UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21977
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Anna Paglia
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-983-0903
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 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.
(a) | The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: |
(b) | Not applicable |
Invesco Semi-Annual Report to Shareholders
April 30, 2021
PBTP Invesco PureBetaSM 0-5 Yr US TIPS ETF
PBDM Invesco PureBetaSM FTSE Developed ex-North America ETF
PBEE Invesco PureBetaSM FTSE Emerging Markets ETF |
Table of Contents
2 | ||||
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Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
3 | ||||
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Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||
U.S. Treasury Securities-99.89% |
| |||||||
U.S. Treasury Inflation — Indexed Notes-99.89%(a) |
| |||||||
0.63%, 07/15/2021 | $ | 1,001,252 | $ | 1,013,866 | ||||
0.13%, 01/15/2022 | 1,148,115 | 1,171,251 | ||||||
0.13%, 04/15/2022 | 1,150,164 | 1,179,729 | ||||||
0.13%, 07/15/2022 | 1,123,133 | 1,166,182 | ||||||
0.13%, 01/15/2023 | 1,118,390 | 1,171,868 | ||||||
0.63%, 04/15/2023 | 1,192,287 | 1,268,219 | ||||||
0.38%, 07/15/2023 | 1,109,837 | 1,188,888 | ||||||
0.63%, 01/15/2024 | 1,105,803 | 1,201,505 | ||||||
0.50%, 04/15/2024 | 804,030 | 874,610 | ||||||
0.13%, 07/15/2024 | 1,087,742 | 1,182,325 | ||||||
0.13%, 10/15/2024 | 864,193 | 940,813 | ||||||
0.25% - 2.38%, 01/15/2025 | 2,025,326 | 2,292,543 | ||||||
0.13%, 04/15/2025 | 866,531 | 944,579 | ||||||
0.38%, 07/15/2025 | 1,089,126 | 1,208,135 | ||||||
0.13%, 10/15/2025 | 832,215 | 914,015 | ||||||
0.63% - 2.00%, 01/15/2026 | 1,759,372 | 2,017,691 | ||||||
0.13%, 04/15/2026 | 515,496 | 565,119 | ||||||
|
| |||||||
Total U.S. Treasury Securities | 20,301,338 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.11% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) | 21,395 | $ | 21,395 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.00% | 20,322,733 | |||||||
OTHER ASSETS LESS LIABILITIES-(0.00)% |
| (64 | ) | |||||
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NET ASSETS-100.00% | $ | 20,322,669 | ||||||
|
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Notes to Schedule of Investments:
(a) | Principal amount of security and interest payments are adjusted for inflation. See Note 2J. |
(b) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 12,806 | $ | 231,751 | $ | (223,162 | ) | $ | - | $ | - | $ | 21,395 | $ | 2 |
(c) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Maturing in 0-5 Years | 99.89 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.11 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.60% |
| |||||||
Australia-7.87% | ||||||||
Adbri Ltd. | 210 | $ | 522 | |||||
Afterpay Ltd.(a) | 100 | 9,088 | ||||||
AGL Energy Ltd. | 290 | 2,000 | ||||||
ALS Ltd. | 222 | 1,807 | ||||||
Altium Ltd. | 51 | 1,168 | ||||||
Alumina Ltd. | 1,156 | 1,545 | ||||||
AMP Ltd. | 1,587 | 1,367 | ||||||
Ampol Ltd. | 114 | 2,253 | ||||||
Ansell Ltd. | 60 | 1,959 | ||||||
APA Group | 545 | 4,223 | ||||||
Appen Ltd. | 51 | 617 | ||||||
Aristocrat Leisure Ltd. | 296 | 8,499 | ||||||
ASX Ltd. | 90 | 5,074 | ||||||
Atlas Arteria Ltd. | 437 | 2,039 | ||||||
Aurizon Holdings Ltd. | 850 | 2,462 | ||||||
AusNet Services | 844 | 1,235 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,311 | 29,105 | ||||||
Bank of Queensland Ltd.(b) | 210 | 1,463 | ||||||
Beach Energy Ltd. | 817 | 805 | ||||||
Bendigo & Adelaide Bank Ltd. | 243 | 1,939 | ||||||
BHP Group Ltd. | 1,344 | 49,521 | ||||||
BHP Group PLC | 946 | 28,612 | ||||||
BlueScope Steel Ltd. | 231 | 3,858 | ||||||
Boral Ltd.(a) | 563 | 2,696 | ||||||
Brambles Ltd. | 701 | 5,631 | ||||||
carsales.com Ltd. | 99 | 1,521 | ||||||
Challenger Ltd. | 266 | 1,050 | ||||||
Charter Hall Group | 213 | 2,303 | ||||||
CIMIC Group Ltd.(a)(b) | 45 | 674 | ||||||
Cleanaway Waste Management Ltd. | 626 | 1,378 | ||||||
Cochlear Ltd. | 30 | 5,156 | ||||||
Coles Group Ltd. | 587 | 7,400 | ||||||
Commonwealth Bank of Australia | 808 | 55,573 | ||||||
Computershare Ltd. | 222 | 2,421 | ||||||
Crown Resorts Ltd.(a) | 162 | 1,529 | ||||||
CSL Ltd. | 207 | 43,358 | ||||||
CSR Ltd. | 222 | 1,024 | ||||||
Deterra Royalties Ltd. | 192 | 648 | ||||||
Dexus | 506 | 3,975 | ||||||
Domain Holdings Australia Ltd.(a) | 105 | 412 | ||||||
Domino’s Pizza Enterprises Ltd. | 27 | 2,224 | ||||||
Downer EDI Ltd. | 275 | 1,196 | ||||||
Evolution Mining Ltd. | 737 | 2,636 | ||||||
Flight Centre Travel Group Ltd.(a)(b) | 66 | 854 | ||||||
Fortescue Metals Group Ltd. | 734 | 12,808 | ||||||
Glencore PLC(a) | 4,909 | 20,064 | ||||||
Goodman Group | 829 | 12,109 | ||||||
GPT Group (The) | 901 | 3,215 | ||||||
Harvey Norman Holdings Ltd. | 275 | 1,119 | ||||||
IDP Education Ltd. | 63 | 1,106 | ||||||
IGO Ltd. | 283 | 1,637 | ||||||
Iluka Resources Ltd. | 192 | 1,148 | ||||||
Incitec Pivot Ltd.(a) | 883 | 1,808 | ||||||
Insurance Australia Group Ltd. | 1,069 | 4,046 | ||||||
IOOF Holdings Ltd. | 159 | 448 | ||||||
JB Hi-Fi Ltd. | 51 | 1,823 | ||||||
Lendlease Corp. Ltd. | 305 | 2,994 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Macquarie Group Ltd. | 147 | $ | 18,224 | |||||
Magellan Financial Group Ltd. | 63 | 2,360 | ||||||
Medibank Pvt Ltd. | 1,275 | 3,033 | ||||||
Metcash Ltd. | 470 | 1,289 | ||||||
Mineral Resources Ltd. | 63 | 2,324 | ||||||
Mirvac Group | 1,817 | 3,776 | ||||||
National Australia Bank Ltd. | 1,494 | 30,767 | ||||||
Newcrest Mining Ltd. | 374 | 7,662 | ||||||
NEXTDC Ltd.(a) | 207 | 1,853 | ||||||
Northern Star Resources Ltd. | 522 | 4,238 | ||||||
Nufarm Ltd.(a) | 147 | 594 | ||||||
Oil Search Ltd. | 958 | 2,812 | ||||||
Orica Ltd. | 186 | 1,948 | ||||||
Origin Energy Ltd. | 814 | 2,616 | ||||||
Orora Ltd. | 446 | 1,096 | ||||||
OZ Minerals Ltd. | 147 | 2,718 | ||||||
Perpetual Ltd. | 21 | 562 | ||||||
Platinum Asset Management Ltd. | 138 | 503 | ||||||
Qantas Airways Ltd.(a) | 269 | 1,029 | ||||||
QBE Insurance Group Ltd. | 671 | 5,111 | ||||||
Qube Holdings Ltd. | 671 | 1,560 | ||||||
Ramsay Health Care Ltd. | 80 | 4,160 | ||||||
REA Group Ltd.(b) | 24 | 2,936 | ||||||
Reece Ltd. | 121 | 1,895 | ||||||
Rio Tinto Ltd. | 171 | 16,003 | ||||||
Rio Tinto PLC | 494 | 41,558 | ||||||
Santos Ltd. | 820 | 4,421 | ||||||
Scentre Group | 2,398 | 5,038 | ||||||
SEEK Ltd.(a) | 159 | 3,804 | ||||||
Seven Group Holdings Ltd.(b) | 60 | 998 | ||||||
Shopping Centres Australasia Property Group | 488 | 939 | ||||||
Sonic Healthcare Ltd. | 219 | 6,070 | ||||||
South32 Ltd. | 2,240 | 4,983 | ||||||
Star Entertainment Group Ltd. (The)(a) | 383 | 1,177 | ||||||
Stockland | 1,102 | 3,984 | ||||||
Suncorp Group Ltd. | 581 | 4,717 | ||||||
Sydney Airport(a) | 512 | 2,448 | ||||||
Tabcorp Holdings Ltd. | 880 | 3,378 | ||||||
Telstra Corp. Ltd. | 1,925 | 5,041 | ||||||
TPG Telecom Ltd. | 168 | 715 | ||||||
Transurban Group | 1,266 | 13,857 | ||||||
Treasury Wine Estates Ltd. | 335 | 2,598 | ||||||
Vicinity Centres | 1,734 | 2,123 | ||||||
Vocus Group Ltd.(a) | 275 | 1,162 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 42 | 982 | ||||||
Wesfarmers Ltd. | 524 | 21,902 | ||||||
Westpac Banking Corp. | 1,668 | 32,185 | ||||||
Whitehaven Coal Ltd.(a) | 398 | 394 | ||||||
WiseTech Global Ltd. | 39 | 947 | ||||||
Woodside Petroleum Ltd. | 440 | 7,770 | ||||||
Woolworths Group Ltd. | 584 | 17,729 | ||||||
Worley Ltd. | 147 | 1,233 | ||||||
|
| |||||||
682,367 | ||||||||
|
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Austria-0.21% | ||||||||
ams AG(a) | 115 | 1,996 | ||||||
ANDRITZ AG | 33 | 1,796 | ||||||
Erste Group Bank AG(a) | 132 | 4,703 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Austria-(continued) | ||||||||
OMV AG | 66 | $ | 3,258 | |||||
Raiffeisen Bank International AG | 60 | 1,314 | ||||||
Telekom Austria AG | 63 | 516 | ||||||
Verbund AG(b) | 30 | 2,466 | ||||||
voestalpine AG | 54 | 2,347 | ||||||
|
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18,396 | ||||||||
|
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Belgium-0.87% | ||||||||
Ackermans & van Haaren N.V. | 9 | 1,441 | ||||||
Ageas S.A./N.V. | 84 | 5,092 | ||||||
Anheuser-Busch InBev S.A./N.V.(b) | 383 | 27,124 | ||||||
Elia Group S.A./N.V | 15 | 1,625 | ||||||
Etablissements Franz Colruyt N.V. | 24 | 1,425 | ||||||
Galapagos N.V.(a)(b) | 21 | 1,640 | ||||||
Groupe Bruxelles Lambert S.A. | 48 | 5,257 | ||||||
KBC Group N.V.(a) | 126 | 9,802 | ||||||
Proximus SADP(b) | 63 | 1,345 | ||||||
Sofina S.A. | 6 | 2,284 | ||||||
Solvay S.A., Class A | 33 | 4,203 | ||||||
Telenet Group Holding N.V. | 21 | 901 | ||||||
UCB S.A. | 54 | 5,009 | ||||||
Umicore S.A | 93 | 5,660 | ||||||
Warehouses De Pauw C.V.A. | 63 | 2,224 | ||||||
|
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75,032 | ||||||||
|
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Brazil-0.05% | ||||||||
Yara International ASA | 78 | 4,081 | ||||||
|
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Cambodia-0.01% | ||||||||
NagaCorp Ltd. | 692 | 741 | ||||||
|
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Chile-0.05% | ||||||||
Antofagasta PLC | 158 | 4,081 | ||||||
|
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China-0.47% | ||||||||
AAC Technologies Holdings, Inc. | 332 | 1,849 | ||||||
BOC Hong Kong Holdings Ltd. | 1,713 | 6,043 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) | 698 | 2,206 | ||||||
China Travel International Investment Hong Kong Ltd.(a) | 1,198 | 208 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 709 | 1,145 | ||||||
ESR Cayman Ltd.(a)(c) | 802 | 2,742 | ||||||
FIH Mobile Ltd.(a) | 1,371 | 194 | ||||||
Kerry Logistics Network Ltd. | 263 | 791 | ||||||
Lee & Man Paper Manufacturing Ltd. | 1,000 | 872 | ||||||
Lenovo Group Ltd. | 3,428 | 4,714 | ||||||
MicroPort Scientific Corp. | 219 | 1,582 | ||||||
Minth Group Ltd. | 329 | 1,336 | ||||||
MMG Ltd.(a) | 1,057 | 689 | ||||||
Nexteer Automotive Group Ltd. | 389 | 436 | ||||||
Shangri-La Asia Ltd.(a) | 527 | 502 | ||||||
Shui On Land Ltd. | 1,644 | 271 | ||||||
SITC International Holdings Co. Ltd. | 545 | 2,081 | ||||||
Sun Art Retail Group Ltd. | 548 | 505 | ||||||
Tingyi Cayman Islands Holding Corp. | 889 | 1,600 | ||||||
Towngas China Co. Ltd.(a) | 488 | 241 | ||||||
Uni-President China Holdings Ltd. | 548 | 667 | ||||||
Want Want China Holdings Ltd. | 2,632 | 1,908 | ||||||
Wharf Holdings Ltd. (The) | 413 | 1,255 | ||||||
Wilmar International Ltd. | 928 | 3,641 | ||||||
Xinyi Glass Holdings Ltd. | 955 | 3,387 | ||||||
|
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40,865 | ||||||||
|
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Shares | Value | |||||||
Denmark-2.17% | ||||||||
Ambu A/S, Class B | 78 | $ | 4,376 | |||||
AP Moller - Maersk A/S, Class A | 2 | 4,711 | ||||||
AP Moller - Maersk A/S, Class B | 3 | 7,464 | ||||||
Carlsberg A/S, Class B | 45 | 7,907 | ||||||
Chr. Hansen Holding A/S(a) | 48 | 4,418 | ||||||
Coloplast A/S, Class B | 60 | 9,941 | ||||||
Danske Bank A/S | 305 | 5,828 | ||||||
Demant A/S(a) | 48 | 2,410 | ||||||
DSV Panalpina A/S | 90 | 20,097 | ||||||
Genmab A/S(a) | 27 | 9,921 | ||||||
GN Store Nord A/S | 60 | 5,423 | ||||||
H Lundbeck A/S | 27 | 834 | ||||||
Novo Nordisk A/S, Class B | 735 | 53,903 | ||||||
Novozymes A/S, Class B(b) | 93 | 6,628 | ||||||
Orsted A/S(c) | 87 | 12,706 | ||||||
Pandora A/S | 45 | 5,114 | ||||||
Rockwool International A/S, Class B | 3 | 1,349 | ||||||
SimCorp A/S | 18 | 2,382 | ||||||
Tryg A/S | 141 | 3,231 | ||||||
Vestas Wind Systems A/S | 470 | 19,644 | ||||||
|
| |||||||
188,287 | ||||||||
|
| |||||||
Finland-1.23% | ||||||||
Elisa OYJ | 66 | 3,749 | ||||||
Fortum OYJ(b) | 198 | 5,208 | ||||||
Huhtamaki OYJ | 42 | 1,995 | ||||||
Kesko OYJ, Class B | 123 | 3,752 | ||||||
Kojamo OYJ | 90 | 1,954 | ||||||
Kone OYJ, Class B | 180 | 14,158 | ||||||
Metso Outotec OYJ | 278 | 3,127 | ||||||
Neste OYJ | 192 | 11,649 | ||||||
Nokia OYJ(a) | 2,593 | 12,306 | ||||||
Nokian Renkaat OYJ | 63 | 2,350 | ||||||
Nordea Bank Abp | 1,516 | 15,720 | ||||||
Orion OYJ, Class B | 48 | 2,128 | ||||||
Sampo OYJ, Class A | 234 | 11,130 | ||||||
Stora Enso OYJ, Class R | 266 | 5,101 | ||||||
UPM-Kymmene OYJ | 246 | 9,639 | ||||||
Wartsila OYJ Abp | 225 | 2,908 | ||||||
|
| |||||||
106,874 | ||||||||
|
| |||||||
France-9.63% | ||||||||
Accor S.A.(a) | 87 | 3,505 | ||||||
Adevinta ASA, Class B(a) | 105 | 1,927 | ||||||
Aeroports de Paris(a)(b) | 12 | 1,541 | ||||||
Air Liquide S.A.(b) | 213 | 35,928 | ||||||
Airbus SE(a) | 257 | 30,919 | ||||||
ALD S.A.(c) | 36 | 567 | ||||||
Alstom S.A.(a) | 117 | 6,400 | ||||||
Amundi S.A.(a)(c) | 27 | 2,408 | ||||||
Arkema S.A. | 30 | 3,756 | ||||||
Atos SE(a) | 42 | 2,863 | ||||||
AXA S.A | 889 | 25,176 | ||||||
BioMerieux | 21 | 2,501 | ||||||
BNP Paribas S.A.(a) | 500 | 32,135 | ||||||
Bollore S.A | 455 | 2,300 | ||||||
Bouygues S.A.(b) | 99 | 4,247 | ||||||
Bureau Veritas S.A.(a) | 126 | 3,772 | ||||||
Capgemini SE | 72 | 13,209 | ||||||
Carrefour S.A. | 266 | 5,157 | ||||||
Casino Guichard Perrachon S.A.(a) | 24 | 839 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
France-(continued) | ||||||||
Cie de Saint-Gobain(a) | 222 | $ | 14,030 | |||||
Cie Generale des Etablissements Michelin S.C.A. | 81 | 11,735 | ||||||
Cie Plastic Omnium S.A. | 27 | 909 | ||||||
CNP Assurances(b) | 69 | 1,210 | ||||||
Covivio | 21 | 1,876 | ||||||
Credit Agricole S.A.(a) | 533 | 8,259 | ||||||
Danone S.A. | 278 | 19,621 | ||||||
Dassault Aviation S.A.(a) | 1 | 1,091 | ||||||
Dassault Systemes SE | 60 | 13,936 | ||||||
Edenred | 111 | 6,300 | ||||||
Eiffage S.A.(a) | 36 | 3,949 | ||||||
Electricite de France S.A.(a) | 237 | 3,458 | ||||||
ENGIE S.A.(a) | 766 | 11,407 | ||||||
EssilorLuxottica S.A. | 135 | 22,492 | ||||||
Eurazeo SE | 21 | 1,752 | ||||||
Faurecia SE(a) | 49 | 2,648 | ||||||
Gecina S.A. | 24 | 3,515 | ||||||
Getlink SE(a) | 210 | 3,345 | ||||||
Hermes International | 14 | 17,595 | ||||||
ICADE | 15 | 1,168 | ||||||
Iliad S.A. | 6 | 1,091 | ||||||
Imerys S.A | 18 | 937 | ||||||
Ipsen S.A. | 15 | 1,453 | ||||||
JCDecaux S.A.(a) | 33 | 841 | ||||||
Kering S.A. | 34 | 27,279 | ||||||
Klepierre S.A.(b) | 87 | 2,310 | ||||||
La Francaise des Jeux SAEM(c) | 39 | 2,001 | ||||||
Legrand S.A | 123 | 11,993 | ||||||
L’Oreal S.A | 109 | 44,829 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 114 | 85,935 | ||||||
Natixis S.A.(a) | 389 | 1,903 | ||||||
Neoen S.A.(a)(b)(c) | 13 | 596 | ||||||
Orange S.A. | 883 | 11,002 | ||||||
Orpea S.A.(a) | 21 | 2,706 | ||||||
Pernod Ricard S.A | 96 | 19,727 | ||||||
Publicis Groupe S.A | 99 | 6,419 | ||||||
Remy Cointreau S.A | 12 | 2,401 | ||||||
Renault S.A.(a) | 84 | 3,390 | ||||||
Rexel S.A.(a) | 138 | 2,719 | ||||||
Rubis S.C.A. | 42 | 1,974 | ||||||
Safran S.A.(a) | 147 | 21,975 | ||||||
Sanofi(b) | 500 | 52,528 | ||||||
Sartorius Stedim Biotech | 10 | 4,599 | ||||||
Schneider Electric SE | 240 | 38,431 | ||||||
SCOR SE(a) | 72 | 2,332 | ||||||
SEB S.A. | 13 | 2,371 | ||||||
Societe Generale S.A.(a) | 359 | 10,229 | ||||||
Sodexo S.A.(a) | 39 | 3,901 | ||||||
SOITEC(a) | 10 | 2,024 | ||||||
Suez S.A | 171 | 4,088 | ||||||
Technip Energies N.V.(a) | 42 | 599 | ||||||
Teleperformance | 27 | 10,437 | ||||||
Thales S.A. | 45 | 4,593 | ||||||
TOTAL SE(b) | 1,117 | 49,517 | ||||||
Ubisoft Entertainment S.A.(a) | 42 | 3,158 | ||||||
Unibail-Rodamco-Westfield(a)(b) | 63 | 5,202 | ||||||
Valeo S.A | 111 | 3,600 | ||||||
Veolia Environnement S.A | 231 | 7,366 | ||||||
Vinci S.A | 203 | 22,336 | ||||||
Vivendi SE | 348 | 12,149 |
Shares | Value | |||||||
France-(continued) | ||||||||
Wendel SE | 12 | $ | 1,599 | |||||
Worldline S.A.(a)(c) | 108 | 10,613 | ||||||
|
| |||||||
834,599 | ||||||||
|
| |||||||
Germany-8.49% | ||||||||
1&1 Drillisch AG | 21 | 632 | ||||||
adidas AG(a) | 87 | 26,900 | ||||||
Allianz SE | 189 | 49,235 | ||||||
Aroundtown S.A. | 557 | 4,294 | ||||||
BASF SE | 422 | 34,077 | ||||||
Bayer AG | 445 | 28,831 | ||||||
Bayerische Motoren Werke AG | 147 | 14,758 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 27 | 2,217 | ||||||
Bechtle AG | 12 | 2,446 | ||||||
Beiersdorf AG | 45 | 5,087 | ||||||
Brenntag SE | 72 | 6,473 | ||||||
Carl Zeiss Meditec AG, BR | 18 | 3,176 | ||||||
Commerzbank AG(a) | 482 | 3,186 | ||||||
Continental AG(a) | 51 | 6,915 | ||||||
Covestro AG(c) | 78 | 5,110 | ||||||
CTS Eventim AG & Co. KGaA(a) | 27 | 1,868 | ||||||
Daimler AG | 366 | 32,626 | ||||||
Deutsche Bank AG(a) | 946 | 13,217 | ||||||
Deutsche Boerse AG | 84 | 14,490 | ||||||
Deutsche Lufthansa AG(a)(b) | 111 | 1,435 | ||||||
Deutsche Post AG | 452 | 26,637 | ||||||
Deutsche Telekom AG | 1,491 | 28,718 | ||||||
Deutsche Wohnen SE | 159 | 8,613 | ||||||
DWS Group GmbH & Co. KGaA(c) | 15 | 657 | ||||||
E.ON SE | 1,000 | 12,069 | ||||||
Evonik Industries AG | 87 | 3,050 | ||||||
Evotec SE(a) | 67 | 2,793 | ||||||
Fielmann AG(a) | 12 | 914 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a) | 15 | 997 | ||||||
Fresenius Medical Care AG & Co. KGaA | 93 | 7,407 | ||||||
Fresenius SE & Co. KGaA | 186 | 9,153 | ||||||
FUCHS PETROLUB SE | 15 | 651 | ||||||
FUCHS PETROLUB SE, Preference Shares | 33 | 1,761 | ||||||
GEA Group AG | 75 | 3,296 | ||||||
Hannover Rueck SE | 27 | 4,999 | ||||||
HeidelbergCement AG | 69 | 6,331 | ||||||
Hella GmbH & Co. KGaA(a) | 21 | 1,260 | ||||||
HelloFresh SE(a) | 63 | 5,233 | ||||||
Henkel AG & Co. KGaA | 45 | 4,480 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 81 | 9,318 | ||||||
HOCHTIEF AG(b) | 9 | 845 | ||||||
Infineon Technologies AG | 602 | 24,324 | ||||||
Just Eat Takeaway.com N.V.(a)(b)(c) | 54 | 5,604 | ||||||
KION Group AG | 33 | 3,295 | ||||||
Knorr-Bremse AG | 30 | 3,684 | ||||||
LANXESS AG | 39 | 2,874 | ||||||
LEG Immobilien SE | 33 | 4,596 | ||||||
Merck KGaA | 60 | 10,556 | ||||||
METRO AG | 78 | 854 | ||||||
MTU Aero Engines AG | 24 | 6,064 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 63 | 18,251 | ||||||
Nemetschek SE | 24 | 1,791 | ||||||
OSRAM Licht AG(a) | 12 | 752 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Germany-(continued) | ||||||||
Porsche Automobil Holding SE, Preference Shares | 72 | $ | 7,591 | |||||
ProSiebenSat.1 Media SE(a) | 72 | 1,564 | ||||||
Puma SE(a) | 39 | 4,118 | ||||||
Rational AG | 2 | 1,670 | ||||||
Rheinmetall AG | 21 | 2,192 | ||||||
RWE AG | 293 | 11,125 | ||||||
SAP SE | 515 | 72,386 | ||||||
Sartorius AG, Preference Shares | 15 | 8,472 | ||||||
Scout24 AG(b)(c) | 48 | 3,995 | ||||||
Siemens AG | 342 | 57,152 | ||||||
Siemens Energy AG(a) | 174 | 5,823 | ||||||
Siemens Healthineers AG(c) | 103 | 5,887 | ||||||
Symrise AG | 57 | 7,369 | ||||||
Talanx AG | 18 | 760 | ||||||
TeamViewer AG(a)(c) | 57 | 2,715 | ||||||
Telefonica Deutschland Holding AG | 308 | 897 | ||||||
thyssenkrupp AG(a) | 213 | 2,851 | ||||||
Traton SE | 24 | 686 | ||||||
TUI AG(a)(b) | 331 | 1,974 | ||||||
Uniper SE | 51 | 1,863 | ||||||
United Internet AG | 48 | 2,023 | ||||||
Varta AG(a) | 6 | 877 | ||||||
Volkswagen AG | 15 | 4,771 | ||||||
Volkswagen AG, Preference Shares | 84 | 21,913 | ||||||
Vonovia SE | 263 | 17,299 | ||||||
Wacker Chemie AG | 6 | 907 | ||||||
Zalando SE(a)(c) | 75 | 7,813 | ||||||
|
| |||||||
735,493 | ||||||||
|
| |||||||
Hong Kong-2.71% | ||||||||
AIA Group Ltd. | 5,504 | 70,086 | ||||||
ASM Pacific Technology Ltd. | 141 | 2,139 | ||||||
Bank of East Asia Ltd. (The) | 566 | 1,189 | ||||||
Brightoil Petroleum Holdings Ltd.(a)(d) | 462 | 0 | ||||||
Cafe de Coral Holdings Ltd. | 159 | 345 | ||||||
Cathay Pacific Airways Ltd.(a) | 377 | 333 | ||||||
Champion REIT | 931 | 542 | ||||||
CK Asset Holdings Ltd. | 1,081 | 6,785 | ||||||
CK Hutchison Holdings Ltd. | 1,237 | 10,145 | ||||||
CK Infrastructure Holdings Ltd. | 296 | 1,814 | ||||||
CLP Holdings Ltd. | 763 | 7,530 | ||||||
Dah Sing Banking Group Ltd. | 174 | 191 | ||||||
Dah Sing Financial Holdings Ltd. | 69 | 223 | ||||||
Dairy Farm International Holdings Ltd. | 141 | 615 | ||||||
Guotai Junan International Holdings Ltd. | 1,111 | 202 | ||||||
Haitong International Securities Group Ltd. | 1,069 | 337 | ||||||
Hang Lung Group Ltd. | 416 | 1,095 | ||||||
Hang Lung Properties Ltd. | 967 | 2,639 | ||||||
Hang Seng Bank Ltd. | 332 | 6,519 | ||||||
Henderson Land Development Co. Ltd. | 617 | 2,745 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 4,784 | 7,675 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 584 | 35,340 | ||||||
Hongkong Land Holdings Ltd. | 557 | 2,757 | ||||||
Huabao International Holdings Ltd.(b) | 425 | 450 | ||||||
Hutchison Port Holdings Trust, Class U | 2,316 | 579 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 614 | 119 | ||||||
Hysan Development Co. Ltd. | 296 | 1,115 | ||||||
Jardine Matheson Holdings Ltd | 99 | 6,657 | ||||||
Johnson Electric Holdings Ltd., H Shares | 162 | 432 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
JS Global Lifestyle Co. Ltd.(a)(c) | 500 | $ | 1,510 | |||||
Kerry Properties Ltd. | 284 | 958 | ||||||
Lifestyle International Holdings Ltd.(a) | 213 | 173 | ||||||
Link REIT | 958 | 9,060 | ||||||
Man Wah Holdings Ltd. | 501 | 1,054 | ||||||
Mapletree North Asia Commercial Trust(c) | 958 | 785 | ||||||
Melco International Development Ltd. | 380 | 758 | ||||||
MTR Corp. Ltd. | 668 | 3,724 | ||||||
New World Development Co. Ltd. | 656 | 3,471 | ||||||
NWS Holdings Ltd. | 665 | 735 | ||||||
PCCW Ltd. | 1,985 | 1,150 | ||||||
Power Assets Holdings Ltd. | 623 | 3,830 | ||||||
Shun Tak Holdings Ltd. | 883 | 283 | ||||||
Sino Land Co. Ltd. | 1,416 | 2,104 | ||||||
Sun Hung Kai Properties Ltd. | 656 | 9,907 | ||||||
Swire Pacific Ltd., Class A | 240 | 1,942 | ||||||
Swire Pacific Ltd., Class B | 440 | 558 | ||||||
Swire Properties Ltd. | 503 | 1,502 | ||||||
Techtronic Industries Co. Ltd. | 596 | 10,866 | ||||||
United Energy Group Ltd.(a) | 3,446 | 683 | ||||||
Vinda International Holdings Ltd. | 117 | 417 | ||||||
Vitasoy International Holdings Ltd. | 362 | 1,401 | ||||||
VTech Holdings Ltd. | 75 | 688 | ||||||
WH Group Ltd.(c) | 4,000 | 3,497 | ||||||
Wharf Real Estate Investment Co. Ltd. | 470 | 2,705 | ||||||
Yue Yuen Industrial Holdings Ltd. | 344 | 864 | ||||||
|
| |||||||
235,223 | ||||||||
|
| |||||||
Indonesia-0.01% | ||||||||
First Pacific Co. Ltd. | 1,111 | 380 | ||||||
Golden Agri-Resources Ltd. | 2,845 | 535 | ||||||
|
| |||||||
915 | ||||||||
|
| |||||||
Ireland-0.64% | ||||||||
AIB Group PLC(a)(b) | 357 | 1,046 | ||||||
CRH PLC | 357 | 16,939 | ||||||
Flutter Entertainment PLC(a) | 75 | 15,410 | ||||||
Glanbia PLC(b) | 89 | 1,311 | ||||||
Kerry Group PLC, Class A | 70 | 9,084 | ||||||
Kingspan Group PLC | 69 | 6,152 | ||||||
Smurfit Kappa Group PLC | 111 | 5,708 | ||||||
|
| |||||||
55,650 | ||||||||
|
| |||||||
Israel-0.51% | ||||||||
Airport City Ltd.(a) | 33 | 549 | ||||||
Alony Hetz Properties & Investments Ltd. | 48 | 693 | ||||||
Amot Investments Ltd. | 63 | 413 | ||||||
Ashtrom Group Ltd. | 17 | 367 | ||||||
Azrieli Group Ltd. | 18 | 1,268 | ||||||
Bank Hapoalim BM(a) | 503 | 4,017 | ||||||
Bank Leumi Le-Israel BM(a) | 668 | 4,712 | ||||||
Bayside Land Corp. Ltd. | 44 | 404 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) . | 943 | 1,028 | ||||||
Big Shopping Centers Ltd.(a) | 4 | 484 | ||||||
Elbit Systems Ltd. | 11 | 1,516 | ||||||
Electra Ltd. | 1 | 556 | ||||||
Energix-Renewable Energies Ltd. | 84 | 331 | ||||||
Enlight Renewable Energy Ltd.(a)(b) | 245 | 514 | ||||||
Fattal Holdings 1998 Ltd.(a) | 2 | 209 | ||||||
First International Bank of Israel Ltd.(a) | 24 | 735 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Israel-(continued) | ||||||||
Gazit-Globe Ltd., (Acquired 09/19/2017 -12/07/2020; Cost $290)(e) | 39 | $ | 255 | |||||
Harel Insurance Investments & Financial Services Ltd. | 51 | 536 | ||||||
ICL Group Ltd. | 320 | 2,057 | ||||||
Israel Discount Bank Ltd., Class A(a) | 539 | 2,440 | ||||||
Maytronics Ltd. | 20 | 409 | ||||||
Melisron Ltd. | 9 | 546 | ||||||
Mivne Real Estate KD Ltd. | 311 | 856 | ||||||
Mizrahi Tefahot Bank Ltd.(a) | 60 | 1,693 | ||||||
Nice Ltd.(a) | 28 | 6,775 | ||||||
Nova Measuring Instruments Ltd.(a) | 13 | 1,273 | ||||||
OPC Energy Ltd.(a) | 33 | 331 | ||||||
Paz Oil Co. Ltd. | 4 | 442 | ||||||
Phoenix Holdings Ltd. (The) | 57 | 508 | ||||||
Sapiens International Corp. N.V. | 12 | 400 | ||||||
Shapir Engineering and Industry Ltd. | 51 | 367 | ||||||
Shikun & Binui Ltd.(a) | 94 | 637 | ||||||
Shufersal Ltd. | 51 | 414 | ||||||
Strauss Group Ltd. | 18 | 527 | ||||||
Teva Pharmaceutical Industries Ltd.(a) | 455 | 4,749 | ||||||
Tower Semiconductor Ltd.(a) | 48 | 1,404 | ||||||
|
| |||||||
44,415 | ||||||||
|
| |||||||
Italy-1.92% | ||||||||
A2A S.p.A. | 713 | 1,396 | ||||||
Amplifon S.p.A.(a) | 57 | 2,411 | ||||||
Assicurazioni Generali S.p.A.(a) | 584 | 11,730 | ||||||
Atlantia S.p.A.(a) | 225 | 4,395 | ||||||
Banca Mediolanum S.p.A.(a) | 117 | 1,095 | ||||||
Buzzi Unicem S.p.A | 45 | 1,203 | ||||||
Davide Campari-Milano N.V. | 198 | 2,339 | ||||||
DiaSorin S.p.A.(b) | 9 | 1,530 | ||||||
Enel S.p.A | 3,533 | 35,160 | ||||||
Eni S.p.A | 1,126 | 13,460 | ||||||
Ferrari N.V. | 57 | 12,224 | ||||||
FinecoBank Banca Fineco S.p.A.(a) | 281 | 4,844 | ||||||
Hera S.p.A. | 356 | 1,434 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 129 | 1,506 | ||||||
Intesa Sanpaolo S.p.A.(a) | 7,186 | 20,078 | ||||||
Italgas S.p.A | 225 | 1,469 | ||||||
Leonardo S.p.A | 180 | 1,472 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A.(a) | 277 | 3,135 | ||||||
Moncler S.p.A.(a) | 87 | 5,343 | ||||||
Nexi S.p.A.(a)(c) | 183 | 3,512 | ||||||
Pirelli & C S.p.A.(a)(c) | 180 | 1,013 | ||||||
Poste Italiane S.p.A.(c) | 210 | 2,755 | ||||||
PRADA S.p.A.(a) | 243 | 1,513 | ||||||
Prysmian S.p.A. | 111 | 3,481 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. . | 45 | 2,483 | ||||||
Snam S.p.A. | 1,009 | 5,684 | ||||||
Telecom Italia S.p.A. | 4,919 | 2,702 | ||||||
Telecom Italia S.p.A., RSP | 2,790 | 1,639 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 641 | 4,730 | ||||||
UniCredit S.p.A.(b) | 988 | 10,183 | ||||||
UnipolSai Assicurazioni S.p.A. | 228 | 710 | ||||||
|
| |||||||
166,629 | ||||||||
|
| |||||||
Japan-23.28% | ||||||||
ABC-Mart, Inc. | 12 | 642 | ||||||
Acom Co. Ltd | 180 | 772 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Advantest Corp. | 93 | $ | 8,832 | |||||
Aeon Co. Ltd. | 332 | 9,059 | ||||||
AEON Financial Service Co. Ltd. | 54 | 613 | ||||||
Aeon Mall Co. Ltd. | 57 | 904 | ||||||
AGC, Inc. | 84 | 3,827 | ||||||
Aica Kogyo Co. Ltd. | 24 | 852 | ||||||
Ain Holdings, Inc. | 12 | 666 | ||||||
Air Water, Inc.(b) | 72 | 1,192 | ||||||
Aisin Corp. | 84 | 3,235 | ||||||
Ajinomoto Co., Inc. | 228 | 4,561 | ||||||
Alfresa Holdings Corp. | 84 | 1,504 | ||||||
Alps Alpine Co. Ltd. | 90 | 1,090 | ||||||
Amada Co. Ltd. | 156 | 1,688 | ||||||
Amano Corp. | 30 | 815 | ||||||
ANA Holdings, Inc.(a) | 54 | 1,238 | ||||||
Anritsu Corp.(b) | 63 | 1,227 | ||||||
Aozora Bank Ltd. | 54 | 1,161 | ||||||
Ariake Japan Co. Ltd. | 9 | 521 | ||||||
As One Corp. | 6 | 749 | ||||||
Asahi Group Holdings Ltd. | 180 | 7,517 | ||||||
Asahi Intecc Co. Ltd. | 87 | 2,342 | ||||||
Asahi Kasei Corp. | 575 | 6,057 | ||||||
Asics Corp. | 84 | 1,333 | ||||||
ASKUL Corp. | 9 | 329 | ||||||
Astellas Pharma, Inc. | 874 | 13,117 | ||||||
Azbil Corp.. | 60 | 2,426 | ||||||
Bandai Namco Holdings, Inc. | 90 | 6,608 | ||||||
Bank of Kyoto Ltd. (The)(b) | 33 | 1,769 | ||||||
Benefit One, Inc. | 30 | 753 | ||||||
Benesse Holdings, Inc. | 33 | 728 | ||||||
Bic Camera, Inc. | 72 | 743 | ||||||
Bridgestone Corp. | 272 | 10,892 | ||||||
Brother Industries Ltd. | 111 | 2,347 | ||||||
Calbee, Inc. | 36 | 863 | ||||||
Canon Marketing Japan, Inc. | 21 | 507 | ||||||
Canon, Inc. | 467 | 11,121 | ||||||
Capcom Co. Ltd. | 84 | 2,728 | ||||||
Casio Computer Co. Ltd. | 102 | 1,802 | ||||||
Central Japan Railway Co. | 84 | 12,284 | ||||||
Chiba Bank Ltd. (The) | 314 | 1,959 | ||||||
Chubu Electric Power Co., Inc. | 335 | 4,047 | ||||||
Chugai Pharmaceutical Co. Ltd. | 299 | 11,218 | ||||||
Chugoku Bank Ltd. (The) | 81 | 640 | ||||||
Chugoku Electric Power Co., Inc. (The) | 138 | 1,540 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(b) | 69 | 1,102 | ||||||
COMSYS Holdings Corp. | 54 | 1,675 | ||||||
Concordia Financial Group Ltd. | 515 | 1,932 | ||||||
Cosmo Energy Holdings Co. Ltd. | 30 | 645 | ||||||
Cosmos Pharmaceutical Corp. | 6 | 861 | ||||||
Credit Saison Co. Ltd. | 75 | 861 | ||||||
CyberAgent, Inc. | 180 | 3,702 | ||||||
Dai Nippon Printing Co. Ltd. | 141 | 2,801 | ||||||
Daicel Corp. | 141 | 1,090 | ||||||
Daido Steel Co. Ltd. | 18 | 853 | ||||||
Daifuku Co. Ltd. | 45 | 4,454 | ||||||
Dai-ichi Life Holdings, Inc. | 506 | 9,099 | ||||||
Daiichi Sankyo Co. Ltd. | 886 | 22,591 | ||||||
Daiichikosho Co. Ltd. | 21 | 782 | ||||||
Daikin Industries Ltd. | 123 | 24,678 | ||||||
Daito Trust Construction Co. Ltd. | 30 | 3,189 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Daiwa House Industry Co. Ltd. | 305 | $ | 9,027 | |||||
Daiwa Securities Group, Inc. | 725 | 3,861 | ||||||
DeNA Co. Ltd.(a) | 51 | 1,042 | ||||||
Denka Co. Ltd. | 42 | 1,646 | ||||||
Denso Corp. | 210 | 13,562 | ||||||
Dentsu Group, Inc.(b) | 105 | 3,228 | ||||||
DIC Corp. | 39 | 997 | ||||||
Disco Corp. | 12 | 3,886 | ||||||
DMG Mori Co. Ltd. | 48 | 774 | ||||||
Dowa Holdings Co. Ltd. | 21 | 876 | ||||||
East Japan Railway Co. | 168 | 11,495 | ||||||
Ebara Corp. | 48 | 2,051 | ||||||
Eisai Co. Ltd. | 123 | 8,022 | ||||||
Elecom Co. Ltd. | 20 | 421 | ||||||
Electric Power Development Co. Ltd. | 78 | 1,246 | ||||||
ENEOS Holdings, Inc. | 1,305 | 5,626 | ||||||
Ezaki Glico Co. Ltd. | 24 | 897 | ||||||
Fancl Corp. | 30 | 980 | ||||||
FANUC Corp. | 90 | 20,729 | ||||||
Fast Retailing Co. Ltd. | 24 | 19,698 | ||||||
Food & Life Cos. Ltd. | 48 | 2,145 | ||||||
FP Corp. | 24 | 932 | ||||||
Fuji Electric Co. Ltd. | 54 | 2,458 | ||||||
Fuji Media Holdings, Inc. | 21 | 254 | ||||||
Fuji Oil Holdings, Inc. | 21 | 541 | ||||||
FUJIFILM Holdings Corp. | 171 | 11,087 | ||||||
Fujitsu General Ltd. | 27 | 716 | ||||||
Fujitsu Ltd. | 90 | 14,331 | ||||||
Fukuoka Financial Group, Inc. | 69 | 1,174 | ||||||
Fukuyama Transporting Co. Ltd. | 15 | 574 | ||||||
Furukawa Electric Co. Ltd. | 30 | 797 | ||||||
Fuyo General Lease Co. Ltd. | 9 | 599 | ||||||
GLP J-REIT | 1 | 1,676 | ||||||
GMO internet, Inc. | 27 | 804 | ||||||
GMO Payment Gateway, Inc. | 18 | 2,297 | ||||||
GOLDWIN, Inc. | 18 | 1,075 | ||||||
GS Yuasa Corp. | 36 | 973 | ||||||
GungHo Online Entertainment, Inc. | 15 | 286 | ||||||
Gunma Bank Ltd. (The) | 204 | 666 | ||||||
H.U. Group Holdings, Inc. | 24 | 785 | ||||||
Hachijuni Bank Ltd. (The) | 195 | 665 | ||||||
Hakuhodo DY Holdings, Inc. | 114 | 1,920 | ||||||
Hamamatsu Photonics KK | 63 | 3,654 | ||||||
Hankyu Hanshin Holdings, Inc. | 102 | 3,210 | ||||||
Haseko Corp. | 132 | 1,769 | ||||||
Heiwa Corp. | 24 | 406 | ||||||
Hikari Tsushin, Inc. | 9 | 1,810 | ||||||
Hino Motors Ltd. | 126 | 1,055 | ||||||
Hirogin Holdings, Inc. | 138 | 761 | ||||||
Hirose Electric Co. Ltd. | 15 | 2,389 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 33 | 1,920 | ||||||
Hitachi Construction Machinery Co. Ltd. | 51 | 1,565 | ||||||
Hitachi Ltd. | 428 | 21,070 | ||||||
Hitachi Metals Ltd.(a) | 93 | 1,804 | ||||||
Hitachi Transport System Ltd. | 21 | 652 | ||||||
Hokuriku Electric Power Co. | 81 | 491 | ||||||
Honda Motor Co. Ltd. | 774 | 22,886 | ||||||
Horiba Ltd. | 18 | 1,171 | ||||||
Hoshizaki Corp. | 24 | 2,130 | ||||||
House Foods Group, Inc. | 36 | 1,118 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Hoya Corp. | 171 | $ | 19,454 | |||||
Hulic Co. Ltd. | 168 | 1,912 | ||||||
Ibiden Co. Ltd. | 51 | 2,417 | ||||||
Ichigo, Inc. | 96 | 299 | ||||||
Idemitsu Kosan Co. Ltd. | 111 | 2,658 | ||||||
IHI Corp.(a) | 63 | 1,266 | ||||||
Iida Group Holdings Co. Ltd. | 66 | 1,608 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 1 | 1,812 | ||||||
INPEX Corp. | 437 | 2,982 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 171 | 1,192 | ||||||
Isuzu Motors Ltd. | 237 | 2,398 | ||||||
Ito En Ltd. | 27 | 1,494 | ||||||
ITOCHU Corp. | 619 | 19,300 | ||||||
Itochu Techno-Solutions Corp. | 48 | 1,664 | ||||||
Itoham Yonekyu Holdings, Inc. | 63 | 405 | ||||||
Iwatani Corp. | 22 | 1,379 | ||||||
Iyo Bank Ltd. (The) | 129 | 710 | ||||||
Izumi Co. Ltd. | 18 | 716 | ||||||
J Front Retailing Co. Ltd. | 117 | 1,113 | ||||||
Japan Airlines Co. Ltd.(a) | 57 | 1,210 | ||||||
Japan Airport Terminal Co. Ltd. | 21 | 943 | ||||||
Japan Aviation Electronics Industry Ltd. | 21 | 375 | ||||||
Japan Exchange Group, Inc. | 257 | 6,023 | ||||||
Japan Metropolitan Fund Investment Corp. | 2 | 1,971 | ||||||
Japan Post Bank Co. Ltd. | 195 | 1,782 | ||||||
Japan Post Holdings Co. Ltd.(a) | 611 | 5,129 | ||||||
Japan Post Insurance Co. Ltd. | 90 | 1,734 | ||||||
Japan Tobacco, Inc. | 548 | 10,248 | ||||||
JCR Pharmaceuticals Co. Ltd. | 24 | 653 | ||||||
JFE Holdings, Inc. | 246 | 3,236 | ||||||
JGC Holdings Corp. | 102 | 1,164 | ||||||
JSR Corp. | 90 | 2,771 | ||||||
JTEKT Corp. | 108 | 972 | ||||||
Justsystems Corp. | 15 | 870 | ||||||
Kagome Co. Ltd. | 36 | 1,033 | ||||||
Kajima Corp. | 216 | 2,984 | ||||||
Kakaku.com, Inc. | 63 | 1,712 | ||||||
Kaken Pharmaceutical Co. Ltd. | 15 | 618 | ||||||
Kamigumi Co. Ltd. | 48 | 933 | ||||||
Kandenko Co. Ltd. | 48 | 410 | ||||||
Kaneka Corp. | 27 | 1,051 | ||||||
Kansai Electric Power Co., Inc. (The) | 347 | 3,435 | ||||||
Kansai Paint Co. Ltd. | 93 | 2,342 | ||||||
Kao Corp. | 219 | 14,039 | ||||||
Kawasaki Heavy Industries Ltd.(a) | 69 | 1,649 | ||||||
KDDI Corp. | 784 | 23,713 | ||||||
Keihan Holdings Co. Ltd. | 45 | 1,641 | ||||||
Keikyu Corp. | 117 | 1,496 | ||||||
Keio Corp. | 54 | 3,508 | ||||||
Keisei Electric Railway Co. Ltd. | 66 | 2,059 | ||||||
Kewpie Corp. | 54 | 1,277 | ||||||
Keyence Corp. | 81 | 38,920 | ||||||
Kikkoman Corp.(b) | 84 | 5,157 | ||||||
Kinden Corp. | 63 | 1,071 | ||||||
Kintetsu Group Holdings Co. Ltd.(a) | 84 | 3,009 | ||||||
Kirin Holdings Co. Ltd. | 371 | 6,960 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 27 | 2,408 | ||||||
Kobe Bussan Co. Ltd.(b) | 24 | 642 | ||||||
Kobe Steel Ltd | 141 | 1,016 | ||||||
Koei Tecmo Holdings Co. Ltd. | 35 | 1,564 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Koito Manufacturing Co. Ltd. | 54 | $ | 3,364 | |||||
KOKUYO Co. Ltd. | 39 | 602 | ||||||
Komatsu Ltd. | 422 | 12,374 | ||||||
Konami Holdings Corp. | 45 | 2,684 | ||||||
Konica Minolta, Inc. | 216 | 1,221 | ||||||
Kose Corp. | 12 | 1,807 | ||||||
Kotobuki Spirits Co. Ltd. | 9 | 538 | ||||||
K’s Holdings Corp. | 78 | 1,065 | ||||||
Kubota Corp. | 512 | 12,038 | ||||||
Kuraray Co. Ltd. | 168 | 1,824 | ||||||
Kurita Water Industries Ltd. | 51 | 2,352 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 6 | 422 | ||||||
Kyocera Corp. | 141 | 8,562 | ||||||
Kyoritsu Maintenance Co. Ltd. | 12 | 381 | ||||||
Kyowa Exeo Corp. | 42 | 1,117 | ||||||
Kyowa Kirin Co. Ltd. | 120 | 3,645 | ||||||
Kyudenko Corp. | 18 | 626 | ||||||
Kyushu Electric Power Co., Inc. | 219 | 2,000 | ||||||
Kyushu Financial Group, Inc. | 183 | 712 | ||||||
Kyushu Railway Co. | 75 | 1,682 | ||||||
LaSalle Logiport REIT | 1 | 1,624 | ||||||
Lasertec Corp. | 36 | 6,370 | ||||||
Lawson, Inc. | 21 | 941 | ||||||
Lintec Corp. | 24 | 523 | ||||||
Lion Corp. | 120 | 2,251 | ||||||
Lixil Corp. | 123 | 3,332 | ||||||
M3, Inc. | 192 | 13,309 | ||||||
Mabuchi Motor Co. Ltd. | 24 | 961 | ||||||
Maeda Corp. | 63 | 538 | ||||||
Maeda Road Construction Co. Ltd. | 27 | 519 | ||||||
Makita Corp. | 117 | 5,261 | ||||||
Mani, Inc. | 27 | 636 | ||||||
Marubeni Corp. | 746 | 6,201 | ||||||
Marui Group Co. Ltd. | 99 | 1,853 | ||||||
Maruichi Steel Tube Ltd. | 30 | 751 | ||||||
Matsui Securities Co. Ltd. | 48 | 376 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 36 | 1,444 | ||||||
Mazda Motor Corp.(a) | 272 | 2,105 | ||||||
Mebuki Financial Group, Inc. | 485 | 1,056 | ||||||
Medipal Holdings Corp. | 75 | 1,378 | ||||||
Megmilk Snow Brand Co. Ltd. | 21 | 421 | ||||||
MEIJI Holdings Co. Ltd. | 63 | 3,902 | ||||||
MINEBEA MITSUMI, Inc. | 192 | 4,815 | ||||||
MISUMI Group, Inc. | 132 | 3,719 | ||||||
Mitsubishi Chemical Holdings Corp. | 587 | 4,369 | ||||||
Mitsubishi Corp. | 551 | 15,224 | ||||||
Mitsubishi Electric Corp. | 913 | 14,049 | ||||||
Mitsubishi Estate Co. Ltd. | 545 | 8,952 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 90 | 2,081 | ||||||
Mitsubishi HC Capital, Inc., (Acquired 09/19/2017 - 03/30/2021; Cost $1,632)(e) | 314 | 1,798 | ||||||
Mitsubishi Heavy Industries Ltd. | 135 | 4,010 | ||||||
Mitsubishi Logistics Corp. | 33 | 980 | ||||||
Mitsubishi Materials Corp. | 60 | 1,347 | ||||||
Mitsubishi Motors Corp.(a) | 299 | 810 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 6 | 162 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 5,669 | 29,977 | ||||||
Mitsui & Co. Ltd. | 739 | 15,574 | ||||||
Mitsui Chemicals, Inc. | 87 | 2,738 | ||||||
Mitsui Fudosan Co. Ltd | 434 | 9,410 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Mitsui Mining & Smelting Co. Ltd. | 27 | $ | 918 | |||||
Mitsui OSK Lines Ltd. | 51 | 2,048 | ||||||
Miura Co. Ltd. | 48 | 2,516 | ||||||
Mizuho Financial Group, Inc. | 1,171 | 16,445 | ||||||
Mochida Pharmaceutical Co. Ltd. | 12 | 418 | ||||||
MonotaRO Co. Ltd. | 108 | 2,757 | ||||||
Mori Hills REIT Investment Corp. | 1 | 1,452 | ||||||
Morinaga & Co. Ltd. | 18 | 599 | ||||||
Morinaga Milk Industry Co. Ltd. | 18 | 985 | ||||||
MS&AD Insurance Group Holdings, Inc. | 231 | 6,541 | ||||||
Murata Manufacturing Co. Ltd. | 266 | 21,179 | ||||||
Nabtesco Corp. | 54 | 2,428 | ||||||
Nagase & Co. Ltd. | 51 | 768 | ||||||
Nagoya Railroad Co. Ltd.(a) | 87 | 1,995 | ||||||
Nankai Electric Railway Co. Ltd. | 51 | 1,125 | ||||||
NEC Corp. | 120 | 6,982 | ||||||
NEC Networks & System Integration Corp. | 33 | 568 | ||||||
NET One Systems Co. Ltd. | 39 | 1,281 | ||||||
Nexon Co. Ltd. | 192 | 6,367 | ||||||
NGK Insulators Ltd. | 126 | 2,295 | ||||||
NGK Spark Plug Co. Ltd. | 90 | 1,502 | ||||||
NH Foods Ltd. | 48 | 2,141 | ||||||
NHK Spring Co. Ltd. | 78 | 577 | ||||||
Nichirei Corp. | 51 | 1,289 | ||||||
Nidec Corp. | 216 | 25,008 | ||||||
Nifco, Inc. | 42 | 1,433 | ||||||
Nihon Kohden Corp. | �� | 36 | 1,089 | |||||
Nihon M&A Center, Inc. | 120 | 3,144 | ||||||
Nihon Unisys Ltd. | 30 | 951 | ||||||
Nikon Corp. | 165 | 1,552 | ||||||
Nintendo Co. Ltd. | 48 | 27,530 | ||||||
Nippo Corp. | 24 | 628 | ||||||
Nippon Electric Glass Co. Ltd. | 39 | 988 | ||||||
Nippon Express Co. Ltd. | 33 | 2,521 | ||||||
Nippon Kayaku Co. Ltd. | 81 | 750 | ||||||
Nippon Paint Holdings Co. Ltd.(b) | 360 | 5,144 | ||||||
Nippon Paper Industries Co. Ltd. | 45 | 552 | ||||||
Nippon Prologis REIT, Inc. | 1 | 3,211 | ||||||
Nippon Sanso Holdings Corp. | 69 | 1,297 | ||||||
Nippon Shinyaku Co. Ltd. | 24 | 1,616 | ||||||
Nippon Shokubai Co. Ltd. | 15 | 788 | ||||||
Nippon Steel Corp. | 383 | 6,682 | ||||||
Nippon Telegraph & Telephone Corp. | 551 | 13,888 | ||||||
Nippon Television Holdings, Inc. | 12 | 157 | ||||||
Nippon Yusen KK | 75 | 2,944 | ||||||
Nipro Corp. | 57 | 686 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 36 | 929 | ||||||
Nissan Chemical Corp. | 63 | 3,239 | ||||||
Nissan Motor Co. Ltd.(a) | 892 | 4,470 | ||||||
Nisshin Seifun Group, Inc. | 123 | 1,983 | ||||||
Nissin Foods Holdings Co. Ltd. | 33 | 2,340 | ||||||
Nitori Holdings Co. Ltd. | 33 | 5,920 | ||||||
Nitto Denko Corp. | 72 | 5,968 | ||||||
Noevir Holdings Co. Ltd. | 6 | 264 | ||||||
NOF Corp. | 33 | 1,745 | ||||||
NOK Corp. | 54 | 693 | ||||||
Nomura Holdings, Inc. | 1,371 | 7,361 | ||||||
Nomura Real Estate Holdings, Inc. | 57 | 1,403 | ||||||
Nomura Real Estate Master Fund, Inc. | 1 | 1,581 | ||||||
Nomura Research Institute Ltd. | 120 | 3,694 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
NS Solutions Corp. | 15 | $ | 454 | |||||
NSK Ltd. | 216 | 1,988 | ||||||
NTT Data Corp. | 302 | 4,691 | ||||||
Obayashi Corp. | 323 | 2,946 | ||||||
OBIC Business Consultants Co. Ltd. | 6 | 352 | ||||||
Obic Co. Ltd. | 30 | 5,799 | ||||||
Odakyu Electric Railway Co. Ltd. | 144 | 3,893 | ||||||
Oji Holdings Corp. | 419 | 2,641 | ||||||
OKUMA Corp. | 15 | 808 | ||||||
Olympus Corp. | 458 | 9,417 | ||||||
Omron Corp. | 87 | 6,598 | ||||||
Ono Pharmaceutical Co. Ltd. | 201 | 5,059 | ||||||
Open House Co. Ltd. | 30 | 1,247 | ||||||
Oracle Corp. Japan | 15 | 1,407 | ||||||
Orient Corp. | 272 | 371 | ||||||
Oriental Land Co. Ltd. | 87 | 12,317 | ||||||
ORIX Corp. | 557 | 8,956 | ||||||
ORIX JREIT, Inc. | 1 | 1,764 | ||||||
Osaka Gas Co. Ltd. | 186 | 3,587 | ||||||
OSG Corp. | 33 | 549 | ||||||
Otsuka Corp. | 48 | 2,420 | ||||||
Otsuka Holdings Co. Ltd. | 198 | 7,610 | ||||||
Paltac Corp. | 15 | 781 | ||||||
Pan Pacific International Holdings Corp. | 240 | 5,171 | ||||||
Panasonic Corp. | 982 | 11,580 | ||||||
Park24 Co. Ltd.(a) | 51 | 985 | ||||||
Penta-Ocean Construction Co. Ltd. | 132 | 1,029 | ||||||
PeptiDream, Inc.(a) | 39 | 1,672 | ||||||
Persol Holdings Co. Ltd. | 81 | 1,489 | ||||||
Pigeon Corp. | 51 | 1,729 | ||||||
Pola Orbis Holdings, Inc. | 36 | 933 | ||||||
Rakuten Group, Inc. | 383 | 4,867 | ||||||
Recruit Holdings Co. Ltd. | 615 | 27,789 | ||||||
Relo Group, Inc. | 48 | 988 | ||||||
Renesas Electronics Corp.(a) | 332 | 3,873 | ||||||
Rengo Co. Ltd. | 99 | 821 | ||||||
Resona Holdings, Inc. | 1,138 | 4,675 | ||||||
Resorttrust, Inc. | 30 | 478 | ||||||
Ricoh Co. Ltd. | 326 | 3,466 | ||||||
Rinnai Corp. | 18 | 1,808 | ||||||
Rohm Co. Ltd. | 42 | 4,161 | ||||||
Rohto Pharmaceutical Co. Ltd. | 45 | 1,154 | ||||||
Ryohin Keikaku Co. Ltd. | 108 | 2,273 | ||||||
Sankyo Co. Ltd. | 24 | 620 | ||||||
Sankyu, Inc. | 24 | 1,023 | ||||||
Santen Pharmaceutical Co. Ltd. | 171 | 2,190 | ||||||
Sanwa Holdings Corp. | 93 | 1,199 | ||||||
Sapporo Holdings Ltd. | 30 | 597 | ||||||
Sawai Group Holdings Co. Ltd. | 18 | 866 | ||||||
SBI Holdings, Inc. | 108 | 3,053 | ||||||
SCREEN Holdings Co. Ltd. | 18 | 1,723 | ||||||
SCSK Corp. | 21 | 1,218 | ||||||
Secom Co. Ltd. | 90 | 7,473 | ||||||
Sega Sammy Holdings, Inc. | 93 | 1,335 | ||||||
Seibu Holdings, Inc.(a) | 102 | 1,097 | ||||||
Seiko Epson Corp. | 132 | 2,244 | ||||||
Seino Holdings Co. Ltd. | 69 | 948 | ||||||
Sekisui Chemical Co. Ltd. | 171 | 2,976 | ||||||
Sekisui House Ltd. | 269 | 5,436 | ||||||
Sekisui House Reit, Inc. | 1 | 833 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Seven & i Holdings Co. Ltd. | 359 | $ | 15,433 | |||||
Seven Bank Ltd. | 314 | 675 | ||||||
SG Holdings Co. Ltd. | 198 | 4,500 | ||||||
Sharp Corp. | 69 | 1,166 | ||||||
Shikoku Electric Power Co., Inc. | 72 | 527 | ||||||
Shimadzu Corp. | 123 | 4,304 | ||||||
Shimamura Co. Ltd. | 9 | 891 | ||||||
Shimano, Inc. | 36 | 8,245 | ||||||
Shimizu Corp. | 272 | 2,227 | ||||||
Shin-Etsu Chemical Co. Ltd. | 179 | 30,214 | ||||||
Shinsei Bank Ltd.(a)(b) | 90 | 1,310 | ||||||
Shionogi & Co. Ltd. | 129 | 6,783 | ||||||
Ship Healthcare Holdings, Inc. | 36 | 943 | ||||||
Shiseido Co. Ltd. | 180 | 13,056 | ||||||
Shizuoka Bank Ltd. (The) | 251 | 1,922 | ||||||
SHO-BOND Holdings Co. Ltd. | 24 | 1,001 | ||||||
Shochiku Co. Ltd.(a) | 6 | 673 | ||||||
Showa Denko K.K. | 69 | 2,089 | ||||||
SKY Perfect JSAT Holdings, Inc. | 57 | 239 | ||||||
Skylark Holdings Co. Ltd.(a) | 90 | 1,336 | ||||||
SMC Corp. | 27 | 15,673 | ||||||
SMS Co. Ltd. | 21 | 573 | ||||||
Softbank Corp. | 1,237 | 15,951 | ||||||
SoftBank Group Corp. | 634 | 57,336 | ||||||
Sohgo Security Services Co. Ltd. | 30 | 1,315 | ||||||
Sojitz Corp. | 499 | 1,488 | ||||||
Sompo Holdings, Inc. | 159 | 5,906 | ||||||
Sony Group Corp. | 566 | 56,442 | ||||||
Sotetsu Holdings, Inc. | 36 | 731 | ||||||
Square Enix Holdings Co. Ltd. | 36 | 2,002 | ||||||
Stanley Electric Co. Ltd. | 69 | 1,976 | ||||||
Subaru Corp. | 287 | 5,324 | ||||||
Sugi Holdings Co. Ltd. | 15 | 1,153 | ||||||
SUMCO Corp. | 102 | 2,643 | ||||||
Sumitomo Bakelite Co. Ltd. | 15 | 607 | ||||||
Sumitomo Chemical Co. Ltd. | 719 | 3,664 | ||||||
Sumitomo Corp. | 518 | 7,052 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 78 | 1,352 | ||||||
Sumitomo Electric Industries Ltd. | 359 | 5,340 | ||||||
Sumitomo Forestry Co. Ltd. | 63 | 1,458 | ||||||
Sumitomo Heavy Industries Ltd. | 54 | 1,564 | ||||||
Sumitomo Metal Mining Co. Ltd. | 114 | 4,838 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 602 | 20,940 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 168 | 5,718 | ||||||
Sumitomo Realty & Development Co. Ltd. | 186 | 6,192 | ||||||
Sumitomo Rubber Industries Ltd. | 84 | 1,039 | ||||||
Sundrug Co. Ltd. | 30 | 1,022 | ||||||
Suntory Beverage & Food Ltd. | 60 | 2,026 | ||||||
Suzuken Co. Ltd. | 36 | 1,296 | ||||||
Suzuki Motor Corp. | 198 | 7,512 | ||||||
Sysmex Corp. | 87 | 8,696 | ||||||
T&D Holdings, Inc. | 254 | 3,112 | ||||||
Taiheiyo Cement Corp. | 57 | 1,428 | ||||||
Taisei Corp. | 93 | 3,429 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 21 | 1,237 | ||||||
Taiyo Yuden Co. Ltd. | 54 | 2,480 | ||||||
Takara Bio, Inc. | 21 | 537 | ||||||
Takara Holdings, Inc. | 84 | 1,083 | ||||||
Takashimaya Co. Ltd. | 69 | 760 | ||||||
Takeda Pharmaceutical Co. Ltd. | 701 | 23,312 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
TBS Holdings, Inc. | 18 | $ | 350 | |||||
TDK Corp. | 57 | 7,744 | ||||||
TechnoPro Holdings, Inc. | 18 | 1,322 | ||||||
Teijin Ltd. | 84 | 1,382 | ||||||
Terumo Corp. | 302 | 11,416 | ||||||
THK Co. Ltd. | 54 | 1,840 | ||||||
TIS, Inc. | 108 | 2,683 | ||||||
Tobu Railway Co. Ltd. | 96 | 2,468 | ||||||
Toda Corp. | 111 | 791 | ||||||
Toho Co. Ltd. | 54 | 2,149 | ||||||
Toho Gas Co. Ltd. | 42 | 2,332 | ||||||
Tohoku Electric Power Co., Inc. | 225 | 1,982 | ||||||
Tokai Carbon Co. Ltd. | 93 | 1,513 | ||||||
Tokai Rika Co. Ltd. | 24 | 388 | ||||||
Tokio Marine Holdings, Inc. | 308 | 14,737 | ||||||
Tokuyama Corp. | 33 | 746 | ||||||
Tokyo Century Corp. | 21 | 1,297 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(a) | 743 | 2,196 | ||||||
Tokyo Electron Ltd. | 69 | 30,503 | ||||||
Tokyo Gas Co. Ltd. | 198 | 4,009 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 17 | 1,129 | ||||||
Tokyo Tatemono Co. Ltd. | 99 | 1,461 | ||||||
Tokyu Corp. | 234 | 3,008 | ||||||
Tokyu Fudosan Holdings Corp. | 284 | 1,577 | ||||||
Toppan Printing Co. Ltd. | 123 | 2,096 | ||||||
Toray Industries, Inc. | 722 | 4,486 | ||||||
Toshiba Corp. | 201 | 8,303 | ||||||
Toshiba TEC Corp. | 12 | 479 | ||||||
Tosoh Corp. | 135 | 2,394 | ||||||
TOTO Ltd. | 69 | 3,579 | ||||||
Toyo Seikan Group Holdings Ltd. | 75 | 877 | ||||||
Toyo Suisan Kaisha Ltd. | 42 | 1,712 | ||||||
Toyo Tire Corp. | 48 | 879 | ||||||
Toyoda Gosei Co. Ltd. | 36 | 879 | ||||||
Toyota Boshoku Corp. | 30 | 559 | ||||||
Toyota Industries Corp. | 75 | 6,004 | ||||||
Toyota Motor Corp. | 1,119 | 83,199 | ||||||
Toyota Tsusho Corp. | 105 | 4,438 | ||||||
Trend Micro, Inc. | 54 | 2,569 | ||||||
TS Tech Co. Ltd. | 48 | 669 | ||||||
Tsumura & Co. | 30 | 999 | ||||||
Tsuruha Holdings, Inc. | 18 | 2,078 | ||||||
TV Asahi Holdings Corp. | 9 | 165 | ||||||
Ube Industries Ltd. | 51 | 1,031 | ||||||
Ulvac, Inc. | 24 | 1,098 | ||||||
Unicharm Corp. | 183 | 7,105 | ||||||
United Urban Investment Corp. | 1 | 1,495 | ||||||
Ushio, Inc. | 57 | 756 | ||||||
USS Co. Ltd. | 102 | 1,849 | ||||||
Welcia Holdings Co. Ltd. | 48 | 1,497 | ||||||
West Japan Railway Co. | 84 | 4,636 | ||||||
Yakult Honsha Co. Ltd. | 57 | 2,774 | ||||||
Yamada Holdings Co. Ltd. | 350 | 1,742 | ||||||
Yamaguchi Financial Group, Inc. | 108 | 637 | ||||||
Yamaha Corp. | 72 | 3,919 | ||||||
Yamaha Motor Co. Ltd. | 132 | 3,296 | ||||||
Yamato Holdings Co. Ltd. | 168 | 4,742 | ||||||
Yamato Kogyo Co. Ltd. | 18 | 542 | ||||||
Yamazaki Baking Co. Ltd. | 60 | 950 | ||||||
Yaoko Co. Ltd. | 9 | 574 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Yaskawa Electric Corp. | 120 | $ | 5,533 | |||||
Yokogawa Electric Corp. | 114 | 2,069 | ||||||
Yokohama Rubber Co. Ltd. (The) | 51 | 948 | ||||||
Z Holdings Corp. | 1,200 | 5,544 | ||||||
Zenkoku Hosho Co. Ltd. | 24 | 1,077 | ||||||
Zensho Holdings Co. Ltd. | 45 | 1,128 | ||||||
Zeon Corp. | 69 | 1,100 | ||||||
ZOZO, Inc. | 36 | 1,215 | ||||||
|
| |||||||
2,018,240 | ||||||||
|
| |||||||
Jordan-0.03% | ||||||||
Hikma Pharmaceuticals PLC | 66 | 2,230 | ||||||
|
| |||||||
Luxembourg-0.18% | ||||||||
ArcelorMittal S.A.(a) | 299 | 8,728 | ||||||
Eurofins Scientific SE(a) | 52 | 5,155 | ||||||
L’Occitane International S.A. | 216 | 622 | ||||||
RTL Group S.A.(a) | 18 | 1,060 | ||||||
|
| |||||||
15,565 | ||||||||
|
| |||||||
Macau-0.20% | ||||||||
Galaxy Entertainment Group Ltd.(a) | 1,009 | 8,886 | ||||||
Macau Legend Development Ltd.(a) | 799 | 116 | ||||||
MGM China Holdings Ltd. | 356 | 587 | ||||||
Sands China Ltd.(a) | 1,144 | 5,435 | ||||||
SJM Holdings Ltd. | 892 | 1,158 | ||||||
Wynn Macau Ltd.(a) | 695 | 1,337 | ||||||
|
| |||||||
17,519 | ||||||||
|
| |||||||
Malaysia-0.00% | ||||||||
Wing Tai Holdings Ltd. | 174 | 251 | ||||||
|
| |||||||
Mexico-0.01% | ||||||||
Fresnillo PLC | 84 | 958 | ||||||
|
| |||||||
Netherlands-3.93% | ||||||||
Aalberts N.V. | 45 | 2,440 | ||||||
ABN AMRO Bank N.V., CVA(a)(b)(c) | 192 | 2,484 | ||||||
Adyen N.V.(a)(c) | 12 | 29,491 | ||||||
Aegon N.V. | 814 | 3,788 | ||||||
Akzo Nobel N.V. | 87 | 10,465 | ||||||
Argenx SE(a) | 21 | 6,077 | ||||||
ASM International N.V. | 21 | 6,393 | ||||||
ASML Holding N.V. | 183 | 119,224 | ||||||
ASR Nederland N.V. | 63 | 2,761 | ||||||
Euronext N.V.(c) | 27 | 2,720 | ||||||
Euronext N.V., Rts., expiring 05/10/2021(a) | 27 | 317 | ||||||
EXOR N.V. | 48 | 3,948 | ||||||
GrandVision N.V.(a)(c) | 21 | 680 | ||||||
Heineken Holding N.V. | 48 | 4,773 | ||||||
Heineken N.V.(b) | 108 | 12,538 | ||||||
IMCD N.V. | 27 | 3,931 | ||||||
ING Groep N.V. | 1,805 | 23,098 | ||||||
JDE Peet’s N.V.(a) | 30 | 1,167 | ||||||
Koninklijke Ahold Delhaize N.V. | 494 | 13,315 | ||||||
Koninklijke DSM N.V. | 78 | 14,009 | ||||||
Koninklijke KPN N.V.(b) | 1,530 | 5,279 | ||||||
Koninklijke Philips N.V.(a) | 419 | 23,646 | ||||||
Koninklijke Vopak N.V. | 30 | 1,376 | ||||||
NN Group N.V. | 150 | 7,506 | ||||||
Prosus N.V. | 198 | 21,507 | ||||||
Randstad N.V. | 51 | 3,689 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Signify N.V.(a)(c) | 57 | $ | 3,246 | |||||
Wolters Kluwer N.V. | 123 | 11,144 | ||||||
|
| |||||||
341,012 | ||||||||
|
| |||||||
New Zealand-0.38% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 338 | 1,855 | ||||||
Air New Zealand Ltd.(a) | 234 | 292 | ||||||
Auckland International Airport Ltd.(a) | 545 | 2,968 | ||||||
Contact Energy Ltd. | 332 | 1,796 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 263 | 6,784 | ||||||
Fletcher Building Ltd. | 380 | 1,982 | ||||||
Infratil Ltd. | 226 | 1,157 | ||||||
Kiwi Property Group Ltd., (Acquired 09/19/2017 -12/07/2020; Cost $643)(e) | 725 | 661 | ||||||
Mercury NZ Ltd. | 314 | 1,564 | ||||||
Meridian Energy Ltd. | 569 | 2,176 | ||||||
Ryman Healthcare Ltd. | 189 | 1,924 | ||||||
SKYCITY Entertainment Group Ltd.(a) | 308 | 791 | ||||||
Spark New Zealand Ltd. | 850 | 2,684 | ||||||
Xero Ltd.(a) | 55 | 6,014 | ||||||
|
| |||||||
32,648 | ||||||||
|
| |||||||
Norway-0.59% | ||||||||
Aker ASA, Class A | 12 | 898 | ||||||
Aker BP ASA | 51 | 1,466 | ||||||
DNB ASA | 482 | 10,388 | ||||||
Equinor ASA | 420 | 8,569 | ||||||
Gjensidige Forsikring ASA | 75 | 1,710 | ||||||
Leroy Seafood Group ASA | 117 | 1,076 | ||||||
Mowi ASA | 195 | 4,826 | ||||||
Norsk Hydro ASA | 617 | 3,948 | ||||||
Orkla ASA | 353 | 3,610 | ||||||
Salmar ASA | 24 | 1,669 | ||||||
Scatec ASA(c) | 53 | 1,432 | ||||||
Schibsted ASA, Class A(a) | 36 | 1,817 | ||||||
Schibsted ASA, Class B(a) | 45 | 1,977 | ||||||
Telenor ASA | 299 | 5,342 | ||||||
TOMRA Systems ASA | 54 | 2,709 | ||||||
|
| |||||||
51,437 | ||||||||
|
| |||||||
Poland-0.26% | ||||||||
Allegro.eu S.A.(a)(c) | 142 | 2,179 | ||||||
Bank Polska Kasa Opieki S.A.(a) | 72 | 1,521 | ||||||
CD Projekt S.A.(a)(b) | 30 | 1,379 | ||||||
Cyfrowy Polsat S.A | 123 | 958 | ||||||
Dino Polska S.A.(a)(c) | 21 | 1,364 | ||||||
InPost S.A.(a) | 82 | 1,564 | ||||||
KGHM Polska Miedz S.A.(a) | 63 | 3,236 | ||||||
Polski Koncern Naftowy ORLEN S.A | 144 | 2,536 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A | 802 | 1,393 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 395 | 3,677 | ||||||
Powszechny Zaklad Ubezpieczen S.A.(a) | 260 | 2,242 | ||||||
Santander Bank Polska S.A.(a) | 15 | 888 | ||||||
|
| |||||||
22,937 | ||||||||
|
| |||||||
Portugal-0.13% | ||||||||
EDP - Energias de Portugal S.A | 1,198 | 6,665 | ||||||
Galp Energia SGPS S.A | 237 | 2,742 | ||||||
Jeronimo Martins SGPS S.A. | 111 | 2,030 | ||||||
|
| |||||||
11,437 | ||||||||
|
|
Shares | Value | |||||||
Russia-0.07% | ||||||||
Evraz PLC | 262 | $ | 2,330 | |||||
Polymetal International PLC | 161 | 3,334 | ||||||
|
| |||||||
5,664 | ||||||||
|
| |||||||
Saudi Arabia-0.12%. | ||||||||
Delivery Hero SE(a)(c) | 66 | 10,492 | ||||||
|
| |||||||
Singapore-1.10% | ||||||||
Ascendas REIT | 1,407 | 3,289 | ||||||
Ascott Residence Trust | 820 | 653 | ||||||
BOC Aviation Ltd.(c) | 99 | 894 | ||||||
CapitaLand Integrated Commercial Trust | 1,913 | 3,092 | ||||||
CapitaLand Ltd. | 1,201 | 3,358 | ||||||
City Developments Ltd. | 222 | 1,317 | ||||||
ComfortDelGro Corp. Ltd. | 979 | 1,266 | ||||||
DBS Group Holdings Ltd. | 835 | 18,772 | ||||||
Frasers Logistics & Commercial Trust(c) | 1,204 | 1,330 | ||||||
Genting Singapore Ltd. | 2,660 | 1,729 | ||||||
Jardine Cycle & Carriage Ltd. | 48 | 836 | ||||||
Keppel Corp. Ltd. | 683 | 2,783 | ||||||
Keppel DC REIT | 502 | 1,015 | ||||||
Keppel REIT | 904 | 843 | ||||||
Mapletree Commercial Trust | 877 | 1,444 | ||||||
Mapletree Industrial Trust | 605 | 1,287 | ||||||
Mapletree Logistics Trust | 1,305 | 1,952 | ||||||
NetLink NBN Trust(c) | 1,204 | 878 | ||||||
Olam International Ltd. | 287 | 375 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,563 | 14,333 | ||||||
SATS Ltd.(a) | 302 | 922 | ||||||
Sembcorp Industries Ltd. | 434 | 692 | ||||||
Sembcorp Marine Ltd.(a) | 3,218 | 508 | ||||||
SIA Engineering Co. Ltd. | 111 | 190 | ||||||
Singapore Airlines Ltd.(a) | 545 | 2,073 | ||||||
Singapore Exchange Ltd. | 392 | 3,079 | ||||||
Singapore Post Ltd. | 722 | 418 | ||||||
Singapore Press Holdings Ltd. | 708 | 979 | ||||||
Singapore Technologies Engineering Ltd. | 728 | 2,112 | ||||||
Singapore Telecommunications Ltd. | 3,440 | 6,464 | ||||||
StarHub Ltd. | 275 | 279 | ||||||
Suntec REIT | 901 | 1,036 | ||||||
United Overseas Bank Ltd. | 590 | 11,792 | ||||||
UOL Group Ltd. | 225 | 1,302 | ||||||
Venture Corp. Ltd. | 120 | 1,817 | ||||||
|
| |||||||
95,109 | ||||||||
|
| |||||||
South Africa-0.27% | ||||||||
Anglo American PLC | 560 | 23,803 | ||||||
|
| |||||||
South Korea-5.87% | ||||||||
Alteogen, Inc.(a) | 13 | 943 | ||||||
Amorepacific Corp. | 15 | 3,648 | ||||||
Amorepacific Corp., Preference Shares | 6 | 480 | ||||||
Amorepacific Group | 12 | 793 | ||||||
BGF retail Co. Ltd. | 3 | 413 | ||||||
BNK Financial Group, Inc. | 135 | 931 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 33 | 3,329 | ||||||
Celltrion Pharm, Inc.(a) | 9 | 1,076 | ||||||
Celltrion, Inc.(a) | 46 | 11,000 | ||||||
Cheil Worldwide, Inc. | 33 | 651 | ||||||
CJ CheilJedang Corp. | 3 | 1,067 | ||||||
CJ CheilJedang Corp., Preference Shares | 1 | 167 | ||||||
CJ Corp. | 6 | 515 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
CJ ENM Co. Ltd. | 3 | $ | 388 | |||||
CJ Logistics Corp.(a) | 3 | 463 | ||||||
Coway Co. Ltd. | 27 | 1,624 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 81 | 538 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 21 | 693 | ||||||
DB Insurance Co. Ltd. | 21 | 924 | ||||||
DGB Financial Group, Inc. | 69 | 550 | ||||||
DL E&C Co. Ltd.(a) | 6 | 717 | ||||||
DL Holdings Co. Ltd. | 5 | 425 | ||||||
Dongsuh Cos., Inc. | 15 | 424 | ||||||
Doosan Bobcat, Inc.(a) | 12 | 492 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 63 | 790 | ||||||
Doosan Infracore Co. Ltd.(a) | 60 | 583 | ||||||
E-MART, Inc. | 9 | 1,359 | ||||||
Fila Holdings Corp. | 24 | 984 | ||||||
Green Cross Corp. | 2 | 609 | ||||||
GS Engineering & Construction Corp. | 27 | 1,072 | ||||||
GS Holdings Corp. | 24 | 929 | ||||||
GS Retail Co. Ltd. | 12 | 386 | ||||||
Hana Financial Group, Inc. | 132 | 5,417 | ||||||
Hanjin Kal Corp.(a) | 15 | 748 | ||||||
Hankook Tire & Technology Co. Ltd. | 33 | 1,427 | ||||||
Hanmi Pharm Co. Ltd. | 3 | 912 | ||||||
Hanmi Science Co. Ltd. | 6 | 373 | ||||||
Hanon Systems | 75 | 1,092 | ||||||
Hanssem Co. Ltd. | 3 | 302 | ||||||
Hanwha Aerospace Co. Ltd. | 15 | 521 | ||||||
Hanwha Corp. | 18 | 498 | ||||||
Hanwha Corp., Preference Shares | 9 | 121 | ||||||
Hanwha Life Insurance Co. Ltd. | 126 | 396 | ||||||
Hanwha Solutions Corp.(a) | 36 | 1,490 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 21 | 529 | ||||||
Helixmith Co. Ltd.(a) | 3 | 84 | ||||||
Hite Jinro Co. Ltd. | 15 | 470 | ||||||
HLB, Inc.(a) | 36 | 1,071 | ||||||
HMM Co. Ltd.(a) | 128 | 4,511 | ||||||
Hotel Shilla Co. Ltd. | 15 | 1,166 | ||||||
Hyundai Department Store Co. Ltd. | 6 | 501 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 33 | 1,495 | ||||||
Hyundai Glovis Co. Ltd. | 9 | 1,554 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 20 | 1,266 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 27 | 591 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) | 9 | 694 | ||||||
Hyundai Mobis Co. Ltd. | 30 | 7,282 | ||||||
Hyundai Motor Co. | 63 | 12,007 | ||||||
Hyundai Motor Co., First Pfd | 9 | 862 | ||||||
Hyundai Motor Co., Second Pfd. | 15 | 1,429 | ||||||
Hyundai Steel Co. | 33 | 1,647 | ||||||
Hyundai Wia Corp. | 6 | 375 | ||||||
Industrial Bank of Korea | 86 | 749 | ||||||
Kakao Corp. | 120 | 12,244 | ||||||
Kangwon Land, Inc.(a) | 48 | 1,092 | ||||||
KB Financial Group, Inc. | 177 | 8,704 | ||||||
KCC Corp. | 3 | 844 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 9 | 275 | ||||||
Kia Corp. | 117 | 8,099 | ||||||
Korea Aerospace Industries Ltd. | 30 | 879 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Korea Electric Power Corp. | 117 | $ | 2,488 | |||||
Korea Gas Corp.(a) | 12 | 377 | ||||||
Korea Investment Holdings Co. Ltd. | 18 | 1,812 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 21 | 2,898 | ||||||
Korea Zinc Co. Ltd. | 3 | 1,203 | ||||||
Korean Air Lines Co. Ltd.(a) | 36 | 871 | ||||||
KT&G Corp. | 51 | 3,778 | ||||||
Kumho Petrochemical Co. Ltd. | 9 | 2,104 | ||||||
LG Chem Ltd. | 21 | 17,595 | ||||||
LG Chem Ltd., Preference Shares | 3 | 1,202 | ||||||
LG Corp. | 42 | 4,776 | ||||||
LG Display Co. Ltd.(a) | 102 | 2,228 | ||||||
LG Electronics, Inc. | 48 | 6,796 | ||||||
LG Electronics, Inc., Preference Shares | 9 | 600 | ||||||
LG Household & Health Care Ltd. | 4 | 5,534 | ||||||
LG Household & Health Care Ltd., Preference Shares | 1 | 644 | ||||||
LG Innotek Co. Ltd. | 6 | 1,084 | ||||||
LG Uplus Corp. | 87 | 1,032 | ||||||
Lotte Chemical Corp. | 6 | 1,640 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 3 | 378 | ||||||
Lotte Corp. | 12 | 395 | ||||||
LOTTE Fine Chemical Co. Ltd. | 9 | 550 | ||||||
Lotte Shopping Co. Ltd. | 6 | 669 | ||||||
LS Corp. | 9 | 593 | ||||||
Mando Corp.(a) | 15 | 784 | ||||||
Medy-Tox, Inc. | 3 | 473 | ||||||
Mirae Asset Securities Co. Ltd. | 174 | 1,564 | ||||||
Mirae Asset Securities Co. Ltd., Second Pfd. | 63 | 277 | ||||||
NAVER Corp. | 60 | 19,391 | ||||||
NCSoft Corp. | 7 | 5,223 | ||||||
Netmarble Corp.(c) | 9 | 1,048 | ||||||
NH Investment & Securities Co. Ltd. | 60 | 693 | ||||||
NHN Corp.(a) | 3 | 197 | ||||||
NongShim Co. Ltd. | 1 | 256 | ||||||
OCI Co. Ltd.(a) | 9 | 1,011 | ||||||
Orion Corp. | 9 | 947 | ||||||
Ottogi Corp. | 1 | 499 | ||||||
Paradise Co. Ltd.(a) | 21 | 340 | ||||||
POSCO | 30 | 9,817 | ||||||
POSCO Chemical Co. Ltd. | 9 | 1,206 | ||||||
Posco International Corp. | 24 | 453 | ||||||
S-1 Corp. | 9 | 659 | ||||||
Samsung Biologics Co. Ltd.(a)(c) | 6 | 4,337 | ||||||
Samsung C&T Corp. | 39 | 4,768 | ||||||
Samsung Card Co. Ltd. | 15 | 476 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 24 | 3,862 | ||||||
Samsung Electronics Co. Ltd. | 2,143 | 157,014 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 380 | 25,041 | ||||||
Samsung Engineering Co. Ltd.(a) | 72 | 1,123 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 15 | 2,670 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 1 | 141 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 201 | 1,355 | ||||||
Samsung Life Insurance Co. Ltd. | 30 | 2,203 | ||||||
Samsung SDI Co. Ltd. | 24 | 14,111 | ||||||
Samsung SDI Co. Ltd., Preference Shares | 1 | 405 | ||||||
Samsung SDS Co. Ltd | 15 | 2,468 | ||||||
Samsung Securities Co. Ltd. | 30 | 1,150 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Seegene, Inc. | 14 | $ | 1,178 | |||||
Shinhan Financial Group Co. Ltd. | 213 | 7,659 | ||||||
Shinsegae, Inc. | 3 | 821 | ||||||
SillaJen, Inc.(a)(d) | 8 | 44 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 7 | 686 | ||||||
SK Chemicals Co. Ltd. | 4 | 958 | ||||||
SK Holdings Co. Ltd. | 15 | 3,722 | ||||||
SK Hynix, Inc. | 237 | 27,272 | ||||||
SK Innovation Co. Ltd.(a) | 24 | 5,836 | ||||||
SK Networks Co. Ltd. | 66 | 314 | ||||||
SK Telecom Co. Ltd. | 12 | 3,274 | ||||||
SKC Co. Ltd. | 9 | 1,092 | ||||||
S-Oil Corp.(a) | 18 | 1,409 | ||||||
Solus Advanced Materials Co. Ltd. | 6 | 272 | ||||||
SSANGYONG C&E Co. Ltd. | 48 | 335 | ||||||
Woori Financial Group, Inc. | 251 | 2,414 | ||||||
Yuhan Corp. | 22 | 1,272 | ||||||
|
| |||||||
508,447 | ||||||||
|
| |||||||
Spain-2.28% | ||||||||
Acciona S.A | 9 | 1,568 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 108 | 3,527 | ||||||
Aena SME S.A.(a)(c) | 33 | 5,748 | ||||||
Amadeus IT Group S.A.(a) | 195 | 13,310 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 3,075 | 17,289 | ||||||
Banco Santander S.A.(a) | 7,753 | 30,006 | ||||||
Bankinter S.A. | 317 | 1,739 | ||||||
CaixaBank S.A. | 2,038 | 6,543 | ||||||
Cellnex Telecom S.A.(c) | 213 | 12,061 | ||||||
EDP Renovaveis S.A. | 69 | 1,646 | ||||||
Enagas S.A. | 114 | 2,487 | ||||||
Endesa S.A. | 147 | 3,868 | ||||||
Ferrovial S.A. | 222 | 6,318 | ||||||
Grifols S.A. | 153 | 4,153 | ||||||
Iberdrola S.A. | 2,654 | 35,895 | ||||||
Industria de Diseno Textil S.A.(b) | 485 | 17,293 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 150 | 1,523 | ||||||
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(a) | 317 | 622 | ||||||
Mapfre S.A. | 455 | 981 | ||||||
Merlin Properties SOCIMI S.A. | 153 | 1,693 | ||||||
Naturgy Energy Group S.A. | 138 | 3,543 | ||||||
Red Electrica Corp. S.A. | 198 | 3,641 | ||||||
Repsol S.A. | 635 | 7,597 | ||||||
Siemens Gamesa Renewable Energy S.A., Class R(a) | 102 | 3,696 | ||||||
Telefonica S.A. | 2,180 | 10,113 | ||||||
Zardoya Otis S.A. | 81 | 514 | ||||||
|
| |||||||
197,374 | ||||||||
|
| |||||||
Sweden-3.43% | ||||||||
Alfa Laval AB(b) | 144 | 4,877 | ||||||
Assa Abloy AB, Class B(b) | 425 | 12,128 | ||||||
Atlas Copco AB, Class A(b) | 293 | 17,776 | ||||||
Atlas Copco AB, Class B | 174 | 9,044 | ||||||
Boliden AB(b) | 126 | 4,914 | ||||||
Castellum AB | 123 | 2,998 | ||||||
Electrolux AB, Series B(b) | 105 | 2,950 | ||||||
Elekta AB, Class B | 165 | 2,211 | ||||||
Epiroc AB, Class A(b) | 290 | 6,293 | ||||||
Epiroc AB, Class B | 174 | 3,418 |
Shares | Value | |||||||
Sweden-(continued) | ||||||||
EQT AB | 93 | $ | 3,149 | |||||
Essity AB, Class B | 281 | 9,182 | ||||||
Evolution Gaming Group AB(c) | 72 | 14,237 | ||||||
Fastighets AB Balder, Class B(a) | 45 | 2,595 | ||||||
Getinge AB, Class B(b) | 102 | 3,456 | ||||||
H & M Hennes & Mauritz AB, Class B(a)(b) | 404 | 9,976 | ||||||
Hexagon AB, Class B | 117 | 11,172 | ||||||
Holmen AB, Class B | 45 | 2,123 | ||||||
Husqvarna AB, Class A | 12 | 169 | ||||||
Husqvarna AB, Class B | 186 | 2,592 | ||||||
ICA Gruppen AB(b) | 36 | 1,660 | ||||||
Industrivarden AB, Class A(b) | 96 | 3,688 | ||||||
Industrivarden AB, Class C | 78 | 2,819 | ||||||
Indutrade AB | 127 | 3,322 | ||||||
Investment AB Latour, Class B | 54 | 1,654 | ||||||
Investor AB, Class A | 60 | 5,109 | ||||||
Investor AB, Class B(b) | 210 | 17,854 | ||||||
Kinnevik AB, Class A(a) | 6 | 405 | ||||||
Kinnevik AB, Class B(a) | 111 | 6,144 | ||||||
L E Lundbergforetagen AB, Class B | 33 | 1,888 | ||||||
Lifco AB, Class B | 21 | 2,263 | ||||||
Lundin Energy AB | 87 | 2,790 | ||||||
Nibe Industrier AB, Class B | 138 | 5,056 | ||||||
Saab AB, Class B | 42 | 1,247 | ||||||
Sagax AB, Class B | 80 | 2,119 | ||||||
Sagax AB, Class D | 45 | 175 | ||||||
Sandvik AB(b) | 497 | 12,302 | ||||||
Securitas AB, Class B(b) | 141 | 2,409 | ||||||
Sinch AB(a)(c) | 18 | 2,847 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 662 | 8,506 | ||||||
Skandinaviska Enskilda Banken AB, Class C | 9 | 115 | ||||||
Skanska AB, Class B | 165 | 4,480 | ||||||
SKF AB, Class B | 177 | 4,576 | ||||||
Svenska Cellulosa AB S.C.A., Class A | 9 | 162 | ||||||
Svenska Cellulosa AB S.C.A., Class B | 275 | 4,830 | ||||||
Svenska Handelsbanken AB, Class A | 686 | 7,965 | ||||||
Svenska Handelsbanken AB, Class B | 15 | 184 | ||||||
Sweco AB, Class B | 90 | 1,607 | ||||||
Swedbank AB, Class A | 464 | 8,162 | ||||||
Swedish Match AB | 72 | 5,913 | ||||||
Swedish Orphan Biovitrum AB, Class B(a)(b) | 81 | 1,380 | ||||||
Tele2 AB, Class B(b) | 246 | 3,181 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 18 | 247 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,386 | 19,004 | ||||||
Telia Co. AB | 1,186 | 4,915 | ||||||
Trelleborg AB, Class B | 111 | 2,896 | ||||||
Volvo AB, Class A | 90 | 2,267 | ||||||
Volvo AB, Class B | 643 | 15,730 | ||||||
|
| |||||||
297,131 | ||||||||
|
| |||||||
Switzerland-8.30% | ||||||||
ABB Ltd. | 776 | 25,227 | ||||||
Adecco Group AG | 72 | 4,882 | ||||||
Alcon, Inc.(a) | 210 | 15,772 | ||||||
Baloise Holding AG | 21 | 3,555 | ||||||
Banque Cantonale Vaudoise | 12 | 1,225 | ||||||
Barry Callebaut AG | 1 | 2,210 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 1 | 9,287 | ||||||
Cie Financiere Richemont S.A. | 234 | 24,025 | ||||||
Clariant AG | 93 | 1,949 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Coca-Cola HBC AG | 89 | $ | 3,083 | |||||
Credit Suisse Group AG | 1,075 | 11,252 | ||||||
DKSH Holding AG | 15 | 1,208 | ||||||
EMS-Chemie Holding AG | 3 | 2,804 | ||||||
Flughafen Zurich AG(a) | 9 | 1,620 | ||||||
Geberit AG | 16 | 10,533 | ||||||
Georg Fischer AG | 2 | 2,807 | ||||||
Givaudan S.A. | 4 | 16,771 | ||||||
Helvetia Holding AG | 15 | 1,806 | ||||||
Julius Baer Group Ltd. | 99 | 6,244 | ||||||
Kuehne + Nagel International AG, Class R | 24 | 7,184 | ||||||
LafargeHolcim Ltd.(a) | 234 | 14,445 | ||||||
Logitech International S.A., Class R | 69 | 7,747 | ||||||
Lonza Group AG | 33 | 21,015 | ||||||
Nestle S.A. | 1,269 | 151,492 | ||||||
Novartis AG | 965 | 82,486 | ||||||
OC Oerlikon Corp. AG | 87 | 1,018 | ||||||
Partners Group Holding AG | 10 | 14,254 | ||||||
PSP Swiss Property AG | 21 | 2,593 | ||||||
Roche Holding AG | 319 | 104,089 | ||||||
Roche Holding AG, BR | 12 | 4,173 | ||||||
Schindler Holding AG | 9 | 2,506 | ||||||
Schindler Holding AG, PC | 18 | 5,127 | ||||||
SGS S.A. | 3 | 8,881 | ||||||
SIG Combibloc Group AG(a) | 132 | 3,236 | ||||||
Sika AG(b) | 63 | 18,816 | ||||||
Sonova Holding AG, Class A(a) | 24 | 7,107 | ||||||
STMicroelectronics N.V. | 293 | 10,991 | ||||||
Straumann Holding AG, Class R | 5 | 7,151 | ||||||
Sulzer AG | 9 | 1,026 | ||||||
Swatch Group AG (The) | 21 | 1,261 | ||||||
Swatch Group AG (The), BR | 12 | 3,679 | ||||||
Swiss Life Holding AG | 14 | 6,829 | ||||||
Swiss Prime Site AG | 33 | 3,211 | ||||||
Swiss Re AG | 129 | 12,005 | ||||||
Swisscom AG | 12 | 6,517 | ||||||
Tecan Group AG, Class R | 5 | 2,438 | ||||||
Temenos AG | 27 | 3,970 | ||||||
UBS Group AG | 1,526 | 23,299 | ||||||
VAT Group AG(a)(c) | 12 | 3,431 | ||||||
Vifor Pharma AG | 24 | 3,462 | ||||||
Zurich Insurance Group AG | 67 | 27,526 | ||||||
|
| |||||||
719,225 | ||||||||
|
| |||||||
Taiwan-0.00% | ||||||||
FIT Hon Teng Ltd.(a)(c) | 482 | 148 | ||||||
|
| |||||||
United Kingdom-11.70% | ||||||||
3i Group PLC | 433 | 7,686 | ||||||
Admiral Group PLC | 95 | 4,116 | ||||||
Ashmore Group PLC | 207 | 1,146 | ||||||
Ashtead Group PLC | 204 | 13,137 | ||||||
Associated British Foods PLC(a) | 158 | 5,049 | ||||||
AstraZeneca PLC | 598 | 63,877 | ||||||
Auto Trader Group PLC(a)(b)(c) | 429 | 3,387 | ||||||
AVEVA Group PLC | 51 | 2,457 | ||||||
Aviva PLC | 1,783 | 9,882 | ||||||
B&M European Value Retail S.A. | 395 | 3,094 | ||||||
BAE Systems PLC | 1,463 | 10,254 | ||||||
Barclays PLC | 7,866 | 19,114 | ||||||
Barratt Developments PLC | 461 | 4,928 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Bellway PLC | 56 | $ | 2,801 | |||||
Berkeley Group Holdings PLC | 52 | 3,331 | ||||||
BP PLC | 9,028 | 37,874 | ||||||
British American Tobacco PLC | 1,039 | 38,582 | ||||||
British Land Co. PLC (The) | 421 | 3,022 | ||||||
BT Group PLC(a) | 3,959 | 9,042 | ||||||
Bunzl PLC | 153 | 4,929 | ||||||
Burberry Group PLC(a) | 183 | 5,222 | ||||||
Centrica PLC(a) | 2,656 | 2,084 | ||||||
CNH Industrial N.V. | 455 | 6,775 | ||||||
Compass Group PLC(a) | 811 | 17,657 | ||||||
ConvaTec Group PLC(c) | 728 | 2,199 | ||||||
Croda International PLC | 61 | 5,713 | ||||||
DCC PLC | 45 | 3,915 | ||||||
Derwent London PLC | 46 | 2,120 | ||||||
Diageo PLC | 1,044 | 46,992 | ||||||
Direct Line Insurance Group PLC | 622 | 2,455 | ||||||
DS Smith PLC | 580 | 3,379 | ||||||
easyJet PLC(a) | 90 | 1,291 | ||||||
Entain PLC(a) | 264 | 6,183 | ||||||
Experian PLC | 412 | 15,927 | ||||||
GlaxoSmithKline PLC | 2,244 | 41,621 | ||||||
Halma PLC | 172 | 6,163 | ||||||
Hargreaves Lansdown PLC(b) | 165 | 3,928 | ||||||
Hiscox Ltd.(a) | 152 | 1,709 | ||||||
HomeServe PLC | 125 | 1,893 | ||||||
Howden Joinery Group PLC(a) | 259 | 2,900 | ||||||
HSBC Holdings PLC | 9,274 | 58,141 | ||||||
IMI PLC | 122 | 2,693 | ||||||
Imperial Brands PLC | 429 | 8,954 | ||||||
Informa PLC(a) | 681 | 5,301 | ||||||
InterContinental Hotels Group PLC(a) | 83 | 5,921 | ||||||
Intermediate Capital Group PLC | 127 | 3,844 | ||||||
International Consolidated Airlines Group S.A.(a) | 509 | 1,429 | ||||||
Intertek Group PLC | 73 | 6,204 | ||||||
ITV PLC(a) | 1,696 | 2,841 | ||||||
J Sainsbury PLC | 743 | 2,445 | ||||||
JD Sports Fashion PLC(a) | 198 | 2,518 | ||||||
Johnson Matthey PLC | 86 | 3,870 | ||||||
Kingfisher PLC(a) | 961 | 4,754 | ||||||
Land Securities Group PLC | 324 | 3,234 | ||||||
Legal & General Group PLC | 2,696 | 10,168 | ||||||
Lloyds Banking Group PLC(a) | 32,011 | 20,137 | ||||||
London Stock Exchange Group PLC | 144 | 14,754 | ||||||
M&G PLC | 1,183 | 3,559 | ||||||
Meggitt PLC(a) | 354 | 2,284 | ||||||
Melrose Industries PLC | 2,190 | 4,939 | ||||||
Mondi PLC | 221 | 6,013 | ||||||
National Grid PLC | 1,614 | 20,349 | ||||||
Natwest Group PLC(b) | 2,068 | 5,629 | ||||||
Next PLC(a) | 58 | 6,265 | ||||||
Ocado Group PLC(a)(b) | 210 | 6,097 | ||||||
Pearson PLC(b) | 342 | 3,930 | ||||||
Pennon Group PLC | 191 | 2,734 | ||||||
Persimmon PLC | 144 | 6,244 | ||||||
Phoenix Group Holdings PLC | 246 | 2,423 | ||||||
Prudential PLC | 1,187 | 25,219 | ||||||
Quilter PLC(c) | 795 | 1,800 | ||||||
Reckitt Benckiser Group PLC | 287 | 25,634 | ||||||
RELX PLC | 846 | 22,015 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Renishaw PLC | 16 | $ | 1,388 | |||||
Rentokil Initial PLC | 845 | 5,854 | ||||||
Rightmove PLC(b) | 394 | 3,349 | ||||||
Rolls-Royce Holdings PLC(a)(b) | 3,398 | 4,922 | ||||||
Royal Dutch Shell PLC, Class A | 1,868 | 35,304 | ||||||
Royal Dutch Shell PLC, Class B | 1,688 | 30,359 | ||||||
RSA Insurance Group PLC | 470 | 4,441 | ||||||
Sage Group PLC (The) | 497 | 4,390 | ||||||
Schroders PLC | 51 | 2,548 | ||||||
Segro PLC | 541 | 7,532 | ||||||
Severn Trent PLC | 108 | 3,704 | ||||||
Smith & Nephew PLC | 398 | 8,654 | ||||||
Smiths Group PLC | 180 | 4,051 | ||||||
Spirax-Sarco Engineering PLC | 33 | 5,398 | ||||||
SSE PLC | 473 | 9,614 | ||||||
St James’s Place PLC(b) | 241 | 4,543 | ||||||
Standard Chartered PLC | 1,176 | 8,460 | ||||||
Standard Life Aberdeen PLC | 979 | 3,762 | ||||||
Tate & Lyle PLC | 213 | 2,359 | ||||||
Taylor Wimpey PLC | 1,646 | 4,093 | ||||||
TechnipFMC PLC(a) | 210 | 1,576 | ||||||
Tesco PLC | 3,476 | 10,636 | ||||||
THG PLC(a) | 280 | 2,404 | ||||||
Travis Perkins PLC(a) | 102 | 2,171 | ||||||
Unilever PLC | 1,157 | 67,786 | ||||||
United Utilities Group PLC | 310 | 4,156 | ||||||
Vodafone Group PLC | 12,194 | 23,096 | ||||||
Weir Group PLC (The)(a) | 118 | 3,132 | ||||||
Whitbread PLC(a)(b) | 92 | 4,132 | ||||||
Wickes Group PLC(a) | 115 | 398 | ||||||
WM Morrison Supermarkets PLC | 1,010 | 2,431 | ||||||
WPP PLC | 540 | 7,294 | ||||||
|
| |||||||
1,014,113 | ||||||||
|
| |||||||
United States-0.63% | ||||||||
Amcor PLC, CDI | 688 | 8,051 | ||||||
Avast PLC(c) | 250 | 1,654 |
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Shares | Value | |||||||
United States-(continued) | ||||||||
Ferguson PLC | 102 | $ | 12,897 | |||||
James Hardie Industries PLC, CDI | 204 | 6,760 | ||||||
QIAGEN N.V.(a) | 102 | 4,977 | ||||||
Samsonite International S.A.(a)(c) | 611 | 1,134 | ||||||
Sims Ltd. | 75 | 915 | ||||||
Stellantis N.V. | 951 | 15,826 | ||||||
Tenaris S.A. | 216 | 2,329 | ||||||
|
| |||||||
54,543 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 8,633,931 | |||||||
|
| |||||||
Money Market Funds-0.01% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g) (Cost $1,016) | 1,016 | 1,016 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% | 8,634,947 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.91% |
| |||||||
Invesco Private Government Fund, 0.01%(f)(g)(h) | 204,764 | 204,764 | ||||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 306,999 | 307,122 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 511,886 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.52% |
| 9,146,833 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.52)% |
| (478,327 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 8,668,506 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $191,419, which represented 2.21% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Restricted security. The aggregate value of these securities at April 30, 2021 was $2,714, which represented less than 1% of the Fund’s Net Assets. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 567 | $ | 67,699 | $ | (67,250 | ) | $ | - | $ | - | $ | 1,016 | $ | 1 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 13,279 | 470,024 | (278,539 | ) | - | - | 204,764 | 5 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 21,660 | 564,564 | (279,108 | ) | - | 6 | 307,122 | 54 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 35,506 | $ | 1,102,287 | $ | (624,897 | ) | $ | - | $ | 6 | $ | 512,902 | $60 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Financials | 16.52 | |||||
Industrials | 15.78 | |||||
Consumer Discretionary | 12.53 | |||||
Health Care | 10.97 | |||||
Information Technology | 10.96 | |||||
Consumer Staples | 9.52 | |||||
Materials | 8.56 | |||||
Communication Services | 5.21 | |||||
Utilities | 3.42 | |||||
Real Estate | 3.13 | |||||
Energy | 3.00 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.40 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-92.67% |
| |||||||
Bahrain-0.06% | ||||||||
Ahli United Bank BSC | 7,836 | $ | 5,410 | |||||
|
| |||||||
Brazil-5.55% | ||||||||
Aliansce Sonae Shopping Centers S.A. | 257 | 1,216 | ||||||
Alpargatas S.A., Preference Shares(a) | 284 | 2,080 | ||||||
Ambev S.A. | 6,033 | 16,614 | ||||||
Atacadao S.A. | 523 | 2,094 | ||||||
Azul S.A., Preference Shares(a) | 287 | 2,037 | ||||||
B2W Cia Digital(a) | 288 | 3,574 | ||||||
B3 S.A. - Brasil, Bolsa, Balcao | 2,763 | 26,228 | ||||||
Banco Bradesco S.A. | 1,217 | 4,637 | ||||||
Banco Bradesco S.A., Preference Shares | 5,594 | 24,592 | ||||||
Banco BTG Pactual S.A. | 308 | 6,117 | ||||||
Banco do Brasil S.A. | 1,190 | 6,501 | ||||||
Banco Inter S.A. | 300 | 4,191 | ||||||
Banco Inter S.A., Preference Shares(b) | 200 | 2,871 | ||||||
Banco Santander Brasil S.A. | 571 | 4,055 | ||||||
BB Seguridade Participacoes S.A. | 800 | 3,293 | ||||||
BR Malls Participacoes S.A.(a) | 1,153 | 2,023 | ||||||
Bradespar S.A., Preference Shares | 296 | 3,874 | ||||||
Braskem S.A., Class A, Preference Shares(a) | 299 | 2,893 | ||||||
BRF S.A.(a) | 648 | 2,483 | ||||||
CCR S.A. | 1,486 | 3,298 | ||||||
Centrais Eletricas Brasileiras S.A. | 615 | 4,170 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 304 | 2,072 | ||||||
Cia Brasileira de Distribuicao | 270 | 2,027 | ||||||
Cia de Locacao das Americas | 297 | 1,444 | ||||||
Cia de Saneamento Basico do Estado de SaoPaulo | 552 | 4,353 | ||||||
Cia de Saneamento do Parana | 290 | 1,128 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 287 | 1,428 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 1,231 | 3,140 | ||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 285 | 1,329 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 1,260 | 1,454 | ||||||
Cia Siderurgica Nacional S.A. | 689 | 6,247 | ||||||
Cielo S.A. | 1,507 | 958 | ||||||
Cogna Educacao(a) | 2,029 | 1,447 | ||||||
Cosan S.A. | 372 | 6,175 | ||||||
CPFL Energia S.A. | 287 | 1,553 | ||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 314 | 1,362 | ||||||
Duratex S.A. | 321 | 1,402 | ||||||
EDP - Energias do Brasil S.A. | 331 | 1,146 | ||||||
Energisa S.A. | 283 | 2,298 | ||||||
Eneva S.A.(a) | 632 | 1,709 | ||||||
ENGIE Brasil Energia S.A. | 276 | 2,069 | ||||||
Equatorial Energia S.A | 1,182 | 5,466 | ||||||
Fleury S.A. | 278 | 1,309 | ||||||
Gerdau S.A., Preference Shares | 1,246 | 7,630 | ||||||
Hapvida Participacoes e Investimentos S.A.(b) | 945 | 2,515 | ||||||
Hypera S.A. | 577 | 3,686 | ||||||
IRB Brasil Resseguros S.A. | 1,265 | 1,420 |
Shares | Value | |||||||
Brazil-(continued) | ||||||||
Itau Unibanco Holding S.A. | 628 | $ | 2,831 | |||||
Itau Unibanco Holding S.A., Preference Shares | 5,948 | 30,183 | ||||||
Itausa S.A., Preference Shares | 6,043 | 11,205 | ||||||
Klabin S.A.(a) | 353 | 1,813 | ||||||
Localiza Rent a Car S.A. | 653 | 7,739 | ||||||
Locaweb Servicos de Internet S.A.(b) | 500 | 2,651 | ||||||
Lojas Americanas S.A. | 302 | 1,105 | ||||||
Lojas Americanas S.A., Preference Shares | 935 | 3,595 | ||||||
Lojas Renner S.A. | 1,152 | 8,579 | ||||||
Magazine Luiza S.A. | 3,528 | 13,025 | ||||||
Multiplan Empreendimentos Imobiliarios S.A. | 307 | 1,303 | ||||||
Natura & Co. Holding S.A.(a) | 874 | 7,852 | ||||||
Neoenergia S.A. | 300 | 885 | ||||||
Notre Dame Intermedica Participacoes S.A. | 599 | 8,973 | ||||||
Odontoprev S.A. | 923 | 2,173 | ||||||
Petrobras Distribuidora S.A. | 905 | 3,755 | ||||||
Petroleo Brasileiro S.A. | 4,804 | 20,455 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 5,376 | 23,406 | ||||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 306 | 1,526 | ||||||
Raia Drogasil S.A. | 1,505 | 7,296 | ||||||
Rumo S.A.(a) | 1,596 | 5,884 | ||||||
Sao Martinho S.A. | 283 | 1,626 | ||||||
Sendas Distribuidora S.A. | 270 | 4,026 | ||||||
Sul America S.A. | 314 | 1,893 | ||||||
Suzano S.A.(a) | 923 | 11,683 | ||||||
Telefonica Brasil S.A. | 585 | 4,658 | ||||||
TIM S.A. | 1,174 | 2,638 | ||||||
TOTVS S.A. | 607 | 3,480 | ||||||
Ultrapar Participacoes S.A. | 1,176 | 4,576 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares | 620 | 2,566 | ||||||
Vale S.A. | 3,996 | 80,299 | ||||||
Via Varejo S.A.(a) | 604 | 1,317 | ||||||
WEG S.A. | 1,854 | 11,964 | ||||||
YDUQS Participacoes S.A., Class A | 320 | 1,726 | ||||||
|
| |||||||
494,294 | ||||||||
|
| |||||||
Chile-0.66% | ||||||||
AES Gener S.A. | 4,978 | 814 | ||||||
Aguas Andinas S.A., Class A | 4,508 | 1,275 | ||||||
Banco de Chile | 66,294 | 7,064 | ||||||
Banco de Credito e Inversiones S.A. | 63 | 2,911 | ||||||
Banco Santander Chile | 89,230 | 4,872 | ||||||
Cencosud S.A. | 1,386 | 2,863 | ||||||
Cencosud Shopping S.A. | 680 | 1,104 | ||||||
Cia Cervecerias Unidas S.A. | 213 | 1,950 | ||||||
Colbun S.A. | 11,486 | 1,962 | ||||||
Embotelladora Andina S.A., Class B, Preference Shares | 314 | 745 | ||||||
Empresa Nacional de Telecomunicaciones S.A. | 198 | 1,106 | ||||||
Empresas CMPC S.A. | 1,655 | 4,577 | ||||||
Empresas COPEC S.A. | 515 | 5,519 | ||||||
Enel Americas S.A. | 34,216 | 4,847 | ||||||
Enel Chile S.A.(a) | 38,726 | 2,630 | ||||||
Engie Energia Chile S.A. | 819 | 860 | ||||||
Falabella S.A. | 1,067 | 4,796 | ||||||
Parque Arauco S.A. | 819 | 1,265 |
��
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Chile-(continued) | ||||||||
Plaza S.A. | 386 | $ | 649 | |||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 135 | 7,079 | ||||||
|
| |||||||
58,888 | ||||||||
|
| |||||||
China-42.11% | ||||||||
51job, Inc., ADR(a) | 45 | 2,770 | ||||||
AECC Aero-Engine Control Co. Ltd., A Shares | 1,200 | 3,364 | ||||||
Agile Group Holdings Ltd. | 1,397 | 2,191 | ||||||
Agricultural Bank of China Ltd., A Shares | 18,200 | 8,999 | ||||||
Agricultural Bank of China Ltd., H Shares | 41,702 | 16,215 | ||||||
Aier Eye Hospital Group Co. Ltd., A Shares | 500 | 5,754 | ||||||
Airtac International Group | 178 | 7,519 | ||||||
Alibaba Group Holding Ltd.(a) | 17,153 | 496,910 | ||||||
Alibaba Health Information Technology Ltd.(a) | 5,976 | 18,235 | ||||||
A-Living Smart City Services Co. Ltd., U Shares(b) | 898 | 4,139 | ||||||
Aluminum Corp. of China Ltd., A Shares(a) | 9,600 | 6,586 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 500 | 3,788 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 1,527 | 9,132 | ||||||
Anhui Gujing Distillery Co. Ltd., B Shares | 300 | 4,028 | ||||||
ANTA Sports Products Ltd. | 1,452 | 26,079 | ||||||
Autohome, Inc., ADR | 74 | 6,862 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares | 5,085 | 3,274 | ||||||
Baidu, Inc., ADR(a) | 344 | 72,354 | ||||||
Bank of China Ltd., A Shares | 15,000 | 7,533 | ||||||
Bank of China Ltd., H Shares | 96,797 | 38,510 | ||||||
Bank of Communications Co. Ltd., A Shares | 3,600 | 2,676 | ||||||
Bank of Communications Co. Ltd., H Shares | 9,243 | 5,915 | ||||||
Bank of Ningbo Co. Ltd., A Shares | 600 | 3,915 | ||||||
Bank of Shanghai Co. Ltd., A Shares | 2,300 | 2,907 | ||||||
Beijing Enterprises Holdings Ltd. | 1,028 | 3,362 | ||||||
Beijing Enterprises Water Group Ltd. | 6,423 | 2,456 | ||||||
Bilibili, Inc., ADR(a) | 194 | 21,507 | ||||||
BOE Technology Group Co. Ltd., A Shares | 5,400 | 6,116 | ||||||
Brilliance China Automotive Holdings Ltd.(c) | 2,156 | 2,026 | ||||||
BYD Co. Ltd., A Shares | 300 | 7,351 | ||||||
BYD Co. Ltd., H Shares | 878 | 18,121 | ||||||
BYD Electronic International Co. Ltd. | 1,159 | 6,170 | ||||||
CanSino Biologics, Inc., H Shares(a)(b) | 111 | 5,559 | ||||||
Central China Securities Co. Ltd., A Shares(a) | 6,200 | 4,235 | ||||||
CGN Power Co. Ltd., H Shares(b) | 14,976 | 3,451 | ||||||
Changsha Jingjia Microelectronics Co. Ltd., A Shares | 300 | 3,379 | ||||||
China Aoyuan Group Ltd. | 2,549 | 2,652 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 11,904 | 2,345 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 12,151 | 6,367 | ||||||
China Communications Services Corp. Ltd., H Shares | 5,111 | 2,218 | ||||||
China Conch Venture Holdings Ltd. | 2,541 | 12,023 | ||||||
China Construction Bank Corp., H Shares | 122,137 | 96,711 | ||||||
China Everbright Bank Co. Ltd., H Shares | 5,382 | 2,252 | ||||||
China Everbright Environment Group Ltd. | 5,606 | 3,530 | ||||||
China Evergrande Group | 2,958 | 5,012 | ||||||
China Feihe Ltd.(b) | 3,848 | 10,974 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 4,645 | 2,769 | ||||||
China Gas Holdings Ltd. | 3,725 | 13,453 | ||||||
China Hongqiao Group Ltd. | 3,145 | 4,981 |
Shares | Value | |||||||
China-(continued) | ||||||||
China Huarong Asset Management Co. Ltd., H Shares(b)(c) | 14,857 | $ | 1,756 | |||||
China International Capital Corp. Ltd., H Shares(a)(b) | 1,291 | 3,245 | ||||||
China Jinmao Holdings Group Ltd. | 6,599 | 2,506 | ||||||
China Lesso Group Holdings Ltd. | 985 | 2,483 | ||||||
China Life Insurance Co. Ltd. | 264 | 250 | ||||||
China Life Insurance Co. Ltd., H Shares | 9,453 | 19,254 | ||||||
China Literature Ltd.(a)(b)(d) | 181 | 1,888 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 3,894 | 5,736 | ||||||
China Medical System Holdings Ltd. | 2,331 | 5,402 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 3,001 | 16,074 | ||||||
China Merchants Bank Co. Ltd., A Shares | 2,400 | 19,544 | ||||||
China Merchants Bank Co. Ltd., H Shares | 4,443 | 35,839 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,350 | 2,166 | ||||||
China Merchants Securities Co. Ltd., H Shares(b) | 2,207 | 3,092 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 3,300 | 2,397 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 9,341 | 4,799 | ||||||
China Molybdenum Co. Ltd., H Shares | 6,239 | 4,233 | ||||||
China National Building Material Co. Ltd., H Shares | 5,722 | 8,295 | ||||||
China Oilfield Services Ltd., H Shares | 1,890 | 1,742 | ||||||
China Overseas Land & Investment Ltd. | 4,709 | 11,920 | ||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 600 | 3,049 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 3,750 | 13,567 | ||||||
China Petroleum & Chemical Corp., A Shares | 11,300 | 7,473 | ||||||
China Petroleum & Chemical Corp., H Shares | 29,372 | 14,635 | ||||||
China Railway Group Ltd., H Shares | 5,705 | 2,953 | ||||||
China Resources Beer Holdings Co. Ltd. | 2,243 | 18,122 | ||||||
China Resources Cement Holdings Ltd. | 4,302 | 4,691 | ||||||
China Resources Gas Group Ltd. | 1,204 | 6,534 | ||||||
China Resources Land Ltd. | 3,745 | 17,575 | ||||||
China Resources Power Holdings Co. Ltd. | 1,882 | 2,472 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 4,515 | 9,417 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,847 | 3,434 | ||||||
China Tourism Group Duty Free Corp. Ltd., A Shares | 155 | 7,473 | ||||||
China Tower Corp. Ltd., H Shares(b) | 66,799 | 9,633 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 5,088 | 2,909 | ||||||
China Vanke Co. Ltd., A Shares | 800 | 3,482 | ||||||
China Vanke Co. Ltd., H Shares | 2,703 | 9,466 | ||||||
China Yangtze Power Co. Ltd., A Shares | 3,000 | 9,258 | ||||||
Chongqing Changan Automobile Co. Ltd., A Shares(a) | 1,400 | 3,541 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., A Shares | 200 | 6,967 | ||||||
CIFI Holdings Group Co. Ltd | 5,501 | 4,922 | ||||||
CITIC Ltd. | 6,188 | 6,517 | ||||||
CITIC Securities Co. Ltd., A Shares | 1,100 | 4,054 | ||||||
CITIC Securities Co. Ltd., H Shares | 3,016 | 7,277 | ||||||
COSCO SHIPPING Holdings Co. Ltd., A Shares(a) | 3,200 | 9,039 | ||||||
COSCO SHIPPING Ports Ltd. | 1,853 | 1,558 | ||||||
Country Garden Holdings Co. Ltd. | 9,279 | 11,051 | ||||||
Country Garden Services Holdings Co. Ltd. | 1,824 | 19,140 | ||||||
CSC Financial Co. Ltd., H Shares(b)(d) | 1,390 | 1,623 | ||||||
CSG Holding Co. Ltd., B Shares | 15,300 | 6,717 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
CSPC Pharmaceutical Group Ltd. | 10,025 | $ | 12,417 | |||||
Da An Gene Co. Ltd. of Sun Yat-sen University, A Shares | 600 | 3,109 | ||||||
Dali Foods Group Co. Ltd.(b) | 2,916 | 1,735 | ||||||
Dalian Huarui Heavy Industry Group Co. Ltd., A Shares | 4,800 | 2,678 | ||||||
Datang International Power Generation Co. Ltd., A Shares | 20,300 | 7,873 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 4,333 | 3,766 | ||||||
East Group Co. Ltd., A Shares | 2,600 | 2,515 | ||||||
East Money Information Co. Ltd., A Shares | 1,480 | 7,373 | ||||||
ENN Energy Holdings Ltd. | 1,099 | 18,734 | ||||||
Eternal Asia Supply Chain Management Ltd., A Shares | 4,700 | 3,704 | ||||||
Eve Energy Co. Ltd., A Shares | 300 | 4,110 | ||||||
Far East Horizon Ltd. | 2,938 | 3,367 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., A Shares | 220 | 5,762 | ||||||
Fosun International Ltd. | 3,000 | 4,318 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares(b) | 801 | 4,656 | ||||||
Ganfeng Lithium Co. Ltd., A Shares | 300 | 5,076 | ||||||
GDS Holdings Ltd., ADR(a) | 123 | 10,205 | ||||||
Geely Automobile Holdings Ltd. | 6,557 | 17,011 | ||||||
Genscript Biotech Corp.(a) | 1,006 | 2,331 | ||||||
GF Securities Co. Ltd., H Shares | 1,889 | 2,739 | ||||||
GOME Retail Holdings Ltd.(a) | 15,903 | 2,621 | ||||||
Great Wall Motor Co. Ltd., H Shares | 4,382 | 10,844 | ||||||
Greentown China Holdings Ltd. | 1,339 | 1,614 | ||||||
GRG Banking Equipment Co. Ltd., A Shares | 2,400 | 4,791 | ||||||
GSX Techedu, Inc., ADR(a)(d) | 62 | 1,981 | ||||||
Guangdong Haid Group Co. Ltd., A Shares | 300 | 3,866 | ||||||
Guangdong Investment Ltd. | 4,495 | 6,922 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 5,381 | 4,593 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 1,302 | 1,666 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares | 1,400 | 2,789 | ||||||
Guotai Junan Securities Co. Ltd., H Shares(b) | 1,141 | 1,625 | ||||||
Haidilao International Holding Ltd.(b)(d) | 1,162 | 7,533 | ||||||
Haier Smart Home Co. Ltd., A Shares | 1,100 | 5,631 | ||||||
Haier Smart Home Co. Ltd., H Shares(a) | 1,800 | 7,787 | ||||||
Haitian International Holdings Ltd | 595 | 2,425 | ||||||
Haitong Securities Co. Ltd., A Shares | 1,700 | 2,908 | ||||||
Haitong Securities Co. Ltd., H Shares | 4,720 | 4,224 | ||||||
Hangzhou Century Co. Ltd., A Shares | 3,000 | 3,041 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., A Shares | 300 | 7,255 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)(d) | 1,407 | 6,078 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., A Shares | 600 | 3,397 | ||||||
Hengan International Group Co. Ltd | 1,106 | 7,170 | ||||||
HengTen Networks Group Ltd.(a)(d) | 1,936 | 2,293 | ||||||
Hongta Securities Co. Ltd., A Shares | 900 | 1,754 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 750 | 4,688 | ||||||
Huaan Securities Co. Ltd., A Shares | 3,900 | 3,670 | ||||||
Huaneng Power International, Inc., H Shares | 5,885 | 2,122 | ||||||
Huatai Securities Co. Ltd., H Shares(b) | 2,366 | 3,381 | ||||||
Huazhu Group Ltd., ADR(a) | 233 | 13,738 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 4,200 | 3,329 |
Shares | Value | |||||||
China-(continued) | ||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 101,944 | $ | 66,415 | |||||
Industrial Bank Co. Ltd., A Shares | 2,100 | 7,055 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares | 800 | 5,062 | ||||||
Innovent Biologics, Inc.(a)(b) | 1,523 | 16,550 | ||||||
Inspur Electronic Information Industry Co. Ltd., A Shares | 600 | 2,504 | ||||||
Intco Medical Technology Co. Ltd., A Shares | 50 | 1,318 | ||||||
iQIYI, Inc., ADR(a) | 324 | 4,766 | ||||||
JD Health International, Inc.(a)(b)(d) | 250 | 3,895 | ||||||
JD.com, Inc., ADR(a) | 1,098 | 84,941 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., A Shares | 1,400 | 3,247 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 1,406 | 1,658 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., A Shares | 520 | 6,758 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares | 200 | 5,949 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 899 | 2,199 | ||||||
Jiayuan International Group Ltd. | 11,242 | 5,182 | ||||||
Jinxin Fertility Group Ltd.(b) | 996 | 2,565 | ||||||
Joyoung Co. Ltd., A Shares | 500 | 2,457 | ||||||
JOYY, Inc., ADR | 75 | 7,130 | ||||||
Juewei Food Co. Ltd., A Shares | 300 | 4,001 | ||||||
KE Holdings, Inc., ADR(a) | 147 | 7,651 | ||||||
Kingboard Holdings Ltd. | 1,087 | 6,438 | ||||||
KingClean Electric Co. Ltd., A Shares | 1,400 | 9,696 | ||||||
Kingdee International Software Group Co. Ltd. | 2,986 | 9,881 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a) | 57 | 2,503 | ||||||
Kingsoft Corp. Ltd. | 1,255 | 8,887 | ||||||
Kuaishou Technology(a)(b) | 300 | 10,159 | ||||||
Kunlun Energy Co. Ltd. | 4,276 | 4,592 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., A Shares(a) | 1,700 | 4,300 | ||||||
Kweichow Moutai Co. Ltd., A Shares | 155 | 48,065 | ||||||
KWG Group Holdings Ltd. | 1,558 | 2,503 | ||||||
Legend Holdings Corp., H Shares(b) | 1,400 | 2,296 | ||||||
Lens Technology Co. Ltd., A Shares | 600 | 2,423 | ||||||
Leyard Optoelectronic Co. Ltd., A Shares | 2,600 | 2,881 | ||||||
Li Auto, Inc., ADR(a) | 539 | 10,640 | ||||||
Li Ning Co. Ltd. | 2,723 | 22,228 | ||||||
LianChuang Electronic Technology Co. Ltd., A Shares | 2,000 | 3,430 | ||||||
Logan Group Co. Ltd. | 2,111 | 3,359 | ||||||
Longfor Group Holdings Ltd.(b) | 2,505 | 15,626 | ||||||
LONGi Green Energy Technology Co. Ltd., A Shares | 300 | 4,608 | ||||||
Lufax Holding Ltd., ADR(a)(d) | 245 | 2,916 | ||||||
Luxshare Precision Industry Co. Ltd., A Shares | 1,169 | 6,676 | ||||||
Luzhou Laojiao Co. Ltd., A Shares | 200 | 7,899 | ||||||
Mango Excellent Media Co. Ltd., A Shares | 500 | 5,258 | ||||||
Meituan, B Shares(a)(b) | 4,675 | 179,371 | ||||||
Ming Yuan Cloud Group Holdings Ltd.(a) | 432 | 2,008 | ||||||
Momo, Inc., ADR | 225 | 3,299 | ||||||
Muyuan Foods Co. Ltd., A Shares | 370 | 6,467 | ||||||
NAURA Technology Group Co. Ltd., A Shares | 200 | 5,118 | ||||||
NetEase, Inc., ADR | 486 | 54,461 | ||||||
New China Life Insurance Co. Ltd., A Shares | 300 | 2,253 | ||||||
New China Life Insurance Co. Ltd., H Shares | 1,189 | 4,585 | ||||||
New Hope Liuhe Co. Ltd., A Shares | 900 | 2,311 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 1,808 | $ | 27,590 | |||||
Ninestar Corp., A Shares | 800 | 3,137 | ||||||
NIO, Inc., ADR(a) | 1,532 | 61,035 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 11,656 | 3,992 | ||||||
PetroChina Co. Ltd., H Shares | 29,275 | 10,667 | ||||||
Pharmaron Beijing Co. Ltd., A Shares | 300 | 7,519 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 7,653 | 7,518 | ||||||
Pinduoduo, Inc., ADR(a) | 365 | 48,884 | ||||||
Ping An Bank Co. Ltd., A Shares | 2,300 | 8,277 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) . | 560 | 6,561 | ||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 600 | 6,722 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 7,629 | 83,442 | ||||||
Poly Developments and Holdings Group Co. Ltd., A Shares | 2,000 | 4,327 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 12,176 | 7,933 | ||||||
Qingdao Hanhe Cable Co. Ltd., A Shares | 5,400 | 3,079 | ||||||
Rongan Property Co. Ltd., A Shares | 9,500 | 4,052 | ||||||
SAIC Motor Corp. Ltd., A Shares | 1,100 | 3,410 | ||||||
Sany Heavy Industry Co. Ltd., A Shares | 1,200 | 5,726 | ||||||
Seazen Group Ltd.(a) | 4,036 | 4,313 | ||||||
SF Holding Co. Ltd., A Shares | 300 | 2,983 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 3,435 | 7,704 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., A Shares | 200 | 3,848 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares | 800 | 5,563 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(d) | 1,051 | 6,678 | ||||||
Shanghai International Airport Co. Ltd., A Shares | 300 | 2,278 | ||||||
Shanghai Jahwa United Co. Ltd., A Shares | 300 | 2,735 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 1,158 | 2,636 | ||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 3,300 | 5,125 | ||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares | 20,400 | 4,896 | ||||||
Shenzhen Agricultural Products Group Co. Ltd., A Shares | 4,500 | 3,838 | ||||||
Shenzhen Aisidi Co. Ltd., A Shares | 1,700 | 2,031 | ||||||
Shenzhen Huaqiang Industry Co. Ltd., A Shares | 2,400 | 5,415 | ||||||
Shenzhen Inovance Technology Co. Ltd., A Shares | 300 | 4,147 | ||||||
Shenzhen International Holdings Ltd. | 1,401 | 2,334 | ||||||
Shenzhen Investment Ltd. | 5,544 | 2,034 | ||||||
Shenzhen Kaifa Technology Co. Ltd., A Shares | 900 | 2,402 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., A Shares | 200 | 5,585 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares | 155 | 11,170 | ||||||
Shenzhen MTC Co. Ltd., A Shares(a) | 3,500 | 3,137 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares(a) | 6,600 | 3,468 | ||||||
Shenzhen SC New Energy Technology Corp., A Shares | 200 | 3,414 |
Shares | Value | |||||||
China-(continued) | ||||||||
Shenzhou International Group Holdings Ltd. | 920 | $ | 20,232 | |||||
Shimao Group Holdings Ltd. | 1,594 | 4,618 | ||||||
Sichuan Swellfun Co. Ltd., A Shares | 300 | 4,742 | ||||||
Sieyuan Electric Co. Ltd., A Shares | 1,100 | 5,366 | ||||||
Silergy Corp. | 76 | 7,958 | ||||||
Sino Biopharmaceutical Ltd. | 12,261 | 13,213 | ||||||
Sinopec Oilfield Service Corp., A Shares(a) | 9,800 | 2,953 | ||||||
Sinopharm Group Co. Ltd., H Shares | 1,358 | 4,214 | ||||||
Sinotruk Hong Kong Ltd. | 1,003 | 2,469 | ||||||
Smoore International Holdings Ltd.(a)(b) | 1,175 | 8,328 | ||||||
Sunac China Holdings Ltd. | 3,090 | 12,035 | ||||||
Sunny Optical Technology Group Co. Ltd. | 904 | 22,045 | ||||||
TAL Education Group, ADR(a) | 480 | 27,336 | ||||||
Tencent Holdings Ltd. | 7,239 | 580,660 | ||||||
Tencent Music Entertainment Group, ADR(a) | 590 | 10,278 | ||||||
Tongcheng-Elong Holdings Ltd.(a)(b) | 1,167 | 2,927 | ||||||
