| |||||||
108,781,056 | ||||||||
|
| |||||||
Real Estate—22.5% | ||||||||
2,008,829 | HCP, Inc. REIT | 61,811,668 | ||||||
3,155,991 | Host Hotels & Resorts, Inc. REIT | 61,888,983 | ||||||
2,305,414 | Iron Mountain, Inc. REIT | 81,657,764 | ||||||
5,196,226 | Kimco Realty Corp. REIT | 91,401,615 | ||||||
1,724,300 | Macerich Co. (The) REIT | 75,179,480 | ||||||
736,460 | Realty Income Corp. REIT | 50,933,574 | ||||||
303,299 | Simon Property Group, Inc. REIT | 54,945,647 | ||||||
984,965 | Ventas, Inc. REIT | 61,806,554 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
762,705 | Welltower, Inc. REIT | $ | 56,676,609 | |||||
2,712,056 | Weyerhaeuser Co. REIT | 67,503,074 | ||||||
|
| |||||||
663,804,968 | ||||||||
|
| |||||||
Utilities—15.7% | ||||||||
2,556,806 | AES Corp. | 44,053,767 | ||||||
1,475,732 | CenterPoint Energy, Inc. | 44,478,563 | ||||||
544,467 | Consolidated Edison, Inc. | 44,891,304 | ||||||
764,292 | Dominion Energy, Inc. | 56,626,394 | ||||||
549,212 | Duke Energy Corp. | 49,242,348 | ||||||
530,552 | Entergy Corp. | 49,516,418 | ||||||
1,103,649 | FirstEnergy Corp. | 44,973,697 | ||||||
2,126,109 | PPL Corp. | 68,396,927 | ||||||
1,277,322 | Southern Co. (The) | 63,470,130 | ||||||
|
| |||||||
465,649,548 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $3,008,248,592)—99.9% | 2,953,089,032 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.0% | ||||||||
1,841,966 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $1,841,966) | 1,841,966 | ||||||
|
| |||||||
Total Investments in Securities (Cost $3,010,090,558)—99.9% | 2,954,930,998 | |||||||
Other assets less liabilities—0.1% | 1,851,446 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,956,782,444 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 34 |
|
Invesco S&P 500® Low Volatility ETF (SPLV)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Utilities | 24.7 | |||
Real Estate | 20.0 | |||
Financials | 18.7 | |||
Consumer Staples | 8.9 | |||
Information Technology | 6.7 | |||
Health Care | 5.8 | |||
Industrials | 5.2 | |||
Consumer Discretionary | 5.0 | |||
Materials | 2.1 | |||
Communication Services | 1.9 | |||
Energy | 0.9 | |||
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% | ||||||||
Communication Services—1.9% | ||||||||
1,651,245 | Verizon Communications, Inc. | $ | 93,988,865 | |||||
805,364 | Walt Disney Co. (The) | 90,877,274 | ||||||
|
| |||||||
184,866,139 | ||||||||
|
| |||||||
Consumer Discretionary—5.0% | ||||||||
1,308,464 | Garmin Ltd. | 109,871,722 | ||||||
937,168 | Genuine Parts Co. | 101,945,135 | ||||||
512,229 | McDonald’s Corp. | 94,168,180 | ||||||
1,722,477 | TJX Cos., Inc. (The) | 88,345,845 | ||||||
998,904 | Yum! Brands, Inc. | 94,396,428 | ||||||
|
| |||||||
488,727,310 | ||||||||
|
| |||||||
Consumer Staples—8.9% | ||||||||
2,430,577 | Archer-Daniels-Midland Co. | 103,299,522 | ||||||
2,423,373 | Coca-Cola Co. (The) | 109,875,732 | ||||||
1,400,758 | Colgate-Palmolive Co. | 92,267,929 | ||||||
827,014 | Hershey Co. (The) | 91,533,910 | ||||||
2,118,846 | Hormel Foods Corp.(b) | 91,873,163 | ||||||
1,986,632 | Mondelez International, Inc., Class A | 93,689,565 | ||||||
871,346 | PepsiCo, Inc. | 100,762,451 | ||||||
945,772 | Procter & Gamble Co. (The) | 93,205,831 | ||||||
1,293,792 | Sysco Corp. | 87,395,650 | ||||||
|
| |||||||
863,903,753 | ||||||||
|
| |||||||
Energy—0.9% | ||||||||
1,136,775 | Exxon Mobil Corp. | 89,839,328 | ||||||
|
| |||||||
Financials—18.7% | ||||||||
2,079,464 | Aflac, Inc. | 102,184,861 | ||||||
972,503 | Allstate Corp. (The) | 91,784,833 | ||||||
630,609 | Aon PLC | 108,168,362 | ||||||
1,351,979 | Arthur J. Gallagher & Co. | 108,536,874 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
1,674,263 | BB&T Corp. | $ | 85,337,185 | |||||
747,299 | Chubb Ltd. | 100,063,336 | ||||||
1,032,393 | Cincinnati Financial Corp. | 89,632,360 | ||||||
506,345 | CME Group, Inc. | 92,109,219 | ||||||
1,842,800 | Hartford Financial Services Group, Inc. (The) | 90,960,608 | ||||||
1,187,663 | Intercontinental Exchange, Inc. | 91,628,201 | ||||||
1,964,850 | Loews Corp. | 93,566,157 | ||||||
510,498 | M&T Bank Corp. | 88,346,784 | ||||||
1,094,157 | Marsh & McLennan Cos., Inc. | 101,778,484 | ||||||
1,046,107 | Nasdaq, Inc. | 95,792,018 | ||||||
5,503,701 | People’s United Financial, Inc.(b) | 97,745,730 | ||||||
1,087,438 | Torchmark Corp. | 89,778,881 | ||||||
745,606 | Travelers Cos., Inc. (The) | 99,098,494 | ||||||
1,924,276 | US Bancorp | 99,465,826 | ||||||
557,434 | Willis Towers Watson PLC | 95,889,797 | ||||||
|
| |||||||
1,821,868,010 | ||||||||
|
| |||||||
Health Care—5.8% | ||||||||
357,753 | Becton, Dickinson and Co. | 89,005,369 | ||||||
789,276 | Danaher Corp. | 100,253,838 | ||||||
646,358 | Johnson & Johnson | 88,318,357 | ||||||
978,011 | Medtronic PLC | 88,509,995 | ||||||
1,209,008 | Merck & Co., Inc. | 98,280,260 | ||||||
2,165,351 | Pfizer, Inc. | 93,867,966 | ||||||
|
| |||||||
558,235,785 | ||||||||
|
| |||||||
Industrials—5.2% | ||||||||
646,705 | Honeywell International, Inc. | 99,637,839 | ||||||
1,710,050 | IHS Markit Ltd.(c) | 90,923,359 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco S&P 500® Low Volatility ETF (SPLV)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,499,331 | Republic Services, Inc. | $ | 117,592,530 | |||||
740,036 | Verisk Analytics, Inc.(c) | 93,562,751 | ||||||
1,043,427 | Waste Management, Inc. | 105,646,984 | ||||||
|
| |||||||
507,363,463 | ||||||||
|
| |||||||
Information Technology—6.7% | ||||||||
938,058 | Amphenol Corp., Class A | 88,149,310 | ||||||
953,266 | Citrix Systems, Inc. | 100,569,563 | ||||||
838,857 | Fidelity National Information Services, Inc. | 90,722,385 | ||||||
687,104 | Jack Henry & Associates, Inc. | 91,130,603 | ||||||
622,022 | Motorola Solutions, Inc. | 89,023,789 | ||||||
1,260,801 | Paychex, Inc. | 97,106,893 | ||||||
5,340,216 | Western Union Co. (The) | 95,429,660 | ||||||
|
| |||||||
652,132,203 | ||||||||
|
| |||||||
Materials—2.1% | ||||||||
552,390 | Air Products & Chemicals, Inc. | 100,082,020 | ||||||
638,811 | Ecolab, Inc. | 107,901,566 | ||||||
|
| |||||||
207,983,586 | ||||||||
|
| |||||||
Real Estate—20.0% | ||||||||
669,850 | Alexandria Real Estate Equities, Inc. REIT | 91,025,917 | ||||||
545,961 | American Tower Corp. REIT | 96,171,030 | ||||||
1,920,525 | Apartment Investment & Management Co., Class A REIT | 93,971,288 | ||||||
521,269 | AvalonBay Communities, Inc. REIT | 101,454,585 | ||||||
662,742 | Boston Properties, Inc. REIT | 87,939,236 | ||||||
786,394 | Crown Castle International Corp. REIT | 93,384,288 | ||||||
2,929,271 | Duke Realty Corp. REIT | 86,618,543 | ||||||
1,328,234 | Equity Residential REIT | 97,877,563 | ||||||
332,844 | Essex Property Trust, Inc. REIT | 93,143,065 | ||||||
931,969 | Extra Space Storage, Inc. REIT | 89,413,106 | ||||||
706,146 | Federal Realty Investment Trust REIT | 94,334,044 | ||||||
910,355 | Mid-America Apartment Communities, Inc. REIT | 94,294,571 | ||||||
1,188,797 | Prologis, Inc. REIT | 83,287,118 | ||||||
465,529 | Public Storage REIT | 98,454,728 | ||||||
1,393,656 | Realty Income Corp. REIT | 96,385,249 | ||||||
1,392,500 | Regency Centers Corp. REIT | 90,860,625 | ||||||
474,865 | SBA Communications Corp. REIT(c) | 85,741,624 | ||||||
506,886 | Simon Property Group, Inc. REIT | 91,827,468 | ||||||
995,293 | SL Green Realty Corp. REIT | 90,292,981 | ||||||
2,188,540 | UDR, Inc. REIT | 97,214,947 | ||||||
1,337,702 | Vornado Realty Trust REIT | 90,040,722 | ||||||
|
| |||||||
1,943,732,698 | ||||||||
|
| |||||||
Utilities—24.7% | ||||||||
2,285,783 | Alliant Energy Corp. | 104,848,866 | ||||||
1,419,919 | Ameren Corp. | 101,155,030 | ||||||
1,334,910 | American Electric Power Co., Inc. | 108,327,946 | ||||||
1,049,361 | American Water Works Co., Inc. | 106,636,065 | ||||||
3,216,085 | CenterPoint Energy, Inc. | 96,932,802 | ||||||
2,010,991 | CMS Energy Corp. | 109,397,910 | ||||||
1,287,363 | Consolidated Edison, Inc. | 106,143,079 | ||||||
1,408,681 | Dominion Energy, Inc. | 104,369,175 | ||||||
887,773 | DTE Energy Co. | 109,693,232 | ||||||
1,216,722 | Duke Energy Corp. | 109,091,295 | ||||||
1,129,396 | Entergy Corp. | 105,406,529 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
1,870,210 | Evergy, Inc. | $ | 104,563,441 | |||||
1,488,513 | Eversource Energy | 103,913,093 | ||||||
2,349,410 | Exelon Corp. | 114,157,832 | ||||||
2,599,247 | FirstEnergy Corp. | 105,919,315 | ||||||
585,515 | NextEra Energy, Inc. | 109,912,876 | ||||||
3,200,828 | NiSource, Inc. | 86,358,339 | ||||||
1,115,012 | Pinnacle West Capital Corp. | 104,521,225 | ||||||
2,697,371 | PPL Corp. | 86,774,425 | ||||||
1,787,316 | Public Service Enterprise Group, Inc. | 105,112,054 | ||||||
2,037,790 | Southern Co. (The) | 101,257,785 | ||||||
1,417,499 | WEC Energy Group, Inc. | 108,126,824 | ||||||
1,942,955 | Xcel Energy, Inc. | 106,590,511 | ||||||
|
| |||||||
2,399,209,649 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $9,010,504,711)—99.9% | 9,717,861,924 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.1% | ||||||||
13,344,798 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $13,344,798) | 13,344,798 | ||||||
|
| |||||||
Total Investments in Securities (Cost $9,023,849,509)—100.0% | 9,731,206,722 | |||||||
Other assets less liabilities—(0.0)% | (3,791,248 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 9,727,415,474 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 36 |
|
Invesco S&P 500 Minimum Variance ETF (SPMV)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Information Technology | 18.3 | |||
Health Care | 13.3 | |||
Industrials | 12.7 | |||
Consumer Staples | 11.7 | |||
Consumer Discretionary | 11.6 | |||
Financials | 11.0 | |||
Utilities | 8.3 | |||
Communication Services | 6.7 | |||
Real Estate | 3.4 | |||
Energy | 1.6 | |||
Materials | 1.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.7% | ||||||||
Communication Services—6.7% | ||||||||
25 | Alphabet, Inc., Class C(b) | $ | 27,998 | |||||
665 | AT&T, Inc. | 20,695 | ||||||
79 | CenturyLink, Inc. | 1,042 | ||||||
131 | Facebook, Inc., Class A(b) | 21,150 | ||||||
403 | Verizon Communications, Inc. | 22,938 | ||||||
|
| |||||||
93,823 | ||||||||
|
| |||||||
Consumer Discretionary—11.6% | ||||||||
14 | Amazon.com, Inc.(b) | 22,958 | ||||||
129 | Capri Holdings, Ltd.(b) | 5,882 | ||||||
3 | Chipotle Mexican Grill, Inc.(b) | 1,823 | ||||||
424 | Hanesbrands, Inc. | 7,882 | ||||||
85 | McDonald’s Corp. | 15,627 | ||||||
77 | Mohawk Industries, Inc.(b) | 10,481 | ||||||
350 | NIKE, Inc., Class B | 30,006 | ||||||
94 | PVH Corp. | 10,795 | ||||||
67 | Ralph Lauren Corp. | 8,386 | ||||||
13 | Starbucks Corp. | 913 | ||||||
347 | Tapestry, Inc. | 12,124 | ||||||
28 | TJX Cos., Inc. (The) | 1,436 | ||||||
238 | Under Armour, Inc., Class A(b) | 5,367 | ||||||
320 | VF Corp. | 27,955 | ||||||
|
| |||||||
161,635 | ||||||||
|
| |||||||
Consumer Staples—11.7% | ||||||||
215 | Campbell Soup Co. | 7,744 | ||||||
322 | Coca-Cola Co. (The) | 14,600 | ||||||
205 | Colgate-Palmolive Co. | 13,503 | ||||||
428 | Conagra Brands, Inc. | 10,002 | ||||||
8 | Constellation Brands, Inc., Class A | 1,353 | ||||||
447 | General Mills, Inc. | 21,067 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
21 | Hershey Co. (The) | $ | 2,324 | |||||
291 | Hormel Foods Corp. | 12,618 | ||||||
125 | JM Smucker Co. (The) | 13,239 | ||||||
104 | Kellogg Co. | 5,851 | ||||||
63 | Kraft Heinz Co. (The) | 2,091 | ||||||
124 | McCormick & Co., Inc. | 16,862 | ||||||
130 | Monster Beverage Corp.(b) | 8,298 | ||||||
251 | Procter & Gamble Co. (The) | 24,736 | ||||||
139 | Tyson Foods, Inc., Class A | 8,571 | ||||||
|
| |||||||
162,859 | ||||||||
|
| |||||||
Energy—1.6% | ||||||||
68 | Chevron Corp. | 8,131 | ||||||
167 | Exxon Mobil Corp. | 13,198 | ||||||
53 | Williams Cos., Inc. (The) | 1,415 | ||||||
|
| |||||||
22,744 | ||||||||
|
| |||||||
Financials—11.0% | ||||||||
37 | American International Group, Inc. | 1,598 | ||||||
50 | Aon PLC | 8,577 | ||||||
394 | Bank of America Corp. | 11,458 | ||||||
135 | Berkshire Hathaway, Inc., Class B(b) | 27,176 | ||||||
130 | Chubb Ltd. | 17,407 | ||||||
128 | Citigroup, Inc. | 8,189 | ||||||
245 | JPMorgan Chase & Co. | 25,568 | ||||||
284 | Marsh & McLennan Cos., Inc. | 26,418 | ||||||
93 | Progressive Corp. (The) | 6,780 | ||||||
31 | Travelers Cos., Inc. (The) | 4,120 | ||||||
332 | Wells Fargo & Co. | 16,563 | ||||||
|
| |||||||
153,854 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco S&P 500 Minimum Variance ETF (SPMV)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care—13.3% | ||||||||
2 | Align Technology, Inc.(b) | $ | 518 | |||||
58 | Becton, Dickinson and Co. | 14,430 | ||||||
79 | Boston Scientific Corp.(b) | 3,169 | ||||||
200 | Cerner Corp.(b) | 11,190 | ||||||
97 | Cigna Corp. | 16,921 | ||||||
150 | CVS Health Corp. | 8,674 | ||||||
57 | Edwards Lifesciences Corp.(b) | 9,650 | ||||||
30 | HCA Healthcare, Inc. | 4,171 | ||||||
8 | Humana, Inc. | 2,280 | ||||||
4 | Illumina, Inc.(b) | 1,251 | ||||||
6 | Intuitive Surgical, Inc.(b) | 3,286 | ||||||
209 | Johnson & Johnson | 28,558 | ||||||
65 | Laboratory Corp. of America Holdings(b) | 9,636 | ||||||
262 | Medtronic PLC | 23,711 | ||||||
88 | Quest Diagnostics, Inc. | 7,616 | ||||||
59 | Stryker Corp. | 11,122 | ||||||
110 | UnitedHealth Group, Inc. | 26,644 | ||||||
19 | Universal Health Services, Inc., Class B | 2,638 | ||||||
|
| |||||||
185,465 | ||||||||
|
| |||||||
Industrials—12.7% | ||||||||
58 | Boeing Co. (The) | 25,518 | ||||||
102 | Cintas Corp. | 21,073 | ||||||
35 | Delta Air Lines, Inc. | 1,735 | ||||||
77 | General Dynamics Corp. | 13,107 | ||||||
31 | Lockheed Martin Corp. | 9,592 | ||||||
42 | Northrop Grumman Corp. | 12,178 | ||||||
83 | Raytheon Co. | 15,480 | ||||||
259 | Republic Services, Inc. | 20,313 | ||||||
4 | Rockwell Automation, Inc. | 714 | ||||||
88 | Southwest Airlines Co. | 4,932 | ||||||
156 | United Technologies Corp. | 19,605 | ||||||
317 | Waste Management, Inc. | 32,096 | ||||||
|
| |||||||
176,343 | ||||||||
|
| |||||||
Information Technology—18.3% | ||||||||
61 | Accenture PLC, Class A | 9,844 | ||||||
84 | Adobe, Inc.(b) | 22,050 | ||||||
22 | Advanced Micro Devices, Inc.(b) | 518 | ||||||
161 | Analog Devices, Inc. | 17,220 | ||||||
121 | Apple, Inc. | 20,951 | ||||||
25 | Applied Materials, Inc. | 958 | ||||||
55 | Automatic Data Processing, Inc. | 8,417 | ||||||
309 | Cisco Systems, Inc. | 15,997 | ||||||
82 | Global Payments, Inc. | 10,691 | ||||||
574 | Intel Corp. | 30,399 | ||||||
37 | International Business Machines Corp. | 5,111 | ||||||
92 | Intuit, Inc. | 22,736 | ||||||
65 | Micron Technology, Inc.(b) | 2,657 | ||||||
257 | Microsoft Corp. | 28,792 | ||||||
26 | NVIDIA Corp. | 4,011 | ||||||
50 | Oracle Corp. | 2,606 | ||||||
372 | QUALCOMM, Inc. | 19,861 | ||||||
12 | salesforce.com, Inc.(b) | 1,964 | ||||||
269 | Texas Instruments, Inc. | 28,455 | ||||||
9 | Xilinx, Inc. | 1,128 | ||||||
|
| |||||||
254,366 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials—1.1% | ||||||||
449 | Newmont Mining Corp. | $ | 15,320 | |||||
|
| |||||||
Real Estate—3.4% | ||||||||
78 | American Tower Corp. REIT | 13,740 | ||||||
95 | Crown Castle International Corp. REIT | 11,281 | ||||||
183 | Prologis, Inc. REIT | 12,821 | ||||||
34 | Public Storage REIT | 7,190 | ||||||
11 | Simon Property Group, Inc. REIT | 1,993 | ||||||
|
| |||||||
47,025 | ||||||||
|
| |||||||
Utilities—8.3% | ||||||||
261 | Ameren Corp. | 18,594 | ||||||
35 | American Electric Power Co., Inc. | 2,840 | ||||||
23 | Consolidated Edison, Inc. | 1,896 | ||||||
192 | Dominion Energy, Inc. | 14,225 | ||||||
13 | DTE Energy Co. | 1,606 | ||||||
33 | Edison International | 1,977 | ||||||
111 | Eversource Energy | 7,749 | ||||||
54 | NextEra Energy, Inc. | 10,137 | ||||||
500 | Public Service Enterprise Group, Inc. | 29,405 | ||||||
16 | Sempra Energy | 1,927 | ||||||
475 | Southern Co. (The) | 23,603 | ||||||
28 | WEC Energy Group, Inc. | 2,136 | ||||||
|
| |||||||
116,095 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $1,281,640) | 1,389,529 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
1,104 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $1,104) | 1,104 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,282,744)—99.8% | 1,390,633 | |||||||
Other assets less liabilities—0.2% | 2,453 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,393,086 | ||||||
|
|
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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco S&P 500 Momentum ETF (SPMO)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Information Technology | 36.2 | |||
Consumer Discretionary | 14.9 | |||
Health Care | 13.4 | |||
Industrials | 10.8 | |||
Financials | 7.7 | |||
Communication Services | 7.0 | |||
Energy | 5.9 | |||
Consumer Staples | 2.6 | |||
Materials | 1.2 | |||
Real Estate | 0.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks—99.9% | ||||||||
Communication Services—7.0% | ||||||||
2,121 | Alphabet, Inc., Class C(b) | $ | 2,375,351 | |||||
4,823 | Netflix, Inc.(b) | 1,727,116 | ||||||
6,304 | Twitter, Inc.(b) | 194,037 | ||||||
|
| |||||||
4,296,504 | ||||||||
|
| |||||||
Consumer Discretionary—14.9% | ||||||||
2,886 | Amazon.com, Inc.(b) | 4,732,549 | ||||||
1,559 | Capri Holdings, Ltd.(b) | 71,090 | ||||||
2,087 | Hilton Worldwide Holdings, Inc. | 173,430 | ||||||
10,391 | Home Depot, Inc. (The) | 1,923,790 | ||||||
1,975 | Kohl’s Corp. | 133,372 | ||||||
2,778 | Macy’s, Inc. | 68,867 | ||||||
666 | O’Reilly Automotive, Inc.(b) | 247,725 | ||||||
535 | PVH Corp. | 61,439 | ||||||
669 | Ralph Lauren Corp. | 83,739 | ||||||
3,927 | Ross Stores, Inc. | 372,397 | ||||||
4,195 | Target Corp. | 304,725 | ||||||
12,764 | TJX Cos., Inc. (The) | 654,666 | ||||||
3,714 | VF Corp. | 324,455 | ||||||
|
| |||||||
9,152,244 | ||||||||
|
| |||||||
Consumer Staples—2.6% | ||||||||
1,404 | Brown-Forman Corp., Class B | 69,484 | ||||||
4,346 | Costco Wholesale Corp. | 950,644 | ||||||
1,815 | Estee Lauder Cos., Inc. (The), Class A | 284,846 | ||||||
3,881 | Sysco Corp. | 262,162 | ||||||
|
| |||||||
1,567,136 | ||||||||
|
| |||||||
Energy—5.9% | ||||||||
5,207 | Anadarko Petroleum Corp. | 226,504 | ||||||
13,986 | ConocoPhillips | 948,950 | ||||||
2,844 | HollyFrontier Corp. | 145,613 | ||||||
8,039 | Marathon Oil Corp. | 133,447 |
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Energy (continued) | ||||||||
4,055 | Marathon Petroleum Corp. | $ | 251,451 | |||||
3,143 | National Oilwell Varco, Inc. | 88,444 | ||||||
7,967 | Occidental Petroleum Corp. | 527,017 | ||||||
3,258 | ONEOK, Inc. | 209,359 | ||||||
5,463 | Phillips 66 | 526,415 | ||||||
6,920 | Valero Energy Corp. | 564,395 | ||||||
|
| |||||||
3,621,595 | ||||||||
|
| |||||||
Financials—7.7% | ||||||||
3,127 | CME Group, Inc. | 568,833 | ||||||
2,406 | E*TRADE Financial Corp. | 117,870 | ||||||
23,628 | JPMorgan Chase & Co. | 2,465,818 | ||||||
1,368 | Moody’s Corp. | 236,828 | ||||||
1,062 | MSCI, Inc. | 196,173 | ||||||
4,599 | Progressive Corp. (The) | 335,267 | ||||||
1,985 | S&P Global, Inc. | 397,734 | ||||||
517 | SVB Financial Group(b) | 127,782 | ||||||
2,615 | T. Rowe Price Group, Inc. | 262,624 | ||||||
|
| |||||||
4,708,929 | ||||||||
|
| |||||||
Health Care—13.4% | ||||||||
15,967 | Abbott Laboratories | 1,239,359 | ||||||
727 | ABIOMED, Inc.(b) | 243,182 | ||||||
988 | Align Technology, Inc.(b) | 255,862 | ||||||
2,185 | Anthem, Inc. | 657,095 | ||||||
4,616 | Centene Corp.(b) | 281,068 | ||||||
3,007 | HCA Healthcare, Inc. | 418,093 | ||||||
1,222 | Humana, Inc. | 348,319 | ||||||
743 | IDEXX Laboratories, Inc.(b) | 156,795 | ||||||
1,783 | Illumina, Inc.(b) | 557,669 | ||||||
1,253 | Intuitive Surgical, Inc.(b) | 686,155 | ||||||
1,530 | Nektar Therapeutics(b) | 62,026 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco S&P 500 Momentum ETF (SPMO)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Health Care (continued) | ||||||||
3,255 | Thermo Fisher Scientific, Inc. | $ | 844,900 | |||||
7,901 | UnitedHealth Group, Inc. | 1,913,780 | ||||||
475 | WellCare Health Plans, Inc.(b) | 120,451 | ||||||
4,664 | Zoetis, Inc. | 439,489 | ||||||
|
| |||||||
8,224,243 | ||||||||
|
| |||||||
Industrials—10.8% | ||||||||
1,762 | AMETEK, Inc. | 140,220 | ||||||
5,087 | Boeing Co. (The) | 2,238,077 | ||||||
1,305 | C.H. Robinson Worldwide, Inc. | 117,946 | ||||||
1,090 | Cintas Corp. | 225,194 | ||||||
3,287 | Copart, Inc.(b) | 192,848 | ||||||
6,787 | CSX Corp. | 493,211 | ||||||
2,144 | Fortive Corp. | 174,886 | ||||||
1,239 | Harris Corp. | 204,348 | ||||||
2,972 | Norfolk Southern Corp. | 532,880 | ||||||
1,665 | Robert Half International, Inc. | 113,536 | ||||||
805 | Roper Technologies, Inc. | 260,538 | ||||||
2,391 | Textron, Inc. | 129,831 | ||||||
503 | TransDigm Group, Inc.(b) | 218,347 | ||||||
7,425 | Union Pacific Corp. | 1,245,173 | ||||||
649 | W.W. Grainger, Inc. | 197,796 | ||||||
1,471 | Xylem, Inc. | 111,134 | ||||||
|
| |||||||
6,595,965 | ||||||||
|
| |||||||
Information Technology—36.2% | ||||||||
4,387 | Accenture PLC, Class A | 707,974 | ||||||
5,466 | Adobe, Inc.(b) | 1,434,825 | ||||||
1,788 | Akamai Technologies, Inc.(b) | 124,552 | ||||||
2,088 | Amphenol Corp., Class A | 196,209 | ||||||
1,571 | Broadridge Financial Solutions, Inc. | 159,064 | ||||||
39,031 | Cisco Systems, Inc. | 2,020,635 | ||||||
1,376 | Citrix Systems, Inc. | 145,168 | ||||||
550 | F5 Networks, Inc.(b) | 92,477 | ||||||
775 | FleetCor Technologies, Inc.(b) | 180,792 | ||||||
1,664 | FLIR Systems, Inc. | 85,613 | ||||||
3,012 | Intuit, Inc. | 744,356 | ||||||
11,615 | Mastercard, Inc., Class A | 2,610,704 | ||||||
10,694 | Micron Technology, Inc.(b) | 437,171 | ||||||
51,704 | Microsoft Corp. | 5,792,399 | ||||||
1,559 | Motorola Solutions, Inc. | 223,124 | ||||||
3,324 | NetApp, Inc. | 216,725 | ||||||
4,286 | NVIDIA Corp. | 661,158 | ||||||
8,678 | PayPal Holdings, Inc.(b) | 851,051 | ||||||
1,367 | Red Hat, Inc.(b) | 249,614 | ||||||
8,226 | salesforce.com, Inc.(b) | 1,346,185 | ||||||
2,583 | Seagate Technology PLC | 120,264 | ||||||
7,866 | Texas Instruments, Inc. | 832,066 | ||||||
1,791 | Total System Services, Inc. | 169,070 | ||||||
1,125 | VeriSign, Inc.(b) | 200,295 | ||||||
17,281 | Visa, Inc., Class A | 2,559,662 | ||||||
|
| |||||||
22,161,153 | ||||||||
|
| |||||||
Materials—1.2% | ||||||||
1,960 | CF Industries Holdings, Inc. | 82,712 | ||||||
2,182 | Linde PLC (United Kingdom) | 378,010 | ||||||
649 | Sherwin-Williams Co. (The) | 281,147 | ||||||
|
| |||||||
741,869 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Real Estate—0.2% | ||||||||
2,618 | CBRE Group, Inc., Class A(b) | $ | 130,272 | |||||
|
| |||||||
Total Common Stocks (Cost $59,323,859) | 61,199,910 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
1,002 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $1,002) | 1,002 | ||||||
|
| |||||||
Total Investments in Securities (Cost $59,324,861)—99.9% | 61,200,912 | |||||||
Other assets less liabilities—0.1% | 76,527 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 61,277,439 | ||||||
|
|
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 February 28, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco S&P MidCap Low Volatility ETF (XMLV)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 30.8 | |||
Real Estate | 25.9 | |||
Utilities | 17.7 | |||
Consumer Discretionary | 7.1 | |||
Materials | 6.3 | |||
Industrials | 4.6 | |||
Consumer Staples | 3.7 | |||
Information Technology | 2.6 | |||
Health Care | 1.3 | |||
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—7.1% | ||||||||
158,360 | Cracker Barrel Old Country Store, Inc.(b) | $ | 25,652,737 | |||||
396,963 | Dunkin’ Brands Group, Inc. | 28,363,006 | ||||||
48,337 | Graham Holdings Co., Class B | 33,048,490 | ||||||
167,361 | Pool Corp. | 26,700,774 | ||||||
635,252 | Service Corp. International | 26,261,318 | ||||||
1,422,919 | Wendy’s Co. (The) | 24,659,186 | ||||||
|
| |||||||
164,685,511 | ||||||||
|
| |||||||
Consumer Staples—3.7% | ||||||||
194,175 | Casey’s General Stores, Inc. | 26,163,139 | ||||||
169,807 | Lancaster Colony Corp. | 26,620,643 | ||||||
859,387 | Tootsie Roll Industries, Inc.(b) | 31,960,603 | ||||||
|
| |||||||
84,744,385 | ||||||||
|
| |||||||
Financials—30.8% | ||||||||
45,315 | Alleghany Corp. | 29,135,732 | ||||||
308,212 | American Financial Group, Inc. | 30,716,408 | ||||||
380,029 | Bank of Hawaii Corp. | 31,249,785 | ||||||
1,254,289 | Brown & Brown, Inc. | 37,152,040 | ||||||
689,794 | Cathay General Bancorp | 26,791,599 | ||||||
496,865 | Commerce Bancshares, Inc. | 31,267,714 | ||||||
263,235 | Cullen/Frost Bankers, Inc. | 27,292,205 | ||||||
636,540 | Eaton Vance Corp. | 26,639,199 | ||||||
2,178,586 | F.N.B. Corp. | 26,665,893 | ||||||
126,574 | FactSet Research Systems, Inc. | 29,766,408 | ||||||
490,690 | First American Financial Corp. | 24,922,145 | ||||||
1,657,344 | First Horizon National Corp. | 25,904,287 | ||||||
1,512,503 | Fulton Financial Corp. | 25,984,801 | ||||||
237,751 | Hanover Insurance Group, Inc. (The) | 28,223,421 | ||||||
704,302 | International Bancshares Corp. | 28,749,608 | ||||||
114,986 | MarketAxess Holdings, Inc. | 28,042,786 | ||||||
1,267,071 | Old Republic International Corp. | 26,431,101 | ||||||
345,570 | Prosperity Bancshares, Inc. | 25,727,686 | ||||||
183,153 | Reinsurance Group of America, Inc. | 26,463,777 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
186,857 | RenaissanceRe Holdings Ltd. (Bermuda) | $ | 27,477,322 | |||||
823,316 | Trustmark Corp. | 29,211,252 | ||||||
391,488 | UMB Financial Corp. | 26,938,289 | ||||||
693,872 | United Bankshares, Inc. | 26,637,746 | ||||||
439,258 | W.R. Berkley Corp. | 36,748,324 | ||||||
965,812 | Washington Federal, Inc. | 29,631,112 | ||||||
|
| |||||||
713,770,640 | ||||||||
|
| |||||||
Health Care—1.3% | ||||||||
243,227 | STERIS PLC | 29,420,738 | ||||||
|
| |||||||
Industrials—4.6% | ||||||||
565,881 | Graco, Inc. | 26,573,772 | ||||||
178,667 | IDEX Corp. | 25,745,915 | ||||||
304,060 | MSC Industrial Direct Co., Inc., Class A | 25,665,704 | ||||||
434,319 | Toro Co. (The) | 29,785,597 | ||||||
|
| |||||||
107,770,988 | ||||||||
|
| |||||||
Information Technology—2.6% | ||||||||
517,465 | CDK Global, Inc. | 30,018,145 | ||||||
420,035 | MAXIMUS, Inc. | 29,688,074 | ||||||
|
| |||||||
59,706,219 | ||||||||
|
| |||||||
Materials—6.3% | ||||||||
281,898 | AptarGroup, Inc. | 28,677,484 | ||||||
596,396 | Bemis Co., Inc. | 31,549,348 | ||||||
62,114 | NewMarket Corp. | 27,268,046 | ||||||
974,232 | Silgan Holdings, Inc. | 27,580,508 | ||||||
531,829 | Sonoco Products Co. | 30,787,581 | ||||||
|
| |||||||
145,862,967 | ||||||||
|
| |||||||
Real Estate—25.9% | ||||||||
641,835 | American Campus Communities, Inc. REIT | 28,921,085 | ||||||
311,631 | Camden Property Trust REIT | 30,567,885 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco S&P MidCap Low Volatility ETF (XMLV)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
1,098,016 | Corporate Office Properties Trust REIT | $ | 28,537,436 | |||||
3,174,044 | Cousins Properties, Inc. REIT | 30,216,899 | ||||||
842,930 | Douglas Emmett, Inc. REIT | 32,537,098 | ||||||
387,947 | EPR Properties REIT | 28,506,345 | ||||||
883,717 | First Industrial Realty Trust, Inc. REIT | 29,622,194 | ||||||
839,931 | Healthcare Realty Trust, Inc. REIT | 26,583,816 | ||||||
671,527 | Highwoods Properties, Inc. REIT | 31,098,415 | ||||||
1,076,055 | Hospitality Properties Trust REIT | 29,128,809 | ||||||
733,116 | JBG SMITH Properties REIT | 29,537,244 | ||||||
413,353 | Kilroy Realty Corp. REIT | 30,468,250 | ||||||
334,856 | Lamar Advertising Co., Class A REIT | 25,974,780 | ||||||
636,501 | Liberty Property Trust REIT | 30,125,592 | ||||||
308,439 | Life Storage, Inc. REIT | 30,103,646 | ||||||
1,425,451 | Medical Properties Trust, Inc. REIT | 25,985,972 | ||||||
557,210 | National Retail Properties, Inc. REIT | 29,030,641 | ||||||
667,299 | Omega Healthcare Investors, Inc. REIT | 23,956,034 | ||||||
1,057,774 | Rayonier, Inc. REIT | 31,172,600 | ||||||
1,215,729 | Urban Edge Properties REIT | 23,609,457 | ||||||
889,402 | Weingarten Realty Investors REIT | 25,623,672 | ||||||
|
| |||||||
601,307,870 | ||||||||
|
| |||||||
Utilities—17.7% | ||||||||
385,605 | ALLETE, Inc. | 31,253,285 | ||||||
804,064 | Aqua America, Inc. | 28,898,060 | ||||||
445,377 | Black Hills Corp. | 31,612,859 | ||||||
1,011,537 | Hawaiian Electric Industries, Inc. | 38,721,636 | ||||||
317,373 | IDACORP, Inc. | 31,232,677 | ||||||
1,211,723 | MDU Resources Group, Inc. | 32,013,722 | ||||||
486,593 | National Fuel Gas Co. | 29,288,033 | ||||||
579,351 | New Jersey Resources Corp. | 28,040,588 | ||||||
492,609 | NorthWestern Corp. | 33,763,421 | ||||||
775,094 | OGE Energy Corp. | 32,956,997 | ||||||
345,423 | ONE Gas, Inc. | 29,861,818 | ||||||
621,789 | PNM Resources, Inc. | 27,159,744 | ||||||
641,235 | UGI Corp. | 35,203,802 | ||||||
|
| |||||||
410,006,642 | ||||||||
|
| |||||||
Total Investments in Securities | ||||||||
(excluding investments purchased with cash collateral from securities on loan) (Cost $2,176,232,812)—100.0% | 2,317,275,960 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.5% | ||||||||
35,825,811 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $35,825,811) | 35,825,811 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,212,058,623)—101.5% | 2,353,101,771 | |||||||
Other assets less liabilities—(1.5)% | (35,423,357 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,317,678,414 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 42 |
|
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 24.7 | |||
Real Estate | 21.6 | |||
Communication Services | 12.2 | |||
Materials | 9.8 | |||
Industrials | 8.6 | |||
Information Technology | 8.1 | |||
Utilities | 5.6 | |||
Consumer Staples | 5.6 | |||
Health Care | 2.0 | |||
Consumer Discretionary | 1.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 |
Schedule of Investments(a)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Communication Services—12.2% | ||||||||
7,214 | Cogent Communications Holdings, Inc. | $ | 351,394 | |||||
62,041 | Consolidated Communications Holdings, Inc. | 616,067 | ||||||
49,828 | Gannett Co., Inc. | 584,981 | ||||||
2,596 | Marcus Corp. (The) | 110,044 | ||||||
48,394 | New Media Investment Group, Inc. | 644,608 | ||||||
2,607 | Scholastic Corp. | 110,302 | ||||||
19,647 | Spok Holdings, Inc. | 271,325 | ||||||
|
| |||||||
2,688,721 | ||||||||
|
| |||||||
Consumer Discretionary—1.6% | ||||||||
17,188 | Ethan Allen Interiors, Inc. | 345,135 | ||||||
|
| |||||||
Consumer Staples—5.6% | ||||||||
4,703 | Andersons, Inc. (The) | 173,823 | ||||||
17,748 | B&G Foods, Inc.(b) | 436,956 | ||||||
1,225 | Calavo Growers, Inc. | 104,284 | ||||||
1,633 | Inter Parfums, Inc. | 120,466 | ||||||
6,577 | Universal Corp. | 390,279 | ||||||
|
| |||||||
1,225,808 | ||||||||
|
| |||||||
Financials—24.7% | ||||||||
36,331 | Apollo Commercial Real Estate Finance, Inc. REIT | 659,771 | ||||||
30,523 | ARMOUR Residential REIT, Inc. REIT | 611,986 | ||||||
69,801 | Capstead Mortgage Corp. REIT | 579,348 | ||||||
33,617 | Granite Point Mortgage Trust, Inc. REIT | 639,395 | ||||||
40,340 | Invesco Mortgage Capital, Inc. REIT(c) | 642,213 | ||||||
103,946 | New York Mortgage Trust, Inc. REIT | 623,676 | ||||||
27,679 | Oritani Financial Corp. | 496,838 | ||||||
32,645 | PennyMac Mortgage Investment Trust REIT | 665,305 | ||||||
33,505 | Redwood Trust, Inc. REIT | 512,627 | ||||||
|
| |||||||
5,431,159 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care—2.0% | ||||||||
4,306 | Computer Programs & Systems, Inc. | $ | 141,840 | |||||
12,478 | Meridian Bioscience, Inc. | 212,999 | ||||||
3,032 | Phibro Animal Health Corp., Class A | 88,838 | ||||||
|
| |||||||
443,677 | ||||||||
|
| |||||||
Industrials—8.6% | ||||||||
1,691 | Allegiant Travel Co. | 223,381 | ||||||
27,251 | Briggs & Stratton Corp. | 357,261 | ||||||
14,381 | Griffon Corp. | 256,557 | ||||||
5,639 | Matson, Inc. | 203,624 | ||||||
6,468 | Mobile Mini, Inc. | 232,913 | ||||||
10,903 | Powell Industries, Inc. | 349,877 | ||||||
15,613 | Resources Connection, Inc. | 271,198 | ||||||
|
| |||||||
1,894,811 | ||||||||
|
| |||||||
Information Technology—8.1% | ||||||||
18,173 | ADTRAN, Inc. | 272,959 | ||||||
8,721 | Benchmark Electronics, Inc. | 238,955 | ||||||
5,456 | CSG Systems International, Inc. | 226,697 | ||||||
37,439 | Daktronics, Inc. | 304,005 | ||||||
13,435 | Monotype Imaging Holdings, Inc. | 263,326 | ||||||
4,604 | MTS Systems Corp. | 245,393 | ||||||
13,313 | NIC, Inc. | 227,519 | ||||||
|
| |||||||
1,778,854 | ||||||||
|
| |||||||
Materials—9.8% | ||||||||
2,390 | A. Schulman, Inc.(d)(e) | 1,250 | ||||||
3,932 | Hawkins, Inc. | 162,077 | ||||||
8,029 | Haynes International, Inc. | 282,460 | ||||||
20,333 | Innophos Holdings, Inc. | 675,056 | ||||||
1,905 | Kaiser Aluminum Corp. | 208,559 | ||||||
2,959 | Neenah, Inc. | 199,969 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
16,237 | Schweitzer-Mauduit International, Inc. | $ | 626,099 | |||||
|
| |||||||
2,155,470 | ||||||||
|
| |||||||
Real Estate—21.6% | ||||||||
28,352 | Chatham Lodging Trust REIT | 566,473 | ||||||
32,182 | Global Net Lease, Inc. REIT | 574,127 | ||||||
56,753 | Independence Realty Trust, Inc. REIT | 587,961 | ||||||
41,427 | Kite Realty Group Trust REIT | 652,061 | ||||||
69,484 | Lexington Realty Trust REIT | 645,506 | ||||||
89,158 | Pennsylvania Real Estate Investment Trust REIT(b) | 548,322 | ||||||
51,565 | Summit Hotel Properties, Inc. REIT | 587,325 | ||||||
46,142 | Whitestone REIT | 600,308 | ||||||
|
| |||||||
4,762,083 | ||||||||
|
| |||||||
Utilities—5.6% | ||||||||
1,746 | American States Water Co. | 124,193 | ||||||
6,320 | Avista Corp. | 255,391 | ||||||
2,406 | California Water Service Group | 125,160 | ||||||
3,971 | El Paso Electric Co. | 213,640 | ||||||
3,696 | Northwest Natural Holding Co. | 237,357 | ||||||
9,712 | South Jersey Industries, Inc. | 281,163 | ||||||
|
| |||||||
1,236,904 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $21,502,294) | 21,962,622 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
174 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(f) (Cost $174) | 174 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $21,502,468)—99.8% | 21,962,796 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.6% | ||||||||
568,459 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(f)(g) (Cost $568,459) | 568,459 | ||||||
|
| |||||||
Total Investments in Securities (Cost $22,070,927)—102.4% | 22,531,255 | |||||||
Other assets less liabilities—(2.4)% | (528,645 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,002,610 | ||||||
|
|
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 February 28, 2019. |
(c) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT is considered to be affiliated. See Note 4. |
