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 | 811-23304 |
Invesco Exchange-Traded Self-Indexed Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Daniel E. Draper
President
3500 Lacey Road
Downers Grove, IL 60515
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-983-0903
Date of fiscal year end: August 31
Date of reporting period: February 29, 2020
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.
The Registrant's semi- annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
February 29, 2020
BSCK Invesco BulletShares 2020 Corporate Bond ETF
BSCL Invesco BulletShares 2021 Corporate Bond ETF
BSCM Invesco BulletShares 2022 Corporate Bond ETF
BSCN Invesco BulletShares 2023 Corporate Bond ETF
BSCO Invesco BulletShares 2024 Corporate Bond ETF
BSCP Invesco BulletShares 2025 Corporate Bond ETF
BSCQ Invesco BulletShares 2026 Corporate Bond ETF
BSCR Invesco BulletShares 2027 Corporate Bond ETF
BSCS Invesco BulletShares 2028 Corporate Bond ETF
BSCT Invesco BulletShares 2029 Corporate Bond ETF
BSJK Invesco BulletShares 2020 High Yield Corporate Bond ETF
BSJL Invesco BulletShares 2021 High Yield Corporate Bond ETF
BSJM Invesco BulletShares 2022 High Yield Corporate Bond ETF
BSJN Invesco BulletShares 2023 High Yield Corporate Bond ETF
(continued on inside front cover)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Semi-Annual Report to Shareholders (continued)
BSJO Invesco BulletShares 2024 High Yield Corporate Bond ETF
BSJP Invesco BulletShares 2025 High Yield Corporate Bond ETF
BSJQ Invesco BulletShares 2026 High Yield Corporate Bond ETF
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF
BSML Invesco BulletShares 2021 Municipal Bond ETF
BSMM Invesco BulletShares 2022 Municipal Bond ETF
BSMN Invesco BulletShares 2023 Municipal Bond ETF
BSMO Invesco BulletShares 2024 Municipal Bond ETF
BSMP Invesco BulletShares 2025 Municipal Bond ETF
BSMQ Invesco BulletShares 2026 Municipal Bond ETF
BSMR Invesco BulletShares 2027 Municipal Bond ETF
BSMS Invesco BulletShares 2028 Municipal Bond ETF
BSMT Invesco BulletShares 2029 Municipal Bond ETF
BSAE Invesco BulletShares 2021 USD Emerging Markets Debt ETF
BSBE Invesco BulletShares 2022 USD Emerging Markets Debt ETF
BSCE Invesco BulletShares 2023 USD Emerging Markets Debt ETF
BSDE Invesco BulletShares 2024 USD Emerging Markets Debt ETF
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-94.99% | |
Aerospace & Defense-2.30% | | | | |
Arconic, Inc., 6.15%, 08/15/2020. . . . . . . . | $ 5,105,000 | $ | 5,184,230 |
General Dynamics Corp., 2.88%, | | | | |
05/11/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 10,818,000 | | | 10,841,877 |
Lockheed Martin Corp., 2.50%, | | | | |
11/23/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 7,311,000 | | | 7,346,134 |
Northrop Grumman Corp., 2.08%, | | | | |
10/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,357,000 | | | 6,369,741 |
Precision Castparts Corp., 2.25%, | | | | |
06/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,382,000 | | | 3,386,969 |
Raytheon Co., 3.13%, 10/15/2020. . . . . . . | 5,366,000 | | | 5,413,886 |
| | | | 38,542,837 |
Airlines-0.50% | | | | |
Delta Air Lines, Inc., 2.88%, 03/13/2020. . | 5,668,000 | | | 5,668,819 |
Southwest Airlines Co., 2.65%, | | | | |
11/05/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,689,000 | | | 2,706,935 |
| | | | 8,375,754 |
Auto Components-0.17% | | | | |
Lear Corp., 5.25%, 01/15/2025 . . . . . . . . . | 2,805,000 | | | 2,882,227 |
Automobiles-4.92% | | | | |
American Honda Finance Corp. | | | | |
3.00%, 06/16/2020 . . . . . . . . . . . . . . . . . | 2,155,000 | | | 2,164,251 |
1.95%, 07/20/2020 . . . . . . . . . . . . . . . . . | 3,640,000 | | | 3,646,335 |
2.45%, 09/24/2020 . . . . . . . . . . . . . . . . . | 6,901,000 | | | 6,944,200 |
Fiat Chrysler Automobiles N.V. (United | | | | |
Kingdom), 4.50%, 04/15/2020 . . . . . . . . | 8,250,000 | | | 8,275,121 |
Ford Motor Credit Co. LLC | | | | |
2.46%, 03/27/2020 . . . . . . . . . . . . . . . . . | 4,350,000 | | | 4,350,091 |
2.43%, 06/12/2020 . . . . . . . . . . . . . . . . . | 4,200,000 | | | 4,203,720 |
3.16%, 08/04/2020 . . . . . . . . . . . . . . . . . | 5,800,000 | | | 5,821,875 |
2.34%, 11/02/2020 . . . . . . . . . . . . . . . . . | 5,600,000 | | | 5,614,848 |
General Motors Financial Co., Inc. | | | | |
2.65%, 04/13/2020 . . . . . . . . . . . . . . . . . | 5,280,000 | | | 5,284,189 |
3.20%, 07/13/2020 . . . . . . . . . . . . . . . . . | 8,835,000 | | | 8,864,766 |
2.45%, 11/06/2020 . . . . . . . . . . . . . . . . . | 5,222,000 | | | 5,242,828 |
3.70%, 11/24/2020 . . . . . . . . . . . . . . . . . | 5,413,000 | | | 5,460,128 |
Toyota Motor Credit Corp. | | | | |
2.15%, 03/12/2020 . . . . . . . . . . . . . . . . . | 6,646,000 | | | 6,646,852 |
1.95%, 04/17/2020 . . . . . . . . . . . . . . . . . | 5,979,000 | | | 5,980,736 |
4.50%, 06/17/2020 . . . . . . . . . . . . . . . . . | 3,794,000 | | | 3,828,249 |
| | | | 82,328,189 |
Banks-25.19% | | | | |
Banco Bilbao Vizcaya Argentaria S.A. | | | | |
(Spain), 3.00%, 10/20/2020 . . . . . . . . . . | 5,550,000 | | | 5,596,538 |
Bank of America Corp. | | | | |
5.63%, 07/01/2020 . . . . . . . . . . . . . . . . . | 10,410,000 | | | 10,552,526 |
2.63%, 10/19/2020 . . . . . . . . . . . . . . . . . | 12,803,000 | | | 12,896,401 |
Series L, 2.25%, 04/21/2020 . . . . . . . . . | 11,106,000 | | | 11,113,828 |
Bank of Montreal (Canada) | | | | |
2.10%, 06/15/2020 . . . . . . . . . . . . . . . . . | 4,884,000 | | | 4,891,974 |
3.10%, 07/13/2020 . . . . . . . . . . . . . . . . . | 4,943,000 | | | 4,968,751 |
Bank of Nova Scotia (The) (Canada) | | | | |
2.15%, 07/14/2020 . . . . . . . . . . . . . . . . . | 6,209,000 | | | 6,224,928 |
2.35%, 10/21/2020 . . . . . . . . . . . . . . . . . | 5,039,000 | | | 5,064,709 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Barclays Bank PLC (United Kingdom), | | | | |
5.14%, 10/14/2020 . . . . . . . . . . . . . . . . . | $ 5,070,000 | $ | 5,179,053 |
Barclays PLC (United Kingdom), 2.88%, | | | | |
06/08/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,000,000 | | | 6,007,848 |
Canadian Imperial Bank of Commerce | | | | |
(Canada), 2.10%, 10/05/2020 . . . . . . . . | 7,034,000 | | | 7,056,302 |
Citibank N.A. | | | | |
3.05%, 05/01/2020 . . . . . . . . . . . . . . . . . | 11,000,000 | | | 11,011,153 |
2.10%, 06/12/2020 . . . . . . . . . . . . . . . . . | 10,500,000 | | | 10,508,609 |
2.13%, 10/20/2020 . . . . . . . . . . . . . . . . . | 11,550,000 | | | 11,601,205 |
Citigroup, Inc. | | | | |
5.38%, 08/09/2020 . . . . . . . . . . . . . . . . . | 5,502,000 | | | 5,592,189 |
2.65%, 10/26/2020 . . . . . . . . . . . . . . . . . | 15,265,000 | | | 15,363,197 |
Citizens Bank N.A. | | | | |
2.25%, 03/02/2020 . . . . . . . . . . . . . . . . . | 4,577,000 | | | 4,577,000 |
2.20%, 05/26/2020 . . . . . . . . . . . . . . . . . | 2,903,000 | | | 2,905,542 |
2.25%, 10/30/2020 . . . . . . . . . . . . . . . . . | 4,251,000 | | | 4,262,192 |
Fifth Third Bancorp, 2.88%, 07/27/2020 . . | 5,721,000 | | | 5,745,021 |
Fifth Third Bank, 2.20%, 10/30/2020 . . . . | 4,200,000 | | | 4,212,794 |
First Horizon National Corp., 3.50%, | | | | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,169,000 | | | 3,210,886 |
Goldman Sachs Bank USA, 3.20%, | | | | |
06/05/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,325,000 | | | 4,343,359 |
HSBC Bank USA N.A., 4.88%, | | | | |
08/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,800,000 | | | 6,909,290 |
HSBC USA, Inc. | | | | |
2.35%, 03/05/2020 . . . . . . . . . . . . . . . . . | 7,851,000 | | | 7,851,415 |
2.75%, 08/07/2020 . . . . . . . . . . . . . . . . . | 9,025,000 | | | 9,068,920 |
5.00%, 09/27/2020 . . . . . . . . . . . . . . . . . | 4,300,000 | | | 4,379,130 |
Huntington National Bank (The), 2.88%, | | | | |
08/20/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,882,000 | | | 3,903,481 |
JPMorgan Chase & Co. | | | | |
4.95%, 03/25/2020 . . . . . . . . . . . . . . . . . | 6,134,000 | | | 6,147,030 |
2.75%, 06/23/2020 . . . . . . . . . . . . . . . . . | 9,657,000 | | | 9,682,464 |
4.40%, 07/22/2020 . . . . . . . . . . . . . . . . . | 10,782,000 | | | 10,899,816 |
4.25%, 10/15/2020 . . . . . . . . . . . . . . . . . | 13,651,000 | | | 13,873,199 |
2.55%, 10/29/2020 . . . . . . . . . . . . . . . . . | 13,844,000 | | | 13,924,916 |
KeyCorp, 2.90%, 09/15/2020 . . . . . . . . . . . | 5,490,000 | | | 5,531,834 |
Lloyds Bank PLC (United Kingdom), | | | | |
2.70%, 08/17/2020 . . . . . . . . . . . . . . . . . | 3,900,000 | | | 3,920,304 |
Manufacturers and Traders Trust Co., | | | | |
2.05%, 08/17/2020 . . . . . . . . . . . . . . . . . | 4,015,000 | | | 4,016,352 |
National Bank of Canada (Canada) | | | | |
2.15%, 06/12/2020 . . . . . . . . . . . . . . . . . | 5,400,000 | | | 5,407,418 |
2.20%, 11/02/2020 . . . . . . . . . . . . . . . . . | 5,450,000 | | | 5,479,209 |
PNC Bank N.A. | | | | |
2.00%, 05/19/2020 . . . . . . . . . . . . . . . . . | 5,520,000 | | | 5,525,519 |
2.60%, 07/21/2020 . . . . . . . . . . . . . . . . . | 4,250,000 | | | 4,265,076 |
2.45%, 11/05/2020 . . . . . . . . . . . . . . . . . | 8,230,000 | | | 8,283,037 |
PNC Financial Services Group, Inc. (The), | | | | |
4.38%, 08/11/2020 . . . . . . . . . . . . . . . . . | 4,311,000 | | | 4,363,599 |
Royal Bank of Canada (Canada) | | | | |
2.15%, 03/06/2020 . . . . . . . . . . . . . . . . . | 3,808,000 | | | 3,808,010 |
2.15%, 10/26/2020 . . . . . . . . . . . . . . . . . | 11,527,000 | | | 11,569,434 |
2.35%, 10/30/2020 . . . . . . . . . . . . . . . . . | 8,444,000 | | | 8,496,370 |
Santander Holdings USA, Inc., 2.65%, | | | | |
04/17/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 5,159,000 | | | 5,161,410 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Santander UK PLC (United Kingdom) | | | | |
2.38%, 03/16/2020 . . . . . . . . . . . . . . . . . | $ 4,876,000 | $ | 4,876,544 |
2.13%, 11/03/2020 . . . . . . . . . . . . . . . . . | 6,500,000 | | | 6,528,670 |
Skandinaviska Enskilda Banken AB | | | | |
(Sweden), 2.30%, 03/11/2020 . . . . . . . . | 44,000 | | | 44,005 |
Sumitomo Mitsui Banking Corp. (Japan), | | | | |
2.45%, 10/20/2020 . . . . . . . . . . . . . . . . . | 2,100,000 | | | 2,110,617 |
Svenska Handelsbanken AB (Sweden) | | | | |
1.95%, 09/08/2020 . . . . . . . . . . . . . . . . . | 5,000,000 | | | 5,014,857 |
2.40%, 10/01/2020 . . . . . . . . . . . . . . . . . | 7,000,000 | | | 7,038,993 |
Toronto-Dominion Bank (The) (Canada) | | | | |
3.00%, 06/11/2020 . . . . . . . . . . . . . . . . . | 2,127,000 | | | 2,135,152 |
1.85%, 09/11/2020 . . . . . . . . . . . . . . . . . | 5,461,000 | | | 5,471,887 |
2.50%, 12/14/2020 . . . . . . . . . . . . . . . . . | 10,377,000 | | | 10,450,550 |
Truist Bank, 2.25%, 06/01/2020. . . . . . . . . | 4,250,000 | | | 4,255,237 |
Truist Financial Corp., 2.63%, | | | | |
06/29/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,664,000 | | | 4,675,505 |
U.S. Bank N.A. | | | | |
3.05%, 07/24/2020 . . . . . . . . . . . . . . . . . | 3,950,000 | | | 3,970,911 |
2.05%, 10/23/2020 . . . . . . . . . . . . . . . . . | 6,720,000 | | | 6,741,226 |
UBS AG (Switzerland), 4.88%, | | | | |
08/04/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,200,000 | | | 6,285,632 |
Wells Fargo & Co. | | | | |
2.60%, 07/22/2020 . . . . . . . . . . . . . . . . . | 14,937,000 | | | 14,992,485 |
2.55%, 12/07/2020 . . . . . . . . . . . . . . . . . | 11,885,000 | | | 11,969,359 |
| | | | 421,914,868 |
Beverages-2.56% | | | | |
Coca-Cola Co. (The) | | | | |
1.88%, 10/27/2020 . . . . . . . . . . . . . . . . . | 8,243,000 | | | 8,266,275 |
2.45%, 11/01/2020 . . . . . . . . . . . . . . . . . | 6,670,000 | | | 6,703,464 |
3.15%, 11/15/2020 . . . . . . . . . . . . . . . . . | 4,811,000 | | | 4,863,214 |
Constellation Brands, Inc., 2.25%, | | | | |
11/06/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,913,000 | | | 3,924,782 |
Diageo Capital PLC (United Kingdom) | | | | |
3.00%, 05/18/2020 . . . . . . . . . . . . . . . . . | 197,000 | | | 197,564 |
4.83%, 07/15/2020 . . . . . . . . . . . . . . . . . | 3,472,000 | | | 3,513,638 |
PepsiCo, Inc. | | | | |
1.85%, 04/30/2020 . . . . . . . . . . . . . . . . . | 3,297,000 | | | 3,298,028 |
2.15%, 10/14/2020 . . . . . . . . . . . . . . . . . | 6,439,000 | | | 6,458,247 |
3.13%, 11/01/2020 . . . . . . . . . . . . . . . . . | 5,638,000 | | | 5,691,222 |
| | | | 42,916,434 |
Biotechnology-3.08% | | | | |
AbbVie, Inc., 2.50%, 05/14/2020 . . . . . . . . | 20,128,000 | | | 20,143,854 |
Amgen, Inc. | | | | |
2.13%, 05/01/2020 . . . . . . . . . . . . . . . . . | 4,626,000 | | | 4,626,990 |
2.20%, 05/11/2020 . . . . . . . . . . . . . . . . . | 3,466,000 | | | 3,468,780 |
3.45%, 10/01/2020 . . . . . . . . . . . . . . . . . | 5,060,000 | | | 5,114,906 |
Biogen, Inc., 2.90%, 09/15/2020 . . . . . . . . | 7,261,000 | | | 7,317,593 |
Gilead Sciences, Inc., 2.55%, 09/01/2020 . | 10,852,000 | | | 10,898,941 |
| | | | 51,571,064 |
Capital Markets-7.09% | | | | |
Ameriprise Financial, Inc., 5.30%, | | | | |
03/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,473,000 | | | 3,477,382 |
Bank of New York Mellon Corp. (The) | | | | |
2.60%, 08/17/2020 . . . . . . . . . . . . . . . . . | 6,694,000 | | | 6,717,158 |
2.45%, 11/27/2020 . . . . . . . . . . . . . . . . . | 4,909,000 | | | 4,944,596 |
| Principal | | | |
| Amount | | | Value |
Capital Markets-(continued) | | | | |
Charles Schwab Corp. (The), 4.45%, | | | | |
07/22/2020 . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,008,000 | $ | 4,053,220 |
Credit Suisse AG (Switzerland), 4.38%, | | | | |
08/05/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,404,000 | | | 6,480,561 |
Goldman Sachs Group, Inc. (The) | | | | |
5.38%, 03/15/2020 . . . . . . . . . . . . . . . . . | 13,497,000 | | | 13,513,829 |
2.60%, 04/23/2020 . . . . . . . . . . . . . . . . . | 9,851,000 | | | 9,855,450 |
2.75%, 09/15/2020 . . . . . . . . . . . . . . . . . | 10,603,000 | | | 10,651,975 |
2.60%, 12/27/2020 . . . . . . . . . . . . . . . . . | 9,387,000 | | | 9,410,386 |
Series D, 6.00%, 06/15/2020 . . . . . . . . . | 10,914,000 | | | 11,047,374 |
Morgan Stanley | | | | |
2.80%, 06/16/2020 . . . . . . . . . . . . . . . . . | 13,876,000 | | | 13,925,844 |
Series F, 5.50%, 07/24/2020. . . . . . . . . . | 9,550,000 | | | 9,691,071 |
Nomura Holdings, Inc. (Japan), 6.70%, | | | | |
03/04/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,642,000 | | | 6,642,985 |
Northern Trust Corp., 3.45%, | | | | |
11/04/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,712,000 | | | 2,746,189 |
State Street Corp., 2.55%, 08/18/2020 . . . | 5,508,000 | | | 5,532,080 |
| | | | 118,690,100 |
Chemicals-0.49% | | | | |
PPG Industries, Inc., 3.60%, 11/15/2020. . | 2,108,000 | | | 2,138,979 |
Sherwin-Williams Co. (The), 2.25%, | | | | |
05/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,130,000 | | | 6,135,098 |
| | | | 8,274,077 |
Commercial Services & Supplies-0.46% | | | | |
Republic Services, Inc., 5.00%, | | | | |
03/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,627,000 | | | 4,627,000 |
Waste Management, Inc., 4.75%, | | | | |
06/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,018,000 | | | 3,049,634 |
| | | | 7,676,634 |
Communications Equipment-0.53% | | | | |
Cisco Systems, Inc., 2.45%, 06/15/2020 . . | 8,798,000 | | | 8,813,376 |
Consumer Finance-2.81% | | | | |
American Express Co., 2.20%, | | | | |
10/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 8,839,000 | | | 8,865,326 |
American Express Credit Corp. | | | | |
2.38%, 05/26/2020 . . . . . . . . . . . . . . . . . | 8,692,000 | | | 8,700,760 |
Series F, 2.60%, 09/14/2020 . . . . . . . . . | 8,784,000 | | | 8,822,009 |
Capital One Financial Corp. | | | | |
2.50%, 05/12/2020 . . . . . . . . . . . . . . . . . | 6,311,000 | | | 6,315,808 |
2.40%, 10/30/2020 . . . . . . . . . . . . . . . . . | 3,324,000 | | | 3,337,351 |
Discover Bank | | | | |
7.00%, 04/15/2020 . . . . . . . . . . . . . . . . . | 4,001,000 | | | 4,026,120 |
3.10%, 06/04/2020 . . . . . . . . . . . . . . . . . | 7,000,000 | | | 7,015,047 |
| | | | 47,082,421 |
Diversified Consumer Services-0.21% | | | | |
Block Financial LLC, 4.13%, 10/01/2020. . | 3,470,000 | | | 3,510,152 |
Diversified Financial Services-0.15% | | | | |
Berkshire Hathaway Finance Corp., 2.90%, | | | | |
10/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,543,000 | | | 2,567,701 |
Diversified Telecommunication Services-1.41% | | | |
AT&T, Inc., 2.45%, 06/30/2020 . . . . . . . . . | 15,645,000 | | | 15,660,731 |
Telefonica Emisiones S.A.U. (Spain), | | | | |
5.13%, 04/27/2020 . . . . . . . . . . . . . . . . . | 7,928,000 | | | 7,965,654 |
| | | | 23,626,385 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Electric Utilities-1.68% | | | | |
American Electric Power Co., Inc., 2.15%, | | | | |
11/13/2020 . . . . . . . . . . . . . . . . . . . . . . . . | $ 3,450,000 | $ | 3,464,752 |
Commonwealth Edison Co., 4.00%, | | | | |
08/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,357,000 | | | 2,366,843 |
Duke Energy Indiana LLC, 3.75%, | | | | |
07/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,059,000 | | | 3,082,471 |
Exelon Corp. | | | | |
2.85%, 06/15/2020 . . . . . . . . . . . . . . . . . | 5,098,000 | | | 5,110,265 |
5.15%, 12/01/2020 . . . . . . . . . . . . . . . . . | 3,904,000 | | | 3,970,499 |
Exelon Generation Co. LLC, 4.00%, | | | | |
10/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,989,000 | | | 3,014,699 |
NextEra Energy Capital Holdings, Inc., | | | | |
Series H, 3.34%, 09/01/2020 . . . . . . . . . | 3,599,000 | | | 3,628,863 |
Southern Co. (The), 2.75%, 06/15/2020 . . | 3,535,000 | | | 3,543,223 |
| | | | 28,181,615 |
Entertainment-0.68% | | | | |
TWDC Enterprises 18 Corp. | | | | |
1.95%, 03/04/2020 . . . . . . . . . . . . . . . . . | 2,545,000 | | | 2,545,028 |
1.80%, 06/05/2020 . . . . . . . . . . . . . . . . . | 3,675,000 | | | 3,678,791 |
2.15%, 09/17/2020 . . . . . . . . . . . . . . . . . | 5,215,000 | | | 5,230,920 |
| | | | 11,454,739 |
Equity REITs-0.58% | | | | |
American Tower Corp., 2.80%, | | | | |
06/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,661,000 | | | 4,669,354 |
MPT Operating Partnership L.P./MPT | | | | |
Finance Corp., 6.38%, 03/01/2024. . . . . | 2,135,000 | | | 2,204,388 |
Simon Property Group L.P., 2.50%, | | | | |
09/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,807,000 | | | 2,811,555 |
| | | | 9,685,297 |
Food & Staples Retailing-1.73% | | | | |
Sysco Corp., 2.60%, 10/01/2020 . . . . . . . . | 3,457,000 | | | 3,476,672 |
Walmart, Inc. | | | | |
2.85%, 06/23/2020 . . . . . . . . . . . . . . . . . | 7,146,000 | | | 7,181,879 |
3.63%, 07/08/2020 . . . . . . . . . . . . . . . . . | 4,836,000 | | | 4,867,748 |
3.25%, 10/25/2020 . . . . . . . . . . . . . . . . . | 6,493,000 | | | 6,573,648 |
1.90%, 12/15/2020 . . . . . . . . . . . . . . . . . | 6,863,000 | | | 6,885,681 |
| | | | 28,985,628 |
Food Products-0.82% | | | | |
Bunge Ltd. Finance Corp., 3.50%, | | | | |
11/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,481,000 | | | 2,515,206 |
Kellogg Co., 4.00%, 12/15/2020 . . . . . . . . | 4,160,000 | | | 4,235,375 |
Mead Johnson Nutrition Co. (United | | | | |
Kingdom), 3.00%, 11/15/2020 . . . . . . . . | 3,675,000 | | | 3,707,424 |
Mondelez International, Inc., 3.00%, | | | | |
05/07/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,228,000 | | | 3,234,604 |
| | | | 13,692,609 |
Health Care Equipment & Supplies-1.06% | | | | |
Becton, Dickinson and Co. | | | | |
2.40%, 06/05/2020 . . . . . . . . . . . . . . . . . | 6,338,000 | | | 6,350,588 |
3.25%, 11/12/2020 . . . . . . . . . . . . . . . . . | 4,071,000 | | | 4,116,174 |
Zimmer Biomet Holdings, Inc., 2.70%, | | | | |
04/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 7,344,000 | | | 7,348,749 |
| | | | 17,815,511 |
| Principal | | | |
| Amount | | | Value |
Health Care Providers & Services-4.36% | | | | |
Anthem, Inc. | | | | |
4.35%, 08/15/2020 . . . . . . . . . . . . . . . . . | $ 4,048,000 | $ | 4,095,885 |
2.50%, 11/21/2020 . . . . . . . . . . . . . . . . . | 4,577,000 | | | 4,600,677 |
Cardinal Health, Inc., 4.63%, 12/15/2020 . | 2,725,000 | | | 2,785,027 |
Centene Corp. | | | | |
4.75%, 05/15/2022 . . . . . . . . . . . . . . . . . | 5,325,000 | | | 5,399,444 |
6.13%, 02/15/2024 . . . . . . . . . . . . . . . . . | 5,185,000 | | | 5,346,772 |
Cigna Corp. | | | | |
4.13%, 09/15/2020(b). . . . . . . . . . . . . . . . | 2,232,000 | | | 2,262,419 |
3.20%, 09/17/2020 . . . . . . . . . . . . . . . . . | 9,712,000 | | | 9,787,788 |
CVS Health Corp. | | | | |
3.13%, 03/09/2020 . . . . . . . . . . . . . . . . . | 8,173,000 | | | 8,171,012 |
2.80%, 07/20/2020 . . . . . . . . . . . . . . . . . | 14,026,000 | | | 14,067,380 |
Express Scripts Holding Co., 2.60%, | | | | |
11/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,421,000 | | | 2,441,692 |
Laboratory Corp. of America Holdings, | | | | |
4.63%, 11/15/2020 . . . . . . . . . . . . . . . . . | 8,000 | | | 8,108 |
UnitedHealth Group, Inc. | | | | |
2.70%, 07/15/2020 . . . . . . . . . . . . . . . . . | 7,790,000 | | | 7,818,609 |
1.95%, 10/15/2020 . . . . . . . . . . . . . . . . . | 6,177,000 | | | 6,186,950 |
| | | | 72,971,763 |
Hotels, Restaurants & Leisure-0.98% | | | | |
Carnival Corp., 3.95%, 10/15/2020 . . . . . . | 4,026,000 | | | 4,082,627 |
McDonald's Corp. | | | | |
2.20%, 05/26/2020 . . . . . . . . . . . . . . . . . | 4,369,000 | | | 4,370,870 |
2.75%, 12/09/2020 . . . . . . . . . . . . . . . . . | 5,403,000 | | | 5,445,307 |
Starbucks Corp., 2.20%, 11/22/2020. . . . . | 2,455,000 | | | 2,464,248 |
| | | | 16,363,052 |
Household Products-0.24% | | | | |
Procter & Gamble Co. (The), 1.90%, | | | | |
10/23/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,960,000 | | | 3,967,731 |
Independent Power and Renewable Electricity Producers-0.36% | |
AES Corp. (The) | | | | |
4.50%, 03/15/2023 . . . . . . . . . . . . . . . . . | 2,225,000 | | | 2,218,559 |
4.88%, 05/15/2023 . . . . . . . . . . . . . . . . . | 1,214,000 | | | 1,205,326 |
5.50%, 04/15/2025 . . . . . . . . . . . . . . . . . | 2,455,000 | | | 2,517,381 |
| | | | 5,941,266 |
Industrial Conglomerates-2.98% | | | | |
3M Co., 2.00%, 08/07/2020 . . . . . . . . . . . . | 2,434,000 | | | 2,438,816 |
GE Capital International Funding Co. | | | | |
Unlimited Co., 2.34%, 11/15/2020 . . . . . | 33,800,000 | | | 33,895,901 |
General Electric Co. | | | | |
5.55%, 05/04/2020 . . . . . . . . . . . . . . . . . | 2,320,000 | | | 2,334,212 |
4.38%, 09/16/2020 . . . . . . . . . . . . . . . . . | 7,177,000 | | | 7,270,233 |
Roper Technologies, Inc., 3.00%, | | | | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,939,000 | | | 3,973,885 |
| | | | 49,913,047 |
Insurance-2.27% | | | | |
AEGON Funding Co. LLC (Netherlands), | | | | |
5.75%, 12/15/2020 . . . . . . . . . . . . . . . . . | 2,390,000 | | | 2,466,377 |
American International Group, Inc. | | | | |
3.38%, 08/15/2020 . . . . . . . . . . . . . . . . . | 3,960,000 | | | 3,992,668 |
6.40%, 12/15/2020 . . . . . . . . . . . . . . . . . | 4,328,000 | | | 4,494,747 |
Aon Corp., 5.00%, 09/30/2020 . . . . . . . . . . | 3,793,000 | | | 3,865,049 |
Chubb INA Holdings, Inc., 2.30%, | | | | |
11/03/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 7,025,000 | | | 7,052,016 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Insurance-(continued) | | | | |
Hartford Financial Services Group, Inc. | | | | |
(The), 5.50%, 03/30/2020 . . . . . . . . . . . . | $ 2,263,000 | $ | 2,269,506 |
Manulife Financial Corp. (Canada), 4.90%, | | | | |
09/17/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,349,000 | | | 2,389,301 |
Marsh & McLennan Cos., Inc., 2.35%, | | | | |
03/06/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,336,000 | | | 2,336,344 |
Prudential Financial, Inc. | | | | |
5.38%, 06/21/2020 . . . . . . . . . . . . . . . . . | 3,800,000 | | | 3,842,053 |
4.50%, 11/15/2020 . . . . . . . . . . . . . . . . . | 2,187,000 | | | 2,224,897 |
Travelers Cos., Inc. (The), 3.90%, | | | | |
11/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,078,000 | | | 3,124,805 |
| | | | 38,057,763 |
Internet & Direct Marketing Retail-1.02% | | | | |
Amazon.com, Inc., 1.90%, 08/21/2020 . . . | 5,883,000 | | | 5,899,404 |
eBay, Inc. | | | | |
2.15%, 06/05/2020 . . . . . . . . . . . . . . . . . | 2,837,000 | | | 2,838,134 |
3.25%, 10/15/2020 . . . . . . . . . . . . . . . . . | 3,442,000 | | | 3,466,520 |
Expedia Group, Inc., 5.95%, 08/15/2020 . . | 4,866,000 | | | 4,946,095 |
| | | | 17,150,153 |
IT Services-2.26% | | | | |
Automatic Data Processing, Inc., 2.25%, | | | | |
09/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 5,563,000 | | | 5,584,913 |
Fiserv, Inc., 2.70%, 06/01/2020 . . . . . . . . . | 4,729,000 | | | 4,734,367 |
International Business Machines Corp., | | | | |
1.63%, 05/15/2020 . . . . . . . . . . . . . . . . . | 6,500,000 | | | 6,500,131 |
VeriSign, Inc., 4.63%, 05/01/2023 . . . . . . . | 4,471,000 | | | 4,517,118 |
Visa, Inc., 2.20%, 12/14/2020 . . . . . . . . . . | 16,472,000 | | | 16,552,875 |
| | | | 37,889,404 |
Machinery-1.34% | | | | |
Caterpillar Financial Services Corp. | | | | |
2.00%, 03/05/2020 . . . . . . . . . . . . . . . . . | 3,174,000 | | | 3,174,081 |
2.95%, 05/15/2020 . . . . . . . . . . . . . . . . . | 3,261,000 | | | 3,270,171 |
1.85%, 09/04/2020 . . . . . . . . . . . . . . . . . | 4,623,000 | | | 4,631,925 |
CNH Industrial Capital LLC, 4.38%, | | | | |
11/06/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,349,000 | | | 3,410,669 |
John Deere Capital Corp. | | | | |
2.05%, 03/10/2020 . . . . . . . . . . . . . . . . . | 2,537,000 | | | 2,537,250 |
1.95%, 06/22/2020 . . . . . . . . . . . . . . . . . | 2,994,000 | | | 2,998,662 |
2.38%, 07/14/2020 . . . . . . . . . . . . . . . . . | 2,426,000 | | | 2,434,814 |
| | | | 22,457,572 |
Media-0.88% | | | | |
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-7.37% | | | | |
Chevron Corp. | | | | |
1.96%, 03/03/2020 . . . . . . . . . . . . . . . . . | $ 7,985,000 | $ | 7,985,000 |
1.99%, 03/03/2020 . . . . . . . . . . . . . . . . . | 3,700,000 | | | 3,700,000 |
2.43%, 06/24/2020 . . . . . . . . . . . . . . . . . | 5,626,000 | | | 5,636,054 |
2.42%, 11/17/2020 . . . . . . . . . . . . . . . . . | 7,362,000 | | | 7,402,379 |
Columbia Pipeline Group, Inc., 3.30%, | | | | |
06/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,711,000 | | | 4,723,129 |
Concho Resources, Inc., 4.38%, | | | | |
01/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . | 2,631,000 | | | 2,723,514 |
Continental Resources, Inc., 5.00%, | | | | |
09/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 7,621,000 | | | 7,614,299 |
Diamondback Energy, Inc., 5.38%, | | | | |
05/31/2025 . . . . . . . . . . . . . . . . . . . . . . . . | 3,747,000 | | | 3,912,966 |
Enterprise Products Operating LLC, | | | | |
5.20%, 09/01/2020 . . . . . . . . . . . . . . . . . | 5,346,000 | | | 5,440,772 |
EOG Resources, Inc. | | | | |
2.45%, 04/01/2020 . . . . . . . . . . . . . . . . . | 3,532,000 | | | 3,533,716 |
4.40%, 06/01/2020 . . . . . . . . . . . . . . . . . | 2,947,000 | | | 2,967,002 |
Exxon Mobil Corp., 1.91%, 03/06/2020 . . . | 8,060,000 | | | 8,060,357 |
Kinder Morgan Energy Partners L.P. | | | | |
6.50%, 04/01/2020 . . . . . . . . . . . . . . . . . | 3,019,000 | | | 3,029,479 |
5.30%, 09/15/2020 . . . . . . . . . . . . . . . . . | 3,087,000 | | | 3,143,195 |
Marathon Petroleum Corp., 3.40%, | | | | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,885,000 | | | 3,921,500 |
Shell International Finance B.V. | | | | |
(Netherlands) | | | | |
4.38%, 03/25/2020 . . . . . . . . . . . . . . . . . | 6,402,000 | | | 6,412,363 |
2.13%, 05/11/2020 . . . . . . . . . . . . . . . . . | 12,208,000 | | | 12,214,811 |
2.25%, 11/10/2020 . . . . . . . . . . . . . . . . . | 6,715,000 | | | 6,739,824 |
Total Capital S.A. (France), 4.45%, | | | | |
06/24/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 6,358,000 | | | 6,410,390 |
TransCanada PipeLines Ltd. (Canada), | | | | |
3.80%, 10/01/2020 . . . . . . . . . . . . . . . . . | 5,730,000 | | | 5,804,734 |
Williams Cos., Inc. (The) | | | | |
5.25%, 03/15/2020 . . . . . . . . . . . . . . . . . | 8,498,000 | | | 8,508,296 |
4.13%, 11/15/2020 . . . . . . . . . . . . . . . . . | 3,501,000 | | | 3,536,970 |
| | | | 123,420,750 |
Personal Products-0.39% | | | | |
Unilever Capital Corp. (United Kingdom) | | | | |
1.80%, 05/05/2020 . . . . . . . . . . . . . . . . . | 4,000,000 | | | 4,001,400 |
2.10%, 07/30/2020 . . . . . . . . . . . . . . . . . | 2,497,000 | | | 2,503,844 |
| | | | 6,505,244 |
Charter Communications Operating LLC/ | | |
Charter Communications Operating | | |
Capital Corp., 3.58%, 07/23/2020 . . . . . | 10,912,000 | 10,973,393 |
Omnicom Group, Inc./Omnicom Capital, | | |
Inc., 4.45%, 08/15/2020 . . . . . . . . . . . . . | 3,642,000 | 3,690,722 |
| | 14,664,115 |
Multi-Utilities-0.76% | | |
Dominion Energy Gas Holdings LLC, | | |
2.80%, 11/15/2020 . . . . . . . . . . . . . . . . . | 3,954,000 | 3,974,882 |
Dominion Energy, Inc., 2.58%, | | |
07/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 5,804,000 | 5,814,370 |
Sempra Energy, 2.40%, 03/15/2020 . . . . . | 3,001,000 | 3,001,031 |
| | 12,790,283 |
Pharmaceuticals-2.88% | | |
Allergan Funding S.C.S., 3.00%, | | |
03/12/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 13,738,000 | 13,741,957 |
Allergan, Inc., 3.38%, 09/15/2020 . . . . . . . | 3,190,000 | 3,223,732 |
AstraZeneca PLC (United Kingdom), | | |
2.38%, 11/16/2020 . . . . . . . . . . . . . . . . . | 8,823,000 | 8,878,440 |
Bristol-Myers Squibb Co. | | |
2.88%, 08/15/2020(b). . . . . . . . . . . . . . . . | 6,199,000 | 6,234,858 |
3.95%, 10/15/2020(b) . . . . . . . . . . . . . . . | 1,902,000 | 1,933,332 |
Johnson & Johnson | | |
2.95%, 09/01/2020 . . . . . . . . . . . . . . . . . | 2,685,000 | 2,708,234 |
1.95%, 11/10/2020 . . . . . . . . . . . . . . . . . | 2,765,000 | 2,774,574 |
Mylan N.V., 3.75%, 12/15/2020 . . . . . . . . . | 170,000 | 172,753 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | | | Principal |
| Amount | | | Value | | Amount | |
Pharmaceuticals-(continued) | | | | | Technology Hardware, Storage & Peripherals-(continued) |
Novartis Capital Corp. (Switzerland), | | | | | Hewlett Packard Enterprise Co., 3.60%, | | |
4.40%, 04/24/2020 . . . . . . . . . . . . . . . . . | $ 5,511,000 | $ | 5,531,906 | 10/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | $17,050,000 | |
Zoetis, Inc., 3.45%, 11/13/2020. . . . . . . . . | 3,049,000 | | | 3,086,504 | HP, Inc., 3.75%, 12/01/2020. . . . . . . . . . . . | 3,836,000 | |
| | | | 48,286,290 | | | |
Value
$17,196,726
3,881,378
40,614,095
Semiconductors & Semiconductor Equipment-1.96%
Applied Materials, Inc., 2.63%, | |
10/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 3,004,000 |
Intel Corp. | |
1.85%, 05/11/2020 . . . . . . . . . . . . . . . . . | 4,663,000 |
2.45%, 07/29/2020 . . . . . . . . . . . . . . . . . | 9,909,000 |
Lam Research Corp., 2.75%, 03/15/2020 . | 2,381,000 |
QUALCOMM, Inc., 2.25%, 05/20/2020. . . . | 10,054,000 |
Texas Instruments, Inc., 1.75%, | |
05/01/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 2,813,000 |
Software-1.84% | |
Microsoft Corp. | |
3.00%, 10/01/2020 . . . . . . . . . . . . . . . . . | 5,399,000 |
2.00%, 11/03/2020 . . . . . . . . . . . . . . . . . | 12,821,000 |
Oracle Corp., 3.88%, 07/15/2020. . . . . . . . | 5,689,000 |
VMware, Inc., 2.30%, 08/21/2020 . . . . . . . | 6,777,000 |
Specialty Retail-0.73% | |
AutoZone, Inc., 4.00%, 11/15/2020. . . . . . | 2,324,000 |
Home Depot, Inc. (The) | |
1.80%, 06/05/2020 . . . . . . . . . . . . . . . . . | 4,431,000 |
3.95%, 09/15/2020 . . . . . . . . . . . . . . . . . | 3,024,000 |
Lowe's Cos., Inc., 4.63%, 04/15/2020 . . . . | 2,459,000 |
Technology Hardware, Storage & Peripherals-2.43% |
Apple, Inc. | |
2.00%, 05/06/2020 . . . . . . . . . . . . . . . . . | 7,815,000 |
1.80%, 05/11/2020 . . . . . . . . . . . . . . . . . | 5,861,000 |
2.00%, 11/13/2020 . . . . . . . . . . . . . . . . . | 5,819,000 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
3,021,899
4,666,315
9,938,134
2,381,902
10,069,502
2,813,321
32,891,073
5,438,024
12,862,040
5,740,635
6,785,289
30,825,988
2,346,586
4,433,976
3,051,170
2,464,376
12,296,108
7,820,526
5,863,273
5,852,192
Tobacco-0.68% | |
Philip Morris International, Inc., 4.50%, | |
03/26/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 4,587,000 |
Reynolds American, Inc. (United Kingdom) | |
6.88%, 05/01/2020 . . . . . . . . . . . . . . . . . | 2,974,000 |
3.25%, 06/12/2020 . . . . . . . . . . . . . . . . . | 3,774,000 |
Trading Companies & Distributors-0.84% | |
AerCap Ireland Capital DAC/AerCap Global | |
Aviation Trust (Ireland) | |
4.25%, 07/01/2020 . . . . . . . . . . . . . . . . . | 2,551,000 |
4.63%, 10/30/2020 . . . . . . . . . . . . . . . . . | 5,700,000 |
International Lease Finance Corp., 8.25%, | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . . | 5,399,000 |
Total U.S. Dollar Denominated Bonds & Notes |
(Cost $1,585,658,476) . . . . . . . . . . . . . . | . . . . . . . . . . . . |
| Shares |
Money Market Funds-4.31% | |
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(c) | |
(Cost $72,225,648) . . . . . . . . . . . . . . . . . . | 72,225,648 |
TOTAL INVESTMENTS IN SECURITIES-99.30%
(Cost $1,657,884,124) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-0.70% . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,594,273
2,998,050
3,788,196
11,380,519
2,572,833
5,789,760
5,659,196
14,021,789
1,590,995,623
72,225,648
1,663,221,271
11,771,741
$1,674,993,012
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)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $10,430,609, which represented less than 1% of the Fund's Net Assets.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 37.51 |
Health Care | 11.38 |
| |
Information Technology | 9.02 |
Industrials | 8.42 |
| |
Consumer Discretionary | 8.03 |
Energy | 7.37 |
| |
Consumer Staples | 6.42 |
Sector Types Each Less Than 3% | 6.84 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 5.01 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.68% | |
Aerospace & Defense-1.28% | | | | |
Arconic, Inc., 5.40%, 04/15/2021. . . . . . . . | $ 5,545,000 | $ | 5,608,878 |
General Dynamics Corp. | | | | |
3.00%, 05/11/2021 . . . . . . . . . . . . . . . . . | 9,021,000 | | | 9,208,643 |
3.88%, 07/15/2021 . . . . . . . . . . . . . . . . . | 2,341,000 | | | 2,409,470 |
Lockheed Martin Corp., 3.35%, | | | | |
09/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,743,000 | | | 3,870,358 |
Northrop Grumman Corp., 3.50%, | | | | |
03/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,124,000 | | | 3,187,582 |
| | | | 24,284,931 |
Air Freight & Logistics-0.51% | | | | |
United Parcel Service, Inc. | | | | |
3.13%, 01/15/2021 . . . . . . . . . . . . . . . . . | 6,596,000 | | | 6,678,447 |
2.05%, 04/01/2021 . . . . . . . . . . . . . . . . . | 3,030,000 | | | 3,050,494 |
| | | | 9,728,941 |
Airlines-0.15% | | | | |
Delta Air Lines, Inc., 3.40%, 04/19/2021. . | 2,710,000 | | | 2,760,858 |
Automobiles-5.24% | | | | |
American Honda Finance Corp. | | | | |
2.65%, 02/12/2021 . . . . . . . . . . . . . . . . . | 3,342,000 | | | 3,377,565 |
1.65%, 07/12/2021 . . . . . . . . . . . . . . . . . | 2,986,000 | | | 2,999,120 |
1.70%, 09/09/2021 . . . . . . . . . . . . . . . . . | 4,771,000 | | | 4,797,440 |
Ford Motor Credit Co. LLC | | | | |
3.20%, 01/15/2021 . . . . . . . . . . . . . . . . . | 5,800,000 | | | 5,839,010 |
5.75%, 02/01/2021 . . . . . . . . . . . . . . . . . | 5,700,000 | | | 5,865,806 |
3.34%, 03/18/2021 . . . . . . . . . . . . . . . . . | 7,500,000 | | | 7,566,000 |
3.47%, 04/05/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,549,187 |
5.88%, 08/02/2021 . . . . . . . . . . . . . . . . . | 8,250,000 | | | 8,620,449 |
3.81%, 10/12/2021 . . . . . . . . . . . . . . . . . | 4,300,000 | | | 4,388,843 |
General Motors Financial Co., Inc. | | | | |
4.20%, 03/01/2021 . . . . . . . . . . . . . . . . . | 6,674,000 | | | 6,776,603 |
3.55%, 04/09/2021 . . . . . . . . . . . . . . . . . | 4,622,000 | | | 4,697,650 |
3.20%, 07/06/2021 . . . . . . . . . . . . . . . . . | 9,049,000 | | | 9,158,187 |
4.38%, 09/25/2021 . . . . . . . . . . . . . . . . . | 5,727,000 | | | 5,922,153 |
Toyota Motor Corp. (Japan), 3.18%, | | | | |
07/20/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,348,000 | | | 3,425,808 |
Toyota Motor Credit Corp. | | | | |
4.25%, 01/11/2021 . . . . . . . . . . . . . . . . . | 3,400,000 | | | 3,476,703 |
1.90%, 04/08/2021 . . . . . . . . . . . . . . . . . | 5,687,000 | | | 5,733,391 |
2.95%, 04/13/2021 . . . . . . . . . . . . . . . . . | 4,337,000 | | | 4,414,812 |
2.75%, 05/17/2021 . . . . . . . . . . . . . . . . . | 3,198,000 | | | 3,252,427 |
3.40%, 09/15/2021 . . . . . . . . . . . . . . . . . | 4,362,000 | | | 4,503,571 |
| | | | 99,364,725 |
Banks-31.73% | | | | |
Bank of America Corp. | | | | |
5.88%, 01/05/2021 . . . . . . . . . . . . . . . . . | 4,780,000 | | | 4,951,630 |
2.63%, 04/19/2021 . . . . . . . . . . . . . . . . . | 9,004,000 | | | 9,107,872 |
5.00%, 05/13/2021 . . . . . . . . . . . . . . . . . | 6,250,000 | | | 6,508,971 |
Bank of Montreal (Canada) | | | | |
1.90%, 08/27/2021 . . . . . . . . . . . . . . . . . | 8,536,000 | | | 8,601,581 |
Series D, 3.10%, 04/13/2021 . . . . . . . . . | 6,321,000 | | | 6,440,276 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Bank of Nova Scotia (The) (Canada) | | | | |
2.50%, 01/08/2021 . . . . . . . . . . . . . . . . . | $ 4,119,000 | $ | 4,150,320 |
4.38%, 01/13/2021 . . . . . . . . . . . . . . . . . | 3,324,000 | | | 3,401,320 |
2.45%, 03/22/2021 . . . . . . . . . . . . . . . . . | 5,931,000 | | | 5,990,476 |
3.13%, 04/20/2021 . . . . . . . . . . . . . . . . . | 5,470,000 | | | 5,573,057 |
2.80%, 07/21/2021 . . . . . . . . . . . . . . . . . | 4,917,000 | | | 5,018,189 |
Barclays Bank PLC (United Kingdom), | | | | |
2.65%, 01/11/2021 . . . . . . . . . . . . . . . . . | 9,000,000 | | | 9,075,907 |
Barclays PLC (United Kingdom) | | | | |
3.25%, 01/12/2021 . . . . . . . . . . . . . . . . . | 6,500,000 | | | 6,564,259 |
3.20%, 08/10/2021 . . . . . . . . . . . . . . . . . | 5,220,000 | | | 5,333,519 |
BBVA USA, 3.50%, 06/11/2021 . . . . . . . . . | 4,250,000 | | | 4,357,709 |
BNP Paribas S.A. (France), 5.00%, | | | | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 13,107,000 | | | 13,484,802 |
BPCE S.A. (France) | | | | |
2.65%, 02/03/2021(b). . . . . . . . . . . . . . . . | 4,250,000 | | | 4,296,729 |
2.75%, 12/02/2021 . . . . . . . . . . . . . . . . . | 4,300,000 | | | 4,400,031 |
Branch Banking & Trust Co., 2.85%, | | | | |
04/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,570,163 |
Canadian Imperial Bank of Commerce | | | | |
(Canada), 2.70%, 02/02/2021(b) . . . . . . . | 3,142,000 | | | 3,174,295 |
CIT Group, Inc., 4.13%, 03/09/2021. . . . . . | 3,026,000 | | | 3,061,767 |
Citibank N.A. | | | | |
2.85%, 02/12/2021 . . . . . . . . . . . . . . . . . | 5,550,000 | | | 5,607,417 |
3.40%, 07/23/2021 . . . . . . . . . . . . . . . . . | 8,000,000 | | | 8,181,613 |
Citigroup, Inc. | | | | |
2.70%, 03/30/2021 . . . . . . . . . . . . . . . . . | 11,559,000 | | | 11,682,371 |
2.35%, 08/02/2021 . . . . . . . . . . . . . . . . . | 7,915,000 | | | 8,018,111 |
2.90%, 12/08/2021 . . . . . . . . . . . . . . . . . | 11,281,000 | | | 11,515,245 |
Citizens Bank N.A., 2.55%, 05/13/2021. . . | 4,500,000 | | | 4,560,992 |
Cooperatieve Rabobank U.A. (Netherlands) | | | | |
4.50%, 01/11/2021 . . . . . . . . . . . . . . . . . | 6,393,000 | | | 6,565,121 |
2.50%, 01/19/2021 . . . . . . . . . . . . . . . . . | 9,350,000 | | | 9,444,362 |
3.13%, 04/26/2021 . . . . . . . . . . . . . . . . . | 4,250,000 | | | 4,340,480 |
Deutsche Bank AG (Germany) | | | | |
3.13%, 01/13/2021 . . . . . . . . . . . . . . . . . | 4,600,000 | | | 4,645,894 |
3.15%, 01/22/2021 . . . . . . . . . . . . . . . . . | 4,904,000 | | | 4,949,011 |
3.38%, 05/12/2021 . . . . . . . . . . . . . . . . . | 4,572,000 | | | 4,644,410 |
4.25%, 10/14/2021 . . . . . . . . . . . . . . . . . | 15,392,000 | | | 15,890,295 |
Fifth Third Bank | | | | |
2.25%, 06/14/2021(b). . . . . . . . . . . . . . . . | 4,350,000 | | | 4,400,840 |
3.35%, 07/26/2021 . . . . . . . . . . . . . . . . . | 4,700,000 | | | 4,828,571 |
2.88%, 10/01/2021 . . . . . . . . . . . . . . . . . | 4,427,000 | | | 4,534,344 |
HSBC Holdings PLC (United Kingdom) | | | | |
3.40%, 03/08/2021 . . . . . . . . . . . . . . . . . | 12,900,000 | | | 13,121,863 |
5.10%, 04/05/2021 . . . . . . . . . . . . . . . . . | 11,917,000 | | | 12,344,675 |
2.95%, 05/25/2021 . . . . . . . . . . . . . . . . . | 10,300,000 | | | 10,465,405 |
Huntington Bancshares, Inc., 3.15%, | | | | |
03/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,277,000 | | | 4,333,665 |
Huntington National Bank (The), 3.25%, | | | | |
05/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,589,349 |
JPMorgan Chase & Co. | | | | |
2.55%, 03/01/2021 . . . . . . . . . . . . . . . . . | 10,723,000 | | | 10,816,263 |
4.63%, 05/10/2021 . . . . . . . . . . . . . . . . . | 8,762,000 | | | 9,088,876 |
2.40%, 06/07/2021 . . . . . . . . . . . . . . . . . | 6,598,000 | | | 6,666,979 |
2.30%, 08/15/2021 . . . . . . . . . . . . . . . . . | 11,819,000 | | | 11,847,961 |
4.35%, 08/15/2021 . . . . . . . . . . . . . . . . . | 13,477,000 | | | 14,019,478 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
KeyBank N.A. | | | | |
3.35%, 06/15/2021 . . . . . . . . . . . . . . . . . | $ 4,500,000 | $ | 4,607,246 |
2.50%, 11/22/2021 . . . . . . . . . . . . . . . . . | 7,450,000 | | | 7,604,095 |
KeyCorp, 5.10%, 03/24/2021 . . . . . . . . . . . | 4,184,000 | | | 4,332,337 |
Lloyds Bank PLC (United Kingdom), | | | | |
6.38%, 01/21/2021 . . . . . . . . . . . . . . . . . | 4,740,000 | | | 4,952,054 |
Lloyds Banking Group PLC (United | | | | |
Kingdom), 3.10%, 07/06/2021 . . . . . . . . | 6,900,000 | | | 7,031,368 |
Manufacturers and Traders Trust Co., | | | | |
2.63%, 01/25/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,533,020 |
Mitsubishi UFJ Financial Group, Inc. | | | | |
(Japan) | | | | |
2.95%, 03/01/2021 . . . . . . . . . . . . . . . . . | 9,576,000 | | | 9,697,615 |
3.54%, 07/26/2021 . . . . . . . . . . . . . . . . . | 3,196,000 | | | 3,293,148 |
2.19%, 09/13/2021 . . . . . . . . . . . . . . . . . | 6,500,000 | | | 6,580,057 |
Mizuho Financial Group, Inc. (Japan), | | | | |
2.27%, 09/13/2021 . . . . . . . . . . . . . . . . . | 4,400,000 | | | 4,460,260 |
PNC Bank N.A. | | | | |
2.50%, 01/22/2021 . . . . . . . . . . . . . . . . . | 5,450,000 | | | 5,492,529 |
2.15%, 04/29/2021 . . . . . . . . . . . . . . . . . | 5,400,000 | | | 5,449,210 |
2.55%, 12/09/2021 . . . . . . . . . . . . . . . . . | 5,650,000 | | | 5,772,607 |
Regions Bank, 2.75%, 04/01/2021. . . . . . . | 4,250,000 | | | 4,303,326 |
Royal Bank of Canada (Canada) | | | | |
2.50%, 01/19/2021(b). . . . . . . . . . . . . . . . | 5,170,000 | | | 5,217,347 |
3.20%, 04/30/2021 . . . . . . . . . . . . . . . . . | 6,612,000 | | | 6,754,933 |
Santander UK Group Holdings PLC (United | | | | |
Kingdom) | | | | |
3.13%, 01/08/2021 . . . . . . . . . . . . . . . . . | 4,307,000 | | | 4,363,680 |
2.88%, 08/05/2021 . . . . . . . . . . . . . . . . . | 5,100,000 | | | 5,190,967 |
Santander UK PLC (United Kingdom), | | | | |
2.50%, 01/05/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,536,269 |
Skandinaviska Enskilda Banken AB | | | | |
(Sweden) | | | | |
2.63%, 03/15/2021 . . . . . . . . . . . . . . . . . | 5,550,000 | | | 5,601,269 |
1.88%, 09/13/2021 . . . . . . . . . . . . . . . . . | 4,310,000 | | | 4,341,538 |
Sumitomo Mitsui Financial Group, Inc. | | | | |
(Japan) | | | | |
2.93%, 03/09/2021 . . . . . . . . . . . . . . . . . | 8,055,000 | | | 8,146,660 |
2.06%, 07/14/2021 . . . . . . . . . . . . . . . . . | 7,657,000 | | | 7,714,009 |
2.44%, 10/19/2021 . . . . . . . . . . . . . . . . . | 6,305,000 | | | 6,400,863 |
SunTrust Banks, Inc., 2.90%, 03/03/2021. | 4,068,000 | | | 4,114,293 |
Svenska Handelsbanken AB (Sweden) | | | | |
2.45%, 03/30/2021 . . . . . . . . . . . . . . . . . | 6,000,000 | | | 6,071,534 |
3.35%, 05/24/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,611,485 |
1.88%, 09/07/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,537,048 |
Synchrony Bank, 3.65%, 05/24/2021 . . . . | 5,100,000 | | | 5,226,803 |
Toronto-Dominion Bank (The) (Canada) | | | | |
2.55%, 01/25/2021 . . . . . . . . . . . . . . . . . | 4,342,000 | | | 4,376,199 |
2.13%, 04/07/2021 . . . . . . . . . . . . . . . . . | 7,634,000 | | | 7,686,065 |
3.25%, 06/11/2021 . . . . . . . . . . . . . . . . . | 4,253,000 | | | 4,350,735 |
1.80%, 07/13/2021 . . . . . . . . . . . . . . . . . | 7,127,000 | | | 7,167,187 |
Truist Financial Corp. | | | | |
2.15%, 02/01/2021 . . . . . . . . . . . . . . . . . | 4,122,000 | | | 4,134,245 |
2.05%, 05/10/2021 . . . . . . . . . . . . . . . . . | 5,346,000 | | | 5,384,910 |
3.20%, 09/03/2021 . . . . . . . . . . . . . . . . . | 2,343,000 | | | 2,405,955 |
U.S. Bancorp | | | | |
2.35%, 01/29/2021 . . . . . . . . . . . . . . . . . | 6,352,000 | | | 6,393,707 |
4.13%, 05/24/2021 . . . . . . . . . . . . . . . . . | 4,216,000 | | | 4,343,861 |
U.S. Bank N.A., 3.15%, 04/26/2021. . . . . . | 4,250,000 | | | 4,335,977 |
| Principal |
| Amount |
Banks-(continued) | |
Wells Fargo & Co. | |
3.00%, 01/22/2021 . . . . . . . . . . . . . . . . . | $ 6,376,000 |
2.50%, 03/04/2021 . . . . . . . . . . . . . . . . . | 12,132,000 |
4.60%, 04/01/2021 . . . . . . . . . . . . . . . . . | 11,331,000 |
2.10%, 07/26/2021(b). . . . . . . . . . . . . . . . | 13,666,000 |
Wells Fargo Bank N.A., 2.60%, | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 11,200,000 |
Zions Bancorporation N.A., 3.50%, | |
08/27/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,500,000 |
Beverages-1.54% | |
Anheuser-Busch InBev Worldwide, Inc. | |
(Belgium), 4.38%, 02/15/2021 . . . . . . . . | 10,000 |
Coca-Cola Co. (The) | |
1.55%, 09/01/2021 . . . . . . . . . . . . . . . . . | 5,233,000 |
3.30%, 09/01/2021 . . . . . . . . . . . . . . . . . | 5,836,000 |
Constellation Brands, Inc., 3.75%, | |
05/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,988,000 |
Molson Coors Beverage Co., 2.10%, | |
07/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,567,000 |
PepsiCo, Inc. | |
2.00%, 04/15/2021 . . . . . . . . . . . . . . . . . | 4,306,000 |
3.00%, 08/25/2021(b). . . . . . . . . . . . . . . . | 3,567,000 |
1.70%, 10/06/2021 . . . . . . . . . . . . . . . . . | 3,304,000 |
Biotechnology-2.61% | |
AbbVie, Inc., 2.30%, 05/14/2021 . . . . . . . . | 8,363,000 |
Amgen, Inc. | |
4.10%, 06/15/2021 . . . . . . . . . . . . . . . . . | 4,556,000 |
1.85%, 08/19/2021 . . . . . . . . . . . . . . . . . | 3,386,000 |
3.88%, 11/15/2021 . . . . . . . . . . . . . . . . . | 7,229,000 |
Gilead Sciences, Inc. | |
4.50%, 04/01/2021 . . . . . . . . . . . . . . . . . | 4,359,000 |
4.40%, 12/01/2021 . . . . . . . . . . . . . . . . . | 5,464,000 |
Shire Acquisitions Investments Ireland | |
DAC, 2.40%, 09/23/2021. . . . . . . . . . . . . | 15,006,000 |
Capital Markets-7.71% | |
Bank of New York Mellon Corp. (The) | |
4.15%, 02/01/2021 . . . . . . . . . . . . . . . . . | 1,980,000 |
2.50%, 04/15/2021 . . . . . . . . . . . . . . . . . | 4,260,000 |
2.05%, 05/03/2021 . . . . . . . . . . . . . . . . . | 5,183,000 |
3.55%, 09/23/2021 . . . . . . . . . . . . . . . . . | 6,882,000 |
BlackRock, Inc., 4.25%, 05/24/2021 . . . . . | 3,166,000 |
Charles Schwab Corp. (The), 3.25%, | |
05/21/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,601,000 |
Credit Suisse AG (Switzerland) | |
3.00%, 10/29/2021 . . . . . . . . . . . . . . . . . | 9,080,000 |
2.10%, 11/12/2021 . . . . . . . . . . . . . . . . . | 8,700,000 |
Goldman Sachs Group, Inc. (The) | |
2.88%, 02/25/2021 . . . . . . . . . . . . . . . . . | 5,786,000 |
2.63%, 04/25/2021 . . . . . . . . . . . . . . . . . | 6,701,000 |
5.25%, 07/27/2021 . . . . . . . . . . . . . . . . . | 16,976,000 |
2.35%, 11/15/2021 . . . . . . . . . . . . . . . . . | 9,356,000 |
Jefferies Group LLC, 6.88%, 04/15/2021 . | 3,724,000 |
Moody's Corp., 2.75%, 12/15/2021 . . . . . . | 2,360,000 |
Value
$6,457,333
12,227,788
11,705,804
13,793,244
11,301,268
5,658,466
601,826,778
10,268
5,259,744
6,025,489
2,043,528
4,603,791
4,343,386
3,652,632
3,324,123
29,262,961
8,412,910
4,686,076
3,408,926
7,493,309
4,522,743
5,742,360
15,209,796
49,476,120
2,023,645
4,308,916
5,224,202
7,094,276
3,285,328
2,660,900
9,290,843
8,786,367
5,845,978
6,779,106
17,818,822
9,408,795
3,932,032
2,418,272
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Capital Markets-(continued) | | | |
Morgan Stanley | | | |
5.75%, 01/25/2021 . . . . . . . . . . . . . . . . . | $10,599,000 | $ 10,980,728 |
2.50%, 04/21/2021 . . . . . . . . . . . . . . . . . | 11,324,000 | 11,448,351 |
5.50%, 07/28/2021 . . . . . . . . . . . . . . . . . | 11,259,000 | 11,866,648 |
2.63%, 11/17/2021 . . . . . . . . . . . . . . . . . | 14,804,000 | 15,069,724 |
Northern Trust Corp., 3.38%, | | | |
08/23/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,304,000 | 2,370,046 |
State Street Corp. | | | |
4.38%, 03/07/2021 . . . . . . . . . . . . . . . . . | 2,572,000 | 2,647,017 |
1.95%, 05/19/2021 . . . . . . . . . . . . . . . . . | 2,908,000 | | 2,929,878 |
| | 146,189,874 |
Chemicals-0.75% | | | |
Ecolab, Inc., 4.35%, 12/08/2021 . . . . . . . . | 5,101,000 | 5,371,220 |
Lyondellbasell Industries N.V., 6.00%, | | | |
11/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,100,000 | 4,366,342 |
Praxair, Inc. | | | |
4.05%, 03/15/2021 . . . . . . . . . . . . . . . . . | 2,019,000 | 2,075,467 |
3.00%, 09/01/2021 . . . . . . . . . . . . . . . . . | 2,337,000 | | 2,401,299 |
| | 14,214,328 |
Commercial Services & Supplies-0.19% | | | |
Republic Services, Inc., 5.25%, | | | |
11/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,374,000 | 3,597,678 |
Communications Equipment-1.15% | | | |
Cisco Systems, Inc. | | | |
2.20%, 02/28/2021 . . . . . . . . . . . . . . . . . | 10,836,000 | 10,908,910 |
2.90%, 03/04/2021 . . . . . . . . . . . . . . . . . | 1,943,000 | 1,969,711 |
1.85%, 09/20/2021 . . . . . . . . . . . . . . . . . | 8,867,000 | | 8,932,649 |
| | 21,811,270 |
Consumer Finance-2.44% | | | |
Ally Financial, Inc., 4.25%, 04/15/2021 . . . | 3,949,000 | 4,040,103 |
American Express Co., 3.38%, | | | |
05/17/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,087,000 | 5,187,463 |
American Express Credit Corp., 2.25%, | | | |
05/05/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 7,187,000 | 7,249,920 |
Capital One Financial Corp. | | | |
3.45%, 04/30/2021 . . . . . . . . . . . . . . . . . | 5,707,000 | 5,818,439 |
4.75%, 07/15/2021 . . . . . . . . . . . . . . . . . | 5,192,000 | 5,413,467 |
Capital One N.A. | | | |
2.95%, 07/23/2021 . . . . . . . . . . . . . . . . . | 5,250,000 | 5,349,888 |
2.25%, 09/13/2021 . . . . . . . . . . . . . . . . . | 5,000,000 | 5,048,515 |
Discover Bank, 3.20%, 08/09/2021 . . . . . . | 4,350,000 | 4,444,580 |
HSBC Finance Corp., 6.68%, 01/15/2021 . | 136,000 | 141,370 |
Synchrony Financial, 3.75%, 08/15/2021 . | 3,514,000 | | 3,606,763 |
| | 46,300,508 |
Containers & Packaging-0.11% | | | |
International Paper Co., 7.50%, | | | |
08/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,974,000 | 2,145,085 |
Diversified Financial Services-0.58% | | | |
Berkshire Hathaway Finance Corp., 4.25%, | | | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,900,000 | 3,996,033 |
Berkshire Hathaway, Inc. | | | |
2.20%, 03/15/2021 . . . . . . . . . . . . . . . . . | 4,490,000 | 4,522,590 |
3.75%, 08/15/2021(b). . . . . . . . . . . . . . . . | 2,420,000 | | 2,505,924 |
| | | 11,024,547 |
| Principal | | | |
| Amount | | | Value |
Diversified Telecommunication Services-2.36% | | | |
AT&T, Inc. | | | | |
4.60%, 02/15/2021 . . . . . . . . . . . . . . . . . | $ 2,959,000 | $ | 3,016,258 |
2.80%, 02/17/2021 . . . . . . . . . . . . . . . . . | 8,059,000 | | | 8,125,180 |
4.45%, 05/15/2021 . . . . . . . . . . . . . . . . . | 4,070,000 | | | 4,204,611 |
3.88%, 08/15/2021 . . . . . . . . . . . . . . . . . | 5,284,000 | | | 5,461,937 |
Orange S.A. (France), 4.13%, | | | | |
09/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,605,000 | | | 4,806,964 |
Qwest Corp., 6.75%, 12/01/2021. . . . . . . . | 4,039,000 | | | 4,272,495 |
Telefonica Emisiones S.A.U. (Spain), | | | | |
5.46%, 02/16/2021 . . . . . . . . . . . . . . . . . | 7,106,000 | | | 7,349,438 |
Verizon Communications, Inc. | | | | |
3.45%, 03/15/2021 . . . . . . . . . . . . . . . . . | 2,994,000 | | | 3,055,147 |
4.60%, 04/01/2021 . . . . . . . . . . . . . . . . . | 4,317,000 | | | 4,464,776 |
| | | | 44,756,806 |
Electric Utilities-1.82% | | | | |
Duke Energy Carolinas LLC, 3.90%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,318,000 | | | 2,375,844 |
Duke Energy Corp. | | | | |
1.80%, 09/01/2021 . . . . . . . . . . . . . . . . . | 3,158,000 | | | 3,176,398 |
3.55%, 09/15/2021 . . . . . . . . . . . . . . . . . | 2,175,000 | | | 2,235,176 |
Duke Energy Progress LLC, 3.00%, | | | | |
09/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,524,000 | | | 2,571,583 |
Emera US Finance L.P. (Canada), 2.70%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,155,000 | | | 3,204,940 |
NextEra Energy Capital Holdings, Inc., | | | | |
2.40%, 09/01/2021 . . . . . . . . . . . . . . . . . | 6,936,000 | | | 7,044,960 |
Ohio Power Co., Series M, 5.38%, | | | | |
10/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,230,000 | | | 2,375,893 |
Progress Energy, Inc., 4.40%, | | | | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,267,000 | | | 2,303,479 |
Southern California Edison Co., 3.88%, | | | | |
06/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,296,000 | | | 2,339,915 |
Southern Co. (The), 2.35%, 07/01/2021 . . | 6,912,000 | | | 6,965,902 |
| | | | 34,594,090 |
Electrical Equipment-0.13% | | | | |
Emerson Electric Co., 2.63%, | | | | |
12/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,424,000 | | | 2,478,884 |
Energy Equipment & Services-0.15% | | | | |
Halliburton Co., 3.25%, 11/15/2021. . . . . . | 2,744,000 | | | 2,808,387 |
Entertainment-0.77% | | | | |
Activision Blizzard, Inc., 2.30%, | | | | |
09/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,735,000 | | | 2,763,989 |
Electronic Arts, Inc., 3.70%, 03/01/2021. . | 2,860,000 | | | 2,920,086 |
TWDC Enterprises 18 Corp. | | | | |
2.30%, 02/12/2021(b). . . . . . . . . . . . . . . . | 3,159,000 | | | 3,183,845 |
3.75%, 06/01/2021 . . . . . . . . . . . . . . . . . | 2,211,000 | | | 2,281,527 |
2.75%, 08/16/2021 . . . . . . . . . . . . . . . . . | 3,326,000 | | | 3,396,174 |
| | | | 14,545,621 |
Equity REITs-1.96% | | | | |
American Tower Corp. | | | | |
3.30%, 02/15/2021 . . . . . . . . . . . . . . . . . | 3,436,000 | | | 3,480,859 |
3.45%, 09/15/2021 . . . . . . . . . . . . . . . . . | 2,786,000 | | | 2,868,701 |
Boston Properties L.P., 4.13%, | | | | |
05/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,265,000 | | | 4,375,161 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Equity REITs-(continued) | | | | |
Crown Castle International Corp. | | | | |
3.40%, 02/15/2021 . . . . . . . . . . . . . . . . . | $ 3,927,000 | $ | 3,981,608 |
2.25%, 09/01/2021 . . . . . . . . . . . . . . . . . | 3,124,000 | | | 3,148,360 |
Equinix, Inc., 5.88%, 01/15/2026 . . . . . . . . | 5,336,000 | | | 5,640,739 |
ERP Operating L.P., 4.63%, 12/15/2021. . | 3,430,000 | | | 3,600,512 |
Kimco Realty Corp., 3.20%, 05/01/2021 . . | 2,233,000 | | | 2,272,518 |
MPT Operating Partnership L.P./MPT | | | | |
Finance Corp., 5.25%, 08/01/2026. . . . . | 2,460,000 | | | 2,570,264 |
Simon Property Group L.P., 2.50%, | | | | |
07/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,619,000 | | | 2,651,516 |
Weyerhaeuser Co., 4.70%, 03/15/2021 . . . | 2,553,000 | | | 2,615,228 |
| | | | 37,205,466 |
Food & Staples Retailing-1.61% | | | | |
| Principal | | | |
| Amount | | | Value |
Health Care Providers & Services-(continued) | | | |
UnitedHealth Group, Inc. | | | | |
2.13%, 03/15/2021 . . . . . . . . . . . . . . . . . | $ 3,617,000 | $ | 3,633,739 |
3.38%, 11/15/2021 . . . . . . . . . . . . . . . . . | 2,335,000 | | | 2,401,487 |
2.88%, 12/15/2021 . . . . . . . . . . . . . . . . . | 3,434,000 | | | 3,524,657 |
| | | | 43,837,351 |
Hotels, Restaurants & Leisure-0.18% | | | | |
Starbucks Corp., 2.10%, 02/04/2021. . . . . | 3,372,000 | | | 3,385,572 |
Household Durables-0.26% | | | | |
Lennar Corp., 4.75%, 04/01/2021 . . . . . . . | 2,425,000 | | | 2,468,820 |
Tupperware Brands Corp., 4.75%, | | | | |
06/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 2,878,000 | | | 2,397,297 |
| | | | 4,866,117 |
Costco Wholesale Corp., 2.15%, | | |
05/18/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 4,513,000 | 4,552,765 |
Kroger Co. (The) | | |
3.30%, 01/15/2021 . . . . . . . . . . . . . . . . . | 3,124,000 | 3,152,277 |
2.95%, 11/01/2021(b) . . . . . . . . . . . . . . . | 2,348,000 | 2,400,503 |
Sysco Corp., 2.50%, 07/15/2021 . . . . . . . . | 2,419,000 | 2,457,334 |
Walgreens Boots Alliance, Inc., 3.30%, | | |
11/18/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 6,304,000 | 6,469,912 |
Walmart, Inc. | | |
4.25%, 04/15/2021(b). . . . . . . . . . . . . . . . | 3,178,000 | 3,280,020 |
3.13%, 06/23/2021 . . . . . . . . . . . . . . . . . | 7,968,000 | 8,154,379 |
| | 30,467,190 |
Food Products-0.82% | | |
Archer-Daniels-Midland Co., 4.48%, | | |
03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,930,000 | 1,987,755 |
General Mills, Inc. | | |
3.20%, 04/16/2021 . . . . . . . . . . . . . . . . . | 2,710,000 | 2,776,120 |
3.15%, 12/15/2021 . . . . . . . . . . . . . . . . . | 4,589,000 | 4,717,439 |
JM Smucker Co. (The), 3.50%, | | |
10/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,434,000 | 3,544,751 |
Tyson Foods, Inc., 2.25%, 08/23/2021 . . . | 2,541,000 | 2,561,342 |
| | 15,587,407 |
Gas Utilities-0.13% | | |
National Fuel Gas Co., 4.90%, | | |
12/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,402,000 | 2,514,887 |
Health Care Equipment & Supplies-0.39% | | |
Becton, Dickinson and Co., 3.13%, | | |
11/08/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,552,000 | 4,659,018 |
Stryker Corp., 2.63%, 03/15/2021 . . . . . . . | 2,747,000 | 2,769,832 |
| | 7,428,850 |
Health Care Providers & Services-2.31% | | |
Household Products-0.36% | | | |
Procter & Gamble Co. (The) | | | |
1.85%, 02/02/2021(b). . . . . . . . . . . . . . . . | 2,724,000 | | 2,735,036 |
1.70%, 11/03/2021 . . . . . . . . . . . . . . . . . | 4,077,000 | | 4,124,896 |
| | | 6,859,932 |
Independent Power and Renewable Electricity Producers-0.34% | |
AES Corp. (The) | | | |
4.00%, 03/15/2021 . . . . . . . . . . . . . . . . . | 3,083,000 | | 3,093,081 |
6.00%, 05/15/2026 . . . . . . . . . . . . . . . . . | 3,335,000 | | 3,437,718 |
| | | 6,530,799 |
Industrial Conglomerates-1.80% | | | |
3M Co., 1.63%, 09/19/2021 . . . . . . . . . . . . | 2,910,000 | | 2,922,985 |
General Electric Co. | | | |
4.63%, 01/07/2021 . . . . . . . . . . . . . . . . . | 6,191,000 | | 6,340,340 |
5.30%, 02/11/2021 . . . . . . . . . . . . . . . . . | 5,007,000 | | 5,156,581 |
4.65%, 10/17/2021 . . . . . . . . . . . . . . . . . | 6,793,000 | | 7,086,436 |
Honeywell International, Inc. | | | |
4.25%, 03/01/2021 . . . . . . . . . . . . . . . . . | 3,450,000 | | 3,546,363 |
1.85%, 11/01/2021 . . . . . . . . . . . . . . . . . | 6,641,000 | | 6,711,476 |
Roper Technologies, Inc., 2.80%, | | | |
12/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,258,000 | | 2,313,198 |
| | | 34,077,379 |
Insurance-0.72% | | | |
American International Group, Inc., 3.30%, | | | |
03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 6,914,000 | | 7,013,883 |
Marsh & McLennan Cos., Inc., 4.80%, | | | |
07/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,324,000 | | 2,413,556 |
Progressive Corp. (The), 3.75%, | | | |
08/23/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,262,000 | | 2,349,354 |
Willis Towers Watson PLC, 5.75%, | | | |
03/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,878,000 | | 1,955,367 |
| AmerisourceBergen Corp., 3.50%, | | | | | 13,732,160 |
| . . . . .11/15/2021 . . . . . . . . . . . . . . . . . . . | 2,304,000 | 2,368,574 | Interactive Media & Services-0.19% | | |
| Anthem, Inc., 3.70%, 08/15/2021 . . . . . . . | 3,007,000 | 3,082,102 | Alphabet, Inc., 3.63%, 05/19/2021. . . . . . . | 3,595,000 | 3,695,978 |
| Cigna Corp., 3.40%, 09/17/2021 | 6,130,000 | 6,296,329 | Internet & Direct Marketing Retail-0.44% | | |
| | |
| CVS Health Corp. | | | | |
| | | Amazon.com, Inc., 3.30%, 12/05/2021 . . . | 4,650,000 | 4,794,539 |
| 3.35%, 03/09/2021 . . . . . . . . . . . . | 12,450,000 | 12,657,031 |
| eBay, Inc., 2.88%, 08/01/2021 . . . . . . . . . . | 3,405,000 | 3,459,535 |
| 2.13%, 06/01/2021 . . . . . . . . . . . . . . . . . | 7,781,000 | 7,827,859 |
| | | 8,254,074 |
| McKesson Corp., 4.75%, 03/01/2021. . . . . | 178,000 | 182,133 | | |
| Quest Diagnostics, Inc., 4.70%, | | | IT Services-0.84% | | |
| 04/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,805,000 | 1,863,440 | Global Payments, Inc., 3.80%, | | |
| | | | 04/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,196,000 | 3,268,297 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
IT Services-(continued) | | | | |
International Business Machines Corp. | | | | |
2.25%, 02/19/2021 . . . . . . . . . . . . . . . . . | $ 5,000,000 | $ | 5,040,895 |
2.90%, 11/01/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,615,163 |
Mastercard, Inc., 2.00%, 11/21/2021 . . . . | 2,871,000 | | | 2,910,316 |
| | | | 15,834,671 |
Machinery-1.99% | | | | |
Caterpillar Financial Services Corp. | | | | |
1.70%, 08/09/2021 . . . . . . . . . . . . . . . . . | 4,872,000 | | | 4,886,144 |
3.15%, 09/07/2021 . . . . . . . . . . . . . . . . . | 3,528,000 | | | 3,625,863 |
Caterpillar, Inc., 3.90%, 05/27/2021 . . . . . | 5,687,000 | | | 5,866,983 |
CNH Industrial Capital LLC, 4.88%, | | | | |
04/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,550,000 | | | 2,636,903 |
Fortive Corp., 2.35%, 06/15/2021 . . . . . . . | 3,330,000 | | | 3,365,233 |
John Deere Capital Corp. | | | | |
2.35%, 01/08/2021 . . . . . . . . . . . . . . . . . | 2,402,000 | | | 2,418,014 |
2.55%, 01/08/2021 . . . . . . . . . . . . . . . . . | 2,251,000 | | | 2,269,981 |
2.80%, 03/04/2021 . . . . . . . . . . . . . . . . . | 2,261,000 | | | 2,293,472 |
3.90%, 07/12/2021 . . . . . . . . . . . . . . . . . | 2,240,000 | | | 2,323,409 |
3.13%, 09/10/2021 . . . . . . . . . . . . . . . . . | 2,796,000 | | | 2,874,239 |
3.15%, 10/15/2021 . . . . . . . . . . . . . . . . . | 2,330,000 | | | 2,402,514 |
Xylem, Inc., 4.88%, 10/01/2021. . . . . . . . . | 2,724,000 | | | 2,869,903 |
| | | | 37,832,658 |
Media-1.35% | | | | |
Discovery Communications LLC, 4.38%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,927,000 | | | 3,027,339 |
NBCUniversal Media LLC, 4.38%, | | | | |
04/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 9,562,000 | | | 9,855,623 |
Time Warner Cable LLC | | | | |
4.13%, 02/15/2021 . . . . . . . . . . . . . . . . . | 3,153,000 | | | 3,199,975 |
4.00%, 09/01/2021 . . . . . . . . . . . . . . . . . | 4,293,000 | | | 4,413,605 |
Viacom, Inc. | | | | |
4.50%, 03/01/2021 . . . . . . . . . . . . . . . . . | 2,521,000 | | | 2,592,853 |
3.88%, 12/15/2021 . . . . . . . . . . . . . . . . . | 2,452,000 | | | 2,556,686 |
| | | | 25,646,081 |
Metals & Mining-0.21% | | | | |
Goldcorp, Inc. (Canada), 3.63%, | | | | |
06/09/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,693,000 | | | 1,710,893 |
Kinross Gold Corp. (Canada), 5.13%, | | | | |
09/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,267,000 | | | 2,348,612 |
| | | | 4,059,505 |
Multiline Retail-0.25% | | | | |
Macy's Retail Holdings, Inc., 3.45%, | | | | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,324,000 | | | 2,347,846 |
Nordstrom, Inc., 4.00%, 10/15/2021 . . . . . | 2,248,000 | | | 2,308,875 |
| | | | 4,656,721 |
Multi-Utilities-0.73% | | | | |
CenterPoint Energy Resources Corp., | | | | |
4.50%, 01/15/2021 . . . . . . . . . . . . . . . . . | 3,369,000 | | | 3,421,995 |
Consolidated Edison, Inc., 2.00%, | | | | |
05/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,989,000 | | | 2,005,145 |
PSEG Power LLC, 3.00%, 06/15/2021 . . . . | 3,090,000 | | | 3,148,395 |
Puget Energy, Inc., 6.00%, 09/01/2021. . . | 2,235,000 | | | 2,386,605 |
WEC Energy Group, Inc., 3.38%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,730,000 | | | 2,793,050 |
| | | | 13,755,190 |
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-6.07% | | | | |
BP Capital Markets PLC (United Kingdom), | | | | |
3.56%, 11/01/2021 . . . . . . . . . . . . . . . . . | $ 4,874,000 | $ | 5,041,871 |
Canadian Natural Resources Ltd. (Canada), | | | | |
3.45%, 11/15/2021(b) . . . . . . . . . . . . . . . | 2,336,000 | | | 2,401,692 |
Chevron Corp., 2.10%, 05/16/2021 . . . . . . | 6,023,000 | | | 6,079,741 |
Enbridge Energy Partners L.P., 4.20%, | | | | |
09/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,751,000 | | | 2,841,085 |
Energy Transfer Operating L.P., 4.65%, | | | | |
06/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,403,000 | | | 3,510,881 |
Enterprise Products Operating LLC | | | | |
2.80%, 02/15/2021 . . . . . . . . . . . . . . . . . | 3,438,000 | | | 3,473,413 |
2.85%, 04/15/2021 . . . . . . . . . . . . . . . . . | 2,769,000 | | | 2,806,571 |
EOG Resources, Inc., 4.10%, 02/01/2021 . | 3,463,000 | | | 3,540,302 |
EQT Corp., 4.88%, 11/15/2021 . . . . . . . . . | 3,188,000 | | | 3,132,210 |
Exxon Mobil Corp., 2.22%, 03/01/2021 . . . | 11,531,000 | | | 11,583,031 |
Kinder Morgan Energy Partners L.P. | | | | |
3.50%, 03/01/2021 . . . . . . . . . . . . . . . . . | 3,018,000 | | | 3,053,969 |
5.00%, 10/01/2021 . . . . . . . . . . . . . . . . . | 2,197,000 | | | 2,290,163 |
Magellan Midstream Partners L.P., 4.25%, | | | | |
02/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,460,000 | | | 2,512,844 |
Marathon Petroleum Corp., 5.13%, | | | | |
03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,518,000 | | | 4,672,651 |
Occidental Petroleum Corp. | | | | |
4.85%, 03/15/2021 . . . . . . . . . . . . . . . . . | 2,722,000 | | | 2,793,296 |
Series 1, 4.10%, 02/01/2021 . . . . . . . . . | 5,726,000 | | | 5,794,625 |
Ovintiv, Inc., 3.90%, 11/15/2021 . . . . . . . . | 2,489,000 | | | 2,568,209 |
Pioneer Natural Resources Co., 3.45%, | | | | |
01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,209,000 | | | 2,239,401 |
Plains All American Pipeline L.P./PAA | | | | |
Finance Corp., 5.00%, 02/01/2021. . . . . | 2,533,000 | | | 2,579,144 |
Sabine Pass Liquefaction LLC, 5.63%, | | | | |
02/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 9,400,000 | | | 9,619,568 |
Shell International Finance B.V. | | | | |
(Netherlands) | | | | |
1.88%, 05/10/2021 . . . . . . . . . . . . . . . . . | 6,930,000 | | | 6,961,216 |
1.75%, 09/12/2021 . . . . . . . . . . . . . . . . . | 4,639,000 | | | 4,661,614 |
Sunoco Logistics Partners Operations L.P., | | | | |
4.40%, 04/01/2021 . . . . . . . . . . . . . . . . . | 2,707,000 | | | 2,771,081 |
Total Capital International S.A. (France) | | | | |
2.75%, 06/19/2021 . . . . . . . . . . . . . . . . . | 4,670,000 | | | 4,745,571 |
2.22%, 07/12/2021 . . . . . . . . . . . . . . . . . | 3,468,000 | | | 3,513,725 |
Total Capital S.A. (France) | | | | |
4.13%, 01/28/2021 . . . . . . . . . . . . . . . . . | 2,306,000 | | | 2,364,773 |
4.25%, 12/15/2021 . . . . . . . . . . . . . . . . . | 2,303,000 | | | 2,428,189 |
Western Midstream Operating L.P., 5.38%, | | | | |
06/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,741,000 | | | 2,827,589 |
Williams Cos., Inc. (The), 4.00%, | | | | |
11/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,322,000 | | | 2,405,273 |
| | | | 115,213,698 |
Personal Products-0.47% | | | | |
Unilever Capital Corp. (United Kingdom) | | | | |
4.25%, 02/10/2021 . . . . . . . . . . . . . . . . . | 4,300,000 | | | 4,409,734 |
1.38%, 07/28/2021 . . . . . . . . . . . . . . . . . | 4,501,000 | | | 4,509,950 |
| | | | 8,919,684 |
Pharmaceuticals-3.05% | | | | |
Elanco Animal Health, Inc., 4.66%, | | | | |
08/27/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,265,000 | | | 2,375,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Pharmaceuticals-(continued) | | | | |
GlaxoSmithKline Capital PLC (United | | | | |
Kingdom), 3.13%, 05/14/2021 . . . . . . . . | $ 5,303,000 | $ | 5,427,596 |
Johnson & Johnson, 1.65%, 03/01/2021 . | 4,312,000 | | | 4,319,921 |
Merck & Co., Inc., 3.88%, 01/15/2021 . . . . | 5,240,000 | | | 5,331,245 |
Mylan N.V., 3.15%, 06/15/2021 . . . . . . . . . | 9,914,000 | | | 10,074,243 |
Pfizer, Inc. | | | | |
1.95%, 06/03/2021 . . . . . . . . . . . . . . . . . | 5,403,000 | | | 5,456,264 |
3.00%, 09/15/2021 . . . . . . . . . . . . . . . . . | 4,567,000 | | | 4,681,850 |
2.20%, 12/15/2021 . . . . . . . . . . . . . . . . . | 4,813,000 | | | 4,891,890 |
Sanofi (France), 4.00%, 03/29/2021 . . . . . | 8,780,000 | | | 9,014,748 |
Takeda Pharmaceutical Co. Ltd. (Japan), | | | | |
4.00%, 11/26/2021 . . . . . . . . . . . . . . . . . | 6,000,000 | | | 6,257,208 |
| | | | 57,830,785 |
Professional Services-0.11% | | | | |
Equifax, Inc., 2.30%, 06/01/2021 . . . . . . . . | 1,982,000 | | | 2,004,695 |
Road & Rail-0.40% | | | | |
Norfolk Southern Corp., 3.25%, | | | | |
12/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,183,000 | | | 2,243,176 |
Union Pacific Corp. | | | | |
4.00%, 02/01/2021 . . . . . . . . . . . . . . . . . | 2,237,000 | | | 2,271,749 |
3.20%, 06/08/2021 . . . . . . . . . . . . . . . . . | 3,002,000 | | | 3,059,846 |
| | | | 7,574,771 |
Semiconductors & Semiconductor Equipment-1.69% | | | |
Applied Materials, Inc., 4.30%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,327,000 | | | 2,417,419 |
Broadcom Corp./Broadcom Cayman | | | | |
Finance Ltd., 2.20%, 01/15/2021 . . . . . . | 3,329,000 | | | 3,341,242 |
Intel Corp. | | | | |
1.70%, 05/19/2021 . . . . . . . . . . . . . . . . . | 1,829,000 | | | 1,840,744 |
3.30%, 10/01/2021 . . . . . . . . . . . . . . . . . | 8,745,000 | | | 9,023,701 |
KLA Corp., 4.13%, 11/01/2021 . . . . . . . . . | 2,016,000 | | | 2,096,508 |
Lam Research Corp., 2.80%, 06/15/2021 . | 4,068,000 | | | 4,134,770 |
NVIDIA Corp., 2.20%, 09/16/2021 . . . . . . . | 4,904,000 | | | 4,964,326 |
Texas Instruments, Inc., 2.75%, | | | | |
03/12/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,286,000 | | | 2,312,427 |
Xilinx, Inc., 3.00%, 03/15/2021 . . . . . . . . . . | 1,816,000 | | | 1,845,185 |
| | | | 31,976,322 |
Software-2.65% | | | | |
IBM Credit LLC | | | | |
1.80%, 01/20/2021 . . . . . . . . . . . . . . . . . | 4,500,000 | | | 4,514,797 |
2.65%, 02/05/2021 . . . . . . . . . . . . . . . . . | 4,400,000 | | | 4,450,171 |
Microsoft Corp. | | | | |
4.00%, 02/08/2021 . . . . . . . . . . . . . . . . . | 2,263,000 | | | 2,315,261 |
1.55%, 08/08/2021 . . . . . . . . . . . . . . . . . | 12,560,000 | | | 12,625,000 |
Oracle Corp. | | | | |
2.80%, 07/08/2021 . . . . . . . . . . . . . . . . . | 6,684,000 | | | 6,828,686 |
1.90%, 09/15/2021 . . . . . . . . . . . . . . . . . | 19,364,000 | | | 19,522,051 |
| | | | 50,255,966 |
Specialty Retail-1.59% | | | | |
Best Buy Co., Inc., 5.50%, 03/15/2021 . . . | 3,022,000 | | | 3,114,239 |
Gap, Inc. (The), 5.95%, 04/12/2021 . . . . . . | 5,948,000 | | | 6,060,180 |
Home Depot, Inc. (The) | | | | |
2.00%, 04/01/2021 . . . . . . . . . . . . . . . . . | 6,100,000 | | | 6,146,005 |
4.40%, 04/01/2021 . . . . . . . . . . . . . . . . . | 4,251,000 | | | 4,353,130 |
| Principal |
| Amount |
Specialty Retail-(continued) | |
Lowe's Cos., Inc. | |
3.75%, 04/15/2021 . . . . . . . . . . . . . . . . . | $ 2,280,000 |
3.80%, 11/15/2021 . . . . . . . . . . . . . . . . . | 2,295,000 |
O'Reilly Automotive, Inc., 4.88%, | |
01/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 2,314,000 |
TJX Cos., Inc. (The), 2.75%, 06/15/2021 . | 3,390,000 |
Technology Hardware, Storage & Peripherals-2.49% |
Apple, Inc. | |
2.25%, 02/23/2021 . . . . . . . . . . . . . . . . . | 12,832,000 |
2.85%, 05/06/2021 . . . . . . . . . . . . . . . . . | 13,561,000 |
1.55%, 08/04/2021 . . . . . . . . . . . . . . . . . | 5,831,000 |
HP, Inc. | |
4.30%, 06/01/2021 . . . . . . . . . . . . . . . . . | 3,986,000 |
4.38%, 09/15/2021 . . . . . . . . . . . . . . . . . | 3,371,000 |
4.65%, 12/09/2021 . . . . . . . . . . . . . . . . . | 4,633,000 |
NetApp, Inc., 3.38%, 06/15/2021. . . . . . . . | 2,159,000 |
Textiles, Apparel & Luxury Goods-0.14% | |
VF Corp., 3.50%, 09/01/2021 . . . . . . . . . . . | 2,584,000 |
Tobacco-0.74% | |
Altria Group, Inc., 4.75%, 05/05/2021 . . . . | 6,728,000 |
Philip Morris International, Inc. | |
1.88%, 02/25/2021 . . . . . . . . . . . . . . . . . | 3,497,000 |
2.90%, 11/15/2021 . . . . . . . . . . . . . . . . . | 3,397,000 |
Trading Companies & Distributors-1.18% | |
AerCap Ireland Capital DAC/AerCap Global | |
Aviation Trust (Ireland) | |
4.50%, 05/15/2021 . . . . . . . . . . . . . . . . . | 4,700,000 |
5.00%, 10/01/2021 . . . . . . . . . . . . . . . . . | 5,977,000 |
Air Lease Corp. | |
2.50%, 03/01/2021 . . . . . . . . . . . . . . . . . | 2,551,000 |
3.88%, 04/01/2021 . . . . . . . . . . . . . . . . . | 1,941,000 |
3.38%, 06/01/2021 . . . . . . . . . . . . . . . . . | 2,223,000 |
Aircastle Ltd., 5.13%, 03/15/2021 . . . . . . . | 2,534,000 |
International Lease Finance Corp., 4.63%, | |
04/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 1,808,000 |
Total U.S. Dollar Denominated Bonds & Notes |
(Cost $1,847,594,274) . . . . . . . . . . . . . . | . . . . . . . . . . . . |
| Shares |
Money Market Funds-0.05% | |
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(c) | |
(Cost $970,339). . . . . . . . . . . . . . . . . . . . . | 970,339 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.73%
(Cost $1,848,564,613) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value
$2,323,686
2,379,190
2,359,523
3,450,656
30,186,609
12,922,516
13,797,959
5,857,287
4,098,882
3,504,844
4,856,343
2,199,651
47,237,482
2,660,431
6,976,517
3,506,748
3,474,888
13,958,153
4,856,329
6,264,034
2,563,899
1,988,545
2,270,364
2,613,657
1,862,134
22,418,962
1,871,637,938
970,339
1,872,608,277
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)—(continued)
February 29, 2020 (Unaudited)
| | Shares | | | Value |
Investments Purchased with Cash Collateral | | | |
from Securities on Loan | | | | |
Money Market Funds-0.44% | | | | |
Invesco Government & Agency Portfolio, | | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . | 6,167,898 | $ | 6,167,898 |
Invesco Liquid Assets Portfolio, | | | | |
Institutional Class, 1.64%(c)(d) . . . . . . . . . . | 2,054,931 | | | 2,055,959 |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $8,223,658) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | | 8,223,857 |
TOTAL INVESTMENTS IN SECURITIES-99.17% | | | | |
(Cost $1,856,788,271) . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | | 1,880,832,134 |
OTHER ASSETS LESS LIABILITIES-0.83% . . . . . | . . . . . . . . . . | | 15,835,848 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | $1,896,667,982 |
| | | | | |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 43.18 |
Information Technology | 8.82 |
| |
Health Care | 8.36 |
Consumer Discretionary | 8.10 |
| |
Industrials | 7.74 |
Energy | 6.22 |
| |
Consumer Staples | 5.54 |
Communication Services | 4.67 |
| |
Utilities | 3.02 |
Sector Types Each Less Than 3% | 3.03 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.32 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.45% | |
Aerospace & Defense-1.48% | | | | |
Arconic, Inc., 5.87%, 02/23/2022. . . . . . . . | $ 4,100,000 | $ | 4,316,521 |
General Dynamics Corp., 2.25%, | | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,972,000 | | | 5,090,566 |
Northrop Grumman Corp., 2.55%, | | | | |
10/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 6,765,000 | | | 6,970,521 |
Raytheon Co., 2.50%, 12/15/2022. . . . . . . | 4,996,000 | | | 5,140,748 |
Rockwell Collins, Inc., 2.80%, 03/15/2022. | 5,001,000 | | | 5,144,049 |
| | | | 26,662,405 |
Air Freight & Logistics-0.54% | | | | |
FedEx Corp., 2.63%, 08/01/2022 . . . . . . . . | 2,241,000 | | | 2,300,638 |
United Parcel Service, Inc. | | | | |
2.35%, 05/16/2022 . . . . . . . . . . . . . . . . . | 2,774,000 | | | 2,831,764 |
2.45%, 10/01/2022 . . . . . . . . . . . . . . . . . | 4,442,000 | | | 4,557,390 |
| | | | 9,689,792 |
Airlines-0.26% | | | | |
Delta Air Lines, Inc., 3.63%, 03/15/2022. . | 4,514,000 | | | 4,653,501 |
Automobiles-3.68% | | | | |
American Honda Finance Corp. | | | | |
1.95%, 05/20/2022 . . . . . . . . . . . . . . . . . | 2,810,000 | | | 2,842,296 |
2.20%, 06/27/2022 . . . . . . . . . . . . . . . . . | 3,992,000 | | | 4,074,417 |
2.60%, 11/16/2022 . . . . . . . . . . . . . . . . . | 3,084,000 | | | 3,189,578 |
Ford Motor Credit Co. LLC | | | | |
3.22%, 01/09/2022 . . . . . . . . . . . . . . . . . | 4,400,000 | | | 4,419,388 |
3.34%, 03/28/2022 . . . . . . . . . . . . . . . . . | 3,800,000 | | | 3,840,035 |
2.98%, 08/03/2022 . . . . . . . . . . . . . . . . . | 4,000,000 | | | 4,042,582 |
4.25%, 09/20/2022 . . . . . . . . . . . . . . . . . | 4,100,000 | | | 4,222,503 |
3.55%, 10/07/2022 . . . . . . . . . . . . . . . . . | 4,000,000 | | | 4,072,456 |
General Motors Financial Co., Inc. | | | | |
3.45%, 01/14/2022 . . . . . . . . . . . . . . . . . | 5,467,000 | | | 5,586,981 |
3.45%, 04/10/2022 . . . . . . . . . . . . . . . . . | 5,556,000 | | | 5,698,932 |
3.15%, 06/30/2022 . . . . . . . . . . . . . . . . . | 5,519,000 | | | 5,649,882 |
Toyota Motor Corp. (Japan), 2.16%, | | | | |
07/02/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,257,000 | | | 2,307,366 |
Toyota Motor Credit Corp. | | | | |
2.60%, 01/11/2022 . . . . . . . . . . . . . . . . . | 5,367,000 | | | 5,508,246 |
3.30%, 01/12/2022 . . . . . . . . . . . . . . . . . | 4,238,000 | | | 4,405,279 |
2.80%, 07/13/2022 . . . . . . . . . . . . . . . . . | 2,266,000 | | | 2,350,179 |
2.15%, 09/08/2022(b). . . . . . . . . . . . . . . . | 3,779,000 | | | 3,870,990 |
| | | | 66,081,110 |
Banks-23.18% | | | | |
Bank of America Corp. | | | | |
5.70%, 01/24/2022 . . . . . . . . . . . . . . . . . | 7,033,000 | | | 7,608,666 |
2.50%, 10/21/2022 . . . . . . . . . . . . . . . . . | 8,181,000 | | | 8,308,271 |
Bank of Montreal (Canada) | | | | |
2.35%, 09/11/2022 . . . . . . . . . . . . . . . . . | 4,459,000 | | | 4,559,765 |
2.55%, 11/06/2022 . . . . . . . . . . . . . . . . . | 4,193,000 | | | 4,325,222 |
Bank of Nova Scotia (The) (Canada) | | | | |
2.70%, 03/07/2022 . . . . . . . . . . . . . . . . . | 6,493,000 | | | 6,642,540 |
2.45%, 09/19/2022 . . . . . . . . . . . . . . . . . | 4,257,000 | | | 4,368,552 |
Barclays Bank PLC (United Kingdom), | | | | |
7.63%, 11/21/2022 . . . . . . . . . . . . . . . . . | 12,350,000 | | | 13,768,645 |
BBVA USA, 2.88%, 06/29/2022 . . . . . . . . . | 4,550,000 | | | 4,687,713 |
Branch Banking & Trust Co., 2.63%, | | | | |
01/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,750,000 | | | 4,843,635 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Canadian Imperial Bank of Commerce | | | | |
(Canada), 2.55%, 06/16/2022. . . . . . . . . | $ 4,536,000 | $ | 4,647,572 |
CIT Group, Inc., 5.00%, 08/15/2022. . . . . . | 7,077,000 | | | 7,416,788 |
Citigroup, Inc. | | | | |
4.50%, 01/14/2022 . . . . . . . . . . . . . . . . . | 10,640,000 | | | 11,201,957 |
2.75%, 04/25/2022 . . . . . . . . . . . . . . . . . | 9,437,000 | | | 9,657,400 |
4.05%, 07/30/2022 . . . . . . . . . . . . . . . . . | 3,975,000 | | | 4,196,165 |
2.70%, 10/27/2022 . . . . . . . . . . . . . . . . . | 8,200,000 | | | 8,445,829 |
Citizens Bank N.A., 2.65%, 05/26/2022. . . | 5,002,000 | | | 5,139,557 |
Cooperatieve Rabobank U.A. (Netherlands) | | | | |
2.75%, 01/10/2022 . . . . . . . . . . . . . . . . . | 4,750,000 | | | 4,861,499 |
3.88%, 02/08/2022 . . . . . . . . . . . . . . . . . | 13,789,000 | | | 14,443,527 |
3.95%, 11/09/2022 . . . . . . . . . . . . . . . . . | 5,000,000 | | | 5,266,289 |
Deutsche Bank AG (Germany), 3.30%, | | | | |
11/16/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,100,000 | | | 4,211,263 |
Fifth Third Bancorp | | | | |
3.50%, 03/15/2022 . . . . . . . . . . . . . . . . . | 2,296,000 | | | 2,387,039 |
2.60%, 06/15/2022 . . . . . . . . . . . . . . . . . | 2,700,000 | | | 2,776,704 |
First Republic Bank, 2.50%, 06/06/2022 . . | 4,003,000 | | | 4,097,551 |
HSBC Holdings PLC (United Kingdom) | | | | |
2.65%, 01/05/2022 . . . . . . . . . . . . . . . . . | 9,700,000 | | | 9,875,106 |
4.88%, 01/14/2022 . . . . . . . . . . . . . . . . . | 3,968,000 | | | 4,200,420 |
4.00%, 03/30/2022 . . . . . . . . . . . . . . . . . | 9,336,000 | | | 9,752,189 |
Huntington Bancshares, Inc., 2.30%, | | | | |
01/14/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,678,000 | | | 4,725,043 |
Huntington National Bank (The), 2.50%, | | | | |
08/07/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,802,000 | | | 3,900,469 |
JPMorgan Chase & Co. | | | | |
4.50%, 01/24/2022 . . . . . . . . . . . . . . . . . | 13,977,000 | | | 14,735,415 |
3.25%, 09/23/2022 . . . . . . . . . . . . . . . . . | 13,889,000 | | | 14,485,355 |
KeyBank N.A. | | | | |
2.40%, 06/09/2022 . . . . . . . . . . . . . . . . . | 3,879,000 | | | 3,954,373 |
2.30%, 09/14/2022 . . . . . . . . . . . . . . . . . | 4,200,000 | | | 4,292,905 |
Lloyds Banking Group PLC (United | | | | |
Kingdom), 3.00%, 01/11/2022 . . . . . . . . | 7,000,000 | | | 7,163,658 |
Manufacturers and Traders Trust Co., | | | | |
2.50%, 05/18/2022 . . . . . . . . . . . . . . . . . | 4,452,000 | | | 4,551,527 |
Mitsubishi UFJ Financial Group, Inc. | | | | |
(Japan) | | | | |
3.00%, 02/22/2022 . . . . . . . . . . . . . . . . . | 4,852,000 | | | 4,990,141 |
2.62%, 07/18/2022 . . . . . . . . . . . . . . . . . | 9,000,000 | | | 9,214,533 |
2.67%, 07/25/2022 . . . . . . . . . . . . . . . . . | 8,662,000 | | | 8,891,873 |
Mizuho Financial Group, Inc. (Japan) | | | | |
2.95%, 02/28/2022 . . . . . . . . . . . . . . . . . | 6,000,000 | | | 6,173,857 |
2.60%, 09/11/2022 . . . . . . . . . . . . . . . . . | 4,450,000 | | | 4,576,743 |
MUFG Union Bank N.A., 2.10%, | | | | |
12/09/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,800,000 | | | 3,864,955 |
People's United Financial, Inc., 3.65%, | | | | |
12/06/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,282,000 | | | 2,385,811 |
PNC Bank N.A. | | | | |
2.63%, 02/17/2022 . . . . . . . . . . . . . . . . . | 5,700,000 | | | 5,827,740 |
2.45%, 07/28/2022 . . . . . . . . . . . . . . . . . | 4,045,000 | | | 4,137,119 |
2.70%, 11/01/2022 . . . . . . . . . . . . . . . . . | 3,950,000 | | | 4,071,958 |
PNC Financial Services Group, Inc. (The) | | | | |
3.30%, 03/08/2022 . . . . . . . . . . . . . . . . . | 3,904,000 | | | 4,038,208 |
2.85%, 11/09/2022(c). . . . . . . . . . . . . . . . | 2,377,000 | | | 2,452,382 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Regions Financial Corp., 2.75%, | | | | |
08/14/2022 . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,470,000 | $ | 4,593,307 |
Royal Bank of Canada (Canada), 2.75%, | | | | |
02/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 5,400,000 | | | 5,558,091 |
Royal Bank of Scotland Group PLC (The) | | | | |
(United Kingdom), 6.13%, 12/15/2022 . | 9,606,000 | | | 10,487,065 |
Santander Holdings USA, Inc., 3.70%, | | | | |
03/28/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 5,066,000 | | | 5,280,195 |
Skandinaviska Enskilda Banken AB | | | | |
(Sweden), 2.80%, 03/11/2022 . . . . . . . . | 4,051,000 | | | 4,155,705 |
Sumitomo Mitsui Banking Corp. (Japan), | | | | |
3.20%, 07/18/2022 . . . . . . . . . . . . . . . . . | 4,285,000 | | | 4,451,482 |
Sumitomo Mitsui Financial Group, Inc. | | | | |
(Japan) | | | | |
2.85%, 01/11/2022 . . . . . . . . . . . . . . . . . | 3,338,000 | | | 3,422,128 |
2.78%, 07/12/2022 . . . . . . . . . . . . . . . . . | 8,556,000 | | | 8,829,635 |
2.78%, 10/18/2022 . . . . . . . . . . . . . . . . . | 5,527,000 | | | 5,695,678 |
SunTrust Banks, Inc., 2.70%, 01/27/2022. | 4,748,000 | | | 4,855,643 |
Synchrony Bank, 3.00%, 06/15/2022 . . . . | 5,550,000 | | | 5,692,234 |
Truist Bank, 2.45%, 08/01/2022(b) . . . . . . . | 4,193,000 | | | 4,287,815 |
Truist Financial Corp., 2.75%, | | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,248,000 | | | 4,357,661 |
U.S. Bancorp | | | | |
3.00%, 03/15/2022 . . . . . . . . . . . . . . . . . | 3,833,000 | | | 3,955,178 |
2.95%, 07/15/2022 . . . . . . . . . . . . . . . . . | 5,853,000 | | | 6,062,045 |
Series V, 2.63%, 01/24/2022 . . . . . . . . . | 5,232,000 | | | 5,358,195 |
UBS AG (Switzerland), 7.63%, | | | | |
08/17/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 9,100,000 | | | 10,235,589 |
Wells Fargo & Co. | | | | |
3.50%, 03/08/2022 . . . . . . . . . . . . . . . . . | 11,556,000 | | | 12,000,707 |
2.63%, 07/22/2022 . . . . . . . . . . . . . . . . . | 16,846,000 | | | 17,275,989 |
| | | | 416,678,271 |
Beverages-1.76% | | | | |
Anheuser-Busch InBev Worldwide, Inc. | | | | |
(Belgium), 2.50%, 07/15/2022 . . . . . . . . | 3,333,000 | | | 3,425,131 |
Coca-Cola Co. (The), 2.20%, 05/25/2022 . | 2,581,000 | | | 2,633,634 |
Constellation Brands, Inc. | | | | |
2.70%, 05/09/2022 . . . . . . . . . . . . . . . . . | 2,306,000 | | | 2,372,079 |
2.65%, 11/07/2022 . . . . . . . . . . . . . . . . . | 3,092,000 | | | 3,192,362 |
Diageo Investment Corp. (United Kingdom), | | | | |
2.88%, 05/11/2022 . . . . . . . . . . . . . . . . . | 4,427,000 | | | 4,578,460 |
Molson Coors Beverage Co., 3.50%, | | | | |
05/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,183,000 | | | 2,271,581 |
PepsiCo, Inc. | | | | |
2.75%, 03/05/2022 . . . . . . . . . . . . . . . . . | 5,534,000 | | | 5,680,537 |
2.25%, 05/02/2022 . . . . . . . . . . . . . . . . . | 3,410,000 | | | 3,474,130 |
3.10%, 07/17/2022 . . . . . . . . . . . . . . . . . | 3,843,000 | | | 3,993,732 |
| | | | 31,621,646 |
Biotechnology-2.44% | | | | |
| Principal | | | |
| Amount | | | Value |
Biotechnology-(continued) | | | | |
Gilead Sciences, Inc. | | | | |
1.95%, 03/01/2022 . . . . . . . . . . . . . . . . . | $ 2,551,000 | $ | 2,596,025 |
3.25%, 09/01/2022 . . . . . . . . . . . . . . . . . | 4,824,000 | | | 5,036,541 |
| | | | 43,820,353 |
Capital Markets-5.12% | | | | |
Ares Capital Corp., 3.63%, 01/19/2022 . . . | 2,254,000 | | | 2,312,882 |
Bank of New York Mellon Corp. (The) | | | | |
2.60%, 02/07/2022 . . . . . . . . . . . . . . . . . | 5,496,000 | | | 5,611,015 |
1.95%, 08/23/2022 . . . . . . . . . . . . . . . . . | 4,474,000 | | | 4,543,965 |
BlackRock, Inc., 3.38%, 06/01/2022 . . . . . | 4,941,000 | | | 5,174,382 |
CME Group, Inc., 3.00%, 09/15/2022. . . . . | 3,782,000 | | | 3,946,720 |
E*TRADE Financial Corp., 2.95%, | | | | |
08/24/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,309,000 | | | 3,424,630 |
Goldman Sachs Group, Inc. (The) | | | | |
5.75%, 01/24/2022 . . . . . . . . . . . . . . . . . | 19,582,000 | | | 21,094,335 |
3.00%, 04/26/2022 . . . . . . . . . . . . . . . . . | 13,844,000 | | | 14,074,155 |
Moody's Corp., 4.50%, 09/01/2022 . . . . . . | 2,167,000 | | | 2,308,035 |
Morgan Stanley | | | | |
2.75%, 05/19/2022 . . . . . . . . . . . . . . . . . | 13,847,000 | | | 14,240,011 |
4.88%, 11/01/2022 . . . . . . . . . . . . . . . . . | 8,500,000 | | | 9,175,047 |
Northern Trust Corp., 2.38%, | | | | |
08/02/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,401,000 | | | 2,468,176 |
TD Ameritrade Holding Corp., 2.95%, | | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,537,000 | | | 3,628,394 |
| | | | 92,001,747 |
Chemicals-1.52% | | | | |
Celanese US Holdings LLC, 4.63%, | | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,109,000 | | | 2,273,271 |
Dow Chemical Co. (The), 3.00%, | | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,817,000 | | | 5,028,224 |
Eastman Chemical Co., 3.60%, | | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,691,000 | | | 2,810,863 |
Ecolab, Inc., 2.38%, 08/10/2022. . . . . . . . . | 1,844,000 | | | 1,883,116 |
Mosaic Co. (The), 3.25%, 11/15/2022 . . . . | 2,270,000 | | | 2,362,024 |
Praxair, Inc. | | | | |
2.45%, 02/15/2022 . . . . . . . . . . . . . . . . . | 2,733,000 | | | 2,780,067 |
2.20%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,198,000 | | | 2,240,277 |
Sherwin-Williams Co. (The), 2.75%, | | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 5,575,000 | | | 5,739,727 |
Syngenta Finance N.V. (Switzerland), | | | | |
3.13%, 03/28/2022 . . . . . . . . . . . . . . . . . | 2,219,000 | | | 2,263,385 |
| | | | 27,380,954 |
Commercial Services & Supplies-0.52% | | | | |
Cintas Corp. No. 2, 2.90%, 04/01/2022. . . | 2,871,000 | | | 2,943,873 |
Republic Services, Inc., 3.55%, | | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,846,000 | | | 4,021,604 |
Waste Management, Inc., 2.90%, | | | | |
09/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,274,000 | | | 2,354,061 |
AbbVie, Inc. | | |
2.90%, 11/06/2022 . . . . . . . . . . . . . . . . . | 14,302,000 | 14,765,456 |
3.20%, 11/06/2022 . . . . . . . . . . . . . . . . . | 4,361,000 | 4,515,546 |
Amgen, Inc. | | |
2.70%, 05/01/2022 . . . . . . . . . . . . . . . . . | 2,169,000 | 2,227,594 |
2.65%, 05/11/2022 . . . . . . . . . . . . . . . . . | 6,476,000 | 6,625,669 |
3.63%, 05/15/2022 . . . . . . . . . . . . . . . . . | 3,189,000 | 3,305,813 |
Biogen, Inc., 3.63%, 09/15/2022 . . . . . . . . | 4,497,000 | 4,747,709 |
| | 9,319,538 |
Communications Equipment-0.72% | | |
Cisco Systems, Inc., 3.00%, 06/15/2022 . . | 2,647,000 | 2,759,411 |
Motorola Solutions, Inc., 3.75%, | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,220,000 | 3,348,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Communications Equipment-(continued) | | | | |
Nokia OYJ (Finland), 3.38%, 06/12/2022 . $ 2,304,000 | $ | 2,315,550 |
Telefonaktiebolaget LM Ericsson (Sweden), | | | | |
4.13%, 05/15/2022 . . . . . . . . . . . . . . . . . | 4,360,000 | | | 4,499,492 |
| | | | 12,923,349 |
Consumer Finance-2.30% | | | | |
Ally Financial, Inc., 4.13%, 02/13/2022 . . . | 4,546,000 | | | 4,724,703 |
American Express Co. | | | | |
2.50%, 08/01/2022 . . . . . . . . . . . . . . . . . | 7,716,000 | | | 7,877,745 |
2.65%, 12/02/2022 . . . . . . . . . . . . . . . . . | 5,640,000 | | | 5,824,862 |
American Express Credit Corp., 2.70%, | | | | |
03/03/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 7,306,000 | | | 7,486,181 |
Capital One Financial Corp., 3.05%, | | | | |
03/09/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,819,000 | | | 3,922,243 |
Capital One N.A. | | | | |
2.65%, 08/08/2022 . . . . . . . . . . . . . . . . . | 3,850,000 | | | 3,948,107 |
2.15%, 09/06/2022 . . . . . . . . . . . . . . . . . | 5,500,000 | | | 5,566,829 |
Discover Financial Services, 3.85%, | | | | |
11/21/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 1,837,000 | | | 1,951,999 |
| | | | 41,302,669 |
Diversified Consumer Services-0.15% | | | | |
Block Financial LLC, 5.50%, 11/01/2022. . | 2,572,000 | | | 2,785,954 |
Diversified Financial Services-0.58% | | | | |
Berkshire Hathaway Finance Corp., 3.00%, | | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,681,000 | | | 3,808,104 |
Berkshire Hathaway, Inc., 3.40%, | | | | |
01/31/2022(b) . . . . . . . . . . . . . . . . . . . . . . | 3,138,000 | | | 3,254,349 |
ORIX Corp. (Japan), 2.90%, 07/18/2022. . | 3,195,000 | | | 3,289,067 |
| | | | 10,351,520 |
Diversified Telecommunication Services-2.90% | | | |
AT&T, Inc. | | | | |
4.00%, 01/15/2022 . . . . . . . . . . . . . . . . . | 2,247,000 | | | 2,351,533 |
3.00%, 02/15/2022 . . . . . . . . . . . . . . . . . | 6,562,000 | | | 6,742,791 |
3.20%, 03/01/2022 . . . . . . . . . . . . . . . . . | 5,338,000 | | | 5,507,550 |
3.80%, 03/15/2022 . . . . . . . . . . . . . . . . . | 4,224,000 | | | 4,409,975 |
3.40%, 06/15/2022 . . . . . . . . . . . . . . . . . | 2,583,000 | | | 2,690,286 |
3.00%, 06/30/2022 . . . . . . . . . . . . . . . . . | 8,903,000 | | | 9,191,197 |
2.63%, 12/01/2022 . . . . . . . . . . . . . . . . . | 4,827,000 | | | 4,966,811 |
Verizon Communications, Inc. | | | | |
2.95%, 03/15/2022 . . . . . . . . . . . . . . . . . | 4,826,000 | | | 4,973,333 |
3.13%, 03/16/2022 . . . . . . . . . . . . . . . . . | 5,880,000 | | | 6,097,402 |
2.45%, 11/01/2022 . . . . . . . . . . . . . . . . . | 5,004,000 | | | 5,138,937 |
| | | | 52,069,815 |
Electric Utilities-1.86% | | | | |
Alabama Power Co., Series 17A, 2.45%, | | | | |
03/30/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,895,000 | | | 2,962,523 |
Duke Energy Corp. | | | | |
2.40%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,280,000 | | | 2,320,735 |
3.05%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,135,000 | | | 2,199,660 |
Duke Energy Progress LLC, 2.80%, | | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 1,931,000 | | | 1,979,312 |
Entergy Corp., 4.00%, 07/15/2022 . . . . . . | 2,381,000 | | | 2,499,698 |
Eversource Energy, Series K, 2.75%, | | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,099,000 | | | 3,177,300 |
Exelon Corp., 3.50%, 06/01/2022. . . . . . . . | 5,336,000 | | | 5,537,890 |
| Principal | | |
| Amount | | Value |
Electric Utilities-(continued) | | | | |
Exelon Generation Co. LLC | | | | |
3.40%, 03/15/2022 . . . . . . . . . . . . . . . . . | $ 2,347,000 | | $ | 2,420,520 |
4.25%, 06/15/2022 . . . . . . . . . . . . . . . . . | 1,883,000 | | | 1,983,487 |
FirstEnergy Corp., Series A, 2.85%, | | | | |
07/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,283,000 | | | 2,348,335 |
ITC Holdings Corp., 2.70%, 11/15/2022 . . | 2,265,000 | | | 2,337,858 |
Oncor Electric Delivery Co. LLC, 7.00%, | | | | |
09/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,260,000 | | | 3,698,964 |
| | | | 33,466,282 |
Electrical Equipment-0.34% | | | | |
ABB Finance USA, Inc. (Switzerland), | | | | |
2.88%, 05/08/2022 . . . . . . . . . . . . . . . . . | 5,916,000 | | | 6,110,219 |
Electronic Equipment, Instruments & Components-0.38% | | |
Jabil, Inc., 4.70%, 09/15/2022 . . . . . . . . . . | 2,111,000 | | | 2,263,745 |
Tech Data Corp., 3.70%, 02/15/2022 . . . . | 2,164,000 | | | 2,209,831 |
Tyco Electronics Group S.A. (Switzerland), | | | | |
3.50%, 02/03/2022 . . . . . . . . . . . . . . . . . | 2,203,000 | | | 2,287,763 |
| | | | 6,761,339 |
Energy Equipment & Services-0.42% | | | | |
Baker Hughes, a GE Co. LLC/Baker Hughes | | | | |
Co-Obligor, Inc., 2.77%, 12/15/2022 . . . | 5,331,000 | | | 5,463,187 |
National Oilwell Varco, Inc., 2.60%, | | | | |
12/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,040,000 | | | 2,077,520 |
| | | | 7,540,707 |
Entertainment-0.54% | | | | |
TWDC Enterprises 18 Corp. | | | | |
2.45%, 03/04/2022 . . . . . . . . . . . . . . . . . | 2,331,000 | | | 2,391,793 |
2.35%, 12/01/2022 . . . . . . . . . . . . . . . . . | 4,761,000 | | | 4,913,590 |
Walt Disney Co. (The), 1.65%, | | | | |
09/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,315,000 | | | 2,340,069 |
| | | | 9,645,452 |
Equity REITs-2.71% | | | | |
American Tower Corp. | | | | |
2.25%, 01/15/2022 . . . . . . . . . . . . . . . . . | 2,660,000 | | | 2,695,133 |
4.70%, 03/15/2022 . . . . . . . . . . . . . . . . . | 2,841,000 | | | 3,017,892 |
Brixmor Operating Partnership L.P., | | | | |
3.88%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,167,000 | | | 2,280,330 |
Crown Castle International Corp., 4.88%, | | | | |
04/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,473,000 | | | 3,687,730 |
Digital Realty Trust L.P., 3.95%, | | | | |
07/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,621,000 | | | 2,751,205 |
Equinix, Inc., 5.38%, 05/15/2027 . . . . . . . . | 6,096,000 | | | 6,575,450 |
Kimco Realty Corp., 3.40%, 11/01/2022. . | 2,157,000 | | | 2,257,631 |
MPT Operating Partnership L.P./MPT | | | | |
Finance Corp., 5.00%, 10/15/2027 . . . . | 6,615,000 | | | 6,919,522 |
Public Storage, 2.37%, 09/15/2022 . . . . . . | 2,384,000 | | | 2,447,829 |
Realty Income Corp., 3.25%, 10/15/2022 . | 3,883,000 | | | 4,063,492 |
Service Properties Trust, 5.00%, | | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,201,000 | | | 2,335,811 |
Simon Property Group L.P. | | | | |
2.35%, 01/30/2022 . . . . . . . . . . . . . . . . . | 2,230,000 | | | 2,261,060 |
2.63%, 06/15/2022 . . . . . . . . . . . . . . . . . | 2,600,000 | | | 2,663,574 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Equity REITs-(continued) | | | | |
SL Green Operating Partnership L.P., | | | | |
3.25%, 10/15/2022 . . . . . . . . . . . . . . . . . | $ 2,275,000 | $ | 2,365,509 |
Ventas Realty L.P./Ventas Capital Corp., | | | | |
3.25%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,214,000 | | | 2,303,669 |
| | | | 48,625,837 |
Food & Staples Retailing-1.12% | | | | |
Costco Wholesale Corp. | | | | |
2.25%, 02/15/2022 . . . . . . . . . . . . . . . . . | 2,573,000 | | | 2,627,265 |
2.30%, 05/18/2022 . . . . . . . . . . . . . . . . . | 3,683,000 | | | 3,774,241 |
Kroger Co. (The), 3.40%, 04/15/2022 . . . . | 2,320,000 | | | 2,404,259 |
Walgreen Co., 3.10%, 09/15/2022 . . . . . . . | 5,375,000 | | | 5,539,725 |
Walmart, Inc., 2.35%, 12/15/2022 . . . . . . . | 5,593,000 | | | 5,760,732 |
| | | | 20,106,222 |
Food Products-0.85% | | | | |
General Mills, Inc., 2.60%, 10/12/2022 . . . | 2,383,000 | | | 2,455,258 |
Kraft Heinz Foods Co. (The), 3.50%, | | | | |
07/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,262,000 | | | 4,348,153 |
McCormick & Co., Inc., 2.70%, | | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,747,000 | | | 3,854,156 |
Tyson Foods, Inc., 4.50%, 06/15/2022 . . . | 4,380,000 | | | 4,633,628 |
| | | | 15,291,195 |
Health Care Equipment & Supplies-1.74% | | | | |
Abbott Laboratories, 2.55%, 03/15/2022 . | 3,345,000 | | | 3,434,906 |
Becton, Dickinson and Co., 2.89%, | | | | |
06/06/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 7,623,000 | | | 7,819,212 |
Boston Scientific Corp., 3.38%, | | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,251,000 | | | 2,330,425 |
Covidien International Finance S.A., | | | | |
3.20%, 06/15/2022 . . . . . . . . . . . . . . . . . | 2,989,000 | | | 3,097,311 |
Medtronic, Inc., 3.15%, 03/15/2022. . . . . . | 10,940,000 | | | 11,350,877 |
Zimmer Biomet Holdings, Inc., 3.15%, | | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,200,000 | | | 3,295,913 |
| | | | 31,328,644 |
Health Care Providers & Services-3.16% | | | | |
Aetna, Inc., 2.75%, 11/15/2022 . . . . . . . . . | 4,352,000 | | | 4,458,144 |
Anthem, Inc. | | | | |
3.13%, 05/15/2022 . . . . . . . . . . . . . . . . . | 3,752,000 | | | 3,875,730 |
2.95%, 12/01/2022 . . . . . . . . . . . . . . . . . | 3,642,000 | | | 3,760,869 |
Cardinal Health, Inc., 2.62%, 06/15/2022 . | 5,274,000 | | | 5,399,323 |
CommonSpirit Health, 2.95%, | | | | |
11/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,173,000 | | | 2,237,411 |
CVS Health Corp. | | | | |
3.50%, 07/20/2022 . . . . . . . . . . . . . . . . . | 6,544,000 | | | 6,799,184 |
2.75%, 12/01/2022 . . . . . . . . . . . . . . . . . | 5,545,000 | | | 5,703,593 |
DH Europe Finance II S.a.r.l., 2.05%, | | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,011,000 | | | 3,066,753 |
Humana, Inc., 3.15%, 12/01/2022 . . . . . . . | 2,818,000 | | | 2,928,613 |
Laboratory Corp. of America Holdings | | | | |
3.20%, 02/01/2022 . . . . . . . . . . . . . . . . . | 2,119,000 | | | 2,179,248 |
3.75%, 08/23/2022 . . . . . . . . . . . . . . . . . | 2,104,000 | | | 2,198,401 |
UnitedHealth Group, Inc. | | | | |
2.88%, 03/15/2022 . . . . . . . . . . . . . . . . . | 4,782,000 | | | 4,909,090 |
3.35%, 07/15/2022 . . . . . . . . . . . . . . . . . | 4,589,000 | | | 4,793,512 |
2.38%, 10/15/2022 . . . . . . . . . . . . . . . . . | 4,438,000 | | | 4,552,640 |
| | | | 56,862,511 |
| Principal | | | |
| Amount | | | Value |
Hotels, Restaurants & Leisure-0.85% | | | | |
Marriott International, Inc. | | | | |
2.30%, 01/15/2022 . . . . . . . . . . . . . . . . . | $ 3,743,000 | $ | 3,792,598 |
2.13%, 10/03/2022 . . . . . . . . . . . . . . . . . | 2,547,000 | | | 2,563,258 |
McDonald's Corp., 2.63%, 01/15/2022 . . . | 5,916,000 | | | 6,048,128 |
Starbucks Corp., 2.70%, 06/15/2022. . . . . | 2,765,000 | | | 2,839,916 |
| | | | 15,243,900 |
Household Durables-0.47% | | | | |
Lennar Corp. | | | | |
4.13%, 01/15/2022 . . . . . . . . . . . . . . . . . | 2,653,000 | | | 2,714,603 |
4.75%, 11/15/2022 . . . . . . . . . . . . . . . . . | 2,615,000 | | | 2,741,095 |
NVR, Inc., 3.95%, 09/15/2022 . . . . . . . . . . | 2,755,000 | | | 2,914,864 |
| | | | 8,370,562 |
Household Products-0.91% | | | | |
Clorox Co. (The), 3.05%, 09/15/2022 . . . . | 2,823,000 | | | 2,928,256 |
Colgate-Palmolive Co., 2.30%, | | | | |
05/03/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,136,000 | | | 3,213,006 |
Procter & Gamble Co. (The) | | | | |
2.30%, 02/06/2022 . . . . . . . . . . . . . . . . . | 4,542,000 | | | 4,645,923 |
2.15%, 08/11/2022 . . . . . . . . . . . . . . . . . | 5,423,000 | | | 5,565,991 |
| | | | 16,353,176 |
Independent Power and Renewable Electricity Producers-0.19% | |
AES Corp. (The), 5.13%, 09/01/2027 . . . . | 3,339,000 | | | 3,474,730 |
Industrial Conglomerates-1.43% | | | | |
3M Co., 2.00%, 06/26/2022 . . . . . . . . . . . . | 2,753,000 | | | 2,798,377 |
General Electric Co. | | | | |
3.15%, 09/07/2022 . . . . . . . . . . . . . . . . . | 6,111,000 | | | 6,302,580 |
2.70%, 10/09/2022 . . . . . . . . . . . . . . . . . | 13,626,000 | | | 13,929,092 |
Roper Technologies, Inc., 3.13%, | | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,604,000 | | | 2,713,163 |
| | | | 25,743,212 |
Insurance-1.08% | | | | |
American International Group, Inc., 4.88%, | | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 6,482,000 | | | 6,910,515 |
Aon Corp., 2.20%, 11/15/2022. . . . . . . . . . | 2,606,000 | | | 2,668,288 |
Chubb INA Holdings, Inc., 2.88%, | | | | |
11/03/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,800,000 | | | 4,993,932 |
Marsh & McLennan Cos., Inc., 2.75%, | | | | |
01/30/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,372,000 | | | 2,428,750 |
MetLife, Inc., 3.05%, 12/15/2022. . . . . . . . | 2,373,000 | | | 2,474,437 |
| | | | 19,475,922 |
Internet & Direct Marketing Retail-0.77% | | | | |
Amazon.com, Inc., 2.50%, 11/29/2022 . . . | 5,455,000 | | | 5,623,292 |
eBay, Inc. | | | | |
3.80%, 03/09/2022 . . . . . . . . . . . . . . . . . | 3,153,000 | | | 3,280,949 |
2.60%, 07/15/2022 . . . . . . . . . . . . . . . . . | 4,745,000 | | | 4,852,772 |
| | | | 13,757,013 |
IT Services-2.23% | | | | |
Fiserv, Inc., 3.50%, 10/01/2022 . . . . . . . . . | 3,415,000 | | | 3,571,152 |
International Business Machines Corp. | | | | |
2.50%, 01/27/2022 . . . . . . . . . . . . . . . . . | 4,400,000 | | | 4,501,623 |
1.88%, 08/01/2022 . . . . . . . . . . . . . . . . . | 4,400,000 | | | 4,457,049 |
2.88%, 11/09/2022 . . . . . . . . . . . . . . . . . | 4,450,000 | | | 4,628,842 |
PayPal Holdings, Inc., 2.20%, | | | | |
09/26/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,370,000 | | | 2,405,691 |
VeriSign, Inc., 4.75%, 07/15/2027 . . . . . . . | 2,566,000 | | | 2,677,698 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
IT Services-(continued) | | | | |
Visa, Inc. | | | | |
2.15%, 09/15/2022 . . . . . . . . . . . . . . . . . | $ 4,422,000 | $ | 4,512,085 |
2.80%, 12/14/2022 . . . . . . . . . . . . . . . . . | 10,492,000 | | | 10,894,881 |
Western Union Co. (The), 3.60%, | | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,277,000 | | | 2,371,115 |
| | | | 40,020,136 |
Machinery-2.38% | | | | |
Caterpillar Financial Services Corp. | | | | |
2.85%, 06/01/2022 . . . . . . . . . . . . . . . . . | 2,385,000 | | | 2,459,185 |
2.40%, 06/06/2022 . . . . . . . . . . . . . . . . . | 2,604,000 | | | 2,661,587 |
1.90%, 09/06/2022 . . . . . . . . . . . . . . . . . | 3,406,000 | | | 3,446,890 |
2.55%, 11/29/2022 . . . . . . . . . . . . . . . . . | 2,695,000 | | | 2,781,088 |
Caterpillar, Inc., 2.60%, 06/26/2022 . . . . . | 2,237,000 | | | 2,292,393 |
CNH Industrial Capital LLC, 4.38%, | | | | |
04/05/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,377,000 | | | 2,497,223 |
Deere & Co., 2.60%, 06/08/2022 . . . . . . . . | 4,310,000 | | | 4,402,238 |
Eaton Corp., 2.75%, 11/02/2022 . . . . . . . . | 7,872,000 | | | 8,159,683 |
Flowserve Corp., 3.50%, 09/15/2022. . . . . | 2,674,000 | | | 2,763,991 |
John Deere Capital Corp. | | | | |
2.65%, 01/06/2022 . . . . . . . . . . . . . . . . . | 2,618,000 | | | 2,688,185 |
2.75%, 03/15/2022 . . . . . . . . . . . . . . . . . | 2,136,000 | | | 2,207,303 |
2.15%, 09/08/2022 . . . . . . . . . . . . . . . . . | 2,793,000 | | | 2,855,188 |
Stanley Black & Decker, Inc., 2.90%, | | | | |
11/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,458,000 | | | 3,596,054 |
| | | | 42,811,008 |
Media-2.29% | | | | |
Charter Communications Operating LLC/ | | | | |
Charter Communications Operating | | | | |
Capital Corp., 4.46%, 07/23/2022 . . . . . | 13,683,000 | | | 14,509,700 |
Comcast Cable Communications Holdings, | | | | |
Inc., 9.46%, 11/15/2022 . . . . . . . . . . . . . | 4,419,000 | | | 5,367,809 |
Comcast Corp. | | | | |
1.63%, 01/15/2022 . . . . . . . . . . . . . . . . . | 2,876,000 | | | 2,895,790 |
3.13%, 07/15/2022 . . . . . . . . . . . . . . . . . | 4,412,000 | | | 4,600,306 |
Discovery Communications LLC, 3.30%, | | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,304,000 | | | 2,385,616 |
Omnicom Group, Inc./Omnicom Capital, | | | | |
Inc., 3.63%, 05/01/2022 . . . . . . . . . . . . . | 5,059,000 | | | 5,291,322 |
ViacomCBS, Inc., 3.38%, 03/01/2022 . . . . | 3,366,000 | | | 3,466,554 |
WPP Finance 2010 (United Kingdom), | | | | |
3.63%, 09/07/2022 . . . . . . . . . . . . . . . . . | 2,552,000 | | | 2,681,316 |
| | | | 41,198,413 |
Metals & Mining-0.60% | | | | |
ArcelorMittal S.A. (Luxembourg), 6.25%, | | | | |
02/25/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,779,000 | | | 4,058,425 |
Newmont Goldcorp Corp., 3.50%, | | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,428,000 | | | 4,536,065 |
Nucor Corp., 4.13%, 09/15/2022 . . . . . . . . | 2,134,000 | | | 2,260,310 |
| | | | 10,854,800 |
Multiline Retail-0.41% | | | | |
Macy's Retail Holdings, Inc., 3.88%, | | | | |
01/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,584,000 | | | 2,643,644 |
Target Corp., 2.90%, 01/15/2022. . . . . . . . | 4,641,000 | | | 4,783,836 |
| | | | 7,427,480 |
| Principal | | | |
| Amount | | | Value |
Multi-Utilities-0.74% | | | | |
CenterPoint Energy, Inc., 2.50%, | | | | |
09/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | $ 2,654,000 | $ | 2,721,064 |
DTE Energy Co., 2.25%, 11/01/2022. . . . . | 2,370,000 | | | 2,407,992 |
NiSource, Inc., 2.65%, 11/17/2022 . . . . . . | 2,653,000 | | | 2,717,424 |
Public Service Enterprise Group, Inc., | | | | |
2.65%, 11/15/2022 . . . . . . . . . . . . . . . . . | 2,632,000 | | | 2,705,448 |
Sempra Energy, 2.88%, 10/01/2022 . . . . . | 2,630,000 | | | 2,711,951 |
| | | | 13,263,879 |
Oil, Gas & Consumable Fuels-7.42% | | | | |
Apache Corp., 3.25%, 04/15/2022. . . . . . . | 2,841,000 | | | 2,898,886 |
BP Capital Markets PLC (United Kingdom) | | | | |
3.06%, 03/17/2022 . . . . . . . . . . . . . . . . . | 4,925,000 | | | 5,083,360 |
2.50%, 11/06/2022 . . . . . . . . . . . . . . . . . | 4,506,000 | | | 4,630,201 |
Cenovus Energy, Inc. (Canada), 3.00%, | | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,701,000 | | | 2,779,356 |
Chevron Corp. | | | | |
2.41%, 03/03/2022 . . . . . . . . . . . . . . . . . | 3,680,000 | | | 3,757,366 |
2.50%, 03/03/2022 . . . . . . . . . . . . . . . . . | 2,921,000 | | | 2,982,686 |
2.36%, 12/05/2022 . . . . . . . . . . . . . . . . . | 9,098,000 | | | 9,326,058 |
Enbridge, Inc. (Canada), 2.90%, | | | | |
07/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,808,991 | | | 2,885,908 |
Energy Transfer Operating L.P., 5.20%, | | | | |
02/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 4,456,000 | | | 4,698,742 |
Energy Transfer Partners L.P./Regency | | | | |
Energy Finance Corp. | | | | |
5.88%, 03/01/2022 . . . . . . . . . . . . . . . . . | 3,883,000 | | | 4,148,386 |
5.00%, 10/01/2022 . . . . . . . . . . . . . . . . . | 3,089,000 | | | 3,303,836 |
Enterprise Products Operating LLC, | | | | |
4.05%, 02/15/2022 . . . . . . . . . . . . . . . . . | 2,768,000 | | | 2,913,251 |
EQT Corp., 3.00%, 10/01/2022(b). . . . . . . . | 3,411,000 | | | 2,852,449 |
Exxon Mobil Corp. | | | | |
2.40%, 03/06/2022 . . . . . . . . . . . . . . . . . | 5,090,000 | | | 5,182,874 |
1.90%, 08/16/2022 . . . . . . . . . . . . . . . . . | 3,691,000 | | | 3,739,551 |
Husky Energy, Inc. (Canada), 3.95%, | | | | |
04/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,148,000 | | | 2,219,602 |
Kinder Morgan Energy Partners L.P., | | | | |
3.95%, 09/01/2022 . . . . . . . . . . . . . . . . . | 4,442,000 | | | 4,654,410 |
Marathon Oil Corp., 2.80%, 11/01/2022 . . | 4,420,000 | | | 4,497,008 |
Newfield Exploration Co., 5.75%, | | | | |
01/30/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,737,000 | | | 4,008,367 |
Occidental Petroleum Corp., 3.13%, | | | | |
02/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,980,000 | | | 4,075,063 |
ONEOK Partners L.P., 3.38%, | | | | |
10/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,884,000 | | | 4,024,816 |
ONEOK, Inc., 4.25%, 02/01/2022 . . . . . . . . | 3,118,000 | | | 3,246,358 |
Phillips 66, 4.30%, 04/01/2022. . . . . . . . . . | 8,713,000 | | | 9,172,294 |
Pioneer Natural Resources Co., 3.95%, | | | | |
07/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,834,000 | | | 2,966,541 |
Plains All American Pipeline L.P./PAA | | | | |
Finance Corp., 3.65%, 06/01/2022. . . . . | 3,418,000 | | | 3,515,211 |
Sabine Pass Liquefaction LLC, 6.25%, | | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,800,000 | | | 4,089,821 |
Shell International Finance B.V. | | | | |
(Netherlands), 2.38%, 08/21/2022. . . . . | 4,778,000 | | | 4,897,490 |
Total Capital International S.A. (France), | | | | |
2.88%, 02/17/2022 . . . . . . . . . . . . . . . . . | 4,406,000 | | | 4,537,226 |
TransCanada PipeLines Ltd. (Canada), | | | | |
2.50%, 08/01/2022 . . . . . . . . . . . . . . . . . | 4,189,000 | | | 4,283,188 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | | |
Western Midstream Operating L.P., 4.00%, | | | | |
07/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | $ 3,179,000 | $ | 3,257,657 |
Williams Cos., Inc. (The) | | | | |
3.60%, 03/15/2022 . . . . . . . . . . . . . . . . . | 5,549,000 | | | 5,723,886 |
3.35%, 08/15/2022 . . . . . . . . . . . . . . . . . | 2,926,000 | | | 3,039,006 |
| | | | 133,390,854 |
Personal Products-0.47% | | | | |
Unilever Capital Corp. (United Kingdom) | | | | |
3.00%, 03/07/2022 . . . . . . . . . . . . . . . . . | 4,100,000 | | | 4,245,018 |
2.20%, 05/05/2022 . . . . . . . . . . . . . . . . . | 4,100,000 | | | 4,193,322 |
| | | | 8,438,340 |
Pharmaceuticals-3.55% | | | | |
Allergan Finance LLC, 3.25%, | | | | |
10/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 6,298,000 | | | 6,565,863 |
Allergan Funding S.C.S., 3.45%, | | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 10,042,000 | | | 10,407,151 |
AstraZeneca PLC (United Kingdom), | | | | |
2.38%, 06/12/2022 . . . . . . . . . . . . . . . . . | 4,906,000 | | | 5,014,913 |
Bristol-Myers Squibb Co., 2.00%, | | | | |
08/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,086,000 | | | 3,154,262 |
Eli Lilly and Co., 2.35%, 05/15/2022 . . . . . | 3,091,000 | | | 3,161,942 |
GlaxoSmithKline Capital PLC (United | | | | |
Kingdom), 2.85%, 05/08/2022 . . . . . . . . | 9,165,000 | | | 9,488,652 |
Johnson & Johnson, 2.25%, 03/03/2022 . | 4,471,000 | | | 4,553,651 |
Merck & Co., Inc. | | | | |
2.35%, 02/10/2022 . . . . . . . . . . . . . . . . . | 5,450,000 | | | 5,539,165 |
2.40%, 09/15/2022 . . . . . . . . . . . . . . . . . | 4,492,000 | | | 4,586,476 |
Novartis Capital Corp. (Switzerland) | | | | |
2.40%, 05/17/2022 . . . . . . . . . . . . . . . . . | 4,305,000 | | | 4,414,080 |
2.40%, 09/21/2022 . . . . . . . . . . . . . . . . . | 6,664,000 | | | 6,861,929 |
| | | | 63,748,084 |
Professional Services-0.15% | | | | |
Equifax, Inc., 3.30%, 12/15/2022. . . . . . . . | 2,599,000 | | | 2,717,646 |
Road & Rail-0.69% | | | | |
Burlington Northern Santa Fe LLC | | | | |
3.05%, 03/15/2022 . . . . . . . . . . . . . . . . . | 2,791,000 | | | 2,876,118 |
3.05%, 09/01/2022 . . . . . . . . . . . . . . . . . | 2,822,000 | | | 2,925,498 |
Norfolk Southern Corp., 3.00%, | | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,636,000 | | | 2,710,297 |
Union Pacific Corp., 4.16%, 07/15/2022 . . | 3,760,000 | | | 3,979,425 |
| | | | 12,491,338 |
Semiconductors & Semiconductor Equipment-2.43% | | | |
Broadcom Corp./Broadcom Cayman | | | | |
Finance Ltd., 3.00%, 01/15/2022 . . . . . . | 16,302,000 | | | 16,621,968 |
Intel Corp. | | | | |
2.35%, 05/11/2022 . . . . . . . . . . . . . . . . . | 3,104,000 | | | 3,163,203 |
3.10%, 07/29/2022 . . . . . . . . . . . . . . . . . | 5,062,000 | | | 5,287,050 |
2.70%, 12/15/2022 . . . . . . . . . . . . . . . . . | 6,516,000 | | | 6,758,184 |
QUALCOMM, Inc., 3.00%, 05/20/2022. . . . | 9,281,000 | | | 9,617,758 |
Texas Instruments, Inc., 1.85%, | | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 2,267,000 | | | 2,282,192 |
| | | | 43,730,355 |
Software-3.29% | | | | |
CA, Inc., 3.60%, 08/15/2022. . . . . . . . . . . . | 2,324,000 | | | 2,399,014 |
IBM Credit LLC, 2.20%, 09/08/2022. . . . . . | 4,401,000 | | | 4,495,864 |
| Principal | | | |
| Amount | | | Value |
Software-(continued) | | | | |
Microsoft Corp. | | | | |
2.40%, 02/06/2022 . . . . . . . . . . . . . . . . . | $ 7,562,000 | $ | 7,733,547 |
2.38%, 02/12/2022 . . . . . . . . . . . . . . . . . | 6,996,000 | | | 7,156,796 |
2.65%, 11/03/2022 . . . . . . . . . . . . . . . . . | 4,485,000 | | | 4,646,856 |
2.13%, 11/15/2022 . . . . . . . . . . . . . . . . . | 3,376,000 | | | 3,459,669 |
Oracle Corp. | | | | |
2.50%, 05/15/2022 . . . . . . . . . . . . . . . . . | 11,055,000 | | | 11,300,189 |
2.50%, 10/15/2022 . . . . . . . . . . . . . . . . . | 11,157,000 | | | 11,473,876 |
VMware, Inc., 2.95%, 08/21/2022 . . . . . . . | 6,339,000 | | | 6,527,369 |
| | | | 59,193,180 |
Specialty Retail-0.63% | | | | |
AutoZone, Inc., 3.70%, 04/15/2022. . . . . . | 2,141,000 | | | 2,231,731 |
Home Depot, Inc. (The), 2.63%, | | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 5,503,000 | | | 5,658,240 |
Lowe's Cos., Inc., 3.12%, 04/15/2022 . . . . | 3,358,000 | | | 3,457,007 |
| | | | 11,346,978 |
Technology Hardware, Storage & Peripherals-2.47% | | | |
Apple, Inc. | | | | |
2.15%, 02/09/2022 . . . . . . . . . . . . . . . . . | 5,850,000 | | | 5,960,896 |
2.50%, 02/09/2022 . . . . . . . . . . . . . . . . . | 6,849,000 | | | 7,011,521 |
2.30%, 05/11/2022 . . . . . . . . . . . . . . . . . | 4,748,000 | | | 4,853,853 |
2.70%, 05/13/2022 . . . . . . . . . . . . . . . . . | 5,451,000 | | | 5,615,165 |
1.70%, 09/11/2022(b). . . . . . . . . . . . . . . . | 4,316,000 | | | 4,372,560 |
2.10%, 09/12/2022 . . . . . . . . . . . . . . . . . | 4,606,000 | | | 4,699,965 |
Hewlett Packard Enterprise Co., 4.40%, | | | | |
10/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 6,051,000 | | | 6,453,685 |
HP, Inc., 4.05%, 09/15/2022. . . . . . . . . . . . | 1,887,000 | | | 1,989,751 |
Seagate HDD Cayman, 4.25%, | | | | |
03/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . | 3,388,000 | | | 3,460,306 |
| | | | 44,417,702 |
Tobacco-1.39% | | | | |
Altria Group, Inc., 2.85%, 08/09/2022 . . . . | 8,285,000 | | | 8,517,754 |
Philip Morris International, Inc. | | | | |
2.63%, 02/18/2022 . . . . . . . . . . . . . . . . . | 2,301,000 | | | 2,356,319 |
2.38%, 08/17/2022 . . . . . . . . . . . . . . . . . | 3,177,000 | | | 3,242,014 |
2.50%, 08/22/2022 . . . . . . . . . . . . . . . . . | 3,094,000 | | | 3,183,156 |
2.50%, 11/02/2022 . . . . . . . . . . . . . . . . . | 2,987,000 | | | 3,077,693 |
Reynolds American, Inc. (United Kingdom), | | | | |
4.00%, 06/12/2022 . . . . . . . . . . . . . . . . . | 4,442,000 | | | 4,678,324 |
| | | | 25,055,260 |
Trading Companies & Distributors-1.34% | | | | |
AerCap Ireland Capital DAC/AerCap Global | | | | |
Aviation Trust (Ireland) | | | | |
3.95%, 02/01/2022 . . . . . . . . . . . . . . . . . | 4,200,000 | | | 4,353,885 |
3.50%, 05/26/2022 . . . . . . . . . . . . . . . . . | 4,051,000 | | | 4,166,915 |
4.63%, 07/01/2022 . . . . . . . . . . . . . . . . . | 4,051,000 | | | 4,295,986 |
Air Lease Corp. | | | | |
3.75%, 02/01/2022 . . . . . . . . . . . . . . . . . | 2,214,000 | | | 2,280,670 |
2.63%, 07/01/2022 . . . . . . . . . . . . . . . . . | 2,340,000 | | | 2,371,837 |
International Lease Finance Corp. | | | | |
8.63%, 01/15/2022 . . . . . . . . . . . . . . . . . | 2,654,000 | | | 2,962,463 |
5.88%, 08/15/2022 . . . . . . . . . . . . . . . . . | 3,368,000 | | | 3,676,304 |
| | | | 24,108,060 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $1,726,916,874) . . . . . . . . . . . . . . | . . . . . . . . . . . . | | 1,769,713,060 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)—(continued)
February 29, 2020 (Unaudited)
SharesValueSharesValue
Money Market Funds-0.69% | | | | Money Market Funds-(continued) | | | |
Invesco Premier U.S. Government Money | | | | Invesco Liquid Assets Portfolio, | | | |
Portfolio, Institutional Class, 1.46%(d) | | | | Institutional Class, 1.64%(d)(e) . . . . . . . . . . | 2,456,210 | $ | 2,457,438 |
. . . . . . . . . . . . . . . . . .(Cost $12,403,207) | 12,403,207 | $ 12,403,207 | Total Investments Purchased with Cash Collateral from | | |
TOTAL INVESTMENTS IN SECURITIES | | | | Securities on Loan | | | |
(excluding investments purchased with cash collateral | | | (Cost $9,650,739) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | | 9,650,985 |
from securities on loan)-99.14% | | | | TOTAL INVESTMENTS IN SECURITIES-99.67% | | | |
(Cost $1,739,320,081) . . . . . . . . . . . . . | | 1,782,116,267 | | | |
. . . . . . . . . . . | (Cost $1,748,970,820) . . . . . . . . . . . . . . . . . | | | 1,791,767,252 |
| | | | . . . . . . . . . . | |
| | | | | |
Investments Purchased with Cash Collateral | | | OTHER ASSETS LESS LIABILITIES-0.33% . . . . . | . . . . . . . . . . | | 5,846,098 |
| | NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . | | $1,797,613,350 |
from Securities on Loan | | | | . . . . . . . . . . |
| | | | | | |
Money Market Funds-0.53% | | | | | | | |
Invesco Government & Agency Portfolio, | | | | | | | |
Institutional Class, 1.50%(d)(e) . . . . . . . . . . | 7,193,547 | 7,193,547 | | | | |
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 32.26 |
Information Technology | 11.52 |
| |
Health Care | 10.89 |
Industrials | 9.13 |
| |
Energy | 7.84 |
Consumer Discretionary | 6.96 |
| |
Consumer Staples | 6.50 |
Communication Services | 5.73 |
| |
Sector Types Each Less Than 3% | 7.62 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.55 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-99.10% | |
Aerospace & Defense-2.08% | | | | |
General Dynamics Corp. | | | | |
3.38%, 05/15/2023 . . . . . . . . . . . . . . . . . | $ 2,452,000 | $ | 2,601,822 |
1.88%, 08/15/2023 . . . . . . . . . . . . . . . . . | 2,099,000 | | | 2,133,729 |
L3Harris Technologies, Inc., 3.85%, | | | | |
06/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . | 1,795,000 | | | 1,922,880 |
Lockheed Martin Corp., 3.10%, | | | | |
01/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,791,000 | | | 1,874,207 |
Northrop Grumman Corp., 3.25%, | | | | |
08/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,287,000 | | | 3,487,001 |
Precision Castparts Corp., 2.50%, | | | | |
01/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,315,000 | | | 3,431,272 |
United Technologies Corp., 3.65%, | | | | |
08/16/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 7,861,000 | | | 8,495,216 |
| | | | 23,946,127 |
Air Freight & Logistics-0.29% | | | | |
United Parcel Service, Inc., 2.50%, | | | | |
04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,275,000 | | | 3,391,260 |
Airlines-0.15% | | | | |
Delta Air Lines, Inc., 3.80%, 04/19/2023. . | 1,709,000 | | | 1,784,952 |
Automobiles-4.26% | | | | |
American Honda Finance Corp. | | | | |
2.05%, 01/10/2023 . . . . . . . . . . . . . . . . . | 2,588,000 | | | 2,631,668 |
3.45%, 07/14/2023 . . . . . . . . . . . . . . . . . | 1,729,000 | | | 1,844,134 |
Fiat Chrysler Automobiles N.V. (United | | | | |
Kingdom), 5.25%, 04/15/2023(c) . . . . . . | 3,200,000 | | | 3,352,000 |
Ford Motor Credit Co. LLC | | | | |
3.09%, 01/09/2023 . . . . . . . . . . . . . . . . . | 5,000,000 | | | 5,016,740 |
4.14%, 02/15/2023 . . . . . . . . . . . . . . . . . | 3,400,000 | | | 3,501,092 |
3.10%, 05/04/2023 . . . . . . . . . . . . . . . . . | 2,800,000 | | | 2,812,295 |
4.38%, 08/06/2023 . . . . . . . . . . . . . . . . . | 2,800,000 | | | 2,903,650 |
General Motors Co., 4.88%, 10/02/2023 . . | 4,632,000 | | | 5,038,788 |
General Motors Financial Co., Inc. | | | | |
3.25%, 01/05/2023 . . . . . . . . . . . . . . . . . | 2,799,000 | | | 2,880,548 |
3.70%, 05/09/2023 . . . . . . . . . . . . . . . . . | 3,798,000 | | | 3,946,953 |
4.25%, 05/15/2023 . . . . . . . . . . . . . . . . . | 2,454,000 | | | 2,600,747 |
4.15%, 06/19/2023 . . . . . . . . . . . . . . . . . | 3,147,000 | | | 3,340,361 |
Toyota Motor Corp. (Japan), 3.42%, | | | | |
07/20/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,424,000 | | | 2,596,918 |
Toyota Motor Credit Corp. | | | | |
2.63%, 01/10/2023 . . . . . . . . . . . . . . . . . | 2,476,000 | | | 2,576,738 |
2.70%, 01/11/2023 . . . . . . . . . . . . . . . . . | 2,120,000 | | | 2,213,284 |
2.25%, 10/18/2023 . . . . . . . . . . . . . . . . . | 1,758,000 | | | 1,806,893 |
| | | | 49,062,809 |
Banks-20.04% | | | | |
Banco Santander S.A. (Spain) | | | | |
3.13%, 02/23/2023 . . . . . . . . . . . . . . . . . | 3,000,000 | | | 3,113,679 |
3.85%, 04/12/2023 . . . . . . . . . . . . . . . . . | 2,800,000 | | | 2,965,944 |
Bank of America Corp. | | | | |
3.30%, 01/11/2023 . . . . . . . . . . . . . . . . . | 14,871,000 | | | 15,609,135 |
4.10%, 07/24/2023 . . . . . . . . . . . . . . . . . | 6,424,000 | | | 6,975,839 |
Barclays PLC (United Kingdom), 3.68%, | | | | |
01/10/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,200,000 | | | 3,313,931 |
Canadian Imperial Bank of Commerce | | | | |
(Canada), 3.50%, 09/13/2023. . . . . . . . . | 3,573,000 | | | 3,819,676 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
CIT Group, Inc., 5.00%, 08/01/2023. . . . . . | $ 2,253,000 | $ | 2,401,326 |
Citigroup, Inc. | | | | |
3.50%, 05/15/2023 . . . . . . . . . . . . . . . . . | 4,147,000 | | | 4,358,401 |
3.88%, 10/25/2023 . . . . . . . . . . . . . . . . . | 3,138,000 | | | 3,389,416 |
Citizens Bank N.A., 3.70%, 03/29/2023. . . | 2,752,000 | | | 2,933,434 |
Comerica, Inc., 3.70%, 07/31/2023 . . . . . . | 2,544,000 | | | 2,733,984 |
Cooperatieve Rabobank U.A. (Netherlands) | | | | |
2.75%, 01/10/2023 . . . . . . . . . . . . . . . . . | 5,150,000 | | | 5,352,757 |
4.63%, 12/01/2023 . . . . . . . . . . . . . . . . . | 3,800,000 | | | 4,133,579 |
Deutsche Bank AG (Germany), 3.95%, | | | | |
02/27/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 4,300,000 | | | 4,479,097 |
HSBC Holdings PLC (United Kingdom), | | | | |
3.60%, 05/25/2023 . . . . . . . . . . . . . . . . . | 5,100,000 | | | 5,397,003 |
Huntington National Bank (The), 3.55%, | | | | |
10/06/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,850,000 | | | 3,059,989 |
JPMorgan Chase & Co. | | | | |
2.97%, 01/15/2023 . . . . . . . . . . . . . . . . . | 4,689,000 | | | 4,820,276 |
3.20%, 01/25/2023 . . . . . . . . . . . . . . . . . | 8,811,000 | | | 9,241,685 |
3.38%, 05/01/2023 . . . . . . . . . . . . . . . . . | 6,624,000 | | | 6,953,238 |
2.70%, 05/18/2023 . . . . . . . . . . . . . . . . . | 6,406,000 | | | 6,647,547 |
KeyBank N.A., 3.38%, 03/07/2023. . . . . . . | 3,250,000 | | | 3,438,831 |
M&T Bank Corp., 3.55%, 07/26/2023 . . . . | 1,729,000 | | | 1,852,860 |
Mitsubishi UFJ Financial Group, Inc. | | | | |
(Japan) | | | | |
3.46%, 03/02/2023 . . . . . . . . . . . . . . . . . | 4,848,000 | | | 5,103,046 |
3.76%, 07/26/2023 . . . . . . . . . . . . . . . . . | 6,687,000 | | | 7,161,788 |
2.53%, 09/13/2023 . . . . . . . . . . . . . . . . . | 3,101,000 | | | 3,212,366 |
Mizuho Financial Group, Inc. (Japan), | | | | |
3.55%, 03/05/2023 . . . . . . . . . . . . . . . . . | 2,700,000 | | | 2,842,969 |
PNC Bank N.A. | | | | |
2.95%, 01/30/2023 . . . . . . . . . . . . . . . . . | 2,850,000 | | | 2,958,040 |
3.50%, 06/08/2023 . . . . . . . . . . . . . . . . . | 3,000,000 | | | 3,188,753 |
3.80%, 07/25/2023 . . . . . . . . . . . . . . . . . | 3,700,000 | | | 3,974,061 |
Regions Financial Corp., 3.80%, | | | | |
08/14/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,267,000 | | | 3,518,783 |
Royal Bank of Scotland Group PLC (The) | | | | |
(United Kingdom) | | | | |
6.10%, 06/10/2023 . . . . . . . . . . . . . . . . . | 3,154,000 | | | 3,486,278 |
3.88%, 09/12/2023 . . . . . . . . . . . . . . . . . | 6,000,000 | | | 6,377,613 |
6.00%, 12/19/2023 . . . . . . . . . . . . . . . . . | 6,099,000 | | | 6,833,323 |
Santander Holdings USA, Inc., 3.40%, | | | | |
01/18/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,468,000 | | | 3,602,827 |
Santander UK Group Holdings PLC (United | | | | |
Kingdom), 3.57%, 01/10/2023 . . . . . . . . | 2,700,000 | | | 2,783,917 |
Sumitomo Mitsui Banking Corp. (Japan) | | | | |
3.00%, 01/18/2023 . . . . . . . . . . . . . . . . . | 2,785,000 | | | 2,899,547 |
3.95%, 07/19/2023 . . . . . . . . . . . . . . . . . | 3,850,000 | | | 4,153,871 |
Sumitomo Mitsui Financial Group, Inc. | | | | |
(Japan) | | | | |
3.10%, 01/17/2023 . . . . . . . . . . . . . . . . . | 4,623,000 | | | 4,825,696 |
3.75%, 07/19/2023 . . . . . . . . . . . . . . . . . | 2,226,000 | | | 2,378,565 |
Toronto-Dominion Bank (The) (Canada), | | | | |
3.50%, 07/19/2023 . . . . . . . . . . . . . . . . . | 5,199,000 | | | 5,564,627 |
Truist Bank | | | | |
3.00%, 02/02/2023 . . . . . . . . . . . . . . . . . | 1,718,000 | | | 1,791,289 |
2.75%, 05/01/2023 . . . . . . . . . . . . . . . . . | 3,001,000 | | | 3,118,377 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
U.S. Bank N.A. | | | | |
1.95%, 01/09/2023 . . . . . . . . . . . . . . . . . | $ 3,100,000 | $ | 3,161,417 |
2.85%, 01/23/2023 . . . . . . . . . . . . . . . . . | 3,100,000 | | | 3,235,236 |
3.40%, 07/24/2023 . . . . . . . . . . . . . . . . . | 3,300,000 | | | 3,511,652 |
Wells Fargo & Co. | | | | |
3.07%, 01/24/2023 . . . . . . . . . . . . . . . . . | 12,373,000 | | | 12,695,956 |
4.13%, 08/15/2023 . . . . . . . . . . . . . . . . . | 4,616,000 | | | 4,979,445 |
Series M, 3.45%, 02/13/2023 . . . . . . . . . | 6,723,000 | | | 7,051,168 |
Wells Fargo Bank N.A., 3.55%, | | | | |
08/14/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 8,800,000 | | | 9,388,537 |
| | | | 230,790,774 |
Beverages-3.43% | | | | |
Anheuser-Busch InBev Finance, Inc. | | | | |
(Belgium), 3.30%, 02/01/2023 . . . . . . . . | 10,164,000 | | | 10,689,901 |
Coca-Cola Co. (The) | | | | |
2.50%, 04/01/2023 . . . . . . . . . . . . . . . . . | 2,586,000 | | | 2,681,671 |
3.20%, 11/01/2023 . . . . . . . . . . . . . . . . . | 5,184,000 | | | 5,527,086 |
Constellation Brands, Inc. | | | | |
3.20%, 02/15/2023 . . . . . . . . . . . . . . . . . | 2,110,000 | | | 2,203,171 |
4.25%, 05/01/2023 . . . . . . . . . . . . . . . . . | 3,236,000 | | | 3,498,028 |
Diageo Capital PLC (United Kingdom) | | | | |
2.63%, 04/29/2023 . . . . . . . . . . . . . . . . . | 4,243,000 | | | 4,395,654 |
3.50%, 09/18/2023 . . . . . . . . . . . . . . . . . | 2,901,000 | | | 3,103,928 |
Keurig Dr Pepper, Inc., 3.13%, | | | | |
12/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,355,000 | | | 2,480,959 |
PepsiCo, Inc., 2.75%, 03/01/2023 . . . . . . . | 4,680,000 | | | 4,870,185 |
| | | | 39,450,583 |
Biotechnology-1.46% | | | | |
| Principal | | | |
| Amount | | | Value |
Chemicals-0.65% | | | | |
LYB International Finance B.V., 4.00%, | | | | |
07/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | $ 2,489,000 | $ | 2,685,386 |
Mosaic Co. (The), 4.25%, 11/15/2023 . . . . | 2,923,000 | | | 3,148,388 |
Praxair, Inc., 2.70%, 02/21/2023 . . . . . . . . | 1,557,000 | | | 1,608,791 |
| | | | 7,442,565 |
Commercial Services & Supplies-0.33% | | | | |
Republic Services, Inc., 4.75%, | | | | |
05/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,840,000 | | | 2,017,206 |
Waste Management, Inc., 2.40%, | | | | |
05/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,735,000 | | | 1,783,808 |
| | | | 3,801,014 |
Communications Equipment-0.53% | | | | |
Cisco Systems, Inc. | | | | |
2.60%, 02/28/2023 . . . . . . . . . . . . . . . . . | 1,733,000 | | | 1,800,097 |
2.20%, 09/20/2023 . . . . . . . . . . . . . . . . . | 2,399,000 | | | 2,463,679 |
Motorola Solutions, Inc., 3.50%, | | | | |
03/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,807,000 | | | 1,884,781 |
| | | | 6,148,557 |
Consumer Finance-1.62% | | | | |
American Express Co., 3.40%, | | | | |
02/27/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 4,961,000 | | | 5,225,569 |
Capital One Bank USA N.A., 3.38%, | | | | |
02/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,100,000 | | | 3,254,121 |
Capital One Financial Corp. | | | | |
3.20%, 01/30/2023 . . . . . . . . . . . . . . . . . | 3,931,000 | | | 4,087,669 |
3.50%, 06/15/2023 . . . . . . . . . . . . . . . . . | 2,436,000 | | | 2,581,921 |
Discover Bank, 3.35%, 02/06/2023 . . . . . . | 3,400,000 | | | 3,567,337 |
AbbVie, Inc., 2.85%, 05/14/2023 . . . . . . . . | 3,242,000 | 3,350,242 |
Amgen, Inc., 2.25%, 08/19/2023 . . . . . . . . | 2,454,000 | 2,505,034 |
Gilead Sciences, Inc., 2.50%, 09/01/2023 . | 2,249,000 | 2,331,235 |
Shire Acquisitions Investments Ireland | | |
DAC, 2.88%, 09/23/2023. . . . . . . . . . . . . | 8,258,000 | 8,578,068 |
| | 16,764,579 |
Capital Markets-5.80% | | |
Ameriprise Financial, Inc., 4.00%, | | |
10/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,577,000 | 2,797,182 |
Ares Capital Corp., 3.50%, 02/10/2023 . . . | 2,429,000 | 2,510,653 |
Bank of New York Mellon Corp. (The) | | |
2.95%, 01/29/2023 . . . . . . . . . . . . . . . . . | 3,264,000 | 3,391,567 |
3.50%, 04/28/2023 . . . . . . . . . . . . . . . . . | 2,575,000 | 2,739,494 |
3.45%, 08/11/2023 . . . . . . . . . . . . . . . . . | 2,359,000 | 2,519,034 |
2.20%, 08/16/2023 . . . . . . . . . . . . . . . . . | 3,866,000 | 3,964,090 |
Charles Schwab Corp. (The), 2.65%, | | |
01/25/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,452,000 | 2,554,362 |
Goldman Sachs Group, Inc. (The) | | |
3.63%, 01/22/2023 . . . . . . . . . . . . . . . . . | 7,590,000 | 8,009,891 |
3.20%, 02/23/2023 . . . . . . . . . . . . . . . . . | 5,627,000 | 5,880,978 |
Jefferies Group LLC, 5.13%, 01/20/2023 . | 2,090,000 | 2,283,248 |
Morgan Stanley | | |
3.13%, 01/23/2023 . . . . . . . . . . . . . . . . . | 8,085,000 | 8,446,434 |
3.75%, 02/25/2023 . . . . . . . . . . . . . . . . . | 8,113,000 | 8,621,564 |
4.10%, 05/22/2023 . . . . . . . . . . . . . . . . . | 6,080,000 | 6,501,971 |
State Street Corp. | | |
3.10%, 05/15/2023 . . . . . . . . . . . . . . . . . | 3,083,000 | 3,233,084 |
3.70%, 11/20/2023 . . . . . . . . . . . . . . . . . | 3,114,000 | 3,377,542 |
| | 66,831,094 |
| | 18,716,617 |
Containers & Packaging-0.23% | | |
Packaging Corp. of America, 4.50%, | | |
11/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,418,000 | 2,653,793 |
Diversified Financial Services-1.04% | | |
Berkshire Hathaway, Inc. | | |
3.00%, 02/11/2023 . . . . . . . . . . . . . . . . . | 1,714,000 | 1,798,315 |
2.75%, 03/15/2023 . . . . . . . . . . . . . . . . . | 7,102,000 | 7,384,700 |
Jefferies Financial Group, Inc., 5.50%, | | |
10/18/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,516,000 | 2,749,313 |
| | 11,932,328 |
Diversified Telecommunication Services-2.54% | |
AT&T, Inc. | | |
3.60%, 02/17/2023 . . . . . . . . . . . . . . . . . | 7,071,000 | 7,467,107 |
4.05%, 12/15/2023 . . . . . . . . . . . . . . . . . | 1,193,000 | 1,298,906 |
Telefonica Emisiones S.A.U. (Spain), | | |
4.57%, 04/27/2023 . . . . . . . . . . . . . . . . . | 3,451,000 | 3,773,322 |
Verizon Communications, Inc., 5.15%, | | |
09/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 14,881,000 | 16,747,870 |
| | 29,287,205 |
Electric Utilities-1.90% | | |
Duke Energy Carolinas LLC | | |
2.50%, 03/15/2023 . . . . . . . . . . . . . . . . . | 1,745,000 | 1,793,761 |
3.05%, 03/15/2023 . . . . . . . . . . . . . . . . . | 2,020,000 | 2,117,330 |
FirstEnergy Corp., Series B, 4.25%, | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,775,000 | 2,970,133 |
Florida Power & Light Co., 2.75%, | | |
06/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,739,000 | 1,814,472 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Electric Utilities-(continued) | | | | |
NextEra Energy Capital Holdings, Inc., | | | | |
2.80%, 01/15/2023 . . . . . . . . . . . . . . . . . | $ 1,730,000 | $ | 1,793,766 |
PPL Capital Funding, Inc., 3.40%, | | | | |
06/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,219,000 | | | 2,331,450 |
Southern California Edison Co., Series C, | | | | |
3.50%, 10/01/2023 . . . . . . . . . . . . . . . . . | 2,004,000 | | | 2,139,729 |
Southern Co. (The), 2.95%, 07/01/2023 . . | 4,141,000 | | | 4,316,266 |
Virginia Electric & Power Co., Series C, | | | | |
2.75%, 03/15/2023 . . . . . . . . . . . . . . . . . | 2,508,000 | | | 2,589,424 |
| | | | 21,866,331 |
Electrical Equipment-0.16% | | | | |
Emerson Electric Co., 2.63%, 02/15/2023. | 1,811,000 | | | 1,876,802 |
Energy Equipment & Services-0.78% | | | | |
Halliburton Co., 3.50%, 08/01/2023. . . . . . | 3,601,000 | | | 3,793,937 |
Schlumberger Investment S.A., 3.65%, | | | | |
12/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 4,903,000 | | | 5,235,175 |
| | | | 9,029,112 |
Equity REITs-4.68% | | | | |
Alexandria Real Estate Equities, Inc., | | | | |
3.90%, 06/15/2023 . . . . . . . . . . . . . . . . . | 1,517,000 | | | 1,617,569 |
American Tower Corp. | | | | |
3.50%, 01/31/2023 . . . . . . . . . . . . . . . . . | 3,287,000 | | | 3,466,645 |
3.00%, 06/15/2023 . . . . . . . . . . . . . . . . . | 2,359,000 | | | 2,457,750 |
Boston Properties L.P. | | | | |
3.85%, 02/01/2023 . . . . . . . . . . . . . . . . . | 3,248,000 | | | 3,452,260 |
3.13%, 09/01/2023 . . . . . . . . . . . . . . . . . | 1,759,000 | | | 1,854,158 |
Brixmor Operating Partnership L.P., | | | | |
3.25%, 09/15/2023 . . . . . . . . . . . . . . . . . | 1,722,000 | | | 1,812,249 |
CC Holdings GS V LLC/Crown Castle GS III | | | | |
Corp., 3.85%, 04/15/2023. . . . . . . . . . . . | 3,771,000 | | | 4,006,062 |
Crown Castle International Corp. | | | | |
5.25%, 01/15/2023 . . . . . . . . . . . . . . . . . | 5,719,000 | | | 6,278,296 |
3.15%, 07/15/2023 . . . . . . . . . . . . . . . . . | 2,121,000 | | | 2,212,790 |
ERP Operating L.P., 3.00%, 04/15/2023 . . | 1,720,000 | | | 1,796,662 |
GLP Capital L.P./GLP Financing II, Inc., | | | | |
5.38%, 11/01/2023 . . . . . . . . . . . . . . . . . | 1,703,000 | | | 1,862,128 |
Healthpeak Properties, Inc., 4.25%, | | | | |
11/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,071,000 | | | 3,344,516 |
Hospitality Properties Trust, 4.50%, | | | | |
06/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,880,000 | | | 1,987,624 |
Omega Healthcare Investors, Inc., 4.38%, | | | | |
08/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,437,000 | | | 2,633,093 |
Prologis L.P., 4.25%, 08/15/2023. . . . . . . . | 2,750,000 | | | 2,994,977 |
Realty Income Corp., 4.65%, 08/01/2023 . | 2,483,000 | | | 2,737,718 |
Simon Property Group L.P. | | | | |
2.75%, 02/01/2023 . . . . . . . . . . . . . . . . . | 1,726,000 | | | 1,778,938 |
2.75%, 06/01/2023 . . . . . . . . . . . . . . . . . | 2,016,000 | | | 2,087,772 |
Welltower, Inc. | | | | |
3.75%, 03/15/2023 . . . . . . . . . . . . . . . . . | 1,862,000 | | | 1,973,421 |
3.95%, 09/01/2023 . . . . . . . . . . . . . . . . . | 1,686,000 | | | 1,812,965 |
Weyerhaeuser Co., 4.63%, 09/15/2023 . . . | 1,587,000 | | | 1,745,281 |
| Principal | | | |
| Amount | | | Value |
Food & Staples Retailing-(continued) | | | | |
Walmart, Inc. | | | | |
2.55%, 04/11/2023 . . . . . . . . . . . . . . . . . | $ 5,700,000 | $ | 5,906,096 |
3.40%, 06/26/2023 . . . . . . . . . . . . . . . . . | 10,172,000 | | | 10,873,161 |
| | | | 18,958,617 |
Food Products-1.99% | | | | |
Campbell Soup Co., 3.65%, 03/15/2023 . . | 3,931,000 | | | 4,157,228 |
Conagra Brands, Inc., 3.20%, | | | | |
01/25/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,837,000 | | | 2,944,563 |
General Mills, Inc., 3.70%, 10/17/2023 . . . | 3,129,000 | | | 3,367,816 |
Hershey Co. (The), 3.38%, 05/15/2023. . . | 1,995,000 | | | 2,131,113 |
Kellogg Co., 2.65%, 12/01/2023 . . . . . . . . | 1,869,000 | | | 1,948,055 |
Kraft Heinz Foods Co. (The), 4.00%, | | | | |
06/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 5,306,000 | | | 5,537,152 |
Mondelez International, Inc., 3.63%, | | | | |
05/07/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,605,000 | | | 2,779,840 |
| | | | 22,865,767 |
Gas Utilities-0.16% | | | | |
National Fuel Gas Co., 3.75%, | | | | |
03/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,749,000 | | | 1,834,432 |
Health Care Equipment & Supplies-0.49% | | | | |
Abbott Laboratories, 3.40%, 11/30/2023 . | 3,574,000 | | | 3,822,464 |
Medtronic, Inc., 2.75%, 04/01/2023. . . . . . | 1,733,000 | | | 1,798,726 |
| | | | 5,621,190 |
Health Care Providers & Services-4.60% | | | | |
Aetna, Inc., 2.80%, 06/15/2023 . . . . . . . . . | 4,165,000 | | | 4,277,750 |
Anthem, Inc., 3.30%, 01/15/2023 . . . . . . . | 3,432,000 | | | 3,591,169 |
Cardinal Health, Inc., 3.20%, 03/15/2023 . | 1,723,000 | | | 1,799,668 |
Cigna Corp., 3.75%, 07/15/2023 . . . . . . . . | 4,292,000 | | | 4,578,790 |
CVS Health Corp. | | | | |
3.70%, 03/09/2023 . . . . . . . . . . . . . . . . . | 20,971,000 | | | 22,163,071 |
4.00%, 12/05/2023 . . . . . . . . . . . . . . . . . | 4,200,000 | | | 4,512,926 |
HCA, Inc., 4.75%, 05/01/2023 . . . . . . . . . . | 4,157,000 | | | 4,501,634 |
UnitedHealth Group, Inc. | | | | |
2.75%, 02/15/2023 . . . . . . . . . . . . . . . . . | 2,000,000 | | | 2,070,905 |
2.88%, 03/15/2023 . . . . . . . . . . . . . . . . . | 2,768,000 | | | 2,887,657 |
3.50%, 06/15/2023 . . . . . . . . . . . . . . . . . | 2,447,000 | | | 2,604,350 |
| | | | 52,987,920 |
Hotels, Restaurants & Leisure-0.88% | | | | |
McDonald's Corp., 3.35%, 04/01/2023 . . . | 2,936,000 | | | 3,102,793 |
Starbucks Corp. | | | | |
3.10%, 03/01/2023 . . . . . . . . . . . . . . . . . | 3,803,000 | | | 3,988,629 |
3.85%, 10/01/2023 . . . . . . . . . . . . . . . . . | 2,786,000 | | | 3,000,684 |
| | | | 10,092,106 |
Household Durables-0.71% | | | | |
Mohawk Industries, Inc., 3.85%, | | | | |
02/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,782,000 | | | 1,890,954 |
Newell Brands, Inc., 3.85%, 04/01/2023 . . | 5,999,000 | | | 6,234,257 |
| | | | 8,125,211 |
Household Products-0.44% | | | | |
| | 53,912,874 | Colgate-Palmolive Co., 1.95%, | | |
Food & Staples Retailing-1.65% | | | . . . . . .02/01/2023 . . . . . . . . . . . . . . . . . . | 1,556,000 | 1,590,802 |
Kroger Co. (The), 3.85%, 08/01/2023 . . . . | 2,024,000 | 2,179,360 | Procter & Gamble Co. (The), 3.10%, | | |
| | | 08/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,222,000 | 3,437,942 |
| | | | | 5,028,744 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Industrial Conglomerates-0.87% | | | | |
3M Co., 2.25%, 03/15/2023 . . . . . . . . . . . . | $ 2,127,000 | $ | 2,182,468 |
General Electric Co., 3.10%, 01/09/2023. . | 4,611,000 | | | 4,785,010 |
Roper Technologies, Inc., 3.65%, | | | | |
09/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,881,000 | | | 3,086,236 |
| | | | 10,053,714 |
Insurance-1.02% | | | | |
Aflac, Inc., 3.63%, 06/15/2023 . . . . . . . . . . | 2,399,000 | | | 2,557,903 |
Allstate Corp. (The), 3.15%, 06/15/2023 . | 1,795,000 | | | 1,905,668 |
Lincoln National Corp., 4.00%, | | | | |
09/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,687,000 | | | 1,824,059 |
Loews Corp., 2.63%, 05/15/2023. . . . . . . . | 1,783,000 | | | 1,851,883 |
MetLife, Inc., Series D, 4.37%, | | | | |
09/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,216,000 | | | 3,556,616 |
| | | | 11,696,129 |
Internet & Direct Marketing Retail-0.95% | | | | |
Amazon.com, Inc., 2.40%, 02/22/2023 . . . | 3,825,000 | | | 3,944,491 |
Booking Holdings, Inc., 2.75%, | | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,816,000 | | | 1,883,527 |
eBay, Inc., 2.75%, 01/30/2023 . . . . . . . . . . | 2,543,000 | | | 2,617,551 |
QVC, Inc., 4.38%, 03/15/2023 . . . . . . . . . . | 2,424,000 | | | 2,511,225 |
| | | | 10,956,794 |
IT Services-0.94% | | | | |
Fidelity National Information Services, Inc., | | | | |
3.50%, 04/15/2023 . . . . . . . . . . . . . . . . . | 2,771,000 | | | 2,934,886 |
Global Payments, Inc. | | | | |
3.75%, 06/01/2023 . . . . . . . . . . . . . . . . . | 1,868,000 | | | 1,979,748 |
4.00%, 06/01/2023 . . . . . . . . . . . . . . . . . | 1,694,000 | | | 1,815,383 |
International Business Machines Corp., | | | | |
3.38%, 08/01/2023 . . . . . . . . . . . . . . . . . | 3,800,000 | | | 4,044,879 |
| | | | 10,774,896 |
Life Sciences Tools & Services-0.51% | | | | |
Agilent Technologies, Inc., 3.88%, | | | | |
07/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,374,000 | | | 2,527,330 |
Thermo Fisher Scientific, Inc., 3.00%, | | | | |
04/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,230,000 | | | 3,373,866 |
| | | | 5,901,196 |
Machinery-1.50% | | | | |
Caterpillar Financial Services Corp. | | | | |
3.45%, 05/15/2023 . . . . . . . . . . . . . . . . . | 1,702,000 | | | 1,814,488 |
3.75%, 11/24/2023 . . . . . . . . . . . . . . . . . | 1,675,000 | | | 1,821,037 |
CNH Industrial N.V. (United Kingdom), | | | | |
4.50%, 08/15/2023 . . . . . . . . . . . . . . . . . | 2,063,000 | | | 2,247,361 |
Cummins, Inc., 3.65%, 10/01/2023 . . . . . . | 1,713,000 | | | 1,845,469 |
Ingersoll-Rand Global Holding Co. Ltd., | | | | |
4.25%, 06/15/2023 . . . . . . . . . . . . . . . . . | 2,127,000 | | | 2,325,876 |
John Deere Capital Corp. | | | | |
2.70%, 01/06/2023 . . . . . . . . . . . . . . . . . | 1,728,000 | | | 1,795,598 |
2.80%, 01/27/2023 . . . . . . . . . . . . . . . . . | 1,721,000 | | | 1,797,145 |
2.80%, 03/06/2023 . . . . . . . . . . . . . . . . . | 3,417,000 | | | 3,573,507 |
| | | | 17,220,481 |
Media-2.53% | | | | |
Comcast Corp. | | | | |
2.85%, 01/15/2023 . . . . . . . . . . . . . . . . . | 2,848,000 | | | 2,974,546 |
2.75%, 03/01/2023 . . . . . . . . . . . . . . . . . | 4,261,000 | | | 4,446,915 |
| Principal | | | |
| Amount | | | Value |
Media-(continued) | | | | |
Discovery Communications LLC, 2.95%, | | | | |
03/20/2023 . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,503,000 | $ | 4,659,043 |
Interpublic Group of Cos., Inc. (The), | | | | |
3.75%, 02/15/2023 . . . . . . . . . . . . . . . . . | 1,574,000 | | | 1,678,236 |
NBCUniversal Media LLC, 2.88%, | | | | |
01/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,500,000 | | | 3,658,134 |
RELX Capital, Inc. (United Kingdom), | | | | |
3.50%, 03/16/2023 . . . . . . . . . . . . . . . . . | 2,830,000 | | | 2,996,548 |
Time Warner Entertainment Co. L.P., | | | | |
8.38%, 03/15/2023 . . . . . . . . . . . . . . . . . | 3,125,000 | | | 3,722,314 |
Viacom, Inc., 4.25%, 09/01/2023 . . . . . . . . | 4,594,000 | | | 4,971,193 |
| | | | 29,106,929 |
Metals & Mining-0.35% | | | | |
Nucor Corp., 4.00%, 08/01/2023 . . . . . . . . | 1,670,000 | | | 1,798,651 |
Reliance Steel & Aluminum Co., 4.50%, | | | | |
04/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,106,000 | | | 2,268,249 |
| | | | 4,066,900 |
Multiline Retail-0.77% | | | | |
Dollar General Corp., 3.25%, 04/15/2023 . | 2,897,000 | | | 3,042,555 |
Dollar Tree, Inc., 3.70%, 05/15/2023. . . . . | 3,137,000 | | | 3,329,942 |
Macy's Retail Holdings, Inc., 2.88%, | | | | |
02/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,464,000 | | | 2,466,898 |
| | | | 8,839,395 |
Multi-Utilities-1.18% | | | | |
Black Hills Corp., 4.25%, 11/30/2023 . . . . | 1,681,000 | | | 1,827,364 |
Delmarva Power & Light Co., 3.50%, | | | | |
11/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,699,000 | | | 1,815,885 |
DTE Energy Co., Series D, 3.70%, | | | | |