Tongwei Co. Ltd., A Shares | 600 | 3,266 | ||||||
Topsec Technologies Group, Inc., A Shares(a) | 1,100 | 3,080 | ||||||
TravelSky Technology Ltd., H Shares | 936 | 2,056 | ||||||
Trip.com Group Ltd., ADR(a) | 605 | 23,643 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 577 | 5,237 | ||||||
Vipshop Holdings Ltd., ADR(a) | 543 | 16,708 | ||||||
Wanhua Chemical Group Co. Ltd., A Shares | 300 | 4,763 | ||||||
Weibo Corp., ADR(a) | 80 | 4,032 | ||||||
Weichai Power Co. Ltd., H Shares | 2,866 | 6,649 | ||||||
Wingtech Technology Co. Ltd., A Shares | 300 | 3,954 | ||||||
Wuliangye Yibin Co. Ltd., A Shares | 300 | 13,212 | ||||||
WuXi AppTec Co. Ltd., H Shares(b) | 340 | 8,042 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 3,760 | 53,010 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares | 2,000 | 3,767 | ||||||
Xinyi Solar Holdings Ltd. | 5,162 | 8,640 | ||||||
XPeng, Inc., ADR(a)(d) | 147 | 4,397 | ||||||
Yadea Group Holdings Ltd.(b) | 877 | 1,920 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 3,652 | 3,925 | ||||||
Yanlord Land Group Ltd. | 1,145 | 1,145 | ||||||
Yantai Eddie Precision Machinery Co. Ltd., A Shares | 300 | 2,833 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 4,143 | 4,945 | ||||||
Yihai International Holding Ltd. | 682 | 6,647 | ||||||
Yonyou Network Technology Co. Ltd., A Shares | 630 | 3,232 | ||||||
Yunnan Baiyao Group Co. Ltd., A Shares | 300 | 4,986 | ||||||
Zai Lab Ltd., ADR(a) | 84 | 13,962 | ||||||
Zhefu Holding Group Co. Ltd., A Shares | 5,700 | 4,932 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 1,533 | 1,334 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares | 600 | 3,586 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., A Shares(a) | 2,000 | 4,253 | ||||||
Zhengqi Financial Holding Corp., Rts., TBA(a)(c) | 15 | 0 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b) | 550 | 3,257 | ||||||
Zhongsheng Group Holdings Ltd | 1,015 | 7,691 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 825 | 3,293 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 7,339 | 10,337 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 2,586 | 3,583 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
ZTE Corp., H Shares | 1,137 | $ | 2,846 | |||||
ZTO Express Cayman, Inc., ADR | 561 | 18,042 | ||||||
|
| |||||||
3,749,684 | ||||||||
|
| |||||||
Colombia-0.21% | ||||||||
Bancolombia S.A. | 366 | 2,732 | ||||||
Bancolombia S.A., Preference Shares | 594 | 4,446 | ||||||
Cementos Argos S.A. | 755 | 1,035 | ||||||
Ecopetrol S.A. | 6,211 | 3,669 | ||||||
Grupo Argos S.A. | 381 | 1,078 | ||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 1,836 | 542 | ||||||
Grupo de Inversiones Suramericana S.A. | 375 | 1,921 | ||||||
Interconexion Electrica S.A. ESP | 633 | 3,618 | ||||||
|
| |||||||
19,041 | ||||||||
|
| |||||||
Czech Republic-0.15% | ||||||||
CEZ A.S. | 225 | 6,277 | ||||||
Komercni banka A.S.(a) | 98 | 2,975 | ||||||
Moneta Money Bank A.S.(a)(b) | 819 | 3,049 | ||||||
O2 Czech Republic A.S. | 80 | 985 | ||||||
|
| |||||||
13,286 | ||||||||
|
| |||||||
Egypt-0.09% | ||||||||
Commercial International Bank Egypt S.A.E. | 1,772 | 6,593 | ||||||
Eastern Co. S.A.E. | 1,307 | 973 | ||||||
Egypt Kuwait Holding Co. S.A.E. | 760 | 760 | ||||||
|
| |||||||
8,326 | ||||||||
|
| |||||||
Greece-0.30% | ||||||||
Alpha Services and Holdings S.A.(a) | 2,199 | 3,494 | ||||||
Eurobank Ergasias Services and Holdings S.A.(a) | 2,400 | 2,270 | ||||||
FF Group(a)(c) | 21 | 0 | ||||||
Hellenic Petroleum S.A. | 107 | 745 | ||||||
Hellenic Telecommunications Organization S.A. | 320 | 5,435 | ||||||
JUMBO S.A. | 156 | 2,920 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 92 | 1,423 | ||||||
Mytilineos S.A. | 153 | 2,853 | ||||||
National Bank of Greece S.A.(a) | 1,086 | 3,380 | ||||||
OPAP S.A. | 263 | 4,037 | ||||||
|
| |||||||
26,557 | ||||||||
|
| |||||||
Hong Kong-0.13% | ||||||||
Alibaba Pictures Group Ltd.(a) | 25,836 | 3,759 | ||||||
Kingboard Laminates Holdings Ltd. | 1,460 | 3,650 | ||||||
Nine Dragons Paper Holdings Ltd. | 2,701 | 3,714 | ||||||
|
| |||||||
11,123 | ||||||||
|
| |||||||
Hungary-0.26% | ||||||||
Gedeon Richter PLC | 195 | 5,586 | ||||||
Magyar Telekom Telecommunications PLC | 714 | 990 | ||||||
MOL Hungarian Oil & Gas PLC(a) | 584 | 4,041 | ||||||
OTP Bank Nyrt(a) | 272 | 12,246 | ||||||
|
| |||||||
22,863 | ||||||||
|
| |||||||
India-4.14% | ||||||||
Axis Bank Ltd., GDR(a)(b) | 812 | 38,529 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 366 | 25,261 | ||||||
GAIL (India) Ltd., GDR(b) | 1,844 | 20,007 | ||||||
Infosys Ltd., ADR | 2,268 | 41,006 | ||||||
Larsen & Toubro Ltd., GDR(b)(d) | 1,820 | 32,651 | ||||||
Mahindra & Mahindra Ltd., GDR(b) | 2,097 | 20,802 | ||||||
Reliance Industries Ltd., GDR(b) | 1,200 | 64,920 |
Shares | Value | |||||||
India-(continued) | ||||||||
State Bank of India, GDR(a)(b) | 576 | $ | 26,928 | |||||
Tata Motors Ltd., ADR(a) | 774 | 14,977 | ||||||
Tata Steel Ltd., GDR(b) | 2,819 | 38,761 | ||||||
Vedanta Ltd., ADR(d) | 1,263 | 17,354 | ||||||
Wipro Ltd., ADR | 3,875 | 27,745 | ||||||
|
| |||||||
368,941 | ||||||||
|
| |||||||
Indonesia-1.38% | ||||||||
PT Adaro Energy Tbk | 17,830 | 1,537 | ||||||
PT Astra International Tbk | 22,871 | 8,708 | ||||||
PT Bank Central Asia Tbk | 12,054 | 26,724 | ||||||
PT Bank Mandiri (Persero) Tbk | 24,113 | 10,308 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 10,578 | 4,174 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 69,310 | 19,433 | ||||||
PT Barito Pacific Tbk(a) | 27,018 | 1,870 | ||||||
PT Bukit Asam Tbk | 6,127 | 1,005 | ||||||
PT Charoen Pokphand Indonesia Tbk | 10,022 | 4,891 | ||||||
PT Gudang Garam Tbk(a) | 684 | 1,709 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 15,435 | 1,411 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 3,532 | 2,225 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,913 | 1,702 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 3,652 | 2,200 | ||||||
PT Indofood Sukses Makmur Tbk | 6,562 | 2,964 | ||||||
PT Kalbe Farma Tbk | 25,687 | 2,561 | ||||||
PT Perusahaan Gas Negara Tbk | 14,788 | 1,254 | ||||||
PT Semen Indonesia (Persero) Tbk | 4,226 | 3,050 | ||||||
PT Surya Citra Media Tbk(a) | 10,404 | 1,134 | ||||||
PT Telkom Indonesia (Persero) Tbk | 62,335 | 13,809 | ||||||
PT Tower Bersama Infrastructure Tbk | 13,361 | 2,581 | ||||||
PT Unilever Indonesia Tbk | 8,244 | 3,424 | ||||||
PT United Tractors Tbk | 2,174 | 3,187 | ||||||
PT Vale Indonesia Tbk(a) | 3,793 | 1,211 | ||||||
|
| |||||||
123,072 | ||||||||
|
| |||||||
Kuwait-0.56% | ||||||||
Agility Public Warehousing Co. KSC | 1,406 | 4,424 | ||||||
Boubyan Bank KSCP | 1,258 | 2,735 | ||||||
Boubyan Petrochemicals Co. KSCP | 507 | 1,556 | ||||||
Gulf Bank KSCP | 2,319 | 1,670 | ||||||
Humansoft Holding Co. KSC | 129 | 1,409 | ||||||
Kuwait Finance House KSCP | 4,675 | 11,218 | ||||||
Mabanee Co. K.P.S.C. | 744 | 1,726 | ||||||
Mobile Telecommunications Co. KSCP | 1,043 | 2,087 | ||||||
National Bank of Kuwait SAKP | 8,407 | 22,964 | ||||||
|
| |||||||
49,789 | ||||||||
|
| |||||||
Malaysia-1.96% | ||||||||
Alliance Bank Malaysia Bhd.(a) | 1,488 | 944 | ||||||
AMMB Holdings Bhd | 2,488 | 1,810 | ||||||
Axiata Group Bhd | 6,317 | 5,968 | ||||||
British American Tobacco Malaysia Bhd | 274 | 959 | ||||||
CIMB Group Holdings Bhd | 9,947 | 10,053 | ||||||
Dialog Group Bhd | 6,393 | 4,744 | ||||||
DiGi.Com Bhd | 5,084 | 5,200 | ||||||
FGV Holdings Bhd | 3,577 | 1,205 | ||||||
Fraser & Neave Holdings Bhd | 252 | 1,846 | ||||||
Gamuda Bhd.(a) | 2,195 | 1,892 | ||||||
Genting Bhd | 3,281 | 3,989 | ||||||
Genting Malaysia Bhd | 3,876 | 2,725 | ||||||
HAP Seng Consolidated Bhd | 864 | 1,694 | ||||||
Hartalega Holdings Bhd | 1,889 | 4,740 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Malaysia-(continued) | ||||||||
Hong Leong Bank Bhd | 861 | $ | 3,745 | |||||
Hong Leong Financial Group Bhd | 320 | 1,295 | ||||||
IHH Healthcare Bhd | 4,200 | 5,516 | ||||||
IJM Corp. Bhd | 4,776 | 2,274 | ||||||
IOI Corp. Bhd | 4,456 | 4,449 | ||||||
IOI Properties Group Bhd | 3,583 | 1,198 | ||||||
Kuala Lumpur Kepong Bhd | 306 | 1,643 | ||||||
Malayan Banking Bhd | 5,382 | 10,813 | ||||||
Malaysia Airports Holdings Bhd | 1,160 | 1,696 | ||||||
Maxis Bhd | 3,630 | 4,076 | ||||||
MISC Bhd | 1,860 | 3,079 | ||||||
Nestle Malaysia Bhd | 70 | 2,319 | ||||||
Petronas Chemicals Group Bhd | 4,202 | 8,411 | ||||||
Petronas Dagangan Bhd | 320 | 1,575 | ||||||
Petronas Gas Bhd | 610 | 2,344 | ||||||
PPB Group Bhd | 883 | 3,988 | ||||||
Press Metal Aluminium Holdings Bhd | 2,194 | 2,785 | ||||||
Public Bank Bhd | 20,370 | 20,637 | ||||||
QL Resources Bhd | 1,749 | 2,583 | ||||||
RHB Bank Bhd | 2,476 | 3,149 | ||||||
Sime Darby Bhd | 5,379 | 2,968 | ||||||
Sime Darby Plantation Bhd | 4,545 | 5,037 | ||||||
Sime Darby Property Bhd | 6,949 | 1,128 | ||||||
Supermax Corp. Bhd | 1,700 | 2,502 | ||||||
Telekom Malaysia Bhd | 1,217 | 1,696 | ||||||
Tenaga Nasional Bhd | 5,347 | 13,001 | ||||||
Top Glove Corp. Bhd | 6,668 | 9,197 | ||||||
Westports Holdings Bhd | 1,855 | 1,947 | ||||||
YTL Corp. Bhd.(a) | 7,893 | 1,378 | ||||||
|
| |||||||
174,198 | ||||||||
|
| |||||||
Mexico-2.17% | ||||||||
Alfa S.A.B. de C.V., Class A | 3,773 | 2,650 | ||||||
America Movil S.A.B. de C.V., Series L | 39,206 | 27,498 | ||||||
Arca Continental S.A.B. de C.V. | 549 | 2,951 | ||||||
Becle S.A.B. de C.V. | 866 | 2,074 | ||||||
Cemex S.A.B. de C.V., Series CPO(a)(e) | 18,858 | 15,040 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 675 | 3,173 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1(d) | 312 | 1,325 | ||||||
Fibra Uno Administracion S.A. de C.V. | 4,364 | 5,410 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 2,357 | 18,330 | ||||||
Gruma S.A.B. de C.V., Class B | 309 | 3,374 | ||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(a) | 462 | 2,884 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B(a) | 468 | 4,831 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(a) | 189 | 3,210 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 3,367 | 6,766 | ||||||
Grupo Carso S.A.B. de C.V., Series A1(a) | 666 | 1,906 | ||||||
Grupo Elektra S.A.B. de C.V. | 69 | 5,205 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 3,761 | 21,485 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a) | 3,586 | 3,345 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 4,052 | 18,392 | ||||||
Grupo Televisa S.A.B., Series CPO(a)(g) | 3,346 | 8,336 | ||||||
Industrias Penoles S.A.B. de C.V.(a) | 174 | 2,250 | ||||||
Infraestructura Energetica Nova S.A.B. de C.V.(a) | 588 | 2,529 |
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 989 | $ | 1,716 | |||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 312 | 1,146 | ||||||
Orbia Advance Corp. S.A.B. de C.V. | 1,451 | 4,064 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V. | 249 | 1,932 | ||||||
Telesites S.A.B. de C.V.(a) | 2,180 | 2,067 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 5,905 | 19,409 | ||||||
|
| |||||||
193,298 | ||||||||
|
| |||||||
Philippines-0.85% | ||||||||
Aboitiz Power Corp. | 2,751 | 1,314 | ||||||
Alliance Global Group, Inc. | 6,694 | 1,457 | ||||||
Ayala Corp. | 303 | 4,663 | ||||||
Ayala Land, Inc. | 9,998 | 6,686 | ||||||
Bank of the Philippine Islands | 2,625 | 4,514 | ||||||
BDO Unibank, Inc. | 2,811 | 6,019 | ||||||
Energy Development Corp.(a)(c) | 1,155 | 0 | ||||||
Globe Telecom, Inc. | 30 | 1,142 | ||||||
GT Capital Holdings, Inc. | 156 | 1,701 | ||||||
International Container Terminal Services, Inc. | 1,172 | 3,162 | ||||||
JG Summit Holdings, Inc. | 3,965 | 4,344 | ||||||
Jollibee Foods Corp. | 486 | 1,776 | ||||||
LT Group, Inc. | 3,622 | 1,009 | ||||||
Manila Electric Co. | 333 | 1,887 | ||||||
Megaworld Corp. | 19,314 | 1,264 | ||||||
Metro Pacific Investments Corp. | 23,870 | 2,008 | ||||||
Metropolitan Bank & Trust Co. | 2,793 | 2,552 | ||||||
PLDT, Inc. | 162 | 4,293 | ||||||
San Miguel Corp. | 495 | 1,182 | ||||||
San Miguel Food and Beverage, Inc. | 719 | 995 | ||||||
SM Investments Corp. | 609 | 12,155 | ||||||
SM Prime Holdings, Inc. | 12,515 | 8,954 | ||||||
Universal Robina Corp. | 1,022 | 2,906 | ||||||
|
| |||||||
75,983 | ||||||||
|
| |||||||
Qatar-0.89% | ||||||||
Barwa Real Estate Co. | 2,547 | 2,264 | ||||||
Commercial Bank P.S.Q.C. (The) | 2,649 | 3,929 | ||||||
Doha Bank Q.P.S.C. | 2,030 | 1,466 | ||||||
Industries Qatar Q.S.C. | 2,670 | 9,885 | ||||||
Masraf Al Rayan Q.S.C. | 4,910 | 6,025 | ||||||
Mesaieed Petrochemical Holding Co. Q.P.S.C. | 5,791 | 3,070 | ||||||
Ooredoo Q.P.S.C. | 684 | 1,336 | ||||||
Qatar Aluminum Manufacturing Co. | 3,655 | 1,568 | ||||||
Qatar Electricity & Water Co. Q.S.C. | 672 | 3,175 | ||||||
Qatar Fuel Co. Q.P.S.C. | 420 | 2,099 | ||||||
Qatar Gas Transport Co. Ltd. | 3,628 | 3,149 | ||||||
Qatar Insurance Co. (S.A.Q.)(a) | 2,138 | 1,479 | ||||||
Qatar International Islamic Bank Q.S.C. | 992 | 2,520 | ||||||
Qatar Islamic Bank (S.A.Q) | 1,547 | 7,393 | ||||||
Qatar National Bank Q.P.S.C. | 5,635 | 27,703 | ||||||
United Development Co. Q.S.C. | 2,319 | 1,012 | ||||||
Vodafone Qatar Q.S.C. | 2,201 | 1,073 | ||||||
|
| |||||||
79,146 | ||||||||
|
| |||||||
Romania-0.04% | ||||||||
NEPI Rockcastle PLC | 513 | 3,455 | ||||||
|
| |||||||
Russia-2.97% | ||||||||
Aeroflot PJSC(a) | 1,049 | 896 | ||||||
Alrosa PJSC | 2,403 | 3,479 | ||||||
Gazprom PJSC | 11,778 | 36,098 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Russia-(continued) | ||||||||
Inter RAO UES PJSC | 46,269 | $ | 3,024 | |||||
Lukoil PJSC | 476 | 36,751 | ||||||
Magnit PJSC | 98 | 6,675 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 1,982 | 1,721 | ||||||
MMC Norilsk Nickel PJSC | 65 | 22,216 | ||||||
Mobile TeleSystems PJSC | 1,241 | 5,294 | ||||||
Moscow Exchange MICEX-RTS PJSC | 1,916 | 4,516 | ||||||
Novatek PJSC | 1,319 | 23,858 | ||||||
Novolipetsk Steel PJSC | 1,358 | 4,805 | ||||||
PhosAgro PJSC | 54 | 3,141 | ||||||
Polyus PJSC | 36 | 6,651 | ||||||
Rosneft Oil Co. PJSC | 1,151 | 8,057 | ||||||
Rostelecom PJSC(a) | 1,322 | 1,828 | ||||||
RusHydro PJSC | 174,495 | 1,906 | ||||||
Sberbank of Russia PJSC | 13,141 | 52,112 | ||||||
Severstal PAO | 245 | 5,790 | ||||||
Sistema PJSFC | 4,505 | 2,032 | ||||||
Surgutneftegas PJSC | 9,070 | 4,115 | ||||||
Surgutneftegas PJSC, Preference Shares | 9,467 | 5,403 | ||||||
Tatneft PJSC | 2,069 | 13,978 | ||||||
Transneft PJSC, Preference Shares | 3 | 5,666 | ||||||
VTB Bank PJSC | 7,006,390 | 4,799 | ||||||
|
| |||||||
264,811 | ||||||||
|
| |||||||
Saudi Arabia-3.43% | ||||||||
Abdullah Al Othaim Markets Co. | 81 | 2,903 | ||||||
Advanced Petrochemical Co. | 444 | 9,614 | ||||||
Al Rajhi Bank | 1,019 | 26,874 | ||||||
Almarai Co. JSC | 117 | 1,679 | ||||||
Arab National Bank | 1,184 | 7,186 | ||||||
Arabian Centres Co. Ltd. | 681 | 4,507 | ||||||
Bank AlBilad | 822 | 8,209 | ||||||
Banque Saudi Fransi | 830 | 8,632 | ||||||
Bupa Arabia for Cooperative Insurance Co.(a) | 203 | 6,258 | ||||||
Co. for Cooperative Insurance (The)(a) | 191 | 3,952 | ||||||
Dallah Healthcare Co. | 317 | 5,385 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 78 | 3,145 | ||||||
Emaar Economic City(a) | 1,424 | 4,071 | ||||||
Etihad Etisalat Co.(a) | 231 | 1,906 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 390 | 2,250 | ||||||
Jarir Marketing Co. | 183 | 9,711 | ||||||
Mobile Telecommunications Co.(a) | 1,226 | 4,950 | ||||||
Mouwasat Medical Services Co. | 111 | 5,251 | ||||||
National Industrialization Co.(a) | 1,202 | 6,154 | ||||||
National Petrochemical Co | 458 | 5,929 | ||||||
Qassim Cement Co. (The) | 231 | 5,205 | ||||||
Riyad Bank | 1,466 | 10,418 | ||||||
SABIC Agri-Nutrients Co. | 363 | 10,164 | ||||||
Sahara International Petrochemical Co. | 974 | 7,065 | ||||||
Saudi Airlines Catering Co. | 299 | 6,083 | ||||||
Saudi Arabian Mining Co.(a) | 510 | 7,793 | ||||||
Saudi Arabian Oil Co.(b) | 1,322 | 12,479 | ||||||
Saudi Basic Industries Corp. | 591 | 19,542 | ||||||
Saudi British Bank (The) | 1,298 | 10,643 | ||||||
Saudi Cement Co. | 183 | 3,157 | ||||||
Saudi Electricity Co. | 312 | 2,163 | ||||||
Saudi Ground Services Co.(a) | 539 | 5,031 | ||||||
Saudi Industrial Investment Group | 498 | 4,714 | ||||||
Saudi Kayan Petrochemical Co.(a) | 1,304 | 6,329 | ||||||
Saudi National Bank | 1,637 | 24,794 |
Shares | Value | |||||||
Saudi Arabia-(continued) | ||||||||
Saudi Research & Marketing Group(a) | 207 | $ | 4,990 | |||||
Saudi Telecom Co. | 476 | 16,120 | ||||||
Saudia Dairy & Foodstuff Co. | 108 | 4,867 | ||||||
Savola Group (The) | 195 | 2,077 | ||||||
Southern Province Cement Co. | 291 | 6,541 | ||||||
Yanbu Cement Co. | 198 | 2,265 | ||||||
Yanbu National Petrochemical Co., Class A | 213 | 4,152 | ||||||
|
| |||||||
305,158 | ||||||||
|
| |||||||
South Africa-4.44% | ||||||||
Absa Group Ltd.(a) | 965 | 8,145 | ||||||
African Rainbow Minerals Ltd. | 153 | 2,859 | ||||||
Anglo American Platinum Ltd. | 72 | 9,851 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 510 | 5,677 | ||||||
AVI Ltd. | 285 | 1,393 | ||||||
Barloworld Ltd.(a) | 317 | 2,090 | ||||||
Bid Corp. Ltd.(a) | 407 | 8,021 | ||||||
Bidvest Group Ltd. (The) | 480 | 5,542 | ||||||
Capitec Bank Holdings Ltd.(a) | 110 | 11,270 | ||||||
Clicks Group Ltd. | 351 | 5,860 | ||||||
Coronation Fund Managers Ltd. | 432 | 1,645 | ||||||
Dis-Chem Pharmacies Ltd.(a)(b) | 645 | 1,044 | ||||||
Discovery Ltd.(a) | 513 | 4,668 | ||||||
Distell Group Holdings Ltd.(a) | 129 | 1,122 | ||||||
Exxaro Resources Ltd. | 300 | 3,154 | ||||||
FirstRand Ltd. | 6,193 | 21,788 | ||||||
Fortress REIT Ltd., Class A | 1,712 | 1,747 | ||||||
Foschini Group Ltd. (The)(a) | 300 | 2,381 | ||||||
Gold Fields Ltd. | 1,134 | 10,724 | ||||||
Growthpoint Properties Ltd. | 4,055 | 4,059 | ||||||
Harmony Gold Mining Co. Ltd. | 684 | 3,115 | ||||||
Impala Platinum Holdings Ltd. | 938 | 17,556 | ||||||
Investec Ltd. | 360 | 1,372 | ||||||
Kumba Iron Ore Ltd. | 86 | 3,903 | ||||||
Liberty Holdings Ltd.(a) | 195 | 775 | ||||||
Life Healthcare Group Holdings Ltd.(a) | 2,097 | 2,752 | ||||||
Momentum Metropolitan Holdings | 1,164 | 1,552 | ||||||
Mr Price Group Ltd. | 275 | 3,447 | ||||||
MTN Group(a) | 2,171 | 13,711 | ||||||
MultiChoice Group | 593 | 5,101 | ||||||
Naspers Ltd., Class N | 515 | 117,516 | ||||||
Nedbank Group Ltd.(a) | 473 | 4,821 | ||||||
Netcare Ltd.(a) | 2,207 | 2,291 | ||||||
Northam Platinum Ltd.(a) | 402 | 6,927 | ||||||
Old Mutual Ltd. | 4,438 | 3,870 | ||||||
Pepkor Holdings Ltd.(a)(b) | 1,136 | 1,266 | ||||||
Pick n Pay Stores Ltd. | 407 | 1,518 | ||||||
PSG Group Ltd. | 248 | 1,280 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,145 | 2,327 | ||||||
Redefine Properties Ltd.(a) | 8,490 | 2,528 | ||||||
Remgro Ltd. | 746 | 5,655 | ||||||
Resilient REIT Ltd. | 354 | 1,220 | ||||||
Sanlam Ltd. | 2,225 | 8,592 | ||||||
Santam Ltd.(a) | 69 | 1,220 | ||||||
Sappi Ltd.(a) | 845 | 2,845 | ||||||
Sasol Ltd.(a) | 656 | 11,033 | ||||||
Shoprite Holdings Ltd. | 669 | 6,668 | ||||||
Sibanye Stillwater Ltd. | 3,113 | 14,531 | ||||||
SPAR Group Ltd. (The) | 257 | 3,250 | ||||||
Standard Bank Group Ltd. | 1,644 | 13,373 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Telkom S.A. SOC Ltd. | 483 | $ | 1,305 | |||||
Tiger Brands Ltd. | 248 | 3,333 | ||||||
Truworths International Ltd. | 675 | 2,239 | ||||||
Vodacom Group Ltd. | 561 | 4,862 | ||||||
Woolworths Holdings Ltd.(a) | 1,275 | 4,320 | ||||||
|
| |||||||
395,114 | ||||||||
|
| |||||||
Taiwan-16.62% | ||||||||
Accton Technology Corp. | 778 | 8,857 | ||||||
Acer, Inc. | 3,145 | 3,862 | ||||||
Advantech Co. Ltd. | 565 | 7,201 | ||||||
ASE Technology Holding Co. Ltd. | 4,353 | 18,389 | ||||||
Asia Cement Corp. | 2,972 | 5,315 | ||||||
ASMedia Technology, Inc. | 34 | 1,436 | ||||||
Asustek Computer, Inc. | 1,028 | 13,838 | ||||||
AU Optronics Corp.(a) | 9,691 | 11,501 | ||||||
Capital Securities Corp. | 3,241 | 2,239 | ||||||
Catcher Technology Co. Ltd. | 1,121 | 7,926 | ||||||
Cathay Financial Holding Co. Ltd. | 9,300 | 17,413 | ||||||
Chailease Holding Co. Ltd. | 1,381 | 9,987 | ||||||
Chang Hwa Commercial Bank Ltd. | 9,033 | 5,789 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,887 | 5,591 | ||||||
Chicony Electronics Co. Ltd. | 535 | 1,618 | ||||||
China Airlines Ltd.(a) | 2,764 | 2,098 | ||||||
China Development Financial Holding Corp. | 15,241 | 7,120 | ||||||
China Steel Corp. | 15,603 | 21,952 | ||||||
Chunghwa Telecom Co. Ltd. | 4,419 | 18,035 | ||||||
Compal Electronics, Inc. | 5,687 | 5,090 | ||||||
CTBC Financial Holding Co. Ltd. | 21,821 | 17,811 | ||||||
Delta Electronics, Inc. | 2,861 | 30,983 | ||||||
E.Sun Financial Holding Co. Ltd. | 12,182 | 11,753 | ||||||
Eclat Textile Co. Ltd. | 210 | 4,030 | ||||||
ENNOSTAR, Inc.(a) | 598 | 1,730 | ||||||
Eva Airways Corp. | 3,125 | 2,114 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 3,192 | 9,028 | ||||||
Far Eastern International Bank | 2,625 | 1,048 | ||||||
Far Eastern New Century Corp. | 5,789 | 6,891 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,264 | 5,276 | ||||||
Feng TAY Enterprise Co. Ltd. | 637 | 4,732 | ||||||
First Financial Holding Co. Ltd. | 12,298 | 10,082 | ||||||
Formosa Chemicals & Fibre Corp. | 4,053 | 13,189 | ||||||
Formosa Petrochemical Corp. | 765 | 2,835 | ||||||
Formosa Plastics Corp. | 5,867 | 22,264 | ||||||
Formosa Taffeta Co. Ltd. | 2,535 | 3,004 | ||||||
Foxconn Technology Co. Ltd. | 991 | 2,448 | ||||||
Fubon Financial Holding Co. Ltd. | 9,213 | 21,175 | ||||||
Giant Manufacturing Co. Ltd. | 282 | 3,594 | ||||||
Globalwafers Co. Ltd. | 337 | 10,424 | ||||||
Hon Hai Precision Industry Co. Ltd. | 14,839 | 61,623 | ||||||
Hotai Motor Co. Ltd. | 328 | 7,092 | ||||||
HTC Corp.(a) | 2,379 | 3,543 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 11,435 | 7,778 | ||||||
Innolux Corp. | 9,000 | 9,698 | ||||||
Inventec Corp. | 3,466 | 3,369 | ||||||
Largan Precision Co. Ltd. | 140 | 15,587 | ||||||
Lite-On Technology Corp. | 2,846 | 6,511 | ||||||
MediaTek, Inc. | 1,816 | 77,040 | ||||||
Mega Financial Holding Co. Ltd. | 12,848 | 15,018 | ||||||
Micro-Star International Co. Ltd. | 946 | 6,248 | ||||||
Nan Ya Plastics Corp. | 6,050 | 19,103 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Nan Ya Printed Circuit Board Corp. | 137 | $ | 1,562 | |||||
Novatek Microelectronics Corp. | 735 | 16,419 | ||||||
Oneness Biotech Co. Ltd.(a) | 227 | 1,918 | ||||||
Pegatron Corp. | 2,910 | 7,668 | ||||||
Pou Chen Corp. | 3,194 | 4,071 | ||||||
President Chain Store Corp. | 830 | 8,053 | ||||||
Quanta Computer, Inc. | 3,516 | 12,386 | ||||||
Realtek Semiconductor Corp. | 648 | 12,342 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 3,884 | 6,042 | ||||||
Shin Kong Financial Holding Co. Ltd. | 15,108 | 5,463 | ||||||
Sino-American Silicon Products, Inc. | 445 | 3,115 | ||||||
SinoPac Financial Holdings Co. Ltd. | 14,887 | 7,088 | ||||||
Synnex Technology International Corp. | 2,674 | 5,332 | ||||||
Taishin Financial Holding Co. Ltd. | 9,726 | 4,909 | ||||||
Taiwan Business Bank | 6,443 | 2,353 | ||||||
Taiwan Cement Corp. | 6,343 | 11,831 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 12,447 | 9,536 | ||||||
Taiwan Fertilizer Co. Ltd. | 934 | 2,040 | ||||||
Taiwan Glass Industry Corp.(a) | 2,939 | 3,562 | ||||||
Taiwan High Speed Rail Corp. | 381 | 429 | ||||||
Taiwan Mobile Co. Ltd.(a) | 1,306 | 4,675 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 29,409 | 631,704 | ||||||
Teco Electric and Machinery Co. Ltd. | 2,664 | 3,328 | ||||||
Unimicron Technology Corp. | 1,548 | 6,373 | ||||||
Uni-President Enterprises Corp. | 6,157 | 16,554 | ||||||
United Microelectronics Corp. | 14,316 | 29,059 | ||||||
Vanguard International Semiconductor Corp. | 1,267 | 5,420 | ||||||
Walsin Lihwa Corp. | 3,145 | 3,434 | ||||||
Walsin Technology Corp.(a) | 702 | 6,094 | ||||||
Wan Hai Lines Ltd. | 2,084 | 7,065 | ||||||
Win Semiconductors Corp. | 590 | 7,741 | ||||||
Winbond Electronics Corp. | 3,000 | 3,834 | ||||||
Wistron Corp. | 3,188 | 3,732 | ||||||
Wiwynn Corp. | 137 | 4,483 | ||||||
Yageo Corp. | 598 | 11,625 | ||||||
Yuanta Financial Holding Co. Ltd. | 14,951 | 13,916 | ||||||
Yulon Motor Co. Ltd.(a) | 319 | 518 | ||||||
Zhen Ding Technology Holding Ltd. | 609 | 2,311 | ||||||
|
| |||||||
1,480,263 | ||||||||
|
| |||||||
Tanzania-0.12% | ||||||||
AngloGold Ashanti Ltd. | 536 | 11,091 | ||||||
|
| |||||||
Thailand-2.34% | ||||||||
Advanced Info Service PCL, NVDR | 1,442 | 7,919 | ||||||
Airports of Thailand PCL, NVDR | 5,782 | 11,513 | ||||||
Asset World Corp. PCL, NVDR(a) | 10,362 | 1,584 | ||||||
B. Grimm Power PCL, NVDR | 1,016 | 1,395 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 11,745 | 8,185 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 11,730 | 3,014 | ||||||
Banpu PCL, NVDR | 6,475 | 2,558 | ||||||
Berli Jucker PCL, NVDR | 1,442 | 1,644 | ||||||
BTS Group Holdings PCL, NVDR | 11,676 | 3,356 | ||||||
Bumrungrad Hospital PCL, NVDR | 462 | 1,988 | ||||||
Central Pattana PCL, NVDR | 3,397 | 5,700 | ||||||
Charoen Pokphand Foods PCL, NVDR | 5,420 | 5,048 | ||||||
CP ALL PCL, NVDR(a) | 6,798 | 13,645 | ||||||
Delta Electronics Thailand PCL, NVDR | 342 | 3,888 | ||||||
Electricity Generating PCL, NVDR | 378 | 2,143 | ||||||
Energy Absolute PCL, NVDR | 2,955 | 5,789 | ||||||
Global Power Synergy PCL, NVDR | 959 | 2,241 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Thailand-(continued) | ||||||||
Gulf Energy Development PCL, NVDR | 5,782 | $ | 6,406 | |||||
Home Product Center PCL, NVDR | 8,421 | 3,813 | ||||||
Indorama Ventures PCL, NVDR | 2,829 | 4,361 | ||||||
Intouch Holdings PCL, NVDR | 3,250 | 6,654 | ||||||
IRPC PCL, NVDR | 15,086 | 2,006 | ||||||
Krung Thai Bank PCL, NVDR | 7,257 | 2,634 | ||||||
Krungthai Card PCL, NVDR | 2,451 | 6,002 | ||||||
Land & Houses PCL, NVDR | 9,779 | 2,717 | ||||||
Minor International PCL, NVDR(a) | 5,348 | 5,153 | ||||||
Muangthai Capital PCL, NVDR | 956 | 1,965 | ||||||
Osotspa PCL, NVDR | 1,724 | 1,979 | ||||||
PTT Exploration & Production PCL, NVDR | 1,955 | 7,472 | ||||||
PTT Global Chemical PCL, NVDR | 3,181 | 6,921 | ||||||
PTT PCL, NVDR | 17,880 | 22,969 | ||||||
Ratch Group PCL, NVDR | 1,103 | 1,789 | ||||||
Siam Cement PCL (The), NVDR | 1,088 | 16,143 | ||||||
Siam Commercial Bank PCL (The), NVDR | 3,613 | 12,184 | ||||||
Siam Makro PCL, NVDR | 2,162 | 2,621 | ||||||
Srisawad Corp. PCL, NVDR | 767 | 2,051 | ||||||
Thai Oil PCL, NVDR | 1,448 | 2,755 | ||||||
Thai Union Group PCL, NVDR | 4,292 | 2,081 | ||||||
TMB Bank PCL, NVDR | 52,914 | 1,988 | ||||||
Total Access Communication PCL, NVDR | 2,003 | 2,107 | ||||||
True Corp. PCL, NVDR | 16,707 | 1,749 | ||||||
|
| |||||||
208,130 | ||||||||
|
| |||||||
Turkey-0.38% | ||||||||
Akbank T.A.S | 2,241 | 1,319 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii A.S. | 753 | 2,118 | ||||||
Arcelik A.S | 309 | 1,281 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 942 | 1,704 | ||||||
BIM Birlesik Magazalar A.S. | 588 | 4,609 | ||||||
Coca-Cola Icecek A.S. | 138 | 1,312 | ||||||
Enka Insaat ve Sanayi A.S. | 987 | 934 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,680 | 3,858 | ||||||
Ford Otomotiv Sanayi A.S. | 110 | 2,332 | ||||||
Haci Omer Sabanci Holding A.S. | 1,278 | 1,247 | ||||||
KOC Holding A.S. | 1,154 | 2,548 | ||||||
Petkim Petrokimya Holding A.S.(a) | 1,775 | 1,437 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 110 | 1,164 | ||||||
Turk Hava Yollari AO(a) | 1,593 | 2,350 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 1,320 | 2,362 | ||||||
Turkiye Is Bankasi A.S., Class C | 1,965 | 1,154 | ||||||
Turkiye Sise ve Cam Fabrikalari A.S | 1,101 | 997 | ||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 1,364 | 563 | ||||||
Yapi ve Kredi Bankasi A.S. | 2,591 | 656 | ||||||
|
| |||||||
33,945 | ||||||||
|
| |||||||
United Arab Emirates-0.75% | ||||||||
Abu Dhabi Commercial Bank PJSC | 3,541 | 6,045 |
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
REIT-Real Estate Investment Trust
Rts.-Rights
TBA-To Be Announced
Shares | Value | |||||||
United Arab Emirates-(continued) | ||||||||
Abu Dhabi Islamic Bank PJSC | 1,214 | $ | 1,596 | |||||
Air Arabia PJSC(a) | 5,446 | 1,898 | ||||||
Aldar Properties PJSC | 5,147 | 4,918 | ||||||
Dana Gas PJSC | 4,568 | 1,029 | ||||||
Dubai Investments PJSC | 2,784 | 1,167 | ||||||
Dubai Islamic Bank PJSC | 2,418 | 2,929 | ||||||
Emaar Development PJSC(a) | 2,682 | 2,008 | ||||||
Emaar Malls PJSC(a) | 2,679 | 1,342 | ||||||
Emaar Properties PJSC | 3,827 | 3,886 | ||||||
Emirates NBD Bank PJSC | 1,553 | 5,264 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,325 | 13,406 | ||||||
First Abu Dhabi Bank PJSC | 5,453 | 21,140 | ||||||
|
| |||||||
66,628 | ||||||||
|
| |||||||
United States-0.11% | ||||||||
JBS S.A. | 1,218 | 6,762 | ||||||
Parade Technologies Ltd. | 63 | 3,124 | ||||||
|
| |||||||
9,886 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 8,252,380 | |||||||
|
| |||||||
Exchange-Traded Funds-7.29% |
| |||||||
India-7.29% | ||||||||
Invesco India ETF(a)(i) | 18,305 | 436,025 | ||||||
iShares MSCI India ETF | 5,186 | 212,730 | ||||||
|
| |||||||
Total Exchange-Traded Funds | 648,755 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% | 8,901,135 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.52% | ||||||||
Invesco Private Government Fund, 0.01%(i)(j)(k) | 18,530 | 18,530 | ||||||
Invesco Private Prime Fund, 0.11%(i)(j)(k) | 27,784 | 27,795 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 46,325 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.48% |
| 8,947,460 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.48)% |
| (42,664 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 8,904,796 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $665,969, which represented 7.48% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(d) | All or a portion of this security was out on loan at April 30, 2021. |
(e) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares. |
(i) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Less) | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Invesco India ETF | $ | 110,818 | $ | 312,044 | $ | (4,046 | ) | $ | 17,471 | $ | (262 | ) | $ | 436,025 | $ | (565 | ) | ||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 515 | 1,494,107 | (1,494,622 | ) | - | - | - | 5 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 8,324 | 357,765 | (347,559 | ) | - | - | 18,530 | 2 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 12,486 | 477,634 | (462,327 | ) | - | 2 | 27,795 | 23 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 132,143 | $ | 2,641,550 | $ | (2,308,554 | ) | $ | 17,471 | $ | (260 | ) | $ | 482,350 | $ | (535 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(j) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(k) | 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 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Financials | 22.73 | |||||
Consumer Discretionary | 16.97 | |||||
Information Technology | 14.93 | |||||
Communication Services | 11.45 | |||||
Materials | 7.90 | |||||
Consumer Staples | 5.37 | |||||
Industrials | 4.70 | |||||
Energy | 4.46 | |||||
Health Care | 4.09 | |||||
Sector Types Each Less Than 3% | 7.36 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2021
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 20,301,338 | $ | 8,633,931 | $ | 8,465,110 | |||||||||
Affiliated investments in securities, at value | 21,395 | 512,902 | 482,350 | ||||||||||||
Foreign currencies, at value | - | 1,613 | 4,109 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 21,708 | 29,725 | 7,728 | ||||||||||||
Securities lending | - | 139 | 36 | ||||||||||||
Investments sold | 544,874 | 10 | - | ||||||||||||
Foreign tax reclaims | - | 2,570 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 20,889,315 | 9,180,890 | 8,959,333 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | - | 7,508 | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 565,504 | 1 | 3 | ||||||||||||
Collateral upon return of securities loaned | - | 511,886 | 46,325 | ||||||||||||
Accrued unitary management fees | 1,142 | 497 | 701 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 566,646 | 512,384 | 54,537 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 20,322,669 | $ | 8,668,506 | $ | 8,904,796 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 19,621,114 | $ | 7,811,456 | $ | 8,437,778 | |||||||||
Distributable earnings | 701,555 | 857,050 | 467,018 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 20,322,669 | $ | 8,668,506 | $ | 8,904,796 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 770,001 | 300,001 | 300,001 | ||||||||||||
Net asset value | $ | 26.39 | $ | 28.89 | $ | 29.68 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 26.42 | $ | 28.98 | $ | 29.69 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 19,711,609 | $ | 7,770,512 | $ | 7,864,521 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 21,395 | $ | 512,902 | $ | 473,920 | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies, at cost | $ | - | $ | 1,801 | $ | 4,087 | |||||||||
|
|
|
|
|
| ||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 432,747 | $ | 38,197 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
For the six months ended April 30, 2021
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated interest income | $ | 152,235 | $ | - | $ | - | |||||||||
Unaffiliated dividend income | - | 115,400 | 36,897 | ||||||||||||
Affiliated dividend income | 2 | 1 | (560 | ) | |||||||||||
Securities lending income | - | 433 | 320 | ||||||||||||
Foreign withholding tax | - | (12,423 | ) | (2,893 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 152,237 | 103,411 | 33,764 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 5,401 | 2,486 | 3,285 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (7 | ) | (3 | ) | (861 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 5,394 | 2,483 | 2,424 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 146,843 | 100,928 | 31,340 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | 9,424 | (5,553 | ) | (21,364 | ) | ||||||||||
Affiliated investment securities | - | 6 | (260 | ) | |||||||||||
Foreign currencies | - | (48 | ) | (576 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 9,424 | (5,595 | ) | (22,200 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation of: | |||||||||||||||
Unaffiliated investment securities | 365,242 | 1,082,573 | 490,018 | ||||||||||||
Affiliated investment securities | - | - | 17,471 | ||||||||||||
Foreign currencies | - | 117 | 65 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 365,242 | 1,082,690 | 507,554 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 374,666 | 1,077,095 | 485,354 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 521,509 | $ | 1,178,023 | $ | 516,694 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 146,843 | $ | 144,573 | $ | 100,928 | $ | 52,798 | $ | 31,340 | $ | 54,773 | ||||||||||||||||||
Net realized gain (loss) | 9,424 | 97,610 | (5,595 | ) | (23,892 | ) | (22,200 | ) | (71,408 | ) | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 365,242 | 188,262 | 1,082,690 | (163,973 | ) | 507,554 | 178,125 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 521,509 | 430,445 | 1,178,023 | (135,067 | ) | 516,694 | 161,490 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||||||||
Distributable earnings | (115,775 | ) | (88,376 | ) | (64,041 | ) | (53,056 | ) | (21,852 | ) | (75,266 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||||||||
Proceeds from shares sold | 7,047,212 | 7,616,756 | 5,311,431 | - | 5,937,767 | - | ||||||||||||||||||||||||
Value of shares repurchased | - | (2,555,886 | ) | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from share transactions | 7,047,212 | 5,060,870 | 5,311,431 | - | 5,937,767 | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets | 7,452,946 | 5,402,939 | 6,425,413 | (188,123 | ) | 6,432,609 | 86,224 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||
Beginning of period | 12,869,723 | 7,466,784 | 2,243,093 | 2,431,216 | 2,472,187 | 2,385,963 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 20,322,669 | $ | 12,869,723 | $ | 8,668,506 | $ | 2,243,093 | $ | 8,904,796 | $ | 2,472,187 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||||||||
Shares sold | 270,000 | 300,000 | 200,000 | - | 200,000 | - | ||||||||||||||||||||||||
Shares repurchased | - | (100,000 | ) | - | - | - | - | |||||||||||||||||||||||
Shares outstanding, beginning of period | 500,001 | 300,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding, end of period | 770,001 | 500,001 | 300,001 | 100,001 | 300,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Six Months Ended 2021 | Years Ended October 31, | For the Period October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.74 | $ | 24.89 | $ | 24.40 | $ | 24.99 | $ | 25.00 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net investment income(b) | 0.24 | 0.35 | 0.59 | 0.63 | 0.06 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.64 | 0.71 | 0.39 | (0.55 | ) | (0.07 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment operations | 0.88 | 1.06 | 0.98 | 0.08 | (0.01 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.21 | ) | (0.49 | ) | (0.67 | ) | - | ||||||||||||||||
Net realized gains | (0.02 | ) | - | - | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total distributions | (0.23 | ) | (0.21 | ) | (0.49 | ) | (0.67 | ) | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value at end of period | $ | 26.39 | $ | 25.74 | $ | 24.89 | $ | 24.40 | $ | 24.99 | |||||||||||||||
|
|
|
|
|
|
|
|
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| ||||||||||||||||
Market price at end of period(c) | $ | 26.42 | $ | 25.75 | $ | 24.90 | $ | 24.40 | $ | 24.99 | |||||||||||||||
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Net Asset Value Total Return(d) | 3.44 | % | 4.28 | % | 4.04 | % | 0.33 | % | (0.04 | )%(e) | |||||||||||||||
Market Price Total Return(d) | 3.52 | % | 4.28 | % | 4.07 | % | 0.33 | % | (0.04 | )%(e) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 20,323 | $ | 12,870 | $ | 7,467 | $ | 2,440 | $ | 2,499 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses | 0.07 | %(f) | 0.07 | % | 0.20 | %(g) | 0.07 | % | 0.07 | %(f) | |||||||||||||||
Net investment income | 1.90 | %(f) | 1.40 | % | 2.39 | %(g) | 2.53 | % | 2.22 | %(f) | |||||||||||||||
Portfolio turnover rate(h) | 19 | % | 29 | % | 30 | % | 19 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%. |
(f) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.13%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Six Months Ended 2021 | Years Ended October 31, | For the Period October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.43 | $ | 24.31 | $ | 22.80 | $ | 25.37 | $ | 25.00 | |||||||||||||||
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Net investment income(b) | 0.39 | 0.53 | 0.69 | 0.73 | 0.07 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.28 | (1.88 | ) | 1.61 | (2.60 | ) | 0.30 | ||||||||||||||||||
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Total from investment operations | 6.67 | (1.35 | ) | 2.30 | (1.87 | ) | 0.37 | ||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.53 | ) | (0.77 | ) | (0.70 | ) | - | ||||||||||||||||
Net realized gains | - | - | (0.02 | ) | - | - | |||||||||||||||||||
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Total distributions | (0.21 | ) | (0.53 | ) | (0.79 | ) | (0.70 | ) | - | ||||||||||||||||
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Net asset value at end of period | $ | 28.89 | $ | 22.43 | $ | 24.31 | $ | 22.80 | $ | 25.37 | |||||||||||||||
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Market price at end of period(c) | $ | 28.98 | $ | 22.63 | $ | 24.35 | $ | 23.03 | $ | 25.54 | |||||||||||||||
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Net Asset Value Total Return(d) | 29.79 | % | (5.33 | )% | 10.31 | % | (7.60 | )% | 1.48 | %(e) | |||||||||||||||
Market Price Total Return(d) | 29.04 | % | (4.66 | )% | 9.37 | % | (7.30 | )% | 2.16 | %(e) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,669 | $ | 2,243 | $ | 2,431 | $ | 2,280 | $ | 2,537 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses | 0.07 | %(f) | 0.07 | % | 0.37 | %(g) | 0.07 | % | 0.07 | %(f) | |||||||||||||||
Net investment income | 2.84 | %(f) | 2.30 | % | 2.99 | %(g) | 2.89 | % | 2.38 | %(f) | |||||||||||||||
Portfolio turnover rate(h) | 2 | % | 3 | % | 4 | % | 7 | % | 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 at net asset value 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 (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%. |
(f) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.30%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Six Months Ended 2021 | Years Ended October 31, | For the Period October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.72 | $ | 23.86 | $ | 21.66 | $ | 25.07 | $ | 25.00 | |||||||||||||||
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Net investment income(b) | 0.19 | 0.55 | 0.74 | (c) | 0.66 | 0.03 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.90 | 1.06 | 2.06 | (3.42 | ) | 0.04 | |||||||||||||||||||
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Total from investment operations | 5.09 | 1.61 | 2.80 | (2.76 | ) | 0.07 | |||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.75 | ) | (0.60 | ) | (0.65 | ) | - | ||||||||||||||||
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Net asset value at end of period | $ | 29.68 | $ | 24.72 | $ | 23.86 | $ | 21.66 | $ | 25.07 | |||||||||||||||
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Market price at end of period(d) | $ | 29.69 | $ | 24.97 | $ | 23.82 | $ | 21.75 | $ | 25.20 | |||||||||||||||
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Net Asset Value Total Return(e) | 20.60 | % | 7.08 | % | 13.02 | % | (11.28 | )% | 0.28 | %(f) | |||||||||||||||
Market Price Total Return(e) | 19.43 | % | 8.33 | % | 12.34 | % | (11.38 | )% | 0.80 | %(f) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,905 | $ | 2,472 | $ | 2,386 | $ | 2,166 | $ | 2,507 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | %(g)(h) | 0.11 | %(h) | 0.39 | %(h)(i) | 0.11 | % | 0.14 | %(g) | |||||||||||||||
Expenses, prior to Waivers | 0.14 | %(g)(h) | 0.14 | %(h) | 0.43 | %(h)(i) | 0.14 | % | 0.14 | %(g) | |||||||||||||||
Net investment income | 1.34 | %(g) | 2.35 | % | 3.16 | %(c)(i) | 2.64 | % | 1.03 | %(g) | |||||||||||||||
Portfolio turnover rate(j) | 21 | % | 18 | % | 13 | % | 16 | % | 1 | % |
(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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.56 and 2.39%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%. |
(g) | Annualized. |
(h) | 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. |
(i) | Ratios include non-recurring costs associated with a proxy statement of 0.29%. |
(j) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
April 30, 2021
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | “PureBetaSM 0-5 Yr US TIPS ETF” | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | “PureBetaSM FTSE Developed ex-North America ETF” | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | “PureBetaSM FTSE Emerging Markets ETF” |
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 0-5 Yr US TIPS ETF | ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE Developed ex North America Index | |
PureBetaSM FTSE Emerging Markets ETF | FTSE Emerging Index |
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 (“OTC”) 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
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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, the 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by 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, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
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. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened
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volatility and reduced liquidity in the fixed-income markets. As a result, the value of a 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 a Fund’s transaction costs.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a 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 a 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 the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, 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. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social 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, and the ability to bring and enforce actions may be limited. 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. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.
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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. 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.
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.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in
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foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
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 located 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 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 each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Inflation-Linked Security Risk. For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding 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 its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Sampling Risk. Certain Funds’ use of a representative sampling approach may 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 held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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.
U.S. Government Obligation Risk. Certain Funds 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.
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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.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations 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.
C. | 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“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. |
F. | 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
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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 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.
G. | 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 costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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 a Fund’s unitary management fee and 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.
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. | 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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their 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. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Treasury Inflation-Protected Securities - PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity. |
K. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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 |
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invested. For Funds that participated in securities lending, 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. |
L. | 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 the 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. Each Fund does 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 a 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. |
Each Fund 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 a Fund invests.
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.
Pursuant to the Investment Advisory Agreement, 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
PureBetaSM 0-5 Yr US TIPS ETF | 0.07% | |
PureBetaSM FTSE Developed ex-North America ETF | 0.07% | |
PureBetaSM FTSE Emerging Markets ETF | 0.14% |
Further, through at least August 31, 2023, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2021, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM 0-5 Yr US TIPS ETF | $ | 7 | ||
PureBetaSM FTSE Developed ex-North America ETF | 3 | |||
PureBetaSM FTSE Emerging Markets ETF | 861 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE Data Indices, LLC | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE International Ltd. | |
PureBetaSM FTSE Emerging Markets ETF | FTSE International Ltd. |
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Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–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. |
The following is a summary of the tiered valuation input levels, as of April 30, 2021. 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 | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | - | $ | 20,301,338 | $ | - | $ | 20,301,338 | ||||||||
Money Market Funds | 21,395 | - | - | 21,395 | ||||||||||||
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Total Investments | $ | 21,395 | $ | 20,301,338 | $ | - | $ | 20,322,733 | ||||||||
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PureBetaSM FTSE Developed ex-North America ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 8,629,111 | $ | 4,776 | $ | 44 | $ | 8,633,931 | ||||||||
Money Market Funds | 1,016 | 511,886 | - | 512,902 | ||||||||||||
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Total Investments | $ | 8,630,127 | $ | 516,662 | $ | 44 | $ | 9,146,833 | ||||||||
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PureBetaSM FTSE Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 8,245,351 | $ | 3,247 | $ | 3,782 | $ | 8,252,380 | ||||||||
Exchange-Traded Funds | 648,755 | - | - | 648,755 | ||||||||||||
Money Market Funds | - | 46,325 | - | 46,325 | ||||||||||||
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Total Investments | $ | 8,894,106 | $ | 49,572 | $ | 3,782 | $ | 8,947,460 | ||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the 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.
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The Funds had capital loss carryforwards as of October 31, 2020, as follows:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | - | $ | - | $ | - | |||||||||
PureBetaSM FTSE Developed ex-North America ETF | - | 34,804 | 34,804 | ||||||||||||
PureBetaSM FTSE Emerging Markets ETF | - | 126,120 | 126,120 |
* | Capital loss carryforwards 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 months ended April 30, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
PureBetaSM FTSE Developed ex-North America ETF | $ | 446,360 | $ | 119,946 | ||||||
PureBetaSM FTSE Emerging Markets ETF | 4,993,568 | 922,132 |
For the six months ended April 30, 2021, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 6,989,269 | $ | - | ||||||
PureBetaSM FTSE Developed ex-North America ETF | 4,994,048 | - | ||||||||
PureBetaSM FTSE Emerging Markets ETF | 1,876,261 | - |
As of April 30, 2021, 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 | Cost | |||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 590,083 | $ | (6,752 | ) | $ | 583,331 | $ | 19,739,402 | |||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 1,086,212 | (228,470 | ) | 857,742 | 8,289,091 | |||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | 903,724 | (297,914 | ) | 605,810 | 8,341,650 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a 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 each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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
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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.
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Calculating your ongoing Fund expenses
Example
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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period November 1, 2020 through April 30, 2021.
In addition to the fees and expenses which the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly 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 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.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,034.40 | 0.07 | % | $ | 0.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | 0.07 | 0.35 | ||||||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,297.90 | 0.07 | 0.40 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | 0.07 | 0.35 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,206.00 | 0.10 | % | $ | 0.55 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.30 | 0.10 | 0.50 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF | Invesco S&P 500® Enhanced Value ETF | |
Invesco California AMT-Free Municipal Bond ETF | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco CEF Income Composite ETF | Invesco S&P 500® High Beta ETF | |
Invesco China Technology ETF | Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Developed Markets Momentum ETF | Invesco S&P 500® Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF | Invesco S&P 500 Minimum Variance ETF | |
Invesco DWA SmallCap Momentum ETF | Invesco S&P 500® Momentum ETF | |
Invesco Emerging Markets Sovereign Debt ETF | Invesco S&P 500 Revenue ETF | |
Invesco FTSE International Low Beta Equal Weight ETF | Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | Invesco S&P International Developed High Dividend Low | |
Invesco FTSE RAFI Emerging Markets ETF | Volatility ETF | |
Invesco Fundamental High Yield® Corporate Bond ETF | Invesco S&P International Developed Low Volatility ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF | Invesco S&P International Developed Momentum ETF | |
Invesco Global Clean Energy ETF | Invesco S&P International Developed Quality ETF | |
Invesco Global Short Term High Yield Bond ETF | Invesco S&P MidCap 400 Revenue ETF | |
Invesco Global Water ETF | Invesco S&P MidCap Low Volatility ETF | |
Invesco International BuyBack Achievers™ ETF | Invesco S&P SmallCap 600 Revenue ETF | |
Invesco International Corporate Bond ETF | Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco KBW Bank ETF | Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW High Dividend Yield Financial ETF | Invesco S&P SmallCap Energy ETF | |
Invesco KBW Premium Yield Equity REIT ETF | Invesco S&P SmallCap Financials ETF | |
Invesco KBW Property & Casualty Insurance ETF | Invesco S&P SmallCap Health Care ETF | |
Invesco KBW Regional Banking ETF | Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco National AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Industrials ETF | |
Invesco New York AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Information Technology ETF | |
Invesco Preferred ETF | Invesco S&P SmallCap Low Volatility ETF | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF | Invesco S&P SmallCap Materials ETF | |
Invesco PureBetaSM FTSE Developed ex-North America ETF | Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM FTSE Emerging Markets ETF | Invesco S&P SmallCap Utilities & Communication Services ETF | |
Invesco PureBetaSM MSCI USA ETF | Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF | Invesco Senior Loan ETF | |
Invesco PureBetaSM US Aggregate Bond ETF | Invesco Taxable Municipal Bond ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF | Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Equal Weight ETF | Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Low Beta Equal Weight ETF | Invesco VRDO Tax-Free ETF |
Also at the April 15, 2021 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the ten-year period for Invesco VRDO Tax-Free ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for the Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
● | 0.04%: Invesco PureBetaSM MSCI USA ETF |
● | 0.05%: Invesco PureBetaSM US Aggregate Bond ETF |
● | 0.06%: Invesco PureBetaSM MSCI USA Small Cap ETF |
● | 0.07%: Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF |
● | 0.08%: Invesco Treasury Collateral ETF |
● | 0.10%: Invesco S&P 500 Minimum Variance ETF |
● | 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
● | 0.14%: Invesco PureBetaSM FTSE Emerging Markets ETF |
● | 0.20%: Invesco Russell 1000 Equal Weight ETF |
● | 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
● | 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free ETF |
● | 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF |
● | 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF |
● | 0.30%: Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF |
● | 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF |
● | 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF |
● | 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
● | 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF |
● | 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF |
● | 0.55%: Invesco International BuyBack Achievers™ ETF |
● | 0.60%: Invesco DWA SmallCap Momentum ETF |
● | 0.65%: Invesco Senior Loan ETF |
● | 0.70%: Invesco China Technology ETF |
● | 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF |
● | 0.80%: Invesco DWA Developed Markets Momentum ETF |
● | 0.90%: Invesco DWA Emerging Markets Momentum ETF |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | |||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | ||||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | X | X | ||||
Invesco International BuyBack AchieversTM ETF | X | |||||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | X | X | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | X | X | X | |||
Invesco PureBetaSM FTSE Emerging Markets ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaSM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | |||||
Invesco Russell 1000 Equal Weight ETF | X | X | ||||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | |||||
Invesco S&P 500 Enhanced Value ETF | X | X | ||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500® High Beta ETF | X | X | ||||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | X | |||
Invesco S&P 500 Revenue ETF | X | |||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | ||||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | N/A | X | |||
Invesco S&P International Developed Quality ETF | X | N/A | X | |||
Invesco S&P MidCap 400 Revenue ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco S&P MidCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | ||||
Invesco S&P SmallCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | X | |||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 15, 2021. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12 and April 15, 2021 Board meetings, and Invesco Advisers, Inc., in connection with the April 15, 2021 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
53 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
54 | ||||
|
| |||
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.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 at www.invesco.com/ETFs.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||||
Downers Grove, IL 60515 | P-PBETA-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2021
| ||||
IDLB | Invesco FTSE International Low Beta Equal Weight ETF | |||
EELV |
Invesco S&P Emerging Markets Low Volatility ETF | |||
EEMO |
Invesco S&P Emerging Markets Momentum ETF | |||
IDHD | Invesco S&P International Developed High Dividend Low Volatility ETF | |||
IDLV | Invesco S&P International Developed Low Volatility ETF | |||
IDMO | Invesco S&P International Developed Momentum ETF |
2 | ||||
|
| |||
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
3 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-97.49% |
| |||||||
Australia-5.45% | ||||||||
Altium Ltd. | 492 | $ | 11,268 | |||||
Ansell Ltd. | 354 | 11,556 | ||||||
APA Group | 1,377 | 10,669 | ||||||
Appen Ltd. | 788 | 9,532 | ||||||
ASX Ltd. | 188 | 10,598 | ||||||
Aurizon Holdings Ltd. | 3,496 | 10,127 | ||||||
AusNet Services | 7,655 | 11,205 | ||||||
BHP Group Ltd. | 253 | 9,322 | ||||||
Brambles Ltd. | 1,281 | 10,291 | ||||||
CIMIC Group Ltd.(a)(b) | 645 | 9,666 | ||||||
Coles Group Ltd. | 827 | 10,426 | ||||||
Commonwealth Bank of Australia | 151 | 10,386 | ||||||
CSL Ltd. | 48 | 10,054 | ||||||
Dexus | 1,433 | 11,257 | ||||||
Domino’s Pizza Enterprises Ltd. | 142 | 11,698 | ||||||
Evolution Mining Ltd. | 3,161 | 11,305 | ||||||
Fortescue Metals Group Ltd. | 565 | 9,859 | ||||||
Goodman Group | 758 | 11,072 | ||||||
Harvey Norman Holdings Ltd. | 2,429 | 9,888 | ||||||
IGO Ltd. | 1,821 | 10,536 | ||||||
Iluka Resources Ltd. | 1,727 | 10,325 | ||||||
Medibank Pvt Ltd. | 4,607 | 10,961 | ||||||
Metcash Ltd. | 3,750 | 10,283 | ||||||
Newcrest Mining Ltd. | 532 | 10,898 | ||||||
Northern Star Resources Ltd. | 1,301 | 10,562 | ||||||
Orora Ltd. | 4,418 | 10,852 | ||||||
Ramsay Health Care Ltd. | 192 | 9,984 | ||||||
Reece Ltd. | 729 | 11,414 | ||||||
Rio Tinto Ltd. | 100 | 9,358 | ||||||
Rio Tinto PLC | 113 | 9,506 | ||||||
Shopping Centres Australasia Property Group | 5,465 | 10,511 | ||||||
Sonic Healthcare Ltd. | 406 | 11,253 | ||||||
Suncorp Group Ltd. | 1,265 | 10,270 | ||||||
Telstra Corp. Ltd. | 4,148 | 10,862 | ||||||
TPG Telecom Ltd. | 1,937 | 8,244 | ||||||
Treasury Wine Estates Ltd. | 1,227 | 9,516 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 432 | 10,101 | ||||||
Wesfarmers Ltd. | 254 | 10,617 | ||||||
WiseTech Global Ltd. | 460 | 11,168 | ||||||
Woolworths Group Ltd. | 323 | 9,806 | ||||||
|
| |||||||
417,206 | ||||||||
|
| |||||||
Austria-0.57% | ||||||||
ANDRITZ AG | 206 | 11,209 | ||||||
Raiffeisen Bank International AG | 474 | 10,379 | ||||||
Telekom Austria AG | 1,311 | 10,732 | ||||||
Verbund AG | 136 | 11,182 | ||||||
|
| |||||||
43,502 | ||||||||
|
| |||||||
Belgium-1.51% | ||||||||
Ackermans & van Haaren N.V. | 62 | 9,926 | ||||||
Ageas S.A./N.V. | 167 | 10,124 | ||||||
Elia Group S.A./N.V.(b) | 98 | 10,617 | ||||||
Etablissements Franz Colruyt N.V. | 171 | 10,155 | ||||||
Groupe Bruxelles Lambert S.A. | 99 | 10,843 | ||||||
Proximus SADP(b) | 513 | 10,949 | ||||||
Sofina S.A. | 30 | 11,419 | ||||||
Telenet Group Holding N.V. | 256 | 10,977 |
Shares | Value | |||||||
Belgium-(continued) | ||||||||
UCB S.A. | 103 | $ | 9,555 | |||||
Umicore S.A. | 170 | 10,347 | ||||||
Warehouses De Pauw C.V.A. | 300 | 10,589 | ||||||
|
| |||||||
115,501 | ||||||||
|
| |||||||
Brazil-0.14% | ||||||||
Yara International ASA | 200 | 10,464 | ||||||
|
| |||||||
Canada-4.28% | ||||||||
Agnico Eagle Mines Ltd. | 179 | 11,178 | ||||||
Bank of Nova Scotia (The) | 165 | 10,498 | ||||||
Barrick Gold Corp. | 514 | 10,943 | ||||||
BCE, Inc. | 229 | 10,815 | ||||||
Canadian Imperial Bank of Commerce | 105 | 10,906 | ||||||
Canadian National Railway Co. | 91 | 9,789 | ||||||
Canadian Pacific Railway Ltd. | 28 | 10,440 | ||||||
Canadian Utilities Ltd., Class A | 422 | 12,051 | ||||||
Constellation Software, Inc. | 8 | 11,731 | ||||||
Dollarama, Inc. | 257 | 11,966 | ||||||
Enbridge, Inc. | 286 | 11,022 | ||||||
Fortis, Inc. | 255 | 11,365 | ||||||
Franco-Nevada Corp. | 93 | 12,944 | ||||||
George Weston Ltd. | 131 | 11,557 | ||||||
Great-West Lifeco, Inc. | 395 | 11,443 | ||||||
Hydro One Ltd.(c) | 472 | 11,307 | ||||||
Intact Financial Corp. | 87 | 11,554 | ||||||
Loblaw Cos. Ltd. | 203 | 11,262 | ||||||
Metro, Inc. | 239 | 10,942 | ||||||
Nutrien Ltd. | 183 | 10,093 | ||||||
Rogers Communications, Inc., Class B | 225 | 11,073 | ||||||
Royal Bank of Canada | 116 | 11,062 | ||||||
Saputo, Inc. | 350 | 11,113 | ||||||
Shaw Communications, Inc., Class B | 557 | 16,119 | ||||||
TC Energy Corp. | 229 | 11,320 | ||||||
TELUS Corp. | 488 | 10,115 | ||||||
Thomson Reuters Corp. | 115 | 10,656 | ||||||
Toronto-Dominion Bank (The) | 161 | 11,059 | ||||||
Wheaton Precious Metals Corp. | 280 | 11,606 | ||||||
|
| |||||||
327,929 | ||||||||
|
| |||||||
Chile-0.13% | ||||||||
Antofagasta PLC | 391 | 10,099 | ||||||
|
| |||||||
China-1.61% | ||||||||
AAC Technologies Holdings, Inc. | 2,000 | 11,137 | ||||||
Kerry Logistics Network Ltd. | 3,304 | 9,933 | ||||||
Lee & Man Paper Manufacturing Ltd. | 10,000 | 8,716 | ||||||
Lenovo Group Ltd. | 7,841 | 10,782 | ||||||
Minth Group Ltd. | 2,474 | 10,050 | ||||||
Sun Art Retail Group Ltd. | 10,957 | 10,101 | ||||||
Tingyi Cayman Islands Holding Corp. | 5,057 | 9,102 | ||||||
Towngas China Co. Ltd.(a) | 22,355 | 11,024 | ||||||
Uni-President China Holdings Ltd. | 8,379 | 10,206 | ||||||
Want Want China Holdings Ltd. | 14,132 | 10,244 | ||||||
Wilmar International Ltd. | 2,513 | 9,860 | ||||||
Xinyi Glass Holdings Ltd. | 3,357 | 11,908 | ||||||
|
| |||||||
123,063 | ||||||||
|
| |||||||
Denmark-1.05% | ||||||||
Ambu A/S, Class B | 232 | 13,017 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Denmark-(continued) | ||||||||
Chr. Hansen Holding A/S(a) | 121 | $ | 11,137 | |||||
Coloplast A/S, Class B | 68 | 11,266 | ||||||
DSV Panalpina A/S | 54 | 12,058 | ||||||
GN Store Nord A/S | 125 | 11,299 | ||||||
Novo Nordisk A/S, Class B | 141 | 10,341 | ||||||
Novozymes A/S, Class B | 162 | 11,546 | ||||||
|
| |||||||
80,664 | ||||||||
|
| |||||||
Finland-1.23% | ||||||||
Elisa OYJ | 167 | 9,487 | ||||||
Huhtamaki OYJ | 219 | 10,403 | ||||||
Kesko OYJ, Class B | 396 | 12,080 | ||||||
Kojamo OYJ | 521 | 11,308 | ||||||
Kone OYJ, Class B | 129 | 10,147 | ||||||
Nokian Renkaat OYJ | 272 | 10,144 | ||||||
Orion OYJ, Class B | 248 | 10,995 | ||||||
Stora Enso OYJ, Class R | 492 | 9,435 | ||||||
UPM-Kymmene OYJ | 253 | 9,913 | ||||||
|
| |||||||
93,912 | ||||||||
|
| |||||||
France-4.07% | ||||||||
Air Liquide S.A.(b) | 66 | 11,133 | ||||||
Alstom S.A.(a) | 190 | 10,393 | ||||||
BioMerieux | 78 | 9,288 | ||||||
Bollore S.A. | 2,040 | 10,314 | ||||||
Bureau Veritas S.A.(a) | 365 | 10,928 | ||||||
Carrefour S.A. | 585 | 11,342 | ||||||
Cie Generale des Etablissements Michelin S.C.A. | 66 | 9,562 | ||||||
Danone S.A.(b) | 150 | 10,587 | ||||||
Dassault Systemes SE | 48 | 11,149 | ||||||
Edenred | 190 | 10,784 | ||||||
Gecina S.A. | 73 | 10,690 | ||||||
Hermes International | 9 | 11,311 | ||||||
Iliad S.A. | 55 | 9,998 | ||||||
Kering S.A. | 16 | 12,837 | ||||||
Legrand S.A. | 116 | 11,311 | ||||||
L’Oreal S.A. | 27 | 11,104 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 16 | 12,061 | ||||||
Neoen S.A.(a)(b)(c) | 197 | 9,026 | ||||||
Orange S.A. | 867 | 10,802 | ||||||
Orpea S.A.(a) | 84 | 10,825 | ||||||
Pernod Ricard S.A. | 53 | 10,891 | ||||||
Remy Cointreau S.A. | 53 | 10,604 | ||||||
Sanofi(b) | 111 | 11,661 | ||||||
Sartorius Stedim Biotech | 24 | 11,036 | ||||||
Schneider Electric SE | 66 | 10,569 | ||||||
SEB S.A. | 58 | 10,578 | ||||||
SOITEC(a) | 50 | 10,118 | ||||||
Teleperformance | 27 | 10,437 | ||||||
Vivendi SE | 285 | 9,949 | ||||||
|
| |||||||
311,288 | ||||||||
|
| |||||||
Germany-5.57% | ||||||||
1&1 Drillisch AG | 349 | 10,503 | ||||||
adidas AG(a) | 29 | 8,967 | ||||||
Bechtle AG | 53 | 10,805 | ||||||
Beiersdorf AG | 100 | 11,304 | ||||||
Brenntag SE | 129 | 11,597 | ||||||
Carl Zeiss Meditec AG, BR | 67 | 11,820 | ||||||
Covestro AG(c) | 134 | 8,778 | ||||||
Deutsche Boerse AG | 62 | 10,695 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Deutsche Post AG | 197 | $ | 11,610 | |||||
Deutsche Telekom AG | 559 | 10,767 | ||||||
Deutsche Wohnen SE | 216 | 11,701 | ||||||
E.ON SE | 1,005 | 12,130 | ||||||
Evotec SE(a) | 264 | 11,005 | ||||||
Fielmann AG(a) | 128 | 9,754 | ||||||
Fresenius Medical Care AG & Co. KGaA | 144 | 11,469 | ||||||
FUCHS PETROLUB SE | 62 | 2,691 | ||||||
FUCHS PETROLUB SE, Preference Shares | 131 | 6,992 | ||||||
Hannover Rueck SE | 56 | 10,368 | ||||||
HelloFresh SE(a) | 138 | 11,463 | ||||||
Henkel AG & Co. KGaA | 39 | 3,883 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 65 | 7,477 | ||||||
KION Group AG | 110 | 10,983 | ||||||
Knorr-Bremse AG | 79 | 9,700 | ||||||
LEG Immobilien SE | 74 | 10,307 | ||||||
Merck KGaA | 62 | 10,908 | ||||||
METRO AG | 884 | 9,684 | ||||||
Nemetschek SE | 159 | 11,867 | ||||||
Puma SE(a) | 96 | 10,137 | ||||||
Rational AG | 12 | 10,019 | ||||||
RWE AG | 276 | 10,479 | ||||||
SAP SE | 81 | 11,385 | ||||||
Sartorius AG, Preference Shares | 20 | 11,296 | ||||||
Scout24 AG(b)(c) | 135 | 11,236 | ||||||
Siemens AG | 62 | 10,361 | ||||||
Siemens Healthineers AG(c) | 185 | 10,574 | ||||||
Symrise AG | 86 | 11,119 | ||||||
TeamViewer AG(a)(c) | 180 | 8,572 | ||||||
Telefonica Deutschland Holding AG(b) | 3,805 | 11,075 | ||||||
Uniper SE(b) | 285 | 10,409 | ||||||
United Internet AG | 228 | 9,609 | ||||||
Vonovia SE | 155 | 10,195 | ||||||
Zalando SE(a)(c) | 100 | 10,418 | ||||||
|
| |||||||
426,112 | ||||||||
|
| |||||||
Hong Kong-2.52% | ||||||||
CLP Holdings Ltd. | 1,001 | 9,879 | ||||||
Dairy Farm International Holdings Ltd. | 2,339 | 10,198 | ||||||
Haitong International Securities Group Ltd.(b) | 31,742 | 10,013 | ||||||
Hang Seng Bank Ltd. | 535 | 10,504 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 6,803 | 10,914 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 159 | 9,622 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 56,178 | 10,922 | ||||||
Kerry Properties Ltd. | 3,386 | 11,422 | ||||||
MTR Corp. Ltd. | 1,939 | 10,810 | ||||||
Power Assets Holdings Ltd. | 1,804 | 11,091 | ||||||
Sino Land Co. Ltd. | 6,464 | 9,604 | ||||||
Sun Hung Kai Properties Ltd. | 660 | 9,968 | ||||||
Techtronic Industries Co. Ltd. | 621 | 11,322 | ||||||
United Energy Group Ltd.(a) | 54,609 | 10,828 | ||||||
Vinda International Holdings Ltd.(b) | 3,913 | 13,930 | ||||||
Vitasoy International Holdings Ltd. | 2,699 | 10,442 | ||||||
VTech Holdings Ltd. | 1,293 | 11,861 | ||||||
WH Group Ltd.(c) | 11,000 | 9,616 | ||||||
|
| |||||||
192,946 | ||||||||
|
| |||||||
Ireland-0.68% | ||||||||
CRH PLC | 219 | 10,391 | ||||||
Flutter Entertainment PLC(a) | 49 | 10,068 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Ireland-(continued) | ||||||||
Glanbia PLC(b) | 723 | $ | 10,653 | |||||
Kerry Group PLC, Class A | 79 | 10,252 | ||||||
Smurfit Kappa Group PLC | 204 | 10,490 | ||||||
|
| |||||||
51,854 | ||||||||
|
| |||||||
Israel-2.64% | ||||||||
Amot Investments Ltd. | 1,936 | 12,684 | ||||||
Bank Hapoalim BM(a) | 1,411 | 11,267 | ||||||
Bank Leumi Le-Israel BM | 1,594 | 11,245 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 10,711 | 11,681 | ||||||
Elbit Systems Ltd. | 77 | 10,610 | ||||||
Electra Ltd. | 19 | 10,558 | ||||||
Energix-Renewable Energies Ltd. | 2,968 | 11,704 | ||||||
First International Bank of Israel | 382 | 11,695 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 1,115 | 11,723 | ||||||
Maytronics Ltd. | 594 | 12,161 | ||||||
Nice Ltd.(a) | 46 | 11,131 | ||||||
Nova Measuring Instruments Ltd.(a) | 120 | 11,751 | ||||||
OPC Energy Ltd.(a) | 919 | 9,209 | ||||||
Phoenix Holdings Ltd. (The) | 1,298 | 11,566 | ||||||
Sapiens International Corp. N.V. | 316 | 10,542 | ||||||
Shapir Engineering and Industry Ltd. | 1,540 | 11,068 | ||||||
Shufersal Ltd. | 1,247 | 10,119 | ||||||
Strauss Group Ltd. | 379 | 11,100 | ||||||
|
| |||||||
201,814 | ||||||||
|
| |||||||
Italy-2.65% | ||||||||
A2A S.p.A. | 6,001 | 11,753 | ||||||
Amplifon S.p.A.(a) | 266 | 11,249 | ||||||
Buzzi Unicem S.p.A. | 382 | 10,213 | ||||||
Davide Campari-Milano N.V. | 889 | 10,501 | ||||||
DiaSorin S.p.A.(b) | 51 | 8,672 | ||||||
Enel S.p.A. | 1,092 | 10,867 | ||||||
Ferrari N.V. | 52 | 11,152 | ||||||
FinecoBank Banca Fineco S.p.A.(a) | 574 | 9,895 | ||||||
Hera S.p.A. | 2,863 | 11,528 | ||||||
Infrastrutture Wireless Italiane | 994 | 11,607 | ||||||
Italgas S.p.A. | 1,709 | 11,155 | ||||||
Moncler S.p.A.(a) | 161 | 9,888 | ||||||
Nexi S.p.A.(a)(c) | 555 | 10,650 | ||||||
Poste Italiane S.p.A.(c) | 837 | 10,983 | ||||||
Prysmian S.p.A. | 308 | 9,659 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 194 | 10,705 | ||||||
Snam S.p.A. | 1,975 | 11,127 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 1,472 | 10,862 | ||||||
UnipolSai Assicurazioni S.p.A. | 3,360 | 10,460 | ||||||
|
| |||||||
202,926 | ||||||||
|
| |||||||
Japan-32.05% | ||||||||
ABC-Mart, Inc. | 200 | 10,704 | ||||||
Acom Co. Ltd. | 2,200 | 9,440 | ||||||
Advance Residence Investment Corp. | 4 | 12,753 | ||||||
Advantest Corp. | 123 | 11,681 | ||||||
Aica Kogyo Co. Ltd. | 282 | 10,010 | ||||||
Ain Holdings, Inc. | 161 | 8,941 | ||||||
Air Water, Inc. | 631 | 10,449 | ||||||
Ajinomoto Co., Inc. | 518 | 10,362 | ||||||
Alfresa Holdings Corp. | 593 | 10,617 | ||||||
Amano Corp. | 400 | 10,865 | ||||||
Anritsu Corp. | 453 | 8,819 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Ariake Japan Co. Ltd. | 169 | $ | 9,787 | |||||
As One Corp. | 78 | 9,741 | ||||||
ASKUL Corp. | 315 | 11,527 | ||||||
Astellas Pharma, Inc. | 636 | 9,545 | ||||||
Azbil Corp. | 219 | 8,856 | ||||||
Benesse Holdings, Inc. | 493 | 10,883 | ||||||
Calbee, Inc. | 415 | 9,944 | ||||||
Canon Marketing Japan, Inc. | 456 | 11,001 | ||||||
Canon, Inc. | 505 | 12,026 | ||||||
Capcom Co. Ltd. | 334 | 10,848 | ||||||
Chubu Electric Power Co., Inc. | 815 | 9,846 | ||||||
Chugai Pharmaceutical Co. Ltd. | 233 | 8,742 | ||||||
Chugoku Bank Ltd. (The) | 1,260 | 9,948 | ||||||
Chugoku Electric Power Co., Inc. (The) | 827 | 9,231 | ||||||
COMSYS Holdings Corp. | 373 | 11,568 | ||||||
Cosmos Pharmaceutical Corp. | 72 | 10,335 | ||||||
CyberAgent, Inc. | 704 | 14,479 | ||||||
Dai Nippon Printing Co. Ltd. | 500 | 9,931 | ||||||
Daifuku Co. Ltd. | 109 | 10,790 | ||||||
Daikin Industries Ltd. | 51 | 10,232 | ||||||
Daio Paper Corp. | 600 | 9,826 | ||||||
Daiwa House REIT Investment Corp. | 4 | 10,726 | ||||||
Daiwa Securities Group, Inc. | 2,000 | 10,651 | ||||||
DIC Corp. | 400 | 10,221 | ||||||
Disco Corp. | 33 | 10,688 | ||||||
Eisai Co. Ltd. | 147 | 9,588 | ||||||
Elecom Co. Ltd. | 486 | 10,226 | ||||||
Electric Power Development Co. Ltd. | 660 | 10,543 | ||||||
Ezaki Glico Co. Ltd. | 233 | 8,708 | ||||||
FP Corp. | 255 | 9,903 | ||||||
Fuji Oil Holdings, Inc. | 350 | 9,014 | ||||||
FUJIFILM Holdings Corp. | 175 | 11,346 | ||||||
Fujitsu General Ltd. | 379 | 10,055 | ||||||
Fujitsu Ltd. | 74 | 11,783 | ||||||
Fukuyama Transporting Co. Ltd. | 253 | 9,687 | ||||||
GLP J-REIT | 7 | 11,732 | ||||||
GMO internet, Inc. | 372 | 11,078 | ||||||
GMO Payment Gateway, Inc. | 90 | 11,486 | ||||||
GOLDWIN, Inc. | 152 | 9,081 | ||||||
GungHo Online Entertainment, Inc. | 500 | 9,533 | ||||||
Gunma Bank Ltd. (The) | 3,068 | 10,020 | ||||||
H.U. Group Holdings, Inc. | 340 | 11,120 | ||||||
Hachijuni Bank Ltd. (The) | 2,944 | 10,046 | ||||||
Hamamatsu Photonics KK | 171 | 9,918 | ||||||
Haseko Corp. | 800 | 10,722 | ||||||
Hirose Electric Co. Ltd. | 68 | 10,831 | ||||||
Hitachi Transport System Ltd. | 279 | 8,666 | ||||||
Hokuriku Electric Power Co. | 1,637 | 9,914 | ||||||
House Foods Group, Inc. | 294 | 9,132 | ||||||
Hoya Corp. | 99 | 11,263 | ||||||
Hulic Co. Ltd. | 993 | 11,301 | ||||||
Ibiden Co. Ltd. | 235 | 11,137 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 6 | 10,874 | ||||||
IR Japan Holdings Ltd. | 83 | 10,912 | ||||||
Ito En Ltd.(b) | 161 | 8,911 | ||||||
ITOCHU Corp. | 326 | 10,164 | ||||||
Itochu Techno-Solutions Corp. | 377 | 13,072 | ||||||
Itoham Yonekyu Holdings, Inc. | 1,533 | 9,860 | ||||||
Iwatani Corp. | 200 | 12,534 | ||||||
Iyo Bank Ltd. (The) | 1,754 | 9,660 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Izumi Co. Ltd. | 262 | $ | 10,415 | |||||
Japan Exchange Group, Inc. | 473 | 11,084 | ||||||
Japan Logistics Fund, Inc. | 4 | 11,454 | ||||||
Japan Post Bank Co. Ltd. | 1,030 | 9,414 | ||||||
Japan Post Holdings Co. Ltd.(a) | 1,186 | 9,956 | ||||||
Japan Real Estate Investment Corp. | 2 | 12,406 | ||||||
Japan Tobacco, Inc. | 544 | 10,173 | ||||||
JCR Pharmaceuticals Co. Ltd. | 308 | 8,383 | ||||||
JSR Corp. | 358 | 11,021 | ||||||
Justsystems Corp. | 182 | 10,557 | ||||||
Kagome Co. Ltd. | 326 | 9,350 | ||||||
Kaken Pharmaceutical Co. Ltd. | 256 | 10,539 | ||||||
Kamigumi Co. Ltd. | 500 | 9,721 | ||||||
Kandenko Co. Ltd. | 1,260 | 10,767 | ||||||
Kansai Electric Power Co., Inc. (The) | 1,018 | 10,077 | ||||||
Kao Corp. | 155 | 9,936 | ||||||
KDDI Corp. | 363 | 10,979 | ||||||
Kewpie Corp. | 518 | 12,246 | ||||||
Keyence Corp. | 24 | 11,532 | ||||||
Kinden Corp. | 602 | 10,233 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 108 | 9,634 | ||||||
Kobe Bussan Co. Ltd.(b) | 436 | 11,655 | ||||||
Koei Tecmo Holdings Co. Ltd. | 227 | 10,145 | ||||||
KOKUYO Co. Ltd. | 777 | 11,999 | ||||||
Kuraray Co. Ltd. | 900 | 9,774 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 134 | 9,415 | ||||||
Kyocera Corp. | 170 | 10,322 | ||||||
Kyowa Exeo Corp. | 388 | 10,319 | ||||||
Kyowa Kirin Co. Ltd. | 379 | 11,512 | ||||||
Kyudenko Corp. | 301 | 10,464 | ||||||
Kyushu Electric Power Co., Inc. | 1,200 | 10,956 | ||||||
Kyushu Financial Group, Inc. | 2,420 | 9,409 | ||||||
LaSalle Logiport REIT | 7 | 11,367 | ||||||
Lawson, Inc. | 202 | 9,055 | ||||||
Lintec Corp. | 422 | 9,200 | ||||||
Lion Corp. | 570 | 10,690 | ||||||
Maeda Road Construction Co. Ltd. | 540 | 10,375 | ||||||
Mani, Inc. | 481 | 11,336 | ||||||
Maruichi Steel Tube Ltd. | 400 | 10,016 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 600 | 10,484 | ||||||
Matsui Securities Co. Ltd. | 1,198 | 9,393 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 223 | 8,946 | ||||||
Mebuki Financial Group, Inc. | 4,600 | 10,016 | ||||||
Medipal Holdings Corp. | 517 | 9,498 | ||||||
Megmilk Snow Brand Co. Ltd. | 470 | 9,412 | ||||||
MEIJI Holdings Co. Ltd. | 161 | 9,972 | ||||||
MISUMI Group, Inc. | 300 | 8,453 | ||||||
Mitsubishi Electric Corp. | 700 | 10,772 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 382 | 10,334 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 2 | 10,356 | ||||||
Miura Co. Ltd. | 199 | 10,432 | ||||||
Mizuho Financial Group, Inc. | 700 | 9,830 | ||||||
Mochida Pharmaceutical Co. Ltd. | 270 | 9,399 | ||||||
MonotaRO Co. Ltd. | 362 | 9,240 | ||||||
Mori Hills REIT Investment Corp. | 8 | 11,615 | ||||||
Morinaga & Co. Ltd. | 271 | 9,025 | ||||||
Morinaga Milk Industry Co. Ltd. | 229 | 12,528 | ||||||
MS&AD Insurance Group Holdings, Inc. | 360 | 10,193 | ||||||
Murata Manufacturing Co. Ltd. | 120 | 9,555 | ||||||
Nankai Electric Railway Co. Ltd.(b) | 463 | 10,217 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
NEC Corp. | 188 | $ | 10,939 | |||||
NEC Networks & System Integration Corp. | 634 | 10,922 | ||||||
NET One Systems Co. Ltd. | 340 | 11,167 | ||||||
Nexon Co. Ltd. | 301 | 9,982 | ||||||
NH Foods Ltd. | 226 | 10,080 | ||||||
Nichirei Corp. | 382 | 9,653 | ||||||
Nidec Corp. | 81 | 9,378 | ||||||
Nihon Kohden Corp. | 398 | 12,034 | ||||||
Nihon M&A Center, Inc. | 378 | 9,904 | ||||||
Nihon Unisys Ltd. | 353 | 11,190 | ||||||
Nintendo Co. Ltd. | 18 | 10,324 | ||||||
Nippo Corp. | 392 | 10,264 | ||||||
Nippon Accommodations Fund, Inc. | 2 | 11,875 | ||||||
Nippon Building Fund, Inc. | 2 | 13,138 | ||||||
Nippon Kayaku Co. Ltd. | 1,000 | 9,258 | ||||||
Nippon Paper Industries Co. Ltd. | 803 | 9,859 | ||||||
Nippon Prologis REIT, Inc. | 3 | 9,634 | ||||||
Nippon Shinyaku Co. Ltd.(b) | 149 | 10,033 | ||||||
Nippon Telegraph & Telephone Corp. | 447 | 11,266 | ||||||
Nippon Television Holdings, Inc. | 779 | 10,191 | ||||||
Nissan Chemical Corp. | 180 | 9,255 | ||||||
Nisshin Seifun Group, Inc. | 608 | 9,801 | ||||||
Nissin Foods Holdings Co. Ltd.(b) | 136 | 9,643 | ||||||
Nitori Holdings Co. Ltd. | 55 | 9,867 | ||||||
Noevir Holdings Co. Ltd. | 212 | 9,339 | ||||||
NOF Corp. | 198 | 10,470 | ||||||
Nomura Holdings, Inc. | 1,708 | 9,171 | ||||||
Nomura Real Estate Master Fund, Inc. | 7 | 11,066 | ||||||
Nomura Research Institute Ltd. | 374 | 11,514 | ||||||
NS Solutions Corp. | 336 | 10,159 | ||||||
OBIC Business Consultants Co. Ltd. | 167 | 9,809 | ||||||
Obic Co. Ltd. | 61 | 11,792 | ||||||
Oji Holdings Corp. | 1,590 | 10,023 | ||||||
Ono Pharmaceutical Co. Ltd. | 421 | 10,596 | ||||||
Oracle Corp. Japan | 99 | 9,284 | ||||||
Osaka Gas Co. Ltd. | 621 | 11,976 | ||||||
Otsuka Corp. | 229 | 11,544 | ||||||
Otsuka Holdings Co. Ltd. | 229 | 8,801 | ||||||
Paltac Corp. | 178 | 9,266 | ||||||
Pan Pacific International Holdings Corp. | 407 | 8,769 | ||||||
Pigeon Corp. | 312 | 10,576 | ||||||
Pola Orbis Holdings, Inc. | 500 | 12,959 | ||||||
Rengo Co. Ltd. | 1,259 | 10,447 | ||||||
Rohto Pharmaceutical Co. Ltd. | 406 | 10,411 | ||||||
Sankyo Co. Ltd. | 355 | 9,172 | ||||||
Santen Pharmaceutical Co. Ltd. | 740 | 9,478 | ||||||
Sawai Group Holdings Co. Ltd. | 227 | 10,924 | ||||||
Secom Co. Ltd. | 105 | 8,719 | ||||||
Sekisui House Reit, Inc. | 13 | 10,823 | ||||||
Seven & i Holdings Co. Ltd. | 261 | 11,220 | ||||||
Seven Bank Ltd. | 4,500 | 9,675 | ||||||
SG Holdings Co. Ltd. | 422 | 9,590 | ||||||
Shikoku Electric Power Co., Inc. | 1,487 | 10,883 | ||||||
Shimamura Co. Ltd. | 102 | 10,097 | ||||||
Shimano, Inc. | 48 | 10,994 | ||||||
Shinsei Bank Ltd.(a) | 648 | 9,432 | ||||||
Shionogi & Co. Ltd. | 177 | 9,306 | ||||||
Ship Healthcare Holdings, Inc. | 422 | 11,057 | ||||||
Shizuoka Bank Ltd. (The) | 1,318 | 10,093 | ||||||
SHO-BOND Holdings Co. Ltd. | 237 | 9,887 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
SKY Perfect JSAT Holdings, Inc. | 2,308 | $ | 9,692 | |||||
SMC Corp. | 17 | 9,868 | ||||||
Softbank Corp. | 778 | 10,032 | ||||||
SoftBank Group Corp. | 100 | 9,044 | ||||||
Sohgo Security Services Co. Ltd. | 210 | 9,203 | ||||||
Sojitz Corp. | 3,676 | 10,964 | ||||||
Sompo Holdings, Inc. | 267 | 9,917 | ||||||
Sony Group Corp. | 97 | 9,673 | ||||||
Sugi Holdings Co. Ltd. | 142 | 10,913 | ||||||
Sundrug Co. Ltd. | 273 | 9,304 | ||||||
Suntory Beverage & Food Ltd. | 265 | 8,946 | ||||||
Suzuken Co. Ltd. | 275 | 9,900 | ||||||
Sysmex Corp. | 110 | 10,994 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 166 | 9,780 | ||||||
Taiyo Yuden Co. Ltd. | 200 | 9,185 | ||||||
Takara Bio, Inc. | 379 | 9,688 | ||||||
Teijin Ltd. | 545 | 8,965 | ||||||
Terumo Corp. | 275 | 10,396 | ||||||
TIS, Inc. | 485 | 12,047 | ||||||
Toda Corp. | 1,415 | 10,084 | ||||||
Toho Gas Co. Ltd. | 176 | 9,774 | ||||||
Tohoku Electric Power Co., Inc. | 1,201 | 10,581 | ||||||
Tokai Carbon Co. Ltd. | 700 | 11,386 | ||||||
Tokio Marine Holdings, Inc. | 217 | 10,383 | ||||||
Tokuyama Corp. | 400 | 9,039 | ||||||
Tokyo Electron Ltd. | 25 | 11,052 | ||||||
Tokyo Gas Co. Ltd. | 545 | 11,034 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 200 | 13,284 | ||||||
Tosoh Corp. | 600 | 10,638 | ||||||
Toyo Suisan Kaisha Ltd. | 275 | 11,208 | ||||||
Toyota Industries Corp. | 119 | 9,526 | ||||||
Toyota Motor Corp. | 149 | 11,078 | ||||||
Trend Micro, Inc. | 211 | 10,038 | ||||||
Tsumura & Co. | 354 | 11,789 | ||||||
Tsuruha Holdings, Inc. | 74 | 8,544 | ||||||
TV Asahi Holdings Corp. | 500 | 9,140 | ||||||
Unicharm Corp. | 233 | 9,047 | ||||||
Welcia Holdings Co. Ltd. | 332 | 10,357 | ||||||
Yakult Honsha Co. Ltd. | 207 | 10,075 | ||||||
Yamaguchi Financial Group, Inc. | 1,683 | 9,931 | ||||||
Yamato Holdings Co. Ltd. | 368 | 10,386 | ||||||
Yamazaki Baking Co. Ltd. | 601 | 9,518 | ||||||
Yaoko Co. Ltd. | 165 | 10,521 | ||||||
Z Holdings Corp. | 1,800 | 8,316 | ||||||
Zensho Holdings Co. Ltd. | 400 | 10,027 | ||||||
Zeon Corp. | 700 | 11,156 | ||||||
ZOZO, Inc. | 300 | 10,128 | ||||||
|
| |||||||
2,452,919 | ||||||||
|
| |||||||
Jordan-0.14% | ||||||||
Hikma Pharmaceuticals PLC | 321 | 10,844 | ||||||
|
| |||||||
Luxembourg-0.42% | ||||||||
Eurofins Scientific SE(a) | 113 | 11,202 | ||||||
L’Occitane International S.A. | 3,900 | 11,223 | ||||||
RTL Group S.A.(a) | 167 | 9,834 | ||||||
|
| |||||||
32,259 | ||||||||
|
| |||||||
Malaysia-0.13% | ||||||||
Wing Tai Holdings Ltd. | 6,995 | 10,095 | ||||||
|
|
Shares | Value | |||||||
Mexico-0.12% | ||||||||
Fresnillo PLC | 788 | $ | 8,986 | |||||
|
| |||||||
Netherlands-1.56% | ||||||||
Adyen N.V.(a)(c) | 5 | 12,288 | ||||||
ASML Holding N.V. | 19 | 12,379 | ||||||
Euronext N.V.(c) | 98 | 9,874 | ||||||
Euronext N.V., Rts., expiring | 98 | 1,150 | ||||||
IMCD N.V. | 79 | 11,502 | ||||||
Koninklijke Ahold Delhaize N.V. | 384 | 10,350 | ||||||
Koninklijke DSM N.V. | 60 | 10,776 | ||||||
Koninklijke KPN N.V.(b) | 2,956 | 10,199 | ||||||
Koninklijke Philips N.V.(a) | 186 | 10,497 | ||||||
Koninklijke Vopak N.V. | 208 | 9,540 | ||||||
Prosus N.V.(a) | 83 | 9,015 | ||||||
Wolters Kluwer N.V. | 127 | 11,506 | ||||||
|
| |||||||
119,076 | ||||||||
|
| |||||||
New Zealand-0.95% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 1,373 | 7,536 | ||||||
Contact Energy Ltd. | 1,971 | 10,663 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 481 | 12,407 | ||||||
Infratil Ltd. | 1,904 | 9,747 | ||||||
Mercury NZ Ltd. | 2,200 | 10,955 | ||||||
Spark New Zealand Ltd. | 2,972 | 9,383 | ||||||
Xero Ltd.(a) | 109 | 11,919 | ||||||
|
| |||||||
72,610 | ||||||||
|
| |||||||
Norway-0.69% | ||||||||
Gjensidige Forsikring ASA | 418 | 9,532 | ||||||
Orkla ASA | 1,057 | 10,809 | ||||||
Salmar ASA | 145 | 10,084 | ||||||
Telenor ASA | 602 | 10,756 | ||||||
TOMRA Systems ASA | 234 | 11,739 | ||||||
|
| |||||||
52,920 | ||||||||
|
| |||||||
Poland-0.65% | ||||||||
CD Projekt S.A.(a)(b) | 165 | 7,582 | ||||||
Cyfrowy Polsat S.A. | 1,304 | 10,159 | ||||||
Dino Polska S.A.(a)(c) | 156 | 10,137 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 6,574 | 11,416 | ||||||
Powszechny Zaklad Ubezpieczen S.A.(a) | 1,232 | 10,623 | ||||||
|
| |||||||
49,917 | ||||||||
|
| |||||||
Portugal-0.15% | ||||||||
Jeronimo Martins SGPS S.A. | 643 | 11,758 | ||||||
|
| |||||||
Russia-0.13% | ||||||||
Polymetal International PLC | 496 | 10,270 | ||||||
|
| |||||||
Singapore-2.58% | ||||||||
Ascendas REIT | 4,523 | 10,573 | ||||||
CapitaLand Integrated Commercial Trust | 6,360 | 10,278 | ||||||
Jardine Cycle & Carriage Ltd. | 600 | 10,454 | ||||||
Keppel DC REIT | 4,922 | 9,952 | ||||||
Keppel REIT | 11,645 | 10,854 | ||||||
Mapletree Commercial Trust | 6,587 | 10,843 | ||||||
Mapletree Industrial Trust | 5,102 | 10,853 | ||||||
Mapletree Logistics Trust | 7,250 | 10,844 | ||||||
NetLink NBN Trust(c) | 14,078 | 10,264 | ||||||
Olam International Ltd. | 8,496 | 11,112 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,274 | 11,683 | ||||||
Singapore Exchange Ltd. | 1,341 | 10,533 | ||||||
Singapore Post Ltd. | 19,406 | 11,232 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Singapore Press Holdings Ltd. | 10,480 | $ | 14,494 | |||||
Singapore Technologies Engineering Ltd. | 3,400 | 9,865 | ||||||
StarHub Ltd. | 10,792 | 10,951 | ||||||
UOL Group Ltd. | 1,874 | 10,846 | ||||||
Venture Corp. Ltd. | 760 | 11,511 | ||||||
|
| |||||||
197,142 | ||||||||
|
| |||||||
South Korea-9.05% | ||||||||
Alteogen, Inc.(a) | 126 | 9,141 | ||||||
Amorepacific Corp. | 47 | 11,429 | ||||||
Amorepacific Group | 173 | 11,431 | ||||||
BGF retail Co. Ltd. | 66 | 9,078 | ||||||
BNK Financial Group, Inc. | 1,783 | 12,294 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 87 | 8,775 | ||||||
Celltrion Pharm, Inc.(a) | 71 | 8,489 | ||||||
Celltrion, Inc.(a) | 38 | 9,087 | ||||||
Cheil Worldwide, Inc. | 570 | 11,248 | ||||||
CJ CheilJedang Corp. | 28 | 9,956 | ||||||
CJ CheilJedang Corp., Preference Shares | 61 | 10,173 | ||||||
CJ ENM Co. Ltd. | 80 | 10,356 | ||||||
CJ Logistics Corp.(a) | 67 | 10,330 | ||||||
Coway Co. Ltd. | 171 | 10,284 | ||||||
DB Insurance Co. Ltd. | 261 | 11,486 | ||||||
DGB Financial Group, Inc. | 1,548 | 12,330 | ||||||
DL Holdings Co. Ltd. | 135 | 11,481 | ||||||
Dongsuh Cos., Inc. | 284 | 8,030 | ||||||
E-MART, Inc. | 60 | 9,062 | ||||||
Green Cross Corp. | 31 | 9,434 | ||||||
GS Retail Co. Ltd. | 302 | 9,720 | ||||||
Hanwha Corp., Preference Shares | 814 | 10,940 | ||||||
Hite Jinro Co. Ltd. | 320 | 10,026 | ||||||
Hyundai Department Store Co. Ltd. | 129 | 10,762 | ||||||
Hyundai Glovis Co. Ltd. | 57 | 9,839 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 501 | 10,967 | ||||||
Hyundai Mobis Co. Ltd. | 36 | 8,738 | ||||||
Hyundai Motor Co., Second Pfd. | 109 | 10,387 | ||||||
Industrial Bank of Korea | 1,320 | 11,499 | ||||||
KB Financial Group, Inc. | 247 | 12,146 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 409 | 12,483 | ||||||
Korea Investment Holdings Co. Ltd. | 127 | 12,787 | ||||||
Korea Zinc Co. Ltd. | 27 | 10,826 | ||||||
KT&G Corp. | 141 | 10,445 | ||||||
Kumho Petrochemical Co. Ltd. | 50 | 11,687 | ||||||
LG Household & Health Care Ltd. | 7 | 9,685 | ||||||
LG Household & Health Care Ltd., Preference Shares | 2 | 1,287 | ||||||
LG Innotek Co. Ltd. | 54 | 9,758 | ||||||
LG Uplus Corp. | 936 | 11,107 | ||||||
Lotte Chemical Corp. | 35 | 9,565 | ||||||
LOTTE Fine Chemical Co. Ltd. | 214 | 13,082 | ||||||
Mirae Asset Securities Co. Ltd. | 993 | 8,927 | ||||||
Mirae Asset Securities Co. Ltd., Second Pfd. | 399 | 1,754 | ||||||
NAVER Corp. | 28 | 9,049 | ||||||
NCSoft Corp. | 12 | 8,954 | ||||||
Netmarble Corp.(c) | 89 | 10,361 | ||||||
NH Investment & Securities Co. Ltd. | 988 | 11,414 | ||||||
NHN Corp.(a) | 161 | 10,566 | ||||||
NongShim Co. Ltd. | 41 | 10,505 | ||||||
Orion Corp. | 86 | 9,046 | ||||||
Ottogi Corp. | 19 | 9,480 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
S-1 Corp | 134 | $ | 9,818 | |||||
Samsung Biologics Co. Ltd.(a)(c) | 15 | 10,842 | ||||||
Samsung C&T Corp | 91 | 11,126 | ||||||
Samsung Card Co. Ltd. | 339 | 10,758 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 58 | 10,324 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 5 | 706 | ||||||
Samsung SDI Co. Ltd. | 17 | 9,995 | ||||||
Samsung SDS Co. Ltd. | 58 | 9,542 | ||||||
Samsung Securities Co. Ltd. | 293 | 11,234 | ||||||
Seegene, Inc. | 176 | 14,810 | ||||||
Shin Poong Pharmaceutical Co. Ltd. | 120 | 7,530 | ||||||
Shinhan Financial Group Co. Ltd. | 335 | 12,047 | ||||||
SK Chemicals Co. Ltd. | 33 | 7,906 | ||||||
SK Hynix, Inc. | 77 | 8,861 | ||||||
SK Telecom Co. Ltd. | 45 | 12,278 | ||||||
SSANGYONG C&E Co. Ltd. | 1,677 | 11,699 | ||||||
Woori Financial Group, Inc. | 1,154 | 11,101 | ||||||
Yuhan Corp. | 180 | 10,405 | ||||||
|
| |||||||
692,668 | ||||||||
|
| |||||||
Spain-1.27% | ||||||||
Acciona S.A. | 65 | 11,322 | ||||||
Enagas S.A. | 484 | 10,557 | ||||||
Endesa S.A. | 411 | 10,816 | ||||||
Grifols S.A. | 399 | 10,831 | ||||||
Iberdrola S.A. | 832 | 11,253 | ||||||
Industria de Diseno Textil S.A.(b) | 294 | 10,483 | ||||||
Mapfre S.A.(b) | 5,118 | 11,031 | ||||||
Red Electrica Corp. S.A. | 607 | 11,162 | ||||||
Zardoya Otis S.A. | 1,493 | 9,472 | ||||||
|
| |||||||
96,927 | ||||||||
|
| |||||||
Sweden-3.12% | ||||||||
Assa Abloy AB, Class B(b) | 378 | 10,787 | ||||||
Atlas Copco AB, Class A(b) | 113 | 6,856 | ||||||
Atlas Copco AB, Class B | 67 | 3,482 | ||||||
Epiroc AB, Class A(b) | 299 | 6,489 | ||||||
Epiroc AB, Class B | 181 | 3,555 | ||||||
EQT AB | 342 | 11,580 | ||||||
Essity AB, Class B | 323 | 10,554 | ||||||
Evolution Gaming Group AB(c) | 76 | 15,028 | ||||||
Fastighets AB Balder, Class B(a) | 203 | 11,708 | ||||||
Getinge AB, Class B | 395 | 13,383 | ||||||
Holmen AB, Class B | 223 | 10,523 | ||||||
ICA Gruppen AB(b) | 210 | 9,686 | ||||||
Industrivarden AB, Class A(b) | 155 | 5,954 | ||||||
Industrivarden AB, Class C | 125 | 4,518 | ||||||
Investment AB Latour, Class B(b) | 421 | 12,895 | ||||||
Investor AB, Class A | 30 | 2,554 | ||||||
Investor AB, Class B(b) | 101 | 8,587 | ||||||
L E Lundbergforetagen AB, Class B(b) | 194 | 11,100 | ||||||
Sagax AB, Class D | 2,356 | 9,153 | ||||||
Sinch AB(a)(c) | 51 | 8,067 | ||||||
Svenska Cellulosa AB S.C.A., Class A | 19 | 343 | ||||||
Svenska Cellulosa AB S.C.A., Class B | 539 | 9,466 | ||||||
Svenska Handelsbanken AB, Class B | 810 | 9,915 | ||||||
Swedish Match AB | 137 | 11,251 | ||||||
Swedish Orphan Biovitrum AB, Class B(a)(b) | 615 | 10,477 | ||||||
Tele2 AB, Class B(b) | 772 | 9,983 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Telefonaktiebolaget LM Ericsson, Class A | 10 | $ | 137 | |||||
Telefonaktiebolaget LM Ericsson, Class B | 790 | 10,832 | ||||||
|
| |||||||
238,863 | ||||||||
|
| |||||||
Switzerland-3.14% | ||||||||
Banque Cantonale Vaudoise | 97 | 9,901 | ||||||
Barry Callebaut AG | 5 | 11,052 | ||||||
BKW AG | 90 | 10,085 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 1 | 9,287 | ||||||
DKSH Holding AG | 134 | 10,791 | ||||||
EMS-Chemie Holding AG | 12 | 11,216 | ||||||
Geberit AG | 17 | 11,191 | ||||||
Givaudan S.A. | 3 | 12,578 | ||||||
Kuehne + Nagel International AG, Class R | 39 | 11,674 | ||||||
Logitech International S.A., Class R | 97 | 10,891 | ||||||
Lonza Group AG | 17 | 10,826 | ||||||
Nestle S.A. | 95 | 11,341 | ||||||
PSP Swiss Property AG | 85 | 10,494 | ||||||
Roche Holding AG | 30 | 9,789 | ||||||
Roche Holding AG, BR | 1 | 348 | ||||||
Schindler Holding AG | 12 | 3,342 | ||||||
Schindler Holding AG, PC(b) | 25 | 7,121 | ||||||
SIG Combibloc Group AG(a) | 467 | 11,449 | ||||||
Sika AG(b) | 37 | 11,051 | ||||||
STMicroelectronics N.V. | 275 | 10,315 | ||||||
Straumann Holding AG, Class R | 9 | 12,873 | ||||||
Swiss Prime Site AG | 108 | 10,509 | ||||||
Swisscom AG(b) | 20 | 10,861 | ||||||
Tecan Group AG, Class R | 24 | 11,705 | ||||||
|
| |||||||
240,690 | ||||||||
|
| |||||||
Taiwan-0.11% | ||||||||
FIT Hon Teng Ltd.(a)(c) | 28,000 | 8,616 | ||||||
|
| |||||||
United Kingdom-6.57% | ||||||||
3i Group PLC | 625 | 11,094 | ||||||
Admiral Group PLC | 229 | 9,921 | ||||||
AstraZeneca PLC | 106 | 11,323 | ||||||
Auto Trader Group PLC(a)(c) | 1,258 | 9,931 | ||||||
AVEVA Group PLC | 207 | 9,974 | ||||||
B&M European Value Retail S.A. | 1,323 | 10,364 | ||||||
British American Tobacco PLC | 282 | 10,472 | ||||||
Bunzl PLC | 318 | 10,245 | ||||||
ConvaTec Group PLC(c) | 3,867 | 11,683 | ||||||
Croda International PLC | 117 | 10,957 | ||||||
DCC PLC | 122 | 10,615 | ||||||
Derwent London PLC | 216 | 9,956 | ||||||
Diageo PLC | 250 | 11,253 | ||||||
Direct Line Insurance Group PLC | 2,198 | 8,676 | ||||||
Experian PLC | 313 | 12,099 | ||||||
GlaxoSmithKline PLC | 596 | 11,054 | ||||||
Halma PLC | 318 | 11,395 | ||||||
Hargreaves Lansdown PLC | 466 | 11,094 | ||||||
HomeServe PLC | 676 | 10,239 | ||||||
Howden Joinery Group PLC(a) | 1,015 | 11,366 | ||||||
HSBC Holdings PLC | 1,663 | 10,426 | ||||||
Imperial Brands PLC | 524 | 10,937 | ||||||
Intertek Group PLC | 132 | 11,218 | ||||||
Kingfisher PLC(a) | 2,641 | 13,065 | ||||||
London Stock Exchange Group PLC | 75 | 7,684 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Mondi PLC | 392 | $ | 10,665 | |||||
National Grid PLC | 888 | 11,196 | ||||||
Pearson PLC | 920 | 10,572 | ||||||
Pennon Group PLC | 792 | 11,338 | ||||||
Phoenix Group Holdings PLC | 974 | 9,594 | ||||||
Reckitt Benckiser Group PLC | 119 | 10,629 | ||||||
RELX PLC | 420 | 10,929 | ||||||
Renishaw PLC | 115 | 9,975 | ||||||
Rentokil Initial PLC | 1,509 | 10,455 | ||||||
Rightmove PLC | 1,233 | 10,482 | ||||||
Sage Group PLC (The) | 1,242 | 10,971 | ||||||
Segro PLC | 793 | 11,040 | ||||||
Severn Trent PLC | 332 | 11,386 | ||||||
Smith & Nephew PLC | 528 | 11,481 | ||||||
Smiths Group PLC | 472 | 10,623 | ||||||
Spirax-Sarco Engineering PLC | 65 | 10,633 | ||||||
SSE PLC | 553 | 11,240 | ||||||
Tate & Lyle PLC | 963 | 10,667 | ||||||
Tesco PLC | 3,246 | 9,932 | ||||||
Unilever PLC | 189 | 11,073 | ||||||
United Utilities Group PLC | 833 | 11,167 | ||||||
WM Morrison Supermarkets PLC | 4,204 | 10,119 | ||||||
|
| |||||||
503,208 | ||||||||
|
| |||||||
United States-0.56% | ||||||||
Amcor PLC, CDI | 875 | 10,240 | ||||||
Avast PLC(c) | 1,597 | 10,563 | ||||||
QIAGEN N.V.(a) | 204 | 9,953 | ||||||
Waste Connections, Inc. | 101 | 12,021 | ||||||
|
| |||||||
42,777 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 7,461,825 | ||||||
|
| |||||||
Money Market Funds-0.02% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 1,581 | 1,581 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 7,463,406 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.71% |
| |||||||
Invesco Private Government Fund, 0.01%(d)(e)(f) | 144,297 | 144,297 | ||||||
Invesco Private Prime Fund, | 216,218 | 216,305 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 360,602 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.22% |
| 7,824,008 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.22)% |
| (169,754 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 7,654,254 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $240,421, which represented 3.14% of the Fund’s Net Assets. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 132,151 | $ | (130,570 | ) | $ | - | $ | - | $ | 1,581 | $ | 1 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 60,781 | 715,626 | (632,110 | ) | - | - | 144,297 | 11 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 91,172 | 926,395 | (801,283 | ) | - | 21 | 216,305 | 101 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 151,953 | $ | 1,774,172 | $ | (1,563,963 | ) | $ | - | $ | 21 | $ | 362,183 | $ | 113 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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.