(d) | Non-income producing security. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | 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 February 28, 2019. |
(g) | 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 S&P SmallCap Low Volatility ETF (XSLV)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 47.6 | |||
Real Estate | 22.2 | |||
Industrials | 7.9 | |||
Information Technology | 7.1 | |||
Utilities | 5.1 | |||
Consumer Staples | 3.0 | |||
Communication Services | 2.9 | |||
Materials | 2.5 | |||
Health Care | 0.8 | |||
Consumer Discretionary | 0.8 | |||
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% | ||||||||
Communication Services—2.9% | ||||||||
241,099 | Cogent Communications Holdings, Inc. | $ | 11,743,932 | |||||
291,274 | Marcus Corp. (The) | 12,347,105 | ||||||
868,211 | New Media Investment Group, Inc. | 11,564,570 | ||||||
281,225 | Scholastic Corp. | 11,898,630 | ||||||
|
| |||||||
47,554,237 | ||||||||
|
| |||||||
Consumer Discretionary—0.8% | ||||||||
279,106 | Monarch Casino & Resort, Inc.(b) | 12,238,798 | ||||||
|
| |||||||
Consumer Staples—3.0% | ||||||||
263,877 | Cal-Maine Foods, Inc. | 11,636,976 | ||||||
549,152 | Darling Ingredients, Inc.(b) | 12,070,361 | ||||||
80,772 | J&J Snack Foods Corp. | 12,542,276 | ||||||
69,742 | WD-40 Co.(c) | 12,481,726 | ||||||
|
| |||||||
48,731,339 | ||||||||
|
| |||||||
Financials—47.6% | ||||||||
217,758 | AMERISAFE, Inc. | 13,742,707 | ||||||
1,217,696 | Apollo Commercial Real Estate Finance, Inc. REIT | 22,113,359 | ||||||
938,665 | ARMOUR Residential REIT, Inc. REIT | 18,820,233 | ||||||
219,321 | Banner Corp. | 13,626,414 | ||||||
445,765 | Berkshire Hills Bancorp, Inc. | 13,961,360 | ||||||
999,298 | Boston Private Financial Holdings, Inc. | 11,881,653 | ||||||
842,572 | Brookline Bancorp, Inc. | 13,464,301 | ||||||
1,919,799 | Capstead Mortgage Corp. REIT | 15,934,332 | ||||||
441,350 | Central Pacific Financial Corp. | 12,878,593 | ||||||
185,041 | City Holding Co. | 14,829,186 | ||||||
340,780 | Columbia Banking System, Inc. | 12,908,746 | ||||||
223,137 | Community Bank System, Inc. | 14,457,046 | ||||||
630,966 | CVB Financial Corp. | 14,379,715 | ||||||
608,919 | Dime Community Bancshares, Inc. | 12,166,202 | ||||||
216,655 | Eagle Bancorp, Inc.(b) | 12,823,809 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
260,220 | Employers Holdings, Inc. | $ | 10,840,765 | |||||
1,081,307 | First BanCorp | 12,445,844 | ||||||
425,208 | First Financial Bancorp | 11,791,018 | ||||||
209,059 | First Financial Bankshares, Inc.(c) | 13,557,476 | ||||||
575,478 | First Midwest Bancorp, Inc. | 13,322,316 | ||||||
143,107 | FirstCash, Inc. | 12,544,760 | ||||||
401,694 | Flagstar Bancorp, Inc. | 13,119,326 | ||||||
299,515 | Glacier Bancorp, Inc. | 13,124,747 | ||||||
1,038,491 | Granite Point Mortgage Trust, Inc. REIT | 19,752,099 | ||||||
347,956 | Great Western Bancorp, Inc. | 13,065,748 | ||||||
384,388 | Heritage Financial Corp. | 12,654,053 | ||||||
838,189 | Hope Bancorp, Inc. | 12,220,796 | ||||||
339,763 | Horace Mann Educators Corp. | 13,315,312 | ||||||
151,469 | Independent Bank Corp. | 12,894,556 | ||||||
1,133,495 | Invesco Mortgage Capital, Inc. REIT(d) | 18,045,240 | ||||||
446,949 | National Bank Holdings Corp., Class A | 16,148,267 | ||||||
367,257 | NBT Bancorp, Inc. | 14,187,138 | ||||||
2,745,535 | New York Mortgage Trust, Inc. REIT | 16,473,210 | ||||||
966,335 | Northfield Bancorp, Inc. | 14,408,055 | ||||||
923,554 | Northwest Bancshares, Inc. | 17,178,104 | ||||||
732,071 | Old National Bancorp | 13,016,222 | ||||||
1,060,623 | Oritani Financial Corp. | 19,038,183 | ||||||
765,196 | PennyMac Mortgage Investment Trust REIT | 15,594,695 | ||||||
268,245 | ProAssurance Corp. | 10,890,747 | ||||||
536,894 | Provident Financial Services, Inc. | 14,737,740 | ||||||
1,226,464 | Redwood Trust, Inc. REIT | 18,764,899 | ||||||
226,818 | RLI Corp. | 15,995,205 | ||||||
337,995 | S&T Bancorp, Inc. | 13,986,233 | ||||||
182,175 | Safety Insurance Group, Inc. | 16,275,515 | ||||||
207,179 | Selective Insurance Group, Inc. | 13,665,527 | ||||||
354,466 | ServisFirst Bancshares, Inc. | 12,395,676 | ||||||
459,905 | Simmons First National Corp., Class A | 12,339,251 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco S&P SmallCap Low Volatility ETF (XSLV)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
396,211 | Southside Bancshares, Inc. | $ | 13,756,446 | |||||
399,410 | Stewart Information Services Corp. | 17,146,671 | ||||||
152,853 | Tompkins Financial Corp. | 12,290,910 | ||||||
1,681,301 | TrustCo Bank Corp. NY | 14,240,620 | ||||||
438,139 | United Community Banks, Inc. | 12,132,069 | ||||||
217,041 | United Fire Group, Inc. | 10,578,578 | ||||||
761,487 | United Insurance Holdings Corp. | 12,473,157 | ||||||
209,774 | Westamerica Bancorporation | 13,484,273 | ||||||
|
| |||||||
781,879,103 | ||||||||
|
| |||||||
Health Care—0.8% | ||||||||
167,751 | CONMED Corp. | 12,900,052 | ||||||
|
| |||||||
Industrials—7.9% | ||||||||
134,652 | Alamo Group, Inc. | 12,931,978 | ||||||
280,508 | Brady Corp., Class A | 13,270,833 | ||||||
183,946 | ESCO Technologies, Inc. | 12,727,224 | ||||||
240,984 | Exponent, Inc. | 13,646,924 | ||||||
180,699 | Forward Air Corp. | 11,682,190 | ||||||
299,397 | Hillenbrand, Inc. | 13,260,293 | ||||||
207,995 | Kaman Corp. | 12,808,332 | ||||||
85,880 | UniFirst Corp. | 12,351,262 | ||||||
246,731 | Viad Corp. | 14,285,725 | ||||||
162,770 | Watts Water Technologies, Inc., Class A | 13,109,496 | ||||||
|
| |||||||
130,074,257 | ||||||||
|
| |||||||
Information Technology—7.1% | ||||||||
316,591 | CSG Systems International, Inc. | 13,154,356 | ||||||
406,075 | CTS Corp. | 13,043,129 | ||||||
135,900 | ePlus, Inc.(b) | 12,154,896 | ||||||
215,127 | ExlService Holdings, Inc.(b) | 13,208,798 | ||||||
92,433 | MicroStrategy, Inc., Class A(b) | 13,079,269 | ||||||
728,062 | Monotype Imaging Holdings, Inc. | 14,270,015 | ||||||
230,260 | MTS Systems Corp. | 12,272,858 | ||||||
463,337 | Perficient, Inc.(b) | 13,256,072 | ||||||
204,110 | Plexus Corp.(b) | 12,605,834 | ||||||
|
| |||||||
117,045,227 | ||||||||
|
| |||||||
Materials—2.5% | ||||||||
157,516 | Balchem Corp. | 13,976,395 | ||||||
191,502 | Neenah, Inc. | 12,941,705 | ||||||
367,376 | Schweitzer-Mauduit International, Inc. | 14,166,018 | ||||||
|
| |||||||
41,084,118 | ||||||||
|
| |||||||
Real Estate—22.2% | ||||||||
435,026 | Acadia Realty Trust REIT | 12,393,891 | ||||||
223,633 | Agree Realty Corp. REIT | 14,699,397 | ||||||
339,573 | American Assets Trust, Inc. REIT | 14,751,051 | ||||||
964,072 | Armada Hoffler Properties, Inc. REIT | 14,750,302 | ||||||
539,717 | CareTrust REIT, Inc. REIT | 12,057,278 | ||||||
653,404 | Chatham Lodging Trust REIT | 13,055,012 | ||||||
472,339 | Chesapeake Lodging Trust REIT | 14,226,851 | ||||||
368,801 | Community Healthcare Trust, Inc. REIT | 13,162,508 | ||||||
1,338,259 | DiamondRock Hospitality Co. REIT | 14,305,989 | ||||||
859,904 | Easterly Government Properties, Inc. REIT | 15,461,074 | ||||||
144,149 | EastGroup Properties, Inc. REIT | 15,230,783 | ||||||
569,817 | Four Corners Property Trust, Inc. REIT | 15,607,288 | ||||||
414,093 | Getty Realty Corp. REIT | 13,644,364 | ||||||
697,681 | Hersha Hospitality Trust REIT | 13,151,287 | ||||||
1,402,018 | Independence Realty Trust, Inc. REIT | 14,524,906 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
1,649,191 | iStar, Inc. REIT | $ | 14,430,421 | |||||
686,520 | Kite Realty Group Trust REIT | 10,805,825 | ||||||
1,468,018 | Lexington Realty Trust REIT | 13,637,887 | ||||||
285,467 | LTC Properties, Inc. REIT | 12,680,444 | ||||||
334,381 | Marcus & Millichap, Inc.(b) | 12,913,794 | ||||||
428,028 | National Storage Affiliates Trust REIT | 12,121,753 | ||||||
105,502 | PS Business Parks, Inc. REIT | 15,526,729 | ||||||
786,126 | Retail Opportunity Investments Corp. REIT | 13,497,783 | ||||||
907,166 | RPT Realty REIT | 11,502,865 | ||||||
1,209,725 | Summit Hotel Properties, Inc. REIT | 13,778,768 | ||||||
596,155 | Urstadt Biddle Properties, Inc., Class A REIT | 12,471,563 | ||||||
798,414 | Whitestone REIT | 10,387,366 | ||||||
|
| |||||||
364,777,179 | ||||||||
|
| |||||||
Utilities—5.1% | ||||||||
199,190 | American States Water Co. | 14,168,385 | ||||||
417,209 | Avista Corp. | 16,859,416 | ||||||
235,718 | California Water Service Group | 12,262,050 | ||||||
271,285 | El Paso Electric Co. | 14,595,133 | ||||||
231,692 | Northwest Natural Holding Co. | 14,879,260 | ||||||
393,771 | South Jersey Industries, Inc. | 11,399,670 | ||||||
|
| |||||||
84,163,914 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,554,393,955)—99.9% | 1,640,448,224 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.1% | ||||||||
1,031,082 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $1,031,082) | 1,031,082 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,555,425,037)—100.0% | 1,641,479,306 | |||||||
Other assets less liabilities—(0.0)% | (93,124 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,641,386,182 | ||||||
|
|
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 February 28, 2019. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT 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 February 28, 2019. |
(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 SmallCap Quality ETF (XSHQ)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 23.6 | |||
Industrials | 21.8 | |||
Consumer Discretionary | 19.5 | |||
Information Technology | 10.2 | |||
Consumer Staples | 7.7 | |||
Health Care | 7.0 | |||
Materials | 5.8 | |||
Energy | 2.3 | |||
Real Estate | 1.9 | |||
Communication 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% | ||||||||
Communication Services—0.2% | ||||||||
751 | TechTarget, Inc.(b) | $ | 12,452 | |||||
|
| |||||||
Consumer Discretionary—19.5% | ||||||||
2,032 | Abercrombie & Fitch Co., Class A | 44,602 | ||||||
549 | American Public Education, Inc.(b) | 17,738 | ||||||
693 | BJ’s Restaurants, Inc. | 33,153 | ||||||
1,045 | Buckle, Inc. (The)(c) | 20,053 | ||||||
1,196 | Caleres, Inc. | 37,196 | ||||||
863 | Cato Corp. (The), Class A | 13,584 | ||||||
300 | Cavco Industries, Inc.(b) | 41,529 | ||||||
3,584 | Chico’s FAS, Inc. | 20,930 | ||||||
839 | Children’s Place, Inc. (The) | 80,175 | ||||||
2,628 | Crocs, Inc.(b) | 67,487 | ||||||
1,411 | Dave & Buster’s Entertainment, Inc. | 72,427 | ||||||
2,072 | DSW, Inc., Class A | 61,352 | ||||||
770 | Ethan Allen Interiors, Inc. | 15,462 | ||||||
574 | Haverty Furniture Cos., Inc. | 13,983 | ||||||
704 | Hibbett Sports, Inc.(b) | 13,052 | ||||||
482 | Kirkland’s, Inc.(b) | 5,630 | ||||||
1,534 | La-Z-Boy, Inc. | 52,785 | ||||||
1,174 | Lumber Liquidators Holdings, Inc.(b)(c) | 13,865 | ||||||
851 | Nutrisystem, Inc. | 36,831 | ||||||
583 | Oxford Industries, Inc. | 46,074 | ||||||
833 | PetMed Express, Inc.(c) | 19,201 | ||||||
932 | Ruth’s Hospitality Group, Inc. | 23,691 | ||||||
347 | Shoe Carnival, Inc.(c) | 13,235 | ||||||
615 | Shutterstock, Inc. | 28,493 | ||||||
639 | Stamps.com, Inc.(b) | 60,060 | ||||||
2,816 | Steven Madden Ltd. | 92,900 | ||||||
631 | Sturm Ruger & Co., Inc. | 35,935 | ||||||
2,855 | Wolverine World Wide, Inc. | 102,095 | ||||||
|
| |||||||
1,083,518 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples—7.7% | ||||||||
486 | Calavo Growers, Inc. | $ | 41,373 | |||||
959 | Cal-Maine Foods, Inc. | 42,292 | ||||||
490 | Inter Parfums, Inc. | 36,147 | ||||||
434 | J&J Snack Foods Corp. | 67,391 | ||||||
239 | John B. Sanfilippo & Son, Inc. | 16,606 | ||||||
629 | Medifast, Inc. | 80,153 | ||||||
455 | MGP Ingredients, Inc.(c) | 37,242 | ||||||
616 | WD-40 Co.(c) | 110,246 | ||||||
|
| |||||||
431,450 | ||||||||
|
| |||||||
Energy—2.3% | ||||||||
724 | Bonanza Creek Energy, Inc.(b) | 16,630 | ||||||
707 | Era Group, Inc.(b) | 8,145 | ||||||
5,767 | Laredo Petroleum, Inc.(b) | 19,781 | ||||||
852 | Matrix Service Co.(b) | 17,798 | ||||||
1,415 | Renewable Energy Group, Inc.(b) | 37,597 | ||||||
635 | SEACOR Holdings, Inc.(b) | 28,359 | ||||||
|
| |||||||
128,310 | ||||||||
|
| |||||||
Financials—23.6% | ||||||||
3,367 | American Equity Investment Life Holding Co. | 106,566 | ||||||
1,494 | Ameris Bancorp | 60,910 | ||||||
640 | AMERISAFE, Inc. | 40,390 | ||||||
933 | Banner Corp. | 57,967 | ||||||
999 | Central Pacific Financial Corp. | 29,151 | ||||||
3,168 | CVB Financial Corp. | 72,199 | ||||||
1,050 | Donnelley Financial Solutions, Inc.(b) | 14,921 | ||||||
987 | Employers Holdings, Inc. | 41,118 | ||||||
716 | Fidelity Southern Corp. | 23,327 | ||||||
2,433 | First Financial Bankshares, Inc.(c) | 157,780 | ||||||
1,375 | FirstCash, Inc. | 120,533 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco S&P SmallCap Quality ETF (XSHQ)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
2,126 | Great Western Bancorp, Inc. | $ | 79,831 | |||||
1,021 | Hanmi Financial Corp. | 23,565 | ||||||
1,022 | Investment Technology Group, Inc. | 30,895 | ||||||
868 | James River Group Holdings Ltd. | 35,666 | ||||||
1,492 | OFG Bancorp | 30,869 | ||||||
1,741 | ProAssurance Corp. | 70,685 | ||||||
1,275 | RLI Corp. | 89,913 | ||||||
440 | Safety Insurance Group, Inc. | 39,310 | ||||||
641 | United Fire Group, Inc. | 31,242 | ||||||
1,389 | Universal Insurance Holdings, Inc. | 54,227 | ||||||
854 | Walker & Dunlop, Inc. | 47,653 | ||||||
837 | Westamerica Bancorporation | 53,802 | ||||||
| �� | |||||||
1,312,520 | ||||||||
|
| |||||||
Health Care—7.0% | ||||||||
1,490 | AMN Healthcare Services, Inc.(b) | 74,515 | ||||||
1,067 | Cambrex Corp.(b) | 44,110 | ||||||
335 | CorVel Corp.(b) | 22,545 | ||||||
569 | Cutera, Inc.(b) | 9,741 | ||||||
796 | HealthStream, Inc. | 22,129 | ||||||
1,224 | Luminex Corp. | 31,188 | ||||||
1,393 | Meridian Bioscience, Inc. | 23,778 | ||||||
546 | Orthofix Medical, Inc.(b) | 33,361 | ||||||
323 | Providence Service Corp. (The)(b) | 23,036 | ||||||
1,172 | REGENXBIO, Inc.(b) | 60,628 | ||||||
2,036 | Tivity Health, Inc.(b) | 43,570 | ||||||
|
| |||||||
388,601 | ||||||||
|
| |||||||
Industrials—21.8% | ||||||||
1,265 | AAON, Inc. | 50,423 | ||||||
2,078 | Aerojet Rocketdyne Holdings, Inc.(b) | 77,406 | ||||||
761 | Aerovironment, Inc.(b) | 60,629 | ||||||
1,820 | Axon Enterprise, Inc.(b) | 97,971 | ||||||
1,613 | Brady Corp., Class A | 76,311 | ||||||
617 | Encore Wire Corp. | 36,551 | ||||||
1,641 | Exponent, Inc. | 92,930 | ||||||
364 | Forrester Research, Inc. | 18,273 | ||||||
999 | Forward Air Corp. | 64,585 | ||||||
1,217 | FTI Consulting, Inc.(b) | 90,253 | ||||||
677 | Heidrick & Struggles International, Inc. | 29,185 | ||||||
2,019 | Hillenbrand, Inc. | 89,422 | ||||||
620 | Insteel Industries, Inc. | 14,105 | ||||||
328 | Lindsay Corp. | 30,330 | ||||||
1,296 | Marten Transport Ltd. | 24,170 | ||||||
146 | National Presto Industries, Inc.(c) | 16,372 | ||||||
1,436 | Navigant Consulting, Inc. | 29,567 | ||||||
1,169 | Raven Industries, Inc. | 46,666 | ||||||
1,276 | Simpson Manufacturing Co., Inc. | 76,471 | ||||||
1,849 | Tetra Tech, Inc. | 110,977 | ||||||
1,199 | TrueBlue, Inc.(b) | 27,601 | ||||||
1,560 | WageWorks, Inc.(b) | 51,324 | ||||||
|
| |||||||
1,211,522 | ||||||||
|
| |||||||
Information Technology—10.2% | ||||||||
1,403 | Advanced Energy Industries, Inc.(b) | 70,669 | ||||||
1,119 | Cabot Microelectronics Corp. | 126,559 | ||||||
422 | ePlus, Inc.(b) | 37,744 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
1,138 | Fabrinet (Thailand)(b) | $ | 66,573 | |||||
2,723 | Knowles Corp.(b) | 44,330 | ||||||
802 | Nanometrics, Inc.(b) | 22,825 | ||||||
2,525 | NIC, Inc. | 43,152 | ||||||
899 | OneSpan, Inc.(b) | 19,149 | ||||||
776 | Park Electrochemical Corp. | 13,495 | ||||||
1,334 | Progress Software Corp. | 49,064 | ||||||
970 | Rudolph Technologies, Inc.(b) | 21,903 | ||||||
1,300 | SolarEdge Technologies, Inc.(b) | 54,938 | ||||||
|
| |||||||
570,401 | ||||||||
|
| |||||||
Materials—5.8% | ||||||||
978 | AdvanSix, Inc.(b) | 32,029 | ||||||
1,018 | Balchem Corp. | 90,327 | ||||||
638 | Materion Corp. | 36,864 | ||||||
413 | Quaker Chemical Corp. | 86,313 | ||||||
590 | Stepan Co. | 55,519 | ||||||
2,047 | SunCoke Energy, Inc.(b) | 20,306 | ||||||
|
| |||||||
321,358 | ||||||||
|
| |||||||
Real Estate—1.9% | ||||||||
712 | PS Business Parks, Inc. REIT | 104,785 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $6,025,794)—100.0% | 5,564,917 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—6.4% | ||||||||
356,825 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(d)(e) (Cost $356,825) | 356,825 | ||||||
|
| |||||||
Total Investments in Securities (Cost $6,382,619)—106.4% | 5,921,742 | |||||||
Other assets less liabilities—(6.4)% | (358,570 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 5,563,172 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 48 |
|
(This Page Intentionally Left Blank)
| 49 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
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) | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) | Invesco S&P 500® High Beta ETF (SPHB) | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 51,957,266 | $ | 465,532,527 | $ | 180,191,879 | $ | 23,801,892 | $ | 143,903,538 | $ | 322,937,837 | ||||||||||||
Affiliated investments in securities, at value | 500,628 | 4,689,747 | 3,152,158 | 244,146 | — | 1,322,440 | ||||||||||||||||||
Cash | — | 2,605 | 38 | — | — | 875 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends | 84,447 | 756,142 | 305,405 | 71,929 | 216,194 | 191,577 | ||||||||||||||||||
Securities lending | 167 | 3,168 | 604 | 10 | — | 122 | ||||||||||||||||||
Investments sold | — | — | 3,165,446 | — | — | — | ||||||||||||||||||
Foreign tax reclaims | — | 256 | — | — | — | — | ||||||||||||||||||
Shares sold | — | — | — | — | — | 49,744,352 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Assets | 52,542,508 | 470,984,445 | 186,815,530 | 24,117,977 | 144,119,732 | 374,197,203 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||||||
Due to custodian | — | — | — | 3,535 | 145,945 | — | ||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Collateral upon return of securities loaned | 499,451 | 4,353,580 | 2,778,298 | 151,769 | — | 1,297,083 | ||||||||||||||||||
Shares repurchased | — | — | 3,172,210 | — | — | — | ||||||||||||||||||
Investments purchased | — | — | — | — | — | 49,712,730 | ||||||||||||||||||
Accrued unitary management fees | 11,410 | 68,669 | 49,018 | 2,375 | 27,635 | 23,664 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Liabilities | 510,861 | 4,422,249 | 5,999,526 | 157,679 | 173,580 | 51,033,477 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 52,031,647 | $ | 466,562,196 | $ | 180,816,004 | $ | 23,960,298 | $ | 143,946,152 | $ | 323,163,726 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Shares of beneficial interest | $ | 60,469,402 | $ | 469,551,299 | $ | 189,447,514 | $ | 24,645,953 | $ | 141,458,549 | $ | 397,725,871 | ||||||||||||
Distributable earnings | $ | (8,437,755 | ) | $ | (2,989,103 | ) | $ | (8,631,510 | ) | $ | (685,655 | ) | $ | 2,487,603 | $ | (74,562,145 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 52,031,647 | $ | 466,562,196 | $ | 180,816,004 | $ | 23,960,298 | $ | 143,946,152 | $ | 323,163,726 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,900,001 | 14,600,001 | 5,700,001 | 700,001 | 4,000,001 | 7,800,000 | ||||||||||||||||||
Net asset value | $ | 27.39 | $ | 31.96 | $ | 31.72 | $ | 34.23 | $ | 35.99 | $ | 41.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 27.39 | $ | 31.96 | $ | 31.73 | $ | 34.23 | $ | 36.01 | $ | 41.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 52,110,387 | $ | 468,281,163 | $ | 166,459,903 | $ | 23,741,604 | $ | 135,248,158 | $ | 331,690,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 500,628 | $ | 4,782,316 | $ | 3,089,097 | $ | 258,872 | $ | — | $ | 1,322,440 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 481,539 | $ | 4,221,317 | $ | 2,689,007 | $ | 151,929 | $ | — | $ | 1,238,333 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
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) | 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) | |||||||||||||||||||||||
$ | 2,870,288,447 | $ | 9,717,861,924 | $ | 1,389,529 | $ | 61,199,910 | $ | 2,317,275,960 | $ | 21,320,409 | $ | 1,622,402,984 | $ | 5,564,917 | |||||||||||||||
84,642,551 | 13,344,798 | 1,104 | 1,002 | 35,825,811 | 1,210,846 | 19,076,322 | 356,825 | |||||||||||||||||||||||
— | — | — | — | — | 426 | — | — | |||||||||||||||||||||||
13,885,340 | 25,432,420 | 2,472 | 82,459 | 3,480,479 | 43,625 | 1,634,610 | 2,591 | |||||||||||||||||||||||
— | 108 | — | — | 7,866 | 835 | 451 | 71 | |||||||||||||||||||||||
— | 5,131,687 | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
4,199,645 | 10,291,987 | — | — | 12,343,768 | — | 2,400,468 | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
2,973,015,983 | 9,772,062,924 | 1,393,105 | 61,283,371 | 2,368,933,884 | 22,576,141 | 1,645,514,835 | 5,924,404 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
9,522,233 | 14,084,905 | — | — | 2,659,833 | — | 394,382 | 3,175 | |||||||||||||||||||||||
1,841,966 | 13,344,798 | — | — | 35,825,811 | 568,459 | 1,031,082 | 356,825 | |||||||||||||||||||||||
— | 5,135,658 | — | — | — | — | — | — | |||||||||||||||||||||||
4,197,624 | 10,282,032 | — | — | 12,343,605 | — | 2,400,002 | — | |||||||||||||||||||||||
671,716 | 1,800,057 | 19 | 5,932 | 426,221 | 5,072 | 303,187 | 1,232 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
16,233,539 | 44,647,450 | 19 | 5,932 | 51,255,470 | 573,531 | 4,128,653 | 361,232 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,956,782,444 | $ | 9,727,415,474 | $ | 1,393,086 | $ | 61,277,439 | $ | 2,317,678,414 | $ | 22,002,610 | $ | 1,641,386,182 | $ | 5,563,172 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 3,107,735,138 | $ | 9,326,336,467 | $ | 1,299,936 | $ | 58,860,438 | $ | 2,181,468,083 | $ | 22,477,201 | $ | 1,579,056,299 | $ | 10,057,889 | |||||||||||||||
$ | (150,952,694 | ) | $ | 401,079,007 | $ | 93,150 | $ | 2,417,001 | $ | 136,210,331 | $ | (474,591 | ) | $ | 62,329,883 | $ | (4,494,717 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,956,782,444 | $ | 9,727,415,474 | $ | 1,393,086 | $ | 61,277,439 | $ | 2,317,678,414 | $ | 22,002,610 | $ | 1,641,386,182 | $ | 5,563,172 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 70,450,000 | 188,650,000 | 50,001 | 1,600,001 | 46,900,000 | 900,001 | 34,200,000 | 200,001 | ||||||||||||||||||||||
$ | 41.97 | $ | 51.56 | $ | 27.86 | $ | 38.30 | $ | 49.42 | $ | 24.45 | $ | 47.99 | $ | 27.82 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 42.01 | $ | 51.59 | $ | 27.87 | $ | 38.29 | $ | 49.49 | $ | 24.54 | $ | 48.04 | $ | 27.83 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 2,902,213,569 | $ | 9,010,504,711 | $ | 1,281,640 | $ | 59,323,859 | $ | 2,176,232,812 | $ | 20,874,068 | $ | 1,536,131,059 | $ | 6,025,794 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 107,876,989 | $ | 13,344,798 | $ | 1,104 | $ | 1,002 | $ | 35,825,811 | $ | 1,196,859 | $ | 19,293,978 | $ | 356,825 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,803,788 | $ | 13,204,809 | $ | — | $ | — | $ | 35,062,923 | $ | 519,905 | $ | 1,008,940 | $ | 348,307 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 51 |
|
For the six months ended February 28, 2019
(Unaudited)
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) | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV) | Invesco S&P 500® High Beta ETF (SPHB) | |||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Unaffiliated dividend income | $ | 1,069,165 | $ | 4,168,674 | $ | 1,919,439 | $ | 308,985 | $ | 1,429,314 | $ | 949,818 | ||||||||||||
Affiliated dividend income | 2,828 | 8,374 | 6,582 | 2,400 | 565 | 17,022 | ||||||||||||||||||
Securities lending income | 19,493 | 103,054 | 74,245 | 12 | 18 | 300 | ||||||||||||||||||
Foreign withholding tax | (751 | ) | (3,848 | ) | (1,189 | ) | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Income | 1,090,735 | 4,276,254 | 1,999,077 | 311,397 | 1,429,897 | 967,140 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||||||
Unitary management fees | 151,311 | 440,159 | 285,857 | 15,586 | 173,296 | 156,608 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (51 | ) | (209 | ) | (73 | ) | (17 | ) | (48 | ) | (81 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Expenses | 151,260 | 439,950 | 285,784 | 15,569 | 173,248 | 156,527 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Investment Income | 939,475 | 3,836,304 | 1,713,293 | 295,828 | 1,256,649 | 810,613 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investment securities | (3,290,012 | ) | (6,189,131 | ) | (9,310,769 | ) | (598,972 | ) | (2,010,080 | ) | (7,523,297 | ) | ||||||||||||
In-kind redemptions | (2,770,157 | ) | 20,761,104 | 2,350,356 | 503,155 | 5,917,780 | (2,410,144 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (6,060,169 | ) | 14,571,973 | (6,960,413 | ) | (95,817 | ) | 3,907,700 | (9,933,441 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (10,547,209 | ) | (40,951,582 | ) | 42,166 | (1,180,575 | ) | (4,409,984 | ) | (7,787,931 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (16,607,378 | ) | (26,379,609 | ) | (6,918,247 | ) | (1,276,392 | ) | (502,284 | ) | (17,721,372 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (15,667,903 | ) | $ | (22,543,305 | ) | $ | (5,204,954 | ) | $ | (980,564 | ) | $ | 754,365 | $ | (16,910,759 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
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) | 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) | |||||||||||||||||||||||
$ | 59,018,178 | $ | 108,814,434 | $ | 15,454 | $ | 306,041 | $ | 24,194,899 | $ | 304,630 | $ | 23,087,302 | $ | 189,888 | |||||||||||||||
1,905,871 | 33,779 | 17 | 317 | 11,887 | 17,741 | 849,347 | 729 | |||||||||||||||||||||||
22 | 124 | 1 | 1 | 38,010 | 861 | 16,049 | 662 | |||||||||||||||||||||||
— | — | — | — | — | — | (3,239 | ) | (123 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
60,924,071 | 108,848,337 | 15,472 | 306,359 | 24,244,796 | 323,232 | 23,949,459 | 191,156 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,975,831 | 10,067,344 | 682 | 31,220 | 2,132,204 | 19,906 | 1,737,535 | 34,529 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1,236 | ) | (2,651 | ) | (2 | ) | (28 | ) | (986 | ) | (15 | ) | (1,307 | ) | (63 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
3,974,595 | 10,064,693 | 680 | 31,192 | 2,131,218 | 19,891 | 1,736,228 | 34,466 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
56,949,476 | 98,783,644 | 14,792 | 275,167 | 22,113,578 | 303,341 | 22,213,231 | 156,690 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(13,318,711 | ) | (128,575,275 | ) | 32,597 | (480,945 | ) | (21,898,443 | ) | (597,905 | ) | (20,000,862 | ) | (1,879,100 | ) | ||||||||||||||||
68,006,090 | 271,929,838 | — | 1,095,744 | 56,446,016 | 372,902 | 16,331,338 | (2,017,934 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
54,687,379 | 143,354,563 | 32,597 | 614,799 | 34,547,573 | (225,003 | ) | (3,669,524 | ) | (3,897,034 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| (21,335,148) | 197,812,756 | (73,196 | ) | (1,458,599 | ) | 18,006,984 | 2,242 | (69,548,621 | ) | (3,449,211 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
33,352,231 | 341,167,319 | (40,599 | ) | (843,800 | ) | 52,554,557 | (222,761 | ) | (73,218,145 | ) | (7,346,245 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 90,301,707 | $ | 439,950,963 | $ | (25,807 | ) | $ | (568,633 | ) | $ | 74,668,135 | $ | 80,580 | $ | (51,004,914 | ) | $ | (7,189,555 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 53 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | Invesco Russell 1000 Equal Weight ETF (EQAL) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(a) | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 939,475 | $ | 1,574,241 | $ | 212,048 | $ | 3,836,304 | $ | 5,156,476 | $ | 3,702,498 | ||||||||||||
Net realized gain (loss) | (6,060,169 | ) | 1,557,997 | (9,599 | ) | 14,571,973 | 20,889,632 | 10,100,303 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (10,547,209 | ) | 7,869,476 | 2,524,612 | (40,951,582 | ) | 19,052,009 | 24,256,985 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (15,667,903 | ) | 11,001,714 | 2,727,061 | (22,543,305 | ) | 45,098,117 | 38,059,786 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (1,338,024 | ) | (1,209,519 | ) | (100,835 | ) | (4,313,868 | ) | (3,959,851 | ) | (3,397,369 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 11,278,350 | 89,214,658 | 64,674,553 | 194,643,229 | 237,551,147 | 242,896,219 | ||||||||||||||||||
Value of shares repurchased | (87,740,315 | ) | (20,808,093 | ) | — | (175,777,822 | ) | (119,630,244 | ) | (77,547,535 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | (76,461,965 | ) | 68,406,565 | 64,674,553 | 18,865,407 | 117,920,903 | 165,348,684 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (93,467,892 | ) | 78,198,760 | 67,300,779 | (7,991,766 | ) | 159,059,169 | 200,011,101 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 145,499,539 | 67,300,779 | — | 474,553,962 | 315,494,793 | 115,483,692 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 52,031,647 | $ | 145,499,539 | $ | 67,300,779 | $ | 466,562,196 | $ | 474,553,962 | $ | 315,494,793 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 450,000 | 3,250,000 | 2,550,001 | 6,500,000 | 7,600,000 | 8,700,000 | ||||||||||||||||||
Shares repurchased | (3,600,000 | ) | (750,000 | ) | — | (6,150,000 | ) | (3,900,000 | ) | (2,700,000 | ) | |||||||||||||
Shares outstanding, beginning of period | 5,050,001 | 2,550,001 | — | 14,250,001 | 10,550,001 | 4,550,001 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 1,900,001 | 5,050,001 | 2,550,001 | 14,600,001 | 14,250,001 | 10,550,001 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
| 54 |
|
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) | ||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||||||||
$ | 1,713,293 | $ | 2,108,946 | $ | 2,529,933 | $ | 295,828 | $ | 516,427 | $ | 440,555 | $ | 1,256,649 | $ | 2,081,985 | $ | 2,641,344 | |||||||||||||||||
(6,960,413 | ) | 16,213,962 | 13,584,417 | (95,817 | ) | 3,143,872 | 612,256 | 3,907,700 | 17,740,775 | 20,049,802 | ||||||||||||||||||||||||
| 42,166 |
| 1,536,763 | 7,973,509 | (1,180,575 | ) | (1,475,209 | ) | 2,679,062 | (4,409,984 | ) | (1,085,115 | ) | 10,253,938 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (5,204,954 | ) | 19,859,671 | 24,087,859 | (980,564 | ) | 2,185,090 | 3,731,873 | 754,365 | 18,737,645 | 32,945,084 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,694,565 | ) | (1,895,751 | ) | (2,395,027 | ) | (321,494 | ) | (467,801 | ) | (348,743 | ) | (1,332,884 | ) | (2,103,003 | ) | (2,593,776 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
44,726,346 | 103,983,202 | 82,940,794 | 6,266,922 | 20,908,118 | 59,262,427 | 54,048,901 | 145,540,212 | 131,851,703 | ||||||||||||||||||||||||||
(21,788,622 | ) | (110,683,953 | ) | (89,822,766 | ) | (8,000,139 | ) | (46,904,649 | ) | (12,692,825 | ) | (55,713,183 | ) | (147,139,160 | ) | (195,472,407 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| 22,937,724 |
| (6,700,751 | ) | | (6,881,972) | (1,733,217 | ) | (25,996,531 | ) | 46,569,602 | (1,664,282 | ) | (1,598,948 | ) | (63,620,704 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| 16,038,205 |
| 11,263,169 | 14,810,860 | (3,035,275 | ) | (24,279,242 | ) | 49,952,732 | (2,242,801 | ) | 15,035,694 | (33,269,396 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
164,777,799 | 153,514,630 | 138,703,770 | 26,995,573 | 51,274,815 | 1,322,083 | 146,188,953 | 131,153,259 | 164,422,655 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 180,816,004 | $ | 164,777,799 | $ | 153,514,630 | $ | 23,960,298 | $ | 26,995,573 | $ | 51,274,815 | $ | 143,946,152 | $ | 146,188,953 | $ | 131,153,259 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,500,000 | 3,300,000 | 2,950,000 | 200,000 | 600,000 | 1,900,000 | 1,550,000 | 4,250,000 | 4,550,000 | ||||||||||||||||||||||||||
(750,000 | ) | (3,500,000 | ) | (3,150,000 | ) | (250,000 | ) | (1,400,000 | ) | (400,000 | ) | (1,600,000 | ) | (4,250,000 | ) | (6,650,000 | ) | |||||||||||||||||
| 4,950,001 |
| 5,150,001 | 5,350,001 | 750,001 | 1,550,001 | 50,001 | 4,050,001 | 4,050,001 | 6,150,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,700,001 | 4,950,001 | 5,150,001 | 700,001 | 750,001 | 1,550,001 | 4,000,001 | 4,050,001 | 4,050,001 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 55 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P 500® High Beta ETF (SPHB) | Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 810,613 | $ | 3,827,847 | $ | 5,102,582 | $ | 56,949,476 | $ | 91,454,986 | $ | 98,199,117 | ||||||||||||
Net realized gain (loss) | (9,933,441 | ) | 35,618,695 | 81,891,959 | 54,687,379 | 137,747,164 | 184,569,396 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (7,787,931 | ) | (3,534,672 | ) | 12,159,003 | (21,335,148 | ) | (108,303,660 | ) | 73,529,904 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (16,910,759 | ) | 35,911,870 | 99,153,544 | 90,301,707 | 120,898,490 | 356,298,417 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (936,399 | ) | (3,731,027 | ) | (5,358,690 | ) | (55,212,084 | ) | (92,276,850 | ) | (107,583,441 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 285,418,969 | 537,521,730 | 1,052,063,298 | 817,405,205 | 1,282,580,964 | 2,107,138,978 | ||||||||||||||||||
Value of shares repurchased | (116,341,989 | ) | (756,840,730 | ) | (1,275,990,516 | ) | (552,580,649 | ) | (1,627,935,128 | ) | (2,005,683,823 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | 169,076,980 | (219,319,000 | ) | (223,927,218 | ) | 264,824,556 | (345,354,164 | ) | 101,455,155 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | 151,229,822 | (187,138,157 | ) | (130,132,364 | ) | 299,914,179 | (316,732,524 | ) | 350,170,131 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 171,933,904 | 359,072,061 | 489,204,425 | 2,656,868,265 | 2,973,600,789 | 2,623,430,658 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 323,163,726 | $ | 171,933,904 | $ | 359,072,061 | $ | 2,956,782,444 | $ | 2,656,868,265 | $ | 2,973,600,789 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 6,950,000 | 12,500,000 | 28,250,000 | 20,100,000 | 30,850,000 | 52,700,000 | ||||||||||||||||||
Shares repurchased | (2,950,000 | ) | (17,650,000 | ) | (34,450,000 | ) | (13,400,000 | ) | (39,200,000 | ) | (50,200,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 3,800,000 | 8,950,000 | 15,150,000 | 63,750,000 | 72,100,000 | 69,600,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 7,800,000 | 3,800,000 | 8,950,000 | 70,450,000 | 63,750,000 | 72,100,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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.
