Schedule of Investments
Invesco Municipal Strategic Income ETF (IMSI)
January 31, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Municipal Obligations-96.48% | ||||||||
Alabama-3.04% | ||||||||
Black Belt Energy Gas District, Series 2022 C-1, RB | 5.25% | 02/01/2053 | $ | 500 | $536,535 | |||
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining), Series 2019 A, Ref. IDR(a) | 4.50% | 05/01/2032 | 427 | 390,759 | ||||
927,294 | ||||||||
Arizona-3.32% | ||||||||
Chandler (City of) Industrial Development Authority (Intel Corp.), Series 2022, RB | 5.00% | 09/01/2052 | 500 | 529,846 | ||||
Pima (County of), AZ Industrial Development Authority (American Leadership Academy), Series 2022, Ref. RB(a) | 4.00% | 06/15/2031 | 500 | 481,351 | ||||
1,011,197 | ||||||||
California-9.93% | ||||||||
California (State of) Community Choice Financing Authority (Green Bonds), Series 2023, RB | 5.00% | 12/01/2053 | 1,000 | 1,068,217 | ||||
California (State of) Public Finance Authority (Enso Village) (Green Bonds), Series 2021, RB(a) | 5.00% | 11/15/2036 | 500 | 485,418 | ||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center), Series 2014, RB | 5.25% | 12/01/2034 | 500 | 514,309 | ||||
California County Tobacco Securitization Agency, Series 2020 A, Ref. RB | 5.00% | 06/01/2024 | 450 | 460,746 | ||||
California Infrastructure & Economic Development Bank, Series 2020, RB | 3.65% | 01/01/2050 | 500 | 499,992 | ||||
3,028,682 | ||||||||
Colorado-1.58% | ||||||||
Centerra Metropolitan District No. 1 (In the City of Loveland), Series 2017, RB(a) | 5.00% | 12/01/2037 | 500 | 482,202 | ||||
District of Columbia-1.77% | ||||||||
Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB | 5.00% | 10/01/2037 | 500 | 539,113 | ||||
Florida-3.32% | ||||||||
Lee Memorial Health System, Series 2019 A-1, Ref. RB | 4.00% | 04/01/2037 | 1,000 | 1,012,853 | ||||
Georgia-3.29% | ||||||||
Main Street Natural Gas, Inc., Series 2018 A, RB | 4.00% | 04/01/2048 | 500 | 502,020 | ||||
Main Street Natural Gas, Inc., Subseries 2018 D, RB, (1 mo. USD LIBOR + 0.83%)(b) | 3.89% | 08/01/2048 | 500 | 500,759 | ||||
1,002,779 | ||||||||
Guam-1.67% | ||||||||
Guam (Territory of), Series 2015 D, Ref. RB | 5.00% | 11/15/2039 | 500 | 507,646 | ||||
Illinois-8.48% | ||||||||
Chicago (City of), IL, Series 2023 A, GO Bonds | 4.00% | 01/01/2035 | 500 | 487,025 | ||||
Chicago (City of), IL Board of Education, Series 2012 B, Ref. GO Bonds | 5.00% | 12/01/2033 | 500 | 499,982 | ||||
Illinois (State of), Series 2021 A, RB | 4.00% | 06/15/2029 | 580 | 597,408 | ||||
Illinois (State of) Finance Authority, Series 2022 B-2, RB | 5.00% | 08/15/2052 | 500 | 548,121 | ||||
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB | 5.00% | 11/15/2038 | 445 | 453,663 | ||||
2,586,199 | ||||||||
Indiana-3.25% | ||||||||
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 A, RB | 4.25% | 11/01/2030 | 500 | 497,275 | ||||
Indiana (State of) Finance Authority (United States Steel Corp.), Series 2021 A, Ref. RB | 4.13% | 12/01/2026 | 500 | 492,753 | ||||
990,028 | ||||||||
Iowa-1.64% | ||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB | 4.00% | 12/01/2050 | 500 | 500,381 | ||||
Kentucky-1.60% | ||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority, Series 2015 A, RB | 4.25% | 07/01/2035 | 500 | 488,979 | ||||
Maryland-3.26% | ||||||||
Maryland Economic Development Corp. (Purple Line) (Green Bonds), Series 2022 A, RB | 5.00% | 11/12/2028 | 500 | 518,404 | ||||
Rockville (City of), MD (Ingleside at King Farm), Series 2017 A-1, Ref. RB | 5.00% | 11/01/2037 | 500 | 475,409 | ||||
993,813 | ||||||||
Michigan-1.62% | ||||||||
Michigan (State of) Strategic Fund (Green Bonds), Series 2021, RB | 4.00% | 10/01/2061 | 500 | 495,275 | ||||
New Jersey-3.50% | ||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 5.25% | 06/15/2043 | 500 | 530,143 | ||||
Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB | 5.00% | 06/01/2033 | 500 | 537,418 | ||||
1,067,561 |
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Strategic Income ETF (IMSI)—(continued)
January 31, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
New York-8.93% | ||||||||
Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2037 | $ | 750 | $771,317 | |||