11 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Consumer Staples | 15.03 | |||||
Industrials | 12.98 | |||||
Financials | 11.34 | |||||
Health Care | 10.39 | |||||
Information Technology | 9.82 | |||||
Materials | 9.41 | |||||
Communication Services | 7.85 | |||||
Utilities | 6.78 | |||||
Consumer Discretionary | 6.74 | |||||
Real Estate | 6.15 | |||||
Energy | 1.00 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 2.51 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.74% |
| |||||||
China-16.29% | ||||||||
Agricultural Bank of China Ltd., H Shares | 3,696,875 | $ | 1,437,463 | |||||
Anhui Conch Cement Co. Ltd., H Shares | 199,628 | 1,193,884 | ||||||
Bank of China Ltd., H Shares | 4,926,078 | 1,959,814 | ||||||
Bank of Communications Co. Ltd., H Shares | 2,753,407 | 1,761,903 | ||||||
Beijing Enterprises Holdings Ltd. | 407,937 | 1,334,080 | ||||||
Beijing Enterprises Water Group Ltd. | 3,435,362 | 1,313,663 | ||||||
CGN Power Co. Ltd., H Shares(a) | 6,246,899 | 1,439,702 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 6,481,721 | 1,276,841 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 2,964,345 | 1,553,382 | ||||||
China Communications Services Corp. Ltd., H Shares | 2,675,160 | 1,160,740 | ||||||
China Conch Venture Holdings Ltd. | 389,198 | 1,841,548 | ||||||
China Construction Bank Corp., H Shares | 2,110,688 | 1,671,299 | ||||||
China Everbright Environment Group Ltd. | 2,135,378 | 1,344,432 | ||||||
China Life Insurance Co. Ltd. | 1,548,440 | 1,469,003 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 2,770,472 | 1,423,252 | ||||||
China Overseas Land & Investment Ltd. | 489,682 | 1,239,518 | ||||||
China Railway Group Ltd., H Shares | 2,638,813 | 1,365,808 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares(a) | 2,984,854 | 1,187,508 | ||||||
China Reinsurance Group Corp., H Shares | 11,375,093 | 1,186,302 | ||||||
China Resources Cement Holdings Ltd. | 1,059,565 | 1,155,490 | ||||||
China Resources Gas Group Ltd. | 241,527 | 1,310,745 | ||||||
China Resources Power Holdings Co. Ltd. | 1,164,210 | 1,528,926 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 751,989 | 1,568,489 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 3,228,696 | 1,371,817 | ||||||
Dali Foods Group Co. Ltd.(a) | 2,279,531 | 1,355,947 | ||||||
Guangdong Investment Ltd. | 677,781 | 1,043,700 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 920,372 | 1,177,890 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b) | 286,713 | 1,238,497 | ||||||
Hengan International Group Co. Ltd. | 218,169 | 1,414,320 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 2,223,695 | 1,448,708 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 1,279,927 | 1,509,509 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 144,520 | 1,580,689 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 668,142 | 1,520,919 | ||||||
Shenzhen International Holdings Ltd. | 846,400 | 1,410,149 | ||||||
Uni-President China Holdings Ltd. | 1,015,466 | 1,236,835 | ||||||
Want Want China Holdings Ltd. | 1,650,304 | 1,196,265 | ||||||
Yuexiu Property Co. Ltd. | 6,761,154 | 1,566,926 | ||||||
Yum China Holdings, Inc. | 20,087 | 1,263,874 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | �� | 1,564,391 | 1,361,592 | |||||
54,421,429 | ||||||||
Czech Republic-0.94% | ||||||||
CEZ A.S | 69,810 | 1,947,482 | ||||||
Komercni banka A.S.(b) | 39,233 | 1,191,238 | ||||||
3,138,720 | ||||||||
Egypt-0.42% | ||||||||
Commercial International Bank Egypt S.A.E. | 375,800 | 1,398,091 |
Shares | Value | |||||||
Kuwait-1.81% | ||||||||
Boubyan Bank KSCP | 780,731 | $ | 1,697,241 | |||||
Kuwait Finance House KSCP | 645,891 | 1,549,881 | ||||||
Mobile Telecommunications Co. KSCP | 700,478 | 1,401,886 | ||||||
National Bank of Kuwait SAKP | 517,080 | 1,412,403 | ||||||
6,061,411 | ||||||||
Malaysia-6.65% | ||||||||
AMMB Holdings Bhd. | 1,991,300 | 1,448,607 | ||||||
Dialog Group Bhd. | 1,776,900 | 1,318,664 | ||||||
DiGi.Com Bhd. | 2,030,763 | 2,077,165 | ||||||
Hong Leong Bank Bhd. | 312,300 | 1,358,555 | ||||||
IHH Healthcare Bhd. | 1,125,547 | 1,478,235 | ||||||
Kuala Lumpur Kepong Bhd. | 311,578 | 1,673,351 | ||||||
Malayan Banking Bhd. | 795,792 | 1,598,811 | ||||||
MISC Bhd. | 851,900 | 1,409,990 | ||||||
Petronas Gas Bhd. | 409,100 | 1,571,925 | ||||||
PPB Group Bhd. | 393,200 | 1,775,754 | ||||||
RHB Bank Bhd. | 957,600 | 1,217,922 | ||||||
Sime Darby Bhd. | 2,352,300 | 1,297,773 | ||||||
Sime Darby Plantation Bhd. | 1,051,300 | 1,165,146 | ||||||
Telekom Malaysia Bhd. | 947,800 | 1,321,145 | ||||||
Tenaga Nasional Bhd. | 625,072 | 1,519,802 | ||||||
22,232,845 | ||||||||
Mexico-4.14% | ||||||||
America Movil S.A.B. de C.V., Series L | 2,040,117 | 1,430,898 | ||||||
Arca Continental S.A.B. de C.V. | 332,024 | 1,784,992 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 309,006 | 1,452,479 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(c) | 167,229 | 1,300,481 | ||||||
Gruma S.A.B. de C.V., Class B | 107,963 | 1,178,873 | ||||||
Grupo Elektra S.A.B. de C.V. | 50,820 | 3,833,523 | ||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 749,368 | 1,300,051 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 468,222 | 1,538,963 | ||||||
13,820,260 | ||||||||
Pakistan-0.43% | ||||||||
Habib Bank Ltd. | 1,753,111 | 1,426,366 | ||||||
Poland-0.40% | ||||||||
Cyfrowy Polsat S.A. | 171,945 | 1,339,601 | ||||||
Qatar-4.67% | ||||||||
Barwa Real Estate Co. | 1,791,283 | 1,592,525 | ||||||
Commercial Bank P.S.Q.C. (The) | 1,270,478 | 1,884,258 | ||||||
Industries Qatar Q.S.C. | 409,825 | 1,517,287 | ||||||
Masraf Al Rayan Q.S.C. | 1,833,810 | 2,250,333 | ||||||
Ooredoo Q.P.S.C. | 698,176 | 1,363,370 | ||||||
Qatar Fuel Co. Q.P.S.C. | 387,999 | 1,939,462 | ||||||
Qatar Gas Transport Co. Ltd. | 1,532,906 | 1,330,399 | ||||||
Qatar Islamic Bank (S.A.Q) | 433,601 | 2,072,139 | ||||||
Qatar National Bank Q.P.S.C. | 337,451 | 1,658,987 | ||||||
15,608,760 | ||||||||
Saudi Arabia-11.54% | ||||||||
Advanced Petrochemical Co. | 81,699 | 1,769,009 | ||||||
Al Rajhi Bank | 67,470 | 1,779,361 | ||||||
Alinma Bank | 363,148 | 1,921,244 | ||||||
Almarai Co. JSC | 112,887 | 1,619,509 | ||||||
Bank AlBilad | 148,293 | 1,480,913 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Saudi Arabia-(continued) | ||||||||
Bank Al-Jazira | 409,820 | $ | 2,089,480 | |||||
Bupa Arabia for Cooperative Insurance Co.(b) | 49,837 | 1,536,268 | ||||||
Dar Al Arkan Real Estate Development Co.(b) | 577,386 | 1,595,083 | ||||||
Etihad Etisalat Co.(b) | 172,975 | 1,427,582 | ||||||
Jarir Marketing Co. | 32,480 | 1,723,559 | ||||||
Mouwasat Medical Services Co. | 33,134 | 1,567,417 | ||||||
National Industrialization Co.(b) | 305,233 | 1,562,751 | ||||||
Riyad Bank | 246,286 | 1,750,226 | ||||||
SABIC Agri-Nutrients Co. | 57,055 | 1,597,497 | ||||||
Sahara International Petrochemical Co. | 246,166 | 1,785,476 | ||||||
Saudi Arabian Oil Co.(a) | 209,845 | 1,980,884 | ||||||
Saudi Basic Industries Corp. | 48,083 | 1,589,902 | ||||||
Saudi Cement Co. | 79,988 | 1,380,023 | ||||||
Saudi Electricity Co. | 244,693 | 1,696,493 | ||||||
Saudi National Bank | 106,299 | 1,610,033 | ||||||
Saudi Telecom Co. | 64,768 | 2,193,418 | ||||||
Savola Group (The) | 131,949 | 1,405,659 | ||||||
Yanbu National Petrochemical Co., Class A | 76,427 | 1,489,777 | ||||||
38,551,564 | ||||||||
South Africa-0.79% | ||||||||
Tiger Brands Ltd. | 88,219 | 1,185,780 | ||||||
Vodacom Group Ltd. | 167,803 | 1,454,274 | ||||||
2,640,054 | ||||||||
South Korea-4.58% | ||||||||
CJ Logistics Corp.(b) | 8,333 | 1,284,766 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 62,100 | 1,895,352 | ||||||
KT&G Corp. | 22,473 | 1,664,742 | ||||||
LG Household & Health Care Ltd. | 982 | 1,358,653 | ||||||
LG Uplus Corp. | 124,609 | 1,478,706 | ||||||
NongShim Co. Ltd. | 6,415 | 1,643,615 | ||||||
Ottogi Corp. | 2,950 | 1,471,884 | ||||||
S-1 Corp. | 18,995 | 1,391,731 | ||||||
Samsung Electronics Co. Ltd. | 18,168 | 1,331,139 | ||||||
SK Telecom Co. Ltd. | 6,466 | 1,764,221 | ||||||
15,284,809 | ||||||||
Taiwan-41.80% | ||||||||
Advantech Co. Ltd. | 102,689 | 1,308,749 | ||||||
Asia Cement Corp. | 1,195,000 | 2,136,908 | ||||||
Asustek Computer, Inc. | 138,838 | 1,868,868 | ||||||
Catcher Technology Co. Ltd. | 193,000 | 1,364,605 | ||||||
Cathay Financial Holding Co. Ltd. | 1,464,000 | 2,741,102 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,255,047 | 2,085,896 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 898,435 | 1,740,068 | ||||||
Chicony Electronics Co. Ltd. | 524,000 | 1,585,150 | ||||||
China Development Financial Holding Corp. | 5,494,472 | 2,566,959 | ||||||
China Petrochemical Development Corp. | 3,479,050 | 1,980,342 | ||||||
China Steel Corp. | 2,165,140 | 3,046,218 | ||||||
Chipbond Technology Corp. | 578,000 | 1,601,589 | ||||||
Chunghwa Telecom Co. Ltd. | 1,085,222 | 4,429,002 | ||||||
Compal Electronics, Inc. | 2,444,000 | 2,187,377 | ||||||
CTBC Financial Holding Co. Ltd. | 2,409,053 | 1,966,363 | ||||||
Delta Electronics, Inc. | 141,000 | 1,526,957 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,867,519 | 1,801,798 | ||||||
Far Eastern New Century Corp. | 1,430,000 | 1,702,198 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,198,993 | 2,794,345 | ||||||
Farglory Land Development Co. Ltd. | 722,000 | 1,491,404 | ||||||
Feng Hsin Steel Co. Ltd. | 697,000 | 2,203,311 | ||||||
First Financial Holding Co. Ltd. | 2,503,995 | 2,052,822 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Formosa Chemicals & Fibre Corp. | 495,095 | $ | 1,611,146 | |||||
Formosa Petrochemical Corp. | 411,000 | 1,522,876 | ||||||
Formosa Plastics Corp. | 439,146 | 1,666,469 | ||||||
Formosa Taffeta Co. Ltd. | 1,669,000 | 1,977,729 | ||||||
Foxconn Technology Co. Ltd. | 547,000 | 1,351,197 | ||||||
Fubon Financial Holding Co. Ltd. | 932,875 | 2,144,080 | ||||||
Highwealth Construction Corp. | 1,033,300 | 1,673,892 | ||||||
Hon Hai Precision Industry Co. Ltd. | 357,000 | 1,482,548 | ||||||
Hotai Finance Co. Ltd. | 596,000 | 1,822,160 | ||||||
HTC Corp.(b) | 1,320,000 | 1,965,847 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 3,204,345 | 2,179,592 | ||||||
Inventec Corp. | 1,912,000 | 1,858,404 | ||||||
King Yuan Electronics Co. Ltd. | 942,000 | 1,669,316 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,136,800 | 2,004,346 | ||||||
Lite-On Technology Corp. | 825,000 | 1,887,284 | ||||||
Mega Financial Holding Co. Ltd. | 2,134,777 | 2,495,273 | ||||||
Merry Electronics Co. Ltd. | 303,000 | 1,372,194 | ||||||
Mitac Holdings Corp. | 1,536,720 | 1,683,444 | ||||||
Nan Ya Plastics Corp. | 550,930 | 1,739,592 | ||||||
Pegatron Corp. | 494,000 | 1,301,629 | ||||||
Pou Chen Corp. | 1,252,000 | 1,595,647 | ||||||
Powertech Technology, Inc. | 357,000 | 1,425,035 | ||||||
President Chain Store Corp. | 233,000 | 2,260,516 | ||||||
Qisda Corp. | 1,271,000 | 1,656,263 | ||||||
Quanta Computer, Inc. | 481,000 | 1,694,426 | ||||||
Radiant Opto-Electronics Corp. | 307,000 | 1,412,290 | ||||||
Ruentex Development Co. Ltd. | 892,500 | 1,696,622 | ||||||
Ruentex Industries Ltd. | 774,000 | 2,360,821 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 1,010,000 | 1,571,063 | ||||||
Shin Kong Financial Holding Co. Ltd. | 5,228,000 | 1,890,338 | ||||||
Simplo Technology Co. Ltd. | 104,000 | 1,396,198 | ||||||
SinoPac Financial Holdings Co. Ltd. | 4,229,421 | 2,013,794 | ||||||
Standard Foods Corp. | 896,000 | 1,825,167 | ||||||
Synnex Technology International Corp. | 1,057,264 | 2,108,245 | ||||||
Taishin Financial Holding Co. Ltd. | 3,952,256 | 1,995,017 | ||||||
Taiwan Business Bank | 5,254,314 | 1,918,663 | ||||||
Taiwan Cement Corp. | 1,278,317 | 2,384,288 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 2,811,930 | 2,154,273 | ||||||
Taiwan Fertilizer Co. Ltd. | 1,039,000 | 2,268,965 | ||||||
Taiwan High Speed Rail Corp. | 1,836,000 | 2,067,168 | ||||||
Taiwan Mobile Co. Ltd. | 858,162 | 3,072,216 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 66,397 | 1,426,206 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,617,000 | 2,020,309 | ||||||
Transcend Information, Inc. | 1,022,000 | 2,945,298 | ||||||
Tung Ho Steel Enterprise Corp. | 1,087,000 | 2,303,741 | ||||||
U-Ming Marine Transport Corp. | 984,000 | 2,472,946 | ||||||
Uni-President Enterprises Corp. | 795,181 | 2,137,905 | ||||||
WPG Holdings Ltd. | 1,152,937 | 2,125,667 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,972,010 | 1,835,544 | ||||||
139,625,680 | ||||||||
Thailand-2.72% | ||||||||
Advanced Info Service PCL, NVDR | 321,161 | 1,763,742 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,704,072 | 1,187,583 | ||||||
CP ALL PCL, NVDR(b) | 806,082 | 1,617,989 | ||||||
Intouch Holdings PCL, NVDR | 843,566 | 1,727,092 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Thailand-(continued) | ||||||||
Siam Cement PCL (The), NVDR | 104,588 | $ | 1,551,816 | |||||
Thai Beverage PCL | 2,279,578 | 1,225,119 | ||||||
9,073,341 | ||||||||
Turkey-1.25% | ||||||||
BIM Birlesik Magazalar A.S. | 136,665 | 1,071,301 | ||||||
Haci Omer Sabanci Holding A.S. | 876,237 | 854,891 | ||||||
Iskenderun Demir ve Celik A.S. | 743,011 | 1,206,990 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 589,715 | 1,055,399 | ||||||
4,188,581 | ||||||||
United Arab Emirates-1.31% | ||||||||
Abu Dhabi Islamic Bank PJSC | 1,032,145 | 1,357,216 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 1,395,543 | 1,721,087 | ||||||
Dubai Islamic Bank PJSC | 1,064,247 | 1,289,329 | ||||||
4,367,632 | ||||||||
Total Common Stocks & Other Equity Interests |
| 333,179,144 |
Shares | Value | |||||||
Money Market Funds-0.01% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 44,506 | $ | 44,506 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.75% |
| 333,223,650 | ||||||
OTHER ASSETS LESS LIABILITIES-0.25% |
| 830,896 | ||||||
NET ASSETS-100.00% |
| $ | 334,054,546 | |||||
|
|
Investment Abbreviations:
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $7,202,538, which represented 2.16% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 19,286,349 | $ | (19,241,843 | ) | $ | - | $ | - | $ | 44,506 | $ | 28 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 921,462 | 3,953,537 | (4,874,999 | ) | - | - | - | 67 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,382,193 | 5,519,604 | (6,901,807 | ) | (21 | ) | 31 | - | 557 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,303,655 | $ | 28,759,490 | $ | (31,018,649 | ) | $ | (21 | ) | $ | 31 | $ | 44,506 | $ | 652 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Financials | 28.45 | |||||
Information Technology | 13.39 | |||||
Consumer Staples | 12.23 | |||||
Materials | 11.26 | |||||
Communication Services | 9.61 | |||||
Industrials | 8.10 | |||||
Utilities | 4.40 | |||||
Consumer Discretionary | 3.71 | |||||
Real Estate | 3.60 | |||||
Sector Types Each Less Than 3% | 4.99 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.26 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.00% |
| |||||||
Brazil-2.34% | ||||||||
Cia Siderurgica Nacional S.A. | 1,500 | $ | 13,600 | |||||
Magazine Luiza S.A. | 4,924 | 18,180 | ||||||
Vale S.A. | 7,500 | 150,712 | ||||||
WEG S.A. | 3,840 | 24,780 | ||||||
207,272 | ||||||||
China-46.20% | ||||||||
Airtac International Group | 445 | 18,799 | ||||||
ANTA Sports Products Ltd. | 2,241 | 40,250 | ||||||
Baidu, Inc., ADR(a) | 669 | 140,711 | ||||||
BeiGene Ltd., ADR(a) | 105 | 36,072 | ||||||
Bilibili, Inc., ADR(a) | 811 | 89,907 | ||||||
BOE Technology Group Co. Ltd., B Shares | 2,200 | 1,167 | ||||||
BYD Co. Ltd., H Shares | 4,049 | 83,567 | ||||||
BYD Electronic International Co. Ltd. | 2,673 | 14,231 | ||||||
CanSino Biologics, Inc., | 266 | 13,323 | ||||||
China Feihe Ltd.(b) | 10,798 | 30,794 | ||||||
China Hongqiao Group Ltd. | 4,499 | 7,125 | ||||||
China International Marine Containers Group Co. Ltd., H Shares | 1,080 | 2,036 | ||||||
China Literature Ltd.(a)(b)(c) | 1,080 | 11,263 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 10,798 | 15,905 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 6,299 | 33,738 | ||||||
China Merchants Bank Co. Ltd., H Shares | 8,854 | 71,419 | ||||||
China Resources Beer Holdings Co. Ltd. | 4,169 | 33,682 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 8,999 | 16,105 | ||||||
Country Garden Services Holdings Co. Ltd. | 5,579 | 58,542 | ||||||
CSC Financial Co. Ltd., | 1,564 | 1,826 | ||||||
Dongfang Electric Corp. Ltd., H Shares | 900 | 757 | ||||||
Flat Glass Group Co. Ltd., | 1,877 | 5,800 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares(b) | 1,800 | 10,464 | ||||||
Ganfeng Lithium Co. Ltd., | 798 | 10,747 | ||||||
GDS Holdings Ltd., ADR(a) | 307 | 25,472 | ||||||
Geely Automobile Holdings Ltd. | 16,197 | 42,021 | ||||||
Great Wall Motor Co. Ltd., H Shares | 16,197 | 40,081 | ||||||
GSX Techedu, Inc., ADR(a)(c) | 310 | 9,905 | ||||||
Haidilao International Holding Ltd.(b)(c) | 2,700 | 17,503 | ||||||
Haier Smart Home Co. Ltd., H Shares(a) | 5,939 | 25,693 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)(c) | 2,639 | 11,400 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 1,036 | 6,476 | ||||||
Innovent Biologics, Inc.(a)(b) | 3,252 | 35,338 | ||||||
JD.com, Inc., ADR(a) | 2,956 | 228,676 | ||||||
Kingdee International Software Group Co. Ltd. | 12,502 | 41,368 | ||||||
Kingsoft Corp. Ltd. | 3,001 | 21,251 | ||||||
Lenovo Group Ltd. | 16,197 | 22,272 | ||||||
Li Ning Co. Ltd. | 5,849 | 47,745 | ||||||
Longfor Group Holdings Ltd.(b) | 2,846 | 17,753 | ||||||
Meituan, B Shares(a)(b) | 18,546 | 711,577 | ||||||
MicroPort Scientific Corp. | 3,491 | 25,216 | ||||||
NetEase, Inc., ADR | 977 | 109,483 | ||||||
NIO, Inc., ADR(a) | 6,793 | 270,633 | ||||||
Pharmaron Beijing Co. Ltd., H Shares(b) | 540 | 11,201 | ||||||
Pinduoduo, Inc., ADR(a) | 1,822 | 244,020 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 4,201 | 9,422 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares | 1,375 | 5,182 |
Shares | Value | |||||||
China-(continued) | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(c) | 868 | $ | 5,515 | |||||
Shanghai Junshi Biosciences Co. Ltd., H Shares(a)(b) | 300 | 3,107 | ||||||
Sinotruk Hong Kong Ltd. | 1,684 | 4,146 | ||||||
TAL Education Group, ADR(a) | 699 | 39,808 | ||||||
Tencent Holdings Ltd. | 9,510 | 762,823 | ||||||
Tencent Music Entertainment Group, ADR(a) | 1,297 | 22,594 | ||||||
Tsingtao Brewery Co. Ltd., | 929 | 8,433 | ||||||
Vipshop Holdings Ltd., ADR(a) | 965 | 29,693 | ||||||
Weichai Power Co. Ltd., | 4,578 | 10,621 | ||||||
WuXi AppTec Co. Ltd., | 1,355 | 32,048 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 16,982 | 239,419 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 1,800 | 2,966 | ||||||
Xinyi Glass Holdings Ltd. | 8,469 | 30,041 | ||||||
Xinyi Solar Holdings Ltd. | 17,923 | 29,999 | ||||||
Yihai International Holding Ltd. | 1,468 | 14,308 | ||||||
Zai Lab Ltd., ADR(a) | 291 | 48,367 | ||||||
Zhongsheng Group Holdings Ltd. | 1,016 | 7,698 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 20,189 | 28,437 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 3,638 | 5,040 | ||||||
ZTO Express Cayman, Inc., ADR | 1,248 | 40,136 | ||||||
4,093,117 | ||||||||
Greece-0.02% | ||||||||
Terna Energy S.A. | 127 | 1,911 | ||||||
Hong Kong-0.06% | ||||||||
Nine Dragons Paper Holdings Ltd. | 3,599 | 4,949 | ||||||
India-4.64% | ||||||||
Adani Green Energy Ltd.(a) | 1,630 | 22,422 | ||||||
Aurobindo Pharma Ltd. | 591 | 7,826 | ||||||
Cadila Healthcare Ltd.(a) | 605 | 4,665 | ||||||
Cipla Ltd.(a) | 1,431 | 17,587 | ||||||
Divi’s Laboratories Ltd.(a) | 332 | 18,208 | ||||||
Dr. Reddy’s Laboratories Ltd. | 246 | 17,147 | ||||||
Havells India Ltd. | 627 | 8,382 | ||||||
HCL Technologies Ltd. | 2,232 | 27,088 | ||||||
Hindustan Zinc Ltd. | 548 | 2,257 | ||||||
Infosys Ltd. | 8,183 | 149,619 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 123 | 6,460 | ||||||
SBI Cards & Payment Services Ltd. | 359 | 4,770 | ||||||
Tata Consultancy Services Ltd. | 2,214 | 90,735 | ||||||
Tata Consumer Products Ltd. | 1,058 | 9,563 | ||||||
Wipro Ltd. | 3,625 | 24,114 | ||||||
410,843 | ||||||||
Indonesia-0.06% | ||||||||
PT Merdeka Copper Gold Tbk(a) | 26,906 | 4,880 | ||||||
Malaysia-0.88% | ||||||||
Bursa Malaysia Bhd. | 1,419 | 2,920 | ||||||
Hartalega Holdings Bhd. | 4,377 | 10,984 | ||||||
Kossan Rubber Industries | 2,288 | 2,480 | ||||||
My EG Services Bhd. | 4,900 | 2,333 | ||||||
Press Metal Aluminium Holdings Bhd. | 7,400 | 9,394 | ||||||
Supermax Corp. Bhd. | 9,006 | 13,257 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Malaysia-(continued) | ||||||||
Telekom Malaysia Bhd. | 5,600 | $ | 7,806 | |||||
Top Glove Corp. Bhd. | 21,097 | 29,098 | ||||||
78,272 | ||||||||
Mexico-0.44% | ||||||||
Grupo Mexico S.A.B. de C.V., Class B | 8,549 | 38,803 | ||||||
Pakistan-0.01% | ||||||||
Lucky Cement Ltd.(a) | 244 | 1,333 | ||||||
Peru-0.16% | ||||||||
Southern Copper Corp. | 202 | 14,021 | ||||||
Poland-0.28% | ||||||||
Dino Polska S.A.(a)(b) | 94 | 6,108 | ||||||
KGHM Polska Miedz S.A.(a) | 356 | 18,283 | ||||||
24,391 | ||||||||
Qatar-0.07% | ||||||||
Ezdan Holding Group Q.S.C.(a) | 6,042 | 2,899 | ||||||
Qatar Gas Transport Co. Ltd. | 3,594 | 3,119 | ||||||
6,018 | ||||||||
Russia-0.32% | ||||||||
Polyus PJSC | 86 | 15,889 | ||||||
Severstal PAO | 516 | 12,194 | ||||||
28,083 | ||||||||
Saudi Arabia-0.66% | ||||||||
Advanced Petrochemical Co. | 220 | 4,764 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 277 | 11,168 | ||||||
Saudi Telecom Co. | 1,253 | 42,434 | ||||||
58,366 | ||||||||
Singapore-0.02% | ||||||||
Riverstone Holdings Ltd. | 1,980 | 2,158 | ||||||
South Africa-0.06% | ||||||||
Kumba Iron Ore Ltd. | 126 | 5,718 | ||||||
South Korea-23.60% | ||||||||
Alteogen, Inc.(a) | 122 | 8,851 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 278 | 28,041 | ||||||
Celltrion Pharm, Inc.(a) | 72 | 8,609 | ||||||
Celltrion, Inc.(a) | 241 | 57,631 | ||||||
CJ CheilJedang Corp. | 19 | 6,755 | ||||||
Dongsuh Cos., Inc. | 163 | 4,609 | ||||||
Doosan Fuel Cell Co. Ltd.(a) | 239 | 9,690 | ||||||
Doosan Fuel Cell Co. Ltd., Preference Shares(a) | 38 | 509 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 483 | 6,057 | ||||||
Ecopro BM Co. Ltd. | 47 | 7,648 | ||||||
Genexine, Inc.(a) | 34 | 3,118 | ||||||
Green Cross Corp. | 23 | 6,999 | ||||||
Hanmi Science Co. Ltd. | 85 | 5,288 | ||||||
Hanwha Solutions Corp.(a) | 425 | 17,594 | ||||||
HMM Co. Ltd.(a) | 1,351 | 47,610 | ||||||
Hyundai Motor Co. | 322 | 61,369 | ||||||
Kakao Corp. | 1,435 | 146,422 | ||||||
Kia Corp | 707 | 48,940 | ||||||
KIWOOM Securities Co. Ltd. | 40 | 4,765 | ||||||
Korean Air Lines Co. Ltd.(a) | 312 | 7,545 | ||||||
Kumho Petrochemical Co. Ltd. | 81 | 18,933 | ||||||
LG Chem Ltd. | 174 | 145,789 | ||||||
LG Chem Ltd., Preference Shares | 25 | 10,013 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
LG Electronics, Inc. | 324 | $ | 45,876 | |||||
LG Electronics, Inc., Preference Shares | 63 | 4,197 | ||||||
Mando Corp.(a) | 78 | 4,074 | ||||||
NAVER Corp. | 409 | 132,185 | ||||||
NCSoft Corp. | 30 | 22,385 | ||||||
Pearl Abyss Corp.(a) | 80 | 4,056 | ||||||
POSCO Chemical Co. Ltd. | 99 | 13,261 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 33 | 23,852 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 120 | 19,310 | ||||||
Samsung Electro-Mechanics Co. Ltd., Preference Shares | 12 | 1,176 | ||||||
Samsung Electronics Co. Ltd. | 11,075 | 811,446 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 2,165 | 142,666 | ||||||
Samsung SDI Co. Ltd. | 202 | 118,765 | ||||||
Samsung SDI Co. Ltd., Preference Shares | 8 | 3,240 | ||||||
Seegene, Inc. | 208 | 17,502 | ||||||
Shin Poong Pharmaceutical Co. Ltd. | 149 | 9,350 | ||||||
SK Chemicals Co. Ltd. | 41 | 9,823 | ||||||
SK Innovation Co. Ltd.(a) | 122 | 29,668 | ||||||
SK Innovation Co. Ltd., Preference Shares(a) | 3 | 510 | ||||||
SK Materials Co. Ltd. | 11 | 3,328 | ||||||
SKC Co. Ltd. | 43 | 5,219 | ||||||
Yuhan Corp. | 98 | 5,665 | ||||||
2,090,339 | ||||||||
Taiwan-19.18% | ||||||||
Accton Technology Corp. | 1,142 | 13,001 | ||||||
Acer, Inc. | 8,000 | 9,823 | ||||||
Advantech Co. Ltd. | 734 | 9,355 | ||||||
ASMedia Technology, Inc. | 88 | 3,717 | ||||||
Asustek Computer, Inc. | 1,552 | 20,891 | ||||||
Delta Electronics, Inc. | 7,312 | 79,185 | ||||||
E Ink Holdings, Inc. | 2,000 | 4,754 | ||||||
Elan Microelectronics Corp. | 855 | 6,566 | ||||||
eMemory Technology, Inc. | 164 | 6,047 | ||||||
ENNOSTAR, Inc.(a) | 2,746 | 7,943 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 10,000 | 28,282 | ||||||
Gigabyte Technology Co. Ltd. | 679 | 2,990 | ||||||
Global Unichip Corp. | 179 | 2,579 | ||||||
Globalwafers Co. Ltd. | 471 | 14,569 | ||||||
Hon Hai Precision Industry Co. Ltd. | 26,000 | 107,973 | ||||||
International Games System Co. Ltd. | 117 | 3,238 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,587 | 2,798 | ||||||
Lotes Co. Ltd. | 208 | 4,043 | ||||||
MediaTek, Inc. | 5,584 | 236,890 | ||||||
Micro-Star International Co. Ltd. | 1,297 | 8,567 | ||||||
momo.com, Inc. | 159 | 5,863 | ||||||
Nan Ya Printed Circuit Board Corp. | 1,246 | 14,207 | ||||||
Novatek Microelectronics Corp. | 1,621 | 36,212 | ||||||
Oneness Biotech Co. Ltd.(a) | 1,394 | 11,778 | ||||||
Qisda Corp. | 4,000 | 5,212 | ||||||
Quanta Computer, Inc. | 5,199 | 18,315 | ||||||
Realtek Semiconductor Corp. | 1,395 | 26,569 | ||||||
Simplo Technology Co. Ltd., Rts., TBA(a)(d) | 28 | 0 | ||||||
Sino-American Silicon Products, Inc. | 1,000 | 6,999 | ||||||
Synnex Technology International Corp. | 2,725 | 5,434 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 37,475 | 804,962 | ||||||
Tung Ho Steel Enterprise Corp. | 2,000 | 4,239 | ||||||
Unimicron Technology Corp. | 4,514 | 18,584 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
United Microelectronics Corp. | 59,934 | $ | 121,657 | |||||
Vanguard International Semiconductor Corp. | 2,021 | 8,646 | ||||||
Voltronic Power Technology Corp. | 182 | 8,307 | ||||||
Wan Hai Lines Ltd. | 4,000 | 13,561 | ||||||
Yageo Corp. | 779 | 15,143 | ||||||
1,698,899 | ||||||||
Thailand-0.39% | ||||||||
Carabao Group PCL, NVDR | 635 | 2,294 | ||||||
Delta Electronics Thailand PCL, NVDR | 2,391 | 27,183 | ||||||
Krungthai Card PCL, NVDR | 2,160 | 5,290 | ||||||
34,767 | ||||||||
Turkey-0.40% | ||||||||
Arcelik A.S. | 539 | 2,235 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 1,072 | 1,939 | ||||||
BIM Birlesik Magazalar A.S. | 1,011 | 7,925 | ||||||
Coca-Cola Icecek A.S. | 169 | 1,607 | ||||||
Dogan Sirketler Grubu Holding A.S. | 3,068 | 1,091 | ||||||
Enerjisa Enerji A.S.(b) | 553 | 687 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 3,049 | 7,001 | ||||||
Ford Otomotiv Sanayi A.S. | 203 | 4,304 | ||||||
Gubre Fabrikalari TAS(a) | 262 | 1,913 | ||||||
Iskenderun Demir ve Celik A.S. | 301 | 489 | ||||||
Koza Altin Isletmeleri A.S.(a) | 78 | 1,063 | ||||||
Migros Ticaret A.S.(a) | 209 | 915 | ||||||
Sasa Polyester Sanayi A.S.(a) | 671 | 2,897 | ||||||
Tofas Turk Otomobil Fabrikasi A.S. | 262 | 943 | ||||||
Vestel Elektronik Sanayi ve Ticaret A.S.(a) | 188 | 653 | ||||||
35,662 | ||||||||
United Arab Emirates-0.11% | ||||||||
Aldar Properties PJSC | 9,759 | 9,325 |
Shares | Value | |||||||
United States-0.10% | ||||||||
Parade Technologies Ltd | 187 | $ | 9,272 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 8,858,399 | ||||||
|
| |||||||
Principal Amount | ||||||||
Non-U.S. Dollar Denominated Bonds & Notes-0.00%(e) |
| |||||||
India-0.00% | ||||||||
Britannia Industries Ltd., | INR15,360 | 217 | ||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from |
| 8,858,616 | ||||||
|
| |||||||
Shares | ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.34% | ||||||||
Invesco Private Government Fund, | 12,152 | 12,152 | ||||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 18,220 | 18,228 | ||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 30,380 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.34% |
| 8,888,996 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.34)% |
| (30,241) | ||||||
NET ASSETS-100.00% | $ | 8,858,755 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
TBA-To Be Announced
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $1,201,346, which represented 13.56% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2021. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $- | $ | 3,627,249 | $ | (3,627,249 | ) | $- | $ | - | $ | - | $3 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
April 30, 2021
(Unaudited)
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $25,572 | $ | 561,589 | $ | (575,009 | ) | $- | $ | - | $ | 12,152 | $4 | * | ||||||||||||||||||||||
Invesco Private Prime Fund | 38,358 | 718,681 | (738,817 | ) | - | 6 | 18,228 | 36 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $63,930 | $ | 4,907,519 | $ | (4,941,075 | ) | $- | $ | 6 | $ | 30,380 | $43 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Information Technology | 36.43 | |||||
Consumer Discretionary | 23.10 | |||||
Communication Services | 16.88 | |||||
Health Care | 8.94 | |||||
Materials | 6.60 | |||||
Industrials | 4.00 | |||||
Sector Types Each Less Than 3% | 4.05 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.00 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.74% |
| |||||||
Australia-8.61% | ||||||||
AGL Energy Ltd. | 36,135 | $ | 249,259 | |||||
APA Group | 29,049 | 225,062 | ||||||
ASX Ltd. | 2,417 | 136,255 | ||||||
AusNet Services | 169,079 | 247,497 | ||||||
Coles Group Ltd. | 9,240 | 116,483 | ||||||
Medibank Pvt Ltd. | 70,827 | 168,508 | ||||||
Rio Tinto Ltd. | 2,193 | 205,226 | ||||||
Telstra Corp. Ltd. | 55,831 | 146,199 | ||||||
Wesfarmers Ltd. | 3,073 | 128,443 | ||||||
|
| |||||||
1,622,932 | ||||||||
|
| |||||||
Brazil-1.04% | ||||||||
Yara International ASA | 3,732 | 195,265 | ||||||
|
| |||||||
China-1.49% | ||||||||
BOC Hong Kong Holdings Ltd. | 79,672 | 281,068 | ||||||
|
| |||||||
Denmark-0.70% | ||||||||
Tryg A/S | 5,791 | 132,691 | ||||||
|
| |||||||
Finland-1.86% | ||||||||
Elisa OYJ | 2,974 | 168,945 | ||||||
UPM-Kymmene OYJ | 4,632 | 181,499 | ||||||
|
| |||||||
350,444 | ||||||||
|
| |||||||
France-3.22% | ||||||||
Danone S.A.(a) | 2,369 | 167,201 | ||||||
Orange S.A. | 21,541 | 268,387 | ||||||
Sanofi(a) | 1,630 | 171,241 | ||||||
|
| |||||||
606,829 | ||||||||
|
| |||||||
Germany-3.04% | ||||||||
Deutsche Telekom AG | 8,952 | 172,423 | ||||||
E.ON SE | 19,388 | 234,000 | ||||||
Uniper SE | 4,548 | 166,108 | ||||||
|
| |||||||
572,531 | ||||||||
|
| |||||||
Hong Kong-20.57% | ||||||||
CK Asset Holdings Ltd. | 36,706 | 230,392 | ||||||
CK Hutchison Holdings Ltd. | 29,557 | 242,412 | ||||||
CK Infrastructure Holdings Ltd. | 43,019 | 263,647 | ||||||
CLP Holdings Ltd. | 18,540 | 182,969 | ||||||
Hang Lung Properties Ltd. | 55,805 | 152,322 | ||||||
Hang Seng Bank Ltd. | 11,032 | 216,610 | ||||||
Henderson Land Development Co. Ltd. | 57,980 | 257,918 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 172,930 | 173,223 | ||||||
HKT Trust & HKT Ltd. | 222,972 | 323,828 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 81,710 | 131,084 | ||||||
Hongkong Land Holdings Ltd. | 47,041 | 232,853 | ||||||
Link REIT | 18,558 | 175,500 | ||||||
MTR Corp. Ltd. | 20,263 | 112,966 | ||||||
New World Development Co. Ltd. | 48,121 | 254,643 | ||||||
Power Assets Holdings Ltd. | 50,485 | 310,378 | ||||||
Sino Land Co. Ltd. | 160,085 | 237,854 | ||||||
Sun Hung Kai Properties Ltd. | 14,304 | 216,028 | ||||||
Swire Properties Ltd. | 53,402 | 159,515 | ||||||
|
| |||||||
3,874,142 | ||||||||
|
| |||||||
Italy-3.60% | ||||||||
Assicurazioni Generali S.p.A.(b) | 7,938 | 159,438 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Terna Rete Elettrica Nazionale S.p.A | 22,327 | $ | 164,758 | |||||
UnipolSai Assicurazioni S.p.A. | 113,895 | 354,558 | ||||||
|
| |||||||
678,754 | ||||||||
|
| |||||||
Japan-18.79% | ||||||||
Bridgestone Corp. | 3,208 | 128,461 | ||||||
Chubu Electric Power Co., Inc. | 12,720 | 153,669 | ||||||
Chugoku Electric Power Co., Inc. (The) | 13,498 | 150,657 | ||||||
ENEOS Holdings, Inc. | 59,465 | 256,346 | ||||||
Idemitsu Kosan Co. Ltd. | 10,539 | 252,327 | ||||||
ITOCHU Corp. | 3,940 | 122,844 | ||||||
Japan Post Bank Co. Ltd. | 13,893 | 126,976 | ||||||
Japan Tobacco, Inc. | 15,324 | 286,558 | ||||||
Kansai Electric Power Co., Inc. (The) | 20,708 | 204,987 | ||||||
KDDI Corp. | 5,168 | 156,309 | ||||||
Kyushu Electric Power Co., Inc. | 15,322 | 139,896 | ||||||
Lawson, Inc. | 2,659 | 119,199 | ||||||
Mitsubishi Corp. | 8,400 | 232,085 | ||||||
MS&AD Insurance Group Holdings, Inc. | 6,306 | 178,556 | ||||||
Nippon Telegraph & Telephone Corp. | 5,712 | 143,969 | ||||||
Seven Bank Ltd. | 96,248 | 206,928 | ||||||
Shizuoka Bank Ltd. (The) | 15,641 | 119,771 | ||||||
Softbank Corp. | 20,663 | 266,452 | ||||||
Teijin Ltd. | 6,149 | 101,147 | ||||||
Tohoku Electric Power Co., Inc. | 21,804 | 192,098 | ||||||
|
| |||||||
3,539,235 | ||||||||
|
| |||||||
Netherlands-0.85% | ||||||||
Koninklijke Ahold Delhaize N.V. | 5,916 | 159,455 | ||||||
|
| |||||||
New Zealand-2.16% | ||||||||
Contact Energy Ltd. | 32,232 | 174,373 | ||||||
Spark New Zealand Ltd. | 73,801 | 232,990 | ||||||
|
| |||||||
407,363 | ||||||||
|
| |||||||
Norway-1.99% | ||||||||
Orkla ASA | 12,144 | 124,185 | ||||||
Telenor ASA | 14,034 | 250,758 | ||||||
|
| |||||||
374,943 | ||||||||
|
| |||||||
Singapore-10.07% | ||||||||
Ascendas REIT | 97,417 | 227,726 | ||||||
CapitaLand Ltd. | 57,375 | 160,429 | ||||||
ComfortDelGro Corp. Ltd. | 100,823 | 130,349 | ||||||
DBS Group Holdings Ltd. | 8,370 | 188,174 | ||||||
Keppel REIT | 168,094 | 156,672 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 22,324 | 204,715 | ||||||
Singapore Exchange Ltd. | 17,651 | 138,645 | ||||||
Singapore Technologies Engineering Ltd. | 54,720 | 158,764 | ||||||
Singapore Telecommunications Ltd. | 100,200 | 188,289 | ||||||
United Overseas Bank Ltd. | 9,435 | 188,572 | ||||||
Venture Corp. Ltd. | 10,159 | 153,866 | ||||||
|
| |||||||
1,896,201 | ||||||||
|
| |||||||
Spain-3.39% | ||||||||
Endesa S.A. | 10,004 | 263,256 | ||||||
Iberdrola S.A. | 9,674 | 130,838 | ||||||
Red Electrica Corp. S.A. | 13,266 | 243,936 | ||||||
|
| |||||||
638,030 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Sweden-3.94% | ||||||||
Axfood AB | 6,421 | $ | 160,985 | |||||
ICA Gruppen AB(a) | 2,435 | 112,308 | ||||||
Tele2 AB, Class B | 14,710 | 190,230 | ||||||
Telia Co. AB | 67,192 | 278,439 | ||||||
|
| |||||||
741,962 | ||||||||
|
| |||||||
Switzerland-3.65% | ||||||||
ABB Ltd. | 4,438 | 144,276 | ||||||
Novartis AG | 1,483 | 126,763 | ||||||
Roche Holding AG | 330 | 107,678 | ||||||
SGS S.A. | 40 | 118,415 | ||||||
Swisscom AG | 352 | 191,158 | ||||||
|
| |||||||
688,290 | ||||||||
|
| |||||||
United Kingdom-10.77% | ||||||||
Admiral Group PLC | 3,906 | 169,218 | ||||||
AstraZeneca PLC | 1,149 | 122,734 | ||||||
British American Tobacco PLC | 8,476 | 314,745 | ||||||
GlaxoSmithKline PLC | 12,955 | 240,282 | ||||||
National Grid PLC | 19,249 | 242,686 | ||||||
Sage Group PLC (The) | 15,222 | 134,463 | ||||||
Severn Trent PLC | 5,575 | 191,197 | ||||||
Tesco PLC | 40,662 | 124,420 | ||||||
Unilever PLC | 2,263 | 132,583 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
United Utilities Group PLC | 15,173 | $ | 203,398 | |||||
WM Morrison Supermarkets PLC | 63,336 | 152,452 | ||||||
|
| |||||||
2,028,178 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.74% |
| 18,788,313 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.89% | ||||||||
Invesco Private Government Fund, 0.01%(c)(d)(e) | 141,991 | 141,991 | ||||||
Invesco Private Prime Fund, | 212,901 | 212,986 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 354,977 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.63% |
| 19,143,290 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.63)% |
| (306,530 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 18,836,760 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Non-income producing security. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 783,675 | $ | (783,675 | ) | $ | - | $ | - | $ | - | $ | 3 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 76,193 | 2,358,391 | (2,292,593 | ) | - | - | 141,991 | 21 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 114,290 | 3,232,818 | (3,134,134 | ) | - | 12 | 212,986 | 196 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 190,483 | $ | 6,374,884 | $ | (6,210,402 | ) | $ | - | $ | 12 | $ | 354,977 | $ | 220 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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.
22 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Utilities | 24.63 | |||||
Communication Services | 15.81 | |||||
Financials | 15.77 | |||||
Real Estate | 13.07 | |||||
Consumer Staples | 10.46 | |||||
Industrials | 6.70 | |||||
Health Care | 4.08 | |||||
Materials | 3.63 | |||||
Sector Types Each Less Than 3% | 5.59 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.26 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.06% |
| |||||||
Australia-4.07% | ||||||||
AGL Energy Ltd.(a) | 477,843 | $ | 3,296,152 | |||||
APA Group | 447,260 | 3,465,226 | ||||||
ASX Ltd.(a) | 66,219 | 3,732,992 | ||||||
AusNet Services | 3,283,814 | 4,806,826 | ||||||
Coles Group Ltd. | 289,997 | 3,655,815 | ||||||
Medibank Pvt Ltd. | 1,518,557 | 3,612,871 | ||||||
Telstra Corp. Ltd. | 1,560,095 | 4,085,276 | ||||||
Woolworths Group Ltd. | 120,317 | 3,652,499 | ||||||
|
| |||||||
30,307,657 | ||||||||
|
| |||||||
Austria-0.51% | ||||||||
Oesterreichische Post AG(a) | 85,841 | 3,807,913 | ||||||
|
| |||||||
Belgium-0.46% | ||||||||
Ackermans & van Haaren N.V. | 21,627 | 3,462,603 | ||||||
|
| |||||||
Brazil-0.46% | ||||||||
Yara International ASA | 65,186 | 3,410,649 | ||||||
|
| |||||||
Canada-3.08% | ||||||||
Dollarama, Inc. | 83,755 | 3,899,761 | ||||||
Hydro One Ltd.(b) | 154,738 | 3,706,819 | ||||||
Loblaw Cos. Ltd. | 64,011 | 3,551,253 | ||||||
Metro, Inc. | 93,322 | 4,272,391 | ||||||
Thomson Reuters Corp. | 39,083 | 3,621,420 | ||||||
TMX Group Ltd. | 35,274 | 3,883,810 | ||||||
|
| |||||||
22,935,454 | ||||||||
|
| |||||||
China-0.94% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,052,989 | 3,714,749 | ||||||
Fosun International Ltd. | 2,296,221 | 3,305,298 | ||||||
|
| |||||||
7,020,047 | ||||||||
|
| |||||||
Denmark-3.07% | ||||||||
Carlsberg A/S, Class B | 21,054 | 3,699,484 | ||||||
Chr. Hansen Holding A/S(c) | 38,327 | 3,527,673 | ||||||
Coloplast A/S, Class B | 24,123 | 3,996,648 | ||||||
Novo Nordisk A/S, Class B | 55,466 | 4,067,707 | ||||||
Novozymes A/S, Class B(a) | 55,429 | 3,950,594 | ||||||
Tryg A/S | 157,824 | 3,616,260 | ||||||
|
| |||||||
22,858,366 | ||||||||
|
| |||||||
Finland-1.94% | ||||||||
Elisa OYJ | 54,689 | 3,106,739 | ||||||
Kojamo OYJ | 176,411 | 3,828,919 | ||||||
Kone OYJ, Class B | 54,485 | 4,285,592 | ||||||
UPM-Kymmene OYJ | 83,061 | 3,254,639 | ||||||
|
| |||||||
14,475,889 | ||||||||
|
| |||||||
France-3.17% | ||||||||
Air Liquide S.A.(a) | 22,033 | 3,716,452 | ||||||
Danone S.A.(a) | 51,462 | 3,632,129 | ||||||
Hermes International | 3,283 | 4,125,971 | ||||||
L’Oreal S.A. | 9,376 | 3,856,149 | ||||||
Pernod Ricard S.A. | 19,988 | 4,107,311 | ||||||
Sanofi(a) | 40,256 | 4,229,123 | ||||||
|
| |||||||
23,667,135 | ||||||||
|
| |||||||
Germany-5.64% | ||||||||
Beiersdorf AG | 36,646 | 4,142,351 | ||||||
Deutsche Telekom AG | 185,572 | 3,574,269 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Deutsche Wohnen SE | 77,339 | $ | 4,189,535 | |||||
E.ON SE | 338,096 | 4,080,585 | ||||||
Fresenius Medical Care AG & Co. KGaA | 49,502 | 3,942,512 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 35,824 | 4,121,022 | ||||||
Knorr-Bremse AG | 26,939 | 3,307,778 | ||||||
Merck KGaA | 21,338 | 3,754,112 | ||||||
Symrise AG | 31,010 | 4,009,228 | ||||||
Uniper SE(a) | 96,370 | 3,519,753 | ||||||
Vonovia SE | 51,356 | 3,377,977 | ||||||
|
| |||||||
42,019,122 | ||||||||
|
| |||||||
Hong Kong-7.00% | ||||||||
CLP Holdings Ltd. | 525,973 | 5,190,757 | ||||||
Hang Seng Bank Ltd. | 182,697 | 3,587,206 | ||||||
Henderson Land Development Co. Ltd. | 874,365 | 3,889,519 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 8,083,413 | 8,097,099 | ||||||
HKT Trust & HKT Ltd. | 3,068,878 | 4,457,012 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 2,892,229 | 4,639,870 | ||||||
Hongkong Land Holdings Ltd. | 645,071 | 3,193,101 | ||||||
Link REIT | 386,992 | 3,659,729 | ||||||
MTR Corp. Ltd.(a) | 647,026 | 3,607,154 | ||||||
New World Development Co. Ltd. | 654,463 | 3,463,235 | ||||||
Power Assets Holdings Ltd. | 765,152 | 4,704,096 | ||||||
Sun Hung Kai Properties Ltd. | 247,174 | 3,732,982 | ||||||
|
| |||||||
52,221,760 | ||||||||
|
| |||||||
Ireland-0.48% | ||||||||
Kerry Group PLC, Class A | 27,426 | 3,559,065 | ||||||
|
| |||||||
Israel-1.57% | ||||||||
Elbit Systems Ltd. | 26,616 | 3,667,409 | ||||||
Shufersal Ltd. | 421,509 | 3,420,574 | ||||||
Strauss Group Ltd. | 158,165 | 4,632,276 | ||||||
|
| |||||||
11,720,259 | ||||||||
|
| |||||||
Italy-0.97% | ||||||||
Ferrari N.V. | 17,089 | 3,664,858 | ||||||
UnipolSai Assicurazioni S.p.A. | 1,145,715 | 3,566,645 | ||||||
|
| |||||||
7,231,503 | ||||||||
|
| |||||||
Japan-38.40% | ||||||||
Aeon Co. Ltd. | 113,540 | 3,098,056 | ||||||
Air Water, Inc. | 186,339 | 3,085,619 | ||||||
Ajinomoto Co., Inc. | 165,847 | 3,317,547 | ||||||
Astellas Pharma, Inc. | 193,379 | 2,902,321 | ||||||
Benesse Holdings, Inc. | 158,793 | 3,505,489 | ||||||
Bridgestone Corp. | 79,590 | 3,187,095 | ||||||
Calbee, Inc. | 144,830 | 3,470,196 | ||||||
Chubu Electric Power Co., Inc. | 296,159 | 3,577,860 | ||||||
Chugoku Electric Power Co., Inc. (The) | 368,990 | 4,118,456 | ||||||
COMSYS Holdings Corp. | 112,091 | 3,476,405 | ||||||
Daikin Industries Ltd. | 16,189 | 3,248,019 | ||||||
ENEOS Holdings, Inc. | 829,336 | 3,575,162 | ||||||
Ezaki Glico Co. Ltd. | 88,624 | 3,312,100 | ||||||
FP Corp. | 86,124 | 3,344,736 | ||||||
House Foods Group, Inc. | 107,268 | 3,331,731 | ||||||
Idemitsu Kosan Co. Ltd. | 157,465 | 3,770,055 | ||||||
Ito En Ltd.(a) | 52,076 | 2,882,391 | ||||||
ITOCHU Corp. | 127,706 | 3,981,721 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Itochu Techno-Solutions Corp. | 120,956 | $ | 4,193,982 | |||||
Japan Post Bank Co. Ltd. | 341,951 | 3,125,283 | ||||||
Japan Post Holdings Co. Ltd.(c) | 361,394 | 3,033,851 | ||||||
Japan Tobacco, Inc. | 230,008 | 4,301,142 | ||||||
Kagome Co. Ltd. | 110,393 | 3,166,205 | ||||||
Kaken Pharmaceutical Co. Ltd. | 85,256 | 3,509,922 | ||||||
Kansai Electric Power Co., Inc. (The) | 326,702 | 3,233,993 | ||||||
Kansai Paint Co. Ltd. | 141,055 | 3,552,668 | ||||||
Kao Corp. | 56,721 | 3,636,101 | ||||||
KDDI Corp. | 110,204 | 3,333,191 | ||||||
Keihan Holdings Co. Ltd. | 74,572 | 2,718,718 | ||||||
Kewpie Corp. | 162,808 | 3,848,826 | ||||||
Keyence Corp. | 7,624 | 3,663,259 | ||||||
Kinden Corp. | 264,835 | 4,501,747 | ||||||
Kyocera Corp. | 50,044 | 3,038,672 | ||||||
Kyowa Exeo Corp. | 139,265 | 3,703,795 | ||||||
Kyushu Electric Power Co., Inc. | 356,181 | 3,252,080 | ||||||
Lawson, Inc. | 70,039 | 3,139,757 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 99,073 | 4,522,888 | ||||||
Medipal Holdings Corp. | 176,579 | 3,243,865 | ||||||
MEIJI Holdings Co. Ltd. | 72,749 | 4,505,839 | ||||||
Mitsubishi Corp. | 142,314 | 3,932,009 | ||||||
Mitsubishi Electric Corp. | 227,587 | 3,502,139 | ||||||
Mizuho Financial Group, Inc. | 221,305 | 3,107,847 | ||||||
Morinaga & Co. Ltd. | 100,075 | 3,332,629 | ||||||
MS&AD Insurance Group Holdings, Inc. | 129,969 | 3,680,107 | ||||||
Murata Manufacturing Co. Ltd. | 40,917 | 3,257,862 | ||||||
Nagoya Railroad Co. Ltd.(c) | 158,183 | 3,626,610 | ||||||
Nichirei Corp. | 131,876 | 3,332,341 | ||||||
Nintendo Co. Ltd. | 6,439 | 3,692,978 | ||||||
Nippo Corp. | 120,210 | 3,147,532 | ||||||
Nippon Telegraph & Telephone Corp. | 153,068 | 3,858,033 | ||||||
Nissin Foods Holdings Co. Ltd.(a) | 54,466 | 3,861,777 | ||||||
Nitori Holdings Co. Ltd. | 20,093 | 3,604,810 | ||||||
Nitto Denko Corp. | 38,850 | 3,220,173 | ||||||
NOF Corp. | 72,643 | 3,841,330 | ||||||
Ono Pharmaceutical Co. Ltd. | 134,556 | 3,386,520 | ||||||
Oriental Land Co. Ltd. | 20,439 | 2,893,678 | ||||||
Osaka Gas Co. Ltd. | 193,010 | 3,722,292 | ||||||
Otsuka Holdings Co. Ltd. | 78,089 | 3,001,252 | ||||||
Pan Pacific International Holdings Corp. | 141,131 | 3,040,698 | ||||||
Rinnai Corp. | 33,102 | 3,325,191 | ||||||
Rohto Pharmaceutical Co. Ltd. | 128,204 | 3,287,643 | ||||||
Secom Co. Ltd. | 45,755 | 3,799,208 | ||||||
Sega Sammy Holdings, Inc. | 212,201 | 3,046,003 | ||||||
Seino Holdings Co. Ltd. | 219,691 | 3,018,854 | ||||||
Sekisui House Ltd. | 158,311 | 3,199,387 | ||||||
Seven Bank Ltd. | 1,795,057 | 3,859,278 | ||||||
Shizuoka Bank Ltd. (The) | 483,325 | 3,701,048 | ||||||
Softbank Corp. | 356,114 | 4,592,129 | ||||||
Sugi Holdings Co. Ltd. | 48,205 | 3,704,515 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 89,802 | 3,123,619 | ||||||
Sundrug Co. Ltd. | 86,665 | 2,953,453 | ||||||
Suntory Beverage & Food Ltd. | 91,732 | 3,096,758 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 51,574 | 3,038,622 | ||||||
Takeda Pharmaceutical Co. Ltd. | 92,265 | 3,068,325 | ||||||
Teijin Ltd. | 200,668 | 3,300,865 | ||||||
Toho Co. Ltd. | 82,996 | 3,302,983 | ||||||
Tohoku Electric Power Co., Inc. | 417,878 | 3,681,593 | ||||||
Tokyo Gas Co. Ltd. | 150,978 | 3,056,716 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Toyota Motor Corp. | 46,865 | $ | 3,484,487 | |||||
Tsumura & Co. | 109,596 | 3,649,691 | ||||||
Tsuruha Holdings, Inc. | 25,545 | 2,949,343 | ||||||
Unicharm Corp. | 83,303 | 3,234,417 | ||||||
USS Co. Ltd. | 187,512 | 3,398,392 | ||||||
|
| |||||||
286,325,880 | ||||||||
|
| |||||||
Netherlands-2.51% | ||||||||
Heineken Holding N.V. | 34,484 | 3,428,881 | ||||||
Koninklijke Ahold Delhaize N.V. | 147,717 | 3,981,432 | ||||||
Koninklijke DSM N.V. | 21,366 | 3,837,486 | ||||||
Koninklijke Philips N.V.(c) | 58,404 | 3,295,983 | ||||||
Wolters Kluwer N.V. | 45,608 | 4,131,997 | ||||||
|
| |||||||
18,675,779 | ||||||||
|
| |||||||
New Zealand-0.49% | ||||||||
Spark New Zealand Ltd. | 1,167,393 | 3,685,462 | ||||||
|
| |||||||
Norway-1.49% | ||||||||
Gjensidige Forsikring ASA | 145,471 | 3,317,142 | ||||||
Orkla ASA | 379,771 | 3,883,554 | ||||||
Telenor ASA | 218,525 | 3,904,581 | ||||||
|
| |||||||
11,105,277 | ||||||||
|
| |||||||
Portugal-0.56% | ||||||||
Jeronimo Martins SGPS S.A. | 226,452 | 4,140,842 | ||||||
|
| |||||||
Singapore-5.20% | ||||||||
CapitaLand Ltd. | 1,402,824 | 3,922,509 | ||||||
DBS Group Holdings Ltd. | 169,853 | 3,818,628 | ||||||
Keppel Corp. Ltd. | 882,930 | 3,597,024 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 466,054 | 4,273,797 | ||||||
Singapore Exchange Ltd. | 478,374 | 3,757,523 | ||||||
Singapore Technologies Engineering Ltd. | 1,235,250 | 3,583,933 | ||||||
Singapore Telecommunications Ltd. | 2,198,213 | 4,130,737 | ||||||
United Overseas Bank Ltd. | 207,601 | 4,149,211 | ||||||
UOL Group Ltd. | 689,346 | 3,989,751 | ||||||
Venture Corp. Ltd. | 234,249 | 3,547,893 | ||||||
|
| |||||||
38,771,006 | ||||||||
|
| |||||||
Spain-0.98% | ||||||||
Iberdrola S.A. | 263,409 | 3,562,529 | ||||||
Red Electrica Corp. S.A. | 204,758 | 3,765,103 | ||||||
|
| |||||||
7,327,632 | ||||||||
|
| |||||||
Sweden-3.83% | ||||||||
Axfood AB | 157,921 | 3,959,348 | ||||||
Essity AB, Class B | 119,177 | 3,894,226 | ||||||
Holmen AB, Class B | 80,092 | 3,779,287 | ||||||
ICA Gruppen AB(a) | 67,910 | 3,132,176 | ||||||
Investor AB, Class B(a) | 42,786 | 3,637,626 | ||||||
Swedish Match AB | 44,071 | 3,619,183 | ||||||
Tele2 AB, Class B(a) | 246,364 | 3,185,986 | ||||||
Telia Co. AB | 807,007 | 3,344,177 | ||||||
|
| |||||||
28,552,009 | ||||||||
|
| |||||||
Switzerland-5.77% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, PC(a) | 437 | 4,058,319 | ||||||
Geberit AG | 6,143 | 4,043,920 | ||||||
Givaudan S.A. | 1,057 | 4,431,739 | ||||||
Kuehne + Nagel International AG, Class R | 13,797 | 4,129,797 | ||||||
Nestle S.A. | 45,854 | 5,474,024 | ||||||
Novartis AG | 49,449 | 4,226,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Roche Holding AG | 11,456 | $ | 3,738,069 | |||||
Schindler Holding AG, PC(a) | 15,517 | 4,420,061 | ||||||
SGS S.A. | 1,389 | 4,111,946 | ||||||
Swisscom AG(a) | 8,109 | 4,403,692 | ||||||
|
| |||||||
43,038,357 | ||||||||
|
| |||||||
United Kingdom-5.47% | ||||||||
Admiral Group PLC(a) | 86,745 | 3,758,021 | ||||||
AstraZeneca PLC | 32,966 | 3,521,367 | ||||||
ConvaTec Group PLC(b) | 1,269,368 | 3,834,877 | ||||||
Croda International PLC(a) | 41,861 | 3,920,327 | ||||||
GlaxoSmithKline PLC | 204,500 | 3,792,954 | ||||||
Reckitt Benckiser Group PLC | 42,233 | 3,772,143 | ||||||
Segro PLC | 261,974 | 3,647,115 | ||||||
Severn Trent PLC | 110,557 | 3,791,590 | ||||||
Spirax-Sarco Engineering PLC | 20,552 | 3,361,994 | ||||||
Unilever PLC | 66,312 | 3,885,041 | ||||||
WM Morrison Supermarkets PLC | 1,467,952 | 3,533,424 | ||||||
|
| |||||||
40,818,853 | ||||||||
|
| |||||||
United States-1.00% | ||||||||
QIAGEN N.V.(c) | 73,786 | 3,600,024 | ||||||
Waste Connections, Inc. | 32,458 | 3,863,193 | ||||||
|
| |||||||
7,463,217 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 738,601,736 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.29% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) | 2,121,749 | $ | 2,121,749 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.35% |
| 740,723,485 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-5.95% | ||||||||
Invesco Private Government Fund, | 17,744,083 | 17,744,083 | ||||||
Invesco Private Prime Fund, | 26,618,152 | 26,628,800 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 44,372,883 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.30% |
| 785,096,368 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.30)% |
| (39,482,936 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 745,613,432 | ||||||
|
|
Investment Abbreviations:
PC-Participation Certificate
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $7,541,696, which represented 1.01% of the Fund’s Net Assets. |
(c) | Non-income producing security. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 12,655,698 | $ | (10,533,949 | ) | $ | - | $ | - | $ | 2,121,749 | $ | 109 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 6,794,633 | 91,476,786 | (80,527,336 | ) | - | - | 17,744,083 | 1,184 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 10,191,939 | 127,951,714 | (111,515,946 | ) | 1 | 1,092 | 26,628,800 | 11,317 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 16,986,572 | $ | 232,084,198 | $ | (202,577,231 | ) | $ | 1 | $ | 1,092 | $ | 46,494,632 | $ | 12,610 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2021
(Unaudited)
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Consumer Staples | 23.18 | |||||
Industrials | 13.88 | |||||
Utilities | 10.90 | |||||
Financials | 10.67 | |||||
Health Care | 9.63 | |||||
Materials | 7.80 | |||||
Communication Services | 7.60 | |||||
Consumer Discretionary | 6.56 | |||||
Real Estate | 5.48 | |||||
Sector Types Each Less Than 3% | 3.36 | |||||
Money Market Funds Plus Other Assets | ||||||
Less Liabilities | 0.94 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Australia-4.40% | ||||||||
Afterpay Ltd.(a) | 671 | $ | 60,980 | |||||
Domino’s Pizza Enterprises Ltd. | 131 | 10,792 | ||||||
Fortescue Metals Group Ltd. | 4,804 | 83,828 | ||||||
Rio Tinto PLC | 1,798 | 151,257 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 166 | 3,882 | ||||||
Wesfarmers Ltd. | 1,456 | 60,857 | ||||||
|
| |||||||
371,596 | ||||||||
|
| |||||||
Austria-0.19% | ||||||||
Verbund AG | 113 | 9,291 | ||||||
voestalpine AG | 162 | 7,040 | ||||||
|
| |||||||
16,331 | ||||||||
|
| |||||||
Belgium-0.11% | ||||||||
Sofina S.A. | 24 | 9,135 | ||||||
|
| |||||||
Brazil-0.16% | ||||||||
Yara International ASA | 253 | 13,237 | ||||||
|
| |||||||
Canada-4.83% | ||||||||
Cameco Corp. | 596 | 10,009 | ||||||
Canopy Growth Corp.(a) | 329 | 8,866 | ||||||
Constellation Software, Inc. | 29 | 42,525 | ||||||
Ritchie Bros. Auctioneers, Inc. | 156 | 9,915 | ||||||
Shopify, Inc., Class A(a) | 265 | 312,541 | ||||||
Wheaton Precious Metals Corp. | 578 | 23,957 | ||||||
|
| |||||||
407,813 | ||||||||
|
| |||||||
Chile-0.37% | ||||||||
Antofagasta PLC | 728 | 18,803 | ||||||
Lundin Mining Corp. | 1,064 | 12,844 | ||||||
|
| |||||||
31,647 | ||||||||
|
| |||||||
China-1.48% | ||||||||
Alibaba Health Information Technology Ltd.(a) | 9,639 | 29,413 | ||||||
China Evergrande New Energy Vehicle Group Ltd.(a)(b) | 7,006 | 54,167 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 3,283 | 5,301 | ||||||
ENN Energy Holdings Ltd. | 1,092 | 18,615 | ||||||
Wilmar International Ltd. | 4,455 | 17,480 | ||||||
|
| |||||||
124,976 | ||||||||
|
| |||||||
Denmark-4.16% | ||||||||
AP Moller - Maersk A/S, Class A | 6 | 14,132 | ||||||
AP Moller - Maersk A/S, Class B | 11 | 27,368 | ||||||
DSV Panalpina A/S | 275 | 61,409 | ||||||
Genmab A/S(a) | 129 | 47,402 | ||||||
GN Store Nord A/S | 216 | 19,524 | ||||||
Orsted A/S(c) | 404 | 59,001 | ||||||
Rockwool International A/S, Class B(b) | 12 | 5,394 | ||||||
Vestas Wind Systems A/S | 2,790 | 116,610 | ||||||
|
| |||||||
350,840 | ||||||||
|
| |||||||
Finland-0.92% | ||||||||
Kesko OYJ, Class B | 457 | 13,941 | ||||||
Metso Outotec OYJ | 1,205 | 13,554 | ||||||
Neste OYJ | 822 | 49,872 | ||||||
|
| |||||||
77,367 | ||||||||
|
| |||||||
France-2.73% | ||||||||
BioMerieux | 60 | 7,145 |
Shares | Value | |||||||
France-(continued) | ||||||||
Hermes International | 49 | $ | 61,582 | |||||
Sartorius Stedim Biotech | 68 | 31,270 | ||||||
Schneider Electric SE | 814 | 130,345 | ||||||
|
| |||||||
230,342 | ||||||||
|
| |||||||
Germany-3.78% | ||||||||
BioNTech SE, ADR(a) | 26 | 4,895 | ||||||
Deutsche Post AG | 1,352 | 79,676 | ||||||
Infineon Technologies AG | 2,394 | 96,731 | ||||||
Merck KGaA | 155 | 27,270 | ||||||
Sartorius AG, Preference Shares | 87 | 49,140 | ||||||
TeamViewer AG(a)(c) | 184 | 8,763 | ||||||
Zalando SE(a)(c) | 505 | 52,609 | ||||||
|
| |||||||
319,084 | ||||||||
|
| |||||||
Hong Kong-3.64% | ||||||||
Hang Lung Properties Ltd. | 2,808 | 7,664 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 3,771 | 228,197 | ||||||
Techtronic Industries Co. Ltd. | 3,928 | 71,613 | ||||||
|
| |||||||
307,474 | ||||||||
|
| |||||||
Ireland-0.58% | ||||||||
Flutter Entertainment PLC(a) | 240 | 49,072 | ||||||
|
| |||||||
Israel-1.09% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 2,671 | 2,913 | ||||||
Compugen Ltd.(a) | 106 | 915 | ||||||
Fiverr International Ltd.(a) | 54 | 11,236 | ||||||
Kornit Digital Ltd.(a) | 98 | 9,580 | ||||||
Nice Ltd.(a) | 104 | 25,165 | ||||||
Nova Measuring Instruments Ltd.(a) | 69 | 6,757 | ||||||
Phoenix Holdings Ltd. (The) | 223 | 1,987 | ||||||
Plus500 Ltd. | 198 | 3,893 | ||||||
Shufersal Ltd. | 264 | 2,142 | ||||||
Wix.com Ltd.(a) | 87 | 27,656 | ||||||
|
| |||||||
92,244 | ||||||||
|
| |||||||
Italy-0.14% | ||||||||
DiaSorin S.p.A.(b) | 36 | 6,121 | ||||||
PRADA S.p.A.(a) | 896 | 5,578 | ||||||
|
| |||||||
11,699 | ||||||||
|
| |||||||
Japan-39.95% | ||||||||
Advantest Corp. | 272 | 25,830 | ||||||
Aeon Co. Ltd. | 1,750 | 47,751 | ||||||
Ajinomoto Co., Inc. | 973 | 19,464 | ||||||
Azbil Corp. | 372 | 15,043 | ||||||
Bandai Namco Holdings, Inc. | 390 | 28,637 | ||||||
Benefit One, Inc. | 135 | 3,388 | ||||||
Capcom Co. Ltd. | 486 | 15,784 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,159 | 43,484 | ||||||
Cosmos Pharmaceutical Corp. | 31 | 4,450 | ||||||
CyberAgent, Inc. | 688 | 14,150 | ||||||
Daifuku Co. Ltd. | 340 | 33,656 | ||||||
Daiichi Sankyo Co. Ltd. | 2,610 | 66,548 | ||||||
Daikin Industries Ltd. | 544 | 109,143 | ||||||
Denso Corp. | 746 | 48,177 | ||||||
Disco Corp. | 40 | 12,955 | ||||||
Fancl Corp. | 114 | 3,723 | ||||||
FANUC Corp. | 276 | 63,568 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Fast Retailing Co. Ltd. | 119 | $ | 97,667 | |||||
FP Corp. | 74 | 2,874 | ||||||
Fujitsu Ltd. | 310 | 49,362 | ||||||
GMO internet, Inc. | 94 | 2,799 | ||||||
GMO Payment Gateway, Inc. | 119 | 15,187 | ||||||
Hamamatsu Photonics KK | 208 | 12,065 | ||||||
Harmonic Drive Systems, Inc. | 72 | 4,855 | ||||||
Hoya Corp. | 498 | 56,655 | ||||||
Ibiden Co. Ltd. | 306 | 14,501 | ||||||
Ito En Ltd.(b) | 79 | 4,373 | ||||||
ITOCHU Corp. | 1,875 | 58,460 | ||||||
Japan Exchange Group, Inc. | 705 | 16,521 | ||||||
JCR Pharmaceuticals Co. Ltd. | 107 | 2,912 | ||||||
JSR Corp. | 503 | 15,485 | ||||||
Kagome Co. Ltd. | 126 | 3,614 | ||||||
Keyence Corp. | 408 | 196,040 | ||||||
Kikkoman Corp. | 285 | 17,496 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 84 | 7,493 | ||||||
Kobe Bussan Co. Ltd. | 173 | 4,625 | ||||||
Koei Tecmo Holdings Co. Ltd. | 182 | 8,134 | ||||||
Koito Manufacturing Co. Ltd. | 186 | 11,588 | ||||||
Konami Holdings Corp.(b) | 175 | 10,439 | ||||||
Kubota Corp. | 1,739 | 40,888 | ||||||
Kyowa Kirin Co. Ltd. | 302 | 9,173 | ||||||
Lasertec Corp. | 243 | 42,995 | ||||||
Lixil Corp. | 437 | 11,838 | ||||||
M3, Inc. | 1,354 | 93,859 | ||||||
Mercari, Inc.(a) | 314 | 15,513 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 366 | 8,461 | ||||||
Miura Co. Ltd. | 235 | 12,319 | ||||||
MonotaRO Co. Ltd. | 634 | 16,183 | ||||||
Murata Manufacturing Co. Ltd. | 1,590 | 126,598 | ||||||
Nabtesco Corp. | 225 | 10,117 | ||||||
NET One Systems Co. Ltd. | 183 | 6,010 | ||||||
Nexon Co. Ltd. | 1,226 | 40,659 | ||||||
Nidec Corp. | 1,650 | 191,032 | ||||||
Nihon M&A Center, Inc. | 702 | 18,394 | ||||||
Nintendo Co. Ltd. | 274 | 157,148 | ||||||
Nippon Paint Holdings Co. Ltd.(b) | 3,265 | 46,658 | ||||||
Nippon Yusen KK | 245 | 9,616 | ||||||
Nitori Holdings Co. Ltd. | 113 | 20,273 | ||||||
Nitto Denko Corp. | 361 | 29,922 | ||||||
NOF Corp. | 163 | 8,619 | ||||||
Nomura Research Institute Ltd. | 652 | 20,072 | ||||||
OBIC Business Consultants Co. Ltd. | 32 | 1,879 | ||||||
Obic Co. Ltd. | 96 | 18,558 | ||||||
Omron Corp. | 383 | 29,048 | ||||||
Ono Pharmaceutical Co. Ltd. | 666 | 16,762 | ||||||
Open House Co. Ltd. | 111 | 4,615 | ||||||
Oracle Corp. Japan | 45 | 4,220 | ||||||
Otsuka Corp. | 136 | 6,856 | ||||||
Pan Pacific International Holdings Corp. | 877 | 18,895 | ||||||
Renesas Electronics Corp.(a) | 1,680 | 19,597 | ||||||
Rinnai Corp. | 71 | 7,132 | ||||||
Rohm Co. Ltd. | 122 | 12,088 | ||||||
Ryohin Keikaku Co. Ltd. | 352 | 7,407 | ||||||
Seria Co. Ltd. | 53 | 1,923 | ||||||
SG Holdings Co. Ltd. | 1,591 | 36,156 | ||||||
Sharp Corp.(b) | 303 | 5,120 | ||||||
Shimamura Co. Ltd. | 45 | 4,454 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Shimano, Inc. | 147 | $ | 33,669 | |||||
Shin-Etsu Chemical Co. Ltd. | 684 | 115,455 | ||||||
SMC Corp. | 95 | 55,146 | ||||||
SoftBank Group Corp. | 3,071 | 277,726 | ||||||
Sony Group Corp. | 1,923 | 191,763 | ||||||
Sugi Holdings Co. Ltd. | 53 | 4,073 | ||||||
Sumitomo Metal Mining Co. Ltd. | 444 | 18,844 | ||||||
Sysmex Corp. | 356 | 35,582 | ||||||
Taiyo Yuden Co. Ltd. | 338 | 15,523 | ||||||
Takara Bio, Inc. | 64 | 1,636 | ||||||
TDK Corp. | 208 | 28,258 | ||||||
Toho Gas Co. Ltd. | 161 | 8,941 | ||||||
Tokai Carbon Co. Ltd. | 438 | 7,125 | ||||||
Tokyo Century Corp. | 88 | 5,434 | ||||||
Tokyo Electron Ltd. | 322 | 142,345 | ||||||
TOTO Ltd. | 222 | 11,516 | ||||||
Toyota Industries Corp. | 358 | 28,658 | ||||||
Unicharm Corp. | 597 | 23,180 | ||||||
Yamato Holdings Co. Ltd. | 660 | 18,628 | ||||||
Yaskawa Electric Corp. | 407 | 18,767 | ||||||
Z Holdings Corp. | 4,237 | 19,575 | ||||||
Zeon Corp. | 316 | 5,036 | ||||||
ZOZO, Inc. | 167 | 5,638 | ||||||
|
| |||||||
3,372,471 | ||||||||
|
| |||||||
Jordan-0.09% | ||||||||
Hikma Pharmaceuticals PLC | 226 | 7,635 | ||||||
|
| |||||||
Luxembourg-0.28% | ||||||||
Eurofins Scientific SE(a) | 241 | 23,891 | ||||||
|
| |||||||
Mexico-0.04% | ||||||||
Fresnillo PLC | 259 | 2,953 | ||||||
|
| |||||||
Netherlands-11.83% | ||||||||
Adyen N.V.(a)(c) | 96 | 235,926 | ||||||
ASML Holding N.V. | 968 | 630,649 | ||||||
Koninklijke DSM N.V. | 306 | 54,960 | ||||||
Prosus N.V.(a) | 708 | 76,902 | ||||||
|
| |||||||
998,437 | ||||||||
|
| |||||||
New Zealand-0.76% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 970 | 25,020 | ||||||
Infratil Ltd. | 994 | 5,089 | ||||||
Mercury NZ Ltd. | 985 | 4,905 | ||||||
Meridian Energy Ltd. | 1,802 | 6,891 | ||||||
Xero Ltd.(a) | 205 | 22,416 | ||||||
|
| |||||||
64,321 | ||||||||
|
| |||||||
Norway-0.54% | ||||||||
Kahoot! ASA(a) | 912 | 9,600 | ||||||
NEL ASA(a) | 2,480 | 7,218 | ||||||
Nordic Semiconductor ASA(a) | 497 | 12,323 | ||||||
Scatec ASA(c) | 281 | 7,593 | ||||||
TOMRA Systems ASA | 182 | 9,130 | ||||||
|
| |||||||
45,864 | ||||||||
|
| |||||||
Saudi Arabia-0.66% | ||||||||
Delivery Hero SE(a)(c) | 348 | 55,319 | ||||||
|
| |||||||
Singapore-0.10% | ||||||||
Sembcorp Industries Ltd. | 1,643 | 2,618 | ||||||
Venture Corp. Ltd. | 368 | 5,574 | ||||||
|
| |||||||
8,192 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Spain-0.42% | ||||||||
EDP Renovaveis S.A. | 408 | $ | 9,734 | |||||
Siemens Gamesa Renewable Energy S.A., Class R(a) | 720 | 26,089 | ||||||
|
| |||||||
35,823 | ||||||||
|
| |||||||
Sweden-6.31% | ||||||||
AddTech AB, Class B | 433 | 7,579 | ||||||
Atlas Copco AB, Class A(b) | 975 | 59,152 | ||||||
Atlas Copco AB, Class B | 552 | 28,691 | ||||||
Embracer Group AB(a) | 550 | 16,951 | ||||||
Epiroc AB, Class A(b) | 1,128 | 24,479 | ||||||
Epiroc AB, Class B | 552 | 10,843 | ||||||
EQT AB | 473 | 16,015 | ||||||
Evolution Gaming Group AB(c) | 512 | 101,241 | ||||||
Getinge AB, Class B | 295 | 9,995 | ||||||
Hexagon AB, Class B | 454 | 43,350 | ||||||
Holmen AB, Class B | 154 | 7,267 | ||||||
Husqvarna AB, Class B | 646 | 9,004 | ||||||
Indutrade AB(b) | 456 | 11,929 | ||||||
Kinnevik AB, Class B | 589 | 32,599 | ||||||
Lifco AB, Class B | 56 | 6,033 | ||||||
Nibe Industrier AB, Class B | 774 | 28,358 | ||||||
Sinch AB(a)(c) | 144 | 22,777 | ||||||
Svenska Cellulosa AB S.C.A., Class B | 1,248 | 21,917 | ||||||
Swedish Match AB | 195 | 16,014 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 4,237 | 58,095 | ||||||
|
| |||||||
532,289 | ||||||||
|
| |||||||
Switzerland-2.20% | ||||||||
Kuehne + Nagel International AG, Class R | 85 | 25,443 | ||||||
Lonza Group AG | 138 | 87,879 | ||||||
Sika AG | 243 | 72,576 | ||||||
|
| |||||||
185,898 | ||||||||
|
| |||||||
Taiwan-3.41% | ||||||||
Sea Ltd., ADR(a) | 1,139 | 287,643 | ||||||
|
| |||||||
United Kingdom-2.46% | ||||||||
Admiral Group PLC | 452 | 19,582 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Ashtead Group PLC | 654 | $ | 42,115 | |||||
B&M European Value Retail S.A. | 2,207 | 17,289 | ||||||
Croda International PLC | 221 | 20,697 | ||||||
Farfetch Ltd., Class A(a) | 676 | 33,117 | ||||||
J Sainsbury PLC | 2,320 | 7,635 | ||||||
Ocado Group PLC(a)(b) | 1,863 | 54,091 | ||||||
Pearson PLC | 1,149 | 13,204 | ||||||
|
| |||||||
207,730 | ||||||||
|
| |||||||
United States-2.02% | ||||||||
Atlassian Corp. PLC, Class A(a) | 239 | 56,777 | ||||||
Globant S.A.(a) | 51 | 11,688 | ||||||
QIAGEN N.V.(a) | 488 | 23,810 | ||||||
Spotify Technology S.A.(a) | 310 | 78,157 | ||||||
|
| |||||||
170,432 | ||||||||
|
| |||||||
Zambia-0.26% | ||||||||
First Quantum Minerals Ltd. | 952 | 21,923 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% |
| 8,433,678 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.58% | ||||||||
Invesco Private Government Fund, | 120,864 | 120,864 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 181,223 | 181,295 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 302,159 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.49% |
| 8,735,837 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.49)% |
| (294,959 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 8,440,878 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $543,229, which represented 6.44% of the Fund’s Net Assets. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 126,469 | $ | 240,179 | $ | (366,648 | ) | $ | - | $ | - | $ | - | $ | 1 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2021
(Unaudited)
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | 1,048,728 | $ | 465,167 | $ | (1,393,031 | ) | $ | - | $ | - | $ | 120,864 | $ | 8 | * | |||||||||||||||||||
Invesco Private Prime Fund | 1,573,092 | 610,710 | (2,002,509 | ) | - | 2 | 181,295 | 52 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,748,289 | $ | 1,316,056 | $ | (3,762,188) | $ | - | $ | 2 | $ | 302,159 | $ | 61 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Information Technology | 29.59 | |||||||
Industrials | 18.37 | |||||||
Consumer Discretionary | 13.45 | |||||||
Communication Services | 11.28 | |||||||
Health Care | 9.37 | |||||||
Materials | 9.14 | |||||||
Financials | 3.95 | |||||||
Sector Types Each Less Than 3% | 4.76 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.09 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2021
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 7,461,825 | $ | 333,179,144 | $ | 8,858,616 | $ | 18,788,313 | ||||||||||||
Affiliated investments in securities, at value | 362,183 | 44,506 | 30,380 | 354,977 | ||||||||||||||||
Foreign currencies, at value | 7,260 | 232,522 | 75,944 | 276 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 28,501 | 653,347 | 5,399 | 85,798 | ||||||||||||||||
Securities lending | 118 | 228 | 32 | 654 | ||||||||||||||||
Investments sold | 3,514 | - | - | - | ||||||||||||||||
Foreign tax reclaims | 157,798 | 44,951 | - | 14,717 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 8,021,199 | 334,154,698 | 8,970,371 | 19,244,735 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | 76,706 | 48,347 | ||||||||||||||||
Due to foreign custodian | - | - | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 32 | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 360,602 | - | 30,380 | 354,977 | ||||||||||||||||
Fund shares repurchased | 3,510 | - | - | - | ||||||||||||||||
Accrued unitary management fees | 2,833 | 100,120 | 2,293 | 4,651 | ||||||||||||||||
Accrued tax expenses | - | - | 2,237 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 366,945 | 100,152 | 111,616 | 407,975 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 7,654,254 | $ | 334,054,546 | $ | 8,858,755 | $ | 18,836,760 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 22,455,360 | $ | 400,555,501 | $ | 8,071,569 | $ | 19,417,996 | ||||||||||||
Distributable earnings (loss) | (14,801,106 | ) | (66,500,955 | ) | 787,186 | (581,236 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 7,654,254 | $ | 334,054,546 | $ | 8,858,755 | $ | 18,836,760 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 250,001 | 13,500,000 | 450,000 | 700,001 | ||||||||||||||||
Net asset value | $ | 30.62 | $ | 24.74 | $ | 19.69 | $ | 26.91 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 30.35 | $ | 24.54 | $ | 19.48 | $ | 27.11 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 6,756,842 | $ | 284,154,083 | $ | 7,734,107 | $ | 17,647,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 362,183 | $ | 44,506 | $ | 30,380 | $ | 354,977 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies, at cost | $ | 7,141 | $ | 232,427 | $ | 75,851 | $ | 272 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 317,316 | $ | - | $ | 28,758 | $ | 335,423 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||
$ | 738,601,736 | $ | 8,433,678 | |||||
46,494,632 | 302,159 | |||||||
- | 7,302 | |||||||
3,852,164 | 17,920 | |||||||
33,090 | 351 | |||||||
7,638,235 | 2,018 | |||||||
1,285,354 | 5,519 | |||||||
|
|
|
| |||||
797,905,211 | 8,768,947 | |||||||
|
|
|
| |||||
- | 24,060 | |||||||
9,105 | - | |||||||
99,450 | - | |||||||
44,372,882 | 302,159 | |||||||
7,638,968 | - | |||||||
171,374 | 1,850 | |||||||
- | - | |||||||
|
|
|
| |||||
52,291,779 | 328,069 | |||||||
|
|
|
| |||||
$ | 745,613,432 | $ | 8,440,878 | |||||
|
|
|
| |||||
$ | 869,572,246 | $ | 11,818,733 | |||||
(123,958,814 | ) | (3,377,855 | ) | |||||
|
|
|
| |||||
$ | 745,613,432 | $ | 8,440,878 | |||||
|
|
|
| |||||
24,400,000 | 250,000 | |||||||
$ | 30.56 | $ | 33.76 | |||||
$ | 30.48 | $ | 33.61 | |||||
|
|
|
| |||||
$ | 699,477,714 | $ | 7,629,370 | |||||
|
|
|
| |||||
$ | 46,494,631 | $ | 302,159 | |||||
|
|
|
| |||||
$ | (9,439 | ) | $ | 7,226 | ||||
|
|
|
| |||||
$ | 37,260,754 | $ | 232,063 | |||||
|
|
|
|
33 | ||||
|
| |||
For the six months ended April 30, 2021
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated interest income | $ | - | $ | - | $ | 9 | $ | - | ||||||||||||
Unaffiliated dividend income | 112,959 | 2,956,004 | 73,660 | 392,015 | ||||||||||||||||
Affiliated dividend income | 1 | 28 | 3 | 3 | ||||||||||||||||
Non-cash dividend income | 11,847 | - | - | - | ||||||||||||||||
Securities lending income | 795 | 7,319 | 257 | 3,360 | ||||||||||||||||
Foreign withholding tax | (2,558 | ) | (198,360 | ) | (11,139 | ) | (31,731 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 123,044 | 2,764,991 | 62,790 | 363,647 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 19,401 | 416,650 | 14,132 | 27,235 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (5 | ) | (36 | ) | (19 | ) | (10 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 19,396 | 416,614 | 14,113 | 27,225 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 103,648 | 2,348,377 | 48,677 | 336,422 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | 244,527 | 9,362,890 | 452,158 | (a) | (192,016 | ) | ||||||||||||||
Affiliated investment securities | 21 | 31 | 6 | 12 | ||||||||||||||||
In-kind redemptions | 461,700 | 2,910,351 | 1,200,755 | 1,044,269 | ||||||||||||||||
Foreign currencies | 2,800 | (21,741 | ) | (15,713 | ) | 1,206 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 709,048 | 12,251,531 | 1,637,206 | 853,471 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 830,649 | 51,006,417 | (40,073 | )(b) | 2,248,901 | |||||||||||||||
Affiliated investment securities | - | (21 | ) | - | - | |||||||||||||||
Foreign currencies | 767 | 900 | 143 | 281 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | 831,416 | 51,007,296 | (39,930 | ) | 2,249,182 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain | 1,540,464 | 63,258,827 | 1,597,276 | 3,102,653 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 1,644,112 | $ | 65,607,204 | $ | 1,645,953 | $ | 3,439,075 | ||||||||||||
|
|
|
|
|
|
|
|
(a) Net of foreign taxes of $1,825.
(b) Net of foreign taxes of $(2,237).
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||
$ | - | $ | - | |||||
12,341,031 | 115,198 | |||||||
109 | 1 | |||||||
- | 202 | |||||||
100,796 | 3,254 | |||||||
(1,042,969 | ) | (8,746 | ) | |||||
|
|
|
| |||||
11,398,967 | 109,909 | |||||||
|
|
|
| |||||
989,581 | 18,608 | |||||||
|
|
|
| |||||
(321 | ) | (4 | ) | |||||
|
|
|
| |||||
989,260 | 18,604 | |||||||
|
|
|
| |||||
10,409,707 | 91,305 | |||||||
|
|
|
| |||||
(1,304,507 | ) | (491,173 | ) | |||||
1,092 | 2 | |||||||
29,181,197 | (1,897,617 | ) | ||||||
59,875 | (2,890 | ) | ||||||
|
|
|
| |||||
27,937,657 | (2,391,678 | ) | ||||||
|
|
|
| |||||
58,450,156 | 11,352,421 | |||||||
1 | - | |||||||
(8,339 | ) | 425 | ||||||
|
|
|
| |||||
58,441,818 | 11,352,846 | |||||||
|
|
|
| |||||
86,379,475 | 8,961,168 | |||||||
|
|
|
| |||||
$ | 96,789,182 | $ | 9,052,473 | |||||
|
|
|
|
35 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | |||||||||||||||||||
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 103,648 | $ | 399,442 | $ | 2,348,377 | $ | 9,423,108 | ||||||||||||
Net realized gain (loss) | 709,048 | (3,818,825 | ) | 12,251,531 | (57,229,752 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 831,416 | (383,293 | ) | 51,007,296 | (2,587,753 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,644,112 | (3,802,676 | ) | 65,607,204 | (50,394,397 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (91,586 | ) | (658,693 | ) | (2,811,053 | ) | (9,726,970 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | - | - | 45,810,701 | 117,564,428 | ||||||||||||||||
Value of shares repurchased | (3,036,730 | ) | (40,031,688 | ) | (43,867,822 | ) | (124,343,540 | ) | ||||||||||||
Transaction fees | 797 | 15,359 | 108,770 | 474,852 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,035,933 | ) | (40,016,329 | ) | 2,051,649 | (6,304,260 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (1,483,407 | ) | (44,477,698 | ) | 64,847,800 | (66,425,627 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 9,137,661 | 53,615,359 | 269,206,746 | 335,632,373 | ||||||||||||||||
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|
|
|
| |||||||||||||
End of period | $ | 7,654,254 | $ | 9,137,661 | $ | 334,054,546 | $ | 269,206,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | - | - | 1,950,000 | 5,650,000 | ||||||||||||||||
Shares repurchased | (100,000 | ) | (1,550,000 | ) | (1,950,000 | ) | (6,600,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 350,001 | 1,900,001 | 13,500,000 | 14,450,000 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 250,001 | 350,001 | 13,500,000 | 13,500,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | Six Months Ended April 30, 2021 | Year Ended October 31, 2020 | |||||||||||||||||||||||||||||||
$ | 48,677 | $ | 125,242 | $ | 336,422 | $ | 640,822 | $ | 10,409,707 | $ | 24,342,279 | $ | 91,305 | $ | 33,124 | |||||||||||||||||||||||
1,637,206 | (711,827 | ) | 853,471 | (1,614,867 | ) | 27,937,657 | (99,315,228 | ) | (2,391,678 | ) | 749,005 | |||||||||||||||||||||||||||
(39,930 | ) | 668,396 | 2,249,182 | (1,750,839 | ) | 58,441,818 | (98,479,964 | ) | 11,352,846 | (10,768,111 | ) | |||||||||||||||||||||||||||
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|
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|
|
|
| |||||||||||||||||||||||
1,645,953 | 81,811 | 3,439,075 | (2,724,884 | ) | 96,789,182 | (173,452,913 | ) | 9,052,473 | (9,985,982 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(43,672 | ) | (131,358 | ) | (339,661 | ) | (875,930 | ) | (7,458,796 | ) | (48,157,293 | ) | (73,530 | ) | (61,403 | ) | |||||||||||||||||||||||
|
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|
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|
| |||||||||||||||||||||||
11,284,355 | 2,249,937 | 6,563,765 | 8,766,348 | 73,497,150 | 377,754,851 | 1,782,985 | 311,702,336 | |||||||||||||||||||||||||||||||
(9,801,914 | ) | (2,371,906 | ) | (6,466,817 | ) | (3,825,583 | ) | (191,778,341 | ) | (370,632,314 | ) | (300,557,651 | ) | (6,103,728 | ) | |||||||||||||||||||||||
3,718 | 1,016 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
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| |||||||||||||||||||||||
1,486,159 | (120,953 | ) | 96,948 | 4,940,765 | (118,281,191 | ) | 7,122,537 | (298,774,666 | ) | 305,598,608 | ||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
3,088,440 | (170,500 | ) | 3,196,362 | 1,339,951 | (28,950,805 | ) | (214,487,669 | ) | (289,795,723 | ) | 295,551,223 | |||||||||||||||||||||||||||
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|
|
|
| |||||||||||||||||||||||
5,770,315 | 5,940,815 | 15,640,398 | 14,300,447 | 774,564,237 | 989,051,906 | 298,236,601 | 2,685,378 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 8,858,755 | $ | 5,770,315 | $ | 18,836,760 | $ | 15,640,398 | $ | 745,613,432 | $ | 774,564,237 | $ | 8,440,878 | $ | 298,236,601 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
600,000 | 150,000 | 250,000 | 350,000 | 2,400,000 | 12,650,000 | 50,000 | 10,400,000 | |||||||||||||||||||||||||||||||
(500,000 | ) | (150,000 | ) | (250,000 | ) | (150,000 | ) | (6,300,000 | ) | (12,950,000 | ) | (10,100,000 | ) | (200,000 | ) | |||||||||||||||||||||||
350,000 | 350,000 | 700,001 | 500,001 | 28,300,000 | 28,600,000 | 10,300,000 | 100,000 | |||||||||||||||||||||||||||||||
|
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|
|
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|
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|
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|
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| |||||||||||||||||||||||
450,000 | 350,000 | 700,001 | 700,001 | 24,400,000 | 28,300,000 | 250,000 | 10,300,000 | |||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
37 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Six Months Ended 2021 | Years Ended October 31, | For the Period October 31, | ||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.11 | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | $ | 24.92 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(b) | 0.36 | 0.47 | 0.68 | 0.67 | 0.64 | 0.54 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.45 | (2.05 | ) | 1.43 | (2.30 | ) | 4.45 | 0.03 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 4.81 | (1.58 | ) | 2.11 | (1.63 | ) | 5.09 | 0.57 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.55 | ) | (0.87 | ) | (0.86 | ) | (0.71 | ) | (0.40 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(b) | 0.00 | (c) | 0.02 | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 30.62 | $ | 26.11 | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(d) | $ | 30.35 | $ | 26.04 | $ | 28.02 | $ | 26.86 | $ | 29.44 | $ | 25.20 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(e) | 18.48 | % | (5.44 | )% | 7.94 | % | (5.81 | )% | 20.63 | % | 2.33 | %(f) | ||||||||||||||||||
Market Price Total Return(e) | 17.75 | % | (5.02 | )% | 7.65 | % | (6.12 | )% | 19.98 | % | 2.77 | %(f) | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 7,654 | $ | 9,138 | $ | 53,615 | $ | 109,258 | $ | 134,104 | $ | 146,797 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.45 | %(g) | 0.45 | % | 0.46 | %(h) | 0.45 | % | 0.45 | % | 0.45 | %(g) | ||||||||||||||||||
Net investment income | 2.40 | %(g) | 1.75 | % | 2.48 | %(h) | 2.23 | % | 2.38 | % | 2.22 | %(g) | ||||||||||||||||||
Portfolio turnover rate(i) | 23 | % | 38 | % | 53 | % | 50 | % | 39 | % | 59 | % |
(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 at net asset value 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 (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%. |
(g) | Annualized. |
(h) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
38 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.94 | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.18 | 0.72 | 0.74 | 1.04 | 0.63 | 0.57 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.84 | (3.33 | ) | 0.58 | (1.68 | ) | 2.29 | (0.14 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 5.02 | (2.61 | ) | 1.32 | (0.64 | ) | 2.92 | 0.43 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.72 | ) | (1.12 | ) | (1.01 | ) | (0.61 | ) | (0.49 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.01 | 0.04 | 0.01 | 0.08 | 0.01 | 0.02 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 24.74 | $ | 19.94 | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | ||||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 24.54 | $ | 19.82 | $ | 23.12 | $ | 23.03 | $ | 24.63 | $ | 22.15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 25.31 | % | (10.92 | )% | 5.87 | % | (2.54 | )% | 13.30 | % | 2.12 | % | ||||||||||||||||||
Market Price Total Return(c) | 25.06 | % | (11.03 | )% | 5.32 | % | (2.60 | )% | 14.09 | % | 2.39 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 334,055 | $ | 269,207 | $ | 335,632 | $ | 246,270 | $ | 277,832 | $ | 269,478 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.29 | %(d) | 0.38 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||
Net investment income | 1.63 | %(d) | 3.42 | % | 3.14 | % | 4.12 | % | 2.74 | % | 2.60 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 40 | % | 114 | % | 67 | % | 125 | % | 81 | % | 73 | % |
(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 at net asset value 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 Emerging Markets Momentum ETF (EEMO)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.49 | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.09 | 0.32 | 0.40 | 0.27 | (b) | 0.40 | 0.22 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.18 | (0.46 | ) | 1.61 | (3.03 | ) | 4.70 | (0.23 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 3.27 | (0.14 | ) | 2.01 | (2.76 | ) | 5.10 | (0.01 | ) | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.34 | ) | (0.43 | ) | (0.14 | ) | (0.37 | ) | (0.32 | ) | ||||||||||||||||||
Net realized gains | - | - | (1.85 | ) | (0.76 | ) | - | - | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.08 | ) | (0.34 | ) | (2.28 | ) | (0.90 | ) | (0.37 | ) | (0.32 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.01 | 0.00 | (c) | 0.01 | 0.04 | 0.25 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 19.69 | $ | 16.49 | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(d) | $ | 19.48 | $ | 16.51 | $ | 16.92 | $ | 17.18 | $ | 20.96 | $ | 15.84 | ||||||||||||||||||
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Net Asset Value Total Return(e) | 19.91 | % | 0.20 | % | 13.60 | % | (13.66 | )% | 34.38 | % | 0.17 | % | ||||||||||||||||||
Market Price Total Return(e) | 18.49 | % | 0.59 | % | 13.66 | % | (14.35 | )% | 35.37 | % | 0.69 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,859 | $ | 5,770 | $ | 5,941 | $ | 12,924 | $ | 390,986 | $ | 1,587 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(f) | 0.29 | % | 0.36 | %(g)(h) | 0.27 | %(g) | 0.27 | %(g) | 0.28 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.29 | %(f) | 0.37 | % | 0.53 | %(g)(h) | 0.45 | %(g) | 0.45 | %(g) | 0.45 | % | ||||||||||||||||||
Net investment income | 1.00 | %(f) | 2.10 | % | 2.42 | %(h) | 1.26 | %(b) | 2.16 | % | 1.44 | % | ||||||||||||||||||
Portfolio turnover rate(i) | 81 | % | 172 | % | 114 | % | 140 | % | 111 | % | 182 | % |
(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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.17 and 0.83%, respectively. |
(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 at net asset value 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) | 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) | Ratios include non-recurring costs associated with a proxy statement of 0.08%. |
(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. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Six Months Ended 2021 | Years Ended October 31, | For the Period October 31, | |||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.34 | $ | 28.60 | $ | 26.19 | $ | 28.39 | $ | 25.19 | |||||||||||||||
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Net investment income(b) | 0.48 | 1.07 | 1.25 | 1.27 | 1.02 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.58 | (5.83 | ) | 2.41 | (2.09 | ) | 3.16 | ||||||||||||||||||
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Total from investment operations | 5.06 | (4.76 | ) | 3.66 | (0.82 | ) | 4.18 | ||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.49 | ) | (1.50 | ) | (1.25 | ) | (1.38 | ) | (0.98 | ) | |||||||||||||||
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Net asset value at end of period | $ | 26.91 | $ | 22.34 | $ | 28.60 | $ | 26.19 | $ | 28.39 | |||||||||||||||
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Market price at end of period(c) | $ | 27.11 | $ | 22.49 | $ | 28.61 | $ | 26.41 | $ | 28.60 | |||||||||||||||
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Net Asset Value Total Return(d) | 22.70 | % | (16.91 | )% | 14.30 | % | (3.11 | )% | 16.70 | %(e) | |||||||||||||||
Market Price Total Return(d) | 22.77 | % | (16.38 | )% | 13.34 | % | (3.06 | )% | 17.55 | %(e) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 18,837 | $ | 15,640 | $ | 14,300 | $ | 5,238 | $ | 4,258 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses | 0.30 | %(f) | 0.30 | % | 0.37 | %(g) | 0.30 | % | 0.30 | %(f) | |||||||||||||||
Net investment income | 3.71 | %(f) | 4.39 | % | 4.60 | %(g) | 4.51 | % | 4.00 | %(f) | |||||||||||||||
Portfolio turnover rate(h) | 36 | % | 88 | % | 58 | % | 65 | % | 72 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%. |
(f) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.07%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed Low Volatility ETF (IDLV)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.37 | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | ||||||||||||||||||
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Net investment income(a) | 0.39 | 0.83 | 1.15 | 1.08 | 1.00 | 0.99 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.09 | (6.40 | ) | 3.79 | (2.22 | ) | 4.04 | (0.55 | ) | |||||||||||||||||||||
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Total from investment operations | 3.48 | (5.57 | ) | 4.94 | (1.14 | ) | 5.04 | 0.44 | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (1.64 | ) | (1.19 | ) | (1.31 | ) | (1.08 | ) | (1.11 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 30.56 | $ | 27.37 | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | ||||||||||||||||||
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Market price at end of period(b) | $ | 30.48 | $ | 27.43 | $ | 34.57 | $ | 30.76 | $ | 33.29 | $ | 29.38 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 12.72 | % | (16.49 | )% | 16.33 | % | (3.62 | )% | 17.59 | % | 1.56 | % | ||||||||||||||||||
Market Price Total Return(c) | 12.18 | % | (16.28 | )% | 16.56 | % | (3.87 | )% | 17.38 | % | 2.07 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 745,613 | $ | 774,564 | $ | 989,052 | $ | 537,929 | $ | 569,124 | $ | 384,137 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.25 | %(d) | 0.30 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net investment income | 2.63 | %(d) | 2.77 | % | 3.51 | % | 3.26 | % | 3.19 | % | 3.33 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 25 | % | 99 | % | 59 | % | 65 | % | 69 | % | 56 | % |
(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 at net asset value 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 | ||||
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Financial Highlights–(continued)
Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.96 | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | ||||||||||||||||||
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Net investment income(a) | 0.22 | 0.04 | 0.61 | 0.61 | 0.71 | 0.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.87 | 2.58 | 2.12 | (3.04 | ) | 4.49 | (2.30 | ) | ||||||||||||||||||||||
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Total from investment operations | 5.09 | 2.62 | 2.73 | (2.43 | ) | 5.20 | (1.79 | ) | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.51 | ) | (0.74 | ) | (0.67 | ) | (0.81 | ) | (0.49 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 33.76 | $ | 28.96 | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | ||||||||||||||||||
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Market price at end of period(b) | $ | 33.61 | $ | 28.92 | $ | 26.79 | $ | 24.78 | $ | 27.80 | $ | 23.51 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 17.62 | % | 10.14 | % | 11.30 | % | (8.95 | )% | 22.57 | % | (6.92 | )% | ||||||||||||||||||
Market Price Total Return(c) | 17.27 | % | 10.24 | % | 11.42 | % | (8.70 | )% | 22.19 | % | (6.77 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 8,441 | $ | 298,237 | $ | 2,685 | $ | 2,486 | $ | 2,796 | $ | 3,535 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.53 | %(e) | 0.25 | % | 0.26 | % | 0.26 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.25 | %(d) | 0.26 | % | 0.63 | %(e) | 0.35 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||
Net investment income | 1.23 | %(d) | 0.13 | % | 2.39 | %(e) | 2.21 | % | 2.87 | % | 2.13 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 7 | % | 15 | % | 104 | % | 123 | % | 134 | % | 198 | % |
(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 at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.27%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
April 30, 2021
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | “FTSE International Low Beta Equal Weight ETF” | |
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | “S&P Emerging Markets Low Volatility ETF” | |
Invesco S&P Emerging Markets Momentum ETF (EEMO) | “S&P Emerging Markets Momentum ETF” | |
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | “S&P International Developed High Dividend Low Volatility ETF” | |
Invesco S&P International Developed Low Volatility ETF (IDLV) | “S&P International Developed Low Volatility ETF” | |
Invesco S&P International Developed Momentum ETF (IDMO) | “S&P International Developed Momentum ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of FTSE International Low Beta Equal Weight ETF which are listed and traded on The Nasdaq Stock Market and Shares of S&P International Developed High Dividend Low Volatility 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 | |
FTSE International Low Beta Equal Weight ETF | FTSE Developed ex-U.S. Low Beta Equal Weight Index | |
S&P Emerging Markets Low Volatility ETF | S&P BMI Emerging Markets Low Volatility IndexTM | |
S&P Emerging Markets Momentum ETF | S&P Momentum Emerging Plus LargeMidCap Index | |
S&P International Developed High Dividend Low Volatility ETF | S&P EPAC Ex-Korea Low Volatility High Dividend Index | |
S&P International Developed Low Volatility ETF | S&P BMI International Developed Low VolatilityTM Index | |
S&P International Developed Momentum ETF | S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. Security | Valuation - Securities, including restricted securities, are valued according to the following policies: |
Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an
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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, the 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by 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
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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, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
Emerging Markets Investment Risk. For certain Funds, 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. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social 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, and the ability to bring and enforce actions may be limited. 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. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.