| 56 |
|
Invesco S&P 500® Low Volatility ETF (SPLV) | Invesco S&P 500 Minimum Variance ETF (SPMV) | Invesco S&P 500 Momentum ETF (SPMO) | ||||||||||||||||||||||||||||||||
Six Months Ended | Ten Months Ended | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(a) | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||||||||
$ | 98,783,644 | $ | 123,467,916 | $ | 145,254,170 | $ | 14,792 | $ | 27,326 | $ | 15,354 | $ | 275,167 | $ | 215,217 | $ | 23,533 | |||||||||||||||||
143,354,563 | 664,059,444 | 444,090,605 | 32,597 | 172,953 | (817 | ) | 614,799 | 1,513,084 | 204,423 | |||||||||||||||||||||||||
197,812,756 | (175,481,341 | ) | | 468,264,797 | (73,196 | ) | 50,344 | 130,741 | (1,458,599 | ) | 3,135,412 | 145,527 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
439,950,963 | 612,046,019 | | 1,057,609,572 | (25,807 | ) | 250,623 | 145,278 | (568,633 | ) | 4,863,713 | 373,483 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(90,103,382 | ) | (124,946,206 | ) | (145,029,675 | ) | (40,768 | ) | (30,483 | ) | (7,768 | ) | (232,013 | ) | (128,220 | ) | (24,884 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
4,467,947,498 | 4,931,352,695 | 4,465,475,987 | — | 1,381,755 | 2,491,823 | 44,037,133 | 62,079,720 | 2,991,006 | ||||||||||||||||||||||||||
(2,471,742,034 | ) | (5,177,453,666 | ) | (4,688,707,093 | ) | — | (2,771,567 | ) | — | (32,041,026 | ) | (18,396,137 | ) | (3,004,960 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
1,996,205,464 | (246,100,971 | ) | | (223,231,106) | — | (1,389,812 | ) | 2,491,823 | 11,996,107 | 43,683,583 | (13,954 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,346,053,045 | 240,998,842 | 689,348,791 | (66,575 | ) | (1,169,672 | ) | 2,629,333 | 11,195,461 | 48,419,076 | 334,645 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
7,381,362,429 | 7,140,363,587 | 6,451,014,796 | 1,459,661 | 2,629,333 | — | 50,081,978 | 1,662,902 | 1,328,257 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 9,727,415,474 | $ | 7,381,362,429 | $ | 7,140,363,587 | $ | 1,393,086 | $ | 1,459,661 | $ | 2,629,333 | $ | 61,277,439 | $ | 50,081,978 | $ | 1,662,902 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
90,700,000 | 104,200,000 | 102,100,000 | — | 50,000 | 100,001 | 1,200,000 | 1,700,000 | 100,000 | ||||||||||||||||||||||||||
(50,350,000 | ) | (109,250,000 | ) | (108,150,000 | ) | — | (100,000 | ) | — | (850,000 | ) | (500,000 | ) | (100,000 | ) | |||||||||||||||||||
148,300,000 | 153,350,000 | | 159,400,000 | 50,001 | 100,001 | — | 1,250,001 | 50,001 | 50,001 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
188,650,000 | 148,300,000 | 153,350,000 | 50,001 | 50,001 | 100,001 | 1,600,001 | 1,250,001 | 50,001 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 57 |
|
Statements of Changes in Net Assets(continued)
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the year ended October 31, 2017
(Unaudited)
Invesco S&P MidCap Low Volatility ETF (XMLV) | ||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 22,113,578 | $ | 26,961,995 | $ | 15,787,266 | ||||||
Net realized gain (loss) | 34,547,573 | 104,392,113 | 51,677,535 | |||||||||
Net change in unrealized appreciation (depreciation) | 18,006,984 | 6,754,525 | 92,875,997 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 74,668,135 | 138,108,633 | 160,340,798 | |||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | (18,762,419 | ) | (24,301,375 | ) | (14,587,225 | ) | ||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | 1,157,996,118 | 846,187,776 | 865,051,116 | |||||||||
Value of shares repurchased | (339,864,390 | ) | (711,572,371 | ) | (497,680,763 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | 818,131,728 | 134,615,405 | 367,370,353 | |||||||||
|
|
|
|
|
| |||||||
Increase (decrease) in Net Assets | 874,037,444 | 248,422,663 | 513,123,926 | |||||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 1,443,640,970 | 1,195,218,307 | 682,094,381 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,317,678,414 | $ | 1,443,640,970 | $ | 1,195,218,307 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | 24,500,000 | 18,400,000 | 20,500,000 | |||||||||
Shares repurchased | (7,050,000 | ) | (15,500,000 | ) | (11,800,000 | ) | ||||||
Shares outstanding, beginning of period | 29,450,000 | 26,550,000 | 17,850,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 46,900,000 | 29,450,000 | 26,550,000 | |||||||||
|
|
|
|
|
|
(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.
| 58 |
|
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) | ||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(a) | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Year Ended October 31, 2017 | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(b) | ||||||||||||||||||||||||||
$ | 303,341 | $ | 249,538 | $ | 240,595 | $ | 22,213,231 | $ | 22,493,329 | $ | 20,526,502 | $ | 156,690 | $ | 82,869 | $ | 11,518 | |||||||||||||||||
(225,003 | ) | 112,995 | 107,197 | (3,669,524 | ) | 98,748,047 | 67,024,522 | (3,897,034 | ) | 169,057 | 67,749 | |||||||||||||||||||||||
2,242 | 607,273 | (149,187) | (69,548,621 | ) | 23,537,205 | 95,413,872 | (3,449,211 | ) | 2,947,114 | 41,220 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
80,580 | 969,806 | 198,605 | (51,004,914 | ) | 144,778,581 | 182,964,896 | (7,189,555 | ) | 3,199,040 | 120,487 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(361,430 | ) | (329,517 | ) | (276,845 | ) | (23,721,453 | ) | (19,115,449 | ) | (18,420,981 | ) | (220,220 | ) | (16,059 | ) | (9,661 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
15,118,212 | 7,780,195 | 13,849,536 | 367,334,517 | 653,336,692 | 716,336,132 | 8,675,189 | 41,298,366 | 3,727,343 | ||||||||||||||||||||||||||
(4,920,971 | ) | (3,871,849 | ) | (6,233,712 | ) | (84,577,706 | ) | (425,116,341 | ) | (453,228,874 | ) | (38,626,509 | ) | (2,862,484 | ) | (2,532,765 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
10,197,241 | 3,908,346 | 7,615,824 | 282,756,811 | 228,220,351 | 263,107,258 | (29,951,320 | ) | 38,435,882 | 1,194,578 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
9,916,391 | 4,548,635 | 7,537,584 | 208,030,444 | 353,883,483 | 427,651,173 | (37,361,095 | ) | 41,618,863 | 1,305,404 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
12,086,219 | 7,537,584 | — | 1,433,355,738 | 1,079,472,255 | 651,821,082 | 42,924,267 | 1,305,404 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 22,002,610 | $ | 12,086,219 | $ | 7,537,584 | $ | 1,641,386,182 | $ | 1,433,355,738 | $ | 1,079,472,255 | $ | 5,563,172 | $ | 42,924,267 | $ | 1,305,404 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
650,000 | 300,000 | 550,001 | 7,950,000 | 13,900,000 | 16,700,000 | 300,000 | 1,400,000 | 150,001 | ||||||||||||||||||||||||||
(200,000 | ) | (150,000 | ) | (250,000 | ) | (1,800,000 | ) | (9,100,000 | ) | (10,650,000 | ) | (1,450,000 | ) | (100,000 | ) | (100,000 | ) | |||||||||||||||||
450,001 | 300,001 | — | 28,050,000 | 23,250,000 | 17,200,000 | 1,350,001 | 50,001 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
900,001 | 450,001 | 300,001 | 34,200,000 | 28,050,000 | 23,250,000 | 200,001 | 1,350,001 | 50,001 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 59 |
|
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period July 11, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 28.81 | $ | 26.39 | $ | 24.98 | ||||||
Net investment income(b) | 0.24 | 0.39 | 0.11 | |||||||||
Net realized and unrealized gain (loss) on investments | (1.19 | ) | 2.34 | 1.35 | ||||||||
Total from investment operations | (0.95 | ) | 2.73 | 1.46 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.47 | ) | (0.31 | ) | (0.05 | ) | ||||||
Net asset value at end of period | $ | 27.39 | $ | 28.81 | $ | 26.39 | ||||||
Market price at end of period(c) | $ | 27.39 | $ | 28.83 | $ | 26.43 | ||||||
Net Asset Value Total Return(d) | (3.07 | )% | 10.38 | % | 5.84 | %(e) | ||||||
Market Price Total Return(d) | (3.14 | )% | 10.29 | % | 6.00 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 52,032 | $ | 145,500 | $ | 67,301 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.29 | %(f) | 0.29 | %(f) | 0.29 | %(f) | ||||||
Net investment income | 1.80 | %(f) | 1.69 | %(f) | 1.35 | %(f) | ||||||
Portfolio turnover rate(g) | 11 | % | 34 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 33.30 | $ | 29.90 | $ | 25.38 | $ | 24.44 | $ | 25.05 | ||||||||||
Net investment income(b) | 0.27 | 0.41 | 0.42 | 0.41 | 0.32 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.33 | ) | 3.31 | 4.50 | 0.95 | (0.71 | ) | |||||||||||||
Total from investment operations | (1.06 | ) | 3.72 | 4.92 | 1.36 | (0.39 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.28 | ) | (0.32 | ) | (0.40 | ) | (0.42 | ) | (0.22 | ) | ||||||||||
Net asset value at end of period | $ | 31.96 | $ | 33.30 | $ | 29.90 | $ | 25.38 | $ | 24.44 | ||||||||||
Market price at end of period(c) | $ | 31.96 | $ | 33.31 | $ | 29.91 | $ | 25.41 | $ | 24.48 | ||||||||||
Net Asset Value Total Return(d) | (3.13 | )% | 12.50 | % | 19.48 | % | 5.67 | % | (1.58 | )%(e) | ||||||||||
Market Price Total Return(d) | (3.16 | )% | 12.49 | % | 19.38 | % | 5.62 | % | (1.42 | )%(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 466,562 | $ | 474,554 | $ | 315,495 | $ | 115,484 | $ | 149,084 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.20 | %(f) | 0.20 | %(f) | 0.20 | % | 0.20 | % | 0.20 | %(f) | ||||||||||
Net investment income | 1.74 | %(f) | 1.57 | %(f) | 1.48 | % | 1.70 | % | 1.49 | %(f) | ||||||||||
Portfolio turnover rate(g) | 13 | % | 19 | % | 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.
| 60 |
|
Financial Highlights(continued)
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | 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 | $ | 33.29 | $ | 29.81 | $ | 25.93 | $ | 25.31 | ||||||||
Net investment income(b) | 0.32 | 0.42 | 0.45 | 0.42 | ||||||||||||
Net realized and unrealized gain (loss) on investments | (1.57 | ) | 3.44 | 3.83 | 0.53 | |||||||||||
Total from investment operations | (1.25 | ) | 3.86 | 4.28 | 0.95 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.32 | ) | (0.38 | ) | (0.40 | ) | (0.33 | ) | ||||||||
Net asset value at end of period | $ | 31.72 | $ | 33.29 | $ | 29.81 | $ | 25.93 | ||||||||
Market price at end of period(c) | $ | 31.73 | $ | 33.29 | $ | 29.81 | $ | 25.95 | ||||||||
Net Asset Value Total Return(d) | (3.69 | )% | 13.04 | % | 16.60 | % | 3.78 | %(e) | ||||||||
Market Price Total Return(d) | (3.66 | )% | 13.04 | % | 16.51 | % | 3.86 | %(e) | ||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 180,816 | $ | 164,778 | $ | 153,515 | $ | 138,704 | ||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.35 | %(f) | 0.35 | %(f) | 0.35 | % | 0.35 | %(f) | ||||||||
Net investment income | 2.10 | %(f) | 1.63 | %(f) | 1.60 | % | 1.66 | %(f) | ||||||||
Portfolio turnover rate(g) | 28 | % | 91 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 35.99 | $ | 33.08 | $ | 26.44 | $ | 25.78 | $ | 25.04 | ||||||||||
Net investment income(b) | 0.41 | 0.68 | 0.57 | 0.63 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.73 | ) | 3.12 | 6.44 | 0.38 | 0.73 | ||||||||||||||
Total from investment operations | (1.32 | ) | 3.80 | 7.01 | 1.01 | 0.74 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.44 | ) | (0.89 | ) | (0.37 | ) | (0.35 | ) | — | |||||||||||
Net asset value at end of period | $ | 34.23 | $ | 35.99 | $ | 33.08 | $ | 26.44 | $ | 25.78 | ||||||||||
Market price at end of period(c) | $ | 34.23 | $ | 36.01 | $ | 33.10 | $ | 26.45 | $ | 25.83 | ||||||||||
Net Asset Value Total Return(d) | (3.57 | )% | 11.61 | % | 26.58 | % | 4.03 | % | 2.96 | %(e) | ||||||||||
Market Price Total Return(d) | (3.62 | )% | 11.60 | % | 26.61 | % | 3.86 | % | 3.15 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 23,960 | $ | 26,996 | $ | 51,275 | $ | 1,322 | $ | 2,578 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.13 | %(f) | 0.16 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||||
Net investment income | 2.47 | %(f) | 2.35 | %(f) | 1.81 | % | 2.53 | % | 0.63 | %(f) | ||||||||||
Portfolio turnover rate(g) | 15 | % | 34 | % | 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.
| 61 |
|
Financial Highlights(continued)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 36.10 | $ | 32.38 | $ | 26.74 | $ | 25.36 | $ | 25.14 | ||||||||||
Net investment income(b) | 0.31 | 0.43 | 0.51 | 0.44 | 0.23 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.09 | ) | 3.73 | 5.62 | 1.39 | 0.18 | ||||||||||||||
Total from investment operations | 0.22 | 4.16 | 6.13 | 1.83 | 0.41 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.44 | ) | (0.49 | ) | (0.45 | ) | (0.19 | ) | ||||||||||
Return of capital | — | — | — | — | (0.00 | )(c) | ||||||||||||||
Total distributions | (0.33 | ) | (0.44 | ) | (0.49 | ) | (0.45 | ) | (0.19 | ) | ||||||||||
Net asset value at end of period | $ | 35.99 | $ | 36.10 | $ | 32.38 | $ | 26.74 | $ | 25.36 | ||||||||||
Market price at end of | $ | 36.01 | $ | 36.11 | $ | 32.38 | $ | 26.75 | $ | 25.42 | ||||||||||
Net Asset Value Total Return(e) | 0.68 | % | 12.92 | % | 23.11 | % | 7.29 | % | 1.62 | %(f) | ||||||||||
Market Price Total Return(e) | 0.71 | % | 12.96 | % | 23.06 | % | 7.08 | % | 1.86 | %(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 143,946 | $ | 146,189 | $ | 131,153 | $ | 164,423 | $ | 107,785 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.25 | %(g) | 0.25 | %(g) | 0.25 | % | 0.25 | % | 0.25 | %(g) | ||||||||||
Net investment income | 1.81 | %(g) | 1.52 | %(g) | 1.75 | % | 1.65 | % | 1.65 | %(g) | ||||||||||
Portfolio turnover rate(h) | 31 | % | 68 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 45.25 | $ | 40.12 | $ | 32.29 | $ | 31.38 | $ | 34.04 | $ | 28.51 | $ | 20.42 | ||||||||||||||
Net investment income(a) | 0.26 | 0.51 | 0.44 | 0.39 | 0.37 | 0.29 | 0.22 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.77 | ) | 5.15 | 8.01 | 0.84 | (2.58 | ) | 5.54 | 8.08 | |||||||||||||||||||
Total from investment operations | (3.51 | ) | 5.66 | 8.45 | 1.23 | (2.21 | ) | 5.83 | 8.30 | |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.53 | ) | (0.62 | ) | (0.32 | ) | (0.45 | ) | (0.30 | ) | (0.21 | ) | ||||||||||||||
Net asset value at end of period | $ | 41.43 | $ | 45.25 | $ | 40.12 | $ | 32.29 | $ | 31.38 | $ | 34.04 | $ | 28.51 | ||||||||||||||
Market price at end of period(b) | $ | 41.42 | $ | 45.28 | $ | 40.12 | $ | 32.32 | $ | 31.42 | $ | 34.05 | $ | 28.54 | ||||||||||||||
Net Asset Value Total Return(c) | (7.69 | )% | 14.14 | % | 26.32 | % | 4.02 | % | (6.56 | )% | 20.55 | % | 40.88 | % | ||||||||||||||
Market Price Total Return(c) | (7.77 | )% | 14.22 | % | 26.20 | % | 3.98 | % | (6.47 | )% | 20.47 | % | 41.10 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 323,164 | $ | 171,934 | $ | 359,072 | $ | 489,204 | $ | 80,025 | $ | 233,167 | $ | 530,209 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.25 | %(d) | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||
Net investment income | 1.29 | %(d) | 1.42 | %(d) | 1.18 | % | 1.28 | % | 1.09 | % | 0.93 | % | 0.89 | % | ||||||||||||||
Portfolio turnover rate(e) | 32 | % | 76 | % | 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.
| 62 |
|
Financial Highlights(continued)
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 41.68 | $ | 41.24 | $ | 37.69 | $ | 33.22 | $ | 32.14 | $ | 28.36 | $ | 25.03 | ||||||||||||||
Net investment | 0.87 | 1.35 | 1.33 | 1.29 | 1.10 | 1.01 | 0.98 | |||||||||||||||||||||
Net realized and unrealized gain on investments | 0.26 | 0.45 | 3.68 | 4.51 | 1.13 | 3.86 | 3.41 | |||||||||||||||||||||
Total from investment operations | 1.13 | 1.80 | 5.01 | 5.80 | 2.23 | 4.87 | 4.39 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.84 | ) | (1.36 | ) | (1.46 | ) | (1.33 | ) | (1.15 | ) | (1.07 | ) | (1.06 | ) | ||||||||||||||
Net realized gains | — | — | — | — | — | (0.02 | ) | — | ||||||||||||||||||||
Total distributions | (0.84 | ) | (1.36 | ) | (1.46 | ) | (1.33 | ) | (1.15 | ) | (1.09 | ) | (1.06 | ) | ||||||||||||||
Net asset value at end of period | $ | 41.97 | $ | 41.68 | $ | 41.24 | $ | 37.69 | $ | 33.22 | $ | 32.14 | $ | 28.36 | ||||||||||||||
Market price at end of period(b) | $ | 42.01 | $ | 41.68 | $ | 41.25 | $ | 37.72 | $ | 33.27 | $ | 32.15 | $ | 28.39 | ||||||||||||||
Net Asset Value Total Return(c) | 2.82 | % | 4.48 | % | 13.48 | % | 17.75 | % | 7.07 | % | 17.59 | % | 17.95 | % | ||||||||||||||
Market Price Total Return(c) | 2.92 | % | 4.45 | % | 13.42 | % | 17.66 | % | 7.20 | % | 17.50 | % | 18.03 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,956,782 | $ | 2,656,868 | $ | 2,973,601 | $ | 2,623,431 | $ | 538,180 | $ | 210,523 | $ | 138,965 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.30 | %(d) | 0.30 | %(d) | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||
Net investment income | 4.30 | %(d) | 3.95 | %(d) | 3.31 | % | 3.48 | % | 3.38 | % | 3.39 | % | 3.59 | % | ||||||||||||||
Portfolio turnover rate(e) | 24 | % | 46 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years Ended October 31, | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 49.77 | $ | 46.56 | $ | 40.47 | $ | 38.34 | $ | 36.60 | $ | 32.56 | $ | 28.07 | ||||||||||||||
Net investment | 0.59 | 0.81 | 0.95 | 0.81 | 0.85 | 0.83 | 0.88 | |||||||||||||||||||||
Net realized and unrealized gain on investments | 1.74 | 3.23 | 6.09 | 2.16 | 1.78 | 4.04 | 4.51 | |||||||||||||||||||||
Total from investment operations | 2.33 | 4.04 | 7.04 | 2.97 | 2.63 | 4.87 | 5.39 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.54 | ) | (0.83 | ) | (0.95 | ) | (0.84 | ) | (0.89 | ) | (0.83 | ) | (0.90 | ) | ||||||||||||||
Net asset value at end of period | $ | 51.56 | $ | 49.77 | $ | 46.56 | $ | 40.47 | $ | 38.34 | $ | 36.60 | $ | 32.56 | ||||||||||||||
Market price at end of period(b) | $ | 51.59 | $ | 49.78 | $ | 46.57 | $ | 40.50 | $ | 38.40 | $ | 36.62 | $ | 32.59 | ||||||||||||||
Net Asset Value Total Return(c) | 4.75 | % | 8.77 | % | 17.57 | % | 7.80 | % | 7.28 | % | 15.18 | % | 19.51 | % | ||||||||||||||
Market Price Total Return(c) | 4.79 | % | 8.76 | % | 17.51 | % | 7.72 | % | 7.39 | % | 15.14 | % | 19.58 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 9,727,415 | $ | 7,381,362 | $ | 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 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||
Net investment income | 2.45 | %(d) | 2.06 | %(d) | 2.18 | % | 2.02 | % | 2.26 | % | 2.44 | % | 2.87 | % | ||||||||||||||
Portfolio turnover rate(e) | 35 | % | 68 | % | 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.
| 63 |
|
Financial Highlights(continued)
Invesco S&P 500 Minimum Variance ETF (SPMV)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period July 11, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 29.19 | $ | 26.29 | $ | 24.92 | ||||||
Net investment income(b) | 0.30 | 0.47 | 0.15 | |||||||||
Net realized and unrealized gain (loss) on investments | (0.81 | ) | 3.04 | 1.30 | ||||||||
Total from investment operations | (0.51 | ) | 3.51 | 1.45 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.29 | ) | (0.61 | ) | (0.08 | ) | ||||||
Net realized gains | (0.53 | ) | — | — | ||||||||
Total distributions | (0.82 | ) | (0.61 | ) | (0.08 | ) | ||||||
Net asset value at end of period | $ | 27.86 | $ | 29.19 | $ | 26.29 | ||||||
Market price at end of period(c) | $ | 27.87 | $ | 29.19 | $ | 26.30 | ||||||
Net Asset Value Total Return(d) | (1.45 | )% | 13.50 | % | 5.81 | %(e) | ||||||
Market Price Total Return(d) | (1.41 | )% | 13.45 | % | 5.85 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,393 | $ | 1,460 | $ | 2,629 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.10 | %(f) | 0.13 | %(f) | 0.13 | %(f) | ||||||
Net investment income | 2.17 | %(f) | 2.08 | %(f) | 1.97 | %(f) | ||||||
Portfolio turnover rate(g) | 24 | % | 30 | % | 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 February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 40.07 | $ | 33.26 | $ | 26.56 | $ | 26.06 | $ | 24.65 | ||||||||||
Net investment income(b) | 0.21 | 0.34 | 0.46 | 0.41 | 0.01 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.77 | ) | 6.67 | 6.72 | 0.44 | 1.40 | ||||||||||||||
Total from investment operations | (1.56 | ) | 7.01 | 7.18 | 0.85 | 1.41 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.21 | ) | (0.20 | ) | (0.48 | ) | (0.35 | ) | — | |||||||||||
Net asset value at end of period | $ | 38.30 | $ | 40.07 | $ | 33.26 | $ | 26.56 | $ | 26.06 | ||||||||||
Market price at end of | $ | 38.29 | $ | 40.08 | $ | 33.23 | $ | 26.58 | $ | 26.12 | ||||||||||
Net Asset Value Total Return(d) | (3.83 | )% | 21.12 | % | 27.35 | % | 3.28 | % | 5.72 | %(e) | ||||||||||
Market Price Total Return(d) | (3.88 | )% | 21.26 | % | 27.14 | % | 3.12 | % | 5.96 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 61,277 | $ | 50,082 | $ | 1,663 | $ | 1,328 | $ | 2,606 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.13 | %(f) | 0.13 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(f) | ||||||||||
Net investment income | 1.15 | %(f) | 1.10 | %(f) | 1.61 | % | 1.60 | % | 0.69 | %(f) | ||||||||||
Portfolio turnover rate(g) | 34 | % | 41 | % | 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.
| 64 |
|
Financial Highlights(continued)
Invesco S&P MidCap Low Volatility ETF (XMLV)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 49.02 | $ | 45.02 | $ | 38.21 | $ | 34.38 | $ | 31.82 | $ | 28.25 | $ | 25.12 | ||||||||||||||
Net investment income(b) | 0.61 | 0.96 | 0.69 | 0.69 | 0.66 | 0.62 | 0.38 | |||||||||||||||||||||
Net realized and unrealized gain on investments | 0.32 | 3.92 | 6.80 | 3.72 | 2.55 | 3.52 | 3.02 | |||||||||||||||||||||
Total from investment operations | 0.93 | 4.88 | 7.49 | 4.41 | 3.21 | 4.14 | 3.40 | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.53 | ) | (0.88 | ) | (0.68 | ) | (0.58 | ) | (0.65 | ) | (0.57 | ) | (0.27 | ) | ||||||||||||||
Net asset value at end of period | $ | 49.42 | $ | 49.02 | $ | 45.02 | $ | 38.21 | $ | 34.38 | $ | 31.82 | $ | 28.25 | ||||||||||||||
Market price at end of period(c) | $ | 49.49 | $ | 49.04 | $ | 45.02 | $ | 38.23 | $ | 34.42 | $ | 31.82 | $ | 28.28 | ||||||||||||||
Net Asset Value Total Return(d) | 2.02 | % | 11.00 | % | 19.76 | % | 12.96 | % | 10.18 | % | 14.84 | % | 13.62 | %(e) | ||||||||||||||
Market Price Total Return(d) | 2.13 | % | 11.04 | % | 19.69 | % | 12.89 | % | 10.30 | % | 14.72 | % | 13.77 | %(e) | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,317,678 | $ | 1,443,641 | $ | 1,195,218 | $ | 682,094 | $ | 106,565 | $ | 44,546 | $ | 21,189 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.26 | %(f) | ||||||||||||||
Net investment income | 2.59 | %(f) | 2.52 | %(f) | 1.64 | % | 1.86 | % | 1.97 | % | 2.09 | % | 1.98 | %(f) | ||||||||||||||
Portfolio turnover rate(g) | 39 | % | 50 | % | 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.
| 65 |
|
Financial Highlights(continued)
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period November 29, 2016(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 26.86 | $ | 25.13 | $ | 25.02 | ||||||
Net investment income(b) | 0.55 | 0.78 | 0.81 | |||||||||
Net realized and unrealized gain (loss) on investments | (2.34 | ) | 1.98 | 0.24 | ||||||||
Total from investment operations | (1.79 | ) | 2.76 | 1.05 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.62 | ) | (1.03 | ) | (0.94 | ) | ||||||
Net asset value at end of period | $ | 24.45 | $ | 26.86 | $ | 25.13 | ||||||
Market price at end of period(c) | $ | 24.54 | $ | 26.85 | $ | 25.15 | ||||||
Net Asset Value Total Return(d) | (6.60 | )% | 11.39 | % | 4.31 | %(e) | ||||||
Market Price Total Return(d) | (6.22 | )% | 11.26 | % | 4.39 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 22,003 | $ | 12,086 | $ | 7,538 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.30 | %(f) | 0.30 | %(f) | 0.30 | %(f) | ||||||
Net investment income | 4.57 | %(f) | 3.74 | %(f) | 3.58 | %(f) | ||||||
Portfolio turnover rate(g) | 52 | % | 61 | % | 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.
| 66 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | Years 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 | $ | 51.10 | $ | 46.43 | $ | 37.90 | $ | 34.30 | $ | 32.93 | $ | 29.92 | $ | 25.10 | ||||||||||||||
Net investment income(b) | 0.74 | 0.87 | 0.97 | 0.78 | 0.77 | 0.75 | 0.43 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.05 | ) | 4.55 | 8.46 | 3.58 | 1.38 | 2.95 | 4.63 | ||||||||||||||||||||
Total from investment operations | (2.31 | ) | 5.42 | 9.43 | 4.36 | 2.15 | 3.70 | 5.06 | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.80 | ) | (0.75 | ) | (0.90 | ) | (0.76 | ) | (0.78 | ) | (0.69 | ) | (0.24 | ) | ||||||||||||||
Net asset value at end of period | $ | 47.99 | $ | 51.10 | $ | 46.43 | $ | 37.90 | $ | 34.30 | $ | 32.93 | $ | 29.92 | ||||||||||||||
Market price at end of period(c) | $ | 48.04 | $ | 51.10 | $ | 46.47 | $ | 37.93 | $ | 34.30 | $ | 32.91 | $ | 29.96 | ||||||||||||||
Net Asset Value Total Return(d) | (4.35 | )% | 11.81 | % | 25.05 | % | 12.90 | % | 6.63 | % | 12.50 | % | 20.28 | %(e) | ||||||||||||||
Market Price Total Return(d) | (4.25 | )% | 11.71 | % | 25.06 | % | 12.99 | % | 6.70 | % | 12.29 | % | 20.45 | %(e) | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,641,386 | $ | 1,433,356 | $ | 1,079,472 | $ | 651,821 | $ | 126,926 | $ | 55,985 | $ | 31,411 | ||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.25 | %(f) | 0.25 | %(f) | 0.25 | % | 0.25 | % | 0.25 | %(g) | 0.25 | %(g) | 0.26 | %(f) | ||||||||||||||
Net investment income | 3.20 | %(f) | 2.24 | %(f) | 2.25 | % | 2.15 | % | 2.33 | % | 2.41 | % | 2.17 | %(f) | ||||||||||||||
Portfolio turnover rate(h) | 31 | % | 66 | % | 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.
| 67 |
|
Financial Highlights(continued)
Invesco S&P SmallCap Quality ETF (XSHQ)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period April 3, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 31.80 | $ | 26.11 | $ | 24.54 | ||||||
Net investment income(b) | 0.19 | 0.26 | 0.16 | |||||||||
Net realized and unrealized gain (loss) on investments | (3.99 | ) | 5.65 | 1.51 | ||||||||
Total from investment operations | (3.80 | ) | 5.91 | 1.67 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.18 | ) | (0.22 | ) | (0.10 | ) | ||||||
Net realized gains | — | — | — | |||||||||
Total distributions | (0.18 | ) | (0.22 | ) | (0.10 | ) | ||||||
Net asset value at end of period | $ | 27.82 | $ | 31.80 | $ | 26.11 | ||||||
Market price at end of period(c) | $ | 27.83 | $ | 31.81 | $ | 26.14 | ||||||
Net Asset Value Total Return(d) | (11.87 | )% | 22.75 | % | 6.81 | %(e) | ||||||
Market Price Total Return(d) | (11.87 | )% | 22.65 | % | 6.93 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,563 | $ | 42,924 | $ | 1,305 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.29 | %(f) | 0.29 | %(f) | 0.29 | %(f) | ||||||
Net investment income | 1.32 | %(f) | 1.06 | %(f) | 1.11 | %(f) | ||||||
Portfolio turnover rate(g) | 24 | % | 23 | % | 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.
| 68 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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 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 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” |
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 Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance 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.
The market price of each Share may differ to some degree from a 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 | |
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 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 |
| 69 |
|
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 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”) determines are significant and make the closing price unreliable, a 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.
| 70 |
|
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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
High Dividend Paying Securities Risk.S&P 500® 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 which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.
Industry 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Non-Diversified Fund Risk. Each Fund (except Russell 1000 Equal Weight ETF, Russell 1000 Low Beta Equal Weight ETF, S&P 500 Enhanced Value ETF, S&P 500® ex-Rate Sensitive Low Volatility ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility 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. S&P 500 Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its 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
| 71 |
|
high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small- and Mid-Capitalization Company Risk. For Russell 1000 Equal Weight 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 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.
Momentum Investing Risk. For S&P 500 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 returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive 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.
Real Estate Securities Risk. Investing in securities of real estate companies includes risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate industry.
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.
| 72 |
|
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 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. 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.
| 73 |
|
J. Securities Lending
During the six-month period ended February 28, 2019, Russell 1000 Enhanced Equal Weight ETF, Russell 1000 Equal Weight ETF, Russell 1000 Low Beta Equal Weight ETF, S&P 500 Enhanced Value ETF, S&P 500® High Beta ETF, S&P 500® High Dividend Low Volatility ETF, S&P 500® Low Volatility 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 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 inSecurities 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.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the period November 1, 2017 to August 31, 2018, distributions from distributable earnings consisted of distributions from net investment income.
For the fiscal year ended October 31, 2017, distributions from distributable earnings consisted of distributions from net investment income.
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 | ||||
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 | % |
| 74 |
|
% of Average Daily Net Assets | ||||
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 | % |
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 February 28, 2019, the Adviser waived fees for each Fund in the following amounts:
Six Months Ended February 28, 2019 | ||||
Russell 1000 Enhanced Equal Weight ETF | $ | 51 | ||
Russell 1000 Equal Weight ETF | 209 | |||
Russell 1000 Low Beta Equal Weight ETF | 73 | |||
S&P 500 Enhanced Value ETF | 17 | |||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 48 | |||
S&P 500® High Beta ETF | 81 | |||
S&P 500® High Dividend Low Volatility ETF | 1,236 | |||
S&P 500® Low Volatility ETF | 2,651 | |||
S&P 500 Minimum Variance ETF | 2 | |||
S&P 500 Momentum ETF | 28 | |||
S&P MidCap Low Volatility ETF | 986 | |||
S&P SmallCap High Dividend Low Volatility ETF | 15 | |||
S&P SmallCap Low Volatility ETF | 1,307 | |||
S&P SmallCap Quality ETF | 63 |
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 | |
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 | |
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 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. 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.
| 75 |
|
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 February 28, 2019.
Russell 1000 Enhanced Equal Weight ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd.* | $ | 176,316 | $ | 11,720 | $ | (129,232 | ) | $ | 61,185 | $ | (119,989 | ) | $ | — | $ | 2,260 |
* | At February 28, 2019, this security was no longer held. |
Russell 1000 Equal Weight ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 176,581 | $ | 143,384 | $ | (68,424 | ) | $ | (40,709 | ) | $ | 2,424 | $ | 213,256 | $ | 6,020 |
Russell 1000 Low Beta Equal Weight ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | — | $ | 316,309 | $ | (12,498 | ) | $ | 63,061 | $ | 1,804 | $ | 368,676 | $ | 5,866 |
S&P 500 Enhanced Value ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 71,770 | $ | 41,440 | $ | (14,698 | ) | $ | (4,570 | ) | $ | (1,565 | ) | $ | 92,377 | $ | 2,202 |
S&P 500® High Beta ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd.* | $ | 1,537,532 | $ | 151,398 | $ | (1,459,106 | ) | $ | 645,696 | $ | (875,520 | ) | $ | — | $ | 16,118 |
* | At February 28, 2019, this security was no longer held. |
S&P 500® High Dividend Low Volatility ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 50,738,525 | $ | 41,238,826 | $ | (1,118,715 | ) | $ | (7,981,545 | ) | $ | (76,506 | ) | $ | 82,800,585 | $ | 1,891,446 |
S&P SmallCap High Dividend Low Volatility ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 358,683 | $ | 500,436 | $ | (226,159 | ) | $ | 13,248 | $ | (3,995 | ) | $ | 642,213 | $ | 17,558 |
| 76 |
|
S&P SmallCap Low Volatility ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 15,555,741 | $ | 4,638,085 | $ | (1,924,904 | ) | $ | (146,122 | ) | $ | (77,560 | ) | $ | 18,045,240 | $ | 833,688 |
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 Fund listed below, as of February 28, 2019, 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.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P SmallCap High Dividend Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 21,961,372 | $ | — | $ | 1,250 | $ | 21,962,622 | ||||||||
Money Market Funds | 568,633 | — | — | 568,633 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 22,530,005 | $ | — | $ | 1,250 | $ | 22,531,255 | ||||||||
|
|
|
|
|
|
|
|
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 August 31, 2018, which expire as follows:
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Russell 1000 Enhanced Equal Weight ETF | $ | 1,770,434 | $ | — | $ | 1,770,434 | ||||||
Russell 1000 Equal Weight ETF | 2,761,715 | 7,200,783 | 9,962,498 | |||||||||
Russell 1000 Low Beta Equal Weight ETF | 10,782,825 | 3,556,306 | 14,339,131 | |||||||||
S&P 500 Enhanced Value ETF | 482,847 | 59,962 | 542,809 |
| 77 |
|
Post-effective/no expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | $ | 7,793,375 | $ | 1,443,917 | $ | 9,237,292 | ||||||
S&P 500® High Beta ETF | 42,157,070 | 11,948,449 | 54,105,519 | |||||||||
S&P 500® High Dividend Low Volatility ETF | 87,155,526 | 31,387,110 | 118,542,636 | |||||||||
S&P 500® Low Volatility ETF | 338,174,444 | 68,580,231 | 406,754,675 | |||||||||
S&P 500 Minimum Variance ETF | 4,993 | — | 4,993 | |||||||||
S&P 500 Momentum ETF | 109,571 | 51 | 109,622 | |||||||||
S&P MidCap Low Volatility ETF | 29,993,864 | 3,042,214 | 33,036,078 | |||||||||
S&P SmallCap High Dividend Low Volatility ETF | 324,665 | 168,061 | 492,726 | |||||||||
S&P SmallCap Low Volatility ETF | 10,824,408 | — | 10,824,408 | |||||||||
S&P SmallCap Quality ETF | 61,304 | 17,138 | 78,442 |
Note 7. Investment Transactions
For the six-month period ended February 28, 2019, 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 | |||||||
Russell 1000 Enhanced Equal Weight ETF | $ | 11,016,481 | $ | 11,629,153 | ||||
Russell 1000 Equal Weight ETF | 57,894,751 | 59,186,251 | ||||||
Russell 1000 Low Beta Equal Weight ETF | 46,205,792 | 46,139,516 | ||||||
S&P 500 Enhanced Value ETF | 3,717,649 | 4,042,462 | ||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 43,811,219 | 44,606,756 | ||||||
S&P 500® High Beta ETF | 51,342,276 | 50,999,769 | ||||||
S&P 500® High Dividend Low Volatility ETF | 665,973,724 | 665,852,525 | ||||||
S&P 500® Low Volatility ETF | 2,863,237,383 | 2,856,418,369 | ||||||
S&P 500 Minimum Variance ETF | 328,522 | 356,803 | ||||||
S&P 500 Momentum ETF | 17,678,639 | 16,873,932 | ||||||
S&P MidCap Low Volatility ETF | 696,735,296 | 688,562,820 | ||||||
S&P SmallCap High Dividend Low Volatility ETF | 7,411,139 | 7,229,654 | ||||||
S&P SmallCap Low Volatility ETF | 441,983,125 | 441,598,626 | ||||||
S&P SmallCap Quality ETF | 6,103,720 | 7,177,732 |
For the six-month period ended February 28, 2019, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Russell 1000 Enhanced Equal Weight ETF | $ | 11,266,727 | $ | 87,489,084 | ||||
Russell 1000 Equal Weight ETF | 194,268,574 | 174,838,932 | ||||||
Russell 1000 Low Beta Equal Weight ETF | 44,622,143 | 21,695,092 | ||||||
S&P 500 Enhanced Value ETF | 625,532 | 7,726,212 | ||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 53,987,526 | 54,801,054 | ||||||
S&P 500® High Beta ETF | 284,713,566 | 116,188,426 | ||||||
S&P 500® High Dividend Low Volatility ETF | 816,908,269 | 550,572,447 | ||||||
S&P 500® Low Volatility ETF | 4,460,873,493 | 2,467,043,543 | ||||||
S&P 500 Minimum Variance ETF | — | — | ||||||
S&P 500 Momentum ETF | 44,020,045 | 32,813,462 | ||||||
S&P MidCap Low Volatility ETF | 1,150,689,994 | 337,773,304 | ||||||
S&P SmallCap High Dividend Low Volatility ETF | 15,058,723 | 5,102,714 | ||||||
S&P SmallCap Low Volatility ETF | 366,334,262 | 83,320,302 | ||||||
S&P SmallCap Quality ETF | 8,672,898 | 37,575,350 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 78 |
|
At February 28, 2019, 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 | |||||||||||||
Russell 1000 Enhanced Equal Weight ETF | $ | 3,378,702 | $ | (4,062,031 | ) | $ | (683,329 | ) | $ | 53,141,223 | ||||||
Russell 1000 Equal Weight ETF | 31,854,521 | (40,710,142 | ) | (8,855,621 | ) | 479,077,895 | ||||||||||
Russell 1000 Low Beta Equal Weight ETF | 18,953,784 | (6,943,439 | ) | 12,010,345 | 171,333,692 | |||||||||||
S&P 500 Enhanced Value ETF | 1,140,961 | (1,303,320 | ) | (162,359 | ) | 24,208,397 | ||||||||||
S&P 500® ex-Rate Sensitive Low Volatility ETF | 10,988,272 | (3,094,842 | ) | 7,893,430 | 136,010,108 | |||||||||||
S&P 500® High Beta ETF | 4,817,733 | (15,622,602 | ) | (10,804,869 | ) | 335,065,146 | ||||||||||
S&P 500® High Dividend Low Volatility ETF | 123,575,225 | (212,410,054 | ) | (88,834,829 | ) | 3,043,765,827 | ||||||||||
S&P 500® Low Volatility ETF | 750,411,459 | (94,612,602 | ) | 655,798,857 | 9,075,407,865 | |||||||||||
S&P 500 Minimum Variance ETF | 173,300 | (86,207 | ) | 87,093 | 1,303,540 | |||||||||||
S&P 500 Momentum ETF | 3,287,432 | (1,508,676 | ) | 1,778,756 | 59,422,156 | |||||||||||
S&P MidCap Low Volatility ETF | 153,175,281 | (27,573,415 | ) | 125,601,866 | 2,227,499,905 | |||||||||||
S&P SmallCap High Dividend Low Volatility ETF | 938,983 | (637,756 | ) | 301,227 | 22,230,028 | |||||||||||
S&P SmallCap Low Volatility ETF | 118,669,096 | (47,059,912 | ) | 71,609,184 | 1,569,870,122 | |||||||||||
S&P SmallCap Quality ETF | 253,884 | (778,262 | ) | (524,378 | ) | 6,446,120 |
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”) 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 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.
| 79 |
|
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 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.
| 80 |
|
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 thesix-month period ended February 28, 2019.