08/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,729,000 | | | 1,835,227 |
PSEG Power LLC, 3.85%, 06/01/2023 . . . . | 2,828,000 | | | 3,010,504 |
Public Service Electric & Gas Co., 2.38%, | | | | |
05/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,569,000 | | | 1,614,977 |
Sempra Energy | | | | |
2.90%, 02/01/2023 . . . . . . . . . . . . . . . . . | 1,568,000 | | | 1,628,456 |
4.05%, 12/01/2023 . . . . . . . . . . . . . . . . . | 1,698,000 | | | 1,839,053 |
| | | | 13,571,466 |
Oil, Gas & Consumable Fuels-8.49% | | | | |
BP Capital Markets PLC (United Kingdom), | | | | |
3.99%, 09/26/2023 . . . . . . . . . . . . . . . . . | 2,429,000 | | | 2,632,458 |
Canadian Natural Resources Ltd. (Canada), | | | | |
2.95%, 01/15/2023 . . . . . . . . . . . . . . . . . | 3,274,000 | | | 3,381,150 |
Chevron Corp. | | | | |
2.57%, 05/16/2023 . . . . . . . . . . . . . . . . . | 2,461,000 | | | 2,548,525 |
3.19%, 06/24/2023 . . . . . . . . . . . . . . . . . | 8,395,000 | | | 8,811,949 |
Continental Resources, Inc., 4.50%, | | | | |
04/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 5,395,000 | | | 5,654,968 |
Enbridge, Inc. (Canada), 4.00%, | | | | |
10/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,608,000 | | | 2,790,210 |
Energy Transfer Operating L.P. | | | | |
3.60%, 02/01/2023 . . . . . . . . . . . . . . . . . | 3,075,000 | | | 3,188,579 |
4.20%, 09/15/2023 . . . . . . . . . . . . . . . . . | 1,565,000 | | | 1,678,634 |
Energy Transfer Partners L.P./Regency | | | | |
Energy Finance Corp., 4.50%, | | | | |
11/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,899,000 | | | 2,044,441 |
Enterprise Products Operating LLC, | | | | |
3.35%, 03/15/2023 . . . . . . . . . . . . . . . . . | 4,358,000 | | | 4,551,789 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | | |
EOG Resources, Inc., 2.63%, 03/15/2023 . $ 4,167,000 | $ | 4,291,166 |
EQM Midstream Partners L.P., 4.75%, | | | | |
07/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,989,000 | | | 3,687,332 |
Exxon Mobil Corp., 2.73%, 03/01/2023 . . . | 4,756,000 | | | 4,929,760 |
Kinder Morgan Energy Partners L.P. | | | | |
3.45%, 02/15/2023 . . . . . . . . . . . . . . . . . | 2,037,000 | | | 2,126,177 |
3.50%, 09/01/2023 . . . . . . . . . . . . . . . . . | 1,856,000 | | | 1,940,423 |
Kinder Morgan, Inc., 3.15%, 01/15/2023. . | 3,303,000 | | | 3,425,685 |
MPLX L.P. | | | | |
3.38%, 03/15/2023 . . . . . . . . . . . . . . . . . | 1,568,000 | | | 1,641,719 |
4.50%, 07/15/2023 . . . . . . . . . . . . . . . . . | 3,865,000 | | | 4,170,983 |
Occidental Petroleum Corp., 2.70%, | | | | |
02/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 4,123,000 | | | 4,177,854 |
ONEOK, Inc., 7.50%, 09/01/2023 . . . . . . . . | 1,799,000 | | | 2,117,268 |
Plains All American Pipeline L.P./PAA | | | | |
Finance Corp., 3.85%, 10/15/2023 . . . . | 2,224,000 | | | 2,336,976 |
Sabine Pass Liquefaction LLC, 5.63%, | | | | |
04/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,700,000 | | | 4,065,316 |
| Principal | | | |
| Amount | | | Value |
Pharmaceuticals-(continued) | | | | |
Takeda Pharmaceutical Co. Ltd. (Japan), | | | | |
4.40%, 11/26/2023 . . . . . . . . . . . . . . . . . | $ 5,000,000 | $ | 5,495,020 |
Zoetis, Inc., 3.25%, 02/01/2023 . . . . . . . . . | 4,602,000 | | | 4,825,435 |
| | | | 51,271,161 |
Professional Services-0.17% | | | | |
Thomson Reuters Corp. (Canada), 4.30%, | | | | |
11/23/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,805,000 | | | 1,968,056 |
Road & Rail-1.03% | | | | |
Burlington Northern Santa Fe LLC | | | | |
3.00%, 03/15/2023 . . . . . . . . . . . . . . . . . | 2,410,000 | | | 2,520,372 |
3.85%, 09/01/2023 . . . . . . . . . . . . . . . . . | 2,707,000 | | | 2,923,371 |
CSX Corp., 3.70%, 11/01/2023. . . . . . . . . . | 2,120,000 | | | 2,276,275 |
Norfolk Southern Corp., 2.90%, | | | | |
02/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,815,000 | | | 1,884,399 |
Union Pacific Corp., 3.50%, 06/08/2023 . . | 2,103,000 | | | 2,236,404 |
| | | | 11,840,821 |
Shell International Finance B.V. | | |
(Netherlands) | | |
2.25%, 01/06/2023 . . . . . . . . . . . . . . . . . | 3,290,000 | 3,372,729 |
3.40%, 08/12/2023 . . . . . . . . . . . . . . . . . | 3,666,000 | 3,910,265 |
Total Capital Canada Ltd. (France), 2.75%, | | |
07/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,257,000 | 3,393,643 |
Total Capital International S.A. (France), | | |
2.70%, 01/25/2023 . . . . . . . . . . . . . . . . . | 3,223,000 | 3,334,467 |
TransCanada PipeLines Ltd. (Canada), | | |
3.75%, 10/16/2023 . . . . . . . . . . . . . . . . . | 2,358,000 | 2,514,820 |
Williams Cos., Inc. (The) | | |
3.70%, 01/15/2023 . . . . . . . . . . . . . . . . . | 2,738,000 | 2,859,184 |
4.50%, 11/15/2023 . . . . . . . . . . . . . . . . . | 2,027,000 | 2,196,287 |
| | 97,774,757 |
Personal Products-0.36% | | |
Unilever Capital Corp. (United Kingdom), | | |
3.13%, 03/22/2023 . . . . . . . . . . . . . . . . . | 3,901,000 | 4,125,198 |
Pharmaceuticals-4.45% | | |
AstraZeneca PLC (United Kingdom), | | |
3.50%, 08/17/2023 . . . . . . . . . . . . . . . . . | 2,816,000 | 3,011,080 |
Bristol-Myers Squibb Co. | | |
3.25%, 02/20/2023(b). . . . . . . . . . . . . . . . | 20,000 | 21,052 |
3.25%, 11/01/2023 . . . . . . . . . . . . . . . . . | 1,862,000 | 1,983,126 |
Elanco Animal Health, Inc., 5.02%, | | |
08/28/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 2,744,000 | 2,940,980 |
GlaxoSmithKline Capital, Inc. (United | | |
Kingdom) | | |
2.80%, 03/18/2023 . . . . . . . . . . . . . . . . . | 4,963,000 | 5,168,151 |
3.38%, 05/15/2023 . . . . . . . . . . . . . . . . . | 3,936,000 | 4,165,014 |
Johnson & Johnson | | |
2.05%, 03/01/2023 . . . . . . . . . . . . . . . . . | 1,549,000 | 1,586,602 |
3.38%, 12/05/2023 . . . . . . . . . . . . . . . . . | 2,484,000 | 2,681,476 |
Merck & Co., Inc., 2.80%, 05/18/2023 . . . . | 6,667,000 | 6,961,365 |
Mylan, Inc., 4.20%, 11/29/2023 . . . . . . . . . | 1,741,000 | 1,876,763 |
Pfizer, Inc. | | |
3.00%, 06/15/2023 . . . . . . . . . . . . . . . . . | 3,226,000 | 3,383,157 |
3.20%, 09/15/2023 . . . . . . . . . . . . . . . . . | 3,485,000 | 3,705,590 |
Sanofi (France), 3.38%, 06/19/2023 . . . . . | 3,250,000 | 3,466,350 |
Semiconductors & Semiconductor Equipment-1.32%
Analog Devices, Inc. | |
2.88%, 06/01/2023 . . . . . . . . . . . . . . . . . | 1,743,000 |
3.13%, 12/05/2023 . . . . . . . . . . . . . . . . . | 1,734,000 |
Broadcom Corp./Broadcom Cayman | |
Finance Ltd., 2.65%, 01/15/2023 . . . . . . | 3,134,000 |
Maxim Integrated Products, Inc., 3.38%, | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,636,000 |
QUALCOMM, Inc., 2.60%, 01/30/2023. . . . | 4,851,000 |
Texas Instruments, Inc., 2.25%, | |
05/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 1,578,000 |
Software-3.48% | |
IBM Credit LLC, 3.00%, 02/06/2023 . . . . . | 4,100,000 |
Microsoft Corp. | |
2.38%, 05/01/2023 . . . . . . . . . . . . . . . . . | 3,830,000 |
2.00%, 08/08/2023. . . . . . . . . . . . . . . . . . | 5,621,000 |
3.63%, 12/15/2023 . . . . . . . . . . . . . . . . . | 5,566,000 |
Oracle Corp. | |
2.63%, 02/15/2023 . . . . . . . . . . . . . . . . . | 3,926,000 |
3.63%, 07/15/2023 . . . . . . . . . . . . . . . . . | 3,416,000 |
2.40%, 09/15/2023 . . . . . . . . . . . . . . . . . | 8,567,000 |
salesforce.com, inc., 3.25%, 04/11/2023 . | 3,254,000 |
Specialty Retail-0.80% | |
AutoZone, Inc., 3.13%, 07/15/2023. . . . . . | 2,171,000 |
Home Depot, Inc. (The), 2.70%, | |
04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,211,000 |
Lowe's Cos., Inc., 3.88%, 09/15/2023 . . . . | 1,698,000 |
TJX Cos., Inc. (The), 2.50%, 05/15/2023 . | 1,745,000 |
Technology Hardware, Storage & Peripherals-2.91% |
Apple, Inc. | |
2.40%, 01/13/2023 . . . . . . . . . . . . . . . . . | 2,460,000 |
2.85%, 02/23/2023 . . . . . . . . . . . . . . . . . | 5,031,000 |
2.40%, 05/03/2023 . . . . . . . . . . . . . . . . . | 18,923,000 |
1,813,593
1,832,621
3,191,271
1,722,468
5,003,592
1,617,851
15,181,396
4,287,470
3,957,741
5,759,561
6,026,969
4,065,572
3,669,145
8,846,878
3,431,209
40,044,545
2,279,902
3,341,246
1,834,960
1,799,650
9,255,758
2,538,871
5,252,505
19,548,247
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | | Value |
Technology Hardware, Storage & Peripherals-(continued) | | |
Hewlett Packard Enterprise Co., 2.25%, | | | | |
04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | $ 2,772,000 | | $ | 2,825,473 |
Seagate HDD Cayman, 4.75%, | | | | |
06/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . | 3,125,000 | | | 3,302,146 |
| | | | 33,467,242 |
Textiles, Apparel & Luxury Goods-0.14% | | | | |
Shares
Money Market Funds-0.12%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(d)
(Cost $1,379,396) . . . . . . . . . . . . . . . . . . . 1,379,396
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.22%
(Cost $1,100,848,090) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value
$1,379,396
1,142,432,133
NIKE, Inc., 2.25%, 05/01/2023 . . . . . . . . . . | 1,586,000 |
Tobacco-0.67% | |
Philip Morris International, Inc. | |
2.63%, 03/06/2023 . . . . . . . . . . . . . . . . . | 1,789,000 |
2.13%, 05/10/2023 . . . . . . . . . . . . . . . . . | 2,122,000 |
3.60%, 11/15/2023 . . . . . . . . . . . . . . . . . | 1,701,000 |
Reynolds American, Inc. (United Kingdom), | |
4.85%, 09/15/2023 . . . . . . . . . . . . . . . . . | 1,668,000 |
Trading Companies & Distributors-1.31% | |
AerCap Ireland Capital DAC/AerCap Global | |
Aviation Trust (Ireland) | |
3.30%, 01/23/2023 . . . . . . . . . . . . . . . . . | 4,452,000 |
4.13%, 07/03/2023 . . . . . . . . . . . . . . . . . | 4,001,000 |
Air Lease Corp. | |
2.75%, 01/15/2023 . . . . . . . . . . . . . . . . . | 2,030,000 |
3.88%, 07/03/2023 . . . . . . . . . . . . . . . . . | 1,566,000 |
3.00%, 09/15/2023 . . . . . . . . . . . . . . . . . | 2,471,000 |
Wireless Telecommunication Services-0.46% | |
Rogers Communications, Inc. (Canada) | |
3.00%, 03/15/2023 . . . . . . . . . . . . . . . . . | 1,725,000 |
4.10%, 10/01/2023 . . . . . . . . . . . . . . . . . | 3,161,000 |
Vodafone Group PLC (United Kingdom), | |
2.95%, 02/19/2023 . . . . . . . . . . . . . . . . . | 14,000 |
1,636,335
1,852,870
2,158,489
1,830,552
1,850,804
7,692,715
4,618,038
4,259,215
2,066,046
1,654,412
2,549,430
15,147,141
1,802,417
3,439,387
14,545
5,256,349
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.04%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e) . . . . . . . . . . | 347,335 |
Invesco Liquid Assets Portfolio, | |
Institutional Class, 1.64%(d)(e) . . . . . . . . . . | 115,720 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $463,102) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INVESTMENTS IN SECURITIES-99.26%
(Cost $1,101,311,192) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-0.74% . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
347,335
115,778
463,113
1,142,895,246
8,539,694
$1,151,434,940
Total U.S. Dollar Denominated Bonds & Notes | |
(Cost $1,099,468,694) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,141,052,737 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $1,943,932, which represented less than 1% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 29.52 |
Health Care | 11.51 |
| |
Energy | 9.27 |
Information Technology | 9.18 |
| |
Consumer Staples | 8.54 |
Consumer Discretionary | 8.51 |
| |
Industrials | 7.89 |
Communication Services | 5.53 |
| |
Real Estate | 4.68 |
Utilities | 3.24 |
| |
Materials | 1.23 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.90 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.81% | | |
Aerospace & Defense-1.40% | | | | |
Arconic, Inc., 5.13%, 10/01/2024 . . . . . . . . . | $ 4,377,000 | | $ | 4,699,563 |
General Dynamics Corp., 2.38%, | | | | |
11/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,739,000 | | | 1,803,868 |
Rockwell Collins, Inc., 3.20%, 03/15/2024 . . | 3,374,000 | | | 3,591,082 |
United Technologies Corp., 2.80%, | | | | |
05/04/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,814,000 | | | 2,992,189 |
| | | | 13,086,702 |
Air Freight & Logistics-0.49% | | | | |
FedEx Corp., 4.00%, 01/15/2024 . . . . . . . . . . | 2,525,000 | | | 2,733,776 |
United Parcel Service, Inc., 2.80%, | | | | |
11/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,759,000 | | | 1,862,672 |
| | | | 4,596,448 |
Airlines-0.19% | | | | |
Delta Air Lines, Inc., 2.90%, 10/28/2024 . . . | 1,744,000 | | | 1,775,170 |
Auto Components-0.58% | | | | |
Aptiv PLC, 4.15%, 03/15/2024. . . . . . . . . . . . | 2,507,000 | | | 2,735,939 |
Magna International, Inc. (Canada), 3.63%, | | | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,462,000 | | | 2,677,619 |
| | | | 5,413,558 |
Automobiles-2.43% | | | | |
American Honda Finance Corp. | | | | |
2.90%, 02/16/2024 . . . . . . . . . . . . . . . . . . . | 1,128,000 | | | 1,186,212 |
2.40%, 06/27/2024 . . . . . . . . . . . . . . . . . . . | 2,213,000 | | | 2,285,881 |
2.15%, 09/10/2024 . . . . . . . . . . . . . . . . . . . | 2,534,000 | | | 2,591,396 |
Ford Motor Credit Co. LLC | | | | |
3.81%, 01/09/2024 . . . . . . . . . . . . . . . . . . . | 2,400,000 | | | 2,429,008 |
3.66%, 09/08/2024 . . . . . . . . . . . . . . . . . . . | 2,600,000 | | | 2,597,519 |
General Motors Financial Co., Inc. | | | | |
3.95%, 04/13/2024 . . . . . . . . . . . . . . . . . . . | 4,184,000 | | | 4,418,370 |
3.50%, 11/07/2024 . . . . . . . . . . . . . . . . . . . | 2,477,000 | | | 2,571,691 |
Toyota Motor Corp. (Japan), 2.36%, | | | | |
07/02/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,306,000 | | | 2,391,989 |
Toyota Motor Credit Corp., 2.90%, | | | | |
04/17/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,065,000 | | | 2,186,386 |
| | | | 22,658,452 |
Banks-16.58% | | | | |
Bank of America Corp. | | | | |
4.13%, 01/22/2024 . . . . . . . . . . . . . . . . . . . | 8,662,000 | | | 9,387,537 |
4.00%, 04/01/2024 . . . . . . . . . . . . . . . . . . . | 8,202,000 | | | 8,933,591 |
4.20%, 08/26/2024 . . . . . . . . . . . . . . . . . . . | 10,843,000 | | | 11,862,643 |
Barclays Bank PLC (United Kingdom), 3.75%, | | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,300,000 | | | 2,466,289 |
Barclays PLC (United Kingdom), 4.38%, | | | | |
09/11/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,000,000 | | | 3,191,484 |
BBVA USA, 2.50%, 08/27/2024 . . . . . . . . . . . | 2,750,000 | | | 2,819,950 |
BNP Paribas S.A. (France), 4.25%, | | | | |
10/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,400,000 | | | 2,616,162 |
BPCE S.A. (France), 4.00%, 04/15/2024. . . . | 3,450,000 | | | 3,737,909 |
CIT Group, Inc., 4.75%, 02/16/2024 . . . . . . . | 654,000 | | | 695,692 |
Citigroup, Inc. | | | | |
3.75%, 06/16/2024 . . . . . . . . . . . . . . . . . . . | 2,208,000 | | | 2,384,735 |
4.00%, 08/05/2024 . . . . . . . . . . . . . . . . . . . | 2,841,000 | | | 3,084,546 |
| Principal | | |
| Amount | | Value |
Banks-(continued) | | | |
Deutsche Bank AG (Germany), 3.70%, | | | |
05/30/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 3,800,000 | $ 3,951,019 |
Fifth Third Bancorp, 4.30%, 01/16/2024 . . . | 2,568,000 | 2,787,059 |
HSBC Holdings PLC (United Kingdom), | | | |
4.25%, 03/14/2024 . . . . . . . . . . . . . . . . . . . | 4,550,000 | 4,874,299 |
HSBC USA, Inc., 3.50%, 06/23/2024 . . . . . . . | 3,300,000 | 3,564,147 |
JPMorgan Chase & Co. | | | |
3.88%, 02/01/2024 . . . . . . . . . . . . . . . . . . . | 5,318,000 | 5,759,088 |
3.63%, 05/13/2024 . . . . . . . . . . . . . . . . . . . | 7,007,000 | 7,603,780 |
3.88%, 09/10/2024 . . . . . . . . . . . . . . . . . . . | 10,846,000 | 11,750,957 |
Lloyds Banking Group PLC (United Kingdom), | | | |
4.50%, 11/04/2024 . . . . . . . . . . . . . . . . . . . | 2,600,000 | 2,821,706 |
Mitsubishi UFJ Financial Group, Inc. (Japan), | | | |
2.80%, 07/18/2024 . . . . . . . . . . . . . . . . . . . | 3,001,000 | 3,137,464 |
PNC Bank N.A., 3.30%, 10/30/2024 . . . . . . . | 2,555,000 | 2,751,009 |
PNC Financial Services Group, Inc. (The), | | | |
3.90%, 04/29/2024 . . . . . . . . . . . . . . . . . . . | 2,785,000 | 3,013,697 |
Royal Bank of Scotland Group PLC (The) | | | |
(United Kingdom), 5.13%, 05/28/2024 . . . | 6,100,000 | 6,682,023 |
Santander UK PLC (United Kingdom), 4.00%, | | | |
03/13/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,433,000 | 3,724,700 |
Sumitomo Mitsui Banking Corp. (Japan) | | | |
3.95%, 01/10/2024 . . . . . . . . . . . . . . . . . . . | 2,152,000 | 2,331,939 |
3.40%, 07/11/2024 . . . . . . . . . . . . . . . . . . . | 2,253,000 | 2,422,126 |
Sumitomo Mitsui Financial Group, Inc. | | | |
(Japan) | | | |
2.70%, 07/16/2024 . . . . . . . . . . . . . . . . . . . | 6,100,000 | 6,346,636 |
2.45%, 09/27/2024 . . . . . . . . . . . . . . . . . . . | 3,000,000 | 3,087,787 |
Truist Bank, 2.15%, 12/06/2024 . . . . . . . . . . | 4,000,000 | 4,098,312 |
Truist Financial Corp., 2.85%, 10/26/2024 . . | 3,732,000 | 3,913,179 |
U.S. Bancorp, 3.60%, 09/11/2024 . . . . . . . . . | 3,807,000 | 4,138,180 |
US Bancorp, 3.70%, 01/30/2024 . . . . . . . . . . | 2,482,000 | 2,688,028 |
Wells Fargo & Co. | | | |
4.48%, 01/16/2024 . . . . . . . . . . . . . . . . . . . | 3,085,000 | 3,379,697 |
3.30%, 09/09/2024 . . . . . . . . . . . . . . . . . . . | 7,887,000 | | 8,436,145 |
| | 154,443,515 |
Beverages-1.83% | | | |
Anheuser-Busch InBev Finance, Inc. | | | |
(Belgium), 3.70%, 02/01/2024 . . . . . . . . . . | 4,097,000 | 4,423,056 |
Anheuser-Busch InBev Worldwide, Inc. | | | |
(Belgium), 3.50%, 01/12/2024 . . . . . . . . . . | 4,929,000 | 5,294,441 |
Coca-Cola Co. (The), 1.75%, 09/06/2024 . . . | 2,527,000 | 2,569,110 |
PepsiCo, Inc., 3.60%, 03/01/2024 . . . . . . . . . | 4,442,000 | | 4,799,318 |
| | 17,085,925 |
Biotechnology-1.30% | | | |
Amgen, Inc., 3.63%, 05/22/2024 . . . . . . . . . . | 5,209,000 | 5,629,901 |
Gilead Sciences, Inc., 3.70%, 04/01/2024 . . . | 6,061,000 | | 6,511,328 |
| | 12,141,229 |
Capital Markets-8.35% | | | |
Ameriprise Financial, Inc., 3.70%, | | | |
10/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,969,000 | 2,165,670 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Capital Markets-(continued) | | | |
Bank of New York Mellon Corp. (The) | | | |
3.40%, 05/15/2024 . . . . . . . . . . . . . . . . . . . | $ 1,699,000 | $ 1,822,640 |
3.25%, 09/11/2024 . . . . . . . . . . . . . . . . . . . | 1,915,000 | 2,062,564 |
2.10%, 10/24/2024 . . . . . . . . . . . . . . . . . . . | 3,264,000 | 3,354,465 |
Series 12, 3.65%, 02/04/2024 . . . . . . . . . . | 3,029,000 | 3,266,729 |
BlackRock, Inc., 3.50%, 03/18/2024 . . . . . . . | 3,960,000 | 4,277,062 |
Credit Suisse AG (Switzerland), 3.63%, | | | |
09/09/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,850,000 | 7,264,551 |
Goldman Sachs Group, Inc. (The) | | | |
4.00%, 03/03/2024 . . . . . . . . . . . . . . . . . . . | 10,579,000 | 11,509,281 |
3.85%, 07/08/2024 . . . . . . . . . . . . . . . . . . . | 7,894,000 | 8,532,407 |
Moody's Corp., 4.88%, 02/15/2024 . . . . . . . . | 1,639,000 | 1,827,780 |
Morgan Stanley | | | |
3.70%, 10/23/2024 . . . . . . . . . . . . . . . . . . . | 10,795,000 | 11,711,201 |
Series F, 3.88%, 04/29/2024 . . . . . . . . . . . | 10,908,000 | 11,850,559 |
Nasdaq, Inc., 4.25%, 06/01/2024. . . . . . . . . . | 2,008,000 | 2,201,985 |
State Street Corp., 3.30%, 12/16/2024 . . . . | 3,725,000 | 4,033,325 |
Stifel Financial Corp., 4.25%, 07/18/2024. . . | 1,735,000 | | 1,908,093 |
| | 77,788,312 |
Chemicals-1.12% | | | |
Dow Chemical Co. (The), 3.50%, | | | |
10/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,130,000 | 3,380,456 |
LyondellBasell Industries N.V., 5.75%, | | | |
04/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,150,000 | 2,467,082 |
Nutrien Ltd. (Canada), 3.63%, 03/15/2024 . | 2,553,000 | 2,745,625 |
Sherwin-Williams Co. (The), 3.13%, | | | |
06/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,765,000 | | 1,877,335 |
| | 10,470,498 |
Communications Equipment-0.91% | | | |
| Principal | | |
| Amount | | Value |
Diversified Financial Services-(continued) | | | |
MidAmerican Energy Co., 3.50%, | | | |
10/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 1,904,000 | $ 2,059,572 |
ORIX Corp. (Japan), 3.25%, 12/04/2024 . . . | 3,036,000 | | 3,252,823 |
| | 8,136,972 |
Diversified Telecommunication Services-2.73% | | |
AT&T, Inc. | | | |
3.80%, 03/01/2024 . . . . . . . . . . . . . . . . . . . | 2,458,000 | 2,654,083 |
3.90%, 03/11/2024 . . . . . . . . . . . . . . . . . . . | 3,315,000 | 3,600,210 |
4.45%, 04/01/2024 . . . . . . . . . . . . . . . . . . . | 4,002,000 | 4,413,603 |
3.55%, 06/01/2024 . . . . . . . . . . . . . . . . . . . | 2,438,000 | 2,602,543 |
Verizon Communications, Inc. | | | |
4.15%, 03/15/2024 . . . . . . . . . . . . . . . . . . . | 3,046,000 | 3,335,651 |
3.50%, 11/01/2024 . . . . . . . . . . . . . . . . . . . | 8,150,000 | | 8,829,064 |
| | 25,435,154 |
Electric Utilities-1.36% | | | |
Avangrid, Inc., 3.15%, 12/01/2024 . . . . . . . . | 1,945,000 | 2,064,097 |
Duke Energy Corp., 3.75%, 04/15/2024 . . . . | 3,419,000 | 3,676,436 |
Evergy, Inc., 2.45%, 09/15/2024 . . . . . . . . . . | 2,630,000 | 2,708,606 |
Florida Power & Light Co., 3.25%, | | | |
06/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,913,000 | 2,052,557 |
Interstate Power and Light Co., 3.25%, | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,025,000 | | 2,160,008 |
| | 12,661,704 |
Electronic Equipment, Instruments & Components-0.66% | | |
Arrow Electronics, Inc., 3.25%, 09/08/2024 . | 1,939,000 | 2,005,463 |
Ingram Micro, Inc., 5.45%, 12/15/2024. . . . . | 1,769,000 | 1,844,130 |
Keysight Technologies, Inc., 4.55%, | | | |
10/30/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,036,000 | | 2,276,951 |
Cisco Systems, Inc., 3.63%, 03/04/2024. . . . | 3,590,000 | 3,911,066 |
Juniper Networks, Inc., 4.50%, 03/15/2024. | 1,982,000 | 2,189,230 |
Motorola Solutions, Inc., 4.00%, | | |
09/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,177,000 | 2,361,148 |
| | 8,461,444 |
Construction & Engineering-0.20% | | |
Fluor Corp., 3.50%, 12/15/2024 . . . . . . . . . . | 1,917,000 | 1,858,170 |
Consumer Finance-2.05% | | |
Ally Financial, Inc., 5.13%, 09/30/2024. . . . . | 903,000 | 1,000,664 |
American Express Co. | | |
3.00%, 10/30/2024 . . . . . . . . . . . . . . . . . . . | 5,871,000 | 6,214,759 |
3.63%, 12/05/2024 . . . . . . . . . . . . . . . . . . . | 2,002,000 | 2,181,124 |
Capital One Financial Corp., 3.75%, | | |
04/24/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,695,000 | 2,895,995 |
Discover Financial Services, 3.95%, | | |
11/06/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,947,000 | 2,109,081 |
Synchrony Financial, 4.25%, 08/15/2024 . . . | 4,404,000 | 4,738,220 |
| | 19,139,843 |
Containers & Packaging-0.29% | | |
International Paper Co., 3.65%, | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,531,000 | 2,734,042 |
Diversified Financial Services-0.87% | | |
Brookfield Finance, Inc. (Canada), 4.00%, | | |
04/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,591,000 | 2,824,577 |
| | 6,126,544 |
Equity REITs-2.98% | | |
American Tower Corp., 5.00%, 02/15/2024 . | 3,374,000 | 3,787,951 |
Boston Properties L.P., 3.80%, 02/01/2024 . | 2,866,000 | 3,095,050 |
Brixmor Operating Partnership L.P., 3.65%, | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,075,000 | 2,232,034 |
Crown Castle International Corp., 3.20%, | | |
09/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,329,000 | 2,465,092 |
CyrusOne L.P./CyrusOne Finance Corp., | | |
2.90%, 11/15/2024 . . . . . . . . . . . . . . . . . . . | 1,965,000 | 1,995,015 |
Healthpeak Properties, Inc., 3.88%, | | |
08/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,892,000 | 3,149,781 |
Simon Property Group L.P. | | |
3.75%, 02/01/2024 . . . . . . . . . . . . . . . . . . . | 2,415,000 | 2,600,324 |
2.00%, 09/13/2024 . . . . . . . . . . . . . . . . . . . | 1,100,000 | 1,117,600 |
3.38%, 10/01/2024 . . . . . . . . . . . . . . . . . . . | 3,118,000 | 3,349,358 |
VEREIT Operating Partnership L.P., 4.60%, | | |
02/06/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,690,000 | 1,860,544 |
WP Carey, Inc., 4.60%, 04/01/2024. . . . . . . . | 1,902,000 | 2,081,153 |
| | 27,733,902 |
Food & Staples Retailing-2.50% | | |
Costco Wholesale Corp., 2.75%, | | |
05/18/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,938,000 | 4,166,036 |
Kroger Co. (The), 4.00%, 02/01/2024. . . . . . | 1,942,000 | 2,109,312 |
Walgreens Boots Alliance, Inc., 3.80%, | | |
11/18/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,168,000 | 7,653,943 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Food & Staples Retailing-(continued) | | | |
Walmart, Inc. | | | |
3.30%, 04/22/2024 . . . . . . . . . . . . . . . . . . . | $ 5,368,000 | $ 5,779,350 |
2.65%, 12/15/2024 . . . . . . . . . . . . . . . . . . . | 3,408,000 | | 3,601,210 |
| | 23,309,851 |
Food Products-1.36% | | | |
Bunge Ltd. Finance Corp., 4.35%, | | | |
03/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,056,000 | 2,218,882 |
General Mills, Inc., 3.65%, 02/15/2024 . . . . . | 1,747,000 | 1,873,955 |
McCormick & Co., Inc., 3.15%, 08/15/2024 . | 1,998,000 | 2,130,797 |
Mondelez International, Inc., 4.00%, | | | |
02/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,003,000 | 2,178,418 |
Tyson Foods, Inc., 3.95%, 08/15/2024 . . . . . | 3,875,000 | | 4,232,602 |
| | 12,634,654 |
Gas Utilities-0.23% | | | |
Southern California Gas Co., 3.15%, | | | |
09/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,973,000 | 2,115,063 |
Health Care Equipment & Supplies-1.84% | | | |
Becton, Dickinson and Co. | | | |
3.36%, 06/06/2024 . . . . . . . . . . . . . . . . . . . | 6,035,000 | 6,402,268 |
3.73%, 12/15/2024 . . . . . . . . . . . . . . . . . . . | 5,078,000 | 5,503,086 |
Medtronic, Inc., 3.63%, 03/15/2024 . . . . . . . | 2,959,000 | 3,197,207 |
Stryker Corp., 3.38%, 05/15/2024(b) . . . . . . . | 1,922,000 | | 2,047,681 |
| | 17,150,242 |
Health Care Providers & Services-3.61% | | | |
Aetna, Inc., 3.50%, 11/15/2024. . . . . . . . . . . | 2,558,000 | 2,740,657 |
AmerisourceBergen Corp., 3.40%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,749,000 | 1,860,702 |
Anthem, Inc. | | | |
3.50%, 08/15/2024 . . . . . . . . . . . . . . . . . . . | 2,841,000 | 3,037,746 |
3.35%, 12/01/2024 . . . . . . . . . . . . . . . . . . . | 3,361,000 | 3,581,117 |
Cardinal Health, Inc., 3.08%, 06/15/2024 . . . | 2,558,000 | 2,669,668 |
CommonSpirit Health, 2.76%, 10/01/2024. . | 2,617,000 | 2,729,222 |
CVS Health Corp., 3.38%, 08/12/2024 . . . . . | 1,916,000 | 2,033,899 |
HCA, Inc., 5.00%, 03/15/2024 . . . . . . . . . . . . | 6,212,000 | 6,909,696 |
Humana, Inc., 3.85%, 10/01/2024. . . . . . . . . | 1,927,000 | 2,088,931 |
Laboratory Corp. of America Holdings, | | | |
3.25%, 09/01/2024 . . . . . . . . . . . . . . . . . . . | 1,946,000 | 2,065,370 |
McKesson Corp., 3.80%, 03/15/2024 . . . . . . | 3,608,000 | | 3,882,629 |
| | 33,599,637 |
Hotels, Restaurants & Leisure-0.19% | | | |
McDonald's Corp., 3.25%, 06/10/2024 . . . . . | 1,668,000 | 1,789,969 |
Household Durables-0.24% | | | |
Lennar Corp., 4.50%, 04/30/2024 . . . . . . . . . | 2,055,000 | 2,186,859 |
Household Products-0.40% | | | |
Clorox Co. (The), 3.50%, 12/15/2024 . . . . . . | 1,757,000 | 1,918,309 |
Colgate-Palmolive Co., 3.25%, 03/15/2024 . | 1,661,000 | | 1,800,239 |
| | 3,718,548 |
Industrial Conglomerates-0.54% | | | |
General Electric Co. | | | |
3.38%, 03/11/2024 . . . . . . . . . . . . . . . . . . . | 2,739,000 | 2,898,517 |
3.45%, 05/15/2024 . . . . . . . . . . . . . . . . . . . | 1,973,000 | | 2,089,830 |
| | 4,988,347 |
Insurance-3.22% | | | |
Aflac, Inc., 3.63%, 11/15/2024 . . . . . . . . . . . | 2,864,000 | 3,125,432 |
| Principal | | |
| Amount | | Value |
Insurance-(continued) | | | |
American International Group, Inc., 4.13%, | | | |
02/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,080,000 | $ 4,443,414 |
Aon PLC, 3.50%, 06/14/2024. . . . . . . . . . . . . | 2,460,000 | 2,635,682 |
Assured Guaranty US Holdings, Inc., 5.00%, | | | |
07/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,779,000 | 2,024,394 |
Brown & Brown, Inc., 4.20%, 09/15/2024. . . | 1,918,000 | 2,086,677 |
Chubb INA Holdings, Inc., 3.35%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,579,000 | 2,781,557 |
CNA Financial Corp., 3.95%, 05/15/2024 . . . | 1,761,000 | 1,911,840 |
Marsh & McLennan Cos., Inc., 3.50%, | | | |
06/03/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,925,000 | 2,059,379 |
MetLife, Inc., 3.60%, 04/10/2024 . . . . . . . . . | 3,419,000 | 3,732,254 |
Prudential Financial, Inc., 3.50%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,803,000 | 3,023,764 |
Willis North America, Inc., 3.60%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,020,000 | | 2,177,040 |
| | 30,001,433 |
Interactive Media & Services-0.37% | | | |
Alphabet, Inc., 3.38%, 02/25/2024 . . . . . . . . | 3,165,000 | 3,424,085 |
Internet & Direct Marketing Retail-2.12% | | | |
Amazon.com, Inc. | | | |
2.80%, 08/22/2024 . . . . . . . . . . . . . . . . . . . | 7,350,000 | 7,754,378 |
3.80%, 12/05/2024 . . . . . . . . . . . . . . . . . . . | 4,641,000 | 5,109,326 |
eBay, Inc., 3.45%, 08/01/2024. . . . . . . . . . . . | 2,737,000 | 2,906,510 |
Expedia Group, Inc., 4.50%, 08/15/2024. . . . | 1,553,000 | 1,694,937 |
QVC, Inc., 4.85%, 04/01/2024 . . . . . . . . . . . . | 2,192,000 | | 2,301,177 |
| | 19,766,328 |
IT Services-1.74% | | | |
DXC Technology Co., 4.25%, 04/15/2024. . . | 1,781,000 | 1,912,109 |
Fidelity National Information Services, Inc., | | | |
3.88%, 06/05/2024 . . . . . . . . . . . . . . . . . . . | 1,559,000 | 1,696,316 |
Fiserv, Inc., 2.75%, 07/01/2024 . . . . . . . . . . . | 3,113,000 | 3,248,484 |
International Business Machines Corp., | | | |
3.63%, 02/12/2024 . . . . . . . . . . . . . . . . . . . | 5,200,000 | 5,612,886 |
Mastercard, Inc., 3.38%, 04/01/2024 . . . . . . | 3,443,000 | | 3,732,552 |
| | 16,202,347 |
Life Sciences Tools & Services-0.45% | | | |
Thermo Fisher Scientific, Inc., 4.15%, | | | |
02/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,810,000 | 4,158,039 |
Machinery-2.41% | | | |
Caterpillar Financial Services Corp., 3.25%, | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,055,000 | 2,214,349 |
Caterpillar, Inc., 3.40%, 05/15/2024 . . . . . . . | 3,683,000 | 3,956,255 |
CNH Industrial Capital LLC, 4.20%, | | | |
01/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,737,000 | 1,895,909 |
Illinois Tool Works, Inc., 3.50%, 03/01/2024. | 2,835,000 | 3,073,468 |
Ingersoll-Rand Luxembourg Finance S.A., | | | |
3.55%, 11/01/2024 . . . . . . . . . . . . . . . . . . . | 1,758,000 | 1,900,227 |
John Deere Capital Corp. | | | |
3.35%, 06/12/2024 . . . . . . . . . . . . . . . . . . . | 1,776,000 | 1,911,569 |
2.65%, 06/24/2024 . . . . . . . . . . . . . . . . . . . | 2,240,000 | 2,359,377 |
Parker-Hannifin Corp., 3.30%, 11/21/2024 . | 1,682,000 | 1,803,708 |
Westinghouse Air Brake Technologies Corp., | | | |
4.40%, 03/15/2024 . . . . . . . . . . . . . . . . . . . | 3,084,000 | | 3,344,097 |
| | | 22,458,959 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Media-2.65% | | | |
Charter Communications Operating LLC/ | | | |
Charter Communications Operating Capital | | | |
Corp., 4.50%, 02/01/2024 . . . . . . . . . . . . . | $ 3,514,000 | $ 3,838,738 |
Comcast Corp. | | | |
3.00%, 02/01/2024 . . . . . . . . . . . . . . . . . . . | 4,480,000 | 4,734,721 |
3.60%, 03/01/2024 . . . . . . . . . . . . . . . . . . . | 3,830,000 | 4,137,617 |
Interpublic Group of Cos., Inc. (The), 4.20%, | | | |
04/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,209,000 | 2,435,706 |
Omnicom Group, Inc./Omnicom Capital, Inc., | | | |
3.65%, 11/01/2024 . . . . . . . . . . . . . . . . . . . | 2,676,000 | 2,889,089 |
Viacom, Inc., 3.88%, 04/01/2024. . . . . . . . . . | 1,755,000 | 1,888,643 |
ViacomCBS, Inc., 3.70%, 08/15/2024 . . . . . . | 1,986,000 | 2,133,558 |
WPP Finance 2010 (United Kingdom), | | | |
3.75%, 09/19/2024 . . . . . . . . . . . . . . . . . . . | 2,442,000 | | 2,659,104 |
| | 24,717,176 |
Metals & Mining-0.28% | | | |
ArcelorMittal S.A. (Luxembourg), 3.60%, | | | |
07/16/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,530,000 | 2,626,845 |
Multiline Retail-0.69% | | | |
Macy's Retail Holdings, Inc., 3.63%, | | | |
06/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,982,000 | 2,012,835 |
Target Corp., 3.50%, 07/01/2024 . . . . . . . . . | 3,976,000 | | 4,367,385 |
| | 6,380,220 |
Multi-Utilities-0.46% | | | |
Dominion Energy Gas Holdings LLC, Series A, | | | |
2.50%, 11/15/2024 . . . . . . . . . . . . . . . . . . . | 2,101,000 | 2,168,267 |
Sempra Energy, 3.55%, 06/15/2024 . . . . . . . | 1,980,000 | | 2,120,306 |
| | 4,288,573 |
Oil, Gas & Consumable Fuels-11.92% | | | |
Boardwalk Pipelines L.P., 4.95%, | | | |
12/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,023,000 | 2,215,332 |
BP Capital Markets PLC (United Kingdom) | | | |
3.81%, 02/10/2024 . . . . . . . . . . . . . . . . . . . | 4,842,000 | 5,234,300 |
3.54%, 11/04/2024 . . . . . . . . . . . . . . . . . . . | 2,885,000 | 3,131,308 |
Canadian Natural Resources Ltd. (Canada), | | | |
3.80%, 04/15/2024 . . . . . . . . . . . . . . . . . . . | 1,899,000 | 2,011,061 |
Cheniere Corpus Christi Holdings LLC, | | | |
7.00%, 06/30/2024 . . . . . . . . . . . . . . . . . . . | 2,651,000 | 3,039,446 |
Chevron Corp., 2.90%, 03/03/2024. . . . . . . . | 3,621,000 | 3,801,603 |
Cimarex Energy Co., 4.38%, 06/01/2024 . . . | 2,766,000 | 2,936,559 |
Continental Resources, Inc., 3.80%, | | | |
06/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,597,000 | 3,663,220 |
Diamondback Energy, Inc., 2.88%, | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,332,000 | 3,403,402 |
Enable Midstream Partners L.P., 3.90%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,228,000 | 2,273,480 |
Enbridge, Inc. (Canada), 3.50%, | | | |
06/10/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,796,000 | 1,904,071 |
EnLink Midstream Partners L.P., 4.40%, | | | |
04/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,992,000 | 1,823,118 |
Enterprise Products Operating LLC, 3.90%, | | | |
02/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,362,000 | 3,620,756 |
EQM Midstream Partners L.P., 4.00%, | | | |
08/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,945,000 | 1,733,481 |
Equinor ASA (Norway), 3.70%, 03/01/2024. | 3,918,000 | 4,250,886 |
Exxon Mobil Corp., 3.18%, 03/15/2024 . . . . . | 3,925,000 | 4,161,287 |
| Principal | | |
| Amount | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | |
Husky Energy, Inc. (Canada), 4.00%, | | | |
04/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 2,840,000 | $ 3,036,278 |
Kinder Morgan Energy Partners L.P. | | | |
4.15%, 02/01/2024 . . . . . . . . . . . . . . . . . . . | 2,492,000 | 2,685,189 |
4.30%, 05/01/2024 . . . . . . . . . . . . . . . . . . . | 2,225,000 | 2,412,870 |
4.25%, 09/01/2024 . . . . . . . . . . . . . . . . . . . | 2,469,000 | 2,683,196 |
Marathon Petroleum Corp., 3.63%, | | | |
09/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,725,000 | 2,903,454 |
MPLX L.P., 4.88%, 12/01/2024 . . . . . . . . . . . | 3,988,000 | 4,426,856 |
Newfield Exploration Co., 5.63%, | | | |
07/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,430,000 | 3,736,944 |
Noble Energy, Inc., 3.90%, 11/15/2024 . . . . | 2,311,000 | 2,460,238 |
Occidental Petroleum Corp., 6.95%, | | | |
07/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,316,000 | 2,728,586 |
Plains All American Pipeline L.P./PAA | | | |
Finance Corp., 3.60%, 11/01/2024 . . . . . . | 2,558,000 | 2,647,910 |
Sabine Pass Liquefaction LLC, 5.75%, | | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,900,000 | 5,514,865 |
Spectra Energy Partners L.P., 4.75%, | | | |
03/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,450,000 | 3,824,331 |
Suncor Energy, Inc. (Canada), 3.60%, | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,783,000 | 3,010,538 |
Sunoco Logistics Partners Operations L.P., | | | |
4.25%, 04/01/2024 . . . . . . . . . . . . . . . . . . . | 1,792,000 | 1,919,366 |
Total Capital International S.A. (France) | | | |
3.70%, 01/15/2024 . . . . . . . . . . . . . . . . . . . | 3,624,000 | 3,913,223 |
3.75%, 04/10/2024 . . . . . . . . . . . . . . . . . . . | 4,530,000 | 4,931,849 |
Williams Cos., Inc. (The) | | | |
4.30%, 03/04/2024 . . . . . . . . . . . . . . . . . . . | 3,527,000 | 3,813,479 |
4.55%, 06/24/2024 . . . . . . . . . . . . . . . . . . . | 4,776,000 | | 5,217,023 |
| | 111,069,505 |
Paper & Forest Products-0.24% | | | |
Georgia-Pacific LLC, 8.00%, 01/15/2024. . . . | 1,772,000 | 2,203,539 |
Personal Products-0.89% | | | |
Unilever Capital Corp. (United Kingdom) | | | |
3.25%, 03/07/2024 . . . . . . . . . . . . . . . . . . . | 3,700,000 | 3,958,048 |
2.60%, 05/05/2024 . . . . . . . . . . . . . . . . . . . | 4,103,000 | | 4,312,087 |
| | 8,270,135 |
Pharmaceuticals-2.00% | | | |
Allergan Funding S.C.S., 3.85%, | | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,851,000 | 3,092,705 |
Novartis Capital Corp. (Switzerland), 3.40%, | | | |
05/06/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,371,000 | 7,984,746 |
Perrigo Finance Unlimited Co., 3.90%, | | | |
12/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,300,000 | 2,462,571 |
Pfizer, Inc., 3.40%, 05/15/2024 . . . . . . . . . . . | 3,107,000 | 3,361,778 |
Wyeth LLC, 6.45%, 02/01/2024. . . . . . . . . . . | 1,462,000 | | 1,735,325 |
| | 18,637,125 |
Professional Services-0.36% | | | |
Equifax, Inc., 2.60%, 12/01/2024 . . . . . . . . . | 3,264,000 | 3,389,683 |
Road & Rail-0.77% | | | |
Burlington Northern Santa Fe LLC | | | |
3.75%, 04/01/2024 . . . . . . . . . . . . . . . . . . . | 1,738,000 | 1,885,157 |
3.40%, 09/01/2024 . . . . . . . . . . . . . . . . . . . | 2,771,000 | 3,004,587 |
CSX Corp., 3.40%, 08/01/2024 . . . . . . . . . . . | 2,163,000 | | 2,316,261 |
| | | 7,206,005 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Semiconductors & Semiconductor Equipment-3.05% | | |
Broadcom Corp./Broadcom Cayman Finance | | | |
Ltd., 3.63%, 01/15/2024. . . . . . . . . . . . . . . | $ 9,473,000 | $ 9,949,569 |
Intel Corp., 2.88%, 05/11/2024 . . . . . . . . . . . | 4,464,000 | 4,695,449 |
KLA Corp., 4.65%, 11/01/2024 . . . . . . . . . . . | 4,496,000 | 5,078,327 |
QUALCOMM, Inc., 2.90%, 05/20/2024 . . . . . | 5,375,000 | 5,660,882 |
Xilinx, Inc., 2.95%, 06/01/2024 . . . . . . . . . . . | 2,892,000 | | 3,035,023 |
| | 28,419,250 |
Software-2.58% | | | |
Microsoft Corp., 2.88%, 02/06/2024 . . . . . . . | 8,073,000 | 8,524,786 |
Oracle Corp. | | | |
3.40%, 07/08/2024 . . . . . . . . . . . . . . . . . . . | 7,167,000 | 7,693,626 |
2.95%, 11/15/2024 . . . . . . . . . . . . . . . . . . . | 7,362,000 | | 7,820,740 |
| | 24,039,152 |
Specialty Retail-0.46% | | | |
Home Depot, Inc. (The), 3.75%, | | | |
02/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,948,000 | 4,314,094 |
Technology Hardware, Storage & Peripherals-3.07% | | |
Apple, Inc. | | | |
3.00%, 02/09/2024 . . . . . . . . . . . . . . . . . . . | 6,811,000 | 7,224,907 |
3.45%, 05/06/2024 . . . . . . . . . . . . . . . . . . . | 9,129,000 | 9,889,662 |
2.85%, 05/11/2024 . . . . . . . . . . . . . . . . . . . | 6,516,000 | 6,883,286 |
1.80%, 09/11/2024 . . . . . . . . . . . . . . . . . . . | 2,553,000 | 2,589,566 |
Seagate HDD Cayman, 4.88%, | | | |
03/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,930,000 | | 2,045,723 |
| | 28,633,144 |
Tobacco-0.90% | | | |
Altria Group, Inc., 4.00%, 01/31/2024 . . . . . | 4,937,000 | 5,335,117 |
Philip Morris International, Inc., 3.25%, | | | |
11/10/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,854,000 | | 3,039,900 |
| | 8,375,017 |
Trading Companies & Distributors-0.22% | | | |
Air Lease Corp., 4.25%, 09/15/2024 . . . . . . . | 1,912,000 | | 2,055,527 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
| Principal |
| Amount |
Wireless Telecommunication Services-0.73% | |
Vodafone Group PLC (United Kingdom), | |
3.75%, 01/16/2024 . . . . . . . . . . . . . . . . . . . | $ 6,357,000 |
Total U.S. Dollar Denominated Bonds & Notes |
(Cost $882,367,460). . . . . . . . . . . . . . . . . . | . . . . . . . . . . . . |
| Shares |
Money Market Funds-0.26% | |
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(c) | |
(Cost $2,421,177). . . . . . . . . . . . . . . . . . . . . | 2,421,177 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.07%
(Cost $884,788,637). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.23%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . | 1,566,514 |
Invesco Liquid Assets Portfolio, Institutional | |
Class, 1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . | 559,250 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,125,994) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INVESTMENTS IN SECURITIES-99.30%
(Cost $886,914,631). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-0.70% . . . . . . . . . . . . . . . . .
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value
$6,839,111
920,716,046
2,421,177
923,137,223
1,566,514
559,530
2,126,044
925,263,267
6,532,883
$931,796,150
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 31.07 |
Information Technology | 12.01 |
| |
Energy | 11.92 |
Health Care | 9.20 |
| |
Consumer Staples | 7.88 |
Consumer Discretionary | 6.71 |
| |
Industrials | 6.58 |
Communication Services | 6.48 |
| |
Sector Types Each Less Than 3% | 6.96 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.19 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.81% | | |
Aerospace & Defense-2.13% | | | | |
General Dynamics Corp., 3.50%, 05/15/2025 . $1,229,000 | $ | 1,350,828 |
L3Harris Technologies, Inc., 3.83%, | | | | |
04/27/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 933,000 | | | 1,028,525 |
Lockheed Martin Corp., 2.90%, 03/01/2025 . . | 1,168,000 | | | 1,247,061 |
Northrop Grumman Corp., 2.93%, | | | | |
01/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,229,000 | | | 2,363,865 |
Precision Castparts Corp., 3.25%, | | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,341,000 | | | 1,438,700 |
United Technologies Corp., 3.95%, | | | | |
08/16/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,622,000 | | | 2,935,957 |
| | | | 10,364,936 |
Air Freight & Logistics-0.21% | | | | |
FedEx Corp., 3.20%, 02/01/2025 . . . . . . . . . . . | 958,000 | | | 1,019,576 |
Auto Components-0.48% | | | | |
BorgWarner, Inc., 3.38%, 03/15/2025. . . . . . . | 1,178,000 | | | 1,255,234 |
Magna International, Inc. (Canada), 4.15%, | | | | |
10/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 947,000 | | | 1,063,003 |
| | | | 2,318,237 |
Automobiles-2.80% | | | | |
Ford Motor Credit Co. LLC | | | | |
4.69%, 06/09/2025 . . . . . . . . . . . . . . . . . . . . | 2,200,000 | | | 2,284,063 |
4.13%, 08/04/2025 . . . . . . . . . . . . . . . . . . . . | 2,000,000 | | | 2,031,288 |
General Motors Co., 4.00%, 04/01/2025 . . . . . | 906,000 | | | 956,879 |
General Motors Financial Co., Inc. | | | | |
4.00%, 01/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,808,000 | | | 1,918,382 |
2.90%, 02/26/2025 . . . . . . . . . . . . . . . . . . . . | 2,084,000 | | | 2,106,345 |
4.35%, 04/09/2025 . . . . . . . . . . . . . . . . . . . . | 2,048,000 | | | 2,193,816 |
4.30%, 07/13/2025 . . . . . . . . . . . . . . . . . . . . | 1,306,000 | | | 1,388,584 |
Toyota Motor Credit Corp., 3.40%, | | | | |
04/14/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 665,000 | | | 727,586 |
| | | | 13,606,943 |
Banks-14.70% | | | | |
Banco Santander S.A. (Spain), 5.18%, | | | | |
11/19/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,600,000 | | | 1,823,183 |
Bank of America Corp. | | | | |
4.00%, 01/22/2025 . . . . . . . . . . . . . . . . . . . . | 4,347,000 | | | 4,745,287 |
3.88%, 08/01/2025 . . . . . . . . . . . . . . . . . . . . | 3,057,000 | | | 3,387,185 |
Series L, 3.95%, 04/21/2025 . . . . . . . . . . . . | 4,009,000 | | | 4,377,747 |
CIT Group, Inc., 5.25%, 03/07/2025. . . . . . . . . | 483,000 | | | 531,099 |
Citigroup, Inc. | | | | |
3.88%, 03/26/2025 . . . . . . . . . . . . . . . . . . . . | 1,367,000 | | | 1,481,716 |
3.30%, 04/27/2025 . . . . . . . . . . . . . . . . . . . . | 2,691,000 | | | 2,881,531 |
4.40%, 06/10/2025 . . . . . . . . . . . . . . . . . . . . | 3,938,000 | | | 4,392,612 |
5.50%, 09/13/2025 . . . . . . . . . . . . . . . . . . . . | 2,181,000 | | | 2,559,537 |
Citizens Financial Group, Inc., 4.30%, | | | | |
12/03/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 958,000 | | | 1,070,242 |
Cooperatieve Rabobank U.A. (Netherlands), | | | | |
4.38%, 08/04/2025 . . . . . . . . . . . . . . . . . . . . | 2,050,000 | | | 2,274,010 |
Deutsche Bank AG (Germany), 4.50%, | | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,100,000 | | | 2,105,956 |
Fifth Third Bancorp, 2.38%, 01/28/2025. . . . . | 1,196,000 | | | 1,229,286 |
Fifth Third Bank, 3.95%, 07/28/2025. . . . . . . . | 1,800,000 | | | 2,018,232 |
HSBC Holdings PLC (United Kingdom), 4.25%, | | | | |
08/18/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,700,000 | | | 1,842,523 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Huntington Bancshares, Inc., 4.00%, | | | | |
05/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 661,000 | $ | 737,196 |
JPMorgan Chase & Co. | | | | |
3.13%, 01/23/2025 . . . . . . . . . . . . . . . . . . . . | 4,194,000 | | | 4,451,308 |
3.90%, 07/15/2025 . . . . . . . . . . . . . . . . . . . . | 3,721,000 | | | 4,107,759 |
KeyBank N.A., 3.30%, 06/01/2025 . . . . . . . . . | 1,000,000 | | | 1,083,410 |
Lloyds Bank PLC (United Kingdom), 3.50%, | | | | |
05/14/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,809,000 | | | 1,951,129 |
Lloyds Banking Group PLC (United Kingdom), | | | | |
4.58%, 12/10/2025 . . . . . . . . . . . . . . . . . . . . | 2,200,000 | | | 2,405,174 |
Mitsubishi UFJ Financial Group, Inc. (Japan), | | | | |
3.78%, 03/02/2025 . . . . . . . . . . . . . . . . . . . . | 1,040,000 | | | 1,140,382 |
MUFG Americas Holdings Corp., 3.00%, | | | | |
02/10/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 643,000 | | | 682,157 |
PNC Bank N.A., 3.25%, 06/01/2025 . . . . . . . . | 1,500,000 | | | 1,612,452 |
Santander Holdings USA, Inc., 4.50%, | | | | |
07/17/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,739,000 | | | 1,934,146 |
Sumitomo Mitsui Banking Corp. (Japan), | | | | |
3.65%, 07/23/2025 . . . . . . . . . . . . . . . . . . . . | 400,000 | | | 438,709 |
Truist Bank, 3.63%, 09/16/2025 . . . . . . . . . . . | 1,900,000 | | | 2,082,135 |
Truist Financial Corp. | | | | |
4.00%, 05/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,345,000 | | | 1,491,258 |
3.70%, 06/05/2025(b). . . . . . . . . . . . . . . . . . . | 1,493,000 | | | 1,649,929 |
Wells Fargo & Co. | | | | |
3.00%, 02/19/2025 . . . . . . . . . . . . . . . . . . . . | 4,233,000 | | | 4,477,158 |
3.55%, 09/29/2025 . . . . . . . . . . . . . . . . . . . . | 4,131,000 | | | 4,495,221 |
| | | | 71,459,669 |
Beverages-1.48% | | | | |
Coca-Cola Co. (The), 2.88%, 10/27/2025 . . . . | 3,107,000 | | | 3,358,285 |
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025 . . | 749,000 | | | 806,072 |
PepsiCo, Inc. | | | | |
2.75%, 04/30/2025 . . . . . . . . . . . . . . . . . . . . | 1,633,000 | | | 1,731,279 |
3.50%, 07/17/2025 . . . . . . . . . . . . . . . . . . . . | 1,175,000 | | | 1,286,479 |
| | | | 7,182,115 |
Biotechnology-3.42% | | | | |
AbbVie, Inc., 3.60%, 05/14/2025 . . . . . . . . . . . | 6,308,000 | | | 6,808,723 |
Amgen, Inc., 3.13%, 05/01/2025 . . . . . . . . . . . | 1,732,000 | | | 1,857,200 |
Baxalta, Inc., 4.00%, 06/23/2025 . . . . . . . . . . . | 1,636,000 | | | 1,810,798 |
Biogen, Inc., 4.05%, 09/15/2025 . . . . . . . . . . . | 2,791,000 | | | 3,134,994 |
Gilead Sciences, Inc., 3.50%, 02/01/2025 . . . . | 2,791,000 | | | 3,025,868 |
| | | | 16,637,583 |
Building Products-0.38% | | | | |
Fortune Brands Home & Security, Inc., 4.00%, | | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 758,000 | | | 833,906 |
Masco Corp., 4.45%, 04/01/2025. . . . . . . . . . . | 902,000 | | | 1,005,638 |
| | | | 1,839,544 |
Capital Markets-6.78% | | | | |
Ares Capital Corp., 4.25%, 03/01/2025. . . . . . | 1,042,000 | | | 1,117,628 |
Bank of New York Mellon Corp. (The), | | | | |
Series G, 3.00%, 02/24/2025 . . . . . . . . . . . . | 1,094,000 | | | 1,163,987 |
Brookfield Asset Management, Inc. (Canada), | | | | |
4.00%, 01/15/2025 . . . . . . . . . . . . . . . . . . . . | 881,000 | | | 972,104 |
Charles Schwab Corp. (The), 3.85%, | | | | |
05/21/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,199,000 | | | 1,335,904 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Capital Markets-(continued) | | | |
CME Group, Inc., 3.00%, 03/15/2025 . . . . . . . | $1,170,000 | $ 1,246,749 |
Goldman Sachs Group, Inc. (The) | | | |
3.50%, 01/23/2025 . . . . . . . . . . . . . . . . . . . . | 4,424,000 | 4,724,185 |
3.75%, 05/22/2025 . . . . . . . . . . . . . . . . . . . . | 3,498,000 | 3,788,854 |
4.25%, 10/21/2025 . . . . . . . . . . . . . . . . . . . . | 3,380,000 | 3,694,270 |
Morgan Stanley | | | |
4.00%, 07/23/2025 . . . . . . . . . . . . . . . . . . . . | 5,176,000 | 5,740,470 |
5.00%, 11/24/2025 . . . . . . . . . . . . . . . . . . . . | 3,079,000 | 3,555,536 |
Northern Trust Corp., 3.95%, 10/30/2025 . . . | 1,309,000 | 1,473,616 |
S&P Global, Inc., 4.00%, 06/15/2025. . . . . . . . | 1,010,000 | 1,136,472 |
State Street Corp., 3.55%, 08/18/2025. . . . . . | 1,932,000 | 2,129,722 |
TD Ameritrade Holding Corp., 3.63%, | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 782,000 | | 855,158 |
| | 32,934,655 |
Chemicals-0.47% | | | |
Eastman Chemical Co., 3.80%, 03/15/2025 . . | 1,453,000 | 1,584,883 |
Nutrien Ltd. (Canada), 3.38%, 03/15/2025. . . | 665,000 | | 710,523 |
| | 2,295,406 |
Commercial Services & Supplies-0.41% | | | |
Republic Services, Inc., 3.20%, 03/15/2025 . . | 786,000 | 844,394 |
Waste Management, Inc., 3.13%, | | | |
03/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,070,000 | | 1,141,223 |
| | 1,985,617 |
Communications Equipment-0.21% | | | |
Cisco Systems, Inc., 3.50%, 06/15/2025 . . . . . | 933,000 | 1,026,709 |
Consumer Finance-1.87% | | | |
Ally Financial, Inc., 4.63%, 03/30/2025 . . . . . . | 870,000 | 954,812 |
Capital One Financial Corp. | | | |
3.20%, 02/05/2025 . . . . . . . . . . . . . . . . . . . . | 1,497,000 | 1,580,073 |
4.25%, 04/30/2025 . . . . . . . . . . . . . . . . . . . . | 1,486,000 | 1,650,097 |
4.20%, 10/29/2025 . . . . . . . . . . . . . . . . . . . . | 2,224,000 | 2,412,033 |
Discover Financial Services, 3.75%, | | | |
03/04/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 773,000 | 831,257 |
Synchrony Financial, 4.50%, 07/23/2025 . . . . | 1,497,000 | | 1,646,640 |
| | 9,074,912 |
Containers & Packaging-0.24% | | | |
WRKCo Inc., 3.75%, 03/15/2025 . . . . . . . . . . . | 1,070,000 | 1,158,724 |
Diversified Financial Services-0.20% | | | |
National Rural Utilities Cooperative Finance | | | |
Corp., 2.85%, 01/27/2025. . . . . . . . . . . . . . . | 902,000 | 959,322 |
Diversified Telecommunication Services-3.46% | | |
AT&T, Inc. | | | |
3.95%, 01/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,592,000 | 1,741,088 |
3.40%, 05/15/2025 . . . . . . . . . . . . . . . . . . . . | 8,331,000 | 8,880,286 |
Verizon Communications, Inc., 3.38%, | | | |
02/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,713,000 | | 6,189,230 |
| | 16,810,604 |
Electric Utilities-1.07% | | | |
Duke Energy Progress LLC, 3.25%, | | | |
08/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 767,000 | 830,998 |
Exelon Corp., 3.95%, 06/15/2025 . . . . . . . . . . | 1,468,000 | 1,620,524 |
Florida Power & Light Co., 3.13%, | | | |
12/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 447,000 | 486,141 |
| Principal | | |
| Amount | | Value |
Electric Utilities-(continued) | | | |
Southern Power Co., 4.15%, 12/01/2025 . . . . | $ 958,000 | $ 1,070,675 |
Xcel Energy, Inc., 3.30%, 06/01/2025 . . . . . . . | 1,094,000 | | 1,171,055 |
| | 5,179,393 |
Electrical Equipment-0.23% | | | |
Emerson Electric Co., 3.15%, 06/01/2025 . . . | 1,048,000 | 1,133,018 |
Energy Equipment & Services-0.76% | | | |
Halliburton Co., 3.80%, 11/15/2025 . . . . . . . . | 3,373,000 | 3,702,461 |
Entertainment-0.23% | | | |
TWDC Enterprises 18 Corp., 3.15%, | | | |
09/17/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,022,000 | 1,117,983 |
Equity REITs-4.09% | | | |
Alexandria Real Estate Equities, Inc., 3.45%, | | | |
04/30/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 875,000 | 947,946 |
American Tower Corp., 4.00%, 06/01/2025 . . | 1,179,000 | 1,294,523 |
AvalonBay Communities, Inc., 3.45%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,004,000 | 1,098,421 |
Boston Properties L.P., 3.20%, 01/15/2025 . . | 1,642,000 | 1,763,508 |
Brixmor Operating Partnership L.P., 3.85%, | | | |
02/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,203,000 | 1,305,424 |
Essex Portfolio L.P., 3.50%, 04/01/2025. . . . . | 767,000 | 831,945 |
GLP Capital L.P./GLP Financing II, Inc., 5.25%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,218,000 | 1,366,157 |
Healthpeak Properties, Inc. | | | |
3.40%, 02/01/2025 . . . . . . . . . . . . . . . . . . . . | 958,000 | 1,029,803 |
4.00%, 06/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,297,000 | 1,440,723 |
Host Hotels & Resorts L.P., Series E, 4.00%, | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 933,000 | 1,020,589 |
Kimco Realty Corp., 3.30%, 02/01/2025 . . . . . | 665,000 | 713,322 |
Prologis L.P., 3.75%, 11/01/2025 . . . . . . . . . . | 1,073,000 | 1,191,676 |
Realty Income Corp., 3.88%, 04/15/2025 . . . . | 1,039,000 | 1,158,765 |
Simon Property Group L.P., 3.50%, | | | |
09/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 773,000 | 840,207 |
SITE Centers Corp., 3.63%, 02/01/2025 . . . . . | 493,000 | 523,861 |
Ventas Realty L.P., 3.50%, 02/01/2025 . . . . . | 958,000 | 1,022,685 |
Welltower, Inc., 4.00%, 06/01/2025. . . . . . . . . | 2,095,000 | | 2,314,547 |
| | 19,864,102 |
Food & Staples Retailing-1.06% | | | |
Sysco Corp. | | | |
3.55%, 03/15/2025 . . . . . . . . . . . . . . . . . . . . | 665,000 | 727,543 |
3.75%, 10/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,616,000 | 1,799,956 |
Walmart, Inc., 3.55%, 06/26/2025 . . . . . . . . . . | 2,378,000 | | 2,620,383 |
| | 5,147,882 |
Food Products-1.97% | | | |
Campbell Soup Co., 3.95%, 03/15/2025 . . . . . | 1,349,000 | 1,467,466 |
General Mills, Inc., 4.00%, 04/17/2025 . . . . . . | 1,348,000 | 1,490,858 |
JM Smucker Co. (The), 3.50%, 03/15/2025 . . | 1,476,000 | 1,603,397 |
Kraft Heinz Foods Co. (The), 3.95%, | | | |
07/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,388,000 | 3,535,350 |
Mead Johnson Nutrition Co. (United Kingdom), | | | |
4.13%, 11/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,303,000 | | 1,465,714 |
| | 9,562,785 |
Health Care Equipment & Supplies-3.23% | | | |
Abbott Laboratories, 2.95%, 03/15/2025 . . . . | 1,502,000 | 1,611,340 |
Boston Scientific Corp., 3.85%, 05/15/2025 . . | 1,297,000 | 1,430,074 |
Danaher Corp., 3.35%, 09/15/2025 . . . . . . . . . | 767,000 | 836,164 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Health Care Equipment & Supplies-(continued) | | | |
Medtronic, Inc., 3.50%, 03/15/2025 . . . . . . . . | $6,604,000 | $ 7,248,458 |
Stryker Corp., 3.38%, 11/01/2025. . . . . . . . . . | 1,180,000 | 1,284,662 |
Zimmer Biomet Holdings, Inc., 3.55%, | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,076,000 | | 3,304,633 |
| | 15,715,331 |
Health Care Providers & Services-6.05% | | | |
AmerisourceBergen Corp., 3.25%, | | | |
03/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 907,000 | 968,275 |
Anthem, Inc., 2.38%, 01/15/2025 . . . . . . . . . . | 1,364,000 | 1,401,505 |
Cardinal Health, Inc., 3.75%, 09/15/2025 . . . . | 1,052,000 | 1,144,599 |
Centene Corp., 4.75%, 01/15/2025 . . . . . . . . . | 2,048,000 | 2,103,224 |
CVS Health Corp. | | | |
4.10%, 03/25/2025 . . . . . . . . . . . . . . . . . . . . | 8,119,000 | 8,906,362 |
3.88%, 07/20/2025 . . . . . . . . . . . . . . . . . . . . | 4,928,000 | 5,387,935 |
HCA, Inc., 5.25%, 04/15/2025 . . . . . . . . . . . . . | 2,330,000 | 2,649,610 |
Laboratory Corp. of America Holdings, 3.60%, | | | |
02/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,928,000 | 2,080,434 |
Quest Diagnostics, Inc., 3.50%, 03/30/2025 . . | 908,000 | 980,649 |
UnitedHealth Group, Inc., 3.75%, | | | |
07/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,388,000 | | 3,757,457 |
| | 29,380,050 |
Hotels, Restaurants & Leisure-0.93% | | | |
Las Vegas Sands Corp., 2.90%, 06/25/2025. . | 1,202,000 | 1,224,973 |
McDonald's Corp., 3.38%, 05/26/2025 . . . . . . | 933,000 | 1,008,277 |
Starbucks Corp., 3.80%, 08/15/2025. . . . . . . . | 2,068,000 | | 2,282,480 |
| | 4,515,730 |
Household Durables-0.20% | | | |
Lennar Corp., 4.75%, 05/30/2025 . . . . . . . . . . | 919,000 | 995,015 |
Industrial Conglomerates-0.79% | | | |
3M Co., 3.00%, 08/07/2025 . . . . . . . . . . . . . . . | 1,071,000 | 1,150,857 |
GE Capital International Funding Co. Unlimited | | | |
Co., 3.37%, 11/15/2025 . . . . . . . . . . . . . . . . | 2,500,000 | | 2,667,265 |
| | 3,818,122 |
Insurance-1.71% | | | |
American International Group, Inc., 3.75%, | | | |
07/10/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,103,000 | 2,295,333 |
Aon PLC, 3.88%, 12/15/2025. . . . . . . . . . . . . . | 1,201,000 | 1,335,637 |
Chubb INA Holdings, Inc., 3.15%, | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,314,000 | 1,420,478 |
CNO Financial Group, Inc., 5.25%, | | | |
05/30/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 661,000 | 749,305 |
Marsh & McLennan Cos., Inc., 3.50%, | | | |
03/10/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 774,000 | 833,284 |
MetLife, Inc. | | | |
3.00%, 03/01/2025 . . . . . . . . . . . . . . . . . . . . | 769,000 | 824,266 |
3.60%, 11/13/2025 . . . . . . . . . . . . . . . . . . . . | 773,000 | | 852,644 |
| | 8,310,947 |
Internet & Direct Marketing Retail-0.74% | | | |
Amazon.com, Inc., 5.20%, 12/03/2025 . . . . . . | 1,308,000 | 1,555,147 |
Booking Holdings, Inc., 3.65%, 03/15/2025 . . | 783,000 | 850,545 |
QVC, Inc., 4.45%, 02/15/2025(b) . . . . . . . . . . . | 1,170,000 | | 1,200,348 |
| | 3,606,040 |
IT Services-2.90% | | | |
Automatic Data Processing, Inc., 3.38%, | | | |
09/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,661,000 | 1,832,344 |
| Principal | | |
| Amount | | Value |
IT Services-(continued) | | | |
Fidelity National Information Services, Inc., | | | |
5.00%, 10/15/2025 . . . . . . . . . . . . . . . . . . . . | $1,330,000 | $ 1,564,122 |
Fiserv, Inc., 3.85%, 06/01/2025 . . . . . . . . . . . . | 1,331,000 | 1,459,509 |
International Business Machines Corp., 7.00%, | | | |
10/30/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 913,000 | 1,163,978 |
VeriSign, Inc., 5.25%, 04/01/2025 . . . . . . . . . . | 898,000 | 975,304 |
Visa, Inc., 3.15%, 12/14/2025 . . . . . . . . . . . . . | 6,544,000 | | 7,112,847 |
| | 14,108,104 |
Machinery-0.32% | | | |
John Deere Capital Corp., 3.45%, | | | |
03/13/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,446,000 | 1,575,267 |
Media-2.64% | | | |
Charter Communications Operating LLC/ | | | |
Charter Communications Operating Capital | | | |
Corp., 4.91%, 07/23/2025. . . . . . . . . . . . . . . | 6,990,000 | 7,871,040 |
Comcast Corp. | | | |
3.38%, 02/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,578,000 | 1,707,029 |
3.38%, 08/15/2025 . . . . . . . . . . . . . . . . . . . . | 2,215,000 | 2,409,252 |
ViacomCBS, Inc., 3.50%, 01/15/2025 . . . . . . . | 786,000 | | 840,524 |
| | 12,827,845 |
Metals & Mining-0.20% | | | |
ArcelorMittal S.A. (Luxembourg), 6.13%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 863,000 | 999,647 |
Multiline Retail-0.74% | | | |
Dollar General Corp., 4.15%, 11/01/2025 . . . . | 900,000 | 1,003,106 |
Dollar Tree, Inc., 4.00%, 05/15/2025. . . . . . . . | 1,448,000 | 1,593,306 |
Kohl's Corp., 4.25%, 07/17/2025 . . . . . . . . . . . | 947,000 | | 1,024,521 |
| | 3,620,933 |
Multi-Utilities-0.45% | | | |
Dominion Energy, Inc., 3.90%, 10/01/2025 . . | 1,077,000 | 1,190,134 |
WEC Energy Group, Inc., 3.55%, 06/15/2025. | 905,000 | | 986,439 |
| | 2,176,573 |
Oil, Gas & Consumable Fuels-10.00% | | | |
BP Capital Markets PLC (United Kingdom), | | | |
3.51%, 03/17/2025 . . . . . . . . . . . . . . . . . . . . | 1,885,000 | 2,050,927 |
Canadian Natural Resources Ltd. (Canada), | | | |
3.90%, 02/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,584,000 | 1,716,974 |
Cheniere Corpus Christi Holdings LLC, 5.88%, | | | |
03/31/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,605,000 | 2,925,389 |
Chevron Corp., 3.33%, 11/17/2025. . . . . . . . . | 1,317,000 | 1,447,644 |
Columbia Pipeline Group, Inc., 4.50%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,504,000 | 1,677,663 |
Devon Energy Corp., 5.85%, 12/15/2025 . . . . | 898,000 | 1,066,460 |
Enbridge Energy Partners L.P., 5.88%, | | | |
10/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 761,000 | 911,498 |
Energy Transfer Operating L.P., 4.05%, | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,369,000 | 1,468,133 |
EnLink Midstream Partners L.P., 4.15%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,010,000 | 855,758 |
Enterprise Products Operating LLC, 3.75%, | | | |
02/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,752,000 | 1,909,198 |
EOG Resources, Inc., 3.15%, 04/01/2025 . . . . | 772,000 | 820,961 |
Exxon Mobil Corp., 2.71%, 03/06/2025 . . . . . . | 2,790,000 | 2,932,426 |
Kinder Morgan, Inc., 4.30%, 06/01/2025 . . . . | 3,016,000 | 3,328,303 |
Marathon Oil Corp., 3.85%, 06/01/2025 . . . . . | 1,329,000 | 1,405,422 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | |
MPLX L.P. | | | |
4.00%, 02/15/2025 . . . . . . . . . . . . . . . . . . . . | $1,056,000 | $ 1,128,938 |
4.88%, 06/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,919,000 | 2,138,070 |
Occidental Petroleum Corp., 3.50%, | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,298,000 | 1,340,250 |
ONEOK Partners L.P., 4.90%, 03/15/2025 . . . | 802,000 | 901,600 |
Phillips 66 Partners L.P., 3.61%, 02/15/2025. | 918,000 | 979,350 |
Plains All American Pipeline L.P./PAA Finance | | | |
Corp., 4.65%, 10/15/2025 . . . . . . . . . . . . . . | 1,720,000 | 1,874,115 |
Sabine Pass Liquefaction LLC, 5.63%, | | | |
03/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,127,000 | 3,558,201 |
Shell International Finance B.V. (Netherlands), | | | |
3.25%, 05/11/2025 . . . . . . . . . . . . . . . . . . . . | 4,824,000 | 5,195,742 |
Spectra Energy Partners L.P., 3.50%, | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 786,000 | 840,358 |
Total Capital International S.A. (France), | | | |
2.43%, 01/10/2025 . . . . . . . . . . . . . . . . . . . . | 1,664,000 | 1,727,269 |
Valero Energy Corp., 3.65%, 03/15/2025 . . . . | 933,000 | 1,006,924 |
Western Midstream Operating L.P., 3.95%, | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 890,000 | 902,868 |
Williams Cos., Inc. (The) | | | |
3.90%, 01/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,147,000 | 1,230,978 |
4.00%, 09/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,145,000 | | 1,240,514 |
| | 48,581,933 |
Personal Products-0.43% | | | |
Unilever Capital Corp. (United Kingdom), | | | |
3.10%, 07/30/2025 . . . . . . . . . . . . . . . . . . . . | 1,909,000 | 2,072,805 |
Pharmaceuticals-4.38% | | | |
Allergan Funding S.C.S., 3.80%, 03/15/2025 . | 3,552,000 | 3,884,123 |
AstraZeneca PLC (United Kingdom), 3.38%, | | | |
11/16/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,379,000 | 3,704,216 |
Eli Lilly and Co., 2.75%, 06/01/2025 . . . . . . . . | 1,327,000 | 1,422,481 |
GlaxoSmithKline Capital, Inc. (United | | | |
Kingdom), 3.63%, 05/15/2025 . . . . . . . . . . . | 2,053,000 | 2,264,516 |
Johnson & Johnson, 2.63%, 01/15/2025 . . . . | 1,334,000 | 1,412,205 |
Merck & Co., Inc., 2.75%, 02/10/2025 . . . . . . . | 3,909,000 | 4,120,787 |
Novartis Capital Corp. (Switzerland), 3.00%, | | | |
11/20/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,926,000 | 3,166,363 |
Zoetis, Inc., 4.50%, 11/13/2025. . . . . . . . . . . . | 1,143,000 | | 1,310,476 |
| | 21,285,167 |
Professional Services-0.34% | | | |
Verisk Analytics, Inc., 4.00%, 06/15/2025 . . . | 1,497,000 | 1,662,473 |
Road & Rail-1.03% | | | |
Burlington Northern Santa Fe LLC, 3.00%, | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 761,000 | 815,068 |
Canadian Pacific Railway Co. (Canada), | | | |
2.90%, 02/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,094,000 | 1,168,998 |
CSX Corp., 3.35%, 11/01/2025 . . . . . . . . . . . . | 958,000 | 1,039,774 |
Union Pacific Corp. | | | |
3.75%, 07/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,040,000 | 1,149,323 |
3.25%, 08/15/2025 . . . . . . . . . . . . . . . . . . . . | 767,000 | | 833,064 |
| | 5,006,227 |
Semiconductors & Semiconductor Equipment-2.67% | | |
Analog Devices, Inc., 3.90%, 12/15/2025 . . . . | 1,177,000 | 1,306,373 |
Applied Materials, Inc., 3.90%, 10/01/2025 . . | 1,143,000 | 1,285,441 |
| Principal | | |
| Amount | | Value |
Semiconductors & Semiconductor Equipment-(continued) | | |
Broadcom Corp./Broadcom Cayman Finance | | | |
Ltd., 3.13%, 01/15/2025 . . . . . . . . . . . . . . . . | $1,575,000 | $ 1,628,962 |
Intel Corp., 3.70%, 07/29/2025 . . . . . . . . . . . . | 4,097,000 | 4,526,041 |
Lam Research Corp., 3.80%, 03/15/2025 . . . . | 785,000 | 864,420 |
QUALCOMM, Inc., 3.45%, 05/20/2025 . . . . . . | 3,078,000 | | 3,348,517 |
| | 12,959,754 |
Software-3.39% | | | |
Adobe, Inc., 3.25%, 02/01/2025. . . . . . . . . . . . | 1,886,000 | 2,033,072 |
Microsoft Corp. | | | |
2.70%, 02/12/2025(b). . . . . . . . . . . . . . . . . . . | 3,839,000 | 4,065,320 |
3.13%, 11/03/2025 . . . . . . . . . . . . . . . . . . . . | 5,231,000 | 5,697,171 |
Oracle Corp., 2.95%, 05/15/2025. . . . . . . . . . . | 4,402,000 | | 4,676,258 |
| | 16,471,821 |
Specialty Retail-0.63% | | | |
Home Depot, Inc. (The), 3.35%, 09/15/2025 . | 1,495,000 | 1,638,684 |
Lowe's Cos., Inc., 3.38%, 09/15/2025 . . . . . . . | 1,299,000 | | 1,413,688 |
| | 3,052,372 |
Technology Hardware, Storage & Peripherals-2.72% | | |
Apple, Inc. | | | |
2.75%, 01/13/2025 . . . . . . . . . . . . . . . . . . . . | 2,390,000 | 2,529,327 |
2.50%, 02/09/2025 . . . . . . . . . . . . . . . . . . . . | 2,224,000 | 2,333,230 |
3.20%, 05/13/2025 . . . . . . . . . . . . . . . . . . . . | 3,407,000 | 3,679,323 |
Hewlett Packard Enterprise Co., 4.90%, | | | |
10/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,106,000 | | 4,669,218 |
| | 13,211,098 |
Textiles, Apparel & Luxury Goods-0.21% | | | |
Tapestry, Inc., 4.25%, 04/01/2025. . . . . . . . . . | 958,000 | 1,015,870 |
Tobacco-1.21% | | | |
Philip Morris International, Inc., 3.38%, | | | |
08/11/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,083,000 | 1,177,625 |
Reynolds American, Inc. (United Kingdom), | | | |
4.45%, 06/12/2025 . . . . . . . . . . . . . . . . . . . . | 4,250,000 | | 4,686,795 |
| | 5,864,420 |
Trading Companies & Distributors-1.17% | | | |
AerCap Ireland Capital DAC/AerCap Global | | | |
Aviation Trust (Ireland) | | | |
3.50%, 01/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,902,000 | 1,987,374 |
4.45%, 10/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,953,000 | 2,154,947 |
Air Lease Corp., 3.25%, 03/01/2025 . . . . . . . . | 1,479,000 | | 1,534,663 |
| | 5,676,984 |
Water Utilities-0.29% | | | |
American Water Capital Corp., 3.40%, | | | |
03/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,289,000 | 1,403,524 |
Wireless Telecommunication Services-0.79% | | | |
Rogers Communications, Inc. (Canada), | | | |
3.63%, 12/15/2025 . . . . . . . . . . . . . . . . . . . . | 1,144,000 | 1,264,275 |
Vodafone Group PLC (United Kingdom), | | | |
4.13%, 05/30/2025 . . . . . . . . . . . . . . . . . . . . | 2,328,000 | | 2,601,505 |
| | 3,865,780 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $454,787,173). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 480,162,008 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)—(continued)
February 29, 2020 (Unaudited)
Shares ValueShares Value
Money Market Funds-0.22% | | | | Money Market Funds-(continued) | | | |
Invesco Premier U.S. Government Money | | | | Invesco Liquid Assets Portfolio, Institutional | | | |
Portfolio, Institutional Class, 1.46%(c) | | | | Class, 1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . | 388,414 | $ | 388,608 |
. . . . . . . . . . . . . . . . . . . . . .(Cost $1,053,335) | 1,053,335 | $ 1,053,335 | Total Investments Purchased with Cash Collateral from | | |
TOTAL INVESTMENTS IN SECURITIES | | | | Securities on Loan | | | |
(excluding investments purchased with cash collateral | | | (Cost $1,554,394) . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | | 1,554,431 |
from securities on loan)-99.03% | | | | TOTAL INVESTMENTS IN SECURITIES-99.35% | | | |
(Cost $455,840,508). . . . . . . . . . . . . . . | | 481,215,343 | | | |
. . . . . . . . . . | (Cost $457,394,902). . . . . . . . . . . . . . . . . . . . | | | 482,769,774 |
| | | | . . . . . . . . . | |
| | | | | |
Investments Purchased with Cash Collateral | | | OTHER ASSETS LESS LIABILITIES-0.65% . . . . . . . . | . . . . . . . . . | | 3,165,137 |
| | NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . | | $ | 485,934,911 |
from Securities on Loan | | | | . . . . . . . . . |
| | | | | | |
Money Market Funds-0.32% | | | | | | | |
Invesco Government & Agency Portfolio, | | | | | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . | 1,165,823 | 1,165,823 | | | | |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 25.26 |
Health Care | 17.08 |
| |
Information Technology | 11.89 |
Energy | 10.76 |
| |
Communication Services | 7.12 |
Industrials | 7.01 |
| |
Consumer Discretionary | 6.73 |
Consumer Staples | 6.15 |
| |
Real Estate | 4.09 |
Sector Types Each Less Than 3% | 2.72 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.19 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| | Principal | | |
| | Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.51% | | |
Aerospace & Defense-0.79% | | | | |
General Dynamics Corp., 2.13%, 08/15/2026 . $ | 275,000 | | $ | 283,094 |
Lockheed Martin Corp., 3.55%, 01/15/2026 . . | 1,268,000 | | | 1,406,574 |
| | | | | 1,689,668 |
Air Freight & Logistics-0.45% | | | | |
FedEx Corp., 3.25%, 04/01/2026 . . . . . . . . . . . | 571,000 | | | 612,982 |
United Parcel Service, Inc., 2.40%, | | | | |
11/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 338,000 | | | 351,951 |
| | | | | 964,933 |
Automobiles-1.60% | | | | |
American Honda Finance Corp., 2.30%, | | | | |
09/09/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 273,000 | | | 283,793 |
Ford Motor Co., 4.35%, 12/08/2026 . . . . . . . . | 926,000 | | | 933,519 |
Ford Motor Credit Co. LLC, 4.39%, | | | | |
01/08/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 800,000 | | | 801,808 |
General Motors Financial Co., Inc. | | | | |
5.25%, 03/01/2026 . . . . . . . . . . . . . . . . . . . . | | 880,000 | | | 974,999 |
4.00%, 10/06/2026 . . . . . . . . . . . . . . . . . . . . | | 433,000 | | | 446,968 |
| | | | | 3,441,087 |
Banks-21.87% | | | | |
Bank of America Corp. | | | | |
4.45%, 03/03/2026 . . . . . . . . . . . . . . . . . . . . | | 1,419,000 | | | 1,601,839 |
3.50%, 04/19/2026 . . . . . . . . . . . . . . . . . . . . | | 1,690,000 | | | 1,847,874 |
4.25%, 10/22/2026 . . . . . . . . . . . . . . . . . . . . | | 1,311,000 | | | 1,465,091 |
Barclays PLC (United Kingdom), 5.20%, | | | | |
05/12/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,600,000 | | | 1,787,736 |
BPCE S.A. (France), 3.38%, 12/02/2026. . . . . | 550,000 | | | 595,744 |
Citigroup, Inc. | | | | |
3.70%, 01/12/2026 . . . . . . . . . . . . . . . . . . . . | | 1,399,000 | | | 1,534,432 |
4.60%, 03/09/2026 . . . . . . . . . . . . . . . . . . . . | | 1,131,000 | | | 1,283,096 |
3.40%, 05/01/2026 . . . . . . . . . . . . . . . . . . . . | | 1,310,000 | | | 1,420,051 |
3.20%, 10/21/2026 . . . . . . . . . . . . . . . . . . . . | | 2,022,000 | | | 2,154,796 |
4.30%, 11/20/2026 . . . . . . . . . . . . . . . . . . . . | | 838,000 | | | 930,043 |
Cooperatieve Rabobank U.A. (Netherlands), | | | | |
3.75%, 07/21/2026 . . . . . . . . . . . . . . . . . . . . | | 1,100,000 | | | 1,193,511 |
Fifth Third Bank, 3.85%, 03/15/2026. . . . . . . . | 400,000 | | | 440,213 |
HSBC Holdings PLC (United Kingdom) | | | | |
4.30%, 03/08/2026 . . . . . . . . . . . . . . . . . . . . | | 2,200,000 | | | 2,446,781 |
4.38%, 11/23/2026 . . . . . . . . . . . . . . . . . . . . | | 1,000,000 | | | 1,087,509 |
JPMorgan Chase & Co. | | | | |
3.30%, 04/01/2026 . . . . . . . . . . . . . . . . . . . . | | 1,497,000 | | | 1,630,677 |
3.20%, 06/15/2026 . . . . . . . . . . . . . . . . . . . . | | 1,379,000 | | | 1,483,049 |
2.95%, 10/01/2026 . . . . . . . . . . . . . . . . . . . . | | 2,159,000 | | | 2,291,270 |
7.63%, 10/15/2026 . . . . . . . . . . . . . . . . . . . . | | 389,000 | | | 516,175 |
4.13%, 12/15/2026 . . . . . . . . . . . . . . . . . . . . | | 1,389,000 | | | 1,565,995 |
KeyBank N.A., 3.40%, 05/20/2026 . . . . . . . . . | 550,000 | | | 594,719 |
Lloyds Banking Group PLC (United Kingdom), | | | | |
4.65%, 03/24/2026 . . . . . . . . . . . . . . . . . . . . | | 1,000,000 | | | 1,095,959 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.85%, 03/01/2026 . . . . . . . . . . . . . . . . . . . . | | 2,100,000 | | | 2,336,877 |
2.76%, 09/13/2026 . . . . . . . . . . . . . . . . . . . . | | 600,000 | | | 632,338 |
Mizuho Financial Group, Inc. (Japan), 2.84%, | | | | |
09/13/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 600,000 | | | 634,296 |
Royal Bank of Scotland Group PLC (The) | | | | |
(United Kingdom), 4.80%, 04/05/2026 . . . . | 1,000,000 | | | 1,144,293 |
| Principal | | |
| Amount | | Value |
Banks-(continued) | | | |
Sumitomo Mitsui Financial Group, Inc. (Japan) | | | |
3.78%, 03/09/2026 . . . . . . . . . . . . . . . . . . . . | $ 942,000 | $ 1,041,424 |
2.63%, 07/14/2026 . . . . . . . . . . . . . . . . . . . . | 1,499,000 | 1,566,629 |
3.01%, 10/19/2026 . . . . . . . . . . . . . . . . . . . . | 1,083,000 | 1,149,774 |
Truist Bank | | | |
3.30%, 05/15/2026 . . . . . . . . . . . . . . . . . . . . | 400,000 | 432,694 |
3.80%, 10/30/2026 . . . . . . . . . . . . . . . . . . . . | 550,000 | 618,249 |
U.S. Bancorp | | | |
Series V, 2.38%, 07/22/2026 . . . . . . . . . . . . | 968,000 | 1,014,097 |
Series W, 3.10%, 04/27/2026 . . . . . . . . . . . . | 659,000 | 711,033 |
Wells Fargo & Co. | | | |
3.00%, 04/22/2026 . . . . . . . . . . . . . . . . . . . . | 2,297,000 | 2,436,031 |
4.10%, 06/03/2026 . . . . . . . . . . . . . . . . . . . . | 1,360,000 | 1,502,296 |
3.00%, 10/23/2026 . . . . . . . . . . . . . . . . . . . . | 2,604,000 | | 2,760,589 |
| | 46,947,180 |
Beverages-3.61% | | | |
Anheuser-Busch InBev Finance, Inc. (Belgium), | | | |
3.65%, 02/01/2026 . . . . . . . . . . . . . . . . . . . . | 3,894,000 | 4,255,670 |
Coca-Cola Co. (The) | | | |
2.55%, 06/01/2026 . . . . . . . . . . . . . . . . . . . . | 200,000 | 213,979 |
2.25%, 09/01/2026 . . . . . . . . . . . . . . . . . . . . | 598,000 | 631,420 |
Constellation Brands, Inc., 3.70%, | | | |
12/06/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 390,000 | 428,535 |
Molson Coors Beverage Co., 3.00%, | | | |
07/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,026,000 | 1,073,630 |
PepsiCo, Inc. | | | |
2.85%, 02/24/2026 . . . . . . . . . . . . . . . . . . . . | 390,000 | 417,318 |
2.38%, 10/06/2026(b) . . . . . . . . . . . . . . . . . . | 693,000 | | 725,024 |
| | 7,745,576 |
Biotechnology-2.80% | | | |
AbbVie, Inc., 3.20%, 05/14/2026 . . . . . . . . . . . | 1,378,000 | 1,456,062 |
Amgen, Inc., 2.60%, 08/19/2026 . . . . . . . . . . . | 677,000 | 716,854 |
Gilead Sciences, Inc., 3.65%, 03/01/2026 . . . . | 1,915,000 | 2,107,554 |
Shire Acquisitions Investments Ireland DAC, | | | |
3.20%, 09/23/2026 . . . . . . . . . . . . . . . . . . . . | 1,618,000 | | 1,739,098 |
| | 6,019,568 |
Building Products-0.48% | | | |
Johnson Controls International PLC, 3.90%, | | | |
02/14/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 570,000 | 636,097 |
Masco Corp., 4.38%, 04/01/2026. . . . . . . . . . . | 338,000 | | 382,387 |
| | 1,018,484 |
Capital Markets-6.19% | | | |
Ameriprise Financial, Inc., 2.88%, | | | |
09/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 410,000 | 434,756 |
Bank of New York Mellon Corp. (The) | | | |
2.80%, 05/04/2026 . . . . . . . . . . . . . . . . . . . . | 419,000 | 445,611 |
2.45%, 08/17/2026 . . . . . . . . . . . . . . . . . . . . | 523,000 | 547,852 |
Goldman Sachs Group, Inc. (The) | | | |
3.75%, 02/25/2026 . . . . . . . . . . . . . . . . . . . . | 1,198,000 | 1,310,770 |
3.50%, 11/16/2026 . . . . . . . . . . . . . . . . . . . . | 1,823,000 | 1,959,387 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Capital Markets-(continued) | | | |
Morgan Stanley | | | |
3.88%, 01/27/2026 . . . . . . . . . . . . . . . . . . . . | $1,959,000 | $ 2,166,933 |
3.13%, 07/27/2026 . . . . . . . . . . . . . . . . . . . . | 1,976,000 | 2,108,050 |
6.25%, 08/09/2026 . . . . . . . . . . . . . . . . . . . . | 400,000 | 499,052 |
4.35%, 09/08/2026 . . . . . . . . . . . . . . . . . . . . | 1,560,000 | 1,746,707 |
Nasdaq, Inc., 3.85%, 06/30/2026. . . . . . . . . . . | 385,000 | 423,870 |
Raymond James Financial, Inc., 3.63%, | | | |
09/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 385,000 | 424,673 |
S&P Global, Inc., 4.40%, 02/15/2026. . . . . . . . | 681,000 | 782,424 |
State Street Corp., 2.65%, 05/19/2026. . . . . . | 419,000 | | 441,660 |
| | 13,291,745 |
Chemicals-0.97% | | | |
Ecolab, Inc., 2.70%, 11/01/2026 . . . . . . . . . . . | 518,000 | 554,834 |
FMC Corp., 3.20%, 10/01/2026 . . . . . . . . . . . . | 419,000 | 447,767 |
Praxair, Inc., 3.20%, 01/30/2026 . . . . . . . . . . . | 523,000 | 566,709 |
Westlake Chemical Corp., 3.60%, | | | |
08/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 487,000 | | 521,247 |
| | 2,090,557 |
Commercial Services & Supplies-0.13% | | | |
Republic Services, Inc., 2.90%, 07/01/2026 . . | 269,000 | 286,133 |
Communications Equipment-1.11% | | | |
Cisco Systems, Inc. | | | |
2.95%, 02/28/2026 . . . . . . . . . . . . . . . . . . . . | 433,000 | 467,217 |
2.50%, 09/20/2026 . . . . . . . . . . . . . . . . . . . . | 1,129,000 | 1,193,530 |
Hughes Satellite Systems Corp., 5.25%, | | | |
08/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 663,000 | | 728,702 |
| | 2,389,449 |
Consumer Finance-1.05% | | | |
Capital One Financial Corp., 3.75%, | | | |
07/28/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 934,000 | 991,604 |
Discover Bank, 3.45%, 07/27/2026 . . . . . . . . . | 800,000 | 853,779 |
Synchrony Financial, 3.70%, 08/04/2026 . . . . | 390,000 | | 410,691 |
| | 2,256,074 |
Containers & Packaging-0.20% | | | |
International Paper Co., 3.80%, 01/15/2026 . | 395,000 | 438,798 |
Diversified Financial Services-1.34% | | | |
Berkshire Hathaway, Inc., 3.13%, | | | |
03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,837,000 | 1,991,149 |
Brookfield Finance, Inc. (Canada), 4.25%, | | | |
06/02/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 456,000 | 517,742 |
Voya Financial, Inc., 3.65%, 06/15/2026. . . . . | 338,000 | | 373,850 |
| | 2,882,741 |
Diversified Telecommunication Services-1.82% | | |
AT&T, Inc. | | | |
4.13%, 02/17/2026 . . . . . . . . . . . . . . . . . . . . | 1,730,000 | 1,924,373 |
7.13%, 03/15/2026 . . . . . . . . . . . . . . . . . . . . | 266,000 | 340,314 |
Verizon Communications, Inc., 2.63%, | | | |
08/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,553,000 | | 1,631,198 |
| | 3,895,885 |
Electric Utilities-3.65% | | | |
Cleco Corporate Holdings LLC, 3.74%, | | | |
05/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | 365,348 |
Commonwealth Edison Co., 2.55%, | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 346,000 | 361,720 |
| Principal | | | |
| Amount | | | Value |
Electric Utilities-(continued) | | | | |
Duke Energy Carolinas LLC, 2.95%, | | | | |
12/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 332,000 | $ | 356,110 |
Duke Energy Corp., 2.65%, 09/01/2026 . . . . . | 934,000 | | | 973,863 |
Emera US Finance L.P. (Canada), 3.55%, | | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 523,000 | | | 568,430 |
Entergy Arkansas LLC, 3.50%, 04/01/2026 . . | 338,000 | | | 372,858 |
Entergy Corp., 2.95%, 09/01/2026 . . . . . . . . . | 419,000 | | | 441,804 |
Exelon Corp., 3.40%, 04/15/2026 . . . . . . . . . . | 419,000 | | | 452,984 |
Fortis, Inc. (Canada), 3.06%, 10/04/2026. . . . | 1,050,000 | | | 1,115,261 |
PPL Capital Funding, Inc., 3.10%, | | | | |
05/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 419,000 | | | 444,658 |
Southern Co. (The), 3.25%, 07/01/2026 . . . . . | 1,233,000 | | | 1,323,559 |
Virginia Electric & Power Co., Series A, 3.15%, | | | | |
01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 618,000 | | | 665,808 |
Xcel Energy, Inc., 3.35%, 12/01/2026 . . . . . . . | 358,000 | | | 392,312 |
| | | | 7,834,715 |
Electronic Equipment, Instruments & Components-0.20% | | | |
Avnet, Inc., 4.63%, 04/15/2026 . . . . . . . . . . . . | 390,000 | | | 426,181 |
Entertainment-0.78% | | | | |
Activision Blizzard, Inc., 3.40%, 09/15/2026. . | 390,000 | | | 419,844 |
TWDC Enterprises 18 Corp. | | | | |
3.00%, 02/13/2026 . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 650,324 |
1.85%, 07/30/2026 . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 611,064 |
| | | | 1,681,232 |
Equity REITs-5.19% | | | | |
American Tower Corp. | | | | |
4.40%, 02/15/2026 . . . . . . . . . . . . . . . . . . . . | 211,000 | | | 237,129 |
3.38%, 10/15/2026 . . . . . . . . . . . . . . . . . . . . | 768,000 | | | 826,827 |
Boston Properties L.P. | | | | |
3.65%, 02/01/2026 . . . . . . . . . . . . . . . . . . . . | 935,000 | | | 1,026,230 |
2.75%, 10/01/2026 . . . . . . . . . . . . . . . . . . . . | 875,000 | | | 926,727 |
Brixmor Operating Partnership L.P., 4.13%, | | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 375,116 |
CBRE Services, Inc., 4.88%, 03/01/2026. . . . . | 353,000 | | | 405,942 |
Crown Castle International Corp. | | | | |
4.45%, 02/15/2026 . . . . . . . . . . . . . . . . . . . . | 547,000 | | | 616,428 |
3.70%, 06/15/2026 . . . . . . . . . . . . . . . . . . . . | 604,000 | | | 656,421 |
ERP Operating L.P., 2.85%, 11/01/2026. . . . . | 272,000 | | | 288,606 |
GLP Capital L.P./GLP Financing II, Inc., 5.38%, | | | | |
04/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 790,000 | | | 893,198 |
Healthpeak Properties, Inc., 3.25%, | | | | |
07/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 419,000 | | | 452,474 |
Kimco Realty Corp., 2.80%, 10/01/2026. . . . . | 273,000 | | | 286,719 |
LifeStorage L.P., 3.50%, 07/01/2026 . . . . . . . | 338,000 | | | 364,115 |
Omega Healthcare Investors, Inc., 5.25%, | | | | |
01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 408,000 | | | 468,701 |
Realty Income Corp., 4.13%, 10/15/2026. . . . | 194,000 | | | 222,406 |
Sabra Health Care L.P., 5.13%, 08/15/2026 . . | 506,000 | | | 563,147 |
Simon Property Group L.P. | | | | |
3.30%, 01/15/2026 . . . . . . . . . . . . . . . . . . . . | 666,000 | | | 723,500 |
3.25%, 11/30/2026 . . . . . . . . . . . . . . . . . . . . | 482,000 | | | 526,329 |
Ventas Realty L.P., 4.13%, 01/15/2026 . . . . . | 390,000 | | | 432,497 |
VEREIT Operating Partnership L.P., 4.88%, | | | | |
06/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 386,719 |
Welltower, Inc., 4.25%, 04/01/2026. . . . . . . . . | 416,000 | | | 468,363 |
| | | | 11,147,594 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Food & Staples Retailing-1.52% | | | | |
Kroger Co. (The) | | | | |
3.50%, 02/01/2026 . . . . . . . . . . . . . . . . . . . . | $ 390,000 | $ | 423,706 |
2.65%, 10/15/2026 . . . . . . . . . . . . . . . . . . . . | 562,000 | | | 583,138 |
Sysco Corp., 3.30%, 07/15/2026 . . . . . . . . . . . | 729,000 | | | 793,372 |
Walgreens Boots Alliance, Inc., 3.45%, | | | | |
06/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,381,000 | | | 1,453,513 |
| | | | 3,253,729 |
Food Products-1.66% | | | | |
Archer-Daniels-Midland Co., 2.50%, | | | | |
08/11/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 950,000 | | | 990,341 |
Bunge Ltd. Finance Corp., 3.25%, | | | | |
08/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 276,000 | | | 285,816 |
Hershey Co. (The), 2.30%, 08/15/2026. . . . . . | 390,000 | | | 409,587 |
Ingredion, Inc., 3.20%, 10/01/2026 . . . . . . . . . | 201,000 | | | 214,613 |
Kellogg Co., 3.25%, 04/01/2026. . . . . . . . . . . . | 269,000 | | | 292,413 |
Kraft Heinz Foods Co. (The), 3.00%, | | | | |
06/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,378,000 | | | 1,377,217 |
| | | | 3,569,987 |
Gas Utilities-0.13% | | | | |
Southern California Gas Co., Series TT, 2.60%, | | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 274,000 | | | 287,220 |
Health Care Equipment & Supplies-0.80% | | | | |
Abbott Laboratories, 3.75%, 11/30/2026 . . . . | 897,000 | | | 1,012,722 |
Baxter International, Inc., 2.60%, | | | | |
08/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 273,000 | | | 286,011 |
Stryker Corp., 3.50%, 03/15/2026 . . . . . . . . . . | 390,000 | | | 427,225 |
| | | | 1,725,958 |
Health Care Providers & Services-1.42% | | | | |
CVS Health Corp., 2.88%, 06/01/2026 . . . . . . | 1,249,000 | | | 1,296,555 |
HCA, Inc., 5.25%, 06/15/2026 . . . . . . . . . . . . . | 774,000 | | | 885,630 |
Quest Diagnostics, Inc., 3.45%, 06/01/2026 . . | 194,000 | | | 211,212 |
UnitedHealth Group, Inc., 3.10%, | | | | |
03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 643,975 |
| | | | 3,037,372 |
Hotels, Restaurants & Leisure-1.08% | | | | |
Marriott International, Inc., Series R, 3.13%, | | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 433,000 | | | 454,826 |
McDonald's Corp., 3.70%, 01/30/2026 . . . . . . | 1,366,000 | | | 1,501,490 |
Starbucks Corp., 2.45%, 06/15/2026. . . . . . . . | 353,000 | | | 368,398 |
| | | | 2,324,714 |
Household Durables-0.58% | | | | |
Newell Brands, Inc., 4.20%, 04/01/2026(c) . . . | 1,195,000 | | | 1,248,411 |
Household Products-0.42% | | | | |
Procter & Gamble Co. (The) | | | | |
2.70%, 02/02/2026 . . . . . . . . . . . . . . . . . . . . | 269,000 | | | 290,993 |
2.45%, 11/03/2026 . . . . . . . . . . . . . . . . . . . . | 571,000 | | | 617,262 |
| | | | 908,255 |
Industrial Conglomerates-0.98% | | | | |
3M Co., 2.25%, 09/19/2026 . . . . . . . . . . . . . . . | 419,000 | | | 431,479 |
Honeywell International, Inc., 2.50%, | | | | |
11/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,071,000 | | | 1,140,067 |
Roper Technologies, Inc., 3.80%, | | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 482,000 | | | 536,181 |
| | | | 2,107,727 |
| Principal | | | |
| Amount | | | Value |
Insurance-2.81% | | | | |
Allstate Corp. (The), 3.28%, 12/15/2026 . . . . | $ 338,000 | $ | 367,795 |
American International Group, Inc., 3.90%, | | | | |
04/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,059,000 | | | 1,173,430 |
Arch Capital Finance LLC, 4.01%, | | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 389,881 |
Chubb INA Holdings, Inc., 3.35%, | | | | |
05/03/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,021,000 | | | 1,127,899 |
CNA Financial Corp., 4.50%, 03/01/2026 . . . . | 338,000 | | | 384,183 |
Loews Corp., 3.75%, 04/01/2026. . . . . . . . . . . | 506,000 | | | 564,697 |
Manulife Financial Corp. (Canada), 4.15%, | | | | |
03/04/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 751,000 | | | 854,159 |
Marsh & McLennan Cos., Inc., 3.75%, | | | | |
03/14/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 390,000 | | | 429,513 |
Old Republic International Corp., 3.88%, | | | | |
08/26/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 269,000 | | | 297,683 |
Trinity Acquisition PLC, 4.40%, 03/15/2026 . . | 390,000 | | | 441,963 |
| | | | 6,031,203 |
Interactive Media & Services-0.60% | | | | |
Alphabet, Inc., 2.00%, 08/15/2026. . . . . . . . . . | 1,251,000 | | | 1,295,228 |
Internet & Direct Marketing Retail-0.66% | | | | |
Booking Holdings, Inc., 3.60%, 06/01/2026 . . | 735,000 | | | 805,462 |
Expedia Group, Inc., 5.00%, 02/15/2026 . . . . . | 532,000 | | | 599,814 |
| | | | 1,405,276 |
IT Services-2.76% | | | | |
Broadridge Financial Solutions, Inc., 3.40%, | | | | |
06/27/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 409,000 | | | 442,331 |
Fidelity National Information Services, Inc., | | | | |
3.00%, 08/15/2026 . . . . . . . . . . . . . . . . . . . . | 677,000 | | | 724,065 |
Fiserv, Inc., 3.20%, 07/01/2026 . . . . . . . . . . . . | 1,399,000 | | | 1,497,273 |
Global Payments, Inc., 4.80%, 04/01/2026 . . . | 502,000 | | | 576,206 |
International Business Machines Corp., 3.45%, | | | | |
02/19/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,000,000 | | | 1,095,129 |
Mastercard, Inc., 2.95%, 11/21/2026 . . . . . . . | 525,000 | | | 568,039 |
PayPal Holdings, Inc., 2.65%, 10/01/2026 . . . | 977,000 | | | 1,021,505 |
| | | | 5,924,548 |
Leisure Products-0.29% | | | | |
Hasbro, Inc., 3.55%, 11/19/2026 . . . . . . . . . . . | 599,000 | | | 628,852 |
Life Sciences Tools & Services-0.30% | | | | |
Thermo Fisher Scientific, Inc., 2.95%, | | | | |
09/19/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 638,925 |
Machinery-1.26% | | | | |
Fortive Corp., 3.15%, 06/15/2026 . . . . . . . . . . | 535,000 | | | 565,655 |
Illinois Tool Works, Inc., 2.65%, 11/15/2026. . | 585,000 | | | 629,918 |
John Deere Capital Corp., 2.65%, | | | | |
06/10/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 332,000 | | | 354,192 |
Westinghouse Air Brake Technologies Corp., | | | | |
3.45%, 11/15/2026 . . . . . . . . . . . . . . . . . . . . | 532,000 | | | 556,671 |
Xylem, Inc., 3.25%, 11/01/2026. . . . . . . . . . . . | 546,000 | | | 594,195 |
| | | | 2,700,631 |
Media-1.91% | | | | |
Comcast Corp., 3.15%, 03/01/2026. . . . . . . . . | 1,268,000 | | | 1,368,949 |
Discovery Communications LLC, 4.90%, | | | | |
03/11/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 505,000 | | | 575,724 |
Omnicom Group, Inc./Omnicom Capital, Inc., | | | | |
3.60%, 04/15/2026 . . . . . . . . . . . . . . . . . . . . | 1,241,000 | | | 1,363,922 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Media-(continued) | | | | |
ViacomCBS, Inc. | | | | |
4.00%, 01/15/2026 . . . . . . . . . . . . . . . . . . . . | $ 568,000 | $ | 623,345 |
3.45%, 10/04/2026 . . . . . . . . . . . . . . . . . . . . | 166,000 | | | 173,675 |
| | | | 4,105,615 |
Multiline Retail-0.41% | | | | |
Target Corp., 2.50%, 04/15/2026 . . . . . . . . . . | 818,000 | | | 868,367 |
Multi-Utilities-0.46% | | | | |
DTE Energy Co., 2.85%, 10/01/2026. . . . . . . . | 516,000 | | | 538,806 |
San Diego Gas & Electric Co., 2.50%, | | | | |
05/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 428,000 | | | 441,440 |
| | | | 980,246 |
Oil, Gas & Consumable Fuels-10.08% | | | | |
Boardwalk Pipelines L.P., 5.95%, | | | | |
06/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 390,241 |
BP Capital Markets PLC (United Kingdom), | | | | |
3.12%, 05/04/2026 . . . . . . . . . . . . . . . . . . . . | 269,000 | | | 287,681 |
Chevron Corp., 2.95%, 05/16/2026 . . . . . . . . . | 1,484,000 | | | 1,589,091 |
ConocoPhillips Co., 4.95%, 03/15/2026. . . . . . | 1,001,000 | | | 1,171,203 |
Diamondback Energy, Inc., 3.25%, | | | | |
12/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 721,000 | | | 733,085 |
Enbridge, Inc. (Canada), 4.25%, 12/01/2026 . | 483,000 | | | 540,357 |
Energy Transfer Operating L.P., 4.75%, | | | | |
01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 585,000 | | | 645,442 |
EnLink Midstream Partners L.P., 4.85%, | | | | |
07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 333,000 | | | 285,905 |
Enterprise Products Operating LLC, 3.70%, | | | | |
02/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 582,790 |
EOG Resources, Inc., 4.15%, 01/15/2026 . . . . | 618,000 | | | 694,021 |
EQM Midstream Partners L.P., 4.13%, | | | | |
12/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 271,688 |
Exxon Mobil Corp. | | | | |
3.04%, 03/01/2026 . . . . . . . . . . . . . . . . . . . . | 1,986,000 | | | 2,132,129 |
2.28%, 08/16/2026 . . . . . . . . . . . . . . . . . . . . | 698,000 | | | 721,588 |
HollyFrontier Corp., 5.88%, 04/01/2026 . . . . . | 806,000 | | | 901,216 |
Magellan Midstream Partners L.P., 5.00%, | | | | |
03/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 390,000 | | | 454,054 |
Newfield Exploration Co., 5.38%, | | | | |
01/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 609,000 | | | 647,691 |
Occidental Petroleum Corp. | | | | |
5.55%, 03/15/2026 . . . . . . . . . . . . . . . . . . . . | 705,000 | | | 799,832 |
3.40%, 04/15/2026 . . . . . . . . . . . . . . . . . . . . | 668,000 | | | 684,014 |
Phillips 66 Partners L.P., 3.55%, | | | | |
10/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 268,000 | | | 285,907 |
Pioneer Natural Resources Co., 4.45%, | | | | |
01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | | | 394,728 |
Plains All American Pipeline L.P./PAA Finance | | | | |
Corp., 4.50%, 12/15/2026 . . . . . . . . . . . . . . | 570,000 | | | 621,088 |
Sabine Pass Liquefaction LLC, 5.88%, | | | | |
06/30/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 907,000 | | | 1,053,504 |
Shell International Finance B.V. (Netherlands) | | | | |
2.88%, 05/10/2026 . . . . . . . . . . . . . . . . . . . . | 1,241,000 | | | 1,322,300 |
2.50%, 09/12/2026 . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 621,463 |
Spectra Energy Partners L.P., 3.38%, | | | | |
10/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 410,000 | | | 440,898 |
Sunoco Logistics Partners Operations L.P., | | | | |
3.90%, 07/15/2026 . . . . . . . . . . . . . . . . . . . . | 269,000 | | | 284,672 |
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | | |
TransCanada PipeLines Ltd. (Canada), 4.88%, | | | | |
01/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 548,000 | $ | 623,338 |
Transcontinental Gas Pipe Line Co. LLC, | | | | |
7.85%, 02/01/2026 . . . . . . . . . . . . . . . . . . . . | 585,000 | | | 756,551 |
Valero Energy Corp., 3.40%, 09/15/2026 . . . . | 905,000 | | | 967,123 |
Valero Energy Partners L.P., 4.38%, | | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 377,655 |
Western Midstream Operating L.P., 4.65%, | | | | |
07/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 355,130 |
| | | | 21,636,385 |
Personal Products-0.78% | | | | |
Unilever Capital Corp. (United Kingdom), | | | | |
2.00%, 07/28/2026 . . . . . . . . . . . . . . . . . . . . | 1,603,000 | | | 1,673,270 |
Pharmaceuticals-2.73% | | | | |
Johnson & Johnson, 2.45%, 03/01/2026 . . . . | 1,109,000 | | | 1,167,841 |
Mylan N.V., 3.95%, 06/15/2026 . . . . . . . . . . . . | 1,360,000 | | | 1,480,087 |
Perrigo Finance Unlimited Co., 4.38%, | | | | |
03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 800,000 | | | 873,207 |
Pfizer, Inc. | | | | |
2.75%, 06/03/2026 . . . . . . . . . . . . . . . . . . . . | 902,000 | | | 963,272 |
3.00%, 12/15/2026 . . . . . . . . . . . . . . . . . . . . | 1,270,000 | | | 1,384,055 |
| | | | 5,868,462 |
Professional Services-0.17% | | | | |
Thomson Reuters Corp. (Canada), 3.35%, | | | | |
05/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 332,000 | | | 353,557 |
Road & Rail-0.85% | | | | |
Canadian National Railway Co. (Canada), | | | | |
2.75%, 03/01/2026 . . . . . . . . . . . . . . . . . . . . | 390,000 | | | 416,460 |
CSX Corp., 2.60%, 11/01/2026 . . . . . . . . . . . . | 540,000 | | | 569,163 |
Norfolk Southern Corp., 2.90%, 06/15/2026 . | 268,000 | | | 287,006 |
Union Pacific Corp., 2.75%, 03/01/2026 . . . . . | 514,000 | | | 540,072 |
| | | | 1,812,701 |
Semiconductors & Semiconductor Equipment-0.97% | | | |
Analog Devices, Inc., 3.50%, 12/05/2026 . . . . | 535,000 | | | 586,778 |
Intel Corp., 2.60%, 05/19/2026 . . . . . . . . . . . . | 659,000 | | | 690,505 |
NVIDIA Corp., 3.20%, 09/16/2026 . . . . . . . . . . | 735,000 | | | 802,064 |
| | | | 2,079,347 |
Software-2.31% | | | | |
Microsoft Corp., 2.40%, 08/08/2026 . . . . . . . . | 2,671,000 | | | 2,812,351 |
Oracle Corp., 2.65%, 07/15/2026. . . . . . . . . . . | 2,030,000 | | | 2,145,320 |
| | | | 4,957,671 |
Specialty Retail-1.63% | | | | |
Home Depot, Inc. (The) | | | | |
3.00%, 04/01/2026 . . . . . . . . . . . . . . . . . . . . | 838,000 | | | 905,515 |
2.13%, 09/15/2026 . . . . . . . . . . . . . . . . . . . . | 659,000 | | | 678,583 |
Lowe's Cos., Inc., 2.50%, 04/15/2026 . . . . . . . | 908,000 | | | 940,017 |
O'Reilly Automotive, Inc., 3.55%, | | | | |
03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338,000 | | | 368,954 |
TJX Cos., Inc. (The), 2.25%, 09/15/2026 . . . . | 585,000 | | | 602,661 |
| | | | 3,495,730 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Technology Hardware, Storage & Peripherals-3.40% | | |
Apple, Inc. | | | |
3.25%, 02/23/2026 . . . . . . . . . . . . . . . . . . . . | $2,360,000 | $ 2,579,491 |
2.45%, 08/04/2026 . . . . . . . . . . . . . . . . . . . . | 1,521,000 | 1,596,328 |
2.05%, 09/11/2026 . . . . . . . . . . . . . . . . . . . . | 1,399,000 | 1,436,115 |
Western Digital Corp., 4.75%, 02/15/2026 . . . | 1,630,000 | | 1,686,031 |
| | 7,297,965 |
Textiles, Apparel & Luxury Goods-0.51% | | | |
NIKE, Inc., 2.38%, 11/01/2026 . . . . . . . . . . . . . | 668,000 | 703,703 |
Under Armour, Inc., 3.25%, 06/15/2026. . . . . | 419,000 | | 393,488 |
| | 1,097,191 |
Tobacco-0.63% | | | |
Altria Group, Inc., 2.63%, 09/16/2026. . . . . . . | 202,000 | 206,604 |
BAT Capital Corp. (United Kingdom), 3.22%, | | | |
09/06/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 698,000 | 729,017 |
Philip Morris International, Inc., 2.75%, | | | |
02/25/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 390,000 | | 406,470 |
| | 1,342,091 |
Wireless Telecommunication Services-0.17% | | | |
Rogers Communications, Inc. (Canada), | | | |
2.90%, 11/15/2026 . . . . . . . . . . . . . . . . . . . . | 338,000 | 358,567 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $199,342,136). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 211,462,801 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
| Shares | | | Value |
Money Market Funds-0.15% | | | | |
Invesco Premier U.S. Government Money | | | | |
Portfolio, Institutional Class, 1.46%(d) | | | | |
(Cost $317,783). . . . . . . . . . . . . . . . . . . . . . . . | 317,783 | $ | 317,783 |
TOTAL INVESTMENTS IN SECURITIES | | | | |
(excluding investments purchased with cash collateral | | | |
from securities on loan)-98.66% | | | | |
(Cost $199,659,919). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 211,780,584 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.09%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e). . . . . . . . . . . . . | 144,124 | 144,124 |
Invesco Liquid Assets Portfolio, Institutional | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . | 48,357 | 48,381 |
Total Investments Purchased with Cash Collateral from | |
Securities on Loan | | |
(Cost $192,500). . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | 192,505 |
TOTAL INVESTMENTS IN SECURITIES-98.75% | | |
(Cost $199,852,419). . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | 211,973,089 |
OTHER ASSETS LESS LIABILITIES-1.25% . . . . . . . . | . . . . . . . . . | 2,691,351 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | $214,664,440 |
| | |
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)Step coupon bond. Rate shown is the rate in effect on February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 33.26 |
Information Technology | 10.75 |
| |
Energy | 10.08 |
Consumer Staples | 8.62 |
| |
Health Care | 8.05 |
Consumer Discretionary | 6.76 |
| |
Communication Services | 5.28 |
Real Estate | 5.19 |
| |
Industrials | 5.11 |
Utilities | 4.24 |
| |
Materials | 1.17 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.49 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.94% | | |
Aerospace & Defense-2.35% | | | | |
Arconic, Inc., 5.90%, 02/01/2027. . . . . . . . . . . | $ 353,000 | | $ | 402,715 |
General Dynamics Corp., 2.63%, 11/15/2027. | 281,000 | | | 298,194 |
Huntington Ingalls Industries, Inc., 3.48%, | | | | |
12/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 518,000 | | | 561,140 |
Northrop Grumman Corp., 3.20%, | | | | |
02/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 673,000 | | | 722,621 |
Rockwell Collins, Inc., 3.50%, 03/15/2027. . . . | 784,000 | | | 873,128 |
United Technologies Corp., 3.13%, | | | | |
05/04/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 706,000 | | | 768,295 |
| | | | 3,626,093 |
Air Freight & Logistics-0.43% | | | | |
United Parcel Service, Inc., 3.05%, | | | | |
11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 608,000 | | | 658,769 |
Auto Components-0.34% | | | | |
Lear Corp., 3.80%, 09/15/2027 . . . . . . . . . . . . | 493,000 | | | 523,248 |
Automobiles-2.50% | | | | |
American Honda Finance Corp., 2.35%, | | | | |
01/08/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 342,000 | | | 351,518 |
Ford Motor Credit Co. LLC | | | | |
4.27%, 01/09/2027 . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 601,880 |
3.82%, 11/02/2027 . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 572,096 |
General Motors Co., 4.20%, 10/01/2027 . . . . . | 673,000 | | | 707,105 |
General Motors Financial Co., Inc., 4.35%, | | | | |
01/17/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 964,000 | | | 1,036,589 |
Toyota Motor Credit Corp., 3.20%, | | | | |
01/11/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 589,227 |
| | | | 3,858,415 |
Banks-13.39% | | | | |
Banco Santander S.A. (Spain), 4.25%, | | | | |
04/11/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 668,500 |
Bank of America Corp. | | | | |
3.25%, 10/21/2027 . . . . . . . . . . . . . . . . . . . . | 1,744,000 | | | 1,873,365 |
Series L, 4.18%, 11/25/2027 . . . . . . . . . . . . | 1,423,000 | | | 1,584,653 |
Citigroup, Inc., 4.45%, 09/29/2027 . . . . . . . . . | 2,562,000 | | | 2,895,554 |
ING Groep N.V. (Netherlands), 3.95%, | | | | |
03/29/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 500,000 | | | 560,754 |
JPMorgan Chase & Co. | | | | |
8.00%, 04/29/2027 . . . . . . . . . . . . . . . . . . . . | 353,000 | | | 484,449 |
4.25%, 10/01/2027 . . . . . . . . . . . . . . . . . . . . | 993,000 | | | 1,123,629 |
3.63%, 12/01/2027 . . . . . . . . . . . . . . . . . . . . | 785,000 | | | 847,426 |
Lloyds Banking Group PLC (United Kingdom), | | | | |
3.75%, 01/11/2027 . . . . . . . . . . . . . . . . . . . . | 850,000 | | | 922,108 |
Manufacturers and Traders Trust Co., 3.40%, | | | | |
08/17/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 250,000 | | | 276,801 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.68%, 02/22/2027 . . . . . . . . . . . . . . . . . . . . | 608,000 | | | 671,833 |
3.29%, 07/25/2027 . . . . . . . . . . . . . . . . . . . . | 608,000 | | | 658,196 |
Mizuho Financial Group, Inc. (Japan) | | | | |
3.66%, 02/28/2027 . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 220,296 |
3.17%, 09/11/2027 . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 755,220 |
PNC Bank N.A., 3.10%, 10/25/2027 . . . . . . . . | 600,000 | | | 647,536 |
PNC Financial Services Group, Inc. (The), | | | | |
3.15%, 05/19/2027 . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 378,569 |
| Principal | | | |
| Amount | | | Value |
Banks-(continued) | | | | |
Santander Holdings USA, Inc., 4.40%, | | | | |
07/13/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 608,000 | $ | 667,267 |
Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
3.45%, 01/11/2027 . . . . . . . . . . . . . . . . . . . . | 915,000 | | | 999,777 |
3.36%, 07/12/2027 . . . . . . . . . . . . . . . . . . . . | 1,053,000 | | | 1,153,294 |
3.35%, 10/18/2027 . . . . . . . . . . . . . . . . . . . . | 519,000 | | | 569,398 |
U.S. Bancorp, Series X, 3.15%, 04/27/2027 . . | 866,000 | | | 948,539 |
Wells Fargo & Co., 4.30%, 07/22/2027 . . . . . . | 1,582,000 | | | 1,775,533 |
| | | | 20,682,697 |
Beverages-1.17% | | | | |
Coca-Cola Co. (The), 2.90%, 05/25/2027 . . . . | 275,000 | | | 300,998 |
Constellation Brands, Inc., 3.50%, | | | | |
05/09/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 275,000 | | | 297,159 |
PepsiCo, Inc., 3.00%, 10/15/2027 . . . . . . . . . . | 1,115,000 | | | 1,216,371 |
| | | | 1,814,528 |
Biotechnology-1.14% | | | | |
Amgen, Inc., 3.20%, 11/02/2027 . . . . . . . . . . . | 735,000 | | | 804,042 |
Gilead Sciences, Inc., 2.95%, 03/01/2027 . . . . | 903,000 | | | 964,395 |
| | | | 1,768,437 |
Capital Markets-6.56% | | | | |
Bank of New York Mellon Corp. (The), 3.25%, | | | | |
05/16/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 653,000 | | | 712,765 |
BlackRock, Inc., 3.20%, 03/15/2027 . . . . . . . . | 438,000 | | | 484,546 |
Cboe Global Markets, Inc., 3.65%, | | | | |
01/12/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | | | 392,214 |
Charles Schwab Corp. (The), 3.20%, | | | | |
03/02/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 386,160 |
Goldman Sachs Group, Inc. (The) | | | | |
5.95%, 01/15/2027 . . . . . . . . . . . . . . . . . . . . | 631,000 | | | 773,949 |
3.85%, 01/26/2027 . . . . . . . . . . . . . . . . . . . . | 2,075,000 | | | 2,280,880 |
Jefferies Group LLC/Jefferies Group Capital | | | | |
Finance, Inc., 4.85%, 01/15/2027 . . . . . . . . | 666,000 | | | 738,448 |
Morgan Stanley | | | | |
3.63%, 01/20/2027 . . . . . . . . . . . . . . . . . . . . | 1,923,000 | | | 2,105,265 |
3.95%, 04/23/2027 . . . . . . . . . . . . . . . . . . . . | 1,346,000 | | | 1,477,020 |
S&P Global, Inc., 2.95%, 01/22/2027. . . . . . . . | 281,000 | | | 301,109 |
TD Ameritrade Holding Corp., 3.30%, | | | | |
04/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 443,000 | | | 480,587 |
| | | | 10,132,943 |
Chemicals-1.72% | | | | |
Ecolab, Inc., 3.25%, 12/01/2027 . . . . . . . . . . . | 274,000 | | | 303,602 |
LYB International Finance II B.V., 3.50%, | | | | |
03/02/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 619,000 | | | 672,499 |
Mosaic Co. (The), 4.05%, 11/15/2027. . . . . . . | 438,000 | | | 463,797 |
Sherwin-Williams Co. (The), 3.45%, | | | | |
06/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,110,000 | | | 1,210,932 |
| | | | 2,650,830 |
Commercial Services & Supplies-1.29% | | | | |
Cintas Corp. No. 2, 3.70%, 04/01/2027 . . . . . | 735,000 | | | 829,563 |
Republic Services, Inc., 3.38%, 11/15/2027 . . | 437,000 | | | 482,617 |
Waste Management, Inc., 3.15%, | | | | |
11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 632,000 | | | 681,346 |
| | | | 1,993,526 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 29, 2020
(Unaudited)
| | Principal | | | |
| | Amount | | | Value |
Communications Equipment-0.19% | | | | | |
Nokia OYJ (Finland), 4.38%, 06/12/2027 . . . . | $ | 276,000 | $ | 291,644 |
Construction Materials-0.25% | | | | | |
Martin Marietta Materials, Inc., 3.50%, | | | | | |
12/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 350,000 | | | 384,294 |
Consumer Finance-2.45% | | | | | |
American Express Credit Corp., 3.30%, | | | | | |
05/03/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,436,000 | | | 1,577,642 |
Capital One Financial Corp., 3.75%, | | | | | |
03/09/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 965,000 | | | 1,052,525 |
Discover Financial Services, 4.10%, | | | | | |
02/09/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 535,000 | | | 585,277 |
Synchrony Financial, 3.95%, 12/01/2027 . . . . | | 535,000 | | | 574,870 |
| | | | | 3,790,314 |
Containers & Packaging-0.57% | | | | | |
International Paper Co., 3.00%, 02/15/2027 . | | 535,000 | | | 574,752 |
Packaging Corp. of America, 3.40%, | | | | | |
12/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 277,000 | | | 304,672 |
| | | | | 879,424 |
Diversified Financial Services-0.23% | | | | | |
ORIX Corp. (Japan), 3.70%, 07/18/2027. . . . . | | 328,000 | | | 361,247 |
Diversified Telecommunication Services-4.17% | | | | |
AT&T, Inc. | | | | | |
3.80%, 02/15/2027 . . . . . . . . . . . . . . . . . . . . | | 640,000 | | | 702,235 |
4.25%, 03/01/2027 . . . . . . . . . . . . . . . . . . . . | | 1,068,000 | | | 1,204,529 |
Telefonica Emisiones S.A. (Spain), 4.10%, | | | | | |
03/08/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 800,000 | | | 889,249 |
TELUS Corp. (Canada) | | | | | |
2.80%, 02/16/2027 . . . . . . . . . . . . . . . . . . . . | | 578,000 | | | 612,720 |
3.70%, 09/15/2027 . . . . . . . . . . . . . . . . . . . . | | 354,000 | | | 394,095 |
Verizon Communications, Inc., 4.13%, | | | | | |
03/16/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 2,317,000 | | | 2,637,841 |
| | | | | 6,440,669 |
Electric Utilities-3.49% | | | | | |
| Principal | | | |
| Amount | | | Value |
Energy Equipment & Services-0.58% | | | | |
Baker Hughes, a GE Co. LLC/Baker Hughes | | | | |
Co-Obligor, Inc., 3.34%, 12/15/2027 . . . . . . | $ 854,000 | $ | 897,938 |
Entertainment-0.38% | | | | |
TWDC Enterprises 18 Corp., 2.95%, | | | | |
06/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 585,624 |
Equity REITs-4.67% | | | | |
American Tower Corp. | | | | |
2.75%, 01/15/2027 . . . . . . . . . . . . . . . . . . . . | 489,000 | | | 504,890 |
3.55%, 07/15/2027 . . . . . . . . . . . . . . . . . . . . | 614,000 | | | 664,589 |
Crown Castle International Corp. | | | | |
4.00%, 03/01/2027 . . . . . . . . . . . . . . . . . . . . | 243,000 | | | 269,237 |
3.65%, 09/01/2027 . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 583,533 |
Digital Realty Trust L.P., 3.70%, 08/15/2027 . | 533,000 | | | 586,254 |
Healthcare Trust of America Holdings L.P., | | | | |
3.75%, 07/01/2027 . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 391,332 |
Mid-America Apartments L.P., 3.60%, | | | | |
06/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 518,000 | | | 565,857 |
Omega Healthcare Investors, Inc., 4.50%, | | | | |
04/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 543,000 | | | 605,512 |
Public Storage, 3.09%, 09/15/2027 . . . . . . . . . | 245,000 | | | 265,266 |
Realty Income Corp., 3.00%, 01/15/2027 . . . . | 354,000 | | | 380,019 |
Regency Centers L.P., 3.60%, 02/01/2027 . . . | 354,000 | | | 387,885 |
Simon Property Group L.P. | | | | |
3.38%, 06/15/2027 . . . . . . . . . . . . . . . . . . . . | 631,000 | | | 692,058 |
3.38%, 12/01/2027 . . . . . . . . . . . . . . . . . . . . | 518,000 | | | 569,707 |
VEREIT Operating Partnership L.P., 3.95%, | | | | |
08/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 390,912 |
Welltower, Inc., 2.70%, 02/15/2027. . . . . . . . . | 342,000 | | | 356,776 |
| | | | 7,213,827 |
Food & Staples Retailing-1.27% | | | | |
Costco Wholesale Corp., 3.00%, 05/18/2027 . | 672,000 | | | 731,550 |
Kroger Co. (The), 3.70%, 08/01/2027 . . . . . . . | 353,000 | | | 393,146 |
Sysco Corp., 3.25%, 07/15/2027 . . . . . . . . . . . | 443,000 | | | 483,624 |
Walmart, Inc., 5.88%, 04/05/2027 . . . . . . . . . . | 274,000 | | | 348,979 |
| American Electric Power Co., Inc., 3.20%, | | | | | 1,957,299 |
| 11/13/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 278,000 | 299,535 | Food Products-1.96% | | |
| Duke Energy Corp., 3.15%, 08/15/2027 . . . . . | 438,000 | 470,193 | Bunge Ltd. Finance Corp., 3.75%, | | |
| Duke Energy Florida LLC, 3.20%, | | | 09/25/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | 374,110 |
| 01/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | 385,278 | General Mills, Inc., 3.20%, 02/10/2027 . . . . . . | 443,000 | 480,284 |
| Edison International, 5.75%, 06/15/2027 . . . . | 489,000 | 579,038 | JM Smucker Co. (The), 3.38%, 12/15/2027 . . | 277,000 | 301,135 |
| FirstEnergy Corp., Series B, 3.90%, | | | Kellogg Co., 3.40%, 11/15/2027 . . . . . . . . . . . | 354,000 | 385,282 |
| 07/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,155,000 | 1,280,749 | McCormick & Co., Inc., 3.40%, 08/15/2027. . . | 443,000 | 483,903 |
| ITC Holdings Corp., 3.35%, 11/15/2027 . . . . . | 278,000 | 300,948 | Tyson Foods, Inc., 3.55%, 06/02/2027 . . . . . . | 913,000 | 1,000,045 |
| NextEra Energy Capital Holdings, Inc., 3.55%, | | | | | 3,024,759 |
| 05/01/2027 | 959,000 | 1,043,559 | | |
| Gas Utilities-0.19% | | |
| NSTAR Electric Co., 3.20%, 05/15/2027 . . . . . | 443,000 | 481,795 | | |
| Atmos Energy Corp., 3.00%, 06/15/2027 . . | 279,000 | 299,752 |
| Virginia Electric & Power Co., Series A, 3.50%, | | |
| | | Health Care Equipment & Supplies-1.21% | | |
| 03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 492,000 | 543,073 | | |
| | | 5,384,168 | Becton, Dickinson and Co., 3.70%, | | |
| | | 06/06/2027 | 1,248,000 | 1,378,290 |
| Electronic Equipment, Instruments & Components-0.59% | |
| | Medtronic Global Holdings S.C.A., 3.35%, | | |
| Keysight Technologies, Inc., 4.60%, | | | | |
| | | 04/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . | 443,000 | 490,673 |
| 04/06/2027 | 543,000 | 621,401 |
| | | 1,868,963 |
| Tech Data Corp., 4.95%, 02/15/2027 . . . . . . . | 278,000 | 293,095 | | |
| Health Care Providers & Services-4.35% | | |
| | | 914,496 | | |
| | | AmerisourceBergen Corp., 3.45%, | | |
| | | | | |
| | | | 12/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 443,000 | 480,060 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Health Care Providers & Services-(continued) | | | |
Anthem, Inc., 3.65%, 12/01/2027 . . . . . . . . . . | $ 978,000 | $ 1,070,780 |
Cardinal Health, Inc., 3.41%, 06/15/2027 . . . . | 965,000 | 1,028,788 |
HCA, Inc., 4.50%, 02/15/2027 . . . . . . . . . . . . . | 875,000 | 969,085 |
Humana, Inc., 3.95%, 03/15/2027 . . . . . . . . . . | 353,000 | 391,122 |
Kaiser Foundation Hospitals, 3.15%, | | | |
05/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 275,000 | 300,387 |
Laboratory Corp. of America Holdings, 3.60%, | | | |
09/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | 388,678 |
SSM Health Care Corp., Series A, 3.82%, | | | |
06/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | 392,138 |
UnitedHealth Group, Inc. | | | |
3.45%, 01/15/2027 . . . . . . . . . . . . . . . . . . . . | 672,000 | 735,445 |
3.38%, 04/15/2027 . . . . . . . . . . . . . . . . . . . . | 354,000 | 385,743 |
2.95%, 10/15/2027 . . . . . . . . . . . . . . . . . . . . | 535,000 | | 570,983 |
| | 6,713,209 |
Hotels, Restaurants & Leisure-0.70% | | | |
| Principal | | | |
| Amount | | | Value |
Machinery-1.07% | | | | |
CNH Industrial N.V. (United Kingdom), 3.85%, | | | | |
11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 276,000 | $ | 294,525 |
Eaton Corp., 3.10%, 09/15/2027 . . . . . . . . . . . | 614,000 | | | 670,497 |
John Deere Capital Corp., 2.80%, | | | | |
09/08/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 280,000 | | | 302,123 |
Parker-Hannifin Corp., 3.25%, 03/01/2027. . . | 354,000 | | | 383,793 |
| | | | 1,650,938 |
Media-1.42% | | | | |
Comcast Corp. | | | | |
2.35%, 01/15/2027 . . . . . . . . . . . . . . . . . . . . | 1,015,000 | | | 1,049,750 |
3.30%, 02/01/2027 . . . . . . . . . . . . . . . . . . . . | 715,000 | | | 778,068 |
ViacomCBS, Inc., 2.90%, 01/15/2027 . . . . . . . | 354,000 | | | 363,310 |
| | | | 2,191,128 |
Multiline Retail-0.25% | | | | |
Dollar General Corp., 3.88%, 04/15/2027 . . . . | 353,000 | | | 393,675 |
Darden Restaurants, Inc., 3.85%, | | | | Multi-Utilities-0.99% | | |
05/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 274,000 | 300,562 | DTE Energy Co., 3.80%, 03/15/2027 . . . . . . . . | 354,000 | 386,427 |
McDonald's Corp., 3.50%, 03/01/2027 . . . . . . | 721,000 | 788,459 | NiSource, Inc., 3.49%, 05/15/2027 . . . . . . . . . | 619,000 | 674,930 |
| | | | Sempra Energy, 3.25%, 06/15/2027 | 438,000 | 468,490 |
| | 1,089,021 |
| | | | |
Household Durables-0.58% | | 1,529,847 |
| | |
Leggett & Platt, Inc., 3.50%, 11/15/2027 . . . . | 278,000 | 300,942 |
Lennar Corp., 4.75%, 11/29/2027 . . . . . . . . . . | 527,000 | 587,921 |
| | 888,863 |
Household Products-0.44% | | |
Procter & Gamble Co. (The), 2.85%, | | |
08/11/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 614,000 | 675,467 |
Industrial Conglomerates-0.61% | | |
3M Co., 2.88%, 10/15/2027 . . . . . . . . . . . . . . . | 527,000 | 558,371 |
Carlisle Cos., Inc., 3.75%, 12/01/2027. . . . . . . | 354,000 | 390,560 |
| | 948,931 |
Insurance-1.63% | | |
American Equity Investment Life Holding Co., | | |
5.00%, 06/15/2027 . . . . . . . . . . . . . . . . . . . . | 274,000 | 303,595 |
Aon Corp., 8.21%, 01/01/2027 . . . . . . . . . . . . . | 300,000 | 388,000 |
Brighthouse Financial, Inc., 3.70%, | | |
06/22/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,120,000 | 1,159,737 |
CNA Financial Corp., 3.45%, 08/15/2027 . . . . | 275,000 | 298,303 |
Progressive Corp. (The), 2.45%, 01/15/2027 . | 343,000 | 361,096 |
| | 2,510,731 |
Internet & Direct Marketing Retail-2.25% | | |
Amazon.com, Inc., 3.15%, 08/22/2027 . . . . . . | 2,446,000 | 2,684,248 |
eBay, Inc., 3.60%, 06/05/2027 . . . . . . . . . . . . . | 721,000 | 787,241 |
| | 3,471,489 |
IT Services-0.59% | | |
International Business Machines Corp., 3.30%, | | |
01/27/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 438,734 |
Visa, Inc., 2.75%, 09/15/2027 . . . . . . . . . . . . . | 438,000 | 467,146 |
| | 905,880 |
Leisure Products-0.19% | | |
Hasbro, Inc., 3.50%, 09/15/2027 . . . . . . . . . . . | 283,000 | 296,170 |
Life Sciences Tools & Services-0.31% | | |
Thermo Fisher Scientific, Inc., 3.20%, | | |
08/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 443,000 | 480,057 |
Oil, Gas & Consumable Fuels-9.05% | | |
Boardwalk Pipelines L.P., 4.45%, | | |
07/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 442,000 | 464,172 |
BP Capital Markets PLC (United Kingdom) | | |
3.02%, 01/16/2027 . . . . . . . . . . . . . . . . . . . . | 260,000 | 272,360 |
3.59%, 04/14/2027 . . . . . . . . . . . . . . . . . . . . | 137,000 | 147,149 |
3.28%, 09/19/2027 . . . . . . . . . . . . . . . . . . . . | 1,095,000 | 1,177,981 |
Canadian Natural Resources Ltd. (Canada), | | |
3.85%, 06/01/2027 . . . . . . . . . . . . . . . . . . . . | 944,000 | 1,003,870 |
Cenovus Energy, Inc. (Canada), 4.25%, | | |
04/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | 574,222 |
Cheniere Corpus Christi Holdings LLC, 5.13%, | | |
06/30/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 978,000 | 1,092,439 |
Cimarex Energy Co., 3.90%, 05/15/2027 . . . . | 614,000 | 637,305 |
Concho Resources, Inc., 3.75%, 10/01/2027 . | 535,000 | 556,562 |
Enable Midstream Partners L.P., 4.40%, | | |
03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | 353,856 |
Enbridge, Inc. (Canada), 3.70%, 07/15/2027 . | 354,000 | 385,519 |
Energy Transfer Operating L.P., 4.20%, | | |
04/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | 381,014 |
Enterprise Products Operating LLC, 3.95%, | | |
02/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | 390,920 |
EQT Corp., 3.90%, 10/01/2027(b) . . . . . . . . . . | 954,000 | 615,330 |
Hess Corp., 4.30%, 04/01/2027 . . . . . . . . . . . . | 589,000 | 624,069 |
Marathon Oil Corp., 4.40%, 07/15/2027 . . . . . | 535,000 | 585,475 |
MPLX L.P., 4.13%, 03/01/2027 . . . . . . . . . . . . | 713,000 | 765,462 |
Occidental Petroleum Corp., 3.00%, | | |
02/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 654,000 | 649,423 |
ONEOK, Inc., 4.00%, 07/13/2027. . . . . . . . . . . | 354,000 | 385,529 |
Sabine Pass Liquefaction LLC, 5.00%, | | |
03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 898,000 | 993,459 |
Sunoco Logistics Partners Operations L.P., | | |
4.00%, 10/01/2027 . . . . . . . . . . . . . . . . . . . . | 443,000 | 464,334 |
TC PipeLines L.P., 3.90%, 05/25/2027 . . . . . . | 354,000 | 377,926 |
Williams Cos., Inc. (The), 3.75%, 06/15/2027 . | 1,024,000 | 1,075,447 |
| | 13,973,823 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Personal Products-0.62% | | | | |
Estee Lauder Cos., Inc. (The), 3.15%, | | | | |
03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 274,000 | $ | 302,848 |
Unilever Capital Corp. (United Kingdom), | | | | |
2.90%, 05/05/2027 . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 648,695 |
| | | | 951,543 |
Pharmaceuticals-2.20% | | | | |
AstraZeneca PLC (United Kingdom), 3.13%, | | | | |
06/12/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 654,000 | | | 710,092 |
Bristol-Myers Squibb Co., 3.25%, | | | | |
02/27/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | | | 391,348 |
Eli Lilly and Co., 3.10%, 05/15/2027 . . . . . . . . | 354,000 | | | 387,093 |
Johnson & Johnson, 2.95%, 03/03/2027 . . . . | 785,000 | | | 857,413 |
Novartis Capital Corp. (Switzerland), 3.10%, | | | | |
05/17/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 583,203 |
Zoetis, Inc., 3.00%, 09/12/2027 . . . . . . . . . . . . | 443,000 | | | 476,517 |
| | | | 3,405,666 |
Road & Rail-0.97% | | | | |
Burlington Northern Santa Fe LLC, 3.25%, | | | | |
06/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353,000 | | | 390,396 |
CSX Corp., 3.25%, 06/01/2027. . . . . . . . . . . . . | 681,000 | | | 732,528 |
Union Pacific Corp., 3.00%, 04/15/2027 . . . . . | 354,000 | | | 379,161 |
| | | | 1,502,085 |
Semiconductors & Semiconductor Equipment-5.06% | | | |
Applied Materials, Inc., 3.30%, 04/01/2027 . . | 715,000 | | | 784,299 |
Broadcom Corp./Broadcom Cayman Finance | | | | |
Ltd., 3.88%, 01/15/2027 . . . . . . . . . . . . . . . . | 3,351,000 | | | 3,505,012 |
Intel Corp., 3.15%, 05/11/2027 . . . . . . . . . . . . | 813,000 | | | 886,146 |
Maxim Integrated Products, Inc., 3.45%, | | | | |
06/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 279,000 | | | 303,649 |
Micron Technology, Inc., 4.19%, 02/15/2027 . | 658,000 | | | 712,947 |
QUALCOMM, Inc., 3.25%, 05/20/2027 . . . . . . | 1,231,000 | | | 1,327,884 |
Texas Instruments, Inc., 2.90%, 11/03/2027 . | 277,000 | | | 296,422 |
| | | | 7,816,359 |
Software-4.62% | | | | |
Autodesk, Inc., 3.50%, 06/15/2027 . . . . . . . . . | 354,000 | | | 389,459 |
Citrix Systems, Inc., 4.50%, 12/01/2027. . . . . | 492,000 | | | 545,343 |
Microsoft Corp., 3.30%, 02/06/2027 . . . . . . . . | 2,787,000 | | | 3,089,618 |
Oracle Corp., 3.25%, 11/15/2027 . . . . . . . . . . | 1,878,000 | | | 2,065,366 |
VMware, Inc., 3.90%, 08/21/2027 . . . . . . . . . . | 965,000 | | | 1,039,355 |
| | | | 7,129,141 |
Specialty Retail-1.62% | | | | |
AutoZone, Inc., 3.75%, 06/01/2027. . . . . . . . . | 353,000 | | | 393,299 |
Home Depot, Inc. (The), 2.80%, 09/14/2027 . | 535,000 | | | 570,529 |
Lowe's Cos., Inc., 3.10%, 05/03/2027 . . . . . . . | 877,000 | | | 946,915 |
O'Reilly Automotive, Inc., 3.60%, | | | | |
09/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535,000 | | | 595,879 |
| | | | 2,506,622 |
| Principal | | | |
| Amount | | | Value |
Technology Hardware, Storage & Peripherals-4.37% | | | |
Apple, Inc. | | | | |
3.35%, 02/09/2027 . . . . . . . . . . . . . . . . . . . . | $1,554,000 | $ | 1,713,051 |
3.20%, 05/11/2027 . . . . . . . . . . . . . . . . . . . . | 1,233,000 | | | 1,350,747 |
3.00%, 06/20/2027 . . . . . . . . . . . . . . . . . . . . | 674,000 | | | 730,518 |
2.90%, 09/12/2027 . . . . . . . . . . . . . . . . . . . . | 1,483,000 | | | 1,597,667 |
3.00%, 11/13/2027 . . . . . . . . . . . . . . . . . . . . | 898,000 | | | 973,667 |
Seagate HDD Cayman, 4.88%, 06/01/2027 . . | 353,000 | | | 376,842 |
| | | | 6,742,492 |
Textiles, Apparel & Luxury Goods-0.24% | | | | |
Tapestry, Inc., 4.13%, 07/15/2027. . . . . . . . . . | 354,000 | | | 373,655 |
Tobacco-0.19% | | | | |
Philip Morris International, Inc., 3.13%, | | | | |
08/17/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 276,000 | | | 295,600 |
Trading Companies & Distributors-1.29% | | | | |
AerCap Ireland Capital DAC/AerCap Global | | | | |
Aviation Trust (Ireland), 3.65%, | | | | |
07/21/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 650,000 | | | 670,896 |
Air Lease Corp. | | | | |
3.63%, 04/01/2027 . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 375,757 |
3.63%, 12/01/2027 . . . . . . . . . . . . . . . . . . . . | 328,000 | | | 349,927 |
United Rentals North America, Inc., 3.88%, | | | | |
11/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 583,000 | | | 589,180 |
| | | | 1,985,760 |
Water Utilities-0.24% | | | | |
American Water Capital Corp., 2.95%, | | | | |
09/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 350,000 | | | 371,911 |
Total U.S. Dollar Denominated Bonds & Notes | | | | |
(Cost $144,996,487). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 152,803,967 |
| Shares | | | |
Money Market Funds-0.22% | | | | |
Invesco Premier U.S. Government Money | | | | |
Portfolio, Institutional Class, 1.46%(c) | | | | |
(Cost $338,750). . . . . . . . . . . . . . . . . . . . . . . . | 338,750 | | | 338,750 |
TOTAL INVESTMENTS IN SECURITIES | | | | |
(excluding investments purchased with cash collateral | | | |
from securities on loan)-99.16% | | | | |
(Cost $145,335,237). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 153,142,717 |
Investments Purchased with Cash Collateral | | | |
from Securities on Loan | | | | |
Money Market Funds-0.51% | | | | |
Invesco Government & Agency Portfolio, | | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . | 586,874 | | | 586,874 |
Invesco Liquid Assets Portfolio, Institutional | | | | |
Class, 1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . | 195,529 | | | 195,627 |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $782,481). . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 782,501 |
TOTAL INVESTMENTS IN SECURITIES-99.67% | | | | |
(Cost $146,117,718). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 153,925,218 |
OTHER ASSETS LESS LIABILITIES-0.33% . . . . . . | . . . . . . . . . . . | | 511,950 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | $154,437,168 |
| | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 29, 2020
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 24.51 |
Information Technology | 15.42 |
| |
Energy | 9.63 |
Health Care | 9.21 |
| |
Consumer Discretionary | 8.67 |
Industrials | 8.01 |
| |
Communication Services | 5.97 |
Consumer Staples | 5.65 |
| |
Utilities | 4.91 |
Real Estate | 4.42 |
| |
Materials | 2.54 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| | Principal | | |
| | Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.36% | | |
Aerospace & Defense-5.06% | | | | |
General Dynamics Corp., 3.75%, 05/15/2028 . $ | 581,000 | | $ | 660,237 |
L3Harris Technologies, Inc., 4.40%, | | | | |
06/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 641,000 | | | 744,391 |
Northrop Grumman Corp., 3.25%, | | | | |
01/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,318,000 | | | 1,423,231 |
Spirit AeroSystems, Inc., 4.60%, | | | | |
06/15/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 386,000 | | | 383,702 |
United Technologies Corp., 4.13%, | | | | |
11/16/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 2,090,000 | | | 2,450,403 |
| | | | | 5,661,964 |
Air Freight & Logistics-0.76% | | | | |
C.H. Robinson Worldwide, Inc., 4.20%, | | | | |
04/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 384,000 | | | 434,668 |
FedEx Corp., 3.40%, 02/15/2028 . . . . . . . . . . . | 389,000 | | | 417,142 |
| | | | | 851,810 |
Airlines-0.32% | | | | |
Delta Air Lines, Inc., 4.38%, 04/19/2028. . . . . | 335,000 | | | 355,164 |
Automobiles-2.41% | | | | |
American Honda Finance Corp., 3.50%, | | | | |
02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 550,000 | | | 615,158 |
Ford Motor Co., 6.63%, 10/01/2028 . . . . . . . . | 641,000 | | | 739,175 |
General Motors Co., 5.00%, 10/01/2028 . . . . . | 581,000 | | | 632,532 |
Toyota Motor Corp. (Japan), 3.67%, | | | | |
07/20/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 327,000 | | | 377,311 |
Toyota Motor Credit Corp., 3.05%, | | | | |
01/11/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 301,000 | | | 330,545 |
| | | | | 2,694,721 |
Banks-11.41% | | | | |
Banco Santander S.A. (Spain) | | | | |
3.80%, 02/23/2028 . . . . . . . . . . . . . . . . . . . . | | 200,000 | | | 216,434 |
4.38%, 04/12/2028 . . . . . . . . . . . . . . . . . . . . | | 1,000,000 | | | 1,131,695 |
Barclays PLC (United Kingdom) | | | | |
4.34%, 01/10/2028 . . . . . . . . . . . . . . . . . . . . | | 200,000 | | | 220,098 |
4.84%, 05/09/2028 . . . . . . . . . . . . . . . . . . . . | | 1,000,000 | | | 1,099,168 |
Citigroup, Inc., 4.13%, 07/25/2028 . . . . . . . . . | 1,443,000 | | | 1,607,036 |
Fifth Third Bancorp, 3.95%, 03/14/2028. . . . . | 448,000 | | | 512,966 |
KeyCorp, 4.10%, 04/30/2028 . . . . . . . . . . . . . . | 645,000 | | | 737,304 |
Lloyds Banking Group PLC (United Kingdom), | | | | |
4.38%, 03/22/2028 . . . . . . . . . . . . . . . . . . . . | | 925,000 | | | 1,036,374 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.96%, 03/02/2028 . . . . . . . . . . . . . . . . . . . . | | 932,000 | | | 1,052,627 |
4.05%, 09/11/2028 . . . . . . . . . . . . . . . . . . . . | | 787,000 | | | 893,519 |
Mizuho Financial Group, Inc. (Japan), 4.02%, | | | | |
03/05/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,025,000 | | | 1,170,332 |
PNC Bank N.A. | | | | |
3.25%, 01/22/2028 . . . . . . . . . . . . . . . . . . . . | | 250,000 | | | 271,333 |
4.05%, 07/26/2028 . . . . . . . . . . . . . . . . . . . . | | 950,000 | | | 1,081,254 |
Sumitomo Mitsui Financial Group, Inc. (Japan) | | | | |
3.54%, 01/17/2028 . . . . . . . . . . . . . . . . . . . . | | 523,000 | | | 578,536 |
3.94%, 07/19/2028 . . . . . . . . . . . . . . . . . . . . | | 422,000 | | | 479,866 |
U.S. Bancorp, 3.90%, 04/26/2028 . . . . . . . . . . | 581,000 | | | 680,760 |
| | | | | 12,769,302 |
| Principal | | |
| Amount | | Value |
Beverages-2.86% | | | |
Anheuser-Busch InBev Worldwide, Inc. | | | |
(Belgium), 4.00%, 04/13/2028(b) . . . . . . . . . | $1,965,000 | $ 2,220,094 |
Constellation Brands, Inc., 3.60%, | | | |
02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 482,000 | 519,165 |
Diageo Capital PLC (United Kingdom), 3.88%, | | | |
05/18/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | | 459,096 |
| | 3,198,355 |
Capital Markets-2.69% | | | |
Bank of New York Mellon Corp. (The) | | | |
3.40%, 01/29/2028 . . . . . . . . . . . . . . . . . . . . | 645,000 | 710,451 |
3.85%, 04/28/2028 . . . . . . . . . . . . . . . . . . . . | 581,000 | 665,122 |
3.00%, 10/30/2028 . . . . . . . . . . . . . . . . . . . . | 335,000 | 357,362 |
Charles Schwab Corp. (The), 3.20%, | | | |
01/25/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 482,000 | 526,211 |
CME Group, Inc., 3.75%, 06/15/2028 . . . . . . . | 331,000 | 377,433 |
Northern Trust Corp., 3.65%, 08/03/2028 . . . | 330,000 | | 376,753 |
| | 3,013,332 |
Chemicals-0.49% | | | |
PPG Industries, Inc., 3.75%, 03/15/2028(b) . . . | 482,000 | 543,035 |
Commercial Services & Supplies-0.49% | | | |
Republic Services, Inc., 3.95%, 05/15/2028 . . | 482,000 | 553,450 |
Communications Equipment-0.49% | | | |
Motorola Solutions, Inc., 4.60%, 02/23/2028 . | 482,000 | 545,040 |
Construction & Engineering-0.33% | | | |
Fluor Corp., 4.25%, 09/15/2028(b) . . . . . . . . . . | 389,000 | 364,762 |
Consumer Finance-1.67% | | | |
Capital One Financial Corp., 3.80%, | | | |
01/31/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,069,000 | 1,168,061 |
Discover Bank, 4.65%, 09/13/2028 . . . . . . . . . | 600,000 | | 704,823 |
| | 1,872,884 |
Containers & Packaging-0.38% | | | |
WRKCo Inc., 4.00%, 03/15/2028 . . . . . . . . . . . | 389,000 | 430,161 |
Diversified Financial Services-1.36% | | | |
Berkshire Hathaway Energy Co., 3.25%, | | | |
04/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 435,000 | 476,122 |
Brookfield Finance, Inc. (Canada), 3.90%, | | | |
01/25/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 448,000 | 498,111 |
National Rural Utilities Cooperative Finance | | | |
Corp., 3.40%, 02/07/2028. . . . . . . . . . . . . . . | 482,000 | | 541,614 |
| | 1,515,847 |
Electric Utilities-2.95% | | | |
Commonwealth Edison Co., 3.70%, | | | |
08/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 422,000 | 478,986 |
Duke Energy Florida LLC, 3.80%, | | | |
07/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 550,000 | 625,090 |
Duke Energy Progress LLC, 3.70%, | | | |
09/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 333,000 | 378,049 |
Edison International, 4.13%, 03/15/2028 . . . . | 389,000 | 424,853 |
Southwestern Electric Power Co., Series M, | | | |
4.10%, 09/15/2028 . . . . . . . . . . . . . . . . . . . . | 300,000 | 343,966 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Electric Utilities-(continued) | | | | |
Virginia Electric & Power Co., Series A, 3.80%, | | | | |
04/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 587,000 | $ | 664,618 |
Xcel Energy, Inc., 4.00%, 06/15/2028 . . . . . . . | 342,000 | | | 389,920 |
| | | | 3,305,482 |
Electrical Equipment-0.75% | | | | |
ABB Finance USA, Inc. (Switzerland), 3.80%, | | | | |
04/03/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 736,000 | | | 839,896 |
Electronic Equipment, Instruments & Components-1.22% | | | |
Arrow Electronics, Inc., 3.88%, 01/12/2028 . . | 335,000 | | | 361,170 |
Jabil, Inc., 3.95%, 01/12/2028 . . . . . . . . . . . . . | 389,000 | | | 423,892 |
Trimble, Inc., 4.90%, 06/15/2028. . . . . . . . . . . | 505,000 | | | 581,002 |
| | | | 1,366,064 |
Energy Equipment & Services-0.29% | | | | |
Patterson-UTI Energy, Inc., 3.95%, | | | | |
02/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 336,000 | | | 324,211 |
Equity REITs-4.99% | | | | |
American Homes 4 Rent L.P., 4.25%, | | | | |
02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 458,000 | | | 505,661 |
American Tower Corp., 3.60%, 01/15/2028 . . | 389,000 | | | 420,601 |
Crown Castle International Corp., 3.80%, | | | | |
02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 836,000 | | | 919,283 |
Digital Realty Trust L.P., 4.45%, 07/15/2028 . | 386,000 | | | 443,948 |
Diversified Healthcare Trust, 4.75%, | | | | |
02/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 337,000 | | | 353,461 |
ERP Operating L.P., 3.50%, 03/01/2028 . . . . . | 389,000 | | | 428,186 |
GLP Capital L.P./GLP Financing II, Inc., 5.75%, | | | | |
06/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 299,000 | | | 351,209 |
Omega Healthcare Investors, Inc., 4.75%, | | | | |
01/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 501,000 | | | 563,818 |
Realty Income Corp., 3.65%, 01/15/2028 . . . . | 389,000 | | | 436,832 |
Ventas Realty L.P., 4.00%, 03/01/2028 . . . . . | 549,000 | | | 610,470 |
Welltower, Inc., 4.25%, 04/15/2028. . . . . . . . . | 482,000 | | | 551,092 |
| | Principal | | | |
| | Amount | | | Value |
Health Care Providers & Services-(continued) | | | | | |
McKesson Corp., 3.95%, 02/16/2028. . . . . . . . | $ | 362,000 | $ | 400,780 |
UnitedHealth Group, Inc., 3.85%, | | | | | |
06/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 964,000 | | | 1,093,410 |
| | | | | 10,474,152 |
Hotels, Restaurants & Leisure-1.59% | | | | | |
McDonald's Corp., 3.80%, 04/01/2028 . . . . . . | | 708,000 | | | 793,088 |
Starbucks Corp. | | | | | |
3.50%, 03/01/2028 . . . . . . . . . . . . . . . . . . . . | | 389,000 | | | 430,015 |
4.00%, 11/15/2028 . . . . . . . . . . . . . . . . . . . . | | 482,000 | | | 551,663 |
| | | | | 1,774,766 |
Household Products-0.48% | | | | | |
Clorox Co. (The), 3.90%, 05/15/2028 . . . . . . . | | 458,000 | | | 532,928 |
Industrial Conglomerates-1.33% | | | | | |
3M Co., 3.63%, 09/14/2028 . . . . . . . . . . . . . . . | | 566,000 | | | 633,488 |
Roper Technologies, Inc., 4.20%, | | | | | |
09/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 736,000 | | | 848,601 |
| | | | | 1,482,089 |
Insurance-1.66% | | | | | |
American International Group, Inc., 4.20%, | | | | | |
04/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 482,000 | | | 539,827 |
Lincoln National Corp., 3.80%, 03/01/2028 . . | | 335,000 | | | 375,740 |
Prudential Financial, Inc., 3.88%, | | | | | |
03/27/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 389,000 | | | 438,081 |
Willis North America, Inc., 4.50%, | | | | | |
09/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 435,000 | | | 502,660 |
| | | | | 1,856,308 |
Internet & Direct Marketing Retail-0.95% | | | | | |
Booking Holdings, Inc., 3.55%, 03/15/2028 . . | | 300,000 | | | 328,499 |
Expedia Group, Inc., 3.80%, 02/15/2028 . . . . . | | 708,000 | | | 728,497 |
| | | | | 1,056,996 |
IT Services-0.30% | | | | | |
| | 5,584,561 |
Food & Staples Retailing-2.29% | | |
CVS Pass-Through Trust, 6.04%, | | |
12/10/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 148,355 | 171,252 |
Walmart, Inc., 3.70%, 06/26/2028 . . . . . . . . . . | 2,101,000 | 2,388,189 |
| | 2,559,441 |
Food Products-2.75% | | |
Campbell Soup Co., 4.15%, 03/15/2028 . . . . . | 787,000 | 877,841 |
General Mills, Inc., 4.20%, 04/17/2028 . . . . . . | 1,031,000 | 1,187,443 |
Kellogg Co., 4.30%, 05/15/2028. . . . . . . . . . . . | 386,000 | 445,562 |
Mondelez International, Inc., 4.13%, | | |
05/07/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 482,000 | 564,021 |
| | 3,074,867 |
Health Care Equipment & Supplies-1.34% | | |
Boston Scientific Corp., 4.00%, 03/01/2028 . . | 581,000 | 659,560 |
Edwards Lifesciences Corp., 4.30%, | | |
06/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 352,000 | 408,112 |
Stryker Corp., 3.65%, 03/07/2028 . . . . . . . . . . | 389,000 | 431,743 |
| | 1,499,415 |
Health Care Providers & Services-9.36% | | |
Anthem, Inc., 4.10%, 03/01/2028 . . . . . . . . . . | 868,000 | 974,765 |
Cigna Corp., 4.38%, 10/15/2028 . . . . . . . . . . . | 2,623,000 | 2,988,993 |
CVS Health Corp., 4.30%, 03/25/2028 . . . . . . | 4,474,000 | 5,016,204 |
Mastercard, Inc., 3.50%, 02/26/2028 . . . . . . . | 300,000 | 335,311 |
Machinery-1.30% | | |
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, | | |
08/21/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 344,000 | 389,612 |
Westinghouse Air Brake Technologies Corp., | | |
4.95%, 09/15/2028 . . . . . . . . . . . . . . . . . . . . | 932,000 | 1,069,923 |
| | 1,459,535 |
Marine-0.38% | | |
Kirby Corp., 4.20%, 03/01/2028. . . . . . . . . . . . | 389,000 | 429,571 |
Media-4.98% | | |
Charter Communications Operating LLC/ | | |
Charter Communications Operating Capital | | |
Corp. | | |
3.75%, 02/15/2028 . . . . . . . . . . . . . . . . . . . . | 778,000 | 830,720 |
4.20%, 03/15/2028 . . . . . . . . . . . . . . . . . . . . | 775,000 | 845,850 |
Comcast Corp. | | |
3.15%, 02/15/2028 . . . . . . . . . . . . . . . . . . . . | 1,174,000 | 1,276,210 |
3.55%, 05/01/2028 . . . . . . . . . . . . . . . . . . . . | 836,000 | 930,599 |
Discovery Communications LLC, 3.95%, | | |
03/20/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,219,000 | 1,333,607 |
ViacomCBS, Inc., 3.38%, 02/15/2028 . . . . . . . | 335,000 | 357,204 |
| | 5,574,190 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Metals & Mining-0.34% | | | | |
Nucor Corp., 3.95%, 05/01/2028 . . . . . . . . . . . | $ 335,000 | $ | 376,789 |
Multiline Retail-1.27% | | | | |
Dollar General Corp., 4.13%, 05/01/2028 . . . . | 329,000 | | | 378,562 |
Dollar Tree, Inc., 4.20%, 05/15/2028. . . . . . . . | 932,000 | | | 1,042,433 |
| | | | 1,420,995 |
Multi-Utilities-0.76% | | | | |
Sempra Energy, 3.40%, 02/01/2028 . . . . . . . . | 794,000 | | | 854,898 |
Oil, Gas & Consumable Fuels-11.37% | | | | |
Apache Corp., 4.38%, 10/15/2028 . . . . . . . . . | 708,000 | | | 745,664 |
BP Capital Markets PLC (United Kingdom), | | | | |
3.72%, 11/28/2028 . . . . . . . . . . . . . . . . . . . . | 688,000 | | | 766,887 |
Concho Resources, Inc., 4.30%, 08/15/2028 . | 708,000 | | | 770,781 |
Continental Resources, Inc., 4.38%, | | | | |
01/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 708,000 | | | 691,045 |
Enable Midstream Partners L.P., 4.95%, | | | | |
05/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 500,000 | | | 498,721 |
Energy Transfer Operating L.P., 4.95%, | | | | |
06/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 708,000 | | | 781,223 |
EQM Midstream Partners L.P., 5.50%, | | | | |
07/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 680,000 | | | 570,350 |
Equinor ASA (Norway), 3.63%, 09/10/2028 . . | 794,000 | | | 897,228 |
Kinder Morgan, Inc., 4.30%, 03/01/2028 . . . . | 1,031,000 | | | 1,151,143 |
MPLX L.P., 4.00%, 03/15/2028 . . . . . . . . . . . . | 775,000 | | | 816,836 |
Noble Energy, Inc., 3.85%, 01/15/2028. . . . . . | 501,000 | | | 519,269 |
ONEOK, Inc., 4.55%, 07/15/2028. . . . . . . . . . . | 482,000 | | | 540,250 |
Phillips 66, 3.90%, 03/15/2028 . . . . . . . . . . . . | 482,000 | | | 531,982 |
Phillips 66 Partners L.P., 3.75%, 03/01/2028. | 301,000 | | | 324,809 |
Sabine Pass Liquefaction LLC, 4.20%, | | | | |
03/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 903,000 | | | 958,999 |
TransCanada PipeLines Ltd. (Canada), 4.25%, | | | | |
05/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,110,000 | | | 1,244,450 |
Valero Energy Corp., 4.35%, 06/01/2028 . . . . | 482,000 | | | 542,720 |
Valero Energy Partners L.P., 4.50%, | | | | |
03/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 330,000 | | | 370,763 |
| | | | 12,723,120 |
Personal Products-0.90% | | | | |
Unilever Capital Corp. (United Kingdom), | | | | |
3.50%, 03/22/2028(b). . . . . . . . . . . . . . . . . . . | 900,000 | | | 1,006,305 |
Pharmaceuticals-6.44% | | | | |
Elanco Animal Health, Inc., 5.65%, | | | | |
08/28/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389,000 | | | 446,168 |
GlaxoSmithKline Capital, Inc. (United | | | | |
Kingdom), 3.88%, 05/15/2028 . . . . . . . . . . . | 1,219,000 | | | 1,399,181 |
Johnson & Johnson, 2.90%, 01/15/2028 . . . . | 1,031,000 | | | 1,124,653 |
Pfizer, Inc., 3.60%, 09/15/2028 . . . . . . . . . . . . | 787,000 | | | 898,640 |
Pharmacia LLC, 6.60%, 12/01/2028 . . . . . . . . | 525,000 | | | 716,450 |
Sanofi (France), 3.63%, 06/19/2028 . . . . . . . . | 581,000 | | | 668,596 |
Takeda Pharmaceutical Co. Ltd. (Japan), | | | | |
5.00%, 11/26/2028 . . . . . . . . . . . . . . . . . . . . | 1,100,000 | | | 1,344,563 |
Zoetis, Inc., 3.90%, 08/20/2028 . . . . . . . . . . . . | 527,000 | | | 603,109 |
| | | | 7,201,360 |
Road & Rail-2.05% | | | | |
| Principal |
| Amount |
Road & Rail-(continued) | |
CSX Corp., 3.80%, 03/01/2028. . . . . . . . . . . . . | $ 482,000 |
Union Pacific Corp., 3.95%, 09/10/2028 . . . . . | 1,075,000 |
Semiconductors & Semiconductor Equipment-0.85% |
Broadcom Corp./Broadcom Cayman Finance | |
Ltd., 3.50%, 01/15/2028 . . . . . . . . . . . . . . . . | 926,000 |
Software-1.03% | |
salesforce.com, inc., 3.70%, 04/11/2028 . . . . | 1,017,000 |
Specialty Retail-0.31% | |
O'Reilly Automotive, Inc., 4.35%, | |
06/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 299,000 |
Tobacco-0.37% | |
Philip Morris International, Inc., 3.13%, | |
03/02/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 389,000 |
Trading Companies & Distributors-0.28% | |
AerCap Ireland Capital DAC/AerCap Global | |
Aviation Trust (Ireland), 3.88%, | |
01/23/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 |
Water Utilities-0.39% | |
American Water Capital Corp., 3.75%, | |
09/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389,000 |
Wireless Telecommunication Services-2.37% | |
Vodafone Group PLC (United Kingdom), | |
4.38%, 05/30/2028 . . . . . . . . . . . . . . . . . . . . | 2,304,000 |
Total U.S. Dollar Denominated Bonds & Notes | |
(Cost $104,912,155). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . |
| Shares |
Money Market Funds-0.59% | |
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(c) | |
(Cost $664,771). . . . . . . . . . . . . . . . . . . . . . . . | 664,771 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.95%
(Cost $105,576,926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.28%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . | 1,915,309 |
Invesco Liquid Assets Portfolio, Institutional | |
Class, 1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . | 638,107 |
Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $2,553,682) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL INVESTMENTS IN SECURITIES-101.23%
(Cost $108,130,608). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-(1.23)% . . . . . . . . . . . . . . .