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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. 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.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers 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. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
High Dividend Paying Securities Risk. Certain Funds 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.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund
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rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
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 located 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 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 each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies and 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. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often 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 certain Funds, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding 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 its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs 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.
Sampling Risk. Certain Funds’ use of a representative sampling approach may 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 held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
C. | 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 |
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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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“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. |
F. | 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 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.
G. | 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 costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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 a Fund’s unitary management fee and 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.
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 |
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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. | 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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their 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. The risk of material loss as a result of such indemnification claims is considered remote.
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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. For Funds that participated in securities lending, 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. | 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 the 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. Each Fund does 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 a 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. |
Each Fund 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 a Fund invests.
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.
Pursuant to the Investment Advisory Agreement, 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary
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expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
FTSE International Low Beta Equal Weight ETF | 0.45% | |
S&P Emerging Markets Low Volatility ETF | 0.29% | |
S&P Emerging Markets Momentum ETF | 0.29% | |
S&P International Developed High Dividend Low Volatility ETF | 0.30% | |
S&P International Developed Low Volatility ETF | 0.25% | |
S&P International Developed Momentum ETF | 0.25% |
Further, through at least August 31, 2023, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2021, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 5 | ||
S&P Emerging Markets Low Volatility ETF | 36 | |||
S&P Emerging Markets Momentum ETF | 19 | |||
S&P International Developed High Dividend Low Volatility ETF | 10 | |||
S&P International Developed Low Volatility ETF | 321 | |||
S&P International Developed Momentum ETF | 4 |
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 | |
FTSE International Low Beta Equal Weight ETF | FTSE International Ltd. | |
S&P Emerging Markets Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P Emerging Markets Momentum ETF | S&P Dow Jones Indices LLC | |
S&P International Developed High Dividend Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Momentum ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
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Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2021, for each Fund (except for S&P Emerging Markets Low Volatility ETF). As of April 30, 2021, all of the securities in S&P Emerging Markets Low Volatility 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 | |||||||||||||||||
FTSE International Low Beta Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 7,461,825 | $ | - | $ | - | $ | 7,461,825 | ||||||||||||
Money Market Funds | 1,581 | 360,602 | - | 362,183 | ||||||||||||||||
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Total Investments | $ | 7,463,406 | $ | 360,602 | $ | - | $ | 7,824,008 | ||||||||||||
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S&P Emerging Markets Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 8,858,399 | $ | - | $ | 0 | $ | 8,858,399 | ||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes | - | 217 | - | 217 | ||||||||||||||||
Money Market Funds | - | 30,380 | - | 30,380 | ||||||||||||||||
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Total Investments | $ | 8,858,399 | $ | 30,597 | $ | 0 | $ | 8,888,996 | ||||||||||||
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S&P International Developed High Dividend Low Volatility ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 18,788,313 | $ | - | $ | - | $ | 18,788,313 | ||||||||||||
Money Market Funds | - | 354,977 | - | 354,977 | ||||||||||||||||
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Total Investments | $ | 18,788,313 | $ | 354,977 | $ | - | $ | 19,143,290 | ||||||||||||
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S&P International Developed Low Volatility ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 738,601,736 | $ | - | $ | - | $ | 738,601,736 | ||||||||||||
Money Market Funds | 2,121,749 | 44,372,883 | - | 46,494,632 | ||||||||||||||||
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Total Investments | $ | 740,723,485 | $ | 44,372,883 | $ | - | $ | 785,096,368 | ||||||||||||
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S&P International Developed Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 8,433,678 | $ | - | $ | - | $ | 8,433,678 | ||||||||||||
Money Market Funds | - | 302,159 | - | 302,159 | ||||||||||||||||
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Total Investments | $ | 8,433,678 | $ | 302,159 | $ | - | $ | 8,735,837 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the 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.
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The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 7,279,616 | $ | 8,857,349 | $ | 16,136,965 | ||||||
S&P Emerging Markets Low Volatility ETF | 71,055,956 | 52,532,734 | 123,588,690 | |||||||||
S&P Emerging Markets Momentum ETF | 1,292,435 | 675,246 | 1,967,681 | |||||||||
S&P International Developed High Dividend Low Volatility ETF | 1,391,074 | 1,145,398 | 2,536,472 | |||||||||
S&P International Developed Low Volatility ETF | 107,271,504 | 84,020,960 | 191,292,464 | |||||||||
S&P International Developed Momentum ETF | 1,331,865 | 448,220 | 1,780,085 |
* | Capital loss carryforwards 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 months ended April 30, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 1,903,688 | $ | 2,167,050 | ||||
S&P Emerging Markets Low Volatility ETF | 125,104,330 | 115,096,508 | ||||||
S&P Emerging Markets Momentum ETF | 9,223,272 | 7,852,653 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 6,564,919 | 6,466,430 | ||||||
S&P International Developed Low Volatility ETF | 195,726,465 | 196,253,075 | ||||||
S&P International Developed Momentum ETF | 3,603,306 | 9,063,529 |
For the six months ended April 30, 2021, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
FTSE International Low Beta Equal Weight ETF | $ | - | $ | 2,749,875 | ||||
S&P Emerging Markets Low Volatility ETF | 6,625,602 | 16,304,809 | ||||||
S&P Emerging Markets Momentum ETF | 5,104,608 | 4,999,958 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 6,563,003 | 6,556,090 | ||||||
S&P International Developed Low Volatility ETF | 73,493,047 | 190,448,671 | ||||||
S&P International Developed Momentum ETF | 1,696,853 | 294,891,878 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2021, 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 | Cost | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 1,075,684 | $ | (493,316 | ) | $ | 582,368 | $ | 7,241,640 | |||||||
S&P Emerging Markets Low Volatility ETF | 55,262,079 | (10,351,696 | ) | 44,910,383 | 288,313,267 | |||||||||||
S&P Emerging Markets Momentum ETF | 1,560,901 | (445,942 | ) | 1,114,959 | 7,774,037 | |||||||||||
S&P International Developed High Dividend Low Volatility ETF | 1,544,643 | (480,939 | ) | 1,063,704 | 18,079,586 | |||||||||||
S&P International Developed Low Volatility ETF | 65,533,366 | (29,182,209 | ) | 36,351,157 | 748,745,211 | |||||||||||
S&P International Developed Momentum ETF | 979,165 | (203,412 | ) | 775,753 | 7,960,084 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with
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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 each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.
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Calculating your ongoing Fund expenses
Example
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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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 for the entire period November 1, 2020 through April 30, 2021.
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.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,184.80 | 0.45 | % | $ | 2.44 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,253.10 | 0.29 | 1.62 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||||||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,199.10 | 0.29 | 1.58 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,227.00 | 0.30 | 1.66 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.31 | 0.30 | 1.51 | ||||||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,127.20 | 0.25 | 1.32 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,176.20 | 0.25 | % | $ | 1.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.55 | 0.25 | 1.25 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco DWA Developed Markets Momentum ETF
Invesco DWA Emerging Markets Momentum ETF
Invesco DWA SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco FTSE International Low Beta Equal Weight ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global Short Term High Yield Bond ETF
Invesco Global Water ETF
Invesco International BuyBack Achievers™ ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco Preferred ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF
Invesco PureBetaSM FTSE Emerging Markets ETF
Invesco PureBetaSM MSCI USA ETF
Invesco PureBetaSM MSCI USA Small Cap ETF
Invesco PureBetaSM US Aggregate Bond ETF
Invesco Russell 1000 Enhanced Equal Weight ETF
Invesco Russell 1000 Equal Weight ETF
Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed High Dividend Low
Volatility ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Taxable Municipal Bond ETF
Invesco Treasury Collateral ETF
Invesco Variable Rate Preferred ETF
Invesco VRDO Tax-Free ETF
Also at the April 15, 2021 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the ten-year period for Invesco VRDO Tax-Free ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for the Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
● | 0.04%: Invesco PureBetaSM MSCI USA ETF |
● | 0.05%: Invesco PureBetaSM US Aggregate Bond ETF |
● | 0.06%: Invesco PureBetaSM MSCI USA Small Cap ETF |
● | 0.07%: Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF |
● | 0.08%: Invesco Treasury Collateral ETF |
● | 0.10%: Invesco S&P 500 Minimum Variance ETF |
● | 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
● | 0.14%: Invesco PureBetaSM FTSE Emerging Markets ETF |
● | 0.20%: Invesco Russell 1000 Equal Weight ETF |
● | 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
● | 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free ETF |
● | 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF |
● | 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF |
● | 0.30%: Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF |
● | 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF |
● | 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF |
● | 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
● | 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF |
● | 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF |
● | 0.55%: Invesco International BuyBack Achievers™ ETF |
● | 0.60%: Invesco DWA SmallCap Momentum ETF |
● | 0.65%: Invesco Senior Loan ETF |
● | 0.70%: Invesco China Technology ETF |
● | 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF |
● | 0.80%: Invesco DWA Developed Markets Momentum ETF |
● | 0.90%: Invesco DWA Emerging Markets Momentum ETF |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal to/Lower | Lower | |||||
Equal to/Lower | than Open-End | than Open-End | ||||
than ETF Peer | Index Fund | Active Fund | ||||
Invesco Fund | Median | Peer Median* | Peer Median | |||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | |||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | ||||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | X | X | ||||
Invesco International BuyBack AchieversTM ETF | X | |||||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | X | X | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | X | X | X | |||
Invesco PureBetaSM FTSE Emerging Markets ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaSM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | |||||
Invesco Russell 1000 Equal Weight ETF | X | X | ||||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | |||||
Invesco S&P 500 Enhanced Value ETF | X | X | ||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500® High Beta ETF | X | X | ||||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | X | |||
Invesco S&P 500 Revenue ETF | X | |||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | ||||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | N/A | X | |||
Invesco S&P International Developed Quality ETF | X | N/A | X | |||
Invesco S&P MidCap 400 Revenue ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal to/Lower | Lower | |||||
Equal to/Lower | than Open-End | than Open-End | ||||
than ETF Peer | Index Fund | Active Fund | ||||
Invesco Fund | Median | Peer Median* | Peer Median | |||
Invesco S&P MidCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | ||||
Invesco S&P SmallCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | X | |||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect
60 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 15, 2021. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12 and April 15, 2021 Board meetings, and Invesco Advisers, Inc., in connection with the April 15, 2021 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
61 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
62 | ||||
|
| |||
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.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 at www.invesco.com/ETFs.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||||
Downers Grove, IL 60515 | P-PS-SAR-12 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2021
| ||||
CQQQ | Invesco China Technology ETF | |||
PIZ | Invesco DWA Developed Markets Momentum ETF | |||
PIE | Invesco DWA Emerging Markets Momentum ETF | |||
PXF | Invesco FTSE RAFI Developed Markets ex-U.S. ETF | |||
PDN | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | |||
PXH | Invesco FTSE RAFI Emerging Markets ETF | |||
PBD | Invesco Global Clean Energy ETF | |||
PIO | Invesco Global Water ETF | |||
IPKW | Invesco International BuyBack AchieversTM ETF | |||
CUT | Invesco MSCI Global Timber ETF | |||
GBLD | Invesco MSCI Green Building ETF | |||
CGW | Invesco S&P Global Water Index ETF | |||
IDHQ | Invesco S&P International Developed Quality ETF |
| 2 |
|
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
| 3 |
|
Invesco China Technology ETF (CQQQ)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.05% |
| |||||||
Capital Markets-0.45% | ||||||||
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China) | 454,900 | $ | 7,633,800 | |||||
|
| |||||||
Diversified Financial Services-0.00% | ||||||||
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c) | 122,862 | 0 | ||||||
|
| |||||||
Electrical Equipment-0.99% | ||||||||
East Group Co. Ltd., A Shares (China) | 1,752,800 | 1,695,515 | ||||||
Qingdao TGOOD Electric Co. Ltd., A Shares (China) | 844,218 | 3,291,296 | ||||||
Sieyuan Electric Co. Ltd., A Shares (China) | 643,220 | 3,137,828 | ||||||
Suzhou Anjie Technology Co. Ltd., A Shares (China)(b) | 593,600 | 1,310,754 | ||||||
Suzhou Maxwell Technologies Co. Ltd., A Shares (China) | 48,462 | 4,601,625 | ||||||
Topsec Technologies Group, Inc., A Shares (China)(b) | 991,600 | 2,776,449 | ||||||
|
| |||||||
16,813,467 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-15.70% |
| |||||||
All Winner Technology Co. Ltd., A Shares (China) | 239,923 | 1,550,055 | ||||||
Avary Holding Shenzhen Co. Ltd., A Shares (China) | 698,556 | 3,364,597 | ||||||
BOE Technology Group Co. Ltd., A Shares (China) | 28,654,874 | 32,456,189 | ||||||
BOE Technology Group Co. Ltd., B Shares (China) | 11,324,339 | 6,007,104 | ||||||
Chaozhou Three-Circle Group Co. Ltd., A Shares (China) | 1,537,590 | 10,287,823 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China) | 573,200 | 594,325 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China) | 201,360 | 4,148,237 | ||||||
Hangzhou Century Co. Ltd., A Shares (China) | 735,760 | 745,822 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China) | 1,390,800 | 2,909,902 | ||||||
Leyard Optoelectronic Co. Ltd., A Shares (China) | 2,151,900 | 2,384,165 | ||||||
Lingyi iTech Guangdong Co., A Shares (China) | 5,964,100 | 7,593,940 | ||||||
Maxscend Microelectronics Co. Ltd., A Shares (China) | 251,092 | 16,575,991 | ||||||
OFILM Group Co. Ltd., A Shares (China) | 2,295,573 | 3,008,029 | ||||||
Raytron Technology Co. Ltd., A Shares (China) | 376,565 | 5,344,587 | ||||||
Shengyi Technology Co. Ltd., A Shares (China) | 1,926,119 | 6,943,731 | ||||||
Shennan Circuits Co. Ltd., A Shares (China) | 149,564 | 1,834,565 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China) | 846,900 | 2,553,198 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China) | 302,920 | 1,312,037 | ||||||
Sunny Optical Technology Group Co. Ltd. (China) | 5,356,139 | 130,613,148 |
Shares | Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
| |||||||
Tianma Microelectronics Co. Ltd., A Shares (China) | 1,953,027 | $ | 4,194,866 | |||||
Unisplendour Corp. Ltd., A Shares (China) . | 1,123,658 | 3,172,252 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China) | 705,100 | 1,765,065 | ||||||
Westone Information Industry, Inc., A Shares (China) | 709,400 | 1,864,621 | ||||||
Wuhan Guide Infrared Co. Ltd., A Shares (China) | 1,347,079 | 7,258,386 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China) | 1,459,500 | 3,265,636 | ||||||
Xiamen Meiya Pico Information Co. Ltd., A Shares (China) | 681,480 | 1,759,643 | ||||||
Zhejiang Crystal-Optech Co. Ltd., A Shares (China) | 1,030,370 | 1,896,269 | ||||||
|
| |||||||
265,404,183 | ||||||||
|
| |||||||
Entertainment-4.28% | ||||||||
Hangzhou Shunwang Technology Co. Ltd., A Shares (China) | 587,500 | 1,161,110 | ||||||
Tencent Music Entertainment Group, ADR (China)(b) | 4,090,458 | 71,255,779 | ||||||
|
| |||||||
72,416,889 | ||||||||
|
| |||||||
Health Care Technology-0.25% | ||||||||
Winning Health Technology Group Co. Ltd., A Shares (China) | 1,805,529 | 4,226,804 | ||||||
|
| |||||||
Interactive Media & Services-32.62% | ||||||||
Autohome, Inc., ADR (China) | 753,491 | 69,871,221 | ||||||
Baidu, Inc., ADR (China)(b) | 570,821 | 120,060,781 | ||||||
JOYY, Inc., ADR (China)(d) | 613,743 | 58,342,410 | ||||||
Kuaishou Technology (China)(b)(d)(e) | 1,845,380 | 62,488,002 | ||||||
Momo, Inc., ADR (China) | 1,874,614 | 27,481,841 | ||||||
Tencent Holdings Ltd. (China) | 2,228,283 | 178,736,593 | ||||||
Weibo Corp., ADR (China)(b)(d) | 686,641 | 34,606,706 | ||||||
|
| |||||||
551,587,554 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-9.41% | ||||||||
Dada Nexus Ltd., ADR (China)(b) | 254,195 | 6,110,848 | ||||||
Meituan, B Shares (China)(b)(e) | 3,986,366 | 152,949,660 | ||||||
|
| |||||||
159,060,508 | ||||||||
|
| |||||||
IT Services-7.20% | ||||||||
Beijing Sinnet Technology Co. Ltd., A Shares (China) | 1,305,900 | 2,845,274 | ||||||
Beijing Ultrapower Software Co. Ltd., A Shares (China)(b) | 1,659,600 | 1,138,627 | ||||||
China TransInfo Technology Co. Ltd., A Shares (China) | 860,171 | 1,989,764 | ||||||
DHC Software Co. Ltd., A Shares (China) | 2,636,300 | 2,782,342 | ||||||
Doushen Beijing Education & Technology, Inc., A Shares (China)(b) | 734,800 | 824,330 | ||||||
GDS Holdings Ltd., ADR (China)(b)(d) | 792,250 | 65,732,983 | ||||||
Kingsoft Cloud Holdings Ltd., ADR | 417,063 | 18,317,407 | ||||||
Taiji Computer Corp. Ltd., A Shares (China) | 489,073 | 1,542,452 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
IT Services-(continued) | ||||||||
TravelSky Technology Ltd., H Shares (China) | 11,274,503 | $ | 24,764,611 | |||||
Wangsu Science & Technology Co. Ltd., A Shares (China) | 2,059,745 | 1,766,451 | ||||||
|
| |||||||
121,704,241 | ||||||||
|
| |||||||
Machinery-0.24% | ||||||||
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China) | 645,000 | 4,003,654 | ||||||
|
| |||||||
Media-2.97% |
| |||||||
China Literature Ltd. (China)(b)(d)(e) | 2,598,323 | 27,097,751 | ||||||
Focus Media Information Technology Co. Ltd., A Shares (China) | 12,420,719 | 20,690,002 | ||||||
People.cn Co. Ltd., A Shares (China) | 935,700 | 2,407,387 | ||||||
|
| |||||||
50,195,140 | ||||||||
|
| |||||||
Metals & Mining-0.22% | ||||||||
Shenghe Resources Holding Co. Ltd., A Shares (China)(b) | 1,485,309 | 3,796,185 | ||||||
|
| |||||||
Pharmaceuticals-0.00% |
| |||||||
Anxin-China Holdings Ltd. (China)(b)(c) | 2,144,054 | 0 | ||||||
|
| |||||||
Real Estate Management & Development-0.11% |
| |||||||
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China) | 821,785 | 1,853,985 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-12.61% |
| |||||||
Gigadevice Semiconductor Beijing, Inc., A Shares (China) | 398,303 | 11,892,774 | ||||||
Hua Hong Semiconductor Ltd. | 5,883,560 | 36,777,695 | ||||||
Ingenic Semiconductor Co. Ltd., A Shares (China)(b) | 320,300 | 3,489,322 | ||||||
JCET Group Co. Ltd., A Shares (China)(b) | 1,356,300 | 7,712,561 | ||||||
LONGi Green Energy Technology Co. Ltd., A Shares (China) | 3,191,932 | 49,026,971 | ||||||
Montage Technology Co. Ltd., A Shares (China) | 956,071 | 7,906,810 | ||||||
NAURA Technology Group Co. Ltd., A Shares (China) | 418,957 | 10,722,036 | ||||||
Sanan Optoelectronics Co. Ltd., A Shares (China) | 3,790,515 | 14,701,681 | ||||||
SG Micro Corp., A Shares (China) | 131,450 | 5,327,874 | ||||||
Shenzhen Goodix Technology Co. Ltd., A Shares (China) | 151,600 | 2,665,855 | ||||||
Shenzhen SC New Energy Technology Corp., A Shares (China) | 242,718 | 4,142,877 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China) | 2,566,525 | 10,957,751 | ||||||
Tianshui Huatian Technology Co. Ltd., A Shares (China) | 2,318,600 | 4,585,966 | ||||||
TongFu Microelectronics Co. Ltd., A Shares (China)(b) | 1,124,600 | 3,713,622 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China) | 513,600 | 9,294,243 | ||||||
Will Semiconductor Co. Ltd., A Shares (China) | 510,659 | 23,870,734 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China) | 1,087,000 | 6,496,973 | ||||||
|
| |||||||
213,285,745 | ||||||||
|
|
Shares | Value | |||||||
Software-11.63% |
| |||||||
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China) | 550,000 | $ | 2,089,856 | |||||
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China) | 894,300 | 1,199,494 | ||||||
Beijing Shiji Information Technology Co. Ltd., A Shares (China) | 903,623 | 3,986,469 | ||||||
China National Software & Service Co. Ltd., A Shares (China) | 418,500 | 2,986,376 | ||||||
Glodon Co. Ltd., A Shares (China) | 286,325 | 3,232,909 | ||||||
Hundsun Technologies, Inc., A Shares (China) | 883,597 | 12,546,354 | ||||||
Iflytek Co. Ltd., A Shares (China) | 1,882,650 | 14,827,887 | ||||||
Kingdee International Software Group Co. Ltd. (China) | 21,535,826 | 71,260,643 | ||||||
Link Motion, Inc., ADR (China)(b)(c) | 367,331 | 0 | ||||||
Ming Yuan Cloud Group Holdings Ltd. (China)(b) | 5,094,200 | 23,677,633 | ||||||
National Agricultural Holdings Ltd., ADR (Hong Kong)(b)(c) | 534,446 | 0 | ||||||
Newland Digital Technology Co. Ltd., A Shares (China) | 890,000 | 1,919,864 | ||||||
NSFOCUS Technologies Group Co. Ltd., A Shares (China) | 627,100 | 1,468,062 | ||||||
OneConnect Financial Technology Co. Ltd., ADR (China)(b)(d) | 612,052 | 9,021,646 | ||||||
Sangfor Technologies, Inc., A Shares (China) | 124,105 | 5,244,762 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China) | 2,835,700 | 806,256 | ||||||
Shanghai Baosight Software Co. Ltd., A Shares (China) | 445,660 | 4,366,042 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares (China) | 3,600,213 | 13,569,203 | ||||||
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)(b) | 598,000 | 1,370,369 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China) | 728,100 | 1,570,621 | ||||||
Sinosoft Co. Ltd., A Shares (China) | 128,100 | 708,445 | ||||||
Thunder Software Technology Co. Ltd., A Shares (China) | 319,700 | 6,637,054 | ||||||
Yonyou Network Technology Co. Ltd., A Shares (China) | 2,749,104 | 14,103,415 | ||||||
|
| |||||||
196,593,360 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-1.37% |
| |||||||
China Greatwall Technology Group Co. Ltd., A Shares (China) | 2,477,946 | 4,522,065 | ||||||
Inspur Electronic Information Industry Co. Ltd., A Shares (China) | 1,219,558 | 5,090,050 | ||||||
Legend Holdings Corp., H Shares | 6,237,131 | 10,230,795 | ||||||
Shenzhen Kaifa Technology Co. Ltd., A Shares (China) | 1,244,917 | 3,322,215 | ||||||
|
| |||||||
23,165,125 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,691,740,640 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.52% |
| |||||||
Invesco Private Government Fund, | 44,119,949 | $ | 44,119,949 | |||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 66,153,462 | 66,179,924 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 110,299,873 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.57% |
| 1,802,040,513 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.57)% | (111,114,385 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,690,926,128 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Rts. -Rights
TBA -To Be Announced
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) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | All or a portion of this security was out on loan at April 30, 2021. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $289,543,903, which represented 17.12% of the Fund’s Net Assets. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value | Purchases at Cost | Proceeds from Sales | Change in | Realized | Value | Dividend | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 116,211,791 | $ | (116,211,791 | ) | $ | - | $ | - | $ | - | $ | 383 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 10,604,027 | 312,101,450 | (278,585,528 | ) | - | - | 44,119,949 | 3,324 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 15,906,040 | 401,668,595 | (351,401,260 | ) | - | 6,549 | 66,179,924 | 32,878 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 26,510,067 | $ | 829,981,836 | $ | (746,198,579 | ) | $ | - | $ | 6,549 | $ | 110,299,873 | $ | 36,585 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
This Fund has holdings greater than 10% of net assets in the following country: | ||||
China | 100.05 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Interactive Media & Services | 32.62 | |||||||
Electronic Equipment, Instruments & Components | 15.70 | |||||||
Semiconductors & Semiconductor Equipment | 12.61 | |||||||
Software | 11.63 | |||||||
Internet & Direct Marketing Retail | 9.41 | |||||||
IT Services | 7.20 | |||||||
Entertainment | 4.28 | |||||||
Industry Types Each Less Than 3% | 6.60 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.05 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-99.86% |
| |||||||||
Australia-3.13% | ||||||||||
JB Hi-Fi Ltd. | 25,065 | $ | 896,049 | |||||||
Lynas Rare Earths Ltd.(a) | 240,809 | 1,023,072 | ||||||||
Macquarie Group Ltd. | 8,558 | 1,060,940 | ||||||||
Mineral Resources Ltd. | 31,460 | 1,160,387 | ||||||||
OZ Minerals Ltd. | 53,329 | 986,184 | ||||||||
Wesfarmers Ltd. | 25,079 | 1,048,234 | ||||||||
|
| |||||||||
6,174,866 | ||||||||||
|
| |||||||||
Belgium-0.91% | ||||||||||
Sofina S.A. | 4,702 | 1,789,778 | ||||||||
|
| |||||||||
Canada-13.75% | ||||||||||
Bank of Nova Scotia (The) | 23,532 | 1,497,195 | ||||||||
Boyd Group Services, Inc. | 29,759 | 5,522,421 | ||||||||
Canadian National Railway Co. | 9,412 | 1,012,429 | ||||||||
Canadian Pacific Railway Ltd. | 3,314 | 1,235,706 | ||||||||
Cenovus Energy, Inc. | 120,843 | 940,065 | ||||||||
Constellation Software, Inc. | 3,873 | 5,679,256 | ||||||||
Element Fleet Management Corp. | 88,358 | 1,080,953 | ||||||||
FirstService Corp. | 7,349 | 1,192,734 | ||||||||
Intact Financial Corp. | 8,026 | 1,065,914 | ||||||||
Lightspeed POS, Inc.(a) | 18,146 | 1,266,031 | ||||||||
Northland Power, Inc. | 34,392 | 1,183,675 | ||||||||
Royal Bank of Canada | 21,589 | 2,058,694 | ||||||||
TFI International, Inc. | 13,312 | 1,165,422 | ||||||||
Toromont Industries Ltd. | 14,198 | 1,131,039 | ||||||||
WSP Global, Inc. | 10,369 | 1,075,756 | ||||||||
|
| |||||||||
27,107,290 | ||||||||||
|
| |||||||||
Chile-0.53% | ||||||||||
Antofagasta PLC(b) | 40,846 | 1,055,004 | ||||||||
|
| |||||||||
China-1.72% | ||||||||||
SITC International Holdings Co. Ltd. | 889,000 | 3,393,763 | ||||||||
|
| |||||||||
Finland-3.65% | ||||||||||
Sampo OYJ, Class A | 87,129 | 4,144,045 | ||||||||
Stora Enso OYJ, Class R | 49,224 | 943,947 | ||||||||
UPM-Kymmene OYJ | 25,126 | 984,530 | ||||||||
Valmet OYJ | 26,700 | 1,117,238 | ||||||||
|
| |||||||||
7,189,760 | ||||||||||
|
| |||||||||
France-7.14% | ||||||||||
Dassault Systemes SE | 6,307 | 1,464,949 | ||||||||
Hermes International | 1,071 | 1,345,999 | ||||||||
L’Oreal S.A. | 2,594 | 1,066,857 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,074 | 1,563,423 | ||||||||
Safran S.A.(a) | 10,229 | 1,529,113 | ||||||||
Sartorius Stedim Biotech | 3,185 | 1,464,629 | ||||||||
SOITEC(a) | 16,263 | 3,290,964 | ||||||||
Teleperformance | 6,117 | 2,364,468 | ||||||||
|
| |||||||||
14,090,402 | ||||||||||
|
| |||||||||
Germany-4.88% | ||||||||||
adidas AG(a) | 10,539 | 3,258,620 | ||||||||
Deutsche Post AG | 17,860 | 1,052,527 | ||||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 30,753 | 3,026,426 |
Shares | Value | |||||||||
Germany-(continued) | ||||||||||
Infineon Technologies AG | 25,989 | $ | 1,050,101 | |||||||
Puma SE(a) | 11,652 | 1,230,421 | ||||||||
|
| |||||||||
9,618,095 | ||||||||||
|
| |||||||||
Hong Kong-1.79% | ||||||||||
Techtronic Industries Co. Ltd. | 194,000 | 3,536,878 | ||||||||
|
| |||||||||
Ireland-1.34% | ||||||||||
Kingspan Group PLC | 29,612 | 2,640,014 | ||||||||
|
| |||||||||
Italy-0.96% | ||||||||||
Interpump Group S.p.A. | 35,452 | 1,890,598 | ||||||||
|
| |||||||||
Japan-8.92% | ||||||||||
Advantest Corp. | 21,900 | 2,079,704 | ||||||||
Capcom Co. Ltd. | 36,092 | 1,172,193 | ||||||||
Fujitsu Ltd. | 6,500 | 1,035,017 | ||||||||
Hamamatsu Photonics KK | 16,100 | 933,846 | ||||||||
Kikkoman Corp.(b) | 17,496 | 1,074,042 | ||||||||
Nexon Co. Ltd. | 81,395 | 2,699,390 | ||||||||
NOF Corp. | 21,100 | 1,115,759 | ||||||||
Oriental Land Co. Ltd. | 13,390 | 1,895,707 | ||||||||
Shimadzu Corp. | 28,200 | 986,826 | ||||||||
Sony Group Corp. | 14,208 | 1,416,835 | ||||||||
Tokyo Electron Ltd. | 4,918 | 2,174,080 | ||||||||
Yamaha Corp. | 18,470 | 1,005,411 | ||||||||
|
| |||||||||
17,588,810 | ||||||||||
|
| |||||||||
Luxembourg-1.62% | ||||||||||
Eurofins Scientific SE(a) | 32,279 | 3,199,915 | ||||||||
|
| |||||||||
Netherlands-9.30% | ||||||||||
Adyen N.V.(a)(c) | 460 | 1,130,478 | ||||||||
ASM International N.V. | 17,870 | 5,440,366 | ||||||||
ASML Holding N.V. | 8,070 | 5,257,582 | ||||||||
BE Semiconductor Industries N.V. | 66,951 | 5,425,702 | ||||||||
IMCD N.V. | 7,429 | 1,081,660 | ||||||||
|
| |||||||||
18,335,788 | ||||||||||
|
| |||||||||
South Africa-1.08% | ||||||||||
Anglo American PLC | 50,288 | 2,137,528 | ||||||||
|
| |||||||||
South Korea-4.99% | ||||||||||
HMM Co. Ltd.(a) | 81,595 | 2,875,465 | ||||||||
Kakao Corp. | 13,710 | 1,398,917 | ||||||||
NAVER Corp. | 2,686 | 868,087 | ||||||||
NCSoft Corp. | 1,544 | 1,152,083 | ||||||||
POSCO Chemical Co. Ltd. | 17,085 | 2,288,547 | ||||||||
Samsung Electronics Co. Ltd. | 17,113 | 1,253,841 | ||||||||
|
| |||||||||
9,836,940 | ||||||||||
|
| |||||||||
Sweden-11.92% | ||||||||||
Assa Abloy AB, Class B(b) | 41,165 | 1,174,717 | ||||||||
Atlas Copco AB, Class A(b) | 24,615 | 1,493,362 | ||||||||
Castellum AB | 39,937 | 973,422 | ||||||||
Evolution Gaming Group AB(c) | 27,853 | 5,507,521 | ||||||||
Hexagon AB, Class B | 30,644 | 2,926,052 | ||||||||
Industrivarden AB, Class A | 26,349 | 1,012,111 | ||||||||
Indutrade AB(b) | 115,712 | 3,026,993 | ||||||||
Investor AB, Class B(b) | 21,853 | 1,857,922 | ||||||||
Nibe Industrier AB, Class B | 47,886 | 1,754,437 | ||||||||
Svenska Cellulosa AB S.C.A., Class B | 87,777 | 1,541,541 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||||
Sweden-(continued) | ||||||||||
Swedbank AB, Class A | 70,184 | $ | 1,234,564 | |||||||
Thule Group AB(c) | 22,143 | 1,006,625 | ||||||||
|
| |||||||||
23,509,267 | ||||||||||
|
| |||||||||
Switzerland-9.39% | ||||||||||
Geberit AG | 5,914 | 3,893,170 | ||||||||
Kuehne + Nagel International AG, Class R | 16,870 | 5,049,624 | ||||||||
Partners Group Holding AG | 2,096 | 2,987,556 | ||||||||
Sika AG(b) | 8,272 | 2,470,580 | ||||||||
Straumann Holding AG, Class R | 1,362 | 1,948,061 | ||||||||
Swiss Life Holding AG | 2,195 | 1,070,726 | ||||||||
VAT Group AG(a)(c) | 3,855 | 1,102,334 | ||||||||
|
| |||||||||
18,522,051 | ||||||||||
|
| |||||||||
United Kingdom-12.14% | ||||||||||
3i Group PLC | 63,994 | 1,135,889 | ||||||||
Croda International PLC(b) | 47,706 | 4,467,718 | ||||||||
Electrocomponents PLC | 76,213 | 1,124,852 | ||||||||
Genus PLC | 15,811 | 1,113,165 | ||||||||
InterContinental Hotels Group PLC(a)(b) | 20,227 | 1,442,834 | ||||||||
Intermediate Capital Group PLC | 65,164 | 1,972,273 | ||||||||
JD Sports Fashion PLC(a) | 289,770 | 3,684,635 | ||||||||
Royal Mail PLC(a) | 132,814 | 912,084 | ||||||||
Segro PLC | 84,313 | 1,173,777 | ||||||||
Spirax-Sarco Engineering PLC | 27,902 | 4,564,342 | ||||||||
UNITE Group PLC (The) | 146,170 | 2,357,726 | ||||||||
|
| |||||||||
23,949,295 | ||||||||||
|
|
Shares | Value | |||||||||
United States-0.70% | ||||||||||
Ferguson PLC | 10,880 | $ | 1,375,638 | |||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% | 196,941,680 | |||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-8.73% | ||||||||||
Invesco Private Government Fund, | 6,886,880 | 6,886,880 | ||||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 10,326,189 | 10,330,320 | ||||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 17,217,200 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-108.59% |
| 214,158,880 | ||||||||
OTHER ASSETS LESS LIABILITIES-(8.59)% |
| (16,945,048 | ) | |||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 197,213,832 | ||||||||
|
|
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $8,746,958, which represented 4.44% of the Fund’s Net Assets. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 15,802,566 | $ | (15,802,566 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 2,198,622 | 19,527,943 | (14,839,685 | ) | - | - | 6,886,880 | 283 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 3,297,934 | 24,421,384 | (17,389,258 | ) | (20 | ) | 280 | 10,330,320 | 2,677 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 5,496,556 | $ | 59,751,893 | $ | (48,031,509 | ) | $ | (20 | ) | $ | 280 | $ | 17,217,200 | $ | 2,960 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Industrials | 29.46 | |||||||
Information Technology | 20.99 | |||||||
Consumer Discretionary | 12.83 | |||||||
Financials | 12.15 | |||||||
Materials | 10.23 | |||||||
Health Care | 5.45 | |||||||
Communication Services | 3.70 | |||||||
Sector Types Each Less Than 3% | 5.05 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.14 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.47% |
| |||||||
Brazil-4.80% | ||||||||
Banco Inter S.A., Preference Shares(a) | 212,000 | $ | 3,043,281 | |||||
Embraer S.A., ADR(b) | 110,857 | 1,224,970 | ||||||
Eneva S.A.(b) | 453,200 | 1,225,463 | ||||||
Petro Rio S.A.(b) | 72,900 | 1,230,576 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares | 424,600 | 1,757,020 | ||||||
Vale S.A., ADR | 125,227 | 2,519,567 | ||||||
|
| |||||||
11,000,877 | ||||||||
|
| |||||||
China-25.18% | ||||||||
Alibaba Health Information Technology Ltd.(b) | 770,270 | 2,350,425 | ||||||
ANTA Sports Products Ltd. | 320,769 | 5,761,316 | ||||||
China Feihe Ltd.(a) | 433,346 | 1,235,844 | ||||||
China Hongqiao Group Ltd. | 844,611 | 1,337,571 | ||||||
China Medical System Holdings Ltd. | 520,780 | 1,206,929 | ||||||
China Meidong Auto Holdings Ltd. | 1,182,551 | 5,915,153 | ||||||
China Merchants Bank Co. Ltd., H Shares | 233,168 | 1,880,811 | ||||||
China Overseas Property Holdings Ltd. | 1,602,843 | 1,626,194 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 671,362 | 1,217,067 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(b) | 1,314,825 | 2,353,086 | ||||||
Country Garden Services Holdings Co. Ltd. | 273,532 | 2,870,257 | ||||||
ENN Energy Holdings Ltd. | 76,149 | 1,298,097 | ||||||
GCL-Poly Energy Holdings Ltd.(b)(c) | 50 | 12 | ||||||
HengTen Networks Group Ltd.(b)(d) | 1,485,246 | 1,759,306 | ||||||
Hope Education Group Co. Ltd.(a) | 3,408,530 | 1,149,803 | ||||||
Huazhu Group Ltd., ADR(b)(d) | 52,500 | 3,095,400 | ||||||
KWG Group Holdings Ltd. | 746,859 | 1,200,075 | ||||||
Lenovo Group Ltd. | 1,035,901 | 1,424,441 | ||||||
Longfor Group Holdings Ltd.(a) | 357,197 | 2,228,213 | ||||||
Meitu, Inc.(a)(b) | 2,813,491 | 873,007 | ||||||
Shanghai Junshi Biosciences Co. Ltd., H Shares(a)(b)(d) | 129,528 | 1,341,667 | ||||||
Shenzhou International Group Holdings Ltd. | 266,804 | 5,867,259 | ||||||
Sinotruk Hong Kong Ltd. | 755,787 | 1,860,555 | ||||||
Tencent Holdings Ltd. | 78,668 | 6,310,173 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 1,157,924 | 1,604,159 | ||||||
|
| |||||||
57,766,820 | ||||||||
|
| |||||||
Hong Kong-0.64% | ||||||||
Kingboard Laminates Holdings Ltd. | 587,512 | 1,468,997 | ||||||
|
| |||||||
Hungary-0.54% | ||||||||
OTP Bank Nyrt(b) | 27,618 | 1,243,457 | ||||||
|
| |||||||
India-1.45% | ||||||||
HDFC Bank Ltd., ADR(b) | 28,574 | 2,008,181 | ||||||
Tata Motors Ltd., ADR(b)(d) | 67,450 | 1,305,157 | ||||||
|
| |||||||
3,313,338 | ||||||||
|
| |||||||
Indonesia-2.36% | ||||||||
PT Bank Bukopin Tbk(b) | 59,974,953 | 1,959,722 | ||||||
PT Bank Central Asia Tbk | 1,132,522 | 2,510,835 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,504,224 | 947,625 | ||||||
|
| |||||||
5,418,182 | ||||||||
|
|
Shares | Value | |||||||
Malaysia-4.91% | ||||||||
Frontken Corp. Bhd.(c) | 2,186,450 | $ | 213,500 | |||||
Frontken Corp. Bhd | 6,559,350 | 5,027,917 | ||||||
Malaysian Pacific Industries Bhd | 213,900 | 2,026,003 | ||||||
My EG Services Bhd | 2,468,700 | 1,175,170 | ||||||
Press Metal Aluminium Holdings Bhd | 998,800 | 1,267,884 | ||||||
VS Industry Bhd | 2,275,400 | 1,544,188 | ||||||
|
| |||||||
11,254,662 | ||||||||
|
| |||||||
Mexico-1.28% | ||||||||
Cemex S.A.B. de C.V., ADR(b) | 181,797 | 1,434,379 | ||||||
Controladora Vuela Cia de Aviacion S.A.B. de C.V., Class A(b) | 915,353 | 1,493,185 | ||||||
|
| |||||||
2,927,564 | ||||||||
|
| |||||||
South Africa-6.39% | ||||||||
African Rainbow Minerals Ltd. | 76,797 | 1,435,150 | ||||||
Anglo American Platinum Ltd. | 15,838 | 2,166,850 | ||||||
Impala Platinum Holdings Ltd. | 225,559 | 4,221,681 | ||||||
Motus Holdings Ltd. | 241,532 | 1,518,201 | ||||||
Northam Platinum Ltd.(b) | 140,167 | 2,415,326 | ||||||
Sasol Ltd., ADR(b) | 87,301 | 1,458,800 | ||||||
Sibanye Stillwater Ltd., ADR | 77,831 | 1,451,548 | ||||||
|
| |||||||
14,667,556 | ||||||||
|
| |||||||
Taiwan-44.31% | ||||||||
Advantech Co. Ltd. | 264,000 | 3,364,622 | ||||||
Alchip Technologies Ltd. | 111,000 | 1,974,976 | ||||||
AP Memory Technology Corp. | 222,000 | 6,167,329 | ||||||
Asustek Computer, Inc. | 106,000 | 1,426,843 | ||||||
Chailease Holding Co. Ltd. | 230,000 | 1,663,266 | ||||||
Delta Electronics, Inc. | 123,000 | 1,332,027 | ||||||
Elan Microelectronics Corp. | 255,000 | 1,958,168 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 391,000 | 2,351,627 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(b) | 1,046,000 | 2,958,293 | ||||||
Fitipower Integrated Technology, Inc. | 320,000 | 3,780,475 | ||||||
FocalTech Systems Co. Ltd. | 413,000 | 2,942,290 | ||||||
Formosa Plastics Corp. | 351,000 | 1,331,973 | ||||||
Gigabyte Technology Co. Ltd. | 463,000 | 2,038,771 | ||||||
Gold Circuit Electronics Ltd.(b) | 1,199,000 | 2,356,535 | ||||||
Goldsun Building Materials Co. Ltd. | 1,417,000 | 1,448,299 | ||||||
Greatek Electronics, Inc. | 711,000 | 1,868,306 | ||||||
Hiwin Technologies Corp. | 87,000 | 1,323,703 | ||||||
IBF Financial Holdings Co. Ltd. | 2,347,000 | 1,487,198 | ||||||
Innolux Corp. | 1,970,000 | 2,122,829 | ||||||
Macronix International Co. Ltd. | 759,000 | 1,245,844 | ||||||
MediaTek, Inc. | 46,000 | 1,951,455 | ||||||
Micro-Star International Co. Ltd. | 703,000 | 4,643,379 | ||||||
momo.com, Inc. | 59,000 | 2,175,563 | ||||||
Nan Ya Printed Circuit Board Corp. | 341,000 | 3,888,179 | ||||||
Nantex Industry Co. Ltd. | 897,000 | 4,383,364 | ||||||
Novatek Microelectronics Corp. | 106,000 | 2,367,952 | ||||||
Qisda Corp. | 1,781,000 | 2,320,853 | ||||||
Realtek Semiconductor Corp. | 157,000 | 2,990,155 | ||||||
RichWave Technology Corp. | 86,000 | 1,674,865 | ||||||
Sinbon Electronics Co. Ltd. | 565,000 | 5,259,013 | ||||||
TA Chen Stainless Pipe | 1,164,000 | 2,000,215 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 196,680 | 4,224,680 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
TXC Corp. | 379,000 | $ | 1,729,943 | |||||
Unimicron Technology Corp. | 756,000 | 3,112,448 | ||||||
United Microelectronics Corp. | 1,066,000 | 2,163,828 | ||||||
United Renewable Energy Co. Ltd.(b) | 2,005,000 | 1,022,849 | ||||||
Wan Hai Lines Ltd. | 763,000 | 2,586,765 | ||||||
Yageo Corp. | 61,000 | 1,185,802 | ||||||
Yang Ming Marine Transport Corp.(b) | 1,800,000 | 5,142,305 | ||||||
YFY, Inc. | 1,236,000 | 1,681,452 | ||||||
|
| |||||||
101,648,439 | ||||||||
|
| |||||||
Thailand-4.37% | ||||||||
Carabao Group PCL, NVDR | 357,208 | 1,290,595 | ||||||
Com7 PCL, NVDR | 2,136,766 | 5,060,987 | ||||||
Dohome PCL, NVDR | 2,600,387 | 2,150,460 | ||||||
KCE Electronics PCL, NVDR | 806,722 | 1,509,163 | ||||||
|
| |||||||
10,011,205 | ||||||||
|
| |||||||
Turkey-3.24% | ||||||||
Bera Holding AS(b) | 777,856 | 3,071,274 | ||||||
Ford Otomotiv Sanayi A.S | 47,208 | 1,000,864 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b) | 1,201,922 | 1,037,839 | ||||||
Sasa Polyester Sanayi A.S.(b) | 537,400 | 2,320,179 | ||||||
|
| |||||||
7,430,156 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 228,151,253 | |||||||
|
|
Shares | Value | |||||||
Exchange-Traded Funds-0.67% | ||||||||
India-0.67% | ||||||||
iShares MSCI India ETF | 37,453 | $ | 1,536,322 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% | 229,687,575 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.03% | ||||||||
Invesco Private Government Fund, | 1,865,423 | 1,865,423 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 2,797,016 | 2,798,135 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,663,558 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.17% |
| 234,351,133 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.17)% |
| (4,970,494 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 229,380,639 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $9,871,815, which represented 4.30% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | All or a portion of this security was out on loan at April 30, 2021. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 15,608,929 | $ | (15,608,929 | ) | $ | - | $ | - | $ | - | $ | 28 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 777,304 | 10,496,580 | (9,408,461 | ) | - | - | 1,865,423 | 96 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,165,956 | 14,505,427 | (12,873,294 | ) | - | 46 | 2,798,135 | 809 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,943,260 | $ | 40,610,936 | $ | (37,890,684 | ) | $ | - | $ | 46 | $ | 4,663,558 | $ | 933 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
April 30, 2021
(Unaudited)
(f) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Information Technology | 36.02 | |||||||
Consumer Discretionary | 16.56 | |||||||
Materials | 15.96 | |||||||
Industrials | 13.83 | |||||||
Financials | 6.89 | |||||||
Communication Services | 3.13 | |||||||
Sector Types Each Less Than 3% | 7.75 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.14 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.34% |
| |||||||
Australia-5.40% | ||||||||
AGL Energy Ltd. | 59,418 | $ | 409,864 | |||||
AMP Ltd. | 223,867 | 192,813 | ||||||
Ampol Ltd. | 14,374 | 284,131 | ||||||
APA Group | 47,284 | 366,341 | ||||||
Aristocrat Leisure Ltd. | 14,245 | 409,002 | ||||||
ASX Ltd. | 5,691 | 320,821 | ||||||
Aurizon Holdings Ltd. | 156,598 | 453,616 | ||||||
Australia & New Zealand Banking Group Ltd. | 113,321 | 2,515,752 | ||||||
Bank of Queensland Ltd.(a) | 41,877 | 291,778 | ||||||
Bendigo & Adelaide Bank Ltd. | 38,028 | 303,441 | ||||||
BHP Group Ltd. | 175,193 | 6,455,141 | ||||||
BHP Group PLC | 121,366 | 3,670,779 | ||||||
BlueScope Steel Ltd. | 38,231 | 638,472 | ||||||
Boral Ltd.(b) | 85,107 | 407,594 | ||||||
Brambles Ltd. | 93,412 | 750,424 | ||||||
Challenger Ltd. | 55,128 | 217,603 | ||||||
Coles Group Ltd. | 63,643 | 802,309 | ||||||
Commonwealth Bank of Australia | 53,065 | 3,649,757 | ||||||
Computershare Ltd. | 25,181 | 274,649 | ||||||
Crown Resorts Ltd.(b) | 26,369 | 248,906 | ||||||
CSL Ltd. | 6,094 | 1,276,435 | ||||||
Dexus | 76,359 | 599,863 | ||||||
Fortescue Metals Group Ltd. | 45,260 | 789,771 | ||||||
Glencore PLC | 689,274 | 2,817,198 | ||||||
Goodman Group | 44,073 | 643,776 | ||||||
GPT Group (The) | 123,090 | 439,274 | ||||||
GPT Group (The)(c) | 231,466 | 0 | ||||||
Incitec Pivot Ltd.(b) | 133,109 | 272,473 | ||||||
Insurance Australia Group Ltd. | 151,005 | 571,555 | ||||||
JB Hi-Fi Ltd. | 6,406 | 229,008 | ||||||
Lendlease Corp. Ltd. | 32,526 | 319,335 | ||||||
Macquarie Group Ltd. | 12,626 | 1,565,252 | ||||||
Medibank Pvt Ltd. | 149,304 | 355,216 | ||||||
Metcash Ltd. | 84,901 | 232,816 | ||||||
Mirvac Group | 295,912 | 614,873 | ||||||
National Australia Bank Ltd. | 123,255 | 2,538,255 | ||||||
Newcrest Mining Ltd. | 33,201 | 680,135 | ||||||
Oil Search Ltd. | 140,135 | 411,340 | ||||||
Orica Ltd. | 23,036 | 241,289 | ||||||
Origin Energy Ltd. | 141,629 | 455,110 | ||||||
Qantas Airways Ltd.(b) | 91,426 | 349,579 | ||||||
QBE Insurance Group Ltd. | 82,443 | 627,916 | ||||||
Ramsay Health Care Ltd. | 8,617 | 448,096 | ||||||
Rio Tinto Ltd. | 21,346 | 1,997,609 | ||||||
Rio Tinto PLC | 64,224 | 5,402,867 | ||||||
Santos Ltd. | 88,787 | 478,713 | ||||||
Scentre Group | 356,278 | 748,563 | ||||||
SEEK Ltd.(b) | 8,659 | 207,147 | ||||||
Sonic Healthcare Ltd. | 20,501 | 568,196 | ||||||
South32 Ltd. | 340,794 | 758,150 | ||||||
Star Entertainment Group Ltd. (The)(b) | 78,123 | 240,178 | ||||||
Stockland | 166,998 | 603,709 | ||||||
Suncorp Group Ltd. | 60,933 | 494,682 | ||||||
Tabcorp Holdings Ltd. | 108,809 | 417,726 | ||||||
Telstra Corp. Ltd. | 497,437 | 1,302,592 | ||||||
Transurban Group | 97,443 | 1,066,574 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Treasury Wine Estates Ltd. | 35,735 | $ | 277,139 | |||||
Vicinity Centres | 352,069 | 431,050 | ||||||
Wesfarmers Ltd. | 32,970 | 1,378,057 | ||||||
Westpac Banking Corp. | 155,293 | 2,996,504 | ||||||
Whitehaven Coal Ltd.(b) | 193,214 | 191,038 | ||||||
Woodside Petroleum Ltd. | 66,609 | 1,176,196 | ||||||
Woolworths Group Ltd. | 37,622 | 1,142,102 | ||||||
Worley Ltd. | 26,538 | 222,622 | ||||||
|
| |||||||
61,243,172 | ||||||||
|
| |||||||
Austria-0.35% | ||||||||
ANDRITZ AG | 6,402 | 348,344 | ||||||
BAWAG Group AG(d) | 4,707 | 254,643 | ||||||
Erste Group Bank AG(b) | 34,869 | 1,242,470 | ||||||
OMV AG | 18,458 | 911,232 | ||||||
Raiffeisen Bank International AG | 15,648 | 342,647 | ||||||
voestalpine AG | 11,305 | 491,284 | ||||||
Wienerberger AG | 8,323 | 326,828 | ||||||
|
| |||||||
3,917,448 | ||||||||
|
| |||||||
Belgium-0.97% | ||||||||
Ageas S.A./N.V | 12,271 | 743,910 | ||||||
Anheuser-Busch InBev S.A./N.V.(a) | 75,149 | 5,322,024 | ||||||
Etablissements Franz Colruyt N.V. | 4,247 | 252,202 | ||||||
Groupe Bruxelles Lambert S.A. | 4,780 | 523,514 | ||||||
KBC Group N.V.(b) | 22,776 | 1,771,737 | ||||||
Proximus SADP(a) | 20,459 | 436,664 | ||||||
Solvay S.A., Class A(a) | 6,793 | 865,171 | ||||||
UCB S.A.(a) | 5,369 | 498,055 | ||||||
Umicore S.A.(a) | 10,502 | 639,196 | ||||||
|
| |||||||
11,052,473 | ||||||||
|
| |||||||
Brazil-0.07% | ||||||||
Yara International ASA | 15,056 | 787,757 | ||||||
|
| |||||||
Canada-10.08% | ||||||||
Agnico Eagle Mines Ltd. | 7,407 | 462,531 | ||||||
Air Canada(b) | 25,978 | 523,065 | ||||||
Algonquin Power & Utilities Corp. | 23,743 | 382,721 | ||||||
Alimentation Couche-Tard, Inc., Class B | 57,349 | 1,941,624 | ||||||
Allied Properties REIT | 8,700 | 301,622 | ||||||
AltaGas Ltd. | 18,064 | 337,287 | ||||||
ARC Resources Ltd. | 87,933 | 552,530 | ||||||
Atco Ltd., Class I | 6,921 | 237,357 | ||||||
Bank of Montreal(a) | 53,775 | 5,071,076 | ||||||
Bank of Nova Scotia (The) | 114,157 | 7,263,102 | ||||||
Barrick Gold Corp. | 84,709 | 1,803,389 | ||||||
BCE, Inc. | 27,951 | 1,320,072 | ||||||
Brookfield Asset Management, Inc., Class A | 84,984 | 3,870,634 | ||||||
CAE, Inc. | 9,545 | 298,718 | ||||||
Cameco Corp. | 17,870 | 300,109 | ||||||
Canadian Apartment Properties REIT(a) | 10,013 | 444,733 | ||||||
Canadian Imperial Bank of Commerce | 40,091 | 4,164,224 | ||||||
Canadian National Railway Co. | 22,117 | 2,379,079 | ||||||
Canadian Natural Resources Ltd.(a) | 105,963 | 3,213,688 | ||||||
Canadian Pacific Railway Ltd. | 2,649 | 987,744 | ||||||
Canadian Tire Corp. Ltd., Class A(a) | 4,878 | 776,864 | ||||||
Canadian Utilities Ltd., Class A(a) | 12,371 | 353,270 | ||||||
Capital Power Corp. | 9,290 | 295,948 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Canada-(continued) | ||||||||
CCL Industries, Inc., Class B | 5,373 | $ | 304,726 | |||||
Cenovus Energy, Inc.(a) | 109,813 | 854,260 | ||||||
CGI, Inc., Class A(b) | 10,337 | 913,794 | ||||||
CI Financial Corp. | 24,770 | 397,866 | ||||||
Constellation Software, Inc. | 182 | 266,880 | ||||||
Crescent Point Energy Corp. | 155,483 | 612,984 | ||||||
Emera, Inc.(a) | 20,061 | 911,078 | ||||||
Empire Co. Ltd., Class A | 15,164 | 476,541 | ||||||
Enbridge, Inc. | 157,393 | 6,065,682 | ||||||
Fairfax Financial Holdings Ltd. | 2,868 | 1,309,227 | ||||||
Finning International, Inc. | 9,486 | 246,673 | ||||||
First Capital REIT | 22,700 | 326,790 | ||||||
Fortis, Inc. | 35,417 | 1,578,535 | ||||||
Franco-Nevada Corp. | 3,207 | 446,378 | ||||||
George Weston Ltd. | 4,989 | 440,137 | ||||||
Gibson Energy, Inc. | 15,496 | 282,788 | ||||||
Gildan Activewear, Inc. | 10,494 | 363,903 | ||||||
Great-West Lifeco, Inc. | 25,034 | 725,258 | ||||||
H&R REIT | 25,359 | 313,947 | ||||||
Hydro One Ltd.(d) | 24,432 | 585,280 | ||||||
iA Financial Corp., Inc. | 5,708 | 321,174 | ||||||
Imperial Oil Ltd.(a) | 26,388 | 761,481 | ||||||
Intact Financial Corp. | 6,661 | 884,632 | ||||||
Inter Pipeline Ltd. | 39,854 | 580,543 | ||||||
Keyera Corp.(a) | 21,112 | 482,408 | ||||||
Kinross Gold Corp. | 82,526 | 580,271 | ||||||
Linamar Corp. | 3,872 | 226,711 | ||||||
Loblaw Cos. Ltd. | 17,060 | 946,468 | ||||||
Magna International, Inc. | 24,763 | 2,336,603 | ||||||
Manulife Financial Corp. | 190,444 | 4,155,029 | ||||||
MEG Energy Corp.(b) | 54,183 | 299,059 | ||||||
Methanex Corp. | 6,421 | 234,250 | ||||||
Metro, Inc. | 15,750 | 721,053 | ||||||
National Bank of Canada(a) | 23,008 | 1,671,269 | ||||||
Northland Power, Inc. | 5,782 | 199,000 | ||||||
Nutrien Ltd. | 40,926 | 2,257,218 | ||||||
Onex Corp. | 4,080 | 272,918 | ||||||
Open Text Corp. | 9,197 | 432,712 | ||||||
Parkland Corp. | 9,562 | 306,867 | ||||||
Pembina Pipeline Corp.(a) | 45,358 | 1,398,864 | ||||||
Power Corp. of Canada | 62,921 | 1,831,061 | ||||||
Quebecor, Inc., Class B | 9,211 | 247,459 | ||||||
Restaurant Brands International, Inc. | 7,712 | 529,158 | ||||||
RioCan REIT(a) | 37,412 | 639,246 | ||||||
Rogers Communications, Inc., Class B | 28,996 | 1,426,937 | ||||||
Royal Bank of Canada | 97,837 | 9,329,587 | ||||||
Saputo, Inc. | 11,067 | 351,388 | ||||||
Shaw Communications, Inc., Class B | 46,007 | 1,331,368 | ||||||
SmartCentres REIT | 11,984 | 278,802 | ||||||
SNC-Lavalin Group, Inc. | 11,566 | 258,453 | ||||||
Sun Life Financial, Inc. | 38,690 | 2,085,461 | ||||||
Suncor Energy, Inc. | 216,251 | 4,621,394 | ||||||
TC Energy Corp. | 66,927 | 3,308,268 | ||||||
Teck Resources Ltd., Class B | 48,119 | 1,017,375 | ||||||
TELUS Corp. | 30,871 | 639,904 | ||||||
TFI International, Inc. | 3,317 | 290,393 | ||||||
Thomson Reuters Corp. | 7,037 | 652,047 | ||||||
TMX Group Ltd. | 2,228 | 245,312 | ||||||
Toronto-Dominion Bank (The) | 129,878 | 8,921,062 | ||||||
Tourmaline Oil Corp. | 16,281 | 350,977 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
TransAlta Corp. | 27,627 | $ | 271,284 | |||||
Vermilion Energy, Inc. | 59,614 | 441,944 | ||||||
West Fraser Timber Co. Ltd. | 3,091 | 238,446 | ||||||
Wheaton Precious Metals Corp. | 9,460 | 392,103 | ||||||
Whitecap Resources, Inc. | 61,918 | 270,784 | ||||||
WSP Global, Inc. | 4,360 | 452,338 | ||||||
Yamana Gold, Inc. | 46,547 | 213,022 | ||||||
|
| |||||||
114,408,217 | ||||||||
|
| |||||||
Chile-0.06% | ||||||||
Antofagasta PLC(a) | 11,971 | 309,197 | ||||||
Lundin Mining Corp. | 28,219 | 340,637 | ||||||
|
| |||||||
649,834 | ||||||||
|
| |||||||
China-0.30% | ||||||||
AAC Technologies Holdings, Inc. | 47,271 | 263,230 | ||||||
BOC Hong Kong Holdings Ltd. | 185,483 | 654,349 | ||||||
Lenovo Group Ltd. | 941,030 | 1,293,987 | ||||||
Tingyi Cayman Islands Holding Corp. | 124,000 | 223,195 | ||||||
Wilmar International Ltd. | 170,837 | 670,302 | ||||||
Xinyi Glass Holdings Ltd. | 74,000 | 262,487 | ||||||
|
| |||||||
3,367,550 | ||||||||
|
| |||||||
Denmark-1.05% | ||||||||
AP Moller - Maersk A/S, Class A | 313 | 737,198 | ||||||
AP Moller - Maersk A/S, Class B(a) | 432 | 1,074,816 | ||||||
Carlsberg A/S, Class B | 4,182 | 734,836 | ||||||
Chr. Hansen Holding A/S(b) | 2,513 | 231,300 | ||||||
Coloplast A/S, Class B | 2,434 | 403,260 | ||||||
Danske Bank A/S | 68,721 | 1,313,204 | ||||||
DSV Panalpina A/S | 3,528 | 787,820 | ||||||
ISS A/S(b) | 32,326 | 614,585 | ||||||
Jyske Bank A/S(b) | 5,646 | 276,101 | ||||||
Novo Nordisk A/S, Class B | 41,742 | 3,061,231 | ||||||
Novozymes A/S, Class B(a) | 4,585 | 326,787 | ||||||
Orsted A/S(d) | 4,202 | 613,671 | ||||||
Pandora A/S | 5,305 | 602,836 | ||||||
Tryg A/S | 9,497 | 217,607 | ||||||
Vestas Wind Systems A/S | 23,125 | 966,529 | ||||||
|
| |||||||
11,961,781 | ||||||||
|
| |||||||
Finland-1.40% | ||||||||
Elisa OYJ | 6,565 | 372,941 | ||||||
Fortum OYJ(a) | 33,675 | 885,755 | ||||||
Huhtamaki OYJ | 5,551 | 263,684 | ||||||
Kesko OYJ, Class B(a) | 18,651 | 568,936 | ||||||
Kone OYJ, Class B | 12,556 | 987,609 | ||||||
Neste OYJ | 11,113 | 674,243 | ||||||
Nokia OYJ(a)(b) | 564,239 | 2,677,870 | ||||||
Nokian Renkaat OYJ | 10,632 | 396,507 | ||||||
Nordea Bank Abp | 341,607 | 3,542,309 | ||||||
Orion OYJ, Class B | 5,221 | 231,478 | ||||||
Outokumpu OYJ(a)(b) | 59,630 | 388,344 | ||||||
Sampo OYJ, Class A(a) | 33,209 | 1,579,493 | ||||||
Stora Enso OYJ, Class R | 41,284 | 791,685 | ||||||
UPM-Kymmene OYJ | 41,028 | 1,607,630 | ||||||
Valmet OYJ | 6,978 | 291,988 | ||||||
Wartsila OYJ Abp(a) | 46,635 | 602,655 | ||||||
|
| |||||||
15,863,127 | ||||||||
|
| |||||||
France-10.36% | ||||||||
Accor S.A.(b) | 12,180 | 490,747 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
France-(continued) | ||||||||
Aeroports de Paris(a)(b) | 2,064 | $ | 265,112 | |||||
Air France-KLM(a)(b) | 143,379 | 800,173 | ||||||
Air Liquide S.A. | 20,194 | 3,406,255 | ||||||
Airbus SE(b) | 24,398 | 2,935,272 | ||||||
Alstom S.A.(b) | 13,196 | 721,831 | ||||||
Amundi S.A.(b)(d) | 3,427 | 305,694 | ||||||
Arkema S.A. | 6,532 | 817,776 | ||||||
Atos SE(b) | 9,645 | 657,396 | ||||||
AXA S.A.(a) | 198,913 | 5,633,101 | ||||||
BNP Paribas S.A.(b) | 111,168 | 7,144,872 | ||||||
Bouygues S.A.(a) | 30,625 | 1,313,919 | ||||||
Bureau Veritas S.A.(b) | 13,542 | 405,428 | ||||||
Capgemini SE | 7,025 | 1,288,801 | ||||||
Carrefour S.A. | 115,732 | 2,243,721 | ||||||
Casino Guichard Perrachon S.A.(a)(b) | 8,085 | 282,736 | ||||||
Cie de Saint-Gobain(b) | 51,632 | 3,263,120 | ||||||
Cie Generale des Etablissements Michelin S.C.A. | 16,242 | 2,353,100 | ||||||
CNP Assurances(a) | 13,340 | 233,895 | ||||||
Covivio | 4,217 | 376,671 | ||||||
Credit Agricole S.A.(b) | 161,900 | 2,508,694 | ||||||
Danone S.A.(a) | 41,008 | 2,894,298 | ||||||
Dassault Systemes SE | 1,446 | 335,867 | ||||||
Edenred | 5,379 | 305,308 | ||||||
Eiffage S.A.(b) | 9,949 | 1,091,309 | ||||||
Electricite de France S.A.(b) | 97,564 | 1,423,466 | ||||||
Elis S.A.(b) | 14,570 | 260,986 | ||||||
ENGIE S.A.(b) | 192,623 | 2,868,353 | ||||||
EssilorLuxottica S.A. | 10,100 | 1,682,721 | ||||||
Eurazeo SE | 2,762 | 230,415 | ||||||
Eutelsat Communications S.A. | 23,860 | 302,019 | ||||||
Faurecia SE(b) | 17,922 | 968,696 | ||||||
Gecina S.A. | 3,728 | 545,937 | ||||||
Getlink SE(b) | 15,761 | 251,014 | ||||||
Hermes International | 343 | 431,072 | ||||||
ICADE(a) | 3,388 | 263,878 | ||||||
Iliad S.A. | 1,133 | 205,950 | ||||||
Kering S.A. | 1,969 | 1,579,795 | ||||||
Klepierre S.A.(a) | 27,180 | 721,788 | ||||||
Korian S.A.(a)(b) | 5,546 | 222,454 | ||||||
Legrand S.A. | 10,219 | 996,433 | ||||||
L’Oreal S.A. | 5,564 | 2,288,354 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 5,429 | 4,092,490 | ||||||
Natixis S.A.(b) | 148,651 | 727,237 | ||||||
Orange S.A. | 251,901 | 3,138,521 | ||||||
Orpea S.A.(b) | 2,215 | 285,440 | ||||||
Pernod Ricard S.A. | 7,783 | 1,599,320 | ||||||
Publicis Groupe S.A. | 19,344 | 1,254,202 | ||||||
Renault S.A.(b) | 61,615 | 2,486,623 | ||||||
Rexel S.A.(b) | 24,115 | 475,216 | ||||||
Rubis S.C.A. | 7,849 | 368,969 | ||||||
Safran S.A.(b) | 12,316 | 1,841,094 | ||||||
Sanofi(a) | 80,306 | 8,436,605 | ||||||
Schneider Electric SE(a) | 22,333 | 3,576,175 | ||||||
SCOR SE(b) | 12,931 | 418,891 | ||||||
SEB S.A. | 1,493 | 272,287 | ||||||
Societe Generale S.A.(b) | 131,963 | 3,760,150 | ||||||
Sodexo S.A.(b) | 8,777 | 878,015 | ||||||
SPIE S.A.(b) | 10,767 | 272,447 | ||||||
Suez S.A. | 41,574 | 993,930 |
Shares | Value | |||||||
France-(continued) | ||||||||
Teleperformance | 1,307 | $ | 505,208 | |||||
Thales S.A. | 6,552 | 668,686 | ||||||
TOTAL SE(a) | 283,414 | 12,563,736 | ||||||
Ubisoft Entertainment S.A.(b) | 2,611 | 196,320 | ||||||
Unibail-Rodamco-Westfield(a)(b) | 30,557 | 2,523,052 | ||||||
Valeo S.A. | 32,480 | 1,053,339 | ||||||
Veolia Environnement S.A. | 62,735 | 2,000,537 | ||||||
Vinci S.A. | 36,950 | 4,065,513 | ||||||
Vivendi SE | 42,555 | 1,485,605 | ||||||
Worldline S.A.(b)(d) | 2,975 | 292,342 | ||||||
|
| |||||||
117,550,377 | ||||||||
|
| |||||||
Germany-10.65% | ||||||||
adidas AG(b) | 5,139 | 1,588,960 | ||||||
Allianz SE | 34,036 | 8,866,465 | ||||||
Aroundtown S.A. | 75,353 | 580,907 | ||||||
Aurubis AG | 3,359 | 289,277 | ||||||
BASF SE | 88,411 | 7,139,275 | ||||||
Bayer AG | 107,235 | 6,947,603 | ||||||
Bayerische Motoren Werke AG | 48,563 | 4,875,580 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 8,267 | 678,714 | ||||||
Beiersdorf AG | 3,151 | 356,179 | ||||||
Brenntag SE | 10,029 | 901,606 | ||||||
Commerzbank AG(b) | 221,568 | 1,464,580 | ||||||
Continental AG(b) | 13,918 | 1,887,227 | ||||||
Covestro AG(d) | 17,259 | 1,130,652 | ||||||
Daimler AG | 101,535 | 9,050,980 | ||||||
Deutsche Bank AG(a)(b) | 339,242 | 4,739,657 | ||||||
Deutsche Boerse AG | 5,839 | 1,007,255 | ||||||
Deutsche Lufthansa AG(a)(b) | 89,388 | 1,155,467 | ||||||
Deutsche Post AG | 71,210 | 4,196,554 | ||||||
Deutsche Telekom AG | 331,393 | 6,382,900 | ||||||
Deutsche Wohnen SE | 18,178 | 984,721 | ||||||
E.ON SE | 242,137 | 2,922,427 | ||||||
Evonik Industries AG | 19,624 | 687,913 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(b) | 4,044 | 268,820 | ||||||
Freenet AG | 13,660 | 332,989 | ||||||
Fresenius Medical Care AG & Co. KGaA | 18,116 | 1,442,821 | ||||||
Fresenius SE & Co. KGaA | 51,518 | 2,535,272 | ||||||
FUCHS PETROLUB SE | 1,543 | 66,962 | ||||||
FUCHS PETROLUB SE, Preference Shares | 3,210 | 171,339 | ||||||
GEA Group AG | 11,424 | 502,094 | ||||||
Hannover Rueck SE | 5,412 | 1,002,003 | ||||||
HeidelbergCement AG | 18,103 | 1,661,018 | ||||||
Hella GmbH & Co. KGaA(b) | 3,682 | 220,999 | ||||||
Henkel AG & Co. KGaA | 6,519 | 648,995 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 11,081 | 1,274,705 | ||||||
HOCHTIEF AG(a) | 3,488 | 327,427 | ||||||
HUGO BOSS AG(a) | 8,953 | 413,646 | ||||||
Infineon Technologies AG | 25,632 | 1,035,676 | ||||||
K+S AG | 40,675 | 451,748 | ||||||
KION Group AG | 4,414 | 440,708 | ||||||
Knorr-Bremse AG | 2,924 | 359,031 | ||||||
LANXESS AG | 7,232 | 532,975 | ||||||
LEG Immobilien SE | 3,171 | 441,656 | ||||||
Merck KGaA | 4,168 | 733,299 | ||||||
METRO AG | 29,263 | 320,564 | ||||||
MTU Aero Engines AG | 1,819 | 459,621 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Germany-(continued) | ||||||||
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen | 13,251 | $ | 3,838,745 | |||||
Porsche Automobil Holding SE, Preference Shares | 8,614 | 908,165 | ||||||
ProSiebenSat.1 Media SE(b) | 20,363 | 442,337 | ||||||
Rheinmetall AG | 4,438 | 463,192 | ||||||
RWE AG | 58,866 | 2,235,018 | ||||||
SAP SE | 34,513 | 4,851,003 | ||||||
Siemens AG | 46,398 | 7,753,647 | ||||||
Siemens Energy AG(b) | 31,246 | 1,045,668 | ||||||
Siemens Healthineers AG(d) | 7,353 | 420,272 | ||||||
Sixt SE(b) | 996 | 138,363 | ||||||
Sixt SE, Preference Shares | 1,224 | 101,226 | ||||||
Symrise AG | 3,102 | 401,052 | ||||||
TAG Immobilien AG | 7,067 | 218,722 | ||||||
Telefonica Deutschland Holding AG(a) | 114,994 | 334,724 | ||||||
thyssenkrupp AG(b) | 87,996 | 1,177,938 | ||||||
TUI AG(a)(b) | 169,690 | 1,011,906 | ||||||
Uniper SE(a) | 9,788 | 357,490 | ||||||
United Internet AG | 7,706 | 324,770 | ||||||
Volkswagen AG | 5,232 | 1,664,008 | ||||||
Volkswagen AG, Preference Shares | 29,899 | 7,799,564 | ||||||
Vonovia SE | 26,132 | 1,718,850 | ||||||
Zalando SE(b)(d) | 1,935 | 201,582 | ||||||
|
| |||||||
120,887,509 | ||||||||
|
| |||||||
Hong Kong-1.26% | ||||||||
AIA Group Ltd. | 405,671 | 5,165,654 | ||||||
CK Asset Holdings Ltd. | 105,567 | 662,610 | ||||||
CK Hutchison Holdings Ltd. | 120,026 | 984,396 | ||||||
CLP Holdings Ltd. | 60,652 | 598,567 | ||||||
Hang Seng Bank Ltd. | 33,783 | 663,320 | ||||||
Henderson Land Development Co. Ltd. | 49,482 | 220,115 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 346,399 | 555,712 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 10,436 | 631,520 | ||||||
Jardine Matheson Holdings Ltd. | 5,817 | 391,135 | ||||||
Link REIT | 98,886 | 935,151 | ||||||
MTR Corp. Ltd. | 67,187 | 374,566 | ||||||
New World Development Co. Ltd. | 63,366 | 335,315 | ||||||
Power Assets Holdings Ltd. | 52,008 | 319,741 | ||||||
Sun Hung Kai Properties Ltd. | 59,349 | 896,327 | ||||||
Swire Pacific Ltd., Class A | 22,415 | 181,384 | ||||||
Swire Pacific Ltd., Class B | 40,203 | 50,986 | ||||||
Techtronic Industries Co. Ltd. | 22,842 | 416,440 | ||||||
WH Group Ltd.(d) | 654,385 | 572,082 | ||||||
Wharf Real Estate Investment Co. Ltd. | 57,553 | 331,231 | ||||||
|
| |||||||
14,286,252 | ||||||||
|
| |||||||
Ireland-0.49% | ||||||||
AIB Group PLC(a)(b) | 100,773 | 295,270 | ||||||
Bank of Ireland Group PLC(b) | 89,184 | 524,131 | ||||||
CRH PLC | 56,315 | 2,672,067 | ||||||
Flutter Entertainment PLC(b) | 1,575 | 323,611 | ||||||
Kerry Group PLC, Class A | 4,442 | 576,438 | ||||||
Kingspan Group PLC | 3,805 | 339,229 | ||||||
Smurfit Kappa Group PLC | 16,363 | 841,422 | ||||||
|
| |||||||
5,572,168 | ||||||||
|
| |||||||
Israel-0.26% | ||||||||
Bank Hapoalim BM(b) | 60,013 | 479,238 | ||||||
Bank Leumi Le-Israel BM(b) | 81,236 | 573,074 |
Shares | Value | |||||||
Israel-(continued) | ||||||||
Israel Discount Bank Ltd., Class A(b) | 85,273 | $ | 385,961 | |||||
Mizrahi Tefahot Bank Ltd.(b) | 8,513 | 240,165 | ||||||
Teva Pharmaceutical Industries Ltd.(b) | 123,091 | 1,284,669 | ||||||
|
| |||||||
2,963,107 | ||||||||
|
| |||||||
Italy-3.08% | ||||||||
A2A S.p.A. | 184,901 | 362,144 | ||||||
AMCO - Asset Management Co. S.p.A., Class B(a)(c) | 1,480 | 0 | ||||||
Assicurazioni Generali S.p.A.(b) | 118,126 | 2,372,611 | ||||||
Atlantia S.p.A.(b) | 41,629 | 813,084 | ||||||
Azimut Holding S.p.A. | 9,412 | 225,640 | ||||||
Banco BPM S.p.A.(a) | 363,151 | 1,036,073 | ||||||
BPER Banca(b) | 152,493 | 348,418 | ||||||
Enel S.p.A. | 665,054 | 6,618,500 | ||||||
Eni S.p.A. | 417,291 | 4,988,190 | ||||||
Ferrari N.V. | 1,601 | 343,346 | ||||||
FinecoBank Banca Fineco S.p.A.(b) | 14,995 | 258,490 | ||||||
Hera S.p.A. | 73,647 | 296,555 | ||||||
Intesa Sanpaolo S.p.A.(b) | 2,109,935 | 5,895,206 | ||||||
Italgas S.p.A. | 40,082 | 261,616 | ||||||
Leonardo S.p.A. | 77,774 | 636,084 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A.(b) | 68,920 | 780,046 | ||||||
Pirelli & C S.p.A.(b)(d) | 50,193 | 282,596 | ||||||
Poste Italiane S.p.A.(d) | 53,756 | 705,356 | ||||||
Prysmian S.p.A. | 16,068 | 503,877 | ||||||
Saipem S.p.A.(a) | 89,410 | 206,815 | ||||||
Snam S.p.A. | 154,447 | 870,122 | ||||||
Telecom Italia S.p.A. | 1,686,047 | 926,136 | ||||||
Telecom Italia S.p.A., RSP | 957,238 | 562,334 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 81,950 | 604,734 | ||||||
UniCredit S.p.A. | 462,544 | 4,767,416 | ||||||
Unipol Gruppo S.p.A.(b) | 48,254 | 264,592 | ||||||
|
| |||||||
34,929,981 | ||||||||
|
| |||||||
Japan-16.42% | ||||||||
Advantest Corp. | 2,800 | 265,898 | ||||||
Aeon Co. Ltd. | 28,256 | 770,994 | ||||||
AEON Financial Service Co. Ltd. | 16,002 | 181,533 | ||||||
AGC, Inc. | 14,879 | 677,896 | ||||||
Air Water, Inc. | 13,789 | 228,334 | ||||||
Aisin Corp. | 13,567 | 522,548 | ||||||
Ajinomoto Co., Inc. | 30,928 | 618,673 | ||||||
Alps Alpine Co. Ltd. | 31,285 | 378,952 | ||||||
Amada Co. Ltd. | 29,095 | 314,893 | ||||||
ANA Holdings, Inc.(b) | 17,652 | 404,540 | ||||||
Aozora Bank Ltd. | 18,105 | 389,248 | ||||||
Asahi Group Holdings Ltd. | 28,630 | 1,195,700 | ||||||
Asahi Kasei Corp. | 58,446 | 615,714 | ||||||
Asics Corp. | 12,100 | 192,063 | ||||||
Astellas Pharma, Inc. | 86,734 | 1,301,744 | ||||||
Bandai Namco Holdings, Inc. | 6,493 | 476,765 | ||||||
Bridgestone Corp. | 41,172 | 1,648,688 | ||||||
Brother Industries Ltd. | 16,675 | 352,554 | ||||||
Canon, Inc. | 100,591 | 2,395,484 | ||||||
Casio Computer Co. Ltd. | 11,896 | 210,157 | ||||||
Central Japan Railway Co. | 9,138 | 1,336,361 | ||||||
Chubu Electric Power Co., Inc. | 30,628 | 370,013 | ||||||
Chugai Pharmaceutical Co. Ltd. | 7,347 | 275,651 | ||||||
COMSYS Holdings Corp. | 7,700 | 238,809 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Credit Saison Co. Ltd. | 16,360 | $ | 187,840 | |||||
Dai Nippon Printing Co. Ltd. | 14,423 | 286,468 | ||||||
Daifuku Co. Ltd. | 2,000 | 197,978 | ||||||
Dai-ichi Life Holdings, Inc. | 60,369 | 1,085,543 | ||||||
Daiichi Sankyo Co. Ltd. | 34,878 | 889,300 | ||||||
Daikin Industries Ltd. | 7,825 | 1,569,940 | ||||||
Daito Trust Construction Co. Ltd. | 5,094 | 541,533 | ||||||
Daiwa House Industry Co. Ltd. | 26,118 | 772,991 | ||||||
Daiwa Securities Group, Inc. | 70,011 | 372,841 | ||||||
Denka Co. Ltd. | 6,972 | 273,318 | ||||||
Denso Corp. | 24,415 | 1,576,739 | ||||||
Dentsu Group, Inc. | 14,455 | 444,342 | ||||||
Disco Corp. | 600 | 194,319 | ||||||
East Japan Railway Co. | 24,134 | 1,651,326 | ||||||
Ebara Corp. | 5,598 | 239,172 | ||||||
Eisai Co. Ltd. | 10,748 | 700,997 | ||||||
Electric Power Development Co. Ltd. | 37,008 | 591,153 | ||||||
ENEOS Holdings, Inc. | 337,690 | 1,455,739 | ||||||
FANUC Corp. | 6,079 | 1,400,108 | ||||||
Fast Retailing Co. Ltd. | 750 | 615,548 | ||||||
Fuji Electric Co. Ltd. | 9,751 | 443,815 | ||||||
FUJIFILM Holdings Corp. | 21,403 | 1,387,705 | ||||||
Fujitsu Ltd. | 12,882 | 2,051,244 | ||||||
Furukawa Electric Co. Ltd. | 9,389 | 249,446 | ||||||
GS Yuasa Corp. | 7,000 | 189,241 | ||||||
Hankyu Hanshin Holdings, Inc. | 6,105 | 192,134 | ||||||
Haseko Corp. | 21,565 | 289,033 | ||||||
Hino Motors Ltd. | 41,564 | 347,935 | ||||||
Hirose Electric Co. Ltd. | 1,422 | 226,495 | ||||||
Hitachi Construction Machinery Co. Ltd. | 9,605 | 294,815 | ||||||
Hitachi Ltd. | 44,431 | 2,187,304 | ||||||
Hitachi Metals Ltd.(a)(b) | 17,353 | 336,566 | ||||||
Honda Motor Co. Ltd. | 89,213 | 2,637,907 | ||||||
Hoya Corp. | 6,246 | 710,571 | ||||||
Hulic Co. Ltd. | 19,600 | 223,068 | ||||||
Idemitsu Kosan Co. Ltd. | 18,558 | 444,319 | ||||||
IHI Corp.(b) | 31,546 | 633,777 | ||||||
Iida Group Holdings Co. Ltd. | 9,695 | 236,199 | ||||||
INPEX Corp. | 104,786 | 715,158 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) | 50,503 | 352,073 | ||||||
Isuzu Motors Ltd. | 40,608 | 410,891 | ||||||
ITOCHU Corp. | 55,748 | 1,738,156 | ||||||
Iwatani Corp. | 3,700 | 231,874 | ||||||
J Front Retailing Co. Ltd. | 28,475 | 270,930 | ||||||
Japan Airlines Co. Ltd.(b) | 19,407 | 412,091 | ||||||
Japan Exchange Group, Inc. | 19,151 | 448,793 | ||||||
Japan Metropolitan Fund Investment Corp. | 203 | 200,019 | ||||||
Japan Post Bank Co. Ltd. | 40,707 | 372,044 | ||||||
Japan Post Holdings Co. Ltd.(b) | 103,968 | 872,797 | ||||||
Japan Post Insurance Co. Ltd. | 35,817 | 690,093 | ||||||
Japan Tobacco, Inc. | 111,687 | 2,088,543 | ||||||
JFE Holdings, Inc. | 56,623 | 744,924 | ||||||
JGC Holdings Corp. | 24,861 | 283,625 | ||||||
JSR Corp. | 9,960 | 306,623 | ||||||
JTEKT Corp. | 27,960 | 251,705 | ||||||
Kajima Corp. | 30,823 | 425,806 | ||||||
Kansai Electric Power Co., Inc. (The) | 42,187 | 417,605 | ||||||
Kansai Paint Co. Ltd. | 7,600 | 191,417 | ||||||
Kao Corp. | 19,614 | 1,257,356 | ||||||
Kawasaki Heavy Industries Ltd.(b) | 31,039 | 742,005 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kawasaki Kisen Kaisha Ltd.(a)(b) | 14,744 | $ | 410,736 | |||||
KDDI Corp. | 104,336 | 3,155,709 | ||||||
Keio Corp. | 4,150 | 269,567 | ||||||
Keisei Electric Railway Co. Ltd. | 6,718 | 209,582 | ||||||
Keyence Corp. | 1,653 | 794,251 | ||||||
Kikkoman Corp.(a) | 4,262 | 261,635 | ||||||
Kintetsu Group Holdings Co. Ltd.(b) | 6,228 | 223,070 | ||||||
Kirin Holdings Co. Ltd. | 40,267 | 755,386 | ||||||
Kobe Steel Ltd. | 58,377 | 420,851 | ||||||
Koito Manufacturing Co. Ltd. | 5,973 | 372,134 | ||||||
Komatsu Ltd. | 51,301 | 1,504,229 | ||||||
Konica Minolta, Inc. | 116,795 | 660,348 | ||||||
K’s Holdings Corp. | 16,010 | 218,681 | ||||||
Kubota Corp. | 47,226 | 1,110,387 | ||||||
Kuraray Co. Ltd. | 21,432 | 232,741 | ||||||
Kurita Water Industries Ltd. | 5,500 | 253,602 | ||||||
Kyocera Corp. | 17,061 | 1,035,944 | ||||||
Kyowa Kirin Co. Ltd. | 8,308 | 252,345 | ||||||
Kyushu Electric Power Co., Inc. | 25,345 | 231,410 | ||||||
Kyushu Railway Co. | 11,904 | 267,038 | ||||||
Lawson, Inc. | 4,969 | 222,754 | ||||||
Lion Corp. | 10,100 | 189,424 | ||||||
Lixil Corp. | 15,161 | 410,701 | ||||||
Makita Corp. | 10,470 | 470,793 | ||||||
Marubeni Corp. | 96,401 | 801,335 | ||||||
Marui Group Co. Ltd. | 13,725 | 256,908 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 5,300 | 212,621 | ||||||
Mazda Motor Corp.(b) | 81,670 | 632,110 | ||||||
MEIJI Holdings Co. Ltd. | 7,273 | 450,466 | ||||||
MINEBEA MITSUMI, Inc. | 20,732 | 519,889 | ||||||
MISUMI Group, Inc. | 6,900 | 194,428 | ||||||
Mitsubishi Chemical Holdings Corp. | 101,693 | 756,848 | ||||||
Mitsubishi Corp. | 60,192 | 1,663,051 | ||||||
Mitsubishi Electric Corp. | 73,906 | 1,137,275 | ||||||
Mitsubishi Estate Co. Ltd. | 51,912 | 852,733 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 12,692 | 293,424 | ||||||
Mitsubishi HC Capital, Inc., (Acquired 03/19/2020 - 03/19/2021; Cost $257,836)(e) | 47,914 | 274,408 | ||||||
Mitsubishi Heavy Industries Ltd. | 32,651 | 969,926 | ||||||
Mitsubishi Materials Corp. | 11,566 | 259,562 | ||||||
Mitsubishi Motors Corp.(b) | 168,429 | 456,109 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 807,148 | 4,268,163 | ||||||
Mitsui & Co. Ltd. | 57,912 | 1,220,441 | ||||||
Mitsui Chemicals, Inc. | 12,188 | 383,576 | ||||||
Mitsui Fudosan Co. Ltd. | 47,187 | 1,023,130 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 6,996 | 237,776 | ||||||
Mitsui OSK Lines Ltd. | 17,570 | 705,661 | ||||||
Mizuho Financial Group, Inc. | 128,947 | 1,810,838 | ||||||
MS&AD Insurance Group Holdings, Inc. | 21,785 | 616,848 | ||||||
Murata Manufacturing Co. Ltd. | 16,002 | 1,274,099 | ||||||
Nabtesco Corp. | 4,800 | 215,836 | ||||||
NEC Corp. | 21,847 | 1,271,185 | ||||||
NGK Insulators Ltd. | 19,613 | 357,252 | ||||||
NGK Spark Plug Co. Ltd. | 14,872 | 248,173 | ||||||
NH Foods Ltd. | 5,317 | 237,138 | ||||||
Nichirei Corp. | 8,000 | 202,150 | ||||||
Nidec Corp. | 6,419 | 743,172 | ||||||
Nikon Corp. | 54,765 | 515,058 | ||||||
Nintendo Co. Ltd. | 1,924 | 1,103,477 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nippon Electric Glass Co. Ltd. | 10,981 | $ | 278,079 | |||||
Nippon Express Co. Ltd. | 3,940 | 300,983 | ||||||
Nippon Steel Corp. | 71,333 | 1,244,518 | ||||||
Nippon Telegraph & Telephone Corp. | 129,665 | 3,268,168 | ||||||
Nippon Yusen KK | 24,293 | 953,451 | ||||||
Nissan Chemical Corp. | 3,800 | 195,380 | ||||||
Nissan Motor Co. Ltd.(b) | 333,372 | 1,670,444 | ||||||
Nissin Foods Holdings Co. Ltd.(a) | 3,050 | 216,253 | ||||||
Nitori Holdings Co. Ltd. | 1,774 | 318,267 | ||||||
Nitto Denko Corp. | 8,439 | 699,486 | ||||||
Nomura Holdings, Inc. | 175,106 | 940,211 | ||||||
Nomura Real Estate Holdings, Inc. | 9,370 | 230,596 | ||||||
NSK Ltd. | 40,931 | 376,713 | ||||||
NTN Corp.(b) | 79,409 | 225,212 | ||||||
NTT Data Corp. | 39,457 | 612,945 | ||||||
Obayashi Corp. | 37,703 | 343,899 | ||||||
Odakyu Electric Railway Co. Ltd. | 12,192 | 329,604 | ||||||
Oji Holdings Corp. | 45,677 | 287,923 | ||||||
Olympus Corp. | 20,486 | 421,228 | ||||||
Omron Corp. | 6,298 | 477,658 | ||||||
Ono Pharmaceutical Co. Ltd. | 14,104 | 354,971 | ||||||
Oriental Land Co. Ltd. | 2,053 | 290,656 | ||||||
ORIX Corp. | 103,019 | 1,656,428 | ||||||
Osaka Gas Co. Ltd. | 21,144 | 407,772 | ||||||
Otsuka Corp. | 4,800 | 241,965 | ||||||
Otsuka Holdings Co. Ltd. | 14,194 | 545,529 | ||||||
Pan Pacific International Holdings Corp. | 14,968 | 322,489 | ||||||
Panasonic Corp. | 124,877 | 1,472,636 | ||||||
Rakuten Group, Inc. | 38,839 | 493,549 | ||||||
Recruit Holdings Co. Ltd. | 23,538 | 1,063,576 | ||||||
Renesas Electronics Corp.(b) | 28,952 | 337,714 | ||||||
Resona Holdings, Inc. | 151,728 | 623,264 | ||||||
Ricoh Co. Ltd. | 51,138 | 543,638 | ||||||
Rohm Co. Ltd. | 4,305 | 426,542 | ||||||
Ryohin Keikaku Co. Ltd. | 10,300 | 216,733 | ||||||
Santen Pharmaceutical Co. Ltd. | 18,508 | 237,054 | ||||||
SBI Holdings, Inc. | 15,543 | 439,393 | ||||||
Secom Co. Ltd. | 8,402 | 697,649 | ||||||
Sega Sammy Holdings, Inc. | 13,223 | 189,807 | ||||||
Seibu Holdings, Inc.(b) | 20,750 | 223,247 | ||||||
Seiko Epson Corp. | 30,167 | 512,788 | ||||||
Sekisui Chemical Co. Ltd. | 15,157 | 263,745 | ||||||
Sekisui House Ltd. | 43,177 | 872,586 | ||||||
Seven & i Holdings Co. Ltd. | 37,784 | 1,624,327 | ||||||
SG Holdings Co. Ltd. | 14,846 | 337,381 | ||||||
Sharp Corp.(a) | 11,864 | 200,474 | ||||||
Shimadzu Corp. | 6,884 | 240,897 | ||||||
Shimamura Co. Ltd. | 2,000 | 197,978 | ||||||
Shimano, Inc. | 1,619 | 370,813 | ||||||
Shimizu Corp. | 42,355 | 346,807 | ||||||
Shin-Etsu Chemical Co. Ltd. | 12,407 | 2,094,224 | ||||||
Shinsei Bank Ltd.(a)(b) | 16,929 | 246,412 | ||||||
Shionogi & Co. Ltd. | 11,675 | 613,844 | ||||||
Shiseido Co. Ltd. | 8,420 | 610,711 | ||||||
Showa Denko K.K. | 24,723 | 748,668 | ||||||
Skylark Holdings Co. Ltd.(b) | 17,300 | 256,718 | ||||||
SMC Corp. | 1,296 | 752,310 | ||||||
Softbank Corp. | 265,862 | 3,428,320 | ||||||
SoftBank Group Corp. | 52,884 | 4,782,566 | ||||||
Sojitz Corp. | 82,200 | 245,160 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sompo Holdings, Inc. | 15,659 | $ | 581,634 | |||||
Sony Group Corp. | 44,281 | 4,415,744 | ||||||
Stanley Electric Co. Ltd. | 6,463 | 185,071 | ||||||
Subaru Corp. | 49,649 | 920,940 | ||||||
SUMCO Corp. | 11,054 | 286,400 | ||||||
Sumitomo Chemical Co. Ltd. | 145,780 | 742,870 | ||||||
Sumitomo Corp. | 48,047 | 654,077 | ||||||
Sumitomo Electric Industries Ltd. | 44,161 | 656,930 | ||||||
Sumitomo Forestry Co. Ltd. | 13,500 | 312,474 | ||||||
Sumitomo Heavy Industries Ltd. | 14,210 | 411,460 | ||||||
Sumitomo Metal Mining Co. Ltd. | 12,848 | 545,280 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 99,786 | 3,470,897 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 17,855 | 607,663 | ||||||
Sumitomo Realty & Development Co. Ltd. | 16,779 | 558,609 | ||||||
Sumitomo Rubber Industries Ltd. | 21,564 | 266,726 | ||||||
Suntory Beverage & Food Ltd. | 7,823 | 264,095 | ||||||
Suzuki Motor Corp. | 26,494 | 1,005,175 | ||||||
Sysmex Corp. | 2,878 | 287,655 | ||||||
T&D Holdings, Inc. | 42,204 | 517,004 | ||||||
Taiheiyo Cement Corp. | 12,996 | 325,658 | ||||||
Taisei Corp. | 12,895 | 475,430 | ||||||
Taiyo Yuden Co. Ltd. | 3,900 | 179,113 | ||||||
Takeda Pharmaceutical Co. Ltd. | 114,304 | 3,801,245 | ||||||
TDK Corp. | 6,276 | 852,647 | ||||||
Teijin Ltd. | 15,122 | 248,748 | ||||||
Terumo Corp. | 15,342 | 579,966 | ||||||
THK Co. Ltd. | 6,536 | 222,740 | ||||||
TIS, Inc. | 11,948 | 296,773 | ||||||
Tobu Railway Co. Ltd. | 7,009 | 180,187 | ||||||
Toho Gas Co. Ltd. | 3,400 | 188,811 | ||||||
Tohoku Electric Power Co., Inc. | 25,076 | 220,925 | ||||||
Tokio Marine Holdings, Inc. | 27,775 | 1,328,972 | ||||||
Tokuyama Corp. | 8,300 | 187,558 | ||||||
Tokyo Century Corp. | 3,100 | 191,437 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 404,955 | 1,196,656 | ||||||
Tokyo Electron Ltd. | 3,165 | 1,399,138 | ||||||
Tokyo Gas Co. Ltd. | 26,895 | 544,519 | ||||||
Tokyu Corp. | 22,859 | 293,828 | ||||||
Tokyu Fudosan Holdings Corp. | 55,544 | 308,451 | ||||||
Toppan Printing Co. Ltd. | 16,213 | 276,335 | ||||||
Toray Industries, Inc. | 113,714 | 706,597 | ||||||
Toshiba Corp. | 35,851 | 1,480,877 | ||||||
Tosoh Corp. | 18,236 | 323,328 | ||||||
TOTO Ltd. | 5,500 | 285,303 | ||||||
Toyo Suisan Kaisha Ltd. | 5,569 | 226,979 | ||||||
Toyota Industries Corp. | 6,621 | 530,019 | ||||||
Toyota Motor Corp. | 94,226 | 7,005,852 | ||||||
Toyota Tsusho Corp. | 11,517 | 486,790 | ||||||
Trend Micro, Inc. | 4,881 | 232,205 | ||||||
Tsuruha Holdings, Inc. | 2,022 | 233,454 | ||||||
Ube Industries Ltd. | 10,172 | 205,571 | ||||||
Unicharm Corp. | 8,271 | 321,139 | ||||||
West Japan Railway Co. | 17,686 | 976,002 | ||||||
Yakult Honsha Co. Ltd. | 5,292 | 257,568 | ||||||
Yamada Holdings Co. Ltd. | 57,467 | 286,007 | ||||||
Yamaha Corp. | 5,439 | 296,071 | ||||||
Yamaha Motor Co. Ltd. | 29,829 | 744,736 | ||||||
Yamato Holdings Co. Ltd. | 21,847 | 616,605 | ||||||
Yaskawa Electric Corp. | 5,823 | 268,496 | ||||||
Yokogawa Electric Corp. | 14,329 | 260,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Yokohama Rubber Co. Ltd. (The) | 11,698 | $ | 217,361 | |||||
Z Holdings Corp. | 99,159 | 458,124 | ||||||
|
| |||||||
186,346,263 | ||||||||
|
| |||||||
Luxembourg-0.33% | ||||||||
Aperam S.A. | 5,819 | 301,842 | ||||||
ArcelorMittal S.A.(b) | 110,777 | 3,233,822 | ||||||
SES S.A., FDR | 32,369 | 245,640 | ||||||
|
| |||||||
3,781,304 | ||||||||
|
| |||||||
Macau-0.11% | ||||||||
Galaxy Entertainment Group Ltd.(b) | 56,958 | 501,610 | ||||||
Sands China Ltd.(b) | 146,601 | 696,495 | ||||||
|
| |||||||
1,198,105 | ||||||||
|
| |||||||
Mongolia-0.03% | ||||||||
Turquoise Hill Resources Ltd.(b) | 15,918 | 279,749 | ||||||
|
| |||||||
Netherlands-2.63% | ||||||||
Aalberts N.V. | 5,274 | 286,015 | ||||||
ABN AMRO Bank N.V., CVA(a)(b)(d) | 118,561 | 1,533,996 | ||||||
Aegon N.V. | 384,027 | 1,787,221 | ||||||
Akzo Nobel N.V. | 13,734 | 1,651,978 | ||||||
ASML Holding N.V. | 3,137 | 2,043,747 | ||||||
ASR Nederland N.V. | 13,568 | 594,691 | ||||||
EXOR N.V. | 11,523 | 947,694 | ||||||
Heineken Holding N.V. | 3,670 | 364,923 | ||||||
Heineken N.V.(a) | 11,824 | 1,372,702 | ||||||
ING Groep N.V. | 542,434 | 6,941,206 | ||||||
Koninklijke Ahold Delhaize N.V. | 126,629 | 3,413,045 | ||||||
Koninklijke DSM N.V. | 6,283 | 1,128,472 | ||||||
Koninklijke KPN N.V. | 265,875 | 917,294 | ||||||
Koninklijke Philips N.V.(b) | 38,704 | 2,184,229 | ||||||
Koninklijke Vopak N.V.(a) | 4,258 | 195,292 | ||||||
NN Group N.V. | 27,990 | 1,400,676 | ||||||
PostNL N.V. | 46,913 | 245,605 | ||||||
Prosus N.V. | 2,280 | 247,651 | ||||||
Randstad N.V. | 11,544 | 834,912 | ||||||
SBM Offshore N.V. | 14,712 | 256,357 | ||||||
Signify N.V.(b)(d) | 12,751 | 726,193 | ||||||
Wolters Kluwer N.V.(a) | 8,266 | 748,884 | ||||||
|
| |||||||
29,822,783 | ||||||||
|
| |||||||
New Zealand-0.06% | ||||||||
Fletcher Building Ltd. | 44,880 | 234,104 | ||||||
Meridian Energy Ltd. | 55,014 | 210,389 | ||||||
Spark New Zealand Ltd. | 71,639 | 226,165 | ||||||
|
| |||||||
670,658 | ||||||||
|
| |||||||
Norway-0.72% | ||||||||
DNB ASA | 66,342 | 1,429,736 | ||||||
Equinor ASA | 138,306 | 2,821,654 | ||||||
Gjensidige Forsikring ASA | 10,396 | 237,058 | ||||||
Mowi ASA | 26,991 | 667,937 | ||||||
Norsk Hydro ASA | 149,072 | 953,837 | ||||||
Orkla ASA | 49,687 | 508,101 | ||||||
Storebrand ASA | 49,418 | 474,421 | ||||||
Telenor ASA | 59,970 | 1,071,537 | ||||||
|
| |||||||
8,164,281 | ||||||||
|
| |||||||
Poland-0.17% | ||||||||
Bank Polska Kasa Opieki S.A.(b) | 15,622 | 330,000 | ||||||
KGHM Polska Miedz S.A.(b) | 6,028 | 309,589 |
Shares | Value | |||||||
Poland-(continued) | ||||||||
Polski Koncern Naftowy ORLEN S.A. | 22,032 | $ | 387,953 | |||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(b) | 51,136 | 475,994 | ||||||
Powszechny Zaklad Ubezpieczen S.A.(a)(b) | 43,481 | 374,903 | ||||||
|
| |||||||
1,878,439 | ||||||||
|
| |||||||
Portugal-0.24% | ||||||||
EDP - Energias de Portugal S.A. | 264,206 | 1,470,034 | ||||||
Galp Energia SGPS S.A. | 70,399 | 814,413 | ||||||
Jeronimo Martins SGPS S.A.(a) | 23,716 | 433,664 | ||||||
|
| |||||||
2,718,111 | ||||||||
|
| |||||||
Russia-0.06% | ||||||||
Evraz PLC | 46,574 | 414,246 | ||||||
Polymetal International PLC | 15,119 | 313,053 | ||||||
|
| |||||||
727,299 | ||||||||
|
| |||||||
Singapore-0.67% | ||||||||
Ascendas REIT | 148,370 | 346,836 | ||||||
CapitaLand Integrated Commercial Trust | 165,588 | 267,599 | ||||||
CapitaLand Ltd. | 165,005 | 461,379 | ||||||
City Developments Ltd. | 44,322 | 262,854 | ||||||
ComfortDelGro Corp. Ltd. | 178,654 | 230,972 | ||||||
DBS Group Holdings Ltd. | 78,351 | 1,761,484 | ||||||
Genting Singapore Ltd. | 408,039 | 265,299 | ||||||
Jardine Cycle & Carriage Ltd. | 13,200 | 229,988 | ||||||
Keppel Corp. Ltd. | 66,489 | 270,874 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 86,219 | 790,643 | ||||||
Singapore Airlines Ltd.(b) | 102,730 | 390,720 | ||||||
Singapore Telecommunications Ltd. | 561,079 | 1,054,343 | ||||||
United Overseas Bank Ltd. | 50,067 | 1,000,663 | ||||||
Venture Corp. Ltd. | 16,325 | 247,255 | ||||||
|
| |||||||
7,580,909 | ||||||||
|
| |||||||
South Africa-0.30% | ||||||||
Anglo American PLC | 71,662 | 3,046,046 | ||||||
Investec PLC | 75,443 | 304,485 | ||||||
|
| |||||||
3,350,531 | ||||||||
|
| |||||||
South Korea-6.04% | ||||||||
Amorepacific Corp. | 1,038 | 252,420 | ||||||
Amorepacific Corp., Preference Shares | 382 | 30,564 | ||||||
CJ CheilJedang Corp. | 1,029 | 365,865 | ||||||
CJ CheilJedang Corp., Preference Shares | 184 | 30,685 | ||||||
CJ Corp. | 4,390 | 376,900 | ||||||
Coway Co. Ltd. | 4,515 | 271,545 | ||||||
Daewoo Engineering & Construction Co. Ltd.(b) | 39,298 | 261,080 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 34,135 | 428,088 | ||||||
Doosan Infracore Co. Ltd.(a)(b) | 40,220 | 390,503 | ||||||
E-MART, Inc. | 3,674 | 554,890 | ||||||
GS Engineering & Construction Corp. | 10,602 | 420,801 | ||||||
GS Holdings Corp. | 6,350 | 245,757 | ||||||
Hana Financial Group, Inc. | 33,880 | 1,390,409 | ||||||
Hankook Tire & Technology Co. Ltd. | 7,411 | 320,465 | ||||||
Hanwha Corp. | 14,259 | 394,819 | ||||||
Hanwha Corp., Preference Shares | 7,346 | 98,730 | ||||||
Hanwha Life Insurance Co. Ltd. | 114,210 | 358,847 | ||||||
Hanwha Solutions Corp.(b) | 6,272 | 259,654 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 14,478 | 655,991 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Hyundai Glovis Co. Ltd. | 1,909 | $ | 329,508 | |||||
Hyundai Heavy Industries Holdings Co. Ltd. | 6,480 | 410,115 | ||||||
Hyundai Mobis Co. Ltd. | 5,965 | 1,447,881 | ||||||
Hyundai Motor Co. | 17,208 | 3,279,630 | ||||||
Hyundai Motor Co., First Pfd | 2,905 | 278,134 | ||||||
Hyundai Motor Co., Second Pfd | 4,332 | 412,812 | ||||||
Hyundai Steel Co. | 21,675 | 1,081,460 | ||||||
Hyundai Wia Corp. | 2,730 | 170,817 | ||||||
Industrial Bank of Korea | 48,642 | 423,734 | ||||||
KB Financial Group, Inc. | 39,925 | 1,963,319 | ||||||
Kia Corp. | 25,962 | 1,797,163 | ||||||
Korea Electric Power Corp. | 96,472 | 2,051,119 | ||||||
Korea Gas Corp.(b) | 11,484 | 360,311 | ||||||
Korea Investment Holdings Co. Ltd. | 2,858 | 287,766 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 7,160 | 988,052 | ||||||
Korea Zinc Co. Ltd. | 843 | 338,003 | ||||||
Korean Air Lines Co. Ltd.(b) | 14,533 | 351,452 | ||||||
KT&G Corp. | 10,641 | 788,258 | ||||||
LG Chem Ltd. | 1,371 | 1,148,714 | ||||||
LG Chem Ltd., Preference Shares | 247 | 98,924 | ||||||
LG Corp. | 6,390 | 726,691 | ||||||
LG Display Co. Ltd.(b) | 45,265 | 988,843 | ||||||
LG Electronics, Inc. | 10,295 | 1,457,691 | ||||||
LG Electronics, Inc., Preference Shares | 1,805 | 120,241 | ||||||
LG Household & Health Care Ltd. | 208 | 287,780 | ||||||
LG Household & Health Care Ltd., Preference Shares | 50 | 32,184 | ||||||
LG Innotek Co. Ltd. | 1,002 | 181,060 | ||||||
LG Uplus Corp. | 42,325 | 502,261 | ||||||
Lotte Chemical Corp. | 2,021 | 552,330 | ||||||
Lotte Shopping Co. Ltd. | 2,770 | 308,788 | ||||||
LS Corp. | 3,512 | 231,429 | ||||||
Mirae Asset Securities Co. Ltd. | 27,549 | 247,665 | ||||||
Mirae Asset Securities Co. Ltd., Second Pfd | 11,196 | 49,219 | ||||||
NAVER Corp. | 1,125 | 363,588 | ||||||
POSCO | 6,942 | 2,271,666 | ||||||
Posco International Corp. | 11,571 | 218,448 | ||||||
Samsung C&T Corp. | 6,637 | 811,464 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,282 | 367,221 | ||||||
Samsung Electronics Co. Ltd. | 247,168 | 18,109,581 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 42,667 | 2,811,607 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,193 | 568,359 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 265 | 37,403 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 56,847 | 383,290 | ||||||
Samsung Life Insurance Co. Ltd. | 11,532 | 847,004 | ||||||
Samsung SDI Co. Ltd. | 820 | 482,114 | ||||||
Samsung SDI Co. Ltd., Preference Shares | 24 | 9,720 | ||||||
Samsung SDS Co. Ltd. | 1,503 | 247,268 | ||||||
Samsung Securities Co. Ltd. | 6,387 | 244,892 | ||||||
Shinhan Financial Group Co. Ltd. | 51,455 | 1,850,317 | ||||||
Shinsegae, Inc. | 954 | 261,152 | ||||||
SK Holdings Co. Ltd. | 6,978 | 1,731,405 | ||||||
SK Hynix, Inc. | 25,806 | 2,969,540 | ||||||
SK Innovation Co. Ltd.(b) | 5,749 | 1,398,035 | ||||||
SK Telecom Co. Ltd. | 3,309 | 902,847 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
S-Oil Corp.(b) | 5,171 | $ | 404,903 | |||||
Woori Financial Group, Inc. | 40,121 | 385,935 | ||||||
|
| |||||||
68,479,126 | ||||||||
|
| |||||||
Spain-3.37% | ||||||||
Acciona S.A. | 1,835 | 319,639 | ||||||
Acerinox S.A. | 19,032 | 264,505 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 31,929 | 1,042,773 | ||||||
Aena SME S.A.(b)(d) | 3,866 | 673,419 | ||||||
Amadeus IT Group S.A.(b) | 13,755 | 938,855 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 822,928 | 4,626,792 | ||||||
Banco de Sabadell S.A.(b) | 1,430,801 | 908,394 | ||||||
Banco Santander S.A. | 2,086,477 | 8,075,126 | ||||||
Bankinter S.A. | 72,815 | 399,443 | ||||||
CaixaBank S.A. | 609,995 | 1,958,412 | ||||||
Enagas S.A. | 24,388 | 531,972 | ||||||
Endesa S.A.(a) | 30,722 | 808,452 | ||||||
Ferrovial S.A. | 26,506 | 754,304 | ||||||
Grifols S.A. | 15,159 | 411,502 | ||||||
Iberdrola S.A. | 425,227 | 5,751,070 | ||||||
Industria de Diseno Textil S.A.(a) | 43,742 | 1,559,690 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 21,541 | 218,729 | ||||||
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(b) | 72,815 | 142,877 | ||||||
Mapfre S.A.(a) | 231,457 | 498,884 | ||||||
Merlin Properties SOCIMI S.A. | 31,502 | 348,656 | ||||||
Naturgy Energy Group S.A. | 34,582 | 887,965 | ||||||
Red Electrica Corp. S.A.(a) | 34,881 | 641,394 | ||||||
Repsol S.A. | 284,332 | 3,401,570 | ||||||
Telefonica S.A. | 669,860 | 3,107,378 | ||||||
|
| |||||||
38,271,801 | ||||||||
|
| |||||||
Sweden-2.56% | ||||||||
Alfa Laval AB(a) | 11,699 | 396,250 | ||||||
Assa Abloy AB, Class B(a) | 31,807 | 907,670 | ||||||
Atlas Copco AB, Class A(a) | 14,829 | 899,657 | ||||||
Atlas Copco AB, Class B | 8,996 | 467,580 | ||||||
BillerudKorsnas AB(a) | 12,970 | 265,206 | ||||||
Boliden AB(a) | 16,824 | 656,187 | ||||||
Castellum AB | 14,562 | 354,933 | ||||||
Dometic Group AB(d) | 14,845 | 234,286 | ||||||
Electrolux AB, Series B | 20,664 | 580,642 | ||||||
Epiroc AB, Class A(a)(b) | 10,266 | 222,785 | ||||||
Epiroc AB, Class B(a) | 6,130 | 120,414 | ||||||
Essity AB, Class B | 34,679 | 1,133,171 | ||||||
Getinge AB, Class B | 7,716 | 261,436 | ||||||
H & M Hennes & Mauritz AB, | 67,355 | 1,663,214 | ||||||
Hexagon AB, Class B(a) | 5,961 | 569,188 | ||||||
Holmen AB, Class B(a) | 4,774 | 225,270 | ||||||
Husqvarna AB, Class A | 1,313 | 18,478 | ||||||
Husqvarna AB, Class B | 21,592 | 300,933 | ||||||
ICA Gruppen AB(a) | 6,331 | 292,001 | ||||||
Industrivarden AB, Class A | 9,680 | 371,826 | ||||||
Industrivarden AB, Class C | 7,751 | 280,130 | ||||||
Investor AB, Class A(a) | 6,215 | 529,202 | ||||||
Investor AB, Class B(a) | 21,226 | 1,804,615 | ||||||
Kinnevik AB, Class A(b) | 457 | 30,806 | ||||||
Kinnevik AB, Class B(b) | 8,169 | 452,129 | ||||||
Lundin Energy AB | 7,350 | 235,736 | ||||||
Sandvik AB(a) | 36,720 | 908,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Securitas AB, Class B | 34,603 | $ | 591,125 | |||||
Skandinaviska Enskilda Banken AB, Class A | 115,686 | 1,486,478 | ||||||
Skandinaviska Enskilda Banken AB, Class C | 1,663 | 21,241 | ||||||
Skanska AB, Class B | 31,764 | 862,492 | ||||||
SKF AB, Class B | 24,868 | 642,893 | ||||||
SSAB AB, Class A(b) | 32,698 | 178,305 | ||||||
SSAB AB, Class B(b) | 80,044 | 401,462 | ||||||
Svenska Cellulosa AB S.C.A., Class A | 888 | 16,026 | ||||||
Svenska Cellulosa AB S.C.A., Class B | 24,500 | 430,269 | ||||||
Svenska Handelsbanken AB, Class A | 143,066 | 1,661,144 | ||||||
Svenska Handelsbanken AB, Class B | 3,434 | 42,033 | ||||||
Swedbank AB, Class A | 96,942 | 1,705,248 | ||||||
Swedish Match AB | 5,706 | 468,586 | ||||||
Tele2 AB, Class B(a) | 38,982 | 504,116 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 1,408 | 19,349 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 117,977 | 1,617,628 | ||||||
Telia Co. AB | 314,363 | 1,302,697 | ||||||
Trelleborg AB, Class B | 13,096 | 341,658 | ||||||
Volvo AB, Class A | 12,878 | 324,396 | ||||||
Volvo AB, Class B | 92,844 | 2,271,210 | ||||||
|
| |||||||
29,071,009 | ||||||||
|
| |||||||
Switzerland-6.02% | ||||||||
ABB Ltd. | 90,789 | 2,951,476 | ||||||
Adecco Group AG | 13,148 | 891,478 | ||||||
Alcon, Inc.(b) | 14,955 | 1,123,203 | ||||||
Baloise Holding AG | 2,150 | 363,971 | ||||||