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 theSix-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 September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 969.30 | 0.29 | % | $ | 1.42 | ||||||||
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 | 968.70 | 0.20 | 0.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | 0.20 | 1.00 | ||||||||||||
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) | ||||||||||||||||
Actual | 1,000.00 | 963.10 | 0.35 | 1.70 | ||||||||||||
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 | 964.30 | 0.13 | 0.63 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.15 | 0.13 | 0.65 | ||||||||||||
Invesco S&P 500®ex-Rate Sensitive Low Volatility ETF (XRLV) | ||||||||||||||||
Actual | 1,000.00 | 1,006.80 | 0.25 | 1.24 | ||||||||||||
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 | 923.10 | 0.25 | 1.19 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
| 81 |
|
Fees and Expenses(continued)
Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,028.20 | 0.30 | % | $ | 1.51 | ||||||||
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 | 1,047.50 | 0.25 | 1.27 | ||||||||||||
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 | 985.50 | 0.10 | 0.49 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.30 | 0.10 | 0.50 | ||||||||||||
Invesco S&P 500 Momentum ETF (SPMO) | ||||||||||||||||
Actual | 1,000.00 | 961.70 | 0.13 | 0.63 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.15 | 0.13 | 0.65 | ||||||||||||
Invesco S&P MidCap Low Volatility ETF (XMLV) | ||||||||||||||||
Actual | 1,000.00 | 1,020.20 | 0.25 | 1.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 | ||||||||||||
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | ||||||||||||||||
Actual | 1,000.00 | 934.00 | 0.30 | 1.44 | ||||||||||||
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 | 956.50 | 0.25 | 1.21 | ||||||||||||
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 | 881.30 | 0.29 | 1.35 | ||||||||||||
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 thesix-month period ended February 28, 2019. 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. |
| 82 |
|
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 atwww.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 atwww.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 (or any successor Form). The Form N-Qs (or any successor Form) will be available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-HBLV-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 28, 2019
PBUS | Invesco PureBetaSM MSCI USA ETF | |
PBSM | Invesco PureBetaSM MSCI USA Small Cap ETF | |
PBND | Invesco PureBetaSM US Aggregate Bond ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
PureBeta Portfolios | ||||
Schedules of Investments | ||||
3 | ||||
10 | ||||
28 | ||||
Statements of Assets and Liabilities | 34 | |||
Statements of Operations | 35 | |||
Statements of Changes in Net Assets | 36 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 41 | |||
Fees and Expenses | 50 |
| 2 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Information Technology | 21.1 | |||
Health Care | 14.5 | |||
Financials | 13.1 | |||
Consumer Discretionary | 10.2 | |||
Communication Services | 10.1 | |||
Industrials | 9.7 | |||
Consumer Staples | 7.0 | |||
Energy | 5.3 | |||
Utilities | 3.2 | |||
Real Estate | 3.0 | |||
Materials | 2.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Communication Services—10.1% | ||||||||
82 | Activision Blizzard, Inc. | $ | 3,455 | |||||
34 | Alphabet, Inc., Class A(b) | 38,303 | ||||||
36 | Alphabet, Inc., Class C(b) | 40,317 | ||||||
37 | Altice USA, Inc., Class A | 807 | ||||||
827 | AT&T, Inc. | 25,736 | ||||||
38 | CBS Corp., Class B | 1,908 | ||||||
111 | CenturyLink, Inc. | 1,464 | ||||||
18 | Charter Communications, Inc., Class A(b) | 6,208 | ||||||
516 | Comcast Corp., Class A | 19,954 | ||||||
18 | Discovery, Inc., Class A(b) | 520 | ||||||
35 | Discovery, Inc., Class C(b) | 954 | ||||||
26 | DISH Network Corp., Class A(b) | 845 | ||||||
34 | Electronic Arts, Inc.(b) | 3,257 | ||||||
273 | Facebook, Inc., Class A(b) | 44,076 | ||||||
9 | IAC/InterActiveCorp.(b) | 1,917 | ||||||
44 | Interpublic Group of Cos., Inc. (The) | 1,013 | ||||||
12 | Liberty Broadband Corp., Class C(b) | 1,074 | ||||||
21 | Liberty Global PLC, Series A (United Kingdom)(b) | 553 | ||||||
58 | Liberty Global PLC, Series C (United Kingdom)(b) | 1,473 | ||||||
23 | Liberty Media Corp.-Liberty Formula One, Class C(b) | 716 | ||||||
10 | Liberty Media Corp.-Liberty SiriusXM, Class A(b) | 409 | ||||||
20 | Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 824 | ||||||
17 | Live Nation Entertainment, Inc.(b) | 962 | ||||||
50 | Netflix, Inc.(b) | 17,905 | ||||||
44 | News Corp., Class A | 573 | ||||||
25 | Omnicom Group, Inc. | 1,893 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
190 | Sirius XM Holdings, Inc. | $ | 1,127 | |||||
93 | Sprint Corp.(b) | 591 | ||||||
13 | Take-Two Interactive Software, Inc.(b) | 1,134 | ||||||
39 | T-Mobile US, Inc.(b) | 2,816 | ||||||
12 | TripAdvisor, Inc.(b) | 638 | ||||||
120 | Twenty-First Century Fox, Inc., Class A | 6,052 | ||||||
50 | Twenty-First Century Fox, Inc., Class B | 2,508 | ||||||
78 | Twitter, Inc.(b) | 2,401 | ||||||
470 | Verizon Communications, Inc. | 26,752 | ||||||
40 | Viacom, Inc., Class B | 1,169 | ||||||
169 | Walt Disney Co. (The) | 19,070 | ||||||
23 | Zayo Group Holdings, Inc.(b) | 570 | ||||||
14 | Zillow Group, Inc., Class C(b)(c) | 585 | ||||||
|
| |||||||
282,529 | ||||||||
|
| |||||||
Consumer Discretionary—10.2% | ||||||||
8 | Advance Auto Parts, Inc. | 1,294 | ||||||
47 | Amazon.com, Inc.(b) | 77,072 | ||||||
30 | Aptiv PLC | 2,493 | ||||||
28 | Aramark | 848 | ||||||
10 | Autoliv, Inc. (Sweden) | 818 | ||||||
3 | AutoZone, Inc.(b) | 2,817 | ||||||
28 | Best Buy Co., Inc. | 1,928 | ||||||
5 | Booking Holdings, Inc.(b) | 8,485 | ||||||
24 | BorgWarner, Inc. | 975 | ||||||
8 | Burlington Stores, Inc.(b) | 1,358 | ||||||
17 | Capri Holdings, Ltd.(b) | 775 | ||||||
20 | CarMax, Inc.(b) | 1,242 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 3 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
48 | Carnival Corp. | $ | 2,772 | |||||
3 | Chipotle Mexican Grill, Inc.(b) | 1,823 | ||||||
41 | D.R. Horton, Inc. | 1,594 | ||||||
14 | Darden Restaurants, Inc. | 1,570 | ||||||
30 | Dollar General Corp. | 3,554 | ||||||
27 | Dollar Tree, Inc.(b) | 2,601 | ||||||
4 | Domino’s Pizza, Inc. | 1,004 | ||||||
104 | eBay, Inc. | 3,864 | ||||||
14 | Expedia Group, Inc. | 1,726 | ||||||
422 | Ford Motor Co. | 3,701 | ||||||
26 | Gap, Inc. (The) | 660 | ||||||
13 | Garmin Ltd. | 1,092 | ||||||
144 | General Motors Co. | 5,685 | ||||||
17 | Genuine Parts Co. | 1,849 | ||||||
26 | Goodyear Tire & Rubber Co. (The) | 514 | ||||||
10 | GrubHub, Inc.(b) | 816 | ||||||
23 | H&R Block, Inc. | 555 | ||||||
41 | Hanesbrands, Inc. | 762 | ||||||
19 | Harley-Davidson, Inc. | 705 | ||||||
14 | Hasbro, Inc. | 1,189 | ||||||
32 | Hilton Worldwide Holdings, Inc. | 2,659 | ||||||
128 | Home Depot, Inc. (The) | 23,698 | ||||||
19 | Kohl’s Corp. | 1,283 | ||||||
27 | L Brands, Inc. | 706 | ||||||
45 | Las Vegas Sands Corp. | 2,764 | ||||||
7 | Lear Corp. | 1,064 | ||||||
15 | Leggett & Platt, Inc. | 681 | ||||||
33 | Lennar Corp., Class A | 1,583 | ||||||
36 | LKQ Corp.(b) | 997 | ||||||
92 | Lowe’s Cos., Inc. | 9,668 | ||||||
11 | Lululemon Athletica, Inc.(b) | 1,655 | ||||||
35 | Macy’s, Inc. | 868 | ||||||
33 | Marriott International, Inc., Class A | 4,134 | ||||||
39 | Mattel, Inc.(b)(c) | 562 | ||||||
88 | McDonald’s Corp. | 16,178 | ||||||
5 | MercadoLibre, Inc. (Argentina)(b) | 2,294 | ||||||
57 | MGM Resorts International | 1,525 | ||||||
7 | Mohawk Industries, Inc.(b) | 953 | ||||||
53 | Newell Brands, Inc. | 860 | ||||||
145 | NIKE, Inc., Class B | 12,431 | ||||||
13 | Nordstrom, Inc. | 615 | ||||||
25 | Norwegian Cruise Line Holdings Ltd.(b) | 1,388 | ||||||
9 | O’Reilly Automotive, Inc.(b) | 3,348 | ||||||
7 | Polaris Industries, Inc. | 597 | ||||||
30 | PulteGroup, Inc. | 810 | ||||||
9 | PVH Corp. | 1,034 | ||||||
48 | Qurate Retail, Inc.(b) | 864 | ||||||
6 | Ralph Lauren Corp. | 751 | ||||||
42 | Ross Stores, Inc. | 3,983 | ||||||
19 | Royal Caribbean Cruises Ltd. | 2,251 | ||||||
141 | Starbucks Corp. | 9,907 | ||||||
33 | Tapestry, Inc. | 1,153 | ||||||
56 | Target Corp. | 4,068 | ||||||
15 | Tesla, Inc.(b)(c) | 4,798 | ||||||
12 | Tiffany & Co. | 1,140 | ||||||
141 | TJX Cos., Inc. (The) | 7,232 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
14 | Tractor Supply Co. | $ | 1,335 | |||||
6 | Ulta Beauty, Inc.(b) | 1,875 | ||||||
21 | Under Armour, Inc., Class A(b) | 474 | ||||||
22 | Under Armour, Inc., Class C(b) | 442 | ||||||
5 | Vail Resorts, Inc. | 1,042 | ||||||
38 | VF Corp. | 3,320 | ||||||
7 | Wayfair, Inc., Class A(b)(c) | 1,160 | ||||||
7 | Whirlpool Corp. | 991 | ||||||
11 | Wynn Resorts Ltd. | 1,392 | ||||||
35 | Yum! Brands, Inc. | 3,307 | ||||||
|
| |||||||
283,981 | ||||||||
|
| |||||||
Consumer Staples—7.0% | ||||||||
214 | Altria Group, Inc. | 11,216 | ||||||
64 | Archer-Daniels-Midland Co. | 2,720 | ||||||
30 | Brown-Forman Corp., Class B | 1,485 | ||||||
16 | Bunge Ltd. | 849 | ||||||
21 | Campbell Soup Co. | 756 | ||||||
28 | Church & Dwight Co., Inc. | 1,842 | ||||||
15 | Clorox Co. (The) | 2,371 | ||||||
460 | Coca-Cola Co. (The) | 20,856 | ||||||
94 | Colgate-Palmolive Co. | 6,192 | ||||||
55 | Conagra Brands, Inc. | 1,285 | ||||||
19 | Constellation Brands, Inc., Class A | 3,214 | ||||||
50 | Costco Wholesale Corp. | 10,937 | ||||||
55 | Coty, Inc., Class A(c) | 605 | ||||||
25 | Estee Lauder Cos., Inc. (The), Class A | 3,924 | ||||||
68 | General Mills, Inc. | 3,205 | ||||||
16 | Hershey Co. (The) | 1,771 | ||||||
33 | Hormel Foods Corp. | 1,431 | ||||||
8 | Ingredion, Inc. | 740 | ||||||
13 | JM Smucker Co. (The) | 1,377 | ||||||
30 | Kellogg Co. | 1,688 | ||||||
39 | Kimberly-Clark Corp. | 4,556 | ||||||
69 | Kraft Heinz Co. (The) | 2,290 | ||||||
91 | Kroger Co. (The) | 2,669 | ||||||
17 | Lamb Weston Holdings, Inc. | 1,178 | ||||||
14 | McCormick & Co., Inc. | 1,904 | ||||||
22 | Molson Coors Brewing Co., Class B | 1,357 | ||||||
165 | Mondelez International, Inc., Class A | 7,781 | ||||||
47 | Monster Beverage Corp.(b) | 3,000 | ||||||
160 | PepsiCo, Inc. | 18,502 | ||||||
177 | Philip Morris International, Inc. | 15,388 | ||||||
283 | Procter & Gamble Co. (The) | 27,890 | ||||||
56 | Sysco Corp. | 3,783 | ||||||
34 | Tyson Foods, Inc., Class A | 2,096 | ||||||
92 | Walgreens Boots Alliance, Inc. | 6,550 | ||||||
165 | Walmart, Inc. | 16,333 | ||||||
|
| |||||||
193,741 | ||||||||
|
| |||||||
Energy—5.3% | ||||||||
57 | Anadarko Petroleum Corp. | 2,480 | ||||||
43 | Apache Corp. | 1,427 | ||||||
58 | Baker Hughes a GE Co. | 1,530 | ||||||
49 | Cabot Oil & Gas Corp. | 1,206 | ||||||
25 | Cheniere Energy, Inc.(b) | 1,611 | ||||||
217 | Chevron Corp. | 25,949 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
11 | Cimarex Energy Co. | $ | 791 | |||||
23 | Concho Resources, Inc. | 2,530 | ||||||
131 | ConocoPhillips | 8,888 | ||||||
11 | Continental Resources, Inc.(b) | 491 | ||||||
53 | Devon Energy Corp. | 1,564 | ||||||
18 | Diamondback Energy, Inc. | 1,853 | ||||||
66 | EOG Resources, Inc. | 6,204 | ||||||
481 | Exxon Mobil Corp. | 38,014 | ||||||
100 | Halliburton Co. | 3,069 | ||||||
12 | Helmerich & Payne, Inc. | 650 | ||||||
30 | Hess Corp. | 1,736 | ||||||
19 | HollyFrontier Corp. | 973 | ||||||
226 | Kinder Morgan, Inc. | 4,330 | ||||||
94 | Marathon Oil Corp. | 1,560 | ||||||
79 | Marathon Petroleum Corp. | 4,899 | ||||||
44 | National Oilwell Varco, Inc. | 1,238 | ||||||
55 | Noble Energy, Inc. | 1,218 | ||||||
86 | Occidental Petroleum Corp. | 5,689 | ||||||
47 | ONEOK, Inc. | 3,020 | ||||||
29 | Parsley Energy, Inc., Class A(b) | 526 | ||||||
50 | Phillips 66 | 4,818 | ||||||
19 | Pioneer Natural Resources Co. | 2,678 | ||||||
17 | Plains GP Holdings LP, Class A | 394 | ||||||
157 | Schlumberger Ltd. | 6,918 | ||||||
26 | Targa Resources Corp. | 1,046 | ||||||
49 | TechnipFMC PLC (United Kingdom) | 1,092 | ||||||
48 | Valero Energy Corp. | 3,915 | ||||||
138 | Williams Cos., Inc. (The) | 3,683 | ||||||
|
| |||||||
147,990 | ||||||||
|
| |||||||
Financials—13.1% | ||||||||
6 | Affiliated Managers Group, Inc. | 658 | ||||||
87 | Aflac, Inc. | 4,275 | ||||||
60 | AGNC Investment Corp. REIT | 1,059 | ||||||
2 | Alleghany Corp. | 1,286 | ||||||
39 | Allstate Corp. (The) | 3,681 | ||||||
47 | Ally Financial, Inc. | 1,273 | ||||||
83 | American Express Co. | 8,942 | ||||||
9 | American Financial Group, Inc. | 897 | ||||||
101 | American International Group, Inc. | 4,363 | ||||||
16 | Ameriprise Financial, Inc. | 2,106 | ||||||
158 | Annaly Capital Management, Inc. REIT | 1,601 | ||||||
27 | Aon PLC | 4,631 | ||||||
46 | Arch Capital Group Ltd.(b) | 1,503 | ||||||
21 | Arthur J. Gallagher & Co. | 1,686 | ||||||
6 | Assurant, Inc. | 618 | ||||||
18 | Athene Holding Ltd., Class A(b) | 802 | ||||||
27 | AXA Equitable Holdings, Inc. | 516 | ||||||
1,060 | Bank of America Corp. | 30,825 | ||||||
112 | Bank of New York Mellon Corp. (The) | 5,878 | ||||||
88 | BB&T Corp. | 4,485 | ||||||
147 | Berkshire Hathaway, Inc., Class B(b) | 29,591 | ||||||
13 | BlackRock, Inc. | 5,762 | ||||||
12 | Brighthouse Financial, Inc.(b) | 465 | ||||||
54 | Capital One Financial Corp. | 4,513 | ||||||
13 | Cboe Global Markets, Inc. | 1,247 | ||||||
138 | Charles Schwab Corp. (The) | 6,349 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
52 | Chubb Ltd. | $ | 6,963 | |||||
18 | Cincinnati Financial Corp. | 1,563 | ||||||
12 | CIT Group, Inc. | 612 | ||||||
278 | Citigroup, Inc. | 17,786 | ||||||
53 | Citizens Financial Group, Inc. | 1,958 | ||||||
41 | CME Group, Inc. | 7,458 | ||||||
18 | Comerica, Inc. | 1,568 | ||||||
38 | Discover Financial Services | 2,721 | ||||||
29 | E*TRADE Financial Corp. | 1,421 | ||||||
16 | East West Bancorp, Inc. | 874 | ||||||
13 | Eaton Vance Corp. | 544 | ||||||
5 | Everest Re Group Ltd. | 1,131 | ||||||
31 | Fidelity National Financial, Inc. | 1,088 | ||||||
75 | Fifth Third Bancorp | 2,068 | ||||||
19 | First Republic Bank | 1,995 | ||||||
35 | Franklin Resources, Inc.(c) | 1,141 | ||||||
38 | Goldman Sachs Group, Inc. (The) | 7,475 | ||||||
41 | Hartford Financial Services Group, Inc. (The) | 2,024 | ||||||
121 | Huntington Bancshares, Inc. | 1,744 | ||||||
65 | Intercontinental Exchange, Inc. | 5,015 | ||||||
47 | Invesco Ltd.(d) | 909 | ||||||
33 | Jefferies Financial Group, Inc. | 669 | ||||||
378 | JPMorgan Chase & Co. | 39,448 | ||||||
118 | KeyCorp | 2,084 | ||||||
55 | KKR & Co., Inc., Class A | 1,223 | ||||||
24 | Lincoln National Corp. | 1,500 | ||||||
30 | Loews Corp. | 1,429 | ||||||
15 | M&T Bank Corp. | 2,596 | ||||||
2 | Markel Corp.(b) | 2,010 | ||||||
57 | Marsh & McLennan Cos., Inc. | 5,302 | ||||||
95 | MetLife, Inc. | 4,293 | ||||||
20 | Moody’s Corp. | 3,462 | ||||||
147 | Morgan Stanley | 6,171 | ||||||
10 | MSCI, Inc. | 1,847 | ||||||
13 | Nasdaq, Inc. | 1,190 | ||||||
24 | Northern Trust Corp. | 2,237 | ||||||
43 | People’s United Financial, Inc. | 764 | ||||||
52 | PNC Financial Services Group, Inc. (The) | 6,553 | ||||||
32 | Principal Financial Group, Inc. | 1,684 | ||||||
66 | Progressive Corp. (The) | 4,811 | ||||||
47 | Prudential Financial, Inc. | 4,505 | ||||||
15 | Raymond James Financial, Inc. | 1,239 | ||||||
118 | Regions Financial Corp. | 1,935 | ||||||
7 | Reinsurance Group of America, Inc. | 1,011 | ||||||
5 | RenaissanceRe Holdings Ltd. (Bermuda) | 735 | ||||||
29 | S&P Global, Inc. | 5,811 | ||||||
15 | SEI Investments Co. | 791 | ||||||
6 | Signature Bank | 815 | ||||||
43 | State Street Corp. | 3,090 | ||||||
51 | SunTrust Banks, Inc. | 3,308 | ||||||
6 | SVB Financial Group(b) | 1,483 | ||||||
74 | Synchrony Financial | 2,413 | ||||||
27 | T. Rowe Price Group, Inc. | 2,712 | ||||||
32 | TD Ameritrade Holding Corp. | 1,803 | ||||||
12 | Torchmark Corp. | 991 | ||||||
30 | Travelers Cos., Inc. (The) | 3,987 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
25 | Unum Group | $ | 934 | |||||
175 | US Bancorp | 9,046 | ||||||
18 | Voya Financial, Inc. | 910 | ||||||
11 | W.R. Berkley Corp. | 920 | ||||||
508 | Wells Fargo & Co. | 25,344 | ||||||
15 | Willis Towers Watson PLC | 2,580 | ||||||
22 | Zions Bancorp NA | 1,124 | ||||||
|
| |||||||
363,830 | ||||||||
|
| |||||||
Health Care—14.5% | ||||||||
200 | Abbott Laboratories | 15,524 | ||||||
171 | AbbVie, Inc. | 13,550 | ||||||
5 | ABIOMED, Inc.(b) | 1,672 | ||||||
36 | Agilent Technologies, Inc. | 2,860 | ||||||
25 | Alexion Pharmaceuticals, Inc.(b) | 3,383 | ||||||
9 | Align Technology, Inc.(b) | 2,331 | ||||||
18 | Alkermes PLC(b) | 599 | ||||||
38 | Allergan PLC | 5,233 | ||||||
10 | Alnylam Pharmaceuticals, Inc.(b) | 850 | ||||||
18 | AmerisourceBergen Corp. | 1,499 | ||||||
72 | Amgen, Inc. | 13,686 | ||||||
29 | Anthem, Inc. | 8,721 | ||||||
57 | Baxter International, Inc. | 4,260 | ||||||
30 | Becton, Dickinson and Co. | 7,464 | ||||||
23 | Biogen, Inc.(b) | 7,544 | ||||||
20 | BioMarin Pharmaceutical, Inc.(b) | 1,865 | ||||||
157 | Boston Scientific Corp.(b) | 6,299 | ||||||
186 | Bristol-Myers Squibb Co. | 9,609 | ||||||
34 | Cardinal Health, Inc. | 1,848 | ||||||
79 | Celgene Corp.(b) | 6,566 | ||||||
47 | Centene Corp.(b) | 2,862 | ||||||
34 | Cerner Corp.(b) | 1,902 | ||||||
43 | Cigna Corp. | 7,501 | ||||||
6 | Cooper Cos., Inc. (The) | 1,716 | ||||||
147 | CVS Health Corp. | 8,501 | ||||||
72 | Danaher Corp. | 9,145 | ||||||
15 | DaVita, Inc.(b) | 853 | ||||||
25 | DENTSPLY SIRONA, Inc. | 1,044 | ||||||
10 | DexCom, Inc.(b) | 1,393 | ||||||
24 | Edwards Lifesciences Corp.(b) | 4,063 | ||||||
108 | Eli Lilly & Co., Class W | 13,639 | ||||||
147 | Gilead Sciences, Inc. | 9,558 | ||||||
31 | HCA Healthcare, Inc. | 4,310 | ||||||
17 | Henry Schein, Inc.(b) | 1,008 | ||||||
33 | Hologic, Inc.(b) | 1,556 | ||||||
16 | Humana, Inc. | 4,561 | ||||||
10 | IDEXX Laboratories, Inc.(b) | 2,110 | ||||||
17 | Illumina, Inc.(b) | 5,317 | ||||||
21 | Incyte Corp.(b) | 1,811 | ||||||
13 | Intuitive Surgical, Inc.(b) | 7,119 | ||||||
18 | IQVIA Holdings, Inc.(b) | 2,522 | ||||||
7 | Jazz Pharmaceuticals PLC(b) | 980 | ||||||
305 | Johnson & Johnson | 41,675 | ||||||
11 | Laboratory Corp. of America Holdings(b) | 1,631 | ||||||
22 | McKesson Corp. | 2,798 | ||||||
153 | Medtronic PLC | 13,846 | ||||||
296 | Merck & Co., Inc. | 24,062 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
3 | Mettler-Toledo International, Inc.(b) | $ | 2,043 | |||||
59 | Mylan NV(b) | 1,557 | ||||||
20 | Nektar Therapeutics(b) | 811 | ||||||
15 | Perrigo Co. PLC | 731 | ||||||
657 | Pfizer, Inc. | 28,481 | ||||||
15 | Quest Diagnostics, Inc. | 1,298 | ||||||
9 | Regeneron Pharmaceuticals, Inc.(b) | 3,877 | ||||||
16 | ResMed, Inc. | 1,639 | ||||||
13 | Seattle Genetics, Inc.(b) | 966 | ||||||
38 | Stryker Corp. | 7,163 | ||||||
5 | Teleflex, Inc. | 1,449 | ||||||
46 | Thermo Fisher Scientific, Inc. | 11,940 | ||||||
5 | United Therapeutics Corp.(b) | 631 | ||||||
109 | UnitedHealth Group, Inc. | 26,402 | ||||||
10 | Universal Health Services, Inc., Class B | 1,388 | ||||||
10 | Varian Medical Systems, Inc.(b) | 1,344 | ||||||
14 | Veeva Systems, Inc., Class A(b) | 1,651 | ||||||
29 | Vertex Pharmaceuticals, Inc.(b) | 5,474 | ||||||
9 | Waters Corp.(b) | 2,180 | ||||||
6 | WellCare Health Plans, Inc.(b) | 1,521 | ||||||
23 | Zimmer Biomet Holdings, Inc. | 2,855 | ||||||
55 | Zoetis, Inc. | 5,183 | ||||||
|
| |||||||
403,430 | ||||||||
|
| |||||||
Industrials—9.7% | ||||||||
66 | 3M Co. | 13,688 | ||||||
16 | A.O. Smith Corp. | 831 | ||||||
5 | Acuity Brands, Inc. | 651 | ||||||
11 | Allegion PLC | 990 | ||||||
1 | AMERCO | 385 | ||||||
13 | American Airlines Group, Inc. | 463 | ||||||
26 | AMETEK, Inc. | 2,069 | ||||||
49 | Arconic, Inc. | 906 | ||||||
61 | Boeing Co. (The) | 26,837 | ||||||
16 | C.H. Robinson Worldwide, Inc. | 1,446 | ||||||
67 | Caterpillar, Inc. | 9,202 | ||||||
10 | Cintas Corp. | 2,066 | ||||||
24 | Copart, Inc.(b) | 1,408 | ||||||
4 | CoStar Group, Inc.(b) | 1,830 | ||||||
91 | CSX Corp. | 6,613 | ||||||
17 | Cummins, Inc. | 2,619 | ||||||
35 | Deere & Co. | 5,741 | ||||||
19 | Delta Air Lines, Inc. | 942 | ||||||
17 | Dover Corp. | 1,539 | ||||||
49 | Eaton Corp. PLC | 3,909 | ||||||
71 | Emerson Electric Co. | 4,839 | ||||||
14 | Equifax, Inc. | 1,533 | ||||||
20 | Expeditors International of Washington, Inc. | 1,499 | ||||||
33 | Fastenal Co. | 2,077 | ||||||
28 | FedEx Corp. | 5,068 | ||||||
15 | Flowserve Corp. | 666 | ||||||
16 | Fluor Corp. | 602 | ||||||
34 | Fortive Corp. | 2,773 | ||||||
16 | Fortune Brands Home & Security, Inc. | 754 | ||||||
29 | General Dynamics Corp. | 4,936 | ||||||
989 | General Electric Co. | 10,276 | ||||||
13 | Harris Corp. | 2,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
20 | HD Supply Holdings, Inc.(b) | $ | 860 | |||||
84 | Honeywell International, Inc. | 12,942 | ||||||
5 | Huntington Ingalls Industries, Inc. | 1,047 | ||||||
9 | IDEX Corp. | 1,297 | ||||||
45 | IHS Markit Ltd.(b) | 2,393 | ||||||
34 | Illinois Tool Works, Inc. | 4,899 | ||||||
28 | Ingersoll-Rand PLC | 2,956 | ||||||
10 | J.B. Hunt Transport Services, Inc. | 1,077 | ||||||
15 | Jacobs Engineering Group, Inc. | 1,107 | ||||||
105 | Johnson Controls International PLC | 3,703 | ||||||
12 | Kansas City Southern | 1,304 | ||||||
15 | Knight-Swift Transportation Holdings, Inc.(c) | 504 | ||||||
9 | L3 Technologies, Inc. | 1,906 | ||||||
4 | Lennox International, Inc. | 981 | ||||||
29 | Lockheed Martin Corp. | 8,973 | ||||||
7 | ManpowerGroup, Inc. | 590 | ||||||
35 | Masco Corp. | 1,315 | ||||||
6 | Middleby Corp. (The)(b)(c) | 735 | ||||||
40 | Nielsen Holdings PLC | 1,048 | ||||||
31 | Norfolk Southern Corp. | 5,558 | ||||||
19 | Northrop Grumman Corp. | 5,509 | ||||||
7 | Old Dominion Freight Line, Inc. | 1,055 | ||||||
12 | Owens Corning | 599 | ||||||
40 | PACCAR, Inc. | 2,712 | ||||||
15 | Parker-Hannifin Corp. | 2,642 | ||||||
19 | Pentair PLC | 808 | ||||||
32 | Raytheon Co. | 5,968 | ||||||
26 | Republic Services, Inc. | 2,039 | ||||||
14 | Robert Half International, Inc. | 955 | ||||||
14 | Rockwell Automation, Inc. | 2,500 | ||||||
17 | Rollins, Inc. | 674 | ||||||
12 | Roper Technologies, Inc. | 3,884 | ||||||
19 | Sensata Technologies Holding PLC(b) | 964 | ||||||
6 | Snap-on, Inc. | 960 | ||||||
16 | Southwest Airlines Co. | 897 | ||||||
12 | Spirit AeroSystems Holdings, Inc., Class A | 1,186 | ||||||
17 | Stanley Black & Decker, Inc. | 2,251 | ||||||
28 | Textron, Inc. | 1,520 | ||||||
5 | TransDigm Group, Inc.(b) | 2,170 | ||||||
21 | TransUnion | 1,356 | ||||||
84 | Union Pacific Corp. | 14,087 | ||||||
8 | United Continental Holdings, Inc.(b) | 702 | ||||||
79 | United Parcel Service, Inc., Class B | 8,706 | ||||||
9 | United Rentals, Inc.(b) | 1,211 | ||||||
93 | United Technologies Corp. | 11,687 | ||||||
18 | Verisk Analytics, Inc.(b) | 2,276 | ||||||
5 | W.W. Grainger, Inc. | 1,524 | ||||||
6 | WABCO Holdings, Inc.(b) | 825 | ||||||
15 | Wabtec Corp.(c) | 1,099 | ||||||
30 | Waste Connections, Inc. | 2,502 | ||||||
48 | Waste Management, Inc. | 4,860 | ||||||
14 | XPO Logistics, Inc.(b) | 705 | ||||||
20 | Xylem, Inc. | 1,511 | ||||||
|
| |||||||
268,841 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology—21.1% | ||||||||
73 | Accenture PLC, Class A | $ | 11,781 | |||||
55 | Adobe, Inc.(b) | 14,437 | ||||||
108 | Advanced Micro Devices, Inc.(b) | 2,541 | ||||||
19 | Akamai Technologies, Inc.(b) | 1,324 | ||||||
6 | Alliance Data Systems Corp. | 1,038 | ||||||
34 | Amphenol Corp., Class A | 3,195 | ||||||
42 | Analog Devices, Inc. | 4,492 | ||||||
9 | ANSYS, Inc.(b) | 1,595 | ||||||
539 | Apple, Inc. | 93,328 | ||||||
112 | Applied Materials, Inc. | 4,294 | ||||||
6 | Arista Networks, Inc.(b) | 1,711 | ||||||
10 | Arrow Electronics, Inc.(b) | 797 | ||||||
25 | Autodesk, Inc.(b) | 4,075 | ||||||
50 | Automatic Data Processing, Inc. | 7,651 | ||||||
47 | Broadcom, Inc. | 12,942 | ||||||
13 | Broadridge Financial Solutions, Inc. | 1,316 | ||||||
32 | Cadence Design Systems, Inc.(b) | 1,832 | ||||||
14 | CDK Global, Inc. | 812 | ||||||
17 | CDW Corp. | 1,596 | ||||||
511 | Cisco Systems, Inc. | 26,454 | ||||||
15 | Citrix Systems, Inc. | 1,583 | ||||||
20 | Cognex Corp. | 1,068 | ||||||
66 | Cognizant Technology Solutions Corp., Class A | 4,685 | ||||||
22 | CommScope Holding Co., Inc.(b) | 513 | ||||||
91 | Corning, Inc. | 3,168 | ||||||
18 | Dell Technologies, Inc., Class C(b) | 1,005 | ||||||
32 | DXC Technology Co. | 2,108 | ||||||
7 | F5 Networks, Inc.(b) | 1,177 | ||||||
37 | Fidelity National Information Services, Inc. | 4,002 | ||||||
61 | First Data Corp., Class A(b) | 1,534 | ||||||
45 | Fiserv, Inc.(b) | 3,811 | ||||||
10 | FleetCor Technologies, Inc.(b) | 2,333 | ||||||
60 | Flex Ltd.(b) | 632 | ||||||
16 | FLIR Systems, Inc. | 823 | ||||||
16 | Fortinet, Inc.(b) | 1,389 | ||||||
10 | Gartner, Inc.(b) | 1,423 | ||||||
18 | Global Payments, Inc. | 2,347 | ||||||
20 | GoDaddy, Inc., Class A(b) | 1,493 | ||||||
167 | Hewlett Packard Enterprise Co. | 2,735 | ||||||
180 | HP, Inc. | 3,551 | ||||||
519 | Intel Corp. | 27,486 | ||||||
103 | International Business Machines Corp. | 14,227 | ||||||
28 | Intuit, Inc. | 6,920 | ||||||
4 | IPG Photonics Corp.(b) | 620 | ||||||
9 | Jack Henry & Associates, Inc. | 1,194 | ||||||
39 | Juniper Networks, Inc. | 1,056 | ||||||
21 | Keysight Technologies, Inc.(b) | 1,773 | ||||||
19 | KLA-Tencor Corp. | 2,194 | ||||||
18 | Lam Research Corp. | 3,170 | ||||||
16 | Leidos Holdings, Inc. | 1,033 | ||||||
71 | Marvell Technology Group Ltd. | 1,416 | ||||||
104 | Mastercard, Inc., Class A | 23,376 | ||||||
31 | Maxim Integrated Products, Inc. | 1,687 | ||||||
27 | Microchip Technology, Inc. | 2,345 | ||||||
129 | Micron Technology, Inc.(b) | 5,274 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
829 | Microsoft Corp. | $ | 92,873 | |||||
19 | Motorola Solutions, Inc. | 2,719 | ||||||
29 | NetApp, Inc. | 1,891 | ||||||
66 | NVIDIA Corp. | 10,181 | ||||||
48 | ON Semiconductor Corp.(b) | 1,031 | ||||||
301 | Oracle Corp. | 15,691 | ||||||
11 | Palo Alto Networks, Inc.(b) | 2,709 | ||||||
37 | Paychex, Inc. | 2,850 | ||||||
127 | PayPal Holdings, Inc.(b) | 12,455 | ||||||
13 | PTC, Inc.(b) | 1,207 | ||||||
14 | Qorvo, Inc.(b) | 982 | ||||||
138 | QUALCOMM, Inc. | 7,368 | ||||||
20 | Red Hat, Inc.(b) | 3,652 | ||||||
31 | Sabre Corp. | 695 | ||||||
87 | salesforce.com, Inc.(b) | 14,238 | ||||||
31 | Seagate Technology PLC | 1,443 | ||||||
20 | ServiceNow, Inc.(b) | 4,789 | ||||||
20 | Skyworks Solutions, Inc. | 1,633 | ||||||
17 | Splunk, Inc.(b) | 2,310 | ||||||
35 | Square, Inc., Class A(b) | 2,843 | ||||||
26 | SS&C Technologies Holdings, Inc. | 1,601 | ||||||
73 | Symantec Corp. | 1,642 | ||||||
17 | Synopsys, Inc.(b) | 1,729 | ||||||
8 | Tableau Software, Inc., Class A(b) | 1,055 | ||||||
39 | TE Connectivity Ltd. | 3,202 | ||||||
109 | Texas Instruments, Inc. | 11,530 | ||||||
19 | Total System Services, Inc. | 1,794 | ||||||
29 | Trimble, Inc.(b) | 1,160 | ||||||
12 | VeriSign, Inc.(b) | 2,136 | ||||||
200 | Visa, Inc., Class A | 29,624 | ||||||
9 | VMware, Inc., Class A | 1,546 | ||||||
33 | Western Digital Corp.(c) | 1,660 | ||||||
50 | Western Union Co. (The) | 894 | ||||||
17 | Workday, Inc., Class A(b) | 3,365 | ||||||
34 | Worldpay, Inc., Class A(b) | 3,257 | ||||||
24 | Xerox Corp. | 742 | ||||||
29 | Xilinx, Inc. | 3,634 | ||||||
|
| |||||||
586,493 | ||||||||
|
| |||||||
Materials—2.7% | ||||||||
25 | Air Products & Chemicals, Inc. | 4,530 | ||||||
12 | Albemarle Corp. | 1,096 | ||||||
10 | Avery Dennison Corp. | 1,080 | ||||||
24 | Axalta Coating Systems Ltd.(b) | 642 | ||||||
37 | Ball Corp. | 2,027 | ||||||
15 | Celanese Corp. | 1,534 | ||||||
26 | CF Industries Holdings, Inc. | 1,097 | ||||||
19 | Chemours Co. (The) | 723 | ||||||
15 | Crown Holdings, Inc.(b) | 814 | ||||||
261 | DowDuPont, Inc. | 13,893 | ||||||
16 | Eastman Chemical Co. | 1,323 | ||||||
30 | Ecolab, Inc. | 5,067 | ||||||
15 | FMC Corp. | 1,343 | ||||||
156 | Freeport-McMoRan, Inc. | 2,012 | ||||||
10 | International Flavors & Fragrances, Inc. | 1,275 | ||||||
44 | International Paper Co. | 2,016 | ||||||
63 | Linde PLC (United Kingdom) | 10,914 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
37 | LyondellBasell Industries NV, Class A | $ | 3,164 | |||||
7 | Martin Marietta Materials, Inc. | 1,315 | ||||||
42 | Mosaic Co. (The) | 1,313 | ||||||
61 | Newmont Mining Corp. | 2,081 | ||||||
36 | Nucor Corp. | 2,181 | ||||||
11 | Packaging Corp. of America | 1,052 | ||||||
27 | PPG Industries, Inc. | 3,023 | ||||||
18 | Sealed Air Corp. | 785 | ||||||
10 | Sherwin-Williams Co. (The) | 4,332 | ||||||
26 | Steel Dynamics, Inc. | 970 | ||||||
15 | Vulcan Materials Co. | 1,672 | ||||||
4 | Westlake Chemical Corp. | 279 | ||||||
29 | WestRock Co. | 1,084 | ||||||
|
| |||||||
74,637 | ||||||||
|
| |||||||
Real Estate—3.0% | ||||||||
12 | Alexandria Real Estate Equities, Inc. REIT | 1,631 | ||||||
50 | American Tower Corp. REIT | 8,807 | ||||||
16 | AvalonBay Communities, Inc. REIT | 3,114 | ||||||
18 | Boston Properties, Inc. REIT | 2,388 | ||||||
14 | Brookfield Property REIT, Inc., Class A REIT | 275 | ||||||
11 | Camden Property Trust REIT | 1,079 | ||||||
37 | CBRE Group, Inc., Class A(b) | 1,841 | ||||||
47 | Crown Castle International Corp. REIT | 5,581 | ||||||
23 | Digital Realty Trust, Inc. REIT | 2,602 | ||||||
41 | Duke Realty Corp. REIT | 1,212 | ||||||
9 | Equinix, Inc. REIT | 3,811 | ||||||
42 | Equity Residential REIT | 3,095 | ||||||
8 | Essex Property Trust, Inc. REIT | 2,239 | ||||||
14 | Extra Space Storage, Inc. REIT | 1,343 | ||||||
8 | Federal Realty Investment Trust REIT | 1,069 | ||||||
53 | HCP, Inc. REIT | 1,631 | ||||||
84 | Host Hotels & Resorts, Inc. REIT | 1,647 | ||||||
36 | Invitation Homes, Inc. REIT | 828 | ||||||
31 | Iron Mountain, Inc. REIT | 1,098 | ||||||
5 | Jones Lang LaSalle, Inc. | 826 | ||||||
48 | Kimco Realty Corp. REIT | 844 | ||||||
17 | Liberty Property Trust REIT | 805 | ||||||
12 | Macerich Co. (The) REIT | 523 | ||||||
13 | Mid-America Apartment Communities, Inc. REIT | 1,347 | ||||||
18 | National Retail Properties, Inc. REIT | 938 | ||||||
72 | Prologis, Inc. REIT | 5,044 | ||||||
18 | Public Storage REIT | 3,807 | ||||||
34 | Realty Income Corp. REIT | 2,351 | ||||||
17 | Regency Centers Corp. REIT | 1,109 | ||||||
13 | SBA Communications Corp. REIT(b) | 2,347 | ||||||
35 | Simon Property Group, Inc. REIT | 6,341 | ||||||
10 | SL Green Realty Corp. REIT | 907 | ||||||
31 | UDR, Inc. REIT | 1,377 | ||||||
41 | Ventas, Inc. REIT | 2,573 | ||||||
110 | VEREIT, Inc. REIT | 877 | ||||||
19 | Vornado Realty Trust REIT | 1,279 | ||||||
43 | Welltower, Inc. REIT | 3,195 | ||||||
85 | Weyerhaeuser Co. REIT | 2,116 | ||||||
18 | WP Carey, Inc. REIT | 1,330 | ||||||
|
| |||||||
85,227 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities—3.2% | ||||||||
75 | AES Corp. | $ | 1,292 | |||||
27 | Alliant Energy Corp. | 1,238 | ||||||
28 | Ameren Corp. | 1,995 | ||||||
56 | American Electric Power Co., Inc. | 4,544 | ||||||
21 | American Water Works Co., Inc. | 2,134 | ||||||
13 | Atmos Energy Corp. | 1,285 | ||||||
57 | CenterPoint Energy, Inc. | 1,718 | ||||||
32 | CMS Energy Corp. | 1,741 | ||||||
35 | Consolidated Edison, Inc. | 2,886 | ||||||
85 | Dominion Energy, Inc. | 6,298 | ||||||
21 | DTE Energy Co. | 2,595 | ||||||
81 | Duke Energy Corp. | 7,262 | ||||||
37 | Edison International | 2,216 | ||||||
21 | Entergy Corp. | 1,960 | ||||||
30 | Evergy, Inc. | 1,677 | ||||||
36 | Eversource Energy | 2,513 | ||||||
110 | Exelon Corp. | 5,345 | ||||||
58 | FirstEnergy Corp. | 2,364 | ||||||
54 | NextEra Energy, Inc. | 10,137 | ||||||
42 | NiSource, Inc. | 1,133 | ||||||
33 | NRG Energy, Inc. | 1,375 | ||||||
23 | OGE Energy Corp. | 978 | ||||||
13 | Pinnacle West Capital Corp. | 1,219 | ||||||
82 | PPL Corp. | 2,638 | ||||||
57 | Public Service Enterprise Group, Inc. | 3,352 | ||||||
31 | Sempra Energy | 3,734 | ||||||
117 | Southern Co. (The) | 5,814 | ||||||
20 | UGI Corp. | 1,098 | ||||||
37 | Vistra Energy Corp.(b) | 963 | ||||||
36 | WEC Energy Group, Inc. | 2,746 | ||||||
58 | Xcel Energy, Inc. | 3,182 | ||||||
|
| |||||||
89,432 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,506,335) | 2,780,131 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
3,091 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(e) (Cost $3,091) | 3,091 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,509,426)—100.0% | 2,783,222 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.4% | ||||||||
10,216 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(e)(f) (Cost $10,216) | 10,216 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,519,642)-100.4% | 2,793,438 | |||||||
Other assets less liabilities—(0.4)% | (11,648 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,781,790 | ||||||
|
|
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 February 28, 2019. |
(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 February 28, 2019. |
(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.