Value
$537,709
1,225,364
2,287,527
953,542
1,150,893
345,234
415,045
316,443
436,007
2,649,114
110,036,882
664,771
110,701,653
1,915,309
638,426
2,553,735
113,255,388
(1,380,782)
Canadian Pacific Railway Co. (Canada), | | NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
4.00%, 06/01/2028 . . . . . . . . . . . . . . . . . . . . | 454,000 | 524,454 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 29, 2020
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 18.79 |
Health Care | 17.14 |
| |
Industrials | 13.05 |
Energy | 11.66 |
| |
Consumer Staples | 9.65 |
Communication Services | 7.35 |
| |
Consumer Discretionary | 6.53 |
Real Estate | 4.99 |
| |
Utilities | 4.10 |
Information Technology | 3.89 |
| |
Materials | 1.21 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.64 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-97.81% | | |
Aerospace & Defense-1.02% | | | | |
Boeing Co. (The), 3.20%, 03/01/2029. . . . . . . . . . | $ 77,000 | | $ | 82,450 |
United Technologies Corp., 7.50%, 09/15/2029 . | 74,000 | | | 107,778 |
| | | | 190,228 |
Air Freight & Logistics-0.45% | | | | |
United Parcel Service, Inc., 3.40%, 03/15/2029. . | 77,000 | | | 84,938 |
Airlines-0.42% | | | | |
Delta Air Lines, Inc., 3.75%, 10/28/2029(b) . . . . . | 77,000 | | | 77,892 |
Automobiles-1.11% | | | | |
General Motors Financial Co., Inc., 5.65%, | | | | |
01/17/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,000 | | | 44,623 |
Toyota Motor Corp. (Japan), 2.76%, | | | | |
07/02/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 162,643 |
| | | | 207,266 |
Banks-6.20% | | | | |
Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | |
3.74%, 03/07/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 168,422 |
3.20%, 07/18/2029 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 214,579 |
PNC Financial Services Group, Inc. (The), 3.45%, | | | | |
04/23/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 165,713 |
Sumitomo Mitsui Financial Group, Inc. (Japan), | | | | |
3.04%, 07/16/2029 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 212,787 |
Truist Financial Corp., 3.88%, 03/19/2029 . . . . . . | 83,000 | | | 94,974 |
Wells Fargo & Co., 4.15%, 01/24/2029 . . . . . . . . . | 263,000 | | | 303,473 |
| | | | 1,159,948 |
Beverages-3.83% | | | | |
Anheuser-Busch InBev Worldwide, Inc. (Belgium), | | | | |
4.75%, 01/23/2029 . . . . . . . . . . . . . . . . . . . . . . . | 450,000 | | | 533,706 |
Coca-Cola Co. (The), 2.13%, 09/06/2029 . . . . . . . | 77,000 | | | 78,764 |
PepsiCo, Inc., 7.00%, 03/01/2029 . . . . . . . . . . . . . | 74,000 | | | 104,262 |
| | | | 716,732 |
Building Products-0.44% | | | | |
Fortune Brands Home & Security, Inc., 3.25%, | | | | |
09/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 82,192 |
Capital Markets-2.68% | | | | |
Bank of New York Mellon Corp. (The), 3.30%, | | | | |
08/23/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 84,342 |
BlackRock, Inc., 3.25%, 04/30/2029 . . . . . . . . . . . | 77,000 | | | 85,073 |
Charles Schwab Corp. (The) | | | | |
4.00%, 02/01/2029 . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 86,693 |
3.25%, 05/22/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 165,337 |
S&P Global, Inc., 2.50%, 12/01/2029 . . . . . . . . . . | 77,000 | | | 79,925 |
| | | | 501,370 |
Chemicals-3.41% | | | | |
Dow Chemical Co. (The), 7.38%, 11/01/2029 . . . | 150,000 | | | 206,251 |
Huntsman International LLC, 4.50%, | | | | |
05/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 120,000 | | | 132,302 |
Methanex Corp. (Canada), 5.25%, 12/15/2029 . . | 77,000 | | | 82,045 |
Rohm & Haas Co., 7.85%, 07/15/2029 . . . . . . . . . | 100,000 | | | 136,212 |
Sherwin-Williams Co. (The), 2.95%, 08/15/2029 . | 77,000 | | | 80,821 |
| | | | 637,631 |
| Principal | | | |
| Amount | | | Value |
Commercial Services & Supplies-0.91% | | | | |
Waste Connections, Inc., 3.50%, 05/01/2029 . . . | $ 77,000 | $ | 85,520 |
Waste Management, Inc., 3.45%, 06/15/2029 . . . | 77,000 | | | 85,266 |
| | | | 170,786 |
Communications Equipment-0.90% | | | | |
Juniper Networks, Inc., 3.75%, 08/15/2029. . . . . | 77,000 | | | 83,409 |
Motorola Solutions, Inc., 4.60%, 05/23/2029 . . . . | 75,000 | | | 86,108 |
| | | | 169,517 |
Consumer Finance-0.46% | | | | |
Synchrony Financial, 5.15%, 03/19/2029 . . . . . . . | 74,000 | | | 86,394 |
Containers & Packaging-0.94% | | | | |
WRKCo Inc., 4.90%, 03/15/2029 . . . . . . . . . . . . . . | 150,000 | | | 176,094 |
Diversified Financial Services-1.39% | | | | |
Brookfield Finance, Inc. (Canada), 4.85%, | | | | |
03/29/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 74,000 | | | 88,060 |
Lazard Group LLC, 4.38%, 03/11/2029 . . . . . . . . | 75,000 | | | 84,587 |
MidAmerican Energy Co., 3.65%, 04/15/2029 . . . | 77,000 | | | 87,445 |
| | | | 260,092 |
Diversified Telecommunication Services-5.08% | | | | |
AT&T, Inc., 4.35%, 03/01/2029 . . . . . . . . . . . . . . . | 300,000 | | | 341,976 |
Verizon Communications, Inc. | | | | |
3.88%, 02/08/2029 . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 85,922 |
4.02%, 12/03/2029 . . . . . . . . . . . . . . . . . . . . . . . | 450,000 | | | 523,132 |
| | | | 951,030 |
Electric Utilities-4.44% | | | | |
Avangrid, Inc., 3.80%, 06/01/2029 . . . . . . . . . . . . | 150,000 | | | 166,829 |
Duke Energy Corp., 3.40%, 06/15/2029 . . . . . . . . | 77,000 | | | 84,774 |
Duke Energy Florida LLC, 2.50%, 12/01/2029. . . | 77,000 | | | 80,325 |
Duke Energy Progress LLC, 3.45%, 03/15/2029 . | 77,000 | | | 86,092 |
Evergy, Inc., 2.90%, 09/15/2029 . . . . . . . . . . . . . . | 77,000 | | | 79,636 |
Nevada Power Co., Series CC, 3.70%, | | | | |
05/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 87,373 |
NextEra Energy Capital Holdings, Inc., 2.75%, | | | | |
11/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 113,000 | | | 118,308 |
Southern California Edison Co., Series A, 4.20%, | | | | |
03/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 86,775 |
Virginia Electric & Power Co., Series A, 2.88%, | | | | |
07/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,000 | | | 41,763 |
| | | | 831,875 |
Electronic Equipment, Instruments & Components-0.90% | | | |
Amphenol Corp., 4.35%, 06/01/2029 . . . . . . . . . . | 75,000 | | | 86,198 |
Keysight Technologies, Inc., 3.00%, 10/30/2029. | 77,000 | | | 81,507 |
| | | | 167,705 |
Energy Equipment & Services-0.42% | | | | |
Baker Hughes, a GE Co. LLC/Baker Hughes | | | | |
Co-Obligor, Inc., 3.14%, 11/07/2029. . . . . . . . . | 77,000 | | | 79,077 |
Entertainment-1.27% | | | | |
RELX Capital, Inc. (United Kingdom), 4.00%, | | | | |
03/18/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 85,900 |
Walt Disney Co. (The), 2.00%, 09/01/2029 . . . . . | 150,000 | | | 151,418 |
| | | | 237,318 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Equity REITs-9.80% | | | | |
American Tower Corp. | | | | |
3.95%, 03/15/2029 . . . . . . . . . . . . . . . . . . . . . . . | $ 77,000 | $ | 85,393 |
3.80%, 08/15/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 165,567 |
Boston Properties L.P., 3.40%, 06/21/2029. . . . . | 77,000 | | | 84,698 |
Camden Property Trust, 3.15%, 07/01/2029 . . . . | 77,000 | | | 83,865 |
Crown Castle International Corp., 4.30%, | | | | |
02/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 85,839 |
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, | | | | |
11/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 78,646 |
Digital Realty Trust L.P., 3.60%, 07/01/2029. . . . | 150,000 | | | 165,456 |
ERP Operating L.P., 3.00%, 07/01/2029. . . . . . . . | 77,000 | | | 83,176 |
Essex Portfolio L.P., 4.00%, 03/01/2029 . . . . . . . | 75,000 | | | 85,501 |
GLP Capital L.P./GLP Financing II, Inc., 5.30%, | | | | |
01/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 173,688 |
Healthpeak Properties, Inc., 3.50%, 07/15/2029 . | 77,000 | | | 84,832 |
Omega Healthcare Investors, Inc., 3.63%, | | | | |
10/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 81,095 |
Simon Property Group L.P., 2.45%, 09/13/2029 . | 150,000 | | | 153,122 |
Ventas Realty L.P., 4.40%, 01/15/2029 . . . . . . . . | 75,000 | | | 85,877 |
VEREIT Operating Partnership L.P., 3.10%, | | | | |
12/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 79,922 |
Welltower, Inc., 4.13%, 03/15/2029 . . . . . . . . . . . | 75,000 | | | 85,958 |
Weyerhaeuser Co., 4.00%, 11/15/2029 . . . . . . . . | 150,000 | | | 171,426 |
| | | | 1,834,061 |
Food & Staples Retailing-2.35% | | | | |
Ahold Finance USA LLC (Netherlands), 6.88%, | | | | |
05/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 74,000 | | | 103,410 |
Kroger Co. (The), 4.50%, 01/15/2029. . . . . . . . . . | 75,000 | | | 88,431 |
Walmart, Inc. | | | | |
3.25%, 07/08/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 167,436 |
2.38%, 09/24/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 80,613 |
| | | | 439,890 |
Food Products-1.33% | | | | |
Kraft Heinz Foods Co. (The), 4.63%, | | | | |
01/30/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 161,964 |
Tyson Foods, Inc., 4.35%, 03/01/2029 . . . . . . . . . | 74,000 | | | 87,004 |
| | | | 248,968 |
Gas Utilities-0.46% | | | | |
Piedmont Natural Gas Co., Inc., 3.50%, | | | | |
06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 86,062 |
Health Care Equipment & Supplies-0.92% | | | | |
Boston Scientific Corp., 4.00%, 03/01/2029. . . . . | 150,000 | | | 172,425 |
Health Care Providers & Services-3.06%
| Principal | | | |
| Amount | | | Value |
Household Durables-0.92% | | | | |
Leggett & Platt, Inc., 4.40%, 03/15/2029 . . . . . . . | $ 75,000 | $ | 85,758 |
Whirlpool Corp., 4.75%, 02/26/2029 . . . . . . . . . . . | 74,000 | | | 86,091 |
| | | | 171,849 |
Household Products-0.46% | | | | |
Kimberly-Clark Corp., 3.20%, 04/25/2029 . . . . . . | 77,000 | | | 85,708 |
Industrial Conglomerates-1.51% | | | | |
3M Co. | | | | |
3.38%, 03/01/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 84,984 |
2.38%, 08/26/2029 . . . . . . . . . . . . . . . . . . . . . . . | 113,000 | | | 116,041 |
Roper Technologies, Inc., 2.95%, 09/15/2029 . . . | 77,000 | | | 81,866 |
| | | | 282,891 |
Insurance-4.16% | | | | |
American International Group, Inc., 4.25%, | | | | |
03/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 85,686 |
Aon Corp., 3.75%, 05/02/2029 . . . . . . . . . . . . . . . | 77,000 | | | 85,930 |
CNA Financial Corp., 3.90%, 05/01/2029 . . . . . . . | 77,000 | | | 88,283 |
Hartford Financial Services Group, Inc. (The), | | | | |
2.80%, 08/19/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 81,645 |
Marsh & McLennan Cos., Inc., 4.38%, | | | | |
03/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 175,043 |
PartnerRe Finance B LLC, 3.70%, 07/02/2029 . . | 77,000 | | | 85,793 |
Principal Financial Group, Inc., 3.70%, | | | | |
05/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 87,724 |
Progressive Corp. (The), 4.00%, 03/01/2029. . . . | 75,000 | | | 88,418 |
| | | | 778,522 |
IT Services-4.99% | | | | |
Broadridge Financial Solutions, Inc., 2.90%, | | | | |
12/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 79,811 |
Fidelity National Information Services, Inc., | | | | |
3.75%, 05/21/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 86,906 |
Fiserv, Inc., 3.50%, 07/01/2029. . . . . . . . . . . . . . . | 224,000 | | | 245,899 |
International Business Machines Corp., 3.50%, | | | | |
05/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 250,000 | | | 280,672 |
Mastercard, Inc., 2.95%, 06/01/2029 . . . . . . . . . . | 77,000 | | | 83,535 |
PayPal Holdings, Inc., 2.85%, 10/01/2029 . . . . . . | 150,000 | | | 157,672 |
| | | | 934,495 |
Leisure Products-0.43% | | | | |
Hasbro, Inc., 3.90%, 11/19/2029. . . . . . . . . . . . . . | 77,000 | | | 81,070 |
Life Sciences Tools & Services-1.27% | | | | |
PerkinElmer, Inc., 3.30%, 09/15/2029 . . . . . . . . . | 113,000 | | | 120,435 |
Thermo Fisher Scientific, Inc., 2.60%, | | | | |
10/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 113,000 | | | 118,224 |
Anthem, Inc., 2.88%, 09/15/2029 . . . . . . . . . . . . . | 77,000 | 79,428 |
CommonSpirit Health, 3.35%, 10/01/2029. . . . . . | 77,000 | 81,860 |
DH Europe Finance II S.a.r.l., 2.60%, | | |
11/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | 80,245 |
HCA, Inc., 4.13%, 06/15/2029 . . . . . . . . . . . . . . . . | 150,000 | 164,782 |
Laboratory Corp. of America Holdings, 2.95%, | | |
12/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | 80,352 |
Quest Diagnostics, Inc., 4.20%, 06/30/2029 . . . . | 75,000 | 86,217 |
| | 572,884 |
Hotels, Restaurants & Leisure-0.46% | | |
Starbucks Corp., 3.55%, 08/15/2029 . . . . . . . . . . | 77,000 | 86,420 |
| | 238,659 |
Machinery-1.89% | | |
Deere & Co., 5.38%, 10/16/2029 . . . . . . . . . . . . . . | 74,000 | 96,838 |
Ingersoll-Rand Luxembourg Finance S.A., 3.80%, | | |
03/21/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | 86,699 |
John Deere Capital Corp., 3.45%, 03/07/2029(b). | 77,000 | 87,220 |
Parker-Hannifin Corp., 3.25%, 06/14/2029 . . . . . | 77,000 | 83,801 |
| | 354,558 |
Media-1.85% | | |
Charter Communications Operating LLC/Charter | | |
Communications Operating Capital Corp., | | |
5.05%, 03/30/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | 173,992 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 29, 2020
(Unaudited)
| Principal | | | |
| Amount | | | Value |
Media-(continued) | | | | |
Discovery Communications LLC, 4.13%, | | | | |
05/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 77,000 | $ | 85,208 |
ViacomCBS, Inc., 4.20%, 06/01/2029 . . . . . . . . . . | 77,000 | | | 86,501 |
| | | | 345,701 |
Multiline Retail-0.67% | | | | |
Target Corp., 3.38%, 04/15/2029 . . . . . . . . . . . . . | 113,000 | | | 125,867 |
Multi-Utilities-0.66% | | | | |
Dominion Energy Gas Holdings LLC, Series B, | | | | |
3.00%, 11/15/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 80,728 |
DTE Energy Co., Series C, 3.40%, 06/15/2029 . . | 39,000 | | | 42,093 |
| | | | 122,821 |
Oil, Gas & Consumable Fuels-9.85% | | | | |
Boardwalk Pipelines L.P., 4.80%, 05/03/2029 . . . | 77,000 | | | 81,883 |
ConocoPhillips Holding Co., 6.95%, 04/15/2029 . | 150,000 | | | 204,803 |
Diamondback Energy, Inc., 3.50%, 12/01/2029. . | 150,000 | | | 148,398 |
Enable Midstream Partners L.P., 4.15%, | | | | |
09/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 73,045 |
Enbridge, Inc. (Canada), 3.13%, 11/15/2029 . . . . | 77,000 | | | 79,966 |
Energy Transfer Operating L.P., 5.25%, | | | | |
04/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 168,897 |
Enterprise Products Operating LLC, 3.13%, | | | | |
07/31/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 157,086 |
Exxon Mobil Corp., 2.44%, 08/16/2029. . . . . . . . . | 150,000 | | | 156,386 |
Husky Energy, Inc. (Canada), 4.40%, | | | | |
04/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 83,106 |
MPLX L.P., 4.80%, 02/15/2029(b) . . . . . . . . . . . . . | 75,000 | | | 83,939 |
ONEOK, Inc., 4.35%, 03/15/2029 . . . . . . . . . . . . . | 77,000 | | | 85,993 |
Phillips 66 Partners L.P., 3.15%, 12/15/2029 . . . | 77,000 | | | 78,197 |
Shell International Finance B.V. (Netherlands), | | | | |
2.38%, 11/07/2029 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 153,034 |
Total Capital International S.A. (France), 3.46%, | | | | |
02/19/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 166,193 |
Valero Energy Corp., 4.00%, 04/01/2029. . . . . . . | 113,000 | | | 122,299 |
| | | | 1,843,225 |
Paper & Forest Products-0.31% | | | | |
Georgia-Pacific LLC, 7.75%, 11/15/2029 . . . . . . . | 39,000 | | | 58,106 |
Personal Products-0.96% | | | | |
Estee Lauder Cos., Inc. (The), 2.38%, | | | | |
12/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 79,587 |
Unilever Capital Corp. (United Kingdom), 2.13%, | | | | |
09/06/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 100,488 |
| | | | 180,075 |
Pharmaceuticals-3.18% | | | | |
AstraZeneca PLC (United Kingdom), 4.00%, | | | | |
01/17/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75,000 | | | 86,295 |
Eli Lilly and Co., 3.38%, 03/15/2029 . . . . . . . . . . . | 77,000 | | | 86,529 |
GlaxoSmithKline Capital PLC (United Kingdom), | | | | |
3.38%, 06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 85,771 |
Merck & Co., Inc., 3.40%, 03/07/2029. . . . . . . . . . | 150,000 | | | 167,774 |
Pfizer, Inc., 3.45%, 03/15/2029 . . . . . . . . . . . . . . . | 150,000 | | | 168,226 |
| | | | 594,595 |
Road & Rail-1.14% | | | | |
| Principal | | | | |
| Amount | | | Value | |
Semiconductors & Semiconductor Equipment-2.45% | | | | |
Intel Corp., 2.45%, 11/15/2029 . . . . . . . . . . . . . . . | $ 77,000 | $ | 80,173 | |
KLA Corp., 4.10%, 03/15/2029 . . . . . . . . . . . . . . . | 75,000 | | | 85,540 | |
Lam Research Corp., 4.00%, 03/15/2029. . . . . . . | 113,000 | | | 128,329 | |
Micron Technology, Inc., 5.33%, 02/06/2029. . . . | 75,000 | | | 86,231 | |
Texas Instruments, Inc., 2.25%, 09/04/2029 . . . . | 77,000 | | | 78,849 | |
| | | | 459,122 | |
Specialty Retail-2.70% | | | | | |
Home Depot, Inc. (The), 2.95%, 06/15/2029 . . . . | 233,000 | | | 251,841 | |
Lowe's Cos., Inc., 3.65%, 04/05/2029. . . . . . . . . . | 150,000 | | | 166,530 | |
O'Reilly Automotive, Inc., 3.90%, 06/01/2029(b) . | 77,000 | | | 87,731 | |
| | | | 506,102 | |
Technology Hardware, Storage & Peripherals-0.82% | | | | |
Apple, Inc., 2.20%, 09/11/2029 . . . . . . . . . . . . . . . | 150,000 | | | 153,557 | |
Tobacco-2.71% | | | | | |
Altria Group, Inc., 4.80%, 02/14/2029 . . . . . . . . . | 300,000 | | | 343,083 | |
BAT Capital Corp. (United Kingdom), 3.46%, | | | | | |
09/06/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 80,814 | |
Philip Morris International, Inc., 3.38%, | | | | | |
08/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,000 | | | 84,041 | |
| | | | 507,938 | |
Water Utilities-0.23% | | | | | |
American Water Capital Corp., 3.45%, | | | | | |
06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,000 | | | 43,429 | |
Total U.S. Dollar Denominated Bonds & Notes | | | | | |
(Cost $17,802,278) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 18,310,527 | |
| Shares | | | | |
Money Market Funds-1.22% | | | | | |
Invesco Premier U.S. Government Money | | | | | |
Portfolio, Institutional Class, 1.46%(c) | | | | | |
(Cost $228,058) . . . . . . . . . . . . . . . . . . . . . . . . . . | 228,058 | | | 228,058 | |
TOTAL INVESTMENTS IN SECURITIES | | | | | |
(excluding investments purchased with cash collateral from | | | | |
securities on loan)-99.03% | | | | | |
(Cost $18,030,336) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 18,538,585 | |
Investments Purchased with Cash Collateral | | | | |
from Securities on Loan | | | | | |
Money Market Funds-1.40% | | | | | |
Invesco Government & Agency Portfolio, | | | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . . . | 196,080 | | | 196,080 | |
Invesco Liquid Assets Portfolio, Institutional Class, | | | | | |
1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 65,327 | | | 65,360 | |
Total Investments Purchased with Cash Collateral from | | | | |
Securities on Loan | | | | | |
(Cost $261,433) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 261,440 | |
TOTAL INVESTMENTS IN SECURITIES-100.43% | | | | | |
(Cost $18,291,769) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 18,800,025 | |
OTHER ASSETS LESS LIABILITIES-(0.43)%. . . . . . . . . . . . . . . . . | | (80,273) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $18,719,752 | |
| | | | | |
CSX Corp., 4.25%, 03/15/2029 . . . . . . . . . . . . . . . | 74,000 | 85,862 |
Union Pacific Corp., 3.70%, 03/01/2029. . . . . . . . | 113,000 | 127,580 |
| | 213,442 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 29, 2020
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 14.89 |
Consumer Staples | 11.64 |
| |
Energy | 10.27 |
Information Technology | 10.06 |
| |
Real Estate | 9.80 |
Health Care | 8.43 |
| |
Communication Services | 8.20 |
Industrials | 7.78 |
| |
Consumer Discretionary | 6.29 |
Utilities | 5.79 |
| |
Materials | 4.66 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 2.19 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
Principal
AmountValue
U.S. Dollar Denominated Bonds & Notes-77.39%
| Principal | |
| Amount | | Value |
Electronic Equipment, Instruments & Components-0.09% | |
Airlines-2.13%
American Airlines Group, Inc., 4.63%,
03/01/2020(b) . . . . . . . . . . . . . . . . . . . . . $ 14,093,000
United Airlines Holdings, Inc., 6.00%,
12/01/2020 . . . . . . . . . . . . . . . . . . . . . . . 8,213,000
Auto Components-0.76% | |
Goodyear Tire & Rubber Co. (The), | |
8.75%, 08/15/2020 . . . . . . . . . . . . . . . . | 7,868,000 |
Automobiles-1.54% | |
Jaguar Land Rover Automotive PLC | |
(United Kingdom), 3.50%, | |
03/15/2020(b) . . . . . . . . . . . . . . . . . . . . . | 16,350,000 |
Capital Markets-1.39% | |
APX Group, Inc., 8.75%, 12/01/2020 . . . . | 14,624,000 |
Chemicals-5.36% | |
Blue Cube Spinco LLC | |
9.75%, 10/15/2023 . . . . . . . . . . . . . . . . | 21,633,000 |
10.00%, 10/15/2025 . . . . . . . . . . . . . . . | 15,013,000 |
PQ Corp., 6.75%, 11/15/2022(b). . . . . . . . | 16,960,000 |
Commercial Services & Supplies-0.06% | |
Covanta Holding Corp., 5.88%, | |
03/01/2024 . . . . . . . . . . . . . . . . . . . . . . . | 259,000 |
Ritchie Bros Auctioneers, Inc. (Canada), | |
5.38%, 01/15/2025(b) . . . . . . . . . . . . . . | 322,000 |
Construction & Engineering-1.32% | |
Omnimax International, Inc., 12.00%, | |
08/15/2020(b) . . . . . . . . . . . . . . . . . . . . . | 10,791,000 |
Zekelman Industries, Inc., 9.88%, | |
06/15/2023(b) . . . . . . . . . . . . . . . . . . . . . | 3,112,000 |
Consumer Finance-6.92% | |
LoanCore Capital Markets LLC/JLC | |
Finance Corp., 6.88%, 06/01/2020(b). . | 8,479,000 |
Navient Corp. | |
8.00%, 03/25/2020 . . . . . . . . . . . . . . . . | 18,161,000 |
5.00%, 10/26/2020 . . . . . . . . . . . . . . . . | 13,537,000 |
Springleaf Finance Corp., 8.25%, | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | 31,252,000 |
Stearns Holdings LLC/Stearns Co-Issuer, | |
Inc., 5.00%, 11/05/2024(b) . . . . . . . . . . | 107,069 |
$14,093,000
8,365,146
22,458,146
8,028,409
16,246,831
14,655,442
22,829,305
16,282,875
17,362,681
56,474,861
262,669
333,275
595,944
10,714,249
3,264,099
13,978,348
8,431,306
18,255,710
13,683,876
32,533,332
71,736
72,975,960
CDW LLC/CDW Finance Corp., 5.00%, | | | | |
09/01/2025 . . . . . . . . . . . . . . . . . . . . . . . | $ | 949,000 | $ | 986,566 |
Energy Equipment & Services-2.37% | | | | |
Archrock Partners L.P./Archrock Partners | | | | |
Finance Corp., 6.00%, 10/01/2022 . . . | | 10,308,000 | | 10,326,297 |
Nabors Industries, Inc., 5.00%, | | | | |
09/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | | 8,834,000 | | 8,881,593 |
Transocean, Inc., 6.50%, 11/15/2020 . . . | | 5,839,000 | | 5,826,665 |
| | | | 25,034,555 |
Food Products-0.12% | | | | |
TreeHouse Foods, Inc., 6.00%, | | | | |
02/15/2024(b) . . . . . . . . . . . . . . . . . . . . . | | 1,181,000 | | 1,221,845 |
Hotels, Restaurants & Leisure-0.75% | | | | |
Yum! Brands, Inc., 3.88%, 11/01/2020 . . | | 7,860,000 | | 7,921,996 |
Household Durables-0.52% | | | | |
Prestige Brands, Inc., 6.38%, | | | | |
03/01/2024(b) . . . . . . . . . . . . . . . . . . . . . | | 5,317,000 | | 5,492,009 |
Industrial Conglomerates-0.04% | | | | |
Icahn Enterprises L.P./Icahn Enterprises | | | | |
Finance Corp., 6.75%, 02/01/2024 . . . | | 387,000 | | 401,673 |
IT Services-1.41% | | | | |
Unisys Corp., 10.75%, 04/15/2022(b) . . . | | 13,942,000 | | 14,852,580 |
Machinery-1.64% | | | | |
Briggs & Stratton Corp., 6.88%, | | | | |
12/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | | 5,698,000 | | 5,287,174 |
Welbilt, Inc., 9.50%, 02/15/2024. . . . . . . . | | 11,341,000 | | 12,004,902 |
| | | | 17,292,076 |
Media-9.01% | | | | |
CCO Holdings LLC/CCO Holdings Capital | | | | |
Corp., 5.13%, 02/15/2023. . . . . . . . . . . | | 17,967,000 | | 18,146,490 |
CSC Holdings LLC, 10.88%, | | | | |
10/15/2025(b) . . . . . . . . . . . . . . . . . . . . . | | 39,848,000 | | 43,795,940 |
DISH DBS Corp., 5.13%, 05/01/2020 . . . . | | 32,891,000 | | 33,020,262 |
| | | | 94,962,692 |
Metals & Mining-0.29% | | | | |
Constellium SE, 6.63%, 03/01/2025(b) . . . | | 3,003,000 | | 3,067,084 |
Oil, Gas & Consumable Fuels-7.12% | | | | |
Chesapeake Energy Corp., 6.63%, | | | | |
08/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | | 5,828,000 | | 5,116,328 |
CITGO Petroleum Corp., 6.25%, | | | | |
08/15/2022(b) . . . . . . . . . . . . . . . . . . . . . | | 20,387,000 | | 20,437,825 |
DCP Midstream Operating L.P., 5.35%, | | | | |
03/15/2020(b) . . . . . . . . . . . . . . . . . . . . . | | 18,471,000 | | 18,494,435 |
Murphy Oil Corp., 6.88%, 08/15/2024 . . . | | 16,445,000 | | 16,436,531 |
Diversified Telecommunication Services-4.79% | |
CenturyLink, Inc., Series V, 5.63%, | | |
04/01/2020 . . . . . . . . . . . . . . . . . . . . . . . | 30,244,000 | 30,336,698 |
Level 3 Financing, Inc. | | |
5.63%, 02/01/2023 . . . . . . . . . . . . . . . . | 13,136,000 | 13,217,968 |
5.38%, 01/15/2024 . . . . . . . . . . . . . . . . | 6,997,000 | 7,000,044 |
| | 50,554,710 |
NuStar Logistics L.P., 4.80%, | | |
09/01/2020 . . . . . . . . . . . . . . . . . . . . . . . | 14,419,000 | 14,550,753 |
| | 75,035,872 |
Paper & Forest Products-0.54% | | |
Mercer International, Inc. (Germany), | | |
6.50%, 02/01/2024 . . . . . . . . . . . . . . . . | 5,554,000 | 5,702,097 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Pharmaceuticals-1.09% | | | |
Bausch Health Cos., Inc., 5.50%, | | | |
03/01/2023(b) . . . . . . . . . . . . . . . . . . . . . | $ 11,443,000 | $ 11,462,053 |
Professional Services-2.29% | | | |
Nielsen Finance LLC/Nielsen Finance Co., | | | |
4.50%, 10/01/2020 . . . . . . . . . . . . . . . . | 24,124,000 | 24,184,310 |
Software-6.13% | | | |
NortonLifeLock, Inc., 4.20%, | | | |
09/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | 15,452,000 | 15,522,869 |
Open Text Corp. (Canada), 5.63%, | | | |
01/15/2023(b) . . . . . . . . . . . . . . . . . . . . . | 21,524,000 | 21,807,041 |
PTC, Inc., 6.00%, 05/15/2024. . . . . . . . . . | 11,101,000 | 11,457,176 |
Solera LLC/Solera Finance, Inc., 10.50%, | | | |
03/01/2024(b) . . . . . . . . . . . . . . . . . . . . . | 14,931,000 | | 15,816,931 |
| | 64,604,017 |
Specialty Retail-1.25% | | | |
Caleres, Inc., 6.25%, 08/15/2023 . . . . . . . | 4,921,000 | 5,044,025 |
Penske Automotive Group, Inc., 3.75%, | | | |
08/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | 8,057,000 | | 8,100,407 |
| | 13,144,432 |
Technology Hardware, Storage & Peripherals-4.34% | | |
| Principal | |
| Amount | | Value |
Wireless Telecommunication Services-(continued) | |
T-Mobile USA, Inc. | | | |
6.00%, 03/01/2023 . . . . . . . . . . . . . . . . | $ 15,559,000 | $ 15,785,928 |
6.50%, 01/15/2024 . . . . . . . . . . . . . . . . | 5,722,000 | 5,872,145 |
6.00%, 04/15/2024 . . . . . . . . . . . . . . . . | 24,890,000 | 25,473,422 |
| | | 148,852,903 |
Total U.S. Dollar Denominated Bonds & Notes | |
(Cost $816,958,130) . . . . . . . . . . . . . . . | . . . . . . . . . . . . . | 815,963,285 |
U.S. Treasury Securities-20.88%
U.S. Treasury Bills-20.88%(c) | | | | |
1.52%–1.55%, 04/23/2020. . . . . . . . . . . . | 136,460,000 | | 136,193,607 |
1.48%–1.51%, 03/12/2020. . . . . . . . . . . . | 83,954,000 | | 83,919,742 |
Total U.S. Treasury Securities | | | | |
(Cost $220,067,785) . . . . . . . . . . . . . . . | . . . . . . . . . . . . . | | 220,113,349 |
| Shares | | |
Common Stocks & Other Equity Interests-0.03% | |
Consumer Finance-0.03% | | | | |
Stearns Holdings LLC(d)(e)(f) | | | | |
(Cost $353,155). . . . . . . . . . . . . . . . . . . . | 4,069,000 | | 352,215 |
Dell International LLC/EMC Corp., 5.88%, | | |
06/15/2021(b) . . . . . . . . . . . . . . . . . . . . . | 19,652,000 | 19,793,494 |
EMC Corp., 2.65%, 06/01/2020 . . . . . . . . | 16,693,000 | 16,658,779 |
Lexmark International, Inc., 7.13%, | | |
03/15/2020 . . . . . . . . . . . . . . . . . . . . . . . | 9,338,000 | 9,323,601 |
| | 45,775,874 |
Wireless Telecommunication Services-14.12% | |
Intelsat Jackson Holdings S.A. | | |
(Luxembourg), 8.00%, 02/15/2024(b) . | 40,763,000 | 41,867,066 |
Sprint Communications, Inc. | | |
7.00%, 03/01/2020(b). . . . . . . . . . . . . . . | 23,482,000 | 23,482,000 |
7.00%, 08/15/2020 . . . . . . . . . . . . . . . . | 35,619,000 | 36,372,342 |
Money Market Funds-0.91%
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(g) | |
(Cost $9,561,288) . . . . . . . . . . . . . . . . . . | 9,561,288 |
TOTAL INVESTMENTS IN SECURITIES-99.21%
(Cost $1,046,940,358) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-0.79% . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,561,288
1,045,990,137
8,361,372
$1,054,351,509
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)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $312,107,480, which represented 29.60% of the Fund's Net Assets.
(c)Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(d)Non-income producing security.
(e)Acquired as part of a bankruptcy restructuring.
(f)Security valued using significant unobservable inputs (Level 3). See Note 5.
(g)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 27.92 |
U.S. Treasury Securities | 20.88 |
| |
Information Technology | 11.97 |
Energy | 9.49 |
| |
Financials | 8.34 |
Industrials | 7.48 |
| |
Materials | 6.19 |
Consumer Discretionary | 4.82 |
| |
Sector Types Each Less Than 3% | 1.21 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.70 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-95.24% | |
Aerospace & Defense-1.72% | | | | |
Bombardier, Inc. (Canada), 8.75%, | | | | |
12/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | $18,475,000 | $ | 19,597,726 |
Airlines-0.63% | | | | |
Air Canada (Canada), 7.75%, | | | | |
04/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 6,826,000 | | | 7,135,900 |
Chemicals-1.06% | | | | |
WR Grace & Co.-Conn, 5.13%, | | | | |
10/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 11,785,000 | | | 12,120,872 |
Commercial Services & Supplies-1.81% | | | | |
ADT Security Corp. (The), 6.25%, | | | | |
10/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 16,790,000 | | | 17,537,827 |
R.R. Donnelley & Sons Co., 7.88%, | | | | |
03/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,054,000 | | | 3,150,659 |
| | | | 20,688,486 |
Communications Equipment-1.41% | | | | |
Hughes Satellite Systems Corp., 7.63%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 15,276,000 | | | 16,114,347 |
Construction Materials-0.47% | | | | |
CPG Merger Sub LLC, 8.00%, | | | | |
10/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 5,356,000 | | | 5,384,922 |
Consumer Finance-3.15% | | | | |
Navient Corp. | | | | |
5.88%, 03/25/2021 . . . . . . . . . . . . . . . . . | 10,608,000 | | | 10,844,028 |
6.63%, 07/26/2021 . . . . . . . . . . . . . . . . . | 13,327,000 | | | 13,750,399 |
Springleaf Finance Corp., 7.75%, | | | | |
10/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 10,656,000 | | | 11,373,575 |
| | | | 35,968,002 |
Containers & Packaging-0.69% | | | | |
Graphic Packaging International LLC, | | | | |
4.75%, 04/15/2021 . . . . . . . . . . . . . . . . . | 7,698,000 | | | 7,835,563 |
Distributors-0.69% | | | | |
American Builders & Contractors Supply | | | | |
Co., Inc., 5.88%, 05/15/2026(b). . . . . . . . | 7,600,000 | | | 7,883,100 |
Diversified Financial Services-0.45% | | | | |
Voyager Aviation Holdings LLC/Voyager | | | | |
Finance Co., 8.50%, 08/15/2021(b)(c) . . . | 5,054,000 | | | 5,106,562 |
Diversified Telecommunication Services-2.22% | | | |
CenturyLink, Inc., Series S, 6.45%, | | | | |
06/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 20,938,000 | | | 21,764,004 |
Cogent Communications Group, Inc., | | | | |
5.63%, 04/15/2021(b)(c) . . . . . . . . . . . . . . | 2,782,000 | | | 2,788,955 |
CommScope, Inc., 5.00%, 06/15/2021(b). . | 802,000 | | | 804,326 |
| | | | 25,357,285 |
Electric Utilities-1.48% | | | | |
Vistra Operations Co. LLC, 5.50%, | | | | |
09/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 16,652,000 | | | 16,883,921 |
Electrical Equipment-0.90% | | | | |
Sensata Technologies UK Financing Co. | | | | |
PLC, 6.25%, 02/15/2026(b) . . . . . . . . . . . | 9,840,000 | | | 10,308,876 |
| Principal | | | |
| Amount | | | Value |
Energy Equipment & Services-2.61% | | | | |
Forum Energy Technologies, Inc., 6.25%, | | | | |
10/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | $ 5,445,000 | $ | 4,589,591 |
Nabors Industries, Inc., 4.63%, | | | | |
09/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 10,594,000 | | | 10,564,866 |
Tervita Escrow Corp. (Canada), 7.63%, | | | | |
12/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 10,478,000 | | | 10,606,355 |
Transocean, Inc., 8.38%, 12/15/2021(c) . . | 3,990,000 | | | 4,061,421 |
| | | | 29,822,233 |
Entertainment-1.68% | | | | |
Guitar Center Escrow Issuer, Inc., 9.50%, | | | | |
10/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 10,481,000 | | | 10,055,995 |
Live Nation Entertainment, Inc., 5.63%, | | | | |
03/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 255,000 | | | 262,739 |
Netflix, Inc., 5.38%, 02/01/2021 . . . . . . . . . | 8,607,000 | | | 8,798,506 |
| | | | 19,117,240 |
Equity REITs-1.53% | | | | |
HAT Holdings I LLC/HAT Holdings II LLC, | | | | |
5.25%, 07/15/2024(b). . . . . . . . . . . . . . . . | 7,926,000 | | | 8,299,195 |
Iron Mountain, Inc., 4.38%, | | | | |
06/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 9,188,000 | | | 9,176,699 |
| | | | 17,475,894 |
Food Products-0.40% | | | | |
Simmons Foods, Inc., 7.75%, | | | | |
01/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . | 4,306,000 | | | 4,576,912 |
Gas Utilities-0.61% | | | | |
Ferrellgas L.P./Ferrellgas Finance Corp., | | | | |
6.50%, 05/01/2021(c) . . . . . . . . . . . . . . . . | 8,088,000 | | | 6,979,135 |
Health Care Providers & Services-2.07% | | | | |
HCA Healthcare, Inc., 6.25%, | | | | |
02/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 17,885,000 | | | 18,590,116 |
Owens & Minor, Inc., 3.88%, | | | | |
09/15/2021(c). . . . . . . . . . . . . . . . . . . . . . . | 5,140,000 | | | 5,000,706 |
| | | | 23,590,822 |
Hotels, Restaurants & Leisure-9.71% | | | | |
Boyd Gaming Corp., 6.38%, 04/01/2026 . . | 12,360,000 | | | 12,908,166 |
Boyne USA, Inc., 7.25%, 05/01/2025(b) . . . | 8,197,000 | | | 8,794,684 |
Hilton Domestic Operating Co., Inc., | | | | |
5.13%, 05/01/2026 . . . . . . . . . . . . . . . . . | 19,104,000 | | | 19,666,565 |
KFC Holding Co./Pizza Hut Holdings LLC/ | | | | |
Taco Bell of America LLC, 5.25%, | | | | |
06/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 16,112,000 | | | 16,515,364 |
Marriott Ownership Resorts, Inc./ILG LLC, | | | | |
6.50%, 09/15/2026 . . . . . . . . . . . . . . . . . | 12,425,000 | | | 13,380,184 |
Scientific Games International, Inc., 6.63%, | | | | |
05/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,411,000 | | | 5,419,928 |
Stars Group Holdings B.V./Stars Group US | | | | |
Co-Borrower LLC (Canada), 7.00%, | | | | |
07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 14,618,000 | | | 15,741,394 |
Wyndham Destinations, Inc., 5.63%, | | | | |
03/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 4,009,000 | | | 4,110,548 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Hotels, Restaurants & Leisure-(continued) | | | | |
Wyndham Hotels & Resorts, Inc., 5.38%, | | | | |
04/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | $ 7,699,000 | $ | 7,998,703 |
Yum! Brands, Inc., 3.75%, 11/01/2021 . . . | 6,298,000 | | | 6,326,026 |
| | | | 110,861,562 |
Household Durables-1.18% | | | | |
KB Home, 7.00%, 12/15/2021 . . . . . . . . . . | 7,627,000 | | | 8,116,272 |
Lennar Corp., 8.38%, 01/15/2021 . . . . . . . | 8,000 | | | 8,372 |
TRI Pointe Group, Inc., 4.88%, | | | | |
07/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,145,000 | | | 5,275,683 |
| | | | 13,400,327 |
Independent Power and Renewable Electricity Producers-4.94% |
AES Andres B.V./Dominican Power | | | | |
Partners/Empresa Generadora de | | | | |
Electricidad Itabo S.A. (Dominican | | | | |
Republic), 7.95%, 05/11/2026(b). . . . . . . | 4,606,000 | | | 4,917,400 |
Clearway Energy Operating LLC, 5.75%, | | | | |
10/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . | 9,887,000 | | | 10,237,148 |
Enviva Partners L.P./Enviva Partners | | | | |
Finance Corp., 6.50%, 01/15/2026(b) . . . | 1,775,000 | | | 1,850,473 |
NRG Energy, Inc. | | | | |
7.25%, 05/15/2026 . . . . . . . . . . . . . . . . . | 17,002,000 | | | 18,054,424 |
6.63%, 01/15/2027 . . . . . . . . . . . . . . . . . | 20,415,000 | | | 21,322,855 |
| | | | 56,382,300 |
Insurance-1.68% | | | | |
Genworth Holdings, Inc. | | | | |
7.20%, 02/15/2021(c) . . . . . . . . . . . . . . . . | 7,225,000 | | | 7,318,203 |
7.63%, 09/24/2021(c) . . . . . . . . . . . . . . . . | 11,544,000 | | | 11,879,584 |
| | | | 19,197,787 |
IT Services-1.04% | | | | |
Vericast Corp., 9.25%, 03/01/2021(b)(c) . . . | 11,834,000 | | | 11,863,585 |
Life Sciences Tools & Services-0.05% | | | | |
Charles River Laboratories International, | | | | |
Inc., 5.50%, 04/01/2026(b) . . . . . . . . . . . | 514,000 | | | 541,626 |
Media-14.53% | | | | |
Altice Financing S.A. (Luxembourg), | | | | |
7.50%, 05/15/2026(b). . . . . . . . . . . . . . . . | 37,103,000 | | | 39,212,305 |
CCO Holdings LLC/CCO Holdings Capital | | | | |
Corp. | | | | |
5.75%, 02/15/2026(b). . . . . . . . . . . . . . . . | 19,349,000 | | | 20,152,951 |
5.88%, 05/01/2027(b). . . . . . . . . . . . . . . . | 4,470,000 | | | 4,658,288 |
CSC Holdings LLC, 6.75%, 11/15/2021 . . . | 16,810,000 | | | 17,823,139 |
DISH DBS Corp., 6.75%, 06/01/2021 . . . . . | 34,247,000 | | | 35,525,440 |
Lamar Media Corp., 5.75%, 02/01/2026 . . | 10,889,000 | | | 11,345,249 |
Meredith Corp., 6.88%, 02/01/2026. . . . . . | 20,931,000 | | | 21,047,115 |
Sirius XM Radio, Inc., 5.38%, | | | | |
07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 10,508,000 | | | 10,900,211 |
TEGNA, Inc., 4.88%, 09/15/2021(b) . . . . . . | 5,219,000 | | | 5,233,248 |
| | | | 165,897,946 |
Metals & Mining-1.85% | | | | |
AK Steel Corp., 7.63%, 10/01/2021(c) . . . . | 6,630,000 | | | 6,636,299 |
Alcoa Nederland Holding B.V., 7.00%, | | | | |
09/30/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 6,469,000 | | | 6,852,935 |
| Principal | | | |
| Amount | | | Value |
Metals & Mining-(continued) | | | | |
Century Aluminum Co., 7.50%, | | | | |
06/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | $ 4,286,000 | $ | 4,266,284 |
Freeport-McMoRan, Inc., 4.00%, | | | | |
11/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 3,284,000 | | | 3,393,686 |
| | | | 21,149,204 |
Mortgage REITs-1.48% | | | | |
Ladder Capital Finance Holdings LLLP/ | | | | |
Ladder Capital Finance Corp., 5.88%, | | | | |
08/01/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 4,707,000 | | | 4,761,837 |
Starwood Property Trust, Inc., 5.00%, | | | | |
12/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 12,224,000 | | | 12,114,228 |
| | | | 16,876,065 |
Multiline Retail-0.47% | | | | |
DriveTime Automotive Group, | | | | |
Inc./Bridgecrest Acceptance Corp., | | | | |
8.00%, 06/01/2021(b). . . . . . . . . . . . . . . . | 5,376,000 | | | 5,372,640 |
Oil, Gas & Consumable Fuels-7.45% | | | | |
American Midstream Partners | | | | |
L.P./American Midstream Finance Corp., | | | | |
9.50%, 12/15/2021(b) . . . . . . . . . . . . . . . | 7,152,000 | | | 7,101,221 |
Antero Resources Corp., 5.38%, | | | | |
11/01/2021(c). . . . . . . . . . . . . . . . . . . . . . . | 16,354,000 | | | 13,707,596 |
Chesapeake Energy Corp., 6.13%, | | | | |
02/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,873,000 | | | 4,010,672 |
DCP Midstream Operating L.P., 4.75%, | | | | |
09/30/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 8,272,000 | | | 8,242,634 |
Denbury Resources, Inc., 9.00%, | | | | |
05/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 10,392,000 | | | 9,116,382 |
Great Western Petroleum LLC/Great | | | | |
Western Finance Corp., 9.00%, | | | | |
09/30/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 4,479,000 | | | 4,044,089 |
Hess Midstream Operations L.P., 5.63%, | | | | |
02/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 11,679,000 | | | 11,677,161 |
Martin Midstream Partners L.P./Martin | | | | |
Midstream Finance Corp., 7.25%, | | | | |
02/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 6,320,000 | | | 5,864,328 |
NuStar Logistics L.P., 6.75%, | | | | |
02/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 5,701,000 | | | 5,832,123 |
QEP Resources, Inc., 6.88%, 03/01/2021 . | 6,820,000 | | | 6,703,378 |
Whiting Petroleum Corp., 5.75%, | | | | |
03/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 15,221,000 | | | 8,786,322 |
| | | | 85,085,906 |
Paper & Forest Products-0.91% | | | | |
Eldorado International Finance GmbH | | | | |
(Brazil), 8.63%, 06/16/2021(b) . . . . . . . . | 4,000,000 | | | 4,146,640 |
Mercer International, Inc. (Germany), | | | | |
7.38%, 01/15/2025 . . . . . . . . . . . . . . . . . | 6,166,000 | | | 6,226,365 |
| | | | 10,373,005 |
Personal Products-1.46% | | | | |
Edgewell Personal Care Co., 4.70%, | | | | |
05/19/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 10,047,000 | | | 10,187,658 |
Revlon Consumer Products Corp., 5.75%, | | | | |
02/15/2021(c). . . . . . . . . . . . . . . . . . . . . . . | 7,361,000 | | | 6,494,242 |
| | | | 16,681,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Pharmaceuticals-2.43% | | | |
Bausch Health Cos., Inc., 9.00%, | | | |
12/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . | $24,794,000 | $ 27,669,112 |
Real Estate Management & Development-0.88% | | |
Realogy Group LLC/Realogy Co.-Issuer | | | |
Corp., 5.25%, 12/01/2021(b) . . . . . . . . . . | 9,962,000 | 10,034,224 |
Semiconductors & Semiconductor Equipment-1.34% | | |
Qorvo, Inc., 5.50%, 07/15/2026 . . . . . . . . . | 14,801,000 | 15,317,170 |
Software-2.10% | | | |
CDK Global, Inc., 5.88%, 06/15/2026. . . . . | 8,262,000 | 8,659,815 |
Open Text Corp. (Canada), 5.88%, | | | |
06/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 14,448,000 | | 15,324,271 |
| | 23,984,086 |
Specialty Retail-1.65% | | | |
Gamestop Corp., 6.75%, 03/15/2021(b)(c) . | 7,666,000 | 7,265,835 |
L Brands, Inc., 6.63%, 04/01/2021. . . . . . . | 11,112,000 | | 11,603,150 |
| | 18,868,985 |
Technology Hardware, Storage & Peripherals-2.16% | | |
Principal
Amount
Wireless Telecommunication Services-8.24%
Sprint Communications, Inc., 11.50%,
11/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . $17,455,000
Sprint Corp., 7.25%, 09/15/2021 . . . . . . . . 37,092,000
T-Mobile USA, Inc., 6.50%, 01/15/2026. . . 32,864,000
Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,103,644,802) . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares
Money Market Funds-2.21%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(d)
(Cost $25,172,938) . . . . . . . . . . . . . . . . . . 25,172,938
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-97.45%
(Cost $1,128,817,740) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value
$19,974,106
39,435,102
34,659,452
94,068,660
1,087,203,653
25,172,938
1,112,376,591
Dell, Inc., 4.63%, 04/01/2021(c) . . . . . . . . . | 6,674,000 | 6,761,763 |
Xerox Corp., 4.50%, 05/15/2021 . . . . . . . . | 17,576,000 | 17,917,326 |
| | 24,679,089 |
Textiles, Apparel & Luxury Goods-0.30% | | |
J Crew Brand LLC/J Crew Brand Corp., | | |
13.00%, 09/15/2021(b) . . . . . . . . . . . . . . | 3,323,000 | 3,447,613 |
Thrifts & Mortgage Finance-1.22% | | |
Nationstar Mortgage Holdings, Inc., 9.13%, | | |
07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . | 12,875,000 | 13,959,976 |
Tobacco-0.40% | | |
Pyxus International, Inc., 8.50%, | | |
04/15/2021(b) . . . . . . . . . . . . . . . . . . . . . . | 4,739,000 | 4,584,983 |
Trading Companies & Distributors-2.19% | | |
United Rentals North America, Inc., 5.88%, | | |
09/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . | 16,972,000 | 17,905,036 |
WESCO Distribution, Inc., 5.38%, | | |
12/15/2021 . . . . . . . . . . . . . . . . . . . . . . . . | 7,014,000 | 7,053,068 |
| | 24,958,104 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.81%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e) . . . . . . . . . . | 32,653,981 | 32,653,981 | |
Invesco Liquid Assets Portfolio, | | | |
Institutional Class, 1.64%(d)(e) . . . . . . . . . . | 10,879,233 | 10,884,672 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $43,537,827) . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 43,538,653 | |
TOTAL INVESTMENTS IN SECURITIES-101.26% | | |
(Cost $1,172,355,567) . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 1,155,915,244 | |
OTHER ASSETS LESS LIABILITIES-(1.26)%. . . | . . . . . . . . . . . | (14,423,963) |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | $1,141,491,281 | |
| | | |
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)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $427,241,124, which represented 37.43% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 26.67 |
Consumer Discretionary | 13.53 |
| |
Energy | 10.06 |
Information Technology | 8.05 |
| |
Financials | 7.98 |
Industrials | 7.72 |
| |
Utilities | 7.03 |
Materials | 4.98 |
| |
Health Care | 4.55 |
Sector Types Each Less Than 3% | 4.67 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 4.76 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-97.37% | | |
Aerospace & Defense-2.37% | | | | |
Bombardier, Inc. (Canada) | | | | |
5.75%, 03/15/2022(b) . . . . . . . . . . . . . . . . . | $ 3,542,000 | | $ | 3,619,145 |
6.00%, 10/15/2022(b) . . . . . . . . . . . . . . . . . | 8,686,000 | | | 8,533,995 |
TransDigm, Inc., 7.50%, 03/15/2027. . . . . . . | 3,876,000 | | | 4,091,699 |
Triumph Group, Inc., 5.25%, 06/01/2022 . . . | 1,958,000 | | | 1,918,229 |
| | | | 18,163,068 |
Air Freight & Logistics-0.76% | | | | |
XPO Logistics, Inc., 6.50%, 06/15/2022(b) . . | 5,838,000 | | | 5,844,889 |
Airlines-0.38% | | | | |
United Airlines Holdings, Inc., 4.25%, | | | | |
10/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,891,000 | | | 2,894,614 |
Auto Components-2.08% | | | | |
American Axle & Manufacturing, Inc., 6.63%, | | | | |
10/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,328,000 | | | 2,344,733 |
Hertz Corp. (The) | | | | |
7.63%, 06/01/2022(b) . . . . . . . . . . . . . . . . . | 9,860,000 | | | 9,958,600 |
6.25%, 10/15/2022 . . . . . . . . . . . . . . . . . . . | 3,732,000 | | | 3,657,782 |
| | | | 15,961,115 |
Automobiles-0.41% | | | | |
Mclaren Finance PLC (United Kingdom), | | | | |
5.75%, 08/01/2022(b) . . . . . . . . . . . . . . . . . | 3,402,000 | | | 3,116,402 |
Beverages-0.44% | | | | |
Ajecorp B.V. (Spain), 6.50%, 05/14/2022(b) . | 3,402,000 | | | 3,339,703 |
Building Products-0.14% | | | | |
Griffon Corp., 5.25%, 03/01/2022 . . . . . . . . . | 1,061,000 | | | 1,063,645 |
Capital Markets-1.49% | | | | |
APX Group, Inc., 7.88%, 12/01/2022(c) . . . . . | 6,862,000 | | | 6,982,040 |
MSCI, Inc., 5.38%, 05/15/2027(b) . . . . . . . . . . | 4,164,000 | | | 4,465,151 |
| | | | 11,447,191 |
Chemicals-1.86% | | | | |
Ashland LLC, 4.75%, 08/15/2022 . . . . . . . . . | 7,602,000 | | | 7,925,085 |
Cooke Omega Investment, Inc./Alpha | | | | |
VesselCo. Holdings Inc. (Canada), 8.50%, | | | | |
12/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,320,000 | | | 2,384,524 |
Kissner Holdings L.P./Kissner Milling Co. | | | | |
Ltd./BSC Holding, Inc./Kissner USA | | | | |
(Canada), 8.38%, 12/01/2022(b) . . . . . . . . | 2,500,000 | | | 2,620,625 |
Olin Corp., 5.50%, 08/15/2022(c) . . . . . . . . . . | 1,260,000 | | | 1,332,843 |
| | | | 14,263,077 |
Commercial Services & Supplies-2.54% | | | | |
ADT Security Corp. (The), 3.50%, | | | | |
07/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,046,000 | | | 7,048,065 |
Clean Harbors, Inc., 4.88%, 07/15/2027(b) . . | 4,144,000 | | | 4,336,903 |
GFL Environmental, Inc. (Canada) | | | | |
5.63%, 05/01/2022(b) . . . . . . . . . . . . . . . . . | 2,168,000 | | | 2,201,196 |
5.13%, 12/15/2026(b) . . . . . . . . . . . . . . . . . | 1,970,000 | | | 2,043,875 |
Midas Intermediate Holdco II LLC/Midas | | | | |
Intermediate Holdco II Finance, Inc., | | | | |
7.88%, 10/01/2022(b) . . . . . . . . . . . . . . . . . | 2,023,000 | | | 1,949,035 |
Quad/Graphics, Inc., 7.00%, 05/01/2022(c). . | 1,982,000 | | | 1,910,771 |
| | | | 19,489,845 |
| Principal | | |
| Amount | | Value |
Construction & Engineering-1.11% | | | |
AECOM Global II LLC/URS Fox US L.P., | | | |
5.00%, 04/01/2022 . . . . . . . . . . . . . . . . . . . | $ 1,591,000 | $ 1,646,685 |
Great Lakes Dredge & Dock Corp., 8.00%, | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,188,000 | 3,343,932 |
New Enterprise Stone & Lime Co., Inc., | | | |
10.13%, 04/01/2022(b) . . . . . . . . . . . . . . . . | 1,598,000 | 1,672,406 |
Williams Scotsman International, Inc., 7.88%, | | | |
12/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,749,000 | | 1,823,878 |
| | 8,486,901 |
Consumer Finance-2.86% | | | |
Navient Corp. | | | |
7.25%, 01/25/2022 . . . . . . . . . . . . . . . . . . . | 5,210,000 | 5,492,799 |
6.50%, 06/15/2022 . . . . . . . . . . . . . . . . . . . | 7,084,000 | 7,402,780 |
SLM Corp., 5.13%, 04/05/2022 . . . . . . . . . . . | 1,545,000 | 1,579,762 |
Springleaf Finance Corp., 6.13%, | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,055,000 | | 7,454,454 |
| | 21,929,795 |
Containers & Packaging-3.37% | | | |
Ardagh Packaging Finance PLC/Ardagh | | | |
Holdings USA, Inc., 4.25%, | | | |
09/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,276,000 | 4,271,780 |
Ball Corp., 5.00%, 03/15/2022 . . . . . . . . . . . . | 7,147,000 | 7,463,469 |
Berry Global, Inc., 5.50%, 05/15/2022 . . . . . | 3,544,000 | 3,570,555 |
Graphic Packaging International LLC, 4.88%, | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,651,000 | 2,771,122 |
LABL Escrow Issuer LLC, 6.75%, | | | |
07/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . | 647,000 | 679,075 |
Owens-Brockway Glass Container, Inc., | | | |
5.00%, 01/15/2022(b) . . . . . . . . . . . . . . . . . | 4,254,000 | 4,389,192 |
Sealed Air Corp., 4.88%, 12/01/2022(b) . . . . | 2,581,000 | | 2,685,045 |
| | 25,830,238 |
Distributors-0.23% | | | |
SunOpta Foods, Inc., 9.50%, 10/09/2022(b) . | 1,768,000 | 1,772,420 |
Diversified Financial Services-0.71% | | | |
Allied Universal Holdco LLC/Allied Universal | | | |
Finance Corp., 6.63%, 07/15/2026(b) . . . . | 2,981,000 | 3,131,910 |
Oxford Finance LLC/Oxford Finance | | | |
Co-Issuer II, Inc., 6.38%, 12/15/2022(b) . . | 2,236,000 | | 2,300,983 |
| | 5,432,893 |
Diversified Telecommunication Services-4.27% | | |
CenturyLink, Inc., Series T, 5.80%, | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,892,000 | 10,333,974 |
Cogent Communications Group, Inc., 5.38%, | | | |
03/01/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,130,000 | 3,217,052 |
Level 3 Financing, Inc., 5.38%, 08/15/2022 . | 6,012,000 | 6,043,563 |
Numericable-SFR S.A. (France), 8.13%, | | | |
02/01/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . | 12,000,000 | | 13,099,560 |
| | 32,694,149 |
Energy Equipment & Services-1.47% | | | |
Borets Finance DAC (Russia), 6.50%, | | | |
04/07/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,304,000 | 2,392,128 |
CSI Compressco L.P./CSI Compressco | | | |
Finance, Inc., 7.25%, 08/15/2022 . . . . . . . | 2,558,000 | 2,307,797 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Energy Equipment & Services-(continued) | | | |
Summit Midstream Holdings LLC/Summit | | | |
Midstream Finance Corp., 5.50%, | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 2,261,000 | $ 1,942,339 |
Valaris PLC, 4.88%, 06/01/2022 . . . . . . . . . . | 3,177,000 | 2,073,984 |
Welltec A/S (Denmark), 9.50%, | | | |
12/01/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,500,000 | | 2,532,030 |
| | 11,248,278 |
Entertainment-0.68% | | | |
Netflix, Inc., 5.50%, 02/15/2022. . . . . . . . . . . | 4,939,000 | 5,190,642 |
Equity REITs-1.89% | | | |
CoreCivic, Inc., 5.00%, 10/15/2022 . . . . . . . . | 1,983,000 | 2,043,109 |
GEO Group, Inc. (The), 5.88%, 01/15/2022 . | 1,605,000 | 1,597,476 |
iStar, Inc., 5.25%, 09/15/2022 . . . . . . . . . . . . | 2,805,000 | 2,861,975 |
Mack-Cali Realty L.P., 4.50%, 04/18/2022 . . | 2,647,000 | 2,728,998 |
SBA Communications Corp., 4.00%, | | | |
10/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,193,000 | | 5,263,173 |
| | 14,494,731 |
Food & Staples Retailing-1.48% | | | |
C&S Group Enterprises LLC, 5.38%, | | | |
07/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,108,000 | 3,162,701 |
Performance Food Group, Inc., 5.50%, | | | |
10/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . | 7,752,000 | | 8,197,934 |
| | 11,360,635 |
Food Products-2.32% | | | |
Pilgrim's Pride Corp., 5.88%, 09/30/2027(b) . | 6,221,000 | 6,458,331 |
Post Holdings, Inc. | | | |
5.75%, 03/01/2027(b) . . . . . . . . . . . . . . . . . | 2,676,000 | 2,790,981 |
5.63%, 01/15/2028(b) . . . . . . . . . . . . . . . . . | 5,810,000 | 6,083,419 |
TreeHouse Foods, Inc., 4.88%, 03/15/2022 . | 2,484,000 | | 2,484,775 |
| | 17,817,506 |
Gas Utilities-0.36% | | | |
Ferrellgas L.P./Ferrellgas Finance Corp., | | | |
6.75%, 01/15/2022(c) . . . . . . . . . . . . . . . . . | 3,263,000 | 2,750,095 |
Health Care Equipment & Supplies-1.32% | | | |
Avanos Medical, Inc., 6.25%, 10/15/2022 . . | 1,419,000 | 1,430,085 |
Immucor, Inc., 11.13%, 02/15/2022(b) . . . . . | 2,996,000 | 2,974,465 |
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical | | | |
Diagnostics S.A., 6.63%, 05/15/2022(b) . . | 2,217,000 | 2,205,235 |
Teleflex, Inc., 4.63%, 11/15/2027 . . . . . . . . . | 3,300,000 | | 3,469,125 |
| | 10,078,910 |
Health Care Providers & Services-7.85% | | | |
Acadia Healthcare Co., Inc., 5.13%, | | | |
07/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,687,000 | 1,691,744 |
HCA, Inc., 7.50%, 02/15/2022 . . . . . . . . . . . . | 15,988,000 | 17,698,396 |
Molina Healthcare, Inc., 5.38%, | | | |
11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,680,000 | 5,921,400 |
Tenet Healthcare Corp. | | | |
8.13%, 04/01/2022 . . . . . . . . . . . . . . . . . . . | 19,324,000 | 20,970,985 |
4.88%, 01/01/2026(b) . . . . . . . . . . . . . . . . . | 13,588,000 | | 13,859,760 |
| | 60,142,285 |
Hotels, Restaurants & Leisure-4.73% | | | |
CCM Merger, Inc., 6.00%, 03/15/2022(b) . . . | 1,958,000 | 1,982,475 |
CEC Entertainment, Inc., 8.00%, | | | |
02/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,896,000 | 1,844,452 |
Cinemark USA, Inc., 5.13%, 12/15/2022 . . . | 2,346,000 | 2,352,597 |
| Principal | | |
| Amount | | Value |
Hotels, Restaurants & Leisure-(continued) | | | |
Hilton Worldwide Finance LLC/Hilton | | | |
Worldwide Finance Corp., 4.88%, | | | |
04/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 3,860,000 | $ 3,953,991 |
International Game Technology PLC, 6.25%, | | | |
02/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 10,000,000 | 10,319,700 |
MGM Resorts International, 7.75%, | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,011,000 | 7,671,997 |
Six Flags Entertainment Corp., 5.50%, | | | |
04/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,330,000 | 3,186,310 |
Wyndham Destinations, Inc., 4.25%, | | | |
03/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,015,000 | | 4,964,815 |
| | 36,276,337 |
Household Durables-1.56% | | | |
Brookfield Residential Properties, | | | |
Inc./Brookfield Residential US Corp. | | | |
(Canada), 6.13%, 07/01/2022(b) . . . . . . . . | 3,897,000 | 3,950,194 |
KB Home, 7.50%, 09/15/2022 . . . . . . . . . . . . | 2,938,000 | 3,306,167 |
Meritage Homes Corp., 7.00%, 04/01/2022 . | 1,854,000 | 2,012,168 |
New Home Co., Inc. (The), 7.25%, | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,644,000 | | 2,691,095 |
| | 11,959,624 |
Industrial Conglomerates-2.44% | | | |
Icahn Enterprises L.P./Icahn Enterprises | | | |
Finance Corp. | | | |
6.25%, 02/01/2022 . . . . . . . . . . . . . . . . . . . | 8,321,000 | 8,478,267 |
6.25%, 05/15/2026 . . . . . . . . . . . . . . . . . . . | 9,953,000 | | 10,221,572 |
| | 18,699,839 |
Interactive Media & Services-0.05% | | | |
Cumulus Media New Holdings, Inc., 6.75%, | | | |
07/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . | 342,000 | 355,791 |
IT Services-0.88% | | | |
Atento Luxco 1 S.A. (Spain), 6.13%, | | | |
08/10/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,327,000 | 3,310,365 |
Vericast Corp., 8.38%, 08/15/2022(b) . . . . . . | 4,120,000 | | 3,431,185 |
| | 6,741,550 |
Machinery-0.25% | | | |
Enerpac Tool Group Corp., 5.63%, | | | |
06/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,864,000 | 1,878,561 |
Media-12.10% | | | |
AMC Networks, Inc., 4.75%, 12/15/2022 . . . | 4,140,000 | 4,178,419 |
Cablevision Systems Corp., 5.88%, | | | |
09/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,434,000 | 4,664,258 |
CCO Holdings LLC/CCO Holdings Capital | | | |
Corp. | | | |
5.25%, 09/30/2022 . . . . . . . . . . . . . . . . . . . | 8,308,000 | 8,413,761 |
5.00%, 02/01/2028(b) . . . . . . . . . . . . . . . . . | 15,705,000 | 16,362,254 |
Clear Channel Worldwide Holdings, Inc., | | | |
5.13%, 08/15/2027(b) . . . . . . . . . . . . . . . . . | 10,166,000 | 10,212,459 |
CSC Holdings LLC, 5.50%, 04/15/2027(b) . . . | 7,000,000 | 7,380,450 |
DISH DBS Corp., 5.88%, 07/15/2022. . . . . . . | 13,816,000 | 14,440,898 |
Lee Enterprises, Inc., 9.50%, | | | |
03/15/2022(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 2,585,000 | 2,591,462 |
Sirius XM Radio, Inc., 3.88%, 08/01/2022(b) . | 6,867,000 | 6,867,845 |
Urban One, Inc., 7.38%, 04/15/2022(b) . . . . . | 2,781,000 | 2,767,963 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Media-(continued) | | | |
Videotron Ltd. (Canada) | | | |
5.00%, 07/15/2022 . . . . . . . . . . . . . . . . . . . | $ 5,844,000 | $ 6,048,557 |
5.13%, 04/15/2027(b) . . . . . . . . . . . . . . . . . | 391,000 | 410,952 |
Ziggo B.V. (Netherlands), 5.50%, | | | |
01/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . | 8,105,000 | | 8,363,468 |
| | 92,702,746 |
Metals & Mining-3.56% | | | |
Compass Minerals International, Inc., 6.75%, | | | |
12/01/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,077,000 | 2,205,462 |
Freeport-McMoRan, Inc., 3.55%, | | | |
03/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,059,000 | 13,198,470 |
Joseph T Ryerson & Son, Inc., 11.00%, | | | |
05/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,140,000 | 4,305,629 |
Mountain Province Diamonds, Inc. (Canada), | | | |
8.00%, 12/15/2022(b) . . . . . . . . . . . . . . . . . | 1,989,000 | 1,946,137 |
New Gold, Inc. (Canada), 6.25%, | | | |
11/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,450,000 | 3,484,478 |
Taseko Mines Ltd. (Canada), 8.75%, | | | |
06/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,337,000 | | 2,109,872 |
| | 27,250,048 |
Mortgage REITs-0.42% | | | |
Ladder Capital Finance Holdings LLLP/ | | | |
Ladder Capital Finance Corp., 5.25%, | | | |
03/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,159,000 | 3,230,055 |
Oil, Gas & Consumable Fuels-8.20% | | | |
Antero Resources Corp., 5.13%, | | | |
12/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,177,000 | 3,840,735 |
Ascent Resources Utica Holdings LLC/ARU | | | |
Finance Corp., 10.00%, 04/01/2022(b) . . . | 6,701,000 | 5,727,435 |
Athabasca Oil Corp. (Canada), 9.88%, | | | |
02/24/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,160,000 | 2,588,236 |
Blue Racer Midstream LLC/Blue Racer | | | |
Finance Corp., 6.13%, 11/15/2022(b) . . . . | 5,710,000 | 5,230,474 |
Calumet Specialty Products Partners | | | |
L.P./Calumet Finance Corp., 7.63%, | | | |
01/15/2022(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,616,000 | 2,595,564 |
CNX Resources Corp., 5.88%, 04/15/2022 . . | 5,908,000 | 5,457,810 |
DCP Midstream Operating L.P., 4.95%, | | | |
04/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,877,000 | 2,935,438 |
Denbury Resources, Inc., 9.25%, | | | |
03/31/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,127,000 | 2,510,393 |
HighPoint Operating Corp., 7.00%, | | | |
10/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,498,000 | 2,180,284 |
Murphy Oil Corp., 4.45%, 12/01/2022. . . . . . | 2,219,000 | 2,272,352 |
NuStar Logistics L.P., 4.75%, 02/01/2022 . . | 2,174,000 | 2,223,593 |
Oasis Petroleum, Inc., 6.88%, 03/15/2022 . . | 6,316,000 | 4,973,850 |
Peabody Energy Corp., 6.00%, | | | |
03/31/2022(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 3,190,000 | 2,733,830 |
QEP Resources, Inc., 5.38%, 10/01/2022 . . . | 3,191,000 | 2,918,770 |
Range Resources Corp. | | | |
5.88%, 07/01/2022(c) . . . . . . . . . . . . . . . . . | 2,179,000 | 1,862,365 |
5.00%, 08/15/2022 . . . . . . . . . . . . . . . . . . . | 3,651,000 | 3,002,948 |
SM Energy Co., 6.13%, 11/15/2022 . . . . . . . | 2,371,000 | 2,128,712 |
Southwestern Energy Co., 4.10%, | | | |
03/15/2022(c) . . . . . . . . . . . . . . . . . . . . . . . . | 1,617,000 | 1,556,867 |
| Principal | | |
| Amount | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | |
Targa Resources Partners L.P./Targa | | | |
Resources Partners Finance Corp., 6.50%, | | | |
07/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,000,000 | $ 4,185,000 |
Teine Energy Ltd. (Canada), 6.88%, | | | |
09/30/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,956,000 | | 1,951,720 |
| | 62,876,376 |
Personal Products-1.36% | | | |
Avon International Capital PLC (United | | | |
Kingdom), 6.50%, 08/15/2022(b) . . . . . . . . | 2,521,000 | 2,594,391 |
Avon International Operations, Inc. (United | | | |
Kingdom), 7.88%, 08/15/2022(b) . . . . . . . . | 3,504,000 | 3,574,406 |
Edgewell Personal Care Co., 4.70%, | | | |
05/24/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,173,000 | | 4,283,055 |
| | 10,451,852 |
Pharmaceuticals-4.78% | | | |
Bausch Health Americas, Inc. | | | |
9.25%, 04/01/2026(b) . . . . . . . . . . . . . . . . . | 10,301,000 | 11,528,570 |
8.50%, 01/31/2027(b) . . . . . . . . . . . . . . . . . | 12,116,000 | 13,350,015 |
Bausch Health Cos., Inc., 6.50%, | | | |
03/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 8,636,000 | 8,765,108 |
Endo Finance LLC, 5.75%, 01/15/2022(b) . . . | 3,607,000 | | 2,975,775 |
| | 36,619,468 |
Professional Services-2.20% | | | |
Nielsen Finance LLC/Nielsen Finance Co., | | | |
5.00%, 04/15/2022(b) . . . . . . . . . . . . . . . . . | 16,909,000 | 16,883,975 |
Semiconductors & Semiconductor Equipment-0.38% | | |
Advanced Micro Devices, Inc., 7.50%, | | | |
08/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,602,000 | 2,923,186 |
Software-1.49% | | | |
CDK Global, Inc., 4.88%, 06/01/2027 . . . . . . | 391,000 | 403,638 |
Infor (US), Inc., 6.50%, 05/15/2022 . . . . . . . | 10,953,000 | | 10,988,269 |
| | 11,391,907 |
Specialty Retail-2.93% | | | |
Conn's, Inc., 7.25%, 07/15/2022(c) . . . . . . . . | 1,964,000 | 1,944,973 |
Group 1 Automotive, Inc., 5.00%, | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,520,000 | 4,514,382 |
Hillman Group, Inc. (The), 6.38%, | | | |
07/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,260,000 | 2,033,295 |
L Brands, Inc., 5.63%, 02/15/2022 . . . . . . . . | 7,388,000 | 7,752,819 |
Men's Wearhouse, Inc. (The), 7.00%, | | | |
07/01/2022(c) . . . . . . . . . . . . . . . . . . . . . . . . | 1,418,000 | 1,386,537 |
Murphy Oil USA, Inc., 5.63%, 05/01/2027. . . | 1,420,000 | 1,504,706 |
Penske Automotive Group, Inc., 5.75%, | | | |
10/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,267,000 | | 3,307,815 |
| | 22,444,527 |
Technology Hardware, Storage & Peripherals-1.02% | | |
NCR Corp. | | | |
5.00%, 07/15/2022 . . . . . . . . . . . . . . . . . . . | 3,428,000 | 3,449,425 |
5.75%, 09/01/2027(b) . . . . . . . . . . . . . . . . . | 4,144,000 | | 4,371,184 |
| | 7,820,609 |
Thrifts & Mortgage Finance-0.25% | | | |
Ocwen Loan Servicing LLC, 8.38%, | | | |
11/15/2022(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,171,000 | | 1,927,440 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)
February 29, 2020 (Unaudited)
| | Principal |
| | Amount |
Trading Companies & Distributors-1.66% | |
Fortress Transportation & Infrastructure | |
Investors LLC, 6.75%, 03/15/2022(b) . . . . $ | 5,432,000 |
United Rentals North America, Inc., 5.50%, | |
05/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . | | 6,976,000 |
Wireless Telecommunication Services-4.72% | |
Consolidated Communications, Inc., 6.50%, | |
10/01/2022(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,943,000 |
Intelsat Jackson Holdings S.A. | |
(Luxembourg), 9.50%, 09/30/2022(b) . . . . | 3,536,000 |
Sprint Communications, Inc. | |
9.25%, 04/15/2022 . . . . . . . . . . . . . . . . . . . | | 1,239,000 |
6.00%, 11/15/2022 . . . . . . . . . . . . . . . . . . . | | 16,040,000 |
T-Mobile USA, Inc. | |
4.00%, 04/15/2022 . . . . . . . . . . . . . . . . . . . | | 3,174,000 |
5.38%, 04/15/2027 . . . . . . . . . . . . . . . . . . . | | 4,279,000 |
Trilogy International Partners LLC/Trilogy | |
International Finance, Inc. (New Zealand), | |
8.88%, 05/01/2022(b)(c). . . . . . . . . . . . . . . . | 3,115,000 |
Total U.S. Dollar Denominated Bonds & Notes | |
(Cost $754,384,808). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . |
| | Shares |
Money Market Funds-1.63% | |
Invesco Premier U.S. Government Money | |
Portfolio, Institutional Class, 1.46%(d) | |
(Cost $12,522,516) . . . . . . . . . . . . . . . . . . . | 12,522,516 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.00%
(Cost $766,907,324). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Abbreviations:
REIT -Real Estate Investment Trust
Value
$5,452,642
7,307,534
12,760,176
2,839,995
4,014,463
1,406,652
17,233,055
3,265,230
4,545,678
2,888,191
36,193,264
746,200,358
12,522,516
758,722,874
| | Shares | | | Value | |
Investments Purchased with Cash Collateral | | | | |
from Securities on Loan | | | | | |
Money Market Funds-2.18% | | | | | |
Invesco Government & Agency Portfolio, | | | | | |
Institutional Class, 1.50%(d)(e) . . . . . . . . . . . | 12,519,008 | $ | 12,519,008 | |
Invesco Liquid Assets Portfolio, Institutional | | | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . | 4,170,923 | | | 4,173,009 | |
Total Investments Purchased with Cash Collateral from | | | | |
Securities on Loan | | | | | |
(Cost $16,691,600) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 16,692,017 | |
TOTAL INVESTMENTS IN SECURITIES-101.18% | | | | | |
(Cost $783,598,924). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 775,414,891 | |
OTHER ASSETS LESS LIABILITIES-(1.18)% . . . . | . . . . . . . . . . . | | (9,017,371) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | $766,397,520 | |
| | | | | | |
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)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $343,990,377, which represented 44.88% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 22.13 |
Health Care | 13.95 |
| |
Industrials | 13.85 |
Consumer Discretionary | 11.63 |
| |
Energy | 9.67 |
Materials | 8.79 |
| |
Financials | 5.73 |
Consumer Staples | 5.60 |
| |
Information Technology | 3.77 |
Sector Types Each Less Than 3% | 2.25 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 2.63 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-94.04% | | |
Aerospace & Defense-1.99% | | | | |
Bombardier, Inc. (Canada), 6.13%, | | | | |
01/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | $ 4,189,000 | | $ | 4,206,950 |
SSL Robotics LLC, 9.75%, 12/31/2023(b) . . . | 3,360,000 | | | 3,579,408 |
| | | | 7,786,358 |
Air Freight & Logistics-0.47% | | | | |
XPO Logistics, Inc., 6.13%, 09/01/2023(b) . . | 1,802,000 | | | 1,846,663 |
Airlines-0.34% | | | | |
Air Medical Group Holdings, Inc., 6.38%, | | | | |
05/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,380,000 | | | 1,321,923 |
Auto Components-1.10% | | | | |
Ahern Rentals, Inc., 7.38%, 05/15/2023(b) . . | 1,425,000 | | | 1,106,634 |
Goodyear Tire & Rubber Co. (The), 5.13%, | | | | |
11/15/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 3,221,000 | | | 3,203,896 |
| | | | 4,310,530 |
Automobiles-0.37% | | | | |
Jaguar Land Rover Automotive PLC (United | | | | |
Kingdom), 5.63%, 02/01/2023(b)(c) . . . . . . | 1,503,000 | | | 1,459,398 |
Capital Markets-1.33% | | | | |
APX Group, Inc., 7.63%, 09/01/2023(c) . . . . . | 1,255,000 | | | 1,195,909 |
DKT Finance ApS (Denmark), 9.38%, | | | | |
06/17/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,500,000 | | | 1,597,425 |
FS Energy and Power Fund, 7.50%, | | | | |
08/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,332,000 | | | 2,409,737 |
| | | | 5,203,071 |
Chemicals-3.78% | | | | |
Aruba Investments, Inc., 8.75%, | | | | |
02/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 644,000 | | | 642,657 |
CF Industries, Inc., 3.45%, 06/01/2023 . . . . . | 2,495,000 | | | 2,532,450 |
Chemours Co. (The), 6.63%, 05/15/2023 . . . | 3,100,000 | | | 3,004,784 |
CVR Partners L.P./CVR Nitrogen Finance | | | | |
Corp., 9.25%, 06/15/2023(b) . . . . . . . . . . . . | 2,015,000 | | | 2,059,501 |
LSB Industries, Inc., 9.63%, | | | | |
05/01/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 2,287,000 | | | 2,308,921 |
OCI N.V. (Netherlands), 6.63%, | | | | |
04/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,800,000 | | | 1,871,100 |
PolyOne Corp., 5.25%, 03/15/2023 . . . . . . . . | 2,213,000 | | | 2,362,355 |
| | | | 14,781,768 |
Commercial Services & Supplies-3.96% | | | | |
ADT Security Corp. (The), 4.13%, | | | | |
06/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,412,000 | | | 2,459,239 |
Algeco Global Finance 2 PLC (United | | | | |
Kingdom), 10.00%, 08/15/2023(b) . . . . . . . | 1,402,000 | | | 1,380,970 |
Algeco Global Finance PLC (United Kingdom), | | | | |
8.00%, 02/15/2023(b) . . . . . . . . . . . . . . . . . | 1,700,000 | | | 1,682,983 |
GFL Environmental, Inc. (Canada), 5.38%, | | | | |
03/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,184,000 | | | 2,246,790 |
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., | | | | |
7.38%, 12/15/2023(b) . . . . . . . . . . . . . . . . . | 2,713,000 | | | 2,685,029 |
Principal
Amount
Commercial Services & Supplies-(continued)
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%,
08/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . .$ 3,784,000 RR Donnelley & Sons Co., 6.50%,
11/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095,000
Communications Equipment-0.40% | |
Plantronics, Inc., 5.50%, 05/31/2023(b). . . . . | 1,704,000 |
Construction & Engineering-1.19% | |
MasTec, Inc., 4.88%, 03/15/2023 . . . . . . . . . | 667,000 |
Michael Baker International LLC, 8.75%, | |
03/01/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 1,529,000 |
Weekley Homes LLC/Weekley Finance Corp., | |
6.00%, 02/01/2023 . . . . . . . . . . . . . . . . . . . | 958,000 |
Williams Scotsman International, Inc., 6.88%, | |
08/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,392,000 |
Construction Materials-0.56% | |
Summit Materials LLC/Summit Materials | |
Finance Corp., 6.13%, 07/15/2023 . . . . . . | 2,185,000 |
Consumer Finance-3.17% | |
Credit Acceptance Corp., 7.38%, | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 935,000 |
Navient Corp. | |
5.50%, 01/25/2023 . . . . . . . . . . . . . . . . . . . | 3,541,000 |
7.25%, 09/25/2023 . . . . . . . . . . . . . . . . . . . | 1,789,000 |
Springleaf Finance Corp. | |
5.63%, 03/15/2023 . . . . . . . . . . . . . . . . . . . | 2,896,000 |
8.25%, 10/01/2023 . . . . . . . . . . . . . . . . . . . | 1,146,000 |
TMX Finance LLC/TitleMax Finance Corp., | |
11.13%, 04/01/2023(b) . . . . . . . . . . . . . . . . | 1,690,000 |
Containers & Packaging-4.13% | |
Ball Corp., 4.00%, 11/15/2023. . . . . . . . . . . . | 3,653,000 |
Berry Global, Inc., 5.13%, 07/15/2023 . . . . . | 2,303,000 |
Cascades, Inc. (Canada), 5.75%, | |
07/15/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 688,000 |
Crown Americas LLC/Crown Americas | |
Capital Corp. IV, 4.50%, 01/15/2023 . . . . . | 3,230,000 |
OI European Group B.V., 4.00%, | |
03/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,832,000 |
Owens-Brockway Glass Container, Inc., | |
5.88%, 08/15/2023(b) . . . . . . . . . . . . . . . . . | 2,590,000 |
Sealed Air Corp., 5.25%, 04/01/2023(b) . . . . | 1,409,000 |
Diversified Telecommunication Services-2.55%
CenturyLink, Inc., Series W, 6.75%,
12/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 2,764,000
Level 3 Financing, Inc., 5.13%, 05/01/2023 . 2,443,000
Zayo Group LLC/Zayo Capital, Inc., 6.00%,
04/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 4,378,000
Value
$3,904,634
1,111,879
15,471,524
1,554,917
669,458
1,574,870
960,792
1,437,818
4,642,938
2,204,119
952,578
3,629,525
1,927,630
2,991,973
1,309,780
1,566,774
12,378,260
3,762,736
2,309,863
703,765
3,283,263
1,857,950
2,744,636
1,488,841
16,151,054
3,045,361
2,454,201
4,480,161
9,979,723
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Electrical Equipment-0.75% | | | |
EnerSys, 5.00%, 04/30/2023(b) . . . . . . . . . . . | $ 1,114,000 | $ 1,169,238 |
Sensata Technologies B.V., 4.88%, | | | |
10/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,684,000 | | 1,780,813 |
| | 2,950,051 |
Energy Equipment & Services-1.58% | | | |
Archrock Partners L.P./Archrock Partners | | | |
Finance Corp., 6.25%, 04/01/2028(b) . . . . | 2,561,000 | 2,471,621 |
CGG Holding (U.S.), Inc. (France), 9.00%, | | | |
05/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,543,000 | 1,592,376 |
Nabors Industries, Inc., 5.10%, 09/15/2023 . | 1,133,000 | 943,472 |
Precision Drilling Corp. (Canada), 7.75%, | | | |
12/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,196,000 | | 1,175,566 |
| | 6,183,035 |
Entertainment-0.28% | | | |
WMG Acquisition Corp., 5.00%, | | | |
08/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,057,000 | 1,078,579 |
Equity REITs-2.48% | | | |
CBL & Associates L.P., 5.25%, | | | |
12/01/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 971,000 | 492,649 |
CoreCivic, Inc., 4.63%, 05/01/2023 . . . . . . . . | 2,006,000 | 2,015,428 |
GEO Group, Inc. (The), 5.13%, 04/01/2023 . | 823,000 | 779,957 |
Mack-Cali Realty L.P., 3.15%, 05/15/2023 . . | 971,000 | 978,937 |
RHP Hotel Properties L.P./RHP Finance | | | |
Corp., 5.00%, 04/15/2023 . . . . . . . . . . . . . | 921,000 | 936,349 |
Uniti Group L.P./Uniti Group Finance, | | | |
Inc./CSL Capital LLC | | | |
6.00%, 04/15/2023(b)(c). . . . . . . . . . . . . . . . | 1,789,000 | 1,753,220 |
8.25%, 10/15/2023 . . . . . . . . . . . . . . . . . . . | 2,928,000 | | 2,730,360 |
| | 9,686,900 |
Food & Staples Retailing-1.30% | | | |
Albertson's Cos., Inc./Safeway, Inc./New | | | |
Albertson's L.P./Albertson's LLC, 3.50%, | | | |
02/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,700,000 | 2,710,125 |
Ingles Markets, Inc., 5.75%, 06/15/2023. . . . | 2,331,000 | | 2,354,333 |
| | 5,064,458 |
Food Products-0.93% | | | |
JBS USA LUX S.A./JBS USA Finance, Inc., | | | |
6.75%, 02/15/2028(b) . . . . . . . . . . . . . . . . . | 3,344,000 | 3,632,086 |
Gas Utilities-0.68% | | | |
Ferrellgas L.P./Ferrellgas Finance Corp., | | | |
6.75%, 06/15/2023(c) . . . . . . . . . . . . . . . . . | 990,000 | 828,714 |
LBC Tank Terminals Holding Netherlands | | | |
B.V. (Belgium), 6.88%, 05/15/2023(b) . . . . | 1,808,000 | | 1,831,387 |
| | 2,660,101 |
Health Care Equipment & Supplies-0.39% | | | |
Hologic, Inc., 4.63%, 02/01/2028(b) . . . . . . . . | 1,473,000 | 1,539,797 |
Health Care Providers & Services-6.51% | | | |
Acadia Healthcare Co., Inc., 5.63%, | | | |
02/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,118,000 | 2,138,301 |
Community Health Systems, Inc., 6.25%, | | | |
03/31/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,674,000 | 10,620,630 |
Encompass Health Corp., 5.13%, | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,119,000 | 1,125,059 |
| Principal | | |
| Amount | | Value |
Health Care Providers & Services-(continued) | | |
HCA, Inc., 5.88%, 05/01/2023 . . . . . . . . . . . . | $ 4,266,000 | $ 4,669,500 |
Tenet Healthcare Corp., 6.75%, | | | |
06/15/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 6,407,000 | | 6,898,321 |
| | 25,451,811 |
Hotels, Restaurants & Leisure-6.45% | | | |
Brinker International, Inc., 3.88%, | | | |
05/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 942,000 | 944,355 |
Buena Vista Gaming Authority, 13.00%, | | | |
04/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 513,000 | 509,365 |
Carlson Travel, Inc., 6.75%, | | | |
12/15/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 1,394,000 | 1,398,064 |
Cinemark USA, Inc., 4.88%, 06/01/2023. . . . | 2,479,000 | 2,469,729 |
Cirsa Finance International S.a.r.l. (Spain), | | | |
7.88%, 12/20/2023(b) . . . . . . . . . . . . . . . . . | 1,500,000 | 1,571,083 |
Diamond Resorts International, Inc., 7.75%, | | | |
09/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,415,000 | 1,418,523 |
Downstream Development Authority of the | | | |
Quapaw Tribe of Oklahoma, 10.50%, | | | |
02/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 949,000 | 961,256 |
Eldorado Resorts, Inc., 7.00%, 08/01/2023 . | 817,000 | 846,016 |
MGM Resorts International, 6.00%, | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,271,000 | 4,605,569 |
Sabre GLBL, Inc. | | | |
5.38%, 04/15/2023(b) . . . . . . . . . . . . . . . . . | 1,995,000 | 1,999,160 |
5.25%, 11/15/2023(b) . . . . . . . . . . . . . . . . . | 1,657,000 | 1,657,315 |
Scientific Games International, Inc., 7.00%, | | | |
05/15/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,350,000 | 2,277,267 |
Wyndham Destinations, Inc., 3.90%, | | | |
03/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,681,000 | 1,681,630 |
Wynn Las Vegas LLC/Wynn Las Vegas | | | |
Capital Corp., 4.25%, 05/30/2023(b) . . . . . | 1,840,000 | 1,872,182 |
Yum! Brands, Inc., 3.88%, 11/01/2023 . . . . . | 974,000 | | 1,002,134 |
| | 25,213,648 |
Household Durables-2.23% | | | |
Apex Tool Group LLC/BC Mountain Finance, | | | |
Inc., 9.00%, 02/15/2023(b) . . . . . . . . . . . . . | 1,260,000 | 1,092,527 |
Installed Building Products, Inc., 5.75%, | | | |
02/01/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,027,000 | 1,105,722 |
KB Home, 7.63%, 05/15/2023 . . . . . . . . . . . . | 970,000 | 1,091,653 |
Prestige Brands, Inc., 5.13%, 01/15/2028(b). | 1,469,000 | 1,538,777 |
Taylor Morrison Communities, Inc., 6.00%, | | | |
09/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 944,000 | 978,031 |
Taylor Morrison Communities, Inc./Taylor | | | |
Morrison Holdings II, Inc., 5.88%, | | | |
04/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,204,000 | 1,291,790 |
Tempur Sealy International, Inc., 5.63%, | | | |
10/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,583,000 | | 1,615,634 |
| | 8,714,134 |
Household Products-2.90% | | | |
Central Garden & Pet Co. | | | |
6.13%, 11/15/2023 . . . . . . . . . . . . . . . . . . . | 1,366,000 | 1,406,413 |
5.13%, 02/01/2028 . . . . . . . . . . . . . . . . . . . | 1,029,000 | 1,075,663 |
Kronos Acquisition Holdings, Inc. (Canada), | | | |
9.00%, 08/15/2023(b) . . . . . . . . . . . . . . . . . | 3,117,000 | 3,016,991 |
Reynolds Group Issuer, Inc./LLC, 5.13%, | | | |
07/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 5,768,000 | | 5,837,706 |
| | | 11,336,773 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Independent Power and Renewable Electricity Producers-1.29% | |
InterGen N.V. (Netherlands), 7.00%, | | | | |
06/30/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | $ 1,302,000 | $ | 1,282,470 |
TerraForm Power Operating LLC, 4.25%, | | | | |
01/31/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,988,000 | | | 2,025,295 |
Vistra Energy Corp., 5.88%, 06/01/2023 . . . | 1,715,000 | | | 1,735,340 |
| | | | 5,043,105 |
Insurance-0.65% | | | | |
Ardonagh Midco 3 PLC (United Kingdom), | | | | |
8.63%, 07/15/2023(b) . . . . . . . . . . . . . . . . . | 2,500,000 | | | 2,530,213 |
IT Services-0.33% | | | | |
WEX, Inc., 4.75%, 02/01/2023(b) . . . . . . . . . . | 1,272,000 | | | 1,280,478 |
Leisure Products-0.76% | | | | |
Mattel, Inc., 3.15%, 03/15/2023. . . . . . . . . . . | 923,000 | | | 911,845 |
Party City Holdings, Inc., 6.13%, | | | | |
08/15/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 1,072,000 | | | 865,640 |
Vista Outdoor, Inc., 5.88%, 10/01/2023 . . . . | 1,228,000 | | | 1,191,670 |
| | | | 2,969,155 |
Machinery-0.87% | | | | |
ATS Automation Tooling Systems, Inc. | | | | |
(Canada), 6.50%, 06/15/2023(b) . . . . . . . . | 817,000 | | | 833,655 |
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b) . | 1,536,000 | | | 1,517,437 |
Titan International, Inc., 6.50%, | | | | |
11/30/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,392,000 | | | 1,061,978 |
| | | | 3,413,070 |
Media-7.14% | | | | |
CCO Holdings LLC/CCO Holdings Capital | | | | |
Corp. | | | | |
4.00%, 03/01/2023(b) . . . . . . . . . . . . . . . . . | 1,679,000 | | | 1,699,971 |
5.13%, 05/01/2023(b) . . . . . . . . . . . . . . . . . | 3,819,000 | | | 3,871,645 |
5.75%, 09/01/2023 . . . . . . . . . . . . . . . . . . . | 1,392,000 | | | 1,407,834 |
Dish DBS Corp., 5.00%, 03/15/2023 . . . . . . . | 5,838,000 | | | 5,889,608 |
Lamar Media Corp., 5.00%, 05/01/2023 . . . . | 1,523,000 | | | 1,538,215 |
National CineMedia LLC, 5.88%, | | | | |
04/15/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,024,000 | | | 2,073,876 |
Quebecor Media, Inc. (Canada), 5.75%, | | | | |
01/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,926,000 | | | 3,109,124 |
Radiate Holdco LLC/Radiate Finance, Inc., | | | | |
6.88%, 02/15/2023(b) . . . . . . . . . . . . . . . . . | 966,000 | | | 973,510 |
Sirius XM Radio, Inc., 4.63%, 05/15/2023(b) . | 2,345,000 | | | 2,367,477 |
Townsquare Media, Inc., 6.50%, | | | | |
04/01/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 958,000 | | | 970,372 |
Univision Communications, Inc., 5.13%, | | | | |
05/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,129,000 | | | 3,992,743 |
| | | | 27,894,375 |
Metals & Mining-4.76% | | | | |
AK Steel Corp., 7.50%, 07/15/2023. . . . . . . . | 1,389,000 | | | 1,440,511 |
Alcoa Nederland Holding B.V., 6.13%, | | | | |
05/15/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,400,000 | | | 1,439,410 |
Aleris International, Inc., 10.75%, | | | | |
07/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,121,000 | | | 2,193,772 |
Allegheny Technologies, Inc., 7.88%, | | | | |
08/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,826,000 | | | 1,940,645 |
Arconic Rolled Products Corp., 6.13%, | | | | |
02/15/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,200,000 | | | 2,271,500 |
Commercial Metals Co., 4.88%, | | | | |
05/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,550,000 | | | 1,606,009 |
| Principal | | |
| Amount | | Value |
Metals & Mining-(continued) | | | |
Freeport-McMoRan, Inc., 3.88%, | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 6,251,000 | $ 6,297,164 |
Hudbay Minerals, Inc. (Canada), 7.25%, | | | |
01/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,397,000 | | 1,408,057 |
| | 18,597,068 |
Multiline Retail-0.27% | | | |
JC Penney Corp., Inc., 5.88%, | | | |
07/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,290,000 | 1,070,068 |
Oil, Gas & Consumable Fuels-10.36% | | | |
Antero Resources Corp., 5.63%, | | | |
06/01/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,807,000 | 1,522,797 |
Bruin E&P Partners LLC, 8.88%, | | | |
08/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,612,000 | 1,391,974 |
Buckeye Partners L.P., 4.15%, 07/01/2023 . | 1,952,000 | 1,971,325 |
Callon Petroleum Co., 6.25%, 04/15/2023 . . | 2,313,000 | 1,960,291 |
Calumet Specialty Products Partners | | | |
L.P./Calumet Finance Corp., 7.75%, | | | |
04/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,793,000 | 1,726,507 |
Crestwood Midstream Partners L.P./ | | | |
Crestwood Midstream Finance Corp., | | | |
6.25%, 04/01/2023 . . . . . . . . . . . . . . . . . . . | 2,916,000 | 2,776,863 |
DCP Midstream Operating L.P., 3.88%, | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,677,000 | 1,685,368 |
Energy Transfer Operating L.P., 4.25%, | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,748,000 | 1,853,544 |
Energy Ventures Gom LLC/EnVen Finance | | | |
Corp., 11.00%, 02/15/2023(b) . . . . . . . . . . | 1,681,000 | 1,669,090 |
Frontera Energy Corp. (Colombia), 9.70%, | | | |
06/25/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,201,000 | 1,239,042 |
Genesis Energy L.P./Genesis Energy Finance | | | |
Corp., 6.00%, 05/15/2023 . . . . . . . . . . . . . | 1,562,000 | 1,488,453 |
Global Partners L.P./GLP Finance Corp., | | | |
7.00%, 06/15/2023 . . . . . . . . . . . . . . . . . . . | 765,000 | 787,311 |
Gulfport Energy Corp., 6.63%, | | | |
05/01/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 691,000 | 362,989 |
Lonestar Resources America, Inc., 11.25%, | | | |
01/01/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 817,000 | 537,178 |
Montage Resources Corp., 8.88%, | | | |
07/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,136,000 | 831,768 |
NGL Energy Partners L.P./NGL Energy | | | |
Finance Corp., 7.50%, 11/01/2023 . . . . . . | 2,024,000 | 1,877,240 |
Oasis Petroleum, Inc., 6.88%, | | | |
01/15/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 1,336,000 | 1,038,740 |
PBF Logistics L.P./PBF Logistics Finance | | | |
Corp., 6.88%, 05/15/2023 . . . . . . . . . . . . . | 1,831,000 | 1,880,052 |
QEP Resources, Inc., 5.25%, 05/01/2023 . . . | 2,130,000 | 1,877,595 |
Range Resources Corp., 5.00%, | | | |
03/15/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,618,000 | 1,903,783 |
Rockpoint Gas Storage Canada Ltd. | | | |
(Canada), 7.00%, 03/31/2023(b) . . . . . . . . | 1,419,000 | 1,337,996 |
Seven Generations Energy Ltd. (Canada) | | | |
6.75%, 05/01/2023(b) . . . . . . . . . . . . . . . . . | 1,421,000 | 1,407,678 |
6.88%, 06/30/2023(b) . . . . . . . . . . . . . . . . . | 1,625,000 | 1,637,862 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | |
Targa Resources Partners L.P./Targa | | | |
Resources Partners Finance Corp. | | | |
5.25%, 05/01/2023 . . . . . . . . . . . . . . . . . . . | $ 2,083,000 | $ 2,082,344 |
4.25%, 11/15/2023 . . . . . . . . . . . . . . . . . . . | 2,122,000 | 2,093,958 |
WPX Energy, Inc., 8.25%, 08/01/2023. . . . . . | 1,401,000 | | 1,566,199 |
| | 40,507,947 |
Paper & Forest Products-0.53% | | | |
Clearwater Paper Corp., 4.50%, | | | |
02/01/2023(c) . . . . . . . . . . . . . . . . . . . . . . . . | 833,000 | 839,247 |
Norbord, Inc. (Canada), 6.25%, | | | |
04/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,132,000 | | 1,213,125 |
| | 2,052,372 |
Personal Products-0.56% | | | |
Avon Products, Inc. (United Kingdom), | | | |
7.00%, 03/15/2023 . . . . . . . . . . . . . . . . . . . | 2,003,000 | 2,183,294 |
Pharmaceuticals-0.84% | | | |
Bausch Health Cos., Inc., 5.88%, | | | |
05/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,693,000 | 1,700,407 |
Endo Dac/Endo Finance LLC/Endo Finco, | | | |
Inc., 6.00%, 07/15/2023(b) . . . . . . . . . . . . . | 2,000,000 | | 1,575,180 |
| | 3,275,587 |
Real Estate Management & Development-0.43% | | |
Realogy Group LLC/Realogy Co.-Issuer Corp., | | | |
4.88%, 06/01/2023(b)(c). . . . . . . . . . . . . . . . | 1,695,000 | 1,689,703 |
Road & Rail-1.71% | | | |
Avis Budget Car Rental LLC/Avis Budget | | | |
Finance, Inc., 5.50%, 04/01/2023 . . . . . . . | 786,000 | 788,291 |
(b) | | | |
Principal
Amount
Technology Hardware, Storage & Peripherals-2.48%
EMC Corp., 3.38%, 06/01/2023 . . . . . . . . . . . | $ 3,327,000 |
NCR Corp., 6.38%, 12/15/2023 . . . . . . . . . . . | 2,318,000 |
Xerox Corp., 4.13%, 03/15/2023 . . . . . . . . . . | 3,894,000 |
Thrifts & Mortgage Finance-1.37%
MGIC Investment Corp., 5.75%,
08/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . 1,682,000
Nationstar Mortgage Holdings, Inc., 8.13%,
07/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . 3,358,000
Wireless Telecommunication Services-5.96%
Intelsat Jackson Holdings S.A.
