Schedule of Investments(a)
Invesco India ETF (PIN)
January 31, 2023
(Unaudited)
Shares | Value | |||
Common Stocks & Other Equity Interests-99.61%(b) | ||||
Communication Services-3.51% | ||||
Bharti Airtel Ltd. | 234,541 | $2,209,028 | ||
Indus Towers Ltd. | 87,786 | 165,041 | ||
Info Edge India Ltd. | 7,664 | 344,641 | ||
Sun TV Network Ltd. | 9,879 | 55,825 | ||
Tata Communications Ltd. | 11,428 | 172,557 | ||
Zee Entertainment Enterprises Ltd. | 83,165 | 231,039 | ||
3,178,131 | ||||
Consumer Discretionary-10.06% | ||||
Bajaj Auto Ltd. | 6,811 | 318,043 | ||
Balkrishna Industries Ltd. | 8,086 | 220,224 | ||
Bata India Ltd. | 6,061 | 113,464 | ||
Bharat Forge Ltd. | 25,246 | 269,925 | ||
Bosch Ltd. | 871 | 181,790 | ||
Dixon Technologies India Ltd.(c) | 3,554 | 116,591 | ||
Eicher Motors Ltd. | 14,084 | 562,347 | ||
Exide Industries Ltd. | 46,038 | 101,867 | ||
Hero MotoCorp Ltd. | 13,249 | 447,727 | ||
Indian Hotels Co. Ltd. (The) | 82,992 | 306,043 | ||
Jubilant Foodworks Ltd. | 36,301 | 216,956 | ||
Mahindra & Mahindra Ltd. | 93,276 | 1,573,164 | ||
Maruti Suzuki India Ltd. | 13,418 | 1,461,355 | ||
MRF Ltd. | 274 | 304,175 | ||
Page Industries Ltd. | 582 | 284,910 | ||
Relaxo Footwears Ltd. | 7,246 | 72,768 | ||
Samvardhana Motherson International Ltd. | 216,385 | 200,511 | ||
Sona Blw Precision Forgings Ltd.(c) | 25,947 | 143,229 | ||
Titan Co. Ltd. | 42,209 | 1,227,986 | ||
Trent Ltd. | 18,174 | 266,188 | ||
Tube Investments of India Ltd. | 9,800 | 314,073 | ||
TVS Motor Co. Ltd. | 20,027 | 255,055 | ||
UNO Minda Ltd. | 16,732 | 100,152 | ||
Whirlpool of India Ltd. | 3,052 | 51,909 | ||
9,110,452 | ||||
Consumer Staples-8.49% | ||||
Britannia Industries Ltd. | 12,062 | 636,279 | ||
Colgate-Palmolive (India) Ltd. | 13,309 | 236,480 | ||
Dabur India Ltd. | 58,495 | 398,648 | ||
Emami Ltd. | 20,911 | 113,380 | ||
Gillette India Ltd. | 790 | 47,155 | ||
Hindustan Unilever Ltd. | 89,915 | 2,833,627 | ||
ITC Ltd. | 299,989 | 1,295,269 | ||
Marico Ltd. | 51,953 | 316,467 | ||
Nestle India Ltd. | 3,631 | 844,263 | ||
Tata Consumer Products Ltd. | 61,271 | 546,652 | ||
United Breweries Ltd. | 6,902 | 134,750 | ||
Varun Beverages Ltd. | 20,301 | 284,935 | ||
7,687,905 | ||||
Energy-12.21% | ||||
Bharat Petroleum Corp. Ltd. | 101,253 | 424,782 | ||
Coal India Ltd. | 191,719 | 527,759 | ||
Hindustan Petroleum Corp. Ltd. | 69,484 | 202,286 | ||
Indian Oil Corp. Ltd. | 415,726 | 415,651 | ||
Oil & Natural Gas Corp. Ltd. | 373,810 | 663,644 | ||
Oil India Ltd. | 33,241 | 94,515 | ||
Petronet LNG Ltd. | 75,215 | 199,723 | ||
Reliance Industries Ltd. | 296,058 | 8,527,128 | ||
11,055,488 | ||||
Financials-19.55% | ||||
AU Small Finance Bank Ltd.(c) | 32,656 | 248,613 |
Shares | Value | |||
Financials-(continued) | ||||
Axis Bank Ltd. | 230,490 | $2,459,380 | ||
Bajaj Finance Ltd. | 23,917 | 1,724,692 | ||