Barry Callebaut AG | 118 | 260,828 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 3 | 296,694 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 27 | 250,743 | ||||||
Cie Financiere Richemont S.A. | 21,257 | 2,182,452 | ||||||
Clariant AG | 14,975 | 313,850 | ||||||
Coca-Cola HBC AG | 10,617 | 367,789 | ||||||
Credit Suisse Group AG | 211,188 | 2,210,406 | ||||||
Dufry AG(b) | 6,008 | 395,505 | ||||||
Geberit AG(a) | 952 | 626,699 | ||||||
Georg Fischer AG | 193 | 270,862 | ||||||
Givaudan S.A. | 229 | 960,140 | ||||||
Helvetia Holding AG | 2,751 | 331,188 | ||||||
IWG PLC(b) | 43,048 | 218,561 | ||||||
Julius Baer Group Ltd. | 11,156 | 703,572 | ||||||
Kuehne + Nagel International AG, Class R(a) | 2,328 | 696,830 | ||||||
LafargeHolcim Ltd.(b) | 38,626 | 2,384,347 | ||||||
Logitech International S.A., Class R | 1,918 | 215,343 | ||||||
Lonza Group AG | 1,051 | 669,284 | ||||||
Nestle S.A. | 112,702 | 13,454,299 | ||||||
Novartis AG | 93,726 | 8,011,490 | ||||||
Partners Group Holding AG | 382 | 544,488 | ||||||
PSP Swiss Property AG | 2,003 | 247,287 | ||||||
Roche Holding AG | 28,538 | 9,311,890 | ||||||
Roche Holding AG, BR | 1,077 | 374,568 | ||||||
Schindler Holding AG | 635 | 176,843 | ||||||
Schindler Holding AG, PC | 1,336 | 380,563 | ||||||
SGS S.A. | 240 | 710,487 | ||||||
SIG Combibloc Group AG(b) | 11,985 | 293,827 | ||||||
Sika AG(a) | 2,447 | 730,840 | ||||||
Sonova Holding AG, Class A(b) | 1,185 | 350,933 | ||||||
STMicroelectronics N.V. | 15,735 | 590,227 |
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Swatch Group AG (The) | 3,627 | $ | 217,727 | |||||
Swatch Group AG (The), BR | 2,337 | 716,436 | ||||||
Swiss Life Holding AG | 3,071 | 1,498,041 | ||||||
Swiss Prime Site AG | 2,969 | 288,908 | ||||||
Swiss Re AG | 23,601 | 2,196,429 | ||||||
Swisscom AG(a) | 2,152 | 1,168,670 | ||||||
UBS Group AG | 297,612 | 4,543,882 | ||||||
Vifor Pharma AG | 2,182 | 314,722 | ||||||
Zurich Insurance Group AG | 8,560 | 3,516,728 | ||||||
|
| |||||||
68,324,506 | ||||||||
|
| |||||||
United Kingdom-12.89% | ||||||||
3i Group PLC | 42,580 | 755,793 | ||||||
Admiral Group PLC | 9,109 | 394,626 | ||||||
Ashtead Group PLC | 14,435 | 929,549 | ||||||
Associated British Foods PLC(b) | 21,730 | 694,392 | ||||||
AstraZeneca PLC | 51,301 | 5,479,878 | ||||||
Aviva PLC | 245,590 | 1,361,148 | ||||||
B&M European Value Retail S.A | 34,570 | 270,814 | ||||||
BAE Systems PLC(a) | 201,321 | 1,410,978 | ||||||
Barclays PLC | 1,387,023 | 3,370,311 | ||||||
Barratt Developments PLC | 95,360 | 1,019,278 | ||||||
Bellway PLC | 8,458 | 422,985 | ||||||
Berkeley Group Holdings PLC | 8,757 | 561,001 | ||||||
BP PLC | 3,002,392 | 12,595,609 | ||||||
British American Tobacco PLC | 144,811 | 5,377,364 | ||||||
British Land Co. PLC (The) | 79,576 | 571,158 | ||||||
BT Group PLC(b) | 707,810 | 1,616,509 | ||||||
Bunzl PLC | 20,457 | 659,094 | ||||||
Burberry Group PLC(b) | 16,310 | 465,416 | ||||||
Centrica PLC(b) | 559,851 | 439,196 | ||||||
Cineworld Group PLC(a)(b) | 263,715 | 353,224 | ||||||
CNH Industrial N.V. | 85,046 | 1,266,422 | ||||||
Compass Group PLC(b) | 96,885 | 2,109,387 | ||||||
Croda International PLC | 3,792 | 355,125 | ||||||
DCC PLC | 6,992 | 608,341 | ||||||
Derwent London PLC | 6,106 | 281,436 | ||||||
Diageo PLC | 82,309 | 3,704,874 | ||||||
Direct Line Insurance Group PLC | 88,923 | 351,011 | ||||||
DS Smith PLC | 108,443 | 631,810 | ||||||
easyJet PLC(b) | 28,421 | 407,670 | ||||||
Entain PLC(a)(b) | 16,910 | 396,027 | ||||||
Experian PLC | 23,103 | 893,085 | ||||||
GlaxoSmithKline PLC(a) | 434,024 | 8,050,040 | ||||||
Grafton Group PLC | 15,483 | 255,744 | ||||||
Hiscox Ltd.(b) | 20,809 | 233,946 | ||||||
Howden Joinery Group PLC(b) | 19,916 | 223,024 | ||||||
HSBC Holdings PLC | 1,368,630 | 8,580,283 | ||||||
IMI PLC | 14,354 | 316,789 | ||||||
Imperial Brands PLC | 58,983 | 1,231,100 | ||||||
Informa PLC(b) | 83,433 | 649,438 | ||||||
InterContinental Hotels Group | 6,706 | 478,353 | ||||||
Intermediate Capital Group PLC | 9,079 | 274,788 | ||||||
International Consolidated Airlines Group S.A.(b) | 199,494 | 560,153 | ||||||
Intertek Group PLC | 4,681 | 397,809 | ||||||
ITV PLC(b) | 415,630 | 696,308 | ||||||
J Sainsbury PLC | 245,635 | 808,404 | ||||||
John Wood Group PLC(b) | 50,531 | 197,015 | ||||||
Johnson Matthey PLC(a) | 17,685 | 795,788 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Kingfisher PLC(b) | 233,240 | $ | 1,153,839 | |||||
Land Securities Group PLC | 54,014 | 539,051 | ||||||
Legal & General Group PLC | 375,328 | 1,415,556 | ||||||
Lloyds Banking Group PLC(b) | 5,010,444 | 3,151,925 | ||||||
London Stock Exchange Group PLC | 3,091 | 316,694 | ||||||
M&G PLC | 149,724 | 450,464 | ||||||
Marks & Spencer Group PLC(b) | 254,029 | 555,712 | ||||||
Meggitt PLC(b) | 66,968 | 432,078 | ||||||
Melrose Industries PLC | 279,814 | 631,102 | ||||||
Micro Focus International PLC | 63,538 | 455,693 | ||||||
Mondi PLC | 39,701 | 1,080,123 | ||||||
National Express Group PLC(b) | 51,715 | 214,520 | ||||||
National Grid PLC | 207,156 | 2,611,766 | ||||||
Natwest Group PLC(a) | 427,796 | 1,164,473 | ||||||
Next PLC(b) | 5,924 | 639,927 | ||||||
Pearson PLC(a) | 62,320 | 716,168 | ||||||
Pennon Group PLC | 30,950 | 443,088 | ||||||
Persimmon PLC | 27,641 | 1,198,629 | ||||||
Phoenix Group Holdings PLC | 43,949 | 432,884 | ||||||
Prudential PLC | 126,251 | 2,682,322 | ||||||
Quilter PLC(d) | 145,957 | 330,409 | ||||||
Reckitt Benckiser Group PLC | 27,145 | 2,424,521 | ||||||
RELX PLC | 68,033 | 1,770,399 | ||||||
Rentokil Initial PLC | 45,596 | 315,903 | ||||||
Rolls-Royce Holdings PLC(a)(b) | 486,222 | 704,301 | ||||||
Royal Dutch Shell PLC, Class A | 502,731 | 9,501,178 | ||||||
Royal Dutch Shell PLC, Class B | 450,244 | 8,097,785 | ||||||
Royal Mail PLC(b) | 86,969 | 597,249 | ||||||
RSA Insurance Group PLC | 76,293 | 720,830 | ||||||
Sage Group PLC (The) | 49,185 | 434,473 | ||||||
Schroders PLC(a) | 6,086 | 304,024 | ||||||
Segro PLC | 38,084 | 530,193 | ||||||
Severn Trent PLC | 15,095 | 517,688 | ||||||
Signature Aviation PLC(b) | 71,667 | 401,173 | ||||||
Smith & Nephew PLC | 38,138 | 829,287 | ||||||
Smiths Group PLC | 19,928 | 448,497 | ||||||
Spectris PLC | 5,307 | 239,098 | ||||||
SSE PLC | 73,370 | 1,491,261 | ||||||
St James’s Place PLC(a) | 32,995 | 621,978 | ||||||
Standard Chartered PLC | 195,490 | 1,406,380 | ||||||
Standard Life Aberdeen PLC | 116,769 | 448,642 | ||||||
Subsea 7 S.A. | 33,157 | 337,149 | ||||||
Tate & Lyle PLC | 26,510 | 293,636 | ||||||
Taylor Wimpey PLC | 371,496 | 923,782 | ||||||
TechnipFMC PLC(b) | 110,058 | 826,195 | ||||||
Tesco PLC | 626,532 | 1,917,100 | ||||||
Travis Perkins PLC(b) | 15,195 | 323,358 | ||||||
Unilever PLC | 133,151 | 7,800,958 | ||||||
United Utilities Group PLC | 40,328 | 540,606 | ||||||
Virgin Money UK PLC(b) | 107,199 | 296,994 | ||||||
Vistry Group PLC | 17,057 | 292,252 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Vodafone Group PLC | 2,238,319 | $ | 4,239,525 | |||||
Weir Group PLC (The)(b) | 9,687 | 257,111 | ||||||
Whitbread PLC(a)(b) | 11,948 | 536,643 | ||||||
Wickes Group PLC(b) | 17,027 | 58,925 | ||||||
WM Morrison Supermarkets PLC | 230,373 | 554,518 | ||||||
WPP PLC | 86,582 | 1,169,522 | ||||||
|
| |||||||
146,292,050 | ||||||||
|
| |||||||
United States-0.90% | ||||||||
Amcor PLC, CDI | 94,494 | 1,105,828 | ||||||
Bausch Health Cos., Inc.(b) | 24,548 | 789,599 | ||||||
Carnival PLC(b) | 15,073 | 350,897 | ||||||
Ferguson PLC | 12,398 | 1,567,569 | ||||||
James Hardie Industries PLC, CDI | 10,422 | 345,365 | ||||||
QIAGEN N.V.(b) | 4,265 | 208,090 | ||||||
Stellantis N.V. | 273,116 | 4,545,018 | ||||||
Tenaris S.A.(a) | 50,431 | 543,830 | ||||||
Waste Connections, Inc. | 6,527 | 776,852 | ||||||
|
| |||||||
10,233,048 | ||||||||
|
| |||||||
Zambia-0.04% | ||||||||
First Quantum Minerals Ltd. | 20,651 | 475,567 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,127,106,292 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 506,950 | 506,950 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 1,127,613,242 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-7.01% |
| |||||||
Invesco Private Government Fund, 0.01%(f)(g)(h) | 32,248,683 | 32,248,683 | ||||||
Invesco Private Prime Fund, | 47,288,015 | 47,306,931 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 79,555,614 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.39% |
| 1,207,168,856 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.39)% |
| (72,529,047 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,134,639,809 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $8,862,473, which represented less than 1% of the Fund’s Net Assets. |
(e) | Restricted security. The value of this security at April 30, 2021 represented less than 1% of the Fund’s Net Assets. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 10,456,743 | $ | (9,949,793 | ) | $ | - | $ | - | $ | 506,950 | $ | 96 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 8,596,104 | 113,776,399 | (90,123,820 | ) | - | - | 32,248,683 | 1,679 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 12,894,155 | 158,074,078 | (123,664,698 | ) | 2 | 3,394 | 47,306,931 | 16,163 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 21,490,259 | $ | 282,307,220 | $ | (223,738,311 | ) | $ | 2 | $ | 3,394 | $ | 80,062,564 | $ | 17,938 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(h) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Financials | 23.82 | |||||||
Industrials | 13.40 | |||||||
Consumer Discretionary | 11.28 | |||||||
Materials | 9.19 | |||||||
Energy | 8.14 | |||||||
Consumer Staples | 8.00 | |||||||
Health Care | 6.89 | |||||||
Information Technology | 5.98 | |||||||
Communication Services | 5.34 | |||||||
Utilities | 4.79 | |||||||
Real Estate | 2.50 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.67 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.66% |
| |||||||
Australia-6.12% | ||||||||
Abacus Property Group | 83,043 | $ | 194,364 | |||||
Adbri Ltd. | 78,564 | 195,411 | ||||||
ALS Ltd. | 42,210 | 343,658 | ||||||
Alumina Ltd. | 154,261 | 206,145 | ||||||
Ansell Ltd. | 17,030 | 555,923 | ||||||
ARB Corp. Ltd. | 3,543 | 107,091 | ||||||
Atlas Arteria Ltd. | 65,120 | 303,824 | ||||||
AUB Group Ltd. | 7,321 | 115,364 | ||||||
AusNet Services | 399,828 | 585,266 | ||||||
Austal Ltd. | 81,800 | 152,279 | ||||||
Bapcor Ltd. | 34,582 | 206,223 | ||||||
Beach Energy Ltd.(a) | 246,030 | 242,309 | ||||||
Bega Cheese Ltd. | 36,413 | 179,733 | ||||||
Blackmores Ltd. | 2,419 | 133,863 | ||||||
Breville Group Ltd. | 7,083 | 142,636 | ||||||
Brickworks Ltd. | 9,474 | 148,559 | ||||||
BWP Trust | 62,748 | 200,180 | ||||||
carsales.com Ltd. | 14,989 | 230,292 | ||||||
Charter Hall Group | 30,576 | 330,658 | ||||||
Charter Hall Long Wale REIT | 31,546 | 119,158 | ||||||
Charter Hall Retail REIT | 76,824 | 220,755 | ||||||
Charter Hall Social Infrastructure REIT | 44,294 | 111,198 | ||||||
CIMIC Group Ltd.(a)(b) | 31,945 | 478,713 | ||||||
Cleanaway Waste Management Ltd. | 168,787 | 371,582 | ||||||
Cochlear Ltd. | 2,870 | 493,268 | ||||||
Collins Foods Ltd. | 15,071 | 132,365 | ||||||
Coronado Global Resources, Inc., CDI(b)(c) | 129,738 | 59,629 | ||||||
Corporate Travel Management Ltd.(b) | 7,583 | 108,422 | ||||||
Costa Group Holdings Ltd. | 42,549 | 153,160 | ||||||
Credit Corp. Group Ltd. | 4,131 | 92,635 | ||||||
Cromwell Property Group(a) | 186,861 | 126,298 | ||||||
CSR Ltd. | 110,010 | 507,314 | ||||||
Domino’s Pizza Enterprises Ltd. | 2,504 | 206,284 | ||||||
Downer EDI Ltd. | 135,567 | 589,567 | ||||||
Eagers Automotive Ltd. | 35,395 | 428,158 | ||||||
EBOS Group Ltd.(a) | 5,901 | 125,961 | ||||||
Elders Ltd. | 18,688 | 175,681 | ||||||
Evolution Mining Ltd. | 167,690 | 599,734 | ||||||
Flight Centre Travel Group Ltd.(a)(b) | 40,763 | 527,414 | ||||||
G8 Education Ltd.(a) | 202,269 | 156,243 | ||||||
GrainCorp Ltd., Class A | 51,463 | 202,738 | ||||||
Growthpoint Properties Australia Ltd. | 47,736 | 137,908 | ||||||
GUD Holdings Ltd. | 13,614 | 140,390 | ||||||
GWA Group Ltd. | 53,860 | 124,396 | ||||||
Harvey Norman Holdings Ltd. | 128,874 | 524,622 | ||||||
Healius Ltd. | 109,987 | 351,732 | ||||||
Humm Group Ltd.(a)(b) | 117,433 | 81,186 | ||||||
IGO Ltd. | 41,934 | 242,616 | ||||||
Iluka Resources Ltd. | 30,305 | 181,187 | ||||||
Inghams Group Ltd. | 72,249 | 182,495 | ||||||
InvoCare Ltd. | 18,937 | 165,295 | ||||||
IOOF Holdings Ltd. | 198,650 | 560,083 | ||||||
IRESS Ltd. | 29,044 | 226,145 | ||||||
Link Administration Holdings Ltd. | 105,628 | 406,330 | ||||||
Magellan Financial Group Ltd. | 7,752 | 290,420 | ||||||
McMillan Shakespeare Ltd. | 11,849 | 101,596 | ||||||
Mineral Resources Ltd. | 10,420 | 384,337 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Monadelphous Group Ltd. | 17,572 | $ | 173,062 | |||||
National Storage REIT | 114,701 | 178,088 | ||||||
New Hope Corp. Ltd.(a) | 109,085 | 98,166 | ||||||
NEXTDC Ltd.(b) | 12,296 | 110,082 | ||||||
nib holdings Ltd. | 66,007 | 315,100 | ||||||
Nine Entertainment Co. Holdings Ltd. | 182,989 | 402,847 | ||||||
Northern Star Resources Ltd. | 43,250 | 351,123 | ||||||
NRW Holdings Ltd. | 162,279 | 243,811 | ||||||
Nufarm Ltd.(b) | 93,336 | 377,070 | ||||||
OceanaGold Corp.(b) | 249,257 | 415,361 | ||||||
oOh!media Ltd.(b) | 92,931 | 122,752 | ||||||
Orora Ltd. | 158,225 | 388,663 | ||||||
OZ Minerals Ltd. | 30,104 | 556,697 | ||||||
Pendal Group Ltd. | 68,740 | 391,334 | ||||||
Perenti Global Ltd. | 123,678 | 104,133 | ||||||
Perpetual Ltd. | 11,593 | 310,291 | ||||||
Perseus Mining Ltd.(b) | 145,678 | 137,848 | ||||||
Platinum Asset Management Ltd.(a) | 44,461 | 162,103 | ||||||
Premier Investments Ltd. | 10,158 | 206,286 | ||||||
Qube Holdings Ltd. | 172,205 | 400,390 | ||||||
REA Group Ltd. | 1,428 | 174,669 | ||||||
Reece Ltd. | 19,480 | 305,009 | ||||||
Regis Resources Ltd. | 106,110 | 213,108 | ||||||
Resolute Mining Ltd.(a)(b) | 299,736 | 112,293 | ||||||
Sandfire Resources Ltd. | 45,300 | 235,146 | ||||||
Seven Group Holdings Ltd.(a) | 14,993 | 249,462 | ||||||
Shopping Centres Australasia Property Group | 167,205 | 321,602 | ||||||
Southern Cross Media Group Ltd.(b) | 81,110 | 116,849 | ||||||
St Barbara Ltd. | 143,887 | 205,064 | ||||||
Steadfast Group Ltd. | 72,232 | 232,668 | ||||||
Super Retail Group Ltd. | 34,179 | 314,971 | ||||||
Sydney Airport(b) | 124,038 | 593,084 | ||||||
Tassal Group Ltd. | 58,719 | 167,369 | ||||||
TPG Telecom Ltd. | 21,174 | 90,121 | ||||||
Virgin Australia International Holdings Pty. | 112,977 | 0 | ||||||
Viva Energy Group Ltd.(c) | 233,784 | 353,047 | ||||||
Vocus Group Ltd.(b) | 63,628 | 268,848 | ||||||
Washington H Soul Pattinson & Co. Ltd.(a) | 10,558 | 246,868 | ||||||
Waypoint REIT | 122,830 | 236,251 | ||||||
Webjet Ltd.(b) | 27,722 | 107,069 | ||||||
|
| |||||||
24,649,498 | ||||||||
|
| |||||||
Austria-0.89% | ||||||||
ams AG(b) | 18,475 | 320,661 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 5,921 | 228,443 | ||||||
CA Immobilien Anlagen AG | 9,927 | 435,582 | ||||||
DO & CO AG(a)(b) | 1,395 | 119,230 | ||||||
EVN AG(a) | 7,654 | 174,880 | ||||||
IMMOFINANZ AG(b) | 19,180 | 399,669 | ||||||
Lenzing AG(b) | 2,772 | 366,396 | ||||||
Mayr Melnhof Karton AG(a) | 596 | 123,834 | ||||||
Oesterreichische Post AG(a) | 8,314 | 368,810 | ||||||
S IMMO AG | 7,606 | 197,772 | ||||||
S&T AG(a)(b) | 4,832 | 131,343 | ||||||
UNIQA Insurance Group AG(a) | 20,315 | 163,361 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Austria-(continued) | ||||||||
Verbund AG(a) | 4,499 | $ | 369,906 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6,267 | 168,236 | ||||||
|
| |||||||
3,568,123 | ||||||||
|
| |||||||
Belgium-1.58% | ||||||||
Ackermans & van Haaren N.V. | 2,028 | 324,694 | ||||||
Aedifica S.A. | 2,055 | 251,339 | ||||||
Barco N.V. | 10,086 | 257,158 | ||||||
Befimmo S.A.(a) | 2,571 | 109,407 | ||||||
Bekaert S.A. | 5,367 | 236,078 | ||||||
bpost S.A.(b) | 31,612 | 336,593 | ||||||
Cie d’Entreprises CFE(b) | 934 | 94,670 | ||||||
Cofinimmo S.A. | 3,566 | 547,326 | ||||||
D’ieteren S.A./N.V. | 3,061 | 332,925 | ||||||
Elia Group S.A./N.V.(a) | 4,798 | 519,825 | ||||||
Euronav N.V.(a) | 63,274 | 545,677 | ||||||
Fagron | 4,710 | 105,800 | ||||||
Galapagos N.V.(a)(b) | 4,285 | 334,721 | ||||||
KBC Ancora(b) | 4,135 | 180,791 | ||||||
Melexis N.V.(a) | 1,457 | 158,907 | ||||||
Ontex Group N.V.(a)(b) | 29,348 | 383,321 | ||||||
Orange Belgium S.A. | 3,651 | 96,472 | ||||||
Shurgard Self Storage S.A. | 2,582 | 120,288 | ||||||
Sofina S.A.(a) | 1,384 | 526,809 | ||||||
Telenet Group Holding N.V. | 12,942 | 554,945 | ||||||
Warehouses De Pauw C.V.A. | 10,009 | 353,272 | ||||||
|
| |||||||
6,371,018 | ||||||||
|
| |||||||
Cambodia-0.03% | ||||||||
NagaCorp Ltd. | 119,821 | 128,355 | ||||||
|
| |||||||
Canada-8.29% | ||||||||
Advantage Oil & Gas Ltd.(b) | 83,430 | 221,087 | ||||||
Aecon Group, Inc. | 16,881 | 256,055 | ||||||
Ag Growth International, Inc. | 5,148 | 180,360 | ||||||
Alamos Gold, Inc., Class A | 48,655 | 389,572 | ||||||
Altus Group Ltd. | 3,124 | 157,724 | ||||||
Aphria, Inc.(b) | 8,894 | 136,497 | ||||||
Aritzia, Inc.(b) | 4,934 | 123,009 | ||||||
Artis REIT | 22,424 | 198,138 | ||||||
ATS Automation Tooling Systems, Inc.(b) | 8,160 | 196,670 | ||||||
Aurora Cannabis, Inc.(a)(b) | 23,421 | 208,470 | ||||||
AutoCanada, Inc.(b) | 11,601 | 446,613 | ||||||
B2Gold Corp. | 117,258 | 564,272 | ||||||
Badger Daylighting Ltd. | 4,047 | 136,786 | ||||||
Baytex Energy Corp.(b) | 241,241 | 286,305 | ||||||
Birchcliff Energy Ltd. | 89,186 | 226,191 | ||||||
BlackBerry Ltd.(b) | 41,393 | 365,747 | ||||||
Boardwalk REIT, Class E | 10,804 | 321,960 | ||||||
Bombardier, Inc., Class A(a)(b) | 18,374 | 16,728 | ||||||
Bombardier, Inc., Class B(b) | 850,272 | 635,872 | ||||||
Boralex, Inc., Class A | 5,591 | 179,065 | ||||||
Boyd Group Services, Inc. | 1,300 | 241,243 | ||||||
Brookfield Infrastructure Corp., Class A | 7,457 | 534,392 | ||||||
BRP, Inc. | 3,392 | 311,352 | ||||||
Canaccord Genuity Group, Inc. | 13,544 | 130,464 | ||||||
Canadian Western Bank | 20,182 | 554,505 | ||||||
Canfor Corp.(b) | 19,754 | 492,967 | ||||||
Canopy Growth Corp.(b) | 7,796 | 210,078 | ||||||
Capstone Mining Corp.(b) | 37,095 | 165,543 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
Cascades, Inc. | 23,400 | $ | 274,287 | |||||
Celestica, Inc.(b) | 27,793 | 231,345 | ||||||
Centerra Gold, Inc. | 29,822 | 274,900 | ||||||
Chartwell Retirement Residences | 39,145 | 398,069 | ||||||
Chemtrade Logistics Income Fund | 34,515 | 211,826 | ||||||
Choice Properties REIT | 36,242 | 410,676 | ||||||
Chorus Aviation, Inc. | 49,328 | 174,023 | ||||||
Cineplex, Inc.(b) | 41,063 | 423,915 | ||||||
Cogeco Communications, Inc. | 1,904 | 180,696 | ||||||
Cogeco, Inc. | 2,541 | 199,488 | ||||||
Colliers International Group, Inc. | 2,579 | 278,906 | ||||||
Cominar REIT, Class U | 30,633 | 243,032 | ||||||
Corus Entertainment, Inc., Class B | 59,988 | 286,725 | ||||||
Crombie REIT | 15,548 | 206,894 | ||||||
Cronos Group, Inc.(b) | 10,283 | 83,839 | ||||||
CT REIT | 11,410 | 153,500 | ||||||
Descartes Systems Group, Inc. (The)(b) | 3,061 | 195,648 | ||||||
Dollarama, Inc. | 15,096 | 702,893 | ||||||
Dorel Industries, Inc., Class B(b) | 14,254 | 142,980 | ||||||
Dream Industrial REIT | 19,588 | 217,025 | ||||||
Dream Office REIT | 10,921 | 187,580 | ||||||
DREAM Unlimited Corp. | 5,938 | 110,680 | ||||||
Dundee Precious Metals, Inc. | 16,876 | 121,405 | ||||||
ECN Capital Corp. | 22,028 | 147,546 | ||||||
Element Fleet Management Corp. | 58,891 | 720,460 | ||||||
Enerflex Ltd. | 17,010 | 113,382 | ||||||
Enerplus Corp. | 84,273 | 452,808 | ||||||
Equitable Group, Inc. | 1,822 | 197,588 | ||||||
Exchange Income Corp. | 6,762 | 211,787 | ||||||
Extendicare, Inc. | 19,628 | 124,610 | ||||||
Fiera Capital Corp. | 16,465 | 146,019 | ||||||
First Majestic Silver Corp.(b) | 5,381 | 81,445 | ||||||
FirstService Corp. | 1,444 | 234,359 | ||||||
Fortuna Silver Mines, Inc.(b) | 17,607 | 105,911 | ||||||
Freehold Royalties Ltd. | 21,598 | 141,330 | ||||||
GFL Environmental, Inc. | 7,701 | 253,528 | ||||||
Granite REIT | 6,867 | 439,249 | ||||||
Great Canadian Gaming Corp.(b) | 7,977 | 287,579 | ||||||
Home Capital Group, Inc.(b) | 12,802 | 338,105 | ||||||
IAMGOLD Corp.(b) | 163,825 | 511,370 | ||||||
IGM Financial, Inc. | 18,611 | 663,836 | ||||||
Innergex Renewable Energy, Inc. | 10,063 | 171,779 | ||||||
Interfor Corp.(b) | 15,166 | 402,758 | ||||||
InterRent REIT | 15,346 | 191,482 | ||||||
Intertape Polymer Group, Inc. | 11,777 | 289,590 | ||||||
Ivanhoe Mines Ltd., Class A(b) | 23,529 | 165,824 | ||||||
Kelt Exploration Ltd.(b) | 49,267 | 109,331 | ||||||
Killam Apartment REIT | 19,284 | 296,894 | ||||||
Kirkland Lake Gold Ltd. | 12,544 | 465,684 | ||||||
Labrador Iron Ore Royalty Corp. | 5,070 | 173,176 | ||||||
Laurentian Bank of Canada | 15,412 | 532,943 | ||||||
Maple Leaf Foods, Inc. | 19,156 | 441,762 | ||||||
Martinrea International, Inc. | 17,972 | 195,030 | ||||||
Morneau Shepell, Inc. | 7,081 | 177,860 | ||||||
Mullen Group Ltd. | 21,441 | 234,767 | ||||||
New Gold, Inc.(b) | 108,426 | 178,037 | ||||||
NFI Group, Inc. | 20,770 | 465,476 | ||||||
North West Co., Inc. (The) | 11,330 | 326,030 | ||||||
NorthWest Healthcare Properties REIT | 27,564 | 292,624 | ||||||
Osisko Gold Royalties Ltd. | 14,126 | 170,403 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Canada-(continued) | ||||||||
Pan American Silver Corp. | 13,939 | $ | 442,803 | |||||
Paramount Resources Ltd., Class A(b) | 16,562 | 154,015 | ||||||
Pason Systems, Inc. | 19,590 | 149,688 | ||||||
Peyto Exploration & Development Corp. | 38,384 | 167,240 | ||||||
PrairieSky Royalty Ltd. | 38,051 | 407,667 | ||||||
Precision Drilling Corp.(b) | 11,766 | 301,849 | ||||||
Premium Brands Holdings Corp. | 3,695 | 359,138 | ||||||
Pretium Resources, Inc.(b) | 19,117 | 200,618 | ||||||
Richelieu Hardware Ltd. | 4,808 | 167,823 | ||||||
Ritchie Bros. Auctioneers, Inc. | 8,778 | 557,919 | ||||||
Russel Metals, Inc. | 14,751 | 337,899 | ||||||
Sandstorm Gold Ltd.(b) | 15,308 | 113,236 | ||||||
Secure Energy Services, Inc. | 47,078 | 159,197 | ||||||
ShawCor Ltd. | 60,872 | 288,476 | ||||||
Shopify, Inc., Class A(b) | 311 | 366,794 | ||||||
Sienna Senior Living, Inc. | 18,096 | 215,352 | ||||||
Sierra Wireless, Inc.(b) | 7,483 | 113,443 | ||||||
Sleep Country Canada Holdings, Inc.(c) | 6,207 | 175,332 | ||||||
SSR Mining, Inc. | 18,571 | 294,521 | ||||||
Stantec, Inc. | 15,189 | 710,557 | ||||||
Stelco Holdings, Inc. | 7,007 | 176,627 | ||||||
Stella-Jones, Inc. | 10,240 | 427,846 | ||||||
Summit Industrial Income REIT | 10,904 | 138,361 | ||||||
SunOpta, Inc.(b) | 9,121 | 112,845 | ||||||
Superior Plus Corp. | 39,960 | 487,887 | ||||||
Tamarack Valley Energy Ltd.(b) | 64,361 | 134,456 | ||||||
Torex Gold Resources, Inc.(b) | 18,594 | 224,905 | ||||||
Toromont Industries Ltd. | 7,357 | 586,072 | ||||||
TransAlta Renewables, Inc.(a) | 11,232 | 177,765 | ||||||
Transcontinental, Inc., Class A | 18,377 | 347,762 | ||||||
Tricon Residential, Inc. | 27,173 | 288,031 | ||||||
Wajax Corp. | 6,714 | 110,517 | ||||||
Westshore Terminals Investment Corp. | 10,433 | 170,124 | ||||||
Winpak Ltd. | 4,175 | 144,846 | ||||||
WPT Industrial REIT | 6,562 | 109,717 | ||||||
|
| |||||||
33,371,687 | ||||||||
|
| |||||||
China-1.30% | ||||||||
Budweiser Brewing Co. APAC Ltd.(c) | 115,632 | 365,498 | ||||||
CapitaLand China Trust | 149,901 | 155,490 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 197,529 | 318,921 | ||||||
ESR Cayman Ltd.(b)(c) | 81,600 | 278,939 | ||||||
FIH Mobile Ltd.(a)(b) | 2,783,871 | 394,273 | ||||||
GCL New Energy Holdings Ltd.(b) | 2,468,000 | 72,767 | ||||||
Kerry Logistics Network Ltd. | 93,500 | 281,095 | ||||||
Lee & Man Paper Manufacturing Ltd. | 207,000 | 180,432 | ||||||
Minth Group Ltd. | 96,070 | 390,249 | ||||||
MMG Ltd.(b) | 487,102 | 317,341 | ||||||
Nexteer Automotive Group Ltd. | 189,842 | 212,895 | ||||||
Noble Group Ltd.(b)(d) | 760,360 | 0 | ||||||
SITC International Holdings Co. Ltd. | 113,068 | 431,638 | ||||||
Sun Art Retail Group Ltd. | 457,581 | 421,829 | ||||||
Uni-President China Holdings Ltd. | 192,880 | 234,927 | ||||||
VSTECS Holdings Ltd. | 154,000 | 152,476 | ||||||
Want Want China Holdings Ltd. | 768,000 | 556,705 | ||||||
Wharf Holdings Ltd. (The) | 151,000 | 458,822 | ||||||
|
| |||||||
5,224,297 | ||||||||
|
|
Shares | Value | |||||||
Colombia-0.16% | ||||||||
Gran Tierra Energy, Inc.(a)(b) | 212,348 | $ | 141,542 | |||||
Parex Resources, Inc.(b) | 25,901 | 487,407 | ||||||
|
| |||||||
628,949 | ||||||||
|
| |||||||
Denmark-1.30% | ||||||||
D/S Norden A/S | 7,981 | 206,319 | ||||||
Demant A/S(b) | 6,311 | 316,896 | ||||||
Dfds A/S(b) | 7,098 | 420,527 | ||||||
Drilling Co. of 1972 A/S (The)(a)(b) | 6,974 | 294,645 | ||||||
FLSmidth & Co. A/S | 14,287 | 563,372 | ||||||
Genmab A/S(b) | 1,066 | 391,705 | ||||||
GN Store Nord A/S | 4,272 | 386,148 | ||||||
H Lundbeck A/S | 7,554 | 233,309 | ||||||
Matas A/S(b) | 9,354 | 138,698 | ||||||
NKT A/S(b) | 4,747 | 197,636 | ||||||
Ringkjoebing Landbobank A/S | 1,447 | 147,566 | ||||||
Rockwool International A/S, Class B(a) | 704 | 316,465 | ||||||
Royal Unibrew A/S | 3,866 | 472,482 | ||||||
Scandinavian Tobacco Group A/S(c) | 12,231 | 222,934 | ||||||
Schouw & Co. A/S | 1,196 | 128,164 | ||||||
SimCorp A/S | 1,508 | 199,581 | ||||||
Sydbank A/S | 8,301 | 248,050 | ||||||
Topdanmark A/S | 7,482 | 365,764 | ||||||
|
| |||||||
5,250,261 | ||||||||
|
| |||||||
Egypt-0.13% | ||||||||
Centamin PLC | 340,915 | 506,944 | ||||||
|
| |||||||
Faroe Islands-0.08% | ||||||||
Bakkafrost P/F | 4,217 | 335,301 | ||||||
|
| |||||||
Finland-1.13% | ||||||||
Cargotec OYJ, Class B | 8,449 | 490,441 | ||||||
Citycon OYJ(a) | 16,541 | 145,358 | ||||||
Finnair OYJ(a)(b) | 305,287 | 264,677 | ||||||
Kemira OYJ | 20,320 | 332,428 | ||||||
Kojamo OYJ | 27,432 | 595,399 | ||||||
Konecranes OYJ | 13,585 | 626,671 | ||||||
Metsa Board OYJ | 25,529 | 325,450 | ||||||
Metso Outotec OYJ | 10,296 | 115,813 | ||||||
Neles OYJ | 19,321 | 281,778 | ||||||
Sanoma OYJ | 7,543 | 131,119 | ||||||
TietoEVRY OYJ | 16,366 | 567,401 | ||||||
Tokmanni Group Corp. | 7,656 | 197,229 | ||||||
Uponor OYJ | 8,686 | 253,459 | ||||||
YIT OYJ(a) | 33,439 | 207,308 | ||||||
|
| |||||||
4,534,531 | ||||||||
|
| |||||||
France-3.30% | ||||||||
Adevinta ASA, Class B(b) | 8,128 | 149,192 | ||||||
Albioma S.A. | 3,419 | 154,754 | ||||||
ALD S.A.(c) | 10,104 | 159,095 | ||||||
Alten S.A.(b) | 3,983 | 499,132 | ||||||
BioMerieux | 2,142 | 255,069 | ||||||
Bollore S.A. | 100,033 | 505,763 | ||||||
CGG S.A.(b) | 497,008 | 580,350 | ||||||
Cie Plastic Omnium S.A | 14,799 | 498,109 | ||||||
Coface S.A.(b) | 20,367 | 248,856 | ||||||
Dassault Aviation S.A.(b) | 389 | 424,260 | ||||||
Derichebourg S.A.(b) | 29,378 | 247,203 | ||||||
Elior Group S.A.(a)(b)(c) | 59,398 | 492,658 | ||||||
Eramet S.A.(b) | 2,948 | 212,751 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
France-(continued) | ||||||||
Fnac Darty S.A.(b) | 6,119 | $ | 432,019 | |||||
Gaztransport Et Technigaz S.A. | 2,156 | 184,403 | ||||||
Imerys S.A. | 10,150 | 528,332 | ||||||
Ipsen S.A. | 3,832 | 371,067 | ||||||
Ipsos | 4,565 | 190,139 | ||||||
JCDecaux S.A.(b) | 20,623 | 525,815 | ||||||
Kaufman & Broad S.A. | 2,196 | 99,926 | ||||||
La Francaise des Jeux SAEM(c) | 7,159 | 367,300 | ||||||
Lagardere S.C.A.(b) | 11,875 | 319,925 | ||||||
Maisons du Monde S.A.(b)(c) | 10,232 | 249,056 | ||||||
Mercialys S.A.(a) | 29,007 | 371,185 | ||||||
Metropole Television S.A.(b) | 10,297 | 229,070 | ||||||
Nexans S.A.(b) | 6,869 | 565,180 | ||||||
Nexity S.A. | 11,027 | 598,406 | ||||||
Quadient S.A. | 7,033 | 192,524 | ||||||
Remy Cointreau S.A. | 1,491 | 298,307 | ||||||
Sartorius Stedim Biotech | 310 | 142,554 | ||||||
SMCP S.A.(b)(c) | 17,807 | 145,230 | ||||||
Societe BIC S.A.(a) | 6,058 | 428,442 | ||||||
SOITEC(b) | 528 | 106,846 | ||||||
Sopra Steria Group SACA(b) | 2,475 | 461,212 | ||||||
Tarkett S.A.(b) | 8,103 | 195,576 | ||||||
Television Francaise 1(b) | 32,911 | 325,068 | ||||||
Trigano S.A. | 931 | 166,542 | ||||||
Vallourec S.A.(a)(b) | 9,306 | 303,142 | ||||||
Verallia S.A.(c) | 5,281 | 214,113 | ||||||
Vicat S.A. | 2,210 | 111,205 | ||||||
Virbac S.A.(b) | 431 | 140,086 | ||||||
Wendel SE | 4,425 | 589,679 | ||||||
|
| |||||||
13,279,541 | ||||||||
|
| |||||||
Germany-4.86% | ||||||||
1&1 Drillisch AG | 12,956 | 389,911 | ||||||
Aareal Bank AG(b) | 22,594 | 636,449 | ||||||
ADLER Group S.A.(a)(b)(c) | 9,627 | 284,857 | ||||||
ADVA Optical Networking SE(b) | 11,021 | 138,243 | ||||||
AIXTRON SE(b) | 4,872 | 104,190 | ||||||
alstria office REIT-AG | 34,630 | 620,729 | ||||||
Bechtle AG | 2,242 | 457,063 | ||||||
Bilfinger SE(a) | 10,086 | 377,359 | ||||||
CANCOM SE | 3,692 | 228,266 | ||||||
Carl Zeiss Meditec AG, BR | 1,280 | 225,814 | ||||||
CECONOMY AG(b) | 68,126 | 399,389 | ||||||
CompuGroup Medical SE & Co. KGaA | 1,097 | 100,495 | ||||||
CTS Eventim AG & Co. KGaA(b) | 3,859 | 267,022 | ||||||
Deutsche EuroShop AG(b) | 20,874 | 482,460 | ||||||
Deutsche Pfandbriefbank AG(b)(c) | 52,347 | 603,939 | ||||||
Deutz AG(b) | 31,454 | 255,395 | ||||||
DIC Asset AG | 9,678 | 172,659 | ||||||
Draegerwerk AG & Co. KGaA | 896 | 79,170 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 2,718 | 254,066 | ||||||
Duerr AG | 13,551 | 570,292 | ||||||
DWS Group GmbH & Co. KGaA(c) | 8,911 | 390,465 | ||||||
ElringKlinger AG(b) | 10,649 | 185,110 | ||||||
Encavis AG | 5,979 | 115,232 | ||||||
Evotec SE(b) | 3,368 | 140,404 | ||||||
Fielmann AG(b) | 2,749 | 209,476 | ||||||
Gerresheimer AG | 4,292 | 462,163 | ||||||
Grand City Properties S.A. | 22,574 | 607,624 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
GRENKE AG(a) | 5,618 | $ | 228,182 | |||||
Hamborner REIT AG | 10,267 | 112,644 | ||||||
Hamburger Hafen und Logistik AG | 4,447 | 109,636 | ||||||
Heidelberger Druckmaschinen AG(b) | 97,942 | 158,461 | ||||||
HelloFresh SE(b) | 1,572 | 130,574 | ||||||
Hornbach Baumarkt AG | 4,071 | 162,947 | ||||||
Hornbach Holding AG & Co. KGaA | 3,861 | 361,372 | ||||||
Instone Real Estate Group AG(b)(c) | 3,546 | 105,436 | ||||||
Jenoptik AG | 6,678 | 204,833 | ||||||
JOST Werke AG(b)(c) | 1,765 | 116,434 | ||||||
Jungheinrich AG, Preference Shares | 9,238 | 483,974 | ||||||
Just Eat Takeaway.com N.V.(b)(c) | 1,516 | 157,319 | ||||||
Kloeckner & Co. SE(b) | 27,868 | 378,752 | ||||||
Krones AG | 2,459 | 214,611 | ||||||
Leoni AG(a)(b) | 25,067 | 351,547 | ||||||
Nordex SE(b) | 11,626 | 336,729 | ||||||
Norma Group SE | 6,592 | 368,205 | ||||||
OSRAM Licht AG(b) | 4,222 | 264,541 | ||||||
PATRIZIA AG | 3,949 | 108,149 | ||||||
Puma SE(b) | 5,427 | 573,077 | ||||||
Rational AG | 145 | 121,069 | ||||||
SAF-Holland SE(b) | 15,400 | 253,236 | ||||||
Salzgitter AG(b) | 17,062 | 543,880 | ||||||
Sartorius AG, Preference Shares | 443 | 250,217 | ||||||
Schaeffler AG, Preference Shares | 49,240 | 444,267 | ||||||
Scout24 AG(c) | 4,902 | 407,997 | ||||||
Siltronic AG | 2,282 | 388,986 | ||||||
Sirius Real Estate Ltd. | 104,201 | 146,580 | ||||||
Software AG | 7,200 | 312,372 | ||||||
Softwareone Holding AG(b) | 12,571 | 325,974 | ||||||
Stabilus S.A. | 2,953 | 231,064 | ||||||
Stroeer SE & Co. KGaA | 2,962 | 252,984 | ||||||
Suedzucker AG | 31,522 | 516,828 | ||||||
Talanx AG | 11,460 | 483,948 | ||||||
Traton SE | 13,102 | 374,432 | ||||||
Wacker Chemie AG | 3,191 | 482,087 | ||||||
Wacker Neuson SE(b) | 6,960 | 187,510 | ||||||
zooplus AG(b) | 540 | 170,964 | ||||||
|
| |||||||
19,580,060 | ||||||||
|
| |||||||
Ghana-0.09% | ||||||||
Tullow Oil PLC(a)(b) | 491,318 | 368,018 | ||||||
|
| |||||||
Hong Kong-1.93% | ||||||||
ASM Pacific Technology Ltd. | 37,462 | 568,187 | ||||||
Bank of East Asia Ltd. (The) | 43,306 | 90,996 | ||||||
Brightoil Petroleum Holdings Ltd.(b)(d) | 160,687 | 0 | ||||||
Cafe de Coral Holdings Ltd. | 55,788 | 121,103 | ||||||
Cathay Pacific Airways Ltd.(b) | 301,767 | 266,144 | ||||||
CK Infrastructure Holdings Ltd. | 82,674 | 506,677 | ||||||
Cowell e Holdings, Inc. | 182,000 | 108,494 | ||||||
Dairy Farm International Holdings Ltd. | 66,611 | 290,424 | ||||||
Fortune REIT | 123,650 | 124,655 | ||||||
Guotai Junan International Holdings Ltd. | 540,290 | 98,085 | ||||||
Haitong International Securities Group Ltd.(a) | 527,950 | 166,538 | ||||||
Hang Lung Group Ltd. | 38,942 | 102,534 | ||||||
Hang Lung Properties Ltd. | 201,000 | 548,639 | ||||||
HKBN Ltd. | 96,167 | 140,904 | ||||||
Hongkong Land Holdings Ltd. | 105,712 | 523,274 | ||||||
Huabao International Holdings Ltd.(a) | 125,000 | 132,454 | ||||||
Hutchison Port Holdings Trust, Class U | 523,210 | 130,803 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Hysan Development Co. Ltd. | 55,000 | $ | 207,130 | |||||
Johnson Electric Holdings Ltd., H Shares | 43,829 | 116,812 | ||||||
JS Global Lifestyle Co. Ltd.(b)(c) | 65,500 | 197,760 | ||||||
Kerry Properties Ltd. | 106,085 | 357,858 | ||||||
Man Wah Holdings Ltd. | 85,703 | 180,303 | ||||||
Mapletree North Asia Commercial Trust(c) | 321,147 | 263,117 | ||||||
Melco International Development Ltd. | 140,482 | 280,355 | ||||||
NWS Holdings Ltd. | 222,176 | 245,723 | ||||||
Pacific Basin Shipping Ltd. | 604,484 | 212,472 | ||||||
PCCW Ltd. | 566,300 | 328,106 | ||||||
Sino Land Co. Ltd. | 196,000 | 291,217 | ||||||
Swire Properties Ltd. | 120,600 | 360,239 | ||||||
Value Partners Group Ltd. | 207,282 | 147,318 | ||||||
Vitasoy International Holdings Ltd.(a) | 46,153 | 178,566 | ||||||
VTech Holdings Ltd. | 26,934 | 247,082 | ||||||
Yue Yuen Industrial Holdings Ltd. | 101,288 | 254,301 | ||||||
|
| |||||||
7,788,270 | ||||||||
|
| |||||||
Indonesia-0.03% | ||||||||
First Resources Ltd. | 97,656 | 112,307 | ||||||
|
| |||||||
Iraq-0.03% | ||||||||
Gulf Keystone Petroleum Ltd.(b) | 45,363 | 111,420 | ||||||
|
| |||||||
Ireland-0.37% | ||||||||
C&C Group PLC(b) | 48,342 | 198,253 | ||||||
Dalata Hotel Group PLC(a)(b) | 29,933 | 162,510 | ||||||
Glanbia PLC(a) | 24,536 | 361,526 | ||||||
Greencore Group PLC(a)(b) | 114,633 | 251,881 | ||||||
Hibernia REIT PLC | 115,798 | 158,635 | ||||||
UDG Healthcare PLC | 29,726 | 352,717 | ||||||
|
| |||||||
1,485,522 | ||||||||
|
| |||||||
Israel-1.53% | ||||||||
Airport City Ltd.(b) | 8,700 | 144,850 | ||||||
Alony Hetz Properties & Investments Ltd. | 14,803 | 213,828 | ||||||
Amot Investments Ltd. | 20,676 | 135,466 | ||||||
Azrieli Group Ltd. | 4,804 | 338,451 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(b) | 372,353 | 406,066 | ||||||
Clal Insurance Enterprises Holdings Ltd.(b) | 7,396 | 133,287 | ||||||
Delek Group Ltd.(b) | 6,299 | 279,084 | ||||||
Elbit Systems Ltd. | 3,439 | 473,859 | ||||||
Fattal Holdings 1998 Ltd.(b) | 894 | 93,249 | ||||||
First International Bank of Israel Ltd.(b) | 7,509 | 229,899 | ||||||
Formula Systems 1985 Ltd. | 1,140 | 109,524 | ||||||
Gazit-Globe Ltd., (Acquired 03/17/2016 - 04/27/2021; Cost $137,583)(a)(e) | 15,957 | 104,302 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 13,009 | 136,774 | ||||||
ICL Group Ltd. | 90,282 | 580,381 | ||||||
Isracard Ltd. | 35,304 | 132,253 | ||||||
Israel Corp. Ltd. (The)(b) | 499 | 131,883 | ||||||
Melisron Ltd. | 3,236 | 196,155 | ||||||
Mivne Real Estate KD Ltd. | 77,649 | 213,793 | ||||||
Nice Ltd.(b) | 2,069 | 500,640 | ||||||
Phoenix Holdings Ltd. (The) | 18,441 | 164,319 | ||||||
Plus500 Ltd. | 22,877 | 449,776 | ||||||
Shikun & Binui Ltd.(b) | 27,595 | 186,245 | ||||||
Shufersal Ltd. | 26,391 | 214,165 |
Shares | Value | |||||||
Israel-(continued) | ||||||||
Strauss Group Ltd. | 4,324 | $ | 126,640 | |||||
Tower Semiconductor Ltd.(b) | 16,369 | 478,955 | ||||||
|
| |||||||
6,173,844 | ||||||||
|
| |||||||
Italy-3.17% | ||||||||
ACEA S.p.A | 12,116 | 275,515 | ||||||
Amplifon S.p.A.(a)(b) | 4,873 | 206,077 | ||||||
Anima Holding S.p.A.(c) | 78,299 | 405,585 | ||||||
ASTM S.p.A.(b) | 8,760 | 272,069 | ||||||
Autogrill S.p.A.(a)(b) | 75,016 | 621,655 | ||||||
Banca Generali S.p.A.(b) | 10,510 | 402,585 | ||||||
Banca Mediolanum S.p.A.(b) | 56,011 | 524,036 | ||||||
Banca Monte dei Paschi di Siena S.p.A.(a)(b) | 165,588 | 226,544 | ||||||
Banca Popolare di Sondrio SCPA(a)(b) | 50,664 | 213,463 | ||||||
BFF Bank S.p.A.(c) | 33,602 | 301,353 | ||||||
Buzzi Unicem S.p.A | 21,052 | 562,855 | ||||||
Cerved Group S.p.A.(b) | 36,223 | 425,370 | ||||||
Credito Valtellinese S.p.A. | 214 | 3,158 | ||||||
Danieli & C. Officine Meccaniche S.p.A.(a) | 2,963 | 72,764 | ||||||
Danieli & C. Officine Meccaniche S.p.A., RSP | 9,144 | 146,621 | ||||||
Davide Campari-Milano N.V.(a) | 31,811 | 375,742 | ||||||
De Longhi S.p.A | 8,316 | 364,193 | ||||||
DiaSorin S.p.A.(a) | 908 | 154,394 | ||||||
Enav S.p.A.(c) | 53,213 | 247,391 | ||||||
ERG S.p.A. | 10,219 | 305,819 | ||||||
Esprinet S.p.A.(b) | 16,685 | 271,153 | ||||||
Fincantieri S.p.A.(a)(b) | 117,116 | 90,512 | ||||||
Freni Brembo S.p.A.(b) | 26,098 | 325,478 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 18,473 | 215,707 | ||||||
Interpump Group S.p.A | 6,320 | 337,035 | ||||||
Iren S.p.A. | 159,923 | 477,438 | ||||||
Maire Tecnimont S.p.A.(a) | 85,459 | 273,855 | ||||||
MARR S.p.A.(b) | 8,054 | 180,432 | ||||||
Mediaset S.p.A.(a)(b) | 88,331 | 282,633 | ||||||
Moncler S.p.A.(b) | 8,627 | 529,853 | ||||||
Nexi S.p.A.(b)(c) | 17,766 | 340,904 | ||||||
OVS S.p.A.(a)(b)(c) | 98,229 | 198,539 | ||||||
Piaggio & C S.p.A | 40,325 | 156,601 | ||||||
PRADA S.p.A.(b) | 55,916 | 348,087 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A.(a) | 8,487 | 468,332 | ||||||
Reply S.p.A | 1,243 | 169,234 | ||||||
Salvatore Ferragamo S.p.A.(a)(b) | 11,266 | 241,675 | ||||||
Saras S.p.A.(a)(b) | 480,675 | 332,485 | ||||||
Societa Cattolica Di Assicurazione S.p.A.(a)(b) . | 38,307 | 227,619 | ||||||
Technogym S.p.A.(b)(c) | 9,569 | 128,439 | ||||||
Tods S.p.A.(a)(b) | 3,691 | 173,908 | ||||||
Unieuro S.p.A.(b)(c) | 15,145 | 441,204 | ||||||
UnipolSai Assicurazioni S.p.A | 98,700 | 307,256 | ||||||
Webuild S.p.A.(a) | 61,685 | 133,142 | ||||||
|
| |||||||
12,758,710 | ||||||||
|
| |||||||
Ivory Coast-0.06% | ||||||||
Endeavour Mining Corp | 10,895 | 226,632 | ||||||
|
| |||||||
Japan-26.32% | ||||||||
77 Bank Ltd. (The) | 9,029 | 113,085 | ||||||
ABC-Mart, Inc. | 4,729 | 253,096 | ||||||
Acom Co. Ltd. | 55,529 | 238,261 | ||||||
Activia Properties, Inc. | 47 | 216,715 | ||||||
Adastria Co. Ltd. | 10,155 | 171,782 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
ADEKA Corp. | 10,046 | $ | 195,672 | |||||
Advance Residence Investment Corp. | 75 | 239,124 | ||||||
Aeon Delight Co. Ltd. | 4,507 | 137,513 | ||||||
Aeon Mall Co. Ltd. | 32,671 | 518,288 | ||||||
AEON REIT Investment Corp. | 122 | 167,980 | ||||||
Aica Kogyo Co. Ltd. | 5,371 | 190,654 | ||||||
Aiful Corp. | 86,326 | 247,988 | ||||||
Ain Holdings, Inc.(a) | 4,899 | 272,055 | ||||||
Alfresa Holdings Corp. | 23,222 | 415,767 | ||||||
Alpen Co. Ltd. | 5,648 | 120,344 | ||||||
Amano Corp. | 8,994 | 244,300 | ||||||
Anritsu Corp. | 11,910 | 231,869 | ||||||
AOKI Holdings, Inc. | 15,934 | 88,340 | ||||||
Aoyama Trading Co. Ltd.(b) | 43,961 | 331,804 | ||||||
Arcland Sakamoto Co. Ltd. | 8,684 | 118,615 | ||||||
Arcs Co. Ltd. | 8,073 | 173,418 | ||||||
Ariake Japan Co. Ltd. | 1,884 | 109,105 | ||||||
As One Corp. | 808 | 100,903 | ||||||
Asahi Holdings, Inc.(a) | 12,462 | 252,877 | ||||||
Asahi Intecc Co. Ltd. | 4,481 | 120,608 | ||||||
ASKUL Corp. | 4,042 | 147,916 | ||||||
Autobacs Seven Co. Ltd. | 13,250 | 177,224 | ||||||
Avex, Inc.(a) | 12,030 | 164,098 | ||||||
Azbil Corp. | 11,721 | 473,966 | ||||||
Bank of Kyoto Ltd. (The)(a) | 6,663 | 357,213 | ||||||
Belc Co. Ltd. | 1,918 | 101,598 | ||||||
Bell System24 Holdings, Inc. | 5,856 | 88,345 | ||||||
Belluna Co. Ltd. | 14,540 | 154,173 | ||||||
Benesse Holdings, Inc.. | 25,575 | 564,590 | ||||||
Bic Camera, Inc. | 22,480 | 231,988 | ||||||
BML, Inc. | 2,815 | 97,477 | ||||||
Calbee, Inc. | 12,158 | 291,312 | ||||||
Canon Marketing Japan, Inc. | 9,767 | 235,630 | ||||||
Capcom Co. Ltd. | 6,586 | 213,900 | ||||||
Cawachi Ltd. | 4,240 | 91,158 | ||||||
Chiba Bank Ltd. (The) | 78,148 | 487,598 | ||||||
Chiyoda Corp.(b) | 51,094 | 237,462 | ||||||
Chugoku Electric Power Co., Inc. (The) | 46,646 | 520,636 | ||||||
Chugoku Marine Paints Ltd. | 13,377 | 120,424 | ||||||
Citizen Watch Co. Ltd.(a) | 101,080 | 339,384 | ||||||
CKD Corp. | 8,887 | �� | 187,326 | |||||
Coca-Cola Bottlers Japan Holdings, Inc.. | 25,646 | 409,426 | ||||||
cocokara fine, Inc | 2,619 | 177,308 | ||||||
Colowide Co. Ltd. | 10,322 | 173,379 | ||||||
Comforia Residential REIT, Inc. | 33 | 105,668 | ||||||
Concordia Financial Group Ltd. | 137,112 | 514,303 | ||||||
Cosmo Energy Holdings Co. Ltd. | 16,189 | 347,907 | ||||||
Cosmos Pharmaceutical Corp. | 2,094 | 300,580 | ||||||
Create SD Holdings Co. Ltd. | 3,934 | 119,310 | ||||||
CyberAgent, Inc. | 26,174 | 538,302 | ||||||
Daibiru Corp. | 8,016 | 93,504 | ||||||
Daicel Corp. | 79,158 | 611,944 | ||||||
Daido Steel Co. Ltd. | 4,415 | 209,228 | ||||||
Daihen Corp. | 3,837 | 167,795 | ||||||
Daiho Corp. | 5,102 | 184,606 | ||||||
Daiichikosho Co. Ltd. | 6,176 | 229,965 | ||||||
Daio Paper Corp. | 12,110 | 198,316 | ||||||
Daiseki Co. Ltd. | 4,938 | 185,675 | ||||||
Daiwa House REIT Investment Corp. | 123 | 329,823 | ||||||
Daiwa Office Investment Corp. | 20 | 144,733 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Daiwa Securities Living Investments Corp. | 118 | $ | 121,125 | |||||
Daiwabo Holdings Co. Ltd. | 26,686 | 417,240 | ||||||
DCM Holdings Co. Ltd. | 36,348 | 362,466 | ||||||
DeNA Co. Ltd.(b) | 14,336 | 292,871 | ||||||
Dexerials Corp. | 9,883 | 182,551 | ||||||
DIC Corp. | 14,944 | 381,854 | ||||||
DMG Mori Co. Ltd. | 34,367 | 554,312 | ||||||
Doutor Nichires Holdings Co. Ltd. | 8,520 | 126,898 | ||||||
Dowa Holdings Co. Ltd. | 9,418 | 392,901 | ||||||
DTS Corp. | 6,537 | 153,400 | ||||||
Duskin Co. Ltd. | 4,423 | 104,925 | ||||||
DyDo Group Holdings, Inc. | 2,880 | 133,586 | ||||||
Earth Corp. | 2,737 | 150,991 | ||||||
EDION Corp.(a) | 20,447 | 217,181 | ||||||
Elecom Co. Ltd. | 4,442 | 93,469 | ||||||
Exedy Corp. | 16,031 | 229,674 | ||||||
Ezaki Glico Co. Ltd. | 7,594 | 283,807 | ||||||
Fancl Corp. | 3,485 | 113,823 | ||||||
FCC Co. Ltd. | 10,666 | 171,448 | ||||||
Financial Products Group Co.,Ltd. | 19,284 | 127,907 | ||||||
Food & Life Cos. Ltd. | 5,315 | 237,535 | ||||||
FP Corp. | 5,544 | 215,308 | ||||||
Frontier Real Estate Investment Corp. | 32 | 139,939 | ||||||
Fuji Corp. | 13,061 | 347,839 | ||||||
Fuji Media Holdings, Inc. | 24,204 | 293,181 | ||||||
Fuji Oil Holdings, Inc.(a) | 7,852 | 202,217 | ||||||
Fuji Seal International, Inc. | 6,394 | 141,972 | ||||||
Fuji Soft, Inc. | 3,595 | 180,235 | ||||||
Fujikura Ltd.(b) | 113,082 | 582,454 | ||||||
Fujitec Co. Ltd. | 6,100 | 137,844 | ||||||
Fujitsu General Ltd | 8,304 | 220,316 | ||||||
Fukuoka Financial Group, Inc.(a) | 29,886 | 508,558 | ||||||
Fukuoka REIT Corp. | 68 | 111,483 | ||||||
Fukuyama Transporting Co. Ltd.. | 2,471 | 94,608 | ||||||
Fuyo General Lease Co. Ltd. | 1,974 | 131,293 | ||||||
Geo Holdings Corp. | 10,478 | 108,610 | ||||||
GLOBERIDE, Inc. | 2,726 | 107,738 | ||||||
Glory Ltd. | 9,079 | 194,778 | ||||||
GLP J-REIT | 155 | 259,787 | ||||||
GMO internet, Inc.(a) | 5,069 | 150,950 | ||||||
GOLDWIN, Inc. | 1,918 | 114,583 | ||||||
GungHo Online Entertainment, Inc. | 6,443 | 122,842 | ||||||
Gunma Bank Ltd. (The) | 43,536 | 142,193 | ||||||
Gunze Ltd. | 2,766 | 97,932 | ||||||
H.I.S. Co. Ltd.(a)(b) | 15,060 | 310,004 | ||||||
H.U. Group Holdings, Inc. | 15,001 | 490,632 | ||||||
H2O Retailing Corp.(a) | 25,123 | 196,056 | ||||||
Hachijuni Bank Ltd. (The) | 54,171 | 184,857 | ||||||
Hakuhodo DY Holdings, Inc.(a) | 25,444 | 428,548 | ||||||
Hamamatsu Photonics KK | 6,472 | 375,394 | ||||||
Hanwa Co. Ltd. | 7,195 | 213,602 | ||||||
Hazama Ando Corp. | 31,574 | 240,622 | ||||||
Heiwa Corp. | 11,185 | 189,410 | ||||||
Heiwa Real Estate Co. Ltd. | 4,860 | 165,179 | ||||||
Heiwado Co. Ltd. | 5,186 | 105,376 | ||||||
Hikari Tsushin, Inc. | 2,740 | 550,983 | ||||||
Hirata Corp. | 1,717 | 112,943 | ||||||
Hirogin Holdings, Inc. | 20,298 | 111,977 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(a) | 5,759 | 335,092 | ||||||
Hitachi Transport System Ltd. | 9,115 | 283,111 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Hitachi Zosen Corp. | 73,983 | $ | 559,077 | |||||
Hogy Medical Co. Ltd. | 4,333 | 130,817 | ||||||
Hokkaido Electric Power Co., Inc. | 50,524 | 239,897 | ||||||
Hokuetsu Corp. | 22,020 | 113,822 | ||||||
Hokuhoku Financial Group, Inc. | 12,039 | 101,220 | ||||||
Hokuriku Electric Power Co. | 23,787 | 144,065 | ||||||
Hokuto Corp. | 4,894 | 88,966 | ||||||
Horiba Ltd. | 7,304 | 475,106 | ||||||
Hoshizaki Corp. | 5,581 | 495,272 | ||||||
Hosiden Corp. | 17,133 | 162,544 | ||||||
House Foods Group, Inc. | 6,887 | 213,909 | ||||||
Hulic Reit, Inc. | 77 | 122,997 | ||||||
Ibiden Co. Ltd. | 12,859 | 609,392 | ||||||
IDOM, Inc. | 23,807 | 137,870 | ||||||
Inaba Denki Sangyo Co. Ltd. | 6,063 | 141,778 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 73 | 132,302 | ||||||
Internet Initiative Japan, Inc. | 8,530 | 190,180 | ||||||
Invesco Office J-Reit, Inc.(f) | 666 | 122,958 | ||||||
Invincible Investment Corp. | 443 | 159,076 | ||||||
IRISO Electronics Co. Ltd. | 2,457 | 116,213 | ||||||
Ito En Ltd.(a) | 7,077 | 391,710 | ||||||
Itochu Techno-Solutions Corp. | 11,768 | 408,039 | ||||||
Itoham Yonekyu Holdings, Inc. | 16,667 | 107,195 | ||||||
Iyo Bank Ltd. (The) | 22,765 | 125,379 | ||||||
Izumi Co. Ltd. | 7,711 | 306,521 | ||||||
JAFCO Group Co. Ltd. | 4,487 | 322,655 | ||||||
Japan Airport Terminal Co. Ltd.(a) | 5,793 | 260,223 | ||||||
Japan Aviation Electronics Industry Ltd. | 14,954 | 267,190 | ||||||
Japan Display, Inc.(b) | 316,210 | 133,074 | ||||||
Japan Excellent, Inc. | 114 | 159,468 | ||||||
Japan Hotel REIT Investment Corp. | 365 | 209,039 | ||||||
Japan Lifeline Co. Ltd. | 9,556 | 134,635 | ||||||
Japan Logistics Fund, Inc. | 43 | 123,133 | ||||||
Japan Petroleum Exploration Co. Ltd. | 8,713 | 161,817 | ||||||
Japan Prime Realty Investment Corp. | 60 | 243,996 | ||||||
Japan Real Estate Investment Corp. | 79 | 490,023 | ||||||
Japan Steel Works Ltd. (The) | 13,451 | 326,353 | ||||||
Jeol Ltd. | 3,204 | 180,272 | ||||||
JVCKenwood Corp. | 74,148 | 160,771 | ||||||
Kadokawa Corp.(a) | 4,574 | 182,240 | ||||||
Kagome Co. Ltd. | 9,553 | 273,992 | ||||||
Kakaku.com, Inc. | 5,944 | 161,508 | ||||||
Kaken Pharmaceutical Co. Ltd. | 8,038 | 330,918 | ||||||
Kamigumi Co. Ltd. | 26,865 | 522,283 | ||||||
Kanamoto Co. Ltd.(a) | 6,967 | 170,630 | ||||||
Kandenko Co. Ltd. | 22,388 | 191,303 | ||||||
Kaneka Corp. | 9,592 | 373,395 | ||||||
Kanematsu Corp. | 9,329 | 122,902 | ||||||
Kanto Denka Kogyo Co. Ltd. | 13,391 | 105,481 | ||||||
Keihan Holdings Co. Ltd. | 8,060 | 293,848 | ||||||
Keikyu Corp. | 23,930 | 306,062 | ||||||
Kenedix Office Investment Corp.(a) | 32 | 235,964 | ||||||
Kenedix Residential Next Investment Corp. | 57 | 117,749 | ||||||
Kenedix Retail REIT Corp. | 45 | 115,191 | ||||||
Kewpie Corp. | 15,346 | 362,784 | ||||||
KH Neochem Co. Ltd. | 5,861 | 139,521 | ||||||
Kinden Corp. | 19,235 | 326,962 | ||||||
Kintetsu World Express, Inc. | 11,457 | 276,192 | ||||||
Kissei Pharmaceutical Co. Ltd. | 4,763 | 96,650 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
KNT-CT Holdings Co. Ltd.(a)(b) | 10,298 | $ | 97,322 | |||||
Kobayashi Pharmaceutical Co. Ltd. | 3,571 | 318,533 | ||||||
Koei Tecmo Holdings Co. Ltd. | 3,327 | 148,688 | ||||||
Kohnan Shoji Co. Ltd. | 11,989 | 324,226 | ||||||
KOKUYO Co. Ltd. | 14,033 | 216,712 | ||||||
Komeri Co. Ltd. | 9,206 | 236,583 | ||||||
Konami Holdings Corp.(a) | 7,768 | 463,358 | ||||||
Kose Corp. | 2,210 | 332,799 | ||||||
Kumagai Gumi Co. Ltd. | 7,671 | 213,347 | ||||||
Kumiai Chemical Industry Co. Ltd.(a) | 13,703 | 111,324 | ||||||
Kureha Corp. | 4,943 | 334,643 | ||||||
Kusuri no Aoki Holdings Co. Ltd.(a) | 1,837 | 129,072 | ||||||
KYB Corp.(b) | 4,646 | 124,369 | ||||||
KYORIN Holdings, Inc. | 7,121 | 124,628 | ||||||
Kyoritsu Maintenance Co. Ltd. | 4,733 | 150,254 | ||||||
Kyowa Exeo Corp. | 19,468 | 517,757 | ||||||
Kyudenko Corp. | 5,696 | 198,022 | ||||||
Kyushu Financial Group, Inc. | 32,835 | 127,669 | ||||||
LaSalle Logiport REIT | 63 | 102,305 | ||||||
Leopalace21 Corp.(b) | 235,584 | 325,449 | ||||||
Life Corp. | 7,370 | 240,374 | ||||||
Lintec Corp. | 7,875 | 171,686 | ||||||
M3, Inc. | 3,208 | 222,378 | ||||||
Mabuchi Motor Co. Ltd. | 10,245 | 410,062 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 7,411 | 149,637 | ||||||
Maeda Corp. | 18,916 | 161,462 | ||||||
Maeda Road Construction Co. Ltd. | 12,110 | 232,661 | ||||||
Makino Milling Machine Co. Ltd. | 6,899 | 260,042 | ||||||
Mandom Corp. | 8,221 | 153,883 | ||||||
Maruha Nichiro Corp., Class C | 7,728 | 176,612 | ||||||
Maruichi Steel Tube Ltd. | 16,503 | 413,236 | ||||||
Matsui Securities Co. Ltd. | 15,458 | 121,198 | ||||||
Maxell Holdings Ltd.(b) | 10,345 | 121,806 | ||||||
MCJ Co. Ltd. | 14,528 | 132,115 | ||||||
Mebuki Financial Group, Inc. | 238,830 | 520,027 | ||||||
Medipal Holdings Corp. | 26,352 | 484,102 | ||||||
Megmilk Snow Brand Co. Ltd. | 8,130 | 162,816 | ||||||
Meidensha Corp. | 14,359 | 304,770 | ||||||
Meitec Corp. | 3,715 | 206,304 | ||||||
Menicon Co. Ltd. | 1,616 | 98,464 | ||||||
Mirait Holdings Corp. | 13,766 | 222,412 | ||||||
Mitsubishi Logistics Corp. | 11,090 | 329,235 | ||||||
Mitsui E&S Holdings Co. Ltd.(b) | 70,474 | 344,295 | ||||||
Miura Co. Ltd. | 4,706 | 246,699 | ||||||
Mixi, Inc. | 15,852 | 406,506 | ||||||
Mizuho Leasing Co. Ltd. | 3,666 | 109,505 | ||||||
Modec, Inc. | 7,030 | 134,355 | ||||||
Monex Group, Inc.(a) | 14,561 | 112,699 | ||||||
Mori Hills REIT Investment Corp. | 99 | 143,738 | ||||||
Mori Trust Sogo Reit, Inc. | 82 | 118,156 | ||||||
Morinaga & Co. Ltd. | 6,477 | 215,693 | ||||||
Morinaga Milk Industry Co. Ltd. | 7,503 | 410,484 | ||||||
MOS Food Services, Inc. | 3,486 | 95,422 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 11,735 | 204,951 | ||||||
Nachi-Fujikoshi Corp. | 2,914 | 111,169 | ||||||
Nagoya Railroad Co. Ltd.(b) | 21,404 | 490,723 | ||||||
Nankai Electric Railway Co. Ltd.(a) | 9,987 | 220,380 | ||||||
NEC Networks & System Integration Corp. | 11,020 | 189,842 | ||||||
NET One Systems Co. Ltd. | 8,824 | 289,814 | ||||||
Nexon Co. Ltd. | 15,485 | 513,546 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
NHK Spring Co. Ltd. | 20,346 | $ | 150,401 | |||||
Nichias Corp. | 6,976 | 181,955 | ||||||
Nichicon Corp.. | 15,312 | 150,451 | ||||||
Nichiha Corp | 3,802 | 110,263 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 19,987 | 167,861 | ||||||
Nifco, Inc. | 11,980 | 408,814 | ||||||
Nihon Kohden Corp. | 11,373 | 343,880 | ||||||
Nihon M&A Center, Inc. | 4,378 | 114,712 | ||||||
Nihon Unisys Ltd. | 10,124 | 320,934 | ||||||
Nikkiso Co. Ltd. | 12,506 | 128,487 | ||||||
Nikkon Holdings Co. Ltd. | 6,049 | 126,564 | ||||||
Nippo Corp. | 7,222 | 189,098 | ||||||
Nippon Accommodations Fund, Inc. | 26 | 154,375 | ||||||
Nippon Building Fund, Inc. | 84 | 551,777 | ||||||
Nippon Carbon Co. Ltd. | 2,726 | 114,347 | ||||||
Nippon Chemi-Con Corp.(b) | 8,164 | 128,318 | ||||||
Nippon Denko Co. Ltd. | 35,742 | 120,661 | ||||||
Nippon Gas Co. Ltd. | 16,009 | 281,499 | ||||||
Nippon Kayaku Co. Ltd. | 30,526 | 282,625 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 11,004 | 214,432 | ||||||
Nippon Paint Holdings Co. Ltd. | 29,786 | 425,651 | ||||||
Nippon Paper Industries Co. Ltd. | 26,554 | 326,019 | ||||||
Nippon Prologis REIT, Inc. | 83 | 266,529 | ||||||
NIPPON REIT Investment Corp. | 31 | 120,251 | ||||||
Nippon Sanso Holdings Corp. | 26,804 | 503,686 | ||||||
Nippon Sheet Glass Co. Ltd.(a)(b) | 53,321 | 351,229 | ||||||
Nippon Shinyaku Co. Ltd.(a) | 3,783 | 254,727 | ||||||
Nippon Shokubai Co. Ltd. | 6,154 | 323,169 | ||||||
Nippon Soda Co. Ltd. | 3,334 | 96,843 | ||||||
Nippon Steel Trading Corp. | 2,831 | 99,974 | ||||||
Nippon Suisan Kaisha Ltd. | 85,518 | 399,796 | ||||||
Nippon Television Holdings, Inc. | 10,649 | 139,317 | ||||||
Nippon Thompson Co. Ltd. | 22,126 | 130,969 | ||||||
Nipro Corp. | 21,954 | 264,320 | ||||||
Nishimatsu Construction Co. Ltd. | 18,300 | 486,192 | ||||||
Nishimatsuya Chain Co. Ltd. | 9,037 | 141,708 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 4,566 | 117,842 | ||||||
Nishio Rent All Co. Ltd. | 4,212 | 116,181 | ||||||
Nissha Co. Ltd. | 9,011 | 105,687 | ||||||
Nisshin Seifun Group, Inc. | 30,592 | 493,144 | ||||||
Nisshinbo Holdings, Inc. | 35,524 | 270,724 | ||||||
Nissin Electric Co. Ltd. | 11,093 | 122,291 | ||||||
Nitto Boseki Co. Ltd. | 4,085 | 143,884 | ||||||
Noevir Holdings Co. Ltd. | 2,222 | 97,881 | ||||||
NOF Corp. | 6,691 | 353,817 | ||||||
Nojima Corp. | 5,296 | 132,079 | ||||||
NOK Corp. | 19,842 | 254,503 | ||||||
Nomura Co. Ltd. | 15,271 | 111,069 | ||||||
Nomura Real Estate Master Fund, Inc. | 338 | 534,343 | ||||||
Nomura Research Institute Ltd. | 16,911 | 520,612 | ||||||
NS Solutions Corp. | 5,923 | 179,091 | ||||||
NSD Co. Ltd. | 6,990 | 113,894 | ||||||
NTT UD REIT Investment Corp.(a) | 96 | 142,456 | ||||||
Obic Co. Ltd. | 2,302 | 445,005 | ||||||
Oki Electric Industry Co. Ltd.(a) | 25,668 | 271,228 | ||||||
Okinawa Electric Power Co., Inc. (The) | 10,295 | 136,476 | ||||||
OKUMA Corp. | 7,111 | 383,183 | ||||||
Okumura Corp. | 3,870 | 96,799 | ||||||
Onward Holdings Co. Ltd. | 53,986 | 148,171 | ||||||
Open House Co. Ltd. | 9,230 | 383,792 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Oracle Corp. Japan | 2,475 | $ | 232,091 | |||||
Orient Corp. | 118,011 | 160,868 | ||||||
ORIX JREIT, Inc. | 182 | 321,025 | ||||||
OSG Corp. | 12,510 | 208,185 | ||||||
Outsourcing, Inc. | 17,601 | 270,686 | ||||||
Paltac Corp. | 3,970 | 206,663 | ||||||
Paramount Bed Holdings Co. Ltd. | 4,520 | 89,734 | ||||||
Park24 Co. Ltd.(b) | 21,961 | 424,131 | ||||||
Pasona Group, Inc. | 7,124 | 127,418 | ||||||
Penta-Ocean Construction Co. Ltd. | 71,458 | 556,994 | ||||||
Persol Holdings Co. Ltd. | 28,240 | 519,045 | ||||||
Pigeon Corp. | 7,075 | 239,814 | ||||||
Pilot Corp. | 4,527 | 144,128 | ||||||
Pola Orbis Holdings, Inc. | 11,809 | 306,069 | ||||||
Prima Meat Packers Ltd. | 5,945 | 187,642 | ||||||
Raito Kogyo Co. Ltd. | 8,212 | 131,927 | ||||||
Relia, Inc. | 9,026 | 107,514 | ||||||
Relo Group, Inc. | 9,935 | 204,508 | ||||||
Rengo Co. Ltd. | 44,556 | 369,720 | ||||||
Resorttrust, Inc. | 16,132 | 257,097 | ||||||
Rinnai Corp. | 5,348 | 537,222 | ||||||
Rohto Pharmaceutical Co. Ltd. | 12,299 | 315,394 | ||||||
Round One Corp. | 14,994 | 165,708 | ||||||
Royal Holdings Co. Ltd.(a)(b) | 7,282 | 126,513 | ||||||
Saizeriya Co. Ltd. | 5,974 | 130,952 | ||||||
Sakata Seed Corp. | 3,432 | 121,041 | ||||||
SAMTY Co. Ltd. | 8,380 | 153,332 | ||||||
San-A Co. Ltd. | 2,445 | 93,724 | ||||||
Sanken Electric Co. Ltd.(b) | 4,381 | 204,411 | ||||||
Sanki Engineering Co. Ltd. | 10,645 | 135,369 | ||||||
Sankyo Co. Ltd. | 14,439 | 373,045 | ||||||
Sankyu, Inc. | 8,016 | 341,746 | ||||||
Sanoh Industrial Co. Ltd.(a) | 12,357 | 130,573 | ||||||
Sanrio Co. Ltd.(b) | 8,419 | 136,331 | ||||||
Sanwa Holdings Corp. | 28,105 | 362,289 | ||||||
Sanyo Chemical Industries Ltd. | 3,288 | 156,120 | ||||||
Sapporo Holdings Ltd.(a) | 14,761 | 293,586 | ||||||
Sawai Group Holdings Co. Ltd. | 8,119 | 390,704 | ||||||
SBS Holdings, Inc. | 4,342 | 106,618 | ||||||
SCREEN Holdings Co. Ltd.(a) | 5,224 | 499,913 | ||||||
SCSK Corp. | 5,405 | 313,505 | ||||||
Seiko Holdings Corp. | 8,172 | 143,994 | ||||||
Seino Holdings Co. Ltd. | 26,958 | 370,440 | ||||||
Sekisui House Reit, Inc.(a) | 243 | 202,305 | ||||||
Senko Group Holdings Co. Ltd. | 14,160 | 130,194 | ||||||
Seven Bank Ltd. | 186,650 | 401,288 | ||||||
Shibaura Machine Co. Ltd. | 6,047 | 144,280 | ||||||
Shikoku Electric Power Co., Inc. | 33,008 | 241,585 | ||||||
Shima Seiki Manufacturing Ltd. | 5,335 | 107,232 | ||||||
Shinko Electric Industries Co. Ltd. | 6,498 | 209,853 | ||||||
Shinmaywa Industries Ltd. | 16,489 | 147,534 | ||||||
Ship Healthcare Holdings, Inc. | 13,906 | 364,364 | ||||||
Shizuoka Bank Ltd. (The) | 68,556 | 524,966 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,886 | 162,117 | ||||||
Shochiku Co. Ltd.(b) | 1,071 | 120,127 | ||||||
Siix Corp. | 7,163 | 95,612 | ||||||
SKY Perfect JSAT Holdings, Inc. | 39,419 | 165,531 | ||||||
Sohgo Security Services Co. Ltd. | 6,899 | 302,330 | ||||||
Sotetsu Holdings, Inc. | 8,626 | 175,037 | ||||||
Square Enix Holdings Co. Ltd. | 6,990 | 388,813 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Star Micronics Co. Ltd. | 7,286 | $ | 109,918 | |||||
Starts Corp., Inc. | 5,039 | 123,180 | ||||||
Sugi Holdings Co. Ltd. | 5,732 | 440,500 | ||||||
Sumitomo Bakelite Co. Ltd. | 5,659 | 228,835 | ||||||
Sumitomo Dainippon Pharma Co. Ltd.(a) | 35,347 | 612,804 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 27,402 | 116,823 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 8,708 | 276,046 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 8,277 | 106,998 | ||||||
Sundrug Co. Ltd. | 12,885 | 439,107 | ||||||
Suruga Bank Ltd.(a) | 96,096 | 343,749 | ||||||
Suzuken Co. Ltd. | 9,894 | 356,186 | ||||||
SWCC Showa Holdings Co. Ltd. | 8,343 | 120,827 | ||||||
Tadano Ltd. | 18,612 | 189,006 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 5,170 | 304,605 | ||||||
Taiyo Holdings Co. Ltd. | 2,425 | 117,362 | ||||||
Takaoka Toko Co. Ltd. | 6,562 | 89,931 | ||||||
Takara Holdings, Inc. | 18,834 | 242,780 | ||||||
Takasago Thermal Engineering Co. Ltd. | 6,861 | 103,256 | ||||||
Takashimaya Co. Ltd. | 55,734 | 613,913 | ||||||
Takeuchi Manufacturing Co. Ltd. | 6,655 | 179,305 | ||||||
Takuma Co. Ltd. | 11,261 | 230,876 | ||||||
Tamura Corp. | 22,933 | 106,163 | ||||||
TBS Holdings, Inc. | 10,520 | 204,808 | ||||||
TechnoPro Holdings, Inc. | 3,224 | 236,848 | ||||||
T-Gaia Corp. | 5,524 | 94,606 | ||||||
TKC Corp. | 3,440 | 108,105 | ||||||
Toagosei Co. Ltd. | 10,826 | 121,329 | ||||||
Tocalo Co. Ltd. | 8,260 | 112,219 | ||||||
Toda Corp. | 22,575 | 160,889 | ||||||
Toei Co. Ltd. | 804 | 179,182 | ||||||
Toho Co. Ltd. | 14,928 | 594,088 | ||||||
Toho Holdings Co. Ltd. | 5,754 | 97,071 | ||||||
Toho Zinc Co. Ltd.(a) | 7,138 | 148,892 | ||||||
Tokai Carbon Co. Ltd. | 34,250 | 557,125 | ||||||
Tokai Rika Co. Ltd. | 8,981 | 145,103 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 46,757 | 175,384 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 4,438 | 294,770 | ||||||
Tokyo Seimitsu Co. Ltd. | 5,909 | 279,489 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 26,618 | 257,888 | ||||||
Tokyo Tatemono Co. Ltd. | 32,512 | 479,775 | ||||||
Tokyu REIT, Inc. | 61 | 103,634 | ||||||
Tomy Co. Ltd. | 22,221 | 190,689 | ||||||
Topcon Corp. | 22,505 | 307,191 | ||||||
Topre Corp. | 7,223 | 96,412 | ||||||
Toshiba TEC Corp. | 5,884 | 234,703 | ||||||
Towa Pharmaceutical Co. Ltd. | 4,861 | 100,595 | ||||||
Toyo Construction Co. Ltd. | 19,095 | 102,196 | ||||||
Toyo Seikan Group Holdings Ltd. | 28,574 | 334,089 | ||||||
Toyo Tire Corp. | 27,194 | 498,078 | ||||||
Toyobo Co. Ltd. | 19,316 | 233,619 | ||||||
Toyoda Gosei Co. Ltd. | 16,862 | 411,889 | ||||||
Toyota Boshoku Corp. | 21,713 | 404,443 | ||||||
Transcosmos, Inc. | 6,199 | 176,944 | ||||||
Trusco Nakayama Corp. | 5,725 | 147,911 | ||||||
TS Tech Co. Ltd. | 17,246 | 240,297 | ||||||
Tsubaki Nakashima Co. Ltd. | 14,553 | 216,887 | ||||||
Tsubakimoto Chain Co. | 3,854 | 103,309 | ||||||
Tsumura & Co. | 8,019 | 267,043 | ||||||
TV Asahi Holdings Corp. | 6,836 | 124,956 | ||||||
Uchida Yoko Co. Ltd. | 3,122 | 133,671 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Ulvac, Inc. | 9,546 | $ | 436,668 | |||||
United Arrows Ltd.(b) | 10,764 | 188,288 | ||||||
United Super Markets Holdings, Inc. | 13,229 | 133,736 | ||||||
United Urban Investment Corp. | 257 | 384,189 | ||||||
Unitika Ltd.(b) | 25,111 | 87,528 | ||||||
Ushio, Inc. | 30,344 | 402,255 | ||||||
USS Co. Ltd. | 21,359 | 387,102 | ||||||
V Technology Co. Ltd. | 1,918 | 97,036 | ||||||
Valor Holdings Co. Ltd., Class C | 7,956 | 170,104 | ||||||
Wacoal Holdings Corp. | 5,986 | 134,884 | ||||||
Wacom Co. Ltd. | 15,750 | 101,009 | ||||||
Welcia Holdings Co. Ltd. | 12,335 | 384,816 | ||||||
Yamaguchi Financial Group, Inc. | 25,574 | 150,910 | ||||||
Yamato Kogyo Co. Ltd. | 6,007 | 180,806 | ||||||
Yamazaki Baking Co. Ltd. | 26,050 | 412,539 | ||||||
Yaoko Co. Ltd. | 4,459 | 284,335 | ||||||
Yellow Hat Ltd. | 8,017 | 134,735 | ||||||
Yokogawa Bridge Holdings Corp. | 7,902 | 148,852 | ||||||
Yoshinoya Holdings Co. Ltd.(b) | 11,540 | 213,475 | ||||||
Yurtec Corp. | 15,952 | 113,833 | ||||||
Zenkoku Hosho Co. Ltd. | 5,349 | 240,033 | ||||||
Zensho Holdings Co. Ltd.(a) | 15,980 | 400,578 | ||||||
Zeon Corp. | 29,259 | 466,302 | ||||||
ZOZO, Inc. | 3,547 | 119,742 | ||||||
|
| |||||||
105,969,606 | ||||||||
|
| |||||||
Jordan-0.15% | ||||||||
Hikma Pharmaceuticals PLC | 17,839 | 602,656 | ||||||
|
| |||||||
Luxembourg-0.29% | ||||||||
Eurofins Scientific SE(b) | 5,756 | 570,609 | ||||||
RTL Group S.A.(b) | 9,889 | 582,363 | ||||||
|
| |||||||
1,152,972 | ||||||||
|
| |||||||
Macau-0.28% | ||||||||
MGM China Holdings Ltd. | 90,905 | 150,048 | ||||||
SJM Holdings Ltd. | 344,158 | 446,656 | ||||||
Wynn Macau Ltd.(b) | 287,314 | 552,666 | ||||||
|
| |||||||
1,149,370 | ||||||||
|
| |||||||
Mexico-0.06% | ||||||||
Fresnillo PLC | 22,802 | 260,015 | ||||||
|
| |||||||
Netherlands-1.84% | ||||||||
Accell Group N.V.(b) | 4,280 | 221,032 | ||||||
Adyen N.V.(b)(c) | 128 | 314,568 | ||||||
AMG Advanced Metallurgical Group N.V. | 3,912 | 150,320 | ||||||
Arcadis N.V.(b) | 15,214 | 641,012 | ||||||
Argenx SE(b) | 445 | 128,780 | ||||||
ASM International N.V. | 1,850 | 563,216 | ||||||
Basic-Fit N.V.(b)(c) | 3,100 | 140,016 | ||||||
BE Semiconductor Industries N.V. | 4,661 | 377,727 | ||||||
Boskalis Westminster(b) | 13,308 | 425,176 | ||||||
Corbion N.V. | 5,494 | 322,219 | ||||||
Eurocommercial Properties N.V., CVA(b) | 13,988 | 362,370 | ||||||
Euronext N.V.(c) | 3,504 | 353,057 | ||||||
Euronext N.V., Rts., expiring 05/10/2021(b) | 3,504 | 41,127 | ||||||
Flow Traders(a)(c) | 4,114 | 170,067 | ||||||
Fugro N.V., CVA(b) | 25,502 | 266,163 | ||||||
Heijmans N.V., CVA | 6,833 | 109,400 | ||||||
IMCD N.V.(a) | 3,688 | 536,972 | ||||||
Intertrust N.V.(b)(c) | 7,176 | 133,033 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
JDE Peet’s N.V.(b) | 9,756 | $ | 379,575 | |||||
Koninklijke BAM Groep N.V.(b) | 164,804 | 457,490 | ||||||
OCI N.V.(a)(b) | 16,811 | 392,802 | ||||||
Sligro Food Group N.V.(b) | 4,984 | 158,393 | ||||||
TKH Group N.V., CVA | 5,851 | 280,047 | ||||||
TomTom N.V.(b) | 15,196 | 133,630 | ||||||
Van Lanschot Kempen N.V.(b) | 4,754 | 139,352 | ||||||
Wereldhave N.V.(a) | 11,662 | 201,877 | ||||||
|
| |||||||
7,399,421 | ||||||||
|
| |||||||
New Zealand-0.74% | ||||||||
a2 Milk Co. Ltd. (The)(b) | 23,249 | 127,611 | ||||||
Air New Zealand Ltd.(b) | 145,008 | 181,035 | ||||||
Auckland International Airport Ltd.(b) | 118,635 | 646,066 | ||||||
Chorus Ltd. | 52,995 | 258,182 | ||||||
Contact Energy Ltd. | 89,325 | 483,244 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 17,489 | 451,114 | ||||||
Infratil Ltd. | 28,949 | 148,201 | ||||||
Kathmandu Holdings Ltd.(a)(b) | 105,194 | 109,441 | ||||||
Mercury NZ Ltd. | 43,303 | 215,625 | ||||||
Ryman Healthcare Ltd. | 18,141 | 184,700 | ||||||
SKYCITY Entertainment Group Ltd.(b) | 67,265 | 172,780 | ||||||
|
| |||||||
2,977,999 | ||||||||
|
| |||||||
Norway-1.73% | ||||||||
Aker ASA, Class A | 5,169 | 386,670 | ||||||
Aker BP ASA | 21,340 | 613,369 | ||||||
Aker Solutions ASA, Class A(b) | 153,260 | 268,678 | ||||||
Austevoll Seafood ASA | 15,960 | 204,394 | ||||||
Avance Gas Holding Ltd.(c) | 36,466 | 191,982 | ||||||
Borregaard ASA | 8,078 | 178,318 | ||||||
BW Offshore Ltd. | 35,975 | 144,970 | ||||||
DNO ASA(b) | 160,114 | 188,902 | ||||||
Elkem ASA(b)(c) | 64,337 | 237,735 | ||||||
Entra ASA(c) | 21,736 | 491,848 | ||||||
Europris ASA(c) | 34,189 | 233,531 | ||||||
Fjordkraft Holding ASA(c) | 17,331 | 130,063 | ||||||
Frontline Ltd. | 34,903 | 267,858 | ||||||
Grieg Seafood ASA(a)(b) | 13,327 | 132,737 | ||||||
Kongsberg Gruppen ASA | 9,703 | 245,255 | ||||||
Leroy Seafood Group ASA | 42,799 | 393,774 | ||||||
Norwegian Air Shuttle ASA(a)(b) | 26,833 | 181,994 | ||||||
Norwegian Finans Holding ASA | 20,589 | 227,742 | ||||||
Odfjell Drilling Ltd.(a)(b) | 52,081 | 125,749 | ||||||
PGS ASA(b) | 164,396 | 115,557 | ||||||
Salmar ASA | 5,380 | 374,156 | ||||||
Schibsted ASA, Class A(b) | 3,549 | 179,154 | ||||||
Schibsted ASA, Class B(b) | 4,507 | 198,004 | ||||||
SpareBank 1 SMN | 11,464 | 155,094 | ||||||
SpareBank 1 SR-Bank ASA, Class B | 16,949 | 219,916 | ||||||
TGS NOPEC Geophysical Co. ASA | 28,923 | 441,250 | ||||||
TOMRA Systems ASA | 5,496 | 275,720 | ||||||
XXL ASA(b)(c) | 63,550 | 165,679 | ||||||
|
| |||||||
6,970,099 | ||||||||
|
| |||||||
Peru-0.11% | ||||||||
Hochschild Mining PLC(a) | 41,957 | 107,934 | ||||||
Hudbay Minerals, Inc. | 46,654 | 348,142 | ||||||
|
| |||||||
456,076 | ||||||||
|
|
Shares | Value | |||||||
Poland-0.89% | ||||||||
Alior Bank S.A.(a)(b) | 23,197 | $ | 172,031 | |||||
Allegro.eu S.A.(b)(c) | 7,718 | 118,427 | ||||||
Bank Millennium S.A.(a)(b) | 115,219 | 125,891 | ||||||
CCC S.A.(b) | 4,425 | 119,879 | ||||||
Cyfrowy Polsat S.A. | 25,746 | 200,584 | ||||||
Dino Polska S.A.(b)(c) | 1,877 | 121,961 | ||||||
Grupa Lotos S.A.(a) | 38,403 | 484,668 | ||||||
Jastrzebska Spolka Weglowa S.A.(b) | 25,669 | 205,268 | ||||||
LPP S.A.(b) | 77 | 199,153 | ||||||
mBank S.A.(b) | 3,739 | 231,896 | ||||||
Orange Polska S.A.(b) | 131,418 | 236,369 | ||||||
PGE Polska Grupa Energetyczna S.A.(b) | 196,186 | 522,948 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A | 214,792 | 373,004 | ||||||
Santander Bank Polska S.A.(b) | 3,333 | 197,391 | ||||||
Tauron Polska Energia S.A.(a)(b) | 289,482 | 258,078 | ||||||
|
| |||||||
3,567,548 | ||||||||
|
| |||||||
Portugal-0.36% | ||||||||
Altri SGPS S.A. | 14,377 | 112,496 | ||||||
Banco Comercial Portugues S.A., Class R(b) | 2,478,656 | 371,484 | ||||||
Mota-Engil SGPS S.A.(a)(b) | 77,032 | 129,545 | ||||||
Navigator Co. S.A. (The) | 59,930 | 202,436 | ||||||
NOS, SGPS S.A.(a) | 63,786 | 242,182 | ||||||
REN - Redes Energeticas Nacionais SGPS S.A | 52,259 | 153,185 | ||||||
Sonae SGPS S.A | 234,811 | 220,479 | ||||||
|
| |||||||
1,431,807 | ||||||||
|
| |||||||
Russia-0.05% | ||||||||
Petropavlovsk PLC(b) | 546,942 | 194,467 | ||||||
|
| |||||||
Saudi Arabia-0.07% | ||||||||
Delivery Hero SE(b)(c) | 1,795 | 285,337 | ||||||
|
| |||||||
Singapore-1.96% | ||||||||
ARA LOGOS Logistics Trust | 186,384 | 108,575 | ||||||
Ascendas India Trust | 116,059 | 123,875 | ||||||
Ascott Residence Trust | 245,059 | 195,251 | ||||||
BOC Aviation Ltd.(c) | 41,658 | 375,986 | ||||||
BW LPG Ltd.(c) | 40,513 | 300,622 | ||||||
Ezion Holdings Ltd., Wts., expiring | 177,436 | 0 | ||||||
Ezra Holdings Ltd.(b)(d) | 1,165,297 | 0 | ||||||
Frasers Centrepoint Trust | 109,755 | 200,470 | ||||||
Frasers Logistics & Commercial Trust(c) | 203,921 | 225,319 | ||||||
IGG, Inc. | 148,633 | 251,458 | ||||||
Keppel DC REIT | 84,981 | 171,827 | ||||||
Keppel Infrastructure Trust | 238,977 | 98,795 | ||||||
Keppel REIT | 306,943 | 286,086 | ||||||
Manulife US REIT(c) | 146,600 | 111,416 | ||||||
Mapletree Commercial Trust | 312,376 | 514,209 | ||||||
Mapletree Industrial Trust | 174,392 | 370,963 | ||||||
Mapletree Logistics Trust | 291,741 | 436,383 | ||||||
NetLink NBN Trust(c) | 447,979 | 326,623 | ||||||
Parkway Life REIT | 32,310 | 101,272 | ||||||
SATS Ltd.(b) | 111,402 | 339,967 | ||||||
Sembcorp Industries Ltd. | 277,065 | 441,505 | ||||||
Sembcorp Marine Ltd.(b) | 2,618,890 | 413,385 | ||||||
Singapore Exchange Ltd. | 72,862 | 572,315 | ||||||
Singapore Press Holdings Ltd. | 361,260 | 499,638 | ||||||
Singapore Technologies Engineering Ltd. | 194,260 | 563,623 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Suntec REIT | 470,798 | $ | 541,432 | |||||
UOL Group Ltd. | 55,369 | 320,461 | ||||||
|
| |||||||
7,891,456 | ||||||||
|
| |||||||
South Korea-9.66% | ||||||||
AK Holdings, Inc. | 5,649 | 157,939 | ||||||
Amorepacific Group | 7,200 | 475,750 | ||||||
Asiana Airlines, Inc.(b) | 35,290 | 474,298 | ||||||
BGF retail Co. Ltd. | 1,724 | 237,130 | ||||||
BNK Financial Group, Inc. | 104,973 | 723,822 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 1,243 | 125,378 | ||||||
Celltrion, Inc.(b) | 1,763 | 421,592 | ||||||
Cheil Worldwide, Inc. | 17,139 | 338,204 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 598 | 74,726 | ||||||
CJ CGV Co. Ltd.(a)(b) | 6,644 | 155,894 | ||||||
CJ ENM Co. Ltd. | 2,505 | 324,286 | ||||||
CJ Logistics Corp.(b) | 2,696 | 415,664 | ||||||
Com2uSCorp. | 1,132 | 150,106 | ||||||
Daesang Corp. | 9,478 | 220,260 | ||||||
Daesang Holdings Co. Ltd. | 11,761 | 118,419 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 18,292 | 603,512 | ||||||
Daishin Securities Co. Ltd. | 8,849 | 154,331 | ||||||
Daishin Securities Co. Ltd., Preference Shares | 8,553 | 125,333 | ||||||
Daou Data Corp. | 9,591 | 115,539 | ||||||
Daou Technology, Inc. | 9,737 | 232,844 | ||||||
DB HiTek Co. Ltd. | 3,233 | 160,727 | ||||||
DB Insurance Co. Ltd. | 11,699 | 514,825 | ||||||
DGB Financial Group, Inc. | 40,075 | 319,202 | ||||||
DL Holdings Co. Ltd. | 5,945 | 505,594 | ||||||
Dongkuk Steel Mill Co. Ltd. | 47,637 | 1,025,672 | ||||||
Doosan Bobcat, Inc.(b) | 7,367 | 302,336 | ||||||
Doosan Co. Ltd. | 9,000 | 511,350 | ||||||
Easy Holdings Co. Ltd. | 29,361 | 130,526 | ||||||
Eugene Corp. | 24,998 | 130,569 | ||||||
Fila Holdings Corp. | 8,543 | 350,214 | ||||||
Green Cross Corp. | 348 | 105,900 | ||||||
Green Cross Holdings Corp. | 4,393 | 144,544 | ||||||
GS Global Corp.(b) | 52,771 | 134,495 | ||||||
GS Home Shopping, Inc. | 1,136 | 151,862 | ||||||
GS Retail Co. Ltd. | 11,507 | 370,343 | ||||||
Halla Holdings Corp. | 3,745 | 137,027 | ||||||
Handsome Co. Ltd. | 3,535 | 138,082 | ||||||
Hanjin Kal Corp.(b) | 2,151 | 107,323 | ||||||
Hanjin Transportation Co. Ltd. | 6,164 | 218,332 | ||||||
Hankook & Co. Co. Ltd. | 6,249 | 104,492 | ||||||
Hanmi Pharm Co. Ltd. | 415 | 126,102 | ||||||
Hanon Systems | 23,257 | 338,709 | ||||||
Hansol Chemical Co. Ltd. | 485 | 107,913 | ||||||
Hansol Paper Co. Ltd. | 9,238 | 129,557 | ||||||
Hansol Technics Co. Ltd.(b) | 11,498 | 102,953 | ||||||
Hanssem Co. Ltd. | 1,249 | 125,759 | ||||||
Hanwha Aerospace Co. Ltd. | 10,542 | 365,821 | ||||||
Hanwha General Insurance Co. Ltd.(b) | 49,540 | 212,661 | ||||||
Harim Holdings Co. Ltd. | 26,556 | 225,130 | ||||||
HDC Holdings Co. Ltd. | 22,858 | 249,674 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 17,703 | 445,619 | ||||||
Hite Jinro Co. Ltd. | 6,208 | 194,497 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
HMM Co. Ltd.(a)(b) | 33,591 | $ | 1,183,771 | |||||
Hotel Shilla Co. Ltd. | 5,172 | 402,192 | ||||||
HS Industries Co. Ltd. | 18,414 | 134,254 | ||||||
Huchems Fine Chemical Corp. | 5,491 | 107,367 | ||||||
Hyosung Advanced Materials Corp.(b) | 1,062 | 365,664 | ||||||
Hyosung Chemical Corp.(b) | 883 | 321,495 | ||||||
Hyosung Corp.. | 3,434 | 306,864 | ||||||
Hyosung Heavy Industries Corp.(b) | 4,970 | 313,208 | ||||||
Hyosung TNC Co. Ltd. | 1,049 | 681,824 | ||||||
Hyundai Construction Equipment Co. Ltd.(b) | 8,072 | 404,199 | ||||||
Hyundai Department Store Co. Ltd. | 6,473 | 540,023 | ||||||
Hyundai Electric & Energy System Co. Ltd.(b) . | 8,992 | 178,248 | ||||||
Hyundai Elevator Co. Ltd. | 4,151 | 169,048 | ||||||
Hyundai Greenfood Co. Ltd. | 26,407 | 230,989 | ||||||
Hyundai Home Shopping Network Corp. | 2,318 | 164,209 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 30,541 | 668,561 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(b) | 5,575 | 430,022 | ||||||
Hyundai Rotem Co. Ltd.(b) | 8,532 | 154,556 | ||||||
Innocean Worldwide, Inc. | 2,424 | 130,532 | ||||||
Interpark Corp. | 42,469 | 175,626 | ||||||
IS Dongseo Co. Ltd. | 3,131 | 188,026 | ||||||
JB Financial Group Co. Ltd. | 25,464 | 167,112 | ||||||
Kakao Corp. | 5,088 | 519,160 | ||||||
Kangwon Land, Inc.(b) | 24,342 | 553,650 | ||||||
KCC Corp. | 2,026 | 570,089 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 7,607 | 232,173 | ||||||
KIWOOM Securities Co. Ltd. | 1,536 | 182,964 | ||||||
Kolmar Korea Co. Ltd. | 2,110 | 106,036 | ||||||
Kolon Industries, Inc. | 10,218 | 555,750 | ||||||
Korea Aerospace Industries Ltd. | 9,261 | 271,415 | ||||||
Korea Electric Terminal Co. Ltd. | 1,644 | 109,812 | ||||||
Korea Line Corp.(b) | 42,762 | 135,896 | ||||||
Korea Line Corp., Rts., expiring 06/09/2021(b)(d) | 10,863 | 10,205 | ||||||
Korea Petrochemical Ind Co. Ltd. | 652 | 184,636 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 57,323 | 119,299 | ||||||
Korean Reinsurance Co. | 25,137 | 207,225 | ||||||
Kumho Petrochemical Co. Ltd. | 2,196 | 513,292 | ||||||
Kumho Tire Co., Inc.(b) | 41,496 | 150,711 | ||||||
KUMHOE&C Co. Ltd. | 16,254 | 146,854 | ||||||
LF Corp. | 7,416 | 121,005 | ||||||
LG Hausys Ltd. | 4,058 | 331,980 | ||||||
LG HelloVision Co. Ltd. | 23,824 | 113,942 | ||||||
LG International Corp. | 21,668 | 599,968 | ||||||
LIG Nex1 Co. Ltd. | 3,232 | 115,060 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1,261 | 158,709 | ||||||
Lotte Corp. | 9,382 | 308,699 | ||||||
LOTTE Fine Chemical Co. Ltd. | 4,817 | 294,472 | ||||||
Lotte Himart Co. Ltd. | 7,828 | 272,697 | ||||||
LS Electric Co. Ltd. | 4,148 | 212,183 | ||||||
Mando Corp.(b) | 8,823 | 460,841 | ||||||
Meritz Financial Group, Inc. | 9,611 | 154,661 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 25,663 | 460,266 | ||||||
Meritz Securities Co. Ltd. | 111,426 | 483,829 | ||||||
NCSoft Corp. | 668 | 498,440 | ||||||
Netmarble Corp.(c) | 1,155 | 134,465 | ||||||
Nexen Tire Corp. | 16,896 | 133,364 | ||||||
NH Investment & Securities Co. Ltd. | 47,896 | 553,300 | ||||||
NHN Corp.(b) | 2,524 | 165,642 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
NongShim Co. Ltd. | 894 | $ | 229,056 | |||||
OCI Co. Ltd.(b) | 4,234 | 475,795 | ||||||
Orion Corp. | 2,321 | 244,129 | ||||||
Orion Holdings Corp. | 9,609 | 152,037 | ||||||
Ottogi Corp. | 262 | 130,723 | ||||||
Pan Ocean Co. Ltd. | 50,297 | 331,892 | ||||||
Paradise Co. Ltd.(b) | 8,015 | 129,698 | ||||||
Partron Co. Ltd. | 10,377 | 99,353 | ||||||
Poongsan Corp. | 8,898 | 300,773 | ||||||
S&T Motiv Co. Ltd. | 1,821 | 100,189 | ||||||
S-1 Corp. | 3,596 | 263,473 | ||||||
Samsung Card Co. Ltd. | 9,170 | 291,006 | ||||||
Samsung Engineering Co. Ltd.(b) | 50,154 | 782,282 | ||||||
Samyang Corp. | 1,999 | 105,490 | ||||||
Samyang Holdings Corp. | 1,989 | 250,335 | ||||||
Seah Besteel Corp. | 12,721 | 299,055 | ||||||
Sebang Global Battery Co. Ltd. | 1,524 | 118,374 | ||||||
Seoul Semiconductor Co. Ltd. | 7,726 | 130,578 | ||||||
Seoyon Co. Ltd. | 20,733 | 356,935 | ||||||
Seoyon E-Hwa Co. Ltd. | 17,640 | 139,870 | ||||||
SFA Engineering Corp. | 4,013 | 151,162 | ||||||
SK Chemicals Co. Ltd. | 543 | 130,094 | ||||||
SK Discovery Co. Ltd. | 4,294 | 223,511 | ||||||
SK Gas Ltd. | 1,666 | 150,522 | ||||||
SK Materials Co. Ltd. | 382 | 115,560 | ||||||
SK Networks Co. Ltd. | 66,634 | 317,490 | ||||||
SKC Co. Ltd. | 2,136 | 259,235 | ||||||
SL Corp. | 4,994 | 101,689 | ||||||
SSANGYONG C&E Co. Ltd. | 20,552 | 143,375 | ||||||
Sungwoo Hitech Co. Ltd. | 40,115 | 203,397 | ||||||
WONIK IPS Co. Ltd. | 2,460 | 112,346 | ||||||
Wooree Bio Co. Ltd.(b) | 22,863 | 119,006 | ||||||
Youngone Corp. | 8,107 | 319,951 | ||||||
Yuhan Corp. | 3,857 | 222,956 | ||||||
|
| |||||||
38,894,654 | ||||||||
|
| |||||||
Spain-1.84% | ||||||||
Almirall S.A. | 10,202 | 160,392 | ||||||
Applus Services S.A.(b) | 29,937 | 316,956 | ||||||
Atresmedia Corp de Medios de Comunicacion S.A.(a)(b) | 35,371 | 170,319 | ||||||
Befesa S.A.(c) | 3,506 | 245,635 | ||||||
Cellnex Telecom S.A.(c) | 11,397 | 645,376 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 18,453 | 384,298 | ||||||
CIE Automotive S.A. | 10,479 | 292,155 | ||||||
Construcciones y Auxiliar de Ferrocarriles S.A. | 3,799 | 183,158 | ||||||
Duro Felguera S.A.(a)(b) | 101,449 | 142,275 | ||||||
Ebro Foods S.A.(a) | 11,845 | 242,689 | ||||||
EDP Renovaveis S.A. | 11,403 | 272,068 | ||||||
Ence Energia y Celulosa S.A.(b) | 34,370 | 151,100 | ||||||
Faes Farma S.A. | 35,664 | 148,804 | ||||||
Fluidra S.A. | 4,944 | 172,001 | ||||||
Gestamp Automocion S.A.(b)(c) | 63,994 | 331,101 | ||||||
Grupo Catalana Occidente S.A. | 4,911 | 205,733 | ||||||
Indra Sistemas S.A.(a)(b) | 41,919 | 437,254 | ||||||
Liberbank S.A. | 459,866 | 162,865 | ||||||
Mediaset Espana Comunicacion S.A.(b) | 50,901 | 325,368 | ||||||
Melia Hotels International S.A.(b) | 31,968 | 262,301 |
Shares | Value | |||||||
Spain-(continued) | ||||||||
Prosegur Cia de Seguridad S.A.(a) | 45,622 | $ | 142,023 | |||||
Sacyr S.A. | 168,981 | 469,085 | ||||||
Siemens Gamesa Renewable Energy S.A., Class R(a)(b) | 15,095 | 546,958 | ||||||
Tecnicas Reunidas S.A.(a)(b) | 20,110 | 301,153 | ||||||
Unicaja Banco S.A.(c) | 216,524 | 213,865 | ||||||
Viscofan S.A. | 5,204 | 356,455 | ||||||
Zardoya Otis S.A. | 19,249 | 122,116 | ||||||
|
| |||||||
7,403,503 | ||||||||
|
| |||||||
Sweden-4.63% | ||||||||
AAK AB | 17,690 | 406,070 | ||||||
AddTech AB, Class B | 10,727 | 187,753 | ||||||
AF Poyry AB, Class B(a)(b) | 13,059 | 427,797 | ||||||
Ambea AB(b)(c) | 11,928 | 112,146 | ||||||
Arjo AB, Class B | 25,448 | 251,598 | ||||||
Atrium Ljungberg AB, Class B | 8,797 | 184,039 | ||||||
Avanza Bank Holding AB | 3,580 | 128,962 | ||||||
Axfood AB | 21,389 | 536,259 | ||||||
Beijer Ref AB | 11,674 | 181,549 | ||||||
Betsson AB(b) | 29,526 | 269,569 | ||||||
Bilia AB, Class A(a) | 22,043 | 385,555 | ||||||
Bonava AB, Class B | 21,901 | 260,561 | ||||||
Bravida Holding AB(a)(c) | 15,409 | 229,611 | ||||||
Bure Equity AB(a) | 3,953 | 181,107 | ||||||
Byggmax Group AB(b) | 16,481 | 144,427 | ||||||
Clas Ohlson AB, Class B(b) | 16,032 | 171,871 | ||||||
Cloetta AB, Class B | 57,302 | 179,582 | ||||||
Dios Fastigheter AB | 16,854 | 160,552 | ||||||
Dustin Group AB(a)(c) | 13,546 | 169,330 | ||||||
Electrolux Professional AB, Class B(a)(b) | 28,521 | 180,454 | ||||||
Elekta AB, Class B(a) | 28,112 | 376,677 | ||||||
EQT AB(a) | 3,854 | 130,491 | ||||||
Evolution Gaming Group AB(c) | 1,047 | 207,029 | ||||||
Fabege AB | 39,460 | 589,164 | ||||||
Fastighets AB Balder, Class B(b) | 10,362 | 597,646 | ||||||
Granges AB(a)(b) | 18,558 | 249,320 | ||||||
Hexpol AB | 37,799 | 465,126 | ||||||
Hufvudstaden AB, Class A | 19,647 | 313,441 | ||||||
Indutrade AB(a) | 14,615 | 382,324 | ||||||
Intrum AB(a) | 15,608 | 538,064 | ||||||
Investment AB Latour, Class B(a) | 6,165 | 188,834 | ||||||
Inwido AB(b) | 9,329 | 163,505 | ||||||
JM AB | 14,278 | 529,700 | ||||||
Klovern AB, Class B | 116,792 | 226,519 | ||||||
Klovern AB, Preference Shares | 2,675 | 101,391 | ||||||
Kungsleden AB | 32,889 | 382,925 | ||||||
L E Lundbergforetagen AB, Class B(a) | 8,888 | 508,531 | ||||||
Lifco AB, Class B | 1,928 | 207,718 | ||||||
Lindab International AB | 7,937 | 161,448 | ||||||
Loomis AB(a) | 22,178 | 728,885 | ||||||
Mekonomen AB(b) | 12,149 | 208,620 | ||||||
Modern Times Group MTG AB, Class B(b) | 9,330 | 143,441 | ||||||
Mycronic AB(a) | 4,839 | 142,839 | ||||||
NCC AB, Class A | 770 | 14,479 | ||||||
NCC AB, Class B | 18,711 | 353,829 | ||||||
Nibe Industrier AB, Class B | 11,108 | 406,973 | ||||||
Nobia AB(a) | 28,311 | 246,423 | ||||||
Nolato AB, Class B(b) | 1,420 | 140,476 | ||||||
Nordic Entertainment Group AB, Class B(b) | 5,785 | 268,871 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Nyfosa AB | 17,750 | $ | 213,905 | |||||
Pandox AB(b) | 18,133 | 317,809 | ||||||
Peab AB, Class B(b) | 27,021 | 390,819 | ||||||
Ratos AB, Class B | 35,528 | 209,494 | ||||||
Resurs Holding AB, Class A(c) | 35,322 | 182,881 | ||||||
Saab AB, Class B | 21,769 | 646,190 | ||||||
Sagax AB, Class B(a) | 8,180 | 216,695 | ||||||
Sagax AB, Class D | 5,706 | 22,167 | ||||||
Samhallsbyggnadsbolaget i Norden AB(a) | 70,632 | 269,639 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 3,799 | 13,541 | ||||||
SAS AB(a)(b) | 1,820,558 | 420,920 | ||||||
Scandic Hotels Group AB(a)(b)(c) | 64,034 | 289,737 | ||||||
Sweco AB, Class B(a) | 17,408 | 310,866 | ||||||
Swedish Orphan Biovitrum AB, Class B(a)(b) | 18,495 | 315,076 | ||||||
Thule Group AB(c) | 7,449 | 338,633 | ||||||
VNV Global AB(b) | 9,757 | 120,466 | ||||||
Wallenstam AB, Class B(a) | 16,212 | 250,780 | ||||||
Wihlborgs Fastigheter AB(a) | 18,344 | 375,308 | ||||||
|
| |||||||
18,628,407 | ||||||||
|
| |||||||
Switzerland-2.80% | ||||||||
Allreal Holding AG | 1,250 | 253,276 | ||||||
ALSO Holding AG | 791 | 239,802 | ||||||
Aryzta AG(a)(b) | 418,350 | 470,618 | ||||||
Autoneum Holding AG(b) | 618 | 119,528 | ||||||
Banque Cantonale Vaudoise | 3,730 | 380,750 | ||||||
Belimo Holding AG | 566 | 225,891 | ||||||
BKW AG | 2,747 | 307,816 | ||||||
Bucher Industries AG | 811 | 426,107 | ||||||
Burckhardt Compression Holding AG | 280 | 100,696 | ||||||
Cembra Money Bank AG | 4,558 | 496,005 | ||||||
Daetwyler Holding AG, BR | 535 | 173,631 | ||||||
DKSH Holding AG | 5,205 | 419,174 | ||||||
dormakaba Holding AG | 584 | 384,189 | ||||||
Emmi AG | 220 | 228,672 | ||||||
EMS-Chemie Holding AG | 533 | 498,199 | ||||||
Flughafen Zurich AG(a)(b) | 3,085 | 555,405 | ||||||
Forbo Holding AG | 101 | 193,573 | ||||||
Galenica AG(c) | 8,573 | 580,902 | ||||||
Implenia AG(b) | 3,101 | 90,373 | ||||||
Inficon Holding AG | 127 | 136,044 | ||||||
Komax Holding AG(a)(b) | 474 | 113,816 | ||||||
Kongsberg Automotive ASA(a)(b) | 585,995 | 193,399 | ||||||
Landis+Gyr Group AG | 5,259 | 365,573 | ||||||
Mediclinic International PLC(b) | 67,828 | 288,120 | ||||||
Mobimo Holding AG | 461 | 146,582 | ||||||
OC Oerlikon Corp. AG | 38,064 | 445,308 | ||||||
Schweiter Technologies AG, BR | 70 | 113,744 | ||||||
SFS Group AG | 1,972 | 254,270 | ||||||
Siegfried Holding AG(b) | 217 | 199,738 | ||||||
Stadler Rail AG | 6,056 | 303,580 | ||||||
Straumann Holding AG, Class R | 277 | 396,191 | ||||||
Sulzer AG | 4,317 | 492,262 | ||||||
Tecan Group AG, Class R | 459 | 223,851 | ||||||
Temenos AG | 1,888 | 277,595 | ||||||
u-blox Holding AG | 1,656 | 113,662 | ||||||
Valora Holding AG(a)(b) | 838 | 176,044 | ||||||
VAT Group AG(b)(c) | 1,186 | 339,136 | ||||||
Vontobel Holding AG, Class R | 2,555 | 192,315 |
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Wizz Air Holdings PLC(b)(c) | 3,750 | $ | 254,463 | |||||
Zehnder Group AG | 1,478 | 119,271 | ||||||
|
| |||||||
11,289,571 | ||||||||
|
| |||||||
Taiwan-0.02% | ||||||||
FIT Hon Teng Ltd.(b)(c) | 267,439 | 82,296 | ||||||
|
| |||||||
Turkey-0.07% | ||||||||
Eldorado Gold Corp.(b) | 30,542 | 301,398 | ||||||
|
| |||||||
Ukraine-0.09% | ||||||||
Ferrexpo PLC | 61,004 | 370,624 | ||||||
|
| |||||||
United Arab Emirates-0.05% | ||||||||
Borr Drilling Ltd.(a)(b) | 77,924 | 76,206 | ||||||
Network International Holdings PLC(b)(c) | 22,286 | 129,565 | ||||||
|
| |||||||
205,771 | ||||||||
|
| |||||||
United Kingdom-8.65% | ||||||||
888 Holdings PLC | 37,105 | 219,161 | ||||||
Aggreko PLC | 26,087 | 311,525 | ||||||
Ascential PLC(b) | 37,902 | 183,041 | ||||||
Ashmore Group PLC | 51,117 | 283,096 | ||||||
Assura PLC | 262,052 | 270,123 | ||||||
Aston Martin Lagonda Global Holdings PLC(b)(c) | 5,069 | 136,120 | ||||||
Auto Trader Group PLC(b)(c) | 33,317 | 263,028 | ||||||
AVEVA Group PLC | 4,101 | 197,596 | ||||||
Babcock International Group PLC(b) | 138,160 | 551,105 | ||||||
Balfour Beatty PLC(b) | 92,754 | 400,679 | ||||||
Beazley PLC(b) | 105,233 | 493,633 | ||||||
Biffa PLC(b)(c) | 33,266 | 127,352 | ||||||
Big Yellow Group PLC | 17,821 | 295,102 | ||||||
Bodycote PLC | 22,810 | 238,757 | ||||||
Brewin Dolphin Holdings PLC | 33,880 | 159,489 | ||||||
Britvic PLC | 45,395 | 554,666 | ||||||
Cairn Energy PLC | 81,742 | 192,173 | ||||||
Capita PLC(b) | 510,811 | 309,207 | ||||||
Capital & Counties Properties PLC(b) | 143,893 | 362,195 | ||||||
Chemring Group PLC | 27,088 | 98,637 | ||||||
Civitas Social Housing PLC(c) | 72,656 | 114,881 | ||||||
Close Brothers Group PLC | 18,447 | 405,588 | ||||||
Computacenter PLC | 12,265 | 454,765 | ||||||
ConvaTec Group PLC(c) | 193,237 | 583,787 | ||||||
Countryside Properties PLC(b)(c) | 59,205 | 425,437 | ||||||
Cranswick PLC | 7,707 | 398,019 | ||||||
Crest Nicholson Holdings PLC(b) | 61,707 | 349,264 | ||||||
Dechra Pharmaceuticals PLC | 4,110 | 229,555 | ||||||
Dialog Semiconductor PLC(b) | 7,273 | 570,317 | ||||||
Diploma PLC | 6,353 | 252,271 | ||||||
Dixons Carphone PLC(b) | 234,873 | 452,995 | ||||||
Domino’s Pizza Group PLC(a) | 52,513 | 278,177 | ||||||
Drax Group PLC | 60,306 | 341,168 | ||||||
Dunelm Group PLC | 13,306 | 271,553 | ||||||
Electrocomponents PLC | 37,285 | 550,301 | ||||||
Elementis PLC(b) | 91,195 | 188,891 | ||||||
Firstgroup PLC(b) | 185,225 | 190,545 | ||||||
Forterra PLC(b)(c) | 29,245 | 118,234 | ||||||
Frasers Group PLC(b) | 23,214 | 165,687 | ||||||
Games Workshop Group PLC | 1,439 | 216,172 | ||||||
Gamesys Group PLC | 6,529 | 174,919 | ||||||
Genuit Group PLC | 22,346 | 174,806 | ||||||
Genus PLC | 2,670 | 187,980 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Go-Ahead Group PLC (The)(b) | 7,769 | $ | 131,445 | |||||
Grainger PLC | 84,473 | 334,030 | ||||||
Great Portland Estates PLC | 38,179 | 366,325 | ||||||
Greggs PLC(b) | 11,277 | 368,481 | ||||||
Halfords Group PLC(b) | 40,731 | 212,606 | ||||||
Halma PLC | 17,963 | 643,654 | ||||||
Hammerson PLC | 1,316,543 | 726,212 | ||||||
Harbour Energy PLC(b) | 492,321 | 139,396 | ||||||
Hargreaves Lansdown PLC(a) | 23,232 | 553,093 | ||||||
Hays PLC(b) | 178,286 | 403,347 | ||||||
HomeServe PLC | 27,520 | 416,845 | ||||||
Ibstock PLC(c) | 88,624 | 270,932 | ||||||
IG Group Holdings PLC | 54,050 | 685,489 | ||||||
Inchcape PLC(b) | 50,527 | 546,716 | ||||||
Indivior PLC(b) | 133,798 | 282,692 | ||||||
IP Group PLC(b) | 117,178 | 208,315 | ||||||
J D Wetherspoon PLC(b) | 13,106 | 242,430 | ||||||
JD Sports Fashion PLC(b) | 31,617 | 402,033 | ||||||
John Laing Group PLC(c) | 33,270 | 141,509 | ||||||
Jupiter Fund Management PLC | 90,545 | 323,941 | ||||||
Just Group PLC(b) | 106,376 | 160,686 | ||||||
Lancashire Holdings Ltd. | 31,909 | 314,117 | ||||||
LondonMetric Property PLC | 92,140 | 287,549 | ||||||
Man Group PLC | 239,377 | 557,299 | ||||||
Marshalls PLC(b) | 17,377 | 174,911 | ||||||
Marston’s PLC(b) | 238,240 | 319,960 | ||||||
Metro Bank PLC(b) | 69,831 | 111,671 | ||||||
Mitchells & Butlers PLC(b) | 57,932 | 252,982 | ||||||
Moneysupermarket.com Group PLC | 75,793 | 286,694 | ||||||
Ninety One PLC | 37,056 | 125,392 | ||||||
Ocado Group PLC(a)(b) | 8,700 | 252,596 | ||||||
OSB Group PLC | 35,853 | 237,876 | ||||||
PageGroup PLC(b) | 31,130 | 241,582 | ||||||
Paragon Banking Group PLC | 28,974 | 188,706 | ||||||
Petrofac Ltd.(b) | 114,475 | 208,581 | ||||||
Pets at Home Group PLC | 73,356 | 451,152 | ||||||
Playtech PLC(b) | 73,395 | 472,936 | ||||||
Premier Foods PLC(b) | 155,907 | 210,465 | ||||||
Primary Health Properties PLC | 128,843 | 269,725 | ||||||
Provident Financial PLC(b) | 41,388 | 140,280 | ||||||
PZ Cussons PLC | 29,622 | 108,275 | ||||||
QinetiQ Group PLC | 77,460 | 356,061 | ||||||
Reach PLC(b) | 47,437 | 144,494 | ||||||
Redde Northgate PLC | 32,073 | 161,640 | ||||||
Redrow PLC | 67,915 | 649,948 | ||||||
Renishaw PLC | 2,102 | 182,332 | ||||||
Restaurant Group PLC (The)(b) | 108,764 | 180,707 | ||||||
Rightmove PLC(a) | 28,563 | 242,818 | ||||||
Rotork PLC | 77,646 | 370,462 | ||||||
Safestore Holdings PLC | 22,673 | 267,302 | ||||||
Saga PLC(b) | 57,432 | 302,167 | ||||||
Savills PLC | 12,126 | 200,629 | ||||||
Senior PLC(b) | 71,115 | 106,536 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Serco Group PLC(b) | 208,435 | $ | 404,313 | |||||
Shaftesbury PLC(a)(b) | 38,567 | 335,606 | ||||||
Softcat PLC | 7,782 | 206,549 | ||||||
Spirax-Sarco Engineering PLC | 3,875 | 633,891 | ||||||
Spirent Communications PLC | 52,922 | 186,407 | ||||||
SSP Group PLC(b) | 116,736 | 517,206 | ||||||
Stagecoach Group PLC(b) | 80,910 | 100,934 | ||||||
Superdry PLC(a)(b) | 38,474 | 149,687 | ||||||
Synthomer PLC | 47,324 | 333,182 | ||||||
THG PLC(b) | 14,588 | 125,227 | ||||||
TP Icap Group PLC | 88,418 | 291,052 | ||||||
Trainline PLC(b)(c) | 17,823 | 112,921 | ||||||
Tritax Big Box REIT PLC | 184,728 | 486,722 | ||||||
Ultra Electronics Holdings PLC | 11,301 | 316,379 | ||||||
UNITE Group PLC (The) | 36,521 | 589,085 | ||||||
Vesuvius PLC | 18,073 | 134,624 | ||||||
Victrex PLC | 12,455 | 404,903 | ||||||
Watches of Switzerland Group PLC(b)(c) | 16,160 | 164,004 | ||||||
WH Smith PLC(b) | 17,423 | 436,506 | ||||||
Workspace Group PLC | 17,826 | 202,384 | ||||||
|
| |||||||
34,811,601 | ||||||||
|
| |||||||
United States-0.62% | ||||||||
Avast PLC(c) | 31,961 | 211,390 | ||||||
Diversified Gas & Oil PLC(c) | 80,683 | 136,286 | ||||||
Primo Water Corp. | 30,384 | 507,306 | ||||||
Reliance Worldwide Corp. Ltd. | 77,565 | 295,381 | ||||||
Rhi Magnesita N.V | 4,092 | 257,218 | ||||||
Samsonite International S.A.(b)(c) | 272,700 | 506,297 | ||||||
Sims Ltd. | 48,301 | 589,127 | ||||||
|
| |||||||
2,503,005 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% | 401,252,947 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-8.74% | ||||||||
Invesco Private Government Fund, | 14,101,644 | 14,101,644 | ||||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 21,082,925 | 21,091,358 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 35,193,002 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-108.40% |
| 436,445,949 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.40)% |
| (33,825,771 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 402,620,178 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Wts.-Warrants
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $20,114,896, which represented 5.00% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(e) | Restricted security. The value of this security at April 30, 2021 represented less than 1% of the Fund’s Net Assets. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Office J-Reit, Inc. | $ | - | $ | 107,935 | $ | - | $ | 15,023 | $ | - | $ | 122,958 | $ | 2,458 | |||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 3,148,562 | (3,148,562 | ) | - | - | - | 23 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 5,949,871 | 29,282,331 | (21,130,558 | ) | - | - | 14,101,644 | 1,056 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 9,237,533 | 40,157,986 | (28,305,732 | ) | (319 | ) | 1,890 | 21,091,358 | 9,920 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 15,187,404 | $ | 72,696,814 | $ | (52,584,852 | ) | $ | 14,704 | $ | 1,890 | $ | 35,315,960 | $ | 13,457 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Industrials | 22.02 | |||||||
Consumer Discretionary | 14.55 | |||||||
Materials | 10.69 | |||||||
Real Estate | 10.48 | |||||||
Financials | 10.03 | |||||||
Consumer Staples | 7.51 | |||||||
Information Technology | 7.35 | |||||||
Health Care | 5.65 | |||||||
Communication Services | 5.48 | |||||||
Energy | 3.41 | |||||||
Utilities | 2.49 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.34 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.77% |
| |||||||
Brazil-14.57% | ||||||||
Ambev S.A. | 2,093,550 | $ | 5,765,197 | |||||
B3 S.A. - Brasil, Bolsa, Balcao | 344,385 | 3,269,126 | ||||||
Banco Bradesco S.A. | 1,376,992 | 5,246,288 | ||||||
Banco Bradesco S.A., Preference Shares | 4,777,679 | 21,003,206 | ||||||
Banco BTG Pactual S.A. | 55,000 | 1,092,346 | ||||||
Banco do Brasil S.A. | 1,734,458 | 9,475,938 | ||||||
Banco Santander Brasil S.A. | 370,100 | 2,628,442 | ||||||
Braskem S.A., Class A, Preference | 285,309 | 2,760,928 | ||||||
BRF S.A.(a) | 644,800 | 2,470,926 | ||||||
CCR S.A. | 976,400 | 2,166,878 | ||||||
Centrais Eletricas Brasileiras S.A. | 403,110 | 2,733,591 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 273,300 | 1,862,888 | ||||||
Cia Brasileira de Distribuicao | 133,279 | 1,000,591 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 293,292 | 2,312,710 | ||||||
Cia Energetica de Minas Gerais | 205,605 | 640,094 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 1,086,480 | 2,771,648 | ||||||
Cia Paranaense de Energia | 202,100 | 204,885 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 970,480 | 1,119,802 | ||||||
Cia Siderurgica Nacional S.A. | 223,382 | 2,025,374 | ||||||
Cielo S.A. | 2,906,322 | 1,848,175 | ||||||
Cogna Educacao(a) | 3,133,800 | 2,235,437 | ||||||
Cosan S.A. | 179,000 | 2,971,428 | ||||||
Embraer S.A.(a) | 847,567 | 2,405,886 | ||||||
Energisa S.A. | 130,600 | 1,060,640 | ||||||
Equatorial Energia S.A. | 391,900 | 1,812,409 | ||||||
Gerdau S.A., Preference Shares | 643,517 | 3,940,396 | ||||||
IRB Brasil Resseguros S.A. | 1,964,300 | 2,204,984 | ||||||
Itau Unibanco Holding S.A. | 514,300 | 2,318,746 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 5,515,975 | 27,990,377 | ||||||
Itausa S.A., Preference Shares | 1,552,500 | 2,878,789 | ||||||
Lojas Americanas S.A. | 54,410 | 199,076 | ||||||
Lojas Americanas S.A., Preference Shares | 173,820 | 668,335 | ||||||
Lojas Renner S.A. | 209,546 | 1,560,418 | ||||||
Marfrig Global Foods S.A. | 461,000 | 1,647,627 | ||||||
Metalurgica Gerdau S.A., Preference Shares | 1,046,700 | 2,866,958 | ||||||
Petrobras Distribuidora S.A. | 860,600 | 3,570,731 | ||||||
Petroleo Brasileiro S.A. | 4,114,362 | 17,518,412 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 4,983,047 | 21,694,774 | ||||||
Raia Drogasil S.A. | 239,000 | 1,158,601 | ||||||