(Luxembourg), 5.50%, 08/01/2023 . . . . . . 6,867,000
Sprint Corp., 7.88%, 09/15/2023. . . . . . . . . . 15,177,000
Total U.S. Dollar Denominated Bonds & Notes
(Cost $371,512,846). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares
Money Market Funds-4.34%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(d)
(Cost $16,962,794) . . . . . . . . . . . . . . . . . . . 16,962,794
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.38%
(Cost $388,475,640). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value
$3,342,770
2,367,733
3,980,562
9,691,065
1,842,488
3,498,314
5,340,802
5,919,938
17,371,366
23,291,304
367,538,154
16,962,794
384,500,948
BCD Acquisition, Inc., 9.63%, 09/15/2023 . | 2,912,000 | 3,021,171 |
Kenan Advantage Group, Inc. (The), 7.88%, | | |
07/31/2023(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 984,000 | 972,108 |
Watco Cos. LLC/Watco Finance Corp., | | |
6.38%, 04/01/2023(b) . . . . . . . . . . . . . . . . . | 1,874,000 | 1,893,518 |
| | 6,675,088 |
Software-0.83% | | |
Sophia L.P./Sophia Finance, Inc., 9.00%, | | |
09/30/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,745,000 | 1,795,893 |
Veritas US, Inc./Veritas Bermuda Ltd., | | |
7.50%, 02/01/2023(b) . . . . . . . . . . . . . . . . . | 1,502,000 | 1,431,278 |
| | 3,227,171 |
Specialty Retail-1.08% | | |
Group 1 Automotive, Inc., 5.25%, | | |
12/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . | 765,000 | 774,245 |
KGA Escrow LLC, 7.50%, 08/15/2023(b) . . . . | 1,242,000 | 1,289,090 |
L Brands, Inc., 5.63%, 10/15/2023 . . . . . . . . | 1,410,000 | 1,522,215 |
Sally Holdings LLC/Sally Capital, Inc., 5.50%, | | |
11/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . | 608,000 | 617,120 |
| | 4,202,670 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.53%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e) . . . . . . . . . . . | 19,138,786 | 19,138,786 | |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . | 6,376,416 | 6,379,605 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $25,517,715) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 25,518,391 | |
TOTAL INVESTMENTS IN SECURITIES-104.91% | | | |
(Cost $413,993,355). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 410,019,339 | |
OTHER ASSETS LESS LIABILITIES-(4.91)% . . . . | . . . . . . . . . . . | (19,187,896) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | $390,831,443 | |
| | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)—(continued)
February 29, 2020
(Unaudited)
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $162,067,736, which represented 41.47% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 15.93 |
Materials | 13.76 |
| |
Consumer Discretionary | 12.26 |
Energy | 11.94 |
| |
Industrials | 11.28 |
Health Care | 7.74 |
| |
Financials | 7.67 |
Consumer Staples | 5.69 |
| |
Information Technology | 4.04 |
Sector Types Each Less Than 3% | 3.73 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 5.96 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-97.21% | | |
Aerospace & Defense-1.77% | | | | |
Bombardier, Inc. (Canada), 7.50%, | | | | |
12/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $1,467,000 | | $ | 1,481,061 |
TransDigm, Inc., 6.50%, 07/15/2024 . . . . . . . . | 1,513,000 | | | 1,550,197 |
| | | | 3,031,258 |
Airlines-0.26% | | | | |
United Airlines Holdings, Inc., 5.00%, | | | | |
02/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 429,000 | | | 435,435 |
Auto Components-1.82% | | | | |
Dana, Inc., 5.50%, 12/15/2024. . . . . . . . . . . . . | 493,000 | | | 499,554 |
FXI Holdings, Inc., 7.88%, 11/01/2024(b) . . . . | 824,000 | | | 776,612 |
Hertz Corp. (The), 5.50%, 10/15/2024(b)(c). . . | 1,194,000 | | | 1,145,542 |
Tenneco, Inc., 5.38%, 12/15/2024(c) . . . . . . . . | 527,000 | | | 476,495 |
Tupy Overseas S.A. (Brazil), 6.63%, | | | | |
07/17/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 203,000 | | | 208,821 |
| | | | 3,107,024 |
Capital Markets-0.64% | | | | |
Donnelley Financial Solutions, Inc., 8.25%, | | | | |
10/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 499,000 | | | 514,027 |
MSCI, Inc., 5.25%, 11/15/2024(b) . . . . . . . . . . . | 570,000 | | | 586,807 |
| | | | 1,100,834 |
Chemicals-2.60% | | | | |
Axalta Coating Systems LLC, 4.88%, | | | | |
08/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 750,000 | | | 761,441 |
Cornerstone Chemical Co., 6.75%, | | | | |
08/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 716,000 | | | 642,313 |
INEOS Group Holdings S.A. (Luxembourg), | | | | |
5.63%, 08/01/2024(b). . . . . . . . . . . . . . . . . . . | 1,100,000 | | | 1,106,864 |
OCI N.V. (Netherlands), 5.25%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,000,000 | | | 1,025,000 |
Valvoline, Inc., 5.50%, 07/15/2024 . . . . . . . . . | 419,000 | | | 436,598 |
WR Grace & Co.-Conn, 5.63%, 10/01/2024(b) . | 432,000 | | | 478,619 |
| | | | 4,450,835 |
Commercial Services & Supplies-2.13% | | | | |
ACCO Brands Corp., 5.25%, 12/15/2024(b). . . | 672,000 | | | 692,721 |
Advanced Disposal Services, Inc., 5.63%, | | | | |
11/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 426,000 | | | 445,496 |
Clean Harbors, Inc., 5.13%, 07/15/2029(b) . . . | 635,000 | | | 682,052 |
Mobile Mini, Inc., 5.88%, 07/01/2024. . . . . . . . | 426,000 | | | 440,910 |
Pitney Bowes, Inc., 4.63%, 03/15/2024(c) . . . . | 810,000 | | | 765,114 |
R.R. Donnelley & Sons Co., 6.00%, | | | | |
04/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 607,000 | | | 608,769 |
| | | | 3,635,062 |
Construction & Engineering-0.81% | | | | |
AECOM, 5.88%, 10/15/2024. . . . . . . . . . . . . . . | 1,263,000 | | | 1,388,776 |
Construction Materials-0.88% | | | | |
CIMPOR Financial Operations B.V. (Brazil), | | | | |
5.75%, 07/17/2024(b). . . . . . . . . . . . . . . . . . . | 700,000 | | | 595,291 |
US Concrete, Inc., 6.38%, 06/01/2024 . . . . . . | 885,000 | | | 902,421 |
| | | | 1,497,712 |
Consumer Finance-2.37% | | | | |
Enova International, Inc., 8.50%, | | | | |
09/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 571,000 | | | 539,358 |
| | Principal |
| | Amount |
Consumer Finance-(continued) | | |
FirstCash, Inc., 5.38%, 06/01/2024(b) . . . . . . . | $ | 354,000 |
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b) . | | 1,148,000 |
Navient Corp. | | |
6.13%, 03/25/2024 . . . . . . . . . . . . . . . . . . . . | | 1,300,000 |
5.88%, 10/25/2024 . . . . . . . . . . . . . . . . . . . . | | 607,000 |
Containers & Packaging-1.81% | | |
Graphic Packaging International LLC, 4.13%, | | |
08/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 349,000 |
Mauser Packaging Solutions Holding Co., | | |
5.50%, 04/15/2024(b). . . . . . . . . . . . . . . . . . . | | 2,002,000 |
Sealed Air Corp., 5.13%, 12/01/2024(b) . . . . . | | 678,000 |
Distributors-0.74% | | |
Wolverine Escrow LLC, 8.50%, | | |
11/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,285,000 |
Diversified Consumer Services-1.68% | | |
Blackboard, Inc., 10.38%, 11/15/2024(b) . . . . | | 365,000 |
Cengage Learning, Inc., 9.50%, | | |
06/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 762,000 |
Service Corp. International, 5.38%, | | |
05/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 954,000 |
ServiceMaster Co. LLC (The), 5.13%, | | |
11/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 838,000 |
Diversified Financial Services-2.38% | | |
Fairstone Financial, Inc. (Canada), 7.88%, | | |
07/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 943,000 |
Freedom Mortgage Corp., 8.13%, | | |
11/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 614,000 |
Jefferies Finance LLC/JFIN Co-Issuer Corp., | | |
7.25%, 08/15/2024(b). . . . . . . . . . . . . . . . . . . | | 400,000 |
Lions Gate Capital Holdings LLC, 5.88%, | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 901,000 |
Stena International S.A. (Sweden), 5.75%, | | |
03/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 200,000 |
Washington Prime Group L.P., 6.45%, | | |
08/15/2024(c) . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,159,000 |
Diversified Telecommunication Services-2.72% | |
CenturyLink, Inc., Series Y, 7.50%, | | |
04/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,578,000 |
Cincinnati Bell, Inc., 7.00%, 07/15/2024(b) . . . | | 971,000 |
CommScope, Inc., 5.50%, 06/15/2024(b). . . . . | | 830,000 |
ORBCOMM, Inc., 8.00%, 04/01/2024(b) . . . . . . | | 357,000 |
Virgin Media Finance PLC (United Kingdom), | | |
6.00%, 10/15/2024(b) . . . . . . . . . . . . . . . . . . | | 700,000 |
Electric Utilities-0.93% | | |
NextEra Energy Operating Partners L.P. | | |
4.25%, 07/15/2024(b). . . . . . . . . . . . . . . . . . . | | 901,000 |
4.25%, 09/15/2024(b). . . . . . . . . . . . . . . . . . . | | 670,000 |
Value
$362,997
1,184,834
1,345,487
623,698
4,056,374
365,722
1,998,877
728,850
3,093,449
1,255,811
365,912
665,641
973,877
865,935
2,871,365
1,025,904
592,765
413,166
874,073
201,417
957,143
4,064,468
1,766,705
1,023,182
790,650
355,661
717,419
4,653,617
919,547
675,886
1,595,433
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Electrical Equipment-0.99% | | | | |
Sensata Technologies B.V., 5.63%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $ 630,000 | $ | 680,819 |
Vertiv Group Corp., 9.25%, 10/15/2024(b) . . . | 951,000 | | | 1,016,980 |
| | | | 1,697,799 |
Electronic Equipment, Instruments & Components-0.55% | | | |
CDW LLC/CDW Finance Corp., 5.50%, | | | | |
12/01/2024(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 846,000 | | | 932,364 |
Energy Equipment & Services-0.70% | | | | |
Oceaneering International, Inc., 4.65%, | | | | |
11/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,055,000 | | | 986,699 |
Valaris PLC, 4.75%, 01/15/2024(c). . . . . . . . . . | 449,000 | | | 210,094 |
| | | | 1,196,793 |
Entertainment-1.00% | | | | |
Live Nation Entertainment, Inc., 4.88%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 672,000 | | | 687,113 |
Netflix, Inc., 5.75%, 03/01/2024. . . . . . . . . . . . | 742,000 | | | 820,218 |
WMG Acquisition Corp., 4.88%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 194,000 | | | 199,901 |
| | | | 1,707,232 |
Equity REITs-3.71% | | | | |
GEO Group, Inc. (The), 5.88%, 10/15/2024 . . | 431,000 | | | 404,241 |
Iron Mountain, Inc., 5.75%, 08/15/2024 . . . . . | 1,173,000 | | | 1,184,718 |
MGM Growth Properties Operating Partnership | | | | |
L.P./MGP Finance Co.-Issuer, Inc., 5.63%, | | | | |
05/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,536,000 | | | 1,665,923 |
Rayonier A.M. Products, Inc., 5.50%, | | | | |
06/01/2024(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 761,000 | | | 437,419 |
SBA Communications Corp., 4.88%, | | | | |
09/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,905,000 | | | 1,961,759 |
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL | | | | |
Capital LLC, 7.13%, 12/15/2024(b). . . . . . . . | 750,000 | | | 680,618 |
| | | | 6,334,678 |
Food & Staples Retailing-1.71% | | | | |
Albertson's Cos., Inc./Safeway, Inc./New | | | | |
Albertson's L.P./Albertson's LLC, 6.63%, | | | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,742,000 | | | 1,794,242 |
Performance Food Group, Inc., 5.50%, | | | | |
06/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 427,000 | | | 432,515 |
US Foods, Inc., 5.88%, 06/15/2024(b) . . . . . . . | 685,000 | | | 698,416 |
| | | | 2,925,173 |
Food Products-3.45% | | | | |
JBS USA LUX S.A./JBS USA Finance, Inc., | | | | |
5.88%, 07/15/2024(b). . . . . . . . . . . . . . . . . . . | 1,431,000 | | | 1,457,860 |
JBS USA LUX S.A./JBS USA Food Co./JBS | | | | |
USA Finance, Inc., 6.50%, 04/15/2029(b) . . | 1,983,000 | | | 2,154,629 |
Lamb Weston Holdings, Inc., 4.63%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,313,000 | | | 1,368,284 |
Simmons Foods, Inc., 5.75%, 11/01/2024(b). . | 909,000 | | | 906,350 |
| | | | 5,887,123 |
Gas Utilities-1.10% | | | | |
AmeriGas Partners L.P./AmeriGas Finance | | | | |
Corp., 5.63%, 05/20/2024. . . . . . . . . . . . . . . | 1,090,000 | | | 1,135,987 |
Suburban Propane Partners L.P./Suburban | | | | |
Energy Finance Corp., 5.50%, 06/01/2024 . | 756,000 | | | 749,960 |
| | | | 1,885,947 |
| Principal | | | |
| Amount | | | Value |
Health Care Providers & Services-6.72% | | | | |
Acadia Healthcare Co., Inc., 6.50%, | | | | |
03/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 426,000 | $ | 438,424 |
AMN Healthcare, Inc., 5.13%, 10/01/2024(b) . | 494,000 | | | 507,790 |
Community Health Systems, Inc., 8.63%, | | | | |
01/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,897,000 | | | 1,976,466 |
DaVita, Inc., 5.13%, 07/15/2024 . . . . . . . . . . . | 2,337,000 | | | 2,371,085 |
Encompass Health Corp., 5.75%, | | | | |
11/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 821,000 | | | 829,961 |
MPH Acquisition Holdings LLC, 7.13%, | | | | |
06/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,270,000 | | | 2,117,252 |
Tenet Healthcare Corp. | | | | |
4.63%, 07/15/2024 . . . . . . . . . . . . . . . . . . . . | 2,401,000 | | | 2,406,054 |
4.63%, 09/01/2024(b). . . . . . . . . . . . . . . . . . . | 824,000 | | | 838,420 |
| | | | 11,485,452 |
Hotels, Restaurants & Leisure-8.63% | | | | |
1011778 BC ULC/New Red Finance, Inc. | | | | |
(Canada), 4.25%, 05/15/2024(b). . . . . . . . . . | 2,079,000 | | | 2,085,310 |
Carlson Travel, Inc., 9.50%, 12/15/2024(b)(c) . | 200,000 | | | 195,583 |
Cedar Fair L.P., 5.25%, 07/15/2029(b) . . . . . . . | 824,000 | | | 825,524 |
Cedar Fair L.P./Canada's Wonderland | | | | |
Co./Magnum Management Corp., 5.38%, | | | | |
06/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 491,000 | | | 501,024 |
Diamond Resorts International, Inc., 10.75%, | | | | |
09/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 892,000 | | | 923,590 |
Enterprise Development Authority (The), | | | | |
12.00%, 07/15/2024(b) . . . . . . . . . . . . . . . . . | 709,000 | | | 813,872 |
Gateway Casinos & Entertainment Ltd. | | | | |
(Canada), 8.25%, 03/01/2024(b) . . . . . . . . . . | 307,000 | | | 316,337 |
Golden Nugget, Inc., 6.75%, 10/15/2024(b) . . | 1,802,000 | | | 1,774,411 |
Hilton Domestic Operating Co., Inc., 4.25%, | | | | |
09/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,436,000 | | | 1,444,968 |
Hilton Grand Vacations Borrower LLC/Hilton | | | | |
Grand Vacations Borrower, Inc., 6.13%, | | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 346,000 | | | 371,229 |
Jacobs Entertainment, Inc., 7.88%, | | | | |
02/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 494,000 | | | 520,140 |
KFC Holding Co./Pizza Hut Holdings LLC/Taco | | | | �� |
Bell of America LLC, 5.00%, 06/01/2024(b). | 1,528,000 | | | 1,543,227 |
Mohegan Gaming & Entertainment, 7.88%, | | | | |
10/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 607,000 | | | 602,196 |
Scientific Games International, Inc., 7.25%, | | | | |
11/15/2029(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,025,000 | | | 1,001,271 |
Six Flags Entertainment Corp., 4.88%, | | | | |
07/31/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,469,000 | | | 1,452,966 |
Wyndham Destinations, Inc., 5.40%, | | | | |
04/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 348,000 | | | 374,244 |
| | | | 14,745,892 |
Household Durables-0.81% | | | | |
Taylor Morrison Communities, Inc./Taylor | | | | |
Morrison Holdings II, Inc., 5.63%, | | | | |
03/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 670,000 | | | 727,228 |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., | | | | |
5.88%, 06/15/2024 . . . . . . . . . . . . . . . . . . . . | 606,000 | | | 658,519 |
| | | | 1,385,747 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Household Products-0.75% | | | | |
Reynolds Group Issuer, Inc./LLC, 7.00%, | | | | |
07/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $ 947,000 | $ | 957,658 |
Spectrum Brands, Inc., 6.13%, 12/15/2024 . . | 307,000 | | | 316,083 |
| | | | 1,273,741 |
Independent Power and Renewable Electricity Producers-1.43% | |
Calpine Corp., 5.50%, 02/01/2024 . . . . . . . . . . | 838,000 | | | 825,438 |
NRG Energy, Inc., 5.25%, 06/15/2029(b) . . . . . | 1,159,000 | | | 1,206,797 |
Pattern Energy Group, Inc., 5.88%, | | | | |
02/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 405,000 | | | 414,281 |
| | | | 2,446,516 |
Industrial Conglomerates-0.40% | | | | |
Icahn Enterprises L.P./Icahn Enterprises | | | | |
Finance Corp., 4.75%, 09/15/2024(b). . . . . . | 672,000 | | | 686,280 |
Interactive Media & Services-0.47% | | | | |
Match Group, Inc. | | | | |
6.38%, 06/01/2024 . . . . . . . . . . . . . . . . . . . . | 349,000 | | | 361,838 |
5.63%, 02/15/2029(b). . . . . . . . . . . . . . . . . . . | 418,000 | | | 442,703 |
| | | | 804,541 |
IT Services-1.43% | | | | |
EIG Investors Corp., 10.88%, 02/01/2024 . . . . | 426,000 | | | 446,143 |
GTT Communications, Inc., 7.88%, | | | | |
12/31/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 612,000 | | | 469,710 |
Rackspace Hosting, Inc., 8.63%, | | | | |
11/15/2024(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 1,590,000 | | | 1,526,400 |
| | | | 2,442,253 |
Life Sciences Tools & Services-1.27% | | | | |
Avantor, Inc., 6.00%, 10/01/2024(b) . . . . . . . . | 2,060,000 | | | 2,166,430 |
Machinery-2.75% | | | | |
Allison Transmission, Inc. | | | | |
5.00%, 10/01/2024(b) . . . . . . . . . . . . . . . . . . | 1,608,000 | | | 1,630,030 |
5.88%, 06/01/2029(b). . . . . . . . . . . . . . . . . . . | 1,025,000 | | | 1,113,224 |
Cloud Crane LLC, 10.13%, 08/01/2024(b) . . . . | 697,000 | | | 738,531 |
JPW Industries Holding Corp., 9.00%, | | | | |
10/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 282,000 | | | 267,312 |
Meritor, Inc., 6.25%, 02/15/2024(c) . . . . . . . . . | 496,000 | | | 509,299 |
SPX FLOW, Inc., 5.63%, 08/15/2024(b) . . . . . . | 426,000 | | | 441,355 |
| | | | 4,699,751 |
Marine-0.29% | | | | |
Stena AB (Sweden), 7.00%, 02/01/2024(b)(c) . | 500,000 | | | 501,458 |
Media-12.33% | | | | |
AMC Networks, Inc., 5.00%, 04/01/2024. . . . . | 1,501,000 | | | 1,512,258 |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | | |
5.75%, 01/15/2024 . . . . . . . . . . . . . . . . . . . . | 203,000 | | | 207,510 |
5.88%, 04/01/2024(b). . . . . . . . . . . . . . . . . . . | 1,660,000 | | | 1,708,613 |
CSC Holdings LLC | | | | |
5.25%, 06/01/2024(c). . . . . . . . . . . . . . . . . . . | 888,000 | | | 960,891 |
6.50%, 02/01/2029(b). . . . . . . . . . . . . . . . . . . | 2,500,000 | | | 2,766,937 |
DISH DBS Corp., 5.88%, 11/15/2024. . . . . . . . | 2,682,000 | | | 2,756,600 |
Entercom Media Corp., 7.25%, | | | | |
11/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 494,000 | | | 519,523 |
Gray Television, Inc., 5.13%, 10/15/2024(b) . . | 883,000 | | | 906,916 |
McGraw-Hill Global Education Holdings LLC/ | | | | |
McGraw-Hill Global Education Finance, | | | | |
7.88%, 05/15/2024(b). . . . . . . . . . . . . . . . . . . | 431,000 | | | 367,606 |
MDC Partners, Inc., 6.50%, 05/01/2024(b) . . . | 1,246,000 | | | 1,140,090 |
| Principal | | |
| Amount | | Value |
Media-(continued) | | | |
Nexstar Broadcasting, Inc., 5.63%, | | | |
08/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $1,022,000 | $ 1,053,258 |
Outfront Media Capital LLC/Outfront Media | | | |
Capital Corp., 5.63%, 02/15/2024 . . . . . . . . | 494,000 | 504,292 |
Salem Media Group, Inc., 6.75%, | | | |
06/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 635,000 | 612,775 |
Sinclair Television Group, Inc., 5.63%, | | | |
08/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 607,000 | 622,427 |
Sirius XM Radio, Inc. | | | |
4.63%, 07/15/2024(b). . . . . . . . . . . . . . . . . . . | 1,934,000 | 1,997,890 |
5.50%, 07/01/2029(b). . . . . . . . . . . . . . . . . . . | 1,920,000 | 2,062,176 |
TEGNA, Inc., 5.50%, 09/15/2024(b) . . . . . . . . . | 542,000 | 556,905 |
Videotron Ltd. (Canada), 5.38%, | | | |
06/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 755,000 | | 807,993 |
| | 21,064,660 |
Metals & Mining-2.66% | | | |
Alcoa Nederland Holding B.V., 6.75%, | | | |
09/30/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,030,000 | 1,058,335 |
Cleveland-Cliffs, Inc., 4.88%, 01/15/2024(b) . . | 747,000 | 739,840 |
Coeur Mining, Inc., 5.88%, 06/01/2024(c) . . . . | 428,000 | 403,212 |
Compass Minerals International, Inc., 4.88%, | | | |
07/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 291,000 | 294,031 |
Constellium SE, 5.75%, 05/15/2024(b) . . . . . . . | 300,000 | 306,875 |
Freeport-McMoRan, Inc., 4.55%, 11/14/2024. | 1,300,000 | 1,318,961 |
Warrior Met Coal, Inc., 8.00%, | | | |
11/01/2024(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 419,000 | | 430,742 |
| | 4,551,996 |
Oil, Gas & Consumable Fuels-5.44% | | | |
Antero Midstream Partners L.P./Antero | | | |
Midstream Finance Corp., 5.38%, | | | |
09/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,036,000 | 789,950 |
Baytex Energy Corp. (Canada), 5.63%, | | | |
06/01/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 431,000 | 389,156 |
Callon Petroleum Co., 6.13%, 10/01/2024 . . . | 821,000 | 654,912 |
Energy Transfer Operating L.P., 5.88%, | | | |
01/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,093,000 | 1,222,352 |
Extraction Oil & Gas, Inc., 7.38%, | | | |
05/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 356,000 | 123,562 |
Genesis Energy L.P./Genesis Energy Finance | | | |
Corp., 5.63%, 06/15/2024. . . . . . . . . . . . . . . | 431,000 | 371,916 |
Gulfport Energy Corp., 6.00%, 10/15/2024 . . | 845,000 | 283,075 |
Hilcorp Energy I L.P./Hilcorp Finance Co., | | | |
5.00%, 12/01/2024(b) . . . . . . . . . . . . . . . . . . | 571,000 | 452,755 |
MEG Energy Corp. (Canada), 7.00%, | | | |
03/31/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 934,000 | 886,912 |
Parsley Energy LLC/Parsley Finance Corp., | | | |
6.25%, 06/01/2024(b). . . . . . . . . . . . . . . . . . . | 755,000 | 792,761 |
PDC Energy, Inc., 6.13%, 09/15/2024 . . . . . . . | 638,000 | 598,326 |
SM Energy Co., 5.00%, 01/15/2024. . . . . . . . . | 558,000 | 436,571 |
Targa Resources Partners L.P./Targa | | | |
Resources Partners Finance Corp., 6.88%, | | | |
01/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,159,000 | 1,253,169 |
WPX Energy, Inc., 5.25%, 09/15/2024. . . . . . . | 1,039,000 | | 1,039,374 |
| | | 9,294,791 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Paper & Forest Products-0.66% | | | | |
Boise Cascade Co., 5.63%, 09/01/2024(b) . . . . | $ 670,000 | $ | 693,728 |
Louisiana-Pacific Corp., 4.88%, 09/15/2024 . . | 427,000 | | | 436,785 |
| | | | 1,130,513 |
Pharmaceuticals-2.82% | | | | |
Bausch Health Cos., Inc. | | | | |
7.00%, 03/15/2024(b). . . . . . . . . . . . . . . . . . . | 2,617,000 | | | 2,699,867 |
7.25%, 05/30/2029(b). . . . . . . . . . . . . . . . . . . | 1,285,000 | | | 1,415,877 |
Endo Dac/Endo Finance LLC/Endo Finco, Inc., | | | | |
5.88%, 10/15/2024(b) . . . . . . . . . . . . . . . . . . | 700,000 | | | 705,541 |
| | | | 4,821,285 |
Real Estate Management & Development-0.99% | | | |
Kennedy-Wilson, Inc., 5.88%, 04/01/2024. . . . | 1,667,000 | | | 1,698,273 |
Road & Rail-0.25% | | | | |
Avis Budget Car Rental LLC/Avis Budget | | | | |
Finance, Inc., 6.38%, 04/01/2024(b). . . . . . . | 426,000 | | | 429,372 |
Semiconductors & Semiconductor Equipment-0.47% | | | |
Qorvo, Inc., 4.38%, 10/15/2029(b) . . . . . . . . . . | 765,000 | | | 796,078 |
Software-2.41% | | | | |
CDK Global, Inc. | | | | |
5.00%, 10/15/2024 . . . . . . . . . . . . . . . . . . . . | 760,000 | | | 825,884 |
5.25%, 05/15/2029(b). . . . . . . . . . . . . . . . . . . | 1,025,000 | | | 1,094,188 |
Genesys Telecommunications Laboratories, | | | | |
Inc./Greeneden Lux 3 S.a.r.l./Greeneden US | | | | |
Holdings II LLC, 10.00%, 11/30/2024(b) . . . | 1,089,000 | | | 1,163,907 |
RP Crown Parent LLC, 7.38%, 10/15/2024(b). | 496,000 | | | 514,394 |
Veritas US, Inc./Veritas Bermuda Ltd., | | | | |
10.50%, 02/01/2024(b)(c). . . . . . . . . . . . . . . . | 601,000 | | | 515,607 |
| | | | 4,113,980 |
Specialty Retail-0.98% | | | | |
AAG FH L.P./AAG FH Finco, Inc. (Canada), | | | | |
9.75%, 07/15/2024(b). . . . . . . . . . . . . . . . . . . | 357,000 | | | 330,225 |
Asbury Automotive Group, Inc., 6.00%, | | | | |
12/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 951,000 | | | 981,513 |
Penske Automotive Group, Inc., 5.38%, | | | | |
12/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 354,000 | | | 363,439 |
| | | | 1,675,177 |
Technology Hardware, Storage & Peripherals-2.18% | | | |
Dell International LLC/EMC Corp., 7.13%, | | | | |
06/15/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,302,000 | | | 2,411,345 |
Diebold Nixdorf, Inc., 8.50%, 04/15/2024(c) . . | 642,000 | | | 579,671 |
NCR Corp., 6.13%, 09/01/2029(b) . . . . . . . . . . | 670,000 | | | 728,391 |
| | | | 3,719,407 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
| Principal | | |
| Amount | | Value |
Textiles, Apparel & Luxury Goods-0.76% | | | |
Hanesbrands, Inc., 4.63%, 05/15/2024(b) . . . . | $1,232,000 | $ 1,290,009 |
Thrifts & Mortgage Finance-0.50% | | | |
Radian Group, Inc., 4.50%, 10/01/2024 . . . . . | 809,000 | 855,853 |
Trading Companies & Distributors-0.66% | | | |
BMC East LLC, 5.50%, 10/01/2024(b) . . . . . . . | 670,000 | 692,053 |
WESCO Distribution, Inc., 5.38%, | | | |
06/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 426,000 | | 440,022 |
| | 1,132,075 |
Wireless Telecommunication Services-2.40% | | | |
Sprint Corp., 7.13%, 06/15/2024 . . . . . . . . . . . | 3,611,000 | 4,104,497 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $168,018,984). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 166,120,589 |
| Shares | | |
Money Market Funds-2.19% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(d) | | | |
(Cost $3,747,231) . . . . . . . . . . . . . . . . . . . . . . | 3,747,231 | 3,747,231 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral | | |
from securities on loan)-99.40% | | | |
(Cost $171,766,215). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 169,867,820 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.10%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e). . . . . . . . . . . . . | 5,257,186 | 5,257,186 | |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . | 1,751,492 | 1,752,367 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $7,009,420) . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 7,009,553 | |
TOTAL INVESTMENTS IN SECURITIES-103.50% | | | |
(Cost $178,775,635). . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 176,877,373 | |
OTHER ASSETS LESS LIABILITIES-(3.50)% . . . . . | . . . . . . . . . . | (5,977,399) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | $170,899,974 | |
| | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)—(continued)
February 29, 2020
(Unaudited)
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $103,769,841, which represented 60.72% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 18.92 |
Consumer Discretionary | 15.42 |
| |
Health Care | 10.81 |
Industrials | 10.31 |
| |
Materials | 8.61 |
Information Technology | 7.04 |
| |
Energy | 6.14 |
Consumer Staples | 5.91 |
| |
Financials | 5.89 |
Real Estate | 4.70 |
| |
Utilities | 3.46 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 2.79 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-97.79% | | |
Aerospace & Defense-2.16% | | | | |
Bombardier, Inc. (Canada), 7.50%, | | | | |
03/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $1,413,000 | | $ | 1,398,870 |
Kratos Defense & Security Solutions, Inc., | | | | |
6.50%, 11/30/2025(b) . . . . . . . . . . . . . . . . . . | 172,000 | | | 182,391 |
TransDigm, Inc., 6.50%, 05/15/2025(c) . . . . . . | 602,000 | | | 622,640 |
Triumph Group, Inc., 7.75%, 08/15/2025 . . . . | 394,000 | | | 391,208 |
| | | | 2,595,109 |
Auto Components-0.58% | | | | |
American Axle & Manufacturing, Inc., 6.25%, | | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 456,000 | | | 442,450 |
Dana Financing Luxembourg S.a.r.l., 5.75%, | | | | |
04/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 240,000 | | | 247,900 |
| | | | 690,350 |
Automobiles-1.04% | | | | |
Tesla, Inc., 5.30%, 08/15/2025(b)(c) . . . . . . . . . | 1,250,000 | | | 1,251,550 |
Beverages-0.46% | | | | |
Cott Holdings, Inc. (Canada), 5.50%, | | | | |
04/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 542,000 | | | 555,775 |
Building Products-0.26% | | | | |
JELD-WEN, Inc., 4.63%, 12/15/2025(b) . . . . . . | 305,000 | | | 308,177 |
Capital Markets-1.32% | | | | |
MSCI, Inc., 5.75%, 08/15/2025(b) . . . . . . . . . . . | 544,000 | | | 564,395 |
NFP Corp. | | | | |
6.88%, 07/15/2025(b). . . . . . . . . . . . . . . . . . . | 446,000 | | | 447,119 |
8.00%, 07/15/2025(b). . . . . . . . . . . . . . . . . . . | 554,000 | | | 566,695 |
| | | | 1,578,209 |
Chemicals-3.36% | | | | |
Atotech Alpha 3 B.V./Alpha US Bidco, Inc. | | | | |
(United Kingdom), 6.25%, 02/01/2025(b) . . | 200,000 | | | 206,238 |
Chemours Co. (The), 7.00%, 05/15/2025(c) . . | 535,000 | | | 500,003 |
Consolidated Energy Finance S.A. | | | | |
(Switzerland), 6.88%, 06/15/2025(b) . . . . . . | 206,000 | | | 200,951 |
Element Solutions, Inc., 5.88%, | | | | |
12/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 616,000 | | | 620,626 |
Koppers, Inc., 6.00%, 02/15/2025(b) . . . . . . . . | 346,000 | | | 341,672 |
Kraton Polymers LLC/Kraton Polymers Capital | | | | |
Corp., 7.00%, 04/15/2025(b)(c) . . . . . . . . . . . | 244,000 | | | 232,486 |
PQ Corp., 5.75%, 12/15/2025(b). . . . . . . . . . . . | 172,000 | | | 177,231 |
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, | | | | |
04/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 461,000 | | | 443,708 |
SPCM S.A. (France), 4.88%, 09/15/2025(b) . . | 200,000 | | | 205,498 |
Trinseo Materials Operating S.C.A./Trinseo | | | | |
Materials Finance, Inc., 5.38%, | | | | |
09/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 305,000 | | | 283,650 |
Tronox Finance PLC, 5.75%, 10/01/2025(b) . . | 248,000 | | | 235,133 |
Valvoline, Inc., 4.38%, 08/15/2025 . . . . . . . . . | 394,000 | | | 406,968 |
Venator Finance S.a.r.l./Venator | | | | |
Materials LLC, 5.75%, 07/15/2025(b)(c) . . . . | 197,000 | | | 176,807 |
| | | | 4,030,971 |
Commercial Services & Supplies-1.71% | | | | |
Aptim Corp., 7.75%, 06/15/2025(b)(c) . . . . . . . | 108,000 | | | 61,785 |
Core & Main L.P., 6.13%, 08/15/2025(b)(c) . . . | 305,000 | | | 309,603 |
| Principal | | | |
| Amount | | | Value |
Commercial Services & Supplies-(continued) | | | | |
Covanta Holding Corp., 5.88%, 07/01/2025 . . | $ 259,000 | $ | 266,230 |
Intrado Corp., 8.50%, 10/15/2025(b)(c) . . . . . . | 788,000 | | | 531,900 |
KAR Auction Services, Inc., 5.13%, | | | | |
06/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 689,000 | | | 709,315 |
Matthews International Corp., 5.25%, | | | | |
12/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 171,211 |
| | | | 2,050,044 |
Communications Equipment-1.36% | | | | |
CommScope Technologies LLC, 6.00%, | | | | |
06/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,243,000 | | | 1,168,420 |
ViaSat, Inc., 5.63%, 09/15/2025(b) . . . . . . . . . . | 462,000 | | | 457,281 |
| | | | 1,625,701 |
Construction & Engineering-0.55% | | | | |
Shea Homes L.P./Shea Homes Funding Corp., | | | | |
6.13%, 04/01/2025(b). . . . . . . . . . . . . . . . . . . | 223,000 | | | 230,340 |
Tutor Perini Corp., 6.88%, 05/01/2025(b)(c) . . | 318,000 | | | 289,380 |
Weekley Homes LLC/Weekley Finance Corp., | | | | |
6.63%, 08/15/2025 . . . . . . . . . . . . . . . . . . . . | 135,000 | | | 140,794 |
| | | | 660,514 |
Construction Materials-0.28% | | | | |
Summit Materials LLC/Summit Materials | | | | |
Finance Corp., 5.13%, 06/01/2025(b) . . . . . . | 172,000 | | | 175,082 |
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, | | | | |
07/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 163,041 |
| | | | 338,123 |
Consumer Finance-2.03% | | | | |
Ally Financial, Inc., 5.75%, 11/20/2025 . . . . . . | 610,000 | | | 686,750 |
Curo Group Holdings Corp., 8.25%, | | | | |
09/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 462,000 | | | 392,705 |
Navient Corp., 6.75%, 06/25/2025 . . . . . . . . . | 388,000 | | | 410,310 |
Springleaf Finance Corp., 6.88%, | | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 856,000 | | | 943,731 |
| | | | 2,433,496 |
Containers & Packaging-4.20% | | | | |
Ardagh Packaging Finance PLC/Ardagh | | | | |
Holdings USA, Inc., 6.00%, 02/15/2025(b). . | 851,000 | | | 889,295 |
Ball Corp., 5.25%, 07/01/2025 . . . . . . . . . . . . . | 696,000 | | | 760,230 |
Flex Acquisition Co., Inc., 6.88%, | | | | |
01/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 410,000 | | | 402,829 |
Mauser Packaging Solutions Holding Co., | | | | |
7.25%, 04/15/2025(b). . . . . . . . . . . . . . . . . . . | 1,064,000 | | | 1,033,868 |
Owens-Brockway Glass Container, Inc. | | | | |
5.38%, 01/15/2025(b). . . . . . . . . . . . . . . . . . . | 208,000 | | | 218,857 |
6.38%, 08/15/2025(b). . . . . . . . . . . . . . . . . . . | 172,000 | | | 190,060 |
Pactiv LLC, 7.95%, 12/15/2025 . . . . . . . . . . . . | 195,000 | | | 222,868 |
Plastipak Holdings, Inc., 6.25%, | | | | |
10/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 256,000 | | | 228,403 |
Sealed Air Corp., 5.50%, 09/15/2025(b). . . . . . | 462,000 | | | 503,772 |
Silgan Holdings, Inc., 4.75%, 03/15/2025 . . . . | 210,000 | | | 213,063 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
February 29, 2020 (Unaudited)
| | Principal | | | |
| | Amount | | | Value |
Containers & Packaging-(continued) | | | | | |
Smurfit Kappa Treasury Funding DAC | | | | | |
(Ireland), 7.50%, 11/20/2025 . . . . . . . . . . . . | $ | 172,000 | $ | 215,645 |
Trident TPI Holdings, Inc., 6.63%, | | | | | |
11/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 172,000 | | | 158,581 |
| | | | | 5,037,471 |
Diversified Consumer Services-0.68% | | | | | |
Laureate Education, Inc., 8.25%, | | | | | |
05/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 610,000 | | | 648,198 |
WW International, Inc., 8.63%, | | | | | |
12/01/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | | 159,000 | | | 166,221 |
| | | | | 814,419 |
Diversified Financial Services-2.72% | | | | | |
eG Global Finance PLC (United Kingdom), | | | | | |
8.50%, 10/30/2025(b) . . . . . . . . . . . . . . . . . . | | 400,000 | | | 412,714 |
Freedom Mortgage Corp., 8.25%, | | | | | |
04/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 548,000 | | | 520,430 |
LPL Holdings, Inc., 5.75%, 09/15/2025(b) . . . . | | 610,000 | | | 634,394 |
NSG Holdings LLC/NSG Holdings, Inc., 7.75%, | | | | | |
12/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 67,565 | | | 75,194 |
Quicken Loans, Inc., 5.75%, 05/01/2025(b) . . . | | 1,141,000 | | | 1,171,425 |
Tempo Acquisition LLC/Tempo Acquisition | | | | | |
Finance Corp., 6.75%, 06/01/2025(b). . . . . . | | 449,000 | | | 448,017 |
| | | | | 3,262,174 |
Diversified Telecommunication Services-2.30% | | | | |
Altice Finco S.A. (Luxembourg), 7.63%, | | | | | |
02/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 300,000 | | | 313,250 |
CenturyLink, Inc., 5.63%, 04/01/2025 . . . . . . . | | 299,000 | | | 312,331 |
Cincinnati Bell, Inc., 8.00%, 10/15/2025(b) . . . | | 309,000 | | | 332,884 |
GCI LLC, 6.88%, 04/15/2025 . . . . . . . . . . . . . . | | 243,000 | | | 251,100 |
Level 3 Financing, Inc., 5.38%, 05/01/2025 . . | | 600,000 | | | 613,749 |
Virgin Media Finance PLC (United Kingdom), | | | | | |
5.75%, 01/15/2025(b). . . . . . . . . . . . . . . . . . . | | 200,000 | | | 204,083 |
Zayo Group LLC/Zayo Capital, Inc., 6.38%, | | | | | |
05/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 716,000 | | | 733,603 |
| | | | | 2,761,000 |
Electric Utilities-0.44% | | | | | |
Drax Finco PLC (United Kingdom), 6.63%, | | | | | |
11/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 200,000 | | | 209,227 |
Talen Energy Supply LLC, 6.50%, | | | | | |
06/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 446,000 | | | 321,305 |
| | | | | 530,532 |
Electrical Equipment-0.40% | | | | | |
Sensata Technologies B.V., 5.00%, | | | | | |
10/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 456,000 | | | 480,936 |
Electronic Equipment, Instruments & Components-0.26% | | | |
TTM Technologies, Inc., 5.63%, | | | | | |
10/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | 303,000 | | | 309,943 |
Energy Equipment & Services-1.15% | | | | | |
CSI Compressco L.P./CSI Compressco Finance, | | | | | |
Inc., 7.50%, 04/01/2025(b) . . . . . . . . . . . . . . | | 462,000 | | | 454,107 |
Diamond Offshore Drilling, Inc., 7.88%, | | | | | |
08/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 309,000 | | | 218,617 |
Exterran Energy Solutions L.P./EES Finance | | | | | |
Corp., 8.13%, 05/01/2025 . . . . . . . . . . . . . . . | | 462,000 | | | 454,661 |
| Principal | | | |
| Amount | | | Value |
Energy Equipment & Services-(continued) | | | | |
Summit Midstream Holdings LLC/Summit | | | | |
Midstream Finance Corp., 5.75%, | | | | |
04/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 250,000 | $ | 185,729 |
Valaris PLC, 7.38%, 06/15/2025 . . . . . . . . . . . | 144,000 | | | 63,720 |
| | | | 1,376,834 |
Entertainment-0.92% | | | | |
AMC Entertainment Holdings, Inc., 5.75%, | | | | |
06/15/2025(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 610,000 | | | 499,947 |
Netflix, Inc., 5.88%, 02/15/2025. . . . . . . . . . . . | 542,000 | | | 605,460 |
| | | | 1,105,407 |
Equity REITs-2.47% | | | | |
CTR Partnership L.P./CareTrust Capital Corp., | | | | |
5.25%, 06/01/2025 . . . . . . . . . . . . . . . . . . . . | 394,000 | | | 410,908 |
FelCor Lodging L.P., 6.00%, 06/01/2025 . . . . | 286,000 | | | 296,844 |
iStar, Inc., 4.25%, 08/01/2025 . . . . . . . . . . . . . | 500,000 | | | 494,900 |
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL | | | | |
Capital LLC, 7.88%, 02/15/2025(b) . . . . . . . . | 1,700,000 | | | 1,756,610 |
| | | | 2,959,262 |
Food & Staples Retailing-1.03% | | | | |
Albertson's Cos., Inc./Safeway, Inc./New | | | | |
Albertson's L.P./Albertson's LLC, 5.75%, | | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 997,000 | | | 1,036,047 |
Dole Food Co., Inc., 7.25%, 06/15/2025(b) . . . | 203,000 | | | 199,532 |
| | | | 1,235,579 |
Food Products-1.77% | | | | |
B&G Foods, Inc., 5.25%, 04/01/2025 . . . . . . . . | 764,000 | | | 756,035 |
Chobani LLC/Chobani Finance Corp., Inc., | | | | |
7.50%, 04/15/2025(b). . . . . . . . . . . . . . . . . . . | 313,000 | | | 311,438 |
Clearwater Seafoods, Inc. (Canada), 6.88%, | | | | |
05/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 178,091 |
Post Holdings, Inc., 5.50%, 03/01/2025(b). . . . | 843,000 | | | 879,532 |
| | | | 2,125,096 |
Gas Utilities-0.67% | | | | |
AmeriGas Partners L.P./AmeriGas Finance | | | | |
Corp., 5.50%, 05/20/2025. . . . . . . . . . . . . . . | 542,000 | | | 552,845 |
Suburban Propane Partners L.P./Suburban | | | | |
Energy Finance Corp., 5.75%, 03/01/2025 . | 246,000 | | | 249,485 |
| | | | 802,330 |
Health Care Equipment & Supplies-0.75% | | | | |
Hill-Rom Holdings, Inc., 5.00%, | | | | |
02/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 178,900 |
Hologic, Inc., 4.38%, 10/15/2025(b) . . . . . . . . . | 702,000 | | | 716,415 |
| | | | 895,315 |
Health Care Providers & Services-6.85% | | | | |
Centene Corp., 5.25%, 04/01/2025(b) . . . . . . . | 649,000 | | | 669,281 |
Change Healthcare Holdings LLC/Change | | | | |
Healthcare Finance, Inc., 5.75%, | | | | |
03/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 689,000 | | | 698,467 |
DaVita, Inc., 5.00%, 05/01/2025 . . . . . . . . . . . | 1,447,000 | | | 1,471,360 |
Encompass Health Corp., 5.75%, | | | | |
09/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 204,000 | | | 212,245 |
HCA, Inc. | | | | |
5.38%, 02/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,910,000 | | | 2,115,487 |
7.69%, 06/15/2025 . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 206,901 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Health Care Providers & Services-(continued) | | | | |
Molina Healthcare, Inc., 4.88%, | | | | |
06/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $ 246,000 | $ | 250,407 |
Surgery Center Holdings, Inc., 6.75%, | | | | |
07/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 246,000 | | | 242,240 |
Team Health Holdings, Inc., 6.38%, | | | | |
02/01/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 450,000 | | | 243,187 |
Tenet Healthcare Corp. | | | | |
5.13%, 05/01/2025 . . . . . . . . . . . . . . . . . . . . | 1,151,000 | | | 1,160,726 |
7.00%, 08/01/2025(c) . . . . . . . . . . . . . . . . . . . | 394,000 | | | 405,657 |
West Street Merger Sub, Inc., 6.38%, | | | | |
09/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 548,000 | | | 539,062 |
| | | | 8,215,020 |
Hotels, Restaurants & Leisure-10.02% | | | | |
1011778 BC ULC/New Red Finance, Inc. | | | | |
(Canada), 5.00%, 10/15/2025(b). . . . . . . . . . | 2,038,000 | | | 2,057,738 |
Aramark Services, Inc., 5.00%, | | | | |
04/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 651,000 | | | 673,778 |
Caesars Resort Collection LLC/CRC Finco, Inc., | | | | |
5.25%, 10/15/2025(b) . . . . . . . . . . . . . . . . . . | 1,250,000 | | | 1,230,650 |
Constellation Merger Sub, Inc., 8.50%, | | | | |
09/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 256,000 | | | 220,906 |
Eldorado Resorts, Inc., 6.00%, 04/01/2025 . . | 756,000 | | | 791,596 |
ESH Hospitality, Inc., 5.25%, 05/01/2025(b) . . | 911,000 | | | 918,211 |
Golden Nugget, Inc., 8.75%, 10/01/2025(b). . . | 594,000 | | | 597,980 |
Hilton Worldwide Finance LLC/Hilton | | | | |
Worldwide Finance Corp., 4.63%, | | | | |
04/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 846,000 | | | 851,639 |
International Game Technology PLC, 6.50%, | | | | |
02/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 800,000 | | | 868,992 |
MGM Resorts International, 5.75%, | | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 616,000 | | | 676,054 |
Scientific Games International, Inc., 5.00%, | | | | |
10/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,010,000 | | | 1,015,050 |
Station Casinos LLC, 5.00%, 10/01/2025(b) . . | 305,000 | | | 307,287 |
Sugarhouse HSP Gaming Prop Mezz | | | | |
L.P./Sugarhouse HSP Gaming Finance | | | | |
Corp., 5.88%, 05/15/2025(b)(c) . . . . . . . . . . . | 248,000 | | | 243,763 |
Wyndham Destinations, Inc., 6.35%, | | | | |
10/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 188,841 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital | | | | |
Corp., 5.50%, 03/01/2025(b) . . . . . . . . . . . . . | 1,390,000 | | | 1,367,399 |
| | | | 12,009,884 |
Household Durables-2.21% | | | | |
American Greetings Corp., 8.75%, | | | | |
04/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 159,601 |
Ashton Woods USA LLC/Ashton Woods | | | | |
Finance Co., 6.75%, 08/01/2025(b) . . . . . . . | 172,000 | | | 178,091 |
Beazer Homes USA, Inc., 6.75%, | | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 177,661 |
Brookfield Residential Properties, | | | | |
Inc./Brookfield Residential US Corp. | | | | |
(Canada), 6.38%, 05/15/2025(b). . . . . . . . . . | 172,000 | | | 178,522 |
Century Communities, Inc., 5.88%, | | | | |
07/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 462,000 | | | 484,137 |
M/I Homes, Inc., 5.63%, 08/01/2025 . . . . . . . . | 135,000 | | | 141,469 |
Mattamy Group Corp. (Canada), 6.50%, | | | | |
10/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 462,000 | | | 496,629 |
| Principal | | | |
| Amount | | | Value |
Household Durables-(continued) | | | | |
Meritage Homes Corp., 6.00%, 06/01/2025 . . | $ 462,000 | $ | 520,713 |
Taylor Morrison Communities, Inc., 5.88%, | | | | |
01/31/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 306,000 | | | 314,608 |
| | | | 2,651,431 |
Household Products-0.94% | | | | |
Energizer Holdings, Inc., 5.50%, | | | | |
06/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 406,000 | | | 412,855 |
Spectrum Brands, Inc., 5.75%, 07/15/2025 . . | 699,000 | | | 718,216 |
| | | | 1,131,071 |
Independent Power and Renewable Electricity Producers-0.84% | |
Calpine Corp., 5.75%, 01/15/2025 . . . . . . . . . . | 997,000 | | | 1,002,484 |
Industrial Conglomerates-1.03% | | | | |
Brand Industrial Services, Inc., 8.50%, | | | | |
07/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 688,000 | | | 668,213 |
Icahn Enterprises L.P./Icahn Enterprises | | | | |
Finance Corp., 6.38%, 12/15/2025 . . . . . . . | 548,000 | | | 566,953 |
| | | | 1,235,166 |
Insurance-1.77% | | | | |
Acrisure LLC/Acrisure Finance, Inc., 7.00%, | | | | |
11/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 616,000 | | | 603,489 |
AssuredPartners, Inc., 7.00%, 08/15/2025(b) . | 388,000 | | | 390,138 |
Fidelity & Guaranty Life Holdings, Inc., 5.50%, | | | | |
05/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 394,000 | | | 438,321 |
USI, Inc., 6.88%, 05/01/2025(b) . . . . . . . . . . . . | 696,000 | | | 694,517 |
| | | | 2,126,465 |
IT Services-1.04% | | | | |
Booz Allen Hamilton, Inc., 5.13%, | | | | |
05/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 246,000 | | | 252,360 |
Cardtronics, Inc./Cardtronics USA, Inc., | | | | |
5.50%, 05/01/2025(b). . . . . . . . . . . . . . . . . . . | 172,000 | | | 176,801 |
Gartner, Inc., 5.13%, 04/01/2025(b) . . . . . . . . . | 788,000 | | | 815,332 |
| | | | 1,244,493 |
Leisure Products-1.11% | | | | |
Mattel, Inc., 6.75%, 12/31/2025(b) . . . . . . . . . . | 1,265,000 | | | 1,332,089 |
Life Sciences Tools & Services-1.46% | | | | |
Avantor, Inc., 9.00%, 10/01/2025(b) . . . . . . . . | 1,604,000 | | | 1,753,950 |
Machinery-1.96% | | | | |
Navistar International Corp., 6.63%, | | | | |
11/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 738,000 | | | 765,981 |
RBS Global, Inc./Rexnord LLC, 4.88%, | | | | |
12/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 394,000 | | | 398,972 |
Tennant Co., 5.63%, 05/01/2025 . . . . . . . . . . . | 172,000 | | | 179,382 |
Terex Corp., 5.63%, 02/01/2025(b) . . . . . . . . . | 610,000 | | | 619,913 |
TriMas Corp., 4.88%, 10/15/2025(b) . . . . . . . . | 208,000 | | | 212,030 |
Wabash National Corp., 5.50%, | | | | |
10/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 169,491 |
| | | | 2,345,769 |
Media-4.76% | | | | |
Altice Luxembourg S.A. (Luxembourg), | | | | |
7.63%, 02/15/2025(b). . . . . . . . . . . . . . . . . . . | 200,000 | | | 208,000 |
AMC Networks, Inc., 4.75%, 08/01/2025 . . . . | 548,000 | | | 547,334 |
Block Communications, Inc., 6.88%, | | | | |
02/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 358,000 | | | 371,063 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Media-(continued) | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | |
5.38%, 05/01/2025(b). . . . . . . . . . . . . . . . . . . | $ 539,000 | $ | 555,000 |
CSC Holdings LLC, 6.63%, 10/15/2025(b) . . . . | 809,000 | | | 847,436 |
E.W. Scripps Co. (The), 5.13%, | | | | |
05/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 248,000 | | | 249,343 |
Houghton Mifflin Harcourt Publishers, Inc., | | | | |
9.00%, 02/15/2025(b). . . . . . . . . . . . . . . . . . . | 696,000 | | | 716,010 |
Radiate Holdco LLC/Radiate Finance, Inc., | | | | |
6.63%, 02/15/2025(b). . . . . . . . . . . . . . . . . . . | 246,000 | | | 247,332 |
Sirius XM Radio, Inc., 5.38%, 04/15/2025(b) . . | 853,000 | | | 876,812 |
Univision Communications, Inc., 5.13%, | | | | |
02/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,151,000 | | | 1,088,869 |
| | | | 5,707,199 |
Metals & Mining-2.89% | | | | |
AK Steel Corp., 6.38%, 10/15/2025. . . . . . . . . | 348,000 | | | 340,314 |
Big River Steel LLC/BRS Finance Corp., | | | | |
7.25%, 09/01/2025(b). . . . . . . . . . . . . . . . . . . | 757,000 | | | 766,455 |
Cleveland-Cliffs, Inc., 5.75%, 03/01/2025(c) . . | 757,000 | | | 690,763 |
Hudbay Minerals, Inc. (Canada), 7.63%, | | | | |
01/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 437,000 | | | 423,162 |
IAMGOLD Corp. (Canada), 7.00%, | | | | |
04/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 334,000 | | | 343,223 |
New Gold, Inc. (Canada), 6.38%, | | | | |
05/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 307,000 | | | 299,198 |
TMS International Holding Corp., 7.25%, | | | | |
08/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 135,000 | | | 126,281 |
United States Steel Corp., 6.88%, | | | | |
08/15/2025(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 548,000 | | | 475,618 |
| | | | 3,465,014 |
Mortgage REITs-0.54% | | | | |
Ladder Capital Finance Holdings LLLP/Ladder | | | | |
Capital Finance Corp., 5.25%, | | | | |
10/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 244,000 | | | 248,066 |
Starwood Property Trust, Inc., 4.75%, | | | | |
03/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 394,000 | | | 403,029 |
| | | | 651,095 |
Oil, Gas & Consumable Fuels-10.32% | | | | |
Aker BP ASA (Norway), 5.88%, | | | | |
03/31/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 210,159 |
Antero Resources Corp., 5.00%, | | | | |
03/01/2025(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 957,000 | | | 495,248 |
Callon Petroleum Co., 8.25%, 07/15/2025 . . . | 171,000 | | | 152,688 |
Calumet Specialty Products Partners | | | | |
L.P./Calumet Finance Corp., 11.00%, | | | | |
04/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 403,000 | | | 426,168 |
Cheniere Energy Partners L.P., 5.25%, | | | | |
10/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,250,000 | | | 1,255,847 |
Comstock Resources, Inc., 7.50%, | | | | |
05/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 312,000 | | | 230,916 |
CONSOL Energy, Inc., 11.00%, | | | | |
11/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 258,000 | | | 152,972 |
Crestwood Midstream Partners L.P./ | | | | |
Crestwood Midstream Finance Corp., | | | | |
5.75%, 04/01/2025 . . . . . . . . . . . . . . . . . . . . | 388,000 | | | 380,236 |
CrownRock L.P./CrownRock Finance, Inc., | | | | |
5.63%, 10/15/2025(b) . . . . . . . . . . . . . . . . . . | 1,010,000 | | | 974,640 |
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | | |
DCP Midstream Operating L.P., 5.38%, | | | | |
07/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 616,000 | $ | 646,806 |
Delek Logistics Partners L.P./Delek Logistics | | | | |
Finance Corp., 6.75%, 05/15/2025 . . . . . . . | 172,000 | | | 175,193 |
Genesis Energy L.P./Genesis Energy Finance | | | | |
Corp., 6.50%, 10/01/2025 . . . . . . . . . . . . . . | 307,000 | | | 259,320 |
Gulfport Energy Corp., 6.38%, 05/15/2025 . . | 456,000 | | | 146,109 |
HighPoint Operating Corp., 8.75%, | | | | |
06/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 153,000 | | | 129,285 |
Hilcorp Energy I L.P./Hilcorp Finance Co., | | | | |
5.75%, 10/01/2025(b) . . . . . . . . . . . . . . . . . . | 394,000 | | | 316,349 |
MEG Energy Corp. (Canada), 6.50%, | | | | |
01/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 598,000 | | | 589,404 |
Murphy Oil Corp., 5.75%, 08/15/2025 . . . . . . . | 540,000 | | | 525,342 |
Neptune Energy Bondco PLC (United | | | | |
Kingdom), 6.63%, 05/15/2025(b) . . . . . . . . . | 700,000 | | | 649,243 |
NGL Energy Partners L.P./NGL Energy | | | | |
Finance Corp., 6.13%, 03/01/2025 . . . . . . . | 264,000 | | | 219,890 |
Par Petroleum LLC/Par Petroleum Finance | | | | |
Corp., 7.75%, 12/15/2025(b). . . . . . . . . . . . . | 172,000 | | | 176,371 |
Parsley Energy LLC/Parsley Finance Corp. | | | | |
5.38%, 01/15/2025(b)(c) . . . . . . . . . . . . . . . . . | 456,000 | | | 457,145 |
5.25%, 08/15/2025(b). . . . . . . . . . . . . . . . . . . | 305,000 | | | 302,839 |
PBF Holding Co. LLC/PBF Finance Corp., | | | | |
7.25%, 06/15/2025 . . . . . . . . . . . . . . . . . . . . | 448,000 | | | 461,254 |
PDC Energy, Inc., 6.25%, 12/01/2025. . . . . . . | 394,000 | | | 386,116 |
Peabody Energy Corp., 6.38%, | | | | |
03/31/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 161,000 | | | 111,090 |
Range Resources Corp., 4.88%, | | | | |
05/15/2025(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 610,000 | | | 387,167 |
Seven Generations Energy Ltd. (Canada), | | | | |
5.38%, 09/30/2025(b). . . . . . . . . . . . . . . . . . . | 540,000 | | | 495,283 |
SM Energy Co., 5.63%, 06/01/2025. . . . . . . . . | 248,000 | | | 193,543 |
Southwestern Energy Co., 6.20%, | | | | |
01/23/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 749,000 | | | 556,125 |
SunCoke Energy Partners L.P./SunCoke | | | | |
Energy Partners Finance Corp., 7.50%, | | | | |
06/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 494,000 | | | 445,830 |
Targa Resources Partners L.P./Targa | | | | |
Resources Partners Finance Corp., 5.13%, | | | | |
02/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 305,000 | | | 306,909 |
Vermilion Energy, Inc. (Canada), 5.63%, | | | | |
03/15/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 172,000 | | | 163,741 |
| | | | 12,379,228 |
Paper & Forest Products-0.22% | | | | |
Clearwater Paper Corp., 5.38%, | | | | |
02/01/2025(b)(c). . . . . . . . . . . . . . . . . . . . . . . . | 248,000 | | | 257,300 |
Pharmaceuticals-3.35% | | | | |
Bausch Health Cos., Inc. | | | | |
6.13%, 04/15/2025(b). . . . . . . . . . . . . . . . . . . | 2,353,000 | | | 2,404,260 |
5.50%, 11/01/2025(b) . . . . . . . . . . . . . . . . . . | 1,409,000 | | | 1,453,616 |
Endo Dac/Endo Finance LLC/Endo Finco, Inc., | | | | |
6.00%, 02/01/2025(b). . . . . . . . . . . . . . . . . . . | 201,000 | | | 155,335 |
| | | | 4,013,211 |
Real Estate Management & Development-2.03% | | | |
Five Point Operating Co. L.P./Five Point | | | | |
Capital Corp., 7.88%, 11/15/2025(b) . . . . . . | 616,000 | | | 620,232 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
February 29, 2020 (Unaudited)
| Principal | | | |
| Amount | | | Value |
Real Estate Management & Development-(continued) | | | |
Greystar Real Estate Partners LLC, 5.75%, | | | | |
12/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | $ 616,000 | $ | 638,324 |
Howard Hughes Corp. (The), 5.38%, | | | | |
03/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 744,000 | | | 754,929 |
WeWork Cos., Inc., 7.88%, 05/01/2025(b) . . . . | 510,000 | | | 414,370 |
| | | | 2,427,855 |
Road & Rail-0.20% | | | | |
Avis Budget Car Rental LLC/Avis Budget | | | | |
Finance, Inc., 5.25%, 03/15/2025(b)(c) . . . . . | 240,000 | | | 242,826 |
Software-1.06% | | | | |
Ascend Learning LLC, 6.88%, 08/01/2025(b) . | 244,000 | | | 253,049 |
j2 Cloud Services LLC/j2 Cloud Co-Obligor, | | | | |
Inc., 6.00%, 07/15/2025(b) . . . . . . . . . . . . . . | 456,000 | | | 476,331 |
Nielsen Co. (Luxembourg) S.a.r.l. (The), | | | | |
5.00%, 02/01/2025(b)(c) . . . . . . . . . . . . . . . . . | 548,000 | | | 542,514 |
| | | | 1,271,894 |
Specialty Retail-1.84% | | | | |
Lithia Motors, Inc., 5.25%, 08/01/2025(b) . . . . | 172,000 | | | 179,811 |
PetSmart, Inc., 5.88%, 06/01/2025(b) . . . . . . . | 1,065,000 | | | 1,074,372 |
Sally Holdings LLC/Sally Capital, Inc., 5.63%, | | | | |
12/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 942,000 | | | 956,681 |
| | | | 2,210,864 |
Technology Hardware, Storage & Peripherals-0.19% | | | |
Everi Payments, Inc., 7.50%, 12/15/2025(b) . . | 211,000 | | | 221,462 |
Textiles, Apparel & Luxury Goods-0.26% | | | | |
Levi Strauss & Co., 5.00%, 05/01/2025 . . . . . . | 301,000 | | | 310,456 |
Thrifts & Mortgage Finance-0.20% | | | | |
Provident Funding Associates L.P./PFG | | | | |
Finance Corp., 6.38%, 06/15/2025(b). . . . . . | 236,000 | | | 236,688 |
Tobacco-0.65% | | | | |
Vector Group Ltd., 6.13%, 02/01/2025(b) . . . . | 812,000 | | | 783,588 |
Trading Companies & Distributors-2.54% | | | | |
Beacon Roofing Supply, Inc., 4.88%, | | | | |
11/01/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,096,000 | | | 1,059,596 |
H&E Equipment Services, Inc., 5.63%, | | | | |
09/01/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . | 788,000 | | | 823,456 |
United Rentals North America, Inc. | | | | |
5.50%, 07/15/2025 . . . . . . . . . . . . . . . . . . . . | 591,000 | | | 610,453 |
4.63%, 10/15/2025 . . . . . . . . . . . . . . . . . . . . | 548,000 | | | 556,448 |
| | | | 3,049,953 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
| Principal | | |
| Amount | | Value |
Wireless Telecommunication Services-2.64% | | | |
Intelsat Jackson Holdings S.A. (Luxembourg), | | | |
9.75%, 07/15/2025(b). . . . . . . . . . . . . . . . . . . | $1,363,000 | $ 1,204,838 |
Qualitytech L.P./QTS Finance Corp., 4.75%, | | | |
11/15/2025(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 462,000 | 475,474 |
Sprint Corp., 7.63%, 02/15/2025 . . . . . . . . . . . | 1,047,000 | 1,217,138 |
T-Mobile USA, Inc., 5.13%, 04/15/2025. . . . . . | 261,000 | | 268,827 |
| | 3,166,277 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $118,674,870). . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | 117,257,049 |
| Shares | | |
Money Market Funds-2.02% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(d) | | | |
(Cost $2,412,398) . . . . . . . . . . . . . . . . . . . . . . | 2,412,398 | 2,412,398 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral | | |
from securities on loan)-99.81% | | | |
(Cost $121,087,268). . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 119,669,447 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.58%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e). . . . . . . . . . . . . | 5,918,606 | 5,918,606 | |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . | 1,971,876 | 1,972,862 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $7,891,321) . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 7,891,468 | |
TOTAL INVESTMENTS IN SECURITIES-106.39% | | | |
(Cost $128,978,589). . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 127,560,915 | |
OTHER ASSETS LESS LIABILITIES-(6.39)% . . . . . | . . . . . . . . . . | (7,656,186) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | $119,904,729 | |
| | | |
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)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $77,227,757, which represented 64.41% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Consumer Discretionary | 18.00 |
Health Care | 12.41 |
| |
Energy | 11.47 |
Materials | 10.95 |
| |
Communication Services | 10.62 |
Industrials | 10.55 |
| |
Financials | 8.58 |
Consumer Staples | 4.85 |
| |
Real Estate | 4.50 |
Information Technology | 3.91 |
| |
Utilities | 1.95 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 2.21 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-96.80% | | |
Aerospace & Defense-2.19% | | | | |
BWX Technologies, Inc., 5.38%, 07/15/2026(b) . $ 349,000 | $ | 366,329 |
Signature Aviation US Holdings, Inc., 5.38%, | | | | |
05/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 305,000 | | | 311,917 |
TransDigm, Inc., 6.38%, 06/15/2026 . . . . . . . . . | 579,000 | | | 596,022 |
| | | | 1,274,268 |
Auto Components-3.03% | | | | |
American Axle & Manufacturing, Inc., 6.25%, | | | | |
03/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 246,000 | | | 237,353 |
Dana Financing Luxembourg S.a.r.l., 6.50%, | | | | |
06/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 173,000 | | | 183,017 |
Gates Global LLC/Gates Corp., 6.25%, | | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 385,000 | | | 387,631 |
Goodyear Tire & Rubber Co. (The), 5.00%, | | | | |
05/31/2026(c). . . . . . . . . . . . . . . . . . . . . . . . . . . | 640,000 | | | 630,784 |
Tenneco, Inc., 5.00%, 07/15/2026(c) . . . . . . . . . | 370,000 | | | 319,134 |
| | | | 1,757,919 |
Automobiles-0.83% | | | | |
Cooper-Standard Automotive, Inc., 5.63%, | | | | |
11/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 250,000 | | | 224,087 |
J.B. Poindexter & Co., Inc., 7.13%, | | | | |
04/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 245,000 | | | 259,308 |
| | | | 483,395 |
Building Products-2.11% | | | | |
American Woodmark Corp., 4.88%, | | | | |
03/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 347,000 | | | 352,084 |
Cornerstone Building Brands, Inc., 8.00%, | | | | |
04/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 372,000 | | | 369,108 |
Masonite International Corp., 5.75%, | | | | |
09/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 118,000 | | | 124,826 |
PGT Escrow Issuer, Inc., 6.75%, 08/01/2026(b). | 349,000 | | | 377,914 |
| | | | 1,223,932 |
Capital Markets-0.57% | | | | |
MSCI, Inc., 4.75%, 08/01/2026(b) . . . . . . . . . . . . | 317,000 | | | 329,928 |
Chemicals-1.80% | | | | |
Consolidated Energy Finance S.A. (Switzerland), | | | | |
6.50%, 05/15/2026(b) . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 196,038 |
GCP Applied Technologies, Inc., 5.50%, | | | | |
04/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 245,000 | | | 255,498 |
Ingevity Corp., 4.50%, 02/01/2026(b). . . . . . . . . | 120,000 | | | 118,458 |
Scotts Miracle-Gro Co. (The), 5.25%, | | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 118,000 | | | 125,416 |
Tronox, Inc., 6.50%, 04/15/2026(b)(c). . . . . . . . . | 364,000 | | | 350,341 |
| | | | 1,045,751 |
Commercial Services & Supplies-1.86% | | | | |
Cimpress PLC (Ireland), 7.00%, 06/15/2026(b) . | 150,000 | | | 157,272 |
Crown Americas LLC/Crown Americas Capital | | | | |
Corp. V, 4.25%, 09/30/2026 . . . . . . . . . . . . . . | 234,000 | | | 241,524 |
GFL Environmental, Inc. (Canada), 7.00%, | | | | |
06/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 364,000 | | | 383,691 |
Waste Pro USA, Inc., 5.50%, 02/15/2026(b) . . . | 303,000 | | | 296,236 |
| | | | 1,078,723 |
| Principal | | |
| Amount | | Value |
Communications Equipment-0.88% | | | |
Hughes Satellite Systems Corp., 6.63%, | | | |
08/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 464,000 | $ 511,768 |
Construction & Engineering-0.42% | | | |
New Enterprise Stone & Lime Co., Inc., 6.25%, | | | |
03/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 234,000 | 246,204 |
Consumer Finance-2.43% | | | |
Navient Corp., 6.75%, 06/15/2026. . . . . . . . . . . | 364,000 | 384,693 |
Springleaf Finance Corp., 7.13%, 03/15/2026 . | 924,000 | | 1,027,373 |
| | 1,412,066 |
Containers & Packaging-2.72% | | | |
Ball Corp., 4.88%, 03/15/2026 . . . . . . . . . . . . . . | 479,000 | 527,786 |
Berry Global, Inc., 4.50%, 02/15/2026(b) . . . . . . | 236,000 | 232,897 |
Cascades, Inc./Cascades USA, Inc. (Canada), | | | |
5.13%, 01/15/2026(b) . . . . . . . . . . . . . . . . . . . . | 227,000 | 235,512 |
Crown Cork & Seal Co., Inc., 7.38%, | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 234,000 | 275,031 |
Flex Acquisition Co., Inc., 7.88%, | | | |
07/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 303,000 | | 308,249 |
| | 1,579,475 |
Distributors-0.88% | | | |
Wolverine Escrow LLC, 9.00%, 11/15/2026(b). . | 510,000 | 509,661 |
Diversified Consumer Services-1.28% | | | |
Carriage Services, Inc., 6.63%, 06/01/2026(b) . | 345,000 | 356,467 |
frontdoor, inc., 6.75%, 08/15/2026(b) . . . . . . . . | 126,000 | 138,241 |
Graham Holdings Co., 5.75%, 06/01/2026(b). . . | 234,000 | | 248,706 |
| | 743,414 |
Diversified Financial Services-1.68% | | | |
Compass Group Diversified Holdings LLC, | | | |
8.00%, 05/01/2026(b) . . . . . . . . . . . . . . . . . . . . | 191,000 | 205,869 |
Verscend Escrow Corp., 9.75%, 08/15/2026(b) . | 709,000 | | 772,792 |
| | 978,661 |
Diversified Telecommunication Services-8.61% | | | |
Altice France S.A. (France), 7.38%, | | | |
05/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,500,000 | 2,626,375 |
CenturyLink, Inc., 5.13%, 12/15/2026(b) . . . . . . | 784,000 | 791,840 |
Frontier Communications Corp., 8.50%, | | | |
04/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,087,000 | 1,102,599 |
Level 3 Financing, Inc., 5.25%, 03/15/2026 . . . | 464,000 | | 479,938 |
| | 5,000,752 |
Electric Utilities-1.87% | | | |
NextEra Energy Operating Partners L.P., | | | |
3.88%, 10/15/2026(b). . . . . . . . . . . . . . . . . . . . | 320,000 | 324,440 |
Talen Energy Supply LLC, 10.50%, | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 579,000 | 516,655 |
Terraform Global Operating LLC, 6.13%, | | | |
03/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 234,000 | | 242,856 |
| | 1,083,951 |
Electronic Equipment, Instruments & Components-0.62% | | |
Itron, Inc., 5.00%, 01/15/2026(b) . . . . . . . . . . . . | 349,000 | | 360,221 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Energy Equipment & Services-0.57% | | | |
Precision Drilling Corp. (Canada), 7.13%, | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 236,000 | $ 218,500 |
USA Compression Partners L.P./USA | | | |
Compression Finance Corp., 6.88%, | | | |
04/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 119,000 | | 115,367 |
| | 333,867 |
Entertainment-2.47% | | | |
AMC Entertainment Holdings, Inc., 5.88%, | | | |
11/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 579,000 | 464,544 |
Netflix, Inc., 4.38%, 11/15/2026. . . . . . . . . . . . . | 579,000 | 607,400 |
WMG Acquisition Corp., Series 19-A, 5.50%, | | | |
04/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 349,000 | | 365,699 |
| | 1,437,643 |
Equity REITs-2.45% | | | |
CBL & Associates L.P., 5.95%, 12/15/2026. . . . | 242,000 | 99,104 |
GEO Group, Inc. (The), 6.00%, 04/15/2026. . . . | 120,000 | 108,903 |
Iron Mountain US Holdings, Inc., 5.38%, | | | |
06/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 120,000 | 124,542 |
MGM Growth Properties Operating Partnership | | | |
L.P./MGP Finance Co.-Issuer, Inc., 4.50%, | | | |
09/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 303,000 | 314,309 |
VICI Properties L.P./VICI Note Co, Inc., 4.25%, | | | |
12/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 765,000 | | 774,130 |
| | 1,420,988 |
Food & Staples Retailing-0.68% | | | |
Sigma Holdco B.V. (Netherlands), 7.88%, | | | |
05/15/2026(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 392,740 |
Food Products-3.27% | | | |
FAGE International S.A./FAGE USA Dairy | | | |
Industry, Inc. (Luxembourg), 5.63%, | | | |
08/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 178,931 |
H-Food Holdings LLC/Hearthside Finance Co., | | | |
Inc., 8.50%, 06/01/2026(b) . . . . . . . . . . . . . . . . | 237,000 | 206,019 |
Lamb Weston Holdings, Inc., 4.88%, | | | |
11/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 441,000 | 458,375 |
Post Holdings, Inc., 5.00%, 08/15/2026(b) . . . . . | 1,036,000 | | 1,058,326 |
| | 1,901,651 |
Gas Utilities-1.29% | | | |
AmeriGas Partners L.P./AmeriGas Finance | | | |
Corp., 5.88%, 08/20/2026 . . . . . . . . . . . . . . . . | 479,000 | 497,858 |
Superior Plus L.P./Superior General Partner, | | | |
Inc. (Canada), 7.00%, 07/15/2026(b) . . . . . . . | 234,000 | | 251,047 |
| | 748,905 |
Health Care Equipment & Supplies-0.44% | | | |
Teleflex, Inc., 4.88%, 06/01/2026. . . . . . . . . . . . | 245,000 | 256,110 |
Health Care Providers & Services-5.00% | | | |
AHP Health Partners, Inc., 9.75%, | | | |
07/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 364,000 | 397,797 |
Centene Corp., 5.38%, 08/15/2026(b) . . . . . . . . | 410,000 | 432,038 |
Hadrian Merger Sub, Inc., 8.50%, | | | |
05/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 349,000 | 357,846 |
HCA, Inc. | | | |
5.88%, 02/15/2026. . . . . . . . . . . . . . . . . . . . . . | 924,000 | 1,045,829 |
5.38%, 09/01/2026. . . . . . . . . . . . . . . . . . . . . . | 604,000 | | 670,878 |
| | | 2,904,388 |
| Principal | | | |
| Amount | | | Value |
Hotels, Restaurants & Leisure-2.57% | | | | |
Aramark Services, Inc., 4.75%, 06/01/2026 . . . | $ 314,000 | $ | 324,149 |
Boyd Gaming Corp., 6.00%, 08/15/2026 . . . . . . | 395,000 | | | 406,869 |
IRB Holding Corp., 6.75%, 02/15/2026(b) . . . . . | 234,000 | | | 232,911 |
Merlin Entertainments PLC (United Kingdom), | | | | |
5.75%, 06/15/2026(b) . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 215,070 |
MGM Resorts International, 4.63%, | | | | |
09/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 303,000 | | | 315,824 |
| | | | 1,494,823 |
Household Durables-2.60% | | | | |
LGI Homes, Inc., 6.88%, 07/15/2026(b) . . . . . . . | 120,000 | | | 125,592 |
PulteGroup, Inc., 5.50%, 03/01/2026. . . . . . . . . | 479,000 | | | 528,971 |
SRS Distribution, Inc., 8.25%, 07/01/2026(b) . . . | 234,000 | | | 246,366 |
Tempur Sealy International, Inc., 5.50%, | | | | |
06/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 349,000 | | | 365,804 |
TopBuild Corp., 5.63%, 05/01/2026(b) . . . . . . . . | 234,000 | | | 244,026 |
| | | | 1,510,759 |
Household Products-0.20% | | | | |
Energizer Holdings, Inc., 6.38%, | | | | |
07/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 114,000 | | | 118,463 |
Independent Power and Renewable Electricity Producers-1.52% | |
Calpine Corp., 5.25%, 06/01/2026(b) . . . . . . . . . | 694,000 | | | 689,630 |
Clearway Energy Operating LLC, 5.00%, | | | | |
09/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 191,000 | | | 196,186 |
| | | | 885,816 |
Insurance-2.23% | | | | |
AmWINS Group, Inc., 7.75%, 07/01/2026(b) . . . | 508,000 | | | 528,816 |
HUB International Ltd., 7.00%, 05/01/2026(b) . | 755,000 | | | 764,419 |
| | | | 1,293,235 |
Leisure Products-0.24% | | | | |
Party City Holdings, Inc., 6.63%, | | | | |
08/01/2026(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 241,000 | | | 142,190 |
Life Sciences Tools & Services-1.07% | | | | |
IQVIA, Inc., 5.00%, 10/15/2026(b) . . . . . . . . . . . | 600,000 | | | 620,356 |
Machinery-1.52% | | | | |
Mueller Water Products, Inc., 5.50%, | | | | |
06/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 234,000 | | | 246,951 |
SPX FLOW, Inc., 5.88%, 08/15/2026(b) . . . . . . . | 118,000 | | | 125,039 |
Titan Acquisition Ltd./Titan Co-Borrower LLC | | | | |
(Canada), 7.75%, 04/15/2026(b) . . . . . . . . . . . | 533,000 | | | 509,110 |
| | | | 881,100 |
Media-6.20% | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | | |
5.50%, 05/01/2026(b) . . . . . . . . . . . . . . . . . . . . | 755,000 | | | 785,141 |
DISH DBS Corp., 7.75%, 07/01/2026 . . . . . . . . . | 1,202,000 | | | 1,293,845 |
Gray Television, Inc., 5.88%, 07/15/2026(b) . . . | 349,000 | | | 359,575 |
McClatchy Co. (The), 9.00%, 07/15/2026(d) . . . | 162,000 | | | 152,680 |
National CineMedia LLC, 5.75%, 08/15/2026 . . | 121,000 | | | 120,317 |
Sinclair Television Group, Inc., 5.88%, | | | | |
03/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 464,000 | | | 479,241 |
Virgin Media Secured Finance PLC (United | | | | |
Kingdom), 5.50%, 08/15/2026(b) . . . . . . . . . . | 400,000 | | | 412,556 |
| | | | 3,603,355 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Metals & Mining-3.76% | | | |
Baffinland Iron Mines Corp./Baffinland Iron | | | |
Mines L.P. (Canada), 8.75%, 07/15/2026(b). . $ 364,000 | $ 371,953 |
Constellium SE, 5.88%, 02/15/2026(b) . . . . . . . . | 250,000 | 254,694 |
JW Aluminum Continuous Cast Co., 10.25%, | | | |
06/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 234,000 | 245,196 |
Novelis Corp., 5.88%, 09/30/2026(b) . . . . . . . . . | 985,000 | 1,019,650 |
United States Steel Corp., 6.25%, 03/15/2026 . | 364,000 | | 294,167 |
| | 2,185,660 |
Oil, Gas & Consumable Fuels-11.92% | | | |
Berry Petroleum Co. LLC, 7.00%, | | | |
02/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 236,000 | 205,992 |
Blue Racer Midstream LLC/Blue Racer Finance | | | |
Corp., 6.63%, 07/15/2026(b) . . . . . . . . . . . . . . | 121,000 | 103,195 |
Buckeye Partners L.P., 3.95%, 12/01/2026 . . . | 341,000 | 324,803 |
Callon Petroleum Co., 6.38%, 07/01/2026 . . . . | 237,000 | 184,942 |
Centennial Resource Production LLC, 5.38%, | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 236,000 | 198,912 |
Cheniere Energy Partners L.P., 5.63%, | | | |
10/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 694,000 | 698,771 |
CNX Midstream Partners L.P./CNX Midstream | | | |
Finance Corp., 6.50%, 03/15/2026(b) . . . . . . . | 236,000 | 194,192 |
Endeavor Energy Resources L.P./EER Finance, | | | |
Inc., 5.50%, 01/30/2026(b). . . . . . . . . . . . . . . . | 234,000 | 232,204 |
Extraction Oil & Gas, Inc., 5.63%, | | | |
02/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 225,000 | 79,391 |
Genesis Energy L.P./Genesis Energy Finance | | | |
Corp., 6.25%, 05/15/2026 . . . . . . . . . . . . . . . . | 236,000 | 197,732 |
Indigo Natural Resources LLC, 6.88%, | | | |
02/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 558,000 | 477,104 |
Jagged Peak Energy LLC, 5.88%, 05/01/2026 . | 280,000 | 279,880 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & | | | |
Gas Finance Corp., 6.00%, 08/01/2026(b) . . . | 234,000 | 234,666 |
Moss Creek Resources Holdings, Inc., 7.50%, | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 351,000 | 206,229 |
Oasis Petroleum, Inc., 6.25%, 05/01/2026(b) . . | 249,000 | 153,764 |
Parkland Fuel Corp. (Canada), 6.00%, | | | |
04/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 257,000 | 269,040 |
PDC Energy, Inc., 5.75%, 05/15/2026 . . . . . . . . | 303,000 | 270,435 |
QEP Resources, Inc., 5.63%, 03/01/2026(c). . . . | 295,000 | 236,745 |
SM Energy Co., 6.75%, 09/15/2026(c) . . . . . . . . | 295,000 | 233,890 |
Southwestern Energy Co., 7.50%, | | | |
04/01/2026(c). . . . . . . . . . . . . . . . . . . . . . . . . . . | 533,000 | 406,426 |
Targa Resources Partners L.P./Targa Resources | | | |
Partners Finance Corp., 5.88%, 04/15/2026 . | 694,000 | 716,190 |
TransMontaigne Partners L.P./TLP Finance | | | |
Corp., 6.13%, 02/15/2026 . . . . . . . . . . . . . . . . | 349,000 | 346,261 |
Whiting Petroleum Corp., 6.63%, 01/15/2026 . | 526,000 | 193,318 |
WPX Energy, Inc., 5.75%, 06/01/2026 . . . . . . . . | 487,000 | | 484,332 |
| | 6,928,414 |
Paper & Forest Products-0.20% | | | |
Mercer International, Inc. (Germany), 5.50%, | | | |
01/15/2026(c). . . . . . . . . . . . . . . . . . . . . . . . . . . | 121,000 | 114,433 |
Personal Products-0.62% | | | |
Coty, Inc., 6.50%, 04/15/2026(b) . . . . . . . . . . . . | 349,000 | | 359,479 |
| | Principal | | |
| | Amount | | Value |
Pharmaceuticals-0.83% | | | | |
Catalent Pharma Solutions, Inc., 4.88%, | | | | |
01/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 236,000 | $ 242,572 |
HLF Financing S.a.r.l. LLC/Herbalife | | | | |
International, Inc., 7.25%, 08/15/2026(b). . . . | | 234,000 | | 236,633 |
| | | 479,205 |
Real Estate Management & Development-0.59% | | | |
Hunt Cos., Inc., 6.25%, 02/15/2026(b) . . . . . . . . | | 349,000 | 342,726 |
Semiconductors & Semiconductor Equipment-0.54% | | |
Entegris, Inc., 4.63%, 02/10/2026(b) . . . . . . . . . | | 305,000 | 315,096 |
Software-3.08% | | | | |
ACI Worldwide, Inc., 5.75%, 08/15/2026(b) . . . . | | 234,000 | 250,006 |
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b) . | | 939,000 | 946,019 |
Fair Isaac Corp., 5.25%, 05/15/2026(b) . . . . . . . | | 234,000 | 259,821 |
Nuance Communications, Inc., 5.63%, | | | | |
12/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 318,000 | | 336,229 |
| | | 1,792,075 |
Specialty Retail-0.49% | | | | |
Penske Automotive Group, Inc., 5.50%, | | | | |
05/15/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 280,000 | 286,818 |
Textiles, Apparel & Luxury Goods-1.31% | | | | |
Hanesbrands, Inc., 4.88%, 05/15/2026(b) . . . . . | | 604,000 | 633,807 |
Wolverine World Wide, Inc., 5.00%, | | | | |
09/01/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | | 121,000 | | 125,286 |
| | | 759,093 |
Trading Companies & Distributors-0.32% | | | | |
Beacon Roofing Supply, Inc., 4.50%, | | | | |
11/15/2026(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | | 187,000 | 185,831 |
Wireless Telecommunication Services-5.04% | | | | |
Connect Finco S.a.r.l./Connect US Finco LLC | | | | |
(United Kingdom), 6.75%, 10/01/2026(b). . . . | | 1,250,000 | 1,273,287 |
Sprint Corp., 7.63%, 03/01/2026 . . . . . . . . . . . . | | 870,000 | 1,027,957 |
T-Mobile USA, Inc., 4.50%, 02/01/2026. . . . . . . | | 619,000 | | 628,471 |
| | | 2,929,715 |
Total U.S. Dollar Denominated Bonds & Notes | | | | |
(Cost $57,899,282) . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 56,245,023 |
Shares
Money Market Funds-1.10%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(e) | | |
(Cost $639,503) . . . . . . . . . . . . . . . . . . . . . . . . . | 639,503 | 639,503 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral from | |
securities on loan)-97.90% | | |
(Cost $58,538,785) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 56,884,526 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.00%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(e)(f) . . . . . . . . . . . . . . | 1,740,278 | 1,740,278 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Money Market Funds-(continued) | | | | | |
Invesco Liquid Assets Portfolio, Institutional | | | | | |
Class, 1.64%(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . | 579,807 | $ | 580,097 | |
Total Investments Purchased with Cash Collateral from | | | | |
Securities on Loan | | | | | |
(Cost $2,320,320) . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 2,320,375 | |
TOTAL INVESTMENTS IN SECURITIES-101.90% | | | | | |
(Cost $60,859,105) . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | 59,204,901 | |
OTHER ASSETS LESS LIABILITIES-(1.90)%. . . . . . | . . . . . . . . . . . | | (1,101,718) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . . | | $58,103,183 | |
| | | | | |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $35,741,454, which represented 61.51% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at February 29, 2020 represented less than 1% of the Fund's Net Assets.
(e)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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 February 29, 2020
Communication Services | 20.97 |
Consumer Discretionary | 14.58 |
| |
Energy | 12.49 |
Materials | 8.48 |
| |
Industrials | 8.42 |
Financials | 8.24 |
| |
Health Care | 7.34 |
Information Technology | 5.12 |
| |
Consumer Staples | 4.77 |
Utilities | 4.68 |
| |
Real Estate | 1.71 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 3.20 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.34% | | |
Aerospace & Defense-0.89% | | | | |
Moog, Inc., 4.25%, 12/15/2027(b) . . . . . . . . . . . . . | $130,000 | | $ | 132,600 |
Auto Components-3.96% | | | | |
American Axle & Manufacturing, Inc., 6.50%, | | | | |
04/01/2027(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 253,000 | | | 243,392 |
Dana, Inc., 5.38%, 11/15/2027 . . . . . . . . . . . . . . . | 100,000 | | | 101,250 |
Goodyear Tire & Rubber Co. (The), 4.88%, | | | | |
03/15/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 253,000 | | | 245,246 |
| | | | 589,888 |
Building Products-1.76% | | | | |
JELD-WEN, Inc., 4.88%, 12/15/2027(b). . . . . . . . . | 253,000 | | | 262,400 |
Chemicals-3.41% | | | | |
Hexion, Inc., 7.88%, 07/15/2027(b) . . . . . . . . . . . . | 253,000 | | | 251,741 |
Olin Corp., 5.13%, 09/15/2027. . . . . . . . . . . . . . . . | 253,000 | | | 255,536 |
| | | | 507,277 |
Commercial Services & Supplies-3.43% | | | | |
Brink's Co. (The), 4.63%, 10/15/2027(b) . . . . . . . . | 253,000 | | | 259,912 |
Harsco Corp., 5.75%, 07/31/2027(b) . . . . . . . . . . . | 253,000 | | | 249,844 |
| | | | 509,756 |
Construction & Engineering-1.76% | | | | |
AECOM, 5.13%, 03/15/2027. . . . . . . . . . . . . . . . . . | 253,000 | | | 262,138 |
Consumer Finance-1.30% | | | | |
Navient Corp., 5.00%, 03/15/2027 . . . . . . . . . . . . | 200,000 | | | 193,940 |
Containers & Packaging-2.43% | | | | |
LABL Escrow Issuer LLC, 10.50%, | | | | |
07/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 253,000 | | | 262,443 |
Sealed Air Corp., 4.00%, 12/01/2027(b) . . . . . . . . | 100,000 | | | 99,750 |
| | | | 362,193 |
Distributors-1.06% | | | | |
Wolverine Escrow LLC, 13.13%, 11/15/2027(b) . . | 150,000 | | | 157,875 |
Diversified Consumer Services-3.79% | | | | |
Garda World Security Corp. (Canada), 4.63%, | | | | |
02/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 99,000 |
Service Corp. International, 4.63%, 12/15/2027 . | 253,000 | | | 265,605 |
Sotheby's, 7.38%, 10/15/2027(b)(c) . . . . . . . . . . . . | 200,000 | | | 199,912 |
| | | | 564,517 |
Diversified Financial Services-2.81% | | | | |
Allied Universal Holdco LLC/Allied Universal | | | | |
Finance Corp., 9.75%, 07/15/2027(b) . . . . . . . . | 303,000 | | | 322,702 |
Ladder Capital Finance Holdings LLLP/Ladder | | | | |
Capital Finance Corp., 4.25%, 02/01/2027(b) . . | 100,000 | | | 95,125 |
| | | | 417,827 |
Diversified Telecommunication Services-2.61% | | | | |
Zayo Group LLC/Zayo Capital, Inc., 5.75%, | | | | |
01/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 378,000 | | | 387,581 |
Electric Utilities-4.35% | | | | |
NextEra Energy Operating Partners L.P., 4.50%, | | | | |
09/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 253,000 | | | 264,471 |
Vistra Operations Co. LLC, 5.00%, | | | | |
07/31/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 378,000 | | | 382,479 |
| | | | 646,950 |
Principal
Amount
Electrical Equipment-0.68%
EnerSys, 4.38%, 12/15/2027(b) . . . . . . . . . . . . . . . $100,000
Electronic Equipment, Instruments & Components-0.69%
MTS Systems Corp., 5.75%, 08/15/2027(b) . . . . . 100,000
Energy Equipment & Services-1.32% | |
USA Compression Partners L.P./USA | |
Compression Finance Corp., 6.88%, | |
09/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 |
Entertainment-3.12% | |
Live Nation Entertainment, Inc., 4.75%, | |
10/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 |
Scripps Escrow, Inc., 5.88%, 07/15/2027(b) . . . . . | 253,000 |
Equity REITs-4.21% | |
CoreCivic, Inc., 4.75%, 10/15/2027. . . . . . . . . . . . | 100,000 |
Iron Mountain, Inc., 4.88%, 09/15/2027(b) . . . . . . | 378,000 |
Ryman Hospitality Properties, Inc., 4.75%, | |
10/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 |
Food & Staples Retailing-0.99% | |
Albertson's Cos., Inc./Safeway, Inc./New | |
Albertson's L.P./Albertson's LLC, 4.63%, | |
01/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 |
Gas Utilities-1.78% | |
AmeriGas Partners L.P./AmeriGas Finance Corp., | |
5.75%, 05/20/2027 . . . . . . . . . . . . . . . . . . . . . . . | 253,000 |
Health Care Providers & Services-5.36% | |
Community Health Systems, Inc., 8.00%, | |
12/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 |
LifePoint Health, Inc., 4.38%, 02/15/2027(b) . . . . | 150,000 |
Tenet Healthcare Corp., 5.13%, 11/01/2027(b) . . | 350,000 |
US Renal Care, Inc., 10.63%, 07/15/2027(b). . . . . | 128,000 |
Hotels, Restaurants & Leisure-4.44% | |
Boyd Gaming Corp., 4.75%, 12/01/2027(b) . . . . . | 100,000 |
KFC Holding Co./Pizza Hut Holdings LLC/Taco | |
Bell of America LLC, 4.75%, 06/01/2027(b) . . . | 178,000 |
Penn National Gaming, Inc., 5.63%, | |
01/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 128,000 |
Wynn Las Vegas LLC/Wynn Las Vegas Capital | |
Corp., 5.25%, 05/15/2027(b). . . . . . . . . . . . . . . . | 253,000 |
Household Durables-5.00% | |
Beazer Homes USA, Inc., 5.88%, 10/15/2027 . . . | 253,000 |
Mattamy Group Corp. (Canada), 5.25%, | |
12/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 |
PulteGroup, Inc., 5.00%, 01/15/2027 . . . . . . . . . . | 253,000 |
Industrial Conglomerates-1.01% | |
Icahn Enterprises L.P./Icahn Enterprises Finance | |
Corp., 5.25%, 05/15/2027(b). . . . . . . . . . . . . . . . | 150,000 |
Value
$101,375
102,035
196,810
201,370
262,955
464,325
91,453
383,603
151,780
626,836
147,847
264,897
154,500
148,455
364,000
129,964
796,919
98,948
182,418
132,845
245,726
659,937
256,802
209,000
278,351
744,153
150,750
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Insurance-1.01% | | | |
Alliant Holdings Intermediate LLC/Alliant Holdings | | | |
Co-Issuer, 6.75%, 10/15/2027(b) . . . . . . . . . . . . | $150,000 | $ 149,905 |
Interactive Media & Services-4.73% | | | |
Match Group, Inc., 5.00%, 12/15/2027(b) . . . . . . . | 153,000 | 158,791 |
Nexstar Broadcasting, Inc., 5.63%, | | | |
07/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 378,000 | 391,948 |
Twitter, Inc., 3.88%, 12/15/2027(b) . . . . . . . . . . . . | 150,000 | | 153,562 |
| | 704,301 |
Leisure Products-1.06% | | | |
Mattel, Inc., 5.88%, 12/15/2027(b). . . . . . . . . . . . . | 150,000 | 157,027 |
Machinery-0.69% | | | |
Allison Transmission, Inc., 4.75%, | | | |
10/01/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 102,785 |
Media-8.94% | | | |
Belo Corp., 7.25%, 09/15/2027 . . . . . . . . . . . . . . . | 100,000 | 113,785 |
CCO Holdings LLC/CCO Holdings Capital Corp., | | | |
5.13%, 05/01/2027(b) . . . . . . . . . . . . . . . . . . . . . | 503,000 | 523,900 |
Sinclair Television Group, Inc., 5.13%, | | | |
02/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 98,755 |
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b) . . . . . | 378,000 | 394,813 |
Terrier Media Buyer, Inc., 8.88%, 12/15/2027(b) . | 200,000 | | 199,000 |
| | 1,330,253 |
Oil, Gas & Consumable Fuels-7.32% | | | |
MEG Energy Corp. (Canada), 7.13%, | | | |
02/01/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | 141,866 |
Murphy Oil Corp., 5.88%, 12/01/2027. . . . . . . . . . | 125,000 | 122,166 |
NuStar Logistics L.P., 5.63%, 04/28/2027 . . . . . . | 153,000 | 156,374 |
Parkland Fuel Corp. (Canada), 5.88%, | | | |
07/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 153,000 | 157,487 |
Parsley Energy LLC/Parsley Finance Corp., | | | |
5.63%, 10/15/2027(b) . . . . . . . . . . . . . . . . . . . . . | 253,000 | 251,254 |
Targa Resources Partners L.P./Targa Resources | | | |
Partners Finance Corp., 5.38%, 02/01/2027 . . | 253,000 | | 259,793 |
| | 1,088,940 |
Pharmaceuticals-2.29% | | | |
Catalent Pharma Solutions, Inc., 5.00%, | | | |
07/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 128,000 | 133,517 |
Horizon Therapeutics USA, Inc., 5.50%, | | | |
08/01/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 207,870 |
| | 341,387 |
Professional Services-0.69% | | | |
Korn Ferry, 4.63%, 12/15/2027(b) . . . . . . . . . . . . . | 100,000 | 102,750 |
Road & Rail-1.71% | | | |
Avis Budget Car Rental LLC/Avis Budget Finance, | | | |
Inc., 5.75%, 07/15/2027(b) . . . . . . . . . . . . . . . . . | 253,000 | | 253,639 |
Investment Abbreviations:
DAC -Designated Activity Co.
REIT -Real Estate Investment Trust
| Principal | | |
| Amount | | Value |
Specialty Retail-0.72% | | | |
Michaels Stores, Inc., 8.00%, 07/15/2027(b)(c) . . . | $128,000 | $ 106,938 |
Technology Hardware, Storage & Peripherals-0.67% | | |
Presidio Holdings, Inc., 4.88%, 02/01/2027(b) . . . | 100,000 | 100,187 |
Thrifts & Mortgage Finance-0.71% | | | |
Radian Group, Inc., 4.88%, 03/15/2027 . . . . . . . . | 100,000 | 106,285 |
Trading Companies & Distributors-2.64% | | | |
Herc Holdings, Inc., 5.50%, 07/15/2027(b) . . . . . . | 378,000 | 393,092 |
Wireless Telecommunication Services-3.00% | | | |
C&W Senior Financing DAC (Ireland), 6.88%, | | | |
09/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | 317,197 |
Telesat Canada / Telesat LLC (Canada), 6.50%, | | | |
10/15/2027(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 125,000 | | 129,606 |
| | 446,803 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $14,798,824) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,635,118 |
| Shares | | |
Money Market Funds-0.70% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(d) | | | |
(Cost $103,585) . . . . . . . . . . . . . . . . . . . . . . . . . . | 103,585 | 103,585 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral from | | |
securities on loan)-99.04% | | | |
(Cost $14,902,409) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 14,738,703 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.55%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(d)(e) . . . . . . . . . . . . . . . | 396,747 | 396,747 | |
Invesco Liquid Assets Portfolio, Institutional Class, | | | |
1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 132,183 | 132,250 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $528,983) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 528,997 | |
TOTAL INVESTMENTS IN SECURITIES-102.59% | | | |
(Cost $15,431,392) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 15,267,700 | |
OTHER ASSETS LESS LIABILITIES-(2.59)%. . . . . . . . . | . . . . . . . . | (385,243) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $14,882,457 | |
| | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
February 29, 2020
(Unaudited)
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $11,221,295, which represented 75.40% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Communication Services | 22.40 |
Consumer Discretionary | 21.79 |
| |
Industrials | 13.50 |
Energy | 8.64 |
| |
Health Care | 7.65 |
Utilities | 6.13 |
| |
Materials | 5.84 |
Financials | 5.83 |
| |
Real Estate | 4.21 |
Sector Types Each Less Than 3% | 2.35 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.66 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Municipal Bond ETF (BSML)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-98.03% | | | | | | | |
Arizona-1.05% | | | | | | | |
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2021 | $ 100 | $ 105,535 |
California-12.42% | | | | | | | |
Abag Finance Authority for Nonprofit Corps. (Episcopal Senior Communities), Series 2011, Ref. RB . . . . | 6.13% | 07/01/2041 | 150 | 159,603 |
California (State of), Series 2011, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2030 | 100 | 106,197 |
California (State of), Series 2011, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 09/01/2030 | 125 | 133,210 |
California (State of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2030 | 100 | 106,197 |
California (State of) Public Works Board, Series 2011 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2031 | 140 | 150,194 |
Los Angeles (City of), CA, Series 2012 C, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2021 | 100 | 105,433 |
Sacramento (City of), CA Municipal Utility District, Series 2011 X, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2027 | 100 | 106,239 |
Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2021 | 200 | 212,686 |
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB(a)(b) . . . . . . . . . . . . | 4.50% | 11/01/2021 | 160 | | 170,379 |
| | | | | | 1,250,138 |
Colorado-1.33% | | | | | | | |
Colorado Springs (City of), CO, Series 2011 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2021 | 125 | 133,956 |
Connecticut-1.28% | | | | | | | |
Connecticut (State of), Series 2014 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 03/01/2021 | 125 | 128,954 |
District of Columbia-2.13% | | | | | | | |
District of Columbia, Series 2011 G, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2031 | 200 | 214,126 |
Florida-4.04% | | | | | | | |
Florida (State of) (Capital Outlay), Series 2011 E, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2027 | 50 | 52,614 |
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2021 | 35 | 36,839 |
Florida (State of) (State Board of Education), Series 2011 E, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2025 | 200 | 210,534 |
Orange (County of), FL Convention Center, Series 2017, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2021 | 25 | 26,663 |
Palm Beach (County of), FL Solid Waste Authority, Series 2011, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2031 | 75 | | 79,831 |
| | | | | | 406,481 |
Georgia-1.06% | | | | | | | |
Valdosta & Lowndes (County of), GA Hospital Authority (South Medical Center), Series 2011 B, RB(a)(b) . | 5.00% | 10/01/2021 | 100 | 106,637 |
Hawaii-0.80% | | | | | | | |
Hawaii (State of), Series 2012 EF, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2021 | 75 | 80,225 |
Illinois-4.96% | | | | | | | |
Chicago (City of), IL Transit Authority, Series 2011, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 12/01/2025 | 175 | 188,398 |
Illinois (State of) Finance Authority (State Clean Water), Series 2016, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2021 | 300 | | 310,500 |
| | | | | | 498,898 |
Maryland-1.94% | | | | | | | |
Maryland (State of), Series 2014 C, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2021 | 160 | 169,526 |
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2012 B, RB(a)(b) . . . . . . . . . . . | 5.00% | 11/15/2021 | 10 | 10,713 |
Washington (State of) Suburban Sanitary Commission, Series 2011, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 06/01/2021 | 15 | | 15,423 |
| | | | | | 195,662 |
Massachusetts-6.39% | | | | | | | |
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2021 | 100 | 106,702 |
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2010 A, RB. . . . . . . . | 5.00% | 12/15/2021 | 200 | 215,212 |
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(a)(b) . . . . . . . . . . . . . . . . | 5.00% | 10/15/2021 | 200 | 213,732 |
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(a)(b) . . . . . . . . . . . . . . . . | 5.25% | 10/15/2021 | 100 | | 107,267 |
| | | | | | 642,913 |
Michigan-2.10% | | | | | | | |
Michigan (State of) Finance Authority, Series 2014 C-3, RB, (INS -AGM)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2021 | 200 | 211,016 |
Missouri-1.05% | | | | | | | |
St Louis (City of), MO, Series 2017 A, Ref. RB, (INS -AGM)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2021 | 100 | | 105,467 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal |
| Interest | | Maturity | | Amount |
| Rate | | Date | | | (000) |
Nebraska-0.05% | | | | | | |
West Haymarket Joint Public Agency, Series 2011, GO Bonds(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.25% | 12/15/2021 | $ | 5 |
New Jersey-3.85% | | | | | | |
New Jersey (State of), Series 2016 T, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2021 | | | 45 |
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB(a) . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2021 | | | 55 |
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2021 | | | 145 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(a)(b) . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2021 | | | 25 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB(a)(b) . . . . . . . . . . . . . . . . . . | 5.25% | 06/15/2021 | | | 100 |
New York-31.29% | | | | | | |
Metropolitan Transportation Authority, Series 2012 F, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2021 | | | 400 |
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2021 | | | 200 |
New York & New Jersey (States of) Port Authority, Series 2013 179, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2021 | | | 125 |
New York (City of), NY, Series 2011 HH, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2026 | | | 200 |
New York (City of), NY, Series 2016 E, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2021 | | | 200 |
New York (State of) Dormitory Authority, Series 2012, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/15/2021 | | | 150 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2021 | | | 200 |
New York (State of) Thruway Authority, Series 2012 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2028 | | | 200 |
New York State Environmental Facilities Corp., Series 2017, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2021 | | | 500 |
New York State Urban Development Corp., Series 2011 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2023 | | | 200 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2021 | | | 400 |
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2021 | | | 200 |
Ohio-2.17% | | | | | | |
Lucas (County of), OH (ProMedica Healthcare), Series 2011 A, RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6.50% | 11/15/2021 | | | 200 |
Pennsylvania-6.38% | | | | | | |
Pennsylvania (Commonwealth of), Series 2012, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2021 | | | 300 |
Philadelphia (City of), PA, Series 2013 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2021 | | | 315 |
South Carolina-2.06% | | | | | | |
Columbia (City of), SC, Series 2011 A, Ref. RB(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2021 | | | 200 |
Tennessee-0.05% | | | | | | |
Knoxville (City of), TN, Series 2012 B, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 04/01/2047 | | | 5 |
Texas-4.21% | | | | | | |
Dallas/Fort Worth International Airport, Series 2011 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2021 | | | 75 |
Harris (County of), TX Flood Control District, Series 2008 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 10/01/2021 | | | 200 |
North Texas Tollway Authority, Series 2011, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2038 | | | 15 |
Odessa Junior College District, Series 2011, GO Bonds(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.38% | 08/15/2021 | | | 50 |
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB. . . . . . . . . . . . . . . . . | 5.00% | 10/01/2021 | | | 60 |
Washington-5.29% | | | | | | |
Washington (State of), Series 2011 A, GO Bonds(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2021 | | | 100 |
Washington (State of), Series 2011 C, GO Bonds(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2025 | | | 75 |
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives), Series 2011 A, | | | | | | |
RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2021 | | | 335 |
Wisconsin-2.13% | | | | | | |
Wisconsin (State of), Series 2016 1, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2021 | | | 200 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.03%
(Cost $9,803,940) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-1.97% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Value
$5,312
47,283
57,300
150,681
26,348
105,709
387,321
427,600
206,880
134,348
210,782
211,790
157,636
208,796
212,652
527,550
208,712
428,000
214,364
3,149,110
219,064
316,770
325,865
642,635
207,664
5,051
77,087
214,024
15,487
53,314
64,001
423,913
105,998
78,969
347,526
532,493
214,038
9,866,609
198,170
$10,064,779
Invesco BulletShares 2021 Municipal Bond ETF (BSML)—(continued)
February 29, 2020
(Unaudited)
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
Notes to Schedule of Investments:
(a)Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)Principal and/or interest payments are secured by the bond insurance company listed.
(d)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 18.72 |
Water Revenue | 14.48 |
| |
Sales Tax Revenue | 12.02 |
Health, Hospital, Nursing Home Revenue | 8.38 |
| |
Lease Revenue | 6.70 |
Income Tax Revenue | 6.31 |
| |
Appropriations | 4.95 |
Electric Power Revenue | 4.50 |
| |
Transit Revenue | 4.25 |
Special Tax | 3.25 |
| |
Sewer Revenue | 3.20 |
Port, Airport & Marina Revenue | 3.15 |
| |
Revenue Types Each Less Than 3% | 8.12 |
Other Assets Less Liabilities | 1.97 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | | |
| Interest | | Maturity | | Amount | | | |
| Rate | | Date | (000) | | | Value |
Municipal Obligations-98.47% | | | | | | | | |
Arizona-1.62% | | | | | | | | |
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB. . . . . . . . . . . . . . . . . | 5.00% | 12/01/2030 | $ 35 | $ | 38,272 |
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB. . . . . . . . . . . . . . . . . | 5.00% | 12/01/2031 | 115 | | | 125,671 |
| | | | | | | | 163,943 |
Arkansas-0.51% | | | | | | | | |
Arkansas (State of) (Four-Lane Highway Construction), Series 2013, GO Bonds . . . . . . . . . . . . . . . . . . . . . | 3.25% | 06/15/2022 | 50 | | | 51,561 |
California-15.77% | | | | | | | | |
Bay Area Toll Authority, Series 2012 F-1, RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2022 | 75 | | | 81,836 |
California (State of), Series 2012, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2042 | 100 | | | 108,272 |
California (State of), Series 2017, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2022 | 100 | | | 111,261 |
California (State of) Public Works Board, Series 2012 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2027 | 50 | | | 54,255 |
California (State of) Public Works Board, Series 2012 G, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2030 | 135 | | | 149,598 |
California (State of) Public Works Board (Department of Correction & Rehab), Series 2012, Ref. RB. . . . . | 5.00% | 06/01/2027 | 100 | | | 109,185 |
California (State of) Statewide Communities Development Authority (Episcopal Communities and | | | | | | | | |
Services), Series 2012, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/15/2047 | 100 | | | 108,083 |
Los Angeles (City of), CA, Series 2012 B, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2031 | 145 | | | 158,454 |
Los Angeles (City of), CA, Series 2012 C, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2025 | 135 | | | 148,002 |
Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2022 | 100 | | | 109,962 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB. . . . . . . . . . . | 5.00% | 07/01/2022 | 30 | | | 33,055 |
Metropolitan Water District of Southern California, Series 2012 G, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2028 | 40 | | | 44,044 |
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2022 | 135 | | | 148,713 |
San Diego (County of), CA Regional Transportation Commission, Series 2012 A, RB(a)(b) . . . . . . . . . . . . . . | 5.00% | 04/01/2022 | 100 | | | 109,115 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB . . . . . . . . . . . . | 5.00% | 08/01/2022 | 100 | | | 110,366 |
University of California, Series 2012 G, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/15/2037 | 10 | | | 10,923 |
| | | | | | | | 1,595,124 |
Colorado-0.27% | | | | | | | | |
Regional Transportation District (Fastracks), Series 2012 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2031 | 25 | | | 27,626 |
Connecticut-3.80% | | | | | | | | |
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 A-1, | | | | | | | | |
Ref.RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2042 | 200 | | | 219,240 |
South Central Connecticut Regional Water Authority, Series 2012, Ref. RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2022 | 150 | | | 165,090 |
| | | | | | | | 384,330 |
District of Columbia-1.91% | | | | | | | | |
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2014 A, | | | | | | | | |
Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2053 | 180 | | | 193,068 |
Florida-3.23% | | | | | | | | |
Citizens Property Insurance Corp., Series 2015 A-1, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2022 | 100 | | | 107,100 |
Miami-Dade (County of), FL, Series 2012 B, Ref. RB, (INS -AGM)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2035 | 100 | | | 110,038 |
Volusia County School Board, Series 2019, COP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2022 | 100 | | | 109,860 |
| | | | | | | | 326,998 |
Georgia-1.13% | | | | | | | | |
Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 12/01/2042 | 25 | | | 26,178 |
Georgia (State of), Series 2012 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2024 | 80 | | | 87,852 |
| | | | | | | | 114,030 |
Illinois-2.20% | | | | | | | | |
Illinois (State of), Series 2013, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2022 | 100 | | | 108,435 |
Illinois (State of), Series 2016 C, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2022 | 105 | | | 113,857 |
| | | | | | | | 222,292 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Maryland-1.87% | | | | | | | |
Montgomery (County of), MD, Series 2014 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2022 | $ 90 | $ 100,059 |
Montgomery (County of), MD, Series 2016 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2022 | 80 | | 89,219 |
| | | | | | 189,278 |
Massachusetts-2.83% | | | | | | | |
Massachusetts (Commonwealth of), Series 2013 A, RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2022 | 25 | 27,413 |
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2022 | 100 | 109,815 |
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds(a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2022 | 20 | 21,967 |
Massachusetts (Commonwealth of) School Building Authority, Series 2012 A, Ref. RB . . . . . . . . . . . . . . . . | 5.00% | 08/15/2026 | 75 | 82,725 |
Massachusetts Clean Water Trust (The), Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2022 | 40 | | 44,075 |
| | | | | | 285,995 |
Michigan-1.08% | | | | | | | |
Michigan (State of) Finance Authority, Series 2015 A, Ref. RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2022 | 100 | 109,252 |
Nevada-0.27% | | | | | | | |
Clark County School District, Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2022 | 25 | 27,341 |
New Jersey-5.89% | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2022 | 220 | 239,037 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 12/15/2022 | 30 | 33,359 |
New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2022 | 195 | 214,182 |
North Hudson Sewerage Authority, Series 2012 A, COP(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2022 | 100 | | 109,370 |
| | | | | | 595,948 |
New York-20.00% | | | | | | | |
Long Island Power Authority, Series 2012 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2037 | 400 | 441,620 |
Metropolitan Transportation Authority, Series 2012 D, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2025 | 200 | 221,994 |
Metropolitan Transportation Authority, Series 2015 A-1, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2022 | 100 | 110,940 |
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2022 | 90 | 96,810 |
New York (City of), NY, Series 2012 A-1, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2025 | 100 | 110,668 |
New York (City of), NY, Series 2012 F, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2027 | 100 | 107,873 |
New York (City of), NY, Series 2015 A, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2022 | 100 | 110,062 |
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 02/01/2022 | 100 | 104,087 |
New York (City of), NY Transitional Finance Authority, Series 2012 C-1, RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2025 | 100 | 111,121 |
New York (State of) Dormitory Authority, Series 2012 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2027 | 100 | 108,194 |
New York (State of) Dormitory Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2022 | 100 | 108,563 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2022 | 100 | 111,296 |
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2022 | 250 | | 278,703 |
| | | | | | 2,021,931 |
North Carolina-2.12% | | | | | | | |
North Carolina (State of) (Garvee), Series 2017, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2022 | 100 | 108,256 |
North Carolina Medical Care Commission, Series 2013, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 11/01/2046 | 100 | | 106,161 |
| | | | | | 214,417 |
Ohio-2.30% | | | | | | | |
Allen (County of), OH (Catholic Health Partners), Series 2012 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2033 | 100 | 107,705 |
Ohio (State of), Series 2015 B, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2030 | 65 | 70,948 |
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health), Series 2012 A, RB . . . . | 5.00% | 01/01/2027 | 50 | | 53,624 |
| | | | | | 232,277 |
Oklahoma-1.01% | | | | | | | |
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2030 | 95 | 101,867 |
Pennsylvania-9.62% | | | | | | | |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/15/2022 | 90 | 97,059 |
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University), Series 2012, RB . . . | 5.00% | 05/01/2037 | 400 | 433,072 |
Philadelphia (City of), PA, Series 2012, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2028 | 400 | | 442,804 |
| | | | | | | 972,935 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal |
| Interest | | Maturity | | Amount |
| Rate | | Date | (000) |
Tennessee-6.49% | | | | | |
Nashville & Davidson (County of), TN, Series 2017, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2022 | $ 400 |
Wilson (County of), TN, Series 2012, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2022 | 200 |
Texas-7.95% | | | | | |
Dallas (City of), TX, Series 2017, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2022 | 100 |
North Central Texas Health Facility Development Corp. (Childrens Medical Center Dallas), Series 2012, | | | | | |
RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2022 | 100 |
North Texas Tollway Authority, Series 2012 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2042 | 100 |
San Antonio (City of), TX, Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2022 | 100 |
Texas (State of), Series 2011, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2022 | 100 |
University of Texas Pernanent Fund (Permanent University Fund Boards), Series 2007 B, Ref. RB. . . . . . | 5.25% | 07/01/2022 | 240 |
Virginia-3.23% | | | | | |
Fairfax (County of), VA Economic Development Authority, Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/15/2022 | 200 |
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2012, RB. . . . . . | 5.00% | 05/15/2040 | 100 |
Washington-3.37% | | | | | |
Washington (State of), Series 2012, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 07/01/2028 | 40 |
Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2022 | 150 |
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, | | | | | |
RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 10/01/2034 | 125 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.47%
(Cost $9,847,116) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-1.53% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
Value
$438,968
217,280
656,248
107,907
110,221
106,531
107,949
106,622
264,468
803,698
218,286
107,977
326,263
41,904
165,453
133,445
340,802
9,957,224
154,999
$10,112,223
Notes to Schedule of Investments:
(a)Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c)Principal and/or interest payments are secured by the bond insurance company listed.
(d)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 20.20 |
Highway Tolls Revenue | 9.65 |
| |
College & University Revenue | 9.17 |
Health, Hospital, Nursing Home Revenue | 8.53 |
| |
Lease Revenue | 7.42 |
Sewer Revenue | 7.41 |
| |
Electric Power Revenue | 7.08 |
Sales Tax Revenue | 6.87 |
| |
Miscellaneous Revenue | 6.28 |
Water Revenue | 3.54 |
| |
Transit Revenue | 3.29 |
Income Tax Revenue | 3.20 |
| |
Revenue Types Each Less Than 3% | 5.83 |
Other Assets Less Liabilities | 1.53 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-96.68% | | | | | | | |
Arizona-2.44% | | | | | | | |
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), | | | | | | | |
Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2023 | $ 120 | $ 133,705 |
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2023 | 100 | | 113,548 |
| | | | | | 247,253 |
California-19.18% | | | | | | | |
Alameda (County of), CA Joint Powers Authority, Series 2013 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 12/01/2025 | 65 | 75,984 |
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB . . . . . . . . . . . . . | 5.00% | 10/01/2027 | 95 | 107,321 |
California (State of), Series 2013, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2031 | 100 | 114,179 |
California (State of), Series 2013, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2032 | 100 | 111,784 |
California (State of), Series 2014, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2025 | 100 | 115,655 |
California (State of), Series 2015, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2023 | 100 | 114,391 |
California (State of), Series 2018, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2029 | 100 | 112,578 |
California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, | | | | | | | |
RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2023 | 100 | 113,070 |
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences | | | | | | | |
Obligated Group), Series 2015 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2041 | 50 | 57,227 |
Desert Community College District (Riverside & Imperial), Series 2018, GO Bonds . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2043 | 100 | 113,016 |
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | 500 | 569,510 |
Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2023 | 100 | 114,151 |
San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2023 | 100 | 113,754 |
San Jose (City of), CA Financing Authority, Series 2013 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2033 | 100 | | 113,180 |
| | | | | | 1,945,800 |
Connecticut-1.40% | | | | | | | |
Connecticut (State of), Series 2012 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2027 | 25 | 27,825 |
Connecticut (State of), Series 2013 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2027 | 100 | | 114,273 |
| | | | | | 142,098 |
District of Columbia-0.89% | | | | | | | |
District of Columbia, Series 2013 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2027 | 80 | 90,516 |
Florida-3.29% | | | | | | | |
Florida (State of), Series 2019 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2023 | 195 | 222,247 |
School Board of Miami-Dade County (The), Series 2013 A, COP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2032 | 100 | | 111,894 |
| | | | | | 334,141 |
Georgia-0.44% | | | | | | | |
Forsyth County School District, Series 2013, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2023 | 20 | 22,449 |
Gwinnett County School District, Series 2010, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2023 | 20 | | 22,449 |
| | | | | | 44,898 |
Hawaii-4.53% | | | | | | | |
Hawaii (State of), Series 2016, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2023 | 400 | 459,416 |
Illinois-3.60% | | | | | | | |
Illinois (State of), Series 2013, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 07/01/2029 | 100 | 112,587 |
Illinois (State of), Series 2017 D, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2023 | 100 | 113,640 |
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2023 | 10 | 11,383 |
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds . . . . | 4.00% | 12/01/2023 | 55 | 60,639 |
Metropolitan Water Reclamation District of Greater Chicago, Series 2016 A, Ref. GO Bonds . . . . . . . . . . . | 5.00% | 12/01/2023 | 15 | 17,192 |
Springfield (City of), IL, Series 2015, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2023 | 45 | | 50,085 |
| | | | | | | 365,526 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Indiana-5.92% | | | | | | | |
Indiana (State of) Finance Authority, Series 2019, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2023 | $ 150 | $ 173,001 |
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, | | | | | | | |
Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/15/2044 | 400 | | 427,284 |
| | | | | | 600,285 |
Iowa-0.34% | | | | | | | |
Iowa (State of), Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2023 | 30 | 34,026 |
Maryland-1.68% | | | | | | | |
Maryland (State of) Department of Transportation, Series 2017, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2023 | 150 | 169,873 |
Massachusetts-2.20% | | | | | | | |
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2032 | 100 | 112,847 |
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2023 | 100 | | 110,351 |
| | | | | | 223,198 |
Michigan-1.11% | | | | | | | |
Michigan (State of) Building Authority, Series 2015 I, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/15/2023 | 100 | 112,900 |
Minnesota-0.11% | | | | | | | |
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 B, Ref. RB . . . . . . . | 5.00% | 01/01/2023 | 10 | 11,175 |
Nevada-0.56% | | | | | | | |
Clark County School District, Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2023 | 50 | 56,703 |
New Jersey-3.90% | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2023 | 100 | 111,299 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB . . . . . . . . . . . . . . . . . . . . . . | 5.50% | 12/15/2023 | 150 | 174,075 |
Rutgers The State University of New Jersey, Series 2018 N, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 05/01/2023 | 100 | | 109,900 |
| | | | | | 395,274 |
New York-24.37% | | | | | | | |
Battery Park City Authority, Series 2013 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2025 | 400 | 461,720 |
Metropolitan Transportation Authority, Series 2012 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2023 | 200 | 222,562 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2023 | 100 | 114,682 |
New York (City of), NY, Series 2012 I, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2023 | 100 | 110,163 |
New York (City of), NY, Series 2017 A, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2023 | 70 | 77,569 |
New York (City of), NY, Series 2019 BB-2, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2025 | 100 | 115,612 |
New York (City of), NY Transitional Finance Authority, Series 2012 E-1, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2023 | 200 | 216,104 |
New York (City of), NY Transitional Finance Authority, Series 2013 F-1, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2026 | 200 | 224,306 |
New York (State of) Dormitory Authority, Series 2012 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2023 | 100 | 108,296 |
New York (State of) Dormitory Authority, Series 2012, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/15/2023 | 100 | 109,281 |
New York (State of) Dormitory Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2023 | 200 | 225,442 |
New York State Urban Development Corp., Series 2013 E, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2031 | 200 | 224,364 |
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 10/15/2023 | 125 | 139,984 |
Utility Debt Securitization Authority, Series 2013 TE, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/15/2027 | 105 | | 121,563 |
| | | | | | 2,471,648 |
North Carolina-1.12% | | | | | | | |
North Carolina (State of), Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2023 | 100 | 113,628 |
Ohio-0.23% | | | | | | | |
Ohio (State of) Water Development Authority, Series 2016, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2023 | 20 | 23,115 |
Oregon-0.29% | | | | | | | |
Oregon (State of) Department of Transportation, Series 2013 A, RB(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2023 | 25 | 28,880 |
Pennsylvania-2.24% | | | | | | | |
Pennsylvania (Commonwealth of), Series 2015, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2023 | 100 | 112,657 |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/15/2023 | 100 | | 114,711 |
| | | | | | | 227,368 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal |
| Interest | | Maturity | | Amount |
| Rate | | Date | (000) |
South Carolina-0.50% | | | | | |
South Carolina (State of) Public Service Authority, Series 2013 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.13% | 12/01/2043 | $ 30 |
South Carolina (State of) Public Service Authority, Series 2013 E, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2048 | 15 |
Tennessee-0.28% | | | | | |
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2023 | 25 |
Texas-7.57% | | | | | |
Dallas (City of), TX, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2023 | 125 |
Dallas-Fort Worth (Cities of), TX International Airport, Series 2013 F, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 11/01/2033 | 270 |
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2043 | 75 |
University of Texas System, Series 2016 D, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2023 | 200 |
Virginia-4.41% | | | | | |
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2023 | 100 |
Virginia Public School Authority, Series 2012, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2023 | 160 |
Virginia Public School Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2023 | 140 |
Washington-2.42% | | | | | |
Energy Northwest, Series 2015 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2023 | 15 |
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2023 | 200 |
West Virginia-0.28% | | | | | |
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB . . . . . . . | 5.00% | 09/01/2023 | 25 |
Wisconsin-1.38% | | | | | |
Milwaukee (City of), WI, Series 2018 N1, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2023 | 125 |
TOTAL INVESTMENTS IN SECURITIES-96.68%
(Cost $9,664,623) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-3.32% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Abbreviations:
COP -Certificates of Participation
GO -General Obligation
RB -Revenue Bonds
Ref. -Refunding
Notes to Schedule of Investments:
(a)Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(b)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Value
$33,982
16,901
50,883
28,779
143,472
310,603
85,409
228,886
768,370
110,354
176,504
159,943
446,801
17,064
228,730
245,794
28,545
140,037
9,806,930
337,230
$10,144,160
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 17.39 |
Lease Revenue | 13.01 |
| |
Sales Tax Revenue | 10.51 |
Electric Power Revenue | 7.98 |
| |
Income Tax Revenue | 7.62 |
Health, Hospital, Nursing Home Revenue | 7.24 |
| |
Miscellaneous Revenue | 6.79 |
General Fund | 5.64 |
| |
College & University Revenue | 5.54 |
Water Revenue | 4.02 |
| |
Appropriations | 3.89 |
Port, Airport & Marina Revenue | 3.17 |
| |
Revenue Types Each Less Than 3% | 3.88 |
Other Assets Less Liabilities | 3.32 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | | |
| Interest | | Maturity | | Amount | | | |
| Rate | | Date | (000) | | | Value |
Municipal Obligations-98.17% | | | | | | | | |
Alabama-0.35% | | | | | | | | |
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2027 | $ 30 | $ | 35,206 |
Arizona-1.96% | | | | | | | | |
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2015, Ref. RB. . . | 5.00% | 07/01/2032 | 170 | | | 199,816 |
California-18.42% | | | | | | | | |
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2046 | 100 | | | 116,277 |
California (State of), Series 2014 AS, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2026 | 100 | | | 120,381 |
California (State of), Series 2014, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2024 | 100 | | | 119,177 |
California (State of), Series 2014, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2024 | 200 | | | 231,470 |
California (State of), Series 2014, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2024 | 100 | | | 115,735 |
California State University, Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2029 | 200 | | | 238,634 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2044 | 200 | | | 231,566 |
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2039 | 200 | | | 237,258 |
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2024 | 200 | | | 236,480 |
Southern California Public Power Authority (Apex Power), Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2037 | 200 | | | 233,498 |
| | | | | | | | 1,880,476 |
Colorado-0.12% | | | | | | | | |
Denver (City & County of), CO, Series 2016 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2024 | 10 | | | 11,922 |
Connecticut-4.31% | | | | | | | | |
Connecticut (State of), Series 2014 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2027 | 100 | | | 115,843 |
Connecticut (State of), Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2026 | 75 | | | 88,240 |
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2014 E, RB . . . . | 5.00% | 07/01/2024 | 200 | | | 236,010 |
| | | | | | | | 440,093 |
Florida-4.98% | | | | | | | | |
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2014, | | | | | | | | |
RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 12/01/2044 | 145 | | | 159,284 |
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS-AGM)(a) . . . . | 5.00% | 02/01/2040 | 100 | | | 114,760 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2028 | 90 | | | 105,617 |
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | 110 | | | 128,806 |
| | | | | | | | 508,467 |
Georgia-2.86% | | | | | | | | |
Atlanta (City of), GA, Series 2015, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2031 | 50 | | | 59,366 |
Atlanta (City of), GA Department of Aviation, Series 2014 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2030 | 100 | | | 114,691 |
Georgia (State of), Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2024 | 100 | | | 118,099 |
| | | | | | | | 292,156 |
Illinois-6.07% | | | | | | | | |
Chicago (City of), IL, Series 2014 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2034 | 100 | | | 111,486 |
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2027 | 150 | | | 172,830 |
Illinois (State of), Series 2013, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2024 | 95 | | | 106,425 |
Illinois (State of), Series 2014, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 02/01/2029 | 100 | | | 114,428 |
Illinois (State of), Series 2014, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 02/01/2030 | 100 | | | 114,172 |
| | | | | | | | 619,341 |
Louisiana-1.12% | | | | | | | | |
New Orleans (City of), LA, Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2044 | 100 | | | 114,377 |
Maryland-4.12% | | | | | | | | |
Maryland (State of), Series 2016, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 06/01/2027 | 100 | | | 113,225 |
Maryland (State of), Series 2017 B, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2024 | 40 | | | 47,358 |
Maryland (State of), Series 2017 C, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2024 | 25 | | | 29,598 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Maryland-(continued) | | | | | | | |
Maryland (State of) Department of Transportation, Series 2016, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 11/01/2029 | $ 100 | $ 114,371 |
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2014, Ref. RB. . . . . . . . . . . . . | 5.00% | 10/01/2045 | 100 | | 116,113 |
| | | | | | 420,665 |
Minnesota-2.26% | | | | | | | |
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB . . . . . . . . | 5.00% | 01/01/2029 | 100 | 115,097 |
Western Minnesota Municipal Power Agency, Series 2014 A, RB(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2024 | 100 | | 116,047 |
| | | | | | 231,144 |
Missouri-0.23% | | | | | | | |
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2024 | 20 | 23,705 |
Nevada-1.14% | | | | | | | |
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | 100 | 116,795 |
New Jersey-5.67% | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2026 | 100 | 115,247 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2038 | 100 | 113,121 |
New Jersey (State of) Turnpike Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2027 | 100 | 117,259 |
New Jersey (State of) Turnpike Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2030 | 100 | 116,703 |
New Jersey (State of) Turnpike Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2031 | 100 | | 116,426 |
| | | | | | 578,756 |
New York-18.45% | | | | | | | |
Metropolitan Transportation Authority, Series 2014 C, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2024 | 100 | 118,560 |
Metropolitan Transportation Authority, Series 2014 D-1, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 11/15/2044 | 100 | 118,293 |
Metropolitan Transportation Authority, Series 2017 B2, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2024 | 15 | 17,914 |
New York & New Jersey (States of) Port Authority, Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2033 | 100 | 117,550 |
New York (City of), NY, Series 2019 BB-2, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2026 | 200 | 241,052 |
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2029 | 100 | 117,205 |
New York (State of) Dormitory Authority, Series 2014 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2033 | 100 | 116,141 |
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2024 | 200 | 237,858 |
New York (State of) Thruway Authority, Series 2014 J, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2036 | 300 | 343,362 |
New York State Urban Development Corp., Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2031 | 200 | 232,854 |
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS -AGM)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 02/01/2024 | 200 | | 223,264 |
| | | | | | 1,884,053 |
North Carolina-0.52% | | | | | | | |
North (State of) Carolina Medical Care Commission (Presbyterian Homes), Series 2016 C, Ref. RB. . . . . . | 5.00% | 10/01/2031 | 45 | 53,310 |
Ohio-2.33% | | | | | | | |
Ohio (State of), Series 2017 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2033 | 205 | 237,913 |
Oregon-0.41% | | | | | | | |
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2027 | 35 | 41,823 |
Pennsylvania-3.47% | | | | | | | |
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2024 | 100 | 118,121 |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/15/2024 | 100 | 118,454 |
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2024 | 100 | | 117,585 |
| | | | | | 354,160 |
South Carolina-1.16% | | | | | | | |
South Carolina Public Service Authority, Series 2014 C, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2030 | 100 | 117,911 |
Texas-8.97% | | | | | | | |
Board of Regents of The University of Texas System, Series 2010 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2024 | 10 | 11,846 |
Board of Regents of The University of Texas System, Series 2014 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2024 | 15 | 17,659 |
Dallas (City of), TX, Series 2014, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2024 | 100 | 115,696 |
Dallas Area Rapid Transit, Series 2014 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2026 | 30 | 35,874 |
Harris (County of), TX, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2024 | 20 | 23,662 |
Houston (City of), TX, Series 2014 D, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2028 | 55 | 65,260 |
North Texas Tollway Authority, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2024 | 125 | 144,484 |
Texas (State of), Series 2014 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2030 | 100 | 118,236 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
February 29, 2020
(Unaudited)
| | | | | | Principal | | | |
| | Interest | | Maturity | | Amount | | | |
| | Rate | | Date | | | (000) | | | Value |
Texas-(continued) | | | | | | | | | |
Texas (State of), Series 2014, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2026 | $ | 20 | $ | 23,392 |
Texas (State of) Water Development Board, Series 2017 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/15/2024 | | | 35 | | | 40,922 |
University of Houston, Series 2017 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2024 | | | 275 | | | 319,327 |
| | | | | | | | | | 916,358 |
Virginia-1.08% | | | | | | | | | |
Virginia (Commonwealth of), Series 2013 B, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 06/01/2024 | | | 100 | | | 110,457 |
Washington-7.06% | | | | | | | | | |
Energy Northwest, Series 2014 C, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2027 | | | 150 | | | 176,481 |
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2024 | | | 200 | | | 238,282 |
Washington (State of), Series 2014 D, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2028 | | | 200 | | | 231,774 |
Washington (State of), Series 2014 R, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 07/01/2026 | | | 45 | | | 51,055 |
Washington (State of), Series 2015 R, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2024 | | | 20 | | | 23,583 |
| | | | | | | | | | 721,175 |
Wisconsin-1.11% | | | | | | | | | |
Wisconsin (State of), Series 2018 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2024 | | | 100 | | | 113,653 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.17% | | | | | | | | | |
(Cost $9,814,965) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 10,023,732 |
OTHER ASSETS LESS LIABILITIES-1.83% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 186,619 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $10,210,351 |
Investment Abbreviations: | | | | | | | | | |
| | | | | | | | |
AGM -Assured Guaranty Municipal Corp. | | | | | | | | | |
GO | -General Obligation | | | | | | | | | |
INS | -Insurer | | | | | | | | | |
RB | -Revenue Bonds | | | | | | | | | |
Ref. -Refunding
Notes to Schedule of Investments:
(a)Principal and/or interest payments are secured by the bond insurance company listed.
(b)Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 25.22 |
Highway Tolls Revenue | 8.44 |
| |
Miscellaneous Revenue | 7.87 |
Sales Tax Revenue | 7.63 |
| |
Electric Power Revenue | 7.42 |
College & University Revenue | 6.89 |
| |
Port, Airport & Marina Revenue | 6.36 |
Lease Revenue | 5.79 |
| |
Water Revenue | 4.58 |
Health, Hospital, Nursing Home Revenue | 4.39 |
| |
Income Tax Revenue | 3.43 |
General Fund | 3.35 |
| |
Revenue Types Each Less Than 3% | 6.80 |
Other Assets Less Liabilities | 1.83 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-98.43% | | | | | | | |
Alaska-1.16% | | | | | | | |
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2032 | $ 100 | $ 119,457 |
Arizona-1.06% | | | | | | | |
Arizona State University, Series 2015 D, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2041 | 25 | 29,484 |
City of Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 65 | | 78,961 |
| | | | | | 108,445 |
California-15.73% | | | | | | | |
California (State of), Series 2015 C, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2031 | 100 | 119,693 |
California (State of), Series 2015, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2027 | 100 | 120,455 |
California (State of), Series 2015, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2027 | 100 | 122,158 |
California (State of), Series 2015, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2029 | 100 | 121,921 |
California (State of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2025 | 50 | 61,456 |
California (State of) Statewide Communities Development Authority (Beverly Community Hospital | | | | | | | |
Association), Series 2015, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2045 | 200 | 224,010 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2028 | 65 | 77,997 |
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | 45 | 53,927 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 40 | 48,895 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 100 | 122,825 |
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2025 | 100 | 123,580 |
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP . . . . . . | 3.00% | 04/01/2031 | 65 | 70,635 |
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 100 | 123,002 |
San Francisco Bay Area Rapid Transit District, Series 2015 D, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2029 | 65 | 79,828 |
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB . . . . . . . . . . . . | 5.00% | 08/01/2025 | 100 | 122,992 |
Ventura County Community College District, Series 2015, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.13% | 08/01/2031 | 20 | | 21,642 |
| | | | | | 1,615,016 |
Connecticut-4.78% | | | | | | | |
Connecticut (State of), Series 2015 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2027 | 200 | 239,816 |
Connecticut (State of), Series 2015 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2028 | 210 | | 251,286 |
| | | | | | 491,102 |
Delaware-2.34% | | | | | | | |
Delaware (State of), Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2025 | 200 | 240,306 |
Florida-3.57% | | | | | | | |
Florida (State of), Series 2016 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 45 | 54,823 |
Jacksonville (City of), FL, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.25% | 10/01/2032 | 100 | 107,111 |
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2028 | 100 | 120,176 |
School District of Broward County, Series 2015 B, Ref. COP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2030 | 70 | | 83,971 |
| | | | | | 366,081 |
Georgia-2.91% | | | | | | | |
Atlanta (City of), GA, Series 2015, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2040 | 50 | 59,604 |
Gainesville & Hall (County of), GA Hospital Authority, Series 2014 S, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 08/15/2049 | 100 | 119,085 |
Gainesville & Hall (County of), GA Hospital Authority, Series 2014 S, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.50% | 08/15/2054 | 100 | | 119,705 |
| | | | | | 298,394 |
Hawaii-1.79% | | | | | | | |
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2027 | 150 | 183,735 |
Illinois-5.54% | | | | | | | |
Illinois (State of) Finance Authority (Ascension), Series 2016 C, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2025 | 475 | 568,760 |
Kansas-0.23% | | | | | | | |
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . | 4.00% | 10/01/2025 | 20 | | 23,451 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Louisiana-2.88% | | | | | | | |
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2039 | $ 100 | $ 118,065 |
Louisiana (State of), Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2041 | 150 | | 177,194 |
| | | | | | 295,259 |
Maryland-1.14% | | | | | | | |
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2015 A, Ref. RB . . . . . . . . . . . | 5.00% | 07/01/2040 | 100 | 116,937 |
Massachusetts-2.60% | | | | | | | |
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.50% | 07/01/2034 | 85 | 100,111 |
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 50 | 61,002 |
Massachusetts (Commonwealth of), Series 2016 E, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 04/01/2044 | 100 | | 105,262 |
| | | | | | 266,375 |
Michigan-1.83% | | | | | | | |
Michigan (State of) Finance Authority, Series 2014 C-3, RB, (INS -AGM)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2025 | 60 | 70,681 |
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB. . . . . . . . . . . . . . | 5.00% | 11/01/2044 | 100 | | 117,084 |
| | | | | | 187,765 |
Missouri-0.11% | | | | | | | |
Health & Educational Facilities Authority of the State of Missouri (BJC Health System), Series 2015 A, | | | | | | | |
RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 01/01/2045 | 10 | 11,015 |
Nevada-1.36% | | | | | | | |
Nevada (State of), Series 2015 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2025 | 115 | 139,118 |
New Jersey-3.09% | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2025 | 100 | 118,520 |
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2025 | 100 | 115,340 |
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2025 | 70 | | 83,740 |
| | | | | | 317,600 |
New York-18.18% | | | | | | | |
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2027 | 75 | 91,242 |
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2030 | 70 | 84,521 |
New York (City of), NY, Series 2015 FF, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2029 | 90 | 109,491 |
New York (City of), NY, Series 2019 E, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2025 | 110 | 134,178 |
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2031 | 300 | 364,155 |
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2032 | 180 | 220,163 |
New York (City of), NY Transitional Finance Authority, Series 2017, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2025 | 100 | 123,392 |
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2032 | 85 | 101,636 |
New York (State of) Dormitory Authority, Series 2015 B, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2025 | 105 | 126,460 |
New York (State of) Dormitory Authority, Series 2015 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2027 | 40 | 48,101 |
New York (State of) Dormitory Authority, Series 2018 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2025 | 100 | 122,938 |
New York (State of) Thruway Authority, Series 2014 K, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2025 | 110 | 131,764 |
New York Convention Center Development Corp., Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2033 | 95 | 116,101 |
Utility Debt Securitization Authority, Series 2015, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/15/2036 | 75 | | 91,821 |
| | | | | | 1,865,963 |
North Carolina-3.51% | | | | | | | |
North Carolina (State of), Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2025 | 100 | 121,169 |
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB. . . . | 5.00% | 10/01/2055 | 200 | | 239,114 |
| | | | | | 360,283 |
Ohio-1.44% | | | | | | | |
Bowling Green State University, Series 2016 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2042 | 100 | 118,226 |
Columbus (City of), OH, Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2025 | 25 | | 29,846 |
| | | | | | 148,072 |
Pennsylvania-4.85% | | | | | | | |
Pennsylvania (Commonwealth of), Series 2015, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2025 | 95 | 114,422 |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/15/2025 | 120 | 146,877 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
February 29, 2020
(Unaudited)
| | | | | | Principal | | | |
| | Interest | | Maturity | | Amount | | | |
| | Rate | | Date | | | (000) | | | Value |
Pennsylvania-(continued) | | | | | | | | | |
Pennsylvania (State of) Higher Educational Facilities Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2040 | $ | 100 | $ | 118,894 |
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University), | | | | | | | | | |
Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2039 | | | 100 | | | 117,898 |
| | | | | | | | | | 498,091 |
South Carolina-2.30% | | | | | | | | | |
Charleston (City of), SC, Series 2015, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2040 | | | 200 | | | 235,928 |
Texas-5.65% | | | | | | | | | |
Harris (County of), TX, Series 2015 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2027 | | | 70 | | | 86,258 |
North Texas Tollway Authority, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2032 | | | 100 | | | 118,352 |
SA Energy Acquisition Public Facility Corp., Series 2007, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.50% | 08/01/2025 | | | 100 | | | 121,196 |
Texas (State of), Series 2015 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2028 | | | 100 | | | 122,141 |
Texas (State of) Water Development Board, Series 2015 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2045 | | | 100 | | | 120,470 |
Texas State University System, Series 2017 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2025 | | | 10 | | | 12,044 |
| | | | | | | | | | 580,461 |
Utah-2.36% | | | | | | | | | |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2025 | | | 140 | | | 170,764 |
Utah (State of) Transit Authority, Series 2015 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2037 | | | 60 | | | 71,775 |
| | | | | | | | | | 242,539 |
Vermont-0.23% | | | | | | | | | |
University of Vermont & State Agricultural College, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2045 | | | 20 | | | 23,570 |
Virginia-1.00% | | | | | | | | | |
Virginia Public School Authority, Series 2014, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2025 | | | 90 | | | 102,640 |
Washington-6.20% | | | | | | | | | |
Central Puget Sound Regional Transit Authority, Series 2015 S-1, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2029 | | | 75 | | | 91,986 |
Central Puget Sound Regional Transit Authority, Series 2015 S-1, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2030 | | | 30 | | | 36,795 |
Energy Northwest, Series 2015 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2032 | | | 75 | | | 90,690 |
King (County of), WA, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2036 | | | 40 | | | 47,656 |
Washington (State of), Series 2015 R, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2026 | | | 15 | | | 17,971 |
Washington (State of), Series 2017 R, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2025 | | | 250 | | | 305,692 |
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care), Series 2014, Ref. RB . . . . . | 5.00% | 03/01/2038 | | | 40 | | | 45,874 |
| | | | | | | | | | 636,664 |
Wisconsin-0.59% | | | | | | | | | |
Wisconsin (State of), Series 2017 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2027 | | | 50 | | | 60,670 |
TOTAL INVESTMENTS IN SECURITIES(d)-98.43% | | | | | | | | | |
(Cost $9,840,964) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 10,103,697 |
OTHER ASSETS LESS LIABILITIES-1.57% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 160,726 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $10,264,423 |
Investment Abbreviations: | | | | | | | | | |
| | | | | | | | |
AGM -Assured Guaranty Municipal Corp. | | | | | | | | | |
COP -Certificates of Participation | | | | | | | | | |
GO | -General Obligation | | | | | | | | | |
INS | -Insurer | | | | | | | | | |
RB | -Revenue Bonds | | | | | | | | | |
Ref. -Refunding
Notes to Schedule of Investments:
(a)Principal and/or interest payments are secured by the bond insurance company listed.
(b)Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 20.06 |
Health, Hospital, Nursing Home Revenue | 14.04 |
| |
Miscellaneous Revenue | 10.17 |
Income Tax Revenue | 9.59 |
| |
Lease Revenue | 6.84 |
Water Revenue | 6.32 |
| |
Sales Tax Revenue | 5.22 |
College & University Revenue | 5.03 |
| |
General Fund | 3.58 |
Appropriations | 3.46 |
| |
Highway Tolls Revenue | 3.25 |
Electric Power Revenue | 3.06 |
| |
Revenue Types Each Less Than 3% | 7.81 |
Other Assets Less Liabilities | 1.57 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | | |
| Interest | | Maturity | | Amount | | | |
| Rate | | Date | (000) | | | Value |
Municipal Obligations-96.98% | | | | | | | | |
Alabama-0.65% | | | | | | | | |
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB . . . . . . . . . . | 5.00% | 09/01/2026 | $ 20 | $ | 25,240 |
Tuscaloosa City Board of Education, Series 2016, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2041 | 35 | | | 42,176 |
| | | | | | | | 67,416 |
Arizona-2.36% | | | | | | | | |
Arizona State University, Series 2016 B, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2042 | 200 | | | 244,284 |
California-21.57% | | | | | | | | |
Alameda Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a) . . . . . . . . . . . . . . . . . . | 4.00% | 10/01/2037 | 100 | | | 115,442 |
Anaheim City School District, Series 2016, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 08/01/2046 | 100 | | | 105,553 |
California (State of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2032 | 420 | | | 527,260 |
California (State of), Series 2017, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2036 | 100 | | | 124,231 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB . . . . . . . | 5.00% | 11/15/2046 | 100 | | | 121,625 |
California (State of) Public Works Board, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 11/01/2032 | 170 | | | 199,517 |
California Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB. . . . . . . . . . . . . . | 5.00% | 10/15/2047 | 200 | | | 231,796 |
California State University, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2041 | 100 | | | 123,516 |
Central Unified School District, Series 2018 B, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2048 | 200 | | | 228,748 |
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2041 | 50 | | | 61,019 |
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2046 | 100 | | | 121,268 |
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 07/01/2032 | 140 | | | 151,642 |
Montebello Unified School District, Series 2016 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2041 | 100 | | | 120,571 |
| | | | | | | | 2,232,188 |
Colorado-2.57% | | | | | | | | |
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP . . . . . . . . . . . . . . . . . . | 5.38% | 06/01/2043 | 215 | | | 265,437 |
Connecticut-1.58% | | | | | | | | |
Connecticut (State of), Series 2018 E, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/15/2026 | 130 | | | 163,203 |
District of Columbia-2.09% | | | | | | | | |
District of Columbia, Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2032 | 175 | | | 216,797 |
Florida-3.90% | | | | | | | | |
Central Florida Expressway Authority, Series 2016 B, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 07/01/2035 | 100 | | | 116,117 |
Miami-Dade (County of), FL, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2026 | 100 | | | 121,839 |
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2031 | 35 | | | 43,477 |
Miami-Dade (County of), FL, Series 2016 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2041 | 100 | | | 122,366 |
| | | | | | | | 403,799 |
Georgia-0.24% | | | | | | | | |
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2030 | 20 | | | 24,964 |
Illinois-4.72% | | | | | | | | |
Illinois (State of), Series 2017 D, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2026 | 400 | | | 488,896 |
Louisiana-1.81% | | | | | | | | |
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2026 | 150 | | | 187,423 |
Maryland-2.14% | | | | | | | | |
Maryland (State of) Department of Transportation, Series 2018, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2028 | 75 | | | 94,822 |
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2026 | 100 | | | 126,936 |
| | | | | | | | 221,758 |
Massachusetts-4.59% | | | | | | | | |
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 09/01/2046 | 400 | | | 425,460 |
Massachusetts (State of) School Building Authority, Series 2016 B, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2046 | 40 | | | 49,568 |
| | | | | | | | 475,028 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | | |
| Interest | | Maturity | | Amount | | | |
| Rate | | Date | (000) | | | Value |
Michigan-0.97% | | | | | | | | |
Michigan (State of) Finance Authority, Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 11/15/2046 | $ 70 | $ | 78,387 |
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 05/01/2045 | 20 | | | 22,380 |
| | | | | | | | 100,767 |
Nevada-1.08% | | | | | | | | |
Clark County School District, Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2026 | 40 | | | 49,785 |
Nevada (State of), Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2026 | 20 | | | 24,986 |
Nevada (State of), Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2028 | 30 | | | 37,276 |
| | | | | | | | 112,047 |
New Jersey-5.70% | | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2026 | 200 | | | 245,730 |
New Jersey (State of) Health Care Facilities Financing Authority, Series 2016 A, Ref. RB. . . . . . . . . . . . . . | 5.00% | 07/01/2043 | 280 | | | 343,952 |
| | | | | | | | 589,682 |
New York-14.90% | | | | | | | | |
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(a). . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 11/15/2026 | 350 | | | 446,803 |
Metropolitan Transportation Authority, Series 2016 B, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2037 | 100 | | | 122,802 |
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2026 | 65 | | | 79,178 |
New York & New Jersey (States of) Port Authority, Series 2016 198, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 11/15/2056 | 100 | | | 123,069 |
New York (City of), NY, Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2037 | 415 | | | 520,211 |
New York (City of), NY, Series 2016, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2038 | 100 | | | 125,108 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2026 | 100 | | | 124,214 |
| | | | | | | | 1,541,385 |
North Carolina-0.85% | | | | | | | | |
North Carolina (State of), Series 2016 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2026 | 50 | | | 62,821 |
North Carolina (State of), Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2026 | 20 | | | 24,998 |
| | | | | | | | 87,819 |
Ohio-2.64% | | | | | | | | |
Columbus (City of), OH, Series 2015, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2030 | 25 | | | 31,151 |
Ohio (State of), Series 2016 S, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2031 | 70 | | | 86,824 |
Ohio (State of), Series 2018 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2031 | 85 | | | 104,615 |
Ohio (State of) Water Development Authority, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2026 | 40 | | | 50,145 |
| | | | | | | | 272,735 |
Pennsylvania-4.56% | | | | | | | | |
Lycoming (County of), PA Authority, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 10/01/2037 | 100 | | | 105,038 |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2029 | 300 | | | 366,927 |
| | | | | | | | 471,965 |
Rhode Island-0.46% | | | | | | | | |
Rhode (State of) Island Turnpike & Bridge Authority, Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2040 | 40 | | | 47,585 |
Tennessee-0.60% | | | | | | | | |
Nashville & Davidson (County of), TN, Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2026 | 50 | | | 62,028 |
Texas-7.81% | | | | | | | | |
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB . . . . . . . . . . . . | 5.00% | 07/01/2046 | 100 | | | 110,534 |
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB . . . . . . . . . . . . | 5.00% | 07/01/2051 | 200 | | | 219,864 |
University of Houston, Series 2017 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2036 | 395 | | | 477,800 |
| | | | | | | | 808,198 |
Utah-0.96% | | | | | | | | |
Utah (County of), UT, Series 2016 B, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3.00% | 05/15/2047 | 95 | | | 99,144 |
Virginia-2.41% | | | | | | | | |
Virginia (State of) Commonwealth Transportation Board, Series 2017, Ref. RB . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2026 | 200 | | | 248,918 |
Washington-2.42% | | | | | | | | |
University of Washington, Series 2016 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 12/01/2046 | 200 | | | 250,474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal |
| Interest | | Maturity | | Amount |
| Rate | | Date | (000) |
Wisconsin-3.40% | | | | | |
Wisconsin (State of), Series 2018 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2026 | $ 200 |
Wisconsin (State of), Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2026 | 60 |
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2026 | 20 |
TOTAL INVESTMENTS IN SECURITIES(b)-96.98%
(Cost $9,689,265) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-3.02% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
Value
$251,420
75,077
25,147
351,644
10,035,584
312,694
$10,348,278
Notes to Schedule of Investments:
(a)Principal and/or interest payments are secured by the bond insurance company listed.
(b)This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.
Entities | Percentage |
Assured Guaranty Municipal Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.83% |
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Miscellaneous Revenue | 16.13 |
Ad Valorem Property Tax | 15.89 |
| |
Health, Hospital, Nursing Home Revenue | 11.65 |
College & University Revenue | 11.60 |
| |
Water Revenue | 9.66 |
Lease Revenue | 9.30 |
| |
Transit Revenue | 6.62 |
General Fund | 6.29 |
| |
Port, Airport & Marina Revenue | 3.14 |
Revenue Types Each Less Than 3% | 6.70 |
| |
Other Assets Less Liabilities | 3.02 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-96.04% | | | | | | | |
Arizona-2.50% | | | | | | | |
Arizona (State of), Series 2019 A, Ref. COP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2027 | $ 100 | $ 129,192 |
California-23.35% | | | | | | | |
California (State of), Series 2019, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2027 | 200 | 256,840 |
Etiwanda School District, Series 2017 A, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2046 | 180 | 221,072 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB . . . . . . . . . . . . . . . . | 5.00% | 07/01/2042 | 200 | 253,982 |
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2038 | 200 | 257,214 |
San Diego (City of), CA Association of Governments (Mid Coast Corridor), Series 2019, RB . . . . . . . . . . . . . | 1.80% | 11/15/2027 | 100 | 102,056 |
San Jose Unified School District, Series 2018 E, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2042 | 100 | | 117,773 |
| | | | | | 1,208,937 |
Connecticut-2.38% | | | | | | | |
University of Connecticut, Series 2017 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/15/2033 | 100 | 123,272 |
District of Columbia-2.45% | | | | | | | |
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB. . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2035 | 100 | 126,858 |
Florida-1.95% | | | | | | | |
Miami (City of), FL Health Facilities Authority (Miami Jewish Health), Series 2017, Ref. RB . . . . . . . . . . . . . | 5.13% | 07/01/2046 | 100 | 101,058 |
Georgia-1.34% | | | | | | | |
Atlanta (City of), GA, Series 2018, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2041 | 55 | 69,206 |
Illinois-9.57% | | | | | | | |
Illinois (State of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2027 | 100 | 122,933 |
Illinois (State of), Series 2017 C, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2029 | 100 | 123,295 |
Illinois (State of), Series 2017 D, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2027 | 200 | | 249,066 |
| | | | | | 495,294 |
Louisiana-3.62% | | | | | | | |
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(a) . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2042 | 50 | 62,048 |
Louisiana (State of), Series 2016 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2027 | 100 | | 125,328 |
| | | | | | 187,376 |
Maryland-2.57% | | | | | | | |
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2017 A, RB . . . . . . . . . . . . . . . . | 5.00% | 05/15/2045 | 110 | 133,077 |
Massachusetts-1.25% | | | | | | | |
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.50% | 01/01/2027 | 50 | 64,848 |
New Jersey-2.41% | | | | | | | |
New Jersey (State of) Economic Development Authority, Series 2017 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2027 | 100 | 124,942 |
New York-22.73% | | | | | | | |
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2039 | 200 | 248,990 |
Metropolitan Transportation Authority, Series 2017 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2047 | 100 | 123,271 |
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB . . . . . . . . . . . . | 5.25% | 11/15/2057 | 100 | 125,728 |
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2036 | 100 | 126,465 |
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2032 | 140 | 176,431 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2027 | 100 | 128,049 |
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2046 | 100 | 119,766 |
Utility Debt Securitization Authority, Series 2017, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/15/2039 | 100 | | 128,350 |
| | | | | | 1,177,050 |
Ohio-2.75% | | | | | | | |
Franklin (County of), OH (Trinity Health Credit), Series 2017, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 12/01/2046 | 125 | 142,452 |
Pennsylvania-5.88% | | | | | | | |
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2045 | 100 | 120,618 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 29, 2020
(Unaudited)
| | | | | | Principal | | | |
| | Interest | | Maturity | | Amount | | | |
| | Rate | | Date | | | (000) | | | Value |
Pennsylvania-(continued) | | | | | | | | | |
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/15/2027 | $ | 100 | $ | 125,602 |
Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), | | | | | | | | | |
Series 2017, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 07/01/2035 | | | 50 | | | 58,321 |
| | | | | | | | | | 304,541 |
Texas-5.92% | | | | | | | | | |
Texas (State of), Series 2017, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2032 | | | 65 | | | 83,164 |
Texas (State of), Series 2017, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2033 | | | 175 | | | 223,471 |
| | | | | | | | | | 306,635 |
Virginia-3.89% | | | | | | | | | |
University of Virginia, Series 2017 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2039 | | | 160 | | | 201,189 |
Washington-1.48% | | | | | | | | | |
Washington (State of), Series 2017 R, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2032 | | | 60 | | | 76,537 |
TOTAL INVESTMENTS IN SECURITIES(b)-96.04% | | | | | | | | | |
(Cost $4,795,717). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 4,972,464 |
OTHER ASSETS LESS LIABILITIES-3.96% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 204,963 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $5,177,427 |
Investment Abbreviations: | | | | | | | | | |
| | | | | | | | |
AGM | -Assured Guaranty Municipal Corp. | | | | | | | | | |
COP | -Certificates of Participation | | | | | | | | | |
GO | -General Obligation | | | | | | | | | |
INS | -Insurer | | | | | | | | | |
NATL -National Public Finance Guarantee Corp. | | | | | | | | | |
RB | -Revenue Bonds | | | | | | | | | |
Ref. | -Refunding | | | | | | | | | |
Notes to Schedule of Investments:
(a)Principal and/or interest payments are secured by the bond insurance company listed.
(b)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Miscellaneous Revenue | 20.30 |
Sales Tax Revenue | 13.45 |
| |
Health, Hospital, Nursing Home Revenue | 10.73 |
Ad Valorem Property Tax | 8.97 |
| |
General Fund | 8.86 |
College & University Revenue | 8.58 |
| |
Income Tax Revenue | 8.32 |
Lease Revenue | 4.91 |
| |
Revenue Types Each Less Than 3% | 11.92 |
Other Assets Less Liabilities | 3.96 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-98.09% | | | | | | | |
Arizona-4.30% | | | | | | | |
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB. . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2037 | $ 175 | $ 224,236 |
Arkansas-0.74% | | | | | | | |
Fort Smith (City of), AR, Series 2018, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2034 | 30 | 38,435 |
California-17.13% | | | | | | | |
California (State of), Series 2019, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2028 | 100 | 131,798 |
California (State of) Statewide Communities Development Authority (Adventist Health System), | | | | | | | |
Series 2018, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 03/01/2048 | 120 | 134,327 |
California State University, Series 2018 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2043 | 95 | 123,739 |
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2043 | 200 | 257,748 |
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 A, RB . . . . . . . . . . . . . . . . | 5.00% | 07/01/2031 | 55 | 73,440 |
San Francisco (City of), CA Public Utilities Commission, Series 2017 D, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2028 | 85 | 111,682 |
Santa Barbara Unified School District, Series 2019 B, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2044 | 50 | | 59,603 |
| | | | | | 892,337 |
Colorado-1.00% | | | | | | | |
University of Colorado, Series 2017 A-2, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2031 | 40 | 52,213 |
Connecticut-2.48% | | | | | | | |
Connecticut (State of), Series 2019 B, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2028 | 100 | 129,234 |
District of Columbia-0.76% | | | | | | | |
District of Columbia, Series 2018 B, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2030 | 30 | 39,405 |
Florida-2.11% | | | | | | | |
Gainesville (City of), FL, Series 2017 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2028 | 85 | 110,193 |
Illinois-2.38% | | | | | | | |
Illinois (State of), Series 2017 D, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2028 | 100 | 123,916 |
Indiana-4.35% | | | | | | | |
Indiana (State of) Finance Authority, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2033 | 175 | 226,867 |
Louisiana-0.56% | | | | | | | |
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority | | | | | | | |
(Bossier City), Series 2018, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 12/01/2043 | 25 | 28,974 |
Maryland-3.16% | | | | | | | |
Maryland (State of), Series 2018, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2031 | 125 | 164,443 |
Massachusetts-6.77% | | | | | | | |
Massachusetts (State of) Health & Educational Facilities Authority, Series 1998 I, RB . . . . . . . . . . . . . . . . . . | 5.20% | 01/01/2028 | 90 | 119,542 |
Massachusetts (State of) School Building Authority, Series 2018 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 02/15/2043 | 200 | | 233,336 |
| | | | | | 352,878 |
Minnesota-0.25% | | | | | | | |
Minnesota (State of), Series 2018 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2034 | 10 | 13,096 |
Nevada-1.26% | | | | | | | |
Clark (County of), NV, Series 2018 B, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2033 | 50 | 65,416 |
New Jersey-7.44% | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.25% | 06/15/2043 | 200 | 250,194 |
South Jersey Port Corp., Series 2017 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2049 | 115 | | 137,340 |
| | | | | | 387,534 |
New York-18.13% | | | | | | | |
Metropolitan Transportation Authority, Series 2017 D, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2035 | 70 | 88,609 |
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB . . . . . . . . . . . | 5.00% | 07/15/2036 | 100 | 129,271 |
New York (City of), NY, Series 2018 F-1, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2033 | 90 | 116,207 |
New York (City of), NY, Series 2019 DD-1, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 06/15/2049 | 200 | 233,440 |
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2036 | 75 | 95,948 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
New York-(continued) | | | | | | | |
New York (State of) Dormitory Authority, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2039 | $ 120 | $ 155,226 |
New York (State of) Dormitory Authority, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2045 | 100 | | 126,060 |
| | | | | | 944,761 |
Ohio-0.37% | | | | | | | |
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2028 | 15 | 19,120 |
Oregon-2.53% | | | | | | | |
University of Oregon, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2048 | 105 | 131,821 |
Pennsylvania-4.83% | | | | | | | |
Pennsylvania (State of) Turnpike Commission, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 12/01/2048 | 200 | 251,842 |
Texas-6.69% | | | | | | | |
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/15/2028 | 20 | 25,812 |
Grand Parkway Transportation Corp., Series 2018 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2033 | 60 | 76,919 |
Houston (City of), TX, Series 2018 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2028 | 50 | 65,529 |
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/15/2028 | 120 | 154,044 |
Texas (State of) Water Development Board, Series 2018 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2028 | 20 | | 26,276 |
| | | | | | 348,580 |
Utah-0.48% | | | | | | | |
Salt Lake City Corp., Series 2018 B, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2048 | 20 | 24,984 |
Virginia-1.49% | | | | | | | |
Virginia (State of) Commonwealth Transportation Board, Series 2017, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2028 | 60 | 77,744 |
Washington-4.54% | | | | | | | |
Energy Northwest, Series 2017 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2028 | 100 | 128,369 |
Washington (State of), Series 2017 R, Ref. GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2028 | 45 | 57,894 |
Washington (State of), Series 2018 C, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2041 | 40 | | 50,464 |
| | | | | | 236,727 |
West Virginia-4.34% | | | | | | | |
West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB. . . . . . . | 4.00% | 06/01/2051 | 200 | 225,926 |
TOTAL INVESTMENTS IN SECURITIES-98.09% | | | | | | | |
(Cost $4,901,566). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,110,682 |
OTHER ASSETS LESS LIABILITIES-1.91% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 99,449 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $5,210,131 |
Investment Abbreviations:
GO -General Obligation
RB -Revenue Bonds
Ref. -Refunding
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Water Revenue | 17.17 |
Sales Tax Revenue | 13.14 |
| |
Ad Valorem Property Tax | 13.08 |
College & University Revenue | 11.18 |
| |
Electric Power Revenue | 8.88 |
Health, Hospital, Nursing Home Revenue | 6.91 |
| |
Port, Airport & Marina Revenue | 6.85 |
Appropriations | 4.80 |
| |
Miscellaneous Revenue | 4.63 |
General Fund | 4.61 |
| |
Revenue Types Each Less Than 3% | 6.84 |
Other Assets Less Liabilities | 1.91 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
February 29, 2020 (Unaudited)
Schedule of Investments
| | | | | Principal | | |
| Interest | | Maturity | | Amount | | |
| Rate | | Date | (000) | | Value |
Municipal Obligations-97.75% | | | | | | | |
Arizona-3.14% | | | | | | | |
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | $ 125 | $ 163,374 |
California-19.99% | | | | | | | |
California (State of), Series 2019, Ref. GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/01/2032 | 25 | 33,391 |
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2019, RB . . . . . . . . . . . . . . | 4.00% | 11/15/2045 | 100 | 117,655 |
California State University, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2049 | 100 | 131,304 |
East Bay Municipal Utility District Water System Revenue, Series 2019 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/01/2049 | 200 | 260,908 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2045 | 100 | 129,281 |
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2049 | 100 | 128,860 |
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2029 | 65 | 89,579 |
Mount San Antonio Community College District, Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 08/01/2049 | 125 | | 150,271 |
| | | | | | 1,041,249 |
District of Columbia-2.56% | | | | | | | |
District of Columbia, Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/15/2031 | 100 | 133,512 |
Florida-8.53% | | | | | | | |
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. | | | | | | | |
RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2039 | 100 | 119,021 |
Gainesville (City of), FL, Series 2019 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 10/01/2047 | 100 | 128,673 |
Palm Beach County School District, Series 2018 C, Ref. COP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2029 | 150 | | 196,695 |
| | | | | | 444,389 |
Georgia-2.25% | | | | | | | |
Development Authority for Fulton County (Georgia Institute of Technology), Series 2019, RB . . . . . . . . . . . | 4.00% | 06/15/2049 | 100 | 117,177 |
Hawaii-1.51% | | | | | | | |
Hawaii (State of), Series 2019 FW, GO Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2034 | 60 | 78,710 |
Illinois-6.66% | | | | | | | |
Chicago (City of), IL, Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.50% | 01/01/2035 | 100 | 128,274 |
Illinois (State of) Finance Authority, Series 2019, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2037 | 70 | 91,169 |
Illinois (State of) Toll Highway Authority, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2044 | 100 | | 127,649 |
| | | | | | 347,092 |
Indiana-2.43% | | | | | | | |
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB . . . . . . . . . . . . | 5.00% | 02/01/2054 | 100 | 126,578 |
Kansas-2.41% | | | | | | | |
University of Kansas Hospital Authority, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 09/01/2048 | 100 | 125,230 |
Maryland-2.28% | | | | | | | |
Baltimore (City of), MD, Series 2019 A, RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 07/01/2044 | 100 | 118,498 |
Massachusetts-3.90% | | | | | | | |
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2031 | 70 | 92,711 |
Massachusetts (State of) Development Finance Agency, Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 06/01/2049 | 100 | | 110,610 |
| | | | | | 203,321 |
Michigan-4.48% | | | | | | | |
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 07/01/2048 | 80 | 101,589 |
Michigan (State of) Building Authority, Series 2019, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 04/15/2036 | 100 | | 131,973 |
| | | | | | 233,562 |
New Jersey-3.65% | | | | | | | |
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB . . . . . . . . . . . . . . . . . . . | 5.00% | 12/15/2029 | 150 | 190,272 |
New York-16.29% | | | | | | | |
Battery Park City Authority, Series 2019 B, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/01/2038 | 100 | 133,880 |
Metropolitan Transportation Authority, Series 2019 C, RB, (INS - BAM)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2044 | 100 | 129,065 |
New York (City of), NY, Series 2019 A-1, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 08/01/2039 | 100 | 130,551 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 29, 2020 (Unaudited)
| | | | | Principal |
| Interest | | Maturity | | Amount |
| Rate | | Date | (000) |
New York-(continued) | | | | | |
New York (City of), NY, Series 2019 FF-2, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 06/15/2038 | $ 50 |
New York (City of), NY Transitional Finance Authority, Series 2019 A2, RB . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 05/01/2037 | 100 |
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/15/2038 | 100 |
Triborough Bridge & Tunnel Authority (MTA Bridges and Tunnels), Series 2019 A, RB . . . . . . . . . . . . . . . . . | 5.00% | 11/15/2049 | 100 |
North Carolina-2.34% | | | | | |
North Carolina (State of), Series 2019 A, RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 05/01/2034 | 100 |
Pennsylvania-4.79% | | | | | |
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), | | | | | |
Series 2019, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 07/15/2036 | 100 |
Philadelphia (City of), PA, Series 2019 B, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 02/01/2037 | 100 |
Rhode Island-2.60% | | | | | |
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB . . . . . . . . . . . | 5.00% | 09/01/2029 | 100 |
Texas-7.94% | | | | | |
North Texas Tollway Authority, Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 01/01/2038 | 125 |
North Texas Tollway Authority, Series 2019 A, Ref. RB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.00% | 01/01/2039 | 75 |
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB . . . . . . . . . | 5.00% | 07/01/2032 | 25 |
Travis (County of), TX, Series 2019 A, GO Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5.00% | 03/01/2032 | 100 |
TOTAL INVESTMENTS IN SECURITIES(b)-97.75%
(Cost $4,883,960). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS LESS LIABILITIES-2.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment Abbreviations:
BAM -Build America Mutual Assurance Co.
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
MTA -Moving Treasury Average
RB -Revenue Bonds
Ref. -Refunding
Value
$65,503
130,715
130,298
128,710
848,722
121,655
119,200
130,278
249,478
135,627
160,616
88,288
32,132
132,293
413,329
5,091,775
117,099
$5,208,874
Notes to Schedule of Investments:
(a)Principal and/or interest payments are secured by the bond insurance company listed.
(b)Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower's obligations but may be called upon to satisfy the borrower's obligations. No concentration of any single entity was greater than 5% each.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Revenue Type Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Ad Valorem Property Tax | 17.81 |
Water Revenue | 9.74 |
| |
Highway Tolls Revenue | 9.70 |
Health, Hospital, Nursing Home Revenue | 9.69 |
| |
College & University Revenue | 9.66 |
Electric Power Revenue | 9.38 |
| |
Appropriations | 8.52 |
Income Tax Revenue | 7.44 |
| |
Miscellaneous Revenue | 5.13 |
Lease Revenue | 3.78 |
| |
Revenue Types Each Less Than 3% | 6.90 |
Other Assets Less Liabilities | 2.25 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)
February 29, 2020
(Unaudited)
Schedule of Investments
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-93.84% | | |
Brazil-8.07% | | | | |
Banco Bradesco S.A. | | | | |
5.90%, 01/16/2021(a) . . . . . . . . . . . . . . . . . . . . . | $100,000 | | $ | 102,350 |
5.90%, 01/16/2021(a) . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 102,350 |
Banco do Brasil S.A., 5.38%, 01/15/2021(a) . . . . . | 100,000 | | | 102,196 |
Brazilian Government International Bond, 4.88%, | | | | |
01/22/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 205,452 |
Itau Unibanco Holding S.A., 5.75%, | | | | |
01/22/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 102,082 |
Petrobras Global Finance B.V. | | | | |
5.38%, 01/27/2021 . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 102,732 |
8.38%, 05/23/2021 . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 106,990 |
| | | | 824,152 |
Chile-3.00% | | | | |
Chile Government International Bond, 3.25%, | | | | |
09/14/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | | | 306,003 |
China-6.99% | | | | |
Alibaba Group Holding Ltd., 3.13%, 11/28/2021 . | 100,000 | | | 102,568 |
CNOOC Finance (2011) Ltd., 4.25%, | | | | |
01/26/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 204,429 |
Huarong Finance II Co. Ltd., 3.63%, | | | | |
11/22/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 205,010 |
Sinopec Group Overseas Development (2016) | | | | |
Ltd., 2.00%, 09/29/2021(a) . . . . . . . . . . . . . . . . . | 200,000 | | | 200,941 |
| | | | 712,948 |
Colombia-3.03% | | | | |
Colombia Government International Bond, 4.38%, | | | | |
07/12/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | | | 309,525 |
Hungary-4.11% | | | | |
Hungary Government International Bond, 6.38%, | | | | |
03/29/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | | | 419,410 |
India-5.40% | | | | |
Bank of India, 6.25%, 02/16/2021(a) . . . . . . . . . . . | 200,000 | | | 207,155 |
Indian Oil Corp. Ltd., 5.63%, 08/02/2021(a) . . . . . | 200,000 | | | 208,860 |
Jubilant Pharma Ltd., 4.88%, 10/06/2021(a) . . . . | 133,333 | | | 134,943 |
| | | | 550,958 |
Indonesia-6.12% | | | | |
Indonesia Government International Bond | | | | |
4.88%, 05/05/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,024 |
4.88%, 05/05/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,025 |
PT Perusahaan Listrik Negara, 5.50%, | | | | |
11/22/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 210,720 |
| | | | 624,769 |
Malaysia-3.97% | | | | |
Export-Import Bank of Malaysia Bhd., 2.48%, | | | | |
10/20/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 202,295 |
RHB Bank Bhd., 2.50%, 10/06/2021(a) . . . . . . . . . | 200,000 | | | 202,723 |
| | | | 405,018 |
| Principal | | |
| Amount | | Value |
Mexico-6.03% | | | |
Comision Federal de Electricidad | | | |
4.88%, 05/26/2021(a) . . . . . . . . . . . . . . . . . . . . . | $100,000 | $ 103,166 |
4.88%, 05/26/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 206,332 |
Petroleos Mexicanos, 5.50%, 01/21/2021 . . . . . . | 300,000 | | 305,700 |
| | 615,198 |
Philippines-2.00% | | | |
Philippine Government International Bond, | | | |
4.00%, 01/15/2021 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 204,024 |
Poland-4.08% | | | |
Republic of Poland Government International | | | |
Bond, 5.13%, 04/21/2021. . . . . . . . . . . . . . . . . . | 400,000 | 416,100 |
Russia-6.20% | | | |
Alfa Bank AO Via Alfa Bond Issuance PLC | | | |
7.75%, 04/28/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 212,159 |
7.75%, 04/28/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 212,158 |
Sberbank of Russia Via SB Capital S.A., Series 7, | | | |
5.72%, 06/16/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 208,315 |
| | 632,632 |
South Africa-3.93% | | | |
Eskom Holdings SOC Ltd., 5.75%, | | | |
01/26/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 401,125 |
Supranational-7.99% | | | |
Asian Development Bank | | | |
2.25%, 01/20/2021 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 201,901 |
1.63%, 03/16/2021 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 200,950 |
Black Sea Trade & Development Bank | | | |
4.88%, 05/06/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 206,436 |
4.88%, 05/06/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 206,436 |
| | 815,723 |
Taiwan-2.95% | | | |
Foxconn (Far East) Ltd., 2.25%, 09/23/2021(a) . . | 300,000 | 301,411 |
Turkey-9.89% | | | |
Hazine Mustesarligi Varlik Kiralama A.S. | | | |
4.25%, 06/08/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 201,431 |
4.25%, 06/08/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 201,430 |
Turkey Government International Bond, 5.63%, | | | |
03/30/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 202,687 |
Turkiye Vakiflar Bankasi T.A.O. | | | |
5.50%, 10/27/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 201,819 |
5.50%, 10/27/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 201,819 |
| | 1,009,186 |
United Arab Emirates-10.08% | | | |
Abu Dhabi Government International Bond | | | |
2.13%, 05/03/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 200,871 |
2.13%, 05/03/2021(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 200,871 |
Abu Dhabi National Energy Co. PJSC, 5.88%, | | | |
12/13/2021(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 213,615 |
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021(a) . | 200,000 | 211,047 |
EIB Sukuk Co. Ltd., 3.54%, 05/31/2021(a) . . . . . . | 200,000 | | 202,859 |
| | 1,029,263 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $9,368,457) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 9,577,445 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Money Market Funds-5.12% | | | | |
Invesco Premier U.S. Government Money | | | | |
Portfolio, Institutional Class, 1.46%(b) | | | | |
(Cost $522,982) . . . . . . . . . . . . . . . . . . . . . . . . . . | 522,982 | $ | 522,982 |
TOTAL INVESTMENTS IN SECURITIES-98.96% | | | | |
(Cost $9,891,439) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 10,100,427 |
OTHER ASSETS LESS LIABILITIES-1.04% . . . . . . . . . . . . . . . . . . | | 106,135 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,206,562 |
| | | | |
Notes to Schedule of Investments:
(a)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $6,493,403, which represented 63.62% of the Fund's Net Assets.
(b)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Sovereign Debt | 32.16 |
Financials | 32.15 |
| |
Energy | 13.15 |
Utilities | 11.11 |
| |
Consumer Discretionary | 3.95 |
Health Care | 1.32 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 6.16 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
February 29, 2020
(Unaudited)
Schedule of Investments
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.20% | | |
Brazil-5.96% | | | | |
Banco do Brasil S.A., 5.88%, 01/26/2022(a) . . . . . | $200,000 | | $ | 209,356 |
Cielo USA, Inc., 3.75%, 11/16/2022(a) . . . . . . . . . | 92,571 | | | 92,716 |
Itau Unibanco Holding S.A., 5.50%, | | | | |
08/06/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 210,562 |
Petrobras Global Finance B.V., 6.13%, | | | | |
01/17/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 106,631 |
| | | | 619,265 |
Chile-1.49% | | | | |
Banco del Estado de Chile, 3.88%, | | | | |
02/08/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 154,425 |
China-6.00% | | | | |
CNOOC Finance (2012) Ltd., 3.88%, | | | | |
05/02/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 209,122 |
Sinopec Group Overseas Development (2012) | | | | |
Ltd., 3.90%, 05/17/2022(a) . . . . . . . . . . . . . . . . . | 200,000 | | | 209,210 |
State Grid Overseas Investment (2016) Ltd., | | | | |
2.75%, 05/04/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 205,154 |
| | | | 623,486 |
Colombia-3.00% | | | | |
Bancolombia S.A., 5.13%, 09/11/2022 . . . . . . . . . | 100,000 | | | 105,529 |
Grupo Aval Ltd., 4.75%, 09/26/2022(a)(b) . . . . . . . | 200,000 | | | 206,714 |
| | | | 312,243 |
Hong Kong-3.61% | | | | |
WTT Investment Ltd. | | | | |
5.50%, 11/21/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,611 |
5.50%, 11/21/2022(a) . . . . . . . . . . . . . . . . . . . . . | 161,000 | | | 167,127 |
| | | | 374,738 |
India-4.51% | | | | |
JSW Steel Ltd., 5.25%, 04/13/2022(a) . . . . . . . . . . | 200,000 | | | 202,289 |
Reliance Holding USA, Inc., 5.40%, | | | | |
02/14/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 250,000 | | | 266,654 |
| | | | 468,943 |
Indonesia-7.98% | | | | |
Indonesia Government International Bond, | | | | |
3.75%, 04/25/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,032 |
Perusahaan Penerbit SBSN Indonesia III | | | | |
3.40%, 03/29/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 204,932 |
3.30%, 11/21/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 206,358 |
PT Pertamina (Persero), 4.88%, 05/03/2022(a) . . | 200,000 | | | 211,200 |
| | | | 829,522 |
Ireland-1.02% | | | | |
Park Aerospace Holdings Ltd., 5.25%, | | | | |
08/15/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 106,481 |
Malaysia-4.16% | | | | |
Petronas Capital Ltd. | | | | |
3.13%, 03/18/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 205,555 |
7.88%, 05/22/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 226,599 |
| | | | 432,154 |
Mauritius Island-1.98% | | | | |
Neerg Energy Ltd., 6.00%, 02/13/2022(a) . . . . . . | 200,000 | | | 205,813 |
| Principal | | |
| Amount | | Value |
Mexico-9.77% | | | |
America Movil S.A.B. de C.V., 3.13%, | | | |
07/16/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $200,000 | $ 207,726 |
Banco Santander (Mexico) S.A., Institucion de | | | |
Banca Multiple, Grupo Financiero Santander, | | | |
4.13%, 11/09/2022(a) . . . . . . . . . . . . . . . . . . . . . | 150,000 | 156,187 |
Grupo Bimbo S.A.B. de C.V., 4.50%, | | | |
01/25/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 104,863 |
Mexico Government International Bond | | | |
3.63%, 03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | 155,701 |
8.00%, 09/24/2022 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 235,752 |
Petroleos Mexicanos, 4.88%, 01/24/2022 . . . . . . | 150,000 | | 154,922 |
| | 1,015,151 |
Panama-1.94% | | | |
Banistmo S.A., 3.65%, 09/19/2022(a) . . . . . . . . . . | 200,000 | 201,564 |
Peru-2.99% | | | |
Banco BBVA Peru S.A., 5.00%, 08/26/2022(a) . . . | 100,000 | 106,532 |
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a). . . | 200,000 | | 204,744 |
| | 311,276 |
Poland-3.08% | | | |
Republic of Poland Government International | | | |
Bond, 5.00%, 03/23/2022. . . . . . . . . . . . . . . . . . | 300,000 | 320,550 |
Russia-10.13% | | | |
Rosneft Oil Co. Via Rosneft International Finance | | | |
DAC, 4.20%, 03/06/2022(a) . . . . . . . . . . . . . . . . | 200,000 | 204,183 |
Russian Foreign Bond - Eurobond, 4.50%, | | | |
04/04/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 210,375 |
Sberbank of Russia Via SB Capital S.A. | | | |
6.13%, 02/07/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 213,104 |
5.13%, 10/29/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 210,731 |
VTB Bank OJSC Via VTB Capital S.A., 6.95%, | | | |
10/17/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 214,803 |
| | 1,053,196 |
South Africa-4.99% | | | |
MTN (Mauritius) Investment Ltd., 5.37%, | | | |
02/13/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 208,000 |
Republic of South Africa Government | | | |
International Bond, 5.88%, 05/30/2022 . . . . . . | 100,000 | 106,875 |
Transnet SOC Ltd., 4.00%, 07/26/2022(a) . . . . . . | 200,000 | | 203,403 |
| | 518,278 |
Supranational-4.91% | | | |
Asian Development Bank | | | |
2.00%, 02/16/2022 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 203,979 |
1.88%, 02/18/2022 . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 101,796 |
1.75%, 09/13/2022 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 204,094 |
| | 509,869 |
Thailand-2.02% | | | |
Bangkok Bank PCL, 3.88%, 09/27/2022(a) . . . . . . | 200,000 | 210,229 |
Turkey-9.71% | | | |
QNB Finansbank A.S., 4.88%, 05/19/2022(a) . . . . | 200,000 | 200,224 |
Turkey Government International Bond | | | |
5.13%, 03/25/2022 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 201,553 |
6.25%, 09/26/2022 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 206,540 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Turkey-(continued) | | | |
Turkiye Garanti Bankasi A.S., 5.25%, | | | |
09/13/2022(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $200,000 | $ 200,056 |
Turkiye Is Bankasi A.S., 5.50%, 04/21/2022(a) . . . | 200,000 | | 200,550 |
| | 1,008,923 |
United Arab Emirates-7.95% | | | |
Abu Dhabi Government International Bond | | | |
2.50%, 10/11/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 203,814 |
2.50%, 10/11/2022(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 203,814 |
DIB Sukuk Ltd., 3.66%, 02/14/2022(a). . . . . . . . . . | 200,000 | 204,752 |
MDGH - GMTN B.V., 5.50%, 03/01/2022(a) . . . . . . | 200,000 | | 214,240 |
| | 826,620 |
United States-1.00% | | | |
Pilgrim's Pride Corp., 5.88%, 09/30/2027(a) . . . . . | 100,000 | 103,815 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $9,817,017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,206,541 |
| Shares | | |
Money Market Funds-0.62% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(c) | | | |
(Cost $64,483) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 64,483 | 64,483 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral from | | |
securities on loan)-98.82% | | | |
(Cost $9,881,500) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 10,271,024 |
Investment Abbreviations:
DAC-Designated Activity Co.
Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.52%
Invesco Government & Agency Portfolio, | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . . . | 40,750 | $ | 40,750 |
Invesco Liquid Assets Portfolio, Institutional Class, | | | |
1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,245 | | 13,251 |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $54,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 54,001 |
TOTAL INVESTMENTS IN SECURITIES-99.34% | | | |
(Cost $9,935,500) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 10,325,025 |
OTHER ASSETS LESS LIABILITIES-0.66% . . . . . . . . . . | . . . . . . . . | | 68,581 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $10,393,606 |
| | | |
Notes to Schedule of Investments:
(a)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $7,894,893, which represented 75.96% of the Fund's Net Assets.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 37.79 |
Sovereign Debt | 23.70 |
| |
Energy | 15.30 |
Communication Services | 7.61 |
| |
Utilities | 5.91 |
Materials | 3.92 |
| |
Sector Types Each Less Than 3% | 3.97 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.80 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
February 29, 2020
(Unaudited)
Schedule of Investments
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.37% | | |
Brazil-9.02% | | | | |
Banco do Brasil S.A., 5.88%, 01/19/2023(a) . . . . . | $200,000 | | $ | 213,833 |
Brazilian Government International Bond, 2.63%, | | | | |
01/05/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 203,102 |
Embraer Overseas Ltd., 5.70%, 09/16/2023(a) . . | 150,000 | | | 164,089 |
Itau Unibanco Holding S.A., 5.13%, | | | | |
05/13/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 208,083 |
Petrobras Global Finance B.V., 4.38%, | | | | |
05/20/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150,000 | | | 157,800 |
| | | | 946,907 |
Canada-0.95% | | | | |
NOVA Chemicals Corp., 5.25%, 08/01/2023(a). . . | 100,000 | | | 100,249 |
Chile-5.97% | | | | |
Banco de Credito e Inversiones S.A., 4.00%, | | | | |
02/11/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 209,004 |
Inversiones CMPC S.A., 4.38%, 05/15/2023(a) . . . | 200,000 | | | 210,932 |
S.A.C.I. Falabella, 3.75%, 04/30/2023(a) . . . . . . . . | 200,000 | | | 207,101 |
| | | | 627,037 |
China-8.09% | | | | |
CNOOC Finance (2013) Ltd., 3.00%, | | | | |
05/09/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,232 |
CNPC General Capital Ltd., 3.40%, | | | | |
04/16/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 210,236 |
Sinopec Group Overseas Development (2013) | | | | |
Ltd., 4.38%, 10/17/2023(a). . . . . . . . . . . . . . . . . | 200,000 | | | 217,887 |
State Grid Overseas Investment (2016) Ltd., | | | | |
3.75%, 05/02/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 213,319 |
| | | | 848,674 |
Colombia-2.91% | | | | |
Colombia Government International Bond, 2.63%, | | | | |
03/15/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | | | 305,123 |
Hungary-4.26% | | | | |
Hungary Government International Bond | | | | |
5.38%, 02/21/2023 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 219,719 |
5.75%, 11/22/2023 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 227,326 |
| | | | 447,045 |
India-4.13% | | | | |
Export-Import Bank of India, 4.00%, | | | | |
01/14/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 210,645 |
Indian Oil Corp. Ltd., 5.75%, 08/01/2023(a) . . . . . | 200,000 | | | 222,495 |
| | | | 433,140 |
Indonesia-8.19% | | | | |
Indo Energy Finance II B.V., 6.38%, | | | | |
01/24/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 114,000 | | | 110,865 |
Indonesia Government International Bond | | | | |
3.38%, 04/15/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 207,478 |
5.38%, 10/17/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 223,410 |
PT Pertamina (Persero), 4.30%, 05/20/2023(a) . . | 300,000 | | | 317,989 |
| | | | 859,742 |
Ireland-1.00% | | | | |
Park Aerospace Holdings Ltd., 4.50%, | | | | |
03/15/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 104,644 |
| Principal | | |
| Amount | | Value |
Mexico-9.55% | | | |
Fresnillo PLC, 5.50%, 11/13/2023(a) . . . . . . . . . . . | $200,000 | $ 219,683 |
Mexico Government International Bond, 4.00%, | | | |
10/02/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 350,000 | 374,649 |
Petroleos Mexicanos | | | |
3.50%, 01/30/2023 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 200,217 |
4.63%, 09/21/2023 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 207,537 |
| | 1,002,086 |
Peru-3.97% | | | |
Banco de Credito del Peru, 4.25%, | | | |
04/01/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 210,583 |
Banco Internacional del Peru SAA Interbank, | | | |
3.38%, 01/18/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 205,583 |
| | 416,166 |
Philippines-1.99% | | | |
Rizal Commercial Banking Corp., 4.13%, | | | |
03/16/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 209,061 |
Poland-1.99% | | | |
Republic of Poland Government International | | | |
Bond, 3.00%, 03/17/2023. . . . . . . . . . . . . . . . . . | 200,000 | 208,350 |
Russia-8.22% | | | |
LUKOIL International Finance B.V., 4.56%, | | | |
04/24/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 211,027 |
Mobile Telesystems OJSC Via MTS International | | | |
Funding DAC, 5.00%, 05/30/2023(a) . . . . . . . . . | 200,000 | 212,996 |
Russian Foreign Bond - Eurobond, 4.88%, | | | |
09/16/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | | 438,218 |
| | 862,241 |
South Africa-2.87% | | | |
Eskom Holdings SOC Ltd., 6.75%, | | | |
08/06/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | 300,750 |
Supranational-1.00% | | | |
Asian Development Bank, 2.75%, 03/17/2023. . . | 100,000 | 105,400 |
Thailand-1.96% | | | |
Siam Commercial Bank PCL (The), 2.75%, | | | |
05/16/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 205,448 |
Turkey-9.50% | | | |
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, | | | |
04/06/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 203,131 |
KOC Holding A.S., 5.25%, 03/15/2023(a) . . . . . . . | 200,000 | 202,220 |
Petkim Petrokimya Holding A.S., 5.88%, | | | |
01/26/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 199,321 |
Turkey Government International Bond, 3.25%, | | | |
03/23/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 190,500 |
Turkiye Garanti Bankasi A.S., 5.88%, | | | |
03/16/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 201,300 |
| | 996,472 |
United Arab Emirates-9.92% | | | |
Abu Dhabi National Energy Co. PJSC, 3.63%, | | | |
01/12/2023(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 208,128 |
ADCB Finance Cayman Ltd. | | | |
4.50%, 03/06/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 211,578 |
4.00%, 03/29/2023(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 210,117 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
United Arab Emirates-(continued) | | | |
DP World Crescent Ltd., 3.91%, 05/31/2023(a) . . $200,000 | $ 207,050 |
MDGH - GMTN B.V., 2.75%, 05/11/2023(a) . . . . . . | 200,000 | | 204,540 |
| | 1,041,413 |
United Kingdom-1.85% | | | |
Jaguar Land Rover Automotive PLC, 5.63%, | | | |
02/01/2023(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 194,198 |
United States-1.03% | | | |
JBS USA LUX S.A./JBS USA Finance, Inc., | | | |
6.75%, 02/15/2028(a) . . . . . . . . . . . . . . . . . . . . . | 100,000 | 108,615 |
Total U.S. Dollar Denominated Bonds & Notes | | | |
(Cost $9,832,877) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,322,761 |
| Shares | | |
Money Market Funds-0.50% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(c) | | | |
(Cost $52,659) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 52,659 | 52,659 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral from | | |
securities on loan)-98.87% | | | |
(Cost $9,885,536) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 10,375,420 |
Investment Abbreviations:
DAC-Designated Activity Co.
Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.73%
Invesco Government & Agency Portfolio, | | | | |
Institutional Class, 1.50%(c)(d) . . . . . . . . . . . . . . . | 136,349 | $ | 136,349 | |
Invesco Liquid Assets Portfolio, Institutional Class, | | | | |
1.64%(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 45,433 | | 45,456 | |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $181,800) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 181,805 | |
TOTAL INVESTMENTS IN SECURITIES-100.60% | | | | |
(Cost $10,067,336) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 10,557,225 | |
OTHER ASSETS LESS LIABILITIES-(0.60)%. . . . . . . . . | . . . . . . . . | | (63,256) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $10,493,969 | |
| | | | |
Notes to Schedule of Investments:
(a)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $7,715,806, which represented 73.53% of the Fund's Net Assets.
(b)All or a portion of this security was out on loan at February 29, 2020.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(d)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Sovereign Debt | 26.71 |
Financials | 25.83 |
| |
Energy | 19.66 |
Materials | 6.95 |
| |
Utilities | 6.88 |
Industrials | 5.46 |
| |
Consumer Discretionary | 3.82 |
Sector Types Each Less Than 3% | 3.06 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.63 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
February 29, 2020
(Unaudited)
Schedule of Investments
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-97.99% | | |
Brazil-8.74% | | | | |
Banco Nacional de Desenvolvimento Economico e | | | | |
Social, 4.75%, 05/09/2024(a) . . . . . . . . . . . . . . . | $200,000 | | $ | 214,185 |
Braskem Finance Ltd., 6.45%, 02/03/2024 . . . . . | 200,000 | | | 219,119 |
Brazilian Government International Bond, 8.88%, | | | | |
04/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | | 126,417 |
Cemig Geracao e Transmissao S.A., 9.25%, | | | | |
12/05/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 232,219 |
GTL Trade Finance, Inc./Gerdau Holdings, Inc., | | | | |
5.89%, 04/29/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 219,333 |
Petrobras Global Finance B.V., 6.25%, | | | | |
03/17/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 225,287 |
Rio Oil Finance Trust, Series 2014-1, 9.25%, | | | | |
07/06/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 139,360 | | | 156,175 |
| | | | 1,392,735 |
Canada-0.61% | | | | |
NOVA Chemicals Corp., 4.88%, 06/01/2024(a). . . | 100,000 | | | 96,791 |
Cayman Islands-0.62% | | | | |
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, | | | | |
6.50% Cash Rate, 09/15/2024(a)(b) . . . . . . . . . . | 100,000 | | | 98,750 |
Chile-2.69% | | | | |
Colbun S.A., 4.50%, 07/10/2024(a) . . . . . . . . . . . . | 200,000 | | | 216,349 |
Empresa Nacional del Petroleo, 4.38%, | | | | |
10/30/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 213,065 |
| | | | 429,414 |
China-10.16% | | | | |
Alibaba Group Holding Ltd., 3.60%, 11/28/2024 . | 200,000 | | | 215,091 |
CNOOC Nexen Finance 2014 ULC, 4.25%, | | | | |
04/30/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 219,138 |
Export-Import Bank of China (The), 3.63%, | | | | |
07/31/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 217,951 |
Sinopec Group Overseas Development (2014) | | | | |
Ltd., 4.38%, 04/10/2024(a) . . . . . . . . . . . . . . . . . | 300,000 | | | 330,069 |
Sinopec Group Overseas Development (2018) | | | | |
Ltd., 2.50%, 11/12/2024(a). . . . . . . . . . . . . . . . . | 200,000 | | | 205,426 |
State Grid Overseas Investment (2014) Ltd., | | | | |
4.13%, 05/07/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 219,776 |
Tencent Holdings Ltd., 3.28%, 04/11/2024(a) . . . | 200,000 | | | 211,864 |
| | | | 1,619,315 |
Colombia-4.16% | | | | |
Colombia Government International Bond | | | | |
4.00%, 02/26/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 212,866 |
8.13%, 05/21/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 247,869 |
GeoPark Ltd., 6.50%, 09/21/2024(a) . . . . . . . . . . . | 200,000 | | | 202,783 |
| | | | 663,518 |
Hong Kong-1.45% | | | | |
King Power Capital Ltd., 5.63%, 11/03/2024(a) . . | 200,000 | | | 230,621 |
Hungary-2.14% | | | | |
Hungary Government International Bond, 5.38%, | | | | |
03/25/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | | | 340,770 |
India-8.89% | | | | |
ABJA Investment Co. Pte Ltd., 5.95%, | | | | |
07/31/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 208,759 |
| Principal | | |
| Amount | | Value |
India-(continued) | | | |
Bharti Airtel International Netherlands B.V., | | | |
5.35%, 05/20/2024(a) . . . . . . . . . . . . . . . . . . . . . | $200,000 | $ 220,923 |
Oil India Ltd., 5.38%, 04/17/2024(a) . . . . . . . . . . . | 200,000 | 222,307 |
ONGC Videsh Ltd., 4.63%, 07/15/2024(a) . . . . . . . | 200,000 | 218,893 |
ReNew Power Synthetic, 6.67%, 03/12/2024(a). . | 200,000 | 208,763 |
Vedanta Resources Ltd. | | | |
6.13%, 08/09/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 168,157 |
6.13%, 08/09/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | | 168,157 |
| | 1,415,959 |
Indonesia-9.41% | | | |
Indika Energy Capital III Pte. Ltd., 5.88%, | | | |
11/09/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 184,239 |
Indonesia Government International Bond | | | |
5.88%, 01/15/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 227,369 |
5.88%, 01/15/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 227,369 |
4.45%, 02/11/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 217,275 |
PT Perusahaan Gas Negara Tbk | | | |
5.13%, 05/16/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 219,964 |
5.13%, 05/16/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 219,964 |
PT Saka Energi Indonesia, 4.45%, 05/05/2024(a). | 200,000 | | 202,975 |
| | 1,499,155 |
Ireland-1.38% | | | |
Park Aerospace Holdings Ltd., 5.50%, | | | |
02/15/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 220,123 |
Mexico-10.51% | | | |
Axtel S.A.B de C.V., 6.38%, 11/14/2024(a). . . . . . | 200,000 | 206,217 |
Banco Inbursa S.A., Institucion De Banca Multiple | | | |
Grupo, Financiero Inbursa | | | |
4.13%, 06/06/2024(a) . . . . . . . . . . . . . . . . . . . . . | 150,000 | 157,187 |
4.13%, 06/06/2024(a) . . . . . . . . . . . . . . . . . . . . . | 150,000 | 157,187 |
Cemex S.A.B. de C.V. | | | |
5.45%, 11/19/2029(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 204,230 |
5.45%, 11/19/2029(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 204,230 |
Comision Federal de Electricidad, 4.88%, | | | |
01/15/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 216,585 |
Grupo Bimbo S.A.B. de C.V., 3.88%, | | | |
06/27/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 215,959 |
Petroleos Mexicanos, 4.88%, 01/18/2024 . . . . . . | 300,000 | | 313,174 |
| | 1,674,769 |
Peru-1.38% | | | |
Minsur S.A., 6.25%, 02/07/2024(a) . . . . . . . . . . . . | 200,000 | 219,835 |
Philippines-4.91% | | | |
Philippine Government International Bond, | | | |
4.20%, 01/21/2024 . . . . . . . . . . . . . . . . . . . . . . . | 300,000 | 326,102 |
Philippine National Bank, 3.28%, 09/27/2024(a) . . | 200,000 | 208,716 |
Power Sector Assets and Liabilities Management | | | |
Corp., 7.39%, 12/02/2024(a) . . . . . . . . . . . . . . . | 200,000 | | 246,909 |
| | 781,727 |
Poland-2.74% | | | |
Republic of Poland Government International | | | |
Bond, 4.00%, 01/22/2024. . . . . . . . . . . . . . . . . . | 400,000 | | 436,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
South Africa-2.63% | | | |
MTN (Mauritius) Investment Ltd., 4.76%, | | | |
11/11/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $200,000 | $ 209,845 |
Republic of South Africa Government | | | |
International Bond, 4.67%, 01/17/2024 . . . . . . | 200,000 | | 209,744 |
| | 419,589 |
Supranational-4.97% | | | |
Asian Development Bank | | | |
2.63%, 01/30/2024 . . . . . . . . . . . . . . . . . . . . . . . | 550,000 | 585,044 |
1.50%, 10/18/2024 . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 102,164 |
Asian Infrastructure Investment Bank (The), | | | |
2.25%, 05/16/2024 . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | | 104,817 |
| | 792,025 |
Turkey-10.04% | | | |
Coca-Cola Icecek A.S., 4.22%, 09/19/2024(a). . . . | 200,000 | 200,266 |
Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, | | | |
11/25/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 198,284 |
Turk Telekomunikasyon A.S., 4.88%, | | | |
06/19/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 196,518 |
Turkey Government International Bond | | | |
5.75%, 03/22/2024 . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 403,296 |
6.35%, 08/10/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 205,573 |
5.60%, 11/14/2024 . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 199,750 |
Turkiye Is Bankasi A.S., 6.13%, 04/25/2024(a) . . . | 200,000 | | 196,932 |
| | 1,600,619 |
United Arab Emirates-9.18% | | | |
Abu Dhabi Government International Bond | | | |
2.13%, 09/30/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 202,828 |
2.13%, 09/30/2024(a) . . . . . . . . . . . . . . . . . . . . . | 200,000 | 202,828 |
Investment Abbreviations:
PIK-Pay-in-Kind
| Principal | | | |
| Amount | | | Value |
United Arab Emirates-(continued) | | | | |
Abu Dhabi National Energy Co. PJSC, 3.88%, | | | | |
05/06/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $200,000 | $ | 213,121 |
EMG Sukuk Ltd., 4.56%, 06/18/2024(a) . . . . . . . . . | 200,000 | | | 210,670 |
MAF Global Securities Ltd., 4.75%, | | | | |
05/07/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 213,696 |
MDGH - GMTN B.V., 3.00%, 04/19/2024(a) . . . . . . | 200,000 | | | 207,500 |
Sharjah Sukuk Ltd., 3.76%, 09/17/2024(a) . . . . . . | 200,000 | | | 212,100 |
| | | | 1,462,743 |
Vietnam-1.38% | | | | |
Vietnam Government International Bond, 4.80%, | | | | |
11/19/2024(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | | | 220,021 |
Total U.S. Dollar Denominated Bonds & Notes | | | | |
(Cost $15,063,052) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 15,614,551 |
| Shares | | | |
Money Market Funds-0.92% | | | | |
Invesco Premier U.S. Government Money | | | | |
Portfolio, Institutional Class, 1.46%(c) | | | | |
(Cost $145,692) . . . . . . . . . . . . . . . . . . . . . . . . . . | 145,692 | | | 145,692 |
TOTAL INVESTMENTS IN SECURITIES-98.91% | | | | |
(Cost $15,208,744) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 15,760,243 |
OTHER ASSETS LESS LIABILITIES-1.09% . . . . . . . . . . . . . . . . . . | | 174,323 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $15,934,566 |
| | | | |
Notes to Schedule of Investments:
(a)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $10,485,019, which represented 65.80% of the Fund's Net Assets.