| 9 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2019 | ||||
Financials | 16.6 | |||
Information Technology | 16.1 | |||
Industrials | 14.2 | |||
Health Care | 14.0 | |||
Consumer Discretionary | 10.9 | |||
Real Estate | 10.4 | |||
Materials | 5.3 | |||
Energy | 3.8 | |||
Consumer Staples | 3.0 | |||
Communication Services | 2.9 | |||
Utilities | 2.7 | |||
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% | ||||||||
Communication Services—2.9% | ||||||||
38 | AMC Entertainment Holdings, Inc., Class A(b) | $ | 533 | |||||
35 | AMC Networks, Inc., Class A(c) | 2,300 | ||||||
49 | ANGI Homeservices, Inc., Class A(c) | 805 | ||||||
9 | ATN International, Inc. | 505 | ||||||
33 | Boingo Wireless, Inc.(c) | 738 | ||||||
3 | Cable One, Inc. | 2,847 | ||||||
20 | Care.com, Inc.(c) | 504 | ||||||
50 | Cars.com, Inc.(c) | 1,177 | ||||||
33 | Cincinnati Bell, Inc.(c) | 320 | ||||||
85 | Cinemark Holdings, Inc. | 3,199 | ||||||
27 | Clear Channel Outdoor Holdings, Inc., Class A(c) | 148 | ||||||
34 | Cogent Communications Holdings, Inc. | 1,656 | ||||||
34 | comScore, Inc.(c) | 742 | ||||||
55 | Consolidated Communications Holdings, Inc. | 546 | ||||||
37 | E.W. Scripps Co. (The), Class A | 783 | ||||||
14 | Emerald Expositions Events, Inc. | 176 | ||||||
96 | Entercom Communications Corp., Class A | 591 | ||||||
50 | Entravision Communications Corp., Class A | 198 | ||||||
81 | Frontier Communications Corp.(b)(c) | 247 | ||||||
87 | Gannett Co., Inc. | 1,021 | ||||||
71 | GCI Liberty, Inc., Class A(c) | 3,801 | ||||||
441 | Globalstar, Inc.(c) | 221 | ||||||
88 | Glu Mobile, Inc.(c) | 790 | ||||||
44 | Gogo, Inc.(c) | 202 | ||||||
63 | Gray Television, Inc.(c) | 1,380 | ||||||
13 | Hemisphere Media Group, Inc.(c) | 181 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
43 | IMAX Corp.(c) | $ | 985 | |||||
73 | Iridium Communications, Inc.(c) | 1,554 | ||||||
35 | John Wiley & Sons, Inc., Class A | 1,816 | ||||||
33 | Liberty Latin America Ltd., Class A (Chile)(c) | 647 | ||||||
95 | Liberty Latin America Ltd., Class C (Chile)(c) | 1,842 | ||||||
7 | Liberty Media Corp.-Liberty Braves, Class A(c) | 194 | ||||||
27 | Liberty Media Corp.-Liberty Braves, Class C(c) | 752 | ||||||
55 | Liberty TripAdvisor Holdings, Inc., Series A(c) | 830 | ||||||
41 | Lions Gate Entertainment Corp., Class A | 633 | ||||||
81 | Lions Gate Entertainment Corp., Class B | 1,190 | ||||||
10 | Loral Space & Communications, Inc.(c) | 409 | ||||||
13 | Madison Square Garden Co. (The), Class A(c) | 3,746 | ||||||
15 | Marcus Corp. (The) | 636 | ||||||
31 | Meredith Corp.(b) | 1,775 | ||||||
47 | MSG Networks, Inc., Class A(c) | 1,135 | ||||||
61 | National CineMedia, Inc. | 472 | ||||||
42 | New Media Investment Group, Inc. | 559 | ||||||
101 | New York Times Co. (The), Class A | 3,318 | ||||||
35 | Nexstar Media Group, Inc., Class A | 3,421 | ||||||
62 | NII Holdings, Inc.(c) | 241 | ||||||
57 | ORBCOMM, Inc.(c) | 402 | ||||||
7 | pdvWireless, Inc.(c) | 275 | ||||||
30 | QuinStreet, Inc.(c) | 402 | ||||||
16 | Rosetta Stone, Inc.(c) | 258 | ||||||
23 | Scholastic Corp. | 973 | ||||||
36 | Shenandoah Telecommunications Co. | 1,600 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Communication Services (continued) | ||||||||
55 | Sinclair Broadcast Group, Inc., Class A | $ | 1,986 | |||||
15 | Spok Holdings, Inc. | 207 | ||||||
16 | TechTarget, Inc.(c) | 265 | ||||||
165 | TEGNA, Inc. | 2,173 | ||||||
77 | Telephone & Data Systems, Inc. | 2,468 | ||||||
64 | Tribune Media Co., Class A | 2,959 | ||||||
12 | Tribune Publishing Co.(c) | 145 | ||||||
60 | TrueCar, Inc.(c) | 434 | ||||||
10 | United States Cellular Corp.(c) | 467 | ||||||
175 | Vonage Holdings Corp.(c) | 1,799 | ||||||
19 | WideOpenWest, Inc.(c) | 156 | ||||||
30 | World Wrestling Entertainment, Inc., Class A(b) | 2,511 | ||||||
61 | Yelp, Inc.(c) | 2,273 | ||||||
661 | Zynga, Inc., Class A(c) | 3,450 | ||||||
|
| |||||||
76,969 | ||||||||
|
| |||||||
Consumer Discretionary—10.9% | ||||||||
19 | 1-800-Flowers.com, Inc., Class A(c) | 339 | ||||||
53 | Aaron’s, Inc. | 2,877 | ||||||
51 | Abercrombie & Fitch Co., Class A | 1,119 | ||||||
26 | Acushnet Holdings Corp. | 648 | ||||||
68 | Adient PLC | 1,322 | ||||||
45 | Adtalem Global Education, Inc.(c) | 2,169 | ||||||
86 | American Axle & Manufacturing Holdings, Inc.(c) | 1,385 | ||||||
129 | American Eagle Outfitters, Inc. | 2,632 | ||||||
42 | American Outdoor Brands Corp.(c) | 527 | ||||||
13 | American Public Education, Inc.(c) | 420 | ||||||
5 | America’s Car-Mart, Inc.(c) | 408 | ||||||
15 | Asbury Automotive Group, Inc.(c) | 1,077 | ||||||
106 | Ascena Retail Group, Inc.(c) | 235 | ||||||
35 | At Home Group, Inc.(c) | 857 | ||||||
41 | AutoNation, Inc.(c) | 1,446 | ||||||
27 | Barnes & Noble Education, Inc.(c) | 186 | ||||||
42 | Barnes & Noble, Inc. | 265 | ||||||
49 | BBX Capital Corp. | 300 | ||||||
24 | Beazer Homes USA, Inc.(c) | 291 | ||||||
106 | Bed Bath & Beyond, Inc. | 1,773 | ||||||
63 | Belmond Ltd., Class A (United Kingdom)(c) | 1,566 | ||||||
31 | Big Lots, Inc. | 977 | ||||||
1 | Biglari Holdings, Inc., Class B(c) | 134 | ||||||
16 | BJ’s Restaurants, Inc. | 765 | ||||||
60 | Bloomin’ Brands, Inc. | 1,241 | ||||||
22 | Boot Barn Holdings, Inc.(c) | 627 | ||||||
65 | Boyd Gaming Corp. | 1,934 | ||||||
42 | Bright Horizons Family Solutions, Inc.(c) | 5,208 | ||||||
30 | Brinker International, Inc. | 1,373 | ||||||
67 | Brunswick Corp. | 3,534 | ||||||
23 | Buckle, Inc. (The)(b) | 441 | ||||||
437 | Caesars Entertainment Corp.(c) | 3,767 | ||||||
33 | Caleres, Inc. | 1,026 | ||||||
72 | Callaway Golf Co. | 1,239 | ||||||
26 | Camping World Holdings, Inc., Class A(b) | 335 | ||||||
54 | Career Education Corp.(c) | 898 | ||||||
14 | Carriage Services, Inc. | 294 | ||||||
27 | Carrols Restaurant Group, Inc.(c) | 289 | ||||||
35 | Carter’s, Inc. | 3,410 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
18 | Cato Corp. (The), Class A | $ | 283 | |||||
7 | Cavco Industries, Inc.(c) | 969 | ||||||
18 | Century Communities, Inc.(c) | 411 | ||||||
33 | Cheesecake Factory, Inc. (The) | 1,561 | ||||||
75 | Chegg, Inc.(c) | 2,972 | ||||||
96 | Chico’s FAS, Inc. | 561 | ||||||
13 | Children’s Place, Inc. (The) | 1,242 | ||||||
28 | Choice Hotels International, Inc. | 2,236 | ||||||
28 | Churchill Downs, Inc. | 2,626 | ||||||
13 | Chuy’s Holdings, Inc.(c) | 291 | ||||||
10 | Citi Trends, Inc. | 216 | ||||||
24 | Columbia Sportswear Co. | 2,471 | ||||||
16 | Conn’s, Inc.(c) | 377 | ||||||
15 | Container Store Group, Inc. (The)(c) | 102 | ||||||
38 | Cooper Tire & Rubber Co. | 1,215 | ||||||
14 | Cooper-Standard Holdings, Inc.(c) | 842 | ||||||
35 | Core-Mark Holding Co., Inc. | 1,103 | ||||||
15 | Cracker Barrel Old Country Store, Inc. | 2,430 | ||||||
51 | Crocs, Inc.(c) | 1,310 | ||||||
111 | Dana, Inc. | 2,192 | ||||||
30 | Dave & Buster’s Entertainment, Inc. | 1,540 | ||||||
20 | Deckers Outdoor Corp.(c) | 2,959 | ||||||
25 | Del Taco Restaurants, Inc.(c) | 259 | ||||||
68 | Delphi Technologies PLC(c) | 1,483 | ||||||
48 | Denny’s Corp.(c) | 838 | ||||||
57 | Dick’s Sporting Goods, Inc. | 2,226 | ||||||
10 | Dillard’s, Inc., Class A(b) | 785 | ||||||
13 | Dine Brands Global, Inc. | 1,290 | ||||||
22 | Dorman Products, Inc.(c) | 1,780 | ||||||
53 | DSW, Inc., Class A | 1,569 | ||||||
15 | Duluth Holdings, Inc., Class B(b)(c) | 381 | ||||||
63 | Dunkin’ Brands Group, Inc. | 4,501 | ||||||
18 | El Pollo Loco Holdings, Inc.(c) | 272 | ||||||
39 | Eldorado Resorts, Inc.(c) | 1,880 | ||||||
19 | Ethan Allen Interiors, Inc. | 382 | ||||||
83 | Etsy, Inc.(c) | 5,915 | ||||||
56 | Express, Inc.(c) | 291 | ||||||
144 | Extended Stay America, Inc. | 2,627 | ||||||
19 | Fiesta Restaurant Group, Inc.(c) | 286 | ||||||
43 | Five Below, Inc.(c) | 5,175 | ||||||
45 | Floor & Decor Holdings, Inc., Class A(b)(c) | 1,673 | ||||||
88 | Foot Locker, Inc. | 5,238 | ||||||
34 | Fossil Group, Inc.(b)(c) | 532 | ||||||
29 | Fox Factory Holding Corp.(c) | 1,838 | ||||||
55 | frontdoor, Inc.(c) | 1,760 | ||||||
78 | GameStop Corp., Class A(b) | 913 | ||||||
57 | Garrett Motion, Inc. (Switzerland)(c) | 954 | ||||||
15 | Genesco, Inc.(c) | 724 | ||||||
201 | Gentex Corp. | 4,088 | ||||||
27 | Gentherm, Inc.(c) | 1,107 | ||||||
32 | G-III Apparel Group Ltd.(c) | 1,140 | ||||||
64 | GNC Holdings, Inc., Class A(c) | 191 | ||||||
15 | Golden Entertainment, Inc.(c) | 273 | ||||||
88 | GoPro, Inc., Class A(c) | 513 | ||||||
3 | Graham Holdings Co., Class B | 2,051 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
37 | Grand Canyon Education, Inc.(c) | $ | 4,280 | |||||
19 | Green Brick Partners, Inc.(c) | 169 | ||||||
14 | Group 1 Automotive, Inc. | 871 | ||||||
350 | Groupon, Inc.(c) | 1,145 | ||||||
47 | Guess?, Inc. | 1,052 | ||||||
6 | Hamilton Beach Brands Holding Co., Class A | 146 | ||||||
14 | Haverty Furniture Cos., Inc. | 341 | ||||||
20 | Helen of Troy Ltd.(c) | 2,242 | ||||||
14 | Hibbett Sports, Inc.(c) | 260 | ||||||
74 | Hilton Grand Vacations, Inc.(c) | 2,352 | ||||||
9 | Hooker Furniture Corp. | 283 | ||||||
81 | Houghton Mifflin Harcourt Co.(c) | 641 | ||||||
17 | Installed Building Products, Inc.(c) | 742 | ||||||
19 | International Speedway Corp., Class A | 822 | ||||||
21 | iRobot Corp.(b)(c) | 2,626 | ||||||
230 | J.C. Penney Co., Inc.(c) | 350 | ||||||
20 | Jack in the Box, Inc. | 1,611 | ||||||
26 | K12, Inc.(c) | 833 | ||||||
61 | KB Home | 1,391 | ||||||
9 | Lands’ End, Inc.(b)(c) | 164 | ||||||
72 | Laureate Education, Inc., Class A(c) | 1,101 | ||||||
36 | La-Z-Boy, Inc. | 1,239 | ||||||
19 | LCI Industries | 1,548 | ||||||
15 | LGI Homes, Inc.(b)(c) | 887 | ||||||
42 | Liberty Expedia Holdings, Inc., Class A(c) | 1,861 | ||||||
19 | Lindblad Expeditions Holdings, Inc.(c) | 258 | ||||||
17 | Lithia Motors, Inc., Class A | 1,535 | ||||||
22 | Lumber Liquidators Holdings, Inc.(b)(c) | 260 | ||||||
21 | M/I Homes, Inc.(c) | 547 | ||||||
7 | Marine Products Corp.(b) | 99 | ||||||
21 | MarineMax, Inc.(c) | 412 | ||||||
31 | Marriott Vacations Worldwide Corp. | 3,018 | ||||||
14 | MasterCraft Boat Holdings, Inc.(c) | 345 | ||||||
38 | MDC Holdings, Inc. | 1,096 | ||||||
29 | Meritage Homes Corp.(c) | 1,272 | ||||||
79 | Michaels Cos., Inc. (The)(c) | 1,117 | ||||||
39 | Modine Manufacturing Co.(c) | 586 | ||||||
10 | Monarch Casino & Resort, Inc.(c) | 439 | ||||||
25 | Monro, Inc. | 1,908 | ||||||
15 | Motorcar Parts of America, Inc.(c) | 310 | ||||||
12 | Movado Group, Inc. | 420 | ||||||
23 | Murphy USA, Inc.(c) | 1,789 | ||||||
50 | National Vision Holdings, Inc.(c) | 1,680 | ||||||
23 | Nautilus, Inc.(c) | 150 | ||||||
15 | Noodles & Co.(c) | 118 | ||||||
23 | Nutrisystem, Inc. | 995 | ||||||
378 | Office Depot, Inc. | 1,312 | ||||||
41 | Ollie’s Bargain Outlet Holdings, Inc.(c) | 3,617 | ||||||
18 | Overstock.com, Inc.(b)(c) | 357 | ||||||
13 | Oxford Industries, Inc. | 1,027 | ||||||
18 | Papa John’s International, Inc.(b) | 787 | ||||||
45 | Party City Holdco, Inc.(b)(c) | 468 | ||||||
87 | Penn National Gaming, Inc.(c) | 2,162 | ||||||
29 | Penske Automotive Group, Inc. | 1,289 | ||||||
16 | PetMed Express, Inc. | 369 | ||||||
68 | Planet Fitness, Inc., Class A(c) | 3,997 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
45 | Playa Hotels & Resorts NV(c) | $ | 343 | |||||
19 | PlayAGS, Inc.(c) | 452 | ||||||
31 | Pool Corp. | 4,946 | ||||||
18 | Potbelly Corp.(c) | 152 | ||||||
62 | Quotient Technology, Inc.(c) | 622 | ||||||
10 | Red Robin Gourmet Burgers, Inc.(c) | 304 | ||||||
53 | Red Rock Resorts, Inc., Class A | 1,490 | ||||||
26 | Regis Corp.(c) | 470 | ||||||
31 | Rent-A-Center, Inc.(c) | 577 | ||||||
15 | RH(c) | 2,304 | ||||||
22 | Ruth’s Hospitality Group, Inc. | 559 | ||||||
92 | Sally Beauty Holdings, Inc.(b)(c) | 1,662 | ||||||
42 | Scientific Games Corp.(c) | 1,221 | ||||||
40 | SeaWorld Entertainment, Inc.(c) | 1,092 | ||||||
139 | Service Corp. International | 5,746 | ||||||
104 | ServiceMaster Global Holdings, Inc.(c) | 4,697 | ||||||
20 | Shake Shack, Inc., Class A(c) | 1,103 | ||||||
9 | Shoe Carnival, Inc. | 343 | ||||||
24 | Shutterfly, Inc.(c) | 1,075 | ||||||
15 | Shutterstock, Inc. | 695 | ||||||
40 | Signet Jewelers Ltd. | 1,124 | ||||||
55 | Six Flags Entertainment Corp. | 3,064 | ||||||
103 | Skechers U.S.A., Inc., Class A(c) | 3,464 | ||||||
26 | Skyline Champion Corp. | 516 | ||||||
25 | Sleep Number Corp.(c) | 1,091 | ||||||
18 | Sonic Automotive, Inc., Class A | 271 | ||||||
15 | Sonos, Inc.(b)(c) | 155 | ||||||
28 | Sotheby’s(c) | 1,228 | ||||||
9 | Speedway Motorsports, Inc. | 159 | ||||||
13 | Stamps.com, Inc.(c) | 1,222 | ||||||
15 | Standard Motor Products, Inc. | 740 | ||||||
64 | Steven Madden Ltd. | 2,111 | ||||||
21 | Stoneridge, Inc.(c) | 621 | ||||||
17 | Strategic Education, Inc. | 2,223 | ||||||
13 | Sturm Ruger & Co., Inc. | 740 | ||||||
18 | Superior Industries International, Inc. | 111 | ||||||
38 | Tailored Brands, Inc. | 492 | ||||||
91 | Taylor Morrison Home Corp., Class A(c) | 1,526 | ||||||
36 | Tempur Sealy International, Inc.(c) | 2,096 | ||||||
44 | Tenneco, Inc., Class A | 1,522 | ||||||
52 | Texas Roadhouse, Inc. | 3,292 | ||||||
41 | Thor Industries, Inc. | 2,647 | ||||||
30 | Tile Shop Holdings, Inc. | 191 | ||||||
107 | Toll Brothers, Inc. | 3,809 | ||||||
27 | TopBuild Corp.(c) | 1,607 | ||||||
16 | Tower International, Inc. | 410 | ||||||
109 | TRI Pointe Group, Inc.(c) | 1,373 | ||||||
37 | Tupperware Brands Corp. | 1,114 | ||||||
12 | Unifi, Inc.(c) | 265 | ||||||
11 | Universal Electronics, Inc.(c) | 367 | ||||||
58 | Urban Outfitters, Inc.(c) | 1,789 | ||||||
64 | Veoneer, Inc. (Sweden)(c) | 1,956 | ||||||
16 | Vera Bradley, Inc.(c) | 153 | ||||||
44 | Vista Outdoor, Inc.(c) | 392 | ||||||
22 | Visteon Corp.(c) | 1,885 | ||||||
31 | Weight Watchers International, Inc.(c) | 627 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
145 | Wendy’s Co. (The) | $ | 2,513 | |||||
25 | William Lyon Homes, Class A(c) | 354 | ||||||
62 | Williams-Sonoma, Inc. | 3,606 | ||||||
22 | Wingstop, Inc. | 1,465 | ||||||
2 | Winmark Corp. | 345 | ||||||
23 | Winnebago Industries, Inc. | 751 | ||||||
73 | Wolverine World Wide, Inc. | 2,610 | ||||||
75 | Wyndham Destinations, Inc. | 3,377 | ||||||
76 | Wyndham Hotels & Resorts, Inc. | 3,995 | ||||||
15 | Zumiez, Inc.(c) | 371 | ||||||
|
| |||||||
292,467 | ||||||||
|
| |||||||
Consumer Staples—3.0% | ||||||||
21 | Andersons, Inc. (The) | 776 | ||||||
339 | Avon Products, Inc. (United Kingdom)(c) | 1,048 | ||||||
51 | B&G Foods, Inc.(b) | 1,256 | ||||||
62 | BJ’s Wholesale Club Holdings, Inc.(c) | 1,570 | ||||||
7 | Boston Beer Co., Inc. (The), Class A(c) | 2,188 | ||||||
12 | Calavo Growers, Inc. | 1,022 | ||||||
24 | Cal-Maine Foods, Inc. | 1,058 | ||||||
28 | Casey’s General Stores, Inc. | 3,773 | ||||||
8 | Central Garden & Pet Co.(c) | 250 | ||||||
32 | Central Garden & Pet Co., Class A(c) | 891 | ||||||
18 | Chefs’ Warehouse, Inc. (The)(c) | 576 | ||||||
4 | Coca-Cola Consolidated, Inc. | 991 | ||||||
126 | Darling Ingredients, Inc.(c) | 2,770 | ||||||
67 | Dean Foods Co. | 269 | ||||||
39 | Edgewell Personal Care Co.(c) | 1,730 | ||||||
19 | elf Beauty, Inc.(c) | 151 | ||||||
46 | Energizer Holdings, Inc. | 2,111 | ||||||
8 | Farmer Brothers Co.(c) | 191 | ||||||
146 | Flowers Foods, Inc. | 2,989 | ||||||
24 | Fresh Del Monte Produce, Inc. | 664 | ||||||
19 | Freshpet, Inc.(c) | 783 | ||||||
72 | Hain Celestial Group, Inc. (The)(c) | 1,416 | ||||||
84 | Herbalife Nutrition Ltd.(c) | 4,712 | ||||||
73 | Hostess Brands, Inc.(c) | 886 | ||||||
9 | Ingles Markets, Inc., Class A | 280 | ||||||
13 | Inter Parfums, Inc. | 959 | ||||||
12 | J&J Snack Foods Corp. | 1,863 | ||||||
6 | John B. Sanfilippo & Son, Inc. | 417 | ||||||
15 | Lancaster Colony Corp. | 2,352 | ||||||
19 | Landec Corp.(c) | 244 | ||||||
9 | Medifast, Inc. | 1,147 | ||||||
10 | MGP Ingredients, Inc.(b) | 819 | ||||||
9 | National Beverage Corp. | 617 | ||||||
40 | Nu Skin Enterprises, Inc., Class A | 2,404 | ||||||
81 | Performance Food Group Co.(c) | 3,121 | ||||||
48 | Pilgrim’s Pride Corp.(c) | 944 | ||||||
51 | Post Holdings, Inc.(c) | 5,196 | ||||||
18 | PriceSmart, Inc. | 1,164 | ||||||
27 | Primo Water Corp.(c) | 396 | ||||||
818 | Rite Aid Corp.(c) | 605 | ||||||
16 | Sanderson Farms, Inc. | 1,843 | ||||||
52 | Simply Good Foods Co. (The)(c) | 1,064 | ||||||
23 | Smart & Final Stores, Inc.(c) | 143 | ||||||
28 | SpartanNash Co. | 531 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
31 | Spectrum Brands Holdings, Inc.(b) | $ | 1,679 | |||||
93 | Sprouts Farmers Market, Inc.(c) | 2,169 | ||||||
13 | Tootsie Roll Industries, Inc.(b) | 484 | ||||||
43 | TreeHouse Foods, Inc.(c) | 2,605 | ||||||
7 | Turning Point Brands, Inc. | 286 | ||||||
39 | United Natural Foods, Inc.(c) | 585 | ||||||
19 | Universal Corp. | 1,127 | ||||||
167 | US Foods Holding Corp.(c) | 5,885 | ||||||
9 | USANA Health Sciences, Inc.(c) | 887 | ||||||
81 | Vector Group Ltd.(b) | 949 | ||||||
6 | Village Super Market, Inc., Class A | 184 | ||||||
11 | WD-40 Co. | 1,969 | ||||||
10 | Weis Markets, Inc. | 503 | ||||||
|
| |||||||
79,492 | ||||||||
|
| |||||||
Energy—3.8% | ||||||||
57 | Antero Midstream GP LP | 728 | ||||||
177 | Antero Resources Corp.(c) | 1,533 | ||||||
59 | Apergy Corp.(c) | 2,477 | ||||||
14 | Arch Coal, Inc., Class A(b) | 1,304 | ||||||
99 | Archrock, Inc. | 966 | ||||||
14 | Basic Energy Services, Inc.(c) | 68 | ||||||
50 | Berry Petroleum Corp. | 636 | ||||||
12 | Bonanza Creek Energy, Inc.(c) | 276 | ||||||
46 | C&J Energy Services, Inc.(c) | 794 | ||||||
29 | Cactus, Inc., Class A(c) | 1,051 | ||||||
35 | California Resources Corp.(c) | 828 | ||||||
175 | Callon Petroleum Co.(c) | 1,339 | ||||||
70 | Carrizo Oil & Gas, Inc.(c) | 769 | ||||||
122 | Centennial Resource Development, Inc., Class A(c) | 1,106 | ||||||
30 | Chaparral Energy, Inc., Class A(b)(c) | 162 | ||||||
1,000 | Chesapeake Energy Corp.(c) | 2,960 | ||||||
109 | Clean Energy Fuels Corp.(c) | 250 | ||||||
125 | CNX Resources Corp.(c) | 1,325 | ||||||
17 | CONSOL Energy, Inc.(c) | 645 | ||||||
34 | Core Laboratories NV | 2,204 | ||||||
25 | Covia Holdings Corp.(b)(c) | 119 | ||||||
23 | CVR Energy, Inc. | 932 | ||||||
60 | Delek US Holdings, Inc. | 2,123 | ||||||
353 | Denbury Resources, Inc.(c) | 678 | ||||||
53 | Diamond Offshore Drilling, Inc.(c) | 506 | ||||||
27 | Dril-Quip, Inc.(c) | 1,150 | ||||||
81 | Eclipse Resources Corp.(c) | 95 | ||||||
205 | EnLink Midstream LLC | 2,286 | ||||||
335 | Ensco PLC, Class A | 1,373 | ||||||
203 | EQT Corp. | 3,678 | ||||||
166 | Equitrans Midstream Corp. | 2,928 | ||||||
25 | Exterran Corp.(c) | 427 | ||||||
81 | Extraction Oil & Gas, Inc.(c) | 340 | ||||||
54 | Forum Energy Technologies, Inc.(c) | 315 | ||||||
60 | Frank’s International NV(c) | 376 | ||||||
17 | FTS International, Inc.(c) | 175 | ||||||
300 | Gran Tierra Energy, Inc. (Colombia)(c) | 678 | ||||||
30 | Green Plains, Inc. | 468 | ||||||
120 | Gulfport Energy Corp.(c) | 919 | ||||||
99 | Halcon Resources Corp.(c) | 148 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
108 | Helix Energy Solutions Group, Inc.(c) | $ | 799 | |||||
90 | HighPoint Resources Corp.(c) | 233 | ||||||
15 | International Seaways, Inc.(c) | 250 | ||||||
41 | Jagged Peak Energy, Inc.(c) | 388 | ||||||
36 | Keane Group, Inc.(c) | 397 | ||||||
17 | KLX Energy Services Holdings, Inc.(c) | 448 | ||||||
183 | Kosmos Energy Ltd. (Ghana)(c) | 1,171 | ||||||
126 | Laredo Petroleum, Inc.(c) | 432 | ||||||
7 | Mammoth Energy Services, Inc. | 161 | ||||||
80 | Matador Resources Co.(c) | 1,488 | ||||||
21 | Matrix Service Co.(c) | 439 | ||||||
139 | McDermott International, Inc.(c) | 1,179 | ||||||
126 | Murphy Oil Corp. | 3,641 | ||||||
261 | Nabors Industries Ltd. | 846 | ||||||
10 | Natural Gas Services Group, Inc.(c) | 185 | ||||||
9 | NCS Multistage Holdings, Inc.(c) | 50 | ||||||
70 | Newpark Resources, Inc.(c) | 619 | ||||||
13 | Nine Energy Service, Inc.(c) | 341 | ||||||
189 | Noble Corp. PLC(c) | 569 | ||||||
104 | Northern Oil and Gas, Inc.(c) | 246 | ||||||
208 | Oasis Petroleum, Inc.(c) | 1,163 | ||||||
76 | Oceaneering International, Inc.(c) | 1,174 | ||||||
44 | Oil States International, Inc.(c) | 754 | ||||||
23 | Par Pacific Holdings, Inc.(c) | 389 | ||||||
167 | Patterson-UTI Energy, Inc. | 2,214 | ||||||
87 | PBF Energy, Inc., Class A | 2,703 | ||||||
51 | PDC Energy, Inc.(c) | 1,891 | ||||||
57 | Peabody Energy Corp. | 1,758 | ||||||
8 | Penn Virginia Corp.(c) | 429 | ||||||
58 | ProPetro Holding Corp.(c) | 1,152 | ||||||
182 | QEP Resources, Inc.(c) | 1,412 | ||||||
163 | Range Resources Corp. | 1,744 | ||||||
26 | Renewable Energy Group, Inc.(c) | 691 | ||||||
4 | REX American Resources Corp.(c) | 319 | ||||||
44 | Ring Energy, Inc.(c) | 271 | ||||||
93 | Rowan Cos. PLC, Class A(c) | 1,052 | ||||||
49 | RPC, Inc.(b) | 527 | ||||||
18 | SandRidge Energy, Inc.(c) | 140 | ||||||
13 | SEACOR Holdings, Inc.(c) | 581 | ||||||
40 | Select Energy Services, Inc., Class A(c) | 403 | ||||||
45 | SemGroup Corp., Class A | 708 | ||||||
82 | SM Energy Co. | 1,340 | ||||||
446 | Southwestern Energy Co.(b)(c) | 1,887 | ||||||
186 | SRC Energy, Inc.(c) | 856 | ||||||
119 | Superior Energy Services, Inc.(c) | 557 | ||||||
120 | Tallgrass Energy LP, Class A | 2,716 | ||||||
17 | Talos Energy, Inc.(c) | 382 | ||||||
65 | Tellurian, Inc.(b)(c) | 667 | ||||||
96 | TETRA Technologies, Inc.(c) | 229 | ||||||
5 | Texas Pacific Land Trust(b) | 3,718 | ||||||
25 | Tidewater, Inc.(c) | 573 | ||||||
397 | Transocean Ltd.(c) | 3,243 | ||||||
121 | Ultra Petroleum Corp.(c) | 81 | ||||||
41 | Unit Corp.(c) | 638 | ||||||
59 | US Silica Holdings, Inc.(b) | 879 | ||||||
75 | W&T Offshore, Inc.(c) | 391 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Energy (continued) | ||||||||
768 | Weatherford International PLC(c) | $ | 496 | |||||
70 | Whiting Petroleum Corp.(c) | 1,706 | ||||||
52 | World Fuel Services Corp. | 1,440 | ||||||
322 | WPX Energy, Inc.(c) | 3,973 | ||||||
|
| |||||||
102,264 | ||||||||
|
| |||||||
Financials—16.6% | ||||||||
14 | 1st Source Corp. | 666 | ||||||
24 | AG Mortgage Investment Trust, Inc. REIT | 427 | ||||||
9 | Allegiance Bancshares, Inc.(c) | 344 | ||||||
8 | Amalgamated Bank, Class A | 142 | ||||||
35 | Ambac Financial Group, Inc.(c) | 692 | ||||||
66 | American Equity Investment Life Holding Co. | 2,089 | ||||||
6 | American National Insurance Co. | 883 | ||||||
31 | Ameris Bancorp | 1,264 | ||||||
15 | AMERISAFE, Inc. | 947 | ||||||
76 | Anworth Mortgage Asset Corp. REIT | 324 | ||||||
92 | Apollo Commercial Real Estate Finance, Inc. REIT | 1,671 | ||||||
56 | Arbor Realty Trust, Inc. REIT(b) | 725 | ||||||
74 | Ares Management Corp., Class A | 1,748 | ||||||
26 | Argo Group International Holdings Ltd. | 1,807 | ||||||
28 | Arlington Asset Investment Corp., Class A | 232 | ||||||
45 | ARMOUR Residential REIT, Inc. REIT | 902 | ||||||
10 | Arrow Financial Corp. | 354 | ||||||
39 | Artisan Partners Asset Management, Inc., Class A | 1,026 | ||||||
127 | Associated Banc-Corp. | 2,957 | ||||||
3 | Associated Capital Group, Inc., Class A | 128 | ||||||
81 | Assured Guaranty Ltd. | 3,383 | ||||||
20 | Atlantic Capital Bancshares, Inc.(c) | 386 | ||||||
64 | Axis Capital Holdings Ltd. | 3,652 | ||||||
43 | Axos Financial, Inc.(c) | 1,388 | ||||||
11 | B. Riley Financial, Inc. | 187 | ||||||
31 | Banc of California, Inc. | 537 | ||||||
13 | BancFirst Corp. | 733 | ||||||
39 | Bancorp, Inc. (The)(c) | 354 | ||||||
73 | BancorpSouth Bank | 2,379 | ||||||
32 | Bank of Hawaii Corp. | 2,631 | ||||||
10 | Bank of Marin Bancorp | 445 | ||||||
94 | Bank OZK | 3,083 | ||||||
79 | BankUnited, Inc. | 2,883 | ||||||
27 | Banner Corp. | 1,677 | ||||||
12 | Bar Harbor Bankshares | 310 | ||||||
30 | Berkshire Hills Bancorp, Inc. | 940 | ||||||
190 | BGC Partners, Inc., Class A | 1,165 | ||||||
88 | Blackstone Mortgage Trust, Inc., Class A REIT | 3,034 | ||||||
35 | Blucora, Inc.(c) | 941 | ||||||
19 | Blue Hills Bancorp, Inc. | 473 | ||||||
25 | BOK Financial Corp. | 2,261 | ||||||
65 | Boston Private Financial Holdings, Inc. | 773 | ||||||
13 | Bridge Bancorp, Inc. | 429 | ||||||
61 | BrightSphere Investment Group PLC | 863 | ||||||
62 | Brookline Bancorp, Inc. | 991 | ||||||
184 | Brown & Brown, Inc. | 5,450 | ||||||
15 | Bryn Mawr Bank Corp. | 611 | ||||||
13 | Byline Bancorp, Inc.(c) | 266 | ||||||
102 | Cadence BanCorp | 2,039 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
12 | Camden National Corp. | $ | 538 | |||||
50 | Cannae Holdings, Inc.(c) | 1,146 | ||||||
103 | Capitol Federal Financial, Inc. | 1,377 | ||||||
70 | Capstead Mortgage Corp. REIT | 581 | ||||||
16 | Carolina Financial Corp. | 586 | ||||||
59 | Cathay General Bancorp | 2,292 | ||||||
15 | CBTX, Inc. | 500 | ||||||
62 | CenterState Bank Corp. | 1,640 | ||||||
22 | Central Pacific Financial Corp. | 642 | ||||||
55 | Chemical Financial Corp. | 2,521 | ||||||
143 | Chimera Investment Corp. REIT | 2,644 | ||||||
36 | Citizens, Inc.(b)(c) | 246 | ||||||
12 | City Holding Co. | 962 | ||||||
126 | CNO Financial Group, Inc. | 2,146 | ||||||
16 | Cohen & Steers, Inc. | 668 | ||||||
64 | Colony Credit Real Estate, Inc. REIT | 1,115 | ||||||
56 | Columbia Banking System, Inc. | 2,121 | ||||||
36 | Columbia Financial, Inc.(c) | 577 | ||||||
77 | Commerce Bancshares, Inc. | 4,846 | ||||||
39 | Community Bank System, Inc. | 2,527 | ||||||
12 | Community Trust Bancorp, Inc. | 513 | ||||||
23 | ConnectOne Bancorp, Inc. | 496 | ||||||
18 | Cowen, Inc.(c) | 279 | ||||||
14 | Crawford & Co., Class A | 141 | ||||||
9 | Credit Acceptance Corp.(c) | 3,959 | ||||||
47 | Cullen/Frost Bankers, Inc. | 4,873 | ||||||
11 | Curo Group Holdings Corp.(c) | 121 | ||||||
23 | Customers Bancorp, Inc.(c) | 492 | ||||||
86 | CVB Financial Corp. | 1,960 | ||||||
3 | Diamond Hill Investment Group, Inc. | 426 | ||||||
24 | Dime Community Bancshares, Inc. | 479 | ||||||
10 | Donegal Group, Inc., Class A | 135 | ||||||
26 | Donnelley Financial Solutions, Inc.(c) | 369 | ||||||
54 | Dynex Capital, Inc. REIT | 329 | ||||||
25 | Eagle Bancorp, Inc.(c) | 1,480 | ||||||
15 | eHealth, Inc.(c) | 801 | ||||||
7 | EMC Insurance Group, Inc. | 223 | ||||||
25 | Employers Holdings, Inc. | 1,041 | ||||||
20 | Encore Capital Group, Inc.(b)(c) | 684 | ||||||
24 | Enova International, Inc.(c) | 612 | ||||||
8 | Enstar Group Ltd. (Bermuda)(c) | 1,427 | ||||||
18 | Enterprise Financial Services Corp. | 813 | ||||||
11 | Equity Bancshares, Inc., Class A(c) | 374 | ||||||
19 | Erie Indemnity Co., Class A | 3,386 | ||||||
68 | Essent Group Ltd.(c) | 2,934 | ||||||
31 | Evercore, Inc., Class A | 2,855 | ||||||
23 | Exantas Capital Corp. REIT | 250 | ||||||
40 | EZCORP, Inc., Class A(c) | 391 | ||||||
249 | F.N.B. Corp. | 3,048 | ||||||
29 | FactSet Research Systems, Inc. | 6,820 | ||||||
13 | FB Financial Corp. | 461 | ||||||
9 | FBL Financial Group, Inc., Class A | 629 | ||||||
7 | Federal Agricultural Mortgage Corp., Class C | 573 | ||||||
73 | Federated Investors, Inc., Class B | 2,172 | ||||||
110 | FGL Holdings(c) | 913 | ||||||
17 | Fidelity Southern Corp. | 554 | ||||||
12 | Financial Institutions, Inc. | 362 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
86 | First American Financial Corp. | $ | 4,368 | |||||
23 | First Bancorp | 901 | ||||||
158 | First BanCorp/Puerto Rico | 1,819 | ||||||
11 | First Bancshares, Inc. (The) | 360 | ||||||
34 | First Busey Corp. | 916 | ||||||
5 | First Citizens BancShares, Inc., Class A | 2,183 | ||||||
76 | First Commonwealth Financial Corp. | 1,069 | ||||||
11 | First Community Bancshares, Inc. | 394 | ||||||
16 | First Defiance Financial Corp. | 495 | ||||||
75 | First Financial Bancorp | 2,080 | ||||||
42 | First Financial Bankshares, Inc.(b) | 2,724 | ||||||
8 | First Financial Corp. | 355 | ||||||
26 | First Foundation, Inc. | 396 | ||||||
103 | First Hawaiian, Inc. | 2,777 | ||||||
236 | First Horizon National Corp. | 3,689 | ||||||
28 | First Interstate BancSystem, Inc., Class A | 1,166 | ||||||
43 | First Merchants Corp. | 1,737 | ||||||
9 | First Mid-Illinois Bancshares, Inc. | 314 | ||||||
82 | First Midwest Bancorp, Inc. | 1,898 | ||||||
19 | First of Long Island Corp. (The) | 444 | ||||||
34 | FirstCash, Inc. | 2,980 | ||||||
24 | Flagstar Bancorp, Inc. | 784 | ||||||
20 | Flushing Financial Corp. | 464 | ||||||
11 | Franklin Financial Network, Inc. | 361 | ||||||
135 | Fulton Financial Corp. | 2,319 | ||||||
4 | GAMCO Investors, Inc., Class A | 82 | ||||||
384 | Genworth Financial, Inc., Class A(c) | 1,486 | ||||||
18 | German American Bancorp, Inc. | 557 | ||||||
65 | Glacier Bancorp, Inc. | 2,848 | ||||||
3 | Global Indemnity Ltd. (Cayman Islands) | 116 | ||||||
39 | Granite Point Mortgage Trust, Inc. REIT | 742 | ||||||
9 | Great Southern Bancorp, Inc. | 510 | ||||||
44 | Great Western Bancorp, Inc. | 1,652 | ||||||
36 | Green Dot Corp., Class A(c) | 2,324 | ||||||
14 | Greenhill & Co., Inc. | 330 | ||||||
22 | Greenlight Capital Re Ltd., Class A(b)(c) | 246 | ||||||
65 | Hancock Whitney Corp. | 2,839 | ||||||
24 | Hanmi Financial Corp. | 554 | ||||||
32 | Hanover Insurance Group, Inc. (The) | 3,799 | ||||||
11 | HarborOne Bancorp, Inc.(c) | 177 | ||||||
5 | HCI Group, Inc. | 231 | ||||||
24 | Heartland Financial USA, Inc. | 1,166 | ||||||
32 | Heritage Commerce Corp. | 447 | ||||||
28 | Heritage Financial Corp. | 922 | ||||||
17 | Heritage Insurance Holdings, Inc. | 254 | ||||||
58 | Hilltop Holdings, Inc. | 1,115 | ||||||
119 | Home BancShares, Inc. | 2,318 | ||||||
20 | HomeStreet, Inc.(c) | 558 | ||||||
14 | HomeTrust Bancshares, Inc. | 381 | ||||||
99 | Hope Bancorp, Inc. | 1,443 | ||||||
31 | Horace Mann Educators Corp. | 1,215 | ||||||
28 | Horizon Bancorp, Inc. | 495 | ||||||
27 | Houlihan Lokey, Inc. | 1,241 | ||||||
43 | IBERIABANK Corp. | 3,364 | ||||||
4 | Independence Holding Co. | 153 | ||||||
18 | Independent Bank Corp./MI | 418 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
22 | Independent Bank Corp./Rockland MA | $ | 1,873 | |||||
27 | Independent Bank Group, Inc. | 1,565 | ||||||
55 | Interactive Brokers Group, Inc., Class A | 3,038 | ||||||
43 | International Bancshares Corp. | 1,755 | ||||||
12 | INTL. FCStone, Inc.(c) | 522 | ||||||
96 | Invesco Mortgage Capital, Inc. REIT(d) | 1,528 | ||||||
24 | Investment Technology Group, Inc. | 725 | ||||||
190 | Investors Bancorp, Inc. | 2,388 | ||||||
23 | James River Group Holdings Ltd. | 945 | ||||||
145 | Janus Henderson Group PLC (United Kingdom) | 3,552 | ||||||
67 | Kearny Financial Corp. | 911 | ||||||
42 | Kemper Corp. | 3,490 | ||||||
15 | Kinsale Capital Group, Inc. | 1,001 | ||||||
16 | KKR Real Estate Finance Trust, Inc. REIT | 326 | ||||||
60 | Ladder Capital Corp. REIT | 1,101 | ||||||
84 | Ladenburg Thalmann Financial Services, Inc. | 247 | ||||||
35 | Lakeland Bancorp, Inc. | 586 | ||||||
18 | Lakeland Financial Corp. | 870 | ||||||
35 | LegacyTexas Financial Group, Inc. | 1,461 | ||||||
66 | Legg Mason, Inc. | 1,930 | ||||||
229 | LendingClub Corp.(c) | 680 | ||||||
6 | LendingTree, Inc.(c) | 1,914 | ||||||
19 | Live Oak Bancshares, Inc. | 308 | ||||||
67 | LPL Financial Holdings, Inc. | 5,052 | ||||||
13 | Luther Burbank Corp. | 136 | ||||||
54 | Maiden Holdings Ltd. | 66 | ||||||
29 | MarketAxess Holdings, Inc. | 7,072 | ||||||
65 | MB Financial, Inc. | 2,943 | ||||||
66 | MBIA, Inc.(c) | 655 | ||||||
11 | Mercantile Bank Corp. | 381 | ||||||
7 | Merchants Bancorp | 146 | ||||||
21 | Mercury General Corp. | 1,112 | ||||||
39 | Meridian Bancorp, Inc. | 635 | ||||||
21 | Meta Financial Group, Inc. | 490 | ||||||
345 | MFA Financial, Inc. REIT | 2,508 | ||||||
277 | MGIC Investment Corp.(c) | 3,595 | ||||||
16 | Midland States Bancorp, Inc. | 408 | ||||||
35 | Moelis & Co., Class A | 1,561 | ||||||
15 | Morningstar, Inc. | 1,898 | ||||||
59 | Mr Cooper Group, Inc.(c) | 805 | ||||||
20 | National Bank Holdings Corp., Class A | 723 | ||||||
11 | National Commerce Corp.(c) | 481 | ||||||
52 | National General Holdings Corp. | 1,342 | ||||||
2 | National Western Life Group, Inc., Class A | 616 | ||||||
188 | Navient Corp. | 2,297 | ||||||
18 | Navigators Group, Inc. (The) | 1,256 | ||||||
33 | NBT Bancorp, Inc. | 1,275 | ||||||
16 | Nelnet, Inc., Class A | 877 | ||||||
311 | New Residential Investment Corp. REIT | 5,144 | ||||||
376 | New York Community Bancorp, Inc. | 4,704 | ||||||
119 | New York Mortgage Trust, Inc. REIT | 714 | ||||||
7 | Nicolet Bankshares, Inc.(c) | 402 | ||||||
46 | NMI Holdings, Inc., Class A(c) | 1,111 | ||||||
34 | Northfield Bancorp, Inc. | 507 | ||||||
75 | Northwest Bancshares, Inc. | 1,395 | ||||||
30 | OceanFirst Financial Corp. | 756 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
82 | Ocwen Financial Corp.(c) | $ | 175 | |||||
39 | OFG Bancorp | 807 | ||||||
10 | Old Line Bancshares, Inc. | 286 | ||||||
121 | Old National Bancorp | 2,151 | ||||||
221 | Old Republic International Corp. | 4,610 | ||||||
32 | On Deck Capital, Inc.(c) | 196 | ||||||