Bajaj Finserv Ltd. | 38,733 | 637,091 | ||
Bajaj Holdings & Investment Ltd. | 2,675 | 192,535 | ||
Bank of Baroda | 103,714 | 213,556 | ||
Cholamandalam Investment and Finance Co. Ltd. | 40,265 | 348,591 | ||
Federal Bank Ltd. | 156,067 | 257,169 | ||
General Insurance Corp. of India(c) | 11,305 | 25,451 | ||
HDFC Asset Management Co. Ltd.(c) | 6,782 | 156,665 | ||
HDFC Life Insurance Co. Ltd.(c) | 99,986 | 708,188 | ||
Housing Development Finance Corp. Ltd. | 177,788 | 5,707,982 | ||
ICICI Bank Ltd. | 158,622 | 1,622,975 | ||
ICICI Lombard General Insurance Co. Ltd.(c) | 24,119 | 333,169 | ||
L&T Finance Holdings Ltd. | 89,656 | 97,601 | ||
LIC Housing Finance Ltd. | 32,925 | 161,773 | ||
Mahindra & Mahindra Financial Services Ltd. | 59,353 | 169,011 | ||
Muthoot Finance Ltd. | 10,718 | 137,028 | ||
Nippon Life India Asset Management Ltd.(c) | 16,346 | 49,791 | ||
Piramal Enterprises Ltd. | 12,672 | 133,653 | ||
Power Finance Corp. Ltd. | 116,503 | 201,648 | ||
REC Ltd. | 125,071 | 186,252 | ||
SBI Cards & Payment Services Ltd. | 28,961 | 255,977 | ||
Shriram Finance Ltd. | 23,929 | 376,900 | ||
State Bank of India | 181,046 | 1,227,633 | ||
Yes Bank Ltd.(d) | 316,551 | 66,649 | ||
17,699,973 | ||||
Health Care-5.69% | ||||
Aarti Pharmalabs Ltd.(d) | 5,060 | 16,913 | ||
Alkem Laboratories Ltd. | 2,469 | 90,986 | ||
Apollo Hospitals Enterprise Ltd. | 10,058 | 523,850 | ||
Aurobindo Pharma Ltd. | 26,581 | 132,688 | ||
Biocon Ltd. | 45,538 | 130,757 | ||
Cipla Ltd. | 51,843 | 645,689 | ||
Divi’s Laboratories Ltd. | 12,925 | 524,197 | ||
Dr Lal PathLabs Ltd.(c) | 3,492 | 89,819 | ||
Dr. Reddy’s Laboratories Ltd. | 12,250 | 647,589 | ||
GlaxoSmithKline Pharmaceuticals Ltd. | 4,248 | 64,686 | ||
Glenmark Pharmaceuticals Ltd. | 15,110 | 70,955 | ||
Ipca Laboratories Ltd. | 13,693 | 142,038 | ||
Laurus Labs Ltd.(c) | 36,331 | 146,787 | ||
Lupin Ltd. | 24,056 | 216,487 | ||
Sun Pharmaceutical Industries Ltd. | 110,271 | 1,394,862 | ||
Torrent Pharmaceuticals Ltd. | 9,762 | 181,573 | ||
Zydus Lifesciences Ltd. | 25,421 | 134,137 | ||
5,154,013 | ||||
Industrials-6.34% | ||||
ABB India Ltd. | 5,307 | 184,722 | ||
Adani Ports & Special Economic Zone Ltd. | 82,075 | 615,785 | ||
Ashok Leyland Ltd. | 143,627 | 263,652 | ||
Astral Ltd. | 8,920 | 224,091 | ||
Bharat Electronics Ltd. | 331,632 | 386,224 | ||
Container Corp. of India Ltd. | 27,529 | 211,605 | ||
Cummins India Ltd. | 13,551 | 238,372 | ||
Havells India Ltd. | 24,093 | 349,453 | ||
Hindustan Aeronautics Ltd.(c) | 8,326 | 260,131 | ||
Indian Railway Catering & Tourism Corp. Ltd. | 30,461 | 237,270 | ||
L&T Technology Services Ltd.(c) | 2,642 | 108,069 | ||
Larsen & Toubro Ltd. | 69,833 | 1,814,444 | ||
Polycab India Ltd. | 4,777 | 171,193 |
See accompanying notes which are an integral part of this schedule.