(b)All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Sovereign Debt | 28.38 |
Financials | 18.72 |
| |
Energy | 14.75 |
Utilities | 10.97 |
| |
Materials | 10.72 |
Communication Services | 6.56 |
| |
Sector Types Each Less Than 3% | 7.89 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 2.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
| | | Invesco | | Invesco | | Invesco | | Invesco |
| | | BulletShares | | BulletShares | | BulletShares | | BulletShares |
| | 2020 Corporate | 2021 Corporate | 2022 Corporate | 2023 Corporate |
| | | Bond ETF | | Bond ETF | | Bond ETF | | Bond ETF |
| | | (BSCK) | | (BSCL) | | (BSCM) | | (BSCN) |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . | $ | 1,590,995,623 | | $1,871,637,938 | $1,769,713,060 | $ | 1,141,052,737 |
Affiliated investments in securities, at value . . . . . . . . . . . . . . . . . . . . . . . . . . | | 72,225,648 | | | 9,194,196 | | 22,054,192 | | 1,842,509 |
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 12,897,066 | | | 8,175,999 | | 1,715,010 | | 23,055 |
Deposits with brokers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash segregated as collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | - | | | | | 1,776,712 | | 261,671 |
Receivable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 14,164,639 | | | 16,038,211 | | 13,932,486 | | 9,078,466 |
Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | 9,515 | | 1,987 | | 181 |
Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | - | | | | | - | | - |
Fund shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | 205,303 | | | 1,048,364 | | | 153,787 |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,690,282,976 | | | 1,905,261,162 | | | 1,810,241,811 | | | 1,152,412,406 |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Due to custodian. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | - | | - | | - |
Payable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 5,580,696 | | | 205,303 | | 1,048,364 | | 153,787 |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | 8,223,658 | | 9,650,739 | | 463,102 |
Collateral upon receipt of securities in-kind. . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | - | | 1,776,712 | | 261,671 |
Fund shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 9,568,128 | | | - | | - | | - |
Accrued unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 121,761 | | | 146,805 | | 137,723 | | 88,886 |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 19,379 | | | 17,414 | | | 14,923 | | | 10,020 |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 15,289,964 | | | 8,593,180 | | | 12,628,461 | | | 977,466 |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,674,993,012 | | $1,896,667,982 | $1,797,613,350 | $1,151,434,940 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of beneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,668,760,942 | | $1,870,777,865 | $1,753,030,628 | $1,109,214,351 |
Distributable earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,232,070 | | | 25,890,117 | | | 44,582,722 | | | 42,220,589 |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,674,993,012 | | $1,896,667,982 | $1,797,613,350 | $1,151,434,940 |
| | | | | | | | | | | | | | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value) . . . . . | | 78,750,000 | | | 89,100,000 | | 83,100,000 | | 53,400,000 |
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 21.27 | | $ | 21.29 | $ | 21.63 | $ | 21.56 |
| | | | | | | | | | | | | | | | | | |
Market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 21.27 | | $ | 21.29 | $ | 21.64 | $ | 21.55 |
| | | | | | | | | | | | | |
Unaffiliated investments in securities, at cost. . . . . . . . . . . . . . . . . . . . . . . . . | $ | 1,585,658,476 | | $1,847,594,274 | $1,726,916,874 | $1,099,468,694 |
| | | | | | | | | | | | | | |
Affiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 72,225,648 | | $ | 9,193,997 | $ | 22,053,946 | $ | 1,842,498 |
| | | | | | | | | | | | |
(a)Includes securities on loan with an aggregate value of: . . . . . . . . . . . . . . . | $ | - | | $ | 7,841,259 | $ | 9,344,113 | $ | 440,998 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Invesco |
| | | Invesco | | | | Invesco | | | Invesco | | | | Invesco | | | Invesco | | | | Invesco | | | BulletShares |
| | BulletShares | | | BulletShares | | BulletShares | | | BulletShares | | BulletShares | | | BulletShares | | 2020 High Yield |
2024 Corporate | 2025 Corporate | 2026 Corporate | 2027 Corporate | 2028 Corporate | 2029 Corporate | | | Corporate |
| | | Bond ETF | | | | Bond ETF | | | Bond ETF | | | | Bond ETF | | | Bond ETF | | | | Bond ETF | | | Bond ETF |
| | | (BSCO) | | | | | (BSCP) | | | | (BSCQ) | | | | | (BSCR) | | | | (BSCS) | | | | | (BSCT) | | | | (BSJK) | |
$920,716,046 | | | $ | 480,162,008 | | $ | 211,462,801 | | $ | 152,803,967 | | $110,036,882 | | $18,310,527 | | $1,036,428,849 |
| | | 4,547,221 | | | | | | 2,607,766 | | | | 510,288 | | | | | 1,121,251 | | | | 3,218,506 | | | | | 489,498 | | | | 9,561,288 |
| | | 32,898 | | | | | | 7,613 | | | | | 1,051,665 | | | | | 272 | | | | | - | | | | | | - | | | | | - |
| | | 269,960 | | | | | | 215,778 | | | | | - | | | | | | 201,464 | | | | | 185,766 | | | | | | - | | | | | - |
| | | 8,704,336 | | | | | | 4,229,495 | | | | 1,852,698 | | | | | 1,307,100 | | | | 1,184,049 | | | | | 182,388 | | | | 14,255,745 |
| | | 475 | | | | | | 84 | | | | | 15 | | | | | | 1,517 | | | | | 437 | | | | | | - | | | | | - |
| | | - | | | | | | - | | | | | - | | | | | | - | | | | | - | | | | | | - | | | | | 265,615 |
| | | 122,989 | | | | | | 6,693,475 | | | | | - | | | | | | 173,418 | | | | | 26,134 | | | | | | - | | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 934,393,925 | | | | | | 493,916,219 | | | | 214,877,467 | | | | | 155,608,989 | | | | 114,651,774 | | | | | 18,982,413 | | | | 1,060,511,497 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | - | | | | | | - | | | | | - | | | | | | - | | | | | - | | | | | | - | | | | | 252,410 |
| | | 122,989 | | | | | | 6,169,054 | | | | | - | | | | | | 173,418 | | | | | 26,134 | | | | | | - | | | | | 517,042 |
| | | 2,125,994 | | | | | | 1,554,394 | | | | | 192,500 | | | | | 782,481 | | | | | 2,553,682 | | | | | 261,433 | | | | - |
| | | 269,960 | | | | | | 215,777 | | | | | - | | | | | | 201,464 | | | | | 185,766 | | | | | | - | | | | | - | |
| | | - | | | | | | - | | | | | - | | | | | | - | | | | | - | | | | | | - | | | | | 5,017,849 |
| | | 70,969 | | | | | | 36,446 | | | | | 16,476 | | | | | 10,899 | | | | | 8,354 | | | | | | 1,228 | | | | 359,561 |
| | | 7,863 | | | | | | 5,637 | | | | | 4,051 | | | | | 3,559 | | | | | 3,232 | | | | | | - | | | | | 13,126 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2,597,775 | | | | | | 7,981,308 | | | | | 213,027 | | | | | 1,171,821 | | | | 2,777,168 | | | | | 262,661 | | | | 6,159,988 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $931,796,150 | | | $ | 485,934,911 | | $214,664,440 | | $154,437,168 | | $111,874,606 | | $18,719,752 | | $ | 1,054,351,509 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$894,298,507 | | | $460,198,099 | | $202,427,744 | | $ | 146,590,095 | | $106,748,834 | | $18,226,614 | | $ | 1,084,539,323 |
| | | 37,497,643 | | | | | | 25,736,812 | | | | 12,236,696 | | | | | 7,847,073 | | | | 5,125,772 | | | | | 493,138 | | | | (30,187,814) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$931,796,150 | | | $ | 485,934,911 | | $214,664,440 | | $154,437,168 | | $111,874,606 | | $18,719,752 | | $ | 1,054,351,509 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 42,750,000 | | | | | | 22,200,000 | | | | 10,200,000 | | | | | 7,200,000 | | | | 4,950,001 | | | | | 900,001 | | | | 44,400,000 |
| $ | 21.80 | | | $ | 21.89 | | | $ | 21.05 | | $ | 21.45 | | | $ | 22.60 | | | $ | 20.80 | | | $ | 23.75 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 21.80 | | | $ | 21.88 | | | $ | 21.05 | | $ | 21.44 | | | $ | 22.58 | | | $ | 20.81 | | | $ | 23.73 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $882,367,460 | | | $454,787,173 | | $199,342,136 | | $144,996,487 | | $104,912,155 | | $ | 17,802,278 | | $1,037,379,070 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 4,547,171 | | | $ | 2,607,729 | | $ | 510,283 | | $ | 1,121,231 | | $ | 3,218,453 | | $ | 489,491 | | $ | 9,561,288 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 2,042,247 | | | $ | 1,530,595 | | $ | 186,185 | | $ | 742,951 | | | $ | 2,460,228 | | $ | 255,062 | | $ | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Assets and Liabilities—(continued)
February 29, 2020 (Unaudited)
| | Invesco | | | | Invesco | | | | Invesco | | | | Invesco |
| | BulletShares | | | BulletShares | | | BulletShares | | | BulletShares |
| 2021 High Yield | 2022 High Yield | 2023 High Yield | 2024 High Yield |
| | Corporate | | | | Corporate | | | | Corporate | | | | Corporate |
| | Bond ETF | | | | Bond ETF | | | | Bond ETF | | | | Bond ETF |
| | (BSJL) | | | | (BSJM) | | | | (BSJN) | | | | (BSJO) |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . . | $ | 1,087,203,653 | | $ | 746,200,358 | | $367,538,154 | | $166,120,589 | |
Affiliated investments in securities, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 68,711,591 | | | | | 29,214,533 | | | | | 42,481,185 | | | | | 10,756,784 | |
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,104,651 | | | | | 5,405 | | | | | 50,373 | | | | | 820 | |
Deposits with brokers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash segregated as collateral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 656,268 | | | | | 1,702,161 | | | | | 324,962 | | | | | 151,949 | |
Receivable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 18,809,683 | | | | | 12,160,402 | | | | | 6,210,922 | | | | | 2,728,135 | |
Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 69,721 | | | | | 19,401 | | | | | 17,278 | | | | | 5,348 | |
Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 10,548,659 | | | | | - | | | | | 693,291 | | | | | - | |
Fund shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 388,271 | | | | | 1,121,145 | | | | | 163,278 | | | | | 2,584,934 | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,187,492,497 | | | | | 790,423,405 | | | | | 417,479,443 | | | | | 182,348,559 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,420,376 | | | | | 5,372,770 | | | | | 675,078 | | | | | 4,229,122 | |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . | | 43,537,827 | | | | | 16,691,600 | | | | | 25,517,715 | | | | | 7,009,420 | |
Collateral upon receipt of securities in-kind . . . . . . . . . . . . . . . . . . . . . . . . . | | 656,268 | | | | | 1,702,161 | | | | | 324,962 | | | | | 151,949 | |
Accrued unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 376,556 | | | | | 252,083 | | | | | 125,231 | | | | | 54,319 | |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 10,189 | | | | | 7,271 | | | | | | 5,014 | | | | | | 3,775 | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 46,001,216 | | | | | 24,025,885 | | | | | 26,648,000 | | | | | 11,448,585 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,141,491,281 | | | $766,397,520 | | $390,831,443 | | $170,899,974 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of beneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 1,169,526,050 | | $ | 785,425,514 | | $398,864,482 | | $173,622,325 | |
Distributable earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (28,034,769) | | | | (19,027,994) | | | | | (8,033,039) | | | | | (2,722,351) | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,141,491,281 | | | $766,397,520 | | $390,831,443 | | $170,899,974 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value) . . . . . . | | 47,400,000 | | | | | 32,100,000 | | | | | 15,300,000 | | | | | 6,900,000 | |
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 24.08 | | $ | 23.88 | | $ | 25.54 | | $ | 24.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 24.09 | | $ | 23.93 | | $ | 25.62 | | $ | 24.84 | |
| | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 1,103,644,802 | | $ | 754,384,808 | | $371,512,846 | | $168,018,984 | |
| | | | | | | | | | | | | | | | | | | | | |
Affiliated investments in securities, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 68,710,765 | | $ | 29,214,116 | | $ | 42,480,509 | | $ | 10,756,651 | |
| | | | | | | | | | | | | | | | | | |
(a)Includes securities on loan with an aggregate value of: . . . . . . . . . . . . . . . . | $ | 41,806,329 | | $ | 16,025,615 | | $ | 23,825,240 | | $ | 6,713,311 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | Invesco | | | | Invesco | | | | Invesco | | | | | | | | | | | | | | | | | | | | | |
| | BulletShares | | | BulletShares | | | BulletShares | | | | Invesco | | | | Invesco | | | Invesco | | | Invesco |
2025 High Yield | 2026 High Yield | 2027 High Yield | | | BulletShares | | | BulletShares | | BulletShares | | BulletShares |
| | | Corporate | | | | Corporate | | | | Corporate | 2021 Municipal | 2022 Municipal | 2023 Municipal | 2024 Municipal |
| | | Bond ETF | | | | Bond ETF | | | | Bond ETF | | | | Bond ETF | | | | Bond ETF | | | Bond ETF | | | Bond ETF |
| | | (BSJP) | | | | | (BSJQ) | | | | | (BSJR) | | | | | (BSML) | | | | | (BSMM) | | | | (BSMN) | | | | (BSMO) |
$117,257,049 | | | $56,245,023 | | $14,635,118 | | $ | 9,866,609 | | $ | 9,957,224 | | $ | 9,806,930 | | $10,023,732 |
| | | 10,303,866 | | | | | | 2,959,878 | | | | | 632,582 | | | | | - | | | | | - | | | | - | | | | | - |
| | | 1,330 | | | | | | 1,750 | | | | | - | | | | | | 75,618 | | | | | 37,555 | | | | 226,961 | | | | 89,944 |
| | | 106,835 | | | | | | 31,823 | | | | | - | | | | | | - | | | | | - | | | | - | | | | | - |
| | | 2,041,447 | | | | | | 909,145 | | | | | 194,402 | | | | | 123,986 | | | | | 118,882 | | | | 111,711 | | | | 98,123 |
| | | 3,610 | | | | | | 1,260 | | | | | - | | | | | | - | | | | | - | | | | | - | | | | | - |
| | | - | | | | | | - | | | | | | - | | | | | | - | | | | | - | | | | - | | | | | - |
| | | 76,990 | | | | | | 2,575,277 | | | | | 2,500,568 | | | | | - | | | | | - | | | | - | | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 129,791,127 | | | | | | 62,724,156 | | | | | 17,962,670 | | | | | 10,066,213 | | | | | 10,113,661 | | | | 10,145,602 | | | | 10,211,799 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,845,043 | | | | | | 2,246,768 | | | | | 2,547,019 | | | | | - | | | | | - | | | | - | | | | | - |
| | | 7,891,321 | | | | | | 2,320,320 | | | | | 528,983 | | | | | - | | | | | - | | | | - | | | | | - |
| | | 106,835 | | | | | | 31,823 | | | | | - | | | | | | - | | | | | - | | | | - | | | | | - |
| | | 39,563 | | | | | | 18,892 | | | | | 4,211 | | | | | 1,434 | | | | | 1,438 | | | | 1,442 | | | | 1,448 |
| | | 3,636 | | | | | | 3,170 | | | | | - | | | | | | - | | | | | - | | | | | - | | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 9,886,398 | | | | | | 4,620,973 | | | | | 3,080,213 | | | | | 1,434 | | | | | 1,438 | | | | 1,442 | | | | 1,448 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $119,904,729 | | | | $58,103,183 | | $14,882,457 | | $10,064,779 | | $10,112,223 | | $10,144,160 | | $10,210,351 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$121,377,976 | | | $58,741,898 | | $15,018,973 | | $ | 10,000,025 | | $ | 10,000,025 | | $ | 10,000,025 | | $ | 10,000,025 |
| | | (1,473,247) | | | | | (638,715) | | | | | (136,516) | | | | | 64,754 | | | | | 112,198 | | | | 144,135 | | | | 210,326 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
$119,904,729 | | | $58,103,183 | | $14,882,457 | | $10,064,779 | | $10,112,223 | | $10,144,160 | | $10,210,351 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5,000,000 | | | | | | 2,300,001 | | | | | 600,001 | | | | | 400,001 | | | | | 400,001 | | | | 400,001 | | | | 400,001 |
| $ | 23.98 | | | | $ | 25.26 | | $ | 24.80 | | $ | 25.16 | | $ | 25.28 | | $ | 25.36 | | $ | 25.53 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 24.07 | | | | $ | 25.33 | | $ | 24.92 | | $ | 25.14 | | $ | 25.27 | | $ | 25.33 | | $ | 25.49 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $118,674,870 | | | | $57,899,282 | | $14,798,824 | | $ | 9,803,940 | | $ | 9,847,116 | | $ | 9,664,623 | | $ | 9,814,965 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10,303,719 | | | | $ | 2,959,823 | | $ | 632,568 | | $ | - | | $ | - | | $ | - | | $ | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 7,465,999 | | | $ | 2,191,060 | | $ | 495,051 | | $ | - | | $ | - | | $ | - | | $ | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Assets and Liabilities—(continued)
February 29, 2020 (Unaudited)
| | | | | | | | Invesco | | | | | | | | Invesco | | | | | | | | | Invesco | | | | | | | | Invesco |
| | | | | | | | BulletShares | | | | | | | | BulletShares | | BulletShares | BulletShares |
| 2025 Municipal | 2026 Municipal | 2027 Municipal | 2028 Municipal |
| | | | | | | | Bond ETF | | | | | | | | Bond ETF | | | | | | | | | Bond ETF | | | | | | | | Bond ETF |
| | | | | | | | (BSMP) | | | | | | | | (BSMQ) | | | | | | | | | (BSMR) | | | | | | | | (BSMS) |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,103,697 | | $10,035,584 | | | $4,972,464 | | | $5,110,682 | |
Affiliated investments in securities, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | - | | | | | | | | | | - | | | | | | | | | | | - | | | | | | | | | | - | |
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 64,015 | | | | | | | | | | 210,062 | | | | | | | | | | | 158,219 | | | | | | | | | | 56,040 | |
Receivable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends and interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 98,165 | | | | | | | | | | 104,090 | | | | | | | | | | | 47,472 | | | | | | | | | | 44,140 | |
Securities lending. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | - | | | | | | | | | | - | | | | | | | | | | | - | | | | | | | | | | - | |
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 10,265,877 | | | | | | | | | 10,349,736 | | | | | | | | | | | 5,178,155 | | | | | | | | | | 5,210,862 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | - | | | | | | | | | | - | | | | | | | | | | | - | | | | | | | | | | - | |
Accrued unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 1,454 | | | | | | | | | | 1,458 | | | | | | | | | | | 728 | | | | | | | | | | 731 | |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | - | | | | | | | | | | - | | | | | | | | | | | - | | | | | | | | | | - | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 1,454 | | | | | | | | | | 1,458 | | | | | | | | | | | 728 | | | | | | | | | | 731 | |
. . . . . . . . .Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,264,423 | | $10,348,278 | | | $5,177,427 | | | $5,210,131 | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares of beneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 10,000,025 | | $ | 10,000,025 | | | $ | 5,000,025 | | $ | 5,000,025 | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | 264,398 | | | | | | | | | | 348,253 | | | | | | | | | | | 177,402 | | | | | | | | | | 210,106 | |
. . . . . . . . .Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,264,423 | | $10,348,278 | | | $5,177,427 | | | $5,210,131 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value) . . . . . . . . . | | | | | | | | 400,001 | | | | | | | | | | 400,001 | | | | | | | | | | | 200,001 | | | | | | | | | | 200,001 | |
Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.66 | | | $ | 25.87 | | | $ | 25.89 | | | $ | 26.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.62 | | | $ | 25.82 | | | $ | 25.83 | | | $ | 25.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 9,840,964 | | $ | 9,689,265 | | | $ | 4,795,717 | | | $4,901,566 | |
| | | | | | | | | | | | | | | | | | | | |
Affiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | - | | | $ | - | | | $ | - | | | $ | - | |
(a)Includes securities on loan with an aggregate value of:. . . . . . . . . . | | | | | | | | | | | | | | | | |
$ | - | | | $ | - | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | | | | | | | | | | | | | | Invesco | | | | | | | | | Invesco | | | | | | | | | | Invesco | | | | | | | | | Invesco |
| | | | | | | Invesco | | | | | | | | | BulletShares | | | | | | | | | BulletShares | | | | | | | | | | BulletShares | | | | | | | | | BulletShares |
BulletShares | | | | | | | | | 2021 USD | | | | | | | | | 2022 USD | | | | | | | | | | 2023 USD | | | | | | | | | 2024 USD |
2029 Municipal | Emerging Markets | Emerging Markets | Emerging Markets | Emerging Markets |
| | | | | | | Bond ETF | | | | | | | | | Debt ETF | | | | | | | | | Debt ETF | | | | | | | | | | Debt ETF | | | | | | | | | Debt ETF |
| | | | | | | (BSMT) | | | | | | | | | | (BSAE) | | | | | | | | | | (BSBE) | | | | | | | | | | | (BSCE) | | | | | | | | | | (BSDE) |
$5,091,775 | | | $ | 9,577,445 | | $10,206,541 | | | $10,322,761 | | $15,614,551 | |
| | | | | | | - | | | | | | | | | | | 522,982 | | | | | | | | | | | 118,484 | | | | | | | | | | | | 234,464 | | | | | | | | | | | 145,692 | |
| | | | | | | 66,124 | | | | | | | | | | | - | | | | | | | | | | | - | | | | | | | | | | | | - | | | | | | | | | | | - | |
| | | | | | | 51,704 | | | | | | | | | | | 111,488 | | | | | | | | | | | 127,826 | | | | | | | | | | | | 123,720 | | | | | | | | | | | 180,988 | |
| | | | | | | - | | | | | | | | | | | - | | | | | | | | | | | 172 | | | | | | | | | | | | 268 | | | | | | | | | | | 17 | |
| | | | | | | 5,209,603 | | | | | | | | | | | 10,211,915 | | | | | | | | | | 10,453,023 | | | | | | | | | | | | 10,681,213 | | | | | �� | | | | | | 15,941,248 | |
| | | | | | | - | | | | | | | | | | | - | | | | | | | | | | | 54,000 | | | | | | | | | | | | 181,800 | | | | | | | | | | | - | |
| | | | | | | 729 | | | | | | | | | | | 2,325 | | | | | | | | | | | 2,388 | | | | | | | | | | | | 2,414 | | | | | | | | | | | 3,652 | |
| | | | | | | - | | | | | | | | | | | 3,028 | | | | | | | | | | | 3,029 | | | | | | | | | | | | 3,030 | | | | | | | | | | | 3,030 | |
| | | | | | | 729 | | | | | | | | | | | 5,353 | | | | | | | | | | | 59,417 | | | | | | | | | | | | 187,244 | | | | | | | | | | | 6,682 | |
| $ | 5,208,874 | | | $10,206,562 | | $10,393,606 | | | $10,493,969 | | $15,934,566 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 5,000,025 | | | $ | 9,983,670 | | $ | 10,000,025 | | | $ | 10,000,025 | | $15,353,620 | |
| | | | | | | 208,849 | | | | | | | | | | | 222,892 | | | | | | | | | | | 393,581 | | | | | | | | | | | | 493,944 | | | | | | | | | | | 580,946 | |
$ | 5,208,874 | | | $10,206,562 | | $10,393,606 | | | $10,493,969 | | $15,934,566 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | 200,001 | | | | | | | | | | | 400,001 | | | | | | | | | | | 400,001 | | | | | | | | | | | | 400,001 | | | | | | | | | | 600,001 | |
| $ | 26.04 | | | $ | 25.52 | | | $ | 25.98 | | | $ | 26.23 | | | $ | 26.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 25.96 | | | $ | | 25.56 | | | $ | | 25.97 | | | $ | | 26.23 | | | $ | | 26.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $4,883,960 | | | $ | | 9,368,457 | | $ | 9,817,017 | | | $ | 9,832,877 | | | $ | 15,063,052 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| $ | - | | | $ | 522,982 | | | $ | 118,483 | | | $ | 234,459 | | | $ | 145,692 | |
| | | | | | | | | | | | | | | | | | |
$ | - | | | $ | - | | | $ | 51,679 | | | $ | 174,778 | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
| | | Invesco | | | | | | | | Invesco | | | | | | | | | Invesco | | | | | | | | | Invesco |
| | | BulletShares | | | | | | | | BulletShares | | | | | | | | | BulletShares | | | | | | | | | BulletShares |
| 2020 Corporate | 2021 Corporate | 2022 Corporate | 2023 Corporate |
| | | Bond ETF | | | | | | | | Bond ETF | | | | | | | | | Bond ETF | | | | | | | | | Bond ETF |
| | | (BSCK) | | | | | | | | (BSCL) | | | | | | | | | (BSCM) | | | | | | | | | (BSCN) |
Investment income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $22,252,341 | | | $23,239,811 | | | $21,248,946 | | $13,892,233 | |
Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 337,449 | | | 84,898 | | | 59,387 | | | 30,044 | |
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 5,426 | | | | 21,794 | | | | 7,104 | | | | 6,435 | |
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22,595,216 | | | 23,346,503 | | | 21,315,437 | | 13,928,712 | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unitary management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 892,726 | | | | 862,755 | | | | 764,104 | | | | 475,877 | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (41,227) | | (10,026) | | (6,517) | | (3,428) |
Net expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 851,499 | | | | | 852,729 | | | | | 757,587 | | | | | 472,449 | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,743,717 | | | 22,493,774 | | | 20,557,850 | | 13,456,263 | |
Realized and unrealized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,472,948 | | | 1,820,633 | | | 1,490,781 | | 268,857 | |
In-kind redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (851) | | 579,901 | | | 711,831 | | | 360,890 | |
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,472,097 | | | | 2,400,534 | | | | 2,202,612 | | | | 629,747 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (2,469,244) | | 3,772,242 | | | 12,125,305 | | | 14,102,531 | |
Affiliated investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 199 | | | | 246 | | | | 11 | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . | | (2,469,244) | | 3,772,441 | | | 12,125,551 | | | 14,102,542 | |
| | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (997,147) | | 6,172,975 | | | 14,328,163 | | | 14,732,289 | |
| | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . | | $20,746,570 | | | $28,666,749 | | | $34,886,013 | | $28,188,552 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)For the period September 10, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Invesco |
| Invesco | | | | Invesco | | | Invesco | | Invesco | | Invesco | | | Invesco | | | BulletShares |
| BulletShares | | | BulletShares | | BulletShares | BulletShares | BulletShares | | BulletShares | 2020 High Yield |
2024 Corporate | 2025 Corporate | 2026 Corporate | 2027 Corporate | 2028 Corporate | 2029 Corporate | | | Corporate |
| Bond ETF | | | | Bond ETF | | | Bond ETF | | Bond ETF | | Bond ETF | | | Bond ETF | | | Bond ETF |
| (BSCO) | | | | | (BSCP) | | | | (BSCQ) | | | (BSCR) | | | (BSCS) | | | | (BSCT)(a) | | | | (BSJK) |
$10,677,570 | | | $ | 5,818,704 | | $2,470,906 | | $1,510,227 | | $1,023,531 | | $105,309 | | $21,659,802 |
39,010 | | | | | | 14,797 | | 8,289 | | 4,655 | | 5,211 | | | 911 | | | | 717,917 |
| 3,503 | | | | | | 2,542 | | 641 | | | 6,990 | | 2,088 | | | - | | | | 118,738 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10,720,083 | | | | | | 5,836,043 | | 2,479,836 | | 1,521,872 | | 1,030,830 | | 106,220 | | 22,496,457 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 358,696 | | | | | | 186,152 | | | | 79,457 | | 46,727 | | 32,055 | | 3,769 | | 2,423,824 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (4,489) | | | | | (1,713) | | (984) | | (544) | | (717) | | (106) | | (81,031) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 354,207 | | | | | | 184,439 | | | | 78,473 | | | | 46,183 | | | | 31,338 | | | | 3,663 | | | | 2,342,793 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10,365,876 | | | | | | 5,651,604 | | | | 2,401,363 | | | | 1,475,689 | | | | 999,492 | | | | 102,557 | | | | 20,153,664 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 266,191 | | | | | | 304,153 | | 159,489 | | 136,259 | | 38,112 | | - | | | | (5,375,177) |
| - | | | | | | 278,717 | | - | | | - | | | - | | | - | | | | 228,174 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 266,191 | | | | | | 582,870 | | | | 159,489 | | | | 136,259 | | | | 38,112 | | | | - | | | | | (5,147,003) | |
14,931,144 | | | | | | 9,574,018 | | 4,928,431 | | 3,054,782 | | 2,574,952 | | 508,249 | | (2,659,115) |
| 50 | | | | | | 37 | | | | 5 | | | | | 18 | | | | 53 | | | | | 7 | | | | | | (401) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 14,931,194 | | | | | | 9,574,055 | | | | 4,928,436 | | | | 3,054,800 | | | | 2,575,005 | | | | 508,256 | | | | (2,659,516) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 15,197,385 | | | | | | 10,156,925 | | | | 5,087,925 | | | | 3,191,059 | | | | 2,613,117 | | | | 508,256 | | | | (7,806,519) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $25,563,261 | | | | $ | 15,808,529 | | $7,489,288 | | $4,666,748 | | $3,612,609 | | $610,813 | | $12,347,145 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Operations—(continued)
For the six months ended February 29, 2020 (Unaudited)
| | | Invesco | | | | Invesco | | | Invesco | | | | Invesco |
| | BulletShares | | | BulletShares | | BulletShares | | BulletShares |
| 2021 High Yield | 2022 High Yield | 2023 High Yield | 2024 High Yield |
| | | Corporate | | | | Corporate | | | Corporate | | | | Corporate |
| | | Bond ETF | | | | Bond ETF | | | Bond ETF | | | | Bond ETF |
| | | (BSJL) | | | | (BSJM) | | | (BSJN) | | | | (BSJO) |
Investment income: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 23,358,285 | | | $ | 16,142,033 | | $ 8,278,609 | | $ | 3,239,132 |
Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 305,453 | | | | | | 148,267 | | 76,478 | | | | | 24,131 |
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 475,980 | | | | | | 121,377 | | | 123,783 | | | | | 32,123 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 24,139,718 | | | | | | 16,411,677 | | | 8,478,870 | | | | | 3,295,386 |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,042,030 | | | | | | 1,323,712 | | | 630,357 | | | | | 263,748 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (34,287) | | | | | (16,688) | | (8,913) | | | | | (2,873) |
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,007,743 | | | | | | 1,307,024 | | | 621,444 | | | | | | 260,875 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 22,131,975 | | | | | | 15,104,653 | | 7,857,426 | | | | | 3,034,511 |
Realized and unrealized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (1,440,307) | | | | | (5,430,821) | | (2,231,435) | | | | | (474,079) |
In-kind redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 271,035 | | | | | | - | | - | | | | | 229,635 |
| | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (1,169,272) | | | | | (5,430,821) | | (2,231,435) | | | | | (244,444) |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unaffiliated investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (22,217,257) | | | | | (9,961,537) | | (3,939,894) | | | | | (2,744,738) |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 670 | | | | | | 417 | | | | 638 | | | | | | 133 | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . | | | (22,216,587) | | | | | (9,961,120) | | (3,939,256) | | | | | (2,744,605) |
| | | | | | | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (23,385,859) | | | | | (15,391,941) | | (6,170,691) | | | | | (2,989,049) |
| | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . | | $ | (1,253,884) | | $ | (287,288) | | $ 1,686,735 | | $ | 45,462 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)For the period September 10, 2019 (commencement of investment operations) through February 29, 2020.
(b)For the period September 23, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco | | | | Invesco | | | | Invesco | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BulletShares | | BulletShares | | BulletShares | | | Invesco | | | Invesco | | Invesco | | Invesco |
2025 High Yield | 2026 High Yield | 2027 High Yield | | BulletShares | | BulletShares | BulletShares | BulletShares |
| | Corporate | | | | Corporate | | | Corporate | 2021 Municipal | 2022 Municipal | 2023 Municipal | 2024 Municipal |
| | Bond ETF | | | | Bond ETF | | | Bond ETF | | | Bond ETF | | | Bond ETF | | Bond ETF | | Bond ETF |
| | (BSJP) | | | | | (BSJQ) | | | | (BSJR)(a) | | | | (BSML)(b) | | | (BSMM)(b) | | (BSMN)(b) | | (BSMO)(b) |
$ | 2,650,503 | | | $ | 1,095,757 | | $ | 216,392 | | $ 55,806 | | $ 60,706 | | $ 57,585 | | $ 63,996 |
| | 10,219 | | | | | | 6,387 | | | | | 1,011 | | 48 | | 225 | | 20 | | 223 |
| | 23,823 | | | | | | 6,967 | | | | | | - | | - | | - | | - | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,684,545 | | | | | | 1,109,111 | | | | | | 217,403 | | 55,854 | | 60,931 | | 57,605 | | 64,219 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 191,410 | | | | | | 83,275 | | | | | | 18,568 | | | | 7,793 | | | | 7,795 | | | | 7,806 | | | | 7,809 | |
| | (1,194) | | | | | (691) | | | | | (125) | | (8) | | (36) | | (3) | | (43) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 190,216 | | | | | | 82,584 | | | | | 18,443 | | 7,785 | | 7,759 | | 7,803 | | 7,766 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,494,329 | | | | | | 1,026,527 | | | | | | 198,960 | | | | 48,069 | | | | 53,172 | | | | 49,802 | | | | 56,453 | |
| | (33,302) | | | | | 94,408 | | | | | 26,862 | | - | | 694 | | 1,102 | | 70 |
| | 448,711 | | | | | | 932,261 | | | | | | - | | | | - | | | | - | | | | - | | | | - | | |
| | 415,409 | | | | | | 1,026,669 | | | | | | 26,862 | | | | - | | | | 694 | | | | 1,102 | | | | 70 | |
| | (3,026,454) | | | | | (2,070,587) | | | | | (163,706) | | 62,669 | | 110,108 | | 142,307 | | 208,767 |
| | 147 | | | | | | 55 | | | | | | 14 | | | | - | | | | - | | | | - | | | | - | |
| | (3,026,307) | | | | | (2,070,532) | | | | | (163,692) | | 62,669 | | 110,108 | | 142,307 | | 208,767 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (2,610,898) | | | | | (1,043,863) | | | | | (136,830) | | 62,669 | | 110,802 | | 143,409 | | 208,837 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (116,569) | | $ | (17,336) | | $ | 62,130 | | $110,738 | | $163,974 | | $193,211 | | $265,290 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Operations—(continued)
For the six months ended February 29, 2020 (Unaudited)
| | Invesco | | Invesco | | | Invesco | | Invesco |
| BulletShares | BulletShares | | BulletShares | BulletShares |
| 2025 Municipal | 2026 Municipal | 2027 Municipal | 2028 Municipal |
| | Bond ETF | | Bond ETF | | | Bond ETF | | Bond ETF |
| (BSMP)(a) | (BSMQ)(a) | | (BSMR)(a) | (BSMS)(a) |
Investment income: | | | | | | | | | | | | | | | | |
Unaffiliated interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 68,273 | | | $ 82,666 | | $ 41,346 | | $ 43,235 |
Affiliated dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 126 | | | 60 | | 8 | | | 13 |
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | - | | - | | | - | |
| | | | | | | | | | | | | | | |
Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 68,399 | | | | 82,726 | | 41,354 | | 43,248 |
Expenses: | | | | | | | | | | | | | | | | |
Unitary management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 7,816 | | | | 7,808 | | 3,898 | | 3,904 |
| | | | | | | | | | | | | | | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (24) | | (12) | | (1) | | (2) |
| | | | | | | | | | | | | | | |
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 7,792 | | | | 7,796 | | 3,897 | | 3,902 |
| | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 60,607 | | | | 74,930 | | 37,457 | | 39,346 |
Realized and unrealized gain (loss) from: | | | | | | | | | | | | | | | | |
Net realized gain from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 178 | | | - | | - | | | - | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Unaffiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 262,733 | | | 346,319 | | 176,747 | | 209,116 |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | - | | - | | | - | |
| | | | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . | | 262,733 | | | | 346,319 | | 176,747 | | 209,116 |
| | | | | | | | | | | | | | | |
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 262,911 | | | | 346,319 | | 176,747 | | 209,116 |
| | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . | | $323,518 | | | | $421,249 | | $214,204 | | $248,462 |
| | | | | | | | | | | | | | | | |
(a)For the period September 23, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | | | | | | | | | Invesco | | | | | | | | | | Invesco | | | | | | | | | | | Invesco | | | | | | | | | | Invesco |
| Invesco | BulletShares | BulletShares | | BulletShares | BulletShares |
BulletShares | 2021 USD | 2022 USD | | 2023 USD | 2024 USD |
2029 Municipal | Emerging Markets | Emerging Markets | Emerging Markets | Emerging Markets |
| Bond ETF | | | | | | | | | | Debt ETF | | | | | | | | | | Debt ETF | | | | | | | | | | | Debt ETF | | | | | | | | | | Debt ETF |
| (BSMT)(a) | | | | | | | | | | | (BSAE) | | | | | | | | | | | (BSBE) | | | | | | | | | | | | (BSCE) | | | | | | | | | | | (BSDE) |
$ 44,925 | | | $207,411 | | | $221,816 | | | $223,893 | | | $253,551 | |
16 | | | 942 | | | 878 | | | 668 | | | 806 | |
| - | | | | 15 | | | | 1,400 | | | | 2,581 | | | | 379 | |
| 44,941 | | | | 208,368 | | | | 224,094 | | | | 227,142 | | | | 254,736 | |
| 3,891 | | | | 14,741 | | | | 15,005 | | | | 15,152 | | | | 16,908 | |
| (2) | | (99) | | (101) | | (72) | | (97) |
| 3,889 | | | | | 14,642 | | | | | 14,904 | | | | | 15,080 | | | | | 16,811 | |
| 41,052 | | | 193,726 | | | 209,190 | | | 212,062 | | | 237,925 | |
| - | | | | | 18,048 | | | | | 4,906 | | | | | 26,375 | | | | | 59,556 | |
207,815 | | | (20,569) | | 43,981 | | | 45,829 | | | (4,403) |
| - | | | | - | | | | 1 | | | | 5 | | | | - | |
| 207,815 | | | (20,569) | | 43,982 | | | 45,834 | | | (4,403) |
| | | | | | | | | | | | | | | | | | |
| 207,815 | | | | (2,521) | | 48,888 | | | 72,209 | | | 55,153 | |
| | | | | | | | | | | | | | | | | | |
| $248,867 | | | $191,205 | | | $258,078 | | | $284,271 | | | $293,078 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | Invesco BulletShares 2020 | | | | Invesco BulletShares 2021 |
| | | Corporate Bond ETF (BSCK) | | | | | Corporate Bond ETF (BSCL) | |
| Six Months Ended | | Year Ended | Six Months Ended | | Year Ended |
| | | February 29, | | August 31, | | | | February 29, | | August 31, |
| | | 2020 | | | | 2019 | | | | | 2020 | | | | 2019 | |
Operations: | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 21,743,717 | | | $ | 39,757,807 | | $ | 22,493,774 | | $ | 36,452,550 | |
Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,472,097 | | | | (535,950) | | | | 2,400,534 | | | 212,336 | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . | | | (2,469,244) | | | 21,527,710 | | | | 3,772,441 | | | 34,842,003 | |
| | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations. . . . . . . . . . . . . . | | | 20,746,570 | | | | 60,749,567 | | | | | 28,666,749 | | | 71,506,889 | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | |
Distributable earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (21,864,436) | | | (40,425,963) | | | | (23,370,747) | | | (37,206,197) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 44,713,865 | | | | 536,977,598 | | | | 296,318,618 | | | 590,557,047 | |
Value of shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (159,631,344) | | | (9,552,845) | | | | (25,465,366) | | | - | |
Net increase (decrease) in net assets resulting from share | | | | | | | | | | | | | | | | | |
transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (114,917,479) | | | 527,424,753 | | | | | 270,853,252 | | | 590,557,047 | |
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (116,035,345) | | | 547,748,357 | | | | | 276,149,254 | | | 624,857,739 | |
Net assets: | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,791,028,357 | | | | 1,243,280,000 | | | | 1,620,518,728 | | | 995,660,989 | |
| | | | | | | | | | | | |
End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,674,993,012 | | | $1,791,028,357 | $1,896,667,982 | | $1,620,518,728 |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,100,000 | | | | 25,500,000 | | | | 13,950,000 | | | 28,350,000 |
Shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (7,500,000) | | | (450,000) | | | | (1,200,000) | | | - | |
Shares outstanding, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 84,150,000 | | | | 59,100,000 | | | | 76,350,000 | | | 48,000,000 |
| | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 78,750,000 | | | | 84,150,000 | | | | 89,100,000 | | | 76,350,000 |
| | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco BulletShares 2022 | | | Invesco BulletShares 2023 | | | | | Invesco BulletShares 2024 | | | | | Invesco BulletShares 2025 |
| | Corporate Bond ETF (BSCM) | | | | Corporate Bond ETF (BSCN) | | | | | | Corporate Bond ETF (BSCO) | | | | | | Corporate Bond ETF (BSCP) | |
Six Months Ended | | Year Ended | Six Months Ended | | Year Ended | Six Months Ended | | Year Ended | Six Months Ended | | | Year Ended |
| | February 29, | | August 31, | | | February 29, | | August 31, | | | | February 29, | | August 31, | | | | February 29, | | | August 31, |
| | 2020 | | | | 2019 | | | | 2020 | | | | 2019 | | | | | | 2020 | | | | 2019 | | | | | | 2020 | | | | | 2019 | |
$ | 20,557,850 | | | $ | 31,522,130 | | $ | 13,456,263 | | | $ | 18,652,802 | | $ | 10,365,876 | | | $ | 13,629,700 | | $ | 5,651,604 | | $ | 7,049,670 | |
| | 2,202,612 | | | | 542,081 | | | | 629,747 | | | | 228,567 | | | | | | 266,191 | | | | 6,779 | | | | | | 582,870 | | | | | 216,386 | |
| | 12,125,551 | | | | 45,493,276 | | | | 14,102,542 | | | | 35,215,574 | | | | | | 14,931,194 | | | | 29,834,712 | | | | | | 9,574,055 | | | | | 18,947,463 | |
| | 34,886,013 | | | | 77,557,487 | | | | 28,188,552 | | | | 54,096,943 | | | | | | 25,563,261 | | | | 43,471,191 | | | | | | 15,808,529 | | | | | 26,213,519 | |
| | (21,835,647) | | | (32,201,177) | | | (13,751,772) | | | (18,964,323) | | | | | (10,482,461) | | | (13,963,422) | | | | | (5,765,060) | | | | (7,067,388) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 434,900,297 | | | | 498,202,441 | | | | 319,275,416 | | | | 409,117,640 | | | | | | 341,017,376 | | | | 241,215,529 | | | | | | 167,556,124 | | | | 182,143,533 | |
| | (19,324,831) | | | - | | | | (6,435,822) | | | (3,160,788) | | | | | - | | | | (6,388,072) | | | | | (3,225,372) | | | | (6,073,017) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 415,575,466 | | | | 498,202,441 | | | | 312,839,594 | | | | 405,956,852 | | | | | | 341,017,376 | | | | 234,827,457 | | | | | | 164,330,752 | | | | 176,070,516 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 428,625,832 | | | | 543,558,751 | | | | 327,276,374 | | | | 441,089,472 | | | | | | 356,098,176 | | | | 264,335,226 | | | | | | 174,374,221 | | | | 195,216,647 | |
| | 1,368,987,518 | | | | 825,428,767 | | | | 824,158,566 | | | | 383,069,094 | | | | | | 575,697,974 | | | | 311,362,748 | | | | | | 311,560,690 | | | | | 116,344,043 | |
$1,797,613,350 | | $1,368,987,518 | | $1,151,434,940 | | | $824,158,566 | | $931,796,150 | | | $575,697,974 | | $ | 485,934,911 | | $311,560,690 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20,250,000 | | | | 23,850,000 | | | | 15,000,000 | | | | 19,950,000 | | | | | | 15,900,000 | | | 11,700,000 | | | | | | 7,800,000 | | | | 9,000,000 | |
| | (900,000) | | | - | | | | (300,000) | | | (150,000) | | | | | - | | | | (300,000) | | | | | (150,000) | | | | (300,000) |
| | 63,750,000 | | | | 39,900,000 | | | | 38,700,000 | | | | 18,900,000 | | | | | | 26,850,000 | | | | 15,450,000 | | | | | | 14,550,000 | | | | 5,850,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 83,100,000 | | | | 63,750,000 | | | | 53,400,000 | | | | 38,700,000 | | | | | | 42,750,000 | | | | 26,850,000 | | | | | | 22,200,000 | | | | 14,550,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Changes in Net Assets—(continued)
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | Invesco BulletShares 2026 | | | | Invesco BulletShares 2027 |
| | | Corporate Bond ETF (BSCQ) | | | | | Corporate Bond ETF (BSCR) | |
| Six Months Ended | | | Year Ended | Six Months Ended | Year Ended |
| | February 29, | | | August 31, | | | February 29, | August 31, |
| | | 2020 | | | | | 2019 | | | | | 2020 | | | 2019 | |
Operations: | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 2,401,363 | | | $ | 2,918,573 | $ | 1,475,689 | | $ 1,697,595 |
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 159,489 | | | | | 96,291 | | | | 136,259 | | 25,123 |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . | | | 4,928,436 | | | | | 9,286,995 | | | | 3,054,800 | | 5,517,193 |
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations . . . . . . . . . | | | 7,489,288 | | | | | 12,301,859 | | | | 4,666,748 | | 7,239,911 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2,570,592) | | | | (2,987,273) | | | | (1,589,637) | | (1,757,099) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 77,035,549 | | | | | 69,564,091 | | | | 78,925,207 | | 41,024,857 |
Value of shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | - | | | | | - | | - |
Transaction fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 31,297 | | | | | 107,559 | | | | 25,140 | | 80,077 |
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from share transactions . . | | | 77,066,846 | | | | | 69,671,650 | | | | 78,950,347 | | 41,104,934 |
| | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 81,985,542 | | | | | 78,986,236 | | | | 82,027,458 | | 46,587,746 |
Net assets: | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 132,678,898 | | | | | 53,692,662 | | | | 72,409,710 | | 25,821,964 |
| | | | | | | | | | | | | |
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $214,664,440 | | | $132,678,898 | $154,437,168 | | $72,409,710 |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 3,750,000 | | | | | 3,600,000 | | | | 3,750,000 | | 2,100,000 |
Shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | - | | | | | - | | - |
Shares outstanding, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,450,000 | | | | | 2,850,000 | | | | 3,450,000 | | 1,350,000 |
| | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 10,200,000 | | | | | 6,450,000 | | | | 7,200,000 | | 3,450,000 |
| | | | | | | | | | | | | | | | | |
(a)For the period September 10, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco BulletShares 2028 | Invesco BulletShares 2029 | | | Invesco BulletShares 2020 | | | | Invesco BulletShares 2021 |
| | Corporate Bond ETF (BSCS) | | Corporate Bond ETF (BSCT) | High Yield Corporate Bond ETF (BSJK) | | High Yield Corporate Bond ETF (BSJL) |
Six Months Ended | Year Ended | | Period Ended | | Six Months Ended | | | | Year Ended | | Six Months Ended | | | | Year Ended |
| February 29, | August 31, | | February 29, | | | February 29, | | | | August 31, | | | | February 29, | | | | August 31, |
| | 2020 | | | | 2019 | | | | 2020(a) | | | | 2020 | | | | | 2019 | | | | | 2020 | | | | | 2019 | |
$ | 999,492 | | | $ | 636,478 | | $ | 102,557 | | $ | 20,153,664 | | $ | 45,178,233 | | $ | 22,131,975 | $ | 33,834,650 |
| | 38,112 | | | | 12,412 | | | | - | | | | | (5,147,003) | | | | (14,900,763) | | | | (1,169,272) | | | | (7,602,968) |
| | 2,575,005 | | | | 2,546,797 | | | | 508,256 | | | | (2,659,516) | | | | 1,052,127 | | | | | (22,216,587) | | | | 5,367,174 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,612,609 | | | | 3,195,687 | | | | 610,813 | | | | 12,347,145 | | | | | 31,329,597 | | | | | (1,253,884) | | | | 31,598,856 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (1,059,899) | | | (640,417) | | | (117,675) | | | | (20,400,304) | | | | (48,820,774) | | | | (23,044,030) | | | | (34,170,323) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 72,772,674 | | | | 27,848,759 | | | | 18,226,614 | | | | 38,240,775 | | | | | 315,151,901 | | | | | 324,682,613 | | | | 398,461,859 |
| | - | | | | - | | | | - | | | | | (133,700,006) | | | | (76,180,877) | | | | (7,399,462) | | | | (4,909,894) |
| | 66,003 | | | | 61,378 | | | | - | | | | | - | | | | | - | | | | | - | | | | | - | |
| | 72,838,677 | | | | 27,910,137 | | | | 18,226,614 | | | | (95,459,231) | | | | 238,971,024 | | | | | 317,283,151 | | | | 393,551,965 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 75,391,387 | | | | 30,465,407 | | | | 18,719,752 | | | | (103,512,390) | | | | 221,479,847 | | | | | 292,985,237 | | | | 390,980,498 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 36,483,219 | | | | 6,017,812 | | | | - | | | | | 1,157,863,899 | | | | 936,384,052 | | | | | 848,506,044 | | | | 457,525,546 |
| | | | | | | | | | | | | | | | | | | | | | |
$111,874,606 | | | $36,483,219 | | $18,719,752 | | $ | 1,054,351,509 | $1,157,863,899 | $1,141,491,281 | $848,506,044 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,300,000 | | | | 1,350,000 | | | | 900,001 | | | | 1,600,000 | | | | 13,100,000 | | | | 13,200,000 | | | | 16,200,000 |
| | - | | | | - | | | | - | | | | | (5,600,000) | | | | (3,200,000) | | | | (300,000) | | | | (200,000) |
| | 1,650,001 | | | | 300,001 | | | | - | | | | | 48,400,000 | | | | | 38,500,000 | | | | | 34,500,000 | | | | 18,500,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4,950,001 | | | | 1,650,001 | | | | 900,001 | | | | 44,400,000 | | | | 48,400,000 | | | | 47,400,000 | | | | 34,500,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Changes in Net Assets—(continued)
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | Invesco BulletShares 2022 | | | | Invesco BulletShares 2023 |
| High Yield Corporate Bond ETF (BSJM) | High Yield Corporate Bond ETF (BSJN) |
| Six Months Ended | | | | Year Ended | | | Six Months Ended | | | | Year Ended | |
| | February 29, | | | | August 31, | | | February 29, | | | | August 31, |
| 2020 | | | | | 2019 | | | | | | 2020 | | | | | 2019 | | |
Operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ 15,104,653 | | $ | 20,007,018 | | $ | 7,857,426 | $ | 9,388,542 | |
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (5,430,821) | | | | (3,088,813) | | | | (2,231,435) | | | | (1,312,189) |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . | | (9,961,120) | | | | 1,931,864 | | | | | (3,939,256) | | | | 487,965 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations . . . . | | (287,288) | | | | 18,850,069 | | | | | 1,686,735 | | | | 8,564,318 | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (15,473,306) | | | | (20,443,849) | | | | (8,093,340) | | | | (9,637,906) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 270,417,238 | | | | | 270,142,410 | | | | | 153,502,650 | | | | 134,651,506 | |
Value of shares repurchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | - | | | | | - | | | | | - | | | | (2,575,251) |
Transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | | - | | | | | 44,751 | | | | 267,308 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from share transactions . . . . . . . | | 270,417,238 | | | | | 270,142,410 | | | | | 153,547,401 | | | | 132,343,563 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 254,656,644 | | | | | 268,548,630 | | | | | 147,140,796 | | | | 131,269,975 | |
Net assets: | | | | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 511,740,876 | | | | | 243,192,246 | | | | | 243,690,647 | | | | 112,420,672 | |
| | | | | | | | | | | | | | |
End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $766,397,520 | | | $511,740,876 | | $390,831,443 | $243,690,647 | |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,100,000 | | | | | 11,100,000 | | | | | 5,900,000 | | | | 5,200,000 | |
Shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | - | | | | | - | | | | | - | | | | (100,000) |
Shares outstanding, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . | | 21,000,000 | | | | | 9,900,000 | | | | | 9,400,000 | | | | 4,300,000 | |
| | | | | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 32,100,000 | | | | | 21,000,000 | | | | | 15,300,000 | | | | 9,400,000 | |
| | | | | | | | | | | | | | | | | | | | |
(a)For the period September 10, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco | | | | | | | Invesco | | | | | | | | Invesco | | | | | | | Invesco |
| | BulletShares | | | BulletShares | | | | BulletShares | | | | | BulletShares |
| | 2024 High Yield | | | 2025 High Yield | | | | 2026 High Yield | 2027 High Yield |
| | Corporate Bond ETF (BSJO) | | | | Corporate Bond ETF (BSJP) | | | | | Corporate Bond ETF (BSJQ) | | Corporate Bond ETF (BSJR) |
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Period Ended |
| February 29, | August 31, | | February 29, | August 31, | | | February 29, | August 31, | | February 29, |
| | 2020 | | | 2019 | | | | | | 2020 | | | 2019 | | | | | | | 2020 | | | | 2019 | | | | | 2020(a) |
$ | 3,034,511 | | | $ 3,713,200 | $ | 2,494,329 | | $ 2,808,872 | $ | 1,026,527 | | $ | 665,120 | $ | 198,960 |
| | (244,444) | | (140,559) | | | 415,409 | | (335,808) | | | | 1,026,669 | | | (395) | | | 26,862 |
| | (2,744,605) | | 1,559,016 | | | (3,026,307) | | 1,749,369 | | | | (2,070,532) | | | 404,912 | | | (163,692) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 45,462 | | | 5,131,657 | | | (116,569) | | 4,222,433 | | | | (17,336) | | | 1,069,637 | | | 62,130 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (3,161,193) | | (3,927,807) | | | (2,580,024) | | (2,834,330) | | | | (1,036,782) | | | (688,685) | | | (198,646) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 80,792,947 | | | 49,749,220 | | | 54,124,987 | | 52,534,149 | | | | 59,462,436 | | | 20,242,264 | | | 15,018,973 |
| | (5,056,920) | | - | | | (7,408,289) | | - | | | | (26,006,830) | | | - | | | | - |
| | 18,568 | | | 98,218 | | | 6,095 | | 100,402 | | | | - | | | 49,562 | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 75,754,595 | | | 49,847,438 | | | 46,722,793 | | 52,634,551 | | | | 33,455,606 | | | 20,291,826 | | | 15,018,973 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 72,638,864 | | | 51,051,288 | | | 44,026,200 | | 54,022,654 | | | | 32,401,488 | | | 20,672,778 | | | 14,882,457 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 98,261,110 | | | 47,209,822 | | | 75,878,529 | | 21,855,875 | | | | 25,701,695 | | | 5,028,917 | | | - |
| | | | | | | | | | | | | | | | | | | | | | |
| $170,899,974 | | | $98,261,110 | $119,904,729 | | $75,878,529 | $ | 58,103,183 | | $ | 25,701,695 | $14,882,457 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,200,000 | | | 2,000,000 | | | 2,200,000 | | 2,200,000 | | | | 2,300,000 | | | 800,000 | | | 600,001 |
| | (200,000) | | - | | | (300,000) | | - | | | | (1,000,000) | | | - | | | | - |
| | 3,900,000 | | | 1,900,000 | | | 3,100,000 | | 900,000 | | | | 1,000,001 | | | 200,001 | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| �� | 6,900,000 | | | 3,900,000 | | | 5,000,000 | | 3,100,000 | | | | 2,300,001 | | | 1,000,001 | | | 600,001 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Changes in Net Assets—(continued)
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | Invesco | | | Invesco | | | | Invesco |
| | BulletShares | | BulletShares | | | BulletShares |
| 2021 Municipal | 2022 Municipal | | 2023 Municipal |
| Bond ETF (BSML) | Bond ETF (BSMM) | Bond ETF (BSMN) |
| Period Ended | | Period Ended | | | Period Ended |
| | February 29, | | February 29, | | | February 29, |
| | | 2020(a) | | | 2020(a) | | | | 2020(a) |
Operations: | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 48,069 | | | $ | 53,172 | | $ | 49,802 |
Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | 694 | | | | | 1,102 |
Change in net unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 62,669 | | | | | 110,108 | | | | | | 142,307 | |
Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 110,738 | | | | | 163,974 | | | | | 193,211 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (45,984) | | | | (51,776) | | | | | (49,076) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 10,000,025 | | | | | 10,000,025 | | | | | | 10,000,025 | |
Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 10,064,779 | | | | | 10,112,223 | | | | | 10,144,160 |
Net assets: | | | | | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | - | | | | | | - | |
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,064,779 | | | $10,112,223 | | $10,144,160 |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 400,001 | | | | | 400,001 | | | | | 400,001 |
Shares outstanding, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | - | | | | | - |
| | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 400,001 | | | | | 400,001 | | | | | 400,001 |
| | | | | | | | | | | | | | | | | | | | | |
(a)For the period September 23, 2019 (commencement of investment operations) through February 29, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco | | | | Invesco | | | | Invesco | | | Invesco | | | Invesco | | | Invesco |
| BulletShares | | | BulletShares | | | BulletShares | BulletShares | BulletShares | BulletShares |
2024 Municipal | | 2025 Municipal | | 2026 Municipal | 2027 Municipal | 2028 Municipal | 2029 Municipal |
Bond ETF (BSMO) | Bond ETF (BSMP) | Bond ETF (BSMQ) | Bond ETF (BSMR) | Bond ETF (BSMS) | Bond ETF (BSMT) |
Period Ended | | | Period Ended | | | Period Ended | | Period Ended | | Period Ended | | Period Ended |
| February 29, | | | February 29, | | | February 29, | February 29, | February 29, | February 29, |
| | 2020(a) | | | | | 2020(a) | | | | | 2020(a) | | | | 2020(a) | | | | 2020(a) | | | | 2020(a) |
$ | 56,453 | | | $ | 60,607 | | $ | 74,930 | | $ | 37,457 | | $ | 39,346 | | $ | 41,052 |
| | 70 | | | | | | 178 | | | | | - | | | | - | | | | - | | | | - |
| | 208,767 | | | | | | 262,733 | | | | | 346,319 | | | | 176,747 | | | | 209,116 | | | | 207,815 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 265,290 | | | | | | 323,518 | | | | | 421,249 | | | | 214,204 | | | | 248,462 | | | | 248,867 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (54,964) | | | | | (59,120) | | | | | (72,996) | | | | (36,802) | | | | (38,356) | | | | (40,018) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10,000,025 | | | | | | 10,000,025 | | | | | 10,000,025 | | | | 5,000,025 | | | | 5,000,025 | | | | 5,000,025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10,210,351 | | | | | | 10,264,423 | | | | | 10,348,278 | | | | 5,177,427 | | | | 5,210,131 | | | | 5,208,874 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | - | | | | | | - | | | | | - | | | | - | | | | - | | | | - |
| | | | | | | | | | | | | | | | | | | | | | |
| $10,210,351 | | | | $10,264,423 | | $10,348,278 | | $5,177,427 | | $5,210,131 | | $5,208,874 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 400,001 | | | | | | 400,001 | | | | | 400,001 | | | | 200,001 | | | | 200,001 | | | | 200,001 |
| | - | | | | | | - | | | | | - | | | | - | | | | - | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 400,001 | | | | | | 400,001 | | | | | 400,001 | | | | 200,001 | | | | 200,001 | | | | 200,001 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Changes in Net Assets—(continued)
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | Invesco BulletShares | | | Invesco BulletShares |
| | | 2021 USD Emerging | | | 2022 USD Emerging |
| | | Markets Debt ETF | | | Markets Debt ETF |
| | | (BSAE) | | | | | | | (BSBE) | | | | |
| Six Months Ended | Period Ended | Six Months Ended | Period Ended |
| | February 29, | August 31, | | February 29, | August 31, |
| | | 2020 | | | | 2019(a) | | | 2020 | | | | 2019(a) |
Operations: | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 193,726 | | | $ | 353,272 | | $ | 209,190 | | $ | 380,641 | |
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 18,048 | | | | 4,230 | | | | 4,906 | | | 21,727 | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . | | | (20,569) | | | 229,557 | | | | 43,982 | | | 345,543 | |
| | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . | | | 191,205 | | | | 587,059 | | | | 258,078 | | | 747,911 | |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (197,596) | | | (357,776) | | | (229,309) | | | (383,099) |
Return of capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | (16,355) | | | - | | | - | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (197,596) | | | (374,131) | | | (229,309) | | | (383,099) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | 10,000,025 | | | | - | | | 10,000,025 | |
Transaction fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | - | | | | | - | | | - | |
| | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from share transactions . . . . . . . . . . . . . | | | - | | | | 10,000,025 | | | | - | | | 10,000,025 | |
| | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (6,391) | | | 10,212,953 | | | | 28,769 | | | 10,364,837 | |
Net assets: | | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 10,212,953 | | | | - | | | | | 10,364,837 | | | - | |
| | | | | | | | | | | | | | |
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $10,206,562 | | | $10,212,953 | | $10,393,606 | | $10,364,837 | |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | 400,001 | | | | - | | | 400,001 | |
Shares outstanding, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 400,001 | | | | - | | | | | 400,001 | | | - | |
| | | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 400,001 | | | | 400,001 | | | | 400,001 | | | 400,001 | |
| | | | | | | | | | | | | | | | | | |
(a)For the period October 2, 2018 (commencement of investment operations) through August 31, 2019.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco BulletShares | | | | Invesco BulletShares |
| | 2023 USD Emerging | | | | 2024 USD Emerging |
| | Markets Debt ETF | | | | Markets Debt ETF |
| | (BSCE) | | | | | | | | | | (BSDE) | | | | |
Six Months Ended | Period Ended | Six Months Ended | Period Ended |
| February 29, | | | August 31, | | | February 29, | August 31, |
| | 2020 | | | | | | 2019(a) | | | | | 2020 | | | | 2019(a) | |
$ | 212,062 | | | $ | 393,373 | | $ | 237,925 | | $ | 420,545 | |
| | 26,375 | | | | | | 20,216 | | | | | 59,556 | | | 25,232 | |
| | 45,834 | | | | | | 444,055 | | | | | (4,403) | | | 555,902 | |
| | | | | | | | | | | | | | | | | | | | |
| | 284,271 | | | | | | 857,644 | | | | | 293,078 | | | 1,001,679 | |
| | | | | | | | | | | | | | | | | | |
| | (256,369) | | | | | (391,602) | | | | (287,431) | | | (426,380) |
| | - | | | | | | - | | | | | - | | | | - | | |
| | | | | | | | | | | | | | | | | | |
| | (256,369) | | | | | (391,602) | | | | (287,431) | | | (426,380) |
| | | | | | | | | | | | | | | | | | | | |
| | - | | | | | | 10,000,025 | | | | | 5,333,328 | | | 10,000,025 | |
| | - | | | | | | - | | | | | 20,267 | | | - | | |
| | | | | | | | | | | | | | | | | | | | |
| | - | | | | | | 10,000,025 | | | | | 5,353,595 | | | 10,000,025 | |
| | | | | | | | | | | | | | | | | | | | |
| | 27,902 | | | | | | 10,466,067 | | | | | 5,359,242 | | | 10,575,324 | |
| | | | | | | | | | | | | | | | | | | | |
| | 10,466,067 | | | | | | - | | | | | 10,575,324 | | | - | |
| | | | | | | | | | | | | | |
| $10,493,969 | | | $10,466,067 | | $15,934,566 | | $10,575,324 | |
| | | | | | | | | | | | | | | | | | | | |
| | - | | | | | | 400,001 | | | | | 200,000 | | | 400,001 | |
| | 400,001 | | | | | | - | | | | | 400,001 | | | - | |
| | | | | | | | | | | | | | | | | | | | |
| | 400,001 | | | | | | 400,001 | | | | | 600,001 | | | 400,001 | |
| | | | | | | | | | | | | | | | | | | | |
Financial Highlights
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | |
| February 29, | | | | | | Three Months Ended | | | | Years Ended May 31, | | | |
| | | 2020 | | | Year Ended August 31, | | August 31, | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | 2018 | | | | 2017 | | | 2016 | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of period . . . . . . . . . . . . . . . . | | $ | 21.28 | | | $ | 21.04 | | | $ | 21.04 | | | $ | 21.46 | $ | 21.37 | | $ | 21.38 | $ | 21.23 |
Net investment income(a) . . . . | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.26 | | | | | 0.53 | | | | | 0.12 | | | | 0.44 | | | 0.46 | | | 0.51 | | 0.55 | |
Net realized and unrealized | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments . | | | (0.01) | | | | 0.24 | | | | | 0.01 | | | | (0.40) | | | 0.08 | | | (0.01) | | 0.13 | |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . . . . | | | 0.25 | | | | | 0.77 | | | | | 0.13 | | | | 0.04 | | | 0.54 | | | 0.50 | | 0.68 | |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income. . . . . . | | | (0.26) | | | | (0.53) | | | | (0.13) | | | (0.44) | | | (0.45) | | (0.51) | | (0.53) |
Net realized gains . . . . . . . . . . | | | - | | | | | - | | | | | - | | | | (0.02) | | | (0.00)(b) | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions . . . . . . . . | | | (0.26) | | | | (0.53) | | | | (0.13) | | | (0.46) | | | (0.45) | | (0.51) | | (0.53) |
Net asset value at end of | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . | | $ | 21.27 | | | $ | 21.28 | | | $ | 21.04 | | | $ | 21.04 | $ | 21.46 | | $ | 21.37 | $ | 21.38 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Market price at end of period. | $ | 21.27(c) | $ | 21.33(c) | $ | 21.10(c) | $ | 21.10(c) | $ | 21.52 | | $ | 21.44 | $ | 21.44 |
Net Asset Value Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d) . . . . . . . . . . . . . . . . . | | | 1.18% | | | | 3.71% | | | | 0.63% | | | 0.17% | | | 2.60% | | 2.39% | | 3.28% |
Market Price Total Return(d) . . | | | 0.95% | | | | 3.66% | | | | 0.63% | | | 0.17% | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(000's omitted) . . . . . . . . . . | $1,674,993 | | $1,791,028 | | $1,243,280 | | $1,152,078 | $930,225 | $593,106 | $311,088 |
Ratio to average net assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of: | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | 0.22% | | | 0.24% | | 0.24% | | 0.24% |
Expenses, after Waivers . . . | | | | | | | | | | | | |
Expenses, prior to Waivers . | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | 0.22% | | | | | | | | | | |
Net investment income. . . . | | | 2.44%(e) | | | 2.49% | | | | 2.27%(e) | | 2.08% | | | 2.17% | | 2.43% | | 2.60% |
Portfolio turnover rate(f). . . . . | | | 3% | | | | 9% | | | | 1% | | | 9% | | | 8% | | 9% | | 4% |
(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.
Financial Highlights—(continued)
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | |
| February 29, | | | | | | Three Months Ended | | | | | Years Ended May 31, | | | |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | 2017 | | | | 2016 | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . | $ | 21.22 | | | $ | 20.74 | | | $ | 20.76 | | | $ | 21.31 | | $ | 21.14 | | $ | 21.11 | | $ | 20.95 | |
Net investment income(a). . . . . . | | | 0.27 | | | | | 0.57 | | | | | 0.13 | | | | | 0.50 | | | 0.52 | | | | 0.57 | | | 0.59 | |
Net realized and unrealized | | | | | | | | | | | | | (0.00)(b) | | | (0.53) | | 0.16 | | | | 0.01 | | | 0.15 | |
gain (loss) on investments . . . | | | 0.09 | | | | | 0.49 | | | | | | | | | | | | | |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . . . . . . | | | 0.36 | | | | | 1.06 | | | | | 0.13 | | | | | (0.03) | | 0.68 | | | | 0.58 | | | 0.74 | |
Distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . | | | (0.28) | | | | (0.58) | | | | (0.15) | | | | (0.50) | | (0.50) | | | (0.55) | | (0.58) |
Net realized gains . . . . . . . . . . . . | | | (0.01) | | | | (0.00)(b) | | | - | | | | | (0.02) | | (0.01) | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . | | | (0.29) | | | | (0.58) | | | | (0.15) | | | | (0.52) | | (0.51) | | | (0.55) | | (0.58) |
Net asset value at end of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . | | $ | 21.29 | | | $ | 21.22 | | | $ | 20.74 | | | $ | 20.76 | | $ | 21.31 | | $ | 21.14 | | $ | 21.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market price at end of period . . | $ | 21.29(c) | $ | 21.28(c) | $ | 20.81(c) | $ | 20.79(c) | $ | 21.36 | | $ | 21.17 | | $ | 21.18 | |
Net Asset Value Total Return(d). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1.67% | | | | 5.19% | | | | 0.62% | | | | (0.15)% | | 3.28% | | | 2.81% | | 3.61% |
Market Price Total Return(d) . . . . | | | 1.39% | | | | 5.12% | | | | 0.81% | | | | (0.25)% | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(000's omitted) . . . . . . . . . . . . | $1,896,668 | | | $1,620,519 | | | $995,661 | | | $921,704 | | $667,988 | | $361,425 | | $164,676 | |
Ratio to average net assets of: | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | | 0.22% | | 0.24% | | | 0.24% | | 0.24% |
Expenses, after Waivers . . . . . | | | | | | | | | | | | | |
Expenses, prior to Waivers. . . | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | | 0.22% | | | | | | | | | | |
Net investment income . . . . . | | | 2.61%(e) | | | 2.73% | | | | 2.57%(e) | | | 2.36% | | 2.44% | | | 2.75% | | 2.84% |
Portfolio turnover rate(f) . . . . . . | | | 8% | | | | 6% | | | | 3% | | | | 7% | | 5% | | | 6% | | 3% |
(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.
Financial Highlights—(continued)
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | |
| February 29, | | | | | | Three Months Ended | | | | | Years Ended May 31, | | | |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | 2017 | | | | 2016 | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . | | $ | 21.47 | | | | $ | 20.69 | | $ | 20.69 | | $ | 21.33 | $ | 21.08 | $ | 21.03 | $ | 20.86 |
Net investment income(a). . . . . . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.29 | | | | | 0.61 | | | | | 0.15 | | | | 0.54 | | 0.55 | | | 0.59 | | 0.62 |
Net realized and unrealized | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
gain (loss) on investments . . . | | | 0.17 | | | | | 0.79 | | | | 0.01 | | | | (0.64) | | 0.25 | | | 0.05 | | 0.14 |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . . . . . . | | | 0.46 | | | | | 1.40 | | | | 0.16 | | | | (0.10) | | 0.80 | | | 0.64 | | 0.76 |
Distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . | | | (0.29) | | | | (0.62) | | | | (0.16) | | | | (0.53) | | (0.54) | | | (0.59) | | (0.59) |
Net realized gains . . . . . . . . . . . . | | | (0.01) | | | | - | | | | | - | | | | (0.01) | | (0.01) | | | (0.00)(b) | | (0.00)(b) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . | | | (0.30) | | | | (0.62) | | | | (0.16) | | | | (0.54) | | (0.55) | | | (0.59) | | (0.59) |
Net asset value at end of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . | | $ | 21.63 | | | | $ | 21.47 | | $ | 20.69 | | $ | 20.69 | $ | 21.33 | $ | 21.08 | $ | 21.03 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market price at end of period . . | | $ | 21.64(c) | $ | 21.53(c) | $ | 20.74(c) | $ | 20.74(c) | $ | 21.37 | $ | 21.11 | $ | 21.05 |
Net Asset Value Total Return(d). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2.18% | | | | 6.89% | | | | 0.78% | | | | (0.50)% | | 3.82% | | | 3.15% | | 3.75% |
Market Price Total Return(d) . . . . | | | 1.94% | | | | 6.93% | | | | 0.77% | | | | (0.45)% | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(000's omitted) . . . . . . . . . . . . | $1,797,613 | | | $1,368,988 | | $825,429 | | $760,420 | $518,404 | $306,685 | $211,352 |
Ratio to average net assets of: | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | | 0.22% | | 0.24% | | | 0.24% | | 0.24% |
Expenses, after Waivers . . . . . | | | | | | | | | | | | | |
Expenses, prior to Waivers. . . | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | | 0.22% | | | | | | | | | | |
Net investment income . . . . . | | | 2.69%(e) | | | 2.91% | | | | 2.80%(e) | | | 2.58% | | 2.63% | | | 2.87% | | 2.99% |
Portfolio turnover rate(f) . . . . . . | | | 6% | | �� | | 4% | | | | 0%(g) | | | 8% | | 10% | | | 5% | | 2% |
(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.
(g)Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | September 17, 2014(a) |
| February 29, | | | | | | Three Months Ended | | | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | May 31, |
| | | | | | | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | 2017 | | | | 2016 | | | | | 2015 | |
Per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . | $ | 21.30 | | | $ | 20.27 | | | $ | 20.27 | | | $ | 20.97 | | $ | 20.82 | | $ | 20.56 | | | $ | 20.00 | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b). . . . . . | | | 0.30 | | | | | 0.64 | | | | 0.15 | | | | | 0.58 | | | 0.61 | | | | 0.65 | | | | | 0.44 | |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(loss) on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investments . . . | | | 0.26 | | | | | 1.03 | | | | 0.02 | | | | | (0.68) | | 0.19 | | | 0.22 | | | | | 0.46 | |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations. . . | | | 0.56 | | | | | 1.67 | | | | 0.17 | | | | | (0.10) | | 0.80 | | | 0.87 | | | | | 0.90 | |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income . . . . . . . | | | (0.30) | | | | (0.64) | | | | (0.17) | | | | (0.56) | | (0.60) | | | (0.61) | | | | (0.34) |
Net realized | | | (0.00)(c) | | | (0.00)(c) | | | - | | | | | (0.04) | | (0.05) | | | (0.00)(c) | | | (0.00)(c) |
gains . . . . . . . . . | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
distributions . | | | (0.30) | | | | (0.64) | | | | (0.17) | | | | (0.60) | | (0.65) | | | (0.61) | | | | (0.34) |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
end of period . . | $ | 21.56 | | | $ | 21.30 | | $ | 20.27 | | | $ | 20.27 | | $ | 20.97 | $ | 20.82 | | | $ | 20.56 | |
Market price at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.55(d) | $ | 21.35(d) | $ | 20.31(d) | $ | 20.30(d) | $ | 21.03 | $ | 20.91 | | | $ | 20.58 | |
end of period . . | $ | | | |
Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(e) . . | | | 2.67% | | | | 8.44% | | | | 0.84% | | | | (0.50)% | | 3.92% | | | 4.37% | | | | 4.50% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . | | | 2.38% | | | | 8.47% | | | | 0.88% | | | | (0.65)% | | | | | | | | | | | | |
Ratios/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(000's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted) . . . . . . | $1,151,435 | | | $824,159 | | $383,069 | | $349,603 | | $188,736 | $131,162 | | $18,501 |
Ratio to average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.10%(f) | | | 0.10% | | | | 0.10%(f) | | | 0.21% | | 0.24% | | | 0.16%(g) | | | 0.24%(f) |
Waivers . . . . . | | | | | | | | | | | | | | |
Expenses, prior | | | 0.10%(f) | | | | | | | | 0.10%(f) | | | | | | | | | | | | | | | 0.24%(f) |
to Waivers. . . | | | | | 0.10% | | | | | | 0.22% | | 0.24% | | | 0.22% | | | |
Net investment | | | 2.83%(f) | | | 3.11% | | | | 3.00%(f) | | | 2.80% | | 2.92% | | | 3.21% | | | | 3.03%(f) |
income . . . . . | | | | | | | | | | | | | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(h) . . . . . . . . | | | 3% | | | | 6% | | | | 0%(i) | | | 7% | | 15% | | | 7% | | | | 1% |
(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)Annualized.
(g)Reflects fees voluntarily waived or reimbursed by the Adviser.
(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.
(i)Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | September 17, 2014(a) |
| February 29, | | | | | | Three Months Ended | | | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | May 31, |
| | | | | | | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | 2017 | | | | 2016 | | | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . | $ | 21.44 | | $ | 20.15 | | | $ | 20.13 | | $ | 20.88 | $ | 20.74 | | $ | 20.52 | | $ | 19.98 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . | | | 0.31 | | | | 0.68 | | | | 0.17 | | | | 0.64 | | 0.64 | | | | 0.67 | | | | 0.45 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(loss) on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investments . . . . | | | 0.36 | | | | 1.30 | | | | 0.03 | | | | (0.76) | | 0.15 | | | | 0.22 | | | | 0.44 |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations. . . . | | | 0.67 | | | | 1.98 | | | | 0.20 | | | | (0.12) | | 0.79 | | | | 0.89 | | | | 0.89 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income. . . . . . . . . | | | (0.31) | | | | (0.69) | | | | (0.18) | | | | (0.63) | | (0.62) | | | (0.65) | | | | (0.35) |
Net realized gains. . | | | - | | | | | - | | | | | - | | | | - | | | (0.03) | | | (0.02) | | | | - |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
distributions . . | | | (0.31) | | | | (0.69) | | | | (0.18) | | | | (0.63) | | (0.65) | | | (0.67) | | | | (0.35) |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
end of period . . . | $ | 21.80 | | $ | 21.44 | | $ | 20.15 | | $ | 20.13 | $ | 20.88 | $ | 20.74 | | $ | 20.52 |
Market price at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.80(c) | $ | 21.50(c) | $ | 20.20(c) | $ | 20.18(c) | $ | 20.92 | | $ | 20.80 | | $ | 20.51 |
of period . . . . . . . | $ | | |
Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) . . . | | | 3.15% | | | | 10.08% | | | | 1.01% | | | | (0.62)% | | 3.88% | | | 4.50% | | | | 4.37% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d). . . . . . . . . | | | 2.86% | | | | 10.11% | | | | 1.01% | | | | (0.58)% | | | | | | | | | | | | |
Ratios/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of period (000's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted) . . . . . . . | $931,796 | | $575,698 | | $311,363 | | $292,963 | $162,864 | $96,423 | | $46,172 |
Ratio to average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | | 0.21% | | 0.24% | | | 0.11%(f) | | | 0.24%(e) |
Waivers . . . . . . | | | | | | | | | | | | | | |
Expenses, prior | | | 0.10%(e) | | | | | | | | 0.10%(e) | | | | | | | | | | | | | | | 0.24%(e) |
to Waivers. . . . | | | | | 0.10% | | | | | | 0.22% | | 0.24% | | | 0.21% | | | |
Net investment | | | 2.89%(e) | | | 3.29% | | | | 3.29%(e) | | | 3.10% | | 3.12% | | | 3.33% | | | | 3.12%(e) |
income. . . . . . . | | | | | | | | | | | | | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(g) . . . . . . . . . | | | 2% | | | | 5% | | | | 2% | | | | 5% | | 18% | | | 9% | | | | 8% |
(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)Annualized.
(f)Reflects fees voluntarily waived or reimbursed by the Adviser.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
| | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | October 7, 2015(a) |
| February 29, | | | | | | Three Months Ended | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | May 31, |
| | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | 2018 | | | | 2017 | | | | 2016 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of period . . . | $ | 21.41 | | $ | 19.89 | | $ | 19.84 | | $ | 20.67 | $ | 20.65 | $ | 20.02 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . . . . . . | | | 0.32 | | | | 0.70 | | | | 0.17 | | | 0.64 | | | 0.62 | | | 0.42 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | |
on investments . . . . . . . | | | 0.49 | | | | 1.51 | | | | 0.07 | | | (0.85) | | | 0.05 | | | 0.53 |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . | | | 0.81 | | | | 2.21 | | | | 0.24 | | | (0.21) | | | 0.67 | | | 0.95 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . | | | (0.33) | | | | (0.69) | | | | (0.19) | | | (0.62) | | | (0.59) | | | (0.32) |
Net realized gains. . . . . . . | | | - | | | | | - | | | | - | | | - | | | | (0.06) | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions. . . . . | | | (0.33) | | | | (0.69) | | | | (0.19) | | | (0.62) | | | (0.65) | | | (0.32) |
Net asset value at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . | $ | 21.89 | | $ | 21.41 | | $ | 19.89 | | $ | 19.84 | $ | 20.67 | $ | 20.65 |
Market price at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.88(c) | $ | 21.44(c) | $ | 19.96(c) | $ | 19.85(c) | $ | 20.71 | $ | 20.71 |
period . . . . . . . . . . . . . . | $ |
Net Asset Value Total | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d) . . . . . . . . . . . . . . | | | 3.82% | | | | 11.39% | | | | 1.19% | | | (1.04)% | | | 3.29% | | | 4.81% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d) . . . . . . . . . . . . . . | | | 3.63% | | | | 11.14% | | | | 1.50% | | | (1.19)% | | | | | | | | |
Ratios/Supplemental | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
period (000's omitted). | $485,935 | | $311,561 | | $116,344 | | $104,181 | $68,198 | $27,878 |
Ratio to average net | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | 0.22% | | | 0.24% | | | 0.24%(e) |
Waivers . . . . . . . . . . . | | | | | | | | | | | | |
Expenses, prior to | | | 0.10%(e) | | | 0.10% | | | | 0.10%(e) | | 0.22% | | | | | | | | |
Waivers . . . . . . . . . . . | | | | | | | | | | | | | | | | |
Net investment | | | 3.04%(e) | | | 3.42% | | | | 3.38%(e) | | 3.14% | | | 3.04% | | | 3.22%(e) |
income. . . . . . . . . . . . | | | | | | | | | | | | |
Portfolio turnover rate(f) . | | | 3% | | | | 3% | | | | 1% | | | 14% | | | 18% | | | 3% |
(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)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.
Financial Highlights—(continued)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
| | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | September 14, 2016(a) |
| | February 29, | | | | | | Three Months Ended | | | | | | | Through |
| | | | 2020 | | | Year Ended August 31, | August 31, | Year Ended May 31, | | May 31, |
| | (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | | | 2017 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of period . . | $ | 20.57 | | | $ | 18.84 | | $ | 18.82 | | $ | 19.66 | | $ | 19.88 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . . . . . | | | | 0.31 | | | | | 0.66 | | | | 0.16 | | | | 0.61 | | | | 0.41 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
on investments . . . . . . | | | | 0.50 | | | | | 1.71 | | | | 0.04 | | | | (0.89) | | | | (0.32) |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . | | | | 0.81 | | | | | 2.37 | | | | 0.20 | | | | (0.28) | | | | 0.09 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . | | | | (0.31) | | | | (0.66) | | | | (0.18) | | | | (0.59) | | | | (0.31) |
Net realized gains. . . . . . | | | | (0.02) | | | | (0.00)(c) | | | - | | | | (0.00)(c) | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions. . . . | | | | (0.33) | | | | (0.66) | | | | (0.18) | | | | (0.59) | | | | (0.31) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Transaction fees(b) . . . . . | | | | 0.00(c) | | | 0.02 | | | | - | | | | 0.03 | | | | - |
Net asset value at end | | | | | | | | | | | | | | | | | | | | | | | | | |
of period . . . . . . . . . . . | $ | 21.05 | | | $ | 20.57 | | $ | 18.84 | | $ | 18.82 | | $ | 19.66 |
Market price at end of | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 21.05(d) | $ | 20.62(d) | $ | 18.88(d) | $ | 18.81(d) | $ | 19.69 |
period. . . . . . . . . . . . . . | $ |
Net Asset Value Total | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . | | | | 3.98% | | | | 13.05% | | | | 1.07% | | | | (1.28)% | | | | 0.49% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . | | | | 3.72% | | | | 13.07% | | | | 1.34% | | | | (1.50)% | | | | | |
Ratios/Supplemental | | | | | | | | | | | | | | | | | | | | | | | | | |
Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of | | | | | | | | | | | | | | | | | | | | | | | | | |
period (000's | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted). . . . . . . . . . . . | $214,664 | | | $132,679 | | $53,693 | | $53,638 | | $26,538 |
Ratio to average net | | | | | | | | | | | | | | | | | | | | | | | | | |
assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | | 0.10%(f) | | | 0.10% | | | | 0.10%(f) | | | 0.21% | | | | 0.24%(f) |
Waivers . . . . . . . . . . | | | | | | | | | | | | | |
Expenses, prior to | | | | 0.10%(f) | | | | | | | | 0.10%(f) | | | | | | | | | |
Waivers . . . . . . . . . . | | | | | | 0.10% | | | | | | 0.22% | | | | | |
Net investment | | | | 3.02%(f) | | | 3.42% | | | | 3.41%(f) | | | 3.16% | | | | 3.00%(f) |
income . . . . . . . . . . . | | | | | | | | | | | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(g). . . . . . . . . . . . . . | | | | 3% | | | | 4% | | | | 0% | | | | 0%(h) | | | 4% |
(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)Annualized.
(g)Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.
(h)Amount represents less than 0.5%.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
| | | | | | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | September 27, 2017(a) |
| February 29, | | | | | | | | | | | Three Months Ended | | Through |
| | | 2020 | | | | Year Ended August 31, | August 31, | | May 31, |
| (Unaudited) | | | 2019 | | | | | | | | | | 2018 | | | | | | | | | | 2018 | | | | | | |
Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . | | $ | 20.99 | | | | $ | 19.13 | | | | $ | 19.10 | | | | $ | 19.99 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . | | | 0.33 | | | | | 0.71 | | | | 0.17 | | | | 0.44 |
Net realized and unrealized gain (loss) on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.46 | | | | | 1.84 | | | | | 0.04 | | | | | (1.03) | |
Total from investment operations . . . . . . . . . . . . . | | | 0.79 | | | | | 2.55 | | | | 0.21 | | | | (0.59) |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . | | | (0.33) | | | | (0.72) | | | | (0.19) | | | | (0.34) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.01) | | | | - | | | | | - | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.34) | | | | (0.72) | | | | (0.19) | | | | (0.34) |
Transaction fees(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.01 | | | | | 0.03 | | | | | | 0.01 | | | | | | 0.04 | | |
Net asset value at end of period . . . . . . . . . . . . . . . . | $ | 21.45 | | | $ | 20.99 | | $ | 19.13 | | $ | 19.10 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 21.44 | | | | $ | 21.05 | | $ | 19.16 | | $ | 19.09 |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | |
| | 3.87% | | | | 13.87% | | | | 1.16% | | | | (2.77)% |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . | | | 3.52% | | | | 14.01% | | | | 1.37% | | | | (2.82)% |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted). . . . . . . | $154,437 | | | $72,410 | | $25,822 | | $22,924 |
Ratio to average net assets of: | | | 0.10%(e) | | | 0.11%(f) | | | 0.10%(e) | | | 0.19%(e) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . | | | | | | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . | | | 0.10%(e) | | | 0.11%(f) | | | 0.10%(e) | | | 0.20%(e) |
Net investment income. . . . . . . . . . . . . . . . . . . . . . | | | 3.16%(e) | | | 3.64%(f) | | | 3.60%(e) | | | 3.35%(e) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . | | | 3% | | | | 3% | | | | 0% | | | | 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)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.
Financial Highlights—(continued)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
| | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | August 7, 2018(a) |
| | February 29, | | | | | | Through |
| | | | | 2020 | | | Year Ended August 31, | August 31, |
| | (Unaudited) | | | 2019 | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 22.11 | | | $ | 20.06 | | $20.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | |
| | | | 0.34 | | | | | 0.77 | | 0.05 |
Net realized and unrealized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 0.48 | | | | | 1.97 | | 0.01 |
| | | | | | | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 0.82 | | | | | 2.74 | | 0.06 |
Distributions to shareholders from: | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | (0.35) | | | | (0.76) | | - |
Net realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | (0.00)(c) | | | - | | | - |
| | | | | | | | | | | | | | | |
Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | (0.35) | | | | (0.76) | | - |
Transaction fees(b) . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | |
| | | | 0.02 | | | | | 0.07 | | - |
| | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 22.60 | | | | $ | 22.11 | | $20.06 |
Market price at end of period(d) . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
$ | 22.58 | | | $ | 22.17 | | $20.09 |
| | | | | | | | | | | | | | | |
Net Asset Value Total Return(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 3.87% | | | | 14.38% | | | 0.30%(f) |
Market Price Total Return(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 3.49% | | | | 14.51% | | | 0.45%(f) |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $111,875 | | | $36,483 | | $6,018 |
Ratio to average net assets of: | | | | | 0.10%(g) | | | 0.12%(h) | | 0.10%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 3.12%(g) | | | 3.74%(h) | | 3.91%(g) |
Portfolio turnover rate(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | 2% | | | | 1% | | 0% |
(a)Commencement of investment operations.
(b)Based on average shares outstanding.
(c)Amount represents less than $0.005.
(d)The mean between the last bid and ask prices.
(e)Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%.
(g)Annualized.
(h)Ratios include non-recurring costs associated with a proxy statement of 0.02%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
| For the Period |
| September 10, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 20.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.26 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.80 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.06 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.26) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 20.80 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 20.81 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 5.36%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 5.40%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $18,720 | |
Ratio to average net assets of: | | | | 0.10%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.69%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 12, 2019, the first day of trading on the exchange) to February 29, 2020 was 5.99%. The market price total return from Fund Inception to February 29, 2020 was 5.56%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | | |
| February 29, | | | | | | Three Months Ended | | | | | Years Ended May 31, | | | |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | 2018 | | | | 2017 | | | | 2016 | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . . | | $ | 23.92 | | | $ | 24.32 | | $ | 24.27 | | $ | 24.86 | $ | 23.48 | $ | 25.67 | $ | 26.43 |
Net investment income(a) . . . . . . . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.41 | | | | | 1.07 | | | | 0.30 | | | 1.17 | | | 1.27 | | | 1.28 | | 1.27 | |
Net realized and unrealized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(loss) on investments . . . . . . . . | | | (0.16) | | | | (0.31) | | | | 0.08 | | | (0.59) | | | 1.32 | | | (2.24) | | (0.82) |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . . . . . . . | | | 0.25 | | | | | 0.76 | | | | 0.38 | | | 0.58 | | | 2.59 | | | (0.96) | | 0.45 | |
Distributions to shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income. . . . . . . . . | | | (0.42) | | | | (1.14) | | | | (0.33) | | | (1.17) | | | (1.21) | | | (1.23) | | (1.19) |
Net realized gains . . . . . . . . . . . . . | | | - | | | | | (0.02) | | | | - | | | - | | | | - | | | - | | (0.02) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . . | | | (0.42) | | | | (1.16) | | | | (0.33) | | | (1.17) | | | (1.21) | | | (1.23) | | (1.21) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period . | | $ | 23.75 | | | $ | 23.92 | | $ | 24.32 | | $ | 24.27 | $ | 24.86 | $ | 23.48 | $ | 25.67 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Market price at end of period. . . . | | $ | 23.73(b) | $ | 23.91(b) | $ | 24.35(b) | $ | 24.24(b) | $ | 24.91 | $ | 23.53 | $ | 25.75 |
Net Asset Value Total Return(c) . . | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1.06% | | | | 3.23% | | | | 1.56% | | | 2.37% | | | 11.29% | | | (3.64)% | | 1.82% |
Market Price Total Return(c) . . . . . | | | 1.02% | | | | 3.06% | | | | 1.81% | | | 2.03% | | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(000's omitted) . . . . . . . . . . . . . | $1,054,352 | | | $1,157,864 | | $936,384 | | $827,638 | $482,352 | $154,968 | $69,314 |
Ratio to average net assets of: | | | 0.41%(d) | | | 0.41%(e) | | | 0.41%(d) | | 0.43% | | | 0.44% | | | 0.43% | | 0.43% |
Expenses, after Waivers . . . . . . | | | | | | | | | | | | |
Expenses, prior to Waivers. . . . | | | 0.42%(d) | | | 0.42%(e) | | | 0.42%(d) | | | | | | | | | | | | | | |
Net investment income. . . . . . . | | | 3.49%(d) | | | 4.45% | | | | 4.87%(d) | | 4.77% | | | 5.24% | | | 5.47% | | 4.98% |
Portfolio turnover rate(f). . . . . . . . | | | 35% | | | | 86% | | | | 27% | | | 45% | | | 45% | | | 13% | | 22% |
(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)In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return.
(f)Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | | | September 17, 2014(a) |
| February 29, | | | | | | Three Months Ended | | | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | | | May 31, |
| | | | | | | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | | 2017 | | | | 2016 | | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . | $ | 24.59 | | $ | 24.73 | | | $ | 24.62 | | $ | 25.17 | $ | 23.85 | $ | 25.09 | $ | 25.00 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . | | | 0.55 | | | | 1.30 | | | | 0.30 | | | | 1.25 | | | 1.33 | | | 1.26 | | | 0.86 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(loss) on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investments . . . . | | | (0.49) | | | | (0.13) | | | | 0.14 | | | | (0.53) | | | 1.24 | | | (1.29) | | | (0.09) |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations. . . . | | | 0.06 | | | | 1.17 | | | | 0.44 | | | | 0.72 | | | 2.57 | | | (0.03) | | | 0.77 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income. . . . . . . . . | | | (0.57) | | | | (1.28) | | | | (0.33) | | | | (1.23) | | | (1.25) | | | (1.21) | | | (0.68) |
Net realized gains. . | | | - | | | | | (0.03) | | | | - | | | | (0.04) | | | - | | | - | | | - |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
distributions . . | | | (0.57) | | | | (1.31) | | | | (0.33) | | | | (1.27) | | | (1.25) | | | (1.21) | | | (0.68) |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
end of period . . . | $ | 24.08 | | $ | 24.59 | | $ | 24.73 | | $ | 24.62 | $ | 25.17 | $ | 23.85 | $ | 25.09 |
Market price at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24.09(c) | $ | 24.67(c) | $ | 24.78(c) | $ | 24.58(c) | $ | 25.24 | $ | 23.92 | $ | 25.15 |
of period . . . . . . . | $ |
Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d) . . . | | | 0.24% | | | | 4.89% | | | | 1.81% | | | | 2.92% | | | 11.02% | | | 0.04% | | | 3.15% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d). . . . . . . . . | | | (0.05)% | | | | 5.01% | | | | 2.18% | | | | 2.47% | | | | | | | | | | | | |
Ratios/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of period (000's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted) . . . . . . . | $1,141,491 | | $848,506 | | $457,526 | | $391,478 | $168,624 | $50,093 | $20,073 |
Ratio to average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.41%(e) | | | 0.42%(f) | | | 0.41%(e) | | | 0.43% | | | 0.44% | | | 0.43% | | | 0.43%(e) |
Waivers . . . . . . | | | | | | | | | | | | | | |
Expenses, prior | | | 0.42%(e) | | | 0.42%(f) | | | 0.42%(e) | | | | | | | | | | | | | | | | |
to Waivers. . . . | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | 4.55%(e) | | | 5.31% | | | | 4.87%(e) | | | 5.04% | | | 5.44% | | | 5.37% | | | 4.93%(e) |
income. . . . . . . | | | | | | | | | | | | | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(g) . . . . . . . . . | | | 29% | | | | 52% | | | | 14% | | | | 33% | | | 50% | | | 15% | | | 3% |
(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)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.
Financial Highlights—(continued)
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
| | | | | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | | | | September 17, 2014(a) |
| February 29, | | | | | | Three Months Ended | | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | | May 31, |
| | | | | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | 2018 | | | 2017 | | | | 2016 | | | | 2015 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . | $ | 24.37 | | | $ | 24.56 | | $ | 24.54 | | $ | 25.46 | $ | 23.97 | $ | 25.22 | $ | 25.04 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . | | | 0.58 | | | | 1.32 | | | | 0.33 | | | 1.36 | | 1.36 | | | 1.28 | | | 0.86 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(loss) on | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investments . . . . | | | (0.49) | | | | (0.17) | | | | 0.06 | | | (0.91) | | 1.39 | | | (1.30) | | | 0.02 |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations. . . . | | | 0.09 | | | | 1.15 | | | | 0.39 | | | 0.45 | | 2.75 | | | (0.02) | | | 0.88 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
income. . . . . . . . . | | | (0.58) | | | | (1.34) | | | | (0.37) | | | (1.37) | | (1.26) | | | (1.21) | | | (0.70) |
Net realized gains. . | | | - | | | | | - | | | | - | | | - | | | - | | | (0.02) | | | - |
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
distributions . . | | | (0.58) | | | | (1.34) | | | | (0.37) | | | (1.37) | | (1.26) | | | (1.23) | | | (0.70) |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
end of period . . . | $ | 23.88 | | $ | 24.37 | | $ | 24.56 | | $ | 24.54 | $ | 25.46 | $ | 23.97 | $ | 25.22 |
Market price at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 23.93(c) | $ | 24.43(c) | $ | 24.61(c) | $ | 24.49(c) | $ | 25.52 | $ | 24.00 | $ | 25.17 |
of period . . . . . . . | $ |
Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Return(d). . . . | | | 0.37% | | | | 4.90% | | | | 1.59% | | | 1.79% | | 11.74% | | | 0.11% | | | 3.77% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(d) . . . . . . . . . | | | 0.32% | | | | 4.94% | | | | 2.00% | | | 1.35% | | | | | | | | | | | |
Ratios/ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
of period (000's | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted). . . . . . . . | $766,398 | | $511,741 | | $243,192 | | $208,598 | $129,836 | $38,345 | $15,130 |
Ratio to average | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
net assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.41%(e) | | | 0.42% | | | | 0.42%(e) | | 0.43% | | 0.44% | | | 0.43% | | | 0.43%(e) |
Waivers . . . . . . | | | | | | | | | | | | | |
Expenses, prior | | | 0.42%(e) | | | | | | | | | | | | | | | | | | | | | | | | |
to Waivers . . . . | | | | | 0.42% | | | | | | | | | | | | | | | | | | | | |
Net investment | | | 4.79%(e) | | | 5.45% | | | | 5.34%(e) | | 5.47% | | 5.50% | | | 5.46% | | | 4.92%(e) |
income. . . . . . . | | | | | | | | | | | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(f) . . . . . . . . . . | | | 25% | | | | 27% | | | | 17% | | | 29% | | 17% | | | 11% | | | 6% |
(a)Commencement of investment operations.
(b)Based on average shares outstanding.
(c)The mean between the last bid and ask prices.
(d)Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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.
Financial Highlights—(continued)
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
| | | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | | | October 7, 2015(a) |
| February 29, | | | | | | Three Months Ended | Years Ended May 31, | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | May 31, |
| | | | | | | | | | | | |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | 2018 | | | | 2017 | | | | 2016 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of period . . . | $ | 25.92 | | | $ | 26.14 | | $ | 25.98 | | $ | 26.95 | $ | 25.58 | $ | 24.97 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . . . . . . | | | 0.67 | | | | | 1.45 | | | | 0.35 | | | 1.43 | | | 1.43 | | | 0.87 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | |
on investments . . . . . . . | | | (0.37) | | | | (0.22) | | | | 0.20 | | | (0.93) | | | 1.27 | | | 0.40 |
Total from investment | | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . . | | | 0.30 | | | | | 1.23 | | | | 0.55 | | | 0.50 | | | 2.70 | | | 1.27 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . | | | (0.68) | | | | (1.47) | | | | (0.39) | | | (1.43) | | | (1.33) | | | (0.66) |
Net realized gains. . . . . . . | | | - | | | | | (0.02) | | | | - | | | (0.04) | | | - | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions. . . . . | | | (0.68) | | | | (1.49) | | | | (0.39) | | | (1.47) | | | (1.33) | | | (0.66) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Transaction fees(b) . . . . . . | | | 0.00(c) | | | 0.04 | | | | - | | | - | | | | - | | | - |
Net asset value at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . | $ | 25.54 | | | $ | 25.92 | | $ | 26.14 | | $ | 25.98 | $ | 26.95 | $ | 25.58 |
Market price at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 25.62(d) | $ | 25.98(d) | $ | 26.22(d) | $ | 25.93(d) | $ | 27.03 | $ | 25.60 |
period . . . . . . . . . . . . . . | $ |
Net Asset Value Total | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . . | | | 1.15% | | | | 5.06% | | | | 2.14% | | | 1.90% | | | 10.80% | | | 5.20% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . . | | | 1.23% | | | | 4.97% | | | | 2.65% | | | 1.40% | | | | | | | | |
Ratios/Supplemental | | | | | | | | | | | | | | | | | | | | | | | | | | |
Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of | | | | | | | | | | | | | | | | | | | | | | | | | | |
period (000's omitted). | $390,831 | | | $243,691 | | $112,421 | | $101,314 | $37,725 | $10,230 |
Ratio to average net | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets of: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | 0.41%(f) | | | 0.42% | | | | 0.42%(f) | | 0.43% | | | 0.44% | | | 0.43%(f) |
Waivers . . . . . . . . . . . | | | | | | | | | | | | |
Expenses, prior to | | | 0.42%(f) | | | | | | | | | | | | | | | | | | | | | |
Waivers . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | | | | |
Net investment | | | 5.24%(f) | | | | | | | | 5.39%(f) | | | | | | | | | | 5.35%(f) |
income. . . . . . . . . . . . | | | | | 5.64% | | | | | 5.45% | | | 5.45% | | |
Portfolio turnover rate(g) . | | | 22% | | | | 19% | | | | 6% | | | 18% | | | 14% | | | 3% |
(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)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.
Financial Highlights—(continued)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
| | | | | | | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | | | | | | September 14, 2016(a) |
| | February 29, | | | | | | Three Months Ended | | | | | | | Through |
| | | | 2020 | | | Year Ended August 31, | August 31, | Year Ended May 31, | | May 31, |
| | (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | | | | | 2017 | |
Per Share Operating | | | | | | | | | | | | | | | | | | | | | | | | | |
Performance: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at | | | | | | | | | | | | | | | | | | | | | | | | | |
beginning of period . . | $ | 25.20 | | | $ | 24.85 | | | $ | 24.67 | | $ | 25.67 | | | $ | 24.98 |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | |
income(b) . . . . . . . . . . . | | | | 0.60 | | | | | 1.34 | | | | 0.33 | | | | 1.30 | | | | 0.91 |
Net realized and | | | | | | | | | | | | | | | | | | | | | | | | | |
unrealized gain (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
on investments . . . . . . | | | | (0.41) | | | | 0.39 | | | | 0.21 | | | | (1.02) | | | | 0.48 |
Total from | | | | | | | | | | | | | | | | | | | | | | | | | |
investment | | | | | | | | | | | | | | | | | | | | | | | | | |
operations . . . . . . . . | | | | 0.19 | | | | | 1.73 | | | | 0.54 | | | | 0.28 | | | | 1.39 |
Distributions to | | | | | | | | | | | | | | | | | | | | | | | | | |
shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . | | | | (0.62) | | | | (1.37) | | | | (0.36) | | | | (1.27) | | | | (0.70) |
Net realized gains. . . . . . | | | | - | | | | | (0.05) | | | | - | | | | (0.05) | | | | - |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions. . . . | | | | (0.62) | | | | (1.42) | | | | (0.36) | | | | (1.32) | | | | (0.70) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Transaction fees(b) . . . . . | | | | 0.00(c) | | | 0.04 | | | | - | | | | 0.04 | | | | - |
Net asset value at end | | | | | | | | | | | | | | | | | | | | | | | | | |
of period . . . . . . . . . . . | $ | 24.77 | | | $ | 25.20 | | $ | 24.85 | | $ | 24.67 | | $ | 25.67 |
Market price at end of | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 24.84(d) | $ | 25.22(d) | $ | 24.92(d) | $ | 24.71(d) | $ | 25.65 |
period. . . . . . . . . . . . . . | $ |
Net Asset Value Total | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . | | | | 0.75% | | | | 7.44% | | | | 2.22% | | | | 1.21% | | | | 5.67% |
Market Price Total | | | | | | | | | | | | | | | | | | | | | | | | | |
Return(e) . . . . . . . . . . . . . | | | | 0.95% | | | | 7.22% | | | | 2.34% | | | | 1.44% | | | | | |
Ratios/Supplemental | | | | | | | | | | | | | | | | | | | | | | | | | |
Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of | | | | | | | | | | | | | | | | | | | | | | | | | |
period (000's | | | | | | | | | | | | | | | | | | | | | | | | | |
omitted). . . . . . . . . . . . | $170,900 | | | $98,261 | | $47,210 | | $41,936 | | $23,103 |
Ratio to average net | | | | | | | | | | | | | | | | | | | | | | | | | |
assets of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses, after | | | | 0.42%(f) | | | 0.42%(g) | | | 0.42%(f) | | | 0.44% | | | | 0.42%(f) |
Waivers . . . . . . . . . . | | | | | | | | | | | | |
Expenses, prior to | | | | 0.42%(f) | | | 0.43%(g) | | | | | | | | | | | | | | |
Waivers . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
Net investment | | | | 4.83%(f) | | | 5.43%(g) | | | 5.30%(f) | | | | | | | | 5.10%(f) |
income . . . . . . . . . . . | | | | | | | | | | 5.14% | | | |
Portfolio turnover | | | | | | | | | | | | | | | | | | | | | | | | | |
rate(h). . . . . . . . . . . . . . | | | | 14% | | | | 22% | | | | 8% | | | | 24% | | | | 7% |
(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)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.
Financial Highlights—(continued)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
| | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | September 27, 2017(a) |
| February 29, | | | | | | Three Months Ended | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, | | May 31, |
| (Unaudited) | | | 2019 | | | | | 2018 | | | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . | | $ | 24.48 | | | $ | 24.28 | | | $ | 23.96 | | $ | 25.01 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| | 0.67 | | | | | 1.43 | | | | 0.38 | | | | 0.90 |
Net realized and unrealized gain (loss) on | | | | | | | | | | | | | | | | | | | |
investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.49) | | | | 0.15 | | | | 0.31 | | | | (1.29) |
| | | | | | | | | | | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . | | | 0.18 | | | | | 1.58 | | | | 0.69 | | | | (0.39) |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . | | | (0.68) | | | | (1.43) | | | | (0.38) | | | | (0.73) |
| | | | | | | | | | | | | | | | | | |
Transaction fees(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.00(c) | | | 0.05 | | | | | 0.01 | | | | 0.07 |
| | | | | | | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . | | $ | 23.98 | | | | $ | 24.48 | | | $ | 24.28 | | $ | 23.96 |
Market price at end of period(d) . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| $ | 24.07 | | | | $ | 24.53 | | $ | 24.31 | | $ | 24.03 |
Net Asset Value Total Return(e) . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| | 0.71% | | | | 7.06% | | | | 2.94% | | | | (1.31)% |
Market Price Total Return(e) . . . . . . . . . . . . . . . . . . . . | | | 0.88% | | | | 7.15% | | | | 2.76% | | | | (1.03)% |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted). . . . . . . | $119,905 | | | $75,879 | | $21,856 | | $14,374 |
Ratio to average net assets of: | | | 0.42%(f) | | | 0.42%(g) | | | 0.42%(f) | | | 0.42%(f) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . | | | | | | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . | | | 0.42%(f) | | | 0.43%(g) | | | | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . | | | 5.47%(f) | | | 5.98%(g) | | | 6.33%(f) | | | 5.50%(f) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . | | | 9% | | | | 14% | | | | 9% | | | | 5% |
(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)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.
Financial Highlights—(continued)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
| | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | August 7, 2018(a) |
| February 29, | | | | | | Through |
| | | 2020 | | | Year Ended August 31, | August 31, |
| (Unaudited) | | | 2019 | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.70 | | | $ | 25.14 | | $25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | |
| | 0.66 | | | | | 1.45 | | 0.09 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.39) | | | | 0.51 | | 0.05 |
| | | | | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.27 | | | | | 1.96 | | 0.14 |
Distributions to shareholders from: | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.69) | | | | (1.51) | | - |
Net realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.02) | | | | - | | - |
| | | | | | | | | | | | | |
Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.71) | | | | (1.51) | | - |
Transaction fees(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | |
| | - | | | | | 0.11 | | - |
| | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.26 | | | | $ | 25.70 | | $25.14 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | |
| $ | 25.33 | | | | $ | 25.75 | | $25.15 |
| | | | | | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.04% | | | | 8.62% | | | 0.56%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.11% | | | | 8.80% | | | 0.60%(e) |
Ratios/Supplemental Data: | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $58,103 | | | $25,702 | | $5,029 |
Ratio to average net assets of: | | | 0.42%(f) | | | 0.44%(g) | | 0.42%(f) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.42%(f) | | | 0.45%(g) | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 5.18%(f) | | | 5.79%(g) | | 5.54%(f) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 27% | | | | 48% | | 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 (August 9, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%.
(f)Annualized.
(g)Ratios include non-recurring costs associated with a proxy statement of 0.03%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
| For the Period |
| September 10, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.53 | |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.23) |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.30 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.50) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 24.80 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 24.92 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.17%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.66%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $14,882 | |
Ratio to average net assets of: | | | | 0.41%(f) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.42%(f) |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 4.45%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 25% |
(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 12, 2019, the first day of trading on the exchange) to February 29, 2020 was 1.37%. The market price total return from Fund Inception to February 29, 2020 was 1.66%.
(f)Annualized.
(g)Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights—(continued)
Invesco BulletShares 2021 Municipal Bond ETF (BSML)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.12 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.15 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.27 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.11) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.16 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.14 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.11%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.03%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,065 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.10%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 1.15%. The market price total return from Fund Inception to February 29, 2020 was 1.03%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.13 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.28 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.41 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.13) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.28 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.27 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.64%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.60%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,112 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.21%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 1.73%. The market price total return from Fund Inception to February 29, 2020 was 1.60%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.12 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.36 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.48 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.12) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.36 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.33 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.94%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.82%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,144 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.13%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 2.02%. The market price total return from Fund Inception to February 29, 2020 was 1.78%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.14 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.53 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.67 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.14) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.53 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.49 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.68%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.52%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,210 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.28%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 2.68%. The market price total return from Fund Inception to February 29, 2020 was 2.52%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.15 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.66 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.81 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.15) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.66 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.62 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 3.24%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 3.08%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,264 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.38%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 3.24%. The market price total return from Fund Inception to February 29, 2020 was 3.04%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
| For the Period |
| September 23, 2019(a) |
| | | Through |
| February 29, |
| | | | 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.19 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.86 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.05 | |
Distributions to shareholders from: | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.18) |
| | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.87 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | |
$ | 25.82 | |
| | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 4.24%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 4.03%(e) |
Ratios/Supplemental Data: | | | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,348 | |
Ratio to average net assets of: | | | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.71%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 4.24%. The market price total return from Fund Inception to February 29, 2020 was 4.41%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
| For the Period |
| September 23, 2019(a) |
| Through |
| February 29, |
| 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.19 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 0.88 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.07 | |
Distributions to shareholders from: | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (0.18) |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $25.89 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
| $25.83 | |
| | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 4.32%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 4.08%(e) |
Ratios/Supplemental Data: | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $5,177 | |
Ratio to average net assets of: | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1.71%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 4.32%. The market price total return from Fund Inception to February 29, 2020 was 4.20%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
| For the Period |
| September 23, 2019(a) |
| Through |
| February 29, |
| 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.20 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1.04 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.24 | |
Distributions to shareholders from: | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (0.19) |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $26.05 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
| $25.98 | |
| | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 5.00%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 4.71%(e) |
Ratios/Supplemental Data: | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $5,210 | |
Ratio to average net assets of: | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1.79%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 4.91%. The market price total return from Fund Inception to February 29, 2020 was 4.59%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
| For the Period |
| September 23, 2019(a) |
| Through |
| February 29, |
| 2020 | | |
| (Unaudited) |
Per Share Operating Performance: | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $25.00 | |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 0.21 | |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1.03 | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1.24 | |
Distributions to shareholders from: | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (0.20) |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $26.04 | |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
| $25.96 | |
| | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 5.00%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 4.67%(e) |
Ratios/Supplemental Data: | | | | |
Net assets at end of period (000's omitted). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $5,209 | |
Ratio to average net assets of: | | 0.18%(f) |
Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1.88%(f) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 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 25, 2019, the first day of trading on the exchange) to February 29, 2020 was 5.08%. The market price total return from Fund Inception to February 29, 2020 was 4.71%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)
| | | | | | | For the Period |
| Six Months Ended | October 2, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.53 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
| | 0.48 | | | | | 0.88 |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.00)(c) | | | 0.58 |
| | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.48 | | | | | | 1.46 |
Distributions to shareholders from: | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.48) | | | | (0.88) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.01) | | | | (0.01) |
Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | | (0.04) |
| | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.49) | | | | (0.93) |
| | | | | | | | | |
Net asset value at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.52 | | | $ | 25.53 |
Market price at end of period(d) . . . . . . . . . . . . . . | | | | | | | | | | |
| $ | 25.56 | | | $ | 25.58 |
| | | | | | | | | | |
Net Asset Value Total Return(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.91% | | | | 5.98%(f) |
Market Price Total Return(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.87% | | | | 6.18%(f) |
Ratios/Supplemental Data: | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,207 | | | $10,213 |
Ratio to average net assets of: | | | 0.29%(g) | | | 0.32%(h) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 3.81%(g) | | | 3.84%(h) |
Portfolio turnover rate(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 4% | | | | 13% |
(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 (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 6.62%. The market price total return from Fund Inception to August 31, 2019 was 6.70%.
(g)Annualized.
(h)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
| | | | | | | For the Period |
| Six Months Ended | October 2, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 25.91 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
| | 0.52 | | | | | 0.95 |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.12 | | | | | | 0.92 |
| | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.64 | | | | | | 1.87 |
Distributions to shareholders from: | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.52) | | | | (0.96) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.05) | | | | - |
| | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.57) | | | | (0.96) |
| | | | | | | | | |
Net asset value at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 25.98 | | | $ | 25.91 |
Market price at end of period(c) . . . . . . . . . . . . . . | | | | | | | | | | |
| $ | 25.97 | | | $ | 25.95 |
| | | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.50% | | | | 7.63%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.30% | | | | 7.79%(e) |
Ratios/Supplemental Data: | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,394 | | | $10,365 |
Ratio to average net assets of: | | | 0.29%(f) | | | 0.32%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 4.04%(f) | | | 4.11%(g) |
Portfolio turnover rate(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1% | | | | 15% |
(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 (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
| | | | | | | For the Period |
| Six Months Ended | October 2, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 26.17 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
| | 0.53 | | | | | 0.98 |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.17 | | | | | | 1.17 |
| | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.70 | | | | | | 2.15 |
Distributions to shareholders from: | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.54) | | | | (0.98) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.10) | | | | - |
| | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.64) | | | | (0.98) |
| | | | | | | | | |
Net asset value at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 26.23 | | | $ | 26.17 |
Market price at end of period(c) . . . . . . . . . . . . . . | | | | | | | | | | |
| $ | 26.23 | | | $ | 26.19 |
| | | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.70% | | | | 8.79%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.62% | | | | 8.87%(e) |
Ratios/Supplemental Data: | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $10,494 | | | $10,466 |
Ratio to average net assets of: | | | 0.29%(f) | | | 0.32%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 4.06%(f) | | | 4.24%(g) |
Portfolio turnover rate(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6% | | | | 16% |
(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 (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.
(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.
Financial Highlights—(continued)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
| | | | | | | For the Period |
| Six Months Ended | October 2, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 26.44 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
| | 0.54 | | | | | 1.05 |
Net realized and unrealized gain on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.18 | | | | | | 1.46 |
| | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.72 | | | | | | 2.51 |
Distributions to shareholders from: | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.55) | | | | (1.07) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.10) | | | | - |
| | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.65) | | | | (1.07) |
Transaction fees(b). . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.05 | | | | | - |
| | | | | | | | | |
Net asset value at end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 26.56 | | | $ | 26.44 |
Market price at end of period(c) . . . . . . . . . . . . . . | | | | | | | | | | |
| $ | 26.40 | | | $ | 26.53 |
| | | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.96% | | | | 10.29%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.99% | | | | 10.66%(e) |
Ratios/Supplemental Data: | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $15,935 | | | $10,575 |
Ratio to average net assets of: | | | 0.29%(f) | | | 0.32%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 4.08%(f) | | | 4.52%(g) |
Portfolio turnover rate(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 9% | | | | 10% |
(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 (October 4, 2018, the first day of trading on the exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%.
(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.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
February 29, 2020 (Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust on October 30, 2015 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 BulletShares 2020 Corporate Bond ETF (BSCK) | "BulletShares 2020 Corporate Bond ETF" |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | "BulletShares 2021 Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | "BulletShares 2022 Corporate Bond ETF" |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | "BulletShares 2023 Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | "BulletShares 2024 Corporate Bond ETF" |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | "BulletShares 2025 Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | "BulletShares 2026 Corporate Bond ETF" |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | "BulletShares 2027 Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | "BulletShares 2028 Corporate Bond ETF" |
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)* | "BulletShares 2029 Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | "BulletShares 2020 High Yield Corporate Bond ETF" |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | "BulletShares 2021 High Yield Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | "BulletShares 2022 High Yield Corporate Bond ETF" |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | "BulletShares 2023 High Yield Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | "BulletShares 2024 High Yield Corporate Bond ETF" |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | "BulletShares 2025 High Yield Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | "BulletShares 2026 High Yield Corporate Bond ETF" |
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)* | "BulletShares 2027 High Yield Corporate Bond ETF" |
| | | | |
Invesco BulletShares 2021 Municipal Bond ETF (BSML)** | "BulletShares 2021 Municipal Bond ETF" |
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)** | "BulletShares 2022 Municipal Bond ETF" |
| | | | |
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)** | "BulletShares 2023 Municipal Bond ETF" |
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)** | "BulletShares 2024 Municipal Bond ETF" |
| | | | |
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)** | "BulletShares 2025 Municipal Bond ETF" |
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)** | "BulletShares 2026 Municipal Bond ETF" |
| | | | |
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)** | "BulletShares 2027 Municipal Bond ETF" |
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)** | "BulletShares 2028 Municipal Bond ETF" |
| | | | |
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)** | "BulletShares 2029 Municipal Bond ETF" |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | "BulletShares 2021 USD Emerging Markets Debt ETF" |
| | | | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | "BulletShares 2022 USD Emerging Markets Debt ETF" |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | "BulletShares 2023 USD Emerging Markets Debt ETF" |
| | | | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | "BulletShares 2024 USD Emerging Markets Debt ETF" |
* Commenced operations on September 10, 2019. | | |
** Commenced operations on September 23, 2019. | | |
Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit." Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. 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 |
| | | | |
BulletShares 2020 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2020 Index |
BulletShares 2021 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2021 Index |
BulletShares 2022 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2022 Index |
BulletShares 2023 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2023 Index |
BulletShares 2024 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2024 Index |
BulletShares 2025 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2025 Index |
BulletShares 2026 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2026 Index |
BulletShares 2027 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2027 Index |
BulletShares 2028 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2028 Index |
BulletShares 2029 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2029 Index |
BulletShares 2020 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index |
BulletShares 2021 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index |
BulletShares 2022 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index |
BulletShares 2023 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index |
BulletShares 2024 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index |
BulletShares 2025 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index |
BulletShares 2026 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index |
BulletShares 2027 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index |
BulletShares 2021 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2021 Index |
BulletShares 2022 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2022 Index |
BulletShares 2023 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2023 Index |
BulletShares 2024 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2024 Index |
BulletShares 2025 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2025 Index |
BulletShares 2026 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2026 Index |
BulletShares 2027 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2027 Index |
BulletShares 2028 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2028 Index |
BulletShares 2029 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2029 Index |
BulletShares 2021 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index |
BulletShares 2022 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index |
BulletShares 2023 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index |
BulletShares 2024 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.
A.Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").
Investment companies are valued using such company's NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Authorized Participant Concentration Risk. Only Authorized Participants ("APs") may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 each 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.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of the return between each Fund and conventional ETFs.
Changing Global Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board ("FRB") keeping the federal funds rates at, near or below zero. The "tapering" in 2015 of the FRB's quantitative easing program, combined with the FRB's changes to the target range for the Federal Funds Rate may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund's investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and each Fund's transaction costs.
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. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Fund may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.
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. 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.
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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
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.
Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
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. Because each Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. 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-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its 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.
Non-Investment Grade Securities Risk. Certain Funds invest in non-investment grade securities. The risk of investing in non-investment grade securities is a form of credit risk. Securities that are rated non-investment grade, commonly referred to as "junk bonds," are regarded as having predominantly speculative characteristics with respect to the capacity to pay interest and repay principal. Non-investment grade securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. The prices of non-investment grade securities have found to be less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual corporate developments. Yields on non-investment grade securities will fluctuate. 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 to an issuer of securities that the Fund holds 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.
U.S. Treasury Obligations Risk. Certain Funds will invest in obligations issued or guaranteed by the U.S. Treasury.
U.S. Treasury securities are backed by the "full faith and credit" of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because
U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.
C.Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to each Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund's NAV and, accordingly, they reduce each Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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, each Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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.
Each Fund files 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 - 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.
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.
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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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. However, based on experience, the Trust believes the risk of loss to be remote.
J.Securities Lending - Each Fund may participate in securities lending and 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. 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 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 each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
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 each 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 advisory fees,
distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| Unitary Management Fees |
| | (as a % of Net Assets) |
| | | |
BulletShares 2020 Corporate Bond ETF | 0.10% | |
BulletShares 2021 Corporate Bond ETF | 0.10% | |
| | | |
BulletShares 2022 Corporate Bond ETF | 0.10% | |
BulletShares 2023 Corporate Bond ETF | 0.10% | |
| | | |
BulletShares 2024 Corporate Bond ETF | 0.10% | |
BulletShares 2025 Corporate Bond ETF | 0.10% | |
| | | |
BulletShares 2026 Corporate Bond ETF | 0.10% | |
BulletShares 2027 Corporate Bond ETF | 0.10% | |
| | | |
BulletShares 2028 Corporate Bond ETF | 0.10% | |
BulletShares 2029 Corporate Bond ETF | 0.10% | |
| | | |
BulletShares 2020 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2021 High Yield Corporate Bond ETF | 0.42% | |
| | | |
BulletShares 2022 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2023 High Yield Corporate Bond ETF | 0.42% | |
| | | |
BulletShares 2024 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2025 High Yield Corporate Bond ETF | 0.42% | |
| | | |
BulletShares 2026 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2027 High Yield Corporate Bond ETF | 0.42% | |
| | | |
BulletShares 2021 Municipal Bond ETF | 0.18% | |
BulletShares 2022 Municipal Bond ETF | 0.18% | |
| | | |
BulletShares 2023 Municipal Bond ETF | 0.18% | |
BulletShares 2024 Municipal Bond ETF | 0.18% | |
| | | |
BulletShares 2025 Municipal Bond ETF | 0.18% | |
BulletShares 2026 Municipal Bond ETF | 0.18% | |
| | | |
BulletShares 2027 Municipal Bond ETF | 0.18% | |
BulletShares 2028 Municipal Bond ETF | 0.18% | |
| | | |
BulletShares 2029 Municipal Bond ETF | 0.18% | |
BulletShares 2021 USD Emerging Markets Debt ETF | 0.29% | |
| | | |
BulletShares 2022 USD Emerging Markets Debt ETF | 0.29% | |
BulletShares 2023 USD Emerging Markets Debt ETF | 0.29% | |
| | | |
BulletShares 2024 USD Emerging Markets Debt ETF | 0.29% | |
| | | |
For BulletShares 2020 Corporate Bond ETF, BulletShares 2021 Corporate Bond ETF, BulletShares 2022 Corporate Bond ETF, BulletShares 2023 Corporate Bond ETF, BulletShares 2024 Corporate Bond ETF, BulletShares 2025 Corporate Bond ETF, BulletShares 2026 Corporate Bond ETF, BulletShares 2027 Corporate Bond ETF, BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF and BulletShares 2024 High Yield Corporate Bond ETF, the Adviser has agreed to waive a portion of each Fund's unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding each such Fund's unitary management fee in effect at the time of its reorganization through at least (i) April 6, 2020 for each such Fund and (ii) May 18, 2020 for BulletShares 2025 High Yield Corporate Bond ETF.
Further, through at least August 31, 2021, 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-month period ended February 29, 2020, the Adviser waived fees for each Fund in the following amounts:
BulletShares 2020 Corporate Bond ETF | $41,227 |
BulletShares 2021 Corporate Bond ETF | 10,026 |
| |
BulletShares 2022 Corporate Bond ETF | 6,517 |
BulletShares 2023 Corporate Bond ETF | 3,428 |
| |
BulletShares 2024 Corporate Bond ETF | 4,489 |
BulletShares 2025 Corporate Bond ETF | 1,713 |
| |
BulletShares 2026 Corporate Bond ETF | 984 |
BulletShares 2027 Corporate Bond ETF | 544 |
| |
BulletShares 2028 Corporate Bond ETF | 717 |
BulletShares 2029 Corporate Bond ETF* | 106 |
| |
BulletShares 2020 High Yield Corporate Bond ETF | 81,031 |
BulletShares 2021 High Yield Corporate Bond ETF | 34,287 |
| |
BulletShares 2022 High Yield Corporate Bond ETF | 16,688 |
BulletShares 2023 High Yield Corporate Bond ETF | 8,913 |
| |
BulletShares 2024 High Yield Corporate Bond ETF | 2,873 |
BulletShares 2025 High Yield Corporate Bond ETF | 1,194 |
| |
BulletShares 2026 High Yield Corporate Bond ETF | 691 |
BulletShares 2027 High Yield Corporate Bond ETF* | 125 |
| |
BulletShares 2021 Municipal Bond ETF** | 8 |
BulletShares 2022 Municipal Bond ETF** | 36 |
| |
BulletShares 2023 Municipal Bond ETF** | 3 |
BulletShares 2024 Municipal Bond ETF** | 43 |
| |
BulletShares 2025 Municipal Bond ETF** | 24 |
BulletShares 2026 Municipal Bond ETF** | 12 |
| |
BulletShares 2027 Municipal Bond ETF** | 1 |
BulletShares 2028 Municipal Bond ETF** | 2 |
| |
BulletShares 2029 Municipal Bond ETF** | 2 |
BulletShares 2021 USD Emerging Markets Debt ETF | 99 |
| |
BulletShares 2022 USD Emerging Markets Debt ETF | 101 |
BulletShares 2023 USD Emerging Markets Debt ETF | 72 |
| |
BulletShares 2024 USD Emerging Markets Debt ETF | 97 |
* For the period September 10, 2019 (commencement of investment operations) through February 29, 2020. | |
** For the period September 23, 2019 (commencement of investment operations) through February 29, 2020. | |
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 licensing agreements on behalf of each Fund with Invesco Indexing LLC (the "Licensor"). "Nasdaq" is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by
the Licensor. "BulletShares®" and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with
Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended February 29, 2020, the following Funds engaged in transactions with affiliates as listed below:
| | Securities Purchases | Securities Sales | Net Realized Gains (Losses) |
BulletShares 2020 Corporate Bond ETF | $12,745,652 | | | $3,744,639 | | $ 22,658 | |
BulletShares 2021 Corporate Bond ETF | 12,942,978 | | 2,757,165 | | (6,392) | |
| | | | | | | |
BulletShares 2022 Corporate Bond ETF | 11,004,691 | | 3,617,055 | | (452,188) | |
BulletShares 2024 | Corporate Bond ETF | 724,680 | | - | | - | |
| | | | | | | | |
BulletShares 2026 | Corporate Bond ETF | 359,220 | | - | | - | |
BulletShares 2020 High Yield Corporate Bond ETF | 14,522,307 | | 4,274,331 | | 17,735 | |
| | | | | | | | |
BulletShares 2026 | High Yield Corporate Bond ETF | - | | 626,119 | | 13,078 | |
| | | | | | | | |
NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund's own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for the Funds listed below, as of February 29, 2020, all of the securities in each Fund 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 |
BulletShares 2020 Corporate Bond ETF | | | | | | | | | | |
Investments in Securities | | | | | | | | | | |
| | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $1,590,995,623 | $ | - | $1,590,995,623 |
Money Market Funds | | 72,225,648 | - | | - | 72,225,648 |
| | | | | | | | | |
Total Investments | $72,225,648 | $1,590,995,623 | $ | - | $1,663,221,271 |
BulletShares 2021 Corporate Bond ETF | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
Investments in Securities | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $1,871,637,938 | $ | - | $1,871,637,938 |
| | | | | | | | | | |
Money Market Funds | | 9,194,196 | - | | - | 9,194,196 |
| | | | | | | | | | |
Total Investments | $ | 9,194,196 | $1,871,637,938 | $ | - | $1,880,832,134 |
| | | | | | | | | | |
BulletShares 2022 Corporate Bond ETF | | | | | | | | | | |
Investments in Securities | | | | | | | | | | |
| | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $1,769,713,060 | $ | - | $1,769,713,060 |
Money Market Funds | | 22,054,192 | - | | - | 22,054,192 |
| | | | | | | | | | |
Total Investments | $ | 22,054,192 | $1,769,713,060 | $ | - | $1,791,767,252 |
BulletShares 2023 Corporate Bond ETF | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
Investments in Securities | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $1,141,052,737 | $ | - | $1,141,052,737 |
| | | | | | | | | | |
Money Market Funds | | 1,842,509 | - | | - | 1,842,509 |
| | | | | | | | | | |
Total Investments | $ | 1,842,509 | $1,141,052,737 | $ | - | $1,142,895,246 |
| | | | | | | | | | |
| | | | | | | | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | Total |
BulletShares 2024 Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 920,716,046 | $ | - | $ | 920,716,046 |
Money Market Funds | | 4,547,221 | | | - | | | - | | 4,547,221 |
| | | | | | | | | | | | |
Total Investments | $ | 4,547,221 | $ | 920,716,046 | $ | - | $ | 925,263,267 |
BulletShares 2025 Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 480,162,008 | $ | - | $ | 480,162,008 |
| | | | | | | | | | | | |
Money Market Funds | | 2,607,766 | | | - | | | - | | 2,607,766 |
| | | | | | | | | | | | |
Total Investments | $ | 2,607,766 | $ | 480,162,008 | $ | - | $ | 482,769,774 |
| | | | | | | | | | | | |
BulletShares 2026 Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 211,462,801 | $ | - | $ | 211,462,801 |
Money Market Funds | | 510,288 | | | - | | | - | | 510,288 |
| | | | | | | | | | | | |
Total Investments | $ | 510,288 | $ | 211,462,801 | $ | - | $ | 211,973,089 |
BulletShares 2027 Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 152,803,967 | $ | - | $ | 152,803,967 |
| | | | | | | | | | | | |
Money Market Funds | | 1,121,251 | | | - | | | - | | 1,121,251 |
| | | | | | | | | | | | |
Total Investments | $ | 1,121,251 | $ | 152,803,967 | $ | - | $ | 153,925,218 |
| | | | | | | | | | | | |
BulletShares 2028 Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 110,036,882 | $ | - | $ | 110,036,882 |
Money Market Funds | | 3,218,506 | | | - | | | - | | 3,218,506 |
| | | | | | | | | | | | |
Total Investments | $ | 3,218,506 | $ | 110,036,882 | $ | - | $ | 113,255,388 |
BulletShares 2029 Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 18,310,527 | $ | - | $ | 18,310,527 |
| | | | | | | | | | | | |
Money Market Funds | | 489,498 | | | - | | | - | | 489,498 |
| | | | | | | | | | | | |
Total Investments | $ | 489,498 | $ | 18,310,527 | $ | - | $ | 18,800,025 |
| | | | | | | | | | | | |
BulletShares 2020 High Yield Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 815,963,285 | $ | - | $ | 815,963,285 |
U.S. Treasury Securities | | - | | | 220,113,349 | | | - | | 220,113,349 |
| | | | | | | | | | | | |
Common Stocks & Other Equity Interests | | - | | | - | | | 352,215 | | 352,215 |
Money Market Funds | | 9,561,288 | | | - | | | - | | 9,561,288 |
| | | | | | | | | |
Total Investments | $ | 9,561,288 | $1,036,076,634 | $352,215 | $1,045,990,137 |
BulletShares 2021 High Yield Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 1,087,203,653 | $ | - | $ | 1,087,203,653 |
| | | | | | | | | | | | |
Money Market Funds | | 68,711,591 | | | - | | | - | | 68,711,591 |
| | | | | | | | | | | | |
Total Investments | $68,711,591 | $ | 1,087,203,653 | $ | - | $1,155,915,244 |
| | | | | | | | | | | | |
BulletShares 2022 High Yield Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 746,200,358 | $ | - | $ | 746,200,358 |
Money Market Funds | | 29,214,533 | | | - | | | - | | 29,214,533 |
| | | | | | | | | | | |
Total Investments | $29,214,533 | $ | 746,200,358 | $ | - | $ | 775,414,891 |
BulletShares 2023 High Yield Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 367,538,154 | $ | - | $ | 367,538,154 |
| | | | | | | | | | | | |
Money Market Funds | | 42,481,185 | | | - | | | - | | 42,481,185 |
| | | | | | | | | | | | |
Total Investments | $ | 42,481,185 | $ | 367,538,154 | $ | - | $ | 410,019,339 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | Level 1 | | | Level 2 | Level 3 | | | | Total |
BulletShares 2024 High Yield Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 166,120,589 | $ | - | $ | 166,120,589 |
Money Market Funds | | 10,756,784 | | | - | | - | | 10,756,784 |
| | | | | | | | | | | |
Total Investments | $10,756,784 | $ | 166,120,589 | $ | - | $ | 176,877,373 |
BulletShares 2025 High Yield Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 117,257,049 | $ | - | $ | 117,257,049 |
| | | | | | | | | | | | |
Money Market Funds | | 10,303,866 | | | - | | - | | 10,303,866 |
| | | | | | | | | | | | |
Total Investments | $10,303,866 | $ | 117,257,049 | $ | - | $ | 127,560,915 |
| | | | | | | | | | | | |
BulletShares 2026 High Yield Corporate Bond ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 56,245,023 | $ | - | $ | 56,245,023 |
Money Market Funds | | 2,959,878 | | | - | | - | | 2,959,878 |
| | | | | | | | | | | | |
Total Investments | $ | 2,959,878 | $ | 56,245,023 | $ | - | $ | 59,204,901 |
BulletShares 2027 High Yield Corporate Bond ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 14,635,118 | $ | - | $ | 14,635,118 |
| | | | | | | | | | | | |
Money Market Funds | | 632,582 | | | - | | - | | 632,582 |
| | | | | | | | | | | | |
Total Investments | $ | 632,582 | $ | 14,635,118 | $ | - | $ | 15,267,700 |
| | | | | | | | | | | | |
BulletShares 2021 USD Emerging Markets Debt ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 9,577,445 | $ | - | $ | 9,577,445 |
Money Market Funds | | 522,982 | | | - | | - | | 522,982 |
| | | | | | | | | | | | |
Total Investments | $ | 522,982 | $ | 9,577,445 | $ | - | $ | 10,100,427 |
BulletShares 2022 USD Emerging Markets Debt ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 10,206,541 | $ | - | $ | 10,206,541 |
| | | | | | | | | | | | |
Money Market Funds | | 118,484 | | | - | | - | | 118,484 |
| | | | | | | | | | | | |
Total Investments | $ | 118,484 | $ | 10,206,541 | $ | - | $ | 10,325,025 |
| | | | | | | | | | | | |
BulletShares 2023 USD Emerging Markets Debt ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 10,322,761 | $ | - | $ | 10,322,761 |
Money Market Funds | | 234,464 | | | - | | - | | 234,464 |
| | | | | | | | | | | | |
Total Investments | $ | 234,464 | $ | 10,322,761 | $ | - | $ | 10,557,225 |
BulletShares 2024 USD Emerging Markets Debt ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 15,614,551 | $ | - | $ | 15,614,551 |
| | | | | | | | | | | | |
Money Market Funds | | 145,692 | | | - | | - | | 145,692 |
| | | | | | | | | | | | |
Total Investments | $ | 145,692 | $ | 15,614,551 | $ | - | $ | 15,760,243 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of August 31, 2019, as follows:
| | | No expiration | | | |
| | Short-Term | | Long-Term | Total* |
| | | | | | | | | |
BulletShares 2020 Corporate Bond ETF | $ | 85,991 | $ 791,703 | $ 877,694 |
BulletShares 2021 Corporate Bond ETF | | | 148,177 | 117,284 | 265,461 |
| | | | | | | | | |
BulletShares 2022 Corporate Bond ETF | | | - | | - | - |
BulletShares 2023 Corporate Bond ETF | | | - | | - | - |
| | | | | | | | | |
BulletShares 2024 Corporate Bond ETF | | | 729,606 | 458,258 | 1,187,864 |
BulletShares 2025 Corporate Bond ETF | | | 179,979 | 114,286 | 294,265 |
| | | | | | | | | |
BulletShares 2026 Corporate Bond ETF | | | - | | - | - |
BulletShares 2027 Corporate Bond ETF | | | - | | - | - |
| | | | | | | | | |
BulletShares 2028 Corporate Bond ETF | | | - | | - | - |
BulletShares 2020 High Yield Corporate Bond ETF | | | 17,766,804 | 6,067,668 | 23,834,472 |
| | | | | | | | | |
BulletShares 2021 High Yield Corporate Bond ETF | | | 6,231,232 | 4,673,461 | 10,904,693 |
BulletShares 2022 High Yield Corporate Bond ETF | | | 2,838,574 | 2,413,061 | 5,251,635 |
| | | | | | | | | |
BulletShares 2023 High Yield Corporate Bond ETF | | | 471,081 | 1,259,347 | 1,730,428 |
BulletShares 2024 High Yield Corporate Bond ETF | | | 285,810 | 211,363 | 497,173 |
| | | | | | | | | |
BulletShares 2025 High Yield Corporate Bond ETF | | | 278,693 | 147,689 | 426,382 |
BulletShares 2026 High Yield Corporate Bond ETF | | | - | | - | - |
| | | | | | | | | |
BulletShares 2021 USD Emerging Markets Debt ETF | | | - | | - | - |
BulletShares 2022 USD Emerging Markets Debt ETF | | | - | | - | - |
| | | | | | | | | |
BulletShares 2023 USD Emerging Markets Debt ETF | | | - | | - | - |
BulletShares 2024 USD Emerging Markets Debt ETF | | | - | | - | - |
*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-month period ended February 29, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
| Purchases | | Sales | |
BulletShares 2020 Corporate Bond ETF | $ 39,749,283 | $439,894,924 |
BulletShares 2021 Corporate Bond ETF | 144,001,488 | 136,675,622 |
| | | | |
BulletShares 2022 Corporate Bond ETF | 116,329,947 | 98,408,004 |
BulletShares 2023 Corporate Bond ETF | 38,929,663 | 25,748,364 |
| | | | |
BulletShares 2024 Corporate Bond ETF | 62,406,216 | 16,828,104 |
BulletShares 2025 Corporate Bond ETF | 17,381,068 | 11,885,325 |
| | | | |
BulletShares 2026 Corporate Bond ETF | 22,124,391 | 4,071,374 |
BulletShares 2027 Corporate Bond ETF | 25,241,758 | 3,113,233 |
| | | | |
BulletShares 2028 Corporate Bond ETF | 31,520,510 | 1,495,025 |
BulletShares 2029 Corporate Bond ETF* | 12,073,028 | - |
| | | | |
BulletShares 2020 High Yield Corporate Bond ETF | 316,425,201 | 551,241,477 |
BulletShares 2021 High Yield Corporate Bond ETF | 338,482,498 | 270,197,451 |
| | | | |
BulletShares 2022 High Yield Corporate Bond ETF | 222,888,783 | 154,328,740 |
BulletShares 2023 High Yield Corporate Bond ETF | 84,000,745 | 64,930,969 |
| | | | |
BulletShares 2024 High Yield Corporate Bond ETF | 30,045,408 | 17,123,591 |
BulletShares 2025 High Yield Corporate Bond ETF | 13,083,418 | 8,200,362 |
| | | | |
BulletShares 2026 High Yield Corporate Bond ETF | 14,259,255 | 10,786,293 |
BulletShares 2027 High Yield Corporate Bond ETF* | 10,054,540 | 2,317,072 |
| | | | |
BulletShares 2021 Municipal Bond ETF** | 10,148,246 | 200,000 |
BulletShares 2022 Municipal Bond ETF** | 9,978,697 | - |
| | | | |
BulletShares 2023 Municipal Bond ETF** | 9,790,947 | - |
BulletShares 2024 Municipal Bond ETF** | 9,931,074 | - |
| | | | |
BulletShares 2025 Municipal Bond ETF** | 9,950,207 | - |
| | | | |
| Purchases | | | Sales | |
BulletShares 2026 Municipal Bond ETF** | $ 9,776,479 | $ | - |
| | | | | |
BulletShares 2027 Municipal Bond ETF** | 4,838,373 | | - |
BulletShares 2028 Municipal Bond ETF** | 4,942,422 | | - |
| | | | | |
BulletShares 2029 Municipal Bond ETF** | 4,922,036 | | - |
BulletShares 2021 USD Emerging Markets Debt ETF | 419,362 | | 898,246 |
| | | | | |
BulletShares 2022 USD Emerging Markets Debt ETF | 105,417 | | 144,788 |
BulletShares 2023 USD Emerging Markets Debt ETF | 646,296 | | 638,667 |
| | | | | |
BulletShares 2024 USD Emerging Markets Debt ETF | 6,255,339 | | 1,085,513 |
| | | | | |
*For the period September 10, 2019 (commencement of investment operations) through February 29, 2020. ** For the period September 23, 2019 (commencement of investment operations) through February 29, 2020.
For the six-month period ended February 29, 2020, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions) for BulletShares 2020 High Yield Corporate Bond ETF amounted to $0 and $0, respectively.
For the six-month period ended February 29, 2020, in-kind transactions associated with creations and redemptions were as follows:
| Cost of | Value of |
| Securities | Securities |
| Received | Delivered |
| | | | |
BulletShares 2020 Corporate Bond ETF | $ 7,765,010 | $69,182,525 |
BulletShares 2021 Corporate Bond ETF | 272,284,596 | 25,138,631 |
| | | | |
BulletShares 2022 Corporate Bond ETF | 404,999,441 | 18,856,158 |
BulletShares 2023 Corporate Bond ETF | 304,809,565 | 5,945,774 |
| | | | |
BulletShares 2024 Corporate Bond ETF | 293,281,139 | - |
BulletShares 2025 Corporate Bond ETF | 160,119,882 | 3,161,181 |
| | | | |
BulletShares 2026 Corporate Bond ETF | 57,174,727 | - |
BulletShares 2027 Corporate Bond ETF | 55,937,252 | - |
| | | | |
BulletShares 2028 Corporate Bond ETF | 41,596,127 | - |
BulletShares 2029 Corporate Bond ETF* | 5,757,242 | - |
| | | | |
BulletShares 2020 High Yield Corporate Bond ETF | 13,295,705 | 29,406,511 |
BulletShares 2021 High Yield Corporate Bond ETF | 255,227,678 | 6,925,711 |
| | | | |
BulletShares 2022 High Yield Corporate Bond ETF | 202,127,063 | - |
BulletShares 2023 High Yield Corporate Bond ETF | 121,758,164 | - |
| | | | |
BulletShares 2024 High Yield Corporate Bond ETF | 65,576,149 | 4,484,931 |
BulletShares 2025 High Yield Corporate Bond ETF | 47,399,987 | 6,757,508 |
| | | | |
BulletShares 2026 High Yield Corporate Bond ETF | 50,840,571 | 22,211,079 |
BulletShares 2027 High Yield Corporate Bond ETF* | 7,056,210 | - |
| | | | |
BulletShares 2021 Municipal Bond ETF** | - | - |
BulletShares 2022 Municipal Bond ETF** | - | - |
| | | | |
BulletShares 2023 Municipal Bond ETF** | - | - |
BulletShares 2024 Municipal Bond ETF** | - | - |
| | | | |
BulletShares 2025 Municipal Bond ETF** | - | - |
BulletShares 2026 Municipal Bond ETF** | - | - |
| | | | |
BulletShares 2027 Municipal Bond ETF** | - | - |
BulletShares 2028 Municipal Bond ETF** | - | - |
| | | | |
BulletShares 2029 Municipal Bond ETF** | - | - |
BulletShares 2021 USD Emerging Markets Debt ETF | - | - |
| | | | |
BulletShares 2022 USD Emerging Markets Debt ETF | - | - |
BulletShares 2023 USD Emerging Markets Debt ETF | - | - |
| | | | |
BulletShares 2024 USD Emerging Markets Debt ETF | - | - |
| | | | |
*For the period September 10, 2019 (commencement of investment operations) through February 29, 2020. ** For the period September 23, 2019 (commencement of investment operations) through February 29, 2020.
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At February 29, 2020, 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:
| | | | | | | Net | | | |
| | Gross | Gross | | Unrealized | | | |
| | Unrealized | Unrealized | | Appreciation | | | |
| | Appreciation | (Depreciation) | (Depreciation) | | Cost |
| | | | | | | | | | | |
BulletShares 2020 Corporate Bond ETF | $ 5,465,024 | $ (130,229) | $ 5,334,795 | | $1,657,886,476 |
BulletShares 2021 Corporate Bond ETF | 24,859,458 | (832,722) | 24,026,736 | | 1,856,805,398 |
| | | | | | | | | | | |
BulletShares 2022 Corporate Bond ETF | 43,560,637 | (1,123,038) | 42,437,599 | | 1,749,329,653 |
BulletShares 2023 Corporate Bond ETF | 41,940,536 | (452,204) | 41,488,332 | | 1,101,406,914 |
| | | | | | | | | | | |
BulletShares 2024 Corporate Bond ETF | 38,697,513 | (349,233) | 38,348,280 | | 886,914,987 |
BulletShares 2025 Corporate Bond ETF | 25,502,259 | (128,367) | 25,373,892 | | 457,395,882 |
| | | | | | | | | | | |
BulletShares 2026 Corporate Bond ETF | 12,223,137 | (102,467) | 12,120,670 | | 199,852,419 |
BulletShares 2027 Corporate Bond ETF | 8,037,938 | (230,438) | 7,807,500 | | 146,117,718 |
| | | | | | | | | | | |
BulletShares 2028 Corporate Bond ETF | 5,298,761 | (173,981) | 5,124,780 | | 108,130,608 |
BulletShares 2029 Corporate Bond ETF* | 517,404 | (9,148) | 508,256 | | 18,291,769 |
| | | | | | | | | | | |
BulletShares 2020 High Yield Corporate Bond ETF | 2,090,544 | (3,050,243) | (959,699) | 1,046,949,836 |
BulletShares 2021 High Yield Corporate Bond ETF | 5,449,426 | (21,889,914) | (16,440,488) | 1,172,355,732 |
| | | | | | | | | | | |
BulletShares 2022 High Yield Corporate Bond ETF | 6,352,551 | (14,542,207) | (8,189,656) | 783,604,547 |
BulletShares 2023 High Yield Corporate Bond ETF | 3,800,023 | (7,774,039) | (3,974,016) | 413,993,355 |
| | | | | | | | | | | |
BulletShares 2024 High Yield Corporate Bond ETF | 1,391,275 | (3,290,385) | (1,899,110) | 178,776,483 |
BulletShares 2025 High Yield Corporate Bond ETF | 1,549,423 | (2,976,579) | (1,427,156) | 128,988,071 |
| | | | | | | | | | | |
BulletShares 2026 High Yield Corporate Bond ETF | 233,147 | (1,887,351) | (1,654,204) | 60,859,105 |
BulletShares 2027 High Yield Corporate Bond ETF* | 69,835 | (233,527) | (163,692) | 15,431,392 |
| | | | | | | | | | | |
BulletShares 2021 Municipal Bond ETF* | 62,709 | (40) | 62,669 | | 9,803,940 |
BulletShares 2022 Municipal Bond ETF* | 110,108 | - | | 110,108 | | 9,847,116 |
| | | | | | | | | | | |
BulletShares 2023 Municipal Bond ETF* | 142,307 | - | | 142,307 | | 9,664,623 |
BulletShares 2024 Municipal Bond ETF* | 208,767 | - | | 208,767 | | 9,814,965 |
| | | | | | | | | | | |
BulletShares 2025 Municipal Bond ETF* | 262,733 | - | | 262,733 | | 9,840,964 |
BulletShares 2026 Municipal Bond ETF* | 346,319 | - | | 346,319 | | 9,689,265 |
| | | | | | | | | | | |
BulletShares 2027 Municipal Bond ETF* | 188,950 | (12,203) | 176,747 | | 4,795,717 |
BulletShares 2028 Municipal Bond ETF* | 209,116 | - | | 209,116 | | 4,901,566 |
| | | | | | | | | | | |
BulletShares 2029 Municipal Bond ETF* | 207,815 | - | | 207,815 | | 4,883,960 |
BulletShares 2021 USD Emerging Markets Debt ETF | 208,806 | - | | 208,806 | | 9,891,621 |
| | | | | | | | | | | |
BulletShares 2022 USD Emerging Markets Debt ETF | 394,320 | (4,795) | 389,525 | | 9,935,500 |
BulletShares 2023 USD Emerging Markets Debt ETF | 499,007 | (9,118) | 489,889 | | 10,067,336 |
| | | | | | | | | | | |
BulletShares 2024 USD Emerging Markets Debt ETF | 655,957 | (104,458) | 551,499 | | 15,208,744 |
| | | | | | | | | | | |
* 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 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 9—Capital
Shares are issued and redeemed by the Funds only in Creation Units of 150,000 for BulletShares 2020 Corporate Bond ETF, BulletShares 2021 Corporate Bond ETF, BulletShares 2022 Corporate Bond ETF, BulletShares 2023 Corporate Bond ETF, BulletShares 2024 Corporate Bond ETF, BulletShares 2025 Corporate Bond ETF, BulletShares 2026 Corporate Bond ETF, BulletShares 2027 Corporate Bond ETF, BulletShares 2028 Corporate Bond ETF and BulletShares 2029 Corporate Bond ETF and
100,000 for BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF, BulletShares 2025 High Yield Corporate Bond ETF, BulletShares 2026 High Yield Corporate Bond ETF, BulletShares 2027 High Yield Corporate Bond ETF, BulletShares 2021 Municipal Bond ETF, BulletShares 2022 Municipal Bond ETF, BulletShares 2023 Municipal Bond ETF, BulletShares 2024 Municipal Bond ETF, BulletShares 2025 Municipal Bond ETF, BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2021 USD Emerging Markets Debt ETF, BulletShares 2022 USD Emerging Markets Debt ETF, BulletShares 2023 USD Emerging Markets Debt ETF and BulletShares 2024 USD Emerging Markets Debt ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities ("Deposit Securities").
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—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds' investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, 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 through the six-month period ended February 29, 2020.
In addition to the fees and expenses which the Invesco BulletShares 2020 High Yield Corporate Bond ETF and Invesco BulletShares 2021 High Yield Corporate Bond ETF (collectively the "Portfolios") bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies' expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies' expenses that the Portfolios bear indirectly is included in each Portfolio's total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | | | | |
| | | | |
Actual | $1,000.00 | $1,011.80 | 0.10% | $0.50 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | | | | |
Actual | 1,000.00 | 1,016.70 | 0.10 | 0.50 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
| | | | |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | | | | |
| | | | |
Actual | 1,000.00 | 1,021.80 | 0.10 | 0.50 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
| | | | |
Calculating your ongoing Fund expenses—(continued)
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | | | | |
Actual | $1,000.00 | $1,026.70 | 0.10% | $0.50 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
| | | | |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | | | | |
| | | | |
Actual | 1,000.00 | 1,031.50 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | | | | |
Actual | 1,000.00 | 1,038.20 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
| | | | |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | | | | |
| | | | |
Actual | 1,000.00 | 1,039.80 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | | | | |
Actual | 1,000.00 | 1,038.70 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
| | | | |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | | | | |
| | | | |
Actual | 1,000.00 | 1,038.70 | 0.10 | 0.51 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37 | 0.10 | 0.50 |
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | | | | |
Actual | 1,000.00 | 1,053.60(2) | 0.10 | 0.49(3) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.37(2) | 0.10 | 0.50(3) |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | | | | |
| | | | |
Actual | 1,000.00 | 1,010.60 | 0.41 | 2.05 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.82 | 0.41 | 2.06 |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | | | | |
Actual | 1,000.00 | 1,002.40 | 0.41 | 2.04 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.82 | 0.41 | 2.06 |
| | | | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | | | | |
| | | | |
Actual | 1,000.00 | 1,003.70 | 0.41 | 2.04 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.82 | 0.41 | 2.06 |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | | | | |
Actual | 1,000.00 | 1,011.50 | 0.41 | 2.05 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.82 | 0.41 | 2.06 |
| | | | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | | | | |
| | | | |
Actual | 1,000.00 | 1,007.50 | 0.42 | 2.10 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.77 | 0.42 | 2.11 |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | | | | |
Actual | 1,000.00 | 1,007.10 | 0.42 | 2.10 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.77 | 0.42 | 2.11 |
| | | | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | | | | |
| | | | |
Actual | 1,000.00 | 1,010.40 | 0.42 | 2.10 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.77 | 0.42 | 2.11 |
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | | | | |
Actual | 1,000.00 | 1,011.70(2) | 0.41 | 1.95(3) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.82(2) | 0.41 | 2.06(3) |
Calculating your ongoing Fund expenses—(continued)
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco BulletShares 2021 Municipal Bond ETF (BSML) | | | | |
| | | | |
Actual | $1,000.00 | $1,011.10(4) | 0.18% | $0.79(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2022 Municipal Bond ETF (BSMM) | | | | |
Actual | 1,000.00 | 1,016.40(4) | 0.18 | 0.79(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2023 Municipal Bond ETF (BSMN) | | | | |
| | | | |
Actual | 1,000.00 | 1,019.40(4) | 0.18 | 0.79(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2024 Municipal Bond ETF (BSMO) | | | | |
Actual | 1,000.00 | 1,026.80(4) | 0.18 | 0.80(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | | | | |
| | | | |
Actual | 1,000.00 | 1,032.40(4) | 0.18 | 0.80(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | | | | |
Actual | 1,000.00 | 1,042.40(4) | 0.18 | 0.80(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | | | | |
| | | | |
Actual | 1,000.00 | 1,043.20(4) | 0.18 | 0.80(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | | | | |
Actual | 1,000.00 | 1,050.00(4) | 0.18 | 0.81(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | | | | |
| | | | |
Actual | 1,000.00 | 1,050.00(4) | 0.18 | 0.81(5) |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.97(4) | 0.18 | 0.91(5) |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | | | | |
Actual | 1,000.00 | 1,019.10 | 0.29 | 1.46 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
| | | | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | | | | |
| | | | |
Actual | 1,000.00 | 1,025.00 | 0.29 | 1.46 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | | | | |
Actual | 1,000.00 | 1,027.00 | 0.29 | 1.46 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
Calculating your ongoing Fund expenses—(continued)
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | | | | |
| | | | |
Actual | $1,000.00 | $1,029.60 | 0.29% | $1.46 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
| | | | |
(1)Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 29, 2020. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.
(2)The actual ending account value is based on the actual total return of the Fund for the period September 10, 2019 (commencement of investment operations) through February 29, 2020, 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 September 10, 2019 (commencement of investment operations) to February 29, 2020. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period, then multiplying the result by 173/366. 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 182/366.
(4)The actual ending account value is based on the actual total return of the Fund for the period September 23, 2019 (commencement of investment operations) through February 29, 2020, 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.
(5)Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period September 23, 2019 (commencement of investment operations) to February 29, 2020. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period, then multiplying the result by 160/366. 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 182/366.
Board Considerations Regarding Approval of Investment Advisory Agreement for
Invesco Emerging Markets Debt Defensive ETF | Invesco BulletShares 2021 USD Emerging Markets Debt ETF |
Invesco Emerging Markets Debt Value ETF | Invesco BulletShares 2022 USD Emerging Markets Debt ETF |
Invesco High Yield Defensive ETF | Invesco BulletShares 2023 USD Emerging Markets Debt ETF |
Invesco High Yield Value ETF | Invesco BulletShares 2024 USD Emerging Markets Debt ETF |
Invesco Investment Grade Defensive ETF | Invesco Strategic Developed ex-US ETF |
Invesco Investment Grade Value ETF | Invesco Strategic Developed ex-US Small Company ETF |
Invesco Multi-Factor Core Fixed Income ETF | Invesco Strategic Emerging Markets ETF |
Invesco Multi-Factor Core Plus Fixed Income ETF | Invesco Strategic US ETF |
Invesco BulletShares 2028 Corporate Bond ETF | Invesco Strategic US Small Company ETF |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | |
At a meeting held on June 14, 2018, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for the funds listed above (each, a "Fund" and collectively, the "Funds").
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, information describing the Adviser's current organization and staffing, including operational support that would be provided by the Adviser's parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees also reviewed information related to the Adviser's portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees also considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed 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 noted that the proposed unitary advisory fees for Invesco BulletShares 2028 Corporate Bond ETF, Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF were compared to information on the median net expense ratios of peer funds in two Lipper classifications, Corporate Debt Funds A-Rated and Corporate Debt Funds BBB-Rated, that the proposed advisory fee for Invesco Strategic Developed ex-US ETF was compared to information on the median net expense ratios of peer funds in two Lipper classifications, International Multi-Cap Core Funds and International Large-Cap Core Funds and that the proposed advisory fee for Invesco Strategic US ETF was compared to information on the median net expense ratios of peer funds in two Lipper classifications, Multi-Cap Core Funds and Large-Cap Core Funds. The Trustees further noted that the fee data provided by the Adviser included only two passive peer ETFs and only one open-end index peer for certain Funds. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the fee data provided by the Adviser for certain Funds included only two or three Adviser-identified selected peers.
The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund's
12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other
Board Considerations Regarding Approval of Investment Advisory Agreement—(continued)
extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratio of its peer group(s) and select peer group as shown below:
| | | | | Open-End | | | | |
| | | | | Index Fund | Open-End Active | | |
| | | ETF Peer Group | Peer Group | Fund Peer Group | Select Peer Group |
Fund | (Number of Peers)1 | (Number of Peers)2 | (Number of Peers) | (Number of Peers) |
| | | | | | | | | | |
Invesco Emerging Markets Debt Defensive ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
Invesco Emerging Markets Debt Value ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
| | | | | | | | | | |
Invesco High Yield Defensive ETF | Lower than | N/A | Lower than | Lower than |
| | | median (18) | | | median (158) | median (2) |
Invesco High Yield Value ETF | Lower than | N/A | Lower than | Lower than |
| | | median (18) | | | median (158) | median (2) |
| | | | | | | | | | |
Invesco Investment Grade Defensive ETF (Corporate Debt Funds | Higher than | Lower than | Lower than | | |
A-Rated Lipper Classification) | median (2) | median (1) | median (16) | | |
Invesco Investment Grade Defensive ETF (Corporate Debt Funds BBB | Lower than | Higher than | Lower than | Lower than |
Rated Lipper Classification) | median (23) | median (3) | median (58) | median (3) |
| | | | | | | | | | |
Invesco Investment Grade Value ETF (Corporate Debt Funds A-Rated | Higher than | Lower than | Lower than | | |
Lipper Classification) | median (2) | median (1) | median (16) | | |
Invesco Investment Grade Value ETF (Corporate Debt Funds BBB | Lower than | Higher than | Lower than | Lower than |
Rated Lipper Classification) | median (23) | median (3) | median (58) | median (3) |
| | | | | | | | | | |
Invesco Multi-Factor Core Fixed Income ETF | Higher than | Lower than | Lower than | Lower than |
| | | median (8) | median (15) | median (121) | median (5) |
Invesco Multi-Factor Core Plus Fixed Income ETF | N/A | Lower than | Lower than | Lower than |
| | | | | median (1) | median (61) | median (5) |
| | | | | | | | | | |
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt | Lower than | Lower than | Lower than | | |
Funds A-Rated Lipper Classification) | median (2) | median (1) | median (16) | | |
Invesco BulletShares 2028 Corporate Bond ETF (Corporate Debt | Lower than | Higher than | Lower than | Same as the |
Funds BBB Lipper Classification) | median (23) | median (3) | median (58) | median (9) |
| | | | | | | | | | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | Higher than | N/A | Lower than | Higher than |
| | | median (18) | | | median (158) | median (2) |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
| | | | | | | | | | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
| | | | | | | | | | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (9) | median (1) | median (63) | median (6) |
Invesco Strategic Developed ex-US ETF (International Multi-Cap Core | Lower than | Lower than | Lower than | | |
Funds Lipper Classification) | median (29) | median (34) | median (65) | | |
| | | | | | | | | | |
Invesco Strategic Developed ex-US ETF (International Large-Cap Core | Lower than | Lower than | Lower than | Lower than |
Funds Lipper Classification) | median (4) | median (6) | median (23) | median (7) |
Invesco Strategic Developed ex-US Small Company ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (4) | median (1) | median (21) | median (3) |
| | | | | | | | | | |
Invesco Strategic Emerging Markets ETF | Lower than | Higher than | Lower than | Lower than |
| | | median (58) | median (10) | median (211) | median (9) |
Invesco Strategic US ETF (Multi-Cap Core Funds Lipper Classification) | Lower than | Higher than | Lower than | | |
| | | median (34) | median (22) | median (194) | | |
Board Considerations Regarding Approval of Investment Advisory Agreement—(continued)
| | | | | Open-End | | | | |
| | | | | Index Fund | Open-End Active | | |
| | | ETF Peer Group | Peer Group | Fund Peer Group | Select Peer Group |
Fund | (Number of Peers)1 | (Number of Peers)2 | (Number of Peers) | (Number of Peers) |
| | | | | | | | | | |
Invesco Strategic US ETF (Large-Cap Core Funds Lipper | Lower than | Lower than | Lower than | Lower than |
Classification) | median (33) | median (26) | median (190) | median (11) |
Invesco Strategic US Small Company ETF | Lower than | Same as | Lower than | Lower than |
| | | median (29) | median (30) | median (258) | median (10) |
1 The information provided by the Adviser indicated that certain Funds did not have any comparable passive ETF fund peers. Those Funds have been designated with an "N/A" for not available.
2The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an "N/A" for not available.
The Trustees noted that the proposed unitary advisory fee for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees considered each Fund's proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 meeting on the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with the Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by 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 each Fund. No single factor was determinative in the Board's analysis.
Board Considerations Regarding Approval of Investment Advisory Agreement for
Invesco BulletShares 2020 Municipal Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF |
Invesco BulletShares 2021 Municipal Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF |
Invesco BulletShares 2022 Municipal Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF |
Invesco BulletShares 2023 Municipal Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF |
Invesco BulletShares 2024 Municipal Bond ETF | |
At a meeting held on December 13, 2018, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement (the "Agreement") between Invesco Capital Management LLC (the "Adviser") and the Trust for the funds listed above (each, a "Fund" and collectively, the "Funds").
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, information describing the Adviser's current organization and staffing, including operational support that would be provided by the Adviser's parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees also reviewed information related to the Adviser's portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees also considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed 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 and open-end (non-ETF) actively managed funds. The Trustees noted that the fee data provided by the Adviser included only one passive peer ETF for the Invesco BulletShares 2020 Municipal Bond ETF and the Invesco BulletShares 2021 Municipal Bond ETF. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the fee data provided by the Adviser included two Adviser-identified selected peers for each Fund other than the Invesco BulletShares 2020 Municipal Bond ETF, which had three Adviser-identified selected peers and Invesco BulletShares 2021 Municipal Bond ETF, which had one Adviser-identified selected peer.
The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund's
12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group as shown below:
| | | | | Open-End Active | | |
| | | ETF Peer Group | Fund Peer Group | Select Peer Group |
Fund | (Number of Peers) | (Number of Peers) | (Number of Peers) |
| | | | | | | | |
Invesco BulletShares 2020 Municipal Bond ETF | Lower than | Lower than | Lower than |
| | | median (1) | median (38) | median (3) |
Invesco BulletShares 2021 Municipal Bond ETF | Lower than | Lower than | Same as |
| | | median (1) | median (38) | median (1) |
Board Considerations Regarding Approval of Investment Advisory Agreement—(continued)
| | | | | | | Open-End Active | | |
| | | | ETF Peer Group | | Fund Peer Group | Select Peer Group |
Fund | | (Number of Peers) | | (Number of Peers) | (Number of Peers) |
| | | | | | | | | | |
Invesco BulletShares 2022 Municipal Bond ETF | Same as | | Lower than | Lower than |
| | | median (5) | | median (64) | median (2) |
Invesco BulletShares 2023 Municipal Bond ETF | Same as | | Lower than | Lower than |
| | | median (5) | | median (64) | median (2) |
| | | | | | | | | | |
Invesco BulletShares 2024 Municipal Bond ETF | Same as | | Lower than | Lower than |
| | | median (5) | | median (64) | median (2) |
Invesco BulletShares 2025 Municipal Bond ETF | Same as | | Lower than | Lower than |
| | | median (5) | | median (64) | median (2) |
| | | | | | | | | | |
Invesco BulletShares 2026 Municipal Bond ETF | Same as | Lower than | Lower than |
| | | median (5) | median (64) | median (2) |
Invesco BulletShares 2027 Municipal Bond ETF | Same as | Lower than | Lower than |
| | | median (5) | median (64) | median (2) |
| | | | | | | | | | |
Invesco BulletShares 2028 Municipal Bond ETF | Same as | Lower than | Lower than |
| | | median (5) | median (64) | median (2) |
| | | | | | | | | | |
The Trustees considered each Fund's proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 meeting on the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by 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 each Fund. No single factor was determinative in the Board's analysis.
Board Considerations Regarding Approval of Investment Advisory Agreement for
Invesco BulletShares 2029 | Corporate Bond ETF | Invesco BulletShares 2029 Municipal Bond ETF |
Invesco BulletShares 2027 | High Yield Corporate Bond ETF | Invesco BulletShares 2030 Municipal Bond ETF |
Invesco BulletShares 2025 | USD Emerging Markets Debt ETF | |
At a meeting held on June 20, 2019, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (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 BulletShares 2029 Corporate Bond ETF, Invesco BulletShares 2027 High Yield Corporate Bond ETF, Invesco BulletShares 2025 USD Emerging Markets Debt ETF, Invesco BulletShares 2029 Municipal Bond ETF and Invesco BulletShares 2030 Municipal Bond ETF (each, a "Fund" and collectively, the "Funds").
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows, (iv) whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (v) any benefits to be realized by the Adviser from its relationship with each Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, information describing the Adviser's current organization and staffing, including operational support that would be provided by the Adviser's parent organization, Invesco Ltd., and the background and experience of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs"). The Trustees also reviewed information related to the Adviser's portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees also considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed 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 noted that the fee data provided by the Adviser included only one open-end (non-ETF) index peer fund for the Invesco BulletShares 2027 High Yield Corporate Bond ETF and Invesco BulletShares 2025 USD Emerging Markets Debt ETF. The Trustees also considered fee and expense data on Adviser-identified selected peers. The Trustees noted that the fee data provided by the Adviser included two Adviser-identified selected peers for Invesco BulletShares 2029 Municipal Bond ETF and Invesco BulletShares 2030 Municipal Bond ETF and three Adviser-identified selected peers for Invesco BulletShares 2027 High Yield Corporate Bond ETF.
The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund's
12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group as shown below:
| | | | | Open-End | | | | |
| | | | | Index Fund | Open-End Active | | |
| | | ETF Peer Group | Peer Group | Fund Peer Group | Select Peer Group |
Fund | (Number of Peers) | (Number of Peers)1 | (Number of Peers) | (Number of Peers) |
| | | | | | | | | | |
Invesco BulletShares 2029 Corporate Bond ETF | Lower than | Higher than | Lower than | Same as |
| | | median (23) | median (3) | median (57) | median (6) |
| | | | | | | | | | |
Board Considerations Regarding Approval of Investment Advisory Agreement—(continued)
| | | | | Open-End | | | | |
| | | | | Index Fund | Open-End Active | | |
| | | ETF Peer Group | Peer Group | Fund Peer Group | Select Peer Group |
| Fund | | (Number of Peers) | (Number of Peers)1 | (Number of Peers) | (Number of Peers) |
| | | | | | | | | | |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | Higher than | Lower than | Lower than | Lower than |
| | | median (17) | median (1) | median (104) | median (3) |
| | | | | | | | | | |
| Invesco BulletShares 2025 USD Emerging Markets Debt ETF | Lower than | Lower than | Lower than | Lower than |
| | | median (8) | median (1) | median (66) | median (5) |
| Invesco BulletShares 2029 Municipal Bond ETF | Same as | N/A | Lower than | Lower than |
| | | median (4) | | | median (63) | median (2) |
| | | | | | | | | | |
| Invesco BulletShares 2030 Municipal Bond ETF | Same as | N/A | Lower than | Lower than |
| | | median (4) | | | median (63) | median (2) |
| | | | | | | | | | |
1The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated with an "N/A" for not available.
The Trustees considered each Fund's proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2019 meeting on the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by 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 each Fund. No single factor was determinative in the Board's analysis.
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Proxy Voting Policies and Procedures
A description of the Trust's proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission's (the "Commission") website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust's Form N-PX on the Commission's website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust's 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.