Rumo S.A.(a) | 345,100 | 1,272,199 | ||||||
Sul America S.A. | 201,755 | 1,216,424 | ||||||
Suzano S.A.(a) | 129,368 | 1,637,473 | ||||||
Telefonica Brasil S.A. | 420,143 | 3,345,501 | ||||||
TIM S.A. | 592,266 | 1,330,763 |
Shares | Value | |||||||
Brazil-(continued) | ||||||||
Ultrapar Participacoes S.A. | 807,992 | $ | 3,143,949 | |||||
Vale S.A. | 1,075,838 | 21,618,886 | ||||||
|
| |||||||
206,668,252 | ||||||||
|
| |||||||
Canada-0.07% | ||||||||
Canadian Solar, Inc.(a)(b) | 24,236 | 999,493 | ||||||
|
| |||||||
Chile-0.54% | ||||||||
Banco de Chile | 10,834,221 | 1,154,392 | ||||||
Banco Santander Chile | 31,353,550 | 1,712,073 | ||||||
Cencosud S.A. | 563,834 | 1,164,827 | ||||||
Enel Americas S.A. | 10,036,762 | 1,421,728 | ||||||
Falabella S.A. | 267,892 | 1,204,026 | ||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 17,741 | 930,228 | ||||||
|
| |||||||
7,587,274 | ||||||||
|
| |||||||
China-33.11% | ||||||||
Agricultural Bank of China Ltd., A Shares | 8,949,300 | 4,425,212 | ||||||
Agricultural Bank of China Ltd., H Shares | 28,467,842 | 11,069,209 | ||||||
Air China Ltd., A Shares | 268,200 | 339,006 | ||||||
Air China Ltd., H Shares | 1,131,752 | 897,609 | ||||||
Alibaba Group Holding Ltd.(a) | 1,072,400 | 31,066,649 | ||||||
Aluminum Corp. of China Ltd., A Shares(a) | 869,600 | 596,620 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 3,087,353 | 1,609,891 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 99,200 | 751,569 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 402,657 | 2,408,109 | ||||||
ANTA Sports Products Ltd. | 66,241 | 1,189,751 | ||||||
Baidu, Inc., ADR(a) | 31,332 | 6,590,060 | ||||||
Bank of Beijing Co. Ltd., A Shares | 1,550,800 | 1,140,664 | ||||||
Bank of China Ltd., A Shares | 2,695,200 | 1,353,535 | ||||||
Bank of China Ltd., H Shares | 37,881,145 | 15,070,812 | ||||||
Bank of Communications Co. Ltd., A Shares | 3,737,093 | 2,777,628 | ||||||
Bank of Communications Co. Ltd., H Shares | 9,513,556 | 6,087,715 | ||||||
Baoshan Iron & Steel Co. Ltd., A Shares . | 996,300 | 1,328,605 | ||||||
Brilliance China Automotive Holdings Ltd.(c) | 1,102,000 | 1,035,761 | ||||||
BYD Co. Ltd., A Shares | 8,500 | 208,274 | ||||||
BYD Co. Ltd., H Shares(b) | 50,535 | 1,042,992 | ||||||
CGN Power Co. Ltd., A Shares | 235,800 | 98,743 | ||||||
CGN Power Co. Ltd., H Shares(d) | 4,845,000 | 1,116,611 | ||||||
China CITIC Bank Corp. Ltd., A Shares | 606,301 | 485,303 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 7,924,206 | 4,152,458 | ||||||
China Conch Venture Holdings Ltd. | 313,361 | 1,482,714 | ||||||
China Construction Bank Corp., A Shares | 379,300 | 394,451 | ||||||
China Construction Bank Corp., H Shares | 53,060,624 | 42,014,824 | ||||||
China Everbright Bank Co. Ltd., A Shares | 2,710,200 | 1,583,026 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
China Everbright Bank Co. Ltd., H Shares | 2,992,116 | $ | 1,252,036 | |||||
China Evergrande Group | 1,603,399 | 2,716,768 | ||||||
China Gas Holdings Ltd. | 547,269 | 1,976,463 | ||||||
China Hongqiao Group Ltd. | 1,279,000 | 2,025,493 | ||||||
China Jinmao Holdings Group Ltd. | 3,185,596 | 1,209,951 | ||||||
China Life Insurance Co. Ltd. | 1,469,000 | 1,393,638 | ||||||
China Life Insurance Co. Ltd., A Shares | 113,600 | 580,507 | ||||||
China Life Insurance Co. Ltd., H Shares | 2,181,990 | 4,444,412 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,149,461 | 1,693,072 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 376,000 | 2,013,892 | ||||||
China Merchants Bank Co. Ltd., A Shares | 436,900 | 3,557,851 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,134,718 | 9,153,013 | ||||||
China Merchants Port Holdings Co. Ltd. | 786,072 | 1,261,059 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 3,394,545 | 2,465,327 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 8,241,900 | 4,234,044 | ||||||
China National Building Material Co. Ltd., H Shares | 3,048,153 | 4,419,063 | ||||||
China Overseas Land & Investment Ltd. | 3,582,683 | 9,068,741 | ||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 185,700 | 943,780 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 983,386 | 3,557,832 | ||||||
China Petroleum & Chemical Corp., A Shares | 2,239,400 | 1,481,053 | ||||||
China Petroleum & Chemical Corp., H Shares | 23,451,604 | 11,685,266 | ||||||
China Railway Group Ltd., A Shares | 2,034,100 | 1,694,167 | ||||||
China Railway Group Ltd., H Shares | 5,279,066 | 2,732,362 | ||||||
China Resources Cement Holdings Ltd. | 1,018,000 | 1,110,162 | ||||||
China Resources Gas Group Ltd. | 242,000 | 1,313,312 | ||||||
China Resources Land Ltd. | 1,221,660 | 5,733,278 | ||||||
China Shenhua Energy Co. Ltd., A Shares | 412,400 | 1,224,168 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 2,802,784 | 5,846,012 | ||||||
China Southern Airlines Co. Ltd., A Shares(a) | 526,501 | 516,616 | ||||||
China Southern Airlines Co. Ltd., H Shares(a)(b) | 957,952 | 651,228 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 4,441,037 | 3,390,052 | ||||||
China State Construction International Holdings Ltd. | 1,584,000 | 1,113,532 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,395,792 | 2,595,034 | ||||||
China Tower Corp. Ltd., H Shares(d) | 19,048,066 | 2,746,781 | ||||||
China Vanke Co. Ltd., A Shares | 380,000 | 1,654,114 | ||||||
China Vanke Co. Ltd., H Shares | 1,027,492 | 3,598,342 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., A Shares | 359,700 | 230,666 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 2,441,000 | 1,037,139 | ||||||
CITIC Ltd. | 2,406,011 | 2,533,996 | ||||||
CITIC Securities Co. Ltd., A Shares | 183,600 | 676,638 |
Shares | Value | |||||||
China-(continued) | ||||||||
CITIC Securities Co. Ltd., H Shares | 533,573 | $ | 1,287,415 | |||||
COSCO SHIPPING Holdings Co. Ltd., A Shares(a) | 170,300 | 481,045 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 573,500 | 1,026,368 | ||||||
Country Garden Holdings Co. Ltd. | 2,778,548 | 3,309,137 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,304,470 | 1,615,713 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 2,809,424 | 2,441,609 | ||||||
ENN Energy Holdings Ltd. | 149,424 | 2,547,202 | ||||||
Fosun International Ltd. | 874,170 | 1,258,325 | ||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 4,623,791 | 1,119,804 | ||||||
Geely Automobile Holdings Ltd.(b) | 885,080 | 2,296,216 | ||||||
GF Securities Co. Ltd., A Shares | 166,800 | 382,752 | ||||||
GF Securities Co. Ltd., H Shares | 617,585 | 895,345 | ||||||
GOME Retail Holdings Ltd.(a) | 4,383,000 | 722,331 | ||||||
Great Wall Motor Co. Ltd., A Shares | 36,300 | 187,516 | ||||||
Great Wall Motor Co. Ltd., H Shares | 439,880 | 1,088,536 | ||||||
Guangdong Investment Ltd. | 1,036,499 | 1,596,082 | ||||||
Guangzhou Automobile Group Co. Ltd., A Shares | 87,800 | 151,410 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,183,502 | 1,010,270 | ||||||
Guotai Junan Securities Co. Ltd., A Shares | 217,600 | 556,819 | ||||||
Guotai Junan Securities Co. Ltd., H Shares(d) | 318,000 | 452,832 | ||||||
Haier Smart Home Co. Ltd., A Shares | 75,800 | 388,048 | ||||||
Haier Smart Home Co. Ltd., H Shares(a) | 307,400 | 1,329,836 | ||||||
Haitong Securities Co. Ltd., A Shares | 276,700 | 473,317 | ||||||
Haitong Securities Co. Ltd., H Shares | 1,333,221 | 1,193,004 | ||||||
Hengan International Group Co. Ltd. | 300,088 | 1,945,374 | ||||||
Huaneng Power International, Inc., A Shares | 795,600 | 518,803 | ||||||
Huaneng Power International, Inc., H Shares | 6,878,542 | 2,479,759 | ||||||
Huatai Securities Co. Ltd., A Shares | 192,400 | 473,307 | ||||||
Huatai Securities Co. Ltd., H Shares(d) | 606,245 | 866,416 | ||||||
Huaxia Bank Co. Ltd., A Shares | 1,242,400 | 1,197,957 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 4,210,712 | 3,337,859 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 61,977,615 | 40,377,596 | ||||||
Industrial Bank Co. Ltd., A Shares | 826,400 | 2,776,163 | ||||||
JD.com, Inc., ADR(a) | 87,776 | 6,790,351 | ||||||
Jiangxi Copper Co. Ltd., A Shares | 83,400 | 342,286 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 629,490 | 1,539,918 | ||||||
JOYY, Inc., ADR(b) | 11,550 | 1,097,943 | ||||||
Kunlun Energy Co. Ltd. | 2,271,803 | 2,439,449 | ||||||
Kweichow Moutai Co. Ltd., A Shares | 3,900 | 1,209,371 | ||||||
Longfor Group Holdings Ltd.(d) | 658,801 | 4,109,634 | ||||||
Meituan, B Shares(a)(d) | 58,485 | 2,243,964 | ||||||
Metallurgical Corp. of China Ltd., A Shares | 1,115,000 | 530,665 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 2,467,531 | 581,392 | ||||||
NetEase, Inc., ADR | 33,380 | 3,740,563 | ||||||
New China Life Insurance Co. Ltd., A Shares | 64,700 | 485,987 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
New China Life Insurance Co. Ltd., H Shares | 382,476 | $ | 1,474,878 | |||||
New Oriental Education & Technology Group, Inc., ADR(a) | 63,743 | 972,718 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 4,854,062 | 1,662,425 | ||||||
PetroChina Co. Ltd., H Shares | 22,942,411 | 8,359,505 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 4,112,528 | 4,040,066 | ||||||
Ping An Bank Co. Ltd., A Shares | 514,100 | 1,850,172 | ||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 277,100 | 3,104,342 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 2,188,547 | 23,937,255 | ||||||
Poly Developments and Holdings Group Co. Ltd., A Shares | 515,500 | 1,115,197 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(d) | 5,358,696 | 3,491,120 | ||||||
SAIC Motor Corp. Ltd., A Shares | 706,656 | 2,190,453 | ||||||
Seazen Group Ltd.(a) | 1,332,000 | 1,423,434 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares | 115,200 | 398,389 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 740,943 | 1,686,639 | ||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,933,952 | 3,003,356 | ||||||
Shenzhou International Group Holdings Ltd. | 69,857 | 1,536,218 | ||||||
Shimao Group Holdings Ltd. | 666,685 | 1,931,338 | ||||||
Sino Biopharmaceutical Ltd. | 1,373,892 | 1,480,584 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., A Shares | 421,800 | 239,204 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 3,567,150 | 886,408 | ||||||
Sinopharm Group Co. Ltd., H Shares | 1,169,384 | 3,628,518 | ||||||
Sunac China Holdings Ltd. | 1,181,870 | 4,603,097 | ||||||
Sunny Optical Technology Group Co. Ltd. | 37,800 | 921,779 | ||||||
Tencent Holdings Ltd. | 241,874 | 19,401,366 | ||||||
Trip.com Group Ltd., ADR(a) | 104,744 | 4,093,395 | ||||||
Vipshop Holdings Ltd., ADR(a) | 63,576 | 1,956,234 | ||||||
Weichai Power Co. Ltd., A Shares | 121,300 | 339,449 | ||||||
Weichai Power Co. Ltd., H Shares | 607,746 | 1,410,042 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,530,325 | 1,644,892 | ||||||
Yanzhou Coal Mining Co. Ltd., A Shares | 100,600 | 201,931 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 2,042,173 | 2,437,403 | ||||||
Zhongsheng Group Holdings Ltd. | 164,000 | 1,242,640 | ||||||
Zijin Mining Group Co. Ltd., A Shares | 163,400 | 278,498 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 612,072 | 862,134 | ||||||
ZTO Express Cayman, Inc., ADR | 37,800 | 1,215,648 | ||||||
|
| |||||||
469,765,077 | ||||||||
|
| |||||||
Hong Kong-0.07% | ||||||||
Nine Dragons Paper Holdings Ltd. | 690,571 | 949,587 | ||||||
|
| |||||||
India-9.48% | ||||||||
Axis Bank Ltd.(a) | 479,672 | 4,629,485 | ||||||
Bank of Baroda(a) | 883,956 | 796,572 | ||||||
Bharat Petroleum Corp. Ltd. | 777,624 | 4,428,119 | ||||||
Bharti Airtel Ltd. | 365,376 | 2,647,617 | ||||||
Coal India Ltd. | 1,534,168 | 2,755,693 |
Shares | Value | |||||||
India-(continued) | ||||||||
GAIL (India) Ltd. | 843,539 | $ | 1,562,436 | |||||
Grasim Industries Ltd. | 148,576 | 2,811,656 | ||||||
HCL Technologies Ltd. | 195,040 | 2,367,022 | ||||||
Hero MotoCorp Ltd. | 36,089 | 1,373,523 | ||||||
Hindalco Industries Ltd. | 726,479 | 3,573,917 | ||||||
Hindustan Petroleum Corp. Ltd. | 697,592 | 2,209,862 | ||||||
Hindustan Unilever Ltd. | 64,899 | 2,062,250 | ||||||
Housing Development Finance Corp. Ltd. | 251,464 | 8,215,843 | ||||||
ICICI Bank Ltd.(a) | 273,333 | 2,215,889 | ||||||
Indiabulls Housing Finance Ltd.(a) | 611,729 | 1,495,205 | ||||||
Indian Oil Corp. Ltd. | 2,519,098 | 3,089,676 | ||||||
Infosys Ltd. | 559,752 | 10,234,569 | ||||||
ITC Ltd. | 889,810 | 2,433,771 | ||||||
Jindal Steel & Power Ltd.(a) | 276,430 | 1,647,627 | ||||||
JSW Steel Ltd. | 349,746 | 3,389,452 | ||||||
Larsen & Toubro Ltd. | 145,775 | 2,638,011 | ||||||
Mahindra & Mahindra Ltd. | 257,217 | 2,613,232 | ||||||
Maruti Suzuki India Ltd. | 24,923 | 2,172,117 | ||||||
NTPC Ltd. | 2,646,551 | 3,660,456 | ||||||
Oil & Natural Gas Corp. Ltd. | 2,741,173 | 4,002,266 | ||||||
Power Grid Corp. of India Ltd. | 815,279 | 2,421,980 | ||||||
REC Ltd. | 656,135 | 1,134,711 | ||||||
Reliance Industries Ltd. | 596,610 | 16,064,513 | ||||||
Reliance Industries Ltd., Rts., expiring 11/29/2021 | 30,206 | 437,987 | ||||||
Shriram Transport Finance Co. Ltd. | 67,011 | 1,216,823 | ||||||
State Bank of India(a) | 878,324 | 4,191,671 | ||||||
Sun Pharmaceutical Industries Ltd. | 181,099 | 1,600,057 | ||||||
Tata Consultancy Services Ltd. | 131,467 | 5,387,800 | ||||||
Tata Motors Ltd.(a) | 1,229,393 | 4,877,075 | ||||||
Tata Motors Ltd., Class A(a) | 347,512 | 600,044 | ||||||
Tata Power Co. Ltd. (The) | 965,671 | 1,288,691 | ||||||
Tata Steel Ltd. | 402,023 | 5,611,958 | ||||||
Tech Mahindra Ltd. | 113,144 | 1,466,988 | ||||||
UltraTech Cement Ltd. | 13,681 | 1,159,706 | ||||||
UPL Ltd. | 169,803 | 1,391,251 | ||||||
Vedanta Ltd. | 1,508,837 | 5,240,114 | ||||||
Wipro Ltd. | 195,891 | 1,303,119 | ||||||
Yes Bank Ltd.(a) | 409,658 | 80,469 | ||||||
|
| |||||||
134,501,223 | ||||||||
|
| |||||||
Indonesia-1.49% | ||||||||
PT Adaro Energy Tbk | 13,920,261 | 1,199,773 | ||||||
PT Astra International Tbk | 5,626,112 | 2,142,168 | ||||||
PT Bank Central Asia Tbk | 1,340,657 | 2,972,277 | ||||||
PT Bank Mandiri (Persero) Tbk | 6,169,286 | 2,637,268 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 4,801,841 | 1,894,808 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 15,011,684 | 4,208,883 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,046,077 | 659,003 | ||||||
PT Perusahaan Gas Negara Tbk | 10,858,329 | 920,835 | ||||||
PT Telkom Indonesia (Persero) Tbk | 20,611,144 | 4,565,986 | ||||||
|
| |||||||
21,201,001 | ||||||||
|
| |||||||
Malaysia-0.58% | ||||||||
CIMB Group Holdings Bhd. | 1,484,700 | 1,500,502 | ||||||
Genting Bhd | 939,900 | 1,142,638 | ||||||
Malayan Banking Bhd | 603,200 | 1,211,878 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Malaysia-(continued) | ||||||||
Public Bank Bhd. | 2,991,700 | $ | 3,030,845 | |||||
Tenaga Nasional Bhd. | 539,100 | 1,310,770 | ||||||
|
| |||||||
8,196,633 | ||||||||
|
| |||||||
Mexico-2.67% | ||||||||
America Movil S.A.B. de C.V., Series L | 10,057,160 | 7,053,896 | ||||||
Cemex S.A.B. de C.V., Series CPO(a)(e) | 10,087,885 | 8,045,506 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 845,172 | 6,572,606 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B(a) | 107,965 | 1,114,408 | ||||||
Grupo Financiero Banorte S.A.B. de | ||||||||
C.V., Class O | 741,527 | 4,236,090 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 653,985 | 2,968,371 | ||||||
Grupo Televisa S.A.B., Series CPO(a)(g) | 826,634 | 2,059,363 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 1,783,866 | 5,863,251 | ||||||
|
| |||||||
37,913,491 | ||||||||
|
| |||||||
Romania-0.09% | ||||||||
NEPI Rockcastle PLC | 183,609 | 1,236,505 | ||||||
|
| |||||||
Russia-8.99% | ||||||||
Aeroflot PJSC(a) | 1,582,888 | 1,352,733 | ||||||
Alrosa PJSC | 1,857,033 | 2,688,479 | ||||||
Gazprom PJSC | 9,069,549 | 27,797,116 | ||||||
Inter RAO UES PJSC | 27,322,905 | 1,785,649 | ||||||
Lukoil PJSC | 245,712 | 18,970,974 | ||||||
Magnit PJSC | 51,911 | 3,536,043 | ||||||
MMC Norilsk Nickel PJSC | 18,753 | 6,409,510 | ||||||
Mobile TeleSystems PJSC | 865,526 | 3,692,043 | ||||||
Moscow Exchange MICEX-RTS PJSC | 517,302 | 1,219,317 | ||||||
Novatek PJSC | 277,629 | 5,021,830 | ||||||
Novolipetsk Steel PJSC | 747,253 | 2,643,982 | ||||||
Rosneft Oil Co. PJSC | 982,701 | 6,879,120 | ||||||
Sberbank of Russia PJSC | 7,498,534 | 29,735,949 | ||||||
Severstal PAO | 138,334 | 3,269,106 | ||||||
Sistema PJSFC | 3,202,301 | 1,444,690 | ||||||
Surgutneftegas PJSC | 3,282,484 | 1,489,171 | ||||||
Surgutneftegas PJSC, Preference Shares | 3,574,590 | 2,039,970 | ||||||
Tatneft PJSC | 701,327 | 4,738,024 | ||||||
Tatneft PJSC, Preference Shares | 69,620 | 433,524 | ||||||
VTB Bank PJSC | 3,531,664,642 | 2,418,850 | ||||||
|
| |||||||
127,566,080 | ||||||||
|
| |||||||
Saudi Arabia-2.03% | ||||||||
Al Rajhi Bank | 273,022 | 7,200,308 | ||||||
Alinma Bank | 351,761 | 1,861,000 | ||||||
Etihad Etisalat Co.(a) | 186,591 | 1,539,957 | ||||||
Saudi Arabian Oil Co.(d) | 309,780 | 2,924,245 | ||||||
Saudi Basic Industries Corp. | 148,618 | 4,914,171 | ||||||
Saudi Electricity Co. | 405,991 | 2,814,796 | ||||||
Saudi Kayan Petrochemical Co.(a) | 342,607 | 1,662,742 | ||||||
Saudi National Bank | 259,139 | 3,924,987 | ||||||
Saudi Telecom Co. | 59,145 | 2,002,991 | ||||||
|
| |||||||
28,845,197 | ||||||||
|
| |||||||
South Africa-3.53% | ||||||||
Absa Group Ltd. | 283,118 | 2,389,647 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 125,764 | 1,400,027 | ||||||
Bid Corp. Ltd.(a) | 82,657 | 1,629,039 |
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Bidvest Group Ltd. (The) | 111,301 | $ | 1,284,977 | |||||
Capitec Bank Holdings Ltd.(a) | 14,920 | 1,528,664 | ||||||
Discovery Ltd.(a) | 133,789 | 1,217,312 | ||||||
FirstRand Ltd. | 1,360,600 | 4,786,836 | ||||||
Gold Fields Ltd. | 274,465 | 2,595,664 | ||||||
Impala Platinum Holdings Ltd. | 80,033 | 1,497,940 | ||||||
Mr Price Group Ltd. | 97,106 | 1,217,280 | ||||||
MTN Group | 482,764 | 3,048,826 | ||||||
MultiChoice Group | 143,878 | 1,237,604 | ||||||
Naspers Ltd., Class N | 30,274 | 6,908,106 | ||||||
Nedbank Group Ltd.(a) | 167,009 | 1,702,151 | ||||||
Old Mutual Ltd. | 1,580,791 | 1,378,391 | ||||||
Sanlam Ltd. | 588,293 | 2,271,664 | ||||||
Sasol Ltd.(a) | 309,106 | 5,198,819 | ||||||
Shoprite Holdings Ltd. | 171,538 | 1,709,645 | ||||||
Sibanye Stillwater Ltd. | 393,827 | 1,838,357 | ||||||
Standard Bank Group Ltd. | 351,604 | 2,860,092 | ||||||
Vodacom Group Ltd. | 149,152 | 1,292,633 | ||||||
Woolworths Holdings Ltd.(a) | 339,041 | 1,148,872 | ||||||
|
| |||||||
50,142,546 | ||||||||
|
| |||||||
Taiwan-15.83% | ||||||||
Acer, Inc. | 1,995,000 | 2,449,737 | ||||||
ASE Technology Holding Co. Ltd. | 1,307,000 | 5,521,283 | ||||||
Asustek Computer, Inc. | 358,738 | 4,828,894 | ||||||
AU Optronics Corp.(a) | 7,507,000 | 8,909,070 | ||||||
Catcher Technology Co. Ltd. | 407,000 | 2,877,690 | ||||||
Cathay Financial Holding Co. Ltd. | 2,214,440 | 4,146,179 | ||||||
Chailease Holding Co. Ltd. | 268,418 | 1,941,089 | ||||||
China Development Financial Holding Corp. | 5,116,000 | 2,390,141 | ||||||
China Steel Corp. | 3,643,360 | 5,125,982 | ||||||
Chunghwa Telecom Co. Ltd. | 945,000 | 3,856,729 | ||||||
Compal Electronics, Inc. | 2,060,000 | 1,843,697 | ||||||
CTBC Financial Holding Co. Ltd. | 2,759,838 | 2,252,687 | ||||||
Delta Electronics, Inc. | 390,506 | 4,228,979 | ||||||
E.Sun Financial Holding Co. Ltd. | 2,323,318 | 2,241,557 | ||||||
Eva Airways Corp. | 2,098,000 | 1,419,547 | ||||||
First Financial Holding Co. Ltd. | 1,530,192 | 1,254,480 | ||||||
Formosa Chemicals & Fibre Corp. | 653,920 | 2,127,997 | ||||||
Formosa Petrochemical Corp. | 372,000 | 1,378,370 | ||||||
Formosa Plastics Corp. | 913,280 | 3,465,710 | ||||||
Foxconn Technology Co. Ltd. | 745,000 | 1,840,296 | ||||||
Fubon Financial Holding Co. Ltd. | 2,128,928 | 4,893,036 | ||||||
Hon Hai Precision Industry Co. Ltd. | 10,346,064 | 42,965,074 | ||||||
Innolux Corp. | 7,409,490 | 7,984,307 | ||||||
Largan Precision Co. Ltd. | 20,000 | 2,226,757 | ||||||
Lite-On Technology Corp. | 744,313 | 1,702,703 | ||||||
MediaTek, Inc. | 176,091 | 7,470,298 | ||||||
Mega Financial Holding Co. Ltd. | 1,984,080 | 2,319,128 | ||||||
Micro-Star International Co. Ltd. | 232,000 | 1,532,381 | ||||||
Nan Ya Plastics Corp. | 686,940 | 2,169,051 | ||||||
Novatek Microelectronics Corp. | 75,000 | 1,675,438 | ||||||
Pegatron Corp. | 1,894,106 | 4,990,735 | ||||||
Powertech Technology, Inc. | 407,200 | 1,625,418 | ||||||
President Chain Store Corp. | 135,000 | 1,309,741 | ||||||
Quanta Computer, Inc. | 825,000 | 2,906,240 | ||||||
Shin Kong Financial Holding Co. Ltd. | 4,503,998 | 1,628,553 | ||||||
Taiwan Cement Corp. | 1,715,821 | 3,200,311 | ||||||
Taiwan Mobile Co. Ltd.(a) | 347,400 | 1,243,690 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,415,000 | $ | 51,874,127 | |||||
Uni-President Enterprises Corp. | 1,008,941 | 2,712,615 | ||||||
United Microelectronics Corp. | 2,343,000 | 4,755,955 | ||||||
Walsin Technology Corp.(a) | 109,000 | 946,282 | ||||||
Winbond Electronics Corp. | 940,000 | 1,201,375 | ||||||
Wistron Corp. | 1,510,875 | 1,768,719 | ||||||
Yageo Corp. | 87,000 | 1,691,225 | ||||||
Yuanta Financial Holding Co. Ltd. | 2,896,257 | 2,695,832 | ||||||
Zhen Ding Technology Holding Ltd. | 282,000 | 1,070,132 | ||||||
|
| |||||||
224,659,237 | ||||||||
|
| |||||||
Tanzania-0.20% | ||||||||
AngloGold Ashanti Ltd. | 138,318 | 2,862,179 | ||||||
Thailand-4.59% | ||||||||
Advanced Info Service PCL, NVDR | 473,896 | 2,602,528 | ||||||
Airports of Thailand PCL, NVDR | 563,195 | 1,121,416 | ||||||
Bangchak Corp. PCL, NVDR | 1,297,989 | 1,073,407 | ||||||
Bangkok Bank PCL, Foreign Shares | 281,991 | 1,100,342 | ||||||
Bangkok Bank PCL, NVDR | 234,984 | 916,919 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,891,640 | 1,318,301 | ||||||
Banpu PCL, NVDR | 4,097,773 | 1,618,711 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,625,302 | 2,445,082 | ||||||
CP ALL PCL, NVDR(a) | 1,643,373 | 3,298,621 | ||||||
Indorama Ventures PCL, NVDR | 991,099 | 1,527,828 | ||||||
IRPC PCL, NVDR | 12,109,657 | 1,610,084 | ||||||
Kasikornbank PCL, Foreign Shares | 414,424 | 1,756,852 | ||||||
Kasikornbank PCL, NVDR | 212,316 | 900,063 | ||||||
Krung Thai Bank PCL, NVDR | 7,399,135 | 2,685,194 | ||||||
Land & Houses PCL, NVDR | 4,065,232 | 1,129,322 | ||||||
Minor International PCL, NVDR(a) | 1,195,925 | 1,152,236 | ||||||
PTT Exploration & Production PCL, NVDR | 764,237 | 2,920,729 | ||||||
PTT Global Chemical PCL, NVDR | 1,605,887 | 3,494,142 | ||||||
PTT PCL, NVDR | 11,731,754 | 15,070,900 | ||||||
Siam Cement PCL (The), NVDR | 522,915 | 7,758,707 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,867,867 | 6,298,708 | ||||||
Thai Oil PCL, NVDR | 1,070,475 | 2,036,954 | ||||||
TMB Bank PCL, NVDR | 33,770,944 | 1,268,952 | ||||||
|
| |||||||
65,105,998 | ||||||||
|
| |||||||
Turkey-1.51% | ||||||||
Akbank T.A.S. | 3,653,275 | 2,150,022 | ||||||
BIM Birlesik Magazalar A.S. | 150,901 | 1,182,895 |
Shares | Value | |||||||
Turkey-(continued) | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,016,865 | $ | 2,334,914 | |||||
Haci Omer Sabanci Holding A.S. | 1,385,599 | 1,351,845 | ||||||
Is Yatirim Menkul Degerler A.S. | 374,556 | 693,823 | ||||||
KOC Holding A.S. | 872,613 | 1,926,862 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 221,121 | 2,340,011 | ||||||
Turk Hava Yollari AO(a) | 1,510,295 | 2,227,558 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 1,041,385 | 1,863,742 | ||||||
Turkiye Garanti Bankasi A.S. | 2,678,270 | 2,328,790 | ||||||
Turkiye Halk Bankasi A.S.(a) | 1,356,765 | 701,944 | ||||||
Turkiye Is Bankasi A.S., Class C | 2,717,345 | 1,595,932 | ||||||
Yapi ve Kredi Bankasi A.S. | 2,959,366 | 749,478 | ||||||
|
| |||||||
21,447,816 | ||||||||
|
| |||||||
United States-0.42% | ||||||||
JBS S.A. | 1,083,282 | 6,014,184 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,415,661,773 | ||||||
|
| |||||||
Money Market Funds-0.14% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(h)(i) | 1,942,573 | 1,942,573 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,417,604,346 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.24% |
| |||||||
Invesco Private Government Fund, | 1,400,478 | 1,400,478 | ||||||
Invesco Private Prime Fund, 0.11%(h)(i)(j) | 2,099,877 | 2,100,717 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,501,195 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.15% |
| 1,421,105,541 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.15)% |
| (2,167,589 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,418,937,952 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $17,951,603, which represented 1.27% of the Fund’s Net Assets. |
(e) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,309,256 | $ | 128,292,433 | $ | (127,659,116 | ) | $ | - | $ | - | $ | 1,942,573 | $ | 451 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 740,440 | 13,592,744 | (12,932,706 | ) | - | - | 1,400,478 | 199 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,110,660 | 16,325,799 | (15,336,135 | ) | - | 393 | 2,100,717 | 1,866 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,160,356 | $ | 158,210,976 | $ | (155,927,957 | ) | $ | - | $ | 393 | $ | 5,443,768 | $ | 2,516 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(i) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(j) | 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 2K. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2021 |
Financials | 32.88 | |||||||
Energy | 14.74 | |||||||
Information Technology | 13.85 | |||||||
Materials | 11.16 | |||||||
Consumer Discretionary | 7.05 | |||||||
Communication Services | 5.53 | |||||||
Consumer Staples | 4.17 | |||||||
Utilities | 3.35 | |||||||
Industrials | 3.10 | |||||||
Real Estate | 3.02 | |||||||
Health Care | 0.92 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.23 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco Global Clean Energy ETF (PBD)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Australia-0.78% | ||||||||
Piedmont Lithium Ltd., ADR(a)(b) | 46,856 | $ | 3,312,719 | |||||
|
| |||||||
Austria-0.87% | ||||||||
Verbund AG(b) | 44,989 | 3,698,978 | ||||||
|
| |||||||
Canada-7.04% | ||||||||
Ballard Power Systems, Inc.(a) | 139,305 | 3,039,300 | ||||||
Boralex, Inc., Class A | 110,952 | 3,553,494 | ||||||
Canadian Solar, Inc.(a)(b) | 84,445 | 3,482,512 | ||||||
Greenlane Renewables, Inc. | 2,442,787 | 3,494,802 | ||||||
GreenPower Motor Co., Inc.(a) | 131,959 | 2,406,932 | ||||||
Innergex Renewable Energy, Inc. | 198,415 | 3,387,023 | ||||||
Lithium Americas Corp.(a) | 220,959 | 3,128,779 | ||||||
TransAlta Renewables, Inc.(b) | 222,624 | 3,523,402 | ||||||
Xebec Adsorption, Inc.(b) | 1,101,058 | 3,875,452 | ||||||
|
| |||||||
29,891,696 | ||||||||
|
| |||||||
Chile-0.96% | ||||||||
Sociedad Quimica y Minera de Chile S.A., ADR(b) | 76,923 | 4,056,919 | ||||||
|
| |||||||
China-8.22% | ||||||||
BYD Co. Ltd., H Shares | 145,811 | 3,009,393 | ||||||
Daqo New Energy Corp., ADR(a) | 41,882 | 3,371,082 | ||||||
Flat Glass Group Co. Ltd., H Shares(b) | 1,117,255 | 3,452,380 | ||||||
Ganfeng Lithium Co. Ltd., H Shares(c) | 280,214 | 3,773,780 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 78,193 | 2,890,013 | ||||||
NIO, Inc., ADR(a) | 82,202 | 3,274,928 | ||||||
ReneSola Ltd., ADR(a) | 260,755 | 2,511,071 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(b) | 1,829,587 | 3,015,214 | ||||||
Xinyi Energy Holdings Ltd. | 6,869,178 | 3,351,962 | ||||||
Xinyi Solar Holdings Ltd. | 1,930,521 | 3,231,268 | ||||||
XPeng, Inc., ADR(a)(b) | 99,934 | 2,989,026 | ||||||
|
| |||||||
34,870,117 | ||||||||
|
| |||||||
Denmark-3.62% | ||||||||
Everfuel A/S(a)(b) | 406,018 | 4,075,721 | ||||||
Novozymes A/S, Class B | 55,810 | 3,977,749 | ||||||
Orsted A/S(c) | 22,618 | 3,303,191 | ||||||
Vestas Wind Systems A/S | 95,843 | 4,005,838 | ||||||
|
| |||||||
15,362,499 | ||||||||
|
| |||||||
Finland-1.08% | ||||||||
Caverion OYJ | 554,909 | 4,585,821 | ||||||
|
| |||||||
France-3.48% | ||||||||
Hydrogen Refueling Solutions(a) | 82,704 | 3,404,923 | ||||||
McPhy Energy S.A.(a)(b) | 104,453 | 3,792,338 | ||||||
Neoen S.A.(a)(b)(c) | 80,886 | 3,705,927 | ||||||
Voltalia S.A.(a) | 136,592 | 3,880,539 | ||||||
|
| |||||||
14,783,727 | ||||||||
|
| |||||||
Germany-6.90% | ||||||||
2G Energy AG | 32,955 | 3,641,822 | ||||||
CropEnergies AG | 260,683 | 3,351,496 | ||||||
Encavis AG(b) | 167,149 | 3,221,439 | ||||||
Nordex SE(a) | 133,100 | 3,855,036 | ||||||
PNE AG | 404,653 | 3,668,027 | ||||||
SFC Energy AG, Class BR(a) | 122,961 | 3,633,905 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
SMA Solar Technology AG(a) | 55,696 | $ | 3,184,728 | |||||
VERBIO Vereinigte BioEnergie AG | 93,459 | 4,716,254 | ||||||
|
| |||||||
29,272,707 | ||||||||
|
| |||||||
Guernsey-0.86% | ||||||||
Renewables Infrastructure Group Ltd. (The) | 2,087,617 | 3,636,140 | ||||||
|
| |||||||
India-0.66% | ||||||||
Azure Power Global Ltd.(a)(b) | 119,488 | 2,782,876 | ||||||
|
| |||||||
Ireland-0.91% | ||||||||
Kingspan Group PLC | 43,404 | 3,869,619 | ||||||
|
| |||||||
Israel-1.67% | ||||||||
Enlight Renewable Energy Ltd.(a)(b) | 1,816,055 | 3,807,536 | ||||||
Gencell Ltd.(a) | 883,478 | 3,298,725 | ||||||
|
| |||||||
7,106,261 | ||||||||
|
| |||||||
Italy-2.56% | ||||||||
Falck Renewables S.p.A. | 489,652 | 3,583,817 | ||||||
Prysmian S.p.A. | 118,521 | 3,716,702 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 482,531 | 3,560,742 | ||||||
|
| |||||||
10,861,261 | ||||||||
|
| |||||||
Japan-2.64% | ||||||||
GS Yuasa Corp.(b) | 129,434 | 3,499,176 | ||||||
RENOVA, Inc.(a) | 115,432 | 3,638,107 | ||||||
West Holdings Corp.(b) | 125,026 | 4,083,462 | ||||||
|
| |||||||
11,220,745 | ||||||||
|
| |||||||
Jersey-0.75% | ||||||||
Invinity Energy Systems PLC(a) | 1,746,263 | 3,167,306 | ||||||
|
| |||||||
Netherlands-2.72% | ||||||||
Alfen Beheer B.V.(c) | 42,518 | 3,388,329 | ||||||
Koninklijke DSM N.V. | 21,295 | 3,824,734 | ||||||
Signify N.V.(a)(c) | 76,171 | 4,338,078 | ||||||
|
| |||||||
11,551,141 | ||||||||
|
| |||||||
New Zealand-2.57% | ||||||||
Mercury NZ Ltd. | 786,328 | 3,915,483 | ||||||
Meridian Energy Ltd. | 847,021 | 3,239,243 | ||||||
Tilt Renewables Ltd.(b) | 652,705 | 3,741,845 | ||||||
|
| |||||||
10,896,571 | ||||||||
|
| |||||||
Norway-4.22% | ||||||||
Aker Offshore Wind A.S.(a)(b) | 4,992,026 | 3,935,602 | ||||||
Hexagon Purus ASA(a) | 652,763 | 4,077,706 | ||||||
Hydrogenpro AS(a) | 730,248 | 2,953,267 | ||||||
NEL ASA(a) | 1,332,663 | 3,878,553 | ||||||
Scatec ASA(c) | 113,201 | 3,058,861 | ||||||
|
| |||||||
17,903,989 | ||||||||
|
| |||||||
South Korea-4.41% | ||||||||
CS Wind Corp. | 57,945 | 4,011,116 | ||||||
Doosan Fuel Cell Co. Ltd.(a) | 81,122 | 3,289,075 | ||||||
Ecopro BM Co. Ltd. | 24,778 | 4,031,841 | ||||||
Ecopro Co. Ltd. | 1,286 | 86,477 | ||||||
Iljin Materials Co. Ltd. | 60,994 | 3,788,992 | ||||||
Samsung SDI Co. Ltd. | 5,964 | 3,506,500 | ||||||
|
| |||||||
18,714,001 | ||||||||
|
| |||||||
Spain-5.03% | ||||||||
Acciona S.A. | 22,197 | 3,866,496 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Spain-(continued) | ||||||||
EDP Renovaveis S.A. | 167,893 | $ | 4,005,816 | |||||
Grenergy Renovables S.A. | 88,786 | 2,794,930 | ||||||
Siemens Gamesa Renewable Energy S.A., Class R(a) | 103,028 | 3,733,159 | ||||||
Solaria Energia y Medio Ambiente S.A.(a) | 159,635 | 3,277,439 | ||||||
Solarpack Corp. Tecnologica S.A.(a) | 152,846 | 3,661,524 | ||||||
|
| |||||||
21,339,364 | ||||||||
|
| |||||||
Sweden-4.21% | ||||||||
Arise AB(a) | 642,726 | 3,998,153 | ||||||
Cell Impact AB(a)(b) | 572,916 | 3,334,882 | ||||||
Eolus Vind AB, Class B(a)(b) | 147,228 | 3,706,926 | ||||||
Nibe Industrier AB, Class B | 109,537 | 4,013,194 | ||||||
PowerCell Sweden AB(a) | 108,875 | 2,832,688 | ||||||
|
| |||||||
17,885,843 | ||||||||
|
| |||||||
Switzerland-1.68% | ||||||||
Gurit Holding AG, BR | 1,377 | 3,585,741 | ||||||
Landis+Gyr Group AG | 51,195 | 3,558,755 | ||||||
|
| |||||||
7,144,496 | ||||||||
|
| |||||||
Taiwan-2.66% | ||||||||
Motech Industries, Inc.(a) | 2,773,000 | 3,638,365 | ||||||
Sino-American Silicon Products, Inc. | 602,000 | 4,213,332 | ||||||
United Renewable Energy Co. Ltd.(a) | 6,721,000 | 3,428,713 | ||||||
|
| |||||||
11,280,410 | ||||||||
|
| |||||||
United Kingdom-5.32% | ||||||||
AFC Energy PLC(a)(b) | 5,008,660 | 4,680,955 | ||||||
Ceres Power Holdings PLC(a) | 224,737 | 4,157,097 | ||||||
Greencoat UK Wind PLC | 2,041,445 | 3,804,450 | ||||||
ITM Power PLC(a)(b) | 555,800 | 4,005,423 | ||||||
Powerhouse Energy Group PLC(a)(b) | 41,023,311 | 2,981,942 | ||||||
Proton Motor Power Systems PLC(a)(b) | 3,423,137 | 2,938,496 | ||||||
|
| |||||||
22,568,363 | ||||||||
|
| |||||||
United States-24.21% | ||||||||
Aemetis, Inc.(a) | 194,930 | 3,553,574 | ||||||
Ameresco, Inc., Class A(a) | 72,507 | 3,827,645 | ||||||
American Superconductor Corp.(a) | 146,197 | 2,407,865 | ||||||
Arcosa, Inc. | 55,214 | 3,328,852 | ||||||
Array Technologies, Inc.(a) | 99,906 | 2,813,353 | ||||||
Bloom Energy Corp., Class A(a)(b) | 128,235 | 3,330,263 | ||||||
Canoo, Inc.(a)(b) | 232,552 | 2,051,109 | ||||||
ChargePoint Holdings, Inc.(a)(b) | 145,369 | 3,680,743 | ||||||
Cree, Inc.(a)(b) | 31,488 | 3,130,537 | ||||||
Enphase Energy, Inc.(a) | 21,591 | 3,006,547 | ||||||
Eos Energy Enterprises, Inc.(a)(b) | 178,903 | 2,352,574 | ||||||
First Solar, Inc.(a) | 43,543 | 3,332,346 |
Shares | Value | |||||||
United States-(continued) | ||||||||
Fisker, Inc.(a)(b) | 169,529 | $ | 2,224,220 | |||||
FuelCell Energy, Inc.(a)(b) | 232,853 | 2,261,003 | ||||||
Gevo, Inc.(a)(b) | 390,282 | 2,646,112 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 64,393 | 3,374,193 | ||||||
Itron, Inc.(a) | 37,536 | 3,375,988 | ||||||
Livent Corp.(a)(b) | 197,613 | 3,560,986 | ||||||
Lordstown Motors Corp., Class A(a)(b) | 235,913 | 2,337,898 | ||||||
Maxeon Solar Technologies Ltd.(a) | 93,311 | 1,679,598 | ||||||
Montauk Renewables, Inc.(b) | 300,973 | 2,765,942 | ||||||
MP Materials Corp.(a)(b) | 82,467 | 2,477,309 | ||||||
Ormat Technologies, Inc.(b) | 43,655 | 3,160,622 | ||||||
Plug Power, Inc.(a)(b) | 84,128 | 2,398,489 | ||||||
QuantumScape Corp.(a)(b) | 62,960 | 2,300,558 | ||||||
Renewable Energy Group, Inc.(a)(b) | 47,812 | 2,654,522 | ||||||
Shoals Technologies Group, Inc., Class A(a) | 94,069 | 3,016,793 | ||||||
SolarEdge Technologies, Inc.(a) | 12,572 | 3,313,225 | ||||||
Sunnova Energy International, Inc.(a) | 92,925 | 3,282,111 | ||||||
SunPower Corp.(a)(b) | 105,606 | 2,713,018 | ||||||
Sunrun, Inc.(a) | 63,248 | 3,099,152 | ||||||
Sunworks, Inc.(a)(b) | 265,381 | 2,969,613 | ||||||
TPI Composites, Inc.(a)(b) | 69,237 | 3,679,947 | ||||||
Universal Display Corp. | 15,718 | 3,515,959 | ||||||
Willdan Group, Inc.(a)(b) | 81,641 | 3,116,236 | ||||||
|
| |||||||
102,738,902 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 424,502,471 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-21.17% |
| |||||||
Invesco Private Government Fund, | 35,953,863 | 35,953,863 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 53,881,831 | 53,903,384 | ||||||
|
| |||||||
Total Investments Purchased with Cash |
| 89,857,247 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-121.20% |
| 514,359,718 | ||||||
OTHER ASSETS LESS LIABILITIES-(21.20)% |
| (89,976,793 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 424,382,925 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $21,568,166, which represented 5.08% of the Fund’s Net Assets. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 35,383,807 | $ | (35,383,807 | ) | $ | - | $ | - | $ | - | $ | 125 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 7,420,921 | 108,234,409 | (79,701,467 | ) | - | - | 35,953,863 | 1,541 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 11,041,609 | 145,983,277 | (103,123,342 | ) | (62 | ) | 1,902 | 53,903,384 | 15,542 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 18,462,530 | $ | 289,601,493 | $ | (218,208,616 | ) | $ | (62 | ) | $ | 1,902 | $ | 89,857,247 | $ | 17,208 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021 | ||||||||
Renewable Electricity | 18.74 | |||||||
Electrical Components & Equipment | 16.04 | |||||||
Heavy Electrical Equipment | 11.95 | |||||||
Semiconductors | 7.38 | |||||||
Semiconductor Equipment | 4.79 | |||||||
Electric Utilities | 4.32 | |||||||
Industrial Machinery | 4.09 | |||||||
Construction & Engineering | 4.07 | |||||||
Oil & Gas Refining & Marketing | 3.99 | |||||||
Automobile Manufacturers | 3.74 | |||||||
Specialty Chemicals | 3.52 | |||||||
Sub-Industry Types Each Less Than 3% | 17.40 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.03 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco Global Water ETF (PIO)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.80% |
| |||||||
Brazil-3.63% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,236,741 | $ | 9,752,137 | |||||
|
| |||||||
Canada-0.91% | ||||||||
Stantec, Inc. | 52,252 | 2,444,401 | ||||||
|
| |||||||
Cayman Islands-0.09% | ||||||||
Consolidated Water Co. Ltd. | 19,834 | 233,446 | ||||||
|
| |||||||
China-1.81% | ||||||||
Beijing Enterprises Water Group Ltd. | 3,080,839 | 1,178,096 | ||||||
CT Environmental Group Ltd.(a)(b) | 2,561,890 | 0 | ||||||
Guangdong Investment Ltd. | 2,389,050 | 3,678,845 | ||||||
|
| |||||||
4,856,941 | ||||||||
|
| |||||||
France-6.94% | ||||||||
Suez S.A. | 307,219 | 7,344,835 | ||||||
Veolia Environnement S.A.(c) | 354,510 | 11,304,860 | ||||||
|
| |||||||
18,649,695 | ||||||||
|
| |||||||
Hong Kong-0.18% | ||||||||
China Water Affairs Group Ltd. | 586,732 | 475,922 | ||||||
|
| |||||||
Italy-1.81% | ||||||||
ACEA S.p.A. | 37,082 | 843,237 | ||||||
Hera S.p.A. | 996,701 | 4,013,431 | ||||||
|
| |||||||
4,856,668 | ||||||||
|
| |||||||
Japan-5.13% | ||||||||
Kurita Water Industries Ltd. | 88,233 | 4,068,380 | ||||||
METAWATER Co. Ltd. | 40,785 | 792,902 | ||||||
Miura Co. Ltd. | 56,251 | 2,948,797 | ||||||
Organo Corp. | 12,762 | 854,653 | ||||||
TOTO Ltd. | 98,548 | 5,112,000 | ||||||
|
| |||||||
13,776,732 | ||||||||
|
| |||||||
Netherlands-1.48% | ||||||||
Aalberts N.V. | 45,726 | 2,479,778 | ||||||
Arcadis N.V.(a) | 35,387 | 1,490,962 | ||||||
|
| |||||||
3,970,740 | ||||||||
|
| |||||||
South Korea-1.62% | ||||||||
Coway Co. Ltd. | 72,524 | 4,361,807 | ||||||
|
| |||||||
Spain-2.19% | ||||||||
Acciona S.A. | 33,761 | 5,880,829 | ||||||
|
| |||||||
Switzerland-8.60% | ||||||||
Belimo Holding AG | 4,340 | 1,732,098 | ||||||
Geberit AG | 32,475 | 21,378,203 | ||||||
|
| |||||||
23,110,301 | ||||||||
|
| |||||||
Thailand-0.18% | ||||||||
TTW PCL, NVDR | 1,331,054 | 495,872 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
Shares | Value | |||||||
United Kingdom-12.18% | ||||||||
Genuit Group PLC | 133,875 | $ | 1,047,266 | |||||
Halma PLC | 175,530 | 6,289,625 | ||||||
HomeServe PLC | 195,007 | 2,953,770 | ||||||
Pennon Group PLC | 349,317 | 5,000,914 | ||||||
Severn Trent PLC | 161,522 | 5,539,452 | ||||||
Spirax-Sarco Engineering PLC | 30,968 | 5,065,893 | ||||||
United Utilities Group PLC | 508,403 | 6,815,259 | ||||||
|
| |||||||
32,712,179 | ||||||||
|
| |||||||
United States-53.05% | ||||||||
A.O. Smith Corp. | 99,871 | 6,766,260 | ||||||
American Water Works Co., Inc. | 67,785 | 10,573,782 | ||||||
Danaher Corp. | 87,561 | 22,235,240 | ||||||
Ecolab, Inc. | 45,946 | 10,297,418 | ||||||
Essential Utilities, Inc. | 102,814 | 4,845,624 | ||||||
Ferguson PLC | 128,722 | 16,275,256 | ||||||
IDEX Corp. | 35,892 | 8,046,986 | ||||||
Pentair PLC | 238,073 | 15,358,089 | ||||||
Reliance Worldwide Corp. Ltd. | 472,241 | 1,798,379 | ||||||
Roper Technologies, Inc. | 50,936 | 22,739,868 | ||||||
Toro Co. (The) | 33,113 | 3,794,750 | ||||||
Waters Corp.(a) | 30,249 | 9,070,768 | ||||||
Xylem, Inc. | 96,326 | 10,658,472 | ||||||
|
| |||||||
142,460,892 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 268,038,562 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.28% |
| |||||||
Invesco Private Government Fund, | 1,369,576 | 1,369,576 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,053,543 | 2,054,364 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,423,940 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.08% |
| 271,462,502 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.08)% |
| (2,899,315 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 268,563,187 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco Global Water ETF (PIO)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at April 30, 2021. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 82,272 | $ | 1,017,544 | $ | (1,099,816 | ) | $ | - | $ | - | $ | - | $ | 9 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,202,704 | 6,667,348 | (6,500,476 | ) | - | - | 1,369,576 | 106 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,804,057 | 9,993,229 | (9,743,033 | ) | - | 111 | 2,054,364 | 858 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,089,033 | $ | 17,678,121 | $ | (17,343,325 | ) | $ | - | $ | 111 | $ | 3,423,940 | $ | 973 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2021
Industrials | 51.31 | |||||||
Utilities | 29.04 | |||||||
Health Care | 11.66 | |||||||
Materials | 3.83 | |||||||
Sector Types Each Less Than 3% | 3.96 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.20 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Australia-6.88% | ||||||||
Ansell Ltd. | 59,245 | $ | 1,933,979 | |||||
BlueScope Steel Ltd. | 210,092 | 3,508,616 | ||||||
Genworth Mortgage Insurance Australia | 163,529 | 346,111 | ||||||
Qantas Airways Ltd.(a) | 798,678 | 3,053,849 | ||||||
|
| |||||||
8,842,555 | ||||||||
|
| |||||||
Austria-0.65% | ||||||||
IMMOFINANZ AG(a) | 40,351 | 840,826 | ||||||
|
| |||||||
Brazil-0.24% | ||||||||
Camil Alimentos S.A. | 170,600 | 314,770 | ||||||
|
| |||||||
Canada-23.42% | ||||||||
Artis REIT | 46,779 | 413,337 | ||||||
BRP, Inc. | 17,431 | 1,599,991 | ||||||
Celestica, Inc.(a) | 43,190 | 359,507 | ||||||
CI Financial Corp. | 91,522 | 1,470,066 | ||||||
ECN Capital Corp. | 107,108 | 717,420 | ||||||
Enerplus Corp. | 106,302 | 571,172 | ||||||
First Capital REIT | 82,927 | 1,193,820 | ||||||
Great-West Lifeco, Inc. | 116,376 | 3,371,517 | ||||||
Home Capital Group, Inc.(a) | 17,597 | 464,743 | ||||||
Knight Therapeutics, Inc.(a) | 43,324 | 190,172 | ||||||
Magna International, Inc. | 70,322 | 6,635,488 | ||||||
Nutrien Ltd. | 114,966 | 6,340,793 | ||||||
Power Corp. of Canada | 117,820 | 3,428,675 | ||||||
TFI International, Inc. | 38,351 | 3,357,505 | ||||||
|
| |||||||
30,114,206 | ||||||||
|
| |||||||
Colombia-0.87% | ||||||||
Parex Resources, Inc.(a) | 59,685 | 1,123,157 | ||||||
|
| |||||||
Denmark-3.49% | ||||||||
Jyske Bank A/S(a) | 25,031 | 1,224,068 | ||||||
Pandora A/S | 28,769 | 3,269,178 | ||||||
|
| |||||||
4,493,246 | ||||||||
|
| |||||||
France-5.11% | ||||||||
Vivendi SE | 188,178 | 6,569,338 | ||||||
|
| |||||||
Germany-1.52% | ||||||||
United Internet AG | 46,501 | 1,959,788 | ||||||
|
| |||||||
India-5.44% | ||||||||
Wipro Ltd., ADR | 976,755 | 6,993,566 | ||||||
|
| |||||||
Ireland-0.34% | ||||||||
Greencore Group PLC(a)(b) | 199,022 | 437,308 | ||||||
|
| |||||||
Japan-28.92% | ||||||||
Bridgestone Corp. | 76,503 | 3,063,480 | ||||||
Dai Nippon Printing Co. Ltd. | 40,137 | 797,195 | ||||||
Daicel Corp. | 33,345 | 257,779 | ||||||
Daito Trust Construction Co. Ltd. | 8,526 | 906,382 | ||||||
DeNA Co. Ltd.(a) | 10,987 | 224,454 | ||||||
Duskin Co. Ltd. | 6,290 | 149,215 | ||||||
Hokuetsu Corp. | 23,242 | 120,139 | ||||||
Japan Post Insurance Co. Ltd. | 25,014 | 481,950 | ||||||
K’s Holdings Corp. | 27,855 | 380,472 | ||||||
Maxell Holdings Ltd.(a) | 6,297 | 74,143 | ||||||
Medipal Holdings Corp. | 30,268 | 556,042 | ||||||
METAWATER Co. Ltd. | 3,826 | 74,381 | ||||||
Mitsubishi Corp. | 218,585 | 6,039,309 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nikon Corp. | 41,616 | $ | 391,393 | |||||
Nippon Telegraph & Telephone Corp. | 240,765 | 6,068,410 | ||||||
Nomura Holdings, Inc. | 399,915 | 2,147,295 | ||||||
Nomura Research Institute Ltd. | 50,545 | 1,556,049 | ||||||
Olympus Corp. | 149,234 | 3,068,509 | ||||||
Sankyo Co. Ltd. | 7,103 | 183,513 | ||||||
Shinsei Bank Ltd.(a)(b) | 21,182 | 308,317 | ||||||
Toa Corp. | 2,816 | 63,377 | ||||||
Tokyo Electron Ltd. | 14,636 | 6,470,075 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 15,374 | 148,951 | ||||||
Toshiba Corp. | 50,661 | 2,092,625 | ||||||
Unipres Corp. | 4,607 | 44,129 | ||||||
Z Holdings Corp. | 331,398 | 1,531,092 | ||||||
|
| |||||||
37,198,676 | ||||||||
|
| |||||||
Netherlands-5.60% | ||||||||
Akzo Nobel N.V. | 55,300 | 6,651,694 | ||||||
AMG Advanced Metallurgical Group N.V. | 14,459 | 555,592 | ||||||
|
| |||||||
7,207,286 | ||||||||
|
| |||||||
Norway-0.23% | ||||||||
DNO ASA(a) | 247,297 | 291,761 | ||||||
|
| |||||||
South Korea-2.67% | ||||||||
Daishin Securities Co. Ltd. | 19,894 | 346,962 | ||||||
SK Holdings Co. Ltd. | 12,426 | 3,083,181 | ||||||
|
| |||||||
3,430,143 | ||||||||
|
| |||||||
Spain-0.21% | ||||||||
Prosegur Cia de Seguridad S.A. | 85,980 | 267,658 | ||||||
|
| |||||||
Sweden-1.87% | ||||||||
Lundin Energy AB | 75,125 | 2,409,473 | ||||||
|
| |||||||
Switzerland-2.68% | ||||||||
Intershop Holding AG | 569 | 381,184 | ||||||
Swiss Life Holding AG | 6,272 | 3,059,496 | ||||||
|
| |||||||
3,440,680 | ||||||||
|
| |||||||
Taiwan-0.54% | ||||||||
Capital Securities Corp. | 999,000 | 690,248 | ||||||
|
| |||||||
United Kingdom-9.30% | ||||||||
Daily Mail and General Trust PLC, Class A(b) | 69,961 | 869,844 | ||||||
Dialog Semiconductor PLC(a) | 30,881 | 2,421,552 | ||||||
Great Portland Estates PLC | 78,404 | 752,282 | ||||||
Micro Focus International PLC | 146,872 | 1,053,363 | ||||||
Standard Life Aberdeen PLC | 774,127 | 2,974,297 | ||||||
Subsea 7 S.A.(b) | 92,652 | 942,110 | ||||||
Whitbread PLC(a)(b) | 65,505 | 2,942,148 | ||||||
|
| |||||||
11,955,596 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 128,580,281 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.57% |
| |||||||
Invesco Private Government Fund, | 807,212 | 807,212 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(c)(d)(e) | 1,210,334 | $ | 1,210,818 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,018,030 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.55% |
| 130,598,311 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.55)% |
| (1,991,010 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 128,607,301 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security. was out on loan at April 30, 2021. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 112,421 | $ | 1,791,059 | $ | (1,903,480 | ) | $ | - | $ | - | $ | - | $ | 4 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 958,706 | 19,140,135 | (19,291,629 | ) | - | - | 807,212 | 169 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 1,455,625 | 23,515,486 | (23,760,656 | ) | (5 | ) | 368 | 1,210,818 | 1,595 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,526,752 | $ | 44,446,680 | $ | (44,955,765 | ) | $ | (5 | ) | $ | 368 | $ | 2,018,030 | $ | 1,768 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Financials | 16.35 | |||||||
Industrials | 14.76 | |||||||
Information Technology | 14.72 | |||||||
Consumer Discretionary | 14.39 | |||||||
Materials | 13.67 | |||||||
Communication Services | 13.39 | |||||||
Health Care | 4.47 | |||||||
Energy | 4.15 | |||||||
Real Estate | 3.49 | |||||||
Consumer Staples | 0.59 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco MSCI Global Timber ETF (CUT)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.62% |
| |||||||
Brazil-5.11% | ||||||||
Duratex S.A. | 119,242 | $ | 520,904 | |||||
Klabin S.A. | 273,834 | 1,406,205 | ||||||
Suzano S.A.(a) | 286,653 | 3,628,305 | ||||||
|
| |||||||
5,555,414 | ||||||||
|
| |||||||
Canada-4.73% | ||||||||
Canfor Corp.(a) | 23,975 | 598,303 | ||||||
Cascades, Inc. | 33,352 | 390,941 | ||||||
Interfor Corp.(a) | 25,762 | 684,153 | ||||||
Stella-Jones, Inc. | 23,038 | 962,570 | ||||||
West Fraser Timber Co. Ltd. | 32,548 | 2,510,815 | ||||||
|
| |||||||
5,146,782 | ||||||||
|
| |||||||
Chile-1.10% | ||||||||
Empresas CMPC S.A. | 430,804 | 1,191,291 | ||||||
|
| |||||||
China-1.07% | ||||||||
Greatview Aseptic Packaging Co. Ltd. | 307,000 | 151,784 | ||||||
Lee & Man Paper Manufacturing Ltd. | 499,635 | 435,508 | ||||||
Shandong Sun Paper Industry JSC Ltd., A Shares | 60,400 | 149,518 | ||||||
Youyuan International Holdings Ltd.(a)(b) | 337,463 | 0 | ||||||
Yunnan Energy New Material Co. Ltd., A Shares | 20,300 | 422,061 | ||||||
|
| |||||||
1,158,871 | ||||||||
|
| |||||||
Denmark-0.08% | ||||||||
Brodrene Hartmann A/S(a)(c) | 806 | 84,675 | ||||||
|
| |||||||
Finland-10.95% | ||||||||
Huhtamaki OYJ | 37,139 | 1,764,177 | ||||||
Metsa Board OYJ | 67,940 | 866,116 | ||||||
Stora Enso OYJ, Class R | 222,772 | 4,271,999 | ||||||
UPM-Kymmene OYJ | 127,778 | 5,006,818 | ||||||
|
| |||||||
11,909,110 | ||||||||
|
| |||||||
Germany-0.25% | ||||||||
Mercer International, Inc. | 16,395 | 270,354 | ||||||
|
| |||||||
Hong Kong-0.79% | ||||||||
Nine Dragons Paper Holdings Ltd. | 628,834 | 864,694 | ||||||
|
| |||||||
Indonesia-0.87% | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,047,474 | 659,883 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 417,235 | 288,122 | ||||||
|
| |||||||
948,005 | ||||||||
|
| |||||||
Ireland-4.42% | ||||||||
Smurfit Kappa Group PLC | 93,851 | 4,808,341 | ||||||
|
| |||||||
Japan-3.78% | ||||||||
Daiken Corp. | 4,191 | 78,908 | ||||||
Daio Paper Corp. | 29,116 | 476,809 | ||||||
Hokuetsu Corp. | 39,570 | 204,538 | ||||||
Nippon Paper Industries Co. Ltd. | 37,858 | 464,804 | ||||||
Oji Holdings Corp. | 330,211 | 2,081,473 | ||||||
Pack Corp. (The)(c) | 4,531 | 112,918 | ||||||
Rengo Co. Ltd. | 67,484 | 559,974 | ||||||
Tokushu Tokai Paper Co. Ltd. | 3,181 | 128,195 | ||||||
|
| |||||||
4,107,619 | ||||||||
|
| |||||||
Pakistan-0.03% | ||||||||
Packages Ltd. | 11,950 | 35,566 | ||||||
|
|
Shares | Value | |||||||
Portugal-0.58% | ||||||||
Altri SGPS S.A. | 27,493 | $ | 215,125 | |||||
Navigator Co. S.A. (The)(c) | 82,427 | 278,427 | ||||||
Semapa-Sociedade de Investimento e Gestao | 9,336 | 135,763 | ||||||
|
| |||||||
629,315 | ||||||||
|
| |||||||
South Africa-0.66% | ||||||||
Sappi Ltd.(a) | 211,710 | 712,875 | ||||||
|
| |||||||
South Korea-0.26% | ||||||||
Hansol Paper Co. Ltd. | 6,380 | 89,476 | ||||||
Kuk-il Paper Manufacturing Co. Ltd.(a) | 33,868 | 192,122 | ||||||
|
| |||||||
281,598 | ||||||||
|
| |||||||
Spain-0.34% | ||||||||
Ence Energia y Celulosa S.A.(a) | 56,584 | 248,759 | ||||||
Miquel y Costas & Miquel S.A. | 7,122 | 123,458 | ||||||
|
| |||||||
372,217 | ||||||||
|
| |||||||
Sweden-6.58% | ||||||||
BillerudKorsnas AB | 67,774 | 1,385,817 | ||||||
Holmen AB, Class B(c) | 35,924 | 1,695,140 | ||||||
Svenska Cellulosa AB S.C.A., Class B | 232,008 | 4,074,528 | ||||||
|
| |||||||
7,155,485 | ||||||||
|
| |||||||
Switzerland-2.76% | ||||||||
SIG Combibloc Group AG(a) | 122,560 | 3,004,706 | ||||||
|
| |||||||
Taiwan-1.35% | ||||||||
Cheng Loong Corp. | 276,000 | 440,683 | ||||||
Chung Hwa Pulp Corp.(a) | 149,000 | 138,689 | ||||||
Longchen Paper & Packaging Co. Ltd. | 267,000 | 279,111 | ||||||
YFY, Inc. | 445,000 | 605,377 | ||||||
|
| |||||||
1,463,860 | ||||||||
|
| |||||||
Thailand-0.09% | ||||||||
Polyplex Thailand PCL, NVDR | 103,898 | 94,263 | ||||||
|
| |||||||
United Kingdom-7.47% | ||||||||
DS Smith PLC | 525,677 | 3,062,696 | ||||||
Mondi PLC | 185,936 | 5,058,656 | ||||||
|
| |||||||
8,121,352 | ||||||||
|
| |||||||
United States-46.35% | ||||||||
Amcor PLC | 456,164 | 5,359,927 | ||||||
Avery Dennison Corp. | 28,652 | 6,136,399 | ||||||
CatchMark Timber Trust, Inc., Class A | 18,674 | 217,178 | ||||||
Clearwater Paper Corp.(a) | 6,347 | 212,371 | ||||||
Domtar Corp.(a) | 21,136 | 833,181 | ||||||
Glatfelter Corp. | 16,990 | 250,093 | ||||||
Graphic Packaging Holding Co. | 103,693 | 1,923,505 | ||||||
International Paper Co | 104,327 | 6,050,966 | ||||||
Louisiana-Pacific Corp. | 41,864 | 2,758,000 | ||||||
Neenah, Inc. | 6,434 | 342,096 | ||||||
Packaging Corp. of America | 36,314 | 5,361,762 | ||||||
PotlatchDeltic Corp. | 25,608 | 1,520,091 | ||||||
Ranpak Holdings Corp.(a) | 11,890 | 228,645 | ||||||
Rayonier, Inc. | 52,278 | 1,896,646 | ||||||
Schweitzer-Mauduit International, Inc., Class A . | 11,995 | 547,812 | ||||||
Sealed Air Corp. | 59,413 | 2,935,002 | ||||||
Sonoco Products Co. | 38,453 | 2,517,133 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
United States-(continued) | ||||||||
Westrock Co. | 100,580 | $ | 5,607,335 | |||||
Weyerhaeuser Co. | 147,086 | 5,702,524 | ||||||
|
| |||||||
50,400,666 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 108,317,059 | |||||||
|
| |||||||
Exchange-Traded Funds-0.10% |
| |||||||
India-0.10% | ||||||||
Invesco India ETF(a)(c)(d) | 4,779 | 113,836 | ||||||
|
| |||||||
Money Market Funds-0.17% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) | 181,022 | 181,022 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 108,611,917 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.15% | ||||||||
Invesco Private Government Fund, 0.01%(d)(e)(f) | 935,242 | $ | 935,242 | |||||
Invesco Private Prime Fund, | 1,402,302 | 1,402,863 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,338,105 | ||||||
TOTAL INVESTMENTS IN SECURITIES-102.04% |
| 110,950,022 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.04)% |
| (2,221,042 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 108,728,980 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at April 30, 2021. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
�� | Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | ||||||||||||||||||||||||||||
Invesco India ETF | $ | 47,326 | $ | 52,642 | $ | - | $ | 13,868 | $ | - | $ | 113,836 | $ | - | |||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 94,504 | 2,675,278 | (2,588,760 | ) | - | - | 181,022 | 33 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 109,632 | 8,273,624 | (7,448,014 | ) | - | - | 935,242 | 68 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 164,447 | 12,169,712 | (10,931,322 | ) | (3 | ) | 29 | 1,402,863 | 712 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 415,909 | $ | 23,171,256 | $ | (20,968,096 | ) | $ | 13,865 | $ | 29 | $ | 2,632,963 | $ | 813 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2021
Materials | 91.03 | |||||||
Real Estate | 8.59 | |||||||
Financials | 0.10 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.28 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco MSCI Green Building ETF (GBLD)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.74% |
| |||||||
Australia-5.49% | ||||||||
Cromwell Property Group | 31,076 | $ | 21,004 | |||||
GDI Property Group | 9,670 | 7,955 | ||||||
GPT Group (The) | 38,613 | 137,799 | ||||||
Growthpoint Properties Australia Ltd. | 5,357 | 15,476 | ||||||
Vicinity Centres | 76,702 | 93,909 | ||||||
|
| |||||||
276,143 | ||||||||
|
| |||||||
Austria-1.11% | ||||||||
CA Immobilien Anlagen AG | 1,273 | 55,857 | ||||||
|
| |||||||
Belgium-0.38% | ||||||||
Befimmo S.A. | 451 | 19,192 | ||||||
|
| |||||||
Canada-0.60% | ||||||||
First Capital REIT | 2,100 | 30,232 | ||||||
|
| |||||||
China-3.00% | ||||||||
China Evergrande Group | 40,000 | 67,775 | ||||||
Shimao Group Holdings Ltd. | 24,500 | 70,975 | ||||||
SOHO China Ltd.(a) | 41,000 | 12,405 | ||||||
|
| |||||||
151,155 | ||||||||
|
| |||||||
Finland-0.22% | ||||||||
Citycon OYJ | 1,235 | 10,853 | ||||||
|
| |||||||
France-11.32% | ||||||||
Covivio | 1,030 | 92,002 | ||||||
Gecina S.A. | 909 | 133,116 | ||||||
Klepierre S.A. | 3,865 | 102,638 | ||||||
Mercialys S.A. | 1,186 | 15,177 | ||||||
Unibail-Rodamco-Westfield(a) | 2,745 | 226,651 | ||||||
|
| |||||||
569,584 | ||||||||
|
| |||||||
Germany-0.45% | ||||||||
Deutsche EuroShop AG(a) | 980 | 22,651 | ||||||
|
| |||||||
Hong Kong-5.50% | ||||||||
Champion REIT | 41,000 | 23,860 | ||||||
Henderson Land Development Co. Ltd. | 29,000 | 129,003 | ||||||
Mapletree North Asia Commercial Trust(b) | 46,900 | 38,425 | ||||||
Swire Properties Ltd. | 23,200 | 69,300 | ||||||
Yuexiu REIT | 32,000 | 16,110 | ||||||
|
| |||||||
276,698 | ||||||||
|
| |||||||
Japan-26.37% | ||||||||
AEON REIT Investment Corp. | 30 | 41,306 | ||||||
CRE Logistics REIT, Inc. | 9 | 14,903 | ||||||
Frontier Real Estate Investment Corp. | 9 | 39,358 | ||||||
Fukuoka REIT Corp. | 13 | 21,313 | ||||||
GLP J-REIT | 82 | 137,436 | ||||||
Hulic Reit, Inc. | 23 | 36,739 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 6,700 | 46,708 | ||||||
Itochu Advance Logistics Investment Corp. | 11 | 14,170 | ||||||
Japan Metropolitan Fund Investment Corp. | 139 | 136,959 | ||||||
Japan Real Estate Investment Corp. | 26 | 161,274 | ||||||
Kenedix Retail REIT Corp. | 10 | 25,598 | ||||||
LaSalle Logiport REIT | 31 | 50,341 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 7 | 28,947 | ||||||
Mori Hills REIT Investment Corp. | 32 | 46,461 | ||||||
Nippon Building Fund, Inc. | 29 | 190,494 | ||||||
Nippon Prologis REIT, Inc. | 42 | 134,870 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nomura Real Estate Master Fund, Inc. | 84 | $ | 132,795 | |||||
Sekisui House Reit, Inc. | 81 | 67,435 | ||||||
|
| |||||||
1,327,107 | ||||||||
|
| |||||||
Netherlands-0.23% | ||||||||
Wereldhave N.V. | 679 | 11,754 | ||||||
|
| |||||||
Singapore-10.05% | ||||||||
Ascendas India Trust | 17,100 | 18,252 | ||||||
CapitaLand Integrated Commercial Trust | 89,800 | 145,122 | ||||||
City Developments Ltd. | 9,000 | 53,375 | ||||||
Frasers Centrepoint Trust | 23,600 | 43,106 | ||||||
Frasers Logistics & Commercial Trust(b) | 47,500 | 52,484 | ||||||
Keppel REIT | 33,800 | 31,503 | ||||||
Manulife US REIT(b) | 28,200 | 21,432 | ||||||
Mapletree Commercial Trust | 42,700 | 70,289 | ||||||
OUE Commercial REIT | 43,000 | 13,090 | ||||||
Starhill Global REIT | 28,300 | 12,019 | ||||||
Suntec REIT | 39,200 | 45,081 | ||||||
|
| |||||||
505,753 | ||||||||
|
| |||||||
Spain-2.91% | ||||||||
Inmobiliaria Colonial SOCIMI S.A. | 5,540 | 56,253 | ||||||
Lar Espana Real Estate Socimi S.A. | 1,216 | 7,846 | ||||||
Merlin Properties SOCIMI S.A. | 7,450 | 82,455 | ||||||
|
| |||||||
146,554 | ||||||||
|
| |||||||
Sweden-1.87% | ||||||||
Fabege AB | 5,246 | 78,326 | ||||||
Platzer Fastigheter Holding AB, Class B | 1,189 | 15,580 | ||||||
|
| |||||||
93,906 | ||||||||
|
| |||||||
United Kingdom-3.16% | ||||||||
Berkeley Group Holdings PLC | 2,485 | 159,197 | ||||||
|
| |||||||
United States-27.08% | ||||||||
Boston Properties, Inc. | 2,931 | 320,505 | ||||||
Brandywine Realty Trust | 3,381 | 45,745 | ||||||
Columbia Property Trust, Inc. | 2,269 | 40,865 | ||||||
Cousins Properties, Inc. | 2,945 | 107,993 | ||||||
Douglas Emmett, Inc. | 3,476 | 116,585 | ||||||
Empire State Realty Trust, Inc., Class A | 2,880 | 32,803 | ||||||
Highwoods Properties, Inc. | 2,060 | 92,267 | ||||||
JBG SMITH Properties | 2,363 | 77,057 | ||||||
KB Home | 1,615 | 77,892 | ||||||
Kilroy Realty Corp. | 2,056 | 140,918 | ||||||
Meritage Homes Corp.(a) | 746 | 79,367 | ||||||
Paramount Group, Inc. | 3,491 | 37,040 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 2,498 | 46,513 | ||||||
Vornado Realty Trust | 3,223 | 147,453 | ||||||
|
| |||||||
1,363,003 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $4,997,196) | 5,019,639 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco MSCI Green Building ETF (GBLD)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Money Market Funds-0.15% | ||||||||
Invesco Government & Agency Portfolio, Institutional | 7,462 | $ | 7,462 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.89% |
| 5,027,101 | ||||||
OTHER ASSETS LESS LIABILITIES-0.11% |
| 5,729 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 5,032,830 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $112,341, which represented 2.23% of the Fund’s Net Assets. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $— | $46,841 | $ | (39,379) | $— | $— | $7,462 | $— |
(d) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2021
Real Estate | 92.52 | |||||||
Consumer Discretionary | 7.22 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.26 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco S&P Global Water Index ETF (CGW)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.12% |
| |||||||
Brazil-1.17% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(a) | 1,350,249 | $ | 10,612,957 | |||||
|
| |||||||
Canada-2.26% | ||||||||
Stantec, Inc. | 438,573 | 20,516,888 | ||||||
|
| |||||||
China-2.77% | ||||||||
Beijing Enterprises Water Group Ltd. | 20,192,382 | 7,721,454 | ||||||
Guangdong Investment Ltd. | 11,364,766 | 17,500,351 | ||||||
|
| |||||||
25,221,805 | ||||||||
|
| |||||||
France-10.02% | ||||||||
Suez S.A. | 1,613,701 | 38,579,541 | ||||||
Veolia Environnement S.A.(a) | 1,646,308 | 52,498,608 | ||||||
91,078,149 | ||||||||
|
| |||||||
Hong Kong-0.30% | ||||||||
China Water Affairs Group Ltd.(a) | 3,321,965 | 2,694,578 | ||||||
|
| |||||||
Italy-2.32% | ||||||||
ACEA S.p.A. | 168,281 | 3,826,677 | ||||||
Interpump Group S.p.A. | 324,256 | 17,292,050 | ||||||
|
| |||||||
21,118,727 | ||||||||
|
| |||||||
Japan-2.80% | ||||||||
Kurita Water Industries Ltd. | 424,505 | 19,573,718 | ||||||
METAWATER Co. Ltd. | 119,221 | 2,317,777 | ||||||
Nihon Trim Co. Ltd. | 17,846 | 619,602 | ||||||
Nomura Micro Science Co. Ltd. | 28,593 | 1,178,459 | ||||||
Organo Corp. | 26,593 | 1,780,895 | ||||||
|
| |||||||
25,470,451 | ||||||||
|
| |||||||
Netherlands-2.28% | ||||||||
Aalberts N.V. | 382,022 | 20,717,527 | ||||||
|
| |||||||
Spain-0.30% | ||||||||
Fomento de Construcciones y Contratas S.A. | 210,126 | 2,757,154 | ||||||
|
| |||||||
Switzerland-7.29% | ||||||||
Geberit AG(a) | 65,985 | 43,437,743 | ||||||
Georg Fischer AG | 16,284 | 22,853,484 | ||||||
|
| |||||||
66,291,227 | ||||||||
|
| |||||||
United Kingdom-15.26% | ||||||||
Halma PLC | 1,280,946 | 45,899,107 | ||||||
Pennon Group PLC | 1,667,639 | 23,874,359 | ||||||
Severn Trent PLC | 957,056 | 32,822,564 | ||||||
United Utilities Group PLC | 2,694,077 | 36,114,718 | ||||||
|
| |||||||
138,710,748 | ||||||||
|
| |||||||
United States-53.35% | ||||||||
Advanced Drainage Systems, Inc. | 197,017 | 21,998,918 | ||||||
Aegion Corp.(b) | 120,923 | 3,639,782 |
Shares | Value | |||||||
United States-(continued) | ||||||||
American States Water Co. | 145,780 | $ | 11,544,318 | |||||
American Water Works Co., Inc. | 571,627 | 89,168,096 | ||||||
Artesian Resources Corp., Class A | 33,425 | 1,352,041 | ||||||
Badger Meter, Inc. | 115,732 | 10,808,212 | ||||||
California Water Service Group | 198,920 | 11,686,550 | ||||||
Energy Recovery, Inc.(b) | 160,390 | 3,400,268 | ||||||
Essential Utilities, Inc. | 882,274 | 41,581,574 | ||||||
Evoqua Water Technologies Corp.(b) | 475,113 | 13,578,730 | ||||||
Forterra, Inc.(b) | 76,306 | 1,790,139 | ||||||
Franklin Electric Co., Inc. | 152,375 | 12,383,516 | ||||||
Gorman-Rupp Co. (The) | 74,645 | 2,576,745 | ||||||
Lindsay Corp. | 43,148 | 7,153,075 | ||||||
Middlesex Water Co. | 69,044 | 5,662,989 | ||||||
Montrose Environmental Group, Inc.(b) | 55,228 | 2,993,910 | ||||||
Mueller Water Products, Inc., Class A | 628,653 | 9,027,457 | ||||||
Northwest Pipe Co.(b) | 38,934 | 1,295,334 | ||||||
Olin Corp. | 566,995 | 24,397,795 | ||||||
Pentair PLC | 659,416 | 42,538,926 | ||||||
Reliance Worldwide Corp. Ltd. | 3,137,323 | 11,947,492 | ||||||
Rexnord Corp. | 474,893 | 23,711,408 | ||||||
Select Energy Services, Inc., Class A(b) | 246,954 | 1,192,788 | ||||||
SJW Group | 103,953 | 6,814,119 | ||||||
Tetra Tech, Inc. | 214,254 | 27,345,238 | ||||||
Watts Water Technologies, Inc., Class A | 109,083 | 13,586,288 | ||||||
Xylem, Inc. | 716,168 | 79,243,989 | ||||||
York Water Co. (The) | 51,561 | 2,662,610 | ||||||
|
| |||||||
485,082,307 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 910,272,518 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.31% |
| |||||||
Invesco Private Government Fund, | 22,935,509 | 22,935,509 | ||||||
Invesco Private Prime Fund, | 34,389,508 | 34,403,265 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 57,338,774 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.43% |
| 967,611,292 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.43)% | (58,436,471 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 909,174,821 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco S&P Global Water Index ETF (CGW)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Non-income producing security. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2020 | at Cost | from Sales | Appreciation | Gain | April 30, 2021 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 145,794 | $ | 13,719,166 | $ | (13,864,960 | ) | $ | - | $ | - | $ | - | $ | 134 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 64,576,701 | (41,641,192 | ) | - | - | 22,935,509 | 337 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 94,476,208 | (60,075,012 | ) | 1 | 2,068 | 34,403,265 | 3,684 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 145,794 | $ | 172,772,075 | $ | (115,581,164 | ) | $ | 1 | $ | 2,068 | $ | 57,338,774 | $ | 4,155 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Water Utilities | 33.20 | |||||||
Machinery | 32.21 | |||||||
Multi-Utilities | 10.44 | |||||||
Building Products | 8.51 | |||||||
Electronic Equipment, Instruments & Components | 6.24 | |||||||
Commercial Services & Supplies | 3.34 | |||||||
Industry Types Each Less Than 3% | 6.18 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.12 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco S&P International Developed Quality ETF (IDHQ)
April 30, 2021
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.39% |
| |||||||
Australia-9.03% | ||||||||
AGL Energy Ltd. | 14,067 | $ | 97,034 | |||||
Alumina Ltd. | 49,746 | 66,478 | ||||||
Aristocrat Leisure Ltd. | 16,534 | 474,724 | ||||||
ASX Ltd. | 4,269 | 240,658 | ||||||
Aurizon Holdings Ltd. | 39,591 | 114,683 | ||||||
BHP Group Ltd. | 55,041 | 2,028,034 | ||||||
Brambles Ltd. | 30,057 | 241,462 | ||||||
CSL Ltd. | 10,240 | 2,144,846 | ||||||
Fortescue Metals Group Ltd. | 41,591 | 725,749 | ||||||
Goodman Group | 36,058 | 526,701 | ||||||
Insurance Australia Group Ltd. | 55,643 | 210,609 | ||||||
Magellan Financial Group Ltd. | 4,178 | 156,524 | ||||||
Medibank Pvt Ltd. | 83,613 | 198,928 | ||||||
REA Group Ltd. | 1,233 | 150,817 | ||||||
Rio Tinto PLC | 24,413 | 2,053,752 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 2,678 | 62,617 | ||||||
|
| |||||||
9,493,616 | ||||||||
|
| |||||||
Austria-0.20% | ||||||||
ANDRITZ AG | 1,723 | 93,751 | ||||||
Verbund AG | 1,424 | 117,081 | ||||||
|
| |||||||
210,832 | ||||||||
|
| |||||||
Belgium-0.15% | ||||||||
Etablissements Franz Colruyt N.V. | 1,515 | 89,966 | ||||||
Proximus SADP(a) | 3,223 | 68,790 | ||||||
|
| |||||||
158,756 | ||||||||
|
| |||||||
Canada-5.12% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 18,884 | 639,342 | ||||||
AltaGas Ltd. | 5,878 | 109,753 | ||||||
B2Gold Corp. | 28,938 | 139,256 | ||||||
Cameco Corp. | 7,536 | 126,560 | ||||||
Canadian National Railway Co. | 14,414 | 1,550,483 | ||||||
Canadian Pacific Railway Ltd. | 3,206 | 1,195,435 | ||||||
CCL Industries, Inc., Class B | 3,137 | 177,913 | ||||||
Great-West Lifeco, Inc. | 6,527 | 189,093 | ||||||
IGM Financial, Inc. | 1,806 | 64,418 | ||||||
Kinross Gold Corp. | 26,995 | 189,812 | ||||||
Kirkland Lake Gold Ltd. | 5,787 | 214,837 | �� | |||||
Onex Corp. | 1,981 | 132,512 | ||||||
Ritchie Bros. Auctioneers, Inc. | 2,525 | 160,486 | ||||||
Wheaton Precious Metals Corp. | 9,659 | 400,351 | ||||||
Yamana Gold, Inc. | 19,247 | 88,084 | ||||||
|
| |||||||
5,378,335 | ||||||||
|
| |||||||
China-0.27% | ||||||||
Alibaba Health Information Technology Ltd.(b) | 91,304 | 278,608 | ||||||
|
| |||||||
Denmark-4.93% | ||||||||
Carlsberg A/S, Class B | 2,232 | 392,194 | ||||||
Coloplast A/S, Class B | 3,485 | 577,388 | ||||||
Genmab A/S(b) | 1,447 | 531,705 | ||||||
Novo Nordisk A/S, Class B | 43,285 | 3,174,390 | ||||||
Novozymes A/S, Class B | 5,596 | 398,844 | ||||||
Tryg A/S | 4,505 | 103,224 | ||||||
|
| |||||||
5,177,745 | ||||||||
|
|
Shares | Value | |||||||
Finland-2.69% | ||||||||
Elisa OYJ | 3,598 | $ | 204,393 | |||||
Kojamo OYJ | 2,893 | 62,791 | ||||||
Kone OYJ, Class B | 11,441 | 899,908 | ||||||
Neste OYJ | 9,545 | 579,110 | ||||||
Orion OYJ, Class B | 3,274 | 145,156 | ||||||
Sampo OYJ, Class A | 11,345 | 539,593 | ||||||
UPM-Kymmene OYJ | 10,152 | 397,793 | ||||||
|
| |||||||
2,828,744 | ||||||||
|
| |||||||
France-4.17% | ||||||||
Hermes International | 806 | 1,012,955 | ||||||
Sanofi(a) | 29,454 | 3,094,311 | ||||||
Sartorius Stedim Biotech | 605 | 278,211 | ||||||
|
| |||||||
4,385,477 | ||||||||
|
| |||||||
Germany-0.33% | ||||||||
Porsche Automobil Holding SE, Preference Shares | 3,260 | 343,698 | ||||||
|
| |||||||
Hong Kong-1.96% | ||||||||
CLP Holdings Ltd. | 37,031 | 365,454 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 28,064 | 1,698,254 | ||||||
|
| |||||||
2,063,708 | ||||||||
|
| |||||||
Ireland-0.22% | ||||||||
ICON PLC(a)(b) | 1,061 | 230,184 | ||||||
|
| |||||||
Israel-0.49% | ||||||||
Check Point Software Technologies Ltd.(b) | 3,218 | 375,894 | ||||||
Mivne Real Estate KD Ltd. | 20,506 | 56,460 | ||||||
Plus500 Ltd. | 4,326 | 85,052 | ||||||
|
| |||||||
517,406 | ||||||||
|
| |||||||
Italy-1.12% | ||||||||
DiaSorin S.p.A.(a) | 521 | 88,589 | ||||||
Ferrari N.V. | 2,997 | 642,728 | ||||||
FinecoBank Banca Fineco S.p.A.(b) | 19,057 | 328,513 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 2,090 | 115,331 | ||||||
|
| |||||||
1,175,161 | ||||||||
|
| |||||||
Japan-23.60% | ||||||||
ABC-Mart, Inc. | 963 | 51,540 | ||||||
Ajinomoto Co., Inc. | 11,563 | 231,302 | ||||||
Azbil Corp. | 2,425 | 98,060 | ||||||
Benefit One, Inc. | 2,440 | 61,232 | ||||||
Benesse Holdings, Inc. | 2,440 | 53,865 | ||||||
Brother Industries Ltd. | 5,571 | 117,786 | ||||||
Calbee, Inc. | 3,151 | 75,499 | ||||||
Capcom Co. Ltd. | 4,404 | 143,033 | ||||||
Casio Computer Co. Ltd. | 4,701 | 83,049 | ||||||
Chugai Pharmaceutical Co. Ltd. | 16,216 | 608,406 | ||||||
COMSYS Holdings Corp. | 2,807 | 87,057 | ||||||
Cosmos Pharmaceutical Corp. | 636 | 91,294 | ||||||
Dai Nippon Printing Co. Ltd. | 6,576 | 130,612 | ||||||
Daiichi Sankyo Co. Ltd. | 48,505 | 1,236,754 | ||||||
Daikin Industries Ltd. | 6,149 | 1,233,682 | ||||||
Daito Trust Construction Co. Ltd. | 2,111 | 224,416 | ||||||
Disco Corp. | 688 | 222,819 | ||||||
Eisai Co. Ltd. | 7,455 | 486,224 | ||||||
FP Corp. | 1,272 | 49,400 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
GOLDWIN, Inc. | 897 | $ | 53,588 | |||||
GungHo Online Entertainment, Inc. | 2,008 | 38,284 | ||||||
Hakuhodo DY Holdings, Inc. | 6,683 | 112,560 | ||||||
Hoya Corp. | 10,134 | 1,152,887 | ||||||
Itochu Techno-Solutions Corp. | 2,291 | 79,437 | ||||||
Izumi Co. Ltd. | 1,400 | 55,652 | ||||||
Japan Exchange Group, Inc. | 13,144 | 308,022 | ||||||
Japan Tobacco, Inc. | 24,072 | 450,146 | ||||||
JGC Holdings Corp. | 6,253 | 71,337 | ||||||
Justsystems Corp. | 956 | 55,451 | ||||||
Kakaku.com, Inc. | 2,942 | 79,939 | ||||||
Kaken Pharmaceutical Co. Ltd. | 1,347 | 55,455 | ||||||
Kinden Corp. | 3,183 | 54,106 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 1,268 | 113,105 | ||||||
Kobe Bussan Co. Ltd. | 3,041 | 81,294 | ||||||
Koei Tecmo Holdings Co. Ltd. | 1,242 | 55,507 | ||||||
K’s Holdings Corp. | 4,805 | 65,632 | ||||||
Kyowa Kirin Co. Ltd. | 5,256 | 159,644 | ||||||
Lasertec Corp. | 2,652 | 469,234 | ||||||
Makita Corp. | 6,364 | 286,163 | ||||||
Maruichi Steel Tube Ltd. | 2,314 | 57,943 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 1,792 | 81,808 | ||||||
MEIJI Holdings Co. Ltd. | 3,183 | 197,145 | ||||||
Mitsubishi Logistics Corp. | 1,804 | 53,556 | ||||||
MonotaRO Co. Ltd. | 6,506 | 166,065 | ||||||
Morinaga & Co. Ltd. | 1,353 | 45,057 | ||||||
MS&AD Insurance Group Holdings, Inc. | 11,136 | 315,319 | ||||||
NET One Systems Co. Ltd. | 2,016 | 66,213 | ||||||
Nexon Co. Ltd. | 10,655 | 353,363 | ||||||
Nihon M&A Center, Inc. | 9,158 | 239,957 | ||||||
Nihon Unisys Ltd. | 2,002 | 63,464 | ||||||
Nintendo Co. Ltd. | 3,010 | 1,726,334 | ||||||
Nippo Corp. | 1,908 | 49,958 | ||||||
Nippon Shinyaku Co. Ltd.(a) | 1,334 | 89,824 | ||||||
Nissan Chemical Corp. | 3,477 | 178,773 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,883 | 133,509 | ||||||
Nitori Holdings Co. Ltd. | 2,205 | 395,591 | ||||||
Nitto Denko Corp. | 3,537 | 293,172 | ||||||
NOF Corp. | 1,908 | 100,894 | ||||||
Nomura Research Institute Ltd. | 11,984 | 368,932 | ||||||
NS Solutions Corp. | 1,759 | 53,186 | ||||||
Obayashi Corp. | 18,367 | 167,530 | ||||||
OBIC Business Consultants Co. Ltd. | 750 | 44,051 | ||||||
Obic Co. Ltd. | 1,508 | 291,515 | ||||||
Omron Corp. | 5,329 | 404,166 | ||||||
Ono Pharmaceutical Co. Ltd. | 12,133 | 305,365 | ||||||
Open House Co. Ltd. | 1,804 | 75,012 | ||||||
Oracle Corp. Japan | 744 | 69,768 | ||||||
Otsuka Corp. | 2,595 | 130,812 | ||||||
Paltac Corp. | 886 | 46,122 | ||||||
PeptiDream, Inc.(b) | 2,332 | 99,953 | ||||||
Persol Holdings Co. Ltd. | 4,136 | 76,019 | ||||||
Pigeon Corp. | 2,979 | 100,976 | ||||||
Ricoh Co. Ltd. | 14,224 | 151,213 | ||||||
Rinnai Corp. | 854 | 85,787 | ||||||
Rohm Co. Ltd. | 1,671 | 165,564 | ||||||
Rohto Pharmaceutical Co. Ltd. | 2,675 | 68,597 | ||||||
Sankyu, Inc. | 1,360 | 57,981 | ||||||
Santen Pharmaceutical Co. Ltd. | 8,913 | 114,159 | ||||||
SCSK Corp. | 1,169 | 67,805 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Secom Co. Ltd. | 5,149 | $ | 427,541 | |||||
Sekisui House Ltd. | 14,648 | 296,029 | ||||||
Seria Co. Ltd. | 1,380 | 50,059 | ||||||
Seven & i Holdings Co. Ltd. | 15,819 | 680,056 | ||||||
Shimadzu Corp. | 6,047 | 211,608 | ||||||
Shimano, Inc. | 1,883 | 431,279 | ||||||
Shimizu Corp. | 15,699 | 128,545 | ||||||
Shionogi & Co. Ltd. | 5,819 | 305,949 | ||||||
SMC Corp. | 1,430 | 830,095 | ||||||
Sompo Holdings, Inc. | 8,482 | 315,053 | ||||||
Sugi Holdings Co. Ltd. | 854 | 65,629 | ||||||
Sumitomo Metal Mining Co. Ltd. | 5,166 | 219,250 | ||||||
Sundrug Co. Ltd. | 1,494 | 50,914 | ||||||
Suntory Beverage & Food Ltd. | 2,703 | 91,250 | ||||||
T&D Holdings, Inc. | 13,580 | 166,357 | ||||||
Taisei Corp. | 4,790 | 176,604 | ||||||
TBS Holdings, Inc. | 2,703 | 52,623 | ||||||
TDK Corp. | 2,953 | 401,190 | ||||||
TIS, Inc. | 4,909 | 121,933 | ||||||
Tokyo Electron Ltd. | 4,473 | 1,977,360 | ||||||
TOTO Ltd. | 3,429 | 177,873 | ||||||
Toyo Suisan Kaisha Ltd. | 2,440 | 99,448 | ||||||
Trend Micro, Inc. | 3,717 | 176,830 | ||||||
USS Co. Ltd. | 5,359 | 97,124 | ||||||
Welcia Holdings Co. Ltd. | 2,767 | 86,322 | ||||||
Yakult Honsha Co. Ltd. | 3,495 | 170,106 | ||||||
Yamaha Corp. | 3,403 | 185,242 | ||||||
Zenkoku Hosho Co. Ltd. | 1,605 | 72,023 | ||||||
ZOZO, Inc. | 3,014 | 101,749 | ||||||
|
| |||||||
24,801,972 | ||||||||
|
| |||||||
Jordan-0.13% | ||||||||
Hikma Pharmaceuticals PLC | 4,106 | 138,713 | ||||||
|
| |||||||
Netherlands-9.92% | ||||||||
Adyen N.V.(b)(c) | 561 | 1,378,691 | ||||||
Akzo Nobel N.V. | 4,952 | 595,646 | ||||||
ASML Holding N.V. | 10,415 | 6,785,343 | ||||||
Prosus N.V. | 9,377 | 1,018,520 | ||||||
Wolters Kluwer N.V. | 7,130 | 645,964 | ||||||
|
| |||||||
10,424,164 | ||||||||
|
| |||||||
New Zealand-0.68% | ||||||||
a2 Milk Co. Ltd. (The)(b) | 21,261 | 116,699 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 17,837 | 460,090 | ||||||
Spark New Zealand Ltd. | 42,277 | 133,469 | ||||||
|
| |||||||
710,258 | ||||||||
|
| |||||||
Norway-0.18% | ||||||||
Gjensidige Forsikring ASA | 4,475 | 102,042 | ||||||
Salmar ASA | 1,220 | 84,846 | ||||||
|
| |||||||
186,888 | ||||||||
|
| |||||||
Singapore-0.15% | ||||||||
Genting Singapore Ltd. | 117,083 | 76,125 | ||||||
Venture Corp. Ltd. | 5,632 | 85,301 | ||||||
|
| |||||||
161,426 | ||||||||
|
| |||||||
South Korea-2.04% | ||||||||
Celltrion, Inc.(b) | 2,205 | 527,289 | ||||||
CJ ENM Co. Ltd. | 400 | 51,782 | ||||||
Coway Co. Ltd. | 1,318 | 79,268 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2021
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 1,958 | $ | 64,601 | |||||
Dongsuh Cos., Inc. | 1,746 | 49,365 | ||||||
Doosan Fuel Cell Co. Ltd.(b) | 1,131 | 45,856 | ||||||
Hugel, Inc.(b) | 300 | 49,760 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 1,840 | 56,159 | ||||||
KT&G Corp. | 2,599 | 192,527 | ||||||
Kumho Petrochemical Co. Ltd. | 381 | 89,055 | ||||||
NCSoft Corp. | 338 | 252,205 | ||||||
NongShim Co. Ltd. | 187 | 47,912 | ||||||
Orion Corp. | 494 | 51,960 | ||||||
S-1 Corp. | 673 | 49,310 | ||||||
Samsung Biologics Co. Ltd.(b)(c) | 346 | 250,087 | ||||||
Samsung Engineering Co. Ltd.(b) | 4,823 | 75,227 | ||||||
Seegene, Inc. | 1,210 | 101,817 | ||||||
SK Chemicals Co. Ltd. | 215 | 51,510 | ||||||
Yuhan Corp. | 1,062 | 61,390 | ||||||
|
| |||||||
2,147,080 | ||||||||
|
| |||||||
Spain-0.20% | ||||||||
Endesa S.A. | 8,015 | 210,916 | ||||||
|
| |||||||
Sweden-4.03% | ||||||||
Atlas Copco AB, Class A(a) | 13,867 | 841,294 | ||||||
Epiroc AB, Class A(a)(b) | 13,483 | 292,598 | ||||||
Essity AB, Class B | 13,487 | 440,701 | ||||||
Evolution Gaming Group AB(c) | 2,949 | 583,121 | ||||||
Getinge AB, Class B | 4,844 | 164,126 | ||||||
ICA Gruppen AB | 1,946 | 89,754 | ||||||
Kinnevik AB, Class B(b) | 8,071 | 446,705 | ||||||
Sandvik AB(a) | 21,772 | 538,909 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 60,985 | 836,189 | ||||||
|
| |||||||
4,233,397 | ||||||||
|
| |||||||
Switzerland-18.31% | ||||||||
ABB Ltd. | 54,112 | 1,759,137 | ||||||
Geberit AG(a) | 1,156 | 760,992 | ||||||
Lonza Group AG | 1,672 | 1,064,742 | ||||||
Nestle S.A | 44,406 | 5,301,163 | ||||||
Novartis AG | 54,634 | 4,669,992 | ||||||
Partners Group Holding AG | 489 | 697,001 | ||||||
Roche Holding AG | 14,505 | 4,732,951 | ||||||
Schindler Holding AG, PC | 907 | 258,361 | ||||||
|
| |||||||
19,244,339 | ||||||||
|
| |||||||
United Kingdom-9.35% | ||||||||
3i Group PLC | 19,491 | 345,964 | ||||||
Auto Trader Group PLC(b)(c) | 28,479 | 224,834 | ||||||
Aviva PLC | 101,010 | 559,834 | ||||||
B&M European Value Retail S.A | 21,057 | 164,956 | ||||||
BAE Systems PLC | 65,896 | 461,839 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Berkeley Group Holdings PLC | 3,155 | $ | 202,119 | |||||
Croda International PLC | 3,378 | 316,353 | ||||||
DS Smith PLC | 27,881 | 162,440 | ||||||
Hargreaves Lansdown PLC | 7,379 | 175,675 | ||||||
Imperial Brands PLC | 19,942 | 416,232 | ||||||
Intertek Group PLC | 3,525 | 299,568 | ||||||
Legal & General Group PLC | 159,278 | 600,720 | ||||||
M&G PLC | 51,231 | 154,135 | ||||||
Mondi PLC | 9,699 | 263,875 | ||||||
Persimmon PLC | 7,392 | 320,548 | ||||||
Phoenix Group Holdings PLC | 18,701 | 184,199 | ||||||
Sage Group PLC (The) | 30,037 | 265,330 | ||||||
Spirax-Sarco Engineering PLC | 1,474 | 241,124 | ||||||
St James’s Place PLC | 13,625 | 256,840 | ||||||
Taylor Wimpey PLC | 74,439 | 185,104 | ||||||
Unilever PLC | 68,740 | 4,027,291 | ||||||
|
| |||||||
9,828,980 | ||||||||
|
| |||||||
United States-0.12% | ||||||||
Avast PLC(c) | 18,284 | 120,930 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 104,451,333 | ||||||
|
| |||||||
Money Market Funds-0.07% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) | 73,054 | 73,054 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 104,524,387 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.01% | ||||||||
Invesco Private Government Fund, | 2,527,786 | 2,527,786 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 3,790,164 | 3,791,680 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,319,466 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.47% |
| 110,843,853 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.47)% | (5,752,466 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 105,091,387 | ||||||
|
|
Investment Abbreviations:
PC-Participation Certificate
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2021. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $2,557,663, which represented 2.43% of the Fund’s Net Assets. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2020 | at Cost | from Sales | Appreciation | Gain | April 30, 2021 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ 131,983 | $ 1,105,720 | $ (1,164,649 | ) | $- | $ - | $73,054 | $ 9 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,511,160 | 6,334,440 | (5,317,814 | ) | - | - | 2,527,786 | 53 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 2,266,740 | 8,461,208 | (6,936,281 | ) | - | 13 | 3,791,680 | 471 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $3,909,883 | $15,901,368 | $(13,418,744 | ) | $- | $13 | $6,392,520 | $533 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2021
Health Care | 26.16 | |||||||
Information Technology | 14.90 | |||||||
Industrials | 14.39 | |||||||
Consumer Staples | 14.05 | |||||||
Materials | 8.81 | |||||||
Financials | 8.23 | |||||||
Consumer Discretionary | 7.01 | |||||||
Communication Services | 3.42 | |||||||
Sector Types Each Less Than 3% | 2.42 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.61 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
(This Page Intentionally Left Blank)
| 67 |
|
Statements of Assets and Liabilities
April 30, 2021
(Unaudited)
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 1,691,740,640 | $ | 196,941,680 | $ | 229,687,575 | $ | 1,127,106,292 | $ | 401,129,989 | |||||||||||||||
Affiliated investments in securities, at value | 110,299,873 | 17,217,200 | 4,663,558 | 80,062,564 | 35,315,960 | ||||||||||||||||||||
Cash | - | - | - | - | - | ||||||||||||||||||||
Foreign currencies, at value | 3,453,852 | 342,342 | 14,936 | 742,967 | 18,019 | ||||||||||||||||||||
Deposits with brokers: | |||||||||||||||||||||||||
Cash segregated as collateral | - | - | - | - | 245,373 | ||||||||||||||||||||
Receivable for: | |||||||||||||||||||||||||
Dividends | 24,046 | 317,981 | 293,792 | 3,816,558 | 1,374,127 | ||||||||||||||||||||
Securities lending | 21,121 | 2,246 | 1,568 | 43,528 | 85,952 | ||||||||||||||||||||
Investments sold | 11 | 86 | - | 2,404 | 184,175 | ||||||||||||||||||||
Fund shares sold | 20,789,975 | - | - | - | 192,649 | ||||||||||||||||||||
Foreign tax reclaims | - | 626,089 | 4,101 | 2,838,469 | 374,635 | ||||||||||||||||||||
Other assets | - | - | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total assets | 1,826,329,518 | 215,447,624 | 234,665,530 | 1,214,612,782 | 438,920,879 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Due to custodian | 5,671,922 | 888,734 | 160,967 | - | 438,734 | ||||||||||||||||||||
Due to foreign custodian | - | - | - | - | - | ||||||||||||||||||||
Payable for: | |||||||||||||||||||||||||
Investments purchased | 18,489,493 | - | 289,125 | 231 | 264,427 | ||||||||||||||||||||
Collateral upon return of securities loaned | 110,299,873 | 17,217,200 | 4,663,558 | 79,555,613 | 35,193,002 | ||||||||||||||||||||
Collateral upon receipt of securities in-kind | - | - | - | - | 245,373 | ||||||||||||||||||||
Fund shares repurchased | - | - | - | - | - | ||||||||||||||||||||
Accrued unitary management fees | 942,102 | 127,858 | 171,241 | 417,129 | 159,165 | ||||||||||||||||||||
Accrued advisory fees | - | - | - | - | - | ||||||||||||||||||||
Accrued trustees’ and officer’s fees | - | - | - | - | - | ||||||||||||||||||||
Accrued expenses | - | - | - | - | - | ||||||||||||||||||||
Accrued tax expenses | - | - | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total liabilities | 135,403,390 | 18,233,792 | 5,284,891 | 79,972,973 | 36,300,701 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net Assets | $ | 1,690,926,128 | $ | 197,213,832 | $ | 229,380,639 | $ | 1,134,639,809 | $ | 402,620,178 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net assets consist of: | |||||||||||||||||||||||||
Shares of beneficial interest | $ | 1,493,126,780 | $ | 276,780,983 | $ | 275,126,776 | $ | 1,124,673,695 | $ | 358,883,196 | |||||||||||||||
Distributable earnings (loss) | 197,799,348 | (79,567,151 | ) | (45,746,137 | ) | 9,966,114 | 43,736,982 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net Assets | $ | 1,690,926,128 | $ | 197,213,832 | $ | 229,380,639 | $ | 1,134,639,809 | $ | 402,620,178 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 20,450,000 | 5,450,000 | 8,900,000 | 24,000,000 | 10,650,000 | ||||||||||||||||||||
Net asset value | $ | 82.69 | $ | 36.19 | $ | 25.77 | $ | 47.28 | $ | 37.80 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Market price | $ | 82.48 | $ | 36.06 | $ | 25.57 | $ | 47.23 | $ | 37.83 | |||||||||||||||
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|
|
|
|
|
|
| ||||||||||||||||
Unaffiliated investments in securities, at cost | $ | 1,398,829,381 | $ | 160,876,463 | $ | 188,346,082 | $ | 996,594,193 | $ | 335,894,188 | |||||||||||||||
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|
| ||||||||||||||||
Affiliated investments in securities, at cost | $ | 110,299,873 | $ | 17,217,200 | $ | 4,663,558 | $ | 80,062,563 | $ | 35,300,937 | |||||||||||||||
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| ||||||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 3,453,852 | $ | 325,353 | $ | 14,974 | $ | 743,599 | $ | 17,360 | |||||||||||||||
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| ||||||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 106,275,470 | $ | 11,349,608 | $ | 4,542,881 | $ | 74,011,689 | $ | 31,897,260 | |||||||||||||||
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|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | Invesco International BuyBack AchieversTM ETF (IPKW) | Invesco MSCI Global Timber ETF (CUT) | Invesco MSCI Green Building ETF (GBLD) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||||||||||||||||
$ | 1,415,661,773 | $ | 424,502,471 | $ | 268,038,562 | $ | 128,580,281 | $ | 108,317,059 | $ | 5,019,639 | $ | 910,272,518 | $ | 104,451,333 | |||||||||||||||||||||||
5,443,768 | 89,857,247 | 3,423,940 | 2,018,030 | 2,632,963 | 7,462 | 57,338,774 | 6,392,520 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 25 | - | - | |||||||||||||||||||||||||||||||
1,893,992 | 144,978 | 72,430 | 120,358 | - | 283 | - | 11,868 | |||||||||||||||||||||||||||||||
- | 1,384,886 | - | - | - | - | 776,435 | - | |||||||||||||||||||||||||||||||
2,402,942 | 103,206 | 600,764 | 593,381 | 278,627 | 5,903 | 359,639 | 297,658 | |||||||||||||||||||||||||||||||
1,924 | 107,318 | 464 | 3,377 | 1,885 | - | 4,771 | 1,196 | |||||||||||||||||||||||||||||||
- | - | - | 3,475,405 | - | - | 40,791 | 12 | |||||||||||||||||||||||||||||||
15,464 | 1,097,066 | 366,664 | 48 | - | - | 570,250 | - | |||||||||||||||||||||||||||||||
- | 90,797 | 348,577 | 168,058 | 184,863 | - | 1,442,576 | 281,250 | |||||||||||||||||||||||||||||||
9,640 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
1,425,429,503 | 517,287,969 | 272,851,401 | 134,958,938 | 111,415,397 | 5,033,312 | 970,805,754 | 111,435,837 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
- | 278,183 | 352,606 | 544,395 | - | - | 1,941,419 | - | |||||||||||||||||||||||||||||||
- | - | - | - | 2,597 | - | 7,284 | - | |||||||||||||||||||||||||||||||
2,243 | 1,119,969 | 349,679 | 3,732,898 | 8 | - | 570,250 | - | |||||||||||||||||||||||||||||||
3,501,195 | 89,857,246 | 3,423,940 | 2,018,030 | 2,338,105 | - | 57,338,773 | 6,319,466 | |||||||||||||||||||||||||||||||
- | 1,384,886 | - | - | - | - | 776,435 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | 40,791 | - | |||||||||||||||||||||||||||||||
557,262 | 264,760 | 161,989 | 56,314 | - | 482 | - | 24,984 | |||||||||||||||||||||||||||||||
- | - | - | - | 58,572 | - | 369,981 | - | |||||||||||||||||||||||||||||||
- | - | - | - | 10,813 | - | 23,510 | - | |||||||||||||||||||||||||||||||
- | - | - | - | 276,322 | - | 562,490 | - | |||||||||||||||||||||||||||||||
2,430,851 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
6,491,551 | 92,905,044 | 4,288,214 | 6,351,637 | 2,686,417 | 482 | 61,630,933 | 6,344,450 | |||||||||||||||||||||||||||||||
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$ | 1,418,937,952 | $ | 424,382,925 | $ | 268,563,187 | $ | 128,607,301 | $ | 108,728,980 | $ | 5,032,830 | $ | 909,174,821 | $ | 105,091,387 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 1,410,349,274 | $ | 447,215,952 | $ | 220,835,643 | $ | 144,662,504 | $ | 95,550,035 | $ | 5,000,025 | $ | 619,789,176 | $ | 89,813,089 | |||||||||||||||||||||||
8,588,678 | (22,833,027 | ) | 47,727,544 | (16,055,203 | ) | 13,178,945 | 32,805 | 289,385,645 | 15,278,298 | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 1,418,937,952 | $ | 424,382,925 | $ | 268,563,187 | $ | 128,607,301 | $ | 108,728,980 | $ | 5,032,830 | $ | 909,174,821 | $ | 105,091,387 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
62,400,000 | 13,925,000 | 7,000,000 | 2,900,000 | 2,850,000 | 200,001 | 17,480,000 | 3,500,000 | |||||||||||||||||||||||||||||||
$ | 22.74 | $ | 30.48 | $ | 38.37 | $ | 44.35 | $ | 38.15 | $ | 25.16 | $ | 52.01 | $ | 30.03 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 22.70 | $ | 30.38 | $ | 38.37 | $ | 44.32 | $ | 38.18 | $ | 25.21 | $ | 51.96 | $ | 30.06 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 1,248,278,253 | $ | 415,629,154 | $ | 183,551,398 | $ | 94,247,873 | $ | 73,649,646 | $ | 4,997,196 | $ | 635,142,205 | $ | 91,548,792 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 5,443,768 | $ | 89,857,246 | $ | 3,423,940 | $ | 2,018,030 | $ | 2,623,827 | $ | 7,462 | $ | 57,338,773 | $ | 6,392,520 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 2,201,918 | $ | 126,074 | $ | 80,407 | $ | 120,185 | $ | (2,606 | ) | $ | 284 | $ | (21,112 | ) | $ | 11,824 | |||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 3,320,116 | $ | 84,016,028 | $ | 3,230,324 | $ | 1,903,371 | $ | 790,161 | $ | - | $ | 54,050,411 | $ | 5,944,788 | |||||||||||||||||||||||
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| 69 |
|
For the six months ended April 30, 2021
(Unaudited)
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | |||||||||||||||||||||
Investment income: | |||||||||||||||||||||||||
Unaffiliated dividend income | $ | 2,342,733 | $ | 1,420,170 | $ | 1,214,405 | $ | 20,178,799 | $ | 4,262,065 | |||||||||||||||
Affiliated dividend income | 383 | 15 | 28 | 96 | 2,481 | ||||||||||||||||||||
Securities lending income | 184,172 | 8,671 | 11,371 | 216,885 | 259,737 | ||||||||||||||||||||
Foreign withholding tax | (13,902 | ) | - | (133,859 | ) | (1,830,517 | ) | (475,048 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total investment income | 2,513,386 | 1,428,856 | 1,091,945 | 18,565,263 | 4,049,235 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Unitary management fees | 5,270,103 | 739,352 | 924,540 | 2,387,701 | 910,297 | ||||||||||||||||||||
Advisory fees | - | - | - | - | - | ||||||||||||||||||||
Sub-licensing fees | - | - | - | - | - | ||||||||||||||||||||
Accounting & administration fees | - | - | - | - | - | ||||||||||||||||||||
Custodian & transfer agent fees | - | - | - | - | - | ||||||||||||||||||||
Trustees’ and officer’s fees | - | - | - | - | - | ||||||||||||||||||||
Other expenses | - | - | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total expenses | 5,270,103 | 739,352 | 924,540 | 2,387,701 | 910,297 | ||||||||||||||||||||
|
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|
|
|
|
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| ||||||||||||||||
Less: Waivers | (974 | ) | (17 | ) | (77 | ) | (324 | ) | (114 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net expenses | 5,269,129 | 739,335 | 924,463 | 2,387,377 | 910,183 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net investment income (loss) | (2,755,743 | ) | 689,521 | 167,482 | 16,177,886 | 3,139,052 | |||||||||||||||||||
|
|
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|
|
|
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|
| ||||||||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||||||||||||
Net realized gain (loss) from: | |||||||||||||||||||||||||
Unaffiliated investment securities | (17,890,861 | ) | 11,631,547 | 13,082,436 | 3,200,997 | 384,003 | |||||||||||||||||||
Affiliated investment securities | 6,549 | 280 | 46 | 3,394 | 1,890 | ||||||||||||||||||||
In-kind redemptions | 51,026,637 | 4,291,049 | 27,141,541 | 12,739,429 | 31,901,659 | ||||||||||||||||||||
Foreign currencies | (297,952 | ) | (9,845 | ) | (471,149 | ) | 15,540 | (36,596 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net realized gain | 32,844,373 | 15,913,031 | 39,752,874 | 15,959,360 | 32,250,956 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||||||||
Unaffiliated investment securities | 69,815,107 | 17,885,390 | 14,330,647 | 306,777,371 | 62,872,536 | ||||||||||||||||||||
Affiliated investment securities | - | (20 | ) | - | 2 | 14,704 | |||||||||||||||||||
Foreign currencies | (202 | ) | 4,260 | (1,207 | ) | 11,557 | 5,151 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 69,814,905 | 17,889,630 | 14,329,440 | 306,788,930 | 62,892,391 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net realized and unrealized gain | 102,659,278 | 33,802,661 | 54,082,314 | 322,748,290 | 95,143,347 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase in net assets resulting from operations | $ | 99,903,535 | $ | 34,492,182 | $ | 54,249,796 | $ | 338,926,176 | $ | 98,282,399 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) For the period April 20, 2021 (commencement of investment operations) through April 30, 2021.