63 | OneMain Holdings, Inc. | 2,079 | ||||||
22 | Opus Bank | 501 | ||||||
14 | Origin Bancorp, Inc. | 505 | ||||||
31 | Oritani Financial Corp. | 556 | ||||||
38 | Pacific Premier Bancorp, Inc. | 1,134 | ||||||
93 | PacWest Bancorp | 3,815 | ||||||
11 | Park National Corp. | 1,102 | ||||||
13 | Peapack-Gladstone Financial Corp. | 378 | ||||||
52 | PennyMac Mortgage Investment Trust REIT | 1,060 | ||||||
14 | Peoples Bancorp, Inc. | 467 | ||||||
12 | People’s Utah Bancorp | 352 | ||||||
57 | Pinnacle Financial Partners, Inc. | 3,345 | ||||||
11 | Piper Jaffray Cos. | 770 | ||||||
16 | PJT Partners, Inc., Class A | 740 | ||||||
77 | Popular, Inc. | 4,341 | ||||||
35 | PRA Group, Inc.(c) | 1,127 | ||||||
11 | Preferred Bank | 563 | ||||||
33 | Primerica, Inc. | 4,126 | ||||||
41 | ProAssurance Corp. | 1,665 | ||||||
51 | Prosperity Bancshares, Inc. | 3,797 | ||||||
7 | Protective Insurance Corp., Class B | 148 | ||||||
49 | Provident Financial Services, Inc. | 1,345 | ||||||
13 | Pzena Investment Management, Inc., Class A | 129 | ||||||
11 | QCR Holdings, Inc. | 393 | ||||||
164 | Radian Group, Inc. | 3,339 | ||||||
14 | Ready Capital Corp. REIT(b) | 226 | ||||||
73 | Redwood Trust, Inc. REIT | 1,117 | ||||||
38 | Renasant Corp. | 1,455 | ||||||
8 | Republic Bancorp, Inc., Class A | 362 | ||||||
41 | Republic First Bancorp, Inc.(c) | 262 | ||||||
29 | RLI Corp. | 2,045 | ||||||
27 | S&T Bancorp, Inc. | 1,117 | ||||||
11 | Safety Insurance Group, Inc. | 983 | ||||||
26 | Sandy Spring Bancorp, Inc. | 912 | ||||||
37 | Seacoast Banking Corp. of Florida(c) | 1,074 | ||||||
45 | Selective Insurance Group, Inc. | 2,968 | ||||||
35 | ServisFirst Bancshares, Inc. | 1,224 | ||||||
67 | Simmons First National Corp., Class A | 1,798 | ||||||
334 | SLM Corp.(c) | 3,691 | ||||||
28 | South State Corp. | 1,989 | ||||||
22 | Southside Bancshares, Inc. | 764 | ||||||
211 | Starwood Property Trust, Inc. REIT | 4,733 | ||||||
13 | State Auto Financial Corp. | 438 | ||||||
164 | Sterling Bancorp, Inc./DE | 3,334 | ||||||
14 | Sterling Bancorp, Inc./MI | 141 | ||||||
16 | Stewart Information Services Corp. | 687 | ||||||
55 | Stifel Financial Corp. | 2,994 | ||||||
17 | Stock Yards Bancorp, Inc. | 606 | ||||||
127 | Synovus Financial Corp. | 5,039 | ||||||
122 | TCF Financial Corp. | 2,794 | ||||||
38 | Texas Capital Bancshares, Inc.(c) | 2,319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
43 | TFS Financial Corp. | $ | 737 | |||||
58 | Third Point Reinsurance Ltd. (Bermuda)(c) | 620 | ||||||
11 | Tompkins Financial Corp. | 884 | ||||||
50 | Towne Bank | 1,378 | ||||||
25 | TPG RE Finance Trust, Inc. REIT | 500 | ||||||
20 | TriCo Bancshares | 804 | ||||||
15 | TriState Capital Holdings, Inc.(c) | 339 | ||||||
18 | Triumph Bancorp, Inc.(c) | 610 | ||||||
21 | Trupanion, Inc.(b)(c) | 637 | ||||||
74 | TrustCo Bank Corp. NY | 627 | ||||||
49 | Trustmark Corp. | 1,738 | ||||||
190 | Two Harbors Investment Corp. REIT | 2,635 | ||||||
34 | UMB Financial Corp. | 2,340 | ||||||
169 | Umpqua Holdings Corp. | 3,072 | ||||||
56 | Union Bankshares Corp. | 1,992 | ||||||
79 | United Bankshares, Inc./WV | 3,033 | ||||||
58 | United Community Banks, Inc. | 1,606 | ||||||
38 | United Community Financial Corp. | 381 | ||||||
39 | United Financial Bancorp, Inc. | 606 | ||||||
16 | United Fire Group, Inc. | 780 | ||||||
20 | United Insurance Holdings Corp. | 328 | ||||||
25 | Universal Insurance Holdings, Inc. | 976 | ||||||
22 | Univest Financial Corp. | 583 | ||||||
242 | Valley National Bancorp | 2,556 | ||||||
35 | Veritex Holdings, Inc. | 980 | ||||||
37 | Virtu Financial, Inc., Class A(b) | 930 | ||||||
5 | Virtus Investment Partners, Inc. | 512 | ||||||
60 | Waddell & Reed Financial, Inc., Class A | 1,111 | ||||||
23 | Walker & Dunlop, Inc. | 1,283 | ||||||
63 | Washington Federal, Inc. | 1,933 | ||||||
12 | Washington Trust Bancorp, Inc. | 629 | ||||||
19 | Waterstone Financial, Inc. | 320 | ||||||
71 | Webster Financial Corp. | 4,077 | ||||||
42 | WesBanco, Inc. | 1,782 | ||||||
21 | Westamerica Bancorporation | 1,350 | ||||||
77 | Western Alliance Bancorp(c) | 3,563 | ||||||
37 | Western Asset Mortgage Capital Corp. REIT | 371 | ||||||
6 | Westwood Holdings Group, Inc. | 232 | ||||||
2 | White Mountains Insurance Group Ltd. | 1,879 | ||||||
43 | Wintrust Financial Corp. | 3,168 | ||||||
100 | WisdomTree Investments, Inc. | 778 | ||||||
6 | World Acceptance Corp.(c) | 738 | ||||||
39 | WSFS Financial Corp. | 1,688 | ||||||
|
| |||||||
445,557 | ||||||||
|
| |||||||
Health Care—14.0% | ||||||||
22 | Abeona Therapeutics, Inc.(b)(c) | 154 | ||||||
68 | Acadia Healthcare Co., Inc.(c) | 1,788 | ||||||
87 | ACADIA Pharmaceuticals, Inc.(c) | 2,305 | ||||||
25 | Accelerate Diagnostics, Inc.(b)(c) | 534 | ||||||
34 | Acceleron Pharma, Inc.(c) | 1,497 | ||||||
66 | Accuray, Inc.(c) | 318 | ||||||
85 | Achillion Pharmaceuticals, Inc.(c) | 213 | ||||||
27 | Aclaris Therapeutics, Inc.(c) | 175 | ||||||
29 | Acorda Therapeutics, Inc.(c) | 427 | ||||||
17 | Adamas Pharmaceuticals, Inc.(c) | 190 | ||||||
7 | Addus HomeCare Corp.(c) | 470 | ||||||
30 | Aduro Biotech, Inc.(c) | 129 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
31 | Aerie Pharmaceuticals, Inc.(c) | $ | 1,447 | |||||
74 | Agenus, Inc.(c) | 229 | ||||||
40 | Agios Pharmaceuticals, Inc.(c) | 2,595 | ||||||
31 | Aimmune Therapeutics, Inc.(b)(c) | 747 | ||||||
14 | Akcea Therapeutics, Inc.(b)(c) | 476 | ||||||
58 | Akebia Therapeutics, Inc.(c) | 422 | ||||||
72 | Akorn, Inc.(c) | 292 | ||||||
47 | Alder Biopharmaceuticals, Inc.(c) | 603 | ||||||
13 | Allakos, Inc.(c) | 519 | ||||||
134 | Allscripts Healthcare Solutions, Inc.(c) | 1,436 | ||||||
26 | AMAG Pharmaceuticals, Inc.(c) | 387 | ||||||
21 | Amedisys, Inc.(c) | 2,610 | ||||||
10 | American Renal Associates Holdings, Inc.(c) | 125 | ||||||
145 | Amicus Therapeutics, Inc.(c) | 1,755 | ||||||
36 | AMN Healthcare Services, Inc.(c) | 1,800 | ||||||
71 | Amneal Pharmaceuticals, Inc.(c) | 961 | ||||||
27 | Amphastar Pharmaceuticals, Inc.(c) | 671 | ||||||
14 | AnaptysBio, Inc.(c) | 964 | ||||||
28 | AngioDynamics, Inc.(c) | 627 | ||||||
7 | ANI Pharmaceuticals, Inc.(c) | 461 | ||||||
11 | Anika Therapeutics, Inc.(c) | 359 | ||||||
109 | Antares Pharma, Inc.(c) | 391 | ||||||
28 | Apellis Pharmaceuticals, Inc.(c) | 424 | ||||||
20 | Apollo Medical Holdings, Inc.(c) | 391 | ||||||
12 | Aptinyx, Inc.(c) | 64 | ||||||
19 | Arcus Biosciences, Inc.(c) | 224 | ||||||
38 | Arena Pharmaceuticals, Inc.(c) | 1,897 | ||||||
71 | ArQule, Inc.(c) | 232 | ||||||
155 | Array BioPharma, Inc.(c) | 3,556 | ||||||
61 | Arrowhead Pharmaceuticals, Inc.(b)(c) | 1,191 | ||||||
17 | Assembly Biosciences, Inc.(c) | 364 | ||||||
47 | Assertio Therapeutics, Inc.(c) | 195 | ||||||
25 | Atara Biotherapeutics, Inc.(c) | 895 | ||||||
26 | Athenex, Inc.(c) | 342 | ||||||
27 | AtriCure, Inc.(c) | 862 | ||||||
1 | Atrion Corp. | 786 | ||||||
28 | Audentes Therapeutics, Inc.(c) | 857 | ||||||
36 | Avanos Medical, Inc.(c) | 1,695 | ||||||
10 | Avrobio, Inc.(c) | 167 | ||||||
25 | AxoGen, Inc.(c) | 462 | ||||||
27 | Bellicum Pharmaceuticals, Inc.(c) | 87 | ||||||
59 | BioCryst Pharmaceuticals, Inc.(c) | 487 | ||||||
15 | Biohaven Pharmaceutical Holding Co., Ltd.(c) | 660 | ||||||
16 | Bio-Rad Laboratories, Inc., Class A(c) | 4,334 | ||||||
4 | BioSpecifics Technologies Corp.(c) | 278 | ||||||
29 | Bio-Techne Corp. | 5,623 | ||||||
26 | BioTelemetry, Inc.(c) | 1,943 | ||||||
68 | BioTime, Inc.(c) | 82 | ||||||
42 | Bluebird Bio, Inc.(c) | 6,519 | ||||||
30 | Blueprint Medicines Corp.(c) | 2,466 | ||||||
144 | Brookdale Senior Living, Inc.(c) | 973 | ||||||
78 | Bruker Corp. | 2,980 | ||||||
26 | Cambrex Corp.(c) | 1,075 | ||||||
29 | Cantel Medical Corp. | 2,132 | ||||||
19 | Capital Senior Living Corp.(c) | 95 | ||||||
26 | Cara Therapeutics, Inc.(c) | 443 | ||||||
27 | Cardiovascular Systems, Inc.(c) | 955 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
25 | CareDx, Inc.(c) | $ | 778 | |||||
62 | Castlight Health, Inc., Class B(c) | 198 | ||||||
112 | Catalent, Inc.(c) | 4,841 | ||||||
104 | Cerus Corp.(c) | 677 | ||||||
37 | Charles River Laboratories International, Inc.(c) | 5,260 | ||||||
12 | Chemed Corp. | 3,954 | ||||||
17 | ChemoCentryx, Inc.(c) | 183 | ||||||
13 | Civitas Solutions, Inc.(c) | 231 | ||||||
38 | Clovis Oncology, Inc.(c) | 1,151 | ||||||
37 | Codexis, Inc.(c) | 800 | ||||||
34 | Coherus Biosciences, Inc.(c) | 488 | ||||||
18 | Collegium Pharmaceutical, Inc.(c) | 317 | ||||||
67 | Community Health Systems, Inc.(c) | 332 | ||||||
10 | Computer Programs & Systems, Inc. | 329 | ||||||
13 | Concert Pharmaceuticals, Inc.(c) | 197 | ||||||
19 | CONMED Corp. | 1,461 | ||||||
80 | Corcept Therapeutics, Inc.(c) | 998 | ||||||
8 | CorVel Corp.(c) | 538 | ||||||
47 | Covetrus, Inc.(c) | 1,682 | ||||||
16 | CRISPR Therapeutics AG (Switzerland)(b)(c) | 566 | ||||||
28 | Cross Country Healthcare, Inc.(c) | 245 | ||||||
26 | CryoLife, Inc.(c) | 769 | ||||||
11 | Cutera, Inc.(c) | 188 | ||||||
43 | Cymabay Therapeutics, Inc.(c) | 508 | ||||||
36 | Cytokinetics, Inc.(c) | 260 | ||||||
33 | CytomX Therapeutics, Inc.(c) | 370 | ||||||
12 | Deciphera Pharmaceuticals, Inc.(c) | 341 | ||||||
47 | Denali Therapeutics, Inc.(c) | 1,023 | ||||||
24 | Dermira, Inc.(c) | 200 | ||||||
34 | Dicerna Pharmaceuticals, Inc.(c) | 415 | ||||||
40 | Diplomat Pharmacy, Inc.(c) | 258 | ||||||
10 | Dova Pharmaceuticals, Inc.(b)(c) | 77 | ||||||
48 | Dynavax Technologies Corp.(b)(c) | 442 | ||||||
9 | Eagle Pharmaceuticals, Inc.(c) | 451 | ||||||
28 | Editas Medicine, Inc.(c) | 578 | ||||||
33 | Emergent BioSolutions, Inc.(c) | 1,926 | ||||||
11 | Enanta Pharmaceuticals, Inc.(c) | 1,128 | ||||||
76 | Encompass Health Corp. | 4,799 | ||||||
155 | Endo International PLC(c) | 1,703 | ||||||
38 | Ensign Group, Inc. (The) | 1,879 | ||||||
46 | Epizyme, Inc.(c) | 596 | ||||||
19 | Esperion Therapeutics, Inc.(b)(c) | 876 | ||||||
45 | Evolent Health, Inc., Class A(c) | 594 | ||||||
94 | Exact Sciences Corp.(c) | 8,554 | ||||||
229 | Exelixis, Inc.(c) | 5,127 | ||||||
40 | Fate Therapeutics, Inc.(c) | 628 | ||||||
59 | FibroGen, Inc.(c) | 3,410 | ||||||
27 | Five Prime Therapeutics, Inc.(c) | 313 | ||||||
23 | Flexion Therapeutics, Inc.(c) | 318 | ||||||
19 | G1 Therapeutics, Inc.(c) | 351 | ||||||
41 | GenMark Diagnostics, Inc.(c) | 315 | ||||||
17 | Genomic Health, Inc.(c) | 1,291 | ||||||
143 | Geron Corp.(c) | 209 | ||||||
25 | Glaukos Corp.(c) | 1,854 | ||||||
38 | Global Blood Therapeutics, Inc.(c) | 1,995 | ||||||
58 | Globus Medical, Inc., Class A(c) | 2,824 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
26 | GlycoMimetics, Inc.(c) | $ | 320 | |||||
40 | Haemonetics Corp.(c) | 3,475 | ||||||
100 | Halozyme Therapeutics, Inc.(c) | 1,725 | ||||||
43 | HealthEquity, Inc.(c) | 3,461 | ||||||
20 | HealthStream, Inc. | 556 | ||||||
54 | Heron Therapeutics, Inc.(c) | 1,429 | ||||||
6 | Heska Corp.(c) | 491 | ||||||
52 | Hill-Rom Holdings, Inc. | 5,515 | ||||||
64 | HMS Holdings Corp.(c) | 2,205 | ||||||
10 | Homology Medicines, Inc.(c) | 295 | ||||||
129 | Horizon Pharma PLC(c) | 3,742 | ||||||
13 | ICU Medical, Inc.(c) | 3,195 | ||||||
114 | ImmunoGen, Inc.(c) | 538 | ||||||
102 | Immunomedics, Inc.(c) | 1,608 | ||||||
54 | Innoviva, Inc.(c) | 848 | ||||||
14 | Inogen, Inc.(c) | 1,504 | ||||||
52 | Inovalon Holdings, Inc., Class A(b)(c) | 683 | ||||||
69 | Inovio Pharmaceuticals, Inc.(b)(c) | 253 | ||||||
59 | Insmed, Inc.(c) | 1,749 | ||||||
5 | Inspire Medical Systems, Inc.(c) | 310 | ||||||
45 | Insulet Corp.(b)(c) | 4,226 | ||||||
17 | Insys Therapeutics, Inc.(c) | 107 | ||||||
22 | Integer Holdings Corp.(c) | 2,001 | ||||||
56 | Integra LifeSciences Holdings Corp.(c) | 3,085 | ||||||
18 | Intellia Therapeutics, Inc.(c) | 274 | ||||||
16 | Intercept Pharmaceuticals, Inc.(b)(c) | 1,596 | ||||||
22 | Intersect ENT, Inc.(c) | 748 | ||||||
34 | Intra-Cellular Therapies, Inc.(c) | 463 | ||||||
58 | Intrexon Corp.(c) | 462 | ||||||
25 | Invacare Corp. | 243 | ||||||
43 | Invitae Corp.(c) | 865 | ||||||
100 | Ionis Pharmaceuticals, Inc.(c) | 7,099 | ||||||
80 | Iovance Biotherapeutics, Inc.(c) | 822 | ||||||
14 | iRhythm Technologies, Inc.(c) | 1,341 | ||||||
107 | Ironwood Pharmaceuticals, Inc.(c) | 1,524 | ||||||
37 | Karyopharm Therapeutics, Inc.(c) | 153 | ||||||
19 | Kura Oncology, Inc.(c) | 290 | ||||||
15 | La Jolla Pharmaceutical Co.(b)(c) | 86 | ||||||
30 | Lantheus Holdings, Inc.(c) | 686 | ||||||
13 | LeMaitre Vascular, Inc. | 389 | ||||||
33 | Lexicon Pharmaceuticals, Inc.(c) | 176 | ||||||
22 | LHC Group, Inc.(c) | 2,413 | ||||||
16 | Ligand Pharmaceuticals, Inc.(c) | 1,985 | ||||||
37 | LivaNova PLC(c) | 3,448 | ||||||
32 | Luminex Corp. | 815 | ||||||
35 | MacroGenics, Inc.(c) | 700 | ||||||
6 | Madrigal Pharmaceuticals, Inc.(c) | 788 | ||||||
19 | Magellan Health, Inc.(c) | 1,294 | ||||||
64 | Mallinckrodt PLC(c) | 1,597 | ||||||
39 | Masimo Corp.(c) | 5,120 | ||||||
57 | Medicines Co. (The)(b)(c) | 1,406 | ||||||
47 | Medidata Solutions, Inc.(c) | 3,526 | ||||||
69 | MEDNAX, Inc.(c) | 2,271 | ||||||
20 | Medpace Holdings, Inc.(c) | 1,099 | ||||||
33 | Meridian Bioscience, Inc. | 563 | ||||||
42 | Merit Medical Systems, Inc.(c) | 2,341 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
25 | Minerva Neurosciences, Inc.(c) | $ | 198 | |||||
15 | Mirati Therapeutics, Inc.(c) | 1,092 | ||||||
45 | Molina Healthcare, Inc.(c) | 6,058 | ||||||
70 | Momenta Pharmaceuticals, Inc.(c) | 986 | ||||||
25 | MyoKardia, Inc.(c) | 1,121 | ||||||
13 | Myovant Sciences Ltd.(c) | 286 | ||||||
57 | Myriad Genetics, Inc.(c) | 1,769 | ||||||
31 | Natera, Inc.(c) | 491 | ||||||
7 | National HealthCare Corp. | 570 | ||||||
9 | National Research Corp. | 350 | ||||||
26 | Natus Medical, Inc.(c) | 718 | ||||||
40 | Neogen Corp.(c) | 2,478 | ||||||
69 | NeoGenomics, Inc.(c) | 1,352 | ||||||
70 | Neurocrine Biosciences, Inc.(c) | 5,408 | ||||||
21 | Nevro Corp.(c) | 967 | ||||||
37 | NextGen Healthcare, Inc.(c) | 648 | ||||||
294 | Novavax, Inc.(b)(c) | 207 | ||||||
50 | Novocure Ltd.(c) | 2,686 | ||||||
39 | NuVasive, Inc.(c) | 2,297 | ||||||
36 | Omeros Corp.(b)(c) | 519 | ||||||
30 | Omnicell, Inc.(c) | 2,549 | ||||||
258 | OPKO Health, Inc.(c) | 658 | ||||||
9 | Optinose, Inc.(b)(c) | 67 | ||||||
47 | OraSure Technologies, Inc.(c) | 505 | ||||||
15 | Orthofix Medical, Inc.(c) | 917 | ||||||
48 | Owens & Minor, Inc. | 300 | ||||||
103 | Pacific Biosciences of California, Inc.(c) | 753 | ||||||
32 | Pacira Pharmaceuticals, Inc.(c) | 1,318 | ||||||
21 | Paratek Pharmaceuticals, Inc.(b)(c) | 136 | ||||||
65 | Patterson Cos., Inc. | 1,466 | ||||||
112 | PDL BioPharma, Inc.(b)(c) | 407 | ||||||
24 | Penumbra, Inc.(b)(c) | 3,208 | ||||||
85 | PerkinElmer, Inc. | 8,004 | ||||||
16 | Phibro Animal Health Corp., Class A | 469 | ||||||
48 | Portola Pharmaceuticals, Inc.(c) | 1,474 | ||||||
45 | PRA Health Sciences, Inc.(c) | 4,814 | ||||||
49 | Premier, Inc., Class A(c) | 1,792 | ||||||
40 | Prestige Consumer Healthcare, Inc.(c) | 1,170 | ||||||
65 | Progenics Pharmaceuticals, Inc.(c) | 287 | ||||||
31 | Prothena Corp. PLC (Ireland)(c) | 415 | ||||||
9 | Providence Service Corp. (The)(c) | 642 | ||||||
39 | PTC Therapeutics, Inc.(c) | 1,347 | ||||||
23 | Puma Biotechnology, Inc.(c) | 640 | ||||||
26 | Quidel Corp.(c) | 1,705 | ||||||
68 | R1 RCM, Inc.(c) | 673 | ||||||
20 | Ra Pharmaceuticals, Inc.(c) | 385 | ||||||
30 | Radius Health, Inc.(c) | 569 | ||||||
32 | RadNet, Inc.(c) | 436 | ||||||
15 | Reata Pharmaceuticals, Inc., Class A(c) | 1,415 | ||||||
25 | REGENXBIO, Inc.(c) | 1,293 | ||||||
29 | Repligen Corp.(c) | 1,726 | ||||||
28 | Retrophin, Inc.(c) | 632 | ||||||
30 | Revance Therapeutics, Inc.(c) | 508 | ||||||
13 | Rhythm Pharmaceuticals, Inc.(c) | 373 | ||||||
121 | Rigel Pharmaceuticals, Inc.(c) | 265 | ||||||
19 | Rocket Pharmaceuticals, Inc.(c) | 331 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Health Care (continued) | ||||||||
35 | Rockwell Medical, Inc.(c) | $ | 163 | |||||
36 | Sage Therapeutics, Inc.(c) | 5,733 | ||||||
78 | Sangamo Therapeutics, Inc.(c) | 703 | ||||||
51 | Sarepta Therapeutics, Inc.(c) | 7,356 | ||||||
83 | Select Medical Holdings Corp.(c) | 1,230 | ||||||
68 | Senseonics Holdings, Inc.(c) | 203 | ||||||
16 | Seres Therapeutics, Inc.(c) | 98 | ||||||
19 | Sientra, Inc.(c) | 210 | ||||||
12 | Solid Biosciences, Inc.(c) | 128 | ||||||
75 | Sorrento Therapeutics, Inc.(b)(c) | 152 | ||||||
26 | Spark Therapeutics, Inc.(c) | 2,946 | ||||||
74 | Spectrum Pharmaceuticals, Inc.(c) | 800 | ||||||
25 | STAAR Surgical Co.(c) | 920 | ||||||
30 | Stemline Therapeutics, Inc.(c) | 329 | ||||||
65 | STERIS PLC | 7,862 | ||||||
40 | Supernus Pharmaceuticals, Inc.(c) | 1,634 | ||||||
11 | Surgery Partners, Inc.(b)(c) | 138 | ||||||
10 | Surmodics, Inc.(c) | 584 | ||||||
48 | Syneos Health, Inc., Class A(c) | 2,005 | ||||||
13 | Tabula Rasa HealthCare, Inc.(c) | 716 | ||||||
12 | Tactile Systems Technology, Inc.(c) | 912 | ||||||
40 | Tandem Diabetes Care, Inc.(c) | 2,623 | ||||||
48 | Teladoc Health, Inc.(c) | 3,089 | ||||||
79 | Tenet Healthcare Corp.(c) | 2,258 | ||||||
51 | TG Therapeutics, Inc.(c) | 347 | ||||||
155 | TherapeuticsMD, Inc.(b)(c) | 887 | ||||||
34 | Theravance Biopharma, Inc.(c) | 825 | ||||||
31 | Tivity Health, Inc.(c) | 663 | ||||||
133 | TransEnterix, Inc.(b)(c) | 331 | ||||||
11 | Tricida, Inc.(b)(c) | 254 | ||||||
17 | Triple-S Management Corp., Class B(c) | 432 | ||||||
37 | Ultragenyx Pharmaceutical, Inc.(c) | 2,373 | ||||||
19 | uniQure NV (Netherlands)(c) | 1,026 | ||||||
10 | US Physical Therapy, Inc. | 1,102 | �� | |||||
40 | Vanda Pharmaceuticals, Inc.(c) | 810 | ||||||
29 | Varex Imaging Corp.(c) | 912 | ||||||
32 | Vericel Corp.(c) | 599 | ||||||
40 | ViewRay, Inc.(c) | 339 | ||||||
49 | Viking Therapeutics, Inc.(b)(c) | 412 | ||||||
22 | Vocera Communications, Inc.(c) | 729 | ||||||
15 | Voyager Therapeutics, Inc.(c) | 225 | ||||||
14 | WaVe Life Sciences Ltd.(c) | 587 | ||||||
57 | West Pharmaceutical Services, Inc. | 5,971 | ||||||
91 | Wright Medical Group NV(c) | 2,849 | ||||||
39 | Xencor, Inc.(c) | 1,183 | ||||||
99 | ZIOPHARM Oncology, Inc.(b)(c) | 292 | ||||||
32 | Zogenix, Inc.(b)(c) | 1,687 | ||||||
|
| |||||||
376,990 | ||||||||
|
| |||||||
Industrials—14.2% | ||||||||
32 | AAON, Inc. | 1,276 | ||||||
26 | AAR Corp. | 950 | ||||||
51 | ABM Industries, Inc. | 1,819 | ||||||
79 | ACCO Brands Corp. | 735 | ||||||
47 | Actuant Corp., Class A | 1,149 | ||||||
48 | Advanced Disposal Services, Inc.(c) | 1,273 | ||||||
31 | Advanced Drainage Systems, Inc. | 788 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
120 | AECOM(c) | $ | 3,715 | |||||
25 | Aegion Corp.(c) | 434 | ||||||
54 | Aerojet Rocketdyne Holdings, Inc.(c) | 2,011 | ||||||
17 | Aerovironment, Inc.(c) | 1,354 | ||||||
51 | AGCO Corp. | 3,447 | ||||||
78 | Air Lease Corp. | 2,914 | ||||||
11 | Air Transport Services Group, Inc.(c) | 256 | ||||||
44 | Aircastle Ltd. | 874 | ||||||
8 | Alamo Group, Inc. | 768 | ||||||
22 | Albany International Corp., Class A | 1,706 | ||||||
3 | Allegiant Travel Co. | 396 | ||||||
94 | Allison Transmission Holdings, Inc. | 4,672 | ||||||
47 | Altra Industrial Motion Corp. | 1,495 | ||||||
11 | American Woodmark Corp.(c) | 937 | ||||||
22 | Apogee Enterprises, Inc. | 785 | ||||||
30 | Applied Industrial Technologies, Inc. | 1,744 | ||||||
20 | ArcBest Corp. | 697 | ||||||
34 | Arcosa, Inc. | 1,139 | ||||||
11 | Argan, Inc. | 511 | ||||||
16 | Armstrong Flooring, Inc.(c) | 229 | ||||||
32 | Armstrong World Industries, Inc. | 2,342 | ||||||
40 | ASGN, Inc.(c) | 2,576 | ||||||
16 | Astec Industries, Inc. | 611 | ||||||
17 | Astronics Corp.(c) | 611 | ||||||
36 | Atkore International Group, Inc.(c) | 832 | ||||||
5 | Atlas Air Worldwide Holdings, Inc.(c) | 269 | ||||||
50 | Avis Budget Group, Inc.(c) | 1,791 | ||||||
45 | Axon Enterprise, Inc.(c) | 2,422 | ||||||
20 | AZZ, Inc. | 920 | ||||||
37 | Barnes Group, Inc. | 2,149 | ||||||
6 | Barrett Business Services, Inc. | 471 | ||||||
52 | Beacon Roofing Supply, Inc.(c) | 1,886 | ||||||
10 | Blue Bird Corp.(c) | 186 | ||||||
49 | BMC Stock Holdings, Inc.(c) | 937 | ||||||
38 | Brady Corp., Class A | 1,798 | ||||||
33 | Briggs & Stratton Corp. | 433 | ||||||
20 | BrightView Holdings, Inc.(c) | 270 | ||||||
39 | Brink’s Co. (The) | 3,078 | ||||||
88 | Builders FirstSource, Inc.(c) | 1,226 | ||||||
76 | BWX Technologies, Inc. | 3,979 | ||||||
13 | CAI International, Inc.(c) | 306 | ||||||
46 | Carlisle Cos., Inc. | 5,662 | ||||||
31 | Casella Waste Systems, Inc., Class A(c) | 1,094 | ||||||
40 | CBIZ, Inc.(c) | 825 | ||||||
22 | Chart Industries, Inc.(c) | 1,942 | ||||||
18 | Cimpress NV (Netherlands)(c) | 1,485 | ||||||
13 | CIRCOR International, Inc.(c) | 410 | ||||||
103 | Civeo Corp.(c) | 268 | ||||||
41 | Clean Harbors, Inc.(c) | 2,788 | ||||||
67 | Colfax Corp.(c) | 1,773 | ||||||
16 | Columbus McKinnon Corp. | 599 | ||||||
28 | Comfort Systems USA, Inc. | 1,501 | ||||||
28 | Continental Building Products, Inc.(c) | 807 | ||||||
90 | Covanta Holding Corp. | 1,528 | ||||||
10 | Covenant Transportation Group, Inc., Class A(c) | 228 | ||||||
36 | Crane Co. | 3,045 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
12 | CSW Industrials, Inc.(c) | $ | 681 | |||||
22 | Cubic Corp. | 1,357 | ||||||
32 | Curtiss-Wright Corp. | 3,945 | ||||||
35 | Daseke, Inc.(c) | 166 | ||||||
36 | Deluxe Corp. | 1,675 | ||||||
11 | DMC Global, Inc. | 517 | ||||||
98 | Donaldson Co., Inc. | 5,056 | ||||||
17 | Douglas Dynamics, Inc. | 717 | ||||||
13 | DXP Enterprises, Inc.(c) | 460 | ||||||
24 | Dycom Industries, Inc.(c) | 1,082 | ||||||
21 | Echo Global Logistics, Inc.(c) | 504 | ||||||
44 | EMCOR Group, Inc. | 3,174 | ||||||
16 | Encore Wire Corp. | 948 | ||||||
29 | Energy Recovery, Inc.(b)(c) | 233 | ||||||
32 | EnerSys | 2,362 | ||||||
20 | Ennis, Inc. | 424 | ||||||
16 | EnPro Industries, Inc. | 1,097 | ||||||
20 | ESCO Technologies, Inc. | 1,384 | ||||||
20 | Esterline Technologies Corp.(c) | 2,435 | ||||||
57 | Evoqua Water Technologies Corp.(c) | 774 | ||||||
40 | Exponent, Inc. | 2,265 | ||||||
46 | Federal Signal Corp. | 1,131 | ||||||
8 | Forrester Research, Inc. | 402 | ||||||
22 | Forward Air Corp. | 1,422 | ||||||
15 | Foundation Building Materials, Inc.(c) | 167 | ||||||
30 | Franklin Electric Co., Inc. | 1,596 | ||||||
29 | FTI Consulting, Inc.(c) | 2,151 | ||||||
99 | Gardner Denver Holdings, Inc.(c) | 2,658 | ||||||
44 | Gates Industrial Corp. PLC(c) | 708 | ||||||
27 | GATX Corp. | 2,146 | ||||||
13 | Genco Shipping & Trading Ltd.(c) | 106 | ||||||
48 | Generac Holdings, Inc.(c) | 2,475 | ||||||
45 | Genesee & Wyoming, Inc., Class A(c) | 3,690 | ||||||
25 | Gibraltar Industries, Inc.(c) | 1,012 | ||||||
17 | Global Brass & Copper Holdings, Inc. | 574 | ||||||
25 | GMS, Inc.(c) | 489 | ||||||
14 | Gorman-Rupp Co. (The) | 473 | ||||||
10 | GP Strategies Corp.(c) | 167 | ||||||
128 | Graco, Inc. | 6,011 | ||||||
56 | GrafTech International Ltd. | 808 | ||||||
36 | Granite Construction, Inc. | 1,676 | ||||||
43 | Great Lakes Dredge & Dock Corp.(c) | 383 | ||||||
25 | Greenbrier Cos., Inc. (The) | 1,031 | ||||||
25 | Griffon Corp. | 446 | ||||||
25 | H&E Equipment Services, Inc. | 720 | ||||||
62 | Harsco Corp.(c) | 1,388 | ||||||
9 | Hawaiian Holdings, Inc. | 268 | ||||||
57 | Healthcare Services Group, Inc. | 2,176 | ||||||
35 | Heartland Express, Inc. | 703 | ||||||
33 | HEICO Corp. | 3,093 | ||||||
58 | HEICO Corp., Class A | 4,639 | ||||||
15 | Heidrick & Struggles International, Inc. | 647 | ||||||
16 | Herc Holdings, Inc.(c) | 704 | ||||||
11 | Heritage-Crystal Clean, Inc.(c) | 266 | ||||||
46 | Herman Miller, Inc. | 1,687 | ||||||
39 | Hertz Global Holdings, Inc.(c) | 745 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
66 | Hexcel Corp. | $ | 4,761 | |||||
48 | Hillenbrand, Inc. | 2,126 | ||||||
34 | HNI Corp. | 1,313 | ||||||
26 | Hub Group, Inc., Class A(c) | 1,117 | ||||||
42 | Hubbell, Inc. | 4,958 | ||||||
17 | Huron Consulting Group, Inc.(c) | 779 | ||||||
6 | Hyster-Yale Materials Handling, Inc. | 406 | ||||||
14 | ICF International, Inc. | 1,057 | ||||||
36 | InnerWorkings, Inc.(c) | 175 | ||||||
29 | Insperity, Inc. | 3,662 | ||||||
14 | Insteel Industries, Inc. | 319 | ||||||
46 | Interface, Inc. | 817 | ||||||
67 | ITT, Inc. | 3,870 | ||||||
55 | JELD-WEN Holding, Inc.(c) | 1,112 | ||||||
24 | John Bean Technologies Corp. | 2,249 | ||||||
9 | Kadant, Inc. | 787 | ||||||
18 | Kaman Corp. | 1,108 | ||||||
103 | KAR Auction Services, Inc. | 4,856 | ||||||
108 | KBR, Inc. | 2,134 | ||||||
24 | Kelly Services, Inc., Class A | 579 | ||||||
63 | Kennametal, Inc. | 2,374 | ||||||
36 | KeyW Holding Corp. (The)(c) | 266 | ||||||
18 | Kforce, Inc. | 666 | ||||||
28 | Kimball International, Inc., Class B | 439 | ||||||
11 | Kirby Corp.(c) | 816 | ||||||
38 | Knoll, Inc. | 804 | ||||||
41 | Korn Ferry | 2,000 | ||||||
68 | Kratos Defense & Security Solutions, Inc.(c) | 1,169 | ||||||
32 | Landstar System, Inc. | 3,478 | ||||||
47 | Lincoln Electric Holdings, Inc. | 4,062 | ||||||
8 | Lindsay Corp. | 740 | ||||||
26 | LSC Communications, Inc. | 220 | ||||||
13 | Lydall, Inc.(c) | 366 | ||||||
62 | Macquarie Infrastructure Corp. | 2,535 | ||||||
26 | Manitowoc Co., Inc. (The)(c) | 468 | ||||||
31 | Marten Transport Ltd. | 578 | ||||||
20 | Masonite International Corp.(c) | 1,109 | ||||||
48 | MasTec, Inc.(c) | 2,073 | ||||||
8 | Matson, Inc. | 289 | ||||||
25 | Matthews International Corp., Class A | 994 | ||||||
19 | McGrath RentCorp. | 1,137 | ||||||
37 | Mercury Systems, Inc.(c) | 2,350 | ||||||
62 | Meritor, Inc.(c) | 1,381 | ||||||
54 | Milacron Holdings Corp.(c) | 755 | ||||||
13 | Mistras Group, Inc.(c) | 205 | ||||||
34 | Mobile Mini, Inc. | 1,224 | ||||||
25 | Moog, Inc., Class A | 2,349 | ||||||
69 | MRC Global, Inc.(c) | 1,163 | ||||||
28 | MSA Safety, Inc. | 2,895 | ||||||
35 | MSC Industrial Direct Co., Inc., Class A | 2,954 | ||||||
42 | Mueller Industries, Inc. | 1,388 | ||||||
121 | Mueller Water Products, Inc., Class A | 1,263 | ||||||
11 | Multi-Color Corp. | 548 | ||||||
13 | MYR Group, Inc.(c) | 436 | ||||||
4 | National Presto Industries, Inc.(b) | 449 | ||||||
33 | Navigant Consulting, Inc. | 679 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
34 | Navistar International Corp.(c) | $ | 1,305 | |||||
53 | NCI Building Systems, Inc.(c) | 372 | ||||||
32 | NN, Inc. | 317 | ||||||
40 | Nordson Corp. | 5,430 | ||||||
83 | NOW, Inc.(c) | 1,198 | ||||||
8 | NV5 Global, Inc.(c) | 634 | ||||||
131 | nVent Electric PLC | 3,600 | ||||||
2 | Omega Flex, Inc. | 148 | ||||||
55 | Oshkosh Corp. | 4,280 | ||||||
6 | Park-Ohio Holdings Corp. | 191 | ||||||
17 | Patrick Industries, Inc.(c) | 769 | ||||||
44 | PGT Innovations, Inc.(c) | 664 | ||||||
144 | Pitney Bowes, Inc. | 1,035 | ||||||
179 | Plug Power, Inc.(b)(c) | 320 | ||||||
7 | Powell Industries, Inc. | 225 | ||||||
31 | Primoris Services Corp. | 724 | ||||||
20 | Proto Labs, Inc.(c) | 2,260 | ||||||
25 | Quad/Graphics, Inc.(b) | 365 | ||||||
24 | Quanex Building Products Corp. | 413 | ||||||
112 | Quanta Services, Inc. | 3,992 | ||||||
28 | Raven Industries, Inc. | 1,118 | ||||||
19 | RBC Bearings, Inc.(c) | 2,663 | ||||||
33 | Regal Beloit Corp. | 2,764 | ||||||
94 | Resideo Technologies, Inc.(c) | 2,416 | ||||||
23 | Resources Connection, Inc. | 400 | ||||||
22 | REV Group, Inc. | 194 | ||||||
80 | Rexnord Corp.(c) | 2,134 | ||||||
54 | RR Donnelley & Sons Co. | 291 | ||||||
23 | Rush Enterprises, Inc., Class A | 964 | ||||||
3 | Rush Enterprises, Inc., Class B | 124 | ||||||
41 | Ryder System, Inc. | 2,549 | ||||||
20 | Saia, Inc.(c) | 1,323 | ||||||
32 | Simpson Manufacturing Co., Inc. | 1,918 | ||||||
30 | SiteOne Landscape Supply, Inc.(c) | 1,611 | ||||||
10 | SkyWest, Inc. | 540 | ||||||
17 | SP Plus Corp.(c) | 585 | ||||||
26 | Spartan Motors, Inc. | 238 | ||||||
13 | Spirit Airlines, Inc.(c) | 731 | ||||||
33 | SPX Corp.(c) | 1,200 | ||||||
33 | SPX FLOW, Inc.(c) | 1,139 | ||||||
10 | Standex International Corp. | 820 | ||||||
66 | Steelcase, Inc., Class A | 1,156 | ||||||
69 | Stericycle, Inc.(c) | 3,076 | ||||||
22 | Sun Hydraulics Corp. | 1,047 | ||||||
64 | Sunrun, Inc.(c) | 993 | ||||||
10 | Systemax, Inc. | 203 | ||||||
22 | Team, Inc.(c) | 344 | ||||||
28 | Teledyne Technologies, Inc.(c) | 6,609 | ||||||
13 | Tennant Co. | 822 | ||||||
57 | Terex Corp. | 1,915 | ||||||
42 | Tetra Tech, Inc. | 2,521 | ||||||
25 | Thermon Group Holdings, Inc.(c) | 622 | ||||||
53 | Timken Co. (The) | 2,300 | ||||||
39 | Titan International, Inc. | 244 | ||||||
14 | Titan Machinery, Inc.(c) | 269 | ||||||
81 | Toro Co. (The) | 5,555 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
12 | TPI Composites, Inc.(c) | $ | 363 | |||||
45 | Trex Co., Inc.(c) | 3,373 | ||||||
35 | TriMas Corp.(c) | 1,132 | ||||||
35 | TriNet Group, Inc.(c) | 2,145 | ||||||
101 | Trinity Industries, Inc. | 2,364 | ||||||
40 | Triton International Ltd. (Bermuda) | 1,316 | ||||||
38 | Triumph Group, Inc. | 880 | ||||||
31 | TrueBlue, Inc.(c) | 714 | ||||||
31 | Tutor Perini Corp.(c) | 583 | ||||||
11 | UniFirst Corp. | 1,582 | ||||||
104 | Univar, Inc.(c) | 2,351 | ||||||
47 | Universal Forest Products, Inc. | 1,456 | ||||||
7 | Universal Logistics Holdings, Inc. | 155 | ||||||
17 | US Ecology, Inc. | 975 | ||||||
70 | USG Corp. | 3,018 | ||||||
17 | Valmont Industries, Inc. | 2,322 | ||||||
9 | Veritiv Corp.(c) | 260 | ||||||
16 | Viad Corp. | 926 | ||||||
14 | Vicor Corp.(c) | 445 | ||||||
27 | Vivint Solar, Inc.(b)(c) | 141 | ||||||
7 | VSE Corp. | 247 | ||||||
43 | Wabash National Corp. | 638 | ||||||
30 | WageWorks, Inc.(c) | 987 | ||||||
25 | Watsco, Inc. | 3,597 | ||||||
21 | Watts Water Technologies, Inc., Class A | 1,691 | ||||||
102 | Welbilt, Inc.(c) | 1,629 | ||||||
35 | Werner Enterprises, Inc. | 1,209 | ||||||
42 | Wesco Aircraft Holdings, Inc.(c) | 357 | ||||||
36 | WESCO International, Inc.(c) | 1,960 | ||||||
31 | Willscot Corp.(c) | 316 | ||||||
43 | Woodward, Inc. | 4,143 | ||||||
26 | YRC Worldwide, Inc.(c) | 199 | ||||||
|
| |||||||
381,057 | ||||||||
|
| |||||||
Information Technology—16.1% | ||||||||
44 | 2U, Inc.(b)(c) | 3,243 | ||||||
88 | 3D Systems Corp.(c) | 1,243 | ||||||
73 | 8x8, Inc.(c) | 1,436 | ||||||
42 | A10 Networks, Inc.(c) | 293 | ||||||
19 | Acacia Communications, Inc.(c) | 1,014 | ||||||
89 | ACI Worldwide, Inc.(c) | 2,836 | ||||||
37 | ADTRAN, Inc. | 556 | ||||||
30 | Advanced Energy Industries, Inc.(c) | 1,511 | ||||||
24 | Alarm.com Holdings, Inc.(c) | 1,575 | ||||||
15 | Alpha & Omega Semiconductor Ltd.(c) | 161 | ||||||
25 | Ambarella, Inc.(c) | 1,009 | ||||||
83 | Amkor Technology, Inc.(c) | 729 | ||||||
24 | Anixter International, Inc.(c) | 1,408 | ||||||
14 | Applied Optoelectronics, Inc.(b)(c) | 189 | ||||||
57 | Arlo Technologies, Inc.(c) | 247 | ||||||
126 | ARRIS International PLC(c) | 3,992 | ||||||
54 | Aspen Technology, Inc.(c) | 5,438 | ||||||
84 | Avaya Holdings Corp.(c) | 1,301 | ||||||
85 | Avnet, Inc. | 3,697 | ||||||
39 | AVX Corp. | 710 | ||||||
25 | Axcelis Technologies, Inc.(c) | 525 | ||||||
22 | Badger Meter, Inc. | 1,294 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
31 | Belden, Inc. | $ | 1,915 | |||||
34 | Benchmark Electronics, Inc. | 932 | ||||||
12 | Benefitfocus, Inc.(c) | 589 | ||||||
109 | Black Knight, Inc.(c) | 5,695 | ||||||
37 | Blackbaud, Inc. | 2,858 | ||||||
25 | Blackline, Inc.(c) | 1,308 | ||||||
109 | Booz Allen Hamilton Holding Corp. | 5,762 | ||||||
33 | Bottomline Technologies (DE), Inc.(c) | 1,646 | ||||||
104 | Box, Inc., Class A(c) | 2,105 | ||||||
55 | Brooks Automation, Inc. | 1,766 | ||||||
22 | Cabot Microelectronics Corp. | 2,488 | ||||||
19 | CACI International, Inc., Class A(c) | 3,463 | ||||||
27 | CalAmp Corp.(c) | 375 | ||||||
25 | Carbonite, Inc.(c) | 582 | ||||||
35 | Cardtronics PLC, Class A(c) | 1,033 | ||||||
22 | Casa Systems, Inc.(c) | 224 | ||||||
11 | Cass Information Systems, Inc. | 575 | ||||||
21 | Ceridian HCM Holding, Inc.(b)(c) | 1,029 | ||||||
17 | CEVA, Inc.(c) | 473 | ||||||
19 | ChannelAdvisor Corp.(c) | 246 | ||||||
109 | Ciena Corp.(c) | 4,650 | ||||||
46 | Cirrus Logic, Inc.(c) | 1,846 | ||||||
27 | Cision Ltd.(c) | 352 | ||||||
4 | Cision Ltd.(c) | 52 | ||||||
162 | Cloudera, Inc.(c) | 2,360 | ||||||
19 | Coherent, Inc.(c) | 2,529 | ||||||
31 | Cohu, Inc. | 555 | ||||||
34 | CommVault Systems, Inc.(c) | 2,291 | ||||||
18 | Comtech Telecommunications Corp. | 477 | ||||||
138 | Conduent, Inc.(c) | 2,018 | ||||||
19 | Control4 Corp.(c) | 342 | ||||||
62 | CoreLogic, Inc.(c) | 2,274 | ||||||
36 | Cornerstone OnDemand, Inc.(c) | 2,034 | ||||||
36 | Coupa Software, Inc.(c) | 3,391 | ||||||
31 | Cray, Inc.(c) | 760 | ||||||
79 | Cree, Inc.(c) | 4,298 | ||||||
26 | CSG Systems International, Inc. | 1,080 | ||||||
24 | CTS Corp. | 771 | ||||||
264 | Cypress Semiconductor Corp. | 4,074 | ||||||
29 | Daktronics, Inc. | 235 | ||||||
50 | Diebold Nixdorf, Inc. | 459 | ||||||