©2020 Invesco Capital Management LLC | | |
3500 Lacey Road, Suite 700 | | |
Downers Grove, IL 60515 | P-SIFT-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 29, 2020
DEF Invesco Defensive Equity ETF
ISDX Invesco RAFITM Strategic Developed ex-US ETF
ISDS Invesco RAFITM Strategic Developed ex-US Small Company ETF
ISEM Invesco RAFITM Strategic Emerging Markets ETF
IUS Invesco RAFITM Strategic US ETF
IUSS Invesco RAFITM Strategic US Small Company ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Defensive Equity ETF (DEF)
February 29, 2020 (Unaudited)
Schedule of Investments(a)
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.94% | |
Communication Services-7.09% | | | | |
AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,594 | $ | 2,732,861 |
Charter Communications, Inc., Class A(b) . . . . . . . | 6,359 | | | 3,136,068 |
Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . | 70,754 | | | 2,860,584 |
Omnicom Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 36,638 | | | 2,538,280 |
T-Mobile US, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 39,892 | | | 3,596,663 |
Verizon Communications, Inc. . . . . . . . . . . . . . . . . | 48,492 | | | 2,626,327 |
Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . | 20,069 | | | 2,361,118 |
| | | | 19,851,901 |
Consumer Discretionary-7.95% | | | | |
Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,351 | | | 2,682,725 |
Home Depot, Inc. (The) . . . . . . . . . . . . . . . . . . . . . | 14,042 | | | 3,058,909 |
McDonald's Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,291 | | | 2,969,054 |
O'Reilly Automotive, Inc.(b). . . . . . . . . . . . . . . . . . . | 6,663 | | | 2,456,781 |
Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,791 | | | 2,805,545 |
Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 34,208 | | | 2,682,933 |
TJX Cos., Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . | 49,045 | | | 2,932,891 |
Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 29,787 | | | 2,658,490 |
| | | | 22,247,328 |
Consumer Staples-8.86% | | | | |
Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 55,185 | | | 2,951,846 |
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . | 43,909 | | | 2,966,931 |
Hershey Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,776 | | | 2,847,546 |
McCormick & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . | 17,359 | | | 2,537,712 |
Mondelez International, Inc., Class A . . . . . . . . . . | 54,924 | | | 2,899,987 |
PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,604 | | | 2,852,376 |
Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . | 23,760 | | | 2,690,345 |
Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35,738 | | | 2,381,938 |
Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,887 | | | 2,679,832 |
| | | | 24,808,513 |
Energy-2.65% | | | | |
Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,483 | | | 2,378,583 |
Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 42,953 | | | 2,209,502 |
Kinder Morgan, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 147,374 | | | 2,825,160 |
| | | | 7,413,245 |
Financials-13.61% | | | | |
American Express Co. . . . . . . . . . . . . . . . . . . . . . . . | 24,671 | | | 2,712,083 |
Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,501 | | | 3,016,208 |
Cboe Global Markets, Inc. . . . . . . . . . . . . . . . . . . . . | 25,599 | | | 2,918,286 |
Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . | 28,254 | | | 2,634,403 |
CME Group, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 14,469 | | | 2,876,726 |
Everest Re Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 10,876 | | | 2,695,943 |
Intercontinental Exchange, Inc. . . . . . . . . . . . . . . . | 32,086 | | | 2,862,713 |
JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . | 22,184 | | | 2,575,784 |
Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,639 | | | 2,936,929 |
PNC Financial Services Group, Inc. (The) . . . . . . . | 19,109 | | | 2,415,378 |
S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,936 | | | 2,907,992 |
Synchrony Financial . . . . . . . . . . . . . . . . . . . . . . . . | 79,746 | | | 2,320,609 |
U.S. Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 49,991 | | | 2,321,582 |
Willis Towers Watson PLC. . . . . . . . . . . . . . . . . . . . | 15,314 | | | 2,898,174 |
| | | | 38,092,810 |
Health Care-12.41% | | | | |
Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . | 34,883 | | | 2,687,037 |
Agilent Technologies, Inc.. . . . . . . . . . . . . . . . . . . . | 35,685 | �� | | 2,750,243 |
Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,888 | | | 2,875,407 |
| Shares | | Value |
Health Care-(continued) | | | |
Eli Lilly and Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,656 | $ 3,109,861 |
Laboratory Corp. of America Holdings(b) . . . . . . . | 17,772 | 3,122,363 |
Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,649 | 2,682,755 |
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,285 | 2,548,300 |
Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . | 28,282 | 2,999,589 |
ResMed, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,768 | 3,142,321 |
Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,964 | 2,851,989 |
Zimmer Biomet Holdings, Inc. . . . . . . . . . . . . . . . . | 20,151 | 2,743,559 |
Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,088 | | 3,209,244 |
| | 34,722,668 |
Industrials-13.04% | | | |
Allegion PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23,564 | 2,709,624 |
AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,019 | 2,581,634 |
Fortive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,509 | 2,732,442 |
General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . | 16,522 | 2,638,398 |
Honeywell International, Inc. . . . . . . . . . . . . . . . . . | 16,829 | 2,729,159 |
Ingersoll-Rand PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 22,371 | 2,886,754 |
Jacobs Engineering Group, Inc. . . . . . . . . . . . . . . . | 33,796 | 3,120,723 |
Johnson Controls International PLC . . . . . . . . . . . | 69,364 | 2,536,642 |
Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . | 7,669 | 2,836,533 |
Republic Services, Inc. . . . . . . . . . . . . . . . . . . . . . . | 33,496 | 3,023,349 |
Roper Technologies, Inc. . . . . . . . . . . . . . . . . . . . . | 8,582 | 3,018,289 |
Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 17,066 | 2,727,318 |
Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . | 26,720 | | 2,960,843 |
| | 36,501,708 |
Information Technology-18.20% | | | |
Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . | 14,644 | 2,644,560 |
Amphenol Corp., Class A . . . . . . . . . . . . . . . . . . . . | 27,961 | 2,563,464 |
Automatic Data Processing, Inc. . . . . . . . . . . . . . . | 17,804 | 2,754,991 |
Broadridge Financial Solutions, Inc. . . . . . . . . . . . | 24,928 | 2,601,486 |
Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,065 | 2,798,250 |
Fidelity National Information Services, Inc. . . . . . | 21,968 | 3,069,369 |
Fiserv, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,964 | 2,839,423 |
Global Payments, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 17,006 | 3,128,594 |
International Business Machines Corp. . . . . . . . . . | 22,244 | 2,895,057 |
Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,814 | 3,140,752 |
Jack Henry & Associates, Inc. . . . . . . . . . . . . . . . . | 20,436 | 3,100,959 |
Juniper Networks, Inc. . . . . . . . . . . . . . . . . . . . . . . | 123,359 | 2,617,678 |
Motorola Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . | 18,312 | 3,033,932 |
Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 52,599 | 2,601,546 |
Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35,145 | 2,723,035 |
VeriSign, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,682 | 2,975,659 |
Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,276 | 2,958,326 |
Western Union Co. (The) . . . . . . . . . . . . . . . . . . . . | 111,389 | | 2,494,000 |
| | 50,941,081 |
Materials-3.84% | | | |
Air Products and Chemicals, Inc. . . . . . . . . . . . . . . | 12,972 | 2,848,781 |
Ecolab, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,073 | 2,900,373 |
PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 22,384 | 2,338,009 |
Sherwin-Williams Co. (The). . . . . . . . . . . . . . . . . . . | 5,149 | | 2,660,745 |
| | 10,747,908 |
Real Estate-5.93% | | | |
Apartment Investment & Management Co., | | | |
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 57,477 | 2,749,700 |
Boston Properties, Inc. . . . . . . . . . . . . . . . . . . . . . . | 21,575 | 2,781,880 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Defensive Equity ETF (DEF)—(continued)
February 29, 2020 (Unaudited)
| Shares | | Value | | Shares | | | Value |
Real Estate-(continued) | | | | | Utilities-(continued) | | | | |
Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 85,066 | $ 2,762,093 | Entergy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,174 | $ | 2,943,092 |
Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . . . | 35,826 | 2,690,533 | Pinnacle West Capital Corp. . . . . . . . . . . . . . . . . . . | 34,843 | | | 3,118,100 |
Prologis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,135 | 2,792,618 | Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 47,861 | | | 2,982,698 |
Ventas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 52,565 | | 2,826,420 | | | | | 17,791,484 |
| | | | | | | | | |
| | | 16,603,244 | TOTAL INVESTMENTS IN SECURITIES-99.94% | | | | |
| | | | | |
| | | | | | | | |
Utilities-6.36% | | | | | (Cost $276,194,607). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 279,721,890 |
American Water Works Co., Inc. . . . . . . . . . . . . . . | 24,609 | 3,043,149 | OTHER ASSETS LESS LIABILITIES-0.06% . . . . . . . . . . . . . . . . . | | 163,000 |
DTE Energy Co | 23,633 | 2,639,097 | | | | | |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . | $279,884,890 |
Duke Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 33,428 | 3,065,348 |
|
| | | | |
| | | | |
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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Information Technology | 18.20 |
Financials | 13.61 |
| |
Industrials | 13.04 |
Health Care | 12.41 |
| |
Consumer Staples | 8.86 |
Consumer Discretionary | 7.95 |
| |
Communication Services | 7.09 |
Utilities | 6.36 |
| |
Real Estate | 5.93 |
Materials | 3.84 |
| |
Energy | 2.65 |
Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
February 29, 2020
(Unaudited)
Schedule of Investments
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.55% | |
Australia-4.73% | | | | |
AGL Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,292 | $ | 162,388 |
Aurizon Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . | 41,857 | | | 128,497 |
BHP Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 84,938 | | | 1,825,097 |
BHP Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 96,592 | | | 1,742,240 |
BlueScope Steel Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 13,482 | | | 102,198 |
Brambles Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,801 | | | 135,618 |
Caltex Australia Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 8,940 | | | 185,562 |
Coca-Cola Amatil Ltd. . . . . . . . . . . . . . . . . . . . . . . | 10,114 | | | 73,876 |
Computershare Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 4,331 | | | 42,365 |
Crown Resorts Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 7,476 | | | 49,402 |
CSL Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,812 | | | 355,788 |
Downer EDI Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,437 | | | 55,691 |
Fortescue Metals Group Ltd. . . . . . . . . . . . . . . . . | 24,061 | | | 155,347 |
Incitec Pivot Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 37,995 | | | 66,027 |
Lendlease Group . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,157 | | | 169,879 |
Metcash Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 45,755 | | | 71,808 |
Newcrest Mining Ltd. . . . . . . . . . . . . . . . . . . . . . . | 8,357 | | | 142,783 |
Orica Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,657 | | | 83,692 |
Origin Energy Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 41,962 | | | 189,292 |
Ramsay Health Care Ltd.(a) . . . . . . . . . . . . . . . . . | 2,305 | | | 99,591 |
Rio Tinto Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,861 | | | 1,447,114 |
Rio Tinto PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,597 | | | 1,241,867 |
Santos Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,410 | | | 110,204 |
Sonic Healthcare Ltd. . . . . . . . . . . . . . . . . . . . . . . | 4,972 | | | 91,211 |
South32 Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 97,747 | | | 139,107 |
Tabcorp Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . | 19,916 | | | 48,218 |
Treasury Wine Estates Ltd. . . . . . . . . . . . . . . . . . | 5,896 | | | 41,930 |
Wesfarmers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,266 | | | 859,581 |
Woodside Petroleum Ltd. . . . . . . . . . . . . . . . . . . . | 17,044 | | | 307,691 |
Woolworths Group Ltd.. . . . . . . . . . . . . . . . . . . . . | 24,071 | | | 593,379 |
| | | | 10,717,443 |
Austria-0.31% | | | | |
ANDRITZ AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,211 | | | 78,090 |
Lenzing AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 477 | | | 31,959 |
OMV AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,538 | | | 191,023 |
UNIQA Insurance Group AG . . . . . . . . . . . . . . . . . | 10,192 | | | 91,912 |
Verbund AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,028 | | | 48,537 |
Vienna Insurance Group AG Wiener | | | | |
Versicherung Gruppe . . . . . . . . . . . . . . . . . . . . | 2,132 | | | 51,674 |
voestalpine AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,226 | | | 136,749 |
Wienerberger AG. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,365 | | | 60,065 |
| | | | 690,009 |
Belgium-0.94% | | | | |
Ackermans & van Haaren N.V. . . . . . . . . . . . . . . . | 596 | | | 84,934 |
Anheuser-Busch InBev S.A./N.V.. . . . . . . . . . . . . | 24,885 | | | 1,401,578 |
Bekaert S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,547 | | | 55,064 |
Colruyt S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 690 | | | 31,827 |
Groupe Bruxelles Lambert S.A. . . . . . . . . . . . . . . | 1,495 | | | 136,064 |
Solvay S.A., Class A . . . . . . . . . . . . . . . . . . . . . . . | 1,860 | | | 169,088 |
UCB S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,244 | | | 114,736 |
Umicore S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,115 | | | 129,881 |
| | | | 2,123,172 |
| Shares | | | Value |
Brazil-0.18% | | | | |
Adecoagro S.A.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 9,371 | $ | 61,286 |
Yamana Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 89,973 | | | 350,549 |
| | | | 411,835 |
Canada-16.38% | | | | |
Aecon Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 5,869 | | | 68,687 |
Agnico Eagle Mines Ltd. . . . . . . . . . . . . . . . . . . . . | 5,880 | | | 278,986 |
Air Canada(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,792 | | | 453,962 |
Alamos Gold, Inc., Class A . . . . . . . . . . . . . . . . . . | 20,970 | | | 122,007 |
Alimentation Couche-Tard, Inc., Class B . . . . . . . | 42,348 | | | 1,285,883 |
AltaGas Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,196 | | | 182,347 |
ARC Resources Ltd.(a) . . . . . . . . . . . . . . . . . . . . . | 28,263 | | | 122,960 |
Atco Ltd., Class I . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,977 | | | 185,680 |
B2Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35,183 | | | 140,486 |
Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 47,906 | | | 913,617 |
Baytex Energy Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 42,067 | | | 38,860 |
BCE, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,757 | | | 735,892 |
Birchcliff Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . | 23,519 | | | 26,456 |
BlackBerry Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 9,618 | | | 49,654 |
Bombardier, Inc., Class B(b) . . . . . . . . . . . . . . . . . | 101,720 | | | 72,746 |
Brookfield Asset Management, Inc., Class A . . . | 42,766 | | | 2,557,326 |
BRP, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,250 | | | 215,225 |
CAE, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,136 | | | 137,396 |
Cameco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,346 | | | 80,834 |
Canadian National Railway Co. . . . . . . . . . . . . . . | 14,875 | | | 1,260,943 |
Canadian Natural Resources Ltd. . . . . . . . . . . . . | 69,806 | | | 1,796,698 |
Canadian Pacific Railway Ltd. . . . . . . . . . . . . . . . | 2,491 | | | 617,336 |
Canadian Solar, Inc.(b). . . . . . . . . . . . . . . . . . . . . . | 4,093 | | | 83,497 |
Canadian Tire Corp. Ltd., Class A . . . . . . . . . . . . | 4,057 | | | 398,915 |
Canfor Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,992 | | | 82,922 |
Cascades, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,525 | | | 93,670 |
CCL Industries, Inc., Class B. . . . . . . . . . . . . . . . . | 3,485 | | | 115,037 |
Celestica, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,373 | | | 134,701 |
Cenovus Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . | 94,784 | | | 696,926 |
Centerra Gold, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 13,081 | | | 82,636 |
CGI, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . | 7,224 | | | 507,539 |
Chartwell Retirement Residences(a) . . . . . . . . . . | 5,263 | | | 51,087 |
Chorus Aviation, Inc.(a) . . . . . . . . . . . . . . . . . . . . . | 9,405 | | | 45,471 |
CI Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 14,222 | | | 236,159 |
Cineplex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,523 | | | 86,582 |
Cogeco Communications, Inc. . . . . . . . . . . . . . . . | 960 | | | 75,965 |
Cogeco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 829 | | | 56,903 |
Constellation Software, Inc. . . . . . . . . . . . . . . . . . | 149 | | | 151,784 |
Corus Entertainment, Inc., Class B . . . . . . . . . . . | 10,207 | | | 32,012 |
Crescent Point Energy Corp. . . . . . . . . . . . . . . . . | 92,000 | | | 250,158 |
Dollarama, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,618 | | | 165,148 |
Dorel Industries, Inc., Class B. . . . . . . . . . . . . . . . | 9,153 | | | 25,297 |
ECN Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 20,299 | | | 83,020 |
Emera, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,940 | | | 418,823 |
Empire Co. Ltd., Class A. . . . . . . . . . . . . . . . . . . . | 18,776 | | | 419,482 |
Enbridge, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 76,611 | | | 2,851,332 |
Enerflex Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,038 | | | 27,773 |
Enerplus Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,841 | | | 51,427 |
Fairfax Financial Holdings Ltd.. . . . . . . . . . . . . . . | 1,276 | | | 549,630 |
Finning International, Inc.. . . . . . . . . . . . . . . . . . . | 9,307 | | | 137,697 |
George Weston Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 6,518 | | | 490,665 |
Gibson Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 8,751 | | | 167,021 |
Gildan Activewear, Inc. . . . . . . . . . . . . . . . . . . . . . | 6,039 | | | 146,257 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Canada-(continued) | | | | |
Great Canadian Gaming Corp.(b) . . . . . . . . . . . . . | 1,759 | $ | 51,538 |
Hudbay Minerals, Inc. . . . . . . . . . . . . . . . . . . . . . . | 22,442 | | | 54,669 |
Hudsons Bay Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,612 | | | 127,120 |
Husky Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 28,092 | | | 133,727 |
Hydro One Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 14,646 | | | 293,935 |
iA Financial Corp., Inc. . . . . . . . . . . . . . . . . . . . . . | 7,748 | | | 368,771 |
IAMGOLD Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 42,454 | | | 120,814 |
IGM Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,310 | | | 88,252 |
Imperial Oil Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,593 | | | 341,400 |
Intact Financial Corp. . . . . . . . . . . . . . . . . . . . . . . | 4,287 | | | 464,645 |
Inter Pipeline Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . | 14,597 | | | 215,962 |
Interfor Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,014 | | | 62,336 |
Keyera Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,464 | | | 179,156 |
Kinross Gold Corp.(b). . . . . . . . . . . . . . . . . . . . . . . | 81,708 | | | 410,868 |
Kirkland Lake Gold Ltd. . . . . . . . . . . . . . . . . . . . . | 2,708 | | | 87,331 |
Linamar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,358 | | | 119,862 |
Loblaw Cos. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,574 | | | 573,376 |
Magna International, Inc. . . . . . . . . . . . . . . . . . . . | 36,794 | | | 1,674,485 |
Maple Leaf Foods, Inc. . . . . . . . . . . . . . . . . . . . . . | 3,484 | | | 58,086 |
Martinrea International, Inc.. . . . . . . . . . . . . . . . . | 11,161 | | | 95,617 |
MEG Energy Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 29,504 | | | 135,832 |
Methanex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,734 | | | 165,055 |
Metro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,404 | | | 366,254 |
New Gold, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 110,891 | | | 85,088 |
NFI Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,299 | | | 72,353 |
Norbord, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,507 | | | 225,928 |
North West Co., Inc. (The)(a) . . . . . . . . . . . . . . . . | 2,336 | | | 44,707 |
Nutrien Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,148 | | | 975,922 |
Onex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,855 | | | 440,982 |
Open Text Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,930 | | | 248,271 |
Pan American Silver Corp. . . . . . . . . . . . . . . . . . . | 6,801 | | | 134,617 |
Paramount Resources Ltd., Class A(b) . . . . . . . . | 10,184 | | | 32,471 |
Parkland Fuel Corp.. . . . . . . . . . . . . . . . . . . . . . . . | 7,763 | | | 244,049 |
Pembina Pipeline Corp.(a) . . . . . . . . . . . . . . . . . . . | 16,687 | | | 601,048 |
Precision Drilling Corp.(b) . . . . . . . . . . . . . . . . . . . | 32,657 | | | 40,385 |
Premium Brands Holdings Corp. . . . . . . . . . . . . . | 902 | | | 63,251 |
Quebecor, Inc., Class B. . . . . . . . . . . . . . . . . . . . . | 3,987 | | | 93,144 |
Restaurant Brands International, Inc. . . . . . . . . . | 10,018 | | | 590,400 |
Ritchie Bros Auctioneers, Inc. . . . . . . . . . . . . . . . | 1,932 | | | 76,612 |
Rogers Communications, Inc., Class B . . . . . . . . | 7,384 | | | 338,354 |
Russel Metals, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 4,442 | | | 65,190 |
Saputo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,779 | | | 160,840 |
Secure Energy Services, Inc. . . . . . . . . . . . . . . . . | 12,109 | | | 36,173 |
Seven Generations Energy Ltd., Class A(b) . . . . . | 36,342 | | | 149,445 |
Shaw Communications, Inc., Class B. . . . . . . . . . | 7,811 | | | 135,173 |
ShawCor Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,729 | | | 23,390 |
Shopify, Inc., Class A(b). . . . . . . . . . . . . . . . . . . . . | 198 | | | 91,927 |
SNC-Lavalin Group, Inc.(a) . . . . . . . . . . . . . . . . . . | 11,032 | | | 256,415 |
Spin Master Corp.(b)(c) . . . . . . . . . . . . . . . . . . . . . | 1,805 | | | 40,232 |
Stantec, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,249 | | | 126,930 |
Stars Group, Inc. (The)(b) . . . . . . . . . . . . . . . . . . . | 6,937 | | | 158,962 |
Stella-Jones, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,914 | | | 48,608 |
Suncor Energy, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 84,814 | | | 2,337,147 |
Superior Plus Corp.(a) . . . . . . . . . . . . . . . . . . . . . . | 9,184 | | | 68,623 |
Teck Resources Ltd., Class B. . . . . . . . . . . . . . . . | 46,593 | | | 468,585 |
TELUS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,659 | | | 384,640 |
TFI International, Inc. . . . . . . . . . . . . . . . . . . . . . . | 4,544 | | | 140,144 |
Thomson Reuters Corp. . . . . . . . . . . . . . . . . . . . . | 8,383 | | | 622,691 |
TORC Oil & Gas Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 16,260 | | | 39,610 |
Toromont Industries Ltd. . . . . . . . . . . . . . . . . . . . | 2,331 | | | 115,235 |
| Shares | | | Value |
Canada-(continued) | | | | |
Tourmaline Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . | 16,853 | $ | 139,987 |
TransAlta Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,672 | | | 162,255 |
Transcontinental, Inc., Class A . . . . . . . . . . . . . . | 8,418 | | | 101,717 |
Uni-Select, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,301 | | | 42,571 |
Vermilion Energy, Inc.(a) . . . . . . . . . . . . . . . . . . . . | 6,555 | | | 65,728 |
West Fraser Timber Co. Ltd. . . . . . . . . . . . . . . . . | 5,420 | | | 202,369 |
Whitecap Resources, Inc. . . . . . . . . . . . . . . . . . . . | 38,577 | | | 113,229 |
WSP Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,768 | | | 248,337 |
| | | | 37,102,343 |
Chile-0.11% | | | | |
Antofagasta PLC . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,639 | | | 64,575 |
Lundin Mining Corp. . . . . . . . . . . . . . . . . . . . . . . . | 35,504 | | | 181,176 |
| | | | 245,751 |
China-0.04% | | | | |
Fosun International Ltd. . . . . . . . . . . . . . . . . . . . . | 69,261 | | | 89,161 |
Colombia-0.09% | | | | |
Gran Tierra Energy, Inc.(b) . . . . . . . . . . . . . . . . . . | 28,924 | | | 22,194 |
Millicom International Cellular S.A., SDR . . . . . . | 2,440 | | | 111,799 |
Parex Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 5,463 | | | 74,720 |
| | | | 208,713 |
Denmark-1.13% | | | | |
Carlsberg A/S, Class B . . . . . . . . . . . . . . . . . . . . . | 1,731 | | | 228,376 |
Chr Hansen Holding A/S. . . . . . . . . . . . . . . . . . . . | 494 | | | 35,251 |
Coloplast A/S, Class B . . . . . . . . . . . . . . . . . . . . . | 765 | | | 102,820 |
Demant A/S(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,509 | | | 46,216 |
DSV Panalpina A/S . . . . . . . . . . . . . . . . . . . . . . . . | 739 | | | 74,256 |
H Lundbeck A/S. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,570 | | | 54,051 |
Novo Nordisk A/S, Class B . . . . . . . . . . . . . . . . . . | 21,520 | | | 1,272,654 |
Novozymes A/S, Class B(a). . . . . . . . . . . . . . . . . . | 2,254 | | | 114,315 |
Orsted A/S(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,287 | | | 131,782 |
Pandora A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,976 | | | 180,256 |
Rockwool International A/S, Class B . . . . . . . . . . | 196 | | | 45,316 |
Vestas Wind Systems A/S . . . . . . . . . . . . . . . . . . | 2,733 | | | 266,552 |
| | | | 2,551,845 |
Finland-0.72% | | | | |
Elisa OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,469 | | | 84,015 |
Fortum OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,960 | | | 169,902 |
Huhtamaki OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,328 | | | 54,993 |
Kesko OYJ, Class B. . . . . . . . . . . . . . . . . . . . . . . . | 2,424 | | | 163,488 |
Kone OYJ, Class B(a) . . . . . . . . . . . . . . . . . . . . . . . | 3,231 | | | 181,454 |
Metso OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,716 | | | 55,416 |
Neste OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,309 | | | 130,034 |
Nokian Renkaat OYJ(a) . . . . . . . . . . . . . . . . . . . . . | 2,117 | | | 54,833 |
Orion OYJ, Class B . . . . . . . . . . . . . . . . . . . . . . . . | 1,552 | | | 61,413 |
Outokumpu OYJ(a) . . . . . . . . . . . . . . . . . . . . . . . . | 20,103 | | | 76,305 |
Stora Enso OYJ, Class R . . . . . . . . . . . . . . . . . . . | 17,786 | | | 213,802 |
UPM-Kymmene OYJ . . . . . . . . . . . . . . . . . . . . . . . | 10,863 | | | 332,512 |
Wartsila OYJ Abp . . . . . . . . . . . . . . . . . . . . . . . . . | 5,514 | | | 57,136 |
| | | | 1,635,303 |
France-8.77% | | | | |
Accor S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,835 | | | 103,804 |
Aeroports de Paris . . . . . . . . . . . . . . . . . . . . . . . . | 316 | | | 46,548 |
Air France-KLM(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 6,088 | | | 47,124 |
Air Liquide S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,130 | | | 696,540 |
Airbus SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,692 | | | 570,619 |
Alstom S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,581 | | | 126,134 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
France-(continued) | | | | | | Germany-(continued) | | | | |
Arkema S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,619 | $ | 152,819 | Beiersdorf AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 550 | $ | 57,503 |
Atos SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,147 | | | 160,581 | Bilfinger SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,836 | | | 54,645 |
Bollore S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,382 | | | 66,587 | Brenntag AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,591 | | | 115,133 |
Bouygues S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,532 | | | 337,967 | CECONOMY AG(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 27,818 | | | 132,526 |
Capgemini SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,292 | | | 251,596 | Continental AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,891 | | | 325,783 |
Carrefour S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,122 | | | 520,155 | Covestro AG(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,803 | | | 220,554 |
Casino Guichard Perrachon S.A.(a) . . . . . . . . . . . | 6,300 | | | 244,279 | Daimler AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,412 | | | 1,260,244 |
Cie de Saint-Gobain. . . . . . . . . . . . . . . . . . . . . . . . | 17,117 | | | 606,026 | Deutsche Lufthansa AG . . . . . . . . . . . . . . . . . . . . | 12,665 | | | 162,418 |
Cie Generale des Etablissements Michelin | | | | | | Deutsche Post AG . . . . . . . . . . . . . . . . . . . . . . . . . | 14,014 | | | 417,476 |
S.C.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,887 | | | 413,731 | Deutsche Telekom AG. . . . . . . . . . . . . . . . . . . . . . | 74,946 | | | 1,219,613 |
Criteo S.A., ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,478 | | | 56,736 | E.ON SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 71,294 | | | 819,157 |
Danone S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,990 | | | 421,946 | Evonik Industries AG . . . . . . . . . . . . . . . . . . . . . . . | 3,965 | | | 97,808 |
Dassault Systemes SE. . . . . . . . . . . . . . . . . . . . . . | 397 | | | 62,415 | Freenet AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,693 | | | 71,673 |
Eiffage S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,421 | | | 257,528 | Fresenius SE & Co. KGaA . . . . . . . . . . . . . . . . . . . | 8,760 | | | 410,778 |
Electricite de France S.A. . . . . . . . . . . . . . . . . . . . | 18,700 | | | 261,667 | Fuchs Petrolub SE, Preference Shares . . . . . . . . | 1,453 | | | 55,500 |
Elis S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,688 | | | 64,512 | GEA Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,488 | | | 91,879 |
ENGIE S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 84,836 | | | 1,412,783 | Hannover Rueck SE . . . . . . . . . . . . . . . . . . . . . . . | 1,268 | | | 224,780 |
EssilorLuxottica S.A. . . . . . . . . . . . . . . . . . . . . . . . | 1,515 | | | 207,774 | HeidelbergCement AG . . . . . . . . . . . . . . . . . . . . . | 3,746 | | | 221,701 |
Faurecia S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,962 | | | 134,814 | Henkel AG& Co. KGaA, Preference Shares. . . . . | 5,083 | | | 469,038 |
Hermes International . . . . . . . . . . . . . . . . . . . . . . | 92 | | | 64,774 | HOCHTIEF AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 576 | | | 56,422 |
Iliad S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 500 | | | 69,918 | HUGO BOSS AG. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,084 | | | 47,233 |
Ingenico Group S.A. . . . . . . . . . . . . . . . . . . . . . . . | 641 | | | 90,385 | Infineon Technologies AG. . . . . . . . . . . . . . . . . . . | 9,827 | | | 204,281 |
Kering S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 376 | | | 214,807 | K+S AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,769 | | | 47,091 |
Korian S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 66,183 | KION Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . | 956 | | | 50,529 |
Lagardere S.C.A. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,040 | | | 87,164 | LANXESS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,123 | | | 110,620 |
Legrand S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,413 | | | 185,359 | Leoni AG(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,179 | | | 31,489 |
L'Oreal S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,796 | | | 480,620 | Merck KGaA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,759 | | | 452,259 |
LVMH Moet Hennessy Louis Vuitton SE . . . . . . . | 1,594 | | | 654,373 | MTU Aero Engines AG . . . . . . . . . . . . . . . . . . . . . | 337 | | | 81,947 |
Nexity S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,145 | | | 52,735 | Muenchener Rueckversicherungs-Gesellschaft | | | | |
Orange S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 64,637 | | | 872,608 | AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,155 | | | 1,054,217 |
Pernod Ricard S.A. . . . . . . . . . . . . . . . . . . . . . . . . | 1,480 | | | 239,820 | OSRAM Licht AG(b) . . . . . . . . . . . . . . . . . . . . . . . . | 3,046 | | | 156,362 |
Peugeot S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22,015 | | | 427,132 | ProSiebenSat.1 Media SE. . . . . . . . . . . . . . . . . . . | 9,403 | | | 113,713 |
Publicis Groupe S.A. . . . . . . . . . . . . . . . . . . . . . . . | 3,882 | | | 149,416 | Rheinmetall AG . . . . . . . . . . . . . . . . . . . . . . . . . . . | 690 | | | 62,814 |
Rallye S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,157 | | | 108,271 | RWE AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,271 | | | 695,670 |
Renault S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,311 | | | 275,993 | Salzgitter AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,552 | | | 42,055 |
Rexel S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,481 | | | 165,291 | SAP SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,302 | | | 649,723 |
Rubis S.C.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,290 | | | 69,941 | Schaeffler AG, Preference Shares. . . . . . . . . . . . | 22,673 | | | 200,593 |
Safran S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,779 | | | 384,149 | Symrise AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 641 | | | 62,122 |
Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,841 | | | 2,009,872 | Telefonica Deutschland Holding AG . . . . . . . . . . | 27,181 | | | 70,795 |
Schneider Electric SE . . . . . . . . . . . . . . . . . . . . . . | 8,992 | | | 911,927 | Uniper SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,571 | | | 369,654 |
SCOR SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,179 | | | 221,252 | United Internet AG . . . . . . . . . . . . . . . . . . . . . . . . | 1,648 | | | 49,333 |
SEB S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 360 | | | 47,988 | Volkswagen AG, Preference Shares . . . . . . . . . . | 16,351 | | | 2,668,608 |
Sodexo S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,545 | | | 149,164 | | | | | 16,811,870 |
SPIE S.A | 3,738 | | | 71,655 | | | | |
| | Ghana-0.01% | | | | |
Suez . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,078 | | | 205,140 | | | | |
| | Tullow Oil PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 27,420 | | | 12,055 |
Teleperformance . . . . . . . . . . . . . . . . . . . . . . . . . . | 396 | | | 96,192 | | |
| | Hong Kong-0.92% | | | | |
Thales S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,132 | | | 114,220 | | | | |
TOTAL S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59,566 | | | 2,539,655 | CK Hutchison Holdings Ltd. . . . . . . . . . . . . . . . . . | 77,358 | | | 678,110 |
Ubisoft Entertainment S.A.(b). . . . . . . . . . . . . . . . | 651 | | | 48,856 | CLP Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,300 | | | 287,729 |
Valeo S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,359 | | | 215,043 | HKT Trust & HKT Ltd. . . . . . . . . . . . . . . . . . . . . . . | 56,736 | | | 85,101 |
Vinci S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,453 | | | 855,540 | Hong Kong & China Gas Co. Ltd. (The) . . . . . . . . | 55,754 | | | 107,807 |
Vivendi S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,869 | | | 406,071 | Li & Fung Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 750,115 | | | 62,306 |
Wendel S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 702 | | | 85,623 | Melco Resorts & Entertainment Ltd., ADR . . . . . | 13,791 | | | 239,136 |
| | | | | | MTR Corp. Ltd | 19,840 | | | 112,315 |
| | | | 19,861,822 | | |
| | | | NWS Holdings Ltd | 26,395 | | | 32,599 |
Germany-7.42% | | | | | | | |
| | | | | PCCW Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 115,633 | | | 69,750 |
adidas AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,193 | | | 330,736 | | |
| | Swire Pacific Ltd., Class A . . . . . . . . . . . . . . . . . . | 12,950 | | | 117,678 |
Aurubis AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,109 | | | 99,157 | | |
| | Techtronic Industries Co. Ltd. . . . . . . . . . . . . . . . | 11,047 | | | 90,326 |
BASF SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,885 | | | 1,278,269 | | |
| | WH Group Ltd.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 191,525 | | | 196,629 |
Bayer AG | 19,406 | | | 1,397,969 | | | | | |
| | | | | | 2,079,486 |
| | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Indonesia-0.04% | | | | |
First Pacific Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 183,087 | $ | 51,658 |
Golden Agri-Resources Ltd. . . . . . . . . . . . . . . . . . | 298,623 | | | 42,540 |
| | | | 94,198 |
Ireland-0.31% | | | | |
Cimpress PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 851 | | | 99,065 |
Kerry Group PLC, Class A . . . . . . . . . . . . . . . . . . | 885 | | | 110,899 |
Ryanair Holdings PLC, ADR(b) . . . . . . . . . . . . . . . | 4,388 | | | 314,532 |
Smurfit Kappa Group PLC . . . . . . . . . . . . . . . . . . | 5,329 | | | 178,263 |
| | | | 702,759 |
Israel-0.13% | | | | |
Check Point Software Technologies Ltd.(b) . . . . | 2,894 | | | 300,397 |
Italy-1.74% | | | | |
A2A S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37,374 | | | 65,098 |
Atlantia S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,581 | | | 183,231 |
Enel S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 215,246 | | | 1,793,403 |
Eni S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 87,595 | | | 1,078,979 |
Hera S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,193 | | | 69,059 |
Leonardo S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,333 | | | 105,613 |
Saipem S.p.A.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,022 | | | 68,783 |
Saras S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 44,612 | | | 52,422 |
Societa Cattolica di Assicurazioni SC . . . . . . . . . | 13,255 | | | 96,397 |
Telecom Italia S.p.A.(b) . . . . . . . . . . . . . . . . . . . . . | 783,292 | | | 433,302 |
| | | | 3,946,287 |
Japan-17.12% | | | | |
Aeon Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 29,312 | | | 545,097 |
AGC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,847 | | | 195,244 |
Aisin Seiki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 6,844 | | | 217,090 |
Alfresa Holdings Corp. . . . . . . . . . . . . . . . . . . . . . | 6,074 | | | 108,673 |
Alps Alpine Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 5,115 | | | 78,670 |
ANA Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 3,124 | | | 83,975 |
Asahi Group Holdings Ltd. . . . . . . . . . . . . . . . . . . | 5,017 | | | 192,505 |
Astellas Pharma, Inc. . . . . . . . . . . . . . . . . . . . . . . | 31,746 | | | 497,788 |
Bandai Namco Holdings, Inc. . . . . . . . . . . . . . . . . | 1,793 | | | 89,066 |
Bridgestone Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 15,112 | | | 503,171 |
Brother Industries Ltd. . . . . . . . . . . . . . . . . . . . . . | 5,227 | | | 93,956 |
Canon, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,600 | | | 542,794 |
Central Japan Railway Co. . . . . . . . . . . . . . . . . . . | 1,926 | | | 316,283 |
Chugai Pharmaceutical Co. Ltd.. . . . . . . . . . . . . . | 808 | | | 87,403 |
Chugoku Electric Power Co., Inc. (The) . . . . . . . | 11,517 | | | 153,774 |
Coca-Cola Bottlers Japan Holdings, Inc.. . . . . . . | 2,324 | | | 54,038 |
Dai Nippon Printing Co. Ltd.. . . . . . . . . . . . . . . . . | 7,419 | | | 180,696 |
Daicel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,465 | | | 72,676 |
Daiichi Sankyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . | 4,287 | | | 260,952 |
Daikin Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . | 2,242 | | | 304,426 |
Daito Trust Construction Co. Ltd. . . . . . . . . . . . . | 1,425 | | | 146,679 |
Daiwa House Industry Co. Ltd. . . . . . . . . . . . . . . | 13,379 | | | 368,348 |
Denso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,987 | | | 465,659 |
Dentsu Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 4,560 | | | 118,332 |
East Japan Railway Co. . . . . . . . . . . . . . . . . . . . . | 6,089 | | | 468,486 |
Ebara Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,224 | | | 52,642 |
Eisai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,364 | | | 173,711 |
Electric Power Development Co. Ltd. . . . . . . . . . | 6,203 | | | 132,730 |
FamilyMart Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 2,155 | | | 47,399 |
FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,824 | | | 301,859 |
Fast Retailing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 237 | | | 116,784 |
Fuji Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 2,398 | | | 65,255 |
FUJIFILM Holdings Corp. . . . . . . . . . . . . . . . . . . . | 7,235 | | | 352,220 |
Fujikura Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,384 | | | 55,427 |
| Shares | | | Value |
Japan-(continued) | | | | |
Fujitsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,810 | $ | 613,123 |
Furukawa Electric Co. Ltd. . . . . . . . . . . . . . . . . . . | 3,105 | | | 67,951 |
H2O Retailing Corp. . . . . . . . . . . . . . . . . . . . . . . . | 5,823 | | | 44,752 |
Hanwa Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,627 | | | 74,022 |
Haseko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,743 | | | 111,235 |
Hitachi Construction Machinery Co. Ltd. . . . . . . | 2,601 | | | 63,646 |
Hitachi Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 31,180 | | | 1,045,822 |
Hitachi Metals Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 6,427 | | | 93,673 |
Hokuriku Electric Power Co.(b) . . . . . . . . . . . . . . . | 11,327 | | | 77,121 |
Honda Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 66,684 | | | 1,704,399 |
Hoya Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,901 | | | 257,097 |
IHI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,177 | | | 129,191 |
Iida Group Holdings Co. Ltd. . . . . . . . . . . . . . . . . | 3,486 | | | 46,996 |
INPEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,503 | | | 265,524 |
ITOCHU Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37,894 | | | 861,443 |
J Front Retailing Co. Ltd. . . . . . . . . . . . . . . . . . . . | 7,834 | | | 82,878 |
Japan Airlines Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 3,320 | | | 82,203 |
Japan Tobacco, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 17,919 | | | 355,344 |
JFE Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 24,419 | | | 225,077 |
JSR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,925 | | | 86,030 |
JTEKT Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,819 | | | 85,394 |
JXTG Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 171,441 | | | 686,673 |
Kajima Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,898 | | | 127,598 |
Kamigumi Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 2,147 | | | 41,146 |
Kaneka Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,587 | | | 42,533 |
Kansai Electric Power Co., Inc. (The) . . . . . . . . . | 32,310 | | | 350,660 |
Kao Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,387 | | | 246,480 |
Kawasaki Heavy Industries Ltd.. . . . . . . . . . . . . . | 6,534 | | | 117,750 |
Kawasaki Kisen Kaisha Ltd.(b) . . . . . . . . . . . . . . . . | 6,424 | | | 71,726 |
KDDI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,060 | | | 482,100 |
Keio Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 838 | | | 40,174 |
Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 522 | | | 168,402 |
Kikkoman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,085 | | | 50,103 |
Kintetsu Group Holdings Co. Ltd. . . . . . . . . . . . . | 2,584 | | | 111,442 |
Kirin Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 13,106 | | | 250,989 |
Kobe Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,999 | | | 107,160 |
Koito Manufacturing Co. Ltd.. . . . . . . . . . . . . . . . | 1,291 | | | 52,025 |
Komatsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,179 | | | 344,865 |
Konica Minolta, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 14,040 | | | 76,979 |
K's Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 6,312 | | | 69,460 |
Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,191 | | | 226,757 |
Kuraray Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,753 | | | 90,661 |
Kyushu Electric Power Co., Inc.. . . . . . . . . . . . . . | 21,604 | | | 156,172 |
Lawson, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,332 | | | 71,530 |
LIXIL Group Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 13,944 | | | 208,520 |
Marubeni Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 94,659 | | | 625,800 |
Maruha Nichiro Corp. . . . . . . . . . . . . . . . . . . . . . . | 1,716 | | | 36,484 |
Mazda Motor Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 28,708 | | | 198,107 |
Medipal Holdings Corp. . . . . . . . . . . . . . . . . . . . . . | 8,160 | | | 148,588 |
MINEBEA MITSUMI, Inc. . . . . . . . . . . . . . . . . . . . . | 5,935 | | | 103,965 |
Mitsubishi Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 43,997 | | | 1,093,479 |
Mitsubishi Estate Co. Ltd.. . . . . . . . . . . . . . . . . . . | 10,563 | | | 182,031 |
Mitsubishi Gas Chemical Co., Inc. . . . . . . . . . . . . | 5,910 | | | 88,820 |
Mitsubishi Materials Corp. . . . . . . . . . . . . . . . . . . | 6,039 | | | 137,189 |
Mitsui & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 55,677 | | | 916,773 |
Mitsui Chemicals, Inc. . . . . . . . . . . . . . . . . . . . . . . | 6,247 | | | 134,412 |
Mitsui E&S Holdings Co. Ltd.(b) . . . . . . . . . . . . . . | 7,683 | | | 54,844 |
Mitsui Fudosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 11,157 | | | 258,453 |
Mitsui Mining & Smelting Co. Ltd. . . . . . . . . . . . . | 2,583 | | | 61,493 |
MS&AD Insurance Group Holdings, Inc. . . . . . . . | 20,970 | | | 674,320 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Japan-(continued) | | | | | | Japan-(continued) | | | | |
Murata Manufacturing Co. Ltd. . . . . . . . . . . . . . . | 6,005 | $ | 322,286 | Suntory Beverage & Food Ltd.. . . . . . . . . . . . . . . | 1,800 | $ | 68,416 |
Nagase & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,741 | | | 44,789 | Suzuken Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,047 | | | 67,494 |
Nagoya Railroad Co. Ltd. . . . . . . . . . . . . . . . . . . . | 2,977 | | | 77,598 | Suzuki Motor Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 8,222 | | | 335,105 |
NEC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,437 | | | 277,587 | Sysmex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 708 | | | 45,215 |
NGK Insulators Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 5,116 | | | 80,022 | Taiheiyo Cement Corp. . . . . . . . . . . . . . . . . . . . . . | 3,807 | | | 93,407 |
NGK Spark Plug Co. Ltd. . . . . . . . . . . . . . . . . . . . | 3,563 | | | 58,201 | Taisho Pharmaceutical Holdings Co. Ltd. . . . . . . | 633 | | | 38,671 |
NHK Spring Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 8,854 | | | 67,103 | Takashimaya Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 7,899 | | | 73,592 |
Nikon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,257 | | | 84,404 | Takeda Pharmaceutical Co. Ltd. . . . . . . . . . . . . . | 15,997 | | | 555,321 |
Nippon Electric Glass Co. Ltd. . . . . . . . . . . . . . . . | 2,686 | | | 45,026 | TDK Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,557 | | | 245,704 |
Nippon Express Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 1,318 | | | 62,858 | Teijin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,315 | | | 103,430 |
Nippon Paper Industries Co. Ltd.. . . . . . . . . . . . . | 5,554 | | | 80,172 | Tobu Railway Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 3,408 | | | 102,642 |
Nippon Sheet Glass Co. Ltd.. . . . . . . . . . . . . . . . . | 8,463 | | | 37,805 | Tokio Marine Holdings, Inc. . . . . . . . . . . . . . . . . . | 16,615 | | | 889,536 |
Nippon Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 40,027 | | | 448,432 | Tokyo Electric Power Co. Holdings, Inc.(b) . . . . . | 130,351 | | | 494,081 |
Nippon Steel Trading Corp. . . . . . . . . . . . . . . . . . | 1,516 | | | 61,324 | Tokyu Fudosan Holdings Corp. . . . . . . . . . . . . . . | 15,104 | | | 95,024 |
Nippon Yusen KK. . . . . . . . . . . . . . . . . . . . . . . . . . | 11,541 | | | 163,966 | Toray Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . | 34,633 | | | 200,577 |
Nissan Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 123,640 | | | 528,973 | Toshiba Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,364 | | | 333,951 |
Nitori Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 599 | | | 83,004 | Toyota Industries Corp. . . . . . . . . . . . . . . . . . . . . | 3,589 | | | 188,951 |
Nitto Denko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,914 | | | 195,148 | Toyota Tsusho Corp.. . . . . . . . . . . . . . . . . . . . . . . | 10,941 | | | 328,724 |
Nomura Real Estate Holdings, Inc. . . . . . . . . . . . | 2,974 | | | 64,780 | Unicharm Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,654 | | | 86,068 |
Nomura Research Institute Ltd. . . . . . . . . . . . . . | 3,501 | | | 77,738 | West Japan Railway Co. . . . . . . . . . . . . . . . . . . . . | 3,126 | | | 220,473 |
NSK Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,943 | | | 98,303 | Yamada Denki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 23,177 | | | 111,169 |
Obayashi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,078 | | | 191,585 | Yamato Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . | 2,908 | | | 45,640 |
Odakyu Electric Railway Co. Ltd.. . . . . . . . . . . . . | 2,857 | | | 55,008 | Yaskawa Electric Corp. . . . . . . . . . . . . . . . . . . . . . | 1,716 | | | 53,367 |
Oji Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 28,137 | | | 133,336 | Yokogawa Electric Corp.. . . . . . . . . . . . . . . . . . . . | 2,778 | | | 45,274 |
Olympus Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,603 | | | 137,506 | Yokohama Rubber Co. Ltd. (The) . . . . . . . . . . . . | 3,451 | | | 55,818 |
Omron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,602 | | | 139,909 | Z Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 45,367 | | | 164,000 |
Ono Pharmaceutical Co. Ltd | 3,983 | | | 81,267 | | | | | 38,777,805 |
Oriental Land Co. Ltd | 654 | | | 74,153 | | | | |
| | Luxembourg-0.30% | | | | |
ORIX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,565 | | | 647,369 | | | | |
| | ArcelorMittal S.A. . . . . . . . . . . . . . . . . . . . . . . . . . | 34,191 | | | 495,937 |
Osaka Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 10,946 | | | 176,452 | | |
| | Orion Engineered Carbons S.A. . . . . . . . . . . . . . . | 2,707 | | | 38,467 |
Otsuka Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . | 6,307 | | | 237,536 | | |
| | Tenaris S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,242 | | | 65,335 |
Panasonic Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 81,791 | | | 777,563 | | |
| | Ternium S.A., ADR . . . . . . . . . . . . . . . . . . . . . . . . | 4,259 | | | 75,384 |
Persol Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 2,324 | | | 30,665 | | |
| | | | | | 675,123 |
Rakuten, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,236 | | | 77,016 | | | | |
Recruit Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . | 6,441 | | | 223,646 | Macau-0.06% | | | | |
Renesas Electronics Corp.(b) . . . . . . . . . . . . . . . . | 13,690 | | | 81,909 | Galaxy Entertainment Group Ltd. . . . . . . . . . . . . | 19,783 | | | 132,146 |
Ricoh Co. Ltd | 23,128 | | | 214,231 | Netherlands-3.33% | | | | |
| | | | | |
Rohm Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,797 | | | 117,346 | | | | |
| | Akzo Nobel N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,223 | | | 257,464 |
Santen Pharmaceutical Co. Ltd. . . . . . . . . . . . . . | 3,409 | | | 54,739 | | |
| | ASM International N.V. . . . . . . . . . . . . . . . . . . . . . | 855 | | | 99,757 |
Secom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,405 | | | 190,429 | | |
| | ASML Holding N.V. . . . . . . . . . . . . . . . . . . . . . . . . | 1,875 | | | 516,718 |
Seibu Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 3,954 | | | 55,806 | | |
| | EXOR N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,514 | | | 818,660 |
Seiko Epson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 7,481 | | | 105,457 | | |
| | Heineken N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,285 | | | 227,997 |
Sekisui House Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 15,912 | | | 311,482 | | |
| | Koninklijke BAM Groep N.V. . . . . . . . . . . . . . . . . . | 13,868 | | | 38,227 |
Seven & i Holdings Co. Ltd. . . . . . . . . . . . . . . . . . | 18,370 | | | 627,263 | | |
| | Koninklijke DSM N.V.. . . . . . . . . . . . . . . . . . . . . . . | 1,887 | | | 212,625 |
Sharp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,795 | | | 78,758 | | |
| | Koninklijke KPN N.V. . . . . . . . . . . . . . . . . . . . . . . . | 76,435 | | | 185,828 |
Shimano, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 448 | | | 62,564 | | |
| | Koninklijke Philips N.V. . . . . . . . . . . . . . . . . . . . . . | 11,165 | | | 477,537 |
Shiseido Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,588 | | | 96,530 | | |
| | NXP Semiconductors N.V. . . . . . . . . . . . . . . . . . . | 14,540 | | | 1,653,053 |
Showa Denko K.K. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,394 | | | 72,861 | | |
| | Randstad N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,303 | | | 170,540 |
SoftBank Group Corp.. . . . . . . . . . . . . . . . . . . . . . | 11,843 | | | 545,588 | | |
| | Royal Dutch Shell PLC, Class A . . . . . . . . . . . . . . | 118,590 | | | 2,585,364 |
Sojitz Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 55,160 | | | 158,869 | | |
| | Signify N.V.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,084 | | | 121,479 |
Sompo Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 9,717 | | | 357,411 | Wolters Kluwer N.V. . . . . . . . . . . . . . . . . . . . . . . . | 2,277 | | | 166,519 |
Stanley Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 2,497 | | | 60,667 | | |
| | | | | | 7,531,768 |
Subaru Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,071 | | | 412,554 | | | | |
SUMCO Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,471 | | | 67,383 | New Zealand-0.11% | | | | |
Sumitomo Chemical Co. Ltd. . . . . . . . . . . . . . . . . | 57,358 | | | 207,838 | Contact Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 14,288 | | | 59,448 |
Sumitomo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,501 | | | 578,084 | Fletcher Building Ltd. . . . . . . . . . . . . . . . . . . . . . . | 29,731 | | | 95,969 |
Sumitomo Electric Industries Ltd. . . . . . . . . . . . . | 28,719 | | | 340,877 | Spark New Zealand Ltd. . . . . . . . . . . . . . . . . . . . . | 33,813 | | | 93,510 |
Sumitomo Forestry Co. Ltd. . . . . . . . . . . . . . . . | 5,614 | | | 83,312 | | | | | 248,927 |
Sumitomo Realty & Development Co. Ltd | 3,409 | | | 107,547 | | | | |
| | | | | | |
Sumitomo Rubber Industries Ltd. . . . . . . . . . . . . | 7,797 | | | 80,728 | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Norway-0.14% | | | | |
Gjensidige Forsikring ASA . . . . . . . . . . . . . . . . . . | 5,965 | $ | 120,775 |
Mowi ASA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,702 | | | 98,990 |
Orkla ASA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,376 | | | 103,288 |
| | | | 323,053 |
Portugal-0.30% | | | | |
EDP - Energias de Portugal S.A. . . . . . . . . . . . . . | 80,371 | | | 373,401 |
Galp Energia SGPS S.A. . . . . . . . . . . . . . . . . . . . . | 11,269 | | | 153,917 |
Jeronimo Martins SGPS S.A. . . . . . . . . . . . . . . . . | 5,642 | | | 99,041 |
Sonae SGPS S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . | 79,733 | | | 62,276 |
| | | | 688,635 |
Russia-0.30% | | | | |
Evraz PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,787 | | | 37,973 |
VEON Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . | 239,603 | | | 474,414 |
Yandex N.V., Class A(b). . . . . . . . . . . . . . . . . . . . . | 4,143 | | | 168,247 |
| | | | 680,634 |
Singapore-0.40% | | | | |
ComfortDelGro Corp. Ltd. . . . . . . . . . . . . . . . . . . | 39,734 | | | 55,923 |
Genting Singapore Ltd. . . . . . . . . . . . . . . . . . . . . . | 89,328 | | | 52,648 |
Keppel Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 31,500 | | | 143,714 |
Sembcorp Industries Ltd. . . . . . . . . . . . . . . . . . . . | 28,200 | | | 37,387 |
Singapore Airlines Ltd. . . . . . . . . . . . . . . . . . . . . . | 19,038 | | | 110,018 |
Singapore Technologies Engineering Ltd. . . . . . | 18,791 | | | 56,697 |
Singapore Telecommunications Ltd.. . . . . . . . . . | 136,155 | | | 294,080 |
Wilmar International Ltd. . . . . . . . . . . . . . . . . . . . | 55,694 | | | 158,419 |
| | | | 908,886 |
South Africa-0.21% | | | | |
Anglo American PLC. . . . . . . . . . . . . . . . . . . . . . . | 20,677 | | | 478,669 |
South Korea-6.36% | | | | |
CJ CheilJedang Corp. . . . . . . . . . . . . . . . . . . . . . . | 320 | | | 64,852 |
CJ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,284 | | | 86,106 |
Daelim Industrial Co. Ltd.(b) . . . . . . . . . . . . . . . . . | 1,039 | | | 61,943 |
DB Insurance Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 2,729 | | | 98,111 |
Doosan Heavy Industries & Construction Co. | | | | |
Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,802 | | | 103,801 |
E-MART, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,039 | | | 91,484 |
GS Engineering & Construction Corp. . . . . . . . . . | 2,299 | | | 49,627 |
GS Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,293 | | | 78,440 |
Hankook Tire & Technology Co. Ltd.. . . . . . . . . . | 2,487 | | | 52,967 |
Hanwha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,055 | | | 220,038 |
Hanwha Solutions Corp. . . . . . . . . . . . . . . . . . . . . | 4,600 | | | 67,482 |
Hyosung Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 782 | | | 44,621 |
Hyundai Engineering & Construction Co. Ltd. . . | 2,778 | | | 79,261 |
Hyundai Glovis Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 457 | | | 46,612 |
Hyundai Marine & Fire Insurance Co. Ltd. . . . . . | 4,743 | | | 87,935 |
Hyundai Mobis Co. Ltd.. . . . . . . . . . . . . . . . . . . . . | 2,023 | | | 353,512 |
Hyundai Motor Co. . . . . . . . . . . . . . . . . . . . . . . . . | 7,871 | | | 752,731 |
Hyundai Steel Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 5,568 | | | 109,196 |
Kia Motors Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,930 | | | 360,582 |
Korea Electric Power Corp.(b) . . . . . . . . . . . . . . . | 26,611 | | | 471,318 |
Korea Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,915 | | | 67,790 |
Korea Shipbuilding & Offshore Engineering Co. | | | | |
Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,000 | | | 170,911 |
Korea Zinc Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . | 156 | | | 53,559 |
Korean Air Lines Co. Ltd.(b) . . . . . . . . . . . . . . . . . | 3,302 | | | 61,637 |
Korean Reinsurance Co. . . . . . . . . . . . . . . . . . . . . | 7,289 | | | 49,097 |
KT Corp., ADR(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,718 | | | 142,029 |
KT&G Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,702 | | | 118,150 |
| Shares | | | Value |
South Korea-(continued) | | | | |
LG Chem Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 893 | $ | 276,712 |
LG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,123 | | | 118,824 |
LG Display Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . | 18,732 | | | 209,422 |
LG Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 6,128 | | | 306,615 |
LG Household & Health Care Ltd. . . . . . . . . . . . . | 51 | | | 52,221 |
LG International Corp.. . . . . . . . . . . . . . . . . . . . . . | 4,092 | | | 38,257 |
LG Uplus Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,651 | | | 83,525 |
Lotte Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . | 530 | | | 81,685 |
Lotte Shopping Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 855 | | | 67,828 |
LS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,439 | | | 43,051 |
NAVER Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 909 | | | 132,117 |
POSCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,238 | | | 681,007 |
Posco International Corp.. . . . . . . . . . . . . . . . . . . | 3,997 | | | 49,454 |
Samsung C&T Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,782 | | | 156,606 |
Samsung Electro-Mechanics Co. Ltd. . . . . . . . . . | 978 | | | 103,895 |
Samsung Electronics Co. Ltd. . . . . . . . . . . . . . . . | 133,586 | | | 6,043,433 |
Samsung Fire & Marine Insurance Co. Ltd.. . . . . | 919 | | | 149,825 |
Samsung Heavy Industries Co. Ltd.(b). . . . . . . . . | 11,736 | | | 56,935 |
Samsung SDI Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 586 | | | 146,448 |
Samsung SDS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 335 | | | 46,361 |
SK Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 2,007 | | | 319,593 |
SK Hynix, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,483 | | | 828,835 |
SK Innovation Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 2,040 | | | 190,940 |
SK Networks Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 12,520 | | | 45,142 |
SK Telecom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 1,072 | | | 188,128 |
Woongjin Coway Co. Ltd. . . . . . . . . . . . . . . . . . . . | 804 | | | 45,875 |
| | | | 14,406,526 |
Spain-1.96% | | | | |
Acciona S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 530 | | | 66,894 |
Aena SME S.A.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 642 | | | 102,827 |
Amadeus IT Group S.A. . . . . . . . . . . . . . . . . . . . . | 2,483 | | | 175,051 |
Distribuidora Internacional de Alimentacion | | | | |
S.A.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 300,343 | | | 25,964 |
Endesa S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,448 | | | 293,423 |
Ferrovial S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,873 | | | 167,780 |
Grifols S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,477 | | | 111,362 |
Iberdrola S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 115,231 | | | 1,312,322 |
Industria de Diseno Textil S.A.. . . . . . . . . . . . . . . | 9,413 | | | 291,507 |
Mapfre S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 44,248 | | | 99,158 |
Naturgy Energy Group S.A. . . . . . . . . . . . . . . . . . | 6,567 | | | 152,909 |
Repsol S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 50,012 | | | 564,930 |
Telefonica S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 183,356 | | | 1,079,543 |
| | | | 4,443,670 |
Sweden-1.55% | | | | |
Alfa Laval AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,205 | | | 72,124 |
Atlas Copco AB, Class A(a) . . . . . . . . . . . . . . . . . . | 9,848 | | | 350,345 |
Boliden AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,326 | | | 111,805 |
Electrolux AB, Series B . . . . . . . . . . . . . . . . . . . . . | 6,250 | | | 124,828 |
Hennes & Mauritz AB, Class B(a) . . . . . . . . . . . . . | 16,680 | | | 299,069 |
Hexagon AB, Class B. . . . . . . . . . . . . . . . . . . . . . . | 1,942 | | | 103,593 |
Husqvarna AB, Class B . . . . . . . . . . . . . . . . . . . . . | 7,231 | | | 48,192 |
ICA Gruppen AB(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,847 | | | 68,439 |
NCC AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,664 | | | 64,281 |
Peab AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,087 | | | 60,654 |
Sandvik AB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,405 | | | 187,980 |
Securitas AB, Class B . . . . . . . . . . . . . . . . . . . . . . | 6,068 | | | 82,018 |
Skanska AB, Class B . . . . . . . . . . . . . . . . . . . . . . . | 11,381 | | | 247,962 |
SKF AB, Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,491 | | | 148,733 |
SSAB AB, Class A(a) . . . . . . . . . . . . . . . . . . . . . . . | 27,536 | | | 84,661 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Sweden-(continued) | | | | |
Swedish Match AB. . . . . . . . . . . . . . . . . . . . . . . . . | 1,741 | $ | 101,009 |
Tele2 AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . | 6,214 | | | 89,657 |
Telefonaktiebolaget LM Ericsson, Class B . . . . . | 49,717 | | | 393,219 |
Telia Co. AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 65,099 | | | 257,059 |
Trelleborg AB, Class B . . . . . . . . . . . . . . . . . . . . . | 5,473 | | | 84,253 |
Volvo AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . | 33,703 | | | 521,443 |
| | | | 3,501,324 |
Switzerland-6.13% | | | | |
ABB Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,217 | | | 715,535 |
Adecco Group AG . . . . . . . . . . . . . . . . . . . . . . . . . | 5,092 | | | 274,282 |
Aryzta AG(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 64,102 | | | 54,881 |
Chocoladefabriken Lindt & Spruengli AG, PC(a) . | 15 | | | 116,957 |
Cie Financiere Richemont S.A.. . . . . . . . . . . . . . . | 6,744 | | | 461,642 |
Clariant AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,073 | | | 64,635 |
Coca-Cola HBC AG . . . . . . . . . . . . . . . . . . . . . . . . | 1,949 | | | 61,845 |
DKSH Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . | 825 | | | 46,784 |
Dufry AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 787 | | | 57,377 |
Geberit AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 254 | | | 126,952 |
Georg Fischer AG. . . . . . . . . . . . . . . . . . . . . . . . . . | 72 | | | 62,141 |
Givaudan S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 60 | | | 186,332 |
Glencore PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 448,918 | | | 1,144,309 |
Kuehne + Nagel International AG . . . . . . . . . . . . | 894 | | | 130,593 |
LafargeHolcim Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 9,335 | | | 434,237 |
Lonza Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . | 377 | | | 150,169 |
Nestle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,336 | | | 3,132,792 |
Novartis AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,845 | | | 2,580,987 |
Pargesa Holding S.A., BR . . . . . . . . . . . . . . . . . . . | 1,152 | | | 84,918 |
Partners Group Holding AG . . . . . . . . . . . . . . . . . | 99 | | | 86,261 |
Roche Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . | 8,038 | | | 2,611,416 |
Schindler Holding AG, PC . . . . . . . . . . . . . . . . . . . | 927 | | | 207,894 |
SGS S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 47 | | | 116,746 |
Sika AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 973 | | | 173,275 |
Sonova Holding AG . . . . . . . . . . . . . . . . . . . . . . . . | 355 | | | 84,738 |
STMicroelectronics N.V. . . . . . . . . . . . . . . . . . . . . | 8,702 | | | 240,193 |
Swatch Group AG (The), BR . . . . . . . . . . . . . . . . . | 980 | | | 226,424 |
Swisscom AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 451 | | | 239,828 |
| | | | 13,874,143 |
United Kingdom-12.22% | | | | |
Admiral Group PLC . . . . . . . . . . . . . . . . . . . . . . . . | 2,340 | | | 63,666 |
Aggreko PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,776 | | | 50,973 |
Ashtead Group PLC. . . . . . . . . . . . . . . . . . . . . . . . | 2,996 | | | 93,424 |
Associated British Foods PLC . . . . . . . . . . . . . . . | 4,765 | | | 138,314 |
AstraZeneca PLC. . . . . . . . . . . . . . . . . . . . . . . . . . | 11,217 | | | 978,170 |
Babcock International Group PLC . . . . . . . . . . . . | 17,199 | | | 99,336 |
BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 61,022 | | | 481,871 |
Balfour Beatty PLC . . . . . . . . . . . . . . . . . . . . . . . . | 25,254 | | | 79,988 |
Barratt Developments PLC. . . . . . . . . . . . . . . . . . | 19,057 | | | 186,499 |
Beazley PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,382 | | | 50,608 |
Bellway PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,845 | | | 88,644 |
Berkeley Group Holdings PLC . . . . . . . . . . . . . . . | 2,255 | | | 138,164 |
BP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 580,406 | | | 2,995,020 |
British American Tobacco PLC . . . . . . . . . . . . . . | 35,511 | | | 1,405,862 |
BT Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 262,766 | | | 483,709 |
Bunzl PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,769 | | | 115,480 |
Burberry Group PLC . . . . . . . . . . . . . . . . . . . . . . . | 4,811 | | | 104,704 |
Capita PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 57,736 | | | 95,627 |
Centrica PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 420,634 | | | 393,139 |
CNH Industrial N.V. . . . . . . . . . . . . . . . . . . . . . . . . | 27,396 | | | 256,516 |
Coca-Cola European Partners PLC . . . . . . . . . . . | 6,124 | | | 312,079 |
| Shares | | | Value |
United Kingdom-(continued) | | | | |
Compass Group PLC . . . . . . . . . . . . . . . . . . . . . . . | 18,774 | $ | 410,636 |
Croda International PLC . . . . . . . . . . . . . . . . . . . . | 795 | | | 46,443 |
Daily Mail and General Trust PLC, Class A . . . . . | 5,868 | | | 55,831 |
DCC PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,758 | | | 125,969 |
Diageo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,544 | | | 548,411 |
Direct Line Insurance Group PLC . . . . . . . . . . . . | 40,830 | | | 161,222 |
Dixons Carphone PLC . . . . . . . . . . . . . . . . . . . . . . | 73,309 | | | 116,900 |
Drax Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,006 | | | 59,345 |
DS Smith PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22,324 | | | 90,743 |
Firstgroup PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 67,692 | | | 101,853 |
G4S PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,622 | | | 89,150 |
GlaxoSmithKline PLC. . . . . . . . . . . . . . . . . . . . . . . | 63,737 | | | 1,279,536 |
Hays PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 31,481 | | | 56,280 |
IMI PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,122 | | | 53,866 |
Imperial Brands PLC . . . . . . . . . . . . . . . . . . . . . . . | 21,714 | | | 437,924 |
Inchcape PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,210 | | | 127,082 |
Informa PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,347 | | | 83,066 |
InterContinental Hotels Group PLC . . . . . . . . . . . | 1,775 | | | 97,356 |
International Consolidated Airlines Group S.A. . | 86 | | | 536 |
International Consolidated Airlines Group S.A., | | | | |
ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,047 | | | 317,773 |
Intertek Group PLC . . . . . . . . . . . . . . . . . . . . . . . . | 1,075 | | | 73,109 |
ITV PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 88,040 | | | 132,481 |
J Sainsbury PLC . . . . . . . . . . . . . . . . . . . . . . . . . . | 126,716 | | | 319,705 |
Janus Henderson Group PLC. . . . . . . . . . . . . . . . | 11,212 | | | 237,694 |
John Wood Group PLC . . . . . . . . . . . . . . . . . . . . . | 15,869 | | | 75,388 |
Kier Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,717 | | | 18,439 |
Kingfisher PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 97,738 | | | 239,230 |
Liberty Global PLC, Class C(b) . . . . . . . . . . . . . . . | 52,028 | | | 967,201 |
Man Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 35,617 | | | 67,365 |
Manchester United PLC, Class A . . . . . . . . . . . . . | 2,909 | | | 50,878 |
Marks & Spencer Group PLC . . . . . . . . . . . . . . . . | 72,539 | | | 148,781 |
Meggitt PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,242 | | | 92,484 |
Melrose Industries PLC . . . . . . . . . . . . . . . . . . . . . | 75,922 | | | 206,405 |
Mondi PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,406 | | | 169,491 |
National Grid PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 81,456 | | | 1,028,217 |
Next PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,460 | | | 193,724 |
Nomad Foods Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . | 5,582 | | | 103,044 |
Pearson PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,677 | | | 140,867 |
Pennon Group PLC . . . . . . . . . . . . . . . . . . . . . . . . | 7,662 | | | 106,370 |
Persimmon PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,753 | | | 210,507 |
Petrofac Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,240 | | | 54,629 |
Playtech PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,510 | | | 33,880 |
Reckitt Benckiser Group PLC . . . . . . . . . . . . . . . . | 7,145 | | | 525,407 |
RELX PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,482 | | | 421,161 |
Rentokil Initial PLC . . . . . . . . . . . . . . . . . . . . . . . . | 10,583 | | | 65,954 |
Rolls-Royce Holdings PLC. . . . . . . . . . . . . . . . . . . | 26,361 | | | 211,684 |
Royal Mail PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 72,197 | | | 150,806 |
RSA Insurance Group PLC . . . . . . . . . . . . . . . . . . | 18,140 | | | 121,038 |
Saga PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 170,370 | | | 71,139 |
Sage Group PLC (The) . . . . . . . . . . . . . . . . . . . . . | 7,798 | | | 69,196 |
Severn Trent PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 4,057 | | | 128,685 |
Signature Aviation PLC. . . . . . . . . . . . . . . . . . . . . | 12,392 | | | 44,672 |
Smith & Nephew PLC . . . . . . . . . . . . . . . . . . . . . . | 7,216 | | | 160,962 |
Smiths Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 5,553 | | | 110,141 |
SSE PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37,942 | | | 746,557 |
Subsea 7 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,789 | | | 68,025 |
Tate & Lyle PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,607 | | | 69,165 |
Taylor Wimpey PLC . . . . . . . . . . . . . . . . . . . . . . . . | 64,906 | | | 169,692 |
Tesco PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 253,424 | | | 745,729 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
United Kingdom-(continued) | | | | |
Thomas Cook Group PLC(a)(b)(d) . . . . . . . . . . . . . | 511,753 | $ | 0 |
Travis Perkins PLC . . . . . . . . . . . . . . . . . . . . . . . . | 6,928 | | | 130,655 |
Unilever N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,030 | | | 1,272,804 |
Unilever PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,786 | | | 1,430,761 |
Vodafone Group PLC . . . . . . . . . . . . . . . . . . . . . . | 1,474,062 | | | 2,564,595 |
Weir Group PLC (The). . . . . . . . . . . . . . . . . . . . . . | 3,112 | | | 52,557 |
Whitbread PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,149 | | | 107,919 |
William Hill PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 36,190 | | | 69,390 |
WM Morrison Supermarkets PLC(a) . . . . . . . . . . . | 103,799 | | | 229,252 |
WPP PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,161 | | | 390,151 |
| | | | 27,669,701 |
United States-5.09% | | | | |
Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,431 | | | 921,648 |
Atlassian Corp. PLC, Class A(b) . . . . . . . . . . . . . . | 549 | | | 79,583 |
Bausch Health Cos., Inc.(b) . . . . . . . . . . . . . . . . . . | 16,058 | | | 355,768 |
Brightsphere Investment Group, Inc. . . . . . . . . . | 5,079 | | | 47,489 |
Capri Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . | 6,832 | | | 176,402 |
Carnival PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,020 | | | 407,504 |
Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,857 | | | 2,734,831 |
Constellium SE(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,086 | | | 125,066 |
Cott Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,823 | | | 96,727 |
Delphi Technologies PLC(b). . . . . . . . . . . . . . . . . . | 13,206 | | | 186,469 |
Flex Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 36,866 | | | 409,581 |
Garmin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,699 | | | 238,565 |
IHS Markit Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,092 | | | 647,714 |
International Game Technology PLC. . . . . . . . . . | 6,426 | | | 68,373 |
James Hardie Industries PLC, CDI. . . . . . . . . . . . | 4,090 | | | 73,619 |
LivaNova PLC(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,062 | | | 74,043 |
LyondellBasell Industries N.V., Class A. . . . . . . . | 18,584 | | | 1,328,013 |
Masonite International Corp.(b) . . . . . . . . . . . . . . | 1,787 | | | 131,344 |
Mellanox Technologies Ltd.(b) . . . . . . . . . . . . . . . | 572 | | | 68,308 |
Mylan N.V.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,865 | | | 702,469 |
Pentair PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,120 | | | 319,847 |
Resolute Forest Products, Inc.(b) . . . . . . . . . . . . . | 19,232 | | | 51,157 |
Samsonite International S.A.(c) . . . . . . . . . . . . . . | 23,263 | | | 40,882 |
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
SDR-Swedish Depository Receipt
| Shares | | | Value |
United States-(continued) | | | | |
Sensata Technologies Holding PLC(b) . . . . . . . . . | 4,925 | $ | 200,940 |
TE Connectivity Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 10,927 | | | 905,520 |
Venator Materials PLC(b) . . . . . . . . . . . . . . . . . . . | 11,486 | | | 30,668 |
Waste Connections, Inc. . . . . . . . . . . . . . . . . . . . . | 4,309 | | | 414,866 |
Willis Towers Watson PLC . . . . . . . . . . . . . . . . . . | 3,597 | | | 680,732 |
| | | | 11,518,128 |
Total Common Stocks & Other Equity Interests | | | | |
(Cost $244,004,376). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 225,443,587 |
Money Market Funds-0.22%
Invesco Premier U.S. Government Money | | |
Portfolio, Institutional Class, 1.46%(e) | | |
(Cost $487,055) . . . . . . . . . . . . . . . . . . . . . . . . | 487,055 | 487,055 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral | |
from securities on loan)-99.77% | | |
(Cost $244,491,431). . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 225,930,642 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.84%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(e)(f) . . . . . . . . . . . . . | 3,133,774 | 3,133,774 | |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . | 1,027,612 | 1,028,126 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $4,161,797) . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 4,161,900 | |
TOTAL INVESTMENTS IN SECURITIES-101.61% | | | |
(Cost $248,653,228). . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | 230,092,542 | |
OTHER ASSETS LESS LIABILITIES-(1.61)% . . . . . | . . . . . . . . . . | (3,639,210) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . . | $226,453,332 | |
| | | |
Notes to Schedule of Investments:
(a)All or a portion of this security was out on loan at February 29, 2020.
(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 February 29, 2020 was $1,148,320, which represented less than 1% of the Fund's Net Assets.
(d)Security valued using significant unobservable inputs (Level 3). See Note 4.
(e)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Industrials | 15.81 |
Consumer Discretionary | 12.44 |
| |
Materials | 11.85 |
Consumer Staples | 10.61 |
| |
Energy | 10.46 |
Information Technology | 8.76 |
| |
Health Care | 8.35 |
Financials | 7.16 |
| |
Communication Services | 6.89 |
Utilities | 6.53 |
| |
Real Estate | 0.69 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.45 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)
February 29, 2020
(Unaudited)
Schedule of Investments
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.71% | | |
Argentina-0.08% | | | | |
Globant S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 98 | | $ | 11,075 |
Australia-5.23% | | | | |
A2B Australia Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,136 | | | 6,426 |
Accent Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,599 | | | 4,893 |
Adelaide Brighton Ltd.(b). . . . . . . . . . . . . . . . . . . . . . | 4,810 | | | 9,304 |
ALS Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,380 | | | 18,218 |
Ansell Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,440 | | | 27,482 |
AP Eagers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,455 | | | 14,056 |
Aristocrat Leisure Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 1,329 | | | 28,371 |
Asaleo Care Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,132 | | | 6,859 |
Australian Pharmaceutical Industries Ltd.. . . . . . . . | 16,091 | | | 12,398 |
Beach Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,717 | | | 9,864 |
Breville Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 456 | | | 5,718 |
CIMIC Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 936 | | | 14,387 |
Cleanaway Waste Management Ltd. . . . . . . . . . . . . | 13,986 | | | 20,470 |
Cochlear Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 150 | | | 20,076 |
Costa Group Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . | 4,371 | | | 8,342 |
CSR Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,401 | | | 25,397 |
Estia Health Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,613 | | | 8,186 |
Evolution Mining Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 7,273 | | | 18,945 |
Flight Centre Travel Group Ltd.(b) . . . . . . . . . . . . . . | 522 | | | 10,979 |
G8 Education Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,510 | | | 4,725 |
GrainCorp Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . | 4,395 | | | 22,103 |
Harvey Norman Holdings Ltd. . . . . . . . . . . . . . . . . . | 9,212 | | | 22,035 |
Iluka Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,726 | | | 14,658 |
InvoCare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 730 | | | 6,825 |
IOOF Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,296 | | | 4,738 |
JB Hi-Fi Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,331 | | | 31,572 |
MACA Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,311 | | | 8,304 |
Magellan Financial Group Ltd. . . . . . . . . . . . . . . . . . | 144 | | | 5,177 |
Mineral Resources Ltd.(b) . . . . . . . . . . . . . . . . . . . . . | 1,496 | | | 15,963 |
Monadelphous Group Ltd.. . . . . . . . . . . . . . . . . . . . . | 1,277 | | | 11,873 |
Myer Holdings Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . | 32,830 | | | 7,197 |
New Hope Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,382 | | | 3,151 |
Nine Entertainment Co. Holdings Ltd.. . . . . . . . . . . | 10,327 | | | 10,553 |
Northern Star Resources Ltd. . . . . . . . . . . . . . . . . . | 1,919 | | | 16,654 |
Nufarm Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,594 | | | 11,841 |
Orora Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,885 | | | 22,680 |
OZ Minerals Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,611 | | | 20,954 |
Pact Group Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . | 4,169 | | | 5,336 |
Pendal Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,114 | | | 5,315 |
Perenti Global Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,122 | | | 6,199 |
Platinum Asset Management Ltd.(b) . . . . . . . . . . . . | 1,715 | | | 4,500 |
Premier Investments Ltd. . . . . . . . . . . . . . . . . . . . . . | 953 | | | 10,360 |
Qube Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,212 | | | 21,108 |
REA Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 164 | | | 10,396 |
Regis Resources Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 3,586 | | | 9,318 |
Resolute Mining Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . | 10,322 | | | 6,788 |
Sandfire Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . | 2,191 | | | 6,018 |
Seven Group Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . | 969 | | | 10,977 |
Sigma Healthcare Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 42,854 | | | 15,335 |
St Barbara Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,626 | | | 5,494 |
Star Entertainment Group Ltd. (The) . . . . . . . . . . . | 8,944 | | | 21,048 |
Super Retail Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 2,112 | | | 11,043 |
Tassal Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,424 | | | 8,499 |
Village Roadshow Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 2,987 | | | 6,760 |
| Shares | | | Value |
Australia-(continued) | | | | |
Vocus Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,312 | $ | 9,564 |
Whitehaven Coal Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 7,174 | | | 9,251 |
Worley Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,204 | | | 17,791 |
WPP AUNZ Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . | 20,374 | | | 7,947 |
| | | | 720,421 |
Austria-0.36% | | | | |
ams AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 381 | | | 12,993 |
Oesterreichische Post AG(b) . . . . . . . . . . . . . . . . . . . | 459 | | | 14,571 |
Porr AG(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 459 | | | 8,107 |
Semperit AG Holding(a) . . . . . . . . . . . . . . . . . . . . . . . | 458 | | | 5,484 |
Zumtobel Group AG(a) . . . . . . . . . . . . . . . . . . . . . . . . | 1,100 | | | 8,700 |
| | | | 49,855 |
Belgium-1.08% | | | | |
AGFA-Gevaert N.V.(a). . . . . . . . . . . . . . . . . . . . . . . . . | 4,128 | | | 18,083 |
Barco N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 71 | | | 15,115 |
bpost S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,900 | | | 15,461 |
Dieteren S.A./N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 430 | | | 24,939 |
Econocom Group S.A./N.V. . . . . . . . . . . . . . . . . . . . | 2,952 | | | 8,210 |
Greenyard N.V.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,060 | | | 8,961 |
Ontex Group N.V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 905 | | | 13,520 |
Orange Belgium S.A. . . . . . . . . . . . . . . . . . . . . . . . . . | 592 | | | 11,185 |
Recticel S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 808 | | | 5,964 |
Telenet Group Holding N.V. . . . . . . . . . . . . . . . . . . . | 283 | | | 10,731 |
Tessenderlo Group S.A.(a) . . . . . . . . . . . . . . . . . . . . . | 370 | | | 11,095 |
Viohalco S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,053 | | | 5,931 |
| | | | 149,195 |
Canada-5.98% | | | | |
Ag Growth International, Inc. . . . . . . . . . . . . . . . . . . | 324 | | | 9,334 |
AGF Management Ltd., Class B . . . . . . . . . . . . . . . . | 4,186 | | | 19,022 |
Aimia, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,316 | | | 12,792 |
Alcanna, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,430 | | | 3,611 |
Altus Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 302 | | | 10,097 |
Athabasca Oil Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 29,468 | | | 7,903 |
ATS Automation Tooling Systems, Inc.(a) . . . . . . . . | 1,331 | | | 17,778 |
AutoCanada, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,097 | | | 26,071 |
Badger Daylighting Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 421 | | | 9,848 |
Bird Construction, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 3,016 | | | 13,166 |
Calfrac Well Services Ltd.(a)(b) . . . . . . . . . . . . . . . . . | 8,189 | | | 4,270 |
Canaccord Genuity Group, Inc.. . . . . . . . . . . . . . . . . | 7,042 | | | 26,283 |
Canada Goose Holdings, Inc.(a). . . . . . . . . . . . . . . . . | 229 | | | 6,312 |
Canfor Pulp Products, Inc. . . . . . . . . . . . . . . . . . . . . | 1,523 | | | 8,112 |
Capstone Mining Corp.(a) . . . . . . . . . . . . . . . . . . . . . | 35,218 | | | 16,791 |
Cardinal Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 7,472 | | | 10,743 |
CES Energy Solutions Corp.(b) . . . . . . . . . . . . . . . . . | 9,889 | | | 14,955 |
Clearwater Seafoods, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,784 | | | 6,246 |
Colliers International Group, Inc. . . . . . . . . . . . . . . . | 314 | | | 25,450 |
Computer Modelling Group Ltd. . . . . . . . . . . . . . . . . | 1,087 | | | 5,644 |
DIRTT Environmental Solutions(a) . . . . . . . . . . . . . . | 1,145 | | | 2,064 |
Dundee Precious Metals, Inc.(a) . . . . . . . . . . . . . . . . | 5,272 | | | 20,619 |
Enghouse Systems Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 447 | | | 16,950 |
Ensign Energy Services, Inc.. . . . . . . . . . . . . . . . . . . | 5,767 | | | 9,022 |
Exchange Income Corp.. . . . . . . . . . . . . . . . . . . . . . . | 907 | | | 27,588 |
Extendicare, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,174 | | | 18,325 |
Fiera Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,732 | | | 13,948 |
FirstService Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 206 | | | 20,438 |
Fortuna Silver Mines, Inc.(a) . . . . . . . . . . . . . . . . . . . | 6,407 | | | 18,758 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Canada-(continued) | | | | |
Guyana Goldfields, Inc.(a) . . . . . . . . . . . . . . . . . . . . . | 14,560 | $ | 4,067 |
High Liner Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,462 | | | 8,027 |
Horizon North Logistics, Inc. . . . . . . . . . . . . . . . . . . | 5,385 | | | 3,249 |
Intertape Polymer Group, Inc. . . . . . . . . . . . . . . . . . | 1,463 | | | 15,465 |
Just Energy Group, Inc. . . . . . . . . . . . . . . . . . . . . . . | 6,057 | | | 5,776 |
Kelt Exploration Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . | 3,658 | | | 8,720 |
Magellan Aerospace Corp. . . . . . . . . . . . . . . . . . . . . | 654 | | | 5,569 |
Medical Facilities Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,555 | | | 3,661 |
Morneau Shepell, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 862 | | | 21,281 |
MTY Food Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 223 | | | 8,519 |
Mullen Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,409 | | | 19,936 |
NuVista Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . | 8,801 | | | 12,982 |
Pason Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 835 | | | 7,657 |
Pretium Resources, Inc.(a) . . . . . . . . . . . . . . . . . . . . | 2,839 | | | 20,198 |
Quarterhill, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,695 | | | 11,724 |
Recipe Unlimited Corp. . . . . . . . . . . . . . . . . . . . . . . . | 940 | | | 11,274 |
Rogers Sugar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,339 | | | 15,968 |
SEMAFO, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,832 | | | 11,557 |
Sienna Senior Living, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,423 | | | 18,138 |
Sierra Wireless, Inc.(a)(b) . . . . . . . . . . . . . . . . . . . . . . | 1,256 | | | 9,768 |
Sleep Country Canada Holdings, Inc.(c) . . . . . . . . . . | 835 | | | 11,365 |
SSR Mining, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,010 | | | 31,445 |
Stelco Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,131 | | | 6,016 |
Tamarack Valley Energy Ltd.(a) . . . . . . . . . . . . . . . . | 10,518 | | | 10,108 |
TMAC Resources, Inc.(a)(c) . . . . . . . . . . . . . . . . . . . . | 1,227 | | | 1,463 |
Torex Gold Resources, Inc.(a) . . . . . . . . . . . . . . . . . . | 2,421 | | | 32,067 |
Transat AT, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,865 | | | 31,631 |
Trevali Mining Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 64,640 | | | 6,742 |
Trican Well Service Ltd.(a) . . . . . . . . . . . . . . . . . . . . . | 23,223 | | | 15,051 |
Wajax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,316 | | | 12,911 |
Western Forest Products, Inc.(b) . . . . . . . . . . . . . . . | 18,896 | | | 15,062 |
Westshore Terminals Investment Corp.(b) . . . . . . . . | 962 | | | 10,098 |
Winpak Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 431 | | | 14,118 |
| | | | 823,753 |
China-0.74% | | | | |
BYD Electronic International Co. Ltd. . . . . . . . . . . . | 9,421 | | | 17,650 |
CGN New Energy Holdings Co. Ltd. . . . . . . . . . . . . . | 44,801 | | | 6,841 |
COSCO SHIPPING International Hong Kong Co. | | | | |
Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62,211 | | | 18,361 |
Kerry Logistics Network Ltd. . . . . . . . . . . . . . . . . . . | 8,581 | | | 12,266 |
Road King Infrastructure Ltd. . . . . . . . . . . . . . . . . . . | 5,925 | | | 10,112 |
Sinotruk Hong Kong Ltd.. . . . . . . . . . . . . . . . . . . . . . | 7,565 | | | 14,464 |
Towngas China Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . | 13,679 | | | 7,934 |
VSTECS Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 29,917 | | | 14,204 |
| | | | 101,832 |
Colombia-0.07% | | | | |
Frontera Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,745 | | | 9,867 |
Denmark-1.39% | | | | |
ALK-Abello A/S(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 34 | | | 8,621 |
D/S Norden A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 742 | | | 8,529 |
FLSmidth & Co. A/S . . . . . . . . . . . . . . . . . . . . . . . . . . | 545 | | | 18,409 |
Genmab A/S(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 71 | | | 15,884 |
GN Store Nord A/S . . . . . . . . . . . . . . . . . . . . . . . . . . | 575 | | | 31,695 |
Matas A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 960 | | | 7,902 |
NKT A/S(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 795 | | | 19,375 |
NNIT A/S(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 361 | | | 5,508 |
Per Aarsleff Holding A/S. . . . . . . . . . . . . . . . . . . . . . | 427 | | | 12,453 |
Schouw & Co. A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . | 196 | | | 14,636 |
| Shares | | | Value |
Denmark-(continued) | | | | |
Topdanmark A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 553 | $ | 23,849 |
Tryg A/S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 24,050 |
| | | | 190,911 |
Egypt-0.21% | | | | |
Centamin PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,177 | | | 28,292 |
Finland-1.42% | | | | |
Bittium OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,488 | | | 9,071 |
Cargotec OYJ, Class B . . . . . . . . . . . . . . . . . . . . . . . | 664 | | | 18,964 |
Caverion OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,492 | | | 10,358 |
Ferratum OYJ(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 257 | | | 2,879 |
Kemira OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,691 | | | 21,305 |
Konecranes OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 561 | | | 16,410 |
Lehto Group OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 956 | | | 2,048 |
Outotec OYJ(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,027 | | | 10,233 |
Sanoma OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,242 | | | 14,025 |
Stockmann OYJ Abp, Class B(a) . . . . . . . . . . . . . . . . | 4,918 | | | 13,965 |
TietoEVRY OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 21,827 |
Uponor OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 994 | | | 12,939 |
Valmet OYJ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,020 | | | 23,932 |
YIT OYJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,678 | | | 17,709 |
| | | | 195,665 |
France-3.48% | | | | |
Akka Technologies(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 92 | | | 5,083 |
Albioma S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 353 | | | 11,478 |
Altran Technologies S.A.(b) . . . . . . . . . . . . . . . . . . . . | 1,514 | | | 24,164 |
Beneteau S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 469 | | | 4,407 |
Bonduelle S.C.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 395 | | | 8,895 |
CGG S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,979 | | | 26,669 |
Cie des Alpes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 330 | | | 8,337 |
Cie Plastic Omnium S.A. . . . . . . . . . . . . . . . . . . . . . . | 795 | | | 17,430 |
Dassault Aviation S.A. . . . . . . . . . . . . . . . . . . . . . . . . | 21 | | | 21,660 |
Derichebourg S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,942 | | | 9,798 |
Elior Group S.A.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,085 | | | 26,040 |
Eramet(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 166 | | | 5,365 |
Fnac Darty S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 248 | | | 11,202 |
Gaztransport Et Technigaz S.A. . . . . . . . . . . . . . . . . | 102 | | | 8,975 |
Imerys S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 482 | | | 18,573 |
Innate Pharma S.A.(a)(b) . . . . . . . . . . . . . . . . . . . . . . | 523 | | | 3,651 |
Ipsen S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 135 | | | 8,690 |
Ipsos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 695 | | | 21,261 |
JCDecaux S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 726 | | | 16,587 |
Kaufman & Broad S.A.. . . . . . . . . . . . . . . . . . . . . . . . | 323 | | | 12,865 |
LISI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 245 | | | 7,562 |
Maisons du Monde S.A.(c) . . . . . . . . . . . . . . . . . . . . . | 496 | | | 6,031 |
Mersen S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 318 | | | 9,257 |
Metropole Television S.A. . . . . . . . . . . . . . . . . . . . . . | 814 | | | 11,901 |
Nexans S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 760 | | | 34,395 |
Quadient . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,110 | | | 23,557 |
Societe BIC S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 299 | | | 17,982 |
Sopra Steria Group . . . . . . . . . . . . . . . . . . . . . . . . . . | 218 | | | 34,890 |
Tarkett S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 528 | | | 8,468 |
Technicolor S.A.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 19,720 | | | 5,147 |
Television Francaise 1. . . . . . . . . . . . . . . . . . . . . . . . | 2,097 | | | 15,951 |
Vicat S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 409 | | | 15,904 |
Vilmorin & Cie S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 139 | | | 6,130 |
Worldline S.A.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 143 | | | 10,815 |
| | | | 479,120 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Germany-4.15% | | | | |
AIXTRON SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 368 | $ | 3,700 |
Amadeus Fire AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 87 | | | 12,041 |
AURELIUS Equity Opportunities SE & Co. KGaA. . . | 438 | | | 12,692 |
Bechtle AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 184 | | | 24,032 |
Bertrandt AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 139 | | | 6,482 |
CANCOM SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 223 | | | 10,822 |
CTS Eventim AG& Co. KGaA. . . . . . . . . . . . . . . . . . . | 283 | | | 14,872 |
Deutz AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,383 | | | 6,456 |
Draegerwerk AG& Co. KGaA, Preference Shares. . | 239 | | | 15,292 |
Duerr AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 521 | | | 16,110 |
ElringKlinger AG(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,395 | | | 9,255 |
Fielmann AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 402 | | | 27,819 |
Fraport AG Frankfurt Airport Services Worldwide . | 312 | | | 19,514 |
Gerresheimer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 277 | | | 19,869 |
Heidelberger Druckmaschinen AG(a)(b) . . . . . . . . . . | 8,271 | | | 7,232 |
Hella GmbH & Co. KGaA . . . . . . . . . . . . . . . . . . . . . . | 492 | | | 20,180 |
Jungheinrich AG, Preference Shares . . . . . . . . . . . | 831 | | | 16,549 |
Kloeckner & Co. SE . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,624 | | | 25,274 |
Krones AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 197 | | | 12,248 |
KSB SE & Co. KGaA, Preference Shares . . . . . . . . . | 39 | | | 11,652 |
MLP SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,508 | | | 13,444 |
Nordex SE(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 795 | | | 9,283 |
Norma Group SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 308 | | | 10,048 |
Puma SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 275 | | | 20,904 |
QSC AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,745 | | | 5,859 |
Rational AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14 | | | 9,342 |
RHOEN-KLINIKUM AG . . . . . . . . . . . . . . . . . . . . . . . . | 717 | | | 14,177 |
RIB Software SE(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 205 | | | 6,526 |
SAF-Holland SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 764 | | | 4,633 |
Sartorius AG, Preference Shares . . . . . . . . . . . . . . . | 79 | | | 17,963 |
Scout24 AG(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 444 | | | 28,873 |
Siltronic AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 172 | | | 15,904 |
Sixt SE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 68 | | | 5,886 |
SMA Solar Technology AG(a) . . . . . . . . . . . . . . . . . . | 255 | | | 8,582 |
Stabilus S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 143 | | | 7,615 |
STO SE & Co. KGaA, Preference Shares . . . . . . . . . | 95 | | | 9,757 |
Stroeer SE & Co. KGaA . . . . . . . . . . . . . . . . . . . . . . . | 150 | | | 11,031 |
Suedzucker AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,359 | | | 21,004 |
Takkt AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 553 | | | 6,961 |
Trivago N.V., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,301 | | | 4,188 |
Wacker Chemie AG . . . . . . . . . . . . . . . . . . . . . . . . . . | 199 | | | 13,876 |
Wirecard AG(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 159 | | | 20,076 |
Zalando SE(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 316 | | | 13,721 |
| | | | 571,744 |
Hong Kong-1.34% | | | | |
ASM Pacific Technology Ltd. . . . . . . . . . . . . . . . . . . | 2,416 | | | 28,630 |
Cafe de Coral Holdings Ltd. . . . . . . . . . . . . . . . . . . . | 5,419 | | | 11,877 |
Cathay Pacific Airways Ltd.(b) . . . . . . . . . . . . . . . . . | 12,847 | | | 16,518 |
Cosmopolitan International Holdings Ltd.(a) . . . . . . | 13,606 | | | 2,095 |
Esprit Holdings Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 70,492 | | | 11,759 |
Giordano International Ltd.. . . . . . . . . . . . . . . . . . . . | 28,774 | | | 6,757 |
Hutchison Telecommunications Hong Kong | | | | |
Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,837 | | | 7,668 |
Luk Fook Holdings International Ltd.. . . . . . . . . . . . | 4,191 | | | 10,218 |
Melco International Development Ltd.. . . . . . . . . . . | 9,812 | | | 20,069 |
Pacific Basin Shipping Ltd. . . . . . . . . . . . . . . . . . . . . | 73,286 | | | 10,909 |
Pacific Textiles Holdings Ltd. . . . . . . . . . . . . . . . . . . | 18,148 | | | 11,341 |
Television Broadcasts Ltd. . . . . . . . . . . . . . . . . . . . . | 7,605 | | | 10,774 |
Texhong Textile Group Ltd. . . . . . . . . . . . . . . . . . . . | 5,901 | | | 6,217 |
| Shares | | | Value |
Hong Kong-(continued) | | | | |
Truly International Holdings Ltd.(a) . . . . . . . . . . . . . | 84,494 | $ | 11,384 |
VTech Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,137 | | | 18,688 |
| | | | 184,904 |
Ireland-0.57% | | | | |
Dalata Hotel Group PLC . . . . . . . . . . . . . . . . . . . . . . | 1,299 | | | 5,936 |
Glanbia PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,182 | | | 13,698 |
Greencore Group PLC . . . . . . . . . . . . . . . . . . . . . . . . | 5,992 | | | 16,019 |
Kingspan Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 556 | | | 34,842 |
Origin Enterprises PLC . . . . . . . . . . . . . . . . . . . . . . . | 2,501 | | | 7,692 |
| | | | 78,187 |
Israel-0.29% | | | | |
Ituran Location and Control Ltd. . . . . . . . . . . . . . . . | 357 | | | 8,172 |
Plus500 Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,679 | | | 20,365 |
Wix.com Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 86 | | | 11,526 |
| | | | 40,063 |
Italy-1.88% | | | | |
ACEA S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 603 | | | 12,545 |
ASTM S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 496 | | | 12,215 |
Autogrill S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,887 | | | 15,131 |
Brunello Cucinelli S.p.A. . . . . . . . . . . . . . . . . . . . . . . | 133 | | | 4,383 |
Davide Campari-Milano S.p.A. . . . . . . . . . . . . . . . . . | 1,955 | | | 16,192 |
De Longhi S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 509 | | | 8,722 |
Fincantieri S.p.A.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,319 | | | 5,764 |
IMMSI S.p.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,472 | | | 6,977 |
Iren S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,946 | | | 24,474 |
Italmobiliare S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 722 | | | 20,818 |
Maire Tecnimont S.p.A.(b) . . . . . . . . . . . . . . . . . . . . . | 3,029 | | | 7,712 |
MARR S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 424 | | | 7,825 |
Mediaset S.p.A.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,295 | | | 14,611 |
Moncler S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 385 | | | 14,895 |
OVS S.p.A.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,608 | | | 9,086 |
Piaggio & C S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,736 | | | 6,504 |
PRADA S.p.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,089 | | | 13,275 |
Recordati S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 422 | | | 17,930 |
Safilo Group S.p.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 5,088 | | | 5,511 |
Salini Impregilo S.p.A.(a) . . . . . . . . . . . . . . . . . . . . . . | 4,949 | | | 7,236 |
Salvatore Ferragamo S.p.A. . . . . . . . . . . . . . . . . . . . | 298 | | | 4,678 |
Sogefi S.p.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,681 | | | 5,517 |
Tods S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 129 | | | 4,401 |
Zignago Vetro S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . | 907 | | | 12,314 |
| | | | 258,716 |
Ivory Coast-0.20% | | | | |
Endeavour Mining Corp.(a) . . . . . . . . . . . . . . . . . . . . | 1,568 | | | 27,684 |
Japan-37.48% | | | | |
ABC-Mart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 235 | | | 13,420 |
Achilles Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 930 | | | 14,709 |
Adastria Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 322 | | | 5,224 |
ADEKA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,553 | | | 20,488 |
Advantest Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 772 | | | 35,177 |
Aeon Delight Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 424 | | | 12,932 |
Aeon Mall Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,214 | | | 17,231 |
Aica Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 465 | | | 13,773 |
Aichi Steel Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 616 | | | 17,110 |
Ain Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 165 | | | 9,545 |
Aisan Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 2,005 | | | 11,580 |
Alpen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 871 | | | 12,888 |
Anritsu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 746 | | | 12,269 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Japan-(continued) | | | | | | Japan-(continued) | | | | |
AOKI Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,236 | $ | 10,405 | Geo Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,045 | $ | 11,364 |
Aoyama Trading Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 1,203 | | | 13,439 | GNI Group Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 390 | | | 4,653 |
Arata Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 599 | | | 22,935 | Godo Steel Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 509 | | | 11,656 |
Ariake Japan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 117 | | | 7,463 | GS Yuasa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,333 | | | 23,567 |
Aruhi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 218 | | | 3,201 | G-Tekt Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 851 | | | 10,280 |
Asahi Diamond Industrial Co. Ltd. . . . . . . . . . . . . . . | 2,086 | | | 10,192 | GungHo Online Entertainment, Inc. . . . . . . . . . . . . . | 475 | | | 7,517 |
Asahi Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 435 | | | 9,893 | Gunze Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 293 | | | 10,404 |
Asahi Intecc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 326 | | | 7,816 | Gurunavi, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,119 | | | 7,532 |
Asics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,923 | | | 20,662 | H.I.S. Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 510 | | | 10,071 |
ASKUL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 302 | | | 8,511 | Hamakyorex Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 261 | | | 6,811 |
Ateam, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 361 | | | 2,597 | Hamamatsu Photonics K.K.. . . . . . . . . . . . . . . . . . . . | 726 | | | 28,168 |
Autobacs Seven Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 1,234 | | | 15,822 | Happinet Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 749 | | | 7,992 |
Axial Retailing, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 385 | | | 12,260 | Hazama Ando Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,315 | | | 24,310 |
Belc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 295 | | | 14,167 | Heiwa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 726 | | | 13,556 |
Benesse Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 1,025 | | | 26,436 | Hibiya Engineering Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 890 | | | 14,464 |
Bic Camera, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,738 | | | 15,355 | Hisamitsu Pharmaceutical Co., Inc. . . . . . . . . . . . . . | 443 | | | 19,857 |
Canon Marketing Japan, Inc. . . . . . . . . . . . . . . . . . . | 791 | | | 18,289 | Hitachi Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 927 | | | 39,146 |
Capcom Co Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 500 | | | 13,619 | Hitachi High-Technologies Corp. . . . . . . . . . . . . . . . | 574 | | | 42,412 |
Casio Computer Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 2,108 | | | 36,291 | Hitachi Transport System Ltd. . . . . . . . . . . . . . . . . . | 678 | | | 18,266 |
Cawachi Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 748 | | | 13,925 | Hitachi Zosen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,779 | | | 20,091 |
Central Glass Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 828 | | | 15,752 | Hokuto Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 973 | | | 16,580 |
Chiyoda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 953 | | | 10,752 | Hoshizaki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 296 | | | 25,082 |
Chiyoda Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,659 | | | 13,131 | Hosiden Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,156 | | | 9,988 |
Chugoku Marine Paints Ltd. . . . . . . . . . . . . . . . . . . . | 1,085 | | | 9,284 | House Foods Group, Inc.. . . . . . . . . . . . . . . . . . . . . . | 564 | | | 16,654 |
CI Takiron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,910 | | | 10,996 | Ichikoh Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 2,930 |
Citizen Watch Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 5,861 | | | 23,202 | IDOM Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,040 | | | 9,683 |
Cleanup Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,477 | | | 11,987 | Inaba Denki Sangyo Co. Ltd.. . . . . . . . . . . . . . . . . . . | 1,116 | | | 24,738 |
cocokara fine, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 365 | | | 16,767 | Ines Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,247 | | | 17,041 |
Colowide Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 576 | | | 9,479 | Iseki & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,070 | | | 11,428 |
COMSYS Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . | 1,213 | | | 29,958 | Ishihara Sangyo Kaisha Ltd. . . . . . . . . . . . . . . . . . . . | 739 | | | 4,905 |
CyberAgent, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 377 | | | 14,312 | Itochu Enex Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,489 | | | 19,429 |
Daido Steel Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 575 | | | 20,923 | Itochu Techno-Solutions Corp. . . . . . . . . . . . . . . . . . | 757 | | | 21,012 |
Daifuku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 359 | | | 21,367 | Itochu-Shokuhin Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 484 | | | 20,125 |
Daihen Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338 | | | 8,877 | Itoki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,830 | | | 9,393 |
Daiichi Jitsugyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 618 | | | 19,108 | Iwatani Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 866 | | | 28,461 |
Daiichikosho Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 405 | | | 16,558 | Izumi Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 438 | | | 12,032 |
Dainichiseika Color & Chemicals Manufacturing | | | | | | Japan Aviation Electronics Industry Ltd. . . . . . . . . | 1,112 | | | 17,866 |
Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 525 | | | 11,414 | Japan Petroleum Exploration Co. Ltd.. . . . . . . . . . . | 916 | | | 19,625 |
Daio Paper Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,343 | | | 17,842 | Japan Pulp & Paper Co. Ltd.. . . . . . . . . . . . . . . . . . . | 672 | | | 21,680 |
DCM Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 2,309 | | | 21,042 | Japan Wool Textile Co. Ltd. (The) . . . . . . . . . . . . . . | 1,681 | | | 13,964 |
DeNA Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,001 | | | 12,890 | Jeol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 399 | | | 10,509 |
Disco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 133 | | | 26,979 | J-Oil Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 583 | | | 21,755 |
DMG Mori Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,982 | | | 25,045 | Joshin Denki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 637 | | | 10,636 |
Doutor Nichires Holdings Co. Ltd. . . . . . . . . . . . . . . | 808 | | | 13,581 | Joyful Honda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 1,352 | | | 14,251 |
Duskin Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 860 | | | 22,244 | Juki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 831 | | | 5,300 |
EDION Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,159 | | | 26,534 | Kaga Electronics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 1,002 | | | 18,384 |
FCC Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 588 | | | 10,526 | Kaken Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . | 428 | | | 20,792 |
FP Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 215 | | | 12,916 | Kamei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,620 | | | 14,824 |
Freebit Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 229 | | | 1,433 | Kanamoto Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 636 | | | 14,086 |
Fudo Tetra Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 944 | | | 12,672 | Kanematsu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,636 | | | 28,641 |
Fuji Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,033 | | | 16,616 | Kato Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 836 | | | 23,329 |
Fuji Oil Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,474 | | | 10,302 | Keihan Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 681 | | | 27,653 |
Fuji Oil Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 540 | | | 12,541 | Keihin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,246 | | | 29,872 |
Fuji Seal International, Inc. . . . . . . . . . . . . . . . . . . . . | 356 | | | 6,340 | Keikyu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,675 | | | 25,436 |
Fujimori Kogyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 602 | | | 16,018 | Keiyo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,144 | | | 13,728 |
Fujitec Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,219 | | | 16,963 | Klab, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 576 | | | 3,252 |
Fujitsu General Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 735 | | | 14,623 | KNT-CT Holdings Co., Ltd.(a). . . . . . . . . . . . . . . . . . . | 743 | | | 6,475 |
Funai Electric Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . | 1,007 | | | 5,293 | Kobe Bussan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 384 | | | 14,009 |
Futaba Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 2,768 | | | 14,704 | Konami Holdings Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 667 | | | 24,085 |
Gakken Holdings Co., Ltd.. . . . . . . . . . . . . . . . . . . . . | 115 | | | 7,090 | Krosaki Harima Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 103 | | | 5,261 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Japan-(continued) | | | | | | Japan-(continued) | | | | |
Kumiai Chemical Industry Co. Ltd.. . . . . . . . . . . . . . | 1,114 | $ | 7,488 | Nissha Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,164 | $ | 9,097 |
Kureha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 226 | | | 11,440 | Nisshin Oillio Group Ltd. (The) . . . . . . . . . . . . . . . . . | 712 | | | 22,014 |
Kurita Water Industries Ltd. . . . . . . . . . . . . . . . . . . . | 1,130 | | | 29,281 | Nisshin Seifun Group, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,706 | | | 28,880 |
KYB Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 603 | | | 13,383 | Nissin Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 1,107 | | | 22,937 |
Kyodo Printing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 640 | | | 15,005 | Nittetsu Mining Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 362 | | | 12,904 |
Kyoritsu Maintenance Co. Ltd. . . . . . . . . . . . . . . . . . | 203 | | | 6,239 | NOF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 640 | | | 20,559 |
Kyowa Kirin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,576 | | | 37,550 | Nojima Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 870 | | | 15,494 |
Leopalace21 Corp.(a). . . . . . . . . . . . . . . . . . . . . . . . . | 9,452 | | | 28,830 | Obic Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 178 | | | 21,931 |
Life Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 712 | | | 15,519 | Oki Electric Industry Co. Ltd. . . . . . . . . . . . . . . . . . . | 2,337 | | | 25,783 |
Linical Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 339 | | | 2,671 | Okinawa Electric Power Co., Inc. (The) . . . . . . . . . . | 1,105 | | | 19,003 |
M3, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 493 | | | 12,733 | OKUMA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 289 | | | 12,271 |
Mabuchi Motor Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 599 | | | 20,797 | Okuwa Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,405 | | | 17,311 |
Maeda Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,576 | | | 23,070 | Onward Holdings Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . | 3,080 | | | 14,934 |
Makino Milling Machine Co. Ltd.. . . . . . . . . . . . . . . . | 439 | | | 14,937 | Open House Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 462 | | | 11,659 |
Marui Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,169 | | | 22,824 | Oracle Corp. Japan . . . . . . . . . . . . . . . . . . . . . . . . . . | 243 | | | 19,014 |
Maruwa Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 111 | | | 7,070 | OSJB Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,356 | | | 7,747 |
Matsumotokiyoshi Holdings Co. Ltd. . . . . . . . . . . . . | 761 | | | 24,940 | Otsuka Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 675 | | | 28,880 |
Maxell Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 904 | | | 10,803 | Outsourcing, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 649 | | | 4,735 |
McDonald's Holdings Co. Japan Ltd. . . . . . . . . . . . . | 354 | | | 14,867 | Pacific Industrial Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 771 | | | 8,406 |
Megmilk Snow Brand Co. Ltd. . . . . . . . . . . . . . . . . . | 1,061 | | | 21,394 | Pacific Metals Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 328 | | | 5,945 |
Meidensha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,158 | | | 18,616 | Paltac Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 372 | | | 15,761 |
Meitec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 296 | | | 13,995 | Paramount Bed Holdings Co. Ltd. . . . . . . . . . . . . . . | 368 | | | 14,278 |
Miraca Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 954 | | | 23,747 | Park24 Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 846 | | | 16,494 |
Mirait Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,219 | | | 16,014 | Pasona Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 536 | | | 5,501 |
MISUMI Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 972 | | | 20,519 | Penta-Ocean Construction Co. Ltd. . . . . . . . . . . . . . | 4,911 | | | 26,179 |
Mitsuba Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,473 | | | 14,031 | Pigeon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 320 | | | 10,858 |
Mitsubishi Logisnext Co. Ltd. . . . . . . . . . . . . . . . . . . | 665 | | | 8,323 | Pilot Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 327 | | | 10,656 |
Mitsubishi Paper Mills Ltd. . . . . . . . . . . . . . . . . . . . . | 2,661 | | | 9,695 | Plenus Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 764 | | | 12,091 |
Mitsubishi Shokuhin Co. Ltd. . . . . . . . . . . . . . . . . . . | 1,206 | | | 29,327 | Pola Orbis Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 754 | | | 14,428 |
Mitsuboshi Belting Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 617 | | | 8,454 | Prima Meat Packers Ltd.. . . . . . . . . . . . . . . . . . . . . . | 700 | | | 14,420 |
Mitsui High-Tec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 509 | | | 6,460 | Qol Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 494 | | | 5,688 |
Mitsui-Soko Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . | 872 | | | 12,692 | Relo Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 532 | | | 11,645 |
Miura Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 393 | | | 12,861 | Resorttrust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 927 | | | 12,255 |
Mixi, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 960 | | | 15,246 | Riken Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 295 | | | 8,273 |
Mizuno Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 636 | | | 12,636 | Rinnai Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 365 | | | 24,939 |
Morinaga & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 348 | | | 13,760 | Riso Kagaku Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 730 | | | 11,336 |
Morinaga Milk Industry Co. Ltd. . . . . . . . . . . . . . . . . | 658 | | | 23,364 | Roland DG Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 664 | | | 9,991 |
Nabtesco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 855 | | | 23,082 | Round One Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 591 | | | 4,416 |
Namura Shipbuilding Co. Ltd.. . . . . . . . . . . . . . . . . . | 3,312 | | | 6,325 | Royal Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 550 | | | 9,137 |
NET One Systems Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 465 | | | 9,669 | Ryohin Keikaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 1,210 | | | 16,580 |
Neturen Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,464 | | | 9,243 | Ryosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 937 | | | 19,389 |
Nichias Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,013 | | | 20,971 | S Foods, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 388 | | | 8,061 |
Nichicon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,287 | | | 9,486 | Saibu Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 709 | | | 14,362 |
Nihon Parkerizing Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 1,380 | | | 12,717 | Saizeriya Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 448 | | | 8,506 |
Nihon Unisys Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 508 | | | 15,330 | Sakai Chemical Industry Co. Ltd. . . . . . . . . . . . . . . . | 502 | | | 8,903 |
Nikkiso Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 720 | | | 6,435 | Sakata INX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,243 | | | 10,878 |
Nikkon Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 1,060 | | | 20,509 | San-Ai Oil Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,889 | | | 25,284 |
Nippon Carbon Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . | 117 | | | 3,889 | Sanden Holdings Corp.(a) . . . . . . . . . . . . . . . . . . . . . | 2,393 | | | 11,403 |
Nippon Chemical Industrial Co., Ltd. . . . . . . . . . . . . | 317 | | | 6,821 | Sanken Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 577 | | | 13,678 |
Nippon Chemi-Con Corp.. . . . . . . . . . . . . . . . . . . . . . | 535 | | | 7,663 | Sanki Engineering Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 1,402 | | | 16,546 |
Nippon Flour Mills Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 1,540 | | | 22,900 | Sankyo Tateyama, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,567 | | | 15,762 |
Nippon Gas Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 436 | | | 13,864 | Sanoh Industrial Co. Ltd.(b) . . . . . . . . . . . . . . . . . . . . | 2,676 | | | 20,914 |
Nippon Light Metal Holdings Co. Ltd. . . . . . . . . . . . | 13,553 | | | 23,873 | Sanwa Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 2,193 | | | 20,168 |
Nippon Paint Holdings Co. Ltd. . . . . . . . . . . . . . . . . | 639 | | | 29,176 | Sanyo Denki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 188 | | | 7,660 |
Nippon Shokubai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 406 | | | 20,627 | Sawai Pharmaceutical Co. Ltd.. . . . . . . . . . . . . . . . . | 414 | | | 23,489 |
Nippon Soda Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 643 | | | 16,679 | SBS Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 433 | | | 6,415 |
Nippon Yakin Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . | 441 | | | 6,979 | SCREEN Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 390 | | | 19,778 |
Nishimatsu Construction Co. Ltd. . . . . . . . . . . . . . . | 1,072 | | | 22,580 | SCSK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 481 | | | 24,838 |
Nissan Chemical Corp.. . . . . . . . . . . . . . . . . . . . . . . . | 609 | | | 25,774 | Seed Co., Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 451 | | | 3,374 |
Nissan Shatai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 1,915 | | | 17,647 | Sega Sammy Holdings, Inc. . . . . . . . . . . . . . . . . . . . | 1,954 | | | 25,778 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Japan-(continued) | | | | |
Seiko Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 558 | $ | 10,827 |
Senko Group Holdings Co. Ltd. . . . . . . . . . . . . . . . . | 2,623 | | | 19,259 |
Seria Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 243 | | | 6,506 |
SG Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 886 | | | 17,479 |
Shima Seiki Manufacturing Ltd. . . . . . . . . . . . . . . . . | 276 | | | 4,332 |
Shimadzu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,082 | | | 26,362 |
Shimamura Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 335 | | | 22,392 |
Shinko Electric Industries Co. Ltd. . . . . . . . . . . . . . . | 1,557 | | | 17,134 |
Shinmaywa Industries Ltd. . . . . . . . . . . . . . . . . . . . . | 1,176 | | | 13,279 |
Shinoken Group Co., Ltd. . . . . . . . . . . . . . . . . . . . . . | 681 | | | 6,440 |
Ship Healthcare Holdings, Inc. . . . . . . . . . . . . . . . . . | 480 | | | 19,491 |
Shizuoka Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 1,680 | | | 13,472 |
Showa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 962 | | | 20,397 |
Showa Sangyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 774 | | | 21,125 |
Siix Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 810 | | | 9,079 |
SKY Perfect JSAT Holdings, Inc. . . . . . . . . . . . . . . . | 2,720 | | | 11,726 |
Sohgo Security Services Co. Ltd.. . . . . . . . . . . . . . . | 549 | | | 25,703 |
Square Enix Holdings Co. Ltd. . . . . . . . . . . . . . . . . . | 541 | | | 21,818 |
Sugi Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 355 | | | 16,818 |
Sumida Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 592 | | | 5,214 |
Sumitomo Bakelite Co. Ltd. . . . . . . . . . . . . . . . . . . . | 452 | | | 13,577 |
Sumitomo Dainippon Pharma Co. Ltd. . . . . . . . . . . | 853 | | | 12,344 |
Sumitomo Mitsui Construction Co. Ltd.. . . . . . . . . . | 3,457 | | | 17,563 |
Sumitomo Osaka Cement Co. Ltd.. . . . . . . . . . . . . . | 630 | | | 21,581 |
Sumitomo Riko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 1,703 | | | 11,352 |
Sundrug Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 766 | | | 23,967 |
Tachi-S Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,373 | | | 12,958 |
Tadano Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,406 | | | 11,770 |
Taiyo Nippon Sanso Corp.. . . . . . . . . . . . . . . . . . . . . | 1,090 | | | 19,513 |
Taiyo Yuden Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,115 | | | 31,218 |
Takamatsu Construction Group Co. Ltd. . . . . . . . . . | 637 | | | 13,795 |
Takasago International Corp. . . . . . . . . . . . . . . . . . . | 460 | | | 8,644 |
Takasago Thermal Engineering Co. Ltd. . . . . . . . . . | 1,179 | | | 18,232 |
Takeuchi Manufacturing Co. Ltd. . . . . . . . . . . . . . . . | 568 | | | 8,715 |
Tamron Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 447 | | | 9,875 |
Tamura Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,918 | | | 8,713 |
Tateru, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,001 | | | 1,355 |
TechnoPro Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . | 190 | | | 11,309 |
T-Gaia Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 610 | | | 11,667 |
TIS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 627 | | | 37,144 |
TKC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341 | | | 15,459 |
Toa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 551 | | | 8,066 |
Tobishima Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,153 | | | 12,496 |
Toenec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 537 | | | 16,304 |
Toho Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 606 | | | 18,680 |
Toho Zinc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 456 | | | 6,434 |
Token Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200 | | | 13,869 |
Tokushu Tokai Paper Co. Ltd. . . . . . . . . . . . . . . . . . | 428 | | | 14,245 |
Tokuyama Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 861 | | | 19,429 |
Tokyo Century Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 301 | | | 12,502 |
Tokyu Construction Co. Ltd.. . . . . . . . . . . . . . . . . . . | 2,436 | | | 15,312 |
Tomy Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 975 | | | 8,632 |
Tonami Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 205 | | | 8,410 |
Topy Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 612 | | | 8,567 |
Towa Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . | 398 | | | 7,911 |
Toyo Construction Co. Ltd.. . . . . . . . . . . . . . . . . . . . | 3,637 | | | 15,207 |
Toyo Tire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,415 | | | 18,838 |
Toyobo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,123 | | | 26,708 |
Toyota Boshoku Corp.. . . . . . . . . . . . . . . . . . . . . . . . | 1,925 | | | 26,609 |
Transcosmos, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 646 | | | 14,200 |
| Shares | | | Value |
Japan-(continued) | | | | |
Trend Micro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 622 | $ | 30,966 |
TS Tech Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 828 | | | 21,632 |
TSI Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,961 | | | 7,599 |
Tsubaki Nakashima Co. Ltd. . . . . . . . . . . . . . . . . . . . | 527 | | | 5,013 |
Tsubakimoto Chain Co. . . . . . . . . . . . . . . . . . . . . . . . | 559 | | | 15,252 |
Tsugami Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 829 | | | 6,733 |
Tsuruha Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 284 | | | 32,991 |
UACJ Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,142 | | | 20,074 |
Uchida Yoko Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 339 | | | 15,494 |
Ulvac, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 525 | | | 15,283 |
United Super Markets Holdings, Inc. . . . . . . . . . . . . | 1,839 | | | 14,577 |
Unitika Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,487 | | | 9,375 |
Valor Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 957 | | | 14,506 |
Wacoal Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . | 721 | | | 16,871 |
Wacom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,521 | | | 7,806 |
Warabeya Nichiyo Holdings Co. Ltd. . . . . . . . . . . . . | 904 | | | 13,610 |
Welcia Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 403 | | | 24,285 |
Yorozu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,003 | | | 11,967 |
Yoshinoya Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . | 893 | | | 17,758 |
Yuasa Trading Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 892 | | | 25,181 |
Zeon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,225 | | | 21,308 |
Zojirushi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 622 | | | 9,630 |
ZOZO, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 519 | | | 7,285 |
| | | | 5,164,351 |
Jordan-0.13% | | | | |
Hikma Pharmaceuticals PLC. . . . . . . . . . . . . . . . . . . | 758 | | | 17,311 |
Luxembourg-0.23% | | | | |
Eurofins Scientific SE(b) . . . . . . . . . . . . . . . . . . . . . . . | 38 | | | 18,984 |
L'Occitane International S.A. . . . . . . . . . . . . . . . . . . | 6,988 | | | 12,213 |
| | | | 31,197 |
Macau-0.16% | | | | |
SJM Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,113 | | | 22,763 |
Malta-0.07% | | | | |
Kindred Group PLC, SDR . . . . . . . . . . . . . . . . . . . . . | 2,082 | | | 10,050 |
Mexico-0.06% | | | | |
Fresnillo PLC(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,076 | | | 8,298 |
Netherlands-2.08% | | | | |
Aalberts N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 767 | | | 28,435 |
Accell Group N.V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 329 | | | 8,998 |
AMG Advanced Metallurgical Group N.V. . . . . . . . . | 257 | | | 5,928 |
Arcadis N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,248 | | | 28,377 |
BE Semiconductor Industries N.V. . . . . . . . . . . . . . . | 502 | | | 19,355 |
Boskalis Westminster. . . . . . . . . . . . . . . . . . . . . . . . . | 1,120 | | | 24,353 |
Corbion N.V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 724 | | | 26,165 |
Euronext N.V.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 302 | | | 24,963 |
Fugro N.V., CVA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,859 | | | 14,686 |
Heijmans N.V., CVA(a) . . . . . . . . . . . . . . . . . . . . . . . . | 977 | | | 7,834 |
Intertrust N.V.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 827 | | | 13,817 |
InterXion Holding N.V.(a) . . . . . . . . . . . . . . . . . . . . . . | 480 | | | 40,747 |
Just Eat Takeaway(a)(c) . . . . . . . . . . . . . . . . . . . . . . . | 132 | | | 11,490 |
OCI N.V.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 422 | | | 7,025 |
PostNL N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,018 | | | 6,069 |
TKH Group N.V., CVA . . . . . . . . . . . . . . . . . . . . . . . . | 313 | | | 14,083 |
TomTom N.V.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 464 | | | 4,654 |
| | | | 286,979 |
New Zealand-0.94% | | | | |
Air New Zealand Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 12,685 | | | 17,860 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
New Zealand-(continued) | | | | |
Fisher & Paykel Healthcare Corp. Ltd. . . . . . . . . . . . | 1,868 | $ | 29,869 |
Genesis Energy Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 9,999 | | | 18,947 |
Meridian Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 10,703 | | | 30,670 |
SKY Network Television Ltd. . . . . . . . . . . . . . . . . . . | 21,079 | | | 7,060 |
SKYCITY Entertainment Group Ltd.. . . . . . . . . . . . . | 6,833 | | | 13,562 |
Z Energy Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,349 | | | 10,952 |
| | | | 128,920 |
Norway-1.09% | | | | |
Aker ASA, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . | 317 | | | 14,144 |
Atea ASA(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,007 | | | 22,333 |
Austevoll Seafood ASA . . . . . . . . . . . . . . . . . . . . . . . | 1,440 | | | 12,588 |
BW Energy Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 649 | | | 1,167 |
BW Offshore Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,183 | | | 12,058 |
DNO ASA(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,642 | | | 2,483 |
Frontline Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 831 | | | 6,334 |
Norwegian Air Shuttle ASA(a) . . . . . . . . . . . . . . . . . . | 1,742 | | | 3,482 |
Odfjell Drilling Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 4,290 | | | 10,852 |
PGS ASA(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,460 | | | 11,692 |
Schibsted ASA, Class A . . . . . . . . . . . . . . . . . . . . . . . | 841 | | | 21,061 |
TGS NOPEC Geophysical Co. ASA . . . . . . . . . . . . . . | 909 | | | 20,499 |
TOMRA Systems ASA . . . . . . . . . . . . . . . . . . . . . . . . | 368 | | | 11,516 |
| | | | 150,209 |
Portugal-0.25% | | | | |
Mota-Engil SGPS S.A. . . . . . . . . . . . . . . . . . . . . . . . . | 2,766 | | | 4,008 |
Navigator Co. S.A. (The). . . . . . . . . . . . . . . . . . . . . . | 3,145 | | | 9,611 |
NOS, SGPS S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,922 | | | 11,458 |
Semapa-Sociedade de Investimento e Gestao . . . . | 761 | | | 9,446 |
| | | | 34,523 |
Russia-0.17% | | | | |
Highland Gold Mining Ltd.. . . . . . . . . . . . . . . . . . . . . | 2,792 | | | 7,539 |
Petropavlovsk PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 66,920 | | | 15,813 |
| | | | 23,352 |
Singapore-0.71% | | | | |
Accordia Golf Trust . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,228 | | | 12,438 |
China Aviation Oil Singapore Corp. Ltd. . . . . . . . . . | 18,311 | | | 14,956 |
Singapore Exchange Ltd. . . . . . . . . . . . . . . . . . . . . . | 4,375 | | | 26,613 |
Singapore Post Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 16,140 | | | 9,078 |
StarHub Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,780 | | | 10,441 |
Venture Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,081 | | | 24,527 |
| | | | 98,053 |
South Africa-0.01% | | | | |
Petra Diamonds Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . | 30,939 | | | 1,640 |
South Korea-8.18% | | | | |
Able C&C Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . | 325 | | | 2,716 |
AK Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 275 | | | 5,446 |
Amorepacific Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 170 | | | 22,536 |
Amorepacific Group(a) . . . . . . . . . . . . . . . . . . . . . . . . | 374 | | | 19,093 |
Asiana Airlines, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 3,581 | | | 11,986 |
Celltrion, Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 101 | | | 14,138 |
Chabiotech Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 335 | | | 3,420 |
CJ CGV Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 279 | | | 5,421 |
CJ ENM Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77 | | | 7,976 |
CJ Logistics Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 119 | | | 13,081 |
CLIO Cosmetics Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 149 | | | 2,822 |
Coreana Cosmetics Co. Ltd.(a) . . . . . . . . . . . . . . . . . | 2,358 | | | 8,455 |
COSON Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 773 | | | 3,552 |
| Shares | | | Value |
South Korea-(continued) | | | | |
Cuckoo Holdings Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . | 27 | $ | 2,152 |
Dae Hwa Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . | 487 | | | 3,938 |
Daesang Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 2,848 | | | 12,898 |
Daewoo Engineering & Construction Co. Ltd.(a) . . . | 5,741 | | | 19,145 |
Daewoo Shipbuilding & Marine Engineering Co. | | | | |
Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 501 | | | 9,137 |
DB HiTek Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 635 | | | 12,444 |
Dongkuk Steel Mill Co. Ltd.(a) . . . . . . . . . . . . . . . . . . | 4,113 | | | 15,849 |
Dongwha Pharm Co., Ltd.. . . . . . . . . . . . . . . . . . . . . | 1,434 | | | 8,064 |
Dongwon F&B Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 28 | | | 4,853 |
Doosan Bobcat, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 847 | | | 19,806 |
Doosan Infracore Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . | 4,540 | | | 15,700 |
DY Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,933 | | | 6,717 |
E1 Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 282 | | | 9,450 |
Eugene Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,241 | | | 3,873 |
Fila Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 130 | | | 4,110 |
Grand Korea Leisure Co. Ltd. . . . . . . . . . . . . . . . . . . | 493 | | | 6,820 |
Gravity Co. Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . | 45 | | | 1,238 |
GS Global Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,446 | | | 6,260 |
GS Home Shopping, Inc. . . . . . . . . . . . . . . . . . . . . . . | 72 | | | 7,351 |
GS Retail Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 523 | | | 15,223 |
Halla Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,225 | | | 4,580 |
Hana Tour Service, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 132 | | | 4,597 |
Hanjin Kal Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 198 | | | 10,956 |
Hanjin Transportation Co. Ltd.(a) . . . . . . . . . . . . . . . | 201 | | | 5,114 |
Hanon Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,566 | | | 13,603 |
Hansol Holdings Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . | 2,922 | | | 7,290 |
Hansol Technics Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . | 1,106 | | | 6,366 |
Hanwha Aerospace Co. Ltd.(a) . . . . . . . . . . . . . . . . . | 644 | | | 14,582 |
Hanwha General Insurance Co. Ltd.(a) . . . . . . . . . . . | 5,553 | | | 10,082 |
Hanyang Eng Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 587 | | | 4,538 |
HDC Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 1,687 | | | 12,654 |
Hite Jinro Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 826 | | | 18,091 |
Hotel Shilla Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 119 | | | 7,868 |
Humax Co., Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,153 | | | 4,111 |
Humedix Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 346 | | | 5,413 |
Hyundai Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 506 | | | 5,687 |
Hyundai Department Store Co. Ltd. . . . . . . . . . . . . | 271 | | | 15,820 |
Hyundai Elevator Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . | 104 | | | 4,607 |
Hyundai Greenfood Co. Ltd. . . . . . . . . . . . . . . . . . . . | 1,131 | | | 8,055 |
Hyundai Home Shopping Network Corp.. . . . . . . . . | 132 | | | 8,065 |
Hyundai Merchant Marine Co. Ltd.(a). . . . . . . . . . . . | 3,431 | | | 9,195 |
Hyundai Rotem Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . | 525 | | | 5,706 |
Hyundai Wia Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 690 | | | 21,845 |
iMarketKorea, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,155 | | | 8,825 |
Interpark Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . | 6,156 | | | 8,921 |
IS Dongseo Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 333 | | | 7,348 |
It's Hanbul Co., Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 191 | | | 2,367 |
JW Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,017 | | | 8,320 |
JW Shinyak Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,562 | | | 5,273 |
Kakao Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 175 | | | 24,784 |
Kangwon Land, Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 1,055 | | | 19,806 |
KCC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 102 | | | 13,984 |
KCC Glass Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 96 | | | 2,103 |
KEPCO Plant Service & Engineering Co. Ltd.(a) . . . | 377 | | | 10,321 |
KH Vatec Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . | 492 | | | 8,143 |
Kolon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 711 | | | 8,284 |
Kolon Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 523 | | | 14,405 |
Korea Aerospace Industries Ltd.(a) . . . . . . . . . . . . . | 506 | | | 10,687 |
Korea Line Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 4,049 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
South Korea-(continued) | | | | |
Korea Petrochemical Ind Co. Ltd. . . . . . . . . . . . . . . | 115 | $ | 8,105 |
Kumho Industrial Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . | 416 | | | 2,661 |
Kumho Petrochemical Co. Ltd.. . . . . . . . . . . . . . . . . | 247 | | | 12,060 |
Kumho Tire Co., Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . | 2,504 | | | 7,556 |
LF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 642 | | | 6,634 |
LG Hausys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 301 | | | 11,326 |
LG Innotek Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 299 | | | 32,005 |
Lotte Chilsung Beverage Co. Ltd.(a). . . . . . . . . . . . . | 98 | | | 9,078 |
LOTTE Fine Chemical Co. Ltd. . . . . . . . . . . . . . . . . . | 308 | | | 8,420 |
Lotte Food Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 23 | | | 6,278 |
Lotte Non-Life Insurance Co. Ltd.(a) . . . . . . . . . . . . | 6,165 | | | 7,589 |
LS Industrial Systems Co. Ltd. . . . . . . . . . . . . . . . . . | 283 | | | 10,160 |
Mando Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 721 | | | 17,691 |
Meritz Fire & Marine Insurance Co. Ltd. . . . . . . . . . | 1,511 | | | 18,289 |
NCSoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62 | | | 33,131 |
NHN Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 128 | | | 7,346 |
NICE Holdings Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . | 541 | | | 9,176 |
OCI Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 343 | | | 13,909 |
Ottogi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22 | | | 9,003 |
Pan Ocean Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 3,385 | | | 10,410 |
Paradise Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 435 | | | 5,874 |
Partron Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 543 | | | 4,002 |
POSCO Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 115 | | | 5,198 |
S&T Motiv Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 248 | | | 8,015 |
Sam Kwang Glass Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 180 | | | 4,150 |
Samchully Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 196 | | | 12,652 |
SAMPYO Cement Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 1,020 | | | 2,566 |
Samsung Engineering Co. Ltd.(a) . . . . . . . . . . . . . . . | 1,395 | | | 16,196 |
Samyang Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . | 190 | | | 7,689 |
Seah Besteel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 786 | | | 7,054 |
Sejong Industrial Co., Ltd.. . . . . . . . . . . . . . . . . . . . . | 963 | | | 3,116 |
Seoul Semiconductor Co. Ltd.(a) . . . . . . . . . . . . . . . | 589 | | | 7,250 |
SFA Engineering Corp. . . . . . . . . . . . . . . . . . . . . . . . | 282 | | | 8,533 |
SFA Semicon Co., Ltd.(a). . . . . . . . . . . . . . . . . . . . . . | 1,550 | | | 7,121 |
Shinsegae, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 90 | | | 17,489 |
SK Discovery Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 739 | | | 13,143 |
SK Gas Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 179 | | | 11,437 |
SKC Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 464 | | | 19,637 |
Ssangyong Cement Industrial Co. Ltd. . . . . . . . . . . | 1,237 | | | 5,026 |
Sungwoo Hitech Co. Ltd. . . . . . . . . . . . . . . . . . . . . . | 4,168 | | | 10,433 |
Taekwang Industrial Co. Ltd.(a). . . . . . . . . . . . . . . . . | 10 | | | 6,636 |
Taeyoung Engineering & Construction Co. Ltd. . . . | 730 | | | 7,754 |
Youngone Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 287 | | | 7,444 |
Yuhan Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 91 | | | 16,035 |
| | | | 1,127,392 |
Spain-1.31% | | | | |
Acerinox S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,235 | | | 20,529 |
Almirall S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 575 | | | 7,447 |
Construcciones y Auxiliar de Ferrocarriles S.A. . . . | 407 | | | 17,547 |
Ence Energia y Celulosa S.A.(b) . . . . . . . . . . . . . . . . | 1,903 | | | 6,727 |
Euskaltel S.A.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,357 | | | 11,970 |
Grupo Catalana Occidente S.A. . . . . . . . . . . . . . . . . | 531 | | | 16,536 |
Indra Sistemas S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . | 1,863 | | | 20,198 |
Melia Hotels International S.A. . . . . . . . . . . . . . . . . . | 1,277 | | | 8,746 |
Pharma Mar S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,348 | | | 5,822 |
Prosegur Cia de Seguridad S.A. . . . . . . . . . . . . . . . . | 3,988 | | | 14,736 |
Sacyr S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,721 | | | 15,007 |
Tecnicas Reunidas S.A.(a) . . . . . . . . . . . . . . . . . . . . . | 543 | | | 12,156 |
| Shares | | | Value |
Spain-(continued) | | | | |
Tubacex S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,206 | $ | 7,607 |
Zardoya Otis S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,035 | | | 15,144 |
| | | | 180,172 |
Sweden-3.55% | | | | |
AAK AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,290 | | | 22,014 |
Axfood AB(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,287 | | | 23,769 |
Betsson AB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,888 | | | 9,480 |
Bilia AB, Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,891 | | | 18,061 |
BillerudKorsnas AB . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,189 | | | 26,349 |
Bravida Holding AB(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,212 | | | 20,078 |
Clas Ohlson AB, Class B . . . . . . . . . . . . . . . . . . . . . . | 1,011 | | | 9,886 |
Dometic Group AB(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,273 | | | 19,154 |
Elekta AB, Class B(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,721 | | | 17,964 |
Fingerprint Cards AB, Class B(a) . . . . . . . . . . . . . . . . | 3,394 | | | 4,901 |
Granges AB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,438 | | | 11,421 |
Hexpol AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,366 | | | 17,498 |
Holmen AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,466 | | | 40,766 |
Indutrade AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 678 | | | 21,707 |
Intrum AB(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 600 | | | 14,636 |
JM AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 782 | | | 21,173 |
Loomis AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . | 706 | | | 24,235 |
Lundin Petroleum AB . . . . . . . . . . . . . . . . . . . . . . . . | 593 | | | 16,466 |
Mekonomen AB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 694 | | | 5,433 |
New Wave Group AB, Class B. . . . . . . . . . . . . . . . . . | 1,304 | | | 7,061 |
Nibe Industrier AB, Class B . . . . . . . . . . . . . . . . . . . . | 2,049 | | | 32,843 |
Nobia AB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,594 | | | 16,642 |
Nobina Europe AB(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,648 | | | 11,380 |
Nolato AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . | 177 | | | 9,192 |
Ratos AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,910 | | | 27,038 |
Saab AB, Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 671 | | | 18,071 |
SAS AB(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,635 | | | 7,883 |
Thule Group AB(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 650 | | | 13,972 |
| | | | 489,073 |
Switzerland-3.83% | | | | |
ALSO Holding AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 211 | | | 36,186 |
Ascom Holding AG. . . . . . . . . . . . . . . . . . . . . . . . . . . | 787 | | | 6,822 |
Barry Callebaut AG . . . . . . . . . . . . . . . . . . . . . . . . . . | 14 | | | 28,681 |
Bucher Industries AG. . . . . . . . . . . . . . . . . . . . . . . . . | 63 | | | 19,461 |
Burckhardt Compression Holding AG . . . . . . . . . . . | 48 | | | 11,282 |
Conzzeta AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17 | | | 17,212 |
dormakaba Holding AG(a) . . . . . . . . . . . . . . . . . . . . . | 24 | | | 14,207 |
Emmi AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19 | | | 16,410 |
Forbo Holding AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | | | 14,660 |
GAM Holding AG(a). . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,061 | | | 20,225 |
Implenia AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 593 | | | 29,345 |
IWG PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,658 | | | 25,417 |
Kudelski S.A., BR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,445 | | | 6,695 |
Logitech International S.A. . . . . . . . . . . . . . . . . . . . . | 750 | | | 28,723 |
Metall Zug AG, Class B . . . . . . . . . . . . . . . . . . . . . . . | 7 | | | 13,957 |
Meyer Burger Technology AG(a)(b) . . . . . . . . . . . . . . | 6,064 | | | 1,729 |
Mobilezone Holding AG(a) . . . . . . . . . . . . . . . . . . . . . | 983 | | | 10,643 |
OC Oerlikon Corp. AG . . . . . . . . . . . . . . . . . . . . . . . . | 1,931 | | | 17,885 |
Schmolz + Bickenbach AG(a). . . . . . . . . . . . . . . . . . . | 22,690 | | | 4,313 |
Schweiter Technologies AG, BR . . . . . . . . . . . . . . . . | 22 | | | 25,501 |
SFS Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 281 | | | 23,195 |
Siegfried Holding AG(a) . . . . . . . . . . . . . . . . . . . . . . . | 39 | | | 16,862 |
Sulzer AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 255 | | | 23,249 |
Sunrise Communications Group AG(a)(c) . . . . . . . . . | 351 | | | 28,285 |
Tecan Group AG, Class R . . . . . . . . . . . . . . . . . . . . . | 74 | | | 20,580 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Switzerland-(continued) | | | | |
Temenos AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 119 | $ | 16,874 |
Valora Holding AG(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 62 | | | 15,309 |
Vifor Pharma AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 209 | | | 34,698 |
| | | | 528,406 |
Taiwan-0.08% | | | | |
Silicon Motion Technology Corp., ADR . . . . . . . . . . | 293 | | | 10,905 |
Ukraine-0.04% | | | | |
Ferrexpo PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,195 | | | 5,275 |
United Arab Emirates-0.01% | | | | |
NMC Health PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 247 | | | 2,072 |
United Kingdom-10.18% | | | | |
888 Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,547 | | | 8,077 |
Abcam PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 570 | | | 8,416 |
AO World PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,758 | | | 2,952 |
Ashmore Group PLC(b) . . . . . . . . . . . . . . . . . . . . . . . | 3,123 | | | 18,437 |
ASOS PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 189 | | | 7,235 |
B&M European Value Retail S.A. . . . . . . . . . . . . . . . | 4,626 | | | 19,682 |
Bodycote PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,015 | | | 19,663 |
Cairn Energy PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,858 | | | 10,408 |
Card Factory PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,966 | | | 4,992 |
Chemring Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . | 5,629 | | | 17,328 |
Cineworld Group PLC(b). . . . . . . . . . . . . . . . . . . . . . . | 4,001 | | | 7,929 |
Coats Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,178 | | | 5,446 |
Computacenter PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 1,317 | | | 27,807 |
ConvaTec Group PLC(c) . . . . . . . . . . . . . . . . . . . . . . . | 12,363 | | | 32,372 |
Costain Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,047 | | | 8,571 |
Countrywide PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,203 | | | 8,577 |
Crest Nicholson Holdings PLC . . . . . . . . . . . . . . . . . | 3,367 | | | 19,439 |
Dart Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,016 | | | 15,949 |
Debenhams PLC(a)(d) . . . . . . . . . . . . . . . . . . . . . . . . . | 10,288 | | | 0 |
Dechra Pharmaceuticals PLC . . . . . . . . . . . . . . . . . . | 264 | | | 8,922 |
Dialog Semiconductor PLC(a) . . . . . . . . . . . . . . . . . . | 522 | | | 17,551 |
Dignity PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 754 | | | 5,523 |
Diploma PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 698 | | | 16,761 |
Domino's Pizza Group PLC . . . . . . . . . . . . . . . . . . . . | 3,262 | | | 12,333 |
Dunelm Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . | 847 | | | 11,771 |
Electrocomponents PLC . . . . . . . . . . . . . . . . . . . . . . | 2,818 | | | 21,820 |
Elementis PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,028 | | | 9,103 |
EnQuest PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 58,228 | | | 14,875 |
Essentra PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,815 | | | 17,474 |
Frasers Group PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . | 3,870 | | | 18,972 |
Galliford Try Holdings PLC . . . . . . . . . . . . . . . . . . . . | 3,396 | | | 6,707 |
Games Workshop Group PLC . . . . . . . . . . . . . . . . . . | 104 | | | 8,369 |
Genus PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 322 | | | 12,989 |
Go-Ahead Group PLC (The) . . . . . . . . . . . . . . . . . . . | 1,176 | | | 29,276 |
Greggs PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 576 | | | 15,377 |
GVC Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,207 | | | 22,259 |
Halfords Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . | 5,147 | | | 9,861 |
Halma PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,013 | | | 24,959 |
Hargreaves Lansdown PLC(b) . . . . . . . . . . . . . . . . . . | 567 | | | 11,128 |
Hill & Smith Holdings PLC . . . . . . . . . . . . . . . . . . . . . | 696 | | | 11,886 |
HomeServe PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,353 | | | 20,444 |
Howden Joinery Group PLC . . . . . . . . . . . . . . . . . . . | 4,059 | | | 32,974 |
Hunting PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,629 | | | 6,617 |
Indivior PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,564 | | | 15,780 |
International Personal Finance PLC. . . . . . . . . . . . . | 6,197 | | | 11,525 |
J D Wetherspoon PLC . . . . . . . . . . . . . . . . . . . . . . . . | 1,116 | | | 19,158 |
JD Sports Fashion PLC . . . . . . . . . . . . . . . . . . . . . . . | 1,469 | | | 13,829 |
| Shares | | | Value |
United Kingdom-(continued) | | | | |
John Menzies PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,257 | $ | 8,360 |
Keller Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,970 | | | 16,331 |
Lookers PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 21,328 | | | 12,327 |
Luxfer Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 358 | | | 5,553 |
Marshalls PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,397 | | | 12,972 |
Mitchells & Butlers PLC(a) . . . . . . . . . . . . . . . . . . . . . | 4,609 | | | 19,722 |
Mitie Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,475 | | | 18,705 |
Moneysupermarket.com Group PLC . . . . . . . . . . . . | 2,826 | | | 11,208 |
Morgan Advanced Materials PLC . . . . . . . . . . . . . . . | 5,070 | | | 18,003 |
Morgan Sindall Group PLC . . . . . . . . . . . . . . . . . . . . | 1,261 | | | 28,251 |
N Brown Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,524 | | | 2,588 |
National Express Group PLC . . . . . . . . . . . . . . . . . . . | 5,571 | | | 30,143 |
Ocado Group PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . | 501 | | | 6,809 |
Pendragon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 84,763 | | | 12,992 |
Pets at Home Group PLC . . . . . . . . . . . . . . . . . . . . . | 8,099 | | | 26,628 |
Polypipe Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,944 | | | 13,272 |
Premier Oil PLC(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 17,218 | | | 17,075 |
Provident Financial PLC . . . . . . . . . . . . . . . . . . . . . . | 3,275 | | | 16,808 |
PZ Cussons PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,619 | | | 15,303 |
QinetiQ Group PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,908 | | | 25,959 |
Redrow PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,286 | | | 21,782 |
Restaurant Group PLC (The) . . . . . . . . . . . . . . . . . . | 7,125 | | | 9,647 |
Rightmove PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,565 | | | 28,187 |
Rotork PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,415 | | | 15,880 |
Senior PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,782 | | | 10,428 |
Serco Group PLC(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,842 | | | 23,082 |
SIG PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,724 | | | 9,449 |
Spectris PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 875 | | | 30,355 |
Spirax-Sarco Engineering PLC . . . . . . . . . . . . . . . . . | 147 | | | 15,763 |
Spire Healthcare Group PLC(c) . . . . . . . . . . . . . . . . . | 10,447 | | | 15,426 |
Spirent Communications PLC. . . . . . . . . . . . . . . . . . | 4,341 | | | 11,644 |
SSP Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,025 | | | 19,590 |
Staffline Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,719 | | | 736 |
Stagecoach Group PLC . . . . . . . . . . . . . . . . . . . . . . . | 13,778 | | | 22,896 |
Stobart Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,878 | | | 5,781 |
Superdry PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,168 | | | 4,625 |
Synthomer PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,212 | | | 11,553 |
TalkTalk Telecom Group PLC . . . . . . . . . . . . . . . . . . | 10,174 | | | 14,282 |
Ted Baker PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 450 | | | 1,670 |
Telecom Plus PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 626 | | | 10,666 |
Ultra Electronics Holdings PLC. . . . . . . . . . . . . . . . . | 733 | | | 18,210 |
Vesuvius PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,468 | | | 18,720 |
Victrex PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 515 | | | 13,788 |
Vistry Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,532 | | | 57,703 |
WH Smith PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 814 | | | 20,035 |
| | | | 1,402,430 |
United States-0.68% | | | | |
Altisource Portfolio Solutions S.A.(a) . . . . . . . . . . . . | 600 | | | 9,534 |
Caesarstone Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 716 | | | 7,740 |
Core Laboratories N.V. . . . . . . . . . . . . . . . . . . . . . . . | 427 | | | 11,461 |
CyberArk Software Ltd.(a). . . . . . . . . . . . . . . . . . . . . | 132 | | | 13,820 |
Ferroglobe PLC(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,841 | | | 7,895 |
Frank's International N.V.(a) . . . . . . . . . . . . . . . . . . . | 1,594 | | | 6,248 |
IMAX Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 908 | | | 14,147 |
Playa Hotels & Resorts N.V.(a) . . . . . . . . . . . . . . . . . | 1,941 | | | 10,287 |
Wright Medical Group N.V.(a) . . . . . . . . . . . . . . . . . . | 438 | | | 13,250 |
| | | | 94,382 |
Total Common Stocks & Other Equity Interests | | | | |
(Cost $15,382,847) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 13,739,037 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)— (continued)
February 29, 2020
(Unaudited)
Shares | | Value | | Shares | | Value |
Money Market Funds-0.06%
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(e) | | | |
(Cost $8,542) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,542 | $ | 8,542 |
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.77%
(Cost $15,391,389) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,747,579
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.23%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(e)(f) . . . . . . . . . . . . . . . | 435,016 | 435,016 |
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CVA-Dutch Certificates
SDR-Swedish Depository Receipt
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional | | | | |
Class, 1.64%(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . | 147,991 | $ | 148,065 | |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $583,064) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 583,081 | |
TOTAL INVESTMENTS IN SECURITIES-104.00% | | | | |
(Cost $15,974,453) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 14,330,660 | |
OTHER ASSETS LESS LIABILITIES-(4.00)%. . . . . . . . . | . . . . . . . . | | (550,634) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $ | 13,780,026 | |
| | | | |
Notes to Schedule of Investments:
(a)Non-income producing security.
(b)All or a portion of this security was out on loan at February 29, 2020.
(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 February 29, 2020 was $318,688, which represented 2.31% of the Fund's Net Assets.
(d)Security valued using significant unobservable inputs (Level 3). See Note 4.
(e)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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 February 29, 2020
Industrials | 26.09 |
Consumer Discretionary | 20.00 |
| |
Materials | 12.59 |
Information Technology | 11.91 |
| |
Consumer Staples | 8.21 |
Health Care | 6.38 |
| |
Communication Services | 4.85 |
Energy | 3.76 |
| |
Financials | 3.08 |
Sector Types Each Less Than 3% | 2.84 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.29 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
February 29, 2020 (Unaudited)
Schedule of Investments
Shares ValueShares Value
Common Stocks & Other Equity Interests-99.95% | | | China-(continued) | | | | |
Brazil-8.19% | | | | Anhui Conch Cement Co. Ltd., H Shares . . . | . . | . . | 19,571 | $ 143,523 |
Banco Bradesco S.A., Preference Shares. . . . . . . | 63,690 | $ | 430,985 | Autohome, Inc., ADR(a) . . . . . . . . . . . . . . . . . . | . . | . . | 188 | 14,602 |
BB Seguridade Participacoes S.A. . . . . . . . . . . . . . | 3,130 | | 22,096 | AVIC International Holdings Ltd., H Shares(a) . . . | 36,366 | 38,825 |
Braskem S.A., Class A, Preference Shares. . . . . . | 4,207 | | 25,074 | BAIC Motor Corp. Ltd., H Shares(b) . . . . . . . . | . . | . . | 113,950 | 55,856 |
BRF S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,807 | | 40,797 | Baidu, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 2,240 | 268,755 |
CCR S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,326 | | 26,517 | BBMG Corp., H Shares. . . . . . . . . . . . . . . . . . . | . . | . . | 140,461 | 39,472 |
Cia de Saneamento Basico do Estado de Sao | | | | Beijing Capital International Airport Co. Ltd., H | | | |
Paulo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,034 | | 26,486 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 24,033 | 18,750 |
Cia de Saneamento do Parana, Preference | | | | Beijing Enterprises Holdings Ltd. . . . . . . . . . . | . . | . . | 5,493 | 23,190 |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,900 | | 17,116 | BEST, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 4,968 | 26,877 |
Cia Energetica de Minas Gerais, Preference | | | | BYD Co. Ltd., H Shares(c) . . . . . . . . . . . . . . . . | . . | . . | 6,290 | 38,500 |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,957 | | 33,903 | CGN Power Co. Ltd., H Shares(b) . . . . . . . . . . | . . | . . | 106,610 | 25,992 |
Cia Energetica de Sao Paulo, Class B, | | | | Changyou.com Ltd., ADR(c) . . . . . . . . . . . . . . | . . | . . | 921 | 9,910 |
Preference Shares. . . . . . . . . . . . . . . . . . . . . . . . | 2,700 | | 19,509 | China Agri-Industries Holdings Ltd. . . . . . . . . | . . | . . | 56,066 | 30,432 |
Cia Siderurgica Nacional S.A. . . . . . . . . . . . . . . . . . | 3,718 | | 9,213 | China BlueChemical Ltd., H Shares . . . . . . . . | . . | . . | 43,838 | 8,325 |
Cielo S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,642 | | 20,713 | China Coal Energy Co. Ltd., H Shares . . . . . . | . . | . . | 100,005 | 32,338 |
Cogna Educacao . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,143 | | 27,157 | China Communications Construction Co. Ltd., H | | |
Cosan Ltd., Class A(a) . . . . . . . . . . . . . . . . . . . . . . . | 6,689 | | 122,141 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 94,386 | 70,368 |
Cosan S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,473 | | 23,889 | China Communications Services Corp. Ltd., H | | | |
EDP - Energias do Brasil S.A. . . . . . . . . . . . . . . . . . | 2,983 | | 13,508 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 24,184 | 18,713 |
Embraer S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,200 | | 27,066 | China Conch Venture Holdings Ltd.. . . . . . . . | . . | . . | 3,002 | 14,600 |
Equatorial Energia S.A. . . . . . . . . . . . . . . . . . . . . . . | 4,400 | | 24,050 | China Datang Corp. Renewable Power Co. Ltd., | | |
Gerdau S.A., Preference Shares . . . . . . . . . . . . . . | 18,709 | | 70,206 | H Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 120,304 | 9,726 |
Hypera S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,650 | | 12,544 | China Eastern Airlines Corp. Ltd., H Shares(a) . . . | 47,446 | 20,335 |
Lojas Americanas S.A., Preference Shares . . . . . | 3,286 | | 19,374 | China Gas Holdings Ltd. . . . . . . . . . . . . . . . . . | . . | . . | 3,608 | 13,195 |
Lojas Renner S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,301 | | 15,370 | China International Marine Containers Group Co. | | |
Metalurgica Gerdau S.A., Preference Shares . . . . | 32,800 | | 57,797 | Ltd., H Shares . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 12,709 | 11,660 |
Oi S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 102,053 | | 22,620 | China Jinmao Holdings Group Ltd. . . . . . . . . | . . | . . | 25,926 | 18,930 |
Petroleo Brasileiro S.A., Preference Shares. . . . . | 95,512 | | 536,450 | China Life Insurance Co. Ltd.(a) . . . . . . . . . . . . . . . | 79,228 | 63,190 |
Telefonica Brasil S.A., Preference Shares . . . . . . | 5,625 | | 66,553 | China Life Insurance Co. Ltd., H Shares . . . . | . . | . . | 114,327 | 267,881 |
TIM Participacoes S.A. . . . . . . . . . . . . . . . . . . . . . . | 7,054 | | 25,219 | China Longyuan Power Group Corp. Ltd., H | | | | |
Ultrapar Participacoes S.A. . . . . . . . . . . . . . . . . . . | 10,200 | | 43,136 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 73,995 | 38,740 |
Usinas Siderurgicas de Minas Gerais S.A., | | | | China Machinery Engineering Corp., H Shares. | . . | 54,134 | 20,075 |
Class A, Preference Shares . . . . . . . . . . . . . . . . | 9,297 | | 16,836 | China Mengniu Dairy Co. Ltd.(a) . . . . . . . . . . . . . . . | 7,110 | 25,500 |
Vale S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22,098 | | 217,030 | China Mobile Ltd.. . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 46,586 | 366,445 |
| | | 2,013,355 | . . . . .China Molybdenum Co. Ltd., H Shares | . . | . . | 104,745 | 39,113 |
| | | China National Building Material Co. Ltd., H | | | | |
Canada-0.11% | | | | | | | |
| | | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 119,153 | 137,760 |
Atlas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,540 | | 26,924 | . . | . . |
| China Oilfield Services Ltd., H Shares . . . . . . | | | 47,297 | 60,691 |
Chile-0.54% | | | | . . | . . |
| | | | |
| | | China Overseas Land & Investment Ltd. . . . . | . . | . . | 15,934 | 53,467 |
Embotelladora Andina S.A., Class B, Preference | | | | China Pacific Insurance (Group) Co. Ltd., H | | | | |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,375 | | 8,125 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 114,269 | 376,104 |
Empresas COPEC S.A.. . . . . . . . . . . . . . . . . . . . . . . | 2,730 | | 21,129 | China Petroleum & Chemical Corp., H Shares . | . . | 2,164,473 | 1,116,531 |
Enel Americas S.A. . . . . . . . . . . . . . . . . . . . . . . . . . | 306,089 | | 51,119 | China Power International Development Ltd.. . | . . | 70,748 | 13,164 |
Enel Chile S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 207,203 | | 18,439 | China Railway Construction Corp. Ltd., H | | | | |
SACI Falabella . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,274 | | 10,856 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . | . . | 282,058 | 322,846 |
Sociedad Quimica y Minera de Chile S.A., | | | | China Railway Group Ltd., H Shares . . . . . . . | . . | . . | 406,285 | 229,391 |
Class B, Preference Shares . . . . . . . . . . . . . . . . | 905 | | 23,670 | China Railway Signal & Communication Corp. | | | |
| | | 133,338 | Ltd., H Shares(b). . . . . . . . . . . . . . . . . . . . . . | . . | . . | 42,243 | 21,682 |
China-57.48% | | | | China Reinsurance Group Corp., H Shares | | | 487,835 | 66,355 |
| | | . . | . . |
| | | China Resources Beer Holdings Co. Ltd.. . . . | | | 3,740 | 17,325 |
58.com, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . | 774 | | 42,702 | . . | . . |
AAC Technologies Holdings, Inc. . . . . . . . . . . . . . . | 2,917 | | 19,108 | China Resources Cement Holdings Ltd. . . . . | . . | . . | 12,036 | 15,151 |
| China Resources Gas Group Ltd. . . . . . . . . . . | | | 4,047 | 20,201 |
Agile Group Holdings Ltd.. . . . . . . . . . . . . . . . . . . . | 14,515 | | 20,376 | . . | . . |
| China Resources Land Ltd.. . . . . . . . . . . . . . . | | | 12,352 | 56,981 |
Air China Ltd., H Shares . . . . . . . . . . . . . . . . . . . . . | 50,567 | | 40,684 | . . | . . |
| China Resources Pharmaceutical Group Ltd(b). | | .. | 13,530 | 11,771 |
Alibaba Group Holding Ltd., ADR(a) . . . . . . . . . . . . | 8,472 | | 1,762,176 | |
Aluminum Corp. of China Ltd., H Shares(a) . . . . . | 210,514 | | 55,917 | China Resources Power Holdings Co. Ltd. . . | . . | . . | 26,803 | 31,883 |
Angang Steel Co. Ltd., H Shares . . . . . . . . . . . . . . | 47,338 | | 15,793 | China Shenhua Energy Co. Ltd., H Shares . . | . . | . . | 241,454 | 418,894 |
| China Southern Airlines Co. Ltd., H Shares . | | | 65,478 | 34,533 |
| | | | . . | . . |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | Value |
China-(continued) | | | | | | China-(continued) | | | |
China Taiping Insurance Holdings Co. Ltd. . . . . . . | 27,767 | $ | 56,724 | PetroChina Co. Ltd., H Shares . . . . . . . . . . . . . . . . | 3,416,342 | $ 1,323,917 |
China Telecom Corp. Ltd., H Shares . . . . . . . . . . . | 179,158 | | | 67,359 | PICC Property & Casualty Co. Ltd., H Shares . . . . | 237,551 | 245,993 |
China Unicom Hong Kong Ltd. . . . . . . . . . . . . . . . . | 75,463 | | | 59,553 | Ping An Insurance (Group) Co. of China Ltd., H | | | |
China Vanke Co. Ltd., H Shares. . . . . . . . . . . . . . . | 84,947 | | | 327,011 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 74,626 | 829,758 |
China Yuchai International Ltd. . . . . . . . . . . . . . . . | 758 | | | 9,414 | Qingdao Port International Co. Ltd., H Shares(b) . | 23,596 | 15,381 |
Chongqing Iron & Steel Co. Ltd., H Shares(a) . . . . | 83,794 | | | 8,817 | Qinhuangdao Port Co. Ltd., H Shares . . . . . . . . . . | 87,402 | 15,253 |
CIFI Holdings Group Co. Ltd. . . . . . . . . . . . . . . . . . | 18,040 | | | 13,774 | Qudian, Inc., ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . | 4,110 | 10,768 |
CNOOC Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 118,002 | | | 161,716 | Red Star Macalline Group Corp. Ltd., H | | | |
COSCO SHIPPING Energy Transportation Co. | | | | | | Shares(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 31,274 | 22,875 |
Ltd., H Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41,274 | | | 16,101 | Semiconductor Manufacturing International | | | |
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) . | 115,025 | | | 38,376 | Corp.(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,482 | 37,749 |
COSCO SHIPPING Ports Ltd.. . . . . . . . . . . . . . . . . . | 18,040 | | | 12,014 | Shandong Chenming Paper Holdings Ltd., H | | | |
Country Garden Holdings Co. Ltd.. . . . . . . . . . . . . | 39,096 | | | 51,773 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 43,372 | 17,587 |
CRRC Corp. Ltd., H Shares. . . . . . . . . . . . . . . . . . . | 199,103 | | | 127,744 | Shanghai Electric Group Co. Ltd., H Shares . . . . . | 158,204 | 44,661 |
CSPC Pharmaceutical Group Ltd. . . . . . . . . . . . . . | 4,384 | | | 9,991 | Shanghai Fosun Pharmaceutical Group Co. Ltd., | | | |
Datang International Power Generation Co. Ltd., | | | | | | H Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,867 | 22,158 |
H Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 163,578 | | | 25,608 | Shanghai Industrial Holdings Ltd. . . . . . . . . . . . . . | 5,560 | 9,817 |
Dongfang Electric Corp. Ltd., H Shares . . . . . . . . | 42,031 | | | 23,407 | Shanghai Industrial Urban Development Group | | | |
Dongfeng Motor Group Co. Ltd., H Shares. . . . . . | 109,273 | | | 86,375 | Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,560 | 621 |
ENN Energy Holdings Ltd. . . . . . . . . . . . . . . . . . . . | 2,706 | | | 29,984 | Shanghai Jin Jiang Capital Co. Ltd., H Shares . . . | 62,756 | 10,871 |
FIH Mobile Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 106,718 | | | 16,159 | Shanghai Pharmaceuticals Holding Co. Ltd., H | | | |
Fuyao Glass Industry Group Co. Ltd., H | | | | | | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 27,536 | 50,386 |
Shares(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,346 | | | 32,394 | Shenzhen Expressway Co. Ltd., H Shares. . . . . . . | 15,752 | 19,061 |
GCL-Poly Energy Holdings Ltd.(a)(c) . . . . . . . . . . . . | 274,506 | | | 13,033 | Shimao Property Holdings Ltd. . . . . . . . . . . . . . . . | 7,528 | 26,951 |
Geely Automobile Holdings Ltd. . . . . . . . . . . . . . . . | 16,677 | | | 29,660 | SINA Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 735 | 24,071 |
GOME Retail Holdings Ltd.(a)(c). . . . . . . . . . . . . . . . | 143,879 | | | 14,770 | Sinopec Engineering Group Co. Ltd., H Shares . . | 43,961 | 21,775 |
Great Wall Motor Co. Ltd., H Shares . . . . . . . . . . . | 106,209 | | | 76,866 | Sinopec Shanghai Petrochemical Co. Ltd., H | | | |
Guangdong Investment Ltd. . . . . . . . . . . . . . . . . . . | 6,043 | | | 11,352 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 117,747 | 30,067 |
Guangshen Railway Co. Ltd., H Shares . . . . . . . . . | 78,235 | | | 20,078 | Sinopharm Group Co. Ltd., H Shares . . . . . . . . . . | 30,100 | 92,891 |
Guangzhou Automobile Group Co. Ltd., H | | | | | | Sinotrans Ltd., H Shares. . . . . . . . . . . . . . . . . . . . . | 86,730 | 24,484 |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 63,992 | | | 71,357 | Sogou, Inc., ADR(a)(c). . . . . . . . . . . . . . . . . . . . . . . . | 2,829 | 12,023 |
Guangzhou R&F Properties Co. Ltd., H Shares . . | 32,193 | | | 49,902 | Sohu.com Ltd., ADR(a) . . . . . . . . . . . . . . . . . . . . . . | 942 | 8,977 |
Harbin Electric Co. Ltd., H Shares(a) . . . . . . . . . . . | 35,110 | | | 9,461 | Sunac China Holdings Ltd. . . . . . . . . . . . . . . . . . . . | 6,530 | 35,612 |
Hengan International Group Co. Ltd.. . . . . . . . . . . | 2,981 | | | 22,129 | TAL Education Group, ADR(a). . . . . . . . . . . . . . . . . | 714 | 38,835 |
Hisense Home Appliances Group Co. Ltd., H | | | | | | Tencent Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . | 4,543 | 225,021 |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,161 | | | 8,053 | Tingyi Cayman Islands Holding Corp. . . . . . . . . . . | 10,446 | 19,007 |
Hollysys Automation Technologies Ltd. . . . . . . . . | 710 | | | 10,749 | TravelSky Technology Ltd., H Shares . . . . . . . . . . | 9,020 | 17,639 |
Huadian Fuxin Energy Corp. Ltd., H Shares . . . . . | 150,366 | | | 25,469 | Trip.com Group Ltd., ADR(a). . . . . . . . . . . . . . . . . . | 3,874 | 117,615 |
Huadian Power International Corp. Ltd., H | | | | | | Tsingtao Brewery Co. Ltd., H Shares . . . . . . . . . . | 3,180 | 16,526 |
Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 214,690 | | | 64,740 | Vipshop Holdings Ltd., ADR(a) . . . . . . . . . . . . . . . . | 10,651 | 136,652 |
Huaneng Power International, Inc., H Shares. . . . | 249,023 | | | 100,337 | Want Want China Holdings Ltd. . . . . . . . . . . . . . . . | 19,047 | 14,714 |
JD.com, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . | 16,656 | | | 641,423 | Weibo Corp., ADR(a)(c) . . . . . . . . . . . . . . . . . . . . . . . | 441 | 18,584 |
Jiangsu Expressway Co. Ltd., H Shares . . . . . . . . | 29,361 | | | 33,946 | Weichai Power Co. Ltd., H Shares . . . . . . . . . . . . . | 45,114 | 88,803 |
Jiangxi Copper Co. Ltd., H Shares. . . . . . . . . . . . . | 62,441 | | | 73,233 | Xinjiang Goldwind Science & Technology Co. | | | |
JinkoSolar Holding Co. Ltd., ADR(a) . . . . . . . . . . . | 1,571 | | | 35,882 | Ltd., H Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,376 | 25,203 |
JOYY, Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . | 482 | | | 26,014 | Xinyuan Real Estate Co. Ltd., ADR . . . . . . . . . . . . | 5,245 | 15,158 |
Kingboard Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . | 8,455 | | | 22,350 | Yangzijiang Shipbuilding Holdings Ltd. . . . . . . . . . | 17,512 | 11,857 |
Kunlun Energy Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . | 34,672 | | | 24,203 | Yanzhou Coal Mining Co. Ltd., H Shares. . . . . . . . | 50,505 | 38,301 |
Legend Holdings Corp., H Shares(b) . . . . . . . . . . . | 18,917 | | | 32,527 | Yuexiu Property Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 54,134 | 11,045 |
Lenovo Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 88,403 | | | 54,564 | Zhengqi Financial Holding Corp., Rts. expiring | | | |
Longfor Group Holdings Ltd.(b) . . . . . . . . . . . . . . . | 6,020 | | | 27,848 | December 31, 2049(a)(d) . . . . . . . . . . . . . . . . . . | 1,142 | 0 |
Maanshan Iron & Steel Co. Ltd., H Shares . . . . . . | 64,578 | | | 23,617 | Zhuzhou CRRC Times Electric Co. Ltd., H | | | |
Metallurgical Corp. of China Ltd., H Shares . . . . . | 266,473 | | | 51,633 | Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,608 | 12,616 |
Momo, Inc., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,278 | | | 35,937 | Zijin Mining Group Co. Ltd., H Shares . . . . . . . . . . | 210,518 | 94,548 |
NetEase, Inc., ADR . . . . . . . . . . . . . . . . . . . . . . . . . | 503 | | | 160,311 | Zoomlion Heavy Industry Science and | | | |
New China Life Insurance Co. Ltd., H Shares . . . . | 29,508 | | | 112,268 | Technology Co. Ltd., H Shares. . . . . . . . . . . . . . | 46,271 | 38,356 |
New Oriental Education & Technology Group, | | | | | | ZTE Corp., H Shares(a)(c). . . . . . . . . . . . . . . . . . . . . | 18,646 | 77,163 |
Inc., ADR(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400 | | | 51,156 | ZTO Express Cayman, Inc., ADR . . . . . . . . . . . . . . | 3,752 | | 88,022 |
Peoples Insurance Co. Group of China Ltd. | | | | | | | | 14,136,861 |
(The), H Shares | 657,957 | | | 233,023 | | |
| | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Colombia-0.22% | | | | |
Avianca Holdings S.A., Preference Shares . . . . . . | 46,068 | $ | 21,300 |
Grupo Argos S.A.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,316 | | | 14,023 |
Grupo de Inversiones Suramericana S.A. . . . . . . . | 2,284 | | | 19,639 |
| | | | 54,962 |
Czech Republic-0.11% | | | | |
CEZ A.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,463 | | | 27,838 |
Greece-0.49% | | | | |
Hellenic Telecommunications Organization S.A. . | 1,216 | | | 17,124 |
Motor Oil Hellas Corinth Refineries S.A. . . . . . . . . | 694 | | | 11,282 |
OPAP S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,488 | | | 15,855 |
Public Power Corp. S.A.(a) . . . . . . . . . . . . . . . . . . . | 14,050 | | | 45,590 |
Star Bulk Carriers Corp. . . . . . . . . . . . . . . . . . . . . . | 1,908 | | | 16,542 |
Tsakos Energy Navigation Ltd. . . . . . . . . . . . . . . . | 4,804 | | | 13,163 |
| | | | 119,556 |
Hong Kong-0.33% | | | | |
Haier Electronics Group Co. Ltd. . . . . . . . . . . . . . . | 6,232 | | | 17,833 |
Nine Dragons Paper Holdings Ltd.. . . . . . . . . . . . . | 14,806 | | | 17,479 |
Sun Art Retail Group Ltd. . . . . . . . . . . . . . . . . . . . . | 16,487 | | | 21,071 |
Yue Yuen Industrial Holdings Ltd. . . . . . . . . . . . . . | 9,983 | | | 24,058 |
| | | | 80,441 |
Hungary-0.18% | | | | |
Gedeon Richter PLC . . . . . . . . . . . . . . . . . . . . . . . . | 732 | | | 14,801 |
MOL Hungarian Oil & Gas PLC . . . . . . . . . . . . . . . . | 3,711 | | | 28,540 |
| | | | 43,341 |
India-2.88% | | | | |
Dr. Reddy's Laboratories Ltd., ADR . . . . . . . . . . . | 754 | | | 30,281 |
Infosys Ltd., ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . | 38,755 | | | 390,263 |
Reliance Infrastructure Ltd., GDR(a)(b). . . . . . . . . . | 4,276 | | | 3,634 |
Tata Motors Ltd., ADR(a). . . . . . . . . . . . . . . . . . . . . | 8,251 | | | 75,579 |
Tata Steel Ltd., GDR(b)(c). . . . . . . . . . . . . . . . . . . . . | 9,123 | | | 45,980 |
Vedanta Ltd., ADR. . . . . . . . . . . . . . . . . . . . . . . . . . | 22,275 | | | 146,347 |
WNS (Holdings) Ltd., ADR(a). . . . . . . . . . . . . . . . . . | 255 | | | 16,789 |
| | | | 708,873 |
Indonesia-0.64% | | | | |
PT Adaro Energy Tbk . . . . . . . . . . . . . . . . . . . . . . . | 165,988 | | | 13,363 |
PT Astra International Tbk . . . . . . . . . . . . . . . . . . . | 101,555 | | | 39,107 |
PT Indofood Sukses Makmur Tbk . . . . . . . . . . . . . | 35,067 | | | 15,887 |
PT Perusahaan Gas Negara Tbk. . . . . . . . . . . . . . . | 115,587 | | | 10,312 |
PT Semen Indonesia (Persero) Tbk . . . . . . . . . . . . | 14,137 | | | 10,321 |
PT Telekomunikasi Indonesia (Persero) Tbk. . . . . | 233,486 | | | 56,795 |
PT United Tractors Tbk. . . . . . . . . . . . . . . . . . . . . . | 9,522 | | | 11,017 |
| | | | 156,802 |
Malaysia-1.20% | | | | |
Axiata Group Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 27,287 | | | 27,060 |
Genting Bhd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,382 | | | 23,936 |
Genting Malaysia Bhd. . . . . . . . . . . . . . . . . . . . . . . . | 19,800 | | | 13,576 |
IHH Healthcare Bhd. . . . . . . . . . . . . . . . . . . . . . . . . | 8,099 | | | 10,952 |
IOI Corp. Bhd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,600 | | | 12,466 |
Kuala Lumpur Kepong Bhd. . . . . . . . . . . . . . . . . . . | 2,100 | | | 10,881 |
Maxis Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,939 | | | 14,092 |
MISC Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,232 | | | 20,226 |
Petronas Chemicals Group Bhd. . . . . . . . . . . . . . . | 10,512 | | | 13,467 |
Petronas Gas Bhd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,443 | | | 13,576 |
Sime Darby Bhd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 119,422 | | | 56,665 |
| Shares | | | Value |
Malaysia-(continued) | | | | |
Telekom Malaysia Bhd. . . . . . . . . . . . . . . . . . . . . . . | 21,600 | $ | 18,961 |
Tenaga Nasional Bhd. . . . . . . . . . . . . . . . . . . . . . . . | 20,847 | | | 59,846 |
| | | | 295,704 |
Mexico-3.08% | | | | |
Arca Continental S.A.B. de C.V.. . . . . . . . . . . . . . . | 3,253 | | | 17,745 |
Cemex S.A.B. de C.V., ADR . . . . . . . . . . . . . . . . . . | 37,831 | | | 124,086 |
Coca-Cola FEMSA S.A.B. de C.V., ADR . . . . . . . . . | 2,130 | | | 118,279 |
El Puerto de Liverpool S.A.B. de C.V., Series C1. | 6,018 | | | 27,910 |
Fomento Economico Mexicano S.A.B. de C.V., | | | | |
ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,092 | | | 251,658 |
Grupo Bimbo S.A.B. de C.V., Series A. . . . . . . . . . | 9,692 | | | 14,536 |
Grupo Financiero Banorte S.A.B. de C.V., | | | | |
Class O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,610 | | | 35,607 |
Grupo Financiero Inbursa S.A.B. de C.V., | | | | |
Class O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,430 | | | 12,194 |
Grupo Televisa S.A.B., ADR . . . . . . . . . . . . . . . . . . | 6,459 | | | 60,715 |
Industrias Penoles S.A.B. de C.V. . . . . . . . . . . . . . | 944 | | | 8,461 |
Kimberly-Clark de Mexico S.A.B. de C.V., | | | | |
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,256 | | | 19,308 |
Orbia Advance Corp. S.A.B. de C.V. . . . . . . . . . . . | 7,386 | | | 14,360 |
Wal-Mart de Mexico S.A.B. de C.V., Series V . . . . | 19,362 | | | 53,988 |
| | | | 758,847 |
Peru-0.16% | | | | |
Cia de Minas Buenaventura S.A.A., ADR . . . . . . . | 2,725 | | | 30,384 |
Nexa Resourses S.A. . . . . . . . . . . . . . . . . . . . . . . . . | 1,199 | | | 8,801 |
| | | | 39,185 |
Philippines-0.04% | | | | |
Ayala Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 795 | | | 10,332 |
Poland-0.77% | | | | |
Enea S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,832 | | | 8,283 |
Energa S.A.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,411 | | | 9,634 |
Grupa Lotos S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 672 | | | 10,135 |
KGHM Polska Miedz S.A.(a) . . . . . . . . . . . . . . . . . . . | 1,277 | | | 22,847 |
Orange Polska S.A.(a) . . . . . . . . . . . . . . . . . . . . . . . | 11,055 | | | 17,300 |
PGE Polska Grupa Energetyczna S.A.(a) . . . . . . . . | 15,266 | | | 17,308 |
Polski Koncern Naftowy ORLEN S.A.. . . . . . . . . . . | 3,466 | | | 51,550 |
Polskie Gornictwo Naftowe i Gazownictwo S.A.. . | 15,083 | | | 12,119 |
Powszechny Zaklad Ubezpieczen S.A. . . . . . . . . . | 4,528 | | | 39,909 |
| | | | 189,085 |
Russia-6.31% | | | | |
Alrosa PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,214 | | | 20,412 |
Federal Grid Co. Unified Energy System PJSC. . . | 4,360,810 | | | 13,433 |
Gazprom PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 171,026 | | | 515,750 |
Inter RAO UES PJSC . . . . . . . . . . . . . . . . . . . . . . . . | 399,994 | | | 30,976 |
LUKOIL PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,259 | | | 361,223 |
Magnit PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 905 | | | 42,563 |
MMC Norilsk Nickel PJSC . . . . . . . . . . . . . . . . . . . . | 317 | | | 95,525 |
Mobile TeleSystems PJSC . . . . . . . . . . . . . . . . . . . | 9,626 | | | 45,910 |
Novatek PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,360 | | | 19,526 |
QIWI PLC, ADR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 797 | | | 13,900 |
Rosneft Oil Co. PJSC. . . . . . . . . . . . . . . . . . . . . . . . | 31,002 | | | 186,104 |
RusHydro PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,386,428 | | | 13,249 |
Severstal PJSC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,298 | | | 15,734 |
Sistema PJSFC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 208,714 | | | 49,803 |
Tatneft PJSC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,180 | | | 81,751 |
Transneft PJSC, Preference Shares . . . . . . . . . . . | 20 | | | 45,193 |
| | | | 1,551,052 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
South Africa-1.94% | | | | | | Taiwan-(continued) | | | | |
AngloGold Ashanti Ltd. . . . . . . . . . . . . . . . . . . . . . . | 1,979 | $ | 34,943 | Novatek Microelectronics Corp. . . . . . . . . . . . . . . . | 2,218 | $ | 14,321 |
Aspen Pharmacare Holdings Ltd.(a) . . . . . . . . . . . . | 2,623 | | | 16,674 | Pegatron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 52,677 | | | 109,079 |
Barloworld Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,095 | | | 10,794 | Pou Chen Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 25,480 | | | 28,695 |
Bid Corp. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,556 | | | 27,510 | Powertech Technology, Inc. . . . . . . . . . . . . . . . . . . | 7,544 | | | 25,413 |
Bidvest Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . | 2,451 | | | 28,044 | President Chain Store Corp.. . . . . . . . . . . . . . . . . . | 1,688 | | | 16,529 |
DataTec Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,661 | | | 11,011 | Qisda Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,000 | | | 11,146 |
Discovery Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,655 | | | 10,131 | Quanta Computer, Inc. . . . . . . . . . . . . . . . . . . . . . . | 37,374 | | | 76,527 |
Exxaro Resources Ltd. . . . . . . . . . . . . . . . . . . . . . . | 1,884 | | | 13,413 | Radiant Opto-Electronics Corp. . . . . . . . . . . . . . . . | 3,338 | | | 10,825 |
FirstRand Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,191 | | | 42,715 | Sino-American Silicon Products, Inc.. . . . . . . . . . . | 3,000 | | | 10,403 |
Foschini Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . | 984 | | | 7,802 | Synnex Technology International Corp. . . . . . . . . | 21,164 | | | 26,281 |
Gold Fields Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,601 | | | 32,834 | Taiwan Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . | 24,315 | | | 33,927 |
Impala Platinum Holdings Ltd.(a) . . . . . . . . . . . . . . | 3,527 | | | 27,946 | Taiwan Mobile Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 4,693 | | | 16,274 |
Life Healthcare Group Holdings Ltd. . . . . . . . . . . . | 6,734 | | | 9,546 | Taiwan Semiconductor Manufacturing Co. Ltd. . . | 75,385 | | | 786,726 |
Momentum Metropolitan Holdings. . . . . . . . . . . . . | 14,386 | | | 16,278 | Teco Electric and Machinery Co. Ltd. . . . . . . . . . . | 16,556 | | | 14,626 |
Mr Price Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . | 884 | | | 8,483 | TPK Holding Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . | 8,827 | | | 13,075 |
Netcare Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,435 | | | 9,812 | Unimicron Technology Corp. . . . . . . . . . . . . . . . . . | 12,061 | | | 15,933 |
Pick n Pay Stores Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 2,603 | | | 9,140 | Uni-President Enterprises Corp.. . . . . . . . . . . . . . . | 25,670 | | | 62,057 |
Remgro Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,559 | | | 26,027 | United Microelectronics Corp. . . . . . . . . . . . . . . . . | 145,296 | | | 73,417 |
Sappi Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,513 | | | 10,226 | Walsin Lihwa Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 33,141 | | | 15,268 |
Sasol Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,951 | | | 58,506 | Wistron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 79,178 | | | 70,733 |
Shoprite Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . | 2,558 | | | 18,231 | WPG Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,561 | | | 36,598 |
SPAR Group Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . | 1,428 | | | 14,887 | WT Microelectronics Co. Ltd. . . . . . . . . . . . . . . . . . | 9,000 | | | 11,354 |
Tiger Brands Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 903 | | | 8,691 | Yageo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,044 | | | 27,677 |
Truworths International Ltd. . . . . . . . . . . . . . . . . . | 2,431 | | | 6,943 | Zhen Ding Technology Holding Ltd.. . . . . . . . . . . . | 6,000 | | | 22,887 |
Woolworths Holdings Ltd . . . . . . . . . . . . . . . . . | 7,322 | | | 16,639 | | | | | 3,193,898 |
| | | | | | | | | |
477,226 Thailand-1.17%
Taiwan-12.98% | | |
Acer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39,169 | 21,150 |
Asia Cement Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 15,028 | 22,011 |
Asustek Computer, Inc.. . . . . . . . . . . . . . . . . . . . . . | 9,054 | 61,597 |
AU Optronics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 227,784 | 71,466 |
Catcher Technology Co. Ltd. . . . . . . . . . . . . . . . . . | 5,274 | 41,280 |
Chailease Holding Co. Ltd. . . . . . . . . . . . . . . . . . . . | 3,090 | 11,736 |
Cheng Shin Rubber Industry Co. Ltd. . . . . . . . . . . | 18,108 | 23,652 |
Chicony Electronics Co. Ltd.. . . . . . . . . . . . . . . . . . | 4,549 | 12,544 |
China Airlines Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . | 43,401 | 11,696 |
China Development Financial Holding Corp.. . . . . | 169,439 | 51,258 |
China Steel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 93,025 | 70,661 |
Chunghwa Telecom Co. Ltd.. . . . . . . . . . . . . . . . . . | 18,032 | 64,316 |
Compal Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . | 115,420 | 70,328 |
Delta Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 9,190 | 42,491 |
Eva Airways Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,716 | 9,836 |
Far Eastern New Century Corp. . . . . . . . . . . . . . . . | 28,476 | 26,567 |
Far EasTone Telecommunications Co. Ltd. . . . . . | 8,769 | 19,143 |
Formosa Chemicals & Fibre Corp. . . . . . . . . . . . . . | 19,629 | 53,287 |
Formosa Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . | 16,548 | 49,732 |
Foxconn Technology Co. Ltd.. . . . . . . . . . . . . . . . . | 11,796 | 23,179 |
Hon Hai Precision Industry Co. Ltd.. . . . . . . . . . . . | 185,785 | 492,694 |
Hotai Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 556 | 11,513 |
Innolux Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 289,264 | 75,470 |
Inventec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40,319 | 30,559 |
Largan Precision Co. Ltd. . . . . . . . . . . . . . . . . . . . . | 213 | 31,163 |
Lite-On Technology Corp.. . . . . . . . . . . . . . . . . . . . | 22,679 | 32,843 |
MediaTek, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,680 | 91,309 |
Mercuries & Associates Holding Ltd.(a) . . . . . . . . . | 30,113 | 21,630 |
Mercuries Life Insurance Co. Ltd.(a) . . . . . . . . . . . | 70,539 | 27,140 |
Micro-Star International Co. Ltd. . . . . . . . . . . . . . . | 4,289 | 12,862 |
Nan Ya Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . | 28,322 | 63,697 |
Nanya Technology Corp.. . . . . . . . . . . . . . . . . . . . . | 6,000 | 15,317 |
Advanced Info Service PCL, NVDR . . . . . . . . . . . . | 3,274 | 20,751 |
Airports of Thailand PCL, NVDR . . . . . . . . . . . . . . | 4,806 | 9,100 |
Charoen Pokphand Foods PCL, NVDR . . . . . . . . . | 24,790 | 21,015 |
CP ALL PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . | 10,403 | 21,676 |
Indorama Ventures PCL, NVDR . . . . . . . . . . . . . . . | 8,414 | 6,933 |
IRPC PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . | 99,818 | 6,959 |
PTT Exploration & Production PCL, NVDR . . . . . . | 8,749 | 29,390 |
PTT Global Chemical PCL, NVDR . . . . . . . . . . . . . . | 16,612 | 21,716 |
PTT PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 79,116 | 97,783 |
Siam Cement PCL (The), NVDR . . . . . . . . . . . . . . . | 1,716 | 16,858 |
Star Petroleum Refining PCL, NVDR . . . . . . . . . . . | 34,586 | 8,659 |
Thai Beverage PCL . . . . . . . . . . . . . . . . . . . . . . . . . | 24,140 | 13,491 |
Thai Oil PCL, NVDR . . . . . . . . . . . . . . . . . . . . . . . . . | 9,647 | 13,222 |
| | 287,553 |
Turkey-0.93% | | |
BIM Birlesik Magazalar A.S. . . . . . . . . . . . . . . . . . . | 2,888 | 22,201 |
Eregli Demir ve Celik Fabrikalari TAS. . . . . . . . . . . | 35,967 | 47,482 |
KOC Holding A.S.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,013 | 46,825 |
Tupras-Turkiye Petrol Rafinerileri A.S. . . . . . . . . . | 1,404 | 22,759 |
Turk Hava Yollari AO(a) . . . . . . . . . . . . . . . . . . . . . . | 10,887 | 20,470 |
Turkcell Iletisim Hizmetleri A.S. . . . . . . . . . . . . . . . | 14,491 | 32,093 |
Turkiye Vakiflar Bankasi T.A.O., Class D(a) . . . . . . | 43,314 | 36,735 |
| | 228,565 |
United States-0.20% | | |
JBS S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,737 | 48,991 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral from | |
securities on loan)-99.95% | | |
(Cost $27,315,347) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 24,582,729 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
February 29, 2020
(Unaudited)
Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.77%
Invesco Government & Agency Portfolio, | | | | |
Institutional Class, 1.50%(e)(f) . . . . . . . . . . . . . . | 142,074 | $ | 142,074 | |
Invesco Liquid Assets Portfolio, Institutional | | | | |
Class, 1.64%(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . | 47,335 | | 47,359 | |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $189,428) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | | 189,433 | |
TOTAL INVESTMENTS IN SECURITIES-100.72% | | | | |
(Cost $27,504,775) . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | | 24,772,162 | |
OTHER ASSETS LESS LIABILITIES-(0.72)%. . . . . . . . | . . . . . . . . . | | (177,121) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . . | $ | 24,595,041 | |
| | | | |
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
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 February 29, 2020 was $295,940, which represented 1.20% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)Security valued using significant unobservable inputs (Level 3). See Note 4.