(b) Net of foreign taxes of $1,937,722.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | Invesco International BuyBack AchieversTM ETF (IPKW) | �� | Invesco MSCI Global Timber ETF (CUT) | Invesco MSCI Green Building ETF (GBLD)(a) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||||||||
$ | 13,057,274 | $ | 1,069,546 | $ | 2,031,466 | $ | 1,496,384 | $ | 1,390,327 | $ | 10,727 | $ | 6,499,138 | $ | 1,567,189 | |||||||||||||||
451 | 125 | 9 | 4 | 33 | - | 134 | 9 | |||||||||||||||||||||||
19,792 | 392,456 | 5,859 | 11,133 | 5,959 | - | 13,255 | 3,187 | |||||||||||||||||||||||
(1,045,178 | ) | (122,106 | ) | (27,603 | ) | (174,689 | ) | (79,063 | ) | (1,003 | ) | (384,948 | ) | (152,448 | ) | |||||||||||||||
|
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| |||||||||||||||
12,032,339 | 1,340,021 | 2,009,731 | 1,332,832 | 1,317,256 | 9,724 | 6,127,579 | 1,417,937 | |||||||||||||||||||||||
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| |||||||||||||||
3,014,046 | 1,320,372 | 900,760 | 311,957 | - | 482 | - | 148,629 | |||||||||||||||||||||||
- | - | - | - | 232,368 | - | 2,089,690 | - | |||||||||||||||||||||||
- | - | - | - | 27,859 | - | 183,907 | - | |||||||||||||||||||||||
- | - | - | - | 9,663 | - | 28,065 | - | |||||||||||||||||||||||
- | - | - | - | 22,003 | - | 22,499 | - | |||||||||||||||||||||||
- | - | - | - | 5,283 | - | 10,118 | - | |||||||||||||||||||||||
- | - | - | - | 33,087 | - | 46,337 | - | |||||||||||||||||||||||
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| |||||||||||||||
3,014,046 | 1,320,372 | 900,760 | 311,957 | 330,263 | 482 | 2,380,616 | 148,629 | |||||||||||||||||||||||
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| |||||||||||||||
(833 | ) | (74 | ) | (39 | ) | (15 | ) | (47,938 | ) | - | (479 | ) | (34 | ) | ||||||||||||||||
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| |||||||||||||||
3,013,213 | 1,320,298 | 900,721 | 311,942 | 282,325 | 482 | 2,380,137 | 148,595 | |||||||||||||||||||||||
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| |||||||||||||||
9,019,126 | 19,723 | 1,109,010 | 1,020,890 | 1,034,931 | 9,242 | 3,747,442 | 1,269,342 | |||||||||||||||||||||||
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| |||||||||||||||
1,885,846 | (17,648,410 | ) | (732,080 | ) | 744,271 | 875,152 | - | (2,018,245 | ) | 646,235 | ||||||||||||||||||||
393 | 1,902 | 111 | 368 | 29 | - | 2,068 | 13 | |||||||||||||||||||||||
39,515,547 | 55,136,338 | 13,215,631 | 3,210,803 | - | - | 38,864,476 | 7,856,206 | |||||||||||||||||||||||
267,980 | (40,953 | ) | (39,502 | ) | (1,759 | ) | 1,559 | 1,134 | (9,088 | ) | (4,174 | ) | ||||||||||||||||||
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| |||||||||||||||
41,669,766 | 37,448,877 | 12,444,160 | 3,953,683 | 876,740 | 1,134 | 36,839,211 | 8,498,280 | |||||||||||||||||||||||
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| |||||||||||||||
247,352,078 | (b) | (31,210,307 | ) | 36,025,900 | 33,125,753 | 27,727,880 | 22,443 | 155,844,470 | 10,505,746 | |||||||||||||||||||||
- | (62 | ) | - | (5 | ) | 13,865 | - | 1 | - | |||||||||||||||||||||
33,122 | 1,847 | 16 | 13,049 | 6,136 | (14 | ) | (7,588 | ) | 1,525 | |||||||||||||||||||||
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| |||||||||||||||
247,385,200 | (31,208,522 | ) | 36,025,916 | 33,138,797 | 27,747,881 | 22,429 | 155,836,883 | 10,507,271 | ||||||||||||||||||||||
|
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|
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| |||||||||||||||
289,054,966 | 6,240,355 | 48,470,076 | 37,092,480 | 28,624,621 | 23,563 | 192,676,094 | 19,005,551 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 298,074,092 | $ | 6,260,078 | $ | 49,579,086 | $ | 38,113,370 | $ | 29,659,552 | $ | 32,805 | $ | 196,423,536 | $ | 20,274,893 | |||||||||||||||
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| 71 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (2,755,743 | ) | $ | (689,350 | ) | $ | 689,521 | $ | 759,634 | ||||||
Net realized gain (loss) | 32,844,373 | 83,326,145 | 15,913,031 | 8,089,281 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 69,814,905 | 222,739,928 | 17,889,630 | (1,849,607 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 99,903,535 | 305,376,723 | 34,492,182 | 6,999,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (6,502,078 | ) | (56,175 | ) | (9,047 | ) | (1,593,829 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 658,228,188 | 487,185,640 | 26,154,737 | 101,791,251 | ||||||||||||
Value of shares repurchased | (103,865,204 | ) | (259,308,888 | ) | (18,466,676 | ) | (127,481,016 | ) | ||||||||
Transaction fees | - | - | - | - | ||||||||||||
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|
|
| |||||||||
Net increase (decrease) in net assets resulting from | 554,362,984 | 227,876,752 | 7,688,061 | (25,689,765 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | 647,764,441 | 533,197,300 | 42,171,196 | (20,284,286 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 1,043,161,687 | 509,964,387 | 155,042,636 | 175,326,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 1,690,926,128 | $ | 1,043,161,687 | $ | 197,213,832 | $ | 155,042,636 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 7,550,000 | 7,700,000 | 800,000 | 3,450,000 | ||||||||||||
Shares repurchased | (1,200,000 | ) | (4,250,000 | ) | (550,000 | ) | (4,700,000 | ) | ||||||||
Shares outstanding, beginning of year | 14,100,000 | 10,650,000 | 5,200,000 | 6,450,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 20,450,000 | 14,100,000 | 5,450,000 | 5,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco DWA Emerging Markets | Invesco FTSE RAFI Developed Markets | Invesco FTSE RAFI Developed Markets | Invesco FTSE RAFI Emerging Markets | |||||||||||||||||||||||||||
Momentum ETF (PIE) | ex-U.S. ETF (PXF) | ex-U.S. Small-Mid ETF (PDN) | ETF (PXH) | |||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
$ | 167,482 | $ | 1,909,667 | $ | 16,177,886 | $ | 27,610,059 | $ | 3,139,052 | $ | 6,719,592 | $ | 9,019,126 | $ | 36,608,907 | |||||||||||||||
39,752,874 | (972,803 | ) | 15,959,360 | (9,580,944 | ) | 32,250,956 | (9,559,815 | ) | 41,669,766 | (78,964,806 | ) | |||||||||||||||||||
14,329,440 | 144,758 | 306,788,930 | (195,720,820 | ) | 62,892,391 | (5,044,812 | ) | 247,385,200 | (148,343,888 | ) | ||||||||||||||||||||
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| |||||||||||||||
54,249,796 | 1,081,622 | 338,926,176 | (177,691,705 | ) | 98,282,399 | (7,885,035 | ) | 298,074,092 | (190,699,787 | ) | ||||||||||||||||||||
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| |||||||||||||||
(978,210 | ) | (2,903,680 | ) | (11,214,516 | ) | (28,485,359 | ) | (3,684,568 | ) | (7,471,395 | ) | (5,469,186 | ) | (37,760,270 | ) | |||||||||||||||
|
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|
| |||||||||||||||
121,568,142 | 72,913,003 | - | 232,570,059 | 83,192,853 | 97,340,230 | 259,985,296 | 125,211,353 | |||||||||||||||||||||||
(101,040,483 | ) | (83,901,569 | ) | (64,477,935 | ) | (401,264,265 | ) | (83,278,298 | ) | (102,054,085 | ) | (103,647,013 | ) | (204,277,052 | ) | |||||||||||||||
92,277 | 90,225 | 3,348 | 198,122 | 1,477 | 21,102 | 150,800 | 219,884 | |||||||||||||||||||||||
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|
| |||||||||||||||
20,619,936 | (10,898,341 | ) | (64,474,587 | ) | (168,496,084 | ) | (83,968 | ) | (4,692,753 | ) | 156,489,083 | (78,845,815 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
73,891,522 | (12,720,399 | ) | 263,237,073 | (374,673,148 | ) | 94,513,863 | (20,049,183 | ) | 449,093,989 | (307,305,872 | ) | |||||||||||||||||||
|
|
|
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|
|
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|
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|
|
|
|
|
| |||||||||||||||
155,489,117 | 168,209,516 | 871,402,736 | 1,246,075,884 | 308,106,315 | 328,155,498 | 969,843,963 | 1,277,149,835 | |||||||||||||||||||||||
|
|
|
|
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|
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| |||||||||||||||
$ | 229,380,639 | $ | 155,489,117 | $ | 1,134,639,809 | $ | 871,402,736 | $ | 402,620,178 | $ | 308,106,315 | $ | 1,418,937,952 | $ | 969,843,963 | |||||||||||||||
|
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|
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|
|
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|
|
|
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|
|
| |||||||||||||||
5,200,000 | 3,800,000 | - | 6,900,000 | 2,250,000 | 3,750,000 | 11,700,000 | 6,100,000 | |||||||||||||||||||||||
(4,250,000 | ) | (4,900,000 | ) | (1,500,000 | ) | (11,800,000 | ) | (2,250,000 | ) | (3,800,000 | ) | (4,700,000 | ) | (11,650,000 | ) | |||||||||||||||
7,950,000 | 9,050,000 | 25,500,000 | 30,400,000 | 10,650,000 | 10,700,000 | 55,400,000 | 60,950,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
| |||||||||||||||
8,900,000 | 7,950,000 | 24,000,000 | 25,500,000 | 10,650,000 | 10,650,000 | 62,400,000 | 55,400,000 | |||||||||||||||||||||||
|
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| 73 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco Global | Invesco Global | |||||||||||||||
Clean Energy ETF (PBD) | Water ETF (PIO) | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 19,723 | $ | 841,764 | $ | 1,109,010 | $ | 1,679,462 | ||||||||
Net realized gain (loss) | 37,448,877 | 12,501,289 | 12,444,160 | 11,007,695 | ||||||||||||
Change in net unrealized appreciation (depreciation) | (31,208,522 | ) | 32,331,305 | 36,025,916 | 4,610,802 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 6,260,078 | 45,674,358 | 49,579,086 | 17,297,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (164,972 | ) | (1,131,324 | ) | (592,938 | ) | (1,898,770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 378,201,112 | 45,283,634 | 44,136,734 | 26,789,094 | ||||||||||||
Value of shares repurchased | (84,111,270 | ) | (15,330,919 | ) | (31,822,451 | ) | (30,240,795 | ) | ||||||||
Transaction fees | 20,249 | 7,213 | 753 | 758 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions .. | 294,110,091 | 29,959,928 | 12,315,036 | (3,450,943 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | 300,205,197 | 74,502,962 | 61,301,184 | 11,948,246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 124,177,728 | 49,674,766 | 207,262,003 | 195,313,757 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 424,382,925 | $ | 124,177,728 | $ | 268,563,187 | $ | 207,262,003 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 10,850,000 | 2,250,000 | 1,250,000 | 900,000 | ||||||||||||
Shares repurchased | (2,350,000 | ) | (750,000 | ) | (900,000 | ) | (1,000,000 | ) | ||||||||
Shares outstanding, beginning of year | 5,425,000 | 3,925,000 | 6,650,000 | 6,750,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 13,925,000 | 5,425,000 | 7,000,000 | 6,650,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) For the period April 20, 2021 (commencement of investment operations) through April 30, 2021.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco International BuyBack | Invesco MSCI Global | Invesco MSCI Green | Invesco S&P Global | ||||||||||||||||||||||||||||||
AchieversTM ETF (IPKW) | Timber ETF (CUT) | Building ETF (GBLD) | Water Index ETF (CGW) | ||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Period Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | April 30, | October 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021(a) | 2021 | 2020 | |||||||||||||||||||||||||||
$ 1,020,890 | $ | 2,020,553 | $ | 1,034,931 | $ | 1,883,167 | $ | 9,242 | $ | 3,747,442 | $ | 10,944,443 | |||||||||||||||||||||
3,953,683 | (9,953,422 | ) | 876,740 | 5,120,132 | 1,134 | 36,839,211 | 81,268,584 | ||||||||||||||||||||||||||
33,138,797 | (629,496 | ) | 27,747,881 | (6,935,436 | ) | 22,429 | 155,836,883 | (56,067,778 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
38,113,370 | (8,562,365 | ) | 29,659,552 | 67,863 | 32,805 | 196,423,536 | 36,145,249 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(857,627 | ) | (2,251,674 | ) | (1,493,991 | ) | (3,739,205 | ) | - | (11,646,986 | ) | (10,607,913 | ) | |||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
12,348,344 | 14,674,546 | 5,461,290 | - | 5,000,025 | 107,302,003 | 93,185,348 | |||||||||||||||||||||||||||
(13,467,968 | ) | (53,102,278 | ) | - | (55,361,090 | ) | - | (93,778,162 | ) | (149,782,350 | ) | ||||||||||||||||||||||
719 | 20,468 | 1,080 | 40,913 | - | 3,771 | 12,386 | |||||||||||||||||||||||||||
|
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|
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|
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|
|
|
|
| ||||||||||||||||||||
(1,118,905 | ) | (38,407,264 | ) | 5,462,370 | (55,320,177 | ) | 5,000,025 | 13,527,612 | (56,584,616 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
36,136,838 | (49,221,303 | ) | 33,627,931 | (58,991,519 | ) | 5,032,830 | 198,304,162 | (31,047,280 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
92,470,463 | 141,691,766 | 75,101,049 | 134,092,568 | - | 710,870,659 | 741,917,939 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$128,607,301 | $ | 92,470,463 | $ | 108,728,980 | $ | 75,101,049 | $ | 5,032,830 | $ | 909,174,821 | $ | 710,870,659 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
300,000 | 450,000 | 150,000 | - | 200,001 | 2,160,000 | 2,160,000 | |||||||||||||||||||||||||||
(350,000 | ) | (1,900,000 | ) | - | (2,150,000 | ) | - | (1,840,000 | ) | (3,760,000 | ) | ||||||||||||||||||||||
2,950,000 | 4,400,000 | 2,700,000 | 4,850,000 | - | 17,160,000 | 18,760,000 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
2,900,000 | 2,950,000 | 2,850,000 | 2,700,000 | 200,001 | 17,480,000 | 17,160,000 | |||||||||||||||||||||||||||
|
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|
|
| 75 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco S&P International | ||||||||
Developed Quality ETF (IDHQ) | ||||||||
Six Months Ended | Year Ended | |||||||
April 30, | October 31, | |||||||
2021 | 2020 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,269,342 | $ | 1,173,699 | ||||
Net realized gain | 8,498,280 | 2,003,926 | ||||||
Change in net unrealized appreciation (depreciation) | 10,507,271 | (1,490,100 | ) | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 20,274,893 | 1,687,525 | ||||||
|
|
|
| |||||
Distributions to Shareholders from: | ||||||||
Distributable earnings | (944,791 | ) | (1,194,228 | ) | ||||
|
|
|
| |||||
Shareholder Transactions: | ||||||||
Proceeds from shares sold | 26,065,860 | 76,718,570 | ||||||
Value of shares repurchased | (40,328,739 | ) | (24,920,323 | ) | ||||
Transaction fees | 3,151 | 3,363 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from share transactions | (14,259,728 | ) | 51,801,610 | |||||
|
|
|
| |||||
Net increase in net assets | 5,070,374 | 52,294,907 | ||||||
|
|
|
| |||||
Net assets: | ||||||||
Beginning of year | 100,021,013 | 47,726,106 | ||||||
|
|
|
| |||||
End of year | $ | 105,091,387 | $ | 100,021,013 | ||||
|
|
|
| |||||
Changes in Shares Outstanding: | ||||||||
Shares sold | 900,000 | 3,050,000 | ||||||
Shares repurchased | (1,400,000 | ) | (1,000,000 | ) | ||||
Shares outstanding, beginning of year | 4,000,000 | 1,950,000 | ||||||
|
|
|
| |||||
Shares outstanding, end of year | 3,500,000 | 4,000,000 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
Invesco China Technology ETF (CQQQ)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | Two Months Ended October 31, 2018 | Years Ended August 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 73.98 | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income (loss)(a) | (0.16 | ) | (0.06 | ) | 0.04 | 0.03 | 0.31 | 0.52 | 0.32 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 9.26 | 26.17 | 7.46 | (8.80 | ) | (5.13 | ) | 15.82 | 10.03 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 9.10 | 26.11 | 7.50 | (8.77 | ) | (4.82 | ) | 16.34 | 10.35 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.01 | ) | (0.17 | ) | - | (0.86 | ) | (0.60 | ) | (0.64 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 82.69 | $ | 73.98 | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | |||||||||||||||||||||
|
|
|
|
|
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|
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|
|
|
|
| ||||||||||||||||||||||
Market price at end of period | $ | 82.48 | (b) | $ | 74.34 | (b) | $ | 47.67 | (b) | $ | 40.81 | (b) | $ | 49.36 | (b) | $ | 55.21 | $ | 39.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net Asset Value Total Return(c) | 12.32 | % | 54.53 | % | 18.59 | % | (17.78 | )% | (9.05 | )% | 42.43 | % | 35.19 | % | |||||||||||||||||||||
Market Price Total Return(c) | 11.49 | % | 55.97 | % | 17.32 | % | (17.32 | )% | (9.33 | )% | |||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,690,926 | $ | 1,043,162 | $ | 509,964 | $ | 405,541 | $ | 384,689 | $ | 209,019 | $ | 45,153 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | %(d) | 0.65 | % | 0.70 | % | 0.70 | % | |||||||||||||||||||||
Net investment income (loss) | (0.37 | )%(d) | (0.09 | )% | 0.09 | % | 0.39 | %(d) | 0.52 | % | 1.20 | % | 0.94 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 26 | % | 38 | % | 80 | % | 4 | % | 21 | % | 10 | % | 48 | % |
(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 at net asset value 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.
| 77 |
|
Financial Highlights–(continued)
Invesco DWA Developed Markets Momentum ETF (PIZ)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.82 | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.12 | 0.13 | 0.30 | 0.24 | 0.36 | 0.35 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.25 | 2.77 | 2.70 | (2.68 | ) | 5.05 | (1.04 | ) | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 6.37 | 2.90 | 3.00 | (2.44 | ) | 5.41 | (0.69 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | - | (0.26 | ) | (0.35 | ) | (0.33 | ) | (0.40 | ) | (0.38 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 36.19 | $ | 29.82 | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 36.06 | $ | 29.77 | $ | 27.10 | $ | 24.47 | $ | 27.35 | $ | 22.27 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | 21.37 | % | 10.82 | % | 12.31 | % | (9.09 | )% | 24.58 | % | (2.97 | )% | ||||||||||||||||||
Market Price Total Return(c) | 21.14 | % | 10.96 | % | 12.25 | % | (9.48 | )% | 24.91 | % | (2.43 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 197,214 | $ | 155,043 | $ | 175,327 | $ | 223,182 | $ | 232,084 | $ | 173,891 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.80 | %(d) | 0.80 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||
Net investment income | 0.75 | %(d) | 0.47 | % | 1.18 | % | 0.88 | % | 1.46 | % | 1.50 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 89 | % | 115 | % | 106 | % | 94 | % | 98 | % | 124 | % |
(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 at net asset value 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.
| 78 |
|
Financial Highlights–(continued)
Invesco DWA Emerging Markets Momentum ETF (PIE)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.56 | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.02 | 0.23 | 0.36 | (b) | 0.40 | 0.28 | 0.16 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 6.30 | 1.07 | 2.51 | (3.29 | ) | 3.34 | 0.14 | (c) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 6.32 | 1.30 | 2.87 | (2.89 | ) | 3.62 | 0.30 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.34 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.21 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | - | (0.01 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.12 | ) | (0.34 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.22 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 25.77 | $ | 19.56 | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | ||||||||||||||||||
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|
|
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|
|
|
| |||||||||||||||||||
Market price at end of period(d) | $ | 25.57 | $ | 19.60 | $ | 18.51 | $ | 16.08 | $ | 19.54 | $ | 16.10 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(e) | 32.46 | % | 7.08 | % | 18.23 | % | (15.11 | )% | 22.72 | % | 2.00 | %(c) | ||||||||||||||||||
Market Price Total Return(e) | 31.16 | % | 7.77 | % | 18.03 | % | (15.58 | )% | 23.18 | % | 2.25 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 229,381 | $ | 155,489 | $ | 168,210 | $ | 192,660 | $ | 212,377 | $ | 183,668 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.90 | %(f) | 0.90 | % | 0.91 | %(g) | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||||||
Net investment income | 0.16 | %(f) | 1.25 | % | | 2.13 | %(b)(g) | 2.01 | % | 1.67 | % | 1.04 | % | |||||||||||||||||
Portfolio turnover rate(h) | 109 | % | 155 | % | 158 | % | 163 | % | 174 | % | 160 | % |
(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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively. |
(c) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower. |
(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 at net asset value 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 79 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Six Months Ended 2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.17 | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.66 | 0.94 | 1.45 | 1.34 | 1.20 | 1.09 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 12.91 | (6.85 | ) | 1.10 | (4.56 | ) | 7.98 | (1.82 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 13.57 | (5.91 | ) | 2.55 | (3.22 | ) | 9.18 | (0.73 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.46 | ) | (0.92 | ) | (1.60 | ) | (1.40 | ) | (1.26 | ) | (1.13 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.01 | 0.00 | (b) | 0.00 | (b) | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 47.28 | $ | 34.17 | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(c) | $ | 47.23 | $ | 34.25 | $ | 40.86 | $ | 39.98 | $ | 44.81 | $ | 36.68 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 39.72 | % | (14.26 | )% | 6.58 | % | (7.45 | )% | 25.38 | % | (1.73 | )% | ||||||||||||||||||
Market Price Total Return(d) | 39.32 | % | (13.80 | )% | 6.41 | % | (7.92 | )% | 25.99 | % | (1.24 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,134,640 | $ | 871,403 | $ | 1,246,076 | $ | 1,275,422 | $ | 1,214,850 | $ | 938,650 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||
Net investment income | 3.05 | %(e) | 2.57 | % | 3.64 | % | 3.02 | % | 2.95 | % | 3.05 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 16 | % | 11 | % | 15 | % | 10 | % | 13 | % | 14 | % |
(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 at net asset value 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.
| 80 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.93 | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.29 | 0.60 | 0.70 | 0.75 | 0.59 | 0.53 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 8.93 | (1.70 | ) | 1.24 | (3.66 | ) | 5.99 | 0.86 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 9.22 | (1.10 | ) | 1.94 | (2.91 | ) | 6.58 | 1.39 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.35 | ) | (0.64 | ) | (0.75 | ) | (0.94 | ) | (0.62 | ) | (0.62 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 37.80 | $ | 28.93 | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(c) | $ | 37.83 | $ | 28.94 | $ | 30.42 | $ | 29.48 | $ | 33.44 | $ | 27.30 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 31.95 | % | (3.36 | )% | 6.72 | % | (9.05 | )% | 24.36 | % | 5.37 | % | ||||||||||||||||||
Market Price Total Return(d) | 32.00 | % | (2.53 | )% | 5.85 | % | (9.36 | )% | 25.09 | % | 4.87 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 402,620 | $ | 308,106 | $ | 328,155 | $ | 291,863 | $ | 206,657 | $ | 162,854 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.49 | %(e) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||
Net investment income | 1.69 | %(e) | 2.09 | % | 2.36 | % | 2.25 | % | 1.98 | % | 2.01 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 31 | % | 26 | % | 27 | % | 21 | % | 19 | % | 25 | % |
(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 at net asset value 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.
| 81 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.51 | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.16 | 0.59 | 0.72 | 0.73 | 0.57 | 0.42 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments. | 5.17 | (3.40 | ) | 0.92 | (1.66 | ) | 2.81 | 3.37 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 5.33 | (2.81 | ) | 1.64 | (0.93 | ) | 3.38 | 3.79 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.63 | ) | (0.71 | ) | (0.71 | ) | (0.53 | ) | (0.42 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 22.74 | $ | 17.51 | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(c) | $ | 22.70 | $ | 17.51 | $ | 20.93 | $ | 20.03 | $ | 21.62 | $ | 18.80 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 30.46 | % | (13.44 | )% | 8.31 | % | (4.44 | )% | 18.10 | % | 25.08 | % | ||||||||||||||||||
Market Price Total Return(d) | 30.23 | % | (13.36 | )% | 8.14 | % | (4.22 | )% | 17.94 | % | 25.57 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,418,938 | $ | 969,844 | $ | 1,277,150 | $ | 1,129,333 | $ | 967,201 | $ | 625,398 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(e) | 0.49 | %(f) | 0.49 | %(f) | 0.48 | % | 0.48 | %(f) | 0.48 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.49 | %(e) | 0.49 | %(f) | 0.49 | %(f) | 0.49 | % | 0.49 | %(f) | 0.49 | % | ||||||||||||||||||
Net investment income | 1.47 | %(e) | 3.14 | % | 3.48 | % | 3.30 | % | 2.84 | % | 2.66 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 27 | % | 22 | % | 29 | % | 16 | % | 24 | % | 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 redemption at net asset value 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.
| 82 |
|
Financial Highlights–(continued)
Invesco Global Clean Energy ETF (PBD)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.89 | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.00 | 0.19 | 0.21 | 0.18 | 0.23 | 0.20 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.61 | 10.30 | 1.72 | (2.07 | ) | 2.39 | (0.80 | )(b) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 7.61 | 10.49 | 1.93 | (1.89 | ) | 2.62 | (0.60 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.26 | ) | (0.24 | ) | (0.22 | ) | (0.19 | ) | (0.21 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 30.48 | $ | 22.89 | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(d) | $ | 30.38 | $ | 22.92 | $ | 12.56 | $ | 10.95 | $ | 13.07 | $ | 10.62 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(e) | 33.24 | % | 84.06 | % | 17.86 | % | (14.69 | )% | 24.90 | % | (5.29 | )%(b) | ||||||||||||||||||
Market Price Total Return(e) | 32.63 | % | 85.77 | % | 17.16 | % | (14.78 | )% | 25.17 | % | (5.56 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 424,383 | $ | 124,178 | $ | 49,675 | $ | 49,661 | $ | 60,499 | $ | 56,152 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.75 | %(f) | 0.75 | % | 0.77 | %(g) | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||
Net investment income | 0.01 | %(f) | 1.20 | % | 1.74 | %(g) | 1.43 | % | 1.98 | % | 1.83 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 48 | % | 56 | % | 59 | % | 46 | % | 40 | % | 57 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and total return would have been lower. |
(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 at net asset value 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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.
| 83 |
|
Financial Highlights–(continued)
Invesco Global Water ETF (PIO)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.17 | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.16 | 0.25 | 0.38 | 0.45 | 0.28 | 0.34 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.13 | 2.27 | 5.25 | (1.54 | ) | 3.95 | (0.60 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 7.29 | 2.52 | 5.63 | (1.09 | ) | 4.23 | (0.26 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.29 | ) | (0.42 | ) | (0.45 | ) | (0.28 | ) | (0.31 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 38.37 | $ | 31.17 | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | ||||||||||||||||||
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|
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|
|
|
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| |||||||||||||||||||
Market price at end of period(c) | $ | 38.37 | $ | 31.18 | $ | 28.84 | $ | 23.69 | $ | 25.25 | $ | 21.29 | ||||||||||||||||||
|
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|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 23.41 | % | 8.76 | % | 23.90 | % | (4.45 | )% | 20.01 | % | (1.14 | )% | ||||||||||||||||||
Market Price Total Return(d) | 23.37 | % | 9.16 | % | 23.68 | % | (4.53 | )% | 20.08 | % | (0.78 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 268,563 | $ | 207,262 | $ | 195,314 | $ | 164,916 | $ | 200,862 | $ | 188,665 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.75 | %(e) | 0.75 | % | 0.76 | %(f) | 0.75 | % | 0.75 | % | 0.74 | % | ||||||||||||||||||
Net investment income | 0.92 | %(e) | 0.86 | % | 1.45 | %(f) | 1.77 | % | 1.22 | % | 1.62 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 12 | % | 30 | % | 32 | % | 34 | % | 34 | % | 67 | % |
(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 at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 84 |
|
Financial Highlights–(continued)
Invesco International BuyBack AchieversTM ETF (IPKW)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.35 | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.36 | 0.57 | 0.76 | 0.69 | 0.47 | 0.74 | (b) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 12.94 | (0.82 | ) | 1.38 | (4.28 | ) | 7.28 | 0.89 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 13.30 | (0.25 | ) | 2.14 | (3.59 | ) | 7.75 | 1.63 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.61 | ) | (0.94 | ) | (0.73 | ) | (0.38 | ) | (0.71 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (c) | 0.01 | 0.00 | (c) | 0.01 | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 44.35 | $ | 31.35 | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(d) | $ | 44.32 | $ | 31.42 | $ | 32.05 | $ | 30.96 | $ | 35.47 | $ | 28.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(e) | 42.51 | % | (0.30 | )% | 7.10 | % | (10.40 | )% | 28.03 | % | 6.25 | % | ||||||||||||||||||
Market Price Total Return(e) | 42.09 | % | 0.37 | % | 6.74 | % | (10.96 | )% | 28.24 | % | 6.78 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 128,607 | $ | 92,470 | $ | 141,692 | $ | 243,373 | $ | 197,735 | $ | 92,202 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.55 | %(f) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 1.80 | %(f) | 1.86 | % | 2.44 | % | 1.90 | % | 1.47 | % | 2.76 | %(b) | ||||||||||||||||||
Portfolio turnover rate(g) | 10 | % | 88 | % | 99 | % | 121 | % | 118 | % | 106 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, respectively. |
(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 at net asset value 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) | 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.
| 85 |
|
Financial Highlights–(continued)
Invesco MSCI Global Timber ETF (CUT)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.82 | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.38 | 0.53 | 0.72 | 0.20 | 0.63 | 0.47 | 0.67 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 10.50 | 0.40 | (0.23 | ) | (5.72 | ) | 5.80 | 3.99 | (2.96 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 10.88 | 0.93 | 0.49 | (5.52 | ) | 6.43 | 4.46 | (2.29 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.55 | ) | (0.77 | ) | (0.82 | ) | - | (0.50 | ) | (0.52 | ) | (0.36 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.01 | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 38.15 | $ | 27.82 | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Market price at end of period | $ | 38.18 | (c) | $ | 27.81 | (c) | $ | 27.56 | (c) | $ | 27.94 | (c) | $ | 33.54 | (c) | $ | 27.52 | $ | 23.59 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net Asset Value Total Return(d) | 39.43 | % | 3.29 | % | 2.32 | % | (16.48 | )% | 23.42 | % | 19.09 | % | (8.72 | )% | |||||||||||||||||||||
Market Price Total Return(d) | 39.59 | % | 3.60 | % | 2.14 | % | (16.70 | )% | 23.79 | % | |||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 108,729 | $ | 75,101 | $ | 134,093 | $ | 173,463 | $ | 236,190 | $ | 190,203 | $ | 163,060 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.61 | %(e) | 0.55 | % | 0.56 | %(f) | 0.55 | %(e) | 0.55 | % | 0.57 | % | 0.60 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.72 | % | 0.68 | %(f) | 0.64 | %(e) | 0.67 | % | 0.70 | % | 0.75 | % | |||||||||||||||||||||
Net investment income | 2.23 | %(e) | 2.00 | % | 2.70 | %(f) | 1.50 | %(e) | 2.02 | % | 1.85 | % | 2.83 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 8 | % | 10 | % | 18 | % | 4 | % | 10 | % | 8 | % | 60 | % |
(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 at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 86 |
|
Financial Highlights–(continued)
Invesco MSCI Green Building ETF (GBLD)
For the Period April 20, 2021(a) Through April 30, 2021 (Unaudited) | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
Net investment income(b) | 0.05 | ||||
Net realized and unrealized gain on investments | 0.11 | ||||
|
| ||||
Total from investment operations | 0.16 | ||||
|
| ||||
Net asset value at end of period | $ | 25.16 | |||
|
| ||||
Market price at end of period(c) | $ | 25.21 | |||
|
| ||||
Net Asset Value Total Return(d) | 0.64 | %(e) | |||
Market Price Total Return(d) | 0.84 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 5,033 | |||
Ratio to average net assets of: | |||||
Expenses | 0.39 | %(f) | |||
Net investment income | 7.49 | %(f) |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value 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 (April 22, 2021, the first day of trading on the exchange) to April 30, 2021 was 1.05%. The market price total return from Fund Inception to April 30, 2021 was 1.25%. |
(f) | Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Financial Highlights–(continued)
Invesco S&P Global Water Index ETF (CGW)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | Two Months Ended October 31, 2018 | Years Ended August 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 41.43 | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | |||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income(a) | 0.21 | 0.63 | 0.64 | 0.04 | 0.59 | 0.61 | 0.54 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 11.03 | 1.86 | 7.26 | (3.00 | ) | 1.92 | 2.97 | 3.51 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | 11.24 | 2.49 | 7.90 | (2.96 | ) | 2.51 | 3.58 | 4.05 | |||||||||||||||||||||||||||
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|
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|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.66 | ) | (0.61 | ) | (0.67 | ) | - | (0.61 | ) | (0.47 | ) | (0.45 | ) | ||||||||||||||||||||||
|
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|
|
|
|
|
| ||||||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | ||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 52.01 | $ | 41.43 | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | |||||||||||||||||||||
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|
| ||||||||||||||||||||||
Market price at end of period | $ | 51.96 | (c) | $ | 41.54 | (c) | $ | 39.54 | (c) | $ | 32.27 | (c) | $ | 35.23 | (c) | $ | 33.46 | $ | 30.32 | ||||||||||||||||
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|
|
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Net Asset Value Total Return(d) | 27.35 | % | 6.31 | % | 25.10 | % | (8.39 | )% | 7.51 | % | 12.09 | % | 15.40 | % | |||||||||||||||||||||
Market Price Total Return(d) | 26.89 | % | 6.62 | % | 25.27 | % | (8.40 | )% | 7.09 | % | |||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 909,175 | $ | 710,871 | $ | 741,918 | $ | 531,298 | $ | 594,105 | $ | 610,253 | $ | 432,244 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.57 | %(e) | 0.57 | % | 0.59 | % | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.64 | % | |||||||||||||||||||||
Net investment income | 0.90 | %(e) | 1.61 | % | 1.82 | % | 0.67 | %(e) | 1.71 | % | 1.98 | % | 1.93 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 8 | % | 15 | % | 13 | % | 5 | % | 13 | % | 8 | % | 6 | % |
(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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed Quality ETF (IDHQ)
Six Months Ended April 30, 2021 (Unaudited) | Years Ended October 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.01 | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | ||||||||||||||||||
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Net investment income(a) | 0.36 | 0.46 | 0.54 | 0.58 | 0.45 | 0.41 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.93 | 0.55 | 3.16 | (2.18 | ) | 3.88 | (0.54 | )(b) | ||||||||||||||||||||||
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Total from investment operations | 5.29 | 1.01 | 3.70 | (1.60 | ) | 4.33 | (0.13 | ) | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.47 | ) | (0.59 | ) | (0.54 | ) | (0.48 | ) | (0.41 | ) | ||||||||||||||||||
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Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | ||||||||||||||||||||
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Net asset value at end of period | $ | 30.03 | $ | 25.01 | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | ||||||||||||||||||
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Market price at end of period(d) | $ | 30.06 | $ | 25.00 | $ | 24.53 | $ | 21.31 | $ | 23.71 | $ | 19.61 | ||||||||||||||||||
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Net Asset Value Total Return(e) | 21.21 | % | 4.42 | % | 17.58 | % | (7.00 | )% | 22.36 | % | (0.62 | )%(b) | ||||||||||||||||||
Market Price Total Return(e) | 21.37 | % | 4.09 | % | 18.14 | % | (8.05 | )% | 23.70 | % | (0.59 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 105,091 | $ | 100,021 | $ | 47,726 | $ | 32,039 | $ | 28,203 | $ | 20,628 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.29 | %(f) | 0.29 | % | 0.31 | %(g) | 0.29 | % | 0.31 | % | 0.45 | % | ||||||||||||||||||
Net investment income | 2.48 | %(f) | 1.83 | % | 2.38 | %(g) | 2.47 | % | 2.10 | % | 2.09 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 20 | % | 42 | % | 54 | % | 54 | % | 49 | % | 165 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower. |
(c) | 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 at net asset value 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
April 30, 2021
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust 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 China Technology ETF (CQQQ) | “China Technology ETF” | |
Invesco DWA Developed Markets Momentum ETF (PIZ) | “DWA Developed Markets Momentum ETF” | |
Invesco DWA Emerging Markets Momentum ETF (PIE) | “DWA Emerging Markets Momentum ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | “FTSE RAFI Developed Markets ex-U.S. ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | “FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF” | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) | “FTSE RAFI Emerging Markets ETF” | |
Invesco Global Clean Energy ETF (PBD) | “Global Clean Energy ETF” | |
Invesco Global Water ETF (PIO) | “Global Water ETF” | |
Invesco International BuyBack AchieversTM ETF (IPKW) | “International BuyBack AchieversTM ETF” | |
Invesco MSCI Global Timber ETF (CUT) | “MSCI Global Timber ETF” | |
Invesco MSCI Green Building ETF (GBLD) | “MSCI Green Building ETF” | |
Invesco S&P Global Water Index ETF (CGW) | “S&P Global Water Index ETF” | |
Invesco S&P International Developed Quality ETF (IDHQ) | “S&P International Developed 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 the following exchanges:
Fund | Exchange | |
China Technology ETF | NYSE Arca, Inc. | |
DWA Developed Markets Momentum ETF | The Nasdaq Stock Market | |
DWA Emerging Markets Momentum ETF | The Nasdaq Stock Market | |
FTSE RAFI Developed Markets ex-U.S. ETF | NYSE Arca, Inc. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | NYSE Arca, Inc. | |
FTSE RAFI Emerging Markets ETF | NYSE Arca, Inc. | |
Global Clean Energy ETF | NYSE Arca, Inc. | |
Global Water ETF | The Nasdaq Stock Market | |
International BuyBack AchieversTM ETF | The Nasdaq Stock Market | |
MSCI Global Timber ETF | NYSE Arca, Inc. | |
MSCI Green Building ETF | NYSE Arca, Inc. | |
S&P Global Water Index ETF | NYSE Arca, Inc. | |
S&P International Developed Quality ETF | 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.
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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
China Technology ETF | FTSE China Incl A 25% Technology Capped Index | |
DWA Developed Markets Momentum ETF | Dorsey Wright® Developed Markets Technical Leaders Index | |
DWA Emerging Markets Momentum ETF | Dorsey Wright® Emerging Markets Technical Leaders Index | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE RAFITM Developed ex U.S. 1000 Index | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index | |
FTSE RAFI Emerging Markets ETF | FTSE RAFITM Emerging Index | |
Global Clean Energy ETF | WilderHill New Energy Global Innovation Index | |
Global Water ETF | Nasdaq OMX Global Water IndexSM | |
International BuyBack AchieversTM ETF | Nasdaq International BuyBack AchieversTM Index | |
MSCI Global Timber ETF | MSCI ACWI IMI Timber Select Capped Index | |
MSCI Green Building ETF | MSCI Global Green Building Index | |
S&P Global Water Index ETF | S&P Global Water Index | |
S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
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 (“OTC”) 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
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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, the 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. 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, because their values depend on the performance of the non-dollar denominated underlying foreign securities. 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.
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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by 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, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a 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 a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global
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economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, 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. Companies in emerging market countries generally may be subject to less stringent financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social 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, and the ability to bring and enforce actions may be limited. 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. Investments in emerging markets securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.
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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. 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.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers 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. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
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 located 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 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 each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
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Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding 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 its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, 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.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs 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.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, 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. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.
Sampling Risk. Certain Funds’ use of a representative sampling approach may 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 held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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.
Thematic Investing Risk. Certain Funds rely on the index provider for the Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates ESG factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.
C. | 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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of |
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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. 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.
D. | 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. |
E. | Dividends and Distributions to Shareholders |
Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“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.
F. | 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 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.
G. | Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) 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 costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs 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 respective 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 (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel
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for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) 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 (if applicable) 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.
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. | 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 their 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. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | 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 the 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. Each Fund does 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 a 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. |
Each Fund 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 a Fund invests.
K. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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 |
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invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
NOTE 3–Investment Advisory 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 Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, each Fund listed below 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees | ||
(as a % of average daily net assets) | ||
China Technology ETF | 0.70% | |
DWA Developed Markets Momentum ETF | 0.80% | |
DWA Emerging Markets Momentum ETF | 0.90% | |
FTSE RAFI Developed Markets ex-U.S. ETF | 0.45% | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 0.49% | |
FTSE RAFI Emerging Markets ETF | 0.49% | |
Global Clean Energy ETF | 0.75% | |
Global Water ETF | 0.75% | |
International BuyBack AchieversTM ETF | 0.55% | |
MSCI Green Building ETF | 0.39% | |
S&P International Developed Quality ETF | 0.29% |
Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:
Management Fees | ||
(as a % of average daily net assets) | ||
MSCI Global Timber ETF | 0.50% | |
S&P Global Water Index ETF | 0.50% |
The Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each of those Funds (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2023. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Expense Cap | ||
MSCI Global Timber ETF | 0.55% | |
S&P Global Water Index ETF | 0.63% |
Prior to December 31, 2020, the Adviser agreed to reimburse MSCI Global Timber ETF in the amount equal to the licensing fees that the Fund paid that caused 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 0.55% of its average daily net assets.
Each Fund may invest in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser (collectively, “Underlying Affiliated Investments”). The indirect portion of the advisory fees that a Fund incurs through such Underlying Affiliated Investments is in addition to the Advisory Fee payable to the Adviser by such Fund. Therefore, through at least August 31, 2023, the Adviser has agreed to waive the a portion of each Fund’s
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management fee in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s Underlying Affiliated Investments or (ii) the Advisory Fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. These fees are not subject to recapture. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six months ended April 30, 2021, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
China Technology ETF | $ | 974 | ||
DWA Developed Markets Momentum ETF | 17 | |||
DWA Emerging Markets Momentum ETF | 77 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 324 | |||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 114 | |||
FTSE RAFI Emerging Markets ETF | 833 | |||
Global Clean Energy ETF | 74 | |||
Global Water ETF | 39 | |||
International BuyBack AchieversTM ETF | 15 | |||
MSCI Global Timber ETF | 47,938 | |||
MSCI Green Building ETF | - | |||
S&P Global Water Index ETF | 479 | |||
S&P International Developed Quality ETF | 34 |
The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds 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 as of April 30, 2021 are as follows:
Total | ||||||||||
Potential | ||||||||||
Recapture | Potential Recapture Amounts Expiring | |||||||||
Amounts | 5/31/21 | 10/31/21 | 10/31/22 | 10/31/23 | ||||||
MSCI Global Timber ETF | $480,454 | $53,954 | $76,595 | $190,541 | $159,364 |
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 | |
China Technology ETF | FTSE International Ltd. | |
DWA Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
DWA Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. | |
FTSE RAFI Emerging Markets ETF | FTSE International Ltd. | |
Global Clean Energy ETF | WilderHill New Energy Finance, LLC | |
Global Water ETF | Nasdaq, Inc. | |
International BuyBack AchieversTM ETF | Nasdaq, Inc. | |
MSCI Global Timber ETF | MSCI, Inc. | |
MSCI Green Building ETF | MSCI, Inc. | |
S&P Global Water Index ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Quality ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
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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.
For the six months ended April 30, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:
China Technology ETF | $ | 1,633 | ||
DWA Emerging Markets Momentum ETF | 3,795 | |||
Global Clean Energy ETF | 4,876 | |||
International BuyBack AchieversTM ETF | 438 | |||
MSCI Global Timber ETF | 609 |
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six months ended April 30, 2021, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses) | ||||
Global Clean Energy ETF | $5,645,478 | $3,503,937 | $(66,168) |
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. |
The following is a summary of the tiered valuation input levels, as of April 30, 2021, for each Fund (except for MSCI Green Building ETF). As of April 30, 2021, all of the securities in MSCI Green Building 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 | |||||||||||||
China Technology ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,691,740,640 | $ | - | $ | 0 | $ | 1,691,740,640 | ||||||||
Money Market Funds | - | 110,299,873 | - | 110,299,873 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,691,740,640 | $ | 110,299,873 | $ | 0 | $ | 1,802,040,513 | ||||||||
|
|
|
|
|
|
|
| |||||||||
DWA Developed Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 196,941,680 | $ | - | $ | - | $ | 196,941,680 | ||||||||
Money Market Funds | - | 17,217,200 | - | 17,217,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 196,941,680 | $ | 17,217,200 | $ | - | $ | 214,158,880 | ||||||||
|
|
|
|
|
|
|
|
| 99 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 227,937,741 | $ | - | $ | 213,512 | $ | 228,151,253 | ||||||||
Exchange-Traded Funds | 1,536,322 | - | - | 1,536,322 | ||||||||||||
Money Market Funds | - | 4,663,558 | - | 4,663,558 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 229,474,063 | $ | 4,663,558 | $ | 213,512 | $ | 234,351,133 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,126,379,601 | $ | 726,691 | $ | 0 | $ | 1,127,106,292 | ||||||||
Money Market Funds | 506,950 | 79,555,614 | - | 80,062,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,126,886,551 | $ | 80,282,305 | $ | 0 | $ | 1,207,168,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 401,183,113 | $ | 59,629 | $ | 10,205 | $ | 401,252,947 | ||||||||
Money Market Funds | - | 35,193,002 | - | 35,193,002 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 401,183,113 | $ | 35,252,631 | $ | 10,205 | $ | 436,445,949 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,413,506,208 | $ | - | $ | 2,155,565 | $ | 1,415,661,773 | ||||||||
Money Market Funds | 1,942,573 | 3,501,195 | - | 5,443,768 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,415,448,781 | $ | 3,501,195 | $ | 2,155,565 | $ | 1,421,105,541 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Clean Energy ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 424,415,994 | $ | 86,477 | $ | - | $ | 424,502,471 | ||||||||
Money Market Funds | - | 89,857,247 | - | 89,857,247 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 424,415,994 | $ | 89,943,724 | $ | - | $ | 514,359,718 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Water ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 268,038,562 | $ | - | $ | 0 | $ | 268,038,562 | ||||||||
Money Market Funds | - | 3,423,940 | - | 3,423,940 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 268,038,562 | $ | 3,423,940 | $ | 0 | $ | 271,462,502 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International BuyBack AchieversTM ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 128,580,281 | $ | - | $ | - | $ | 128,580,281 | ||||||||
Money Market Funds | - | 2,018,030 | - | 2,018,030 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 128,580,281 | $ | 2,018,030 | $ | - | $ | 130,598,311 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Timber ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 108,317,059 | $ | - | $ | 0 | $ | 108,317,059 | ||||||||
Exchange-Traded Funds | 113,836 | - | - | 113,836 | ||||||||||||
Money Market Funds | 181,022 | 2,338,105 | - | 2,519,127 | ||||||||||||
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Total Investments | $ | 108,611,917 | $ | 2,338,105 | $ | 0 | $ | 110,950,022 | ||||||||
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S&P Global Water Index ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 910,272,518 | $ | - | $ | - | $ | 910,272,518 | ||||||||
Money Market Funds | - | 57,338,774 | - | 57,338,774 | ||||||||||||
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Total Investments | $ | 910,272,518 | $ | 57,338,774 | $ | - | $ | 967,611,292 | ||||||||
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S&P International Developed Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 104,451,333 | $ | - | $ | - | $ | 104,451,333 | ||||||||
Money Market Funds | 73,054 | 6,319,466 | - | 6,392,520 | ||||||||||||
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Total Investments | $ | 104,524,387 | $ | 6,319,466 | $ | - | $ | 110,843,853 | ||||||||
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
China Technology ETF | $ | 5,186,706 | $ | 84,897,187 | $ | 90,083,893 | ||||||
DWA Developed Markets Momentum ETF | 130,928,341 | 668,082 | 131,596,423 | |||||||||
DWA Emerging Markets Momentum ETF | 126,141,902 | - | 126,141,902 | |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 6,906,639 | 101,444,851 | 108,351,490 | |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 8,057,944 | 35,315,187 | 43,373,131 | |||||||||
FTSE RAFI Emerging Markets ETF | 18,094,513 | 150,409,202 | 168,503,715 | |||||||||
Global Clean Energy ETF | 10,159,214 | 58,353,386 | 68,512,600 | |||||||||
Global Water ETF | 38,485,787 | 10,263,069 | 48,748,856 | |||||||||
International BuyBack AchieversTM ETF | 49,326,511 | 5,001,085 | 54,327,596 | |||||||||
MSCI Global Timber ETF | 12,266,326 | 9,434,401 | 21,700,727 | |||||||||
S&P Global Water Index ETF | 1,328,032 | 14,458,977 | 15,787,009 | |||||||||
S&P International Developed Quality ETF | 3,903,911 | 2,214,378 | 6,118,289 |
* | Capital loss carryforwards 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 months ended April 30, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
China Technology ETF | $ | 677,566,785 | $ | 380,082,273 | ||||
DWA Developed Markets Momentum ETF | 162,740,423 | 162,019,669 | ||||||
DWA Emerging Markets Momentum ETF | 300,159,822 | 234,138,494 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 169,815,265 | 172,919,347 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 118,194,700 | 111,742,058 | ||||||
FTSE RAFI Emerging Markets ETF | 465,655,351 | 322,768,561 | ||||||
Global Clean Energy ETF | 188,428,986 | 160,343,901 | ||||||
Global Water ETF | 30,890,751 | 27,898,048 | ||||||
International BuyBack AchieversTM ETF | 12,399,484 | 11,471,087 | ||||||
MSCI Global Timber ETF | 7,312,409 | 7,502,916 | ||||||
MSCI Green Building ETF* | 4,997,196 | - | ||||||
S&P Global Water Index ETF | 68,612,242 | 72,152,503 | ||||||
S&P International Developed Quality ETF | 20,835,404 | 20,614,175 |
* | For the period April 20, 2021 (commencement of investment operations) through April 30, 2021. |
For the six months ended April 30, 2021, in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
China Technology ETF | $ | 343,599,788 | $ | 96,210,432 | ||||
DWA Developed Markets Momentum ETF | 25,112,295 | 17,892,718 | ||||||
DWA Emerging Markets Momentum ETF | 45,381,938 | 92,123,519 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | - | 59,850,441 |
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Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | $ | 74,614,036 | $ | 82,182,762 | ||||
FTSE RAFI Emerging Markets ETF | 109,724,700 | 95,332,950 | ||||||
Global Clean Energy ETF | 349,518,491 | 83,499,667 | ||||||
Global Water ETF | 41,900,399 | 32,152,309 | ||||||
International BuyBack AchieversTM ETF | 11,832,492 | 13,184,488 | ||||||
MSCI Global Timber ETF | 4,904,174 | - | ||||||
MSCI Green Building ETF* | - | - | ||||||
S&P Global Water Index ETF | 105,030,254 | 93,825,649 | ||||||
S&P International Developed Quality ETF | 25,527,447 | 39,826,530 |
* | For the period April 20, 2021 (commencement of investment operations) through April 30, 2021. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2021, 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 | Gross | Net | ||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||
Appreciation | (Depreciation) | Appreciation | Cost | |||||||||||||
China Technology ETF | $ | 345,293,151 | $ | (87,458,817 | ) | $ | 257,834,334 | $ | 1,544,206,179 | |||||||
DWA Developed Markets Momentum ETF | 37,301,690 | (1,908,362 | ) | 35,393,328 | 178,765,552 | |||||||||||
DWA Emerging Markets Momentum ETF | 46,437,752 | (5,943,821 | ) | 40,493,931 | 193,857,202 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 220,515,142 | (124,022,598 | ) | 96,492,544 | 1,110,676,312 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 79,846,762 | (25,717,856 | ) | 54,128,906 | 382,317,043 | |||||||||||
FTSE RAFI Emerging Markets ETF | 260,712,185 | (130,202,136 | ) | 130,510,049 | 1,290,595,492 | |||||||||||
Global Clean Energy ETF | 43,759,703 | (35,504,406 | ) | 8,255,297 | 506,104,421 | |||||||||||
Global Water ETF | 84,933,920 | (1,754,493 | ) | 83,179,427 | 188,283,075 | |||||||||||
International BuyBack AchieversTM ETF | 34,605,340 | (521,450 | ) | 34,083,890 | 96,514,421 | |||||||||||
MSCI Global Timber ETF | 36,446,538 | (3,259,199 | ) | 33,187,339 | 77,762,683 | |||||||||||
MSCI Green Building ETF* | 64,220 | (41,777 | ) | 22,443 | 5,004,658 | |||||||||||
S&P Global Water Index ETF | 281,685,144 | (15,279,476 | ) | 266,405,668 | 701,205,624 | |||||||||||
S&P International Developed Quality ETF | 14,845,961 | (2,357,566 | ) | 12,488,395 | 98,355,458 |
* | In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until it’s fiscal year-end reporting period. |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the following Funds’ unitary management fee, pays for such compensation for China Technology ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Clean Energy ETF, Global Water ETF, International BuyBack Achievers™ ETF, MSCI Green Building ETF and S&P International Developed Quality 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a 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 issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
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To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 10–Significant Event
On November 12 2020, President Trump issued an Executive Order (the “Order”) prohibiting investment activity by U.S. persons, which includes the Funds, in relation to certain companies designated by the U.S. Department of Defense as being backed by, and providing funding to, the Chinese military (the “Sanctioned Companies”). Beginning January 11, 2021, all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Sanctioned Companies (the “Sanctioned Securities”) are prohibited. In addition, any of the Sanctioned Securities held by the Funds as of January 11, 2021 are permitted to be sold only through November 11, 2021, although the consequences of continuing to hold Sanctioned Securities beyond November 11, 2021 are currently unclear. The Funds’ holdings in the Sanctioned Securities may adversely impact the Funds’ performance. The extent of the impact will depend on future developments, including the Funds’ ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Sanctioned Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted. At October 31, 2020, China Technology ETF held investments in Sanctioned Securities which represented approximately 10% of the China Technology ETF’s net assets.
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Calculating your ongoing Fund expenses
Example
As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers™ ETF, MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, 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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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 for the entire period November 1, 2020 through April 30, 2021.
In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Annualized | ||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||
Invesco China Technology ETF (CQQQ) | ||||||||||||||||
Actual | $1,000.00 | $1,123.20 | 0.70% | $3.69 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.32 | 0.70 | 3.51 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||
Actual | $1,000.00 | $1,213.70 | 0.80% | $4.39 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||||||||||
Invesco DWA Emerging Markets Momentum ETF (PIE) | ||||||||||||||||
Actual | 1,000.00 | 1,324.60 | 0.90 | 5.19 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||
Actual | 1,000.00 | 1,397.20 | 0.45 | 2.67 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | ||||||||||||||||
Actual | 1,000.00 | 1,319.50 | 0.49 | 2.82 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.36 | 0.49 | 2.46 | ||||||||||||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | ||||||||||||||||
Actual | 1,000.00 | 1,304.60 | 0.49 | 2.80 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.36 | 0.49 | 2.46 | ||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||
Actual | 1,000.00 | 1,332.40 | 0.75 | 4.34 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||
Actual | 1,000.00 | 1,234.10 | 0.75 | 4.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||||||||||
Invesco International BuyBack AchieversTM ETF (IPKW) | ||||||||||||||||
Actual | 1,000.00 | 1,425.10 | 0.55 | 3.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.07 | 0.55 | 2.76 | ||||||||||||
Invesco MSCI Global Timber ETF (CUT) | ||||||||||||||||
Actual | 1,000.00 | 1,394.30 | 0.61 | 3.62 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.77 | 0.61 | 3.06 | ||||||||||||
Invesco MSCI Green Building ETF (GBLD) | ||||||||||||||||
Actual | 1,000.00 | 1,006.40(2) | 0.39 | 0.12(3) | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.86(2) | 0.39 | 1.96(3) | ||||||||||||
Invesco S&P Global Water Index ETF (CGW) | ||||||||||||||||
Actual | 1,000.00 | 1,273.50 | 0.57 | 3.21 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.97 | 0.57 | 2.86 | ||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||
Actual | 1,000.00 | 1,212.10 | 0.29 | 1.59 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.36 | 0.29 | 1.45 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2021. 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. |
(2) | The actual ending account value is based on the actual total return of the Fund for the period April 20, 2021 (commencement of investment operations) through April 30, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
(3) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period April 20, 2021 (commencement of investment operations) to April 30, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 11/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Approval of Investment Advisory Contracts
At a meeting held on March 12, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Green Building ETF (the “Fund”).
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the identity of the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that the Fund’s portfolio managers also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Fund’s portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2021 meeting describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees considered the services to be provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for the Fund.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds. The Trustees also considered fee and expense data on two Adviser-identified select peers.
The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and select peer group as shown below:
Open-End Index | Open-End Active | |||||||
ETF Peer Group | Fund Peer Group | Fund Peer Group | Select Peer Group | |||||
Fund | (Number of Peers) | (Number of Peers) | (Number of Peers) | (Number of Peers) | ||||
Invesco MSCI Green Building ETF | Lower than | Equal to | Lower than | Lower than | ||||
median (5) | median (3) | median (35) | median (2) |
Based on all of the information provided, the Board concluded that the Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2021 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect
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Approval of Investment Advisory Contracts–(continued)
economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for the Fund. The Trustees considered whether the proposed unitary advisory fee rate for the Fund is reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationship with the Fund, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees and advisory fees for affiliated money market cash management vehicles. The Board concluded that the Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits to be received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for the Fund. No single factor was determinative in the Board’s analysis.
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF | Invesco S&P 500® Enhanced Value ETF | |
Invesco California AMT-Free Municipal Bond ETF | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco CEF Income Composite ETF | Invesco S&P 500® High Beta ETF | |
Invesco China Technology ETF | Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Developed Markets Momentum ETF | Invesco S&P 500® Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF | Invesco S&P 500 Minimum Variance ETF | |
Invesco DWA SmallCap Momentum ETF | Invesco S&P 500® Momentum ETF | |
Invesco Emerging Markets Sovereign Debt ETF | Invesco S&P 500 Revenue ETF | |
Invesco FTSE International Low Beta Equal Weight ETF | Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | Invesco S&P International Developed High Dividend Low Volatility ETF | |
Invesco FTSE RAFI Emerging Markets ETF | ||
Invesco Fundamental High Yield® Corporate Bond ETF | Invesco S&P International Developed Low Volatility ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF | Invesco S&P International Developed Momentum ETF | |
Invesco Global Clean Energy ETF | Invesco S&P International Developed Quality ETF | |
Invesco Global Short Term High Yield Bond ETF | Invesco S&P MidCap 400 Revenue ETF | |
Invesco Global Water ETF | Invesco S&P MidCap Low Volatility ETF | |
Invesco International BuyBack Achievers™ ETF | Invesco S&P SmallCap 600 Revenue ETF | |
Invesco International Corporate Bond ETF | Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco KBW Bank ETF | Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW High Dividend Yield Financial ETF | Invesco S&P SmallCap Energy ETF | |
Invesco KBW Premium Yield Equity REIT ETF | Invesco S&P SmallCap Financials ETF | |
Invesco KBW Property & Casualty Insurance ETF | Invesco S&P SmallCap Health Care ETF | |
Invesco KBW Regional Banking ETF | Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco National AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Industrials ETF | |
Invesco New York AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Information Technology ETF | |
Invesco Preferred ETF | Invesco S&P SmallCap Low Volatility ETF | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF | Invesco S&P SmallCap Materials ETF | |
Invesco PureBetaSM FTSE Developed ex-North America ETF | Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM FTSE Emerging Markets ETF | Invesco S&P SmallCap Utilities & Communication Services ETF | |
Invesco PureBetaSM MSCI USA ETF | Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF | Invesco Senior Loan ETF | |
Invesco PureBetaSM US Aggregate Bond ETF | Invesco Taxable Municipal Bond ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF | Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Equal Weight ETF | Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Low Beta Equal Weight ETF | Invesco VRDO Tax-Free ETF |
Also at the April 15, 2021 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the ten-year period for Invesco VRDO Tax-Free ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for the Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
● | 0.04%: Invesco PureBetaSM MSCI USA ETF |
● | 0.05%: Invesco PureBetaSM US Aggregate Bond ETF |
● | 0.06%: Invesco PureBetaSM MSCI USA Small Cap ETF |
● | 0.07%: Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF |
● | 0.08%: Invesco Treasury Collateral ETF |
● | 0.10%: Invesco S&P 500 Minimum Variance ETF |
● | 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
● | 0.14%: Invesco PureBetaSM FTSE Emerging Markets ETF |
● | 0.20%: Invesco Russell 1000 Equal Weight ETF |
● | 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF |
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● | 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free ETF |
● | 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF |
● | 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF |
● | 0.30%: Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF |
● | 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF |
● | 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF |
● | 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
● | 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF |
● | 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF |
● | 0.55%: Invesco International BuyBack Achievers™ ETF |
● | 0.60%: Invesco DWA SmallCap Momentum ETF |
● | 0.65%: Invesco Senior Loan ETF |
● | 0.70%: Invesco China Technology ETF |
● | 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF |
● | 0.80%: Invesco DWA Developed Markets Momentum ETF |
● | 0.90%: Invesco DWA Emerging Markets Momentum ETF |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X |
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Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | |||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | ||||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | X | X | ||||
Invesco International BuyBack AchieversTM ETF | X | |||||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | X | X | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | X | X | X | |||
Invesco PureBetaSM FTSE Emerging Markets ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaSM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | |||||
Invesco Russell 1000 Equal Weight ETF | X | X | ||||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | |||||
Invesco S&P 500 Enhanced Value ETF | X | X | ||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500® High Beta ETF | X | X | ||||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | X | |||
Invesco S&P 500 Revenue ETF | X | |||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | ||||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | N/A | X | |||
Invesco S&P International Developed Quality ETF | X | N/A | X | |||
Invesco S&P MidCap 400 Revenue ETF | X |
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Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco S&P MidCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | ||||
Invesco S&P SmallCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | X | |||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 15, 2021. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12 and April 15, 2021 Board meetings, and Invesco Advisers, Inc., in connection with the April 15, 2021 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Approval of Investment Advisory Contracts
At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2023, as set forth below:
● | 0.55% for Invesco MSCI Global Timber ETF; |
● | 0.63% for Invesco S&P Global Water Index ETF; and |
● | 0.65% for Invesco Solar ETF. |
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) actively-managed funds and open-end (non-ETF) index funds, noting that comparative information for open-end (non-ETF) index peer funds was only available for Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF. The Trustees noted that each Fund’s, except for Invesco S&P Global Water Index ETF, contractual advisory fee was higher than the median net advisory fees of its ETF peer funds. The Trustees noted that Invesco S&P Global Water Index ETF’s contractual
| 115 |
|
Approval of Investment Advisory Contracts–(continued)
advisory fee was lower than, and Invesco MSCI Global Timber ETF’s contractual advisory fee was higher than, the median net advisory fee of its open-end index peer fund. The Trustees noted that each Fund’s, except for Invesco Solar ETF, contractual advisory fee was lower than the median net advisory fees of its open-end actively-managed peer funds.
The Trustees noted that each Fund’s, except for Invesco S&P Global Water Index ETF, net expense ratio was higher than the median net expense ratio of its ETF peer funds. The Trustees noted that Invesco S&P Global Water Index ETF’s net expense ratio was lower than, and Invesco MSCI Global Timber ETF’s net expense ratio was higher than, the median net expense ratio of its open-end index peer fund. The Trustees noted that each Fund’s net expense ratio was lower than the median net expense ratio of its open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Solar ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
| 116 |
|
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(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 (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.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 at www.invesco.com/ETFs.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||||
Downers Grove, IL 60515 | P-PS-SAR-8 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2021
| ||||
PCY
| Invesco Emerging Markets Sovereign Debt ETF
| |||
PGHY
| Invesco Global Short Term High Yield Bond ETF
| |||
PICB | Invesco International Corporate Bond ETF |
Table of Contents
| 2 |
|
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2021, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
3 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-98.53% |
| |||||||||
Angola-2.76% | ||||||||||
Angolan Government International Bond | ||||||||||
8.25%, 05/09/2028(a) | $ | 24,805,000 | $ | 25,549,150 | ||||||
9.38%, 05/08/2048(a) | 25,270,000 | 26,110,379 | ||||||||
9.13%, 11/26/2049(a) | 25,541,000 | 25,907,130 | ||||||||
|
| |||||||||
77,566,659 | ||||||||||
|
| |||||||||
Bahrain-2.58% | ||||||||||
Bahrain Government International Bond | ||||||||||
6.00%, 09/19/2044(a) | 25,526,000 | 23,931,901 | ||||||||
7.50%, 09/20/2047(a) | 22,642,000 | 23,995,313 | ||||||||
6.25%, 01/25/2051(a) | 26,110,000 | 24,539,614 | ||||||||
|
| |||||||||
72,466,828 | ||||||||||
|
| |||||||||
Belarus-2.58% | ||||||||||
Republic of Belarus International Bond | ||||||||||
7.63%, 06/29/2027(a) | 22,950,000 | 23,872,475 | ||||||||
6.20%, 02/28/2030(a)(b) | 3,900,000 | 3,728,302 | ||||||||
Republic of Belarus Ministry of Finance, 6.38%, 02/24/2031(a) | 46,960,000 | 44,844,922 | ||||||||
|
| |||||||||
72,445,699 | ||||||||||
|
| |||||||||
Brazil-2.70% | ||||||||||
Brazilian Government International Bond | ||||||||||
5.63%, 01/07/2041 | 23,766,000 | 25,577,920 | ||||||||
5.63%, 02/21/2047 | 23,882,000 | 25,269,663 | ||||||||
4.75%, 01/14/2050 | 26,616,000 | 25,045,656 | ||||||||
|
| |||||||||
75,893,239 | ||||||||||
|
| |||||||||
Chile-2.70% | ||||||||||
Chile Government International Bond | ||||||||||
3.13%, 01/21/2026(b) | 34,817,000 | 37,733,272 | ||||||||
3.86%, 06/21/2047 | 34,784,000 | 38,116,655 | ||||||||
|
| |||||||||
75,849,927 | ||||||||||
|
| |||||||||
China-2.66% | ||||||||||
China Government International Bond | ||||||||||
2.75%, 12/03/2039(a) | 24,800,000 | 24,844,506 | ||||||||
4.00%, 10/19/2048(a) | 20,320,000 | 24,912,380 | ||||||||
2.25%, 10/21/2050(a)(b) | 27,840,000 | 24,908,547 | ||||||||
|
| |||||||||
74,665,433 | ||||||||||
|
| |||||||||
Colombia-2.63% | ||||||||||
Colombia Government International Bond | ||||||||||
7.38%, 09/18/2037 | 18,399,000 | 24,466,438 | ||||||||
6.13%, 01/18/2041 | 20,645,000 | 24,774,413 | ||||||||
5.63%, 02/26/2044 | 21,774,000 | 24,768,796 | ||||||||
|
| |||||||||
74,009,647 | ||||||||||
|
| |||||||||
Costa Rica-2.74% | ||||||||||
Costa Rica Government International Bond | ||||||||||
5.63%, 04/30/2043(a) | 27,724,000 | 25,921,940 | ||||||||
7.00%, 04/04/2044(a) | 24,850,000 | 25,595,749 | ||||||||
7.16%, 03/12/2045(a) | 24,671,000 | 25,596,162 | ||||||||
|
| |||||||||
77,113,851 | ||||||||||
|
| |||||||||
Dominican Republic-2.71% | ||||||||||
Dominican Republic International Bond | ||||||||||
7.45%, 04/30/2044(a) | 20,650,000 | 24,986,500 |
Principal Amount | Value | |||||||||
Dominican Republic-(continued) | ||||||||||
6.85%, 01/27/2045(a) | $ | 22,415,000 | $ | 25,553,100 | ||||||
6.50%, 02/15/2048(a)(b) | 23,277,000 | 25,662,892 | ||||||||
|
| |||||||||
76,202,492 | ||||||||||
|
| |||||||||
Egypt-2.64% | ||||||||||
Egypt Government International Bond | ||||||||||
8.50%, 01/31/2047(a) | 24,161,000 | 25,002,431 | ||||||||
7.90%, 02/21/2048(a) | 25,534,000 | 25,177,801 | ||||||||
8.70%, 03/01/2049(a) | 23,065,000 | 24,104,009 | ||||||||
|
| |||||||||
74,284,241 | ||||||||||
|
| |||||||||
El Salvador-2.85% | ||||||||||
El Salvador Government International Bond |
| |||||||||
8.63%, 02/28/2029(a) | 23,964,000 | 26,905,581 | ||||||||
7.65%, 06/15/2035(a) | 25,075,000 | 26,363,855 | ||||||||
9.50%, 07/15/2052(a) | 23,640,000 | 26,890,500 | ||||||||
|
| |||||||||
80,159,936 | ||||||||||
|
| |||||||||
Guatemala-2.63% | ||||||||||
Guatemala Government Bond |
| |||||||||
4.38%, 06/05/2027(a)(b) | 22,800,000 | 24,876,168 | ||||||||
4.88%, 02/13/2028(a) | 22,200,000 | 24,914,172 | ||||||||
5.38%, 04/24/2032(a)(b) | 20,790,000 | 24,064,425 | ||||||||
|
| |||||||||
73,854,765 | ||||||||||
|
| |||||||||
Hungary-2.59% | ||||||||||
Hungary Government International Bond |
| |||||||||
5.38%, 03/25/2024 | 32,427,000 | 36,824,750 | ||||||||
7.63%, 03/29/2041 | 22,287,000 | 36,000,637 | ||||||||
|
| |||||||||
72,825,387 | ||||||||||
|
| |||||||||
Indonesia-2.68% | ||||||||||
Indonesia Government International Bond |
| |||||||||
6.63%, 02/17/2037(a) | 18,583,000 | 25,042,853 | ||||||||
7.75%, 01/17/2038(a) | 16,888,000 | 25,128,623 | ||||||||
6.75%, 01/15/2044(a) | 17,454,000 | 25,169,512 | ||||||||
|
| |||||||||
75,340,988 | ||||||||||
|
| |||||||||
Jordan-2.58% | ||||||||||
Jordan Government International Bond |
| |||||||||
5.75%, 01/31/2027(a) | 23,125,000 | 24,615,406 | ||||||||
5.85%, 07/07/2030(a) | 23,390,000 | 24,320,244 | ||||||||
7.38%, 10/10/2047(a) | 22,401,000 | 23,608,302 | ||||||||
|
| |||||||||
72,543,952 | ||||||||||
|
| |||||||||
Kazakhstan-2.65% | ||||||||||
Kazakhstan Government International Bond |
| |||||||||
5.13%, 07/21/2025(a)(b) | 21,409,000 | 24,987,814 | ||||||||
4.88%, 10/14/2044(a)(b) | 20,138,000 | 24,696,841 | ||||||||
6.50%, 07/21/2045(a) | 17,061,000 | 24,706,887 | ||||||||
|
| |||||||||
74,391,542 | ||||||||||
|
| |||||||||
Kenya-2.63% | ||||||||||
Kenya Government International Bond |
| |||||||||
6.88%, 06/24/2024(a) | 22,392,000 | 24,886,693 | ||||||||
7.25%, 02/28/2028(a) | 22,682,000 | 24,665,745 | ||||||||
8.25%, 02/28/2048(a)(b) | 22,606,000 | 24,231,145 | ||||||||
|
| |||||||||
73,783,583 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
Kuwait-1.31% | ||||||||||
Kuwait International Government Bond, 3.50%, 03/20/2027(a) | $ | 33,290,000 | $ | 36,917,112 | ||||||
|
| |||||||||
Mexico-2.67% | ||||||||||
Mexico Government International Bond | ||||||||||
4.60%, 01/23/2046 | 24,418,750 | 25,276,703 | ||||||||
5.75%, 10/12/2110 | 21,733,000 | 24,814,196 | ||||||||
Series A, 6.05%, 01/11/2040 | 20,403,000 | 24,987,860 | ||||||||
|
| |||||||||
75,078,759 | ||||||||||
|
| |||||||||
Mongolia-2.59% | ||||||||||
Mongolia Government International Bond |
| |||||||||
8.75%, 03/09/2024(a)(b) | 31,240,000 | 36,144,655 | ||||||||
5.13%, 04/07/2026(a) | 34,010,000 | 36,558,303 | ||||||||
|
| |||||||||
72,702,958 | ||||||||||
|
| |||||||||
Morocco-2.59% | ||||||||||
Morocco Government International Bond | ||||||||||
3.00%, 12/15/2032(a) | 25,855,000 | 24,637,618 | ||||||||
5.50%, 12/11/2042(a) | 21,490,000 | 23,925,569 | ||||||||
4.00%, 12/15/2050(a) | 26,610,000 | 24,063,689 | ||||||||
|
| |||||||||
72,626,876 | ||||||||||
|
| |||||||||
Nigeria-2.65% | ||||||||||
Nigeria Government International Bond | ||||||||||
7.70%, 02/23/2038(a) | 24,420,000 | 25,163,589 | ||||||||
7.63%, 11/28/2047(a) | 24,155,000 | 24,367,226 | ||||||||
9.25%, 01/21/2049(a) | 21,730,000 | 25,033,177 | ||||||||
|
| |||||||||
74,563,992 | ||||||||||
|
| |||||||||
Oman-2.75% | ||||||||||
Oman Government International Bond | ||||||||||
6.50%, 03/08/2047(a) | 25,866,000 | 25,381,013 | ||||||||
6.75%, 01/17/2048(a) | 26,105,000 | 26,111,526 | ||||||||
7.00%, 01/25/2051(a) | 25,090,000 | 25,693,565 | ||||||||
7.00%, 01/25/2051(a) | 200,000 | 204,811 | ||||||||
|
| |||||||||
77,390,915 | ||||||||||
|
| |||||||||
Pakistan-2.58% | ||||||||||
Pakistan Government International Bond | ||||||||||
8.25%, 04/15/2024(a) | 22,108,000 | 24,361,800 | ||||||||
8.25%, 09/30/2025(a) | 21,464,000 | 23,973,571 | ||||||||
6.88%, 12/05/2027(a) | 23,127,000 | 24,266,699 | ||||||||
|
| |||||||||
72,602,070 | ||||||||||
|
| |||||||||
Panama-2.64% | ||||||||||
Panama Government International Bond | ||||||||||
7.13%, 01/29/2026(b) | 20,145,500 | 25,067,448 | ||||||||
8.88%, 09/30/2027 | 17,600,500 | 24,355,572 | ||||||||
3.88%, 03/17/2028 | 22,515,000 | 24,819,298 | ||||||||
|
| |||||||||
74,242,318 | ||||||||||
|
| |||||||||
Paraguay-2.64% | ||||||||||
Paraguay Government International Bond |
| |||||||||
5.00%, 04/15/2026(a) | 22,166,000 | 24,992,165 | ||||||||
6.10%, 08/11/2044(a) | 20,702,000 | 24,945,910 | ||||||||
5.60%, 03/13/2048(a) | 21,118,000 | 24,106,408 | ||||||||
|
| |||||||||
74,044,483 | ||||||||||
|
| |||||||||
Peru-2.64% | ||||||||||
Peruvian Government International Bond | ||||||||||
8.75%, 11/21/2033 | 15,718,500 | 24,394,326 |
Principal Amount | Value | |||||||||
Peru-(continued) | ||||||||||
5.63%, 11/18/2050 | $ | 18,009,000 | $ | 24,014,731 | ||||||
2.78%, 12/01/2060 | 30,130,000 | 25,772,600 | ||||||||
|
| |||||||||
74,181,657 | ||||||||||
|
| |||||||||
Philippines-2.69% | ||||||||||
Philippine Government International Bond |
| |||||||||
5.00%, 01/13/2037 | 20,198,000 | 25,359,038 | ||||||||
3.95%, 01/20/2040 | 22,997,000 | 25,189,519 | ||||||||
3.70%, 02/02/2042 | 23,620,000 | 25,111,232 | ||||||||
|
| |||||||||
75,659,789 | ||||||||||
|
| |||||||||
Poland-1.31% | ||||||||||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 | 33,372,000 | 36,919,944 | ||||||||
|
| |||||||||
Qatar-2.64% | ||||||||||
Qatar Government International Bond | ||||||||||
4.63%, 06/02/2046(a) | 20,690,000 | 24,751,240 | ||||||||
5.10%, 04/23/2048(a) | 19,481,000 | 24,748,117 | ||||||||
4.82%, 03/14/2049(a) | 19,960,000 | 24,562,417 | ||||||||
|
| |||||||||
74,061,774 | ||||||||||
|
| |||||||||
Romania-2.71% | ||||||||||
Romanian Government International Bond |
| |||||||||
6.13%, 01/22/2044(a)(b) | 19,152,000 | 25,000,293 | ||||||||
5.13%, 06/15/2048(a)(b) | 21,784,000 | 25,392,411 | ||||||||
4.00%, 02/14/2051(a)(b) | 25,690,000 | 25,643,886 | ||||||||
|
| |||||||||
76,036,590 | ||||||||||
|
| |||||||||
Russia-2.62% | ||||||||||
Russian Foreign Bond – Eurobond | ||||||||||
5.63%, 04/04/2042(a) | 19,600,000 | 24,750,488 | ||||||||
5.88%, 09/16/2043(a) | 18,600,000 | 24,295,134 | ||||||||
5.25%, 06/23/2047(a) | 20,000,000 | 24,650,000 | ||||||||
|
| |||||||||
73,695,622 | ||||||||||
|
| |||||||||
Saudi Arabia-2.66% | ||||||||||
Saudi Government International Bond | ||||||||||
4.50%, 10/26/2046(a) | 22,093,000 | 24,716,102 | ||||||||
4.63%, 10/04/2047(a) | 21,892,000 | 25,008,654 | ||||||||
5.00%, 04/17/2049(a) | 20,580,000 | 24,895,832 | ||||||||
|
| |||||||||
74,620,588 | ||||||||||
|
| |||||||||
South Africa-2.76% | ||||||||||
Republic of South Africa Government International Bond | ||||||||||
6.25%, 03/08/2041 | 24,130,000 | 25,411,062 | ||||||||
5.38%, 07/24/2044 | 27,451,000 | 26,162,450 | ||||||||
6.30%, 06/22/2048 | 25,309,000 | 25,972,096 | ||||||||
|
| |||||||||
77,545,608 | ||||||||||
|
| |||||||||
Sri Lanka-3.05% | ||||||||||
Sri Lanka Government International Bond |
| |||||||||
6.85%, 03/14/2024(a)(b) | 40,180,000 | 28,296,765 | ||||||||
6.35%, 06/28/2024(a)(b) | 40,244,000 | 28,339,423 | ||||||||
6.83%, 07/18/2026(a) | 43,518,000 | 29,017,367 | ||||||||
|
| |||||||||
85,653,555 | ||||||||||
|
| |||||||||
Turkey-2.51% | ||||||||||
Turkey Government International Bond | ||||||||||
8.00%, 02/14/2034 | 21,866,000 | 23,920,704 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
Turkey-(continued) | ||||||||||
6.88%, 03/17/2036 | $ | 23,645,000 | $ | 23,229,085 | ||||||
7.25%, 03/05/2038 | 22,846,000 | 23,260,723 | ||||||||
|
| |||||||||
70,410,512 | ||||||||||
|
| |||||||||
Ukraine-2.56% | ||||||||||
Ukraine Government International Bond | ||||||||||
7.75%, 09/01/2027(a) | 22,415,000 | 24,097,470 | ||||||||
9.75%, 11/01/2028(a) | 20,692,000 | 23,999,451 | ||||||||
7.30%, 03/15/2033(a) | 23,810,000 | 23,899,287 | ||||||||
|
| |||||||||
71,996,208 | ||||||||||
|
| |||||||||
United Arab Emirates-2.65% | ||||||||||
Abu Dhabi Government International Bond, 4.13%, 10/11/2047(a) | 21,709,000 | 25,014,955 | ||||||||
Emirate of Dubai Government International Bond | ||||||||||
5.25%, 01/30/2043(a) | 22,301,000 | 24,725,163 | ||||||||
3.90%, 09/09/2050(a) | 26,710,000 | 24,725,634 | ||||||||
|
| |||||||||
74,465,752 | ||||||||||
|
| |||||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 2,768,815,251 | ||||||||
|
| |||||||||
Shares | ||||||||||
Money Market Funds-0.17% |
| |||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 4,634,958 | 4,634,958 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,773,450,209 | ||||||||
|
|
Shares | Value | |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-1.84% |
| |||||||||
Invesco Private Government Fund, 0.01%(c)(d)(e) | 19,422,749 | $ | 19,422,749 | |||||||
Invesco Private Prime Fund, | 32,287,032 | 32,299,947 | ||||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 51,722,696 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-100.54% |
| 2,825,172,905 | ||||||||
OTHER ASSETS LESS LIABILITIES-(0.54)% |
| (15,116,682 | ) | |||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 2,810,056,223 | ||||||||
|
|
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $1,986,198,464, which represented 70.68% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at April 30, 2021. |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 660,305 | $ | 185,948,217 | $ | (181,973,564 | ) | $ | - | $ | - | $ | 4,634,958 | $ | 1,552 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 67,822,744 | (48,399,995 | ) | - | - | 19,422,749 | 646 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 101,969,686 | (69,669,740 | ) | 1 | - | 32,299,947 | 7,245 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 660,305 | $ | 355,740,647 | $ | (300,043,299 | ) | $ | 1 | $ | - | $ | 56,357,654 | $ | 9,443 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2021
(Unaudited)
(d) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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 Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition | ||||||
Country Breakdown (% of the Fund’s Net Assets) | ||||||
as of April 30, 2021 | ||||||
Sri Lanka | 3.05 | |||||
El Salvador | 2.85 | |||||
Angola | 2.76 | |||||
South Africa | 2.76 | |||||
Oman | 2.75 | |||||
Costa Rica | 2.74 | |||||
Dominican Republic | 2.71 | |||||
Romania | 2.71 | |||||
Brazil | 2.70 | |||||
Chile | 2.70 | |||||
Philippines | 2.69 | |||||
Indonesia | 2.68 | |||||
Mexico | 2.67 | |||||
China | 2.66 | |||||
Saudi Arabia | 2.66 | |||||
Nigeria | 2.65 | |||||
United Arab Emirates | 2.65 | |||||
Kazakhstan | 2.65 | |||||
Egypt | 2.64 | |||||
Panama | 2.64 | |||||
Peru | 2.64 | |||||
Qatar | 2.64 | |||||
Paraguay | 2.64 | |||||
Colombia | 2.63 | |||||
Guatemala | 2.63 | |||||
Kenya | 2.63 | |||||
Russia | 2.62 | |||||
Hungary | 2.59 | |||||
Mongolia | 2.59 | |||||
Morocco | 2.59 | |||||
Pakistan | 2.58 | |||||
Jordan | 2.58 | |||||
Bahrain | 2.58 | |||||
Belarus | 2.58 | |||||
Ukraine | 2.56 | |||||
Turkey | 2.51 | |||||
Poland | 1.31 | |||||
Kuwait | 1.31 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.47 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)
April 30, 2021
(Unaudited)
Schedule of Investments
Principal Amount | Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-94.97% |
| |||||||||
Argentina-1.63% | ||||||||||
Arcor SAIC, 6.00%, 07/06/2023(a) | $ | 350,000 | $ | 339,689 | ||||||
Cia General de Combustibles S.A., 9.50%, 11/07/2021(a) | 525,000 | 492,187 | ||||||||
Genneia S.A., 8.75%, 01/20/2022(a) | 650,000 | 581,886 | ||||||||
IRSA Propiedades Comerciales S.A., 8.75%, 03/23/2023(a) | 320,000 | 284,600 | ||||||||
Pampa Energia S.A., | 475,000 | 445,474 | ||||||||
Provincia de Cordoba, 3.00%, | 661,221 | 458,425 | ||||||||
Tecpetrol S.A., 4.88%, 12/12/2022(a) | 553,000 | 543,884 | ||||||||
Telecom Argentina S.A., 6.50%, 06/15/2021(a) | 676,000 | 676,007 | ||||||||
|
| |||||||||
3,822,152 | ||||||||||
|
| |||||||||
Australia-0.36% | ||||||||||
FMG Resources August 2006 Pty. Ltd., 5.13%, 03/15/2023(a) | 200,000 | 212,126 | ||||||||
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022(a) | 600,000 | 565,262 | ||||||||
Virgin Australia Holdings Pty. Ltd., 7.88%, 10/15/2021(a) | 700,000 | 65,188 | ||||||||
|
| |||||||||
842,576 | ||||||||||
|
| |||||||||
Azerbaijan-0.09% | ||||||||||
State Oil Co. of the Azerbaijan Republic (The), 4.75%, 03/13/2023(a) | 200,000 | 212,244 | ||||||||
|
| |||||||||
Bahrain-0.45% | ||||||||||
Bahrain Government International Bond, 6.13%, 07/05/2022(a) | 500,000 | 526,200 | ||||||||
Bahraini Government International Bond, 6.13%, 08/01/2023(a) | 500,000 | 540,775 | ||||||||
|
| |||||||||
1,066,975 | ||||||||||
|
| |||||||||
Belarus-0.20% | ||||||||||
Republic of Belarus International Bond, 6.88%, 02/28/2023(a) | 450,000 | 460,397 | ||||||||
|
| |||||||||
Belgium-0.09% | ||||||||||
Barry Callebaut Services N.V., 5.50%, 06/15/2023(a) | 200,000 | 218,441 | ||||||||
|
| |||||||||
Bolivia-0.48% | ||||||||||
Bolivian Government International Bond 4.88%, 10/29/2022(a) | 700,000 | 710,517 | ||||||||
5.95%, 08/22/2023(a) | 400,000 | 419,662 | ||||||||
|
| |||||||||
1,130,179 | ||||||||||
|
| |||||||||
Brazil-5.35% | ||||||||||
Banco Bradesco S.A., 2.85%, | 700,000 | 716,145 | ||||||||
Banco BTG Pactual S.A., 5.50%, 01/31/2023(a) | 500,000 | 529,375 | ||||||||
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a) | 700,000 | 726,194 | ||||||||
Banco Safra S.A., 4.13%, | 600,000 | 623,613 | ||||||||
Banco Votorantim S.A., 4.00%, 09/24/2022(a) | 500,000 | 516,650 |
Principal Amount | Value | |||||||||
Brazil-(continued) | ||||||||||
Braskem Finance Ltd. | ||||||||||
5.38%, 05/02/2022(a) | $ | 430,000 | $ | 448,011 | ||||||
6.45%, 02/03/2024 | 500,000 | 558,428 | ||||||||
Brazilian Government International Bond, 2.63%, 01/05/2023 | 500,000 | 517,945 | ||||||||
Caixa Economica Federal, 3.50%, 11/07/2022(a) | 750,000 | 774,896 | ||||||||
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a) | 750,000 | 766,912 | ||||||||
Cielo USA, Inc., 3.75%, 11/16/2022(a) | 112,000 | 114,843 | ||||||||
CSN Resources S.A., 7.63%, 02/13/2023(a) | 600,000 | 623,250 | ||||||||
Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a) | 700,000 | 695,100 | ||||||||
Embraer Overseas Ltd., 5.70%, 09/16/2023(a) | 400,000 | 425,040 | ||||||||
Embraer S.A., 5.15%, 06/15/2022 | 400,000 | 413,774 | ||||||||
Gerdau Trade, Inc., 4.75%, | 500,000 | 534,648 | ||||||||
Itau Unibanco Holding S.A. | 700,000 | 720,475 | ||||||||
5.65%, 03/19/2022(a) | 600,000 | 621,630 | ||||||||
5.50%, 08/06/2022(a) | 700,000 | 732,760 | ||||||||
2.90%, 01/24/2023(a) | 200,000 | 204,452 | ||||||||
5.13%, 05/13/2023(a) | 200,000 | 212,352 | ||||||||
Light Servicos de Eletricidade S.A./Light | ||||||||||
Energia S.A., 7.25%, 05/03/2023(a) | 130,000 | 134,844 | ||||||||
Natura Cosmeticos S.A., 5.38%, 02/01/2023(a) | 600,000 | 616,350 | ||||||||
Petrobras Global Finance B.V., 4.38%, 05/20/2023(c) | 300,000 | 318,633 | ||||||||
|
| |||||||||
12,546,320 | ||||||||||
|
| |||||||||
Canada-3.23% | ||||||||||
Athabasca Oil Corp., | 700,000 | 571,375 | ||||||||
Bombardier, Inc. | ||||||||||
8.75%, 12/01/2021(a) | 698,000 | 725,337 | ||||||||
5.75%, 03/15/2022(a) | 615,000 | 637,909 | ||||||||
6.00%, 10/15/2022(a) | 662,000 | 662,993 | ||||||||
6.13%, 01/15/2023(a) | 550,000 | 577,242 | ||||||||
Cenovus Energy, Inc., 3.80%, 09/15/2023 | 600,000 | 632,238 | ||||||||
Cooke Omega Investments, Inc./Alpha | ||||||||||
VesselCo. Holdings, Inc., 8.50%, 12/15/2022(a) | 500,000 | 513,125 | ||||||||
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a) | 725,000 | 667,681 | ||||||||
Norbord, Inc., 6.25%, 04/15/2023(a) | 100,000 | 108,750 | ||||||||
NOVA Chemicals Corp., 5.25%, 08/01/2023(a) | 335,000 | 339,188 | ||||||||
Precision Drilling Corp., 7.75%, 12/15/2023 | 440,000 | 443,575 | ||||||||
Quebecor Media, Inc., 5.75%, 01/15/2023 | 500,000 | 535,625 | ||||||||
TransAlta Corp., 4.50%, 11/15/2022(c) | 600,000 | 625,299 | ||||||||
Videotron Ltd., 5.00%, 07/15/2022 | 513,000 | 535,764 | ||||||||
|
| |||||||||
7,576,101 | ||||||||||
|
| |||||||||
China-7.94% | ||||||||||
CFLD Cayman Investment Ltd., 9.00%, 07/31/2021(a) | 700,000 | 245,000 | ||||||||
China Grand Automotive Services Ltd., 8.63%, 04/08/2022(a) | 450,000 | 426,375 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
China-(continued) | ||||||||||
China South City Holdings Ltd. | $ | 600,000 | $ | 584,250 | ||||||
11.50%, 02/12/2022(a) | 700,000 | 678,241 | ||||||||
10.88%, 06/26/2022(a) | 700,000 | 657,124 | ||||||||
7.25%, 11/20/2022(a) | 400,000 | 345,500 | ||||||||
Chongqing Hechuan City Construction | ||||||||||
Investment Group Co. Ltd., 6.30%, 07/18/2022(a) | 200,000 | 199,013 | ||||||||
Easy Tactic Ltd. | ||||||||||
5.75%, 01/13/2022(a) | 700,000 | 691,250 | ||||||||
9.13%, 07/28/2022(a) | 600,000 | 607,500 | ||||||||
8.13%, 02/27/2023(a) | 900,000 | 877,500 | ||||||||
Fortune Star (BVI) Ltd. | 400,000 | 411,500 | ||||||||
6.75%, 07/02/2023(a) | 500,000 | 524,370 | ||||||||
Fujian Zhanglong Group Co. Ltd., 5.88%, 08/26/2022(a) | 450,000 | 466,031 | ||||||||
Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a) | 600,000 | 609,750 | ||||||||
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022(a) | 600,000 | 570,000 | ||||||||
Hejun Shunze Investment Co. Ltd. | 500,000 | 335,000 | ||||||||
10.40%, 03/09/2023(a) | 500,000 | 312,507 | ||||||||
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., | 600,000 | 524,250 | ||||||||
Huai An Traffic Holding Co. Ltd., 6.00%, 09/19/2022(a) | 240,000 | 240,220 | ||||||||
Huayuan Property Co. Ltd., 8.50%, 09/27/2021(a) | 500,000 | 485,000 | ||||||||
New Metro Global Ltd. | 500,000 | 500,917 | ||||||||
7.50%, 12/16/2021(a) | 500,000 | 510,598 | ||||||||
6.50%, 05/20/2022(a) | 350,000 | 357,875 | ||||||||
RongXingDa Development BVI Ltd., | 615,000 | 562,866 | ||||||||
Scenery Journey Ltd. | 700,000 | 666,750 | ||||||||
13.00%, 11/06/2022(a) | 500,000 | 486,250 | ||||||||
12.00%, 10/24/2023(a) | 400,000 | 372,000 | ||||||||
Wanda Properties International Co. Ltd., 7.25%, 01/29/2024(a) | 500,000 | 496,437 | ||||||||
Wanda Properties Overseas Ltd. | ||||||||||
6.95%, 12/05/2022(a) | 500,000 | 498,125 | ||||||||
6.88%, 07/23/2023(a) | 500,000 | 492,494 | ||||||||
Yancoal International Resources Development Co. Ltd., | 600,000 | 614,250 | ||||||||
Yango Justice International Ltd., | 500,000 | 517,500 | ||||||||
Yanlord Land (HK) Co. Ltd., | 700,000 | 710,500 | ||||||||
Yanlord Land HK Co. Ltd., | 500,000 | 519,067 | ||||||||
Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022(a) | 400,000 | 413,316 |
Principal Amount | Value | |||||||||
China-(continued) | ||||||||||
Zijin International Capital Co. Ltd., | $ | 250,000 | $ | 252,806 | ||||||
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a) | 817,000 | 859,700 | ||||||||
|
| |||||||||
18,621,832 | ||||||||||
|
| |||||||||
Colombia-1.72% | ||||||||||
Banco Davivienda S.A., 5.88%, 07/09/2022(a) | 500,000 | 524,620 | ||||||||
Banco de Bogota S.A., 5.38%, 02/19/2023(a) | 477,000 | 506,650 | ||||||||
Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a) | 575,000 | 605,745 | ||||||||
Bancolombia S.A., 5.13%, 09/11/2022 | 550,000 | 576,395 | ||||||||
Frontera Energy Corp., 9.70%, 06/25/2023(a) | 600,000 | 595,764 | ||||||||
Gilex Holding S.a.r.l., 8.50%, 05/02/2023(a) | 640,000 | 663,552 | ||||||||
Grupo Aval Ltd., 4.75%, 09/26/2022(a) | 545,000 | 567,481 | ||||||||
|
| |||||||||
4,040,207 | ||||||||||
|
| |||||||||
Costa Rica-0.58% | ||||||||||
Banco Nacional de Costa Rica, 6.25%, 11/01/2023(a) | 150,000 | 159,366 | ||||||||
Costa Rica Government International Bond, 4.25%, 01/26/2023(a)(c) | 700,000 | 711,200 | ||||||||
Instituto Costarricense de Electricidad, 6.95%, 11/10/2021(a) | 490,000 | 499,371 | ||||||||
|
| |||||||||
1,369,937 | ||||||||||
|
| |||||||||
Croatia-0.28% | ||||||||||
Hrvatska Elektroprivreda, 5.88%, 10/23/2022(a) | 600,000 | 647,370 | ||||||||
|
| |||||||||
Cyprus-0.23% | ||||||||||
4finance S.A., 10.75%, 05/01/2022(a) | 600,000 | 533,274 | ||||||||
|
| |||||||||
Denmark-0.21% | ||||||||||
Welltec A/S, 9.50%, 12/01/2022(a) | 500,000 | 497,500 | ||||||||
|
| |||||||||
Dominican Republic-0.30% | ||||||||||
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a) | 150,000 | 156,319 | ||||||||
Dominican Republic International Bond, 6.60%, 01/28/2024(a) | 480,000 | 539,328 | ||||||||
|
| |||||||||
695,647 | ||||||||||
|
| |||||||||
Egypt-0.74% | ||||||||||
Egypt Government International Bond 6.13%, 01/31/2022(a)(c) | 600,000 | 616,260 | ||||||||
5.58%, 02/21/2023(a) | 600,000 | 628,908 | ||||||||
4.55%, 11/20/2023(a) | 484,000 | 497,963 | ||||||||
|
| |||||||||
1,743,131 | ||||||||||
|
| |||||||||
El Salvador-0.09% | ||||||||||
AES El Salvador Trust II, 6.75%, 03/28/2023(a) | 200,000 | 200,441 | ||||||||
|
| |||||||||
Finland-0.21% | ||||||||||
Nokia OYJ, 3.38%, 06/12/2022 | 485,000 | 498,798 | ||||||||
|
| |||||||||
Georgia-0.29% | ||||||||||
Georgian Railway JSC, 7.75%, 07/11/2022(a) | 650,000 | 689,000 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
Germany-0.49% | ||||||||||
Commerzbank AG, | $ | 509,000 | $ | 583,684 | ||||||
ZF North America Capital, Inc., 4.50%, 04/29/2022(a) | 550,000 | 566,426 | ||||||||
|
| |||||||||
1,150,110 | ||||||||||
|
| |||||||||
Ghana-0.19% | ||||||||||
Ghana Government International Bond, 7.88%, 08/07/2023(a) | 230,000 | 247,940 | ||||||||
Tullow Oil PLC, 6.25%, 04/15/2022(a) | 200,000 | 197,500 | ||||||||
|
| |||||||||
445,440 | ||||||||||
|
| |||||||||
Greece-0.36% | ||||||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., | 1,000,000 | 839,375 | ||||||||
|
| |||||||||
Guatemala-0.53% | ||||||||||
Guatemala Government Bond, 5.75%, 06/06/2022(a) | 560,000 | 589,400 | ||||||||
Industrial Senior Trust, 5.50%, 11/01/2022(a) | 625,000 | 651,475 | ||||||||
|
| |||||||||
1,240,875 | ||||||||||
|
| |||||||||
India-2.75% | ||||||||||
ABJA Investment Co. Pte. Ltd., 4.45%, 07/24/2023(a) | 250,000 | 257,812 | ||||||||
Axis Bank Ltd., 3.00%, 08/08/2022(a) | 200,000 | 203,946 | ||||||||
Azure Power Energy Ltd., 5.50%, 11/03/2022(a) | 600,000 | 612,018 | ||||||||
Delhi International Airport Ltd., 6.13%, 02/03/2022(a) | 700,000 | 712,247 | ||||||||
Greenko Investment Co., 4.88%, 08/16/2023(a) | 200,000 | 205,890 | ||||||||
IIFL Finance Ltd., 5.88%, 04/20/2023(a) | 200,000 | 193,250 | ||||||||
JSW Steel Ltd., 5.25%, 04/13/2022(a)(c) | 600,000 | 615,750 | ||||||||
Manappuram Finance Ltd., 5.90%, 01/13/2023(a) | 500,000 | 514,338 | ||||||||
Muthoot Finance Ltd. | ||||||||||
6.13%, 10/31/2022(a) | 700,000 | 725,445 | ||||||||
4.40%, 09/02/2023(a) | 200,000 | 202,470 | ||||||||
ReNew Power Pvt Ltd., 6.45%, 09/27/2022(a) | 600,000 | 622,500 | ||||||||
Shriram Transport Finance Co. Ltd. 5.70%, 02/27/2022(a) | 600,000 | 606,375 | ||||||||
5.95%, 10/24/2022(a) | 565,000 | 577,156 | ||||||||
5.10%, 07/16/2023(a)(c) | 400,000 | 404,100 | ||||||||
|
| |||||||||
6,453,297 | ||||||||||
|
| |||||||||
Indonesia-1.72% | ||||||||||
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a) | 400,000 | 357,200 | ||||||||
Global Prime Capital Pte. Ltd., 5.50%, 10/18/2023(a) | 200,000 | 204,750 | ||||||||
Jababeka International B.V., 6.50%, 10/05/2023(a) | 500,000 | 481,351 | ||||||||
PT ABM Investama Tbk, 7.13%, 08/01/2022(a) | 400,000 | 372,200 | ||||||||
PT Bayan Resources Tbk, 6.13%, 01/24/2023(a)(c) | 600,000 | 629,331 | ||||||||
PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a)(c) | 500,000 | 477,000 |
Principal Amount | Value | |||||||||
Indonesia-(continued) | ||||||||||
PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a) | $ | 400,000 | $ | 406,003 | ||||||
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023(a) | 800,000 | 592,281 | ||||||||
TBLA International Pte. Ltd., 7.00%, 01/24/2023(a) | 600,000 | 505,500 | ||||||||
|
| |||||||||
4,025,616 | ||||||||||
|
| |||||||||
Israel-1.30% | ||||||||||
Leviathan Bond Ltd., 5.75%, | 250,000 | 263,319 | ||||||||
Teva Pharmaceutical Finance Co. B.V. 2.95%, 12/18/2022(c) | 550,000 | 555,156 | ||||||||
Series 2, 3.65%, 11/10/2021 | 560,000 | 565,076 | ||||||||
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021(c) | 610,000 | 614,838 | ||||||||
Teva Pharmaceutical Finance Netherlands III B.V. 2.20%, 07/21/2021 | 750,000 | 751,406 | ||||||||
2.80%, 07/21/2023 | 300,000 | 297,414 | ||||||||
|
| |||||||||
3,047,209 | ||||||||||
|
| |||||||||
Japan-0.42% | ||||||||||
SoftBank Group Corp. | 635,000 | 660,791 | ||||||||
5.50%, 04/20/2023(a) | 300,000 | 321,750 | ||||||||
|
| |||||||||
982,541 | ||||||||||
|
| |||||||||
Kuwait-0.09% | ||||||||||
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023(a) | 200,000 | 206,720 | ||||||||
|
| |||||||||
Malaysia-0.09% | ||||||||||
SD International Sukuk Ltd., 6.30%, 05/09/2022(a) | 200,000 | 201,508 | ||||||||
|
| |||||||||
Mexico-1.66% | ||||||||||
Alpha Holding S.A. de C.V., 10.00%, 12/19/2022(a) | 650,000 | 152,757 | ||||||||
BBVA Bancomer S.A., | 606,000 | 647,832 | ||||||||
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023(a)(c) | 300,000 | 300,937 | ||||||||
Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022(a) | 250,000 | 225,848 | ||||||||
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a)(d) | 400,000 | 219,600 | ||||||||
Metalsa S.A. de C.V., | 505,000 | 533,984 | ||||||||
Petroleos Mexicanos | 200,000 | 204,492 | ||||||||
5.38%, 03/13/2022 | 420,000 | 433,278 | ||||||||
3.50%, 01/30/2023(c) | 150,000 | 153,150 | ||||||||
4.63%, 09/21/2023 | 510,000 | 529,740 | ||||||||
4.88%, 01/18/2024(c) | 200,000 | 208,270 | ||||||||
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a)(c) | 300,000 | 294,585 | ||||||||
|
| |||||||||
3,904,473 | ||||||||||
|
| |||||||||
Mongolia-0.42% | ||||||||||
Development Bank of Mongolia LLC, 7.25%, 10/23/2023(a) | 200,000 | 215,696 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
Mongolia-(continued) | ||||||||||
Mongolia Government International Bond 5.13%, 12/05/2022(a) | $ | 526,000 | $ | 546,514 | ||||||
5.63%, 05/01/2023(a) | 200,000 | 210,999 | ||||||||
|
| |||||||||
973,209 | ||||||||||
|
| |||||||||
Morocco-0.18% | ||||||||||
Morocco Government International Bond, 4.25%, 12/11/2022(a) | 400,000 | 419,938 | ||||||||
|
| |||||||||
Namibia-0.26% | ||||||||||
Namibia International Bonds, 5.50%, 11/03/2021(a) | 600,000 | 609,810 | ||||||||
|
| |||||||||
New Zealand-0.06% | ||||||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc., | 150,000 | 147,977 | ||||||||
|
| |||||||||
Nigeria-1.05% | ||||||||||
Access Bank PLC, 10.50%, 10/19/2021(a) | 550,000 | 566,101 | ||||||||
Fidelity Bank PLC, 10.50%, 10/16/2022(a) | 300,000 | 320,070 | ||||||||
Nigeria Government International Bond 5.63%, 06/27/2022 | 500,000 | 517,473 | ||||||||
6.38%, 07/12/2023(a) | 400,000 | 430,322 | ||||||||
United Bank for Africa PLC, 7.75%, 06/08/2022(a) | 600,000 | 621,222 | ||||||||
|
| |||||||||
2,455,188 | ||||||||||
|
| |||||||||
Oman-1.29% | ||||||||||
Bank Muscat SAOG 3.75%, 05/03/2021(a) | 650,000 | 650,000 | ||||||||
4.88%, 03/14/2023(a) | 200,000 | 208,993 | ||||||||
Oman Government International Bond 3.63%, 06/15/2021(a) | 499,000 | 500,261 | ||||||||
3.88%, 03/08/2022(a) | 500,000 | 509,500 | ||||||||
4.13%, 01/17/2023(a) | 700,000 | 722,162 | ||||||||
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023(a) | 408,000 | 436,780 | ||||||||
|
| |||||||||
3,027,696 | ||||||||||
|
| |||||||||
Pakistan-0.57% | ||||||||||
Third Pakistan International Sukuk Co. Ltd. (The) | 617,000 | 623,941 | ||||||||
5.63%, 12/05/2022(a) | 700,000 | 722,593 | ||||||||
|
| |||||||||
1,346,534 | ||||||||||
|
| |||||||||
Panama-0.40% | ||||||||||
Banistmo S.A., 3.65%, 09/19/2022(a) | 550,000 | 562,221 | ||||||||
Multibank, Inc., 4.38%, 11/09/2022(a) | 375,000 | 384,812 | ||||||||
|
| |||||||||
947,033 | ||||||||||
|
| |||||||||
Paraguay-0.27% | ||||||||||
Paraguay Government International Bond, 4.63%, 01/25/2023(a) | 590,000 | 623,931 | ||||||||
|
| |||||||||
Peru-0.75% | ||||||||||
Minsur S.A., 6.25%, 02/07/2024(a) | 500,000 | 531,878 | ||||||||
San Miguel Industrias Pet S.A., 4.50%, 09/18/2022(a) | 510,000 | 515,791 | ||||||||
Volcan Cia Minera SAA, Class B, 5.38%, 02/02/2022(a) | 700,000 | 707,521 | ||||||||
|
| |||||||||
1,755,190 | ||||||||||
|
|
Principal Amount | Value | |||||||||
Russia-2.79% | ||||||||||
Borets Finance DAC, | $ | 200,000 | $ | 204,760 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC | 900,000 | 917,996 | ||||||||
5.55%, 02/14/2023(a) | 500,000 | 523,599 | ||||||||
Evraz PLC, 6.75%, 01/31/2022(a) | 400,000 | 418,784 | ||||||||
Global Ports Finance PLC, 6.50%, 09/22/2023(a) | 400,000 | 442,000 | ||||||||
GTLK Europe DAC, | 530,000 | 536,569 | ||||||||
Mobile Telesystems OJSC Via MTS | ||||||||||
International Funding DAC, 5.00%, 05/30/2023(a) | 450,000 | 480,245 | ||||||||
O1 Properties Finance PLC, 0.50%, 09/27/2021(a) | 500,000 | 62,600 | ||||||||
Petropavlovsk 2016 Ltd., | 300,000 | 308,754 | ||||||||
Polyus Finance PLC | 200,000 | 206,038 | ||||||||
5.25%, 02/07/2023(a) | 200,000 | 211,024 | ||||||||
4.70%, 01/29/2024(a) | 500,000 | 532,626 | ||||||||
Rusal Capital DAC, | 400,000 | 405,157 | ||||||||
Sberbank of Russia Via SB Capital S.A., | 735,000 | 769,975 | ||||||||
VTB Bank OJSC Via VTB Capital S.A., | 500,000 | 529,652 | ||||||||
|
| |||||||||
6,549,779 | ||||||||||
|
| |||||||||
Saudi Arabia-0.18% | ||||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a) | 400,000 | 415,932 | ||||||||
|
| |||||||||
Senegal-0.26% | ||||||||||
Senegal Government International Bond, | 600,000 | 600,348 | ||||||||
|
| |||||||||
Serbia-0.26% | ||||||||||
Serbia International Bond, 7.25%, 09/28/2021(a) | 600,000 | 615,551 | ||||||||
|
| |||||||||
Singapore-0.51% | ||||||||||
Avation Capital S.A., | 700,000 | 569,537 | ||||||||
Marble II Pte. Ltd., | 617,000 | 619,314 | ||||||||
|
| |||||||||
1,188,851 | ||||||||||
|
| |||||||||
South Africa-1.84% | ||||||||||
Eskom Holdings SOC Ltd., 6.75%, 08/06/2023(a) | 450,000 | 470,588 | ||||||||
Liquid Telecommunications Financing PLC, 8.50%, 07/13/2022(a) | 600,000 | 611,094 | ||||||||
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a) | 600,000 | 616,842 | ||||||||
Republic of South Africa Government International Bond | 500,000 | 527,307 | ||||||||
4.67%, 01/17/2024 | 400,000 | 428,117 | ||||||||
Sasol Financing International Ltd., 4.50%, 11/14/2022 | 437,000 | 447,925 | ||||||||
Stillwater Mining Co., | 600,000 | 604,155 | ||||||||
Transnet SOC Ltd., | 600,000 | 613,556 | ||||||||
|
| |||||||||
4,319,584 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||
Spain-0.21% | ||||||||
Codere Finance 2 (Luxembourg) S.A., 7.13% PIK Rate, 4.50% Cash Rate, | $ | 700,000 | $ | 490,000 | ||||
|
| |||||||
Sri Lanka-0.88% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.25%, 07/27/2021(a) | 900,000 | 878,346 | ||||||
5.75%, 01/18/2022(a) | 520,000 | 471,292 | ||||||
5.88%, 07/25/2022(a) | 500,000 | 411,250 | ||||||
5.75%, 04/18/2023(a) | 400,000 | 292,416 | ||||||
|
| |||||||
2,053,304 | ||||||||
|
| |||||||
Supranational-0.22% | ||||||||
Eastern & Southern African Trade & Development Bank, 5.38%, 03/14/2022(a) | 515,000 | 527,043 | ||||||
|
| |||||||
Sweden-0.50% | ||||||||
Stena AB, 7.00%, 02/01/2024(a) | 400,000 | 406,458 | ||||||
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022 | 750,000 | 776,861 | ||||||
|
| |||||||
1,183,319 | ||||||||
|
| |||||||
Tanzania-0.27% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022(c) | 600,000 | 628,805 | ||||||
|
| |||||||
Trinidad-0.18% | ||||||||
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024(a) | 400,000 | 425,458 | ||||||
|
| |||||||
Turkey-8.65% | ||||||||
Akbank T.A.S., 5.00%, 10/24/2022(a) | 670,000 | 682,621 | ||||||
Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a) | 700,000 | 626,360 | ||||||
Hazine Mustesarligi Varlik Kiralama A.S. | 900,000 | 903,542 | ||||||
5.80%, 02/21/2022(a) | 700,000 | 712,564 | ||||||
KOC Holding A.S., 5.25%, 03/15/2023(a) | 500,000 | 515,715 | ||||||
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a) | 700,000 | 704,275 | ||||||
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a) | 700,000 | 717,760 | ||||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) | 600,000 | 610,795 | ||||||
T.C. Ziraat Bankasi A.S., | 600,000 | 607,969 | ||||||
TC Ziraat Bankasi AS, 5.13%, 09/29/2023(a) | 500,000 | 507,695 | ||||||
Turkey Government International Bond | 600,000 | 610,863 | ||||||
6.25%, 09/26/2022 | 650,000 | 671,276 | ||||||
3.25%, 03/23/2023 | 600,000 | 590,277 | ||||||
7.25%, 12/23/2023 | 500,000 | 531,092 | ||||||
Turkiye Garanti Bankasi A.S. | ||||||||
5.25%, 09/13/2022(a) | 550,000 | 565,378 | ||||||
5.88%, 03/16/2023(a) | 500,000 | 519,495 | ||||||
Turkiye Halk Bankasi A.S., 5.00%, 07/13/2021(a) | 700,000 | 700,322 | ||||||
Turkiye Ihracat Kredi Bankasi A.S. 5.00%, 09/23/2021(a) | 700,000 | 705,670 | ||||||
4.25%, 09/18/2022(a) | 650,000 | 652,044 |
Principal Amount | Value | |||||||
Turkey-(continued) | ||||||||
5.38%, 10/24/2023(a) | $ | 300,000 | $ | 302,319 | ||||
8.25%, 01/24/2024(a) | 200,000 | 213,277 | ||||||
Turkiye Is Bankasi A.S. | ||||||||
5.00%, 06/25/2021(a) | 700,000 | 703,478 | ||||||
5.38%, 10/06/2021(a) | 600,000 | 605,802 | ||||||
5.50%, 04/21/2022(a) | 600,000 | 613,674 | ||||||
6.00%, 10/24/2022(a) | 700,000 | 708,800 | ||||||
Turkiye Sinai Kalkinma Bankasi A.S. 4.88%, 05/18/2021(a) | 700,000 | 702,758 | ||||||
5.50%, 01/16/2023(a) | 500,000 | 505,625 | ||||||
Turkiye Vakiflar Bankasi T.A.O. | ||||||||
5.50%, 10/27/2021(a) | 600,000 | 606,647 | ||||||
5.63%, 05/30/2022(a) | 400,000 | 407,672 | ||||||
6.00%, 11/01/2022(a) | 400,000 | 405,296 | ||||||
5.75%, 01/30/2023(a) | 750,000 | 761,250 | ||||||
Yapi ve Kredi Bankasi A.S. | 700,000 | 713,970 | ||||||
5.50%, 12/06/2022(a) | 500,000 | 503,420 | ||||||
6.10%, 03/16/2023(a) | 400,000 | 410,176 | ||||||
|
| |||||||
20,299,877 | ||||||||
|
| |||||||
Ukraine-1.55% | ||||||||
Kernel Holding S.A., 8.75%, 01/31/2022(a) | 700,000 | 727,104 | ||||||
Metinvest B.V., 7.75%, 04/23/2023(a) | 540,000 | 569,700 | ||||||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022(a) | 200,000 | 203,250 | ||||||
Ukraine Government International Bond | 750,000 | 758,985 | ||||||
7.75%, 09/01/2022(a) | 500,000 | 523,730 | ||||||
7.75%, 09/01/2023(a) | 500,000 | 533,047 | ||||||
8.99%, 02/01/2024(a) | 300,000 | 330,527 | ||||||
|
| |||||||
3,646,343 | ||||||||
|
| |||||||
United Arab Emirates-0.88% | ||||||||
Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a) | 600,000 | 601,377 | ||||||
Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a) | 254,000 | 254,832 | ||||||
DAE Funding LLC | 600,000 | 609,672 | ||||||
4.50%, 08/01/2022(a) | 600,000 | 602,913 | ||||||
|
| |||||||
2,068,794 | ||||||||
|
| |||||||
United Kingdom-0.71% | ||||||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a) | 550,000 | 554,812 | ||||||
Mclaren Finance PLC, 5.75%, 08/01/2022(a) | 600,000 | 594,000 | ||||||
Modulaire Global Finance PLC, 8.00%, 02/15/2023(a) | 500,000 | 511,558 | ||||||
|
| |||||||
1,660,370 | ||||||||
|
| |||||||
United States-35.41% | ||||||||
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a)(d)(f)(g) | 150,000 | 1,305 | ||||||
ADT Security Corp. (The) 3.50%, 07/15/2022 | 578,000 | 590,644 | ||||||
4.13%, 06/15/2023 | 550,000 | 576,757 | ||||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022(c) | 510,000 | 551,756 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, | $ | 500,000 | $ | 514,705 | ||||||
American Airlines Group, Inc., 5.00%, 06/01/2022(a) | 515,000 | 511,781 | ||||||||
Antero Resources Corp., 5.63%, 06/01/2023 | 500,000 | 502,500 | ||||||||
Apex Tool Group LLC/BC Mountain Finance, Inc., 9.00%, 02/15/2023(a) | 600,000 | 598,755 | ||||||||
APX Group, Inc. | 643,000 | 648,629 | ||||||||
7.63%, 09/01/2023(c) | 190,000 | 195,344 | ||||||||
Ashland LLC, 4.75%, 08/15/2022(c) | 899,000 | 936,646 | ||||||||
Avient Corp., 5.25%, 03/15/2023 | 500,000 | 539,057 | ||||||||
Ball Corp. | 624,000 | 646,461 | ||||||||
4.00%, 11/15/2023(c) | 500,000 | 533,750 | ||||||||
Bonanza Creek Energy, Inc., 7.50%, 04/30/2026 | 64,201 | 64,522 | ||||||||
Brinker International, Inc., 3.88%, 05/15/2023 | 500,000 | 512,188 | ||||||||
Callon Petroleum Co., 6.25%, 04/15/2023(c) | 463,000 | 441,218 | ||||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp. | 586,000 | 588,792 | ||||||||
7.75%, 04/15/2023 | 500,000 | 500,573 | ||||||||
Carnival Corp., 11.50%, 04/01/2023(a) | 800,000 | 920,360 | ||||||||
Carpenter Technology Corp., 4.45%, 03/01/2023 | 450,000 | 469,669 | ||||||||
CF Industries, Inc., 3.45%, 06/01/2023 | 550,000 | 575,932 | ||||||||
Cinemark USA, Inc., 4.88%, 06/01/2023 | 500,000 | 499,975 | ||||||||
CIT Group, Inc. | 520,000 | 548,314 | ||||||||
5.00%, 08/01/2023 | 400,000 | 435,284 | ||||||||
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024 | 101,000 | 105,619 | ||||||||
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(a) | 500,000 | 498,178 | ||||||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(a) | 415,000 | 427,352 | ||||||||
Commercial Metals Co., 4.88%, 05/15/2023 | 464,000 | 486,571 | ||||||||
Continental Resources, Inc., 4.50%, 04/15/2023 | 500,000 | 525,675 | ||||||||
CoreCivic, Inc. | 674,000 | 713,203 | ||||||||
4.63%, 05/01/2023(c) | 442,000 | 447,642 | ||||||||
Crown Americas LLC/Crown Americas | ||||||||||
Capital Corp. IV, 4.50%, 01/15/2023(c) | 573,000 | 605,879 | ||||||||
CSC Holdings LLC | 614,000 | 631,652 | ||||||||
5.88%, 09/15/2022 | 625,000 | 657,281 | ||||||||
CSI Compressco L.P./CSI Compressco | ||||||||||
Finance, Inc., 7.25%, 08/15/2022 | 200,000 | 193,000 | ||||||||
DCP Midstream Operating L.P. | 400,000 | 402,250 | ||||||||
4.95%, 04/01/2022 | 550,000 | 563,156 |
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
Delta Air Lines, Inc. | $ | 600,000 | $ | 610,215 | ||||||
3.80%, 04/19/2023 | 500,000 | 514,807 | ||||||||
DISH DBS Corp. | 600,000 | 601,500 | ||||||||
5.88%, 07/15/2022(c) | 602,000 | 631,046 | ||||||||
5.00%, 03/15/2023 | 101,000 | 105,835 | ||||||||
Diversified Healthcare Trust, 6.75%, 12/15/2021 | 500,000 | 504,503 | ||||||||
EMC Corp., 3.38%, 06/01/2023 | 400,000 | 415,172 | ||||||||
Encompass Health Corp., 5.13%, 03/15/2023 | 479,000 | 481,345 | ||||||||
Energen Corp., 4.63%, 09/01/2021 | 525,000 | 526,440 | ||||||||
EnerSys, 5.00%, 04/30/2023(a) | 300,000 | 314,813 | ||||||||
EQM Midstream Partners L.P., 4.75%, 07/15/2023 | 589,000 | 618,076 | ||||||||
EQT Corp., 3.00%, 10/01/2022(c) | 593,000 | 604,860 | ||||||||
Ford Motor Co., 8.50%, 04/21/2023(c) | 560,000 | 627,900 | ||||||||
Ford Motor Credit Co. LLC | 600,000 | 606,843 | ||||||||
5.60%, 01/07/2022 | 500,000 | 515,110 | ||||||||
3.55%, 10/07/2022 | 400,000 | 409,500 | ||||||||
3.35%, 11/01/2022 | 500,000 | 512,130 | ||||||||
3.09%, 01/09/2023 | 450,000 | 459,093 | ||||||||
4.14%, 02/15/2023 | 450,000 | 467,498 | ||||||||
3.37%, 11/17/2023 | 400,000 | 412,500 | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 6.75%, 03/15/2022(a) | 750,000 | 750,776 | ||||||||
Freeport-McMoRan, Inc. | 533,000 | 540,995 | ||||||||
3.88%, 03/15/2023 | 500,000 | 522,157 | ||||||||
Fresh Market, Inc. (The), 9.75%, 05/01/2023(a) | 407,000 | 418,447 | ||||||||
FS Energy and Power Fund, 7.50%, 08/15/2023(a) | 864,000 | 879,211 | ||||||||
Gap, Inc. (The), 8.38%, 05/15/2023(a) | 500,000 | 569,375 | ||||||||
Genworth Holdings, Inc. | 650,000 | 663,000 | ||||||||
4.90%, 08/15/2023 | 515,000 | 509,232 | ||||||||
GEO Group, Inc. (The), 5.13%, 04/01/2023 . | 623,000 | 571,933 | ||||||||
Goodman Networks, Inc., 8.00%, 05/11/2022(h) | 98,659 | 36,504 | ||||||||
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023(c) | 200,000 | 200,270 | ||||||||
Graphic Packaging International LLC, 4.88%, 11/15/2022 | 624,000 | 653,425 | ||||||||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 600,000 | 602,178 | ||||||||
Guitar Center Escrow Issuer, Inc. | 479,089 | 26,398 | ||||||||
0.00%, 04/15/2022(d)(f)(g) | 5,621 | 0 | ||||||||
Guitar Center, Inc., 0.00%, 10/15/2021(d)(f)(g) | 800,000 | 220,500 | ||||||||
HCA, Inc., 5.88%, 05/01/2023 | 105,000 | 114,755 | ||||||||
Howmet Aerospace, Inc., 5.87%, 02/23/2022 | 600,000 | 627,750 | ||||||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 659,000 | 664,305 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
Huntsman International LLC, 5.13%, 11/15/2022 | $ | 747,000 | $ | 787,903 | ||||||
Ingram Micro, Inc., 5.00%, 08/10/2022 | 600,000 | 620,610 | ||||||||
Jacobs Entertainment, Inc., 7.88%, 02/01/2024(a) | 80,000 | 83,692 | ||||||||
KB Home | 600,000 | 613,125 | ||||||||
7.50%, 09/15/2022(c) | 617,000 | 668,529 | ||||||||
Kraft Heinz Foods Co. (The) | 598,000 | 615,912 | ||||||||
4.00%, 06/15/2023 | 300,000 | 320,104 | ||||||||
L Brands, Inc., 5.63%, 10/15/2023 | 554,000 | 601,436 | ||||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., | 69,000 | 69,388 | ||||||||
Lennar Corp. | 525,000 | 530,090 | ||||||||
4.13%, 01/15/2022 | 600,000 | 608,535 | ||||||||
4.75%, 11/15/2022 | 535,000 | 561,999 | ||||||||
4.88%, 12/15/2023 | 500,000 | 547,485 | ||||||||
LSB Industries, Inc., 9.63%, 05/01/2023(a) | 500,000 | 519,323 | ||||||||
Lumen Technologies, Inc. | ||||||||||
Series S, 6.45%, 06/15/2021(c) | 666,000 | 669,996 | ||||||||
Series T, 5.80%, 03/15/2022 | 735,000 | 759,071 | ||||||||
Mack-Cali Realty L.P., 4.50%, 04/18/2022 | 600,000 | 607,502 | ||||||||
Macy’s Retail Holdings LLC | 270,000 | 271,688 | ||||||||
2.88%, 02/15/2023 | 500,000 | 501,305 | ||||||||
MGM Resorts International | 594,000 | 625,455 | ||||||||
6.00%, 03/15/2023 | 536,000 | 574,396 | ||||||||
Microchip Technology, Inc., 3.92%, 06/01/2021 | 360,000 | 360,942 | ||||||||
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022(a) | 500,000 | 492,525 | ||||||||
Molina Healthcare, Inc., 5.38%, 11/15/2022 | 650,000 | 682,906 | ||||||||
Navient Corp. | 600,000 | 623,250 | ||||||||
6.50%, 06/15/2022 | 651,000 | 683,550 | ||||||||
5.50%, 01/25/2023(c) | 750,000 | 785,625 | ||||||||
7.25%, 09/25/2023 | 348,000 | 378,885 | ||||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.13%, 11/15/2021(a) | 650,000 | 491,969 | ||||||||
Netflix, Inc., 5.50%, 02/15/2022 | 500,000 | 519,073 | ||||||||
Newell Brands, Inc., 4.00%, 06/15/2022 | 400,000 | 413,000 | ||||||||
Newmark Group, Inc., 6.13%, 11/15/2023 | 536,000 | 585,245 | ||||||||
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023 | 626,000 | 611,524 | ||||||||
NGPL PipeCo. LLC, 4.38%, 08/15/2022(a) | 462,000 | 478,627 | ||||||||
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(a)(d) | 500,000 | 1,850 | ||||||||
NortonLifeLock, Inc., 3.95%, 06/15/2022 | 536,000 | 545,380 | ||||||||
NuStar Logistics L.P., 4.75%, 02/01/2022 | 662,000 | 672,486 | ||||||||
Occidental Petroleum Corp. 3.13%, 02/15/2022 | 548,000 | 552,647 |
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
2.70%, 08/15/2022 | $ | 500,000 | $ | 503,750 | ||||||
2.70%, 02/15/2023 | 484,000 | 486,258 | ||||||||
OneMain Finance Corp. | 600,000 | 629,250 | ||||||||
8.25%, 10/01/2023 | 375,000 | 425,586 | ||||||||
Ovintiv Exploration, Inc., 5.75%, 01/30/2022 | 310,000 | 319,888 | ||||||||
Ovintiv, Inc., 3.90%, 11/15/2021 | 475,000 | 479,588 | ||||||||
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023(c) | 783,000 | 783,000 | ||||||||
Peabody Energy Corp., 6.00%, 03/31/2022(a) | 200,000 | 175,000 | ||||||||
Plantronics, Inc., 5.50%, 05/31/2023(a) | 300,000 | 300,938 | ||||||||
Pyxus Holdings, Inc., 10.00%, 08/24/2024(c) | 510,625 | 474,881 | ||||||||
QEP Resources, Inc. | 600,000 | 620,625 | ||||||||
5.25%, 05/01/2023 | 125,000 | 131,406 | ||||||||
QVC, Inc., 4.38%, 03/15/2023 | 385,000 | 407,524 | ||||||||
Qwest Corp., 6.75%, 12/01/2021(c) | 600,000 | 618,750 | ||||||||
Range Resources Corp. | 600,000 | 615,000 | ||||||||
5.00%, 03/15/2023(c) | 500,000 | 512,500 | ||||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 4.88%, 06/01/2023(a) | 500,000 | 520,937 | ||||||||
Royal Caribbean Cruises Ltd., 5.25%, 11/15/2022 | 450,000 | 462,879 | ||||||||
Sealed Air Corp., 4.88%, 12/01/2022(a) | 455,000 | 477,466 | ||||||||
Sensata Technologies B.V., 4.88%, 10/15/2023(a) | 484,000 | 519,695 | ||||||||
Service Properties Trust | 602,000 | 611,307 | ||||||||
4.50%, 06/15/2023(c) | 539,000 | 550,863 | ||||||||
Sirius XM Radio, Inc., 3.88%, 08/01/2022(a) | 500,000 | 503,100 | ||||||||
SM Energy Co. | 400,000 | 396,750 | ||||||||
5.00%, 01/15/2024 | 581,000 | 557,432 | ||||||||
Spirit AeroSystems, Inc., 3.95%, 06/15/2023(c) | 501,000 | 497,556 | ||||||||
Sprint Communications, Inc. | 600,000 | 633,465 | ||||||||
6.00%, 11/15/2022 | 400,000 | 427,558 | ||||||||
Sprint Corp. | 650,000 | 664,592 | ||||||||
7.88%, 09/15/2023 | 260,000 | 296,725 | ||||||||
Starwood Property Trust, Inc., 5.00%, 12/15/2021 | 600,000 | 606,855 | ||||||||
Stellantis N.V., 5.25%, 04/15/2023 | 415,000 | 450,370 | ||||||||
Targa Resources Partners L.P./Targa | ||||||||||
Resources Partners Finance Corp., 4.25%, 11/15/2023 | 250,000 | 250,826 | ||||||||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 250,000 | 273,313 | ||||||||
TerraForm Power Operating LLC, 4.25%, 01/31/2023(a) | 500,000 | 514,063 | ||||||||
Titan International, Inc., 6.50%, 11/30/2023 | 152,000 | 157,430 | ||||||||
T-Mobile USA, Inc., 4.00%, 04/15/2022 | 599,000 | 614,343 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | |||||||
United States-(continued) | ||||||||
Toll Brothers Finance Corp. | $ | 700,000 | $ | 719,474 | ||||
4.38%, 04/15/2023 | 699,000 | 736,428 | ||||||
Travel + Leisure Co. | 667,000 | 678,069 | ||||||
3.90%, 03/01/2023(c) | 620,000 | 641,312 | ||||||
Triumph Group, Inc., 5.25%, 06/01/2022(c) | 628,000 | 624,860 | ||||||
TRU Taj LLC, 0.00%, 08/15/2021(g)(i) | 48,000 | 6,584 | ||||||
United Airlines Holdings, Inc. | 600,000 | 612,570 | ||||||
5.00%, 02/01/2024(c) | 526,000 | 539,865 | ||||||
Vericast Corp., 8.38%, 08/15/2022(a) | 350,000 | 357,875 | ||||||
Voyager Aviation Holdings LLC/Voyager Finance Co., 9.00%, 08/15/2021(a) | 500,000 | 230,000 | ||||||
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 300,000 | 307,688 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(a) | 570,000 | 586,031 | ||||||
Xerox Corp., 4.07%, 03/17/2022 | 600,000 | 612,291 | ||||||
Yum! Brands, Inc. | ||||||||
3.75%, 11/01/2021 | 600,000 | 606,075 | ||||||
3.88%, 11/01/2023(c) | 581,000 | 611,441 | ||||||
|
| |||||||
83,051,832 | ||||||||
|
| |||||||
Zambia-0.35% | ||||||||
First Quantum Minerals Ltd., 7.25%, 04/01/2023(a) | 500,000 | 510,000 | ||||||
Zambia Government International Bond, 5.38%, 09/20/2022(a) | 500,000 | 303,361 | ||||||
|
| |||||||
813,361 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 222,754,743 | ||||||
|
| |||||||
Shares | ||||||||
Common Stocks & Other Equity Interests-0.13% |
| |||||||
United States-0.13% | ||||||||
Bonanza Creek Energy, Inc.(j) | 5,979 | 197,845 | ||||||
Goodman Networks, Inc.(g)(h)(j) | 6,207 | 0 | ||||||
Guitar Center Holdings, Inc., Wts., expiring 04/16/2025(g)(j) | 1,189 | 0 | ||||||
PetroQuest Energy, Inc.(j) | 28,971 | 12,313 | ||||||
Premier Brands Group Holdings LLC(j)(k) | 3,222 | 2,819 | ||||||
Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024(j)(k) | 10,096 | 1,767 | ||||||
Remington Outdoor Co., Inc.(g)(j) | 4,449 | 0 |
Investment Abbreviations:
Pfd.-Preferred
PIK-Pay-in-Kind
Wts.-Warrants
Shares | Value | |||||||
United States-(continued) | ||||||||
Remington Outdoor Co., Inc., Wts., expiring 06/30/2022(g)(j) | 4,487 | $ | 0 | |||||
TRU Taj LLC/TRU Taj Finance, Inc.(g)(j) | 2,156 | 21,038 | ||||||
Unit Corp.(j) | 4,859 | 63,167 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 298,949 | ||||||
|
| |||||||
Principal Amount | ||||||||
Variable Rate Senior Loan Interests-0.02%(l)(m) |
| |||||||
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 9.50%, 02/07/2025(g) | $ | 589,900 | 50,142 | |||||
|
| |||||||
Shares | ||||||||
Preferred Stocks-0.00% | ||||||||
Goodman Networks, Inc., Series A-1, Pfd., 0.00%(g)(h) | 7,385 | 0 | ||||||
|
| |||||||
Money Market Funds-2.60% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(n)(o) | 6,087,722 | 6,087,722 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.72% (Cost $231,946,497) |
| 229,191,556 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-8.29% |
| |||||||
Invesco Private Government Fund, | 7,781,341 | 7,781,341 | ||||||
Invesco Private Prime Fund, | 11,667,345 | 11,672,012 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 19,453,353 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.01% |
| 248,644,909 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.01)% |
| (14,090,244 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 234,554,665 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $137,133,408, which represented 58.47% of the Fund’s Net Assets. |
(b) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(c) | All or a portion of this security was out on loan at April 30, 2021. |
(d) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2021 was $469,653, which represented less than 1% of the Fund’s Net Assets. |
(e) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(f) | The borrower has filed for protection in federal bankruptcy court. |
(g) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(h) | Acquired as part of the Goodman Networks, Inc. reorganization. |
(i) | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
(j) | Non-income producing security. |
(k) | Acquired as part of the Nine West Holding, Inc. reorganization. |
(l) | 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. |
(m) | Variable rate senior loan interests are, at present, not readily marketable, not registered under 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. |
(n) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2021 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 6,303,011 | $ | 45,312,120 | $ | (45,527,409 | ) | $ | - | $ | - | $ | 6,087,722 | $ | 761 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,964,224 | 15,339,133 | (9,522,016 | ) | - | - | 7,781,341 | 218 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 2,946,336 | 21,350,973 | (12,625,672 | ) | (51 | ) | 426 | 11,672,012 | 2,216 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 11,213,571 | $ | 82,002,226 | $ | (67,675,097 | ) | $ | (51 | ) | $ | 426 | $ | 25,541,075 | $ | 3,195 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(o) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(p) | 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.