31 | Diodes, Inc.(c) | 1,250 | ||||||
49 | Dolby Laboratories, Inc., Class A | 3,175 | ||||||
17 | Ebix, Inc.(b) | 991 | ||||||
37 | EchoStar Corp., Class A(c) | 1,427 | ||||||
34 | Electronics For Imaging, Inc.(c) | 919 | ||||||
27 | Ellie Mae, Inc.(c) | 2,686 | ||||||
50 | Endurance International Group Holdings, Inc.(c) | 350 | ||||||
108 | Entegris, Inc. | 3,816 | ||||||
35 | Envestnet, Inc.(c) | 2,135 | ||||||
39 | EPAM Systems, Inc.(c) | 6,309 | ||||||
11 | ePlus, Inc.(c) | 984 | ||||||
40 | Euronet Worldwide, Inc.(c) | 5,373 | ||||||
20 | Everbridge, Inc.(c) | 1,414 | ||||||
54 | Everi Holdings, Inc.(c) | 415 | ||||||
47 | EVERTEC, Inc. | 1,345 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
35 | Exela Technologies, Inc.(c) | $ | 139 | |||||
26 | ExlService Holdings, Inc.(c) | 1,596 | ||||||
91 | Extreme Networks, Inc.(c) | 748 | ||||||
28 | Fabrinet (Thailand)(c) | 1,638 | ||||||
22 | Fair Isaac Corp.(c) | 5,452 | ||||||
13 | FARO Technologies, Inc.(c) | 596 | ||||||
90 | Finisar Corp.(c) | 2,204 | ||||||
144 | FireEye, Inc.(c) | 2,413 | ||||||
60 | First Solar, Inc.(c) | 3,153 | ||||||
158 | Fitbit, Inc., Class A(c) | 935 | ||||||
43 | Five9, Inc.(c) | 2,281 | ||||||
18 | ForeScout Technologies, Inc.(c) | 748 | ||||||
57 | FormFactor, Inc.(c) | 903 | ||||||
25 | GTT Communications, Inc.(c) | 781 | ||||||
62 | Guidewire Software, Inc.(c) | 5,688 | ||||||
19 | Hackett Group, Inc. (The) | 309 | ||||||
67 | Harmonic, Inc.(c) | 370 | ||||||
29 | HubSpot, Inc.(c) | 4,883 | ||||||
15 | Ichor Holdings Ltd.(b)(c) | 315 | ||||||
46 | II-VI, Inc.(c) | 1,954 | ||||||
134 | Infinera Corp.(c) | 685 | ||||||
30 | Inphi Corp.(c) | 1,297 | ||||||
27 | Insight Enterprises, Inc.(c) | 1,507 | ||||||
23 | Instructure, Inc.(c) | 1,075 | ||||||
99 | Integrated Device Technology, Inc.(c) | 4,785 | ||||||
26 | InterDigital, Inc. | 1,813 | ||||||
27 | Itron, Inc.(c) | 1,431 | ||||||
38 | j2 Global, Inc. | 3,230 | ||||||
112 | Jabil, Inc. | 3,181 | ||||||
40 | KEMET Corp. | 758 | ||||||
20 | Kimball Electronics, Inc.(c) | 310 | ||||||
69 | Knowles Corp.(c) | 1,123 | ||||||
52 | Kulicke & Soffa Industries, Inc. (Singapore) | 1,213 | ||||||
94 | Lattice Semiconductor Corp.(c) | 1,109 | ||||||
87 | Limelight Networks, Inc.(c) | 254 | ||||||
19 | Littelfuse, Inc. | 3,669 | ||||||
46 | LivePerson, Inc.(c) | 1,286 | ||||||
49 | LiveRamp Holdings, Inc.(c) | 2,634 | ||||||
39 | LogMeIn, Inc. | 3,098 | ||||||
57 | Lumentum Holdings, Inc.(c) | 2,836 | ||||||
35 | MACOM Technology Solutions Holdings, Inc.(c) | 668 | ||||||
50 | Manhattan Associates, Inc.(c) | 2,738 | ||||||
20 | ManTech International Corp., Class A | 1,087 | ||||||
49 | MAXIMUS, Inc. | 3,463 | ||||||
50 | MaxLinear, Inc.(c) | 1,257 | ||||||
35 | Mellanox Technologies Ltd. (Israel)(c) | 3,760 | ||||||
3 | Mesa Laboratories, Inc. | 690 | ||||||
28 | Methode Electronics, Inc. | 786 | ||||||
7 | MicroStrategy, Inc., Class A(c) | 991 | ||||||
32 | Mimecast Ltd.(c) | 1,545 | ||||||
41 | MKS Instruments, Inc. | 3,398 | ||||||
45 | MobileIron, Inc.(c) | 228 | ||||||
18 | Model N, Inc.(c) | 311 | ||||||
23 | MoneyGram International, Inc.(c) | 56 | ||||||
31 | Monolithic Power Systems, Inc. | 4,157 | ||||||
29 | Monotype Imaging Holdings, Inc. | 568 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
14 | MTS Systems Corp. | $ | 746 | |||||
18 | Nanometrics, Inc.(c) | 512 | ||||||
97 | National Instruments Corp. | 4,534 | ||||||
91 | NCR Corp.(c) | 2,550 | ||||||
44 | Net 1 UEPS Technologies, Inc. (South Africa)(c) | 172 | ||||||
24 | NETGEAR, Inc.(c) | 860 | ||||||
60 | NetScout Systems, Inc.(c) | 1,642 | ||||||
33 | New Relic, Inc.(c) | 3,490 | ||||||
51 | NIC, Inc. | 872 | ||||||
17 | nLight, Inc.(c) | 364 | ||||||
25 | Novanta, Inc.(c) | 2,043 | ||||||
221 | Nuance Communications, Inc.(c) | 3,706 | ||||||
103 | Nutanix, Inc., Class A(c) | 5,159 | ||||||
4 | NVE Corp. | 411 | ||||||
25 | OneSpan, Inc.(c) | 533 | ||||||
13 | OSI Systems, Inc.(c) | 1,129 | ||||||
15 | Park Electrochemical Corp. | 261 | ||||||
38 | Paycom Software, Inc.(c) | 6,906 | ||||||
24 | Paylocity Holding Corp.(c) | 2,102 | ||||||
9 | PC Connection, Inc. | 362 | ||||||
21 | PDF Solutions, Inc.(c) | 250 | ||||||
30 | Pegasystems, Inc. | 1,971 | ||||||
25 | Perficient, Inc.(c) | 715 | ||||||
114 | Perspecta, Inc. | 2,405 | ||||||
52 | Photronics, Inc.(c) | 510 | ||||||
26 | Plantronics, Inc. | 1,306 | ||||||
24 | Plexus Corp.(c) | 1,482 | ||||||
22 | Power Integrations, Inc. | 1,607 | ||||||
25 | Presidio, Inc. | 416 | ||||||
31 | Progress Software Corp. | 1,140 | ||||||
42 | Proofpoint, Inc.(c) | 4,960 | ||||||
26 | PROS Holdings, Inc.(c) | 1,108 | ||||||
142 | Pure Storage, Inc., Class A(c) | 2,908 | ||||||
28 | Q2 Holdings, Inc.(c) | 1,927 | ||||||
8 | QAD, Inc., Class A | 362 | ||||||
26 | Qualys, Inc.(c) | 2,174 | ||||||
17 | Quantenna Communications, Inc.(c) | 309 | ||||||
83 | Rambus, Inc.(c) | 852 | ||||||
24 | Rapid7, Inc.(c) | 1,105 | ||||||
58 | RealPage, Inc.(c) | 3,550 | ||||||
41 | Ribbon Communications, Inc.(c) | 211 | ||||||
53 | RingCentral, Inc., Class A(c) | 5,580 | ||||||
14 | Rogers Corp.(c) | 2,174 | ||||||
24 | Rudolph Technologies, Inc.(c) | 542 | ||||||
61 | SailPoint Technologies Holding, Inc.(c) | 1,881 | ||||||
52 | Sanmina Corp.(c) | 1,661 | ||||||
20 | ScanSource, Inc.(c) | 751 | ||||||
41 | Science Applications International Corp. | 3,063 | ||||||
50 | Semtech Corp.(c) | 2,752 | ||||||
33 | Silicon Laboratories, Inc.(c) | 2,674 | ||||||
8 | SMART Global Holdings, Inc.(c) | 234 | ||||||
28 | SolarEdge Technologies, Inc.(c) | 1,183 | ||||||
14 | SPS Commerce, Inc.(c) | 1,495 | ||||||
49 | SunPower Corp.(b)(c) | 316 | ||||||
31 | Sykes Enterprises, Inc.(c) | 917 | ||||||
27 | Synaptics, Inc.(c) | 1,130 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
33 | SYNNEX Corp. | $ | 3,238 | |||||
28 | Tech Data Corp.(c) | 2,862 | ||||||
91 | Teradata Corp.(c) | 4,402 | ||||||
138 | Teradyne, Inc. | 5,635 | ||||||
95 | TiVo Corp. | 953 | ||||||
25 | Trade Desk, Inc. (The), Class A(c) | 4,939 | ||||||
97 | Travelport Worldwide Ltd.(c) | 1,525 | ||||||
12 | TTEC Holdings, Inc. | 411 | ||||||
72 | TTM Technologies, Inc.(c) | 873 | ||||||
7 | Tucows, Inc., Class A(c) | 543 | ||||||
72 | Twilio, Inc., Class A(c) | 8,762 | ||||||
28 | Tyler Technologies, Inc.(c) | 5,734 | ||||||
16 | Ubiquiti Networks, Inc. | 2,310 | ||||||
23 | Ultimate Software Group, Inc. (The)(c) | 7,625 | ||||||
30 | Ultra Clean Holdings, Inc.(c) | 320 | ||||||
39 | Unisys Corp.(c) | 527 | ||||||
33 | Universal Display Corp. | 4,925 | ||||||
12 | Upland Software, Inc.(c) | 421 | ||||||
23 | Varonis Systems, Inc.(c) | 1,310 | ||||||
37 | Veeco Instruments, Inc.(c) | 423 | ||||||
50 | Verint Systems, Inc.(c) | 2,663 | ||||||
84 | Versum Materials, Inc. | 4,116 | ||||||
43 | ViaSat, Inc.(b)(c) | 3,249 | ||||||
175 | Viavi Solutions, Inc.(c) | 2,298 | ||||||
22 | Virtusa Corp.(c) | 1,110 | ||||||
101 | Vishay Intertechnology, Inc. | 2,214 | ||||||
33 | WEX, Inc.(c) | 5,876 | ||||||
20 | Workiva, Inc.(c) | 989 | ||||||
37 | Xperi Corp. | 888 | ||||||
35 | Yext, Inc.(c) | 650 | ||||||
41 | Zebra Technologies Corp., Class A(c) | 8,221 | ||||||
82 | Zendesk, Inc.(c) | 6,480 | ||||||
37 | Zscaler, Inc.(c) | 1,838 | ||||||
|
| |||||||
433,316 | ||||||||
|
| |||||||
Materials—5.3% | ||||||||
23 | A. Schulman, Inc.(c)(e) | 12 | ||||||
23 | AdvanSix, Inc.(c) | 753 | ||||||
21 | AgroFresh Solutions, Inc.(b)(c) | 91 | ||||||
242 | AK Steel Holding Corp.(b)(c) | 731 | ||||||
143 | Alcoa Corp.(c) | 4,218 | ||||||
96 | Allegheny Technologies, Inc.(c) | 2,748 | ||||||
21 | American Vanguard Corp. | 394 | ||||||
28 | Amyris, Inc.(b)(c) | 133 | ||||||
48 | AptarGroup, Inc. | 4,883 | ||||||
48 | Ashland Global Holdings, Inc. | 3,714 | ||||||
25 | Balchem Corp. | 2,218 | ||||||
70 | Bemis Co., Inc. | 3,703 | ||||||
100 | Berry Global Group, Inc.(c) | 5,247 | ||||||
30 | Boise Cascade Co. | 837 | ||||||
46 | Cabot Corp. | 2,156 | ||||||
36 | Carpenter Technology Corp. | 1,690 | ||||||
40 | Century Aluminum Co.(c) | 345 | ||||||
6 | Chase Corp. | 579 | ||||||
13 | Clearwater Paper Corp.(c) | 372 | ||||||
217 | Cleveland-Cliffs, Inc. | 2,407 | ||||||
156 | Coeur Mining, Inc.(c) | 746 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
90 | Commercial Metals Co. | $ | 1,489 | |||||
26 | Compass Minerals International, Inc. | 1,362 | ||||||
48 | Domtar Corp. | 2,444 | ||||||
36 | Eagle Materials, Inc. | 2,752 | ||||||
177 | Element Solutions, Inc.(c) | 1,993 | ||||||
61 | Ferro Corp.(c) | 1,183 | ||||||
20 | FutureFuel Corp. | 369 | ||||||
53 | GCP Applied Technologies, Inc.(c) | 1,588 | ||||||
238 | Graphic Packaging Holding Co. | 2,899 | ||||||
20 | Greif, Inc., Class A | 804 | ||||||
3 | Greif, Inc., Class B | 136 | ||||||
39 | H.B. Fuller Co. | 1,969 | ||||||
7 | Hawkins, Inc. | 289 | ||||||
10 | Haynes International, Inc. | 352 | ||||||
368 | Hecla Mining Co. | 883 | ||||||
165 | Huntsman Corp. | 4,090 | ||||||
32 | Ingevity Corp.(c) | 3,687 | ||||||
15 | Innophos Holdings, Inc. | 498 | ||||||
19 | Innospec, Inc. | 1,555 | ||||||
75 | Intrepid Potash, Inc.(c) | 285 | ||||||
13 | Kaiser Aluminum Corp. | 1,423 | ||||||
16 | Koppers Holdings, Inc.(c) | 393 | ||||||
25 | Kraton Corp.(c) | 889 | ||||||
18 | Kronos Worldwide, Inc. | 275 | ||||||
108 | Louisiana-Pacific Corp. | 2,729 | ||||||
16 | Materion Corp. | 924 | ||||||
207 | McEwen Mining, Inc. | 375 | ||||||
33 | Mercer International, Inc. (Canada) | 473 | ||||||
27 | Minerals Technologies, Inc. | 1,598 | ||||||
22 | Myers Industries, Inc. | 420 | ||||||
13 | Neenah, Inc. | 879 | ||||||
7 | NewMarket Corp. | 3,073 | ||||||
128 | Olin Corp. | 3,310 | ||||||
34 | OMNOVA Solutions, Inc.(c) | 277 | ||||||
122 | Owens-Illinois, Inc. | 2,430 | ||||||
34 | P.H. Glatfelter Co. | 457 | ||||||
61 | PolyOne Corp. | 1,990 | ||||||
31 | PQ Group Holdings, Inc.(c) | 508 | ||||||
10 | Quaker Chemical Corp. | 2,090 | ||||||
39 | Rayonier Advanced Materials, Inc. | 550 | ||||||
54 | Reliance Steel & Aluminum Co. | 4,820 | ||||||
45 | Resolute Forest Products, Inc. | 367 | ||||||
50 | Royal Gold, Inc. | 4,421 | ||||||
102 | RPM International, Inc. | 5,903 | ||||||
13 | Ryerson Holding Corp.(c) | 110 | ||||||
20 | Schnitzer Steel Industries, Inc., Class A | 486 | ||||||
24 | Schweitzer-Mauduit International, Inc. | 925 | ||||||
32 | Scotts Miracle-Gro Co. (The) | 2,621 | ||||||
32 | Sensient Technologies Corp. | 2,070 | ||||||
59 | Silgan Holdings, Inc. | 1,670 | ||||||
77 | Sonoco Products Co. | 4,458 | ||||||
16 | Stepan Co. | 1,506 | ||||||
86 | Summit Materials, Inc., Class A(c) | 1,462 | ||||||
45 | SunCoke Energy, Inc.(c) | 446 | ||||||
29 | TimkenSteel Corp.(c) | 361 | ||||||
19 | Tredegar Corp. | 331 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
32 | Trinseo SA | $ | 1,606 | |||||
72 | Tronox Ltd., Class A | 852 | ||||||
2 | United States Lime & Minerals, Inc. | 144 | ||||||
136 | United States Steel Corp. | 3,048 | ||||||
12 | US Concrete, Inc.(c) | 481 | ||||||
144 | Valvoline, Inc. | 2,706 | ||||||
41 | Venator Materials PLC(c) | 241 | ||||||
27 | Verso Corp., Class A(c) | 531 | ||||||
46 | W.R. Grace & Co. | 3,573 | ||||||
28 | Warrior Met Coal, Inc. | 820 | ||||||
34 | Worthington Industries, Inc. | 1,337 | ||||||
|
| |||||||
140,963 | ||||||||
|
| |||||||
Real Estate—10.4% | ||||||||
63 | Acadia Realty Trust REIT | 1,795 | ||||||
26 | Agree Realty Corp. REIT | 1,709 | ||||||
52 | Alexander & Baldwin, Inc. REIT(c) | 1,192 | ||||||
2 | Alexander’s, Inc. REIT | 763 | ||||||
8 | Altisource Portfolio Solutions SA(c) | 201 | ||||||
25 | American Assets Trust, Inc. REIT | 1,086 | ||||||
105 | American Campus Communities, Inc. REIT | 4,731 | ||||||
61 | American Finance Trust, Inc. REIT | 659 | ||||||
204 | American Homes 4 Rent, Class A REIT | 4,455 | ||||||
74 | Americold Realty Trust REIT | 2,128 | ||||||
116 | Apartment Investment & Management Co., Class A REIT | 5,676 | ||||||
167 | Apple Hospitality REIT, Inc. REIT | 2,752 | ||||||
38 | Armada Hoffler Properties, Inc. REIT | 581 | ||||||
74 | Ashford Hospitality Trust, Inc. REIT | 397 | ||||||
22 | Braemar Hotels & Resorts, Inc. REIT | 286 | ||||||
137 | Brandywine Realty Trust REIT | 2,154 | ||||||
230 | Brixmor Property Group, Inc. REIT | 4,016 | ||||||
64 | CareTrust REIT, Inc. REIT | 1,430 | ||||||
38 | CatchMark Timber Trust, Inc., Class A REIT | 363 | ||||||
132 | CBL & Associates Properties, Inc. REIT(b) | 282 | ||||||
70 | Cedar Realty Trust, Inc. REIT | 244 | ||||||
36 | Chatham Lodging Trust REIT | 719 | ||||||
46 | Chesapeake Lodging Trust REIT | 1,386 | ||||||
357 | Colony Capital, Inc. REIT | 1,985 | ||||||
91 | Columbia Property Trust, Inc. REIT | 1,968 | ||||||
14 | Community Healthcare Trust, Inc. REIT | 500 | ||||||
91 | CoreCivic, Inc. REIT | 1,927 | ||||||
32 | CorePoint Lodging, Inc. REIT | 447 | ||||||
28 | CoreSite Realty Corp. REIT | 2,863 | ||||||
84 | Corporate Office Properties Trust REIT | 2,183 | ||||||
322 | Cousins Properties, Inc. REIT | 3,065 | ||||||
143 | CubeSmart REIT | 4,382 | ||||||
41 | Cushman & Wakefield PLC(c) | 752 | ||||||
81 | CyrusOne, Inc. REIT | 4,037 | ||||||
159 | DiamondRock Hospitality Co. REIT | 1,700 | ||||||
124 | Douglas Emmett, Inc. REIT | 4,786 | ||||||
47 | Easterly Government Properties, Inc. REIT | 845 | ||||||
28 | EastGroup Properties, Inc. REIT | 2,958 | ||||||
113 | Empire State Realty Trust, Inc., Class A REIT | 1,720 | ||||||
57 | EPR Properties REIT | 4,188 | ||||||
93 | Equity Commonwealth REIT | 3,036 | ||||||
65 | Equity LifeStyle Properties, Inc. REIT | 7,062 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
29 | Essential Properties Realty Trust, Inc. REIT | $ | 492 | |||||
18 | eXp World Holdings, Inc.(c) | 203 | ||||||
97 | First Industrial Realty Trust, Inc. REIT | 3,251 | ||||||
46 | Five Point Holdings LLC, Class A(c) | 360 | ||||||
8 | Forestar Group, Inc.(c) | 136 | ||||||
52 | Four Corners Property Trust, Inc. REIT | 1,424 | ||||||
82 | Franklin Street Properties Corp. REIT | 594 | ||||||
39 | Front Yard Residential Corp. REIT | 434 | ||||||
5 | FRP Holdings, Inc.(c) | 256 | ||||||
156 | Gaming and Leisure Properties, Inc. REIT | 5,675 | ||||||
93 | GEO Group, Inc. (The) REIT | 2,113 | ||||||
26 | Getty Realty Corp. REIT | 857 | ||||||
22 | Gladstone Commercial Corp. REIT | 454 | ||||||
58 | Global Net Lease, Inc. REIT | 1,035 | ||||||
41 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 1,009 | ||||||
96 | Healthcare Realty Trust, Inc. REIT | 3,038 | ||||||
159 | Healthcare Trust of America, Inc., Class A REIT | 4,530 | ||||||
29 | Hersha Hospitality Trust REIT | 547 | ||||||
29 | HFF, Inc., Class A | 1,311 | ||||||
79 | Highwoods Properties, Inc. REIT | 3,658 | ||||||
126 | Hospitality Properties Trust REIT | 3,411 | ||||||
31 | Howard Hughes Corp. (The)(c) | 3,453 | ||||||
120 | Hudson Pacific Properties, Inc. REIT | 3,986 | ||||||
68 | Independence Realty Trust, Inc. REIT | 704 | ||||||
50 | Industrial Logistics Properties Trust REIT | 1,043 | ||||||
34 | InfraREIT, Inc. REIT(c) | 726 | ||||||
9 | Investors Real Estate Trust REIT | 543 | ||||||
52 | iStar, Inc. REIT | 455 | ||||||
88 | JBG SMITH Properties REIT | 3,546 | ||||||
100 | Kennedy-Wilson Holdings, Inc. | 2,078 | ||||||
77 | Kilroy Realty Corp. REIT | 5,676 | ||||||
64 | Kite Realty Group Trust REIT | 1,007 | ||||||
65 | Lamar Advertising Co., Class A REIT | 5,042 | ||||||
163 | Lexington Realty Trust REIT | 1,514 | ||||||
36 | Life Storage, Inc. REIT | 3,514 | ||||||
30 | LTC Properties, Inc. REIT | 1,333 | ||||||
69 | Mack-Cali Realty Corp. REIT | 1,450 | ||||||
15 | Marcus & Millichap, Inc.(c) | 579 | ||||||
280 | Medical Properties Trust, Inc. REIT | 5,104 | ||||||
67 | MGM Growth Properties LLC, Class A REIT | 2,061 | ||||||
67 | Monmouth Real Estate Investment Corp. REIT | 888 | ||||||
32 | National Health Investors, Inc. REIT | 2,497 | ||||||
43 | National Storage Affiliates Trust REIT | 1,218 | ||||||
63 | New Senior Investment Group, Inc. REIT | 325 | ||||||
96 | Newmark Group, Inc., Class A | 889 | ||||||
14 | NexPoint Residential Trust, Inc. REIT | 503 | ||||||
34 | NorthStar Realty Europe Corp. REIT | 610 | ||||||
37 | Office Properties Income Trust REIT | 1,129 | ||||||
154 | Omega Healthcare Investors, Inc. REIT | 5,529 | ||||||
11 | One Liberty Properties, Inc. REIT | 317 | ||||||
107 | Outfront Media, Inc. REIT | 2,401 | ||||||
164 | Paramount Group, Inc. REIT | 2,355 | ||||||
154 | Park Hotels & Resorts, Inc. REIT | 4,811 | ||||||
100 | Pebblebrook Hotel Trust REIT | 3,201 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(Unaudited)
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
54 | Pennsylvania Real Estate Investment Trust REIT(b) | $ | 332 | |||||
140 | Physicians Realty Trust REIT | 2,530 | ||||||
98 | Piedmont Office Realty Trust, Inc., Class A REIT | 2,006 | ||||||
49 | PotlatchDeltic Corp. REIT | 1,764 | ||||||
31 | Preferred Apartment Communities, Inc., Class A REIT | 472 | ||||||
16 | PS Business Parks, Inc. REIT | 2,355 | ||||||
39 | QTS Realty Trust, Inc., Class A REIT | 1,627 | ||||||
99 | Rayonier, Inc. REIT | 2,918 | ||||||
14 | RE/MAX Holdings, Inc., Class A | 549 | ||||||
91 | Realogy Holdings Corp. | 1,238 | ||||||
38 | Redfin Corp.(b)(c) | 759 | ||||||
87 | Retail Opportunity Investments Corp. REIT | 1,494 | ||||||
165 | Retail Properties of America, Inc., Class A REIT | 2,056 | ||||||
12 | Retail Value, Inc. REIT | 374 | ||||||
71 | Rexford Industrial Realty, Inc. REIT | 2,434 | ||||||
134 | RLJ Lodging Trust REIT | 2,488 | ||||||
5 | RMR Group, Inc. (The), Class A | 358 | ||||||
61 | RPT Realty REIT | 773 | ||||||
35 | Ryman Hospitality Properties, Inc. REIT | 2,835 | ||||||
137 | Sabra Health Care REIT, Inc. REIT | 2,482 | ||||||
10 | Saul Centers, Inc. REIT | 567 | ||||||
182 | Senior Housing Properties Trust REIT | 2,357 | ||||||
26 | Seritage Growth Properties, Class A REIT | 1,148 | ||||||
120 | SITE Centers Corp. REIT | 1,602 | ||||||
33 | Spirit MTA REIT | 243 | ||||||
66 | Spirit Realty Capital, Inc. REIT | 2,550 | ||||||
28 | St. Joe Co. (The)(b)(c) | 435 | ||||||
84 | STAG Industrial, Inc. REIT | 2,325 | ||||||
147 | STORE Capital Corp. REIT | 4,773 | ||||||
80 | Summit Hotel Properties, Inc. REIT | 911 | ||||||
66 | Sun Communities, Inc. REIT | 7,496 | ||||||
175 | Sunstone Hotel Investors, Inc. REIT | 2,634 | ||||||
72 | Tanger Factory Outlet Centers, Inc. REIT | 1,554 | ||||||
47 | Taubman Centers, Inc. REIT | 2,509 | ||||||
17 | Tejon Ranch Co.(c) | 314 | ||||||
45 | Terreno Realty Corp. REIT | 1,841 | ||||||
41 | Tier REIT, Inc. REIT | 994 | ||||||
26 | UMH Properties, Inc. REIT | 356 | ||||||
130 | Uniti Group, Inc. REIT(b) | 1,253 | ||||||
10 | Universal Health Realty Income Trust REIT | 745 | ||||||
88 | Urban Edge Properties REIT | 1,709 | ||||||
23 | Urstadt Biddle Properties, Inc., Class A REIT | 481 | ||||||
310 | VICI Properties, Inc. REIT | 6,606 | ||||||
143 | Washington Prime Group, Inc. REIT(b) | 827 | ||||||
61 | Washington Real Estate Investment Trust REIT | 1,616 | ||||||
94 | Weingarten Realty Investors REIT | 2,708 | ||||||
27 | Whitestone REIT | 351 | ||||||
86 | Xenia Hotels & Resorts, Inc. REIT | 1,680 | ||||||
|
| |||||||
279,113 | ||||||||
|
| |||||||
Utilities—2.7% | ||||||||
39 | ALLETE, Inc. | 3,161 | ||||||
28 | American States Water Co. | 1,992 | ||||||
136 | Aqua America, Inc. | 4,888 | ||||||
9 | AquaVenture Holdings Ltd.(c) | 199 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Utilities (continued) | ||||||||
50 | Avista Corp. | $ | 2,020 | |||||
46 | Black Hills Corp. | 3,265 | ||||||
37 | California Water Service Group | 1,925 | ||||||
13 | Chesapeake Utilities Corp. | 1,170 | ||||||
27 | Clearway Energy, Inc., Class A | 399 | ||||||
56 | Clearway Energy, Inc., Class C | 839 | ||||||
9 | Connecticut Water Service, Inc. | 604 | ||||||
31 | El Paso Electric Co. | 1,668 | ||||||
84 | Hawaiian Electric Industries, Inc. | 3,216 | ||||||
39 | IDACORP, Inc. | 3,838 | ||||||
143 | MDU Resources Group, Inc. | 3,778 | ||||||
27 | MGE Energy, Inc. | 1,726 | ||||||
13 | Middlesex Water Co. | 765 | ||||||
59 | National Fuel Gas Co. | 3,551 | ||||||
68 | New Jersey Resources Corp. | 3,291 | ||||||
43 | NextEra Energy Partners LP | 1,857 | ||||||
22 | Northwest Natural Holding Co. | 1,413 | ||||||
39 | NorthWestern Corp. | 2,673 | ||||||
40 | ONE Gas, Inc. | 3,458 | ||||||
29 | Ormat Technologies, Inc. | 1,619 | ||||||
27 | Otter Tail Corp. | 1,358 | ||||||
64 | Pattern Energy Group, Inc., Class A | 1,335 | ||||||
61 | PNM Resources, Inc. | 2,664 | ||||||
68 | Portland General Electric Co. | 3,410 | ||||||
18 | SJW Group | 1,101 | ||||||
66 | South Jersey Industries, Inc. | 1,911 | ||||||
41 | Southwest Gas Holdings, Inc. | 3,360 | ||||||
39 | Spire, Inc. | 3,093 | ||||||
48 | TerraForm Power, Inc., Class A | 600 | ||||||
11 | Unitil Corp. | 604 | ||||||
10 | York Water Co. (The) | 364 | ||||||
|
| |||||||
73,115 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,514,900) | 2,681,303 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
2,234 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(f) (Cost $2,234) | 2,234 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,517,134)-100.0% | 2,683,537 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—2.6% | ||||||||
69,455 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(f)(g) (Cost $69,455) | 69,455 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,586,589)—102.6% | 2,752,992 | |||||||
Other assets less liabilities—(2.6)% | (70,330 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 2,682,662 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)(continued)
February 28, 2019
(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 February 28, 2019. |
(c) | Non-income producing security. |
(d) | Affiliated company. The Fund’s Adviser and Invesco Mortgage Capital, Inc. REIT are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. REIT is considered to be affiliated. See Note 4. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | 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 February 28, 2019. |
(g) | 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 PureBetaSM US Aggregate Bond ETF (PBND)
February 28, 2019
(Unaudited)
Portfolio Composition | ||||
Asset Group Breakdown as of February 28, 2019 | ||||
U.S. Treasury Securities | 39.8 | |||
Corporate Bonds and Notes | 27.3 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities | 23.8 | |||
Sovereign Debt Obligations | 3.0 | |||
Commercial Mortgage-Backed Securities | 1.9 | |||
U.S. Government Sponsored Agency Securities | 1.7 | |||
Asset-Backed Securities | 1.2 | |||
Municipal Bonds | 0.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.7 |
Schedule of Investments
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities—39.8% | ||||||||||||||||
U.S. Treasury Bonds—9.8% | ||||||||||||||||
$ | 100,000 | U.S. Treasury Bonds | 7.625 | % | 11/15/2022 | $ | 117,988 | |||||||||
100,000 | U.S. Treasury Bonds | 6.250 | 08/15/2023 | 115,602 | ||||||||||||
100,000 | U.S. Treasury Bonds | 6.625 | 02/15/2027 | 128,434 | ||||||||||||
100,000 | U.S. Treasury Bonds | 5.250 | 11/15/2028 | 121,461 | ||||||||||||
50,000 | U.S. Treasury Bonds | 4.500 | 02/15/2036 | 61,219 | ||||||||||||
200,000 | U.S. Treasury Bonds | 4.250 | 05/15/2039 | 239,762 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.500 | 08/15/2039 | 123,795 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.375 | 11/15/2039 | 121,799 | ||||||||||||
100,000 | U.S. Treasury Bonds | 4.750 | 02/15/2041 | 128,010 | ||||||||||||
100,000 | U.S. Treasury Bonds | 2.750 | 08/15/2042 | 94,770 | ||||||||||||
100,000 | U.S. Treasury Bonds | 2.875 | 05/15/2043 | 96,553 | ||||||||||||
50,000 | U.S. Treasury Bonds | 3.750 | 11/15/2043 | 55,853 | ||||||||||||
200,000 | U.S. Treasury Bonds | 3.625 | 02/15/2044 | 219,117 | ||||||||||||
200,000 | U.S. Treasury Bonds | 2.875 | 08/15/2045 | 192,516 | ||||||||||||
200,000 | U.S. Treasury Bonds | 2.250 | 08/15/2046 | 168,844 | ||||||||||||
200,000 | U.S. Treasury Bonds | 3.000 | 05/15/2047 | 196,898 | ||||||||||||
100,000 | U.S. Treasury Bonds | 2.750 | 08/15/2047 | 93,578 | ||||||||||||
50,000 | U.S. Treasury Bonds | 3.125 | 05/15/2048 | 50,349 | ||||||||||||
50,000 | U.S. Treasury Bonds | 3.000 | 02/15/2049 | 49,168 | ||||||||||||
|
| |||||||||||||||
2,375,716 | ||||||||||||||||
|
| |||||||||||||||
U.S. Treasury Notes—30.0% | ||||||||||||||||
100,000 | U.S. Treasury Notes | 1.250 | 02/29/2020 | 98,736 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.375 | 03/31/2020 | 197,512 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.375 | 04/30/2020 | 197,312 | ||||||||||||
200,000 | U.S. Treasury Notes | 3.500 | 05/15/2020 | 202,234 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.500 | 06/15/2020 | 197,355 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.625 | 08/15/2020 | 200,207 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.375 | 10/31/2020 | 196,195 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.625 | 11/15/2020 | 100,133 | ||||||||||||
250,000 | U.S. Treasury Notes | 1.625 | 11/30/2020 | 246,103 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.750 | 12/31/2020 | 98,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities (continued) | ||||||||||||||||
U.S. Treasury Notes (continued) | ||||||||||||||||
$ | 75,000 | U.S. Treasury Notes | 3.625 | % | 02/15/2021 | $ | 76,576 | |||||||||
200,000 | U.S. Treasury Notes | 1.250 | 03/31/2021 | 194,969 | ||||||||||||
200,000 | U.S. Treasury Notes | 3.125 | 05/15/2021 | 202,641 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.125 | 06/30/2021 | 193,875 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.125 | 08/15/2021 | 99,111 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.125 | 09/30/2021 | 193,242 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.000 | 11/15/2021 | 98,760 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.875 | 11/30/2021 | 196,766 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.750 | 11/30/2021 | 196,086 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 02/15/2022 | 197,277 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.875 | 03/31/2022 | 196,461 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.750 | 05/15/2022 | 195,434 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.125 | 06/30/2022 | 197,680 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.625 | 08/15/2022 | 97,111 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.000 | 11/30/2022 | 98,191 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.125 | 12/31/2022 | 98,609 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.000 | 02/15/2023 | 98,096 | ||||||||||||
200,000 | U.S. Treasury Notes | 1.500 | 02/28/2023 | 192,375 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.750 | 05/15/2023 | 96,961 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.500 | 08/15/2023 | 99,947 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.750 | 11/15/2023 | 202,070 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.250 | 01/31/2024 | 197,473 | ||||||||||||
50,000 | U.S. Treasury Notes | 2.750 | 02/15/2024 | 50,528 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.375 | 02/29/2024 | 99,381 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.500 | 05/15/2024 | 99,803 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 06/30/2024 | 194,570 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.375 | 08/15/2024 | 198,211 | ||||||||||||
150,000 | U.S. Treasury Notes | 2.250 | 11/15/2024 | 147,475 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 02/15/2025 | 193,586 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.125 | 05/15/2025 | 97,332 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.250 | 11/15/2025 | 195,578 | ||||||||||||
50,000 | U.S. Treasury Notes | 1.625 | 05/15/2026 | 46,732 | ||||||||||||
100,000 | U.S. Treasury Notes | 1.500 | 08/15/2026 | 92,344 | ||||||||||||
200,000 | U.S. Treasury Notes | 2.000 | 11/15/2026 | 191,086 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.375 | 05/15/2027 | 97,922 | ||||||||||||
150,000 | U.S. Treasury Notes | 2.250 | 08/15/2027 | 145,201 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.750 | 02/15/2028 | 100,447 | ||||||||||||
100,000 | U.S. Treasury Notes | 2.875 | 05/15/2028 | 101,418 | ||||||||||||
50,000 | U.S. Treasury Notes | 2.875 | 08/15/2028 | 50,686 | ||||||||||||
50,000 | U.S. Treasury Notes | 3.125 | 11/15/2028 | 51,747 | ||||||||||||
|
| |||||||||||||||
7,308,147 | ||||||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Securities (Cost $9,825,960) | 9,683,863 | |||||||||||||||
|
| |||||||||||||||
Corporate Bonds and Notes—27.3% | ||||||||||||||||
Aerospace/Defense—0.4% | ||||||||||||||||
100,000 | United Technologies Corp. | 4.500 | 06/01/2042 | 99,033 | ||||||||||||
|
| |||||||||||||||
Agriculture—0.4% | ||||||||||||||||
100,000 | Philip Morris International, Inc. | 4.125 | 03/04/2043 | 89,836 | ||||||||||||
|
| |||||||||||||||
Airlines—0.4% | ||||||||||||||||
100,000 | Delta Air Lines, Inc. | 2.875 | 03/13/2020 | 99,927 | ||||||||||||
|
| |||||||||||||||
Auto Manufacturers—0.8% | ||||||||||||||||
100,000 | General Motors Financial Co., Inc. | 3.200 | 07/06/2021 | 99,027 | ||||||||||||
100,000 | Toyota Motor Corp. (Japan) | 3.669 | 07/20/2028 | 104,118 | ||||||||||||
|
| |||||||||||||||
203,145 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds and Notes (continued) | ||||||||||||||||
Banks—5.9% | ||||||||||||||||
$ | 100,000 | Bank of America Corp., MTN | 3.875 | % | 08/01/2025 | $ | 101,960 | |||||||||
100,000 | Bank of New York Mellon Corp. (The), MTN | 2.200 | 08/16/2023 | 96,247 | ||||||||||||
200,000 | Barclays PLC (United Kingdom) | 3.250 | 01/12/2021 | 199,180 | ||||||||||||
100,000 | Citigroup, Inc. | 8.125 | 07/15/2039 | 145,332 | ||||||||||||
100,000 | Goldman Sachs Group, Inc. (The) | 2.875 | 02/25/2021 | 99,631 | ||||||||||||
200,000 | HSBC Holdings PLC (United Kingdom) | 3.900 | 05/25/2026 | 198,940 | ||||||||||||
100,000 | JPMorgan Chase & Co. | 3.964 | 11/15/2048 | 94,065 | ||||||||||||
100,000 | Kreditanstalt Fuer Wiederaufbau (Germany) | 1.625 | 05/29/2020 | 98,800 | ||||||||||||
100,000 | Morgan Stanley, Series F, GMTN | 3.875 | 04/29/2024 | 101,587 | ||||||||||||
100,000 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 2.934 | 03/09/2021 | 99,626 | ||||||||||||
100,000 | Toronto-Dominion Bank (The) (Canada) | 3.625 | 09/15/2031 | 96,686 | ||||||||||||
100,000 | Wells Fargo & Co. | 3.069 | 01/24/2023 | 99,398 | ||||||||||||
|
| |||||||||||||||
1,431,452 | ||||||||||||||||
|
| |||||||||||||||
Beverages—0.8% | ||||||||||||||||
100,000 | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium)(a) | 3.650 | 02/01/2026 | 98,950 | ||||||||||||
100,000 | PepsiCo, Inc. | 2.150 | 10/14/2020 | 99,340 | ||||||||||||
|
| |||||||||||||||
198,290 | ||||||||||||||||
|
| |||||||||||||||
Biotechnology—0.8% | ||||||||||||||||
100,000 | Amgen, Inc. | 4.663 | 06/15/2051 | 95,918 | ||||||||||||
100,000 | Gilead Sciences, Inc. | 2.550 | 09/01/2020 | 99,742 | ||||||||||||
|
| |||||||||||||||
195,660 | ||||||||||||||||
|
| |||||||||||||||
Chemicals—0.4% | ||||||||||||||||
100,000 | Dow Chemical Co. (The) | 4.375 | 11/15/2042 | 90,194 | ||||||||||||
|
| |||||||||||||||
Computers—0.5% | ||||||||||||||||
100,000 | International Business Machines Corp. | 6.500 | 01/15/2028 | 119,980 | ||||||||||||
|
| |||||||||||||||
Diversified Financial Services—0.8% | ||||||||||||||||
100,000 | Air Lease Corp. | 3.625 | 04/01/2027 | 91,414 | ||||||||||||
100,000 | American Express Credit Corp., MTN | 2.700 | 03/03/2022 | 99,498 | ||||||||||||
|
| |||||||||||||||
190,912 | ||||||||||||||||
|
| |||||||||||||||
Electric—2.0% | ||||||||||||||||
100,000 | Delmarva Power & Light Co.(b) | 3.500 | 11/15/2023 | 101,507 | ||||||||||||
100,000 | Duke Energy Corp. | 3.750 | 09/01/2046 | 89,744 | ||||||||||||
100,000 | Entergy Louisiana LLC(b) | 4.000 | 03/15/2033 | 101,726 | ||||||||||||
100,000 | Exelon Corp. | 2.850 | 06/15/2020 | 99,681 | ||||||||||||
100,000 | Georgia Power Co. | 4.300 | 03/15/2043 | 91,750 | ||||||||||||
|
| |||||||||||||||
484,408 | ||||||||||||||||
|
| |||||||||||||||
Environmental Control—0.4% | ||||||||||||||||
100,000 | Waste Management, Inc.(b) | 3.900 | 03/01/2035 | 97,400 | ||||||||||||
|
| |||||||||||||||
Food—0.4% | ||||||||||||||||
100,000 | Kraft Heinz Foods Co. | 5.200 | 07/15/2045 | 93,191 | ||||||||||||
|
| |||||||||||||||
Healthcare-Products—0.4% | ||||||||||||||||
100,000 | Abbott Laboratories | 4.900 | 11/30/2046 | 109,467 | ||||||||||||
|
| |||||||||||||||
Healthcare-Services—0.4% | ||||||||||||||||
100,000 | UnitedHealth Group, Inc. | 2.125 | 03/15/2021 | 98,616 | ||||||||||||
|
| |||||||||||||||
Insurance—1.3% | ||||||||||||||||
100,000 | Berkshire Hathaway Finance Corp. | 2.900 | 10/15/2020 | 100,409 | ||||||||||||
100,000 | Chubb INA Holdings, Inc. | 2.300 | 11/03/2020 | 99,084 | ||||||||||||