(e)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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 February 29, 2020
Energy | 22.23 |
Consumer Discretionary | 14.58 |
| |
Information Technology | 13.49 |
Financials | 12.47 |
| |
Materials | 9.20 |
Industrials | 8.00 |
| |
Communication Services | 7.79 |
Consumer Staples | 4.30 |
| |
Utilities | 3.72 |
Sector Types Each Less Than 3% | 4.17 |
| |
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.
Invesco RAFITM Strategic US ETF (IUS)
February 29, 2020 (Unaudited)
Schedule of Investments(a)
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.68% | |
Communication Services-10.84% | | | | |
Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . . . | 2,522 | $ | 146,604 |
Alphabet, Inc., Class A(b). . . . . . . . . . . . . . . . . . . . . | 1,936 | | | 2,592,788 |
Altice USA, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . | 4,463 | | | 115,413 |
AMC Entertainment Holdings, Inc., Class A(c) . . . | 3,879 | | | 24,283 |
AT&T, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 79,659 | | | 2,805,590 |
CenturyLink, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,135 | | | 399,940 |
Charter Communications, Inc., Class A(b) . . . . . . . | 1,469 | | | 724,467 |
Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . . | 30,791 | | | 1,244,880 |
Discovery, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . | 3,782 | | | 97,197 |
DISH Network Corp., Class A(b) . . . . . . . . . . . . . . . | 3,612 | | | 121,074 |
Electronic Arts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,066 | | | 108,060 |
Facebook, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . | 8,075 | | | 1,554,195 |
Frontier Communications Corp.(b) . . . . . . . . . . . . . | 40,256 | | | 21,779 |
IAC/InterActiveCorp.(b) . . . . . . . . . . . . . . . . . . . . . . | 193 | | | 39,360 |
Interpublic Group of Cos., Inc. (The) . . . . . . . . . . . | 3,008 | | | 64,251 |
Liberty Media Corp.-Liberty SiriusXM, | | | | |
Series C(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,812 | | | 125,471 |
News Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . | 7,955 | | | 96,057 |
Omnicom Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,648 | | | 114,173 |
Take-Two Interactive Software, Inc.(b) . . . . . . . . . | 387 | | | 41,595 |
Telephone & Data Systems, Inc.. . . . . . . . . . . . . . . | 1,650 | | | 33,231 |
T-Mobile US, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,843 | | | 166,165 |
Twitter, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,456 | | | 48,339 |
Verizon Communications, Inc. . . . . . . . . . . . . . . . . | 27,288 | | | 1,477,918 |
ViacomCBS, Inc., Class B . . . . . . . . . . . . . . . . . . . . | 2,037 | | | 50,131 |
Walt Disney Co. (The) . . . . . . . . . . . . . . . . . . . . . . . | 6,861 | | | 807,197 |
Zayo Group Holdings, Inc.(b). . . . . . . . . . . . . . . . . . | 1,165 | | | 40,763 |
| | | | 13,060,921 |
Consumer Discretionary-11.74% | | | | |
Adient PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,559 | | | 109,097 |
Advance Auto Parts, Inc. . . . . . . . . . . . . . . . . . . . . | 438 | | | 58,245 |
Amazon.com, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 599 | | | 1,128,366 |
American Axle & Manufacturing Holdings, Inc.(b). | 3,588 | | | 22,712 |
Aptiv PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 113,572 |
Aramark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,523 | | | 87,649 |
AutoNation, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,037 | | | 87,041 |
AutoZone, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 120 | | | 123,901 |
Bed Bath & Beyond, Inc.(c) . . . . . . . . . . . . . . . . . . . | 4,851 | | | 52,439 |
Best Buy Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,336 | | | 252,368 |
Booking Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 199 | | | 337,436 |
BorgWarner, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,135 | | | 67,466 |
Brunswick Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 41,230 |
Burlington Stores, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 237 | | | 51,254 |
CarMax, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 110,011 |
Carnival Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,528 | | | 184,967 |
Chipotle Mexican Grill, Inc.(b) . . . . . . . . . . . . . . . . . | 57 | | | 44,094 |
Core-Mark Holding Co., Inc. . . . . . . . . . . . . . . . . . . | 1,163 | | | 26,761 |
D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,306 | | | 122,841 |
Dana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,523 | | | 36,281 |
Darden Restaurants, Inc. . . . . . . . . . . . . . . . . . . . . | 582 | | | 56,745 |
Dick's Sporting Goods, Inc.. . . . . . . . . . . . . . . . . . . | 1,648 | | | 60,004 |
Dollar General Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 1,551 | | | 233,115 |
Dollar Tree, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,357 | | | 112,672 |
Domino's Pizza, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 129 | | | 43,790 |
eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,790 | | | 235,206 |
Expedia Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 86,194 |
| Shares | | | Value |
Consumer Discretionary-(continued) | | | | |
Foot Locker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,261 | $ | 45,711 |
Ford Motor Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 102,708 | | | 714,848 |
GameStop Corp., Class A(c) . . . . . . . . . . . . . . . . . . | 5,239 | | | 18,860 |
Gap, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,590 | | | 51,445 |
General Motors Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,849 | | | 849,395 |
Gentex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,038 | | | 54,415 |
Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 93,085 |
Goodyear Tire & Rubber Co. (The) . . . . . . . . . . . . | 6,596 | | | 63,882 |
Group 1 Automotive, Inc. . . . . . . . . . . . . . . . . . . . . | 583 | | | 49,689 |
H&R Block, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 26,044 |
Hanesbrands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,618 | | | 34,662 |
Harley-Davidson, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,940 | | | 59,112 |
Hasbro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 37,544 |
Hilton Worldwide Holdings, Inc. . . . . . . . . . . . . . . . | 1,261 | | | 122,569 |
Home Depot, Inc. (The) . . . . . . . . . . . . . . . . . . . . . | 5,263 | | | 1,146,492 |
Hyatt Hotels Corp., Class A . . . . . . . . . . . . . . . . . . | 872 | | | 66,795 |
J.C. Penney Co., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 40,352 | | | 27,843 |
Kohl's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,328 | | | 91,141 |
L Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,396 | | | 73,557 |
Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . . . | 2,037 | | | 118,777 |
Lear Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,066 | | | 118,539 |
Leggett & Platt, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 38,431 |
Lennar Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . | 2,673 | | | 161,289 |
Lithia Motors, Inc., Class A. . . . . . . . . . . . . . . . . . . | 389 | | | 46,353 |
LKQ Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,425 | | | 71,732 |
Lowe's Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,461 | | | 475,409 |
lululemon athletica, inc.(b) . . . . . . . . . . . . . . . . . . . | 194 | | | 42,178 |
Macy's, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,983 | | | 92,385 |
Marriott International, Inc., Class A. . . . . . . . . . . . | 1,648 | | | 204,352 |
McDonald's Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,288 | | | 444,261 |
MGM Resorts International. . . . . . . . . . . . . . . . . . . | 5,432 | | | 133,410 |
Mohawk Industries, Inc.(b). . . . . . . . . . . . . . . . . . . . | 551 | | | 66,754 |
Murphy USA, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 582 | | | 56,745 |
Newell Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 8,342 | | | 128,717 |
NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,358 | | | 478,898 |
Nordstrom, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,843 | | | 63,952 |
Norwegian Cruise Line Holdings Ltd.(b). . . . . . . . . | 1,650 | | | 61,479 |
NVR, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19 | | | 69,676 |
Office Depot, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,481 | | | 62,230 |
O'Reilly Automotive, Inc.(b). . . . . . . . . . . . . . . . . . . | 331 | | | 122,046 |
Penske Automotive Group, Inc. . . . . . . . . . . . . . . . | 873 | | | 40,175 |
Polaris, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 40,110 |
PulteGroup, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,813 | | | 113,083 |
PVH Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 762 | | | 56,472 |
Qurate Retail, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 8,827 | | | 60,200 |
Ralph Lauren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 581 | | | 61,301 |
Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 158,166 |
Royal Caribbean Cruises Ltd. . . . . . . . . . . . . . . . . . | 1,163 | | | 93,517 |
Service Corp. International. . . . . . . . . . . . . . . . . . . | 874 | | | 41,768 |
Signet Jewelers Ltd. . . . . . . . . . . . . . . . . . . . . . . . . | 3,687 | | | 85,981 |
Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,159 | | | 561,480 |
Tapestry, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,134 | | | 50,042 |
Target Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,993 | | | 720,279 |
Tenneco, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . | 4,074 | | | 37,359 |
Tesla, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 194,385 |
Thor Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 58,443 |
Tiffany & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 657 | | | 87,769 |
TJX Cos., Inc. (The). . . . . . . . . . . . . . . . . . . . . . . . . | 5,875 | | | 351,325 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Consumer Discretionary-(continued) | | | | |
Toll Brothers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,650 | $ | 61,100 |
Tractor Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 582 | | | 51,513 |
Ulta Beauty, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 193 | | | 49,618 |
Under Armour, Inc., Class A(b)(c) . . . . . . . . . . . . . . | 1,359 | | | 19,284 |
Vail Resorts, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 151 | | | 32,104 |
VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,450 | | | 104,400 |
Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,137 | | | 145,377 |
Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 873 | | | 54,466 |
Wyndham Destinations, Inc.. . . . . . . . . . . . . . . . . . | 970 | | | 38,703 |
Wynn Resorts Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 52,262 |
Yum China Holdings, Inc. (China) . . . . . . . . . . . . . | 1,648 | | | 72,166 |
Yum! Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 86,483 |
| | | | 14,149,490 |
Consumer Staples-9.00% | | | | |
Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,773 | | | 394,536 |
Archer-Daniels-Midland Co. . . . . . . . . . . . . . . . . . . | 5,917 | | | 222,775 |
Brown-Forman Corp., Class B . . . . . . . . . . . . . . . . | 1,067 | | | 65,525 |
Bunge Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,813 | | | 132,070 |
Campbell Soup Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,165 | | | 52,565 |
Casey's General Stores, Inc. . . . . . . . . . . . . . . . . . . | 355 | | | 57,872 |
Church & Dwight Co., Inc. . . . . . . . . . . . . . . . . . . . . | 680 | | | 47,274 |
Clorox Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 77,159 |
Coca-Cola Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 12,707 | | | 679,697 |
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . . . | 2,812 | | | 190,007 |
Conagra Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 3,298 | | | 88,024 |
Constellation Brands, Inc., Class A . . . . . . . . . . . . | 775 | | | 133,595 |
Costco Wholesale Corp. . . . . . . . . . . . . . . . . . . . . . | 2,745 | | | 771,729 |
Estee Lauder Cos., Inc. (The), Class A . . . . . . . . . | 1,012 | | | 185,803 |
General Mills, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,298 | | | 161,602 |
Herbalife Nutrition Ltd.(b) . . . . . . . . . . . . . . . . . . . . | 1,068 | | | 34,561 |
Hershey Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 97,769 |
Hormel Foods Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 2,232 | | | 92,851 |
Ingredion, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 678 | | | 56,477 |
JM Smucker Co. (The) . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 79,817 |
Kellogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,939 | | | 117,251 |
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 190,750 |
Kraft Heinz Co. (The) . . . . . . . . . . . . . . . . . . . . . . . | 11,639 | | | 288,298 |
Kroger Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23,261 | | | 654,332 |
McCormick & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . | 387 | | | 56,576 |
Molson Coors Beverage Co., Class B. . . . . . . . . . . | 2,426 | | | 120,354 |
Mondelez International, Inc., Class A . . . . . . . . . . | 7,429 | | | 392,251 |
Monster Beverage Corp.(b) . . . . . . . . . . . . . . . . . . . | 969 | | | 60,475 |
PepsiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,043 | | | 665,827 |
Performance Food Group Co.(b). . . . . . . . . . . . . . . | 1,553 | | | 65,847 |
Philip Morris International, Inc. . . . . . . . . . . . . . . . | 5,262 | | | 430,800 |
Post Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 49,010 |
Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . . . | 11,136 | | | 1,260,929 |
Rite Aid Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,275 | | | 99,086 |
Sysco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,783 | | | 252,137 |
TreeHouse Foods, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . | 678 | | | 25,839 |
Tyson Foods, Inc., Class A . . . . . . . . . . . . . . . . . . . | 3,131 | | | 212,376 |
United Natural Foods, Inc.(b) . . . . . . . . . . . . . . . . . | 3,977 | | | 25,731 |
US Foods Holding Corp.(b) . . . . . . . . . . . . . . . . . . . | 2,715 | | | 91,333 |
Walgreens Boots Alliance, Inc. . . . . . . . . . . . . . . . . | 14,519 | | | 664,389 |
Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,954 | | | 1,502,567 |
| | | | 10,847,866 |
Energy-6.48% | | | | |
Antero Resources Corp.(b)(c) . . . . . . . . . . . . . . . . . | 9,313 | | | 14,901 |
Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,461 | | | 111,168 |
| Shares | | | Value |
Energy-(continued) | | | | |
Baker Hughes Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,276 | $ | 117,071 |
Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . | 2,327 | | | 32,415 |
Cheniere Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 775 | | | 39,750 |
Chesapeake Energy Corp.(b). . . . . . . . . . . . . . . . . . | 16,684 | | | 4,588 |
Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,266 | | | 1,331,588 |
Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . | 680 | | | 22,474 |
ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,565 | | | 463,137 |
CVR Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 873 | | | 24,811 |
Delek US Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,456 | | | 31,129 |
Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 6,013 | | | 97,651 |
EOG Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 2,909 | | | 184,023 |
Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 36,663 | | | 1,885,945 |
Gulfport Energy Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 4,947 | | | 4,055 |
Halliburton Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,856 | | | 133,238 |
Helmerich & Payne, Inc. . . . . . . . . . . . . . . . . . . . . . | 873 | | | 32,205 |
Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,827 | | | 102,641 |
HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,715 | | | 91,441 |
Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 9,216 | | | 76,308 |
Marathon Petroleum Corp.. . . . . . . . . . . . . . . . . . . | 11,722 | | | 555,857 |
Murphy Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,037 | | | 38,397 |
National Oilwell Varco, Inc.. . . . . . . . . . . . . . . . . . . | 4,267 | | | 79,836 |
Oasis Petroleum, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 6,110 | | | 9,990 |
Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . | 7,318 | | | 239,591 |
ONEOK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,133 | | | 142,314 |
Parsley Energy, Inc., Class A . . . . . . . . . . . . . . . . . | 2,232 | | | 29,909 |
Patterson-UTI Energy, Inc. . . . . . . . . . . . . . . . . . . . | 3,491 | | | 20,003 |
PBF Energy, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 3,202 | | | 71,693 |
Peabody Energy Corp.(c). . . . . . . . . . . . . . . . . . . . . | 3,105 | | | 18,133 |
Phillips 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,450 | | | 632,567 |
Pioneer Natural Resources Co. . . . . . . . . . . . . . . . | 885 | | | 108,660 |
QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 4,851 | | | 10,915 |
Range Resources Corp.(c) . . . . . . . . . . . . . . . . . . . . | 6,013 | | | 16,656 |
Schlumberger Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . | 12,172 | | | 329,739 |
Southwestern Energy Co.(b) . . . . . . . . . . . . . . . . . . | 12,223 | | | 17,357 |
Targa Resources Corp. . . . . . . . . . . . . . . . . . . . . . . | 2,522 | | | 81,713 |
Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 7,094 | | | 469,978 |
Whiting Petroleum Corp.(b)(c) . . . . . . . . . . . . . . . . . | 1,843 | | | 3,410 |
World Fuel Services Corp.. . . . . . . . . . . . . . . . . . . . | 3,782 | | | 106,955 |
WPX Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 3,200 | | | 29,856 |
| | | | 7,814,068 |
Financials-5.83% | | | | |
Affiliated Managers Group, Inc. . . . . . . . . . . . . . . . | 680 | | | 51,150 |
AGNC Investment Corp. . . . . . . . . . . . . . . . . . . . . . | 6,791 | | | 115,719 |
Alleghany Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 115 | | | 77,309 |
Allstate Corp. (The). . . . . . . . . . . . . . . . . . . . . . . . . | 4,267 | | | 449,102 |
American Express Co. . . . . . . . . . . . . . . . . . . . . . . . | 5,096 | | | 560,203 |
Arthur J. Gallagher & Co. . . . . . . . . . . . . . . . . . . . . | 776 | | | 75,652 |
Berkshire Hathaway, Inc., Class B(b) . . . . . . . . . . . | 15,104 | | | 3,116,559 |
Cboe Global Markets, Inc. . . . . . . . . . . . . . . . . . . . . | 388 | | | 44,232 |
Cincinnati Financial Corp. . . . . . . . . . . . . . . . . . . . . | 873 | | | 81,398 |
Everest Re Group Ltd.. . . . . . . . . . . . . . . . . . . . . . . | 351 | | | 87,006 |
Fidelity National Financial, Inc.. . . . . . . . . . . . . . . . | 1,746 | | | 67,675 |
First American Financial Corp. . . . . . . . . . . . . . . . . | 874 | | | 49,905 |
Franklin Resources, Inc. . . . . . . . . . . . . . . . . . . . . . | 3,395 | | | 73,875 |
Hanover Insurance Group, Inc. (The) . . . . . . . . . . | 384 | | | 45,519 |
Hartford Financial Services Group, Inc. (The) . . . | 3,394 | | | 169,530 |
INTL. FCStone, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,941 | | | 88,413 |
Lazard Ltd., Class A . . . . . . . . . . . . . . . . . . . . . . . . | 1,456 | | | 52,154 |
Legg Mason, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,358 | | | 67,656 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Financials-(continued) | | | | | | Health Care-(continued) | | | | |
LPL Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . | 486 | $ | 38,627 | Mettler-Toledo International, Inc.(b). . . . . . . . . . . . | 53 | $ | 37,190 |
Markel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 78 | | | 92,165 | Molina Healthcare, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 484 | | | 59,314 |
Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . . . | 1,843 | | | 192,704 | Owens & Minor, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 9,700 | | | 66,251 |
Moody's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338 | | | 81,130 | Patterson Cos., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,456 | | | 34,638 |
Mr Cooper Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 4,171 | | | 53,514 | Perrigo Co. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,359 | | | 68,888 |
MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 193 | | | 57,020 | Pfizer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,376 | | | 1,115,426 |
Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 69,631 | Quest Diagnostics, Inc. . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 92,696 |
Old Republic International Corp. . . . . . . . . . . . . . . | 3,008 | | | 59,318 | Regeneron Pharmaceuticals, Inc.(b). . . . . . . . . . . . | 254 | | | 112,921 |
OneMain Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,163 | | | 42,740 | ResMed, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 46,257 |
Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . . . | 3,450 | | | 252,402 | STERIS PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 46,158 |
Raymond James Financial, Inc. . . . . . . . . . . . . . . . | 969 | | | 81,037 | Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 872 | | | 166,194 |
S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 636 | | | 169,119 | Tenet Healthcare Corp.(b) . . . . . . . . . . . . . . . . . . . . | 3,588 | | | 94,293 |
Santander Consumer USA Holdings, Inc. . . . . . . . | 2,134 | | | 52,070 | Thermo Fisher Scientific, Inc.. . . . . . . . . . . . . . . . . | 1,143 | | | 332,384 |
T. Rowe Price Group, Inc.. . . . . . . . . . . . . . . . . . . . | 1,067 | | | 125,917 | UnitedHealth Group, Inc. . . . . . . . . . . . . . . . . . . . . | 5,817 | | | 1,483,102 |
Travelers Cos., Inc. (The) . . . . . . . . . . . . . . . . . . . . | 2,390 | | | 286,346 | Universal Health Services, Inc., Class B . . . . . . . . | 775 | | | 95,899 |
W.R. Berkley Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 873 | | | 58,613 | Vertex Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . | 291 | | | 65,193 |
White Mountains Insurance Group Ltd.. . . . . . . . . | 37 | | | 36,634 | Waters Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 56,713 |
| | | | | | Zimmer Biomet Holdings, Inc | 1,047 | | | 142,549 |
| | | | 7,022,044 | | |
| | | | Zoetis, Inc | 873 | | | 116,310 |
Health Care-15.29% | | | | | | | |
| | | | | | | | | 18,430,204 |
Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . | 5,528 | | | 425,822 | | | | |
| | Industrials-10.76% | | | | |
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,239 | | | 877,585 | | | | |
Agilent Technologies, Inc.. . . . . . . . . . . . . . . . . . . . | 1,067 | | | 82,234 | 3M Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,972 | | | 443,541 |
Alexion Pharmaceuticals, Inc.(b). . . . . . . . . . . . . . . | 581 | | | 54,631 | A.O. Smith Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 30,691 |
AmerisourceBergen Corp. . . . . . . . . . . . . . . . . . . . | 5,461 | | | 460,472 | Acuity Brands, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 290 | | | 29,829 |
Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,850 | | | 1,168,421 | AECOM(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,813 | | | 126,416 |
Anthem, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,062 | | | 530,120 | AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 41,032 |
Baxter International, Inc. . . . . . . . . . . . . . . . . . . . . | 2,448 | | | 204,335 | Allison Transmission Holdings, Inc. . . . . . . . . . . . . | 1,068 | | | 43,361 |
Becton, Dickinson and Co. . . . . . . . . . . . . . . . . . . . | 970 | | | 230,685 | American Airlines Group, Inc.. . . . . . . . . . . . . . . . . | 1,940 | | | 36,957 |
Biogen, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,427 | | | 440,073 | AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 58,394 |
Boston Scientific Corp.(b) . . . . . . . . . . . . . . . . . . . . | 2,230 | | | 83,380 | Arconic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,590 | | | 105,367 |
Bristol-Myers Squibb Co.. . . . . . . . . . . . . . . . . . . . . | 7,177 | | | 423,874 | Avis Budget Group, Inc.(b) . . . . . . . . . . . . . . . . . . . | 2,715 | | | 87,898 |
Cardinal Health, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 11,850 | | | 617,622 | Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,894 | | | 796,168 |
Centene Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,390 | | | 232,758 | C.H. Robinson Worldwide, Inc. . . . . . . . . . . . . . . . . | 1,066 | | | 73,447 |
Cerner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,164 | | | 80,630 | Carlisle Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 387 | | | 56,227 |
Cigna Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,334 | | | 426,982 | Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,879 | | | 481,927 |
Community Health Systems, Inc.(b)(c) . . . . . . . . . . | 13,969 | | | 68,867 | Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 250 | | | 66,685 |
Cooper Cos., Inc. (The). . . . . . . . . . . . . . . . . . . . . . | 128 | | | 41,545 | CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,170 | | | 293,777 |
CVS Health Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,851 | | | 1,115,602 | Cummins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 190,625 |
Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,842 | | | 266,316 | Deere & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,746 | | | 273,214 |
DaVita, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,426 | | | 188,306 | Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,940 | | | 89,492 |
DENTSPLY SIRONA, Inc.. . . . . . . . . . . . . . . . . . . . . | 1,164 | | | 57,315 | Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 981 | | | 100,788 |
Edwards Lifesciences Corp.(b) . . . . . . . . . . . . . . . . | 388 | | | 79,478 | Eaton Corp. PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,388 | | | 307,359 |
Eli Lilly and Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,761 | | | 474,375 | EMCOR Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 485 | | | 37,306 |
Encompass Health Corp.. . . . . . . . . . . . . . . . . . . . . | 582 | | | 43,557 | Emerson Electric Co.. . . . . . . . . . . . . . . . . . . . . . . . | 3,395 | | | 217,654 |
Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 7,633 | | | 529,425 | Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 388 | | | 55,112 |
HCA Healthcare, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 1,911 | | | 242,716 | Expeditors International of Washington, Inc. . . . . | 969 | | | 68,237 |
Henry Schein, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 65,023 | Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,649 | | | 56,429 |
Hologic, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 970 | | | 45,706 | FedEx Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,424 | | | 342,196 |
Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,223 | | | 390,969 | Fluor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,619 | | | 24,409 |
Illumina, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 193 | | | 51,274 | Fortive Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 53,668 |
Intuitive Surgical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 137 | | | 73,153 | Fortune Brands Home & Security, Inc. . . . . . . . . . | 1,164 | | | 71,877 |
IQVIA Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 915 | | | 127,633 | General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . | 1,789 | | | 285,685 |
Jazz Pharmaceuticals PLC(b) . . . . . . . . . . . . . . . . . | 291 | | | 33,343 | General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 91,927 | | | 1,000,166 |
Johnson & Johnson. . . . . . . . . . . . . . . . . . . . . . . . . | 10,357 | | | 1,392,809 | HD Supply Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,068 | | | 40,605 |
Laboratory Corp. of America Holdings(b) . . . . . . . | 678 | | | 119,118 | Hertz Global Holdings, Inc.(b) . . . . . . . . . . . . . . . . . | 5,529 | | | 70,716 |
McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,534 | | | 913,845 | Honeywell International, Inc. . . . . . . . . . . . . . . . . . | 3,165 | | | 513,268 |
MEDNAX, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,359 | | | 23,225 | Hubbell, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 38,773 |
Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,847 | | | 689,287 | Huntington Ingalls Industries, Inc. . . . . . . . . . . . . . | 355 | | | 72,963 |
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,780 | | | 825,317 | IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 195 | | | 28,860 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Industrials-(continued) | | | | | | Information Technology-(continued) | | | | |
Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,358 | $ | 227,845 | Automatic Data Processing, Inc. . . . . . . . . . . . . . . | 1,129 | $ | 174,701 |
Ingersoll-Rand PLC . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 162,590 | Avnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,327 | | | 71,392 |
J.B. Hunt Transport Services, Inc.. . . . . . . . . . . . . | 484 | | | 46,677 | Booz Allen Hamilton Holding Corp. . . . . . . . . . . . . | 678 | | | 48,341 |
Jacobs Engineering Group, Inc. . . . . . . . . . . . . . . . | 969 | | | 89,478 | Broadcom, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,992 | | | 543,059 |
Johnson Controls International PLC . . . . . . . . . . . | 7,341 | | | 268,460 | Broadridge Financial Solutions, Inc. . . . . . . . . . . . | 388 | | | 40,492 |
Kansas City Southern . . . . . . . . . . . . . . . . . . . . . . . | 539 | | | 81,217 | CDK Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 35,712 |
KAR Auction Services, Inc.. . . . . . . . . . . . . . . . . . . | 776 | | | 14,938 | CDW Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 853 | | | 97,430 |
Knight-Swift Transportation Holdings, Inc.. . . . . . | 1,262 | | | 40,308 | Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,158 | | | 1,084,419 |
L3Harris Technologies, Inc. . . . . . . . . . . . . . . . . . . | 388 | | | 76,719 | Citrix Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 872 | | | 90,156 |
Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 394,651 | Cognizant Technology Solutions Corp., Class A. . | 3,395 | | | 206,857 |
ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,068 | | | 81,104 | CommScope Holding Co., Inc.(b) . . . . . . . . . . . . . . | 1,745 | | | 19,212 |
Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,650 | | | 68,178 | Conduent, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,267 | | | 13,953 |
Nielsen Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . | 3,297 | | | 60,038 | Corning, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,052 | | | 192,121 |
Norfolk Southern Corp.. . . . . . . . . . . . . . . . . . . . . . | 1,357 | | | 247,449 | Dell Technologies, Inc., Class C(b) . . . . . . . . . . . . . | 8,663 | | | 350,505 |
Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . | 748 | | | 245,972 | DXC Technology Co. . . . . . . . . . . . . . . . . . . . . . . . . | 3,493 | | | 84,216 |
Old Dominion Freight Line, Inc. . . . . . . . . . . . . . . . | 290 | | | 56,202 | F5 Networks, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . | 369 | | | 44,262 |
Oshkosh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 48,990 | Fidelity National Information Services, Inc. . . . . . | 1,357 | | | 189,600 |
Owens Corning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,357 | | | 76,657 | Fiserv, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 137,794 |
PACCAR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,812 | | | 188,123 | Global Payments, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 362 | | | 66,597 |
Parker-Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . . . | 813 | | | 150,218 | Hewlett Packard Enterprise Co.. . . . . . . . . . . . . . . | 26,635 | | | 340,662 |
Quanta Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,747 | | | 66,613 | HP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,733 | | | 389,459 |
Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,506 | | | 283,971 | Intel Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 34,787 | | | 1,931,374 |
Republic Services, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,746 | | | 157,594 | International Business Machines Corp. . . . . . . . . . | 7,221 | | | 939,813 |
Robert Half International, Inc. . . . . . . . . . . . . . . . . | 777 | | | 39,169 | Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 407 | | | 108,201 |
Rockwell Automation, Inc. . . . . . . . . . . . . . . . . . . . | 679 | | | 124,597 | Jabil, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,588 | | | 114,995 |
Roper Technologies, Inc. . . . . . . . . . . . . . . . . . . . . | 216 | | | 75,967 | Juniper Networks, Inc. . . . . . . . . . . . . . . . . . . . . . . | 3,492 | | | 74,100 |
Ryder System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,261 | | | 47,969 | Keysight Technologies, Inc.(b) . . . . . . . . . . . . . . . . | 484 | | | 45,864 |
Snap-on, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341 | | | 49,360 | KLA Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 104,369 |
Southwest Airlines Co. . . . . . . . . . . . . . . . . . . . . . . | 1,261 | | | 58,246 | Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 1,224 | | | 359,158 |
Spirit AeroSystems Holdings, Inc., Class A. . . . . . | 872 | | | 46,077 | Leidos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 99,468 |
Stanley Black & Decker, Inc. . . . . . . . . . . . . . . . . . . | 926 | | | 133,066 | LogMeIn, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389 | | | 33,156 |
Terex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 32,003 | Marvell Technology Group Ltd. . . . . . . . . . . . . . . . | 2,426 | | | 51,674 |
Textron, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,717 | | | 110,310 | Mastercard, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 1,552 | | | 450,468 |
TransDigm Group, Inc. . . . . . . . . . . . . . . . . . . . . . . | 77 | | | 42,951 | Maxim Integrated Products, Inc. . . . . . . . . . . . . . . | 1,165 | | | 64,797 |
Trinity Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,232 | | | 45,421 | Microchip Technology, Inc.(c) . . . . . . . . . . . . . . . . . | 874 | | | 79,281 |
Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,855 | | | 616,068 | Micron Technology, Inc.(b) . . . . . . . . . . . . . . . . . . . | 15,689 | | | 824,614 |
United Airlines Holdings, Inc.(b) . . . . . . . . . . . . . . . | 971 | | | 59,804 | Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 19,303 | | | 3,127,279 |
United Parcel Service, Inc., Class B . . . . . . . . . . . . | 5,237 | | | 473,896 | Motorola Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . | 387 | | | 64,118 |
United Rentals, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 872 | | | 115,523 | NCR Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,262 | | | 31,802 |
United Technologies Corp. . . . . . . . . . . . . . . . . . . . | 4,053 | | | 529,281 | NetApp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,745 | | | 81,526 |
Verisk Analytics, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 292 | | | 45,292 | NortonLifeLock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 3,686 | | | 70,145 |
W.W. Grainger, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 257 | | | 71,328 | NVIDIA Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,506 | | | 406,725 |
Waste Management, Inc. . . . . . . . . . . . . . . . . . . . . | 1,842 | | | 204,112 | ON Semiconductor Corp.(b) . . . . . . . . . . . . . . . . . . | 3,104 | | | 57,921 |
WESCO International, Inc.(b). . . . . . . . . . . . . . . . . . | 776 | | | 31,482 | Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,654 | | | 873,167 |
XPO Logistics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,771 | | | 131,001 | Palo Alto Networks, Inc.(b) . . . . . . . . . . . . . . . . . . . | 194 | | | 35,816 |
Xylem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 583 | | | 45,089 | Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 60,047 |
| | | | | | PayPal Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 2,521 | | | 272,243 |
| | | | 12,973,123 | | |
| | | | PTC, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 388 | | | 29,313 |
Information Technology-23.43% | | | | | | | |
2,464 | | | 444,974 | Qorvo, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 97,462 |
Accenture PLC, Class A . . . . . . . . . . . . . . . . . . . . . | | | QUALCOMM, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,297 | | | 806,255 |
Adobe, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 775 | | | 267,468 | | |
| | Sabre Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,843 | | | 25,092 |
Akamai Technologies, Inc.(b) . . . . . . . . . . . . . . . . . | 776 | | | 67,132 | | |
| | salesforce.com, inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 970 | | | 165,288 |
Alliance Data Systems Corp. . . . . . . . . . . . . . . . . . | 679 | | | 58,313 | Sanmina Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,165 | | | 30,628 |
Amdocs Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 61,774 | Seagate Technology PLC . . . . . . . . . . . . . . . . . . . . | 2,619 | | | 125,581 |
Amphenol Corp., Class A . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 97,823 | | |
| | ServiceNow, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 137 | | | 44,674 |
Analog Devices, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 158,559 | Skyworks Solutions, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,262 | | | 126,427 |
ANSYS, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 194 | | | 46,985 | | |
| | SS&C Technologies Holdings, Inc. . . . . . . . . . . . . . | 581 | | | 32,246 |
Apple, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 29,384 | | | 8,032,410 | | |
| | SYNNEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 677 | | | 84,645 |
Applied Materials, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 7,904 | | | 459,380 | | |
| | Synopsys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 388 | | | 53,517 |
Arrow Electronics, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,745 | | | 117,020 | Tech Data Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,358 | | | 193,366 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Information Technology-(continued) | | | | | Real Estate-(continued) | | | | |
Teradyne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,066 | $ | 62,638 | Park Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . | 1,746 | $ | 31,882 |
Texas Instruments, Inc.. . . . . . . . . . . . . . . . . . . . . . | 4,170 | | | 475,964 | Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 101,214 |
Trimble, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 34,506 | Realogy Holdings Corp.(c) . . . . . . . . . . . . . . . . . . . . | 6,111 | | | 56,649 |
Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,603 | | | 836,641 | SBA Communications Corp., Class A. . . . . . . . . . . | 290 | | | 76,876 |
VMware, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . | 1,110 | | | 133,777 | Service Properties Trust. . . . . . . . . . . . . . . . . . . . . | 1,359 | | | 24,571 |
Western Digital Corp. . . . . . . . . . . . . . . . . . . . . . . . | 5,044 | | | 280,245 | Simon Property Group, Inc. . . . . . . . . . . . . . . . . . . | 1,066 | | | 131,203 |
Western Union Co. (The) . . . . . . . . . . . . . . . . . . . . | 2,911 | | | 65,177 | Weyerhaeuser Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,269 | | | 110,909 |
Xerox Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . | 2,618 | | | 84,300 | | | | | 1,145,558 |
Xilinx, Inc | 583 | | | 48,675 | | | | |
| | Utilities-2.46% | | | | |
| | | | 28,231,316 | | | | |
| | | | AES Corp. (The). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,306 | | | 105,499 |
Materials-2.90% | | | | | | |
| | | | Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 45,553 |
Air Products and Chemicals, Inc. . . . . . . . . . . . . . . | 730 | | | 160,315 | Ameren Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,455 | | | 114,945 |
Albemarle Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 63,516 | American Electric Power Co., Inc. . . . . . . . . . . . . . | 2,909 | | | 259,657 |
Alcoa Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,007 | | | 41,707 | CenterPoint Energy, Inc.. . . . . . . . . . . . . . . . . . . . . | 3,588 | | | 82,596 |
Ashland Global Holdings, Inc. . . . . . . . . . . . . . . . . . | 484 | | | 34,625 | CMS Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,455 | | | 87,911 |
Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 55,642 | Consolidated Edison, Inc. . . . . . . . . . . . . . . . . . . . . | 2,129 | | | 167,808 |
Axalta Coating Systems Ltd.(b) . . . . . . . . . . . . . . . | 1,359 | | | 33,866 | DTE Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,232 | | | 137,577 |
Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,768 | | | 124,573 | Edison International . . . . . . . . . . . . . . . . . . . . . . . . | 3,103 | | | 208,491 |
Berry Global Group, Inc.(b) . . . . . . . . . . . . . . . . . . . | 971 | | | 36,859 | Entergy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,517 | | | 177,353 |
Celanese Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 872 | | | 81,741 | Eversource Energy . . . . . . . . . . . . . . . . . . . . . . . . . | 1,842 | | | 159,259 |
CF Industries Holdings, Inc. . . . . . . . . . . . . . . . . . . | 1,745 | | | 64,321 | Exelon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,340 | | | 402,647 |
Chemours Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 2,813 | | | 41,801 | FirstEnergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,911 | | | 129,627 |
Crown Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 680 | | | 47,940 | MDU Resources Group, Inc. . . . . . . . . . . . . . . . . . . | 1,551 | | | 43,009 |
Domtar Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 969 | | | 27,878 | NiSource, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,134 | | | 57,661 |
DuPont de Nemours, Inc. . . . . . . . . . . . . . . . . . . . . | 11,135 | | | 477,692 | NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,329 | | | 77,346 |
Eastman Chemical Co. . . . . . . . . . . . . . . . . . . . . . . | 1,551 | | | 95,402 | PG&E Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,669 | | | 211,870 |
Ecolab, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 844 | | | 152,300 | Portland General Electric Co. . . . . . . . . . . . . . . . . . | 583 | | | 31,721 |
FMC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 45,247 | UGI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,260 | | | 45,410 |
Freeport-McMoRan, Inc. . . . . . . . . . . . . . . . . . . . . . | 18,332 | | | 182,587 | Vistra Energy Corp.. . . . . . . . . . . . . . . . . . . . . . . . . | 3,685 | | | 70,863 |
Huntsman Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,396 | | | 64,320 | WEC Energy Group, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,767 | | | 163,147 |
International Flavors & Fragrances, Inc.(c) . . . . . . | 291 | | | 34,856 | Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,006 | | | 187,334 |
International Paper Co . . . . . . . . . . . . . . | 4,170 | | | 154,123 | | | | | 2,967,284 |
Louisiana-Pacific Corp | 1,454 | | | 41,366 | | | | |
| | Total Common Stocks & Other Equity Interests | | | | |
Martin Marietta Materials, Inc. . . . . . . . . . . . . . . . . | 238 | | | 54,152 | | | | |
| | (Cost $124,254,922). . . . . . . . . . . . . . . . . . . . . | | | 120,131,213 |
Mosaic Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,977 | | | 67,728 | . . . . . . . . . | |
| | | | | | |
Newmont Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,976 | | | 177,449 | Money Market Funds-0.08% | | | | |
Nucor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,555 | | | 146,999 | | | | |
| | Invesco Premier U.S. Government Money | | | | |
O-I Glass, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,424 | | | 26,179 | | | | |
| | Portfolio, Institutional Class, 1.46%(d) | | | | |
Olin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,425 | | | 39,261 | | | | |
| | (Cost $100,597) . . . . . . . . . . . . . . . . . . . . . . . . . | 100,597 | | | 100,597 |
Packaging Corp. of America. . . . . . . . . . . . . . . . . . | 653 | | | 59,175 | | |
| | TOTAL INVESTMENTS IN SECURITIES | | | | |
PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,455 | | | 151,975 | | | | |
Reliance Steel & Aluminum Co. . . . . . . . . . . . . . . . | 872 | | | 89,197 | (excluding investments purchased with cash collateral | | | |
RPM International, Inc. . . . . . . . . . . . . . . . . . . . . . . | 679 | | | 43,531 | from securities on loan)-99.76% | | | | |
Sealed Air Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,358 | | | 41,161 | (Cost $124,355,519). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 120,231,810 |
Sherwin-Williams Co. (The) . . . . . . . . . . . . | 308 | | | 159,159 | Investments Purchased with Cash Collateral from Securities |
Sonoco Products Co.. . . . . . . . . . . . . . . . . . . . . . . . | 583 | | | 28,106 |
Steel Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 2,812 | | | 74,884 | on Loan | | | | |
United States Steel Corp.(c) . . . . . . . . . . . . . . . . . . | 5,237 | | | 42,001 | Money Market Funds-0.42% | | | | |
Vulcan Materials Co. . . . . . . . . . . . . . . . . . . . . . . . . | 484 | | | 58,206 | | | | |
Warrior Met Coal, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,262 | | | 22,363 | Invesco Government & Agency Portfolio, | | | | |
Westrock Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,365 | | | 145,136 | Institutional Class, 1.50%(d)(e) . . . . . . . . . . . . . . | 376,047 | | | 376,047 |
| | | | 3,489,339 | | | | | |
Real Estate-0.95% | | | | | | | | | |
American Tower Corp. . . . . . . . . . . . . . . . . . . . . . . | 872 | | | 197,769 | | | | | |
CBRE Group, Inc., Class A(b). . . . . . . . . . . . . . . . . . | 2,133 | | | 119,747 | | | | | |
Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 194 | | | 111,123 | | | | | |
Host Hotels & Resorts, Inc.. . . . . . . . . . . . . . . . . . . | 4,268 | | | 61,801 | | | | | |
Iron Mountain, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,649 | | | 50,146 | | | | | |
Jones Lang LaSalle, Inc.. . . . . . . . . . . . . . . . . . . . . | 485 | | | 71,668 | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US ETF (IUS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value |
Money Market Funds-(continued) | | | | | |
Invesco Liquid Assets Portfolio, Institutional | | | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . | 125,287 | $ | 125,349 | |
Total Investments Purchased with Cash Collateral from | | | | |
Securities on Loan | | | | | |
(Cost $501,384). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 501,396 | |
TOTAL INVESTMENTS IN SECURITIES-100.18% | | | | | |
(Cost $124,856,903). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 120,733,206 | |
OTHER ASSETS LESS LIABILITIES-(0.18)% . . . . . . . . . . . . . . . | | (221,129) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $120,512,077 | |
| | | | | |
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Non-income producing security.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Information Technology | 23.43 |
Health Care | 15.29 |
| |
Consumer Discretionary | 11.74 |
Communication Services | 10.84 |
| |
Industrials | 10.76 |
Consumer Staples | 9.00 |
| |
Energy | 6.48 |
Financials | 5.83 |
| |
Sector Types Each Less Than 3% | 6.31 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.32 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.87% | | |
Communication Services-4.38% | | | | |
AMC Networks, Inc., Class A(b). . . . . . . . . . . . . . . . . | 1,132 | | $ | 35,092 |
ANGI Homeservices, Inc., Class A(b)(c) . . . . . . . . . . . | 1,425 | | | 10,160 |
ATN International, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 174 | | | 9,379 |
Bandwidth, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . | 32 | | | 2,013 |
Boingo Wireless, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 312 | | | 3,953 |
Cable One, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23 | | | 36,180 |
Cargurus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 137 | | | 3,492 |
Cars.com, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,647 | | | 14,955 |
Central European Media Enterprises Ltd., Class A | | | | |
(Czech Republic)(b). . . . . . . . . . . . . . . . . . . . . . . . . | 1,009 | | | 4,470 |
Cincinnati Bell, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . | 1,702 | | | 22,211 |
Cinemark Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,440 | | | 37,382 |
Clear Channel Worldwide Holdings, Inc.(b) . . . . . . . | 1,448 | | | 2,997 |
Cogent Communications Holdings, Inc.. . . . . . . . . . | 215 | | | 15,697 |
comScore, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 352 | | | 1,232 |
Consolidated Communications Holdings, Inc. . . . . . | 6,523 | | | 40,573 |
E.W. Scripps Co. (The), Class A . . . . . . . . . . . . . . . . | 997 | | | 11,864 |
Emerald Holding, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 411 | | | 2,819 |
Entercom Communications Corp., Class A . . . . . . . | 4,025 | | | 13,967 |
Entravision Communications Corp., Class A . . . . . . | 4,205 | | | 8,452 |
Eros International PLC (India)(b)(c) . . . . . . . . . . . . . . | 1,109 | | | 2,562 |
Globalstar, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,267 | | | 1,334 |
Glu Mobile, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 404 | | | 2,877 |
Gogo, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 243 | | | 877 |
Gray Television, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 1,437 | | | 27,188 |
John Wiley & Sons, Inc., Class A . . . . . . . . . . . . . . . | 857 | | | 31,872 |
Liberty TripAdvisor Holdings, Inc., Class A(b) . . . . . | 2,451 | | | 10,674 |
Lions Gate Entertainment Corp., Class A(b)(c). . . . . | 3,841 | | | 30,536 |
Live Nation Entertainment, Inc.(b) . . . . . . . . . . . . . . | 1,062 | | | 64,538 |
Madison Square Garden Co. (The), Class A(b) . . . . | 133 | | | 35,620 |
Marcus Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . | 377 | | | 10,073 |
Match Group, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . | 855 | | | 55,575 |
MDC Partners, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 1,567 | | | 3,933 |
Meredith Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 695 | | | 18,313 |
MSG Networks, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 305 | | | 3,855 |
National CineMedia, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,134 | | | 8,721 |
Netflix, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 124 | | | 45,760 |
New York Times Co. (The), Class A . . . . . . . . . . . . . | 674 | | | 25,248 |
Nexstar Media Group, Inc., Class A . . . . . . . . . . . . . | 574 | | | 65,999 |
ORBCOMM, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 533 | | | 1,764 |
QuinStreet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 331 | | | 4,263 |
Roku, Inc.(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 66 | | | 7,502 |
Scholastic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 745 | | | 23,907 |
Shenandoah Telecommunications Co.. . . . . . . . . . . | 418 | | | 18,572 |
Sinclair Broadcast Group, Inc., Class A . . . . . . . . . . | 1,177 | | | 27,318 |
Sirius XM Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . | 11,549 | | | 73,221 |
Snap, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 546 | | | 7,737 |
Spok Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 343 | | | 3,416 |
TechTarget, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 142 | | | 3,284 |
TEGNA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,778 | | | 39,781 |
Tribune Publishing Co.. . . . . . . . . . . . . . . . . . . . . . . . | 359 | | | 4,118 |
TripAdvisor, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 842 | | | 19,745 |
TrueCar, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 807 | | | 2,122 |
United States Cellular Corp.(b) . . . . . . . . . . . . . . . . . | 521 | | | 16,365 |
Vonage Holdings Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 1,426 | | | 12,777 |
WideOpenWest, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 563 | | | 3,541 |
World Wrestling Entertainment, Inc., Class A . . . . . | 226 | | | 10,570 |
| Shares | | | Value |
Communication Services-(continued) | | | | |
Yelp, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 966 | $ | 30,207 |
Zillow Group, Inc., Class C(b)(c) . . . . . . . . . . . . . . . . . | 511 | | | 28,519 |
Zynga, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,820 | | | 32,342 |
| | | | 1,093,514 |
Consumer Discretionary-15.45% | | | | |
1-800-Flowers.com, Inc., Class A(b) . . . . . . . . . . . . . | 643 | | | 11,600 |
Aaron's, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,109 | | | 43,617 |
Abercrombie & Fitch Co., Class A. . . . . . . . . . . . . . . | 1,880 | | | 24,684 |
Acushnet Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . | 487 | | | 12,394 |
Adtalem Global Education, Inc.(b) . . . . . . . . . . . . . . . | 961 | | | 29,666 |
American Eagle Outfitters, Inc. . . . . . . . . . . . . . . . . | 2,885 | | | 37,159 |
American Outdoor Brands Corp.(b) . . . . . . . . . . . . . | 1,170 | | | 11,653 |
American Public Education, Inc.(b) . . . . . . . . . . . . . . | 225 | | | 5,009 |
America's Car-Mart, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 84 | | | 8,633 |
Asbury Automotive Group, Inc.(b) . . . . . . . . . . . . . . | 682 | | | 60,453 |
Ascena Retail Group, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,669 | | | 6,342 |
At Home Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 553 | | | 2,765 |
BBX Capital Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,831 | | | 9,852 |
Beazer Homes USA, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,985 | | | 24,336 |
Big Lots, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,756 | | | 27,762 |
Biglari Holdings, Inc., Class B(b) . . . . . . . . . . . . . . . . | 44 | | | 4,640 |
BJ's Restaurants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 361 | | | 11,895 |
Bloomin' Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 2,277 | | | 40,963 |
Boot Barn Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 348 | | | 10,673 |
Boyd Gaming Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,356 | | | 36,219 |
Bright Horizons Family Solutions, Inc.(b) . . . . . . . . . | 298 | | | 46,831 |
Brinker International, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,200 | | | 41,220 |
Buckle, Inc. (The)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 680 | | | 15,388 |
Caesars Entertainment Corp.(b) . . . . . . . . . . . . . . . . | 4,476 | | | 56,890 |
Caleres, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,282 | | | 14,781 |
Callaway Golf Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,223 | | | 20,767 |
Camping World Holdings, Inc., Class A . . . . . . . . . . | 2,239 | | | 30,630 |
Carrols Restaurant Group, Inc.(b) . . . . . . . . . . . . . . . | 1,086 | | | 4,480 |
Carter's, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 654 | | | 59,821 |
Cato Corp. (The), Class A . . . . . . . . . . . . . . . . . . . . . | 967 | | | 15,636 |
Cavco Industries, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . | 93 | | | 18,760 |
Century Communities, Inc.(b) . . . . . . . . . . . . . . . . . . | 389 | | | 12,965 |
Cheesecake Factory, Inc. (The)(c) . . . . . . . . . . . . . . | 791 | | | 28,183 |
Chegg, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 317 | | | 12,430 |
Chico's FAS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,104 | | | 32,497 |
Children's Place, Inc. (The)(c) . . . . . . . . . . . . . . . . . . | 346 | | | 19,930 |
Choice Hotels International, Inc. . . . . . . . . . . . . . . . | 208 | | | 18,986 |
Churchill Downs, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 477 | | | 59,930 |
Chuy's Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 272 | | | 5,832 |
Citi Trends, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 502 | | | 9,925 |
Columbia Sportswear Co. . . . . . . . . . . . . . . . . . . . . . | 240 | | | 19,512 |
Conn's, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 637 | | | 5,192 |
Container Store Group, Inc. (The)(b)(c) . . . . . . . . . . | 429 | | | 1,622 |
Cooper Tire & Rubber Co. . . . . . . . . . . . . . . . . . . . . . | 1,385 | | | 35,304 |
Cooper-Standard Holdings, Inc.(b) . . . . . . . . . . . . . . | 916 | | | 15,829 |
Cracker Barrel Old Country Store, Inc. . . . . . . . . . . | 321 | | | 46,009 |
Crocs, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 879 | | | 23,003 |
Dave & Buster's Entertainment, Inc. . . . . . . . . . . . . | 595 | | | 19,641 |
Deckers Outdoor Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 346 | | | 60,135 |
Denny's Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 506 | | | 8,809 |
Designer Brands, Inc., Class A . . . . . . . . . . . . . . . . . | 1,897 | | | 25,629 |
Dillard's, Inc., Class A(c). . . . . . . . . . . . . . . . . . . . . . . | 1,086 | | | 61,131 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Consumer Discretionary-(continued) | | | | | | Consumer Discretionary-(continued) | | | | |
Dine Brands Global, Inc. . . . . . . . . . . . . . . . . . . . . . . | 138 | $ | 11,295 | Motorcar Parts of America, Inc.(b) . . . . . . . . . . . . . . | 251 | $ | 4,202 |
Dorman Products, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 210 | | | 12,734 | Movado Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 354 | | | 5,204 |
Drive Shack, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 470 | | | 1,344 | National Vision Holdings, Inc.(b) . . . . . . . . . . . . . . . . | 578 | | | 20,126 |
Duluth Holdings, Inc., Class B(b)(c) . . . . . . . . . . . . . . | 234 | | | 1,605 | Noodles & Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 308 | | | 2,501 |
Dunkin' Brands Group, Inc. . . . . . . . . . . . . . . . . . . . . | 807 | | | 53,682 | Ollie's Bargain Outlet Holdings, Inc.(b)(c) . . . . . . . . . | 166 | | | 8,444 |
El Pollo Loco Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . | 370 | | | 4,773 | Overstock.com, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 624 | | | 4,031 |
Eldorado Resorts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 525 | | | 26,345 | Oxford Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 211 | | | 12,742 |
Ethan Allen Interiors, Inc. . . . . . . . . . . . . . . . . . . . . . | 552 | | | 7,286 | Papa John's International, Inc.. . . . . . . . . . . . . . . . . | 412 | | | 23,735 |
Etsy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 328 | | | 18,962 | Party City Holdco, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . | 2,808 | | | 5,588 |
Everi Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 761 | | | 7,914 | Penn National Gaming, Inc.(b) . . . . . . . . . . . . . . . . . . | 1,958 | | | 57,898 |
Express, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,315 | | | 27,066 | Perdoceo Education Corp.(b) . . . . . . . . . . . . . . . . . . | 452 | | | 6,748 |
Fiesta Restaurant Group, Inc.(b) . . . . . . . . . . . . . . . . | 588 | | | 5,680 | PetMed Express, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . | 286 | | | 7,550 |
Five Below, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 167 | | | 16,191 | Planet Fitness, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 228 | | | 15,388 |
Floor & Decor Holdings, Inc., Class A(b) . . . . . . . . . . | 438 | | | 22,360 | Pool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 223 | | | 47,044 |
Fossil Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,902 | | | 8,730 | Quotient Technology, Inc.(b) . . . . . . . . . . . . . . . . . . . | 700 | | | 6,265 |
Fox Factory Holding Corp.(b) . . . . . . . . . . . . . . . . . . | 125 | | | 7,925 | Red Robin Gourmet Burgers, Inc.(b). . . . . . . . . . . . . | 498 | | | 13,695 |
Funko, Inc., Class A(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 78 | | | 633 | Red Rock Resorts, Inc., Class A . . . . . . . . . . . . . . . . | 1,336 | | | 27,535 |
Genesco, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 641 | | | 22,057 | Regis Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 790 | | | 10,080 |
Gentherm, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 521 | | | 21,246 | Rent-A-Center, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,039 | | | 22,120 |
G-III Apparel Group Ltd.(b) . . . . . . . . . . . . . . . . . . . . . | 942 | | | 21,063 | RH(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 554 | | | 100,496 |
GNC Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 10,456 | | | 17,566 | Ruth's Hospitality Group, Inc. . . . . . . . . . . . . . . . . . . | 339 | | | 6,485 |
Golden Entertainment, Inc.(b) . . . . . . . . . . . . . . . . . . | 557 | | | 9,068 | Sally Beauty Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . | 2,757 | | | 34,297 |
GoPro, Inc., Class A(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 1,219 | | | 4,626 | Scientific Games Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 447 | | | 8,153 |
Graham Holdings Co., Class B . . . . . . . . . . . . . . . . . | 88 | | | 44,253 | SeaWorld Entertainment, Inc.(b) . . . . . . . . . . . . . . . . | 698 | | | 18,993 |
Grand Canyon Education, Inc.(b) . . . . . . . . . . . . . . . | 221 | | | 17,830 | ServiceMaster Global Holdings, Inc.(b) . . . . . . . . . . . | 804 | | | 28,759 |
Groupon, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,493 | | | 8,701 | Shake Shack, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 113 | | | 6,717 |
Grubhub, Inc.(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 452 | | | 21,746 | Shoe Carnival, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 349 | | | 10,439 |
Guess?, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,331 | | | 21,562 | Shutterstock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 204 | | | 7,862 |
Haverty Furniture Cos., Inc. . . . . . . . . . . . . . . . . . . . | 658 | | | 11,068 | Six Flags Entertainment Corp. . . . . . . . . . . . . . . . . . | 918 | | | 23,207 |
Helen of Troy Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 269 | | | 44,277 | Skechers U.S.A., Inc., Class A(b). . . . . . . . . . . . . . . . | 2,341 | | | 77,440 |
Hibbett Sports, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 723 | | | 14,113 | Sleep Number Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . | 871 | | | 38,368 |
Hilton Grand Vacations, Inc.(b) . . . . . . . . . . . . . . . . . | 854 | | | 22,768 | Sonic Automotive, Inc., Class A . . . . . . . . . . . . . . . . | 2,815 | | | 78,820 |
Hooker Furniture Corp. . . . . . . . . . . . . . . . . . . . . . . . | 255 | | | 4,797 | Stamps.com, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 643 | | | 90,734 |
Houghton Mifflin Harcourt Co.(b) . . . . . . . . . . . . . . . | 2,632 | | | 14,397 | Standard Motor Products, Inc. . . . . . . . . . . . . . . . . . | 307 | | | 13,508 |
Installed Building Products, Inc.(b) . . . . . . . . . . . . . . | 216 | | | 14,267 | Steven Madden Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 916 | | | 29,953 |
iRobot Corp.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 188 | | | 9,022 | Stitch Fix, Inc., Class A(b)(c). . . . . . . . . . . . . . . . . . . . | 542 | | | 13,024 |
Jack in the Box, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 293 | | | 20,176 | Stoneridge, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 367 | | | 8,111 |
Johnson Outdoors, Inc., Class A . . . . . . . . . . . . . . . | 93 | | | 5,804 | Strategic Education, Inc. . . . . . . . . . . . . . . . . . . . . . . | 67 | | | 9,874 |
K12, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 535 | | | 10,636 | Sturm Ruger & Co., Inc.. . . . . . . . . . . . . . . . . . . . . . . | 210 | | | 10,088 |
KB Home. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,275 | | | 74,142 | Superior Industries International, Inc. . . . . . . . . . . . | 4,089 | | | 10,631 |
Lands' End, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 439 | | | 4,627 | Tailored Brands, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . | 5,172 | | | 16,912 |
Laureate Education, Inc., Class A(b). . . . . . . . . . . . . | 2,846 | | | 53,220 | Taylor Morrison Home Corp., Class A(b) . . . . . . . . . | 2,827 | | | 63,664 |
La-Z-Boy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 750 | | | 21,488 | Tempur Sealy International, Inc.(b) . . . . . . . . . . . . . | 386 | | | 28,854 |
LCI Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 363 | | | 35,048 | Texas Roadhouse, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 722 | | | 40,591 |
LGI Homes, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 117 | | | 8,816 | TopBuild Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 420 | | | 42,420 |
Lindblad Expeditions Holdings, Inc.(b) . . . . . . . . . . . | 215 | | | 2,559 | TRI Pointe Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 4,074 | | | 62,454 |
Liquidity Services, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 262 | | | 1,027 | Tupperware Brands Corp.. . . . . . . . . . . . . . . . . . . . . | 1,321 | | | 3,765 |
M.D.C. Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 864 | | | 33,990 | Unifi, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 384 | | | 8,206 |
M/I Homes, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 745 | | | 27,736 | Universal Electronics, Inc.(b) . . . . . . . . . . . . . . . . . . . | 201 | | | 8,486 |
Malibu Boats, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 167 | | | 7,338 | Urban Outfitters, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,315 | | | 30,916 |
Marine Products Corp. . . . . . . . . . . . . . . . . . . . . . . . | 76 | | | 956 | Vera Bradley, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . | 477 | | | 3,940 |
MarineMax, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 766 | | | 12,968 | Vista Outdoor, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 3,293 | | | 24,204 |
Marriott Vacations Worldwide Corp. . . . . . . . . . . . . | 458 | | | 44,325 | Visteon Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 960 | | | 62,438 |
Mattel, Inc.(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,657 | | | 43,116 | Wayfair, Inc., Class A(b)(c) . . . . . . . . . . . . . . . . . . . . . | 251 | | | 15,866 |
MercadoLibre, Inc. (Argentina)(b). . . . . . . . . . . . . . . | 37 | | | 22,793 | Wendy's Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,160 | | | 40,781 |
Meritage Homes Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 830 | | | 52,672 | Wingstop, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 112 | | | 9,458 |
Michaels Cos., Inc. (The)(b) . . . . . . . . . . . . . . . . . . . . | 2,822 | | | 12,106 | Winmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13 | | | 2,600 |
Modine Manufacturing Co.(b) . . . . . . . . . . . . . . . . . . | 1,537 | | | 11,466 | Winnebago Industries, Inc. . . . . . . . . . . . . . . . . . . . . | 607 | | | 31,497 |
Monarch Casino & Resort, Inc.(b) . . . . . . . . . . . . . . . | 94 | | | 4,444 | Wolverine World Wide, Inc. . . . . . . . . . . . . . . . . . . . . | 1,270 | | | 33,388 |
Monro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 246 | | | 13,806 | WW International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 560 | | | 16,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Consumer Discretionary-(continued) | | | | |
Zovio, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 852 | $ | 1,338 |
Zumiez, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 393 | | | 10,426 |
| | | | 3,858,083 |
Consumer Staples-4.12% | | | | |
Alico, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 136 | | | 4,430 |
Andersons, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 1,009 | | | 18,535 |
B&G Foods, Inc.(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,498 | | | 22,170 |
Boston Beer Co., Inc. (The), Class A(b) . . . . . . . . . . | 66 | | | 24,472 |
Calavo Growers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 118 | | | 8,549 |
Cal-Maine Foods, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 441 | | | 15,387 |
Central Garden & Pet Co., Class A(b) . . . . . . . . . . . . | 888 | | | 22,475 |
Chefs' Warehouse, Inc. (The)(b) . . . . . . . . . . . . . . . . | 305 | | | 9,339 |
Coca-Cola Consolidated, Inc. . . . . . . . . . . . . . . . . . . | 78 | | | 15,318 |
Coty, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,000 | | | 46,150 |
Darling Ingredients, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 2,803 | | | 72,037 |
Edgewell Personal Care Co.(b) . . . . . . . . . . . . . . . . . | 1,496 | | | 45,419 |
elf Beauty, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 250 | | | 3,990 |
Energizer Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . . . . | 560 | | | 24,074 |
Farmer Brothers Co.(b) . . . . . . . . . . . . . . . . . . . . . . . | 234 | | | 2,890 |
Flowers Foods, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,308 | | | 49,691 |
Fresh Del Monte Produce, Inc. . . . . . . . . . . . . . . . . . | 1,241 | | | 34,028 |
Freshpet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 48 | | | 3,190 |
Hain Celestial Group, Inc. (The)(b) . . . . . . . . . . . . . . | 1,396 | | | 33,127 |
Hostess Brands, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,535 | | | 19,510 |
Ingles Markets, Inc., Class A . . . . . . . . . . . . . . . . . . . | 1,222 | | | 43,711 |
Inter Parfums, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 97 | | | 5,826 |
J & J Snack Foods Corp. . . . . . . . . . . . . . . . . . . . . . . | 105 | | | 16,886 |
John B. Sanfilippo & Son, Inc.. . . . . . . . . . . . . . . . . . | 148 | | | 10,388 |
Lamb Weston Holdings, Inc. . . . . . . . . . . . . . . . . . . . | 708 | | | 61,518 |
Lancaster Colony Corp.. . . . . . . . . . . . . . . . . . . . . . . | 144 | | | 20,801 |
Medifast, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 64 | | | 5,319 |
MGP Ingredients, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 73 | | | 2,100 |
National Beverage Corp.(b)(c) . . . . . . . . . . . . . . . . . . | 85 | | | 3,595 |
Natural Grocers by Vitamin Cottage, Inc. . . . . . . . . | 260 | | | 1,794 |
Nu Skin Enterprises, Inc., Class A . . . . . . . . . . . . . . | 786 | | | 19,273 |
Pilgrim's Pride Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 809 | | | 17,118 |
PriceSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 476 | | | 26,509 |
Sanderson Farms, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 294 | | | 36,327 |
Seaboard Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4 | | | 13,660 |
Seneca Foods Corp., Class A(b) . . . . . . . . . . . . . . . . | 507 | | | 17,603 |
Simply Good Foods Co. (The)(b) . . . . . . . . . . . . . . . . | 400 | | | 8,824 |
SpartanNash Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,159 | | | 51,696 |
Spectrum Brands Holdings, Inc. . . . . . . . . . . . . . . . . | 652 | | | 35,136 |
Sprouts Farmers Market, Inc.(b) . . . . . . . . . . . . . . . . | 2,968 | | | 47,429 |
Tootsie Roll Industries, Inc.(c) . . . . . . . . . . . . . . . . . . | 262 | | | 8,405 |
Turning Point Brands, Inc. . . . . . . . . . . . . . . . . . . . . | 66 | | | 1,726 |
Universal Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 623 | | | 30,745 |
USANA Health Sciences, Inc.(b) . . . . . . . . . . . . . . . . | 163 | | | 10,774 |
Vector Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,169 | | | 25,204 |
WD-40 Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62 | | | 10,694 |
Weis Markets, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 561 | | | 20,897 |
| | | | 1,028,739 |
Energy-2.38% | | | | |
Arch Coal, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . | 667 | | | 33,583 |
Archrock, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,467 | | | 17,392 |
Bonanza Creek Energy, Inc.(b) . . . . . . . . . . . . . . . . . | 416 | | | 6,777 |
California Resources Corp.(b)(c) . . . . . . . . . . . . . . . . | 1,037 | | | 6,585 |
Centennial Resource Development, Inc., | | | | |
Class A(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,532 | | | 8,371 |
| Shares | | | Value |
Energy-(continued) | | | | |
Clean Energy Fuels Corp.(b) . . . . . . . . . . . . . . . . . . . | 1,738 | $ | 3,928 |
CONSOL Energy, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . | 851 | | | 4,842 |
Continental Resources, Inc. . . . . . . . . . . . . . . . . . . . | 1,053 | | | 19,954 |
Contura Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 438 | | | 2,492 |
Denbury Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 18,494 | | | 13,915 |
DHT Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,386 | | | 7,692 |
DMC Global, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 49 | | | 1,767 |
Dril-Quip, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 480 | | | 17,098 |
Exterran Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,240 | | | 6,324 |
Extraction Oil & Gas, Inc.(b)(c) . . . . . . . . . . . . . . . . . . | 7,239 | | | 4,984 |
Forum Energy Technologies, Inc.(b) . . . . . . . . . . . . . | 2,743 | | | 2,140 |
Geospace Technologies Corp.(b) . . . . . . . . . . . . . . . . | 115 | | | 1,418 |
Golar LNG Ltd. (Bermuda) . . . . . . . . . . . . . . . . . . . . | 1,224 | | | 15,686 |
Green Plains, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,872 | | | 22,445 |
Gulf Island Fabrication, Inc.(b). . . . . . . . . . . . . . . . . . | 211 | | | 939 |
Helix Energy Solutions Group, Inc.(b) . . . . . . . . . . . . | 2,917 | | | 19,573 |
HighPoint Resources Corp.(b) . . . . . . . . . . . . . . . . . . | 4,050 | | | 2,757 |
International Seaways, Inc.(b) . . . . . . . . . . . . . . . . . . | 583 | | | 11,596 |
Laredo Petroleum, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 8,398 | | | 9,070 |
Magnolia Oil & Gas Corp., Class A(b). . . . . . . . . . . . . | 1,374 | | | 10,319 |
Mammoth Energy Services, Inc.. . . . . . . . . . . . . . . . | 1,517 | | | 1,654 |
Matador Resources Co.(b)(c) . . . . . . . . . . . . . . . . . . . | 1,606 | | | 15,482 |
Matrix Service Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 600 | | | 7,248 |
Montage Resources Corp.(b)(c) . . . . . . . . . . . . . . . . . | 655 | | | 2,286 |
Nabors Industries Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 15,488 | | | 27,259 |
NACCO Industries, Inc., Class A . . . . . . . . . . . . . . . . | 66 | | | 2,721 |
Newpark Resources, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,587 | | | 5,570 |
Northern Oil and Gas, Inc.(b)(c) . . . . . . . . . . . . . . . . . | 1,633 | | | 2,368 |
Oceaneering International, Inc.(b) . . . . . . . . . . . . . . | 1,494 | | | 15,747 |
Oil States International, Inc.(b) . . . . . . . . . . . . . . . . . | 1,106 | | | 8,748 |
Par Pacific Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,274 | | | 21,136 |
PDC Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,483 | | | 28,222 |
Penn Virginia Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 339 | | | 5,390 |
ProPetro Holding Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 862 | | | 7,551 |
Renewable Energy Group, Inc.(b) . . . . . . . . . . . . . . . | 1,899 | | | 50,229 |
REX American Resources Corp.(b) . . . . . . . . . . . . . . | 95 | | | 6,651 |
RigNet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 239 | | | 841 |
Ring Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,347 | | | 1,899 |
RPC, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,098 | | | 3,777 |
SandRidge Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 1,689 | | | 3,479 |
SEACOR Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 260 | | | 9,698 |
Select Energy Services, Inc., Class A(b) . . . . . . . . . . | 1,441 | | | 9,367 |
SFL Corp. Ltd. (Norway) . . . . . . . . . . . . . . . . . . . . . . | 1,823 | | | 22,131 |
SM Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,539 | | | 23,251 |
Teekay Corp. (Bermuda). . . . . . . . . . . . . . . . . . . . . . | 4,843 | | | 17,725 |
TETRA Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . | 4,275 | | | 5,387 |
Texas Pacific Land Trust. . . . . . . . . . . . . . . . . . . . . . | 18 | | | 12,524 |
Tidewater, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 488 | | | 6,778 |
Unit Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,462 | | | 862 |
US Silica Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,968 | | | 13,623 |
W&T Offshore, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,179 | | | 3,065 |
| | | | 594,316 |
Financials-6.46% | | | | |
AMERISAFE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 275 | | | 17,922 |
Arbor Realty Trust, Inc.(c) . . . . . . . . . . . . . . . . . . . . . | 1,154 | | | 14,010 |
Argo Group International Holdings Ltd.. . . . . . . . . . | 562 | | | 31,618 |
Artisan Partners Asset Management, Inc., | | | | |
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,362 | | | 38,926 |
Ashford, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13 | | | 271 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Financials-(continued) | | | | |
Blucora, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 415 | $ | 7,221 |
Brown & Brown, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,900 | | | 81,719 |
CBTX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 175 | | | 4,366 |
Cohen & Steers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 164 | | | 10,275 |
Compass Diversified Holdings. . . . . . . . . . . . . . . . . . | 1,258 | | | 23,059 |
Cowen, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 998 | | | 14,940 |
Crawford & Co., Class A . . . . . . . . . . . . . . . . . . . . . . | 723 | | | 5,379 |
Credit Acceptance Corp.(b)(c) . . . . . . . . . . . . . . . . . . | 77 | | | 31,046 |
Diamond Hill Investment Group, Inc. . . . . . . . . . . . . | 43 | | | 5,449 |
Donegal Group, Inc., Class A . . . . . . . . . . . . . . . . . . | 447 | | | 6,379 |
Donnelley Financial Solutions, Inc.(b) . . . . . . . . . . . . | 721 | | | 6,273 |
Eaton Vance Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,370 | | | 56,526 |
eHealth, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 55 | | | 6,454 |
Employers Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . | 521 | | | 20,079 |
Encore Capital Group, Inc.(b). . . . . . . . . . . . . . . . . . . | 527 | | | 19,583 |
Enova International, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,414 | | | 27,177 |
Erie Indemnity Co., Class A. . . . . . . . . . . . . . . . . . . . | 139 | | | 19,866 |
Essent Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 957 | | | 41,764 |
Evercore, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . | 612 | | | 40,771 |
EZCORP, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 1,551 | | | 7,445 |
FactSet Research Systems, Inc.. . . . . . . . . . . . . . . . | 193 | | | 51,336 |
Federated Hermes, Inc., Class B . . . . . . . . . . . . . . . | 1,010 | | | 29,139 |
FirstCash, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 532 | | | 40,921 |
GAMCO Investors, Inc., Class A . . . . . . . . . . . . . . . . | 381 | | | 5,928 |
Green Dot Corp., Class A(b). . . . . . . . . . . . . . . . . . . . | 484 | | | 16,533 |
Greenhill & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 902 | | | 13,187 |
Hamilton Lane, Inc., Class A. . . . . . . . . . . . . . . . . . . | 145 | | | 9,010 |
Heritage Insurance Holdings, Inc. . . . . . . . . . . . . . . | 595 | | | 6,640 |
Houlihan Lokey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 644 | | | 32,986 |
James River Group Holdings Ltd. . . . . . . . . . . . . . . | 576 | | | 23,276 |
Kemper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 715 | | | 49,221 |
Kinsale Capital Group, Inc. . . . . . . . . . . . . . . . . . . . . | 84 | | | 10,204 |
KKR Real Estate Finance Trust, Inc. . . . . . . . . . . . . | 596 | | | 11,705 |
LendingTree, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 28 | | | 7,723 |
Luther Burbank Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 665 | | | 6,936 |
MarketAxess Holdings, Inc.. . . . . . . . . . . . . . . . . . . . | 78 | | | 25,298 |
Merchants Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . | 61 | | | 1,099 |
Mercury General Corp. . . . . . . . . . . . . . . . . . . . . . . . | 545 | | | 23,604 |
MGIC Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . | 4,841 | | | 58,237 |
Moelis & Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 1,244 | | | 39,758 |
Morningstar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 108 | | | 15,865 |
National General Holdings Corp.. . . . . . . . . . . . . . . . | 1,563 | | | 30,432 |
NMI Holdings, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 459 | | | 10,713 |
On Deck Capital, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 2,161 | | | 7,542 |
Oppenheimer Holdings, Inc., Class A. . . . . . . . . . . . | 429 | | | 10,180 |
Piper Sandler Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 384 | | | 26,911 |
PJT Partners, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 248 | | | 11,148 |
PRA Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 613 | | | 23,797 |
Primerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 54,111 |
ProAssurance Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,141 | | | 30,978 |
Protective Insurance Corp. . . . . . . . . . . . . . . . . . . . . | 505 | | | 7,201 |
Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,854 | | | 60,619 |
RLI Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 327 | | | 26,284 |
Safety Insurance Group, Inc. . . . . . . . . . . . . . . . . . . | 198 | | | 15,591 |
SEI Investments Co.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,264 | | | 69,154 |
Selective Insurance Group, Inc. . . . . . . . . . . . . . . . . | 694 | | | 38,711 |
State Auto Financial Corp. . . . . . . . . . . . . . . . . . . . . | 194 | | | 4,846 |
Stewart Information Services Corp.. . . . . . . . . . . . . | 529 | | | 19,139 |
Trupanion, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 79 | | | 2,429 |
United Fire Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 471 | | | 18,058 |
| Shares | | | Value |
Financials-(continued) | | | | |
United Insurance Holdings Corp. . . . . . . . . . . . . . . . | 381 | $ | 3,581 |
Universal Insurance Holdings, Inc. . . . . . . . . . . . . . . | 711 | | | 14,711 |
Virtu Financial, Inc., Class A(c) . . . . . . . . . . . . . . . . . | 1,193 | | | 22,440 |
Waddell & Reed Financial, Inc., Class A(c) . . . . . . . . | 2,230 | | | 30,685 |
Walker & Dunlop, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 597 | | | 38,716 |
Westwood Holdings Group, Inc. . . . . . . . . . . . . . . . . | 168 | | | 4,264 |
WisdomTree Investments, Inc. . . . . . . . . . . . . . . . . . | 904 | | | 3,670 |
World Acceptance Corp.(b) . . . . . . . . . . . . . . . . . . . . | 126 | | | 9,841 |
| | | | 1,612,876 |
Health Care-9.83% | | | | |
ABIOMED, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 71 | | | 10,668 |
Acadia Healthcare Co., Inc.(b) . . . . . . . . . . . . . . . . . . | 1,791 | | | 53,014 |
Accuray, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 765 | | | 2,268 |
Acorda Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,188 | | | 1,711 |
Addus HomeCare Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 95 | | | 7,246 |
Akorn, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,872 | | | 2,172 |
Align Technology, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 189 | | | 41,268 |
Alkermes PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 816 | | | 17,005 |
Allscripts Healthcare Solutions, Inc.(b). . . . . . . . . . . | 3,205 | | | 24,166 |
AMAG Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . | 1,264 | | | 9,796 |
Amedisys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 296 | | | 51,507 |
American Renal Associates Holdings, Inc.(b). . . . . . | 1,363 | | | 10,972 |
AMN Healthcare Services, Inc.(b) . . . . . . . . . . . . . . . | 590 | | | 43,424 |
Amneal Pharmaceuticals, Inc.(b). . . . . . . . . . . . . . . . | 1,828 | | | 7,038 |
Amphastar Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . | 269 | | | 4,140 |
AngioDynamics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 420 | | | 4,826 |
ANI Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . . . | 56 | | | 2,689 |
Anika Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 160 | | | 6,682 |
Apollo Medical Holdings, Inc.(b) . . . . . . . . . . . . . . . . | 234 | | | 4,088 |
Arena Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . | 136 | | | 6,066 |
Arrowhead Pharmaceuticals, Inc.(b). . . . . . . . . . . . . | 98 | | | 3,465 |
Assertio Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . | 1,965 | | | 2,122 |
AtriCure, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 91 | | | 3,496 |
Atrion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5 | | | 3,082 |
Avanos Medical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 318 | | | 10,306 |
AxoGen, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26 | | | 322 |
BioMarin Pharmaceutical, Inc.(b) . . . . . . . . . . . . . . . | 430 | | | 38,859 |
Bio-Rad Laboratories, Inc., Class A(b) . . . . . . . . . . . | 185 | | | 65,124 |
Bio-Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 122 | | | 23,045 |
BioTelemetry, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 143 | | | 6,109 |
Brookdale Senior Living, Inc.(b) . . . . . . . . . . . . . . . . | 6,769 | | | 44,472 |
Bruker Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 551 | | | 24,002 |
Cantel Medical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 215 | | | 13,566 |
Capital Senior Living Corp.(b)(c) . . . . . . . . . . . . . . . . | 999 | | | 2,557 |
Cara Therapeutics, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . | 4 | | | 60 |
Cardiovascular Systems, Inc.(b) . . . . . . . . . . . . . . . . | 72 | | | 2,709 |
CareDx, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13 | | | 303 |
Catalent, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 867 | | | 44,676 |
Charles River Laboratories International, Inc.(b) . . | 312 | | | 48,538 |
Chemed Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 111 | | | 46,356 |
ChemoCentryx, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 76 | | | 3,401 |
Codexis, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24 | | | 280 |
Collegium Pharmaceutical, Inc.(b). . . . . . . . . . . . . . . | 396 | | | 9,405 |
Computer Programs & Systems, Inc.. . . . . . . . . . . . | 135 | | | 3,615 |
CONMED Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 189 | | | 17,887 |
Corcept Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . | 716 | | | 9,036 |
CorVel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62 | | | 4,274 |
Cross Country Healthcare, Inc.(b). . . . . . . . . . . . . . . | 1,078 | | | 10,219 |
CryoLife, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 140 | | | 3,588 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Health Care-(continued) | | | | | | Health Care-(continued) | | | | |
CytomX Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . | 68 | $ | 455 | NextGen Healthcare, Inc.(b). . . . . . . . . . . . . . . . . . . . | 342 | $ | 4,473 |
Denali Therapeutics, Inc.(b)(c) . . . . . . . . . . . . . . . . . . | 147 | | | 2,906 | NuVasive, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 355 | | | 23,363 |
DexCom, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 131 | | | 36,156 | Omnicell, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 152 | | | 12,383 |
Dicerna Pharmaceuticals, Inc.(b). . . . . . . . . . . . . . . . | 52 | | | 1,026 | OPKO Health, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . | 5,488 | | | 8,232 |
Eagle Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . | 138 | | | 6,334 | Option Care Health, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 321 | | | 4,735 |
Emergent BioSolutions, Inc.(b) . . . . . . . . . . . . . . . . . | 387 | | | 22,709 | OraSure Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . | 544 | | | 3,280 |
Enanta Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . | 63 | | | 3,205 | Orthofix Medical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 146 | | | 5,160 |
Endo International PLC(b) . . . . . . . . . . . . . . . . . . . . . | 4,288 | | | 23,670 | OrthoPediatrics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . | 6 | | | 279 |
Ensign Group, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . | 398 | | | 17,711 | Pacira BioSciences, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 136 | | | 5,900 |
Evolent Health, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 899 | | | 8,307 | Penumbra, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 53 | | | 8,791 |
Exact Sciences Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 56 | | | 4,533 | PerkinElmer, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 628 | | | 54,284 |
Exelixis, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,223 | | | 22,736 | PetIQ, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 111 | | | 3,452 |
FibroGen, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 103 | | | 4,305 | Phibro Animal Health Corp., Class A . . . . . . . . . . . . | 345 | | | 8,711 |
Fluidigm Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 154 | | | 511 | PRA Health Sciences, Inc.(b) . . . . . . . . . . . . . . . . . . . | 389 | | | 36,644 |
Glaukos Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 43 | | | 1,891 | Precigen, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 116 | | | 440 |
Globus Medical, Inc., Class A(b). . . . . . . . . . . . . . . . . | 484 | | | 21,891 | Premier, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 856 | | | 25,192 |
Haemonetics Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . | 316 | | | 34,232 | Prestige Consumer Healthcare, Inc.(b). . . . . . . . . . . | 891 | | | 33,288 |
Halozyme Therapeutics, Inc.(b). . . . . . . . . . . . . . . . . | 330 | | | 6,458 | Providence Service Corp. (The)(b) . . . . . . . . . . . . . . | 258 | | | 15,939 |
Hanger, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 339 | | | 7,821 | PTC Therapeutics, Inc.(b). . . . . . . . . . . . . . . . . . . . . . | 80 | | | 4,387 |
HealthEquity, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 132 | | | 9,371 | Quidel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 158 | | | 12,204 |
HealthStream, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 239 | | | 5,812 | R1 RCM, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 435 | | | 5,342 |
Heska Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 27 | | | 2,578 | RadNet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 843 | | | 17,222 |
Hill-Rom Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 552 | | | 53,020 | REGENXBIO, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 139 | | | 5,560 |
HMS Holdings Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 459 | | | 10,543 | Repligen Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 106 | | | 9,074 |
Horizon Therapeutics PLC(b). . . . . . . . . . . . . . . . . . . | 1,007 | | | 34,460 | Retrophin, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 157 | | | 2,433 |
ICON PLC (Ireland)(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 313 | | | 48,847 | RTI Surgical Holdings, Inc.(b). . . . . . . . . . . . . . . . . . . | 734 | | | 2,716 |
ICU Medical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 119 | | | 23,301 | Seattle Genetics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 109 | | | 12,411 |
IDEXX Laboratories, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 205 | | | 52,175 | Select Medical Holdings Corp.(b). . . . . . . . . . . . . . . . | 3,177 | | | 76,057 |
Incyte Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 459 | | | 34,613 | Spectrum Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . | 304 | | | 869 |
Innoviva, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 561 | | | 7,557 | STAAR Surgical Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 70 | | | 2,197 |
Inogen, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 76 | | | 3,479 | Supernus Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . | 308 | | | 5,541 |
Inovalon Holdings, Inc., Class A(b) . . . . . . . . . . . . . . | 926 | | | 18,038 | Surgery Partners, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 832 | | | 13,661 |
Insulet Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 70 | | | 13,298 | SurModics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 75 | | | 2,618 |
Integer Holdings Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 301 | | | 27,141 | Syneos Health, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 918 | | | 58,155 |
Integra LifeSciences Holdings Corp.(b) . . . . . . . . . . | 429 | | | 22,351 | Tabula Rasa HealthCare, Inc.(b)(c) . . . . . . . . . . . . . . | 49 | | | 2,752 |
Intersect ENT, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 48 | | | 1,145 | Tactile Systems Technology, Inc.(b) . . . . . . . . . . . . . | 39 | | | 1,966 |
Invacare Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,152 | | | 8,732 | Tandem Diabetes Care, Inc.(b) . . . . . . . . . . . . . . . . . | 1 | | | 75 |
Ionis Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . . | 376 | | | 19,093 | Teladoc Health, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 122 | | | 15,245 |
iRhythm Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . | 7 | | | 609 | Teleflex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 192 | | | 64,324 |
Lannett Co., Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,770 | | | 15,399 | Tivity Health, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . | 617 | | | 7,817 |
Lantheus Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 185 | | | 2,877 | United Therapeutics Corp.(b) . . . . . . . . . . . . . . . . . . | 601 | | | 61,879 |
LeMaitre Vascular, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 87 | | | 2,479 | US Physical Therapy, Inc. . . . . . . . . . . . . . . . . . . . . . | 68 | | | 7,087 |
LHC Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 163 | | | 19,798 | Vanda Pharmaceuticals, Inc.(b). . . . . . . . . . . . . . . . . | 254 | | | 2,802 |
Luminex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 408 | | | 10,102 | Varex Imaging Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 414 | | | 9,613 |
MacroGenics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 41 | | | 360 | Varian Medical Systems, Inc.(b) . . . . . . . . . . . . . . . . | 478 | | | 58,780 |
Magellan Health, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 933 | | | 55,989 | Veeva Systems, Inc., Class A(b) . . . . . . . . . . . . . . . . | 182 | | | 25,839 |
Masimo Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 155 | | | 25,316 | Veracyte, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | | | 247 |
Medpace Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 262 | | | 23,564 | Vericel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 51 | | | 787 |
Meridian Bioscience, Inc.. . . . . . . . . . . . . . . . . . . . . . | 527 | | | 4,211 | Vocera Communications, Inc.(b) . . . . . . . . . . . . . . . . | 101 | | | 2,463 |
Merit Medical Systems, Inc.(b). . . . . . . . . . . . . . . . . . | 270 | | | 9,723 | West Pharmaceutical Services, Inc. . . . . . . . . . . . . . | 379 | | | 57,062 |
Mesa Laboratories, Inc.(c) . . . . . . . . . . . . . . . . . . . . . | 9 | | | 2,154 | Xencor, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 60 | | | 1,949 |
Myriad Genetics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 759 | | | 13,374 | | | | | 2,456,064 |
National HealthCare Corp | 185 | | | 13,729 | | | | |
| | Industrials-23.06% | | | | |
National Research Corp. . . . . . . . . . . . . . . . . . . . . . . | 84 | | | 4,619 | | | | |
| | AAON, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 165 | | | 9,077 |
Natus Medical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 323 | | | 8,682 | | |
Nektar Therapeutics(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,097 | | | 22,829 | AAR Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 694 | | | 23,978 |
Neogen Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 168 | | | 10,206 | ABM Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,699 | | | 55,931 |
NeoGenomics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 320 | | | 9,066 | Acacia Research Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 1,133 | | | 2,606 |
Neurocrine Biosciences, Inc.(b) . . . . . . . . . . . . . . . . . | 93 | | | 8,807 | ACCO Brands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,924 | | | 31,431 |
Nevro Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 65 | | | 8,460 | Advanced Disposal Services, Inc.(b) . . . . . . . . . . . . . | 911 | | | 30,118 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Industrials-(continued) | | | | | | Industrials-(continued) | | | | |
Advanced Drainage Systems, Inc. . . . . . . . . . . . . . . | 506 | $ | 21,181 | DXP Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 264 | $ | 7,495 |
Aegion Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,017 | | | 18,316 | Dycom Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 595 | | | 17,588 |
Aerojet Rocketdyne Holdings, Inc.(b) . . . . . . . . . . . . | 623 | | | 30,701 | Echo Global Logistics, Inc.(b). . . . . . . . . . . . . . . . . . . | 942 | | | 17,380 |
AeroVironment, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 100 | | | 5,139 | Encore Wire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 296 | | | 14,495 |
Air Transport Services Group, Inc.(b) . . . . . . . . . . . . | 883 | | | 15,806 | Energy Recovery, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 128 | | | 1,260 |
Alamo Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 121 | | | 13,403 | Enerpac Tool Group Corp.. . . . . . . . . . . . . . . . . . . . . | 639 | | | 13,655 |
Alaska Air Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 592 | | | 29,872 | EnerSys. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 676 | | | 41,628 |
Albany International Corp., Class A . . . . . . . . . . . . . | 225 | | | 14,416 | Ennis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 420 | | | 8,442 |
Allegiant Travel Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 61 | | | 8,268 | EnPro Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 437 | | | 23,576 |
Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 465 | | | 53,470 | ESCO Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . | 203 | | | 18,457 |
Altra Industrial Motion Corp. . . . . . . . . . . . . . . . . . . | 530 | | | 15,964 | Evoqua Water Technologies Corp.(b) . . . . . . . . . . . . | 707 | | | 14,826 |
AMERCO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 115 | | | 37,089 | Exponent, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 204 | | | 15,025 |
American Woodmark Corp.(b) . . . . . . . . . . . . . . . . . . | 232 | | | 19,435 | Federal Signal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 603 | | | 17,487 |
Apogee Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . | 524 | | | 15,820 | Flowserve Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,094 | | | 43,968 |
Applied Industrial Technologies, Inc. . . . . . . . . . . . . | 664 | | | 39,169 | Forrester Research, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 83 | | | 2,993 |
ArcBest Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,152 | | | 22,821 | Forward Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 391 | | | 23,073 |
Argan, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59 | | | 2,462 | Foundation Building Materials, Inc.(b) . . . . . . . . . . . | 454 | | | 7,082 |
Armstrong Flooring, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,115 | | | 2,944 | Franklin Electric Co., Inc.. . . . . . . . . . . . . . . . . . . . . . | 385 | | | 19,901 |
Armstrong World Industries, Inc. . . . . . . . . . . . . . . . | 353 | | | 35,353 | FTI Consulting, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 459 | | | 51,679 |
ASGN, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 687 | | | 34,838 | Gardner Denver Holdings, Inc.(b) . . . . . . . . . . . . . . . | 874 | | | 28,658 |
Astec Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 510 | | | 19,151 | GATX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 728 | | | 52,074 |
Astronics Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 237 | | | 4,804 | Genco Shipping & Trading Ltd. . . . . . . . . . . . . . . . . . | 1,443 | | | 11,082 |
Atkore International Group, Inc.(b) . . . . . . . . . . . . . . | 1,680 | | | 62,009 | Generac Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 541 | | | 55,718 |
Atlas Air Worldwide Holdings, Inc.(b) . . . . . . . . . . . . | 1,184 | | | 31,637 | Gibraltar Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 382 | | | 19,356 |
Axon Enterprise, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 116 | | | 8,975 | GMS, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,083 | | | 24,747 |
AZZ, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 330 | | | 12,174 | Gorman-Rupp Co. (The) . . . . . . . . . . . . . . . . . . . . . . | 203 | | | 6,494 |
Barnes Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 658 | | | 35,335 | GP Strategies Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 367 | | | 4,081 |
Barrett Business Services, Inc.. . . . . . . . . . . . . . . . . | 137 | | | 8,206 | Graco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,004 | | | 49,517 |
Beacon Roofing Supply, Inc.(b) . . . . . . . . . . . . . . . . . | 1,657 | | | 49,213 | Granite Construction, Inc.(c) . . . . . . . . . . . . . . . . . . . | 825 | | | 16,764 |
BMC Stock Holdings, Inc.(b). . . . . . . . . . . . . . . . . . . . | 1,629 | | | 39,959 | Great Lakes Dredge & Dock Corp.(b) . . . . . . . . . . . . | 887 | | | 8,604 |
Brady Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 462 | | | 21,871 | Greenbrier Cos., Inc. (The) . . . . . . . . . . . . . . . . . . . . | 1,009 | | | 24,448 |
Briggs & Stratton Corp.(c) . . . . . . . . . . . . . . . . . . . . . | 1,716 | | | 5,440 | Griffon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,280 | | | 22,272 |
Brink's Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 512 | | | 40,085 | H&E Equipment Services, Inc. . . . . . . . . . . . . . . . . . | 654 | | | 15,539 |
Builders FirstSource, Inc.(b) . . . . . . . . . . . . . . . . . . . | 3,714 | | | 84,345 | Harsco Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 809 | | | 9,700 |
BWX Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 644 | | | 35,317 | Hawaiian Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 474 | | | 9,897 |
CAI International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 712 | | | 17,615 | Healthcare Services Group, Inc.. . . . . . . . . . . . . . . . | 641 | | | 17,653 |
Casella Waste Systems, Inc., Class A(b) . . . . . . . . . . | 199 | | | 9,642 | Heartland Express, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 607 | | | 10,871 |
CBIZ, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 763 | | | 19,869 | HEICO Corp.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 286 | | | 30,845 |
Chart Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 195 | | | 11,099 | Heidrick & Struggles International, Inc. . . . . . . . . . . | 314 | | | 7,002 |
CIRCOR International, Inc.(b). . . . . . . . . . . . . . . . . . . | 384 | | | 13,816 | Helios Technologies, Inc.. . . . . . . . . . . . . . . . . . . . . . | 209 | | | 8,308 |
Civeo Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,872 | | | 3,360 | Herc Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 856 | | | 31,398 |
Clean Harbors, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 630 | | | 43,798 | Heritage-Crystal Clean, Inc.(b). . . . . . . . . . . . . . . . . . | 152 | | | 4,002 |
Colfax Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,973 | | | 66,036 | Herman Miller, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 917 | | | 31,398 |
Columbus McKinnon Corp. . . . . . . . . . . . . . . . . . . . . | 338 | | | 10,508 | Hexcel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 915 | | | 59,136 |
Comfort Systems USA, Inc. . . . . . . . . . . . . . . . . . . . | 475 | | | 20,055 | Hillenbrand, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 849 | | | 19,867 |
Commercial Vehicle Group, Inc.(b) . . . . . . . . . . . . . . | 902 | | | 3,933 | HNI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 864 | | | 28,365 |
Copa Holdings S.A., Class A (Panama) . . . . . . . . . . | 182 | | | 15,131 | Hub Group, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . | 841 | | | 38,879 |
Copart, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 65,557 | Huron Consulting Group, Inc.(b) . . . . . . . . . . . . . . . . | 284 | | | 16,853 |
Cornerstone Building Brands, Inc.(b) . . . . . . . . . . . . | 1,253 | | | 9,210 | Hyster-Yale Materials Handling, Inc. . . . . . . . . . . . . | 295 | | | 14,201 |
CoStar Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 91 | | | 60,751 | ICF International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 238 | | | 18,083 |
Covanta Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,979 | | | 26,439 | InnerWorkings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,377 | | | 7,464 |
CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 189 | | | 8,790 | Insperity, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 327 | | | 21,997 |
Crane Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 617 | | | 41,925 | Insteel Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 335 | | | 6,663 |
CSW Industrials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 123 | | | 8,098 | Interface, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,040 | | | 15,174 |
Cubic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 233 | | | 12,685 | ITT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 851 | | | 51,188 |
Curtiss-Wright Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 454 | | | 54,453 | JELD-WEN Holding, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,505 | | | 28,294 |
Deluxe Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,222 | | | 40,693 | JetBlue Airways Corp.(b) . . . . . . . . . . . . . . . . . . . . . . | 2,281 | | | 35,994 |
Donaldson Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,039 | | | 46,838 | John Bean Technologies Corp.. . . . . . . . . . . . . . . . . | 188 | | | 18,210 |
Douglas Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 250 | | | 10,883 | Kadant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 116 | | | 10,535 |
Ducommun, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 140 | | | 6,251 | Kaman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 440 | | | 24,402 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Industrials-(continued) | | | | | | Industrials-(continued) | | | | |
Kelly Services, Inc., Class A . . . . . . . . . . . . . . . . . . . | 1,697 | $ | 28,187 | Schneider National, Inc., Class B . . . . . . . . . . . . . . . | 3,224 | $ | 57,742 |
Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,169 | | | 32,498 | Simpson Manufacturing Co., Inc. . . . . . . . . . . . . . . . | 424 | | | 33,678 |
Kforce, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389 | | | 11,849 | SiteOne Landscape Supply, Inc.(b) . . . . . . . . . . . . . . | 253 | | | 25,110 |
Kimball International, Inc., Class B. . . . . . . . . . . . . . | 571 | | | 9,239 | SkyWest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 292 | | | 13,257 |
Kirby Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 660 | | | 42,075 | SP Plus Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 436 | | | 15,918 |
Knoll, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 829 | | | 14,624 | Spartan Motors, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 804 | | | 11,859 |
Korn Ferry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 755 | | | 26,410 | Spirit Airlines, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 282 | | | 8,023 |
Kratos Defense & Security Solutions, Inc.(b) . . . . . . | 351 | | | 5,707 | SPX Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 499 | | | 20,923 |
Landstar System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 527 | | | 53,211 | SPX FLOW, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 757 | | | 27,842 |
Lawson Products, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 80 | | | 3,200 | Standex International Corp. . . . . . . . . . . . . . . . . . . . | 177 | | | 11,227 |
LB Foster Co., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 220 | | | 3,467 | Steelcase, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . | 2,200 | | | 35,684 |
Lennox International, Inc. . . . . . . . . . . . . . . . . . . . . . | 242 | | | 55,207 | Stericycle, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,285 | | | 73,798 |
Lincoln Electric Holdings, Inc.. . . . . . . . . . . . . . . . . . | 709 | | | 58,060 | Sunrun, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 441 | | | 8,529 |
Lindsay Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 95 | | | 9,408 | Systemax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 291 | | | 6,070 |
Lydall, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 465 | | | 5,538 | Team, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 766 | | | 9,751 |
Manitowoc Co., Inc. (The)(b) . . . . . . . . . . . . . . . . . . . | 222 | | | 2,768 | Teledyne Technologies, Inc.(b) . . . . . . . . . . . . . . . . . | 224 | | | 75,560 |
Marten Transport Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 566 | | | 11,060 | Tennant Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 213 | | | 15,238 |
MasTec, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,295 | | | 63,559 | Tetra Tech, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 637 | | | 51,514 |
Matson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 847 | | | 28,129 | Textainer Group Holdings Ltd. (China)(b) . . . . . . . . | 1,057 | | | 8,720 |
Matthews International Corp., Class A . . . . . . . . . . | 704 | | | 20,810 | Thermon Group Holdings, Inc.(b) . . . . . . . . . . . . . . . | 224 | | | 3,936 |
McGrath RentCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . | 257 | | | 17,849 | Timken Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,156 | | | 51,835 |
Mercury Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 184 | | | 13,517 | Titan International, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,282 | | | 5,066 |
Meritor, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,071 | | | 46,991 | Titan Machinery, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 666 | | | 6,733 |
Middleby Corp. (The)(b) . . . . . . . . . . . . . . . . . . . . . . . | 346 | | | 38,686 | Toro Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 732 | | | 52,287 |
Mistras Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 397 | | | 3,116 | TPI Composites, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 341 | | | 8,095 |
Mobile Mini, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 601 | | | 23,433 | TransUnion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 853 | | | 75,849 |
Moog, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . | 448 | | | 34,550 | Trex Co., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 213 | | | 20,373 |
MRC Global, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,060 | | | 17,922 | TriMas Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 521 | | | 13,207 |
MSA Safety, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 229 | | | 27,862 | TriNet Group, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . | 206 | | | 10,889 |
MSC Industrial Direct Co., Inc., Class A . . . . . . . . . . | 776 | | | 47,972 | Triton International Ltd. (Bermuda) . . . . . . . . . . . . | 1,923 | | | 66,094 |
Mueller Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 917 | | | 25,658 | Triumph Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 605 | | | 11,495 |
Mueller Water Products, Inc., Class A . . . . . . . . . . . | 1,935 | | | 21,188 | TrueBlue, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,097 | | | 16,323 |
MYR Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 386 | | | 9,847 | Tutor Perini Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,069 | | | 30,001 |
National Presto Industries, Inc. . . . . . . . . . . . . . . . . | 73 | | | 5,736 | Twin Disc, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 168 | | | 1,354 |
Navistar International Corp.(b) . . . . . . . . . . . . . . . . . | 521 | | | 18,918 | UniFirst Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 248 | | | 46,081 |
NN, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 887 | | | 6,874 | Univar Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 2,866 | | | 48,693 |
Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 360 | | | 52,308 | Universal Forest Products, Inc. . . . . . . . . . . . . . . . . | 1,205 | | | 56,466 |
NOW, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,980 | | | 17,483 | Universal Logistics Holdings, Inc.. . . . . . . . . . . . . . . | 203 | | | 3,128 |
NV5 Global, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 59 | | | 3,158 | US Ecology, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 184 | | | 7,739 |
Omega Flex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 | | | 1,253 | Valmont Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . | 324 | | | 37,655 |
Park Aerospace Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 400 | | | 5,564 | Veritiv Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,293 | | | 27,608 |
Park-Ohio Holdings Corp. . . . . . . . . . . . . . . . . . . . . . | 299 | | | 7,331 | Viad Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 262 | | | 13,152 |
Patrick Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 616 | | | 32,543 | Vicor Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 78 | | | 3,373 |
PGT Innovations, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 596 | | | 9,041 | Vivint Solar, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 184 | | | 2,068 |
Pitney Bowes, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,423 | | | 32,227 | Wabash National Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,839 | | | 20,192 |
Powell Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 130 | | | 4,346 | WABCO Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 509 | | | 68,766 |
Primoris Services Corp.. . . . . . . . . . . . . . . . . . . . . . . | 1,062 | | | 20,157 | Wabtec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 876 | | | 60,181 |
Proto Labs, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 101 | | | 8,852 | Watsco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 370 | | | 58,083 |
Quad/Graphics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,930 | | | 18,864 | Watts Water Technologies, Inc., Class A . . . . . . . . . | 321 | | | 30,145 |
Quanex Building Products Corp. . . . . . . . . . . . . . . . | 891 | | | 14,969 | Werner Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . | 842 | | | 28,291 |
Raven Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 261 | | | 7,493 | WillScot Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 298 | | | 5,227 |
RBC Bearings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 122 | | | 20,885 | Woodward, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 391 | | | 40,351 |
Regal Beloit Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 865 | | | 67,159 | YRC Worldwide, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 5,337 | | | 11,314 |
Resources Connection, Inc . . . . . . . . . . . . . . . . . . | 542 | | | 6,791 | | | | | 5,760,511 |
REV Group, Inc | 793 | | | 6,209 | | | | |
| | Information Technology-18.51% | | | | |
Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,215 | | | 35,429 | | | | |
| | 2U, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 172 | | | 4,044 |
Rollins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 442 | | | 16,549 | | |
| | 3D Systems Corp.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . | 1,097 | | | 10,049 |
RR Donnelley & Sons Co.. . . . . . . . . . . . . . . . . . . . . . | 16,456 | | | 31,266 | | |
| | 8x8, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 226 | | | 4,181 |
Rush Enterprises, Inc., Class A. . . . . . . . . . . . . . . . . | 1,440 | | | 60,365 | | |
| | A10 Networks, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 258 | | | 1,731 |
Saia, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 359 | | | 31,344 | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Information Technology-(continued) | | | | | | Information Technology-(continued) | | | | |
Acacia Communications, Inc.(b) . . . . . . . . . . . . . . . . | 203 | $ | 13,908 | Digimarc Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2 | $ | 40 |
ACI Worldwide, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 782 | | | 21,794 | Diodes, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 551 | | | 24,250 |
ADTRAN, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 607 | | | 4,883 | Dolby Laboratories, Inc., Class A . . . . . . . . . . . . . . . | 960 | | | 63,072 |
Advanced Energy Industries, Inc.(b) . . . . . . . . . . . . . | 398 | | | 23,671 | DSP Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 206 | | | 2,804 |
Advanced Micro Devices, Inc.(b) . . . . . . . . . . . . . . . . | 1,832 | | | 83,319 | Ebix, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 211 | | | 5,579 |
Agilysys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 84 | | | 2,699 | Endurance International Group Holdings, Inc.(b). . . | 1,770 | | | 6,602 |
Alarm.com Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 80 | | | 3,860 | Enphase Energy, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 98 | | | 4,799 |
Altair Engineering, Inc., Class A(b)(c) . . . . . . . . . . . . | 116 | | | 4,037 | Entegris, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,060 | | | 56,519 |
Alteryx, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . | 46 | | | 6,423 | Envestnet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 211 | | | 15,926 |
Ambarella, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 272 | | | 16,170 | EPAM Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 175 | | | 39,060 |
Amkor Technology, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 9,076 | | | 94,708 | ePlus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 180 | | | 13,637 |
Anixter International, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,104 | | | 107,651 | Euronet Worldwide, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 308 | | | 38,204 |
AppFolio, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 36 | | | 4,427 | Everbridge, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23 | | | 2,430 |
Appian Corp.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23 | | | 1,015 | Exela Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 945 | | | 243 |
Applied Optoelectronics, Inc.(b)(c) . . . . . . . . . . . . . . . | 690 | | | 6,162 | ExlService Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 275 | | | 20,529 |
Arista Networks, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 159 | | | 30,706 | Extreme Networks, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 1,511 | | | 7,600 |
Aspen Technology, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 235 | | | 25,030 | Fabrinet (Thailand)(b). . . . . . . . . . . . . . . . . . . . . . . . . | 497 | | | 27,395 |
Autodesk, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 364 | | | 69,480 | Fair Isaac Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 148 | | | 55,652 |
Avid Technology, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 113 | | | 835 | FARO Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 125 | | | 7,155 |
AVX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 809 | | | 17,588 | FireEye, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 792 | | | 10,482 |
Axcelis Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . | 455 | | | 10,915 | First Solar, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 892 | | | 40,827 |
Badger Meter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 163 | | | 9,814 | Fitbit, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 3,859 | | | 24,659 |
Bel Fuse, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . | 252 | | | 2,883 | Five9, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 67 | | | 4,893 |
Belden, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 874 | | | 34,899 | FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,198 | | | 50,879 |
Benchmark Electronics, Inc. . . . . . . . . . . . . . . . . . . . | 1,638 | | | 44,521 | ForeScout Technologies, Inc.(b) . . . . . . . . . . . . . . . . | 77 | | | 2,506 |
Benefitfocus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 30 | | | 374 | FormFactor, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 717 | | | 16,039 |
Black Knight, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 887 | | | 59,172 | Fortinet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 779 | | | 79,505 |
Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 235 | | | 15,933 | Gartner, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 371 | | | 48,004 |
Blackline, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 85 | | | 5,318 | Genpact Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,133 | | | 43,575 |
Bottomline Technologies (DE), Inc.(b) . . . . . . . . . . . | 419 | | | 18,553 | GoDaddy, Inc., Class A(b). . . . . . . . . . . . . . . . . . . . . . | 716 | | | 50,106 |
Box, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 457 | | | 7,655 | GTT Communications, Inc.(b)(c). . . . . . . . . . . . . . . . . | 434 | | | 6,571 |
Brightcove, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 165 | | | 1,284 | Guidewire Software, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 201 | | | 22,032 |
Brooks Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . | 384 | | | 13,252 | Hackett Group, Inc. (The) . . . . . . . . . . . . . . . . . . . . . | 262 | | | 4,035 |
Cabot Microelectronics Corp. . . . . . . . . . . . . . . . . . . | 166 | | | 23,120 | Harmonic, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 837 | | | 5,139 |
CACI International, Inc., Class A(b) . . . . . . . . . . . . . . | 313 | | | 76,691 | HubSpot, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 43 | | | 7,716 |
Cadence Design Systems, Inc.(b) . . . . . . . . . . . . . . . | 956 | | | 63,230 | Ichor Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 547 | | | 15,819 |
CalAmp Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 645 | | | 6,205 | II-VI, Inc.(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 690 | | | 20,486 |
Calix, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 427 | | | 3,843 | Impinj, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 34 | | | 1,046 |
Cardtronics PLC, Class A(b). . . . . . . . . . . . . . . . . . . . | 694 | | | 25,171 | Infinera Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,834 | | | 19,271 |
Casa Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 464 | | | 1,522 | Inphi Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 217 | | | 16,201 |
CEVA, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 177 | | | 5,029 | Insight Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 1,119 | | | 61,646 |
ChannelAdvisor Corp.(b) . . . . . . . . . . . . . . . . . . . . . . | 165 | | | 1,571 | Instructure, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 32 | | | 1,560 |
Ciena Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,414 | | | 54,368 | IPG Photonics Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 321 | | | 40,972 |
Cirrus Logic, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,039 | | | 71,317 | Itron, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 442 | | | 33,521 |
Cloudera, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 859 | | | 7,645 | j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 421 | | | 36,766 |
Cognex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 796 | | | 35,454 | Jack Henry & Associates, Inc.. . . . . . . . . . . . . . . . . . | 360 | | | 54,626 |
Coherent, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338 | | | 43,504 | KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,240 | | | 58,150 |
Cohu, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 447 | | | 9,150 | KEMET Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 855 | | | 22,298 |
CommVault Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . | 386 | | | 16,096 | Knowles Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,089 | | | 18,099 |
Comtech Telecommunications Corp.. . . . . . . . . . . . | 485 | | | 13,590 | Kulicke & Soffa Industries, Inc. (Singapore) . . . . . . | 1,211 | | | 27,647 |
CoreLogic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,165 | | | 52,856 | Lattice Semiconductor Corp.(b) . . . . . . . . . . . . . . . . | 520 | | | 9,334 |
Cornerstone OnDemand, Inc.(b) . . . . . . . . . . . . . . . . | 192 | | | 7,878 | Limelight Networks, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,156 | | | 5,832 |
Coupa Software, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 46 | | | 6,889 | Littelfuse, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 206 | | | 32,894 |
Cree, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 522 | | | 23,349 | LivePerson, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 89 | | | 2,355 |
CSG Systems International, Inc. . . . . . . . . . . . . . . . . | 370 | | | 16,373 | LiveRamp Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 528 | | | 18,712 |
CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 326 | | | 8,499 | Lumentum Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 598 | | | 46,536 |
Cypress Semiconductor Corp. . . . . . . . . . . . . . . . . . | 4,090 | | | 94,438 | MACOM Technology Solutions Holdings, Inc.(b) . . . | 597 | | | 15,086 |
Daktronics, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 911 | | | 4,482 | MagnaChip Semiconductor Corp. (South | | | | |
Diebold Nixdorf, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 2,784 | | | 19,544 | Korea)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 559 | | | 6,389 |
Digi International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 378 | | | 5,005 | Manhattan Associates, Inc.(b) . . . . . . . . . . . . . . . . . . | 313 | | | 21,084 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Information Technology-(continued) | | | | |
ManTech International Corp., Class A . . . . . . . . . . . | 508 | $ | 38,049 |
MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 595 | | | 37,497 |
MaxLinear, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 410 | | | 6,339 |
Methode Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . | 594 | | | 18,212 |
MicroStrategy, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 101 | | | 13,651 |
MKS Instruments, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 643 | | | 64,422 |
MobileIron, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 369 | | | 1,494 |
Model N, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 55 | | | 1,595 |
MongoDB, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11 | | | 1,678 |
Monolithic Power Systems, Inc. . . . . . . . . . . . . . . . . | 126 | | | 19,989 |
MTS Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 235 | | | 9,433 |
National Instruments Corp.. . . . . . . . . . . . . . . . . . . . | 870 | | | 35,044 |
NETGEAR, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 612 | | | 11,548 |
NetScout Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 2,061 | | | 52,968 |
New Relic, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 67 | | | 3,769 |
NIC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 458 | | | 8,377 |
Novanta, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 121 | | | 10,794 |
Nuance Communications, Inc.(b) . . . . . . . . . . . . . . . | 3,192 | | | 69,011 |
Nutanix, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . | 333 | | | 7,939 |
Okta, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41 | | | 5,250 |
OneSpan, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 216 | | | 3,566 |
Onto Innovation, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 299 | | | 9,140 |
OSI Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 189 | | | 15,360 |
Paycom Software, Inc.(b). . . . . . . . . . . . . . . . . . . . . . | 85 | | | 24,025 |
Paylocity Holding Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 67 | | | 8,678 |
PC Connection, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 712 | | | 28,957 |
PDF Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 262 | | | 3,836 |
Pegasystems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 135 | | | 12,218 |
Perficient, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 397 | | | 16,265 |
Photronics, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,740 | | | 21,663 |
Plantronics, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 386 | | | 5,300 |
Plexus Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 671 | | | 44,521 |
Power Integrations, Inc. . . . . . . . . . . . . . . . . . . . . . . | 231 | | | 20,109 |
Progress Software Corp.. . . . . . . . . . . . . . . . . . . . . . | 466 | | | 17,377 |
Proofpoint, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 142 | | | 15,144 |
PROS Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 25 | | | 1,145 |
Pure Storage, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 850 | | | 12,971 |
Q2 Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 34 | | | 2,563 |
QAD, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . | 95 | | | 4,660 |
Qualys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 136 | | | 10,904 |
Rapid7, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37 | | | 1,713 |
RealPage, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 305 | | | 19,551 |
Ribbon Communications, Inc.(b) . . . . . . . . . . . . . . . . | 1,588 | | | 5,129 |
RingCentral, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . | 76 | | | 17,917 |
Rogers Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 117 | | | 13,572 |
Rosetta Stone, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . | 50 | | | 864 |
SailPoint Technologies Holding, Inc.(b) . . . . . . . . . . | 292 | | | 7,393 |
ScanSource, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,055 | | | 29,994 |
Science Applications International Corp.. . . . . . . . . | 596 | | | 47,757 |
Semtech Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 485 | | | 19,153 |
Silicon Laboratories, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 247 | | | 21,904 |
SMART Global Holdings, Inc.(b) . . . . . . . . . . . . . . . . . | 350 | | | 9,394 |
SolarEdge Technologies, Inc.(b) . . . . . . . . . . . . . . . . | 274 | | | 34,173 |
Splunk, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 268 | | | 39,484 |
SPS Commerce, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 134 | | | 7,048 |
Square, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . | 685 | | | 57,081 |
Stratasys Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 681 | | | 10,896 |
Switch, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 464 | | | 6,654 |
Sykes Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 800 | | | 25,344 |
Synaptics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 894 | | | 59,049 |
| Shares | | | Value |
Information Technology-(continued) | | | | |
Telenav, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 195 | $ | 1,163 |
Teradata Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,379 | | | 27,497 |
TiVo Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,722 | | | 35,746 |
Trade Desk, Inc. (The), Class A(b) . . . . . . . . . . . . . . | 40 | | | 11,490 |
TTEC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 158 | | | 5,914 |
TTM Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 3,398 | | | 44,140 |
Twilio, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . . | 60 | | | 6,758 |
Tyler Technologies, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 140 | | | 43,869 |
Ubiquiti, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 87 | | | 11,802 |
Ultra Clean Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 828 | | | 17,313 |
Unisys Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 852 | | | 13,232 |
Universal Display Corp. . . . . . . . . . . . . . . . . . . . . . . . | 88 | | | 13,974 |
Upland Software, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 40 | | | 1,556 |
Varonis Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 50 | | | 4,011 |
Veeco Instruments, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 754 | | | 10,096 |
Verint Systems, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 418 | | | 22,940 |
VeriSign, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 338 | | | 64,136 |
ViaSat, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 457 | | | 26,278 |
Viavi Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,480 | | | 19,521 |
Virtusa Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 308 | | | 13,586 |
Vishay Intertechnology, Inc. . . . . . . . . . . . . . . . . . . . | 2,860 | | | 53,482 |
WEX, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 186 | | | 34,827 |
Workday, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 248 | | | 42,966 |
Workiva, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 24 | | | 1,026 |
Xperi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 770 | | | 13,236 |
Yext, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 52 | | | 788 |
Zebra Technologies Corp., Class A(b). . . . . . . . . . . . | 333 | | | 70,253 |
Zendesk, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 113 | | | 8,962 |
| | | | 4,624,650 |
Materials-6.34% | | | | |
AdvanSix, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 707 | | | 10,273 |
AK Steel Holding Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 21,263 | | | 49,118 |
Allegheny Technologies, Inc.(b) . . . . . . . . . . . . . . . . | 2,052 | | | 35,069 |
American Vanguard Corp. . . . . . . . . . . . . . . . . . . . . | 384 | | | 5,856 |
AptarGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 486 | | | 49,120 |
Balchem Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 160 | | | 15,114 |
Boise Cascade Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,755 | | | 62,267 |
Cabot Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,368 | | | 51,136 |
Carpenter Technology Corp. . . . . . . . . . . . . . . . . . . | 788 | | | 28,959 |
Century Aluminum Co.(b) . . . . . . . . . . . . . . . . . . . . . | 1,413 | | | 8,195 |
Chase Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 54 | | | 4,795 |
Clearwater Paper Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 1,151 | | | 31,388 |
Cleveland-Cliffs, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . | 2,774 | | | 16,117 |
Coeur Mining, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 4,991 | | | 20,763 |
Commercial Metals Co. . . . . . . . . . . . . . . . . . . . . . . . | 2,974 | | | 54,305 |
Compass Minerals International, Inc.. . . . . . . . . . . . | 510 | | | 27,821 |
Eagle Materials, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 529 | | | 41,754 |
Element Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 3,643 | | | 37,851 |
Ferro Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,144 | | | 13,293 |
Flotek Industries, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . | 856 | | | 1,352 |
Forterra, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 595 | | | 8,056 |
FutureFuel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 442 | | | 4,495 |
GCP Applied Technologies, Inc.(b) . . . . . . . . . . . . . . | 237 | | | 4,614 |
Gold Resource Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,002 | | | 4,028 |
Graphic Packaging Holding Co.. . . . . . . . . . . . . . . . . | 4,263 | | | 57,636 |
Greif, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,338 | | | 47,285 |
H.B. Fuller Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 842 | | | 33,032 |
Hawkins, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 201 | | | 7,186 |
Haynes International, Inc. . . . . . . . . . . . . . . . . . . . . . | 190 | | | 4,809 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | | Value | | Shares | | | Value |
Materials-(continued) | | | | | | Real Estate-(continued) | | | | |
Hecla Mining Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14,911 | $ | 39,365 | EastGroup Properties, Inc. . . . . . . . . . . . . . . . . . . . . | 154 | $ | 19,362 |
Ingevity Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 218 | | | 9,819 | Empire State Realty Trust, Inc., Class A . . . . . . . . . | 1,716 | | | 20,077 |
Innospec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 259 | | | 22,414 | Equity LifeStyle Properties, Inc.. . . . . . . . . . . . . . . . | 706 | | | 48,241 |
Intrepid Potash, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 1,505 | | | 2,664 | eXp World Holdings, Inc.(b)(c) . . . . . . . . . . . . . . . . . . | 96 | | | 918 |
Kaiser Aluminum Corp. . . . . . . . . . . . . . . . . . . . . . . . | 300 | | | 28,365 | Extra Space Storage, Inc. . . . . . . . . . . . . . . . . . . . . . | 499 | | | 50,080 |
Koppers Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 487 | | | 10,646 | Forestar Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 130 | | | 2,326 |
Kraton Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 981 | | | 9,928 | Franklin Street Properties Corp. . . . . . . . . . . . . . . . | 1,658 | | | 11,821 |
LSB Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,173 | | | 2,287 | GEO Group, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 2,485 | | | 36,380 |
Materion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 235 | | | 10,655 | Healthcare Realty Trust, Inc. . . . . . . . . . . . . . . . . . . | 860 | | | 29,498 |
Mercer International, Inc. (Germany). . . . . . . . . . . . | 908 | | | 8,045 | Hersha Hospitality Trust . . . . . . . . . . . . . . . . . . . . . . | 934 | | | 10,769 |
Mesabi Trust(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 136 | | | 2,387 | Highwoods Properties, Inc. . . . . . . . . . . . . . . . . . . . . | 966 | | | 43,354 |
Minerals Technologies, Inc.. . . . . . . . . . . . . . . . . . . . | 566 | | | 25,396 | Howard Hughes Corp. (The)(b) . . . . . . . . . . . . . . . . . | 182 | | | 19,634 |
Myers Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 444 | | | 6,025 | JBG SMITH Properties . . . . . . . . . . . . . . . . . . . . . . . . | 699 | | | 25,639 |
Neenah, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 263 | | | 15,194 | Lamar Advertising Co., Class A . . . . . . . . . . . . . . . . | 798 | | | 66,824 |
NewMarket Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 82 | | | 31,864 | Marcus & Millichap, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 175 | | | 5,593 |
Olympic Steel, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 647 | | | 7,796 | New Senior Investment Group, Inc. . . . . . . . . . . . . . | 2,740 | | | 16,632 |
OMNOVA Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,083 | | | 10,949 | Newmark Group, Inc., Class A . . . . . . . . . . . . . . . . . | 2,890 | | | 27,599 |
PH Glatfelter Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,316 | | | 18,766 | NexPoint Residential Trust, Inc. . . . . . . . . . . . . . . . . | 180 | | | 8,010 |
PolyOne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,762 | | | 43,627 | Outfront Media, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,647 | | | 43,382 |
PQ Group Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 972 | | | 12,898 | Pebblebrook Hotel Trust . . . . . . . . . . . . . . . . . . . . . . | 907 | | | 18,330 |
Quaker Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . | 64 | | | 10,084 | Pennsylvania REIT(c) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,481 | | | 5,855 |
Rayonier Advanced Materials, Inc.. . . . . . . . . . . . . . | 3,267 | | | 8,004 | Piedmont Office Realty Trust, Inc., Class A . . . . . . | 2,581 | | | 55,724 |
Royal Gold, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 467 | | | 45,052 | PotlatchDeltic Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 609 | | | 22,375 |
Schnitzer Steel Industries, Inc., Class A . . . . . . . . . | 1,136 | | | 18,721 | PS Business Parks, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 208 | | | 30,898 |
Schweitzer-Mauduit International, Inc., Class A . . . | 646 | | | 21,783 | QTS Realty Trust, Inc., Class A . . . . . . . . . . . . . . . . | 440 | | | 24,715 |
Scotts Miracle-Gro Co. (The) . . . . . . . . . . . . . . . . . . | 479 | | | 50,769 | Rayonier, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,062 | | | 28,175 |
Sensient Technologies Corp. . . . . . . . . . . . . . . . . . . | 424 | | | 20,852 | RE/MAX Holdings, Inc., Class A . . . . . . . . . . . . . . . . | 178 | | | 5,189 |
Silgan Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,274 | | | 36,475 | Redfin Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 130 | | | 3,518 |
Stepan Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 282 | | | 24,768 | RLJ Lodging Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,883 | | | 38,084 |
Summit Materials, Inc., Class A(b) . . . . . . . . . . . . . . | 1,994 | | | 38,963 | RMR Group, Inc. (The), Class A . . . . . . . . . . . . . . . . | 119 | | | 4,434 |
SunCoke Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 2,389 | | | 11,013 | Ryman Hospitality Properties, Inc.. . . . . . . . . . . . . . | 417 | | | 28,986 |
TimkenSteel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,476 | | | 7,483 | Saul Centers, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 177 | | | 7,613 |
Tredegar Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 785 | | | 13,392 | Summit Hotel Properties, Inc. . . . . . . . . . . . . . . . . . | 2,348 | | | 21,766 |
Trinseo S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,569 | | | 34,330 | Sun Communities, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 270 | | | 41,278 |
Tronox Holdings PLC, Class A . . . . . . . . . . . . . . . . . | 1,510 | | | 11,083 | Sunstone Hotel Investors, Inc. . . . . . . . . . . . . . . . . . | 2,779 | | | 30,430 |
US Concrete, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 294 | | | 7,891 | Tanger Factory Outlet Centers, Inc.(c) . . . . . . . . . . . | 1,516 | | | 18,162 |
Valvoline, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,145 | | | 41,828 | UDR, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,483 | | | 66,705 |
Verso Corp., Class A(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,494 | | | 24,367 | Uniti Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,264 | | | 51,377 |
W.R. Grace & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 474 | | | 26,809 | Universal Health Realty Income Trust . . . . . . . . . . . | 59 | | | 6,355 |
Westlake Chemical Corp.. . . . . . . . . . . . . . . . . . . . . . | 740 | | | 41,344 | Urban Edge Properties . . . . . . . . . . . . . . . . . . . . . . . | 1,189 | | | 19,262 |
Worthington Industries, Inc. . . . . . . . . . . . . . . . . . . . | 1,046 | | | 33,263 | VICI Properties, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,233 | | | 55,959 |
| | | | | | Washington Prime Group, Inc.(c) . . . . . . . . . . . . . . . | 8,449 | | | 23,235 |
| | | | 1,583,051 | | |
| | | | Xenia Hotels & Resorts, Inc | 1,458 | | | 21,812 |
Real Estate-5.93% | | | | | | | |
| | | | | | | | | 1,482,166 |
Alexander & Baldwin, Inc. . . . . . . . . . . . . . . . . . . . . . | 644 | | | 12,107 | | | | |
| | Utilities-3.41% | | | | |
Alexander's, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20 | | | 6,220 | | | | |
American Assets Trust, Inc. . . . . . . . . . . . . . . . . . . . | 304 | | | 12,601 | ALLETE, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 628 | | | 43,326 |
American Homes 4 Rent, Class A . . . . . . . . . . . . . . | 1,724 | | | 44,634 | American States Water Co. . . . . . . . . . . . . . . . . . . . | 213 | | | 16,314 |
Apple Hospitality REIT, Inc.. . . . . . . . . . . . . . . . . . . . | 3,096 | | | 40,465 | Atlantic Power Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 3,412 | | | 7,745 |
Ashford Hospitality Trust, Inc. . . . . . . . . . . . . . . . . . | 6,891 | | | 14,884 | Avangrid, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,028 | | | 51,081 |
Camden Property Trust. . . . . . . . . . . . . . . . . . . . . . . | 352 | | | 37,305 | Avista Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,160 | | | 54,694 |
CBL & Associates Properties, Inc.(c) . . . . . . . . . . . . . | 35,380 | | | 18,780 | Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 705 | | | 50,901 |
Chatham Lodging Trust . . . . . . . . . . . . . . . . . . . . . . | 578 | | | 8,057 | California Water Service Group . . . . . . . . . . . . . . . . | 390 | | | 18,704 |
Consolidated-Tomoka Land Co. . . . . . . . . . . . . . . . . | 66 | | | 3,796 | Chesapeake Utilities Corp. . . . . . . . . . . . . . . . . . . . . | 159 | | | 13,595 |
CoreCivic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,957 | | | 28,983 | El Paso Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 527 | | | 35,768 |
CoreSite Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 284 | | | 29,459 | Hawaiian Electric Industries, Inc. . . . . . . . . . . . . . . . | 1,513 | | | 64,817 |
Corporate Office Properties Trust . . . . . . . . . . . . . . | 917 | | | 23,237 | IDACORP, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 549 | | | 53,055 |
CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 907 | | | 27,455 | MGE Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 284 | | | 20,261 |
CyrusOne, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 617 | | | 37,378 | Middlesex Water Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 92 | | | 5,471 |
DiamondRock Hospitality Co. . . . . . . . . . . . . . . . . . . | 2,240 | | | 20,429 | National Fuel Gas Co. . . . . . . . . . . . . . . . . . . . . . . . . | 954 | | | 34,926 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Utilities-(continued) | | | | |
New Jersey Resources Corp. . . . . . . . . . . . . . . . . . . | 1,033 | $ | 36,475 |
Northwest Natural Holding Co.. . . . . . . . . . . . . . . . . | 313 | | | 20,586 |
NorthWestern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 565 | | | 39,742 |
ONE Gas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 577 | | | 47,395 |
Ormat Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . | 371 | | | 25,851 |
Otter Tail Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 420 | | | 20,416 |
PNM Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,055 | | | 49,669 |
SJW Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 183 | | | 11,196 |
South Jersey Industries, Inc. . . . . . . . . . . . . . . . . . . | 1,054 | | | 28,511 |
Southwest Gas Holdings, Inc. . . . . . . . . . . . . . . . . . . | 674 | | | 43,594 |
Spire, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 664 | | | 49,833 |
Unitil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 161 | | | 9,071 |
| | | | 852,997 |
Total Common Stocks & Other Equity Interests | | | | |
(Cost $27,110,059) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 24,946,967 |
Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.80%
Invesco Government & Agency Portfolio, | | | | |
Institutional Class, 1.50%(d)(e) . . . . . . . . . . . . . . . | 712,588 | $ | 712,588 | |
Invesco Liquid Assets Portfolio, Institutional | | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . | 237,409 | | 237,528 | |
Total Investments Purchased with Cash Collateral from | | | |
Securities on Loan | | | | |
(Cost $950,094) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 950,116 | |
TOTAL INVESTMENTS IN SECURITIES-103.73% | | | | |
(Cost $28,075,383) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 25,912,313 | |
OTHER ASSETS LESS LIABILITIES-(3.73)%. . . . . . . . . | . . . . . . . . | | (932,920) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $24,979,393 | |
| | | | |
Money Market Funds-0.06%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(d) | | |
(Cost $15,230) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,230 | 15,230 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral from | |
securities on loan)-99.93% | | |
(Cost $27,125,289) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 24,962,197 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Non-income producing security.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Industrials | 23.06 |
Information Technology | 18.51 |
| |
Consumer Discretionary | 15.45 |
Health Care | 9.83 |
| |
Financials | 6.46 |
Materials | 6.34 |
| |
Real Estate | 5.93 |
Communication Services | 4.38 |
| |
Consumer Staples | 4.12 |
Utilities | 3.41 |
| |
Energy | 2.38 |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
(This Page Intentionally Left Blank)
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
| | | | | | | | | Invesco | | | |
| | | | | | Invesco | | RAFITM | | Invesco |
| | | | | | RAFITM | | Strategic | | RAFITM |
| | Invesco | | | Strategic | | Developed | | Strategic |
| | Defensive | | | Developed | ex-US Small | | Emerging |
| | Equity | | | ex-US | | Company | | Markets |
| | ETF (DEF) | | | ETF (ISDX) | ETF (ISDS) | ETF (ISEM) |
Assets: | | | | | | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $279,721,890 | | $225,443,587 | $13,739,037 | $24,582,729 |
Affiliated investments in securities, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 4,648,955 | | 591,623 | | 189,433 |
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | - | | - | | - |
Foreign currencies, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | - | | 457 | | 524,588 |
Receivable for: | | | | | | | | | | | | | |
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 411,359 | | | | 692,064 | | 37,576 | | 12,641 |
Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 72 | | | | 2,688 | | 877 | | 297 |
Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 2 | | 4 | | 8 |
Foreign tax reclaims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 3,497 | | | | 68,574 | | 836 | | 251 |
| | | | | | | | | | | | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 280,136,818 | | | | 230,855,870 | | 14,370,410 | | 25,309,947 |
Liabilities: | | | | | | | | | | | | | |
Due to custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,607 | | | | - | | - | | 515,082 |
Due to foreign custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 190,886 | | - | | - |
Payable for: | | | | | | | | | | | | | |
Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | - | | 2 | | - |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 4,161,797 | | 583,064 | | 189,428 |
Accrued unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | | 45,546 | | 4,245 | | 7,380 |
Accrued advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 120,471 | | | | - | | - | | - |
Accrued trustees' and officer's fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 11,478 | | | | - | | - | | - |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 118,372 | | | | 4,309 | | 3,073 | | 3,016 |
| | | | | | | | | | | | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 251,928 | | | | 4,402,538 | | 590,384 | | 714,906 |
Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | |
$279,884,890 | | $226,453,332 | $ | 13,780,026 | $ | 24,595,041 |
Net assets consist of: | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Shares of beneficial interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 293,108,404 | | $245,569,528 | $15,691,293 | $27,382,753 |
Distributable earnings (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (13,223,514) | | | (19,116,196) | | (1,911,267) | | (2,787,712) |
Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | |
$279,884,890 | | $226,453,332 | $ | 13,780,026 | $ | 24,595,041 |
| | | | | | | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value). . . . . . . . . . . . . . . | | 5,400,000 | | | | 9,800,001 | | 650,001 | | 1,050,001 |
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 51.83 | | $ | 23.11 | $ | 21.20 | $ | 23.42 |
| | | | | | | | | | | | | |
Market price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 51.11 | | $ | 22.94 | $ | 21.05 | $ | 23.32 |
| | | | | | | | | | |
Unaffiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $276,194,607 | | $ | 244,004,376 | $15,382,847 | $27,315,347 |
| | | | | | | | | | | | | |
Affiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | - | | $ | 4,648,852 | $ | 591,606 | $ | 189,428 |
| | | | | | | | | | | | | |
Foreign currencies (due to foreign custodian), at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | - | | $ | (192,863) | $ | 458 | $ | 553,139 |
(a)Includes securities on loan with an aggregate value of: . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | |
$ | - | | $ | 3,884,707 | $ | 527,277 | $ | 178,094 |
| | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | Invesco |
| | | | | RAFITM |
| Invesco | | | Strategic |
| RAFITM | | | US Small |
Strategic US | | | Company |
| ETF (IUS) | | | ETF (IUSS) | |
$120,131,213 | | $24,946,967 |
| 601,993 | | | | 965,346 |
| 84 | | | | - |
| - | | | | - | |
| 302,205 | | | | 23,989 |
| 1,258 | | | | 1,170 |
| - | | | | - | |
| - | | | | - | |
| 121,036,753 | | | | 25,937,472 |
| - | | | | - | |
| - | | | | - | |
| - | | | | - | |
| 501,384 | | | | 950,094 |
| 20,324 | | | | 5,031 |
| - | | | | - | |
| - | | | | - | |
| 2,968 | | | | 2,954 |
| | | | | | |
| 524,676 | | | | 958,079 |
| | | | |
$120,512,077 | | $24,979,393 |
| | | | |
$124,138,730 | | $27,404,541 |
| (3,626,653) | | | (2,425,148) |
| | | | |
$120,512,077 | | $24,979,393 |
| | | | | | |
| 4,850,001 | | | | 1,150,001 |
$ | 24.85 | | $ | 21.72 |
| | | | | | |
$ | 24.51 | | $ | 21.50 |
| | | | | |
$124,254,922 | | $ | 27,110,059 |
| | | | | | |
$ | 601,981 | | $ | 965,324 |
| | | | | | |
$ | - | | $ | - | |
| | | | | | |
$ | 492,251 | | $ | 908,911 |
| | | | | | |
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
| | | | | | | | | | Invesco | | | | | |
| | | | | | Invesco | | | RAFITM | | | Invesco |
| | | | | | RAFITM | | | Strategic | | | RAFITM |
| | Invesco | | | Strategic | | | Developed | | | Strategic |
| | Defensive | | | Developed | ex-US Small | | | Emerging |
| | Equity | | | ex-US | | | Company | | | Markets |
| | ETF (DEF) | | | ETF (ISDX) | | ETF (ISDS) | ETF (ISEM) |
Investment income: | | | | | | | | | | | | | | | | | |
Unaffiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 2,658,492 | | $ 3,031,763 | $ 195,779 | | $ 270,292 | |
Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 2,050 | | 2,830 | 143 | | - | | |
Securities lending income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 5,747 | | 50,522 | 6,019 | | 1,293 | |
Foreign withholding tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (72) | (273,553) | (18,122) | | (21,882) |
| | | | | | | | | | | | | | |
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 2,666,217 | | | 2,811,562 | 183,819 | | 249,703 | |
Expenses: | | | | | | | | | | | | | | | | | |
Unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | 284,931 | 26,784 | | 46,588 | |
Advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 688,662 | | - | - | | - | | |
Accounting & administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 16,136 | | - | - | | - | | |
Custodian & transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (11,689) | - | - | | - | | |
Trustees' and officer's fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 4,349 | | - | - | | - | | |
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 27,733 | | | - | - | | - | | |
| | | | | | | | | | | | | | |
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 725,191 | | | 284,931 | 26,784 | | 46,588 | |
| | | | | | | | | | | | | | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (246) | (323) | (16) | | - | | |
| | | | | | | | | | | | | | |
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 724,945 | | | 284,608 | 26,768 | | 46,588 | |
| | | | | | | | | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,941,272 | | | 2,526,954 | 157,051 | | 203,115 | |
Realized and unrealized gain (loss) from: | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | |
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (1,993,253) | (3,494) | 18,225 | | 4,087 | |
In-kind redemptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 14,353,401 | | - | - | | - | | |
Foreign currencies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | 5,306 | (281) | | (213) |
| | | | | | | | | | | | | | |
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 12,360,148 | | | 1,812 | 17,944 | | 3,874 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | |
Unaffiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (20,393,876) | (7,765,754) | (559,000) | | (537,153) |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | 103 | 16 | | 5 | | |
Foreign currencies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | - | | | (4,807) | (695) | | (4,955) |
| | | | | | | | | | | | | |
Change in net unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (20,393,876) | (7,770,458) | (559,679) | | (542,103) |
| | | | | | | | | | | | | |
Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (8,033,728) | (7,768,646) | (541,735) | | (538,229) |
| | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . | $ | (6,092,456) | $(5,241,692) | $(384,684) | | $(335,114) |
| | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | | | | | Invesco |
| | | | | | RAFITM |
| Invesco | | | Strategic |
| RAFITM | | | US Small |
Strategic US | | | Company |
| ETF (IUS) | | ETF (IUSS) |
$1,433,095 | | | | $ 179,628 |
903 | | | 157 |
12,086 | | | 8,721 |
| - | | | | - |
| | | | | | |
| 1,446,084 | | | | 188,506 |
| | | | | | |
| 121,407 | | | | 30,380 |
- | | | - |
- | | | - |
- | | | - |
- | | | - |
| - | | | | - |
| | | | | | |
| 121,407 | | | | 30,380 |
| | | | | | | |
(95)(16)
121,312 30,364
1,324,772 158,142
14,159 | | (180,363) |
- | | - |
- | | - |
| | | |
14,159 | | (180,363) |
| | | |
(812,277) (810,344)
1215
--
(812,265) (810,329)
(798,106) (990,692)
Statements of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | Invesco | | |
| | | | | | | | | | | | | Invesco | | | | | RAFITM | | |
| | | | | | | | | | | | | RAFITM | | | | | Strategic |
| | | | | | | | | | | | | Strategic | | | Developed |
| | | | | | | | | | | | | Developed | | | ex-US Small |
| | | Invesco Defensive | | | | ex-US ETF | | | Company |
| | | Equity ETF (DEF) | | | | | (ISDX) | | | | | ETF (ISDS) | |
| Six Months Ended | | | Year Ended | Six Months Ended | | Period Ended | Six Months Ended | Period Ended |
| | February 29, | | | August 31, | | | February 29, | | | August 31, | | February 29, | | August 31, |
| | | 2020 | | | | | 2019 | | | | | 2020 | | | | | 2019(a) | | | 2020 | | | | | 2019(a) |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income. . . . . . . . . . . . . . . . . . . . . . . | $ | 1,941,272 | | | $ | 2,863,554 | $ | 2,526,954 | | | $ | 1,892,193 | $ | 157,051 | | | $ | 119,735 | |
Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . | | | 12,360,148 | | | | | 9,361,941 | | | | 1,812 | | | | | 483,937 | | | | 17,944 | | | | | (181,229) |
Change in net unrealized appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (20,393,876) | | | | 8,136,260 | | | | | (7,770,458) | | | | (10,797,726) | | | (559,679) | | | | (1,084,796) |
Net increase (decrease) in net assets resulting | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from operations. . . . . . . . . . . . . . . . . . . . . . . . . | | | (6,092,456) | | | | 20,361,755 | | | | (5,241,692) | | | | (8,421,596) | | | (384,684) | | | | (1,146,290) |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . | | | (3,269,976) | | | | (2,420,678) | | | | (3,250,758) | | | | (931,891) | | | (165,542) | | | | (82,440) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold. . . . . . . . . . . . . . . . . . . . | | | 160,570,505 | | | | | 106,139,116 | | | | - | | | | | 263,078,604 | | | | - | | | | | 16,721,600 | |
Value of shares repurchased . . . . . . . . . . . . . . . . . . | | | (116,375,609) | | | | (69,498,464) | | | | - | | | | | (18,779,335) | | | - | | | | | (1,162,618) |
Net increase in net assets resulting from share | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 44,194,896 | | | | | 36,640,652 | | | | - | | | | | 244,299,269 | | | - | | | | | 15,558,982 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets . . . . . . . . . | | | 34,832,464 | | | | | 54,581,729 | | | | (8,492,450) | | | | 234,945,782 | | | (550,226) | | | | 14,330,252 | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . | | | 245,052,426 | | | | | 190,470,697 | | | | 234,945,782 | | | | | - | | | | 14,330,252 | | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | |
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 279,884,890 | | | $ | 245,052,426 | $226,453,332 | | | $234,945,782 | $ | 13,780,026 | | | $14,330,252 | |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,900,000 | | | | | 2,100,000 | | | | - | | | | | 10,550,001 | | | - | | | | | 700,001 | |
Shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2,100,000) | | | | (1,350,000) | | | | - | | | | | (750,000) | | | - | | | | | (50,000) |
Shares outstanding, beginning of period . . . . . . . . | | | 4,600,000 | | | | | 3,850,000 | | | | 9,800,001 | | | | | - | | | | 650,001 | | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . | | | 5,400,000 | | | | | 4,600,000 | | | | 9,800,001 | | | | | 9,800,001 | | | 650,001 | | | | | 650,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)For the period September 10, 2018 (commencement of investment operations) through August 31, 2019.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| | Invesco | | | | | | | | | | | | | | | | Invesco | | | | |
| | RAFITM | | | | | | | | | | | | | | | | RAFITM | | | | |
| | Strategic | | | | | | | | Invesco | | | | | | Strategic | | | | |
| | Emerging | | | | | | | | RAFITM | | | | | | US Small | | | | |
| | Markets ETF | | | | Strategic US | | | Company | | | | |
| | (ISEM) | | | | | | | | ETF (IUS) | | | | | ETF (IUSS) | | | |
Six Months Ended | Period Ended | Six Months Ended | Period Ended | Six Months Ended | Period Ended |
| February 29, | August 31, | | | February 29, | | August 31, | | February 29, | August 31, |
| | 2020 | | | | 2019(a) | | | | | 2020 | | | | 2019(a) | | | | 2020 | | | | 2019(a) | |
$ | 203,115 | | | $ | 310,365 | | $ | 1,324,772 | | | $ | 462,355 | $ | 158,142 | | $ | 58,011 | |
| | 3,874 | | | | 114,983 | | | | | 14,159 | | | | 42,736 | | | (180,363) | | | (49,025) |
| | (542,103) | | | (2,220,137) | | | | (812,265) | | | (3,311,432) | | | (810,329) | | | (1,352,741) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | (335,114) | | | (1,794,789) | | | | 526,666 | | | | (2,806,341) | | | (832,550) | | | (1,343,755) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | (355,667) | | | (96,385) | | | | (1,218,498) | | | (45,627) | | | (153,538) | | | (20,217) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | - | | | | 28,477,720 | | | | | 4,015,876 | | | | 121,308,962 | | | 1,241,206 | | | 27,249,068 | |
| | - | | | | (1,300,724) | | | | - | | | | (1,268,961) | | | - | | | | (1,160,821) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | - | | | | 27,176,996 | | | | | 4,015,876 | | | | 120,040,001 | | | 1,241,206 | | | 26,088,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (690,781) | | | 25,285,822 | | | | | 3,324,044 | | | | 117,188,033 | | | 255,118 | | | 24,724,275 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 25,285,822 | | | | - | | | | | | 117,188,033 | | | - | | | | 24,724,275 | | | - | | |
| | | | | | | | | | | | | | | | | | | | | |
$ | 24,595,041 | | | $ | 25,285,822 | | $120,512,077 | | $117,188,033 | $24,979,393 | | $24,724,275 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | - | | | | 1,100,001 | | | | | 150,000 | | | 4,750,001 | | | 50,000 | | | 1,150,001 | |
| | - | | | | (50,000) | | | | - | | | | (50,000) | | | - | | | | (50,000) |
| | 1,050,001 | | | | - | | | | | | 4,700,001 | | | - | | | | 1,100,001 | | | - | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1,050,001 | | | | 1,050,001 | | | | | 4,850,001 | | | 4,700,001 | | | 1,150,001 | | | 1,100,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Highlights
Invesco Defensive Equity ETF (DEF)
| Six Months Ended | | | | | | | | | | | | | | | | | |
| | February 29, | | | | | | Years Ended August 31, | | | | | |
| | | | 2020 | | | | | | | | | | | | |
| | (Unaudited) | | 2019 | | | | 2018 | | | | 2017 | | | 2016 | | | 2015 | |
Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . | $ | 53.27 | | | $ | 49.47 | $ | 43.25 | $ | 39.08 | $ | 35.61 | $ | 38.95 |
Net investment income(a). . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | | | | |
| | | 0.39 | | | | 0.68 | | | 0.58 | | | 0.67 | | 1.14 | | 1.17 |
Net realized and unrealized gain (loss) on investments . . . . | | | | (1.18) | | | 3.73 | | | 6.40 | | | 4.35 | | 3.48 | | (3.55) |
| | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations. . . . . . . . . . . . . . . . . . . . | | | | (0.79) | | | 4.41 | | | 6.98 | | | 5.02 | | 4.62 | | (2.38) |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.65) | | | (0.61) | | | (0.76) | | | (0.85) | | (1.15) | | (0.96) |
| | | | | | | | | | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . | | $ | 51.83 | | | $ | 53.27 | $ | 49.47 | $ | 43.25 | $ | 39.08 | $ | 35.61 |
| | | | | | | | | | | | | | | | | | | | | | |
Market price at end of period . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 51.11 | | | $ | 53.30(b) | $ | 49.53(b) | $ | 43.25 | $ | 39.00 | $ | 35.66 |
Net Asset Value Total Return(c) . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | | | | |
| | | (1.57)% | | | 9.27% | | | 16.25% | | | 13.08% | | 13.37% | | (6.24)% |
Market Price Total Return(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (2.99)% | | | 9.20% | | | 16.39% | | | | | | | | | | |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . | $279,885 | | $245,052 | $190,471 | $175,171 | $168,040 | $197,662 |
Ratio to average net assets of: | | | | 0.53%(d) | | 0.55% | | | 0.59% | | | 0.61% | | 0.65% | | 0.65% |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
Expenses, prior to Waivers. . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.53%(d) | | 0.55% | | | 0.59% | | | 0.63% | | 0.74% | | 0.72% |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.41%(d) | | 1.37% | | | 1.25% | | | 1.67% | | 3.12% | | 3.07% |
Portfolio turnover rate(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 60% | | | 145% | | | 136% | | | 194% | | 92% | | 96% |
(a)Based on average shares outstanding.
(b)The mean between the last bid and ask prices.
(c)Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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.
Financial Highlights—(continued)
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
| | | | | | For the Period |
| Six Months Ended | September 10, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 23.97 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.26 | | | | | 0.70 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.79) | | | | (1.24) |
| | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.53) | | | | (0.54) |
Distributions to shareholders from: | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.33) | | | | (0.49) |
| | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 23.11 | | | | $ | 23.97 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| $ | 22.94 | | | | $ | 23.94 |
| | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2.33)% | | | | (2.10)%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2.92)% | | | | (2.22)%(e) |
Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $226,453 | | | $234,946 |
Ratio to average net assets of: | | | 0.23%(f) | | | 0.24%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.04%(f) | | | 2.97%(g) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1% | | | | 47% |
(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 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (2.10)%. The market price total return from Fund Inception to August 31, 2019 was (2.22)%.
(f)Annualized.
(g)Ratios are annualized except for 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.
Financial Highlights—(continued)
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS)
| | | | | | For the Period |
| Six Months Ended | September 10, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 22.05 | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.24 | | | | | 0.41 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.84) | | | | (3.07) |
| | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.60) | | | | (2.66) |
Distributions to shareholders from: | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.25) | | | | (0.29) |
| | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 21.20 | | | | $ | 22.05 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| $ | 21.05 | | | $ | 22.05 |
| | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2.82)% | | | | (10.63)%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (3.51)% | | | | (10.62)%(e) |
Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $13,780 | | | $14,330 |
Ratio to average net assets of: | | | 0.35%(f) | | | 0.39%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.05%(f) | | | 1.85%(g) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2% | | | | 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 (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (10.27)%. The market price total return from Fund Inception to August 31, 2019 was (10.62)%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%.
(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.
Financial Highlights—(continued)
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
| | | | | | For the Period |
| Six Months Ended | September 10, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 24.08 | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.19 | | | | | 1.06 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.51) | | | | (1.60) |
| | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.32) | | | | (0.54) |
Distributions to shareholders from: | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.34) | | | | (0.38) |
| | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 23.42 | | | $ | 24.08 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| $ | 23.32 | | | $ | 24.09 |
| | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (1.43)% | | | | (2.22)%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (1.89)% | | | | (2.19)%(e) |
Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $24,595 | | | $25,286 |
Ratio to average net assets of: | | | 0.35%(f) | | | 0.39%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.53%(f) | | | 4.35%(g) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0% | | | | 22% |
(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 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (1.95)%. The market price total return from Fund Inception to August 31, 2019 was (2.19)%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%.
(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.
Financial Highlights—(continued)
Invesco RAFITM Strategic US ETF (IUS)
| | | | | | For the Period |
| Six Months Ended | September 10, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 24.93 | | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.28 | | | | | 0.58 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.10) | | | | (0.26) |
| | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.18 | | | | | 0.32 |
Distributions to shareholders from: | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.26) | | | | (0.39) |
| | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 24.85 | | | | $ | 24.93 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| $ | 24.51 | | | | $ | 24.94 |
| | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 0.64% | | | | 1.45%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.78)% | | | | 1.50%(e) |
Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $120,512 | | | $117,188 |
Ratio to average net assets of: | | | 0.19%(f) | | | 0.20%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2.07%(f) | | | 2.41%(g) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1% | | | | 8% |
(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 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%.