New York City Housing Development Corp., Series 2022 2B, RB | 3.40% | 11/01/2062 | 500 | 504,339 | ||||
New York Transportation Development Corp. (American Airlines, Inc.), Series 2021, Ref. RB | 3.00% | 08/01/2031 | 500 | 462,361 | ||||
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment), Series 2020, RB | 4.00% | 10/01/2030 | 500 | 502,239 | ||||
Westchester County Local Development Corp., Series 2021, Ref. RB(a) | 2.88% | 07/01/2026 | 500 | 483,064 | ||||
2,723,320 | ||||||||
North Dakota-1.35% | ||||||||
Ward (County of), ND (Trinity Obligated Group), Series 2017 C, RB | 5.00% | 06/01/2034 | 410 | 409,978 | ||||
Ohio-2.58% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 300 | 286,501 | ||||
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC), Series 2017, RB(a) | 3.75% | 01/15/2028 | 500 | 498,874 | ||||
785,375 | ||||||||
Pennsylvania-5.34% | �� | |||||||
Allegheny (County of), PA Airport Authority, Series 2021 A, RB | 4.00% | 01/01/2037 | 500 | 495,997 | ||||
Allentown (City of), PA Neighborhood Improvement Zone Development Authority, Series 2022, Ref. RB | 5.00% | 05/01/2033 | 525 | 569,845 | ||||
Pennsylvania (State of) Economic Development Financing Authority (Penndot Major Bridges (The)), Series 2022, RB | 5.50% | 06/30/2038 | 500 | 561,760 | ||||
1,627,602 | ||||||||
Puerto Rico-3.22% | ||||||||
Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 500 | 468,672 | ||||
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority, Series 2022 A, Ref. RB(a) | 5.00% | 07/01/2028 | 500 | 514,440 | ||||
983,112 | ||||||||
Texas-10.85% | ||||||||
El Paso Independent School District, Series 2017, GO Bonds | 5.00% | 08/15/2037 | 720 | 774,663 | ||||
Houston (City of), TX Airport System (United Airlines, Inc.), Series 2021 B-1, RB | 4.00% | 07/15/2041 | 500 | 450,629 | ||||
Mission Economic Development Corp. (Natgasoline), Series 2018, Ref. RB(a) | 4.63% | 10/01/2031 | 500 | 497,678 | ||||
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)), Series 2022 B3, RB | 4.25% | 10/01/2026 | 500 | 500,088 | ||||
Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2038 | 500 | 581,375 | ||||
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes), Series 2016, RB | 5.00% | 12/31/2045 | 500 | 504,850 | ||||
3,309,283 | ||||||||
Utah-3.37% | ||||||||
Black Desert Public Infrastructure District, Series 2021 A, GO Bonds(a) | 3.25% | 03/01/2031 | 500 | 448,542 | ||||
Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB | 5.25% | 06/01/2037 | 500 | 580,160 | ||||
1,028,702 | ||||||||
Virginia-3.24% | ||||||||
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge), Series 2019 A, RB | 5.00% | 01/01/2034 | 500 | 475,723 | ||||
Virginia (Commonwealth of) Small Business Financing Authority, Series 2022, RB | 4.00% | 07/01/2032 | 500 | 513,108 | ||||
988,831 | ||||||||
Washington-3.31% | ||||||||
Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2043 | 500 | 509,625 | ||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB | 5.00% | 10/01/2042 | 500 | 500,092 | ||||
1,009,717 |
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Strategic Income ETF (IMSI)—(continued)
January 31, 2023
(Unaudited)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||
Wisconsin-3.02% | ||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Inc. Obligated Group), Series 2021, RB | 4.00% | 08/15/2040 | $ | 500 | $497,074 | |||
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System), Series 2019, Ref. RB | 5.00% | 11/01/2046 | 500 | 422,053 | ||||
919,127 | ||||||||
TOTAL INVESTMENTS IN SECURITIES-96.48% (Cost $28,970,815) | 29,419,049 | |||||||
OTHER ASSETS LESS LIABILITIES-3.52% | 1,072,831 | |||||||
NET ASSETS-100.00% | $30,491,880 |
Investment Abbreviations: | |
GO | -General Obligation |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
RB | -Revenue Bonds |
Ref. | -Refunding |
USD | -U.S. Dollar |
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 January 31, 2023 was $4,282,328, which represented 14.04% of the Fund’s Net Assets. |
(b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2023. |
The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2023
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of January 31, 2023, all of the securities in 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.