Invesco India ETF (PIN)—(continued)
January 31, 2023
(Unaudited)
Shares | Value | |||
Industrials-(continued) | ||||
Schaeffler India Ltd. | 4,047 | $133,233 | ||
Siemens Ltd. | 8,929 | 319,958 | ||
Voltas Ltd. | 22,996 | 225,784 | ||
5,743,986 | ||||
Information Technology-17.20% | ||||
Coforge Ltd. | 3,584 | 192,915 | ||
HCL Technologies Ltd. | 110,059 | 1,512,980 | ||
Honeywell Automation India Ltd. | 224 | 107,559 | ||
Infosys Ltd. | 360,162 | 6,780,446 | ||
LTIMindtree Ltd.(c) | 7,710 | 412,771 | ||
Mphasis Ltd. | 10,407 | 264,992 | ||
Oracle Financial Services Software Ltd. | 2,290 | 85,360 | ||
Persistent Systems Ltd. | 4,975 | 285,599 | ||
Tata Consultancy Services Ltd. | 103,505 | 4,266,186 | ||
Tata Elxsi Ltd. | 3,437 | 278,249 | ||
Tech Mahindra Ltd. | 61,375 | 763,288 | ||
Wipro Ltd. | 128,004 | 626,903 | ||
15,577,248 | ||||
Materials-12.35% | ||||
Aarti Industries Ltd. | 19,919 | 131,137 | ||
ACC Ltd. | 8,541 | 205,876 | ||
Ambuja Cements Ltd. | 68,796 | 338,000 | ||
Asian Paints Ltd. | 45,731 | 1,527,904 | ||
Bayer CropScience Ltd. | 1,287 | 70,011 | ||
Berger Paints India Ltd. | 24,364 | 163,679 | ||
Castrol India Ltd. | 48,610 | 69,923 | ||
Coromandel International Ltd. | 10,926 | 119,563 | ||
Dalmia Bharat Ltd. | 8,253 | 178,463 | ||
Deepak Nitrite Ltd. | 7,423 | 171,063 | ||
Grasim Industries Ltd. | 38,870 | 755,892 | ||
Gujarat Fluorochemicals Ltd. | 3,482 | 118,503 | ||
Hindalco Industries Ltd. | 142,970 | 821,139 | ||
Hindustan Zinc Ltd. | 23,280 | 94,821 | ||
Jindal Steel & Power Ltd. | 39,070 | 279,245 | ||
JSW Steel Ltd. | 101,529 | 892,084 | ||
Kansai Nerolac Paints Ltd. | 13,521 | 70,012 | ||
Linde India Ltd. | 2,138 | 86,846 | ||
NMDC Ltd. | 115,198 | 173,704 | ||
NMDC Steel Ltd.(d)(e) | 123,943 | 58,243 | ||
PI Industries Ltd. | 7,311 | 267,981 | ||
Pidilite Industries Ltd. | 15,420 | 429,834 | ||
Shree Cement Ltd. | 1,370 | 396,770 | ||
SRF Ltd. | 14,348 | 383,441 | ||
Steel Authority of India Ltd. | 144,991 | 160,925 |
Shares | Value | |||
Materials-(continued) | ||||
Tata Steel Ltd. | 824,137 | $1,212,818 | ||
UltraTech Cement Ltd. | 11,604 | 1,005,488 | ||
UPL Ltd. | 53,446 | 495,949 | ||
Vedanta Ltd. | 124,293 | 507,815 | ||
11,187,129 | ||||
Real Estate-0.70% | ||||
DLF Ltd. | 62,179 | 271,675 | ||
Embassy Office Parks REIT | 61,074 | 245,119 | ||
Oberoi Realty Ltd. | 11,783 | 118,579 | ||
635,373 | ||||
Utilities-3.51% | ||||
GAIL (India) Ltd. | 264,230 | 307,528 | ||
Gujarat Gas Ltd. | 20,153 | 112,595 | ||
Indraprastha Gas Ltd. | 35,098 | 182,703 | ||
JSW Energy Ltd. | 38,273 | 111,674 | ||
NHPC Ltd. | 228,899 | 123,102 | ||
NTPC Ltd. | 449,439 | 940,315 | ||
Power Grid Corp. of India Ltd. | 318,647 | 845,080 | ||
Tata Power Co. Ltd. (The) | 167,788 | 438,352 | ||
Torrent Power Ltd. | 21,677 | 119,483 | ||
3,180,832 | ||||
Total Common Stocks & Other Equity Interests (Cost $87,403,006) | 90,210,530 | |||
Principal Amount | ||||
Non-U.S. Dollar Denominated Bonds & Notes-0.00%(f) | ||||
Consumer Staples-0.00% | ||||
Britannia Industries Ltd., Series N3, 5.50%, 06/03/2024 (Cost $6,123) | INR | 445,614 | 5,283 | |
Shares | ||||
Money Market Funds-1.30% | ||||
Invesco Government & Agency Portfolio, Institutional Class, 4.30%(g)(h) (Cost $1,172,207) | 1,172,207 | 1,172,207 | ||
TOTAL INVESTMENTS IN SECURITIES-100.91% (Cost $88,581,336) | 91,388,020 | |||
OTHER ASSETS LESS LIABILITIES-(0.91)% | (820,794) | |||
NET ASSETS-100.00% | $90,567,226 |
See accompanying notes which are an integral part of this schedule.
Invesco India ETF (PIN)—(continued)
January 31, 2023
(Unaudited)
Investment Abbreviations: |
REIT-Real Estate Investment Trust |
INR-Indian Rupee |
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) | Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be India unless otherwise noted. |
(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 January 31, 2023 was $2,799,274, which represented 3.09% of the Fund’s Net Assets. |
(d) | Non-income producing security. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(f) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(g) | 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 three months ended January 31, 2023. |
Value October 31, 2022 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value January 31, 2023 | Dividend Income | |||||||
Investments in Affiliated Money Market Funds: | |||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,199,581 | $3,226,758 | $(3,254,132) | $- | $- | $1,172,207 | $12,838 |
(h) | The rate shown is the 7-day SEC standardized yield as of January 31, 2023. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedule of Portfolio Holdings
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.
The following is a summary of the tiered valuation input levels, as of January 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks & Other Equity Interests | $931,929 | $89,220,358 | $58,243 | $90,210,530 | |||
Non-U.S. Dollar Denominated Bonds & Notes | - | 5,283 | - | 5,283 | |||
Money Market Funds | 1,172,207 | - | - | 1,172,207 | |||
Total Investments | $2,104,136 | $89,225,641 | $58,243 | $91,388,020 |