(f)Annualized.
(g)Ratios are annualized except for 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.
Financial Highlights—(continued)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
| | | | | | For the Period |
| Six Months Ended | September 10, 2018(a) |
| February 29, | | Through |
| | | 2020 | | | August 31, |
| (Unaudited) | | | 2019 | |
Per Share Operating Performance: | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 22.48 | | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| | 0.14 | | | | | 0.23 |
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.76) | | | | (2.55) |
| | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.62) | | | | (2.32) |
Distributions to shareholders from: | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.14) | | | | (0.20) |
| | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 21.72 | | | $ | 22.48 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
| $ | 21.50 | | | $ | 22.48 |
| | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2.82)% | | | | (9.20)%(e) |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (3.80)% | | | | (9.20)%(e) |
Ratios/Supplemental Data: | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $24,979 | | | $24,724 |
Ratio to average net assets of: | | | 0.23%(f) | | | 0.28%(g) |
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.20%(f) | | | 1.05%(g) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 4% | | | | 20% |
(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 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (9.34)%. The market price total return from Fund Inception to August 31, 2019 was (9.31)%.
(f)Annualized.
(g)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%.
(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.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
February 29, 2020 (Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust on October 30, 2015 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 Defensive Equity ETF (DEF) | "Defensive Equity ETF" |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | "RAFITM Strategic Developed ex-US ETF" |
Invesco RAFITM Strategic Developed ex-US Small Company ETF (ISDS) | "RAFITM Strategic Developed ex-US Small Company ETF" |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | "RAFITM Strategic Emerging Markets ETF" |
Invesco RAFITM Strategic US ETF (IUS) | "RAFITM Strategic US ETF" |
Invesco RAFITM Strategic US Small Company ETF (IUSS) | "RAFITM Strategic US Small Company ETF" |
Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Defensive Equity ETF, which are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit." Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):
Fund | Underlying Index |
| | | | |
Defensive Equity ETF | Invesco Defensive Equity Index |
RAFITM Strategic Developed ex-US ETF | Invesco Strategic Developed ex-US Index |
RAFITM Strategic Developed ex-US Small Company ETF | Invesco Strategic Developed ex-US Small Company Index |
RAFITM Strategic Emerging Markets ETF | Invesco Strategic Emerging Markets Index |
RAFITM Strategic US ETF | Invesco Strategic US Index |
RAFITM Strategic US Small Company ETF | Invesco Strategic US Small Company Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.
A.Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").
Investment companies are valued using such company's NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Authorized Participant Concentration Risk. Only Authorized Participants ("APs") may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 each 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.
China Exposure Risk. For certain Funds, the value of securities of companies that derive the majority of their revenues from China is likely to be more volatile than that of other issuers. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment. The Chinese central government historically has exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. Actions of the Chinese government authorities continue to have a substantial effect on economic conditions in China. It is difficult for non-Chinese investors to directly access securities in China because of investment and trading restrictions. These limitations and restrictions may impact the availability, liquidity, and pricing of certain securities.
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. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
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. For certain Funds, 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. As certain Funds will invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns.
Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected country or 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. Each Fund is non-diversified and can invest a greater portion of its 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 its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in 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 securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. 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 a REIT's shareholders will incur a proportionate share of those expenses.
Small-and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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.
C.Investment Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. 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 capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
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 Defensive Equity ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Defensive Equity ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from 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 or period-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, each Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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.
Each Fund files 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 - 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.
Each Fund (except Defensive Equity 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 each Fund (except Defensive Equity ETF), including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.
Defensive Equity ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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. However, based on experience, the Trust believes the risk of loss to be remote.
J.Securities Lending - Each Fund may participate in securities lending and 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. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into 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 each Fund's investments, managing each Fund's business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, Defensive Equity ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets. The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Defensive Equity ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expense, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund's average daily net assets per year (the "Expense Cap") through at least August 31, 2021.
Pursuant to another 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| Unitary Management Fees |
| | (as a % of Net Assets) |
| | | |
RAFITM Strategic Developed ex-US ETF | 0.23% | |
RAFITM Strategic Developed ex-US Small Company ETF | 0.35% | |
RAFITM Strategic Emerging Markets ETF | 0.35% | |
RAFITM Strategic US ETF | 0.19% | |
RAFITM Strategic US Small Company ETF | 0.23% | |
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund's management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund's
investments 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. This agreement is not subject to recapture by the Adviser.
For the six-month period ended February 29, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Defensive Equity ETF | $246 |
RAFITM Strategic Developed ex-US ETF | 323 |
RAFITM Strategic Developed ex-US Small Company ETF | 16 |
RAFITM Strategic Emerging Markets ETF | - |
RAFITM Strategic US ETF | 95 |
RAFITM Strategic US Small Company ETF | 16 |
The offering costs excluded from the Expense Cap for the Defensive Equity ETF, as applicable, are: (a) initial legal fees pertaining to the Fund's Shares offered for sale; (b) initial SEC and state registration fees; and (c) initial fees paid to be listed on an exchange.
The fees waived and/or expenses borne by the Adviser for Defensive Equity 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 expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For the six-month period ended February 29, 2020, there were no amounts available for potential recapture by the Adviser.
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 licensing agreements on behalf of each Fund with Invesco Indexing LLC (the "Licensor").
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund's own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for the Funds listed below, as of February 29, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | | | Level 2 | Level 3 | | Total |
RAFITM Strategic Developed ex-US ETF | | | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Common Stocks & Other Equity Interests | $61,131,656 | $164,311,931 | $0 | | $225,443,587 |
Money Market Funds | 4,648,955 | | | - | - | | | 4,648,955 |
| | | | | | | | | | | | |
Total Investments | $65,780,611 | $164,311,931 | $0 | | $230,092,542 |
RAFITM Strategic Developed ex-US Small Company ETF | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | | | |
Common Stocks & Other Equity Interests | $13,736,965 | $ | 2,072 | $0 | | $ | 13,739,037 |
| | | | | | | | | | | | | | |
Money Market Funds | | 591,623 | | | - | - | | | 591,623 |
| | | | | | | | | | | | | | |
Total Investments | $14,328,588 | $ | 2,072 | $0 | | $ | 14,330,660 |
| | | | | | | | | | | | | | |
RAFITM Strategic Emerging Markets ETF | | | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Common Stocks & Other Equity Interests | $24,582,729 | $ | - | $0 | | $ | 24,582,729 |
Money Market Funds | 189,433 | | | - | - | | | 189,433 |
| | | | | | | | | | | | | | |
Total Investments | $24,772,162 | $ | - | $0 | | $ | 24,772,162 |
| | | | | | | | | | | | | | |
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 Funds had capital loss carryforwards as of August 31, 2019, as follows:
| No expiration | | | |
| Short-Term | Long-Term | Total* |
| | | | | | |
Defensive Equity ETF | $29,252,953 | $- | | $29,252,953 |
RAFITM Strategic Developed ex-US ETF | 702,238 | - | | 702,238 |
RAFITM Strategic Developed ex-US Small Company ETF | 307,977 | - | | 307,977 |
RAFITM Strategic Emerging Markets ETF | 40,654 | - | | 40,654 |
RAFITM Strategic US ETF | 37,038 | - | | 37,038 |
RAFITM Strategic US Small Company ETF | 119,143 | - | | 119,143 |
*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-month period ended February 29, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
| Purchases | | Sales | |
Defensive Equity ETF | $162,972,045 | $164,335,770 |
RAFITM Strategic Developed ex-US ETF | 2,300,182 | 3,155,661 |
RAFITM Strategic Developed ex-US Small Company ETF | 237,496 | 243,224 |
RAFITM Strategic Emerging Markets ETF | 33,610 | 127,630 |
RAFITM Strategic US ETF | 1,463,201 | 1,419,638 |
RAFITM Strategic US Small Company ETF | 1,031,168 | 1,024,924 |
For the six-month period ended February 29, 2020, in-kind transactions associated with creations and redemptions were as follows:
| | Cost of | | Value of |
| | Securities | | Securities |
| | Received | | Delivered |
| | | | | | |
Defensive Equity ETF | $160,139,342 | $115,809,844 |
RAFITM Strategic Developed ex-US ETF | - | | - |
RAFITM Strategic Developed ex-US Small Company ETF | - | | - |
RAFITM Strategic Emerging Markets ETF | - | | - |
RAFITM Strategic US ETF | 4,005,012 | - |
RAFITM Strategic US Small Company ETF | 1,237,981 | - |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 29, 2020, 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:
| | | | | | Net | | |
| Gross | Gross | | Unrealized | | |
| Unrealized | Unrealized | | Appreciation | | |
| Appreciation | (Depreciation) | (Depreciation) | Cost |
| | | | | | | | | |
Defensive Equity ETF | $16,394,095 | $(13,288,761) | $ 3,105,334 | | $276,616,556 |
RAFITM Strategic Developed ex-US ETF | 9,908,351 | (28,563,345) | (18,654,994) | 248,747,536 |
RAFITM Strategic Developed ex-US Small Company ETF | 793,612 | (2,452,540) | (1,658,928) | 15,989,588 |
RAFITM Strategic Emerging Markets ETF | 1,295,143 | (4,040,956) | (2,745,813) | 27,517,975 |
RAFITM Strategic US ETF | 6,727,417 | (10,854,193) | (4,126,776) | 124,859,982 |
RAFITM Strategic US Small Company ETF | 1,477,170 | (3,645,211) | (2,168,041) | 28,080,354 |
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 each Fund (except Defensive Equity 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 8—Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds' investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust (excluding Invesco Defensive Equity 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 and other extraordinary expenses. As a shareholder of Invesco Defensive Equity ETF, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 29, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco Defensive Equity ETF (DEF) | | | | |
Actual | $1,000.00 | $ 984.30 | 0.53% | $2.61 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.53 | 2.66 |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | | | | |
Actual | 1,000.00 | 976.70 | 0.23 | 1.13 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.72 | 0.23 | 1.16 |
| | | | |
Invesco RAFITM Strategic Developed ex-US Small Company ETF | | | | |
(ISDS) | | | | |
Actual | 1,000.00 | 971.80 | 0.35 | 1.72 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.12 | 0.35 | 1.76 |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | | | | |
Actual | 1,000.00 | 985.70 | 0.35 | 1.73 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.12 | 0.35 | 1.76 |
| | | | |
Invesco RAFITM Strategic US ETF (IUS) | | | | |
Actual | 1,000.00 | 1,006.40 | 0.19 | 0.95 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.92 | 0.19 | 0.96 |
| | | | |
Calculating your ongoing Fund expenses—(continued)
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco RAFITM Strategic US Small Company ETF (IUSS) | | | | |
Actual | $1,000.00 | $ 971.80 | 0.23% | $1.13 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.72 | 0.23 | 1.16 |
(1)Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 29, 2020. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.
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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 Trust's 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.
©2020 Invesco Capital Management LLC | | |
3500 Lacey Road, Suite 700 | | |
Downers Grove, IL 60515 | P-SIFT-SAR-2 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 29, 2020
IIGD Invesco Investment Grade Defensive ETF
IIGV Invesco Investment Grade Value ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Investment Grade Defensive ETF (IIGD)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-99.15% | | |
Aerospace & Defense-2.97% | | | | |
General Dynamics Corp., 2.25%, 11/15/2022 . . . | $700,000 | | $ | 716,693 |
Precision Castparts Corp., 2.50%, 01/15/2023 . . | 720,000 | | | 745,253 |
Raytheon Co., 2.50%, 12/15/2022 . . . . . . . . . . . . | 700,000 | | | 720,281 |
| | | | 2,182,227 |
Air Freight & Logistics-0.98% | | | | |
United Parcel Service, Inc., 2.45%, 10/01/2022 . | 700,000 | | | 718,184 |
Banks-16.67% | | | | |
Bank of America Corp., 3.30%, 01/11/2023. . . . . | 660,000 | | | 692,760 |
Citibank N.A., 3.65%, 01/23/2024 . . . . . . . . . . . . . | 700,000 | | | 752,039 |
Comerica, Inc., 3.70%, 07/31/2023. . . . . . . . . . . . | 682,000 | | | 732,931 |
Huntington National Bank (The), 3.55%, | | | | |
10/06/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 650,000 | | | 697,892 |
JPMorgan Chase & Co., 3.25%, 09/23/2022 . . . . | 300,000 | | | 312,881 |
KeyBank N.A., 2.30%, 09/14/2022 . . . . . . . . . . . . | 700,000 | | | 715,484 |
Manufacturers and Traders Trust Co., 2.90%, | | | | |
02/06/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 646,000 | | | 686,446 |
PNC Financial Services Group, Inc. (The), 3.30%, | | | | |
03/08/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 620,626 |
Regions Financial Corp., 2.75%, 08/14/2022 . . . . | 674,000 | | | 692,593 |
Truist Bank | | | | |
2.80%, 05/17/2022 . . . . . . . . . . . . . . . . . . . . . . . | 630,000 | | | 647,544 |
2.45%, 08/01/2022 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 715,829 |
2.15%, 12/06/2024 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 717,205 |
Truist Financial Corp., 3.05%, 06/20/2022 . . . . . . | 580,000 | | | 599,382 |
U.S. Bancorp, Series V, 2.38%, 07/22/2026. . . . . | 674,000 | | | 706,096 |
U.S. Bank N.A. | | | | |
3.40%, 07/24/2023 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 744,896 |
2.05%, 01/21/2025 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 716,897 |
Wells Fargo & Co., 2.63%, 07/22/2022 . . . . . . . . . | 630,000 | | | 646,081 |
Wells Fargo Bank N.A., 3.55%, 08/14/2023 . . . . . | 800,000 | | | 853,503 |
| | | | 12,251,085 |
Beverages-1.03% | | | | |
Coca-Cola Co. (The), 2.88%, 10/27/2025 . . . . . . . | 700,000 | | | 756,614 |
Biotechnology-0.53% | | | | |
Amgen, Inc., 2.65%, 05/11/2022. . . . . . . . . . . . . . | 384,000 | | | 392,875 |
Capital Markets-8.81% | | | | |
Ameriprise Financial, Inc., 4.00%, 10/15/2023 . . | 705,000 | | | 765,236 |
Bank of New York Mellon Corp. (The) | | | | |
1.95%, 08/23/2022 . . . . . . . . . . . . . . . . . . . . . . . | 800,000 | | | 812,510 |
2.20%, 08/16/2023 . . . . . . . . . . . . . . . . . . . . . . . | 600,000 | | | 615,224 |
BlackRock, Inc., 3.50%, 03/18/2024 . . . . . . . . . . . | 600,000 | | | 648,040 |
Charles Schwab Corp. (The), 2.65%, | | | | |
01/25/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 729,222 |
CME Group, Inc., 3.00%, 09/15/2022 . . . . . . . . . . | 700,000 | | | 730,488 |
Goldman Sachs Group, Inc. (The), 3.00%, | | | | |
04/26/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 711,637 |
Morgan Stanley, 2.75%, 05/19/2022. . . . . . . . . . . | 700,000 | | | 719,868 |
State Street Corp., 3.55%, 08/18/2025 . . . . . . . . | 670,000 | | | 738,568 |
| | | | 6,470,793 |
Commercial Services & Supplies-0.49% | | | | |
ERAC USA Finance LLC, 2.70%, 11/01/2023(b) . . | 350,000 | | | 362,378 |
Communications Equipment-0.97% | | | | |
Cisco Systems, Inc., 2.50%, 09/20/2026 . . . . . . . | 674,000 | | | 712,524 |
| Principal | | |
| Amount | | Value |
Consumer Finance-2.01% | | | |
American Express Co., 2.50%, 08/01/2022 . . . . . | $750,000 | $ 765,722 |
Capital One N.A., 2.15%, 09/06/2022 . . . . . . . . . . | 700,000 | | 708,505 |
| | 1,474,227 |
Diversified Financial Services-2.27% | | | |
Berkshire Hathaway Finance Corp., 3.00%, | | | |
05/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 206,906 |
Berkshire Hathaway, Inc., 3.13%, 03/15/2026. . . | 700,000 | 758,740 |
Nuveen LLC, 4.00%, 11/01/2028(b). . . . . . . . . . . . | 600,000 | | 704,184 |
| | 1,669,830 |
Electric Utilities-4.10% | | | |
Eversource Energy, Series K, 2.75%, | | | |
03/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | 717,686 |
Florida Power & Light Co., 3.13%, 12/01/2025 . . | 700,000 | 761,295 |
Georgia Power Co., Series A, 2.10%, | | | |
07/30/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 772,000 | 786,579 |
Southern California Edison Co., Series C, 3.50%, | | | |
10/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | 747,410 |
| | 3,012,970 |
Energy Equipment & Services-0.98% | | | |
Schlumberger Investment S.A., 3.65%, | | | |
12/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 674,000 | 719,663 |
Equity REITs-3.05% | | | |
Boston Properties L.P., 3.85%, 02/01/2023. . . . . | 772,000 | 820,550 |
Prologis L.P., 4.25%, 08/15/2023 . . . . . . . . . . . . . | 660,000 | 718,794 |
Realty Income Corp., 3.25%, 10/15/2022 . . . . . . | 670,000 | | 701,143 |
| | 2,240,487 |
Food & Staples Retailing-1.95% | | | |
Costco Wholesale Corp., 2.75%, 05/18/2024 . . . . | 650,000 | 687,639 |
Walmart, Inc., 3.40%, 06/26/2023. . . . . . . . . . . . . | 700,000 | | 748,252 |
| | 1,435,891 |
Food Products-1.06% | | | |
Mars, Inc., 2.70%, 04/01/2025(b) . . . . . . . . . . . . . . | 732,000 | 777,636 |
Health Care Equipment & Supplies-1.76% | | | |
Covidien International Finance S.A., 3.20%, | | | |
06/15/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 580,000 | 601,017 |
Medtronic, Inc., 3.50%, 03/15/2025 . . . . . . . . . . . | 630,000 | | 691,479 |
| | 1,292,496 |
Health Care Providers & Services-1.02% | | | |
UnitedHealth Group, Inc., 3.75%, 07/15/2025 . . . | 676,000 | 749,717 |
Household Durables-0.81% | | | |
NVR, Inc., 3.95%, 09/15/2022 . . . . . . . . . . . . . . . . | 560,000 | 592,495 |
Household Products-1.97% | | | |
Clorox Co. (The), 3.05%, 09/15/2022 . . . . . . . . . . | 700,000 | 726,100 |
Procter & Gamble Co. (The), 2.15%, | | | |
08/11/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | 718,457 |
| | 1,444,557 |
Industrial Conglomerates-1.96% | | | |
General Electric Co. | | | |
2.70%, 10/09/2022 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | 715,571 |
3.10%, 01/09/2023 . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | 726,416 |
| | | 1,441,987 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Insurance-10.13% | | | |
American International Group, Inc., 4.88%, | | | |
06/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $660,000 | $ 703,632 |
Athene Global Funding, 3.00%, 07/01/2022(b) . . . | 682,000 | 705,440 |
Five Corners Funding Trust, 4.42%, | | | |
11/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 728,000 | 800,047 |
MassMutual Global Funding II, 2.75%, | | | |
06/22/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | 735,617 |
MetLife, Inc., Series D, 4.37%, 09/15/2023 . . . . . | 662,000 | 732,114 |
Metropolitan Life Global Funding I, 1.95%, | | | |
01/13/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | 710,222 |
New York Life Global Funding, 2.88%, | | | |
04/10/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 732,000 | 772,589 |
Nuveen Finance LLC, 4.13%, 11/01/2024(b) . . . . | 650,000 | 724,892 |
Principal Life Global Funding II, 3.00%, | | | |
04/18/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 750,000 | 801,614 |
Prudential Financial, Inc., 3.50%, 05/15/2024 . . . | 700,000 | | 755,132 |
| | 7,441,299 |
Interactive Media & Services-0.99% | | | |
Alphabet, Inc., 2.00%, 08/15/2026 . . . . . . . . . . . . | 700,000 | 724,748 |
Internet & Direct Marketing Retail-1.03% | | | |
eBay, Inc., 2.60%, 07/15/2022. . . . . . . . . . . . . . . . | 742,000 | 758,853 |
IT Services-2.85% | | | |
Automatic Data Processing, Inc., 3.38%, | | | |
09/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | 772,210 |
Mastercard, Inc., 3.38%, 04/01/2024 . . . . . . . . . . | 550,000 | 596,254 |
Visa, Inc., 3.15%, 12/14/2025 . . . . . . . . . . . . . . . . | 668,000 | | 726,067 |
| | 2,094,531 |
Machinery-6.32% | | | |
Caterpillar Financial Services Corp., 2.15%, | | | |
11/08/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 480,000 | 492,513 |
Caterpillar, Inc., 3.40%, 05/15/2024 . . . . . . . . . . . | 604,000 | 648,813 |
Deere & Co., 2.60%, 06/08/2022 . . . . . . . . . . . . . . | 700,000 | 714,981 |
Eaton Corp., 2.75%, 11/02/2022. . . . . . . . . . . . . . | 674,000 | 698,631 |
Illinois Tool Works, Inc., 2.65%, 11/15/2026 . . . . | 674,000 | 725,752 |
John Deere Capital Corp., 2.80%, 03/06/2023 . . | 688,000 | 719,512 |
Stanley Black & Decker, Inc., 2.90%, | | | |
11/01/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 620,000 | | 644,752 |
| | 4,644,954 |
Media-1.81% | | | |
Comcast Cable Communications Holdings, Inc., | | | |
9.46%, 11/15/2022 . . . . . . . . . . . . . . . . . . . . . . . | 526,000 | 638,938 |
NBCUniversal Media LLC, 2.88%, 01/15/2023 . . . | 660,000 | | 689,820 |
| | 1,328,758 |
Metals & Mining-1.01% | | | |
Nucor Corp., 4.13%, 09/15/2022. . . . . . . . . . . . . . | 700,000 | 741,432 |
Multiline Retail-1.05% | | | |
Target Corp., 3.50%, 07/01/2024 . . . . . . . . . . . . . | 700,000 | | 768,906 |
Oil, Gas & Consumable Fuels-3.78%
| Principal | | | |
| Amount | | | Value |
Oil, Gas & Consumable Fuels-(continued) | | | | |
EOG Resources, Inc., 2.63%, 03/15/2023 . . . . . . . | $638,000 | $ | 657,011 |
Exxon Mobil Corp., 3.04%, 03/01/2026. . . . . . . . . | 630,000 | | | 676,355 |
Phillips 66, 4.30%, 04/01/2022 . . . . . . . . . . . . . . . | 670,000 | | | 705,318 |
| | | | 2,773,450 |
Paper & Forest Products-0.58% | | | | |
Georgia-Pacific LLC, 3.73%, 07/15/2023(b). . . . . . | 400,000 | | | 427,069 |
Pharmaceuticals-2.92% | | | | |
Johnson & Johnson, 2.45%, 03/01/2026 . . . . . . . | 580,000 | | | 610,774 |
Merck & Co., Inc., 2.75%, 02/10/2025. . . . . . . . . . | 700,000 | | | 737,925 |
Pfizer, Inc., 3.00%, 12/15/2026. . . . . . . . . . . . . . . | 732,000 | | | 797,739 |
| | | | 2,146,438 |
Road & Rail-2.05% | | | | |
Burlington Northern Santa Fe LLC, 3.85%, | | | | |
09/01/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 755,951 |
Norfolk Southern Corp., 3.00%, 04/01/2022 . . . . | 732,000 | | | 752,632 |
| | | | 1,508,583 |
Semiconductors & Semiconductor Equipment-2.01% | | | |
Intel Corp., 3.70%, 07/29/2025 . . . . . . . . . . . . . . . | 682,000 | | | 753,419 |
QUALCOMM, Inc., 3.00%, 05/20/2022 . . . . . . . . . | 698,000 | | | 723,327 |
| | | | 1,476,746 |
Software-3.19% | | | | |
IBM Credit LLC, 3.00%, 02/06/2023 . . . . . . . . . . . | 852,000 | | | 890,957 |
Microsoft Corp., 2.40%, 08/08/2026 . . . . . . . . . . . | 702,000 | | | 739,150 |
Oracle Corp., 2.65%, 07/15/2026 . . . . . . . . . . . . . | 674,000 | | | 712,289 |
| | | | 2,342,396 |
Specialty Retail-1.08% | | | | |
TJX Cos., Inc. (The), 2.25%, 09/15/2026 . . . . . . . | 772,000 | | | 795,306 |
Technology Hardware, Storage & Peripherals-0.98% | | | |
Apple, Inc., 2.40%, 05/03/2023 . . . . . . . . . . . . . . . | 700,000 | | | 723,129 |
Textiles, Apparel & Luxury Goods-0.98% | | | | |
NIKE, Inc., 2.38%, 11/01/2026. . . . . . . . . . . . . . . . | 682,000 | | | 718,451 |
Tobacco-1.00% | | | | |
Philip Morris International, Inc., 2.88%, | | | | |
05/01/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 700,000 | | | 735,845 |
Total U.S. Dollar Denominated Bonds & Notes | | | | |
(Cost $70,911,116) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 72,849,530 |
| Shares | | | |
Money Market Funds-0.06% | | | | |
Invesco Premier U.S. Government Money | | | | |
Portfolio, Institutional Class, 1.46%(c) | | | | |
(Cost $42,075) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 42,075 | | | 42,075 |
TOTAL INVESTMENTS IN SECURITIES-99.21% | | | | |
(Cost $70,953,191) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 72,891,605 |
OTHER ASSETS LESS LIABILITIES-0.79% . . . . . . . . . . . . . . . . . . | | 580,805 |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $73,472,410 |
| | | | |
Chevron Corp., 3.19%, 06/24/2023. . . . . . . . . . . . | 700,000 | 734,766 |
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Defensive ETF (IIGD)—(continued)
February 29, 2020
(Unaudited)
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $7,521,688, which represented 10.24% of the Fund's Net Assets.
(c)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 40.38 |
Industrials | 14.28 |
| |
Information Technology | 10.00 |
Consumer Staples | 7.01 |
| |
Health Care | 6.23 |
Consumer Discretionary | 4.95 |
| |
Energy | 4.76 |
Utilities | 4.10 |
| |
Real Estate | 3.05 |
Sector Types Each Less Than 3% | 4.39 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.85 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Value ETF (IIGV)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Principal | | |
| Amount | | | Value |
U.S. Dollar Denominated Bonds & Notes-98.97% | | |
Aerospace & Defense-1.76% | | | | |
Boeing Co. (The), 2.70%, 02/01/2027. . . . . . . . . . | $400,000 | | $ | 411,542 |
L3Harris Technologies, Inc., 4.40%, 06/15/2028. | 341,000 | | | 396,002 |
| | | | 807,544 |
Air Freight & Logistics-1.79% | | | | |
C.H. Robinson Worldwide, Inc., 4.20%, | | | | |
04/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | | | 452,779 |
FedEx Corp., 3.10%, 08/05/2029. . . . . . . . . . . . . . | 351,000 | | | 367,621 |
| | | | 820,400 |
Auto Components-1.12% | | | | |
Lear Corp., 3.80%, 09/15/2027 . . . . . . . . . . . . . . . | 486,000 | | | 515,819 |
Automobiles-1.41% | | | | |
General Motors Co., 4.88%, 10/02/2023 . . . . . . . | 251,000 | | | 273,043 |
General Motors Financial Co., Inc., 5.10%, | | | | |
01/17/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341,000 | | | 373,844 |
| | | | 646,887 |
Banks-4.25% | | | | |
Citigroup, Inc., 4.45%, 09/29/2027 . . . . . . . . . . . . | 292,000 | | | 330,016 |
Citizens Financial Group, Inc., 4.30%, | | | | |
12/03/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 305,000 | | | 340,735 |
PNC Financial Services Group, Inc. (The), 2.55%, | | | | |
01/22/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | | | 413,862 |
Truist Bank, 3.63%, 09/16/2025 . . . . . . . . . . . . . . | 400,000 | | | 438,344 |
Wells Fargo Bank N.A., 3.55%, 08/14/2023 . . . . . | 400,000 | | | 426,752 |
| | | | 1,949,709 |
Beverages-0.97% | | | | |
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028 . . . . . | 383,000 | | | 442,890 |
Biotechnology-2.63% | | | | |
AbbVie, Inc., 3.20%, 11/21/2029(b) . . . . . . . . . . . . | 400,000 | | | 422,772 |
Biogen, Inc., 4.05%, 09/15/2025 . . . . . . . . . . . . . . | 305,000 | | | 342,592 |
Gilead Sciences, Inc., 3.65%, 03/01/2026. . . . . . . | 400,000 | | | 440,220 |
| | | | 1,205,584 |
Building Products-1.06% | | | | |
Fortune Brands Home & Security, Inc., 3.25%, | | | | |
09/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 456,000 | | | 486,748 |
Capital Markets-6.72% | | | | |
Apollo Management Holdings L.P., 4.87%, | | | | |
02/15/2029(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 363,000 | | | 427,810 |
Ares Capital Corp., 3.50%, 02/10/2023 . . . . . . . . | 104,000 | | | 107,496 |
Cboe Global Markets, Inc., 3.65%, 01/12/2027 . . | 115,000 | | | 127,775 |
FMR LLC, 7.57%, 06/15/2029(b) . . . . . . . . . . . . . . | 250,000 | | | 364,242 |
Jefferies Group LLC/Jefferies Group Capital | | | | |
Finance, Inc., 4.15%, 01/23/2030 . . . . . . . . . . . | 400,000 | | | 435,738 |
Morgan Stanley, 3.88%, 01/27/2026. . . . . . . . . . . | 400,000 | | | 442,457 |
Northern Trust Corp., 3.95%, 10/30/2025 . . . . . . | 384,000 | | | 432,291 |
S&P Global, Inc., 4.40%, 02/15/2026 . . . . . . . . . . | 363,000 | | | 417,063 |
TD Ameritrade Holding Corp., 3.30%, | | | | |
04/01/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 305,000 | | | 330,878 |
| | | | 3,085,750 |
Chemicals-2.04% | | | | |
PPG Industries, Inc., 3.75%, 03/15/2028(c) . . . . . . | 104,000 | | | 117,169 |
| Principal | | |
| Amount | | Value |
Chemicals-(continued) | | | |
Rohm & Haas Co., 7.85%, 07/15/2029 . . . . . . . . . | $300,000 | $ 408,635 |
Westlake Chemical Corp., 3.60%, 08/15/2026 . . . | 384,000 | | 411,004 |
| | 936,808 |
Commercial Services & Supplies-2.49% | | | |
Cintas Corp. No. 2, 3.70%, 04/01/2027 . . . . . . . . | 415,000 | 468,393 |
ERAC USA Finance LLC | | | |
2.70%, 11/01/2023(b) . . . . . . . . . . . . . . . . . . . . . | 104,000 | 107,678 |
3.80%, 11/01/2025(b) . . . . . . . . . . . . . . . . . . . . . | 517,000 | | 565,228 |
| | 1,141,299 |
Communications Equipment-0.79% | | | |
Cisco Systems, Inc., 2.50%, 09/20/2026 . . . . . . . | 341,000 | 360,491 |
Construction & Engineering-0.79% | | | |
Fluor Corp., 4.25%, 09/15/2028(c). . . . . . . . . . . . . | 389,000 | 364,762 |
Consumer Finance-1.87% | | | |
American Express Credit Corp., 3.30%, | | | |
05/03/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 439,455 |
Discover Financial Services, 4.10%, 02/09/2027 . | 384,000 | | 420,087 |
| | 859,542 |
Containers & Packaging-0.69% | | | |
WRKCo Inc., 4.90%, 03/15/2029 . . . . . . . . . . . . . . | 269,000 | 315,795 |
Diversified Financial Services-3.78% | | | |
AXA Equitable Holdings, Inc., 4.35%, | | | |
04/20/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 384,000 | 432,376 |
Berkshire Hathaway, Inc., 3.13%, 03/15/2026. . . | 389,000 | 421,642 |
National Rural Utilities Cooperative Finance Corp., | | | |
3.40%, 02/07/2028 . . . . . . . . . . . . . . . . . . . . . . . | 277,000 | 311,259 |
Nuveen LLC, 4.00%, 11/01/2028(b). . . . . . . . . . . . | 389,000 | 456,546 |
Pine Street Trust I, 4.57%, 02/15/2029(b) . . . . . . | 100,000 | | 113,453 |
| | 1,735,276 |
Diversified Telecommunication Services-0.96% | | | |
AT&T, Inc., 3.40%, 05/15/2025 . . . . . . . . . . . . . . . | 80,000 | 85,275 |
Verizon Communications, Inc., 4.33%, | | | |
09/21/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 301,000 | | 354,151 |
| | 439,426 |
Electric Utilities-4.46% | | | |
American Electric Power Co., Inc., Series J, | | | |
4.30%, 12/01/2028 . . . . . . . . . . . . . . . . . . . . . . . | 384,000 | 446,997 |
Duke Energy Progress LLC, 3.45%, 03/15/2029 . | 400,000 | 447,234 |
Entergy Arkansas LLC, 3.50%, 04/01/2026 . . . . . | 341,000 | 376,167 |
Entergy Corp., 2.95%, 09/01/2026 . . . . . . . . . . . . | 374,000 | 394,355 |
Jersey Central Power & Light Co., 4.30%, | | | |
01/15/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341,000 | | 383,974 |
| | 2,048,727 |
Electronic Equipment, Instruments & Components-0.75% | | |
Keysight Technologies, Inc., 4.60%, 04/06/2027. | 301,000 | 344,460 |
Energy Equipment & Services-1.88% | | | |
Baker Hughes, a GE Co. LLC/Baker Hughes | | | |
Co-Obligor, Inc., 3.34%, 12/15/2027. . . . . . . . . | 104,000 | 109,351 |
Halliburton Co., 3.80%, 11/15/2025 . . . . . . . . . . . | 305,000 | 334,791 |
Schlumberger Holdings Corp., 3.90%, | | | |
05/17/2028(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389,000 | | 419,658 |
| | | 863,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Value ETF (IIGV)—(continued)
February 29, 2020
(Unaudited)
| Principal | | |
| Amount | | Value |
Equity REITs-4.96% | | | |
Camden Property Trust, 3.15%, 07/01/2029 . . . . | $301,000 | $ 327,835 |
ERP Operating L.P., 3.00%, 07/01/2029. . . . . . . . | 320,000 | 345,668 |
Healthcare Trust of America Holdings L.P., | | | |
3.10%, 02/15/2030 . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 418,829 |
Host Hotels & Resorts L.P., Series H, 3.38%, | | | |
12/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 331,000 | 345,321 |
LifeStorage L.P., 3.50%, 07/01/2026 . . . . . . . . . . | 104,000 | 112,035 |
Simon Property Group L.P., 2.45%, 09/13/2029 . | 341,000 | 348,098 |
Ventas Realty L.P., 4.40%, 01/15/2029 . . . . . . . . | 331,000 | | 379,003 |
| | 2,276,789 |
Food & Staples Retailing-1.65% | | | |
Sysco Corp., 3.30%, 07/15/2026 . . . . . . . . . . . . . . | 363,000 | 395,053 |
Walgreens Boots Alliance, Inc., 3.80%, | | | |
11/18/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 341,000 | | 364,118 |
| | 759,171 |
Food Products-1.18% | | | |
Cargill, Inc., 3.25%, 05/23/2029(b). . . . . . . . . . . . . | 486,000 | 540,350 |
Gas Utilities-0.18% | | | |
Piedmont Natural Gas Co., Inc., 3.50%, | | | |
06/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 73,000 | 81,591 |
Health Care Equipment & Supplies-2.37% | | | |
Baxter International, Inc., 2.60%, 08/15/2026 . . . | 389,000 | 407,539 |
Providence St. Joseph Health Obligated Group, | | | |
Series 19A, 2.53%, 10/01/2029 . . . . . . . . . . . . | 320,000 | 331,468 |
Stryker Corp., 3.50%, 03/15/2026 . . . . . . . . . . . . | 320,000 | | 350,544 |
| | 1,089,551 |
Health Care Providers & Services-4.02% | | | |
AmerisourceBergen Corp., 3.45%, 12/15/2027. . | 486,000 | 526,657 |
Anthem, Inc., 3.65%, 12/01/2027 . . . . . . . . . . . . . | 312,000 | 341,598 |
Cardinal Health, Inc., 3.41%, 06/15/2027. . . . . . . | 104,000 | 110,875 |
Cigna Corp., 4.38%, 10/15/2028 . . . . . . . . . . . . . . | 341,000 | 388,580 |
CommonSpirit Health, 3.35%, 10/01/2029. . . . . . | 341,000 | 362,522 |
CVS Health Corp., 4.30%, 03/25/2028 . . . . . . . . . | 104,000 | | 116,604 |
| | 1,846,836 |
Household Durables-1.18% | | | |
Whirlpool Corp., 4.75%, 02/26/2029 . . . . . . . . . . . | 466,000 | 542,144 |
Household Products-0.78% | | | |
Kimberly-Clark Corp., 3.20%, 04/25/2029 . . . . . . | 320,000 | 356,191 |
Industrial Conglomerates-2.23% | | | |
3M Co., 2.38%, 08/26/2029 . . . . . . . . . . . . . . . . . . | 200,000 | 205,382 |
Carlisle Cos., Inc., 3.75%, 12/01/2027 . . . . . . . . . | 364,000 | 401,593 |
Roper Technologies, Inc., 4.20%, 09/15/2028 . . . | 363,000 | | 418,535 |
| | 1,025,510 |
Insurance-9.79% | | | |
Athene Global Funding, 3.00%, 07/01/2022(b) . . . | 467,000 | 483,051 |
Athene Holding Ltd., 4.13%, 01/12/2028 . . . . . . . | 476,000 | 507,337 |
Brighthouse Financial, Inc., 3.70%, 06/22/2027 . | 364,000 | 376,914 |
Five Corners Funding Trust, 4.42%, | | | |
11/15/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 219,793 |
Liberty Mutual Group, Inc., 4.57%, | | | |
02/01/2029(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 373,000 | 439,537 |
Marsh & McLennan Cos., Inc., 4.38%, | | | |
03/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 383,000 | 446,943 |
MassMutual Global Funding II, 2.75%, | | | |
06/22/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,000 | 210,176 |
| Principal | | |
| Amount | | Value |
Insurance-(continued) | | | |
Metropolitan Life Global Funding I, 1.95%, | | | |
01/13/2023(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $400,000 | $ 405,841 |
New York Life Global Funding, 2.88%, | | | |
04/10/2024(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 422,180 |
Nuveen Finance LLC, 4.13%, 11/01/2024(b) . . . . | 363,000 | 404,824 |
Principal Life Global Funding II, 3.00%, | | | |
04/18/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 466,000 | 498,070 |
Reinsurance Group of America, Inc., 3.90%, | | | |
05/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 73,000 | | 81,622 |
| | 4,496,288 |
Internet & Direct Marketing Retail-1.99% | | | |
Booking Holdings, Inc., 3.60%, 06/01/2026 . . . . . | 476,000 | 521,632 |
Expedia Group, Inc., 3.25%, 02/15/2030(b) . . . . . . | 400,000 | | 391,479 |
| | 913,111 |
IT Services-2.36% | | | |
Broadridge Financial Solutions, Inc., 2.90%, | | | |
12/01/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 331,000 | 343,083 |
Fiserv, Inc., 3.50%, 07/01/2029. . . . . . . . . . . . . . . | 301,000 | 330,427 |
International Business Machines Corp., 3.50%, | | | |
05/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 100,000 | 112,269 |
Visa, Inc., 3.15%, 12/14/2025 . . . . . . . . . . . . . . . . | 273,000 | | 296,731 |
| | 1,082,510 |
Life Sciences Tools & Services-0.79% | | | |
PerkinElmer, Inc., 3.30%, 09/15/2029 . . . . . . . . . | 341,000 | 363,437 |
Machinery-0.88% | | | |
Fortive Corp., 3.15%, 06/15/2026 . . . . . . . . . . . . . | 384,000 | 406,003 |
Media-1.61% | | | |
Comcast Corp., 4.15%, 10/15/2028 . . . . . . . . . . . | 149,000 | 172,949 |
Fox Corp., 4.71%, 01/25/2029(b) . . . . . . . . . . . . . . | 383,000 | 451,081 |
ViacomCBS, Inc., 4.00%, 01/15/2026 . . . . . . . . . . | 104,000 | | 114,133 |
| | 738,163 |
Multiline Retail-0.86% | | | |
Kohl's Corp., 4.25%, 07/17/2025. . . . . . . . . . . . . . | 363,000 | 392,715 |
Multi-Utilities-3.02% | | | |
NiSource, Inc. | | | |
3.49%, 05/15/2027 . . . . . . . . . . . . . . . . . . . . . . . | 373,000 | 406,703 |
2.95%, 09/01/2029 . . . . . . . . . . . . . . . . . . . . . . . | 456,000 | 479,259 |
Sempra Energy, 3.40%, 02/01/2028 . . . . . . . . . . . | 466,000 | | 501,741 |
| | 1,387,703 |
Oil, Gas & Consumable Fuels-7.42% | | | |
Apache Corp., 4.38%, 10/15/2028 . . . . . . . . . . . . | 384,000 | 404,428 |
Chevron Phillips Chemical Co. LLC/Chevron | | | |
Phillips Chemical Co. L.P., 3.40%, | | | |
12/01/2026(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 364,000 | 392,432 |
ConocoPhillips Holding Co., 6.95%, 04/15/2029 . | 204,000 | 278,532 |
Exxon Mobil Corp., 3.04%, 03/01/2026. . . . . . . . . | 500,000 | 536,790 |
MPLX L.P. | | | |
5.25%, 01/15/2025(b) . . . . . . . . . . . . . . . . . . . . . | 227,000 | 239,938 |
4.13%, 03/01/2027 . . . . . . . . . . . . . . . . . . . . . . . | 415,000 | 445,536 |
Occidental Petroleum Corp., 2.90%, | | | |
08/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 325,000 | 330,722 |
ONEOK, Inc., 4.55%, 07/15/2028 . . . . . . . . . . . . . | 363,000 | 406,868 |
Transcontinental Gas Pipe Line Co. LLC, 7.85%, | | | |
02/01/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 287,000 | | 371,163 |
| | | 3,406,409 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Investment Grade Value ETF (IIGV)—(continued)
February 29, 2020 (Unaudited)
| Principal | | |
| Amount | | Value |
Pharmaceuticals-0.74% | | | |
Bristol-Myers Squibb Co., 3.40%, 07/26/2029(b) . | $301,000 | $ 337,922 |
Road & Rail-0.68% | | | |
Union Pacific Corp., 3.95%, 09/10/2028. . . . . . . . | 274,000 | 312,325 |
Semiconductors & Semiconductor Equipment-3.24% | | |
Applied Materials, Inc., 3.30%, 04/01/2027 . . . . . | 486,000 | 533,104 |
Lam Research Corp., 4.00%, 03/15/2029. . . . . . . | 481,000 | 546,248 |
Texas Instruments, Inc., 2.25%, 09/04/2029 . . . . | 400,000 | | 409,607 |
| | 1,488,959 |
Software-0.84% | | | |
| Shares | | Value |
Money Market Funds-0.23% | | | |
Invesco Premier U.S. Government Money | | | |
Portfolio, Institutional Class, 1.46%(d) | | | |
(Cost $103,206) . . . . . . . . . . . . . . . . . . . . . . . . . . | 103,206 | $ 103,206 |
TOTAL INVESTMENTS IN SECURITIES | | | |
(excluding investments purchased with cash collateral from | | |
securities on loan)-99.20% | | | |
(Cost $43,704,354) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 45,540,771 |
Investments Purchased with Cash Collateral from Securities on Loan
| salesforce.com, inc., 3.70%, 04/11/2028 . . . . . . . | 341,000 | 385,894 | Money Market Funds-0.80% | | |
| Specialty Retail-0.94% | | | Invesco Government & Agency Portfolio, | | |
| | | Institutional Class, 1.50%(d)(e) . . . . . . . . . . . . . . . | 275,495 | 275,495 |
| Home Depot, Inc. (The), 2.95%, 06/15/2029 . . | 400,000 | 432,345 |
| Invesco Liquid Assets Portfolio, Institutional Class, | | |
| Technology Hardware, Storage & Peripherals-1.15% | | | |
| | 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 91,786 | 91,832 |
| Hewlett Packard Enterprise Co., 4.90%, | | | Total Investments Purchased with Cash Collateral from | |
| | | |
| 10/15/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 466,000 | 529,921 | |
| Securities on Loan | | |
| Tobacco-0.95% | | | | |
| | | (Cost $367,318) . . . . . . . . . . . . . . . . . . . . . . . . | | 367,327 |
| Altria Group, Inc., 4.80%, 02/14/2029 | 383,000 | 438,003 | . . . . . . . . |
| TOTAL INVESTMENTS IN SECURITIES-100.00% | | |
| Water Utilities-0.95% | | | | |
| | | (Cost $44,071,672) . . . . . . . . . . . . . . . . . . . . . . . | | 45,908,098 |
| American Water Capital Corp., 3.75%, | | | . . . . . . . . |
| | | OTHER ASSETS LESS LIABILITIES-0.00% . . . . . . . | | 1,604 |
| 09/01/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 389,000 | 436,007 | . . . . . . . . |
| NET ASSETS-100.00% | | $45,909,702 |
| Total U.S. Dollar Denominated Bonds & Notes | | | . . . . . . . . |
| | | | | |
| . . . . .(Cost $43,601,148) . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 45,437,565 | | | |
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 29, 2020 was $8,698,035, which represented 18.95% of the Fund's Net Assets.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
Invesco Investment Grade Value ETF (IIGV)—(continued)
February 29, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 28.79 |
Health Care | 10.55 |
| |
Industrials | 10.21 |
Energy | 9.30 |
| |
Information Technology | 9.13 |
Utilities | 8.61 |
| |
Consumer Discretionary | 7.50 |
Consumer Staples | 5.53 |
| |
Real Estate | 4.05 |
Sector Types Each Less Than 3% | 5.30 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 1.03 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
| Invesco Investment | Invesco Investment |
| Grade Defensive | | Grade Value |
| | ETF (IIGD) | | ETF (IIGV) |
Assets: | | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $72,849,530 | | | $45,437,565 |
Affiliated investments in securities, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 42,075 | | | | | 470,533 |
Receivable for: | | | | | | | | | |
Dividends and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 561,309 | | | | | 424,519 |
Securities lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 56 | | | | | 117 |
Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,425,458 | | | | | 2,488,890 |
| | | | | | | | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 79,878,428 | | | | | 48,821,624 |
Liabilities: | | | | | | | | | |
Payable for: | | | | | | | | | |
Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,395,226 | | | | | 2,536,927 |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | 367,318 |
Accrued unitary management fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 7,751 | | | | | 4,657 |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 3,041 | | | | | 3,020 |
| | | | | | | | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,406,018 | | | | | 2,911,922 |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
| $73,472,410 | | | $45,909,702 |
Net assets consist of: | | | | | | | | | |
| | | | | | | | |
Shares of beneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $71,209,542 | | | $43,579,964 |
Distributable earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,262,868 | | | | | 2,329,738 |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
| $73,472,410 | | | $45,909,702 |
| | | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,750,001 | | | | | 1,650,001 |
Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 26.72 | | | $ | 27.82 |
| | | | | | | | | |
Market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 26.73 | | | $ | 27.86 |
| | | | | | | |
Unaffiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $70,911,116 | | | $43,601,148 |
| | | | | | | | | |
Affiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 42,075 | | | $ | 470,524 |
(a)Includes securities on loan with an aggregate value of: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
$ | - | | | $ | 351,608 |
| | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
| Invesco Investment | Invesco Investment |
| Grade Defensive | Grade Value |
| | ETF (IIGD) | | ETF (IIGV) |
Investment income: | | | | | | | | | |
Unaffiliated interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 844,944 | | | $ | 601,278 |
Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,374 | | | | | 2,010 |
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 152 | | | | | 977 |
| | | | | | | | | |
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 847,470 | | | | | 604,265 |
Expenses: | | | | | | | | | |
Unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 47,512 | | | | | 27,003 |
| | | | | | | | | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (273) | | | | (216) |
| | | | | | | | | |
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 47,239 | | | | | 26,787 |
| | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 800,231 | | | | | 577,478 |
Realized and unrealized gain (loss) from: | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | |
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 237,701 | | | | | 285,591 |
In-kind redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 106,713 | | | | | 235,536 |
| | | | | | | | | |
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 344,414 | | | | | 521,127 |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | |
Unaffiliated investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 902,246 | | | | | 653,543 |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | - | | | | | 9 |
| | | | | | | | | |
Change in net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 902,246 | | | | | 653,552 |
| | | | | | | | | |
Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,246,660 | | | | | 1,174,679 |
| | | | | | | |
Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $2,046,891 | | | | $1,752,157 |
| | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
| | | Invesco Investment Grade | | | | Invesco Investment Grade |
| | | Defensive ETF (IIGD) | | | | | Value ETF (IIGV) |
| Six Months Ended | Year Ended | Six Months Ended | Year Ended |
| | February 29, | August 31, | | | February 29, | August 31, |
| | | 2020 | | | | 2019 | | | | | | | 2020 | | | | | | 2019 | | | |
Operations: | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 800,231 | | | $ | 406,031 | $ | 577,478 | | $ | 391,205 |
Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 344,414 | | | | 88,412 | | | | 521,127 | | | 233,101 |
Change in net unrealized appreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 902,246 | | | | 1,006,262 | | | | | 653,552 | | | | 1,141,284 | |
Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . | | | 2,046,891 | | | | 1,500,705 | | | | 1,752,157 | | | 1,765,590 |
Distributions to Shareholders from: | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (864,428) | | | (461,165) | | | | (814,094) | | | (431,081) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 9,189,204 | | | | 58,268,165 | | | | 8,134,639 | | | 34,507,192 |
Value of shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (2,659,946) | | | - | | | | (5,401,605) | | | - |
Transaction fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 16,424 | | | | 145,670 | | | | | 6,776 | | | | 82,937 |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from share transactions . . . . . . . . . . . . . | | | 6,545,682 | | | | 58,413,835 | | | | | 2,739,810 | | | | 34,590,129 |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 7,728,145 | | | | 59,453,375 | | | | | 3,677,873 | | | | 35,924,638 |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 65,744,265 | | | | 6,290,890 | | | | | 42,231,829 | | | | 6,307,191 | |
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $73,472,410 | | | $65,744,265 | $45,909,702 | | $42,231,829 |
Changes in Shares Outstanding: | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 350,000 | | | | 2,250,000 | | | | 300,000 | | | 1,300,000 |
Shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (100,000) | | | - | | | | | | (200,000) | | | - |
Shares outstanding, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,500,001 | | | | 250,001 | | | | 1,550,001 | | | 250,001 |
| | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 2,750,001 | | | | 2,500,001 | | | | 1,650,001 | | | 1,550,001 |
| | | | | | | | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights
Invesco Investment Grade Defensive ETF (IIGD)
| | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | July 23, 2018(a) |
| February 29, | | | | | | Through |
| | | | 2020 | | | Year Ended August 31, | August 31, |
| (Unaudited) | | | 2019 | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 26.30 | | | $ | 25.16 | | | $25.00 |
Net investment income(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
| | | 0.29 | | | | | 0.66 | | 0.08 |
Net realized and unrealized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.43 | | | | | 1.03 | | 0.13 |
| | | | | | | | | | | | | | |
Total from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.72 | | | | | 1.69 | | 0.21 |
Distributions to shareholders from: | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.29) | | | | (0.78) | | (0.05) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.02) | | | | (0.01) | | - | |
| | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.31) | | | | (0.79) | | (0.05) |
Transaction fees(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
| | | 0.01 | | | | | 0.24 | | - | |
| | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 26.72 | | | | $ | 26.30 | | $25.16 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
$ | 26.73 | | | $ | 26.37 | | $25.17 |
| | | | | | | | | | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.80% | | | | 7.81% | | | 0.83%(e) |
Market Price Total Return(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.56% | | | | 8.05% | | | 0.87%(e) |
Ratios/Supplemental Data: | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $73,472 | | | $65,744 | | $6,291 |
Ratio to average net assets of: | | | | 0.13%(f) | | | 0.15%(g) | | 0.12%(f) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | |
Expenses, prior to Waivers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.13%(f) | | | 0.15%(g) | | 0.13%(f) |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.19%(f) | | | 2.57%(g) | | 3.16%(f) |
Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 32% | | | | 71% | | 10% |
(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 (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%.
(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.
Financial Highlights—(continued)
Invesco Investment Grade Value ETF (IIGV)
| | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | July 23, 2018(a) |
| February 29, | | | | | | Through |
| | | | 2020 | | | Year Ended August 31, | August 31, |
| (Unaudited) | | | 2019 | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 27.25 | | | $ | 25.23 | | | $25.00 |
Net investment income(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
| | | 0.37 | | | | | 0.86 | | 0.10 |
Net realized and unrealized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.73 | | | | | 1.95 | | 0.19 |
| | | | | | | | | | | | | | |
Total from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.10 | | | | | 2.81 | | 0.29 |
Distributions to shareholders from: | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.37) | | | | (0.95) | | (0.06) |
Net realized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.16) | | | | (0.02) | | - | |
| | | | | | | | | | | | | | |
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.53) | | | | (0.97) | | (0.06) |
| | | | | | | | | | | | | |
Transaction fees(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.00(c) | | | 0.18 | | | - | |
| | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 27.82 | | | | $ | 27.25 | | $25.23 |
Market price at end of period(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | |
$ | 27.86 | | | $ | 27.32 | | $25.23 |
| | | | | | | | | | | | | | |
Net Asset Value Total Return(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 4.10% | | | | 12.23% | | | 1.14%(f) |
Market Price Total Return(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 3.98% | | | | 12.51% | | | 1.14%(f) |
Ratios/Supplemental Data: | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $45,910 | | | $42,232 | | $6,307 |
Ratio to average net assets of: | | | | 0.13%(g) | | | 0.15%(h) | | 0.13%(g) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | |
Expenses, prior to Waivers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.13%(g) | | | 0.16%(h) | | 0.13%(g) |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 2.78%(g) | | | 3.31%(h) | | 3.76%(g) |
Portfolio turnover rate(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 48% | | | | 112% | | 16% |
(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 (July 25, 2018, the first day of trading on the exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%.
(g)Annualized.
(h)Ratios include non-recurring costs associated with a proxy statement of 0.03%.
(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.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
February 29, 2020 (Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust on October 30, 2015 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 Investment Grade Defensive ETF (IIGD) | "Investment Grade Defensive ETF" |
Invesco Investment Grade Value ETF (IIGV) | "Investment Grade Value ETF" |
Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit." Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. 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 |
| | | | |
Investment Grade Defensive ETF | Invesco Investment Grade Defensive Index |
Investment Grade Value ETF | Invesco Investment Grade Value Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.
A.Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").
Investment companies are valued using such company's NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Authorized Participant Concentration Risk. Only Authorized Participants ("APs") may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 each 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.
Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of the return between each Fund and conventional ETFs.
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.
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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
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. Each Fund is non-diversified and can invest a greater portion of its 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 its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in 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.
Valuation Risk. For certain Funds, Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to each Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the
determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund's NAV and, accordingly, they reduce each Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
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, each Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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.
Each Fund files 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 - 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.
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.
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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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. However, based on experience, the Trust believes the risk of loss to be remote.
J.Securities Lending - Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider.
Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. 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 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| Unitary Management Fees |
| | (as a % of Net Assets) |
| | | |
Investment Grade Defensive ETF | 0.13% | |
Investment Grade Value ETF | 0.13% | |
Further, through at least August 31, 2021, 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-month period ended February 29, 2020, the Adviser waived fees for each Fund in the following amounts:
Investment Grade Defensive ETF | $273 |
Investment Grade Value ETF | 216 |
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 licensing agreements on behalf of each Fund with Invesco Indexing LLC (the "Licensor").
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—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 February 29, 2020. 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 |
Investment Grade Defensive ETF | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
| | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | | $72,849,530 | $- | | $72,849,530 |
Money Market Funds | | 42,075 | | - | | - | | | 42,075 |
| | | | | | | | | | | | |
Total Investments | $ | 42,075 | | $72,849,530 | $- | | | $72,891,605 |
Investment Grade Value ETF | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | |
U.S. Dollar Denominated Bonds & Notes | $ | - | | $45,437,565 | $- | | $45,437,565 |
| | | | | | | | | | | | |
Money Market Funds | | 470,533 | | - | | - | | | 470,533 |
| | | | | | | | | | |
Total Investments | $470,533 | | $45,437,565 | $- | | $45,908,098 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
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 Funds did not have any capital loss carryforwards as of August 31, 2019.
NOTE 6—Investment Transactions
For the six-month period ended February 29, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales | |
Investment Grade Defensive ETF | $29,726,326 | $23,188,765 |
Investment Grade Value ETF | 24,032,703 | 19,819,589 |
For the six-month period ended February 29, 2020, in-kind transactions associated with creations and redemptions were as follows:
| | Cost of | | Value of |
| | Securities | | Securities |
| | Received | | Delivered |
| | | | | | |
Investment Grade Defensive ETF | $2,605,362 | $2,613,619 |
Investment Grade Value ETF | 4,836,521 | 4,910,149 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 29, 2020, 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 |
| | | | | | | | | |
Investment Grade Defensive ETF | $1,941,320 | | $ (2,906) | | $1,938,414 | | $70,953,191 |
Investment Grade Value ETF | 1,881,968 | | (45,665) | | 1,836,303 | | 44,071,795 |
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 of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities ("Deposit Securities").
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 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds' investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, 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 through the six-month period ended February 29, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period(1) |
Invesco Investment Grade Defensive ETF (IIGD) | | | | |
Actual | $1,000.00 | $1,028.00 | 0.13% | $0.66 |
| | | | |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.22 | 0.13 | 0.65 |
Invesco Investment Grade Value ETF (IIGV) | | | | |
Actual | 1,000.00 | 1,041.00 | 0.13 | 0.66 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.22 | 0.13 | 0.65 |
(1)Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 29, 2020. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.
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 Trust's 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.
©2020 Invesco Capital Management LLC | | |
3500 Lacey Road, Suite 700 | | |
Downers Grove, IL 60515 | P-SIFT-SAR-3 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
February 29, 2020
OMFL Invesco Russell 1000® Dynamic Multifactor ETF
OMFS Invesco Russell 2000® Dynamic Multifactor ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.87% | |
Communication Services-8.63% | | | | |
Activision Blizzard, Inc. . . . . . . . . . . . . . . . . . . . . | 5,363 | $ | 311,751 |
Alphabet, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . | 15,847 | | | 21,223,095 |
Alphabet, Inc., Class C(b) . . . . . . . . . . . . . . . . . . . | 17,527 | | | 23,474,437 |
AT&T, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,709 | | | 7,068,971 |
Cable One, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 530 | | | 833,700 |
Charter Communications, Inc., Class A(b) . . . . . | 3,435 | | | 1,694,039 |
Comcast Corp., Class A . . . . . . . . . . . . . . . . . . . . | 59,313 | | | 2,398,024 |
Electronic Arts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 4,616 | | | 467,924 |
Facebook, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 174,293 | | | 33,546,174 |
Sirius XM Holdings, Inc.(c) . . . . . . . . . . . . . . . . . . | 45,640 | | | 289,358 |
Verizon Communications, Inc. . . . . . . . . . . . . . . | 43,069 | | | 2,332,617 |
| | | | 93,640,090 |
Consumer Discretionary-15.38% | | | | |
Amazon.com, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . | 7,904 | | | 14,889,160 |
Aptiv PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,196 | | | 718,300 |
Aramark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,455 | | | 258,987 |
AutoZone, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,054 | | | 2,120,776 |
Best Buy Co., Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 12,187 | | | 921,947 |
Booking Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 607 | | | 1,029,266 |
Bright Horizons Family Solutions, Inc.(b) . . . . . . | 2,479 | | | 389,575 |
Carter's, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,959 | | | 270,660 |
Chipotle Mexican Grill, Inc.(b) . . . . . . . . . . . . . . . | 1,188 | | | 919,013 |
D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 14,025 | | | 747,112 |
Darden Restaurants, Inc.. . . . . . . . . . . . . . . . . . . | 3,974 | | | 387,465 |
Dollar General Corp.. . . . . . . . . . . . . . . . . . . . . . . | 45,397 | | | 6,823,169 |
Dollar Tree, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,566 | | | 379,115 |
Domino's Pizza, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 977 | | | 331,652 |
eBay, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,322 | | | 1,154,274 |
Garmin Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,109 | | | 2,484,555 |
Gentex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 38,532 | | | 1,028,804 |
Genuine Parts Co. . . . . . . . . . . . . . . . . . . . . . . . . | 3,226 | | | 281,436 |
Hilton Worldwide Holdings, Inc. . . . . . . . . . . . . . | 12,490 | | | 1,214,028 |
Home Depot, Inc. (The). . . . . . . . . . . . . . . . . . . . | 261,017 | | | 56,859,943 |
Las Vegas Sands Corp. . . . . . . . . . . . . . . . . . . . . | 5,569 | | | 324,728 |
Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 15,503 | | | 614,849 |
Lowe's Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 42,390 | | | 4,517,502 |
lululemon athletica, inc.(b). . . . . . . . . . . . . . . . . . | 4,358 | | | 947,473 |
Marriott International, Inc., Class A . . . . . . . . . . | 7,929 | | | 983,196 |
McDonald's Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 12,812 | | | 2,487,706 |
NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . . . . | 116,837 | | | 10,442,891 |
NVR, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 790 | | | 2,897,072 |
O'Reilly Automotive, Inc.(b) . . . . . . . . . . . . . . . . . | 5,010 | | | 1,847,287 |
Pool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,744 | | | 578,874 |
PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 28,714 | | | 1,154,303 |
Ross Stores, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 65,563 | | | 7,131,943 |
Starbucks Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 200,317 | | | 15,710,862 |
Target Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,356 | | | 3,126,668 |
Tiffany & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,174 | | | 691,195 |
TJX Cos., Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . | 286,403 | | | 17,126,899 |
Tractor Supply Co.. . . . . . . . . . . . . . . . . . . . . . . . | 4,578 | | | 405,199 |
VF Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,205 | | | 1,310,760 |
Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . . | 5,439 | | | 339,339 |
Yum China Holdings, Inc. (China). . . . . . . . . . . . | 7,550 | | | 330,615 |
Yum! Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 8,669 | | | 773,708 |
| | | | 166,952,306 |
| Shares | | | Value |
Consumer Staples-9.63% | | | | |
Altria Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 10,839 | $ | 437,570 |
Brown-Forman Corp., Class B. . . . . . . . . . . . . . . | 11,626 | | | 713,953 |
Coca-Cola Co. (The). . . . . . . . . . . . . . . . . . . . . . . | 46,076 | | | 2,464,605 |
Colgate-Palmolive Co. . . . . . . . . . . . . . . . . . . . . . | 27,272 | | | 1,842,769 |
Costco Wholesale Corp.. . . . . . . . . . . . . . . . . . . . | 90,799 | | | 25,527,231 |
Estee Lauder Cos., Inc. (The), Class A . . . . . . . | 47,155 | | | 8,657,658 |
General Mills, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,579 | | | 1,351,371 |
Hershey Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 3,670 | | | 528,443 |
Kimberly-Clark Corp. . . . . . . . . . . . . . . . . . . . . . . | 11,472 | | | 1,505,012 |
Mondelez International, Inc., Class A. . . . . . . . . | 49,971 | | | 2,638,469 |
Monster Beverage Corp.(b) . . . . . . . . . . . . . . . . . | 10,430 | | | 650,936 |
PepsiCo, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 82,981 | | | 10,955,982 |
Philip Morris International, Inc.. . . . . . . . . . . . . . | 108,574 | | | 8,888,953 |
Procter & Gamble Co. (The) . . . . . . . . . . . . . . . . | 249,136 | | | 28,209,669 |
Sysco Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 33,344 | | | 2,222,378 |
Tyson Foods, Inc., Class A . . . . . . . . . . . . . . . . . | 8,615 | | | 584,356 |
Walmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 67,952 | | | 7,317,071 |
| | | | 104,496,426 |
Energy-1.58% | | | | |
Chevron Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 77,022 | | | 7,189,233 |
Exxon Mobil Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 76,759 | | | 3,948,483 |
Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 61,422 | | | 4,598,051 |
Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . | 21,199 | | | 1,404,434 |
| | | | 17,140,201 |
Financials-7.52% | | | | |
Allstate Corp. (The) . . . . . . . . . . . . . . . . . . . . . . . | 3,931 | | | 413,738 |
American Express Co. . . . . . . . . . . . . . . . . . . . . . | 11,831 | | | 1,300,582 |
Aon PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,024 | | | 2,292,992 |
Arch Capital Group Ltd.(b) . . . . . . . . . . . . . . . . . . | 9,862 | | | 398,721 |
Arthur J. Gallagher & Co. . . . . . . . . . . . . . . . . . . | 6,234 | | | 607,753 |
Bank of America Corp. . . . . . . . . . . . . . . . . . . . . | 28,282 | | | 806,037 |
Berkshire Hathaway, Inc., Class B(b) . . . . . . . . . | 1,819 | | | 375,332 |
BlackRock, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 942 | | | 436,155 |
Brown & Brown, Inc. . . . . . . . . . . . . . . . . . . . . . . | 19,017 | | | 817,921 |
Cboe Global Markets, Inc. . . . . . . . . . . . . . . . . . . | 5,151 | | | 587,214 |
Chubb Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,862 | | | 415,076 |
Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,507 | | | 603,314 |
Discover Financial Services. . . . . . . . . . . . . . . . . | 5,404 | | | 354,394 |
Eaton Vance Corp.. . . . . . . . . . . . . . . . . . . . . . . . | 17,509 | | | 722,421 |
Erie Indemnity Co., Class A. . . . . . . . . . . . . . . . . | 3,897 | | | 556,959 |
FactSet Research Systems, Inc. . . . . . . . . . . . . . | 3,691 | | | 981,769 |
Fidelity National Financial, Inc. . . . . . . . . . . . . . . | 41,512 | | | 1,609,005 |
First American Financial Corp. . . . . . . . . . . . . . . | 6,252 | | | 356,989 |
Intercontinental Exchange, Inc. . . . . . . . . . . . . . | 4,127 | | | 368,211 |
JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . | 18,496 | | | 2,147,571 |
MarketAxess Holdings, Inc.. . . . . . . . . . . . . . . . . | 5,805 | | | 1,882,736 |
Marsh & McLennan Cos., Inc. . . . . . . . . . . . . . . . | 66,748 | | | 6,979,171 |
MGIC Investment Corp. . . . . . . . . . . . . . . . . . . . . | 26,379 | | | 317,339 |
Moody's Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 54,132 | | | 12,993,304 |
Morningstar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,784 | | | 555,870 |
MSCI, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 30,413 | | | 8,985,217 |
Nasdaq, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,705 | | | 379,948 |
PNC Financial Services Group, Inc. (The) . . . . . | 2,602 | | | 328,893 |
Progressive Corp. (The) . . . . . . . . . . . . . . . . . . . | 24,161 | | | 1,767,619 |
S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 88,224 | | | 23,459,644 |
SEI Investments Co.. . . . . . . . . . . . . . . . . . . . . . . | 22,476 | | | 1,229,662 |
Synchrony Financial. . . . . . . . . . . . . . . . . . . . . . . | 11,454 | | | 333,311 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Financials-(continued) | | | | |
T. Rowe Price Group, Inc. . . . . . . . . . . . . . . . . . . | 39,165 | $ | 4,621,862 |
Truist Financial Corp.. . . . . . . . . . . . . . . . . . . . . . | 6,123 | | | 282,515 |
U.S. Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,708 | | | 450,839 |
Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 8,235 | | | 336,400 |
Willis Towers Watson PLC . . . . . . . . . . . . . . . . . . | 2,997 | | | 567,182 |
| | | | 81,623,666 |
Health Care-7.29% | | | | |
Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . | 43,004 | | | 3,312,598 |
AbbVie, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10,249 | | | 878,442 |
Agilent Technologies, Inc. . . . . . . . . . . . . . . . . . . | 5,083 | | | 391,747 |
Allergan PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,787 | | | 340,727 |
AmerisourceBergen Corp.. . . . . . . . . . . . . . . . . . | 3,328 | | | 280,617 |
Amgen, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 27,184 | | | 5,429,460 |
Anthem, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,343 | | | 345,272 |
Baxter International, Inc.. . . . . . . . . . . . . . . . . . . | 32,258 | | | 2,692,575 |
Becton, Dickinson and Co. . . . . . . . . . . . . . . . . . | 1,781 | | | 423,557 |
Bio-Techne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,358 | | | 256,513 |
Boston Scientific Corp.(b) . . . . . . . . . . . . . . . . . . | 8,060 | | | 301,363 |
Bristol-Myers Squibb Co. . . . . . . . . . . . . . . . . . . . | 62,028 | | | 3,663,374 |
Bruker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,786 | | | 295,598 |
Cardinal Health, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 5,951 | | | 310,166 |
Cerner Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23,144 | | | 1,603,185 |
Chemed Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,026 | | | 1,263,718 |
Danaher Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 50,295 | | | 7,271,651 |
DENTSPLY SIRONA, Inc. . . . . . . . . . . . . . . . . . . . | 10,043 | | | 494,517 |
Edwards Lifesciences Corp.(b). . . . . . . . . . . . . . . | 22,151 | | | 4,537,411 |
Eli Lilly and Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,979 | | | 1,006,391 |
Gilead Sciences, Inc. . . . . . . . . . . . . . . . . . . . . . . | 6,392 | | | 443,349 |
Humana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,777 | | | 887,751 |
IDEXX Laboratories, Inc.(b) . . . . . . . . . . . . . . . . . | 5,608 | | | 1,427,292 |
Intuitive Surgical, Inc.(b) . . . . . . . . . . . . . . . . . . . | 4,081 | | | 2,179,091 |
IQVIA Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 2,372 | | | 330,870 |
Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . | 48,018 | | | 6,457,461 |
Laboratory Corp. of America Holdings(b) . . . . . | 3,489 | | | 612,982 |
Masimo Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,188 | | | 684,026 |
McKesson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,431 | | | 759,580 |
Medtronic PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . | 38,736 | | | 3,899,553 |
Merck & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 75,635 | | | 5,790,616 |
Mettler-Toledo International, Inc.(b) . . . . . . . . . . | 2,095 | | | 1,470,062 |
Pfizer, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,890 | | | 330,524 |
ResMed, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,478 | | | 393,903 |
STERIS PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,234 | | | 1,147,457 |
Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,450 | | | 2,182,256 |
Teleflex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,214 | | | 406,714 |
Thermo Fisher Scientific, Inc. . . . . . . . . . . . . . . . | 16,006 | | | 4,654,545 |
UnitedHealth Group, Inc.. . . . . . . . . . . . . . . . . . . | 12,389 | | | 3,158,700 |
Varian Medical Systems, Inc.(b) . . . . . . . . . . . . . | 2,301 | | | 282,954 |
Veeva Systems, Inc., Class A(b) . . . . . . . . . . . . . | 1,963 | | | 278,687 |
Waters Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,410 | | | 664,575 |
West Pharmaceutical Services, Inc. . . . . . . . . . . | 14,544 | | | 2,189,745 |
Zimmer Biomet Holdings, Inc.. . . . . . . . . . . . . . . | 4,615 | | | 628,332 |
Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,510 | | | 2,732,547 |
| | | | 79,092,454 |
Industrials-11.78% | | | | |
3M Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,405 | | | 358,922 |
AGCO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,010 | | | 242,324 |
Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,659 | | | 765,718 |
AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16,301 | | | 1,401,886 |
Armstrong World Industries, Inc. . . . . . . . . . . . . | 5,755 | | | 576,363 |
| Shares | | | Value |
Industrials-(continued) | | | | |
Boeing Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . | 18,546 | $ | 5,102,190 |
BWX Technologies, Inc. . . . . . . . . . . . . . . . . . . . . | 8,622 | | | 472,831 |
Carlisle Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 8,648 | | | 1,256,468 |
Caterpillar, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,675 | | | 580,822 |
Cintas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,208 | | | 2,989,622 |
Copart, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59,628 | | | 5,037,373 |
CoStar Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 6,582 | | | 4,394,077 |
CSX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,157 | | | 433,761 |
Cummins, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23,221 | | | 3,513,105 |
Curtiss-Wright Corp. . . . . . . . . . . . . . . . . . . . . . . | 2,624 | | | 314,723 |
Delta Air Lines, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 7,143 | | | 329,507 |
Donaldson Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . | 5,387 | | | 242,846 |
Dover Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,720 | | | 1,615,073 |
Eaton Corp. PLC. . . . . . . . . . . . . . . . . . . . . . . . . . | 27,425 | | | 2,487,996 |
Emerson Electric Co. . . . . . . . . . . . . . . . . . . . . . . | 41,097 | | | 2,634,729 |
Equifax, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,699 | | | 525,406 |
Expeditors International of Washington, Inc. . . | 9,377 | | | 660,328 |
Fastenal Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62,603 | | | 2,142,275 |
Fortune Brands Home & Security, Inc.. . . . . . . . | 11,479 | | | 708,828 |
General Dynamics Corp. . . . . . . . . . . . . . . . . . . . | 2,921 | | | 466,455 |
General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . | 51,940 | | | 565,107 |
Graco, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,109 | | | 449,256 |
HEICO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,694 | | | 614,098 |
HEICO Corp., Class A. . . . . . . . . . . . . . . . . . . . . . | 8,186 | | | 723,069 |
Hexcel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,319 | | | 602,287 |
Honeywell International, Inc. . . . . . . . . . . . . . . . | 88,272 | | | 14,315,070 |
Huntington Ingalls Industries, Inc. . . . . . . . . . . . | 4,914 | | | 1,009,974 |
IDEX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,249 | | | 924,852 |
IHS Markit Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9,567 | | | 681,553 |
Illinois Tool Works, Inc. . . . . . . . . . . . . . . . . . . . . | 46,852 | | | 7,860,829 |
Ingersoll-Rand PLC. . . . . . . . . . . . . . . . . . . . . . . . | 13,480 | | | 1,739,459 |
ITT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,748 | | | 345,742 |
J.B. Hunt Transport Services, Inc. . . . . . . . . . . . | 5,574 | | | 537,557 |
Johnson Controls International PLC . . . . . . . . . | 40,346 | | | 1,475,453 |
Kansas City Southern . . . . . . . . . . . . . . . . . . . . . | 6,442 | | | 970,681 |
L3Harris Technologies, Inc. . . . . . . . . . . . . . . . . | 11,070 | | | 2,188,871 |
Lennox International, Inc. . . . . . . . . . . . . . . . . . . | 2,255 | | | 514,433 |
Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . | 25,728 | | | 9,516,015 |
Lyft, Inc., Class A(b)(c) . . . . . . . . . . . . . . . . . . . . . | 6,229 | | | 237,450 |
ManpowerGroup, Inc. . . . . . . . . . . . . . . . . . . . . . | 3,459 | | | 262,676 |
Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 32,352 | | | 1,336,785 |
Nordson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,100 | | | 305,130 |
Norfolk Southern Corp. . . . . . . . . . . . . . . . . . . . . | 7,778 | | | 1,418,318 |
Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . | 2,879 | | | 946,730 |
Old Dominion Freight Line, Inc. . . . . . . . . . . . . . | 9,325 | | | 1,807,185 |
PACCAR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 27,033 | | | 1,808,508 |
Parker-Hannifin Corp. . . . . . . . . . . . . . . . . . . . . . | 3,599 | | | 664,987 |
Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41,406 | | | 7,807,515 |
Republic Services, Inc.. . . . . . . . . . . . . . . . . . . . . | 4,179 | | | 377,197 |
Rockwell Automation, Inc.. . . . . . . . . . . . . . . . . . | 13,476 | | | 2,472,846 |
Roper Technologies, Inc.. . . . . . . . . . . . . . . . . . . | 2,836 | | | 997,421 |
Snap-on, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,001 | | | 289,645 |
Southwest Airlines Co.. . . . . . . . . . . . . . . . . . . . . | 15,330 | | | 708,093 |
Spirit AeroSystems Holdings, Inc., Class A . . . . | 4,730 | | | 249,933 |
Stanley Black & Decker, Inc. . . . . . . . . . . . . . . . . | 5,829 | | | 837,627 |
Teledyne Technologies, Inc.(b) . . . . . . . . . . . . . . | 6,973 | | | 2,352,132 |
Toro Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,103 | | | 1,435,957 |
TransDigm Group, Inc.. . . . . . . . . . . . . . . . . . . . . | 1,703 | | | 949,950 |
Union Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . | 39,253 | | | 6,273,022 |
United Parcel Service, Inc., Class B . . . . . . . . . . | 49,012 | | | 4,435,096 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Industrials-(continued) | | | | |
United Technologies Corp. . . . . . . . . . . . . . . . . . | 4,970 | $ | 649,032 |
Verisk Analytics, Inc. . . . . . . . . . . . . . . . . . . . . . . | 8,764 | | | 1,359,384 |
WABCO Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 2,465 | | | 333,022 |
Waste Management, Inc.. . . . . . . . . . . . . . . . . . . | 18,001 | | | 1,994,691 |
Watsco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,611 | | | 723,835 |
Woodward, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,173 | | | 533,854 |
| | | | 127,855,955 |
Information Technology-32.85% | | | | |
Accenture PLC, Class A. . . . . . . . . . . . . . . . . . . . | 126,407 | | | 22,827,840 |
Adobe, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 29,961 | | | 10,340,140 |
Akamai Technologies, Inc.(b). . . . . . . . . . . . . . . . | 3,306 | | | 286,002 |
Amphenol Corp., Class A. . . . . . . . . . . . . . . . . . . | 19,243 | | | 1,764,198 |
Analog Devices, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 5,615 | | | 612,316 |
ANSYS, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,132 | | | 2,696,059 |
Apple, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 213,505 | | | 58,363,727 |
Applied Materials, Inc. . . . . . . . . . . . . . . . . . . . . . | 13,287 | | | 772,240 |
Automatic Data Processing, Inc. . . . . . . . . . . . . | 57,176 | | | 8,847,414 |
Booz Allen Hamilton Holding Corp. . . . . . . . . . . | 10,980 | | | 782,874 |
Broadcom, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,542 | | | 693,000 |
Broadridge Financial Solutions, Inc.. . . . . . . . . . | 2,784 | | | 290,538 |
Cadence Design Systems, Inc.(b) . . . . . . . . . . . . | 33,010 | | | 2,183,281 |
CDW Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,211 | | | 937,860 |
Cisco Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 53,491 | | | 2,135,896 |
EPAM Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 4,731 | | | 1,055,959 |
Euronet Worldwide, Inc.(b) . . . . . . . . . . . . . . . . . | 3,419 | | | 424,093 |
Fair Isaac Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 2,646 | | | 994,975 |
Fidelity National Information Services, Inc.. . . . | 20,257 | | | 2,830,308 |
Fiserv, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 62,318 | | | 6,815,097 |
FleetCor Technologies, Inc.(b) . . . . . . . . . . . . . . . | 4,332 | | | 1,151,402 |
FLIR Systems, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 8,627 | | | 366,389 |
Fortinet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,077 | | | 416,099 |
Genpact Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18,265 | | | 702,472 |
Global Payments, Inc. . . . . . . . . . . . . . . . . . . . . . | 7,283 | | | 1,339,854 |
Intel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 185,324 | | | 10,289,189 |
International Business Machines Corp. . . . . . . . | 13,308 | | | 1,732,036 |
Intuit, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20,286 | | | 5,393,033 |
Jack Henry & Associates, Inc.. . . . . . . . . . . . . . . | 5,224 | | | 792,690 |
Keysight Technologies, Inc.(b). . . . . . . . . . . . . . . | 17,120 | | | 1,622,291 |
Lam Research Corp. . . . . . . . . . . . . . . . . . . . . . . | 4,541 | | | 1,332,466 |
Leidos Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . | 3,711 | | | 380,934 |
Mastercard, Inc., Class A. . . . . . . . . . . . . . . . . . . | 194,824 | | | 56,547,666 |
Maxim Integrated Products, Inc. . . . . . . . . . . . . | 6,398 | | | 355,857 |
Microsoft Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 372,926 | | | 60,417,741 |
Monolithic Power Systems, Inc. . . . . . . . . . . . . . | 2,162 | | | 342,980 |
Motorola Solutions, Inc.. . . . . . . . . . . . . . . . . . . . | 2,402 | | | 397,963 |
Oracle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 69,085 | | | 3,416,944 |
Paychex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 49,028 | | | 3,798,690 |
PayPal Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 46,440 | | | 5,015,056 |
QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 4,694 | | | 367,540 |
salesforce.com, inc.(b) . . . . . . . . . . . . . . . . . . . . . | 9,265 | | | 1,578,756 |
ServiceNow, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,435 | | | 467,939 |
Skyworks Solutions, Inc. . . . . . . . . . . . . . . . . . . . | 4,929 | | | 493,787 |
Synopsys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 24,594 | | | 3,392,250 |
Teradyne, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,387 | | | 434,060 |
Texas Instruments, Inc. . . . . . . . . . . . . . . . . . . . . | 64,750 | | | 7,390,565 |
Tyler Technologies, Inc.(b). . . . . . . . . . . . . . . . . . | 3,532 | | | 1,106,752 |
VeriSign, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,866 | | | 1,113,074 |
| Shares | | Value |
Information Technology-(continued) | | | |
Visa, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . | 309,429 | $ 56,241,815 |
Western Union Co. (The). . . . . . . . . . . . . . . . . . . | 110,098 | | 2,465,094 |
| | 356,517,201 |
Materials-2.53% | | | |
Air Products and Chemicals, Inc. . . . . . . . . . . . . | 55,415 | 12,169,688 |
Avery Dennison Corp. . . . . . . . . . . . . . . . . . . . . . | 9,942 | 1,138,260 |
Ball Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17,972 | 1,266,307 |
Celanese Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,385 | 1,067,230 |
Dow, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,818 | 356,335 |
Ecolab, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,838 | 2,497,067 |
FMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,908 | 270,735 |
LyondellBasell Industries N.V., Class A . . . . . . . | 5,589 | 399,390 |
Packaging Corp. of America . . . . . . . . . . . . . . . . | 4,575 | 414,586 |
PPG Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 14,984 | 1,565,079 |
Reliance Steel & Aluminum Co.. . . . . . . . . . . . . . | 5,692 | 582,235 |
Scotts Miracle-Gro Co. (The) . . . . . . . . . . . . . . . | 4,533 | 480,453 |
Sherwin-Williams Co. (The) . . . . . . . . . . . . . . . . . | 9,271 | 4,790,789 |
Vulcan Materials Co. . . . . . . . . . . . . . . . . . . . . . . | 3,969 | | 477,312 |
| | 27,475,466 |
Real Estate-1.58% | | | |
Alexandria Real Estate Equities, Inc. . . . . . . . . . | 1,947 | 295,710 |
American Tower Corp. . . . . . . . . . . . . . . . . . . . . | 10,920 | 2,476,656 |
Apartment Investment & Management Co., | | | |
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 12,397 | 593,072 |
AvalonBay Communities, Inc. . . . . . . . . . . . . . . . | 3,990 | 800,354 |
Brixmor Property Group, Inc. . . . . . . . . . . . . . . . | 13,389 | 243,814 |
CBRE Group, Inc., Class A(b) . . . . . . . . . . . . . . . . | 25,243 | 1,417,142 |
Crown Castle International Corp. . . . . . . . . . . . . | 2,916 | 417,834 |
Duke Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 14,997 | 486,953 |
Equinix, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,125 | 644,400 |
Equity LifeStyle Properties, Inc. . . . . . . . . . . . . . | 14,738 | 1,007,048 |
Equity Residential . . . . . . . . . . . . . . . . . . . . . . . . | 6,090 | 457,359 |
Gaming and Leisure Properties, Inc. . . . . . . . . . | 7,186 | 320,999 |
Healthpeak Properties, Inc.. . . . . . . . . . . . . . . . . | 18,715 | 592,143 |
Kimco Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . | 17,358 | 301,161 |
Lamar Advertising Co., Class A . . . . . . . . . . . . . | 4,302 | 360,249 |
Medical Properties Trust, Inc.. . . . . . . . . . . . . . . | 33,701 | 712,102 |
Prologis, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 44,219 | 3,726,777 |
Public Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,448 | 721,046 |
VICI Properties, Inc.. . . . . . . . . . . . . . . . . . . . . . . | 22,771 | 570,641 |
Weingarten Realty Investors. . . . . . . . . . . . . . . . | 8,939 | 240,727 |
Weyerhaeuser Co. . . . . . . . . . . . . . . . . . . . . . . . . | 19,798 | 514,352 |
WP Carey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,533 | | 273,490 |
| | 17,174,029 |
Utilities-1.10% | | | |
American Electric Power Co., Inc. . . . . . . . . . . . | 8,175 | 729,701 |
American Water Works Co., Inc. . . . . . . . . . . . . | 4,731 | 585,035 |
Dominion Energy, Inc. . . . . . . . . . . . . . . . . . . . . . | 6,290 | 491,752 |
Edison International. . . . . . . . . . . . . . . . . . . . . . . | 4,344 | 291,873 |
Entergy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,895 | 689,184 |
Eversource Energy. . . . . . . . . . . . . . . . . . . . . . . . | 5,632 | 486,943 |
NextEra Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . | 14,073 | 3,557,092 |
PPL Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11,633 | 349,106 |
Public Service Enterprise Group, Inc.. . . . . . . . . | 6,883 | 353,167 |
Sempra Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,449 | 761,661 |
Southern Co. (The) . . . . . . . . . . . . . . . . . . . . . . . | 40,338 | 2,434,802 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)—(continued)
February 29, 2020
(Unaudited)
| | Shares | | | Value |
Utilities-(continued) | | | | |
WEC Energy Group, Inc. . . . . . . . . . . . . . . . . . . . | 7,431 | $ | 686,104 |
Xcel Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 8,581 | | | 534,768 |
| | | | | 11,951,188 |
Total Common Stocks & Other Equity Interests | | | | |
(Cost $1,216,049,584) . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,083,918,982 |
Money Market Funds-0.02%
Invesco Premier U.S. Government Money | | |
Portfolio, Institutional Class, 1.46%(d) | | |
(Cost $215,931) . . . . . . . . . . . . . . . . . . . . . . . | 215,931 | 215,931 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral | |
from securities on loan)-99.89% | | |
(Cost $1,216,265,515) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 1,084,134,913 |
Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, | | | |
Institutional Class, 1.50%(d)(e) . . . . . . . . . . . . | 370,886 | $ | 370,886 |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . | 123,560 | | 123,622 |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $494,502) . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 494,508 |
TOTAL INVESTMENTS IN SECURITIES-99.94% | | | |
(Cost $1,216,760,017) . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | | 1,084,629,421 |
OTHER ASSETS LESS LIABILITIES-0.06% . . . . . . . | . . . . . . . . | | 677,273 |
NET ASSETS-100.00% . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $ | 1,085,306,694 |
| | | |
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Non-income producing security.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(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.
The Fund's Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the six-month period ended February 29, 2020.
| | | | | | | | Change in | | | | | | | | |
| | Value | Purchases | Proceeds | Unrealized | | Realized | Value | Dividend |
| August 31, 2019 | at Cost | from Sales | Appreciation | | Gain | February 29, 2020 | | Income |
| | | | | | | | | | | | | | | | | |
Invesco Ltd.* | $- | | $6,049,241 | $(6,529,398) | $- | | $480,157 | $- | | $- | |
| | | | | | | | | | | | | | | | | |
* At February 29, 2020, this security was no longer held.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Information Technology | 32.85 |
Consumer Discretionary | 15.38 |
| |
Industrials | 11.78 |
Consumer Staples | 9.63 |
| |
Communication Services | 8.63 |
Financials | 7.52 |
| |
Health Care | 7.29 |
Sector Types Each Less Than 3% | 6.79 |
| |
Money Market Funds Plus Other Assets | |
Less Liabilities | 0.13 |
| |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
February 29, 2020
(Unaudited)
Schedule of Investments(a)
| Shares | | | Value |
Common Stocks & Other Equity Interests-99.88% | | |
Communication Services-0.97% | | | | |
Bandwidth, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . | 353 | | $ | 22,200 |
Cargurus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,776 | | | 45,270 |
Central European Media Enterprises Ltd., Class A | | | | |
(Czech Republic)(b). . . . . . . . . . . . . . . . . . . . . . . . . | 4,259 | | | 18,867 |
Cogent Communications Holdings, Inc.. . . . . . . . . . | 1,658 | | | 121,051 |
Gray Television, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 828 | | | 15,666 |
IMAX Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,314 | | | 20,472 |
Iridium Communications, Inc.(b) . . . . . . . . . . . . . . . . | 1,756 | | | 47,535 |
Liberty Media Corp.-Liberty Braves, Class C(b) . . . . | 582 | | | 15,120 |
Scholastic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 533 | | | 17,104 |
TechTarget, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,615 | | | 60,485 |
TEGNA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,252 | | | 103,849 |
Yelp, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 523 | | | 16,354 |
| | | | 503,973 |
Consumer Discretionary-10.53% | | | | |
Aaron's, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,158 | | | 163,534 |
Acushnet Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . | 1,956 | | | 49,780 |
American Eagle Outfitters, Inc. . . . . . . . . . . . . . . . . | 2,026 | | | 26,095 |
Asbury Automotive Group, Inc.(b) . . . . . . . . . . . . . . | 362 | | | 32,088 |
Bed Bath & Beyond, Inc.(c) . . . . . . . . . . . . . . . . . . . . | 3,565 | | | 38,538 |
Bloomin' Brands, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 2,997 | | | 53,916 |
Boyd Gaming Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,897 | | | 50,669 |
Brinker International, Inc. . . . . . . . . . . . . . . . . . . . . . | 928 | | | 31,877 |
Buckle, Inc. (The)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,626 | | | 36,796 |
Callaway Golf Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,940 | | | 117,841 |
Carriage Services, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 781 | | | 16,518 |
Cato Corp. (The), Class A . . . . . . . . . . . . . . . . . . . . . | 933 | | | 15,087 |
Cavco Industries, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . | 545 | | | 109,937 |
Century Communities, Inc.(b) . . . . . . . . . . . . . . . . . . | 956 | | | 31,863 |
Cheesecake Factory, Inc. (The)(c) . . . . . . . . . . . . . . | 1,362 | | | 48,528 |
Chegg, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,221 | | | 87,085 |
Children's Place, Inc. (The)(c) . . . . . . . . . . . . . . . . . . | 207 | | | 11,923 |
Churchill Downs, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 4,614 | | | 579,703 |
Chuy's Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,141 | | | 24,463 |
Collectors Universe, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,054 | | | 24,247 |
Core-Mark Holding Co., Inc. . . . . . . . . . . . . . . . . . . . | 922 | | | 21,215 |
Cracker Barrel Old Country Store, Inc. . . . . . . . . . . | 584 | | | 83,705 |
Crocs, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,983 | | | 104,235 |
Dana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,253 | | | 46,778 |
Deckers Outdoor Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 1,456 | | | 253,053 |
Denny's Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,170 | | | 55,190 |
Dillard's, Inc., Class A(c). . . . . . . . . . . . . . . . . . . . . . . | 264 | | | 14,861 |
Dine Brands Global, Inc. . . . . . . . . . . . . . . . . . . . . . . | 279 | | | 22,836 |
Dorman Products, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 183 | | | 11,097 |
Eldorado Resorts, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 981 | | | 49,227 |
Ethan Allen Interiors, Inc. . . . . . . . . . . . . . . . . . . . . . | 834 | | | 11,009 |
Fox Factory Holding Corp.(b) . . . . . . . . . . . . . . . . . . | 1,305 | | | 82,737 |
Gentherm, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 735 | | | 29,973 |
Group 1 Automotive, Inc. . . . . . . . . . . . . . . . . . . . . . | 924 | | | 78,753 |
Haverty Furniture Cos., Inc. . . . . . . . . . . . . . . . . . . . | 620 | | | 10,428 |
Helen of Troy Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 880 | | | 144,848 |
Hibbett Sports, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 497 | | | 9,701 |
Installed Building Products, Inc.(b) . . . . . . . . . . . . . . | 1,391 | | | 91,876 |
Jack in the Box, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 710 | | | 48,891 |
KB Home. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,994 | | | 97,574 |
Laureate Education, Inc., Class A(b). . . . . . . . . . . . . | 772 | | | 14,436 |
| Shares | | | Value |
Consumer Discretionary-(continued) | | | | |
La-Z-Boy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,874 | $ | 53,690 |
LCI Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 623 | | | 60,151 |
Lithia Motors, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 1,508 | | | 179,693 |
M.D.C. Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,330 | | | 91,662 |
M/I Homes, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,283 | | | 47,766 |
Meritage Homes Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 2,493 | | | 158,206 |
Monro, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 446 | | | 25,030 |
Murphy USA, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,752 | | | 463,320 |
National Vision Holdings, Inc.(b) . . . . . . . . . . . . . . . . | 504 | | | 17,549 |
OneSpaWorld Holdings Ltd. (Bahamas) . . . . . . . . . | 4,482 | | | 54,770 |
Oxford Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 332 | | | 20,049 |
Perdoceo Education Corp.(b) . . . . . . . . . . . . . . . . . . | 821 | | | 12,258 |
Red Rock Resorts, Inc., Class A . . . . . . . . . . . . . . . . | 643 | | | 13,252 |
Rent-A-Center, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,386 | | | 29,508 |
RH(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 104 | | | 18,866 |
Ruth's Hospitality Group, Inc. . . . . . . . . . . . . . . . . . . | 965 | | | 18,460 |
Sally Beauty Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . | 1,279 | | | 15,911 |
SeaWorld Entertainment, Inc.(b) . . . . . . . . . . . . . . . . | 846 | | | 23,020 |
Shake Shack, Inc., Class A(b)(c) . . . . . . . . . . . . . . . . . | 909 | | | 54,031 |
Shutterstock, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 576 | | | 22,199 |
Sleep Number Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . | 1,785 | | | 78,629 |
Sonic Automotive, Inc., Class A . . . . . . . . . . . . . . . . | 1,104 | | | 30,912 |
Standard Motor Products, Inc. . . . . . . . . . . . . . . . . . | 469 | | | 20,636 |
Steven Madden Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . | 10,627 | | | 347,503 |
Stoneridge, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 978 | | | 21,614 |
Taylor Morrison Home Corp., Class A(b) . . . . . . . . . | 1,452 | | | 32,699 |
Texas Roadhouse, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | | | 81,744 |
TopBuild Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,213 | | | 122,513 |
TRI Pointe Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 5,470 | | | 83,855 |
Universal Electronics, Inc.(b) . . . . . . . . . . . . . . . . . . . | 550 | | | 23,221 |
Visteon Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,842 | | | 119,804 |
Wingstop, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,732 | | | 146,267 |
Winmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 180 | | | 36,000 |
Winnebago Industries, Inc. . . . . . . . . . . . . . . . . . . . . | 1,120 | | | 58,117 |
Wolverine World Wide, Inc. . . . . . . . . . . . . . . . . . . . . | 704 | | | 18,508 |
YETI Holdings, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 23,474 |
Zumiez, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 743 | | | 19,712 |
| | | | 5,477,510 |
Consumer Staples-3.02% | | | | |
BellRing Brands, Inc., Class A(b) . . . . . . . . . . . . . . . . | 719 | | | 14,128 |
BJ's Wholesale Club Holdings, Inc.(b) . . . . . . . . . . . . | 1,537 | | | 29,603 |
Boston Beer Co., Inc. (The), Class A(b) . . . . . . . . . . | 671 | | | 248,800 |
Calavo Growers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 436 | | | 31,588 |
Cal-Maine Foods, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 442 | | | 15,421 |
Coca-Cola Consolidated, Inc. . . . . . . . . . . . . . . . . . . | 185 | | | 36,330 |
Darling Ingredients, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 2,250 | | | 57,825 |
Freshpet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,799 | | | 119,562 |
Hostess Brands, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 2,441 | | | 31,025 |
Ingles Markets, Inc., Class A . . . . . . . . . . . . . . . . . . . | 354 | | | 12,663 |
Inter Parfums, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 879 | | | 52,793 |
J & J Snack Foods Corp. . . . . . . . . . . . . . . . . . . . . . . | 1,038 | | | 166,931 |
John B. Sanfilippo & Son, Inc.. . . . . . . . . . . . . . . . . . | 1,038 | | | 72,857 |
Lancaster Colony Corp.. . . . . . . . . . . . . . . . . . . . . . . | 192 | | | 27,734 |
Performance Food Group Co.(b) . . . . . . . . . . . . . . . . | 2,237 | | | 94,849 |
PriceSmart, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 996 | | | 55,467 |
Sanderson Farms, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 1,733 | | | 214,130 |
Simply Good Foods Co. (The)(b) . . . . . . . . . . . . . . . . | 5,097 | | | 112,440 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Consumer Staples-(continued) | | | | |
Tootsie Roll Industries, Inc.. . . . . . . . . . . . . . . . . . . . | 445 | $ | 14,276 |
Vector Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,157 | | | 71,544 |
WD-40 Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 523 | | | 90,212 |
| | | | 1,570,178 |
Energy-1.10% | | | | |
CVR Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,650 | | | 46,893 |
Delek US Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,880 | | | 40,195 |
DHT Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,526 | | | 14,019 |
Dril-Quip, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,248 | | | 80,074 |
Magnolia Oil & Gas Corp., Class A(b). . . . . . . . . . . . . | 1,212 | | | 9,102 |
NACCO Industries, Inc., Class A . . . . . . . . . . . . . . . . | 259 | | | 10,676 |
Par Pacific Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 4,974 | | | 82,519 |
REX American Resources Corp.(b) . . . . . . . . . . . . . . | 423 | | | 29,614 |
Scorpio Tankers, Inc. (Monaco) . . . . . . . . . . . . . . . . | 526 | | | 10,404 |
SEACOR Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 364 | | | 13,577 |
SFL Corp. Ltd. (Norway) . . . . . . . . . . . . . . . . . . . . . . | 2,274 | | | 27,606 |
World Fuel Services Corp.. . . . . . . . . . . . . . . . . . . . . | 7,264 | | | 205,426 |
| | | | 570,105 |
Financials-21.71% | | | | |
1st Source Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 621 | | | 26,113 |
Allegiance Bancshares, Inc. . . . . . . . . . . . . . . . . . . . | 356 | | | 11,809 |
Ambac Financial Group, Inc.(b) . . . . . . . . . . . . . . . . . | 992 | | | 19,066 |
American Equity Investment Life Holding Co. . . . . | 864 | | | 21,842 |
American National Bankshares, Inc. . . . . . . . . . . . . | 405 | | | 12,510 |
Ameris Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,001 | | | 102,574 |
AMERISAFE, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 927 | | | 60,413 |
Apollo Commercial Real Estate Finance, Inc. . . . . . | 6,826 | | | 110,581 |
Ares Commercial Real Estate Corp.. . . . . . . . . . . . . | 1,273 | | | 19,426 |
Ares Management Corp., Class A . . . . . . . . . . . . . . | 4,952 | | | 171,290 |
Argo Group International Holdings Ltd.. . . . . . . . . . | 305 | | | 17,159 |
Arrow Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 387 | | | 12,256 |
Artisan Partners Asset Management, Inc., | | | | |
Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,995 | | | 171,337 |
Atlantic Union Bankshares Corp. . . . . . . . . . . . . . . . | 4,049 | | | 120,417 |
Axos Financial, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 733 | | | 18,259 |
B. Riley Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 545 | | | 12,895 |
BancFirst Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 552 | | | 28,318 |
Banco Latinoamericano de Comercio Exterior | | | | |
S.A., Class E (Panama) . . . . . . . . . . . . . . . . . . . . . | 1,474 | | | 26,355 |
Bancorp, Inc. (The)(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,143 | | | 13,910 |
BancorpSouth Bank. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,311 | | | 81,020 |
Bank First Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 404 | | | 23,917 |
Bank of Marin Bancorp . . . . . . . . . . . . . . . . . . . . . . . | 401 | | | 15,290 |
Bank of NT Butterfield & Son Ltd. (The) | | | | |
(Bermuda). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 21,480 |
Banner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 656 | | | 29,940 |
Berkshire Hills Bancorp, Inc.. . . . . . . . . . . . . . . . . . . | 1,412 | | | 34,467 |
Blackstone Mortgage Trust, Inc., Class A . . . . . . . . | 4,835 | | | 174,350 |
Boston Private Financial Holdings, Inc. . . . . . . . . . . | 1,863 | | | 18,174 |
Bridge Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 752 | | | 20,695 |
Brookline Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,722 | | | 37,754 |
Bryn Mawr Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . | 566 | | | 18,814 |
Cadence BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,154 | | | 16,294 |
Camden National Corp. . . . . . . . . . . . . . . . . . . . . . . . | 647 | | | 26,533 |
Cannae Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 6,960 | | | 259,538 |
Capital City Bank Group, Inc. . . . . . . . . . . . . . . . . . . | 445 | | | 11,859 |
Capitol Federal Financial, Inc.. . . . . . . . . . . . . . . . . . | 4,093 | | | 49,955 |
Capstead Mortgage Corp. . . . . . . . . . . . . . . . . . . . . . | 2,516 | | | 17,864 |
Carolina Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . | 989 | | | 32,044 |
| Shares | | | Value |
Financials-(continued) | | | | |
Carter Bank & Trust . . . . . . . . . . . . . . . . . . . . . . . . . . | 994 | $ | 16,799 |
Cathay General Bancorp . . . . . . . . . . . . . . . . . . . . . . | 1,912 | | | 58,851 |
CenterState Bank Corp. . . . . . . . . . . . . . . . . . . . . . . | 4,746 | | | 96,012 |
Central Pacific Financial Corp. . . . . . . . . . . . . . . . . . | 918 | | | 21,959 |
City Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 472 | | | 33,002 |
Civista Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . | 599 | | | 11,465 |
CNB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 776 | | | 19,454 |
CNO Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . | 3,878 | | | 62,126 |
Cohen & Steers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 5,065 | | | 317,322 |
Columbia Banking System, Inc. . . . . . . . . . . . . . . . . | 1,841 | | | 61,121 |
Columbia Financial, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 1,089 | | | 16,901 |
Community Bank System, Inc. . . . . . . . . . . . . . . . . . | 1,726 | | | 104,958 |
Community Trust Bancorp, Inc. . . . . . . . . . . . . . . . . | 454 | | | 17,561 |
ConnectOne Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . | 1,756 | | | 36,894 |
Customers Bancorp, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,053 | | | 21,365 |
CVB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,976 | | | 55,175 |
Diamond Hill Investment Group, Inc. . . . . . . . . . . . . | 91 | | | 11,532 |
Dime Community Bancshares, Inc. . . . . . . . . . . . . . | 1,023 | | | 17,166 |
Eagle Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 340 | | | 12,723 |
Ellington Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,780 | | | 29,423 |
Employers Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . | 614 | | | 23,664 |
Encore Capital Group, Inc.(b). . . . . . . . . . . . . . . . . . . | 1,188 | | | 44,146 |
Enstar Group Ltd. (Bermuda)(b) . . . . . . . . . . . . . . . . | 310 | | | 55,301 |
Enterprise Financial Services Corp. . . . . . . . . . . . . . | 699 | | | 26,751 |
Essent Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15,527 | | | 677,598 |
Farmers National Banc Corp. . . . . . . . . . . . . . . . . . . | 936 | | | 14,068 |
FB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 317 | | | 10,325 |
Federal Agricultural Mortgage Corp., Class C. . . . . | 332 | | | 24,920 |
Federated Hermes, Inc., Class B . . . . . . . . . . . . . . . | 9,158 | | | 264,208 |
FGL Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 7,246 | | | 82,894 |
Financial Institutions, Inc. . . . . . . . . . . . . . . . . . . . . . | 629 | | | 16,926 |
First Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,917 | | | 31,101 |
First Bancorp/Southern Pines NC . . . . . . . . . . . . . . | 895 | | | 28,729 |
First Busey Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,268 | | | 27,985 |
First Commonwealth Financial Corp. . . . . . . . . . . . . | 3,249 | | | 38,338 |
First Defiance Financial Corp.. . . . . . . . . . . . . . . . . . | 1,641 | | | 39,244 |
First Financial Bancorp . . . . . . . . . . . . . . . . . . . . . . . | 1,732 | | | 35,679 |
First Financial Bankshares, Inc. . . . . . . . . . . . . . . . . | 4,771 | | | 137,119 |
First Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 295 | | | 11,785 |
First Foundation, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,576 | | | 22,813 |
First Interstate BancSystem, Inc., Class A . . . . . . . | 1,166 | | | 39,714 |
First Merchants Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 1,974 | | | 69,050 |
First Midwest Bancorp, Inc. . . . . . . . . . . . . . . . . . . . | 3,032 | | | 55,031 |
First of Long Island Corp. (The) . . . . . . . . . . . . . . . . | 780 | | | 16,154 |
FirstCash, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,648 | | | 126,764 |
Flagstar Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,731 | | | 55,184 |
Franklin Financial Network, Inc. . . . . . . . . . . . . . . . . | 362 | | | 12,123 |
FS Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 233 | | | 11,135 |
Fulton Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 4,202 | | | 60,719 |
German American Bancorp, Inc. . . . . . . . . . . . . . . . | 994 | | | 29,671 |
Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,376 | | | 88,601 |
Granite Point Mortgage Trust, Inc. . . . . . . . . . . . . . | 1,424 | | | 23,382 |
Great Ajax Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,034 | | | 14,610 |
Great Southern Bancorp, Inc.. . . . . . . . . . . . . . . . . . | 532 | | | 27,297 |
Great Western Bancorp, Inc.. . . . . . . . . . . . . . . . . . . | 1,332 | | | 35,791 |
Hallmark Financial Services, Inc.(b) . . . . . . . . . . . . . | 989 | | | 14,024 |
Hamilton Lane, Inc., Class A. . . . . . . . . . . . . . . . . . . | 3,064 | | | 190,397 |
Hancock Whitney Corp. . . . . . . . . . . . . . . . . . . . . . . . | 2,150 | | | 72,025 |
Heartland Financial USA, Inc. . . . . . . . . . . . . . . . . . . | 684 | | | 29,309 |
Heritage Commerce Corp. . . . . . . . . . . . . . . . . . . . . | 1,380 | | | 14,159 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Financials-(continued) | | | | |
Heritage Financial Corp. . . . . . . . . . . . . . . . . . . . . . . | 487 | $ | 11,294 |
Hilltop Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,554 | | | 74,030 |
Home BancShares, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 3,999 | | | 67,023 |
HomeStreet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,134 | | | 30,720 |
Hope Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,953 | | | 48,266 |
Horace Mann Educators Corp. . . . . . . . . . . . . . . . . . | 1,073 | | | 41,772 |
Horizon Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,277 | | | 19,181 |
Houlihan Lokey, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,682 | | | 188,592 |
IBERIABANK Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,390 | | | 83,664 |
Independent Bank Corp. . . . . . . . . . . . . . . . . . . . . . . | 1,073 | | | 72,460 |
Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . | 1,075 | | | 49,762 |
International Bancshares Corp. . . . . . . . . . . . . . . . . | 2,253 | | | 76,827 |
Invesco Mortgage Capital, Inc.(d) . . . . . . . . . . . . . . . | 3,939 | | | 63,339 |
Investors Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 7,613 | | | 80,241 |
James River Group Holdings Ltd. . . . . . . . . . . . . . . | 413 | | | 16,689 |
Kearny Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . | 2,144 | | | 23,391 |
Kinsale Capital Group, Inc. . . . . . . . . . . . . . . . . . . . . | 2,263 | | | 274,887 |
KKR Real Estate Finance Trust, Inc. . . . . . . . . . . . . | 702 | | | 13,787 |
Ladder Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,216 | | | 49,044 |
Lakeland Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,485 | | | 21,391 |
Lakeland Financial Corp. . . . . . . . . . . . . . . . . . . . . . . | 822 | | | 33,595 |
Live Oak Bancshares, Inc.. . . . . . . . . . . . . . . . . . . . . | 812 | | | 12,480 |
Mercantile Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 624 | | | 17,903 |
Meridian Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,826 | | | 46,657 |
Meta Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . | 2,161 | | | 70,989 |
Metropolitan Bank Holding Corp.(b) . . . . . . . . . . . . . | 315 | | | 13,466 |
Midland States Bancorp, Inc. . . . . . . . . . . . . . . . . . . | 1,083 | | | 25,797 |
MidWestOne Financial Group, Inc. . . . . . . . . . . . . . . | 611 | | | 17,554 |
MMA Capital Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . | 408 | | | 12,318 |
Moelis & Co., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 1,484 | | | 47,429 |
MutualFirst Financial, Inc. . . . . . . . . . . . . . . . . . . . . . | 347 | | | 11,624 |
National Bank Holdings Corp., Class A . . . . . . . . . . | 728 | | | 22,270 |
NBT Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,313 | | | 44,235 |
Nelnet, Inc., Class A. . . . . . . . . . . . . . . . . . . . . . . . . . | 619 | | | 32,869 |
New York Mortgage Trust, Inc. . . . . . . . . . . . . . . . . | 6,627 | | | 37,774 |
Nicolet Bankshares, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 562 | | | 37,345 |
NMI Holdings, Inc., Class A(b) . . . . . . . . . . . . . . . . . . | 7,473 | | | 174,420 |
Northfield Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . | 2,181 | | | 30,818 |
Northwest Bancshares, Inc. . . . . . . . . . . . . . . . . . . . | 2,068 | | | 28,725 |
OceanFirst Financial Corp. . . . . . . . . . . . . . . . . . . . . | 1,046 | | | 21,380 |
OFG Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 933 | | | 15,618 |
Old National Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . | 5,866 | | | 92,448 |
Opus Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 694 | | | 16,427 |
Pacific Premier Bancorp, Inc. . . . . . . . . . . . . . . . . . . | 2,685 | | | 69,354 |
Park National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 528 | | | 46,105 |
Peapack-Gladstone Financial Corp. . . . . . . . . . . . . . | 562 | | | 15,427 |
PennyMac Financial Services, Inc. . . . . . . . . . . . . . . | 1,599 | | | 56,381 |
PennyMac Mortgage Investment Trust . . . . . . . . . . | 4,727 | | | 97,849 |
Peoples Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 467 | | | 13,333 |
Piper Sandler Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 415 | | | 29,083 |
PJT Partners, Inc., Class A . . . . . . . . . . . . . . . . . . . . | 557 | | | 25,037 |
PRA Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,819 | | | 70,614 |
Preferred Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 597 | | | 30,525 |
ProAssurance Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 753 | | | 20,444 |
Provident Financial Services, Inc.. . . . . . . . . . . . . . . | 1,368 | | | 27,333 |
QCR Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 598 | | | 22,760 |
Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26,635 | | | 565,727 |
Ready Capital Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,310 | | | 18,995 |
Redwood Trust, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,929 | | | 50,027 |
Renasant Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,727 | | | 48,926 |
| Shares | | | Value |
Financials-(continued) | | | | |
Republic Bancorp, Inc., Class A . . . . . . . . . . . . . . . . | 284 | $ | 10,150 |
RLI Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,891 | | | 232,379 |
S&T Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 656 | | | 21,563 |
Safety Insurance Group, Inc. . . . . . . . . . . . . . . . . . . | 723 | | | 56,929 |
Sandy Spring Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . | 986 | | | 30,329 |
Seacoast Banking Corp. of Florida(b) . . . . . . . . . . . . | 1,304 | | | 32,470 |
Selective Insurance Group, Inc. . . . . . . . . . . . . . . . . | 1,676 | | | 93,487 |
ServisFirst Bancshares, Inc. . . . . . . . . . . . . . . . . . . . | 1,356 | | | 46,850 |
Simmons First National Corp., Class A . . . . . . . . . . | 1,560 | | | 33,353 |
South State Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,779 | | | 121,185 |
Southern First Bancshares, Inc.(b) . . . . . . . . . . . . . . | 343 | | | 13,075 |
Southside Bancshares, Inc.. . . . . . . . . . . . . . . . . . . . | 805 | | | 25,937 |
Stewart Information Services Corp.. . . . . . . . . . . . . | 507 | | | 18,343 |
Stifel Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,636 | | | 197,944 |
Stock Yards Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . | 993 | | | 34,695 |
Summit Financial Group, Inc. . . . . . . . . . . . . . . . . . . | 535 | | | 11,727 |
Tompkins Financial Corp. . . . . . . . . . . . . . . . . . . . . . | 492 | | | 39,104 |
Towne Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,991 | | | 45,912 |
TPG RE Finance Trust, Inc. . . . . . . . . . . . . . . . . . . . . | 2,106 | | | 40,477 |
TriCo Bancshares. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 778 | | | 26,312 |
TriState Capital Holdings, Inc.(b). . . . . . . . . . . . . . . . | 716 | | | 14,227 |
Triumph Bancorp, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 475 | | | 16,088 |
TrustCo Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,278 | | | 29,347 |
Trustmark Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,498 | | | 67,196 |
UMB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 884 | | | 51,405 |
United Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . | 4,741 | | | 136,920 |
United Community Banks, Inc. . . . . . . . . . . . . . . . . . | 5,335 | | | 132,148 |
Univest Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,004 | | | 23,494 |
Valley National Bancorp . . . . . . . . . . . . . . . . . . . . . . | 20,822 | | | 193,645 |
Veritex Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,317 | | | 31,700 |
Virtus Investment Partners, Inc. . . . . . . . . . . . . . . . | 389 | | | 42,946 |
Waddell & Reed Financial, Inc., Class A(c) . . . . . . . . | 1,225 | | | 16,856 |
Walker & Dunlop, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . | 2,668 | | | 173,020 |
Washington Federal, Inc.. . . . . . . . . . . . . . . . . . . . . . | 5,309 | | | 159,217 |
Washington Trust Bancorp, Inc. . . . . . . . . . . . . . . . . | 352 | | | 15,108 |
Waterstone Financial, Inc.. . . . . . . . . . . . . . . . . . . . . | 966 | | | 16,065 |
WesBanco, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,126 | | | 34,467 |
West Bancorporation, Inc.. . . . . . . . . . . . . . . . . . . . . | 633 | | | 12,945 |
Westamerica Bancorporation . . . . . . . . . . . . . . . . . . | 908 | | | 52,501 |
Western Asset Mortgage Capital Corp. . . . . . . . . . . | 2,200 | | | 22,044 |
WSFS Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . | 1,500 | | | 51,690 |
| | | | 11,290,732 |
Health Care-9.71% | | | | |
Addus HomeCare Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 258 | | | 19,678 |
Alector, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 895 | | | 24,595 |
Allscripts Healthcare Solutions, Inc.(b). . . . . . . . . . . | 3,549 | | | 26,759 |
Amedisys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,888 | | | 850,560 |
AMN Healthcare Services, Inc.(b) . . . . . . . . . . . . . . . | 352 | | | 25,907 |
ANI Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . . . . . | 228 | | | 10,946 |
Anika Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,240 | | | 51,782 |
Aratana Therapeutics, Inc., CVR(b)(e). . . . . . . . . . . . | 540 | | | 135 |
Arrowhead Pharmaceuticals, Inc.(b). . . . . . . . . . . . . | 230 | | | 8,133 |
Atrion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 67 | | | 41,293 |
Cardiovascular Systems, Inc.(b) . . . . . . . . . . . . . . . . | 862 | | | 32,428 |
CONMED Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,109 | | | 294,236 |
Corcept Therapeutics, Inc.(b) . . . . . . . . . . . . . . . . . . | 1,638 | | | 20,672 |
Cortexyme, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 378 | | | 18,994 |
CorVel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 746 | | | 51,429 |
Cutera, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 481 | | | 11,919 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020 (Unaudited)
| Shares | | Value | | Shares | | | Value |
Health Care-(continued) | | | | | Industrials-(continued) | | | | |
Ensign Group, Inc. (The) . . . . . . . . . . . . . . . . . . . . . . | 2,321 | $ 103,284 | Allegiant Travel Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 588 | $ | 79,698 |
Globus Medical, Inc., Class A(b). . . . . . . . . . . . . . . . . | 5,574 | 252,112 | American Woodmark Corp.(b) . . . . . . . . . . . . . . . . . . | 1,591 | | | 133,278 |
Gossamer Bio., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 889 | 11,673 | Apogee Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . | 1,068 | | | 32,243 |
Haemonetics Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . | 3,354 | 363,339 | Applied Industrial Technologies, Inc. . . . . . . . . . . . . | 1,251 | | | 73,796 |
HealthEquity, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,916 | 136,017 | Arcosa, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 460 | | | 19,762 |
HealthStream, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,219 | 29,646 | ASGN, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 424 | | | 21,501 |
HMS Holdings Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 886 | 20,351 | Atkore International Group, Inc.(b) . . . . . . . . . . . . . . | 2,109 | | | 77,843 |
Integer Holdings Corp.(b). . . . . . . . . . . . . . . . . . . . . . | 170 | 15,329 | Axon Enterprise, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 441 | | | 34,120 |
iRhythm Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . | 222 | 19,307 | AZZ, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 329 | | | 12,137 |
Ironwood Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . | 7,032 | 84,665 | Barnes Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 720 | | | 38,664 |
Joint Corp. (The)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 756 | 11,211 | Barrett Business Services, Inc.. . . . . . . . . . . . . . . . . | 281 | | | 16,832 |
LeMaitre Vascular, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,249 | 35,596 | Beacon Roofing Supply, Inc.(b) . . . . . . . . . . . . . . . . . | 723 | | | 21,473 |
LivaNova PLC(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 400 | 27,888 | BMC Stock Holdings, Inc.(b). . . . . . . . . . . . . . . . . . . . | 6,645 | | | 163,002 |
Magellan Health, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 2,082 | 124,941 | Brady Corp., Class A . . . . . . . . . . . . . . . . . . . . . . . . . | 2,957 | | | 139,984 |
Medpace Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 2,483 | 223,321 | Brink's Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,283 | | | 100,446 |
Mesa Laboratories, Inc.(c) . . . . . . . . . . . . . . . . . . . . . | 135 | 32,304 | Builders FirstSource, Inc.(b) . . . . . . . . . . . . . . . . . . . | 1,683 | | | 38,221 |
Momenta Pharmaceuticals, Inc.(b) . . . . . . . . . . . . . . | 1,082 | 30,610 | Casella Waste Systems, Inc., Class A(b) . . . . . . . . . . | 1,295 | | | 62,743 |
National HealthCare Corp. . . . . . . . . . . . . . . . . . . . . | 901 | 66,863 | CBIZ, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,862 | | | 100,566 |
National Research Corp. . . . . . . . . . . . . . . . . . . . . . . | 3,338 | 183,557 | Cimpress PLC (Ireland)(b)(c) . . . . . . . . . . . . . . . . . . . | 431 | | | 50,173 |
Natus Medical, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 390 | 10,483 | CIRCOR International, Inc.(b). . . . . . . . . . . . . . . . . . . | 1,170 | | | 42,097 |
Neogen Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,153 | 130,795 | Columbus McKinnon Corp. . . . . . . . . . . . . . . . . . . . . | 722 | | | 22,447 |
NeoGenomics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 775 | 21,956 | Comfort Systems USA, Inc. . . . . . . . . . . . . . . . . . . . | 1,367 | | | 57,715 |
Nevro Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 644 | 83,817 | Covanta Holding Corp. . . . . . . . . . . . . . . . . . . . . . . . | 2,129 | | | 28,443 |
NextCure, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 552 | 23,052 | CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 345 | | | 16,046 |
NextGen Healthcare, Inc.(b). . . . . . . . . . . . . . . . . . . . | 859 | 11,236 | CSW Industrials, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,013 | | | 132,536 |
NGM Biopharmaceuticals, Inc.(b) . . . . . . . . . . . . . . . | 828 | 14,937 | Deluxe Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,151 | | | 71,628 |
Novocure Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 169 | 12,295 | Douglas Dynamics, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,192 | | | 51,888 |
NuVasive, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,265 | 214,870 | EMCOR Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,564 | | | 504,903 |
Omnicell, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,919 | 156,341 | Encore Wire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 669 | | | 32,761 |
Patterson Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,165 | 27,715 | Ennis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 893 | | | 17,949 |
Pennant Group, Inc. (The)(b). . . . . . . . . . . . . . . . . . . | 869 | 23,611 | EnPro Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 393 | | | 21,202 |
Prestige Consumer Healthcare, Inc.(b). . . . . . . . . . . | 1,238 | 46,252 | ESCO Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . | 752 | | | 68,372 |
Progyny, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 471 | 12,967 | Evoqua Water Technologies Corp.(b) . . . . . . . . . . . . | 2,608 | | | 54,690 |
Providence Service Corp. (The)(b) . . . . . . . . . . . . . . | 254 | 15,692 | Exponent, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,763 | | | 350,795 |
Quidel Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,050 | 235,582 | Federal Signal Corp. . . . . . . . . . . . . . . . . . . . . . . . . . | 6,226 | | | 180,554 |
Repligen Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,681 | 229,494 | Forward Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,487 | | | 146,758 |
Select Medical Holdings Corp.(b). . . . . . . . . . . . . . . . | 2,614 | 62,579 | Foundation Building Materials, Inc.(b) . . . . . . . . . . . | 785 | | | 12,246 |
Simulations Plus, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 1,536 | 50,012 | Franklin Covey Co.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 830 | | | 26,103 |
Syneos Health, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 2,070 | 131,134 | Franklin Electric Co., Inc.. . . . . . . . . . . . . . . . . . . . . . | 2,527 | | | 130,621 |
Tactile Systems Technology, Inc.(b) . . . . . . . . . . . . . | 497 | 25,054 | FTI Consulting, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 4,734 | | | 533,001 |
Teladoc Health, Inc.(b)(c) . . . . . . . . . . . . . . . . . . . . . . | 261 | 32,615 | GATX Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 463 | | | 33,118 |
Tenet Healthcare Corp.(b) . . . . . . . . . . . . . . . . . . . . . | 1,192 | 31,326 | Generac Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 4,545 | | | 468,090 |
Turning Point Therapeutics, Inc.(b) . . . . . . . . . . . . . | 1,033 | 51,206 | Gibraltar Industries, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,262 | | | 63,946 |
US Physical Therapy, Inc. . . . . . . . . . . . . . . . . . . . . . | 638 | 66,492 | GMS, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 416 | | | 9,506 |
Utah Medical Products, Inc. . . . . . . . . . . . . . . . . . . . | 376 | 32,862 | Gorman-Rupp Co. (The) . . . . . . . . . . . . . . . . . . . . . . | 770 | | | 24,632 |
Varex Imaging Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,442 | | 33,483 | Great Lakes Dredge & Dock Corp.(b) . . . . . . . . . . . . | 1,596 | | | 15,481 |
| | | | | Griffon Corp | 2,434 | | | 42,352 |
| | | 5,049,338 | | |
| | Hawaiian Holdings, Inc | 738 | | | 15,409 |
Industrials-21.51% | | | | | | |
| | | | Heartland Express, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 2,602 | | | 46,602 |
AAON, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,992 | 219,600 | | |
Herc Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 492 | | | 18,047 |
AAR Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,364 | 47,126 | Heritage-Crystal Clean, Inc.(b). . . . . . . . . . . . . . . . . . | 508 | | | 13,376 |
ABM Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 4,411 | 145,210 | Herman Miller, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 5,726 | | | 196,058 |
ACCO Brands Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,594 | 20,778 | | |
Hillenbrand, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 412 | | | 9,641 |
Advanced Disposal Services, Inc.(b) . . . . . . . . . . . . . | 2,704 | 89,394 | | |
HNI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,282 | | | 42,088 |
Advanced Drainage Systems, Inc. . . . . . . . . . . . . . . | 2,722 | 113,943 | | |
Huron Consulting Group, Inc.(b) . . . . . . . . . . . . . . . . | 661 | | | 39,224 |
Aegion Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 872 | 15,705 | ICF International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 769 | | | 58,429 |
Aerojet Rocketdyne Holdings, Inc.(b) . . . . . . . . . . . . | 1,160 | 57,165 | | |
Insperity, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 219 | | | 14,732 |
Aircastle Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,674 | 85,167 | | |
JELD-WEN Holding, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 2,075 | | | 39,010 |
Alamo Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 336 | 37,219 | John Bean Technologies Corp.. . . . . . . . . . . . . . . . . | 2,242 | | | 217,160 |
Albany International Corp., Class A . . . . . . . . . . . . . | 1,393 | 89,249 | | |
Kadant, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 452 | | | 41,051 |
| | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | | Value |
Industrials-(continued) | | | | |
Kaman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,003 | $ | 55,626 |
Kelly Services, Inc., Class A . . . . . . . . . . . . . . . . . . . | 973 | | | 16,162 |
Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 827 | | | 22,991 |
Kforce, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,656 | | | 50,442 |
Kimball International, Inc., Class B. . . . . . . . . . . . . . | 3,416 | | | 55,271 |
Knoll, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 918 | | | 16,194 |
Korn Ferry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 960 | | | 33,581 |
Marten Transport Ltd.. . . . . . . . . . . . . . . . . . . . . . . . | 2,777 | | | 54,263 |
Masonite International Corp.(b). . . . . . . . . . . . . . . . . | 811 | | | 59,608 |
MasTec, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,249 | | | 110,381 |
Matson, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 702 | | | 23,313 |
McGrath RentCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,569 | | | 108,967 |
Mercury Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 2,959 | | | 217,368 |
Meritor, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,650 | | | 37,438 |
Miller Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 777 | | | 23,085 |
Mobile Mini, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 956 | | | 37,274 |
Moog, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . | 502 | | | 38,714 |
MSA Safety, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,990 | | | 363,793 |
Mueller Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 3,136 | | | 87,745 |
Mueller Water Products, Inc., Class A . . . . . . . . . . . | 2,621 | | | 28,700 |
NOW, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,314 | | | 11,603 |
Omega Flex, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 233 | | | 18,244 |
Park Aerospace Corp. . . . . . . . . . . . . . . . . . . . . . . . . | 780 | | | 10,850 |
Patrick Industries, Inc.. . . . . . . . . . . . . . . . . . . . . . . . | 729 | | | 38,513 |
Primoris Services Corp.. . . . . . . . . . . . . . . . . . . . . . . | 706 | | | 13,400 |
Proto Labs, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 277 | | | 24,276 |
Quanex Building Products Corp. . . . . . . . . . . . . . . . | 1,889 | | | 31,735 |
Raven Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 502 | | | 14,412 |
RBC Bearings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,318 | | | 225,628 |
Resources Connection, Inc. . . . . . . . . . . . . . . . . . . . | 1,133 | | | 14,196 |
Rexnord Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,125 | | | 91,125 |
Rush Enterprises, Inc., Class A. . . . . . . . . . . . . . . . . | 858 | | | 35,967 |
Saia, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,970 | | | 172,001 |
Simpson Manufacturing Co., Inc. . . . . . . . . . . . . . . . | 7,453 | | | 591,992 |
SiteOne Landscape Supply, Inc.(b) . . . . . . . . . . . . . . | 490 | | | 48,632 |
SkyWest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 987 | | | 44,810 |
SPX Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,849 | | | 77,529 |
SPX FLOW, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 841 | | | 30,932 |
Standex International Corp. . . . . . . . . . . . . . . . . . . . | 208 | | | 13,193 |
Steelcase, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . | 1,561 | | | 25,319 |
Tennant Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,195 | | | 85,490 |
Terex Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 453 | | | 9,971 |
Tetra Tech, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,743 | | | 545,306 |
Thermon Group Holdings, Inc.(b) . . . . . . . . . . . . . . . | 1,321 | | | 23,210 |
Transcat, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 470 | | | 13,578 |
Trex Co., Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,858 | | | 273,368 |
TriMas Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 27,048 |
TriNet Group, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . | 1,442 | | | 76,224 |
Triumph Group, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,510 | | | 28,690 |
TrueBlue, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 579 | | | 8,616 |
UniFirst Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,747 | | | 324,610 |
Universal Forest Products, Inc. . . . . . . . . . . . . . . . . | 5,334 | | | 249,951 |
Vectrus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 392 | | | 20,419 |
Viad Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 731 | | | 36,696 |
Wabash National Corp. . . . . . . . . . . . . . . . . . . . . . . . | 1,906 | | | 20,928 |
Watts Water Technologies, Inc., Class A . . . . . . . . . | 2,405 | | | 225,854 |
Welbilt, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,482 | | | 19,592 |
| Shares | | Value |
Industrials-(continued) | | | |
Werner Enterprises, Inc. . . . . . . . . . . . . . . . . . . . . . . | 3,965 | $ 133,224 |
WillScot Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,305 | | 40,430 |
| | 11,186,223 |
Information Technology-11.48% | | | |
ACI Worldwide, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 1,169 | 32,580 |
Advanced Energy Industries, Inc.(b) . . . . . . . . . . . . . | 2,989 | 177,771 |
Agilysys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,715 | 55,103 |
Alarm.com Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . | 340 | 16,405 |
Ambarella, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 524 | 31,152 |
American Software, Inc., Class A. . . . . . . . . . . . . . . | 3,525 | 57,986 |
Amkor Technology, Inc.(b). . . . . . . . . . . . . . . . . . . . . | 3,767 | 39,309 |
Anixter International, Inc.(b) . . . . . . . . . . . . . . . . . . . | 767 | 74,790 |
AppFolio, Inc., Class A(b) . . . . . . . . . . . . . . . . . . . . . . | 1,111 | 136,620 |
AVX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 955 | 20,762 |
Axcelis Technologies, Inc.(b) . . . . . . . . . . . . . . . . . . . | 991 | 23,774 |
Badger Meter, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,454 | 87,545 |
Belden, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 780 | 31,145 |
Benchmark Electronics, Inc. . . . . . . . . . . . . . . . . . . . | 4,004 | 108,829 |
Blackbaud, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,422 | 96,412 |
Blackline, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,035 | 64,760 |
Bottomline Technologies (DE), Inc.(b) . . . . . . . . . . . | 441 | 19,527 |
Brooks Automation, Inc. . . . . . . . . . . . . . . . . . . . . . . | 4,483 | 154,708 |
Cardtronics PLC, Class A(b). . . . . . . . . . . . . . . . . . . . | 836 | 30,322 |
CEVA, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 581 | 16,506 |
Cirrus Logic, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,314 | 227,473 |
CommVault Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . | 292 | 12,176 |
Comtech Telecommunications Corp.. . . . . . . . . . . . | 553 | 15,495 |
Cornerstone OnDemand, Inc.(b) . . . . . . . . . . . . . . . . | 585 | 24,003 |
CSG Systems International, Inc. . . . . . . . . . . . . . . . . | 1,772 | 78,411 |
CTS Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 969 | 25,262 |
Digi International, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 2,186 | 28,943 |
Diodes, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,358 | 103,776 |
DSP Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,074 | 14,617 |
Envestnet, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 392 | 29,588 |
ePlus, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 220 | 16,667 |
Everbridge, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 267 | 28,211 |
EVERTEC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,121 | 33,271 |
Evo Payments, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 580 | 14,662 |
ExlService Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,196 | 89,281 |
Fabrinet (Thailand)(b). . . . . . . . . . . . . . . . . . . . . . . . . | 930 | 51,262 |
FormFactor, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,664 | 81,964 |
Ichor Holdings Ltd.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 695 | 20,099 |
Inphi Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 633 | 47,260 |
Insight Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 2,575 | 141,857 |
Itron, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 817 | 61,961 |
j2 Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,701 | 148,548 |
KBR, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,451 | 63,628 |
Knowles Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,394 | 73,028 |
Lattice Semiconductor Corp.(b) . . . . . . . . . . . . . . . . | 2,025 | 36,349 |
LivePerson, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,831 | 48,448 |
LiveRamp Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 2,108 | 74,708 |
ManTech International Corp., Class A . . . . . . . . . . . | 3,659 | 274,059 |
MAXIMUS, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,875 | 181,183 |
Methode Electronics, Inc. . . . . . . . . . . . . . . . . . . . . . | 451 | 13,828 |
MicroStrategy, Inc., Class A(b) . . . . . . . . . . . . . . . . . | 209 | 28,248 |
Model N, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 423 | 12,267 |
MTS Systems Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 655 | 26,292 |
Napco Security Technologies, Inc.(b) . . . . . . . . . . . . | 990 | 20,137 |
NIC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8,722 | 159,525 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | Value |
Information Technology-(continued) | | | |
Novanta, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,225 | $ 109,282 |
OneSpan, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 792 | 13,076 |
Onto Innovation, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,957 | 59,825 |
OSI Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 599 | 48,681 |
PDF Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 1,075 | 15,738 |
Perficient, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,671 | 109,431 |
Perspecta, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,198 | 79,854 |
Photronics, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,916 | 36,304 |
Plexus Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,270 | 150,615 |
Power Integrations, Inc. . . . . . . . . . . . . . . . . . . . . . . | 3,148 | 274,033 |
Progress Software Corp.. . . . . . . . . . . . . . . . . . . . . . | 2,544 | 94,866 |
QAD, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . | 325 | 15,941 |
Qualys, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 859 | 68,875 |
Rogers Corp.(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 277 | 32,132 |
SailPoint Technologies Holding, Inc.(b) . . . . . . . . . . | 542 | 13,723 |
Sanmina Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 6,118 | 160,842 |
Semtech Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,939 | 76,571 |
Silicon Laboratories, Inc.(b) . . . . . . . . . . . . . . . . . . . . | 1,564 | 138,696 |
SPS Commerce, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . | 1,431 | 75,271 |
Sykes Enterprises, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 4,125 | 130,680 |
Synaptics, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 420 | 27,741 |
Tech Data Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 861 | 122,598 |
TTEC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,596 | 59,738 |
Varonis Systems, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 566 | 45,405 |
Verint Systems, Inc.(b). . . . . . . . . . . . . . . . . . . . . . . . | 772 | 42,367 |
Verra Mobility Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 5,603 | 84,857 |
Viavi Solutions, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 13,934 | 183,789 |
Vishay Intertechnology, Inc. . . . . . . . . . . . . . . . . . . . | 4,550 | 85,085 |
Vishay Precision Group, Inc.(b) . . . . . . . . . . . . . . . . . | 479 | 13,158 |
Yext, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 997 | | 15,115 |
| | 5,966,782 |
Materials-3.38% | | | |
Balchem Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,787 | 168,800 |
Boise Cascade Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,952 | 140,217 |
Carpenter Technology Corp. . . . . . . . . . . . . . . . . . . | 1,586 | 58,286 |
Chase Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 450 | 39,956 |
Commercial Metals Co. . . . . . . . . . . . . . . . . . . . . . . . | 2,071 | 37,817 |
Compass Minerals International, Inc.. . . . . . . . . . . . | 1,754 | 95,681 |
H.B. Fuller Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,992 | 78,146 |
Haynes International, Inc. . . . . . . . . . . . . . . . . . . . . . | 795 | 20,121 |
Ingevity Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 365 | 16,440 |
Innospec, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,325 | 201,206 |
Kaiser Aluminum Corp. . . . . . . . . . . . . . . . . . . . . . . . | 806 | 76,207 |
Koppers Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . | 437 | 9,553 |
Louisiana-Pacific Corp. . . . . . . . . . . . . . . . . . . . . . . . | 8,109 | 230,701 |
Materion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,091 | 49,466 |
Minerals Technologies, Inc.. . . . . . . . . . . . . . . . . . . . | 428 | 19,204 |
Neenah, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 816 | 47,140 |
Novagold Resources, Inc. (Canada)(b) . . . . . . . . . . . | 4,140 | 33,037 |
PH Glatfelter Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,174 | 16,741 |
PolyOne Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,280 | 56,453 |
Quaker Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . | 145 | 22,848 |
Schweitzer-Mauduit International, Inc., Class A . . . | 2,470 | 83,288 |
Sensient Technologies Corp. . . . . . . . . . . . . . . . . . . | 923 | 45,393 |
Stepan Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,115 | 97,930 |
Summit Materials, Inc., Class A(b) . . . . . . . . . . . . . . | 3,094 | 60,457 |
Tredegar Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,003 | 34,171 |
Worthington Industries, Inc. . . . . . . . . . . . . . . . . . . . | 568 | | 18,062 |
| | | 1,757,321 |
| Shares | | | Value |
Real Estate-13.79% | | | | |
Acadia Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,325 | $ | 53,103 |
Agree Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,230 | | | 160,159 |
Alexander & Baldwin, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,067 | | | 20,060 |
Alexander's, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 59 | | | 18,349 |
American Assets Trust, Inc. . . . . . . . . . . . . . . . . . . . | 1,440 | | | 59,688 |
American Finance Trust, Inc. . . . . . . . . . . . . . . . . . . | 1,592 | | | 16,557 |
Armada Hoffler Properties, Inc. . . . . . . . . . . . . . . . . | 2,411 | | | 40,408 |
CareTrust REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 2,333 | | | 48,690 |
Chatham Lodging Trust . . . . . . . . . . . . . . . . . . . . . . | 945 | | | 13,173 |
City Office REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 3,563 | | | 41,331 |
Community Healthcare Trust, Inc. . . . . . . . . . . . . . . | 1,571 | | | 74,827 |
Consolidated-Tomoka Land Co. . . . . . . . . . . . . . . . . | 373 | | | 21,451 |
CorEnergy Infrastructure Trust, Inc. . . . . . . . . . . . . | 714 | | | 24,919 |
Cushman & Wakefield PLC(b) . . . . . . . . . . . . . . . . . . | 1,270 | | | 23,101 |
DiamondRock Hospitality Co. . . . . . . . . . . . . . . . . . . | 6,448 | | | 58,806 |
Easterly Government Properties, Inc. . . . . . . . . . . . | 5,058 | | | 120,229 |
EastGroup Properties, Inc. . . . . . . . . . . . . . . . . . . . . | 3,408 | | | 428,488 |
Essential Properties Realty Trust, Inc.. . . . . . . . . . . | 9,592 | | | 219,753 |
First Industrial Realty Trust, Inc. . . . . . . . . . . . . . . . | 12,640 | | | 486,640 |
Forestar Group, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . | 713 | | | 12,756 |
Four Corners Property Trust, Inc. . . . . . . . . . . . . . . | 2,228 | | | 63,921 |
Franklin Street Properties Corp. . . . . . . . . . . . . . . . | 4,894 | | | 34,894 |
FRP Holdings, Inc.(b) . . . . . . . . . . . . . . . . . . . . . . . . . | 306 | | | 13,840 |
Getty Realty Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,157 | | | 32,789 |
Gladstone Commercial Corp. . . . . . . . . . . . . . . . . . . | 1,642 | | | 30,985 |
Global Medical REIT, Inc. . . . . . . . . . . . . . . . . . . . . . . | 2,036 | | | 28,443 |
Global Net Lease, Inc. . . . . . . . . . . . . . . . . . . . . . . . . | 2,442 | | | 45,055 |
Hannon Armstrong Sustainable Infrastructure | | | | |
Capital, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4,658 | | | 158,139 |
Healthcare Realty Trust, Inc. . . . . . . . . . . . . . . . . . . | 3,961 | | | 135,862 |
Independence Realty Trust, Inc.. . . . . . . . . . . . . . . . | 7,693 | | | 102,009 |
Industrial Logistics Properties Trust . . . . . . . . . . . . | 3,059 | | | 63,199 |
Innovative Industrial Properties, Inc.(c) . . . . . . . . . . | 442 | | | 40,637 |
Investors Real Estate Trust. . . . . . . . . . . . . . . . . . . . | 681 | | | 47,976 |
iStar, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,241 | | | 33,906 |
Kennedy-Wilson Holdings, Inc. . . . . . . . . . . . . . . . . . | 5,212 | | | 105,335 |
Kite Realty Group Trust . . . . . . . . . . . . . . . . . . . . . . | 3,064 | | | 49,484 |
Lexington Realty Trust . . . . . . . . . . . . . . . . . . . . . . . | 21,989 | | | 228,026 |
LTC Properties, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,738 | | | 77,915 |
Mack-Cali Realty Corp.. . . . . . . . . . . . . . . . . . . . . . . . | 2,026 | | | 38,453 |
Marcus & Millichap, Inc.(b) . . . . . . . . . . . . . . . . . . . . . | 646 | | | 20,646 |
Monmouth Real Estate Investment Corp. . . . . . . . . | 3,094 | | | 43,935 |
National Health Investors, Inc. . . . . . . . . . . . . . . . . . | 1,344 | | | 109,845 |
National Storage Affiliates Trust . . . . . . . . . . . . . . . | 1,874 | | | 63,229 |
New Senior Investment Group, Inc. . . . . . . . . . . . . . | 1,495 | | | 9,075 |
Newmark Group, Inc., Class A . . . . . . . . . . . . . . . . . | 8,890 | | | 84,899 |
NexPoint Residential Trust, Inc. . . . . . . . . . . . . . . . . | 838 | | | 37,291 |
Office Properties Income Trust . . . . . . . . . . . . . . . . | 900 | | | 26,217 |
Pebblebrook Hotel Trust . . . . . . . . . . . . . . . . . . . . . . | 1,110 | | | 22,433 |
Physicians Realty Trust . . . . . . . . . . . . . . . . . . . . . . . | 5,943 | | | 112,085 |
Piedmont Office Realty Trust, Inc., Class A . . . . . . | 7,232 | | | 156,139 |
PotlatchDeltic Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . | 6,563 | | | 241,125 |
PS Business Parks, Inc. . . . . . . . . . . . . . . . . . . . . . . . | 1,959 | | | 291,009 |
QTS Realty Trust, Inc., Class A . . . . . . . . . . . . . . . . | 2,576 | | | 144,694 |
RE/MAX Holdings, Inc., Class A . . . . . . . . . . . . . . . . | 964 | | | 28,101 |
Retail Opportunity Investments Corp. . . . . . . . . . . . | 3,428 | | | 51,420 |
Rexford Industrial Realty, Inc. . . . . . . . . . . . . . . . . . | 10,021 | | | 468,682 |
RLJ Lodging Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,534 | | | 46,684 |
RPT Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2,714 | | | 35,173 |
Ryman Hospitality Properties, Inc.. . . . . . . . . . . . . . | 3,972 | | | 276,094 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
| Shares | | Value |
Real Estate-(continued) | | | |
Sabra Health Care REIT, Inc. . . . . . . . . . . . . . . . . . . | 11,042 | $ 215,871 |
Safehold, Inc.(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,013 | 55,330 |
Saul Centers, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . | 343 | 14,752 |
Seritage Growth Properties, Class A(c) . . . . . . . . . . | 717 | 24,650 |
St. Joe Co. (The)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,910 | 37,570 |
STAG Industrial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 7,428 | 207,835 |
Summit Hotel Properties, Inc. . . . . . . . . . . . . . . . . . | 5,292 | 49,057 |
Sunstone Hotel Investors, Inc. . . . . . . . . . . . . . . . . . | 7,313 | 80,077 |
Terreno Realty Corp.. . . . . . . . . . . . . . . . . . . . . . . . . | 7,347 | 403,130 |
Universal Health Realty Income Trust . . . . . . . . . . . | 1,851 | 199,390 |
Urban Edge Properties . . . . . . . . . . . . . . . . . . . . . . . | 5,715 | 92,583 |
Urstadt Biddle Properties, Inc., Class A. . . . . . . . . . | 1,614 | 33,265 |
Washington REIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3,572 | 95,908 |
Whitestone REIT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,214 | 14,920 |
Xenia Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . . . . | 7,067 | | 105,722 |
| | 7,172,192 |
Utilities-2.68% | | | |
ALLETE, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 929 | 64,092 |
American States Water Co. . . . . . . . . . . . . . . . . . . . | 1,222 | 93,593 |
Avista Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,008 | 47,527 |
Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,320 | 95,304 |
California Water Service Group . . . . . . . . . . . . . . . . | 735 | 35,251 |
Chesapeake Utilities Corp. . . . . . . . . . . . . . . . . . . . . | 247 | 21,118 |
Clearway Energy, Inc., Class C . . . . . . . . . . . . . . . . . | 1,380 | 29,035 |
Consolidated Water Co. Ltd. (Cayman Islands) . . . | 1,043 | 16,855 |
El Paso Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,323 | 89,792 |
MGE Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 734 | 52,363 |
Middlesex Water Co. . . . . . . . . . . . . . . . . . . . . . . . . . | 297 | 17,663 |
New Jersey Resources Corp. . . . . . . . . . . . . . . . . . . | 306 | 10,805 |
Northwest Natural Holding Co.. . . . . . . . . . . . . . . . . | 390 | 25,650 |
NorthWestern Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . | 970 | 68,230 |
ONE Gas, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,014 | 83,290 |
Ormat Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . | 1,890 | 131,695 |
Otter Tail Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 463 | 22,506 |
Pattern Energy Group, Inc., Class A . . . . . . . . . . . . | 4,014 | 108,579 |
PNM Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . | 1,546 | 72,786 |
Portland General Electric Co. . . . . . . . . . . . . . . . . . . | 2,560 | 139,290 |
Investment Abbreviations:
CVR -Contingent Value Rights
REIT -Real Estate Investment Trust
| Shares | | | Value |
Utilities-(continued) | | | | |
SJW Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 279 | $ | 17,069 |
South Jersey Industries, Inc. . . . . . . . . . . . . . . . . . . | 856 | | | 23,155 |
Southwest Gas Holdings, Inc. . . . . . . . . . . . . . . . . . . | 462 | | | 29,882 |
Spire, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 741 | | | 55,612 |
Unitil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 361 | | | 20,339 |
York Water Co. (The) . . . . . . . . . . . . . . . . . . . . . . . . | 489 | | | 20,680 |
| | | | 1,392,161 |
Total Common Stocks & Other Equity Interests | | | | |
(Cost $59,032,487) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 51,936,515 |
Money Market Funds-0.07%
Invesco Premier U.S. Government Money
Portfolio, Institutional Class, 1.46%(f) | | |
(Cost $37,890) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37,890 | 37,890 |
TOTAL INVESTMENTS IN SECURITIES | | |
(excluding investments purchased with cash collateral from | |
securities on loan)-99.95% | | |
(Cost $59,070,377) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . | 51,974,405 |
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.90%
Invesco Government & Agency Portfolio,
Institutional Class, 1.50%(f)(g) . . . . . . . . . . . . . . . | 350,009 | 350,009 | |
Invesco Liquid Assets Portfolio, Institutional | | | |
Class, 1.64%(f)(g) . . . . . . . . . . . . . . . . . . . . . . . . . . | 116,611 | 116,669 | |
Total Investments Purchased with Cash Collateral from | | |
Securities on Loan | | | |
(Cost $466,669) . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 466,678 | |
TOTAL INVESTMENTS IN SECURITIES-100.85% | | | |
(Cost $59,537,046) . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | 52,441,083 | |
OTHER ASSETS LESS LIABILITIES-(0.85)%. . . . . . . . . | . . . . . . . . | (443,999) |
NET ASSETS-100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . | . . . . . . . . | $51,997,084 | |
| | | |
Notes to Schedule of Investments:
(a)Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.
(b)Non-income producing security.
(c)All or a portion of this security was out on loan at February 29, 2020.
(d)The Fund's Adviser and Invesco Mortgage Capital, Inc. are wholly-owned subsidiaries of Invesco Ltd. and therefore, Invesco Mortgage Capital, Inc. is considered to be affiliated. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the six-month period ended February 29, 2020.
| | | | | | | | | Change in | | | | | | | |
| | | | | | | | | Unrealized | Realized | | | | | |
| Value | Purchases | Proceeds | | Appreciation | Gain | Value | Dividend |
| August 31, 2019 | | at Cost | from Sales | (Depreciation) | (Loss) | February 29, 2020 | | Income |
| | | | | | | | | | | | | | | | | |
Invesco Mortgage Capital, Inc. | $11,708 | | $74,339 | | $(16,345) | $(6,208) | | $(155) | | $63,339 | | $- | |
| | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)—(continued)
February 29, 2020
(Unaudited)
(e)Security valued using significant unobservable inputs (Level 3). See Note 4.
(f)The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of February 29, 2020.
(g)The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 2J.
Portfolio Composition
Sector Breakdown (% of the Fund's Net Assets)
as of February 29, 2020
Financials | 21.71 |
Industrials | 21.51 |
| |
Real Estate | 13.79 |
Information Technology | 11.48 |
| |
Consumer Discretionary | 10.53 |
Health Care | 9.71 |
| |
Materials | 3.38 |
Consumer Staples | 3.02 |
| |
Sector Types Each Less Than 3% | 4.75 |
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.
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
| Invesco Russell | | Invesco Russell |
| 1000® Dynamic | 2000® Dynamic |
| | Multifactor | | | Multifactor |
| | ETF (OMFL) | | | ETF (OMFS) |
Assets: | | | | | | | | |
Unaffiliated investments in securities, at value(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 1,083,918,982 | | $51,873,176 |
Affiliated investments in securities, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 710,439 | | | | | 567,907 |
Receivable for: | | | | | | | | |
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,487,805 | | | | | 43,334 |
Securities lending. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 482 | | | | | 1,921 |
| | | | | | | | |
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 1,086,117,708 | | | | | 52,486,338 |
Liabilities: | | | | | | | | |
Payable for: | | | | | | | | |
Collateral upon return of securities loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 494,502 | | | | | 466,669 |
Accrued unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 304,229 | | | | | 19,519 |
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 12,283 | | | | | 3,066 |
| | | | | | | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 811,014 | | | | | 489,254 |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
$ | 1,085,306,694 | | | $ | 51,997,084 |
Net assets consist of: | | | | | | | | |
| | | | | | | |
Shares of beneficial interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,114,424,245 | | $59,315,114 |
Distributable earnings (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | (29,117,551) | | | | (7,318,030) |
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
$ | 1,085,306,694 | | | $ | 51,997,084 |
| | | | | | | | |
Shares outstanding (unlimited amount authorized, $0.01 par value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | 36,900,000 | | | | | 2,150,000 |
Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 29.41 | | | $ | 24.18 |
| | | | | | | |
Market price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 29.23 | | | $ | 23.90 |
| | | | | |
Unaffiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $1,216,049,584 | | | $58,962,815 |
| | | | | | | |
Affiliated investments in securities, at cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 710,433 | | $ | 574,231 |
(a)Includes securities on loan with an aggregate value of:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | |
$ | 474,123 | | $ | 450,115 |
| | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
| Invesco Russell | | Invesco Russell |
| 1000® Dynamic | 2000® Dynamic |
| | | Multifactor | | | Multifactor |
| | | ETF (OMFL) | | | ETF (OMFS) |
Investment income: | | | | | | | | | | |
Unaffiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 12,295,374 | | | $ | 388,284 |
Affiliated dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 66,874 | | | | | | 172 |
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 30,202 | | | | | | 34,814 |
Foreign withholding tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (4,957) | | | | (319) |
| | | | | | | | | | |
Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 12,387,493 | | | | | | 422,951 |
Expenses: | | | | | | | | | | |
Unitary management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,699,244 | | | | | | 91,822 |
| | | | | | | | | |
Less: Waivers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (655) | | | | (22) |
| | | | | | | | | | |
Net expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1,698,589 | | | | | | 91,800 |
| | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 10,688,904 | | | | | | 331,151 |
Realized and unrealized gain (loss) from: | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | |
Unaffiliated investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (28,452,355) | | | | (4,384,306) |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 474,033 | | | | | | (155) |
Unaffiliated in-kind redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 153,749,196 | | | | | | 6,174,103 |
Affiliated in-kind redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6,124 | | | | | | - | |
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 125,776,998 | | | | | | 1,789,642 |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | |
Unaffiliated investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (124,992,582) | | | | (6,754,242) |
Affiliated investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 6 | | | | | | (6,199) |
| | | | | | | | | |
Change in net unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (124,992,576) | | | | (6,760,441) |
| | | | | | | | | | |
Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 784,422 | | | | | | (4,970,799) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | $ | 11,473,326 | | | $(4,639,648) |
| | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Statements of Changes in Net Assets
For the six months ended February 29, 2020, period July 1, 2019 through August 31, 2019 and the year ended June 30, 2019
(Unaudited)
| | | | Invesco Russell 1000® Dynamic | | | Invesco Russell 2000® Dynamic |
| | | | Multifactor ETF (OMFL) | | | | | | Multifactor ETF (OMFS) | | | | | |
| | Six Months Ended | Two Months Ended | | Year Ended | Six Months Ended | Two Months Ended | | Year Ended |
| February 29, 2020 | August 31, 2019 | June 30, 2019 | February 29, 2020 | August 31, 2019 | June 30, 2019 |
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . | $ | 10,688,904 | | | $ | 2,688,972 | | $ | 8,991,109 | $ | 331,151 | | $ | 15,982 | | $ | 199,690 | |
Net realized gain (loss) . . . . . . . . . . . . . | | | | 125,776,998 | | | | | 75,785,047 | | | 10,151,618 | | | 1,789,642 | | | | 849,004 | | | | (493,577) |
Change in net unrealized appreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(depreciation) . . . . . . . . . . . . . . . . . . . | | | | (124,992,576) | | | | (71,050,531) | | | 65,150,207 | | | (6,760,441) | | | | (1,340,500) | | | | 488,271 | |
Net increase (decrease) in net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets resulting from operations . | | | | 11,473,326 | | | | | 7,423,488 | | | 84,292,934 | | | (4,639,648) | | | | (475,514) | | | | 194,384 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings . . . . . . . . . . . . . . | | | | (11,385,018) | | | | - | | | (8,357,048) | | | (264,310) | | | | - | | | | | (197,838) |
Shareholder Transactions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares sold . . . . . . . . . . | | | | 1,463,600,525 | | | | | 774,866,415 | | | 1,156,693,709 | | | 82,365,715 | | | | 7,976,061 | | | | 9,051,529 | |
Value of shares repurchased . . . . . . . . | | | | (1,430,924,012) | | | | (728,072,575) | | | (384,896,789) | | | (38,271,242) | | | | (6,764,762) | | | | (10,538,081) |
Net increase (decrease) in net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets resulting from share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
transactions . . . . . . . . . . . . . . . . . . | | | | 32,676,513 | | | | | 46,793,840 | | | 771,796,920 | | | 44,094,473 | | | | 1,211,299 | | | | (1,486,552) |
Net increase (decrease) in net | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets . . . . . . . . . . . . . . . . . . . . . . . | | | | 32,764,821 | | | | | 54,217,328 | | | 847,732,806 | | | 39,190,515 | | | | 735,785 | | | | (1,490,006) |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period . . . . . . . . . . . . . . . . | | | | 1,052,541,873 | | | | | 998,324,545 | | | 150,591,739 | | | 12,806,569 | | | | 12,070,784 | | | | 13,560,790 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
End of period . . . . . . . . . . . . . . . . . . . . . | $ | 1,085,306,694 | | | $1,052,541,873 | | $ | 998,324,545 | $ | 51,997,084 | | $ | 12,806,569 | | $ | 12,070,784 | |
Changes in Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold . . . . . . . . . . . . . . . . . . . . . . . | | | | 46,250,000 | | | | | 25,800,000 | | | 41,350,000 | | | 3,050,000 | | | | 300,000 | | | | 350,000 | |
Shares repurchased. . . . . . . . . . . . . . . . | | | | (44,700,000) | | | | (24,050,000) | | | (13,400,000) | | | (1,400,000) | | | | (250,000) | | | | (400,000) |
Shares outstanding, beginning of | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
period . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 35,350,000 | | | | | 33,600,000 | | | 5,650,000 | | | 500,000 | | | | 450,000 | | | | 500,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding, end of period . . . . | | | | 36,900,000 | | | | | 35,350,000 | | | 33,600,000 | | | 2,150,000 | | | | 500,000 | | | | 450,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
Financial Highlights
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
| | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | November 08, 2017(a) |
| | February 29, | Two Months Ended | | | | | | | Through |
| | | | 2020 | | | | August 31, | Year Ended June 30, | | June 30, |
| | (Unaudited) | | | 2019 | | | | | 2019 | | | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . | | $ | 29.77 | | | $ | 29.71 | | $ | 26.65 | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | |
| | | 0.29 | | | | | 0.07 | | | | 0.54 | | | | 0.22 |
Net realized and unrealized gain (loss) on investments . . | | | | (0.33) | | | | (0.01) | | | | 2.99 | | | | 1.59 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . | | | | (0.04) | | | | 0.06 | | | | 3.53 | | | | 1.81 |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.32) | | | | - | | | | (0.47) | | | | (0.16) |
| | | | | | | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . | | $ | 29.41 | | | $ | 29.77 | | $ | 29.71 | | $ | 26.65 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| $ | 29.23 | | | $ | 29.79 | | $ | 29.71 | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| | | (0.23)% | | | | 0.20% | | | | 13.37% | | | | 7.26% |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . | | | | (0.91)% | | | | 0.27% | | | | 13.32% | | | | 7.28% |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . | $1,085,307 | | | $1,052,542 | | $998,325 | | $150,592 |
Ratio to average net assets of: | | | | 0.29%(e) | | | 0.29%(f) | | | 0.29% | | | | 0.29%(e) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . . . . . | | | | 0.29%(e) | | | 0.29%(f) | | | 0.29% | | | | 0.29%(e) |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 1.82%(e) | | | 1.48%(f) | | | 1.92% | | | | 1.42%(e) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | | 169% | | | | 83% | | | | 138% | | | | 213% |
(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)Annualized.
(f)Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.
(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.
Financial Highlights—(continued)
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
| | | | | | | | | | | | | | | | | For the Period |
| Six Months Ended | | | | | | | | | | | November 08, 2017(a) |
| February 29, | Two Months Ended | | | | | | | Through |
| | | 2020 | | | | August 31, | Year Ended June 30, | June 30, |
| (Unaudited) | | | 2019 | | | | | 2019 | | | | | 2018 | |
Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of period . . . . . . . . . . . . . . . | | $ | 25.61 | | | | $ | 26.82 | | $ | 27.12 | | $ | 25.00 |
Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | |
| | 0.20 | | | | | 0.03 | | | | 0.43 | | | | 0.22 |
Net realized and unrealized gain (loss) on investments . . | | | (1.44) | | | | (1.24) | | | | (0.29) | | | | 2.08 |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations . . . . . . . . . . . . . . . . . | | | (1.24) | | | | (1.21) | | | | 0.14 | | | | 2.30 |
Distributions to shareholders from: | | | | | | | | | | | | | | | | | | | | |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | (0.19) | | | | - | | | | (0.44) | | | | (0.18) |
| | | | | | | | | | | | | | | | | | | |
Net asset value at end of period . . . . . . . . . . . . . . . . . . . . . | | $ | 24.18 | | | $ | 25.61 | | $ | 26.82 | | $ | 27.12 |
Market price at end of period(c) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | | |
| $ | 23.90 | | | $ | 25.65 | | $ | 26.82 | | | | | |
Net Asset Value Total Return(d) . . . . . . . . . . . . . . . . . . . | | | | | | | | | | | | | | | | | | | |
| | (4.95)% | | | | (4.51)% | | | | 0.63% | | | | 9.22% |
Market Price Total Return(d). . . . . . . . . . . . . . . . . . . . . . . . . | | | (6.19)% | | | | (4.36)% | | | | 0.59% | | | | 9.21% |
Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | |
Net assets at end of period (000's omitted) . . . . . . . . . . . | $51,997 | | | $12,807 | | $12,071 | | $13,561 |
Ratio to average net assets of: | | | 0.39%(e) | | | 0.41%(f) | | | 0.39% | | | | 0.39%(e) |
Expenses, after Waivers . . . . . . . . . . . . . . . . . . . . . . . . . | | | | | | | | | |
Expenses, prior to Waivers . . . . . . . . . . . . . . . . . . . . . . . | | | 0.39%(e) | | | 0.41%(f) | | | 0.39% | | | | 0.39%(e) |
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 1.41%(e) | | | 0.87%(f) | | | 1.62% | | | | 1.30%(e) |
Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | 145% | | | | 64% | | | | 189% | | | | 173% |
(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)Annualized.
(f)Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%.
(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.
Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust
February 29, 2020 (Unaudited)
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust on October 30, 2015 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:
Full Name | Short Name |
| | | | |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | "Russell 1000® Dynamic Multifactor ETF" |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | "Russell 2000® Dynamic Multifactor 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 |
| | | | |
Russell 1000® Dynamic Multifactor ETF | Russell 1000® Invesco Dynamic Multifactor Index |
Russell 2000® Dynamic Multifactor ETF | Russell 2000® Invesco Dynamic Multifactor Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services— Investment Companies.
A.Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE").
Investment companies are valued using such company's NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt 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 economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Authorized Participant Concentration Risk. Only Authorized Participants ("APs") may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 each 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.
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.
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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund 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, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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. Each Fund is non-diversified and can invest a greater portion of its 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 its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in 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.
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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 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 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 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, each Fund will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
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.
Each Fund files 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 - 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.
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.
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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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. However, based on experience, the Trust believes the risk of loss to be remote.
J.Securities Lending - Each Fund may participate in securities lending and 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. 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 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 each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
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 each 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 advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
| Unitary Management Fees |
| | (as a % of Net Assets) |
| | | |
Russell 1000® Dynamic Multifactor ETF | 0.29% | |
Russell 2000® Dynamic Multifactor ETF | 0.39% | |
The Adviser has agreed to waive a portion of each Fund's unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, as set forth in the Investment Advisory Agreement) from exceeding the Fund's unitary management fee through at least May 24, 2021.
Further, through August 31, 2021, 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-month period ended February 29, 2020, the Adviser waived fees for each Fund in the following amounts:
Russell 1000® Dynamic Multifactor ETF | $655 |
Russell 2000® Dynamic Multifactor ETF | 22 |
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 licensing agreements on behalf of each Fund with Frank Russell Company (the "Licensor").
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund's own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for the Fund listed below, as of February 29, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| | Level 1 | Level 2 | Level 3 | Total |
Russell 2000® Dynamic Multifactor ETF | | | | | | | | | | | | | | |
Investments in Securities | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Common Stocks & Other Equity Interests | $51,936,380 | $- | | $135 | | $51,936,515 |
Money Market Funds | 504,568 | - | | - | | | 504,568 |
| | | | | | | | | | | | | | |
Total Investments | $52,440,948 | $- | | $135 | | $52,441,083 |
| | | | | | | | | | | | | | |
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 Funds had capital loss carryforwards as of August 31, 2019, as follows:
| No expiration | | | |
| Short-Term | Long-Term | Total* |
| | | | | | | |
Russell 1000® Dynamic Multifactor ETF | $23,766,047 | $747,705 | | $24,513,752 |
Russell 2000® Dynamic Multifactor ETF | 1,717,611 | 259,829 | | 1,977,440 |
*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-month period ended February 29, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
| | Purchases | | Sales | |
Russell 1000® Dynamic Multifactor ETF | $1,891,616,789 | $1,908,193,350 |
Russell 2000® Dynamic Multifactor ETF | 65,079,554 | 65,739,139 |
For the six-month period ended February 29, 2020, in-kind transactions associated with creations and redemptions were as follows:
| | Cost of | Value of |
| | Securities | Securities |
| | Received | Delivered |
| | | | | |
Russell 1000® Dynamic Multifactor ETF | $1,462,130,133 | $1,412,881,900 |
Russell 2000® Dynamic Multifactor ETF | 82,230,241 | 37,453,379 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 29, 2020, 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:
| | | | | | Net | | |
| | Gross | Gross | Unrealized | | |
| | Unrealized | Unrealized | Appreciation | | |
| Appreciation | (Depreciation) | (Depreciation) | Cost |
| | | | | | | | | |
Russell 1000® Dynamic Multifactor ETF | $434,600 | | $(133,534,374) | $(133,099,774) | $1,217,729,195 |
Russell 2000® Dynamic Multifactor ETF | 97,589 | | (7,333,787) | (7,236,198) | 59,677,281 |
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 of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit
Securities as soon as possible, which undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds' investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 29, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
| | | Annualized | |
| Beginning | Ending | Expense Ratio | Expenses Paid |
| Account Value | Account Value | Based on the | During the |
| September 1, 2019 | February 29, 2020 | Six-Month Period | Six-Month Period |
| | | | |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | | | | |
Actual | $1,000.00 | $ 997.70 | 0.29% | $1.44 |
| | | | |
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | | | | |
Actual | 1,000.00 | 950.50 | 0.39 | 1.89 |
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.92 | 0.39 | 1.96 |
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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 Trust's 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.
©2020 Invesco Capital Management LLC | | |
3500 Lacey Road, Suite 700 | | |
Downers Grove, IL 60515 | O-FAC-SAR-1 | 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.
During the reporting period, PricewaterhouseCoopers, LLC ("PwC") advised the Registrant's Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that three PwC Managers each held financial interests in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser's parent company, Invesco Ltd. (collectively, the "Invesco Fund Complex") that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit the engagement team was not aware of the investments until after the three PwC Managers ceased providing services, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, , the individuals did not provide any audit services to the Registrant or its affiliates and did not provide any consultation to the audit engagement team of the Funds and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant and that it can continue to serve as the independent registered public accounting firm for the Funds.
On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. ("OFI") for 83 open-end mutual funds and 20 exchange- traded funds (collectively, the "Oppenheimer Funds"). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the "New Invesco Funds") that did not have pre-existing assets (together, the "Reorganizations"). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, "Invesco") of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company ("MassMutual"), which was also consummated on May 24, 2019 (the "Acquisition"). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.
Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule 2-01 of Regulation S-X ("Rule 2-01") if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the "Pre-Reorganization Relationship"). Additionally, PwC provided certain non-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, a non-audit service performed pursuant to a success-based fee, non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with
the provision of non-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the "Pre-Reorganization Services").
PwC and the Audit Committees of the New Invesco Funds each considered the impact that the Pre- Reorganization Relationship and Services have on PwC's independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding the Pre-Reorganization Relationship and Services, would conclude that the Pre-Reorganization Relationship and Services do not impair PwC's ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 ("PwC's Conclusion").
The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC's Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.
Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:
∙none of the Pre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds;
∙PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC's professional engagement period;
∙other than the expert legal services, Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds;
∙as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund's financial statements was based upon OFI's decision, and OFI management represented that the
PwC service was not considered a significant component of its decision;
∙while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds;
∙the Pre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities;
∙with the exception of the expert legal service provided to one Oppenheimer Fund, none of the Pre- Reorganization Services affected the operations or financial reporting of the New Invesco Funds;
∙the Pre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and
∙the fees associated with the Pre-Reorganization Services were not material to MassMutual, Invesco or PwC.
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.
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 Self-Indexed Fund Trust
Name: Daniel E. Draper
Title: President
Date: May 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Daniel E. Draper | .. |
Name: Daniel E. Draper
Title: President
Date: May 6, 2020
By: | /s/ Kelli Gallegos | ____ |
Name: Kelli Gallegos
Title: Treasurer
Date: May 6, 2020