100,000 | MetLife, Inc. | 6.400 | 12/15/2036 | 106,125 | ||||||||||||
|
| |||||||||||||||
305,618 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds and Notes (continued) | ||||||||||||||||
Internet—0.4% | ||||||||||||||||
$ | 100,000 | Amazon.com, Inc.(b) | 2.500 | % | 11/29/2022 | $ | 99,052 | |||||||||
|
| |||||||||||||||
Iron/Steel—0.4% | ||||||||||||||||
100,000 | Vale Overseas Ltd. (Brazil) | 6.250 | 08/10/2026 | 106,600 | ||||||||||||
|
| |||||||||||||||
Machinery-Diversified—0.4% | ||||||||||||||||
100,000 | CNH Industrial Capital LLC | 4.375 | 04/05/2022 | 101,610 | ||||||||||||
|
| |||||||||||||||
Media—0.8% | ||||||||||||||||
100,000 | 21st Century Fox America, Inc. | 3.375 | 11/15/2026 | 99,438 | ||||||||||||
100,000 | Comcast Corp. | 2.750 | 03/01/2023 | 98,422 | ||||||||||||
|
| |||||||||||||||
197,860 | ||||||||||||||||
|
| |||||||||||||||
Miscellaneous Manufacturing—0.5% | ||||||||||||||||
100,000 | General Electric Co., Series A, GMTN | 6.750 | 03/15/2032 | 114,624 | ||||||||||||
|
| |||||||||||||||
Multi-National—0.8% | ||||||||||||||||
100,000 | European Investment Bank (Supranational) | 2.250 | 03/15/2022 | 99,097 | ||||||||||||
100,000 | International Bank For Reconstruction & Development, Series GDIF (Supranational) | 2.750 | 07/23/2021 | 100,389 | ||||||||||||
|
| |||||||||||||||
199,486 | ||||||||||||||||
|
| |||||||||||||||
Oil & Gas—1.7% | ||||||||||||||||
100,000 | BP Capital Markets PLC (United Kingdom) | 3.119 | 05/04/2026 | 97,677 | ||||||||||||
100,000 | ConocoPhillips Co. | 4.950 | 03/15/2026 | 109,642 | ||||||||||||
100,000 | Exxon Mobil Corp. | 2.726 | 03/01/2023 | 99,605 | ||||||||||||
100,000 | Valero Energy Corp. | 3.400 | 09/15/2026 | 95,886 | ||||||||||||
|
| |||||||||||||||
402,810 | ||||||||||||||||
|
| |||||||||||||||
Pharmaceuticals—1.2% | ||||||||||||||||
100,000 | AbbVie, Inc. | 3.600 | 05/14/2025 | 98,401 | ||||||||||||
100,000 | Bayer US Finance II LLC (Germany)(a) | 2.750 | 07/15/2021 | 97,954 | ||||||||||||
100,000 | CVS Health Corp.(b) | 2.875 | 06/01/2026 | 93,174 | ||||||||||||
|
| |||||||||||||||
289,529 | ||||||||||||||||
|
| |||||||||||||||
Pipelines—1.3% | ||||||||||||||||
100,000 | Energy Transfer Operating LP | 6.125 | 12/15/2045 | 104,381 | ||||||||||||
100,000 | Kinder Morgan Energy Partners LP(b) | 3.950 | 09/01/2022 | 101,824 | ||||||||||||
100,000 | TransCanada PipeLines Ltd. (Canada) | 4.625 | 03/01/2034 | 101,935 | ||||||||||||
|
| |||||||||||||||
308,140 | ||||||||||||||||
|
| |||||||||||||||
REITs—0.8% | ||||||||||||||||
100,000 | American Tower Corp. | 3.500 | 01/31/2023 | 100,031 | ||||||||||||
100,000 | Boston Properties LP | 3.800 | 02/01/2024 | 101,045 | ||||||||||||
|
| |||||||||||||||
201,076 | ||||||||||||||||
|
| |||||||||||||||
Retail—0.5% | ||||||||||||||||
100,000 | Home Depot, Inc. (The) | 5.875 | 12/16/2036 | 121,545 | ||||||||||||
|
| |||||||||||||||
Semiconductors—0.4% | ||||||||||||||||
100,000 | Intel Corp. | 2.700 | 12/15/2022 | 99,713 | ||||||||||||
|
| |||||||||||||||
Software—0.8% | ||||||||||||||||
100,000 | Microsoft Corp. | 3.700 | 08/08/2046 | 97,743 | ||||||||||||
100,000 | Oracle Corp. | 1.900 | 09/15/2021 | 97,732 | ||||||||||||
|
| |||||||||||||||
195,475 | ||||||||||||||||
|
| |||||||||||||||
Telecommunications—0.8% | ||||||||||||||||
100,000 | AT&T, Inc. | 3.400 | 05/15/2025 | 97,616 | ||||||||||||
100,000 | Verizon Communications, Inc. | 5.012 | 04/15/2049 | 104,831 | ||||||||||||
|
| |||||||||||||||
202,447 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds and Notes (continued) | ||||||||||||||||
Transportation—0.4% | ||||||||||||||||
$ | 100,000 | Burlington Northern Santa Fe LLC | 3.050 | % | 09/01/2022 | $ | 100,470 | |||||||||
|
| |||||||||||||||
Total Corporate Bonds and Notes (Cost $6,830,714) | 6,647,566 | |||||||||||||||
|
| |||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities—23.8% | ||||||||||||||||
Collateralized Mortgage Obligations—23.8% | ||||||||||||||||
113,381 | Federal Home Loan Mortgage Corp. (FHLMC) | 2.500 | 09/01/2028 | 111,949 | ||||||||||||
192,578 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.000 | 11/01/2028 | 193,202 | ||||||||||||
98,089 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 02/01/2043 | 99,033 | ||||||||||||
192,722 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 05/01/2045 | 193,802 | ||||||||||||
67,901 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 03/01/2046 | 68,407 | ||||||||||||
317,018 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.000 | 06/01/2046 | 310,677 | ||||||||||||
211,306 | Federal Home Loan Mortgage Corp. (FHLMC) | 4.000 | 08/01/2047 | 216,297 | ||||||||||||
228,001 | Federal Home Loan Mortgage Corp. (FHLMC) | 3.500 | 10/01/2047 | 228,526 | ||||||||||||
145,431 | Federal Home Loan Mortgage Corp. (FHLMC) | 4.000 | 09/01/2048 | 148,475 | ||||||||||||
77,991 | Federal National Mortgage Association (FNMA) | 3.500 | 12/01/2028 | 79,571 | ||||||||||||
131,334 | Federal National Mortgage Association (FNMA) | 2.500 | 02/01/2032 | 129,039 | ||||||||||||
175,722 | Federal National Mortgage Association (FNMA) | 3.000 | 09/01/2032 | 175,855 | ||||||||||||
86,409 | Federal National Mortgage Association (FNMA) | 3.500 | 01/01/2033 | 88,021 | ||||||||||||
184,857 | Federal National Mortgage Association (FNMA) | 3.500 | 10/01/2042 | 186,518 | ||||||||||||
200,734 | Federal National Mortgage Association (FNMA) | 3.500 | 08/01/2045 | 201,732 | ||||||||||||
163,591 | Federal National Mortgage Association (FNMA) | 3.000 | 09/01/2046 | 160,095 | ||||||||||||
168,623 | Federal National Mortgage Association (FNMA) | 3.000 | 12/01/2046 | 165,019 | ||||||||||||
126,652 | Federal National Mortgage Association (FNMA) | 3.000 | 12/01/2046 | 124,255 | ||||||||||||
218,378 | Federal National Mortgage Association (FNMA) | 3.500 | 08/01/2047 | 218,833 | ||||||||||||
258,157 | Federal National Mortgage Association (FNMA) | 4.000 | 09/01/2047 | 264,086 | ||||||||||||
342,649 | Federal National Mortgage Association (FNMA) | 4.000 | 10/01/2047 | 350,570 | ||||||||||||
89,120 | Federal National Mortgage Association (FNMA) | 4.000 | 12/01/2047 | 91,157 | ||||||||||||
92,675 | Federal National Mortgage Association (FNMA) | 3.500 | 01/01/2048 | 92,796 | ||||||||||||
83,674 | Federal National Mortgage Association (FNMA) | 5.000 | 05/01/2048 | 87,849 | ||||||||||||
91,841 | Government National Mortgage Association (GNMA) | 3.500 | 04/20/2033 | 93,374 | ||||||||||||
70,317 | Government National Mortgage Association (GNMA) | 3.500 | 04/20/2042 | 71,370 | ||||||||||||
85,949 | Government National Mortgage Association (GNMA) | 4.000 | 11/15/2046 | 88,598 | ||||||||||||
450,531 | Government National Mortgage Association (GNMA) | 3.000 | 11/20/2046 | 445,174 | ||||||||||||
176,800 | Government National Mortgage Association (GNMA) | 4.000 | 05/20/2047 | 181,712 | ||||||||||||
353,824 | Government National Mortgage Association (GNMA) | 3.500 | 08/20/2047 | 357,364 | ||||||||||||
312,782 | Government National Mortgage Association (GNMA) | 3.500 | 09/20/2047 | 315,901 | ||||||||||||
85,334 | Government National Mortgage Association (GNMA) | 5.000 | 05/20/2048 | 89,034 | ||||||||||||
149,757 | Government National Mortgage Association (GNMA) | 4.500 | 01/20/2049 | 155,236 | ||||||||||||
|
| |||||||||||||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $5,895,620) | 5,783,527 | |||||||||||||||
|
| |||||||||||||||
Sovereign Debt Obligations—3.0% | ||||||||||||||||
Canada—0.4% | ||||||||||||||||
100,000 | Province of Alberta Canada | 2.200 | 07/26/2022 | 97,870 | ||||||||||||
|
| |||||||||||||||
Hungary—0.9% | ||||||||||||||||
200,000 | Hungary Government International Bond | 5.375 | 02/21/2023 | 214,458 | ||||||||||||
|
| |||||||||||||||
Indonesia—0.5% | ||||||||||||||||
100,000 | Indonesia Government International Bond(a) | 8.500 | 10/12/2035 | 139,837 | ||||||||||||
|
| |||||||||||||||
Japan—0.8% | ||||||||||||||||
200,000 | Japan Bank For International Cooperation | 2.875 | 06/01/2027 | 195,710 | ||||||||||||
|
| |||||||||||||||
Mexico—0.4% | ||||||||||||||||
100,000 | Mexico Government International Bond, GMTN | 4.750 | 03/08/2044 | 95,051 | ||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $770,210) | 742,926 | |||||||||||||||
|
| |||||||||||||||
Commercial Mortgage-Backed Securities—1.9% | ||||||||||||||||
100,000 | COMM Mortgage Trust, Class A5, Series 2015-CR22 | 3.309 | 03/10/2048 | 100,193 | ||||||||||||
200,000 | Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS2 | 3.498 | 07/15/2058 | 202,453 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND)(continued)
February 28, 2019
(Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Commercial Mortgage-Backed Securities (continued) | ||||||||||||||||
$ | 100,000 | Wells Fargo Commercial Mortgage Trust, Class B, Series 2015-LC20 | 3.719 | % | 04/15/2050 | $ | 100,048 | |||||||||
50,000 | WFRBS Commercial Mortgage Trust, Class C, Series 2012-C9 | 4.543 | 11/15/2045 | 50,387 | ||||||||||||
|
| |||||||||||||||
Total Commercial Mortgage-Backed Securities (Cost $460,712) | 453,081 | |||||||||||||||
|
| |||||||||||||||
U.S. Government Sponsored Agency Securities—1.7% | ||||||||||||||||
100,000 | Federal Home Loan Banks (FHLB) | 2.625 | 05/28/2020 | 100,094 | ||||||||||||
100,000 | Federal Home Loan Mortgage Corp. (FHLMC) | 2.375 | 01/13/2022 | 99,573 | ||||||||||||
100,000 | Federal National Mortgage Association (FNMA) | 2.625 | 09/06/2024 | 99,997 | ||||||||||||
100,000 | Resolution Funding Corp., Series A | 8.625 | 01/15/2021 | 110,893 | ||||||||||||
|
| |||||||||||||||
Total U.S. Government Sponsored Agency Securities (Cost $412,445) | 410,557 | |||||||||||||||
|
| |||||||||||||||
Asset-Backed Securities—1.2% | ||||||||||||||||
200,000 | Capital One Multi-Asset Execution Trust, Class A4, Series 2016-A4 | 1.330 | 06/15/2022 | 198,847 | ||||||||||||
100,000 | Ford Credit Auto Owner Trust 2018-Rev1, Class A, Series 2018-1(a) | 3.190 | 07/15/2031 | 98,588 | ||||||||||||
|
| |||||||||||||||
Total Asset-Backed Securities (Cost $297,248) | 297,435 | |||||||||||||||
|
| |||||||||||||||
Municipal Bonds—0.6% | ||||||||||||||||
Ad Valorem Property Tax—0.6% | ||||||||||||||||
100,000 | California State Various Purpose Series 09 | 7.550 | 04/01/2039 | |||||||||||||
(Cost $151,775) | 147,230 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.2% | ||||||||||||||||
52,811 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30%(c) (Cost $52,811) | 52,811 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (excluding investment purchased with cash collateral from securities on loan) (Cost 24,697,495)—99.5% | 24,218,996 | |||||||||||||||
|
| |||||||||||||||
Investment Purchased with Cash Collateral from Securities on Loan | ||||||||||||||||
Money Market Fund—0.7% | ||||||||||||||||
175,080 | Invesco Government & Agency Portfolio—Institutional Class, 2.30%(c)(d) (Cost $175,080) | 175,080 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $24,872,575)—100.2% | 24,394,076 | |||||||||||||||
Other assets less liabilities—(0.2)% | (57,799 | ) | ||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 24,336,277 | ||||||||||||||
|
|
Investment Abbreviations:
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 February 28, 2019 was $435,329, which represented 1.79% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at February 28, 2019. |
(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 February 28, 2019. |
(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.
| 33 |
|
Statements of Assets and Liabilities
February 28, 2019
(Unaudited)
Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,779,222 | $ | 2,679,775 | $ | 24,166,185 | ||||||
Affiliated investments in securities, at value | 14,216 | 73,217 | 227,891 | |||||||||
Receivables: | ||||||||||||
Investments sold | 19,806 | 48,558 | 711,276 | |||||||||
Dividends and interest | 5,548 | 2,282 | 146,379 | |||||||||
Securities lending | 1 | 70 | 31 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,818,793 | 2,803,902 | 25,251,762 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Due to custodian | — | 3 | — | |||||||||
Payables: | ||||||||||||
Investments purchased | 26,703 | 51,662 | 739,485 | |||||||||
Collateral upon return of securities loaned | 10,216 | 69,455 | 175,080 | |||||||||
Accrued unitary management fees | 84 | 120 | 920 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 37,003 | 121,240 | 915,485 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,781,790 | $ | 2,682,662 | $ | 24,336,277 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Shares of beneficial interest | $ | 2,500,025 | $ | 2,500,025 | $ | 24,991,283 | ||||||
Distributable earnings | 281,765 | 182,637 | (655,006 | ) | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,781,790 | $ | 2,682,662 | $ | 24,336,277 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 100,001 | 100,001 | 1,000,001 | |||||||||
Net asset value | $ | 27.82 | $ | 26.83 | $ | 24.34 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 27.83 | $ | 26.89 | $ | 24.34 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 2,504,788 | $ | 2,513,275 | $ | 24,644,684 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 14,854 | $ | 73,314 | $ | 227,891 | ||||||
|
|
|
|
|
| |||||||
(a) Includes securities on loan with an aggregate value of: | $ | 9,874 | $ | 66,757 | $ | 168,485 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
For the six months ended February 28, 2019
(Unaudited)
Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||||
Investment Income: | ||||||||||||
Unaffiliated dividend income | $ | 27,785 | $ | 22,110 | $ | — | ||||||
Affiliated dividend income | 48 | 101 | 955 | |||||||||
Unaffiliated interest income | — | — | 337,250 | |||||||||
Securities lending income | 335 | 159 | 48 | |||||||||
Foreign withholding tax | (1 | ) | (13 | ) | (40 | ) | ||||||
|
|
|
|
|
| |||||||
Total Income | 28,167 | 22,357 | 338,213 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Unitary management fees | 539 | 789 | 5,964 | |||||||||
|
|
|
|
|
| |||||||
Less: Waivers | (2 | ) | (3 | ) | (81 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 537 | 786 | 5,883 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 27,630 | 21,571 | 332,330 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) from investment securities | 540 | 15,688 | (109,695 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on investment securities | (119,993 | ) | (259,783 | ) | 225,180 | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (119,453 | ) | (244,095 | ) | 115,485 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | (91,823 | ) | $ | (222,524 | ) | $ | 447,815 | ||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Statements of Changes in Net Assets
For the six months ended February 28, 2019, period November 1, 2017 through August 31, 2018 and the period ended October 31, 2017
(Unaudited)
Invesco PureBetaSM MSCI USA ETF (PBUS) | Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) | |||||||||||||||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(a) | Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(a) | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 27,630 | $ | 43,243 | $ | 3,638 | $ | 21,571 | $ | 31,917 | $ | 3,423 | ||||||||||||
Net realized gain (loss) | 540 | 4,577 | (620 | ) | 15,688 | 76,656 | (99 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (119,993 | ) | 327,069 | 66,720 | (259,783 | ) | 323,037 | 103,149 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (91,823 | ) | 374,889 | 69,738 | (222,524 | ) | 431,610 | 106,473 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (35,388 | ) | (35,651 | ) | — | (106,111 | ) | (26,811 | ) | — | ||||||||||||||
Return of capital | — | — | — | – | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (35,388 | ) | (35,651 | ) | — | (106,111 | ) | (26,811 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
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 | (127,211 | ) | 339,238 | 2,569,763 | (328,635 | ) | 404,799 | 2,606,498 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 2,909,001 | 2,569,763 | — | 3,011,297 | 2,606,498 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,781,790 | $ | 2,909,001 | $ | 2,569,763 | $ | 2,682,662 | $ | 3,011,297 | $ | 2,606,498 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | — | — | 100,001 | – | — | 100,001 | ||||||||||||||||||
Shares outstanding, beginning of period | 100,001 | 100,001 | — | 100,001 | 100,001 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 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.
| 36 |
|
Invesco PureBetaSM US Aggregate Bond ETF (PBND) | ||||||||||
Six Months Ended February 28, 2019 | Ten Months Ended August 31, 2018 | Period Ended October 31, 2017(b) | ||||||||
$ | 332,330 | $ | 519,464 | $ | 55,067 | |||||
(109,695 | ) | (35,744 | ) | — | ||||||
| 225,180 |
| (665,580 | ) | (38,099 | ) | ||||
|
|
|
|
|
| |||||
| 447,815 |
| (181,860 | ) | 16,968 | |||||
|
|
|
|
|
| |||||
(344,730 | ) | (540,479 | ) | (52,720 | ) | |||||
— | (8,742 | ) | — | |||||||
|
|
|
|
|
| |||||
(344,730 | ) | (549,221 | ) | (52,720 | ) | |||||
|
|
|
|
|
| |||||
— | — | 25,000,025 | ||||||||
|
|
|
|
|
| |||||
| — |
| — | 25,000,025 | ||||||
|
|
|
|
|
| |||||
103,085 | (731,081 | ) | 24,964,273 | |||||||
|
|
|
|
|
| |||||
24,233,192 | 24,964,273 | — | ||||||||
|
|
|
|
|
| |||||
$ | 24,336,277 | $ | 24,233,192 | $ | 24,964,273 | |||||
|
|
|
|
|
| |||||
— | — | 1,000,001 | ||||||||
1,000,001 | 1,000,001 | — | ||||||||
|
|
|
|
|
| |||||
1,000,001 | 1,000,001 | 1,000,001 | ||||||||
|
|
|
|
|
|
| 37 |
|
Invesco PureBetaSM MSCI USA ETF (PBUS)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period September 19, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 29.09 | $ | 25.70 | $ | 25.00 | ||||||
Net investment income(b) | 0.28 | 0.43 | 0.04 | |||||||||
Net realized and unrealized gain (loss) on investments | (1.19 | ) | 3.32 | 0.66 | ||||||||
Total from investment operations | (0.91 | ) | 3.75 | 0.70 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.29 | ) | (0.36 | ) | — | |||||||
Net realized gains | (0.07 | ) | — | — | ||||||||
Total distributions to shareholders | (0.36 | ) | (0.36 | ) | — | |||||||
Net asset value at end of period | $ | 27.82 | $ | 29.09 | $ | 25.70 | ||||||
Market price at end of period(c) | $ | 27.83 | $ | 29.09 | $ | 25.70 | ||||||
Net Asset Value Total Return(d) | (3.04 | )% | 14.68 | % | 2.80 | %(e) | ||||||
Market Price Total Return(d) | (3.00 | )% | 14.68 | % | 2.80 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,782 | $ | 2,909 | $ | 2,570 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.04 | %(f) | 0.04 | %(f) | 0.04 | %(f) | ||||||
Net investment income | 2.05 | %(f) | 1.91 | %(f) | 1.31 | %(f) | ||||||
Portfolio turnover rate(g) | 3 | % | 4 | % | 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.
| 38 |
|
Financial Highlights(continued)
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period September 19, 2017(a) Through October 31, 2017 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 30.11 | $ | 26.06 | $ | 25.00 | ||||||
Net investment income(b) | 0.22 | 0.32 | 0.04 | |||||||||
Net realized and unrealized gain (loss) on investments | (2.44 | ) | 4.00 | 1.02 | ||||||||
Total from investment operations | (2.22 | ) | 4.32 | 1.06 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.24 | ) | (0.27 | ) | — | |||||||
Net realized gains | (0.82 | ) | — | — | ||||||||
Total distributions to shareholders | (1.06 | ) | (0.27 | ) | — | |||||||
Net asset value at end of period | $ | 26.83 | $ | 30.11 | $ | 26.06 | ||||||
Market price at end of period(c) | $ | 26.89 | $ | 30.11 | $ | 26.08 | ||||||
Net Asset Value Total Return(d) | (6.75 | )% | 16.66 | % | 4.24 | %(e) | ||||||
Market Price Total Return(d) | (6.53 | )% | 16.57 | % | 4.32 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,683 | $ | 3,011 | $ | 2,606 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.06 | %(f) | 0.06 | %(f) | 0.06 | %(f) | ||||||
Net investment income | 1.64 | %(f) | 1.39 | %(f) | 1.21 | %(f) | ||||||
Portfolio turnover rate(g) | 9 | % | 15 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Financial Highlights(continued)
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Six Months Ended February 28, 2019 (Unaudited) | Ten Months Ended August 31, 2018 | For the Period September 27, 2017(a) Through October 31, 2017 | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 24.23 | $ | 24.96 | $ | 25.00 | ||||||||||
Net investment income(b) | 0.33 | 0.52 | 0.06 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.12 | (0.70 | ) | (0.05 | ) | |||||||||||
Total from investment operations | 0.45 | (0.18 | ) | 0.01 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.34 | ) | (0.54 | ) | (0.05 | ) | ||||||||||
Return of capital | — | (0.01 | ) | — | ||||||||||||
Total distributions to shareholders | (0.34 | ) | (0.55 | ) | (0.05 | ) | ||||||||||
Net asset value at end of period | $ | 24.34 | $ | 24.23 | $ | 24.96 | ||||||||||
Market price at end of period(c) | $ | 24.34 | $ | 24.25 | $ | 24.96 | ||||||||||
Net Asset Value Total Return(d) | 1.90 | % | (0.72 | )% | 0.05 | %(e) | ||||||||||
Market Price Total Return(d) | 1.82 | % | (0.64 | )% | 0.05 | %(e) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 24,336 | $ | 24,233 | $ | 24,964 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses, after Waivers | 0.05 | %(f) | 0.05 | %(f) | 0.04 | %(f) | ||||||||||
Expenses, prior to Waivers | 0.05 | %(f) | 0.05 | %(f) | 0.05 | %(f) | ||||||||||
Net investment income, after Waivers | 2.79 | %(f) | 2.55 | %(f) | 2.44 | %(f) | ||||||||||
Portfolio turnover rate(g) | 16 | % | 20 | % | 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.
| 40 |
|
Invesco Exchange-Traded Fund Trust II
February 28, 2019
(Unaudited)
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 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” |
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 a 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 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 theover-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 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 asinstitution-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
| 41 |
|
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”) determines are significant and make the closing price unreliable, a 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 Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and possibly face trading halts and/or delisting.
Equity Risk.Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the
| 42 |
|
common stocks that a Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Changing U.S. Fixed-Income Market Conditions.The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds 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 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 PureBetaSM US Aggregate Bond ETF’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.
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. 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.
Industry 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Non-Diversified Fund Risk.Each Fund isnon-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.
Small- andMid-Capitalization Company Risk.For each Fund (except PureBetaSM US Aggregate Bond ETF), investing in securities of small- andmid-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- andmid-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.
Sampling Risk.For PureBetaSMUS Aggregate Bond ETF, the 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 their Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Liquidity Risk.For PureBetaSM US Aggregate Bond ETF, liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
| 43 |
|
U.S. Government Obligations Risk. 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 forin-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 andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-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.
| 44 |
|
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 onex-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 onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-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 fiscalyear-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 theperiod-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 fiscalperiod-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 thesix-month period ended February 28, 2019, each Fund participated in securities lending. Each Fund loaned portfolio securities having a market value up toone-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
| 45 |
|
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.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the year ended October 31, 2017 and period November 1, 2017 through August 31, 2018, distributions from distributable earnings for each Fund consisted of distributions from net investment income.
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 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 thesix-month period ended February 28, 2019, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM MSCI USA ETF | $ | 2 | ||
PureBetaSM MSCI USA Small Cap ETF | 3 | |||
PureBetaSM US Aggregate Bond ETF | 81 |
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 MSCI USA ETF | MSCI Inc. | |
PureBetaSM MSCI USA Small Cap ETF | MSCI Inc. | |
PureBetaSM US Aggregate Bond ETF | ICE Data Indices, LLC |
| 46 |
|
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’ssub-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 thesix-month period ended February 28, 2019.
PureBetaSM MSCI USA ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Ltd. | $ | 1,085 | $ | 39 | $ | — | $ | (215 | ) | $ | — | $ | 909 | $ | 27 |
PureBetaSM MSCI USA Small Cap ETF
Value August 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value February 28, 2019 | Dividend Income | ||||||||||||||||||||||
Invesco Mortgage Capital, Inc. REIT | $ | 1,380 | $ | 255 | $ | (80 | ) | $ | (21 | ) | $ | (6 | ) | $ | 1,528 | $ | 71 |
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 February 28, 2019, 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
| 47 |
|
or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PureBetaSM MSCI USA Small Cap ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,681,291 | $ | — | $ | 12 | $ | 2,681,303 | ||||||||
Money Market Funds | 71,689 | — | — | 71,689 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,752,980 | $ | — | $ | 12 | $ | 2,752,992 | ||||||||
|
|
|
|
|
|
|
| |||||||||
PureBetaSM US Aggregate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 9,683,863 | $ | — | $ | 9,683,863 | ||||||||
Corporate Bonds and Notes | — | 6,647,566 | — | 6,647,566 | ||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 5,783,527 | — | 5,783,527 | ||||||||||||
Sovereign Debt Obligations | — | 742,926 | — | 742,926 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 453,081 | — | 453,081 | ||||||||||||
U.S. Government Sponsored Agency Securities | — | 410,557 | — | 410,557 | ||||||||||||
Asset Backed Securities | — | 297,435 | — | 297,435 | ||||||||||||
Municipal Bonds | — | 147,230 | — | 147,230 | ||||||||||||
Money Market Funds | 227,891 | — | — | 227,891 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 227,891 | $ | 24,166,185 | $ | — | $ | 24,394,076 | ||||||||
|
|
|
|
|
|
|
|
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’ fiscalyear-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 following table presents available capital loss carryforwards for each Fund as of August 31, 2018:
Post-effective/ no expiration | Total* | |||||||||||
Short-term | Long-Term | |||||||||||
PureBetaSM MSCI USA ETF | $ | — | $ | — | $ | — | ||||||
PureBetaSM MSCI USA Small Cap ETF | — | — | — | |||||||||
PureBetaSM US Aggregate Bond ETF | 54,412 | — | 54,412 |
* | 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 thesix-month period ended February 28, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
PureBetaSM MSCI USA ETF | $ | 80,048 | $ | 83,361 | ||||
PureBetaSM MSCI USA Small Cap ETF | 234,420 | 318,661 | ||||||
PureBetaSM US Aggregate Bond ETF | 2,068,067 | 2,240,174 |
For thesix-month period ended February 28, 2019, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds andin-kind transactions), for PureBetaSMUS Aggregate Bond ETF amounted to $1,721,761 and $1,596,322.
| 48 |
|
At February 28, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
PureBetaSM MSCI USA ETF | $ | 400,463 | $ | (126,901 | ) | $ | 273,562 | $ | 2,519,876 | |||||||
PureBetaSM MSCI USA Small Cap ETF | 396,619 | (231,443 | ) | 165,176 | 2,587,816 | |||||||||||
PureBetaSM US Aggregate Bond ETF | 56,446 | (534,945 | ) | (478,499 | ) | 24,872,575 |
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”) 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 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 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 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 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.
| 49 |
|
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 thesix-month period ended February 28, 2019.
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 theSix-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 September 1, 2018 | Ending Account Value February 28, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco PureBetaSM MSCI USA ETF (PBUS) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 969.60 | 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 | 932.50 | 0.06 | 0.29 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.50 | 0.06 | 0.30 | ||||||||||||
Invesco PureBetaSM MSCI US Aggregate Bond ETF (PBND) | ||||||||||||||||
Actual | 1,000.00 | 1,019.00 | 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 thesix-month period ended February 28, 2019. 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. |
| 50 |
|
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 atwww.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 atwww.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 (or any successor Form). The Form N-Qs (or any successor Form) will be available on the Commission’s website atwww.sec.gov.
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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PBETA-SAR-2 | invesco.com/ETFs |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services.
PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee of the Board (the “Audit Committee”) that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-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 Registrant 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 a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Registrant 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 it has 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.
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. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to the issuance of theno-action letter.
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 Registrant 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 Registrant’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 theno-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 Registrant intends to rely upon theno-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’sno-action letter, the Registrant may need to take other action in order for the Registrant’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 Registrant to issue new shares or have other material adverse effects on the Registrant. The SECno-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.
PwC advised the Registrant’s Audit Committee that PwC had identified additional two matters for consideration under the SEC’s auditor independence rules. PwC stated that a PwC Manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements ofRule 2-01(c)(1) of RegulationS-X.
PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant and the investments were not material to the net worth of either individual or their immediate family members.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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 FormN-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities byClosed-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 Board 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 Rule30a-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 Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-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) | Not applicable. |
(b) | Certifications of the Registrant’s President and Treasurer pursuant to Rule30a-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: 5/6/2019
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: 5/6/2019
By: /s/ Kelli Gallegos
Name: Kelli Gallegos
Title: Treasurer
Date: 5/6/2019