17 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2021
(Unaudited)
Portfolio Composition | ||||||
Sector Breakdown (% of the Fund’s Net Assets) | ||||||
as of April 30, 2021 | ||||||
Financials | 21.13 | |||||
Consumer Discretionary | 11.03 | |||||
Sovereign Debt | 10.89 | |||||
Energy | 10.19 | |||||
Materials | 8.95 | |||||
Industrials | 8.73 | |||||
Real Estate | 8.35 | |||||
Communication Services | 6.48 | |||||
Sector Types Each Less Than 3% | 9.37 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 4.88 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)
April 30, 2021
(Unaudited)
Schedule of Investments
Principal Amount | Value | |||||||
Non-U.S. Dollar Denominated Bonds & Notes-98.98%(a) |
| |||||||
Australia-1.59% | ||||||||
APT Pipelines Ltd., 3.50%, 03/22/2030(b) | GBP 100,000 | $ | 153,249 | |||||
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b) | EUR 100,000 | 125,073 | ||||||
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042 | GBP 250,000 | 468,869 | ||||||
Glencore Finance (Europe) Ltd. | ||||||||
1.88%, 09/13/2023(b) | EUR 100,000 | 125,119 | ||||||
3.13%, 03/26/2026(b) | GBP 100,000 | 147,897 | ||||||
National Australia Bank Ltd. | ||||||||
1.25%, 05/18/2026(b) | EUR 100,000 | 128,319 | ||||||
1.38%, 08/30/2028(b) | EUR 100,000 | 130,687 | ||||||
NBN Co. Ltd., 1.00%, 12/03/2025(b) | AUD 250,000 | 189,935 | ||||||
Telstra Corp. Ltd., 2.50%, 09/15/2023 | EUR 50,000 | 64,115 | ||||||
|
| |||||||
1,533,263 | ||||||||
|
| |||||||
Belgium-2.32% | ||||||||
Anheuser-Busch InBev S.A./N.V. | ||||||||
2.70%, 03/31/2026(b) | EUR 100,000 | 136,209 | ||||||
1.15%, 01/22/2027(b) | EUR 100,000 | 127,131 | ||||||
1.13%, 07/01/2027(b) | EUR 100,000 | 127,129 | ||||||
2.13%, 12/02/2027(b) | EUR 100,000 | 134,623 | ||||||
2.00%, 03/17/2028(b) | EUR 200,000 | 269,610 | ||||||
2.25%, 05/24/2029(b) | GBP 100,000 | 144,488 | ||||||
1.50%, 04/18/2030(b) | EUR 100,000 | 130,828 | ||||||
1.65%, 03/28/2031(b) | EUR 100,000 | 132,014 | ||||||
2.88%, 04/02/2032(b) | EUR 100,000 | 146,631 | ||||||
2.75%, 03/17/2036(b) | EUR 200,000 | 291,454 | ||||||
2.85%, 05/25/2037(b) | GBP 150,000 | 224,470 | ||||||
3.70%, 04/02/2040(b) | EUR 150,000 | 243,048 | ||||||
KBC Group N.V., 1.13%, 01/25/2024(b) | EUR 100,000 | 124,543 | ||||||
|
| |||||||
2,232,178 | ||||||||
�� |
| |||||||
Canada-15.77% | ||||||||
Bank of Montreal | ||||||||
2.89%, 06/20/2023 | CAD 500,000 | 425,138 | ||||||
2.85%, 03/06/2024 | CAD 400,000 | 342,040 | ||||||
2.28%, 07/29/2024 | CAD 400,000 | 337,333 | ||||||
2.37%, 02/03/2025 | CAD 300,000 | 253,849 | ||||||
3.19%, 03/01/2028 | CAD 500,000 | 441,147 | ||||||
Bank of Nova Scotia (The) | ||||||||
2.38%, 05/01/2023 | CAD 750,000 | 628,608 | ||||||
2.29%, 06/28/2024 | CAD 400,000 | 338,617 | ||||||
2.49%, 09/23/2024 | CAD 300,000 | 254,673 | ||||||
2.16%, 02/03/2025 | CAD 350,000 | 293,931 | ||||||
2.62%, 12/02/2026 | CAD 250,000 | 214,870 | ||||||
1.40%, 11/01/2027 | CAD 350,000 | 275,532 | ||||||
3.10%, 02/02/2028 | CAD 400,000 | 350,862 | ||||||
Bell Canada | ||||||||
2.70%, 02/27/2024 | CAD 200,000 | 169,485 | ||||||
3.35%, 03/12/2025 | CAD 300,000 | 260,694 | ||||||
3.80%, 08/21/2028 | CAD 200,000 | 177,925 | ||||||
2.50%, 05/14/2030 | CAD 200,000 | 159,253 | ||||||
3.00%, 03/17/2031 | CAD 200,000 | 164,002 | ||||||
3.50%, 09/30/2050 | CAD 350,000 | 256,630 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
3.29%, 01/15/2024 | CAD300,000 | 258,842 |
Principal Amount | Value | |||||||
Canada-(continued) | ||||||||
2.35%, 08/28/2024 | CAD 300,000 | $ | 253,321 | |||||
2.00%, 04/17/2025 | CAD 400,000 | 333,759 | ||||||
3.30%, 05/26/2025 | CAD 350,000 | 308,275 | ||||||
Cenovus Energy, Inc., 3.50%, 02/07/2028 | CAD 250,000 | 209,364 | ||||||
Enbridge, Inc., 2.99%, 10/03/2029 | CAD 300,000 | 249,717 | ||||||
Federation des Caisses Desjardins du Quebec | CAD 200,000 | 169,360 | ||||||
1.09%, 01/21/2026 | CAD 300,000 | 238,773 | ||||||
HSBC Bank Canada | CAD 300,000 | 249,147 | ||||||
3.25%, 09/15/2023 | CAD 250,000 | 214,227 | ||||||
National Bank of Canada | CAD 200,000 | 171,601 | ||||||
2.55%, 07/12/2024 | CAD 300,000 | 254,979 | ||||||
Ontario Teachers’ Finance Trust, 0.50%, 05/06/2025(b) | EUR 150,000 | 186,110 | ||||||
Rogers Communications, Inc. | CAD 300,000 | 262,007 | ||||||
3.25%, 05/01/2029 | CAD 200,000 | 168,781 | ||||||
Royal Bank of Canada | CAD 400,000 | 343,723 | ||||||
2.33%, 12/05/2023 | CAD 250,000 | 211,204 | ||||||
2.35%, 07/02/2024 | CAD 400,000 | 337,917 | ||||||
0.13%, 07/23/2024(b) | EUR 100,000 | 121,257 | ||||||
2.61%, 11/01/2024 | CAD 500,000 | 426,134 | ||||||
1.94%, 05/01/2025 | CAD 300,000 | 249,824 | ||||||
2.33%, 01/28/2027 | CAD 450,000 | 377,450 | ||||||
Shaw Communications, Inc., 6.75%, 11/09/2039 | CAD 300,000 | 320,007 | ||||||
Suncor Energy, Inc., 5.00%, 04/09/2030 | CAD 250,000 | 236,245 | ||||||
TELUS Corp. | CAD 200,000 | 172,209 | ||||||
Series CY, 3.30%, 05/02/2029 | CAD 200,000 | 171,766 | ||||||
Thomson Reuters Corp., 2.24%, 05/14/2025 | CAD 300,000 | 251,260 | ||||||
Toronto-Dominion Bank (The) | CAD 400,000 | 333,517 | ||||||
2.85%, 03/08/2024 | CAD 400,000 | 342,294 | ||||||
0.38%, 04/25/2024(b) | EUR 100,000 | 122,168 | ||||||
3.23%, 07/24/2024 | CAD 400,000 | 348,498 | ||||||
2.50%, 12/02/2024 | CAD 350,000 | 297,534 | ||||||
1.94%, 03/13/2025 | CAD 350,000 | 291,799 | ||||||
1.13%, 12/09/2025 | CAD 500,000 | 399,962 | ||||||
1.89%, 03/08/2028 | CAD 300,000 | 242,564 | ||||||
TransCanada PipeLines Ltd. | CAD 450,000 | 397,898 | ||||||
4.18%, 07/03/2048(b) | CAD 200,000 | 160,977 | ||||||
4.34%, 10/15/2049 | CAD 200,000 | 165,009 | ||||||
|
| |||||||
15,194,068 | ||||||||
|
| |||||||
Denmark-0.91% | ||||||||
Carlsberg Breweries A/S, 2.50%, 05/28/2024(b) | EUR 100,000 | 129,414 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
Denmark-(continued) | ||||||||||
Danske Bank A/S | ||||||||||
0.88%, 05/22/2023(b) | EUR | 100,000 | $ | 122,721 | ||||||
0.63%, 05/26/2025(b) | EUR | 100,000 | 123,281 | |||||||
Orsted A/S | ||||||||||
4.88%, 01/12/2032(b) | GBP | 100,000 | 179,935 | |||||||
5.75%, 04/09/2040(b) | GBP | 150,000 | 325,959 | |||||||
|
| |||||||||
881,310 | ||||||||||
|
| |||||||||
Finland-0.57% | ||||||||||
Fortum OYJ, 2.25%, 09/06/2022(b) | EUR | 150,000 | 186,667 | |||||||
Nordea Bank Abp, 0.50%, 05/14/2027(b) | EUR | 100,000 | 123,408 | |||||||
OP Corporate Bank PLC | ||||||||||
0.50%, 08/12/2025(b) | EUR | 100,000 | 123,338 | |||||||
0.10%, 11/16/2027(b) | EUR | 100,000 | 119,693 | |||||||
|
| |||||||||
553,106 | ||||||||||
|
| |||||||||
France-17.92% | ||||||||||
Action Logement Services, | EUR | 100,000 | 118,657 | |||||||
Aeroports de Paris, 2.75%, | EUR | 100,000 | 142,328 | |||||||
Airbus SE | ||||||||||
1.38%, 06/09/2026(b) | EUR | 100,000 | 127,964 | |||||||
1.63%, 06/09/2030(b) | EUR | 100,000 | 130,486 | |||||||
2.38%, 04/07/2032(b) | EUR | 100,000 | 139,070 | |||||||
2.38%, 06/09/2040(b) | EUR | 100,000 | 137,160 | |||||||
Autoroutes du Sud de la France S.A. | ||||||||||
1.25%, 01/18/2027(b) | EUR | 100,000 | 128,546 | |||||||
1.38%, 01/22/2030(b) | EUR | 100,000 | 132,069 | |||||||
1.38%, 02/21/2031(b) | EUR | 100,000 | 131,311 | |||||||
Banque Federative du Credit Mutuel S.A. | ||||||||||
3.00%, 05/21/2024(b) | EUR | 100,000 | 131,151 | |||||||
1.25%, 01/14/2025(b) | EUR | 100,000 | 126,292 | |||||||
3.00%, 09/11/2025(b) | EUR | 100,000 | 134,165 | |||||||
2.38%, 03/24/2026(b) | EUR | 100,000 | 131,329 | |||||||
0.75%, 06/08/2026(b) | EUR | 100,000 | 124,339 | |||||||
1.25%, 05/26/2027(b) | EUR | 100,000 | 128,097 | |||||||
0.25%, 07/19/2028(b) | EUR | 100,000 | 117,790 | |||||||
1.75%, 03/15/2029(b) | EUR | 100,000 | 131,148 | |||||||
1.88%, 06/18/2029(b) | EUR | 100,000 | 129,652 | |||||||
0.75%, 01/17/2030(b) | EUR | 100,000 | 121,321 | |||||||
1.25%, 06/03/2030(b) | EUR | 100,000 | 126,083 | |||||||
0.63%, 02/21/2031(b) | EUR | 200,000 | 237,823 | |||||||
BNP Paribas S.A. | ||||||||||
1.13%, 10/10/2023(b) | EUR | 100,000 | 124,256 | |||||||
2.38%, 02/17/2025(b) | EUR | 100,000 | 129,515 | |||||||
1.50%, 11/17/2025(b) | EUR | 100,000 | 127,660 | |||||||
3.38%, 01/23/2026(b) | GBP | 200,000 | 302,267 | |||||||
1.13%, 06/11/2026(b) | EUR | 100,000 | 125,512 | |||||||
0.13%, 09/04/2026(b) | EUR | 100,000 | 119,403 | |||||||
1.88%, 12/14/2027(b) | GBP | 200,000 | 281,774 | |||||||
1.50%, 05/25/2028(b) | EUR | 100,000 | 131,746 | |||||||
1.38%, 05/28/2029(b) | EUR | 100,000 | 127,674 | |||||||
1.63%, 07/02/2031(b) | EUR | 100,000 | 125,766 | |||||||
1.25%, 07/13/2031(b) | GBP | 200,000 | 257,306 | |||||||
0.63%, 12/03/2032(b) | EUR | 100,000 | 116,180 | |||||||
Bouygues S.A., 1.13%, 07/24/2028(b) | EUR | 100,000 | 128,590 | |||||||
BPCE S.A. | ||||||||||
1.13%, 01/18/2023(b) | EUR | 100,000 | 123,071 |
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
4.63%, 07/18/2023(b) | EUR | 100,000 | $ | 132,821 | ||||||
0.88%, 01/31/2024(b) | EUR | 100,000 | 123,508 | |||||||
1.00%, 07/15/2024(b) | EUR | 100,000 | 124,807 | |||||||
0.63%, 09/26/2024(b) | EUR | 100,000 | 122,840 | |||||||
0.63%, 04/28/2025(b) | EUR | 100,000 | 123,459 | |||||||
0.25%, 01/15/2026(b) | EUR | 200,000 | 242,795 | |||||||
0.50%, 02/24/2027(b) | EUR | 100,000 | 121,230 | |||||||
1.00%, 10/05/2028(b) | EUR | 100,000 | 126,994 | |||||||
5.25%, 04/16/2029(b) | GBP | 100,000 | 169,955 | |||||||
Capgemini SE | ||||||||||
2.00%, 04/15/2029(b) | EUR | 100,000 | 134,835 | |||||||
2.38%, 04/15/2032(b) | EUR | 100,000 | 140,881 | |||||||
Carrefour S.A., 2.63%, 12/15/2027(b) | EUR | 100,000 | 137,987 | |||||||
Cie de Saint-Gobain, 1.88%, 03/15/2031(b) | EUR | 100,000 | 135,870 | |||||||
Cie Generale des Etablissements Michelin | ||||||||||
S.C.A., 1.75%, 09/03/2030(b) | EUR | 100,000 | 136,388 | |||||||
CNP Assurances, 1.88%, 10/20/2022(b) | EUR | 100,000 | 123,800 | |||||||
Coentreprise de Transport d’Electricite S.A. | ||||||||||
1.50%, 07/29/2028(b) | EUR | 100,000 | 130,185 | |||||||
2.13%, 07/29/2032(b) | EUR | 100,000 | 138,224 | |||||||
Credit Agricole Assurances S.A., 2.00%, 07/17/2030(b) | EUR | 100,000 | 126,176 | |||||||
Credit Agricole S.A. | ||||||||||
1.38%, 03/13/2025(b) | EUR | 100,000 | 126,305 | |||||||
2.70%, 07/15/2025 | EUR | 100,000 | 130,548 | |||||||
0.38%, 10/21/2025(b) | EUR | 100,000 | 121,793 | |||||||
3.13%, 02/05/2026(b) | EUR | 100,000 | 138,797 | |||||||
1.25%, 04/14/2026(b) | EUR | 200,000 | 255,276 | |||||||
1.88%, 12/20/2026(b) | EUR | 200,000 | 261,599 | |||||||
1.38%, 05/03/2027(b) | EUR | 100,000 | 129,142 | |||||||
0.13%, 12/09/2027 | EUR | 100,000 | 118,093 | |||||||
1.75%, 03/05/2029(b) | EUR | 100,000 | 130,762 | |||||||
1.00%, 07/03/2029(b) | EUR | 100,000 | 126,696 | |||||||
0.88%, 01/14/2032(b) | EUR | 100,000 | 121,469 | |||||||
Danone S.A., 1.21%, 11/03/2028(b) | EUR | 100,000 | 130,120 | |||||||
Dassault Systemes SE, 0.38%, 09/16/2029(b) | EUR | 100,000 | 121,220 | |||||||
ELO SACA, 2.88%, 01/29/2026(b) | EUR | 100,000 | 134,229 | |||||||
ENGIE S.A. | ||||||||||
2.38%, 05/19/2026(b) | EUR | 100,000 | 135,072 | |||||||
7.00%, 10/30/2028 | GBP | 100,000 | 192,333 | |||||||
5.00%, 10/01/2060(b) | GBP | 200,000 | 459,376 | |||||||
EssilorLuxottica S.A. | ||||||||||
0.38%, 01/05/2026(b) | EUR | 100,000 | 123,111 | |||||||
0.38%, 11/27/2027(b) | EUR | 200,000 | 245,328 | |||||||
0.50%, 06/05/2028(b) | EUR | 100,000 | 123,429 | |||||||
0.75%, 11/27/2031(b) | EUR | 100,000 | 123,823 | |||||||
HSBC Continental Europe S.A. | ||||||||||
0.60%, 03/20/2023(b) | EUR | 100,000 | 122,507 | |||||||
0.25%, 05/17/2024(b) | EUR | 100,000 | 122,006 | |||||||
0.10%, 09/03/2027(b) | EUR | 100,000 | 119,521 | |||||||
LVMH Moet Hennessy Louis Vuitton SE | ||||||||||
1.13%, 02/11/2027(b) | GBP | 200,000 | 276,833 | |||||||
0.13%, 02/11/2028(b) | EUR | 200,000 | 242,306 | |||||||
0.38%, 02/11/2031(b) | EUR | 100,000 | 121,561 | |||||||
Orange S.A. | ||||||||||
1.38%, 03/20/2028(b) | EUR | 100,000 | 129,939 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
8.13%, 11/20/2028(b) | GBP | 100,000 | $ | 203,675 | ||||||
2.00%, 01/15/2029(b) | EUR | 100,000 | 135,899 | |||||||
1.38%, 01/16/2030(b) | EUR | 100,000 | 131,178 | |||||||
1.88%, 09/12/2030(b) | EUR | 100,000 | 136,373 | |||||||
3.25%, 01/15/2032(b) | GBP | 100,000 | 157,085 | |||||||
0.50%, 09/04/2032(b) | EUR | 100,000 | 119,195 | |||||||
8.13%, 01/28/2033 | EUR | 100,000 | 220,895 | |||||||
5.63%, 01/23/2034 | GBP | 150,000 | 294,058 | |||||||
5.38%, 11/22/2050(b) | GBP | 100,000 | 224,258 | |||||||
Pernod Ricard S.A., 1.75%, 04/08/2030(b) | EUR | 100,000 | 134,782 | |||||||
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025(b) | EUR | 100,000 | 129,265 | |||||||
Sanofi | ||||||||||
1.50%, 04/01/2030(b) | EUR | 100,000 | 133,139 | |||||||
Series 12FX, 1.38%, 03/21/2030(b) | EUR | 100,000 | 132,499 | |||||||
Series 20FX, 1.88%, 03/21/2038(b) | EUR | 100,000 | 143,965 | |||||||
Societe Generale S.A. | ||||||||||
0.75%, 05/26/2023(b) | EUR | 100,000 | 123,021 | |||||||
1.25%, 02/15/2024(b) | EUR | 100,000 | 124,677 | |||||||
1.13%, 01/23/2025(b) | EUR | 100,000 | 124,580 | |||||||
2.63%, 02/27/2025(b) | EUR | 100,000 | 130,514 | |||||||
0.13%, 02/24/2026(b) | EUR | 100,000 | 120,769 | |||||||
0.75%, 01/25/2027(b) | EUR | 100,000 | 121,643 | |||||||
0.13%, 02/18/2028(b) | EUR | 100,000 | 118,766 | |||||||
2.13%, 09/27/2028(b) | EUR | 100,000 | 132,454 | |||||||
1.75%, 03/22/2029(b) | EUR | 100,000 | 129,103 | |||||||
1.25%, 06/12/2030(b) | EUR | 100,000 | 123,956 | |||||||
Total Capital Canada Ltd., 2.13%, 09/18/2029(b) | EUR | 100,000 | 138,534 | |||||||
Total Capital International S.A. | ||||||||||
1.49%, 04/08/2027(b) | EUR | 100,000 | 130,298 | |||||||
0.75%, 07/12/2028(b) | EUR | 200,000 | 250,986 | |||||||
1.38%, 10/04/2029(b) | EUR | 100,000 | 131,697 | |||||||
1.99%, 04/08/2032(b) | EUR | 100,000 | 139,013 | |||||||
UNEDIC ASSEO, 0.10%, 05/25/2034(b) | EUR | 100,000 | 115,769 | |||||||
Veolia Environnement S.A., 6.13%, 10/29/2037 | GBP | 100,000 | 213,998 | |||||||
Vinci S.A., 1.75%, 09/26/2030(b) | EUR | 100,000 | 136,087 | |||||||
Westfield America Management Ltd., 2.63%, 03/30/2029(b) | GBP | 250,000 | 346,539 | |||||||
|
| |||||||||
17,272,120 | ||||||||||
|
| |||||||||
Germany-13.68% | ||||||||||
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b) | GBP | 100,000 | 205,324 | |||||||
Aroundtown S.A., 0.00%, 07/16/2026(b) | EUR | 100,000 | 117,897 | |||||||
BASF SE, 0.25%, 06/05/2027(b) | EUR | 100,000 | 122,193 | |||||||
Bayer AG | ||||||||||
0.38%, 07/06/2024(b) | EUR | 200,000 | 243,524 | |||||||
0.75%, 01/06/2027(b) | EUR | 100,000 | 122,639 | |||||||
0.38%, 01/12/2029(b) | EUR | 100,000 | 117,776 | |||||||
1.13%, 01/06/2030(b) | EUR | 100,000 | 123,095 | |||||||
1.38%, 07/06/2032(b) | EUR | 100,000 | 122,844 | |||||||
Bayer Capital Corp. B.V. | ||||||||||
1.50%, 06/26/2026(b) | EUR | 200,000 | 254,630 | |||||||
2.13%, 12/15/2029(b) | EUR | 100,000 | 134,192 | |||||||
BMW Finance N.V. | ||||||||||
0.38%, 07/10/2023(b) | EUR | 100,000 | 122,025 |
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
1.00%, 11/14/2024(b) | EUR | 100,000 | $ | 125,219 | ||||||
0.00%, 01/11/2026(b) | EUR | 146,000 | 175,882 | |||||||
1.50%, 02/06/2029(b) | EUR | 100,000 | 132,213 | |||||||
Commerzbank AG | ||||||||||
0.50%, 08/28/2023(b) | EUR | 100,000 | 122,275 | |||||||
0.63%, 08/28/2024(b) | EUR | 100,000 | 123,063 | |||||||
1.00%, 03/04/2026(b) | EUR | 100,000 | 125,216 | |||||||
0.50%, 12/04/2026(b) | EUR | 100,000 | 122,123 | |||||||
Daimler AG | ||||||||||
1.40%, 01/12/2024(b) | EUR | 100,000 | 125,334 | |||||||
2.63%, 04/07/2025(b) | EUR | 100,000 | 133,050 | |||||||
1.50%, 03/09/2026(b) | EUR | 100,000 | 128,903 | |||||||
2.00%, 08/22/2026(b) | EUR | 100,000 | 132,488 | |||||||
0.38%, 11/08/2026(b) | EUR | 100,000 | 122,068 | |||||||
1.38%, 05/11/2028(b) | EUR | 100,000 | 129,198 | |||||||
1.50%, 07/03/2029(b) | EUR | 100,000 | 130,792 | |||||||
0.75%, 09/10/2030(b) | EUR | 100,000 | 123,060 | |||||||
1.13%, 11/06/2031(b) | EUR | 100,000 | 125,604 | |||||||
0.75%, 03/11/2033(b) | EUR | 100,000 | 120,361 | |||||||
2.13%, 07/03/2037(b) | EUR | 100,000 | 138,109 | |||||||
Daimler International Finance B.V. | ||||||||||
2.00%, 09/04/2023(b) | GBP | 100,000 | 142,535 | |||||||
0.25%, 11/06/2023(b) | EUR | 100,000 | 121,462 | |||||||
0.88%, 04/09/2024(b) | EUR | 100,000 | 123,919 | |||||||
0.85%, 02/28/2025(b) | EUR | 100,000 | 124,616 | |||||||
1.00%, 11/11/2025(b) | EUR | 100,000 | 125,860 | |||||||
1.38%, 06/26/2026(b) | EUR | 100,000 | 128,482 | |||||||
0.63%, 05/06/2027(b) | EUR | 125,000 | 154,348 | |||||||
Deutsche Bahn Finance GmbH | ||||||||||
1.00%, 12/17/2027 | EUR | 100,000 | 128,215 | |||||||
1.13%, 12/18/2028(b) | EUR | 100,000 | 129,621 | |||||||
0.63%, 12/08/2050(b) | EUR | 100,000 | 104,533 | |||||||
Deutsche Bank AG | ||||||||||
2.38%, 01/11/2023(b) | EUR | 100,000 | 125,545 | |||||||
1.13%, 08/30/2023(b) | EUR | 100,000 | 123,894 | |||||||
3.88%, 02/12/2024(b) | GBP | 100,000 | 148,619 | |||||||
2.63%, 12/16/2024(b) | GBP | 200,000 | 289,013 | |||||||
1.63%, 01/20/2027(b) | EUR | 100,000 | 126,052 | |||||||
Deutsche Telekom AG | ||||||||||
0.50%, 07/05/2027(b) | EUR | 100,000 | 123,225 | |||||||
1.75%, 03/25/2031(b) | EUR | 100,000 | 135,338 | |||||||
Deutsche Telekom International Finance B.V. | ||||||||||
1.38%, 01/30/2027(b) | EUR | 100,000 | 129,376 | |||||||
1.50%, 04/03/2028(b) | EUR | 100,000 | 131,090 | |||||||
2.00%, 12/01/2029(b) | EUR | 100,000 | 137,305 | |||||||
E.ON International Finance B.V. | ||||||||||
1.50%, 07/31/2029(b) | EUR | 100,000 | 130,889 | |||||||
6.25%, 06/03/2030(b) | GBP | 200,000 | 374,531 | |||||||
6.38%, 06/07/2032 | GBP | 200,000 | 391,714 | |||||||
4.75%, 01/31/2034(b) | GBP | 100,000 | 176,071 | |||||||
5.88%, 10/30/2037(b) | GBP | 250,000 | 507,029 | |||||||
6.75%, 01/27/2039(b) | GBP | 100,000 | 224,254 | |||||||
6.13%, 07/06/2039(b) | GBP | 200,000 | 425,872 | |||||||
E.ON SE, 0.38%, 09/29/2027(b) | EUR | 100,000 | 121,994 | |||||||
Grand City Properties S.A., 0.13%, 01/11/2028(b) | EUR | 100,000 | 116,930 | |||||||
HeidelbergCement AG, 1.50%, | EUR | 100,000 | 126,539 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b) | EUR | 100,000 | $ | 128,509 | ||||||
Landesbank Baden-Wuerttemberg | ||||||||||
0.50%, 06/07/2022(b) | EUR | 100,000 | 121,477 | |||||||
0.38%, 02/18/2027(b) | EUR | 100,000 | 121,597 | |||||||
Landesbank Hessen-Thueringen Girozentrale, 0.38%, 05/12/2025(b) | EUR | 100,000 | 122,798 | |||||||
SAP SE 1.25%, 03/10/2028(b) | EUR | 100,000 | 129,547 | |||||||
1.63%, 03/10/2031(b) | EUR | 100,000 | 134,687 | |||||||
Siemens Financieringsmaatschappij N.V. | ||||||||||
0.25%, 02/20/2029(b) | EUR | 100,000 | 121,124 | |||||||
0.13%, 09/05/2029(b) | EUR | 100,000 | 119,908 | |||||||
0.50%, 09/05/2034(b) | EUR | 100,000 | 119,606 | |||||||
3.75%, 09/10/2042(b) | GBP | 200,000 | 378,406 | |||||||
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b) | EUR | 100,000 | 126,246 | |||||||
Volkswagen Financial Services N.V., 1.13%, 09/18/2023(b) | GBP | 100,000 | 139,298 | |||||||
Volkswagen International Finance N.V. | ||||||||||
1.13%, 10/02/2023(b) | EUR | 100,000 | 123,992 | |||||||
0.88%, 09/22/2028(b) | EUR | 100,000 | 124,082 | |||||||
1.63%, 01/16/2030(b) | EUR | 75,000 | 97,711 | |||||||
3.25%, 11/18/2030(b) | EUR | 100,000 | 148,113 | |||||||
4.13%, 11/16/2038(b) | EUR | 100,000 | 166,872 | |||||||
Series 10Y, 1.88%, 03/30/2027(b) | EUR | 200,000 | 261,764 | |||||||
Volkswagen Leasing GmbH | ||||||||||
0.50%, 06/20/2022(b) | EUR | 100,000 | 121,318 | |||||||
2.38%, 09/06/2022(b) | EUR | 100,000 | 124,548 | |||||||
2.63%, 01/15/2024(b) | EUR | 100,000 | 129,136 | |||||||
1.13%, 04/04/2024(b) | EUR | 100,000 | 124,406 | |||||||
1.38%, 01/20/2025(b) | EUR | 100,000 | 126,053 | |||||||
Vonovia Finance B.V., | EUR | 100,000 | 128,143 | |||||||
Wintershall Dea Finance B.V. | ||||||||||
0.84%, 09/25/2025(b) | EUR | 200,000 | 246,507 | |||||||
1.82%, 09/25/2031(b) | EUR | 100,000 | 124,494 | |||||||
|
| |||||||||
13,180,310 | ||||||||||
|
| |||||||||
Italy-4.47% | ||||||||||
AMCO - Asset Management Co. S.p.A., 1.50%, 07/17/2023(b) | EUR | 100,000 | 124,283 | |||||||
Assicurazioni Generali S.p.A. | ||||||||||
5.13%, 09/16/2024(b) | EUR | 100,000 | 142,885 | |||||||
4.13%, 05/04/2026(b) | EUR | 100,000 | 141,817 | |||||||
Enel Finance International N.V. | ||||||||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 124,964 | |||||||
1.97%, 01/27/2025(b) | EUR | 100,000 | 129,549 | |||||||
1.50%, 07/21/2025(b) | EUR | 100,000 | 128,046 | |||||||
1.38%, 06/01/2026(b) | EUR | 50,000 | 64,219 | |||||||
1.13%, 09/16/2026(b) | EUR | 50,000 | 63,515 | |||||||
0.38%, 06/17/2027(b) | EUR | 100,000 | 122,441 | |||||||
1.00%, 10/20/2027(b) | GBP | 125,000 | 169,665 | |||||||
5.75%, 09/14/2040(b) | GBP | 300,000 | 620,100 | |||||||
Enel S.p.A., 5.75%, 06/22/2037(b) | GBP | 100,000 | 199,346 | |||||||
Eni S.p.A. | EUR | 100,000 | 140,346 | |||||||
1.50%, 02/02/2026(b) | EUR | 50,000 | 64,464 | |||||||
3.63%, 01/29/2029(b) | EUR | 100,000 | 151,362 |
Principal | ||||||||||
Amount | Value | |||||||||
Italy-(continued) | ||||||||||
0.63%, 01/23/2030(b) | EUR | 100,000 | $ | 121,213 | ||||||
2.00%, 05/18/2031(b) | EUR | 50,000 | 67,884 | |||||||
Intesa Sanpaolo S.p.A. | ||||||||||
4.00%, 10/30/2023(b) | EUR | 100,000 | 132,494 | |||||||
1.38%, 01/18/2024(b) | EUR | 100,000 | 124,922 | |||||||
1.00%, 07/04/2024(b) | EUR | 50,000 | 61,982 | |||||||
2.13%, 05/26/2025(b) | EUR | 125,000 | 161,659 | |||||||
1.00%, 11/19/2026(b) | EUR | 100,000 | 123,579 | |||||||
0.75%, 03/16/2028(b) | EUR | 100,000 | 120,955 | |||||||
1.75%, 03/20/2028(b) | EUR | 50,000 | 64,093 | |||||||
1.75%, 07/04/2029(b) | EUR | 100,000 | 128,338 | |||||||
Snam S.p.A., 0.88%, 10/25/2026(b) | EUR | 100,000 | 124,835 | |||||||
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027(b) | EUR | 100,000 | 128,699 | |||||||
UniCredit S.p.A. | ||||||||||
1.00%, 01/18/2023(b) | EUR | 250,000 | 306,343 | |||||||
0.50%, 04/09/2025(b) | EUR | 100,000 | 121,408 | |||||||
2.13%, 10/24/2026(b) | EUR | 100,000 | 131,134 | |||||||
|
| |||||||||
4,306,540 | ||||||||||
|
| |||||||||
Japan-3.00% | ||||||||||
Mizuho Financial Group, Inc., 0.69%, 10/07/2030(b) | EUR | 100,000 | 120,100 | |||||||
NTT Finance Corp. | ||||||||||
Series 16, 0.18%, 12/19/2025 | JPY100,000,000 |
| 916,845 | |||||||
Series 18, 0.38%, 09/20/2030 | JPY100,000,000 |
| 922,838 | |||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||||
1.55%, 06/15/2026(b) | EUR | 100,000 | 128,519 | |||||||
0.63%, 10/23/2029(b) | EUR | 125,000 | 151,167 | |||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||||
1.13%, 11/21/2022(b) | EUR | 100,000 | 122,894 | |||||||
2.25%, 11/21/2026(b) | EUR | 100,000 | 133,308 | |||||||
3.00%, 11/21/2030(b) | EUR | 100,000 | 143,755 | |||||||
1.38%, 07/09/2032 | EUR | 100,000 | 124,876 | |||||||
2.00%, 07/09/2040 | EUR | 100,000 | 127,240 | |||||||
|
| |||||||||
2,891,542 | ||||||||||
|
| |||||||||
Luxembourg-0.13% | ||||||||||
Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b) | EUR | 100,000 | 127,210 | |||||||
|
| |||||||||
Netherlands-4.46% | ||||||||||
ABN AMRO Bank N.V. | ||||||||||
7.13%, 07/06/2022(b) | EUR | 100,000 | 130,533 | |||||||
0.60%, 01/15/2027(b) | EUR | 200,000 | 244,595 | |||||||
Cooperatieve Rabobank U.A. | ||||||||||
1.63%, 01/20/2022 | NOK | 1,000,000 | 121,287 | |||||||
0.75%, 08/29/2023(b) | EUR | 100,000 | 123,139 | |||||||
0.63%, 02/27/2024(b) | EUR | 100,000 | 123,004 | |||||||
1.25%, 03/23/2026(b) | EUR | 150,000 | 192,224 | |||||||
1.38%, 02/03/2027(b) | EUR | 100,000 | 130,039 | |||||||
5.25%, 09/14/2027(b) | GBP | 150,000 | 249,530 | |||||||
4.63%, 05/23/2029(b) | GBP | 200,000 | 327,316 | |||||||
1.13%, 05/07/2031(b) | EUR | 100,000 | 128,381 | |||||||
ING Groep N.V. | ||||||||||
1.13%, 02/14/2025(b) | EUR | 100,000 | 125,344 | |||||||
2.13%, 01/10/2026(b) | EUR | 100,000 | 131,476 | |||||||
3.00%, 02/18/2026(b) | GBP | 200,000 | 299,322 | |||||||
1.38%, 01/11/2028(b) | EUR | 100,000 | 128,537 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
Netherlands-(continued) | ||||||||||
2.00%, 09/20/2028(b) | EUR | 100,000 | $ | 133,707 | ||||||
2.50%, 11/15/2030(b) | EUR | 100,000 | 143,868 | |||||||
Koninklijke KPN N.V., 5.75%, 09/17/2029(b) | GBP | 150,000 | 247,839 | |||||||
LeasePlan Corp. N.V. | ||||||||||
0.13%, 09/13/2023 | EUR | 100,000 | 120,985 | |||||||
0.25%, 02/23/2026(b) | EUR | 100,000 | 120,141 | |||||||
Shell International Finance B.V. | ||||||||||
1.63%, 01/20/2027(b) | EUR | 50,000 | 65,850 | |||||||
0.13%, 11/08/2027(b) | EUR | 100,000 | 120,533 | |||||||
1.50%, 04/07/2028(b) | EUR | 100,000 | 131,334 | |||||||
1.25%, 05/12/2028(b) | EUR | 100,000 | 129,283 | |||||||
0.75%, 08/15/2028(b) | EUR | 50,000 | 62,355 | |||||||
1.00%, 12/10/2030(b) | GBP | 50,000 | 65,337 | |||||||
0.50%, 11/08/2031(b) | EUR | 100,000 | 119,880 | |||||||
1.88%, 04/07/2032(b) | EUR | 100,000 | 136,472 | |||||||
1.25%, 11/11/2032(b) | EUR | 100,000 | 128,017 | |||||||
0.88%, 11/08/2039(b) | EUR | 100,000 | 114,136 | |||||||
|
| |||||||||
4,294,464 | ||||||||||
|
| |||||||||
Norway-0.95% | ||||||||||
Equinor ASA | ||||||||||
1.25%, 02/17/2027(b) | EUR | 150,000 | 192,746 | |||||||
6.88%, 03/11/2031(b) | GBP | 100,000 | 204,322 | |||||||
1.38%, 05/22/2032(b) | EUR | 100,000 | 129,919 | |||||||
1.63%, 02/17/2035(b) | EUR | 100,000 | 132,963 | |||||||
Telenor ASA | ||||||||||
0.75%, 05/31/2026(b) | EUR | 100,000 | 124,698 | |||||||
1.13%, 05/31/2029(b) | EUR | 100,000 | 127,869 | |||||||
|
| |||||||||
912,517 | ||||||||||
|
| |||||||||
Portugal-0.13% | ||||||||||
EDP Finance B.V., 1.13%, 02/12/2024(b) | EUR | 100,000 | 124,583 | |||||||
|
| |||||||||
Singapore-0.22% | ||||||||||
Temasek Financial I Ltd., 5.13%, 07/26/2040(b) | GBP | 100,000 | 216,118 | |||||||
|
| |||||||||
Spain-5.77% | ||||||||||
Abertis Infraestructuras S.A. | ||||||||||
2.38%, 09/27/2027(b) | EUR | 100,000 | 132,923 | |||||||
3.00%, 03/27/2031(b) | EUR | 100,000 | 140,266 | |||||||
Banco Bilbao Vizcaya Argentaria S.A. | ||||||||||
1.13%, 02/28/2024(b) | EUR | 100,000 | 124,389 | |||||||
0.38%, 10/02/2024(b) | EUR | 100,000 | 121,909 | |||||||
1.38%, 05/14/2025(b) | EUR | 100,000 | 126,630 | |||||||
1.00%, 06/21/2026(b) | EUR | 100,000 | 125,293 | |||||||
0.50%, 01/14/2027(b) | EUR | 100,000 | 121,110 | |||||||
3.50%, 02/10/2027(b) | EUR | 100,000 | 139,624 | |||||||
Banco de Sabadell S.A., | EUR | 100,000 | 123,130 | |||||||
Banco Santander S.A. | ||||||||||
2.75%, 09/12/2023(b) | GBP | 100,000 | 144,665 | |||||||
1.38%, 07/31/2024(b) | GBP | 200,000 | 280,498 | |||||||
1.13%, 01/17/2025(b) | EUR | 100,000 | 124,778 | |||||||
2.50%, 03/18/2025(b) | EUR | 100,000 | 130,038 | |||||||
1.38%, 01/05/2026(b) | EUR | 100,000 | 126,561 | |||||||
3.25%, 04/04/2026(b) | EUR | 100,000 | 135,824 | |||||||
0.30%, 10/04/2026(b) | EUR | 100,000 | 121,368 | |||||||
3.13%, 01/19/2027(b) | EUR | 100,000 | 136,954 |
Principal | ||||||||||
Amount | Value | |||||||||
Spain-(continued) | ||||||||||
0.50%, 02/04/2027(b) | EUR | 100,000 | $ | 120,989 | ||||||
1.75%, 02/17/2027(b) | GBP | 100,000 | 138,777 | |||||||
1.13%, 06/23/2027(b) | EUR | 100,000 | 125,785 | |||||||
2.13%, 02/08/2028(b) | EUR | 100,000 | 130,461 | |||||||
0.20%, 02/11/2028(b) | EUR | 100,000 | 118,841 | |||||||
1.63%, 10/22/2030(b) | EUR | 100,000 | 124,146 | |||||||
CaixaBank S.A. | ||||||||||
1.75%, 10/24/2023(b) | EUR | 100,000 | 125,665 | |||||||
2.38%, 02/01/2024(b) | EUR | 100,000 | 128,128 | |||||||
1.13%, 05/17/2024(b) | EUR | 100,000 | 124,584 | |||||||
0.63%, 10/01/2024(b) | EUR | 100,000 | 122,366 | |||||||
0.38%, 02/03/2025(b) | EUR | 100,000 | 121,608 | |||||||
1.13%, 03/27/2026(b) | EUR | 100,000 | 125,560 | |||||||
1.38%, 06/19/2026(b) | EUR | 100,000 | 125,461 | |||||||
Iberdrola International, B.V., 1.13%, 04/21/2026(b) | EUR | 100,000 | 127,368 | |||||||
Mapfre S.A., 1.63%, 05/19/2026(b) | EUR | 100,000 | 130,484 | |||||||
Naturgy Finance B.V., 1.38%, 01/19/2027(b) | EUR | 100,000 | 128,304 | |||||||
Santander Consumer Finance S.A., 0.38%, 06/27/2024(b) | EUR | 100,000 | 121,857 | |||||||
Telefonica Emisiones S.A. | ||||||||||
1.53%, 01/17/2025(b) | EUR | 100,000 | 127,643 | |||||||
5.38%, 02/02/2026(b) | GBP | 100,000 | 164,050 | |||||||
1.46%, 04/13/2026(b) | EUR | 200,000 | 257,255 | |||||||
1.20%, 08/21/2027(b) | EUR | 200,000 | 254,489 | |||||||
1.72%, 01/12/2028(b) | EUR | 100,000 | 131,395 | |||||||
1.79%, 03/12/2029(b) | EUR | 100,000 | 132,471 | |||||||
|
| |||||||||
5,563,647 | ||||||||||
|
| |||||||||
Sweden-1.40% | ||||||||||
Skandinaviska Enskilda Banken AB, 0.63%, 11/12/2029(b) | EUR | 200,000 | 244,174 | |||||||
Svenska Handelsbanken AB, 0.50%, 02/18/2030(b) | EUR | 200,000 | 240,205 | |||||||
Swedbank AB, 0.75%, 05/05/2025(b) | EUR | 100,000 | 124,278 | |||||||
Telia Co. AB, 3.63%, 11/08/2023(b) | SEK | 2,000,000 | 255,788 | |||||||
Vattenfall AB, 6.88%, 04/15/2039(b) | GBP | 200,000 | 480,325 | |||||||
|
| |||||||||
1,344,770 | ||||||||||
|
| |||||||||
Switzerland-2.16% | ||||||||||
Credit Suisse AG, 1.50%, 04/10/2026(b) | EUR | 50,000 | 64,235 | |||||||
Credit Suisse Group AG | CHF | 200,000 | 223,768 | |||||||
2.75%, 08/08/2025(b) | GBP | 150,000 | 219,525 | |||||||
0.65%, 09/10/2029(b) | EUR | 100,000 | 118,777 | |||||||
0.63%, 01/18/2033(b) | EUR | 148,000 | 166,661 | |||||||
Holcim Finance (Luxembourg) S.A., 2.25%, 05/26/2028(b) | EUR | 100,000 | 135,241 | |||||||
Nestle Finance International Ltd., 0.38%, 05/12/2032(b) | EUR | 200,000 | 239,122 | |||||||
Richemont International Holding S.A. | EUR | 100,000 | 132,431 | |||||||
2.00%, 03/26/2038(b) | EUR | 100,000 | 138,441 | |||||||
UBS AG, 0.63%, 12/18/2023(b) | GBP | 200,000 | 277,134 | |||||||
UBS Group AG | EUR | 100,000 | 125,183 | |||||||
0.25%, 02/24/2028(b) | EUR | 200,000 | 237,766 | |||||||
|
| |||||||||
2,078,284 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | ||||||||||||||
United Kingdom-21.69% | |||||||||||||||
ABP Finance PLC, 6.25%, 12/14/2026(b) | GBP | 100,000 | $ | 168,519 | |||||||||||
Annington Funding PLC | GBP | 100,000 | 145,917 | ||||||||||||
3.18%, 07/12/2029(b) | GBP | 150,000 | 224,832 | ||||||||||||
3.69%, 07/12/2034(b) | GBP | 200,000 | 317,718 | ||||||||||||
3.94%, 07/12/2047(b) | GBP | 100,000 | 170,748 | ||||||||||||
Barclays PLC | EUR | 75,000 | 91,733 | ||||||||||||
1.88%, 12/08/2023(b) | EUR | 100,000 | 126,506 | ||||||||||||
3.13%, 01/17/2024(b) | GBP | 250,000 | 365,560 | ||||||||||||
3.00%, 05/08/2026(b) | GBP | 100,000 | 148,313 | ||||||||||||
3.25%, 02/12/2027(b) | GBP | 250,000 | 375,729 | ||||||||||||
BAT International Finance PLC 7.25%, 03/12/2024 | GBP | 100,000 | 162,099 | ||||||||||||
4.00%, 09/04/2026(b) | GBP | 150,000 | 229,967 | ||||||||||||
2.25%, 06/26/2028(b) | GBP | 100,000 | 137,973 | ||||||||||||
6.00%, 11/24/2034(b) | GBP | 150,000 | 270,108 | ||||||||||||
2.25%, 09/09/2052(b) | GBP | 100,000 | 100,906 | ||||||||||||
BG Energy Capital PLC, 5.00%, 11/04/2036(b) | GBP | 150,000 | 290,319 | ||||||||||||
BP Capital Markets PLC 2.97%, 02/27/2026(b) | EUR | 100,000 | 137,604 | ||||||||||||
1.57%, 02/16/2027(b) | EUR | 100,000 | 130,286 | ||||||||||||
0.83%, 11/08/2027(b) | EUR | 100,000 | 124,761 | ||||||||||||
2.52%, 04/07/2028(b) | EUR | 100,000 | 138,448 | ||||||||||||
1.23%, 05/08/2031(b) | EUR | 100,000 | 126,450 | ||||||||||||
2.82%, 04/07/2032(b) | EUR | 100,000 | 146,148 | ||||||||||||
British Telecommunications PLC 1.13%, 03/10/2023(b) | EUR | 100,000 | 123,475 | ||||||||||||
1.00%, 11/21/2024(b) | EUR | 100,000 | 124,588 | ||||||||||||
1.75%, 03/10/2026(b) | EUR | 100,000 | 130,039 | ||||||||||||
1.50%, 06/23/2027(b) | EUR | 100,000 | 129,139 | ||||||||||||
5.75%, 12/07/2028(b) | GBP | 100,000 | 177,065 | ||||||||||||
3.13%, 11/21/2031(b) | GBP | 100,000 | 150,739 | ||||||||||||
6.38%, 06/23/2037(b) | GBP | 100,000 | 208,962 | ||||||||||||
BUPA Finance PLC, 5.00%, 04/25/2023(b) | GBP | 150,000 | 223,918 | ||||||||||||
Cadent Finance PLC | GBP | 150,000 | 215,279 | ||||||||||||
2.63%, 09/22/2038(b) | GBP | 200,000 | 285,412 | ||||||||||||
2.75%, 09/22/2046(b) | GBP | 100,000 | 143,248 | ||||||||||||
Centrica PLC | GBP | 150,000 | 246,535 | ||||||||||||
7.00%, 09/19/2033(b) | GBP | 150,000 | 316,939 | ||||||||||||
4.25%, 09/12/2044(b) | GBP | 150,000 | 267,912 | ||||||||||||
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b) | EUR | 100,000 | 123,828 | ||||||||||||
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b) | EUR | 100,000 | 123,413 | ||||||||||||
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b) | GBP | 186,926 | 285,271 | ||||||||||||
Diageo Finance PLC, 2.50%, 03/27/2032(b) | EUR | 100,000 | 143,617 | ||||||||||||
easyJet FinCo B.V., 1.88%, 03/03/2028(b) | EUR | 100,000 | 119,387 | ||||||||||||
Eversholt Funding PLC, 2.74%, 06/30/2040(b) | GBP | 100,000 | 142,891 |
Principal Amount | Value | ||||||||||||||
United Kingdom-(continued) | |||||||||||||||
Friends Life Holdings PLC, 8.25%, 04/21/2022(b) | GBP | 150,000 | $ | 223,029 | |||||||||||
GlaxoSmithKline Capital PLC | GBP | 200,000 | 387,051 | ||||||||||||
1.63%, 05/12/2035(b) | GBP | 200,000 | 266,520 | ||||||||||||
6.38%, 03/09/2039 | GBP | 100,000 | 229,377 | ||||||||||||
5.25%, 04/10/2042(b) | GBP | 225,000 | 479,799 | ||||||||||||
4.25%, 12/18/2045(b)(c) | GBP | 150,000 | 293,747 | ||||||||||||
Heathrow Funding Ltd. | GBP | 100,000 | 158,941 | ||||||||||||
5.23%, 02/15/2025(b) | GBP | 150,000 | 223,508 | ||||||||||||
6.75%, 12/03/2026(b) | GBP | 100,000 | 175,389 | ||||||||||||
6.45%, 12/10/2031(b) | GBP | 150,000 | 284,742 | ||||||||||||
5.88%, 05/13/2041(b) | GBP | 200,000 | 400,592 | ||||||||||||
4.63%, 10/31/2046(b) | GBP | 200,000 | 360,258 | ||||||||||||
HSBC Bank PLC | GBP | 150,000 | 274,598 | ||||||||||||
4.75%, 03/24/2046 | GBP | 100,000 | 188,619 | ||||||||||||
HSBC Holdings PLC | GBP | 100,000 | 161,586 | ||||||||||||
0.88%, 09/06/2024(b) | EUR | 200,000 | 247,839 | ||||||||||||
2.50%, 03/15/2027(b) | EUR | 100,000 | 135,601 | ||||||||||||
2.63%, 08/16/2028(b) | GBP | 200,000 | 293,009 | ||||||||||||
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033(b) | EUR | 100,000 | 118,770 | ||||||||||||
Imperial Brands Finance PLC | GBP | 100,000 | 164,864 | ||||||||||||
5.50%, 09/28/2026(b) | GBP | 150,000 | 246,198 | ||||||||||||
4.88%, 06/07/2032(b) | GBP | 100,000 | 162,473 | ||||||||||||
Lloyds Bank Corporate Markets PLC 0.25%, 10/04/2022(b) | EUR | 100,000 | 121,350 | ||||||||||||
1.75%, 07/11/2024(b) | GBP | 150,000 | 212,901 | ||||||||||||
2.38%, 04/09/2026(b) | EUR | 100,000 | 133,556 | ||||||||||||
Lloyds Bank PLC | GBP | 100,000 | 172,565 | ||||||||||||
6.50%, 09/17/2040(b) | GBP | 150,000 | 353,133 | ||||||||||||
London Stock Exchange Group PLC, 1.63%, 04/06/2030(b) | GBP | 100,000 | 138,060 | ||||||||||||
Motability Operations Group PLC 3.63%, 03/10/2036(b) | GBP | 150,000 | 254,851 | ||||||||||||
2.38%, 07/03/2039(b) | GBP | 100,000 | 147,935 | ||||||||||||
Nationwide Building Society, 0.25%, 07/22/2025(b) | EUR | 100,000 | 121,516 | ||||||||||||
Natwest Group PLC, | EUR | 100,000 | 126,280 | ||||||||||||
NatWest Markets PLC | EUR | 100,000 | 124,496 | ||||||||||||
2.75%, 04/02/2025(b) | EUR | 100,000 | 133,188 | ||||||||||||
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032(b) | GBP | 125,000 | 173,812 | ||||||||||||
Rio Tinto Finance PLC, 4.00%, 12/11/2029(b) | GBP | 150,000 | 249,512 | ||||||||||||
Santander UK Group Holdings PLC 1.13%, 09/08/2023(b) | EUR | 100,000 | 123,725 | ||||||||||||
3.63%, 01/14/2026(b)(c) | GBP | 150,000 | 228,772 | ||||||||||||
Scottish Widows Ltd. | GBP | 200,000 | 302,566 | ||||||||||||
7.00%, 06/16/2043(b) | GBP | 150,000 | 306,898 | ||||||||||||
Sky Ltd., 2.50%, 09/15/2026(b) | EUR | 100,000 | 136,308 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Principal Amount | Value | ||||||||||||||
United Kingdom-(continued) | |||||||||||||||
Society of Lloyd’s, 4.75%, 10/30/2024(b) | GBP | 100,000 | $ | 153,573 | |||||||||||
SSE PLC, 8.38%, 11/20/2028(b) | GBP | 120,000 | 244,287 | ||||||||||||
Standard Chartered PLC | GBP | 100,000 | 175,094 | ||||||||||||
4.38%, 01/18/2038(b) | GBP | 100,000 | 188,003 | ||||||||||||
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b)(c) | GBP | 200,000 | 417,526 | ||||||||||||
Thames Water Utilities Finance PLC 4.00%, 06/19/2025(b) | GBP | 100,000 | 155,577 | ||||||||||||
5.13%, 09/28/2037(b) | GBP | 150,000 | 285,850 | ||||||||||||
5.50%, 02/11/2041(b) | GBP | 100,000 | 203,967 | ||||||||||||
Unilever Finance Netherlands B.V., 1.75%, 03/25/2030(b) | EUR | 50,000 | 67,547 | ||||||||||||
University of Oxford, 2.54%, 12/08/2117(b) | GBP | 200,000 | 343,360 | ||||||||||||
Vodafone Group PLC | EUR | 100,000 | 130,049 | ||||||||||||
2.20%, 08/25/2026(b) | EUR | 100,000 | 133,732 | ||||||||||||
1.63%, 11/24/2030(b) | EUR | 100,000 | 132,129 | ||||||||||||
1.60%, 07/29/2031(b) | EUR | 100,000 | 131,299 | ||||||||||||
3.38%, 08/08/2049(b) | GBP | 100,000 | 157,692 | ||||||||||||
3.00%, 08/12/2056(b) | GBP | 200,000 | 294,157 | ||||||||||||
Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b) | GBP | 100,000 | 173,065 | ||||||||||||
Western Power Distribution PLC, 3.63%, 11/06/2023(b) | GBP | 150,000 | 220,232 | ||||||||||||
Western Power Distribution West Midlands | |||||||||||||||
PLC, 5.75%, 04/16/2032(b) | GBP | 125,000 | 237,794 | ||||||||||||
Westfield Stratford City Finance No. 2 | |||||||||||||||
PLC, 1.64%, 08/04/2026(b) | GBP | 150,000 | 206,246 | ||||||||||||
|
| ||||||||||||||
20,901,414 | |||||||||||||||
|
| ||||||||||||||
United States-1.84% | |||||||||||||||
American Honda Finance Corp. 0.35%, 08/26/2022 | EUR | 100,000 | 121,466 | ||||||||||||
1.95%, 10/18/2024 | EUR | 100,000 | 128,750 |
Investment Abbreviations:
AUD-Australian Dollar
CAD-Canadian Dollar
CHF-Swiss Franc
EUR-Euro
GBP-British Pound Sterling
JPY-Japanese Yen
NOK-Norwegian Krone
SEK-Swedish Krona
Principal Amount | Value | ||||||||||||||
United States-(continued) | |||||||||||||||
Medtronic Global Holdings S.C.A. | |||||||||||||||
0.38%, 10/15/2028 | EUR | 100,000 | $ | 120,932 | |||||||||||
1.63%, 03/07/2031 | EUR | 100,000 | 132,458 | ||||||||||||
0.75%, 10/15/2032 | EUR | 100,000 | 120,540 | ||||||||||||
1.38%, 10/15/2040 | EUR | 100,000 | 120,756 | ||||||||||||
Stellantis N.V. | |||||||||||||||
3.38%, 07/07/2023(b) | EUR | 200,000 | 256,388 | ||||||||||||
3.75%, 03/29/2024(b) | EUR | 125,000 | 165,947 | ||||||||||||
2.75%, 05/15/2026(b) | EUR | 100,000 | 133,406 | ||||||||||||
4.50%, 07/07/2028(b) | EUR | 100,000 | 150,250 | ||||||||||||
Toyota Motor Credit Corp. | |||||||||||||||
0.25%, 07/16/2026(b) | EUR | 100,000 | 122,009 | ||||||||||||
0.75%, 11/19/2026(b) | GBP | 150,000 | 204,437 | ||||||||||||
|
| ||||||||||||||
1,777,339 | |||||||||||||||
|
| ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 95,384,783 | |||||||||||||
|
| ||||||||||||||
Shares | |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| ||||||||||||||
Money Market Funds-1.02% |
| ||||||||||||||
Invesco Private Government Fund, 0.01%(d)(e)(f) |
| 395,021 | 395,021 | ||||||||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) |
| 593,750 | 593,987 | ||||||||||||
|
| ||||||||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 989,008 | |||||||||||||
|
| ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES-100.00% |
| 96,373,791 | |||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.00)% |
| (3,772 | ) | ||||||||||||
|
| ||||||||||||||
NET ASSETS-100.00% | $ | 96,370,019 | |||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2021
(Unaudited)
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2021 was $74,512,270, which represented 77.32% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2021. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2021. |
Value October 31, 2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2021 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, | ||||||||||||||||||||||||||||
Institutional Class | $- | $ | 5,594,269 | $ | (5,594,269 | ) | $- | $- | $- | $8 | ||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,064,207 | (669,186 | ) | - | - | 395,021 | 13 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 1,590,368 | (996,381 | ) | - | - | 593,987 | 137 | * | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $- | $ | 8,248,844 | $ | (7,259,836 | ) | $- | $- | $989,008 | $158 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2021. |
(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. |
Portfolio Composition | ||||||
Sector Breakdown (% of the Fund’s Net Assets) | ||||||
as of April 30, 2021 |
Financials | 45.67 | |||||
Utilities | 10.54 | |||||
Communication Services | 9.26 | |||||
Consumer Discretionary | 8.01 | |||||
Industrials | 6.89 | |||||
Consumer Staples | 5.18 | |||||
Energy | 5.17 | |||||
Health Care | 4.49 | |||||
Sector Types Each Less Than 3% | 3.77 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2021
(Unaudited)
Invesco | ||||||||||||
Invesco Emerging | Global Short Term | Invesco International | ||||||||||
Markets Sovereign | High Yield Bond | Corporate Bond | ||||||||||
Debt ETF (PCY) | ETF (PGHY) | ETF (PICB) | ||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,768,815,251 | $ | 223,103,834 | $ | 95,384,783 | ||||||
Affiliated investments in securities, at value | 56,357,654 | 25,541,075 | 989,008 | |||||||||
Cash | 737,384 | 1,920,700 | - | |||||||||
Foreign currencies, at value | - | - | 346,242 | |||||||||
Deposits with brokers: | ||||||||||||
Cash segregated as collateral | 5,827,976 | 74,834 | - | |||||||||
Receivable for: | ||||||||||||
Dividends and interest | 37,483,736 | 3,583,998 | 850,741 | |||||||||
Securities lending | 6,652 | 7,250 | 120 | |||||||||
Investments sold | 5,593,804 | 500,000 | 240,434 | |||||||||
Fund shares sold | 7,788,538 | 70,972 | - | |||||||||
Foreign tax reclaims | - | - | 54,028 | |||||||||
Investments matured, at value | - | 1,825,455 | - | |||||||||
|
|
|
|
|
| |||||||
Total assets | 2,882,610,995 | 256,628,118 | 97,865,356 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Due to custodian | - | - | 48,020 | |||||||||
Due to foreign custodian | - | 34 | - | |||||||||
Payable for: | ||||||||||||
Investments purchased | 7,706,416 | 2,478,167 | 418,909 | |||||||||
Collateral upon return of securities loaned | 51,722,695 | 19,453,353 | 989,008 | |||||||||
Collateral upon receipt of securities in-kind | 5,827,976 | 74,833 | - | |||||||||
Fund shares repurchased | 6,150,140 | - | - | |||||||||
Accrued unitary management fees | 1,147,545 | 67,066 | 39,400 | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 72,554,772 | 22,073,453 | 1,495,337 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,810,056,223 | $ | 234,554,665 | $ | 96,370,019 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $ | 3,329,349,041 | $ | 258,217,098 | $ | 84,896,816 | ||||||
Distributable earnings (loss) | (519,292,818 | ) | (23,662,433 | ) | 11,473,203 | |||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,810,056,223 | $ | 234,554,665 | $ | 96,370,019 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 102,700,000 | 10,650,000 | 3,300,000 | |||||||||
Net asset value | $ | 27.36 | $ | 22.02 | $ | 29.20 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 27.39 | $ | 22.10 | $ | 29.29 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 2,795,090,305 | $ | 225,858,775 | $ | 88,254,902 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 56,357,653 | $ | 25,541,075 | $ | 989,008 | ||||||
|
|
|
|
|
| |||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (33 | ) | $ | 340,050 | |||||
|
|
|
|
|
| |||||||
Investments matured, at cost | $ | - | $ | 8,309,414 | $ | - | ||||||
|
|
|
|
|
| |||||||
(a) Includes securities on loan with an aggregate value of: | $ | 50,197,311 | $ | 18,735,501 | $ | 928,903 | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
For the six months ended April 30, 2021
(Unaudited)
Invesco | |||||||||||||||
Invesco Emerging | Global Short Term | Invesco International | |||||||||||||
Markets Sovereign | High Yield Bond | Corporate Bond | |||||||||||||
Debt ETF (PCY) | ETF (PGHY) | ETF (PICB) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated interest income | $ | 70,628,645 | $ | 4,726,458 | $ | 916,749 | |||||||||
Affiliated dividend income | 1,552 | 761 | 8 | ||||||||||||
Securities lending income | 14,665 | 25,893 | 209 | ||||||||||||
Foreign withholding tax | - | - | (7 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 70,644,862 | 4,753,112 | 916,959 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 7,023,387 | 372,476 | 294,228 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (4,293 | ) | (2,423 | ) | (51 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 7,019,094 | 370,053 | 294,177 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 63,625,768 | 4,383,059 | 622,782 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | 3,739,498 | (798,307 | ) | 2,669,709 | |||||||||||
Affiliated investment securities | - | 426 | - | ||||||||||||
In-kind redemptions | 39,473,925 | - | 1,606,742 | ||||||||||||
Foreign currencies | - | - | 68,383 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 43,213,423 | (797,881 | ) | 4,344,834 | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 1,316,845 | 6,223,224 | 403,581 | ||||||||||||
Affiliated investment securities | 1 | (51 | ) | - | |||||||||||
Foreign currencies | - | (3 | ) | 10,531 | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 1,316,846 | 6,223,170 | 414,112 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 44,530,269 | 5,425,289 | 4,758,946 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 108,156,037 | $ | 9,808,348 | $ | 5,381,728 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
(This Page Intentionally Left Blank)
29 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended April 30, 2021 and the year ended October 31, 2020
(Unaudited)
Invesco Emerging Markets Sovereign | Invesco Global Short Term High | |||||||||||||||||||
Debt ETF (PCY) | Yield Bond ETF (PGHY) | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 63,625,768 | $ | 141,613,491 | $ | 4,383,059 | $ | 11,173,841 | ||||||||||||
Net realized gain (loss) | 43,213,423 | (165,622,738 | ) | (797,881 | ) | (8,378,134 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 1,316,846 | (103,187,526 | ) | 6,223,170 | (5,426,421 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 108,156,037 | (127,196,773 | ) | 9,808,348 | (2,630,714 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (63,954,869 | ) | (145,456,485 | ) | (5,810,398 | ) | (11,177,975 | ) | ||||||||||||
Return of capital | - | - | - | (282,870 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (63,954,869 | ) | (145,456,485 | ) | (5,810,398 | ) | (11,460,845 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 750,099,282 | 1,134,059,434 | 34,201,620 | 17,991,045 | ||||||||||||||||
Value of shares repurchased | (659,690,273 | ) | (1,721,347,456 | ) | - | (38,021,588 | ) | |||||||||||||
Transaction fees | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 90,409,009 | (587,288,022 | ) | 34,201,620 | (20,030,543 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 134,610,177 | (859,941,280 | ) | 38,199,570 | (34,122,102 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 2,675,446,046 | 3,535,387,326 | 196,355,095 | 230,477,197 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,810,056,223 | $ | 2,675,446,046 | $ | 234,554,665 | $ | 196,355,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 27,000,000 | 42,500,000 | 1,550,000 | 800,000 | ||||||||||||||||
Shares repurchased | (23,800,000 | ) | (64,400,000 | ) | - | (1,800,000 | ) | |||||||||||||
Shares outstanding, beginning of period | 99,500,000 | 121,400,000 | 9,100,000 | 10,100,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 102,700,000 | 99,500,000 | 10,650,000 | 9,100,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco International Corporate | ||||||||
Bond ETF (PICB) | ||||||||
Six Months Ended | Year Ended | |||||||
April 30, | October 31, | |||||||
2021 | 2020 | |||||||
$ | 622,782 | $ | 1,449,195 | |||||
4,344,834 | 750,703 | |||||||
414,112 | 4,034,404 | |||||||
|
|
|
| |||||
5,381,728 | 6,234,302 | |||||||
|
|
|
| |||||
(793,824) | (1,457,468 | ) | ||||||
- | - | |||||||
|
|
|
| |||||
(793,824) | (1,457,468 | ) | ||||||
|
|
|
| |||||
11,881,584 | 23,204,967 | |||||||
(38,131,757) | (21,858,354 | ) | ||||||
7,455 | 23,608 | |||||||
|
|
|
| |||||
(26,242,718) | 1,370,221 | |||||||
|
|
|
| |||||
(21,654,814) | 6,147,055 | |||||||
|
|
|
| |||||
118,024,833 | 111,877,778 | |||||||
|
|
|
| |||||
$ | 96,370,019 | $ | 118,024,833 | |||||
|
|
|
| |||||
400,000 | 850,000 | |||||||
(1,300,000) | (800,000 | ) | ||||||
4,200,000 | 4,150,000 | |||||||
|
|
|
| |||||
3,300,000 | 4,200,000 | |||||||
|
|
|
|
31 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.89 | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.63 | 1.28 | 1.41 | 1.26 | 1.45 | 1.46 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.47 | (2.20 | ) | 2.93 | (3.42 | ) | (0.17 | ) | 1.74 | |||||||||||||||||||||
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Total from investment operations | 1.10 | (0.92 | ) | 4.34 | (2.16 | ) | 1.28 | 3.20 | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.63 | ) | (1.31 | ) | (1.42 | ) | (1.26 | ) | (1.46 | ) | (1.47 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | (0.01 | ) | - | |||||||||||||||||||||||
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Total distributions | (0.63 | ) | (1.31 | ) | (1.42 | ) | (1.26 | ) | (1.47 | ) | (1.47 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 27.36 | $ | 26.89 | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | ||||||||||||||||||
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Market price at end of period(b) | $ | 27.39 | $ | 26.81 | $ | 29.13 | $ | 26.13 | $ | 29.62 | $ | 29.70 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 4.07 | % | (3.07 | )% | 16.91 | % | (7.42 | )% | 4.49 | % | 11.79 | % | ||||||||||||||||||
Market Price Total Return(c) | 4.50 | % | (3.38 | )% | 17.28 | % | (7.66 | )% | 4.88 | % | 11.61 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,810,056 | $ | 2,675,446 | $ | 3,535,387 | $ | 3,704,365 | $ | 4,970,710 | $ | 4,125,597 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.50 | %(d) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||
Net investment income | 4.53 | %(d) | 4.63 | % | 5.03 | % | 4.51 | % | 4.98 | % | 5.06 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 26 | % | 28 | % | 28 | % | 54 | % | 30 | % | 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 redemption at net asset value 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.
32 | ||||
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Financial Highlights–(continued)
Invesco Global Short Term High Yield Bond ETF (PGHY)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.58 | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | ||||||||||||||||||
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Net investment income(a) | 0.45 | 1.18 | 1.20 | 1.24 | 1.34 | 1.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.59 | (1.20 | ) | (0.32 | ) | (1.00 | ) | 0.02 | 0.59 | |||||||||||||||||||||
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Total from investment operations | 1.04 | (0.02 | ) | 0.88 | 0.24 | 1.36 | 2.10 | |||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.60 | ) | (1.19 | ) | (1.20 | ) | (1.24 | ) | (1.37 | ) | (1.42 | ) | ||||||||||||||||||
Return of capital | - | (0.03 | ) | - | - | (0.01 | ) | (0.02 | ) | |||||||||||||||||||||
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Total distributions | (0.60 | ) | (1.22 | ) | (1.20 | ) | (1.24 | ) | (1.38 | ) | (1.44 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 22.02 | $ | 21.58 | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | ||||||||||||||||||
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Market price at end of period(b) | $ | 22.10 | $ | 21.59 | $ | 22.81 | $ | 23.03 | $ | 24.19 | $ | 24.23 | ||||||||||||||||||
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Net Asset Value Total Return(c) | 4.83 | % | 0.02 | % | 3.90 | % | 1.05 | % | 5.76 | % | 9.27 | % | ||||||||||||||||||
Market Price Total Return(c) | 5.16 | % | 0.15 | % | 4.36 | % | 0.36 | % | 5.66 | % | 10.17 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 234,555 | $ | 196,355 | $ | 230,477 | $ | 216,400 | $ | 222,093 | $ | 68,862 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net investment income | 4.12 | %(d) | 5.39 | % | 5.21 | % | 5.25 | % | 5.52 | % | 6.43 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 31 | % | 54 | % | 57 | % | 42 | % | 38 | % | 53 | % |
(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 at net asset value 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.
33 | ||||
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Financial Highlights–(continued)
Invesco International Corporate Bond ETF (PICB)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2021 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.10 | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | ||||||||||||||||||
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Net investment income(a) | 0.15 | 0.34 | 0.39 | 0.43 | 0.42 | 0.55 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.14 | 1.13 | 1.65 | (1.57 | ) | 1.80 | (0.86 | ) | ||||||||||||||||||||||
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Total from investment operations | 1.29 | 1.47 | 2.04 | (1.14 | ) | 2.22 | (0.31 | ) | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.34 | ) | (0.23 | ) | (0.43 | ) | (0.23 | ) | - | |||||||||||||||||||
Net realized gains | (0.03 | ) | - | - | - | - | - | |||||||||||||||||||||||
Return of capital | - | - | (0.16 | ) | - | (0.19 | ) | (0.56 | ) | |||||||||||||||||||||
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Total distributions | (0.19 | ) | (0.34 | ) | (0.39 | ) | (0.43 | ) | (0.42 | ) | (0.56 | ) | ||||||||||||||||||
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Transaction fees(a) | 0.00 | (b) | 0.01 | 0.00 | (b) | - | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||||||
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Net asset value at end of period | $ | 29.20 | $ | 28.10 | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | ||||||||||||||||||
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Market price at end of period(c) | $ | 29.29 | $ | 28.15 | $ | 26.84 | $ | 25.28 | $ | 26.89 | $ | 25.02 | ||||||||||||||||||
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Net Asset Value Total Return(d) | 4.59 | % | 5.57 | % | 8.12 | % | (4.31 | )% | 8.95 | % | (1.26 | )% | ||||||||||||||||||
Market Price Total Return(d) | 4.73 | % | 6.24 | % | 7.77 | % | (4.46 | )% | 9.25 | % | (1.26 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 96,370 | $ | 118,025 | $ | 111,878 | $ | 118,969 | $ | 159,963 | $ | 160,539 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.50 | %(e) | 0.50 | % | 0.51 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||
Net investment income | | 1.06 | %(e) | 1.27 | % | 1.49 | %(f) | 1.58 | % | 1.62 | % | 2.12 | % | |||||||||||||||||
Portfolio turnover rate(g) | 6 | % | 22 | % | 23 | % | 12 | % | 14 | % | 24 | % |
(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 at net asset value 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
34 | ||||
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Invesco Exchange-Traded Fund Trust II
April 30, 2021
(Unaudited)
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust 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 Emerging Markets Sovereign Debt ETF (PCY) | “Emerging Markets Sovereign Debt ETF” | |
Invesco Global Short Term High Yield Bond ETF (PGHY) | “Global Short Term High Yield Bond ETF” | |
Invesco International Corporate Bond ETF (PICB) | “International Corporate Bond ETF” |
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 of each Fund 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 | |
Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced Index | |
Global Short Term High Yield Bond ETF | DB Global Short Maturity High Yield Bond Index | |
International Corporate Bond ETF | S&P International Corporate Bond Index® |
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 (“OTC”) 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
35 | ||||
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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, the 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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by 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, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
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.
Changing Global Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds rates at, near or below zero. In recent years, the FRB and other foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19
36 | ||||
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pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 a 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 rate and a Fund’s transaction costs.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.
The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
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.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-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 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.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
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 located 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 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 each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Risk. Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined . There is no assurance at the composition or characteristics of any alternative reference rate will be similar to or
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produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding 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 its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Investment Grade Securities Risk. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an 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 issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.
Sampling Risk. Certain Funds’ use of a representative sampling approach may 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 held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations 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.
C. | 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 an accrual basis from the settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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D. | 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. |
E. | 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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | 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 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.
G. | 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 costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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 a Fund’s unitary management fee and 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.
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. | 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 Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their 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. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the 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 |
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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. For Funds that participated in securities lending, 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. | 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 the 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. Each Fund does 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 a 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. |
Each Fund 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 a Fund invests.
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.
Pursuant to the Investment Advisory Agreement, 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
Emerging Markets Sovereign Debt ETF | 0.50% | |
Global Short Term High Yield Bond ETF | 0.35% | |
International Corporate Bond ETF | 0.50% |
Further, through at least August 31, 2023, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For the six months ended April 30, 2021, the Adviser waived fees for each Fund in the following amounts:
Emerging Markets Sovereign Debt ETF | $ | 4,293 | ||
Global Short Term High Yield Bond ETF | 2,423 | |||
International Corporate Bond ETF | 51 |
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 | |
Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. | |
Global Short Term High Yield Bond ETF | Deutsche Bank Securities Inc. | |
International Corporate Bond ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–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 . |
The following is a summary of the tiered valuation input levels, as of April 30, 2021, for each Fund (except for International Corporate Bond ETF). As of April 30, 2021, all of the securities in International Corporate Bond ETF were valued based on Level 2 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 | |||||||||||||||||
Emerging Markets Sovereign Debt ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 2,768,815,251 | $ | - | $ | 2,768,815,251 | ||||||||||||
Money Market Funds | 4,634,958 | 51,722,696 | - | 56,357,654 | ||||||||||||||||
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Total Investments | $ | 4,634,958 | $ | 2,820,537,947 | $ | - | $ | 2,825,172,905 | ||||||||||||
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Global Short Term High Yield Bond ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 222,499,956 | $ | 254,787 | $ | 222,754,743 | ||||||||||||
Common Stocks & Other Equity Interests | 277,911 | - | 21,038 | 298,949 | ||||||||||||||||
Variable Rate Senior Loan Interests | - | - | 50,142 | 50,142 |
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Preferred Stocks | $ | - | $ | - | $ | 0 | $ | 0 | ||||||||||||
Money Market Funds | 6,087,722 | 19,453,353 | - | 25,541,075 | ||||||||||||||||
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Total Investments in Securities | 6,365,633 | 241,953,309 | 325,967 | 248,644,909 | ||||||||||||||||
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Other Investments - Assets | ||||||||||||||||||||
Investments Matured | - | 1,586,716 | 238,739 | 1,825,455 | ||||||||||||||||
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Total Investments | $ | 6,365,633 | $ | 243,540,025 | $ | 564,706 | $ | 250,470,364 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the 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 October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Emerging Markets Sovereign Debt ETF | $ | 193,316,142 | $ | 338,796,690 | $ | 532,112,832 | ||||||
Global Short Term High Yield Bond ETF | 2,236,370 | 9,961,628 | 12,197,998 | |||||||||
International Corporate Bond ETF | - | - | - |
NOTE 6–Investment Transactions
For the six months ended April 30, 2021, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Emerging Markets Sovereign Debt ETF | $ | 751,050,184 | $ | 726,954,303 | ||||
Global Short Term High Yield Bond ETF | 67,078,174 | 61,811,924 | ||||||
International Corporate Bond ETF | 10,838,747 | 7,280,778 |
For the six months ended April 30, 2021, in-kind transactions associated with creations and redemptions were as follows:
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Cost of Securities Received | Value of Securities Delivered | |||||||
Emerging Markets Sovereign Debt ETF | $ | 684,865,089 | $ | 616,784,206 | ||||
Global Short Term High Yield Bond ETF | 25,622,336 | - | ||||||
International Corporate Bond ETF | 8,630,886 | 37,628,771 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2021, 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 | |||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 47,769,298 | $ | (77,833,606 | ) | $ | (30,064,308 | ) | $ | 2,855,237,213 | ||||||
Global Short Term High Yield Bond ETF | 3,084,416 | (12,323,629 | ) | (9,239,213 | ) | 259,709,577 | ||||||||||
International Corporate Bond ETF | 7,553,918 | (424,037 | ) | 7,129,881 | 89,243,910 |
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NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a 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 each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 on the transaction date. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
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.
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Calculating your ongoing Fund expenses
Example
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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period November 1, 2020 through April 30, 2021.
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.
ı | Annualized | |||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2020 | April 30, 2021 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) | ||||||||||||||||||||
Actual | $1,000.00 | $1,040.70 | 0.50 | % | $2.53 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||||||||||||||
Invesco Global Short Term High Yield Bond ETF (PGHY) | ||||||||||||||||||||
Actual | 1,000.00 | 1,048.30 | 0.35 | 1.78 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.06 | 0.35 | 1.76 | ||||||||||||||||
Invesco International Corporate Bond ETF (PICB) | ||||||||||||||||||||
Actual | 1,000.00 | 1,045.90 | 0.50 | 2.54 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.32 | 0.50 | 2.51 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 15, 2021, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF | Invesco S&P 500® Enhanced Value ETF | |
Invesco California AMT-Free Municipal Bond ETF | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco CEF Income Composite ETF | Invesco S&P 500® High Beta ETF | |
Invesco China Technology ETF | Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Developed Markets Momentum ETF | Invesco S&P 500® Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF | Invesco S&P 500 Minimum Variance ETF | |
Invesco DWA SmallCap Momentum ETF | Invesco S&P 500® Momentum ETF | |
Invesco Emerging Markets Sovereign Debt ETF | Invesco S&P 500 Revenue ETF | |
Invesco FTSE International Low Beta Equal Weight ETF | Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | Invesco S&P International Developed High Dividend Low | |
Invesco FTSE RAFI Emerging Markets ETF | Volatility ETF | |
Invesco Fundamental High Yield® Corporate Bond ETF | Invesco S&P International Developed Low Volatility ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF | Invesco S&P International Developed Momentum ETF | |
Invesco Global Clean Energy ETF | Invesco S&P International Developed Quality ETF | |
Invesco Global Short Term High Yield Bond ETF | Invesco S&P MidCap 400 Revenue ETF | |
Invesco Global Water ETF | Invesco S&P MidCap Low Volatility ETF | |
Invesco International BuyBack AchieversTM ETF | Invesco S&P SmallCap 600 Revenue ETF | |
Invesco International Corporate Bond ETF | Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco KBW Bank ETF | Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW High Dividend Yield Financial ETF | Invesco S&P SmallCap Energy ETF | |
Invesco KBW Premium Yield Equity REIT ETF | Invesco S&P SmallCap Financials ETF | |
Invesco KBW Property & Casualty Insurance ETF | Invesco S&P SmallCap Health Care ETF | |
Invesco KBW Regional Banking ETF | Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco National AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Industrials ETF | |
Invesco New York AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Information Technology ETF | |
Invesco Preferred ETF | Invesco S&P SmallCap Low Volatility ETF | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF | Invesco S&P SmallCap Materials ETF | |
Invesco PureBetaSM FTSE Developed ex-North America ETF | Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM FTSE Emerging Markets ETF | Invesco S&P SmallCap Utilities & Communication Services ETF | |
Invesco PureBetaSM MSCI USA ETF | Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF | Invesco Senior Loan ETF | |
Invesco PureBetaSM US Aggregate Bond ETF | Invesco Taxable Municipal Bond ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF | Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Equal Weight ETF | Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Low Beta Equal Weight ETF | Invesco VRDO Tax-Free ETF |
Also at the April 15, 2021 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2020, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the ten-year period for Invesco VRDO Tax-Free ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for the Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
● | 0.04%: Invesco PureBetaSM MSCI USA ETF |
● | 0.05%: Invesco PureBetaSM US Aggregate Bond ETF |
● | 0.06%: Invesco PureBetaSM MSCI USA Small Cap ETF |
● | 0.07%: Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF |
● | 0.08%: Invesco Treasury Collateral ETF |
● | 0.10%: Invesco S&P 500 Minimum Variance ETF |
● | 0.13%: Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
● | 0.14%: Invesco PureBetaSM FTSE Emerging Markets ETF |
● | 0.20%: Invesco Russell 1000 Equal Weight ETF |
● | 0.22%: Invesco Fundamental Investment Grade Corporate Bond ETF |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
● | 0.25%: Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free ETF |
● | 0.28%: Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF |
● | 0.29%: Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF |
● | 0.30%: Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF |
● | 0.35%: Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF |
● | 0.39%: Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF |
● | 0.45%: Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
● | 0.49%: Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF |
● | 0.50%: Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF |
● | 0.55%: Invesco International BuyBack Achievers™ ETF |
● | 0.60%: Invesco DWA SmallCap Momentum ETF |
● | 0.65%: Invesco Senior Loan ETF |
● | 0.70%: Invesco China Technology ETF |
● | 0.75%: Invesco Global Clean Energy ETF, Invesco Global Water ETF |
● | 0.80%: Invesco DWA Developed Markets Momentum ETF |
● | 0.90%: Invesco DWA Emerging Markets Momentum ETF |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | |||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | ||||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | X | X | ||||
Invesco International BuyBack AchieversTM ETF | X | |||||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | X | X | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | X | X | X | |||
Invesco PureBetaSM FTSE Emerging Markets ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA ETF | X | X | X | |||
Invesco PureBetaSM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaSM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | |||||
Invesco Russell 1000 Equal Weight ETF | X | X | ||||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | |||||
Invesco S&P 500 Enhanced Value ETF | X | X | ||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500® High Beta ETF | X | X | ||||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | X | |||
Invesco S&P 500 Revenue ETF | X | |||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | ||||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | N/A | X | |||
Invesco S&P International Developed Quality ETF | X | N/A | X | |||
Invesco S&P MidCap 400 Revenue ETF | X |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco S&P MidCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | ||||
Invesco S&P SmallCap Low Volatility ETF | X | X | ||||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | X | |||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 15, 2021. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12 and April 15, 2021 Board meetings, and Invesco Advisers, Inc., in connection with the April 15, 2021 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.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 at www.invesco.com/ETFs.
©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-9 | 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.
Not applicable.
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 Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the 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 Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report 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 for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. | |
(a)(2) | ||
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) |
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/ Anna Paglia | |
Name: Anna Paglia | ||
Title: President |
Date: July 8, 2021
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/ Anna Paglia | |
Name: Anna Paglia | ||
Title: President |
Date: July 8, 2021
By: | /s/ Kelli Gallegos | |
Name: Kelli Gallegos | ||
Title: Treasurer |
Date: July 8, 2021